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The
Volume 138
firtantiat
brnnirk
New York, Saturday, January 13 1934.
Number 3577
The Financial Situation
HIS week's decision of the United States Supreme Court sustaining the Minnesota law
establishing a moratorium on foreclosures of mortgages is likely to rank as among the most important
of the decisions ever rendered by that high judicial
tribunal. It also furnishes, in our estimation, full
warrant for the conclusion that the Supreme Court
is likely to uphold most of the legislation passed by
Congress as part of the program for carrying out
the New Deal on the theory that, like the Minnesota
law,it is emergency legislation and must be liberally
construed on that account, though most of the New
York City papers take the view that certain qualifying expressions contained in the opinion of Chief
Justice Hughes, who delivered the opinion of the
Court, indicate that the decision cannot be regarded
as foreshadowing what position the Court is likely
to take when it is called upon to pass on the drastic
and in many respects revolutionary legislation of
1933. Most important of all, the argument of Chief
Justice Hughes places him squarely on the side with
the members of the Court who are classed as liberal
as distinguished from the menibers of the Court who
are classed as ultraconservative. In fact, considering some of the things he says in the course of his
reasoning, he might be classed as a radical of a most
pronounced type. The decision was by a divided
Court, with Chief Justice Hughes holding the deciding vote, and he was well fitted for the task.
Justice Sutherland wrote a strong minority opinion,
in which Justices Van Devanter, McReynolds and
Butler joined, while Justices Brandeis, Stone, Roberts and Cardoza ranged themselves on the same
side with the Chief Justice.
In the case at issue the Minnesota law was
attacked by the Home Building and Loan Association as repugnant to the contract clause of the
United States Constitution and the due process and
equal protection clause of the Fourteenth Amendment. The Association had a mortgage on the home
in Minneapolis of John and Rosella Blaisdell, his
wife. A law had been passed by the Minnesota Legislature giving property owners the right to apply in
court for a two-year extension of time in which to
redeem their property. After the statute was sustained by the Minnesota Supreme Court the Building
and Loan Association took the issue to Washington.
The Blaisdells applied to the District Court of Hennepin County for an order extending the period of
redemption from a foreclosure sale. The mortgage,
held by the Building and Loan Association, had been
foreclosed and sold to the Association, and the Blaisdells contended that "because of the economic de-
T
pression" they had been unable to obtain a new loan
or to redeem. The Association objected that the
statute was invalid under the Federal and State
Constitutions, and a motion to dismiss the petition
was granted. On appeal the Supreme Court of the
State reversed the District Court, the Association
renewing its constitutional objections without avail.
The United States Supreme Court has now.sustained
the validity of the Minnesota law in all respects.
Among the sayings of the Chief Justice which are
likely to become famous is his statement that"Emergency does not create power. Emergency does not
increase granted power or remove or diminish the
restrictions imposed upon power granted or reserved. While emergency does not create power,
emergency may furnish the occasion for the exercise
of power." Great prominence has been given to
these words in the public press and they have
diverted attention from other statements and utterances of far greater significance. The gist of what
influenced the majority members of the Court and
reflects the underlying current of thought which led
the Court to uphold the Minnesota statute is contained in the statement that if there was power to
set aside these contracts "by a great public calamity
such as fire, flood, or earthquake," such a power
"cannot be said to be non-existent when the urgent
public need demanding such relief is produced by
other and economic causes." But it is what Chief
Justice Hughes said in elaboration of his views that
has not attracted the attention it merits. This part
of the opinion deserves to be quoted in its entirety
as showing how completely the Chief Justice is permeated with the ideas underlying the New Deal.
We therefore put it on record here in full:
"It is manifest from this review of our decisions
that there has been a growing appreciation of public
needs and of the necessity of finding ground for a
rational compromise between individual rights and
public welfare. The settlement and consequent contraction of the public domain, the pressure of a constantly increasing density of population, the interrelation of the activities of our people and the complexity of our economic interest, have inevitably led
to an increased use of the organization of society in
order to protect the very bases of individual opportunity.
"Where, in early days, it was thought that only
the concerns of individuals or of classes were involved, and that those of the State itself were
touched only remotely, it has later been found that
the fundamental interests of the State are directly
affected; and that the question is no longer merely
that of one party to a contract as against another
Financial Chronicle
but of the use of reasonable means to safeguard the
economic structure upon which the good of all
depends.
"It is no answer to say that this public need was
not apprehended a century ago, or to insist that what
the provision of the Constitution meant to the vision
of that day it must mean to the vision of our time.
If by the statement that what the Constitution
meant at the time of its adoption it means to-day,
it is intended to say that the great clauses of the
Constitution must be confined to the interpretation
which the framers, with the conditions and outlook
of their time, would have placed upon them, the
statement carries its own refutation. It was to
guard against such a narrow conception that Chief
Justice Marshall uttered the memorable warning—
'We must never forget that it is a "Constitution we
are expounding" (McCulloch v. Maryland, 4 Wheat.
316,407)'—'A Constitution intended to endure for
ages to come, and consequently, to be adapted to the
various crises of human affairs' ID, p. 415.
"When we are dealing with the words of the Constitution, said this Court in Missouri vs. Holland,
252 U. S. 416, 433,'We must realize that they have
called into life a being the development of which
could not have been foreseen completely by the most
gifted of its begetters. . . . The case before us
must be considered in the light of our whole experience and not merely in that of what was said a hundred years ago.'
"Nor is it helpful to attempt to draw a fine distinction between the intended meaning of the words
of the Constitution and their intended application.
When we consider the contract clause and the decisions which have expounded it in harmony with
essential reserved power of the States to protect the
security of their peoples, we find no warrant for the
conclusion that the clause has been warped by these
decisions from its proper significance or that the
founders of our Government would have interpreted
the clause differently had they had occasion to
assume that responsibility in the conditions of the
later day. The vast body of law which has been
develoned was unknown to the fathers. but it is
believed to have preserved the essential content and
the spirit of the Constitution.
"With a growing recognition of public needs and
the relation of individual right to public security,
the Court has sought to prevent the perversion of
the clause through its use as an instrument to
throttle the capacity of the States to protect their
fundamental interests. This development is a
growth from the seeds which the fathers planted.
It is a development forecast by the prophetic words
of Justice Johnson in Ogden vs. Saunders, already
quoted. . . . The principle of this development
is, as we have seen, that the reservation of the reasonable exercise of the protective power of the State
is read into all contracts and there is no greater
reason for refusing to apply this principle to Minnesota mortgages than to New York leases."
These words deserve to be pondered over and over.
They are from beginning to end a complete enunciation of the Roosevelt doctrines. Mr. Roosevelt himself could not have made the argument on that side
any stronger, and it deserves to be noted that Mr.
Roosevelt only last week,in his message to Congress,
took occasion to say that this line of thought and
action is what the courts ought to adopt in interpreting laws. This has escaped general notice. In a
sentence which probably has no precedent in judicial
decisions in its implied invitation to the courts to
side with the Administration, he declared that "To
consolidate what we are doing,to make our economic
and social structure capable of dealing with modern
life is the joint task of the legislative, the judicial
Jan. 13 1934
and the executive branches of the national Government." The inclusion of the judicial department in
this statement should not escape notice. The Chief
Justice's words in the lengthy excerpt we have
quoted read as if they had been written in direct
response to this invitation of the President. And
certainly Mr. Roosevelt himself could not have made
the argument along that line, as we have already
stated, any stronger or more conclusive, and, for
that matter, any more convincing. It is easy to
imagine how elated Mr. Roosevelt must feel that
the Chief Justice has allied himself with the Roosevelt doctrines.
As if the Chief Justice wanted it known that he
was in complete harmony with the radical tendencies
and doctrines of the day, he even goes to the extent
of pointing out that mortgage owners are not as a
rule individuals who would be greatly damaged by
impairment of the obligation of contract but consist
of corporations. "Also important is the fact," he
says, "that mortgages, as is shown by official reports of which we may take notice, are predominantly corporations, such as insurance companies,
banks and investment and mortgage companies.
These, and such individual mortgagees as are small
investors, are not seeking homes or the opportunity
to engage in farming. Their chief concern is the
reasonable protection of their investment security.
It does not matter that there are, or may be, individual cases of another aspect. The Legislature was
entitled to deal with the general or typical situation." Which almost reads as if the Chief Justice
wanted to be considered as in complete sympathy
with the views of the radical classes who think that
corporations and financial institutions may be
looked upon as belonging in a different category
from the individual citizen.
The only particular in which this Minnesota decision may be considered as having a direct bearing
upon or application to the emergency legislation of
the National Government is that the emergency itself
must be clear and unmistakable. But what could
be clearer or more conclusive evidence of that kind
than the situation which confronted Mr. Roosevelt
on his advent to control of the Government last
March, and when he found that every bank in the
country was under the necessity of suspending operations? It is to be borne in mind that in interpreting
the emergency laws of the National Government the
Supreme 'Court will really have wider latitude than
in the case of the Minnesota decision. The issue in
that decision concerned almost exclusively that provision of the Federal Constitution which declares
that no State shall violate the obligation of contract.
Congress will be under no such restraint, as there is
no similar prohibition in the Federal Constitution;
that is, no provision enjoining upon Congress that
it shall not violate the obligation of contract. The
only particular in which the emergency legislation
of 1933 may be found faulty is that it attempts to
go too far, and especially that it often encroaches
upon the rights of the States. Many of the codes of
fair dealing go too far and undertake too much.
A case in point was that where last week a temporary injunction was granted restraining the Code
Authority from enforcing provisions of the code in
an action involving the suit and coat industry. The
injunction was granted by Judge Edwin S. Thomas
in the United States Court at Hartford, pending a
hearing on Jan. 15. Action for a permanent injunc-
Volume 138
Financial Chronicle
189
tion was brought by Philip Scapellati, the Inde- elimination of waste and overlap. Clashing
with a
pendent
Cloak Co., Inc., and Sokol Bros., Inc., of
New Britain, Conn., and the Parisian Garment Co.
and the Biltright Garment Manufacturing Co. of
Bridgeport, Conn. By the terms of the injunction
the five firms are permitted to pay less than the
minimum wage prescribed in the code and the NRA,
and the Code Authority are enjoined from refusing
to issue NRA labels to the plaintiffs.
Judge Thomas issued the order on the prima facie
evidence contained in affidavits. The manufacturers affirmed that the Code Authority divided the
country into, Western and Eastern sections, with
81c. as the minimum wage for the Eastern section
and 40c. for the Western. Baltimore was placed
in the Western area, thereby giving manufacturers
in that city an unfair advantage over the Connecticut
firms, inasmuch as the market for both Connecticut
and Baltimore companies is New York. The complainants maintained that the code division of the
country in that way is "arbitrary, capricious, unreasonable and without foundation in fact or in
law," constituting a "confiscation of property without due process of law, a deprivation of liberty of
contract and unlawful discrimination between citizens of the United States." It is further averred
that the code amounts to "an unlawful interference
with the process of manufacturing and inter-State
commerce, contrary to the Constitution of the
United States."
It is possible that issues in that case will be presented quite different from those raised in the Minnesota case, and Judge Thomas, in issuing the temporary injunction, was careful to point out that the
evidence on the hearing, which comes up on Jan. 15,
may completely rebut that offered in the affidavits.
It may be that in that case and many other similar
cases the United States Supreme Court, notwithstanding it is 60 completely in harmony with the
spirit of the New Deal, may find it incumbent to
put a curb on activities of the Code Administrators
where they go beyond their proper bounds—bounds
still to be determined—but the general spirit of the
iegislation growing out of the New Deal will nevertheless be allowed to govern and control, we may be
sure. It is quite conceivable that the monetary legislation, which involves many independent issues, will
be considered as belonging in a class all by itself.
IONG the special messages gent to Congress the
present week by President Roosevelt has been
that asking the Senate to ratify the St. Lawrence
Waterway Treaty with Canada. Washington advices tell us that in making his plea on behalf of
the Treaty he acted in the face of advice that, with
half the Senate opposed in preliminary polls, ratification will depend on his ability to convert 14 to 16
Senators to his views. As it happened, too, Senator
Robert F. Wagner, Democrat of New York, a consistent supporter of the President in the latter's
economic policy and his numerous national recovery
measures, took sharp issue with Mr. Roosevelt in
this seaway matter. In a minority report from the
Foreign Relations Committee, fathered by Mr. Wagner alone, the Senator declared emphatically that
the proposal to open up this St. Lawrence River
to ocean traffic as far as Duluth, as proposed under
the treaty, would introduce a new competitive element against the railroads at a time when the President's recovery program called for unification and
A
summary of favorable reports from the War, and
Commerce Departments, the Power Commission and
the New York State Power Authority, which accompanied the President's message, says the Washington correspondent of the New York "Herald Tribune," Senator Wagner, in an exhaustive survey of
the whole project, vigorously assailed its navigation
aspects as inconsistent with the New Deal in many
respects. Looking more sympathetically on the
power development part of the project, he called
for its consideration apart from the navigation
aspects of the treaty—which undoubtedly would be
a wise thing to do.
The President presented his views in favor of the
treaty with great plausibility. "Canada and the
United States," he said, "are possessed of a natural
flow of water from near the center of the continent
to the ocean—a flow which throughout the greater
part of its length is to-day available for navigation
by large-size vessels. A system of locks at the
eastern end of Lake Superior, a dredged channel
between Lake Huron and Lake Erie, and another
series of great locks between Lake Erie and Lake
Ontario provide free and adequate navigation to a
point well down the St. Lawrence River. From
there, a series of three rapids, all of them within a
distance of 120 miles, now impede navigation by
ocean-going vessels; but a Canadian canal already
provides facilities for smaller ships. This Canadian
canal now is used substantially up to its capacity."
Mr. Roosevelt then proceeds to say that "two of
the three rapids are wholly in Canadian territory;
the other is in the so-called international section.
A great power development at the Beauharnois
Rapids in Canada is already nearing completion,
and locks for ocean-going ships have been planned
for and could readily be built at a low cost as part
of the plan. This means that only two additional
series of locks are required for a complete and continuous seaway from Duluth to salt water." To
emphasize the point he adds: "I call your attention
to the simple fact that Canada alone can, if desired,
build locks at the Lachine Rapids and at the International sector and thus provide a seaway wholly
within Canadian control without treaty participation by the United States. This, however, would be
a. reversal of the policy of co-operation which the
United States and Canada have continuously maintained for generations."
The President submits a summary of data prepared at his request by governmental agencies. This
summary, he avers, in its relation to the economic
aspects of the seaway,shows from the broad national
point of view, first, that commerce and transportation will be greatly benefited and, second,local fears
of economic harm to special localities or to special
interests are grossly exaggerated. In his argument
he here indulges in a bit of the sarcasm of which he
is so fond by saying he believes it is "a historic fact
that every great improvement directed to better commercial communications, whether in the case of railroads into new territory or the deepening of great
rivers or the building of canals, or even the cutting
of the Isthmus of Panama, have all been subjected
to opposition on the part of local interests, which
conjure up imaginary fears and fail to realize that
improved transportation results in increased commerce benefiting directly or indirectly all sections."
But it is well not to be carried away by the injec-
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Financial Chronicle
tion of extraneous matter but to consider the proposition entirely on its merits—from the standpoint
of purely American interests. We shall not undertake to deal with the arguments in regard to the
great power developments which are likely to result
as a part of the treaty if it finds ratification, since
that relates to a wholly different matter and we are
not called upon to consider it at this point. Everyone is bound, however, to give careful thought to
what Senator Wagner has to say in his opposition
to the seaway. Judged as a public works project,
the waterway is assailed by Senator Wagner as "extravagant in conception and foredoomed to constitute an annual drain upon the resources of the country." Public works, he asserted, are designed to
prime the pump of business, not compete with a
private industry, such as the railroads, and decrease
activity in one industry as fast as it stimulates
another.
In construction of the project, Senator Wagner
charges, the United States would spend three times
as much as Canada, while Canada would receive the
vast preponderance of the benefits in navigation and
power. Senator Wagner charges that the cost of
the project to the United States would be $573,136,000 instead of the $272,453,000 mentioned by
treaty proponents. The navigation project alone,
he says, would cost the United States $483,410,000,
or $30,170,000 a year. Scoring the estimates of the
joint Board of Engineers, he alleges failure to include such items as interest charges during the contemplated eight years of construction; the likelihood
of unanticipated delays, and the cost of harbor and
port improvements to meet the needs of ocean-going
vessels.
We think the country ought to hesitate before
authorizing further competition with itself, and this,
whether the immediate benefits will be greater to
the United States or to the Dominion. And in this
we have reference not alone to competition from the
transportation viewpoint, but from the broad standpoint of the effect on general trade, or more particularly trade in competition with Canada itself.
It must be remembered that through the Ottawa
agreements by which preferential tariffs are granted
to all the Dominions within the British Empire in
trade with Great Britain, extra taxes being imposed
upon articles and goods and commodities coming
from the outside world, a very severe blow has
already been dealt the trade of the United States
to the.advantage of Canada in cases where the
United States and the Dominion of Canada are common competitors in the British markets. Can the
United States afford at such a time to further competition with itself? We are of the opinion that the
United States ought not to join in a movement of
that kind unless it gets some kind of an equivalent
by the removal of the discrimination referred to
against America and in favor of the Dominion of
Canada. We have frequently referred to the discrimination in question in these columns, but the
subject is an ever-pertinent one in view of the extent
to which American trade has suffered and is suffering. The plight of the Western farmer in particular
is due to the fact that he has lost the British market
for his wheat. And the reason for this is the high
tariff duties against imports from the United States,
whereas grain coming from the Dominions is admitted entirely free of any tariff duties.
Jan. 13 1934
Taking the two neighboring countries, the United
States and Canada, wheat coming from the United
States is subject to a tax of 6c. a bushel, while wheat
coming from Canada is subject to no duty at all.
This is tantamount to an absolute denial of the
British market to grain grown in the United States.
Imports from Australia, another large wheat-producing country, also enjoy Empire preference, and
so also does wheat from other British dominions,
though these are of no great consequence, since they
produce only an inconsiderable amount of grain.
The result is that no wheat whatever is now reaching Great Britain from the United States, while
importations from Canada have increased enormously, the Dominion gaining at the expense of the
United States, while imports from Australia have
also been greatly augmented. To indicate how all
this is working to the injury and detriment of Western farming interests we bring forward again below
a table we have given several times before, showing
the imports of wheat into the United Kingdom from
the different countries of the world, but with the
figures brought down to a later date—in other
words, covering the 11 months to Nov. 30 for each
of the last five years:
IMPORTS OF WHEAT INTO THE UNITED KINGDOM FOR THE
ELEVEN MONTHS FROM JAN. 1 TO NOV. 301
On Hundredweights.)
1933.
Australia
Canada
1932.
1931.
1930.
1929.
28,244,334 23,121,720 22,666,743 11,679,799 12,704,225
41,713,145 40,575,943 24,788,771 22,912,026 25,608,782
Total
69,957,479 63,697,663 47,455,514 34,591,825 38,313,007
United States_
5,046 4,624,953 10,558,696 19,830,549 20.331,065
Argentine Rep_ 24,403,333 20,475,813 19,608,106 14,257,044 43,038,298
Russia_
4,121,575 3,111,891 27,617,973 12,265,761
470,785 3,221,338
141,169
British India_
Other countries 5,728,358 6.054,513 6,032.905 6.986,504 3,487,940
Total all____ 104,215,791 97,964,833 111,743,979 91,153,021 105,311,479
The figures are illuminating and instructive in
the highest degree, especially at this time when it is
proposed through the St. Lawrence waterway project
to provide channels open to ocean steamships all
the way to Duluth and to have the United States
itself contribute a large part of the cost of the
project. It will be seen that while back in 1929,
during the 11-month period covered (the figures for
December are not yet available), the importations
of wheat into Great Britain from the United States
aggregated 20,331,065 hundredweights; during the
same period in 1933 they footed up the trivial
amount of 5,046 cwts. On the other hand, the imports into Great B.ritain from Canada, which in 1930
were 22,912,026 cwts., for the same period of 1933
have risen to 41,713,145 cwts., and in like manner the
imports from Australia in the same period have increased from 11,679,799 cwts. in 1930 to 28,244,331
cwts. in 1933. And it is proper to state that these
are not figures improvised by ourselves, but have
been compiled from the official Board of Trade
returns.
President Roosevelt, in his message of this week
(still arguing in favor of the St. Lawrence waterway), is moved to say: "Let us be wholly frank in
saying that it is better economics to send grain or
other raw materials from our Northwest to Europe
via the Great Lakes and St. Lawrence than it is to
send them around three sides of a square—via Texas
ports or the Mississippi, thence through the Gulf
of Mexico, and thence from the southern end of the
north Atlantic to its northern end." To which the
President added: "In this illustration it is well to
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Financial Chronicle
remember that a straight line is the shortest distance
between two points."
This is a far-fetched illustration, and not as funny
as the President imagines it to be. Indeed, it is
something never likely to happen, since wheat raised
in the western part of the United States after reaching the Gulf of Mexico would naturally pass on
direct to its destination in Europe and would never
be taken to the mouth of the St. Lawrence River.
Another point naturally suggests itself, and that is
how a waterway open all the way to Duluth is going
to benefit Northwestern farmers when wheat is denied entry into Great Britain by the 6c. tax on
American-grown wheat, where wheat grown in Canada is relieved from the necessity of paying any
tax at all.
Of course Canada has no intention of yielding up
this advantage of 6c. a bushel for its wheat as
against wheat coming from the United States, and
the inferior position to which the Western farmer
has been permanently relegated appears from the
fact that at the recent international wheat conference for the fixing of export quotas from the wheatexporting countries the United States was allotted
only 47,000,000 bushels of export to all the countries
of the world, while the Canadian quota was fixed at
200,000,000 bushels. Why, back in 1892 the exports
of wheat from the United States aggregated 225,665,812 bushels, and during the last decade the shipments from this country have frequently run over
200,000,000 bushels!
It is to be remembered also that wheat is only one
item where Empire preference is operating to the
detriment of the United States. There are dozens
of other items where the export trade from this
country to Great Britain has also been virtually
extinguished by the action of the Ottawa Conference. Great Britain, of course, and her Dominions
are clearly within their rights in establishing the
preferences referred to, but when it comes to opening a waterway for ocean steamships extending all
the way to Duluth and having the United States
itself pay for a large part of the cost, there ought to
be insistence that the United States and Canada be
once more placed upon equal terms in competing in
the British market.
HE Federal Deposit Insurance Corporation, it
is made plain from the condition statements
of the Federal Reserve banks, involves liability for
the Reserve banks themselves in addition to that
which the member banks are called upon to assume.
On the asset side of the consolidated statement for
t he 12 Reserve institutions combined there appears
an entirely new item in the acquisition of Federal
Deposit Insurance Corporation stock for amount of
$64,680,000. The question which naturally arises
Erst of all is how was this stock paid for? The
answer appears on the liabilities side of the account,
where we find entries for two seperate items each
for amount of $64,680,000, the first covering the
sum of $64,680,000 actually paid for subscription for
Federal Deposit Insurance Corporation stock and
the second for $64,680,000 more for another payment
of the same amount called for on April 15. Our
question still remains unanswered as to the mode of
payment until we look further and find that the surplus account of the 12 Reserve banks has fallen during the week from $277,680,000 to $148,322,000, the
difference being exactly that required to make the
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two payments of $64,680,000 each. This reduction
in surplus is significant as showing the extent to
which the Federal Reserve banks will find their
strength impaired by identification with the Federal
Reserve Deposit Insurance Corporation.
In setting up this new corporation Congress, in
the Banking Act of 1933, provided that the sum of
$150,000,000 shall be available for payment by the
Secretary of the Treasury for capital stock of the
Corporation in an equal amount, to be subscribed '
for by him on behalf of the United States, payments for such subscriptions to be subject to call in
whole or in part by the Board of Directors of the
Corporation. The same Banking Act also provides
that "Every Federal Reserve bank shall subscribe
to shares of class B stock in the Corporation to an
amount equal to one-half the surplus of such bank
on Jan. 1 1933, and its subscription shall be accompanied by a certified check payable to the Corporation in an amount equal to one-half of such subscription, the remainder of such subscription to be
subject to call from time to time by the Board of
Directors upon 90 days' notice." Apparently the .
amount of the surplus on Jan. 1 1933 was in the
neighborhood of $268,720,000. Class B stock to be
held by the Federal Reserve •banks is not to be
entitled to the payment of any dividends, but the
class A stock which the Secretary of the Treasury
is obliged to subscribe for is to be entitled to the
payment of dividends to the same extent as member
and non-member banks are entitled. Thus it appears
that the Federal Reserve banks, through the inauguration of the Federal Deposit Insurance Corporation, lose half their surplus account and get no
return on what they thus turn over to the Corporation.
HE chief feature of the Federal Reserve condition statements the present week, apart from
their subscriptions to the Federal Deposit Insurance
Corporation, is that as a result of the return flow
of money from circulation and from holiday uses
there is a further very considerable reduction in the
volume of Reserve notes outstanding, and likewise
some reduction in the outstanding volume of Reserve credit as measured by the bill and security
holdings. The Federal Reserve notes in actual circulation have dropped further during the week from
:!f3,071,762,000 to $2,998,760,000, while Federal Reserve bank notes in actual circulation have fallen
from $208,014,000 to $205,191,000, making the combined contraction in both kinds of note issues
$76,000,000. The decrease in the volume of Reserve
credit outstanding has come about in two ways.
First, member banks have reduced their borrowings
at the Federal Reserve banks, as is evidenced by the
fact that the discount holdings of the 12 Reserve
institutions have declined during the week from
$106,119,000 to $103,692,000. In the second place,
their holdings of acceptances purchased in the open
market have fallen from $121,062,000 to $113,211,000. The holdings of United States Government
securities have remained practically unchanged, and
stand at $2,431,746,000 Jan. 10 as against $2,431,910,000 on Jan. 3. The result is that the volume of
Reserve credit outstanding, as measured by the bill
and security holdings, has fallen during the week
from $2,660,584,000 to $2,650,111,000.
Member banks have been enabled to strengthen
their reserve account with the Federal Reserve
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Financial Chronicle
banks, which has caused an expansion in member
bank reserve deposits from $2,709,919,000 to $2,776,857,000, and this with larger Government deposits
and a very considerable addition to other deposits
has run up total deposits from $2,877,872,000 to
$3,007,144,000. The increase in deposits has involved the necessity of larger cash reserves, while
at the same time there has been a further reduction
in gold reserves from $3,568,911,000 to $3,566,290,000. But the contraction in Federal Reserve
note circulation has reduced reserve required against
note circulation. As a consequence, the ratio ot cash
reserves in relation to total liabilities has been only
slightly further reduced. The ratio of total gold
reserves and other cash to deposit and Federal Reserve note liabilities combined stands at 63.6% this
week as against 63.8% last week. The amount of
United States Government securities as part collateral for Federal Reserve note issues has diminished during the week from $601,100,000 to $564,500,000.
--•-ORPORATE dividend declarations have again
been more largely of a favorable nature than
of an adverse character. The Transamerica Corporation authorized a disbursement of 121 2c. a share
/
on the common stock, payable Jan. 31; the last previous dividend on this stock was 10c. a share paid
on July 25 1931. The J. C.Penney Co.,Inc., declared
an extra dividend of $1 a share on common, payable
Jan. 30; quarterly distributions were made on this
issue on March 31, June 30, Sept. 30, and Dec. 30
1933. The American Cyanamid Co. declared a
special dividend of 25c. a share on the class A and
class B common stocks, payable Feb. 1 1934; this is
the first dividend on this stock since July 1 1930.
The American Smelting & Refining Co. declared a
dividend of $2.50 a share on the 7% cumul. pref.
stock, payable March 1; three months ago the company resumed dividends on this issue by declaring
a dividend of $1.75 a share, payable on Dec. 1 1933;
this latter disbursement covered the quarterly payment due Sept. 1 1932; following the March 1 1934
distribution, accumulations on the 7% pref. stock
will amount to $8 per share. The New York & Honduras Rosario Mining Co. declared an extra dividend
of 75c. a share on capital stock in addition to the
usual quarterly dividend of 25c. a share, both payable Jan.30 1934. Like amounts were paid on Oct. 30
last; on Dec. 29 1933 a special distribution of 50c. a
share was made. The Interstate Department Stores,
Inc., resumed quarterly dividends on the 7% cumul.
pref. stock by the declaration of VA% a share, payable Feb. 1 1934; the last previous quarterly dividend of like amount on this issue was paid on
Feb. 1 1933. The Western Auto Supply Co. on
Jan. 11 1934 declared an extra dividend of $1 a
share on the class A and class B common stocks,
both payable Feb. 1 1934. On Jan. 5 the Public
Service Co. of No.Illinois announced that the Board
took no action on the quarterly dividends due at
this time on the preferred and common stocks; on
Aug.1 and Nov.1 last dividends of 50c. a share were
paid on the no par and $100 cumul. pref., and $1.75
a share of the 7% cumul. pref. stocks. The International Utilities Corp. reduced dividends on its $7
cumul. prior pref. stock from $1.75 a share to 87y
2c.
a share, and on its $3.50 cumul. prior pref. stock
/
from 8712c. a share to 43%c. a share, both payable
Feb. 1 1934.
C
Jan. 13 1934
HE New York stock market this week was again
a dull affair, with price movements irregular
and confined to a narrow range until Wednesday,
when there was a revival of activity and quite a
spurt upward in prices, the gains ranging from one
to five points in the active stocks, and these higher
values were pretty well maintained on Thursday and
Friday. There were no new developments of
any great consequence, except that in a press conference, President Roosevelt announced on Wednesday that he favored the systematic retirement
of railroad and other utility bonded indebtedness out of earnings, and that he believed regulatory bodies should take this factor into consideration in the supervision of rates. This was
looked upon as a constructive movement. Trade
statistics were also looked upon as bearing favorable
indications, since in the case of the leading industries they continued to reflect a larger volume of
business than in the corresponding periods a year
ago, though there was no very notable growth of
activity. The American Iron and Steel Institute,
at the beginning of the week,reported the steel mills
of the country engaged to 30.7% of capacity as compared with 29.3% the previous week. Current rate
of operations is about double that of 12 months ago,
when the steel mills were reported employed at about
151 2% of capacity. Car loadings of railroad revenue
/
freight on the railroads of the United States for
the week ending last Saturday (Jan. 6) were put
at 499,939 cars as compared with 439,469 cars in
the corresponding week of 1933. The production of
electricity by the electric light and power industry
of the United States for the week ending last Saturday was reported at 1,563,678,000 kilowatt hours as
against 1,425,639,000 kilowatt hours in the corresponding week of the previous year, being an increase of 9.7% as against 8.8% the previous week,
6.6% the week before, and 5.2% the week preceding.
Foreign exchange fluctuations played no great part
in the speculation, these being confined to relatively
narrow limits, and hence involving only relatively
slight changes from day to day in the gold price of
the American dollar. The Reconstruction Finance
Corporation maintained its price for gold unchanged
at $34.06 per ounce. The commodity markets developed a little additional strength. Bond prices
moved moderately higher under growing activity,
except that the Government band market was weak
and lower, with the United States Treasury 41 4-3/
/ 1 45
of 1934-45 selling down to 97 26/32 on Jan. 11, and
closed yesterday at 98 18/32 as against the close last
Friday at 99 1/32.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
/
yesterday at 8678c. as against 84
/ the close on
1
4c.
Friday of last week. May corn at Chicago closed
yesterday at 52%c. as against 511 2c. the close the
/
previous Friday. May oats at Chicago closed yester/
day at 3778c. against 37c. the close on Friday of
last week. May rye at Chicago ended yesterday at
/
1
4
60y against 57 c. the close on Friday of last
2c.
week, while May barley at Chicago closed yesterday
/
1
4
at 53 c. against 52c. the close on the previous Friday. The spot price for cotton here in New York
yesterday as 11.05c. as compared with 10.55c. on
Friday of last week. The spot price for rubber
yesterday was 8.85c. against 9.00c. the previous Friday. Domestic copper was quoted yesterday at Sc.
against 814c. the previous Friday. Silver moved
/
T
Volume 138
Financial Chronicle
193
Canada Dry at 26 against
within a narrow range. In London the price yester- Alcohol at 62 against 541%;
241 National Distillers at 251% against 24%; Crown
4;
/
day was 19 5/16 pence per ounce as against 1918
2934; Liquid Carbonic at
pence on Friday of last week. The New York quota- Cork & Seal at 31% against
%
2834 against 271 , and Mengel & Co. at 7%
/
tion yesterday was 45.30c. as against 4434c. the preA
vious Friday. In the matter of the foreign ex- against 73 .
The steel shares followed the upward course of the
yesterday closed
changes, cable transfers on London
Steel closed yesterday
/
/
at $5.081 2 as against $5.1034 the close the previous general market. United States
of last week; United
Friday, while cable transfers on Paris closed yester- at 47% against 461% on Friday
against 89; Bethlehem Steel
2c.
day at 6.13y against 6.14c. the close on Friday of States Steel pref. at 90
m at 22 against 21.
1
last week. Call loans on the New York Stock Ex- at 36Y against 351%, and Vanadiu
group, Auburn Auto closed yesterday at
change again remained unaltered at 1% per annum In the auto
491% against 51 on Friday of last week; General
throughout the entire week.
at 511% against
Trading was light but increased moderately the Motors at 35 against 341%; Chrysler
on 551 Nash Motors at 261% against 23%; Packard
4;
latter part of the week as prices spurted upward
Motors at 5 against
Thursday. On the New York Stock Exchange the Motors at 3% against 4; Hupp
on Saturday last were 434, and Hudson Motor Car at 141% against 13
sales at the half-day session
& Rubber closed
461,920 shares; on Monday they were 715,030 shares; In the rubber group, Goodyear Tire
4
on Wednesday 1,415,170 yesterday at 34% against 333 on Friday of last
on Tuesday 869,402 shares;
at 131% against 12, and
shares; on Thursday 1,695,470 shares; on Friday week; B. F. Goodrich
at 151% against 15.
1,600,580 shares. On the New York Curb Exchange United States Rubber
The railroad shares have been distinctly stronger.
the sales last Saturday were 89,370 shares; on Monday
y at 31 against
140,920 shares; on Tuesday 149,935 shares; on Pennsylvania RR. closed yesterda
of last week; Atchison Topeka &
Wednesday 236,270 shares; on Thursday 358,340 29% on Friday
1
4
Santa Fe at 591 against 544; Atlantic Coast Line
shares, and on Friday 298,130 shares.
Rock Island & Pacific
As compared with Friday of last week, prices are at 421% against 393/2; Chicago
instances, at 31% bid against 33/8; New York Central at 33%
quite generally higher, in not a few
at 23% against 22k;
4
notably so. General Electric closed yesterday at against 313 ;Baltimore & Ohio
%
last week; North New Haven at 155 against 143 ; Union Pacific at
%
191% against 18% on Friday of
4
2
Standard Gas & Elec. 1143/ against 1103 ; Missouri Pacific at 334 against
American at 157 against 13%;
%
4
against 183 ;
/
at 81 2 against 7; Consolidated Gas of N. Y. at 39% 31% bid; Southern Pacific at 201%
10 against 8; Southern Ry.
against 363; Brooklyn Union Gas at 65 against 61 Missouri-Kansas-Texas at
ake & Ohio at 40%
bid; Pacific Gas & Elec. at 18 against 16; Columbia at 253/a against 2434; Chesapeat 221% against 211%,
393/2; Northern Pacific
Gas & Elec. at 121% against 11%; Electric Power & against
and Great Northern at 20% against 18g.
4
Light at 51% against 43 ; Public Service of N. J. at
The oil stocks have lagged somewhat. Standard
37 against 35; J. I. Case Threshing Machine at 701% Oil of N. J. closed yesterday at 441% against 44%
4 on Friday of last week; Standard Oil of Calif. at
against 65%; International Harvster at 391
4
against 3834; Sears, Roebuck & Co. at 42% against 381 against 39%; Atlantic Refining at 281% against
81%. In the copper group, Anaconda Copper closed
4134; Montgomery Ward & Co. at 22% against 2
against 14 on Friday of last week;
2PA; Woolworth at 444 against 42%; Western yesterday at 13% at 19 against 193 ; American
%
Kennecott Copper
/
;
Union Telegraph at 553/ against 541 2 Safeway Smelting & Refining at 433 against 423/; Phelps
%
8
Stores at 471% against 44; American Tel. & Tel. at Dodge at 1634 ex-div. against 1634; Cerro de Pasco
5
/
11434 against 109; American Can at 961 3 against Copper at 3434 against 33%, and Calumet & Hecla
4
3 Commercial Solvents at 339 against 303 ; at 4 against 41%.
94%;
4
Shattuck & Co. at 73 against VA,and Corn Products
RICE trends were diverse this week on stock
at 74% against 731%.
exchanges in the foremost European financial
Allied Chemical & Dye closed yesterday at 148
a little irregularity on all maragainst 146 on Friday of last week; Associated Dry centers. There was
kets, but the general tendency on the London Stock
2
Goods at 121% against 113/; E.I. du Pont de Nemours
Paris Bourse was upward,
at 9234 against 92; National Cash Register "A" at 18 Exchange and the
whereas the Berlin Boerse registered substantial net
against 1734; International Nickel at 21% against
A little nervousness was occa%
213 ; Timken Roller Bearing at 30% against 29%; losses for the week.
by uncertainty regarding the
3
Johns-Manville at 5732 against 57%; Coca-Cola at sioned everywhere
American currency experiment, but chief attention,
9734 against 96; Gillette Safety Razor at 91% against
weeks, was devoted to developments
9; National Dairy Products at 131% against 13%; as in previous
ve European countries. Satisfactory
Texas Gulf Sulphur at 3834 against 39%; Freeport- in the respecti
England, and the maintenance of
Texas at 431% against 44; United Gas Improvement at bank reports in
red by the leading institutions,
16 against 14%; National Biscuit at 46% against dividends unimpai
London market with a satisfactory
4734; Continental Can at 7734 against 75%;Eastman provided the
Indications of business recovery in
Kodak at 81 against 80; Gold Dust Corp. at 17% background.
Great Britain again were available, this time in the
4
against 17%; Standard Brands at 22% against 203 ;
increase in the commodity price indices.
4
Paramount Publix Corp. ctfs. at 2% against 13 ; form of an
In France there was much unsettlement early in
Westinghouse Electric & Mfg. at 37 against 3634;
owing to the revelation of an embezzlement
4
Columbian Carbon at 60 against 583 ; Reynolds the week,
43; Lorillard at 16% in Bayonne which caused a national sensation and
Tobacco class B at 41 against
ed to involve the Cabinet itself. When it
against 161%; Liggett & Myers class B at 80% against threaten
d that the Chautemps regime would sur761%, and Yellow Truck & Coach at VA against 4%. appeare
political danger, the markets in Paris
Stocks allied to or connected with the alcohol or mount this
German markets were adversely affected
d.
brewing group are moderately higher as a rule. improve
s, which reflected
yesterday at 803 against 791% by official unemployment statistic
Owens Glass closed
an unemployment increase of 343,000 in December
on Friday of last week; United States Industrial
ip
194
Financial Chronicle
to a total of 4,058,000. Some nervousness also was
caused at Berlin by the mounting tide of protest
against the Reichsbank transfer arrangements covering interest due on external German bonds.
The London Stock Exchange was quiet at the
opening, Monday, with prices unsettled to a modest
degree by profit-taking. Such liquidation was
readily absorbed, however, and an upward trend was
re-established before the close. Small advances were
registered in British funds, and most industrial
stocks likewise showed net gains. The international
group of issues was uncertain, with changes very
small. In Tuesday's dealings there was a marked
increase of demand for British Government issues,
which advanced sharply. British industrial issues
were inactive and changes were small and in both
directions. German bonds were higher in the international list, but Anglo-American trading favorites weakened. Activity increased throughout the
list, Wednesday, with British funds still in excellent
demand. Most industrial stocks improved in this
session, while international securities also reflected
buying. The strong tone was continued in Thursday's trading at London, and almost all securities
shared in the gains. British funds were marked up
more than a half point in some instances, while
industrial securities showed many good performances. German bonds were sharply better in the
foreign list, with others steady. British funds eased
slightly on profit-taking in yesterday's market, but
most other securities again advanced.
Weakness on the Paris Bourse as trading was
resumed last Monday was attributed entirely to the
scandal at Bayonne regarding the operations of the
municipal loan office, and the general expectation
that it would involve the Cabinet. Rentes quickly
recovered, and in some cases made up the losses of
the day before the close, but stocks were marked
down sharply. Quotations in the international section also were lower. Transactions on Tuesday had
a more normal appearance and small gains predominated in that session. There was a small increase in investment buying, as the bad first impression caused by the scandal diminished: The tendency was more distinctly upward in Wednesday's
session, and some of the prominent speculative
stocks finally regained the losses recorded in the
first trading period of the week. Activity increased,
with stocks in fair demand, while rentes declined
slightly. When it finally appeared, Thursday, that
there would be no Cabinet crisis as a result of the
Bayonne scandal, buying proceeded on a larger scale
and prices advanced sharply. Almost all issues
showed appreciable advances. In quiet trading
yesterday rentes sold slightly lower,but other securities were steady.
The Berlin Boerse was quiet and irregular in the
initial trading session of this week. Losses slightly
outnumbered the gains, but all movements were
small. Bonds were in better demand than stocks,
dispatches from the German capital said. In Tuesday's dealings investment buying of bonds continued
on a good scale and most issues in this group improved. There was substantial liquidation of equities, however, and losses were general in such issues.
Trading was very quiet on Wednesday, with most
changes fractional. Bonds held their ground rather
well, but equities of all descriptions tended to sag,
with shipping stocks weaker than others. Prices of
stocks again moved lower on the Boerse, Thursday,
Jan. 13 1934
due partly to reported selling by professional speculators, but fluctuations were confined to a narrow
range. Changes in bonds were quite unimportant.
Small losses were recorded yesterday in all sections
of the Berlin market.
HE much-vaunted peace machinery of the world
did not suffice to prevent a resumption of
fighting between Bolivia and Paraguay, last Sunday, after expiration of a truce of more than two
weeks in their war over the boundaries of the Gran
Chaco territory. Arrangements for the truce in
this war of more than one and a half year's duration were made at the Pan-American Conference in
Montevideo, clearly as a result of the pressure of
the 19 other American republics there assembled.
After the armistice was announced on Dec. 20, the
whole problem was turned over to the special League
of Nations commission which had been trying unsuccessfully for many months to find a basis for
peace. This Commission, meeting in Buenos Aires,
failed signally even in the effort to obtain an extension of the armistice, and fighting was resumed early
on Jan. 7. The Paraguayans, who made great gains
in the war just before the armistice was announced,
resumed the offensive, and official announcement
was made in Asuncion, Monday, of the occupation
of four important Bolivian forts in the Chaco area,
which were reported abandoned by the Bolivian
forces. The armies clashed at Fort Camacho, Tuesday, and again the Paraguayans were successful.
Further fighting is expected, even though the Paraguayan troops now hold most of the territory in
dispute.
No real progress toward peace was made during
the armistice, dispatches from Buenos Aires state.
A permanent end of the struggle was hopefully expected when the stern demands of the nations at the
Pan-American Conference resulted in the truce.
"For reasons never satisfactorily explained," a dispatch to the New York "Times" states, "the PanAmerican Conference washed its hands of the Chaco
conflict and handed it over to the League of Nations
for settlement, with the pious hope that the belligerents would accept arbitration." Both countries
had long since accepted arbitration in principle, it
was added, and the real problem was to get an agreement on actual terms. The League Commission
never even reached the point of discussing this vital
matter, it is said. Ten days were spent in trying
to get the two nations to extend the armistice, while
the remainder of the period was devoted to unsuccessful negotiations for the withdrawal of the opposing armies from contact with each other. Throughout the armistice both belligerents showed more concern for their military positions than for peace.
They rendered much lip service to the ideal of peace,
the dispatch to the New York "Times" said, but in
practice military possession of this or that so-called
fort proved to be the primary consideration. Official
announcement by the Paraguayan Government, last
Saturday, that the war would be resumed ended the
peace efforts entirely.
The League of Nations Commission, headed by
Juan Alvarez del Vayo, indicated last Sunday that
no further negotiations were contemplated, and the
Commission began the task of drawing up a report
to the League. The Commission could not proceed
with the peace negotiations while hostilities are in
progress, the official announcement of the Com-
T
Volume 138
Financial Chronicle
mission said. Renewal of the warfare signified an
attempt on one side to push victory to a decision,
and on the other side a determination to win revenge,
the group added. The Commission, at the last moment, telegraphed to Presidents Ayala and Salamanca, of Paraguay and Bolivia, urging them to
weigh the responsibility of renewing their warfare.
After expressing the conviction that the war is absolutely useless, the Commission remarked that the
armistice created an atmosphere so distinct that it
was convinced it is the only atmosphere in which it
would be possible to continue the work. Geronimo
Zubizarreta, the Paraguayan delegate, explained his
country's unwillingness to prolong the armistice by
charging that the Bolivians would improve their
military situation in the period. Castro P. Rojas,
of Bolivia, refused to express any opinion on the
situation.
A
JCK of any progress in the private disarmament
discussions of the leading European Powers is
indicated by 'advance reports that the session of
the Bureau, or Steering Committee, of the General
Disarmament Conference, scheduled for Jan. 22,
will be postponed, as usual. Warning suggestions
from'Geneva,to this effect, are reinforced by similar
pressure for postponement in London and Rome. In
the Italian capital, indeed, it was bluntly stated late
last week that it is much too early to talk about a
definite date for resumption of the Conference,
which has now been in formal existence nearly two
years. After completion of conversations in Rome
between Premier Mussolini and the British Foreign
Secretary, Sir John Simon, it was reported that
Great Britain and Italy are agreed upon the necessity of a plan involving some sort of understanding
on the disarmament question, and reform of the
League of Nations. After Sir John Simon returned
to London it was reported there that the British
Government •believes the disarmament agreement
must come first, while any steps to remodel the
League would have to be postponed several months
at least. There is now a good deal of anxiety regarding the position that may be taken by Arthur
Henderson, the British President of the Disarmament Conference. Mr. Henderson threatened several
months ago to resign if there is no indication of
progress toward disarmament.
Private discussions between the French and German Governments on armaments remain the factor
of greatest importance in the disarmament impasse.
The conviction is steadily deepening that the peace
of Europe, and perhaps of the world, depends on
the outcome of the conversations now being conducted. These exchanges were started some weeks
ago, when Chancellor Hitler outlined his position to
the French Ambassador, Andre Francois-Poncet,
and subsequently stated them in writing. To the
German request for an army of 300,000 on a shortterm service basis, equipped with "defensive" armaments, France replied on Jan. 1. Although the
French views were closely guarded, it became known
this week that they would permit an army of 200,000
for Germany, this figure being also the total of the
MacDonald draft disarmament convention. The
French note was couched in conciliatory terms, and
it is now indicated that Germany will present a reply
next Monday, which will be similarly polite. In
Geneva reports it is suggested that France is at
length considering her own disarmament, to some
L
195
degree, but with the usual reservations that a League
of Nations force be built up. The Paris Government
is said to have made an offer of a 50% reduction in
the French air fleet, provided a League air force is
established. But German authorities, Berlin reports
say, would not consider this satisfactory, unless some
concessions also are made toward the establishment
of an air force by the Reich.
PRESERVATION
of peace was the keynote of
the several formal statements made in Washington, Monday, as Alexander A. Troyanovsky, the
first Soviet Russian Ambassador to the United
States, presented his credentials to President Roosevelt. M. Troyanovsky arrived in New York the previous day on the liner Washington, accompanied
by William C. Bullitt, who is the first American
Ambassador to Soviet Russia. Mr. Bullitt returned
after a brief survey in Moscow to report to the
President. The ceremony at the White House which
marked the completion of the exchange of Ambassadors was along traditional lines, but it was followed
by an informal chat between the President and the
new Russian Ambassador. After formally presenting his credentials and conveying the greetings of
the Russian Government and people, M. Troyanovsky remarked that the co-operation and friendship
of Russia and the United States must necessarily
be of great historical significance and of direct, farreaching moment in the cause of world peace. "It
is my Government's and my own sincerest desire
and intention," M. Troyanovsky added,"to do everything possible for the realization of the wish expressed by you, that the relations now established
between our peoples may forever remain friendly and
cordial, and that our nations henceforth may cooperate for their mutual benefit and for the preservation of the peace of the world." These sentiments
were echoed in the reply by President Roosevelt,
who declared that a deep love of peace is the common heritage of the peoples of both countries. "The
successful accomplishment of this mutual task will
be of immense and lasting benefit, not only to the
peoples of our countries, but to all peace-loving
peoples everywhere," Mr. Roosevelt remarked.
The prospect for an enlarged trade between Russia
and the United States was discussed informally on
Wednesday by the new Russian Ambassador, who
pointed out that this question depends primarily
upon the granting of credits. M. Troyanovsky referred to the speech made by Foreign Commissar
Litvinoff at the World Monetary and Economic Conference in London, in which it was remarked that
$1,000,000,000 of orders could be placed by Russia
externally if credits were available. "The greater
part of these could go to the United States, but the
question will be decided by our ability to pay," said
M. Troyanovsky. "We would also like to increase
our exports to the United States, although in the
past we have always bought more than we sold to
you, and, no doubt, will continue to do so. Alcohol
is one commodity whose exports to the United States
from Russia could be increased, but as regards most
commodities, your' price level is unfavorable to us.
As regards paying for our purchases in this country,
we produce some gold and we also export furs.
What we take from you, whether it is producers'
goods or consumers' goods, depends mainly on the
progress of the five-year plan. We are developing
so rapidly that our own needs are enormous, which
196
Financial Chronicle
Jan. 13 1934
bonds, joined the conference, which was held in the
office of Acting Secretary of State Phillips. It was
announced that Mr.Bell will attend the Berlin meeting on Jan.22, as representative of the bondholders,
while Mr. Dulles will attend as representative of
the investment bankers.
The protests were occasioned by the German deLTHOUGH the outlook for a formal readjustal debt structure cision to curtail cash transfers for interest payment of the intergovernment
70% in
is none too hopeful at the present time, it is indi- ments to 30%, while paying the remaining
at half its face value in the curcated in Washington reports that a start may soon scrip redeemable
last half
be made in the case of Finland's debt to the United rency of the bondholders. Payments in the
of 1933 were 50% cash and 50% scrip redeemable
States Government. Negotiations for reducing the
Finnish annuities by lowering the interest charges at half its face value. In the case of Great Britain,
by intimations that a
already are in progress, a dispatch of Sunday to the the protest was accompanied
clearing house might be established in London for
New York "Herald Tribune" states. The exchanges
from sums due German
are being carried on between the State Department the purpose of deducting
with the exporters amounts sufficient to compensate British
and L. Astrom, the Minister of Finland,
reduced payments.
approval of President Roosevelt. Finland is the bondholders for the
from Basle, Switzerland, where the direcReports
only debtor nation that has continued its payments
International Settlements gathin full, and it is suggested that the lightening of tors of the Bank for
ered for their monthly meeting last Sunday, indithe burden on that country would be viewed by the
of the German action
Administration not only as a friendly gesture, but cated that sharp criticisms
were being voiced by some of the banking authorias an admonitory warning to defaulting nations and
ties. Dr. Schacht, who attended the Basle meeting,
to those that have made token payments.
be held long talks with Montagu Norman, Governor
Any readjustment of the Finnish debt will
and Gottfried Bachmann,
dealt with as an exceptional case, but it may also of the Bank of England,
the Administration will go Governor of the Bank of Switzerland, at which it is
be a hint as to how far
German position on this
and the procedure it will follow in the event serious believed he defended the
It was suggested in a Basle report to the
consideration is given at a future date to debt matter.
change resulting from
negotiations with other countries, the report states. New York "Times" that any
the forthcoming Berlin conference probably will not
The Finnish annuities might be lowered as much as
American and British
50%, it is indicated, but this would be done chiefly call for greater payments to
bondholders, but it may reduce the full payments to
through lowering of the interest of 3.31% paid by
to eliminate the
Finland, which is as high as that paid by any debtor Dutch and Swiss holders in order
more than the figure on basis for American and British complaints. The
country and a good deal
payments to Dutch and
which most previous settlements were based. The special arrangements on
German bonds resulted from agreeintergovernmental debt report which President Swiss holders of
of German goods to those
Roosevelt has promised to Congress may be based ments for larger exports
two countries. It is recalled here that Dr. Schacht
largely on any settlement with Finland, it is
meeting of long-term credithought. The temper of Congress with regard to agreed to call a further
tors provided formal demands were made for special
the recent defaults was indicated Wednesday, when
investors of any country.
the Senate voted 40 to 39 for a penalty tax on liquor treatment of the
imports from defaulting countries. This tax was
ECENT uncertainty regarding French quota
opposed by the Administration and later removed,
Thursday, to bar
restrictions on imports from the United States
but in its place the Senate voted,
this country of the securities of any was resolved last Monday, when announcement was
the flotation in
Government in default. This measure also is likely made in Washington that the quotas previously
to be defeated or withdrawn, either by vote in the prevalent would be continued by the French Government. Having disentangled itself from all unHouse or through Administration pressure.
qualified most-favored-nation trade treaties with
ominous protests from credi- other countries, the French Government announced
MPRESSED by the
1 tor countries, German authorities moved this on Dec. 31 that quotas for imports from all counweek for a meeting in Berlin, on Jan. 22, at which tries would be reduced 75% in order to establish a
representatives of the holders of long-term German bargaining position. It was generally understood,
obligations held in the United States, Great Britain, however, that some concessions regarding American
Sweden, Switzerland and Holland will be able to products could be expected immediately in return
discuss with Dr. Hjalmar Schacht, President of the for the increased imports of French wines and spirits
Reichsbank, the transfer arrangements covering arranged in consultations between trade representainterest payments on such bonds during the first tives of the two countries. The State Department
six months of this year. The Bank of England dis- cleared up all uncertainty on this point by announcclosed last Monday that it had received an invita- ing that the quota totals established early in 1932
tion, which was one of a series sent also to creditors' by the French Government on American products
representatives in other lands. The problem occa- would be resumed. Paris reports of Wednesday
sioned by the invitations was discussed in Wash- stated that the British Government had lodged a
ington, Wednesday, by Laird Bell, of Chicago, and sharp protest at Paris against the new restrictions
Pierre Jay, of New York,in their capacities as mem- on imports by France from Great Britain. Negobers of the Executive Committee of the newly-formed tiations between the United States and Great
Foreign Bondholders' Protective Council. John Britain on quotas of the two countries covering cerFoster Dulles, representative of the American houses tain imports from each other have been carried to a
of issue concerned in the flotation of German dollar successful conclusion, thus giving further evidence
also limits our ability to export." The Russian
Ambassador remarked that he had not yet discussed
the American debt and other claims against his
country, as it will take much time merely to establish the totals.
A
R
Volume 138
Financial Chronicle
of the spread of this system. It was announced in
Washington and London, Monday, that the British
Government had agreed to permit the importation
of $1,000,000 worth of American pork products in
addition to the previous quota, in exchange for a
doubling of the American quota of 607,000 gallons
of liquor imports from Great Britain. Under this
arrangement, the State Department announced, the
American share of British pork product importations will be 7.6% of the total British imports, as
against the original proposal of a 6.3% allotment.
RANCE was shaken this week, and the Cabinet
of the country endangered for a time, by the
revelation of the swindling operations of a Polishborn French citizen, Alexandre Stavisky, who succeeded in floating 500,000,000 francs of Bayonne
Municipal Credit (pawnshop) bonds, most of which
are worthless. "L'Affaire Stavisky" developed
rapidly after the collapse of the Bayonne credit
institution early last week. It involved the Cabinet
partly because the somewhat mysterious Stavisky,
as head of the Bayonne credit institution, appeared
to have great influence in certain parliamentary
circles, and partly because Albert Dalimier, Minister
of Colonies, had advised insurance companies a year
ago to buy Municipal Credit bonds. Many of the
bonds issued by Stavisky are said to be spurious,
and the resentment of French investors was acute
and was instantly directed against M. Dalimier,
even though that Minister appears never to have
heard of Stavisky before. Some reports indicate
that the swindler was a known criminal, and his
unchecked operations as head of the Bayonne Municipal Credit are very difficult to explain if this is
true. He disappeared on the collapse of the institution, and on being located at Chamonix, France,
last Monday, he shot himself and died soon thereafter. The matter was debated by the Cabinet,
Wednesday, and M. Dalimier resigned his post,
which was taken by Lucien Lamoureux. The Chamber of Deputies debated the swindle heatedly on
Thursday, but under the skillful guidance of Premier Chautemps all danger of the Government's fall
was averted. It is evident, however, that the matter
long will echo in parliamentary halls, as one Deputy
is in prison on charges in connection with the swindling transactions, while two editors of Parisian
newspapers also have been accused. Royalists in
Paris organized demonstrations against the Government Tuesday and Thursday.
F
URKISH authorities announced at Angora, the
capital of that country, Tuesday, a five-year
industrialization plan which aims at "transforming
an economically backward and primitive agricultural nation into one of the most highly cultured
nations of the world." The plan was devised with
the aid of a group of American specialists, headed
by Walker D. Hines, former United States railroad
administrator. It provides, an Associated Press
dispatch states, for an outlay of $32,000,000 for 15
State factories, the hydraulic electrification of Ana1 olia, and the exploitation of coal, copper and oil
deposits. Chief attention will be directed to the
development of the cotton, wool, silk and iron industries of Turkey, and suitable training will be provided for technicians to run the plants. Deputy
Mahmud Bey, a Government spokesman, described
the plan as "one that expresses Turkey's determina-
T
197
tion to be outdistanced by no people in the world in
capacity, in civilization, in activity and in independence." Funds for the building and development
program are to be supplied by the State Bank, while
a loan of $8,000,000, granted to Turkey last year by
Soviet Russia, will be used to buy machinery. Some
progress already has been made in the direction of
Turkish industrialization, it is noted, as the number
of workshops and factories has increased in 10 years
from 140 to 2,317. In order to provide for exploitation of Anatolian resources, the Government built
1,374 miles of railroad in recent years.
PROTRACTED
negotiations between the Governments of Japan and India, regarding the exchange of Indian raw cotton and Japanese textiles,
were completed at New Delhi, early last week, and
the terms of the arrangement were announced at
Tokio last Saturday. The trade agreement may
prove of some importance to the United States, as
it apparently will affect American cotton exports
to Japan under certain price conditions. The agreement accepts the principle of barter, a Tokio dispatch to the New York "Times" states, as it establishes a sliding scale whereby Japan's purchases of
Indian cotton are counterbalanced by India's purchases of Japanese cotton cloth. When Japan buys
1,000,000 bales of raw Indian cotton, the Indian Government will permit the importation of 325,000,000
yards of Japanese cloth. Increase of the Japanese
purchases to 1,500,000 bales a year would be followed under the agreement by automatic increase
of Indian import permits to 400,000,000 yards. This
agreement is for a three-year period. Japanese purchases of Indian cotton during the past decade averaged 4600,000 bales a year, but since 1930 the average has been only 1,460,000 bales, it is reported. In
recent years the Japanese purchases of American
raw cotton have tended to increase, chiefly because
of the low prices which prevailed, but partly because
of the better quality. In Japanese industrial circles,
the dispatch to the New York "Times" indicates, it
is held that Japan will tend to buy more cotton
from India whenever the price of American cotton
is more than 10% above the price of Indian cotton,
whereas a differential of less than 10% will tend to
concentrate Japanese purchases on the American
staple. The effect of the formal agreement on this
normal relation, established by usage, remains to be
determined.
HERE have been no changes this week in the
discount rate of any of the foreign central
banks. Present rates at the leading centers are
shown in the table which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Country.
Austria__
Belgium...
Bulgaria_
Chile
Colombia__
thsecboslovakia-Danzig_ _ _ _
Denmark_ _
England_
Estonia__
Finland__
France
_
Germany__
Greece
Holland_
Rate is
Effect
Date
Jan.12 Established.
Prestints
Rate.
5
334
7
434
4
Mar.23 1933
Jan. 13 1932
Jan. 3 1934
Aug. 23 1932
July 18 1933
6
234
8
534
5
334
4
234
2
534
434
234
4
7
214
Jan. 25 1933
July 12 1932
Nov 29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
Oct. 9 1931
Sept. 31 1932
Oct. 13 1933
Sept. 18 1933
434
5
3
234
834
5
2
5
734
3
Country.
Rate in
Erna
Dale
Jan.12 Established.
Prestow
Rate.
Hungary_ 434 Oct. 17 1932 5
India
334 Feb. 16 1933 4
Ireland__ 8
June 30 1932 334
Italy
3
Dec. 11 1933 334
Japan
3.85 July 3 1933 4.38
Java
434 Aug. 16 193
3 5
Lithuania
6
Jan. 2 1934 7
Norway— 334 May 23 1933 4
Poland.... 6
Oct. 25 1933 8
Portugal— 534 Dec. 8 1933 6
Rumania
6
Apr. 7 1913 6
SouthAtrica 4
Feb. 21 1933 7
Spain
Oct. 22 1932 534
8
Sweden.... 234 Dec. 1 1933 3
Switzerland 2
Jan. 22 1981
bi
In London open market discounts for short bills
on Friday were 15-16%, as against 1 1-16% on
Friday of last week and 15-16@1% for three months'
bills, as against 1 1-16% on Friday of last week.
Financial Chronicle
•
198
3
Money on call in London yesterday was 4%. At
Paris the open market rate remains at DA% and in
Switzerland at 1M%•
HE Bank of England statement for the week
ended Jan. 10 shows a gain of £52,586 in gold
holdings and as this was attended by a contraction
of £8,879,000 in circulation, reserves rose £8,932,000.
Gold holdings now aggregate £191,696,262 as compared with £120,544,105. Public deposits increased
£2,534,000 while other deposits fell off £9,723,767.
The latter consists of bankers' accounts which decreased £10,244,817 and other accounts which rose
£521,050. Proportion of reserve to liability rose
sharply to 45.17% from 38.44% a week ago; a year
ago the ratio was 23.11%. Loans on Government
securities increased £1,295,000 while those on other
securities fell off £17,384,504. Of the latter amount
£17,252,385 was from discounts and advances and
£1,321,119 from securities. The discount rate is unchanged from 2%. Below we show a comparison of
the different items for five years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1934.
Jan. 10
1933.
Jan. 11.
1932.
Jan. 13.
1931.
Jan. 14.
1930.
Jan. 15.
£
£
£
£
£
373,195,000 358,683,150 354,743,809 349,942,802 351,942,915
Circulation_ a
19,269,000 12,788,078 22,361,119 22,377,274 24,810,835
Public deposits
154,514,678 146,664,227 106,613,584 98,123,709 100,777,150
Other deposits
Bankers account8_ 117,482,670 112,920,507 68,701,679 64,710,968 64,358,135
37,C32,008 33,743,720 37,911,905 33,412,741 36,419,015
Other accounts
91,176,692 109,967,390 53,560,906 52,026,247 61,250,855
Govt. securities
22.173,504 30.695,371 51,891,844 31,310.487 23,705,740
Other securities
Disct. & advances_ 8,307,784 12,902,917 15,846,127 8,355,676 9,671,904
13,865,720 17,792,454 36,045,717 22,954,811 14,033,836
Securities
Reserve notes & coin 78,501,000 36,860,955 41,587,026 55,207,210 58,711,426
191,696,262 120,544,105 121,330,835 145,150,012 150,654,341
Coin and bullion
Proportion of reserve
46.74%
45.81%
45.17%
23.11%
32.24%
to liabilities
6%
3%
5%
2%
2%
Bank rate
with Bank of England
a On Nov. 29 1928 the fiduciary currency was ainalgamated
note issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
Jan. 13 1934
two years ago. Reserve in foreign currency, silver
and other coin, notes on other German banks, investments and other liabilities record increases of 1,028,000 marks, 65,125,000 marks, 5,893,000 marks,
9,969,000 marks and 12,090,000 marks respectively.
Notes in circulation reveal a decrease of 178,887,000
marks,reducing the total of the item to 3,466,129,000
marks. A year ago circulation stood at 3,373,981,000
marks and the year before at 4,575,551,000 marks. A
decrease also appears in bills of exchange and checks
of 253,660,000 marks, in advances of 120,602,000
marks, in other assets of 21,730,000 marks and in
other daily maturing obligations of 144,172,000
marks. The proportion of gold and foreign currency
to note circulation now stands at 11.5%, a year ago
it was 27.3%. A comparison of the various items
for three years appears below:
REICHSBANK'S COMPARATIVE STATEMENT.'
Changes
for Week.
Jan. 6 1934. Jan. 7 1933. Jan. 7 1932.
Assets—
Retclasmarks. Retchnnarks. Retchsmarks. Retchamarks.
Gold and bullion
+3,008,000 389,190,000 805,232,000 979,043,000
48,972,000
Of which depos. abroad No change.
33.091,000 106,890,000
10,455,000 115,125,000 162,252,000
+1,028,000
Reserve in foreign curr_
Bills of exch. and checks —253.660,000 2,972,035,000 2,535,022,000 3,871,122,000
+65,125,000 236,961,000 241,404,000 140,053,000
Silver and other coin_ _ _
+5,893,000
9,691,000
8,250,000
Noteson other.Ger.bks.
5,470,000
—120,602,000
62,677,000
71,950,000
Advances
99,016,000
+9.969,000 591,067,000 397,571.000 160,646,000
Investments
—21,730,000 537,369,000 872,900,000 929,971,000
Other assets
Liabatttes—
Notes in circulation__ _ —178,887,000 3,466,129,C00 3,373,981,000 4,575.551,000
Other daily matur.oblig. —144,172,000 495,661,000 338,495,000 417,212,000
+12,090,000 224,504,000 767,552,000 867,479,000
Other liabilities
Propor.of gold dr foreign
curr tn untn elreurn
+0.6%
11.5%
27.3%
240%
HE New York money market was a quiet affair
this week, no changes being reported in any
department. Normally a slight easing would be
looked for at this time of year, but the tremendous
borrowing program of the Treasury has made the
money market somewhat apprehensve of higher
rates on short-dated Treasury securities. This, in
turn, would affect other types of paper, and in this
situation further developments are anxiously awaited.
Call loans on the New York Stock Exchange were
again 1% for all transactions, whether renewals or
new loans. In the unofficial street market trades
were reported every day at %%, or a concession of
Y from the official rate. Time money was quite
i%
unchanged. An issue of $100,000,000 in 91-day
Treasury discount bills was awarded Monday at an
average discount of 0.62%. This was also the average
rate on the last similar issue, which was sold Dec. 29
1933. Brokers' loans against stock and bond collateral declined $91,000,000 in the week to Wednesday night, according to the usual statement of the
Federal Reserve Bank of New York.
T
HE Bank of France statement for the week ended
Jan. 5 shows an increase in gold holdings of
142,540,005 francs. The total of gold is now 77,240,542,125 francs in comparison with 82,759,916,507
francs last year and 69,279,465,758 francs the previous year. A decrease appears in credit balances
abroad of 1,000,000 francs, in French commercial
bills discounted of 507,000,000 francs, in bills bought
abroad of 13,000,000 francs and in creditor current
accounts of 110,000,000 francs while advances against
securities reveal a gain of 59,000,000 francs. Notes
in circulation contracted 366,000,000 francs, reducing
the total of notes outstanding to 82,248,171,750
francs. The total of circulation last year was 84,406,694,400 francs and the year before 84,921,657,935
francs. The proportion of gold on hand to sight
liabilities is down this week to 78.92% as compared
with 77.85% a year ago and 61.65% two years ago.
EALING in detail with call loan rates on the
Below we furnish a comparison of the various items
Stock Exchange from day to day, 1% refor three years:
mained the ruling quotation all through the week
BANK OF FRANCE'S COMPARATIVE STATEMENT.
for both new loans and renewals. The market for
Changes
time money has shown no improvement this week,
Jan. 5 1934. Jan. 6 1933. Jan. 8 1932.
for Week.
as there have been no transactions except occasional
Francs.
Francs.
Frances.
Frances.
+142,540,005 77,240,542,125 82,759,916,507 69,279,465,758
Gold holdings
1
renewals. Rates are nominal at 1@13..% for 60
15,028,233 2,942,768,774 11,131,240,055
—1,000,000
Credit bats. abroad_
a French commercial
and 90 days and 13.@13/2% for four, five and six
—507,000,000 4,232,483,281 2,574,206,419 5,899,793,083
bills discounted
—13,000,000 1,129,523,130 1,524,662,500 9,922,364,507
bBilis bought abroad
months. The demand for commercial paper was very
+59,000,000 2,981,231,753 2,613,652,302 2,862,374,125
Adv. agent securs
—666,000,00082,248,171,750 84,406,694,400 84,921,657,935
Note circulation__
light the fore part of the week, but there was decided
—110,000,000 15,626,023,778 21,905,591.765 27,453,192,133
Credit current accts.
Proportion of gold
improvement on Thursday and Friday with plenty
on hand to sight
61.65%
77.85%
78.92%
—0.47%
Unhilitlm
of paper available. Rates are 14,% for extra choice
a Includes bills purchased in France. b Includes bills discounted abroad.
names running from four to six months and 1
--0—
for names less known.
HE Bank of Germany in its statement for the
first quarter of January shows a gain in gold and
HE market for prime bankers' acceptances has
bullion of 3,008,000 marks. The total of bullion
been fairly active, but as very little 30- or 60compares with 805,is now 389,190,000 marks and
and 979,043,000 marks day paper has been available, most transactions
232,000 marks a year ago
T
D
T
T
Volume 138
Financial Chronicle
199
LONDON OPEN MARKET GOLD PRICE.
have been of 90
-day maturity. Rates are unchanged.
Wednesday Jan. 10
127s. id.
6
1264. 11d.
Quotations of the American Acceptance Council for SaturdayJan.8
Thursday Jan. 11
1278. RI.
Monday Jan.
1264. 8d
Jan. 12
1278. 2d.
Friday
1268. 834d.
bills up to and including 90 days are /% bid and 3/2% Tuesday Jan.9
asked; for four months, Y
l% bid and /% asked; PRICE PAID FOR GOLD BY UNITED STATES(RECONSTRUCTION
FINANCE CORPORATION).
for five and six months, 1% bid and 7 % asked.
A
34.06
SaturdayJan.6
34.06 I Wednesday Jan. 10
The bill buying rate of the New York Reserve Bank Monday Jan.8
34.06
Thursday Jan. 11
34.06
34.06
Jan. 12
Friday
34.06
is M% for bills running from 1 to 90 days, and pro- Tuesday Jan.9
Fundamentally the foreign exchange situation
portionately higher for longer maturities. The
de- presents no new features. ,The market is hesitant as
Federal Reserve banks' holdings of acceptances
creased during the week from $121,062,000 to traders throughout the world await positive develop$113,211,000. Their holdings of acceptances for ments respecting our monetary policy. Speculative
foreign correspondents, however, increased from interests are dormant in all markets and there are no
$3,809,000 to
,006,000. Open market rates for bear movements anywhere in evidence. Certainly
there is no evidence of bear interest in dollars. On
acceptances are as follows:
the contrary there is every indication that foreign
SPOT DELIVERY.
bankers expect that the dollar will be steady at least
—180 Days— —150 Days— —120 Days—
Bid. Asked. Bid. Asked. Bid. Asked.
for a long time to come, while a considerable body of
Prime eligible bills
1
14
1
H
H
—90Days— —60Days— —80Days—
opinion looks for an advance in the dollar rate reBid. Asked. Bid. Asked. Bid. Asked.
gardless of how monetary matters on this side may be
Prime eligible bills
31
34
%
34
34
34
delayed. As a matter of fact part of the steadiness,
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
1% bid
not to Kay firmness, in the United States dollar at
Eligible non-member banks
1% bid
present is attributed to the fact that there is a slight
movement of funds from London and other foreign
HERE have been no changes this week in the
centers to the New York security markets, an
rediscount rates of the Federal Reserve banks.
confidence in the business outlook
The following is the schedule of rates now in effect for evidence of greater
here. As was pointed out last week, this is an inthe various classes of paper at the different Reserve
between season in foreign exchange, which under
banks:
normal conditions should be followed in the next
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
few days by a period of activity favoring sterling and
Rate in
Federal Reserve Bank.
the European currencies as against the dollar. But
Effect on
Date
Previous
Jan. 12,.
Established.
Rate.
it seems doubtful that the foreign exchanges will
Boston
234
Nov. 2 1933
a
New York
2
Oct. 20 1933
follow this course at present, as expansion of the
234
Philadelphia
234
Nov. 18 1933
3
Cleveland
g
234
Oct. 21 1933
movement of foreign funds to the New York market
Richmond
834
Jan. 25 1932
4
Atlanta
334
Nov. 14 1931
3
is confidently expected. This would offset the
Chicago
234
Oct. 21 1933
3
St. Louis
3
June 8 1933
334
normal seasonal demand for sterling for ordinary
Minneapolis
334
Sept.12 1930
4
Kansas CitY
Oct. 23 1931
334
a
commercial transactions.
Dallas
Jan. 28 1932
334
4
San Francisco
Nov. 3 1933
a
214
Nevertheless the favorable trend of events is by
no means altogether confined to the dollar at this
STERLING exchange is extremely dull and ruling juncture. Sterling is favored in all quarters regardLi
erage lower than at any time in a number less of the normal flow of foreign trade transactions.
of weeks. Owing to the great inactivity fluctuations Despite the fact that the pound is not on the gold
have been within a very narrow range. Of course, basis, London continues to be the chief center for
as sterling and the other European currencies show refugee funds. The essential firmness of sterling
softness, the nominal quotations for the United is indicated by the fact that forward 90
-day sterling
States dollar advance. However, it should• be said is almost steadily at a premium of 6 cents. As
that the dollar is on the whole steady, rather than Sir John Aird, President of the Canadian Bank of
advancing. Foreign exchange transactions are con- Commerce, recently pointed out in his address to the
fined to the minimum of routine requirements, owing stockholders at their annual meeting: "London has
to the great uncertainties which overshadow the resumed the leadership in international finance, for
market. The range for sterling this week has been her private capital market, though still restricted,
between $5.07 and $5.123/ for bankers' sight bills, is now not only the safest for financial operations, but
compared with a range of between $5.07% and $5.18 the only one of major character that is functioning
last week. The range for cable transfers has been in anything like a normal manner." The entire
/
between $5.073 and $5.123.t, compared with a range foreign exchange market awaits positive action on
of between $5.08 and $5.183- a week ago. The monetary matters from Washington. Much disnarrow range of fluctuation and the steadiness of appointment is expressed by foreign commentators
exchange is also reflected in the gold prices and in that no definite pronouncement has been made rethe rates on Paris.
garding our gold buying policy. Although the
The following tables give the London check rate President's statement in his annual message to
on Paris from day to day, the mean gold quotation Congress that no stabilization can be expected for
for the United States dollar in Paris, the London some time was in accordance with market expectaopen-market gold price, and the price paid for gold tions, and it is believed in foreign exchange circles
by the United States (Reconstruction Finance Cor- that the process of experimentation is to continue.
poration):
London points out that the statement of the President
MEAN LONDON CHECK RATE ON PARIS.
that other nations are unwilling or unable to stabilize,
Saturday Jan. 6
83.125 Wednesday Jan. 10
83.24
is viewed as an attempt to shift the blame for conThursday Jan. 11
Monday Jan. 8
83.46
83.22
Jan. 12
Tuesday Jan. 9
83.295 Friday
83.125
tinued currency instability. It is held in London
MEAN GOLD QUOTATION U. S. DOLLAR IN PARIS.
that the United States does not want to stabilize
SaturdayJan.6
I Wednesday Jan. 10
63.8
64.1
yet, and that it would have been better for the
Monday Jan. 8
Thursday Jan. 11
64.2
64.0
President to have said so. Other countries, inTuesday Jan. 9
64.2
Friday
Jan. 12
64.0
T
200
Financial Chronicle
eluding Great Britain, it is held, at the time of the
World Conference, were willing to stabilize or to
make active preparations to do so, but, it is contended, the United States wrecked all chance of an
agreement.
On Monday Jesse Jones, Chairman of the Reconstruction Finance Corporation, announced that
the total Government gold purchases had exceeded
$75,000,000, of which .$20,887,000 was for newly
mined domestic metal. Mr. Jones corrected the
figures of last week, which were $24,800,000 for
domestic mined gold, explaining that the former
figure was erroneous. He would not give definite
figures as to the total of all gold acquired under
President Roosevelt's buying program, but stated
that it was well under $100,000,000 and over $75,000,000. This indicated that foreign purchases exceeded $55,000,000. The London money market
continues to be excessively easy. Call money
against bills is fractionally firmer at Y to 4%.
i%
7
Two-months' bills and three-months' bills are at
1 1-16%; four-months' bills are at 1 1-16% to
1M
3%; six-months' bills are at 13/8%. Gold continues to flow to London from all parts of the
world and is generally taken for Continental account, although this fact is disguised by the phrase
"taken for an unknown destination." Receipts
of gold in London averaged nearly £700,000 daily
during 1933. Total imports for the year were
£251,646,839. Exports were £60,311,818. On Saturday last £445,000 bar gold was available and
taken at a premium of 8d. On Monday £400,000
was taken at a premium of 83/d. On Tuesday
2
£800,000 was taken at a premium of 73/d. On
2
Wednesday £800,000 was taken at a premium of 9d.
On Thursday £780,000 was taken at a premium of
10d. On Friday £780,000 was taken at a premium
of 10d. A premium on gold in the London open
market exceeding 7d. is taken to indicate the possibility of a movement of gold from Paris to London
on an arbitrage basis. At present, however, it is
doubtful if the London and Paris authorities will
permit such a movement for speculative profit.
The Bank of England statement for the week ended
Jan. 10 shows the expected improvement in the
ratio largely as the result of the return of money from
circulation following holiday requirements. The
proportion of reserves to liabilities stands at 45.17%,
compared with 38.44% on Jan. 3, and with 23.11%
a year ago. The bank statement for Jan. 11 shows
an increase in gold holdings of £52,586, the total
standing at £191,696,262, which compares with
£120,544,105 a year ago.
At the Port of New York the gold movement for
the week ended Jan. 10, as reported by the Federal
Reserve Bank of New York, consisted of exports of
$198,000 to France. There were no gold imports
and no change in gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York for the week ended Jan. 10, as reported
by the Federal Reserve Bank of New York, was as
follows:
Jan. 13 1934
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 relatively steady.
Montreal funds fluctuated from a slight discount to a
slight premium. On Saturday last Montreal funds
ranged from par to a premium of N%, on Monday
from a discount of / to par, on Tuesday from a
13
%
discount of %% to par, on Wednesday from a discount
of 5-16% to par, on Thursday from par to a premium
of A%,on Friday at 1-16% discount.
Referring to day-to-day rates, sterling exchange on
Saturday last was firm in a quiet half-day session.
Bankers' sight was $5.11@$5.123/g; cable transfers,
$5.113@$5.123. On Monday, while the market
was quiet, sterling went off 43 cents. The range
4
was $5.07@$5.09% for bankers' sight and $5.07/@
85.09% for cable transfers. On Tuesday the pound
was fairly steady. Bankers' sight was $5.083/®
8
4;
$5.101 cable tranfers, $5.083j@$5.10%. On Wednesday the market continued dull but sterling displayed a firmer tone. The range was $5.083.4@$5.10
for bankers' sight and $5.0838@$5.1031 for cable
/
transfers. On Thursday sterling was steady. The
range was $5.083'
1@$5.10 for bankers' sight and
$5.083/2@$5.103 for cable transfers. On Friday
sterling was again steady. The range was $5.08@
$5.09 for bankers' sight and $5.08@$5.093/ for
cable transfers. Closing quotations on Friday were
$5.08 for demand and $5.08 for cable transfers.
Commercial sight bills finished at $5.073/2; 60-day
bills at $5.07; 90
-day bills at $5.073/2; documents
for payment (60 days) at $5.073/2, and seven-day
grain bills at $5.08 8 Cotton and grain for payment
.
closed at $5.07.
XCHANGE on the Continental countries continues firm, though of course reflecting the
improved tone of the dollar. As in the case of
sterling, fluctuations are within narrow limits owing
to the extremely thin markets. The failure of the
Credit Municipal de Bayonne, which threatened an
unpleasant political aftermath had but slight effect
on French francs. The French position continues
to show improvement. It is stated in Paris that
last week's gain of 152,719,195 francs came to the
Bank amost altogether from hoarded stocks, as
none of the important exchanges were at gold points
which would justify such an. influx to the Bank.
The current statement of the Bank, which is for
the week ended Jan. 5, shows a further increase of
142,540,005 francs in gold holdings, the total standing
at 77,240,542,125 francs, which compares with
82,759,916,507 francs a year ago. The Bank's ratio
stands at 78.92% as of Jan. 5, which compares with
78.39% on Dec. 29, with 77.85% a year ago, and
with legal requirement of 35%.
German marks continue firm. As pointed out
here last week, the current exceptional firmness in
the quotation for the mark is due almost entirely
to the demand for mark exchange created by German
purchases of dollar bonds because of the great
GOLD MOVEMENT AT NEW YORK, JAN. 4-JAN. 10, INCL.
Imports.
advantage to be derived from such transactions by
Exports.
None.
$198,000 to France
reason of the low price of these bonds. The great
Net Change in Gold Earmarked for Foreign Account.
depreciation in the dollar is contributory to the
None.
Exports of Gold Recovered from Natural Deposits.
advantage which the German interests derive from
None.
these repurchases. Various news items relating to
The above figures are for the week ended Wednes- the German foreign credit status will be found on
day evening. On Thursday and Friday there were other pages. It is understood that the Reichsbank
E
Volume 138
has invited all medium and long-term creditors of
Germany to a conference at Berlin on Jan. 22, when
no doubt some arrangements will be made to satisfy
the protests of Great Britain, the United States,
and Sweden over the Reichsbank's proposed cuts of
interest due on foreign obligations.
The London check rate on Paris closed on Friday
at 83.03, against 83.25 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.12 , against 6.132 on Friday of
/
1
2
/
1
last week; cable transfers at 6.132 against 6.14,
/
1
,
and commercial sight bills at 6.123 , against 6.13.
4
Antwerp belgas finished at 21.76 for bankers' sight
bills and at 21.77 for cable transfers, against 21.79
and 21.80. Final quotations for Berlin marks were
37.19 for bankers' sight bills and 37.20 for cable
transfers, in comparison with 37.29 and 37.30.
Italian lire closed at 8.19 for bankers' sight bills and
at 8.192for cable transfers, against 8.23 and 8.24.
/
1
Austrian schillings closed at 17.60, against 17.65;
exchange on Czechoslovakia at 4.65, against 4.662
/
1
;
on Bucharest at 0.96, against 0.94; on Poland at
17.60, against 17.65, and on Finland at 2.302
/
1
,
against 2.302 Greek exchange closed at 0.88 for
/
1
.
bankers' sight bills and at 0.882for cable transfers,
/
1
against 0.88 and 0.883/2.
XCHANGE on the countries neutral during the
war reflects the influences affecting sterling,
francs, and the dollar. The gold units, the Swiss
franc and the Dutch guilder, continue exceptionally
firm in terms of the dollar and also in terms of sterling
and francs, but the market is quite lifeless as bankers
in these centers also hesitate to take a technical
position in the foreign exchange markets until such
time as the American monetary policy is made clear.
The market reports that there is a small seepage of
funds from Amsterdam, as from London, to the
New York security markets. This counteracts the
normal trend of exchange at this season. However,
strictly commercial transactions are of such small
volume as to be practically without influence on
exchange rates. If the Washington authorities
should set a straight and positive course which may
be depended upon for some years ahead, there is a
large, not to say huge, volume of funds in the Dutch
and Swiss markets ready to seek investment on
this side.
Bankers' sight on Amsterdam finished on Friday
at 62.87, against 62.84 on Friday of last week; cable
transfers at 62.88, against 62.85, and commercial
sight bills at 62.78, against 62.75. Swiss francs
closed at 30.29 for checks and at 30.30 for cable
transfers, against 30.34 and 30.35. Copenhagen
checks finished at 22.72 and cable transfers at 22.73
against 22.81 and 22.82. Checks on Sweden closed
at 26.25 and cable transfers at 26.26, against 26.34
and 26.35; while checks on Norway closed at 25.57
and cable transfers at 25.58, against 25.69 and 25.70.
Spanish pesetas closed at 12.89 for bankers' sight
/
1
2
bills and at 12.90 for cable transfers, against 12.91
and 12.92.
E
XCHANGE on the South American countries
presents no new features. Of course, the South
American foreign exchange operations are, so far as
future developments are concerned, all dependent
upon a resolution of the factors affecting the major
currencies, especially the dollar, sterling, and the
E
201
Financial Chronicle
French franc. The South American quotations continue to be purely nominal, as all are under the
control of Government boards. As noted here last
week, a little more freedom is permitted in exchange
on Argentina. The official rate continues around
33-34, while in New York an "unofficial" or free
market rate is quoted around 24.
Argentine paper pesos closed on Friday nominally
at 333j for bankers' sight bills, against 34 on Friday
of last week; cable transfers at 33 , against 34/.
/
1
2
/ for
1
2
Brazilian milreis are nominally quoted 8
bankers' sight bills and 83 for cable transfers,
4
4
against 8 and 83 . Chilean exchange is nominally
/
1
2
4
quoted 9%, against 93 . Peru is nominal at 23.00,
against 22.75.
XCHANGE on the Far Eastern countries continues essentially unchanged. The Chinese
units are quoted firm in terms of the dollar. It
should be remembered that exchange on China is
equivalent to a transaction in silver. Messrs. Handy
and Harmon, New York silver brokers, in their annual review of the silver market for 1933, explain
that the fluctuations in the New York price of silver
since April 18, when the United States abandoned
gold, are not indicative of similar changes in the
world price, but merely portray the world price in
terms of depreciated United States currency. In
terms of gold, silver at the close of the year was
worth slightly more than 28 cents an ounce, or approximately the same as when the United States departed from the gold standard.
Closing quotations for yen checks yesterday were
30.30, against 303/i on Friday of last week. Hong
/
1
@
Kong closed at 383'@38 7-16, against 382
A
38 9-16; Shanghai at 34%@34 9-16, against 343
4
/
1
;
@34%; Manila at 501 , against 502 Singapore
4
/
1
,
at 593 ,against 601 ;Bombay at 382 against 383/2,
4
/
1
,
/
1
.
and Calcutta at 382 against 382
E
FOREIGN EXCHANGE RATER CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JAN. 6 1934 TO JAN. 12 1934, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rule for Cable Transfers in New York.
Value in United State* Money.
Jan. 6.
Jan. 8.
Jan. 9.
Jan. 10. Jan. 11. Jan. 12.
$
$
3
$
EUROPES
177500 .175750 .176150 .176700 .176600
Austria,schilling
218023 .216300 .216838 .216800 .217015
Belgium belga
013100* .013500 .013400 .013433 .013433
Bulgaria, ley
Czechoslovakia, ton. 046662 .046275 .046325 .046343 .046418
228309 .227145 .227166 .227158 .227483
Denmark. krone
England, pound
5.115666 5.085833 5.086416 5.087750 5.089166
sterling
.022825 .022660 .022583 .022600 .022583
Finland, markka
.061440 .060946 .061051 .061076 .061135
France, Bane
.370328 .371176 .371092 .371264
Germany. raid:smart .
.008862 .008800 .008830 .008820 .008837
Greece, drachma
630569 .625272 .626723 .626700 .627161
Holland. guilder
276833 .275333 .276333 .276000 .276666
Hungary, pengo
.082375 .081742 .081764 .081787 .081776
Italy, lira
.256866 .255423 .255550 .255541 .255750
Norway, krone
.177750 .175833 .176466 .176600 .176250
Poland,zloty
.046905 .046554 .046662 .046552 .046607
Portugal. escudo
.009583 .009400 .009400 .009420 .009416
Rumania,leu
.129257 .128217 .128484 .128500 .128757
Spain, peseta
263618 .262390 .262425 .262336 .262563
Sweden,krona
Switzerland. franc__ .303392 .301357 .301630 .301750 .302014
YugOelavht, dinar__ .021620 .021500 .021440 .021600 .021500
ASIAChinaChefoo (yuan) dor .341250 .340833 .338750 .339166 .340833
Hankow(yuan)dor .340833 .340833 .338750 .339166 .340833
Shanghal(yuan)dor .342031 .341093 .339531 .339843 .341406
Tientsin(yuan) dor .341250 .340833 .338750 .339166 .340833
Hongkong dollar___ .379062 .377812 .375937 .376562 .377500
India, rupee
384000 .382400 .382600 .382950 .382850
Japan. yen
307562 .306100 .304750 .303200 .302650
Singapore(8.8.) dol r. .595000 .593750 .593125 .593750 .594375
AUSTRALASIA
Australia, pound
4 095000 3.046666 4.056666 4.054166 4.050833
New Zealand, pound.4.103750 4.057500 4.067500 4.065000 4.061668
AFRICA
South Africa, pound 5.056250 5.026875 5.028125 5.031250 5.030000
NORTH AMER.Canada, dollar
999375 .997864 .998385 .998541 .999322
999550 .999550 .999875 .999550 .999550
Cuba, peso
Mexico, peso (8liver). .277125 .276960 .277950 .277360 .277360
Newfoundland. dollar .996750 .995250 .995750 .998000 .996625
SOUTH AMER.334750* .331700* .332733* .332733* .332866
Argentina. peso
Brazil, milreis
086283* .086212* .086137* .086100* .086137
Chile, peso
093750* .093550* .093500* .093500* .094250
748833* .742666* .745833* .745833* .745666
Uruguay, peso
640600* .640600* .640600* .648300* .649400
Colombia, peso
•Nominal rates:firm rates not available.
3
.176600
.216926
.013400
.046393
.226975
ill
5.080666
.022580
.061163
.370784
.008837
.627484
.276333
.081792
.255200
.175900
.046727
.009460
.128846
.262066
.301969
.021480
.341250
.341250
.342031
.341250
.378437
.382150
.301750
.592500
4.045000
4.055833
5.022812
.999270
.999800
.277360
.996750
.333250*
.085787*
.094000*
.745100*
.645800*
Financial Chronicle
HE following table indicates the amount of gold
bullion in the principal European banks as of
Jan. 11 1934, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of—
1934.
E
England_ _ _ 191,696,262
France a_ _ _ 617,924,337
Germany b.
17,010,900
90,453,000
Spain
76,633,000
Italy
Netherlands
76,828,000
Nat. Belg'm
78,101,000
Switzerland
67,518,000
Sweden_ _ _ _
14,431,000
Denmark
7,397,000
Norway
6,573,000
1933.
1932.
1931.
S
.£
E
120,544,105 121,330,835 145,150,012
662,079,332 554,235,726 432,875,093
38,239,850
99,696,400
43,324,500
90,339,000
89,888,000
97,587,000
63,053.000
60,854.000 57,265,000
73,294,000
86,054,000
35,513,000
74,171,000
72,850,000
38,292,000
88,962,000
25,765,000
61,042,000
11,443,000 11,435,000
13,377.000
7,399,000
8,015,000
9,558,000
8,015,000
6,559,000
8,135,000
Total week_ 1,244,565,499 1,250,299,287 1,102,828,061
Prey. week_ 1,242,906,193 1,252.384.379 1.100.698.697
963,213,505
961,460.581
1930.
£
150,654,341
339,667,058
106,699,450
102,635,000
56,120,000
37,289,000
32.750.000
23,800,000
13,592,000
9,578,000
8,147,000
880,931,849
879,303,072
a These are the gold ho dings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year Is £2,448,600.
Back to Nationalism in American International
Relations.
di
The address which Senator William E. Borah
delivered in this city last Monday night is worthy of
wide reading and sober pondering. The occasion
was a dinner of the Council on Foreign Relations at
which Norman H. Davis, ambassador at large of
the United States, presided and John W. Davis,
former Ambassador to Great Britain, also spoke.
The subject of Senator Borah's address was "Our
Foreign Policy in a Nationalistic World," and in
the address he took occasion not only to flay the
kind of internationalism which has pervaded much
of the foreign policy of the United States since the
World War, but to plead earnestly and cogently for
a return to the policy of national independence
which Washington, Jefferson and Lincoln maintained as the only safe and wise course for the nation in all its international dealings.
The "supreme duty" and "highest service" of the
United States, Senator Borah declared (we quote
from a report of the address in the New York
"Times"), was to transmit to succeeding generations
"the principles and ideals of democracy." It was
the foreign policy of Washington, Jefferson and
Lincoln which "will best enable us to meet and discharge that duty," and to the support of that policy
"at all times,in periods of turbulence and in periods
of calm, and without apology and without compromise," he was committed. He denied that such a
course meant isolation. "It is not isolation; it is
freedom of action. It is not isolation; it is free
government—there can be no such thing as free government if the people thereof are not free to remain
aloof or to take part in foreign wars. People who
have bartered away or surrendered their right to
remain neutral in war have surrendered their right
to govern." We have never been isolationists in
trade and commerce, never, "unfortunately," in
finance, and never will be, nor have we been such
where distress was to be relieved or "in all those
matters in which a free and independent and enlightened people may have a part, looking toward
amity, toward peace and the lessening of human
suffering."
Politics, however, are another matter, and in that
field, Senator Borah declared, we have been free
and, he hoped, always would be. "If there be any
truth established by the experience of nations it is
this: that to accommodate your foreign policy to
the demands or in the interest of other nations, at
the peril of your own security, is to invite contempt,
and it seldom fails to earn a more substantial punishment." It was at this point that Senator Borah
Ian. 13 1934
felt that the "wide difference of opinion" which entered American foreign policy with the World War
was courting trouble. "We were never to assume
the 'immoral' position of neutrals. Nationalism
and devotion to one's country were to be reduced to
a minimum. Internationalism was to be the supreme, dominating force among the peoples of the
world. Like other revolutions, it sought to break
with all the past, its traditions, its policies and the
views and teachings of its mighty leaders."
In this "revolutionary movement" Senator Borah
discerned two groups. One believed sincerely "that
the new course was the high and honorable and most
beneficial course to pursue," while the other was
"willing to surrender our foreign policy, but not
quite willing, in the face of what seemed an unsettled public opinion, to say so outright." Hence
began, he said, "that shambling, equivocal policy
which found expression in a multitude of reservations and all kinds of explanations, none of which
nor all of which would have preserved the foreign
policy which, like Peter of old, they professed to
love but would not own in the hour of crucifixion."
Following the period of reservations came "a strange
figure known as the 'unofficial observer,' gentlemen
of high character, but forced by the position of their
Government to act the part of a kind of international
spy, going about over the continents listening in on
other people's business." Regardless of the future,
he would be "rid once and for all of this un-American
and humiliating policy." If we are to go anywhere
under any circumstances, "let's go as full participants and assume full responsibility."
Neither in Europe nor in the Orient could Senator
Borah see that the world had changed in international matters since the war. Armaments are
heavier than ever, "national frontiers in many instances are in effect battlefronts," and "the issues
between certain leading Powers are as inexplicable
and irreconcilable as they were before the conflict
began." There was nothing that the outside world
could do to reach such questions, and "to make an
attempt to do so would ignite the powder mine."
The fight against nationalism, he declared, had been
lost and was "bound to lose. It was a fight against
the strongest and noblest passion, outside of those
which spring from man's relation to his God, that
moves or controls the impulses of the human heart."
Internationalism, if it means anything more than
the "friendly co-operation between separate, distinct
and wholly independent nations," rests upon a false
foundation, and when undertaken "it will fail as in
the name of progress and humanity it should fail."
There are two points in Senator Borah's plainspoken remarks that are particularly worth noting.
One is his reference to democracy. It has become
a habit in some circles to sneer at democracy as a
theory of government which has had its day and
should now be abandoned as an impediment to progress. Democracies, it is said, do not govern because
they are unable to govern, and their failure brings
in the political ring, the boss and eventually the
dictator. Senator Borah, however, links democracy
with political freedom. Unless a nation governs
itself it is not free, and the lack of freedom appears
in its foreign relations as well as in its domestic
concerns. No one would pretend that the details of
diplomatic negotiations can be properly conducted
by a mass meeting, or that every step in prolonged
or complicated negotiations should be announced in
Volume 138
Financial Chronicle
advance and publicly discussed while the initial
steps are being taken. The dictates of practicality
and common sense apply to diplomacy as much as
to other social matters. But unless the ultimate
decision, the determination of policy, rests with the
people through their representatives, national freedom is jeopardized and may be lost. Senator Borah's
warning, accordingly, may well serve as a reminder
to the Senate that it may not, without imperilling
the nation's liberty, relinquish in any degree the
responsibility which, under the Constitution, it
shares with the President in the conduct of foreign
affairs, or commit the country to policies which will
tie the nation's hands or embroil it, actually or potentially, in the political affairs of other Powers. Whatever happens, the United States must remain free.
The other point is the reference to isolation. No
argument has been more often or more insistently
urged than that which maintains that unless the
United States joined the League, or adhered to the
World Court, or subscribed to this or that agreement with other Powers, or announced a policy of
action regarding some foreign matter it would be
committing itself to isolation. Senator Borah's
denial that American nationalism means American
isolation is an effective rejoinder to that contention
except, of course, for those whom nothing short of
political intermeddling will suffice. The worldwide commercial relations of the United States,
regulated by scores of commercial treaties, and active co-operation in an indefinitely long list of
international undertakings whose aims are the relief of want, the safeguarding of rights, the observance of international law, the eradication of disease
or the facilitation of travel and intercourse, are not
the characteristics of an isolationist policy. Where,
however,co-operation involves the danger of political
entanglement the policy of the United States should
be one of deliberate and watchful aloofness and
independence. As long as American rights are not
infringed or endangered, there is no reason whatever why the United States should accept, much less,
seek, a share in determining or enforcing the policies
of other Powers or considering what agreements they
should make. America permits no foreign intervention in American affairs, and it should as sedulously
abstain from intermixture with foreign affairs.
Senator Borah did not, apparently, seek to apply
the precepts which he laid down to current international problems, but some of the applications are
nevertheless clear. There should be no more flirting
with the League of Nations, and no expressions of
sympathy with its policies couched in terms which
can rather easily be twisted into assurances of
active political co-operation. The United States is
not hostile to the League, but it cannot afford to do
any political business with it. There should be no
more announcements by the Department of State of
"doctrines" to be adhered to in case some other
Power appears to disregard the Kellogg pact. Unless the Disarmament Conference is to cease beating the air with interminable and useless technical
debates and hollow diplomatic devices, it would be
well for the United States to wash its hands of the
Conference, but in no ease should it become a party
to any agreement which prescribes the amount and
kind of provision it shall make for defense and subjects its defense policy to international supervision.
If there must be further international conferences,
the United States ought either to participate directly
203
or else absent itself altogether; the "unofficial observer" whom Senator Borah properly classed with
the international spy is wholly discredited. There
will be general approval, also, of Senator Borah's
proposal to get rid of the Platt amendment, not
merely because of the political tension which it
keeps up in Cuba, but because it is also in contradiction with the policy of the "good neighbor" which
President Roosevelt has announced as his attitude
toward Latin America. We shall have to accept
financial entanglements with Europe as long as the
war debts remain in controversy or are ignored by
debtor Powers outright, but it should be evident by
this time that a policy of drift is getting us nowhere.
Unfortunately, there will be need of more than
Senator Borah's speech to scatter the internationalists. The cult which he pilloried is still entrenched
in organized propaganda, and the country will
doubtless continue to be told that nationalism means
inevitably all the extremes to which national spirit
can be carried, that an isolated nation is always a
provincial one, and that co-operation is a moral
duty which America owes to the world. The League
will still turn an expectant eye across the Atlantic,
and European Powers may scheme to bring the
United States into their political plans. The wise
course, however, is not only to resist all such suggestions and invitations, but also to make it clear
beyond question that in international relations the
United States is definitely to be accounted a nationalist Power. Senator Borah's speech harmonizes,
in time as well as in temper, with a rising spirit of
nationalism which has developed rapidly in this
country in the past two or three years, and which
every political contact with Europe during that
period has helped to augment. Whatever aids in
dispelling the fog of an artificial and mischievous
internationalism which has been with us since the
time of Woodrow Wilson, and shows clearly the wise
course of national independence that should be followed,is, accordingly, to be welcomed.
Hastening Dilatory Collections.
One of the vexatious worries of wholesalers and
jobbers of all kinds during the past three years or
more has been the subject of collections. Many
creditors who have been in a position where they
could meet their obligations have taken advantage
of general conditions to delay payments and it has
often been difficult to obtain even satisfactory partial payments upon account of goods delivered. Explanations and excuses for nonpayment are very
similar throughout the country and it has been quite
impossible for large distributors to overcome the
unusual situation through use of the mails by their
customary office collection departments.
Abandonment of attempts to collect merely encourages subterfuge and simply spreads the commercial disease among local distributors to the further disadvantage of shippers who are located in the
large cities.
As a result of these conditions, which have grown
worse from year to year and become chronic, the
business of local collecting agencies has constantly
grown. Such associations and in some cases individuals covering important cities in a single State
and in some instances large towns and cities nearby
in one or more adjoining States are performing a
useful service.
204
Financial Chronicle
A debtor will advance excuses in a letter which
he will not offer to an individual who makes a personal call in the interest of the creditor. The caller
can combat excuses and personal conversation will
frequently result in a partial payment being made,
coupled with a promise to make further payment on
account at a definite date. Persistence based upon
logic often results in liquidation of indebtedness or
in extreme cases in a compromise which will restore
friendly relations between seller and buyer and reestablish trade which had been entirely cut off,
much to the disadvantage of both parties involved.
The function of manufacturers, wholesalers and
jobbers is to sell a product either directly or through
experienced traveling salesmen who are skilled in
their particular calling, but who often are not proficient in the business of making collections.
Jan. 13 1934
An efficient collector meets the same problems
over and over again and he has'learned how to combat them. He, much better than his employers located at a distance, knows local affairs, the standing
and responsibility of the debtor, improvement in
business conditions of the town in which the debtor
is located and the actual solvency of the man who
hesitates for one reason or another to make prompt
payment.
Litigation involves much expense and further
delay and uncertainty and leads to bad feeling between creditor and debtor, often severing all business relations between the two. Collecting agencies
and individual collectors generally conduct •their
business upon a fixed percentage with a stipulated
minimum of cost. To insure prompt remittance of
(Continued on page 224.)
The New Capital Flotations During the Month of December and for
the Twelve Months of the Calendar Year 1933
In analyzing the new financing in this country for the
previous calendar year (1932) we commented upon its light
character, conditions having been so adverse to'the bringing
out of new issues during that period of 12 months. But
the slimness of the new financing for that year was hardly
a circumstance to what happened during 1933, when the
undertaking of new financing proved even more difficult
and the country became engaged in a period of economic
and financial readjustment which has no parallel in the past
history of the United States—certainly not in peace time.
And the meagreness of the showing finds its strongest
exemplification in the results for December, the closing
month of 1933,in which the totals are found to have dropped
to such diminutive proportions that they rank among the
poorest of the whole year.
As a matter of fact, so meagre is new financing found to
have been in that closing month of 1933 that there is really
no occasion for comment beyond dwelling upon the singre
point of its meagreness. Suffice it to say, therefore, that
the new securities of every character and description brouEht
that month foot u no more than $74,566,254, and
out for$17,566,411 of this was for refunding purposes, fhat is,
.
represented taking up of existing issues of indebtedness and
therefore do not constitute applications for new capital.
In the total of $74,566,254 of new issues brought out,
$44,066,236 consisted of the awards of new bonds by States
and muruco_dities. And to what low estate the municipal
bond market has fallen will appear when we say that two
large issues of State bonds accounted for $32,000,000 of
. flotations of all kinds during
t2,1
this $44,066,236 of muni
olily a littleirST- • $12,000,000the month, leavinrr
for the
rest _of' the country. In this we are referring to the
fact that Pennsylvania came to market with $25,000,000 of
-3
54% relief bonds and New Jersey disposed of 17,000,000
of 43 %-educational aid bonds. The corporate offerings—
4 0
of all kinds and character, domestic and foreign, whether
bonds, stocks or notes—dropped to the unbelievably low
figure of $16,150,018, and it is quite unnecessary to say that
no foreign offerings of any kind were included in the amount.
There were-only 11 new offerings included in the total of
$16,150,018, which conmares with 13 issues, totaling $6,511,- interesting fact is that
250, brought out in Novembe77Anthe financing in December included nine new stock emissions
by breweries and distilleries for an ageTate of $9,117,688,
...
and an offering of 207,761 shares of Mathieson Alkali Works
(Inc.) common stock at $30 — sh
per.
ilving a total of
$6,232,830.
It is well enough to note, in order to keep up the record
in that respect with past months, that the portion of the
December corporate financing devoted to refunding _purposes was $549,500, or about 3.4% of the total. There was
no corporate refunding in November, nor was there any in
oTrobermber,$17,854,000 was raised for refunding, or more than 66% of the month's total. No refunm
4:22trations were undertaken in August. In July there.
funding portion amounted to $43,061,000, or over 44% of
.
v
The total. In June it was $48,296,400, or close th 80% a
the month's total. In May it was $12,050,300, or about
77% of the total. In April it was $18,206,500, or more than
51% of the total for that month. In March the refunding
portion was $2,247,778, or about 42% of the month's total.
In February the amount was $36,241,000, or more than 96%
of the total, and in January, it was $42,360,000, or over
65% of the total. In December 1932 the amount raised
for refunding was $18,445,600, or about 64% of the total
for that month.
No foreign issues, as already stated, were marketed here
during December.
Included in the month's financing was an offering of
4
$14,250,000 Federal Intermediate Credit Banks 21 %
collateral trust debentures dated Dec. 15 1933, due in three
months, offered at price on application.
Three new fixed investment trust offerings were announced
during the month of December, viz.:
Corporate Securities Fund, Inc., trust shares, offered by Corporate
Securities, Inc., New York, at market.
Prudential Trading Trust, trust shares, offered by M. L. Pardee &
Co.. Detroit, at 310 per share.
United Investors Corp. fixed trust shares, offered by McMurray, Hill
& Co., Des Moines. at market.
None of the December corporate offerings contained
convertible features nor carried rights to acquire stock on a
basis of one kind or another.
The Results for the Full Year 1933—Further Heavy Shrinkage
After the Tremendous Falling Off During 1932, 1931 and
1930.
The figures in the foregoing covering the month of December are impressive in the highest degree. It is not, however,
until we examine and study the totals for the 12 months
that we get a real comprehensive idea of the dwindling character of private financing of all kinds—for corporations,
municipalities, &c.—in recent years under the new economic
conditions that have been thrust upon the country—to be
replaced, of course, by U. S. Government financing to fill
the void, as discussed in considerable detail further along
in this article. For the 12 months of the calendar year 1933
the new issues brought out in the United States foot up no
more than $1,053,209,094, of which $337,576,009 was for
refunding purposes, leaving only $715,633,085 of new capital
supplied. This compares with $11,592,164,029 four years
before, in the calendar year 1929, of which $1,409,397,511
was for refunding purposes. In other words, as against
$715,633,085 of new capital supplies from private sources,
the amount back in 1929 was over $10,000,000,000—in
exact figures, $10,182,766,518. The amount of corporate
issues both for new capital and refunding footed up only
$381,583,656, as against $10,026,361,129 in 1929. What
a contrast between new corporate financing in 1933 of less
than $400,000,000, compared with over $10,000,000,000
four years before. That tells the story of what has happened
in the interval more eloquently than extensive comment
could do, and the legislator ought to take heed of what this
implies. Evidently this much is clear, namely, that if in
1929 we went to one extreme, on the other hand in 1933 we
went to the other extreme. The record is such a striking
one that we present here at the very outset a brief summary
in tabular form of the shrinkage year by year. We give
the figures so as to show the totals both for the domestic
issues alone and for the domestic combined with the foreign:
Volume 138
Financial Chronicle
DOMESTIC CORPORATE ISSUES.
1932.
1933.
1931.
1930.
$
$
$
$
Calendar
1929.
In Years—
$
Bonds and
notes
227,244,700 619,860,300 2,028,034,050 3,430,572,660 2.619,953.750
Pref.stocks.- 15,222,555 10,920,875 148,015,667 421,538,230 1,894,749,201
Corn. stocks-137.383,069 13.114,170 195,115,706 1.105.018,763 5,061,849,892
Total
379,850,324 643,895.345 2,371.165.423 4.957.129.653 9.376.552,843
DOMESTIC AND FOREIGN, INCLUDING CANADIAN.
Calendar
1932.
1933.
1931.
1929.
1930.
Years—
$
$
$
$
$
Bonds and
notes
228,844,700 619,860,300 2,245,834,050 3,904,998,160 3,104,952,089
Pref.stocks
15,222,555 10,920,875 148,015,667 434.538,230 1.808,988,401
Corn. stocks_137.516,401 13,114,170 195,115,706 1,133,742,653 5,112,422,639
Total
381,583,656 643,895,345 2,588,965,423 5,478,279,043 10,026,361,129
As to the cause or causes of the collapse in the supplies of
private capital, this has been a progressive movement growing more and more pronounced year after year, and extending through virtually the whole of the Hoover Administration and reaching its final state with the advent to power of
President Roosevelt. Though Federal Reserve credit was
available in unlimited amounts, the market price of securities kept dropping lower and still lower during the unfortunate years while Mr. Hoover was at the helm. And with
the value of old securities steadily fading away, and to such
an extent that in many cases they virtually disappeared
altogether, banking and investment houses met with increasing difficulties in finding a market for new issues. Accordingly, they were brought out more and more sparingly
until a point was reached where the risk of bringing any out
at all became in most cases too great to assume at all. But
the missing supplies of private capital had to be made good
in some way,and hence the Federal Government was obliged
to step into the breach. It is a mistake to suppose that this
did not occur until President Roosevelt took the reins of
Government. It began under the rule of President Hoover
who was no less anxious to stimulate the flagging energies
of the country than Mr. Roosevelt, though he did not find
it necessary to go to the extent of Mr. Roosevelt, since the
industrial and security collapse which was an inseparable
part of it had not reached the acute stage which it did when
Mr. Roosevelt took control. As one illustration, the
Reconstruction Finance Corporation had its origin during
the Hoover Administration and not during the Roosevelt
Administration, as is commonly assumed. The bill, after
having passed both Houses of Congress, was signed by President Hoover on Jan. 22 1932, over 13 months before Mr.
Roosevelt became President on March 4 1933. It provided
for the organization of the Reconstruction Finance Corporation with a capital stock of $500,000,000, all to be subscribed
by the United States Treasury. The Corporation was
formed for the purpose of providing emergency financing
facilities for financial institutions, aiding in financing of
agriculture and commerce, &c. In addition to its capital
stock, the Corporation was given the right to issue notes,
debentures, bonds or other obligations up to three times its
capital stock, or $1,500,000,000, and its powers were later
further enlarged and extended even under the Hoover Administration. By the provisions of the Emergency Relief
and Construction Act, enacted into law July 21 1932, the
amount of notes, debentures, bonds and other obligations
which might be issued was increased to 6 3-5 times its capital,
or to $3,300,000,000. Of course, under the Roosevelt
Administration new bureaus and new Government agencies
have been created in every direction, as the supposed need
for them developed. But the process of furnishing Government assistance in growing amounts began with the Hoover
Administration and advanced quite far during the close of
that Administration.
During Mr. Roosevelt's control in 1933, many other
obstacles to the undertaking of private financing were projected into the arena. Foremost among these was the enactment of the new Federal Securities Act, which imposes
such severe penalties and liabilities on those undertaking
the floating of new obligations in the event of losses to purchasers of the securities and for such a long period of time
that leading banking and investing houses have felt that the
risk for them is too great to assume. The result has been
that the bringing out of new securities has come to a virtual
standstill, since the new Securities Act became a law, which
was on May 27 1933. Then the action of the Administration
in passing off the gold standard and deliberately entering
upon a campaign for debasing the value of the gold dollar,
and even refusing to be bound by the express provision in
United States bonds and other obligations that payment
must be in gold dollars, has served as a deterrent upon attempts to market any new securities of great consequence,
205
since it was felt that there would be a natural reluctance
on the part of investors to acquire new issues at even tempting prices where it was known beforehand that the dollar
value expressed in the obligation was to undergo (as a part
of Government policy) further depreciation either by reducing the gold content of the dollar or in some other way.
As the Government was thus obliged to extend more and
more assistance to insure National recovery or to make good
the missing supplies of private funds new Government
agencies of one kind or another became part and parcel of
the Roosevelt policy and some of the agencies already existing had their authority and functions enlarged and extended so that we have the Home Owners' Loan Act, which
became a law on June 13 1933; the Wagner Unemployment
Relief measure, which was signed by President Roosevelt
on May 12 1933; the Emergency Farm Mortgage Act, also
signed May 12 1933, providing for the issuance of an additional $300,000,000 of Reconstruction Finance Corporation
obligations; the National Industrial Recovery Act, passed
June 16 1933, and a variety of other administrative agencies
such as the Federal Emergency Relief Administration, the
Public Works Administration, &c., &c. In this way, step
by step, Government financing superseded private financing,
and that is the only point that it is necessary to make for
our present purpose. In the long series of events which
during the period from 1929 to 1933 served first to curtail
and then ultimately to eliminate altogether certain species
of financing in this country, which prior to 1929 formed such
a conspicuous feature of it, foreign financing was the first
to suffer by reason of unfavorable developments, and which
put a severe damper upon new security issues and that
therefore deserves spearate treatment.
The Foreign Issues Placed in the United States.
As already stated, not a single foreign government issue
was floated in the United States during the year 1933,
outside of one marketed here by Canada, for $60,000,000,
in the form of 15-months 4% notes due Oct. 1 1934. There
having been no other foreign government issues in 1933, the
Canadian total of $60,000,000 constitutes the whole of the
foreign government issues brought out in this country during 1933. This figure compares with $66,015,000 in 1932;
with $50,422,000 in 1931; with $619,630,000 in 1930; with
$130,062,000 in 1929; and with $689,172,750 in 1928; with
$912,381,300 in 1927;$623,916,000 in 1926;and $791,336,000
in 1925. The Canadian Government loan of $60,000,000
sold here in 1933 was used entirely for refunding purposes.
The refunding portion was $40,000,000 in 1932 against
no more than $9,500,000 in 1931, $71,738,000 in 1930,
$9,600,000 in 1929, $103,538,413 in 1928, $85,469,000 in
1927, 1,873,000 in 1926, and $201,397,000 in 1925.
Foreign corporate issues sold here in 1933 were confined
to two small emissions aggregating $1,733,332, of which
$133,332 was Canadian and $1,600,000 other foreign corporate. There were no Canadian or other foreign ocrporate
offerings in 1932, and even in 1931 they were on a reduced
scale, footing up only $217,800,000 against $516,149,390 in
1930, $649,808,286 in 1929 and $887,648,150 in 1928,
$812,303,125 in 1927, and $725,877,040 in 1926. The
aggregate borrowings, therefore, in the United States on
behalf of foreign countries, both governmental and corporate, in the 12 months of 1933 amounted to only $61,733,332,
against $66,015,000 in 1932, $268,222,000 in 1931, $1,135,779,390 in 1930, $779,870,286 in 1929, and $1,576,820,900
in 1928. In 1927 the foreign flotations aggregated $1,724,684,425, and this compares with $1,349,793,040 in 1926,
$1,307,307,500 in 1925, $1,244,795,765 in 1924 and $360,216,279 in 1923. The following table carries the yearly
comparisons back to 1919:
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED STATES
(INCLUDING CANADA, ITS PROVINCES AND MUNICIPALITIES).
Calendar Year 1933—
New Capital.
Refunding.
Total.
Canada, its Provinces & municipalities
860,000,000
860.000.000
Other foreign government
Total foreign government
Canadian corporate issues
Other foreign corporate iasues
Grand total
Calendar Years
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
$60,000,000
8133,332
1,600,000
$60,000,000
133,332
1,600,000
$133,332
$61,600,000
$61,733,132
$26,015,000
253,722,000
1,009,213,390
757,837,569
1,319,167,987
1,561,119,925
1.145,099,740
1,086,160,500
996,570,320
280,274,600
634,511,034
527,517,000
383,450,887
342,130,300
$40,000,000
14,500,000
126,566,000
22,032,717
257,652,913
163,564,500
204,693,300
221,147,000
248,225,445
79,941,679
125,265,000
50,000,000
138,998,000
263,429,000
$48,015,099
268,222,000
1,135,779.390
779,870,286
1,576,820,900
1,724,684,425
1,349,793,040
1.307.307,500
1,244,795,765
360,216.279
759.776,034
577,517,000
522,448,887
605.559.3011
206
Tan. 13 1934
Financial Chronicle
In the following we furnish full details of the foreign
government and foreign corporate issues brought out in the
United States during the year ended Dec. 31 1933:
CANADIAN GOVERNMENT, PROVINCIAL AND MUNICIPAL ISSUES
PLACED IN UNITED STATES IN THE YEAR ENDED DEC. 31 1933.
Yield
June—
Price. Per Cent.
$.60,000,000 Canada (Dominion of) 4s, Oct. 1 1934 (all for refunding)
99(
CANADIAN CORPORATE ISSUES.
July—
$133,332 Dunrobin, Ltd., common stock (33,333 abs.)
new capital)
Yield
Price. Per Cent.
$4
OTHER FOREIGN CORPORATE ISSUES.
Yield.
April—
Price. Per Cent.
$1,600,000 International Rys.of Central America one-year 6%
notes, April 11934 (all for refunding)
100
6.00%
The Decline in Municipal Bond Sales.
As related in our analysis of the municipal bond sales for
the year 1933, in our "State and City Department" last
week (page 172), the State and municipal bond market during the year 1933 was an extremely poor one, particularly
with regard to the volume of new issues sold. Our figures
show that the aggregate of State and municipal sales for the
12 months aggregated only $519,975,438, the lowest of any
calendar year since 1918. For the 12 months of 1932 the
amount was $849,480,079; for 1931, $1,256,254,933; for
1930, $1,487,313,248; for 1929, $1,430,650,900; for 1928,
$1,414,784,537, and for 1927, $1,509,582,929. Although
other developments, such as the general bank moratoria, the
departure of the United States from the gold standard and the
adoption of certain monetary inflation policies, helped to
depress the market for the obligations of States and their subdivisions, the most severely adverse factor has been the continuous reports of municipal bond defaults, on either or both
principal and interest, by civil units throughout the country.
Moreover, where actual default has not occurred, it has
often been averted only through the assistance rendered to
various municipalities by commercial and investment banking houses. The most notable instance in this respect
concerned the City of New York, which on many occasions
during 1933 was obliged to appeal to its bankers for funds
in order to prevent default on its obligations. Its constant
appeals for aid finally resulted in the drawing up of an
agreement in October, under which the banks agreed to
provide for the financial requirements of the City for the
remainder of 1933 and during the succeeding four years.
The agreement, which was formally signed on behalf of both
the city administration and a local banking group, binds
the city to the fulfillment of certain economies in municipal
operations.
Among the larger cities which defaulted on their debt
service charges in 1933, the case of the City of Detroit,
Mich., because of its prominence and the bulk of the indebtedness involved, received the most attention. The
initial failure to meet debt payments occurred in February
1933 and was directly the result of the closing of the banks
in the State of Michigan by order of Governor Comstock.
Mounting tax delinquencies and additional defaults by the
city finally resulted in the creation of a Bondholders' Refunding Committee, having for its purpose the preparation
of a plan for refinancing of the outstanding bond and note
obligations of the city. The plan, involving more than
$290,000,000 of securities, was made public by the committee in July. It was announced on Dec. 27 that holders
of $240,961,332 bonds and notes had deposited their securities in approval of the proposal. Actual consummation of the
refunding will result in reducing the annual debt charges of
the city from the present figure of $31,000,000 to $8,100,000,
it is said. Many other municipalities have announced refunding plans, covering bonds already in default and later
maturing issues.
It is to be noted that if the borrowing of a few States and
cities which were in the market for extra large amounts in
1933 were separated from the rest, we would have a still
stronger illustration going to show how limited was the
municipal bond market during 1933. Here is a list of eight
of these large borrowers:
HEAVY CONTRIBUTORS TO MUNICIPAL SALES IN 1933.
$70,000.000 in November. by New York City.
56,095,000 by New York State, including $29,500,000 in October and
$26,595,000 in June.
25,000,000 by Pennsylvania (State of) in December.
17,000,000 by New Jersey (State of), including $7.000,000 in December
and $5,000,000 each in May and October.
16,500,000 by Buffalo, N.Y.,including $9,500,000 in August,$4,000,000
In May and $3.000,000 in January.
$15,000,000 by Louisiana (State of), including $7,500,000 in September,
$5,000,000 in January and $2,500,000 in October.
13,935,000 by Boston, Mass., including $8,500,000 in September,
$3.800,000 in October and $1,635,000 in March.
10.000,000 by the State of Tennesseee. in June.
$223,530,000
Thus we see that these five States and three cities contributed no less than $223,530,000 to the grand total of
$519,975,438 of municipal bond sales for the calendar year
1933, leaving only $296,445,438 for all other civil units
in the United States, though here, too, Government agencies
in the shape of the Reconstruction Finance Corporation,
the Public Works Administration and the Federal Emergency
Relief Administration have stepped in to supply the deficiency in part, at least.
The Part Played by Investment Trusts, Trading and Holding
Companies.
Investment trusts, trading and holding companies, which
in 1929 were so prominent in emitting new securities and
contributed so greatly to swell the total of the new issues
in that year, have now almost completely fallen out of the
picture, and this has been one of the factors in the great
falling off which has occurred in the total of new financing.
In the 12 months of 1933 their contribution to the total was
only $1,088,566, against $1,200,000 in 1932, $4,584,550 in
1931, $232,737,079 in 1930, and no less than $2,223,730,898
in 1929. In the following we show the yearly comparisons
back to 1925:
Calendar
Years—
1933
1932
1931
1930
1929
1928
1927
1926
'
1925
Long Term
Bonds & Notes.
878,750,000
116,250,000
99,400,000
81,000,000
11,600,000
3,000,000
Short Term
Bonds & Notes.
8500,000
41,000,000
1,000,000
1,600,000
4,500,000
4,000,000
Stocks.
$1,088,566
1,200,000
4,084,550
112,987,079
2,106,480,898
689,670,670
89,46,978
55,600,000
12,070,000
Grand Total.
$1,088,566
1,20,000
4,584,550
232,737,079
2,223,730,898
790,67 ,670
174,906,978
71,100,000
16,070,000
However, the investment trusts, as previously explained
in these columns, have by no means disappeared. These
trusts now, however, are not of the type that was so prominent in 1928 and 1929. They do not consist of large now
capital issues offered for public subscription in the way
common prior to 1930 and in the way always done by public
utility, railroad, industrial and other corporations. The
practice now is to gather blocks of securities of one kind or
another and to issue participating interests in the same,
split up into small units. These units are then disposed
of over the counter by distributing groups or syndicates.
Excepting two or three instances, however, no information
of the extent of these sales is forthcoming. and being sales
over the counter it is impossible to make estimates regarding
their amount. Of course, in magnitude the disposals of this
character over the counter do not anywhere near approach
those in the old form and yet they can hardly be treated as
entirely insignificant, even though trust participations of
this kind have no proper place in compilations of new capital
issues. At all events, however, nothing definite is available
as to the extent of the sales of these investment trusts, or
fixed trusts as they are commonly termed. In this state of
things, the only way to indicate the presence of these trusts
is to enumerate the offerings made from month to month.
In the following table we show the different offerings made
in the 12 months of 1933:
NEW FIXED TRUST OFFERINGS DURING THE YEAR 1933.
January—
None.
February—
American Bankstocks Corp. shares. Offered by Raekliff, Whittaker
& Co., New York, at market.
March—
National Bond Depositor Corp. Land Bank shares. Offered by W. W.
Shumaker & Co., Inc., Indianapolis. at $1 per share.
April—May—
None.
June—
Interstate Investors, Inc., capital stock offered by Reed, Hawkey & Co.,
Inc., New York, at price on application.
Plymouth Fund, Inc., class A common stock, offered by Plymouth Distributors, Inc., New York, at market.
Reconstruction Bond Portfolio participating certificates, offered by the
Participating Securities Corp., New York, at market.
Standard Industrials, Inc., common stock, offered by John Nickerson
& Co., Inc., New York, at market.
July—
Commonwealth Investment Co. capital stock offered by North American
Investment Corp., San Francisco, at market.
August—
Basic Insurance Shares, series C. offered by Jennings & Busby, Detroit,
Mich., at market.
September—
None.
October—
North American Trust Shares, 1958, offered oy the Distributors' Group,
Inc., New York, at market.
Volume 138
Financial Chronicle
207
November—
Alpha Shares, Inc. (Md.), participating stock, offered by Alpha Distributors, Inc., at market.
Foreign Bond Associates, Inc., deb. 55, due Sept. 1 1948, offered by
Distributors' Group, Inc., New York, at market.
December—
The conspicuous issues during this month have alreday been mentioned
above in our analysis of the financing done during December.
106,000; in 1923, $392,505,000; in 1922, $386,415,000; in
1921, $121,940,000; in 1920 there were no Farm Loan issues,
but in 1919 a total of $110,000,000 was put out. The Farm
Loan issues put out in 1933 comprised five separate issues
of Federal Intermediate Credit Banks short-term debentures.
Large Domestic Corporate Issues During the Year.
Domestic corporate offerings of exceptional size during
the year 1933, in addition to those for aecember, already
mentioned, were as follows:
January.—$12,000,000 Cincinnati Union Terminal Co. 1st
mtge. 5s, C, 1957, offered at par;$11,250,000 Union Electric
Light & Power Co. (Mo.) gen. mtge. 4
1957, issued at
9734, to yield 4.69%;$8,500,000 Washington Gas Light Co.
(Washington, D. C.) ref. mtge. 5s, 1958, priced at 94k,
to yield 5.42%,and ,000,000 Ohio Edison Co. 1st and cons.
mtge. 5s, 1960, offered at 96, to yield 5.25%.
February.—$31,625,000 Baltimore & Ohio RR. ref. and
gen. mtge. 5s, F, 1996, issued at par, and $4,616,000 The
New York & Erie RR. 3d mtge. extended 4s, March 1
1938, representing an extension of maturity on a yield basis
of 5.75%.
March.—Financing during this month was limited to five
stock offerings, all for small amounts.
April.—$26,000,000 The Edison Electric Illuminating Co.
of Boston short-term notes comprising $10,000,000 discount
notes due Oct. 16 1933, sold on a bank discount basis of
-year 5% coupon notes, due April 15
332% and $16,000,000 3
1936, issued at 99, yielding 5.36%.
May.—$6,091,200 Public Utility Holding Corp. of America
2
-year 7% notes, April 15 1935, issued at par, and $5,959,100
United States Rubber Co. 3
-year 6% secured notes, June 1
1936, issued at par.
June.—$41,963,000 St. Paul Minneapolis & Manitoba
Ry. Co. cons. mtge. 5s, 1943, issued at 96.19, yielding
5.50%.
July.
-2,104,633 shares of Fox Films Corp. class A common stock, offered at $18.90 per share, and involving a total
of $39,777,563, and $12,000,000 Baldwin Locomotive
Works cons. mtge. 6s, March 1 1938, issued at par.
August.—Financing during this month was limited to
stock offerings, all for small amounts.
September.—$13,992,000 American Rolling Mills Co. cony.
5% notes, due Nov. 1 1938, issued at par.
October—November.—Financing during these months was
limited to stock offerings, all for small amounts.
December.—The one conspicuous issue for this month
has already been referred to in our remarks above in analyzing
the financing done during December.
Issues Not Representing New Financing.
During the year 1933 offerings of securities not representing new financing by the companies themselves amounted to
$15,924,750, as compared with $18,416,000 in 1932, $34,581,666 in 1931, $81,180,658 in 1930 and $252,365,769 in
1929. These figures as already stated are not included in
our totals of new financing. A comparison by months for
the past five years follows:
The Chief Refunding Issues.
The most conspicuous issues brought out during 1933
which were used for refunding purposes comprised the ollowing:$11,250,000 Union Electric Light & Power Co.(Mo.)
gen. mtge. 43's, 1957, sold in January, used entirely for
refunding; $31,625,000 Baltimore & Ohio RR. ref. & gen.
mtge. 5s F, 1996,issued in February, used entirely to replace
maturing bonds; $4,616,000 The New York & Erie RR. 3d
mtge. 43s, March 1 1938, issued in February, and representing an extension of maturity; $26,000,000 The Edison
Electric Illuminating Co. short-term notes, issued in April,
of which $10,000,000 constituted refunding; $6,091,200
Public Utility Holding Corp. of America 2
-year 7% notes,
April 15 1935, issued in May,used entirely as refunding, and
$5,959,100 United States Rubber Co. 3
-year 6% secured
notes, June 1 1936, also issued in May, all of which was for
refunding; $41,963,000 St. Paul Minneapolis & Manitoba
Ry. Co. cons. mtge. 5s, 1943, issued in June and representing an extension of maturity; 2,104,633 shares Fox Film
Corp. class A common stock, offered in July at $18.90 per
share and involving a total of $39,777,563, of which $30,000,000 was for refunding; $12,000,000 The Baldwin Loco-year 6% cons. mtge. bonds,issued in July in
motive Works 5
-year 5%% notes due March 1
exchange for a like amount of 3
1933, and $13,992,000 American Rolling Mill Co. 5% cony.
notes due Nov. 1 1938, issued in September to refund a
similar amount of 432% notes which matured Nov. 1 1933.
Farm Loan Issues.
Farm Loan offerings during the year 1933 aggregated
$90,150,000 as against $169,600,000 in 1932, $125,600,000
in 1931 and $86,500,000 in 1930. There were no offerings
of this kind during 1929, but in 1928 a total of $63,850,000
was marketed. In 1927 the total was $179,625,000; in 1926
it was $131,325,000; in 1925, $188,225,000; in 1924, $179,-
January
February
March
April
May
June
July
August
September
October
November
December
Total
1933.
$100,000
5,400,000
$8,000,000
407,000
8,566,500
900,000
100,000
6,966,000
1932.
950,000
2,400,000
551.250
1931.
1930.
1929.
$25.349,155 $60,534,961
10,236,100 19,118,479
$8,920,000 14,884,000 29,142.117
5,500,000
3,674,500
4,488,592
6,056,666
7,300,000 39,238.735
765,000
8,454,086
14,634,200
14,105,000
2,000,000 11,638,625
15,661.503 31,170,474
1,310,400
2,445.500
31,500,000
$15,924,750 $18,416,000 $34,581,666 $81,180.658 $252,365,769
The Financing of the Reconstruction Finance Corporation.
Our compilations of new financing above do not take account of the various loans made by the Reconstruction
Finance Corporation, as the funds used by the latter are all
provided by the Federal Government, the borrowings of
which are recorded by us in detail further below.
The Convertible Feature.
One feature of the old method of financing continues to
be followed in some degree. We allude to the tendency to
make bond issues and preferred stocks more attractive by
according to the purchaser rights to acquire common stock
or other privileges. In the following we bring together the
more conspicuous issues floated during each month of the
present year containing convertible features of one kind
or another, or carrying subscription rights or warrants to
subscribe for or acquire new stock:
CONSPICUOUS ISSUES FLOATED IN 1933 CARRYING CONVERTIBLE FEATURES OR SUBSCRIPTION RIGHTS OR WARRANTS.
January—
$5,500,000 Hackensack Water Co. 5
-year 5% sec..cony, notes, Jan. 1
1938 (convertible into a like principal amount of gen. & ref.
mtge. 5%% bonds, B, June 15 1977, at any time up to June
301937).
2,500.000 Freeport Texas Co. 6% cum. cony. pref. stock (convertible
into common stock up to Feb. 1 1945 at rate of 3;6 shares of
common for each share of preferred if converted on or before
Feb. 1 1938,and at rate of 234 shares of common for each share
of pref. if converted thereafter and on or before Feb. 1 1945).
February—March—April—May—
None.
June—
-year 1st mtge. cum. income 6s.
$5,000.000 General Refractories Co. 5
March 1 1938. Each $1,000 bond carries a non-detachable
warrant to purchase 40 shares of no par value capital stock at
$5 per share at any time during the life of the bond.
375.000 Duquesne Brewing Co. of Pittsburgh class A cony. pref.
stock (par $5). Convertible into common stock at any time
on basis of 11 shares of common stock for 10 shares of preferred.
100,000 Kingston Barrel Corp. 1-year cony. 6% notes, June 1 1934.
Each $1,000 note convertible at any time on or after March 1
1934, and up to and including May 21 1934 into 1,000 shares of
Si par capital stock of the corporation.
'
11.117
000 The Baldwin Locomotive Works 5
-year cons. mtge. 58.
March 1 1938. Each $1,000 bond carries a detachable warrant
to purchase 40 shares of common stock at $5 per share until
Feb. 28 1938.
2,400,000 Wiedemann Brewery Corp. cony. partic. pref. stock (no
par). Convertible share for share, at any time, into common
stock.
750,000 (Richard) Lieber Brewing Corp. cony. partic. pref. stock
(par $4). Convertible share for share, at any time, into
common stock.
700,000 Cuban-American Manganese Corp. 8% cony. pref. stock
(par $2). Convertible share for share, at any time, into
common stock.
700,000 Centlivre Brewing Corp. cony. & partic. class A common
stock (par $2). Convertible share for share, at any time.
into common stock.
600.000 Sohn Brewing Co. cony. & partic. pref. stock (par $3).
Convertible at any time into common stock on a share for
share basis.
. 450,000 Fontenelle Brewing Co. cony. pref. stock (par $2). Convertible at any time into common stock on a share for share
basis.
August
100,000 Chess & Wymond, Inc., cony. pref. stock (par $1). Convertible share for share, at any time, into common stock.
105,000 Christmann Brewing Co. cony, pantie. pref. stock (Par
$1.50). Convertible share for share, at any time, into common stock.
150,000 shs. Muehlebach (George) Brewing Co. cony. pref. stock (no
par). Convertible at any time into common stock on a share
for share basis.
187.500 Norton (T. M.) Brewing Co. class A cony. partic. pref. stock.
(Par $1). Convertible into common stock, share for share, in
event of redemption as an entirety.
295,680 Obert (Louis) Brewing Co. cony. pref. stock (par $3)•
Convertible into common stock, share for share, on any div.
date on 30 days' notice.
September
13,992.000 American Rolling Mill Co.5% convertible notes, due Nov. 1
1938. Each $1,000 note is convertible into 40 shares of common stock at any time during the life of the note.
October—
None,
208
Financial Chronicle
November
5.000 abs. Barium Steel Corp. class A convertible Common stock.
Convertible, share for share, into class B stock at any time
on or before Sept. 15 1938.
75.000 Ozark Barrel & Body Corp.cony.6% notes due Aug.15 1934.
Convertible on any int. date,and within 30 days after maturity.
Into common stock at rate of 80 she,for each $100 of notes.
December
None.
REVISED GRAND TOTALS OF THE NEW FINANCING DONE IN
EACH MONTH OF 1933.
$54,965.152
January
$109.851.606 August
94.978.892
February
56.526,818 September
60.526.732
March
19.346.417 October
90.406.298
45,955.471 November
April
74,566,254
60,424,368 December
May
223.365,824
June
$1.053.209.094
Total
162,295.262
July
UNITED STATES FINANCING-ITS
MAGNITUDE.
We have reserved United States financing for separate
consideration. In our remarks above we have shown that
United States financing has in great part taken the place of
ordinary financing.,.,It_remains to show the exact extent to
which United States financing has been conducted during
the period under review, namely, the 12 months of the calendar year 1933....In the extended remarks above we have
tried to make plain that much of the financing formerly done
in the ordinary_way through corporate undertakings and
by States and municipalities is now being done by the United
States through the Reconstruction Finance Corporation and
other Government agencies. As a result, new financing by
the United States now represents larger new debt creation
than all other sources_of new capital issues combined, which
is of course a logical_outnome of the extraordinary state of
things with which the country and the Government has been
obliged to deal. In a measure, also, the U. S. Government
has really been pre-empting the ground, and certainly it has
been occupying the investment field to the disadvantage of
ordinary financing, a matter of no small consequence,
especially in view of the fact that, owing to the prevailing
loss of confidence in security values generally, the demand on
the part of the investing public has been almost entirely
for the highest and best type of security investment, and
obviously nothing could be higher or better than a United
States obligation, though that does not mean that such an
obligation may not on occasions suffer sharp depreciation,
as the investor has learnt from sad experience.
Here also it is important that in our study we shall in the
final result distinguish between financing which represents
distinctly new capital and represents an increase, therefore,
in the indebtedness of the Government, and borrowing to
provide for the taking up and retiring of issues already outstanding, and which are to be replaced by the new issues.
And this is particularly true with reference to the placing of
U.S. Government securities. Treasury bills are all the time
maturing, having a life usually of only 90 to 93 days, and
have to be replaced with other issues, while Treasury certificates of indebtedness are another form of short term borrowing which has to be renewed periodically without adding
to the volume of the outstanding public indebtedness. So
long as the Government was showing huge budget surpluses
and the public indebtedness was as a result being steadily
and largely reduced, the matter was of little consequence,
but now that there is a budget deficit (as a result both of the
ordinary expenditures and of the extraordinary outlays) of
growing proportions (for aid and assistance of outside undertakings and to provide for industrial recovery and to take
care of large scale idleness and unemployment),itis important
to know the exact extent to which the Government finds
itself obliged to run into new indebtedness.
During December, the closing month of 1933, U. S. Treasury financing was on a large scale, it comprising the putting
out of only a little short of an even $1,000,000,000 of oneyear Treasury certificates of indebtedness-in exact amount,
-as part of the December quarterly financing
3992,496,500
the Government, and $301,203,000 U. S. Treasury bills
of
sold on a discount basis, covering three separate issues of
such bills. The particulars follow:
Treasury Financing During the Month of December 1933.
On Dec. 6 Henry Morgenthau Jr., acting Secretary of the
Treasury, announced an offering of $950,000,000 "or thereabouts" of 2M% Treasury certificates of indebtedness,
Series TD-1934, payable in one year. The new certificates
Dec. 15 1934.
bear the date of Dec. 15 1933 and will mature
Late on Dec. 7, the first day the new issue was available for
subscription, the books were closed and the Treasury an-
fan. 13 1934
nounced that the certificates had been oversubscribed nearly
three times, amounting to $2,806,779,500. The amount
allotted was $992,496,500. The certificates were offered at
par and in addition to being exempt from the normal taxes
are also exempt from the surtaxes. This provision insured
the unqualified success of the offering. The proceeds were
used to take up $728,000,000 of Treasury obligations which
matured Dec. 15 1933. The remaining $264,496,500 represented an addition to the public debt. This single offering
of $950,000,000 in certificates was the largest of that type
since the World War, according to Treasury officials.
Mr. Morgenthau on Nov. 28 had announced an offering
of 91-day Treasury bills in the amount of $100,000,000
"or thereabouts." The bills, however, were dated Dec. 6
1933 and will mature March 7 1934, and therefore did not
comprise part of the Government's financing for the month
of November. Tenders for the issue amounted to $182,760,000, of which $100,050,000 was accepted. The average
price obtained was 99.847, equivalent to an interest rate of
0.60% on a bank discount basis. The proceeds were used
to retire $75,039,000 of maturing bills, leaving $25,011,000
as an addition to the public debt.
On Dec. 13 an offering of $100,000,000 "or thereabouts"
of 91-day Treasury bills was announced by Mr. Morgenthau.
The bills were dated Dec. 20 1933 and will mature March
21 1934. Proceeds were used to meet a maturing issue.
Subscriptions to this offering totaled $282,143,000, of which
$100,263,000 was accepted. The average price obtained
was 99.814, equivalent to an interest rate of 0.74% on a
bank discount basis.
On Dec. 19 Mr. Morgenthau gave notice that an offering
of $100,000,000"or thereabouts"of 91-day Treasury bills was
being made. The bills were dated Dec. 27 1933 and will
mature March 28 1934. Applications received to this offering totaled $271,832,000, of which $100,890,000 was accepted. The proceeds were used to retire $75,082,000 of
maturing bills, leaving $25,808,000 as an addition to the
public debt. The average price obtained was 99.816,equivalent to an interest rate of 0.73% on a bank discount basis.
On Dec. 26 another offering of 91-day Treasury bills to
the amount of $100,000,000 "or thereabouts" was announced
by Mr. Morgenthau. The bills, however, are dated Jan. 3
1934 and will mature on April 4 1934, and hence form part
of the Government's January financing. Tenders to this
issue amounted to $384,619,000, of which $100,000,990 was
accepted. The average price obtained was 99.843, equivalent to an interest rate of 0.62% on a bank discount basis.
This compares with previous rates of 0.73% (bills dated
Dec. 27), 0.74% (bills dated Dec. 20) and 0.60% (bills
dated Dec. 6). The proceeds were used to retire a similar
amount of maturing bills.
In order to make our survey complete, so as to cover the
results for the entire calendar year 1933, we now present the
following elaborate tabulations showing every Treasury
obligation, whatever its form, that was put out during the
12 months, and how much of it constituted an addition to
the public debt and how much represented the taking up:of
pre-existing issues:
UNITED STATES TREASURY FINANCING DURING THE
CALENDAR YEAR 1933.
Date
Offered
Dated.
Due.
Jan.
Jan. 1191 days
Jan. 1 Jan. 1891 days
Jan. 1 Jan. 2591 days
Amount
Applied for.
$229,845,000
839,567,000
427.740,000
Feb. 1 5
Feb. 891
Feb. 1591
Feb. 2390
years 7.802,843,600
234,790,000
days
281,122,000
days
123,929.000
days
•
254,283,000 100,813.000 Average 99.750
75,268,000 Average 98.900
94,101,000
100
913,593,600 489.131,000
100
918,222,000 473,373,600
388,908,000 100,569,000 Average 99.537
318,208,000 100,158,000 Average 99.566
days
days
days
days
383,856,000
404,325,000
348,315,000
290,184,000
May total
2.625%
*0.18%
0.23%
0
0.55%
*
years
days
days
days
days
days
1,202,043,500
224,691,000
225,173,000
254,885,000
221,557,000
407.553.000
*0.99%
*4.26%
4.00%
4.25%
*1.83%
*1.72%
8 1,319,110,500
100,098,000 Average
75,733,000 Average
75.188,000 Average
80,295,000 Average
99.659
99.808
99.876
99.870
*1.35%
0.77%
*
*0.49%
0.51%
*
572,419,200
100
60.855.000 Average 99.877
75.067,000 Average 99.878
75,442,000 Average 99.887
80,078,000 Average 99.893
100,352,000 Average 99.919
2.875%
0.49%
*
0.48%
*
0.45%
*
0.42%
*
*0.32%
$331,312,000
April total
Apr. 23 May
Apr. 27 May
May 3 May
May 10 May
May 17 May
May 23 May
100
277,518,600
75,228,000 Average 99.955
75.202,000 Average 99.942
60,074,000 Average 99.864
days
days
months
months
days
days
Mare it total
Mar.29 Apr. 591
Apr. 5 Apr. 1291
Apr. 12 Apr. 1991
Apr. 19 Apr. 2691
Field.
99.948 *0.20%
99.941 *0.24%
99.954 *0.18%
$488.020,600
Febru 117 totalFeb. 2 Mar. 191
Mar. 3 Mar. 693
Mar. 12 Mar. 15 5
Mar,12 Mar. 15 9
Mar. 15 Mar. 2291
Mar.22 Mar.2991
Price.
$76,090,000 Average
75,032,000 Average
80.020.000 Average
5230.142,000
Janus 17 total_
Jan. 2
Feb.
Feb.
Feb. 1
Amount
Accepted.
23
391
1091
1791
2491
3191
$944,013.200
Volume 138
Dale
Offered. Dated.
May
June
Juno
June
June
31 Juno
6 June
6 June
14 June
21 June
Financial Chronicle
Amount
Applied for.
Due.
7 91 days
197.947,000
15 5 years 3,306,415,900
15 9 months 2,353,184,000
21 91 days
240,273,000
28 91 days
209,956,000
June total
June
July
July
July
242.687,000
220.281,000
228,835,000
259.858,000
July total
201,409,000
263.679,000
3,224,379,150
1,577,189.300
281,341,000
266,370,000
403,192,000
Augw t total..
272,935,000
174,905,500
256.720,000
196,624,000
99.929 .
0.28%
99.909 .
0.36%
99.901 .0.39%
99.906 .0.37%
Nov. 1 91
Nov. 8 91
Nov. 15 91
Nov. 22 91
Nov. 29 91
232,713.000
181,015,000
170,682,000
207,455,000
187,069.000
days
year
days
days
182,760.000
2,806,779,500
282,143,000
271,832.000
Nov t mber to tal
Dec. 6 91
Dec. 15 1
Dee. 20 91
Dec. 27 91
75,039,000 Average 99.971 *0.12%
174,905,500
100
0.25%
100,015,000 Average 99.973 .
0.11%
75,082,000 Average 99.976 .0.10%
Average 99.979
Average 99.971
100
10114
Average 99.968
Average 99.957
.0.10%
.0.12%
41(-314
*0.17%
$ 1,749,338,401
days
days
days
days
days
60.180,000 Average
75,095,000 Average
75,295.000 Average
60,063,000 Average
100,027,000 Average
99.94
99 99
. 0
99.899
99.89
99.89
*
0.22%
.0.24%
*0.40%
.0.43%
.0.43%
$370,660,000
100,050,000 Average 99.84 .0.60%
992,496,500
100
2.25%
100.263,000 Average 99.81 .
0.74%
100,890,000 Average 99.81 .0.73%
Type of
Security.
Jan. 11
Jan. 18
Jan. 25
Treasury bills
Treasury bills
Treasury bills
Mar. 1
Mar. 6
Mar. 15
Mar. 15
Mar. 22
Mar. 29
Treasury bills
Treasury bills
4% Treas. ctfs.
4(4% Treas. etre.
Treasury bills
Treasury bills
Total
$230,142,000
277,516,600
75,228,000
75,202,000
60,074.000
144,372,000
75,228,000
75.202,000
60,074,000
$133.144.100
$354,876,000
$133,144,600
100.613,000
100,613,000
75.266,000
469,131,000 1 695.000.000
473,373,500
100.569,000
100,158,000
100,158,000
75,266,000
247.504,500
100,569,000
214% Treas. notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Total
7
15
15
21
28
Treasury bills
2(4% Treas. notes
14% Treas. . tfs.
Treasury bills
Treasury bills
Total
$895,771,000
100.096,000
75.733,000
75.188.000
80,295,000
75.733,000
75.188.000
80,295.000
$231,216,000
$100,096,000
572.419,200
60,655,000
75.067.000
75,442,000
60.078,000
100,352,000
239,197,000
60.655.000
75,067,000
75,442.000
60.078.000
100,352.000
333,222,200
$944,013,200
2
3
10
17
24
31
$610,791,000
$333.222.200
75,529,000
75,529,000
623,441.8001 374,000,000
460,099,000
100,361,000
100,361.000
75,697,000
75,607.000
bills
bills
bills
bills
Total
Aug. 2
Aug. 9
Aug. 15
Aug. 15
Aug. 16
Aug. 23
Aug. 30
Treasury bills
Treasury bills
3.ti,% l'reas. bonds
1 , % Treas. notes
yi
Treasury bills
Treasury bills
Treasury bills
Total
$625,587,000
100,010,000
75,453,000
75,172,000
80,122,000
$330,757,000
60,096,000
60,096,000
75,142,000
75.142.000
835,036,650 1 700.536.000
353,865,000 1
75,100,000
75.100,000
60,200.000
60.200.000
100,296,000
100,296.000
$1.559,735,650 $1,071,370,000
Sept. 6
Sept. 15
Sept. 20
Sept. 27
Treasury bills
(4% Treas. ctts.
Treasury bills
Treasury bills
4
11
15
15
18
25
Treasury bills
Treasury bills
434-334 %Treas.bds.
4 Si-3 %Treas.bds.
Treasury bills
Treasury bills
q
_
75,039,000
174.905,500
100,015,000
75,082,000
488,365,650
$488,365,650
5425,041,500
100,050,000
75,020,000
899,899,200
519.312,201
75,023,000
80,034,000
$709,540,800
75,039.000
174.905,500
100,015,000
75,082,000
8425,041.500
Total
709,540,800
100.010,000
75,453,000
75,172.000
80.122,000
$330,757,000
Treasury
Treasury
Treasury
Treasury
$423,339,500
100.096.000
$1,335,127,800
July 5
July 12
July 19
July 26
•rntsi
$75,090,000
75.032,000
80,020,000
$331,312,000
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Total
Oct.
$75,090,000
75.032.000
80,020,000
$1.319,110,500
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Oct.
Oct.
Oct.
Oct.
Oct.
New
Indebtedness.
$488,020,609
2i(1% Treas. notes
Treasury bills
Treasury bills
Treasury bills
Total
June
June
June
Juno
June
Refunding.
$230,142,000
Total
Feb. 1
Feb. 8
Feb. 15
Feb. 23
May
May
May
May
May
May
Total Amount
Accepted.
Dec.6
Dec. 15
Dec. 20
Dec. 27
100.050.000
75,020,000
899,899,200
519,312,201
75,023,000
80,034,000
11 749 23S401 st 230 MR 2110
Shlg 312 2ni
Refunding.
60,180,000
75,095,000
75,295,000
60,063,000
100,027,000
New
Indebtedness.
60,180,000
75,095.000
75,295.000
60,063,000
100,027,000
$370,660,000
5370,660,000
$100,050,000
992.496,500
100,263,000
100,890.000
$75,039,000
728,000,000
100,263,000
75,082,000
$25,01 ,000
264,496,500
$1,293,699.500
$978,384,000
$315,315,500
Treasury bills
211% Treas. ctts.
Treasury bills
Treasury bills
Grand total_
25,808,000
$ 10,376,958.151 57.354.621.700 83.022.330.451
Let the reader well note the result of the foregoing. The
results show that during the calendar year 1933 the U.
S.
Government disposed of $10,376,958,151 of obligations,
of
which $7,354,621,700 went to take up existing issues
and
83,022,336,451 comprised an addition to the public debt.
In the case of financing with private funds, as set out further
above, we have seen that the whole total for the 12 months
was no more than $1,053,209,094, of which $337,576,009
went for refunding, leaving the supplies of new capital in
that way no more than $715,633,085. The contrast is noteworthy.
Final Summary as to Ordinary Financing.
In the following we furnish a complete summary of the
new financing-corporate, State and city, foreign government,as well as Farm Loan issues-brought out in the United
States during December and the 12 months, and covering
all classes of issues except those of the U.S. Government:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT.
FARM LOAN
AND MUNICIPAL FINANCING.
1933.
Dee I mber to tal
1 293,699,500
Gra I (.1 total_
SI 0.376.958.151
• Average rate on a bank discount basis.
USE OF FUNDS.
Dated.
Total Amount
Accepted.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bllls
Total
60,096,000 Average 99.913 .0.35%
75,142,000 Average 99.919 .
0.32%
835,036,650
100
3.25%
353,865,000
100
1.625%
75,100,000 Average 99.933 .0.26%
60,200,000 Average 99.945 *0.22%
100,296,000 Average 99.965 .0.14%
100,050.000
75,020,0CC
899,899,200
519,312,201
75.023,000
80,034,000
Type of
Security.
Dated.
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29
209
Total
100,010,000 Average
75.453,000 Average
75,172.000 Average
80,122,000 Average
$425,041,500
4 91 days
247,660,000
11 91 days
136,598,000
15 10-12 yes. 899,899.200
15 10-12 yrs. 1,989.015,000
18 91 days
190,218.000
25 91 days
168,678,C00
Octo ) er total
Nov. 211
Dec. 1
Dec. 1 1
Dec. 1 /
75,529,000 Average 99.932 .0.27%
623,441,800
100
2.875%
460,099.000
100
.
0.75%
100.361,000 Average 99.939 .
0.24%
75.697,000 Average 99.931 .0.27%
$ 1,559,735,650
Sept. 6 91 days
Sept. 15 9 months
Sept.20 91 days
Sept.27 91 days
Sept mber to tal
Oct. 2 i
Oct. 3[
Nov. 1
Nov. 11i
Nov. 2 1
Yield.
$330,757,000
July 26 Aug. 2 91 days
Aug. 2 Aug. 9 91 days
July 3 Aug. 15 8 years
July 3 Aug. 15 2 years
Aug.
Aug. 16 91 days
Aug. 1 Aug. 23 91 days
Aug. 2 Aug. 30 91 days
Sept.2 Oct.
Oct. 1 Oct.
Oct. 1 Oct.
Oct. 1 Oct.
Oct. 1 ! Oct.
Oct. 1 I Oct.
Price.
$ 1.335,127.800
27 July 5 91 days
5 July 12 91 days
12 July 19 91 days
19 July 26 91 days
Aug. 2
Sept.
Sept. 1
Sept.20
Amount
Accepted.
MONTH OF DECEMBERCorporateDomestic
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan Issues
Municipal, States, cities, Ac
United States Possessions
Grand total
12 MONTHS ENDED DEC. 31.
CorporateDomestic
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm I.oan Issues
Municipal,States, cities, Ac
United States Possessions
New Capital.
Refunding.
Total.
$
$
IS
549,500
549,500
405,000
15,195,518
549,500
16,150.018
14,250,000
*2,766,911
14,250,000
*44,066,236
100,000
56.999,843
17,566.411
74,566,254
23,621,000
16,675,000
15,222.555
105,065,291
114,870.500
72,078,200
138,491,500
88,753,200
15,222,555
137,383,069
405.000
15,195,518
15,600,518
.41,299,325
100,000
32.317,778
133,332
133,332
1,600,000
160,717,178
63.900,000
a489.515,907
1,500,000
1,600,000
220,866,478
60,000,000
381,583,656
60,000,e00
26,250,000
90.150,000
a30,459,531 a519,975,438
1.500,000
Grand total
715.633.085 337.576.009 1.053.209.099
• Figures do not Include $126,920,747 Federal funds allotted
to municipalities
during December 1933.
a Figures do not include an aggregate of 8664,910,287 of Federal Government
funds made available to States andimunIcIpalities during the twelve months
of 1933.
through the facilities of various agencies.
In the elaborate and comprehensive tables on the succeed ing pages we compare the foregoing figures for 1933 with the
correspondu
7FfFure=Re"four years previous, presenting
a7five-year comparison which goes back to and includes 1929,
when the amounts were at peak figurWe also furnish
a =led analysis for the five years of the corporate offerings, 717637ng separately the amounts for all the different
classes of corporations.
NILFollowin&the full page tables we give complete detailsTof
tEil new capital flotations during December, which, however,
were meagre indeed as has already been pointed out. " Complete details as to the separate issues for each of
precee
_
mg 7=of the year 1933 can be found in the monthly;
articles for those months, these articles usually appearing
on the first or the second Saturday o" our weekly numbers
for the month.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF DECEMBER FOR FIVE YEARS.
MONTH OF DECEMBER.
1932.
1931.
1930.
1933.
Total.
New Capital. Refunding.
New Capital. Refunding.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
2orporate-Domestic$
$
$
$
$
$
$
$
$
$
$
Long-term bonds and notes_
385,000
25,103.000
54,364,000
1,772,000
5,378,000
2,000,000
7,378,000
24,718,000
22,360,000
38,748,500
5,000.000
Short-term
549,500
16,000,000
16,755,000
3,398,000
18,962,000
755,000
549,500
1,000,000
Preferred stocks
405.000
405 000
445,600
1,945,600
1,500.000
38,867,900
70,361,723
Common stocks
15,195,518
15,195.518
2,766,625
2,765,625
38,867,900
Canadian
14,250,000
Long-term bonds and notes_
Short-term
Preferred stocks
2,147,550
Common stocks
Other foreign
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
66,983,900
19,347,000
86,330,900 180,871,773
6.772,000
16,150,018
28,844,225
Total corporate
15,600,518
549,500
10,398,625
18,445,600
3,500,000
Canadian Government
Other foreign Government_
12,000,000
15,000,000
12,000,000
13,000,000
Farm Loan issues
14,250,000
14,250,000
13,000,000
*41,299,325
4unicipal-States, cities, &c
2.766.911 *44,066.236 101,187,724 16.764,547 117,952,271 44,410,396 1,349,837 45,760,233 184,122,236 2,651,000
904,000
656,000
904,000
ions_
100,000
100,000
100,000
100,000
United States P
35,210,147 159,896,496
9,423,000
124.298.296
20,696,837 144,995,133 384,144,009
56.999,843
17,566,411
124,686,349
Grand total
74.566.254
*Figures do not include $126,920.747 of funds made available to States and municipalities by arious agencies of the Federal Government during December 1933.
1929.
New Capital. Refunding.
Total.
I;
$
$
85,372,000
6,492,000
56.136,000
43,748,500
19,149,950
338,C00
1,000,000
18,165,000
325,000
70,361,723 109,204.526
75,900,000
14.250,000
Total.
$
91.864,000
19,487,950
18,490,000
185,104,526
30,000,000
30,000,000
2.147,550
187,643,773
3,500,000
261,891,476
14.000,000
15,000,000
186,773,236
650,000
393.567,009
289,304,045
750,000
565.945,521
83.055.000
344,946,476
- 14.000,000
1,523,893
290,827,938
750,000
650,524,414
84,578,893
Digitized for
New Capital.
678,000
3,500,000
1932,
Refunding.
2,000,000
Total.
2,678,000
3,500,000
New Capital.
$
1931.
Refunding.
$
$
9,568,000
1930.
New Capital. Refunding.
$
$
14,250,000
9,568,000
23,834,000
1.000,000
Total.
Total.
New Capital.
$
$
14,250,000
35,895,000
24,834,000
63,092.000
1,500,000
1929.
Refunding.
$
-_-_____
6,492.000
Total.
$
35,895,000
69,584,000
1,500,000
11,600,000
225,000
225,000
200,000
2,800,000
385,000
3.185,000
29.877,000
29,877,000
2,725,000
500,000
8,100.000
2,000,000
1.000,000
7.378,000
750.000
24,718,000
385,000
750.000
25,103,000
428.000
68,614,000
1,200,000
70,386,000
3,560,000
115.372,000
15,000,000
15,000,000
11,462,000
3,000,000
11,462,000
3,000,000
38,098,500
38,098,500
7,650,000
7.650,000
" 4,500,000
4,500,000
5,000,000
125,000
5,200.000
400,000
2,987,950
5,200,000
400,000
2,987,950
525.000
43,748,500
2,912,000
19,149,950
338,000
338,000
3.250,000
19,487,950
21,388,365
73,544,771
75,900.000
97,288,365
73,544,771
540,000
10.932.280
3,675,000
1,595,000
325,000
11,600,000
200.000
000
1,000.
5,378,000
549,500
1, 00,000
0
1,000.000
15,350,518
250.000
15,600,518
355.000
755,000
16,000,000
355,000
16,755,000
798,000
3,398,000
445,600
32,367,900
549,500
678.000
3.500,000
15,350,518
4,265,625
798.000
22,360,000
525,000
38,748,500
53.845,310
122,855
53,845,310
122,855
1,393,558
15,147,550
4,265,625
4,265,625
4,265,625
18,962,000
125,000
32,367,900
2,600,000
445,600
549,500
445.600
4,711,225
15,000,000
2,445,600
15,000,000
3,123.600
3,500,000
1,000.000
5,265,625
5,000,000
2,600,000
1,393.558
15.147,550
400,000
400,000
6.500,000
38,867,900
41,935,900
11,462.000
3,000,000
53,397,900
3,000,000
14,250,C00
115,777,816
122.855
11,600,000 -
4,500,000
16,100,000
1,393,558
15,372,550
5,000,000
600,000
5,40,0C°
385,000
5,785,000
1,355,000
28.844.225
8,048.000
fin ORR Q(10
10 347 ow)
8,048,000
96.330.900
3.953.000
180.871.773
18.445.600
3,560.000
121,864,000
540,000
10.932,280
4,000,000
1,595,000
8639,110
7.055,000
127,369,526
1,000,000
14,250,000
116,777,810
122,855
57,283.365
144,286.771
1,500,000
75,900,000
6,492,000
133,183,365
150,778,771
1,500,000
5,000.000
1,393,558
20,372,550
325,000
30,002,000
540,000
18,857,280
4.575,000
12,682,950
540.000
18,857,280
4,900,000
12,682,950
4.725.000
187.643.773
8,639,110
13,527.000
261.891.476
338.000
83.055 000
8,639,110
13.865,000
344 040 470
30,002,000
1.355.000
10.398.625
6,492,000
3.000.000
73,509,273
3,000,000
73,509,273
6.500.000
38,867.900
600,000
250.000
16.150,018
772.000
1,772,000
2,725,000
500,000
8,100,000
772,000
6.772.000
76.225,000
8,639,110
7,055,000
203,594.526
rr •uef
Total.
$
frE61
1933.
MONTH OF DECEMBER.
New Capital. Refunding.
$
Long-Term Bonds and Notes
$
Railroads
Public utilities
Iron,steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
Total
Short-Term Bonds and Notes
Railroads
549,500
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land. buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
549,500
Total
Stocks-Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
15,350,518
Other industrial and manufacturin
011
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c
250.000
Miscellaneous
15,600,518
Total
Total
Railroads
549,500
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
15,350,518
Other industrial and manufacturm i
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c
250.000
Miscellaneous
FRASER Total corporate securities_ ___ . 15,600.518
549,500
apILION3 16131IBUU
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF DECEMBER FOR FIVE YEARS.
1933.
12 MONTHS ENDED DEC. 31.
New Capital. Refunding.
Long-Term Bonds and Notes
Railroads
12,000,000
80,627,500
Public utilities
10,721.000
32,518,000
Iron,steel, coal. copper. &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
1,725.000
.
Oil
Land. buildings, &c
900,000
Rubber
Shipping
Inv. trusts, trading, holding, &c..
Miscellaneous
Total
23,621.000 114,870,500
Short-Term Bonds and Notes
Railroads
7,277,000
Public utilities
16,500,000
23,844,700
Iron,steel, coal, copper, &c
19,597.400
Equipment manufacturers
12,000,000
Motors and accessties
Other industrial and manufacturing
175,000
5,000.000
Oil
Land, buildings. &c
Rubber
5,959,100
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
Total
16,675,000
73,678,200
Stocks
Railroads
Public utilities
7,000,000
2,147,778
Iron,steel. coal, copper, &c
3,354,151
Equipment manufacturers
Motors and accessories
859.269
Other industrial and manufacturing 105,999,072
30.170,000
011
1,795,120
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding,
1,088,566
Miscellaneous
325,000
Total
120,421,178
32,317,778
Total
Railroads
12,000,000
87.904,500
Public utilities
34321,000
58.510,478
Iron,steel, coal, copper, &c
3,354.151
19,597,400
Equipment manufacturers
12.000.000
Motors and accessories
859,269
Other industrial and manufacturing 106,174,072
36.895,000
Oil
1,795.120
Land, buildings, &c
900,000
Rubber
5,959,100
Shipping
Inv. trusts, trading, holding, &c.._
1,088.566
Miscellaneous
325.000
Total corporate securities
160.717.178 220.866,478
1932,
New Capital. Refunding.
$
92,627.500
1,800,000
9,327,000
43,239,000
259,603,000 125,419,800
3,500.000
Total.
1.725,000
325,000
900,000
3.620,000
50,000
138,491,500
2.200,000
271,048,000
134.796,800
11,127.000
385,022,800
3,500,000
325,000
7.277,000
40,344,700
19,597,406
12,000.000
11325.000
8,285,000
38,500.000
138,144,000
100,000
5,175,000
1,700,000
2,700,000
5,959,100
Total.
4,501,000
450,000
New Capital.
1931.
Refunding.
Total.
New Capital.
310,097,300 158,332.700 468,430.000
719,318,250
509,820,500 502,661,000 1,012,481,500 1,326,115,100
102,939,800
23,625.000
6,062,500 109,002,300
12,934,000
14,217.000
12,934.000
94,712,000
2,000,000
113,279,000
5,950,000
f,bb- :656
5
9,147.778
3,354,151
6,462,175
2,342,920
8,805,095
252,868,561
3,390,000
31,050.000
283,918,561
3,390,000
66,055,600
761,455,252
133.474,530
859,269
136,169,072
1,795,120
8.861,200
1,500,000
10,361,200
20,335,972
3,452,500
1,466.500
800.000
21,135.972
3,452,500
1,466,500
6,117.520
216,694,865
90,573,463
16.805,000
2,168,750
1.200,000
1.500.000
20,192,125
99,904,500
92,731,478
22.951,551
12,000.000
859.269
143.069.072
1,795,12G
900,000
5,959,100
13.125,000
274,350.175
3,500,000
1,088.566
325,000
381,583,656
2,168,750
1,200.000
1.500.000
24,035,045
4,084,550
25.683,290
311,281,373
47.827,000
60.952.000
265,906,720 540,256,895
100,000
3,600,000
345.617,300
948.636,561
107,228,800
12,934,000
3.842,920
10,886,200
4,200,000
8,121,000
2.168,750
50.000
226.662,750 945.981,000
134,771,500 1,460,886,600
27,700.000
4,075,000
14,217,000
100.662,000
2.000,000
114,884.000
179,894,000
1.088,566
325.000
152.738,956
Total.
27,355,000 256,031,910
228,676,910
6,950.000 173.000,000
166,050.000
70,000 171.072,500
171,002.500
30,000.000
30.000,000
1,650,000
10.000,000
10,000.000
1.650,000
78.750,000
78,750,000
2.200.000
16,036,000
74,813,095
6.1911568 80.405,000
18,730.000
2,094,000
405,844,800 1,163,468,600 677,305,200 1,840,773,800 2,842,567,855 405,476,155 3,248.044,010
49,825,000
14,500,000
35,520,000
2,500,000
12,000,000
48,050,000
12,530.000
146,429,000
185,947,500
277.570,500
52.878,000 330.448.500
56,539,500 242,487.000
100,000
43,750,000
48.750.000
899,000
7.000,000
5,000,000
6,101,000
12,750,000
12,750,000
10.100,000
10.100,000
4,400,000
21,535,000
96,705,000
59,535,000
22,350.000
74,355,000
38,000,000
9,649,000
7,500.000
657.000
791,000
6.843,000
10,440,000
4.501,000
56,695,650
57,530.650
14,250,250
835,000
1,900,000
16,150,250
18,900,000
15.000,000
3,900,000
450,000
41,000,000
41,000,000
500.000
500,000
8,310.500
18.770,000
20,898.000
1,000.000
17.770.000
20,898,000
214,015,500
656,954.150
288,698,750 116,361,500 405,060,250
556,734,150 100,220,000
3,670.000
8,310.500
34,121,500
90,353,200
1930.
Refunding.
15,086.200
136.582,972
15,101,500
8,171.000
128.995,750
2,168.750
450,000
450,000
1.650.000
1.200,000
1,200.000
4,084,550
12,010,500
12,010,500
62,617.290
325361,625 318,533,720 643,895,345 1,763.448,723
4.084,550
112.987,079
25.683,290
140,937,852
31.850,000 343,131,373 1,545.101.161
New Capital.
1929.
Refunding.
Total.
391,742,240 189,413,760 581,156,000
654.296.500 263,776,000 918,072,500
3,186,500 128,200,000
125.013,500
1,850.000
1,850,000
150,000
150,000
ff7K15615 265,741,339
263,666.339
15,416,000 186,900,000
171,484.000
5,129,000 333,874,100
328,745,100
1,000,000
1,000,000
14,100,000
6,000,000
8,100,000
116,250,000
116,250,000
12,905.000 295.020.000
282.115.000
2,344,412,679 497,901,260 2.842,313,939
5,360.000
41,713,717
5,780,000
26,860,000
90,240.000
6,500,000
500.000
21,950.000
2,400,C00
73,118.150
1,200,000
500,000
21,950,000
2,400,000
74,318,150
1,000,000
36.615.500
206,329,933
2,254,500
56,308,217
1,000,000
38.870,000
262,638,150
21,500,000
48.526.283
720,000
75,900,000 209.179,885
66,055,600 133,279.885
774,881,474 1,229,149,445 205,306,590 1,434,456,035
133.474.530 148,689,880 351,020,200 499.710,080
568.957
568,947
81,481.555
6,117,520
5,511,852
86,993,407
1.371.500 218.066,365 891,582,498
90,923,220 982.505.718
8,000,000
97,051,612
98.573,463
63,529,330 160,580.942
408,500 118,967,530
16,805,000 118,559,030
88.963,534
25,270,000 114.233,534
23,178,000
23,178,000
112,987.079 2,104.980.898
1,500,000 2,106,480,898
382,000 141.319,852 1,171.211,664
13.342,400 1.184,554.064
23,179,722 1,568,280,883 6,088,696,948 832,712,092 6,921,409,040
13,426,222
170,862,700 516,480,000
797.373,850 229,162.750 1,026,536,600
590,250,500 1,538.887,061 2.365.140,852 201,075,722 2,566,216,574
12,163.500 119,392,300
200.849,530
9,075,000 209,924,530
12,934,000
26,967,000
26,967,000
16,217,520
16,217,520
519,726,775
44,750,000 181.332.972
51,0f76;800 570,803,275
263.466,463
15.892.500
791.000
15,607,000 279,073,463
3,505,000 132,500,750
244.503.150
905,000 245.408.150
33.900,000
15.000,000
48,900,000
1.650,000
10,000.000
10.000.000
4.584,550
500,000
232,737,079
232.737.079
65,311,290
2,694,000
233,520,947
6.973,905 240.494.852
825,516.700 2,588,965,423 4,944.403,166 528.875,877 5,473,279,043
546,522,125 270,673,760 817,195,885
1,931,972,228 510.796,307 2,442,768.535
274,423,380 359,986,700 634,410,080
2,418,947
2,418,947
82,131,555
E.511;§8i 87,643,407
1,177,198.837
92,998.220 1.270.197,057
78,945,330 349,880,942
270,934,612
6,737,500 527,159,780
520.422,280
25,270,000 115,233,534
89,963,534
6,000,000
31.278,000
37,278,000
2,222,230,898
1.500,000 2,223,730,898
1.489,942,164
28,501.900 1,518,444,064
8,639,439.560 1,386,921.569 10026 361,129
aLlIT110A
gE I
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE 12 MONTHS ENDED DEC. 31 FOR FIVE YEARS.
12 MONTHS ENDED DEC. 31.
1933.
1932.
1929.
1931.
1930.
New Capital. Refunding.
Corporate-Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
Domestic
Long-term bonds and notes_
23,621,000 114,870,500 138,491.500
271248,000 134,796,800 405344,800
950,668.600 677,305,200 1,627.973,800 2.459270,355 350,648.155 2,810,318,510 1.873264.340 495,901,260 2,369,365,600
Short-term
16.675,000
72,078,200
88,753.200
34,121,500 179.894,000 214.015.500
288,698,750 111,361,500 400,060,250
45,875,500 250,588,150
520,034,150 100.220,000 620.254,150 204,712,650
Preferred stocks
15.222.555
15,222.555
10.475.275
445,600
10,920.875
116,165,667
9.350.000 421,538,230 1,516,742,661 178,066,540 1.694,749.201
31,850,000 148,015,667
412.188.230
Common stocks
105.065,291
36,
317.776 137,383.069
9.716,850
3.397.320
13,114,170
195,115,706
195.115,706 1,091,189,041
13.829.722 1.105.018.763 4,407.144,340 654.705,552 5.061.849.S92
Canadian
Long-term bonds and notes_
285.550,000
140,000.000
45,851.000 259.733,500 285.550.000
213,882,500
140,000,000
Short-term
5.700,000
5,700,000
Preferred stocks
10,400,000
10,400.000
13,000,000
13,000.000
Common stocks
133.332
133,332
18.163,900
18.163,900
18.663,890
18,663,890
Other foreign
Long-term bonds and notes72,800.000
2,000,000 187.398,339
8,977.000 177.992.000 185,398,339
169,015,000
72,800.000
Short-term
1300.000
1.600.000
12,050,000
10.432,717
1 ,617,283
5,000.000
31,000,000
31,000.060
5,000,000
Preferred stocks
103,837,200
103.837,200
Common stocks
32.408.847
32.408.847
10.060,000
10.060,000
Total corporate
160.717,178 220,866,478 381,583,656
325.361,625 318.533,720 643.895,345 1,763,448,723 825,516,700 2,588,965,423 4,944,403,166 528,875,877 5,473,279,043 8,639,439.560 1,386,921.569 10026361,129
Canadian Government
60,000.000 60.000.000
26,015.000
40,000,000
66.015.000
61,812.000
40,922,000
52,212,000
9.600.000
7,158,006 137,744,000
9.500,000
50,422,C00
130,586,000
Other foreign Government_
68,250.000
68,250,000
417,306,000
64,580.000 481.886,000
Farm Loan issues
63,900,000
26,250,000
90,150,000
77,100,000
92.560,000 169,600,000
74,600.000
86.500,000
51.000,000 125,600,000
86,500,000
Municipal-States, cities, &c_..
489,515.907
30,459,531 519,975,438
762,479,650
87,000.429 849,480,079 1,234,837.425
12,875,942 1,430,650,900
53,045,132 1,487,313,248 1,417.774.958
21.417,508 1356,254,933 1,434.268.116
United States Possessions
1,500,060
1.500.000
1,292.000
1,292,000
5.090,000
1.699,000
5,090.000
10,325.000
1,699,000
10,325,000
Grand total
715,633.085 337.576.009 1,053,209,094 1,192,248,275 538,034.149 1.730,282.424 3.115,507.148 907.434,208 4,022.941,356 7,023,388,282 653.659,009 7.677.647.291 10182 766,518 1,409,397.511 11592 164,029
* Figures do not include an aggregate ol 5664,910,287 of funde made available to States and municiplaities by various agencies of the
Federal Government during the 12 months of 1933•
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITD STATES FOR THE 12 MONTHS ENDED DEC 31 FOR FIVE YEARS.
Financial Chronicle
212
Jan. 13 1934
DETAILS OF NEW CAPITAL FLOTATIONS DURING DECEMBER 1933.
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Purpose of Issue.
Amount.
Public Utilities
$
549,500 Refunding
Price.
To Yield
About.
Company and Issue, and by Whom Offered.
POO
6.50 Northwest Louisiana Gas Co., Inc., 1st M.6 As, due Dec. 1 1937. (Offered to holders of.company's 1st Mortgage 654s, due Dec. 1 1933.)
pe4.41
.100
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
Price
To Yield
a Amount
Involved. per Share. About.
a
%
Other Industrial and Mfg.
$
250,000 Expansion; new equipt.; wkg. cap_
275,000
555
35,000 aim Retire current obligations;wkg.cap.
1,500,000 Acquisitions: construction, &c... _-
551,250
3,450,000
15%
1134
826,700 Rehabilitate plant and equipment;
working capital
1,033,375
123-4
Company and Issue, and by Whom Offered.
Nisi
Berghoff Bros. Brewery, Inc. (Indiana) Common Stock. Offered by Central Securities Corp., Fort Wayne, Ind.
Brown-Forman Distillery Co. Common Stock. Offered by Haligarten dr Co. PIM
Distillers & Brewers Corp.of America Capital Stock. Offered by Emil J. Roth & Co..
New York.
Mei
Hammond Distilleries, Inc. (Indiana) Capital Stock. Offered by Paul W. Cleveland
& Co., Inc., Chicago. and Fuller, Cruttenden & Co., Chicago.
NSA
Mathieson Alkali Works (Inc.) Common Stock. Offered by company to stockholders;
underwritten.
4
Mission Dry Corp. Capital Stock. Offered by Redmond & Co., F. Eberstadt & Co..
Inc., and Burr & Co., Inc., New York.
6,232,830
30
145,000 Adaptation of plant; wkg.cap.,&c.
1.703,750
113j
300,000 Rehabilitate and equip plant; erect
warehouse
405,000
63-(
Old Joe Distilling Co. (Ky.) 8% Cum. Panic. Preferred Stock. Offered by Kerfoot.
Leggett & Co.. Chicago.
290.000 Purchase and install equipment;
working capital
329,450 Rehabilitate and equip plant; retire
mortgage; working capital
725,000
234
411,813
254
Penn York Distilleries,Inc. Capital Stock. Offered by Harris, Ayres & Co., Inc., N.Y.
VOA
Rock River Distillery, Inc. (Illinois) Common Stock. Offered by Harsin, Roberts
& Co., Chicago.
1111
225,000 Rehabilitate and equip plant; other
corporate purposes
562,500
23-4
Taylor (The K.) Distilling Co., Inc. (Ky.) Capital Stock. Offered by F. S. Yantis
& Co., Inc., New York.
•207,761shs Construction of plant
04111 ,
15,350,518
Miscellaneous
250,000 Additional capital
American Union Insurance Co. of New York Capital Stock. Offered by company
to stockholders.
250,000 100
FARM LOAN ISSUES.
Issue and Purpose.
Amount.
Price.
To Yield
About.
Offered by
8
14,250,000 Federal Intermediate Credit Banks 234%
Collateral Trust Debentures, dated Dec. 15
Price on application Charles It. Dunn, Fiscal Agent. New York.
1933, due in 3 months (refunding)
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No.
of Shares.
a Amount
Involved. Price.
To Yield
About.
Company and Issue and by Whom Offered.
Brown-Forman Distillery Co. Common Stock. Offered by Hallgarten & Co.
551,250 15%
35,000 she
•Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stocks are computed at their offering prices.
New Capital Issues in Great Britain During
Calendar Year 1933.
The following statistics have been compiled by the Midland
Bank, Ltd., of London, England. The compilations of the
emissions of new capital exclude all borrowings by the British
Government for purely financial purposes, shares issued to
vendors, allotments arising from the capitalization of reserve
funds and undivided profits, issues for conversion or redemption of securities previously held in the United Kingdom, short-dated bills sold in anticipation of long-term
borrowings, and loans by municipal and county authorities
except in cases where there is a specified limit to the total
subscription. They do not include issues of capital by private
companies except where particulars are publicly announced.
In all cases the figures are based upon the prices of issue.
SUMMARY TABLE OF NEW CAPITAL ISSUES IN
THE UNITED KINGDOM.
(Compiled by the Midland Bank, Ltd.)
Year to
Month of
Month of
Year to
December.
Dec. 31.
Dec. 31.
December.
£314,714,000
£26,362,000
£237,541,000 1927
£46,779,000
1919
362,519,000
384,211,000 1928
24,697,000
8,463,000
1920
253,749,000
215,795,000 1929
5,283,000
19,353,000
1921
15,862,000
236,160,000
235,669,000 1930
7,537,000
1922
88,666,000
203,760,000 1931
2,692,000
1,695,000
1923
4,312,000
113,038,000
223,546,000 1932
26,067,000
1924
219,897,000 1933
6,353,000
132,869,000
24,402,000
1925
253,266,000
20,163,000
1926
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS.
1932.
1031.
1933.
1930.
£16,925,542
£12,332,412
£2,895,798
£8,310,263
January
11,994,734
7,167,385
26,154,781
19,606,243
February
12,104,130
13,447,603
26,384,167
13,446,859
March
18,013,115
8,247,859
21,270,785
1,687,195
April
12,296,311
14,614,014
37,899,317
11,009,880
May
13,225,111
17,467,795
17,541,251
12,832,397
June
3,312,507
6,001,777
16,432,065
5,184,993
July
21,208,047
6,559,832
72,500
1,666,492
August
7,164,097
5,039,251
1,315,308
17,000
September
19,745,198
10,026,260
30,496,787
October
2,482,875
19,909,853
10,807,078
12,786,859
November
4,409,179
4,312,163
6,353,481
December
15,862,175
2,692,359
Year
£236,159,666 £85,686,192 £113,038,329 £132,868,896
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS.
United
India and Other British
Foreign
Kingdom.
Total.
Countries. Countries.
1931
Ceylon.
January
£7,843,000
£150,000
£994,000 £3,346,000 £12,333,000
10.000 19,606,000
5,952,000 12,115,000
February
1,529,000
2.428,000 13,447.000
March
7.442,000
119.000
3,458,000
304,000
1,371,000
12,000
1,687,000
April
924,000 10,025.000
50,000
11,000 11,010,000
May
4,366,000
22,000 5,344,000 3,100,000 12,832,000
June
2,279,000
8,000 5,185,000
13,000 2,885,000
July
1,632.000
29,000
5,000
1.666,000
August
1,294,000
September
1,315,000
21,000
2,473,000
10,000
2,483,000
October
24,000
4,335,000
4,409,000
November
50,000
2,676,000
16,000
2,692,000
December
Year
£42,588,000 £22.469,000 £14,363,000 10.246,000 E88.666,0G0
1932January
February
March
April
May
June
July
August
September
October
November
December
Year
1933
January
February
March
April
May
June
July
August
September
October
November
December
Year
Foreign
India and OtherBritish
United
Countries. Countries.
Ceylon.
Kingdom.
2,605,000
291,000
3,000
78,000 2,805,000
9,109,000
1,032,000
11,072,000
3,516,000 4,925,000
9,572,000
1,864,000
1.496,000
8,936.000
2,067,000
10,000
15,391,000
27,000
60,000
3,225,000
23,000
50,000
7,000
10,000
7,734,000
160,000
11,851,000
271,000
264,000
10,272,000
48,000
190,000
37,000
4,037,000
£83,817,000 £6,390,000 £22,483,000
7,875,000
4,917,000
12,287,000
7,283,000
9,328,000
16,029,000
5,232,000
1,285,000
6,738,000
6,814,000
12,172,000
5,098,000
56,000
30,000
1,000
£348,000 £113038,000
269,000
1,727,000
1,160,000
110,000
493,000
241,000
1,070.000
244,000
15,589,000
176,000
11,000
3,016,000
437,000
67,000
47,000
867,000
965,000
292,000
437,000
478,000
4,334,000
250,000
185,000
111,000
341,000
4,753,000
5,000
48,000
Total.
2,896,000
11,995,000
12,104,000
18,013,000
12,296,000
17,468,090
3,312,000
73,000
17,000
19,745,000
10,807,000
4.312,000
8,310,04)0
7,167,000
13,448,000
8,248,00
14,614,000
17,541,000
6,002,000
21,208,000
7,164,000
10,026,000
12,787,000
6,353,000
£95,059,000 £5,018,000 £24,796,000 £7,996,000 £132,869000
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY GROUPS.
(Compiled by the Midland Bank, Ltd.)
Year 1931.
Year 1932, Year 1933.
Governments:
United Kingdom
£2,520,000
£21,640,000 £3,500,000
India and Ceylon
4,745,600
8,931,600 21,141,880 20,231
Other British countries
240,000
Foreign countries
5,2
32
Totil
Municipalities and public boards:
United Kingdom
India and Ceylon
Other British countries
Foreign countries
£30,811,600 £24,641,880 £32,795,776
Total
Railways:
United Kingdom
India and Ceylon
Other British countries
Foreign countries
£10,306,682 £33,667,899 £31,956,601
Total
Banking and insurance
Breweries and distilleries
Electric light and power
Investment and finance
Gas and water
Iron, coal, steel and engineering
Mines
011
Property
Shipping and canals and docks
Tea, coffee and rubber
Telegraphs and telephones
Tramways and omnibuses
Miscellaneous commercial and industrial_
Total
•Including motors and aviation.
10,306,682
32,611,578
1,032,000
24,321
31,956,601
8,524,300
1,253,750
2,031,250
2,232,000
2,170,000
557,664
£9,778,050
2,017,046
498,750
11,862,314
3,508,858
6,187,569
1,864,719
934,093
714,002
4,214,475
155,250
190,419
2,068,074
12,522,552
235,625
12,567,380
£3,382,750
1,471,894
4.462,181
6,985,304
5,380,577
3,002,091
2,460,669
2,879,336
10.000
9,075,634
1,220,200
734,531
359,517
117,384
26,574,451
810,000
3,115,369
£3,925,369
136,500
1,068,150
5,899,347
8,170,765
2,321,006
2,524.500
3,951,983
1,351,500
£88,666,192 £113,038,329 £132,868,898
Volume 138
Financial Chronicle
213
Gross and Net Earnings of United States Railroads for the
Month of November.
Earnings of United States railroads just now are
making indifferent exhibits. Comparisons with the
previous year, speaking of the roads collectively, are
with very low figures, the lowest in a period of five
years, and yet there is no improvement of any great
consequence as against these diminutive figures. At
least, however, the showing for the month of November, which we are covering by our compilations today, is better than that for the month of October.
It will be recalled that in reviewing the comparative
results for October we pointed out that the returns
had grown steadily less favorable ever since the early
summer months. Especially was this true of the net
earnings. This appears from the fact that for the
month of June our tabulations showed a gain in net
of $47,429,940, or 100.87%; for July a gain of $54,334,821, or 117.74%; for August the gain was down
to $33,555,892, or 53.64%; for September it fell to
$11,129,616, or 13.39%; while for October there was
no gain at all, but a loss of $7,336,988, or roughly
7%%. For November now the showing, as already
indicated, is somewhat better. There is a gain again
in the net earnings, though it is very slight. As a
matter of fact the gain in the gross is also small, the
changes from the previous year being so slight that
they are of no great consequence. In brief, the
November increase in the gross for the whole body
or roads is only $7,278,342, or 2.87%, and in the net
earnings $2,904,522, or 4.54%. The favorable feature is really that the net earnings are again recording
an increase, even though small, after having suffered
a decrease in October.
There is, however, nothing to boast of in the
November comparisons inasmuch as they show only
a trifling recovery after a long series of decreases,
cumulative in nature, continued year after year.
In the case of the gross earnings the insignificant
increase of $7,278,342 comes after a shrinkage of no
less than $51,606,559 in November 1932; $93,375,649
in November 1931; $100,671,064 in November 1930
and $32,806,074 in November 1929. In the case
of the net earnings(after the deduction of operating expenses,but not of taxes)the 1933 increase of $2,904,522
follows a loss of $2,888,514 in November 1932;
$32,706,576 in 1931; $27,596,760 in 1930 and $30,028,982 in November 1929. The result is that the
gross in November 1933 stands at $260,503,983 as
against $530,909,223 in November 1928, while the
net for 1933 at $66,866,614 compares with $157,140,516 in November 1928—a dismal record on the
whole.
Mona of November—
1932.
1933.
Mlles of road (185 roads)____
242,708
244,143
Gross earnings
8280.503,983 $253.225,841
Operating expenses
193.837,389 189,283,549
74.74%
74.33%
Ratio of expenses to earnings_
Net earnings
$88.888,814
$83,982,092
(÷) of Dec. (—).
—1,435
0.59%
+87,278.342 2.87%
+4.373,820 2.31%
—0.41%
+82,904.522
4.54%
These returns of railroad earnings, however, refleet quite accurately the general trend of trade and
business during the closing months of 1933. After
the spectacular expansion in the leading lines of trade
in the early summer, there came a decided reaction
as it appeared that a quite reckless speculation had
carried both the security markets and the commodity
markets to unduly high levels. General trade,
therefore, experienced a setback which continued
until very close to the end of the year. Some of
the basic industries showed a somewhat larger volume
of business in the intervening months than in the
corresponding periods of the previous year, but that
hardly applied to trade as a.whole, where in view of
the monetary policy the Government at Washington has
been pursuing a spirit of caution prevailed, with a disposition to go slow for the time being. The automobile trade gave perhaps the best account of itself,
but the change in favor of 1933 was not very great,
the active season for the automobile having passed.
The Bureau of the Census reports that 63,904 motor
vehicles were turned out in the United States in
November 1933 which compares with 59,557 in
November 1932 and 68,867 in November 1931.
But in November 1930 the output was 136,754; in
November 1929 217,573 and in November 1928,
257,140. In some of the so-called heavy industries
production still ran considerably ahead of the previous year (though not of the earlier years) even
after the sharp setback during the summer. In July
1933 steel production had reached the high figure
of 3,203,810 tons, but in November the production
was down to 1,540,882 tons, and yet this compared
with only 1,032,221 tons in November 1932. Going
further back, however, it is found that the output
of steel ingots in November 1931 was 1,591,644 tons;
in 1930, 2,212,220 tons; in 1929, 3,521,111 tons and
in November 1928, 4,266,835 tons. The same state
of facts is found in the case of pig non. The make
of iron in the United States dropped from 1,833,394
tons in August to 1,085,239 tons in November, but
this last, nevertheless, compares with only 631,280
tons in November 1932. But the make of iron in
November 1931 was 1,103,472 tons; in 1930, 1,867,107 tons; in November 1929, 3,181,411 tons and in
November 1928, 3,302,523 tons.
In coal, which is a principal item of freight with
nearly all the roads in the country, virtually no
increase at all occurred in November 1933 as compared with the heavily reduced production of previous
years. The United States Bureau of Mines reports
that 30,582,000 tons of bituminous coal were mined
in this country in November 1933 as against 30,632,000 tons in November 1932 and 30,110,000 tons in
November 1931. And these figures compare with
38,609,000 tons in November 1930 and with 46,514,000 tons in November 1929. The production of
Pennsylvania anthracite is reported at 4,806,000 tons
for November 1933; 4,271,000 tons for November
1932; 4,149,000 tons for November 1931; 5,176,000
tons for November 1930; 5,820,000 tons for November 1929, and 7,575,000 tons back in November 1923.
Building construction ran a little heavier in 1933
than in 1932, but remained very low. According
to figures prepared by the F. W. Dodge Corp.,
November contracts for new construction of all
types awarded in the 37 States east of the Rocky
Mountains in November 1933 covered a total outlay
of $162,330,600 as against $105,302,300 in November
1932 and $151,195,900 in November 1931; but comparing with $253,573,700 in November 1930 and
$391,012,500 in November 1929. Lumber production reflected this somewhat greater activity and the
National Lumber Manufacturers' Association reports
that the cut of lumber in the United States for the
five weeks ended Dec. 2 1933 aggregated 754,403,000
feet as against 529,618,000 feet in the corresponding
214
Financial Chronicle
five weeks of 1932. Thus there was an increase of
42%, but as compared with 1931 the increase was
only 17%. The Western grain movement was
somewhat heavier than the small movement of 1932,
but ran well behind that for 1931 and for 1930. We
deal with the details of this grain movement farther
along in the present article and will only say here
that the receipts of wheat, corn, oats, barley and rye
at the Western primary markets for the four weeks
ended Nov. 25 1933 were 41,452,000 bushels against
34,437,000 bushels in the corresponding four weeks
of 1932; but comparing with 42,994,000 bushels in
the corresponding period of 1931 and 50,186,000
bushels in the same four weeks of 1930.
Freight traffic on the roads as a whole and for all
parts of the country combined appears to have been
somewhat greater than in 1932, but falling far short
of that of earlier years. It appears that for the four
weeks of November 1933, the number of cars loaded
with revenue freight on the railroads of the United
States aggregated 2,366,097 cars as against 2,189,930
cars in the four weeks of 1932, but comparing with
2,619,309 cars in the four weeks of November 1931;
3,191,342 cars in the corresponding four weeks of
1930 and 3,817,920 cars in the same four weeks of
1929.
As far as the separate roads are concerned, the
changes are somewhat irregular, decreases being well
interspersed with the increases, and with the changes
of any great consequence less numerous than in other
recent months. Southwestern roads and those in the
Pocahontas coal region as a rule give less favorable
accounts of themselves than most others. Southern
roads, as a rule, have done well, the same as in the
months immediately preceding. Among the great
East and West trunk lines, the Pennsylvania Regional
System reports $842,802 gain in gross, but $220,373
loss in net for the month; the New York Central,
including the Pittsburgh & Lake Erie and the Indiana
Harbor Belt, reported $64,312 decrease in gross and
$16,886 increase in net, this being indicative of the
relatively small changes shown by some very large
systems. The Baltimore & Ohio heads the list of
roads distinguished for large gains and shows an
addition to gross as compared with the previous year
of $1,438,608, but this is accompanied by a decrease
in net earnings of $82,942. Southern roads have done
more uniformly well than those of any other group,
about the only exception being that the Louisville
& Nashville while having added $63,684 to gross
runs $496,907 behind in net. The Southern Railway
continues its very exceptional record and has to its
credit a gain of $180,744 in gross for the month and
$463,413 in net.
Northwestern roads nearly all have done exceptionally well. The Great Northern has added $271,933
to gross and $72,898 to net, while the Northern
Pacific has enlarged its gross by $168,079 and its net
by $133,836. The Chicago Milwaukee St. Paul &
Pacific has bettered its gross of the previous year by
$48,712 and its net by $368,265. The Chicago &
North Western shows $308,892 increase in gross and
$289,981 increase in net. Southwestern roads on the
other hand have fared poorly as a rule, as already
indicated. The Atchison heads the list with $679,335
loss in gross and $621,346 loss in net. The Southern
Pacific, on the other hand, reports 48,067 gain in
gross and $634,953' gain in net. The Rock Island
shows $110,039 increase in gross and $153,251 increase in net. The Missouri Pacific has suffered a
Jan. 13 1934
reduction of its gross of $195,330 and of its net $320,606. The Texas Pacific shows a shrinkage of $200,855
in gross and of $125,916 in net. In the table below
we show all changes for the separate roads or systems
for amounts in excess of $100,000, whether increases
or decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF NOVEMBER 1933.
Increase.
Increase.
Baltimore & Ohio
$1,438,608 Bessemer & Lake Erie._ $135,936
Union Pacific (4 roads)._ - 956,898 Deny & Rio Grande West 125,078
Chic Burl & Quincy115,699
863,902 Lehigh Valley
Pennsylvania
842,802 Chic Rock Isl & Pac(2 rds) 110,039
Southern Pacific (2 roads) 448,067 Nashville Chatt & St L.. 103,684
Chicago & North Western 308.892
Great Northern
$8,209,293
•
271,933
Total (31 roads)
Atlantic Coast Line
270,461
Seaboard Air Line
Decrease.
Penne Reading S Lines
486
224638:215 Atch Top & S F (3 roads).. $679,335
N Y Chic & St Louis
67124:844745
a2
238,017 Norfolk & Western
Western Pacific
221,440 New York Central
Elgin Joliet & Eastern-__
207,263
207,149 Minn St P & S S Marie
Erie (3 roads)184,204 Texas & Pacific
200,855
Southern Ry
197,104
180.744 Long Island
Los Angeles & Salt Lake-_
195,330
178.476 Missouri Pacific
Northern Pacific
100,876
168,079 Wabash
Delaware & Hudson
165,898
Union RR of Penna
Total (9 roads)
$2,468,082
163,586
a These figures cover the operations of the New York Central and the
St. Louis, Michigan Central,
leased lines-Cleveland Cincinnati Chicago &
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result Is a
decrease of $64,312.
PRINCIPAL CHANGES IN NET EARNINGSFOR THE MONTH OF
NOVEMBER 1933.
Increase.Increase.
Burl & Quincy--- $759,420 Bessemer & Lake Erie_ _ _ $215,211
Chicago
Southern Pacific (2 roads) 634,953
Total (27 roads)
$5,457,686
463,413
Southern Railway- - - ___
.
Chic Milw St P & Pac- 368.265
Decrease.
Erie RR (3
$
roads)17786
2 9
Chicago & North Western 389, 11 Norfolk & Western
276,378 Atch Top & F (3 roads). 621,346
Chesapeake Sr Ohio_ ____
496,907
Union Pacific (4 roads)...... 269,529 Louisville & Nashville__
320,606
262,483 Missouri Pacific
Delaware & Hudson
ke
240, 3
92 37
33 9
3
225661:047186 WPereelyinlvgar RR
Seaboard Air Line
Lake Erie__ 181.650
Atlantic Coast Line
192,967 Minn St P & S S Marie__
132,625
Chicago Great Western
190,688 St L San Fran (3 roads)._126,738
St L Southwest'n Lines
125,916
171,270 Texas & Pacific
Western Pacific
Chic Rock 131 & Pac(2 rds) 153,251 Central RR of New Jersey 116,422
108,248
133,836 Wabash
Northern Pacific
103,944
Spokane Port! & Seattle... 115,857 NYNH& Hartford
Los Angeles & Salt Lake- 114,673
Total (16 roads)
$3,498,114
11113,027
New York Central _
Note.-The figures covering the operations of the New York Central and
the leased lines-Cleveland Cincinnati Chicago & St. Louis. Michigan
Central, Cincinnati Northern and Evansville Indianapolis & Terre Haute
show a decrease of $34,112. Including Pittsburgh & Lake Erie and the
Indiana Harbor Belt, the result is an increase of $16,886.
When the roads are arranged in groups or geographical divisions, according to their location, the chief
features already noted find reflection anew. The
Southwestern region shows a falling off in gross and
net; the Southern district gives a particularly good
account of itself, except that the Pocahontas coal
region has suffered a decrease in gross and net alike.
The Northwestern region has enlarged its net in
exceptional meaSure and the Central-Western region
also is favored with inusually good figures of both
gross and net. Our summary by groups appears
below. As previously explained, we group the roads
to conform to the classification of the Inter-State
Commerce Commission. The boundaries of the
different groups and regions are indicated in the foot
note to the table.
SUMMARY BY GROUPS.
----Gross Earntnn (+)or Dec.
.
io
District and Region.
33.
19$
((-)
Month of NoremDerEastern District11,524,930
+15,186
0.39
New England region (10 roads)___ 11,570,116
50,707,497 50,280,422
+517,075
1.03
Great Lakes region (30 roads)
50,765,800
+3,093,531
6.09
Central Eastern region (25 roads)._ 53,859,331
116,226,944
112,571,152
+3,655,792
3.25
31,581,674
15,912,088
30,240,643
16,444,159
+1,341,031
-532,071
4.43
3.24
47,493,762
46,684,802
+808,960
1.73
Northwestern region (17 roads)_ _ 28,731,486
Central Western region (22 roads)_ 46.428,545
21,623,246
Southwestern region (28 roads)
27,738,441
43,625,913
22,605,333
+993,045
+2.802,632
-982,087
3.58
6.42
4.34
Southern District
Southern region (29 roads)
Pocabontas region (4 roads)
Total(33 roads)
Western District
-
93,969,687
+2,813,590
96,783,277
2.99
Total(67 roads)
-+7.278,342 2.87
260,503,983 253,225,641
Total all districts (165 roads)
Net Earnings
District and Region.
1933.
Month of Nor.- - iieage--1032. Inc•(+) or Dee.(-)
1932.
1933.
Eastern District2,907,000 +134,730 4.61
7,272 3,041,730
New England region__ 7,177
Great Lakes region ___ 27,145 27,362 11,025,771 10,597,660 +428,111 4.04
Central Eastern region 27,467 27,502 14,554,855 14,666,647 -111,792 0.76
61,789 62,136 28,622,356 28,171,307
Total
Southern District
5.949,938
39,566 39,862 6.760,356
Southern region
7,473,094
6.103 6,871,532
Pocahontas region.. _ 6,051
Total
1Vester n District
Northwestern region..
Central Western reg'n
Southwestern region
Total
45,617 45,965 13,631,888
48,651 48,845
53,650 53,955
33,001 33,242
5,910,766
13.876,247
4,825,357
13,423,032
+451,049
1.60
+810,418 13.62
-601,562 8.05
+208,856
1.56
4,719,600 +1,191,166 25.24
11,853,556 +2,022,691 17.06
5,794.597 -969,240 16.73
135,302 136,042 24,612,370 22,367,753 +2,244,617 10.04
Total all districts. _ _ _ 242,708 244,143 66,866,614 63,962,092 +2,904,522 4.54
Volume 138
NOTE.
-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region -This region comm Lses the New England States.
Great Lakes Region -This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region -This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va.. and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Southern Region.
-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
Pocahontas Region.
-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg
W.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to Its mouth.
WESTERN DISTRICT.
Northwestern Region.
-This region comprises the section adjoining Canada lying
west of the Great Lakes Region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region.
-This region comprises the section south of the Northwestern Region, west of a line from Chicago to Peoria and thence to St. Louts. and
north of a line from St Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Ream-This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the filo Grande to the Gulf of Mexico.
As already pointed out, Western roads, taking
them collectively, had the advantage of a larger
grain movement in November 1933 than in the month
the previous year. While the receipts of all the
different grains, with the single exception of wheat,
ran heavier than in November 1932, the increase was
mainly in the item of corn, the receipts of which at
the Western primary markets for the four weeks ended
Nov. 25 1933 reached 21,178,000 bushels as compared
with 11,395,000 bushels in the corresponding four
weeks of 1932. The receipts of wheat for the four
weeks were only 11,375,000 bushels as against
16,692,000 bushels in November 1932; of oats
4,261,000 bushels as compared with only 2,797,000
bushels; of barley 3,322,000 bushels compared with
3,150,000, and of rye 1,316,000 as compared with
only 403,000 bushels. Altogether, the receipts of
the five cereals (wheat, corn, oats, barley and rye)
aggregated 41,452,000 bushels in the four weeks of
November 1933, as against 34,437,000 bushels in the
corresponding four weeks of 1932, but comparing
with 42,994,000 and 50,186,000 bushels, respectively,
in the same four weeks of 1931 and 1930. In the
following table we give the details of the Western
grain movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
4 Weeks
Ended
Flour
Wheat
Barley
Corn
Oats
Rye
Nov. 25. (Bbls.).
(Bush.).
(Bush.).
(Bush.).
(Bush.).
(Bush.).
Chicago
1933 ___ 700,000
1,157,000 9,482.000
372,000
1,032,000
893,000
1932 ___ 739,000
274,000 6,429,000
466,000
252,000
8.000
Minneapolis
1933 _
635,000 1,491,000
2,477.000 1,520,000
261,000
1932 __ _
10,000 4,091,000
349,000
677,000 1,408,000
305,000
Duluth
1933 _
1,782,000
163,000
608,000
217,000
76,000
1932 14.000
5,174,000
39,000
597,000
56.000
Milwaukee
1933 ___
1,218,000
46,000
159,000
141.000
880.000
11,000
1932 ___
561,000
54,000
46,000
693,000
670,000
1.000
Toledo
1933
167,000
410,000
543,000
1,000
1,000
1932.....183,000
193.000
83,000
1,000
9.000
De -troll
1933
42,000
37,000
95,000
71.000
25.000
1932 ___
10,000
20,000
85,000
24,000
20,000
Indianapolis & Omaha' 1933 _
531,000
1.262.000 3,007,000
21.000
1932 717,000
1,215,000
795,000
1.000
St. LOUIS
1933 ___ 541,000
1,104,000
352,000
992,000
38,000
3,000
1932 ___ 492,000
262,000
925,000
1,174,000
78.000
3.000
Peoria
1933 __
171,000
159,000
130.600 2,045,000
246.000
23,000
1932 ___ 160,000
94,000
1,099,000
35,000
107,000
Kansas City
146,000
50,000 2,133,000 1,255,000
1933 - -1932 -__
88,000
534,000
47,000 3,267,000
Si. Joseph
1933
.
703,000
185,000
122.000
1932
99,000
155,000
297,000
Wichita
5,000
1933
132,000
491,000
1932
1,000
2,000
655,000
Sioux City
1933 8,000
340,000
32,000
6,000
2,000
1932
18.000
11.000
20,000
47,000
Total all
1933
1,406,000 11,375,000 21,178,000
1932 ___ 1,502,000 16,692,000 11,395,000
215
Financial Chronicle
4,261,000 3,322.000 1,316,000
2,797,000 3,150,000
403,000
Jan. 1 to
Flour
Wheat
Nov. 25. (Bbls.).
(Bush.).
Chicago
1933 _ 8,043,000 12,276,000
1932 ___ 7,932,000 13,887,000
Minneapolis
1933
59,124,000
1932 ___
10,000 53,094,000
Duluth
1933
42,948,000
1932
37,798,000
Milwaukee
1933 ___ 593,000 2,112,000
1932 ___ 510,000 2,947,000
Toledo
1933 ___
20,000 10,685,000
1932
12.784,000
Detroit
1,044,000
1933
1932
1,553,000
Indianapolis db Omaha
1933__
11,000 18,893,000
1932 ___
38,000 21,145,000
St. Louis
1933 ___ 5,864,000 17,109.000
1932 ___ 6,284,000 21,587,000
Peoria
1933 ___ 2,045,000 1,764,000
1,579,000
1932 __ 2,108,000
Kansas City
1933 ___ 585,000 40,622,000
1932 ___ 489,000 68,580,000
St. Joseph
4,185,000
1933 _
1932 ___
4,000 5,142,000
Wichita
12,360,000
1933 _
1932 _
19,722.000
Sioux City
779,000
1933
1932 ___ 239,000 1,977,000
Oats
(Bush.).
Corn
(Bush.).
Barley
(Bush.).
MAT
(Bush.).
83.382,000 19,781,000 8,100.000 4,408,000
982,000
66,317,000 27,451,000 3,652.000
15,707,000 21,977,000 21,710,000 5.303,000
5,836,000 11,766,000 12,672,000 4.130.000
9,215,000 12,338.000 5,815,000 4,706,000
342,000 1,595,000 2.802,000 1,620,000
16,707,000
7,233,000
6,330.000 11.733,000
2,201,000 6,450,000
546,000
90,000
1,878.000
2,435,000
4,029,000
7,778,000
38,000
78,000
41.000
217.000
403,000
149,000
670,000
700,000
810,000
685,000
265,000
286.000
38,017.000 14,409,000
18,180,000 14,945,000
4.000
49,000
23,000
62,000
19,262,000
13,170,000
7,240,000
995,000
4,804,000 1,200,000
191,000
91.000
17,209,000
11,986,000
3,857,000 2,361,000 1,945,000
49.000
3,065,000 2.497,000
16,806,000
7,181.000
2,560,000
1,511,000
7,894.000
2,226,000
1,984,000
1,671,000
617,000
369,000
102,000
34,000
2.000
24.000
1.000
2,038,000
1,889,000
649,000
600,000
339,000
137,000
201,000
10,000
2,000
Total an
1933 ...._17,161,000 223,901,000 229,135,000 95,926,000 51,907,000 17,630,000
1932 _17,614,000 261,795,000 137,313,000 78,121,000 30,246,000 7,439.000
The Western livestock movement, on the other
hand, appears to have been somewhat smaller than
in November 1932. At Chicago the receipts comprised only 12,289 carloads, against 12,776 carloads
in the previous year; and at Kansas City but 4,043
carloads, against 4,503 cars, though at Omaha they
were 3,823, as compared with 3,485 cars.
Coming now to the cotton traffic in the South,
while the overland movement of the staple was
larger than in November 1932 the receipts of cotton
at the Southern outports were the smallest in all
recent years, the receipts of the staple during November 1933 having been only 1,167,881 bales, as compared with 1,665,269 bales in November 1932;
1,586,882 bales in November 1931; 1,459,571 bales
in November 1930; 1,389,118 bales in November 1929,
and 1,593,144 bales in November 1928. Gross
shipments overland in November 1933 aggregated
175,795 bales, as against 82,172 bales in November
1932; 103,352 bales in November 1931; 93,125 bales
in November 1930, and 67,874 bales in November
1929, but comparing with 189,385 bales in November 1928. In the subjoined table we give the details
of the cotton receipts at the different Southern
outports for the last three years:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN NOVEMBER 1933.
1932 AND 1931. AND SINCE JAN. 1 1933, 1932 AND 1931.
Since Jan. 1.
Month of November.
Ports.
1933.
Galveston
Houston, die
New Orleans
Mobile
Pensacola
Savannah
Charleston
WllmIngton
Norfolk
Corpus Christi
Lake Charles
Brunswick
Beaumont
Jacksonville
Total
1932.
1931.
1933.
1932.
1931.
407,276 478,829 457,129 1.879.682 1.990,718 1,449,079
432,632 680,966 660,866 2,741,861 2,607.258 2,592.652
230,134 329,781 250,761 1,610,292 2.119,478 1,010.571
75.786 261,794 428,033 403.468
48,196
27,211
82,003
12,245 134,829 131,035
14,827
3,662
11,535
29,387 209.803 205,513 375,149
15,272
15,621 194,481 161,850 138.211
18,545
11,828
50,152
49,269
32,869
8,457
3,100
9,816
85,499
44,145
47.436
14,820
8,737
5,788
35,678 442,128 318,229 408.112
23,122
14,565
18,879 130,954 152,384 53,947
10,778
21,481
10,357
48,221
22,517
11,138
435
3,347
15,468
34,139
8,999
4,601
678
7.503
20,179
12,561
16,277
2,217
1,612
793
1.167,881 1,665,269 1,686,882 7,733,922 8,302,933 6,692,847
•
RESULTS FOR EARLIER YEARS.
While the showing for the whole of the last four years has
been exceptionally poor, there having been, as already shown, $7,278,342 increase in gross and $2,904,522
increase in net, after $51,606,559 loss in gross and
$2,888,514 loss in net in 1932, $93,375,649 shrinkage
in gross and $32,706,576 shrinkage in net in 1931, and
$100,671,064 shrinkage in gross and $27,596,760 shrinkage
in net in 1930, it happens, as already pointed out that
there was some shrinkage even in, November 1929, when
216
Financial Chronicle
business depression was already in its initial stages. The
falling off in gross in November 1929 was $32,806,074, and
in net $30,028,982. This came, it is true, after $26,968,447
gain in gross and $29,896,691 gain in net in 1928, but these
latter gains represented a recovery of only a portion of the
large falling off which the roads suffered in November 1927,
when general trade was on the decline and other adverse
conditions affected results unfavorably, and when our tabulations registered a contraction of $58,159,905 in gross and
of $32,544,547 in net. Extending the comparisons still
further back, it is found that the heavy loss in 1927 came
after only moderate increases in November 1926, our comRilations for this last mentioned year having shown only
$28,736,430 increase in gross and $10,065,218 increase in net.
In November of the preceding year (1925) the gains likewise
were moderate, our tabulation at that time recording $26,960,296 gain in gross, or 5.34%, and $16,775,769 gain in net,
or 12.77%. Moreover, this 1925 gain in gross came after a decrease of virtually the same amount in November 1924 as
compared with 1923. It amounted, therefore, to merely a
recovery of what had been lost the previous year. November
1924, it will be recalled, was the time of the Presidential election, when industrial activity was greaty stimulated by the
result of that election. But trade, nevertheless, was of much
smaller volume than in November 1923, which accounts for
the $26,135,505 decrease then shown. However, while the
1924 gross was diminished in the sum named, there was at
that time no loss in the net, inasmuch as operating expenses
were curtailed in amount of no less than $32,485,896, leaving
the net at that time larger by $6,350,391.
As a matter of fact, up to 1927 the improvement in the
net was continuous year by year ever since 1919, often in
the face of a heavy falling off in the gross earnings. In
November 1923 the change from the previous year was small,
there having been $7,648,500 increase in gross and $7,307,781
increase in net. In November 1922 our statement showed
$57,618,155 gain in the gross and $15,846,050 gain in the
net. In November 1921 there was improvement in the net
even in face of the great falling off in gross revenues. By
drastic cuts in every direction, a saving in expenses was
then effected in the extraordinary amount of $144,962,518,
leaving, therefore, $18,934,852 increase in the net, notwithstanding a loss of $126,927,666 in the gross. November of
the previous year was one of the few months of the year 1920
that netted fairly satisfactory net results, our compilations
for November 1920 having registered $154,239,572 increase
in gross (mainly because of the higher schedules of transportation charges put into effect a few months before),
and $37,533,530 of this having been carried forward as a
gain in the net.
In the years immediately preceding 1920, however, the
November showing was bad, large losses in the net having
piled up in 1919, 1918 and 1917. In 1919„ particularly, the
showing was extremely poor, this having been the period
of the strike at the bituminous coal mines. This strike
had the effect of very materially contracting the coal traffic
over the railroads and proved a highly disturbing influence
in other respects. The result was that our tabulations
Ian. 13 1934
recorded a loss in gross and net earnings alike for the monthonly $2,593,438 in the former, but $26,848,880 in the net
earnings, or over 35%. Added emphasis attached at the
time to this large loss in the net because it came on top of a
considerable shrinkage in the net in November of the previous
year. In November 1918 a tremendous augmentation in
expenses had occurred, owing to the prodigious advances
in wages made that year. These wage advances, with the
great rise in operating costs in other directions, so augmented
• railroad expenses that the increase in the latter far outdistanced the gain in gross revenues, even though these were
swollen by the higher rates put in force some months before.
The gain in the gross then reached $82,163,408, or 23.06%,
'the augmentation in expenses amounted to no less than
$102,091,182, or 39.16%, leaving the net reduced by $19,927,774, or 20.80%. The year before (1917)a closely similar
situation existed and our tabulation for November 1917
recorded $33,304,905 increase in gross earnings, but $20,830,409 decrease in the net. It was in the prodigious expansion of the expenses in these early years that there
existed the basis for the retrenchment and economies effected
in subsequent years. In the following we furnish the
November summaries back to 1906. For 1910, 1909 and
1908 we use the Inter-State Commerce totals, which then
were on a very comprehensive basis, but for preceding
years (before the Commerce Commission required monthly
returns) we give the results just as registered by our own
-a portion of the railroad mileage of the
tables each year
country being always unrepresented in the totals in these
earlier years, owing to the refusal of some of the roads at
that time to give out monthly figures for publication.
Gross Earnings.
Net Earnings.
Year
Year
Given.
Year
Inc.(+)or
Preceding. Dec.(-).
Year
Given.
Year jInc.(-I-) or
Preceding. Dec.(-).
Nov.
1906 - 140,697,123131,123,621 +9,573,502 48,065,287 46,506,18
1907 - 138,079.281133,284.42
+4,794.859 39,171,387 46,113,471
1908 - 211,597,792220,445,47. -8,847,673 74,511.332 66.294,996
1909 - 248,C87,581 211,784,35 +36,303,201 94,531,128 74,556.97
1910 - 248,559,120 247,564,47
+994,659 83,922.437 94,383,39
1911 - 241,343,763243,111,388 -1,767.625 79.050.299 82,069,166
1912 276,430,016 244,461,84 +31,968,171 93,017.842 80,316.771
1913 269,220,882278.364,47
-9,143.593 78,212,966 93,282,86
1914 _ 240,235,841 272,882,181 -32,646.349 67,989,515 77,567,898
1915 - 306,733,317240,422,696 +66.310,622 I18,002,025 67.090.131
1918 -330,258.745306,606,471 +23.652.274118,373,536118,050,448
1917.360,062,052 326.757.147 +33.304.90596.272.210117,162,62S
1918 _ 438,602.283356.438,87. +82,163.408 75,882,188 05.809,962
1919 - 436,436,551 439.029,98
-2.593.48 48,130,467 74,979,347
1920 - 592.277,620 438.038.04 +154,239.57 85.778,171 48,244,641
1921.
464,440,498 590,468.1 -126,027.6661 97,366,284 78,431,412
1922 523,748,483 466,130.32 +57,618.155413,662,987 97.816.937
1923 530.106,708 522 458 2
+7.648,500124.931.318117,623.537
1924 504,589.052530,724,56 -26,135.505435,105,125125,084,71
1925 531,742,071 504.781,77 +26,960.298148.157.616131.381.847
1926 - 559,935,895531,199,46
. .
.
1927 - 502,994,051 561,153,956 -58.159.905 125,957.014 158,501,561
1928 - 530.909.223503,940.776 +26,968.447 157,149.516 127,243,825
1929 - 498,316,925531,122.999 -32,806.074 127.183.307157.192,289
100,671,064 99.528.934 127.125,694
1930_
211.453498,882.51
.
1931 304,896.868398,272,51 -03,375,649 66,850.734 99,557.31
1932 253,223.409 304,829,968 -51,606,659 63.966.101 66,854,615
1933 260.503,983253,225,641 +7.278,342 66,866,614 63,962.092
+1,569,127
-6,942,084
+8.216,336
+19.974.158
-10.460,960
-3,018,867
+12,701,071
-15,069,894
-9,578,383
+50.002,894
+323,000
-20,830,409
-19,927,774
-26,848,880
+37,533.530
+18.934,852
+15,848,050
+7.307,781
. +6,350,391
+16,775.768
+10.065,218
-32,544,547
+29,896.691
-30,C28,982
-27,598.760
-32,706,576
-2,888,514
+2.904,522
Note,--In 1906 the number of roads Included for the month of November was 97
In 1907,87:In 1908 the returns were based on 232,577 miles of road; in 1909,239,038,
In 1910, 241,272; In 1911, 234.209: In 1912. 237,376; in 1913, 243,745; in 1914
246.497; In 1915, 246.910; In 1916, 248,863; in 1917, 242,407; In 1918, 232,274;In
1919, 233,032; In 1920, 235,213:10 1921, 236,043; In 1922. 235,748; in 1923,253,589;
In 1924, 236,309; in 1925, 236.726; In 1926, 237.335; in 1927. 238,711; In 1928.
241,138; In 1929, 241,695; In 1930. 242.616; in 1931, 242,734; in 1932, 241.971:10
1933, 242,708.
Listings on the New York Stock Exchange for the Calendar Year 1933
The aggregate of new securities listed on the New
York Stock Exchange during the calendar year 1933
(apart from Government issues) discloses once again
the changes that have taken place in the general
financial situation throughout the United States.
These changes, starting with 1930, brought about
by the economic and industrial conditions and business depression, are reflected in a huge shrinkage
in the total of bond and stock issues of railroad,
public utility and miscellaneous companies listed on
the Stock Exchange as compared with the years
preceding. The total of corporate securities listed
during 1933 aggregated $373,137,314, the smallest in
39 years, or since 1895, when the amount reached
$300,649,370. The total of $373,137,314 for 1933
compares with $687,564,099 in 1932, $2,703,030,179
in 1931, $7,632,633,397 in 1930 and $9,151,523,107
in`1929, which last was the biggest on record for
any 12 months' period in the history of the Exchange. In this the comparison is in accord with
the actual corporate financing for the 12 months as
represented by stock and bond issues offered on the
investment market by corporations, where there has
also been an enormous shrinkage during the last
four years in the offerings of new securities. Full
details regarding the latter appear elsewhere in this
issue in our article on "New Capital Flotations for
the Calendar Year." The latter compilations constitute an accurate index of new financing done and
cover the entire country. The Stock Exchange listings relate to an entirely different thing. They embrace not only new but also old securities which have
just found their way to the Exchange, and they
relate only to the New York Stock Exchange, by
which we mean that they do not include listings on
any of the other stock exchanges of the country.
Volume 138
Financial Chronicle
They also include securities replacing old securities,
which process occurs chiefly in cases of recapitalization and of reorganizations.
Among other features in connection with the year's
listings we note the following: (1) The entire absence
for the second year in succession of the listing of any
foreign government and municipal securities as compared with $200,150,000 in 1931 and $401,338,000
in 1930. We note also the listing of $2,938,224,600
United States Government securities. (2) The sharp
decrease in the amount of corporate bonds listed,
the total reaching $140,796,025, the lowest since
1885, or as far back as our records go. This compares with $328,297,600 in 1932, $1,140,591,572 in
1931 and $2,044,305,437 in 1930, the largest for any
single year in the history of the Exchange. (3) A
further decrease in the aggregate total of stocks listed,
as distinguished from bonds, the amount footing up
$232,341,289, this figure being the lowest since
the year 1904, when the amount was $175,866,800.
The 1933 figure of $232,341,289 compares with
$359,266,499 in 1932,$1,562,438,607 in 1931,$5,588,327,960 in 1930, and $7,500,355,347 in 1929, the
record for any single year in the history of the Exchange.
As in 1932, several companies adopted as a means
to create capital surpluses the expedient of reducing
the stated value of their stocks without reducing the
number of shares outstanding and transferring the
surplus thus created to their surplus accounts.
Others, with the implied intention of saving to their
stockholders and others trading in their stocks the
additional transfer tax fees levied during 1931 and
1932 by the Federal and State Governments,changed
their stocks from no par shares to shares having a
par value without in any way changing the number
of shares outstanding. A list of these companies is
given below. However, as these transactions in no
way alter the status of the shares listed, that is, the
shares as changed are not considered as new or additional listings issued for corporate purposes or
for refunding purposes, they do not enter into our
totals. In like manner, the listing of trust company
receipts for securities previously listed are not included in our calculations. These are, however,
brought together in separate tables below.
The corporate bond issues listed during 1933, as
already stated, aggregated $140,796,025, as against
328 millions in 1932, 1,140 millions in 1931, 2,044
millions in 1930 and 1,651 millions in 1929. Of the
1933 total, railroad bonds comprised $113,725,100,
as against $72,758,700 in 1932, $418,635,572 in
1931 and $940,401,837 in 1930. Of the 1933 total,
$12,000,000 were issued for new capital and $101,725,100 were issued for refunding and like purposes.
Public utility bonds listed in 1933 foot up $4,081,800,
as against 196 millions in 1932, 523 millions in 1931
and 585 millions in 1930. Industrial and miscellaneous bonds listed in 1933 reached only $22,989,115.
This compares with 59 millions in 1932, 198 millions
in 1931 and 518 millions in 1930.
The volume of stocks listed in 1933, as already
noted, reached $232,431,289 and compares with
359 millions in 1932, 1,562 milions in 1931, 5,588
millions in 1930 and 7,500 millions in 1929. Of the
232 millions listed in 1933, railroad stocks comprise
only $218,400, which compares with 53 millions in
1932, nine millions in 1931 and 745 millions in 1930.
Public utility stocks listed in 1933 aggregated only
$15,120,242, against 114 millions in 1932, 237 mil-
217
lions in 1931 and 1,441 millions in 1930, which latter
was a high record. Industrial and miscellaneous
stocks listed during 1933 reached $217,002,647,
which compares with 191 millions in 1932, 1,315
millions in 1931, 3,401 millions in 1930 and 5,795
millions in 1929, the highest on record. Of the
$217,002,647 listed in 1933, $50,390,651 was for new
capital, $108,751,530 represented old stocks just
listed and $57,860,466 was for refunding purposes, &c.
The total note issues put out in 1933, but not listed
on the Exchange (as compiled further on in this
article) shows a sharp decline under 1932. The
amount in 1933 reached $46,825,300, as compared
with 128 millions in 1932, 257 millions in 1931 and
649 millions in 1930. This table of note issues includes principally notes issued for extensions or
renewals of maturing bonds or notes, or represents
short-term financing. Our object in referring to this
table here is because companies in taking care of
their immediate wants through this class of financing
act to that extent to diminish the volume of stocks
and bonds that would normally be presented for
listing on the Exchange.
The following table embraces the record of aggregate
corporate listings for each of the last 10 years:
CORPORATE LISTINGS ON NEW YORK STOCK EXCHANGE.
Issued for New
Capital, &c.
Bonds.*
1933
1932
1931
1930
1929
1928
1927
1928
1925
1924
Old Issues
Now Listed.
$
16,081.800
294.923,900
623,598.672
1,725.295.150
1,190,959.555
884,883,600
1,092,920,490
852,762,800
1,030,620,216
597,242,100
8
Replacing
Old Securities.
5.000.000
3,578,000
3,410.000
15,000,000
12,428,000
25,107,500
36.623,489
$
124,714,225
28,373,700
513,414,900
315.600.287
445,208.205
953,305,766
746,613,210
238.906,200
520.514.391
406,587,832
Total.
$
140,796.025
328,297.600
1,140,591,572
2.044.305,437
1,651,167,760
1.838,189,366
1,851,961,700
1,091,669.000
1.576,242,107
1,040,453,421
Stocks.
232,341,289
108,751,530
58,080,216
37,489,798
116,369,263
359,266,499
82,485,537 1.133.057.046 1,562,438,607
546.199,903 2.318.321,661 5.588.327,960
1,032,197,383 3.807,368.587 7,500,355,347
443,339,549 1,719,529,458 4,352,044.791
217.562,446 1,885,332.325 3,409,373,296
687,584,274 1,601,981,439 3.711,450,408
344,713,098 1,295,985,711 2,701,007,800
286.501.896 1.020,605,601 1,932.313.689
•Government issues, foreign and domestic, not here included,shown separately.
Note.—Applicat ons for the listing of trust company receipts and of securities
marked "assented" (if preparatory to reorganization), or of securities stamped
"assumed" or "assessment paid"—the securities themselves having previously
been listed—are not included in this table.
65,509,543
205,407,438
346,896.024
2,723,806,396
2,660.789,377
2,189,175,784
1,306,478,525
1,421,884,695
1,060,308,991
625,206.192
1933
1932
1931
1930
1929
1928
1927
1926
1925
1924
In the following we classify the figures so as to indicate
the amounts under each leading head, namely, railroad,
public utility and industrial and miscellaneous companies.
This table shows at a glance the volume of bonds and stocks
listed during the last 10 years by each of the different groups
mentioned:
Stocks.
Bonds.
Public
Railroad.IJa1lass.
Indus. &
Miscall.
Railroad,
Public
Utilities.
Industrial &
Miscellaneous
15,120.242 217,002,647
218,400
1933 113,725,100 4,081,800 22,989,125
1932 72,758,700 196,223.000 59,315,900 53.483.000 114,271,513 191,511,986
1931 418.635,572 523,800,000 198,156,000 9,869,270 237,193,009 1.315,376,328
1930 940.401,837 585,098.300 518,805,300 745.974,094 1,441,236,493 3,401,117,373
1929 567,890.460 471,134,300 612,143,000 265,148.356 1,439,787.105 5,795,419,886
1928 726,503,066 407,186.300 704,500,000 533.603,989 1,396,823,452 2,421,617,350
1927 591,746,000 386,131,500 874,084,200 320.436.200 722,494,135 2,366,442,961
1926 246,643,000 345,551.500 499.474,500 93,955.290 594,557,424 3.022,937.694
1925 634,183,468 448,344,172 493,714,467 211,528,440 432.310,099 2.057,169,261
1924 451,866,855 343,819,000 244,766.666 203.465,920 504.253,16 1,224,594,600
In the following tabulations we undertake to show how
much of the listings in the above were for foreign purposes.
We give first the amounts of securities of foreign corporations per se, and secondly the amounts of securities of American corporations issued for acquiring or financing and developing properties outside the United States. Both amounts
as already stated, are included in the totals of corporate
listings in the above:
SECURITIES OF FOREIGN CORPORATIONS PLACED IN THE UNITED
STATES AND LISTED ON THE NEW YORK STOCK EXCHANGE.
Bonds.
Railroad.
1933
1932 ___
1931 ___
1930 --_
1929
1928
1927 ___
1926 ___
1925 ___
1924
Public
Utilities.
Stocks.
Indus. &
Miscall.
Railroad.
50,000,000 22,800,000
80,000,000
3,578,000 2,729,100
179.313,000 74,726,500 112,795.500 332,270,900
125,000,000 130,890,000 267,161,000 41,790.900
15,750,000 98,102.500 203,352,000 46,572,339
106,376,000 51,909,500 174,352,500
23,293,000 136.726.000 143,226,000 39,934,300
119,007,000 17,266,000 35,500 000
11,962.000 18,000,000 28,500,000
Public
Utilities.
Indus. ct
Miscall.
1,915,170
301.280
19,534.347
3.640.000 18,535.185
322,896 78,051.068
2.988.720 82,970,060
400,000
843.700
8,407,918
218
Financial Chronicle
SECURITIES OF AMERICAN COMPANIES ISSUED FOR FINANCING
OPERATIONS OUTSIDE UNITED STATES.
Bonds.
Public
Railroad.
1933 ___
1932
1931
1930
1929
1928
1927
1926
1925
1924
Stocks.
Indus. &
Miscell.
Railroad.
$
Public
Utilities.
Indus. cfc
Miscell.
$
50,000,000
57,000,000
7,500.000
5,500,000
25,479,000
500.000
176,880
1,874,700
3,322,440
50,000,000
157,378
36,551,800
63,199,372 12.136,144
1,360,000
124,335,974 9,685,340
25,000,000 31,500,000 144,339,323 86,755,025
33,000,000
51,236.176 33,428,240
15,000,000
38,569,973 68,135,413
86,250,000
68,149,667 40,642,000
30,000,000 25,775,934 5,792,760
Government issues, foreign and domestic, are not included
in the above tables. As already stated, no foreign Government securities were listed on the Exchange during 1933.
The following is the aggregate amount of such issues listed
or authorized to be listed for the past 10 years:
GOVERNMENT BONDS LISTED ON NEW YORK STOCK EXCHANGE.
Foreign Issues
U. S. Government
(Incl. Canadian).
Securities.
1933
1932
1931
1930
1929
1928
1927
1926
1925
1924
Total.
$2,938,224,600
82,938,224,600
2,121,410,350
2,321,560,350
401,338,000
153,295,000
1,138,639,200
1,097,729,600
1,108,084,100
607,700,000
7051 790 750
$200,150,000
401,338,000
153,295,000
888.639,000
602,831,500
613,186,000
697,700,000
ARR.7207Afl
250,000,000
494,898,100
494,898,100
eon ono non
GOVERNMENT BOND ISSUES LISTED AND AUTHORIZED TO BE
LISTED DURING 1933.
United States of America
Treasury 4s. 1947-52
3758.983,300
Treasury 43.1s to Oct. 15 1934-331s thereafter. 1943-45--- 1,344,767,200
Treasury 3hs. 1941
834,474.100
Total
$2,938,224,600
The purposes on account of which the several blocks of
bonds listed during the year were issued are seen from the
following:
RAILROAD BONDS LISTED FIRST SIX MONTHS OF 1933.
Company and Class of BondAmount.
Purpose of Issue.
Chicago & N W gen 5s, 1987
32.887,000 Refunding
Cincinnati Union Terminal Co
1st 5s,series C
12,000,000 Capital expenditures
New Orleans Texas & Mexico
1st.55, series B,1954
373,600 Exch for income bonds
New York Chicago & St Louis
6% notes, 1935
13,909,500 Refunding
New York & Erie 3d mtge 40.
'38 4,616,000 Extension of bonds due '33
Total
333,786,100
RAILROAD BONDS LISTED SECOND SIX MONTHS OF 1933.
Company and Class of BondAmount.
Purpose of Issue.
Baltimore & Ohio RR
Ref & gen 5s,series F,1996
$31,560,500 Refunding
Chicago & N W gen 5s, 1987
3,892,000 Refunding
Galveston Houston & Henderson
1st lien & ref 5%s,1938
2,584,500 Refunding
NY Chic & St L 6% notes, 193.5... 1,038,000 Refunding
St Paul Minn & Manitoba RyConsol mtge 58 (ext), 1943
40,864,000 Extension of bonds
Total
379.939,000
PUBLIC UTILITY BONDS LISTED FIRST SIX MONTHS OF 1933.
Company and Class of BondsAmount.
Purpose of Issue.
Mont Pow Co 1st & ref 5s, 1943...$4,081,800 Acquisition
PUBLIC UTILITY BONDS LISTED SECOND SIX MONTHS OF 1933.
None
INDUSTRIAL BONDS LISTED FIRST SIX MONTHS OF 1933.
Company and Class of BondsAmount.
Purpose of Issue.
Kelly Springfield Tire Co
6% notes, 1942
32.950.000 Each for pref stk of constituent company
Lehigh Val Coal Co 6% notes, 1938 4,257,500 Refunding
Total
$7,207,500
INDUSTRIAL BONDS LISTED
Company and Class of BondsAmer Chain Co 1st & coll tr 6s 1938
Amer Rolling Mill Co 5% cony
notes, 1938
Lehigh Val Coal Co 6% notes, 1938
SECOND SIX MONTHS OF 1933.
Amount.
Purpose of Issue.
$4,335,625 Refunding
9,537.000 Refunding
1.909,000 Refunding
Total
$15,781,625
RAILROAD STOCKS LISTED FIRST SIX MONTHS OF 1933.
Company and Class of StockPurpose of Issue.
Amount.
Southern Pacific Co common
$218,400 Each for St I. Southw stock
RAILROAD STOCK LISTED SECOND SIX MONTHS OF 1933.
None
PUBLIC UTILITY STOCKS LISTED FIRST SIX MONTHS OF 1933.
Company and Class of StockAmount.
Purpose of Issue.
American & Foreign Power Co.Inc
Common (53,600 shs)
*31.206.000 Expansion
Electric Power & Light Corp
Common (51.024 shs)
*1,199,054 Acquis of stks of constit cos
Federal Lt & Trac Co common- _ -80.550 Stock dividend
North American Co
Common (341,055 shs)
3,410,550 Stock dividends
Radio Corp of Amer pref A
5,001,350 Modification of leases, &c
Total
$10,897,504
PUBLIC UTILITY STOCK LISTED1SECOND SIXUNIONTHS OF 1933.
Company and Class of StockAmount.
Purpose of Issue.
American & Foreign Power Co
*3668,700/Expansion
Common (29,720 shs)
Electric Power & Light Corp-Common (16,588 shs)
*389,818 Acquis of stks of constit cos
North American Co
Common (316,422shs)
*3,164,220 Stock dividends
Total
$4,222,738
Ian. 13 1934
INDUSTRIAL STOCKS LISTED FIRST SIX MONTHS OF 1933.
Amount.
Purpose of Issue.
Company and Class of StockAmerican Agricul Chemical Co (Del)
Common (9,121 shs)
*$364,840 Issued per plan of Conn Co
American Commercial Alcohol Corp
Common
204.200 Acquisition
*4,000 Conversion of notes
A P W Paper Co corn (320 shs)
Bigelow-Sanford Carpet Co, Inc
*1,750,000 Old stock just listed
Common (35,000 shs)
*23,400 Acquisition
Crosley Radio Corp com(5,000 shs)
Curtiss-Wright Corp common
67,011 Corporate purposes
Deere & Co corn (1,078,640 shs)- _ _ *21,572,800 Old stock just listed
Douglas Aircraft Co, Inc
*554,345 Issued to bankers under opt
Common (110,869 shs)
167,360 Conversion of pref stock
Freeport Texas Co common
2,500,000 Corporate purposes
6% preferred
Goodyear Tire & Rubber Co
*93,0871 Exchange for stocks of
Common (93,087 shs)
*168,3005 constituent companies
$7 Cum pref stock (1.683 shs)
10,861,850 Old stock just listed
Hazel-Atlas Glass Co cap stock_
3.794,305rued in exchange for
Kelly-Springfield Tire Co com
stocks of constituent cos
*5,264,700
$6 preferred (52,647 shs)
290,285 Issued per reorg plan of
Kelsey-Hayes Wheel Co class A.._ _
290,2851 Kelsey-Hayes Wheel Corp
Class B
Kennecott Copper Corp
*502,348 Acquis of Nev Consol stock
Capital stock (101,690 shs)
Libbey-Owens-Ford Glass Co
*429,331 Conversion of notes
Common (66.460 shs)
-Liquid Carbonic Co
*127,483 Acquisition
Common (7,594 shs)
4,290,000 Acquis of constituent co
Monsanto Chemical Co common
National Distillers Products Corp
*7,319,631 Cony of pref, wkg cap, &c
Common (227,813 shs)
North American Aviation Inc stock 1,316,074 Acquis stock of constit cos
Owens Illinois Glass Co common- 5,570,675 Acquis of constituent cos
Pan American Petroleum & Trans6,434,380 Acquis stock of constit co
port Co common
171,000 Exch stocks of assoc cos
Socony-Vacuum Corp cap stock-.
1,949,111 Issued for acquis of prop
Sperry Corp v t c for common
65,000 Issued for services rendered
Superior Oil Corp stock
Thatcher Mfg Co corn (15,000 shs)- *120,000 Acquisition
Tr -Continental Corp
*104,052 Acquis of constituent cos
Common (104.052 shs)
49,261 Issued per plan of readjust
Van Raalte Co Inc capital stock.. _ •
$76,419,114
Total
INDUSTRIAL STOCKS LISTED SECOND SIX MONTHS OF 1933.
Amount.
Purpose of Issue.
Company and Class of StockAmer Commercial Alcohol Corp
$1,118,000 Acquis; corporate purposes
Common
Baldwin Locomotive Works
*5,323,120 Exercise of stk warrants
Common (210,400 sirs)
Beneficial Industrial Loan Corp
*14,916,410 Old stock just listed
(2,094,859 shs)
Common
3,501,400 Segregation of Drug Inc
Bristol-Myers Co capital stock
Central Aguirre Associates
*176,880 Stock dividend
Common (35,376 shs)
Commercial Solvents Corp
*800,000 Acquisition
(105.000 shs)
Common
20,000 Issued per refinancing plan
City Stores Co corn (20,000 shs)--217,960 Corporate purposes
Curtiss-Wright Corp common
Federal Screw Works
206,250 Issued per readl. plan
Common (41,250 shs)
380,110 Cony of prof stock
Freeport Texas Co common
Hayes Body Corp
*40.932 Working capital
Capital stock (16,373 shs)
Kroger Grocery & Baking Co
*435,000 Corporate purposes
Common (17,400 shs)
Libbey-Owens-Ford Glass Co
*914.478 Conversion of notes
Common (141,560 shs)
1,750,700 Segregation of Drug Inc
Life Savers Corp capital stock
3.728,670 Acquisition of property
Marancha Corp common
30,000 Purchase of property
Monsanto Chemical Works corn_ _ 238,650 Working capital
Moto Meter Gauge & Eq Corp com
National Aviation Corp cap stock.. 47,735,300 Old stock just listed
National Distillers Products Corp
*3,922,000 Acquisition
Common (106,000 shs)
Pacific Western Oil Corp
*10,000,000 Old stock just listed
Capital stock (1,000,000 shs)
75,831 Corporate purposes
Peerless Corp capital stock
2,482,250 Issued for recaPital Plan
Pierce
-Arrow Motor Car Co corn..
Roan Antelope Copper Mines, Ltd
x1,915,170 Old stock just listed
American shares (383,034)
Schenley Distilleries Corp cap stk_ 5,250,000 Acquisition of constit co,&c
130,875 Exch stocks of assoc cos
,
Socony-Vacuum Corn car stock17,507,000 Segregation of Drug Inc
Sterling Products (Inc) cap stock
*4,775,347 Stock dividend
Sun Oil Co corn (140,958 sirs)
77,000 Corporate purposes
Superior Oil Corp stock
Transue & Williams Steel Forging
*560,000 Working capital, &c
(28,000 ribs)
Corp common
650.000Working capital
Truscon Steel Co common
U S Industrial Alcohol Co
*1,200,000 Acquisition
Common (17.392 shs)
7,002.800 Segregation of Drug Inc
United Drug Inc capital stock
3,501,400 Segregation of Drug Inc
Vick Chemical Inc cap stock
Total
$140,583,533
*Includes shares of no par value. The amounts given represent the
declared or stated value.
x American shares are issued by Irving Trust Co. as depositary. Each
American share represents four ordinary shares (par 5 shillings each) dePosited under the deposit agreement dated July 10 1928.
As has been our practice, we give herewith a list of the new
(unlisted) notes issued for one thing or another during 1933.
This compilation is entirely distinct from the corporate listings and the amounts are not included in the above tables.
Note issues represent principally short-term financing and
thus act to diminish the volume of stocks and bonds that
would normally be presented for listing on the Exchange.
NOTE ISSUES NOT LISTED DURING 1933.
Maturity.
Amount.
Rate.
Rate.
Date.
RailroadsInternat'l Rye of Central America_.6% Apr. 1 1933 Apr. 1 1934 $1,600.000
Public Utilities
Edison Electric Ilium Coot Boston
Apr. 15 1933 Oct. 16 1933 10,000.000
Discount notes
5% Apr. 15 1933 Apr. 15 1936 16,000,000
3
-year coupon notes
5% Jan. 1 1933 Jan. 1 1938
5,500,000
Hackensack Water Co
New York Water Service Corp_ _6% Nov.30 1932 Nov.30 1935
1,500,000
Public Utility Holding Corp of Am_7% Apr. 15 1933 Apr. 15 1935
6,091,200
Industrial & Miscellaneous
Kingston Barrel Corp
6% June 1 1933 June 1 1934
100,000
Ozark Barrel & Body Corp
6% Aug. 15 1933 Aug. 14 1934
75.000
United States Rubber Co
6% June 1 1933 June 1 1936
5,959,100
Total railroad companies for 1933
Total public utility companies for 1933
Total industrial and miscellaneous companies for 1933
Total all companies for 1933
Total as reported in 1932
Total as reported for 1931
Total as reported for 1930
Total as reported for 1929
Total as reported for 1928
Total as reported for 1927
Total as reported for 1926
Total as reported for 1925
Total as reported for 1924
$1,600,000
39,091,200
6,134,100
46,825.300
128,250,000
257,850,000
649,695,000
164,292,500
216,162,000
273,755,000
427,124,500
424.784,050
335,100,000
Volume 138
Financial Chrcnicle
In the following tables we give a list of the securities for
which trust company receipts were issued during 1933, a
list of companies for which new certificates were issued
through change in name without changing the number of
shares listed; also a list of companies the par value of whose
shares have been changed, the number of shares listed remaining undisturbed. These securities are not included in
our tables above as they represent substitutions for securities
already listed and are not considered by us as new or additional listings. The tables follow:
SECURITIES FOR WHICH CERTIFICATES OF DEPOSIT WERE LISTED,
THE SECURITIES THEMSELVES HAVING BEEN PREVIOUSLY
LISTED.
Bonds.
Burlington Cedar Rapids & Northern Ry,New York Trust Co. ctfs. of deposit for consol. 1st 5s, 1934
$11,000,000
Chicago & Eastern Illinois Ry.-Chemical Bank dr Trust Co. ctfs. of
deposit for gen. mtge. 5s, 1951
31,001,100
Chicago Rock Island & Pacific Ry.Bankers Trust Co. ctfs. of deposit for gen. mtge. 4s, 1988
61,581,000
Central Hanover Bank & Trust Co. or Harris Trust & Savings Bank
ctfs, of deposit for 1st & ref. 4s, 1934
104,470,000
City Bank Farmers Trust Co. or Continental Illinois National Bank &
Trust Co. Ms. of deposit for secured 4e,1952
40.000,000
Consolidation Coal Co.-Ctfs, of deposit for 1st Sr ref. Is, 1950
18,733,000
Karstadt (Rudolph), Inc.
-Dillon, Read & Co. ctfs. of deposit for let
mtge. & coll. trust 6s, 1943
13,793,000
Lehigh Valley Coal Co.
J. P. Morgan & Co. ctfs, of deposit for 1st mtge. 4s, 1933
911,000
J. P. Morgan Sr Co. ctfs. of dep. for 1st mtge. Is, 1933
7,773,000
Missouri Pacific RR.
-Guaranty Trust Co. or St. Louis Union Trust
Co. Ws. of deposit for 1st & ref. Is:
Series A
17.840,500
Series F
95,000,000
Series G
25,000.000
Series II
25,000,000
Series I
61,200,000
Norfolk Southern RR.
-Central Hanover Bank & Trust Co. ctts. of
deposit for 1st & ref. Is, 1961
11,604,000
Northern Ohio Ry.-National State Bank of Newark ctfs. of deposit
for 1st mtge. Is, 1945
2,500,000
Paramount Broadway Corp.
-Chemical Bank & Trust Co. Ws. of dep.
for 1st mtge. Is
8.875,000
Paramount Famous Lasky Corp.
-Chase Nat. Bank ctfs. of dep.for 65... 11,918,000
Paramount Publbc Corp.
-Chase Nat. Bank Ws.of deposit for
13,259,000
St. Paul Minneapolis & Manitoba Ry.J. P. Morgan & Co. ctfs. of deposit for cons. 4s
7,822,000
J. P. Morgan & Co. ctfs. of deposit for 1st cons. es
13,344.000
J. P. Morgan & Co. Ws. of deposit for cons. 40
20,797,000
Studebaker Corp.
--Guaranty Trust Co. abr. of deposit for 6% notes__ _ _ 14,861,100
Wabash Ry.-Chase National Bank or Mississippi Valley Trust Co.
Otis. of deposit for ref. & gen. mtge. bonds:
Series A Iyi%, 1975
12,500,000
Series B Is, 1976
15,500,000
Series C
1078
17,867,000
Series]) as, 1980
15,000,000
Stocks.
Shares.
Bush Terminal Building Co.
-Bankers Trust Co. ctfs. of deposit for
7% cum. pref. stock
70,000
Paramount Publix Corp.-Ctfs, of deposit for common stock
3,392,307
Producers & Refiners Corp.-Ctfs. of deposit for 7% pref. stock
2,873,100
STOCK FOR WHICH VOTING ;TRUST CERTIFICATES WERE LISTED
(The Stock Having Been Already on the List)
No. of Shares.
General Refractories Co.(no Dar)
113,939
SECURITIES FOR WHICH NEW CERTIFICATES WERE LISTED,
THROUGH CHANGE IN NAME OF COMPANY, WITHOUT CHANGING NUMBER OF SHARES OF STOCK ALREADY LISTED.
No. of Shares.
General American Transportation Corp. (from General American Tank
Car Corp.)
818,833
Peerless Corp. (from Peerless Motor Car Corp.)
436,739
CERTIFICATES LISTED IN CONNECTION WITH STOCK SPLIT UP,
THE OLD CERTIFICATES HAVING ALREADY BEEN LISTED.
No. of Shares.
National Distillers Products Corp.
-Common (3 for 1)
1,884,083
CERTIFICATES LISTED IN CONNECTION WITH REDUCTION IN
CAPITAL, REPLACING OLD CERTIFICATES ALREADY ON LIST.
American Shares.
North German Lloyd of Bremen-"American shares" (new), representing Common stock, issued in ratio of 1 new sh. for each 3surrendered
15.099
COMPANIES CHANGING PAR OF SHARES WITHOUT CHANGING THE
NUMBER OF SHARES LISTED.
No. of Shares.
No. of Shares.
Addressograph Multigraph
Kayser (Julius)& Co.,corn__ 8484,120
Corp., common
c760,213 Kresge Dept. Stores, Inc..
Amalgamated Leather Co.
common
d243,524
Common
d175.000 (P.) Lorillard Co
c1,890,646
$7 cum. pref. stock
150,000 Magma Copper Co., common c408,155
Amer. Home Prod. Co. corn. c1672,100 May Dept. St's Co., corn
c1,367,326
Amer. Type Founders corn..
b90,0b0 Mohawk Carpet Mills, Inc.,
Amer. Writing Paper Co.
common
e600,000
common (v. t. c.)
d 190,663 Moto Meter Gauge & Equip.
Arnold Constable Corp. capiCorp., common
d508,082
tal stock
a337,109 Motor Wheel Corp., common 2850,000
Beatrice Creamery Co.coin._
1377,719 National Acme Co.. common d500,000
Bohn Aluminum & Brass
National Steel Corp.,stock h2,156,832
Corp. capital stock
a352,418 National Supply Co., corn
1382,591
Canada Dry Ginger Ale, Inc.,
North Amer. Aviation, Inc
32,118,959
common
a512,631 Pacific Coast Co., common
570.000
Capital Administration Co.,
First preferred
b15,250
Ltd., common
d143,405
Second preferred
b40,000
$3 pref. (par $10)
543,400 Pan American Petroleum &
Transport Co
Commercial Credit Co. corn. c954,052
23,416,069
Continental011 Co.common_ a4,722,522 Park Sr Tilford, Inc., corn
d218,722
Drug,Inc.,stock
c3,501,499 Petroleum Corp. of America,
common
DunhillInternet 1,Inc.,cons
d145,866
a2,162,960
Corp.,
Electric Auto Lite Co. corn__ a929,834 Schulte Retail Stores
Eureka Vacuum Cleaner Co. a275,618
common
d1,138,711
Freeport Texas Co., common c729,844 Superior Oil Corp., cap. stk. d776,979
General Asphalt Co., corn_
c413,333 Telautograph Corp., stock
a228,760
(Adolf) Cobol, Inc., corn.. - a430,990 Tennessee Corp.,stock
5858,204
Grand Union Co. trust (as.
Thermoid Co., common
d256,056
for common stock
d280,504 U.S. Hoffman Mach'y, corn_ a222,204
(A.) Hollander & Son, Inc.,
Universal Pipe & Red., corn_ d488,276
capital stock
a200.000 Utilities Power & Light Co.,
class A
Insurawrhares Certificates,
d1,642.989
Inc., common
d894,539 Van Raalte Co., Inc., Corn.,..
a80,000
International Hydro-Electric
Warner Bros. Pictures, Inc.,
System, class A
common
b858,197
23,801.344
a New stock of $5 par issued in exchange for stock of no par, share for share.
b New stock of no par issued in exchange for shares of $100 par, share for share.
c New stock of 810 par issued in exchange for shares of no par, share for share.
d New stock of $1 par issued in exchange for shares of no par, share for share.
e New stock of $20 par Issued in exchange for shares of no par, share for share.
New stock of $50 par issued in exchange for shares of $100, share for share.
New stock of $10 par issued in exchange for shares of $50, share for share.
h New stock of $25 par Issued In exchange for shares of no par, share for share.
I New stock of $25 par issued in exchange for shares of $50, share for share.
3 New stock of 81 par issued in exchange for shares of $5,share for share.
219
The Course of the Bond Market.
The second week of Federal guarantee of small bank deposits saw a strengthening of bond prices in all grades of
bonds. Prices were firm early in the week, made considerable progress on Wednesday, and pushed up for impressive
net gains, in some instances of several points, on Thursday.
Further progress was recorded on Friday. Utility issues,
particularly among the lower grades, profited most in the
upturn, while rails were very strong too. In a press conference, President Roosevelt announced on Wednesday that
he favored the systematic retirement of railroad and other
utility bonded indebtedness out of earnings, and that he
believed regulatory bodies should take this factor into consideration in the supervision of rates. The market responded
most favorably to this pronouncement.
U. S. Government bonds lost about a point in price early
this week but recovered some of this loss on Thursday and
.
Friday. Heavy spending by the Government will necessitate considerable financing and will possibly cause an
earlier action to dollar devaluation and stabilization. Manipulation of the daily gold price was at any rate abandoned as
a major monetary policy some time ago. The President
asked Congress for authorization of Government guarantee
of the principal as well as the interest on the agricultural
mortgage refunding bonds. This produced a sharp price
recovery among these issues. The dollar was up a little
from last week, being slightly over 64 cents. Rumors of an
early Government action on gold devaluation and realization of the profit on Federal Reserve holdings of the metal
have become more persistent recently.
High grade railroad bonds advanced moderately in the
past week, Atchison Topeka & Santa Fe gen. 4s, 1995,from
93% to 94% and Pennsylvania 4s, 1948, from 100% to 101.
Among the lower grade issues, however, gains were very
large. Chicago Rock Island & Pacific 4s, 1988, gained 6
points to 59%, Southern Pacific 4%s, 1981, 6 points to 59,
Chicago Milwaukee St. Paul & Pacific 5s, 1975,.5 points to
43 and the defaulted Missouri Pacific 5s, 1977, 43 points
to 283 . Developments in the railroad situation were
4
highly favorable. Carloadings exceeded even optimistic
expectations; the Inter-State Commerce Commission and
President Roosevelt indicated their desire for railroad sinking funds for debt retirement; the President voiced his
opinion that rates should not be so low that sinking funds
could not be provided.
After good signs of strength in the first few days, a substantial buying wave on Thursday swept utility issues of all
classes upward in a manner that has not been seen for many
months. Bonds in the lower investment brackets were of
course the most responsive. Northern Ohio Traction &
Light 6s, 1947, were up 5% to 80%, Tennessee Eleetrio
Power 6s, 1947, up 11 to 74, Central Illinois Public Service
3
5s, 1956, up 6% to 60; Georgia Power 5s, 1967, up 7% to
68%, and Power Securities Corp. 6s, 1949, up 7% to 54.
High grades were also in demand as were New York tractions,
many of which are now close to or above the 1933 highs.
Continued strength was evident in the industrial bond
list this week. Highest grade issues were firm and some
gained ground. Second line and speculative issues scored
wider advances. A feature was the advance in Bethlehem
issues whose interest and principal is payable at the holder's
option in foreign currencies, Bethlehem Steel 5s, 1942,
gaining 5 to 107. A similar issue, Lackawanna Steel 5s,
1950, was 5 points higher to 102. Steel bonds as a whole
were strong. Tire and rubber issues made further moderate
advances and oils moved fractionally forward. In other
classifications, National Dairy 53s, 1948, gained 1% more
on this move to 843.; International Cement 5s, 1948, were
up 2% to 82%; and Certain-teed Products 5%s, 1948, were
1% higher to 56%.
Continued strength in Scandinavian bonds, with Finnish
issues making new highs for 1933-34, characterized the foreign
bond market. Advances also occurred in Australian, Argentine, Austrian and Hungarian bonds. German issues,
both government and corporate, were irregular. Japanese,
Chilean and Belgian bonds were slightly higher. Market
appreciation in Batavian Petroleum 4%s, Royal Dutch 4s
and Rotterdam 6s expressed market optimism with regard
to the possible ultimate payment of these issues on a gold
equivalent basis.
Moody's computed bond prices and bond yield averages
are given in the tables below:
220
Financial Chronicle
MOODY'S BOND PRICES.'
(Based on Average Yields.)
1934
Daily
Averages.
Jan. 12
11
10
9
8
6
5
4
3
2
High 1933
Low 1933
High 1932
Low 1932
Year Ago
Jan. 12 1933
Two Years Ago
Jan. 12 1932
AN
120
Domes
-
120 Domestics by Ratings.
Aaa.
87.69
86.91
85.74
85.23
84.97
84.85
84.85
84.85
85.10
85.10
92.39
74.15
82.62
67.57
Aa.
106.25 95.48
105.89 94.88
105.72 94.29
105.54 93.99
105.37 93.85
105.37 93.40
105.37 93.26
105.54 93.11
105.54 93.55
105.37 93.55
108.03 100.33
97.47 82.99
103.99 89.72
85.61 71.38
MOODY'S BOND YIELD AVERAGES.1
(Based on Individual Closing Prices.)
120 Domestics
by Groups.
A.
Baa.
RR.
84.85
84.35
83.11
82.50
82.02
82.02
82.02
81.90
81.78
81.90
89.31
71.87
78.55
54.43
70.52
69.31
67.42
66.64
66.38
66.47
66.55
66.64
66.90
67.07
77.66
53.16
67.86
37.94
88.36
87.56
86.64
85.99
85.61
85.61
85.74
85.87
86.25
86.12
93.26
69.59
78.99
47.58
P. U. Indus.
78.44
77.00
75.19
74.46
74.36
74.25
74.25
74.46
74.57
74.88
89.31
70.05
87.69
65.71
98.09
98.25
97.78
97.62
97.31
97.16
97.00
96.54
96.54
96.54
99.04
78.44
85.61
62.09
83.97 105.54
92.39
81.90
64.55
75.71
89.31
87.69
73.55
82.38
71.96
55.29
70.52
81.07
69.86
93.40
Jan. 13 1934
All
1934
120
Dolly
DarnelAverages. tie.
Jan. 12...
11._
10...
9
8.._
6__
Jan. 5._
3
Low 1933
High 1933
Low 1932
High 1932
Yr. Ago-Jan.12'33
2 Yrs.Apo
Jan.12'32
5.59
5.65
5.74
5.78
5.80
5.81
5.81
5.81
5.79
5.79
5.25
6.75
5.99
8.74
120 Domestics by Ratings.
120 Domestics
by Groups.
Aaa.
Aa.
A.
Baa.
RR.
4.38
4.40
4.41
4.42
4.43
4.43
4.43
4.42
4.42
4.43
4.28
4.91
4.51
5.75
5.04
5.08
5.12
5.14
5.15
5.18
5.19
5.20
5.17
5.17
4.73
5.96
5.44
7.03
5.81
5.85
5.95
6.00
6.04
6.04
6.04
6.05
6.06
6.05
5.47
6.98
6.34
9.23
7.12
7.25
7.46
7.55
7.58
7.57
7.56
7.55
7.52
7.50
6.42
9.44
7.41
12.96
5.54
5.60
5.67
5.72
5.75
5.75
5.74
5.73
5.70
5.71
5.19
7.22
6.30
10.49
40
ForP. U. Indus. dons.
6.35
6.48
6.65
6.72
6.73
6.74
6.74
6.72
6.71
6.68
5.47
7.17
5.59
7.66
4.87
4.86
4.89
4.90
4.92
4.93
4.94
4.97
4.97
4.97
4.81
6.35
5.75
8.11
8.33
8.32
8.39
8.46
8.53
8.56
8.55
8.61
8.60
8.65
8.63
11.19
9.86
15.83
5.88
4.42
5.25
6.05
7.80
6.60
5.47
5.59
9.69
6.81
5.18
6.01
6.97
9.09
7.12
6.12
7.19
13.79
Notes.-* These prices are computed from average yield on the basis of one "ideal" bond (4%% coupon, maturing in 31 years) and do not purport to show either
She average level or the average movement of actual price quotations. They merely serve to illustrate in a more comprehensive way the relative levels and the relative
movement of yield averages, the latter being the truer picture of the bond market. 1 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.
Annual Report of Secretary of Treasury-Net Public Debt Rose $3,051,670,116 in Fiscal Year to
Total of $22,538,672,560-Report Estimates Additional Increase of $6,141,297,168 This Year,
but President's Budget Message Placed Rise at $7,309,068,211-Marked Gain in Internal Revenue Receipts Noted-Review of Emergency Banking and Monetary Measures, &c.
While the annual report of the Secretary of the Treasury
was submitted to Congress on Jan. 4, under the name of
William H. Woodin, the latter had already withdrawn from
the Cabinet because of his continued ill-health, his resignation, presented to President Roosevelt under date of Dec.
13, having been accepted Dec. 20, effective Dec. 31, as was
noted in our issue of Jan. 6, page 54.
The report bears date Nov. 20, and besides detailing the
Treasury's financial position, reviews the emergency banking and monetary measures, as well as the emergency legislation incident to the Government's recovery program.
The expenditures of the United States Government for
the fiscal year ended June 30 1934 are estimated in the report
at $9,891,178,467. The report includes a detailed accounting which showed an expansion of $3,051,670,116 in the
net public debt in the 1933 fiscal year, as well as proposals
to enlarge the outstanding debt an additional $6,141,279,168
in the current fiscal year. The figures contained in the report are in many instances rendered obsolete by those contained in President Roosevelt's Budget message of Jan. 4.
This message listed about $1,150,000,000 additional emergency expenditures for the current year which were not included in the Secretary's report, and estimated nearly
$2,000,000,000 more for the 1935 fiscal year.
Thus, where the Budget message mentioned an increase
of $7,309,068,211 in the public debt during the current fiscal
year, the Treasury report predicts a debt increase of only
$6,141,297,168. Where the Budget message lists an increase of $1,968,133,221 in the Governmental debt in the
1935 fiscal year, the Treasury report predicts a debt decline
of $15,477,708.
Regarding the receipts and expenditures of the fiscal year
1933, the report says:
RECEIPTS.
Total receipts, exclusive of trust fund Items, during the fiscal year
1933 were $2,079.696,742. as compared with $2.005,725,437 in 1932.
A large increase in miscellaneous internal revenue receipts, chiefly due
to new and increased taxes, and a somewhat smaller increase in miscellaneous receipts more than offset the continued decline in receipts from
income taxes and customs duties.
Miscellaneous internal revenue receipts in 1933 constituted 41% of
total receipts, the largest proportion since 1924, while the percentage
derived from income taxes was less than in any of the preceding nine years.
Income tax receipts, which in recent years have usually accounted for
more than half of the total receipts, were only 36% of the total in 1933.
RECEIPTS BY MAJOR SOURCES FOR THE F.ISCAL YEARS 1932 AND 1933.a
[Dollars in millions]
Source.
Internal revenue:
Income taxes:
Current corporation
Current individual
Back taxes.0
Total income taxes
Miscellaneous internal revenue:
Increased taxes, Revenue Act of 1932:
Documentary stamps:c
Capital stock transfers
All other_d
Estates
Admissions
1932.
1933.
/am (+)
Decr.(-)
516.9
351.1
189.3
319.4
295.0
131.8
--197.5
-56.1
-57.5
1,057.3
746.2
--311.1
17.7
10.2
47.4
1.9
33.2
20.2
e29.7
15.5
+15.5
+10.0
--17.7
+13.6
Source.
1932.
Internal revenue (Concluded)
New taxes, Revenue Act of 1932:
Manufacturers' excise:
Gasoline
Automobiles, trucks, tires, and parts or
accessories
Electrical energy
Lubricating oils
All other
Total miscellaneous internal revenue
Customs
Total internal revenue and customs
Miscellaneous receipts:
-owned securities:
Proceeds from Government
Foreign obligations
All other
All other receipts, exclusive of trust fund items_
Total miscellaneous receipts, exclusive of
trust fund Items
Total receipts, exclusive of trust fund items
10cr. 1+)
Deer.(-)
124.9
+124.9
32.8
28.0
16.2
45.3
+28.6
+16.2
+45.3
247.8
+247.8
+38.5
+14.6
+14.7
317.5
81.1
27.9
38.5
14.6
14.7
35.2
328.4
74.3
6.1
+10.9
-6.8
-21.8
+354.5
Total manufacturers' excise taxes
Checks
Telephone, telegraph, radio and cable_
All other.!
Fermented liquor, Act of March 22 1933___ _
Small cigarettes
All other tobacco manufactures
All other internal revenue_b
1933.
+32.8
+35.2
503.7
858.2
327.7
250.8
-76.9
1,888.7
1,855.2
-33.5
US
22.4
94.6
98.8
32.1
93.6
+98.S
+9.7
117.0
224.5
+1074
2,005.7
2,079.7
+74.0
a On basis of daily Treasury statements (unrevised), supplemented by report of
the Commissioner of Internal Revenue. General and special funds combined;
for description of funds, see p. 276 [pamphlet report]; for classification by funds,
see D. 281 !pamphlet report].
b Includes ad,ustment to basis of daily Treasury statements (unrevLsed).
c Stamp taxes on playing cards and boats included elsewhere.
d Includes bond issues and transfers, capital stock issues, kc., and sales of produce (future delivery).
e Receipts reflect to a small extent provisions for additional estate tax.
Includes taxes on transportation of oil by pipe line, gifts, leases of safe deposit
boxes, and the use of boats.
0 Amounts postponed under the suspension agreements aggregated about $252,300,000.
Income Taxes.
In the fiscal year 1933 income taxes amounted to $746,200,000. as Compared with $1.057.300,000 in 1932, a decline of $311,100.000. As shown
in the above table, receipts from current income taxes were $614,400,000
in 1933, as compared with $868,000,000 in 1932, a decline of $253,600,000.
The receipts from back taxes decreased from $189.300,000 in 1932 to
$131,800,000 in 1933, or about $57.500,000.
Current income taxes during the first half of the fiscal year 1933 were
collected largely on incomes returned for the calendar year 1931 and during the last half of the fiscal year represented taxes on incomes for the
calendar year 1932. While taxable incomes for the calendar year 1932
showed further decline, taxes on incomes for that year (collected in 1933)
did not decline correspondingly, due to the increased rates, reduced exemptions and credits, and other provisions of the Revenue Act of 1932.
Comparisons of collections for the calendar years 1932 and 1933 on
taxes returned for the calendar years 1931 and 1932, respectively, indicates
the effect of the new legislation. Indicated corporation collections in the
full calendar year 1933 show a decline of 27% as compared with collections
in 1932. An even greater decline in taxable income was partially offset
by the increased taxes effective on 1932 incomes, due chiefly to the increase
in the tax rate from 12 to 13% %, with an additional tax of three-fourths of
1% on net income reported on consolidated returns. and the elimination of
specific credit for corporations with small incomes.
11111
Indicated current collections of individual income taxes during the
full calendar year 1933 show an increase of 30% over tho preceding year,
the decline in taxable incomes being more than offset by the increased taxes
under the Revenue Act of 1932. The major provisions of the Revenue Act
affecting collections of current individual income taxes were: A reduction
in personal exemptions from 83,500 to $2.500 for married persons or heads
of families and from $1.500 to $1,000 for single individuals; an increase in
the normal rates from I. 3 and 5% to 4 and 8%; increased surtaxes
(graduated from 1% on net income in excess of $6,000 to 55% on net
income in excess of $1,000,000); and the elimination of tax credit for earned
income.
Volume 138
Financial Chronicle
Miscellaneous Internal Revenue.
Receipts from miscellaneous internal revenue taxes were $858,200,000
In the fiscal year 1033 as compared with $503,700,000 in 1932, an increase of
$354,500,000.
In 1933 about 95% of miscellaneous internal revenue came from six
sources—tobacco taxes, manufacturers' excise taxes, documentary stamp
taxes, the tax on checks, the tax on fermented liquors, and the estate tax.
The taxes on tobacco manufactures, which yielded $402,700,000 in 1933.
continue to be the largest source. Collections of the tax on small cigarettes.
which produces more than four-fifths of all tobacco taxes, totaled $328,400,000, an increase of $10,900,000 over the preceding fiscal year. Receipts from other tobacco taxes were $6,800,000 less in 1933 than in 1932.
In the fiscal year 1933, $449,400,000 of miscellaneous internal revenue
represented collections of taxes increased by the Revenue Act of 1932 or of
now taxes levied by that Act and the Act of March 22 1933 (which imposed
a tax on fermented liquors). The new manufacturers' excise taxes on a
variety of articles yielded $247,800,000, of which $124.900,000 was derived
from the tax of 1 cent per gallon on gasoline. Of the miscellaneous internal
revenue taxes that were increased by the Revenue Act of 1932, the largest
amount of revenue during 1933 came from the documentary stamp taxes,
which, excluding playing cards, aggregated $53,400,000.
Miscellaneous internal revenue collections did not in all cases immediately reflect the full effect of new tax legislation, and monthly receipts
during the year changed as new and increased taxes became fully effective.
The manufacturers' excise taxes and the other miscellaneous taxes became
effective on Juno 211932. with the exception of the tax on the use of boats.
Except for the documentary stamp taxes and the tax on boats, which are
collected through the sale of stamps, these taxes are payable monthly on
returns filed on or before the last day of the succeeding month. Miscellaneous internal revenue for July 1932. at $42,500,000, included receipts
from new and increased taxes only for the period June 21-30. Collections
increased during subsequent months and from October through April
monthly receipts ranged between $64,400,000 and $78,000,000. In May
1933 these receipts increased to $93,500,000, and in June to $106,500,000,
largely as a result of the new tax on fermented liquors and increased collections on small cigarettes.
The additional estate tax imposed by the Revenue Act of 1932 applied
to estates of decedents after June 6 1932. Since returns of this tax are not
required to be filed until one year after death, and payment may be extended under certain conditions even beyond that period, the tax receipts
for the fiscal year 1933 were affected only slightly by the additional tax
provisions.
Customs.
Customs receipts declined from $327,700,000 in the fiscal year 1932 to
$250,800,000 in the fiscal year 1933, or $76,900,000. Monthly collections
of customs receipts throughout the year until May were at a considerably
lower level than in 1932. Receipts in May and June showed increases of
$2,500,000 and $5.600,000, respectively, over the corresponding months
of the preceding year.
Miscellaneous Receipts.
Miscellaneous receipts, exclusive of trust fund items. increased from
$117,000,000 in the fiscal year 1932 to $224,500,000 in the fiscal year 1933.
These receipts are non-tax items and include such receipts as the proceeds
from Government-owned securities, Panama Canal tolls, fees, fines and
penalties, rents and royalties, the immigration head tax, tax on the circulation of National bank notes, and seigniorage on coinage of subsidiary
silver and minor coins.
The increase was due chiefly to the fact that certain payments were
made in 1933 on account of obligations of foreign Governments, whereas
during the fiscal year 1932, payments on these obligations were postponed
under the House joint resolution approved Dec. 23 1931. Principal payments received on obligations of foreign Governments in 1933 were $31,600,000 &lid interest payments $67,200,000.
Receipts on Government
-owned securities also included interest in the
amount of approximately $24,400,000 paid by the Reconstruction Finance
Corporation on account of advances made by the Secretary of the Treasury, offset in part by a decrease of nearly $14,000,000 in repayments of
agricultural loans made by the Secretary of Agriculture.
1933 Estimates and Results.
Total receipts, exclusive of trust fund items, for the fiscal year 1933
were $388,200,000 less than Treasury estimates made in the fall of 1932.
Receipts from internal revenue and customs were $194,800,000. or about
10%, less than the estimates. Income tax receipts fell $113,800,000 short
of the estimates, and miscellaneous internal revenue and customs receipts
were $41,800,000 and $39.200,000 less, respectively, than estimated.
Miscellaneous receipts, exclusive of trust fund items, fell $103,400,000
short of the amount estimated, chiefly duo to the fact that receipts on
obligations of foreign Governments were $169,800.000 less than the amounts
duo.
Expenditures.
During the fiscal year 1933 expenditures chargeable against ordinary
receipts (exclusive of trust fund items) amounted to $3.865,915,459, as
compared with $4,885,909,686 for the fiscal year 1932. Expenditures
thus classified do not include not payments on account of purchases of
notes of the Reconstruction Finance Corporation aggregating $1,277,038,16810 1933 and $267,735,209 in 1932. Total expenditures, including those
payments, amounted to $5,142,953,627 in 1933 as compared with $5,153,644,895 in 1932. The following analysis of Federal expenditures relates
to expenditures excluding trust fund items but including not payments on
Reconstruction Finance Corporation account.
Expenditures for 1933 and prior fiscal years cannot be completely classified as between general and emergency outlays—a classification which was
Introduced into the Daily Treasury Statement on July 1 1933. There is
presented in the table below, however, a comparison of expenditures for
the fiscal years 1932 and 1933, classified by major functional groups. In
this table major items due to or particularly affected by the depression are
shown separately.
Major expenditures due to or particularly affected by the depression
were $1,913.000,000 in 1933 as compared with $1,750,000,000 in 1932,
an increase of $163,000.000. The principal item of increase in this class
of expenditures represented net payments on Reconstruction Finance
Corporation account which aggregated $1,277,000,000 in 1933 as compared with $768,000,000 in 1932, the latter including $500,000,000 for the
purchase of the capital stock of the Corporation. Expenditures for public
works decreased in 1933, amounting to $474,000,000 in that year as compared with $507,000,000 in 1932. Other reductions in this category of
expenditures for 1933 reflect the non-recurrence of certain outlays made in
1932 In connection with special aids to agriculture, including net loans of
$136,000,000 from the agricultural marketing fund, purchase of $125,000,000 of additional capital stock of the Federal Land banks, and $11,000,000
for loans and credits to farmers; and a decrease of $86,000,000 in the postal
deficiency. The more important of the new expenditures in 1933 due to
the depression included $14,000,000 for emergency conservation work
221
under the Act approved March 31 1933 and $34,000,000 for wheat and cotton distributed for relief.
Service on the public debt amounted to $1,151,000,000 In 1933. an increase of $139,000,000 over 1932. Of this increase, $90.000,000 represented
larger payments for interest, reflecting the increase in the public debt during the year, and $49,000,000 was due to retirements from repayments of
principal by foreign Governments on account of their indebtedness. Owing
to the postponement of foreign debt payments due in the fiscal year 1932.
there were no retirements from this source during that year.
EXPENDITURES, BY CERTAIN MAJOR FUNCTIONS, INCLUDING NET
PAYMENTS ON RECONSTRUCTION FINANCE CORPORA1ION
ACCOUNT, FISCAL TEARS 1932 AND 1933.a
[In millions of dollars]
Class of Expenditure.
Major expenditures due to or particularly affected
by the depression:
Reconstruction Finance Corporation (net)b--- Public works_c
Special aids to agriculture:
Agricultural marketing fund (net)
Additional capital stock, Federal Land banks
Loans and credits to farmers
Distribution of wheat and cotton for relief
Emergency conservation work
Postal deficiency
Total major expenditures due to or affected
by the depression
Public debt:
Interest
Retirements
Total public debt expenditures
National defense and veterans:e
National defense
Veterans
Total National defense and veterans
All other, Including non-functional:
Major non-functional _.f
Other expenditures, largely departmental
Total all other, Including non-functional
1932.
1933.
Incr. 1+)
Deer.(—)
768
507
1,277
474
+509
—33
136
125
11
d3
203
34
14
117
—139
—125
—11
+34
+14
—86
1,750
1.913
+163
.599
413
689
462
+90
+49
1,012
1,151
+139
658
973
639
863
—19
--110
1,631
1,502
—129
141
620
98
479
--43
—141
761
577
—184
Total expenditures, Including net payments
on Reconstruction Finance Corporation
account
—11
5,154
5.143
a On basis of daily Treasury statements (unrevised), supplemented by certain
details on checks-issued basis and public works on basis of Bureau of Budget compilation. For description of bases see p.275 I pamphlet reporti.
S Includes purchases of capital stock ($500,000,000 in 1932) and net payments
on account of purchases of the notes of the Corporation.
c Excluding expenditures of District of Columbia Government and for maintenance of rivers and harbors.
d Excess of credits (deduct).
e Excluding expenditures under these headings for public works.
f Includes refunds of tax receipts, purchases of capital stock of Federal Intermediate Credit banks, and, for 1932, expenditures under Settlement of War Claims
Act of 1928.
Other major categories of Federal expenditures were those for National
defense and war veterans, which together aggregated $1,502,000,000 in
1933 and which were $129,000,000 smaller than in 1932. The greater
part of this decrease was due to a reduction of $100,000,000 in the amount
credited to the adjusted service certificate fund for which an increased
appropriation had been made available in 1932 in connection with the financing of loans on adjusted service certificates under authority of the Act of
Feb. 27 1931.
The balance of Federal expenditures, composed chiefly of non-functional
and departmental expenditures not included under other categories,
aggregated $577,000,000 in 1933, a decrease of $184,000,000 as compared
with 1932. Major non-functional expenditures, amounting to $98.000,000.
were $43,000.000 lower than in 1932 and reflected a decrease of $31,000,000
in refunds of tax receipts, the non-recurrence of an expenditure of $38,000,000 during 1932 made under the authority of the Settlement of War Claims
Act of 1928. and an increase of $26,000,000 in the purchase of stock of the
Federal Intermediate Credit banks.
All other expenditures, largely for departmental activities not otherwise
classified, amounted to $479,000.000. a decrease of $141,000.000 from 1932.
This category includes expenditures on account of the legislative and
judicial branches of the Government, the fiscal administration and control
of banking and currency, foreign relations, civil pensions and allowances,
and other Governmental activities in connection with conservation of
natural resources, education, promotion of public health. Indian affairs.
and aids to agriculture, labor, aviation, and industry. Reduction in expenditures for these activities, which amounted to 23% of the amount
spent for similar activities during the preceding year, reflected chiefly
economy legislation, including the reduction in salaries of Government
employees.
The figures of public debt are presented as follows in the
report:
THE PUBLIC DEBT.
At the end of the fiscal year 1933 the gross public debt outstanding
was $22,538,672,560 and showed an increase of $3,051,670,116 for the
fiscal year.
The changes in the character and amount of the outstanding debt as a
result of the year's operations are summarized in the table in which are
compared amounts of the various classes of debt outstanding at the beginning and at the end of the fiscal year.
Treasury financing operations in the open market during 1933 reflected
chiefly (I) an excess of expenditures over ordinary receipts, (2) payments
against credits established for the Reconstruction Finance Corporation
through the purchase of its obligations, (3) retirements of maturing debt,
and (4) increase in the General Fund balance.
About 43% of the total open market issues during 1933 consisted of
securities with maturities in excess of one year, as compared with 20%
In 1932. Open market issues outstanding on June 30 1933, and maturing
In one to five years, amounted to $4,304.000,000, an increase of $3,643,000,000 during the year. Outstanding short-dated debt maturing within
one year aggregated $3,307.000.000, a decrease of $635,000.000 as compared with the end of the preceding fiscal year. Debt with maturities of
over five years showed no significant change.
Public debt transactions, other than open market operations, included
the issuance and redemption of special obligations connected with the
Investment of trust funds and postal savings and of special one-day certificates to cover temporary advances by Federal Reserve banks at the time
of quarterly income tax payments, and transactions relating to matured
debt on which interest has ceased and to non-interest-bearing debt, the
222
Financial Chronicle
latter representing chiefly operations in connection with the National bank
note and Federal Reserve bank note retirement funds.
CHANGES IN PUBLIC DEBT OUTSTANDING JUNE 30 1932 AND 1933.
BY CLASSES.
(On basis of daily Treasury statements--unrevised.1
Ian. 13 1934
not only the first part of the sinking fund calculation but the second part
also.
In a period during which the public debt is increasing, sinking fund operations clearly do not result in net reduction in the debt.
GENERAL FUND OF THE TREASURY.
Increase(+) or
June 30 1932. June 30 1933. Decrease (—)•
Interest-bearing debt:
Open market issues:
Pre-war bonds
Liberty bonds
Treasury bonds
Total bonds
Treasury notes
Certificates of Indebtedness
Treasury bill
Total
Special issues for Investment of
trust funds, and postal savings bonds:
Postal savings bonds
Treasury notes
Certificates of Indebtedness—
Total
$
$
$
753,320,130
753,320,130
8,201,314,550 8.201,307,550
5,258,776,100 5,215,942,300
—7,000
—42.833,800
14,213,410,780 14,170,569,980
—42,840,800
1,261,283,600 4,548,379,200 +3,287,095.600
2,725,729,900 2,108,327,500 —617,402,400
954,493,000 +338,861,000
615,632,000
18.816,056,280 21,781,769,680 +2.965,713,400
36,247,260
203,970,000
105,000,000
52,697,440
231,176,000
92,000,000
+16,450,180
+27,206,000
—13,000,000
345,217,260
375,873,440
+30,656,180
10 427 nno add 99 R2R 572 non
4.2
nm 570 i is
Between June 30 1919 and June 30 1931 the annual interest charge computed on the basis of the interest-bearing debt outstanding on those dates
was reduced from.$1,054,000.000 to $589,000,000, and the computed rate
was reduced from 4.18% on the former date to 3.57% on the latter. By
June 30 1933, owing to the increase in the amount of the outstanding debt,
the annual interest charge had increased to $742,000,000, but the computed
rate had declined further to 3.35%.
From the report we also take the following:
Reconstruction Finance Corporation.
During the fiscal year 1933 the Treasury continued to supply funds
for the Reconstruction Finance Corporation through the purchase of its
Interim notes under Section 9 of the Reconstruction Finance Corporation
Act as amended. Purchases of the Corporation's interim notes during the
fiscal year 1933 amounted to $1,235,000,000. making the total purchases
to June 30 1933 $1,585,000,000, in addition to the capital stock subscriptions during the fiscal year 1932 amounting to $500,000,000.
Obligations held by the Secretary of the Treasury maturing Oct. 27 1932,
in the face amount of $675,000,000, were renewed for six months ending
April 30 1933. From Oct. 27 1932 to April 30 1933, additional notes maturing on the latter date were purchased in the face amount of$660,000,000,
making the total amount of notes maturing April 30 1933. $1,335,000,000,
which notes were renewed on May 1 1933 (April 30 being Sunday) for a
six-month period ending Nov. 1 1933.
Interest on the notes was collected and covered into the Treasury as
miscellaneous receipts as follows: On Oct. 27 1932, $7,608,904.11; and on
May 1 1933. 516,760,205.52.
The funds for the Corporation are credited to its account with the Treasury and payments are made by means of checks drawn on the Treasurer
of the United States. The net payments to June 30 1933 amounted to
$2,044,773,376.28, classified as follows:
Fbeal year 1932 (Including $500,000,000 on account of capital
stock)
$767,735,208.55
Fiscal year 1933
1,277,038,167.73
The account of the Corporation on the books of the Treasury as of
June 30 1933, was as follows:
Capital stock paid In
$500,000,000.00
Notes purchased by Secretary of the Treasury
1,585.000,000.00
Total
$2,085,000.000.00
Unexpended balances on June 30 1933:
On books of Treasurer, United States
$32.040,763.72
On books of Division of Bookkeeping and Warrants (Farm Credit Administration)
8,185,860.00
40,226,623.72
Net payments made by Treasurer to June 30 1933
82,044,773,376.28
•Includes 85,000,000 for note dated June 30 1933, credited by Treasurer of the
United States on July 1 1933.
Adjusted Service Securities.
The financing operations of the Treasury during the fisacl year reflected
the continued operations of the Act of Feb. 27 1931, which authorized
loans to veterans on their adjusted service certificates up to 50% of the
face value of such certificates. At the beginning of the fiscal year the
Treasury Invested the appropriation of $100,000,000. provided for the
adjusted service certificate fund, but subsequently redeemed a net amount
of $113,000,000 in order to provide funds for authorized payments, which
consisted largely of loans to veterans.
Cumulative Sinking Fund.
The indefinite appropriation available for the sinking fund during the
fiscal year 1933, including a small unexpended balance for the prior year,
was $425,575,013. Bonds totaling $6,896,300, face amount, were purchased at a total principal cost of $6,805,628; and $418,764,000 face amount
Treasury notes of series 1932 were redeemed for account of the
of 3% %
fund.
The indefinite appropriation referred to above is made each fiscal year
under Section 6 (a) of the Victory Liberty Loan Act. This appropriation
is made up of two parts: (a) A constant amount of $253,404,864.87. representing 234% of the aggregate amount of Liberty bonds and Victory notes
outstanding on July 1 1920, less an amount equal to the par amount of
any obligations of foreign Governments held by the United States on the
same date, and (b) an increasing amount, representing the interest which
would have been payable during the fiscal year for which the appropriation
Is made on the bonds and notes purchased, redeemed, or paid out of the
sinking fund during such year or in previous years.
The sinking fund appropriation for each fiscal year beginning with
1934 has been increased under recent legislation. The Emergency Relief
and Construction Act of 1932 (sec. 308) and the National Industrial Recovery Act (sec. 210 (b))provide for additions to the sinking fund appropriation of amounts equal to 234% of the aggregate expenditures under
title III (public works) of the Emergency Relief and Construction Act
and under title II (public works and construction projects) of the National
Industrial Recovery Act. These provisions have the effect of increasing
SUMMARY OF THE NET CHANGES IN THE GENERAL FUND BALANCE
BETWEEN JUNE 30 1932 AND JUNE 30 1933.
(On basis of daily Treasury statements—unrevised.1
Net balance June 30 1932
$417,197,178.17
Increase In public debt In the fiscal year 1933
3,051,670,116.02
Total to be accounted for
$3,468,867,294.19
Excess of expenditures over ordinary receipts In the fiscal year 1933:
General and special fund accounts_a
$1,786,218,717.12
Trust fund accounts_a
5,009.988.73
Total Interest-bearing debt
19,161,273,540 22,157,643,120 +2.996,369,580
Matured debt on which Interest has
ceased
60,079,385
65,911,170
+5,831,785
Debt bearing no interest
315,118,270
265,649,519
+49,468,751
Total gross debt
All cash receipts of the Government are credited to the General Fund of
the Treasury and all expenditures are made therefrom. The net balance
of this fund represents the working cash balance of the Government. The
net change in this balance from the close of the previous fiscal year is accounted for as follows:
Total
$1,791,228,705.85
Less charges to statutory debt retirements In
the fiscal year 1933
461,604,800.00
Net, exclusive of statutory debt retirements
1,329,623,905.85
Payments on account of Reconstruction Finance Corporation_b_ 1,277,038,167.73
Net balance June 30 1933
862,205,220.61
Total
$3,468,867,294.19
a For a description of accounts through which Treasury transactions are effected,
see page 276 [pamphlet report).
S From credits established on account of the purchase of notes.
CURRENT CASH ASSETS AND LIABILITIES OF THE TREASURY,* JUNE
30 1932 AND 1933, AND CHANGES DURING THE YEAR.
[On basis of daily Treasury statementa—unrevised.1
June 30 1932.
Gold Assets:
Coln
Bullion
Total
June 30 1933.
Increase (+) Or
Decrease (+)•
$
$
$
969,695,868.33 847,753,849.92 —121,942,018.41
1,988,384,765.29 2,386,092,920.52 +397,708,161.23
2 958,080,633.62 3,233,846,776.44 +275.766,142.82
Deduct gold liabilities:
1,490,689,469.00 1,230,718,869.00-259.970,600.00
Gold certificates
Gold fund, Federal Reserve
1,235,736,771.58 1,771,485,595.89 +535,748,824.31
Board
156,039,088.03 156,039,088.03
Gold reserve.b
Total
Gold In General Fund
2,882,465,328.61 3,158,243,552.92 +275,778,224.31
75,615,305.01
75,603,223.52
—12,081.49
Silver dollars
501.022,733.00
507,191,369.00
+6,168,636.00
Deduct silver dollar liabilities:
Silver certificates
Treasury notes of 1890 outstanding
487,216,201.00
479,870,570.00
—7,345,631.00
1,222,150.00
1,200,124.00
—22,026.00
488,438,351.00
481,070,694.00
—7,367,657.00
Total
Silver dollars In Gen.Fund
General Fund assets:
In Treasury offices:
Gold (as above)
Silver dollars (as above)
All other (coin, currency
and bullion)
In depositary banks, Reserve
banks and Treasury of
Philippine Islands
All other
Total
Deduct Gen'l Fund liabilities:
Federal Reserve note 5%
fund (gold)
All other
Total
12,584,382.00
26,120,675.00 +13,536,293.00
75,615,305.01
12,584,382.00
75,603,223.52
—12,081.49
26,120,675.00 +13.536,293.00
51,779,428.44
82,207,203.16 +30,427,774.72
463,114,540.20
994,104.86
917,767,433.37 +454,652,893.17
—145,646.12
848,458.74
604,087,760.51 1,102,546,993.79 +498.459,233.28
,_ _
59,689,661.26
127,200,921.08
44,066,151.32 —15,623,509.91
196,275,621.86 +69,074,700.78
186.890.582.34
240,341,773.18 +53,451,190.84
Balance In the General Fund of
the Treasury
417.197,178.17 862,205,220.61 +445,008,042.44
* For detailed statement see p. 365 [pamphlet Mort]
•
S Reserve against $346.681,016 of United States notes, and Treasury notes of
1890 outstanding in the amount of $1,222,150 in 1932 and $1,200,124 In 1933.
Treasury notes of 1890 are also secured by silver dollars In the Treasury.
The composition of the General Fund of the Treasury, existing liabilities
against the assets in the fund, and the balance in excess of such liabilities,
are shown for June 30.1932 and 1933 in the above table. These figures are
on the basis of the daily Treasury statements, unrevised.
EMERGENCY LEGISLATION AND THE FEDERAL FINANCES.
The Government's activities and its finances are affected to an Important degree by legislation enacted with a view to providing means for dealing with problems of the depression. The Government's recovery program
which is based upon tnis legislation involves the use of the public credit in
three ways. Provision for a variety of emergency activities has been made
both by direct appropriation of Treasury funds and by authorization of
advances by the Reconstruction Finance Corporation, the financing of
which involves the Government s credit. In addition, the Home Owners'
Loan Corporation and the Federal Land banks are authorized to issue
obligations in respect of which the Government assumes a contingent
liability to the extent of guaranteeing interest payments; and the Tennessee
Valley Authority is authorized to issue bonds on the credit of the United
States.
Authority of the Reconstruction Finance Corporation to Borrow.
The financing of advances by the Reconstruction Finance Corporation,
over and above the amount of its capital stock, Is provided for under a
series of emergency Acts authorizing the Corporation to issue its obligations in amounts aggregating about $4,075,000,000 (exclusive of indefinite
authorizations). Through the fiscal year 1933 these obligations were not
sold in the open market but were deposited as evidence of advances from
the Treasury, which in turn obtained the required funds through the sale
of its own obligations.
Acts passed prior to the convening of the now Congress in March 1933
account for $3,425,000,000 of the total borrowing power, including the
initial authorization of $1,500,000,000, as provided in the organic Act
of Jan. 22 1932, an additional sum of $1,800,000,000, as provided in the
Emergency Relief and Construction Act of July 21 1932, and a further
Volume 138
Financial Chronicle
Increase of $125,000,000 under the terms of the Federal Home Loan Bank
Act of July 22 1932.
Specific net augmentation of the Corporation's borrowing power included
In Acts passed by the new (73rd) Congress totals $650,000,000, after taking
into account a reduction of $400,000,000 provided for by title II of the
National Industrial Recovery Act. The increases may be itemized as
follows: $200,000,000 to be made available to the Farm Loan Commissioner
for direct loans to farmers, and $100,000,000 to facilitate the orderly
liquidation of Joint Stock Land banks, as provided by the Emergency
Farm Mortgage Act of May 12 1933;$500,000,000 for expenditures authorized by the Federal Emergency Relief Act of May 12 1933, designed to
provide for further co-operation by the Federal Government with the States
and Territories in relieving suffering and distress; $50,000,000 for subscriptions to preferred stock and for the purchase of capital notes of insurance
companies (Act of June 10 1933); and $200,000,000 for capital stock in the
Home Owners' Loan Corporation, created by the Home Owners' Loan Act
of June 13 1933.
In addition to these definite authorizations, the Bank Conservation
Act of March 9 1933, empowered the Corporation to increase its borrowings
In an amount sufficient to meet requests by the Secretary of the Treasury
to subscribe for preferred stock in any National bank or any State bank
or trust company in need of funds for capital purposes, either for organization or reorganization, or to make loans secured by such stock; and the
Agricultural Adjustment Act of May 12 1933, empowered the Corporation
to increase its borrowings in an amount sufficient to carry out the provisions of that Act which relate to purchases of cotton.
By June 30 1933 not payments aggregating $1,545,000,000 (in addition
to the $500,000,000 disbursed for the Corporations' capital stock) had
been made by the Treasury on account of advances to the Corporation.
At the close of the fiscal year there remained, therefore, 162,530,000,000
of additional funds (exclusive of indefinite authorizations) which the Corporation was authorized to procure and use after July 1 1933 under Acts
now in force. Inasmuch as the limitations on the funds available to the
Corporation refer to the total amount of obligations which it may have
outstanding at any one time, the amounts at its disposal are in the nature
of a revolving fund.
223
which effected a reduction of 8 1-3% in Government employees' compensation, was repealed by the Economy Act and the President was authorized
to reduce salaries in accordance with changes in living costs, up to a maximum of 15%, during the period from April 1 1933 to June 30 1934. Subsequently, an Executive order was issued, effective April 1 1933, reducing
salaries of Government employees by 15%. Certain other economies in
the Legislative Appropriation Act are continued in effect for the fiscal
Year 1934 by provisions of the Treasury and Post Office Departments
Appropriation Act, approved March 3 1933. These economy provisions
include: Reductions in retired pay, prohibition of administrative promotioias and of automatic increases in compensation, and prohibition against
the filling of vacancies except upon approval of the President. The
Economy Act also provides for reductions in veterans' pensions and compensation allowances.
In accordance with the authority contained in the Acts of March 3 and
20 1933, the President submitted to the Congress on March 27 1933 an
Executive order consolidating the functions of the Federal Farm Board.
the Federal Farm Loan Board and other agencies which deal primarily
with agricultural credit, into one agency;the Farm Credit Administration.
A further order was submitted on June 10 1933 providing for numerous
changes in administrative organization.
Additional revenue was provided by the Act of March 22 1933, which
legalizes the manufacture and sale of beer and certain other beverages
containing one-half of 1% or more of alcohol by volume arid not more than
3.2% of alcohol by weight. The Act imposes a tax of $5 per barrel containing not more than 31 gallons of such beverages. The Act also imposes
an occupational tax of $1,000 on each brewery, to be paid annually by the
brewer. Previously existing laws provide occupational taxes of $50 and
$20 for wholesale and retail dealers, respectively.
Provision was made also for additional revenue to meet service charges
on funds borrowed for construction of public works. In Title II of the
National Industrial Recovery Act new and increased taxes were imposed.
These includei An increase in the tax on gasoline from 1 to 134 cents.
effective June 17 1933; an excise tax (to be withheld at the source) of 5%
upon the receipt of dividends declared after June 16 1933 by any person
other than a domestic corporation, subject to certain exemptions; an excise
tax, for each year ending June 30. of $1 for each $1,000 of the adjusted
declared value of the capital stock of a domestic corporation or on such
stock employed by a foreign corporation in the transaction of its business
In the United States, subject to certain exemptions; an excess profits
tax equivalent to 5% of such net income of corporations as is in excess of
1234% of the adjusted declared value of its capital stock for each incometh,x taxable year ending after June 30 1933.
The National Industrial Recovery Act also extends for one year after
June 30 1934 the manufacturers' excise and other taxes imposed by Titles
IV and V of the Revenue Act of 1932—the Act of June 16 1933 (Pub.
No. 73) made this extension applicable to the gasoline tax—repeals provisions of the Revenue Act relating to deductions for net losses for prior years
in computing income taxes, and establishes the rate of corporation income
tax for consolidated returns for the taxable years 1934 and 1935 at 14%%.
The Act further provides that the new and increased taxes imposed shall
cease to be effective at stated periods after the President proclaims the
date of(1) the close of the fiscal year ending June 30 of any year after 1933,
during which the total receipts of the United States (excluding public debt
receipts) exceed its total expenditures (excluding public debt expenditures
other than those chargealile against such receipts) or (2) the repeal of the
18th Amendment to the Constitution, whichever is the earlier.
Total receipts (exclusive of trust fund items) are estimated at $3,259.900,000 for the fiscal year 1934, and at $3.974.700,000 for'1935. The
uncertainties affecting the estimates of revenues are particularly important
under present unusual economic conditions.
Estimated receipts from internal revenue and customs for 1934 include
the following amounts not covered in the estimates presented to Congress
last December: $150.500,000 for taxes levied by the Act of March 22 1933
(chiefly the tax on beer); $403,000,000 for processing and floor-stock taxes
levied by the Secretary of Agriculture under the authority of the Act of
May 12 1933; about $153,700,000 for taxes levied by the National Industrial Recovery Act, exclusive of certain changes in the income tax; and
$174,400,000 for additional receipts from existing internal revenue taxes
and customs duties on distilled spirits and fermented liquors as a result or
the repeal of the 18th Amendment to the Constitution. Estimated internal
revenue receipts also take account of the effect of the repeal of the 18th
Amendment on taxes imposed by the National Industrial Recovery Act..
The estimates of receipts from processing and floor-stock taxes were prepared by the Department of Agriculture. These and related taxes which
the Secretary of Agriculture is authorized to levy under the agricultural
adjustment title of the Act of May 12 1933 are intended to provide funds
for benefit payments and other purposes of that title. The estimates of
receipts are based on processing tax rates adopted, or definitely anticipated.
Only minor amounts are included for compensating taxes since only a small
number of these (other than compensating import taxes) have been levied.
Emergency Appropriations of Treasury Funds.
The emergency appropriations made from the General Fund, as distinguished from outlays authorized from funds of the Reconstruction
Finance Corporation, may be divided into four broad categories for purposes of review, namely, those for public works, for purposes of the Agricultural Adjustment Act, for agricultural credits under the Farm Credit
Act, and for subscriptions by the Federal Government for capital stock,
surplus or preferred shares in corporations and associations provided for
in the Acts.
The first emergency authorization for public works in the amount of
$329,660,000 was provided in the Emergency Relief and Construction
Act or July 21 1932. The so-called Reforestation Act of March 31 1933
provides that sums necessary for carrying out its purposes be expended
out of the unexpended and unallocated balance of the above-mentioned
moneys appropriated for public works. This Act also authorizes that an
amount equal to the sums so expended ($101,875,200 was actually transferred) be appropriated for the purposes named in the Emergency Relief
and Construction Act.
The major public works appropriation Is that of $3.300.000,000 authorized by Title II of the National Industrial Recovery Act, which creates
a Federal Emergency Administration of Public Works. This sum, except
$100,000,000 authorized to be allocated for expenditures in carrying out
the Agricultural Adjustment Act and for the purposes of the Farm Credit
Administration, and such amounts as may be needed for expenditures of
the National Industrial Recovery Administration, is to be used during the
emergency period to construct,finance or aid in the construction and financing of any projects in the public works program,and to make disbursements
in connection therewith to States, municipalities or other public bodies
not to exceed 30% of the cost of labor and materials employed. The National Industrial Recovery Act and also the Emergency Relief and Construction Act provide for additions to the sinking fund appropriation
(see above).
The Agricultural Adjustment Act carries an appropriation of$100.000.000
for administrative expenses under the Act and for rental and benefit payments. In addition, this Act authorizes the use of processing taxes collected under the Act for benefit payments, the expansion of markets. &c.
and authorizes the Secretary of the Treasury to make advances from the
Treasury in anticipation of the collection of such taxes.
Direct appropriations from the General Fund authorized for subscriptions by the Federal Government for capital stock, surplus or preferred
shares in various corporations and associations assume a variety of forms.
The Emergency Farm Mortgage Act authorizes an appropriation of $50.000,000 for the use of the Secretary of the Treasury in subscribing to the
paid-in surplus of the Federal Land banks in order to enable those banks to
grant necessary extensions of unpaid interest and principal on farm mortgages. The same Act also authorizes an appropriation of $15,000.000,
EMERGENCY BANKING AND MONETARY MEASURES.
together with such additional amounts as may be necessary, to cover payThe banking emergency which became acute in the opening months
ments to the Land banks on account of certain reductions in interest rates
of 1933 marked the commencement of a number of banking and monetary
on mortgages held by such banks.
developments of major importance.(b)
The Home Owners' Loan Act authorizes the appropriation of$100,000,000
Banking.
(ot which $50,000.000 has already been appropriated) tor subscription by
the Secretary of the Treasury for preterred shares in Federal Savings and
By March 4 banks in almost all States were either closed or operating
Loan associations, the organization of which is to be encouraged by the
under restrictions. On March 6 1933 the President proclaimed a bank
board of directors of the Home Owners' Loan Corporation created by the
holiday to extend from that date to March 9, inclusive, for all banking inAct. An appropriation of $150,000,000 is authorized by the Banking Act
stitutions and branches located in the United States, Territories and insular
of 1933 for subscription on behalf of the United States for capital stock in
possessions. All banking transactions were suspended except those authorthe Federal Deposit Insurance Corporation.
ized by regulations issued by the Secretary of the Treasury with the apThe Governor of the Farm Credit Administration is directed by the
proval of the President. The holiday was subsequently continued until
Farm Credit Act to organize a Production Credit Corporation and a Bank
further proclamation by the President.
for Co-operatives in each of the 12 Federal Land Bank cities. He is authorAs expeditiously as possible regulations were issued by the Secretary
ized to subscribe for the initial capital stock of these corporations out of a
of the Treasury permitting banks to perform certain essential functions,
revolving fund made up of unobligated balances from certain funds created
such as making change,cashing checks drawn on the Treasurer of the United.
by various other Acts and an additional emergency appropriation of
States, and carrying on transactions necessary to meet the needs of the
$40,000,000.
community for food, relief of distress, and payment of salaries and wages.
Guaranteed Obligations.
Banks were permitted to create special accounts for the segregation and
repayment of new deposits, and Federal Reserve banks were authorized to
A contingent burden is placed on the Treasury by the Government
open special accounts for these deposits not only for member banks but
guaranty of interest on bonds issued by the Federal Land banks and by
temporarily for non-member banks. The Reserve banks also were perthe Home Owners' Loan Corporation The Federal Land banks are
mitted to conduct certain operations as fiscal agents of the United States
authorized by the Emergency Farm Mortgage Act of 1933 to issue bonds
and to make available to member banks such limited amounts of coin and
in the aggregate amount of $2,000,000,000 and the Home Owners' Loan
currency (other than gold or gold certificates) and such credit accommodaAct authorizes the corporation created by it to issue bonds in the same
amount. The amount of bonds which the Tennessee Valley Authority
• The tax on gasoline will be reduced from 1 Ji cents to 1 cent per gallon in respect
may issue on the credit of the United States is limited to $50,000,000.
of sales on and after Jan. 1 1934, and the tax of 5% on dividends will be terminated
in respect of dividends declared on and after Jan. 1 1934. Under provisions govEconomy and Revenue Measures.
erning the repeal ot the capital stock tax, collections will continue into the fiscal
year 1935. The tax provisions of the National Industrial Recovery Act are infly the terms of the Economy Act, approved March 20 1933,the Congress
cluded as exhibit 25 on page 204 of this fpamphlet1 report.
authorized substantial reductions in ordinary expenditures. The payless
S Related legislation, proclamations, and Executive orders are presented as exhibits
furlough plan of the Legislative Appropriation Act, approved June 30 1932,
21 to 2400 pp. 181 to 203 of this[pamphlet] report.
224
Ian. 13 1934
Financial Chronicle
tion.s as were necessary to enable the member banks to exercise the restricted
functions permitted by regulation.
lb. On March 9 the President asked the Congress, called in extra session,
for the immediate enactment of legislation to clarify and augment the authority of the President in a period of national emergency and to promote
the re-establishment of banking facilities. Legislation was enacted on
the same day granting to the President the powers requested.
One of the important features of the Act is the provision that, whenever
necessary to conserve the assets of any National bank, or of any bank or
trust company located in the District of Columbia, the Comptroller of the
Currency may appoint a conservator with powers of a receiver to take control of the bank and hold its assets intact until such time as the Comptroller
deems it advisable to reopen the bank under the control of its officers and
directors or to place it in the hands of a receiver. If funds are needed for
organization or reorganization, the Reconstruction Finance Corporation is
authorized to purchase, or loan on the security of the preferred stock of
National banks, State banks, and trust companies.
The Act amended the Federal Reserve Act in several respects. It
broadened the authority of the Federal Reserve banks for issuing currency,
modified the provisions pertaining to Reserve bank loans to member banks
in exigent circumstances on their time and demand notes, and authorized
the Reserve banks to make advances to individuals, partnerships, or corporations on their promissory notes secured by United States obligations
On March 9, after passage of the Banking Act, the President issued a
proclamation continuing the bank holiday until further proclamation
The following day he issued an Executive order authorizing the Secretary
of the Treasury to permit any member bank of the Federal Reserve System
and any other banking institution organized under the laws of the United
States to perform any or all of their usual banking functions, except for the
prohibitions against gold payments and gold exports and against currency
withdrawals for hoarding. Member banks desiring to reopen were to apply
for licenses to the Secretary of the Treasury through the Federal Reserve
banks. In view of the fact that neither the Treasury nor the Federal Reserve authorities had sufficient information upon which to consider applications for reopening by State non-member banks, the President authorized
the appropriate Stave authorities having immediate supervision of these
banks to permit them to reopen. The State authorities were requested
to co-operate with the Treasury in endeavoring to reopen only sound banks.
Under a schedule announced by the President on March 11. licensed
banks located in Federal Reserve cities were authorized to resume operations on March 13; those in cities having an active, recognized clearing
house association, on March 14; and those located elsewhere, on March 15.
This progressive plan, which contemplated further reopenings on subsequent days, afforded time for shipments of currency from Reserve bank
centers.
By March 15, the third day of the scheduled reopening's. 5,077 member
banks were licensed to resume operations on an unrestricted basis. The
deposits of these licensed member banks (as of Dec. 31 1932) aggregated
about 825,500.000,000,or nearly 90% of the deposits of all member banks.
The number of non-member banks (exclusive of mutual savings banks)
authorized by March 22 to resume operations on an unrestricted basis was
about 6,800. By April 12, the first date for which figures were compiled
showing the deposits (as of Dec. 31 1932) of such banks, 7,392 non-member
banks (exclusive of mutual savings banks) with deposits of about 85,000,000,000—representing about 79% of the deposits of all such banks—were
authorized to conduct normal banking operations.
The Reconstruction Finance Corporation has continued to make advances
to banks under the original provisions of the Reconstruction Finance
Corporation Act and, under the Emergency Banking Act, it has assisted in
strengthening the capital position of banks by purchases of preferred stock
and capital notes and debentures and by advances collateraled by preferred
stock.
A Federal Deposit Insurance Corporation was created by the Banking
Act of 1933 to purchase, hold, and liquidate the assets of closed banks in
the Federal Reserve System and to provide on Jan. 1 1934 a ttmporary
deposit insurance fund, and by July 1 1934 a permanent deposit insurance
fund. All member banks in the Federal Reserve System will automatically
participate in the plan and all other banks may participate if found eligible
upon examination.
Currency.
New currency legislation had already been enacted early in 1932 Section 3 of the so-called Glass-Steagall amendment to the Federal Reserve
Act, approved Feb. 27 1932, authorizes the use of United States obligations
as collateral for Federal Reserve notes until March 3 1933 (subsequently
attended to March 3 1934). Furthermore, Section 29 of the Federal Home
Loan Bank Act, approved July 2 1932, extended the circulation privilege
for a period of three years to all United States bonds bearing interest not
in excess of 344% per annum, thus increasing the collateral available for
the issuance of National bank notes.
The Emergency Banking Act of March 9 further broadened the authority
of the Federal Reserve banks to issue currency by an amendment to Section 18 of the Federal Reserve Act, which authorized, during the emergency,
the issuance of circulating notes of Federal Reserve banks, commonly
termed Federal Reserve bank notes, (a) against the security of any direct
obligations of the United States, or (11) against the security of (and up to,
90% of the estimated value of) any notes. drafts, exchanges, or bankers
acceptances acquired under the Federal Reserve Act. Prompt measures
then
were taken to prepare a supply of this currency adequate to meet the
existing emergency.
Section 45 of Title III of the Agricultural Adjustment Act, approved
accept
May 12 1933. authorized the President for a period of six months to
silver, at a price not to exceed 50 cents an ounce,from foreign governments
account of indebtedness to the
In payment of principal or interest due on
United States. The law requires the issuance of silver certificates against
any silver so received to the total number of dollars to which such silver
was accepted from foreign governments in payment of debts.
The above title also gave broad authority to the President, upon determination of the existence of certain conditions, to require the Secretary of
the Treasury to enter into agreements with the Federal Reserve banks and
the Federal Reserve Board for the purchase of additional United States
obligations in an aggregate sum of $3,000,000,000. and, under certain
-conditions and limitations, to require the issuance of United States notes
not to exceed $3,000,000,000 to be outstanding at any one time—for the
Federal obligations and of purchasing interpurpose of meeting maturing
esting-bearing obligations of the United States. The President is also
given authority under limitations provided in this title to take action with
regard to the content and coinage of the gold and of the silver dollar. The
title as amended on June 5 also gives all monetary issues of the United
States the same legal tender status, providing thet—
a]] coins and currencies of the United States (including Federal Reserve
notes and circulating notes of Federal Reserve banks and National banking
associations) heretofore or hereafter coined or issued, shall ne legal tender
for all debts, public and private, public charges, taxes, duties, and dues,
except that gold coins, when below the standard weight and limit of tolerance provided by law for the single piece, shall be legal tender only at
valuation in proportion to their actual weight.
Cold and Foreign Exchange.
The President's proclamation declaring the bank holiday prohibited
the paying out, exporting, or earmarking of gold or silver coin or bullion,
or currency, or dealing in foreign exchange during the banking holiday.
By the Executive order of March 10, issued under authority specifically
confirmed in the Emergency Act of March 9, foreign exchange operations
were limited to normal requirements, and prohibitions on gold payments
by the banks and on the export of gold or gold certificates except under
license or regulation by the Secretary of the Treasury were continued in
force. Gold continued to be available, however, for use in industry and
the arts.
On April 5 1933 an Executive order was promulgated which required all
hoarders to deliver their gold to the Federal Reserve banks. This order
Permitted the holding and acquisition of gold for industrial use and for
proper transactions not involving hoarding. On April 20 an order was
promulgated which prohibited the export of gold and gold certificates
except under license issued by the Secretary of the Treasury.*
A joint resolution was passed by the Congress and approved by the
President on June 5 1933, declaring the inclusion. in dollar obligations.
of provisions for payment in gold, or a particular kind of coin or currency,
to be against public policy and forbidding the inclusion of any such provision in any obligations thereafter incurred. The resolution further provides that every dollar obligation (except currency) theretofore or thereafter incurred, whether or not any such provision was contained therein,
should be discharged upon payment, dollar for dollar, in any coin or currency which at the time of payment is legal tender for public and private
debts.
*Th ated xecutin 193ers were consolidated and to some extent modified by an
dese EAuL ve ord3
.
order
Hastening Dilatory Collections.
(Concluded from page 204.)
money collected the collecting agents often are under
bond properly to account for funds received.
To prevent demoralization among debtors and a
weakening of integrity "big business," if it may be
so styled, will not only further its own immediate
interest by pressing payments through installments,
but will retain cordial relations with debtors and
help to preserve the good commercial standing of
the individuals, firms and corporations which may
be temporarily involved.
As to personal contact with debtors, automobiles
and improved roads have greatly enlarged the sphere
of usefulness of the skilled collector, who may make
tours from town to town to obtain first hand and
reliable information about debtors and make confidential reports to the creditors by whom he is employed.
In extreme cases settlements which will avoid
costly and often demoralizing bankruptcy proceedings may be advisable. The field is wide for application of common sense rules.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Jan. 12, 1934.
Business activity continued its gradual rise which it has
enjoyed since early in December. The indices on business
all make a favorable showing as compared with a year ago,
and prospects are apparently the most promising in some
time. There has been a substantial increase of buyers at
the various trading centers. Retail sales again showed an
increase aid wholesale buying was brisk. Special sales of
dry goods, clothing and furniture have resulted in almost
deletion of many items which cannot be replaced at bargain
prices. Consumer buying power continued to increase, with
employment rising. Most of the major industries showed
increases in output for the week. Electric output advanced
9.7% over last year's record and freight loadings showed
an increase as compared with last week and the same week
last year. Steel operations were nearly 5% higher and there
was an increase in the bituminous coal output as compared
with the previous week. Retailers reported the largest
sales in general merchandise. Furniture, house-furnishings
Financial Chronicle
Volume 138
and electrical appliances were also in good demand.
There was less resistance to higher prices and consumers
were hastily covering requirements in anticipation of further
advance. There was a better demand at whoelsale. Spring
buying got off to a good start in the ready-to-wear and
accessory markets and activity promises to be exceptionally
brisk. Early indications of a big demand this spring for
women's suits have already been confirmed and retailers in
some cases who purchased good sized orders have already
reordered. The wholesale stationery market was reported
more active. Orders for men's clothing were larger. The
demand for hard-surface floor coverings increased. Shoe
production during 1933 was the highest on record and came
close to reaching the 1929 peak of some 361,402,000 pairs,
according to estimates in the trade. Orders booked at both
the Boston and St. Louis shows were well above those of a
year ago. Commodity prices remained firm during the week
and speculation was more active. Cotton was in better
demand, especially from the trade, owing to stronger foreign
markets, expectation of legislation which will enable the
Secretary of Agriculture to control production and a stronger
spot situation. The general news was bullish. Grains
fluctuated aimlessly most of the week, but generally show
advances. Livestock at Chicago were higher owing to small
receipts. Sugar futures at times were more active, stimulated by the anticipated conference to be held in Washington.
Refiners showed more interest in the raw market. Leather
prices were unchanged. Speculation in hides was more
active and prices advanced. The metals were easier, owing
to further increases in surplus stocks. Textile markets were
strong and a better demand was reported. Both gray goods
and finished cotton goods developed considerable activity
at moderately rising prices. Woolen piece goods were also
in better demand.
The weather during the week has continued to be mild
over most of the country, although in some of the Eastern
coast sections, especially in Connecticut, storms and ice
caused tie-up of traffic and minor accidents. On Wednesday,Port Arthur, Tex., was hit by a freakish cyclone, which
inflicted minor injuries and property damage. To-day it
was 30 to 40 degrees here and fair. The forecast was for
rain and warmer. Overnight at Boston it was 30 to 42
degrees, Baltimore, 32 to 48; Pittsburgh, Pa., 28 to 36:
Portland, Me., 28 to 42; Chicago, 36 to 42; Cincinnati, 34
to 46; Cleveland, 30 to 38; Detroit, 30 to 40; Charleston, 48
to 56; Milwaukee, 30 to 34; Dallas, 44; Savannah, 48 to 62;
Kansas City, Mo., 36 to 46; Springfield, Mo., 40 to 46;
St. Louis, 38 to 48; Oklahoma City, 36 to 50, Denver, 26 to
50, Salt Lake City, 20 to 36; Los Angeles, 46 to 66; San Francisco, 42 to 52; Seattle, 40 to 48, Montreal, 32 to 34, and
Winnipeg, 24 to 28.
Loadings of Revenue Freight During the First Week of
the Current Year Showed an Increase of 13.8%
Over the Same Period Last Year-Traffic in Calendar Year 1933 Was 2.8% in Excess of Loadings in
1932.
Loadings of revenue freight for the week ended Jan.6 1934
totaled 499,939 cars, an increase of 49,317 cars, or 10.9%,
over the preceding week and 60,470 cars, or 13.8%, over the
corresponding period in 1933. It was, however, a decrease
of 71,739 cars, or 12.5%, below the corresponding week in
1932. Total loadings for the week ended Dec. 30 1933 were
11.2% in excess of those for the week ended Dec. 31 1932.
The first 16 major railroads to report for the week ended
Jan. 6 1934 loaded 214,455 cars of revenue freight on their
own lines during that period, compared with 196,544 cars
in the preceding week and 193,068 ears in the week ended
Jan. 7 1933. With the exception of the Atchison Topeka &
Santa Fe Ry., Gulf Coast Lines and the Wabash Ry., all
of these carriers showed increased over the first week of
last year. Comparative statistics follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Weeks Ended.
Jan.6 1934.
Dec. 30 1933.
Jan. 7 1933.
Chicago Rock Island & Pacific Ry_
Illinois Central System
St. Louis
-San Francisco Ry
16,298
20.599
10,270
16,491
22,535
10,154
15,776
20,984
10,055
47,167
49,180
45,815
Total
Complete reports for the year 1933 show that 28,960,910
cars were loaded with revenue freight in 1933, the American
Railway Associa ion announced on Jan.5 1934. This was an
increase of 780,958 cars, or 2.8% over the number loaded in
1932, but a reduction of 8,190,339 cars, or 22% under 1931.
Total loadings by commodities in 1933 compared with
932 follows:
1933.
Grain and grain products
Live stock
Coal
Coke
Forest products
Ore
Merchandise, 1.0.1. freight
Miscellaneous
.r......i
Rec'd from Connections.
Jan.6 Dec. 30 Jan. 7 Jan.6 Dec. 30 Jan. 7
1934. 1933. 1933. 1934. 1933. 1933.
Atoh. Topeka & Santa Fe RyChesapeake & Ohio Ity
Chic. Burlington & Quincy RR
Chic. MIlw. St. Paul & Pacific Ry
Chicago & North Western By _ _
Gulf Coast Lines & subsidiaries_ _
International Great Northern RR
Missouri-Kansas-Texas Lines_ - _
Missouri Pacific RR
New York Central Lines
New York Chic. & St. Louis Ry
Norfolk& Western By
Pennsylvania RIt. System
Pere Marquette By
Southern Pacific Lines
Wabash By
Total
14,923 13.393
17,982 15,373
12,170 11,763
15,343 13,332
11.645 10,116
2,014 1,549
1,987 1,879
3,913 3,565
11,518 10,513
33,675 y33,302
3.293 3.092
14,347 12.302
48.324 44,715
3,610 3,382
15,734 14,281
3,977 3,987
15,160 4,034 3,272 3,144
17,878 6.013 4,645 4,935
10,910 5,433 4,351 4,166
12.895 5.773 4,420 4.382
10,237 8,104 6,374 5,799
2,185 1.182 1,178
895
1,640 1,412 1,253 1,524
3,856 2,501 2,002 1,651
11,129 7,070 5,197 5,389
29.732 53,947 y41,133 42,286
3,015 7,872 6,017 6,101
13,435 2,568 2,470 2,667
40,688 28,539 24,153 23,896
3,236
12,984
4,088 6,351 5,185 5,215
214.455 196.544 193,068 140,799 111.650 112,050
Not available. y Revised figures.
1932.
% Inc.
1,654,405
886,141
5,615,935
295,544
1,085,592
700,286
8,428,384
10,294,623
1,653,281
949,287
5,338,938
223,766
899,198
210.367
9,069,736
9.835,279
.06
--6.7
5.2
32.1
20.7
232.9
-7.1
4.7
25249010
95170059
95
Loading of revenue freight for the week ended on Dec. 30
1933 otaled 450,622 cars, according to the American
Railway Association. This was a decrease of 76,445 ears
below the preceding week, but an increase of 45,321 ears
above the same week in 1932. It was, however, a decrease of
52,105 cars below the corresponding week in 1931. Both
1933 and 1932 included Christmas holiday and 1931 included
New Year's holiday. Details for the week ended Dec. 30
1933 follows:
Miscellaneous freight loading for the week of De::. 30 totaled 159.097
cars, a decrease of 23.431 cars below the preceding week, but 30,355 cars
above the corresponding week in 1932. It was. however, a reduction of
23,589 cars below the corresponding week in 1931.
Loading of merchandise less than carload lot freight totaled 124.361 cars,
a decrease of 30,818 cars below the preceding week, 2,667 cars below the
corresponding week last year and 25,141 cars below the same week two
years ago.
Grain and grain products loading for the week totaled 20,325 cars, a
decrease of 4.098 cars below the precedin week, 1.657 cars below the
corresponding week last year, and 3,635 cars below the same week in 1931.
In the Western Districts alone, grain and grain products loading for the
week ended Dec. 30 totaled 12,911 cars, a decrease of 515 cars below the
same week last year.
Forest products loading totaled 11,695 cars, a decrease of 6,182 cars below
the preceding week but 2,250 cars above the game week in 1932. It was.
however, a decrease of 2,026 cars below the same week in 1 31.
Ore loading amounted to 2,078 cars, a decrease of 1.658 cars below the
preceding week, but 645 cars above the corresponding week in 1932. Compared with the same week in 1931. it was a reduction of 211 cars.
Coal loading amounted to 114,284 cars, a decrease of 7,366 cars below
the preceding week, but 15,299 cars above the corresponding week in 1932.
and an increase of 7,855 cars above the same week In 1931.
Coke loading amounted to 7,100 cars, an increase of 357 cars above the
preceding week, 2,789 cars above the same week last year. and 1,261 cats
above the same week two years ago.
Live stock loading amounted to 11,682 cars, a decrease of 3,249 cars
below the preceding week, 1,693 cars below the same week last year, and
6,619 cars below the same week two years ago. In the Western Districts
alone, loading of live stock for the week ended Dec. 30 totaled 8.503 cars.
a decrease of 1,742 cars compared with the same week last year.
All districts reported increases for the week of Dec. 30 compared with the
corresponding week in 1932 but all districts reported reductions compared
with the corresponding week in 1931 except the Pocahontas which reported
a small 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
Four weeks in November
Week ended Dec. 2
Week ended Dec 9
Week ended Dec. 16
Week ended Dec. 23
Week ended Dec. 30
'Trani
Loaded on Lines.
Week Ended.
225
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
1932.
1.910,496
1,957,981
1,841,202
2,504,745
2,127,841
2,265,379
8,108,813
2.502,714
3,204,551
2,605,642
2,366,097
495,425
537,503
554,832
527,067
450,622
2,266,771
2,243,221
2,280,837
2,774,134
2,088,088
1,966,488
2,420,985
2,064,798
2,867,370
2,534,048
2,189,930
547,095
520,607
515,769
494,510
405,301
2,873.211
2,834,119
2,936,928
8,757,863
2,958.784
2,991,950
3,692.362
2,990,507
3,685,983
3,035,450
2,619,309
636,366
613,621
581,170
440,899
502,727
95 Gan ill0
92 170 052
27_161_249
1931.
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
Dec. 30 1933. During this period a total of 89 roads showed
increases over the corresponding week last year, the most
important of which were the Pennsylvania System, the
Baltimore & Ohio RR., the New York Central RR., the
Chesapeake & Ohio Ry., the Norfolk & Western Ry., the
Illinois Central System, the Louisville & Nashville RR., the
Southern Ry. System, the Atchison Topeka & Santa Fe
Ry., the Union Pacific System, the Chicago Milwaukee St.
Paul & Pacific Ry., the Chicago Burlington & Quincy RR.,
the Missouri Pacific RR., the Southern Pacific Co. (Pacific
Lines), the Chicago & North Western Ry., and the Reading Co.
Financial Chronicle
226
Jan. 13 1934
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEX ENDED DEC. 30.
Railroads.
1933.
Eastern District.
Group ABangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H.& Hartford...
Rutland
Total Loads Received
from Conneaions.
Total Revenue
Freight Loaded,
1932.
1931.
1933.
1932.
1,079
2,616
5,942
685
2,117
8,073
353
1.209
2,282
5,462
487
1,805
7,881
388
1,717
2,799
6,666
584
2,476
9,355
434
163
3,180
6,588
1,513
1,484
7,670
694
189
3,569
6,659
1,484
1,443
8,089
681
20,865
19,514
24,031
21,292
22,118
3,819
7,373
9,348
105
1,225
6,490
1,416
15.591
1,479
327
317
3,904
6,296
8,884
98
970
5.840
1,291
13,727
1,847
376
246
4,824
8,428
10,028
114
1,635
6,157
1,604
16,917
1,486
439
390
4,696
4,135
9,854
1,332
676
4,879
13
19,566
1,780
20
158
4,360
3.689
9,337
1,348
572
4,885
23
17,881
1,497
27
189
47.490
43,479
52,022
47,109
397
1,155
6,680
23
112
154
1,617
1,691
4,114
3,030
3,092
3,382
4,320
968
3,987
2,689
291
1,082
5.736
14
181
169
824
2,013
4,547
2,610
2,650
3,524
2.113
886
3,806
2,187
499
1,285
7,710
42
171
205
1,067
2,259
5,423
3,537
3,695
4,105
3,278
860
4,745
2,300
626
1,161
8,641
47
68
1,932
884
4,866
6,469
113
6,017
3,369
3,064
581
5,185
1,723
37,411
32,633
41,181
44,746
Grand total Eastern District_ 105,766
95.626
117.234
113,147
Allegheny District.
Baltimore & Ohio
Bessemer Jr Lake Erie
Buffalo Creek & Gulley
Central RR.of New Jersey....
Cornwall
Cumberland & Pennsylvania_
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
c Penn-Read Seashore Lines__
20,448
971
185
4,614
2
292
132
645
44,715
10,168
5,474
78
2,233
885
17,902
563
191
4,142
3
255
225
847
40,994
8,663
2,858
48
2,147
854
22,436
1,022
143
5,960
4
317
213
866
51,805
10,359
5,338
47
2,379
c
9,316
1,106
6
7,016
24
9
5
1,668
24,153
10,149
771
90.840
79,692
100,889
59,447
Total
Group 13Delaware & Hudson
Delaware Lackawanna & Week.
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
Pittsburgh & Shawmut
Pittsburgh Shawmut& Northern
Total
Group CAnn Arbor
Chicago Ind. & Louisville
Cleve. Gin. Chic. & St. LouisCentral Indiana
Detroit & Mackinac)
Detroit & Toledo Shore Line_
Detroit Toledo Jr Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia__
Wabash
Wheeling & Lake Erie
Total
Total
Pocahontas District.
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District.
Group AAtlantic Coast Line
Clinchfield
Charleston & Western Carolina
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick.& Potom3eaboard Air Line
3outhern System
Winston-Salem Southbound
3,900
1,324
15,373
12,302
637
2,596
15,211
11,309
578
2,547
15,514
11,622
735
1,788
4,645
2,470
730
463
30.908
29,645
29,659
8,308
6,159
857
234
83
24
728
296
207
5,242
13,028
97
5,647
706
247
84
31
803
393
197
4,679
12,366
123
6,944
797
320
134
50
1,096
526
279
5,445
16,000
139
2,921
893
587
160
45
731
493
2,072
2,378
7,745
311
Total Revenue
Freight Loaded.
Railroads.
Total Loads Remised
from Connections.
1933.
Group D
Alabama Tenn. & Northern-Atlanta Birmingham & Coast-AU.& W.P.
-West.RR.of Ala
Central of Georgia
Columbus AL Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah....
Mississippi Central
Mobile <4 Ohio
Nashville Chatt. & St. Louis__
d New Orleans-Great Northern
Tennessee Central
1932.
1931.
1933.
133
416
456
2,387
135
788
443
194
976
15,878
14,675
61
.144
1,414
1,960
114
415
422
1,980
159
688
443
181
856
13,970
12,066
74
59
1,212
1,869
243
517
558
2,655
244
668
595
233
1,105
17,266
15,226
106
104
1,612
2,385
145
400
799
1,579
197
384
845
295
465
7,115
2,705
280
177
966
1,549
1932
132
417
613
1,278
105
357
831
202
406
5,287
2,032
267
137
769
1,376
Grand total Southern District_
Northwestern District.
Belt Ry. of Chicago.
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
647 Chic. St. Paul Minn.& Omaha_
1,260 Duluth Missabe & Northern-.
7,408 Duluth South Shore & Atlantic
36 Elgin Joliet & Eastern
52 Ft. Dodge Des M.& Southern_
2,049 Great Northern
718 Green Bay & Western
4,830 Minneapolis & St. Louis
6,186 Minn. St. Paul & 8.5. Marie95 Northern Pacific
5,381 Spokane Portland & Seattle
3,324
2,749
Total
392
4,824
1,230
Central Western District.
Atch. Top.& Santa Fe System_
41,181 Alton
Bingham & Garfield
107,107 Chicago Burlington & QuincyChicago Rock Island & Pacific.
Chicago & Eastern Illinois
Colorado Ai Southern
8,593 Denver & Rio Grande Western.
372 Denver & Salt Lake
3 Fort Worth & Denver City-7,054 Northwestern Pacific
21 Peoria & Pekin Union
8 Southern Pacific (Pacific)
2 Bt. Joseph & Grand Island
1,889 Toledo Peoria & Western
22.317 Union Pacific System
10,174 Utah
491 Western Pacific
1
2,253
Total
1,282
43,808
247
236
462
549
423
40,307
Total
34,744
43,979
18,450
14,632
67,262
60,020
75,709
36,786
32,765
502
10,116
1,776
13,332
3.232
451
338
3,481
176
6,307
460
1,290
3,005
6,339
670
362
9,016
1,650
11,895
2,448
263
229
2,188
173
5,563
380
1,236
2,847
5,402
.546
939
11,117
2,217
14,207
2,790
357
294
3,573
148
5,808
417
1,408
3,232
5,956
669
966
6.374
1,639
4,420
1,687
117
268
3,286
86
1,259
190
958
1,325
1,435
877
778
5.433
1,547
4,218
1,464
56
233
2,720
100
1,024
285
928
1,065
1,117
568
51,475
44,198
53,132
24,887
21,536
13,393
1,957
177
11,763
8,680
2,815
740
3,166
332
910
314
98
10,317
176
256
10,312
398
1,092
13,374
2,113
233
9,859
8,960
1,978
771
2,122
454
945
361
104
8,249
214
176
8,624
802
749
17,047
2,705
174
13,065
12,101
2,343
919
2,666
474
1,904
291
62
10,483
247
192
10,130
692
899
3,272
1,320
25
4,351
4,849
1,284
683
1,322
3
709
268
11
2,461
212
685
4,479
856
2,556
1,102
25
3,787
4,015
1,092
609
1,365
2
642
155
3
2,232
177
511
3.792
7
727
66,896
60.088
76,394
26,798
22,799
75
95
185
1,549
95
145
226
1,686
129
153
332
a1,030
2,571
340
94
1,178
2,067
326
88
768
1,879
133
1,586
845
337
475
76
3,565
10,513
36
78
6,265
1,564
1,310
188
1,307
735
158
558
41
3,549
10,116
43
123
6,164
1,666
1,488
254
1,856
1,365
260
786
80
4,366
12,515
36
129
8,855
2,250
1,253
600
1,087
561
568
150
236
1,952
5,197
9
82
2,811
1,150
1,268
548
1,076
517
287
107
180
1,460
4,492
7
103
2,025
785
3,964
3,002
1,242
11
3,920
2,813
1,175
14
6,144
4,388
1,469
25
1,356
2,159
1,745
28
1,531
1,761
1,204
28
s
54,460
Southwestern District.
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
3,930 Gulf Coast Lines
2,164 b Houston & Brazos Valley _
599 International-Great Northern__
371 Kansas Oklahoma & Gulf
Kansas City Southern
7,064 Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Miraourl & North Arkansas..-..2,769 Missouri-Kansas-Texas Lines928 Missouri Pacific
550 Natchez & Southern
211 Quanah Acme & Pacific
66 St. Louis
-San Francisco
631 St. Louis Southwestern
528 b San Antonio Uvalde & Gulf2,477 Southern Pacific in Texas & La2,262 Texas & Pacific
7.307 Terminal RR.Assn. of St. Louis
404 Weatherford Min.Wells & N.W.
31,730
26,955
18,336
25,276
18,133
49,710
36,032
Total
Total
37,475
25,127
20,628
a Estimated. b Included In Gulf Coast Lines. c Pennsy valda-Reading Seashore Lines include the new consolidated lines of the Wert Jerzey & Seashore RR.,
formerly part of Pennsylvania RR..and A !antic City RR., formerly part of Reading Co.: 1931 figures included In Pennsylvania System and Reading Co. d Included
in Gulf Mobile & Northern RR. •Prey ous week's figures.
Index of National Fertilizer Association Shows Wholesale Commodity Prices Again Advanced During
Week of Jan. 6.
For the second consecutive week wholesale commodity
prices advanced during the week ended Jan. 6, according to
the index of the National Fertilizer Association. This index
advanced two points during the latest week and advanced
six points during the preceding week. There has, therefore,
been a gain of eight points during the last two weeks. However, the index is two points lower than it was a month ago.
The latest index number is 68.6; for the preceding week it
was 68.4;for the preceding month, 68.8, and a year ago 58.2.
(The three-year average 1926-1928 equals 100.) The Association in reporting the foregoing on Jan.8 added:
During the latest week four groups advanced, three declined and seven
showed no change. The advancing groups were grains, feeds and livestock, textiles, miscellaneous commodities and fertilizer materials. The
largest gain was shown in grains, feeds and livestock. The declining groups
were foods, metals and fats and oils. With the exception of the last named
group the declines were very small.
Thirty-three commodities advanced during the latest week, while 14 declined. A week ago there were 32 advances and 11 declines. Two weeks
ago there were 22 advances and 35 declines. Important commodities that
advanced during the latest week were cotton, cotton yarns, burlap, jute,
silk, cottonseed meal, nitrate of soda, lard, most foodstuffs, cattle, hogs,
tin, hides, and coffee. Among the declining commodities were eggs, flour,
corn, wheat, lead, silver and palm kernel oil.
The Index numbers and comparative weights for each of the 14 groups
listed in the index are shown In the table below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Rears to the
Total Index.
Group.
23.2
18.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Foods
Fuel
Grains. feeds and livestock..
Textiles
Miscellaneous commodities....
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements __ _
1000
All femme combined
Latest
Week
Jan. 6
1934.
Preceding
Week.
Month
Ago,
Year
Ago.
69.6
68.4
50.0
67.8
67.2
84.9
79.0
79.1
85.2
41.5
88.2
66.6
72.8
00.8
69.7
68.4
48.8
66.8
67.1
84.9
79.0
79.2
85.2
42.3
88.2
65.6
72.8
90.8
71.2
68.4
48.4
66.3
67.7
84.9
78.6
78.9
85.4
45.1
88.2
65.6
70.9
90.8
58.6
57.7
35.8
43.1
my
86.6
70.8
67.4
77.4
46.5
87.3
61.7
67.9
91.8
68.6
68.4
68.8
511.2
Moody's Index of Staple Commodity Prices Rises to
Highest Level in Nearly Two Months.
Prime commodity prices were irregular, but on the whole
firmer, during the week under review, and closed 2.0 points
Financial Chronicle
Volume 138
higher at 129.5, which is the highest figure since Nov. 16
and, with the exception of that date and of Nov. 14, the
highest since Oct. 5.
The Index advanced in spite of net declines in six of the
15 commodities included, i.e., hogs, hides, copper, sugar,
rubber and silk, but all these declines were moderate in
extent. Smart advances in cotton, steel scrap, wheat and
coffee featured the gains, the others being in corn, cocoa and
silver. Lead and wool tops were unchanged.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri.,
Jan.
Sat., Jan.
Mon., Jan.
Tues., Jan.
Wed., Jan.
Thurs., Jan.
Fri.,
Jan.
5
6
8
9
10
11
12
2 weeks ago, Dec.29
Month ago Dec. 12
Year ago, Jan. 12
1932i High-Sept. 6
Low -Dec. 31
1933 High-July 18
I Low -Feb. 4
127.5
128.0
127.8
128.1
128.91
128.2
129.5
124.7
124.3
81.8
103.9
79.3
148.9
78.7
Federal Reserve Board's Index of Department Store
Sales in United States Increased From November
to December.
Prelimingxy figures on the value of department store sales
show an increase from November to December of more than
the estimated seasonal amount. The Federal 11(serve
Board's index, which makes allowance both for number of
business days and for usual seasonal changes, was 68 in
December on the basis of the 1923-1925 average as 100,
compared with 65 in November and 70 in October. Under
date of Jan. 11 the Board further announced:
In comparison with a year ago, the value of sales for December, according to preliminary figures, was 7% larger; when allowance is made for the
fact that there was one less trading day this year than last, the increase
from last year is about 12%. Increase compared with last year were
reported for all districts except Boston. which showed no change; the largest
increase were reported in the Atlanta, Kansas City, and Dallas districts.
The aggregate for the year 1933 was 5% smaller than for the year 1932.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
December.*
Federal Reserve District.
12 Mos. Number of
Reporting
Ending
Stores.
Dec. 31.•
o
-8
+4
+4
+12
+8
+21
+12
+10
+10
+22
+23
+6
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
-6
-6
-1
-4
-1
--2
-5
-6
-3
53
52
29
28
50
24
55
33
17
19
21
63
o
-6
Number
of
Cities.
28
26
14
12
21
16
27
20
8
13
8
21
227
Weekly Wholesale Commodity Price Index of United
States Department of Labor Increased Slightly
During Week of Dec. 30.
A decided strengthening in the market prices of farm
products and manufactured foods caused wholesale commodity prices to rise during the past week, according to an
announcement made Jan. 4 by Isador Lubin, Commissioner
of Labor Statistics of the U. S. Department of Labor.
Seven of the 10 major groups of commodities covered by the
Bureau revealed rising prices, two showed no change, with
only one group, chemicals and drugs, showing a fractional
decrease. The announcement further said:
The increase in wholesale prices, which amounted to 0.6 of 1%, placed
the index number at 70.8% of the 1926 average for the week ending Dec.
30 as compared with 70.4 for the week ending Dec. 23. Prices were back
to the level of the week ending Dec. 16.
The rise in the index for the past week placed the general level slightly
less than 14% above the level for one year ago when the index registered
62.2. Present wholesale prices are nearly 19% above the low point reached
for the year (the week ending March 4) when the index was 59.6. It was
slightly more than 1% under the high point of the year reached during the
week of Nov. 19 when the index registered 71.7.
Market prices offarm products showed a decided rise by moving upward
more than 2% over the average for the previous week. The outstanding
advance in this group was shown for the subgroup of livestock and poultry
which increased by more than 7% in the aggregate. Grains also showed
a strengthening of prices with cotton continuing its upward movement.
Other items showing increases were eggs, onions, potatoes and flax seed.
Hops, for the first time in several weeks, showed a weakening in price.
The manufactured foods group showed the next largest increase by rising
% in average prices during the week. After declining for several weeks,
butter prices moved sharply upward causing the subgroup of butter, cheese
and milk to rise nearly 4%. Advancing prices were also reported for fresh
pork, veal, carcass beef and lamb. Declining prices were registered for
flour, macaroni, lemons and oranges.
Rising prices for hides and skins caused the hides and leather products
group to show more than 34 of 1% increase. Slightly advancing prices for
bituminous coal and California refinery gasoline influenced the fuel and
lighting materials group to rise fractionally. Increases in certain steel
items caused the metals and metal products group to move upward. Certain
paint materials and lumber items caused the building materials group to
rise fractionally to 85.4, the highest point reached during the present year.
The miscellaneous group ofitems also showed a slight increase over the week.
Due to slightly declining prices for certain vegetable oils, the index for
the chemicals and drugs group eased off fractionally during the week. No
change in the general average was shown for the housefurnishing goods and
textile products groups.
111 11
1
The index number of the Bureau of Labor Statistics is composed of 784
separate price series weighted according to their relative importance in the
country's markets and is based on average prices for the year 1926 as 100.0.
The accompanying statement shows the index numbers of the major groups
of commodities for one year ago, for the low and high points of 1933 and
for the past two weeks:
INT/EX-NUMBERS OF WHOLESALE PRICES FOR WEEKS OF DEC.31 1932
MARCH 4, NOV. 18, DEC. 23 AND 30 1933.
(1926= 100.0.)
Total
+7
444
-5
214
•December figures preliminary; in most cities the month had one less business da
this year than last year.
"Annalist" Weekly Index of Wholesale Commodity
Prices Increased During Week of Jan. 9
-Upward
Trend Due to Higher Cotton and Livestock Prices.
A further moderate advance of 0.4 point for the week
carried the "Annalist" Weekly Index of Wholesale Commodity Prices up to 102.9 on Jan. 9, from 102.5 (revised)
on Jan. 2, the "Annalist" reported, adding:
The rise reflected higher prices for cotton and livestock. The dollar
recovered over a cent during the week, rising to 64.1 gold cents from 63.0,
and the index on a gold basis accordingly to 66.0 from 64.6.
THE ANNALISTWEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
Unadjusted for seasonal variation (1913=100).
Jan. 9 1934.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
7 All rammnilltlaa nn anlel haala
86.9
101.3
*119.5
143.1
105.0
112.1
98.5
84.8
102.9
OR 11
Jan. 2 1934.
Jan. 101933.
:85.6
101.5
:119.0
143.1
105.3
112.0
98.5
84.8
1102.5
vR4 R
65.8
91.6
67.1
115.5
94.3
106.6
95.2
71.1
83.9
•Preliminary. z Revised z Baked on exchange quotations for France, Switzerand, Holland and Belgium.
Until recent weeks a recovery of the dollar would have been the signal for a
drop in paper currency commodity prices, but the relative stability of the
dollar since the latter part of November has diminished the influence of
exchange fluctuations on the currency prices of commodities. Providing
there is no development pointing to immediate further depreciation, commodity prices may be expected from now on to be controlled more by the
usual trade influences than was the case in 1933.
DAILY SPOT PRICES.
Cotton.
Wheat.
Corn.
Hogs.
Moodiest Index.
U. S.
Basis.
Jan. 2
Jan. 3
Jan. 4
Jan. 5
Jan.6
Jan. 8
Tan 9
10.50
10.45
10.65
10.55
10.75
10.85
10.95
1.0134
1.01
1.01
1.0034
1.004
1.0034
1.01 S4
3.35
3.46
3.36
.634
3.54
.634
.634-..
_
3.45
.634
.8414
3.52
.634
.624
126.0
126.4
127.0
127.5
128.0
127.8
128.1
1932.
79.4
79.6
79.8
81.3
81.4
82.0
82.1
-No. 2 yel ow, New York. }logs.
-Day's average. Chicago,
New York. Corn.
-Dally index of 15 staple commodities, Dec. 31 1931=100; March 1
Moody's Index.
1933=80.
1933.
1933.
40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
.72.7
59.6
F8.7
65.4
88.5
75.8
74.5
83.5
84.7
73.5
82.1
65.4
54.8
61.6
89.2
76.0
74.4
83.2
85.3
73.4
81.9
65.5
56.0
62.5
89.6
76.0
74.5
83.3
85.4
73.3
81.9
65.6
62.2
All commodities
1933.
43.7
57.9
69.1
52.5
69.0
79.3
70.8
72.2
73.5
63.1
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
HousefurnIshing goods
Miscellaneous
59.6
71.7
70.4
70.8
1933.
Weekly Electric Output 9.7% in Excess of Corresponding Period a Year Ago.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended Jan.6 1934, which included
the New Year holidays, amounted to 1,563,678,000 kwh.,
an increase of 9.7% over the corresponding period in 1933
when output totaled 1,425,639,000 kwh. The current figure
also compares with 1,539,002,000 kwh. produced during
the week ended Dec. 30 1933, 1,656,616,000 kwh. in the
week ended Dec. 23 1933 and 1,644,018,000 kwh. in the
week ended Dec. 16 1933.
All of the seven geographical areas reporting showed gains
for the week ended Jan. 6 1934 as compared with the same
period last year. The Middle Atlantic, the West Central
and the Southern States regions showed an improvement as
compared with the previous week. The Institute's statement
follows:
PER CENT CHANGES.
Gold.
Basis.
-Middling upland, New York. Wheat
Cotton.
-No. 2 red, new, c.i.f.. domestic.
Week Ending.
Dec. 31 Mar. 4 Nov. 18 Dec. 23 Dec. 30
Major Geographic
Divisions
Jan. 6 1934.
New England
Middle Atlantic
Central Industrial_...
Southern States
Pacific Coast
West Central
Rocky Mountain
+8.7
+11.3
+13.0
+1.3
+3.4
+9.3
+19.1
Total United States_
+9.7
Week Ended
Week Ended
Week Ended
Week Ended
Dec. 30 1933. Dec. 23 1933, Dec. 16 1933.
+8.7
+6.2
+14.3
+8.6
+4.3
+19.5
+6.7
+6.1
+9.6
+1.5
+2.7
+3.1
+16.0
+7 1
+4.1
+8.2
-0.9
+1.0
+2.4
+14.6
+8.8
4..6.6
44-5.2
Financial Chronicle
228
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1930, is as follows:
Week of-
Week of-
1933.
1932.
Week of-
May 6 1,435,707,000 May 7 1,429,032,000 May 9
May 13 1,468,035,000 May 14 1,436,928,000 May 18
May 20 1,483,090,000 May 21 1,435,731,000 May 23
May 27 1,493,923,000 May 28 1,425,151,000 May 30
June 3 1,461,488,000 June 4 1,381,452,000 June 6
June 10 1,541,713,000 June 11 1,435,471,000 Juno 13
June 17 1,578,101,000 June 18 1,441,532,000 June 20
June 24 1,598,136,000 June 25 1.440,541,000 June 27
July 1 1,655,843,000 July 1 1.456,961,000 July 4
July 8 1,538,500,000 July 9 1,341,730,000 July 11
July 15 1,648,339,000 July 16 1,415,704,000 July 18
July 22 1,654,424,000 July 23 1,433,990,000 July 25
July 29 1,661,504,000 July 31) 1,440,386,000 Aug. 1
Aug. 5 1,650,013,000 Aug. 6 1,426,986,000 Aug. 8
Aug. 12 1,627,339,000 Aug. 13 1,415,122,000 Aug. 15
Aug. 19 1,650,205,000 Aug. 20 1,431,910,000 Aug. 22
Aug. 26 1,630,394,000 Aug. 27 1,436,440,000 Aug. 29
Sept. 2 1,637,317,000 Sept. 3 1,464,700,000 Sept. 5
Sept. 9 1,582,742,000 Sept. 10 x1,423.977,000 Sept. 12
Sept. 16 1,663.212,000 Sept. 17 1,476,442,000 Sept. 19
Sept.23 1,638,757,000 Sept. 24 1,490,863,000 Sept. 26
Sept. 30 1,652,811,000 Oct. 1 1,499,459,000 Oct. 2
Oct. 7 1,646,136,000 Oct. 8 1,506,219,000 Oct. 10
Oct. 14 1,618,948,000 Oct. 15 1.507,503,000 Oct. 17
Oct. 21 1,618,795,000 Oct. 22 1,528,145.000 Oct. 24
Oct. 28 1.621,702,000 Oct. 29 1,533,028,000 Oct. 31
Nov. 4 1,583,412,000 Nov. 5 1,525,410,000 Nov. 7
Nov. 11 1,616,875,000 Nov. 12 1,520,730,000 Nov. 14
Nov. 18 1,617,249,000 Nov. 19 1,531,584,000 Nov. 21
Nov. 25 1,607,546,000Nov.26 y1,475,268,000 Nov. 28
Dec. 2 y1,553,744,000 Dec. 3 1,510,337,000 Dec. 5
Dec. 9 1.619,157,000 Dec. 10 1,518,922,000 Dec. 12
Dec. 16 1,644,018,000 Dec. 17 1,563,384,000 Dec. 19
Dec. 23 1,656,616,000 Dec. 24 1,554,473,000 Dec. 26
Dee. 30 1,539,002,000 Dec. 31 1,414,710,000 Jan. 2
1934.
1933.
ran
5 1 583 871; nun Jan_ 7 bl 425 839 we Jan. 9
1931.
Jan. 13 1934
580,000 kwh. by water power.
follows:
The Survey's statement
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT HOURS).
1933 over
1932.
1,637,296,000 0.5%
1,654,303,000 2.2%
1,644,783,000 3.3%
1,601,833,000 4.8%
1,593,662,000 5.8%
1,621,451,000 7.4%
1,609,931,000 9.5%
1,634,935,000 10.9%
1,607,238,000 13.7%
1,603,713,000 14.7%
1,644,638,000 16.4%
1,650,545,000 15.4%
1,644,089,000 15.4%
1,642,858,000 15.6%
1.629,011,000 15.0%
1,643,229,000 15.2%
1,637,533,000 13.5%
1,635,623,000 11.8%
1,582,267,000 11.1%
1,662,660,000 12.7%
1,660,204,000 9.9%
1,645,587,000 10.2%
1,853,369,000 9.3%
1,656,051,000 7.4%
1,646,531,000 5.9%
1,651,792,000 5.8%
1,628,147,000 3.8%
1,623,151,000 6.3%
1,655,051,000 5.6%
1,599,900.000 I 5.9%
1,671,466,000 I
1,617,717.000 6.6%
1,675,653,000 5.2%
1,664,652,000 6.6%
1,523,652,000 8.8%
1932.
1.619.265.000 9.7 7'.
,
Change in Ova1)541
from Previous Year.
Total by Water Power and Fuels.
September.
October.
November.
Oct.
+10%
+2%
+8%
+3%
+6%
+2%
+7%
+29%
+5%
Total for U. S__._ 7,347,386,000 7,490,778.000 7.208.815.000
+6%
1932.
January ---. 6.480.897,000 7,011,736,000
February
5,835,263,000 6,494,091,000
6,182,281,000 6,771,684,000
March
6,024,855,000 6,294,302,000
April
May
6,532,686,000 6,219,554,000
6,809,440,000 6,130,077,000
June
July
7,058,600,000 6,112,175,000
7,218,678,000 6,310,687,000
August
September. _ 6.931.652,000 6,317,733,000
7,094,412,000 6,633,865,000
October
6,507,804,000
November
.December.._6,638,424,000
S.
1 Total
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
7,288.576,000
7.166,086,000
7,099,421,000
7,331.380,000
6,971,644,000
7,288,025,000
1933
Under
1932.
8,021.749,000 7.6%
7,086,788,000 10.1%
7,580,335,000 8.7%
7,416,191,000 4.3%
7,494,807,000 a5.0%
7,239,697,000 al1.1%
7,363,730,000 al5.5%
7,391,196,000 a14.4%
7,337,106,000 a9.7%
7,718,787,000 a6.9%
7,270,112,000
6,566.601,000
---
77,442,112,000 86,073,969,000 89,467,099,000
January ____
February ___
March
April
May
June
July
August
September._
October
November_
December_
Farm Price Index of Bureau of Agricultural Economics
Down Three Points from Nov. 15 to Dec. 15.
The farm price index of the Bureau of Agricultural Economics, U. S. Department of Agriculture, was 68 on Dec. 15,
having declined 3 points since Nov. 15. The index on Dec.
15 a year ago was 52. At the low point in February 1933, it
was 49. This was noted in an announcement issued Jan. 5
by the Department of Agriculture which added:
The Bureau's index of prices paid by farmers was 118 on Dec. 15, having
advanced 1 point since Nov. 15. The index on Dec. 15 a year ago was 103,
and 100 at the low point in March 1933.
The ratio of prices received by farmers to prices paid declined from 61 to
58 from Nov. 15 to Ded. 15, but the ratio on Dec. 15 was 8 points above
that on the same date a year ago, and 9 points above the low point in
February 1933.
Prices received by farmers for wheat, rye, barley, flax, hogs, cattle,
calves, lambs, and dairy and poultry products made net declines from
Nov. 15 to Dec. 15, but the effect of these declines on the index was partly
offset by advances in prices received for corn, fruits and vegetables, work
animals, sheep and wool.
Hogs in local markets were selling at an average of $2.92 per 100 pounds
on Dec. 15, compared with $3.70 on Nov. 15, and $2.73 on Dec. 15 a year
ago. The hog-corn ratio for the United States was 7.0 Dec. 15 compared
with 9.1 Nov. 15, and with 14.5 in December of 1932.
The average farm price of corn was 42 cents a bushel Dec. 15, compared
with 40.6 cents on Nov. 15. Wheat was 67.3 cents a bushel in mid-December, and 41.6 cents on Nov. 15. On December 15 1932 wheat was 31.6
cents a bushel. Local market prices received by farmers for cotton averaged
4
3.6 cents a pound on Dec. 15, the same as on Nov. 15, compared with 5.4
cents in mid-December of 1932.
The average farm price of potatoes advanced slightly to 69.4 cents a
bushel during the month ended Dec. 15, and that price represents an
advance from 36.8 cents on Dec. 15 a year ago. The average local market
price of butterfat on Dec. 15 was 18 cents a pound. compared with 21.1
cents a year ago.
November 1933 Production of Electricity 4% Ahead of
Corresponding Month in 1932.
According to the Department of Commerce, Geological
Survey, production of electricity for public use in the United
States in November 1933 amounted to 7,208,815,000 kwh.,
eompared with 7,490,778,000 kwh. in the preceding month
and 6,952,085,000 kwh. in the corresponding period in
1932. Of the figure for the month of November 1933 a total
of 4,716,235,000 kwh. were produced by fuels and 2,492,
Kilowatt Hours
7,567,081,000
7,023.473,000
7,323,020,000
6,790,119.000
6,659,750,000
6,582,547,000
6,546,995,000
6,764,166,000
6,752,091,000
7,073,149,000
6,952,085,000
7,148,606,000
1933.
1933
Over
1932.
Kilowatt Hours
6,932,499,000 c8%
6,285,704,000 cb8%
8,673,536,000 c9%
6,461,657.000 c5%
6,999,648,000
5%
7,231,057,000 10%
7,479.170,000 14%
7.685,791.000 14%
7,347,386,000
9%
7,490,778,000
6%
4%
7,208.815.000
1932
Under
1931.
5%
b5%
7%
11%
13%
13%
16%
11%
10%
9%
6%
8%
Water Power.
1932.
41%
42%
42%
46%
45%
41%
41%
38%
36%
38%
41%
39%
1933.
43%
42%
45%
48%
49%
42%
38%
38%
40%
35%
35%
____
9.4%
41%
83,153,082,000
a Revised. b Based on average daily production. c Decrease under 1932.
Total
_---
a Increase over 1932.
prNote.-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
+4%
Produced by
1932.a
1930.
+4%
+25%
+5%
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE.
DATA FOR RECENT MONTHS.
1933.
+7%
+4%
+8%
+2%
-9%
-5%
The average daily production of electricity for public use in November
1933 was 240,294,000 kwh.,0.6% less than in October. The normal change
from October to November is an increase of about 0.7%.
The production of electricity by the use of water power in November
1933 was about 13% less than a year ago.
The monthly records for January to November and the estimated output
for December indicate that the total production of electricity for public
use in the United States in 1933 was 85,300,000,000 kwh., an increase of
nearly 3% over the total production in 1932 (83,153,000,000 kwh.) This
Is the first time that there has been an increase in the total annual production of electricity for public use since 1929. The output in 1932 was
9.4% less than in 1931. and the increase in production in 1933 therefore
Indicates a marked improvement in the demand for electricity during 1933.
The increase in demand for electricity which started in May is shown to be
slowing up to some extent beginning with September 1933.
x Corrected figure. y Includes Thanksgiving Day. b Revised figure.
Month of-
Nov.
New England
524,5E2,000 557,207,00 541,533,000
Middle Atlantic.. _
1,891,423,000 2,024,719,000 1,984,034,000
East North Central_ 1,625,971,000 1,683,228,000 1,643,889,000
West North Central_ 459,506,000 456,292,000 441,265,000
South Atlantic
870,218,000 829,001,000 777,645.000
East South Central_ 327,308,000 314,348,000 30..389,000
West South Central. 397,612,000 381,704,000 354,579,0(0
Mountain
263,693,000 254,147,000 241,338,000
Pacific
987.103,000 990,132,000 924,143,000
Coal Stocks and Consumption.
Stocks of both anthracite and bituminous coal in the hands of the electric
public utilities increased slightly in November 1933. On Dec. 1, stocks of
bituminous coal stood at 5,213,088 tons and anthracite stocks at 1,349,348
tons, a total of 6,562,436 tons. Compared with the amount on hand Nov. 1,
this is an increase of 1.5% in bituminous stocks and an increase of 2.1%
In the stocks of anthracite.
Consumption of coal by the electric power utilities in November, on
the other hand, was somewhat lower than in the previous month. Bituminous consumption for the month amounted to 2,588.703 tons, a
decrease of 3.4% in comparison with October. Consumption of anthracite
declined by 3.9%, amounting to 139,437 tons, as against 143,085 tons
in the month preceding.
At the rate of consumption prevailing in November, the stocks of bituminous coal on Dec. 1 were sufficient to last 60 days and the stocks
of hard coal were equivalent to 290 days' requirements.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 kwh. or more per month, engaged in generating
electricity for public use, including central stations, both commercial
and municipal, electric railway plants, plants operated by steam railroads'
generating electricity for traction, Bureau of Reclamation plants, public
works plants, and that part of the output of manufacturing plants which
is sold. The output of central stations, electric railway and public works
plants represents about 98% of the total of all types of plants. The
output as published by the Edison Electric Institute and the "Electrical
World" includes the output of central stations only. Reports are received from plants representing over 95% of the total capacity. The
output of those plants which do not submit reports is estimated; therefore, the figures of output and fuel consumption as reported in the accompanying tables are on a 100% basis.
(The Coal Division, Bureau of Mines, Department of Commerce. cooperates in the preparation of these reports.)
Horwath & Horwath on Trend of Business in Hotels
During December-Increase of 12% Noted in Total
Sales-Summary for 1933.
In their survey of the trend of business in hotels, Horwath
& Horwath state that "the climb of hotel sales from the
extremely low level reached during the past summer was
accelerated in December by improved general conditions
throughout the country and also, in many localities, by the
legal sale of liquor." They add:
The upward trend is shown by the following comparisons with the corresponding months of 1932:
Total
Sales.
October
November
December
Room
Sales.
Restaurant
Sales.
+3
+5
+12
--I
+3
+6
+6
+3
+20
Room
Rates.
-6
--5
-4
December occupancy, normally about 5 points lower than that of November, is this year only two points lower, and at 51% is four points higher
than in the corresponding month of 1932. New York City and Washington had the largest increases in occupancy over last December; Chicago had
a three-point drop.
Financial Chronicle
Volume 138
The effect of wine and liquor sales was greatest in the large cities. Chicago, which, for all practical purposes has open bars, shows a much higher
percentage of increase than New York which hasn't bars. Nevertheless,
18% of the hotels in Chicago and 20% of those in New York had lower
restaurant sales than in December 1932. Where liquor was legal the proportion of beverage sales to food sales was higher than it was prior to
prohibition. For instance, since Dec. 6, the ratio in New York City is
50% as against a little over 30% before the country went dry. However,
so high a percentage will probJbly not be maintained after the novelty has
worn off.
The following chart shows total hotel sales in December 1933 to be still
31% below those of December 1930:
INCREASES AND DECREASES IN SALES FROM THREE YEARS AGO
Aug.
Sept.
%
-42.4
+23.2
-49.2
-10.3
-39.3
-50.0
-47.0
-46.1
%
-37.7
+39.2
-51.2
-1.1
-34.3
-44.2
-39.2
-45.9
% %
-37.8 -39.3
+41.7 +26.5
-47.5 -47.5
-5.9 -10.6
-44.0 -42.5
-37.3 -39.1
-38.2 -35.1
-45.5 -44.4
Oct.
Nov.
Dec.
III I
I
I
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
All others reporting
I
WWWIA.13.WW
N00,
1
Crt
I
I
July.
%
-25.7
-29.8
-44.1
-10.2
-37.0
-27.3
-37.4
-35.0
-39.6 -39.2 -38.7 -38.1 -26.9 -31.0
Total
The following analysis by cities was also issued by Horwath & Horwath:
TREND OF BUSINESS IN HOTELS IN DECEMBER 1933, COMPARED
WITH DECEMBER 1932.
Room
Rate
Percentage of
Same Inc.(-I)
or
Month
Rooms. Restaur't. This
Month. Last Year Dec.(-)
Sales.
Percentage of Increase (±)
OT Decrease (-).
Total.
Occupancy.
Total
+24
+20
-2
+32
+5
-9
+3
+3
+10
+13
--7
-5
+40
+1
-15
+1
+1
+3
+36
+62
+8
+25
+10
-1
+4
+5
+18
55
55
34
52
57
49
44
53
42
46
58
34
39
49
51
42
47
39
-4
-2
-6
+6
-11
-12
-4
-8
-4
+12
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Texas
All other reporting
+3
+20
51
47
-4
A summary for 1933, as issued by the firm, follows:
ANNUAL SUMMARY FOR 1933
-CHANGES IN TOTAL(ROOM AND FOOD)
SALES BY CITIES FROM 1932.
January
February
March
April
May
June
July
August
September
October
November
December
1933 from
1932 from
1931 from
1930 from
1929 from
1928 from
-23
-24
-28
--20
--15
--7
+1
-1
+I
+3
+5
+12
-20 -29
-23 -25
-22 -33
--18 --21
--10 --I
--6 A-59
+3 +122
-1 +145
+1 +146
+5 +117
+2 +12
+24 +20
1932
--8 --6 A-43
1931_ --24 --25 --26
1930._ -19 -21 -20
1929_ --10 --13 --10
1928
+2
+2 +1
1927_ --4 --10 --6
-28
-31
-35
--21
--25
--18
-16
-14
-11
-10
-5
-2
-21
-29
-14
--17
--12
--3
+27
+30
+40
+30
+36
+32
--18
A-6
--26 --I3
-18 -18
--13 --11
+4
-6
-1-1
--2
HMI
I 1-.NDK,CANNJ
+++I
000.N0P000N0W
All
New CM- Philo- Wash- Clew- De- CaliTotal. York. cogs. delphia ington. land, troll. fornia Texas Others
--11
--26
-18
--11
+2
--3
--26
-25
-39
--38
-27
-16
-11
-2
-10
-8
+6
-9
--22
-23
-25
--17
-20
-13
-14
--17
-8
+2
+5
+3
--17
--20
-20
--15
+1
--I0
--12 --8 --10
--22 --23 --28
-22 -17 -18
--9 •
--8
+4 •
+3
. ' A-4
--15
-16
-18
--17
-12
-10
-9
-6
-3
+2
+2
+3
--25
-24
-30
--I9
-17
-13
-3
-2
-4
-1
+3
+10
• No data.
CHANGES IN SALES, OCCUPANCY AND RATE DURING LAST 6 YEARS.
Total.
1933 from
1932 from
1931 from
1930 from
1929 from
1932
1931
1930
1929
1928
1095 frnm 1097
-8%
-24
-19
-10
+2
_a
Rooms.
-10%
-23
--17
-9
+3
--A
Restaurant. Occupancy.
-6%
-26
-21
--12
+2
-C
Rate.
-10%
No change
-14%
-11
-9
--8
-6
--3
No change
+3
1
1
-
OCCUPANCY DURING LAST SIX YEARS.
1933.
1932.
1931.
1930.
65%
Average occupancy
59%
51%
51%
1929.
70%
1928.
68%
Seasonal Decline Reported in New York State Factory
Employment from Mid-November to Mid-December
-Payrolls Down About 1% During Period-Compared with Year Ago Both Employment and
Payrolls Higher.
Employment in New York State factories declined 1.7%
during the period from the middle of November to the
middle of December, according to a statement issued Jan. 11
by Industrial Commissioner Elmer F. Andrews. Total
factory payrolls dropped approximately 1% during the
same period. These decreases lowered the State Labor
Department's index numbers, based on the three years
1925-1927 as 100, to 66.2 for employment and 51.3 for
payrolls. Continuing, the statement noted:
In comparison with a year ago, though, the number of persons working
In the State's factories and the total amount of wage payments were.
respectively. 15.9% and 20.4% greater. These statements are based
upon reports from 1.610 representative factories located in various parts
of the State, employing in December approximately 323,600 persons
and paying out more than $7,234,000 in weekly wages.
Factory employment in the State usually shows a seasonal decline
from November to December, with the average decrease for the 19 years
1914-1932 amounting to about 1%. The greater decrease this time was
due principally to the continuation of the November declines in the textile,
clothing and food and tobacco groups. The percentage change in employment from November to December in the last 20 years is shown in
the following table:
229
Decreases
Increases
November to December.
Not,
to December.
1914___-1.3%
1915_ _ - +1.6%
.
1918.1916____ +1.0
1920.. _ _ _ -7.4
1917____ +0.3
1923_ _ _ _ -1.2
1919____ +3.5
1926__ _ -1.0
1922___+1.6
1927_ _
-1.8
1924_ _ _ _ +0.8
1928_ _ _ _ -0.6
1925---- +0.6
1929.. _ _ _ -4.0
1930-- -- -3.9
193L.._ -1.6
1921_ _ _ _ No change
1932- - _ _ -3.1
1933_ _
1.7 (preliminary)
Small Net Loss in Metals.
Many of the industries comprising the metals and machinery group
were reporting increased employment in December, but losses in the
machinery and electrical apparatus, automobiles and airplanes, silverware and jewelry, firearms, tools and cutlery, cooking, heating and ventilating apparatus, and railroad equipment and repair shops offset these
gains and caused the group as a whole to record a small net decline. The
settlement of the strike in the New York City shipyards resulted in a sharp
gain in the number of persons engaged in shipbuilding and repairing.
Increased working forces were noted in the brass, copper and aluminum,
Iron and steel, structural and architectural iron, sheet metal and hardware, and business machines and other instruments and appliances division.
Seasonal Decreases Continue in Clothing and Millinery.
Seasonal dullness continued to prevail in the clothing and millinery group,
with additional thousands of workers laid off in December. Losses ranging
from 2 to 11% were noted in the laundering and dry cleaning, women's
clothing, women's headwear, women's underwear, miscellaneous sewing.
and men's furnishings branches. In the men's clothing shops, where in
some years employment begins to pick up during December due to the
beginning of manufacturing for the spring trade, a further decline of 10%
was recorded this time.
Textile Employment Declines Further.
Employment in textile mills showed a further decrease of 4.3% in December. A major part of the loss was contributed by firms manufacturing knit
goods, where employment fell off 10% from November. Additional decreases occurred also in the woolens, carpets and felts, and cotton goods
divisions. Silk and silk goods mills reported a few more operatives working
than in November. Other textile concerns had about the same number of
workers as during the previous month.
Food and Tobacco Group Employs Fewer Persons.
Seasonal contraction was noted in the food and tobacco group, with
losses occurring in all divisions except the meat and dairy products, bakery
products, and beverages branches. Seasonal dullness prevailed in the
flour, feed and cereals, canning and preserving, sugar and other groceries.
candy, and tobacco divisions. Processors of meat and dairy and bakery
products took on a few workers. Beverage concerns reported a 2% increase
in working forces.
Other Groups Show Mixed Movements.
All industries comprising the furs, leather and rubber goods group,
excepting the leather and shoe divisions, reported further losses in employment. The increases in the latter two divisions, though, were sufficient
to cause the group as a whole to show a net gain. The strikes in Gloversville
and Johnstown tanneries were settled, accounting for the rise in the leather
division. In the shoe industry the strikes in Long Island City and Brooklyn
plants were called off towards the end of November. Net decreases occurred
in the stone, clay and glass, and wood manufacturers groups, with large
losses in the lime, cement and plaster and furniture divisions. Printing and
paper goods, pulp and paper, and water, light and power plants operated
with larger working forces than in November. Mixed movements were
evident in chemicals, oils and paints, with employment in the group as a
whole showing a slight decline from November.
Net Decline in New York City.
In New York City factory employment showed a further decline of
approximately M of 1%, while wage payments decreased 0.7%. Most of
the loss was caused by continued seasonal declines in the clothing and
millinery group, decreases being noted in the men's clothing, women's
clothing, millinery, women's undergarments, men's furnishings, miscellaneous sewing, and laundering and cleaning divisions. Lower working
forces were reported also by textile factories and food and tobacco concerns.
Printing plants and paper goods factories had about the same number of
workers as in November.
The remaining industry groups were reporting more persons working than
in November. A net increase occurred in the metals and machinery group,
with a particularly sharp gain being recorded in ship building and repairing
due to the settlement of the shipyards strike. Most of the industries comprising the furs, leather and rubber goods group were letting help go, but
a large gain in shoe factories more than offset these losses. The strikes in
Long Island City and Brooklyn shoe factories were called off towards the
end of November. Stone, clay and glass, wood manufacturers, chemicals,
oils and paints, and water, light and power plants were all using more
workers than in November.
Five Up-State Cities Report Employment Decreases.
All the major up-State industrial centers, excepting Buffalo and Rochester, reported decreases in both employment and payrolls in December.
In Buffalo the gains of 1.7% in numbers employed and of 3.3% in wage
payments were due largely to increases in the iron and steel, heating apparatus, and automobile and automobile parts industries. Rochester reports
showed seasonal losses in men's clothing shops and in canneries, and some
gains in metal, shoe and chemical factories, with the net results a 1.3%
decrease in employment but an increase of 1% in wage payments. A good
part of the decrease in Syracuse was due to curtailment in automobile and
automobile parts plants and in some of the other metal concerns. AlbanySchenectady-Troy reports showed declines in textile mills and in shirt and
collar factories. In Utica declines were noted in textile mills and in some of
the metal industries. Binghamton metal products, furniture and men's
clothing shops had fewer workers than in November.
Index of Farm Exports of Bureau of Agricultural
Economics Smallest in 17 Years.
The index of volume of exports of 44 principal United
States farm products in November was the smallest in 17
years, according to the Bureau of Agricultural Economics,
U. S. Department of Agriculture, which reports the index at
111 for November as compared with 120 for October and 120
for November a year ago, and with 1909-1914 as 100. An
Financial Chronicle
230
announcement issued Jan. 6 by the Department of Agriculture added:
Commodities having a Nowember exports index above pre-war are fruits,
cotton, tobacco, and lard; commodities below pre-war are grains and grain
products, animal products, dairy products and eggs, wheat and flour, and
hams and bacon. Increases last November as compared with November of
1932 are recorded for animal products, fruits, lard, hams and bacon.
The Bureau reports that in November, for the fifth consecutive month,
exports of cotton to Japan exceeded those to either the United Kingdom or
Germany. Sales to Japan for the five months. July to November, exceeded
1,000,000 bales, whereas Germany took 800,000 bales, and the United
Kingdom 735,000 bales.
Exports of wheat and flour continued at a low level in November, the
total for the five months ended Nov.30 being 8,062,000 bushels, or less than
one-third the quantity exported during the corresponding period in 1932.
Lumber Production During the Four Weeks Ended
Dec. 30 1933 Increased 47% Over the Same Period
-Orders Were Off 13%.
-Shipments Up 28%
in 1932
We give herewith data on identical mills for the four weeks
ended Dec. 30 1933 as reported by the National Lumber
Manufacturers Association on Jan. 5:
An average of 624 mills reported as follows to the National Lumber Trade
Barometer for the four weeks ended Dec. 30 1933:
Production.
fin 1,000 Board Feet.)
1933.
Softwoods
Hardwoods
Total lumber
1932.
Orders.
Shipments.
1933.
1932.
1933.
1932.
422,922
78,219
306,635
33,144
415,554
62,774
329,135
43,340
315,768
38,556
364,781
41,030
501,141
339,779
478.328
372,475
354,324
405,811
bk Production during the four weeks ended Dec
30 1933 was 477 greater
than during corresponding weeks of 1932, as reported by these mills, and
26% above the record of comparable mills for the same period of 1931. 1933
softwood cut was 38% above that of the same weeks of 1932 and hardwood
cut was 136% greater than in 1932, or 2 1-3 times that figure.
Shipments during the four weeks ended Dec. 30 1933, were 28% greater
than those of corresponding weeks of 1932, softwoods, showing a gain of
26% and hardwoods gain of 45%•
Orders received during the four weeks ended Dec. 30 1933, were 13%
less than those of corresponding weeks of 1932 and 32% less than orders
received during similar weeks of 1931. Softwoods showed loss of 13% as
compared with similar period of 1932; hardwoods, loss of 6%•
On Dec. 30 1933, gross stocks as reported by 318 softwood mills were
2,342,899,000 feet, or the equivalent of 99 days' average production of
reporting mills, as compared with 2,581.094,000 feet on Dec. 31 1932, the
equivalent of 109 days' average production.
On Dec. 30 1933, unfilled orders as reported by 547 mills cutting hardwoods or softwoods or both, were 420,222.000 feet. or the equivalent of
16 days' average production, compared with 409.238,000 feet on Dec. 31
1932, the equivalent of 15 days' average production.
Estimate of Freight Car Loadings During First Quarter
-Will Be Approximately 6.5% Above Those
of 1934
During Same Period of 1933.
Freight car loadings in the first quarter of 1934 will be
about 6.5% above actual loadings in the same quarter in 1933,
according to estimates Just compiled by the 13 Shippers' Regional Advisory Boards and made public to-day (Jan. 8) by
the American Railway Association. On the basis of these
estimates, freight car loadings of the 29 principal commodities, which constitute about 90% of the total carload traffic,
will be 3,878,284 cars in the first quarter of 1934, compared
with 3,641,416 actual loading for the same commodities in the
corresponding period last year, the Association's announcement said, adding:
With the exception of the Northwest Board, each one of the 13 Shippers'
Regional Advisory Boards estimate an increase in the loadings for the first
quarter of 1934, compared with the same period in 1933.
The tabulation below shows the total loading for each district for the
first quarter of 1933, the estimated loadings for the first quarter of 1934,
and the percentage of increase or decrease:
Shippers' Advisory Board.
Allegheny
Atlantic States
Central West
Great Lakes
Mid-West
New England
Northwest
Ohio Valley
Pacific Coast
Pacific Northwest
Southeast
Southwest
Trans-Missouri-Kansas
Tntel
,
Per Cent
Increase
or
Decrease.
Actual
Loadings
1933.
Estimated
Loadings
1934.
467,416
420,867
165,934
197,628
610,391
90,232
128,869
507,690
108,985
80.822
358,031
267,959
246,692
510.599
469,399
161,765
223,958
642,753
95,403
126,837
523,635
125,084
88,744
383,582
279,473
247,052
+9.2
+11.5
+3.7
+13.3
+5.3
+5.7
-1.6
+3.1
+14.8
+9.8
+7.1
+4.3
+0.2
2 541 AIR
2 R7R 2R4.
.55
Of the 29 commodities covered in the forecast, it 's estimated that 22 will
show an increase. They are: Flour, meal and other mill products; cotton ;
citrus fruits; potatoes; coal and coke; ore and concentrates; gravel, sand
and stone; salt; lumber and forest products; petroleum and petroleum products; sugar, syrup and molasses; iron and steel; machinery and boilers;
cement; brick and clay products; lime and plaster; agricultural implements and vehicles other than automobiles; automobiles, trucks and
parts; fertilizers of all kinds; paper, paperboard and prepared roofing; chemicals and explosives; canned goods, including all canned food products.
The seven commodities for which reductions are estimated are: All grains;
hay, straw and alfalfa; cotton seed and products except oil; fresh fruits other
than citrus fruits ; fresh vegetables other than potatoes; live stock, and
poultry and dairy products.
Of the commodities for which increases are estimated in the first quarter
compared with the same period last year, those showing the largest percent-
Jan. 13 1934
age increases are: Agricultural implements and vehicles other than automobiles, 42.4%; automobiles, trucks and parts, 35%; ore and concentrates,
26.8%; machinery and boilers, 24%; iron and steel, 20.8%; brick and clay
products, 23%; lumber and forest products, 19.2%; chemicals and explosives, 18.8%, and cotton, 11%. It is also estimated that loading of coal and
coke will show an increase of over 6%, or more than 1,100,000 cars.
The estimated carloadings for the first quarter of 1934, together with
actual carloadings for the same period in 1933 and the percentage of increase
or decrease for each of the 29 commodities included in the forecast of the
Shippers' Advisory Boards follows:
Carioadings.
Estimated.
Commodity.
Actual
1933.
Estimated
1934.
Grain, all
Flour, meal and other mill products
Hay, straw and alfalfa
Cotton
Cotton seed and products, except oil_
Citrus fruits
Other fresh fruits
Potatoes
Other fresh vegetables
Live stock
Poultry and dairy products
Coal and coke
Ore and concentrates
Gravel, sand and stone
Salt
Lumber and forest products
Petroleum and petroleum products
Sugar, Syrup and Molasses
Iron and steel
Machinery and boilers
Cement
Brick and clay products
Lime and plaster
Agricultural implements and Vehicles, other than automobiles
kutomoblies, trucks and parts
Fertilizers, all kinds
Paper, paperboard and prepared
Roofing
Dhemicals and explosives
Damned goods, all canned food products (includes, catsups, lams jellies. olives, pickles, preserves,
&e.)
162,340
172,864
32,700
40,500
20,562
33,382
30,433
57,152
61,541
189,520
29,126
1,630,363
27,079
120,207
22,861
193,257
374,836
29,917
121,075
11,501
35,686
21,440
14,465
149,953
174,194
30,929
44,968
17,854
35,607
29,139
59,481
59,289
185,093
28,761
1,732,087
34,334
133,760
24,172
230,355
388,899
31,882
146,257
14,264
39,166
26,373
15,047
6.2
26.8
11.3
5.7
19.2
3.8
6.6
20.8
24.0
9.8
23.0
4.0
4,019
62,047
45,908
5,725
83,792
51,376
42.4
35.0
11.9
55,372
11,261
60,432
13,381
9.1
18.8
Total
Inc.
%
Dec.
%
7.6
.8
5.4
11.0
13.2
6.7
4.3
4.1
3.7
12.3
11,3
30,002
31,714
5.7
3,641,416
3.878,284
6.5
Usual Decline from October to November Noted in
General Business Activity in Kansas City Federal
Reserve District-Dollar Volume of Sales at Wholesale and Retail Decreased 5.5% and 7.7% Respectively.
"General business activity in the Tenth [Kansas City]
Federal Reserve District, as indicated by bank debits,
marketings of livestock and grain, building operations, and
sales of merchandise at department stores and wholesale
establishments, showed about the customary decline from
October to November. The Jan. 1 "Monthly Review" of
the Federal Reserve Bank of Kansas City, in noting this,
added:
Employment improved rapidly the latter part of November and the
forepart of December, largely under the Civil Works program, and wheat
allotment checks commenced reaching producers. Receipt of these disbursements was, however, too recent to be reflected in the November
totals, but are evidenced by a substantial improvement in holiday trade.
Production of crude oil, butuminous coal, cement and retail sales of
lumber declined somewhat less than usual during the month. Demand for
flour and milifeeds was dull and milling operations were reduced slightly.
Bank debits, Reserve bank clearings, sales of merchandise at wholesale
and retail, livestock marketings, meat packing operations and crude oil
production showed substantial increases over November 1932. November
receipts of all classes of grain except corn were light and building operations,
shipments of zinc ore and lead ore and the output offlour, bituminous coal,
and cement were somewhat less than a year ago.
Agricultural commodity prices, particularly beef, pork, butterfat and
eggs have declined rapidly in recent weeks. With grain and feed prices
higher on Dec. 15 than a year ago and meats and dairy and poultry products,
on the whole, lower, present feeding ratios are the most unsatisfactory in
years.
Mild temperatures and open weather were favorable for farm work and
the harvesting of 1933 crops is nearly completed. Precipitation has been
confined to widely scattered showers and moisture is needed throughout
the District. Fall sown wheat and rye made little growth in November
and the present condition of a reduced acreage of wheat, although above
a year ago, is considerably below average. Livestock on Western ranges
are in fair but below normal condition and winter feed supplies are generally
short in that area.
As to wholesale and retail trade conditions in the Kansas
City District, we take the following from the "Review":
Retail.
Combined reports of 32 department stores In the District reflect a decline
of 7.7% in the dollar volume of November sales as compared to October
this year and an increase of 4.1% as compared to November last year.
Not since 1927 have November sales exceeded the October volume, and the
decline this year is about in line with those of the past three years. The
gain over the previous November is the first reported since 1029. Cumulative sales have constantly gained ground In recent months and aro now
only 4.6% below the total for the first 11 months of 1932. Government
disbursements for civil works and crops were too recent to be reflected in
the November totals but reports for the forepart of December indicate a
brisk holiday trade generally.
Inventory changes during the month were slight as usual and, following
five years for which reductions were recorded, merchandise stocks were
3.9% heavier on Nov.30 1933, than on Nov.30 1932.
Collections improved during the month amounting to 37.2% of accounts
outstanding Oct. 30 as compared to 35.9% in October this year and 35%
in November last year.
Wholesale.
Dollar sales of five representative wholesale lines combined declined
5.5% in November, or less than in any year since 1927. For the first
time since 1929 November sales exceeded the total for the previous year,
Financial Chronicle
Volume 138
Increasing 14%. Sales for the 11 months showed a gain of 1.8% over the
corresponding period of 1932, also the first improvement for the period in
four years.
Each of the five reporting lines showed a slight decrease for the month.
Decreases reported by wholesalers of hardware, groceries, furniture and
drugs were, however,somewhat less than usual and the loss in sales of dry
goods was about normal.
All lines except dry goods reported substantial gains for November this
year over November 1932. Increases of8.4% for groceries, 26.5% for hardware, 54% for furniture and 10.9% for drugs over a year ago were the
largest ever recorded for November over the like month of the preceding
Year. Grocery sales showed their first gain for the month in four years,
and the improvement in sales of hardware, furniture and drugs follows
three years of substantial declines. Sales of dry goods showed a loss of
4% as compared to the year before, or less than in either of the three preceding years.
Combined inventories decreased 6.5% for the month and increased
1.1% for the year. Stocks of hardware and furniture were larger, whereas
those of dry goods and drugs were smaller on Nov. 30 than one month or
12 months earlier. Grocery stocks declined 3.4% In 30 days and on
Nov. 30 were 2.9% heavier than on the corresponding date ift 1932.
1934 Opens with Advance in Lumber
Orders and Output.
The first week of 1934 shows more new business booked
by the lumber mills of the country than during the previous
four weeks, otherwise orders were lowest since February;
production was heavier than in the last week of 1933, otherwise highest since April. This record is based upon telegraphic reports to the National Lumber Manufacturers
Association from regional associations covering the operations of leading hardwood and softwood mills. The reports
were made by 1,160 American mills whose production was
110,679,000 feet; shipments, 98,042,000 feet; orders, 107,239,000 feet.
Revisions in 1933 total figures show production during
the year of an average of 1,148 mills of 8,471,195,000 feet,
or approximately 65% of the total output of the country;
shipments of 9,023,219,000 feet or 7% above production;
orders, 9,119,749,000 feet, or 8% above production. Identical mills reporting for both 1933 and 1932 reveal a gain in
production in 1933 over 1932 of 29%; a gain in shipments of
14%;a gain in orders of 17%.
The Association, in reviewing lumber activities during the
first week of the current year, further went on to report:
During the week ended Jan. 6 1934, all regions but Western Pine and
Northern Pine reported orders below production, total softwoods being 2%
below output; hardwood orders 12% below hardwood production. All
regions but West Coast and Western Pine reported orders below those of
last year. The western gain raised the total softwood orders to 12% above
those of a year ago. Hardwood orders were 21% below those of the first
week of 1933. The production of the week was 35% above that of corresponding week of 1933; shipments were 7% and orders 9% respectively,
above those of the 1933 week.
Unfilled orders on Jan. 6. on the new three-year average basis, were the
equivalent of 18 days' average production of reporting mills and softwood
stocks were the equivalent of 117 days' average production.
Lumber orders reported for the week ended Jan.6 1934. by 789 softwood
mills totaled 96.974,000 feet, or 2% below the production of the same mills.
Shipments as reported for the same week were 81,581,000 feet, or 18%
below production. Production was 98,956,000 feet.
Reports from 391 hardwood mills give new business as 10,265,000 feet,
or 12% below production. Shipments as reported for the same week were
• 16,461,000 feet, or 40% above production. Production was 11,723.000
feet.
Unfilled Orders and Stocks.
Reports from 1,174 mills on Jan. 61934, give unfilled orders of 590,544,000 feet and 1,160 mills report gross stocks of 4.163,788,000 feet. The
555 identical mills report unfilled orders as 436,584,000 feet on Jan.6 1934,
or the equivalent of 18 days' average production, as compared with 433,446,000 feet, or the equivalent of 18 days' average production on similar
date a year ago.
Identical Mill Reports.
Last week's production of 383 identical softwood mills was 92,857.000
feet, and a year ago it was 70,697.000 feet; shipments were respectively
79,914,000 feet and 73,986.000; and orders received 89,622.000 feet and 80,196,000 feet. In the case of hardwoods, 224 identical mills reported production last week and a year ago 8,758,000 feet and 4,519,000; shipments
11,511,000 feet and 11,515,000; and orders 6,621.000 feet and 8,338,000 feet.
SOFTWOOD REPORTS.
West Coast llovement.
The West Coast Lumbermen's Association reported from Seattle that
for 487 mills in Washington and Oregon and 22 in British Columbia, shipments were 25% below production, and orders 10% below production and
21% above shipments. New business taken during the week amounted
to 61.460,000 feet (previous week 53.747,000 at 496 mills); shipments 50.958.000 feet (previous week 61,692,000); and production 68.126,000 feet
(Previous week 43.644,000). Orders on hand at the end of the week at
487 mills were 285,155,000 feet. The 163 identical mills reported an
increase in production of 35%,and in now business a gain of 15%. as compared with the same week a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for 126
mills reporting, shipments were 41% below production, and orders 31%
below production and 17% above shipments. New business taken during
the week amounted to 14.606,000 feet (previous week 15.627,000 at 127
mills); shipments 12,501,000 feet, (previous week 16.717.000); and production 21.105.000 feet (previous week 13,423,000). Production was 35%
and orders 24% of capacity, compared with 22% and 26% for the previous
week. Orders on hand at the end of the week at 88 mills were 47,586.000
feet. The 88 identical mills reported an increase in production of 4%,
and in new business a loss of 19%, as compared with the same weeks year
ago.
231
Western Pine.
The Western Pine Association reported from Portland. Ore., that for
124 mills reporting, shipments were 41% above production, and orders
59% above production and 13% above shipments. New business taken
during the week amounted to 25.576,000 feet (previous week 23,573.000 at
150 mills); shipments 22,695,000 feet (previous week 23,607,000); and production 16,047,000 feet (previous week 20.541,000). Orders on hand at
the end of the week at 124 mills were 100.781,000 feet. The 107 identical
mills reported an increase in production of 89%,and in new business a gain
of 43%,as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from 14 American mills as 351.000 feet, shipments 1,142.000
feet and new business 921,000 feet. Orders on hand at the end of the week
were 3,740,000 feet.
California Redwood.
The California Redwood Association of San Francisco reported production from 18 mills as 3,462,000 feet, shipments 3,724,000 feet and new
business 1,853,000 feet. Eleven identical mills reported production 18%
less and new business 47% less than for the same week last year.
Northern Hemlock.
.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported softwood production from 20 mills as 985,000
feet. shipments 678,000 and orders 587.000 feet. The 14 identical mills
reported a gain of 197% in production and a loss of 11% in new business,
compared with the same week a year ago.
HARDWOOD REPORTS.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 371 mills as 9.952,000 feet, shipments 15,744,000 and new
business 9,723.000. The 210 identical mills reported production 73%
greater and new business 15% less than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported hardwood production from 20 mills as 1,771.000
feet, shipments 717.000 and orders 542,000 feet. The 14 identical mills
reported a gain of 489% in production and a loss of 60% in orders, compared with the same week last year.
We also give below the report of the National Lumber
Manufacturers' Association for the week ended Dec. 30 1933,
which reviews the year-end lumber movement:
In accord with the usual seasonal trend and because of holiday shutdowns, orders booked at the lumber mills during the last two weeks of
1933 were down to the levels of the first week of the year and production
was lowest since March, according to telegraphic reports to the National
Lumber Manufacturers' Association from regional associations covering the
operations of leading softwood and hardwood mills. The reports were made
by 1,190 American mills whose production was 99,812,000 feet; shipments,
113,463,000 feet; orders, 87,706,000 feet. Reports of 22 British Columbia
.
mills during the same week were: Production, 9,516,000 feet; shipments,
9,784,000 feet; orders, 12,980,000 feet.
weeks of 1933 lumber shipments were 6% above production
During the 52
and orders were 7% above production, softwoods showing shipments 4% and
orders 5% above output, and hardwoods reporting both shipments and orders
17% above production. These barometer reports represent nearly 60% of
the total lumber output of the country.
During the week ended Dec. 30 softwood mills reported orders 9% above
production, but hardwood orders at 58% below, brought total lumber orders
down to 12% below production. During the same week all regions but
northern pine, California redwood and northern hardwoods reported orders
below the corresponding week of 1932, total orders being 7% below.
In yearly comparisons, softwood production in 1933 was 26% above that
of 1932 ; hardwood production was 56% above that of 1932. Shipments of
softwoods were 13% above the previous year; of hardwoods, 31% above.
Softwood orders were 15% above that of 1932; hardwood orders 35% above
their 1932 record.
Forest products catloadings during the week ended Dec. 23 1933, of 17,877
cars were 2,010 cars below the preceding week; 5,221 cars above the same
week of 1932, and 4,187 cars above similar week of 1931.
Lumber orders reported for the week ended Dec. 30 1933 by 774 softwood
mills totaled 74,751,000 feet, or 9% above the production of the same mills.
Shipments as reported for the same week were 91,289,000 feet, or 33% above
production. Production was 68,811,000 feet.
Reports from 432 hardwood mills give new business SB 12,955,000 feet, Or
58% below production. Shipments as reported for the same week were
22,174,000 feet, or 28% below production. Production was 31,001,000 feet.
Unfilled Orders and Stocks.
Reports from 1,144 mills on Dec. 30 1933 give unfilled orders of 542,175,000 feet and 1,136 mills report gross stocks of 3,860,003,000 feet. The
547 identical mills report unfilled orders as 420.222,000 feet on Dec. 30 1933,
or the equivalent of 16 days' average production, as compared with 409,238,000 feet, or the equivalent of 15 days' average production on similar
date a year ago.
Identical Mill Reports.
Last week's production of 379 identical softwood mills was 03,522,000
feet, and a year ago it was 58,118,000 feet; shipments were, respectively,
83,837,000 feet and 80,533,000 feet; and orders received 73,691,000 feet and
80,193,000 feet. In the case of hardwoods, 222 identical mills reported producticn last week and a year ago 20,525,000 feet and 5,430,000 feet; shipments, 14,564,000 feet and 8,879,000 feet, and orders, 8,343,000 feet and
8,359,000 feet.
SOFTWOOD REPORTS.
West Coast Movement.
The West Coast Lumbermen's Association reported from Seattle that for
474 mills in Washington and Oregon and 22 in British Columbia, shipments
were 41% above production and orders 23% above production and 13% below
shipments. New business taken during the week amounted to 53,747,000
feet (previous week 44,383,000 feet at 510 mills) ; shipments, 61,692,000
feet (previous week, 72,134,000 feet), and production, 43,644,000 feet (previous week. 71.723,000 feet). Orders on hand at the end of the week at 488
mills were 277,710,000 feet. The 172 identical mills reported a decrease in
production of 4%, and in new business a loss of 7%, as compared with the
same week a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for 127
mills reporting, shipments were 25% above production, and orders 16%
above production and 7% below shipments. New business taken during the
week amounted to 15,627,000 feet (previous week, 16,091,000 feet at 121
232
mills) ; shipments, 16,717,000 feet (previous week, 19,443,000 feet), and
production, 13,423,000 feet (previous week, 23,367,000 feet). Production
was 22% and orders 26% of capacity, compared with 43% and 29% for
the previous week. Orders on hand at the end of the week at 89 mills were
45,132,000 feet. The 89 identical mills reported a decrease in production of
9%, and in new business a decrease of 6% as compared with the same week
a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for 119
mills reporting, shipments were 3% above production and orders 12% below
production and 15% below shipments. New business taken during the week
amounted to 14,047,000 feet (previous week, 22,526,000 feet at 143 mills) ;
shipments, 16,457,000 feet (previous week, 28,347,000 feet), and production,
16,006,000 feet (previous week, 25,924,000 feet). Orders on hand at the
end of the week at 92 mills were 56,541,000 feet. The 92 identical mills
reported an increase in production of 83%, and in new business a decrease
of 16% as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported production from 19 American mills as 342,000 feet; shipments, 1,498,000 feet,
and new business 985,000 feet. Seven identical mills reported new business
practically the same as during the same week last year.
California Redwood.
The California Redwood Association of San Francisco reported production
from 19 mills as 4,409,000 feet; shipments, 4,262,000 feet, and new business, 3,235,000 feet. Production of 17 mills was 38% of normal production. Ten identical mills reported production 36% greater and new business
3% greater than for the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers' Association, of Oshkosh, Wis., reported softwood production from 16 mills as 603,000 feet;
shipments, 447,000 feet, and orders, 90,000 feet. Orders were 1% of capacity
compared with 4% the previous week. The nine identical mills reported
an increase of 112% in production and a decrease of 36% in new business
compared with the same week a year ago.
HARDWOOD REPORTS.
The Hardwood Manufacturers' Institute, of Memphis, Tenn., reported production from 416 mills as 29,663,000 feet; shipments, 21,628,000 feet, and
new business, 12,556,000 feet. The 213 identical mills reported production
265% greater and new business 1% less than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers' Association, of Oshkish, Wis., reported hardwood production from 16 mills as 1,338,000 feet;
shipments, 546,000 feet, and orders, 399,000 feet. Orders were 7% of capacity, compared with 10% the previous week. The nine identical mills reported
an increase of 835% in production and an increase of 26% in orders compared with the same week last year.
Payments to Farmers in Wheat Adjustment Program
Reach Total of $21,386,607
-AAA Checks Sent to
287,970 Farmers Up to Jan. 6.
Wheat adjustment payment checks totaling $21,386,607
for 287,970 farmers have been written up to Jan. 6, the
Agricultural Adjustment Administration announced on that
day. The Administration said that the payments, made to
farmers in consideration of their co-operation in the program
for reducing wheat acreage, have been for farmers in 33
States. Contracts from counties in North Dakota and
Montana are being received now, and first payments are
scheduled for farmers in those States soon. Continuing,the
AAA said:
To date. 423.528 wheat contracts have been received in Washington. The
county acceptance unit has approved 1,460 counties for payment. Although
approximately 1,450 county wheat production control associations have
been formed,the wheat section points out that more counties than this have
taken part in the wheat program, as In some areas, several counties combined into one association.
Payments reported to date show the following totals by States: Arizona,
$11,622; California, $117,066; Colorado, $482,227; Delaware, $27.895:
Idaho. $29,629; Illinois, $1,135,891 Indiana, $1,018.546; Iowa, $216,533;
Kansas, 38.106,849: Kentucky. $123,261; Maryland, $500,010; Michigan,
$386,311; Minnesota, $564,038; Missouri, 5798.639; Nevada, $15,985;
Nebraska. $1,163,060; New Mexico, $167,307; New York, $11,000; North
Carolina. $25,307; Now Jersey, $6,145; Ohio, $992,618: Oklahoma, $1,149,861; Oregon. $59,148; Pennsylvania, $95,330; South Dakota,
$1,164,739;
Tennessee, $76,687; Texas, $1,999,048; Utah, $244,022; Virginia, $333,897;
Washington, $86.723; West Virginia, $12,338; Wisconsin, $44,284; Wyoming. $43.205.
Automobile Financing During November 1933.
A total of 135,378 (preliminary) automobiles were financed
in November,on which $46,031,195 was advanced, compared
with 172,262, on which $60,279,919 was advanced, in
October, and with 82,161, on which $27,727,369 was advanced, in November 1932, the Department of Commerpe
reported on Jan. 8.
Volume of wholesale financing in November was $18,384,138 (preliminary), as compared with $39,770,429 in October
and $11,774,473 in November 1932.
Monthly statistics on automobile financing, based on data
reported to the Bureau of the Census by 451 identical organizations, are presented in the table below for July,
August, September, October, and November 1933; for 282
identical organizations from November 1932 to November
1933; and for 313 identical organizations for 1932. Changes
in the number of reporting financing organizations between
1932 and 1933 are due primarily to organizations going out
of that business; the increase in the number of reporting
organizations from July to November 1933 resulted from the
Jan. 13 1934
Financial Chronicle
inclusion of additional organizations. The changes in the
number of organizations included have not greatly affected
the totals, as is indicated by comparisons for the same
months appearing in the two summaries.
AUTOMOBILE FINANCING.
Retail Financing,
Year
and
Month.
!Wholesale
Financing
Volume
in Dollars.
New Cars.
Total.
No. of
Cars.
No. of
Cars.
Amount.
Summary for 313 Identical Orga nizations.
1932.
January
34,841,766 122,344
February
33,276,393 123,574
March
34,121,364 140,779
AprIl
33 903,704 155.691
May
38,608.439 164,721
June
43,682,471 177,961
July
26,016,028 132,467
August
22,104,084 131,069
September
18.676,535 111.189
97,922
October
13,131,603
82,161
November
11.774,473
82,110
December
20,130.580
44,628,529
44,829.138
51,148,285
56,415,652
58.435,573
63,169,095
44,716,907
45,068,741
38,837,225
33.623,573
27,727,369
27,025,018
41,375
40.780
46,234
57,661
63,885
74,205
45.816
46,416
39,513
31,241
24,666
26,194
Total
Amount.
23.475,671
23,623.498
26,887,515.
31,835,792
33,590,555
38,329,334
24,149,326
24,644,532
21.551,246
17.644,406
13,980,978
14,090,821
330,267,440 1,521,988
535,625.105
537.986
293,803,672
Summary for 282 Identical Orca nizations.
1932.
81,114
11,726,436
November
81,763
20,100,974
December
26,879.830
26,830,514
24,382
26,047
13,955,643
1933.
January
February
March
April
May
June
July
August
September
October
November
92,083
30,133,915
87,512
27,514,654
27.708,336 101,456
40,840,508 132,088
55,005,590 168,328
58,937,618 185,286
57.866,453 182,244
69.613,121 198.911
51,127,428 173,770
38.962,531 162,140
17,703,226 .126,855
31,280,101
29,188,663
33,546,689
45,337,026
58,192,788
65,514,154
65,152,510
71,186,944
62,538,790
57,502,969
43,889,055
35,546
32,609
38,329
55,571
75,025
84,358
84,282
91,617
78,379
70,669
49,719
18,327,630
16,842,415
10,463,540
28.225.885.
37.475,257
43,004.313
43,333,572
47,290,779
40.887,086
36,790,012
26,278,194
ions.
Summary for 451 Identical Orga nice!
1933.
58,950,587 194,276
July
70,694,287 211,464
August
52,264.045 184,804
September
39,770,429 172,262
October
18,384,138 6135,378
November
68,462.504
74,764,151
65,618,109
60,279.919
46.031,195
86,882
94,584
80,889
72,975
51,363
44,673.958
48,845,647
42,145,561
37,927,710
27.084,161
Total year
13,417,789
Retail Financing.
Year and
Month.
Used Cars.
No. of
Cars.
Total
Amount.
Unclassified.
No. of
Cars.
Total
Amount.
Summary for 313 Identic al Organizes tons.
8
1932.
19.974,286
77,321
10.941.665
78,802
22.779,892
90,121
23,066,269
93,398
23.257,953
96.010
23,394,676
99,513
19,224,478
82,687
18.908,584
80,648
15,989.259
67.724
15,035,731
63,791
12,833,770
54.896
12,174,121
53.609
3,648
3.092
4,424
4,632
4,826
4,243
3.964
4,005
3,952
2,890
2.799
2,307
1,178,572
1,263,977
1,480,878
1,513,591
1,587,065.
1.445,085
1,342,103
1,515,625
1,296,720.
943,436
912,621
780.076
226,581,684
45,682
15.239,749
12,563,836
12.089,517
2.759
2,418
898,225
785,154
12,173,577
54,234
11,725,419
52.796
13,335,403
60.625
16,106,512
73,267
19,428.060
89,260
21,181.515
98,741
20,542,189
93,930
22,535.753
103,161
August
20,392,629
91,611
September
19,665,186
87,998
October
16,740,762
74,458
November
Summary for 451 /delete al Organize lions.
1933.
22,499,940
103,322
July
24,545.512
August
112,702
22.204,614
100,110
September
21.299.576
95,804
October
18,076,935
81,337
November
2,303
2,107
2,502
3,250
4,043
4,187
4,032
4,133
3,780
3,473
2,678
778,894
620,829
747.746
1,004.629*
1,289,471
1,328.326
1,276,749
1.360,412
1,259,075
1,047,771
870.099
4,072
4,178
3,805
3,483
2,678
1,288,608
1,372,992
1,267,934
1,052,633
870,099
January
February
March
April
May
June
July
August
September
October
November
December
Total year
Summary for 282 Identic
1932.
November
December
938,320
Organize! ions.
53,973
53,298
1933.
January
February
March
April
May
June
July
a Of this number 39.2% were new cars, 58.7% used cars, and 2.1% unclassified.
b Of this number 37.9% were new cars. 80.1% used cars. and 2.0% unclassified.
Automobile Industry Reviewed-Approximately 1,685,000 Passenger Cars Produced in the United States
-Retail Value of Gasoline Conand Canada in 1933
sumed by Motor Vehicles Reported at $2,227,000,000
The following statement, showing preliminary facts and
figures of the automobile industry during 1933, was released
by Alfred Reeves, Vice-President of the National Automobile
Chamber of Commerce, on Jan. 6:
Production and Value.
Cars and trucks produced in United States and Canada.-2,048,000'
Passenger cars
1,685,000
Motor trucks
363,000
Production, percentage increase over 1932
43
Production of closed cars
1,535,008
Per cent closed cars
91%
Wholesale value of cars
$795,200,000
Wholesale value of trucks
5175,000.000
Wholesale value of cars and trucks combined
$970,200,000
Average factory price of cars
$630
Average factory price of trucks
$645
Tire shipments
43,000,000
Wholesale value of parts and accessories for replacements,
and service equipment
$425,728,000
Wholesale value of rubber tires for replacement
$260,000,000
Motor vehicles, accessories, service equipment and replacements of parts and tires
11,655,928,000
Gasoline consumption by motor vehicles,retail value,including taxes
$2,227,000,000
Financial Chronicle
Volume 138
Registration.
Motor vehicles registered in United States
23,720,000
Motor cars
20,525,000
Motor trucks
3,195,000
World registration of motor vehicles
32.820.000
Per cent of world's automoolles in United States
727
Passenger cars on farms
4,000,000
Motor trucks on farms
830.000
Motor vehicles on farms
4,830.000
Miles of surfaced highways
920,000
Total miles of highways in United States
3,040,000
Highway and street expenditures
$1,550,000,000
Taxes.
Total motor vehicle user taxes
$1,170,000,000
Gasoline taxes, Federal, State and municipal
$716,000,000
Percentage motor user taxes to all taxes from all sources,
Federal, State and local
11%
Automobile's Relation to Other Business.
Automotive industry is the largest purchaser of gasoline,
rubber, alloy steel and malleable iron, mohair, upholstery
leather, lubricating oil, plate glass, nickel and lead
Number of carloads of automotive freight shipped over railroads in 1933
2,621,000
Rubber used by automobile industry
so
Plate glass used by automobile industry
38
Steel and iron used by automobile industry
15
Lumber, hardwood, used by automobile industry
14
Copper used by automobile industry
11
Lead used oy automobile industry
10
Aluminum used by automobile industry
25
Nickel used by automobile industry
28 o
Gasoline consumption by motor industry
857
Gasoline used by motor vehicles (barrels of 42 gallons)
320,000,0100
Lubricants used by motor vehicles (barrels of 42 gallons)_ 9,500,000
Lubricants, per cent used by motor vehicles
597
Crude rubber used by motor industry, 1933 (pounds)
716.800.000
Cotton fabric used in tires, 1933 (pounds)
185,000,000
Motor Trucks.
Motor trucks in use
3,195.000
Number of trucks owned by farmers(26% of all trucks)---830,000
Motor truck owners
2,500,000
Common carriers, per cent of all trucks (inter-State, 1.05%;
intra-State, 4.45%)
51
Contract carriers, per cent of all trucks
Privately owned and operated trucks
88
Total motor truck taxes
$295,000,
Trucks represent 13% of all motor vehicles, and pay 25% of
all motor taxes.
Motor Buses.
Motor buses owned
105,000
Number of buses in revenue services
45,000
Number of buses in local or transit service
17.500
Consolidated schools using motor transportation
21,500
Buses used by consolidated schools
60,000
Buses used by street railways
12.225
Street railways using motor buses
235
Steam railroads using motor buses
60
Foreign Sales.
Number of American motor vehicles sold outside U. S.
(U.S.exports and output in U.S.
-owned Canadian plants)
233.000
Per cent increase in foreign sales over 1932
29
Per cent of production sold outside United States
11.5%
Value of motor vehicles, parts and tires exported from United
States and Canada
$135,000.000
Motor Vehicle Retail Business in United States.
Total car and truck dealers
36,500
Garages, service stations and repair shops
98,161
Supply stores
60,865
Total retail outlets, duplications eliminated
103,161
Wholesalers
5,465
Gasoline filling stations
317,000
Flour Production Again Declined in December 1933.
General Mills, Inc., in presenting its summary of flourmilling activities from figures representing approximately
90% of all flour mills in the principal flour-milling centers
of the United States, reports that in December 1933 a total
of 5,176,231 barrels of flour were produced, compared with
5,319,293 barrels in the preceding month and 5,582,530
barrels in the corresponding period in 1932.
During the six months ended Dec. 31 1933 production by
the same mills totaled 30,852,678 barrels during the last
six months of 1932. The summary follows:
PRODUCTION OF FLOUR (NUMBER OF BARRELS.)
Month of December
6 Mos. End. Dec. 3.
1933.
Northwest
Southwest
Lake Central and Southern..-Pacific Coast
Grand total
1932.
1933.
1,246,229
2,064,183
1,507,643
358,176
1,317,860
1,936,034
2,047,141
281,495
8.000,634
10,817,076
10,181,686
1,853,282
8,558,910
12,018,651
12.037,477
1,812,611
5,176.231
5.582,530
30.852.678
34,427,649
the coffee disposed of; on the other, the fact that all bids were refused
may be construed as indicating that the Government firmly expects it
will be able to obtain a higher price later—unless it is to be believed that all
bidders went far below prices justified in outside quotations, which is
deemed highly unlikely.
Negotiation of Sales of Coffee to Foreign Countries
Denied by National Coffee Council of Brazil.
Reports that the National Coffee Department of Brazil
has been negotiating coffee sales to foreign countries were
denied Jan. 9 in cable advices received by the New York
Coffee and Sugar Exchange. The department has no intention of negotiating sales or consignments, it was added.
Review of Coffee and Sugar Market During 1933 by
W. H. English, Jr., President of New York Coffee
and Sugar Exchange—Looks to Future with
Confidence.
"During the year 1933, which might well be considered
as a milestone for business and industry, the New York
Coffee and Sugar Exchange has been able and does point
with pride to the services rendered the world in providing
an important medium for the marketing of those two great
commodities, coffee and sugar," states Wm.H. English, Jr.,
President of the Exchange, in his annual review of coffee
and sugar. In his review (issued Dec. 31) Mr. English
further said:
From the very start of the new Administration, not as a matter of politics
but because of the patriotism of its members and managers, the Exchange
has endeavored to co-operate in the plans and aims of the President in
a wholehearted manner. The by-laws and rules, while the result of 50
years of experience and although constantly being scanned for improvements, were submitted to the Government for suggestion and criticism.
Limits of fluctuations were reduced, not because of disastrous experience,
but because it appeared to be in keeping with the expressed aims of the
Government. Margins and credits, while apparently satisfactory to the
trade and to the membership, are being scanned for possible revision.
The Exchange has followed out all of the purposes of the National Recovery Administration to the best of its knowledge and ability.
During the period of the formation of the recent Sugar Stabilization
Agreement the Exchange, while refusing to take sides in the controversy
between the Government and the sugar interests, endeavored to advise
the respective parties in as accurate and helpful a manner as possible
and it was gratifying to find in governmental and trade circles such a
full realization of the valuable and necessary assistance which the Exchange renders to the coffee and sugar producers and others in the trade
in this country and in the world. The Exchange will continue to cooperate and to welcome constructive criticism.
Three major changes took place in sugar during the year. First, the
market, which continued on the down trend for five years, turned and
advanced until at the high point in July prices were at the levels of the
spring of 1931; second, for the second time in six years world consumption
in sugar exceeded production for the second consecutive year; third, consumption gives every evidence of resuming its upward trend.
In coffee, as in sugar, conditions have improved. The value of imports
of coffee into this country will unquestionably be greater than 1932 where
this commodity topped the list. Brazil's gigantic plan to dispose of the
surplus has resulted in world stocks of coffee which are now 22.3%, or
7,103,092 bags under last year. The expected bumper crop of Brazil,
estimated at 30,000,000 bags, is expected to be nullified market-wise as
the present plan calls for destruction equivalent to the over-production.
Coffee prices during the year for the most part reflected the depreciation
of the dollar and moved in unison with the changing exchange rates.
Consumption made a new record high for the first five months of the
crop year, 4,805.303 bags being consumed, an increase of 324,000 bags
or 7.2% over the same period last year. Coffee and sugar sales on the
Exchange show an increase of 15% for the former and 25% for the latter.
or a total of 5,000,000 bags and 6,500,000 tons, respectively.
I believe that sufficient concrete facts are before us all to justify our
looking to the future with confidence as the combined and intelligent
efforts of so many can but result in further improvement.
1932.
Bids on January Quota of Santos Coffee Rejected by
Grain Stabilization Corporation.
Announcement was made Jan. 9 that the Grain Stabilization Corporation had rejected all bids received that day
for 62,500 bags of Santos coffee. The coffee is part of the
remainder of 1,050,000 bags acquired in a barter with the
Government of Brazil for American wheat. The last
previous sale was held on Oct. 3, at which time 62,500
bags were sold at prices ranging from 8.86 to 9.25 cents a
pound. The sales for November and December were not
held. An announcement by the Farm Credit Administration stating that bids would be received sometime during
the first 10 days of January for the January quota was
given in our issue of Dec. 16, page 4260.
From the New York "Times" of Jan. 10 we take the
following:
No Sale.
The Government still has the allotment of Brazilian coffee originally
scheduled to have been sold in November. It refused all bids received
yesterday, and now the question in the trade is whether this is to be construed as favorable news. On the one hand, the trade was eager to have
233
Increase of 820,893 Bags Noted in Coffee Imports into
United States During 1933 Over 1932.
Coffee imports into the United States increased 820,893
bags, or 7.5%, in 1933, according to arrival statistics of
the New York Coffee and Sugar Exchange. Total arrivals,
the Exchange announced on Jan. 8, amounted to 11,734,769
bags in 1933, against 10,913,876 in 1932. Arrivals from
Brazil were 8,058,447 bags in 1933, an increase of 17%
over the 6,898,792 bags 1932 total, the Exchange said.
Arrivals from other countries, however, showed a decrease
of 8.4% for the year, 1933 arrivals being 3,676,322 bags,
against 4,015,084 in 1932.
W. H. English, Jr., Renominated President of New
York Coffee and Sugar Exchange—Others Nominated—Election to Be Held Jan. 18.
The nominations for officers and members of the Board
of Managers of the New York Coffee and Sugar Exchange
were announced by the Exchange on Jan. 5. The nominations were as follows:
Wm. H. English, Jr., was renominated for President, C. A. Mackey
for Vice-President and Earl B. Wilson for Treasurer, for one year. Members of the Board of Managers to serve two years: Harold L. Bache,
Jerome Lewine, E. L. Lueder, M. E. Rionda, Phillips R. Nelson and
W. W. Pinney. Wm. G. Daub, Frank G. Henderson, F. R. Horne,
Charles 0. Riggs, A. M. Walbridge and W. J. Wessels continue as members
of the Board.
234
Financial Chronicle
The membership of the Exchange will vote on the above
ticket on Jan. 18 and will also vote on the following candidates for the nominating committee to serve during 1934:
Geo. W.Lawrence, H. H.Pike Jr., J. G.Fitzgerald, Richard
L. Harriss and Leon Israel.
918,000 Tons of Coffee Destroyed by Brazilian
Growers in 1933.
Under date of Jan. 3 Associated Press advices from
Rio de Janeiro said:
Outdoing their previous efforts, Brazilian coffee growers burned 918.060
tons of inferior coffee in 1933 and brought to 1.716,000 tons the amount
destroyed since July 1931. The Federal Coffee Department, in announcing the figures to-day, estimated that stocks had been so reduced
that normal exports could be shipped when the new crop was ready in July
Better Times for Cocoa and Chocolate Industry Offered
by 1934, in View of Howard T. McKee, President of
New York Cocoa Exchange-1933 Most Active
Year in Exchange's History.
Howard T. McKee, President of the New York Cocoa
Exchange, in his annual statement issued Jan. 1, stated that
"the year 1934 offers hopes of distinctly better times for
the cocoa and chocolate industry. Indications of expanding
international trade, and re-employment and gradual recovery
oflindustry in the United States," he said, "offer a sound
basis for the expectation of increased business for our cocoa
and chocolate manufacturers. Present indications of a
20% decline in world cocoa production for the 1933-34 crop
year should encourage producers of this commodity in that
production and consumption are nearing an equilibrium."
Mr. McKee further stated:
The New York Cocoa Exchange has just passed through the most active
year in its history. By Dec. 1 the volume of trading for the year had
already exceeded the entire volume of the record trading year of 1929.
From Jan. 1 to Dec. 20 1933, the turnover on the Exchange was 48,540
lots (650,430 tons), compared with the total of 34,798 lots for 1932 and a
total of 47,208 lots for 1929. During the year the Exchange more firmly
intrenched itself as the world market for cocoa. From all parts of the
world producers, merchants and consumers and investors used the market
for purchase and sales of futures contracts.
The year opened with cocoa selling here at 33 cents a pound. Public
participation was most pronounced after the United States departed from
the gold standard and mid-July found the price at the seven-cent level.
As the year closes the price is a little better than four cents, a price which
leaves the producer in dire economic straits comparing as it does with the
1926 average. Thus far, the price of cocoa is being governed by natural
economic laws, although the Governments of the important cocoa producing
countries are studying the market price situation in hopes of taking eventual
action that will be of permanent benefit to the producer.
Consumption of Cocoa in United States During 1933
Increased 9% as Compared with 1932
-Imports
and Exports to and from the United States Also
Increased.
Cocoa consumption increased 9% in 1933 in the United
States, according to deliveries for consumption as compiled
by Scarburgh Co., members of the New York Cocoa Exchange. In 1933 the deliveries for consumption were 2,979,888 bags, or an increase of 253,042 bags over the 1932
estimated consumption of 2,726,846 bags, according to the
firm's statistics.
Imports for 1933 were 2,979,888 bags, compared with
2,726,846 bags for 1932. Exports from the United States
for 1933 were 52,974 bags compared with 49,965 bags in 1932.
Wholesale Prices of Four Leading Cigarettes Advanced
60 Cents a Thousand to $6.10.
The wholesale prices of the four leading brands of cigarettes
were advanced 60 cents a thousand during the past week to
$6.10. This price is less the usual discounts of 10% and 2%.
On Jan. 8 the R. J. Reynolds Tobacco Co. took the
initiative by announcing a price of $6.10 a thousand as the
manufacturer's price of Camel cigarettes, as compared with
$5.50 previously. The latter price had been in effect since
Feb. 12. The action was followed on Jan.9 by the American
Tobacco Co., on Lucky Strike; by P. Lorillard Co., on
Old Gold, and by Liggett & Myers Tobacco Co., on Chesterfields.
Retail prices are also expected to be increased from the
present level in most stores of 12 cents a pack and two
packs for 23 cents, to 13 cents a pack and two packs for
25 cents. The Schulte Retail Stores Corp. has already
announced an increase to this effect, effective Jan. 15.
Raw Silk Imports Again Declined in 1933-Deliveries
to American Mills Also Fell Off-Inventories
Increased.
According to the Federated Textile Industries, Inc., successor to the Silk Association of America, Inc., imports of
raw silk during the month of December 1933 amounted to
32,623 bales, as compared with 32,319 bales in the preceding
Jan. 13 1934
month and 45,453 bales in the same month in 1932. Approximate deliveries to American mills totaled 26,959 bales
as against 34,822 bales in November 1933 and 40,548 bales
in December 1932.
During the calendar year 1933 imports amounted to
503,376 bales as compared with 547,195 bales in 1932 and
605,919 bales in 1931. Approximate deliveries to American
mills were 469,427 bales as against 553,818 bales in 1932
and 594,889 bales in 1931.
Inventories as of Dec. 31 1933 totaled 96,786 bales, compared with 91,122 bales a month previous and 62,837 bales
a year ago. The statement of the Federated Textile Industries, Inc., follows:
RAW SILK IN STORAGE.
(As reported by the principal public warehouses in New York City and Hoboken.)
(Figures in Bales.)
European. Japan. All Other. Total.
In btorage Dec. 1 1933
5,002 91,122
5,025 - 81,095
Imports, Month of Dec. 1933_x
254 31,856
513 32,623
Total available during Dec. 1933
In storage, Jan. 1 1934_z
5,279 112,951
5,226 87,048
Approx. deliveries to American mills during
Dec. 1933_y
SUMMARY.
53
25,903
5,515 123,745
4,512 96,786
1,003
26,959
Storage at End of Month.z
Imports During the Month.:
1933.
1932.
1931.
1933.
1932.
1931.
53,114
23,377
22,289
41,134
44,238
47,435
62,348
46,683
49,470
48,346
32,319
32.623
52,238
53,574
38,866
30,953
34,233
31,355
36,055
61,412
56.859
58,775
47,422
45,453
49,294
47,827
57,391
29,448
42,264
46,825
37,315
58,411
48,040
70.490
87.999
50,617
89,747
80,459
43,814
43,038
40,125
33,933
51,884
55,515
73,800
93,625
91,122
96,786
82,905
70,570
62,675
57,849
59,159
53,048
50,721
52,228
49,393
54,465
57,932
62,837
51,814
45,399
47.407
35,497
32,888
37,352
29,921
41,878
36,099
49,921
57,275
69,460
503,376
Total
Monthly average._ 41.948
547,195
45,600
605,919
50,493
62,804
57,815
45,393
January
February
March
April
May
June
July
August
September
October
November
December
Approximate Amount of Japan
• Silk in Transit at Close
of Month.
Approximate Deliveries
to American Mills.Y
1933.
January
February
March
April
May
June
July
August
September
October
November
December
1932.
1931.
1933.
1932.
1931.
46.204
32,665
38,934
41,910
47,151
53,627
44,597
42,852
31,185
28,521
34,822
26,959
58,793
45,909
46,761
35,779
32,923
37,466
38.382
59,905
59,694
53,703
43,955
40,548
55,910
54,242
55,383
41,358
45.073
42,161
44,746
46.454
53,819
58,668
50,645
48,432
25,700
28,100
39,100
40,200
42,300
41,500
38,600
48,800
48,300
37,100
37.200
27,200
48,500
31,000
28,800
34,800
30,800
31,100
42,200
43,400
42,800
44,700
50,200
51,400
37,700
37,700
21,300
24,800
36,900
33,400
41,600
40,500
53,200
59,700
50,800
53,900
469,427 553,818 594,889
Total
49,574
37,842
49,151
40,058
04,958
Monthly average__ 39,119
x Covered by European manifests Nos. 54 to 57, inclusive: Asiatic manifests Noe.
251 to 289, inclusive. y Includes re-exports. z Includes 1,650 bales held at terminal
at end of month. Stocks at warehouses include Commodity Exchange, Inc.. certified stocks, 4,220.
Daily Average Natural Gas Production Rose in Novem-Inventories Show Gain.
ber 1933
The United States Bureau of Mines, Department of
Commerce reports that although the total production of
natural gasoline in November 1933 was slightly below that of
October, the daily average production rose from 4,040,000
gallons to 4,100,000 gallons. In general, the largest increases in production in November occurred in those areas
in which trunk gas lines originate, particularly the Appalachian and Panhandle districts; these increases resulted from
the usual seasonal increases in natural gas sales. Stocks of
natural gasoline increased for the first time in several months,
totaling 25,586,000 gallons on Nov. 30 1933. The Bureau's
report follows:
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS).
Production.
Oct.
1933.
Jan.
Nov.
1933.
Stocks End of Mo.
Jan.
Nov.
1932.
Nov.
1933.
Oct.
1933.
5,300 53,400 54,300
7,300
700
8,500
32,800 328,200 349,900
2,000 20,800 22,600
32,100 325,000 341,100
3.100 34,800 43,000
1,200 13,800 17,400
4,900 51,500 57,700
43,100 450,600 506,200
2,840
180
11,737
326
6,512
812
110
851
2,218
2,045
203
11,409
558
5.420
687
149
842
2,730
123,100 125,200 1285400 1400700
Total
3,850
Daily average
4,180
4,040
4,100
2,981 30,605 33,350
Total (thousands of bbla.)_ _
2,931
92
96
Daily average
100
98
25,586
24,043
-6
.65
572
• Nov.
1933.
Appalachian
5,600
800
Illinois, Kentucky,Indiana_
31,100
Oklahoma
Kansas
2,200
32,700
Texas
3.100
Louisiana
Arkansas
1,100
Rocky Mountain
5.300
California
41.200
Petroleum and Its Products-Revised Marketing Agreements May Be Approved by Secretary Ickes in
-N. R. Margold Now ConsiderImmediate Future
ing Revised Draft of Pacts-Crude Oil Output Up
Slightly.
Final decision in the proposed marketing agreements will
be announced by Secretary Ickes by the middle of next week,
Volume 138
Financial Chronicle
235
it was indicated as the week closed. N. R. Margold, Chair- siderable gain, the hoped-for figure being placed at 950,000
man of the Petroleum Administrative Board, now has the barrels. Lon Smith, Chairman of the Commission, was
revised drafts of the agreements, proposed by oil companies conferring with Secretary Ickes in Washington this week on
as a substitute for Federal price-control and submitted to the subject.
Mr. Ickes early last month.
With the decision in the appeal of a group of 14 indeThe pacts have been the subject of much controversy pendent operators in the East Texas field asking a persince Mr. Ickes announced their terms. Independents manent injunction against the Texas Railroad Commission
in the oil industry protested against the pacts, winning the forbidding the enforcement of the Commission's proration
support of Senators Borah and Reynolds. Senator Borah, rulings in a three-judge Federal Court in Houston still
who engaged in a prolonged public controversy with Secretary pending, some support to the Commission was afforded
Ickes, contended that the pacts gave the major units the in nine injunctions restraining East Texas operators from
power to wipe out independent competition and afforded no producing more than their allowable set by the Commission
protection to the consumer against price advances. The granted by Federal Judge Randolph Bryant in Tyler, Tex.
agreements, the Senator claimed, would enable the major Judge Bryant also held the Commission's proration order
companies to monopolize the oil industry.
of Nov. 28 "prima facie valid."
In response to Senator Borah's protests, Secretary Ickes
Charles Francis, Special Assistant to the United States
announced, first that the pacts would not be approved until Attorney-General, who filed suit for the injunction, also
he felt sure that all concerned were fully protected, and sought a ruling on the right of Federal agents to go on
secondly that certain sections of the proposed agreements property of the defendants to see that State orders were
were being altered by the oil administration to eliminate enforced. Judge Bryant struck out his decision on that
provisions which Mr. Ickes found unsatisfactory. In this point before he signed the injunction papers. Government
connection, it was learned that the pacts now in the hands of attorneys had argued that writs obtained to enforce proMr. Margold have been revised with a few sections of the ration orders in the East Texas field were valueless unless
proposed agreements stricken out entirely while others have Federal Agents were able to go on the properties and see
been revised to a marked degree.
that the orders were carried out.
Attention to the pacts was drawn by the widespread break
While daily average crude oil production rose 26,100
in the retail gasoline price structure along the Atlantic Sea- barrels last week to 2,165,950 barrels, it still held well below
board while reports of uneasiness in mid-west bulk and retail the Federal allowable of 2,183,000 barrels, reports to the
gasoline markets were feared to be the forerunners of pressure American Petroleum Institute disclosed.
for reductions in crude oil prices. However, the trade is
There were no price changes reported during the week.
fairly confident that steps will be taken by the Government,
Prices of Typical Crudes per Barrel at Wells.
either through approval of the revised marketing pacts or
(All gravities where A. P. I. degrees are not shown.)
other measures to prevent any such occurrence.
$2.45 Eldorado. Ark.. 40
Bradford, Pa
$1.00
1.20 Rusk. Tex., 40 and over
Corning,
1.03
In a final reply in the public controversy with Senator Illinois Pa
1.13 Darst Creek
.87
1.13 Midland District, Mich
90
Borah, Secretary Ickes wrote him that the objections raised Western Kentucky
1.35
Mid-Cont., Okla., 40 and above--_ 1.08 Sunburst. Mont
by the Senator to the proposed agreements were advanced Hutchinson, Tex., 40 and over___. 1.03 Santa Fe Springs, Calif.,40 and over 1.30
1.03 Huntington, Calif., 26
1.04
some weeks ago by the Petroleum Administrative Board and Spindietop, Tex., 40 and over
1.82
.75 Petrolia, Canada •
Winkler, Tex
.70
Smackover. Ark., 24 and over
were already being dealt with.
Other developments made public by the PAB included REFINED PRODUCTS—OIL ADMINISTRATION INVESTIGATING
the disclosure that reports of overproduction of crude oil in
LOCAL PRICE WAR—ALL MAJOR DISTRIBUTORS REDUCE
Oklahoma were being investigated by A. W. Walker, Jr.,
PRICES OF GASOLINE—CHICAGO BULK GAS MARKET
senior lawyer of the PAB and an expert on oil production.
EASIER—FUEL OILS IN GOOD DEMAND HERE.
Mr. Walker will also go to Texas and Louisiana before returnGovernment intervention in the gasoline price war curing to Washington.
rently raging in several counties in New Jersey loomed as a
All complaints against the cost of oil products received possibility as Nathan R. Margold, Chairman of the Petroby NRA will be considered by the PAB at a date to be an- leum Administrative Board,investigated complaints of violanounced later, it was learned. Transfer of all such com- tons of the marketing provisions of the petroleum code and
plaints from the general price hearing on all types of in- alleged abuse of the commercial discount privilege. Mr.
dustrial complaints held in Washington by Division Ad- Margold, answering compaints of several independent disministrator W. D. Whiteside, was announced.
tributors, announced that their charges are being fully inRepresentative McClintic (Dem., Okla.) introduced a vestigated and that "selling of oil products below cost must
bill levying special excise taxes on all crude oil illegally pro- be stopped." Mr. Margold said that abuse of the commerical
duced after Jan. 1 1932, in the House on Wednesday. The discount rule be eliminated by the Planning and Co-ordinatmeasure provides that a tax of 10% of the selling price of ing Committee.
illegal production be levied in the case of sale; 10% of the
As forecast last week, the weakness in third-grade gasopurchase paid; together with a tax of 10% of any fee derived line prices in the past few weeks was a forerunner of widefrom the acting agent for any seller or purchaser of illegally spread reductions in the general gasoline price level this week,
produced oil.
affecting the entire Atlantic Seaboard and spreading far
With Kansas crude selling at $1.08 a barrel for top into the South.
grades, some dissatisfaction with the State's daily allowable
Price reductions affecting tank car, tank wagon and service
of 110,000 barrels is being voiced by operators in Kansas station prices of gasoline were posted by the Standard Oil
who declare that this total is actually less than the market Co. of New Jersey on Monday, effective immediately.
demand for oil in the State.
The company's Southern affiliate, Standard Oil of Louisiana,
With purchasers having made known their willingness to also posted reductions. All major competitors met the cuts
take 13,000 barrels more daily than the Federal allocation immediately.
to the State, Kansas oil men charge that this demand is
In the first general price change made since last September,
being diverted to Oklahoma and Texas.
Standard of New Jersey slashed service station prices 1.2
Revision of allowables with the purpose of establishing a 'cents a gallon throughout its entire marketing area, with the
more equitable distribution of production of wells in the exception of Delaware. The reduction, affecting all grades
East Texas field was ordered by the Railroad Commission, of gasoline, lowers the spread between tank car prices and
effective Jan. 9, under which some wells were granted an those at retail. The company pointed out, however, that
increased allowable while others were cut down in their where subnormal prices prevail, the revision may not be
current allocation. The new plan will cause no increase of fully effective.
the present field allowable of approximately 400,000 barrels
The company's Southern affiliate posted price reductions
daily.
in Tennessee ranging from .3 to .6 cents in service station
While the State's allocation is fixed at 884,000 barrels and from .8 to 1.1 cents in tank wagon postings. In Ardaily by the Federal regulations governing crude production, kansas the cut in service station prices ranged up to .9 cent
State output is curtailed to 881,936 barrels daily by orders with the tank car prise being lowered from .7 to 1.4 cents.
of the Railroad Commission, necessary in order to allow for The Louisiana reductions ranged from .4 cent to 1.6 cents at
the completion of new wells during February and March. service stations and .9 cent to 2.1 cents in tank cars.
Further reduction of the State's figures in order to keep
Formerly Standard of Louisiana had allowed its dealers
output in line with Federal allocation totals may be necessary. a voluntary discount of M cent on the dealer price. Under
Some hope was expressed by the Commission that the the new schedule this discount has been eliminated, but the
Texas allotment for the second quarter would show a con- extra 3 cent is given to the dealer by increasing by M cent
236
Financial Chronicle
the differential between the tank-car and the service station
price.
Tuesday, Standard Oil of New York posted a cut of 1 cent
a gallon in tank wagon and retail prices in New York and
New England with tank-car prices at New York harbor
dipping % cent to 6 cents for 65-octane and 53. cents for
63-63 octane meeting the out initiated by S. 0. of N.J. in
tank car prices. The new service station price in the metropolitan area is 16.5 cents a gallon for standard, taxes included. All major competitors likewise met this reduction.
Wednesday, Standard of New Jersey made a further reduction of .8-cent a gallon in gasoline service station prices
in Bergen, Passaic, Union, Essex and Hudson counties in
New Jersey, to meet competition. This cut brought prices
down 2 cents a gallon since the first of the current week.
Started primarily by alleged abuse of commercial discounts,
reports were heard in the local trade that many persons not
entitled to such discounts had been receiving them and those
en titled to this discount had been receiving a larger cut than
is allowed under the coda. It was these charges, forwarded
simultaneously to Mr. Margold and Oil Administrator Ickes
that precipitated the investigation by the oil administration.
The cut by Standard of Jersey followed an announcement on
Wednesday by the Sun Oil Co. that it had reduced the differential between leading independent brands and its gasoline
from 13' cents a gallon to 1 cent, accompanied by a reduction
of .8 cent a gallon in order to bring this spread about.
Bulk and retail gasoline markets along the Atlantic Seaboard have been easier in the past few weeks and the widespread price slashes did not come as any surprise. Some
factors hod that the failure of Mr. Ickes to act on the proposed agreements, submitted to him early in December,
which had for their purpose the absorption of surplus gasoline and crude from the open markets in lieu of Federal price
fixing, was partially responsible for the weakness. Another
unsettling factor is the pending decision in a three-judge
Federal Court in Houston, Tex., on an appeal for a permanent injunction to prevent the Texas RR. Commission
from enforcing its proration orders in East Texas.
Other refined products suffered little from the weakness
shown in the motor fuel markets. Lubricants in the western
Pennsylvania field strengthened, moving up. Bright stock,
No. 8, of 25 pour test, was moved up 3. -cent a gallon to
25.5 cents while Gulf Coast lubricants were advanced a like
amount.
Fuel oils were in good demand in the local market. Kerosene moved along in good volume at 5% cents a gallon for
41.43 water white, tank car lots, refinery. Bunker fuel oil
was well sustained at $1.20 a barrel for Grade C, tank car
lots, refinery, with a strengthening of the market in Philadelphia well above its recent low renewing trade rumors of
impending price advances in this item. However, the current softness of the gasoline market may defer any move to
advance prices for refined products, save where demand is
exceedingly strong, oil men believe.
Spot gasoline prices in Chicago were easier as the week
closed with the market under somewhat greater pressure.
Low octane material can now be bought at 3% cents a
gallon, off of a cent from the posted price of 3% to 4 cents
a gallon at the beginning of the week. Prices on 60-64
octane also dipped % of a cent during the week, selling at
5
43/i cents a gallon, against 4/i cents a gallon minimum
on Monday this week.
Lack of any noticeable buying interest is reported responsible for the softening of the wholesale price structure
in the mid-West with trade circles believing that price
cutting in the retail markets, already making an appearance,
may well become more acute, barring some radical improvement in the market picture. Any widespread break
in retail and wholesale prices in the mid-Western area may
adversely affect the current crude oil price structure, but
the trade is hoping that the Government will take effective
steps to prevent any such occurrence.
Other price changes in the refined products field made
public during the week included a sharp break in service
station prices of gasoline in New Orleans, postings dropping
3 cents to 16 cents a gallon, all taxes included, as local
competitive conditions forced prices down. In Ohio,a Statewide reduction of 5 cents a quart in the two grades of motor
oil marketed by Standard Oil of Ohio was posted on Wednesday. The new prices are 25 to 20 cents a quart, respectively, exclusive of the Federal tax of 1 cent.
Gasoline stooks rose slightly during the week ended
Jan. 6, gaining 154,000 barrels to 50,606,000 barrels, re-
Jan. 13 1934
ports to the American Petroleum Institute disclosed. This
figure is well below the 51,500,000 barrel-level established
by Secretary Ickes as the maximum total of Jan. 31 next.
Price changes follow:
Monday, Jan. 8.
-The Standard Oil Co. of New Jersey and its Southern
affiliate. Standard Oil of Louisiana, reduced prices on all grades of gasoline
in their respective marketing areas. With the exception of Delaware,
service station prices were lowered 1.2 cents a gallon by the parent company
while reductions by Standard of Louisiana ranged up to 1.6 cents a gallon
for service station prices and up to 2.1 cents a gallon in tank car postings.
All major competitors met the cuts, which included a slash of 34-cent a
gallon in tank car prices in New York harbor.
Tuesday, Jan. 9.
-The Standard Oil Co. of New York posted reductions
of 1 cent a gallon in service station prices throughout New York and New
England with tank car and tank wagon prices also being revised downward.
The new price for 65
-octane gasoline at New York harbor Is 6 cents a gallon,
off 34-cent, while 63-63 octane is quoted at 5% cents a gallon, also off
34 cent. All competitors met this cut also.
Tuesday, Jan.9.
-Lubricants moved up in western Pennsylvania markets
under strong demand with bright stock, No. 8. of 25 pour test, being advanced 34 cent a gallon to 25.5 cents. Gulf Coast lubricants were also
advanced the same amount.
Tuesday. Jan. 9.
-Effective yesterday, a reduction of 3 cents a gallon in
retail gasoline prices was announced by all major units in New Orleans,
bringing the new price down to 16 cents a gallon, all taxes included.
-The Sun 011 Co. cut prices in five counties
Wednesday, Jan. 10.
in New Jersey .8 cents a gallon in order to bring the differential
between independent brands and its brand down to 1 cent a
gallon from 12 cents previously. Standard of New Jersey met the
/
1
cut as did other competitors.
-Standard 011 of Ohio to-day cut the prices
Wednesday, Jan. 10.
of the two grades of motor oil It markets 5 cents a gallon to 20
and 25 cents, respectively, exclusive of the 1-cent Federal tax.
Gasoline, Service Station, Tax Included.
5.15
New Orleans
Detroit
5.165
$ 16
New York
18
Philadelphia
z 12
Houston
19
Atlanta
19
Jacksonville
San Francisco:
17
Boston
Third grade_ ___ .17
Los Angeles:
18
Buffalo
..165
Above 65 octane- .1911
Third grade_
.16
Chicago
19
Premium
Standard
205
.2114
Cincinnati
21
Premium
St. Louis
14
.205
Cleveland
.15
z Lees taxes.
Minneapolis
19
Denver
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery.
4
Chicago
S 02. -.03% New Orleans,ex5.0314
7
New York:
Tulsa
.04t4-.03)4
(Bayonne)...5.05)1,0531 Los Ang.,ex- .0414-.06
03
North Texas
Fuel Oil, F.O.B. Refinery or Terminal.
Gulf Coast C
California 27 plus D
N. Y. (Bayonne):
$1.05
5.75-1.00 Chicago 18-22 D..42%-.50
51.20
Bunker C
.80 Phila. Bunker C_1.15-1.20
1.05 New Orleans C
Diesel 28-30 D
Gas Oil, F.O.B. Refinery or Terminal.
Tulsa
N. Y.(Bayonne):
Chicago:
5.0114
$.0111
32-36 00
28 plus G 0-5.0311-.04
65 Octane), Tank Car Lots, F.O.B. Refinery,
U. S. Gasoline, Motor (Above
N. Y.(Bayonne):
N. Y.(Bayonne):
Chicago
$-.0431
Shell Eastern Pet_ 5.065 New Orl.. ex-4.04 -.0414
Standard Oil N.J.:
Arkansas
04 -.0411
New York:
Motor, U. 13_5.06
Colonial-Beacon- .06
California__ 05 -.07
62-63 octane___ .0511
Los Angeles, ex .0411-.07
06
z Texas
vStand. Oil N. Y. .06
06
Gulf ports--_ .0614-.07X
Gulf
Tide Water Oil Co .06
.0611 Tulsa
Republic Oil
0414
:Richfield 011(Cal.) .0611
Sinclair Refining_ .06
Pennsylvania_
.0511
Warner-Quin. Co_ .0614
x Richfield "Golden." a "Fire Chief," $0.07. •Long Island City.
Crude Petroleum Output Again Declined During
November 1933 But Continued in Excess of Same
Period in 1932-Inventories of All Oils Still Falling
Off
.
According to reports received by the Bureau of Mines,
Department of Commerce,the production of crude petroleum
in the United States during November 1933 totaled 69,755,000 barrels. This represents a daily average of 2,325,000
barrels, or 127,000 barrels below the daily average of the
previous month; this decrease marked the third successive
month in which crude production has declined materially.
Practically all of the decrease in output in November occurred
in Texas; in fact, the rest of the country increased its output
by 2,000 barrels daily. Daily average production in Oklahoma was practically unchanged at around the 500,000..
barrel mark. Production in California showed a small
decline, with decreases at Kettleman Hills and Santa Fe
Springs outweighing an increase at Huntington Beach.
Nearly all the fields in Texas declined in output in November,
the largest decrease being recorded in the East Texas field.
The output of that field in November was 447,000 barrels
daily, or 78,000 barrels below the October figure. Drilling
activity declined in the majority of the fields, although there
were more completions in the East Texas, field than in
October and nearly as many as in November a year ago.
The Bureau's report continued as follows:
Total stocks of refinable crude declined 1,271,000 barrels during the
month, or from 356,885,000 barrels Nov. 1, to 355,614.000 barrels on
Nov. 30. This decline was confined almost exclusively to tank-farm stocks
of East Texas crude: in fact, stocks of all other grades were materially
increased during November.
Daily average crude runs to stills continued to decline and in November
amounted to 2,282,000 barrels, compared with 2.434,000 barrels in October
and with 2,183,000 barrels in November a year ago.
Decreased crude runs and a reduction in the straight-run yield of gasoline
outweighed the effect of increased yields from cracking and blending
natural gasoline with the result that the production of motor fuel declined
appreciably in November. The total indicated domestic demand for motor
fuel in November was 30.262,000 barrels, a daily average of 1,009,000
barrels. Compared with a year ago, these data indicate a gain in motor
fuel demand of slightly more than 1%. Exports of gasoline again increased,
totaling nearly 3,000.000 barrels for the month. Although stocks of finished
gasoline increased slightly in November, stocks of natural gasoline declined
Financial Chronicle
Volume 138
to a greater extent, with the result that total stocks of motor fuel fell from
53,649,000 barrels on Nov. 1 to 53,557,000 barrels on Nov. 30; of the latter,
50,440,000 barrels was finished gasoline, the remainder, natural gasoline.
Important changes in the statistics of the minor products were continued
declines in stocks of gas oil and fuel oil, wax and coke. Largely because of
seasonal influences, the daily average domestic demand for kerosene
increased in November.
According to the Bureau of Labor Statistics, the price index for petroleum
products during November 1933, was 51.6. compared with 52.7 in October
1933. and 48.2 in November 1932.
The refinery data of this report were compiled from refineries with an
aggregate daily recorded crude oil capacity of 3.516,073 barrels. These
refineries operated during November at 65% of their capacity, given above,
compared with a ratio of 69% in October.
SUPPLY AND DEMAND OF ALL OILS.
(Thousands of barrels of 42 gallons.)
Nov.
1933.
Stocks
Crude petroleum
Natural gasoline
Refined products
826,814
2,475
30,605
1,344
858,763
2,571
726,864
2,170
33,350
945
761,159
2.272
b1,926
932
81,995
2,645
1,963
1,210
69,786
2,326
29,653
12,656
901,072
2,698
41,936
28,648
831,743
2,483
c7,918
c5,395
c8,072
83.939
2,798
87,390
2,819
77,858
2,595
3,305
6,350
3,888
6,552
1.318
5,696
30,262
3,728
29,797
1,538
112
1,194
654
384
3.486
97
3,054
32,973
3.406
28,550
1,507
124
1,098
1,227
591
3,990
109
3.375
29,895 349,356
34,297
3,621
27,621 290,868
15,39
1,11
1,143
65
9,307
862
10,520
729
250
5,852
41,655
3,31
1,306
83
31,254
3,29
346,790
30,072
278,770
15,662
822
8,573
11,923
6,584
37,591
1.874
28,455
76,950
2,482
70.844
2,361
790,957
2,368
767.116
2,290
355,614 356.885 348,432
3,125
3,287
3.054
246,640 253,125 248,509
Total domestic demand
Daily average
63,630
2,121
2,898
85
66,613
2,220
74,284
2,476
Demand-Total demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand:
Motor fuel
Kerosene
Gas oil and fuel oil
Lubricants
Wax
Coke
Asphalt
Road oil
Still gas (Production)
Miscellaneous
Losses and crude used as fuel_.._
76,017
2,452
2,981
139
79,137
2,553
1,2,235
975
76,021
2,634
Increase in stocks, all oils_ _
Nov.
1932.
69,755
2,325
2,931
125
72,811
2,427
New Supply
Domestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol a
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all oils
Daily average
Oct.
1933.
355.614
3,125
246,640
348,432
3,054
248,509
Jan-Nov. Jan-Nov.
1933.
1932.
863,646
2,578
33,994 ft 25,239
63,939 1171,291
Total, all oils
605,379 613,297 599,995 605,379 599,995
Days' supply
228
231
216
218
233
a From Coal Division. b Receipts of fore go crude as reported to the Bureau of
Mines. c Decrease.
PRODUCTION OF CRUDE PETROLEUM BY STATES AND PRINCIPAL
FIELDS.
(Thousands of barrels of 42 gallons.)
Nov. 1933.
Oct. 1933.
Total. DailyAv. Total. DailyAv.
Arkansas
California:
Kettleman Hills
Long Beach
Santa Fe Springs
Rest of State
Total California.._.._
Colorado
Illinois
Indiana-Southwestern Northeastern
Total Indiana
Kansas
Kentucky
Louisiana--Gulf coast_ _ _
Rest of State
Total Louisiana_ _ _ _
Michigan
Montana
New Mexico
New York
Ohio-Central & East_
Northwestern
Total Ohio
Oklahoma-Okla. City_
Seminole
Rest of State
Total Oklahoma......_
Pennsylvania
Tennessee
Texas:
Gulf coast
West Texas
East Texas
Rest of State
Total Texas
West Virginia
Wyoming:
k Salt Creek
I. Rest of State
Total Wyoming_ _--
Jan-Nov Jan-Nov,
1933.
1932.a
939
31
1,056
34
10,666
11,116
1,468
1,742
1,144
9,580
13,934
79
388
72
49
58
38
319
464
3
13
2
1,871
1,820
1,423
9,551
14,665
77
406
74
60
59
46
308
473
3
13
2
72
3,648
388
1,428
735
2,163
929
208
1,268
279
267
79
346
5,952
3,279
5,789
15.020
1,090
1
2
122
13
47
25
72
31
7
42
9
9
3
12
199
109
193
501
36
74
3,296
422
1,418
750
2,168
939
195
1,294
292
299
96
395
6,211
3.252
6.082
15,545
1,188
1
2
106
14
46
24
70
30
6
42
9
10
3
13
201
105
196
502
38
19.971
22,901
16,964
98,523
158,359
870
3,849
652
7
659
38,472
4,220
13,730
8,780
22,510
6,906
1,923
12,797
2,876
2,983
947
3.930
62.529
37,912
65,857
166,298
11,562
6
20.116
25.257
20,807
97.353
163,533
1,055
4,384
728
27
755
32,156
5.834
10,577
9,349
19,926
6,364
2,281
11,604
3,245
3.297
986
4.283
31,540
39,605
70.249
141,394
11,428
5
4,434
3,695
13,398
6,258
27,785
334
148
123
447
208
926
11
5,459
4,172
16,284
6,789
32,704
373
176
135
525
219
1.055
12
55.427
51,444
185,397
74,861
367,129
3,485
37,991
58,271
116,093
79.099
291,454
3,580
524
360
884
18
12
30
573
354
927
19
11
30
6,442
3,855
10,297
7,403
5,048
12.451
U. S. total
69.755
2,325
a Includes Alaska, Missouri and Utah.
76.017
2,452
826.814
726.864
NUMBER OF WELLS COMPLETED IN THE UNITED STATES.a
November
1933.
011
Gas
Dry
ik 10
, -Petra
992
107
276
127S
October
1933.
1,070
92
239
1 am
November
1932.
Jan.
-Nov.
1933.
Jan.
-Not,
1932.
855
89
304
7,165
839
2,959
9,651
939
3,250
1248
10 963
13.840
a From "011 & Gas Journal" and California office of the American Petroleum
Institute.
SLAB ZINC STATISTICS (ALL GRADES)
-1929-1933.
(Tons of 2,000 Pounds.)
12,182 ',c31,903
888,890
2.681
237
Slab Zinc Production and Shipments in 1933 Exceeded
Total for Each of the Two Preceding Years
December Figures Continued Higher Than Those
for the Corresponding Period in 1932-Inventories
Again Increase.
According to the American Zinc Institute, Inc., 32,004
short tons of slab zinc were produced during the month of
December 1933, compared with 32,582 tons in the preceding
month and 18,653 tons in the corresponding period in 1932.
Shipments increased from 26,783 tons in November 1933 to
28,517 tons in December. The latter figure also compares
with 15,745 tons shipped in December 1932.
Production during the calendar year 1933 totaled 324,687
short tons of slab zinc as against 213,531 tons in 1932,300,738
tons in 1931 and 504,463 tons in 1930, while shipments in
1933 amounted to 344,833 tons as compared with 218,517
tons in 1932, 314,514 tons in 1931 and 436,275 tons in 1930.
Inventories increased from 101,223 short tons at Nov. 30
1933 to 104,710 tons at Dec. 31 1933. The latter figure also
compares with 124,856 tons on hand as of Dec. 31 1932.
The Institute's statement follows:
Produced
During
Period.
Shipped
During
Period.
1929.
Total for year.. 631.601 602,601
Monthly aver. 52,633
50,217
1930.
Total for year.. 504,463 436,275
Monthly aver.. 42,039
36,356
1931.
Total for year.. 300,738 314,514
Monthly aver_ 25,062
26,210
1932.
22,404
22,471
January
21.851
21,474
February
22,503
22,448
March
April
18,032
20,575
May
18,050
18.605
14,971
16,423
June
July
12,841
14,716
16,360
13,611
August
20,638
13.260
September __. _
19,152
15,217
October
November......_
15,970
16,076
December_ ...._
15,745
18,653
Total for year 213,531
Monthly aver. 17,794
1933.
January
February
March
April
May
June
July
August
September_ _
October
November.._....
December_ _
18,867
19,661
21,808
21,467
21.516
23,987
30,865
33,510
33,279
35.141
32,582
32,004
(a)
Retorts
Stock at Shipped Operating
for
End of
End of
Period. Export. Period.
75.430
6,352
529
57,999
68,491
18,585
143,618
196
16
31,240
47,769
26,651
129,842
41
3
19,875
23,099
18,273
129,909
129,532
129,477
132,020
132,575
134,027
135,902
133,153
125,774
121,840
121,948
124,856
31
0
0
0
0
20
0
39
20
20
20
20
22,044
21.752
22,016
20,796
20,850
18,742
18,295
14,514
14,915
17,369
19,753
21,023
21,001
20,629
21,078
19,469
20.172
19,670
17,552
15,067
13,809
15,901
17,990
20.372
24,232
23,118
23,712
20,821
19,637
16,116
16,949
18,017
16,028
10,333
8,640
8,478
218,517
18.210
15,162
14,865
15,869
19,399
27,329
36,647
45,599
42.403
34,279
37,981
26,783
28,517
Average Unfilled
Retorts Orders
During End Of
Period. Period.
170
14
128,561
133,357
139,296
141,364
135,551
122,891
108,157
99,264
98,264
95,424
101,223
104,710
40
0
0
45
0
44
22
22
0
44
0
22
18,560
22.660
23,389
22,375
22,405
23.569
24,404
25,836
27,220
25,416
26,820
28,142
27,190
21,970
22,500
21,683
21,526
22,154
22,590
24,127
25,968
25,019
25,819
27,159
26,912
6.313
8,562
8,581
18,072
21,056
27.142
35.788
25.594
27.763
23,366
20,633
15,978
Total for year.. 324,687 344,833
239
13,952
28,736
20
27,057
Monthly aver_
a Export shipments are included in total shipments.
corrections and adjustments reported at the
-These statistics include all
Nate.
year-end.
Following is a detailed summary of zinc production by
sources for the past three years.
SLAB ZINC PRODUCTION. 1931-1932-1933.
(Tons of 2,000 Pounds.)
1931.
1932.
1933.
Primary zinc from domestic ore:
By distillation
Electrolytic
210,098
81,898
183,940
23,208
220,015
88,315
Total zinc from domestic ore
Secondary zinc from ordinary type smelters....
291,996
8,742
207,148
6,383
308,330
16,357
Total
-American Zinz Inst. no. statistics..
Secondary zinc from large graphite retorts....
300,738
12,883
213,531
8.335
324,687
8,725
Total domestic
Primary zinc from foreign ore
313,621
221.866
333,412
1,172
313.621
221.866
334,584
Total-All classes
Daily Average Crude Oil Production 26,100 Barrels
Higher During Week Ended Jan. 6 1934 but Continued Below Federal Quota-Inventories of Gas
and Fuel Oil Again Declined.
The American Petroleum Institute estimates that the
daily average crude oil production for the week ended Jan.6
1934 was 2,165,950 barrels, 17,050 barrels below the allowable figure effective Jan. 1 1934 set by Secretary of the
Interior Ickes. This also compares with 2,139,850 barrels
per day produced during the week ended Dec. 30 1933, a
daily average of 2,237,150 barrels during the four weeks
ended Jan. 6 and an average daily output of 1,777,450
barrels during the week ended Jan. 7 1933.
Inventories of gas and fuel oil again declined during the
period under review, from 118,917,000 barrels at Dee. 30
1933 to 117,163,000 barrels at Jan. 6 1934, off 1,754,000
Financial Chronicle
238
barrels. In the preceding week, inventories had also
fallen off.
Further details, as reported by the American Petroleum
Institute follow:
Imports of crude and refined oil at principal United States ports totaled
912,000 barrels for the week ended Jan. 6, a daily average of 130,286
barrels, compared with daily averages of 141,571 barrels for the last week
in December and of 138,321 barrels during the last four weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 475,000
barrels for the week, a daily average of 65,286 barrels, compared with a
daily average of 82,000 barrels for the last four weeks.
Reports received for the week ended Jan.6 1934 from refining companies
controlling 92.4% of the 3,616,900 barrel estimated daily potential refining
capacity of the United States, indicate that 1,973,000 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, 27,290,000 barrels of gasoline
and 117,163,000 barrels of gas and fuel oil. Gasoline at bulk terminals, in
transit and in pipe lines amounted to 20,076,000 barrels. Cracked gasoline
production by companies owning 95.1% of the potential charging capacity
of all cracking units, averaged 416,000 barrels daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels.)
Average
4 Weeks
Ended
Jan. 6
1934.
Actual Production.
Federal
Agency
Allowable Week End. Week End
Jan. 6
Dec. 30
Effective
1934.
1933.
Jan. 1.
Oklahoma
Kansas
377,750
113,350
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
395,450
109,850
457,250
109,150
399,250
88,800
41,800
57,850
24,200
119,550
43,550
408,800
61,400
44,900
446,600
110,000
Total Texas
40,400
57,450
23,950
119,600
43,250
406,800
55,500
40,600
41,400
57,550
24,000
120,150
43,200
404,550
57,050
42,900
42,450
47,500
24,550
156,050
49,250
37,650
25,300
52,600
103,650
103,450
103,800
106,350
905,700
891,000
894,600
541,700
27,350
43,450
884,000
26,200
42,050
26,200
44,300
29,200
34,750
North Louisiana
Coastal Louisiana
Total Louisiana
Week
Ended
Jan. 7
1933.
69,300
70,800
68,250
70,500
63,950
Arkansas
Eastern (not incl. Mich.) _ _
Michigan
33,000
94,200
29,000
31,850
96,900
27,000
32,300
89,500
27,300
32,200
93,300
28,950
32,250
97,000
18,150
Wyoming
Montana
Colorado
29,000
6.800
2,300
29,650
6,650
2,750
29,400
6,000
2,400
29,450
6,450
2,500
30,400
5,800
2,650
38,100
39,050
37,800
38,400
38,850
41,200
437,600
41,950
461,600
42,000
446,400
42,000
470,800
last week was a quiet affair. Prices, in the main, moved
downward. Domestic copper was available on virtually
each day of the week on the basic of 8c. per pound, delivered
Connecticut, a decline of Yo. from the price that prevailed
since Dec. 18. The foreign market also eased off, largely
over the uncertainty in regard to the outcome of the code
deliberations here. Zinc was dull, and slight selling pressure
sufficed to establish the price of Prime Western at 4.25c.,
St. Louis. Lead sales were large enough to steady the
market after the recent weakness. Tin was inactive, with
prices lower here on the movement of exchange. Silver went
off about lc., compared with a week ago, because of the
absence of speculative support. The same publication adds:
Copper at 8c., Delivered.
At least three factors had an important influence on the domestic market
for copper during the last week. The first was the delay in reaching an
accord on the copper code; the second had to do with a larger intake of scrap,
and the third was the decline in the foreign market that had the effect of
increasing selling pressure. The sales volume again was very low, but
nearly all of the limited business was booked on the basis of 8c., delivered,
a decline of ;ie. Copper was offered to domestic consumers at the lower
level early in the week. Quite a few consumers showed buying interest
and woud undoubtedly have relieved sellers of a fair tonnage except for the
uncertainty as to what restrictions the code, as finally approved, would
Impose on them.
Foreign operators in copper took the slow progress in copper deliberations
here very much to heart. Trading abroad was in fair volume, but sellers
appeared more anxious for the business and the market eased off, settling
yesterday at 7.85c., c.i.f. usual ports, at which figure the bulk of the day's
business was transacted. Foreign consumers still cling to the idea that the
real weakness in the copper situation rests with the United States market.
Any plan that would result in the orderly marketing of the large surplus
In the United States. Europeans hold, should have a stabilizing influence
on world prices for the metal.
United Verde submitted a code recently, making a total ofseven to date,
as follows: Mine producers; custom smelters; Magma; the committee of
three selected by the industry; the proposals made by Deputy Administrator
King; the Kennecott, Phelps, Dodge, American Smelting & Refining group,
and United Verde. The same old questions of disposing of the current
output, marketing the surplus, and establishing some sort of a minimum
price are making progress on the code difficult. That a code more or less
acceptable to the various groups that make up the copper industry will
finally be written is regarded as a certainty by most observers, but few now
believe that the measure will be presented for hearing this month.
Production of copper by States (mine output), so far as reported, as
estimated by the U. S. Bureau cf Mines in preliminary figures for the
industry, in pounds, follows:
27,900
469,600
Total Rocky Mtn.States
New Mexico
California
'meal
9 12200A
9 laK
or,
9 190 Qua
0 00/ Tan
1
Notes -The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
Allowables for Illinois. Indiana and Michigan are "tentative."
The Institute, in an appendix to the report, quotes the
following paragraphs from the official order of the Department of the Interior, approved and promulgated Dec.20 1933
There shall be no net withdrawals of crude oil from storage during the
months of January, February and March 1934, except in special cases upon
the recommendation of the Planning and Co-ordination Committee,and the
approval of the Petroleum Administrator. The period from Jan. 1 1934
to March 31 1934, inclusive, shall constitute the reckoning period for the
determination of net withdrawals.
Excess production or withdrawals from storage of crude oil in any State
during the months of October, November and December 1933, shall be
charged against the allowable of the State for the months of January,
February and March 1934.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS, AND GAS AND FUEL
OIL STOCKS, WEEK ENDED JAN. 6 1934.
(Figures In Barrels of 42 Gallons Each.)
Daily Refining Capacity
of Plants.
Crude Runs
to Stills.
District.
Reporting.
Potential
Rate.
East Coast__
Appalachian.._ _
Ind., Ill., Hy_
Okla.,Kan.,Mo
Inland Texas__
Texas Gulf ___
Louisiana GulfNo.La.
-Ark __
.
Rocky Mtn_ _....
California
Total.
%
582,000 582,000 100.0
150,800 139,700 92.6
436,600 425,000 97.3
462,100 379,500 82.1
274,400 165,100 60.2
537,506 527,500 98.1
162,000 162,000 100.0
82,600
76,500 92.6
80,700
63,600 78.8
848,200 821,800 96.9
%
Daily OperAverage. ated.
429,000
64,000
250,000
176,000
76,000
428,000
107,000
36,000
25,000
382,000
a Motor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
73.7 13,772,000 6,294,000
45.8 1,893,000
948,000
58.8 7,149,000 4,232,000
46.4 5,480,010 3,588,000
46.0 1,193,000 1,667,000
81.1 5,298,000 5,818,000
66.0 1,557,C00 1,862,000
47.1
184,000
501,000
39.3
890,000
705,000
46.5 13,190,000 91,548.000
Totals week:
Jan. 61934_ 3,616,900 3,342,700 92.4 1,973,000 59.0 b50,606,000 117,163,000
Dee.30 1933_ 3.616.900 3.342.700 02.4 2 134 non 63.5 e50.452.000 v113.917.1100
a Below are set out est mates of total motor fue stocks in U. S. on Bureau of
Mines basis for week of Jan. 6, compared with certain Jan. 1933 Bureau figures:
A.P. I. estimate on B. of M. basis, week Jan. 6 1934
A. P.!. estimate on B. of M. basis, week Dec. 30 1933
U.S. B. of M. motor fuel stocks, Jan. 1 1933
53,805,000 barrels
U.S. B. of M. motor fuel stocks Jan. 31 1933
55,757 000 barrels
b Includes 27,290,000 barrels at refineries, 20,076,000 barrels at bulk terminals,
in transit, and pipe lines, and 3,240,000 barrels of other fuel stocks.
c Includes 26,746,010 barrels at refineries, 20,426,000 barrels at bulk terminals,
In transit, and pipe lines, and 3,280,000 barrels of other fuel motor stocks.
x Because of the many changes made by companies in their method of reporting
stocks to the American Petroleum Institute, it has been decided to discontinue our
attempt at estimating figures on a Bureau of Mines basis until further notice.
y Revised.
Jan. 13 1934
1932.
Montana
Utah
Colorado
Idaho
Washington
Arizona
84,847,349
64,964,111
7.398,000
1,143,381
5,524
182,491,825
1933.
65,789,000
73,046,000
9,948,000
1,464,000
5,500
112,500,000
Good Sales of Lead
Demand for lead improved materially last week, despite the unfavorable
statistical position of the metal and the threat of additional increased
production arising from governmental purchase ofsilver. Total sales for the
seven-day period exceeded 4.000 tons, as compared with a total of less than
1,000 tons for the preceding week. Much of the tonnage was for prompt
or near-by shipment, but on several sizable purchases delivery as far ahead
as March was specified. Prices were unchanged at 4c., New York, the
contract settling basis of the American Smelting & Refining Co., anti 3.90c.,
St. LOW& Battery and pigment manufacturers were included among the
principal buyers. In the week's business were several round lots, indicating
a belief on the part of certain interests that the metal is a good buy at
present levels.
Sales of lead for January shipment, according to statistics circulating in
the industry, total about 20,500 tons; those for February shipment have
reached about 3,500 tons.
Zinc Sells at 4.25c.
The unsettlement in zinc prices continued last week, the market falling to
4.25c.. St. Louis, on Prime Western. December statistics were about in
line with expectations and had little influence on sellers. The weakness,
as in the preceding week, was caused chiefly by general uneasiness over the
ore situation. Zinc concentrate declined to $25 per ton, Joplin, and it was
hoped that this would bring producers together to keep output in line with
current requirements. In some quarters it was stated that output in the
Tri-State district during the current week will be even larger than last week.
Demand for zinc was quiet, notwithstanding the reduction in unfilled orders
as indicated in the December statistics.
Interest in Tin Lessens.
The domestic tin market was relatively quiet last week, largely as a
result of the falling off in tin-plate operations. Sales to the extent of several
hundred tons were made over last Thursday and Friday, and a small lot
or two changed hands on Monday, but since then trading has been at about
a standstill. Prices, both here and in London, were steady throughout
the week.
Chinese 99% tin, prompt shipment, was quoted as follows: Jan. 4,
51.150c.;Jan. 5,51.000c.; Jan. 6. 50.875c.; Jan. 8, 50.500c.; Jan.9,50.500o.;
Jan. 10, 50.500c.
Steel Ingot Production Rises in December.
The American Iron & Steel Institute in its monthly report
of steel ingot production shows a considerable gain in December, for which month it calculates the output of all
companies at 1,819,648 tons, in comparison with only
1,540,882 tons in the previous month, an increase of 278,766
Copper Offered in Fair Volume at Lower Prices
- tons. The percentage of operations rose from 27.26% to
Zinc Declines
-Lead Unchanged.
33.48%. In December 1932, when the output of all com"Metal and Mineral Markets" for Jan. 11 1934, points panies was but 861,034 tons, the percentage of operations
out that with the exception of lead, which sold in good was down to 15.31%. Approximate daily output in Devolume, the market for major non-ferrous metals in the cember 1933 was 72,786 tons for the 25 working days, while
Financial Chronicle
Volume 138
for the 26 working days in November, daily output approximated only 59,265 tons. In December of the previous year,
which also had 26 working days, average output per day
was 33,117 tons. Below are the monthly figures since
January 1932, as given out by the Institute:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1932 TO
DECEMBER 1933
-GROSS TONS.
'Reported for 1932 by companies which made 93.71% of the open-hearth and
Bessemer steel ingot production in that year and for 1933 by companies
which made 96.57% In 1932.
Months.
1932.
January
FebruaryMarch_..
Aprll
May
June
July
August
September
October.._
Nov
December
OpenHearth.
1,230.907
1,230,970
1,149,193
1,036,163
950,838
755,068
653,039
696,122
804,470
885.773
838,419
724,917
Monthly
Calculated No.ol Approx. Per
Output
Monthly Work- DaUy
Cent.
Bessemer. Companies Output AU Mg Output OperaReporting. Companies. Days. AN Cos. Hon.:
160,633
157,087
193,944
144,197
103,593
100,249
102,916
97,323
124,970
132,878
128.844
81,932
1,391.540
1,388,037
1,343337
1,180,360
1,054,431
855,317
755,955
793,445
929,440
1,018,649
967,263
806,849
1,484,991
1,481,253
1,433,337
1.259,629
1,125,243
912,757
806.722
846,730
991,858
1,087.058
1,032,221
861,034
26
25
27
26
26
26
25
27
26
26
26
26
57,115
59,250
53,087
48,447
43,279
35,106
32,289
31,360
38,148
41,810
39,701
33,117
26.41
27.40
24.55
22.40
20.01
16.23
14.92
14.50
17.64
19.33
18.36
15.31
Total .. 10,955,879 1,528,544 12,484,423 13,322,833 312
42,701
19.75
1933.
January
885,743
February_
922,806
March__ _
784,168
April
1,180,893
May
1,716,482
June
2,211,657
July
2,738,083
August ._ 2,430,750
.
September *1,991.225
October- *1,847,756
Nov
1,331,091
Dec
1,624,447
109,000
994,743 1,030.075
126,781 1,049,587 1,086,867
94,509
909,886
878,677
135,217 1,316,110 1,382,856
216,841 1,933,323 2.001,991
296,785 2,508,422 2,597,517
355,836 3,093,919 3,203,810
370,370 2,801,120 2,900,611
*242,016 *2,233,241 *2,312,562
191,673 *2,039.429 *2.111,866
156,939 1,488,030 1.540,882
132,787 1,757,234 1,819,648
26
24
27
25
27
26
25
27
26
26
26
25
39,618 18.23
45,286 20.83
33,699 15.50
54,514 25.08
74.148 34.11
99,904 45.96
128,152 58.95
107,430 49.42
*88,944 *40.92
*81,226 37.37
59.265 27.26
72,786 33.48
mow
10 ARA 1111 9 4.99 Iqd 99 AG/ RQS 99 53711 vri Sin
72 AM
22 05
*Revised.
The figures of "per cent of
in 1932 are
85 01 Dec. 31 1931 of 67,473,630operation"for Bessemerbased on the annual capacity
gross tons
and open-hearth steel Ingots,
and in 1933 on the annual capacity as of Dec. 31 1932 of 67,386,130 gross tons.
Steel Shipments Higher in December.
Shipments of finished steel products by the subsidiaries
of United States Steel Corp. in December amounted to
600,639 tons, an increase of 170,281 tons over November,
when only 430,358 tons were shipped. The tonnage shipped
in December last year was much lower, amounting to but
227,576 tons. The shipments for the year 1933 aggregated
5,760,952 tons, in comparison with 3,974,062 tons in 1932.
Below we show the shipments by months since January 1930:
TONNAGE OF SHIPMENTS OF STEEL PRODUCTS BY MONTHS FOR
YEARS INDICATED.
Month.
Year 1930.
Year 1931,
Year 1932. Year 1933.
January
1,104,168
800,031
426,271
285,138
February
1,141,912
762,522
413,001
275,929
March
1,240,171
907,251
388,579
256,793
April
1,188,456
878,558
395,091
335,321
May
1,203,916
338,202
764,178
455,302
June
984,739
324,746
653,104
603,937
July
946,745
272,448
593,900
701,322
August
947,402
573,372
291,688
668,155
September
767,282
488,928
316,019
575,161
October
784,648
476,032
310,007
572,897
November
678,016
435,697
275,594
430,358
December
579,098
351,211
227,576
800.639
Less yearly adjustment.
(40.259)
(8,040)
(5,180)
a
239
The outstanding letting was 11,660 tons for bridges across the Cape Code
Canal at Bourne, Mass. An award of 11,000 tons for the Midtown Post
office, New York, is imminent.
Whatever the immediate course of steel output may prove to be, a marked
rise is looked for before the end of the first quarter. By that time, it is
believed, the industry will feel the combined effect of accumulating automotive and railroad demands.
The Missouri Pacific has distributed orders for 25,000 tons of rails and the
Southern Pacific will soon take bids on 25,000 to 40,000 tons. The New
York Central plans to buy 40,000 tons of rails and will take figures next
week on its first quarter requirements in bars, plates, shapes, sheets, wire
nails, billets and axles, amounting to more than 10,000 tons. The Pennsylvania will take figures shortly on 50,000 tons of plates, shapes, bars and
sheets for 1,500 flat and 3,500 box cars, which it will construct in its own
shops. Bids on the 12,000 cars to be bought by the Erie. Chesapeake az
Ohio and Nickel Plate roads will be taken Jan. 15.
The full force of automotive demand for steel will not be felt until February, since difficulties in connection with front-end construction have
further delayed production on new models. January output of cars,
originally estimated at 200,000, may not exceed 125,000 units.
The favorable character of the longer range outlook in steel is mirrored
by scrap prices, which remain strong. The "Iron Age" composite for heavy
melting steel has risen from $11.33 to $11.58 a ton, the seventh consecutive
advance since it reached a second-half low of $9.83 in November 1933.
A possible augury of a revival of the capital goods market is seen in the
continued activity in machine tools. Following closely recent large purchases by the Citroen, Peugeot and Buick motor companies, a large new
inquiry has been issued by the Buick company. Demand for machinery
from non-automotive sources is also improving.
Steel ingot production, besides rising one point to 22% at Pittsburgh,
has increased 15 points to 50% in the Wheeling district and 18 points to
77% at Detroit. In addition to the loss'of three points to 47% at Cleveland.
there were recessions of two points to 32% at Chicago, seven points to 22%
in the Philadelphia district, and 11 points to 30% at Buffalo. The Valley
rate is unchanged at 30% and the Southern average at 50%.
The "Iron Age" composite prices for finished steel and pig iron are
unchanged at 2.028 cents a pound and $16.90 a ton respectively..
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Jan. 9 1934, 2.0280. a Lb.
Based on steel bars, beams, tank plates
One week ago
2.0280. wire, rails, black pipe and sheets,
One month ago
2.028c. These products make 85% of the
One year ago
1.9360. United States output.
High.
Low.
1933
2.036c. Oct. 3
1.867c. Apr. 18
1932
1.9770. Oct. 4
1.926c. Feb. 2
1931
2.0370. Jan. 13
1.945c. Dec. 29
1930
2.273c. Jan, 7
2.018c. Dec. 9
1929
2.317c. Apr. 2
2.2730. Oct. 29
1928
2.286c. Dec. 11
2.217c, July 17
1927
2.402c. Jan. 4
2.212c. Nov. 1
Pig Iron.
Jan. 9 1934, $16.90 a Gross Ton.
Based on average of basic iron at Valley
One week ago
$16.90 furnace foundry irons at Chicago,
One month ago
16.90 Philadelphia. Buffalo, Valley, and Mr
One year ago
13.56
mingham.
High.
Low.
1933
$16.90 Dec. 5
$13.56 Jan. 3
1932
14.81 Jan. 5
13.56 Dec. 6
1931
15.90 Jan. 6
14.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov.27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap.
Jan. 9 1934, $11.58 a Gross Ton.
Based on No. 1 heavy melting steel
One week ago
$11.33 quotations at Pittsburgh,Philadelphia,
One month ago
10.25 and Chicago.
One year ago
6.83I
High.
Low.
1933
812.25 Aug. 8
$6.75 Jan. 3
1932
8.50 Jan. 12
6.42 July 5
1931
11.33 Jan. 6
8.50 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 6
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov.22
The operating rate of steel companies having 98.1% of the
capacity of the steel industry was estimated a; 30.7% of
Total for year
11,624,294
7,676,744
3,974,062
5,760,952
the capacity for the week beginning Jan. 8 1934, compared
a Cumulative monthly shipments reported during the calendar year are
subject
with 29.3% one week ago and 31.5% one month ago, accordto some adjustments reflecting annual tonnage reconciliations, which will be comprehended in the total tonnage shipped for the year as stated in the annual report.
ing to telegraphic repor s received by he American Iron and
Steel nstitute on that date. This represents an increase of
Current Steel Production Unchanged, According to 4.8% over last week. The "Wall
Street Journal" in dis"Iron Age"
-Demand Has Fallen Off Materially
- cussing these figures had the following to say:
Price of Steel Scrap Again Advances.
The reversal from the
the
Steel demand has fallen off materially since the close of went off 2.3 points, camedowntrend in manyprevious week, when the rate
earlier than
had anticipated. It reflects,
1933, reports the "Iron Age" of Jan. 11. The recession was to some extent at least, the willingness of consumers to take deliveries in
the early part of the current quarter, because it is not believed any of the
not unexpected, since the December rate of ingot output
major steel companies are operating for stock material.
showed a contra-seasonal gain of 23% over November.
The current rate Is just about double what it was at this time a year ago,
Current production, at 31%, reflects no decline from the when it was estimated that the industry was operating at nearly 15X%
of theoretical capacity. While there was an increase in the rate in this week
rate of a week ago, but operations are being sustained in part
of 1932, it came from an unusually low
by the replenishment of mill stocks of raw and semi-finished Christmas and New Year holiday period.figure which prevailed over the
It is known that many of the leading steel authorities are encouraged by
teel and hence do not fully reflect the shrinkage in consumer
the fact that activities this year held up remarkably well over the year-end,
demand. The "Age" further went on to say:
and the indicated improvement at this early date is another satisfactory
How long it will take the trade to digest inventories built up in December development.
is difficult to estimate. It is possible that a further decline in output will
The following
rates reported
occur before improvement sets in again, although such a development may since the figures are the indicated weekly31.6%; Oct. 30,by the Institute
were compiled: Oct. 23,
26.1%;
be forestalled by an expansion in the demand for sheets, strip and other
25.2%; Nov. 13, 27.1%; Nov. 20,26.9%; Nov. 27, 26.8%; Dec. 4. Nov. 6,
28.3%;
products on which contract prices did not advance on Jan. 1.
Dec. 11, 31.5%; Dec. 18, 34.2%; Dec. 25, 31.6%; Jan. I, 29.3%; Jan, 8.
Again in automotive releases of flat rolled steel is already having a sus- 30.7%.
taining influence on operations in the Cleveland-Lorain district, where a
Steel production appears to be heading toward a prothree-point loss in production is expected to be recovered before the weekend. At Pittsburgh, a growth in miscellaneous orders for steel has raised nounced February-March bulge as requirements from the
the operating rate one point to 22%.
railroads, automotive and building industries are deferred,
The rise in small bookings, besides reflecting increased demand for sheets
and strip, suggests that expansion of inventories in December was not steel executives envisioning a 60% rate as a possibili y before
universally practised. Certain companies chose to close the year in the the quarter ends, stated the magazine "Steel"
of Cleveland
orthodox manner so far as stocks are concerned. Others were deterred from
accumulating material either because of inability to borrow or difficulty in on Jan. 8 in its summary of the iron and steel markets.
forecasting their precise requirements.
This publication continued:
Aside from these favorable influences, maturing public works projects
Still handicapped by production difficulties for new models, due primarily
are giving increasing support to the steel industry. Fabricating awards for to adoption offront-spring suspensions,steel orders from automobile builders
the week, at 30,140 tons, are the largest since the middle of November. expected early in January are postponed at least several weeks. Chevrolet
Financial Chronicle
Steel ingot production for the week ended Jan.8 is placed
at about 31% of capacity, according to the "Wall Street
Journal" of Jan. 11. This compares with 30% in the previous
week and with 33% two weeks ago. The "Journal" adds:
United States Steel Corp. is estimated at 28%, the same as the week
before and compared with 30% two weeks ago.
Independents are credited with a rate of a shade under 33%, against
31% in the preceding week and 35% two weeks ago.
The following table gives the production for the nearest corresponding
week in previous years, together with approximate change from the week
immediately preceding:
Industry.
1933
1932
1931
1930
1929
1928
1927
U. S. Steel.
Independents.
Up Off
__
1534 2
__
22
134
__
36
8
__ 234
5934
__
84
1
4
71
-_
71314 134
Up Off
1436 114
._
__
__
22
7
__
43
_ 2
62
1
__
86
_
75
5
85
3
Up Off
_18
2
2134 3
-_32
6
58
__ 2
1
__
85
_
87
3
8834
---
Coal Production in Last Week of 1933 Exceeded the
-Daily Average Higher Than in
Same Week in 1932
Preceding Week-Estimated Figures for the Calendar Year 1933 Show Soft Coal Output in Excess of
the Year 1932, While Anthracite Production Was
Off Slightly Less Than 1%.
Production of soft coal during the week ended Dec. 30
1933, which included the Christmas holidays, was estimated
at 6,443,000 net tons, as compared with 7,180,000 tons in
the preceding week and 5,877,000 tons in the corresponding
period in 1932. Because of stimulated activity at the mines
during the latter part of the week of Dec. 30, the average
daily rate for the five days was 7.7% higher than that for
the preceding week, reported the U. S. Bureau of Mines,
Department of. Commerce.
Anthracite output during the week ended Dec. 30 1933
was estimated at 950,000 net tons, as against 1,319,000
tons in the week ended Dee. 23 1933 and 901,000 tons in the
week ended Dec. 31 1932.
The total production of bituminous coal during the calendar
year 1933 was estimated at 327,940,000 net tons. In comparison with the output in 1932, this estimate indicates an
increase of 5.9%. Anthracite production in Pennsylvania
during the calendar year 1933 was estimated at 49,399,000
net tons, compared with 49,855,000 tons in 1932, a decrease
of slightly less than 1%.
Jan. 13 1934
The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS.)
Week Ended.
Dec. 30
1933.
Dec. 23
1933.c
Total Production for Calendar Year.d
Dec. 31
1932.
1933.
1932.
1929.
Bitum. coal.a
Weekly total._ 6,443,000 7,180,000 5,877,000 327,940,000 309,710,000 534.989.000
Daily average. 1,289,000 1,197.000 1,175,000 1,071,000 1,007,000 1,740,000
Penn. anth.b
Weekly total_ _ 950,000 1,319,000 901,000 49,399,000 49,855,000 73,828,000
183,300
Daily average- 190,000 219,800 180,200
183,700
243,300
Beehive coke.
19,500
21,000
15,100
829,500
Weekly total- 651,900 6,472,000
2,878
Daily average.
3,900
3,5003,020
2,100
20.800
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washers and dredge coal, local sales, and colliery fuel. c Revised.
,
d Figures for 1929 and 1932 represent results of complete canvass of production
made at the end of the calendar years. Figures for 1933 are estimated.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES (Net tons)a-
§§§§§§§§§§§§§§§§§n§§ggg§
Week Ended.
December
1923.
Dec. 23'33. Dec. 16 '33. Dec. 24 '32. Dec. 28 '31. Average.d
W
wW.
and Ford probably will break the log jam shortly, and other manufacturers
will be in the market with sufficient tonnage to make February an exceptionally strong month for steel shipments.
In February and March mills will begin to roll rails resulting from the
Government's financing, and car repair and building programs by that time
should be translated into larger steel demands. Public construction work
held in abeyance during the winter is expected to expand under seasonal
influences and the clearly defined purpose of the Washington Administration to push ahead with Federal-aid projects.
Meanwhile, miscellaneous requirements from a diversified list of consumers, plus some moderate automotive, railroad and structural business,
have been sufficiently broad to prevent steelworks operations last week
going below 31%, exactly twice the rate in the comparable week last
January. All indications appear to assure a rebound of several points this
week.
Operations actually increased in the Wheeling, New England, Cleveland
and Detroit districts, the latter rising 27 points to 79% as the Great Lakes
division of the National Steel Corp. reached 100%, partly for stock production. New England rose 23 points to 95%; Wheeling, 15 to 56, and
Cleveland. 6 to 51. Chicago was off 6 points to 34; Youngstown,6 to 32;
Pittsburgh,5 to 22,and Eastern Pennsylvania.2 to 2234, while Birmingham
held at 52. Tin plate production after several months close to capacity is
down 30 more points to 45%.
January was anticipated as a month of assimilation of stocks in consumers' hands, but miscellaneous steel orders during the first week proved
unexpectedly heavy, overcoming much of the lag in the major classifications. With inventories now out of the way, the general manufacturing
trade is beginning to negotiate first quarter contracts. The new year starts,
therefore, with steelmakers highly encouraged by the outlook.
Structural shape awards for the week, 14,800 tons, held fairly close to
last year's average. Noted on the Pacific Coast is the fact shape awards
there last year were the highest in history, even exceeding the former peak
in 1929 by 69,000 tons. Active for early award in that district are 95.000
tons. The navy has placed 6,168 tons of plates and 3,000 tons ofshapes for
various yards.
Public Works Administration approval of a $77,000,000 loan to the Pennsylvania RR. is expected to release shortly a heavy tonnage of structural
material for completion of its electrification program, construction of 7.000
freight cars, and orders for 100 locomotives. Of shapes originally awarded
for electrification, 40,000 tons remain to be specified.
New York Central is formulating an inquiry for 40,000 tons of rails,
its officially estimated rail requirements for 1934. Chicago Milwaukee
St. Paul & Pacific is to purchase 75 coaches; Norfolk & Western, 18, while
Chesapeake & Ohio is inquiring for 26, and Nickel Plate, eight. Actual
freight car orders last month, 316, brought the total for the year to 2,460,
compared with 1,739 in 1932 and 10,694 in 1931.
Raw materials are strong, with scrap prices continuing to advance.
Farm implement manufacturers are taking more pig iron, but shipments
in general this month are expected to be about half the December tonnage,
as a reaction from the heavy movement last month.
Daily average pig iron production in December was 38,456 gross tons,
6.4% higher than November. The total for the month. 1,192,136 tons,
brought the output for the year to 13,221.707 tons. 52.3% over 1932.
At the year's close 74 stacks were active, three less than Nov. 30.
"Steel's" iron and steel composite is unchanged at $32.42; the finished
steel composite remains $51.10, while the scrap index is up 13 cents to
$10.83.
Alabama
172,000
Ark. and Okla
48,000
148,000
Colorado
935,000
Illinois
332,000
Indiana
70,000
Iowa
128,000
Kansas and Missouri
482,000
Kentucky-Eastern.
172,000
Western
34.000
Maryland
10,000
Michigan
Montana
50,000
New Mexico
30,000
55,000
North Dakota
413,000
Ohio
Pennsylvania (bit.)_ 1,780,000
58,000
Tennessee
14,000
Texas
Utah
72,000
162,000
Virginia
30,000
Washington
W.Va.-Southern b. 1,340,000
513,000
Northern c
123.000
Wyoming
11,000
Other States
180,000
198,000
145,000
52,000
77,000
49,000
139,000
135,000
187,000
774,000
970,000
989,000
355,000
354.000
255,000
86,000
73,000
65,000
115,000
156,000
130,000
520,000
600,000
336,000
180,000
246,000
142,000
36,000
35,000
28.000
12,000
15,000
9,000
55,000
60,000
50,000
29,000
31,000
32,000
58,000
48,000
30,000
450,000
466,000
289,000
1,788,000 1,773,000 1,320,000
63,000
88,000
61,000
16,000
12,000
8,000
114,000
88,000
88.000
166,000
194,000
114,000
32,000
37,000
37,000
1,370,000 1,453,000
892,000
512,000
353,000
323,000
102,000
91,000
87,000
25,000
8,000
4,000
Total bit. coal_ _ _ _ 7,180,000
Penn. anthracite
1,319,000
7,360,000
1,083,000
7,667,000
1,452,000
5,387,000
708,000
9,900,000
1,808,000
8.499.000
8,443,000
9,119,000
8,093,000
11.708.000
Total coal
wWWWWQWW..WWWWWW0
240
a Figures for 1931 and 1923 only are final. b Includes operations on the N.& W.;
C. de O.; Virginian; K. & M.and B. C.& G. c Rest of State, including Panhandle.
d Average weekly rate for the entire month.
Pig Iron Output Up 5.4% in December-Production in
the Full Year 1933 Increased 523% Over 1932.
Production of coke pig iron in December totaled 1,182,079
gross tons, compared with 1,085,239 tons in November,
according to the "Iron Age" of Jan. 11. The daily output
in December, at 38,131 tons, showed a gain of 5.4% over
the November daily rate of 36,174 tons. Production for
the year was 13,212,785, against 8,686,443 for 1932. The
daily rate last year was 38,131 gross tons, which represented a gain of 52.5% over the daily rate of 23,733 tons in
1932. The "Age" also reported:
There were 75 furnaces in blast on Jan. 1, making iron at the rate of
35,505 tons a day, compared with 76 furnaces on Dec. 1, operating at the
rate of 34,410 tons a day. Five furnaces were blown in during December
and six furnaces were blown out or banked, making a net loss of one furnace.
The Steel Corporation put three furnaces in operation and blew out or
banked five. Other steel companies blew two in and put one out.
Among the furnaces blown in are the following: One Haselton, Republic
Steel Corp.; one Campbell, Youngstown Sheet & Tube Co.; two Ensley
and one Fairfield, of the Tennessee Coal, Iron & RR. Co.
Furnaces blown out or banked include: One Carrie, two Duquesne,
one Edgar Thomson of the Carnegie Steel Co.; one South Chicago old, of
the Illinois Steel Co., and the Portsmouth furnace of the Wheeling Stee
Corp.
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE
(GROSS TONS).
Pig Irots.x
1933.
Ferromanganate.y
1932.
1933.
1932.
January
February
March
April
May
June
588,785
554,830
542,011
1323,818
887,252
1,285,007
972.784
984,280
987,235
852,897
783,554
828,084
8,810
8,591
4,783
5,857
5,948
13,074
11,250
4,010
4,900
481
5,219
7,702
Halt year
July
August
September
October
November
December
4,441,003
1,792,452
1,833,394
1,522,257
1,358,3131
1,085,239
1,182,079
5,188,814
572,2913
530,578
592,589
844,808
831,280
548,080
47,083
18,8131
18,953
13,339
18,943
14,524
9.3139
33,582
2.299
8,414
2,212
2,302
5,748
7,807
13,212,785
8,888,443
136,762
Year
57,842
x These totals do not include charcoal pig iron. The 1931 production of this
Included in pig iron figures.
,
iron was 46,213 gross tons. 3
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
-GROSS TONS.
STATES BY MONTHS SINCE JAN. 1 1928
1928.
January
February
March
April
May
June
First six months-July
August
September
October
November
December
12 mna averaire
92,573
100,004
103.215
108,183
105,931
102,733
101,783
99,091
101,180
102,077
108,832
110,084
108,705
103 382
1929.
1930.
1931.
1932.
1933.
91,209
101,390
104,715
108,082
104,283
7,804
100,891
85,148
81,417
75,890
69,831
62,237
53,732
86.025
55,299
80,950
85,558
87,317
84,325
54,821
81,358
47,201
41,308
38,964
37,848
38,782
31,625
50.069
31,380
33,25t
31.201
28,430
25,278
20,935
28,412
18,481
17,115
19,753
20,800
21,042
17,615
23.772
18,848
19,798
17.484
20,787
28,821
42,188
24,5313
57,821
59,142
50,742
43,754
36,174
38,131
36.199
Volume 138
241
Financial Chronicle
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 Jan. 10, as reported by the Federal Reserve banks, was $2,665,000,000, a
decrease of $21,000,000 compared with the preceding week
and an increase of $519,000,000 compared with the corresponding week in 1933. After noting these facts,the Federal
Reserve Board proceeds as follows:
On Jan. 10 total Reserve bank credit amounted to 82.655,000,000, a
decrease of $33,000,000 for the week. This decrease corresponds with
decreases of $107,000,000 in money in circulation and $35,000,000 in
unexpended capital funds, non-member deposits, &c., offset in part by an
increase of $67,000,000 in member bank reserve balances and a decrease
of $43,000,000 in Treasury currency adjusted:
The System's holdings of bills discounted declined $2,000,000 and of
bills bought in open market $8,000,000, holdings of the various classes of
Government securities were practically unchanged.
Under the provisions of Section 12B of the Federal Reserve Act the
Federal Deposit Insurance Corporation on Jan. 3 called upon the Federal
Reserve banks to subscribe forthwith to class B stock in that Corporation
in an amount equal to one-half of their surplus on Jan. 1 1933, and to
pay one-half thereof, and on Jan. 5 the Corporation called the remainder
of such subscription for payment on April 15. The amounts paid the
Corporation and the amounts payable on April 15 are shown,for 10 Federal
Reserve banks, immediately preceding "All other liabilities" in this week's
statement and the amount of stock acquired immediately preceding "All
other assets." The request of the Corporation will be acted upon by the
two other Federal Reserve banks at the next meetings of their boards of
directors.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the
different items, was published in the May 31 1930 issue of
the "Chronicle," on page 3797.
The statement in full for the week ended Jan. 10, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 292 and 293.
Beginning with the statement of March 15 1933, new
items were included as follows:
weeks shows a decrease of $91,000,000, the total of these
loans on Jan. 10 1934 standing at $746,000,000, 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" decreased from $709,000,000 to $605,000,000, but loans "for account of out-oftown banks" increased from $119,000,000 to $132,000,000,
while loans "for account of others" remained even at
$9,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Jan. 10 1934, Jan. 3 1934. Jan. 11 1933.
$
6,536,000,000 6,707,000,000 7,055,000.000
Loans and investments—total
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
3,268,000,060 3,414,000,000 3,402.000.000
1,624,000,000 1,744,000,600 1,580,000.000
1,644,000,003 1,670,000,000 1,822.000.000
3,268,000,000 3,293,000,000 3.653.000,000
2,170,000,000 2,187,000,000 2,560,000,000
1,098,000,000 1,106,000,000 1,093.000.000
Reserve with Federal Reserve Bank
Cash in vault
879.000,000
41,000,000
821,000,000 1,147,000,000
42,000,600
40,000,000
Net demand deposits
Time deposits
Government deposits
5,260,000,000 5.319,000,000 5,880,000.000'
697,100,000 700,000,000 894,000,000
272,000,000 335,000,000 112.000,000
Due from banks
Due to banks
71.000,006
83,000,000
85,000,000
1,174,000,000 1,178,000,000 1,616,000.000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers:
For own account
605,000,000
For amount of out-of-town banks.... 132,000,000
For account of others
9,000,000
Total
On demand
On time
Loans and investments—total
709,000,000 367,000,000
119,000,000
11,000,000.
9,000,000
3,000,000
746,000,000
837.000,000
381,000,000
481,000,000
265,000,000
577,000,000
260,000,100
205.000.000.
176.000,000
Chicago.
1,273,000,000 *1220.000,000 1,084,000,000.
579,000,000
584,1300,600
639,000,000
282,000,000
297,000.000
286,060,000
298,000,000
358,000.000
281.000,000
694,000,000 *636,000,000
445,000,000.
U. S. Government securities
435,000,000 377,000,000
1. "Federal Reserve bank notes in actual circulation," representing the
Other securities
259,000,000 *259,000.000
amount of such notes issued under the provisions of paragraph 6 of Sec. 18
Reserve with Federal Reserve Bank
307,000,000 346.000,000
of the Federal Reserve Act as,amended by the Act of March 9 1933.
Cash in vault
43.000,000
46,000,000
2. "Redemption funcf.4
11beteral Reserve bank notes," representing the
amount deposited with the Treasurer of the United States for the redemption
Net demand deposits
1,096,000,000 1,078,000,000
Time deposits
337,000,000 337,000,600
of such notes.
28,000,000
36,000,000
3. "Special deposits—member banks," and "Special deposits—non- ' Government deposits
member banks," representing the amount of segregated deposits received
Due from banks
184,000,000 194,000,000
from member and non-member banks.
280,000,000 278,000,600
Due to banks
A new section has also been added to the statement to show the amount
Borrowings from Federal Reserve Bank_
of Federal Reserve bank notes outstanding, held by Federal Reserve banks,
• Revised.
and in actual circulation, and the amount of collateral pledged against
outstanding Federal Reserve bank notes.
249,000,000196,000.000
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Jan. 10 1934 were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (-1-) or Decrease (—)
Since
Jan. 10 1934. Jan. 3 1934. Jan. 11 1933.
$
s
s
104,000,000 —2,000,000 —144,000,000
113,000,000 —8,000,000
+81,000.000
2,432,000,0410
+620,000,000
7,000,000 —22,000,000
—6,000,600
TOTAL RESWE BANK CREDIT-2,655,000,000 —33,000,000
4,323,000,000
Monetary gold stook
1.950,000,000 —43.000,000
Treasury currency adjusted
+549,000,000
—226,000,000
+40,000,000
5,684,000,600 —107,000.000
Money in circulation
2,777,000,000 +67.000,000
Member bank reserve balances
Unexpended capital funds, non-mem467,000,000 —35,000,000
ber deposit, dzo
+95,000,000
+203,000.000
+65,000,000
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
Loans—total
On securities
All other
Investments—total
304,000,000
19,000,000.
939,000.000
318,000,000
13,000,000.
262,000,000
305,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
The Federal Reserve Board resumed on May 15 1933 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, Jan. 3 1934, with comparisons for
Dec. 27 1933 and Jan. 4 1933.
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 stati,stics 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 Jan. 3.
The Federal Reserve Board's condition statement of weekly reporting
Jan. 3 shows increases for the week
of $86,000,000 in net demand deposits and $12,000,000 in time deposits,
and decreases of $81,000,000 in loans and investments and $113,000.000
in Government deposits.
Loans on securities decreased $8,000,000 and "all other" loans $9,000,000
at all reporting member banks. Holdings of U. S. Government securitiea
declined $63,000,000 in the New York district and $62,000,000 at all reporting member banks. Holdings of other securities increased $19,000,000
in the Boston district, and declined $18,000,000 in the New York/district
and $2,000.000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $25,000,000 on Jan. 3, practically unchanged from the
week before.
member banks in 90 leading cities on
242
Financial Chronicle
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 $957,000,000 and net demand,
time and Government deposits of $995,000,000 on Jan. 3, compared with
1955,000,000 and $980,000,000 respectively, on Dec. 27.
la 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 Jan. 3 1934. follows:
increase (+) or Decrease (-)
Stock of Money in the Country.
Since
Jan. 3 1934.
Loans
Dec. 27
and investments-total.-16,585,000,000
Jan. 4 1933.
1933.
Investments-total
-123,000,000
-17,000,000
-417,000.000
3,620,000,000
4,765,000,000
On securities
All other
-81,000,000
8,385,000,000
Loans-total
8,000,000
9,000,000
-131,000,000
-286,000,000
8,200,000,000
-64,000,000
+294,000,000
U. S. Government securities____ 5,205,000,000
Other securities
2,995,000,000
-62,000,000
-2,000,000
+289,000,000
+5,000,000
1,923,000,000
247,000,000
+9,000,000
-11,000,000
-21,000,000
+49.000,000
10,952,000,000
4,351,000,000
712,000,000
+86,000,000
+12,000,000
-113,000,000
-161,000,000
-302,000,000
+414,000,000
1,256,000,000
2,828,000,000
+59,000,000
+129.000,000
-369.000,000
-445,000,000
25,000,000
+1,000,000
-14,000,000
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
Statement of Bank for
December
Position
ember
Increase
International Settlements for
About $1,000,000
Credited
to
Above
Commercial
tions by a Central Bank
Cash on
Hand
Nov-
Opera-
Dec. 31,
183,218.90 Swiss Gold Francs Below Nov. 30.
According to a wireless account from Basle, Switzerland,
Jan. 4, to the New York "Times" of Jan. 5, the Bank for
International Settlements ended the year 1933 with the
first increase in funds its monthly statements have registered
since August. A statement issued Jan.4 showing its position
as of Dec. 31 balances roughly at $131,000,000 in gold, an
increase over November of nearly $1,000,000. We further
quote the account as follows:
Ian. 13 1934
Mr. Watkins became associated with J. P. Morgan & Co. in 1926, after
his graduation from Williams, and after remaining here four years with the
firm, he was transferred to the Paris office.
Mr. Watkins, whose father was the late Thomas C. Watkins, of Short
Hills, N. J., was born in 1904. He attended Kent School. His home in
this country is at South Orange, N. S.
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
now included, and (3) minor coin (nickels and cents) has been
added. On this basis the figures this time, which are for
Nov. 30 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 $5,742,492,685, as against $5,634,603,143 on Oct. 31 1933, and
$5,647,569,816 on Nov. 30 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:
r“OMN
t
The increase seems to be due to a new item of about that amount which
appears on both sides of the statement and represents commercial bills
underwritten by some central bank and sold under the guarantee of the
World Bank. Although permitted for States, this is a new operation for
a bank. It has been adopted to simplify the transfer of capital.
Otherwise there is little change in the World Bank's position, except
that $400,000 more in paper sight deposits have been converted into gold
bullion sight deposits.
In 1933 the Bank's funds decreased $70,000,000 gold, all since the dollar
left gold, for until then the Bank had been slowly gaining. This compares
with $100,000,000 loss in a period of equal length after the pound abandoned
gold, to which the dollar loss must now be added to measure the effect of
the present type of currency management on the World Bank.
8
49N ,
44.
00
8
ci
cio
a
"
00
Iltlyt
N et. 04 41 ;
44:
00
441.m.14004m
t-tomotee.o.m4
eem 40 ..omIctoo
,
.
Zgfaree;
•
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d .4r7 oe.
'iri
000 . 44
1 0.01.0.
N.NNNO
Co
NMNO.M
0000.9 14
,
.00,/ 02N9
4
,
dOia4S1 9.
7.
1;
SCTIS03 5 1.
00
I. Gold in bars
7,577,760.02 5,553,521.60
II. Cash on band and on current account with banks 2,685,610.24 2,868,829.14
III. Sight funds at interest
19,680,175.41 20,191,810.18
IV. Rediscountable bills and acceptances:
1. Commercial bills and bankers' acceptances_ 181,891,323,45 214,826,708.74
2. Treasury bills
169,759,092.79 158.493,622.88
4904
0°
ci
0
0
00
ci
00
351,650,416.24 373,320,331.62
Total
VII. Other assets
Total assets
44
,
."1 1 C
1 1
0
NC;a0 4 C1
0..400NNW
.04.0.4 OWN.
4
.40
.416NNNM
40.0000.
Swiss Gold Francs
December.
November.
Total
V. Time funds at interest:
Not exceeding three months
VI. Sundry bills and investments:
1. Maturing within three months:
(a) Treasury bills
(b)Sundry investments
2. Between three and six months:
(a) Treasury bills
(b) Sundry investments
3. Over six months:
(a) Treasury bills.
(b) Sundry investments
3
e$0000MC
The balance statement of the B. .S.,giving its condition
as of Dec. 31, (figures in Swiss gold francs at par), was
contained as follows in Associated Press advices from Basle:
Assets-
...rmotom.
,
0.00C.000
C4
2
228,844,648.62 208,154,119.30
7,140,011.88
2,617,906.11
654,888,124.12 651,091,826.83
37,309,501.71
33,385,308.88
et
00
31,527,756.87 17,944,316.10
33,816,959.45 44.897.730.18
00
23,364,877.88 42,895,568.59
67,559,479.00 56,075,987.82
Co
34,574,783.28 8,513,372.64
38,000,792 14 37,827,143.97
005
I.
capital
II. Reserves:
1. Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
125,000,000.00 125,000,000.00
2,021,691.48
3,894,823.45
7,789,646.89
Total
III. Long-term deposits:
1. Annuity trust account
2. German Government deposit
3. French Government guarantee fund
fel
49.
2,021,691.48
3,894,823.45
7,789,646.89
481,982.011
0
0
a°.
LiabitUies-
0
0
Co
Co
13,706,161.82 13.706,161.82
154,481,250.00 154,575,000.00
77,240,625.00 77,287,500.00
43,658,546.12 43,698,283.88
05
690
.
io
275,380,421.12 275,560,783.88
Total
IV. Short-term and sight deposits (various currencies):
1. Central banks for their own accounts:
(a) Not exceeding three months
107,305,977.79 105,955,670.71
48,951,617.95 52,953,789.09
(b) Sight
156,257,595.74 158,909,459.80
Total
2. Central banks for the account of others:
Sight11,839,465.96 11,235,388.83
3. Other depositors:
782,679.24
2,852,623.13
Sight
7,577,760.02 5,553,521.60
V. Sight deposits (gold)
64,344,040.22 58,273,887.77
VI. Miscellaneous items
654,888,124.12 651.091,826.83
Total liabilities
H.
A. Watkins
Becomes
Partner
in
Paris
Branch
Co
4
Ls
,J
g.og .1!
i
.§000 .?.82,13gg
,
dr„t3,
6
4ga •V .r3
of
J. P. Morgan & Co.
Harry Ashton Watkins has been made a partner in the
firm of Morgan & Cie., the Paris branch of J. P. Morgan &
Co., it was made known here on Jan. 10. In the New York
"Herald Tribune" of Jan. 11 it was stated:
00
ot
0
OceM
ulOWNN
Co a)
MNON..00
00000W
Co
04.4
•a-bs8-aa
4,
=.9
1;
•Revised figures.
a Does not include gold bullion or foreign coin other than that held by the Treasury.
Federal Reserve banks, and Federal Reserve agents. Gold held by Federal Reserve
banks under earmark for foreign account Is excluded, and gold held abroad for
Federal Reserve banks Is included.
243
Financial Chronicle
Volume 138
b These amounts are not included in the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 is included under gold coin
and bullion and standard silver dollars. respectively.
c The amount of money herd in trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money in the United
States.
d ibis total includes $40,887,617 gold deposited for the redemption of Federal
Reserve notes ($1,313,035 in process of redemption), $38,373,619 lawful money
deposited for the redemption 01 National bank notes ($18,651,642 in process of
redemption, including notes chargeable to the retirement fund), $11,989,100 lawful
money deposited for the redemption ol Federal Reserve Bank notes ($1,524,534 in
process of redemption, including notes chargeable to the retirement fund); $1,350
lawful money deposited for the retirement of additional circulation (act of May 30
1908), and $59,303,540 lawful money deposited as a reserve for postal savings
deposits.
e Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
f The money In circulation includes any paper currency held outside the continental limits of the United States.
Note.—Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption: silver certificates are secured dollar for dollar by standard
silver dollars held in the Treasury for their redemption: United States notes are
secured by a gold reserve of $156,039,088 held in the Treasury. This reserve fund
may also be used for the redemption of Treasury notes of 1890. which are also secured
dollar for dollar by standard silver dollars held in the Treasury: these notes are being
canceled and retired on receipt. Federal Reserve notes are obligations of the United
States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal
Reserve notes are secured by the deposit with Federal Reserve agents of a like
amount of gold or of gold and such discounted or purchased paper as is eligible under
the terms of the Federal Reserve Act, or, until March 3 1934. of direct obligations
of the United States If so authorized by a majority vote of the Federal Reserve Board.
Federal Reserve banks must maintain a gold reserve of at least 40%. including the
gold redemption fund which must be deposited with the United States Treasurer,
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
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks for Nov. 30 1933 with the figures for Oct. 30 1933
and Nov. 30 1932.
United States Investments Abroad Estimated at
$16,715,427,500 by Max Winkler—Drop From Peak
Two Years Ago More Than 1 Billions—Estimated
Value Between 8 and 9 Billions—United States
Lending Abroad at Standstill—Marketing of New
Issues Unlikely.
Allowing for refunding operations in respect of foreign
loans already outstanding in the American market; for the
retirement of bonds through the employment of sinking
funds; for the repurchase of existing commitments by foreign
debtors; and for the repatriation of issues by foreign obligors
either directly or through intermediaries, America's stake
abroad at the beginning of 1934 is estimated, exclusive of
so-called political commitments, at $16,715,427,500, according to a study by Max Winkler, member of the New York
Stock Exchange firm of Bernard, Winkler & Co., and head
of the American Council of Foreign Bondholders, Inc.
Dr. Winkler's study is the tenth annual survey of American
investments abroad, and includes, as did earlier reports, all
types of investments by American interests in foreign
countries, that is securities publicly sold and privately placed,
as well as the acquisition of assets abroad, regardless of
whether such transactions involved the issuance of securities
in the American market. Regarding his latest survey it
is stated:
Compared with the peak established at the end of 1931, the present figure
represents a decline of more than 1 ji billion dollars, while compared with
last year the drop amounts to over 400 millions. For the second time in
the history of the United States as a creditor nation, America's stake abroad
showed a marked decline from the figure at the beginning of the previous
year.
The geographical distribution of America's foreign investments is presented hereunder:
TOTAL UNITED STATES INVESTMENTS ABROAD.
STATEMENT OS' CONDITION OF THE BANKS OF THE DOMINION OF
CANADA.
Jan. 1 1934.
Assets,
Current gold and subsidiary coin—
In Canada
Elsewhere
Total
Nov. 30 1933. Oct. 31 1933. Nov. 30 1932.
$
40,739,723
15,053,016
$
39,620,008
9,750,572
$
38,063,995
38,061,205
55,792,741
49,370,583
76,125,201
155,697,416
9,157
134,317,589
13,071
163,492,035
11,338
155,706,577
134,330,661
163,503,374
7,480,032
29,215,367
84,416,460
10,744,845
19,111,472
94,061,956
8,710,921
18,746,452
80,280,456
'rntill
Dominion notes—
In Canada
Elsewhere
Total
Notes of other banks
United States & other foreign currencies..
Cheques on other banks
Loans to other banks in Canada,secured,
including bills rediscounted
Deposits made with and balance due
from other banks in Canada
Due from banks and banking correspondents In the United Kingdom
Due from banks and banking correspondents elsewhere than in Canada and the
United Kingdom
Dominion Government and Provincial
Government securities
Canadian municipal securities and British, foreign and colonial public securities other than Canadian
Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
loans in Canada on stocks, debentures,
bonds and other securities of a sufficient marketable value to cover
Elsewhere than in Canada
Other current loans & disels in Canada_
Elsewhere
Loans to the Government of Canada_
Loans to Provincial Governments
Loans to cities, towns, municipalities
and school districts
Non-current loans, estimated loss provided for
Real estate other than bank premises
Mortgages on real estate sold by bank
Bank premises at not more than cost,
less amounts (if any) written off
Liabilities ot customers under letters of
credit as per contra
Dello-its with the Minister of Finance for
the security of note circulation
Deposit in the central gold reserves_ _ _ _
Shares of and loans to controlled cos__
Other assets not included under the foregoing heads
Total assets
2,953,295
3,197,672
3,349,744
16,021,212
13,425,727
8,444,547
82,767,982
79,202,398
146,651,781
649,679,244
661,510,868
551,158,212
159,429,911
52,258.531
165,122,812
55,030,983
159,602,906
48,714,974
105,264,004
107,046,997
884,378,313
135,241,027
110,790,427
94,971,171
912.211,074
146,918,487
107,611,041
99,367,750
998,934,028
153,561,471
21,580.099
23,038,839
34,204,072
102,145,572
101,855,675
107,035,297
12,849,348
7,446.317
6,224,622
13,918,958
7,899,949
6,325,732
13,363.328
7,452,807
6,385.758
78,354,807
78,726,285
78,781,267
51,335,931
49,079.901
47,539,550
6,497,182
13,631,732
13,192,631
6,497,182
16,681,732
13,051,899
6,595,814
18,881.732
13.362,699
1,577,731
1,588.532
1,541,691
2,842,487,770 2,868,665,918 2,959,906,973
Liabilities.
128,189,306 133,042,841 125.
Notes in circulation
047.564
Balance due to Dominion Govt. after de44,283,800
83,101,441 105,754,782
ducting adv. for credits, pay-lists, &c.
60,444,000
41,344,000
Advances under the Finance Act
65,144,000
31,325,641
23,665,146
29,084,985
Balance due to Provincial Governments_
Deposits by the public, payable on de499,098,951 520,868,256 472,168,080
mand in Canada
Deposits by the public payable after no1,358,189,789 1.349,769,247 1,378,663,124
dee or on a fixed day in Canada
319,543,864 290,949,399 349,118,042
Deposits elsewhere than in Canada
Loans from other banks in Canada, secured, including bills rediscountedDeposits made by and balances due to
8,807,303
12,476,155
10,265,987
other banks in Canada
Due to banks and banking correspond12,613.282
4,240,717
4,510.746
ents in the United Kingdom
Elsewhere than in Canada and the
44,294,021
51,048,541
27,796,203
United Kingdom
1,285,299
796,072
Bills payable
1,387,999
51,335,931
49,079,901
47,539,550
Letters of credit outstanding
2,276,290
2,244,600
2,452,683
Liabilities not incl. under foregoing heads
2,456,751
967,158
2.988,225
Dividends declared and unpaid
134,500,000 162,000,000 162,000,000
Rest or reserve fund
144,500,000 144,500,000 144,500,000
Capital paid up
2,835.483,782 2.852,852,953 2,953,323,0386
Note.—Owing to the omission of the cents in the official reports, the footings
exactly agree with the totals given.
in the above do not
Total liabilities
Jan, 1 1933.
Jan, 1 1932.
Jan, 1 1914.
Europe
$4,882,000,000 $5,159,000,000 35,765,000,000 3350.000,000
750,000.000
Canada
4,537,000,000 4,547,000,000 4,601,000,000
100,000,000
3,027,000,000
3,077,000,000 3,079,000.000
South America_
Central America 5 3,005,000,000 3,009,000,000 3,015,000,000 1,200,000,000
175,000,000
824,000,000
896,000,000 1,012,000,0130
Australasia
476,000,000
496.000,000
50,000,000
Miscellaneous....
440,000,000
S1A 71A AAA non Cu7 1A4 nnn non 117 ORR non non S2 R250011000
* Including Mexico, Cuba, and West Indies.
The above figures represent the amount estimated actually to have been
invested abroad. On the basis of quotations prevailing toward the end of
the past year, it has been possible to compute with a fair degree of accuracy
the aggregate of that part of America's foreign investments which is represented by securities outstanding in the American market. Adding to this
figure the estimated value of America's so-called direct investments, that is
American-owned plants and properties located in foreign countries, the
nation's total stake abroad may be said to possess a current value of between 8 and 9 billion dollars.
Net foreign investments, that is new issues less refunding operations,
amounted for the year which has just come to a close to $156,915.500.
compared with $116,055,850 in 1932, and $507,354,150 in 1931. Compared
with 1929, when close to 2 billions of American funds were placed in foreign
lands, last year's figure represents only about 7%%. or 1-13th of the
total four years ago.
Details of last year's transactions compared with the two preceding years
are given in the subjoined table:
UNITED STATES NET INVESTMENTS ABROAD-1933, 1932, 1931.
1933.
Europe
Canada
South America
Central America_•
Australasia
Miscellaneous
Total
1932.
1931.
:45,225,000
40,000,000
14,852,506
2,600,500
54,237,500
$16,619,000
60.890.000
13,350,000
23,796,850
150,000
x1,250,000
$197,818,900
162,499.000
69,386,250
31,200,000
34.500,000
x11,900,000
$156,915,500
$116,055,850
5507,354,150
•Includes Mexico. Cuba, and West Indies.
x Includes U.S. Territorial issues.
Australasia heads the list with $54,237,500,compared with only $150,000
In 1932, the increase being due largely to a 350.000,000 loan arranged by
the Reconstruction Finance Corporation on behalf of the Chinese Republic.
Europe ranks second with $45,225,000, against $16,619,000 in the previous
year. The gain is attributable chiefly to the relatively large purchases of
so-called currency or internal bonds on the part of American investors who
sought protection of their invested assets against shrinkage incident upon
the depreciation of the dollar in terms of gold or gold standard currencies.
Canada is a close third with $40,000,000, or about 25 % of the. total.
South America is a distant fourth with somewhat less than 15 million dollarS,
followed by the remaining Latin-American republics with $2,600,000.
Examination of statistics relative to America's foreign investments during
the past two years shows that the role of the United States as a creditor
Power has virtually come to a standstill. In 1931, also a difficult year as
regards the economic and financial condition of nations the world over.
America's stake abroad aggregated appreciably more than half a billion
dollars. Whether the United States has definitely passed out of the picture
as a dispenser of credit, due chiefly to all kinds of moratoria, standstills,
wholesale defaults, and repudiations on the part of foreign debtors, time
alone will tell. While the marketing of new foreign loans would, with but
very few exceptions, seem well nigh impossible at the moment, it is safe
to assume that even exceptional cases—that is, first-grade credit risks—will
for the time being prefer to obtain financial accommodations elsewhere.
Senate Approves Johnson Bill Prohibiting New Flotations of Bonds by Foreign Nations Already in
Default of Payments to United States—Measure,
Opposed by Administration, Not Expected to
Become Law.
A bill that would prohibit the flotation in this country of
new securities of any nation which is now in default of debt
244
Financial Chronicle
payments to the United States was approved by the Senate
without a record vote on Jan. 11. It appeared doubtful late
yesterday (Jan. 12), however, that the measure would be
enacted into law, for its terms were said to be distasteful to
the Administration. Senator Robinson of Arkansas on
Jan. 11 moved reconsideration of the bill, which will again
be voted on in the Senate (probably on Jan. 15) before being
transmitted to the House. The bill itself was sponsored by
Senator Johnson of California. It reads as follows:
That hereafter it shall be unlawful for any person within the United
States or any place subject to the jurisdiction of the United States to
loan money to or to purchase or sell the bonds,securities or other obligations
of any foreign government issued after the passage of this act, or to make
any loan to such foreign government, including any political subdivision
thereof, while such government or political subdivision is in default in the
payment of its obligations, or any part thereof, to the government and (or)
to any citizen of the United States or to any corporation organized in the
United States. Any person violating the provisions of this act, shall upon
conviction thereof be fined not more than $10,000 or imprisoned for not
more than five years, or both.
The term "person" includes individual, partnership, corporation or
association.
The Senate Judiciary Committee reported favorably on a
similar bill last spring.
London "Times" Holds Gold-Buying Fails—Sees
Primary Aim on Commodity Prices Not Achieved.
A wireless message from London, Dec. 27, is quoted as
follows from the New York "Times":
The London "Times" in an editorial to-night, which both praises and
condemns President Roosevelt's policies, says there is no sign that he is in
the least perturbed at the prospect of a great struggle of competing interests
and competing ideals in Congress, in which he must play a decisive part.
Latest figures on commodity prices, says the London "Times" show that
his gold-buying policy has failed to achieve its primary purpose.
Internal prices, "according to the most authoritative index," are actually
lower than in October, when the first purchases were made, but "none of his
critics can deny the immense improvement which has been effected since he
took charge of the Administration," the editorial declares, going on to say:
"No coherent program, either of economic or monetary reform, however,
Is possible until the country decides whether to aim at excluding imports
and therefore curtailing exports, or at increasing both with necessary margin
to allow repayment of obligations already contracted.
"Sooner or later the decision will have to be taken, but thus far little
serious consideration seems to have been given to this fundamental problem,
and discussions in Congress next month are unlikely to do more than reflect
prevailing confusion."
Ruling by British House of Lords on Gold Clause—
Decision Has Bearing on $100,000,000,000 Debts
in United States—Text of Opinion Upsetting
Lower Courts in Belgian Company Case.
The recent decision of the British House of Lords upholding the validity of the "gold clause" in bonds is viewed as
of world-wide significance at the present time, when the gold
standard is in almost universal suspension and debtors are
attempting in all countries to scale down their obligations.
In special correspondence from London, Dec. 23, published
in the New York "Times" of Dec. 31, it was stated that the
decision has a particular bearing upon the position of the
United States, where upward of $100,000,000,000 of obligations, including those of the United States Government,
contain the promise to repay principal and to pay interest
in gold of "standard weight and fineness" and where the
Congress, by official resolution, has abrogated the validity
of the gold clause.
From the account to the "Times" we quote further as
follows:
At the time of the Congressional Action,last May,defenders of the official
policy, it will be recalled, laid stress upon the decision of the British Court
of Appeals that payment ofservice on the bonds ofthe Societe Intercomunale
Beige d'Electricite, which contained a gold clause, could be satisfied by
the tender of paper currency in the amount specified in the bond. It was
this decision, in the case of Feb.t v. Societe Intercomunale Beige d'Electricite which the House of Lords reversed on Dec. 15, thereby establishing
the right of holders of such bonds to receive payment of a sum equal to the
value in gold of the amounts called for in the bond.
Opinion by Lord Russell.
The judgment on appeal was delivered by Lord Russell of Killowen, the
other Law Lords present agreeing. In his decision, Lord Russell dealt
particularly with three clauses in the bond which called for gold payment.
Clause 1 provided for redemption of the bond "In sterling in gold coin of
the United Kingdom of or equal to the standard of weight and fineness
existing on Sept. 1 1928." Clause 2 called for payment of interest in similar
-yearly payments," and Clause 6
terms at the rate of 5 % "by equal half
declared that "the bonds of this issue shall constitute and they and each of
them nereby are declared to be the direct and unconditional liability and
obligations of the company in sterling in gold coin of the United Kingdom
In accordance with the provisions of the bonds and these conditions."
Reasons for The Decision.
After reviewing the circumstances of the case and the text of the clauses
Involved. Lord Russell delivered his opinion. Following is the text of that
portion of his report dealing with the ruling and the reasons for it:
"My Lords, I share the views or Mr. Justice Farwell and Lord Justice
Lawrence that the question of construction is a difficult one, but after
careful consideration of all the contractual provisions of the bond. I have
COMe to the conclusion that we should give to the gold clause the meaning
and effect for which the bondholder primarily contends.
"The courts below in construing the bond nave started with the assumption that the bond must be as is stated on its face a bond for 2100; they
then construe the words of the gold clause literally, and hold that its sole
Intention is to obtain payment in one particular form of tender only, and
that intention must be defeated by the operation of the law.
Jan. 13 1934
"For myself I approach the question of construction in a different way.
"I consider first the state of affairs existing at the date of the bond. The
Gold Standard Act, 1925, had exempted the Bank of England from obligation to pay its own notes in legal coin, but had provided that such notes
should not thereby cease to be legal tender. Further, it had repealed the
provision of the Currency and Bank Notes Act, 1914. entitling the holder
of a currency note to be paid its face value in gold coin. It had, however,
provided that the Bank of England should be bound to sell on demand gold
bullion at the price and as therein specified to any person on demand but
only in the form of bars containing approximately 400 ounces troy of fine
gold.
Received Royal Assent,
"The Currency and Bank Notes Act, 1928, had received the royal
assent, though it did not come into operation until Nov. 22 1928. By that
and for
act the Bank of England was authorized to issue bank notes for
10s, which were to be legal tender for any amount. Existing currency notes
were converted into bank notes, the Bank becoming liable upon them: and
the Bank was empowered to require any person in the United Kingdom
owning gold coin or bullion to an amount exceeding 210,000 in value to sell
it to the Bank on payment (in the case of gold coin) of the nominal value
thereof. The country was on the gold standard, but the notes were inconvertible and gold coin was substantially no longer in circulation.
"These being the circumstances and conditions of the time, it is not, I
think, improper or hazardous to make two surmises.
(1) That the gold clause was inserted in Clauses 1 and 2 of the bond in
contemplation of the contingency of this country going (as it did in 1931)
off the gold standard at some future date; and
"(2) That neither party to the bond can have contemplated payment
under the bond being actually made in gold coins.
"I turn to the bond to see if from the contents of the document itself it
is apparent that the parties did not use the words of the gold clause in
accordance with the literal meaning which they would bear if considered
apart from the rest of the document and the circumstances which surrounded
its execution.
Another Meaning Sought.
"A consideration of Clause 2 will show, I think, that, as there used,
the words must mean something other than what they say; for, translating
-yearly payments into the appropriate figures, it
the 5%% by equal half
becomes a provision for the payment of a 158. 'in gold coin of the United
Kingdom.'
"The same consideration appli.s to the interest coupons, which, witt
their express provision for deduction of income tax, would be purporting
to provide for a payment 'in gold coin of the United Kingdom' of a sum
(to-day) of .e2 Is. 3d.
"Again, if one looks at Clause 4 of the bond. the reference which it contains to gold coin of the United Kingdom cannot bear its literal meaning.
There is no issue or amount outstanding 'in gold coin of the United King
dom.' Taking even Clause 1 by itself, it would be practically impossible to
fulfill its literal requirements even if a sufficiency of gold coin were still in
circulation, for, according to its strict reading, the coins tendered would all
have to be coins of the exact standard of weight and exact standard of fineness specified in the Coinage Act, 1870, without remedy allowance or
variation from the standards. Thus neither in Clause 1 nor in Clause 2
can the words have been intended by the parties to carry their literal
interpretation.
"I therefore ask myself this question. If the words of the gold clause
cannot have been used by the parti s in the sense which they literally
bear, ought I to ignore them altogether and attribute no meaning to them,
or ought I, if I can discover it from the document, attribute some other
meaning to them? Clearly the latter course should be adopted if possible,
for the parties must have inserted these special words for some special
purpose, and if that purpose can be discerned by legitimate means, t ffect
should be given to it.
"In my opinion the purpose can be discerned from Clause 4. in which the
referenc to gold coin of the United Kingdom is clearly not a reference to
tire mode of payment but to the measure of the company's obligation So,
too, Condition 6. which again is a clause not directed to mode of payment,
but to describing and measuring liability, shows that the words are used
as such a measure.
"In just the same way I think that in Clauses 1 and 2 of the bond, the
par ies are referring to gold coin of the United Kingdom of a specific standard of weight and fineness not as being the mode in which the company's
Indebtedness is to be discharged but as being the means by which the
amount of that indebtedness is to be measured and ascertained, I would
construe Clause I not as meaning that £100 is to be paid in a certain way,
but as meaning that the obligation is to pay a sum which would represent
the equivalent of £100 if paid in a particular way: in other words, I would
construe the clause as though it ran thus (omitting immaterial words):
equal to the value of £100 if paid in
Pay . . . . In sterling a sum or equal to the standard of weight and
gold coin of the United Kingdom of
existing on the first day of September 1928.
fineness
"I would similarly construe Clause 2.
"I am conscious, my Lords, that this construction strains the words of
the document,and that it fits awkwardly with some of its provisions. Thus,
-yearly payments in accordance with the coupons
for instance, the half
(which are described in Clause 2 as equal) may, in fact, not be equal. But
I prefer this to the only other alternatives, viz., attributing no meaning at
all to the gold clause, or attributing to it a meaning which from other parts
of the document and the surrounding circumstances the parties cannot have
intended it to bear.
"We were in the course of the argument referred to certain decisions and
judgments in cases which came before the Permanent Court of International
Justice sitting at The Hague.
"I do not, I need hardly say, treat these as in any way binding upon
me. Indeed, the relevant facts and words under consideration were very
different from those which have been under consideration hero. I would
like, however, to cite one passage as stating happily and succinctly the
considerations and principles which have influenced me in arriving at the
conclusion which I have reached.
"It occurs in the judgment dealing with certain Serbian loans stated to
be payable both as to principal and interest in gold. It runs thus:
"As it is fundatnental that the terms of a contract qualifying the promise
are not to be rejected as superfluous, and as the definitive word "gold"
cannot be ignored, the question is: what must be deemed to be the signicance of that expression? It is conceded that it was the intention of the
parties to guard against the fluctuations of the Serbian dinar, and that in
order to procure the loans, it was necessary to contract for repayment in
foreign money. But, in so contracting, the parties were not content to use
simply the word 'franc,' or to contract for payment in French francs, but
stipulated for 'gold francs.' It is quite unreasonable to suppose that they
were intent on providing for the giving in payment of mere'gold specie, or
gold coins, without reference to a standard of value. The treatment'of the
gold clause as indicating a mere modality of payment, without reference to
a gold standard of value, would be not to construe it but to destroy it.
Volume 138
Financial Chronicle
"I would allow this appeal and substitute for the declaration made by
Mr. Justice Farwell a declaration in the following terms:
"Declare that upon the true construction of the bond the appellant is
entitled as holder thereof to receive from the respondents from time to
time by way of principal and interest thereunder and on the due dates of
Payment therefor such a sum in sterling as represents the gold value of the
nominal amount of each respective payment, such gold value to be ascertained in accordance with the standard of weight and fineness existing on
Sept. 1 1928, and that accordingly every 'pound' comprised in the nominal
amount of each such payment must be treated as representing the price in
sterling (calculated at the due rate of payment) of 123.27447 grains of gold
of the standard of fineness specified in the First Schedule to the Coinage
Act, 1870, and any fraction of a 'pound' comprised in the nominal amount
of any such payment must be treated as representing the price in sterling
(calculated at the due date of payment) of a corresponding fraction of
123.27447 grains of gold of the same standard of fineness.
"The view which I take upon the question of construction renders it
unnecessary for me to consider the other questions which were debated
upon the hearing of the appeal. They do not arise. It would be unwise and
I do not desire to deal with the question whether an effective bargain can be
made for a debt to be paid only in one form of legal tender. Still less do I
desire to express a view as to the meaning and effect of Section 6 of the
Coinage Act, 1870."
The appeal was accordingly allowed, with costs.
References to the decision of the House of Lords appeared
in our issues of Dec. 16, page 4287; Dec. 23, page 4443, and
Dec. 30, page 4605.
United States Concludes Reciprocal Import Agreements
with France and Britain—French Quota Schedule
Tripled to Restore Former American Total—United
Kingdom Will Purchase More Pork from This
Country in Return for Doubling of British Liquor
Quota Here.
Increases in import quotas for United States products
have been obtained from France and the United Kingdom,
the State Department announced on Jan. 8. The American
Embassy in Paris stated that the drastically reduced French
import quotas would be modified for the United States so
as to continue the totals existing for the last year and threequarters, marking an increase of about 300% in quotas for
imports from the United States during the first quarter of
1934. Great Britain raised the import quota for United
States pork products from 6.3% to 7.6% in exchange for
a doubling of the British liquor quota in this country. The
French Government agreed to continue the arrangements
made with the United States in 1932, when the French system
of quota restrictions was first generally applied. At that
time the United States had no quota system of its own and
opposed the quota system in principle. It then obtained
an agreement providing for most
-favored-nation treatment
on a basis of prior importations.
The 1932 agreement specified that quotas should not be
fixed at less than 10% of total importations of any commodity
during 1931, when its importations from the United States
during that year had been equal to or greater than 10%.
In cases where importations from the United States had been
less than 10%, the quota was to be set at the 1931 level.
This arrangement was followed until the end of 1933, when
France decided again to restrict importations. the latest
decision of the French Government to continue the former
plan unchanged, despite restriction in general, was outlined
in a note to the United States Embassy. in Paris, dated
Jan. 6, which read:
The Ministry for Foreign Affairs has the honor to advise the Embassy
of the United States that the part reserved for American products
in the
quotas of foreign products imported into
-France is fixed for the first quarter
of 1934 at 100% of the proportion which this American merchandise represented In relation to the total foreign importations during the course of
the
pertinent years. In consequence the quota figures published in the"Journal
Officiel" for the current first quarter should be increased by
300% as concerns the United States.
Exception is made in the case of apples and pears, tools of the mechanical
industry other than agricultural, as well as for lamps and radio apparatus,
for which the figures published already represent 100%.
Furthermore, the provisions of the arrangement of May 31 1932, paragraph B, are maintained relative to the American industrial Importations
which were on the one hand equal or superior in 1931 to 10% of the total
importations of that year and on the other hand less than 10% of the total
of such importations for the said year.
It was announced in Paris on Jan. 11 that the French
Government had agreed to restore 100% quotas "on a very
abundant list" of British products within a few days. Great
Britain had protested against the quota concessions granted
by France to the United States, contending that it had the
same right to preferential treatment as was accorded this
country.
We quote from a Washington dispatch of Jan.8 to the New
York "Times," containing further information regarding
both the French and British agreements on import quotas:
Special Concession Granted.
Apples and pears are covered by the special concession for the import
of these fruits from the United States already granted by the French
Government in return for an increased liquor quota. Special quotas
already existed for tools, lamps and radio apparatus which have not been
affected by the latest drastic reduction.
245
With regard to only one item of American export is the position not
clear. Automobiles, according to Paris dispatches, appear to be subject to new restrictions under the latest French decree. The State Department lacks information on this development.
France has not asked a return for excepting American exports from
her new restrictions, an increased liquor quota having already been bargained for and obtained.
Agreement Made with Britain.
After a conference between Sir Ronald Lindsay, British Ambassador,
and Acting Secretary of State Phillips to-day it was announced that the
British liquor quota would be doubled in return for an increase in the import quota for American pork products. The British offer was made last
week, but seemed to be regarded as insufficient at first in White House
and Agriculture Department circles.
Secretary Wallace said to-day he considered the increase it contained
as "hardly worth mentioning." He was supported by Dr. Mordecai
Ezekiel, economic adviser to the Secretary, who said the proposed enlargement would have little or no effect on pork prices in this country and
certainly not more than
cent per 100 pounds in Chicago.
Stress was laid by the British negotiators, however, on the fact that
they were offering a permanent arrangement which would be worth $1,000,000 a year to American exporters, while they sought in return only a
concession good until March 31. Sir Ronald Lindsay stressed last week
that American exports of pork products to Britain last year had been
only 4.2%
It became obvious that if agreement was to be reached it must be on
Pork, because the British quotas are limited to pork, mutton, beef, fish and
butter, and United States butter is too high-priced to compete in Britain.
The British Government was handicapped by its insertion in its recent treaty
with Denmark of a promise to take 2% of its imports of pork from that country. Another difficulty was its dislike for the principle of quota bargaining
with a country with which it already has a highly unfavorable balance of
trade.
State Department Announcement.
The State Department's announcement indicated that the bargaining
principle has been recognized. It read:
"The discussions that have been taking place between the British and
American Governments regarding the importation of spirits from the
United Kingdom into the United States and importation of American
pork products into Great Britain have been devoted to ascertaining the
equitable position of both countries under their commercial relations.
As a result of an examination of these relations and of the record of past
trade, the British Government has indicated its readiness to assign a 7.6%
minimum allotment of pork products importations into Great Britain as
the American share, which is the mean percentage between the proportions
held by American industry during the years 1927-1931 and the year 1932.
"It represents an increase in the American trade of about $1,000,000
a year over that originally proposed under a 6.3% allotment. Correspondingly, it is deemed equitable and fair to increase the British spirits
quota under the four months' wines and liquor arrangements from the
present quota of 607,000 gallons to double that amount."
French Cabinet Resitts Defeat in Pawnshop Scandal—
One Minister Resigns Post—Alexander Stavisky,
Gigantic Swindler, Commits Suicide.
The Chautemps Ministry of France succeeded this week
in resisting its threatened overthrow, following disclosures
resulting from the collapse of the Credit Municipal, or city
pawnshop, of Bayonne, with losses to patrons and investors
estimated at 500,000,000 francs. A reference to the socalled "pawnshop swindle" was contained in our issue of
Jan. 6, page 43. On Jan. 9, Alexander Stavisky, leading
figuru in the swindle, shot and killed himself in the town of
Chamonix in the French Alps as police who had come to
arrest him were battering at his door. On the same night
the French Cabinet met to consider what action must be
taken with regard to accusations that at least one of its
members was implicated in the gigantic fraud perpetrated
by Stavisky. Although the Cabinet decided that Albert
Dalimier, Minister of Colonies, was innocent of wrongdoing,
he resigned from the Government. The following day
(Jan. 9) at the opening of Parliament, 1,000 young royalists
staged a demonstration against "corruption" outside the
Chamber of Deputies, and many were arrested. Premier
Camille Chautemps appointed Labor Minister Lucien
Lamoureux to the post of Minister of Colonies.
We quote in part from a Paris dispatch of Jan. 3 by the
United Press, summarizing briefly the collapse of the Credit
Municipal of Bayonne:
The Bayonne Credit Municipal was operated by municipal authorization
as an institution lending money on articles pawned, and, in addition,
millions of dollars' worth of jewelry had been pledged with it as collateral
for purchases of the bonds issued by it. The jewelry also was said to have
disappeared.
Stavisky, said to be the Serge Alexander long known as an adventurer,
was believed to have had protection from officials higher up,said to involve
the Ministries of Finance and Interior. He was said to have obtained
authorization to issue 160,000,000 francs ($9,920,000) of worthless Hungarian bonds.
The concern's creditors, hard hit by the failure, are mainly insurance
companies, widows and trustees of estates. The affair interests the Government, inasmuch as the bondholders assert that the state is responsbile
for the soundness of securities of the kind. Several warrants have been
issued since the investigation started.
Partial Redemption of Two Series of Bonds of Italy—
To Be Redeemed and Paid on March 1.
J. P. Morgan & Co., as fiscal agents, are notifying holders
of Credit Consortium for Public Works, of Italy, external
loan sinking fund 7% secured gold bonds, series A, due
March 1 1937, and series B,due March 1 1947,that $249,000
principal amount of the former and $139,000 principal
246
Financial Chronicle
amount of the latter have been drawn by lot for redemption
at par on March 11934. Drawn bonds will be redeemed and
paid upon presentation and surrender on and after March 1,
at the office of the fiscal agents. The coupons maturing on
March 1 1934, will also be paid upon such presentation and
surrender. Interest on the drawn bonds will cease after
March 1.
First Soviet Ambassador to Washington Presents
Credentials to President Roosevelt—Both Alexander Troyanovsky and President Express Desire
for World Peace and Mutual Co-operation—William
C. Bullitt, Back from Moscow After Housing
Survey, Plans Return to Russia in February.
Alexander Antonovich Troyanovsky, first Ambassador
from the Soviet Union to the United States, presented his
credentials to President Roosevelt on Jan. 8, within 24 hours
after he arrived in this country accompanied by William C.
Bullitt, American Ambassador to Moscow, who was returning from Russia after having spent several weeks in the Soviet
capital in ses,ch for embassy premises. Mr. Bullitt plans to
return to Moscow early in February. Mr. Troyanovsky, in
his formal address to President Roosevelt, stressed the desire
of his country for world peace and the necessity ofco-operating
to preserve it. His communication to the President was as
follows:
I have the honor to present to you the letters which accredit me as
Ambassador Extraordinary and Plenipotentiary of the Union of Soviet
Socialist Republics to the Government of the United States of America.
At the same time I have the honor and pleasure to transmit to you on behalf
of the President of the Central Executive Committee of the Union of Soviet
Socialist Republics and on behalf of the Government and the people of my
country the warmest personal greetings and the sincerest expression of
friendship and the best wishes for the happiness and prosperity of your great
country.
In a world that has gone through the intense post-war period, a period of
concentrated historical events, in a world so much in need of real peace
and good-will among nations, in a world that has substantial reasons for
disappointment with the seemingly endless and so far fruitless talks about
peace and disarmament, the very fact of the co-operation and friendship
between two such great and powerful nations as the United States of America
and the Union of Soviet Socialist Republics must inevitably be of great
historical significance and of direct, far-reaching moment in the cause of
world peace.
It Is my Government's and my own sincerest desire and intention to do
everything possible for the realization of the wish expressed by you, that
the relations now established between our peoples may forever remain
normal and friendly, and that our nations henceforth may co-operate
for their mutual benefit and for the preservation of the peace of the world.
There is among the people of my country a most natural feeling of sympathy. respect and admiration for your great country which they associate
with high technical and scientific progress and which they regard as an
immense creative force. The co-operation, therefore of the 125.000.000
people of your country with the 170.000.000 of our own vast country must
of necessity be a boon to the general progress of humanity.
I therefore trust. Mr. President, that the new era of normal and friendly
relations between our peoples may contribute fundamentally to the development of the widest co-operation in the most varied fields of human endeavor,
but first and foremost to the cause of the peace of the world.
On behalf of the Government of the Union of Soviet Socialist Republics,
let me assure you that it is determined to continue most consistently and
unswervingly that policy of peace of which it has given ample proof on
every occasion since its establishment.
On entering upon my mission here. I shall consider it my highest task
to do everything in my power toward the creation of the closest bonds of
co-operation and friendship between our two nations.
President Roosevelt, in his reply, said:
I am very happy to receive the letters accrediting you as Ambassador
Extraordinary and Plenipotentiary of the Union of Soviet Socialist Republics and to welcome you in that capacity.
The foundation has now been laid for the development of genuinely
friendly relations and close co-operation between the governments of the
United States of America and the Union of Soviet Socialist Republics.
It will be your privilege and mine to work together in the task of building
upon that foundation a permanent structure of friendship and collaboration.
A deep love of peace is the common heritage of the people of both our
countries and I fully agree with you that the co-operation of our great
nations will inevitably be of the highest importance in the preservation of
world peace. The successful accomplishment of this mutual task will be
of immediate and lasting benefit not only to the peoples of our countries
but to all peace-loving peoples everywhere.
I welcome you personally, Mr. Ambassador, with especial satisfaction.
On more than one occasion during recent years you have shown your friendliness for the American people. This has not been unnoted or unappreciated
by the Government of the United States, and I consider it most auspicious
that the Government of the Union of Soviet Socialist Republics should have
selected as its first Ambassador to this country not only one of its most
distinguished citizens but also one whose friendly feeling's for this country
are well known.
You may be assured. Mr. Ambassador, of, reciprocally friendly feeling
toward you on the part of the American Government and people. Members and officials of the American Government will do all in their power to
co-operate with you and will be glad to lend you every assistance that may
contribute to the accomplishment of your mission, the success of which is
greatly desired by my own as well as your government.
I trust that you will inform His Excellency, the President of the Central
Executive Committee, the Government, and the people of the Union of
Soviet Socialist Republics that their kind message of good-will are deeply
appreciated and that I send in return sincere wishes for their peaceful
progress and happiness.
A Washington dispatch of Jan.8 to the New York "Times"
commented upon the presentation of credentials in part, as
follows:
The President sent his own limousine to bring Mr. Troyanovsky to the
White House. The Ambassador, who was escorted by Richard Southgate,
Jan.
13 1934
Assistant Chief of the protocol section of the State Department, Col. E. W.
Watson, military aide, and Captain Walter N. Vernou, naval aide to the
President, was followed by his counselor, Boris Skvirsky in a second limousine, and later by his own two aides. He was escorted into the Green
Room just as the President, arriving from his residential quarters, entered
the Blue Room.
Mr. Troyanovsky, who as a former officer of the Czar was no stranger to
ceremony, was then conducted before President Roosevelt. He read his
prepared statement and handed over his credentials. The President read
his formal reply, then broke into a pleasant smile and shook hands. The
Ambassador's staff was escorted into the Blue Room and presented. As a
final personal touch the President and his guest repaired to the Red Room
for a brief personal chat.
The President, like the Ambassador and his staff, was in formal dress.
Mr. Bullitt Plans a Staff.
Mr. Bullitt, who traveled from Russia with Mr. Troyanovsky, discussed
with the President this afternoon the choice of a staff and of quarters in
Moscow. He told newspdper men that he hoped to return to his post not
later than the middle of February. Finding accommodations was a real
problem in a city which had housed a million and a quarter persons before
the war,and now,with very little new building had to house four million.
"There just isn't a single unoccupied bed in Moscow,"said the new Ambassador. Eventually the American Government might decide to build
an embassy, he said.
Neither had any decision been made about the size of the American
Embassy staff in Moscow, or the number of consuls to be appointed.
Mr. Bullitt said he had discussed neither political nor commercial treaties
in Moscow. He had talked with Mr. Stalin, Mr. Litvinoff interpreting.
Mr. Stalin, like every one else in Russia. was interested in peace, he said.
On the occasion of his arrival in New York on Jan. 7,
Mr. Troyanovsky read a brief message into a radio microphone for a broadcast. In this address, copies of which were
distributed as a prepared statement, he said that although
two oceans "separate our great countries, at the same time
they unite us." He said:
If it is true, that we are passing into the Pacific period of world history,
it is also absolutely true that the Atlantic era is not yet completed. Around
both oceans very important events are developing. Both our countries
have great interest in all that happens on the vast shores of the Atlantic
and Pacific Oceans and the seas near these oceans.
We are attached to each other by many common feelings and common
purposes at the present time. We must join our hands and work together
to attain these purposes for the well-being of our peoples and the prosperity
of all humanity.
Problems at Montevideo—America's Investments in
Latin America.
Seventeen of the 20 Latin American republics have bonds
outstanding in the American market, according to Max
Winkler, who states that the three nations whose bonds
American investors missed buying or owning, include
Venezuela which has no foreign debt, Paraguay which has
not borrowed or which has been unable to borrow since 1915
(although small amounts of the country's old sterling loans
are understood to be owned here), and Honduras whose
relatively small dollar debt has been retired. Mr. Winkler,
on Dec. 20, continued:
Of the 17, 16 are in default,in whole or in part, with respect to contractual
commitments. The amount involved aggregates close to $1.300,000.000,
or approximately 60% of the total outstanding. Will existing defaults be
rectified, or will the remaining obligations on which payments are still being
made, also be forced into default?
Prior to the war, America's stake in the so-called Latin American republics
amounted to $1,300,000,000, of which only 100 millions were invested in
South America. and the remaining $1,200.000.000 in Cuba. Mexico, and
the Central American Republics. At the beginning of 1933. American
investments in the bonds and enterprises of the Latin American nations
were estimated at 15.800,000,000. of which more than two billions represented portfolio investments—that is. Latin American securities, privately
placed with or publicly sold to United States investors. Institutions as well
as individuals. The other 3% billions comprise so-called direct investments
—that is, plants and properties in Latin American countries, owned and
controlled by American interests. without involving the public offering of
securities.
To what extent was an increase justified in America's investments in the
countries south of the Rio Grande. of more than 345% in a period of slightly
less than two decades? Has the gain in America's commerce with her
southern neighbors run parallel with the growth of her investments? Has
such gain, if gain indeed it was, offset the losses incident on omission of
interest on close to $1,300,000.000 par value of Latin American bonds?
Is such gain, if gain indeed it is. sufficient to neutralize the losses sustained
by American investors incident on the distressing shrinkage in the value of
their investments, amounting to more than 1% billion dollars?
During the past 19 years (1914-1932). America's total commerce with
Latin America amounted to well over 29Ji billions dollars, of which close
to 17 billions represented imports from Latin America and 12ji billions
America's sales to her southern neighbors. In other words, for every dollar
placed in Latin America since 1914. United States Trade with the Latin
American nations aggregated more than 6% dollars. On the assumption
that only 10% of the entire sum represents the net profit which accrued to
American shippers, merchants and exporters, the total approximates
$3.000,000,000. an amount which not only completely wipes out the shrinkage of 1% billions in the value of America's portfolio investments in Latin
America, but leaves a net profit to the American people of another billion
and a half.
If America's delegates to the Seventh Pan-American Conference will bear
in mind these figures, they should encounter little, if any, difficulty in connection with a possible adjustment of Latin America's indebtedness, which
may come up for discussion by delegates of the 21 American republics
gathered at Montevideo, capital of the Oriental Republic of Uruguay.
It is the second time within the past half century that delegates of
American States have assembled there. Forty five years ago, in 1888.
representatives from Argentina, Bolivia. Brazil, Chile. Paraguay, Peru and
Uruguay convened at Montevideo to discuss primarily questions of a
juridicial nature. The deliberations of the sessions resulted in the signing
of trestles on international civil law, international commercial law, international penal law, the International law of procedure, literary and artistic
Financial Chronicle
Volume 138
property, trade marks and patents, a convention on the practice of the
liberal professions, and a protocol containing provisions of a general character.
This time, a discussion of economic problems will or should predominate.
Latin American debts are not Included in the agenda, but arrangement may
be made for a discussion of the question after the adjournment. This is
purely conjectural Debtors do not care, and American creditors are hesitant to discuss them, due, it would seem, to many irregularities, actual and
alleged, in connection with the original flotation of Latin American loans
In the United States.
For the sake of the bondholders, however, something ought to be done.
and Montevideo still affords an excellent opportunity for not merely discussing Latin America's existing commitments in the American market,
but for adjusting them. Resumption by the United States of commercial
activities on a large scale with the southern Republics, is hardly conceivable
so long as there is not removed from them the stigma of default. It is
apparent that such activities aro prerequisite to the restoration of normality
In America's economic life. It is equally evident that Uncle Sam must look
henceforth south of the Rio Grande, rather than across the Atlantic, where
national antagonism, racial hatred, and political animosity are the order of
the day.
Details regarding American investments in and commerce with Latin
America are presented in the subjoined tables:
(In Thousands of Dollars.)
American
Investments.
1932.
1913.
South Americ an Raman csArgentina
$40,000
$855,345
Bolivia
122,723
•
10,000
Brazil
624,372
50,000
Chile
659,202
15,000
Colombia
340,897
2,000
Ecuador
22,503
10,000
Paraguay
12,765
3,000
Peru
229,411
35,000
Uruguay
109,881
5,000
Venezuela
240,970
3,000
Total
$3,218,069
$173,000
North Americ an Republi ca
Costa Rica_
$31,566
$7,000
Cuba
1,232,635
220,000
Dominican
Republic...
89,008
4,000
Guatema1a_
74,754
20,000
Haiti
30,206
4,000
Honduras
3,000
72,735
Mexico
887,360
800,000
Nicaragua_ _ _.
3,000
15,649
Panama
5,000
48,450
Salvador
3,000
42,346
Total
$2,524,707 $1,069,000
American
Commerce.
Favorabhs
Trade Amount In
Balance Default.a
with U.S.
1932.
1913.
$47,324
2,166
110,863
15,846
71,516
4,140
99
7,650
5,385
30,529
$96,800
1,792
152.713
50,502
22,115
6,662
591
12,842
9,629
17,534
$295,518
$371,240
$6,122
87,105
$9,757
206,475
81,252
29,555
8,010
7,321
4,617
13,479
69,998
3,957
19,139
3,433
11,462
8,976
6,909
6,222
164,003
5,966
10,866
5,084
*1,250
1,681
*3,393
4,529
4,848
•29
*12,079
*1,145
162,296
$223,181
$436,720
823,969
$204,267
1932.
4110,016
.2,154
53,663
8,710
50,176
632
99
*280
*1,177
10,059
$93,259
59,422
343,064
266,205
149,916
13,709
91,286
63,368
$103,712 81,080,229
$8,276
6,890
14,142
12,663
Total Latin
America
$5.742.776 31.242.000 8518.699 8807.960 2127.681 81.284.496
• Denotes adverse balance. a Includes Government. State and municipal loans.
While 4 of the 10 South American States had unfavorable trade balances
with the United States last year, the 10 republics together had a favorable
balance of almost $104,000,000. This is equivalent to well over 5% on
America's total portfolio investments in South America,and to almost 3 %
on the total stake there. The situation does not, therefore, appear hopeless.
Statistically, it is not discouraging.
With respect to the 10 North American republics, the aggregate favorable
balance with the United States amounted last year to approximately
$24,000,000. equivalent to about 1 % on the amount of bonds in default
outstanding on behalf of the republics under review and their political
sub•livisions.
Bolivia and Paraguay Renew Hostilities as Efforts to
Extend Armistice Fail-League Commission Abandons Mediation in Chaco Dispute.
The Chaco Commission of the League of Nations abandoned all efforts to mediate in the dispute between Bolivia
and Paraguay on Jan. 7, following technical resumption of
hostilities between the two nations on the preceding day.
The Commission planned to formulate a report to be submitted to the League, covering its efforts to arrange a basis
for arbitration. Paraguay had rejected an appeal to extend
the armistice with Bolivia, following the refusal of Bolivia
to withdraw its troops more than 200 miles, taking them
completely out of the Grau Chaco. A dispatch of Jan. 7
to the New York "Times" from Buenos Aires added the
following information:
Juan Alvarez del Vayo, Chairman of the Commission, gave out a statement explaining that the Commission could not proceed with the peace
negotiations with hostilities in progress. He said the renewal of warfare
signified an attempt on one side to push victory to a decision and on the
other side a determination to win revenge.
The Commission had telegraphed to Presidents Ayala and Salamanca
of Paraguay and Bolivia yesterday urging them to weigh the historical
responsibility of renewing their war at a moment when the negotiations had
progressed to a point indicating a successful outcome. The message did
not specifically request a further extension of the armistice, but warned that
a renewal of hostilities would mean the end of the Commission's work.
To-day's statement said it was foolish to pretend the Commission's
situation would be the same after as before the renewal of hostilities. It
admitted the Commission had begun its negotiations while the war was
raging and had viewed the war at close quarters and become convinced it
was absolute uselessness. But the armistice, it added, created an atmosphere so distinct that the Commission was convinded it was the only atmosphere under which it would be possible to continue its work.
Oeronimo Zubizarreta explained Paraguay's unwillingness to prolong
the armistice, saying it was more than a truce which would enable the
enemy to improve its military situation that Paraguay wanted and that she
must have assurance of a definite termination of hostilities with guarantees
against a renewal of the war.
"Great powers such as France insist on receiving guarantees" he said.
"With even more reason my country wants guarantees. We do not molest
any one; we don't want to be molested."
247
Suez Co. Cuts Canal Traffic Tols-Ships Carrying
Freight to Pay 4 Franc Per Ton Less-Ballast
1
Carriers Get Half Rate.
Paris advices Jan. 9 to the New York "Times" reported
that the Suez Co. announced that day a long-awaited reduction in Suez Canal transit tolls. Beginning April 1 the
charge to ships carrying freight through the canal will bá
reduced from 6 francs a ton to 53 francs per ton, while for
4
ships carrying ballast the rate will be 3 francs. The advices
continued:
This is the first reduction in rates since November 1931, and has been
eagerly sought, particularly by British vessels.
Because of the depreciation of the pound British shipping companies
found the toll charges extremely heavy because they were paid in francs.
Last spring the Suez Co. rebuffed British ship owners, asserting it was
not the Suez Co.'s fault that Great Britain abandoned the gold standard.
Since last spring there has been an improvement, with more tonnage
passing through the canal and correspondingly higher receipts. This has
been accentuated in the last three months, with further improvements
Promised, so the company feels the rates can be reduced while maintaining
profits.
Senate Inquiry into Stock Market Trading-Investigation Continued into Records of Guardian
Detroit Union Group • of Detroit
-Alleged Conflicting Reports to Stockholders to RFC
-Ford
Deposits.
The investigation into the Michigan closed bank situation
was resumed on Jan. 3 by the Senate Banking and Currency
Committee, inquiring into stock market trading. Earlier
phases of this part of the Committees inquiry were indicated
in our issues of Dec. 23, page 4454 and Dec. 30 page 4611.
On Dec. 22 the Committee recessed until Jan. 3, at which
time, the Senate investigators (we quote from Associated
Press advices from Washington, Jan. 3) received evidence
that some institutions in the Guardian Detroit Union Group,
Inc., had received advance notice when National bank
examiners were about to inspect their books. The Aisociated Press accounts (Jan. 3) went on to say:
This evidence, followed closely exhibits purporting to show the Guardian
National Bank of Commerce, a member of the Group, declared a dividend
late in 1932 when doubtful assets alone exceeded the capital, came during
questioning of Bert K. Patterson, former Executive Vice-President of the
Group.
Mr. Patterson resigned as a National Bank Examiner to accept the VicePresidency and,to-night, Senator James Cousens, Republican,of Michigan,
a member of the Senate Banking Committee, conducting the investigation,
announced that he would introduce legislation prohibiting bank examiners
from accepting positions with banks for two years after leaving the service.
Previous evidence, introduced two weeks, ago, had brought out that four
former National bank examiners had quit their jobs to become connected
with the Group banks.
Mr. Patterson, when asked to-day by Ferdinand Pecora, Committee
Counsel,if he knew of any instances in which banks had advance information
as to when examinations were to be made,said he recalled only one. That.
he said, was in May 1932. when preliminary arrangements were necessary to
examine the Guardian National Bank of Commerce. When questioned
more closely the banker said he "believed we participated with the examiners in an examination of the Grand Rapids National Bank" and that
"we sent men over there to participate."
Mr. Pecora then exhibited a letter from Alfred P. Leyburn, Chief National bank examiner in Chicago, written on Dec. 17 1931, addressed to
Mr. Patterson, and advising him that field examiners would arrive in
Detroit within a few days.
To this Mr. Patterson said the examination had been requested by the
bank in connection with the proposed merger of the Guardian-Detroit
Bank with the National Bank of Commerce.
Other evidence presented at to-day's hearing was designed to show:
That "Policy" loans were extended by the National Bank of Commerce
to "judges of the courts,referees in bankruptcy and other political officials."
That R. L. Hopkins, a National bank examiner who later became employed by the Guardian group,recommended "leniency" to the Comptroller
of the Currency in dealing with these banks.
That a National bank examiner sent a warning to the Comptroller of the
Currency of the condition of the National Bank of Commerce in May
1932. nine months before the Michigan banking holiday.
That the National Bank of Commerce extended loans for the specific
purpose of speculation in stock markets.
Mr. Pecora dwelt at length on the large amounts of group stock held
by the unit banks as collateral on loans, but Mr. Patterson would not
agree with his suggestion the policy amounted to a "circumvention of the
law."
According to the account from Washington, Jan. 3 to
the New York "Times" it was declared at the Michigan bank
hearing that loans had been made to stenographers, clerks
and other moderate salaried persons who "obviously had no
other purpose than speculation in the stock market."
In the same account it was stated that Mr. Patterson
insisted, as had some of his former superiors, that the banks
in the chain should not have been closed. He did not think
it was wrong to loan money when the collateral was stock
of the holding company in which was vested control of the
loaning unit.
•
From the "Times" Washington dispatch we also quote:,
Pecora Presses Witness.
It was a battle from start to finish between Ferdinand Pecora, Committee
Counsel, and Mr. Patterson.
Mr. Patterson recalled two occasions when advance information had
been given of the coming of bank examiners. He also admitted that he
had signed reports severely criticizing the management of the bank, as
"a matter of routine." This he said was not an uncommon practice in
248
Financial Chronicle
the operations of the bank examining staff of the Comptroller-General of
the Currency.
Mr. Pecora produced a report made in May 1931, by the examining
committee of the Guardian National Bank of Commerce, the committee
comprising some of Detroit's best'mown citizens, Edwin H. Nelson, John
R. Russell, George H. Klein, Francis G. McMath and Hal H. Smith.
The report asserted that the major cause of the bank's losses was the
Poor information assembled by its credit department and the absence of
loaning responsibility in the officers of the bank. Too little attention was
paid to the character of the borrowers and their income capacity, the
report said.
Loans Made for Stock Deals.
"The Committee finds in the list of bad loans," the report declared.
"many loans that obviously have no other purpose than speculation in the
stock market. The makers had only limited earnings and no prospects
of the payment of the loans other than the rise in stock prices. They were
made to clerks, stenographers, bank officers and bank clerks, salesmen and
others whose income was not sufficient to warrant any substantial credit.
"The Committee also finds in the list of bad loans, loans to officers of
this bank and officers in other banks which were clearly made to assist or
further stock market operations. This class of loans has been a source
of loss to the bank, and the encouragement of these loans has ruined many
worthy bank officials."
Another major source of loss, the Committee said, was loans to real estate
operators on property subject to prior indebtedness, which were "certainly
no better than a second mortgage." The list of borrowers included friends
and acquaintances of the bank's directors.
"Policy Loans" Termed Bad.
"The Committee finds in the list of bad loans," the report said, "a great
many so-called 'policy loans.' Judges of courts, referees in bankruptcy
and other political officers have been extended substantial credit."
The total losses of the bank, as of May 1931. were fixed by the Committee at $3,097,944 on 268 loans.
Mr. Patterson said he resigned from the Federal service to become
Executive Vice-President of the group organization and that his duties
were largely the examination of banks included in the chain. Mr. Pecora
identified officers of the group who had previously been in the office of the
Comptroller of the Currency. Mr. Patterson was with the group when
the Guardian National Bank merged with the National Bank of Commerce
in December 1931.
"Did you recommend this consolidation?" Mr. Pecora asked.
"I believe I did," the witness replied.
Mr. Pecora asked if he recommended the consolidation because he had
found the Bank of Commerce to be in a healthy condition. Mr. Patterson
was unable to recall whether the bank was healthy or not. There were,
he said, some "very excellent economies" in connection with the consolidation. He declared the bank had sufficient capital to take care of any
undesirable assets and to eliminate them.
Group Stock Was Collateral.
Mr. Patterson declared that there was no pronounced policy to make
loans on the collateral of the stock of the "group" controlling the banks.
"Do you recall that National bank examiners severely criticized the large
amounts of group stock which various unit banks held as collateral for
loans?" asked Mr. Pecora.
"Yes, I do, for we were having a war out in our country," Mr. Patterson
answered, "and we were trying to collect from people who were nearly
broke."
Mr. Patterson said he thought loans secured by stock of the holding
company had been reduced following the criticism of bank examiners,
whereupon Mr.Pecora read from subsequent reports by bank examiners that
"group collateral loans" continued to be made, and from reports to the
Comptroller of the Currency declaring that such loans amounted to a
"circumvention of the law."
One such report Mr. Patterson had signed when he was chief bank
examiner. He said he did not accept the conclusion of the examiner
when he signed it.
Signed Report as Routine.
"Why did you sign the report if you disagreed with any part of it?"
Mr. Pecora asked.
"I did not disagree with any part of it. I signed it as a matter of office
routine," the witness replied.
It is always assumed, the witness said, that the examiner has "endeavored to correct the situation while on the job." The criticisms were
written, he added,for the information of the Comptroller of the Currency.
Only in unusual cases was the report accompanied by a letter from the
chief examiner. When the situation was very serious the examiner, he
said, would ask the chief examiner to assist in correcting "whatever is
found to be wrong."
Mr. Patterson advanced the opinion that the Comptroller-General's
office had never made a definite decision on the illegality of loans secured
by stock of a company owning the stock of the banks making the loans.
He quoted from a letter in January 1929 by John S.Proctor, then Deputy
Comptroller of the Currency, saying that accepting such stock as collateral was a matter for the bank management to decide, "although this
office does not look with favor on loans secured by stock of the company
so closely allied to the bank and having little or no other assets other
than stock in banks, National and State."
Mr. Pecora called to the attention of the witness that, according to
National bank examiners, the doubtful loans carried by the Guardian
National Bank of Commerce exceeded the entire capital funds of the
bank in November 1932.
Another examiner's report, read into the report, severely criticized
Robert 0. Lord, President of the bank, and asserted that many officers
and employees owed the bank so much money that they could not meet
interest payments unless the bank advanced the money.
Mr. Patterson was still on the stand when the Committee adjourned
until to-morrow.
The Senate investigators were reported as stating on Jan.
4 that they would seek to identify the Judges and other
political figures of Detroit to whom alleged "bad loans"
were made by the National Bank of Commerce. Associated
Press dispatches from Washington reporting this added:
That decision followed presentation of evidence that a committee of
the bank's directors reported in 1931 that its bad loans included many
"policy" loans to "judges of courts, referees in bankruptcy and other
political officials."
The directors also reported they had found bad loans to officers and
directors of the bank "which were clearly made to assist or further stock
market operations."
Jan. 13 1934
Investigators for the Committee said to-day the report showed a total
of $5,500,000 in "bad loans" to officers and directors of the Bank of Commerce and other officials of the Guardian group of banks.
They said they also had evidence that Henry Ford, his family and
company had total deposits of about $60,000,000 in the Guardian group
and the Detroit bankers' group banks when they closed for the Michigan
bank holiday.
The banks which held these deposits never reopened, but the Fords
have received part of the money back, investigators said. . . .
Evidence in the hands of the Committee to-day did not disclose which
judges and political officials had received loans from the Bank of Commerce, but did show some of the loans to officers of the bank and the
holding company which controlled it.
Among them were the following, together with the manner in which
the directors classified them:
Frank W.Blair, director of the group,$20,000 slow and $62,295 doubtful.
Phelps Newberry, son of former Senator Newberry and Vice-President
of the bank, $300,000 slow, $284,212 doubtful.
J. Walker Drake,director of the group,$126,000 slow,$127,000 doubtful.
G. Ogden Ellis, bank director, $128,947 slow.
Jerome E. J. Keane, bank director, $85,000 slow, $113,000 doubtful.
Regarding the hearing on Jan. 4 the Washington dispatch
to the "Times"indicated that the Committee, delving to-day
into records of the Guardian Detroit Union Group, Inc.,
disclosed "profits in the red" and apparently contradictory
reports to stockholders and to the Reconstruction Finance
Corporation,from which the Group sought loans aggregating
about $65,000,000. Detailing the hearing on Jan. 4 the
"Times" dispatch continued:
Ernest Kantzler, a brother-in-law of Edsel Ford, who was,Chairman
of the board of the Guardian Detroit Union Group, for more than three
hours was cross-examined by Fredinand Pecora, the Committee Counsel,
Mr. Kantzler in January 1933, reported to the more than 8,000 stockholders of the group that the year 1932 was one of "notable improvement."
Two weeks later, according to the minutes of the RFC, Mr. Kantzler
declared that if aid could not be obtained from the RFC he did not see
how the closing of the group banks could be avoided, and in that event
how many other banks in the State of Michigan could continue operation.
The minutes showed that Mr. Kantzler offered securities of a face value
of $6,000,000 for a loan of $20,500,000 to pilot the Union Guardian Trust
Co. through the financial storm. Mr. Kantzler did not recall saying that
the assets he could offer as security were worth only a little more than a
third of the loan asked.
Annual Deficits Unreported,
Before Mr. Kantzler was called Mr. Pecora re-called out of turn Robert
0.Lord, who was the President of the group, to examine him on his annual
reports for the years 1930, 1931 and 1932.
"Show me," said Mr. Pecora, "any figures or grouping of figures in this
1930 annual report to the stockholders the reading of which indicates to a
reader that a deficit existed."
"There is no such statement," replied Mr. Lord, "because it was our
best judgment to present them as we did. I have consulted with Haskins
& Sells (accountants), to find out if OW judgment was wrong, and they
advised us we had presented the facts properly to the stockholders."
Mr. Lord said there was no intention of deceiving the stockholders
when, in the annual reports for the three years, no mention was made
of a deficit. The reports were presented, he added, "in a fashion" to
give the stockholders "the facts in which they were interested."
Later in his testimony Mr. Lord recalled that he had not consulted
Haskins & Sells, but the firm of Price, Waterhouse & Co. Mr.Pecora said
he would subpoena the member or representative of the firm with whom
Mr. Lord had conferred.
Coming to the report for 1932, which was to provide the day's fireworks,
Mr. Lord disclosed that no printed report was given to the stockholders.
Instead, he said. Mr. Kantzler had made a verbal report to a meeting of
stockholders in January 1933.
Undesirable Assets Lifted.
In the years under scrutiny. 1929 to 1932 inclusive, the group put
$8,414,000 into the chain units and took out $9,789,000. This money,
said Mr. Lord, was used to purchase and lift out undesirable assets.
In the same period the group paid in dividends to its stockholders $9,293,639. The amount paid the stockholders, said Mr. Lord, was about
$800,000 more than was paid to the unit banks. The money paid to the
units was borrowed from banks in New York and Chicago, he said.
It was brought out when Mr. Kantzler returned to the stand that copies
of the verbal report for 1932 were ordered printed but that none was made.
Mr. Kantzler produced his original notes, disclosing that he told those
at the meeting that "the safety of funds which our depositors have entrusted to us is paramount to every other consideration," and that from
this viewpoint "1932 was a year of notable improvement." Despite generally adverse business conditions, Mr. Kantzler informed the stockholders
that no less than $100,000,000 of assets were held as cash or invested in
United States securities, against aggregate deposit liabilities of about
$290,000,000.
"And right after that meeting you proceeded to Washington to got a
loan from the RFC, did you not?" Mr. Pecora asked.
Mr. Kantzler replied that he came to Washington for that purpose early
last February.
Held Deficit "Not Material."
"When in January last," Mr. Pecora asked, "you, as Chairman of the
board of the group, made this annual report to the stockholders that were
Present, did you or did you not know that during the year 1932 the group
as a separate corporate entity had incurred a deficit of $714,331, which
included a carry over of $288,930 from 1930 and 1931?"
"In the way our reports were being made that was not material to my
mind," replied the witness. "It never was material and I do not know
whether I ever saw a shoot showing a deficit or not, because of the manner
of the keeping of our books."
The RFC minutes of Feb. 6 1933, as read into the record, showed that
Mr. Kantzler stated that $20,500,000 would be required to liquidate the
deposits of the Union Guardian Trust Co. of Detroit, but that the assets
which they could offer as security for such a loan would have a face value
of only about $6,000,000.
He said, the minutes continued, that, in these circumstances, if the
necessary aid could not be obtained from the Corporation, he and his
associates felt that there would be no course open except to close the Union
Guardian Trust Co. This action, he said, would result in the collapse of
the entire Guardian group, as well as other banking institutions throughout
the State of Michigan, thus endangering the State's entire financial structure and seriously affecting that of other States.
"Which was the truer picture, the one you presented to the stockholders
in January, or the picture which you presented to the Board of the RFC
on Feb. 6?" Mr. Pecora asked.
"I cannot tell to-day," Mr. Kantzler replied, "which was the truer
picture. There was a corps of people inspecting the assets and there was
a difference of opinion, and whose opinion to-day is correct I do not know.
And I do not think anybody else knows what those assets were worth.
They would have to be appraised by a rule of reason."
The shifting of deposits from one bank to another preceded
the Michigan banking collapse, according to evidence given
the Senate Committee on Jan. 5, as to which advices from
Washington to the "Times" said:
Ernest Kantzler, who was Chairman of the Board of the Guardian
Detroit Union group, was the chief witness and said he saw nothing wrong
in the shifting of deposits from one bank to another in order to show no
bills payable. He thought it was a general banking practice, he testified.
"As a matter of fact it was simply a window dressing scheme, was it
not?" asked Ferdinand Pecora, Counsel for the Committee.
"It was not a scheme," Mr. Kantzler said; "it was a program to show
that the Guardian Detroit Union group within itself had the strength to
get the funds to pay their bills."
"Was it not a false show of strength," Mr. Pecora asked, "for one of
these unit banks to resort to a shifting of deposits to show no bills payable,
and then to restore the indebtedness after the bank statement was issued
in response to the call of the Comptroller of the Currency?"
"In my opinion," Mr. Kantzler answered, "it showed the bank could
get the deposits if it needed them to meet bills payable."
"Do you think it showed a true, accurate and faithful picture of conditions?"
"Yes, sir, I do," the witness replied.
Failed to Stop Stock Decline.
Brokers and speculators, "in their desperation for commissions," it was
brought out at the hearing, conducted a telephonic campaign among
Guardian stockholders in all parts of the State, advising them to buy or
sell bank stocks, with the result that stockholders became panicky and were
influenced by every rumor, no matter how trivial or baseless.
These revelations came in the form of a letter written to Mr. Kantzler
April 28 1932, by R. Perry Shorts, President of the Second National Bank
& Trust Co. of Saginaw. Mr. Shorts recommended that stock of the
group be taken off the market.
Through manipulation of the brokers and speculators, Mr. Shorts wrote,
the group stock had been driven down to a price which is wholly inconsistent
with its true intrinsic value.
When, in October 1930, group stock had dropped from highs of $250 to
$350 a share to $75 and $80, what Mr. Kantzler described as a "purchase
agreement" was organized to stem the tide.
There were 110 signers of the agreement, including Charles Beecher
Warren, Roy D. Chapin and James Inglis, Chairman of the Board of the
National Bank of Detroit. The group, said Mr. Kantzler, purchased
over a period of 18 months $3,200,000 of stock, the maximum price paid
being $45 a share. This helped a little, but did not stop the decline.
Ford's Refusal to Aid Told.
Alfred P. Leyburn, Chief National Bank Examiner, who was in charge
of the Detroit area preceding the Michigan collapse, testified as to the
application of the group for a loan of $45,000,000 from the RFC, Feb. 6
1933. The loan was disapproved because of insufficient collateral.
In presenting their request for the loan the Detroit bankers recalled the
fact that Henry Ford had deposits of., about $20,000,000 in the banks,
whereupon a member of the RFC Board interrupted and said:
"Why should we bail out Mr. Ford?"
At about the same time he added that Senator Couzens threatened to
"scream from the housetops" if the loan was made. Then a suggestion
was made that President Hoover intercede with Mr. Ford to aid the distressed bank. Mr. Ford's reaction to the suggestion, according to Mr.
Leyburn, was an emphatic "no."
When a suggestion was made for a conference with Senator Couzens,
the "bankers did not care much about that," Mr. Leyburn said.
Comptroller's Warnings Unheeded.
Mr. Leyburn produced a file of his reports to the Comptroller of the
Currency, made in 1932, which recommended drastic action to save the
banks in the group chain.
The reports disclosed repeated warnings to the group by the ComptrollerGeneral and by Mr. Leyburn to "clean house."
The banks were armed against payment of unjustified dividends, the
failure to meet bills payable and other practices.
Despite the effort to decrease undesirable assets, such assets increased,
said Mr. Leyburn. Loans listed as "doubtful" were also subject to much
criticism, but warnings as to such loans and other matters failed to receive
the corrective attention demanded by the Government.
It was the policy of the banks "not to take out losses or bad assets,"
said Mr. Leyburn.
Mr. Leyburn, referring to the organization of the Union Co., said in his
opinion it was formed "to take over these employees' and officers' loans,"
and some with brokers and other banks, to a total of 102. He called it
"the tag-end" of a stock deal. The company borrowed $1,000,000 from
the group.
Market Value of Listed Stocks on New York Stock
Exchange Jan. 1, $33,094,751,244, Compared with
--Classification of Listed
$32,542,456,452 Dec. 1
Stocks.
As of Jan. 1 1934, there were 1,209 stock issues, aggregating 1,293,299,931 shares, listed on the New York Stock Exchange, with a total market value of $33,094,751,244. This
compares with 1,211 stock issues, aggregating 1,295,027,915
shares, listed on the Exchange Dec. 1, with a total market
value of $32,542,456,452, and with 1,212 stock issues aggregating 1,292,841,065 shares with a total market value of $30,117,833,982 on Nov. 1. The Exchange, in making public the
Jan. 1 figures on Jan. 6, said:
As of Jan, 1 1934, New York Stock Exchange member borrowings on
security collateral amounted to $845,132,524. The ratio of security loans to
market values of all listed stacks on this date was therefore 2.55%.
•
249
Financial Chronicle
Volume 138
As of Dec. 1 1933, New York Stock Exchange member borrowings on security collateral amounted at $789,229,539. The
ratio of security loans to market values of all listed stocks on
that date was therefore 2.43%.
In the following table, listed stocks are classified by leading industrial groups, with the aggregate market value and
average price for each:
January 1 1934.
December 1 1933.
Markel
Value.
Autos and accessories
Financial
Chemicals
Building
Electrical equipment manufacturing-.
Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railways and equipments
Steel, iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable, tel. az radio).
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous bush:toss
Leather and boots
Tobacco
Garments
U.S. companies operating abroad..
Foreigncompanies (incl. Cuba & Can.)
All listed stocks
Aver.
Prim.
Markel
Value.
doer.
Price.
2,497,815,580
823,432,138
3,615,566,312
278,426,859
796,225,838
2,243,550,784
269,185,506
400,238,291
134.321,857
38,320,586
1,021,043,599
1,135,844,899
3,940,079,727
171,638,727
1,617,241,273
3,704,770,998
1,450,707,794
210,308,873
1,677,802,845
982,840,141
2,488.543,499
150,315,179
187,088,508
256,183,258
9,097,385
27,024,903
71,342,174
227,508,087
1,317,665,704
15,799,891
627,690,796
707,129.233
23.65
14.77
50.50
17.84
19.48
30.30
26.61
32.51
9.71
7.71
21.28
20.70
21.52
10.21
26.64
32.16
36.86
18.76
24.17
10.20
66.19
14.81
9.58
24.10
4.35
8.01
13.68
33.02
50.83
12.15
18.66
18.99
2,269,212,047
795,566,450
3,469,121,796
273.013,381
809,099,162
2,303,067,512
262,542,496
403,779,910
139,250,256
37,251,227
982,282,279
1,137,717,626
3,991,036t472
165,655,048
1,556,390,581
3,487.473.229
1,307,163,514
205,515,931
1,657,334,661
997,083,074
2,613,970,684
143,062,599
184,360,697
246,857,229
8.900,500
26,989,593
73,218,173
242,318,620
1,393,734,776
14,760,074
640,594,537
704,132,318
21.50
14.39
48.45
17.55
19.79
31.11
25.96
32.80
8.49
7.49
20.47
20.74
21.81
9.86
25.64
30.27
33.21
18.33
23.88
10.37
69.52
14.09
9.44
23.22
4.25
8.00
14.04
35.17
53.77
11.35
19.05
18.88
33,094.751,244 25.59 32,542,456,452 25.13
Short Interest Dec. 30 Reported at 712,868 Shares
Smallest Recorded by New York Stock Exchange.
The total short interest existing as of the opening of business on Dec. 30, as compiled from information secured by
the New York Stock Exchange from its members, was 712,868
shares, it was announced by the Exchange on Jan. 6. This
figure represents a decrease of 80,520 shares from Nov. 29,
the last previous figure published by the Exchange, and is
the lowest point recorded since the Exchange began issuing
the totals in May 1931. The previous low was on Oct. 311933,
when. short interest was 779,228 shares. The highest total
reported was on May 25 1931; the interest on that date being
5,589,700 shares.
Robert Becker Completes 50 Years' Active Service
with New York Stock Exchange and Stock Clearing
Corporation-Presented with Diamond 50-Year
Service Pin.
Robert Becker, First Assistant General Manager of the
Night Branch of the Stock Clearing Corporation, who completed 50 years of active service with the New York Stock Exchange and the Stock Clearing Corporation on Jan. 2, was
tendered a dinner by the managers and employees of the
Night Clearing Branch on Jan. 6 at the Park Central Hotel.
He was presented with a diamond 50-year service pin. Following is a summary of Mr. Becker's career as issued by the
Exchange on Jan.8:
Mr. Becker, who was born Feb. 18 1870, attended public school in New
York, and was employed by the New York Stock Exchange as a page boy on
Jan. 2 1884, joining the Clearing House Department in November 1892.
When the Stock Clearing Corporation was inaugurated in 1920, Mr. Becker
was made Assistant Manager of the Night Clearing Branch, and in 1929 Was
made First Assistant Manager.
The guests of honor at the dinner on Jan. 6 were Laurence
G. Payson, President of the Stock Clearing Corporation, and
J. H. Case Jr., Assistant Secretary.
Members of Nominating Committee of New York
Stock Exchange Elected.
The New York Stock Exchange announced on Jan. 8 that
the following members of the Exchange have been elected
members of the Nominating Committee for 1934:
Raymond Chauncey,
W. Allston Flagg,
Robert B. Flinn,
Jacob C. Stone,
Robert F. Whitmer Jr.
Market Value of Bonds Listed on New York Stock
Exchange-Figures for Jan. 1 1934.
The following announcement, showing the total market
value and the average price of bonds listed on the New York
Stock Exchange, was issued by the Exchange on Jan. 9:
As of Jan. 1 1934, there were 1,568 bond issues, aggregating $41,828,968,115 par value, listed on the New York Stock Exchange, with a total
market value of $34,861,038,409.
This compares with 1,564 bond issues, aggregating $42,010,304,065 par value, listed on the Exchange Dec. 1 1933,
with a total market value of $34,179,882,418.
Financial Chronicle
250
In the following table listed bonds are classified by governmental and industrial groups, with the aggregate market
value and average price for each:
Marke,1 Value.
All bonds
816,371,853,877
4,634,845,838
7,149,405,507
3,138,456,451
2,118,689,899
1,447,786,837
899.94
80.21
66.97
83.89
70.22
64.77
834,861,038,409
United States Government
Foreign government
Railroad industry (United States)
Utilities (United States)
Industrial (United States)
Foreign companies
Average
Price.
883.34
The following table, compiled by us,shows the total market
value and the total average price of bonds listed on the
Exchange for eadh month since Jan. 1 1932:
Market
Value.
1932Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
Average
PAM.
837,848,488,806
38,371,920.619
39,347,050,100
39,794,349,770
38,896,630,468
36,856,628,280
37,353,339,937
38,615,339,620
40,072,839,336
40,132,203,281
39.517,006,993
38,095,183,063
$72.29
73.45
75.31
76.12
74.49
70.62
71.71
74.27
77.27
77.50
76.38
73.91
Market
Value.
1933
Jan. 1____ 831,918,066,155
Feb. 1____ 32,456,657,292
Mar. 1_..._ 30,758,171,007
Apr. 1_ __ _ 30,554,431,090
May 1.._... 31,354,026,137
June 1___ _ 32,997,675,932
July 1____ 33,917,221,869
Aug. 1____ 34,457,822,282
Sept. L.__ 35,218,429,936
Oct. 1____ 34,513,782,705
Nov. 1__ _ 33,651,082,433
Dec. 1____ 34,179,882,418
1934
Jan. L.__. 834.861,038.409
Average
Price.
877.27
78.83
74.89
74.51
76.57
80.79
82.97
84.43
84.63
83.00
82.33
81.36
$83.34
Fred I. Kent Resigns as Head of Division at New York
Federal Reserve Bank in Charge of Transactions
in Foreign Exchange.
Fred I. Kent, who joined the Federal Reserve Bank of
New York in March of last year, to take charge of the special
division established at that time to perform the duties
placed upon the Bank by the Executive Order of March 10
1933, in respect to transactions in foreign exchange, has
resigned as of Jan. 15 1934, the Bank announced on Jan. 12,
adding:
Mr. Kent undertook the work for a temporary period and because of the
emergency then existing. He has now asked to be relieved of his duties
at the Federal Reserve Bank of New York since the work of the foreign
exchange division is now organized so as not to require the continuation of
his services and since he desires to devote his entire time to his other
activities.
The appointment of Mr. Kent was noted in our issue of
March 18 1933, page 1798.
In its issue of last night, Jan. 12, the New York "Sun"
said:
Mr. Kent's resignation was precipitated by the fact that under the
Federal Reserve Law and the Banking Act he would have to divorce himself
from all outside activities, especially a financial one,including his connection
with Bankers Trust Co. His retirement is not generally looked upon as a
gesture of dissatisfaction over the measures of the Administration, although
many of the actions of the Government along banking and financial lines
disagree sharply with many of Mr. Kent's fundamental principles as
enunciated in public addresses and articles he has written during the last
ten years.
Walter E. Frew, Chairman of Corn Exchange Bank
Trust Co. (New York), Redesignated Member of
Federal Advisory Council for Second Federal
Reserve District.
The following announcement was issued by the New York
Federal Reserve Bank on Jan. 10:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1331, Jan. 10 1934.)
MEMBER OF FEDERAL ADVISORY COUNCIL.
To all Member Banks in the Second Federal Reserve District:
At its meeting on Jan. 4 1934, the board of directors of this Bank redesignated Walter E. Frew, Chairman of the Board of Directors of the
Corn Exchange Bank Trust Co., New York, as a member of the Federal
Advisory Council for the Second Federal Reserve District, to serve during
the year 1934.
J. H. CASE, Chairman of the Board.
Ray M. Gidney Appointed Deputy Governor of Federal
Reserve Bank of New York in Charge of Cash and
Collection-Allan Sproul Made Assistant to the
Governor.
The Federal Reserve Bank of New York announced several
changes in its personnel on Jan.8. Ray M.Gidney,formerly
Assistant Deputy Governor, has been appointed Deputy
Governor in charge of cash and collection functions, the
Bank said. He succeeds the late Arthur W. Gilbart, who
was also in charge of administration functions. These duties
will be taken over by Louis F. Sailer, Deputy Governor.
The Bank also announced the appointment of Allan Sproul,
formerly Assistant Deputy Governor and Secretary, as
Assistant to the Governor. He will continue as Secretary
of the Bank. Myles C. McCahill has been appointed a
Manager and has been assigned to the administration
function.
Jan. 13 1934
Snyder, Statistician of New York Federal Reserve
Bank, Made Official of Association of Advancement
of Science.
Carl Snyder, General Statistician of the Federal Reserve
Bank of New York, has been elected Chairman of the Social
Science and Economic Section of the American Association
for the Advancement of Science, by virtue of which he
becomes Vice-President of the Association. In noting this
in its issue of Jan. 11, the New York "Times" said:
Cary
Mr. Snyder is the author of"New Conceptions in Science," "The World
Machine," "The Cosmic Mechanism," "American Railways as Investments" and other books and many papers on economics and scientific topics.
He is known widely for his statistical researches and findings on the relationship of trade and production to credit.
Election of Officers of Federal Reserve Bank of St.
Louis and Branches.
According to announcement of John S. Wood, Chairman
of the Board, at a meeting of the directors of the Federal
Reserve Bank of St. Louis held Jan. 3, the following officers
were elected for the year 1934:
Parent Bank at St. Louis: Wm. McC. Martin, Governor; Olin M.
Attebery, Deputy Governor; Jas. G. McConkey, Deputy Governor and
Counsel; C. M.Stewart, Secretary; A. H. Haill, S. F. Gilmore, F. N. Hall,
G. 0. Hollocher, and 0. C. Phillips, Comptrollers; E. J. Novy, General
Auditor, and A. E. Debrecht, Assistant Auditor,
Louisville Branch: John T. Moore, Managing Director; C. A. Schacht,
Cashier, and S. B. Jenks, Assistant Cashier.
Memphis Branch: W. H. Glasgow, Managing Director; S. K. Belcher,
Cashier, and C. E. Martin, Assistant Cashier,
Little Rock Branch: A. F. Bailey, Managing Director, M. H. Long,
Cashier, and Clifford Wood, Assistant Cashier.
Walter W. Smith, St. Louis, was re-elected to represent the Eighth
Federal Reserve District in the Federal Advisory Council.
President Law of American Bankers' Association
Reviews Proceedings Incident to Development of
Bankers NRA Code-Says Misconception Has
Arisen Incident to Service Charges.
A statement bearing on the Bankers National Recovery
Administration Code was issued on Jan. 6 by F. M. Law,
President of the American Bankers' Association. Mr. Law
states therein that "it is regrettable that apparently a misunderstanding, over which the Bankers' Code Committee
had no control, has developed in the final phases of completing the provisions which would allow of the establishing of
unified practices under the code in accordance with General
Johnson's recommendations. From the inception our
Association has been desirous of being helpful and constructive in co-operation with the President's program in behalf
of the public welfare." Mr. Law also says:
"General Hugh S. Johnson. Administrator of the National Industrial
Recovery Act, has announced that a hearing will be held Feb. 15 on the
methods of analysis of customers' relationships with their banks and the
so-called service charges which have been provided in the rules of fair trade
Practices drawn up under the Bankers Code of Fair Competition.
"With the announcement last summer of the President's re-employment
agreement the bankers of America, in a spirit of co-operation, promptly
appointed a committee to prepare a code, which was drawn up, submitted
to the annual convention of the American Bankers' Association and unanimously adopted. This code was then submitted to the NRA,approved
by it after a public hearing and, upon recommendation of General Johnson,
was signed by the President on Oct. 3.
"This code provided, in addition to provisions regarding wages, hours
of employment and the abolition of child labor, for fair trade pra tice
provisions aimed to create uniformity in banking operations and fair competition among banks with respect to banking hours, interest rates, analysis
of accounts, service charges and trust practices.
"In the conferences held by the representatives of the American Bankers'
Association with those of the NRA there existed from the beginning a
complete harmony of purpose, and our Association has had every reason
to feel that the steps being taken to effectuate fully the provisions of the
code were meeting the entire approval of the NRA.
"The code provides that uniform methods be employed, in accordance
with practices followed by the majority of banks for many years,of analyzing
their customers' relationships to ascertain whether or not they are carried
at a loss due to the volume of service required or whether they are on a
satisfactory basis. A misconception unfortunately has arisen as to the
method employed in reference to so-called service charges. These are, in
effect, cost factors, used to arrive at a determination as to the status of a
customer's relationship with his bank and in the main they become direct
charges only when the balance maintained is inadequate.
"The bankers of America are highly desirous of completing the putting
into operation of all the provisions of the code in a manner fair to all concerned."
President Roosevelt Continues 15% Pay Reduction
-Cost of
for Federal Employees Until June 30
Living Found Still Below that of Base Period.
President Roosevelt on Jan. 9 issued an Executive Order
continuing the 15% reduction in pay of Federal employees
for another six months, or until June 30 1934. This reduction was authorized under the Economy Act. In his
budget message the President recommended that Congress
restore one-third of the cut at the beginning of the next
fiscal year. A White House statement of Jan. 9 said the
Executive Order of that date was based on findings by the
Labor Department that costs of living are 15% below the base
periods of December 1917 to June 1928. The White House
statement follows:
Volume 138
Financial Chronicle
The President to-day signed an Executive Order continuing the 15%
reduction in compensation of Federal officers and employees until June
30 1934.
The Department of Labor reported two sets of findings. The first.
based on the cost of living for families and wage-earners and lower salaried
workers in 32 cities scattered throughout the United States, reveals that
the average cost of living for these groups in our population was, during
the last half of 1933. 21.1 below the average of the base period of December
1917 and June 1928. In this set of findings the decline in the cost of
living in the District of Columbia for similar families was 17.9.
The second set of findings resulted from a special study of the cost of
living of Government employees in the District of Columbia and was
made during the past three months by the Labor Department. These
show a decline in the cost of living of 14.6%.
In view of the above and because the law provides for index figures
covering all parts of the country, it is necessary to continue the present
scale until June 30 1934.
Cost of Veterans' Activities $868,688,479 in 1933 Fiscal
Year, Showing Slight Reduction—Cut of $338,000,000 Expected in Current Year—Million Cases
Surveyed.
The cost of veterans' activities showed a slight decrease in
the fiscal year ended June 30 1933, according to the annual
report made public on Jan. 4 by Frank T. Hines, Veterans'
Administrator. In the current fiscal year it is hoped to cut
expenses by $338,000,000, General Hines said. Actual net
disbursements in the 1933 fiscal year totaled $868,688,479,
including $35,189,479 for the payment of annuities and refunds under the Civil Service and Canal Zone retirement
laws. This compared with a total of $869,099,937 in the preceding fiscal year. United Press advices from Washington
gave the following additional extracts from the report:
Because of the need of additional economy, a drastic revision of the entire
veterans' system was instituted during the year, requiring action in more
than a million cases, with adjudicatory review in approximately 650,000
cases.
In this manner it was hoped to remove or reduce benefits for non-serviceconnected disabilities and maintain payments to service-connected cases.
Provision was made, General Hines reported, in connection with the new
veterans' legislation passed in the last session of Congress, that rates of compensation payable for directly service-connected disabilities to World War
veterans who entered the service prior to Nov. 11 1918, and who were in
receipt of compensation on March 20 1933, should not be reduced by more
than 25%.
"Under the new legislation," General Hines said, "pension is awarded
for disability or death resulting from disease or injury incurred or aggravated
In line of duty in war-time service; for disability or death resulting from
disease or injury or aggravated in line of duty, in peace-time service; and
for disability or death incurred in military or naval service.
"The rates of pension prescribed by regulations for war-time service-connected disabilities range frau $9 to $90 a month, with higher rates for extremely severe disabilities; for peace-time service-connected disabilities the
rates are approximately half those paid for disabilities due to war service,
and for disabilities not the result of military or naval service $30 a month
for permanent total disability. In addition, the payment of $15 per month
is prescribed by regulations for Spanish-American War veterans past
62.
General Hines reported that seven persons are still in receipt of pensions
on -account of service rendered in the War of 1812; 415 for the Mexican
War; 148,501 for the Civil War, and 232,719 for the Spanish-American
War.
The grand total of disbursements for pensions on account of the Civil
War, to June 30 last, reached $7,698,594,102. A total of 2,213,365 served
in the Civil War.
251
alternative. In view of the organization that you have now built up. I
feel sure that my going will not be of any real inconvenience to you. I
have had a grand time working with you and it has been a privilege which
I shall not forget.
With test regards, I am, faithfully yours,
EARLE BAILIE.
Mr. Morgenthau's reply, dated Jan. 6, read:
Dear Earle:
In reply to your letter of Jan. 5, I can only rcpeat what I have already
told you, how much I regret that you find it necessary to return to New
York. During your short stay at the Treasury you have rendered real
service to the President and to me.
I appreciate greatly the personal sacrifice teat Mrs. Bailie and you made
in coming down here.
My best wishes go with you.
Very sincerely yours,
HENRY NIORGENTHAU JR.
President Roosevelt Signs $500,000,000 Liquor Tax
Bill—First Measure Passed by Present Congress
Carries Levy of $2 a Gallon on Spirits, $5 a Barrel
on Beer and Graduated Scale for Wines--Senate
Rescinds Amendment to Penalize Imports from
Nations Defaulting on Government Debts.
President Roosevelt on Jan. 11 at 11.50 p. m. signed a
liquor tax bill designed to raise $500,000,000 revenue annually, and to become effective Jan. 12. This is the first
bill passed during the present session of Congress. It places
a tax of $2 a gallon on distilled spirits, $5 a barrel on beer,
and a scale of sliding rates on sparkling and still wines.
The bill was passed by the Senate without a record vote
on Jan. 11, after a similar measure had been approved by
the House on Jan. 5 by a vote of 388 to 5. The Senate
added a few minor amendments and these were concurred in
by the House on Jan. 11 before the bill was transmitted
to the White House for signature. In recording its final
approval of the bill the Senate by a vote of 44 to 30 reversed
its action of the previous day, when by a vote of 40 to 39
it had amended the measure to provide that governments
which,have defaulted in their debt payments to the United
States shall pay a penalty tax on imports of liquor into this
country. This amendment was eliminated after the White
House had indicated its strong disapproval of the section.
A Washington dispatch of Jan. 11 to the New York
"Herald Tribune" summarized the principal Senate changes
in the original bill as follows:
• The Senate amendments, which in the main were of minor character,
left the rates of taxation the same as in the measure which first passed
occupational
the House, except that one of the Senate amendments cuts the
and to $50
tax on brewers, as fixed in the beer law, from $1,000 to $100,
the old law
on a brewer of less than 500 barrels a year. Another repeals
which prohibits newspapers and magazines from advertising liquors in
dry States.
The chief taxation provision of the original bill are listed
below, as given in Washington advices of Jan. 5 to the
"Herald Tribune":
Carrying a rate of $2 a gallon on spirits and increases in the excise levies
form
on wines, the measure swept through the House unchanged in the
Means Committee, except for the addition
by its Ways and
Senate Confirms Henry Morgenthau Jr., as Secretary recommendedof the Treasury Department.
a proposal
of Treasury—Earl Bailie Resigns as Special Assist- ofThis provision places broad powers of regulation in the hands of the
ant, to Rejoin Seligman Banking House—Has Been Commissioner of Internal Revenue and requires that all containers of
Opposed in Senate.
liquor offered for sale shall bear a Federal stamp certifying to the payment
The nomination of Henry Morgenthau Jr., as Secretary of the Federal tax, designed, it was explained, for protection of the public
in the collection of revenue.
of the Treasury, was confirmed by the Senate on Jan. 8 and the Governmentamendment conferring upon the Secretary, the TreasThe section of the
without debate or a record vote. The appointment of ury and the Commissioner of Internal Revenue wide power over legal
Mr. Morgenthau as Secretary, following the resignation of liquor by virtue of toe taxing authority of the Federal Government follows:
"The Commissioner, with the approval of the Secretary of the Treasury.
William H.Woodin, was noted in our issue of Jan.6, page 54. shall prescribe (a) regulations with respect to the time and manner of
His confirmation had been indicated when on Jan. 4 the applying for, issuing, affixing and destroying stamps, proof that applicants
receipts
Senate Finance Committee favorably reported his name after are entitled to such stamps, and the method of accounting for he shall
stamps, and (b) such other regulations as
he had been questioned at an executive session of the Com- from the sale of such
deem necessary for enforcement.”
a
mittee.
The rates in the bill which will be sent to the Senate provide oftax of
$1.10
as against
Earle Bailie of New York resigned on Jan. 5 as Special $2 a proof gallon on distilled spirits barrel, withthe present levy of $6 for
the present tax
a gallon, while beer remains at S5 a
Assistant to Mr. Morgenthau, and gave as his reason the beer of alcoholic content of more than 3.2% by weight, removed.
necessity of returning to his private business as partner in
Table of Wine Rates.
J. & W.Seligman, Wall Street banking house, because of the
The table on the wine rates shows the gollovring comparisons:
Proposed Rate.
Present Rate.
Classification—
death of Henry Seligman, a senior partner. It was reported Still wine to 14%
$0.10 w. gal.
$0.04 w. gal.
.20w. gal.
.10w. gal.
14 to 21%
from Washington that when Mr. Morgenthau was examined
.40w. gal.
.25 w. gal.
21 to 24%
See x
See x
by the Senate Finance Committee, opposition was voiced to
Over 24%
.05 3iPt.
pt.
.12
Champagne
Mr. Bailie's connection with the Department.
.0234 3ipt.
pt.
.06
Artificial carbonated wine
.0234 %pt.
.06 11 pt.
,
A letter from Mr. Bailie to Mr. Morgenthau, dated Jan. 5, Liqueurs and cordials
1.10 a gal.
2.00 a gal.
Any over 24%
read as follows:
x Taxed as distilled spirits.
Dear Henry:
When you first asked me tc come down to Washington to help out in the
Treasury, I told you that I could do so only on a temporary basis; that one
of my then senior partners, Henry Seligman, was not in good health and if
anything were to happen so that he could not continue to take an active
part in the affairs of the firm, I should have to leave on relatively short
notice. As you know, when Mr. Seligman died two weeks ago, I told you
that I must finish up my work here as soon as possible and go back to New
York. I want to inconvenience you about this as little as necessary, and I
therefore resign to take effect sometime in January at your convenience.
jam sure you will do your best to release me as soon as you can.
Needless to say, I regret vary much having to pull out, but I know that
you agree with me that, my obligations being what they are, I have no
President Roosevelt Approves Proposal to Establish
Sinking Fund Policy for Railroads and Utilities
Would Have Roads Pay Off Part of Funded Debt
Out of Net Earnings Before Maturity—Issues
Warning Against Hasty Cuts in Power Rates by
State and Federal Control Groups.
President Roosevelt on Jan. 10 expressed his approval of
proposals to require the railroad systems of the Nation to
set up sinking funds to retire their $11,800,000,000 bonded
indebtedness, estimated at 56% of their entire capitaliza-
252
Financial Chronicle
tion, as recommended by the Inter-State Commerce Commission. Such sinking funds would be created out of net
earnings, and the President indicated that the railroads
should earn enough to provide for such sinking funds. He
did not advocate an increase in rates for this purpose, but
it was said that before rate reductions are ever ordered consideration of retirement provisions should be given. The
President would not limit the suggested practice to railroads
alone, but would prefer that it also extend to public utilities
and would favor recognition of this as a sound financial
policy by the I.C.C. and the various State regulatory agencies
so that earning power of the utilities for this purpose would
not be destroyed through "unwise" rate reductions. The
Inter-State Commerce Commission at the present time is
reported to be considering methods of bringing about a
reversal of the present trend of railroad financing, believing
that the desired results can best be obtained, in part at least,
through provisions for sinking funds to be set up by railway companies out of net income for funded debt retirement
purposes.
We quote further regarding the President's views on such
proposals, as outlined in a Washington dispatch of Jan. 10
to the New York "Journal of Commerce":
It was pointed out by the commission that if such funds are voluntarily
established by railway companies, their establishment may be required
by this Government only as a condition to grants of authority for further
bond issues under the provisions of the Inter-state Commerce Act.
Reviewing the difficulties in which some major railroads found themselves
some months ago, the President appeared of the opinion that one of the
chief troubles with the whole railroad financing problem has been the fact
that such a very large proportion of the capital structure has been in the
form of mortgages, rather than stock.
Last spring, it was related, a number of the largest and most important
carriers that have for a great many years been solvent were faced with receivership. If the conditions of the first three months had continued they
Inevitably would have been followed by receiverships for a number of the
major railroads of the United States.
Inability to Meet Interest.
These receiverships, it was explained, would have been caused by the
inability of the railroads to meet interest on their mortgage obligations
which, in many cases, it was said, run as high as 50% to 60% of the entire
capital structure.
It has been the policy of railway companies to provide for their financial
requirements largely through the issue oflong term bonds which at maturity
are refunded. The President is aware of the fact that while the bonds
are refunded the indebtedness evidenced by them is ordinarily regarded
as perpetual and no provision is made for its ultimate liquidation. The
result is, as pointed out by the Inter-State Commerce Commission,that the
funded debt of the railway companies is constantly increasing as their
investments in railway properties is increased.
Mr. Roosevelt is reminded of the extension of the indebtedness of the
Hudson River Railroad which serves the Hyde Park community incurred
with the establishment of the road in the first half of the last century and
which may not be extinguished until in the first half of the next century,
if at all.
The Commission finds it impracticable at the present time to set up sinking funds applicable to the entire funded debt: perhaps not for a great
portion of it.
Possibilities in Plan.
Possibilities in the program are apparent, however, when it is realized
that an accumulating sinking fund of one-half of 1% per annum, providing
for calling bonds at par, would retire the present debt if in effect for approximately 52 years.
It is believed that the President has been giving considerable attention to
the railroad situation, possibly in connection with the aid that has been
proffered them by the Government. The Commission reported that from
December 31 1919, to December 21 1932, the funded debt of railway companies of class I, II and III (with their subsidiaries), outstanding in the
hands of the public increased approximately 22%, or from $9,773,239,469
to $11,835,523,146. On the latter date it was stated, the annual interest
payable to the public on the funded debt was approximately $550,000,000.
The average annual net railway operating income for the years under review was $842,955,000. or about 1.5 times the present interest requirements, the average rate of interest being 4.65%.
The expressed hope of the President that from the standpoint of sound
financing public utilities will set up some form of sinking fund and he appeared to think that the tendency actually is that way.
Cautions on Rate Cuts.
To him that also means that Federal and State bodies must seek in their
decisions and orders to make it possible for the utilities not only to set
up such funds, but also must refrain cutting rates to Such extent that payments to the fund will be wiped out. The RFC has authorized 125 loans to
67 railroads totaling $411,845,678, according to a report of the latter
organization, covering the period February 2 1932, to December 311933,
just made public.
Of this amount $4,083,532 was canceled or withdrawn. Up to December
31. $394,094,258 was disbursed. Repayments totaled $57,014,636 (five
roads paid in full $44,184,299).
The aggregate market or appraised value of all collateral was given by
the corporation as $533,995,965. While all railroad loans were authorized
by the Commission and the collateral certified as fully and adequately
securing the loans, the report added, there appears to be at this time a
$30,000,000 deficiency in the present market or appraised value of collateral
securing loans to fourteen roads.
Two roads, the Central of Georgia, and the Chicago Northshore & Milwaukee, have gone into receivership, and four roads, the Missouri Pacific,
St. Louis & San Francisco, Chicago & Eastern Illinois and Chicago Rock
Island & Pacific, have gone into bankruptcy since the loans were made.
These appear to be inadequately secured at this time, the corporation
stated. Also the collateral securing loans to eight other carriers appears
somewhat deficient on the basil; of the present market and estimated value
of collateral not readily marketable.
Jan. 13 1934
John Clark Named Special Assistant to Secretary of
Treasury.
John Clark of the University of Denver has been named
a special assistant to the Secretary of the Treasury in charge
of income tax cases, it was made known on Jan. 11,according
to Washington advices to the New York "Journal of Commerce."
$100,000,000 (or Thereabouts) of 91-day Treasury Bills
Dated Jan. 10 Sold at Average Rate of 0.62%—
Tenders of $100,050,000 Accepted of $252,825,000
Received.
The offering of 91-day Treasury bills dated Jan. 10 1934,
to the amount of $100,000,000 or thereabouts, to which bids
were received at the Federal Reserve Banks and the branches
thereof up to 2 p. m.,Eastern Standard Time,Jan.8,brought
tenders totaling $252,825,000. Of this amount, Henry
Morgenthau Jr., Secretary of the Treasury announced on
Jan. 8,$100,050,000 has been accepted at an average rate of
about 0.62% per annum on a bank discount basis. This
compares with rates at which previous recent issues sold of
0.62% (bills dated Jan. 3); 0.72% (bills dated Dec. 27);
0.74% (bills dated Dec. 20), and 0.60% (bills dated Dec. 6).
The average price of the bills is 99.843. Reference to the
offering of bills, which mature on April 11 1934, was made in
our issue of Jan. 6, page 53.
Mr.Morgenthau said that the accepted bids ranged in price
from 99.900, equivalent to a rate of about 0.40% per annum,
to 99.824, equivalent to a rate of about 0.70% per annum,
on a bank discount basis. Only part of the amount bid for
at the latter price was accepted.
New Offering of $125,000,000 or Thereabouts of 91-day
Treasury Bills—To Be Issued Jan. 17 1934.
Tenders, which will be received at the Federal Reserve
Banks, or the branches thereof, up to 2 p. m., Eastern
Standard Time, Monday, Jan. 15, were invited to a new
offering of $125,000,000 or thereabouts of Treasury bills on
Jan. 10 by Secretary of the Treasury Henry Morgenthau Jr.
They will be 91-day bills, dated Jan. 17 1934, and maturing
April 18 1934. On the maturity date the face amount will
be payable without interest. The offering will be used
in part to meet an issue of bills amounting to $75,023,000
maturing on Jan. 17. Tenders to the bills, which will be
sold on a discount basis to the highest bidders, will not be
received at the Treasury Department, Washington. In
part, Secretary Morgenthau's announcement said:
They 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 Jan. 15 1934,
all tenders received at the Federal Reserve Banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on the following morning. The Secretary of the Treasury expressly reserves the right
to reject any or all tenders or parts, 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 Jan. 17 1934.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from
all taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
$44,713,000 of Government Obligations Purchased During Week of Jan. 6 by Treasury—$34,713,000 Invested for FDIC and $10,000,000 for Sinking Fund.
During the week ended Jan. 6 the Treasury purchased
$44,713,000 of Government securities, the largest single
week's buying since the inception of the Treasury's support
to the Government bond market several weeks ago—reference
to which was made in our issue of Nov. 25, page 3769.
Secretary of the Treasury Henry Morgenthau,Jr.,announced
on Jan. 8 that $34,713,000 of that amount was bought
chiefly for the account of the Federal Deposit Insurance Corporation and $10,000,000 for the sinking fund. In making the
announcement Secretary Morgenthau classed the operationsas
investment purchases. The following is from Washington
advices, Jan. 8, to the New York "Times" of Jan. 9:
Financial Chronicle
Volume 138
From this time on large funds will be available for Government operations
in the market, since funds of the FDIC, now available or which can be
called in, total about $327,000,000 and other agencies will have funds for
investment. Still to be made are purchases well over $400,000,000 for the
account of the sinking fund.
The weekly purchases by the Treasury have been as
follows:
Nov.25 1933
Dec. 2 1933
Dec. 9 1933
Dec. 16 1933
$8,748,000 Dec. 23 1933
2.545,000 Dec. 30 1933
7,079,000 Jan. 6 1934
16,600,000
$16,510,000
11,950,000
44,713,000
Offering of $28,000,000 2% Debentures of Federal
Intermediate Credit Banks—Books Closed—Offering Reported Over-Subscribed.
On Jan. 10 public offering of a new issue of $28,000,000
Federal Intermediate Credit Banks 234% collateral trust
debentures, dated Jar. 15 1934 and due in six months,
was announced by Charles R. Dunn, Fiscal Agent. The
closing of the books was announced the same day by Mr.
Dunn, an over-subscription of the issue being reported.
The announcement of the offering stated that these debentures are eligible collateral for 15-day loans, by member
banks,at the Federal Reserve banks under an Act of Congress
approved May 19 1932. All issues of debentures must be
secured by at least a like face amount of cash or obligations
discounted or purchased or representing loans made in
accordance with the provisions of the Act. The entire
capital of the 12 Federal Intermediate Credit banks was
paid in, by the United States Treasury. The debentures
were priced on application.
Federal Intermediate Credit Banks' Report—Proposed
System of Production Credit Associations.
The Nov. 30 consolidated statement of the 12 Federal
Intermediate Credit banks, made public Jan. 8 by Charles
R. Dunn, Fiscal Agent for the banks, shows an increase in
surplus, undivided profits and reserves for contingencies
from $2,166,094 on Dec. 31 1932 to $3,393,137 on Nov. 30
1933. Netincome for the 11 months amounted to $1,227,043
after all charge-offs for doubtful paper, amounting to
$223,134.
Quick assets of the Credit banks on Nov. 30 are reported
as showing a ratio of 13 to 1 as compared with the quick
liabilities. Loans and discounts in the Nov. 30 report
stand at $141,315,997; United States Government securities,
$32,699,529; cash on hand and in banks, $16,142,446; notes
receivable, $2,608,010; accounts receivable, $177,648, and
interest accrued to the banks, $686,957. Other securities
were $92,175. Loans and discounts were $127,235,364 on
Sept. 30 1933 and cash was $14404,400. There was
practically no change in the holdings of United States
Government securities during the two months.
Total assets of the banks stand at $194,414,636 as compared with $178,097,354 on Sept. 30 1933 and $137,171,831
on Dec. 31 1932. Within recent months there has been
added $28,000,000 of capital, representing the balance of
capital subscribed to by the United States Treasury paid
into the banks.
According to Mr. Dunn, a large part of the increased
business of the banks during the past year came from
regional credit corporations established by the Reconstruction Finance Corporation. A permanent system of production credit associations is being set up under the provisions of the Farm Credit Act of 1933 to make loans to
farmers and stockmen and to discount their eligible paper
with the Intermediate Credit banks. These associations,
Mr. Dunn said, will enable the Intermediate Credit banks
to extend credit for financing producers who are desirable
risks but who could not be served because of a lack of
adequately capitalized financing institutions to handle the
paper.
Formal Offering of 4% Bonds of Home Owners' Loan
Corp.—No New Financing Represented—Bonds
Issued in Exchange for First Liens on Homes—
Postponement of Further Offerings.
Formal offering of the 18-year 4% bonds of the Home
Owners' Loan Corp., a corporation wholly owned by the
United States Government, was announced Jan. 6 by a
distributing group of nationally known investment houses
headed by Field, Glore & Co., of New York and Chicago.
The group includes The City Co. of New York, Inc.; Brown
Bros., Harriman & Co.; Bancamerica-Blair Corp.; Kidder,
Peabody & Co.; Stone & Webster & Blodget, Inc.; Blyth &
Co., Inc., and Hayden, Stone & Co.
The issue, it was emphasized, does not represent any new
financing for the corporation, nor is any such financing con-
253
templated. On the contrary a statement by the group
points out that the $200,000,000 capital stock of the corporation has been fully subscribed by the United States Government, subject to call by the corporation. The announcement further said:
The bonds, on which interest to maturity is guaranteed fully and unconditionally by the Government of the United States, are now being
Issued by the corporation in exchange for first liens on homes pursuant to
the Home Owners' Loan Act of 1933. Dated July 1 1933 and due July 1
1951. the bonds are direct obligations of the Home Owners' Loan Corp..
exempt both as to principal and interest from all Federal, State, municipal
and local taxation (except surtaxes, estate, inheritance and gift taxes).
and acceptable at face value in payment of indebtedness to the Home
Owners' Loan Corp. They are legal investment for savings banks in
New York, New Jersey and certain other States.
The distributing group, it is stated, has been authorized by the board of
directors of the Home Owners' Loan Corp., and on its behalf, to disseminate information concerning the bonds of the corporation and to facilitate
the establishment of a broader investment market in them. Under the
Home Owners' Loan Act of 1933 the corporation is empowered to issue
up to $2,000,000,000 of its bonds in exchange for existing mortgages on
urban homes, payment of principal being effected through home owners'
monthly amortization payments which are expected to retire the entire
Issue by thelmaturityldate.
On Jan. 9, Field, Glore & Co., Managers of the National
Distributing Group for the 4% bonds of the Home Owners'
Loan Corp., due 1951, made the following statement:
Uncertainty surrounding possible Congressional action guaranteeing
Principal as well as interest Home Owners' LoaniCorp. fours, dictates the
advisability of postponing further offering pending clarification of outlook.
RegulationslGoverning Purchase and Coinage of Silver
UnderiPresident Roosevelt's Proclamation.
Regulations governing the purchase and coinage of silver
In accordance with the terms of President Roosevelt's proclamation of Dec. 21 were issued Dec. 30 by the then Acting
Secretary of the Treasury Henry Morgenthau Jr. In addition to giving the text of the proclamation on page 4441 of
our Dec. 23 issue, we also published an item bearing thereon
on page 4440. As was indicated in the items referred to, the
President's proclamation ratified the London silver agreement of last July, under which the total amount of silver to
be absorbed by the producing countries is fixed at 35,000,000
ounces per annum during the four years commencing Jan. 1
1934; the agreement further provides that such silver is to
be retained in each country, to be used for coinage purposes
or as reserves for currency, or to be otherwise retained and
kept off the world market, and that of the 35,000,000 ounces
the United States is to absorb annually at least 24,421,410
ounces of the silver produced in the United States during the
four-year period.
With reference to the promulgation of the regulations by
the Treasury Department, an Associated Press dispatch from
Washington, Dec. 30, said:
"The regulations prescribe form of affidavits to be made by the person
delivering the silver, with supporting affidavits by the miner," the Treasury
said.
"In the case of silver of wholly domestic origin, the affidavits will set
forth that the silver to be received has actually been mined from natural
deposits in the United States or a place subject to its jurisdiction, subsequent to the date of the proclamation (Dec. 21).
"Where domestic silver is mixed with secondary or foreign silver the
coinage mints will receive that part of such mixture which the mints are
satisfied is not in excess of the amount thereof which has been mined subsequent to Dec. 31 1933, from natural deposits in the United States or any
place subject to the jurisdiction thereof.
"Of the silver received under the proclamation, the Director of the Mint
will retain 50% as seigniorage and for services performed by the Government of the United States, and the balance of such silver, that is, 50%
thereof, shall be coined into standard silver dollars, and the same, or an
equal number of other standard silver dollars, will be delivered to the owner
or depositor of such silver. Fractional parts of a dollar will be returned
in any other legal tender coin of the United States.
"Persons who deliver silver to the mints for coinage are required to file
monthly reports showing all silver mined or acquired subsequent to Dec. 21
1933. Reports are to be itemized as to domestic, foreign and secondary
silver and are to show:
"A. Amount on hand at the beginning of the period covered by the report.
"B. The amount received during the period and the sources from which
received.
"C. The amount smelted or refined during the period.
"D. The amounts and consignees of all silver delivered during the period.
"E. Amount of silver remaining on hand at the end of the period."
Miners will receive an average of 64.5 cents an ounce for silver turned in
to the mints. On the amount of silver returned to the miner in the form of
dollars, the mint price will be $1.29 for every ounce.
The regulations, after giving the text of the proclamation,
sets out the rules as follows:
Article 1. Silder which will be received.—The United States coinage
mints, under the conditions hereinafter specified and subject to the appropriate regulations governing the mints, will receive silver which any such
mint is satisfied has been mined subsequent to Dec. 21 1933, front natural
deposits in the United States or any place subject to the jurisdiction thereof.
Such mints will also receive silver which forms a part of a mixture of
domestic, secondary, and foreign silver provided such mints are satisfied
that the aggregate amount of such mixture so received does not exceed the
amount thereof which has been mined subsequent to Dec. 21 1933, from
natural deposits in the United States or any place subject to the jurisdiction
thereof.
Financial Chronicle
Article 2. Affidavits.—Any individual, partnership, association, or corporation, hereinafter referred to as "person," delivering silver under the provisions of the Proclamation of Dec. 21 1933, shall accompany each such
delivery with a properly executed affidavit on form TS-1, and supporting
affidavit or affidavits of the miner or miners on form TS-2, containing the
information called for in such forms and executed under oath before an
officer duly authorized to administer oaths.
Article 3. Evidence which May Be Demanded.—Persons delivering silver
under the provisions of these regulations shall furnish such further evidence
as may from time to time be requested by the superintendent of any mint,
including affidavits and sworn abstracts from books of account of any mines
or any or all smelters or refineries, handling such silver.
Mints Will Keep Half.
Article 4. Settlement for Silver Delivered.—The Director of the mint,
pursuant to the voluntary consent of the depositor, as required in the form
of agreement to be executed in connection with affidavit TS-1, shall retain
of such silver so delivered 50% as seigniorage and for services performed
by the Government of the United States, and the balance of such silver so
received—that is, 50% thereof—shall be coined into standard silver dollars
and the same, or an equal number of other standard silver dollars, shall be
delivered to the owner or depositor of such silver. Any fractional part of
one dollar due hereunder shall be returned in any legal tender coin of the
United States.
Article 5. Records and Reports.—Every person delivering silver under
these regulations shall keep accurate records of all silver mined or acquired
subsequent to Dec. 21 1933, and such records shall be available for examination by a representative of the Director of the mint for at least one year
after the Iasi. delivery.
Such person shall file with the Director of the mint on or before the 25th
day of each month after the date the first delivery is made a report covering
the period of the preceding calendar month, provided that the first report
shall cover the period from Dec. 21 1933 to the end of the calendar month
preceding the date of the report.
Such report shall be executed under oath before an officer duly authorized
to administer oaths and shall be made on form TS-3 and shall contain all of
the information called for in such form.
Every person delivering silver which has been mixed with secondary or
foreign silver, or both, at a smelter or refinery, other than that of the person
making the delivery, shall also file with each delivery of such silver an
agreement properly executed under oath by a duly authorized officer of such
other smelter or refinery that records will be kept and reports will be filed
as provided in this article, and that such records will be available for examination by a representative of the Director of the mint for at least one year
after the last delivery.
Article 6. Forms.—Any form, the use of which is prescribed in these
regulations, may be obtained at any United States Mint or assay office or
at the Treasury Department, Washington.
Article 7. Revocation or Modiflcation.—The provisions of these regulations may be revoked or modified at any time.
IL MORGENTHAU JR., Acting Secretary of the Treasury.
Pipproved:
Franklin D. Roosevelt,
The White House,
Dec. 30 1933.
United States Mints Purchase Only 1,157 Ounces of
Newly Mined Silver Within Week After P esident's
Silver Coinage Order.
The first week's operation of President Roosevelt's order
for the coinage of domestic newly mined silver brought
into Federal mints only 1,157 ounces of the white metal,
according to an announcement by Secretary of the Treasury
Morgenthau Jan. 8. The San Francisco mint received 392
ounces and the Denver mint 765 ounces. At an average price
of 64M cents an ounce for silver turned in to the mints,
miners received $746.26 during the week.
Handy & Harman to Post Three Silver Prices Daily—
Two Quotations for New York and One for London
Metal.
Handy & Harman, bullion dealers, will henceforth post
three daily prices for silver, the firm announced on Jan. 11.
These comprise the price for newly mined domestic silver
as paid by the Treasury Department, the price in New York
based on world quotations and applying to other than newly
mined domestic metal, and the London bar silver price.
The newly mined price was listed at 643's cents a fine ounce
rather than the theoretical price of 6434 cents, since in
practice certain deductions are made to cover various ex.
penses. The difference represents the expenses incurred
by the seller in connection with the disposition of the silver,
including the cost of delivery to the mints, adjustment to
the equivalent value of 0.999 fine silver, the expense of
handling silver dollars in payment, and various other incidentals incurred in qualifying silver for delivery to mints.
A statement issued by Handy & Harman continued:
It will be recalled that under the Pittman Act deductions in expenses
to f4" cent per ounce, and similar expenses will be involved
range from
In the delivery of silver to the mints under the Presidept's proclamation
of Dec. 21 1933, plus additional cost of handling the actual silver dollars
thus received.
Recovery Retarded by Gold Buying and Other Experimental Measures to Depress Dollar and Raise
Prices, According to Seymour E. Harris in Newly
Published Book "Economics of Recovery Program."
Gold buying and other experimental measures to depress
the dollar as a means of raising prices, along with fear of
fan. 13 1934
inflation, disturb public confidence and thus delay recovery,
according to Seymour E. Harris, writing in "The Economics
of the Recovery Program," just published by Whittlesey
House, a division of the McGraw-Hill Book Co. In his conclusion, the author states:
An early stabilization and a return to gold may help to re-establish confidence. Even a moderate devaluation (say 25 to 33%) may be supported
if it can be demonstrated to be a sine qua non for an independent monetary
policy that will maximize employment. (The assumption is that gold reserves are inadequate.)
The blow to confidence resulting from our new gold policy has already
been felt; the act of giving legal recognition to that policy, while announcing the end of experimentation and assuring-the public that a wild orgy of
Inflation is not on its way, may help to clear the air. Equilibrium may then
be re-established by a further increase of prices here of moderate proportion;
but, unfortunately, equalibrium may be jeopardized by any program of stabilization or devaluation undertaken by other countries.
"The Economics of the Recovery Program" is a critical
study of all phases of the Government's recovery measures by
seven Harvard economists, written, it is stated, from a nonpartisan standpoint with a view to helping recovery by pointing out what the authors believe to be economically wrong in
the Administration's program. They emphasize that their
views are not to be regarded as a pronouncement from the
Department of Economics at Harvard University.
The monetary measures of the recovery program are discussed in the book in a charter entitled "Higher Prices," by
Professor Seymour. He is Professor of International Trade
and Assistant Professor of Economics at Harvard,and author
of numerous books on money, including "Twenty Years of
Federal Reserve Policy," published by the Harvard University Press last year. Professor Seymour has taught money
and banking at Harvard for 12 years. He is also Professor
of Economics at Tufts and the Fletcher School of Law and
Diplomacy.
There can be no doubts as to the Government's ability to
raise prices through inflation if it is really determined to
do so, according to Professor Seymour, who writes that "the
Government need only extend its policy of large public expenditures sufficiently, in furtherance either of public or private
enterprises, in order to assure the nation of higher prices."
He goes on to say:
It is true that as the announcement of its new gold and other monetary
policies impairs confidence further, the volume of Government spending in
order to achieve a designated price level will have to be increased, as the
shattred confidence leads to less spending and less investment from private
sources.
But as long as the Government is prepared to spend even to the extent of
undertaking complete control of price industry through financial subsidies
(which probably will not be necessary, for additional public spending will
stimulate private spending as business improves), the objective of higher
prices will be achieved. For that reason, such policies as the NRA and the
new gold policy may well be viewed with distrust by those who are hostile
to Government control of industry, for the resulting loss of confidence makes
necessary a larger volume of public spending, or private spending of public
funds in order to achieve the desired price level, than would otherwise be
necessary.
Professor Seymour notes further that "the resulting shocks
to confidence" of purely monetary measures make non-monetary measures imperative "for accelerating the rate of expenditures,for the loss of confidence is felt at first in a rush for
cash and the sales of non-cash assets. This propensity to
hoard will do business much harm."
Reviewing the measures that led to our abandonment of
the gold standard, Professor Seymour states that the "extreme measure of imposing an embargo on gold exports was
taken in order to make certain that all speculative movements against the dollar were fully effective and that the
pressure was not eased by satisfying the demands for foreign
currencies with releases of gold." Continuing, he says:
Furthermore, the very announcement of this policy was bound to encourage
the speculative movements that had at an earlier time made some Impression
Upon our gold supplies, and, therefore, was likely to depress the dollar
further.
The Government was determined to depress the foreign value of the dollar
abroad and the widely-held opinion of imminent inflation was exploited by
the Government for the purpose of driving capital out of the country and
thereby reducing the value of the dollar.
Threats of inflation were not denied and the introduction of the ERA,
which constituted a threat to capital equities, provided an additional reason
for deserting the dollar.
Referring to the gold-buying policy of the Administration,
Professor Seymour remarks:
It is apparently proceeding on the principle that a higher price for gold
will be followed, or attended by higher prices all around. But this does not
by any means follow; and the increase in the price of gold may be of limited
significance.
Professor Seymour points out further that "if prices of
commodities rise in dollars as much and as rapidly as the
price, in dollars, of an ounce of gold, the United States gains
no competitive advantage" as the higher price in dollars of
gold is offset by the higher price of commodities in dollars.
Volume 138
Financial Chronicle
Intimating that the Administration may be faced with the
problem of adjusting the monetary policy to action that may
be taken by other nations, Professor Seymour observes:
We may have to ask ourselves once more to what extent are we willing to
exchange our valuable commodities for gold which we do not need and cannot
use; but we shall probably never have to put that question to ourselves, for
long before we attract much gold in this manner and improve our export
position substantially, foreign nations will take protective measures—increase their purchase price of gold, introduce discriminatory tariffs against
the United States, &c.
It is also necessary to note at this point that the struggle for gold engendered by the American Government at this time will undoubtedly lead to
increased hoarding of gold in all countries, and where it continues to circulate freely in exchange for local currencies and commodities, its value in
terms of commodities will therefore continue to rise. Thus we may justly
be condemned for accentuating a movement, that is, the appreciation of gold
in commodities, which almost everybody will admit has been one cause of
the depression. When the world is ready to go back to gold, the high value
of gold in commodities will make necessary a greater degree of devaluation
than otherwise would have been necessary.
Treasury Department's Instructions Regarding Delivery of Gold to Secretary of Treasury Under
Order of Dec. 28—Circular of Federal Reserve
Bank of New York.
With reference to the requirements for the delivery of
gold to the Treasury Department under the latters order,
issued Dec. 28, and given in these columns Dec. 30, page
4622, the following circular was issued Jan. 2 by the New
York Federal Reserve Bank.
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1327, Jan. 2 1934.)
(Reference to Circulars No. 1324 and No. 1326.)
INFORMATION FROM THE TREASURY DEPARTMENT WITH
RESPECT TO ORDER OF THE SECRETARY OF THE
TREASURY OF DEC. 28 1933, REQUIRING THE
DELIVERY OF GOLD COIN, GOLD BULLION,AND GOLD CERTIFICATES
TO THE TREASURER OF
THE UNITED
STATES.
To all Member Banks in the Second Federal Reserve District:
Following is an extract from a telegram received on Dec. 30 1933, from
the Treasury Department:
"Referring to deposits of gold under Secretary's order Dec. 28 1933, no
specific form will be prescribed for confirmation to Treasurer by member
banks. Confirmation will be required only for such deposits as are not
paid for by the bank. Such confirmation should give name and address
of depositor, also signature, if conveniently obtainable and state definitely
that payment has not been made."
As indicated in the telegram from the Treasury Department quoted in
part in our Circular No. 1326, dated Dec. 29 1933, credit will be given
member banks for gold coin, gold bullion and gold certificates paid for
by them and sent to this bank pursuant to such telegram. Gold certificates
so sent to this bank should not be mingled with any other forms of currency
but should be kept apart. Packages of such gold certificates may, however,
be forwarded in shipments containing packages of other forms of currency.
GEORGE L. HARRISON, Governor,
The Dec. 29 circular of the Reserve Bank was issued as
follows:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1326 Dec. 29 1933.)
INFORMATION FROM THE TREASURY DEPARTMENT WITH
RESPECT TO ORDER OF THE SECRETARY OF THE
TREASURY OF DEC. 28 1933, REQUIRING THE
DELIVERY OF GOLD COIN. GOLD BULLION,
AND GOLD CERTIFICATES TO THE
TREASURER OF THE UNITED STATES.
To All Member Banks in the Second Federal Reserve District:
Following is an extract from a telegram received from the Treasury
Department:
"In order to facilitate Immediate payment for gold coin, :gold bullion,
and gold certificates delivered under the Secretary's order of Dec. 28 1933,
the Federal Reserve Banks are authorized to make payment for gold coin
and gold certificates dollar for dollar and gold bullion at $20.67 per fine
ounce and charge the Treasurer's account with the Federal Reserve Bank
for such amounts provided confirmation is sent each day by such Federal
Reserve Bank to the Treasurer of the United States that it holds the coin,
bullion, and certificates so delivered and paid for in custody for the Treasurer of the United States. Similarly member banks are authorized if they
with to advance payment to the persons delivering coin, bullion, and certificates at the same rates and the Federal Reserve Banks may credit such
member banks such amounts and debit the account of the Treasurer of the
United States upon receipt of advice that the gold coin, gold bullion, and
gold certificates are held in custody for the United States and are forthwith
being delivered to the Federal Reserve Bank to be held in custody for the
Treasurer of the United States. Gold coin and bullion of doubtful value
should be accepted and held in custody for account of the United States
and instructions requested of the Treasurer of the United States as to its
disposition and payment therefor. . . ."
We have also been requested in a telegram received later to-day from the
Treasury Department to advise all member banks that:
"United States gold coin which is ooviously mutilated or below the weight
of tolerance allowed by law should be treated as bullion of uncertain value
and confirmation should go direct to the Treaturer with request for instructions. Member banks will not, however, be charged on account of
any loss for underweight coins on which they advance payment in good
faith. . ."
GEORGE L. HARRISON, Governor.
RFC Continues Purchase of Newly Mined Gold—Official Quotation of $34.06 an Ounce Remains Unchanged—Figures of Domestic Purchases of Gold
Corrected by Government.
The gold purchase program of the RFC was uneventful
this week, with no change made in the official quotation
of $34.06 an ounce for newly mined domestic gold. This
price has held unchanged since Dec. 18, the longest period
without an advance or decline since the present program
255.
was inaugurated on Oct. 25. This has resulted in further
rumors of imminent stabilization of the dollar. Although
no official support has been given such rumors, the dollar
has showed remarkable stability in recent weeks. During
the current week it advanced slightly against foreign currencies. The pound sterling closed yesterday (Jan. 12) at
%
%
$5.083 , compared with $5.103 Jan. 5, while the French
franc closed at 6.123 cents in New York yesterday, against
%
6.14 cents a week ago.
Associated Press accounts from Washington, Jan. 8, had
the following to say regarding the Government gold purchases:
The Government's purchases of gold have exceeded $75,000,000 to
date, of which $20,887,000 worth has been newly mined domestic metal.
Jesse Jones, the Chairman of the RFC. gave out these figures shortly
after the price of $34.06 an ounce had been posted to-day for the fifteenth
successive time.
Mr. Jones corrected the figure of more than $24,000,000 which he gave
last week as the total outlay for domestic gold, explaining that it was
erroneous.
Without giving a definite figure for the foreign gold purchases, he said
that the total of all gold acquired under President Roosevelt's program
was well under $100,000,000 but over $75.000,000. This indicated that
the foreign purchases exceeded $55,000,000.
Reference in these columns last week to the Government
gold purchases appeared on page 56.
Miss Edith Thomas, Daughter of Former Senator from
Colorado, Indicted as Gold Hoarder.
A Federal Grand Jury in Denver returned an indictment
on Jan.9 on a charge of gold hoarding against Miss Edith M.
Thomas, daughter of former United States Senator Charles
Thomas of Colorado, who last May defied the Federal
Government to seize $120 in gold held by him. No action
was taken against Mr. Thomas at that time. Miss Thomas
is now charged with hoarding $3,000 in gold. Details of the
indictment follow, as given in an Associated Press dispatch
from Denver, Jan. 9:
Miss Thomas was indicted on two counts. One charged that she had
63,000 in gold in her possession last Sept. 18, in violation of President
Roosevelt's executive order, and the other that she failed to report the
gold holdings to the Internal Revenue Collector at Denver. In the executive order the offense is defined as punishable by a maximum fine of $10,000
and a maximum prison sentence of 10 years.
Informed of the indictment to-night, Miss Thomas laughlingly said, "I
expected it. I feel that the gold is my property and the Government has
no right to take it away from me. As a law-abiding citizen I reported
having the gold to the Federal Reserve Board, as President Roosevelt
directed.
"I consider the matter as a serious academic question, and I plan to go
as far as I can in challenging the Government to take the money.
"1 realize that in my course of action I am facing a severe penalty should
I be tried and found guilty. I do not believe the Government can take the
money from me, legally, and do not propose to give up the gold until the
Supreme Court holds that the Government has the constitutional power to
take it."
Canadian Order-in-Council Prohibiting Gold Exports
Except Under License Extended to Dec. 31 1934.
The following from Ottawa Dec. 29 is from the Montreal
"Gazette":
The Order-in-Council passed in May 1932, prohibiting the export of
gold from Canada without a licence from the Minister of Finance, later
extended to Dec. 31 1933. has now been extended to Dec. 31 1934, unless
sooner rescinded by Order-in-Council.
Increase in British Columbia Gold Production.
British Columbia's gold production for 1933, higher than
previous estimates and exceeding last year's production by
some 38,000 ounces, will total 238,000 ounces.
British Net Gold Imports $975,808,286 Last Year —
Hoarders, Exchange Fund and Bank of England
Get Metal.
From the New York "Herald Tribune" we take the following (United Press) from London, Jan. 11:
Gold poured into London in 1933 at the rate of about a00,000 daily.
according to official figures issued by the Board of Trade to-day. Total
gold imports for the year were £251,646,839 (about $1,283,398,879), while
exports were only £60.311,881 (6307,590,593), making Great Britain a net
Importer of gold for the year to the extent of £191,334.958 ($975,808,286)
Compared with 1932 and 1931 the nex influx of gold was phenomenal. In
1932 the net gold gain was less than £18,000,000. In 1931 there was a net
loss of more than £34,000.000—a loss which forced Great Britain off the gold
standard.
Recommendations That Government Guarantee Principal of Farm Mortgage Bonds Made by President
Roosevelt in Message to Congress—Bills Introduced
by Senator Robinson and Representative Jones—
Governor Myers of FCA Acts to Form Federal
Farm Mortgage Corporation to Issue Bonds and
Handle Refinancing of Agricultural Indebtedness.
A recommendation "that the Emergency Farm Credit
Act of 1933 be amended to provide responsibility by the
Government for the payment of the principal of, as well as
interest on, bonds issued" under the act was contained in
.256
Financial Chronicle
a special message sent to Congress by President Roosevelt on
Jan. 10. Under the President's proposal the Government
would guarantee the principal (as well as the interest) of
$2,000,000,000 Federal Land Bank bonds to be issued for the
refinancing of farm mortgages. In his message the President
said that "by setting up a corporation to issue these bonds,
the important task of refinancing agricultural indebtedness
can be continued on virtually a self-sustaining basis."
President Roosevelt's message follows:
To the Congress:
I have already suggested to the Congress that one of our tasks, in the
light of experience, is to improve and perfect previous legislation
I now recommend that the Emergency Farm Cerdit Act of 1933 be
amended to provide responsibility by the Government for the payment of
the principal of. as well as interest on, bonds issued.
Two billion dollars of bonds were authorized. While the interest was
guaranteed, the ultimate obligation of the Government for payment of the
principal was not legally assumed.
We should supplement what most of us frankly believe to be the moral
responsibility ofthe Government by adding the necessary legal responsibility.
The result of providing a bond on which both the principal and interest
are guaranteed would be to put such bonds on a par with Treasury securities.
By setting up a corporation to issue these bonds the important task of
refinancing agricultural indebtedness can be continued on virtually a selfsustaining basis.
The Farm Credit Administration is expediting the disbursement of funds.
In order that progress in making loans may be uninterrupted. I hope that
the Congress will give attention to this subject as soon as possible.
It is true that technically the responsibilities of the Government will be
increased by the amount of $2,000,000.000. but it seems in every way
right that we thus publicly acknowledge what amounts already to a moral
obligation.
In any event, the securities to be offered are backed, not only by the
credit of the Government, but also by physical property of very definite
value.
FRANKLIN D. ROOSEVELT,
The White House, Jan. 10 1934.
According to Washington advices Jan. 10 to the New York
"Times" bills to carry out his intent were introduced immediately after the reading of the message, in the Senate
by Senator Robinson of Arkansas, majority leader, and in
the House by Representative Jones of Texas, Chairman of the
Agriculture Committee. The dispatch further said:
This proposed legislation, amending the Emergency Farm Credit Act
of 1933, would also establish a Federal Farm Mortgage Corporation to
act as a subsidiary of the Federal Farm Credit Administration, having a
which
capital of $200,000.000. to be subscribed by the Government,
would handle the immense task of issuing the bonds and refunding a large
part of the agricultural mortgage debt of the United States.
Quick action is expected on this legislation, particularly as President
Roosevelt urged its adoption to carry out a "moral obligation" of the
Government.
Prepare for New Corporation.
Coincident with the sending of the message William I. Myers, Governor
Corof the FCA, called his associates together to start formation of the
poration to be used in handling the financing program.
issued
The proposed Corporation will refund $150,000,000 of old bonds
RFC. Maunder the previous authorization, all of which are held by the
terial reduction in the interest rate on the farm mortgage bonds is expected,
as the old bonds bore interest of 4%.
This rate is higher than that on Government securities, and it is thought
surthat the interest on the new bonds, which have all the guarantees
rounding a Treasury bond besides being backed as the President pointed
brought into
out, "by physical property of very definite value," will be
parity with other Government issues.
of the Home
The same procedure soon will be applied to the bonds
that
Owners Loan Corporation, acting under an authorization similar to
Roosevelt
of the FCA for the refinancing of home mortgages. President
for him
said to-day that the Federal Home Loan Board was preparing
a recommendation along that line.
No Public Issue Considered.
pubUnder present plans, the Land Bank bonds would not be issued
Act, would be exchanged
licly, but, as under the Emergency Farm Credit
value"
for first mortgages after taking into consideration the "normal
of farms on which the mortgages were based.
of the
The bonds, if they have the full and unconditional guarantee
Government, will be lawful investments and may be accepted as security
for all fiduciary trust and public funds.
from time
The new Corporation will have authority to issue the bonds
of the
to time in such amounts as meets the approval of the Secretary
by the
Treasury. They will be secured by consolidated bonds issued
Bank ComFederal Land banks, by farm mortgages made by the Land
available.
missioner and by other collateral as the Corporation may have
Treasury, in his discretion,
The Act authorized the Secretary of the
of notes or
to buy the Corporation's bonds and sell them, as in the case
will
debentures of the RFC. It is doubted, however, if the authority
be exercised.
market the seAfter explaining that it had been impossible to date to
Myers
curities at or near par, although guaranteed as to interest, Governor
of the FCA said:
"Since conditions are such as to make it undesirable or impracticable
market, farmer borto offer the bonds of the Corporation for sale on the
will be
rowers from both the Corporation and the Federal Land Banks
would be equigiven, in lieu of cash, bonds of the Corporation, which
valent to direct obligations of the United States Government.
the program of
"This Corporation will provide a means of carrying on
appropriated
refinancing agricultural indebtedness with a minimum of
loans to farmers can be continued
funds. *The supplementary long-term
farmers
and the financing service to the Federal Land Banks will enable
long-term mortgage
to bullcila permanent co-operative system furnishing
credit at low rates of interest."
Sees No Further Appropriation.
entailed no futher
Mr. Myers emphasized that the proposed legislation
Farm
appropriation beyond the $2,000.000,000 carried in the Emergency
to $800.000.000
Mortgage Act. The bill would increase from $200.000.000
from which loans may
.
the fund available to the Land Bank Commissioner
Jan. 13 1934
be made on second farm...mortgages up to 75% of their race value and for
other emergency purposes.
But the increase of $600,000,000 for these purposes is to be obtained
from the proceeds of the Land Bank bonds. The same fund is also to be
used for supplying the original $200,000,000 capitalization for the Corporation.
As to demands on the Farm Credit Administration for farm mortgage
relief, Mr. Myers said that since the operation of the Emergency Refinancing
Act more than 500,000 applications had been recived for a total of slightly
more than $2,000,000.000.
$245,000,000 Loans From Fund.
He drew a clear distinction between Federal Land Bank bonds issued
prior to the passage of the Emergency Refinancing Act and those subsequently issued exclusively to the RFC.
Those coming under the former classification were not involved in the
proposed legislation and would not be guaranteed by the Government,
either as to principal or interest, said Governor Myers. On Dec. 23, all
Federal Land Banks had $1,248,233,585 in loans outstanding. Of this
amount $182,461,635 had been made since May 11933.
Up to the close of business last night the Farm Credit Administration
had made loans of $245,000,000, including about $80,000,000 from the
Land Bank Commissioner's fund.
Mr. Myers would not try to predict the attitude of large institutional
Investors, such as insurance companies, regarding the proposed exchange
of Land Bank bonds for farmimortgages, now that the securities were to
be the equivalent of Treasury notes.
He appreciated that the basic act still generally required a write-down
of the face value of mortgages to make them eligible for exchange for the
bonds, and was aware that investment houses would as soon continue holding mortgages on the prospectOf returning land values.
At the same time. Mr. Myers thought that some mortgage holders
would now exchange their securities where they had been reluctant to do so.
United States Supreme Court Upholds Minnesota Mortgage Moratorium Law by Five to Four Decision—
Ruling, Handed Down by Chief Justice Hughes,
Interpreted as Supporting Recovery Legislation
—Four Conservatives, Headed by Justice Sutherland, File Dissenting Opinion Predicting Dangerous Inroads on Constitutional Limitations.
The Supreme Court of the United States, in a decision
handed down on Jan. 8, upheld the constitutionality of the
Minnesota law establishing a moratorium on mortgage foreclosures. The Court's ruling is looked upon as pointing to
the probable future sustaining of the legality of the broad
emergency powers conferred by Congress on the President,
including such measures as the National Industrial Recovery
Act. The majority opinion was written by Chief Justice
Hughes and was concurred in by the four so-called "liberal"
members of the Court, Justices Brandeis, Stone, Roberts and
Cardozo. A long dissenting opinion was written by Justice
Sutherland and was concurred in by Justices Van Deventer,
McReynolds and Butler.
The Court's opinion in the Minnesota mortgage case was
regarded as the initial test of "New Deal" legislation and as
reflecting the Supreme Court's attitude on the Roosevelt
programs of an emergency nature. It was also deemed a
precedent for laws which might be enacted by States, as
well as laws already on the statute books which face a Supreme Court test.
Five final conclusions were stated by Chief Justice Hughes,
viz:
1. "An emergency existed in Minnesota which furnished a proper occasion for the exercise of the reserved power of the State to protect the vital
interests of the community.
2. "The legislation was addressed to a legitimate end—that is, the legislation was not for the mere advantage of particular individuals, but for
the protection of a basic interest of society.
3. "In view of the nature of the contracts in question—mortgages of
unquestionable validity—the relief afforded and justified by the emergency,
in order not to contravene the constitutional provisions, could only be of a
character appropriate to that emergency and could be granted only upon
reasonable conditions.
4. "The conditions upon which the period of redemption is extended
do not appear to be unreasonable.
5. "The legislation is temporary in operation. It is limited to the exigency which called it forth."
Whether the legislation is wise or unwise, as a matter of policy, is a
question with which the Court is not concerned, the opinion ended.
The above extract is from a Washington dispatch of Jan. 8
to the New York "Times," giving details as follows:
Striking views of the application of the Constitution were expressed by
the Chief Justice.
He said:
"Emergency does not create power. Emergency does not increase granted
power or remove or diminish the restrictions imposed upon power granted
or reserved. While emergency does not create power, emergency may furnish
the occasion for the exercise of power."
Reviewing the basic law regarding the right of contracts, he held that
If there was power to set aside these contracts "by a great public calamity
such as lire, flood or earthquake," such power "cannot be said to be nonexistent when the urgent public need demanding such relief is produced by
other and economic causes."
In ending his opinion he pointed out that instead of the Minnesota legislation being designed for the individual it was "for the protection of a
basic interest of society."
He sounded this note of the public good once more when he stated:
"Where In earlieridaysTit wasTthought that only the concerns of Individuals or
classes were Involved and that those of the State Itself were touched only remotelY.
It has later been found that the,fundamental Interests of the State are dlrectlY
affected, and that the question Is no longer merely that of one party to a contract
as against another, but of the use of reasonable means to safeguard the economic,
structure upon which the good of all depe "
Volume 138
Financial Chronicle
Minority Upholds Protest.
Equally as determined in its attitude was the minority opinion, which
argued that such a protest was necessary because of the "almost certain"
other encroachments upon the Constitution which would ensue "as a consequence naturally following any step beyond the boundaries fixed by that
instrument."
This minority opinion held that the contract impairment clause prevents
State action under any circumstances if this means impairing the obligation of those contracts, and at the end stated:
"If the provisions of the Constitution be not upheld when they pinch as
well as when they comfort, they may as well be abandoned."
In the case at issue the Minnesota law was attacked by the Home Building and Loan Association as repugnant to the contract clause of the Constitution, and the due process and equal-protection clause of the Fourteenth
Amendment. The association had a mortgage on the home in Minneapolis
of John and Rosala Blaisdell, his wife. A law had been passed by the
Minnesota Legislature giving property owners the right to apply in court
for a two-year extension of time in which to redeem their property. After
the statute was sustained by the Minnesota Supreme Court the building and
loan association took the issue to Washington.
The Blaisdells applied to the District Court of Hennepin County for an
order extending the period of redemption from a foreclosure sale. The mortgage, held by the building and loan association, had been foreclosed and
sold to the association and the Blaisdells contended that "because of the
economic depression," they had been unable to obtain a new loan or to
redeem.
The association objected that the statute was invalid under the Federal
and State Constitutions, and a motion to dismiss the petition was granted.
On appeal, the Supreme Court of the State reversed the District Court,
the association renewing its constitutional objections without avail.
State Court Decision Upheld.
"The State Court upheld the statute as an emergency measure," the
Hughes opinion said. "Although conceding that the obligations of the
mortgage contract were impaired, the Court decided that what it thus
described as an impairment was, notwithstanding the contract clause of
the
Federal Constitution, within the police power of the State, as that power
was called into exercise by the public economic emergency which the
Legislature had found to exist."
The State Court, the Hughes opinion further explained, supplemented
the Legislature's declaration of emergency with a statement of
conditions
of which it took judicial notice, namely, that it was common
knowledge
that in recent years land values had shrunk enormously; that loans
made
on former values could not be replaced on present values ; that large
financial companies had ceased to invest in mortgages and banks to
loan on
them; banks had been closed and in view of these facts
the State Court
felt it could not hold the Legislature to have no basis in fact for concluding
an economic emergency existed. The State Court held the
business and
financial crisis had the same results as if caused by flood, earthquake
or
disturbance in nature.
"In determining," continued the IIughes opinion, "whether the provision
for this temporary and conditional relief exceeds the power
of the State
by reason of the clause in the Federal Constitution prohibiting
impairment
of the obligations of contracts, we must consider the relation
of emergency
to constitutional power, the historical setting of the contract
clause, the
development of the jurisprudence of this court in the construction
of that
clause and the principles of construction which we may
consider to be
established.
Relation of Emergency to Power.
"Emergency does not create power. Emergency does not increase
granted
power or remove or diminish the restrictions imposed
upon power granted
or reserved. The Constitution was adopted in a
period of grave emergency.
"Its grants of power to the Federal Government and
its limitations of
the power of the States were determined in the light of
emergency and they
are not altered by emergency. What power was thus
granted and what
limitations are thus imposed are questions which have
always been and always will be the subject of close examination under
our constitutional system."
The constitutional question, presented in the light
of an emergency, "is
whether the power possessed embraces the particular
exercise of it in response
to particular conditions."
"Thus the war power of the Federal
Government is not created by the
emergency of war, but it is a power given to
meet that emergency. It is
a power to wage war successfully and thus
it permits the harnessing of the
entire energies of the people in a supreme
co-operative effort to preserve
the nation. But even the war power does
not remove constitutional limitations safeguarding essential liberties.
"But where constitutional grants and limitations
of power are set forth
In general clauses, which afford a broad outline,
the process of construction
Is essential to fill in the details. That is true of
the contract clause. The
necessity of construction is not obviated by the fact
that the contract clause
Is associated in the same section with other
and more specific prohibitions."
Contracts and State Power.
Recalling a long list of decisions relative to contracts
and their obligations, express and implied, the majority opinion continued:
"Not only are existing laws read into contracts in order
to fix obligations as between the parties, but the reservation of essential
attributes of
sovereign power is also read into contracts as a postulate of
the legal order.
The policy of protecting contracts against impairment
presupposes the maintenance of a government by virtue of which contractual relations
are worth
while—a government which retains adequate authority to secure
the peace
and good order of society. This principle of harmonizing
the constitutional
prohibition with the necessary residuum of State power has
had progressive
recognition In the decision of this Court.
"Undoubtedly, whatever is reserved of State power must be
consistent
with the fair intent of the constitutional limitation of
that power. The reserved power cannot be construed so as to destroy the
limitation, nor is the
limitation to be construed to destroy the reserved power
in its essential
aspects. They must be construed in harmony with each
other. This principle
precludes a construction which would permit the State
to adopt as its
policy the repudiation of debts or the destructions
of contracts or the denial of means to enforce them.
"But it does not follow that conditions may not
arise in which a temporary restraint of enforcement may not be consistent
with the spirit and
purpose of the constitutional provision, and thus be found
to be within the
range of the reserved power of the State to protect
the vital interests of
the community.
"It cannot be maintained that the constitutiona
l prohibition should be
so construed as to prevent limited and temporary
interpositions with respect
257
to the enforcement of contracts if made necessary by a great public calamity
such as fire, flood or earthquake. .
. And if State power exists to
give temporary relief from the enforcement of contracts in the presence of
disasters due to physical causes, such as fire, flood or earthquake, that
power cannot be said to be non-existent when the urgent public need demanding such relief is produced by other and economic causes.
"It is no answer to say that this public need was not apprehended a
century ago, or to insist that what the provision of the Constitution meant
to the vision of that day it must mean to the vision of our time. If by the
statement that what the Constitution meant at the time of its adoption it
means to-day, it is intended to say that the great clauses of the Constitution
must be confined to the interpretation which the framers, with the conditions and outlook of their time, would have placed upon them, the statement
carried its own refutation.
"It was to guard against such a narrow conception that Chief Justice
Marshall uttered the memorable warning: 'We must never forget that it
is a Constitution we are expounding, a Constitution intended to endure
for ages to come, and consequently, to be adapted to the various crises of
human affairs.' . . ."
Views in the Minority Opinion.
Stating that few questions of greater moment than the one at issue had
been submitted for judicial inquiry "during this generation," the Sutherland
minority opinion said in part:
"He simply closes his eyes to the necessary implications of the decision
who fails to see in it the potentiality of future gradual but ever-advancing
encroachments upon the sanctity of private and public contracts.
"The effect of the Minnesota legislation, though serious enough in itself, is of trivial significance compared with the far more serious and
dangerous inroads upon the limitations of the Constitution which are almost
certain to ensue as a consequence naturally following any step beyond the
boundaries fixed by that instrument.
"And those of us who are apprehensive of the effect of this decision would
in a matter so important, be neglectful of our duty should we fail to spread
upon the permanent records of this court the reasons which move us to
the opposite view.
"A provision of the Constitution does not admit of two distinctly opposite interpretations. It does not mean one thing at one time and an entirely different thing at another time. If the contract impairment clause,
when framed and adopted, meant that the terms of a contract for the payment of money could not be altered in invitum by a State statute enacted
for the relief of hardly pressed debtors to the end and with the effect of
postponing payment or enforcement during and because of an economic or
financial emergency, it is but to state the obvious to say that it means the
same now.
"This view, at once so rational in its application to the written word,
and so necessary to the stability of constitutional principles, though from
time to time challenged, has never, until recently, been put within the
realm of doubt by the decision of this court."
Civil War Case Is Cited.
The "true rule," according to the dissenting opinion, "was fully expounded in the famous case, ex parte Milligan, arising from the Civil War,"
in which the Supreme Court held that "no doctrine involving more pernicious consequences was ever invented by the wit of man" than that any of
the Constitution's provisions "can be suspended during any of the great
exigencies of government."
Continuing, Justice Sutherland wrote:
"The provisions of the Federal Constitution undoubtedly are pliable in
the sense that in appropriate cases they have the capacity of bringing within their grasp every new condition which falls within their meaning. But
their meaning is changeless; it is only their application which is extensible.
"Constitutional grants of power and restrictions in the exercise of power
are not flexible as the doctrines of the common law are flexible.
"A candid consideration of the history and circumstances which led up
to and accompanied the framing and adoption of this clause (the contract
impairment clause) will demonstrate conclusively that it was framed
and
adopted with the studied purpose of preventing legislation designed
to relieve debtors especially in time of financial distress.
"Indeed, it is not probable that any other purpose was definitely
in the
minds of those who composed the framers' convention or the
ratifying State
conventions which followed."
"Many Decisions" field Precedent.
.
Arguing this point, the dissent quoted voluminously from historical writing. This summary, the dissenting opinion said, "leaves no reasonable
ground upon which to base a denial that the clause of the Constitution now
under consideration was meant to foreclose State action impairing
the obligation of contracts primarily and especially in respect of such
action
aimed at giving relief to debtors in time of emergency.
"If further proof be required to strengthen what already is
inexpugnable,
such proof will be found in the previous decisions of this
Court. There are
many such decisions."
The minority cited the case of Bronson v. Kinzie, decided
in 1843, involving an Illinois Statute extending the period of
redemption for twelve
months after a sale under a decree in chancery, and
another statute also
giving relief to debtors.
"This Court," said Justice Sutherland, "held both
statutes invalid when
applied to an existing mortgage, as infringing
the contract impairment
clause. The opinion of the Court says nothing
about an emergency; but it
is clear that the statute was passed for the purpose
of meeting the panic
and depression which began in 1837 and continued
for some years thereafter.
"It is evident that the question of that emergency
as the basis for the
legislation was so definitely involved that it must
have been considered by
the court. The emergency was quite as serious as
that which the country
has faced during the past three years."
Using numerous quotations from previous decisions
of the court, the
Sutherland opinion proceeded to say that the present
emergency was nothing
new.
Cycles of Depression Cited.
"From the beginning of our existence as a nation," the
minority said,
"periods of depression, or industrial failure, or financial
distress, of unpaid and unpayable indebtedness have alternated with
years of plenty.
"The vital lesson that expenditure beyond income
begets poverty, that
public or private extravagance, financed by promises
to pay, either must
end in complete or partial repudiation or the promises
be fulfilled by selfdenial and painful effort, though constantly taught
by bitter experience,
seems never to be learned ; and the attempt by legislative
devices to shift
the misfortune of the debtor to the shoulders of the
creditor without corn-
258
Financial Chronicle
ing into conflict with the contract impairment clause has been persistent
and oft-repeated.
"The defense of the Minnesota law is made upon grounds which were
discountenanced by the makers of the Constitution and have many times
been rejected by this court. That defense should not now succeed because
it constitutes an effort to overthrow the constitutional provision by an appeal to facts and circumstances identical with those which brought it into
existence.
"With due regard for the processes of logical thinking, it legitimately
cannot be urged that conditions which produced the rule may now be invoked to destroy it."
The dissenting opinion made the point that the court was not here dealing with a power granted by the Federal Constitution, but the State pollee
power, which existed in its own right.
Constitutionality "Only Question,"
"Hence the question is not whether an emergency furnishes the occasion
for the exercise of that State power," the opinion proceeded, "but whether
an emergency furnishes an occasion for the relaxation of the restrictions
upon the power imposed by the contract impairment clause; and the difficulty is that the contract impairment clause forbids State action under any
circumstances, if it have the effect of impairing the obligation of contracts.
That clause restricts every State power in the particular specified, no matter
what may be the occasion."
In concluding, the dissenting opinion void:
"I quite agree with the opinion of the court that whether the legislation
under review is wise or unwise is a matter with which we have nothing to
do. Whether it is likely to work well or work ill presents a question entirely irrelevant to the issue. The only legitimate inquiry we can make is
whether it is constitutional.
"If it is not, its virtues, if it have any, can not save It; if it is, its faults
cannot be invoked to accomplish its destruction. If the provisions of the
Constitution be not upheld when they pinch as well as when they comfort,
they may as well be abandoned."
Comments by legislators on the Supreme Court's ruling included praise by Democrats and insurgent Republicans,
while some Administration critics were said to believe that
there was much difference between affirming emergency
powers of a State and asserting the right of Congress to pass
emergency laws that would affect the whole Nation.
Representative James M. Beck, in an article copyright
Jan.9 by the Associated Press, minimized the importance of
the Court's decision, which he said was concerned only with
a particular piece of legislation in Minnesota, and not with
the power of Congress to enact emergency laws. Other Congressional leaders were quoted as follows in a Washington
dispatch of Jan. 9 to the New York "Times":
Speaker Rainey declared the decision indicated that the Supreme Court
would "sustain every code thus far enacted or hereafter enacted to get the
country out of the depression."
Expressions of others on the subject were as follows:
Senator Adams, Democrat—I would say it is the Twenty-second Amendment to the Constitution. The Court recognizes that public necessity must
he the predominant consideration in an emergency. It is not the first time
the Constitution has been amended by the Court. I am in favor of the de'
eision, but I recognize that it involves a stretch of the Constitution. The
Supreme Court, it has long been recognized, is not only judicial but legislative.
Senator Norris, Progressive Republican—I am glad of it. It will convince everybody, including the Supreme Court, that we are trying to save
this country. It will tend to back up those who are seeking to reinforce
the recovery legislation by amendment.
Senator Byrnes, Democrat—I have said that the glory of this country
is that at all periods in time of crisis the courts as well as other branches of
this government have as a rule responded to the overwhelming will of the
people. The decision is a recognition of the fact that the Constitution is
an instrument that must change with the changing conditions of our existence.
Senator Johnson, Progressive Republican—It is a far-reaching opinion
that will have a tremendous effect upon the recovery program. I regard
.
it as a most excellent decision.
Senator Bankhead, Democrat—I think it is sound. It's in line really
with former precedents. The Supreme Court heretofore has sustained emergency legislation. We have been acting on that doctrine all the time. The
decision in the Minnesota case foreshadows that the recovery legislation will
be held constitutional.
Senator Robinson of Ind ana Attacks "Mad Expenditures" Listed in President's Budget Message—
Cal s Budget "Worse Than Wartime"—Senator
Robinson of Arkansas Declares Administration's
Financial Program Is Most Honest Ever Presented.
A Republican attack upon the Administration's recovery
program featured debate in the Senate on Jan. 8, when
Senator Robinson of Indiana sharply criticized the President's message to Congress and condemned the "mad expenditures" listed in the budget message. Republican leaders
said the attack did not represent any set party program, but
should be considered as an expression of individual opinion.
Senator Robinson of Arkansas, Democratic floor leader, in
replying to the criticism of the Senator from Indiana,
characterized his speech as "an unjust and unfounded attack
on the President." We quote further from a Washington
dispatch of Jan. 8 to the New York "Times" regarding the
Senate proceedings on that day:
The Senate adopted a resolution offered by Senator Carey of Wyoming,
requiring the Secretary of Agriculture to report on the money spent in the
corn and hog program, and another sponsored by Senator Vandenberg of
Michigan seeking a report on the amount of processing taxes collected and
the cost of administration.The information, it is understood. may be used
in attacking the farm-relief policy.
Jan. 13 1934
Another significant action on the part of the Republicans was the issuance of a pamphlet by the Republican National Committee entitled "Which
Way?" It criticized the Administration's monetary program and budgetary plans.
These three moves indicate, observers said, that the minority intends to
become vigorous in reviewing the Administration's accomplishments.
Policy on Veterans Denounced.
Senator Robinson of Arkansas interrupted to ask whether the speaker
made no distinction between ordinary and emergency expenditures.
"There was no distinction made in the last Administration in these
expenditures," the Republican replied, "but even with the distinction, I
insist that we are plunging into national disaster by these wasteful expenditures.
"We were informed last year that it was necessary to remove disabled
veterans from the hospitals to balance the budget. Now we find that the
Government was spending millions without restraint, and the lame and
sick who fought for their country were turned into the streets so that the
Civilian Conservation Corps camps could be kept up. Everything was
doen for the tax dodgers and Wall Street. but nothing for the veterans."
Asked by Senator Logan of Kentucky what he meant by "mad spending,"
Senator Robinson said the money expended for the 1,450 COO camps was
one instance of such spending.
He said the former soldiers were deprived of hospitalization and allowances so that the boys might be taken care of, and that veterans were thrown
out of hospitals to take care of the sick civilians.
According to him there were 400 men from the CCC camps at Walter
Reed Hospital and only four veterans.
"Honest Budget" Defended.
Senator Robinson of Arkansas, in replying, admitted that the fiscal
affairs of the Nation were cause for concern. At the same time, he said
that the Indiana Senator's charge that President Roosevelt had not been
frank in his budget message was "unjust and unfounded and a gratuitous
attack upon the President."
The Democratic leader said the budget message was the most honest
that ever was sent to Congress, and he left it to members of Congress and
the press gallery to bear him out.
Continuing, he said:
"Compare it in general terms with those budget messages about which the
Senator from Indiana remains silent—budget messages which claimed that
just around the corner the budget would be balanced, that there was no
substantial difference between expenditures and outlay, when experience
showed that deficits were growing all the time during the Administration
that immediately preceded the administration of President Roosevelt.
"Instead of giving you figures to enable you to mislead the country.
If you desire to do so; instead of causing you to represent that no deficit, no
substantial deficit, existed, the President rather exaggerated the deficit."
He then went on to denounce the Indiana Senator's charges that the
Roosevelt program was in the interest of Wall Street and opposed to the
welfare of the farmers and the public in general.
In its contribution to the first day's attack upon the Administration, a
Pamphlet issued by the Republican National Committee declared that
"Administration squandering blocks recovery and invites wild inflation."
The unbalancing of the budget, it asserted, "cannot but impair national
credit," and, if the program is carried out to the full extent, "would force
the Administration to resort to uncontrolled inflation."
Bill Extending Life of RFC for One Year Approved by
Senate and House Committees—Lending Power of
Corporation Increased by $850,000,000 to $3,750,000,000—Rejection of Proposal to Make Debentures
Eligible for Rediscount with Federal Reserve
Banks.
On Jan. 10 approval was given by the House Banking and
Currency Committee to the Reconstruction Finance Corporation bill prolonging the life of the Corporation until Feb. 1
1935, and increasing its revolving fund by $850,000,000,
making a total of $3,750,000,000 available for loans. The
New York "Journal of Commerce" in indicating this in its
Washington advices Jan. 10 added that the measure, which
is in identically the same form as approved by the Senate
Banking and Currency Committee on Jan. 9, was scheduled
to be reported to the House on Jan. 12 with the likelihood
of its passage this week. A proposal to make the bonds and
debentures of the Corporation eligible for rediscount with
Federal Reserve banks was rejected by the Senate Committee on Jan. 9, and on Jan. 10 the House agreed to the
Senate Committee's action. The bill was drafted by the
RFC which had proposed that the life of the Corporation be
extended for three years, that its revolving fund be increased
by $1,000,000,000 and that its securities be eligible for rediscount by the Reserve banks. The proposals were laid
before the Congressional leaders on Jan. 9 by Jesse H.
Jones, Chairman of the Corporation. In addition to the
extracts given above from the Washington dispatch Jan. 10
to the "Journal of Commerce" we also take the following
from the same account:
Drive Seen in House.
A drive to broaden the provisions of the Reconstruction Finance Corporation Act to authorize loans to small industries, meanwhile, was reported
likely in the House despite opposition of the Administration. Chairman
Jones of the RFC told the House Banking Committee that he regarded
such proposal almost impracticable.
Sponsored by the Republicans and favored by not a few Democrats, an
amendment to this effect is expected to be offered from the floor when the
measure is called up for consideration. It is the view of those supporting
the proposal that small industries are especially in need of capital and have
found it exceedingly difficult to secure loans from the banks.
Approval of the House bill following announcement before the Committee
by Chairman Jones that the measure as received by the Senate was not
objectionable to President Roosevelt, although he would prefer that the
lending powers of the Corporation be extended for three years and its
revolving fund increased by $1,000,000.000.
Volume 138
Financial Chronicle
259
Gives Rediscount Views.
Chairman Jones said also that the Administration would not insist upon
a proposal that the notes and debentures of the Corporation be made
eligible for rediscount at the Federal Reserve banks, although he declared.
such provision would be of advantage to certain large banks which have
accepted the debentures instead of cash when the banks sold their capital
stock to the Corporation.
"They would be better bonds for the bank portfolios," he said. "if they
could be rediscounted at Reserve banks.
Mr. Jones revealed that, while the rediscounting privilege was favored
by the Board of the RFC, he personally had been opposed to the plan.
There should not be too many agencies engaged in the financing of the
RFC, he contended.
"Too many cooks spoil the broth," he added. "and for this reason I
have always insisted that the Corporation's money should come through
the Treasury."
Council. This Council will have in each State a State Director, to be advised by a State Advisory Board composed largely of the personnel of the
State and district recovery boards.
"With full recognition of the burden which they are called on to assume
I ask the State and district recovery boards to continue to serve until the
State advisory boards are established and to join with the State advisory
boards when they are ready to function."
Funds from RFC and
Re-lend Them to Publishers.
The following United Press account from Raleigh, N. C.,
Jan. 6 is from the New York "Herald Tribune":
The eggs will be handled by the distribution centers of the Department
of Public Welfare, which has been giving relief families allotments of
pork, beef, butter, bread and other commodities.
Buffalo, Syracuse, Albany. Poughkeepsie and smaller cities throughout
Ulster. Orange and Rockland counties will also receive eggs to-day.
By the end of the week all welfare districts in the State will be receiving
eggs, which will be given at the rate of two dozen to each family in January.
A total of 1,200,000 dozen eggs will be distributed by the end of the
month, at which time it is believed the surplus will have been materially
reduced. At that time fresh eggs begin to come on the market and reduction of the surplus will be a substantial aid to prices, according to
officials.
Corporation Formed to Borrow
A corporation to borrow funds from the Reconstruction Finance Corporation and relend them to publishers was organized here to-day at a meeting
attended by newspaper men from several States. It will be known as the
Publishers' Finance Corporation.
Applications for loans of approximately 81,000,000 from publishers in
North Carolina, South Carolina, Texas, Oklahoma. Arkansas, Georgia,
Florida, and Pennsylvania already are on hand. The new corporation will
borrow RFC funds at 4% and relend them at 6%•
Under an RFC ruling, the good will of an established newspaper will
be considered good collateral for the loans. The corporation, to be incorporated in North Carolina, with authorization to do business in other
States, is to be empowered to make loans to daily and weekly newspapers.
magazines, printing concerns, newspaper syndicates, machinery manufacturers, advertising agencies, book publishers and supply companies.
Offices have been established in the "Raleigh Times" building, with
John A. Park, publisher of "The Raliegh Times," as General Manager.
Mr. Park will go to Washington Monday and attempt to get prompt action on the application for loans already filed. Officers elected are John A.
Park, Raleigh, President; D. H. Ramsey, Asheville, Vice-President;
Victor Stonebanks, Raleigh, Secretary-Treasurer; directors, James P.Stone.
Greensboro; Miss Beatrice Cobb, Morgantown, and G. G. Hazel, Bennettsville, S. C. Two more directors are to be named later.
Joseph V. McKee Appointed Special Counsel to RFC
in New York City —Appears at Hearing on Plea
by Insurance Superintendent for Sale of Gulf
States Steel Stock.
Joseph V. McKee, Recovery party candidate for Mayor of
New York City at the 1933 election, has been appointed
special counsel to the Reconstruction Finance Corporation.
This appointment became public on Jan. 8 when Mr. McKee
attended a hearing before Supreme Court Justice Alfred
Frankenthaler on an application for the sale of a block of
stock of the Globe and Rutgers Fire Insurance Co., which has
borrowed $12,000,000 from the RFC. The New York "Times"
of Jan. 9 reported the hearing as follows:
The application by the Insurance Superintendent as rehabilitator of the
Globe and Rutgers Co. was for the approval of an offer of $35 a share for
15,909 shares of the Gulf States Steel Co. of Birmingham, Ala., made by the
banking firm of Field, Glore & Co. Although the stock has been selling for
$21 in the market, the proposed sale was opposed by the directors because
of their belief that they could obtain a higher price.
The hearing disclosed that several large steel companies are competing for
control of Gulf States Co. not only because it operated with a profit last
year but because a substantial increased business is expected on account of
the Federal power project in the Tennessee River Valley.
John C. Farber, special counsel to Superintendent Van Schaick, said that
his financial advisers had suggested that the offer be accepted, and said that
It would lapse if not taken before 9:45 o'clock this morning. Alfred Jaretzki,
counsel for the directors, said that the offer was too low in view of the
company's excellent position. He said that Field, Glore k Co. was acting
for the Republic Steel Co. and that the purchase of the block would probably
carry control of the Gulf States Co.
Mr. Jaretzki said that the other large steel companies have been trying to
gain control and that the stock is held so closely that not more than 200
shares had been traded in weekly in the market. Justice Frankenthaler gave
the attorneys a few hours to get a bid of $40 a share, but when told that it
could not be obtained and that a bid above $35 was speculative, he signed
the order.
Mr. McKee, who is also general counsel to the Title Guarantee & Trust Co.,
spoke briefly at the hearing and said that he took a neutral position. He
asked that the best interest of the company be considered.
Massachusetts State Recovery Board Asked to Continue
—Letter From President Roosevelt Urges Members
to Carry On.
The Massachusetts Sta‘e Recovery Board, which had
expected und r the original plans to end activities the last
day of the year wi h all indirstries under permanent codes,
received a request from President Roosevelt on Dec. 23 to
continue until State Advisory Boards, now being foi med,
are established. We quote from the Boston "Herald" of
Dec. 24 in which it was also stated:
The President's letter, I ddressed to all members of the Board and received
by Edward A. none, Chairman, read as follows:
"Some time ago I selected you as a member of one of the recovery boards,
in which capacity you have cheerfully served without compensation in this
great drive for national recovery and have rendered valuable service to the
National Recovery Program, for which I wish to express to you my sincere
appreciation.
"To consolidate and co-ordinate the emergency activities of the Federal
Government I have found it advisable to create the National Emergency
Distribution of Eggs to Needy by Federal Surplus
Relief Corporation.
Distribution of surplus eggs at the rate of 30,000 dozen
a day was scheduled to begin in New York on Jan. 9, with
funds supplied by the Federal Surplus Relief Corporation
to reduce agricultural surpluses and to supply food for
the needy. From the New York "Times"of Jan.9 we quote:
Reduction in Storage Holdings of Butter Through
Federal Purchases—Report Summarizing Purchase
Operations.
Under date of Dec. 16 it was stated that within the
next two weeks the Federal Government's butter purchase
program will have reduced the commercial holdings of butter
in storage to within 7,000,000 pounds of the five-year
average for Dec. 1. This was announced by Secretary
Wallace in a report summarizing the butter purchase operations, as follows:
The plan involves the purchase, or commitment to purchase, a total
of 61,071,626 pounds of butter. This butter is for distribution through
the Federal Surplus Relief Corporation to the needy unemployed. It
was worked out by dairy co-operative leaders in co-operation with Secretary
Wallace and Harry L. Hopkins, director of emergency relief. The major
Portion of the butter was bought by the Dairy Marketing Corporation,
an industry-sponsored Corporation established under authority and supervision of Secretary Wallace.
Deducting the total Government purchases, actual or committed, the
amount of butter left in storage to move through ordinary commercial
channels is 77.018,374 pounds. This is only 7,000,000 pounds in excess
of the five-year average storages recorded for Dec. 1.
The coat of the butter purchase enterprise to date has been borne by
the Agricultural Adjustment Administration, which has allocated $11,250,000 for the purpose. The sum was advanced by the Treasury against
the processing tax to be levied upon milk and its products early in 1934.
The operation has been successful not only in removing nearly all of the
abnormal part of the surplus butter from commercial channels, but also
provides the Federal Emergency Relief Administration with butter supplies
to feed needy persons who otherwise would have a deficiency or absence of
butter in their diet.
Not only butter but cheese purchases are covered in the program. Mr.
Hopkins will in a few days call for bids on 4,500,000 Pounds of cheese.
Department of Agriculture funds to the extent of 8600,000 have been
allotted for this purchase.
Out of the 61,000.000 pounds total of butter. 43,060.626 pounds already has been purchased. The FSRC is in the market at present for an
additional 3,011,000 pounds. This quantity will supply areas not normally served through primary markets. Bids are to be opened on Dec. 28
for an additional 15,000,000 pounds. This will make up the total of
more than 61,000,000 pounds of butter.
The five-year average storage as of Dec. 1 is 70.019,000 Pounds. As
of Jan. 1 the five-year average is 47,561,000 pounds. Agricultural executives perceive further optimistic phases of the situation because of the
approach of the season when production normally declines, consumption
normally increases, and rising payrolls, due to increased employment.
are certain to improve the demand.
The agreement with co-operatives on the purchase program became
operative Oct. 25, and purchases have been made daily since that time
in New York and Chicago, and more recently in San Francisco, Portland
and Seattle.
Competitive bids for the 3.011,000 pounds will be opened at the offices
of the FSRC next Tuesday. Dec. 19, at 3 p. m. These purchases are
to be made in cities remote from New York, Chicago, and the West Coast
cities where previous purchases have been made. A primary consideration has been the requirement for relief needs in the area served by each
of these cities.
The considerations of production, consumption, existing storage stocks,
conditions in past years, relief requirements, and desire to obtain the
maximum benefits for the producers from the expenditure of available
funds, have determined the whole course of action as to butter.
The purchase was undertaken following a commitment by co-operative
leaders to support an effective production adjustment program.
Discontinuance of Purchases of Surplus Butter
Through DMC with Funds of AAA—Action Does
Not Affect Purchases by FSRC.
Termination of butter buying on the primary markets of
the country through the Dairy Marketing Corporation
with funds supplied by the Agricultural Adjustment Administration was announced Dec. 15 by Secretary Henry A.
Wallace. The announcement said:
Notice was sent to-day to the DMC at Chicago by the Secretary of
Agriculture that the agreement in effect with that Corporation since
Oct. 17 1933 would be terminated at midnight Dec. 16 1933.
This complies with the provisions of the existing agreement between
the Secretary of Agriculture and the DMC, and concludes the series of
260
Financial Chronicle
butter purchases made by the DMC for resale and distribution to the
needy and the unemployed.
Pt This action in no way affects butter or cheese purchases being made
Independently by the FSRC for relief purposes. It follows an announcement earlier in the day that the Government has purchased or made definite
commitments to purchase a total of 61,071,626 pounds of butter up to
the close of business Dec. 16.
Jerome N. Frank, General Counsel for Agricultural
Adjustment Administration Says Present Experimentation Is Imperative Necessity—"Old Dealers"
Opposing Experiment Classed as "Extreme Radicals."
An effort to preserve the profit system, by eliminating its
worst evils and increasing its advantages to the people as a
whole, is a major objective of the Roosevelt New Deal,
Jerome N. Frank, General Counsel of the Agricultural
Adjustment Administration, said in an address on Dec. 30
at the meeting of the Association of American Law Schools
in Chicago. The real enemies of the profit system and those
who are making the Roosevelt Administration's task most
difficult, Mr. Frank said, are those who resist all attempts
at reform and devote all their efforts to perpetuation of all
features of the existing system, without any abatement of
its worst evils. Mr. Frank characterized these opponents
of reform as being, in the truest sense, the "radicals" whose
efforts, if successful, might lead to a destruction of the present
social order.
In part, Mr. Frank said:
It may be worth while to note that the experimentalist lawyers are not
the products of any one law school. They come from Columbia, Yale,
Harvard, and the law schools of the Middle and Far West. The experimentalist attitude may have been fostered, in its inception, at Columbia
and Yale, but to-day it is an attitude which has spread everywhere. It
Is part of the spirit of the times.
I have said that these experimentalist lawyers worked admirably with the
experimentalist economists. I might have said that they and those economists often play interchangeable roles, the lawyers thinking in terms of
experimental economics, the economists thinking in terms of experimental
jurisprudence. It is perhaps because their thinking contains this experimental economic element that these lawyers are denounced as radicals.
Of course the term radical is merely a verbal brick. In place of giving
reasons for disagreeing with an idea, it is the habit of some people to refuse
to make their objection explicit, but instead to try to demolish the proponent
of the idea with an emotion-stirring epithet.
The fact is, that if the word radical means a ruthless thoughtless destroyer
of cherished institutions, those who pose as the enemies of the so-called
radicals are themselves the most dangerous of radicals. They are recklessly ignoring the gravest kind of evils, which rather than the correctives
being applied to those evils, are the real dangers to the social order. For
If force ever undermines the present American system, it will be because of
the stubborn and blind refusal of a few powerful beneficiaries of the old
order to accept improvements, and of their attacks on and obstruction to
needed revisions, of traditional business practices. Let me briefly indicate
what I mean.
The majority of the American people are still devoted to the profit
system. They still believe that there is substantial worth in using the desire
for individual profit as one of the important incentives in getting done the
necessary work of the world. Although the profit system, as it has worked
recently, seems to have worked poorly. most Americans believe that,
properly controlled, it can work well. As long as the majority of the
American people continue to cherish that system, it would be impossible,
even if it were considered desirable, to abandon it completely in favor of
another system. To do so would be to fly in the face of our current folkways. The course of the wise statesman to-day is clear, if he wishes to
avert complete breakdown. He will seek, so far as possible, to eliminate
the evil aspects of the profit system. He will give that system a fair trial.
For the truth is that the profit system has not heretofore been given a
fair trial. As I see the New Deal it is to be an elaborate series of experiments which will seek to ascertain whether a social economy can be made
to work for human welfare by readjustments which leave the desire for
private financial gain still operative to a considerable extent. It will
permit the profit system to be tried, for the first time, as a consciously
directed means of promoting the general good.
We are to use the method of trial and error to determine whether, when
modified so as to make it work at its best, the profit motive can or cannot
adequately promote social well-being. It is no longer to go on uncurbed.
anarchistically, and unguided. We are to have the opportunity to see
whether an intelligently controlled profit economics (supplemented by
Important non-profit devices such as Public Works, Civil Works Administration, the Federal Surplus Relief Corporation and others) can bring
an abundant and secure life to the majority of our citizens. We have
witnessed in the past few years how profit economics, if not intelligently
directed, can lead to a smash-up. Our people have lost faith in the hit
or miss way of running our industries and our agriculture. But the Old
Dealers,in or out of politics, refuse to recognize the dangerous antagonism
of the bulk of our people to the old ways in their undirected form. The
Old Dealers want to restore both the evil and the good of the 1925-1929
days. If they were successful, they would in short order destroy completely what perhaps can be preserved of those old ways. In their indiscriminate reverence for the past, they are inviting chaos and perhaps violent
destruction.
And yet they hurl the word radical at those who are trying to find out
whether, stripped of its worst features and intelligently revised, the traditional economics of America can, in part, be conserved. They denounce
those, engaged in that experiment, who would eliminate any small feature
of the pre-existing anarchistic method of conducting industry or banking.
They are playing the role of the Bourbons, they are fostering violent
change,in their resistance to unavoidable modifications of institutions whose
uncontrolled workings have produced untold miseries and consequent
discontent.
I cite the following as an illustration of the extreme and absurd character
of their opposition to changes in what they consider the sacredness of the
old order. There is an industry the components of which have frequently
been in the courts with respect to their alleged violations of the anti-trust
laws. They have asked the Secretary of Agriculture to enter into an
agreement with them which would grant them substantial exemptions from
the rigors of the Sherman Act. It has been suggested that if those ex-
Jan. 13 1934
emptions are granted to that industry, thus reversing a 40-year-old governmental anti-trust policy, the Secretary should reserve the right to examine
their books (of course, keeping confidential the information he thus obtains), since in no other way than through such access to the books can he
accurately ascertain whether and to what extent the industry exercises
these exemption privileges in the interest of or adversely to the farmers
and consumers. This right to examine books has been generally asked by
the AAA of industries seeking such exemptions, and, this right has been
generally granted. Yet this particular industry has repudiated the suggestion that it be treated in like manner, intimating that those who advocate such book examination are dangerous revolutionaries who are
seeking to subvert the funamental principles on which American business
has been conducted and threatening to overturn the profit system in toto.
Their attitude is almost humorous when it is remembered that the Bureau
of Internal Revenue already has complete access to their books. This
kind of resistance to such moderate measures is indicative of the die-hard
Bourbonism which condemns any change as dangerously destructive. For
It indicates that there are still some rock-ribbed standpatters in this country
who have forgotten all too soon the disastrous adventures of 'mull and
Kreuger, the closing of the banks, the shutting down of schools, the horrors
of unemployment, the outrageous consequences of an unplanned economy
to millions of farmers and their families. In their stupid forgetfulness,
they urge us to go back as soon as possible to an era of drunken prosperity
which led inevitably to this prolonged and horrible morning-after. But the
bulk of our people are not thus forgetful. They want peaceful, tranquil,
well-ordered lives. . . . The Old Dealers, I repeat, in their blind opposition to the great experiment, are indeed the extreme radicals. For the
Bourbons are always the fomentors of violent and destructive revolution.
As a result of an economic catastrophe, we are in the midst, then, of a
period when experimentation is an imperative necessity. The old folkways brought us to the verge of breakdown. Those folkways need to be
revised. And a great leader is hard at work on that job. He is trying to
give the forgotten man a decent life, free of gnawing insecurity and with
adequate leisure—aims made possible of achievement by the remarkable
accomplishments of applied science in modern times. Perhaps within the
near future these alms can be worked out. If and when they have, then
perhaps experimentation can be diminished (although I happen to believe
that it has a permanent value). But in the present crisis it is indispensable.
In that crisis, experimental jurisprudence can and should perform an important and useful function. And. I submit, a jurisprudence which does
not to-day, in some measure, fulfill that function is of little value.
President Rescinds Executive Order Requiring Approval of Budget Director for Relief Expenditures—
Bureau Heads Had Protested that Relief Might
Be Delayed—New Order Merely Requires Weekly
Accounting After Funds Are Allocated.
President Roosevelt on Jan. 6 issued an Executive Order
which rescinded another Executive Order promulgated only
three days earlier, placing all relief and recovery expenditures under the direct authority of Lewis W. Douglas,
Director of the Budget. Dispatches from Washington
said t hat the earlier Order was reversed following protests
by the heads of the Administration's emergency bureaus
that it was contrary to the basic idea of speeding relief.
In the original order the President had stipulated that
all allocations of relief funds, whether by the Public Works
Administration, the Civil Works Administration, the
Agricultural Adjustment Administration or other similar
organizations, be submitted in advance to Mr. Douglas
for his approval.
The Executive Order of Jan. 6 substituted for these
provisions only the requirement that weekly reports be
made on all such allocations, thus leaving to Mr. Douglas
the responsibility of keeping them tabulated and making
such recommendations to the President "as he deemd asvisable." The text of the Executive Order of Jan. 6 follows:
EXECUTIVE ORDER.
Regulating the further allocation and obligations of emergency funds:
I By virtuelof the authority vested in me as President of the United
States, it is,hereby ordered that all Executive Departments (other than
the Treasury Department), independent establishments, agencies and
instrumentalities of the United States, including corporations without
capital stock:which are owned by the Government and corporations with
capital stock of which 50% or more is owned by the Government, except
corporations which were in existence prior to Jan. 1 1932, shall hereafter
submit to the Director of the Budget a weekly report containing an itemized
statement of all allocations of funds made during the preceding week
out of any emergency appropriation or other available emergency fund
and a weekly report containing an itemized statement of all obligations
Incurred during the preceding week for the expenditure of any emergency
appropriation or other available emergency fund. Such reports shall
Include the/allocations of funds and the incurring of obligations through
the issuance of certificates.
iThe Director of the Budget shall keep a current compilation and tabulation of the above-mentioned allocations and obligations so reported
and from time to time make such recommendations thereon to the President
as hemay deem advisable.
Executive Order No. 6548 dated Jan. 3 1934, is hereby revoked and
•
and rescinded.
FRANKLIN D. ROOSEVELT.
The White House, Jan. 6 1934.
A Washington dispatch of Jan.8 to the New York "Herald
Tribune" contained the following comment on the new
Executive Order:
The!new Order does not affect a companion provision of the original
Order which authorizes the Comptroller-General to audit emergency
expenditures as of the normal operating expenditures of the Government.
The White House said that the new Order had been read to Mr. Douglas
In New AYork over the telephone, and that he had acquiesced.
Mr. Douglas had clashed repeatedly with the liberals of the Administration on the ipolicy of "shoveling out" emergency funds. Professor
Rexford 0. Tugwell, Assistant Secretary of Agriculture, was a leader in
the opposite school of thought. After a decisive defeat on this issue.
Volume 138
Financial Chronicle
Mr. Douglas, a fellow member of the Public Works Administration Board,
had ceased to attend the Board meetings. The order for a pre-budget and
post-audit, announced in the President's budget, had been regarded as
a compromise concession to Mr. Douglas and to the conservative influence
he reflects, to offset the "shock" of the projected $10,000,000,000 spending
program for the next 18 months.
Wholesale Food and Grocery Trade Code Operative,
Affecting 13,000 Establishments and 185,000 Employees.
A code of fair competition for the wholesale food and
grocery trade became effective Jan. 11, following its approval on Jan. 5 by President Roosevelt. The code,
which is one of those recently transferred to the National
Recovery Administration from the Agricultural Adjustment
Administration, will affect about 13,000 establishments
havilig net sales of $9,537,322,597 in 1929 and employing
about 185,000 persons. It provides for a work week of
44 hours, or an average reduction of 15 hours, and its
sponsors expected that it will result in a 15% increase in
employment. Minimum wages are fixed at $14.50 per
week in cities of more than 500,000; $14 in those of between
100,000 and 500,000; $13 in those between 25,000 and
100,000 and $11 in smaller communities. President Roose.
velt added the following clause to the code
The Administrator shall have power upon review to disapprove any
act of the code authority.
Grover A. Whalen Resigns as New York City NRA
Administrator and as General Manager of Wanamaker Store—Elected Chairman of Schenley
Affiliates, Liquor Group—Will Retain Retail
Code Post.
Grover A. Whalen on Jan. 7 made public the text of a
letter which he had sent to General Hugh S. Johnson,
Recovery Administrator, in which he resigned his post as
New York City National Recovery Administration Administrator. Mr. Whalen at the same time announced that
he had also resigned as General Manager of John Wanamaker
of New York and that on Jan. 15 he will become Chairman
of the Board of the Schenley Affiliated Corporations, a group
of distilleries, wineries and associated sales and warehouse
organizations. Mr. Whalen said that he had designated
Henry F. Wolff, Deputy NRA Administrator, to assume
charge of the local NRA work until such time as General
Johnson appoints a successor. He announced that he would
continue his association with the New York Retail Code
Authority, which he organized and of which he is Chairman.
More than 60,000 merchants are under the jurisdiction of this
Authority in its enforcement of the retail code. Mr. Whalen's
letter of resignation to General Johnson follows:
Jan. 6 1934.
General Hugh S. Johnson:
National Recovery Administrator, Washington, D. C.
Aly Dear General:
On Aug. 1 1933 you appointed me Chairman of the President's Emergency
Re-employment Committee for the City of New York. During this period
have enjoyed working under your inspiring leadership and am happy to
nave made a small contribution toward the success of the National Recovery
Administration. You set a swift pace for the NRA throughout the country
and we in New York have tried our best to keep up with you.
The NRA work in this city is thoroughly organized and the several
compliance boards will effectively function under the President's re-employment agreement until such time as the permanent national recovery machinery is established
Many pressing business obligations confront me which demand all of my
time and attention. I feel at liberty under the circumstances, without In
any way injuring the local administration of the NRA. to tender you my
resignation, effective at the close of to-day, Saturday Jan. 6 1934.
My final report as Administrator of the NRA for the City of New York
from its inception to date will be forwarded to you shortly. I have requested
Deputy Administrator Henry F. Wolff to carry on the responsibilitks of the
local organization until such time as you appoint my successor.
May I add that Mr. Wolff has devoted his entire time to the arduous and
difficult work of the office of Deputy Administrator since the establishment
of the NRA in this city and I strongly recommend to you your favorable
consideration of his appointment as my successor pending the establishment
of a permanent organization.
With high personal regards,lam
Very sincerely,
GROVER A. WHALEN.
The New York "Times" of Jan. 8 added the following
details regarding Mr. Whalen's resignation:
In conjunction with a statement from the Schenley Affiliated Corporations, embracing 18 distillery, wine and food companies, announcing Mr.
Whalen's election as Chairman of the Board, Mr. Whalen issued a statement
In which he said:
"It is with deep regret that I leave my post as National Recovery Administrator for Now York City. The opportunity given me by the President
and General Johnson to co-operate in the great task of national recovery
was one which I embraced gladly.
-I feel confident that the NRA has laid the foundation of a new business
structure in this country, a basis upon which we can now proceed to build
a more solid and more equally distributed national prosperity.
"The severance of my connection as General Manager of John Wanamaker
of Now York is a step which I shall take with great regret and reluctance,
My years with that organization constitute the most happy period of my
life. I can never repay my debt to this great institution of business, or to
As President, William L. Nevin. It will always stand as one of the greatest
261
of American business edifices, and one of the bulwarks of our national
economic life."
Takes Rosenstiers Office.
The announcement of the Schenley Affiliated Corporations said that Mr.
Whalen's election as a member of the board and thereafter as Chairman of
the Board of Directors occurred at a meeting last Saturday. Mr. Whalen
was elected also a member of the Executive and Finance Committee.
Lewis S. Rosenstiel resigned as Chairman of the Board and was elected
Chairman of the Executive and Finance Committee. Harold Jacobi,
President of the corporations, completes the Executive and Finance Committee.
"It is expected that Mr. Whalen's wide experience in the fields of organizing, merchandizing and advertising will bring to the Schenley Affiliated
Corporations additional strength and make it the model for the industry,"
the announcement said.
The manufacturing plants of the Schenley Affiliated Corporations are
situated in the States of New York, Pennsylvania, Kentucky, Indiana and
Illinois.
Identical Bids Under Steel Code Force Navy Department to Draw Lots in Awarding Contracts.
Because of the stabilization of steel prices as a result of the
code for the iron and steel industry approved by President
Roosevelt on Aug. 19,so many identical bids on steel products
have been submitted to the Navy Department that the
Department has been forced to draw lots in awarding contracts, according to a Washington dispatch of Jan. 5 to the
New York "Times", which continued:
When identical bids are submitted on iron and steel products used for
the construction of war vessels or other navy purposes, all other elements
of the equation being alike, the names of the bidders on a particular lot
of steel are written on small strips of paper and encased in capsules. These
capsules are placed in a metallic tobacco humidor. A public drawing is
made in the presence of representatives of bidders, or others who desire to
be present, and the contract is awarded to the bidder whose name is first
drawn from the humidor.
This has been done in awarding contracts for navy steel cables, shapes,
bars, billets, plates, angle bars and other products of the industry covered
by the iron and steel code, which is administered by the board of directors
of the American Iron and Steel Institute.
This is no new practice in the Navy Department in making awards
when confronted by identical bids. It has been done for two decades,
officers said to-day, but not with the frequency that has been employed
since the National Recovery Administration put the steel code into effect.
The code provides for adherence to listed prices, which under the code
must be flied with the Secretary of the Iron and Steel Institute. The prices
also are subject to control by the Institute's directors, with notice of decisions of these directors to the President of the United States.
Officers of the Bureau of Supplies and Accounts, when asked how resort
to the laws of chance had operated in making awards under tie bids, asserted
that it had resulted in what appeared to be a broad and equitable distribution of awards to navy steel bidders.
General Johnson Approves Modification of Automobile
-Hour Week, Increase of Five
Code to Permit 40
Hours—Action Taken to Prevent Lay-Offs After
Spring Production Rush.
General Hugh S. Johnson, Recovery Administrator, on
Jan. 8 approved a modification of the automobile code to
permit the factories to work their employees an average of
40 hours a week instead of the 35 hours originally specified.
This was the first increase in working hours to be made in
any National Recovery Administration code. The action
was taken, General Johnson explained, in an effort to prevent
the migration to Detroit and other automobile centers of
large numbers of automobile workers who would be discharged after the spring period of production. The change
was described in a special report to President Roosevelt
which contained a table showing a marked increase in
employment in automobile manufacturing plants. A Washington dispatch of Jan. 8 to the New York "Times" gave
further details as follows:
The last complete reports from manufacturers operating under the
code and who are members of the National Automobile Chamber of Commerce showed that in September 1933 employment was 150,756, as against
only 73,411 in September 1932 and 111,996 in September 1930. The
following table shows the number of factory employees of the reporting
members from 1929 to 1933 inclusive:
Year—
September.
September.I Year—
73,411
1929
194.27411932
150.755
1930
111,99611933
1931
113,1831
"This table indicates," the General pointed out, "that there were 77,345
more workers employed in September of 1933 than in September of 1932.
or an increase of approximately 105% and an increase of 38.760 workers
over the same month in 1930, or an increase of approximately 34%•
"The contemplated increase in automobile purchases in the spring
of 1934 would, under the present average of 35 hours a week, probably
result in again attracting a considerable number of men to Detroit and
other automobile manufacturing centers who would be without jobs after
the spring period of large production had passed."
General Johnson Rules United States Steel Corp.
Subsidiary Must Sign Labor Pact in Captive Mines
Case—Union Contract is Refused After H. C.
Frick Co. Denies Authority of National Labor
Board—Mines Reject Roosevelt Ruling of Last
October.
General Hugh S. Johnson, Recovery Administrator,
declared on Jan. 5 that the H. C. Frick Coal & Coke Co.,
subsidiary of the United States Steel Corp., must sign a
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Financial Chronicle
labor contract with John L. Lewis, International President,
and Philip Murray, Vice-President of the United Mine
Workers of America. The Frick Co. on the preceding day
had denied the right of the National Labor Board to compel
it to sign such a contract, which would involve the "checkoff" method of collecting union dues. A Washington
dispatch of Jan. 4 to the New York "Times" outlined the
principal features of the dispute as follows:
As a result of the stand taken by former Governor Nathan L. Miller.
the Steel Corp. attorney, the dispute in the "captive" mine case, which
has been going on since July, again will go to President Roosevelt and
General Johnson.
Before handing down its decision the Labor Board will ascertain from
the President and General Johnson their interpretation of the Presidential
agreement of Oct. 30 1933, under which the "captive" miners returned
to work.
Mr. Miller told the Board that the nick Co. would deal with John L.
Lewis, President, and Philip Murray, Vice-President, of the United Mine
Workers, but that the union men would be treated as individuals and the
company never would make a contract with the union. Nor would the
company arbitrate the question of union recognition, he said.
The case came before the Labor Board to-day as a result of the failure
of Mr. Murray and the representatives of the Frick Co. to arrive at an
agreement after negotiations had begun and when the miners in a group
of mines had chosen the union officials as their spokesmen for collective
bargaining.
Under the Presidential agreement of Oct. 30 1933, it was provided that
those elected by the men as their agents should confer with the "captive"
mine companies and that "if no agreement with the majority representatives
is reached in ten days the controversy will be immediately submitted by
both parties to the National Labor Board for decision and both parties
agree to abide by the decision."
When Mr. Murray appeared before the Board to-day he explained that
he had patiently negotiated with the agents of the Frick Co. at various
mines and that instead of ten days these negotiations had taken many
weeks. In the end there was disagreement, and he had therefore asked the
Board to take cognizance of the situation in pursuance of the Presidential
agreement.
Mr. Murray said he appeared out of courtesy, but that there was no
controversy that was within the scope of the Board's jurisdiction.
Mr. Lewis asked Mr. Miller if he would abide by President Roosevelt's
understanding of the Labor Board's jurisdiction under the Oct. 20 agreement. Mr. Miller said he was willing only that the Board should ask the
President to confirm his, the lawyer's, statement that the employers had
never consented to have the Board say with whom they should sign a
contract.
"General Johnson and the President will tell you that we told them from
the start that we would not make a union contract and wouldn't arbitrat
that question," he added. "That was what we were making our whole
fight on."
On Jan. 8 spokesmen for "captive" soft coal mines controlled by Pennsylvania steel corporations informed the
National Labor Board that they did not accept President
Roosevelt's statement of Oct. 30, which was to have settled
the dispute between the miners and their employers, as binding on the companies. A Washington dispatch of Jan. 8
to the New York "Times" added the following:
This argument was part of the defense offered liy R. G. Bostwick,
attorney for the Weirton Coal Co., subsidiary of the Weirton Steel Corp.,
and C. B. Randall of the Inland Collieries Co. The Department of Justice
Is preparing to submit to the courts Its case against the Weirton Steel Co.
for alleged violation of the NIRA.
Mr. Randall was asked by William Green, labor member of the Board,
if he would be willing to have the phase of the dispute under consideration
taken to the President, and he replied that the mine board would "naturally
act as it sees fit." Asked further if he would abide by the President's
decision, Mr. Randall replied:
"I cannot say at this time."
Many Codes Transferred from AAA to NRA by Executive
Order—Secretary of Agriculture Retains Certain
Powers on Trade Practices—NRA Labor Provisions
Unaltered in Codes Still Administered by AAA—
Text of Order.
A number of codes previously under the jurisdiction of the
Agricultural Adjustment Administration were transferred
to the National Recovery Administration under an Executive
Order issued by President Roosevelt on Jan. 9. The order
provided that in a number of codes transferred to the NRA
the Secretary of Agriculture is to retain jurisdiction over
certain trade practices. Questions involving jurisdiction
over any code will be settled by the NRA and the AAA,
with the final determination by the President if the two
recovery agencies are unable to agree. The order provides
for further shifting of codes upon agreement between the
heads of the two administrations. Labor provisions of all
pacts are to be retained by the NRA codes, which remain
under the jurisdiction of the AAA. The order lists such
codes as follows:
Anti cholera hog serum; cheese, corn millers, corn products; Cotton
Exchanges—New York and New Orleans, cotton traders, cottonseed crushing, cottonseed oil refining, egg and poultry, feed, hay and straw distributors, feed manufacturers, fruits and vegetables, fresh; grain, country
elevators, grain exchanges; grain, flour milling; grain, terminal elevators;
hog, exchanges, linseed oil, livestock marketing agency industry, malsters,
oleomargarine, poultry breeders, rice, stockyard operators,sugar exchanges,
sugar (beet) producing, sugar refining, tobacco, cigar manufacturing,
tobacco leaf dealers; warehouse, cotton; warehouse, refrigerated: warehouse, rice; warehouse, tobacco; warehouse, wool and mohair; butter.
cigarette manufacturers, ice cream, milk fluid, milk, evaporated, meat
packers and naval stores.
Ian. 13 1934
The Secretary of Agriculture is given authority to pass
upon the following provisions of codes transferred to the
NRA:
Prices of purchasers from producers and subsequent sale or disposition by
first processors or first processed articles; brokerage fees and commission
rates involved in purchases from producers; credits and financial charges.
with reference to agricultural products; purchasing arrangements with
regard to agricultural commodities in their original form; marketing quotas.
in connection with purchase and subsequent sale of agricultural commodities,
and plant capacities and (or) allocations.
The following codes were listed under the above provisions
of the Executive Order:
Beans (dried) shippers, broom manufacturing, canners, feed retail.
florists, hides and skins dealers, peanuts millers, pecan distributors, pecan
shelters, pickle packing, popcorn manufacturing, potato chip manufacturing,
preservers, rendering, seed producing and shippers, soy bean oil manufacturing and vinegar manufacturing.
All other codes before the AAA not covered by the restrictions pertaining to the pacts listed above are to be transferred to the NRA, without restriction. The Executive
Order read as follows:
By virtue of the authority vested in me by Title I of the National Industrial Recovery Act of June 16 1933 (Public No.67, 73rd Congress), Executive Order No. 6182 of June 26 1933 (as supplemented by Executive Order
No. 6207 of July 211933, and Executive Order No. 6345 of Oct. 20 1933)
which delegated to the Secretary of Agriculture certain of the powers
vested in me by the aforesaid Act, Is hereby amended as follows:
All the functions and powers heretofore delegated by said Executive
orders to the Secretary of Agriculture are hereby transferred and delegated
to the Administrator of the NRA excepting only as follows:
1. The functions and powers transferred and delegated In so far as they
relate to industries, trades, or subdivisions thereof which are engaged
principally In the handling, processing, or storing of agricultural commodities, principally domestic. up to and including the point of first processing and tht subsequent sale or disposition by the first processor (hereafter
for convenience referred to as "first processors"), shall not, without the
written approval of the Secretary of Agriculture, be exercised through
the fixation or control of:
(1) Prices in connection with the purchase of agricultural commodities
from producers and the subsequent sale or disposition by first processors
of the first processed articles.
(2) Brokerage fees involved in the purchase of agricultural commodities
from producers and the subsequent sale or disposition by first processors
of the first processed articles.
(3) Credits and financial charges with reference to agricultural products.
(4) Commission rates in connection with the purchase of agricultural
commodities from producers and the subsequent sale or disposition by
first processors of the first processed articles.
(5) Purchasing arrangements with regard to agricultural commodities
in their original form.
(6) Marketing quotas in connection with the purchase of agricultural
commodities from producers and the subsequent sale or disposition by
first processors of the first processed articles.
(7) Plant capacity and (or) its allocation.
This limitation upon the functions and powers transferred and delegated
is established in order that such subject matters may be dealt with by the
Secretary of Agriculture under Section 8 (2) and (or) (3) of the Agricultural
Adjustment Act without conflicting with the exercise of such functions
and powers by the Administrator of the NRA.
The industries and trades or subdivisions thereof covered by this Section I of this order are limited to(A)those listed in exhibit A hereto attached
and hereby made a part hereof and (B) such other first processors as have
not heretofore filed codes pursuant to the NIRA.
2. The functions and powers transferred and delegated shall not include
those relating to the following industries, trades and subdivisions thereof,
but such functions and powers with respect thereto shall continue to be delegated to the Secretary of Agriculture pursuant to and in the manner set
forth in executive order No. 6182. as supplemented by executive order
No. 6207 and 6345:
(1) Commodity exchanges;
(2) Industries, trades and subdivisions thereof engaged principally In
the handling, processing or storing of:
(A) Milk and its products, but excepting packaged pasteurized, blended
Or processed cheese.
(B) Oleomargarine and vegetable oils, but excepting soya bean oil.
(C) Cotton and cottonseed and their products, including ginning, cotton
seed crushing, cottonseed oil refining (excluding the manufacture of textiles
and processing and handling subsequent thereto).
(3) Industries, trades and subdivisions thereof engaged principally in
handling, processing or storing up to the point of first processing and the
subsequent sale and disposition by such processors of.
(A) Livestock and its products.
(B) Wheat, corn, rice and other grains, but excepting cereals, Pancake
flours, self-raising flours, cake flours and like products sold in grocery
store sizes and grocery store products of corn.
(C) Sugar and its products.
(D) Anti-cholera hog serum and virus.
(E) Naval stores.
(F) Tobacco and its products.
(4) Fresh fruits and vegetables and poultry and poultry products up to
and including handling in wholesale markets and the subsequent sale and
disposition by such handlers in wholesale markets.
Provided, however, that the functions and powers referred to in this
Section 2 shall be so exercised as to harmonize with the exercise of similar
functions and powers with respect to other codes approved by the Administrator of the NRA; but any functions and powers reserved to the Secretary
of Agriculture by this Section 2 so far as related to industries, trades or
similar subdivisions thereof which are engaged principally in the handling,
Processing, or storing of agricultural commodities up to and including the
point of first processing and the subsequent sale or distribution by the first
processor, shall not, unless the Secretary of Agriculture otherwise decided.
include or affect the subject matters referred to in sub clauses (1), (2).
(3). (4), (5). (6) or (7) of Section 1 of this order.
3. If a question should arise as to whether or not any specific trade,
industry or subdivision thereof Is. or is not, within any of the terms of
provisions of this order, the question shall be finally and conclusively
determined by written agreement between the Secretary of Agriculture
and the Administrator of the NRA:or if they do not agree, then the question
shall be submitted to the President whose decision hereon shall be final
and conclusive.
Volume 138
Financial Chrcnicle
4. Any functions and powers which are hereby delegated and transferred
to the Administration of the NRA or which have heretofore been delegated
to the Secretary of Agriculture by the terms of this order, may. by written
agreement between the Secretary of Agriculture and the Administrator
of the NRA, be redelegated to the Secretary of Agriculture or be delegated
to the Administrator of the NRA. as the case may be.
NRA Approves New Code Plan for Determining "Actual
Overhead"—Will Be Tested by Lumber Industry
for 90
-Day Period.
General Hugh S. Johnson, Recovery Administrator, on
Jan. 6 announced an innovation in code procedure by which
"actual overhead" will be determined for inclusion in the
-retail selling price of lumber, lumber products, building
materials and building specialties. The lumber industry
will use the statistical methods approved by the National
Recovery Administration for a 90-day test period. These
methods, which were formulated as the result of a Nationwide inquiry, specify that actual overhead includes two general items, "handling and 'delivery expenses," and "overhead
for selling and administration." A Washington dispatch of
Jan. 6 to the New York "Times" adds the following details:
The total of overhead revealed by the National Survey for Selling and
Administration was 33.77%. This figure includes executive salaries fixed
at 8.99%; office wages, sales salaries and commissions,6%,and other items
such as rent, taxes and interest on borrowed money. Hardly a detail is
overlooked, for selling and administration overhead also covers heat and
light, telegraph and telephone, travel expenses, memberships and dues,
and donations.
Under the code the country is divided into six wage areas. General
Johnson's order will permit the inclusion in the retail price of not to exceed
75% of the average in each area for "overhead for selling and administration."
In the case of lumber sold by the 1,000
-board feet, "handling and delivery expense" is fixed at about 17.77% of the actual cost of the merchandise. This varies from $6 per 1,000 feet in the 45 and 50
-cent an hour
wage area to $4.80 in the 25 and 30
-cent wage area.
The base from which the costing arrangement was made was the provision
In the code banning sales below cost, and cost was defined as including the
actual cost of the merchandise plus actual overhead.
General Johnson was assured that application of the cost formula now
approved would involve no more than a 2 to 3% increase in the retail price
to consumers.
List of Companies Filing Registration Statements
with Federal Trade Commission Under Securities
Act.
Since our issue of a week ago (page 58) wherein we gave
recent lists of registration statements filed with the Federal
Trade Commission under the Securities Act, additional
statements have been made public by the Commission. On
Jan. 6 the latter stated that security issues for more than
$5,000,000 of which close to $4,000,000 are for reorganization
projects had been filed with it. The]issues are listed as follows:
Crowley, Milner and Co. Debenture Holders Reorganization Committee
(2-540), Detroit, calling for deposit of 10
-year
% sinking fund debentures of which $3.261,000 are outstanding (market $905,000) in a reorganization plan for Crowley, Milner & Co., Detroit department store. Members of the committee are: Dr. James W. Inches, St. Clair, Michigan; and
Howard P. Parshall, Detroit. Person authorized to receive notices is E. B.
Schick, Assistant Treasurer, c-o Crowley, Milner & Co., Detroit.
Dawes Gold Mines, Inc. (2-541). Lovelock, Nevada, a Nevada corporation
owning mining property in Pershing County,Nevada,engaged in developing,
marketing and producing from raining properties, and proposing to issue
318,326 shares of common stock at a total aggregate price of $79.581.50.
Among officers are: E. M. Dawes, President and J. P. Dawes, SecretaryTreasurer, both of Fallon, Nevada.
Mariposa Gold Mining Co.(2-542). San Francisco, a Delaware corporation
with mining operations in Calavares County, Calif., proposing to issue
250,000 shares of common stock at an aggregate price of $250,000. Among
officers are: John A. Fazzi, President, San Francisco; R. J. Morgan, VicePresident; and J. R. needle, Secretary-Treasurer, both of Berkeley. Calif.
Neustachl Brewing Corp.(2-543), Stroudsburg,Pa.,a Delaware corporation,
brewer of beer and dealer in malt syrup, owning property in Pennsylvania,
New York and Delaware,and proposing to issue $359,325 worth of common
stock. Victor Neustadtl, New York City, is President, Treasurer, Executive and Financial Officer.
Western Dairies, Inc. (2-544), Los Angeles, calling for deposit pursuant
to a plan of reorganization or readjustment, certain securities of Western
Dairy Products Co., Seattle, and Western Dairy Products, Inc.. Los
Angeles, as follows: Western Dairies Products Co., 15
-year 6 % sinking
fund gold debentures, principal amount of $1,700,000 at 25—market value.
1425.000; Western Dairy Products Co., class A stock, 131,312 shares at
3H-3410,350; Western Dairy Products, Inc., 15
-year 6 % sinking fund
gold debentures, $1,866,500 principal amount at 463.6—$867,922.50;
Western Diary Products, Inc., preference stock series A, 44,000 shares
at 5—$220,000; Western Dairy Products, Inc., preference stock, series B,
4,985 shares at 5—$24,925; and voting trust certificates for class B stock
of Western Dairy Products Co., 294,478 shares at 1—$294.478 Total aggregate market value of securities: $2,242.675.50. The foregoing securities
are to be called for deposit in a plan for reorganization or readjustment of
Western Dairy Products Co. and Western Dairy Products, Inc. The
committee consists of the following: S. H. Berch, George W. Burt and
K. L. Carver, Los Angeles. Voting trustees for the class B stock of Western
Dairy Products Co. are: R. E. Campbell, Seattle. and S. H. Berch, Los
Angeles.
Western Dairies, Inc. (2-545). Los Angeles. and Voting Trustees for Common Stock of Western Dairies, inc., c Chase National Bank of the City
-o
of New York, organized primarily to provide financial relief for the Western
Dairy Products group consisting of Western Dairy Products Co., Seattle,
and Western Dairy Products, Inc., Los Angeles. The holding company
expects to acquire the outstanding securities of the two companies in exchange for its own stocks. It proposes to issue preferred and common stock
the latter to be placed in a voting trust. Preferred stock and voting trust
certificates for its common stock will be exchanged for securities of the two
263
old companies. Preferred stock, 3.000 shares, will be issued in the amount
of $150,000. The remainder of the shares are to be issued in exchange for
the below listed securities for which the aggregate market values are also
listed, as follows: 1,700,000 principal amount of Western Dairy Products
Co. 6;i% debentures due 1941 at 25—$425.000; 131,312 shares of Western
Dairy Products Co. class A stock at 33—$410,350; 294.478 shares of Western Dairy Products Co. class B stock (voting trust certificates) at 1—
$294,478; 1,866,500 principal amount of Western Dairy Products. Inc..
63i% debentures due 1942 at 46)4—$867,922.50; 44,000 shares of Western
Dairy Products, Inc., preference stock, series A at 5—$220,000; 4,985
shares of Western Dairy Products, Inc., preference stock, series B at 5—
E24,925. Total $2,392,675.59. Among officers are: S. H. Berch, Los
Angeles, President; George W. Burt, Les Angeles. Vice-President; R. E.
Campbell, Seattle, Secretary; and J. Frank Holt, Los Angeles, Treasurer.
Voting trustees are Messrs. Berch, Campbell and Holt.
Alaska Exploration & Mining Co., Ltd., Inc. (2-546), Pullman, Washington, an Idaho corporation, engaged in gold mining and qualified to do
business in Idaho and Alaska on properties near Talkeetna. Alaska. Amount
of offering is approximately 250,000 shares of class A non-assessable common
stock and an aggregate amount of $25,000. Among officers are: George T.
McMahon,President; J. E. McCoy, Secretary-Treasurer, both of Pullman,
Washington;and Fred Siegel, accountant and auditor. Spokane,Washington.
International Gold, Inc. (2-547), Pasadena, California, a Nevada corporation, dealing and investing in securities, principally gold and other
metal issues, proposes to offer $350,000 worth of common stock for capital
purposes. Among officers are: H. H.Carpenter, President; Ernest Green.
Vice-President; and R..1. Merrick, Secretary-Treasurer, of Pasadena, Calif.
Bear Gulch Placer Co.(2-548), Washington, D. C., a Maryland corporation
proposing to do placer mining. Company owns properties in Maryland
and Montana and proposes to issue $300,000 worth of capital stock for
the purchase of properties, equipment, and for other expenses. Among
officers are: W. R. Allen, Washington, D. C., President; H. M. Eakin.
McLean, Virginia, Vice-President; and S. Earl Taylor, Pasadena, Calif..
Secretary-Treasurer.
Stephenson Hotel Corp. (2-549), Hotel Freeport, Freeport, Illinois, proposes
to issue first mortgage bonds outstanding in an aggregate amount of $252.900, pursuant to a plan of readjustment or reorganization, the first mortgage
bonds to be altered and new interest coupons attached to bonds issued in
1928, reducing interest and extending time for payment of principal and
Interest. Person authorized to receive notice is Samuel M. Field, 220
Century Building. Milwaukee, Wis. Among officers are: Samuel M. Field,
President; Robert L. Reisinger, Treasurer; John H. Lange, Secretary.
all of Milwaukee.
The filing for registration, of $35,000,000 in securities
under the Securities Act was announced by the Commission
in a list made public Jan. 8. Among the larger issues are
$10,000,000 filed by an investment trust, $13,000,000 in
certificates of deposit for re-organization by a protective
committee for preferred stockholders of a large steel car
company, and approximately $8,000,000 in certificates of
deposit for proposed re-organization of a utility company.
The list was announced as follows:
Nation-Wide Securities Co. (2-550), Baltimore, Md., and Jersey City.
N. J., a Maryland corporation qualified to do business in Maryland, New
Jersey and Pennsylvania. proposing to issue capital stock in the amount
of 7,352,941 shares, representing a market value of approximately $10,000,000. Amounts received upon sale of capital stock are not to be allocated to specific purposes but devoted to general corporate purposes.
namely investment in securities as provided in the certificate of incorporation. Principal underwriter for the issue is Calvin Bullock (a New York
joint stock association), No. 1 Wall St., New York. Among officers are:
Calvin Bullock, Jersey City, President; Nathaniel P. Hill, New York,
Secretary; G. P. Parkerson, Jersey City, Treasurer; and Joseph Kinsella,
Jersey City, Assistant Secretary-Assistant Treasurer.
Committee for the Protection of Preferred Stockholders of Pressed Steel Car
Co. (2-551), McKee's Rocks, Pa., has filed for registration with the Federal
Trade Commission under the Securities Act certificates of deposit for a
proposed reorganization amounting to $13,601,500. The certificates are
for that amount of 7% cumulative preferred stock. Members of the
protective committee are: John F. Gilchrist, Dr. Max Winkler, Thomas J.
McMahon, Charles E. Weldon and Edmund Wright, all of New York.
Max McGraw ana Others (2-552). Chicago, a committee calling for deposit
of bonds, notes and stock of Central West Public Service Co., Omaha,Neb..
as follows: First Lien collateral three-year 5% gold bonds, series C—market
-year convertible
value, $455,000; three-year 7% gold notes, $15,000; 10
6% debentures, $28,200; preferred stock, series A, $2,925; preferred stock.
series B, $13,295.25. Total aggregate market value of the foregoing
5514,420.25. The issue also includes interest coupons maturing Nov. 1
1932, May 1 1933, Nov. 1 1933 and May 1 1934, appertaining to first
collateral 5 % gold bonds. series A and B of a face value of $821,700; of
class A stock, $2,593,522; and class B stock, $4,060,000. Total aggregate
face value of the foregoing coupons and class A and B stock—$7,475,222.
The committee proposes the following plan: Extension of maturity of
series C to June 15 1948; issuance of interest scrip for interest of A, B and
C first lien bonds; exchange of unsecured debts for new preferred stock;
issuance of voting trust certificates to holders of first collateral lien bonds
representing not less than 51% of new class B stock (voting); issuance to
present unsecured debt holders of voting trust certificates representing
not less than 26% of new B stock; exchange of present A and B preferred
for new non-cumulative class A; and exchange of one voting trust certificate
representing one share of new class B stock for two shares held by present
class A holder and surrender of present class B stock. The voting trust
agreement will run for five years. Members of the committee who are
officers of the original issuer, are: Max McGraw, Chicago; Frank Mulhollan, Omaha; and Judson Large, Chicago.
Diversified Royalties, Ltd. (2-553), Los Angeles, a California corporation
dealing in royalty interests in oil and gas production, proposing to issue
certificates of interest in oil royalty spread in an aggregate amount of
$50.000. Among officers are G.F. Detrick, President and General Manager.
and W. Solomon, Vice-President, Secretary and Treasurer, both of Los
Angeles.
Dodge Cork Co., Inc. (2-554), Lancaster, Pa., a Pennsylvania corporation
making and selling cork and other closures, proposes to issue common
stock of $125,000 for company purposes. Among officers are Arthur B.
Dodge, Lancaster, Pa., President, and James Lee Kauffman, New York,
Vice-President.
J. A. Auchter, Et Al.(2-555), Milwaukee, a committee calling for deposits
of $252,500 United States National Bank Building first mortgage 5% serial
gold bonds, obligation of United Co. of Kenosha, Wis. (2-555). A plan
of reorganization or readjustment is contemplated by United Co., operators
of an office and bank building in Kenosha. Members of the committee are
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Financial Chronicle
J. A. Auchter, Milwaukee; R. W. Bailey, Hartford, Wis.; and D. H.
Cooney, Sheboygan, Wis.
Norman F. Lighthart, Et Al, (2-556). a committee calling for deposits of
first mortgage 6%% serial gold bonds secured by trust deed conveying an
apartment building in Evanston, Ill. The issue originally was $150,000,
which has been reduced by Prepayments so that the total amount outstanding at present is $105,000. The original issuer is Mazareth Barsumian,
618 Green wood Ave., Evanston, Ill., who, at the time the securities to be
called were issued, was engaged in the business of rug cleaning. Members
of the committee are N. F. Lighthart, Evanston; Elmer N. Galitz, Evanston, and Albert S. Long, Chicago.
American Beverage Corp. (2-557), a holding corporation controlling three
subsidiaries, all New York corporations, engaged in producing and bottling
soda water, ginger ale, and soft drinks. One subsidiary, Carl H. Schultz
Corp., is engaged in purchasing, selling and distributing beer and other
alcoholic beverages. The holding company, incorporated under the laws
of Delaware and authorized to do business in New Jersey, proposes to issue
7% cumulative preferred stock in the amount of $1,000,000, consisting of
200,000 shares. Underwriters are Edgar H. Stapper St Co., Inc., 21 West
St., New York. Among officers are Edwin C. McCullough, President
and Harry G. Bosch, Secretary, both of New York City.
Bondholders' Protective Committee for Fifth Avenue Realty Corp. (2-558),
44 Wall St., New York, calling for deposits under a proposed plan of reorganization or readjustment, the issue comprising first mortgage leasehold
6% sinking fund gold loan certificates in the amount of $1,500,000; outstanding $1,312,500. The original issuer, Fifth Avenue Corp., 1450
Broadway, New York, at the time the securities to be called were issued,
owned leasehold premises at Fifth Avenue and 36th Street. Members of
the committee are: Paul W.Chapman; Birger L. Johnson; R. M.S. Putnam
and Paul W. Chapman jr., all of New York, and E. Clarence Miller,
Philadelphia.
Affiliated Distributing Group, Inc. (2-559), Jersey City, a New Jersey corporation carrying on a general investment business and proposing to issue
capital stock of corporation in the amount of $250,000. Among officers
are: W. E. Stewart, East Orange, N. J., President; M. E. Wickham,
Jersey City, Treasurer; and H. M. Meyer, New York City, Secretary.
In making public the above lists the Commission said:
In no case does the act of filing with the Commission give to a security
the Commission's approval or indicate that the Commission has passed
on:the merits of the issue or that the registration statement itself is correct.
Ruling by Federal Trade Commission as to Form of
Prospectus to Be Used Where Shares of Same
Type Are Being Sold under Two Effective Registration Statements Issued under Securities Act.
The Federal Trade Commission announced on Dec. 21 its
adoption of a rule relating to the form of prospectus to be
used where shares of the same type are being sold during the
year under two effective registration statements. It was
pointed out by the Commission that this situation may occur
requently in regard to security registrations by investment
trusts and may place the dealer in the awkward position of
being unable to tell whether he is selling shares covered by
the first or by the second registration statement. Technically, he is required to use the prospectus relating to the particular shares that he may be selling.
Under such conditions the new rule permits the use of one
prospectus built up on the latest registration statement, but
containing also information from the earlier registration
statement relating principally to the cost of distributing the
earlier issue.
The text of the new ruling follows:
Ruling Relating to the Form of Registration Statement and Prospectus to Be
Used for Additional Blocks of Securities Previously Registered.
1. The registration of an additional block of a security for which a registration statement is already in effect shall be accomplished through the
taking effect of a separate registration statement relating to the additional
block.
2. When more than one registration statement becomes effective for different blocks of the same security, a prospectus which, meeting the requirements of the Act and the rules and regulations of the ComenissiOn, could be
used in connection with the offer, sale, or delivery of units of that block of
the security which is covered by the latest effective registration statement,
will be deemed to meet the requirements of the Act and the rules and regulations of the Commission for the purpose of use in connection with the offer,
sale, or delivery of units of blocks of the security covered by earlier effective
registration statements, provided that:
(a) If the statements used in the registration of the several blocks of
securities were filed on Form A-1, the prospectus must, in addition, contain
the following items of information from the registration statements covering
the blocks earlier registered, except insofar as they are the same as the
corresponding items in the latest registration statement, in which case that
fact must be stated; Numbers 25, 26, 30, 31, as to principal underwriters;
33, 34, 35, 40, 41, 42, 43, 44, 45, and 48.
(b) If the statements used in the registration of the several blocks of
securities were filed on Form C-1, the prospectus must, in addition, contain
the following items of information from the registration statements covering
the blocks earlier registered, except insofar as they are the same as the corresponding items in the latest registration statement, in which case that fact
must be stated: Numbers 3, 46.
Federal Trade Commission Defines "Commission or
Other Remuneration" under Securities Act.
The Federal Trade Commission on Dec. 21 adopted two additional rules under the Securities Act. One is a definition
of "commission or other remuneration" as used in Section 4
(3) of the Act, while the other is a definition of the term
"Commission" in Section 2 (11). In making public the rulings the Trade Commission said:
Definition of the phrase "commission or other remuneration" is in connection with the section under the exempted transactions clause relating to the
Jan. 13 1934
issuance of a security of a person exchanged by it with its existing security
holders exclusively, where no commission or remuneration is paid or given
directly or indirectly in connection with the exchange. Definition of the
word "commission" in Section 2 (11) is in connection with that part of the
Act relating to the definition of the term "underwriter."
The text of the two rules follows:
Definition of "Commission or Other Remuneration" in Section 4 (3) of the
Securities Act.
The terms "commission or other remuneration" in Section 4 (3) shall not
include payments made by the issuer, directly or indirectly, to its security
holders in connection with offering securities in exchange for outstanding
securities and when such payments are part of the terms of the proposed
exchange.
Definition of "Commission" ii Section 2 (11) of the Securities Act.
The term "commission" in Section 2 (11) shall include such remuneration, commonly known as a spread, as may be received by a distributor or
dealer as a consequence of reselling securities bought from an underwriter oe
dealer at a price below the offering price of such securities, where such resales afford the distributor or dealer a margin of profit not in excess of what
is usual and customary in such transactions.
Stop Orders Issued by Federal Trade Commission
under Securities Act.
The Federal Trade Commission announced, Dec. 23, that it
had issued stop orders suspending the effectiveness of registration statements filed under the Securities Act by the following companies:
Venezuela Speculations, Inc. (2-432), New York, an oil company with
operations in Venezuela seeking to register 25,000 shares of common stock.
Wyoming Petroleum Corp. (2-424), Las Vegas, Nev., $100,000 in common
stock.
Mathieson Auto Boat Corp. (2-414), Highland Park, Mich., $100,000 preferred stock.
Bremner Gold Mining Co. (2-396), McCarthy, Alaska, $168,000 in stock.
Ocean Park Pier Amusement Corp. (2-338), Santa Monica, Calif., $180,000
In stock.
The Commission said:
Effectiveness of these statements will be held up until such time as information is furnished the Commission to make the respective registrations
complete. In the meantime: no securities are to be sold in connection with
these issues.
NRA, in Report of First Six Months'LActivity, Claims
Assistance to 24,000,000 Workers—Says 4,000,000
Have Been Re-employed, While Hours Have Been
Cut and Pay Raised for 20,000,000 Additional—
Predicts Codification of All IndustryL'ay End of
January—Text of Survey.
The first six months' operation of the NRA has resulted
in re-employment of 4,000,000 workers, with reduction in
hours of work and increased basic rates of pay for at least
five times that number in factories, stores and mines, according to a report issued on Dec. 31 by the NRA, covering its
history since its origin on June 16. The report predicted
that by the end of January practically all of American industry will be codified under the terms of the NIRA. The
survey mentions various evils which existed under the system of "rugged individualism." Describing the elimination
of child labor, it quotes President Roosevelt as saying that
it was eliminated "like a flash." Particular attention is
devoted to the establishment of the National Labor Board
and its work in preventing strikes and lockouts while industrial codes were being formulated. The report also describes
the initial efforts of the Government in control of prices
and production, and mentions the manner in which the
population of the United States, led by 1,500,000 volunteer
workers, co-operated in the campaign to place the nation
under the Blue Eagle. Many industrial leaders are quoted
as evidence of the success of the entire recovery experiment.
The NRA report, as made public Dec. 31, reads as follows:
The NRA enters the new year with a record of having codified a preponderance of American industry. From 18 to 20 million of the estimated total
of 24 million workers directly affected are now working under codes fixing
maximum work weeks, minimum rates of pay, and eliminating destructive
trade practices. It is expected that by the end of January nearly all
industries will have been codified.
Thus the original plan for national industrial self-government has been
practically achieved six months after President Roosevelt, on June 16,
signed the NIRA.
The first public hearing started June 27 on the first code, that of the
cotton textile industry. Since that date codes for 181 industries, comprising all basic groups and most of their correlations, have been formally
approved by the President and are in operation.
While this unprecedented activity was carried on, the President, on
July 24, invited all of the nation's employers to sign an agreement with
him affecting maximum hours of work and minimum hourly rates of pay.
This so-called "blanket code" operated until the permanent codes could be
drawn.
As a result of this vast administrative process, the latest accurate reports
show that some 4,000,000 workers have beep restored to gainful employment. The basic wage of nearly five times that number in factories, stores
and mines has been raised. Coupled with drastic reductions in maximum
work hours, this has brought about great improvement in working and
living conditions throughout the country.
Shortly after the laborious process of codification of individual industries
got under way more than 7,000 local committees were formed. Utilizing the
services of nearly 1,500,000 volunteers, the largest national campaign since
Volume 138
Financial Chronicle
the World War got under way to sign up all employers under the Blue
Eagle and enlist the support of all consumers to the President's program.
For the task of formulating permanent codes, National Recovery Administrator Hugh S. Johnson assembled in Washington an administrative staff
to expedite public hearings, at which every interest involved—management,
labor and consumers—could be represented.
Many related industries in wasteful competition with each other used the
opportunity presented to come in under one code. The determination of
industries to operate under the Blue Eagle as rapidly as possible also
hastened the fusing process under the inducement of immunity from unfair
and destructive trade practices.
Dramatic achievements were disclosed when results of the operations of
the first code were made public. Results under the cotton textile code,
published after two months' operation, showed payrolls doubled, the new
rate being 40% in excess of the code minimum, a 25% reduction in the
work week and astonishing results in plant economy. Of equal importance
was the complete elimination of child labor in this industry, which had been
unable, because of the chiseling minority, ever before to wipe out this
hideous abuse.
When reports from local and State committees revealed that more than
90% of employers had signed up to receive the Blue Eagle or were operating
under codes, the organization of compliance boards began.
These boards obeyed literally the President's injunction to use discretion
where strict compliance would work "great and unavoidable" hardships.
The operation of compliance boards has been salutary. Deprivation of the
Blue Eagle has occurred only in cases of obvious violation of the President's
agreement. With the rapid approval of codes, industry is given means of
policing its own recalcitrants, thus applying literally the policy of industrial
self-government.
Meanwhile, none of the agencies connected with NRA had been busier than
the National Labor Board, created by the President Aug. -5, with Senator
Robert F. Wagner as Chairman. In an incredibly short time the national
organization was functioning te settle labor disputes growing out of the rapid
shift to entirely new relationships between management and workers.
Before terms of codes could be decided upon there were scores and litreally
hundreds of strikes or threats of strikes and myriad labor troubles which
labor leaders found themselves helpless to forestall or even dirrdnish. At
once, however, it was apparent that the initiative did not have to be taken
by the Board: Manufacturers and labor leaders and chosen heads of groups
at once volunteered to submit controversies.
From this moment the board has labored unceasingly to prevent or adjust
all manner of disagreements. More than 200 major cases have been adjusted,
Involving 400,000 employees. Seventeen regional boards have been established in the principal industrial centers, and the President recently issued
an Executive order extending the life and functions of the National Board.
Code hearings, averaging about a dozen a day, have revealed many details
of modern American business methods, many of them destructive to business
itself.
Soft Coal Code.
The story behind the soft coal code is typical of a sorely overdeveloped
Industry. Called upon by the Government, through NRA, to pay living
wages and promised in return permission to eliminate disastrous competition
through self-government under Federal supervision, the coal operators at
first professed not to know how to do either without dire consequences.
Operators who never had dealt with union labor had great difficulty in
acquiring the custom. But employers and employees, under Government
supervision, finally ended the struggle and at last one of the country's sickest
industries was ready to govern itself, with NRA as umpire.
Steel Code.
The steel code, signed by the President Aug. 19, became effective the same
day and was for a three-month trial period. It increased employment by
72,763 men, or 22%; reduced average weekly hours from 38.9 to 32, or
18%, and increased payrolls $6,488,000, or 21%. This extraordinary improvement in labor conditions was brought about in a period when operative
capacity declined 10%.
The report of the cotton textile industry for the fourth month of code
operation showed employment more than doubled since July, with 10,000
more than in 1926, a banner year, and the industry as a whole in the healthiest financial condition of the last 10 years. One cotton mill which had lost
$398,613 for the fiscal year ended Oct. 31 1932, reported net profits, after
all charges, for the fiscal year ended Oct. 31 1933 of $947,272.
Group administration under public authority, such as is embodied in its
code, "will be little less than the salvation of the lumber industry," according to a report of the lumber code authority to NRA after less than four
months of operation.
Lumber is America's fourth largest industry. It includes 30,000 establishments in 48 States. The report shows payroll increase of $1,000,000 per
month; a decrease of 24% in average hours worked per employee, but an
increase of 39% in the average rate per hour and an increase of 65% in the
average rate per hour for the lowest wage groups.
Boot and Shoe Industry.
The managing director of the code authority of the boot and shoe industry
reported to NRA:
"It is the generally accepted opinion that establishment of minimum
wages and maximum hours tends to eliminate sweatshop conditions and
unfair competition and works toward betterment of conditions generally in
our industry. Already there has been notable improvement from the traderegulation section of our code.
"Through the fine co-operation we have received from NRA, we hope for
constantly increasing benefits."
Automobile Code.
The second limited code, that of the automobile manufacturing industry,
was extended by Presidential approval from Dec. 31 1933 to Sept. 5 1934,
at the request of the industry. Under the code, employment was increased
25,000 and payrolls $2,000,000, or 16%. Work hours were reduced 2,000,000
weekly, or 8%.
In expressing satisfaction with its code, the Tanners' Council of America
reported an employment increase of 34% and a total payroll increase of 56%.
Average hourly earnings increased 27.6% and average weekly hours per employee declined 8.6%.
These testimonials from important industries prove that spread of hours
to care for more, workers at increased pay contributed not only to better
working and living conditions but also to increased business activity in the
community and improvement in morals, as reflected in increased amount and
Improved quality of output.
Child Labor.
With the approval of the first of the 180 oodes now in operation, that of
cotton textiles, the evil of child labor went out, as the President said, "like
265
a flash." He called it "this monstrous thing which neither opinion nor law
could reach through years of effort."
The cotton textile industry previously employed more than 10,000 children
under the age of 16. The dress manufacturing industry was next to abolish
child labor as well as "home work." The cotton garment trade's code was
the third to do away with the iniquities which have been practised under
the guise of home work.
Absolute prohibition of the sale of machine guns and sub-machine guns
for unauthorized use was included in the code for the small arms and ammunition industry.
Of paramount importance in the code of the cleaning and dyeing trade is
a provision aimed at racketeers who have resorted to violence and intimidation to maintain exorbitant prices.
In submitting the brewery distributers' code, the code chairman said it
"was drafted with the confident expectation that it will break up racketeering, price-cutting and all other unfair competitive methods."
The President of the American Druggists' Syndicate, which submitted the
retail drug code, declared that NRA "is a distinct aid to public health, inasmuch as in recent years druggists have worked in the presence of trade evils
which prevented them from exercising their professional status."
He asserted that the NRA code "re-establishes the druggist as a public
health officer instead of a mere merchant and gives the public the benefit
of his training as a pharmacist."
The code submitted by the national advertising agencies supplies a double
check, as to national advertising in newspapers, magazines, radio, billboards, &c. It brands as "unfair practices" absolutely prohibited, the "preparation or handling of advertising containing untruthful, misleading or indecent statements"; also "pseudo-scientific advertising, including claims insufficiently supported by accepted authority." Commission splitting and
rebating are barred. Protection of the public from exaggeration in advertising is assured.
Dr. Nicholas Murray Butler of Columbia University
Advocates Placing World Gold Supply in Keeping
of Bank for International Settlements—Describes
World as Bankrupt—Would Remove Trade Barriers.
The placing of "the whole supply of monetary gold" in
the keeping of the Bank for International Settlements is
advocated by Dr. Nicholas Murray Butler, President of
Columbia University, in a statement made public Dec. 31
by the Carnegie Endowment for International Peace. Dr.
Butler declared that "at the moment the world is bankrupt,
and it appears to lack both the intelligence and the courage
to face that fact" In his statement Dr. Butler said:
If 1934 is to be a year of genuine and constructive progress toward
prosperity and peace, public opinion infmore lands than one must act, and
act quickly. In!almost every country the timorous policies of governments
lag behind the public opinion of their several peoples.
Organized, selfish and unintelligent minorities'are exercising an Influence
and a measure of control which, if not broken, may well prove to be disastrous to their several countries and to the:worldrat large.
The world's troubles are international in origin and in extent, and they
cannot be cured with any completeness or permanence save through international understanding and international co-operation. An isolated
nation in this 20th century is a figment of an uninformed imagination, and
the so-called arguments advanced in support of a theory of isolation are
simply ludicrous.
The interdependence of civilized peoples is complete, whether measured
in terms of ideas, of scientific knowledge, of music, of art, of literature,
or in those of agriculture, of industry, or commerce or of finance. That
nation which confines its endeavors to solve its economic and financial
problems to what it calls domestic policies is engaged in the uninspiring and
hopeless task of trying to lift itself by its own bootstraps.
World Is Bankrupt.
At the moment, the world is bankrupt, and it appears to lack both the
intelligence and the courage to face that fact and to put itself in the bands
of a policy of receivership. The world has through its governments.
National, State and local; through its banks and business enterprises,
through its corporations and through individual citizens, borrowed some
8300.000.000.000. by far the greater part of which is payable in gold.
Just now there exists in the world something less than $12.000,000,000
worth of monetary gold, chiefly gathered at two centers. Therefore.
the world as a whole is in the position of a bank in a small country town
which has deposits of 830,000 payable on demand and $1,150 available
cash in its vaults.
No such stupendous problem as this can be solved, or its solution even
approached, by any nation acting alone. Is it not as plain as a pikestaff
that the use of gold as a circulating medium must everywhere come to an
end, that the whole supply of monetary gold should be placed in the keeping
of the Bank for International Settlements at Basle, and that it should there
be used only on the books of the Bank in settlemengof international balances
by authority of the several governments or by that of the banks which
speak for them?
Would Place Gold in Bank for International Settlements.
In other words, is it not the path of progress to put the Bank for International Settlements at Basle in the same relation to matters of international
currency and finance that the Bank of England has so long occupied in
Great Britain as to matters of national currency and finance? The Bank of
France and the Federal Reserve banking system of the United States have
made this relationship entirely familiar in their respective countries.
The primitive practice of shipping bars of gold about the world from
capital to capital at a cost measured in terms of transportation charges,
Insurance and loss of interest ought surely by this time to be abandoned.
Dr. Butler also said:
At a time when men everywhere are seeking to sell the products of their
labor, of their agriculture and of their industry, they find that their governments, largely at the behest of selfish interests or through sheer stupidity
have erected barriers to trade which make it impossible for them on the'one
hand, to secure employment, or on the other, if and when employed, to
sell the product of their labor with advantages. To lessen or even to level
these barriers to trade and to dispossess the privileged interests which have
so largely brought about their erection, is something which an aroused public
opinion, and that alone, can accomplish.
So far as the peoples of the Western world are concerned, there is no
spirit of war abroad. Talk of war, when it exists on either side of the Atlantic, is almost wholly the product, direct or indirect, of the activities of
military and naval lobbies:at the various capitals or of the munition makers
in different lands who see their prospect for immediate gain repay dis-
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appearing. The people of France are profoundly and earnestly pacific in
sentiment. The same is true of the people of Great Britain and of Italy.
The people of Germany have no more real intention of going to war than have
the people of the United States, if only because they know full well that such
an act on their part would bring to an end, perhaps for centuries to come,
their national existence and their world-wide national influence.
It is so hard to get men to face realities. They adore phrases, formulas,
parallels, precedents, and all kind and sorts of legalistic hypotheses and
subterfuges. If the world's public opinion shall in the year 1934 face
realities and act accordingly, the year which opens before us will be one of
genuine progress and men everywhere will be more fully employed, more
prosperous, more satisfied and happier at its end than as it this day begins.
Reporting Dr. Butler as pointing out that the present
problems, particularly the financial ones, are by no means
new, and as explaining that they have been met and warned
against many times in history, the New York "Herald
'Tribune' further qouted him as follows:
Cites Professor Marshall on Currency.
"So far as currency is Concerned," he said, "this is a good time for all
those in responsible positions to read and ponder the evidence on this subject given on Dec. 19 1887, and Jan. 3 1888, before the Royal Commission
on Gold and Silver, of which Lord Hershcell was Chairman, by the distinguished economist, Professor Alfred Marshall, of the University of
Cambridge.
"Moreover,it is a matter of pride to every American that when the United
States was in the making, our master statesman, Alexander Hamilton,
interpreted with clarity and convincing power the precise problems which
confront the world to-day. His classic reports on the public credit, made
to the House of Representatives on Jan. 14 1790: on manufactures, which
followed, on Dec. 5 1791; on public credit, sent to the Senate on Jan. 16
and 21 1795. and his epochal letters on a national bank, which begin with
his letter to Robert Morris in 1780, when he was but 23 years of age, and
culminate in his epoch-making report to the House of Representatives on
Dec. 14 1790, should be read by public men in this and every other land for
their enlightenment and guidance in solving prole= which in Hamilton's
time were intercolonial but which are now,in like terms,international."
Walter C. Teagle of Standard Oil Co. Defends Company
Union as Eliminating Industrial Conflict—Report
to Business Advisory Council Says Employee Representation Is Sanctioned by NIRA—Denies Any
Desire to End Labor Unions.
Collective bargaining in industry through the employes
representation or company union plan has demonstrated its
value as a means of eliminating industrial conflict, according
to Walter C. Teagle, President of the Standard Oil Co. of
New Jersey and Chairman of the Industrial Relations Committee of the Business Advisory Council of the Department
of Commerce,in a report to the Council made public Jan. 6.
The company union has legal status under the National
Industrial Recovery Act, Mr. Teagle said, adding that "the
law itself and its official interpretations fully mention emWyee representation as a form of collective bargaining."
We quote further from his report as given, in part, in a
Washington dispatch of Jan. 6 to the New York 'Times":
"The only limitation is that this method must be the free choice of the
employees themselves, who are protected by the statute against any form
of coercion by employers in deciding whether or not they will have collective
bargaining, and, if so, who shall be their representatives."
NRA Ruling Is Cited.
He supports this contention with a quotation from a joint statement
by General Johnson, Recovery Administrator, and Donald R. Richberg,
General Counsel, which in part declared that:
"The law does not prohibit the existence of a local labor organization
which may be called a company union and is composed only of the employees
of one company.
"But it does prohibit an employer from requiring as a condition of employment that any employe join a company union, and it prohibits the
maintenance of a company union, or any other labor organization, by the
Interference, restraint or coercion of an employer."
While Mr. Teagle contends that the employee representation plans "are
decidedly not anti-union in concept," he argues for the organization of
employees within plants on a "vertical" basis, parallel with the structural
organization of the industry as against the organization of men on a "horizontal" basis, divided into separate crafts.
In this connection he asserts that a strong feature of employee representation is that it settles local problems "without getting involved in
outside complications."
No Fight on Unions.
"Where management is dealing with the men of its own company,
concerning matters within their control, there is every incentive to keep
employer-employee relations on a mutual basis of satisfaction and goodwill," he states.
Mr. Teagle emphasizes that he does not wish to set up a case for or
against labor unions.
.."Thoughtful proponents of employee representation neither predict nor
desire the destruction of the labor union movement," he continues. "They
concede its contribution toward improved conditions and admit its present
usefulness in many industries.
"They believe, however, that employee representation has been found
to have and will have in the future special advantages where conditions are
favorable to its proper application."
At the end of 1932. about 1,250.000 employees were working under the
employee representation plan, said Mr. Teagle, referring to the National
Conference Board's study.
Plan Must Be Voluntary.
Taking up the features of a successful company union, the report continues:
"The first essential to the success of any representation plan is that it
shall be desired by and voluntarily accepted by the employees, and the
second essential is that it shall have the unqualified support of the employer.
"A representation plan does not turn over to employees the responsibilities of management, but it should definitely provide that such matters
as wages, hours, working conditions and other items of mutual interest
shall be settled by collective bargaining between management and the duly
elected representatives of the employees concerned, the representatives
being assured that they are absolutely free to act for the best interests of
the employees.
"In harmony with these primary purposes, a plan of employee representation sets up machinery for direct collective dealing between manage-
Jan. 13 1934
ment and representatives elected by employees. Elections are conducted by the workers through secret ballot free from interference or influence by the employer.
"These elections are held at places and times convenient to the employee
and apportionment made to give all employees and groups of employees
adequate representation. No officials or others identified with management may vote for or serve as employee representatives. The representatives must be guaranteed full protection to render conscientious service to
their constituents.
"The experience of companies which have operated successfully under
employee representation for many years indicates that such a plan encourages the early settlement of disputes in the shop or department in which
they originate.
Appeals Are Provided.
"Differences that cannot be adjusted in this way are taken up in joint
conferences of employees and representatives of the management. For
the protection of an employee or group not satisfied with the decision of a
joint conference or of the company executives, appeal may be had to the
president or board of directors. In addition to appeals within the organization, many plans provide for final settlement by arbitration.
"A certain percentage of labor troubles has been due to disagreements
between unions themselves as to the classification of work properly belonging to each. Plainly, any such disputes are beyond the decision of company
management and yet they frequently result in strikes and loss of wages to
employees in other departments even though the management is entirely
innocent either of provoking the trouble or championing either side after
it has arisen.
"Herein lies one of the advantages of employee representation, in that.
while it insures representation of all employees by their own associates,
who understand their local craft problems, it avoids jurisdictional disputes
between two crafts in the same organization.
"Unity of action in all departments is assured through conferences at
which every employee is represented. There is no record of any case where
representation by employees has been made use of by racketeers at the expense either of the employees or the employer.
"Employee representation has not met with universal support. It has
failed of adoption by many employers who regard its provisions as being too
liberal to the workers. It has withstood even more opposition from labor
unions which feel that it encroaches upon their prerogative to organize
workers so that they may benefit by their combined mass strength.
"For the employer accustomed to ruling with an iron hand, industrial
representation will not succeed. If he is not willing to commit himself
to paying at least the prevailing wage for similar work in the locality,
or if he is not prepared to be overruled on some questions that arise, or if
he is in the least unwilling to deal frankly and openly with his workers,
he should not adopt employee representation. If he does adopt it as a
machine through which to take advantage of his employees, he will find
that it will not work."
Annual Meeting of Canadian Bank of Commerce—Sir
John Aird, President and S. H Logan, General
Manager, Outline Year's Progress—"Most Satisfactory Upturn in Business Since 1929," Says Mr.
Logan—Views on Central Bank for Canada.
In his address on Jan. 9 before the annual meeting of the
shareholders of the Canadian Bank of Commerce at Toronto,
S. H. Logan, the General Manager, reviewed the main
changes in the balance sheet of the bank during the last
fiscal year, and went on to speak of the findings of the
Royal Commission on Banking and Currency, whose report,
he said, had given the public an instructed view of the banking situation in Canada. Discussing the chief criticism
made before the Commission that the banks did not lend
freely enough, he declared that no good borrower had ever
failed to obtain adequate banking accomodation. While
banks were always prepared to take reasonable risks, they
must at all times keep in mind their responsibility to their
depositors and shareholders, and the necessity of conducting
their business safely in accordance with sound principles.
In following this policy be believed the banks had the support of the great majority of the public whom they served.
Turning to developments in Canadian industry and trade
he said:
The most outstanding feature of our trade during the past year was a
sudden and widespread foreign demand for certain Canadian basic products. This occurred in conjunction with an increase in the physical volume
of world export trade, commencing in February and extending at least
until October, beyond which there are no complete figures yet available.
Incidentally, this was the most sustained upturn during the past four
years, and one that owes its origin both to a quickening of world industrial
operations, which a host of fresh political and financial disturbances could
not check, and to a consequent decline in raw material stocks. I ask
you to note two special points, one, how well Canada shared in the improvement in world trade, and the other, the role played by the banks
In this most striking economic development of the past year. The first
of these is the more noteworthy, because it reflects the favour with which
the quality of Canadian products Is regarded in the international market,
as well as the skilful management that kept our basic industries in efficient
working condition and, therefore, immediately responsive to a revival in
trade. A decline in grain exports from midsummer was overshadowed
by a continuously increasing trade in cattle and bacon and by a marked
expansion in exports of metals and wood products.
With regard to the other special feature, as practically every foreign
trade transaction passes through a bank we may well consider how different the situation would have been had our banks not been so strong and
well equipped, as a result of many years of sound methods and the development of foreign connections (instituted long before the present regimes),
to undertake the financing of this increased business. Obviously, the
answer is that Canada would not have been able to take full advantage
of the opportunity afforded to augment its manufacturing activities (including those of the lumber and pulp and paper mills) by 40%, and its
mining operations by 25%. nor to widen the field of general employment
so as to absorb at least 150.000 workless people.
After this brief description of the gratifying progress made
by some of Canada's leading industries, Mr. Logan reviewed
the marked progress in the mining industry during the year,
and closed with these hopeful words:
Volume 138
Financial Chronicle
We may be slow in attaining the momentum of recovery which we all
desire, and undoubtedly we have many pressing national problems still
to solve. But with the encouraging progress which has been made we
can go about our task with brighter hopes and more cheerful hearts, and
with that greater sympathy for others less fortunate than ourselves which
has been developed by the period of adversity through which we have
passed.
Sir John Aird, President of the bank, stated that while
the world as a whole resembled a laboratory for monetary
experiments, he felt it was fitting to recall the warning of
such authorities as the Economic Bureau of the League of
Nations against depreciation of currencies and exchange
instability, and he referred to the strong stand his bank
had I aken against the adoption of this course as a panacea
for the world's ills. He went on to say:
The crux of the money problem is not how to create more credit and
currency, but how to find more work for that available at present. The
difficulty could partly be solved by restoring confidence in currency units,
which should lead in turn to investment confidence at a time when there
is a huge industrial replacement demand, as a result of worn-out or inefficient productive equipment, which waits for realization upon monetary
stability and the prospect of a reasonable return on the outlay.
With regard to the proposed Central Bank for Canada,
he pointed out the limitations of its usefulness and stressed
the facilities which the existing chartered banks had always
extended for the development of Canadian commerce and
industry. He said:
The banks have fully met the legitimate bank credit requirements of
the country. This bank opened its books to the public to show that it
has had as many as 150,000 borrowing accounts and that 85% of these
were for advances of$1,000 or less, and 96% of$5000 or less. Accordingly,
bank credit in Canada has been available over a great range of territory
to all classes of people, particularly to the small borrower, and, I might
add, under safer control than in many countries which have central banks.
He concluded his comments on this subject, however, by
saying that he was sure the chartered banks would earnestly
co-operate in endeavoring to make the new system a success.
"They have," he added, "always wholeheartedly served
the various governments of Canada in the administration
of our national finances, and may be depended upon to
assist in the future, as in the past, to the utmost of their
abilities."
Annual Meeting of Stockholders of First National Bank
of New York—President Reynolds Says Sale of
Preferred Stock Is Not Contemplated—Undecided
as to Deposit Insurance—Failure to Avail of Latter
Would Necessitate Dropping of "National" From
Name—S. A. Fahnestock a New Director.
The stockholders of the First National Bank of New York
were advised by Jackson E. Reynolds, President, at the
annual meeting on Jan. 9, that the bank has not sold, and
does not contemplate selling any preferred stock to the
Reconstruction Finance Corporation. In the New York
"Times" of Jan. 10 it was added that Mr. Reynolds said the
directors had come to no decision yet as to participation in
the Federal Deposit Insurance plan, adding that a refusal to
join it, under the present laws, would require leaving the
national banking system and dropping the word "national"
from the bank's name.
From the "Times" we also quote:
The stockholders elected Snowden A. Fahnestock to the board of directors
to fill the vacancy caused by the resignation of Landon K. Thorne. Mr.
. Fahnestock is a grandson of the late William Harris Fahnestock. for many
years an associate of the late George F. Baker and the holder of a large
block of stock. Frank Rysavy was again elected to fill temporarily a
vacancy "expected to be taken by a candidate whose eligibility Is now
being passed on by the Federal Reserve Board."
Mr. Reynolds reported that earnings for the last year, at the lowest
possible figure. were $10,795,000, or $107.95 a share. He added that
apparent maximum earnings were $13,928.000, or $139.28 a share, a figure
which includes $1,675,000 reserve for taxation set aside in advance, contrary to past procedure, and $1,548.282 of net losses on bonds sold.
Referring to the First Security Co., Mr. Reynolds said liquidation is
proceeding, but that the final winding up of its affairs depends on the
sale of remaining assets whose market is restricted. In this respect, he
said, the holders of capital stock in the Bank for International Settlements
constitutes a puzzle. He suggested that the banking laws might be altered
to permit the sale of this stock to the First National Bank, adding that
he did not believe that the uncalled portion of the Bank for International
Settlements stock was likely to be called.
Annual Meeting of Stockholders of Central Hanover
Bank & Trust Co. of New York—G. W. Davison
Says Bank Shares With Others Doubt Doubt as
to Permanent Insurance—Banking Code Said to
Have Been Imposed Upon Larger Banks By Smaller
Institutions—Reduction in Membership of Central
Hanover's Board.
George W. Davison, Chairman of the Board of Trustees
of the Central Hanover Bank & Trust Co. of New York,
told the shareholders at the annual meeting on Jan. 11 that
"we,like everybody else, share great doubts as to permanent
insurance." He added that "we have had many suggestions
that permanent insurance will be modified, and most bankers
think it will be modified in such a way that it will not impose
hardships."
267
Mr. Davison is also reported as stating that the proposed
banking code had been imposed on the large banks by the
smaller ones. He is quoted as follows:
The larger banks in New York really felt that the expense would be
greater than anything they could hope to make out of it. There willibe
some banking code in which the very small depositor who uses the bank
to do his bookkeeping is going to have to bear some of the burden of it.
On Jan. 11 the number of trustees of the Central Hanover
was reduced from 33 to 25 to conform with the new Banking
Act. Milton Ferguson, Vice-President and Secretary, was
elected a trustee temporarily to fill a vacancy caused by the
resignation of A. L. Loomis.
Earnings of New York Trust Co. Last Year Over $5,000,000—Contribution to Federal Deposit Insurance
Fund—Reduction in Holdings of German Credits.
Earnings of the New York Trust Co. last year amounted
to about $5,400,000, stockholders were informed at the
annual meeting on Jan. 10. According to the New York
"Herald Tribune," Mortimer N. Buckner, Chairman of the
Board, said that the bank's interest in Cuba was only
$400,000 in Cuba Cane securities which originated in this
city. German credits have been reduced $20,000,000 in
three years, and at the end of the year the total was $10,900,000. Ample reserves had been set up against losses,
said Mr. Buckner. The paper quoted also said:
Artemus L. Gates, President of New York Trust, said at the meeting
that all securities in the company's statement of condition were carried
either at market or at book value, with reserves set up to take care of those
not now carried at market. The reduction in German credits had been
effected at a loss of about 3.88%. he said.
New York Trust made an initial contribution of $34,000 to the Federal
Deposit Insurance Corporation, covering 13,000 insurable accounts aggregating $13,000,000, or about 7% of total deposits. The company
filed with the Federal Reserve Board application for permission for directors
affiliated with concerns doing a securities business to continue on the
board.
Eight New York Trust trustees were re-elected for three-year terms.
They were Malcolm P. Aldrich, Arthur M.Anderson, Francis B. Davis, Jr..
-P.
F. N. Hoffstot, Robert A. Lovett, Howard W. Maxwell. Grayson M.
Murphy and Louis Stewart, Sr.
Bankers Trust Co. of New York Giving Full Support to
Temporary Deposit Insurance Plan, According to
President Colt—Permanent Insurance A "Different
Problem"—Earnings Last Year $10,938,330—Capital
Notes Issued to RFC to Amount of $5,000,000—
Gates W. McGarrah Re-Elected a Director.
In his report submitted to the stockholders on Jan. 11
S. Sloar Colt, President of Bankers Trust Co., stated that
the operating earnings of the Trust company in 1933 were
$10,938,330 from which was paid the usual dividend of $7,500,000 at the rate of $3 per share. Mr. Colt also stated that
the Trust company had issued its capital notes to the Reconstruction Finance Corporation in the amount of $5,000,000.
He likewise said:
This company has joined the temporary insurance fund as provided by
law. This temporary plan guarantees for a period ofsix months the account
of each depositor up to $2,500 and limits the assessments on operating
banks during that period to a maximum of 1% of their respective insured
deposits.
We are giving full support and co-operation to this temporary insurance
plan as an emergency measure intended to restore public confidence.
The permanent insurance plan, which is also provided for in the Banking
Act of 1933, presents a different problem. In its present form, this plan,
which becomes effective July 1 1934, guarantees in full all deposits up to
$10,000, 75% of deposits from $10,000 to $50,000. and 50% of deposits
over $50,000. The assessments on operating banks to cover losses under
this plan are based on total deposits rather than insured deposits and are
unlimited in amount. In other words, any bank which joins this plan
must assume unlimited joint liability for failures of other banks in the
United States wherever and whenever they may occur and for whatever
reason.
If the permanent insurance plan is not modified, serious decision will be
Presented for determination before July 1 1934 as to the proper course
to pursue.
Further reference to Mr. Colt's report will be made another
week. Incident to the meeting it is said to have been made
known that Gates W. McGarrah, who retired last May as
head of the Bank for International Settlements, had been
elected recently a director of the Bankers Trust.
Six directors of Bankers Trust Co. were re-elected at the
annual meeting of the stockholders. They are Stephen
Birch, William L. De Bost, William Ewing, Fred I. Kent,
Daniel E. Pomeroy and Charles L. Tiffany. Pierre S.
du Pont did not offer himself for re-election.
Annual Report of James H. Perkins to Stockholders
of National City Bank of New York—Proposed
Changes in Capital Structure Approved—Salerof
$50,000,000 Preferred Stock to RFC Ratified—
New Directors Elected—Net Earnings of Bank
During Year $12,511,207—City Bank Farmers
Trust Co. to Be Continued as Separate Entity.
The annual meeting, on Jan. 9, of the stockholders of the
National City Bank of New York, at which important changes
268
Financial Chronicle
In the capital structure of the bank were acted upon, is said
to have brought a larger attendance than any previous meeting of the institution's shareholders. The number present
is said to have exceeded 500, and approximately 75% of the
outstanding stock is reported to have been represented. An
outline of the proposed capital readjustment was given in
our issue of Dec. 9, page 4133. The stockholders ratified the
proposal to sell to the Reconstruction Finance Corporation
$50,000,000 of preferred stock of the bank; they likewise approved the plan to reduce the common stock of the bank from
$124,000,000 to $77,500,000. James H. Perkins, Chairman of
the Board of Directors of the bank, presented his annual
report at the meeting (the 122nd), and as to questions which
were brought forward incident to the capital changes, the
New York "Journal of Commerce" of Jan. 10 said:
Stockholders asked whether the Government was forcing the banks to sell
the stock, whether the bank actually needed the money and why, 11 it did
not, it was agreeing to large payments on the preferred and the possible loss
of control of the bank to the Government. Several resolutions were offered
and voted down.
Reasons for Plan.
Mr. Perkins said that at first it had been his own opinion that these objections were completely valid, but that he had subsequently changed his mind.
He expressed the hope that with additional capital the bank would be able
to expand its deposit business and through employment of additional deposit
funds, increase its earnings.
The shareholders voted for the proposal to amend the charter to provide
for the new scheme of capitalization. One stockholder objected that the
legal form for informing the stockholders of the proposed amendments had
been Incorrect; Mr. Perkins said that the form used had been advised and
accepted by council.
The New York "Herald Tribune" of Jan. 10 had the following to say regarding the meeting:
The chief business transacted was a vote in favor of the sale of $50,000,000
preferred stock of the bank to the Reconstruction Finance Corporation.
Although some opposition to this proposal developed, on the ground that
the Federal Government might exercise too great control, holders of
4,647,348 shares favored the sale, while 2,722 shares were voted against it.
All directors were re-elected, and the shareholders also approved a resolution
setting in action the machinery for adherence by the City Bank Farmers'
Trust Go. to the Federal Reserve System and for membership in the deposit
Insurance project.
Mitchell Gets No Pension.
The meeting was orderly, but some points were argued at length by various
stockholders. Mr. Perkins was asked by one holder if any pension or sum
of money had been paid to the "retiring President," referring to Charles E.
Mitchell, and to this question Mr. Perkins replied: "Not one cent." Well
organized opposition was expressed to the proposal for the sale of preferred
stock to the RFC, and one shareholder presented a clearly drawn resolution
against this action. It was sidetracked, however, on Mr. Perkins's assurance
that all phases of the matter had been considered carefully by the directors,
who favored the sale.
In the "Wall Street Journal" of Jan. 10 it was noted:
Trust for Farmers' Trust Shares.
A stockholder offered a resolution asking "the directors of National City
Bank to seriously consider the advisability of dissolving the trust in which
the City Bank Farmers' Trust Co. stock is held and distributing the stock
among the stockholders of the National City Bank."
Mr. Perkins said that he thought the National City Bank situation was
superior to that where the trust is a separate department of the bank and
that he would advise against a retreat from the present status. The resolution was defeated by acclamation.
In his annual report Mr. Perkins stated that the net earnings for the year, after provision for the customary reserves
amounting to $1,796,108 were $12,511,207.55, or slightly in
excess of $2 a share on the 6,200,000 shares outstanding. He
added:
Dividends paid during the year amounted to $4,650,000, of which
$3,100,000 was paid by the bank and $1,550,000 by affiliates, the City Bank
Farmers' Trust Co. contributing $550,000 and the City Company of New
York, inc., $1,000,000. In addition to these disbursements to shareholders,
a reserve of $1,550,000 to cover the dividend for the last quarter of 1933
at the rate of 25c. a share has been provided out of the year's earnings.
These things have been done notwithstanding low deposits, decreased activity,
and unprecedentedly low interest rates.
With reference to the deposits, Mr. Perkins said:
The acute condition which existed during February and March and the
subsequent increase in business activity have been reflected in the average
gross deposits of the bank, which decreased from about $1,261,000,000 for
the week ending Feb. 18 to about $967,000,000 for the week ending March 25.
From that point to the end of the year the deposits have increased about
$150,000,000 to about $1,117,000,000, a recovery of more than half of the
decrease. This increase has taken place in spite of the fact that the Banking
Act of 1933 forbade payment of interest on demand deposits, and it is
interesting to note that whereas in the second half of the year 1933 the net
deposits of all other member banks of the New York Clearing House decreased
5.03%. The National City Bank's net deposits increased 2.11%.
Mr. Perkins made the statement that "the systems employed in the operation of the bank have been carefully reviewed, with resulting simplification and economy and, I
believe, increased efficiency. The expenses have been reduced in the amount of more than $1,500,000. Executive
salaries have been cut and no management fund or other
extra compensation plan has been in effect for over three
years."
Jan. 13 1934
In part, we quote further from Mr. Perkins's report, as
follows:
On becoming Chairman of the Board, I felt that it was wise to set up
additional reserves, and on my recommendation the Board voted to add
$30,000,000 to reserve for contingencies and to cut the dividend from the
annual rate of $2 a share to $1 a share. Since then I have devoted a very
large part of my time to a study of the assets of the bank. This study has
been made in co-operation with a special Committee of the Board of Directors and with the held of the current examinations of the bank by the office
of the Comptroller of the Currency and the New York Clearing House. As a
result of that study, $10,000,000 was taken from surplus and put into
reserves on Sept. 30, and there was evolved the plan which is being submitted
at this meeting. The plan contemplates the issuance of $50,000,000 of new
preferred stock, the reduction of common capital from $124,000,000 to $77,500,000 by reducing the par value of common shares, and readjusting surplus
and undivided profits and reserves so that surplus will be $30,000,000, undivided profits about $5,000,000, and unallocated reserves about $40,000,000.
When the plan is put into effect the write-downs which we will have made
and reserves applicable to the loans and discounts and to other assets of the
bank which we will have set up will exceed the amounts suggested by the
National Bank Examiner and the Committee of the Board of Directors, and
in addition there will be approximately the $40,000,000 of unallocated
reserves referred to.
As you know, part of the plan contemplates the sale of 2,500,000 shares
of 5% cumulative preferred stock of $20 par to the Reconstruction Finance
Corporation, subject to the right of the present shareholders to subscribe
thereto. There are many reasons why this should be done. In the first place,
the deposits of the bank are growing, and It is my belief that they will
continue to grow. It is important to have a strong base of capital to support
these deposits. In the second place, it obviates the issuance of common stock,
which I feel would be unfair to a great many of the shareholders, in view
of the fact that many of them would not be in position to subscribe for their
proportion of the new stock, and their inability to do so would thereby lessen
their proportionate Interest in the bank's assets. In the third place, it enables
us to set up large reserves, and the availability of current earnings for dividends on cornmon stock will be strongly protected by the existence of these
reserves. In the fourth place, the preferred stock may be retired all or in
part from earnings or recoveries or release of reserves. Finally, it is in
line with the movement to strengthen the capital structure of the banks of
the country, as suggested by the President of the United States. . . .
The surplus account stands at $30,000,000, which shows a reduction of
$46,000,000 from last year-end; $26,000,000 of this amount was transferred
to reserves in March; $10,000,000 in September, and $10,000,000 at the
year-end in anticipation of the adoption of the plan.
Undivided profits at the end of last year stood at $5,454,097.44. Net
earnings for 1933 were $12,511,207.55. Transfers from undivided profits
to reserves during the year amounted to $7,997,892.85. Dividends paid by
the bank amounted to $3,100,000, and there was reserved for dividends on
the common stock $1,550,000. After these transactions and various minor
adjustments there remains a balance of $5,087,505.94 to the credit of undivided profits account as shown in the statement before you.
Earnings for the year were affected by the lack of borrowing demand, as
already mentioned, by the reduction in funds available for investment due
to the decrease in deposits, and by the lower rate of return upon the bank's
earning assets, the average rate of return for 1933 being 0.54% less than
for 1932.
Under the item of reserves the various amounts stand at practically the
same figure as at the last year-end except the reserve for contingencies, which
then stood at $26,800,650.33.
During the year reserve for contingencies was increased by the transfers
from surplus and from undivided profits already mentioned. In the course
of the year's business and at the year-end part of this reserve was applied.
The balance of about $40,000,000 does not appear in the statement before
you, because it constitutes the unallocated reserves referred to, which were
deducted from the totals of loans and discounts and bonds and securities,
reducing those accounts to the figures shown before they were brought into
the statement. Another way of stating it is that when the plan has been
carried out the assets of the bank will have been written down approximately
to the figures shown in the statement before you, which are considered conservative, and unallocated or free reserves of' approximately $40,000,000
not shown in the statement will have been provided. This method of handling
reserves of this cha--eter is one which has been followed by the great
European banks.
At this point is is perhaps appropriate for me to mention a fact which •
my correspondence shows is often misunderstood by shareholders, namely,
that the drastic writing down of assets and accounts beyond what may appear
at the moment to be necessary and the provision of unallocated reserves takes
nothing from the shareholders unless actual losses are subsequently realized,
because the assets written down and the assets in which such reserves are
invested remain with the bank, and all subsequent recoveries from the assets
written down inure to it. Such action is the part of prudence and conservatism by a bank which must keep its demand deposits in mind, and over
the course of years should increase the value of the shareholders' investment. . .
Deposits of $1,117,159,220.52 show a decrease of about $182,000,000 from
last year-end. These deposits represent the balances of more than 700,000
depositors, of whom about 570,000 depositors have thrift accounts amounting
to $125,000,000. Foreign branch deposits at the year-end aggregate approximately $203,000,000.
The total capital funds, as shown in the statements before you, of the
bank and the City Bank Farmers' Trust Co. aggregate $184,335,657.53.
This represents a book value in excess of $21 per share of common stock of
the bank. In addition, the common shareholders have an interest in the
City Company of New York, Inc., the statement of which shows a net worth
of over $15,000,000. . . .
The City Bank Farmers' Trust Co. has done a smaller business than last
year. The Corporate Trust Department, which normally is the best earning
part of the institution, has had very little new business in the way of corporate mortgages because corporate financing has been almost at a standstill.
The amount of new transfer and registrar business has also declined. The
new personal trust business, although somewhat less than last year, has, all
things considered, been gratifying. In spite of the handicap of the times,
the trust company ends the year with an earned profit of $1,011,238.30. In
its statement accompanying this report all Government bonds are taken at
par or cost, If the latter is lower than par; other bonds at market, and all
other assets are conservatively appraised. The operating expenses of the
trust company have been cut, its organization improved and methods simplified, so that I feel it is better equipped now than ever before to effectively
handle the business that is put in its charge.
Volume 138
The year 1933 has been one of great difficulty to the securities business,
and therefore to the City Company of New York, Inc. (formerly the National
City Co.). However, the company continued to be a large distributor of
Federal, State and municipal bonds. Its business is now substantially confined to selling bonds to banks, to institutions and to large investors both
here and in Europe. During the year the permanent personnel of the organization was substantially reduced. Salaries of senior officers were cut and
no management fund has been in effect. The operating budget is now at
the rate of about $2,500,000 a year as compared with $3,634,180.46 in 1933
and $4,615,725.20 in 1932.
Gross income for the year was $5,450,766.43, including $3,179,818.91
profit on the sale of a part of its investment portfolio at prices higher than
the market values at the previous year-end. The net earnings for the year
amounted to $1,555,291.58 before surplus adjustments. On Oct. 2 the company paid a cash dividend of $1,000,000, which has been received by the
shareholders of the National City Bank.
In the balance sheet of the company as of Dec. 30 1933, copy of which is
submitted herewith, marketable securities are carried at market or less, and
securities which do not have a ready market are carried at conservative or
nominal values. After the resulting surplus adjustments and the setting up
of reserves, surplus and undivided profits were reduced to $4,421,989.95 and
capital stock remains unchanged at $11,000,000.
You have been asked to sign a consent to an amendment of the trust
agreement under which the stock of the City Company of New York, Inc., is
held for the benefit of the shareholders of the bank, to give the trustees the
authority to do what may be desirable and necessary to comply with the
Banking Act of 1933, and at the same time to protect the interests of the
shareholders. In any event, separation of control of the security business
by the shareholders of the bank must be accomplished by June 16 1934, the
date set by the Banking Act of 1933. In anticipation, the name of the company was changed from the National City Co. to the City Company of New
York, Inc.; its offices were moved away from the bank, and no officer or
director of the company is an officer or director of the bank or of the trust
company.
During the year the number of our shareholders increased to a total of
90,637. They live in every State in the Union and in many foreign countries,
and the average holding is less than 70 shares.
Annual Meeting of Stockholders of Corn Exchange
Bank Trust Co.—Chase Corp. a Holder ot Stock
of Corn Exchange—Latter Reports Revision (A
Holdings—Preferred and Common Stocks Virtually
Eliminated—Foreign Bonds Reduced—President
Frew Opposed to Code Increasing Service Charges—
Corn Exchange Seeks Retention of Robert and
Philip Lehman on Board.
Earnings of the Corn Exchange Bank Trust Co. of New
York in 1933 amounted to $2,744,743 before reserves and
chargeoffs to cover estimted depreciation or losses on assets,
Walter E.Frew, Chairman of the board, told the stockholders
ofIthe trust company at their annual meeting on Jan. 9,
according to the New York "Journal of Commerce", which
states that Mr. Frew noted that out of this amount $2,437,500 had been paid in dividends and that $70,000 had been
spent for new fixtures and for a modern vault. From the
same paper we quote:
In response to a question by a stockholder, Mr. Frew said that he is
opposed to the proposed code of banking practice which sharply increases
services charges on small checking accounts. He pointed out, however,
that the code would serve to increase the earnings of the Bank. His
estimate was that on the basis of these charges earnings for the year from
this source would amount to $750,000 against the present $300,000.
At the meeting of the Chase National Bank stockholders it had been
revealed for the first time that the Chase corporation holds 77,010 shares
of Corn Exchange stock at $3,195,915. Mr. Frew told stockholders that
the Chase held Corn Exchange stock to an amount not exceeding
20% of
the total amount outstanding.
Mr. Frew said that the National City is not a holder of Corn Exchange
stock. Asked whether there is, as rumored, a block of stock overhanging
the market, the Chairman said that he understood that there had been such
a block held by an investment trust but that it had been disposed of.
According to the New York "Times" of Jan. 10 the Corn
Exchange Bank Trust Co. has filed applications with the
Federal Reserve System for authority to retain Robert
Lehman and Philip Lehman of the form of Lehman Brothers
as directors of the institution, but has submitted only general
information with repsect to three members of the New York
Stock Exchange who are members of its board. The "Times"
added:
These are Richard Whitney of Richard Whitney & Co., who is President
of the Exchange; Warren B. Nash of De Coppet & Doremus, Treasurer of
the Exchange, and Robert A. Drysdale of Drysdale .k Co. Complete
applications for these directors was not filed, it was said, because of uncertainty that the provisions of the Banking Act applied to brokers.
No changes in directors were made at the annual meetings yesterday of
the Corn Exchange Bank Trust Co. Eighty-six per cent of the stock was
represented.
It was noted in the same paper (Jan. 9) that Corn Exchange, pursuing the policy which it began a year ago, published on Jan.8 a complete list of its investments as of Jan. 1.
We also quote from the "Times" as follows:
The Corn Exchange continues to be unique in giving complete publicity
to its portfolio, although other banks have given an increasing amount of
information to shareholders and the public in the last year.
The most important changes disclosed by the current list, as compared
with the first one issued, that for Feb. 11933. is the virtual elimination of
holdings of preferred and common stocks and foreign bonds and a substantial increase in holdings of U. S. Government securities.
Numerous substitutions have been made in the Bank's portfolios of
State and municipal bonds, railroad bonds, public utility bonds and industrial bonds, but the majority of issues in these groupings continues unchanged.
269
Financial Chronicle
Realty Appraised Recently.
In a foreword to the report, Walter E. Frew, Chairman of the Bank,
and Dunham B. Sherer, President,stated that the real estate owned by the
trust company had been appraised last month by well known licensed
real estate brokers and was carried on the books at these appraised values.
The statement of the Bank shows banking buildings carried at $13,606,415
and other real estate at $2.048.041. This compares with the statement for
Feb. 1 1933. which reported "banking houses and lots" at $15,291.263 and
other real estate at $1,409,361.
The executives reported that all U. S. Government securities were carried
on the books at par, as were all State and municipal securities due within
five years. All other securities, it was stated, have been reduced to market
value as of Dec. 31 last. In addition to the appraisal of real estate, the
Bank has had the properties on which it holds first mortgages appraised
with "satisfactory results." A reserve of $650,000 has been set up against
these mortgages.
The Bank has reduced its stock holdings to 2,499 shares of the Discount
Corp. of New York.400 shares of the Guaranty Trust Co., 100 shares of the
Bank for International Sttlements and 10,000 shares of United Corp.. preferred, all of which had been held last year.
Stocks Eliminated in Year.
The stocks eliminated are: Preferred, 350 shares Johns-Manville Corp.;
2.100 shares New York, New Haven & Hartford RR. Co.; 1,095 shares of
Standard Gas & Electric Co.;7% common: 4,200 shares Allied Chemical &
Dye Corp.; 1,000 Bond & Mortgage Guarantee Co.; 400 Consolidated Gas
Co.48,000 General Motors Corp.; 3,500 Glen Allen Coal Co.; 4,100 Great
Northern By. Co.; 1,172 International Elevating Co.; 5,000 Kennecott
Copper Co.:5,000 New York Central RR.Co.;2,300 New York,New Haven
& Hartford RR. Co.; 3,500 Northern Pacific By. Co.; 5,000 Public Service
Corp. of New Jersey; 5,000 Standard Brands: 1.000 Title Guarantee &
Trust Co.. and 19,000 United Corp. The Bank has also omitted from its
list this year holdongs of 27,000 shares of the Federal Reserve Bank of
New York and 9,990 shares of the Corn Exchange Safe Deposit Co., but it
is taken for granted that these are still held by it.
Changes in the forein bond list are equally sweeping. The current
holdings consist of $52,800 of Republic of Cuba Sugar Stabilization 534s
of 1940, a reduction of $5,000 from last year. $100,000 Republic of Uruguay
8s of 1946 and $250,000 Republic of Uruguay 6s of 1960. Both the Uruguayan issues are unchanged.
The present forein bond protfolio has a par value of $402.800, carried at a
market value of $163,425. compared with $2,740,300 par value of foreign
bonds last year, carried at $2,302,370.
Holdings of Federal Bonds.
The Corn Exchange reports holdings of $92.338,500 of U. S. Government
securities this year, compared with $68.074.700 last year. Last year the
holdings were carried at $68.946,077 on the books, reflecting market
appreciation, whereas this year they are carried at par.
Railroad bonds held this year total $6,756,000 par value, carried at
$3.976,521, compared with $7,879.000 par value last year. carried at
$7,341,855. The wide drop in the value at which the railroad holdings
are carried reflects the new policy of carrying such securities at market
value. Last year the policy was to reduce all bonds in default to $1. but
not to carry bonds which still paid interest at market.
Holdings of public utility bonds have been reduced from $4,018,000 par
value last year to $3,672,814 par value this year. Such holdings were
carried on the books last year at $3,859,476, compared with $2,753,623
this year.
Winthrop W. Aldrich Elected Chairman of the Board
of Directors of Chase National Bank—H. Donald
Campbell Becomes President—Other Changes in
Official Staff and in Directorate. '
At a meeting of the board of directors of the Chase National
Bank of New York on Jan. 10, Winthrop W. Aldrich, who
had been Chairman of the Governing Board and President
during the past year, was elected Chairman of the board of
directors. H. Donald Campbell was elected President.
Mr. Campbell had been a Vice-President of the bank since
the Chase-Equitable merger in June 1930. He was for six
years senior Vice-President of the Seaboard National Bank
and became Executive Vice-President of the Equitable
Trust Co. after the Seaboard-Equitable merger in 1929.
Charles S. McCain retired on Jan. 10 as chairman of the
bank's board of directors to become President of the United
Light & Power Co. John McHugh retired as Chairman of
the Executive Committee, but announced that he will
continue as Chairman of the Discount Corporation. The
proposed withdrawal of Messrs. McHugh and McCain was
noted in our issue of Jan. 6, page 76.
In addition to the election of Mr. Aldrich as Chairman of
the board of directors and Mr. Campbell as President of the
Chase National Bank at the meeting of the directors on
Jan. 10, announcement was made of the following appointments in the official staff of the bank:
William H. Moorhead, heretofore a Vice-President, was named VicePresident and Cashier.
William P. Holly, who has been Vice-President and Cashier, continues
as Vice-President.
Five officers who has been Second Vice-Presidents were appointed VicePresidents, as follows:
Emmett F. Smith
Thomas B. Nichols
Vincent L. Banker
Louis S. Rosenthall
Albert J. Egger
John E. Baatedo and Ransom H. Skeen, formerly Assistant Cashiers,
were appointed Second Vice-Presidents.
A. S. Gambee, William C. Kunz and Edwin R. Williams were appointed
Assistant Cashiers.
Other appointments are as follows:
Harry P. Hillen, Assistant Manager Foreign Dept.
James M. Kirkwood. Manager London Branches.
Jacob N. Wartenweiler, Manager London Branches.
Joseph M. Walsh, Assistant Manager Garfield Branch.
270
Financial Chronicle
Herbert I. Wood, Assistant Manager 149th Street Branch.
George F. Sloan. Assistant Trust Officer.
Harold N. Davies, Assistant Manager Credit Department.
In accordance with a provision of the Banking Act of 1933,
shareholders of the Chase National Bank at their annual
meeting on Jan. 9 voted to reduce the membership of the
board from 36 to 25 directors. The Banking Act requires
that bank boards be reduced to a maximum of 25 members
not later than June 16 1934. Under the Chase charter, the
shareholders at their annual meeting must fix the number of
directors and that number can be changed during the year
thereafter only at a special meeting of shareholders. Accordingly action was taken Jan. 9.
The limitation of number imposed by law, together with
the provision of the Act that at least three-fourths of the
directors shall reside in the State where the main office of
the bank is located or within a 50-mile radius therefrom,
made it necessary that several directors of long and valued
service to the bank retire from the board.
In reducing the membership of the board of the Chase
National from 36 to 25, he stockholders elected 2 new directors; 12 of the old directors failed of re-election.
The new directors elected are H. Donald Campbell, who
was elected President of the bank on Jan. 10, and John A.
Brown,Chairman of the Executive Committee of the SoconyVacuum Corp. The 12 who are no longer members of the
board are Charles S. McCain, John McHugh, Henry W.
Cannon, a former President of the bank; Ralph C. Holmes,
Albert G. Milbank, Jeremiah Milbank, George M. Moffett,
Samuel F. Pryor, Ferdinand W. Roebling Jr., Charles M.
Achwab, George P. Whaley and Henry Rogers Winthrop.
The directors of the bank elected by the shareholders on
Jan. 9, in conformity with legal requirements, are:
Winthrop W. Aldrich
H. Donald Campbell
Vincent Astor
Gordon Auchincloss
Earl D. Babst
Howard Bayne
John A. Brown
Francis H. Brownell
Newcomb Carlton
Walter S. Carpenter Jr.
Malcolm G. Chace
Edward J. Cornish
Bertram Cutler
Thomas M. Debevoise
Franklin D'Olier
Frederick H. Ecker
Edward H. R. Green
Henry 0. Havemeyer
Arthur G. Hoffman
L. F. Loree
Thomas N. McCarter
Thomas I. Parkinson
Andrew W. Robertson
Robert C. Stanley
Cornelius Vanderbilt
At the annual meeting of the Chase Corporation (formerly
Chase Securities Corp.) on Jan. 9, the following board of
directors was elected:
Winthrop W. Aldrich
H. Donald Campbell
Robert L. Clarkson
Bertram Cutler
Henry Hargreaves
Earle G. Hines
Karl A. Pathen
Carl J. Schmidlapp
Frederick P. Small
Robert J. Whitfield
John R. Macomber, Charles S. McCain, John McHugh
and Reeve Schley were not re-elected, while the new additions to the Chase Corporation board were Messrs. Campbell,
Hargreaves, Hines, Panthen and Whitfield.
Annual Report of Winthrop W. Aldrich to StockReport
holders of Chase National Bank—Net Earnings
Over $25,000,000 in 1933—Details of Plans Incident
to Issuance of Preferred Stock—Reduction in
German Short-Term Commitments—Cuban Government Financing—Elihu Root Jr. Named to
Investigate Claims in Behalf of Bank Incident to
Disclosures at Senate Inquiry.
The appointment by the board of directors of the Chase
National Bank of New York "of a special committee of
directors to consider such matters as may have been disclosed or touched upon at the recent hearings with reference
to the bank and its affairs before the sub-committee of the
Committee on Banking and Currency of the United States
Senate, with authority to select, employ and consult with
special counsel concerning such of these matters as may be
considered to furnish grounds for a claim or claims in favor
of the bank and to commission such counsel fully to investigate them"is announced by Winthrop W.Aldrich, Chairman
of the Governing Board, and President of the bank. The
announcement was contained in the annual report of Mr.
Aldrich, presented to the stockholders at the annual meeting
on Jan. 9. Mr. Aldrich further announced:
This committee has retained Elihu Root Jr. Mr. Root has had no previous
professional relation with the bank or its officers. He has been charged by
this Committee with the duty of making a thorough study of these matters
and reporting on them as promptly as is consistent with thoroughness in
view of the complexity of the questions involved. He is now actively
engaged upon this work.
In indicating that the announcement caused a sensation
among shareholders and brought from the floor the suggestion that Samuel Seabury be retained by the bank to conduct
Jan. 13 1934
the investigation or that a Committee of prominent persons
not connected with the bank take up the task, the New York
"Times" of Jan. 10 added in part:
In reply to these proposals, Mr. Aldrich revealed that the directors had
considered retaining Mr. Seabury, but had decided in favor of Mr. Root
because of the latter's experience in financial matters. He agreed, however,
to have the board consider the matter again and declared that it was "conceivable" that the directors might decide to retain Mr. Seabury.
Er-Officials Not Mentioned.
In announcing the move, Mr. Aldrich did not specifically mention former
officials of the bank as being those against whom claims were being considered, but that was made clear by the discussion from the floor. The
Project was disclosed in the course of a detailed report by Mr. Aldrich on
the affairs of the bank. . . .
The stockholder who suggested that Mr. Seabury be retained as counsel
explained that he did not wish to say anything derogatory of Mr. Root,
but that "in view of the seriousness of some of those revelations, and in
view of the fact that the bank may have good claims against the former
Chairman of the board, and in view of that fact that actions have been
instituted now to recover, it seems to me that it is for the best interests
of the stockholders as a whole and for the bank that counsel of the character,
Integrity and the ability to investigate, like Judge Samuel Seabury, should
be retained by the special committee in order to go into these matters."
Thinks No Investigator Needed.
In explaining why Mr. Root had been selected, Mr. Aldrich said he had
not regarded the lawyer for the Committee as primarily an investigator.
"I thought the investigation had been very thoroughly done by Mr.
Pecora," he remarked, "and I think it is a question of protecting the legal
rights of the institution under the circumstances that have been disclosed
by Mr. Pecora's investigation."
"This employment of Mr. Root," he continued later in the discussion,
"Is to determine whether the board of directors, on behalf of the bank,
should themselves commence such action, which would, of course, preclude
the pending action to the extent that they are the same.
"But I should say that every conceivable allegation as to negligence or
misfeasance that any lawyer could think of had already been made in the
suits that have been commenced: so that I do not think that you need fear
that anything will be overlooked."
A motion tp direct the board of the bank to retain Mr. Seabury was
ruled out of order by Mr. Aldrich, although he volunteered to consider
the suggestion. He added:
"We hitve already retained Mr. Root, and I consider him to be, perhaps,
the best qualified man I know to pass on these particular questions. But
I am delighted to get any expression of opinion on it."
In his report to the shareholders, President Aldrich stated
that the net earnings of the bank for the year 1933 amounted
to somewhat over $25,000,000. The report commented at
length to the proposal of the bank—heretofore noted in these
columns—to sell $50,000,000 of preferred stock to the
Reconstruction Finance Corporation. Among other things
dealt with in the report were the German short-term credit
commitments held by the bank, which President Aldrich
said, have been reduced by nearly 50% during the year;
the Cuban Government financing was also referred to in the
report, in which also the operations of the bank's affiliates
were indicated.
As bearing on the proposed issuance of preferred stock we
quote the following from the "Times" of Jan. 10:
Federal Aid Welcomed.
During a discussion from the floor it was suggested by a shareholder
that the bank's officials had been placed in a difficult position due to the
insistence of the President upon sale of preferred stock to the RFC. This
shareholder proposed to the stockholders that they consider relieving the
officers of this predicament by failing to ratify the proposed sale of preferred
stock when it came up.
In response, Mr. Aldrich explained that the advantage was not all
on the side of the Government. He pointed out that if business revived
It would be possible to use the additional capital profitably and that without
the capital to be supplied by the RFC it would have been impossible to make
the write-downs contemplated without reducing the surplus of the bank
and thus jeopardizing the common stock dividends.
As it was, he said, he thought the current dividend could be maintained,
although he added that, if this turned out not to be the case, he hoped the
forecast would not "be held against him."
President Aldrich made the statement at the outset of
his report that:
The year just passed stands alone as the most critical year in American
banking history. The year started with a gradually intensifying crisis
which culminated in the nation-wide banking holiday. During that period
the New York banks were called upon to provide funds in increasing amounts
for the relief of their correspondents in the interior. By reason of its very
extensive relationships with out-of-town banks the Chase National Bank
was able during the crisis to be of immense service to its correspondents,
and so to the country as a whole.
Mr. Aldrich observed that "it has been customary for
some years to utilize the opportunity afforded by the annual
meeting to review the economic history of the year." He
added, "since there are important questions of bank policy
to be discussed in this report, I shall not undertake at this
time to make such a general review."
From his report we quote in part as follows:
PROPOSED ISSUE OF PREFERRED STOCK.
The first subject which I desire to treat with some detail is the proposal.
which has already been announced and will be presented for action at a
meeting of the shareholders in February that the Chase National Bank
shall sell to the RFC, subject to first being offered to its own shareholders
$50,000.000 of preferred stock.
The President of the United States has for several months past urged
upon all the banks of the country, whether large or small, to supplement
their existing capital funds with additional cash to be supplied by theIRFC.
In this move the President evidently had two primary ends in view, namely:
Volume 138
Financial Chrcnicle
first, to afford greater protection to bank depositors; and second, to increase
the ability of the banks to furnish credits for reviving commerce, trade and
agriculture.
Public comment has been inclined to give greater emphasis to the first
of these objectives. It is probably true that almost every bank in the country—or in the world, for that matter—has suffered large losses during the
past four years. It is not true, however, that almost every bank in the country requires additional funds in order adequately to protect its depositors.
The Chase National Bank certainly has no need of additional capital funds
for that purpose. It has, of course, had heavy losses and depreciation;
against such losses and depreciation reserves have from time to time been
set up, amounting in the aggregate to a very large sum.
It has been urged, however, that the strongest of banks avail themselves
of the opportunity to obtain additional capital from the RFC in order
that no possible question could arise in the case of any individual bank
if it took advantage of this resource. Furthermore, even if new funds are
not required by the stronger banks for the greater protection of depositors.
and even if at this particular moment no profitable use can be made of
additional capital funds, yet with reviving business this additional capital
will equip even the strongest banks more effectively and profitably to meet
the credit needs of the country in the anticipated era of business recovery.
Accordingly, as a matter of general policy, and from the point of view
of being able to provide maximum credit facilities to finance expanding
business, the board of directors of the Chase National Bank has, after
careful deliberation, determined to recommend to the shareholders of the
bank that the opportunity to obtain capital funds from the RFC should
be accepted. A special meeting of the shareholders will, therefore, be called
shortly to vote upon a plan which the board of directors has approved and
will recommend, the salient features of which are outlined below.
New Capital Funds.
The plan calls for an issue of $50,000,000 of preferred stock carrying a
5% cumulative dividend. Such preferred stock will be of a par value of
$20 per share, thus involving an issue of 2.500,000 shares of such stock.
This stock will be first offered for subscription to the present shareholders
of the bank. That portion of the stock for which the shareholders do not
subscribe will be taken by the RFC. In other words, the RFC will underwrite, without underwriter's fee or commission, this increase of the bank's
capital funds. In addition, the RFC agrees, as to any of the preferred stock
acquired and held by it which is retired within three gaars, that it will remit
to the bank from the dividends paid by the bank a sum equal to 1% Per
annum upon the stock so retired. This would result in such funds furnished
by the RFC costing the bank 4% per annum.
The RFC has no authority to purchase capital notes of the bank as it
has in the case of State banks and trust companies in this community.
The only form, therefore, in which additional capital can be subscribed
by the RFC is through the purchase of preferred stock.
Voting Rights of the New Stock.
The voting rights of the preferred stock will be substantially as follows!
The number of shares of common stock outstanding will remain as heretofore, namely, 7.400,000 shares, and the number of shares of preferred stock
outstanding will consist of 2,500,000 shares of a par value of $20 each.
Generally speaking, the holders of preferred stock will be entitled to vote
upon all matters upon which the holders of common stock may vote. Except
under certain contingencies to be mentioned hereafter, each share of common
stock has equal voting rights with each share of preferred stock.
Under the provisions for the cumulative voting of the stock of National
banks contained in the Banking Act of 1933, the holders of preferred stock
will have the same rights to cumulate their votes for directors as the holders
of common stock. On certain matters voting by classes is required; in
certain events the holders of preferred stock as a class obtain double voting
rights; and in certain other events they obtain special voting rights. These
events will be fully set out in the proposed amendments to the Articles of
Association to be submitted to the shareholders' meeting. Essentially,
these double or special voting rights would arise only in case default takes
place in the payment of any two semi-annual dividends, or if default takes
Place in providing from earnings a retirement fund for the preferred stock
of not less than $2,500,000 per annum commencing Jan. 1 1936. or if and
when the capital stock of the bank should become impaired.
Reduction of Common Capital Stock.
Tho board of directors will recommend the reduction in the common
capital stock of the bank from $148,000,000 to $100,270,000 and the accomplishment ofsuch reduction not by reducing the number ofshares of common
stock outstanding, but by reducing the par value of each such share from
$20 a share to $13.55 a share. In consequence of this reduction in the common capital of the bank, with current earnings approximating the present
current earnings of the bank it is felt that there will be little likelihood of
any contingency arising where the holders of the preferred stock would
obtain the double or special voting rights referred to.
By such a reduction in the common capital in the amount of $47,730,000,
the bank is placed in that much stronger position not only to pay the
dividends upon the preferred stock and to provide the minimum retirement
fund for such stock, but also to pay dividends upon the common stock.
Results of the Re-adjusted Capitalization.
The amount of $47,730.000 thus released through the reduction in the
common capital stock is to be applied, in accordance with the requirements
of the Comptroller of the Currency and the Federal Reserve Board, to the
charging-off or writing-down of certain specific assets of the bank without
distributing them or their proceeds to the shareholders. These assets will
remain the property of the bank. Heretofore large unallocated reserves
have been established against these and other items, and the gross amounts
of certain asset classifications on the published balance sheet of the bank
have been reduced accordingly. Through specific write-downs and chargeoffs, a portion of these unallocated reserves will be released, and it will be
possible to restore to the published balance sheet a sum of approximately
$14,000,000, to be carried as a reserve for contingencies.
The results of the re-adjustments upon the capital structure of the bank
will be substantially as follows:
Preferred stock
$50,000,000
Common stock
100,270,000
Surplus (as at present)
50,000,000
Undivided profits (approximately)
9.000.000
$209.270,000
In addition reserves for contingencies will be shown at approximately
$14,000,000, without allowing for the then existing balance in this account.
Preferred Stock Requirements.
It will require $2,500,000 to pay the dividends upon the preferred stock
at the rate of 5% per annum. As preferred stock is retired this requirement
will of course decrease. To provide a preferred stock retirement fund of
5% per annum will require another $2,500,000. This retirement fund must
271
be provided from earnings, so that although it is in reality an addition to
the common shareholders' interest in the bank, it is proper in this respect
to look upon it as a charge against earnings. As against these requirements
the bank will have $50.000,000 additional capital funds from which to realize
earnings.
Use of the New Funds.
At the present time and under present conditions the bank is not in a position to find sufficiently liquid and profitable use for its capital funds to earn
as much as 5% per annum thereon. Upon this new $50,000,000. 2%% will
be assured for the present at least by the purchase by the bank of RFC
short-term notes bearing that rate of interest and guaranteed by the United
States Government. Whenever it becomes profitable to do so these notes
can be sold and the proceeds devoted to other uses. Until that time comes,
the cost to the bank represented by the difference between 2%% and 5%
(or 4% on preferred stock retired in three years) is, in the judgment of the
board of directors, compensated for by the potential advantage to the bank
and to the holders ofcommon stock in having these additional capital funds.
Any shareholder who believes that this preferred stock offers favorable
terms for investment will have the opportunity to subscribe.
Current Earnings.
The net earnings of the bank for the year 1933. after taxes but before
charge-offs and reserves, have amounted to somewhat over $25,000,000.
Assuming that not more the;2%% or $1,125,000 is realized annually upon
the additional $50.000,000 of capital funds, it will require $3,875,000
(successively decreasing in amount as preferred stock is retired) of annual
earnings from all other sources to pay the preferred dividends upon the
preferred stock at the maximum rate and to provide an annual retirement
fund of $2.500.000.
A continuance of the earnings of the bank at anywhere near the rate of
earnings for 1933 will provide ample margin not only for fulfilling the requirements for the service of the preferred stock but for paying dividends
upon the common stock and for retiring the preferred stock at a rate in excess
of the minimum of $2,500,000 a year. As has already been noted, the reduction of the common capital by $47,730,000 will greatly help to maintain
for the payment of dividends the integrity of current earnings against
inroads from losses and abnormal depreciation of assets.
Protection of Rights of Present Shareholders.
One of the important considerations entering into the creation and sale
of this issue of preferred stock is whether the vesting of voting rights in such
preferred stock to the extent provided in the proposed amendments to the
Articles of Association is entirely fair to the holders of common stock.
In this connection it should be emphasized that each holder of common
stock has a first and complete right to preserve wholly or in part his present
voting position by subscribing for his pro-rata share of the issue of this
preferred stock. But if the holders of common stock do not exercise this
privilege, it is believed that the voting rights to be vested in the preferred
stock are no greater than an outside purchaser of such preferred stock.
alert to protect his investment, may reasonably require.
It is. therefore, the belief of the board of directors that this proposed
recapitalization provides the bank with additional capital funds on fair
terms and places the bank's assets on a conservative basis from which
substantial increases may reasonably be expected.
Appropriate agreement has accordingly been made with the RFC and
necessary approval obtained from the Comptroller of the Currency and the
Federal Reserve Board. There will shortly be mailed to all shareholders
notice of the proposed meeting, which notice will contain a full description
of this program, including the detailed terms and provisions governing the
proposed preferred stock.
CHANGES EFFECTED.
The foregoing paragraphs have shown the various adjustments which
it is planned shall be made after acceptance by the shareholders of the
proposal to issue preferred stock. Inasmuch as these adjustments have not
yet taken place, the usual statement of condition as of December 30 has
not taken them into account. It will be illuminating, however, to note
the changes which would appear on that statement of condition if the
adjustments had in fact already been made in the amounts now contemplated.
On the resources side of the statement there would appear an additional
Item entitled RFC notes—$50,000,000. or such smaller sum as equals
the amount of preferred stock not subscribed for by shareholders. The
amounts now listed for various loan and investment items would be reduced
In aggregate by $33.730.000. It is of course impossible to forecast at this
time how this sum would be distributed among the several items. The
total figure for resources would be increased from $1.715.188,302.66 to
$1.731,458,302.66.
On the liabilities side of the statement the item showing capital of
$148,000,000 would be altered so as to show preferred stock of $50,000.000
and common stock of $100.270,000. The reserve for contingencies would
be increased from $2.891.168.61 to $16,891,168.61. The total figure for
liabilities including capital funds would become $1,731,458,302.66.
CURRENT POSITION.
The statement of condition as of Dec. 30 1933 is printed in the middle
pages of this report.
In order to provide for revaluation in the bank's loans and investments
the board of directors during the year directed certain charge-offs and additions to reserve accounts. On May 24 the board authorized a reduction
in the surplus of the bank from $100,000.000 to $50.000,000. The net
amounts charged off or placed in reserve accounts during the year were
$78,696,971. These amounts were derived as follows:
From surplus
$50.000,000
From current earnings
13.828,094
From undivided profits
1.942,712
From reserve for contingencies
12.926,165
$78.696,971
Important recoveries may be expected from the foregoing.
The effect upon the capital structure of the bank appears in the following
table which compares the position on Dec. 30 1933 with that at the close
of the preceding year. and of course does not take into account the further
changes resulting from the sale of preferred stock:
Dec. 31 '32. Dec. 30'33.
$
Capital
148.000,000 148.000,000
Surplus
100,000,000 50,000.000
Undivided profits
11.130.611
9,187.899
259,130,611 207.187.899
INCOME AND EXPENSES.
Net earnings for the year. after taxes but before allowance for reserves
and charge-offs. were $25.298,094. As already indicated. $13,828.094
from earnings was employed for the purpose of making charge-offs and addi-
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Financial Chronicle
tions to reserves. The remainder. $11,470,000, was distributed as dividends
on the 7,400,000 shares outstanding. A dividend for the first quarter of
50 cents a share was declared; thereafter, for the three succeeding quarters,
the rate was 35 cents a share, making $1.55 a share for the year.
The exceptionally low rates for money prevailing during most of the
year together with the very moderate demands for credit reduced the gross
earnings of the bank from the level of the preceding year. Reduced income
was in part offset by the prohibition against the payment of interest on demand deposits since June 16 under the Banking Act of 1933, and the
exercise of numerous economies in operation.
SHAREHOLDERS.
There has been a continuing and almost unbroken increase in the list
of shareholders of the bank since the consolidation with the Equitable
Trust Co. and the Inter-State Trust Co. in 1930. At the close of that year
the bank had 68.000 shareholders. At the close of 1931 there were 76,000.
A year later there were 83,000, and at the close of 1933 the number exceeded
90,000. The average holding of Chase stock on July 1 1930, immediately
after the Chase-Equitable-Interstate merger, was 112.1 shares. It is now
82.2 shares.
GERMANY.
The extension of short-term credits for the'financing of commerce of
foreign countries, such as Germany, is a recognized commercial banking
operation which this institution has carried on for many years. Throughout
1933 Germany continued to pay interest in foreign exchange regularly on
the short-term debt covered under the Standstill Agreement, the German
Government and the Reichsbank having recognized that the short-term
credit provided by foreign banks forms an essential basis for the maintenance
of import and export trade.
The total of German short-term credit commitments held by the bank
has been reduced by nearly 50% during the year. The record of reduction
during the past three years in German commitments of every kind held by
the bank and its branches appears in the following table, which shows
the amount held at the close of each year:
$115.980,378
1930
71.127,981
1931
67,184,530
1932
34,949,331
1933
The reductions were made at an average discount of slightly over 6%•
The aggregate of the discount was considerably less than the interest and
commissions earned during the period on the total of the bank's German
commitments.
The short-term credits which remain on the books of the bank,constituting
more than 99% of its total German commitments, fall into the following
classes:
Credits extended to the German and Bavarian Governments and
33%
-owned enterprises
to Government
Credits guaranteed by the Gold Discount Bank (an affiliate
of the Reichsbank), about one-quarter of which has special
11%
security pledged against them
Credits secured by merchandise under control of the bank's
11%
correspondents in Germany
Credits carrying the unconditional joint obligation of German
banks and commercial concerns, and in addition are secured
28%
in whole or in part
Credits extended to German banks with the joint obligation
12%
of a commercial concern, but without pledged security
Credits extended to German commercial concerns with pledged
2%
security
Credits extended to German banks or industrial concerns, with3%
out pledged security
100%
CUBAN GOVERNMENT FINANCING.
December 31 in
Action by the Grau San Martin Government prior to
deferring the payment of interest then due on the Cuban Public Works
debt makes it important to state the extent of the bank's present participation in Cuban Public Works obligations. The immediate effect of the default
was to postpone the payment of interest due to the bank on that date
for its own account as follows
On the bank's participation of $9,666,666.65 in a $20,000,000
$265,833.33
bank credit
On the bank's holdings of $3,187,000 of Public Works 54%
87,642.50
bonds due 1945 out of $40,000,000 outstanding
On the bank's holdings of $482,718.47 of Public Works 53'5%
outstand. 13,274.76
serial certificates due June 30 1933,out of $867,000
$366,750.59
The total of the foregoing items of principal amounting to a face value
of $13,336,385 constitutes the entire holding of the bank in the principal
of the Cuban Public Works debt.
In announcing the deferment of interest, the Grau San Martin Government explained that it was not repudiating the debt but questioned its legality. The bank, in its capacity both as a creditor in its own interest and as
trustee or paying agent in the interest of all holders or participants in the
obligations named above, immediately represented to the existing Government that the legality of these issues was not open to question. It pointed
out that the agreements securing the obligations were executed and the
obligations themselves were issued in full conformity with the Cuban
Constitution, and under the advice of leading Cuban and American counsel,
are the legal and valid obligations of the Republic of Cuba in all respects;
that the proposition that their legality is open to question because they were
contracted under a preceding administration cannot be accepted; that the
proceeds of the Public Works serial certificates, in exchange for which and
for the refunding of which the $40.000,000 of Public Works bonds were
issued, and the proceeds of the $20.000,000 bank credit were paid out by
the bank directly to contractors for public works constructed by them and
accepted by the Cuban Government, on the faith of certificates signed by
the Secretary of Public Works and countersigned by the Secretary of the
Treasury; and that the improvements represented by these payments are
now being utilized by the Cuban people.
The credit of Cuba heretofore has stood second to none in Latin America.
Since its establishment as a nation the Republic of Cuba has not failed until
publicly held. The
now to meet, when due, interest on any foreign issue
Government which succeeded the Machado administration last August
recognized the Public Works financing, and it is hoped, in the interest
mainboth of Cuba, and her American creditors that the record heretofore
tained will not remain long interrupted.
FOX FILM—GENERAL THEATRES EQUIPMENT.
During the year substantial headway has been made in protecting and
improving the interest of the bank in the Fox Film Corp., General Theatres
Equipment, Inc., and associated enterprises.
Jan. 13 1934
The Fox Film Corp., with the co-operation of the bank and other large
creditors, has been reconstructed and recapitalized, and new shares have
been issued in lieu of most of its debt, thereby avoiding receivership or
bankruptcy. Large going-concern values have been preserved which
otherwise would in all probability have been much reduced. We are advised
that the Fox Film Corp. is at present operating profitably.
The principal subsidiary theatre corporations of the Wesco Corp. went
into bankruptcy early last year. Progress has been made in re-arranging
their affairs, and it is hoped that within a reasonable time it will be possible
to reorganize them upon a sound basis.
General Theatres Equipment, Inc., which went into receivership in 1932,
is still under the administration of the court. The reconstruction of Fox
Film Corp., however, has in large measure cleared the way for a reorganization of General Theatres Equipment, Inc., and it is hoped that it will be
possible in the near future to effect a reorganization.
The defaulted two-year secured gold notes of the Film Securities Corp.,
of which the bank held $5,003,000, have been foreclosed, and the bank
has already received its pro-rata share of the Loew's, Inc., stock, which
was the principal collateral securing the notes.
THE CHASE CORPORATION.
At a meeting held on May 16 1933 the shareholders of Chase Securities
Corp. adopted, by a large majority, the following proposals recommended
in my letter to shareholders of April 5 1933:
1. The amendment of the certificate of incorporation to provide that the
corporation should not engage in the business of publicly selling or distributing securities.
2. The change of name of the corporation by eliminating the word
"securities" therefrom.
3. The reduction of the number of directors from 30 to 10.
4. The reduction of the par value of each of the shares of capital stock
from $5 to $1,thereby reducing the amount of capital stock from $37,000,000
to $7,400.000; and
5. The liquidation of the business of Chase Harris Forbes companies
and the sale or liquidation of its underlying companies.
The first four proposals, which related directly to Chase Securities Corp..
were immediately put into effect, and the corporation, under its new name,
the Chase Corp., became simply a holding and liquidation corporation.
The fifth proposal, which related to the Chase Harris Forbes organization,
has been advanced as rapidly as a prudent and orderly liquidation would
permit. Chase Harris Forbes Cos., the holding corporation for the group,
has been dissolved and liquidated; the Montreal and Paris subsidiaries have
been dissolved and liquidated, and the stock of the London subsidiary has
been sold, as has been also the greater part of the assets of the Harris Forbes
Trust Co. of Boston. The liquidation of Chase Harris Forbes Corp. (New
York) and Chase Harris Forbes Corp. (Massachusetts), the two principal
operating companies, has progressed to a point where, with the exception
of investments in sundry securities carried at approximately $300,000, and
with the further exception of the investment of the Massachusetts corporation in the stock of Harris Forbes Trust Co., and its investment in the Federal Street Building Trust, owning premises No. 24 Federal Street, Boston.
substantially all the assets consist of cash and short-term United States
Treasury bills. After providing for known liabilities, the net worth of
Chase Harris Forbes Corp. (Now York) and Chase Harris Forbes Corp.
(Massachusetts) is approximately $4,000,000. During the year, 41 offices,
maintained in the United States and abroad, have been closed, and the
personnel of over 1,100 officers and employees has been reduced to 42.
The purpose to effect a separation of the business of distributing securities.
as conducted by the securities affiliates, and the commercial banking
business of the Chase National Bank is, accordingly, now accomplished.
A statement of the condition of the Chase Corp. as of Dec. 30 1933 Is
printed below. The Equitable Corp. and Interstate Corp., with which,
In each of the last three annual reports, the Chase Corp. has submitted
a consolidated statement of condition, have been dissolved and liquidated
during the year, as have been also several other subsidiaries. All assets
are reported at amounts not in excess of fair values, in the opinion of the
officers and directors.
STATEMENT OF CONDITION—THE CHASE CORPORATION
Dec. 30 1933.
Resources.
Cash
Bills and accounts receivable (less reserves)
Securities
Investments in subsidiaries
$203,627.38
1,810,230.50
7,339,032.46
27,637,703.02
$36,990,593.36
Liabilities.
Bills and accounts payable
$20,492,145.84
Suspense
18,418.82
Tax and other reserves
2,266,088.22
Capital stock (7,400,000 shs.,$1 par value) - -$7,400,000.00
6,813,940.48
Surplus and profits
14,213,940.48
$36,990,593.36
Out of the total of $7,339,032.46 of securities, $3,195,915 represents
77.010 shares of Corn Exchange Bank Trust Co., $2,499,750 represents
9,999 shares of the Discount Corp. of New York, and the balance of $1,643,367.46 represents sundry securities.
The detail of investments in subsidiaries is as follows:
American Express Co
$20,787,833.07
Chase Harris Forbes corporations
3,999,867.95
Equitable Trust Co
2,600,000.00
Harris Forbes Building, Inc
250,000.00
Metpotan1Securities Corp
1.00
Garfield National Corp
1.00
$27,637,703.02
In the case of the American Express Co., the investment represents approx98% of the stock, and, in the case of the other corporations, the
imately
Investment represents 100% ownership, excluding directors' shares.
The American Express Co. stock Is carried at asset value in accord with
the year-end figures of that company to be published In the usual course.
Out of the total of 520.492,145.84 for bills and accounts payable, 517,142,145.84 is due the Chase National Bank,secured by a pledge of all shares
owned of the American Express Co.
The reserves are.believed to be adequate to cover other known liabilities
and certain contingent liabilities. It is impossible to estimate at this time
the extent.of every contingent liability, and the reserves, accordingly, do
not purport to,make complete provision therefor.
The net operating income for the year, including the operating Income
of the Equitable corporation and the Interstate corporation to the respective
Volume 138
Financial Chronicle
dates of liquidation of these corporations, amounted to $640,522.65. However, during the year, the capital, surplus and profits of the corporation
were reduced by $40,786,059.52, and on Dec. 30 1933 amounted to $14,213,940.48, as shown in the statement of condition. This reduction is mainly
a reflection of the loss on liquidation of Chase Harris Forbes companies,
the write-down of the American Express Co. stock and remaining portfolio, and the setting aside of appropriate reserves.
No final determination has yet been made with respect to the disposition
of the investment in the stock of the American Express Co.and the complete
liquidation of the Chase corporation.
With deep sorrow, there is hereby recorded the death on Feb. 5 1933 of
Frank Callahan, who, for many years, and with extraordinary ability,
served the Chase Corporation as a director and Vice-President, and the
death on July 3 1933 of Wllllam G. Shaible, who, since 1917 with untiring
energy faithfully served the Chase Corporation as treasurer.
BOARD OF DIRECTORS.
The shareholders at a special meeting on May 16 1933 ratified a proposal
that the number of directors of the bank be reduced from 72,as it then stood,
to 36. This proposal was reluctantly made, since the terms of numerous
directors of long standing and valued service would be terminated. But
it was nevertheless consistent with two policies of the bank previously
announced—the first, that it was necessary to create a more compact
board for the purpose of concentrating the authority and obligations of
individual directors; and the second, that the bank should sever all connections with the business of investment banking. The Banking Act of 1933,
subsequently passed, fixed the maximum membership for the board of
directors of any member bank at 25.
Elsewhere we give the changes in the official staff of the
Chase National which occurred during the week.
273
In his concluding remarks, Mr. Gibvn praised the efforts
put forth by the Administration in Washington to speed economic recovery, and expressed optimism about the future.
In part, he said:
I feel that in spite of the doubt caused by uncertainty as to the Government's money policy, there is a real feeling of confidence that we are definitely "on the way out." When we shall be out, and just where, few are
willing to predict, because they do not know.
In the meantime business is generally better to an appreciable degree;
merchants and manufacturers are willing again to make commitments for
their forward requirements, not only against orders on hand, but prospective
orders. And there has been recently an activity in retail trade which, if not
more than seasonal, at least gives indication of more noisnal times. Many
corporations have sufficient confidence in the situation to resume dividends
which had been suspended, or to increase them. The net effect of the NRA
represents, on the whole, a distinct gain. Many who are somewhat hostile
to it admit that they prefer it to the old order. It should, and will, contribute much to an improved trade practice and to better co-operation within
industry.
All the retiring directors were re-elected with the exception
of Thomas H. McInnerney, Frank Phillips and Walter E.
Sachs, all of whom withdraw because of the provisions of the
Banking Act of 1933. Mr. McInnerney is President of the
National Dairy Products Corp.; Mr.Phillips, President of the
Phillips Petroleum Co., and Mr. Sachs a member of Goldman,
Sachs & Co.
Annual Meeting of Stockholders of Manufacturers Walter J. Cummings of FDIC Selected to Serve as Chairman of Board of Continental Illinois National
Trust Co. of New York—President Gibson Reports
Bank & Trust Company of Chicago—AnnounceNet Operating Earnings for 1933 of $4,000,154—
ment Follows Conference of Officers and Directors
Institution's Liquidating Department Completes
of Bank with Jesse H. Jones of RFC—Latter Says
Liquidation ot Nine Banks—President Roosevelt's
There is No Disposition to Dictate Management
Efforts Commended—Retiring Directors.
of Banks in Which It Holds Stocks—Will, However,
Net operating earnings of Manufacturers Trust Co. for the
Insist on Changes Where Best Interests of Stockyear 1933 amounted to $4,000,154, before reserves for taxes,
holders and Depositors are Concerned.
charge-offs and contingencies, according to information disIt was made known by the Reconstruction Finance
closed by Harvey D. Gibson, President, at the annual meet- Corporation on Jan. 9 that Walt3r J. Cummings, Chairman
ing of the stockholders, which was held on Jan. 10. This of the Federal Deposit Insurance Corporation had been
amounted to $2.43 per share, or approximately two and a half decided upon as Chairman of the Continental Illinois Natimes the present dividend requirement of $1 per annum. tional Bank & Trust Company of Chicago, his election to the
Mr. Gibson also stated that the total annual payroll of Mann- post being scheduled for Jan. 12. This decision was reached
ethirers Trust Co. on Jan. 1 1930, together with the totP) following a conference with a committee of officers and direcannual payroll of the Chatham Phenix at the time of the tors of the bank with Jesse H. Jones Chairman of the RFC.
merger, amounted to $8,725,000, as compared with the present In the announcement by the latter it was stated:
annual payroll of $5,046,000, showing a reduction of
Inasmuch as there has been a good deal written about this particular
situation, not all of which has been accurate, it seems appropriate to say
$3,679,000 a year.
is no disposition
It was pointed out that in line with the general trend dur- that while therebanks in which it on the part of the RFC to dictate the
management of
owns stock, there will be no hesitancy
ing 1933, net Clearing House deposits of Manufacturers about hushing upon changes where the best interests of the stockholders
Trust Co. at the end of the year showed a decline of about and the depositors are involved.
8% from the year before; this compares with an average de- . In the Continental, the RFC owns $50,000,000 of the
cline of a little over 9% for all the New York Clearing House capital stock, and the other stockholders own $25,000,000,
banks. During the last six months of 1933, however, net said the statement issued Jan. 9 by the RFC, which is
Clearing House deposits of Manufacturers Trust Co. showed given in full herewith.
After a conference with a committee of officers and directors of the Conan increase of 4.40%, while during that same period the New
Company of Chicago,Jesse H.Jones
York Clearing House banks showed an average net decline tinental Illinois National Bank & Trust it was
Chairman of the RFC announced that
unanimously agreed that Mr.
of 3.81%. The number of stockholders increased during the Walter 1. Cummings should be elected Chairman of the Board of the Continental Bank at the annual meeting on Friday, the 12th.
year from 21,014 to 22,496. The ratio of cash and United
Mr. Jones
States Government securities to deposits stood at 51% in and directorsstated that he had endeavored to co-operate with the officers
of the Continental Bank in selecting representative men to
December as against 42% in December 1932.
serve as directors of the bank and that he felt that all concerned were fortunate in being able to secure the services of Mr.Cummings as Chairman.
Commenting upon the sale of $25,000,000 in capital notes
Mr. Cummings is at present
of
to the Reconstruction Finance Corporation, Mr. Gibson ex- Board and has been Executive Chairman to the Federal Deposit Insurance
Assistant
the Secretary of the Treasury
pressed himself as gratified at the favorable reaction from since March. He is a resident of Chicago where he is well and favorably
known as a man of broad and successful business experinece. He is a
the stockholders and depositors of the institution. It was
director and prominent
revealed that these notes were to run for 10 years, and were pany, and President ofin the affairs ofthe American Car and Foundry Comthe Cummings Car and Coach Company. He is an
to be reduced annually in equal instalments. The bank re- intimate friend and associate of former Secretary of the Treasury, William
H. Woodin, and enjoys the personal friendship of President Roosevelt, Sectained the privilege, however, of retiring all or any part of
Vetary Morgenthau and Comptroller of the Currency, Mr.J.F.T.O'Connor.
the issue at any time by giving 30 days' notice.
As Chairman of the Federal Deposit Insurance Board, of which CompIncident to the Federal deposit insurance, Mr. Gibson troller O'Connor is a member, Mr. Cummings has furnished leadership
in a job
stated that as a member of the Federal Reserve System, 8,000 that seemed almost impossible of accomplishment;that of examining
non-member State banks within a period of ten weeks.
Manufacturers Trust Co. automatically became a member of
This experience and his connection with the Treasury give him an insight
the Temporary Insurance Fund. The question of member- into the business and banking conditions of the country that few people
this background, coupled with his proven business ability
ship in the Permanent Fund is being studied by the direc- possess. All of value the
will be of great
to
Continental Bank.
tors, and the stockholders were invited to submit their views
Under the new banking laws no bank may have more than 25 directors
on the subject between now and July 1. In discussing deposit and of this number 17 will be selected from the old Board. The RFC is
making no recommendations for changes in the official force of the bank.
insurance generally, Mr. Gibson said:
That will be the responsibility of Mr. Cummings and the
With the diversified type of your company's business and witn
irately 850,000 depositors, the initial assessment on the Manufacturers
Trust Co. for this fund was large, amounting to $257,064.74. But in this
connection, I wish to say that if the nation's banks generally avail themselves of the offer of the RFC to buy their preferred stock or capital notes,
their capital structures will be so strengthened, in accordance with the plan
of the Administration, that losses to be met by operating banks under this
Insurance fund, by reason of bank failures, will be very much smaller than
was at first anticipated.
It was also disclosed that the bank's liquidation department, which was established in 1931 to handle the liquidation
of 10 banking institutions in New York City, had completed
its task for nine of these institutions, and it is expected that
the liquidation of the remaining bank, the Midwood Trust
Co., will be completed some time this year.
directors.
Inasmuch as there has been a good deal written about this particular
situation, not all of which has been accurate, it seems appropriate to say
that while there is no disposition on the part of the RFC to dictate the
management of banks in which it owns stock, there will be no hesitancy
about Misting upon changes where the best interests of the stockholders
and the depositors are involved. Frankness also prompts the statement
that the Directors of the RFC felt that some new faces and new ideas in
the Continental would be helpful.
Ownership of stock in banks carries with it responsiblity for management
and in this bank the RFC owns $50.000,000 of the capital stock, and the
other stockholders $25,000,000. It is therefore incumbent upon us to use
our best efforts in securing able management. The good of the bank, and
not personalities, must have first consideration.
There is no bank in the United States of greater importance to the
business of the whole country than the Continental of Chicago. It has
been a great bank for more than a generation and will continue to be a great
bank, serving its clients and customers, who are nation-wide and numbered
by the hundreds of thousands.
274
Financial Chronicle
The committee representing the bank was composed of Col. A. A.
Sprague, a director, as Chairman of the Committee, and Alfred Cowles,
William F. Hayes, C. B. Borland, D. A. Crawford, James R. Leave11 and
Herman Waldeck.
A statement issued by Colonel Sprague on Jan. 9, said:
A committee of the Board of Directors of the Continental Illinois National Bank & Trust Co. of Chicago came to Washington and asked Mr.
Walter J. Cummings to allow them to present his name as director of the
bank they represent at the annual meeting which will shortly be held.
They also asked him to consent to his election as Chairman of the Board
of Directors at the first meeting of the new Board and become the bank's
chief executive officer.
Mr. Cummings has taken the matter under consideration and will give
his answer during the day. Mr. Cummings would have entire authority
as chief executive of the bank and has been assured of the whole-hearted
support both of the Board and the entire organization of the Bank.
A Washington dispatch Jan 9 to the New York "Times"
had the following to say in part:
Changes in Board Involved.
As to the future personnel of the board of directors, the decision was
not made known. That the RFC will have an important part in shaping
events appears obvious, as it intends to vote its stock through its Chicago
district manager, Fred Gallagher, who will attend the annual meeting
next Friday.
The Chicago institution has some 40 directors. The RFC explained
that under the new laws no bank may have more than 25, and that "of
this number 17 will be selected from the old board."
No announcement was made as to those considered for the 8 other
directorships. As the situation was explained by Mr. Jones, the committee
from the bank presented a list of names, and many names were discussed.
He emphasized that the decisions reached were "unanimous."
Mr. Cummings late to-day made this statement:
"Naturally I am pleased by the fact that I have been invited by the
entire board of directors of the Continental Illinois National Bank and
Trust Co. to be chairman of that institution's board. All my interests
will be directed toward the building up of this great mid-western bank.
I expect to take up my duties in Chicago some time around the first of
February."
J. R. Leavell, President of the Chicago bank,said that he was very happy
over results achieved, and felt confident that the leadership of Mr. Cummings, his fine character and broad business experience would be of inestimable value to the bank.
"The entire organization shares with me these sentiments." he said.
Four Hundred Forty Eight National Banks in United
States Still Unlicensed-Of Latter, Reorganization
Plans of 337 Have Been Approved by Comptroller
of the Currency, While Plans of 111 Have Been
Disapproved-Licenses Issued to 32 Banks During
10 Days Ended Dec. 30.
Every National bank in the United States which was
unlicensed on March 16 1933, following the bank holiday,
has been acted upon in some manner by the Comptroller's
Department, J. F. T. O'Connor, Comptroller of the Currency, announced Jan. 7. The Comptroller said that such
institutions have either been opened, merged, sold to
another bank, absorbed by another institution, placed in
receivership, received approved reorganization plans or
received disapproved reorganization plans. Continuing,
the Comptroller noted:
There were 1,439 National banks (including 10 non-member banks in
the District of Columbia. which are directly under the Comptroller's
supervision) unlicensed and in the hands of conservators on March 16 1933,
while subsequent to that date seven other National banks were placed
In charge of conservators. Total deposits for these 1,446 institutions
was $2,232,690.000 (based on the December 1932 "call").
At the close of business on Dec. 30 1933 there were but 448 unlicensed
National banks in the country, and every one of those institutions had
been considered by the Comptroller's office. Of the total, 337, with
$334,570,000 frozen and $25,813,000 unrestricted deposits, had received
approved reorganization plans; while 111 banks, with $72,458,000 frozen
and $4.925,000 unrestricted deposits, had received disapproved reorganization plans.
National banks which have received approved reorganization plans
from the Comptroller of the Currency can open just as soon as the pro-.
visions of the approvals are carried out. Banks which have received
disapproved reorganization plans may yet be opened if satisfactory plans
are submitted to and approved by the Comptroller.
More National banks were opened during the month of December than
in any previous month since March. Throughout last month, 77 National
banks, with $78,628,703 frozen and $4,125.000 unrestricted deposits,
were licensed and opened or reopened. This compares with 46 National
banks, having $51,706,000 frozen and $4,287,000 unrestricted deposits,
licensed and opened or reopened during the month of November. In
October 49 National banks received licenses
During the 10 days ended and including Dec. 30 1933, the number of
National banks to be licensed was 32. Of these, 31 National banks, with
$23,699,000 frozen and $1,986,000 unrestricted deposits, had been in
the hands of conservators and were issued licenses to resume business
oriwere granted charters for new banks; while a charter was issued to
one new National bank to take over the $8,586,850 frozen deposits of a
National bank which had been in receivership.
Nineteen National banks received approvals for their reorganization
plans from the Comptroller's office during the final 10 business days of
December, of which 14 had been in the hands of conservators and five
had been in the hands of receivers. As a result, every unlicensed National
bank has now received either approved or disapproved reorganization plans.
The Park National Bank. Knoxville, Tenn., is the new institution
granted a charter to buy the acceptable assets and assume a corresponding
liability of the East Tennessee National Bank, Knoxville, which had
been in the hands of a receiver. Frozen deposits held by the receiver
amounted to $8.586,850.
Below is a list of those unlicensed National banks which consummated
their reorganization plans and were issued licenses to resume business
or were granted charters for new banks to take over the business of the
old ones during the 10 days Dec. 21 to 30 1933 inclusive:
Jan. 13 1934
Deposits.
Location.
Name of Bank.
Date.
Frozen,
Unrestricted
Colorado
Grand Junction-- Grand Valley National Bank_ Dec. 26
$852,000
$221,000
Georgia
Jackson
Jackson Natiotud Bank
Dec. 22
$118,000
$61,000
Illinois
Allendale
Neoga
Peru
Dec. 29
First National Bank
Cumberland County Nat. Bk.Dec. 22
Dec. 27
First National Bank
$291,000
192,000
1,353,000
$31,000
40,000
120,000
$1,836,000
$191,000
8176,000
652,000
$20,000
79,000
$828.000
599,000
$418,000
407,000
$19,000
14,000
$825,000
$33,000
$862,000
1,447,000
457,000
859,000
$34,000
175,000
36,000
92.000
$3,625,000
8337,000
$336,000
1,738,000
1,104,000
383,000
$27,000
49,000
66.000
46.000
$3,561,000
$188,000
North Carolina
First Nat. Bank of Granville. Dec. 23 81,153,000
Oxford
885.000
Iowa
Orange City
Bummer
Kentucky-Barbourville
Barbourville
New Jersey
Edgewater
Spring Lake
New Egypt
Metuchen
New York
Bliss
Gouverneur
Ilion
Washingtonville
Ohio
Bellaire
Bryan
Cambridge
Montpelier
Orange City National Bank__ Dec. 22
Dec. 23
First National Bank
Dec. 28
First National Bank
NationalBank of Jno.A.Black Dec. 28
First National Bank
First National Bank
First Nat. Bank & Trust Co-Metuchen National Bank__
Bliss National Bank
First National Bank
Manufacturers National Bank
First National Bank
Dec. 22
Dec. 23
Dec. 28
Dec. 29
Dee. 23
Dec. 29
Dec. 29
Dec. 29
Dec. 29 82,659,000
Dec. 22
750,000
Dec. 28
818,000
Dec. 29
427,000
8242,000
34,000
53,000
18,000
$4.654,000
$347.000
Dec. 23
8952,000
3126,000
Pennsylvania
New Florence- _ - _ New Florence National Bank_ Dec. 28
Rural Valley
Rural Valley National Bank__ Dec. 28
Dec. 23
Farmers National Bank
Somerset
$260,000
692,000
737.000
$18,000
15,000
11,000
81,689,000
844,000
3458,000
856,000
1.865,000
846,000
25,000
125.000
$2,999,000
$198,000
8307,000
300,000
827,000
29,000
8607.000
858.000
Oklahoma
Ponca City
Vermont
Bellows Falls
Chelsea
Montpelier
IgisconsinBlanchardville
Princeton
First National Bank
First National Bank
Central National Bank
Montpelier National Bank__
First National Bank
National Bank of Bellows Falls Dec. 22
Nat. Bank of Orange County_ Dec. 28
MontpelierNational Dank__ Dec. 29
Dec. 21
First National Bank
Farmers Sz Merchants Nat,Bk Dec. 27
Grand total
823,699,000 81,986,000
The following compilation shows the 14 National banks in conservatorships whose reorganization plans were approved during the last 10 days
of December, with frozen and unrestricted deposits of each:
Deposits.
Location.
Name of Bank.
Date.
Frozen.
CaliforniaPorrance
Dec. 30
8319,000
IllinoisThawneetown ____ Nat. Bank of Shawneetown
Dec. 27
8190,000
LouisianaDeRidder
First National Bank
Dec. 30
$585,000
$30,000
Minnesotaautchinson
Farmers National Dank
Dec. 23
8593,000
$8,000
Michigan
old Water
First National Bank
Unrestricted
321,000
Cold Water National Bank__ Dee. 29
8559,000
$38,000
New York
°helps
Phelps National Bank
Dec. 28
$495.000
$33,000
Ohio3ethesda
First National Bank
Dec. 23
8499,000
$13,000
Oklahoma
Falters
Walters
American National Bank__ Dec. 29
Dec. 29
Walters National Bank
3131,000
221,000
830,000
39,000
8352,000
$69,000
Dec. 28 $1,716,000
First National Bank
494,000
Farmers Nat. Bk.& Trust Co. Dec. 27
Dec. 30
Valley National Bank
510,000
Dec. 28
First National Bank
419,000
Northwestern National Bank
Dec. 27 3,673,000
& Trust Co
$146.000
27,000
26,000
8,000
Pennsylvaniakmbler
Iedford
lreen Lane
3rats
lilladelphia
821,000
56.812,000 81,028.000
Grand total
$10.404,000 81.240 000
RECAPITULATION.
No.
Deposits.
Frozen.
No of banks and deposits approved on Dec.20'33
No. of banks and deposits approved Dec. 21 to
Dec. 31 1933
354
14
368
No. of banks and deposits opened Dec. 21 to
Dec. 30 Inclusive
Grand total
31
337
Unrestricted
8347,865,000 $26,559,000
10,404,000
1,240,000
8358.269,000 827,799.000
23,699,000
1,986,000
$334,570,000 $25,813,000
Financial Chronicle
Volume 138
A previous list issued by the Comptroller, showing those
banks which had been licensed to reopen and which had had
their reorganization plans approved during the 10 days
ended Dec. 20 was given in these columns of Dec. 30,
page 4640.
The following is the list of banks having approved plans for reorganization:
City.
Statistics by Comptroller of Currency Concerning
National Banks in Pennsylvania—Reorganization
Plans of Only 27 National Banks Unapproved183 Banks in State Failed to Receive Licenses
Following Banking Holiday.
Only 27 National banks in Pennsylvania, involving $29,297,000 in deposits, failed to have their reorganization plans
approved up to Dec. 29, according to J. F. T. O'Connor,
Comptroller of the Currency. In a letter to "Modern
Finance," Pittsburgh, Mr. O'Connor said that of the 183
National banks which failed to receive licenses following the
banking holiday of last March, 76 have reorganized and 80
have had their reorganization plans approved. The Comptroller's letter follows:
COMPTROLLER OF THE CURRENCY.
Washington.
Dec. 29 1933.
''Modern Finance,"
William Penn Hotel,
Pittsburgh, Pa.
Gentlemen:
Receipt is acknowleged of your letter of Dec. 22 1933, requesting a list
of National banks in the State of Pennsylvania remaining closed after the
banking holiday, which ended March 15 1933, that have since re-opened
and the percentage of deposits released in each case.
One hundred and eighty-three National banks in the State of Pennsylvania,involving $255,691,000 in deposits, failed to receive licenses following
the banking holiday. Since that time. 76 of this number, involving $106,027,000 in deposits, have been rehabilitated, reorganized under new charter
or the acceptable assets sold to another bank or banks; an additional 80
Banks, involving $120,367,000 in deposits, have approved plans of reorganization in various stages of consummation, and only 27 banks,involving
829.297,000 in doposits, have failed to have their plans approved up to this
time.
For your information, the following banks have been reorganized along
the lines stated above:
City.
Name of Bank.
Arendtaville _
The Nat'l Bank of Arendtaville_
Belleville
Belleville National Bank
Belleville
Farmers National Bank
Centre Hall_ _ _ _ First National Bank
(larks Summit_ Abington National Bank
Edwardsville. _ Peoples Natonal Bank
Exeter
First National Bank
Glenside
KeswIckNationalBankorGlenside
Jessup
First National Bank
Kane
First National Bank
Liberty
Farmers National Bank
Nfahanoy City-- First National Bank
Nfanstield
First National Bank in Mansfield
Nft. Holly Sprgs. First National Bank
fountville
Mountville National Bank
:spangler
First National Bank
State College- - - People National Bank
Weatherly
First National Bank
Wellaboro
First National Bank
Windsor
First National Bank
Exchange
Farmers National Bank
Elizabethville
First National Bank
Jersey Shore
_ Union National Bank
Milford
First National Bank
NIcAdoo
First National Bank
Carbondale ___ First National Bank
lawn Grove. First National Bank
_
Lincoln
Lincoln National Bank
Peekville
PeckvIlle National Bank
Spring Grove__ _ Spring Grove National Bank....
Lake And
First National Bank
lawleY
First National Bank
.1 ohnstown
United States National Bank_
Schaafferstown First National Bank
(reason
First National Bank
Williamsport_ _ First National Bank
strausstown.._ _ _ Strausstown National Bank
(7oplay
Coplay National Bank
New Freedom_ _ First National Bank
Somerset
Farmers National Bank
Fredonia
Fredonia National Bank
Burgettstown _ Washington National Bank _ _ _
California
First National Bank
Connelinville _ Second National Bank
Erie
First National Bank
Erie
Marine National Bank
Fredericktown__ First National Bank
Garrett
First National Bank
Irwin
First National Bank
McDonald
First National Bank
Summerville
Union National Bank
Tarentum
Peoples National Bank
Tionesta
Citizens National Bank
Warren
First National Bank
Waynesburg
- First National Bank
Erie P.0
Lawrence Pk. National Bank_
Carnegie
Union National Bank
New Alexandria New Alexandria National Bank_
Seottdale
First National Bank
Berlin
Philson National Bank
Canonsburg.... First National Bank
Deny
First National Bank
Ilarritwille
First National Bank
Sharon
First National Bank
Berlin
First National Bank
Edinboro
First National Bank
Freeport
Farmers National Bank
Wilkinsburg
First National Bank of Wilkinslag
Mercer
Farmers di Mech. National Bank
New Wilmington First National Bank
Craton
First National Bank
Braddock
First National Bank
A I bion
First National Bank
Finleyville
First National Bank
Blairsville
Blairavhle National Bank
Dayton
First National Bank
Frozen Deposits
Inrolred.
% UnSecured secured
DeDeposits posits
ReReleased. leased.
$377,000.00 100
295,000.00 100
179,001.00 100
257,000.01 100
518,000.00 100
1,445,000.09 100
296,000.00 100
209,000.00 100
1,321,000.00 100
2,003,040.00 100
436,000.00 100
2,509,000.40 100
626,000.00 100
211,00014 100
1.091,00010 100
614,000.00 100
319,000.00 100
665,000.00 100
1,826,000.00 100
263,000.00 100
59,000.00 100
489,000.00 100
365,000.00 100
884,000.00 1CO
1,786,000.00 100
3,477,004.00 100
484,000.00 100
382,000.00 100
1,389,000.00 100
1,881,000.00 100
845,000.01 100
975,000.00 100
8,396,000.00 100
394,000.00 "100
944,000.00 100
3,139.000.00 100
374,000.00 100
861,000.00 100
1,005,001.00 100
737,000.00 100
376,000.00 100
1,459,000.00 100
1,044,010.00 100
3,216.001.00 100
8,533,000.00 100
6,623,000.00 100
397,000.00 100
901,000.00 100
2,588,100.00 100
2,067,000.00 100
216,000.00 100
1,624,000.00 100
464,000.00 100
2,342,000.00 1CO
2.290,000.00 IGO
497,000.00 100
430,000.00 100
451,000.00 100
4,842,000.00 100
595,000.04 100
1,984,000.00 100
515,000.00 100
641,000.00 100
4,185,000.00 100
900,000.00 100
494,000.00 100
662,000.00 100
4,558,000.00 100
804,000.00 100
909,C00.00 100
791.000.00 100
1,734,000.00 100
510,400.00 100
518,000.00 100
1,858,000.00 100
208,000.00 100
$106,027,000.00
100
100
100
100
100
100
100
100
100
100
100
100
1CO
100
100
100
100
100
100
100
100
100
100
100
63
60
60
70
70
66
25
66
75
65
75
ao
100
70
40
70
70
100
100
100
100
100
100
100
100
103
100
100
100
100
100
100
85
70
70
55
60
85
60
70
55
55
65
70
55
70
60
65
60
75
65
55
275
Name of Bank.
Bangor
First National Bank
Bedford
First National Bank
Berwyn
Berwyn National Bank
Bethlehem
Bethlehem National Bank_ _
Birdsboro
First National Bank
Burnham
First National Bank
Clearfield
County National Bank
Clufton Heights First National Bank
Codorous
Codomus National Bank of Jefferson
Dickson City-- Dickson City National Bank_ _ _
Dover
First National Bank
East Berlin _
East Berlin National Bank
Fleetwood
First National Bank & Trust Co_
Forest City __ _ First National Bank
Frackville
First National Bank
Freeland
First National Bank
Gallitzin
First National Bank
Forest City _ _
Farmers & Miners National Bank
First National Bank
Gratz
Hamburg
First National Bank dr Trust Co_
Hastings
First National Bank
Begins
First National Bank
Herndon
First National Bank
Mount Wolf _ _ Union National Bank
Narberth
N arberth National Bank
Oxford
Farmers National Bank
Patton
First National Bank
Philadelphia --. Commercial National Bank
Philadelphia
_ National Bank of Olney
Philadelphia _ _ _ Nor'weet'n National Bank dr Tr_
Philadelphia _
Sixth National Bank
Philadelphia _ _ _ Southwestern National Bank....
Pottsville
Merchants National Bank
Reading
Farmers National Bank
Reading
Pennsylvania National Bank
Reading
Reading National Bank
Scranton
Union National Bank
Shenandoah..... Citizens National Bank
Shenandoah _ _ _ First National Bank
Stewartstown
First National Bank
Tower City_ _ _ Tower City National Bank
Yardley National Bank
Yardley
Beaver Falls... First National Bank
Bolivar National Bank
Bolivar
Bridgeville
First National Bank
Cambrdge Sprgs Springs F trot National Bank....
Cecil
First National Bank
First Natioral Bank
Charleroi
First National Bank
Clarion
Conneaut Lake. First National Bank
Conneautville _ First National Bank
Second National Bank
Erie
First National Bank
Export
First National Bank dr Trust Co_
Ford City
National Bank of Girard
Girard
Greensburg - -- First National Bank
Hooversville _ _ First National Bank
Citizens National Bank
Hooversville _
First National Bank
Indiana
Jefferson
First National Bank
First National Bank
Koppel
_ Union National Bank.
McKeesport
McKees Rock.. First National Bank
New Florence_ _ New Florence National Bank._ _
North Girard _ _ First National Bank
Oil City National Bank
Oil City
Keystone National Bank
Pittsburgh
Peoples National Bank
Reynoldsville
Rockwood
First National Bank
Farmers& March. National Bank
Rockwood
Rural Valley... Rural Valley National Bank
Grange National Bank
Spartanburg
Stoyeetown
First National Bank
Sykesville
First National Bank
Tarentum
First National Bank di Trust Co_
Tlmblid
First National Bank
Union City ---- National Bank of Union City_ _ _
Wbmpum
First National Bank
W.Alexandria. Citizens National Bank
Citizens National Bank
Windber
Secured
Deposits
to be Released.
% Unsecured
Depoatte
to be Released.
$1,783,000.00
891,040.00
734,000.00
4.302,000.00
785,000.00
137,000.00
3,273,00.1.00
1,2b2,000.00
100
100
100
100
100
100
100
100
60
60
85
31
75
76
65
30
601,000.00
1,051,000.00
504,000.00
913,000.00
563,000.00
1,073,000.00
1,347,000.00
1.973,000.00
525,000.00
595,000.00
419,000.00
1,021,000.00
394,000.00
619,000.00
823,000.00
465,000.00
430,000.00
399,000.00
1,5691 00.00
7,817.000.00
1,200,000.00
3,673,000.00
3,358,000.00
1,032,000.00
1,931,000.00
100
100
100
100
100
100
100
106
60
66
Frozen Deposits
Involved.
16,035,000.00
2,819,000.00
1,428,000.00
1,916,000.00
524,000.00
1,196,000.00
310,000.00
1,052,000.00
319,000.00
598,000.00
889,000.00
247,000.00
1,763,000.00
1,456,000.00
480.000.00
205,000.00
8,080,000.00
698,000.0(
1,482,000.00
936,000.06
6,527,000.00
337,000.00
231,000.00
3,672,000.00
175,000.00
118,000.00
1,977,000.00
2,370,000.00
280,000.00
103,000.00
5.040,000.00
2,609.000.00
483,000.00
510,000.00
90,000.00
692,001..00
200,000.00
294,000.00
250,000.00
1,745,000.00
307,000.00
1,267,000.00
305,001 .00
296,000.00
695,000.00
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
so
35
45
35
65
60
60
55
65
50
so
75
75
50
60
50
35
40
70
20
zo
32
59
35
25
25
50
40
40
65
80
80
so
75
40
60
80
45
50
60
67
25
100
so
50
50
30
30
50
50
100
70
40
85
50
100
100
50
40
40
50
60
50
50
65
70
60
85
65
65
$120,367.000.00
The following is the list of banks whose plans of reorganization have been
disapproved. There is, however, a possibility that, with improved conditions and necessary corrections, these.banks may yet reorganize:
City.
Name of Bank.
Burnside
Burnside National Bank
Johnstown
First National Bank
Lykens
First National Bank
Philadelphia
Mount Airy National Bank
Roseto
First National Bank
Seven Valleys.. Seven Valleys National Bank _ _ _
Pittsburgh
National Bank of America at
Pittsburgh
Russelton
First National Bank
Verona
First National Bank
Bruin
First National Bank
Midway
Midway National Bank
Cherry Tree_
First ix ational Bank
Pleasant Unity_ Pleasant Unity National Bank
Plumville
First National Bank
Brookville
Jefferson County National Bank.
Peoples National Bank
Delta
Millersville.
Millersville National Bank
Exchange National Bank
Marietta
First National Bank
Goldsboro
Monroetown _
First National Bank
New Berlin_
First National Bank
Philadelphia...Lehight National Bank
Philadelphia _ _ _ Tulpehocken National Bank (f.
Trust Co
Ambler
First National Bank
Farmers National Bank
Bedford
Darby
First National Bank
Green Lane_ _ _ _ Valley National Bank
Frozen Deposits
Invoked.
% Un%
Secured secured
DeDe
posits posits
ReReleased. leased.
399,000.00
10,869,000.00
193,100.00
368,001.00
248,000.06
206,000.00
None
None
None
None
None
None
None
None
None
None
None
None
3,591,000.00
418,000.00
1,719,000.00
74,000.00
254,000.00
846,000.00
247,000.04
266,000.10
1,445,000.00
964,000.00
372,000.00
500,000.00
196.000.00
181,000.06
202,000.00
325,000.00
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
127,000.00
1,716,000.00
494,000.00
2,867,000.00
510,006.00
None
None
None
None
None
None
None
None
None
None
29,297,000.00
From the above tabulations, it is apparent that great str des have been
made In the rehabilitation of the National banks in the State of Pennsylvania. With onky 27 such institutions whose future status is undetermined,
it seems to me that your State has come through the recent bankings crisis
Very truly yours,
in commendable fashion.
J. F. T. O'CONNOR. Comptroller.
Financial Chronicle
276
Similar correspondence was made by the Comptroller
and the Michigan "Financial Record" as to the status of
National banks in Michigan. Reference to the same was
made in our issue of Dec. 23, page 4474.
Jan. 13 1934
Plans for the new bank are moving along rapidly, and every assurance is
had for their completion without delay. The bank is now accepting deposits
subject to 100% withdrawal, and only a small percentage of the depositors
have withdrawn the available 5%
MICHIGAN.
Re-opening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of Jan. 6 (page 77),
with regard to the banking situation in the various States,
the following further action is recorded:
COLORADO.
From the Denver "Rocky Mountain News" of Jan. 3,
it is learnt that the depositors'committee of the First National
Bank of Aurora, Colo., had been notified the previous day by
the Comptroller of the Currency at Washington that an
additional month was to be allowed for the reorganization of
the bank. The paper mentioned continued in part:
The extension of time was granted Dec. 27. before T. Frank Gilligan.
President of the bank, confessed that he had looted the bank of $74,000
during the past eight years. Gilligan's confession was made Dec. 28.
The plans for reorganization under which the Government was to Purchase $25,000 worth of the bank's bonds, called for action to be taken
before Jan. 6. The additional month will make the date Feb.6.
Mrs. Lucy K. Chapin Chairman of the Committee, said yesterday it is
doubtful if the extension of time will make any difference in the reorganization plans.
"Apparently the Comptroller had not learned of Gilligan's defalcations
at that time," Mrs. Chapin said.
"While we have received no official notification of what effect the thefts
will have on the organization plans it is probable that we will have to make
new plans.
"The depositors are standing by the committee and we are confident
that Aurora will have a bank"
ILLINOIS.
The State Auditor of Illinois has authorized the State
Bank of Na.uvoo at Nauvoo, that State-- to reopen onan un- -,
restricted basis, according to the Chicago "News" of Jan. 9.
INDIANA.
According to a dispatch from English, Ind., on Jan. 2 to
the Indianapolis "News," the Bank of Marengo at Marengo,
e nInd., established in 1906, has been reorganized under th--- ew
Indiana banking code and is doing business as the Marengo
State Bank. The advices went on to say:
The bank was among the first to re-open after the banking holiday and
has operated under an "A" classification.
In the reorganization the bank's capital stock has been increased from
$10,000 to $35,000. Officers are: C. W. Miller, President; W. S. Hanger.
Vice-President; W. J. Hawkins, Cashier, and 8. J. Hawkins. Assistant
Caslder.
LOUISIANA.
All restrictions on deposits of the Rapides Bank & Trust
Co. of Alexandria, La., were lifted on Jan. 2, when the bank
opened for business, making available $1,400,000 of deferred
certificates of deposit which were issued May 1 1933, aft();
the bank had gone on a 5% restricted basis. Associated
Press advices from Alexandria on the date named reporting
the above, went on to say:.911
Officers of the bank were greeting customers to-day and were well pleased
with the first day's business The paying of the deposits was made possible
by the purchase of $500,000 of capital stock in the bank by the Reconstruction Finance Corporation The time certificates of deposit were issued
to be paid in one, two, three and four years.
The Commercial Bank & Trust Co. of Alexandria, La.,
which had been operating on a 5% restricted basis since April
12 last, failed to open its doors for business on Jan. 2 and an
announcement was made by its President, Samuel Haas,
that the directors had voted to place the institution in
liquidation in order that it might be reorganized, according
to an Associated Press dispatch from Alexandria on that
date, which continuing said:
The affairs of the bank were placed in the hands of the [Louisiana] State
Bank Commissioner and application is being made to the Deposit Liquidation Corporation for a loan to release as large a portion of the frozen deposits of the bank as possible, it was also announced.
The capital stock of the Commercial Bank & Trust Co. is $150,000,
surplus $36,000, "frozen" deposits, $660,000; available deposits $27000.
The total assets are something over one million dollars. The available
deposits are those made on and after April 12 when the bank went on a 5%
restricted basis.
- A Covington, La., dispatch on Jan. 2 to the New Orleans
"Times-Picayune," reported that the following statement
had been issued on that date by E. G. Davis, President of
the Covington Bank & Trust Co., which on Dec.26 last went
on a 5% restricted basis:
One hundred and fifty depositors, stockholders and directors of the
Covington Bank & Trust Co. met Tuesday afternoon (Jan. 2) with U. B.
Evans and L.Austin Fontenot,representing the State Banking Department.
It sas unanimously and enthusiastically voted to reorganize the bank under
the plan offered by the State Banking Department in order to comply
with the requirements of the Federal Deposit Insurance Corporation.
A depositors' committt e consisting of Henry Keller, Emile Frederick,
Elias Haik, with E G. Davis as Chairman, was formed for the purpose of
getting the depositors to sign up for the organization of the new bank.
Authority for reorganizing the East Lansing State Bank of
East Lansing, Mich., closed since the banking holiday, has
been granted by the Michigan State Banking Commission,
according to an announcement by Herman S. Lucas, the
conservator. A loan from the RFC will assist in the financing.
A Lansing, Mich., dispatch, on Jan. 1, printed in the
Detroit "Press Press," from which the foregoing is learnt,
went on to say:
Assets not taken over by the reorganized bank will be transferred to the
East Lansing Depositors Corp., which will borrow $86,000 from the RFC.,
to be placed at the disposal of the reorganized bank.
All secured deposits will be paid in full, as will school savings deposits
and other accounts of $10 and under. Other depositors will receive a 45%
payoff including a 5% release already made. Certificates bearing 3%
interest will be issued to depositors for the other 55%•
The new bank will be capitalized at 375,00f. and its resources will include
the assets of the present bank, the RFC loan and collections on a 100%
assessment levied against the present stockholders.
The Depositors corporation will be represented by three trustees, Clark
Brody, President of the State Board of Agriculture; C. G. Card, East
Lansing alderman and member of the Michigan State College faculty. and
S E. Crowe, member of the East Lansing Board of Education.
MISSOURI.
Jefferson City, Mo., advices by the Associated Press on
Jan. 2 stated that restrictions on 22 State banks in Missouri
were removed on that day by 0. H. Moberly, State Finance
Commissioner of Missouri. The banks, as named in the
dispatch, were as follows:
Archie State Bank, Archie; Belgrade State Bank, Belgrade; Shelby
County State Bank, Clarence; Farmers State Bank, Ellington; Citizens'
Bank of Florissant. Florissant; Home State Bank of Forest City, Forest
City; Bank of Fredericktown, Fredericktown; Goodman State Bank, Goodman; Houstonia Bank, Houstonia; South Side Bank of Kansas City, Kansas
City; Farmers' Bank of Leonard, Leonard; Lewistown State Bank, Lewistown; Peoples' Savings Bank of Licking, Licking; Farmers' & Merchants
Bank of Madison, Madison; Bank of Monticello, Monticello; Rolla State
Bank, Rolla; St Charles Savings Bank, St. Charles; Bank of St. Elizabeth.
St. Elizabeth;Park Bank. St. Joseph; Citizen's Bank of Shelbyville, Shelbyf
ville; Citizens' Bank of Sparta, Sparta; Farmers and Merchants Bank o
Springfield, Springfield.
The same dispatch stated that the Farmers'Bank of Hurdland, Knox County, had been placed under full restrictions
on that day (Jan. 2) by Mr. Moberly. The institution listed
total resources of $92,248, it was said.
According to Associated Press advices from Jefferson City
on Jan. 5, restrictions were to be removed the following day
from the Farmers' State Bank of Easton, Mo., by order of
Mr. Moberly. The bank had total resources of $135,000, the
dispatch stated.
NEBRASKA.
According to Associated Press advices from Lincoln, Neb.,
on Jan. 4, the State Superintendent of Banks for Nebraska
has announced that the affairs of the Platte County Bank
at Platte Center are to be wound up by a receiver. The bank
had been operating on a restricted basis since last March, it
was said.
NEW YORK STATE.
The FirElt National Bank of Gouverneur, N. Y., which
had been operated under a conservator since the banking
holiday, was reopened on Jan. 2 for full business. Advices
from Gouverneur, printed in the Syracuse "Post" of Jan. 3,
in reporting the opening, furthermore said:
Charles M. Tait, County Treasurer, Canton, N. Y., who is President of
the bank as now organized, was present as was also Albert E. Doughtier,
the retiring conservator and Guy F. Baker, the new Cashier.
The bank was reopened through the plan of the depositors of all classes
waiving temporarily of their deposits in the bank. Then the Institution
had to sell $150,000 now stock to make up $100,000 capital and $50,000
surplus. Then followed the adjustment of the security holdings. Mr.
Boughner made a trip to Washington last week and made the final arrangements for the reopening.
Concerning the affairs of the Huguenot Trust Co. of New
Rochelle, N. Y., a dispatch from White Plains, N. Y., on
Jan.9 to the New York "Times", contained the following:
The assets of the Huguenot Trust Co. of New Rochelle, taken over last
week by the Superintendent of Banks, amount to $3,937,426, it developed
here to-day wh‘n George A. Porter, Deputy Superintendent of Banks,
lied an inventory.
Thirty percent of the assets is in loans, amounting to $1 033,689, of
which only one was made to a bank official. This was a loan of $2,650 to
George E. Galgano,a director, according to the inventory.
Other assets were cash of $47,699, stocks and bonds of a book value of
$1,681,922, mortgage investments of $548,375 and due from other banks
$211,119, of which $190,110 is owed by the Irving Trust Co. of New York.
Listed also was the bank's real estate, amounting to $371,494. Fixtures
were put at $24,676. accounts receivable at $18,270 and "non-book assets,
directors' guarantee fund," at $92,500.
Supreme Court Justice Frederick P. Close signed an order permitting
the Superintendent of Banks to sell the stocks and bonds at either private
or public sale.
Volume 138
Financial Chronicle
Deposit liabilities of the bank on Jan. 2,the date of closing, were $2.800.000.
Raymond J. Walters, President, is awaiting inspection of the inventory
by officials of the RFC and of the Deposit Insurance Corporation before
making announcements as to reorganization prospects.
Regarding the affairs of the Westchester Trust Co. of
Yonkers, N. Y., which was taken over by the State Banking
Department on Jan. 2, Joseph A. Broderick, State Superintendent of Banks, announced in the Bulletin of his office
of Jan. 5 announced that he is working on a plan of reorganization of the trust company and that it is being submitted
to the Supreme Court in Westchester County.
"The proposed plan of reorganization," Mr. Broderick stated, "provides
that approximately 50% of deposit balances will be made available to
general depositors and 100% of secured and preferred deposits. Under
this plan, the Superintendent of Banks will immediately upon obtaining
Court approval, make application to the RFC for a loan of $2,980,000 which
(loan the Superintendent has been assured) will be granted upon compliance
with certain stated conditions. It is expected that the organization committee which has been co-operating in the reorganization of the trust company will also file very shortly a certificate of organization with the Superintendent of Banks for his approval and subsequent thereto the necessary
steps to complete the organization of the new trust company will be taken.
"In the liquidation of the Westchester Trust Co., the Superintendent of
Banks will proceed in the usual orderly manner, in order that the most can
be secured for depositors without subjecting the community to the hardship
that would result from forced liquidation.
"We understand the reorganization committee have planned to solicit
immediately from the depositors and the community,subscriptions for the
capital stock of the new trust company. We are advised that the Depositors' Committee formed during the time that the trust company was under
restrictions will be represented on the reorganization committee of the
Trust Company, and that it is anticipated that the community of interest
ofthese committees will provide a full subscription to the capital stock.
"Mr.Arthur J. McQuade,of Brooklyn, N.Y., has been appointed Special
Deputy Superintendent of Banks to assist in the liquidation of the above
institution."
277
Undismayed by the refusal of Deputy Comptroller of the Currency
Faust to consider reorganization, the members of the committee announced
they would continue their fight. Z. H. Pigeon, Chairman of the committee said:
"We know more about the banking situation now than we ever did
before. We're going to demand 100 cents on the dollar. We are convinced that reorganization is possible." ..
.
OHIO.
That the FirstINational Bank of Bellaire, Ohio, was to
reopen on Jan.12, was indicated in the following dispatch
from that place on Jan. 1 to the Pittsburgh "Post-Gazette":
About $2,500,000 in deposits in the First National Bank here will be
made available to-morrow (Jan. 2) morning when the bank is reopened
after nine months under H. T. Aufderheide of Pittsburgh, a conservator.
Under the reopening plans the bank, which was closed at the time of
the banking holiday last March, will make about 65% of the deposits
Immediately available. The other 35% in securities will be placed in
the hands of trustees to be liquidated and paid later.
That the new National Bank of Fremont, Ohio, will open
shortly, would appear from the following dispatch from that
place on Jan. 3, printed in the Cleveland "Plain Dealer":
More than 95% of the newly authorized $100,000 capital stock of the
National Bank of Fremont, successor to the closed First National Bank,
was subscribed to-day (Jan. 3), F. W. Schwan said. The bank will open
as soon as organization papers arrive from Washington, D. C. A dividend
of 25% on frozen assets in the closed bank immediately will be declared
releasing more than $650,000 to depositors here.
Earl Wilson, conservator offtheriational Bank of Port
Clinton, Ohio, has reported that more than the required
amount has been signed by the depositors and stockholders
and other requirements are being met for the reopening of
the institution, which has been operating on a restricted
basis since March 6, according to a dispatch from that
place on Jan. 3, printed in the Toledo "Blade," which added:
Yonkers advices on Jan. 8 to the New York "Herald
Tribune," in regard to the affairs of the Westchester Trust
Co., stated that Max D. Steuer, New York lawyer, on that
day advised a group of independent depositors of the institution to demand a thorough investigation of the bank from
the State Banking Department. The dispatch went on to
say:
It is expected that the newly organized bank will be ready for business
soon.
WASHINGTON.
Mr. Steuer was called in last week by the independent depositors committee headed by Joseph Dubrueil, a depositor, to advise them whether
they should subscribe to $200,000 stock in the reorganized bank to be known
as the Citizens Trust Co.
Mr. Steuer filed with Mr. Dubruell to-day (Jan. 8) his legal opinion in
which he expressed the belief that the officers and directors had been lax
in managing the bank in that its capital and surplus were wiped out after
May 1933, although it had paid dividends on Jan. 1 and April 11933. He
asked what had happened to the capital and surplus between April 1 and
May 15 when the bank was put on a restricted basis. Last week the State
Banking Department took over the bank and Joseph A. Broderick, State
Superintendent, announced a plan of reorganization.
On Wednesday, in a statement of assets filed by Mr. Broderick in White
Plains, it was revealed that among the borrowers of the bank were its
president, Richard Edie, and William J. Wallin, counsel, and other officers
and directors.
Mr. Steuer made no mention of the loans. He advised the depositors to
lay the bank's situation before the Westchester District Attorney and the
State Attorney General, and said that if no action were then taken to ask
Governor Lehman to impanel an extraordinary grand jury. "I feel convinced a great wrong was perpetrated and that if thoroughly investigated
the perpetrators should not only be punished, but compelled to disclose
their ill-gotten gains," he said.
Another depositors' committee, headed by Dr. A. N. Benedict, son-inlaw of John E. Andrus, Yonkers, capitalist, is backing the loan to get the
entire $200,000 worth of stock sold to depositors by Friday (Jan. 12).
The first dividend of 10% on all waived deposits up to July 1 1933,
at the, Ridgefield State Bank will be paid Jan. 10, according to announcement by the Board of Directors. The dividend was made possible through
Partial liquidation of that portion of the bank's assets which was set aside
to pay off the waived deposits at the time the institution was entirely
reorganized. Further dividends will be paid from time to time as liquidation continues.
A still later dispatch from Yonkers to the "Herald"
(Jan. 11), said:
Following announcement of the seven directors, including Dr. Albert N.
Benedict, son-in-law of John E. Andrus, to manage the proposed Citizens'
Trust Co. to replace the restricted Westchester Trust Co., it was learnt
to-day that the Presidency of the bank is to be offered to Dr. Benedict.
Other directors chosen are Dr. Robert Shanahan. Lawrence Griffith, Louis
Eisen, William Brown, T. A. Brogan and Herman Eggers.
At the same time a letter of Richard Edie, President of the old bank, to
Dr. Benedict was made public, saying that "neither myself nor any of my
associates in the trust company desire to have any official connection with
the organization or operation of the proposed Citizens' Trust Co.of Yonkers
In any official capacity until my name and theirs have been cleared from
any doubts or innuendoes which may have been created in the minds of
citizens of Yonkers."
Attempts to reorganize the closed Richmond National
Bank of Richmond Hill (Borough of Queens, New York City,
N. Y.), were abandoned on Jan. 5, following a four-hour
conference the previous day, between Treasury officials, a
depositors' committee and Representative William F.
Brunner of Queens. Washington advices on Jan. 5, appearing in Brooklyn "Eagle," from which this is learnt, went
on to say,in part:
When the conference broke up with the decision to liquidate, it was
announced that an initial dividend offrom 30 to 35% of the deposits would
be paid within six or seven weeks.
The cash to make the disbursement will come from the Reconstruction
Finance Corporation.
The dividend, according to figures available here, will amount to between
$840,000 and $960,000. Total deposits in the bank total about $2,800,000.
Asserting that the depositors had "just begun to fight," the depositors
committee of the Richmond National Bank returned from Washington
to-day (Jan. 5), whither they had gone to confer with Treasury officials
regarding reorganization of the bank.
With reference to the affairs of the reorganized Ridgefield
State Bank of Ridgefield, Wash., advices from that place
on Dec. 30 to the Portland "Oregonian," had the following
to say:
WISCONSIN.
That the Farmers' & Merchants' National Bank of
Princeton, Wis., was scheduled to open for business the
next day (Jan. 2) was indicated in a dispatch from Princeton
on Jan. 1 to the Milwaukee "Sentinel," which added:
This institution was organized to take over the portion of the assets
of the old National bank sufficient to release 70% of the deposits of the
old institution which bad been operating under the conservator since the
March bank holiday.
Officers of the new organization are: Hyman Swed, President, John B.
Zodrow, Vice-President; Edward H. Mevis, Cashier, and Clayton Miller,
Assistant Cashier,
ITEMS ABOUT BANKS, TRUST COMPANIES, 8re.
Arrangements were made Jan. 8 1934 for the transfer of
a New York Stock Exchange membership at $126,000.
The previous transaction was at $135,000, on Dec. 28.
Arrangements were made, Jan. 5, for the sale of a membership in the New York Curb Exchange at $31,000, an
advance of $6,000 from the previous transaction.
A membership on the Chicago Board of Trade was announced as sold Jan. 12 for $8,900, a gain of $600 over a
transfer made Jan. 11 and $900 over Jan. 10.
Sidney Cecil Borg, senior member of the banking firm of
Simon Borg & Co., New York City, died suddenly Jan..9,
.
at the age of 59 years. Following his graduation from Yale
in 1895, Mr. Borg entered Simon Borg & Co., founder by
his father, the late Simon Borg. Shortly after he took an
active part in the reorganization of many railroad companies,
including the Chicago Great Western RR. Co., Detroit
Southern RR. Co., and Cincinnati, Findlay & Fort Wayne
RR. Co., and also assisted in the reorganization of the
Houston Oil Co. and Kirby Lumber Co. He was a member
of the committee of the Chicago, Peoria & St. Louis RR.
Co. and of the Lehigh & New York RR. Co.
Henry Steele Bartow, who retired in 1931 as an Assistant
Secretary of the New York Trust Co., New York City, died
of pneumonia on Dec. 31, Mr. Bartow, who was 67 years
old, was a great-grandson of Francis Scott Key, author of
278
Financial Chronicle
"The Star Spangled Banner" and a brother of Francis D.
Bartow, partner in J. P. Morgan & Co. Mr. Henry Bartow
entered the employ of the Liberty National Bank in 1893,
becoming Assistant Secretary. When the bank was merged
with the New York Trust Co. in 1921 he became Assistant
Secretary of the latter, specializing in income tax.
Dr. Bruno Rovere, formerly with Credit Lyonnais and
Lloyds Bank, Ltd., and lately Manager of the Paris office
of the Creditolltaliano, of Milan, Italy, has been elected
ExecutivelVice-President of the Bank of Sicily Trust Co.,
New York City. His predecessor, Dr. Leonardo Barbanzolo, is returning to the Banco di Sicilia in Italy.
At the annual meeting of stockholders of BlncamericaBlair Corp., New York, held Jan. 9, the following were elected
as directors of the corporation to serve for the ensuing year:
Robert C. Adams,E. G. Burland, James F. Cavagnaro, H. Roy
Coulter, Eugene Crowell, George J. Gillies, John M. Grant,
Clarence Lewis, John R. Montgomery, Lionello Perera and
Hearn W. Streat.
At the organization meeting of directors following the
stockholders' meeting, the following officers were elected to
serve for the ensuing year: Chairman of the Board, John M.
Grant; Chairman Executive Committee and President,
Robert C. Adams; Vice-President and Comptroller, H. Roy
Coulter; Vice-President, George J. Gillies; Vice-President,
John II. Montgomery; Vice-President, Hearn W. Streat ;
Vice-President, E. G. Burland ; Assistant Vice-President and
Assistant Secretary, Edmond Carley; Assistant Vice-President, Henry Harris; Secretary and Assistant Treasurer,
John J. de Boisaubin ; Treasurer and Assistant Secretary,
Arthur L. Stemler ; Assistant Treasurer, John Mooney;
Assistant Secretary, Arthur Hamill, and Assistant Comptroller, A. K. Bomhard.
Stockholders of The Marine Midland Trust Company of
New York held their annual meeting on Jan. 10 at the company's office, 120 Broadway. The directors' plan recommending a change in capitalization of the Trust Company
was adopted. All directors were re-elected except Frederick
T. Fisher, Morton H. Fry, H. Edmund Machold, Faris R.
Russell, J. Fred Schoellkopf Jr., and J. Spencer Weed, who
resigned at the end of the year. Following the stockholders'
meeting, the Board of Directors met and re-elected all officers for the ensuing year.
James G. Blaine, President. advised that the earnings for
1933 before reserves, charge-offs, etc., amounted to $1,171,006. Of this amount, $750,000 was paid in dividends and
of the balance, $418,146 was credited to reserves.
In commenting upon the Trust Company's recapitalization,
Mr. Blaine stated that the company's capital now is $5,000,000, surplus $5,000,000, and undivided profits approximately $2,200,000, with deposits of about $60,000,009. Mr.
Blaine also stated that as a result of this recapitalization, all
securities held in portfolio had been written down to present
market values, all bad loans had been written off and reserves for all doubtful loans, both domestic and foreign, had
been set up, Which in the bank's Judgment are adequate to
meet present day values. The capital is reduced from $1G,000,000 to $5,000,000.
•
George Acheson. a Vice-President of the Fifth Avenue
Bank, New York City, was elected a director at the annual
meeting held Jan. 9. All the retiring directors were reelected.
Directors of the National Safety Bank & Trust Co., New
York City, were re-elected at the annual meeting held Jan. 9,
with the exception of Ira A. Schiller. Officers of the bank
were re-elected. At the meeting it was decided to postpone
consideration of the capital reorganization plan until Jan. 30,
when a special meeting will be held.
L. J. Murphy, Vice-President of the Public National Bank
& Trust Co., New York City, was elected a director of the institution at the annual meeting of directors held Jan. 9. The
board now numbers 10 members. At the stockholders meeting held Jan. 11 all officers were re-elected.
Louis G. Bissell, an attorney, was elected a director of the
Commercial National Bank & Trust Co., New York City, at
the annual meeting of stockholders held Jan. 9. Richard F.
Hoyt, of Hayden, Stone & Co., and Joseph M. Proskauer, of
Ian. 13 1934
Proskauer, Rose & Paskus, resigned as directors, thus reducing the board to 25, the maximum permitted by the Banking
Act of 1933.
The directors of the Continental Bank & Trust Co., New
York City, on Jan. 10 elected Walter C. Brawn, formerly a
partner in George H. Burr & Co., an Assistant Vice-President.
Mr. Brown will represent the bank in establishing a new basis
of co-operation with various industries.
Guaranty Trust Company of New York announces the appointment of Georges A. Vernhet as Manager of its Havre
office.
John A. Murray, formerly a Vice-President of the Central
Trust Co. of Rochester, N. Y., was advanced to the Presidency
of the institution hy the directors on Jan. 9 to succeed John
H. Gregory, who was made Chairman of the Board of Directors, as noted in advices from that city to the New York
"Times" on the date named.
Robert S. Allen, oldest active banker in Westchester
County,on Jan.4 was retired by the directors of the Peekskill
Savings Bank, Peekskill, N. Y., according to advices to the
New York "Times," which added:
Mr. Allen has been with the bank for 63 years, the last 58 years as Cashier.
Henry L. Frost, Executive Vice-President, will assume the duties of Mr. Allen.
At the annual meeting on Jan. 10 of the Manufacturers'
National Bank of Troy, N. Y. (which is associated with the
Marine-Midland group), William F. Seber was chosen President and William C. Feathers, Chairman of the Board, according to Troy advices on that date to the New York
"Times," which furthermore stated that Cleveland V. Childs
of Montclair, N. J., recently Vice-President of the Manufacturers' Trust Co. of New York, was elected a Vice-President.
The following changes were made in the personnel of the
First National Bank of Southampton, L. I., at the annual
meeting of the directors on Jan. 9, according to advices from
Southampton to the New York "Times": J. Augustus Hildreth was appointed President to succeed Dr. John Nugent;
John D. Corrigan, formerly a Vice-President, was elected
Chairman of the Board of Directors to succeed Henry
Schwenk and C. Edwin Dimon was made Vice-President to
succeed Mr. Corrigan.
Ray Craerin, Vice-President and Trust Officer of the
Scarsdale National Bank & Trust Co., Scarsdale, N. Y.,
has been elected a director of the institution.
At the annual meeting of the directors of the Old Colony
Trust Co. of Boston, Mass., on Jan. 9, Channing M. Cox, heretofore a Vice-President of the company, was appointed President, succeeding Philip Stockton, who although President of
the First National Bank of Boston, had also headed the trust
company since its merger with the First National Bank in
1929. Twenty-five of the old directors of the institution were
elected at the stockholders' meeting, held the same day.
Advices from New Britain, Conn., on Jan. 3, to the Hartford "Courant" stated that stockholders of the New Britain
Trust Co., at a special meeting held that day, unanimously
approved recommendations of the trustees for a change in
the capital structure of the bank and the sale of $500,000
worth of preferred stock to the Reconstruction Finance Corporation. We quote furthermore from the dispatch as
follows:
In a recent letter to stockholders recommending the change, the trustees
wrote: "Your trustees have for some time considered that in view of the
present real estate market in New Britain our real estate is carried on our
books at too high a figure and would consider our statement more conservative if the real estate was written down on our books by approximately
$300,000." The sale of preferred stock will allow such writing down of the
realty book values and will increase the liquid position of the bank.
Under the plan voted Wednesday (Jan. 3) the common capital of the bank
will be reduced from $1,000,000 to $500,000 by a reduction of the par value
from $100 to $50 a share, and $500,000 worth of preferred stock will be
sold to the RFC, so leaving the capital as it is now, at $1,000,000. Under
the plan the preferred stock sold can be retired over a period of time.
The trustees recommend the move, not only as one to avail the bank of an
RFC offer of great advantage but also as a move to co-operate "with the
Federal Government's efforts toward unifying the banking structure of the
United States."
Volume 138
Financial Chronicle
279
The First National Bank of Middletown, Middletown,
Conn., capitalized at $200,000, went into voluntary liquidation at the close of business Dec. 29 last. It has been taken
over by The Hartford-Connecticut Trust Co., Hartford, Conn.
agement Bank & Trust Co. of Philadelphia, Pa., to be held
Jan. 17, stockholders will be asked to approve amendments
to articles of incorporation changing the name of the bank
to the Mitten Bank & Trust Co.
As at the close of business Dec. 27 last, The First National
• Bank of Stafford Springs, Stafford Springs, Conn., with
capital of $50,000, went into voluntary liquidation. It was
taken over by The Hartford-Connecticut Trust Co. of Hartford.
The Comptroller of the Currency on Dec. 27 issued a
charter to the New Florence National Bank, New Florence,
Pa. The new institution is capitalized at $50,000, half of
which is preferred stock and half common stock. It succeeds
The New Florence National Bank. J. M. Trimble and M. E.
Horrell are President and Cashier, respectively, of the new
bank.
Effective at the close of business Dec. 28 1933, The First
National Bank of Meriden, Meriden, Conn., with capital of
$200,000 was placed in voluntary liquidation. The institution was absorbed by The Hartford-Connecticut Trust Co.
of Hartford, Conn.
Morristown, N. J., advices to the New York "Times" on
Jan. 9 stated that the posts of Assistant Secretary and Assistant Treasurer were created by the American Trust Co.
of Morristown on that day upon the retirement of Charles
B. Litsey, Secretary and Treasurer. Clarence E. Beddow
was elected Secretary and Assistant Treasurer, and George
W. Melick, former Vice-President, was made Treasurer and
Assistant Secretary.
The Comptroller of the Currency on Dec. 28 chartered the
First National Bank of New Egypt, New Egypt, N. J., with
capital of $50,000. The new institution succeeds The First
National Bank & Trust Co. of that place.
J. H. Bacheller, President of the Fidelity Union Trust
Co. of Newark, N. J., in addressing the stockholders at
their annual meeting on Jan. 11 said in part:
Theearnings for theryear 1933 before writing off losses or setting aside
reserves, amounted to $2,082,677.89. In addition to this amount, there
was realized as a profit from the sale of securities, the sum of $251,964.95.
Out of these earnings the sum of $830,423.30 was charged off to bad debts:
$1,369,697.81 was laid aside:as a reserve for further losses and $247,849.89
was credited to undivided profits. These earnings were made passible
by the reduction in interest paid on savings accounts and the elimination
of interest on commercial accounts during the latter part of the year and
also to the fact that the annual salaries and expenses have been decreased
In the last two years from the sum of $2,195,328.87 in 1931 to $1,759,578.64 in 1933, or a saving in this latter item of $435.750.23 annually.
The capital and surplus remain the same. The undivided profits increased by $247,849.89 and the reserves now amount to $6,431.527.80.
)n. We regret exceedingly the
necessity for discontinuing the dividend
during the past year, but in view of business uncertainties and the shrinkage
In value of securities, we felt it the part of wisdom to use our earnings for
the payment of losses and the strengthening of our capital structure.
!While our stock interests in the Fidelity Union Title 8-, Mortgage Guaranty Co. and Fidelity Union Stock Zir Bond Co. are only as minority stockholders, we have determined to separate ourselves from all affiliations and
confine ourselves to our regular banking and trust business. It is in line
with this thought that we are putting aside into reserves substantial sums
so that our stock loss in each company is amply provided for by these
reserves.
The deposits of every character on Dec. 31 were $140.536,320.36, a
decrease of $8,678,187.09 as compared with one year ago.
George Harrison Frazier, a partner in the banking firm of
Brown Brothers & Co., Philadelphia, Pa., died on Jan. 9 at
Jewish Hospital, in that city, of injuries suffered on Jan. 5
when his motor car was in collision with a delivery automobile. Mr. Frazier would have been 67 years old on Jan. 18.
Born in Philadelphia, the deceased banker was graduated
from the University of Pennsylvania in 1887. The following
year he got a position with the Franklin Sugar Refining Co.,
of which he became Secretary. Subsequently the company
was taken over by the American Sugar Refining Co. and Mr.
Frazier became Manager and later Treasurer and Business
Manager of the amalgamated corporation. He gave up his
active interest in the sugar refining business for banking in
1896, entering the employ of Brown Bros. & Co., in which he
became a partner in 1899. He was a partner also in Brown,
Shipley & Co., the London branch of the banking house. Mr.
Frazier retired from active business 13 years ago, but retained his partnership and visited his office daily. Among
the numerous corporations of which Ile was a director were:
The Philadelphia National Co., the Pennsylvania Co. for Insurance on Lives & Granting Annuities, Provident Mutual
Life Insurance Co., Philadelphia National Bank, Otis Elevator Co., Lehigh Coal & Navigation Co., Lehigh Hudson
River Railway Co., Elmira & Williamsport RR. Co., Western
Saving Fund Society, Virginia Coal & Iron Co., National
Power & Light Co., Lehigh & New England RR. Co., and the
Guarantee Co. of North America.
We learn from the Philadelphia "Financial Journal" of
Jan. 3 that at the annual meeting of the Mitten Men & Man-
The Peoples National Bank of Rural Valley, Rural Valley,
Pa., was chartered by the Comptroller of the Currency on
Dec. 27. It replaces the Rural Valley National Bank and is
capitalized at $50,000. B. E. Stear is President of the new
bank and C. C. Farren, Cashier.
The Comptroller of the Currency on Jan. 4 1934 issued
a charter to The First National Bank in Fleetwood, Fleetwood, Pa., with capital of $50,000. The new institution succeeds The First National Bank & Trust Co. of Fleetwood.
Augustus P. Merkel and A. K. Leibelsperger are President
and Cashier, respectively, of the new organization.
Irvin T. Kepler, former Vice-President of the Elkton Banking & Trust Co. of Elkton, Md., was acquitted on Jan. 5 of
charges of misappropriation of the bank's funds. Cheers
filled the court room as the Cecil County jury brought in its
verdict, after deliberating two and 6ne-half hours. Associated Press advices from Elkton, in reporting the above,
went on to say:
Six other indictments are pending against Mr. Kepler, but court officials
made no announcement as to action on them.
The State attempted to show that he had made investments with the bank's
money, and when he took the witness stand he said that he had received complete charge of the bank's funds and that any investments came in connection
with his executive duties.
Arthur Woolford, active Vice-President of the National
Bank of Suffolk, Suffolk, Va., died suddenly of a heart attack
at his desk in the bank on Dec. 30. The deceased banker,
who was 64 years of age, was prominent in Masonic circles.
Effective Dec. 30 last, The First National Bank of Marlinton, Marlinton, West Va., was placed in voluntary liquidation. The institution, which had a capital of $50,000, was
succeeded by the First National Bank in Marlinton.
The Coshocton National Bank, Coshocton, Ohio, which replaces The Coshocton National Bank, was chartered on
Jan. 2 by the Comptroller of the Currency. The new bank
is capitalized at $125,000, consisting of $75,000 preferred
stock and $50,000 common stock. T. L. Montgomery is President and Wilbur L. Grandle, Cashier, of the new institution.
The Kinsman National Bank, Kinsman, Ohio, was placed
in voluntary liquidation on Dec. 29 1933. The institution,
which was capitalized at $50,000, was succeeded by The First
National Bank of Kinsman.
The First National Bank of St. Clairsville, St. Clairsville,
Ohio, was chartered by the Comptroller of the Currency on
Jan. 1 1934. It succeeds The First National Bank of St.
Clairsville and is capitalized at $100,000. John Pollock and
Isaac T. Newlin are President and Cashier, respectively, of
the new institution.
On Dec. 30 a charter was granted by the Comptroller of
the Currency to The Mansfield Savings Trust National Bank,
Mansfield, Ohio. The new bank, which is capitalized at
$600,000, represents a conversion to the National system of
The Mansfield Savings Bank & Trust Co. C. F. Ackerman
beads the new organization and it. L. Gibson is Cashier.
Directors of the Northern Trust Co. of Chicago, Ill., at
their organization meeting on Jan. 9, promoted Thomas S.
Estrem from Second Vice-President to a Vice
-President;
made John M. Meikle, formerly Auditor, Vice-President and
Auditor, and promoted Sheldon A. Weaver from Assistant
Secretary to Second Vice-President.
On Dec. 30 The Lawndale National Bank of Chicago, Chicago, Ill., and the Lawndale State Bank of that city, capital-
280
Financial Chronicle
Ized at $350,000 and $500,000, respectively, were consolidated
under the title of The Lawndale National Bank of Chicago.
The new organization is capitalized at $600,000, consisting
of $350,000 preferred stock and $250,000 common stock.
The stockholders of the First National Bank of Chicago,
El., at their annual meeting on Jan. 9 voted to increase the
capital stock of the bank in the sum of $25,000,000 by the
issuance of that amount in par value of 5% cumulative
preferred stock, and authorized the sale of such stock, insofar
as not subscribed and paid for by the shareholders, to the
Reconstruction Finance Corporation at par plus accrued
dividends.
In compliance with the Banking Act of 1933, the board
of directors was'reduced to 25 members, the maximum number allowed under the law.
At the meeting of the directors, following the annual meeting of shareholders, all of the officers of the bank were reelected, and J. T. Kockeisen was elected Assistant Secretary.
In its report of the meeting, the Chicago "Journal of
Commerce" of Jan. 10 stated that the new capital structure
of the institution will consist of $25,000,000 common stock,
$25,000,000 of preferred, $10,000,000 surplus, $1,000,000
undivided profits and $5,000,000 special reserve. The paper
mentioned continuing said in part:
In commenting on the sale of preferred stock, Melvin A. Traylor. President told stockholders that many in the administration and among the
public feel that the ratio between deposits and bank capital should not
be more than 10 to 1 and the he expects a bill will be introduced in Congress
limiting the ratio to 8 to 1.
Had the stockholders been able to put up the additional money, he
would not have gone to the Reconstruction Finance Corporation for it.
he said. Had preferred stock not been sold, he said that before paying dividends he would have used surplus earnings to build up the capital structure
of the bank to the same point it will reach with the preferred sale.
As it is, if earnings display the expected improvement the bank may
perhaps more quickly pay a moderate dividend on the common, or perhaps
be able to sell additional common stock, and retire the preferred, he stated.
Inroads into capital structure during the last four years have reduced
capital to about $35,000,000 which he considers a proper amount in ratio
to present loans but insufficient if reviving business should demand loaning
of $100,000,000 to $150,000,000 additional.
He declared that he believes control of the bank will remain with its
officers and directors so long as "we pay preferred dividends and conduct
ourselves properly." . . .
Mr. Traylor said that the banking act of 1933 had effectively placed the
banks of the country under the control of the Federal Reserve Board and
comptroller of the currency so that it would make little practical difference to have same additional control from the RFC.
Stockholders also approved dissolution of the voting trust for First
Chicago Corporation and ratified and confirmed officers in quit-claiming
any interest in the so-called Foreman State National Bank Building.
According to the Chicago "Journal of Commerce" of
Jan. 10, William J. O'Connor was added to the Board of
Directors of the Live Stock National Bank of Chicago at
the annual meeting of the stockholders of the institution
on Jan. 9 and the other directors were re-elected, while at
therdirectors' organization meeting A. S. Bagnall, formerly
an Assistant Cashier, was named a Vice-President, succeeding Harry I. Tiffany, resigned. Paul R. Winegardner was
advanced from an Assistant Cashier to an Assistant VicePresident;and James Burgess was made an Assistant Cashier.
Other officers of the institution were re-appointed.
We learn from Detroit advices on Jan.9 to the New York
"Times" that Charles H. Hodges was elected a director of
the new Manufacturers' National Bank of that city. All
other directors and all officers were re-elected. John Ballantyne, President of the institution, reported a shrinkage in
reserve account of approximately $186,000 since the bank was
organized on Aug. 10, last, of which about $100,000 represents
organization expenses.
The appointment of William George Bruce as Acting President of the American State Bank of Milwaukee, Wis., was
announced on Jan. 2, according to the Milwaukee "Sentinel"
of Jan. 3, which added:
He succeeds the late H. E. Brandecker. A perminent President will be
selected by the directors when they meet later this month.
Mr. Bruce, a Vice-President of the bank, is one of its founders. For many
years he was a director of the old German-American Bank and its successor,
the American National.
The Manitowoc National Bank, Manitowoc, Wis., with
capital of $100,000, was granted a charter by the Comptroller
of the Currency on Jan. 1 1934. It succeeds The State Bank
of Manitowoc, Manitowoc.
Directors of the Northwestern National Bank & Trust Co.
of Minneapolis, Minn., at their annual meeting on Jan. 9,
promoted Theodore Wold from Senior Vice-President, an
fan. 13 1934
office he had held since 1919, to President of the institution,
according to advices from that city to the New York "Times."
Mr. Wold succeeds Edward W. Decker, who declined re-election as President of the bank and as Chairman of the Board
of the Northwest Bancorporation. William A. Durst was
made Chairman of the Executive Committee of the bank, a
new position. For many years he had been President of the
Minnesota Loan & Trust Co. of Minneapolis, an affiliated
institution of the bank, Northwestern National, which was
affiliated with the bank last week. At the annual meeting of
the stockholders, held before the directors' meeting, the directorate of the bank was reduced from 64 to 20 members. Minneapolis advices to the "Wall Street Journal," on Jan. 9, in
noting Mr. Decker's resignation from the bank and holding
company, had the following to say:
Mr. Decker had been connected with Northwestern National Bank since
1887, when he started as an office boy. He had been Managing Officer since
1901 and President since 1912. He assisted in formation of Northwestern
Bancorporation five years ago, and was its President until last year, when
he resigned to become Chairman of the Board.
In a statement announcing his withdrawal, Mr. Decker stated that he
lost his fortune in accumulating and holding blocks of stock in Northwest
Bancorporation, in which he had been the largest shareholder. He declared
that all of his stock would go toward paying off his loans, carried largely
in New York. He explained that his. holdings in the corporation had been
constantly increased since organization of the holding company.
The proposed consolidation of the Northwestern National
Bank of Minneapolis (capital $5,000,000) and its affiliate,
the Minnesota Loan & Trust Co. (capital $1,000,000) was
consummated on Jan. 2 under the title of the Northwestern
National Bank & Trust Co. of Minneapolis with capital of
$5,000,000. Reference was made to the proposed consolidation of these institutions in our issue of July 8 1933, page 265.
At the annual meeting of the directors of the First National
Bank of Omaha, Neb., on Jan. 9, F. L. Davis resigned as
President of the institution and became Chairman of the
Board of Directors, according to a dispatch to the New York
"Times" from that city. Mr. Davis was succeeded in the
Presidency by his son, Thomas L. Davis. Charles D. Saunders, heretofore Assistant to the President, was made a VicePresident and also took the place•of W. B. Roberts on the
Board of Directors, it was stated.
The Nebraska State Banking Department on Jan. 2 made
payments as follows to the respective depositors of two failed
banks, according to Lincoln, Neb., advices on that date by
the Associated Press:
Harrison State Bank, 5%, or $9,170, bringing total returned to 60%, or
$110,042.
First State Bank, Pleasantdale, 5%, or $6,330, bringing total returned
to 80%, or $101,280.
At the annual meeting of the Live Stock National Bank
of Omaha, Neb., held Jan. 9 1934, W. P. Adkins, who had
been President of the Bank, was made Chairman of the
Board; Alvin E. Johnson, who has been Vice-President, was
made President; Howard 0. Wilson, who has been Cashier,
was made Vice-President; H. H. Kroeger, Assistant Cashier,
was made Cashier; L. V. Pulliam re-elected Assistant
Cashier, andPaul Hansen was made Assistant Cashier.
Mr. Adkins, the new Chairman, has been connected with
the bank since its organization in 1907,having been a director,
and becoming its President in Jan. 1927. Mr. Johnson has
been connected with the bank since its organization in 1907
when, at the age of 15, he was employed as messenger.
Mr. Wilson, elected to the Vice-Presidency, has been Cashier
since 1926. He was employed by the bank as a cattle loan
inspector in 1922. R. H. ICroeger has been Assistant
Cashier since 1922. He began as a messenger in 1914. Mr.
Pulliam has been Assistant Cashier since 1923, and was reelected. Mr. Hansen, elected Assistant Cashier, has been
in the employ of the bank, in various positions, since 1920.
No change was made in the directorate of the bank at
the stockholders' meeting.
On Jan. 3 1934, the Comptroller of the Currency issued a
charter to The Citizens National Bank in Independence, Independence, Kan., an institution which replaces the First
National Bank in Independence. The new bank is capitalized at $200,000, of which half is preferred stock and half
common stock. Ernest Sewell heads the institution with H.
C. Bergman Jr., as Cashier.
The Citizens' National Bank of Cedar Vale, Cedar Vale,
Kan., with capital of $50,000, was placed in voluntary liquidation on Dec. 29 1933. There is no successor institution.
Volume 138
As of Dec. 2 1933, The Farmers' National Bank of Texhoma, Okla., went into voluntary liquidation. The institution, which had a capital of $25,000, has not been succeeded
by another institution.
A dispatch from Newport, Ark., on Dec. 30, printed in the
Memphis "Appeal," stated that depositors of the defunct
Arkansas Trust Co. of Newport, which closed its doors in
November 1930, would receive a dividend of 50% on accounts
about Jan. 15, according to an announcement made Dec. 30
by R. P. McCuistion, Special Deputy Bank Commissioner in
charge of the liquidation of the institution. We quote further from the dispatch as follows:
The money with which to pay the dividends was secured through a Government loan approved by the State Depositors' Liquidating Board.
No dividend has been paid depositors since the bank closed, but 500 persons having deposits aggregating $100,000 will receive dividends through
the loan. A large number of depositors had disposed of their deposits during
the three years since the bank closed, many of them receiving a very low
percentage for their "frozen" deposits.
The directors of the Commerce Trust Co. of Kansas City,
Mo.,on Jan.9 promoted F. C. Marqua from an Assistant VicePresident to a Vice-President of the institution, according to
advices from that city on Jan. 9 to the New York "Times,"
which added:
George W. Dillon, a Vice-President and Secretary to the Board of Directors, no longer will be listed as a director, having resigned from the Board,
which was reduced. He will continue to sit with the directors as Secretary.
D. Y. Proctor, heretofore Executive Vice-President of the
Broadway National Bank of Nashville, Tenn., was promoted
to the Presidency of the institution at a meeting of the directors on Jan. 2, succeeding William Gupton, who resigned the
office to become Postmaster. At the same meeting, C. C.
Potter, the Cashier of the bank, was given the additional
title of Vice-President. The Nashville "Banner" of Jan. 2,
from which the above information is obtained, furthermore
said,in part:
Mr. Proctor has been a leading banker of this section for many years. He
was born near Watertown, in Wilson County. . . . He attended school
in Watertown and was graduated from Peabody College with the degree of
Bachelor of Arts in 1900.
As Assistant Cashier of the Bank of Watertown, Mr. Proctor entered the
banking business, remained there five years, and in 1906 organized the Broadway National Bank with the late A. E. Potter and the late W. T. Hardison.
At the time of organization Mr. Hardison was President, Mr. Potter,
Cashier, and Mr. Proctor, Teller. Mr. Proctor was promoted to the office of
Assistant Cashier and in 1913 became Cashier. He held that office until
1930, when he was elevated to the executive vice-presidency.
Mr. Potter, brother of the late A. E. Potter, was born and reared in Smithville, and received his education in the schools there and at Castle Heights
Military Academy. He came to the Broadway National Bank in 1907 as
bookkeeper, sometime later was promoted to Teller, then Assistant Cashier.
He has served as Cashier for several years.
A charter was issued by the Comptroller of the Currency
on Dec. 30 for the First National Bank of Orangeburg,
Orangeburg, S. C. The institution, which is a primary organization, is capitalized at $100,000, made up of $50,000 preferred and $50,000 common stock. Robert Lide is President
and W. L. Glover, Cashier, of the new bank.
•
That a new bank has been established in Locust Grove, Ga.,
Is indicated in the following dispatch from McDonough, Ga.,
under date of Jan. 2:
W. E. Parr was elected President of the newly-organized Farmers' Bank
at Locust Grove at the first meeting of the stockholders this week. Other
officers are: L. L. Pitts, Vice-President; .1. G. Minter, Vice-President;
H. 0. Childs, Cashier. . . . The capital stock is $15,000. Application
for Government insurance of deposits has been made.
This is the first effort to establish a bank at Locust Grove since the Bank
of Locust Grove was closed several years ago.
The directors of the National Bank of Commerce of Houston, Tex., on Jan. 9 appointed Jesse H. Jones, President, to
fill the place made vacant by the recent death of N. E.
Meador in Tucson, Ariz., according to Houston advices on
that date to the New York "Times." Mr. Jones will continue
as Chairman of the Board of Directors, an office he has held
for several years. J. G. Garrett, heretofore Cashier of the
Institution, was promoted to a Vice-President, while P. C.
Rehrauer was made Cashier in lieu of Mr. Garrett.
The First National Bank in Luling, Luling, Tex., capitalized at $75,000, was chartered by the Comptroller of the
Currency on Dec. 30. The new bank succeeds The Lipscomb
Bank & Trust Co. of Luling. H. M. Ainsworth is President
and D. B. Cochran, Cashier, of the new institution.
The First National Bank of May, May, Tex., was placed in
voluntary liquidation on Dec. 29 1933. The institution,
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Financial Chronicle
which had a capital Of $25,000, has not been absorbed or
succeeded by any other organization.
The San Jacinto National Bank of Houston, Houston,
Tex., was chartered by the Comptroller of the Currency on
Jan.3 last. It succeeds the San Jacinto Trust Co. of Houston
and is capitalized at $650,000, of which $350,000 is preferred
stock and $300,000 common stock. A. R. Cline is President
and R. V. Moise, Cashier, of the new organization.
Effective Dec. 27 1933, The Citizens' National Bank of
Daingerfield, Tex., capitalized at $30,000, went into voluntary liquidation. The institution was taken over by The National Bank of Daingerfield.
The Comptroller of the Currency on Jan. 4 1934 granted a
Charter to The Capital National Bank in Austin, Austin,
Tex., which replaces the Republic Bank & Trust Co. of that
city. The new institution has a capital of $200,000 made up
of $100,000 preferred stock and $100,000 common stock. Eldred McKinnon is President.
A charter was issued on Jan. 4 by the Comptroller of the
Currency to The Greeley National Bank, Greeley, Col. The
new bank succeeds The Greeley Union National Bank and is
capitalized at $150,000 of which $75,000 is preferred and
$75,000 common stock. T. C. Phillips and W. H. Darber are
President and Cashier, respectively, of the new institution.
A new high record for deposits in the bank's 82
-year history
was established on Dec.30 by the Wells Fargo Bank & Union
Trust Co., San Francisco, Calif., it was announced at the
annual meeting of the stockholders. Deposits were $163,642,000, a gain of $4,128,000 over a year ago. Total resources
amounted to $191,620,498. Quick assets in excess of $119,300,000, consisting of $89,540,000 in bonds and $29,772,000 in
cash, show the highly liquid figure of 72% to total deposits.
Undivided profits of the bank, $3,328,000, show an increase
of $56,631 over a year ago; dividends at the regular $13 per
share rate have been maintained throughout the past year.
--4--
The thirty-third annual report of the Provincial Bank of
Canada (head office Montreal), covering the fiscal year
ended Nov. 30 1933, has just recently been published. It
shows that while net earnings were lower than in 1932, the
percentage of quick assets, which in the past has always been
maintained at a high level, was even larger than that of last
year. Net profits for the period were $410,655 (as against
$454,659 for the preceding year), which, when added to
$369,920, the balance to credit of profit and loss brought forward from the preceding 12 months, made $780,575 available
for distribution. Out of this sum the following appropriations were made: $250,000 to pay four quarterly dividends
at the rate of 7% per annum for the first quarter and at the
rate of 6% per annum for the remaining quarters; $90,500
to take care of Federal and Provincial taxes and provide for
income tax; $40,000 written off real estate, and $100,000 to
provide for contingencies, leaving a balance of $300,075 to be
carried forward to the present fiscal year's profit and loss
account. Total resources are shown in the statement as
$45,301,019, of which $26,700,734 are liquid assets, or equal
to 67% of the bank's total liabilities to the public, as compared with a ratio of 64% at the end of the preceding fiscal
year. Total deposits are given as $35,714,583, of which $30,952,158 are interest-bearing deposits. The bank's paid-up
capital is $4,000,000 and its reserve fund $1,000,000. The
Hon. Hormisdas Laporte is President of the institution and
Charles A. Roy, General Manager.
According to cable advices received Jan.9 at the New York
representative's office of Barclays Bank, Ltd., London, Eng.,
total deposits of the bank as at Dec. 31 1933 amounted to
£378,759,771 and total resources to £412,059,730. Cash items
are reported as follows: Cash in hand and with the Bank of
England, £51,175,008; balances with other British banks and
checks in course of collection, £11,074,088; money at call and
short notice, £21,383,300, and bills discounted, 159,953,329.
Total investments of the bank, aggregating 198,145,737, include £93,370,829 securities of, or guaranteed by, the British
Government. Total advances are reported at £148,835,468.
Barclays Bank, Ltd., one of the "Big Five" British banks, has
for many years past maintained the same rates of dividends,
namely,10% on the "A" shares and 14% on the "B" and "C"
shares.
282
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Price movements on the New York stock market were
somewhat indecisive during the fore part of the week. but
the list gradually steadied on Tuesday and moved forward
under the leadership of the tobacco shares, rails and utilities.
Trading was quiet and without noteworthy movement on
Monday and Tuesday, but as speculative interest increased,
public utilities spurted upward and a brisk demand developed
for the rails, tobaccos and a few selected special issues.
There was a small amount of profit taking apparent from
time to time, but this was rapidly absorbed and had little
effect on the market movements. Call money renewed at
1% on Monday and continued unchanged at that rate on
each and every day of the week.
Railroad shares featured the trading during the first hour
on Saturday though the dealings were light and prices
showed considerable irregularity. United States Steel,
Union Pacific and American Smelting were in moderate
demand and showed slight gains, but Chrysler, American
Tobacco B and Johns-Manville were under pressure part of
the time. Chemical stocks and metal shares were somewhat stronger for a time and there were occasional spurts
of strength in a few of the pivotal issues. Profit taking
broke out in the motor group during the opening hour but
soon petered out. Most of the changes registered at the
close were fractional, though there were a few stocks that
showed declines of a point or more. Among these were
American Car & Foundry, 1 point to 233; American
,
Tobacco (5), 11% points to 653, Chrysler (2), 13 points to
%
54; General Motors pref. (5), 13 points to 893 ; Liggett
& Myers (5B), 3% points to 733(; Reynolds Tobacco, 1
point to 42; Union Bag & Paper, 1 point to 44; United Biscuit
pref., 2 points to 108, and Continental Baking pref. A,
1% points to 463..
Trading was slightly improved on Monday, though the
turnover was small and public participation down to the
minimum. Chrysler continued to work downward, and
while many prominent issues made gains during the forenoon,
some of the advances were canceled before the close. In
the morning dealings, Amer. Tel. & Tel. moved up to 110
or better, United States Steel advanced to 473. and there
were numerous gains all along the line. Shortly after the
noon hour, the wet stocks were taken up and advances
ranging up to 2 or more points were recorded by some 9f the
more active stocks of the group. From that time up to the
close, most of the market leaders slowed down or sagged
from their early tops. The changes on the side of the
decline included among others Atlas Powder, 23's points to
353(; Baldwin Locomotive pref., 13' points to 35; General
A
Cigar pref. (7), 3 points to 97; Industrial Rayon,25 points
to 743.; International Business Machines, 1 point to 140;
Laclede Gas,4 points to 46;Ludlum Steel, 23' points to 873.;
Norfolk & Western pref. (4), 3 points to 82; Public Service
of N.J., 13 points to 79; Union Bag & Paper, 1 point to 43;
5
%
Union Pacific, 13 points to 1133 , and Pure Oil pref., 1/s
4
points to 593/8.
Quiet trading again featured the movements of the stock
market on Tuesday. There were some gains ranging from
fractions to 2 or more points, but there was little of noteworthy importance. The tobacco stocks were the strong
issues of the day due to the advance in the price of cigarettes.
As the day progressed, a slight downward reaction developed
and at the close a number of fractional setbacks were apparent all along the line. Aside from the tobacco shares,
most of the trading interest centered around the regular
market leaders like United States Steel, American Can and
du Pont. Some profit taking was in evidence but this was
generally well absorbed. Liquor stocks and industrial
issues were slightly stronger at the close. The gains at the
end of the session included among others, Amer. Tel. & Tel.,
23j points to 1113/2; American Tobacco (5), 33/i points to
69; Bon Ami, 43 points to 79; du Pont, 2 points to 116;
Endicott-Johnson pref., 2 points to 122; Gulf States Steel
pref., 43/i points to 283/2; Liggett & Myers (5A), 532 points
to 79; Universal Leaf Tobacco, 432 points to 1123.', and
Pullman (3), 1% points to 52.
Jan. 13 1934
Financial Chronicle
Amer. Tel. & Tel. was the strong feature of the trading
on Wednesday, and while the dealings were small, the gains
were spread over a broad front, the advances ranging from
fractions to 2 or more points. Railroad stocks attracted
considerable buying and there was some speculative interest
manifest in the motor shares and industrial issues. In the
opening hour the goner tl list showed small gains all along
the line. Toward the end of the day some selling was in
evidence but the market remained comparatively strong
until the close. The outstanding changes on the side of the
advance were Allied Chemical & Dye (6) 33/i points to 148,
American Commercial Alcohol, 2% points to 573'; Amer.
5
Tel. & Tel., 44 points to 1163/3; Atchison, 33. points to
563/8; Auburn Auto (2), 2 points to 503/3; J. I. Case, 5 points
to 71; du Pont, 23/i points to 943'; International Harvester,
23. points to 403 ; Johns-Manville, 24 points to 5938;
4
Peoples Gas, 23/i points to 31%; Pere Marquette pref., 33'
3
points to 163'; Sears, Roebuck, 2 points to 42%; United
States Industrial Alcohol, 24 points to 603/8; United States
Steel pref., 3 points to 91; Vulcan Detinning,2 points to 54,
%
and Western Union Telegraph, 17 points to 57%.
Railroad and public utility stocks were the favorite trading
issues on Thursday as the market moved briskly forward.
Practically every active group felt the upward urge at some
period during the session, but the trading interest finally
simmered down to the carrier stocks and public utilities.
Profit taking and short sales were in evidence from time to
time and gave the price trend a somewhat irregular appearance. The gains for the day included American Can pref.
3 points to 131; American Sugar (2), 2 points to 49%;
Brooklyn Union Gas Co., 3 points to 67; Consolidated Gas,
23/i points to 403/8; Detroit Edison, 33' points to 673;
4
A
National Lead, 23 points to 1383 ;Peoples Gas,4% points
to 353; Sloss Sheffield Steel, 4 points to 20, and Public
Service of N. J. pref. (7), 13/ points to 917%.
Trading was quiet on Friday, though at one period there
was a brisk upward movement among the alcohol shares
that carried a number of active members of the group
from 1 to 2 points higher. Public utilities which were among
the leaders during most of the week, met considerable
resistance and dropped back a little, though the recessions
were comparatively small. Pivotal shares like American
Tel. & Tel. were somewhat easier. Motor stocks sold off,
with Chrysler under considerable pressure, but the silver
stocks gained strength following the report that a bill had
been prepared for the use of a billion dollars in silver as
a money base. The changes at the end of the session were
small, though a goodly number were on the side of the
advance. Prominent in the latter group were Allied Chemical & Dye, 17% points to 148, Armour of Delaware pref. (7),
3 points to 80; Bucyrus Erie pref. (2),4 points to 71; General
Mills (6) pref., 3 points to 104, Industrial Rayon, 234
points to '793s; New York Shipbuilding prof., 43j points to
80; Pacific Tel. & Tel., 2 points to 74; Public Service of
New Jersey pref. (7), 3 points to 105, United States Smelting
& Refining, 2 points to 9934, and West Penn Electric
pref. (7), 3 points to 55.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY, WEEKLY AND YEARLY.
State,
Railroad
Stocks,
Number of and Miscall. Municipal &
Poen Bonds.
Bonds.
Shares.
Week Ended
Jan. 12 1934.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
•rnini
United
Slate!
Bonds.
Total
Bond
Bales.
461,920 32.989,000 81.668,000 $3,488,000 $8,145,000
5,101,000
3,673,000
6,962,100 15,736,100
715.030
7,110,000
3,338,000
869,402
5,765,200 16,213,200
4,720,000
9,161,000 24,805.000
1,415,170 10,424,000
4,113,000
1,605,470 11,475,000
4,506,500 20,094,500
12,094,000
3,958,000
1,600,580
2,177,000 18,229,000
--n 757 572 $49.193.000 821.470.000 832.050.800 5102 722 ann
Sales at
New York Stock
Exchange.
.
Week Ended Jan. 12,
1933.
1934.
1933.
5,448,828
11,651,002
9,316,741
56,429,500
18,396,000
46,618,000
$48,155,300
35,003,000
74,390,000
$72,771,700
31,062,000
14,055.900
$102,722,800 $71,443,500
$157,548,300
$117,889,600
6,757,572
-No.of shares _
Stocks
Bonds.
Government bonds__ 532,059,800
21,470,00(
State & foreign bonds_
Railroad & misc. bonds 49,193,000
Total
Jan. 1 to Jan. 12.
1934.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Weak Ended
Jan. 12 1934.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
13,..., sok ,oviem
Baltimore.
Shares. Bond Sates. Shares. BondSales. Shares. BondSales.
9,143
13,946
22,100
25,255
28,547
5,228
3200
2,000
2,500
14,500
7,300
4,000
5,556
6,925
7,782
15,208
16,151
7.108
31,000
4,500
4,200
1,016
494
922
1,527
2,985
2,367
81,000
4,21)0
14,000
5,000
7,000
104,219
530,500
58,730
59,700
9,311
$27,200
1041 0415
515100
43.506
55.100
4 ass
R2R 09A
Volume 138
Financial Chronicle
THE CURB EXCHANGE.
Curb market prices have generally moved upward during
most of the present week, and while there have been occasional periods of dullness and irregularity, the trend, for the
most part, has been definitely upward. Public utilities
generally have given a good account of themselves and industrials have, as a rule, moved toward higher levels. This
was true also of the specialties which have had good support
throughout the week. Wet stocks, particularly Hiram
Walker, have been in good demand at higher prices and the
oil group ranged higher. Metal shares were comparatively
quiet until near the end of the week when they again moved
to higher levels. Trading, on the whole, has been light and
most of the changes have been within a narrow channel.
On Saturday trading was dull and price changes were
somewhat mixed, although there were some upward swings
among the more volatile shares that exceeded a point. The
wet stocks met profit taking, particularly Hiram Walker,
which slid backward and forward without noteworthy
change. Aluminum Co. of America, Great Atlantic &
Pacific Tea Co. and a few other prominent stocks were.
inclined to drift lower, while Pittsburgh Plate Glass, American Cyanamid B and Sherwin Williams were fairly firm,
but made little progress either way. Mining shares were
irregular, Bunker Hill-Sullivan and New Jersey Zinc gaining
about a point each. On the other hand, Lake Shore,
Wright Hargreaves and Pioneer Gold fell back a point or
more.
Shares on the curb market moved around in a rather thin
market on Monday, and while there were some wide swings
in some special issues, the general list moved within a narrow
channel. Stocks like Pepperell Manufacturing Co. and
Sherwin Williams were fairly firm, but Aluminum Co. of
America and Singer Manufacturing Co. were weak and sold
down on the day. Public utilities were moderately firm,
American Gas & Electric moving up about a point, followed
by Electric Bond & Share with a smaller gain. Hiram
Walker again featured the wet stocks and showed a modest
advance, though most of the group sold off on the day.
Oil shares were quiet and without feature.
The curb market moved slowly back to higher levels on
Tuesday, the feature being the spirited demand for Hiram
Walker, which was the center of rather brisk trading for a
short period, during which it moved forward a point or more.
Other liquor shares were in smaller demand, though prices
continued fairly firm. In the mining and metal shares,
Bunker Hill-Sullivan was the outstanding trading favorite
and ran up several points at its top for the session. New
Jersey Zinc and Lake Shore Mining also showed small improvement as the market closed for the day. Specialties
were active, though the gains were fractional, Jones &
Laughlin Steel, Sherwin Williams and American Cyanamid B
attracting the most attention.
Public utility issues led the upturn in the curb market on
Wednesday, and while the trading was comparatively light,
the demand was highly diversified, and the gains, though
small, were fairly well scattered throughout the list. The
most active of the public utilities were Consolidated Gas of
Baltimore, Montreal Light, American Gas and Electric
Bond & Share, all of which showed moderate gains as the
market came to a close. Pepperell Manufacturing Co.
registered a 3
-point gain and further advances were made
by Aluminum Co. of American, General Tire, Sherwin
Williams and Swift & Co. Mining shares were in good
demand and continued to move forward under the guidance
of Bunker Hill-Sullivan, which added 2 additional points to
its recent advance.
Industrial stocks led the upward glide on Thursday as
the Curb Market showed further improvement. Some profit
taking cropped out as a result of the previous day's advances,
but this was readily disposed of as the trend continued upward. Metal shares were particularly active and were
featured by a fairly large turnover in International Mining
which rose more than a point. Liquor stocks improved as
the interest in Hiram Walker continued, the demand showing a farily heavy turnover for the day. Public utilities
moved with a narrow channel and several of the leaders
eased off.
The undertone of the curb market continued fairly firm
on Friday, though price movements were somewhat limited.
The principal changes of the day were among the public
utility stocks, especially Commonwealth Edison, which
jumped about 3 points at its top for the day. American
Gas & Electric was about a point higher and Electric Bond
& Share 5% and 6% pref. moved forward about 1 point.
283
The wet shares were easier and the oil stocks were under
selling pressure due to the gasoline price war along the
Atlantic Seaboard. One of the strong issues was Safety
Car Heating & Lighting, which was up about 11 points
at its top for the day. The range for the week shows a
trend toward higher levels, moderate gains being registered
among such active speculative stocks as Aluminum Co.
of America, 713/2 to 72; American Beverage, 13/2 to 1%;
American Gas & Electric, 19 to 24%; American Light &
Traction, 11% to 133/2; American Superpower, 2% to
2%; Associated Gas & Electric A, % to %; Brazil Traction
& Light, 113/2 to 123/2; Central States Electric, 1% to 13/2;
3
Cities Service, 2 to 2%; Commonwealth Edison, 37 to 49%;
Consolidated Gas of Baltimore, 53 to 56; Creole Petroleum,
9% to 10%; Electric Bond & Share, 11 to 14%; Ford of
Canada A, 15% to 15%; Gulf Oil of Pennsylvania, 593/2 to
60%; Hudson Bay Mining, 9% to 9%; Humble Oil (new),
33% to 35; New Jersey Zinc, 62% to 63; Niagara Hudson
Power, 53/2 to 6; Parker Rust Proof, 55 to 55%; Pennroad
Corp., 2% to 2%; A. 0. Smith, 24 to 27; Swift & Co.,
143/2 to 15; United Founders, % to %; United Gas Corp., 2
3
to 2%; United Light & Power A, 2% to 3%; United Shoe
Machinery, 593/2 to 603/2, and Utility Power, % to 1%.
A complete record of Curb Exchange transactions for
the week will be found on page 313.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Jan. 12 1934.
Stocks
(Number
of
Shares).
89,370 $1,026,000
140,920 2,082,000
149,935 2.068,000
236,270 3,409.000
358.340 4,710,000
298,136 4,414,000
Saturday
Monday
Tuesday
Wednesday
'Thursday
Friday
Total
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
$134,000
294,000
237,000
121,000
163,000
1314,000
1,272,965 $17,709,000 $1,087,000 $1,207,000 820,003.000
Week Ended Jan. 12.
Sales at
New York Curb
Exchange.
1934.
1933.
Jan. 1 to Jan 12.
1933.
1934.
1,272,985
711,560
Stocks-No. of shares_
Bonds.
$17,709,000 $25,110,000
Domestic
1,087,000
1,659,000
Foreign government
1,207,000
1,107,000
Foreign corporate
Total
Total.
$165,000 81,265,000
291,000 2,667,000
227,000 2,532,000
141,000 3,671.000
237,000 5,110.000
206,000 4.758,000
820,0033.00 827,876.000
2,058,905
L279.995
$26,116,000
1.648,000
1,912,000
$41,140,000
2,254,000
2,310,000
829,676,000
545.704.000
COURSE'OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ended to-day (Saturday, Jan. 13) bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns
will be 8.1% below those for the corresponding week last
year. Our preliminary total stands at $4,174,450,136,
against $4,542,411,749 for the same week in 1933. At this
center there is a loss for the five days ended Friday of 5.6%.
Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending Jan. 13.
1934.
1933. -
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
82,177,218459 82,305,915,975
145,125,839
146.389,256
235,000,000
188,000,000
145,000,000
143,000,000
45,469.535
49,396,560
45.200,000
48,100,600
76,436,000
78,193,000
No longer will re Port Clearings.
62,576,984
56,858,563
47,593,444
47,709,632
47,585,867
41,136,865
36,285,496
39.870,956
27,286,161
23,161,000
Twelve cities, 5 days
Other cities, 5 days
$3.041,787,747
436,920,700
83,216,721,945
474,440,435
-4.3
-10.7
Total all Mtles. 5 days
All cities, 1 day
$3,478,708,447
695.741,689
$3,691,162,380
851,249,369
-5.8
-18.3
24 174 4511 158
24 542 411 740
-R 1
Tetal all Mien ter week
-5.6
-0.9
-20.0
+14
+8.6
+6.4
+2.3
+10.1
-0.2
-13.6
-9.0
-15.1
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous, the week ended Jan. 6. For
that week there is a decrease of 4.7%, the aggregate of
clearings for the whole country being $4,799,904,803, against
85,035,928,905 in the same week in 1933.
Outside of this city there is a decrease of 7.4%, the bank
clearings at this center having recorded a loss of 3.1%.
Financial Chronicle
284
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 loss of 3.4%, in the Boston Reserve
District of 4.3%, and in the Philadelphia Reserve District
of 15.4%. In the Cleveland Reserve District the totals
register a decline of 7.5% and in the Richmond Reserve
District of 16.6%, but in the Atlanta Reserve District the
totals are larger by 17.8%. The Chicago Reserve District
has a decrease of 21.3% and the St. Louis Reserve District
of 1.8% but the Minneapolis Reserve District has to its
credit an increase of 10.9%. In the Kansas City Reserve
District the gain is 10.1%, in the Dallas Reserve District,
9.1%, and in the San Francisco Reserve District, 6.2%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Jan. 6.
Clearings at
1934.
1934.
Inc.or
Dec.
1933.
$
$
Federal Reserve Dists.
let Boston _ _ _ _12 cities
2nd NewYork__12 "
3rd Plilladelpla 9 "
6th Cleveland__ 5 "
5th Richmond.. 8 "
Iffh Atlanta__. 10 "
7th Chicago .,.19 "
3th St.Louts... 4 "
3th Minneapolis 7 "
10th Kansas City 9 "
5 "
11th Dallas
12th San Fran 13 "
229.783,564
3.163.814,198
273,009,847
177,319,938
90,692,390
112,311,902
281,845,996
97,869,396
68,216,133
95,958,936
40,392,658
168,655,885
240,170.183
3,274,564,046
372,875,633
191,783,860
108,679,548
95,305,045
358,337,872
99,649,768
61,50e,808
57,205,089
37,012,582
158,836,371
-4.3
-3.4
-15.4
-7.5
-16.6
+17.8
-21.3
-1.8
+10.9
+10.1
+9.1
+6.2
111 cities
Total
Dutside N.Y.City
4,799,504,843
1,739,748,997
5,035,928,905
1379,047,744
-4.7
-7.4
$
1932.
%
363,009,832
4.820,999,017
390,303,829
269,365,531
151.243.753
126,764,759
478,266,246
99,505,978
79,823,006
121,554,982
60,519,461
250,883,001
WIC DCA col
n[ea Ana iln
-LA A
$
451,060,363
7,191,014,302
451,263,158
375,340,134
156,496,934
149,362,713
739,335,832
159,675,829
99,894.857
171,168,718
60,152,014
294,057,323
7 03 239 3
3 , . 95 10,298320372
3.274,301,701
2,528,625,636
on AAA ORA
Inc. or
Dec.
1932.
358,337,872 -21.3
478.266,246
739,335,632
Eighth Feder ii Reserve Dia trict-St. Lo uisb
b
b
Inc.
-Evansville.
70,300,000 -6.7
Mo.-St. Louis_ . 65,600,000
19.041,881 -0.3
.
18,983,100
9,975,339 +30.2
12,989,296
Tenn.-Memph 3
b
b
b
Ill.-Jacksonvill ?,
332,548 -10.7
•
297,000
Quincy
b
63,200,000
22,493,840
13,131,705
b
680,433
b
118,300.000
28.612,514
14,095,980
b
867,335
99,505,978
159,875,829
Ninth Federa I Reserve District-Minneapolis2,184,208 -6.1
3,152,481
2,050,068
Minn.
-Duluth_
40,830,077 +7.5
43,908,039
55,679,990
Minneapolis_ - .
14,587,402 +26.5
.
18,448.796
16.013,249
St. Paul
1,415,156 -7.7
1,306,708
N. D.
2,012,306
-Fargo _ .
434,354 -11.0
386,656
S. D.-Aberdee 3
619,523
277,748 +8.2
300.586
458,783
Mont.
-Billings
1,779,863 +2.0
1,815,282
1,886.674
Helena
4,338,058
68,331,887
20,526,438
1,950,300
978,952
672,090
3,097,132
281,845,996
&In TIO AI/
Total(4 cities) .
Total(7 cities
97,869.398
68.216.133
99,849,768
-1.8
81,508,808 +10.9
79,823,008
-Kan s as CityTenth Federa I Reserve Dia Wet
177,484 -57.1
76,093
297,434
Neb.-Fremont_
c
c
c
C
Hastings
Clearings at
1,681,469 -1.3
1,858,772
2.801,512
Lincoln
Inc. or
16,638,170 +35.5
22.542.043
27,332,528
Omaha
1932.
1931.
1934.
1933.
Dec.
1,902,594 +23.3
2,800,044
2,345,331
Kan.
-Topeka _
4.253,115 -57.5
5,158,916
1,808,582
Wichita
$
$
S
S
%
+8.5
58,658,851
77,695,932
63,669,074
Mo.-Kan. City
Federal Reserve Dist rict-Boston
First
2,535,120 +13.5
2,878,274
3,460,019
Maine-Bangor..St.
Joseph__
687,305
727,853
479,183
453,302
+5.7
764,340 -33.9
997,583
505,296
Col.
-Col. Spgs_
3,827,742
3.709.345
.
2,147,797 -8.8
1,958,181
Portland
1,211,014
593,937 -14.9
505,471
Mass.-Boston..Pueblo
197,000,000 205,435,701 -4.1 312,000,003 398,132,010
896,738
817,652
598,535 -11.4
530,207
Fall River
87,205,089 +10.1 121,554,982
Total(9 cities).
95,988,936
371,612
481,658
272,863 -13.4
238,333
Lowell
964,839
897,165
565,350 -14.4
484,025
New Bedford_ .
-Da lies
Eleventh Fed ral Reserve District
6,004,687
5,556,544
3,847,596 -23.6
2,940,825
Springfield ---.
1.260,195
658,354 +9.8
720,828
Texas
-Austin....
4,238,377
3,853,060
2,283,555 -36.1
1,459,564
.
Worcester
26,465,691 +18.4
35,108,380
31,347,999
Dallas
14,610,134
12,477,363
10.759,748 +3.8
11,169,844
Conn.
-Hartford.
4,548,471 -7.7
8,083,637
Ft. Worth.....
4,195,461
7.108,413
7.407,279
4,366,928 -11.9
3,845,641
New Haven
3.098,000 -28.7
2,746,000
2,209,000
R.I.-ProvidenceGalveston
14,512,200
13,215,900
8,966,200 +2.6
9,201,600
2.246,166 -14.5
3,341,249
1.919,570
La.
679,759
-Shreveport892.560
482,181
472,808 +2.0
N.H.-Manch'r
Week Ended Jan. 6.
Total(12 cities 1
229,787,564
240,170.183
-4.3
363,009,832
1931.
1931.
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
so of•Lao
1933.
$
$
$
$
%
Seventh Feder al Reserve D Istrict-C hi cago
Mich.
64,079
103,635 -38.2
-Adrian _
212,520
221,940
Ann Arbor___ _
949,115
1,828,524 -48.1
280,144
1,117,745
57,337,864
Detroit
60,771,697 -5.7
84,908.306 136,248,677
1,403,648
2.343.597 -40.1
Grand Rapids _
4,434,515
5,585,509
_
562,603
564.700 -0.4
Lansing
1,329,900
2,744.920
Ind.
562,094
872,057 -35.5
-Ft. Wayne
1.365,285
2.734,713
Indianapolis_ . 13,474,000
_
13,545,000 -0.5
17,545,000
20.924,000
South Bend_ _ _
626,918
2.202,926 -71.6
2,678,016
2,788,492
4,448,981
5.025,649 -11.5
Terre Haute_ - _
5,540.130
7.042,723
11,412,537
11,359,866
+0.5
Wls.-Milwauke e
22,090,200
28,424,123
256,169
602,356 -57.5
Ia.-Ced. Rapids
1,057,857
3,258,129
.
Des Moines_ _
5.630,618
5,563,608 +1.2
6,870,389
8,725,200
..
1.940,084
1,814,728 +6.9
Sioux City
2.884,499
4,297,156
C
c
c
c
c
Waterloo _ .
_
918,188 -60.8
n
359,687
1,350,872
1,445,909
_ 178,868,759 247,018,409 -27.6 318,012,058 502,811,778
Chicago
.
433,834 -9.7
391,708
Decatur
869,223
1,218,110
2.323,350
1,879,207 +23.6
Peoria
3,332,392
4,408,823
531,697 -14.5
.
454,837
Rockford
1,462,792
2,800,520
958,394 -18.7
778,945
2,044,148
Springfield_
2.537,165
Total(19 cities
Week Ended Jan. 6 1934.
Jan. 13 1934
451,060,363
Total(5 cities).
40.392,858
37,012,682
+9.1
50,519,461
99,894,857
341,823
c
3,365,294
40,029,147
4,655,105
7,236,473
106,866,252
6,259,780
1,151,077
1,463,767
171,168,718
1,639,402
40,862,868
10,222,997
2,899,000
4,527,749
60,152,014
Twelfth Fede al Reserve D istrict-San Franci scoSecond Fede.al Reserve D Istrict-New York
17.427,830 +20.6
21,023,228
30,073,271
33,284,365
Wash.-Seattle._
7.236,638
7,963,537
12,254,642 -23.8
9,340,898
N. Y.-Albany.
4,389.000 +34.1
5,886.000
8.524,000
12,499,000
Spokane
1,411,887
1,335,330
990,846 +75.1
1,735,094
Binghamton_ _
424,220 +31.5
617,124
557,807
1.200,777
Yakima
41,312,504
50,866,650
27,307,619 -7.8
25,190,436
Buffalo
14.156,688 +29.5
18,338,179
22,501,517
28,072,468
Ore.
-Portland_ 983,087
920,890
539,861 -2.0
529,132
Elmira
11,500,351 -4.2
16,661,279
11,017,793
19,021,308
Jamestown....Utah S. L. City
809,844
1,241,659
552,028 -7.8
508,892
2,588,392
2.568.346
+0.9
4.933.775
7,887,798
Calif.
-Long Bob
New York___ 3,060,155,846 3,156,881,161 -3.1 4,673,613,759 7,024,519,271
Los Angeles_.. No longer will report clearin gs.
11,202,724
12.476,810
9,137,336 -26.7
6,697,570
Rochester
5,526,497
3,086,666 -15.7
2,584,285
8,629,679
Pasadena
6,971.962
6.147.097
4,127,192 -18.8
3,352,249
Syracuse
6,372,858 -47.4
3,350.780
9,868,691
8,797,101
Sacramento
4,169,568
3,553,621
+6.8
2,778,211
2,966,407
Conn.-Stamfor
San Diego ...- No longer will report clean] gs.
826,484
600,000
425,000 -40.2
.2.54,000
N. J.-Montcl
94,540,049 +4.4 144,702.948 165,752,418
98,696.555
San Francisco.
29,197,334
32,767,313
21,841,078 -15.3
18,503,551
Newark
1.558,469
+8.4
2,783,864
1,688,771
4,204.718
San Jose
48,817,079
43,068,291
37,729,072 -8.3
34,580.123
NorthernN. J
1,713,665
1,048,009 +1.5
1,063,755
2,307,049
Santa Barbara.
796,074 -7.3
1,339,122
738,109
2,056,841
Santa Monica.
Total(12 cities 3,163,814,198 3,274,564,046 -3.4 4,820,999,017 7,191,014,302
989,811 +13.4
1,122,231
1,637,250
2,343,800
Stockton
Third Federal Reserve Dist rict-Philad el phla+6.2 250,883,001 294,057,320
Total(13 cities) 168,655,885 158,836,371
623,169
1,162,267
304,049 +28.6
384,996
-Altoona_ _
Pa.
c
Grand total (111
c
c
c
C
Bethlehem._ -4,799,904,843 5,035,928,905 -4.7 7.202,239,395 10298820.972
cities
729,113
982,905
269,731 +14.6
309,135
Chester
1,810,447
2,254,360
957,268 -31.2
658,452
Lancaster
Outside New York 1,739,748,997 1,879,047,744 -7.4 2.528,625,636 3,274,301,701
261,000.000 308,000,000 -15.3 367,000,000 429,000,000
Philadelphia__
,
3,078,277
5,656,248
1.994.071 -39.1
1,214,530
Reading
5,490.873
5,042,185
2,884,479 -9.5
2,609,334
Scranton
2,839,829
3,752,208
2,174,025 -27.5
1,575,306
Week Ended Jan, 4.
Wilkes-Barre_ _
2,089,179
1,833,925
1,221,110 -18.6
994,094
York
Cleari s at
4,325.000
3,897,000
5.071,000 -15.9
4,264,000
Inc. or
-Trenton...
N. J.
Dec.
1032.
1933.
1934.
1931.
451,263,156
Total(9 cities). 273,009,847 322,875,633 -15.4 390,303.829
$
%
$
Canada$
$
77.888,137 +8.7
Feeler at Reserve D istrict-Clev eland
Fourth
84.607,995
75,836,800 132,053,699
Montreal
c
c
c
c
c
89,003,828 +15.4
Ohio-Akron....
102,745.187
89,487,661 133.132.263
Toronto
c
c
c
c
37,319,098 -9.4
C
Canton
33,826,681
43,826,681
47.587,189
Winnipeg
51,606,591
65,502,421
38,981.363 +3.9
_
40,495,864
11,343,854 +21.7
Cincinnati
13,803,728
13,372,428
Vancouver
20,041,870
95.509,601 131,193,869
68,801,102 -25.9
3,813.403
+6.2
50,851,466
Cleveland
4,048,656
6,068,827
Ottawa
7,384,880
10,677.700
14,617,200
4,241,964 -5.4
7,033,400
6.806.100 +3.3
Columbus
4,012,492
4,839,640
Quebec
6,818.212
1,000,000
1,870,178
713,773 +18.7
2,248,054 -7.2
Mansfield
846,985
2,083,787
2.812,170
Halifax
4,237.346
c
c
c
C
c
3,524,136 -6.5
Youngstown
4,495,172
3,294,707
6,653,205
Hamilton
4,109,398
+1.5
p,
-Pittsburgh.
78,092,223
76,681,522 +1.8 110,571,839 162,156,466
4,170,145
5.287,678
Calgary
8,258,963
1,518,181 -8.4
1,421,773
1,928,019
St. John
2,898,32G
1,139,913 +23.7
1,754,043
1,409,764
Total(5 cities). 177,319,938 191,783,860 -7.5 269,365,531 375,340,134
2,626,101
Victoria
2,787,374 -1.3
2,666,451
3,749,931
4.495.711
London
3,481.018 -3.3
Fifth Federal Reserve Dist rict-Richm ond-4,796,189
3,387,360
6,518,936
Edmonton
515,290
998,033
364,492 -72.7
4,412,461 -34.4
99,505
4,358,240
2,893,822
W.Va.-Hunt'o
Regina
5,507,966
4,490.338
3,584,919
2,062,000
2,882,000 -28.5
295,701 +21.5
370,043
Va.-Norfolk....
359,350
561,353
Brandon
39,044,554
40.475,263
Richmond _
28,361,743
27,602,418 -4.5
229.289 +32.3
348,359
303,246
Lethbridge
482,732
2,226.034
873,014
982,653
1,036.610 -5.2
1,372,235 -23.0
1,971,325
S. C.-Charlea'n
1,058,976
3.350,659
Saskatoon
79,115,838
82,463,928
59,472,165 -19.2
1,028,189 -42.8
Md.-Baltimore _
48,070,696
889,590
588,543
Moose Jaw
1,342,591
25,774,210
28,180,468
17,321,863 -24.3
903,176 +17.3
992,655
13,115,793
1,059,305
D. C.-Washlon
Brantford
1,445,183
477,171
+7.7
648,652
514,073
Fort William_ --864,649
+0.8
90,892,390 108,679,548 -16.8 151,243,753 158,495,934
482,186
575,313
Total(6 cities).
New Westminster
486,254
827,930
160,201 +22.7
220,959
196,558
Medicine Hat.-291,181
Sixth Federal Reserve Dist rict-Atlant a632,145 -10.7
908,824
564,319
1,071,398
Peterborough
4,178,340
2,500,000
+6.8
-Knoxville
2,277,311
2,136,096
571,465 -8.1
Tenn.
560,129
525,035
Sherbrooke
854,955
11,172,912
17,568,046
Nashville
9.871,647
10,274,176 -3.9
850,521 +19.6
1,209,276
1,017,550
Kitchener
1,583,385
41,014,103
39,800,000
Ga.-Atlanta
40,800,000
29,400,000 +38.8
2,545,470 -32.1
2,758.037
1,728,482
3,645,922
Windsor
1.529,330
1,681,125
847,576 +38.2
1,154,521
281.375 -8.7
397,773
Augusta
Prince Albert256,803
528,842
1,728,274
777,740
353,193 +76.8
Macon
623,828
720.488 -22.2
871,102
560,592
Moncton
1,007,616
11,599,805
12,814,406
8,511,516 +95.0
16,599,000
604,870 +16.7
770,909
706,003
Kingston
1,094,747
20,986,188
15.934,716
Ala.-Birm'gham
12,218.908
10,126,062 +20.6
505,338 -14.5
484,745
432,220
1,045,274
Chatham
1,873,287
1,581,162
1,344,735 -16.2
1,128.667
417,634 +40.3
Mobile
586,111
561,043
Sarnia
971,238
c
c
c
C
C
-Jackson
411.870 +38.1
Miss.
560.645
537,765
Sudbury
847,413
180,631
190.397
118.690 +21.7
142,020
Vicksburg
41,050,123
49,006.909
32,195,001 -14.6
l'ntsi 122 eltiwa) 275 854 MR 250.258A32 +6.4 277.256 958 410 790 512
La.-NewOrleans *27,500,000
Total(10 cities
112,311,902
95,305,045 +17.8
126,764,759
149,362,713
•Estimated.
b No clearings avallable.1 c Clearing House not functioning at present.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 27 1933:
GOLD.
The Bank of England gold reserve against notes amounted to £190.723,573
on the 20th inst., an increase of £85,200 as compared with the previuos
Wednesday.
The gold offered in the open market was readily taken for the usual
quarters. The price has been very steady, but the premium over franc
parity has ruled rather lower, supplies during the week having been
substantial.
Quotations during the week:
Per Fine
Ounce.
In New York
per
Fine Ounce.
In London
Equivalent Value
of £ Sterling.
834.06
Dec.21
126s. 2d.
13s. 5.60d.
34.06
Dec.22
126s. 3d.
135. 5.508.
34.06
Dec.23
135. 5.398.
1268. 4d.
34.06
Dec.26
34.06
Dec.27
13s. 5.28d.
126s. 5d.
34.06
Average
13s. 5.44d.
126s, 3.50d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 18th inst. to mid-day on the 23d inst.:
Exports.
Imports.
£134,141
3,216
1.727
Germany
£17,268 France
Netherlands
115,515 Netherlands
France
174.058 Germany
Switzerland
2,774,449
United States of America_
85,704
Canada
153,595
Argentine Republic
1,000,000
Colombia
597.780
Brazil
117,406
British South Africa
1,071.391
China
370,509
British Malaya
32,435
Australia
240.375
New Zealand
21,858
• Other countries
32,212
£139,084
E6,804,555
The SS. Strathnaver, which sailed from Bombay on the 23d inst., carries
gold to the value of £388,000, of which £371,000 is consigned to London
and £17,000 to Amsterdam.
SILVER.
Although, owing to the Christmas Holidays, the week under review
consisted of only four working days, there was a great deal of activity
following the news that on Dec. 21 President Roosevelt had ratified the
Silver Agreement reached at the World Economic Conference last July.
The effect was enhanced by the announcement made at the same time that
the United States Government was authorized to purchase, at 64)4 cents
per ounce. 24,000,000 ounces of domestic silver, this being approximately
the annual production of the United States of America. One-half of this
silver is to be coined and the other half is to be hold by the Treasury as
a reserve.
The news was followed by general buying in the London market. Although China operators held aloof, the Indian Bazaars, America and
speculators furnished a strong demand which, with sellers naturally inclined
to hold back, forced quotations from 189-168. for both deliveries on
the 21st inst..to 19 1
116d. for cash and 19 A d. for two months on the
228 inst. Business was done at prices well over the official quotations
in the afternoon but there was a reaction on the following day, prices
losing Ad. owing to buyers hesitating.
Seeing that the purchases by the United States Government are restricted to silver produced in that country, a rise in prices in the world
markets does not appear justified. A large amount of silver has been
acquired speculatively in the hope of some action being taken for its advancement and, because of this and the poor offtake, stocks have undoubtedly accumulated to a considerable extent. There being no lack
of silver, therefore, the effect of the withdrawal from the market of 24,000.000 ounces has no doubt been discounted already.
The following were the United Kingdom imports and exports of silver
,
registered from mid-day on the 18th inst. to mid-day on the 23d inst.:
Exports.
Imports.
Soviet Union (Russia)
Germany
Belgium
Australia
Irish Free State
Other countries
£44,548
17,637
10,880
12.694
7,000
862
Denmark
£2,650
Sweden
1,470
Germany
1,603
1,499
France
Syria
6.145
Persia
7,603
United States of America_ -- 21,000
Other countries
2.130
£93,621
Quotations during the week:
IN LONDON
£44.100
IN NEW YORK.
Bar Silver per Ounce Standard.
Cash Del. 2 Mos. Del
(Per Ounce 0.999 Fine.)
Dec. 21
Dec. 20
18 9-168. 189-16d.
43)4c.
Dec. 22
433ic.
191-168. 1934d. • Dec. 21
Dec. 23
Dec. 22
18 13-16d, 18%d.
44)4c.
Dec. 27
43c.
4 uc.
1834d.
18 13-1.6d. Dec. 23
Av.for above
Doc. 26
four days__18.797d.
18.844d.
The highest rate of exchange on New York recorded during the period
from the 21st inst. to the 27th inst. was $5.1554 and the lowest $5.07)4.
No fresh Indian currency returns have come to hand.
The stocks in Shanghai on the 23d inst. consisted of about 155,800,000
ounces in sycee, 320.000.000 dollars and 11.220 silver bars, compared
With about 156,500.000 ounces in sycee, 315,000,000 dollars and 9.880
silver bars on the 16th inst.
-PER CABLE.
ENGLISH FINANCIAL MARKET
securities, &c., at London,
The daily closing quotations for
as reported by cable, have been as follows the past week:
Mon.,
Sat.,
Jan, 6.
Jan. 8.
Silver, per oz__ 19%d.
11)4d.
Gold, p. tine oz. 126s.11d. 1268.8d.
Consols. 2H%
74A
74A
British 3%%W. L
101%
101%
British 4%196090112%
French Rentes
(in Paris)3% fr.
65.90
66.80
French War L'n
(in Paris)5%
1920 amort
103.50
104.00
Wed.,
Tues..
Jan. 10.
Jan, 9.
19 1-168. 193'5d.
1268.8%d. 1278.18.
Thurs.,
Fri.,
Jan. 11. Jan. 12,
19 3-16d. 19 5-168.
1278.1 d. I27s.2d.
7515-16
7654
75
73%
101%
101%
101%
101,i
112%
112%
112%
11234
66.80
65.70
65.50
65.50
103.60
103.80
103.90
104.00
The price of silver in New York on the same days has been:
Silver in N. Y.,
per oz. (Cu.)
44
285
Financial Chronicle
Volume 138
4334
4334
4334
44
3
44%
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:
Jan. 6 Jan. 8 Jan. 9 Jan. 10 Jan. 11 Jan. 12
1934.
1934.
1934.
1934.
1934. 1934.
Francs. Francs. Francs, Francs. Francs. Francs.
Bank of France
11,100 11,300
11,260 11,200 10,900 11,100
Banque de Paris et Pays Sas
1,465
1,460
1,470
1,480
1,500
1,500
Banque d'Union Parisienne
274
228
270
233
245
256
Canadian Pacific
240
242
248
258
262
Canal de Suez
20,100 19,935 19,800 19,840 19,850
Cie Distr d'Electricitle
2,525
2,510
2,530
2,540 2,535
1- 970
,
Cie Generale d'Electricitie
1,965
1,960
1,960
1,960 1,970
Cie Generale Transatlantique --------------38
Citroen B
508
.
1
506
-LH,
1,510
Comptoir Nationale d'Escompte 1,008
1,010
1,010
1,010 1,010
177
170
170
170
160
170
Coty Inc
Courrieres
302
302
300
302
305
____
Credit Commercial de France
735
731
735
733
740
4,590
4:650
4,590
4,590
4,600
4,650
Credit Foncier de France
2,090
2,060
2,090
2,090
2,090
Credit Lyonnais
2,080
2,510 2,520
Distribution d'Electricitie la Par 2,520
2,530
2.510
2,530
2,730
2,730
2,720 2,760
Eaux Lyonnais
2,720 2,710
Energie Electrique du Nord_
712
710
712
710
705
912
908
910
Energie Electrique du Littoral
915
913
40
41
38
38
39
--ai
French Line
89
89
Galeries Lafayette
88
88
87
88
1,010
Gas le Bon
1,010
1,020
1,020
1.010
1,010
617
610
Kuhlmann
610
620
630
620
741
730
730
740
750
740
L'Alr Liquide
883
895
891
885
889
Lyon (P L M)
300
300
300
300
"iio
Mines do Courrieres
310
390
390
400
400
410
410
Mines des Lens
1,263
1,250
1,240
1,240
1,260
Nord Ry
1,260
843
839
838
835
838
Orleans Ry
850
850
840
840
840
"gio
Paris, France
61
61
55
61
62
Paths Capital
1,110
1,090
1,100
1,100 1,110
1,lio
Pechiney
65.80
66.80
66.80 65.70
Rentes 3%
65.50
65.50
103.75 103.50 103.60 103.80 103.90 104.00
Rentes 5% 1920
73.40
74.50 75.10
75.20 74.80
74.60
Rentes 4% 1917
83.50 83.30
83.50
83.60
83.30 83.10
Rentes 434% 1932 A
1,810
1.820
1,810 1,810
1,820
1,810
Royal Dutch
1,329
1,338
1,335
1,359
1,380
Saint Gobain C & C
1,560
1,550 1,555
1,562
1,560
Schneider & Cie
500
500
520
-Eio
500
500
Societe Andre Citroen
61
61
60
60
60
60
Societe Francaise Ford
106
105
105
105
104
105
Societe Generale Fenders
2,760 2,715
2,750
2,730 2,720
---Societe Lyonnais°
528
528
528
527
527
Societe Marseillalse
19,800 19,900 19,700 19,800 19,800 19;iiiii
Suez
162
151
161
167
153
Tubize Artificial Silk pret
-kit
790
800
790
790
790
Union d'ElectricItie
160
160
160
160
160
160
Union des Mines
95
95
95
98
96
Wagon-Lits
----
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Jan.
6.
167
Reichsbank (12%)
88
Berliner Handels-Gesellschaft (5%)
46
Commerz-und Privat Bank A G
Deutsche Bank und Disconto-Gesellschaft_ 55
59
Dresdner Bank
Deutsche Reichsbahn (Ger Rys) pref(7%)._110
Allgemeine Elektrizitaets-Gesell (A E G)_ 28
123
Berliner Kraft u Licht(10%)
115
Dessauer Gas (7%)
91
Gesfuerel(5%)
110
Hamburg Elektr-Werke (8%)
150
Siemens & flalske(7%)
128
I G Farbenindustrie (7%)
153
Salzdetfurth (734%)
199
Rheinische Braunkohle (12%)
105
Deutsches Erdoel(4%)
63
Mannesmann Roehren
32
Hapag
34
Norddeutscher Lloyd
Jan.
8.
166
88
46
56
60
110
28
123
116
90
109
148
127
152
197
105
63
32
33
Jan. Jan. Jan.
10.
11.
9.
Per Cent of Par
164
165
163
88
88
88
48
49
47
58
57
58
60
60
60
110
110
110
27
28
28
120
121
121
114
114
114
90
89
90
108
107
107
148
147
149
127
126
127
152_
19a
151
199
105
104 -la
61
61
62
28
31
28
36
29
33
Jan.
12.
167
88
50
58
61
110
26
121
113
89
107
147
125
_ii5
103
61
27
29
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of
Jan. 12 1934:
Bid
Hungarian defaulted coups 100
Hungarian Ital Lik 73.4s,'32 /73
22
81
Jugoslavia Is, 1956
pieces
/48
25 Koholyt 634e, 1943
Antioquia 8%, 1946
122
__ Land M 13k, Warsaw 8s,'41 I62
AustrianDefaultedCoupons 195
19 Leipzig Oland Pr. 6345,'46 f58
Bank of Colombia, 7%,'47 115
19 Leipzig Trade Fair 7s, 1953 /3712
Bank of Colombia, 7%,'48 115
Bavaria 63421 to 1945
/4812 50 Luneberg Power, Light &
/6112
•
Water 7%, 1948
Bavarian Palatinate Cons.
39 Mannheim A: Paint 7s, 1941 /52
/36
Cit. 7% to 1945
/45
20 Munich 7s to 1945
Bogota (Colombia)634.'47 118
Mimic Bk,Hessen,78 to 45 /37
9
Bolivia 6%,1940
I6
20 Municipal Gas & Elec Corp
Buenos Aires scrip
/10
Recklinghausen, 78. 1947 1411s
Brandenburg Elec. 6s, 1953 f5012 5212
'38 /52
Brazil funding 5%,'31-51 37
38 Nassau Landbank 6
British Hungarian Bank
Natl. Bank Panama 612%
f40
7%s,1962
152
54
1946-9
Brown Coal Ind. Corp.
Nat Central Savings Bk of
As. 1953
/63
65
Hungary 7345, 1962- /54
Cali (Colombia) 7%, 1947 /141
16 National Hungarian & Ind.
/49
Callao (Peru) 734%, 1944
Mtge.7%,1948
612
31 2
Ceara (Brazil) 8%, 1947
7 Oberpfalz Elec.7%,1946_ _ /42:2
- 13
Columbia scrip
15 Oldenburg-Free State 7%
.I 7
/37
Costa Rica funding 5%.'51 /39
4012
to 1945
Costa Rica scrip
f21.
/39
4012 Porto Alegre 7%. 1968___
City Savings Bank, BudaProtestant Church (Get/40
pest. 78, 1953
1411
431,,
many), 75, 1946
Dortmund Mun Util 68,'48 f44
46 Prov Bk Westphalia 60,'33 /56
Duisberg 7% to 1945
/34
38 Prov Bk Westphalia 6s,'36 156
Duesseldorf 7s to 1945_ /36
39 Rhine Westph Elec 7%,'36 /62
East Prussian Pr. 65, 1953_ /51
.53 Rio de Janeiro 6%, 1933__ 121
European Mortgage & InRom Oath Church 61, ,
0 '46 158
vestment 734s, 1966__
(47
49 R C Church Welfare 7s,'46 /41
French Govt. 53is, 1937
145
155 Saarbruecken M Bk 6s,'47 /74
French Nat. Mail SS.6s,'52 135
140 Salvador 7%, 1957
11912
Frankfurt 7s to 1945
(37
40 Santa Catharina (Brazil),
German Atl Cable 7s, 1945 /5012 5212
8%, 1947
120
German Building & Land9
Santander(Colom)78, 1948
bank 634%, 1948
52 Sao Paulo (Brazil) 65, 1943 11912
150
German defaulted coupons_ 173
75 Saxon Pub. Works 5%.'32 /
35
Haiti 6% 1953
_ Saxon State Mtge. 68, 1947 161
65
Hamb-Am Line 834s to '40 175
80 Stein Halske deb 6s. 2930 1260
Hanover Harz Water Wk8.
Stettin Pub Util 78, 1946_ (48
/3712 3912 Tucuman City 7s, 195L
6%. 1957
/1912
Housing & Real Imp 78.'46 141
45 Tucuman Prov. 78, 1950_ 135
Hungarian Cent Mut 76.37 136
38 Vest,en Elec Ry 78. 1947__ ./39
Hungarian Discount & ExWurtemberg 7s to 1945._ ./46
change Bank 7s, 1963
/32
34
Bid
/37
Anhalt 75 to 1946
Argentine 5%, 1945. $100
Flat prim,
Ask
41
,4a
-_
26
50
64
62
---6412
55
47
39
4412
55
42
WI;
41
22
42
_--1
63 2
24
62
43
- ,
202
21
10
2012
63
280
50
2012
39
41
48
286
Financial Chronicle
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for December
1933 and 1932, and the six months of the fiscal years 19331934 and 1932-1933:
General Funds.
—Month of December—
Receipts—
1933.
1932.
Internal revenue:
s
$
Income tax
133.330,200 140,747,314
Miscell. internal revenue....112,255,966 73,067,671
Processing tax on farm prod. 46,171,455
Customs
24,993,652 19,929,211
Miscellaneous receipts:
Proceeds of Govt.
-owned sec.
Principal—foreign ()Mtg.__
214,580 31,567,200
Interest—foreign oblig
8.680,543 67,118,711
All other
1,314,597
810.233
Panama Canal tolls, dm— 2,045,624
2,353,525
Other miscellaneous
6.397,824
3,386,922
To•al receipts
July 1 to Dee. 31-1933.
1932.
325,352,235
742,000,881
133,328,989
175,081,235
343,235,471
387,566,930
394,175
19.869,636
37,570,160
11,336,355
23,986,275
31,567,200
67,118,710
10,306,398
10,362,337
35,076.447
137,652,347
332,393,539 341,991,689 1,468,897,941 1,022,885,840
Expenditures—
General:
Departmental (note 1)
20,849,114
Public bldg. construction &
sites, Treas. Dept. (note 1) 6,144.704188,162,110
River & harbor work (note 1) 5,681,033
National defense (note 1)
37,502,172
Veterans' Admin.(note 1) 38,157,484
Adjusted-service ctf. fund_
Agricultural Adjustment Administration (note 1)
19,058.219
Farm Credit Administration (note 1)
012,338,136
Agricultural marketing fund
(note 2)
0504,650
Distribution of wheat and_.
cotton for relief
4,907,938
Refunds of receipts:
Customs
1,384,980
1,299,729
Internal revenue
3,709,742
5,300,646
Postal deficiency
Panama Canal
618,682
421,830
Subscription to stock of
Federal land banks
Civil Service retirement fund
(Government share)
Foreign Service retirement
fund (Government share)Dist. of Col.(Govt.share)Interest on the public debt_ .106,873,049 97,531,044
Public debt retirements:
Sinking fund
22,100,000 418,764,000
Purchases and retirements
from foreign repayments
30,977.000
Received from foreign governments under debt
settlements
357,850
2,909,050
Estate taxes, forfeitures,
gifts, dm
Jan. 13 1934
Note 4.—Total expenditures and excess of expenditures for the fiscal year 1933
Include expenditures made by the Reconstruction Finance Corporation, whereas
In last year's daily Treasury statements Reconstruction Finance Corporation expenditures appeared on p. 3.
Note 5.—The classification of receipts and expenditures on account of contributed
funds prior to the fiscal year 1934 Is not available. Such receipts and expenditures
were classified as special funds and are included in the receipts and general expenditures under general and special funds for the fiscal year 1933.
Preliminary Debt Statement of the United States
Dec. 31 1933.
The preliminary statement of the public debt of the United
States Dec. 31 1933, as made upon the basis of the daily
Treasury statement, is as follows:
Bonds
2% Consols 01 1930
2% Panama Canal Loan of 19113-311
2% Panama Canal Loan 01 1918-38
3% Panama Canal Loan of 1901
3% Conversion bonds of 1946-47
24% Postal Savings bonds (6th to 45th series)
$599,724,050.00
48,954,180.00
25,947.400.00
49,800,000.00
28.894,500.00
68,633.500.00
$821,953,630.00
First Liberty Loan 01 1032-47:
34% bonds
$1,392,227,350.00
4% bonds (converted)._
5,002,450.00
434% bonds (converted)
535,982,100.00
$1,933.211.900.00
172,975,977
48,623,176 1,178,804,278
44,713,509
229.109,021
260.595,403
50,000,000 100,000,000
163,860,674
39,018,154
07,183,600
44% Fourth Liberty Loan of 1933-38 (called
and uncalled)
Treasury bonds:
4)4% bonds of 1947-52
4% bonds of 1944-54
34% bonds of 1946-56
34% bonds of 1943-47
34% bonds of 1940-43
34% bonds of 1941-43
34% bonds of 1946-49
3% bonds 01 1951-55
34% bonds of 1941
44-334% bonds of 1943-45
5.389,852.450.00
$758,983,300.00
1,036,834,500.00
489,087,100.00
454,135,200.00
352,993,950.00
544,915,050.00
819,097,000.00
755,488,350.00
834,474,100.00
1,398,095,650.00
7,444,102,200.00
9.293,439
8,075,090
27,603,975
12,002,999
3,687,718
5,987,407
33,938,572
45,078,598
5,100,998
0191,000
0100,880
20,850,000
20,850,000
292,700
5,700,000
353,479,468
416,000
7,775,000
329,554,881
27,287.000
Total bonds
Treasury Notes
3% Series A-1934, maturing May 2 1934
24% Series 11-1934, maturing Aug. 1 1034
3% Series A-1935, maturing June 15 1935._
114% Series B-1935, maturing Aug. 1 1935 .._
34% Series A-1930, maturing Aug. 1 1938
24% Series 11-1930, maturing Dec. 15 1930_ _
214% Series C-1936, maturing April 15 1930._
% Series A-1937, maturing Sept. 15 1937
3% Series 11-1937, maturing April 15 1937
24% Series A-1938, maturing Feb. 1 1938...
24% Series 8-1938. maturing June 15 1938_
418,784,000
30,977,000
357,850
2,909,650
3,500
7.000
7,303,064,350.00
$15,569,120,180.00
$244,234,000.00
345,292,600.00
416,602,800.00
353,865,000.00
365,138,000.00
360,533,200.00
560,419,200.01)
830,901,500.00
504,778,900.00
277.518,000.00
620,861.800.00
$4,880,144,200.00
4% Civil Service Retirement Fund, Series
1934 to 1938
4% Foreign Service Retirement Fund, Series
1934 to 1938
4% Canal Zone Retirement Fund, Series 1938
to 1938
240,000,000.00
2,445,000.00
2,221,000.00
5,124,810,200.00
Total
249,902,041 749,966.749 1,466,045,214 2,182,172,343
Emergency (note 3):
Federal Emergency Administration of Public Works:
Civil Works Administrat'n. 86,002.411
Loans and grants to States,
municipalities,,tc
44,495,830
Public highways
19,846,467
River and harbor work
8,143,719
Boulder Canyon project_ __ 1,892,808
All other
10,565,277
Administration for Industrial Recovery
585.207
Agricultural Adjustment Administration
10,823,514
Farm Credit Administration
Administrationof Emergency
Conservation Work
32,575,289
Reconstruction Finance Corporation
243,583,738 76,459,545
Tennessee Valley Authority.
644,105
Federal land banks (subscriptions to paid-in surplus. ke.)
2,794,248
Federal Savings and Loan
Associations (subscriptions
to preferred shares)
5,500
Federal Deposit Insurance
Corporation (subscriptions
to stock)
1,040,406
Total
4% Adjusted Service Certificate Fund Series,
maturing Jan. 1 1934
2,427,647
152,335,156
477,133,622
5,500
1,405,584
477,133,622
Excess of receipts
Excess of expendltures(note 4)380,507,021 484,434.605 1.152,972,590 1,630,420,124
Summary.
Excess of expenditures
380,507.021 484.434,605 1,152,972,596 1,638,420,124
Less public debt retirements 22,457,850 452,650,650
27,648.350 452,657,650
Excess of expenditures (excl.
public debt retirements).— 358,049.171 31.783,955 1,125,324,248 1,183,762,474
Trust and contributed funds,
excess of recipts (—) or
expenditures(+)
+2,803,073 +2,736,510 —14,149,473 —2.762,943
Total excess of expenditures300.852,244 34,520,465 1,111.174,773 1,180,999,531
Increase (+) or decrease (—)
in general fund balance...-81.177,280 —34977,509 +163,943,402 +137,554,817
Excess of receipts or credits._
Excess of expenditures
—457,644 +1275118 175 +1318554 348
74,913,702
80,704,229
73,061,972
70.299,029
14,149,473
2,808,073
0,703,075
12,439,685
2,702,943
2.736,510
a Excess of credits (deduct).
Note 1.—Additional expenditures on these accounts for this month and the fiscal
year 1934 are included under emergency expenditures, the cla.ssification of which
will be shown In the statement of classified receipts and expenditures appearing on
p. 4 of the daily Treasury statement for the 15th of each month.
Note 2.—On and after May 27 1933 repayments of loans made from Agricultural
Marketing Fund—Federal Farm Board, and interest thereon, are reflected as credits
in the expenditures of the Farm Credit Administration.
Note 3.—Emergency expenditures for the fiscal year 1933 (except Reconstruction
Finance Corporation) are included In general expenditures, the classification of
which emergency expenditures is not available for comparison with emergency expenditures for the fiscal year 1934. Therefore neither the totals of general expenditures nor the totals of emergency expenditures for the two fiscal years are comparable.
Treasury Bills (Maturity Value)—
Series maturing Jan. 3 1934
Series maturing Jan. 10 1934
Series maturing Jan. 17 1934
Series maturing Jan. 24 1934
Series maturing Jan. 31 1934
Serifs maturing Feb. 7 1934
Series maturing Feb. 14 1934
Series maturing Feb. 21 1934
Series maturing Feb. 28 1934
Series maturing Mar. 7 1934
Series maturing Mar. 21 1934
Series maturing Mar. 28 1934
$100,050,000.00
75,020,000.00
75,623,000.00
80,034,000.00
80,180,0130.00
75.335.000.00
75,295,000.00
60,083,000.00
100,027,000.00
100,050,000.00
100,263,000.00
100,890,000.00
1,002,730,000.00
18,688,778
Total expenditures (note 4)._ 712.900,580 826,426,294 2,621,870,537 2,659,305,985
Trust and Contributed
Funds.(Note 5.)
Receipts
9,382,807
Expenditures
12,185,880
126,100.000.00
1.753,601,000.00
39,523,733
40,000,000
462,998,519 78,459,545 1,155,825,323
Increase (+) or decrease (—)
in the public debt
+279,674.901
$460,099,000.00
174,905,500.00
9.12,490.500.00
$1,627,501,000.00
86,369,707
48,098,097
119,076,514
15,467,858
7,537,549
25,869,812
597,606,188
1,413.200
Certificatee of Indebtedness
34% Series TM-1934, maturing March 151034
4% Series TJ-1934. maturing June 15 1934._
% Series TD-1934, maturing Dec. 15 1934_
Total interest-bearing debt outstanding
Matured Dad on Which Interest has Ceased—
Old debt matured—issued prior to April 1 1917
4% and 4 yi% Second Liberty Loan bonds of
1927-12
44% Third Liberty Loan bonds of 1028
34% Victory Notes of 1922-23
44% Victory Notes of 1922-23
Treasury notes, at various interest rates
Ctfs. of Indebtedness. at various Int. rates—
Treasury bills
Treasury Savings Certificates
323,450,261.380.00
1,504,820.26
2,244,150.00
3,6113,050.00
11,150.00
887,350.00
2.802,850.00
42,688,600.00
10,492,000.00
508,175.00
04.753,145.20
Debt Bearing No Interest—
United States notes
Less gold reserve
$340,681,016.00
156,039,088.03
$190,641,927.97
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency_ _
Thrift and Treasury savings stamps. unclassified sales, Sze
102,772,113.00
2,038,657.08
3,323,512.24
298,770,210.29
$23,813,790,735.55
Total gross debt
COMPARATIVE PUBLIC DEBT STATEMENT.
the basis of daily Treasury statements.)
(On
Aug. 31 1919
When 1Var Debt
Dec. 31 1932
March 31 1917
a Year Ago.
Pre-War Debi. Was At Its Peak.
8
1,282,044,346.28 26,596,701,648.01 20,805,556,791.76
Gross debt
74,216,460.05 1,118.109,634.70
Net balance in general fund_
554,751,994.75
Gross debt less net bal.
1,207,827.888.23 25.478,592,113.25 20,250,804.797.01
in general fund
Not. 30 1933
Sept. 30 1933
Last Month.
Dec. 311033
Last Quarter.
23,050.754,654.51 23,634,115,771.52 2 ,813,790,735.55
3
Gross debt
Net balance in general fund_ 1.145,554,763.41 1,107,325,902.46 1,026,148,622.86
Gross debt less net bal.
21,905,199,791.10 22,428,789,869.06 22,787,642,112.69
in general fund
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Dec. 29 1933 are sot out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of Dec. 29 1933.
•
Financial Chronicle
Volume 138
AssetsGold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
.
806,391.118.04.Gold ctfs. outstanding..i,159,182,439.00
2,395,349,839.81 Gold fund, Fed. Reserve
Board (Act of Dec. 23.
1913, as amended
June 21 1917)
1,767,949,565.79
Gold reserve
156.039,088.03
Gold in general fund
118,569,865.03
287
Exports from-
Wheat.
New York
Norfolk
Newport News
New Orleans
Montreal, Halifax_
.
St. John, West
Corn.
Flour.
Oats.
Rye.
Barrels. Bushels. Bushels. Bushels.
2,173
1,000
1,000
3,000
1,000
24.000
5.000
.54,000
22,000
1,000
285,000
192,000
Total
3,201,740,957.851 Total
3,201,740,957.85
Note.
-Reserve against $346.681,016 o U. S. notes and 81,195.224 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
in the Treasury.
SILVER DOLLARS.
AssetsLiabilities
Sliver dollars
506,634,847.00 Silver aft. outstanding_ 494,234,744.00
Treasury notes of 1890
outstanding
1,195,224.00
Silver dolls. In gen.fund 11,204,879.00
Total
506,834,847.00
Total
506,634,847.00
Total week 1934._
Same week 103:1
GENERAL FUND.
Assets
Gold (see above)
118,569,885.031 Treasurer's checks outSilver dollars (see above) 11.204,879.00
standing
708,850.16
United States notes.
3,524,666.00 Depos. of Gov't officers:
Federal Reserve notes
17,110,685.00
Post Office Dept
5,622,980.98
Fed.Res. bank notes_
1,919.197.00
Board of trustees,
National bank notes.... 19,587,388.00
Postal Savings SysSubsidiary sliver coin.
10,212,773.48
temMinor coin
4,866,439.03
5% reserve, lawSilver bullion
36,474,353.33
ful money
59,311,471.48
Unclassified
Other deposits.__ 51,899,335.38
Collections, &c
Postmasters, clerks of
24,538,058.41
Deposits in:
courts, disbursing
Federal Reserve banks 104,372,400.46
officers. drc
125,620,907.27
Special depositaries
Deposits for:
acct. sales of Treas.
Redemption of Fedbonds, Treas. notes,
eral Reserve notes
and ctfs. of indebt.1,006,825,000.00
(5% fund, gold)
44,739,516.73
Nat. and other bank
Redemption of Fed.
depositaries:
Res. bank notes(5%
To credit of Treasfund,lawful money) 13,081,500.00
urer U. 5
7,145,171.24
Redemption of Nat.
To credit of other
bank notes (5%
Govt. officers... 24,063,320.00
fund,lawful money) 38,827,225.56
Foreign depositaries:
Retirement of addl
To credit of Treascirculating notes.
urer U. S
1,501,459.27
Act of May 30 1908
1,350.00
To credit of other
Uncollected items, exGovt. officers.__
1,238,500.24
28,291,782.88
changes, dee
Philippine treasury:
To credit of Treas368,104,900.22
urer U.8
1,119,367.61 Net balance
1,026,148,622.86
Barrels. Barrels.
Bushels.
Bushels,
Bushels.
United Kingdom_ 86,798 1,573,015
457,000 28,486,000
Continent
1,375
431.498
385.000 37,448.000
So.dr Cent. Amer_
2,000
30,000
2.000
345,000
West Indies
14,000
462,000
31,000
Brit. No. Am.Col. 1,000
23,000
1,000
Other countries
144,269
595,000
Total
.1,394,253,523.08
Total
1 394,253,523.08
Note.
-The amount to the credit of disbursing officers and agencies to-day
WM
8798,881.273.28.
Under the Acts of July 14 1890, and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding National bank and Federal Reserve bank notes are
Paid into the Treasury as miscellaneous receipts, and these obligations are made.
under the Acts mentioned, a part of the public debt. The amount of such obligations
to-day was 5102.772,113.
$1,865,610 in Federal Reserve notes. $1,919,197 in Federal
bank notes,
and $19,379,622 in National bank notes are in the Treasury in Reserve redemption
process of
and are charges against the deposits for the respective
5% redemption funds and
retirement funds.
CommercialandMiscelIaneousBews
Breadstuffs Figures Brought from Page 349.
-Al
the statements below, regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at- I
Flour. I
Wheat. I
Corn.
I
Oats.
I
Rye.
Barley.
bbls.1961bshush.60 lbs.bush. 56 Ws:bush.32 ibs.bush.blitbs.bush.48lbs.
Chicago
138,000
7,
,111
298,
4,000 416
2 0,000
5.000
Minneapolis_
133,000
198,000
105.111
44,
Duluth
11,111
162,0001
227,000
2,000
Milwaukee
13,0001
11,00
46.11'
83,000
215,000
Toledo
40,0001
33.0001
24,000
Detroit
21,000
12,000
14,000
4 0001
8,000
Indianapolis_
76,0001
273,000
112,111
St. Louis__
107,00
154,000
185,
2,000
Peoria
45,000
18,
373,000
92''
3 ,11:
2
8.0001
37,000
Kansas City
13,000
54,111
374,000
271,000
Omaha
128,000
173,000
8,000
St. Joseph
21,000
134,000
17,000
Wichita
80,000
75,000
4,
Sioux City.
20,000
3,0001
Total wk.1934
Same wk.1933
Same wk.1932
316,000
324,000
399,00
1,277,000
2.353,00
3,286,000
2,335,000
2,187,000
2,199,000
689,000
620,00
959,
Since Aug.11933
7.608.000i'47.708,000 109,052,000 42,951,
1932
8,786,000 209,911,000 100,954,000 51,302,
1931
10,437,000196,318,000 62,324.000 38.946.
63,000
173,000
69,000
937,000
533,030
364,000
7.462,00028,238,000
6,325,000 24.019.000
3.979.00320.573,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Jan. 6, 1934 follow:
Wheat. I
oats.
Barley.
Eye.
Corn
' I
bbls.1961bs,
lbush.80 lb,. bush,56 lbs. bush. 32 lb, bush.5elbs.bush.481bs.
'
New York _ _ _
94,000
511,
1
10 1:.
Philadelphia..
18,000
56,000
-- ,5Eill
8
.
15,0
4.III
Baltimore....._
8,000
50,000
'II
1,I I
10,000
Newp't News
1,000
Norfolk
1,0001
New Orleans'
24.093
12,000
63,000
24,000
St. John West
54,0001
192,00
22,000
Boston
11,000
1,000
66,
2,000
Halifax
24,0001
265,000
1,000
5,III
Reeding at
-I Flour. I
Totl wk. 1934
Since Jan.1'34
235,000
235,0001
1,152,0001
1,152,000
83,
83,000
57,III
57,00
8,00
8.
22,000
22,000
Week 1933...
Since Jan.1 33
200,000,
805,000
40,000
19,
2,000
200.0001
865.000
40,000
71,"1
70
19,000
2.000
• 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, Jan. 6 1934, are shown in the annexed
statement:
Barley.
Bushels. Bushels.
386,000
844,000
1 809 INWI
1,000
2500(1
85,173
45O(1.
.5,000
11000
22,000
1700(1
The destination of these exports for the week and since
July 1 1933 is as below:
Flour.
Exports for Week
and Since
July 1 to-
Total 1934
Total 1933
Week
Jan. 8
1934.
Since
July 1
1933.
Wheat.
Week
Jan. 6
1934.
Since
July 1
1933.
85,173 2,663,782
844,000 68,905,000
45.905 2.071.827 1.599.000 106.417.000
Corn.
Week
Jan. 6
1934.
Since
July 1
1933.
Bushels.
256,000
13,000
1,000
29,000
1,000
8,000
1,000
308,000
26.000 3.591.000
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
Dec. 30
-First National Bank in Orangeburg, Orangeburg, S. C__ $100,000
Capital stock consists of $50.000 common stock and
350,000 preferred stock.
President, Robert 'Ade; Cashier, W. L. Glover.
Primary organization.
-The First National Bank in Luling, Luling, Tex
Dec. 30
75,000
President, H. M. Ainsworth; Cashier, D. B. Cochran.
Will succeed the Lipscomb Bank & Trust Co. of
Luling, Tex.
Dec. 30
-The Mansfield Savings Trust National Bank, Mansfield, Ohio
600,000
President, C. F. Ackerman; Cashier, R. L. Gibson.
Conversion of the Mansfield Savings Bank dr Trust
Co., Mansfield, Ohio.
Jan. 1-The Manitowoc National Bank, Manitowoc, Wis..- 100.000
President. Daniel C. Bleser; Cashier, George Gibbs.
Will succeed the State Bank of Manitowoc, Manitowoc,
Wis.
Jan. 2
-First National Bank in St. Clairsville, St. Clairsville, 0_ 100,000
President, John Pollock; Cashier, Isaac T. Newlin.
Will succeed No. 315, the First National Bank of St.
Clairsville. Ohio.
Jan. 2
-Coshocton National Bank, Coshocton, Ohio
125,000
Capital stock consists of $50.000 common stock and
$75,000 preferred stock.
President, T. L. Montgomery; Cashier, Wilbur L.
Grandle.
Will succeed No. 5103, the Coshocton National Bank,
Coshocton, Ohio.
-The Citizens National Bank in Independence, IndeJan. 3
pendence, Kan
200.000
Capital stock consists of $100,000 common stock and
5100.000 preferred stock.
President, Ernest Sewell; Cashier, H. C. Bergman Jr.
Will succeed No. 4592, First National Bank in Independence, Kan.
-San Jacinto National Bank of Houston, Houston,Tex
Jan. 3
650.000
Capital stock consists of $300.000 common stock and
$350,000 preferred stock.
President, A. R. Cline; Cashier, R. V. Moise.
Will succeed San Jacinto Trust Co., Houston, Tex,
Jan. 4
-The Capital National Bank in Austin. Austin, Tex_ _ - - 200.000
Capital stock consists of $100.000 common stock and
3100,000 preferred stock.
President, Eldred McKinnon.
Will succeed Republic Bank & Trust Co. of Austin, Tex.
-The First National Bank in Fleetwood. Fleetwood. Pa_ Jan. 4
50,000
President, Augustus P. Merkel; Cashier, A. K. Leibelsperger.
Will succeed No.8939,the First National Bank & Trust
Co. of Fleetwood, Pa.
Jan, 4
-The Greeley National Bank, Greeley, Colo
150,000
Capital stock consists of $75,000 common stock and
$75,000 preferred stock.
President, T. C. Phillips; Cashier, W. H. Barber.
Will succeed No. 4437, the Greeley Union National
Bank, Greeley, Colo.
VOLUNTARY LIQUIDATIONS.
Dec. 30
-The First National Bank of Meriden. Meriden, Conn
200,000
Effective close of business Dec. 28 1933. Liquidating
agent, Kenneth I. Wilson, care of Hartford-Connecticut Trust Co.. Hartford, Conn.
Absorbed by the Hartford-Connecticut Trust Co.,
Hartford, Conn.
Dec. 30
-The First National Bank of Middletown, Middletown,
Conn
200,000
Effective close of business, Dec. 29 1933. Liquidating
agent, Kenneth I. Wilson. care of Hartford-Connecticut Trust Co., Hartford, Conn.
Absorbed by the Hartford-Connecticut Trust Co.,
Hartford, Conn.
Dec. 30
-The First National Bank of Stafford Springs, Stafford
Springs, Conn
50,000
Effective close of business Dec. 27 1933. Liquidating
agent, Kenneth I. Wilson, care of Hartford-Connecticut Trust Co.. Hartford. Conn.
Absorbed by the Hartford-Connecticut Trust Co.,
Hartford, Conn.
Dec. 30
-The Citizens National Bank of Cedar Vale, Cedar Vale,
Kan
50.000
Effective Dec. 29 9133. Liquidating agent, A. N.
Shaver. Cedar Vale, Kan.
Liquidating bank not absorbed or succeeded by any
other association.
Jan. 2
-The First National Bank of May. May, Tex
25.000
Effective Dec. 31 1933. Liquidating agent, E. A.
Robason, May, Tex.
Liquidating bank will not be absorbed or succeeded by
any other association.
Jan. 3
-The Kinsman National Bank, Kinsman, Ohio
50,000
Effective Dec. 29 1933. Liquidating agent, C. A.
Hobart, Kinsman, Ohio.
Succeeded by the First National Bank of Kinsman,
No. 13836.
Jan.
Jan.
Jan.
Jan.
Ian. 13 1934
Financial Chronicle
288
30.000
3—The Citizens National Bank of Daingerfield, Tex
Effective Dec. 27 1933. Liquidating committee:
W.T. Connor, J. W. Pate, D. J. Jenkins, and J. B.
Irvin, care of the liquidating bank.
Absorbed by the National Bank of Daingerfield, Tex.,
Charter No.4701.
25,000
3—The Farmers National Bank of Texhoma, Okla
Effective Dec. 2 1933. Liquidating agent, J F. Cunningham, Texhoma, Okla.
Liquidating bank not absorbed or succeeded by any
other banking association.
4—The National Exchange Bank & Trust Co. of New
1,000,000
York, N. Y
Effective Dec. 30 1933. Liquidating committee:
Milton Dammann, William It. Miller, and Henry R.
Lathrop, care of the liquidating bank.
Liquidating bank not absorbed or succeeded by any
other banking association.
5—The First National Bank of Marlinton, Marlinton,
50.000
W. Va
Effective Dec.30 1933. Liquidating committee: J. A.
McLaughlin. J. A. Sydenstricker, and A. 0. Baxter.
care of the liquidating bank.
Succeeded by "First National Bank in Marlinton."
W. Va., Charter No. 13783.
CONSOLIDATIONS.
350,000
Dec. 30—The Lawndale National Bank of Chicago, Chicago,I1L
500,000
Lawndale State Bank, Chicago. Ill
Consolidated under the provisions of the Act of Nov. 7
1918, as amended Feb. 25 1927 and June 16 1933.
under the charter and title of"The Lawndale National
Bank of Chicago," No. 10247, with capital stock of
$600,000, consisting of $250,000 common stock and
$350.000 preferred stock.
Jan. 2—The North Western National Bank of Minneapolis,
5,000,000
Minn
The Minnesota Loan & Trust Co., Minneapolis, Minn.-1,000,000
Consolidated under the provisions of the Act of Nov 7
1918, as amended Feb. 25 1927 and June 16 1933,
under the charter of the North Western National
Bank of Minneapolis, No. 2006, and under the corporate title of "Northwestern National Bank & Trust
Co.of Minneapolis," with capital stock of$5,000,000.
BRANCHES AUTHORIZED.
Dec. 30—The Mansfield Savings Trust National Bank, Mansfield, Ohio.
Location of branch: Village of Lexington, Richland County,
Ohio. Certificate No. 956A.
4—First & Second National Bank & Trust Co. of Oswego, Oswego.
Jan.
N.Y.
Location of branch: No. 28 East Bridge St., Oswego, N. Y.
Certificate No. 957A.
CORRECTION IN WEEKLY BULLETIN NO.2123 OF DEC.26 1933.
Address of branch authorized by Certificate No. 941A should have been
given as "244 Weybosset St., Providence, R. I.," instead of "248 Weybasset St., Providence, R. I.," and the correct address of the branch
authorized by Certificate No.944A should have been given as "216 Main
St., Pawtucket, R.I.," instead of"215 Main St., Pawtucket, R.I."
Auction Sales.—Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Per Cent.
Bonds.
50,000 R.M. Imperial Govt. Russia. 434% State Loan 1905 issued in virtue
$42 lot
of Imperial Ukase, Dec. 15 1904. Coupon 1918 on
100,000 R.M. Imperial Govt. Russia, 4% State Loan 1902 issued for the
to Russia in virtue of the Imperial
realization of China's Contribution
$70 lot
Ukase., Mar.1 1902
By R. L. Day & Co., Boston:
$ per Sh.
Shares. Stocks.
30
7 Berkshire Fine Spinning Associates pref., par $100
43 Ex-Div.
2Naumkeag Steam Cotton Co., par E100
234
10 Eastern Mfg. Co. prof.
550
20 Eastern Mfg. Co. common
250
1,500 Royalty Finance Corp.. par $4
405
Athenaeum, par $.3311
1 Boston
11
10 United Elastic Corp
134
50Hathaway Bakeries,Inc.,class B
Per Cent.
Bonds.
$5,000 City of Boston 434s, 1945 coupon; 31,000 Fitchburg & Leominster St.
9874 dv int
Ry. Co.55, Feb. 1931 CU Dep stamped
1234 flat
$10,000 Wiggin Terminals, Inc., 1st mtge. Is, Sept. 1945
Federal National Bank of Boston for $50 of which
Proof of claim on the
$5
three dividends have been paid
Proof of claim on the Federal National Bank of Boston for $102.15 of which
$10
three dividends have been paid
By Barnes & Lofland, Philadelphia:
$ per Sh.
Shares. Stoats
2434
-Penn National Bank, par $10
100 Central
4
634
National Bank, par $20
8 Philadelphia
_ -- 266
10 Fidelity-Philadelphia Trust Co., par $100
334
35Integrity Trust Co., par $10
24
75 Pennsylvania Co.for Insurances on Lives and Granting Annuities,Par. 10
30
100 The Stead & Miller Co
1434
Insurance Association, par.$5
100 Camden Fire
205
10 United New Jersey RR.& Canal Co., par $100
Per Cent.
Bonds.
10334
$1,000 Public Service Corp.of New Jersey,6%,perpetual annuity
22
$1,000 Darby, Media dr Chester St. Hy. Co., 43.4%, 1st mtge. Due 1936
By A. J. Wright & Co., Buffalo:
$ per Share.
10
Shares. Stocks.
4 Buftalo Wills Sainte Claire, common
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are
Name of Company
Railroads (Steam).
Alabama Great Southern, pref
Albany at Susquehanna (special)
Louis. dr Missouri River. 7% gtd. pref.
Northern RR.of N.H.(guar.)
United New Jersey RR.& Canal(guar.)_
Virginian pref.(guar.)
When
Per
Share. Payable.
3%
$1%
$3%
$1%
$2%
$1%
Books Closed
Days Inclusive.
Feb. 27 Holders of rec. Jan. 22
Jan. 30 Holders of rec. Jan. 15
Feb. 1 Holders of rec. Jan. 19
Jan. 31 Holders of rec. Jan. 5
Apr, 10 Holders of rec. Mar.20
Feb. 1 Holders of rec. Jan. 20
Per
When
Share. Payable
Name of Company
Public Utilities.
Alabama Power Co.,$5 pref.(guar.)_
Atlantic City Eke., pref.(guar.)
Bangor Hydro-Elec. Co., corn.(guar.)._
Calgary Power Co., Ltd.,6% prei (qu.)
Cent. Arizona Lt.dc Pow.Co.$7 pf.(qu.)
$6 preferred (guar.)
Central Illinois Securities Corp. pref._ _
Central Maine Pow.Co.,7% pref.(qu.)
Columbia Gas& Elec. Corp.,corn.(qu.)
6% preferred, series A (guar.)
5% preferred (guar.)
Consolidated Traction _
Concord Gas, 7% preferred (guar.)._
Elec.Pow.Assoc., Inc.el. A & com.(qu.)
Fitchburg Gas & Electric Light (guar.)
Guilford-Chester Water (s.
-a.)
Honolulu Gas Co., Ltd. (mo.)
Houston Lt. & Pow., 7% pref. (quar.,,.
$6 preferred (guar.)
Illinois Northern Utilities Co.
6% preferred (guar.)
7% Prior cum. pref. (guar.)
International Utilities Corp.
37 prior preferred (guar.)
$334 Prior pret.series 1931 (quar.)_
Kittanning Telep. Co.(guar.)
Lawrence Gas & Elec.(guar.)
Lincoln Tel. & Tel. Co.,6% pt. A (gm)
5% Special preferred (guar.)
Los Angeles Gas Sz Elec. Corp., pf.(qu.)_
Lowell Elec. Light(quar.)
Malone Lighting & Pow. Co., pref. (qu.)
Milwaukee Elec. R. Light Co.
.&
6% preferred (guar.)
New Engl. Wat., Lt.& Pow. p1.(qu.)
SeriesA
Series B
Extra
North Boston Lighting Properties
Preferred (guar.)
Northern N.Y.Utilities,7% 1st pl.(qr.)
Peoples Telep.(guar.)
Philadelphia Elec. Co. (quar.)
Pub. Serv. of Northern Illinois.—
No div.action taken on corn,or p1.stk.
Rockland Light & Pow. Co.(quar.)_....
Common stock trust eds. (quar.)._.
Southern Claif. Edison Co., Ltd., com
Springfield Gas Light (guar.)
Texas Pow. & Light. 7% pref. (quar.)
$6 preferred (guar.)
Union Traction Co.(Pa.)
Utilities Stock & Bond Corp. v. t. oFire Insurance Companies.
City of New York Ins. Co
Franklin Fire Insurance Co.(quar.)
Horne Ins. Co.(guar.)
Ins. Co. of State of Penna.(s.
-a.)
National Liberty Ins. Co.of Amer
Southern Fire Ins. Co
Standard Fire Ins. ol N. J. (guar.)
United Ins. Trust Shares, ser. F reg.Series F bearer
-
Books Closed
Days Inclusive.
$1% Feb. 1 Holders of roe. Jan. 15
$1% Feb. 1 Holders of rec. Jan. 9
37%c Feb. 1 Holders of rec. Jan. 10
$1% Feb. 1 Holders of reo. Jan. 15
$1% Feb. 1 Holders of rec. Jan. 15
$1% Feb. 1 Holders of reo. Jan. 15
150 Feb. 1 Holders of roe. Jan. 20
$144 Jan. 1 Holders of rec. Deo. 30
312.540 Feb. 15 Holders of rec. Jan. 20
El% Feb. 15 Holders of rec. Jan. 20
$1% Feb. 15 Holders of roe. Jan. 20
$2 Jan. 15 Holders of reo. Jan. 9
$144 Feb. 15 Holders of reo. Jan. 31
100 Feb. 1 Holders of rec. Jan. 15
680 Jan. 15 Holders of rec. Jan. 4
80o Jan. 15 Holders of rem Jan. 4
150 Jan. 20 Holders of rec. Jan. 12
$1% Feb. 1 Holders of rec. Jan. 15
$144 Feb. 1 Holders of rec. Jan. 15
El% Feb. 1 Holders of rec. Jan. 15
$1% Feb. 1 Holders of reo. Jan. 15
8734c
43%c
50c
900
$1%
$1%
$144
90c
$1%
El%
$1 34
750
150
150
El
75e
El%
5134
450
Feb. 1 Holders of ree. Jan.
Feb. 1 Holders of rec. Jan.
Jan. 10 Holders of roe. Jan.
Jan. 13 Holders of rec. Jan.
Feb. 10 Holders of rec. Jan.
Feb. 10 Holders of rec. Jan.
Feb. 15 Holders of rec. Jan.
Jan, 13 Holders of rec. Jan.
Feb. 1 Holders of rec. Jan.
Jan. 31 Holders of rec. Jan. 20
Feb. 1 Holders of rec. Jan. 20
Feb. 1 Holders of rec. Jan. 20
Feb. 1 Holders of rec. Jan. 20
Feb. 1 Holders of reo. Jan. 20
Jan. 15 Holders of reo. Jan. 6
Jan. 15 Holders of reo. Jan. 6
Feb. 1 Holders of rec. Jan. 10
Jan. 15 Holders of rec. Dec. 31
Feb. 1 Holders of reo. Jan. 15
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
370 Jan.
40e Feb.
20c
200
2%
50c
$1%
$5
25c
25c
$2%
lee
100
37%o
8c
80
Miscellaneous.
150
Administered Fund, Inc
25c
Adams Mills Co., corn.(guar.)
$134
Preferred (guar.)
5o
Affiliated Products, Inc. corn.(mo.)$1 34
Allegheny Steel Co., pref.(guar.)
Allan's Beverages, 7% pref. (quar.)_. $134
2e
AmericanBankstock (guar.)
50o
American dr Continental
$1
_
American Coal Co. of Allegany Co
250
Amer. Cyanamid Co.,Cl. A dr B
750
(spec.)_Amrian
Investors,Inc.,$3 prof.(Qum-)
2o
America's Leaders (guar.)
20e
Amer. Machine & Fdy. Co., corn.(qu.)
So
American Securities Shares (St. Louls)
American Smelting dr Refining, Orel- - 142%
lc
Amparo Mining Co
500
Apponaug Co., corn.(quar.)
El%
Archer-Daniels-Midland Co., pf. (qu.)_
7.14
Asbestos Mfg. Co., corn
$2
Atlantic Sate Deposits (N. Y.)(quar.)-El%
Atlas Powder Co., pref. (guar.)
87%o
Auto Finance, prof. (s
-a)
200
Badger Paint dr Hardward Stores
2
Extra
250
(guar.)
Preferred
250
Best & Co., corn. (guar.)
$1%
Birtman Elec. Co.. prof.(guar.)
6e
Brookmire Investors (guar.)
h40c
Burkhardt Mfg., prat
$20
Cabot (Godfrey
400
Calamba Sugar Estates, corn. (guar.).
350
7% preferred (guar.)
$144
Calaveras Cement,7% prof.(quar.)._
$1%
Campe634% pref.(guar.)
50c
Canadian Dredge dr Dock Co., core
El%
Preferred (guar.)
15e
Capital Management Corp. (quar.)
15o
Central Ill. Securities, prof
10e
Central Tube
50c
Chicago Daily News
500
City Ice & Fuel Co., corn.(guar.)
$144
Preferred (guar.)
250
Cluett,Peabody dr Co.,corn.(quar.)._..
35c
Cleveland Graphite Bronze Co.(quar.)-1734e
Colonial Finance (R. I.). 7% prof
7340
Commercial Investments, Inc
Consolidated Chem.Indus., A pref.(au.) 37%o
Corp.. prior, pref. (guar.) $1%
Consol. Cigar
$1%
Preferred (guar.)
$2
Consol.011 Corp.,8% prof.(auar.)
Sc
Consolidated Royalty 011(Qum.)
62540
Continental Can Co., Inc.(guar.)
$1%
Continental Gin, 6% pref. (asst.)
$134
Coon(W.B.) Co..7% pref.(guar.)
30
Cresson Consul. Gold Min. dc Mill.(qu.)
258.3d.
Daggatonteln Mines,ordinary
De liaviland Aircraft, Am dep tea ordreg 17.800
la.6d.
Distillers Co., Ltd., corn.(interim)
500
-a.)
Duplan Silk Corp., corn. (s.
250
Eastern Bond dr Share,ser. B (quar.)...
Ely dr Walker Dry Gds.7% 1st PI.(8. ) $355
-a.
$3
6% 2nd preferred (8.-a.)
2%
Empire Capital Corp.. class A (guar.)100
Employees Groups Association
Sc
Equity Fund
Federal Knitting Mills Co., corn.(guar.) 62)4e
$4
-a.).
Folio (John J.) & Co., Inc., corn.(s.
$1%
Preferred (guar.)
$1
General Cigar Co., Inc., corn.(quar.)__.
Preferred (guar.)
$134
Preferred (guar.)
$134
Preferred (guar.)
31%
Preferred (guar.)
$2
Hannibal Bridge Co.(guar.)
20a
20a
3
6
31
31
31
6
10
1 Holders of reo. Jan.
1 Holders of roe. Jan.
15 Holders of rec. Jan.
15 Holders of rec. Jan.
1 Holders of reo. Jan.
1 Holders of rec. Jan.
8 Holders of rec. Jan.
1 Holders of rec. Jan.
15
15
20
34
13
13
5
24
Feb. 1 Holders of roe Jan. 15
Feb. 1 Holders of rec. Jan. 20
Feb. 1 Holders of rec. Jan. 15
Jan. 10 Hold ra of reo. Jan. 8
Feb. 10 Holders of reo. Feb. 1
Mar. 1 Hold rs of reo. Feb. 15
Jan, 23 Holders of reo. Jan. 11
Feb. 1 Holders of roe. Dee. 31
Feb. 1
Jan. 15 Holders of rec. Jan. 9
Feb. 1 Holders of rec. Jan. 19
Feb. 1 Holders of reo. Jan. 19
Feb. 1 Holders of rec. Jan. 17
Mar. 1 Holders of rec. Feb. 15
Jan. 31 Holders of roe. Jan. 15
Jan. 15 Holders of reo. Jan. 11
Jan. 27 Holders of reo. Jan. 15
Feb. 2 Holders of rec. Jan. 13
Feb. 1 Holders of rec. Jan. 19
Feb. 15 holders of roe. Jan. 31
Jan. 15 Holders of reo. Jan. 5
Feb. 1 Holders of roe. Jan. 20
Jan. 16 Holders of rec. Jan. 15
Mar. 1 Holders of rec. Feb. 2
Jan, 25 Holders of reo. Jan. 15
Jan. 30 Holders of reo. Jan. 15
Feb. 1 Holders of rec. Jan. 20
Fob. 1 Holders of rec. Jan. 15
Jan. 15 Holders of reo. Jan. 10
Feb. 1 Holders ol rec. Jan. 19.
Jan. 28 Holders of roe. Jan. 13
Jan. 10 Holders of rec. Jan. 8
Jan. 10 Holders of reo. Jan. 8
Jan. 10 Holders of me.Jan. 8
Feb. 15 Holders of reo. Jan. 25
Feb. 1 Holders of tee. Jan. 15
Jan. 15 Holders of roe. Jan. 8
Jan, 9 Holders of rec. Jan. 3
Jan. 31 Holders of rec. Jan. 20
Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders m rec. Mar. 15
Jan. 15 Holders of rec. Jan.
Feb. 1 Holders of rec. Jan. 15
Feb. 1 Holders of rec. Jan. 17
Feb. 1 Holders of rec. Jan. 17
Feb. I Holders of ree. Jan. 19
Feb. 1 Holders of reo. Jan. 20
Jan. 20 Holders of rec. Jan. 10
Jan. 15 Holders of reo. Jan. 11
Mar. 31 Holders of ree. Mar. 15
Mar. 1 Holders of reo. Feb. 15
Feb. 1 Holders of rec. Jan. 20
Jan. 4 Holders of rec. Jan. 2
Jan. 10 Holders of rec. Jan. 5
Jan. 15 Holders of rec. Jan. 3
Feb. 1 Holders of reo. Jan. 15
Feb. 1 Holders of reo. Jan. 15a
Mar. 1 Holders of rec. Feb. 15a
Feb. 15 Holders of rec. Feb. 1
Jan. 25 Holders of rec. Jan. 15
Feb. 15 Holders of rec. Jan. 15a
Jan. 19 Holders of rec. Jan. 4
Feb. 1 Holders of rec. Jan. 13
Feb. 15 Holders of rec. Jan. 31
Feb. 15 Holders of reo. Dec. 30
Jan. 11 Holders of rec. Dec. 14
Feb. 15 Holders of roe. Feb. 1
Feb. 1 Holders of rec. Jan. 5
Jan. 15 Holders of rec. Jan. 4
Jan. 15 Holders of rec. Jan. 4
Feb. 28 Holders of rye. Feb. 20
Jan. 31 Holders of rec. Jan. 17
Feb. 15 HOlders ot reo. Feb. 1
Feb. 1 Holders of roe. Jan. 15
Jan. 15 Holders of rec. Jan. 10
Jan. 15 Holders of rec. Jan. 10
Feb. 1 Holders of roe. Jan. 15
Mar. 1 Holders of rec. Feb. 20
June 1 Holders of rec. May 23
Sept. 1 Holden of rec. Aug. 23
Dee. 1 Holders of reo. Nov.22
Jan. 20 Holders of reo. Jan. 10
Financial Chronicle
Volume 138
Name of Company.
Books Closed.
Days Inclusive.
1Vhcn
Per
Share. Payable.
Holders of rec. Mar. 21
Holders of rec. July 21
Holders of rec. Sept. 21
Holders of rec. Dec. '21
Holders oi rec. Jan. 3
Holders of rec. Jan. 5
Holders of rec. Jan. 12
Holders of rec. Jan. 4
Holders of rec. Dec. 30
Holders of rec. Jan. 15
Holders of rec. Jan. 10
Holders of rec. Jan. 20
[folders of rec. Jan. 18
Holders or rec. Jan. 22
Holders of rec. Jan. I
Holders of rec. Feb. 10
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Miscellaneous (Concluded).
Harbauer,7% pref.(quar.)
$11 )
7% preferred (guar.)
$1% )
7% preferred (quar.)
$1% (
7% preferred (guar.)
51% .1
Hart& Cooley Co., Inc
$1.125
Hawaiian Sugar (guar.)
60e J
Hollinger Consol. Gold Mines (mo.)
1% .
Holly Development (guar.)
lc J
Honolulu Plantation (mo.)
25c j
Hoskins Mfg. Co. (special)
25c .
Hutchins Investment. pref.(guar.)
75c j
Internat. Cigar Mach. Co., corn. (qu.)
3754c 1
Internat. Printing Ink Corp., pt.(qu.)
$154 1
Interstate Dept. Stores, pref.(guar.)
5135 )
Investors Corp. of Phila
50c
Iron Fireman Mfg. Co., corn.(quar.)
20e
Common (guar.)
20e
Common (guar.)
20e
Common (guar.)
20e
Julian k Kokenge Co
50c
Kalamazoo Stove Co.(guar.)
25e 1
Extra
25e 1
Keystone Custodian Funds, ser. B
28.44c
Kelvinator of Canada, 7% pref. (quar.)_
$1%
King Royalty,8% pref.(guar.)
52
Preferred (guar.)
$2
Kress (8.11.) & Co.. corn.(quar.)____
25e
Preferred (special)
15e
Kroger Grocery & Baking, corn.(guar.).
250
L.rne Bryant, Inc., 7% pref.(quar.)__-- 134%
Lawbeck Corp., pref. (guar.)
5135
Lazarus (F.& R.) 654% pref.(guar.)
$135
Link Belt Co., coin.(guar.)
10e
Preferred (guar.)
El%
Loew's, Inc., pref.(attar.)
5135
Lucky Tiger Com'tion Gold Mining (qu.)
3e
Magnin (I.)& Co., corn
100
Preferred (guar.)
$154
Preferred (guar.)
$154
Preferred (guar.)
$134
Preferred (guar.)
$154
Maytag Co., 1st pref
715114
McCall Corp.(guar.)
50c
Metal & Thermit Corp., corn.(guar.)
$1
Midwest 011 Co.. $1 par (guar.)
3c
$10 par (quarterly)
30c
Preferred (quarterly)
Sc
Mtge. Corp.of Nova Scotia (guar.)
5135
Modine Mfg. Co., corn.(quar.)__
15c
Morris Plan Ins.Soo.(guar.)
$1
Quarterly
$1
Quarterly
$1
Quarterly
51
Nash Motors Co., corn. (guar.)
25c
National Carbon,8% pref. (guar.)
$2
National Oil Products. $7 pref.(guar.) _ _
$1%
National Pacific Mtge., prof.(quar.)
15c
National Steel Corp., corn.(guar.)
25c
National Sugar Refining Co.(annual)
$2
Newberry (J. J.) Co.,7% prof.(quar.)
$135
New York & Honduras Rosario Mining—
Regular
25e
Extra
75c
N. Y. Merchandise Co., corn.(quar.)
25c
Preferred (guar.)
$134
,
Northern Securities Co
3%
Norwalk Tire dr Rubber Co., pl.(qui - - - 87140
Noyes(Chas. F.) Co., pref.(guar.)
450
Oahu Ry.& Land (monthly)
15c
Oahu Sugar Co., Ltd.(monthly)
10c
Monthly
10c
Oceanic Oil
2e
Onomea Sugar (monthly)
20e
Outlet Co., corn. (guar.)
50e
1st preferred (guar.)
$135
2nd preferred (guar.)
$154
Package Mach., pref. (guar.)
5135
Pacific Commercial Co., corn.(s.
-a.) _ _
50e
Penney (J. C.) Co.. corn.(extra)
$1
Peoples Collateral Corp.,8% prof.(s.
-a.)
$2
7% preferred (s.-a.)
$135
Pepeekeo Sugar (monthly)
20e
Phoenix Finance, pref. (guar.)
50e
Preferred (guar.)
50e
Preferred (guar.)
50e
Preferred (guar.)
50c
Pioneer Mill Ltd.(monthly)
500
Procter & Gamble Co., corn. (quar.)
3714c
Pullman,Inc.(guar.)
75e
Quarterly Income Shares (guar.)
3c
Reed (C. A.) series A (guar.)
50c
Republic Supply (guar.)
25e
Quarterly
25c
Quarterly
25c
Quarterly
25e
Riverside Cem. Co., el. A $114 cum. par _ 473Ce
36 cum. let preferred (guar.)
$134
St. Lawrence Flour Mills, corn. (quar.)_ 3754c
Preferred (guar.)
El%
Savannah Sugar Ref. Co., corn. (guar.) 5135
Preferred (guar.)
5135
Sayers & Scoville (quar.)_
Si
6% preferred (guar.)
31%
Selected Management Tr. Sims
5.2e
Shareholders Corp
10c
Sharp & Dohme, $354 pref. A
8755c
$354 preferred A
h25c
Sheatter (W. A.) Pen, $8 pref. (guar.)._
$2
Smith (E. L.) 011
500
Smith Agricultural Chemical (guar.)._ 1254c
6% preferred (quar.)
$134
Spicer Mtg. Corp., pref.(guar.)
75c
Transamerica Corp
1234e
Union 011 of Calif.(guar.)
25c
$134
United Biscuit Co. of Amer., pref. (qu.)_
United Investors Shares,ser. A.cog
lc
Series C
1.56e
United States & Foreign Securities
1st preferred (guar.)
$I%
Vortex Cup Co., class A (guar.)
62350
Class A (guar.)
6254c
200
Walluku Sugar (monthly)
$1
Western Auto Supply, corn. A&B (extra)
West Springs. Ltd., ord. cog
Is. 3d.
$4
Wichita Union Stkyds, 8% pref. (5.-a.).
Woolworth (F. NV.) & Co., coin.(guar.).
60e
IVoolworth(F.W.)& Co.,Ltd. corn .(final) 25. 6d.
Holders of rec. Jan. 10
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Feb. 5
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Holders of rec. Jan. 19
Holders of rec. Jan. 19
Holders of rec. Feb. 9
Holders of rec. Jan. 15
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Feb. 15
Holders of rec. Mar. 15
Holders of rec. Jan. 31
Holders of rec. Jan. 10
Holders of rec. Jan. 10
Holders of rec. Feb. 5
Holders of rec. May .5
Holders of roe. Aug. 5
Holders of rec. Nov. 5
Holders of rec. Jan. 15
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Jan. 2
Holders of rec. Jan. 2
Holders of rec. Jan. 2
Holders of rec. Jan. 24
Holders of rec. Jan. '20
Holders of rec. Feb. 28
Holders of rec. May 26
Holders of rec. Aug. 25
Holders of rec. Nov. 26
Holders of rec. Jan. 20
Holders of rec. Jan. 19
Holders of rec. Jan. 10
Holders of rec. Jan. 5
Holders of rec. Jan. 20
Holders of rec. Feb. 16
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Ilolders of rec. Jan. 22
Holders of rec. Jan. 22
Holders of rec. Jan. 15
Holders of rec. Mar. 22
Holders of rec. Jan. 11
Holders of rec. Feb. 6
Holders of rec. Mar. 6
Holders of rec. Jan. 7
Holders of rec. Jan. 10
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Jan. 20
Holders of rec. Jan. 30
Holders of rec. Jan. 10
Holders of rec. Jan. 20
Holders of rec. Jan. 5
Holders of rec. Jan. 5
Holders of rec. Jan. 10
Holders of rec. Apr. 1
Holders of rec. July I
1 Holders of rec. Oct. I
Holders of rec. 1 I '35
Holders of rec. Jan. 22
Holders of rec. Jan. 25
Holders of rec. Jan. 24
Holders of rec. Jan. 15
Holders of rec. Jan. 20
i Holders of rec. Jan. 2
i Holders of rec. Apr. 2
i Holders of roe. July 2
i Holders of rec. Oct. 2
Holders of rec. Jan. 15
Holders of rec. Jan. 15
Holders of rec. Jan. 20
i Holders of rec. Jan. 20
i Holders of rec. Jan. 15
i Holders of rec. Jan. 15
Holders of rec. Jan. 6
'Holders of rec. Jan. 6
'Holders of rec. Dec. 30
'Holders of rec. Jan. 5
i Holders of rec. Jan. 22
i Holders of rec. Jan. 22
Holders of rec. Dec. 31
'Holders of roe. Jan. 20
l Holders of rec. Jan. 22
l Holders of rec. Jan. 22
'Holders of rec. Jan. 13
I Holders ot rec. Jan. 16
I Holders of rec. Jan. 18
I Holders of roe. Jan. 15
Holders of rec. Dec. 30
I Holders of rec. Dec. 30
I Holders of
2 Holders of
2 Holders of
D Holders of
1 Holders of
5 Holders of
6 Holders of
1 Holders of
_
rec. Jan. 22
rec. Mar. 15
rec. June 15
rec. Jan. 15
rec. Jan. 19
rec. Dec. 30
rec. Jan. 10
rec. Feb. 9
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in tho preceding table.
Name o/ Company
Railroads (Steam).
Ateh.Top.& Santa Fe.5% pref
Atlanta & Charlotte Air Line (s.-a.)
When
Per
Share. Payable.
Books Closed
Days Indus ire.
53.30 Feb. 1 Holders of rec. Dec. 29
$44 Mar. 1 Holders of rec. Feb. 20
Name of Company
Railroads (Steam).
Canada Southern (s.
-a.)
Carolina, Clinch. & Ohio (guar.)
Stamped certificates (guar.)
Cleve. Cin ., Chic.& St. Louis,5%(qu.).
Semi-annual
Conn. & Passumpsic River, peel. (5.-a.)
East Penn., 6% gtd. (s.-a.)
Georgia RR.& Banking (guar.)
Mahoning Coal, corn.(guar.)
Michigan Central
Norfolk & Western, adj. pref. (quar.)
North Central (s.-a.)
Pittsburgh Cinn. Chicago & St. Louis_ _
Pittsburgh & Lake Erie (5.-a.)
Heading Co., common (guar.)
289
When
Per
Share. Payable.
$114
$1
$1%.
$135
55
$3
3154
$2%
*635
$25
SI
$2
$254
$1
25e
Books Closed
Days Inclusive.
Feb. 1 Holders of rec. Dec. 29
Jan. 15 Holders of rec. Jan. 10
Jan. 15 Holders of rec. Jan. 10
Jan. 31 Holders of rec. Jan. 20
Jan. 31 Holders of rec. Jan. 20
Feb. I Holders of rec. Jan. 1
Jan. 16 Holders of rec. Jan. 6
Jan. 15 Holders of rec. Dec. 30
Feb. 1 Holders of rec. Jan. 19
Jan. 31 Holders of rec. Jan. 20
Feb. 19 Holders of rec. Jan. 31
Jan. 15 Holders of rec. Dec. 31
Jan. 20 Holders of rec. Jan. 10
Feb. 1 Holders of rec. Dec. 29
Feb. 8 Holders of rec. Jan. 11
Public Utilities.
Amer Cities Pow. & Lt., cl. A conv.(qu.) el-32 Feb. 1 Holders of rec. Jan. 11
American District Telegraph of N. J.—
Common (guar.)
81 Jan. 15 Holders of rec. Dec. 15
Preferred (guar.)
El% Jan. 15 Holders of rec. Dec. 15
Amer. Gas & Elec.. pref.(guar.)
$154 Feb. 1 Holders of rec. Jan. 10
Amer. Light & Trac. Co., corn.(quar.)
40e Feb. 1 Holders of rec. Jan. 130
Preferred (guar.)
15,4% Feb. 1 Holders of roe. Jan. 13a
American Tel. Sr Tel. (quar.)
5235 Jan. 15 Holders of rec. Dec. 15
Amer. Water Works & El. Co. of Del.—
Common (guar.)
250 Feb. 1 Holders of rec. Jan. 5
Bell Telephone of Canada (guar.)
r$154 Jan. 15 Holders of rec. Dec. 22
BellTelep. of Pa.,654% pref.(quar.)
il% Jan. 15 Holders of rec. Dec. 20
British Columbia Pow.,class A (guar.).r37c Jan. 15 Holders of rec. Dec. 30
British Columbia 'relep..6% 25 pf.(qu.) SI% Feb. 1 Holders of rec. Jan. 15
Brooklyn-Manhattan Transit Corp.—
Preferred (guar.)
5134 Jan. 15 Holders of rec. Dec. 30
Buffalo Niagara & Eastern Pow.Corp.
El% Feb. 1 Holders of rec. Jan. 15
55 1st preferred (guar.)
Calif. Oregon Pow. Co..7% pf.(quar.) h8754c Jan. 15 Holders of rec. Dec. 30
6% preferred (guar.)
h75e Jan. 15 Holders of rec. Dec. 30
6% preferred cap. stock. (guar.)
h75c Jan. 15 Holders of rec. Dec. 30
Canada Northern Pow., corn. (quar.)
200 Jan. 25 Holders of rec. Dec. 30
Extra
100 Jan. 25 Holders of rec. Dec. 30
Preferred (guar.)
5135 Jan. 15 Holders of roe. Dec. 30
Canadian Light & Pow. Co. (s.-a.)
50e Jan. 15 Holders of rec. Dec. 31
Central Hudson Gas & Electric (quar.)_
20c Feb. 1 Holders of rec. Dec. 30
Central Kan Pow.,7% pref.(quar.)
5135 Jan. 15 Holders of rec Dec. 31
5134 Jan. 15 Holders of rec Dec. 31
8% Preferred (guar.)
Chesapeake & Potomac Telep. Co.,
Preferred (quar.)
$I% Jan. 15 Holders of rec. Dec. 30
Cinn., Newport & Coy. Lt.& Tr.(qu.)
$154 Jan. 15 Holders of rec. Dec. 29
$1.125 Jan. 15 Holders of rec. Dec. 29
$455 preferred (guar.)
Citizens Wat. (Pa.) 7% pref. (quar.)
5135 Jan. 25 Holders of rec. Dec. 30
Cleve. Elec. Ilium.,6% pref. (quar.)....
El% Mar. Id Holders of rec. Feb. 15
Clinton Water Wks.. 7% prof. (guar.)._
$1.34 Jan. 15 Holders of rec. Jan. 2
Columbus Ky., Pr.& Lt., pref. B (qu.)_ $1.62 Feb. 1 Holders of rec. Jan. 15
Commonwealth Edison Co
$1 Feb. I Holders of rec. Jan. 15
Commonw'th Telep.(Wisc.) pf.(qu.)..... 813.5 Jan. 15 Holders of rec. Dec. 31
Consolidated Gas
75e Mar. 15 Holders of rec. Feb. 2
Consolidated Gas of N.Y..5% Pf. (011.).. 5131 Feb. 1 Holders of rec. Dec. 29
Consolidated Traction of N. J
$2 Jan. 15 Holders of rec. Dee. 30
Dayton Pow.& Lt.Co.,6% pf.(mo.)_
50e Feb. 1 Holders of rec. Jan. 20
Detroit Edison Co.(quar.)
31 Jan, 15 Holders of rec. Jan. 2
Diamond State Tel..6%% pf.(guar.)_ .... $1 35 Jan. 15 Holders of rec. Dec. 20
Duquesne Light Co.. 5% 1st pref.(qu.). $135 Jan. 15 Holders of roe. Dec. 30
Eastern Township Telephone
18e Apr. 15 Holders of rec. Dec. 31
Edison Elec. Ilium. Co.of Boston (qu.).. $255 Feb. 1 Holders of rec. Jan. 10
El Paso Elec.(Del.), 7% pf. A (quar.)
5135 Jan. 15 Holders of rec. Jan. 5
$6 preferred B (quar.)
$154 Jan. 15 Holders of rec. Jan. 5
6% preferred (guar.)
El% Jan. 15 Holders of rec. Jan. 5
Electric Bond & Share Co.,56 pf.(qu.)
514 Feb. 1 Holders of rec. Jan. 8
5135 Feb. 1 Holders of rec. Jan. 8
$5 preferred (guar.)
Escanaba Pow. & Tree.6% pref.(qu.)
14% Feb. 1 Holders of rec. J8.11. 27
Harrisburg Gas, peel.(guar.)
5135 Jan. 15 Holders of rec. Dec. 30
Hawaiian Electric (monthly)
15e Jan. 20 Holders of rec. Jan. 15
Illinois Commercial Telep. $6 pt.(qu.)
814 Jan. 15 Holders of rec. Dec. 31
International Hydro-Elec. System-.87540 Jan. 15 Holders of rec. Dec. 26
$344 cony. pref. (guar.)
Joplin Water Works.6% prof. (quar.)...... $135 Jan. 15 Holders 01 rec. Jan. 2
Kentucky Utilities Co.,6% Prof• (qu.)
$154 Jan. 15 Holders of rec. Dec. 26
Lexington Telep., 634% pref. (quar.) . sisi Jan. 15 Holders of rec. Dec. 31
Lone Star Gas Corp..655% prof.(quar.) $1.63 Feb. 1 Holders of rec. Jan. 15
Louisville Gas & Elec. Co.(Ky.)7% preferred (alum)
135% Jan. 15 Holders of rec. Dec. 30
6% preferred (guar.)
134% Jan. 15 Holders of rec. Dec. 30
5% preferred (guar.)
135% Jan. 15 Holders of rec. Dec. 30
Massachusetts Lighting Cos.
8% preferred (quite.)'
$2 Jan. 15 Holders of rec. Dec. 30
6% preferred (guar.)
$154 Jan. 15 Holders of rec. Dec. 30
Massachusetts Utilities Assoc., pref.(qu) 6254e Jan. 15 Holders of rec. Dec. 30
Mongahela Valley Water.7% Df.(au.)- - $14 Jan. 15 Holders of rec. Jan. 2
Montana Power Co.. $6 pref.(quar.)
5134 Feb. 1 Holders of rec. Jan. 12
Montreal Light, Heat & Power Consol.—
Common (quar.)
r38c Jan. 31 Holders of rec. Dec. 30
Montreal Teleg. Co., corn. (guar.)
:80c Jan. 15 Holders of rec. Dec. 30
Montreal Tramways Co., corn.(quar.)
$254 Jan. 15 Holders of rec. Jan. 6
Mountain States Tel. & Tel.(quar.)
52 Jan. 15 Holders of rec. Dec. 30
National Pow. & Lt., $6 pref. (quar.)
5154 Feb. I Holders of rec. Jan. 10
Nevada California Electric Corp., pref.
$1 Feb. I Holders of rec. Dec. 300
New Bedford Gas & Edison Lt. (guar.).75c Jan. 13 Holders of rec. Dec. 28
New Brunswick Telephone Co. (quar.). 1254c Jan. 15 Holders of rec. Dec. 31
New England Power Assoc., corn. (an.)..
50c Jan. 15 Holders oi rec. Dec. 30
New York Telep. Co.. 63.4% pref. (qu.) 51% Jan. 15 Holders of rec. Dec. 20
North American Edison, peel. (quar.)__
5135 Mar. 1 Holders of rec. Feb. 15
North Ind. Public Service, 554% pref.__ 683Cc Jan. 15 Holders of rec. Dee. 30
6% preferred
75e Jan. 15 Holders or rec. Dec. 30
7% preferred
87350 Jan. 15 Holders of rec. Dec. 30
Northern Ontario Power CO.. corn. Car.)..
500. Jan. 25 Holders of rec. Dec. 30
Preferred (quar.)
5134 Jan. 25 Holders of roe. Dee. 30
Northern States Pow. Co. (Del.)
7% preferred (guar.)
135% Jan. 20 Holders of rec. Dec. 3(1
6% preferred (guar.)
154% Jan. 20 Holders of rec. Dec. 30
Ohio Public Serv. Co.,7% pref. (mo.)_ _ 58 1-3e Feb. 1 Holders of rec. Jan. 15
6% preferred (monthly)
50e Feb. 1 Holders of rec Jan. 15
5% preferred (monthly)
41 2-3c Feb. 1 Holders of rec. Jan. 15
Pacific Gas & Elec ,common (guar.)_ _ _ 37540 Jan. 15 Holders of rec. Dec. 302
.
Pacific Lighting Corp.common (quar.)
750 Feb. 15 Holders of rec. Jan. 20
$6 preferred (guar.)
$135 Jan. 15 Holders of rec. Dec. 30
Pacific Tel. & Tel., pref. (guar.)
5134 Jan. 15 Holders of rec. Dec. 30
Peninsular Telep. Co., 7% prof. (guar.). 1 N.% Feb. 15 Holders of rec. Feb. 5
Pennsylvania Power Co.$6.60 pref.(mo.)
55c Feb. 1 Holders of rec. Jan. 2(1
$6.60 preferred (monthly)
55c mar. 1 Holders of rec. Feb. 20
$6 preferred (guar.)
5154 Mar. 1 Holders of rec. Feb. 20
Philadelphia Co., common (guar.)
1754c Jan. 25 Holders of rec. Dec. 30
Philadelphia Elec, Co..$5 pref.(quar.)
5135 Feb. 1 Holders of rec. Jan. 15
Potomac Edison 7% pref. (guar.)
$l% Feb. 1 Holders of rec. Jan. 20
6% preferred (guar.)
$155 Feb. 1 Holders of rec. Jan. 20
Power Co. of Canada. Ltd.
6% cumulative preferred (quar.)
r135% Jan. 15 Holders of rec. Dec. 30
6% non-cumulative preferred (guar.).
r75c Jan. 15 Holders of rec. Dec. 30
Public Service Co. of Colorado
7% preferred (monthly)
58 1-3c Feb. 1 Holders of rec. Jan. 15
6% preferred (monthly)
50c Feb. 1 Holders of rec. Jan. 15
5% preferred (monthly)
41 2-3c Feb. 1 Holders of rec. Jan. 15
Public Service of N. J., 6% prof.(mo )_
50e Jan, 31 Holders of rec. Jan. 2
Public Service Trust Shares, see A reg....
6.80 Jan. 15 Holders of rec. Dec. 30
Rhode Island Public Service A (guar.)._
SI Feb. 1 Holders of rec. Jan. 15
Preferred (guar.)
30e Feb. 1 Holders of rec. Jan. 15
San Diego Con. Gas & El. Co., pt. (au.) 1.14% Jan. 15 Holders of rec. Dee. 31
South Pitts. Water 5% pref.(semi-ann.) 514 Feb. 19 Holders of rec. Feb. 10
7% preferred (guar.)
$13.4 Jan. 15 Holders of rec. Jan. 2
6% preferred (quar.)
$154 Jan..15 Holders of rec. Jan. 2
Financial Chronicle
290
Name Of CoMPant/.
When
Per
Share. Payable.
Books Closed.
Day* Inclusive.
Name of Company.
Jan. 13 1934
When
Per
Share, Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded),
5134 Jan. 14 Holders of rec. Jan. 10
Felin(J.J.),7% pref.(quar.)
514 Feb. 1 Holders of reo. Jan. 16
Fiberboard Products, 6% prof.
Finance Co. of America at Baltimore—
100 Jan. 15 Holders of rec. Jan. 5
Class A & B common (guar.)
4331c Jan. 15 Holders of rec. Jan. 5
7% preferred (qua?.)
7% preferred (guar.)
83-Ic Jan. 15 Holders of rec. Jan. 5
10c Jan 20 Holders of roe. Jan
5
Firestone Tire A (tubber Cu.. coin. (liu.)
Fishman (M. H.) Co. prof. A A It. (quo) 5134 Jun. 15 Holders of rec. Deo. 30
$14 Feb. 1 Holders of rec. Jan. 15
Freeport Texas Co., preferred (quar.)
10o Jan. 25 Holders of rec. Dec. 29
General Electric Co., common (uuar.)
15a Jan, 25 Holders of rec. Dec. 29
Special stock (guar.)
75e Feb. 1 Holders of rec. Jan. 15a
General Mills, Inc.. corn. (quar.)
treneral Motors Corp., prof. ((Mar)-- - 5134 Fen. 1 Holders of rem Jan. 8
514 Feb. 1 Holders of rec. Jan. 15
General Stockyards Corp.. pref. (quar.)
5134 Feb. 1 Holders of roe. Jan. 2
Gillette Safety Razor. 55 prof. (quar.)_
30o Feb. 1 Holders of rec. Jan. 10
field Dust Corp.,Common (guar.)
Gotham Silk Hosiery Co..7% pf.(qu.)-. $1 34 Feb. 1 Holders of rec. Jan. 12
Gottfried Baking Co.. Inc., pref.(qu.).. 134% Apr. 2 Holders of rec. Mar. 20
% July 2 Holders of rec. June 20
Preferred (guar.)
Preferred (guar.)
134% Oct. 1 Holders of rec. Sept. 20
134% Jan2'35 Holders of rec. Dec. 20
Preferred (quar.)
51 Jan. 25 Holders of rec. Jan. 10
Great Lakes Towing Co., 7% pref
50o. Jan, 30 Holders of rec. Jan. 15a
Great Northern Iron Ore Properties
Guarantee Co.of N.A.(Que.)(qua?.).. $14 Jan. 15 Holders of roe. Dec. 31
$24 Jan. 15 Holders of roe. Dec. 31
Extra
Harbison-Walker.Co., pref.(gu.)-- 3134 Jan. 20 Holders of rec. Jan. 10
Refr.
20e. Jan, 15 Holders of rec. Jan. 2
Hartford Connecticut Co.(guar.)
5131 Feb. 15 Holders of rec. Feb. 2
Hercules Powder Co., pref.(guar.)
Bank and Trust Companies.
75c Feb. 15 Holders of reo. Jan. 25
Hershey Chocolate Co., corn.(quar.)...
Feb. 1 Holders of rec. Jan. 22
75c
Corn Exchange Bank Trust (guar.)
31 Feb. 15 Holders of roe. Jan. 25
Cony. preference (quar.)
$1 Feb. 15 Holders of roe. Jan. 25
Extra
Fire Insurance Companies.
31
Jan. 25 Holders of rec. Jan. 20
rec. Jan. 5
Homestake Mining Co. (mo.)
250 Jan. 15 Holders of
American Alliance Ins.(attar.)
31
Jan. 25 Holders of rec. Jan. 20
Extra
$4.21 Apr. 2 Holders of rec. Mar. 20
Boston Insurance Co
25c. Feb. 15 Holders of rec. Jan. 27
Hormel (Geo. A.). coin.(quar.)
250 Jan. 15 Holders of rec. Deo. 30
Excess Ins. Co. of America. corn
400 Feb. 1 Holders of rec. Jan. 12
Horn Si Hardart Co.of N.Y., corn.(qu.)
75e Jan. 15 Holders of rec. Jan. 5
Fireman's Fund Ins. (guar.)
750. Jan. 15 Holders of roe. Doe. 300
Household Finance Cp., corn. A&B (qu.)
25e Jan. 15 Holders of rec. Jan. 5
Great Amer.Insurance Co.(guar.)
$1.05 Jan. 16 Holders of roe. Dec. 30a
Participating preference (guar.)
Holders of rec. Dec. 30
31 Jan. 15
Insurance Co. of North America (s.
-a.).
3e. Feb. 20 Holders of rec. Jan. 20
Howey Gold Mines
25e Jan. 15 Holders of rec. Jan. 5
Rochester Amer.Ins. Co.(guar.)
25e Jan. 30 Holders of rec. Jan. 4
Incorporated Investors (s.
-a.)
Sc Jan. 30 Holders of rec. Jan. 4
Extra
51 Jan. 16 Holders of reo. Jan. 10
Industrial Rayon Corp.(guar.)
Miscellaneous.
70e Jan. 15 Holders of rec. Jan. 9
interullied Investors Corp., A (1. a.).-Holders of reo. Jan. 15
319( Feb. 1
Abraham & Straus. Inc., prof.(quar.).
Jan. 15 Holders of rec. Dee. 20
fnternational Harvester, corn. (guar 750 Jan. 15 Holdres of ree. Dec. 30
AirReduction Co. (quar.)
114 Feb. 1 Holders of rec. Jan. 2
Internat. Nickel Co. of Can.. pref (au.)
15e Feb. 1 Holders of rec. Jan. 13
Alaska Juneau Gold Mingling (quar.)- -500 Jan. 15 Holders of rec. Jan. 5
Philadelphia
Investment Corp. of
150. Feb. 1 Holders of roe. Jan. 13
Extra
38e Jan. 15 Holders of roe. Dec. 30
Investment Foundation. pref.(gnarl - Allied Chem.ez Dye Corp., corn. (guar.) $14 Feb. 1 Holders of rec. Jan. 11
312c Jan. 15 Holders of rec. Dec. 30
Preferred
50c Jan. 31 Holders of rec. Jan. 15
Amerada Corp. (quar.)
75e Jan. 15 Holders of rec. Dec. 30
$1 Feb. 15 Holders of rec. Jan. 25a Jewel Tea Co.. Inc., common (quar.)--American Can Co.. corn. (guar.)
20c Jan. 27 Holders of rec. Jan. 15
20o. Feb. 1 Holders of rec. Jan. 15a Kautman Dept. Stores. coin. (quar.).__
American Home Products (mo.)
1138wc Ian. 15 Holders of rec Dee 22
K elvinator Corp
$14 Jan. 25 Holders of roe. Jan. 5
American Ice Co., pref. (quar.)
$131 Feb. 1 Holders of rec. Jan. 20
Klein (D. Emil) Co pref (quar.)
25e Jan. 15 Holders ot rec. Jan. 5
American News Co.(monthly)
Kroger Grocery & Bak. 2d pref. (guar.). $134 Feb. 1 Holders of tee. Jan. II
50c Feb. 1 Holders of rec. Jan. 15
American Reserve Ins. Co. of N.
25o Jan. 15 holders of roe. Dec. 30
Langendorf United Bakeries. class A...
50c Feb. I Holders of rec. Jan. 15
American Shipbuilding, corn.(guar.) _ _ 6% prof (guar.) $14 Feb. 1 Ifolders of rec. Jan. 20
Lazarus (F & R
h 8% Jan. 30 Holders of rec. Dec. 30
Anglo Amer. Corp. of So. Africa
20o Feb. 1 Holders of rec. Jan. 15
Lee Rubber & Tire Corp
roe. Dee. 27
$1 Jan. 15 Holders of
Arlington Mills
25o Feb. 1 Holders of roe. Jan. 20
Liquid Carbonic Corp.. Corn. (qua?.)..
7.506e Jan. 15
Associated Standard Olistocks. sec. A
25o Feb. 1 Holders of rec. Jan. 20
Special
514 Feb. 1 Holders of reo. Jan. 19
Atlas Powder Co., prof. (quar.)
50o Feb. 1 Holders of rec. Jan. 18
Loose-Wiles Biscuit (guar.)
$14 Jan. 15 Holders of rec. Dec. 30
Baldwin Co., 6% pref. (guar.)
5131 Apr. 1 Holders of rec. Mar. 19
Preferred (quer.)
Bayuk Cigars, Inc., lot prof. (guar.).— 5131 Jan. 15 Holders of rec. Doe. 30
$14 San. 16 Holders of rec. Jan. 13
Ludlum Steel Corp., preferred
$1 Feb. 1 Holders of rec. Jan. 15
Belding Corticelli. Ltd.. coin. (guar.)5134 Apr. 1 Holders of rec. Mar. 22
Lunkenhelmer64% pref. (quar.)
374c Jan. 30 Holders of roc. Jan. 15
Beneficial Ind. Loan Corp.corn.(qu.)
$134 July 1 Holders of rec. June 22
634% preferred (guar.)
874c Jan. 30 Holders of rec. Jan. 15
Preferred, series A (guar.)
3134 Oct. 1 Holders of rec. Sept. 21
% preferred (quar.)
15e. Jan. 13 Holders of rec. Jan. 11
Bickfords, Inc., corn. (quar.)
1-2-35 Holders of roe. Dee. 22
8134
64 preferred (guar.)
6240. Jan. 13 Holders of rec. Jan. 11
Preferred (guar.)
50e Jan. 15 Holders of rec. Dec. 30a
MseAndrews& Forbes Co.. corn.(qu.)..
Jan. 15 Holders of rec. Dec. 31
50o
Biltmore Hats.initial
350 Jan. 15 Holders of Teo. Dec. 30o
Extra
Bloomingdale Bros.,Inc.. pref.(quar.)_.. 5131 Feb. 1 Holders of rec. Jan. 20
$14 Jan. 15 Holders of ree. Dee 30a
Preferred (guar.)
$1 Jan. 31 Holders of roe. Jan. 16
Bon Aml Co., class A (quar.)
500 Feb. 15 Holders of ree. Jan 19
Macy (It H )A Co common (quar.)- —
50o Jan. 17 Holders of rec. Jan. 13
Class B (quar.)
750 Apr. 2 Holders of rec. Mar. 15
Mapes Consol. Mfg.(quar.)
50o Jan. 17 Holders of rec. Jan. 13
Class B (extra)
750 July 2 Holders of rec. June 15
Quarterly
25% Jan 30 Holders of reo. Dec. 30
Brakpan Mines, Ltd
35c Jan. 20 Holders of rec. Jan. 12
Marlin-Rockwell Corp., corn. (guar.)
Brantford Cordage Co.. let prof.(guar.) 150c Jan. 15 Holders of roe. Doe. 20
Jan. 15 Holders of roe. Doe. 30
McColl Frontenao Oil Co.. pref (gust.). r$1
10e Jan. 15 Holders of rec. Dee. 30
Brewers & Distillers of Vancouver
Melville Shoe Corp., let pref. (quar.)._ $114 Feb. 1 Holders of rec. Jan. 15
40e. Jan. 15 Holders of rec. Doe. 30
Bridgeport Hydraulic (guar.)
7150 Feb. 1 Holders of ree. Jan. 15
2nd preferred (quar.)
25e Jan. 30 Holders of rec. Jan. 15
Briggs Mfg. Co
40c Feb. 1 folders of rec.'Jan. 15
Common
British-American Tobacco Co., Ltd.—
Merchants Refrigeration of N. Y.—
w8d Jan. 24 Holders of rec. Dec. 22
Amer. dep. rec. ord. bearer (final)
5134 Feb. 1 Holders of rec. Jan. 20
$7 preferred (quar.)
wl0d Jan. 24 Holders of roe. Dec. 22
Interim
51 Jan. 16 Holders of rec. Jan. 10
Midland Steel Products. 8% prof. (qu.)
w8d Jan. 24 Holders of rec. Doe. 22
Amer. dep. rec. ord. register (final)—
/151 Jan. 16 Holders of rec. Jan. 10
8% preferred
wled Jan. 24 Holders of reo. Dee. 22
Interim
Missouri River-Sioux City Bridge Co.—
% Feb. 1 Holders ot rec. Jan. 20
Brown Shoe Co., pref.(guar.)
5134 Jan. 15 Holders of rec. Dec. 31
Preferred (quar.)
r25o Jan. 15 Holders of rec. Dee. 15
Bruck Silk Mills
he Jan. 20 folders of ree. Jan. 2
Model Oils. Ltd
50 Feb. 15
-a.)
Buffalo Ankerlte Gold Mines (s.
25:: Jan. 15 Holders of rec Jan. 3
(Philip) & Co.(quar.)Jan. 16 Holders of roe. Jan. 2
Morris
25e
Canada Dry Ginger Ale, Inc.(guar.)._
514 Jan. 19 Holders of reo. Jan. 12
National Air Transport, Inc. (initial)
10c Jan. 15
-a.)
Canada Wineries, Ltd. (s.
be Jan, 31 Holders of rec. Jan. 12a
National Biscuit Co., cool. (guar.)
rile Feb. 1 Holders of rec. Jan. 19
Canadian Bronze Co., Ltd.. corn.(qu.)_ _
5134 Feb. 28 Holders of rec. Feb. 14
Preferred (guar.)
:4131 Feb. 1 Holders of rec. Jan. 19
Preferred (guar.)
250 Jan. 15 Holders of rec. Dee. 30
National Fuel oils Co
Canadian Fairbanks Morse, Pt. (quar.).. $14 Jan. 15 Holders of rec. Dec. 30
$134 Feb 1 Holder, of ree Jan. If)
National head Co., clam B pref. (qu.)_
Canadian General Investing,reg.(qu.)_ _ 74c. Jan. 15 Holders of roe. Dec. 30
133-Ic Feb. 1 Holders of rec. Jan. 15
NationalTea Co.. pref. (guar.)
24c. Jan. 15 Holders of rec. Dee. 30
Extra
3131 Feb. 1 Holders of rec. Jan. 15
Neisner Bros., Inc., pref. (guar.)
74c. Jan. 15 Holders of rec. Dec. 30
Coupon (quar.)
Neon Products of Western Canada
2tic. Jan. 15 Holders of rec. Dee. 30
Extra
6% preferred (guar.)
874o Jan. 31 Holders of rec. Dec. 30
Canadian Industries. Ltd. (guar.)
1
1244 Ja b.. 30 Holders of roe. Deo. 30
75 Fen
New Era Consolidated
874c Jan. 31 Holders of rec. Dec. 30
Extra
50o Feb. 10 Holders of roe. Jan. 20
New Jersey Zinc Co. (quar.)
$I% Jan. 15 Holders of rec. Dec. 30
Preferred (quar.)
Newberry (J. J.) Realty
r$131 Jan. 15 Holders of roe. Dec. 30
Preferred (guar.)
5134 Feb. 1 Holders of rec. Jan. 15
63.1% preferred A (guar.)
10e Jan. 15 Holders of rec. Dec. 29
Canadian Wineries (8.-a.)
514 Feb. 1 Holders of rec. Jan. 15
6% preferred B (guar.)
25e Jan. 20 Holders of rec. Jan. 12
Cannon Mills Co.(guar.)
.
H
ts of ree J . 6
f
.
30 Jan .30 Holders 0 re o. an . 2
52
0
Novadel-Agene Corp. (extra)
15c Jan. 20 Holders of rec. Jan. 12
Extra
15
Oahu Sugar Co., Ltd.(mo.)
El% Apr. 2
Carnation Co.. pref.(guar.)
143 Jan, 25 Holders of rec. Jan. 10
Ohio Brass Co., 6% preferred
51% July 2
Preferred (guar
200 Jan. 19 Holders of rec. Jan. 12
011stocks, Ltd
131 Oct. 1
Preferred (guar.)
20e Jan. 20 Holders of rec. Jan. 10
Onomea Sugar (monthly)
3131 an,2'35
Preferred (guar.)
124e Jan. 30 Holders of rec. Jan. 19
Ontario Mfg. Co.. corn. (guar.)
974c. Jan. 31 Holders of roe. Jan. 14
Cartier. Inc.. 7% pref
15e Jan. IS Holders of roe Dee. 29
otis Elevator Co common (quar.)
37140 Jan. 23 Holders of rec. Jan. 15
Central Aguirre Assoc
$14 Ian, 15 Holders of ree. Dec. 29
Preferred (guar.)
3134 Mar. 1 Holders of rec. Feb. 20
Century Ribbon Mills, Inc., pt.(qu.)_ _ _
200 Feb. 1 Holders of too Jan. 15
Finance corp.. pre/ A (guar.).-.
Holders of reo. Jan. 5
Pacific
37c Feb. 1
_
Century Shares Trust, panic.shares
16340 Feb. 1 'Holders of reo. Jan. 15
Preferred C(quar.)
Cincinnati Postal Term.4 RR.. Pf.(qu.) $14 Jan. 15 Holders of rec. Jan. 3
1740 Feb. I Holders of rec. Jan. 15
Preferred (guar.)
50c. Jan. 15 Holders of rec. Jan. 2
Collins Co.(quar.)
750 Feb. 15 Holders of rec. Feb. 5
common (quar.)
Penman's. Ltd..
Congoleum Nairn. let prof (guar.)._ $1% Mar. 1
514 Feb. 1 Holders of rec. Jan. 22
Preferred (guar.)
!
Consol. Mining Ji Smelting Co.of Can._ rt. 4 JSU. 15 Holders of roe. Dec. 30
75e Jan. 15 Holders of roe. Jan. 8
Pennsylvania Salt Mfg. Co.(guar.)
Holders of rec. Jan. 2
75o. Jan. 20
Corn Products Refining. ooze. (quar.)...
25c Feb. 1 Holders of roe. Jan. 15
Phelps Dodge Corp. (special)
Si% Jan. 15 Holders of reo. Jan. 2
Preferred (guar.)
500 Feb. 1 Holders of roe. Jan. 15
-a)- - 25e. Jan. 20 Holden of rec. Jan. 5. Philadelphia Insulated Wire Co.(s
Creamery Package Mfg., cons.(special)
3134 Feb. 1 Holders ot rec. Jan. 20
(quar.)
Phillips-Jones Corp., pref.
$2 Mar. 31 Holders of roe. Mar. 21
Crum & Forster. R% pref. (guar
25e Feb. 15 Holders of roe. Jan. 12
Phillips Petroleum Co_ _
Cudahy Packing Co., common (quar.) _ 824e Jan. 15 Holders of rec. Jan. 5
Sc Feb. 1 Holders of roe. Jan. 15
Pitney-Bowes Postage Meter
50c Jan. 23 Holders of roe. Jan. 12
Curtis Publishing Co., $7 pref
5134 Jan. 20 Holders of rec. Jan. 2
Plymouth Cordage Co.(guar.)
Curtiss-Wright Export.6% pref.(guar.) $14 Jan. 15 Holders of rec. Dec. 30
rho Jan. 15 Holders of roe. Dec. 19
Premier Gold Mining (guar.)
% Jan. 30 Holders of rec. Dee. 30
Daggatonteln Mines
1134
100 Jan. 15 Holders of roe. Dee, 30
Premier Shares, Inc. (s.
-a.)
60 Feb. 1 Holders of rec. Jan. 2
Deposited Ins. Shares, series A
$2 Ian. 15 Holders of rec Dec 22
peel.(guar.)Procter A Gamble Co
15e. Jan. 20 Holders of rec. Jan. 10
Devonian 011 Co.(quar.)
51$1 j ,
4 Jan
h olders of roe. De0 3 0
rs
nec. 3
0
Prudential Investors, $6 pref. (guar.).Holders of rec. Jan. 10
10o Jan. 20
Extra
of Fee
IS
Quaker Oats Co., corn.(guar.)
$2 Mar. 1 Holders of rec. Feb. 16
Dictaphone Corp., pref.(guar.)
$14 Feb 28 Holders of red' Feb
I
6% preferred(quar)
25e Feb. 1 Holders of rec. Jan. 12
Dome Mines, Ltd.(guar.)
100 Ian. 15 Holders of ree Jan
Railways Corp (guar.)
25e Feb. 1 Holders of rec. Jan. 12
Extra
10c Feb. 15 Holders of roe. Jan. 30
Quarterly
Dominion Bridge Co.. Ltd.. coca. (qu.). r500. Feb. 15 Holders of rec. Jan. 31
20% Jan. 30 Holders of rec. Dec. 30
Rand Selection Corp
r50e. May 15 Holders of lee. Apr. 30
Common (guar.)
75e Feb. 1 Holders of roe. Jan. 20
Raymond Concrete Pile, $3 pref.(guar.)$1 1
4 fan. IS Holders of rec. Dec. 311
, pref. (guar.).—
nonunion Teitlie es
75e Jan. 15 Holders of rec. Jan. 4
Rice-Stlx Dry Goods Co., corn
80o Jan. 15 Holders of reo. Jan. 2
Draper Corp.(special)
200 Jan. 16 Holders of rec. Jan. 0
Capital Corp.(Initial)
Rochester
E. I. du Pont de Nemours Or Co.—
38140 Feb. 1 Holders of rec. Jan. 15
Roos Bros., 5634 Preferred
$14 Jaim. 25 Holders of rec. Jan 10
Debenture (guar 1
1:51 Feb. 1 Holders of roe. Dee. 30
Russell Motor Car. 7% pref
- $34 Jan. 31 Holders of tee flee. 30
Eastern Theatres. Ltd.. prof.
5234 Jan. 18 Holders of rec. Jan. 12
Stockyards Co
St. Louis National
50e Jan, 15 Holders of ree. Jan. 5
Easy Washing Machine,coin
200 Feb. 1 Holders of rec. Jan. 150
Salt Creek Producers Assoo.(guar.) _ Industries. Ltd.,6% pref. 39% Jan. 15
Elec. Si Mus.
51 Jan. 15 Holders of rec. Jan. 2
Sanford Mills
3% Jan. 15
-a.)
6% preferred (s.
Scott Paper Co., class A pref.(quar.)--- 5154 Feb. 1 Holders of tee. Jan. 17
$2 Feb. 1 Holders of roe. Jan. 25
Eppens,Smith (s.
-a.)
313-4 Feb. 1 Holders of reo. Jan. 17
Class B preferred (guar.)
Feb. 1 Holders of rec. Jan. 25
81
Extra
624c Feb. 1 Holders of tee JAIL IA
Seeman Brea . Inc COIli111013 (guar.)
$2 Aug. 1 Holders of rec. July 25
Semi-annual
250 Feb. 1 Holders of rec. Jan. 17
Simms Petroleum Co
51 Feb. 1 Holders of rec. Jan. 15
Eureka Pipe Line Co.(Uttar.)
Solvay American Invest Corp. pf. (qu.). 5134 Feb. 15 Holders of roe. Jan. 15
Farmers di Traders Life ins. Co.(SyraSc Jan. 15 Holders of rec. Jan. 5
Southland Royalty Co.corn.(guar.).--$234 Apr. I Holders of roe. Mar. 11
cuse, N. Y.)(guar.)
Public Utilities (Concluded).
Southern California Edison Co.. orig. pt.
54% preferred, series C
Southern Calif. Gas,6% pref. (quar.)
6% preferred. series A (guar.)
$64 preferred (quar.)
Southern Canada Power Co., corn.(qu.)
6% preferred (qr.)
Sou. Counties Gas of Calif., 6% pl.(qu.)
Southern New England Telep. (quar.)_ _
Stamford Gas & Elec.(Conn.)(quar.)
Standard Gas & Elec. $8 pro!.(quar.)_ _ _
$7 preference (quar.)
Standard Pow.& Lt. Corp. pref.(guar.)
Suburban Eke. See.6% let pref.(qu.)
United Gas El.Co.(N.J.).5% pf.(s-a.)
Toledo Edison Co. 7% pref. (monthly).
6% preferred (monthly)
5 Preferred (monthly)
%
West Penn Elec. Co., 7% pref. (quar.)
8% preferred (quar.)
West Penn Power Co.,6% prof. (quar.)
7% preferred (quar)
Western Ontario Natural Gas (monthly)
Wichita Water 7% pref (quar.)
Wisconsin Gas & El.6% C(guar.)
Wisconsin Telep.7% prof.(guar.)
2% Jan. 15 Holders of rec. Dec. 20
1%% Jan. 15 Holders of rec. Dec. 20
374c Jan. 15 Holders of roe. Dec. 30
3740 Jan. 15 Holders of rec. Dec. 30
$14 Feb. 28 Holders of rec. Jan. 31
20c Feb. 15 Holders of roe. Jan. 31
14% Jan. 15 Holders of Teo. Dec. 20
$14 Jan. 15 Holders of rec. Dec. 30
$14 Jan. 15 Holders of rec. Dee. 30
$24 Jan. 15 Holders of rec. Dec. 30
450 Jan. 25 Holders of rec. Doe. 30
524c Jan. 25 Holders of rec. Dec. 30
524c Feb. 1 Holders of rec. Jan. 15
814 Feb. 1 Holders of rec. Jan. 15
24% Jan. 15 Holders of rec. Doe. 30
58 1-3c Feb. 1 Holders 01 rec. Jan. 15
500 Feb. 1 Holders cd rec. Jan. 15
41 2-3c Feb. 1 Holdeer of rec. Jan. 15
$131 Feb. 15 Holders of roe. Jan. 19
314 Feb. 15 Holders of rec. Jan. 19
$14 Feb. 1 Holders of rec. Jan. 5
3131 Feb. 1 holders of rec. Jan. 5
Sc Jan. 15 Holders of reo. Jan. 2
8131 Jan. 15 Holders of rec. Jan. 2
$14 Jan. 15 Holders of rec. Dec. 30
$131 Jan. 31 Holders of rec. Jan. 20
291
Financial Chronicle
Volume 138
Per
When
Share. Payable.
Name of Company.
Miscellaneous (Concluded).
Spring Mines, Ltd
264%
Standard Oil of Kansas (guar.)
bfle
Standard Oil Co.(0.)6% pref.(quar.)-- $14
Stanley Works,6% pref. (guar.)
3740
State Street Investment (guar.)
400
Steel Co. of Canada, common (guar.)._
r3(lo
Preferred (quer.)
r43Aro
Super Corp. of Amer. Tr.Shares,ser. AA
60
Series BB
4.4o
Super Shares, Inc
13c
Superheater Co.(guar.)
124e
Sylvanite Gold Mines (guar.)
9248c
Extra
u24c
Tacony-Palmyra Bridge,74% pf.(qu.). $14
Teck-Hughes Gold Mines(guar.)
150
Telautograph Corp.(guar.)
25c
Thatcher Mfg., pref. (guar.)
9Cc
Thompson (John R.) Co.(guar.)
250
Toronto Elevators. 7% prei (quer )
Trans-Lux Daylight Picture Screen (hilt)
100
Trust Endowment Shares, Series H reg100
Tucketts Tobacco Co.. pref.(a uar.)_ _
$144
Union Bag & Paper Co.(initial)
$1
United Bond & Share (guar.)
150
United-Carr Fastener Corp.(quar.)...10o
United MR Co.(guar.)
50c
United Gold Equities of Canada
Sc
United Securities, Ltd. (guar.)
50c
U.13 Pipe & Foundry Co..corn.(guar
1240.
let preferred (guar.).
.
30o.
United States Smelt.. Refining & Mining
Common (guar.)
250
Extra
3344
Preferred (guar.)
8740
United Verde Extension Mining Co
25c
Universal Leaf Tobacco. common (gu.)
500
Vulcan Detinning Co., pref
14%
Walgreen Co.,corn.(quar.)
250
West Springs
644%
Western Grocers, Ltd., pref. (guar.).— $14
Westinghouse Air Brake Co.(quar.)
250
Westinghouse Elec.& Mfg. Co., pref
874c
Winn & Lovett Grocery Co., ol. A (go.).
50c
Preferred (guar.)
144%
Wrigley(Wm.)Jr., Co.(mo.)
250
Monthly
25c
Monthly
250
Books Closed
Days Inclusive.
Jan. 30 Holders of rec. Dec. 30
Jan. 31 Holders of rec. Jan. 2
Jan. 15 Holders of rec. Dee. 30
Feb. 16 Holders of rec. Feb. 3
Jan. 15 Holders of rec. Dec. 30
Feb. 1 Holders 01 rec. Jan. 8
Feb. 1 Holders of rec. Jan. 8
Jan. 15
Jan. 15
Jan. 15 Holders of rec. Dec. 30
Jan. lb Holders of rec. Jan. 6
Jan. 31 Holders of rec. Jan. 10
Jan. 31 Holders OI rec. Jan. 10
Feb. 1 Holders of rec. Jan. 10
Feb. 1 Holders of rec. Jan. 10
Feb. 1 Holders of rec. Jan. 15
Feb. 15 Holders of reo. Jan. 31
Jan. 25 Holders of rec. Jan. 15
Ian. 15 Holders of rec. Jan. 2
Feb. 15 Holders of rec. Feb. 1
Jay. 15 Holders of rec. Dec. 30
Jan. 15 Holders of rec. Dee. no
Jan. 25 Holders of rec. Jan. 15
Jan. 15 Holders of rec. Dec. 29
Jan. 15 Holders of rec. Jan. 10
Jan. 16 Holders of rec. Dec. 21
Jan. 15 Holders of rec. Jan. 1
Jan. 15 Holders of rec. Des. 27
Jan. 20 Holders of roe Dee. 30
Jan. 20 Holders of rec. Dec. 30
Jan. 15 Holders of rec. Jan. 2
2
Jan. 15 Holders of rec. Jan
Jan. 15 Holders of rec. Jan. 2
Feb. 1 Holders of rec. Jan. 9a
Feb
I Holders of rec. Jan. 17
Jan. 20 Holders of rec. Jan. 13a
Feb. 1 Holders of rec. Jan. 15
Jan. 30 Holders of rec. Dec. 30
Jan. 15 Holders of rec. Dec. 20
Jan. 31 Holders of rec. Dec. 30
Jan. 31 Holders of rec. Jan. 15
Jan. 18 Holders of rec. Jan. 13
Jan. 18 Holders of rec. Jan. 13
Feb. 1 Holders of rec. Jan. 23
Mar. 1 Holders of rec. Feb. 20
Apr. 1 Holders of rec. Mar. 20
t The New York Stock Exchange has ruled that stock will not be quoted exdividend on this date and not until further notice.
O The New York Curb Exchange Association has ruled that stock will not be
quoted ex-dividend on this date and not untll turther notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
fPayable in common stook. g Payable in BOND. h On account of accumulated
dividends. J Payable In preferred stock.
I Subject to the 5% NIRA tax.
r Payable in Canadian funds, and In the case ot non-residents of Canada. a
deduction of a tax of 5% of the amount of such dividend will be made.
Payable In U.S. funds.
e A unit.
to Less depositary expenses.
x Less tax.
v A deduction has been made for expenses.
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JAN. 6 1934
.
Clearing House
Alembers,
Bank of N Y.& Tr. Co_
Bank of Manhattan Co__
National City Bank__ _ _
Chemical Bk.& Tr. Co__
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Han. Bk.di Tr.Co.
Corn Exch. Bk.Tr. Co
First National Bank
Irving Trust Co
$
6,000,000
20,000,000
124.000,000
20,000,000
90,000,000
32,931,000
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 Tr. Co_
New York Trust Co....
Com'l Nat. Bk.& Tr. Co
Pub. Nat. Ilk.& Tr. Co_
014 1R5
Time
Dwposits,
Average.
$
83,798,000
252,094,000
a854.964,000
253,198.000
5868,703,000
213,377.000
472,376,000
173,658,000
311,656,000
333,804,000
8,835,000
31,523,000
156.298,000
27,465,000
50.038,000
99,736,000
48,901,000
20,973,000
22.071,000
13,170.000
4,587,000
23,790,000
60,000,200 c1,099,106,000
3,198,700
41,208,000
63.285,500 6467,431.000
10,560,800
22,034,000
5,269,900
40,876,000
22,204,200
191,074,000
7,904,300
44,543,000
4,686,800
42,107,000
4,000,000
148,000,000
500,000
25,000,000
10,000,000
10,00(.000
12,500,C00
7,000,000
8,250,000
TrstAIR
Net Demand
Deposits,
Average.
1,755,000
89,873.000
2,871,000
40,265,000
221,000
4,519,000
16,747,000
1,898,000
30,910,000
*Surplus and
Undivided
Profits.
•Capital.
$
9,595,000
31.931,700
44,272,400
47,147,400
177,963,600
20,297,500
61,203,500
17,567,700
75,366,000
62,320,200
nnn
720 102 400
s
5 750707n00
AAR(MAW
As per official reports: National. Oct. 25 1933, State, Sept. 30 1933; trust
companies, Sept. 30 1933.
Includes deposits in foreign branches as follows: a $202,241,000; b $73.372,000:
c$72.271.000; d 622,999,000.
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 Jan. 5:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, JAN. 5 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans,
Disc. and
Investments.
Manhattan—
$
19,549,500
Grace National
Trade Bank of N.Y. 2,577,359
Brooklyn—
A ISO (Inn
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
$
134,200
116,863
$
1,411,500
873.762
Gonna
212 onn
Gross
Deposits.
$
$
2,366,500 18.975,500
427,314 3,345,001
49 MA
A
annum
TRUST COMPANIES—AVERAGE FIGURES.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dee. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
Loans,
Disc. and
Investments.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
Trines. l'ssinnts,
Res. Dep. Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Cash.
Gross
Deposits.
$
$
$
1:4.923,400 .3,189,000 7,953.000
6,175,543
81,919
397,605
*661,797
387.035
9,337,052
729,000
16,827,300 *2,140,900
792,500
27,708,800 *5,241,700
66,202,524 6,706,883 17,554,669
83,565,000
28 005 182
$
$
2,381,400 56,799,900
1,053,340 6.129.041
580,035 9,306,128
577,100 15,595,400
__ --_ 32,024,600
62,631,749
IA
244,000 93,716,000
2,681,000 21,783,000
1.850.415 5.661.589
26.021.348
* Includes amount with Federal Reserve as follows: Empire, $2,166,000
Fiduciary. $438,404; Fulton, $2,024,400; Lawyers County, 34,498.500.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Jan. 10 1934. in
comparison with the previous week and the corresponding date last year:
Resources-Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
Jan. 10 1934. Jan. 3 1934. Jae. II 1933.
$
578,706,000 573.706,000 601,535,000
10,293,000
10.707,000
5,812,000
Gold held exclusively agst. P. R. notes
588,999,000
584.413.000
607,347,000
Gold settlement fund with P.11. Board—
Gold and gold certificates held by bank..
178,196,000
189,380,000
148,419,000
189,500,000
139,991,000
309,356,000
956,575,000
922,332,000 1,056,694,000
Total gold reserves
Other cash•
61,003,000
Total gold reserves and other cash—. 1,017,578,000
52,345,000
86,061,000
974.677,000 1,142,755,000
Redemption fund—F. R. bank notes----2,941,000
Bills discounted:
20,713,000
Secured by U. S. Govt. obligations...
27,021,000
Otherbills discounted
20,495,000
26,661,000
27,492,000
31,070,000
47,734,000
47.156,000
58,562,000
11,569,000
10,027,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U.S. Government securities-Other securities (see note)
Total bills and securities (see note)----
6,446,000
3,169,000
170,047,000
361,239,000
300,489,000
170,047,000 187,054,000
361,239,000 120,343,000
300,469,000 411,747,000
831,755,000
831,755,000
Resources (Concluded)—
Gold held abroad
Due from foreign banks (see nae)
F. R. notes of other banks
Uncollected items
Bank premises
Federal Deposit Insurance Corp.stock_ _
All other assets
Total assets
Jan. 10 1934. Jan. 3 1934. Jan. 11 1933
$
51.091,000
1,278,000
1,228.000
1,095,000
6,656,000
4,781,000
4,761,000
89,548,000 123,381.000 101,986,000
12,818,000
11,066,000
11,066,000
21,265,000
25,742,000
21,096,000
26,426,000
2,061,721,000 2,035,407,000 2,128,941,000
Liabilities—
622,843,000 649,142,000 562,137,000
F. R. notes in actual circulation
F. R. bank notes In actual circulation__
52,751,000
53,732,000
Deposits: Member bank—reserve account 1,061,705,000 1,002,410,000 1,300,852,000
6.484,000
2,970.000
Government
32,236,000
Foreign bank (see note)
7,660,000
1,926,000
1,720,000
Special deposits—Member bank
3,317,000
3.510.000
Non-member bank
727,000
881,000
Other deposits
43,400,000
45.306,000
9,901,000
Total deposits
1,143,465,000 1,060,157,000 1,321,383.000
Deferred availability items
85,812,000 115,844.000
98,951,000
Capital paid in
58,507,000
58,460,000
58,619,000
Surplus
45,217,000
87,746.000
85,058,000
Subscrlp. for Fed. Dep. Ins. Corp. Stock:
Paid
21,265,000
Called for payment April 15
21,265,000
All other Uablilties
10,596,000
2,793,000
10,326,000
Total liabilities
2,061,721,000 2,035,407,000 2,128,941.000
719,144,000
903,000
903,000
3,711,000
886,838,000
891,383,000
791,444,000
Ratio of total gold reserve & other cash5
to deposit and F. R. note liabilities
combined
Contingent liability on bills purchased
for foreign correspondents
57.6%
57.0%
60.7%
1,469,000
1,272,000
13,697,000
•
"Other sass" does not include F. R. notes or a bank's own F. R. bank notes.
NOTE.—Beginning with the statement of Oct. 17 1925, two new items were added In order to show separately the amount o balances held abroad and amounts due
a> 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 ..s 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.
Jam 13 1934
Financial Chronicle
292
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Jan.11,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN. 10 1934.1
Jan. 10 1934. Jan, 3 1934. Dec. 27 1933. Dec. 20 1933. Dec. 13 1933. Dec. 6 1933. Noe. 29 1933. Nov. 22 1933. Jan. 11 1933.
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U. S. Tress
$
$
$
$
$
$
3
$
$
2,599,895,000 2,618,124,000 2,595,043,000 2,599.980,000 2,617,934,000 2,611,864,000 2,618,254,000 2.627,779,000 2,345,320,000
39,742,000
38,518,000
40,888,000
46,010,000
44,739,000
44,292,000
42,479,000
44,540,000
44,960,000
Gold held exclusively agst. F. R. notes 2,644,855,000 2.662,664,000 2,639,782,000 2,645,999,000 2,682.226,000 2.654,343,000 2,659,142,000 2,666,297,000 2,385,062,000
Gold settlement fund with F. R. Board
643,396,000 626,653,000 648,343,000 643,750,000 628,665,000 639.190.000 673,403,000 668,409,000 405,282,000
Gold and gold certificates held by banks_ 278,039,000 279,594,000 280,661,000 280,335,000 280,714,000 279,318,000 240.603,000 241,074,000 432,189,000
Total gold reserves
Other cash.
3,566,290,000 3,568,911,000 3.568,786,000 3,570,034,000 3,571,605,000 3,572,851,000 3,573.238.000 3,575.780,000 3,222,533,000
250,611,000 226,799,000 209,356.000 191.724,000 216.680,000 206,530,000 204,583,000 227,086,0110 286,759,000
3,816,901,000 3.795,710,000 3.778,142,000 3,761,808,000 3,788,285,000 3,779,381.000 3.777,821,000 3,802,866.000 3,509.292,000
Total gold reserves and other cash_ _
11.853,000
11,900,000
12,447.000
13.086,000
13,566,000
13,836,000
13,527,000
Redemption fund-F. R. bank notes- -- 12,864,000
Bills discounted:
66,383,000
28,464,000
36,959,000
38.529,000
33,244.000
38,458,000
36,925,000
35,176.000
Secured by U. S. Govt. obligations
34,424,000
83,688,000 181,768,000
82,082,000
82.317,000
70.943,000
73,627,000
76,659,000 79.726,000
Other bills discounted
69,268,000
Total bills discounted
103,692,000 106.119.000 110,552,000 115.188,000 118,184,000 115,561.000 119,041.000 112,152,000 248,151,000
32,362,000
20,294,000
23,866,000
61,284,000
113,211,000 121,062,000 111,083,000 113,375,000 116,158,000
Bills bought in open market
U. S. Government securities
-Bonds
442,782,000 442,817,000 443,166,000 442,709,000 442,713,000 442,172,000 442,675,000 442.212,000 420,763,000
1.055.300,000 1.034,003.000 1.030,473.000 301,406,000
1,053,139,000 1.053,240.000 1,053,163,000 1,053,704,000 1.055,300,000
Treasury notes
Special Treasury certificates
Other certificates and bills
935,825,000 935,853,000 935,850,000 935,185,000 933,595.000 933,585,000 954,959,000 958,409,000 1,090,219,000
Total U. S. Government securities- - 2,431.746,000 2,431,910.000 2,432,179,000 2,431,598.000 2,431,608,000 2,431,057,000 2,431,637,000 2.431,094,000 1,812,388,000
1.580,000
5,102,000
1,599,000
1.580,000
1.585,000
1,494.000
Other securities
1,462,000
1.493,000
1,494,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
Federal Deposit Insurance Corp. stock
All other resources
2,650,111,000 2,660,584,000 2,655,308,000 2.661,655,000 2,667.535,000 2.609,501,000 2,576.124,000 2.565,120.000 2,098,003,000
51,091,000
2,982,000
3,579,000
3,523,000
3.519,000
3,517,000
3,382,000
3.333,000
3,334,000
3,333,000
17,951,000
18.858.000
15,434,000
14.730,000
15,043,000
18,541,000
18,739,000
17,0131,000
20,570,000
361,796,000 504,940,000 425,900,000 444.233,000 431,482,000 381.643.000 375,332,000 396,168,000 339,550,000
53,880,000
54.732,000
54,732,000
54,794.000
54,804,000
54,804,000
51,914,000
51,884,000
54,804,000
64,680,000
40,394,000
50,442,000
49,689,000
50,784,000
46,340,000
53,639,000
45,491,000
45.101,000
45,414,000
Total resources
7,028,567,000 7.093,569,000 6.993,206,000 7.001,832,000 7.027,832,000 6,906,790,000 6,865.398,000 6,900,670,000 6,113,143,000
LIABILITIES.
2,998,760,000 3,071.762,000 3,080,948,000 3.091,871,000 3,038,172,000 3,042,725,000 3.030.329,000 2,970,210,000 2,687,024,000
F. R. notes in actual circulation
F. R. bank notes in actual circulation
205,191,000 208,014,000 210,298,000 212,839.000 208,853.000 208,740,000 205,394.000 200,697,000
Deposits
-Member banks
-reserve acc't_ 2,776,857,000 2,709.919,000 2,675,153,000 2.635.638,000 2,637.936,000 2.561,180,000 2,572,942,000 2,687.201,000 2,573,944,000
21,430,000
31.216,000
81,519,000
93,400,000
93,914,000
43,831,000
Government
58,293,000
29,720,000
23,287.000
20,629,000
8.824.000
5,324.000
9,442,000
4,699,000
4,492,000
4,673,000
14,478,000
Foreign banks
5,110,000
57.269.000
55,008,0(10
55,101.000
53,931,000
46,394,000
48,091,000
51,303,000
-Member bank
45,829.000
Special deposits
13.953,000
14,331,000
10,134,000
9,832,000
10.207,000
10,264,000
Non-member bank
9.692,000
10,011.000
28,468,000
60,128,000
67.352,000
81,183,000
111,634,000
66,128,000
81,085,000
84,088,000
61,075,000
Other deposits
Total deposits
3,007,144,000 2,877,872,000 2.820,160,0002.811,780.000 2,891,608,000 2,815.440,000 2,796.474,000 2,867,686,000 2,644,471,000
359,809,000 480,779.000 410,929,000 423,609,000 425,430,000 379,850.000 373,730,000 402.536,000 334,256,000
Deferred availability Items
144,946,000 144,903,000 144,684,000 144,926,000 145,300,000 145,300,000 145,104.000 145,152,000 151,309,000
Capital paid in
148,322,000 277.680,000 278,599,000 278,599,000 278.599.000 278.599.000 278.599.000 278,509.000 278,599,000
Surplus
Subscrip. for Fed. Dep. Ins. Corp. stock
64,680,000
Paid
64,680,000
Called for payment April 15
17,484,000
35,678.000
35,790.000
36.145,000
35,035,000
32,559,000
38.208.000
38,588.000
39,870,000
All other liabilities
Total liabilities
7,028,567,000 7 093 569 000 0,993,206,000 7.001,832,000 7.027,832,000 6.906,799,000 6.865,398,000 6.900,670,000 6,113,143,000
. , .
Ratio of gold reserve to deposits and
60.4%
61.3%
61.2%
61.9%
59.9%
59.3%
60.4%
60.3%
60.3%
F. It. note liabilities combined
Ratio of total reserve to deposits and
64.1%
F. It. note liabilities combined
Ratio of total gold reserve dt 0th. cash to
65.8%
64.8%
65.1%
64.5%
63.8%
63.6%
63.77
63.97
63.9%
deposit St F.R. note liabilities combined
Contingent liability on bills purchased
39,932,000
3,218,000
2,893,000
2,894,000
2,894.000
4,006,000
3,809.000
3,710,000
3,659,000
for foreign correspondence
Maturity Distribution of Bills and
Short-term Securities
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
s
$
$
$
5
$
s
s
3
77,116,000
7.135,000
8,827,000
9,188,000
1,446,000
78,428,000
6,110,000
10,711,000
9,497,000
1,375,000
82,787.000
5,913.000
8,890,000
11,748,000
1,214,000
87,656,000
6.715.000
0,496,000
10,171,000
1.150,000
90,302,000
7.455,000
8,453,000
9,350,000
2,624.000
89.238,000
8,105,000
7,770,000
7,901,000
2,546.000
91,804,000
9,584,000
8,507,000
7,856,000
1,290,000
83,502,000
12,031,000
8,881,000
6,527,000
1.211,000
170,733,000
21,085,000
26,976,000
18,526,000
10,831,000
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
103,692,000
20,354,000
28,907,000
48,707,000
15,039,000
154,000
106.119,000
21,960,000
24,613,000
52,690,000
21,633,000
161,000
110,552,000
18,518,000
14,816,000
46,138,000
33,440,000
173,000
115,188,000
23,473,000
9,544,000
41,617,000
38,492,000
249,000
118,184,000
35,240.000
9,231,000
30,647,000
40,516,000
524,000
115.561,000
27,832.000
8.308,000
5,565.000
19,309,000
270,000
119.041.000
5,623,000
4.687,000
4,775,000
8,700.000
81.000
112,152.000
3,511,000
5,170,000
5,287.000
6,176,000
150.000
248,151,000
6,064,000
6,489,000
11,818,000
7,991,000
Total bills bought in open market........
1-15 days U. S. certificates and bills-16-30 days U. S. certificates and bills___
31-60 days U. S. certificates and bills......
61-90 days U. S. certificates and bills- Over 90 days U. S. certificates and bills.._
113,211,000
68,998,000
31,513,000
160,444,000
321,890,000
352,980,000
121,062,000
73,3.13.000
46,703,000
121,430,000
312,054,000
382,562,000
111,083,000
77,500,000
67.198,000
88,714,000
310,528,000
391,910,000
113,375,000
97,095,000
73.348.000
90,963,000
285,244,000
388,535,000
116,158,000
280,274,000
79,500,000
98,711,000
144,904,000
330.206,000
61,284,000
230,429.000
97.095,000
118,251,000
118,230,000
369,580,000
23,866,000
66.092.000
274,882,000
146,698,000
88,714,000
378,573,000
20,294,000
121.149,000
233.928,000
170,443,000
82,083,000
350,808.000
32,362,000
119,758.000
62,973,000
143,550,000
213,031,000
550,905,000
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-00 days municipal warrants
Over 90 days municipal warrants
935,825,000
1,399,000
10,000
36,000
935,853,000
1,410,000
30,000
36,000
935,350,000 935,185,000
1,378,000
1,378,000
80,000
50,000
30,000
36,000
36,000
933,595,000
1,439,000
47,000
63,000
36,000
933,585,000
1,453,000
27,000
83,000
36,000
954,959,000
1,486,000
14,000
80,000
958,409,000 1,090,219,000
1.436.000
4,089,000
1,000,000
14.000
60,000
13,000
11.000
1,585,000
1.599,000
1.580,000
Total municipal warrants
17,000
17.000
1,462,000
1,493,000
-
1.494,000
1,494,000
1,580.000
5,102,000
-
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent-- 3,291,053,000 3,344,122,000 3,363,184,000 3,369,109,000 3,314,462.000 3,301,991,000 3,264,891,000 3,235.0083300 2,929,953,000
292,293,000 272,360,000 282,238,000 277,238,000 276,290,000 259,258,000 234,562,000 264,798,000 242,929,000
Held by Federal Reserve Bank
2,998,760,000 3,071.762,000 3,030,943,000 3.091,871,000 3,038,172.000 3,042,725,000 3.030,329,000 2,970,210,000 2,687,024,000
In actual circulation
-Collateral Held by Agent as Security
for Notes Issued to Bank1,478,150,000 1,476,879,000 1,475,298,000 1.475,244,000 1,475,189,000 1,475,189.000 1,513,078.000 1,513.604.000 1,111,675,000
135figold and gold certificates
1,121,745,000 1,141,245,000 1,119,745,000 1,124,745,000 1,142,745,000 1,138,875,000 1.105,176,000 1,114,175,000 1,233,645,000
Gold fund-Federal Reserve Board
84,610,000 232,679,000
96,276,000
176,081,000 185,0130,000 177,422,000 184,456,000 188,900,000 131,210,000
By eligible paper
564,500,000 601,100,000 639,000,000 644,000,000 585,000,000 616.000,000 597.600.000 573,600,000 384,400,000
U. S. Government securities
3 3.1n 170 nnn 5 ens 284 000 3.411.465.000 3.423.445 000 3.391.334.000 3.359.074.000 3.312,130,000 3,285.989,000 2,962,399,000
•"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. S Revised.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CI.OSE OF BUSINESS JAN. 10 1934
Two Ciphers (00) Omitted.
Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Phila. Cleveland. Richmond Atlanta.
Boston. New York
Total.
Federal Reserve Bank of_
$
$
RESOURCES.
Gold with Fed. Res. Agents____ 2,599,895,0 202,172,0
44,960,0 2,416,0
Gold red. fund with U.S. Treas.
Gold held excl. agst. F.R.notes 2,644,855,0 204,588,0
Gold settlem't fund with F.R.I3d 643,396,0 28,804,0
Gold de gold ctfs. held by banks_ 278.039,0 21,884,0
... ern Oft's A nec n.7,2 n
...
x
s
$
s
3
578,706,0 167,000,0 218,886,0 136,475,0 90.880,0
10,293,0 4,379,0 4,879,0 1,610,0 3,112,0
s
s
3
$
s
5
692,713,0 121,682,0 71,254,0 102,290,0 41,074,0 176,763,0
7,675.0 1,286,0 1,589,0 1,113,0
854,0 5,754,0
588,999,0 171,379,0 223,785,0 138,085,0 93,992,0
178,106.0 17,505,0 59,725,0 26,106,0 17,611,0
189,380,0 11,857.0 3,942,0 1,107,0 2,069,0
700,388,0 122,968,0 72,843,0 103,403,0 41,928,0 182,517,0
144,776,0 39,471,0 21,659,0 38,478,0 32,181,0 38,884,0
246,0
560,0 10,823,0 3,749,0 31,244,0
1,178,0
nan
M7M
nonn,l1 n 0Q, A14 n lil
oast n Iva
A79
n
AAR R49
n
1112 FM A
OA
nA9 n189 7114n
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293
Financial Chronicle
Volume 138
the Federal Reserve Board (Concluded).
RESOURCES (Concluded)Other cash.
New York.
Boston.
Total.
Two Ciphers (00) Omitted.
S
$
250,611,0 21,362,0
Phila.
Cleveland. Richmond Atlanta.
$
$
$
$
S
61,003,0 32,883,0 17,161,0 14,099,0 13,256,0
$
$
34,865,0 12,749,0
103,692,0 3,405,0
113,211,0 26,738,0
442,782,0 24.390,0
1,053,139,0 70,955,0
4,127,0
3,773,0
47,734,0 24,568,0 7,083,0
6,446,0 7,969,0 12,513.0
$
8,577,0
$
9,577,0
$
$
6,904,0 18,175.0
881,207,0 175,434,0 103,639,0 162,281,0 84,762,0 270,820,0
766,0
782,0
500,0
382,0
2,002,0
590,0
Total gold res. dc other cash__ 3,816,901,0 276,638,0 1,017,578,0 233,624,0 304,593,0 179,307.0 126,928,0
842,0
244,0
2,941,0 1,244,0 1,321,0
12,864,0 1,250,0
Redem.fund-F.R. bank notes_
Bills discounted:
449,0 1,764,0
20,713,0 5,132,0 2,601,0
34,424,0 1,359,0
Sec. by U.S. Govt. obligations
27,021,0 19,436,0 4,482,0 3,678,0 4,039,0
69,268,0 2,046,0
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
St. Louis. Minneap. Kan.City. Dallas. Sr:ultras.
Chicago.
954,0
2,556,0
97,0
1,716,0
1,407,0
4,739,0
1,813,0
2,735,0
1,294,0
4,610,0
259,0
872,0
39,0
1,255,0
3,510,0
14.227,0
5,803,0
3,869,0
845,0
562,0
212,0
1,605.0
1,131,0 1.817,0
8,712,0 16,880,0
76,950.0 14,493,0 16,288,0 14,112,0 18,527,0 25,111.0
177,161,0 41,901,0 26,239,0 36,910,0 25,527,0 75,182,0
170,047,0 28,067,0 32,160,0 11,860,0 10,777,0
361,239.0 74,042,0 96,287,0 35,510,0 32,186,0
935,825,0 62,326,0
300,469,0 65,011,0 84,578,0 31.193,0 28,272,0
183,232,0 36,806,0 23,057,0 32,422,0 22,421,0 66,038,0
Total U.S. Govt.securities_ 2,431,746.0 157,671,0
Other securities
1,462,0
831,755,0 167,120,0 213,025,0 78,563,0 71,235,0
510,0
903,0
437,343,0 93,200,0 65,584,0 83.444,0 66,475,0 166,331.0
49,0
Total bills and securities
2 650,111,0 187,814,0
Due from foreign banks
255,0
3,382,0
Fed. Res. notes of other banks
315,0
20,579.0
Uncollected Items
361,796,0 40,423,0
Bank premises
51,914,0 3,224,0
Federal Deposit Ins. Corp.stock
64,680,0 5,115,0
All other resources
402,0
46,340,0
886,838,0 200,167,0 232.621,0 86,463,0 80,907,0
117,0
130,0
330.0
367,0
1,278,0
418,0 1,069,0 1,864,0 1,736,0
4,781,0
89,548,0 28,820,0 31,916,0 31,876,0 13,369,0
11,066,0 3,871,0 6,785,0 3,128,0 2,372,0
2,636,0
21,265,0 7,310,0 7.073,0
26,426,0 4,641,0 1,941,0 2,536,0 3,941,0
455,080,0 99,346,0 70,181,0 89,348.0 76,318,0 185,028,0
233,0
97,0
14,0
9,0
97.0
455,0
450,0 2,713,0
3,953,0
653,0 1,664,0
963,0
45,251,0 16,062,0 9,709,0 22,133,0 14,076,0 18,613,0
7,375,0 3,111,0 1,657,0 3,485,0 1.750.0 4,090,0
2,180,0 4.925,0
9,874,0 2,547,0 1,755,0
943,0
926,0
415,0 1,485,0 1.130,0
1,554,0
7,028,567,0 515,436,0 2,061,721,0 480,462,0 587,649,0 305,638,0 232,848,0 1.406,751,0 298,274,0 189,678,0 280,638,0 181,341,0 488,131,0
Total resources
LIABILITIES.
F.R. notes in actual circulation_ 2,998,760,0 226,962,0 622,843,0 230,450,0 285,855,0 152,599,0 122,663,0 769,902,0 140,027,0 92,600,0 106,578,0 41,846,0 206,435,0
28,222,0 7,899.0 7,595,0 9,596,0 10,600,0 14,739,0
F. R. bank notes in act'l circurn 205,191,0 20,576.0
52,751,0 18,717,0 25,064,0 4,544,0 4,888,0
Deposits:
Member bank reserve account 2,776,857,0 192,032,0 1,061,705,0 139,608,0 183,038,0 94,881,0 68,821,0 468,162.0 100,203,0 60,834,0 124,271,0 94,283,0 188,969,0
1,761,0
1,074,0 4,515,0 8,288,0
4,552,0 1,418,0
157,0
441.0 1,854,0 1,683,0
32,236,0
Government
314,0
58,293,0
291.0
121,0
96,0
121,0
142,0
541,0
162,0
412,0
146,0
Foreign bank
437,0
1,926,0
304,0
4,699,0
320.0 2,669,0
927,0 2,150,0
16,970,0 2,955,0
Special-Member bank
3,317,0 7,289,0 5,087,0 1,706,0 2,011,0
45,829,0
428,0
563.0
324.0
18,0
5,192,0
291,0
615,0
163,0
881,0 1,785,0
Non-member bank
9,832,0
1,209,0 14,385,0
11,923,0 7,734,0 4,534,0 1,922,0
Other deposits
43,400,0 8,049,0 11,521,0 1,103,0 3,647.0
111,634,0 2,207,0
Total deposits
3,007,144,0 195,285,0 1,143,465,0 157,609,0 202,125,0 100,150,0 75,073,0
Deferred availability Items
85,812,0 27.129,0 31,285,0 31,109,0 12,576,0
359,809,0 40,643,0
Capital paid In
58,507,0 15,859,0 12,501,0 5,037,0 4,444,0
144,946.0 10,551,0
Surplus
45,217,0 13,352,0 14,090,0 10,979.0 5,145,0
148,322,0 9,610,0
Subscription for FDIC stock:
Paid
2.636,0
7,073,0
21,265,0 7,310,0
64,680,0 5,115,0
Called for payment April 15_ _
2,636,0
21,265,0 7.310,0 7,073.0
64,680,0 5,115,0
All other liabilities
2,726,0 2,583,0 1,220,0 2.787,0
35,035,0 1,579,0
10,596,0
502,148,0 117,644,0 68.476,0 129,556,0 100,448.0 215.165,0
46,683,0 17,828,0 9,434,0 22,177,0 15,335,0 19,798,0
12,694,0 3,929,0 2,879,0 4,119,0 3,763,0 10,663,0
20,681,0 4,756,0 3,420,0 7,744,0 3,683,0 9,645,0
9,874,0
9,874,0
6,673,0
2,547,0
2.547,0
1,097,0
1,755,0
1,755,0
1,764,0
868,0
2,180,0
2,180,0
1,306,0
4,925,0
4,925,0
1,836,0
488,131.0
7,028,567,0 515,436,0 2,061,721,0 480,462,0 587,649,0 305.638,0 232,848,0 1,406,751,0 298,274,0 189,678,0 280,638,0 181,341,0
Total liabilities
•
Memoranda.
Ratio of total gold reserves and
other cash° to deposit dr F. It.
note liabilities combined
64.2
71.0
62.4
60.2
57.6
63.5
63.6
Contingent liability on bills purchased for torn correspondents
133.0
149,0
377,0
400,0
4,006,0
1,469,0
278,0
•-Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
69.3
68.1
64.3
68.7
59.6
64.2
495,0
130,0
88,0
110,0
110,0
267,6
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Total.
Boston. New York.
Federal Reserve notes:
3
$
Issued to F.R.11k. by F.R.Agt 3,291,053,0 252,088,0
Held by Fedi Reserve Bank_ 292,293,0 25,126,0
In actual circulation
2.998,760.0 226,962,0
Collateral held by Agent as security for notes Issued to bits:
Gold and gold certificates.- 1,478,150,0 74,555,0
Gold fund-F.It. Board
1,121,745,0 127,617,0
Eligible paper
176,081,0 28,800,0
U. S. Government securities-. 564,500,0 22,000,0
Total collateral
3,340,476,0 252,972,0
Phila.
Chicago. St. Louis. Ifinneap. Kan.Cf.ty. Dallas. San Fran.
Cleveland. Richmond Atlanta.
$
s
s
s
$
702,697,0 245,772,0 301,566,0 161,367.0 142,081,0
79,854.0 15,322,0 15,711,0 18,768,0 19,418.0
$
$
$
3
s
$
823,760,0 146,417,0 97,985,0 115,331,0 48,324,0 253,665,0
53,858,0 6,390,0 5,385,0 8,753,0 6,478,0 47,230.0
622,843,0 230.450.0285,855.0 152,599,0 122,663,0
769.902,0 140,027,0 92,600,0 106,578,0 41.846,0 206,435,0
483,606,0 101,610,0 108,386,0 52,100,0 21,880,0
95,100,0 65,390.0 110,500,0 84,375,0 69,000,0
39,007,0 18,898,0 17,502.0 6,375,0 8,064,0
105,000,0 60,000,0 70,000,0 21,000,0 48,000,0
447,713,0 28.482,0 29,754.0 18,490,0 20,574,0 91,000,0
245,000,0 93,200,0 41,500,0 83,800,0 20,500,0 85.763,0
15,173,0 5,792,0 3,741,0 5,365.0 9,478,0 17,886,0
65.000,0
120,000,0 20,000,0 23,500,0 10,000,0
722,713,0 245,898.0 306,388,0 163,830,0 140,944,0
827,886,0 147,474,0 98,495,0 117,655,0 50,552.0 259.649,0
FEDERAL RESERVE BANK NOTE STATEMENT.
Pico Ciphers (00) Omitted.
Federal Reserve Agent atFederal Reserve bank notes:
Issued to F. R. 13k. (outstdg.):
Held by Fedi Reserve Bank.
3
it
233,255,0 24,468,0
28,064,0 3,892,0
$
$
$
63,175,0 25,702,0 26,760,0
10,424,0 6,985,0 1,696,0
$
4,544,0
$
5,482,0
594,0
St. Louis. M(nneap. Nan City. Dallas. San Fran.
$
$
$
3
$
$
30.122,0 8,122,0 8,045,0 9,777,0 12,142,0 14,916,0
177,0
181,0 1,542,0
450,0
223,0
1,900,0
In actual circulation
Collat. pledged hest. outst. notes:
Discounted dr purchased bills_
U. S. Government securities..
205,191,0 20,576,0
52,751,0 18,717,0 25,064,0
4,544,0
4,888.0
28,222,0
7,899,0
1,828,0
256,774,0 30,000,0
1,492,0
64,274,0 26,500,0 30,000,0
5,000,0
232.0
7,000,0
36,000,0
104,0
9,000,0 10.000.0 10,000.0 14,000,0 15,000,0
258,602,0 30,000,0
64,274,0 26,500,0 31,492,0
5,000,0
7,232,0
36,000.0
9,104,0 10,000,0 10.000,0 14,000,0 15,000,0
Total collateral
Total.
Boston. New York.
Phila.
Cleveland. Richmond Atlanta.
Chicago.
7,595,0
9,596,0 10,600,0 14,739,0
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 „fan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement- and include
ill 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 hanks Included mortgages in investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans on securities
being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial
paper, only a lump total being given. The number of reporting banks formerly covered 101 leading cities, but was reduced to 90 cities after the declaration of bank holidays
or moratoria early In March 1933. Publication of the weekly returns for the reduced number of cities was omitted in the weeks from March 1 to May 10. but a Bll omal7
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 JAN 3 1934 (In Millions of Dollars).
Federal Reserve DtatrictLoans 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
Due to banks
_
_
Total.
Boston. New York
Phtla.
Cleveland. Rtchmond Atlanta. Chicago. St. Louis. Mtnneap Kan.City. Dallas. San Fran.
$
16,585
3
1,191
$
7,639
$
1,026
$
1,105
8.385
680
3,942
502
3,620
4,765
260
420
1,967
1,975
237
265
8,200
514
3,697
5,205
2,995
317
197
2,358
1,339
$
$
336
33S
446
169
190
221
225
59
110
57
133
524
650
167
148
234
240
458
201
119
48
101
47
25
6
154
128
24
50
64
0
871
117
76
1,923
54
36
13
247
744
5,721
600
10,952
1,117
303
356
4,351
46
358
712
73
133
106
87
1,256
1,234
156
169
2 828
00
'
'90
36
17
11
539 •
198
425
128
429
62
62
128
81
0
$
1,525
$
S
$
$
483
328
515
392
$
1,704
752
231
175
205
204
889
316
406
90
141
48
127
59
146
59
145
217
672
773
252
153
310
188
815
481
292
153
99
96
57
202
108
135
53
501
314
381
56
1,270
451
47
246
346
62
11
313
157
15
62
109
32
5
201
124
1
69
78
71
12
370
163
9
130
187
58
9
258
122
24
103
122
104
17
584
877
64
146
159
i
Financial Chronicle
cire
U. S. Treasury Bills—Friday, Jan. 12.
Rates quoted are for discount at purchase.
sob ,finaltrtal
(gfirrintri.e
Tamintrci°
Rid.
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage—
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United States, U. S. Possessions and Territories
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6.75
South and Central America, Spain, Mexico and Cuba_
13.50
7.76
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Australia and Africa
15.00
8.50
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Wall Street, Friday Night, Jan. 12 194.
Railroad and Miscellaneous Stocks.—The Review of the
Stock Market is given this week on page 282.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list.
STOCKS.
Week Ending Jan. 12.
Sales
for
Week.
Railroads—
Par Shares.
Allegheny & West'n 100
20
Detr & Mackin pf_100
40
Hudson & Manh pf_100
200
I R T ctfs
•
100
20
Market St Ry 2d p1_100
Morris & Essex
50
20
Norfolk & West P01-100
60
PhDs Rap Trans pf_50
10
Texas & Pacific_ ....l00
600
Indus. & Miscell.—
Abrah'm es Straus 131100
Art Metal Construct.10
Austin Nichols prior A •
Beneficial Ind Loan...*
Bloomingdale 7% pt 100
Burns Bros pref.._ _100
City Stores class A._ _ •
Class A ctfs
Certificates
Col Fuel & Ir pref _100
Columbia Gas es Elec—
Preferred B
100
Comm Cred pref (7)_25
Consol Cigar pf (7) 100
Crown M"mette 1st pi_*
Deere & Co
•
Fairbanks Cop!ctfs 100
Firth Ave Bus Sec.._•
Filene (Wm) Sons Co
6K% preferred_ _100
Gen Raking Co pref....*
Greene Cananea Cop100
Harbison-Walker Refr
Preferred
100
Hazel Atlas Co
25
Kresge Dept Stores_*
Preferred
1
-50
Laclede Gas pref....i00
Life Savers
5
McAndrews & Forbes—
Preferred
100
Marancha Corp
5
Mathieson Alk Wks rts
Nat Aviation
10
No German Lloyd newOmnibus Corp pref.
_100
Outlet Co
Pac Tel & Tel pref _ _100
Pacific Western Oil_ _•
Panhandle P dr It p1100
Peoples Drug Stores_ _•
Penn Coal & Coke__50
Revere Cop & Br p1_100
Roan Antelope Cop M 1
Schenley Dist Corp 5
Sterling Products.._10
• Und-Ell-Fisher pref_100
United Drug
5
S Tobacco pref _ _100
tiniv Leaf Tob pref_100
Union Pipe & Rad pf100
Vick Chemical
5
Virginia Jr Cl & C 100
Walgreen Co pref_ _100
Webster ELseni'r p1100
Wheeling Steel pret_100
• No par value.
Range for Week.
Lowest.
Range for Year 1933.
Highest.
Lowest. I Highest.
$ per share. $ per share. $ per share.$ per share.
Oct 83
Oct
82 Jan 10 82 Jan 10 82
Dec
12
Jan 9, 133 Jan 12 1% Nov 16
18 Jan 8 18% Jan 8 18% Dec 513-4 July
Aug 10% Dec
10 Jan 8, 10 Jan 8 5
% Feb 3% June
1
Jan 9, 1
Jan 9
July
58 Jan 111 58 Jan 11 49% Apr, 64
82 Jan 8 83% Jan 10 74 May, 87% Sept
Dec 10
July
4% Jan 12 4% Jan 12 3
Apri 43
July
19% Jan 8, 22
Jan 12 15
100
190
140
3,600
100
110
700
800
1,900
40
89%
5%
39%
13%
88
4
3X
3
%
13
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
111
111
11
10
8
9
9
12
11
12
90
6
40X
1436
88
4%
4%
3%
34
134
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
11 80
8 336
12 13
9 13K
8 53
8 1%
12 1%
%
9
Si
9
12 9
50
160
30
20
32,900
20
260
41
24
3115
47
26%
3%
8%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9
6
8
9
6
12
12
47
24%
32%
47
30%
4
9%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
12
10
8
9
12
12
6
40
184
30X
17
24%
2%
5
Mar 97
Feb' 9%
Feb 394
Sept 15
Jan 88
Jan 13
Jan 8%
Nov 5%
Mar 2%
Dec 54
July
July
Dec
Aug
Dec
June
July
July
July
June
May
Mar
Dec
May
July,
Apr
Mar
June
Sept
July
Aug
July
June
Nov
744
25
60
54
49
6%
9X
Apri 95
Sept
10 87 Jan 10 87 Jan 10 81
10103K Jan 8103K Jan 8 99X Mar1083.1 Sept
2t 18
Jan 10 18 Jan 10 8X Feb 30X June
87
87%
2X
19
44
17%
Jan
Jan
Jan
Jan
Jan
Jan
10
9
6
12
9
8
87
90
4%
19
46
18
Jan
Jan
Jan
Jan
Jan
Jan
10 97
6,200 4%
80,700
%
2,000 10%
100 12%
300 94
20 32%
70 104
100 7
80 12%
100 21
600 2%
20 48
1,000 26%
16,200 26%
9,200 47%
10 102%
12,800 9%
30 126
10 112%
30 6%
1,500 25%
450 4%
10 87%
10 65
200 40
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
997
8 5%
8 1
8 11%
6 12%
9 95
10 32%
6105
11 7
6 13
9 21
9 2%,
10 484
8 27
6 30%
6 51%
10 102%
8 10%
10 126
9112K
6 7
8; 26%
11; 64
10 87%
8 65
9 40
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10
1,000
1,490
10
220
1,200
101 48
111 65
12, 1
12, 10
8; 374
111 15%
!
9 74
10 4%
10
12, 9X
6,
8 64
10, 22
9, 9934
III 534
12, 556
9, 10X
X
9
12; 7
10 2336
11 24
11 45%
10 76
10; 634
10, 124X
9, 96
6 4
DI 23%
8' 234
10, 75
81 50
91 15
95
97%
7%
25
61
22%
Aug
Dec
June
May
Jan
Sept
Apr 96
Nov 5%
Dec 1%
Dec 10%
Nov
Nov
Dec
Dec
Mar
July
M
Jan
Ap
Oct
Jan 95
Apr 42
Nov 111%
Dec 94
Jan 20
Jan 32
Feb 9X
Feb 60
Nov 2636
Nov 454
Dec 6034
Apr 105
Dec 12
Sept 130X
Apr1204
Apr 184
Dec 31
Feb 15
Apr 904
Jan 75
Feb 57
Nov
Jan
Sept
Sept
June
July
July
July
Nov
Aug
Sept
Sept
Sept
Mar
June
July
Sept
May
Sept
Oct
July
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Jan. 12.
Maturity.
June 15 1934._
Mar. 15 1934—
Aug. 1 1935_
Aug. 1 1934.—
Dec. 15 1934_
Feb. 1 1938_
Dec. 15 1936--
Int.
Rate.
Bid.
(4% 992ta
(4% 1002n
114% 911.3,
214% 1000n
24% 10(Pn
266% 972.32
234% 99.2,2
Asked.
100
100,
n
99032
10071n
1000n
98
992on
Maturity.
Apr. 15
June 15
May 2
June 15
Apr. 15
Aug. 1
Sept. 15
1936—
1938___
1934._
1935_
1937_
MR —
1937._
Int.
Rate.
Bid.
6
236% 9931 ,
,
236% 97 .ii
10023
8
3%
101its
3%
3%
99.23:
3%% 100"as
ag% 9903:
Jan. 13 1934
Jan. 17 1934
Jan. 24 1931
Jan. 31 1934
Feb. 7 1934
Feb. 14 1934
Feb. NI 1934
Asked.
0.50%
0.50%
0.60%
0.60%
0.60%
0.60%
0.25%
0.25%
0.35%
0.35%
0.35%
0.35%
Bid.
Asked.
0.60%
0.75%
0 75%
.
0.75%
0.80%
0.80%
Feb. 28 1934
Mar. 7 1934
Mar. 21 1934
Mar. 28 1934
Apr. 4 1934
Apr. 11 1934
0.35%
0.45%
0.50%
0.50%
0.50%
0.55%
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.
zily Record of U. S. Bond Prices. Jan. 6 Jan.8 Jan. 9 Jan. 10 Jan. 11 Jan. 12
—
Flrst Liberty Loan
(High 100.132 1001.3s 10003: 100'n 100 32 100031
,
315% bonds of 1932-47_4Low. 100..3s 100.31 100 as 100"n 100 32 100032
,
,
[Close 100,,ti 10093, 100 3s 100.32 100 32 100101
,
(First 3(4*)
,
54
98
102
Total sales in $1,000 units_ _
.
86
203
100
Converted 4% bonds of(High
Total sales in $1,000 units...
Converted 4(4% bonds(High
of 1932-37 (First 4348)( 155w_
(Close
Total sales in 51,000 unUs___
Second converted 4%%(High
bonds of 1932-47 (First( Low_
Second 434s)
Total sates in $1,000 units__ .
High
F surth Liberty Loan
4 h % bonds of 1933-38— Low.
Clog.
(Fourth 4(s)
Total sales in $1,000 units__
1High
iurth Liberty I oan
4%% bonds (called).... Low_
Clo.e
Total sales in 51,000 units___
High
•casury
Low.
43Os 1947-52
Close
Total sates in $1,000 Inzln___
righ
Low_
4%s-3%8.1943-45
Close
Total sales in $1,000 units__
(High
(Low.
4..5. 1944-54
[Close
Total sales in $1,000 units_
1 High
3%s, 1946-56
Low_
Close
Total sales in 51,000 units.._
{High
3%s, 1943-47
Low.
Close
Total sales 171 $1,000 units __ _
(High
Is, 1951-55
(Low.
[Close
Total sales in $1,000 untts___
{111gh
Low_
115s, 1940-43
Close
Total sales in 51,000 units___
(111gh
{Low_
13Is, 1941-43
(Close
Total sales in $1,000 units....
1 11Igb
Low.
115s, 1946-49
(Close
Total sales in $1,000 units _ __
illigh
Low_
1%8, 1941
Close
Total sales in 51.000 units___
101173s 101012 101,432 1000 101"33 101 1232
101'.32 101032 1011032 10163: 101,2 1019:2
1011.32 101033 101032 101,
32 101032 101"at
11
73
44
142
117
48
----------------- -____
____
____
____
____
____
--101n32
1012232
1012732
243
100"32
1001.3s
1002132
15
1062.32
106"32
1061‘,,
276
99
98",,
98.1n
330
1032.32
103nn
103"a
385
1012232
101"32
101",,
175
992.32
99"32
99.31
340
952.2
942in
942732
72
992 in
.
991.32
992532
505
99"32
9911,2
99"tx
294
96 1532
96",,
96031
141
982,32
98"31
981632
638
--__
101"32
1012632
1012.32
141
100,132
100"32
100"32
11
105 32
,
1052.32
1060n
152
9819n
981033
981in
463
103.31
102iin
1020
:2
2120
101"32
101
101
613
99.2n
99
99931
379
942,si
943.2
941332
1090
992032
99.03
991622
15
9912as
99'n
994n
78
96.23
96
95t
813
98113,
98 31
,
0810n
908
____
1012632
10122
1012.as
72
1002'32
1001132
100"32
35
106
10512n
105D332
679
9810,2
98232
98'32
828
1022732
102‘332
102032
1333
101
1002232
10022,,
909
99.32
99
99
96
94.32
94in
94532
236
991132
99232
99432
547
992n
99
99
90
96032
952633
96
393
98.32
98 21
,
98532
357
___
101",
. )
1012232
1012232
93
100 h2
,
100"32
1001.32
33
1031232
1042 32
,
10425n
1103
982,,
97"at
972532
715
102"1,
101titi
1012132
2436
100032
100'32
100332
767
99
982.32
982,
32
113
932',2
931in
932.32
1303
99432
99
99
37
99
982.32
982in
162
0527,
95",,
951932
1111
98.32
972.32
9735,
1039
___
_ __
1012 32 1012..
,
10122as 1012,
32
1012732 1012224
103
53
101
100032
100"32 100"32
100113, 1000
32
37
32
1051232 1052532
1042132 1050at
1051.52 1052on
136
99
981232 98"at
07'',, 98032
9810,2 981h3
1023
656
10221a2 102031
1012132 102"32
102032 1022232
1316
228
100"as 1002532
100"32 1001.32
1001.32 1002on
747
143
982,32 99'n
982 32 982,
,
32
98293
992 t
81
120
94, 9-1'',,
931 3
.
943,
9421 s
94531
150
121
991112
99.as
982.32 99.3s
99532
991232
50
7
982132 995 s
98102, 98,022
98i n 99
,
367
104
9514, 9624
,
,
9.3.8,, 06,43
,
95243s 961532
46
163
98'',, 0t0'as
979722 981132
98032 980
32
226
139
Note.—Tho above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1
1
2
26
52
100.n to 100632 10 Trees 414s 1952_-_105..ss to 105"32
1st 3.1is
10 Treas 4%s 1934
100
to 100
98
lst 4s
to 98
101232 to 101.31 22 Trees 4s
1012622 to 102232
1st 41122
991232 to 99123:
4111414s (uncalled) _ _1011932 to 1012.32 1 Trees 3%,s 1940
4th 43Os (called) _ _ _ _1002732 to 10019as
-
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 5.0815155.00
for checks and 5.08%@5.09% for cables. Commercial on banks: Sight,
5.0734;60 days. 5.0734;90 days,5.07; and documents for payment,60 days,
5.08. Cotton for payment 5.08X.
To-day's (Friday's) actual rates for Paris bankers' francs were 6.11K@
6.13 for short. Amsterdam bankers' guilders were 62.70@62.89.
Exchange for Paris on London, 83.03; week's range, 83.52 francs high
and 83.03 francs low.
Checks.
Sterling Actual—
Cables.
High for the week
5.12(4
5.1234
Low for the week
5.07
5.07 %Ii
Paris Bankers' Francs—
6.15
High for the week
6.15=g
Low for the week
6.073-f
6.O73.
German Bankers' Marks—
37.39
High for the week
37.40
Low for the week
36.90
36.92
Amsterdam Bankers' Guilders—
63.19
High for the week
63.20
62.35
Low for the week
62.30
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 283.
A complete record of Curb Exchange transactions for the
week will be found on page 313.
Asked.
9923,,
98'n
10022u
101on
995032
1002 n
,
100
CURRENT NOTICES.
—Harold G. Brown, formerly associated with Grayson M.
-P. Murphy
& Co., has Joined the sales department of Hixson & Co. in their New York
Office.
—New York & Hanseatic Corp. announces the appointments of Dominic
W. Rich. Vice-President, and D. William O'Kolski, Assistant Treasurer.
295
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
11:47 FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Jan. 6.
$ per share
54
.55
.70
71
39
3912
2238 227
8
024
2478
393 393
4
4
96
96
*11
13
041
8 578
*38
5018
3212 3314
*81
83
Monday
Jan. 8.
1 'Tuesday
Jan. 9.
$ per share $ per share
5413 55 4 55
57
3
7014 7014 7018 71
4114
3912 393
4 40
2214 227
8
8 223 233
4
*24
2512 2412 2434
*3912 3904 3912 4012
*9614 9714 9712 9712
.11
1212 *11
1212
478 47
8
514 518
*3812 5018 *3812 5018
325*
3112 3212 32
*81
83
8218 8218
- il- fir4 "Hi -ifs; "iiC8 Wil
s
70
70
*70
75
070
75
050
7212 *50
721 *60
.
7712
3912 40
39% 4018 393 403
4
8
*15
8 212 015
8 3
*13
8 3
2
2
*17
8 2
17
8
17
8
3
3
3
3
*3
3i,
*6
63
4 *618 612
612 612
0414 412
414 43
8
43
8 425
718 7%
67
3 7
7
7%
63
4 67
8
63
4 7
7
73
8
"127 1418 *13
8
1418 *1314 143
8
3
3
3
312
3
3
*5
514
.5
514
512 512
4
4
4
4
4
418
*2634 30
*27
30
*20
30
*1818 23
*18
23
*IS
23
*1818 20
*18
20
*18
20
*214 .3
*214 3
0214 3
*3
414 *318 63
4 *318 63
4
.53
53
5312 5312 543 558
8
2212 23
23
233
8 223 237g
4
61s
6
6
614
6
*6
14
1414 137 137
8
8 143 15
8
16
16
*1514 16
1612 1612
*1013 13
41 105* 127
8 *73 13
8
187 187
8 183 19% 19
8
8
193
4
*5
5 4 *43
3
4 53
4 *5
53
4
*13 . 15
*123 15 .14
4
15
*3
8
11
*1. 134
*12
112
*712 814
7; 7 8 *738 9
5
5
2812 2914 283 297o 293 303
4
8
8
*35
40
*35
38
38
39
*4812 50
*483 50
4
50
50
18
1814 1712 1712 1712 18
1134 1213 1114 1214 113 12
8
*11
12
11
1118 11
1418
*14
171 *14
1612 17
1914
.1312 l38 13
1312 13
1318
4812 4884 49
4912 50
5114
287 287
8
25
28
8 287 287
8
8
16
1712 17
1712 1714 1712
*312 6
*37 11
a
*414 6
Cl,
Cl..
*12
58
''it
5
8
*112 17
*11
. 17
8 *1 1 2 17
8
*13
4 314
13
; 13
4 *I% 3%
*3 4 4
3
33
4 33
4 *33
8 31
8
8
8
8
• 8
83
8
4
*17
4 18
,2 184 .17, 183
18%
314 314
318 318
3
3 18
*43
8 45
8
412 43
8
412 5
*33
39
033
35
*33
35
*12
118
"8
1,
8
"r
1,
8
*3
8
5*
"8
3
3
8
*3
8
3
8
3112 3218 32
323
4 323 3314
8
*14
15
*14
15
15
15
*1658 173 *163 18
4
8
*17
1812
108 108
110 110
111 111
1414 1412 143 143
8
8 1412 1518
2312 2312 2312 2312 2334 2414
*8
838
8
8
8
8%
"13
4
17
8
134
134 *134
178
*114 I% *114 214 0114 214
*160 163
8
16138 1613 *161 163
2118 2114 2112 2178 2158 2214
*114 212 *114 212 *114 212
2912 30
2912 3014 293 3018
s
*23
8 4
*25
8 4
*212 4
"1614 1712 *1614 2412 *1614 19
"163 IS
4
*1512 18
18
18
'15
19
*14
22
*15
22
*1412 20
*1412 177 *1412 17
8
*4412 47
*4412 47
*4412 47
*3312 35
*3312 35
*3312 35
*29
33 .29
33
*2912 327
8
•712 97
8 *7
97
8 *7
95*
*214 212 *23
8 212
212 2%
234 23
4
234 23
4
23
4 234
*7
13
*5
13
*5
13
•13
35
*13
35
*13
35
1
l's
1
1
1
1
18
•114
134
114
13
4 *112 13
4
1812 1918 183 1914
4
1834 19%
2334 2414 2414 244 2438 2518
2734 273
2418 2804 283 2914
4
*25
381 *26
381 *25
381
*73
4 8
*714 8
*714 8
*118
11
*118
112
112
118
*6
81
*5
6
*45
8 918
112 113
11214 1133 113 1133
4
4
*713 741 *713 7412 .713 7412
4
4
4
*212 234
*212 23
212 212
*312 35*
312 33
8 *314 334
9
9
*83
4 9
9
918
*113 1212 *1112 1212 12
4
1212
314
*27
8 312 *27
8 3% 03
*413 47
8
45
8 478 *458 47
8
Wednesday
Jan. 10.
Thursday
Jan. 11.
Friday
Jan. 12.
$ per share $ per share $ per share
57
587
8 5812 60
583 605*
4
733
4 733 7412
711 2 71,
2 72
42
4212 4214 43
4114 42
2318 24
233 243
4
8 235* 2438
243 2514 255 257
4
8
8 2512 2614
4112
403 4112 4112 4112 41
4
*9712 98
98
98
98
98
"1114 13
11
*11
127
8 11
512 .512
55a 51
5% 512
5018 *39
*3312 5018 *39
5018
335
8 3318 3414
323 3313 33
8
*83
8512
83 83
83 83
STOCKS
NEW YORK STOCK
EXCHANGE
Shares.
43,400
2,800
4,400
23,400
2,200
1,700
130
100
1,800
Railroads
Pa,
Ateh Topeka & Santa Fe__I00
100
Preferred
Atlantic Coast Line RR_ 100
Baltimore de Ohio
100
Preferred
100
Bangor & Aroostook
50
Preferred
100
100
Boston & Maine
Brooklyn & Queens Tr_No par
Preferred
No par
Bklyn Manh Transit__ _No par
$6 preferred series A_No par
Brunswick Ter & Ry SeeNo pa•
Canadian Pacific
25
Caro Clinch & Ohio stpd__100
Central RR of New Jersey.
_100
Chesapeake & Ohio
25
Chic & East III Ry Co
100
6% preferred
100
100
Chicago Great Western
100
Preferred
Chic Milw St P dc Pac...No par
Preferred
100
Chicago de North Western_ 100
100
Preferred
Chicago Rock NI & Pacific _100
100
7% preferred
100
6% preferred
Colorado & Southern
100
100
4% 1st preferred
100
4% 2d preferred
Consol RR of Cuba pref___100
100
Cuba RR 6% pref
100
Delaware & Hudson
Delaware Lack & Western_50
Deny & Rio Or West pre 1()0
100
Erie
100
First preferred
100
Second preferred
100
Great Northern pref
Gulf Mobile dc Northern 100
100
Preferred
Havana Electric Ry Co No pa
100
Hudson & Manhattan
100
Illinois Central
100
6% pref series A
100
Lease 1 lines
RR Sec ells series A._100i
v t 0.100
Interboro Rapid Tran
100
Kansas City Southern
100
Preferred
50
Lehigh Valley
Louisville & Nashville ____100
Manhattan Ry 7% guar_ _100
Manh Ry Co mod 5% guar.I00
Market St Ry prior pref___100
Minneapolis & St Louls___100
Minn St Paul & SS Marfe_100
100
7% preferred
100
4% leased line ells
Mo-Kan-Texas RII____No par
100
Preferred series A
100
Missouri Pacific
100
Cony preferred
Nashville Chatt & St Louis 100
Nat Rys of Mex let 4% pf _100
100
2d preferred
100
New York Central
N Y Chic he St Louis Co..100
100
Preferred series A
50
N Y de Harlem
100
NY N H & Hartford
100
Cony preferred
NY Ontario & Western_ WO
No par
NY Railways pref
100
Norfolk Southern
100
Norfolk & Western
Northern Pacific
100
Pacific Coast
100
Pennsylvanla
50
Peoria de Eastern
100
Pere Marquette
100
10
Prior preferred
Preferred
100
Pittsburgh & West Virginia 100
50
Reading
1st preferred
10
50
28 preferred
tOO
Rutland RR 7% prof
St Louis-San Francisco
100
100
lst preferred
St Louts Southwestern
100
Preferred
100
No par
Seaboard Air Line
75
*70
75
*70
75
7212 *60
7212 *60
72 2
,
403
8 4014 40% 4014 405*
*175 3
3
*15
8 3
2
2
2
2
2
3
318
318
318
318
718
7
67
8
718
7'e
47
8
45
4%
43
4 47a
72
4
8
75
8 73
77
78
3
73
73
8
714 712
7
15
1412 1412 15
157
8
3
33
8
8
3 8 312 *318 33
3
*5
0514 512
512
514 57
414 414
414 414
414 412
29
31
313 3I13 3112 3113
8
*18
23
2312 2312
227 23
8
*18
20
20
20
*18
20
*214 3
*214 3
*214
3
4 *318 684
*3% 64 .318 63
553 57
8
5612 573
4 5612 571
2312 2438 24
245
8 2418 243
63
6
4 634
618 612
6
143 1514 1514 1513 15
4
15
163 17,
4
4
1778 1814
18
18
*115 137
8
1218 12's
12
12
s
1914 2013 2014 215
2114
8 20
57
8 6
614 614
7
7
*1412 16
1614 17
15
16
*12 11
*12 11
*12 112
913
814 914
914
9
9
30
3018 3012 3114 3014 313
8
*37
42
*3712 42
37
3812
049
52
*49
55
51
51
1814
*1712 1812. *1714 1812 18
12
123
8 12
8
1234 117 12%
15
1512
16
153 1618 15
4
1912
19
193
4 1912 191 *18
133 1412 143 143
8
1418 1414
8
.5112 5214
52
51
5114 51
*2118 2812 23
*2314 283
4
23
1712 18
4
18
8
183
8 183 193
*312 5
*312 5
*312 5
Cl..
5
8
*12
5
8
12
12
"112 2
*112 2
0112 17
a
*112 3
*134 3
*17
8 3
31. 33
4
334 37
35* 4
1018
91; 1014 10
814 104
1812 203
3
8 20
2012 1912 19 4
314 314
314 334
325 334
47
5
5 14 *5
8 518
514
38
*35
38 .35
35
35
03
"8 118
"4
118
4
1,
8
a
3
8
%
*3
%
•3
8
*3a
3318 343
8 337 313
8
8
8
4 335 345
15
15
153 16
4
1512 1512
173 19
4
1834 19
1834 19
112 112 *110 116
112 112
15
1534 155* 1614 155 1618
8
24
257
8 257 263
8
4 26
2634
814 83
8
812 83
812 83
4
4
13
4 13
4 *13
4
17
8 *134
17
*114
13
4 *114
13
4 *114
13
4
162 162
8
162 162 *1615 1643
4
22
227
8 225 233
8
8 2212 2318
2
*114 21: *114
*114 2
293 305* 3018 3114 31
4
313
4
*27
8 4
.28 4
5
*2% 4
1612 1612 1712 18
173 18
4
20
*19
21
*18
19
1912
1612 1612 *18
20
*18
20
*1512 17
16
16
17
17
246
46
4614 4712 4814 4913
*32
35
032
35
*32
35
•29,41 3014 29% 2918 3012 3012
*8
912
9
9
912 91
212
212 .212 25*
212 25*
27
; 27
, 27
8 27
8
23
8 25*
*714 13
*9
13
*9
13
*13
35 .13
35
*13
35
1
1
1a
114
114
1
114
s
•113
13
4
13
4
13
*13
4 2
19% 205* 20% 203
4 20
2O7s
25
257
8 2514 263
8 255 2618
8
29
297g 2914 3014 2914 30
381 "25
3812 *25
*25
3812
73
4 73
814
*718 8
8
13
8
11
"112 2
*112 2
*6
918 *6
83
4
6
6
113 11414 113 115
114 11412
"72
7412 .72
74
72
4214
2% 23
.23
8
8 212
25
8 23
4
355 334
33
4 4
37
8 37
3
918 918
914 97
8
912 93
4
*12
13
*12
13
*12
13
*214 318 *318 314
314 314
47
5
518 514
514 522
*30
37
*30
37
*30
37 .30
37
*32
39 .32
40
65
8 63
4
63
4 63
4
63
8 7
63
4 73
8
718 7 8
3
718 73
8
*6812 ____ *6812
.68
_. __ .681 ____ •6812 --- • , .
68 2
Lowest.
13,300
1,100
Preferred
100
46,900 Southern Pacific Co
100
21,300 Southern Railway
100
5,200
Preferred
100
Mobile & Ohio etk tr ctfs 100
300 Third Avenue
100
400 Twin City Rapid Trans No par
20 Preferred
100
4,700 Union Pacific
100
200
Preferred
100
SOO Wabash
100
1,000
Preferred A
100
3,200 Western Maryland
100
200
2d preferred
100
100 Western Pacific
100
1.700
Preferred
100
$ Per share
343 Feb 25
8
50 Apr 3
1612 Feb 25
814 Feb 27
912 Apr 5
20 Jan 5
683 Jan 4
8
6 Apr 19
312 Mar 29
4
353 Apr 19
213 Feb 25
4
64 Mar 2
12 Jan 11
712 Apr 3
5014 Apr 4
33 Apr 4
24% Feb 28
12 Apr 18
12 Apr 5
13 Apr 6
8
212 Apr 5
1 Apr 6
112 Feb 28
114 Apr 5
2 Apr 5
2 Apr 5
312 Apr 10
27 Apr 11
8
1514 Feb 24
1212 Apr 10
10 Mar 2
114 Feb 24
212 Jan 6
375 Feb 25
8
171.1 Feb 25
2 Feb 28
3
3 4 Apr 4
412 Apr 4
212 Apr 4
45* Apr 5
4
13 Mar 31
212:Mar 31
38 Dee 26
612July 21
812 Apr 5
16 Mar 31
31 Mar 3
412 Apr 18
418 Feb 27
612 Feb 27
z12 Mar 31
85 Feb 24
8
2114 Jan 3
12 Mar 16
6 Jan 3
17 Mar 3
8
18 Jan 23
12 Mar 20
4
3 Apr 11
212 Dec 27
5 4 Jan 3
3
1112 Jan 3
118 Apr 1
15 Apr 1
8
13 Jan 5
144 Mar 16
18 Jan 3
14 Feb 25
218 Jan 25
23 Apr 11
8
100 Mar 31
1118 Feb 27
18 Apr 4
712 Dec 26
18 Mar 15
12 Apr 4
11112 Mar 2
9% Apr 5
1 Jan 25
133 Jan 3
4
% Feb 17
37 Mar 3
8
6 Jan 3
412 Feb 28
612 Apr 19
2312 Apr 5
25 Apr 25
2312 Mar 31
6 Jan 6
7 Jan 30
8
1 Apr 17
514 Mar 15
12 June 7
14 Jan 3
13Mar25
1118 Feb 25
418 Mar 2
5 8 Jan 3
7
8 Jan 5
418 Feb 25
3 Dec 20
412 Dec 8
6114 Apr 5
58 Apr 6
112 Jan 4
1111 Apr 6
4 Feb 27
5% Jan 12
1 Apr22
8
17 Mar 2
Industrial & Miscellaneous
Abraham dr Straus
Vo par
7,300 Adams Express
Vo pa,
Preferred
100
1318 Feb 23
3 Feb 28
39 Apr 11
14,700
300
-i&r8 Iii -i&i2 IS371 -1.:178 Ii3- - 1555
8 5
*71
*60
3925
.15
8
2
3
6%
414
734
7
14
20
14,200
600
600
700
3,400
14,300
10,600
2,400
2,600
600
1,000
210
40
20
8,000
28,700
1,700
4,400
1,600
200
20,200
700
800
3,200
17,600
700
30
280
6,500
9,800
1.500
5.400
3,300
280
12,100
100
100
270
15,900
4,100
2,600
3,100
10
91,900
1,100
1,400
60
17,900
7,400
1,500
200
300
7,400
40,600
800
400
100
200
600
300
200
1.000
1.700
•Bid and asked prices no sales on this day. a Optional ,ale. c Cash sale. s Sold 15 days
PER SHARE
Range for Year 1933.
On Oasts of 100
-share kat.
Sales
for
the
Week.
z Ex-dividend.
y Ex-rights.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share 3 per share 3 per share
80'8July 7
17% June 94
Jan
35 July 86
7934June 3
Jan
59 July 19
93 May 44 Sept
4
377 July7
5
33 June 213 Jan
4
3914July 7
6 June 41 12 Jan
413 Dec 28
4
912 June 353 Aug
4
110 Aug 30
50 June 91 Sept
4 July
30 July 1
1934 Sept
93 July 8
2% July
1014 Mar
60's July18
2314 June 54 Mar
4114July 12
1118 June 5014 Mar
8312June 13
8
3112 June 783 Mar
414 July10
12 Apr
218 Aug
20% July 7
8
714 May 205 Mar
7912July 19
39 July
70 Feb
122 July 6
25 June 101 Sept
4914 Aug 29
934 July
3112 Jan
8 July 10
12 July
33 Aug
4
12 May
812July 10
5 Aug
53 Aug
7's July 8
114 June
l47 July 6
212 May
1512 Jan
4July 19
113
3 June
4
412 Aug
118 May
1814 July 20
8 Aug
16 July 7
2 May
14,2 Aug
4 Dec 31
343
4July 6
Jan
8
112 May
163 Jan
i0'8 July 7
1912 July 7
314 Dec 271 2 Jan
2 May 2412 Jan
15 July 7
412 June 2912 Sept
51 July 13
423 July 19
8 Mar 30 Sept
5 Mar 18 Sept
30 July 21
1112 Jan
1
Dec
8June 12
105
218 Dec 20 Aug
16 June 7
9384 July7
32 July 9212 Sept
812 June 457 Sept
46 July 6
4
193 July 19
4
112 May
Jan
9
1134 Sept
2 May
253
4July 20
157 Aug
8
25 May
8
2912July 5
2314 July 19
2 May
1012 Aug
25
Jan
3334July 7
512 May
1112July 7
2 May
10 Send
2313 July 19
1512 Sept
212 Dec
8
14 Oct
23
4June 8
15 Oct
3034 Jan
8 May
19 June 13
43 June 247 Sept
4
5034July 20
8
918 July
6018July 20
38 Sept
60 July 19
1518 June 45 Aug
4 May
34 July 19
1412 Jan
8
214 June 145 Mat
133 Dec 29
4
214 June
247
8July 18
1514 Sept
5 June 2514 Sept
3414July 19
273
4July 6
5 June 2914 Sea:
712 May
6712July 18
3814 Sept
8
9 Sept463 Mar
28 Oct 11
4 June 2034 Mar
20 Oct 11
Jan
218 Dec
8 June 9
9
214July 7
3 Aug
8
18 Jan
57 July8
43 Sept
8
12 Dec
8 may
4
6 Sept
812July 3
5 Dec 2012 Sept
1412July 8
114 May
13 Sept
17's July 7
314 June 24 Sept
3714July 7
11
Jan
112 May
104 July8
26
Jan
212 May
15'4 July7
57 July 7
712 May
307 SeP1
3
7 Sept
8
14 May
312June 27
18 Feb% Sept
13
8June 8
834Jun
5812July 7
365* Jar
275 Aug 28
8
112 May
93 Sel:11
4
153 Jar
8
2 Jun
3414July 20
8214 May 12712 Atli
4June 13
1583
6 May 31% Jar
347
8July 19
783 Jar
4
11% Jul
56 July 6
153 Sept
4
15 July 7
35* July
18 Dec1 Fet
312July 7
8
47 July10
14 Dec3 Sep
57 June 135 Sep
177 July 7
25% Sep
512 May
347
8July 7
1 Mar
7 July 11
312 Sep
4214 July 7
233 la
3
612Jun
7 May
8
9 July 11
514 Sep
18 Au
13
4June
37 July 13
312 June 26 Au
4412July 7
212 June 24 Au
3812July 7
6 Dec 2112 Au
4July 7
353
6212July 6
912 June 5214 Sep
Jat
15 July
38 July 12
33
15 May
37 July 6
38 Set/
1412 Sep
3 May
1812July 3
8
5 May
8
91i3July 7
63 Jai
1 May
934 Jar
914 July 8
3 May
22 July 14
13% Selo
85 Dec 2012 Jai
8
8July 18
263
is Jan
3 July 7
1 Sep
473 July 7
13 Sep
8
14 Jan
6'sJune 375 Jai
3834July 7
212 May
36 July 19
183 Sep
3 July
49 July 17
233 Sep
4
312 June 25 Fel
40'4 July10
14 Ma
37 May
8
1218June 3
4June 8
1 18 Dec
412 Jun
43
15 June 8
7 June 2412 Jai
132 July 7
273 July 9412 Fe]
3
40 May
7512July 12
713 Atli
8
712July 10
414 Au,
7
oJune
97 July7
1 June
6 la
16 July 13
112 May
113 Sep
8
1912July 7
2 May
11, Sep
4
912 July 3
12 June
43 Au
4
16 July 8
87 Au
8
3 May
4
4012July 20
1314 July7
71 June 20
Jun
13 May
8
22 June
8
245 Au
912 Sep
73 Sep
New York Stock Record-Continued-Page 2
296
iar
-PER SHARE, NOT PER CENT.
HIGH AND 1 OTV SALE PRICES
Saturday
Jan. 6.
Jan. 13 1934
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
Monday
Jan. 8.
Tuesday
Jan. 9.
Wednesday
Jan. 10.
Thursday
Jan. 11.
Friday
Jan. 12.
5 per share 5 per share $ per share $ per share $ per share $ per share
17
8
1612 1612 1612 1612 163 163
8 1612 17
1678 17
77
77o
77
8
77
74 8
3
8
*73
4 8
77g 8
512 512 *5
53
4 *5
53
4
512 512
512 512 *512 53
4
*614 67
612 65
*65
8 *6% 7
8 7
*6 8 612
,
*65
8 6%
9614 97
9513 963
96
4 9612 978 977 0812 98
97
9912
8 2
214
*17
8 214 *17
8 214 *2
8 214 *17
2
2
*17
2134 2218 2134 22
215 22
8
2112 22
r2114 213
4 2114 22
57
*5
57
*5
*5
5% .5
58 *5
58 .5
58
314 314
313 314
3% 314
3% 3%
338 33
314 312
*6
612
*57
57
6
612
612 63
4
7
714
712 713
*512 612 *512 614 .512 6% *512 614
614 614 *612 63
4
514
514
512 512 *512 6
*55
8 6
6
6
614 614
*1714 20
*1714 20
*16
*1714 20
20
*1714 20
*1714 20
145 146
144 146
146 1463 x146 14812 14612 14812 14612 148
4
•123 126 *122 126 *123 126 *123 126
12412 12412 *12312 12414
1634 168 1612 17
163 17
4
1714 1812 1734 1814 173 1812
4
14
*127 14
14
8
*1234 14
1418 1418 143 143
15
4
4 14
5
*3 8 4% *3 8 4
5
4 4
*358 418 033
*3 4 4
3
*33
4 4
25
268 *23
25 *23
267 *23
267 *23
267 *23
8
268
4218 4214 4213 43
43
42
4314 44
43
43
4312 x43
2638 26% 274
26
2514 2514 2514 26
4 275 28
8
27
2712
•1412 15
4 15
1512 143 143
1514 1514 1514
4
*15
151 1518
*3712 4018 *3713 4018 *373 4058 *373 40% *373 40% *373 4018
4
4
4
4
*73
4 8
.753 812
7 4 7 4 *73
4
712 8
4 8
3
8
8
47
49
47
47
*47
*461, 49
47
*4712 4912 48
48
2912 30
4 2913 2912 *2814 29
4
*2814 2812 283 29
2912 293
*9412 97
*9412 97
96 96
*9412 97
96
97
89413 97
4
9418 943
4 9518 967
4 9418 9512 943 953
8 9612 9714 96
97
12612 12612 128 128 *128 134 *12812 134
131 131 *129 1335
2314 2312 2314 233
237 25
4 23 8 24
8
,
2412 2514 24
245
4
3858 393 *3814 39
*38
3914 3914 39
39
393
4 3812 39
*7
658 65
738 *634 75
63
4 63
4 65
4
612 612 *53
8
8
*21
*21
2312 21
25
213
4 2012 21
2114 2114 2014 21
8
*467 4714 *467 4714 4714 4714 47 47
*455 4612 4614 47
8
8
*214 314 *214 314 *214 314 *214 314 *214 314 *214 314
4 543 553
8
8 55 8 5718 5612 595
553
3
5313 53
52
8 5814 607
8
4 234
212 2 4
238 212
3
2 4 234
3
23
214 314 *23
4 314
*57
612 612 *614 67
658
8 *63
8 7
*714 77
8 *718 712
3
77
74 8
8
8
7 4 818
3
87
8
83
8 9
812 8 8
7
*1612 173 *1612 17
181 19
1714 19
17
17
4
19
195
8
*1018 1118 1018 1018 1014 1014
11
8 1214 1214
1218 1113 123
14 1214 13
1412 1413 138 15
*12
13 8 12% 12
7
145 1458
*1718 177
4
4 173 174 174 178 1.8% 187
4
8 1712 1712 173 173
8
*64
4 712 *63
4 73
4 *63
4 712 *58 7'2 *712 75
7
8
71.1 714
30
.30
*29
3112 30% 30% *28
3212 *3114 34
3213 3212
8
2614 2614 *26
2712 263 2612 2612 2634 2634 267 227
8
27
6% 614
612 613
612 65
612 612
8
63
4 67
67
8 67
8
36
36
*3418 36
3614 3614 3514 36
*3414 36
36
36
64 64
612 68
67
8 67
8
67
8 714
714
758
75
8 8
*7, 1
3
4
%
7
8
78
7
8
%
3
4
3
3
*3
4 1
*23
4 4
*23
4 4
*23
4 4
3
*23
4 4
.2 4 4
*23
4 4
*2614 2612 2714 2714 2718 2712 2638 2712 2712 2818 2814 2812
50
50
*48
50
50
50
50
5012 *5012 517 *50
52
13
1314 138 138 14
13
1414 137 1458 143 1458
13
s
*312 4
314 3% *312 4
.312 4
*312 4
*313 4
8 1814 18% 1814 1858 1814 19
8
1818 1812 183 185
18% 1812
76
75% •73
*73
75
*73
7558 *73
*73
74
7312 73%
2112 233
4 223 23
22
4
22
23
23
*2212 24
*203 21%
4
618 618
58 6
7
6
618
6
8
63
4
7
7
7 12
73
1413 1412 1438 16
1458
14
133 14
4
8 17
1814
1638 173
13
13
13
127 1278 13
8
127 143
8
8 1412 1512 143 16%
4
1434 1414 1434 1458 15
8
137 1414 137 1438 14
143 15
1814 183
4
1712 is12 1758 18% 18 1838 1818 1878 1812 19
*34
*3512 37
38
*36
*35
37
38
*38
39
38
30
314 .358 314
314 314
*3
312 312 *3% 418
358 *3
*1
118
1
1
I%
1
118 1%
118
114
118
114
2012 21
21
20
2114 21
•20
21
8
2114 2114 2213 217
8
4278 4214 4358 42
43 8 4214 44
7
4214 4314 42
4214 433
4
*9812 102 *100 101
10013 10118 10012 10112 *99 102
100 100
72
72
72
72
*67
*7214 73 .6912 75
72
74
72
4 49l 50
4
*4812 492 484 484 493 493
50 50
5014 5014
___ *108
__ *108
__ *10812
__ .108
*10612. _ *106%
*1914 f958 20 - 2
014 194 -20
2
012 /058 2014 - 2012
2058 194 7 *70% 747 *70 4 747
*7014 747 .7012 74
73 4 74
3
8
•7018 73
8
3
38
.38
387 038
38% 3812 38
8
38
38
387
8 383 39
4
*473 49
8 4712 48
8
3
4814 475 475
47
4812 4958 4958 495
8
1043 1043 105 105 *104 106
4
*103 1057 *1033 105 *10418 105
4
8
4
16
*1514 16
16
*1512 16
*1512 16
16
16
*153 1614
4
8
4
8
10812 109% 109 1107 10913 1127 1127 1163 1143 11618 114 115
4
6912 694 697
6512 65 4 68
6712 70
8 6914 70
3
6514 66
711, 704 713
71
4 6912 71
6718 6814 67
6812 7058 72
11114 11114 111 112
109 111 *11118 115
*108 109 .10814 109
*412 5
*412 .5
*412 .5
*412 5
*412 5
*412 5
4
814 84
8
814 83
814 814
8
85
8 9
7
34 814
1713 173 19
1918 2012 1938 2058
164 1712 17
4
163 17
4
- - ---- - - ----- ---- - - --- ---- -34
-•io -Eil2 05o12 1512 5512 552 *50 -5712 5512 57.12 5712 -57
1112 1214 12% 127
8 1112 1112 1138 121
8
113 1218 113 113
4
6614 6918
8 6234 6412 6412 6558 658 67
6214 633
*6214 63
113
114
114
2
112 14
3
*118
1-58 *Ds 112 *118
9
7
7
*55
514 512 *514 52
514 514 *512 7
513 538
8 52
*514 512
*514 5 4 *514 51
3
538 5% *53
*37
3812 *37
38
373 *37
*37
4
33 •37
375 *37
38
8
137 1414 1312 14
13% j414 134 14%
133 14
4
1312 14
*8
1018 *912 104
912 91
914 914
*914 1018 *8
938
*18
19
183 19
19
4
•18
1818 *18
1912 18
184 19
*8312 8812 8812 881 *8312 8812 *8312 881 •8514 8812 *8312 8812
77
77
.6
73
4 *6
*6
77
73
4
.6
*6
73
4 *6
2612 2612 2612 2613 2614 2614 2614 2612 2612 2612 2612 2612
4
•110 112 *110 112 .110 112 *110 1113 1113 112 *110 112
77
78
77
8018
77
7712 77
4 77
7612 764 763
*76
514
47
412, 458
438 45
51s
412 458
5
458 43
4
212 25
8
8
23
212
23
8 212
214 2%
212 25
8
238 23
5612 5512 5714 .5612 575
59 8 573 59
5
8 58
4
5558 5612 56
411
4
414
*4
35
8 4
*33
4 4
*312 4
*33
4 4
57
8
414 43
5
*4% 412
8
45
8 6
414 43
458 43
1
114
15
8
13
•114
112.
114
112 *114
114 *114
*114
12
123
1212 1212 1113 II% 12
4 12
4
*1112 113
12
•11
60
*50
56
567 68
58
s
*5218 .56% 5212 5213 55
58
58
*4612 51
*48
51
53
51
*45
*45
58
53
*47
34
*27
*2612 34
*2612 34
*2612 34
*2612 34
34
*27
4112
*12
15
15
*12
15
14 .1212 18
15
*12
14
25 8 *20
*20
5
25
25 8 *20
,
255 •20
*20
8
25
2558 *20
2838 2812 2814 2812 2812 287
285 29% 29
293
8
4 2812 2918
3712 377
*3612 3714 3.514 351 1 3538 35's 3638 363
8
38
8 37
7
86
90
8312 8312 83
83
*82
8518 8518 *82
*84
90
10
*10
10
10
812 012
1012 10
10
912 912
10
5012
473 5012 4813 507
4 49
4
8 483 503
.5034 5112 49% 52
4
718 9
7
.612 714 *612 712 *638 738 *612 758
7
758 77
4 818
8
/ 77
1
4
7
/ 7
1
4
8
73
4 8
/
1
4
731 8
73
7
1114 1114 1112 113s 115
1118 1118 11
1114 11
,
8 1114 11 8
*35% 3712
35
35
36
36
36
36
37
3712 36
*34
*8612 8812 8612 8612 *8612 8812 .87
8812 *061z 8812
*8613 91
312 312
35
3% 312
314
318 3%
5'2 358
'2
*3% 3
1812
18
18
18
*1714 18 .1618 1713 16% 1618 •17
*17
3
77
734 77
814
734 77
8
74 8
8
77
8
814
30
2812 2812 '2812 30
*2714 2912
*2714 293 .27
30
29
9212
9212 *89
9212 *89
9212 *89
9212 .89
9212 .89
*89
1012 1012 1012 1013 105 107
1118
8 11
8
1038 104 *108 11
18
8
*577 6313 .5773 6312 *577 6313 *577 6312 *597 6312 597 60
*5918 65
*60
65
62
62
65 .60
*60
*60
65
*60
9% 918
91 1 93
918 914
8
918 91 4
912 912
938 9'2
.941s 9512 0512 9512 *943 9612 952 9513 *9514 97
4
*93 104
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
shares
1,300
1,262
400
400
5,100
200
16,500
Indus. & Miscell. (Con.) Par
Adams Millis
No par
Address Multigr Corp No par
Advance Rumely
No par
Affiliated Products lne _No par
Air Reduction Inc
No par
Alr Way Elec Appliance No par
Alaska Juneau Gold Min_ _10
A P W Paper Co
No par
Alleghany Corp
No par
Fret A with $30 warr___100
Fret A with $40 warr___100
Pre! A without wart_ _100
Allegheny Steel Co
No par
Allied Chemical & Dye_No par
Preferred
100
Allis-Chalmers Mtg __..No par
Alpha Portland Cement No par
Amalgam Leather Co__No par
7% preferred
100
Amerada Corp
No par
Amer Agric Chem (Del) No par
American Bank Note
10
Preferred
50
American Beet Sugar__No par
7% preferred
•
100
Am Brake Shoe & Fdy _No par
Preferred
100
American Can
25
Preferred
100
American Car & Fdy.__No par
.
100
Preferred
No par
American Chain
100
7% preferred
No par
American Chicle
10
Amer Colortype Co
A112 Conlael Alcohol Corp 20
Amer Encaustic Ttling_No par
Amer European See's__No par
Amer & For'n Power_ __No par
Preferred
No par
2nd preferred
NO par
No pa
$6 preferred
Amer Hawaiian S S Co____1
Amer Hide & Leather_No pai
100
Preferred
Amer Home Produets_No par
No par
American Ice
100
6% non-corn prof
Amer Internal C,orp___No par
Am L France & Foamite NO par
Preferred
100
American Locornotive_No pa
Preferred
100
Amer Mach & Fdry Co_No OC
Amer Mach & Metals_No par
Amer Metal Co Ltd___No pa
6% cony preferred
100
Amer News Co Ino____No pa
Amer Power & Light_No par
36 preferred
No pa
$5 preferred
No par
Am Had & Stand Sony No par
American Rolling Mill
25
American Safety Razor No par
American Seating v t o_No par
Amer Ship & Comm___No par
Amer Shipbuilding Co_No par
Amer Smelting & Refg_No par
100
Preferred
2nd preferred 6% cum_ _100
American Snuff
25
100
Preferred
Amer Steel Foundries__No par
100
Preferred
No par
American Stores
100
Amer Sugar Refining
100
Preferred
Am Sumatra Tobacco_No par
100
Amer Telep & Teleg
25
American Tobacco
25
Common class B
100
Preferred
Am Type Founders__ _ _No par
100
Preferred
Am Water Wks & Eleo_No par
Common vet tr ctLs_No par
No par
1st preferred
American Woolon___No par
6,100
2,300
100
500
6,300
100
10,700
900
100
1,700
4,800
1.800
1,300
90
000
110
16,300
400
5,000
1,100
400
600
900
55,500
1,500
100
32,900
2,500
2,800
2,000
2,100
100
200
2,200
2,800
500
7,600
600
2,700
500
4,000
100
6,000
200
320
18.600
6.900
8.300
37,900
14,900
100
300
1,600
210
25,700
1,500
400
900
_ _
.
2,700
30
600
2,200
200
800
47,500
3,100
21,400
600
Lowes..
290
32,000
___
600
7,000
9,600
100
Preferred
6,300 Am Writing Paper ctfs_No par
320
Preferred certificates No par
600 Amer Zhic Lead & Smelt ___ I
25
Preferred
26,100 Anaconda Copper Mining_50
200 Anaconda Wire & CableNo par
600 Anchor Cap
No par
20
$6.50 cony preferred_No par
Andes Copper MInIng No par
1,000 Archer Daniels Miell'd.No par
20
100
7% preferred
1,700 Armour & Co (Del) prof 100
31.3013 Armour of Illinois class A__25
9.500
25
C11188 B
11,400
100
Preferred
1,100 Arnold Constable Corp_No par
880 Artloom Corp
No par
300 Associated Apparel Ind No par
1,900 Associated Dry Goods
I
1,100
6% 1st preferred
100
100
7% 2d preferred
100
25
Associated Oil
100 At 0 & W 1 SS Lines_No par
100
Preferred
10.500 Atlantic Refining
25
1,400 Atlas Powder
No par
30
100
Preferred
No par
1,600 Atlas Tack Corp
32,900 Auburn Automobile__ No par
8,800 Austin Nichols
No par
26,300 Aviation Corp of Del (The)._5
11.800 Baldwin Loco Works No par
600
Preferred
100
20 Bamberger (L) & Co pref._ 1110
190 Barker Brothers
No par
50
6 ti% cony preferred_ _ __100
8,200 Barnsdall Corp
5
300 13ayuk Cigars Inc
No pa
1st preferred
100
1,500 Beatrice Creamery
50
Preferred
100
200
Beech-Nut Packing Co
20
1,300 Belding Heminway Co_No par
500 Belgian Nat Rys part pref___
•Bid and asked prices, no ,ale* on this day. a Optional sale. z Ex-dividend. a Ex-rights. e Cash sale.
PER SHARE
Range for Year 1933.
On basis of 100
-share lots.
Highes,
.
PER SHARE
Range for Previous
Year 1932.
LOW011.
Highest.
$ Per share 5 per share $ per share
215 July 12
12 June 303 Mar
812 Dec 14 Sept
1212June 19
93g July7
47 Aug
114 June
1134May 1
414 May 1612 Mar
112 Sept 25
30% July 6312 Sept
12 June
4 May 23
312 Sept
33 Aug 29
8
7 4 June 165 Jan
3
95g July 13
4 Mar
% Dec
814 July7
38 May
3 8 Sept
5
34 May
814 Sept
217 July7
8
21 July 7
3 June
8
8 Sept
3 June
4
20 July 7
8 Sept
5 May
26 July 19
15 Sept
152 Dec 14
4212 June 8814 Sept
125 Oct 26
9613 Apr 120 Dec
28s July 8
4 June 1558 Sept
24 July 17
10
Jan
412 July
9'* July19
218 Sept
14 Apr
40 July 19
4 Dec 10 Mar
12 Jan 223 Sept
4758 Nov 17
4
312 June 1512 Sept
35 July 18
5 May 22% Sept
28'2 July 13
28 June 47 Feb
497
8Juise 2
4July 18
163
27 Aug
8
14 Apr
1
Apr
64 Sept 22
93 Aug
4
612 June 177 Sept
8
4212July 7
40 July 90 Feb
108 Aug 1
295 June 737 Mar
10012 Dec 5
8
134 July 19
9312 June 129 Mar
3934 July 17
17 Sept
318 June
15 Dec 50 Aug
593
4July 3
17 AP
14 July 11
714 Sept
Jan
7 June 26
3112July 18
514 July7
18 June 38 Nov
618June 7
814 Sept
2 July
11 May
897
8July 18
27 Sept
6 June 20
5 Jan
31 Dec
13 July 3
4
23 Apr 153 Sept
4
1958June 12
2 May
15 Sept
5 May
8June 13
447
3812 Jan
23 May
2714June 12
4
2114 Aug
38 June 33 Jan
353
8June 13
3 May
2112July 17
613 Aug
16 June 6
1 May
67 Sept
47 May 27 Sept
5712June 13
25 Juue 513 Mar
4212May 31
33 Dec215 Mar
1712June 20
35 Dec68 Mar
8June 20
577
213 Juno 12 Sept
1518July 3
312June 28
14 Jan
114 Aug
1 July
12 June 28
414 Aug
39%July 3
35 July
8
1514 Aug
1718 Dec 49 Sept
63 July 7
713 June 2214 Jan
2238 July 3
1 June
33 Mar
4
6 June 2
112 June
2358July 18
914 Aug
8
612 June 32 Aug
757 Nov 15
14 July 33
Jan
3012 July 8
3 June
8July 13
1714.Sept
197
1514 June 58
Jan
4118July 17
10 July
493 Jan
4
35 July 13
124 Sept
318 June
19 July 7
3 May
31%July 11
1813 Sept
133 June 129 Mar
4July 13
473
'4
31 June
718 July 13
3 4 Sept
3
18 Apr
412June 20
7 Sept
8
10 June 25% Jan
4June 19
363
518 May 2714 Sept
5312Sept 10
22 Juno 85 Jan
9913 Dec 30
73 July 6
15 July 55 Feb
213 June 3613 Aug
4
5114Sept 0
112 July 25
90
Jan 106 Sept
3 May
27 July 7
1518 Sept
34 July 80 Feb
85 July 10
477 July 7
4
20 May 363 Mar
13 June 3914 Jan
74 July 13
45 May 90 Aug
11214 July 15
28 Apr 10% Aug
26 July 18
694 July 1373 Feb
1344July 13
8
90s July 1
4012 June 864 Mar
44 June 893 Mar
4July 7
943
4
9514 June 11813 Oct
120 July 18
25 July 5
4 June 25 Jan
8July 18
377
10% July 70
Jan
4314 July 13
11 May 3412 Mar
11 May
8June 12
357
31 Mar
26 June 75
80 June 13
Jan
17 July 5
1 May
10 Sept
1512 Jan 397 Sept
8
225 Feb 16 6712 Del 15
418June 27
28 Feb 8
14 May
214 Aug
2 July
4July 8
34 Feb 17 143
8 Aug
114 May
8July 10
214 Feb 28 107
6% Sept
10 June 35 Aug
20 Feb 24 66 July 17
3 June 193 Sept
8July 19
5 Feb 28 227
8
3 AlIr
4% Jan 6 1512June 8
15 Sept
514 Slay
8 Jan 20 3914July 18
1712 Mar
40 May 75 Sept
6212 Jan 11 90 June 18
18 May
25 Feb 7 1412June 3
8
9 Sept
7 Apr 1512 Sept
9 4 Mar 3 2914July 20
3
85 Apr 10014 Oct
95 Feb 23 115 July 18
24 May 01 Aug
41 Jan 3 90 July 15
73
4June 6
5 June
8
118 Feb 28
23 Sept
5 July 14
34 Feb 20
2 Sept
% June
312 May
7 Feb 27 93 July 14
157 Aug
3
7 July 17
1 May
118 Jan 19
35 Aug
8
912June 24
2 Mar 27
138 Doc
53 Sept
4
5 June
8
3 Aug
% Ain' 17
514June 6
3 May
11 Sept
312 Feb 2(1 20 July 17
183 Dec 42 Sept
4
18 Feb 23 6112July 18
4July 17
1212 Dec 35 Mar
15 Jan 19 513
4
612 July
63 Mar 24 3512July 14
1612 Aug
43 Dec 1214 Aug
8
412 Mar22 20 July 19
53 Dee 1512 Jan
7
412 April33 8July 17
123 Feb 28 3212 Nov 17
8
858 Feb 217 Sept
7 Deo 2513 Feb
9 Feb 14 30's July5
4512 June 7912 Jan
60 Apr 5 8318 Sept 12
4
I July
112 Feb 27 343 Dec 15
37 Aug
8
28% May 151% Jan
31 Oct 21 8414 July13
7 Feb 2 9% July 18
4
17 Sept
lz Feb
8
8July 17
112 June
512 Feb 27 163
87 Deo
2 May
8JulY 7
312 Apr 12 175
12 Aug
8 May 3718 Aug
912 Apr 4 60 July 18
62 July 99 Feb
6814 Feb 28 991 Aug 7
11 Apr
714June 20
3 Jan 4
8
313 Aug
7 Dee 30
518 Apr 19 2414 July 18
Jan
3 Mar 2 II July 7
33 June
8
7 Sept
2 Dec 13 Feb
3% Jan 6 5212July 13
30 1)ec 59
27 Jan 18 100 July 10
Jan
1013 Nov43% Jan
7 Mar 2 27 June 29
62 I)ec 05
45 Feb 24 85 May 25
Jan
2914
.May 453 Dec
45 Jan 5 7012June 27
4
312 Fob 20 1212July 6
84 Sept
258 Jan
6214 Apr 7 101% Nov 15
574 June 6258 Dec
8
5 Per share
8 Apr 7
518 Apr 15
13 Feb 21
4
2
5 July 21
4712 Feb 25
12 Feb 28
1118 Jan 14
1 Jan 5
78 Apr 4
1 Apr 5
1% Apr 17
114 Mar 30
5 Mar 30
4
703 Feb 27
115 Apr 21
6 Feb 27
53 Jan 10
4
/ Feb 21
1
4
5 Feb 23
1813 Mar 2
714Mar 1
8 Mar 2
34 Apr 7
1 Jan 30
4
23 Jan 5
918 Mar 3
60 Mar 28
4912 Feb 25
112 Feb 27
618 Jan 23
15 Feb 28
15 Mar 31
8
313 Mar 1
34 Mar 2
2 Feb 24
13 Feb 27
1 Jan 5
37 Apr 1
8
37 Feb 27
714 Apr 4
45 Apr 4
61s Apr 4
418 Jan 5
213 Mar 2
1313 Feb 14
243 Deo 20
4
33 Feb 24
25 Feb 15
414 Feb 27
14 Apr 21
114 Jan 3
57 Jan 3
8
178 Jan 3
£33 Feb 27
4
1 Jan 27
318 Feb 24
1512 Jan 4
17 Jan 20
4 Feb 27
9% Apr 5
9 Apr 1
45 Feb 27
53 Mar 2
4
20% Apr 6
%Mar 20
18 Apr 8
1113 Mar 3
104 Feb 25
31 Jan 10
2012 Jan 2
3212 Jan 10
10218 Jan
458 Feb 28
375 Mar 28
8
30 Feb 27
2112 Jan 19
80 Jan 19
6 Jan 13
861 Apr 18
49 Feb 23
503 Feb 20
4
4
1023 Mar 1
218 Dec 27
7 Oct 5
8
107 Apr 7
912 Apr
35 Mar 24
312 Mar 2
I
New York Stock Record-Continued-Page 3
297
ar FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
-PER SHARE, NO?' PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Jan. 6.
Monday
Jan. 8.
Tuesday
Jan. 9.
Wednesday I Thursday
Jan. 10. I Jan. 11.
Friday
Jan. 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1933.
-share Ws.
On basis of 100
Highest.
Lowest.
Indus. & MisceII. (Con.) Par $ per share $ per share $
$ per share $ per share $ per share S per share $ per share
Bendlx Aviation
5
64 Feb 27 2114July 17
8
163 175
4
8 173 173
1612 167
8
4
1614 1612 1614 17
No par
g Mar 2 3318 Aug 25
Best & Co
2612 273 *2612 2714 2713 2814
8
*2612 34
2612 27
Bethlehem Steel Corp No par 1018 Mar 2 4914 July 7
4
3 36
37
3658 3738
3558 3558 3514 3614 353 363
100 2514 Feb 28 82 July 3
7% preferred
67
67 14 69
667
8 67
6913 70
667 6712 66
8
Bigelow-Sant Carpet Inc No par
618 Apr 5 2912June 30
23
29
*2812 29
283 304 304 32
4
32
33
Blaw-Knox Co
No par
312 Feb 28 1914July 19
113 123
4
8 12
1218
103 103
4
4 1118 113
8 1112 12
65 Feb 28 21 July 18
8
Bloomingdale Brothers_No pat
*12
18
*12
18
*12
18
*12
*12
18
18
912 Mar 2 5813 Dec 30
Bohn Aluminum & Br_No par
57
56 - 584 58
55
.56
56
567
8 56
5812
Bon Ami class A
No par 52 Feb 23 78 Dec 16
79
79
*777 80
8
*76
80
*7718 80
*76
80
25 18 Feb 27 37's July 3
Borden Co (The)
8 2012 207
8 2014 2114
197 2018 2018 205
8
8 2014 207
511 Feb 28 2214 Dec 30
Borg-Warner Corp
10
2034 2118 203 2114 207 2114 21
217
8 213 223
4
4
8
8
114 *1
114
sMay 4
412July 5
114 *1
3
Botany Cons Mills class A 50
114 *1
*1
114 *1
25 Feb 24 1453July 18
8
Briggs Manufacturing_No par
3 1213 1278
12
1214 124 123
3 1218 124 1218 125
Bristol-Myers Co
5 25 Dec 26 3814 Sept 23
2713 2712 27
27
2712 274 2712 2812 2812 287
8
6212 6212 63
64
Brooklyn Union Gas___No par 60 Dec 26 8312June 12
*6012 62
62
*60
62
67
8July 18
No par 2812 Mar 3 537
Brown Shoe Co
*49
5113 *5012 5113 *51
5112 *5114 5112 5112 5112
4
Bruns-Balke-Collender_No par
13 Mar 3 1812June 26
7
7 18 718
7
7
*6
712 *63
7
4 8
Bucyrus-Erie Co
10
2 Feb 27 124June 20
65
8 718
653 67*
67
8 718
67
8 67
8 *65
8 7
*912 10
5
23 Feb 23 1953June 20
4
Preferred
11
10
104 11
11
*93 1012 10
4
100 2012 Mar 31 72 June 26
60
7% preferred
*6014 65
75
67
67
71
71
*6014 64
6312 64
*66
3 Apr 15
4
No par
98 July 3
3,800 Budd (E G) Mfg
53
8 57*
512 512
512 54
5
4 54
54 54
5
4 53
4
3 Mar 16 35 July 3
100
2514 2514 *2514 2712 *2514 2712 253 253
26
26
26
60
7% preferred
8 26
8
No par
1 Feb 8
53
4July 5
37* 34 *314 312
1
312 312 1,100 Budd Wheel
34 33
8
312 312
3 8 312
5 June 29
Vo par
7 Mar 2
8
*25
400 Bulova Watch
8 27
*258 278
27
*3
4
*3
4
*27
8 4
8 3
212 Feb 17 1314July 3
No par
818 8,
8
818 83
4
83
4 84
83
4
812 84 1,500 Bullard Co
*73
4 8,
2 *8
618 Feb 14 207 July 3
8
8
4 1513 157
8 157 1614 8,300 Burroughs Add Mach_.Vo par
8
8 1514 153
8 1518 153
15
1553 153 153
8 June 8
I Apr 1
No par
300 Bush Term
*218 238
218 218 *2
238 *2
23
8 *2
23
8 *2
24
100
I Apr 3
912June 1
Debenture
*218 5
*2
6
*13
4 5
*2
5
*14 5
*2
6
4
8 Dec 12
534 53
418 Dec 27
614 64
70 Bush Term BI gu prof ctfs_100
*514 7
.63
3 67
8 7
8 *55
*53
4 7
27
I Feb 10
8June 2
Butte & Superior Mining_10
8
*112 IN *112 15
8 •112 15
8 *112 158 *112 IN *112 15
414June 2
12 Mar 31
5
300 Butte Copper & Zino
.2
213 *218 214
218 218 *2
2.3
2
2
2
2
712June 13
114 Apr 10
8 213
No par
*218 212 *218 212 *218 212
400 Butterick CO
212
212
212 212 *21
812 Feb 25 4314July 18
No par
217 2214 217 2214 225 2234 2258 24
8
8
8
8 2314 235
8 5,200 Byers Co(AM)
2314 243
Preferred
100 3018 Mar 2 80 July 18
*4618 50
*4614 48
30
*4618 50
48
48
48
*4618 48
48
4July 17
7 4 Mar 2 343
3
_ __No par
187 1918 *19
8
1912 193 197
8
8 2018 21
4 2,700 California
205 204 2014 213
8
214June 5
14 Jan 19
10
*4 1
1
78
1
7
8
900 Callahan Zinc-Load
Packing1
78
N
N
*7
8
1
918June 2
2 Feb 7
4
4 18
4
4 18
4
418
418
4
4
2,600 Calumet & Rena Cons.Cop_25
4
4
4
2 Feb 28 1514 July 15
Campbell W & C Fdy _No par
*814 912 *812 934 .812 10
*9
10
*918 10
*914 10
2413 2412 *2412 2434 2473 25
713 Feb 25 4112July 1)
25
8 3,500 Canada Dry Ginger Ale____5
253
8 2514 254 254 265
29
29
No pa, 14 Feb 2 3512July 18
*2812 29
29
29
2312 2812 x2812 204 29
29
1,200 Cannon Mills
414 Oct 17 1212July 13
No par
*54 6
*518 6
*518 57
8
200 Capital Adnalnis cl A
57
8 57
3 *512 6
54 54
*15
24
Preferred A
50 25's Jan 18 3512July 13
*15
26
*15
26
26 .15
*15
26
*1514 26
100 3012 Feb 27 10312July 17
6514 653
4 6518 6612 66
4
8
67
66
7112 69
693 725 23,700 Case P 0 Co
71
100 41 Feb 27 864 July 19
*6713 687
Preferred certlficates
8 687 684 693 6912 6913 6913 6914 6912 *66
8
8
150
6912
4July 7
2334 24
21
Caterpillar Tractor___No par
512 Mar 2 293
24
247*
2.112 2438 2514 2412 25
243 2512 9,000
4
8
112 Feb 27 587 July 3
3.04 363
8 3412 363
8 343 357
4
8 354 363
4 353 37
4
3514 3718 47,600 Celanese Corp of Am__No par
12 Mar 15
*214 212 *214 212
No par
5* July3
214 214 *2
212
100 Celotex Corp
212 *2
*2
21
8July 5
ss Feb 4
43
No par
114
114
Certificates
•
114 112 *114
112
18
8 14 *13
300
134
8
112 112
*5
712 *5
113 Jan 5 123
4July 5
100
7
1,000
Preferred
*5
7
*514 7
*512 7
*512 7
14 Jan 3 41 July 17
293 293
8
8 2914 2914 *28
Central Aguirre Asso_No par
2912 *29
700
x2914 2914
30
29
30
2 Apr 19 1158July 19
*8
87
8 *73
4 9
812
200 Century Ribbon Mills_No par
*8
83
8
8
4 *812 83
4
814
100 52 Feb 27 100 Dec 30
.85
95
*85
Preferred
95
*8514 95
*85
95
*85
95
*85
95
5 8 Jan 4 443 Sept 19
7
4
3314 343
8 3314 34
335 3414 3312 344 3315 344 33
8
3412 20,400 Corrode Pasco Copper_No par
*314 33
8
314 314 *314 312
1 Jan 9
73
8July 3
312 313
314 314
500 Certain-Teed Products_No par
33
8 33
8
4 Mar 27 3014July 18
*1212 18
100
7% preferred
*1212 18
*1212 18
*1213 18
*1212 18
*1212 18
18
718 Mar 3 25 June 20
18
No par
177 18
8
177 177 *1712 18
8
8
173 1814 18
4
1,200 City Ice St Fuel
18
*68
681
100 45 Apr 7 72 July 17
671s 68
*67
6812 6812 681 *6714 681 *6714 6012
Preferred
40
*1013 1718 *1012 174 *1012 1718 *1012 171s *8
5
712 Mar 23 2312 Oct 5
171
Checker Cab Mtg Corp
*8
174
147 Jan 3 5212July 7
8
Vo par
3413 35
*333 3417 *314 3412 3413 35
4
343 3512 35
4
3512 1.400 Chesapeake Corp
123
8July 20
614
7
218 Mar 31
713 713
714
7l1
74 74
714
72
,
714
712 2,200 Chicago Pneumat Tool_No par
1718 1718 *15
513 Feb 28 2514June 20
*15
8
No par
17
173 *1513 173 *1514 1738
8
1612 173
Cony preferred
4 1,100
*1014 12
8May 31
(Ps Jan 4 223
*1014 113 *1014 113 *1014 11.4 .1138 113 *113 113
4
4
4
Chicago Yellow Cab_ __No par
8
4
1912 1912 1914 193 *17.4 1934 193 193
5 Mar 2 34 July 18
10
4
4
20
197 1978
8
900 Chickasha Cotton 00
4 20
6
6
2 Feb 28 10, July 5
s
*512 614
No par
6
6
014 67*
63
8 64
614 67
8
900 Childs Co
*1214 153
8 Apr 4 2112July 18
4 1412 1434 *1214 15
25
143 147 *1214 15
4
8
*1214 15
50 Chile Copper Co
4
53 4 555
3
8 5213 5414 517 5418 5218 513
5
73 Mar 3 5753 Dee 30
8
8 524 5418 5118 5314 401,900 Chrysler Corp
*7
35 July 7
8
1
1
0 1
14 Feb 28
1
No par
1
1
1
1
1
h
1
1,500 City Stores
5 Mar 24 1414June 22
914 914
No par
912
83
4 9
250 Clark Equipment
9
*9
912 *9
9
9
9
2914 29
29
*29
2913 29
*28
2912 *28
2912 .2814 294
10 Jan 27 4112July 17
400 Cluett Peabody & Co No par
*95
954 *95
957 *953 957
8
100 90 Jan 4 100 June 2
8
*95
96
8 954 96
*95
96
110
Preferred
*9514 96
9514 954 96
96
9714 9714
700 Coca-Cola Co (The)___No par 7313 Jan 3 105 July 17
96
97
97
97
.5018 51
*5018 5012 *5058 5012 5012 501
No par 44 Apr 19 51 Dec 30
300
Class A
5018 504 5013 5018
7 Mar 30 22-5* July19
4 1112 12
19,600 Colgate-Palmolive-Peet No par
912 94
93 10
4
94 10
93 1018 1018 113
4
*6714 6812 6812 6812 *6813 7212 *69
100 49 Apr 3 88 Aug 18
7258 69
69 .6812 7253
200
6% preferred
.18
19
18
No par
3 Apr 4 26 Sept 11
18
18
1814 19
8 1913 1978 3,300 Collins & Altman
2018 1912 207
4 8
514May 10 12 Jan 4
*65
8 8
*63
4 8
*63
.63
4 8
*63
4 8
*63
4 8
Colonial Beacon Oil Co_No par
27 Dee 27
8
175
8July 7
4
4
45
8 43
4
4
4
43
3
414 412
4 2,000 Colorado Fuel & Iron_No par
37
8 38
7
5814 5812 53
6014 2,800 Columbian Carbon v t c No par 2313 Feb 27 7112July 3
58
*59
593 6014 60
4
5912 5912 60
23
23
*2234 23
55 Mar 27 28 Nov 23
8
23
24
2518 1,600 Columb Pict Corp v t o_No par
23
24
2314 2314 *23
113 1112 114 115
8
9 Mar 31 2818 July 19
8 1114 113
1212 13
57.800 Columbia Gas de Elec_No par
4 113 124 1214 13
4
5314 534 .52
5278 *5214 533
5818 59
2,400
100 50 Dec 27 83 June 12
4 5313 5113 5713 58
Preferred series A
194 1912 183 1914 183 194 19
4
1912 1912 193
4 Feb 27 1914 Dee 22
4
4 1912 2018 18,200 Commercial Credit__No par
.38
3813 33
38
400
50 16 Feb 27 3912 Aug 31
33
33
Class A
53818 3914 *3838 3812 3812 3812
*24
25
*24
25
*21
25
•24
241 *24
2412 2412 21,
25 1818 Mar 21
2518 Sept 14
10
Preferred B
2
92
92
*92
95
93
*92
95
*92
93
*92
93
*92
8
10
65i% first preferred_ __100 70 Mar 24 957 Sept I
8 3714 38
36
3612 3614 3633 3612 367
384 39
39
393 11,500 Comm Invest Trust ___No par
4
18 Mar 3 4312July 3
*9114 9218 .9113 9213 *3212 9333 9112 913
4 92
92
9214 92
600
Convbreferred
No par 84 Jan 4 974 Jan 31
304 3114 304 313
4 31
313
4 3118 327* 324 333
4 324 344 143,800 Commercial Solvents_No par
9 Feb 25 5714July 18
2
2
178 2
2
214
214 23
8
23
8 212 101.800 CommonwIth & Sou
2
213
618June 12
No par
1 4 Dec 27
,
2334 2412 2418 254 2514 254 26
31
283
4 29
31
3212 11,300
$6 preferred serles
No par 174 Dec 26 6012June 7
*84 10
*814 10
*7
10
*7
10
*73 10
4
*73 10
4
3 Apr 4 11 June 13
Conde Nast Publie'ns_No par
2314 233
234 2314 234 2312 24
4 2314 2312 23
2338 237
8 4,200 Congoleum-Nairn Inc__No par
8July 18
73 Jan 31 275
8
*814 97
8 *81 4 97
8 *813 07
8 *014 03
4 *0'
100 Congress Cigar
612 Feb 24 18 June 7
18 914
93
4 93
4
Vo par
7
7
63
4 67
8
63
4 7
67
8
718 1,400 Consolidated Clgar____No par
4June 7
63
4 63
4
63
4 63
4
312 Apr 6 191
*454 52
*455 52
8
*455 52
8
*155 52
8
*455 52
8
*454 52
Prior preferred
100 31 Apr 5 65 June 8
37*
34
,
312 33
4
318 31
31
314
314 31.2
53
4May 29
312 34 1,800 Consol Film Indus
1
13 Jan 4
4
113 113
8
8 114 113
8 1114 113
8 13
4 1112 124 1234 133
1312 9,200
4May 29
57 Mar 21
8
143
Preferred
No par
3618 3613 36
3631 363 3712 37
8
3812 333 404 394 404 79.600 Consolidated Gas Co_ _No par 34 Dec 26 6418June 13
3
83
83
8314 8412 843 85
86
85
85 3 87
4
4
86
8714 2,400
No par 8118 Dec 27 99 Jan 3
Preferred
*17
8 218
213 2)
3
213 214
218 218 *2
212 *2
212
600 Consol Laundries Corp_No per
512 Jan 10
112 Dec 23
97 1018
8
93 10
4
93 10
4
10
1014 104 1012 10
103 43,600 Consol 011 Corp
8
4
5 Mar 3 153 July 6
No par
*100 108 *100 103 *100 108 .100 103 *100 108 .100 108
8% preferred
100 9513 Mar 1 108 Oct 9
7
8
1
7
8 1
1
1
314 July 5
1
1
1
N
1
1
4,000 Consolidated Textile_ _No par
14 Mar 1
.6
612
63
8 7
*612 7
*612 7
7
7
*612 7
500 Container Corp class A
118 Jan 10 104 July 18
20
253 253
24 25
8
27* 23
4
235 27*
25
8 24
212 25
8 1,400
No par
14 Feb 15
Class 13
412June 12
714 712
7
714
718 812 5,400 Continental Bak class A No par
74 713
7
7 14 *712 734
3 Mar 1
185,July11
118
118
1
1
18 118
11 1
13
8 2,500
118
118
112
114
Class 13
12 Jan 5
No par
312J5ly 11
4614 4614 *4612 49
*17
49
*4814 19
*47
49
49
50
400
100 36 Jan 3 64 July 10
Preferred
75
7512 75
7712 7818 7714 7814 10,000 Continental Can Inc
7613 755 7618 76
8
78
20 3514 Feb 23 7833 Deo 14
8
8
8
812 gh
*712 8
*713 8
*712 8
*713
400 Cont'l Diamond Fibre
5
312 Feb 25 1718July 7
243
4 2412 2512 2513 2618 2512 253
2338 233
8 2312 2312 24
4 2,900 Continental Insuranee____2.50 1011 Mar 28 3613 July7
118
114
118
114
1.8
118
114
118
114
114
114 8,700 Continental Motors___No par
Ili
4 June 8
1 Mar 27
163 1714 163 17
4
8
4
164 164 164 17
167 174 163 17
4
22,600 Continental 011 of Del_No per
47 Mar 3 195 Sept 18
8
8
, 7514 757
745 7558 5,700 Corn Products RefinIng____25 454 Feb 25 9053 Aug 25
8
4 725 737
72
4 723
8
3 724 7414 7412 751
*135 136
136 13713 *136 13712 .136 13712 *136 13712 13712 13712
50
Preferred
100 11712 Mar 15 1453 Jan 21
4
37
8 4
4
414 *44 43
8
414 414
414 414 2.500 Coty Inc
37
3 44
712June 13
No par
23 Mar 25
3
*28
283
8 28
28
*28
283
8 283 281
8
8 2814 284 281s 285
.3
800 Cream of Wheat ctfs_ No par 23 Feb 25 3912July 10
814
012
8
*8
914
914
9
,2
800 Crosley Radio Corp
4June 8
*813 913 *9
_No par
214 Mar 28 143
4 0
83
294 294 2914 30
4
30
30
30
3114 304 3138 303 32's 4,800 Crown Cork & Seal
No par
1414 Feb 27 65 July 13
3712 *353 372
4
*35
3612 *35 4 3613 3612 3612 3613 3612 *36
3
200
$2.70 preferred
No par 2412 Feb 27 3813 July 14
37
8 4
43
8 433
413 418
414 412
412 44
14 47
8 5,600 Crown Zellerback v t c_No par
1 Apr 10
812July 17
2217 *2113 2412 *2112 2212 2212 2258 2253 23
.22
2112 2278
900 Crucible Steel of America_100
9 Mar 2 3712July 19
*43
493 *43
7
493 *4712 4913 48
4
493 *45
4
48
493 *41
4
100
Preferred
100 16 Feb 27 603
8July 19
14
1
118
118
118
118
118 14 *1
43
118
17*
1
114
1,400 Cuba Co (The)
Vo par
13 Feb 21
8June 7
4
4
33
118 Jan 16 1112May 29
4 335
8 34
33
4 33
4 2,900 Cuban-American Sugar_ _ _10
37* 37
312 34
4
35
8
21
21
21
2058 205
21
21
21
8 21
21
2013 21
180
100 10 Jan 9 68 June 5
Preferred
*3612 363
4 3713 3712 *364 374 37
37
37
3714 3714 371
800 Cudahy Packing
50 204 Feb 21 5912June 8
137 137
8
8 1313 137
8 155 164 4,200 Curtis Pub Co (The)___No per
8
8 133 133
4
4
4 133 1512 1434 165
612 Mar 3 3214June 12
44
44
457 457
8
8 46
4612 47
433 x1813 50
4
5012 51
2,200
No par 30 Feb 23 66 June 12
Preferred
25
8 25
8
212 258
212 25
8
212 23
4
25
8 23
4
258 23 14,700 Curtiss-Wright
4
1
112 Feb 23
4-33 July 12
53
4 57
8
58 6
7
618 612
618 64 11,100
54 57
3
57
8 614
1
2 Mar 30
Class A
8 July 13
1112 1114 1114 1114 114 *1142 12
*11
12
414 Jan 6 21 July 14
134 13
13
1,800 Cutler-Hammer Inc___No par
*5.4 7
*55
8 7
*55
8 7
6
6
*57
8 612 *618 7
200 Davega Stores Corp
5
15 Feb 23
8
83
4July 11
$ per share
165 171,
8
27
2712
3714
36
693 707
4
8
33
32
12
1214
18
18
5818 587
8
*7718 80
2012 21
215 2213
8
118
118
x1218 1258
283 29
8
65
677
8
52
5314
7
74
718
7
11
113
8
•Bid and asked prices, no sales on this day. a Optional sale.
I.
Shares.
26,700
2,600
37,500
3,600
1,260
3,800
50
8,600
100
14,900
9,800
100
16,100
3.300
2,800
800
1,500
3,200
3,400
7 Cash sale
r Ex-dtvIdond.
y Ex-rights.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
per share $
412 May
53 June
4
74 June
1614 July
613 Dec
35 June
8
614 June
47 June
8
31 June
20 July
33 May
3
14 Apr
24 June
per share
181 Jan
4
247 Feb
8
2953 Sent
Jan
74
1512 Aug
10 Aug
14 Feb
2214 Jan
55 Nov
4318 Mar
1414 Sept
114 Sept
113 Mar
4
46 June
23 July
11s July
113 June
212 May
8912 Mar
36 Feb
412 Sept
714 Sept
1018 Sept
35 June
13 Apr
3 13 July
5 May
8
118 Apr
218 May
64 June
3 Dec
7 Dec
80 Sept
34 Sept
Jan
14
413 Jan
313 Jan
8 Sept
1314 Aug
213 Mar
4
65 Mar
17 Sept
8
12 July
13 Apr
2 Sept
13 June
8
57 Sept
8
7 May 245 Sept
8
3514 May 69 Sept
44 June 19 Sept
18 June
118 Sept
Ili May
77 Sept
8
213 June
914 Aug
6 June 15 Sept
4
1018 June 233 Sept
218 Apr
913 Sept
19 June 32 Aug
4
163 June 653 Sept
4
30 May 75 Jan
8
43 June 15 Jan
8
114 June 125 Sept
7 Aug
8
34 Jan
5 Dec
8
214 Feb
118 Dec
713 Mar
7 8 June 2013 Sept
3
238 June
614 Jan
Jan
55 Dec 85
313 June 1512 Sent
33 Feb
8
58 Dec
453 Dec 185 Aug
8
11
Oct 2812 Feb
Jan
43 8 Nov 68
3
1613 Aug 3018 Sept
478 June x203 Sept
4
614 Jan
I May
213 June 1214 Sept
6 Dec 14 Mar
5 June 1212 Sent
113 June
8 Sent
5 Dec 16 sent
5 June 2184 Sept
218 Jan
14 July
83 Jan
4
314 July
10 Apr 22 Mar
90 June 96 Feb
6812 Dec120 Mar
4153 July 50 Mar
1014 Dec 3112 Mar
65 June 95 Mar
8
23 May
4
107 Mar
9 Jan
1213 Oct
8
147 Sept.
8
2 7 July
8
1312 May 417 Mar
414 May
144 Aug
414 June 21 Sept
0 Apr 797 Aug
3
37 June 11 Mar
8
113 July 23 Sept
4
1013 June 21 Sept
40 June 75 Nov
8
107 June 277 Mar
3
5512 June 82 Nov
312 May
133 Sept
4
15 June
8
518 Aug
273 June 6812 Mar
8
12 Sept
5 May
613 June 1214 Sept
4 May
11 Sept
353 Dec 2412 Jan
17 June 60 Mar
53 Jan
8
1 June
4
23 June 113 Mar
4
4
3113 June 683 Mar
7213 June 9918 Dec
8
4 Dec107 Jan
4 June
9 Aug
7
9 Feb 101 Sept
15 Aug
8
14 Mar
213 Feb
8
3 June
l4 May
113 Jan
27 May
8
8 Sept
13 Apr
13 Aug
3
247 Juno 473 Mar
8
4
175 June 41 Mar
8
812 Sept
3 Apr
63 Ma
4
2514 Aug
5 May . 33 Sent
8
4
353 June
94 Set)!
243 July
4
55 3 Sept
3
Oct
9912 June 140
113 May
7 3 Sep:
3
1312 June 2613 Oc;
214 May
77* Sept
x77 May
8
237 Dec
8
173 June 3012 Nov
8
3 Aug
12 June
6 May 2314 Jan
14 Dec 497 Jan
3
13 June
313 Sept
3 May
3
37 Aug
8
312 May
26 Aug
20 May 3512 Mar
7 June 31
Jan
373 Dec 86
4
Jan
7 May
8
314 Sept
113 Mar
434 Sept
12 Sept
313 May
214 Oct
73 Sept
4
298
New York Stock Record-Continued-Page 4
Jan. 13 1934
kr' FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SAI.E PRICES
-PER SHARE, NOT PER CENT.
Saturday
Jan. 6.
Monday
Jan. 8.
Tuesday
Jan. 9.
Wednesday
Jan. 10.
Thursday
Jan. 11.
Friday
Jan. 12.
Sales
for
the
Week.
$ per share $ per share S per share $ per share $ per share $ per share Shares.
•112 212 .112 212 *112 212 *112 212 *112 212 .112 212
4 113 12
4
4
1112 113
*1112 115
4 113 113
12
113 12
1218 2,400
4
64
*64
64
70
*6012 65
*64
68
6712 6712 6712 68
600
3014 30
3014 *29
*29
29
29
3014 308 32
2,000
31
317
8
8 27
265 265
2718 27% 273
*21318 27
4 275s 278 27% 278 2,100
*2914 30
2914 2914 29
29
*29
2912 2912 2912 *29
300
30
5 35
3518 3414 3514 3414 35
34
33
x335 348 3312 343
8
8 9,900
2134 213
4
4 213 213 *21
217
4
8 217 217
2112 2014 2014
8
8 20
1,900
: 1_ 71_
: 1_ 63
153
64
153
53
:
7: 1_ 714_
15 ;
8_
6
: 7 : 1_ 71: ;; 7_70_
153:
854
8
7
: : ; 1_67 171
3
15 4
7
3
3
5
: 71
500
*93 1012
4
93
4 93
,
4 *83
4 914
9% 9
% 1014 1014 *912 10 2
>1 2 i
*-. T3 5
i
*L5
8
W
..T. , i
I
,
..T.T
- 8
i7
*ir8
i78
1612 1612 *1618 173 .1618 18
*1612 18
4
*1618 18
*1618 18
90
.90
9018 90
90
95
91
90
90
*88
90
90
g
*5
53
4 *5
53
4
5% 518
4
53
4 6
53
4 53
534 57
8014 80
7912 7912 7914 7912 80
8114 80 4 813
3
4 80% 81
.120 123 .120 122 *12112 122 *120 122 *120 122 *120 122
4
1312 133
8 1312 14
8 133 137
4
133 137
4
8 133 14
133 14
4
91% 9214 904 9258 913 927
8 9358 943
93121
8 924 93% 921
•115 __ _ *11612 120 x116 116 *113 116
115 116 *115 116
114
.114
114
114
Vs 13
112
I%
8
114
158
13
8
158
•2314 27
*2212 30
*233 30 .23 4 2814 *2412 2814
*2312 30
3
8 1838 19
1814 185
183 1958 19
.
1912 19
1818 19
193
8
86
*81
*81
*81
86
*80
*81
86
*81
86
86
86
34 4
3
8 33
4
4
4 18
33
34 4
418 414
3
414 5
43
45
8 5
412 45
8
43
43
4 47
8
47
8 5%
434 5
458 43
43
4 4%
45
8 43
4
558
4
43
4 5
14
514
4
5 2 53
,
113
4
8
93 1014 1014 1114 11
83
4 9
83
4 918
83
4 84
8
8
8
8
*7% 8
8%
9
8
1014
97 1012
8
44
4412 4514 4412 451
*43
4514 *43
46
4714 463 467
4
8
1
1% *I
118
118
118
I%
*7
118 *I
8 118
1
*114 2
Pe *114
*114
134
lt
114
114
178
4
17
8
13
4 5518 56
*52
5312 5312 5312 5414 543
53
53
54
54
120 122
*120 122 *120 122
12112 12112 122 122
120 122
*412 43
4
43
4 43
4 *412 4%
412 43
4
514 512
5
512
13
*11
*11
13
•1112 13
*12
127
8 13
13
14
14
1258 123 1314 1414 15
*12
1112 1112 1112 12
1212 11
8
*12
*13
15
*1312 16
16
*12
16
*14
20
*1412 1612
*9
912 *9
914 912 *914 912
958
912 912
914 918
3 *75
8 8
7 4 73
3
4 *712 8
718 7%
*713 73
4
758 73
93
93
3
9 8 912
3
012 10
(8
9 4 10.18 1014 WI 1012 11
*3
4
4
*312 4
4
*4
412 *312 412 *312 412
*12 I%
•12 15
8
*12 Ps
8
*12 158
*12 158
•12 15
•212 612 *212 612 *212 612 *212 612 *4
73
4 *212 73
4
7
7
7
7
*7
718 *63
4 718
7
7
71s 718
3012 32
3112 3212 31
31
30
31
31
32
3214 3214
---- ---- ---- ---- ---- ---- --- ---- ---- ---- ---- ---- - _- - - _- - -- - -- - --
100
80
1,000
3,500
5,100
54,300
500
2,400
11,300
10.900
15.500
22,800
5,700
3,900
1,900
700
300
1,200
460
1,300
300
2,000
STOCK
NEW YORK STOCK
EXCHANGE.
Lowes'.
Indus. & Macon. (Con.) Par
Debenhatn Securities
Deere & Co pref
20
Detroit Edison
100
Devoe de Reynolds A__No par
Diamond Match
No par
Participating preferred_ .._25
Dome Mines Ltd
No par
Dominion Stores Ltd No par
Doug as Alreraft Co Inc No par
D uglInc
r
Dresser(SR)Mfg cony A Nopar
Convertible class B__No par
10
Dunhill International_No par
Duplari Silk
No par
Duquesne Light 1st prof.
_100
Eastern Rolling Mills_No par
Eastman Kodak (N .1)_No par
6% cum preferred
100
Eaton Mfg Co
'10 par
El du Pont de Nomours____20
6% non-voting deb
100
Minion Selina
No par
100
6Si % cony lot prof
Elec Auto-Lite (The)
5
Preferred
100
3
Electric BOat
Elec A M119 Ind Am .hares__
Electric Power & Light No par
Preferred
No par
36 preferred
No par
No par
Elec Storage Battery
Elk Horn Coal Corp
No pa,
50
6% Part Preferred
50
Endicott-Johnson Corp
100
Preferred
Engineers Public Serv_No par
$5 cony preferred___No par
No par
$.51..4 preferred
$6 preferred
No par
Equitable Office Bldg No par
Eureka Vacuum Clean.No par
5
Evans Products Co
800
300
18,400
20 Exchange Bullet Corp_No pa
25
Fairbanks Co
100
Preferred
400 Fairbanks Morse A: Co_No par
100
Preferred
240
No par
Fashion Park Moo
___
100
7% preferred
.ai, ..i18 .6is iffE, *638 '1;18 .64 -ils
200 Federal Light & True
15
*36
3712 3712 3712 3712 3712 *35
36
35
Preferred
3712 34% 38
No par
220
*85
.87
90
98
*85
98
*85
98
*87
*87
Federal Min & Smelt Co__I00
95
95
*6
7 ' .61/1 68
653 64
7
65
8 65
7
8
63
4 712 3,900 Federal Motor Truck No par
212 *2
2
*2
212
214
2
2
*178 214 *2
218
10(1 Federal Screw Works_No par
2
2
2
*13
4 2
•13
4 17
2
134 214
218
214 2,000 Federal Water Serv A No par
*2014 2312 223 223 *203 24
8
4
4
*2278 25
2312 2312 24
24
500 Federated Dept Stores_No par
24
24
24
2414 2413 24
24
2412 2518 2,600 Fidel Phen Fire Ills N Y__2.50
26
2512 25
18
1812 1814 1814 1814 183
4 183 187
195
8 5,800 Firestone Tire dr Rubber_10
8 1918 19% 19
4
*68
71
72
71
70
71
*68
72
*70
72 •
72
100
*70
Preferred serlea A
100
5612 55
55
553 5612 56
4
3,100 First National Stores_No par
5712 58
563 57
8
5558 56
*1514 17
17
*1518 17
17
*153 20
183 *17
4
*17
183
4
100 Florsheitn Shoe MAN A_No par
*10212 110 .10212 110 *10212 110 *10212 110 *10212 110 *10212 110
6% preferred
100
93
*812 958 *812 958 *812 93
100 Follansbee Bros
8 *812 9
*812 10
9%
No par
*1012 113 *1012 1114
8
4
100 Food Machinery Corp.No par
1012 1012 *1012 II% *1012 1138 *107 113
1312 13
1314 133 14
1312 1312 *13
8 1,900 Foster-Wheeler
1312 135
134 137
No par
4
*1212 1312 123 133
*123 13
4 1334 133
4
3,000 Foundation Co
4 1312 134 1358 15
No par
213 223
*1918 1912 1912 1934 1912 193
8
4 20
4 3,200 Fourth Nat Invest w w
213
20
20
1
•1214 13
1212 1212 1212 123
*1218 13
4 1212 123
133
4 2,300 Fox Film class A new_No par
4 13
*3618 40
*3618 40
*3818 40
*3618 40
*3618 40
20 Fkln Simon Ac CO Inc 7% p1100
3618 36%
43% 44
44
44
4312 4334 43 4 4414 443 443
4 4312 4412 7,600 Freeport Texas Co
8
3
10
•140 15318 *140 15318 *140 153 .140 153 *140 153 *140 153
100
6% cony preferred
1712 *16
1612 16'2 173 173 *173 1812 *16
17
19
1812
4
4
20 Fuller (G A) prior pret_No par
912 *812 912 *63
8 912
No par
30
.658 612 .612 011 *61. in. *8
$6 2d prof
*218 212 *218 212 *218 212 *214 212
2%
2% 212
400 Gabriel Co (The) cl A No par
234
*1112 1214 *1112 1214 1214 1214 .1112 1214 12
1214 1312 143
No par
4
190 Gamewell Co (The)
71
8
8 11 1,900 Gen Amer 1nvestors
No par
814
7 2 73
,
7 8 758
5
4
73
4 74
758 758
3
.70
80
*70
80
74
*70
75
*67
*70
80
*70
80
No par
l'referred
345
8 34
5
34
347
8 3412 3614 36
3638 12,000 Gen Amer Trans Corp
34
363
8 36
34
157 16
*153 15% 1512 16
8
*15% 16
16
1612 16
16% 2,300 General Asphalt
No par
8 1112 1112 1112 1158 1112 II% 1112 117
5
11 12 1112 1110 115
8 6,300 General Baking
53
57
57- 57
53
8
4
8 2,000 General Bronze
6
6
6
5
614 63
57
8 63
8
3% 338
No pat
312 35
8
3 2 312 *338 312
312 37
,
3 2 312
,
8 4.900 General Cable
*612 7
.614 7
*63
8 4,100
4 7
7
*6% 7
7
77
No par
7
Class A
*147 15 8 •1414 1512 1412 1412 *1412 1512 1512 1512 15
165
8
8 2.300
5
100
7% cum preferred
30
29
291 2912 2912 30
29
29
29
1,900 General Clgar Inc
304 22912 3018
No par
*97 101
97 .9818 100
*9818 100
97
100 100 *100 102
100
50
7% preferred
194 1934 197
8 194 2014 1912 197 82,600 General Electric
1812 187
8
8 184 1918 19
No par
8
8
8 114 113
115 113
8
113 1112 1138 1112 113 11% 113 115
8
4 3.500
10
Special
3412 35
8 3414 3438 3414 343
9,100 General Foods
4 3412 35
3312 34
No par
33 8 347
5
No par
7
8 3,500 Gen'l Gas & Elec A
3
4
3
4
7
8
3
4
3
4
7
8
3
3
4
4
3
4
3
7
4
8
712 712 *73
8
16
400
*93 13
9
8% 814
912 *9
Cony pref Belles A No par
4 812
*9
*12
13
*10
13
13
.83 13
*914 13
*844 13
NO par
37 pref class A
17
3
*9 4 17 .10 8 17 .12
3
*10
*914 17
17
17
*9
No par
$8 prof class A
53% *513 5212
5318 .513 5318 *513 5234 *52
4
*5214 5418 *52
Gen Hal Edison Elec Corp__
4
4
4
62% 623
4 6212 6212 62% 6212 613 6214 6112 6258 2603 6212 3,300 General Mills
No par
104 104
8
8
100
*10112 10418 *1017 104 *1007 104 *104 105 .102% 104
100
Preferred
35
3618 3558 3618 35
353 215,200 General Motors Corp
4 3414 35
8 333 343
4
34
345
10
91
91
91
9112 9112 9112 2,500
4 90
8
89 4 903
903
3
8 903 91
$5 preferred
No par
8
10
8
100 Gen Outdoor Adv A
8 914 *87 10
*87
*87 10
8 914 *87
*83 10
10
4
No par
33
3
*33
4 412
4 5
400
Common
33
No par
4 3 .& *33
*3 8 3 4
5
3
334
•338 3
3
11 .11
1212 11
11
•1012 1212 *II
1212 11
1212 *11
20 General Printing Ink_ _Aro par
*7514 76
No par
7514 751 1 *7514 76
*7514 79
*7514 79
*7514 76
20
$6 preferred
33
8
212 25
2 8 2%
3
5
33
8
8 1,700 Gen Public Service
24 3
3
33
212 212
No par
4
353 36
2,500 Gen Railway SIgnal
4
337 338 3312 33% 333 333
3512 36
4 341 s 35
No par
134
13
8 *158
158
14
14
13
I% 218 3,300 Gen Realty & Utilities
4
15
8
15
8
he
1
17
17
*1818 1712 *16
17
*16
1712 16
300
1712 *1612 18
$8 preferred
No par
1012 103
105 *10
8
5
4
No par
1014 *10-58 12
900 General Refractorles
4
8 *93 10 8 •10
*93 103
4
35
*26
*28
30
35
*26
30
*26
*28
35
35
Gen Steel Castings pret No par
*28
9
938 9,700 Gillette Safety Razor_No par
87
8 87
812 9
9% 914
87
91s
98 912
*48% 5212 *4812 5112 47
50
5212 50
4814 4812 4812
500
.50
Cony preferred
No par
45
8 518 2,200 Oimble Brothers
*43
8 47
8 *414 47
8
45
8 48
4 *412 45
5
45
8 43
No par
19
*15 4 17
3
1912
18
500
1614 161 1 *16
165 *163 19
18
8
4
100
Preferred
1712 8,700 Glidden Co (The)
1712 17
8 17
5
153 153
4
4 15 8 1614 1618 1612 16% 167
No par
8
*86
*873 88
88
88
88
*86
88
50
88
*86
*87
87
100
Prior preferred
72 16.000 Gobel (Adolf)
73
624 61 4
712 734
63
4 78
614 7
712 8
No par
8 17
17% 175
18
10,600 Gold Dust Corp v t o_ No par
8 1712 173 2173 175
8
8 17
4
4
1712 163 175
200
$6 cony preferred
97 97
*9812 101 *100 105
*9812 105
No par
9612 9612 *9612 97
4
125 13
8
123 13
4
13
138 1314 134 1318 133 10,300 Goodrich Co(B F)
1314 13
No par
41
41
900
4012 4012 *40
41
*38
4212 4212 41
100
Preferred
408 42
(
3
4
333 34
4 345 35 4 3414 35% 345 353 12,700 Goodyear Tire & Rubb_No par
8
8
333 3418 34 4 343
7612 1,900
75
75
let preferred
75
No par
75
7512 7514 76
75
7614 7614 76
73
4 1,300 Gotham Silk Hose
*718 7 4
,
7
712 •6,
No par
5 714
714
73
8 758
724
7
60 .-- 60 C.__ _ 60 .
55 *__ _ 55 *-__ 55
•__
Preferred
100
314 13.800 Graham-Paige Motors
21
27
318
278 28
3%
314
1
3
3
358 312
81
600 Granby Cons M Sm & Pr_100
818 814 *818 812
818
8
*8
812
8
8
*8
418 418
4
418
412 412
414 414
412 47
414
8 1,500 Grand Union Co tr ette_No pa
458
25
*2212 25
23
2312 *23
800
2514 26
Cony prof series
2334 233
4 2412 25
No par
8
*207g 25 .207 25
*207 25
*2078 25
0207 25
8
s
*207 25
Granite City Steel
No par
8
3518 35% 3412 3410 3418 3412 353 357
4 2.300 Grant (W T)
35
8 3512 353
35
No par
4
4
8
113 1218 117 12
12
113 12
1218 21112 1134 7,800 Gt Nor Iron Ore Prop_No pa
117 12
2814 29
2818 2958 2
4 2912 3012 293 3012 8,100 Great Western Sugar No par
4
838 2834 2
293
9
10412 1043 *104 1052 10412 106
10412 10412 *10412 1057 *105 1057
8
8
100
280
Preferred
Origsby-Grunow
No par
gT, -g-,4 ...i -6
• Bid and asked prices. no sloe on this day. a Optional sale. C Cash ewe. z Ex-dividend.
PER SHARE
Range for Year 1933.
-share tots.
On baits of 100
y Ex-rights.
$ per share
7 Dec 27
8
614 Feb 24
48 Apr 3
10 Mar 1
1712 Feb 28
2818 Feb 27
12 Feb 28
1012 Feb 27
10% Feb 14
64 Feb 27
218 Mar 1
29 Mar 31
74 Apr 10
/
912 Apr 22
85 Nov 28
I% Mar 30
48 Apr 4
110 May 2
318 Mar 2
3218 Mar 2
9712 Apr 20
3 Feb 4
8
4 Mar 29
10 Apr 4
75 Oct 26
1 Jan 3
1 Feb 14
31a Feb 27
712 Apr 4
012 Apr 3
21 Feb 16
18 Jan 4
ft Apr 29
26 Feb 27
107 Feb 17
33 Dec 26
4
11 Dec 27
II Dee 26
12 Dee 27
illy Mar 27
3 Apr 4
7 Mar 1
8
312 Nov 28
8May 17
7
1 Feb 23
212 Mar 23
10 Feb 25
5 Jan 28
8
3 Feb 2.
43 Apr 6
4
33 Dec 28
15 Mar 31
3 Mar 16
4
04 Feb 27
8
13 Dec 27
712 Feb 27
1014 Mar 27
918 Apr 4
42 Mar 3
43 Mar 3
712 Feb 7
80 Apr 19
212 Feb 28
612 Apr 19
412 Feb 28
2 Feb 27
135 Mar 1
8
12 Oct 21
12 Jan 21
16,8 Feb 28
07 Apr 19
9 Jan 9
4 Jan 19
1 Feb 27
612 Jan 20
25 Feb 28
8
42 Feb 23
133 Feb 28
4
4% Mar 3
1012 Dec 26
218 Feb 6
1, Mar 31
4
214 Feb 27
612 Mar 30
2414 Dec 23
90 July 28
1012 Feb 24
10% Apr 26
21 Feb 24
12 Dec 27
318 Apr 3
64 Dec 20
5 Apr 6
2414 Jan 9
3512 Mar 3
9212 Mar 28
10 Feb 27
6512 Mar 3
5% Jan 9
212 Mar 1
314 Jan 4
31 Mar 18
2 Apr 6
1314 Jan 3
3 Feb 16
8
512 Jan 19
212 Feb 27
93 Feb 17
8
71 Dec 20
4512 Dec 18
3 Feb 9
4
514 Mar 1
334 Mar 2
48 Apr22
3 Feb 16
12 Feb 27
0612 Dec 20
3 Mar 2
9 Feb 28
914 Feb 27
273 Mar 2
4
812 Oct 20
41 Apr 3
1 Apr 3
37 Mar 2
35 Mar 2
8
20 Sept 30
11 18 Mar 24
153 Feb 28
4
5% Feb 27
67 Jan 19
8
7212 Jan 3
3 Del 8
8
Highest.
PER SHARE
Range for Preston:
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share
5 June 12
1 June
22 Dee
183
8June 22
614 June 1514 Jan
9112July 10
54 July 122
Jan
7 Aug 9
33
7 May 168 Oct
2913 July 7
12 Apr 1918 Sept
31 July 19
2012 May 263 Dec
4
3912 Sept 19
712 Jan
127 Dee
8
263
8July 18
1114 June 1812 Sept
1814 0
1,11Y 17
5 June 185 Sept
18 June 12
5 July 23 Feb
103
4June 2
15 Dec 1212 Feb
8
6312June 29
23 May 57 Feb
143
4July 19
58 Dec
312 Sept
283
8June 30
512 June 15 Sept
10218June 13
87 May 101% Nov
10 July 3
1 June
812 Sept
893
4July 14
3514 July 874 Jan
130 Mar 20
99 Jan 125 Oct
16 July 17
3 June
97 Sept
8
963 Deo 30
8
22 July
593 Feb
4
117 July 7
803 June 10518 Aug
4
18 Juno
514July 14
258 Sept
2414 Des 12
214 May
1212 Jan
2712July 13
812 June 323 Mar
4
81 June 10014 Feb
8812July 18
814 July 3
213 Jan
12 June
412 Dec 28
4 Jan
7 June
8
153
8June 13
23 July
4
16 Sept
3812June 12
103 July 64
4
Jan
323
4June 13
8% July
5512 Jan
54 July 10
125 Juno 3314 Mar
8
4 June 19
18 Jan
3 Aug
4
6 June 7
% Jan
1 Sept
627
8July 18
16 July 3714 Sept
123 Oct 4
98 May 115 Nov
143
4June 12
4 June 25 Feb
47 Juno 13
16 July
51
Feb
497
8june 12
18 July
57 Mar
55 June 13
25 Juno 613 Mar
4
13-38 July7
1012 Dec
19
Jan
1814 July7
2 June
714 Mar
10 Nov 27
12 May
212 Sept
1112July 19
II% Jan
93 Jan
4
23
8June 8
1 Sept
13 Sept
4
814June 13
I June
4 Aug
6i, Aug
214 Doe
1114June 2
4212 Nov 13
10 Dec 473 Mar
4
3 June 8
12 June
17 Sept
8
77 Jan
10 June 12
112 July
1412June 12
84 Dec 22 Jan
5912July 20
30 Juno 64 Mar
13 June 35 Sept
103 Sept 19
4July 10
112 May
113
35 Feb
8
47
8July 7
12 May
23 Aug
4June 12
214 Doe 1058 Mar
63
30 July 18
612 June 153 Sept
4
6 May 273 Jan
36 July 6
4
1012 June 187 Aug
3112July 18
8
75 June 7
45 July 68 Aug
35 July 5411 Dec
70°i July 7
18 July 5
10 Feb
414 Ap
101 Sept 5
63 July 99 Nov
19 June 7
2 June
814 Sept
16 July 13
33 May
4
1014 Feb
23 July 7
3 May
158 Sept
233
eJuly 17
1 July
714 Aug
2614June 13
10% June 223 Sept
8
19 Sept 14
50 Aug 15
Oct7212 Jan
15
493 Nov 22
8
10 May 2285 Nov
8
16018 Nov 21
31 June 13
218 May 26 Oct
23 June 13
3 June 32 Feb
5% Aug 18
14 June
312 Sept
207 Aug 25
8
512 Dec 17 Jan
12 June 20
512 Sept
12 Jun
85 July 7
26 June 71 Sept
4314July 19
4
0'3June 353 Mar
27 July 18
434 Jun
1512 Jan
20%July 10
1012 Jun
1958 Mar
1012July 7
12 Jtine
5 Aug
1112June 9
14 May
5 Sept
23 June 9
112 May
1112 Sept
46 June 9
33 June 253 Sept
4
4
485
8June 23
20 Jun
38% Mar
112 Jan 25
75 June 106 Dec
3014July 8
1
812 May 26, Jan
1214July 24
10% July
117 Sept
8
195 May 4012 Ma I
397 Sept 18
8
8June 6
3 July
27
8
23 Feb
4
3 Jun
1612June 6
24% Jan
514 July
1812June 20
30 Aug
20 June 10
514 July
40 Feb
553 Nov 16
4
1818 Apr 25 Mar
71 June 28
28 May 4812 Sept
10812Sept 19
78 July 9812 Dec
353 Sept 14
4
7 8 June 243 Jan
5
8
95 July 15
56% July 8714 Mar
24 June 13
4 June
9 Feb
258 Nov
1018June 12
4
Jan
17 June 10
212 July
14
Jan
82 Aug 3
2712 June 60 Feb
814June 12
I May
7, Aug
8
491 2July 6
6% July 283 Jan
8
45
8June 24
14 May
258 Sept
223
4June 26
5 June 163 Sept
4
193 July 5
4
13 June
4
1558 Sept
8 Mar 27 Aug
3412June 3
2014 Jan 11
103 Jar
1
2414 Mar
75 Jan 9
45 June 7212 Aug
Mauna 27
%June
33 Aug
4
33 July 7
63 Dec 31
8
Jan
20 July 18
3% June 103 Sept
8
35 Apr 76 Sept
9112 Aug I
16 July 13
258 May
8 Aug
8% May 205 Sept
273 July 18
8
105 July 21
70 July 10112 Dec
2112 July 18
214 May
123 Sept
8
63 July 13
7 May 3314 Sept
512 May 2934 Aug
4712July 17
103 Jun
80' July6
4
6912 Aug
1712June 12
714 Jan 303 Sept
4
73 July 3
5014 Jan
7012 Oct
I May
5's July12
458 Jan
8June 13
23 June
155
8
115 Sept
8
1058111n0 20
4
3 4 June
,
93 Mar
22 June 3514 Mar
3658 July 3
63 June
8July 11
305
17 Sept
361 2 Dec 29
1412 May 3014 Mar
5 June 1358 Jan
1634July II
41%8130 22
314 Apr 12 Aug
110 Sept 6
48 J,,ne 83 Aug
23 Sept
12 Apr
43c July 13
New York Stock Record-Continued-Page 5
299
I ir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Jan. 6.
per share
118
118
25
.21
.4118 48
.2012 24
.27
2814
5
5
253 253
8
8
33
4 314
.218 5
.21
25
.82
84
*15
1514
Monday
Jan. 8.
Tuesday
Jan. 9.
Wednesday
Jan. 10.
$ per share $ per share $ per share
118
118
1 18
118
118
1 18
*24
29
2812 3012
28
29
48
47
50
47
52
55
*2012 2212 2012 2
012 *2012 2212
28
*27
27
•27
27
28,
4
518 518
518 514
518 514
*2518 265
8
8 2514 2612 273 2712
33
312 312
8 33
8 *358 4
.218 5
*218 5
*218 5
*21
*21
25
25 .21
25
84
84
84
84
84
84
15
.15
1514 15
15
1514
Thursday
Jan. 11.
Friday
Jan. 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1933.
On basis of 100
-share lots.
Lowest.
Highest.
$ per share Shares. Indus. & Miscell. (Con.) Par
per share $ per share
118
11s
1,000 Guantanamo Sugar _ _ __No par
412May 18
It Jan 23
30
1,900 Gulf States Steel
30
No par
63 Feb 27 38 July 13
4
Preferred
190
55
57
100 1614 Jan 16 64 June 12
.2012 2212
400 Hackensack Water
25 15 Mar 18 2512July 17
7% preferred class A. _ _25 25 Apr 8 287 Jan 12
2818 281s
50
8
118 Feb 28
913 July 6
512 53
4 8,260 Hahn Dept Stores____No Par
l'referred
30
33
9 Apr 1 3812 July 6
1,800
100
4
4
1,200 Hall Printing
10
312 Feb 27 1012 July 7
Hamilton Watch Co___No par
.218 5
212 Apr 5
9 July 14
Preferred
*21
25
100 15 Feb 11 35 July 17
.84
100 Hanna (51 Al Co $7 pI_No par 4512 Jan 4 85 Aug 28
85
1512 167
8 2,300 Harbison-Walk Refrac_No par
61s Feb 25 2512July 11
Hartman Corp class B_No par
I3
Is Apr 3
4June 6
No par
Class A
214June 6
14 Mar 18
438 43
338 45
4
8
33
412 3,410 Hat Corp of America el A__1
4 4
43
8 412 *4
312 312
7 Mar 16
8
712June 21
.1912 2014 2014 2112 23
2812 293
30
4 28
28
34
•24
280
100
518 Apr 5 30 June 21
6)4% preferred
112
.114
112 8114
13
8 *114
13
8
114
138
138
3 Feb 27
500 Hayes Body Corp
4
114
No par
114
312July 17
*98 10212 •98 10212 101 101
.98 10212 *100 10212 101 101
)
200 Heinle (G
25 6912 Jan 16 105 Dec 12
*8
*8
9
9
9
9
*8
912 .8
912 •8
912
3 Mar 20 17 July 6
100 Hercules Motors
No par
*59
.59
62
60
*5912 6118 60
60
603
4 6114 6114 60
300 Hercules Powder
8
No par 15 Feb 27 685 Dec 7
•111 115 .112 115 *112 115 .112 115
115 115 .111 115
30
100 85 Apr 5 11018 Dec 7
$7 cum preferred
*4814 493 *4814 50
4
*4814 50
4978 497
493 493 *4814 50
8
4
4
200 Hershey Chocolate____No par 3518 Mar 29 72 July 18
*86
8712. 86
86
*85
861
8712 .85
87 .86
8712 .86
Cony preferred
100
Vs par 6434 Apr 5 90 July 18
.53
8 6
6
6
*53
8 538
•512 57
400 Holland Furnace
Vs par
512 512
512 51
8
312 Jan 4 1012June 20
*6
612
612 63
4
214 Mar 2 1012June 7
7,8
71
*7
*712 8
73
4
73
4 73
4 1,000 Hollander de Sons (A)__N9 par
*300 324 •303 324
316 319 *312 319 *306 319 •310 318
200 Homestake Mining
100 145 Jan 16 373 Oct 5
123
8 11
*10
*10
11
11
11
11 *1118 123 *113 1238
8
200 Houdaille-Hershey cl A No par
4
418 Apr 7 15 Juno 8
*33
4 4
378 37
4
.3 8 4
,
8 4
4
8
8
37
*33
Class B
4 37
I Mar 2
600
No par
63
4June 9
*43
443 *43
443 *43
4
4
443 .4338 431 *43 8 4312 4312 4312
4
,
3
100 Household Finance part pf _50 43 Nov 29 5114 Jan 12
.20
2112 •20
2112 *20
21
814 Mar 13 38 July 17
22
4 1,100 Houston Oil of Tex tern etts100
213 213
2114 21 1 2 21
4
*312 33
4
73 July7
338 3 4
312 312 .
312 33
Voting trust ctfs new___25
4
33
4 372
3
Ps Feb 28
33
4 334 1,000
3512 3614 35 4 36
3
355 3618 36
8
363
4 36
363
4 36
25
512 Jan 3 38% Dec 30
367
8 4,000 Howe Sound v t c
1312 1318 1312 137
8 135 137
8
8
8 137 1412 1414 1478 1418 143 18,200 Hudson Motor Car_ _ _No Pa
3 Feb 28 163
8July 17
4
414 47
8
418 414
43
4 518
15 Mar 3
8
5
10
5 14
7 4July 13
3
518 514
5
514 47,000 Hupp Motor Car Corp
_
Indian Motocycle
23
8June 6
No pa
14 Mar 16
-1- -;2i4 3
31
3
- 8
33
318
27 -- 8
27
-;g4
412.June 21
566 Indian Refining
10
118 April
.7614 7658 743 767 x7514 751, 7614 77
4
8
24 Apr 4 85 Dec 11
77
6.200 Industrial Rayon
Vo pa
7738 • 777 80
8
.593 61
8
5912 60
60 6014 6012 6112 623 6312 633 6312 2,700 Ingersoll Rand
4
1918 Feb 27 78 July 18
No pa
8
.4014 42
417 4218 4212 44
8
44
4418 45
443 45
4
45
1.700 Inland Steel
No pa
12 Feb 27 457g July 7
412 412
*412 5
4 2 412
412
412 43
412
,
4 •414 43
2 Feb 25
700 Inspiration Cons Copper20
4
91 2June 2
0218 214
21 1
214 .214 232 *214
23
8
2,
238 212
2 212 1,100 Insuranshares Ctfs Ine_No pa
8June 8
114 Mar 29
37
.1 18
13
8 •112
8 .118 13
13
2
114
114
8 *13
300 Insuranshares Corp of Del.__1
13
8
8 13
15s
412 Jan 10
3 Dec 21
4
*214 212
212
212 .238 212
23
412July 18
8 23
8 •23
2 23
8 *23
5 Mar 21
8
30
Rubber_
2 252
No Par
*6
612
61* 612
618 612
12 July 13
218 Mar
1,40 Interlake Iron
No par
612 6'2
65
4 63
8 63
4
4
63
2I
218
2
2
214
214
238 23
8
No par
23
8 212
5% July 18
7 Feb 17
8
212 212 1,900 Intermit Agrlcul
*15
1612 15
15 .1312 1612 *1312 1612 1514 16
2712July 19
Prior preferred
.14
5 Jan
100
500
1612
141 141
140 140
141 141
140 140
1413 142
4
4
14112 1413
4 1,60 lot Business Machines_No Par 753 Feb 28 15314July 18
*534 6
6 3
4 6
.57
2 6
58 61g
7
538 614
6
6
1
107
8
8July 7
27 Jan I
2,600 Internal Carriers Ltd
*2912 31
.293 30
8
2912 3014 30
303
8 30
40 July 17
618 Mar
3014 30
303
4 2,000 International Cement...No par
3818 3838 381g 387
8 3812 3912 383 403
4
4 393 405
135 Feb 28 46 July 17
8
4
8 3914 407 26,000 Internal Harvester_ _ _No par
.116 1165 116% 1163 *116 11912 *116 1163 116 116 .11512 1161s
8
8
8
11918 Aug 15
100 80 Jan
Preferred
200
2
43
4 484
5
5
434 5
55
53
47
8 514
212 Apr
5
1374/July 19
538 8,700 hut Hydro-El Sys Cl A _ _No Par
314 314 9314 37 . 14 37
a
3
8 33
114 Jan
67
8June 20
318 37
8
500 lot Mercantile Marlue_No par
314 312
31 2 3 2
,
2114 2112 211g 2138 2112 213
4 215 22
8
217 2214 215 2218 80.100 Int Nickel of Canada. No par
8
4
8
63 Feb 27 2314 Nov 22
.113 119 .113 119 *114 119 *116 119 *115 118 .115 118
100 72 Jan 11 115 Dec 29
Preferred
*10
14
*10
14
*10
1312 .1112 14
14
14
213
212 Jan
107 14
4July 11
8
30 Intermit Paper 7% pref _ _100
414
414 414
.33
8 4
4
4
*4
412 412
514 514 5,200 Inter Pap & Pow el ANo par
10 July 10
12 Apr 21
.13
4 2
.13
4 2
813
4 2
.13
4 2
*13
4 2
No par
Class B
5' July10
2
14 Apr 1
218 3,300
8
*13
11
112 112 *13
8
112
13
8
112
13
8
15
8
4 July 11
No par
Class C
112 13
4 2,300
14 Jan 6
1012 11
1014 1012 11
12
1212 1212 123
11
4 1212 143
8 8,400
2 Apr 5 2212July 11
100
Preferred
93
4 93
.812 912 .812 912 *812 912 *812 9
.812 9
312 Feb 28 14 Oct 10
100 Int Printing Ink Corp_No par
.66
70
*66
70 .6612 68
68
*65
.65
70 .65
70
Preferred
100 35 Apr 18 71 Aug 23
.2012 22
2112 2112 2112 2112 *2112 2214 .2112 2214 2112 2112
133 Mar 28 273 July5
4
300 International Salt
4
No par
•4312 441 *4312 4412 4412 443
4 4412 4512 4514 48
46
4712 4,800 International Shoe_ _ _ _No par 243 Jan 3 563
s
8July 17
*30
35
*30
35
*32
35
35
35
.32
35
34
34
93 Feb 25 5912 July 17
4
300 International Silver
100
6112 61(2 MI
6178 6112 63
63
633 64
63
4
*6212 63
110
8July 1
7% preferred
100 2412 Mar 2 717
145 147
8
8 1412 15
1458 153
8 1518 15
44 15111 155
8 147 1514 138,800 Inter Telco & Teleg ___No pa
8
518 Feb 28 213
4July 1
•372 412
438 43
8 •37
412 4 4
8 412
3
43
8 43
4
45
8 613 2,900 Interstate Dept Stores_No pa
112 Mar 2
87 July
8
2614 2614 26
263
8 2612 273
14 2,440
4 2714 2712 2512 273
s 2412 36
Preferred
100 12 Apr 7 40' July 1
*54
4
.55
8 712 *53
86
712 .614 7
4 7,
2
6
6
17 Jan 24 1114 July 7
200 Intertype Corp
8
No Pa
.251g 253 *2518 257 .2518 257 .251g 257
4
8
8
2518
8 2518 2518 25
600 Island Creek Coal
11 Feb 27 32 July 15
34
.32
34
.31
33
33
*33
34
*33
34
331
34
200 Jewel Tea Ins
23 Feb 27 45 July 7
Vs Pa
565 5712 567 53
8
8
57
553
8 5714 593
2 58
5914 5712 58
3 19.800 Johns Manville
1214 Mar 2 6312 Dec 9
No Pa
101 101 •103 105
105 105
10314 104
10412 10412 .103 105
240
Preferred
100 42 Apr 5 10618 July 11
•6212 65
65
65
65
65
65
.66
65
65
697
65
110 Jones & Laugh steel pref _100 35 Feb 1 91 July 18
*Ps 7
8 7
4 *65
*612 67
7
6711 67
63
7
4 63
8
300 Kaufmann Dept Stores $12.50
25 Mar 15
8
sJune 9
93
1412 1412 1412 15,4 *1412 15
1434 15
8
15
147 15
15
2,900 Kayser (..1) & Co
25
67 Feb 27 1(('2 July 5
8
23
8 212
*214
8 258
212 *23
23g
23
8
4
23
25
4 27
8 23
1,400 Kelly•SprIngfield Tire
5
7 Mar 2
8
618July 13
*1012 11
'10
11
11
4
11
•11
1238 1212 121
12
12
600
6% preferred
6 Feb 28 31 18June 2
No par
*4
51.2 *4
512 •4
51
.4
512 .412 512
412 41
100 Kelsey Ilayes Wheel conv.e1A1
2 Feb 27
8 May 12
*212 27
*212 3
*212 3
8 .212 3
*212 27
8 27
8 .25
1t2 Dec 5
Class 11
1
634June 26
117 1218 12
8
1238
123
8 12
1214 123
8
8 123 13
4 1212 125
21.300 KelvInator Corp
318 Feb 28 1558 Sept 14
No Par
*62
67 .62
67 •62
67 .62
67 •62
67
67 .62
Kendall Co pt pf ser A_No Par 30 Jan 10 73 July 8
1914 1912 193 19% 1918 195
8
8 19
193 28,450 Kennecott Co peer_ _ _ _No Par
197s
8 19
191s 197
73 Feb 28 26 Sept 19
s
13
13
•1214 1312 *12
1312 .1214 13
123 123 .12
4
131
4
200 Kimberley-Clark
5711 Apr 6 25's July7
No Par
•23
4 314 *23
4
*234 314 .23
4 3
314 •23
4 31
4 314 .23
Kinney Co
Na par
1 Apr 3
614June 7
1312 1312 .1218 15
•1218 15
•1218 15
8
•1218 147 *1312 147
100
No par
rreferred
45 Feb 14 30 July 7
8
14
1414
1338 143
1414 14
8 14
1414 1418 1414 14
141
9.000 Kresge (S S) Co
10
512 Star
167 July 8
,
•I0114 103 *10114 106 *10114 106 *101 106 .101 106 •I01 106
7% preferred
100 88 Apr 4 105 June 14
36
36
*3814 375 .36
8
375s •3612 373
38 . 38
8 377 377
8
8
300 Kress (S H) & Co.
No par 27 Jan 17 44l July 3
2312 24
2314 2411 24
2438 2418 245
8 24
247
8 24
253
8 9.300 Kroger Groc 45. Bak_No Par
1412 Feb 2S 35 8 July 11
,
2214 2214
2234 227
8 225 2318 233 24
2
8
243 2414 24
4
24
4,000 Lunt bort Co (The)_ _ _ _No par
193 Dec 27 41 18 July 17
8
5
12
5
12 512 .512 6
*418 512 .5
512 .518 5
5
110 Lane Bryant
3 Feb 8 1012June 28
No Par
85
8 85
8
912 93
9
83
4 83
93
4
4
4
912 912
912 9
,
3,800 Lee Rubber & Tire
33 Mar 2 123* July 19
4
5
•135 15
8
1412 15
16
18
173 173
8
8 1712 173
1678 17
4
2,000 Lehigh Portland Cement_ ...50
7s
3 Jan .5 27 June 20
74 .74
74
77 .74
77
74
74
75
75
75
75
130
7% preferred
100 34 Feb 9 78 Sent 5
23* 23
4
212 23*
212
212 212
212 23
8 23
2
212 21
1.500 Lehigh Valley Coal__ _No par
1 Jan 13
63* July 14
*5
612 *514 61: *43
5
4 612
4 612 *43
5
512 51
300
Preferred
212 Apr 10 12 June 19
50
88
6612 66
6612 67
673
8 6712 633
8 673 6812 68
4
681
8,000 Lehman Corp (The)._ _No par 3712 Feb 28 7918July 7
*17
1712 •17
1712 175 17% •1738 1712 17
8
8
17,
8 167 167
600 Lehn & Fink Prod Co
5 14 Feb 27 2314June 6
353 357
8
8 3514 36
357 3714 37
8
33
3814 387
8 3712 383 58,200 Libby Owens Ford Glass No Par
8
43 Mar I 373
4
8July 18
73
7314 73
74
79
80 .78
81
7814 79
7712 7712 1,900 Liggett & Myers Tobacco.
.25 49 Feb 10 98 Sept 18
75
76
74 2 763
,
4 80
8014 81
82
80
81
793 8012 12,400
4
Series It
25 4914 Feb 16 99% Sept 15
.12912 1301s •12912 13012 13018 13018 *13014 13112 13012 13012 •1301g 13112
200
Preferred
100 121 Mar 22 1401s Sept 18
*15
•1518 16
16
.15
157 •15
8
16
157 .15
8
•15
16
Lily Tull!) Cup Corp_No par
13 Apr 6 2112May 16
253 253e *2518 20
4
*2518 26
*25
26
26
2614 .2618 27 2
300 Lima Locomot Works__No par
,
10 Jan 17 3h4 July3
•1212 123
4 1214 121 1 .117 127 *113 127 *113 127 *1178 127
8
8
4
8
4
8
8
100 Link Belt Co
63 Apr 17 193
4
No par
4July 5
•27
273
4 2712 273
27,
8 27
4 2712 2712 275 2814 273 2812 3,000 Liquid Carbonic
8
4
No par
1014 Feb 25 50 July 18
253 26,
4
4
4
4 263 2714 263 27
2612 27
263 2718 27
4
273 26.100 Loew's Incorporated_ No par
4
812 Mar 22 3612 Sept 18
*72
73
73
*721s 73
73
8 74
7338 733
8
74 8 .745 793
4
,
400
Preferred
Vo par 35 Apr 4 7818July 19
17
8
17
8
17
8
17
8
17
8
17
8
17
8
17
8
2
2
2
2181 2,200 Loft Incorporated
No par
112 Dec 27
414June 8
15
8
15
8 •114
178 *114
112 •114
112 .114
112
114
112
800 Long Bell Lumber A...No par
12 Feb 28
512June 19
.
4012 42
42 .41
4014 4031 4114 4114 .41
42
413 42
4
1,000 Loose
-Wiles Biscuit
25 1914 Feb 27 443 Dec 13
4
.116 1193 *11512 1193 *115 2 1193 .11512 1193 1193 1193 120 120
4
4
4
4
4
4
,
60
7% let preferred
1(10 11312May 15 120 Jan 14
157 1618 153 1614
8
1718 173
8 163 175
1714 175
4
4
4
8 165 1738 27,800 Lorillard (13 Co
8
)
10 103 Feb 16 25' July6
8
1053 1053 *90 1055 10534 1053 .90 120 •100 110 •102 106
4
4
4
*
200
7% preferred
100 8712 Feb 23 106 Nov 25
112 *114
13
3
13
8
13
8 •114
138
114
114
138
13
8 •114
600 Louisiana 011
No par
5 Jan 5
8
4 July 12
9
9
.9
II
12
.9
•9
12
*712 12
•712 11
20
Preferred
100
312 Feb 24 29 July 21
.
1512 16
•15
15
15
16
1512 16
163 17,
15 2 167
4
,
8
8 1,900 Louisville Gas & El A.No par
137 Apr 8 253
2
4June 13
*1512 16
15
15
4 155 16
153 153
8
4
1614 1638 •16
1638 1,100 Ludlum Steel
1
4 Feb 28 2018July 11
.85
90
8712 8712 .85
89 .83
89 .85
89
89
•83
100
Cony preferred
143 Mar 28 9512 Dec 11
8
No par
30
30 .2918 31
.2914 31
*2918 31
307 307 •30
8
8
307
8
200 MacAndrews & Forbes
912 Feb 16 313 Dec 23
4
10
35
3512 3412 3512 35
3518 3512 3638 3512 3612 347 357g 5.000 Mack Trucks Inc
8
No par
1312 Feb 27 46's July7
5312 54
5214 53
5314 533 5414 5414 5412 5414 543
53
4
4 2,500 Macy (II II) CO Inc_ __No Par 2414 Feb 25 65 July7
3
3
2% 2%
3
3
3
3 18
•23
4 3 4 .234 314
,
1,500 Madison Sq Gard v t a_A'o par
15 Mar 30
8
7 June 26
1612 .16
4
153 153 *16
16
4
1617 16
155 153 •I53 1618 1,100 Magma Copper
8
4
4
538 Mar 2 19%July 19
No par
178 .13
17
4 2
8
17
s
17
8 *112
.13
4
178 •13
17
s
4
17
8
200 Mallinson (II R1 & Co_No par
7 Feb 15
8
5 4June 29
,
*734 1412 .75 13
8
14
8 .8
7 8 75
5
.712 14
*712 12
20
7% preferred
3 Feb 10 263
100
4July 6
•1
1
I
1 12
17
112
8 2
15
8
.178
2
.13
8 2
500 Manati Sugar
100
14 Jan 4
53
4July 10
212
212
23g
238
212 212
3
34
3
4 312
314 •23
430
Preferred
100
3 Jan 6
8
,8
97 July 19
*3
51
83g .3
5 8 .3
,
•3
53! *3% 4
.33g 4
Mandel Bros
112 Jan 3
No Par
97
8June 10
•1214 1212 127 127
8
1314
1312 1414
1414 1412 •14l4 1412 1,400 Manhattan Shirt
8 13
25
512 Apr 1 23 July 18
2
.1 12 2
•114
134
13
4 •114
•112. 2
2
•114
2
100 Maracaibo 011 Explor_No par
4 June 12
12 Jan 18
6
6
618 6,
4
6
6,8
6
6%
614 612
612 63
4 6,400 Marine Midland CIorp
5 Dee 27 1112 Jan 9
10
•Bid and asked prima, no Bales On this day. a Optional sile. e Cash sale. a Sold 1$ days. z Ex-dividend. y Ex-rights.
$ per share
lls
1113
30
31
547 56
8
.2012 2212
.27
2814
53
8 512
273 28
4
3% 4
*218 5
*21
25
.84
85
1514 1512
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
per share $ per share
12 Mar
1 Sept
212 June 2118 Sept
12 July 40
Oct
15 May 23 Jan
19 May 28 Apr
414 Aug
% July
718 July 28 Aug
1118 Jan
,
3 2 July
2 June 12 Feb
20
Oct 30 Mar
33 Slay
70 Jan
18 Sept
7 May
2 Sept
18 Dec
%June
4 Mar
12 Dec
3 Aug
5 Aug 20 Sept
14 June
312 Sept
50 June 81% Sept
43 June
4
812 Jan
137 Au 2912 Sept
8
7012 June 95
Jan
4312 July 83 Mar
57 June 83 Mar
1212 Aug
3 4 Dec
,
234 Dec 103 Mar
8
110 Feb 163 Dec
6 Dec
712 Nov
1 May
412 Sept
4214 June 5718 Jan
83 May 2814 Sept
4
1 18 May
5 3 Sept
3
47 Dec
8
1612 Jan
113 Jan
27 May
4
8
1 12 May
53 Jan
8
218 Sept
3 June
8
1
Apr
234 Nov
718 June 40 Sept
143 Apr 447 Sept
4
8
10 June 277 Sept
2
8 May
4
73 Sept
4
1 June
37 Jan
8
3 4 July
,
8, SePt
8
14 Apr
318 Aug
I% July
714 Sept
14 Apr
312 Aug
33 Apr
4
15 Aug
212 July 117 Mar
1 14 May
512 Jan
358 June 183 Jan
4
103 July
8
3418 Aug
6834 June 108
Jan
25 June 113 Mar
8
2
7 June
8
414 Aug
1212 Sept
312 May
50 June 86 Mar
13 June
8
12 Sept
lzJune
43 Aug
8
2 Au
14 May
112 Sept
14 Apr
1238 Sept
13 Dee
4
3 Dec83 Mar
4
2243 Jan 45 Nov
4
934 June 2312 Feb
2014 July
443* Jan
26 Sept
712 July
26 May 65 Feb
258 Slay
153 Sept
4
11
112 May
Jan
5212 Jan
18 June
7 Apr
212 Dec
1014 Apr 2012 Aug
1518 May 35 Feb
331 Sept
10 May
45 July 993 Jan
4
Jan
30 July 84
951 Mar
3 May
43 July
4
143 Sept
8
------234 &la;
17 July
47s June
614 Dec
12 Apr
3 June
638 July
88 Slay
18 June
10 May
25 May
2 May
13 Apr
4
35 Apr
8
40 Dec
I May
114 July
3012 June
6 May
33 May
4
32 June
3418 May
100 May
19 June
812 Apr
612 June
9 Slay
1314 May
39 July
17 June
8
14 May
1618 July
96 July
9 May
7318 Jan
12 Jan
3 Dec
81 2 June
112 Jan
6, Jan
2
912 Aug
10 June
17 June
21s Jan
412 Apr
12 Jan
4 Aug
14 Mar
14 Ally
1
Dec
312 June
3* June
6 12 June
Feb
33 Feb
1914 Sept
1912 Jan
5 Sept
19 Aug
19
Jan
110 Mar
37 Jan
187 Mar
2
563 Jan
4
7 Aug
54
81g Sept
11 Aug
75
Jan
43 Aug
4
1112 Aug
517 Sept
8
2414 Mar
93* Sept
6512 Oct
6714 Sept
132
Oct
21 Mar
193 Aug
s
14 Mar
22 Mar
373 Sept
4
80 Sept
5 Sept
27 Aug
8
368 Feb
118
Oct
183 Sept
8
108, Sept
8
214 July
Jan
18
2332 Mar
113 Sept
4
26 Sept
1514 Feb
283 Sept
4
6012 Jan
412 Sept
133 Sept
4
4 Sept
01/ Sent
1
214 Sept
314 Sept
43 Sept
4
9 Aug
1 12 Aug
143 Aug
8
300
New York Stock Record-Continued-Page 6
Jan.
13 1934
arFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
-_=_--_
-------------- - --1
PER SHARE
PER SHARE
Sales
STOCKS
-PER SHARE, NOT PER CENT.
HIGH AND I OW SALE PRICES
Range for Previous
Range for Year 1933.
NEW YORK STOCK
for
Year 1932.
-share lots.
On Oasis of 100
EXCHANGE.
Friday
the
Thursday
Wednesday
Tuesday
Saturday
Monday
Highest.
Lowest.
Lowest.
Highest.
Week.
Jan. 11.
Jan. 12.
Jan. 10.
Jan. 0.
Jan. 8.
Jan. 6.
S per share $ per share S per share $ per share $ per share $ per share Shares Indus. & Miscell. (Con.) Par $ per share $ per share $ per share $ per share
8
4
8
133 Sept
4
No par
22
6 Feb 27 2314 Dec 30
53 May
8
2112 2112 223 2238 223 23
223
22
233
8 225 2318 1,300 Marlin-Rockwell
Marmon Motor Car
No par
14May 5
312 Sept
218June 0
12 Apr
1212 13
13
1312 1314 1312 13
8June 3
3 July
4 1212 13
8 6,700 Marshall Field & Co
1312 Jan
No par
1212 123
414 Jan 30 183
133
324 3258 3214 3234 3238 337
8 3358 3418 3312 344 15,200 Mathieson Alkali WorksNo par 14 Feb 27 463 Nov 22
!
9 June 204 Mar
3212 33
Jan
912 June 20
45.300 May Department Stores___25
8 3218 3212 3212 33
3
32
3212 32 8 3312 3212 327
93 Feb 24 33 Sept 18
4
32
33
438 43
812 July10
8 *43
8 43
4
1 July
6 Aug
SOO Maytag Co
No par
412 413
14 Apr 10
43
8 43
8
4
412 412 *43
3 43
1012 Sept
Preferred
3 Apr
4
1014 *93 10
100
4
318 Apr 4 1514 Aug 28
1018 1018 *93 103 *1014 103
No par
4
4
*94 1012 *10
Prior preferred
170
5478 55
221s Dec 3514 Jan
547 55
55
8
05
56
No par
15 Apr 5 58 Oct 14
557 *5512 5612 555
8
55
Jan
2512 2412 2514 24
10 May 21
2512 25
*25
2512 *25
4Sept 15
No par
2412 2412 2412 1,100 McCall Corp
13 Mar 3 303
Apr
14
114
112 112 7.200 McCrory Stores class A No par
114 112
14 14
114
114
613 Dec 16
3June 8
112 112
47
3 Apr 15
8
Class B
Jan
8 13
4 *13
300
*13
8
8
13
4
13
5 Dec 19
4 *13
112 112
No par
4
13
4
6 Jan 5
13
8 14
14 Dec 27
13
Cony preferred
20 Dec 62 Feb
*6
718 1,200
7
*518 53
7
4
612 714
6 4 6,
100
,
4
212 Mar 17 21 Jan 9
57
8 58
7
212 May
712 Jan
8
200 McGraw-Hill Pub Co_No par
43
8 43
8 *4
43
8 43
41
*4
*4
412 *44 412
43
8
81sJune 12
3 Apr 4
8
4013 413
13 May 215 Dec
8 41
4
413
4 413 42
8
8
3
40 4 413
3
4 4012 4114 40 4 413 14.200 McIntyre Porcupine MInes__5 18 Mar 16 483 Oct 25
84
28 June 6214 Feb
85 85
8
4
8512 864 *857 88
85, 8518 8514 854 84
8
700 McKeesport Tin Plate_No par 444 Jan 4 953 Aug 28
8
53
8 553 9,400 McKesson & Robbins
513 512
514 53
612 Sept
8
53
8 55
54 54
5
5 18
118 June
13 Mar 2 1312July 3
4
5
Cony pref series A
23 Feb
13
8
134 1312 *1212 1314 1314 1314 1314 134 •137 14
900
13
318 May
35 Mar 3 25 July 1
8
50
14
134
4 Mar
134
13
8
178
13
4
15
3 July
8
8 13 23,500 McLellan Stores
15
8
4
17
8
3 8July 11
3
1
118
No par
14 Feb 24
7 Dec 36 Mar
13
1512 13
*1012 13
8% cony pref ser A
15
15
144 143
1614
4 1413 15
690
100
218 Jan 16 224 July 11
Jan
77 Dec 18
s
26
2614 27
800 Melville Shoe
*2614 28
273
2712 2714 275 *26
4
4
273 •26
8
4
83 Feb 27 283 Oct 10
4
No par
738
1 July
73
714
714 714
8 73
8 1,000 Mengel Co (The)
5 Aug
714 74
2 Mar 1 20 July 19
1
738 712 *714 713
Jan
20 May 38
7% preferred
*325 38
8
*324 3812 *3213 3812 *3212 3812 *3212 3812 *325 38
8
100 22 Jan 28 57 July 18
514 May
1913 Jan
*163 17
8
2,800 Mesta Machine Co
*1612 17 •163 17
*163 17
8
4
1713 1812 1814 19
7 Feb 24 21 Sept 12
5
14 June 2214 Jan
100 Metro-Goldwyn Pict pref __27 1312 Mar 1 22 Sept 1
*21
22
*21
2112
22
*21
22
*21
2112 2112 2113 *21
614 Sept
4June 2
112 June
43
8 438
414 414
418 44
3
93
700 Miami Copper
418 414
8414 412 *4 8 412
15 Mar 3
8
5
87 Sept
8
33 Apr
4
12
1218 113 12
4
3,900 Mid-Continent Petrol__No par
115 12
8
33 Mar 2 16 July 7
4
113 117
4
8 115 12
8
113 12
4
8
2 June 123 Sept
4July 7
*12
13
3 Mar 2 173
1214 124 1214 1214 13
1314 1314 1318 1318 1,700 Midland Steel Prod____No par
13
25 June 65 Sept
100
*65
8% cum 1st wet
75
75 •69
7013 7013
*70
75
75
*70
*69
100 26 Mar 3 72 Sept 6
74
11 June 2312 Jan
8
500 Minn-Honeywell Regu_No par
13 Apr 4 363 Dec 29
,
3612 3612 37 4 374 *3512 374 *3512 3714 *3618 3714 374 374
534 July 18
33 Aug
8
5 June
5
24 218
7 Feb 3
8
218 214
214 214
23* 212 3,400 Minn Moline Pow Impl No par
2,8 28
8
214 23
8
145 Aug
8
4 Dec
1834 *14
*14
*14
183 *14
19
6 Feb 7 30 July 18
4
174 1,100
183
4 1713 1718 *17
Preferred
No par
512 June 14 Sept
1212 1213 13
1313 1212 123
,
7 Jan 23 22 July 17
8 1,200 Mohawk Carpet MIlls_No par
8
4 123 135 •1318 134 1312 135
4
823 8312 844 8478 8434 85
8
134 May
303 Mar
4
8312 8312 8212 84
82
834 1,400 Monsanto Chem Wks No par 25 Mar 3 83 Dec 11
1612 Sept
8
312 May
8July 7
2114 2178 2138 2214 215 2218 2218 2338 2318 234 223 235 75,200 Mont Ward & Co 1nc No par
853 Feb 25 287
4
8
20 May 3514 Mar
Morrel (J) & Co
38
*377 38
3
39
39
374 38
•36
3914 *40
38
41
No par 25 Jan 6 56 July 3
3 Aug
4
18 May
218June 22
18 Jan 9
3
8
3
4 1,100 Mother Lode Coalition_No par
3
4
*5
8
*5
8
3
4
4
3
4
4
4
54
3
4
14 Apr
114 Sept
87 Dec 13
8
714 712
14 Jan 5
73
8 77
8
7 3 74
3
7 3 73
3
4
4
78 78
5
,
75
8 73 13,500 Moto Meter Gauge & En No par
8
73 June 293 Sept
8
4
73 Mar 1 363 Sept 14
4
324 3214 33
3014 304 3012 3112 31
32
325
8 4,000 Motor Products Corp No par
3114 31
918 914
2 June
653 Sept
8July 10
115
918 914
112Mar 1
914 914
912 94
913 97,
94 912
No par
8 3,700 Motor Wheel
2 June
133 Jan
1034July 18
8
8 *512 65
•514 '653 *514 65
8
112 Mar 21
514 512
300 Mullins Mfg Co
No par
8 *512 64 *513 63
5 June 2712 Sept
*12
1512 *12
1512 *12
1512 *12
5 Mar 21 25 June 9
1512 1214 125
120
No par
Cony preferred
8 1218 13
8June 27
7 Aug 1518 Sept
133 133 *143 15
4
5 Mar 30 183
4
4
4
1512 1512 *1413 153 *143 153
400 MunsIngwear Inc
No par
4
4 153 153
4
4
8
518 83
8
978 Mar
218 July
63
8 613
612 65
153 Feb 25 1112July 17
10
64 64
8
613 613 3,600 Murray Corp of Amer
64 63
718 June 19 Feb
*15
1818 *15
8 Jan 25 2012July 10
1818 *15
Myers F & E Bros
1818 *15
1818 *15
No par
18
*1513 1818
8 May
193 Sept
4
235 2418 2312 2434 244 247
8
1118 Apr 12 27 July 10
3 25
No par
2714 134,900 Nash Motors Co
2614 254 273
4 2612
1 14 May
53 Sept
7 4July 7
3
4
*414 412 *414 412
414 414
1,8 Feb 28
10
412 412
700 National Acme
4
45
8 47
8
43
4 43
8July 18
4 May
6 Sept
97
114 Jan 27
338 3 4
412 *4
47
,
314 3 4 *33
8 1,000 National Bellas Hess prof __100
3
4 478 *4
8 *3
53 45
8June 28
2014 July 467 Mar
8
4638 467
4 4612 46,
8 4618 463
15,000 National Blecult
10 3112 Feb 25 (103
8 463 483 2463 474 463 47
4
8
8
4
132 132 8132 133
132 132
100 118 Mar 3 145 Aug IS 101 May 14214 Oct
7% cum pref
133 133 *13214 1345 *13214 13312 . 900
8
.
5614 Dec 183 Sept
4
165 17
8
1612 167
8 163 174 1712 18
4
518 Mar 2 2338 July 19
1838 10,500 Nat Cash Register A___No par
177 184 18
8
143 June 313 Mar
3
4
8
8 134 135
8 134 1313 1318 1312 1313 133
134 133
1012 Feb 27 253 July 19
No par
4 1312 133 25,500 Nat Dairy Prod
4
*5
8 1
212June 26
4 June
218 Aug
18 Mar 15
*58 1
1
*34 1
100 Nat Department Stores No par
.31
1
1
"4 1
14 Dec 10 Aug
*4
6
*4
57
8 *4
54 *4
114 Feb 23 10 June 6
54 *4
100
Preferred
5 8 *4
3
53
3
,
24 8 25
3
245 25 4 251s 253
8
3
4 2512 2614 253 265
4
8 2512 2638 112,100 Nati Distil Prod newNo par 204 Dec 22 33 4 Nov 9
2018 May
3212 Feb
$2.50 preferred
40 24 Feb 8 115 June 28
3.4 July
Sls Sept
•1614 17
*1614 1812 *1612 1812 *1612 1812 *1612 1812 *1613 173
Nat Enam de Stamping_No par
4
5 Feb 2 194 Dee 11
Jan
45 July 92
136 136 *13612 13812 13812 1383 *137 8 1393
*136 13813 *136 137
4
400 National Lead
4
,
100 4314 Feb 23 140 Nov 20
87 July 125 Mar
*120 12318 *12012 12318 12318 12318 •122 135 *122 135 *122 126
100
Preferred A
100 101 Mar 1 12814 Nov 1
61 July 105
Jan
100
*100 10218 *10014 10218 10012 10012'
51004 102, *10014 10218 *10014 10218
8
Preferred 13
100 75 Feb 23 10918July 19
653 Juno 2033 Sept
2012July 13
4
85
8 83
4
8
53 87
83
8 83
8
83
4 912
103 29,200 National Pow & Lt____No par
8
012 1012 10
67 Apr 1
8
1312 July 3338 Sept
507
49
4934 49
8 50
5012 5018 5212 5134 5212 5134 524 12,800 National Steel Corp_ __No par
15 Feb 27 5518July 7
123 •1112 127
8
1112 12
12
312 June 13 Sept
8 1,000 National Supply of bel
8June 12
3
*115 1214 *115 12
8
12
12
4 Apr 6 285
-50
1313 May 394 Aug
*3312 36
,
10
*3312 . ._ *3312 3318 3312 3312 *3312 3512 *3312 36
36
Preferred
100 17 Feb 23 6014June 3
812 Jan 6
412 July
197 Aug
8
National Surety
114May 3
10
313 May
8 153 16
4
107 Aug
16 -RN
1512 155
;1512 176
*1512 16
4 2,100 National Tea Co
3
613 Jan 4 27 July 18
1614 163
No par
s
812
112 Apr
814 838
512 Jan
84 9
1012 10
112 Jan 16 1218June 26
012 101 2 10
113
8 5,000 Neisner Bros
No par
8June 2
212 May
4 Feb 28 113
10, Sept
4
Nevada Consol Copper_No par
-4.6
612 *6
1 12 June
113
4July 5
33 Sept
4
8
13 Mar 2I
- -12 *6
6
600 Newport Industries
1
614
711
IN 6
- -12 *014 -012
6
1412 Sept
414 June
618 Apr 4 2312July 7
*1412 1534 1513 1512 1513 16
1,200 N Y Alt Brake
164 1614
163 17
4
•1413 16
par
No
8June 23
318 Dec 10 Sept
3
35
8 412 *44 412
23 Dec 27 117
4
40 New York Dock
100
3
*35
4 4 4 *312 4 4
8 43
4 *4
4 4 *33
3
20 APr 30 Aug
9
9
610
918
4
6 Oct 19 22 June 23
8
8 12
9
100
94 •814 93
Preferred
8
*9,
4 912
4June 12
13 June
34 Aug
23
3 Dec 27
3
No par
5
8 7,100 N Y Investors Inc
12
38
1
"
12
12
5
8
5
8
12
*12
5
8
*12
614 Feb
15 Dec
8
8
121. 1214 123; 124 1212 1212 144 t418 153 15,500 NY Shipbldg Corp part atk..1
134 Jan 4 2212 Aug 9
*12
113 12
4
20 June 57 Mar
75
75 - 75
300
75
100 31 Jan 9 90 June 19
757
75
8 7612 80
74
*74
7% preferred
•7312 76
Oct
70 May 100
8
*76
83
83
*78
No par 70 Nov 24 1017 Aug 8
10 NY Steam $6 pref
83
83
*76
*83
85
83
*77
85
90 June 10918 Mar
9212 9212 9212 9212
*87
92
*87
92
92
No par 83 Nov 24 110 Jan II
50
$7 1st preferred
9212 *87
*90
4
213 Sept
103 May
8
8
3312 3414 6,000 Noranda Mines Ltd
343
8 337 34
8
3413 34
173 Jan 14 387 Sept 20
8
3412 34
par
No
344 3413 34
133 June 4314 Sept
4
1414 153
8 1512 163
132 His
8
8 157 1012 71,000 North American Co_ No par
1214 Dec 22 3612July 13
8
1312 138
8 1313 14
2512 July 248 Sept
36
34
34
3412 3518 3514 35
900
50 31 Dec 26 46 Jan 12
334 34
Preferred
4
*3112 343 *33
5
114 May
5
54
65 Dee
9 July 17
8
54 514
5
514
518 514
4 Feb 27
518
514 6,700 North Amer Aviation
5
538
49 July 88 Sept
54
54
54
507s 507 507 •51
700 No Amer Edison pref__No par 39 Nov 20 79 July 13
54
,8
54
8
5013 5012 *49
25 June
8
8
Jan
33 Oct 18 10 June 7
8
North German Lloyd
--_- - _- ____
15 Juno 33 Aug
4
60 Northwestern Telegra9h50 263 Apr 27 43 June 5
3
4
34
5
5. 15 34 - - 34 34 *3212 -- 83212 34
55 ig
3 Feb
4
54 July 18
212 Aug
1 18 Feb 23
212 212
238 238
8
600 Norwalk Tire & Rubber No par
212 212
2 8 23
3
8
25
8 25
213 212
5
Jan
11 Aug
43 Feb 27 1753 July 6
4
127 1314 1318 133
8
;
8
3 127 1314 10,500 0610 011 Co
13
No par
125 13
13
123 13
4
12 Apr
4 Aug
83 July7
s
*312 4
1 18 Feb 27
37
*313 3 4
8 43
4
3
No par
414 43
8
4
3 4 33
3
414 412 4,100 Oliver Farm Equip
4June 9
212 May
16
1014 Aug
15
1,100
12
314 Feb 28 303
13
14
1412 15
No par
12
12
•1113 14
Preferred A
12
4July 18
83
1 12 Jan
534 53
43 Mar
4
8 534
538 553 *53
4
184 Mar 2
500 Omnibus Corp(The)vto No par
8 553
55
54 53
8
*53
4 6
3 June
978 Jan
800 Oppenheim Coll & Co No par
4
212 Feb 28 15 June 2
78 8
3
7 4 73
3
8 *712 814
7 8 7,
,
814
838 83
8 *7
7 June 9
34 June 15 Sept
13 Jan 30
8
Orpheum Circuit Inc pref _100
9 May
1012 Feb 27 25's July 18
2213 Jan
1E58 1538 167; 1538 1534 .5,400 Otis Elevator
-.
No par
1,64 154 ilia Iiis 15 8 1E4 5
90 May 106 Nov
95
95
*75
*75
100 9312 Apr 5 100 July 19
*75
95
Preferred
95
95
*75
*75
*7312 95
914June 13
114 May
414 412
114 Mar 1
44 413 2,400 Otis Steel
414 438
94 Sept
414
44
No par
44 414
*418 414
4June 13
318 May
203 Sept
8
4 1012 1012
214 Feb 28 213
300
3
100
10
10
1014 10 4 103
10
Prior preferred
*9
10
*8
10
4July 13
12 June 424 Nov
80
80
8012 80
80
8012 2,300 Owens-1111nole Glass Co__25 3112 Mar 3 963
7812 79
79
79
79
7812
167 June 37 Feb
8
1812 16,400 Pacific Gas Jc Electric
25 15 Dec 26 32 July 12
154 1612 1653 174 18
157 16
8
1513 15 4 1512 16
3
8
2034 June 4712 Aug
27
2678 283
2478 25
4 28
No par 22 Dec 22 433 Jan 11
29
9,200 Pacific Ltg Corp
2312 2312 2334 2412 24
29 July 5
34 May
6 Feb 21
28
1,100 Pacific Mills
8
8 28
2812 283 287
14 Aug
100
*27
2712 *2612 2712 2734 2778 28
58 June 1043 Mar
74
743
8 74
500 Pacific Telep & Teleg
4
72
100 65 Mar 3 943 July14
73 4 74
,
73
73
73
73
73
*71
67 July 14
8
112 July
4
24.000 Packard Motor Car_ No par
13 Mar 24
514 Jan
4
4 18
34 418
37
8 4
34 4
34 4
34 418
8 June 2 14 July 10
*103 114 *104 1112 *10 4 1114
3
4
300 Pan-Amer Petr & Trans new_5
3
4
*10 4 1114 *103 1114 10 4 11
3
2
8
Apr 10 Beni
6 Jan 20 363 Oct 9
No par
3,800 Park-TIlford Inc
2512 2612 2634 29
4
*2414 247
8 2413 2412 2412 2412 243 25
118
14 June
114
3 July 1
1
%Mar 21
118
2
900 Parmelee Transporta'n_No par
1
Jan
118
118
118 *1
*I
118 *1
414June 21
5 Apr 18
8
14 Dec
15
8
14 Jan
100 Panhandle Prod & Ret_No par
15
8 •1
15
8 *1
15
8 •1
112 *1
8
114
114 •13
212June 6
18 Apr 5
24 131,600 Paramount Publix Ws
2
2 18
2
10
14 2
14 14
13
4 17
8
13
4 14
4's July 18
3 Jan 9
4
1
5 Sept
iti -Apr
4 5,700 Park Utah CM
314 33
314 338
34 312
3 2 312
,
3
312 34
312 3 4
213 July 10
4 May
14 Jan 4
Pa
13
4 2,000 Pathe Exchange
114 Aug
No par
112 112
13
4
4 *112
112 112 *112 13
*112 13
4
1414 Deo Ii
114 June
114 Jan 25
4
1112 103 1138 3,400
53 Feb
4
11
12 11
Preferred class A __No par
1114
104
1013 1053 1013 103
4 10
318 July
4
913 Sept
5323 Jan 16 25 Nov 16
8
8
8 175 1814 1712 173 17,200 Patin° Mines & Enterpr No par
8
1914 1912 1713 194 173 1812 175 183
3 June
4
3
3 Feb 16
4
43 Apr
O's July17
4
213 2 4 3,700 Peerless Motor Car
3
218 214
4
213 2 4
3
25
8 23
•213 212
24 218
4
16 June 323 Mar
58
5812 5813 5812 584 587
8
1,500 Penick de Ford
4
587 59
No par 22512 Feb 27 603 Dec 13
59
3 587 59
8
59
13 May
1914 Mar 2 511 Dee 14
3412 Mar
563
4 9,100 Penney (J C)
No par
554 5513 5612 56
523 527
4
8 534 5312 5314 5512 54
60 June 91 Mar
200
100 90 Jan 4 108 Aug 1
Preferred
_
•106 - - - *106 10712 10712 10712
*106
_ _
106 106 *106
912June 19
12 Apr
800 Penn-Dixie Cement„-No par
414 438
213 Aug
4 Jan 25
414 414
414 - 8
43
- 8
43
8 *4
37
8 37
34 - 8
373 Nov
418 Mar 2 32 July 5
8 Sept
200
100
1414 1414 13
Preferred series A
*1412 1612 *1412 1612
3
*1314 20
*13 4 20
13
39 July 121
._100 25 Dec 27 78 Jan 9
8
Jan
29
2813 314 30 4 3513 343 3713 14,400 People4 0 L & C (Chic)
•26
275
8 2714 2818 29
,
5 Dec 1212 Jan
300 Pet Milk
612 Feb 2 1514June 8
No pa
104 *1018 11
101 *10
.
10
*912 1012 10
*93 11
8
10
23 May
4
45 Jan 3 15 July 3
8
93
8 1.600 Petroleum Corp of Am_No par
73 Sept
8
938
3 *914 038
914 93
914 914
9
938
9
918
8
37 June 115 Sept
8
412 Jan 4 187 Sept 10
25
8
4
-Dodge Corp
4 1812 1613 1614 1658 1618 163 21614 1612 9.900 Phelps
1612 1612 1614 163
18 June 41 Mar
900 Philadelphia Co 6% pref_ _750 2112 Nov 22 30 July 7
*2814 31
32
26
27
27
*2512 27
27
27 '
525
*25
48 June 76 Sept
10
49
$6 preferred
No par 384 Dee 13 62 July 8
5112 49
4912 *47
*45
*41
50
50
*41
50
*41
912July 14
2 Juno
212 Feb 27
No par
312 312
338 338
4 4,500 Phila & Read C & I
312 33
4
312 33
74 Sept
338 312
312 34
8June 7
7 June
600 Phillip Morris & Co Ltd10
8 Feb 23 147
12
123
4 12
13 Aug
*12
12
12
12
113 113
4
4 12
*1112 12
4July 18
313 Apr
3 Feb 8 163
Phillips Jones Corp
1234 Sept
No par
*812 1018 *812 1018 *812 97
1012 *812 1212
93
4 *812
8 *812
8
434 Jan 4 18348ell
8' AugSent
No par
3
15 4 1618 21538 154 1518 153 14,100 Philips Petroleum
89:
153 15 8 1514 157
8
5
8 15 8 16
,
ve 182 June
e
5
2
400 Phoenix Hosiery
153 Mar 15 1734
9
9
5
8
8
9
*7
9
9
814 814
*7
•7
712 Nov
36,300 Pierce-Arrow Mot Car Co new 5
3 Deo 26
24 3
3
3
3
3
34
3
3
3
3
4
8June 21
17
14 Jan 3
700 Pierce Oil Corp
14 Jan
25
7
8
3- Sept
4
*3
4
7
s
•4
3
3
4
3
4
3
4
3
4
3
4
4
3
1
31
wo
34 Feb 27 134June 21
312 Jall
8
Preferred
*7
9 Aug
8
812 *7
4 *612 812 *7
*612 734 *613 73
4June 21
23
es Jan 23
12 May
15 Sept
8
300 Pierce Petroleum
No pa
8
13
8
112 *114
14 13
112
3 *114
13
112
15
8 •114
13
8
8June 7
912 Dec 2212 Jan
93 Feb 24 267
20
8
20
19
700 Pillsbury Flour MillsNo par
19
*1814 20
*1812 20
1812 19
*183 20
4
21 June 31% Mar
*6712 74
Pirelli Co of Italy Amer shares 333 Apr 4 75 Nov 16
*677 74
8
3
*6814 74
*673 74
4
*675 74
8
*6712 74
212 912 8918 12
3 May
1158 Sept
200 Pittsburgh Coal of Pa
*912 12
4 Feb 25 23 July 18
*10
12
100
1212 10
10
*10
Jan
17
Dec 40
Preferred
*30
7',)
300
100 17 Jail 25 48 July 14
80
3018 *30
*2912 30,8 30
30
311s 30
*30
sale. e Cash sale. 5 Sold 15 days. s Ex-dividend. y Ex-rights.
• Bid and asked prices, no sales on this day. a Optional
New York Stock Record-Continued-Page 7
301
rir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
HIGH AND 1.0W SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Jan. 6.
Monday
Jan. 8.
Tuesday
Jan. 9.
Wednesday
Jan. 10.
Thursday
Jan. 11.
Friday
Jan. 12.
$ per share $ per share $ per share $ per share $ per share $ per share
.4
63
*67
s 73
7
8 *678 714
714 818
753 87
8
7 8 75
3
8
*25
33
32
*25
025
32
.2518 32
*2518 32
*2518 32
*118 3
*118 212 .118 212 *114 3
•118 3
*118
3
.8
*8
10
10
*8
10
.8
10
.8
10
*8
10
•214 212
212
212 *218 312 *24 312 *212 312 *212 312
*37
393 *37
8
395 *37
393 *38
8
8
395
8 397 397 .384 4112
8
8
*112 2
*112 2
*15
8 2
2
2
*112 314 *112 312
13
134 123 13
123 13
4
4
13
1313 13
1314 127 1318
8
*93
8 93
4
97
3 94
912 94 *94 97
8 10
1018 1012 1118
*314 33
4 *3
33
4 *312 33
37
8 *318 4
*3
4
3
314
*138
112
15
8
112 *112 15
8 0112 15
8 •112 15
8 0112 15
8
23
4
233
4 223 235
8 223 2514 25
8
253
4 2412 2514 2334 2412
1812 *14
•13
1712 *14
15
14
14
*1412 1812 *1412 1812
17
8
17
8
17
8
17
8
17
s
17
8
2
2
*13
4 2
17
8 2
*WA
712 *614 714 *614 714 0
614 74 *65
8 714 •614 714
367 3714 36
8
3718 364 363
8 3612 39
3812 39 4 3818 393
3
8
1033 1033 *1033 108
4
4
1033 1047 1053 106
4
4
8
4
10512 10512 105 105
3
8
12
12
12
12
3
8
3
8
12
12
12
12
12
*234 338 *212 3
25
8 25
8 *27
8 312 .27
8 312
278 27
8
3438 3412 3418 3438
3438 3518 3514 3612 3612 3818 3612 3778
68 68
*68
69
*68
69
69
69
70
70
71
73
*79
793
4 79
79
*7412 823 *75
8
8218 *80
8218 08018 8218
*871. 90
90
*87
90
90 *___- 9112 9112 9112 *897 92
8
*102 105 *102 105 *1007 105 *102 105 *103 105
8
105 105
0845 90 .843 911
8
8
*845 90
8
90
90
•90
9512 .91
94
504 5112 5014 5112 51
513 52
4
52
515 534 5212 53 4
8
3
1038 1012 1018 105
8 1014 103
4 105s 105
8 103 11
103 11
4
4
*00
62
5918 60
583 5918 59
4
59
593 6014 59
4
59
1214 124 13
8
1314 127 13
127 1314
1314 131
8
1312 15
612 63
4
612 63
4
65
8 68
,
67
8 718
67
8 714
67
8 7
•23
253 *23
2612 *2314 2617 25
4
25
*2518 265 *2518 26
8
1512 157 *1512 157
8
8 15 8 1612 10
,
17
1612
165 167
8
8 16
212 2'2
23
8 212
214 23g
214 23
23
8 24
3 212
23
163 163
8
8 1614 1614 16
163
8 163 163
8
8 165 163
8
4 1612 1612
4 812
°73
83
8 83
• 4 81
73
8
812 812
4
83
4 83
9
9
*35
45
*35
45
*35
45
*35
45
*35
45
*35
45
214 214 *2
214
214 *2
214 214
23
214 214
8 23
4
*1318 15
*1312 15
*1414 15
143 143 *14
8
4
1512 1512 173
8
638 63
612 63
4
612 63
4
612 67
8
7
718
612 7
*30
3212 *3012 3212 *30
34
*30
3312 *30
3312 *30
331 2
*2934 34
30
30
30,8 301
30
3012 32
3314 *293 3312
4
318 328
314 35
8
33
8 31
33
8 33
8
38 4
3
33
4 37
8
16
1614 1614 167
8 1612 17
163 17,
4
4 1718 1712 17
173
8
394 397
8 397 404 4012 4117 41
8
4212 423 427
8
8 4212 423
8
*4
5
5
5
5
5
*5
6
*5
6
6
6
•818 15
*814 19
*814 191
•814 1918 *818 19 8 *818 1918
,
.1512 153
4 1512 1512 153 1558
8
16
1612 16
16
16
16
0612 65
8 *612 7
612
512 7
612
*6
612 *618 612
42
4212 42
433
8 4414 451
43
443
4 4214 433
4 41
423
s
.57
58
57
57
*57
58
57
57
*57
58 '57
58
*7
10
57 Ili
•'7 16 *i 165- '6 . - '6 108
8
I658
,
418 418
43
8 438
412 458
5
6
578 6
6
7
+37
3714 37
37
363 363 *36
4
4
363
4 37
37
36
36
*2114 22
2114 223
8 2112 213
4 2112 213
4 2214 223
4 224 23
4414 45
4414 443
4 443 443
4
4 4518 463
4 46
473
4 47
473
4
847 8478 85
8
85
85
85
85
87
8712 88
89
90
100 100 *100 101
100 100
100 101
100 100
993 100
4
*512 012 *512 614 *512 612 0522 612 *612 618
614 614
4
4
*33
4 4
4
438
4
414
4
4
4
5
•127 1412 0127 1312 15
8
8
17
*1614 1712 01612 1912 18
21
*41
4312 *41
041
43
44
41
44
44
45
*44
447
8
253 253
8
4 253 26
8
26
2612 267 273
8
4 273 2814 28
8
28
*212 3
.23
*21. 3
0212 3
3
*23
8 3
*25
8 3
41
415
8 405; 413
8 4034 413
8 41
423
4 4218 423
4 42
4314
*214
238
212 212 0214
212, *2
212
212 212 *214
23
8
03112 37
32
32
03114 3612 *32
36
*32
3612 *32
3612
.1
118
1
1
118
118 118 118 1
118 118 118
*43
4 47
8
43
4 5
478 5
47
8 5
518 53
8
51s 514
733 712
Vs 7 2
,
73
4 74
3
712 73
4
712 712 734 734
0514 618 *512 7
'515 7
055
8 6
518 5 8 054 67
,
8
43
4 43
4
5
53
8
53
8 52
,
5 8 53
3
8
53
4 57
8
5 s 612
7
03718 3814 3814 3814 39
39
*39
41
41
*40
4012 43
812 83
4
85
8 87
8
84 8 8
5
83
8 85
8
85
8 87
8
85
8 83
4
64
64
64
6414 *6612 71
6812 683
69
4 68
6814 6814
173 1712 1714 1714 17
8
173
4 173 18
8
175 1833 184 194
8
09
93
4 .914 934 *914 978 *914 97
8 09 8 5018
5
933 912
*84 812
814 814
8
8
77
8 77
8
8
8's
8
8 14
*54
55
*54
55
543 543 *54
4
4
55
55
8
5533 5543 58
•13
16
*14
16
15
16
*16
20
20
20
*20
25
25
25
2514 2514 26
26
26
26
*27
*27
30
30
7
74
63
4 7
7
7
7
712 8
758 812
733
1514 155
8 1514 155
8 1514 1558 153 1534
8
1534 1628 153 1618
4
86
86 .86
90
*86
9018 *86
90
*87
90
*87
90
3314 3314 323 334 3314 331 '33
8
3312 3433 3314 34
34
•11218 116 .11218 116 *11218 116 *11218 116 *115 116 '115 116
16
164 153 1612 1618 16% 163 17
4
8
17
18
18
1814
.23
4 418 *23
4 418 023
4 44 *23
4 34 023
4 31
02 4 31s
3
*53
'53
4 63
4 6
*53
4 6
5 4 53
3
6
6
4
06
7
•3018 40
*3018 40
*3018 33
*3014 33
30 4 323
,
4 33 33
*114 11
*2
11
*214 11
*21.4 11
8
8
•5
11
•2218 40
*2218 40
52218 35
*2218 35
*2218 314 *2218 40
3% 33
8
33
8 3%
338 4
334 33
4
33
4 37
33
8 33
4
*2
25
8 *2
23
8 *2
238
2
2
.2
25
8 •2
28
3
•153 16
8
*153 17
8
0153 17
4
4
0153 1614 1618 1618
1618 17
5
% 57
8
5 4 57
3
8
54 58
3
53
4 6
7
4 57
8
5 4 57
3
53
8
*8
10
10
10
978
*8
8
8
.8
10
*8
10
2612 2612 27
3012 *28
29
283
2913 2918 2914
4 2712 29
1912 1912 *1812 194 19
19
19
193
4 193 193
4
4 197 20
8
20 4 21
2
203 2112 2034 2114 2078 213
4
8 215 22
8
2118 223
4
*12114 123 *12112 122 512112 122 *1215 122 *1213 122
8
4
122 122
•414 43
8
4
424 414
418 44 04
4
43
8
412 5
7
7
7
718
63
4 7
7
84 87
78
5
4
8
73
4 83
*714 712
733 712
712 712
8
88
3
83
8 912
93
8 94
3
.1412 1614 *1434 1612 *1412 1614 16
1612 1634 183
8 1818 187
8
*1738 18
1712 1712 *17
19
1712 18
1814 2012 2058 22
*1
114 *1
114 *1
114 01
11
1
114
114
118
118
9814 9814 983 9812 *98
8
9914 993 993
8 9912 100
9918 995
8
3834 394 385 3912 385 3918 383 393
8
8
4
, 3812 3912 3818 387
8
*363 377 *363 3718 *363 3718 36. 363 *3614 363 *3614 37
4
8
4
4
4
14
4
4
443 4412 4414 4434 444 447
8 443 4514 4412 453
8
8 4412 447
8
•512 7
*61.
1 6
0614 6
4.64 6
.6'
8 6
.612 6
•13
8
112
138
112 *13
8
112
8
13
8 13
13
8
13
8 *138
112
*234 312 *25
8 3
3
3
*212 312
*314 312
314
312
•29
35 .29
35 .29
35
35
030
*30
35
30
30
63
8 63
8
614 63
8 *614 63
4
612 65s
65
8 67
8
653 63
4
6
618
6
6 18
614
6
64 Fe
67
8 712
714 8
47
8
518
478 518
5
518
5
514
518 5 8
3
54 514
2212 2212 22
22
22
22
*22
223
4 23
23
223 223
4
4
5212 5212 5112 52
5112 511. •5112 523 *5112 53
4
*5112 523
4
*944 103
.9412 102
102 102 - 102 102
102 102
102 102
15
15
*14
1512 *14
15
15
15
15
15
*15
157
8
*15
8 2
17
8
178 *178 2
*13
4 2
178
17
8
13
4
13
4
11
11
104 1112 *11
1112 1118 1158 1158 1138 1133 1112
*314 4
*314 4
314 314
33
4 33
4 .314 33
4
3 4 33
3
4
.114
11
. •114
14 *14
11.
112 '114
112 *114
112 •114
*33
8 33
- *33
1
314
8 312 *33
8 312 °33
333 314
s 333
358
.1114 12
*11 1212 *1112 12
12
1212 1212 1212 x123 13
4
414 43
41. 41 2
8
418 418
43
8 41.
414 414
414 452
2312 237
8 233 237
8
8 2312 237.
; 2338 237
8 2314 237
8 234 233
8
3914 3958 383 393
4
4 3812 3914 3812 3918 39 393
4 3814 3912
*34 314
34 314
3
52 3 8
318 333
5
324 314
38 38
5
5
63
4 7
67
8 67
8 .63
4 7
64 713
67
8 7
67
8 7
Sales
for
the
Week.
PER SHARE
Range for Year 1933.
-share lofs.
On basis of 100
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
Shares. Indus. & Miscell. (Con.) Par $ per share $ per share $ per share $ per share
3,900 Pittsburgh Screw &13011No par
17 Feb 15 113
8
4July 6
2 Apr
478 Aug
Pitts Steel 7% cum pref_100 1014 Jan 6 383
4May 26
912 June 2434 Sept
Pitts Term Coal C,orp__No par
12 Feb 8
67
8July 8
12 July
212 Aug
100
4 Jan 18 2312July 20
5 Dec 1212 Mar
100 Pittsburgh United
25
3 Feb 6
612 July 18
4
5 Dec
334 Sept
8
Preferred
10
100 153 Feb 27 64 July 19
4
14 May 44 Sept
100 Pittston Co (The)
No par
as Apr 1
7 June 19
12 Dec
3 Sept
3,400 Plymouth Oil Co
5
63 Feb 24 175
4
8July 7
1212 Sept
8
83 Nov
1,600 Poor & Co class 13
No par
62 Sept
13 Apr 3 133
4
4July 7
112 May
400 Porto Ille-Am Tob Cl A _No par
15 Mar 23
8
8 June 6
114 May
65 Sept
8
Class B
100
No par
5 Feb 27
8
4 May 17
5 May
8
23 Aug
4
25,200 Postal Tel & Cable 7% pref 100
4 Feb 27 4034June 7
13 July
4
1712 Sept
100 Prairie Pipe Lhae
25
7 Mar 22 22 July 8
512 June 1214 Sept
1,000 Pressed Steel Car
No par
5 Jan 21
8
512June 8
4 Aug
3 June
4
Preferred
100
3 Jan 27 18 June 7
25 June 17 Sept
8
11,700 Procter & Gamble
Vo par
195 Feb 28 4712July 18
8
8
197 June 4234 Jan
280
prof (ser of Feb 1 '29)100 97 Apr 18 110 4 Nov 27
5%
3
81 July 10312 Dec
10,900 Producers & Refiners Corp_ _50
14 Jan 3
27
8June 21
18 May
15 Mar
8
Preferred
300
50
2 Nov 1
13 June 21
1 May
4
93 Mar
15,900 Pub Ser Corp of N J_ __No par 3258 Nov 15 5718June 13
28 July 60 Mar
900
$5 preferred
No par 597 Nov15 884 Jan 31
8
62 June 907 Sept
8
100
100 75 Dec 5 1013 Jan 24
6% preferred
8
7112 June 10218 Aug
200
7% preferred
100 84 Dec 22 11212 Jan 2
9212 May 114 Mar
100
8% preferred
100 99 Nov 22 125 Jan 9 100 July 13014 Star
100 Pub Ser El & Gas pf $5_No par 83 8 Dec 7 10312 Jan 11
7
83 June 10312 Dec
14,200 Pullman Inc
No par
18 Feb 27 5818 July 7
1012 June 28 Sept
12,400 Pure 011 (The)
No par
212 Mar 2 15 8 Sept 20
3
612 Aug
27 June
8
530
8% cony preferred
100 30 Mar 3 697 Sept 19
8
50
Jan 80 Aug
7,200 Purity Bakeries
No par
5 8 Feb 24 253
7
8July 11
43 May
157 Star
8
8
65.900 Radio Corp of Amer_ No par
3 Feb 23 121* July8
212 May
1312 Sept
Preferred
100
50 1324 Feb 28 40 May 31
10 June 327 Jan
8
Preferred B
9,100
No par
612 Feb 28 27 July 8
33 May 235 Sept
8
8
5,100 Radio-Keith-Orph
No par
1 Star 31
53
4June 8
734 Sept
112 June
1,200 Raybestos Manhattan_No par
438 July x123 Aug
5 Feb 23 205 Sept 14
8
4
400 Real Silk Hosiery
8June 12
512 Feb 27 207
10
218 July
812 Sept
Preferred
100 25 Jan 4 60 May 16
7 June 30 Sept
1,300 Reis (Robt) & Co____No pa
18 Apr
112 Sept
14 Jan 3
4 July 18
'1
1st preferred
780
100
cl Dec
118 Jan 3 1812June 22
75 Sept
8
5,700 Remington-Rand
212 Feb 23 1114 July 17
1
1 May
712 Aug
1st preferred
712 Feb 27 37'2 July 19
100
4 June 29 Aug
80
2d preferred
100
3
5 June 314 Aug
8 Feb 27 35 4 Dec 11
20,900 Boo Motor Car
13 Feb 28
8
63
5
8June 7
112 Apr
37 Sept
8
21,100 Republic Steel Corp___No par
4 Feb 27 23 July 13
8
14 June 137 Sept
6% cony preferred
5,500
100
9 Feb 28 5412July 13
5 June 287 Sept
8
500 Revere Copper & Brass_No par
1 July
614 Sept
114 Jan 10 12 June 2
Class A
No par
214 Mo r 2 25 June 2
2 Dec 1212 Aug
No par
6 F. b27 2112June 27
1,200 Reynolds Metal Co
53 July
117 Sept
8
8
200 Reynolds Spring
No par
112 F. b23 1534 July 12
8
3 Feb
127 Sept
2612 June 4014 Jan
50,800 Reynolds (It J) Tob class B_10 2612 J: U 3 z5414 Sept 15
Class A
10 60 if,n 5 623 Jan 24
230
64 May 7118 June
4
Richfield 011 of Calif _ _ _No par
3 June 8
13 July
14 Feb 21
8
14 June
Ritter Dental Mfg
No par
612 Feb 25 163
Oct
4June 29
12
4 July
7,500 Roasts, Insurance Co
5
8June 8
112 May
2 Apr 8 107
912 Aug
4
8
700 Royal Dutch Co (N Y shares) 175 Mar 2 393 Nov 16
4
1218 Apr 233 Sept
10
618 Feb 27 313 Sept 19
4.400 St Joseph Lead
4
45 July
8
173 Sept
4
5,400 Safeway Stores
8July 17
No par 28 Star 3 623
3018 July 594 Mar
240
100 72 Apr 5 9412July 13
6% preferred
60 May 90
Oct
220
7% preferred
100 8014 Feb 15 105 Sept 12
Oct
69 June 99
200 Savage Arms Corp____No par
214 Apr 3 12 July 1
7 8 Feb
3
114 July
13,000 Schulte Retail Stores__No par
5 Mar 3 1014 July 11
8
4 Jan
12 Dec
Preferred
318 Apr 25 35 4July 12
270
100
3
5 Oct30 Jan
210 Scott Paper CO
No par 28 Jan 24 447
8July 19
18 May 42 Feb
15 Feb 13 433 Sept 26
5.800 Seaboard 011 Co of De1_No par
8
658 Apr 203 Dec
8
Seagrave Corp
No par
Apr
43
4July 13
1
23 Jan
115 Feb 25
4
37.800 Sears, Roebuck & Co No par 1212 Feb 25 47 July 17
8
97 June 373 Jan
s
300 Second Nat Investors
1
114 Feb 28
5 June 7
3 Aug
12 July
100
Preferred
1 24 Feb 24 48 July 6
2114 June 364 Aug
18 may
18 Mar 28
800 Seneca Copper
8June 2
No pa
1 Aug
35
10,000 Servel Inc
1
112 Feb 4
112 June
53 Jan
8
7'2 July18
No par
2,700 Shattuck (F G)
53 Apr 8 13's July8
4
4
5 Slay 123 Mar
100 Sharon Steel Hoop
No par
73 Sept
llz Feb 23 12 July 14
4
112 July
7,400 Sharpe & Dohme
No par
24 Feb 27
85
8June 28
17 June
7 Sept
8
900
Cony preferred ser A _No par 2114 Mar 2 417 July 13
114 July 3014 Jan
8
13,800 Shell Union 011
212 Apr
No par
83 Sept
4
8July 7
312 Feb 17 115
1,400
Cony preferred
100 284 Mar 28 61 July 7
18 May 6514 Sept
19,600 Simmons Co
No par
43 Feb 28 31 July 19
8
8
23 June 133 Sept
4
200 Simms Petroleum
10
47 Feb 28 123
712 Aug
8
8June 2
314 Apr
1,600 Skelly Oil CO
25
8June 2
212 Feb
5 4 Sept
3 Feb 20
3
97
400
Preferred
100 22 Feb 28 5712July 20
Jan 3312 Sept
12
300 Sloss-Sheff Steel & Iron 100
4
7 Jan 3 35 July 14
33 June 193 Sept
4
7% preferred
90
100
814 Feb 7 42 July 15
5 July 2915 Sept
17,500 Snider Packing Corp_ No par
93 July13
4
58 Mar 31
712 Sept
17 Dec
8
51,900 Socony Vacuum Corp
25
1214 Sept
6 Mar 23 17 Nov 17
514 May
100 Solvay Am Invt Tr pref _ 100 58 Feb 25 92 July 3
35 June 67 Sept
1,900 So Porto Rico Sugar___No par
412 Apr 183 Sept
8July 17
157 Jan 12 485
3
4
Preferred
100 112 Jan 4 132 July 14
8612 May 11212 Dec
9,500 Southern Calif Edison
25 1418 Nov 18 28 Jan 11
4
15 4 June 323 Feb
3
Southern Dairies cl B__No par
3 Feb
Vaunt.10
114 May
114 Feb 28
300 Spalding (AG)& Bros_No par
4 Jan 18 11,
8July 14
412 July
12 Jan
240
1st preferred
25 Dec 95 Jan
100 251s Mar 28 61 June 27
100 Spang Chalfant & CO Ina No par
93 Mar
412 Feb 18 1512July 19
4
83 Mar
4
Preferred
100 1712 Feb 9 50 June 13
15 Nov 4812 Jan
1,600 Sparks Withington____No par
3 Feb 28
4
1 May
5 Sept
8 June 12
50 Spear & CO
No par
12 Jan 10
512June 20
13 Apr
4
12 July
100 Spencer Kellogg & Sons No par
8 May
74 Apr 10 22 July 19
11 Sept
11,600 Sperry Corp (The) v to
1
218May 3
712July 18
400 Spicer Mfg Co
No par
87 Sept
5 Jan 3 16 June 12
8
3 Dec
470
Cony preferred A
No par
3212June 12
912 June 18 Sept
113 Mar 2
4
1,200 Spiegel-May-Stern Co_No par
58 May
1 Feb 28 21 12 Dec 11
5 Aug
56,900 Standard Brands
135 Mar 2 375
No par
4
8July 18
8
83 June 177 Aug
8
100
Preferred
No par 120 July 11 124 May 4 110 June 123 Del
2,100 Stand Comm Tobacco_No par
1 Jan 3
93 Aug 28
8
7 July
2 Jan
8
12,700 Standard Gas & El Co_No par
518 Mar 31
2212June 13
7 June 3414 Mar
511
6,200
Preferred
No par
eh Dec 26 2578June 13
914 June 4114 Jan
2,900
$6 cum prior pref
15 Dec 22 61 June 13
No par
21 July 621z Aug
2,400
$7 cum prior pret
No par 15 Dec 22 65 June 13
28 June 75
Jan
300 Stand Investing Corp No par
12 Mar 31
8June 2
27
214 Aug
14 June
1.300 Standard Oil Export pref__100 9212 Mar 3 1023 Sept 15 z81 June 10012 Deo
4
20.200 Standard 011 of Calif _ No par
1912 Mar 3 45 Nov 17
8
1518 June 317 Sept
100 Standard Oil of Kansas_ _10 1234 Apr 4 397 Dec 15
8
7 Apr 1612 Aug
27,500 Standard 011 of New Jersey _25 223 Mar 3 4712 Nov 17
4
8
8
197 Apr 373 Sept
Starrett Co (The) L S__No par
4 Feb 16 114June 14
3 July
83 Sept
4
600 Sterling Securities Cl A_No par
5 Jan 11
8
8June 13
18 May
214 Sept
37
300
Preferred
No par
112 Feb 10
73
4June 13
5 July
4 Sept
8
500
Convertible preferred_ _ _ _50 20 Mar 2 3614 July3
1312 June 26 Aug
2,700 Stewart-Warner Corp
10
212 Feb 24
1112July 19
178 May
812 Sept
21,800 Stone & Webster
Vo par
5'2 Dec 26
1914July 13
45 July
8
8
73 Sept
17,000 Studebaker Corp (The) No par
112 Star 20
83
8June G
212 May
133 Sept
4
220
Preferred
100
9 Apr 3 3818June 5
30 Nov 1047 Mar
8
500 Sun OS
No par 35 Feb 25 59 Nov 22
243 Apr 397 Oct
4
8
70
Preferred
100 89 Mar 16 103 July 26
68 July 92 Dec
300 Superheater Co (The)__No par
712 Feb 17 27 July 19
7 June 1418 Sept
500 Superior 011
No par
3 Jan 4
4
412July 13
14 Jan
2 Sept
2,500 Superior Steel
100
2 Feb 28 223
8July 13
214 May
914 Sept
400 Sweets Co of Amer (The)_ _ _50
1 Mar 22 10 July 19
15 July
8
11
Jan
Syrnington Co
No par
18 Apr 6
3 June 7
14 Mar
1 Sept
400
Class A
Vo par
14 Apr 11
514July 3
12 May
23 Aug
4
1,000 Telautograph Corp
No par
818 Feb 17 163
8July 7
6 July
4
133 Mar
2,200 Tennessee Corp
13 Feb 28
8
No par
714 Aug 10
1 May
43 Sept
8
16,050 Texas Corp (The)
25 103 Feb 28 3018 Sept 18
4
914 June
1814 Sept
17,200 Texas Gulf Sulphur_ __No par 1514 Feb 20 4514 Nov 20
12 July
263 Feb
4
1,500 Texas PacItic Coal & 011_ 10
13 Mar 3
8
, Slay 29
112 Apr
4 Aug
3,700 Texas Pacific Land Trust_ __I
34 mar 31
1 ,•..1 L t. 12
212 June
812 Sept
•Bld and asked prices, no sales on this day. a Optional sale. x Ex-dividend.
STOCKS
NEW YORK STOCK
EXCHANGE.
y Ex-rights.
c Cash sale.
,
...
New York Stock tlecord-Concluded-Page 8
302
Jan. 13 1934
IGr 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
.
Friday
Wednesday
Thursday I
Tuesday
Monday
Saturday
Jan. 11.
Jan. 12.
Jan. 9.
Jan. 10.
Jan. 8.
Jan. 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1933.
-share lots.
On Oasts of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share Shares. Indus. & Silscell.(Cond.) Par $ per share $ per share $ per share $ per share
2 Apr 10 Nov
Na par
5 Feb 15 2218 July 19
200 Thatcher Mfg
11
*10
2218 Apr 32,4 Sept0
r
8
431.,
8
$3.60 cony pref____No par 275 Feb 6 44 July 18
*39
212 Dec
1212Slay 31
No par
23 Star 31
8
200 The Fair
8
618 63.38 July 85 Jan
100 33 Feb 28 70 July 5
7% preferred
10
.50
543
4
7 June
8
4 Sept
No par
1 Feb 28 1012 July 17
6
638 6,100 Thermold Co
10 May 1712 Dec
1
10 Mar I 2114 July 18
200 Third Nat Investors
*15
1614
712 Nov 163 Mar
4
25
6 Dec 26 1512June 2
14 814
400 Thompson (J R)
*7
23 June 10 Feb
4
53 Jan 6 2014 Sept 14
8
5,900 Thompson Products Inc No par
143 15
4
912June 19
214 Aug
12 Mar 3
3 June
8
4 4,400 Thompson-Starrett Co_No par
314 33
12 June 1712 Sept
No par
12 Jan 10 30 June 19
$3.50 cum pref
*2118 22
2 Apr
55 Sept
4
8
3% Jan 13 113 Sept 26
918 26,900 Tidewater Assoc OIL No par
9
20 Feb 60 Sept
100 2312 Apr 6 6514 Nov 28
Preferred
1,200
68
6814
5 June 10 Aug
No par
914 Apr 20 26 Dec 27
Tide Water 011
*25
40
30 Feb 62 Sept
Preferred
100 45 Feb 2 80 Deo 99
100
*80
85
2 July
814June 20
63 Sept
4
10
112 Mar 22
4% 412 4,600 Timken Detroit Axle
7 3 July 23 Jan
4
4
305 3114 6,400 Timken Roller Bearing_No par 133 Feb 23 3512July 7
8
218 Jan
93 July 19
8
71 Sept
No par
258 Mar 2
67
8 718 42,500 Transamerica Corp
214 July
812 Sept
2% Mar 21 1712July 19
900 Transue & Williams St'l No par
9
9
112 May
834 July 7
5% Sent
4
23 Feb 27
458 43
4 8,500 Tri-Contlnental Corp_ No par
42 Jan 72 Sept
No par 41 Apr 8 x75 May 16
6% preferred
300
62
61
61
61
62
6014 6014 *59
*6018 61
*6018 65
193 May 3112 Mar
8
8
Trio° Products Corp_ _ _No par 2018 Feb 25 387 July 17
600
3312 35
35
*3314 3412 *3312 3412 3412 3412 *34
33
33
14 May
514 July 15
3% Jan
12 Apr 4
No par
100 Truax Traer Coal
*112 2
158
15
8 *112 2
*112 214 *158 2
*112 2
2 Apr
4June 12
714 Aug
2 Mar 3 123
10
1,900 Truscon Steel
47
8 5
47
8 47
8
5
5
514 514
5 4 514
,
5
5
12 May
318 Aug
614June 19
4
par
3 Jan 16
No
1,200 Ulen & CO
212 212
25
8 3
8 258 *238 212
234 2 4 *212 23
3
4 *23
73 July 243 Sept
8
8
914 Feb 24 3912July 7
383
8 1,200 Under Elliott Fisher Co No par
8
37
38
4 367 36% 37
36
36 14 363
3612 3714 36
115 Aug
8
512 June
512 Jan 13 60 July 18
x4512 4512 2,100 Union Bag & Pap Corp_No par
47 47
4412 4412 4412 47
43 43
44
44
1512 May 363 Mar
8
8
4
22,700 Union Carbide & Carb_No par 193 Feb 24 517 July 18
463 4738 4614 47
4
4518 46
45
46
4518 46
45
34 47
8 July
8
812 Mar 2 233 July 7
1544 Sept
25
19
191 1
183 188 4,200 Union 011 CalitornLa
4
183 19
4
183 183
4
4 1814 1812 1814 19
113 June 1914 Jan
4
4June 2
1012 Feb 21 223
par
No
1638 1638 1614 1614
1,800 Union Tank Car
16
155 16
8
1614 1614
16
*1512 16
612 May 345 Sept
8
8 31
323 72,700 United Aircraft & Tran_No par 1612 Mar 2 467 July 17
8
8 308 3112 3118 3218 3112 325
8
303 3158 305 313
4
3014 May 58 Dee
50 5112 Mar 1 68 June 18
6% pref series A
_ _
.,.... ____
_ . _ __
_
11 July 2812 Mar
Feb 24 2758Ju1y 10
100 1312
.
-12
fif.,2 -234 ii 13 iii8 li 2A If 233.4 24 2334 2114 3,600 United Biscuit
,
75 July 103 Mar
100 02 May 2 111 Dec 29
Preferred
110
107 10718 107 107 *107 111 *107 111
108 108
108 110
65 June 18 Sept
8
1014 Feb 25 38 Dec 30
No par
4 5,800 United Carbon
4
363 3714 3618 363
4
353 37
3512 3512 36
36
35 4 36
3
312 June 14 Sept
4 Dec 26 1412June 13
No par
4
458 514
518 53
4
53
8 53 97,200 United Corp
4
438 47
4
45
8 43
45
8 43
20 June 39% Sept
8June 13
No par 2218 Nov 17 407
Preferred
257 267
8
8 27
2812 29
294 9,100
26
26
2614 2544 2614
26
8June 21
7 Apr
8
318 Sept
67
3 Feb 17
4
10
4
4
444
200 United Dyewood Corp
4
418 414
4
438 412
4
414 414
23 July
87 July 14
8
8
I Mar 31
6% Aug
33
800 United Electric Coal_ __No par
318
3% 33
8
3% 318
*318 312 *318 3% *3% 312
8
1014 June 325 Aug
No par 2314 Jan 3 68 Aug 31
United Fruit
6112 4.800
615
8 61
593
4 60
60
6044 6114 61
5912 5912 59
914 June 22 Sept
8
No par 137 Dec 22 25 July 13
16
163g 27,400 United Gas Improve
8 143 143
8
4 1412 147
1414 1544 15% 1614
1414 143
70 June 99 Dec
No par 8212 Dec 20 100 Jan 9
Preferred
90
300
88
*89
864 863
4 88
86
*86
88
*8518 855
8 88
512 July 13
12 Dec
114 Aug
12 Jan 23
100
United Paperboard
212 *114
212
*114
212 *118 218 *118 212 *114 212 *114
33 June 117 Sept
312 Mar 3 217 July 19
7
712 818 1,200 United Piece Dye Wks_No par
7
7
718
718 714 *67
8 712
*63
4 718
6412 June 9312 Jan
100 35 Dec 26 85 July 13
49
49
30
6)4% preferred
*45
50
*45
54
*45
54
54
*40
54
*45
714 July 6
3 Slay
4
3 Jan
3 Feb 28
4
312 312
314 33
4
312 312 1,400 United Stores class A__No par
4
312 312
38 344 *312. 33
27 Jan 4814 Mar
Preferred class A____No par 45 Mar 21 68 July 20
*5112 72
*5112 72
*5112 72
*5112 72
*5112 72
*5112 72
11 May 31 Sept
411 42
500 Universal Leaf Tobacco No par 2112 Apr 1 5112July 17
41
413
4
44
41
41
*4012 4412 *4112
*41
43
Jan
104 Dec 50
10 Universal Pictures 1st pfd_ 100 10 Apr 24 35 June 13
4
193 *1718 193 *1718 194
4
4
•167 20
8
167 16% *168 193 *17
8
13 Apr
3 8 July 13
3
218 Aug
14 Apr 4
17
218 13,800 Universal Pipe & Rad_ _No par
218
2
2
178 2
2
2
2%
13
4 218
714 June 1818 Sept
618 Mar 1 2218 July 5
20
8
8 2044 213 23,700 U S Pipe de Foundry
8 1812 183
4 1812 1934 1912 2038 2044 213
18% 183
11% June 1638 Aug
4
123 Apr 10 19 May 26
No par
lot preferred
1738 1,200
*1638 1712 *165 1712 167 16% 163 163
4 1612 1712 *17
8
4
8
6 Juno 13
2 June
518 Dec
1 Oct 24
U S Distrlb Corp
No par
212 *114 212
*13
8 212 *144 212 *144 213 *114 212 *114
218June 8
14 Jan
114 Sept
3 J111130
8
100
100 U 9 Express
7
8
*3
4
3
4
3
4
*3
4
7
8
7
8
*3
4
7
;
%
*3
4
*3
4
312 May
8
153 Sept
4
7 Feb 16 293 July 7
No par
2012
500 U S Freight
213 *19
4
2012 *20
19% 1912 1912 *1914 2014 20
•19
4July 8
13 June
8
614 Sept
318 Feb 23 173
400 US & Foreign Scent _No par
4
83
4 83
9
*83
8 9
9
4 *814 9
9
9
*814 83
26 June 64 Sept
No par 3612 Mar 28 84 July 19
Preferred
70
•66
70
*66
*64
70
*64
70
71
*64
71
*64
1012 June 27 Sept
20 18 Feb 25 5312 July 8
47
4712 4712 2,000 US Gypsum
46
46
453 463
4
4 46
45
45
453 46
4
847 June 105 Oct
8
100 10114 Jan 9 121 Sept 20
60
7% preferred
116 116 *116 118
11518 11518 115 115
*11518 118 *11518 118
8June 8
3 Apr
4
6 Sept
13 Apr 3 117
8
5
5
700 U S Hoff Mach Corp__No par
434 43
4
4 5
438 444 *43
*4144
5
*412 5
1314 June 3614 Sept
64
43,200 U S Industrial Alcohol_No par 1312 Feb 28 94 July 17
61
8 6012 6218
56
58
5712 603
5512 543 58
4
54
114 May
714 Sept
1714 July 18
No par
9
2,200 US Leather v t c
244 Mar 1
9
914
9
838 83
4 *818 838
814 8%
834 84
344 June 16 Sept
414 Feb25 274 July 18
No par
Class A sr t c
1514
1,800
4
143 1514 143 1518 15
4
14
8 14
•14
143 *1312 147
4
4414 June 7018 Sept
30 Feb 23 7814 Sept 20
100
300
Prior preferred v t c
*5614 58
60
5612 5612 *5612 58
*53
60
5612 *53
86
4
2 June 113 Sept
212 Feb 28 1412July 7
6,500 U S Realty & Impt___No par
93
8 9
8
8 14
73
4 812
814
74 8
3
8
8
8
114 June 1014 Aug
27 Feb 27 25 July 18
8
No par
4 1538 158 12,700 U S Rubber
153
1512 14% 1512 15
4 1512 153
15
1514 15
8
318 June 203 Aug
4
512 Feb 23 437 July 18
100
1st preferred
253
8 2514 2614 4,900
*2414 2514 2418 24% 2412 2514 2512 2612 25
8
10 June 223 Aug
4
9934 27,700 US Smelting Ref & Min___50 1312 Jan 3 1055 Sept 19
97 10012 97
0912 10114 98 101
993 101
4
99 102
31 July 457 Aug
8
50 3912 Jan 4 58 Sept 20
600
Preferred
55
56
*5412 56
7 547
55
55
55
*5412 55
55
54
2114 June 525 Feb
8
100 2344 Mar 2 6712Ju1y 18
4
477
4712 483
4 4812 4918 •478 483 05,500 US Steel Corp
8 4612 477
4614 467
8 47
5112 June 113 Feb
100 53 Mar 2 10512July 17
9038 4,600
Preferred
9014 917
8 90
8818 90
91
8
8912 8912 88, 8912 88
55 June 66 Apr
No par 59 Jan 9 10912 Dec 14
200 U S Tobacco
101 101 *102 120
8
*993 101 *100 101 *10014 101
100 100
8
112 May 103 Jan
87
8June 13
17 Apr 18
8
318 33
8 7,300 Utilities Pow & Lt A _ _ _No par
23
4 3
3
314
8
23
4 23
4
25
8 25
238 238
112 Sept
318 July 19
14 Mar
3 Jan 6
8
No par
114
114
1,800 Vadsco Sales
1/8
118
118
114
114
118
1.8
118
*118
114
Jan
12 June 20
e
100 1518 Jan 11 247 Sept 28
215
8
2212 *20
215 *20
8
Preferred
*20
21
*20
2212 *20
•20
21
514 Slay 233 Sept
4
8
73 Mar 2 3814 July 19
22
2212 4,800 Vanadium Corp of Am_No par
225
8 2212 23
2112 2114 2134 22
21
21
21
7 Feb
2 Dec
15
8May 5 10 July 6
No par
51
7
618 65
47g
8
820 Van Raalte Co Inc
538
514
5
412 412
43
4 43
4
8May 11 43 Nov 14
.
51% 52
200
7% 1st prof stamped_ _100 147
48
47
52
4
4 48
46
44
48
473 473
*43
12 Mar
23 Aug
8
7 8July 19
3
5 Feb 23
8
3,200 Virginia-Carolina Chem No par
8
312 35
314 314
314 314
310 35
314 314 *318 314
318 Feb
1114 Aug
8
33 Mar 2 2612 July 18
100
1812 1,500
6% preferred
163
4 1712 1812 18
*1518 16
1518 1518 1514 1514 16
20 Apr 694 Nov
3
100 35 8 Mar 31 6312 July 18
*6014 61
61
200
7% preferred
61
60% 6018 •60
4
59 4 593 •59
3
*5914 61
60 June 90 Sept
8
140 Virginia El & Pow $6 pt No par 60 Dec 20 855 Jan 25
71
7212 73
70
7012 71
6912 6912 70
*68
68 68
gJune 8
714 July 347 Aug
8
4
100 123 Feb 25 677
250 Vulcan Detinning
52% 54
5412 56
53
5412
54
523 *52
4
52
52
52
718 May 19
Jail
5% Dec 27 12 July 6
No par
400 Waldorf System
6
6 18 *534 638 *614 612
53
4 57
8
*5 4 6
3
*43
4 6
2June 27
3 June
4
43 Aug
8
83
7 Apr 5
8
No par
31
500 Walworth Co
*3
312
3% *314 312
27
8 27
21
8 3
•27
8 3
214 May
1014 Jan
218 Mar 15 20 July 11
712 73
200 Ward Baking class A No par
*612 8
*7
84
4
*612 8
*614 8
*612 9
3 May
4
23 Jan
8
538 July 10
5 Apr 13
8
No par
212 25
218 214
1,000
Class 13
23
8 23
8
21 1 214
212
214 *2
*2
12 May 4012 Mar
8
100 11% Apr 17 447 July 11
2912 29%
400
Preferred
28
*2912 30
*265 2912 28
8
28
*27
2912 28
918 Sept 15
% June
412 Sept
1 Feb 25
5
4
47
518
518 53 22,000 Warner Bros Pictures
47
47
8 518
5
4% 5
5
5
4 June 20 Feb
414 Feb 7 2412 Oct 6
No par
$3.85 cony pref
*1514 1812 *1514 1812 *1514 1812 *1514 1812 *1514 1812 *1514 1812
478June 10
12 May
58 Star 21
214 Aug
No par
300 Warner Quinlan
12
152 *15
8
13
4
15
8
*138 2
1% *13
2
1%
15
15
8
8June 19
114 May
212 Feb 25 223
83 Sept
No par
11
6,300 Warren Bros
1014 10
97
97 1018 10
8
4
93
4 93
10
10
98
8June 17
2 June
1712 Jan
712 Feb 14 353
No par
1712 2012
pret
580
18
Convertible
1678 18
18
1612 *167g 17
17 •
16
17
714 May 1414 Sept
5 Feb 20 30 Dec 28
No par
2912 9,300 Warren Fdy & Pipe_
273 2914 2812 29% 28
8 25 4 2612 2612 27
3
2644 263
8 July 8
2 Jan
1 Jan 16
58 May
No par
200 Webster Ek;enlohr
4
*518 53
4 6
4 *53
3
53
4 53
*512 53
3
54 54
3
4 *522 5 4
312June 9
13 Sept
8
18 Apr 11
14 July
1
*84
1
Wells Fargo & Co
*3
4 1
*54 1
53
4 1
1
*3
4
*3
4
1
818 July 20 Sept
7 Mar 3 3712July 18
s 5.000 Wesson 011 & Snowdrift No par
1812 1812 182
4 18
1614 1612 1714 171s 173
1618 1614 16
424 July 6812 Sept
12
No par 40 Star 3 63 July 18
Cony preferred
200
*5144 53
53
53
53
53
3,4812 53
55012 53
*4814 54
123 June 50 Feb
8
5612 56
5712 563 572 55
8
567 33.700 Western Union Telegraph.100 1714 Feb 25 7714 July 18
8
5534 55
534 5514 54
914 Apr 1818 Sept
114 Jan 3 35% July 7
2818 4,200 Westingh'se Air Brake_No par
5 28
,
4
4
2714 2712 263 2744 2714 2784 273 28 4 2814 283
4July 14
155 Juno 4312 Sept
8
2
Mfg___50 193 Feb 25 583
4
.500 Westinghouse El &
3812 23
8 3712 3858 373 38% 37
3714 3638 377
35 4 3614 36
3
5212 June 82 Sept
50 6012 Feb 2 96 July 18
484
70
let preferred
8
3
4 843 844 *8244 8
4
*80 4 844 *80 4 844 845 843
5
85
85
212 Apr
914 Feb
312 Feb 27 1314 July 8
7
7
300 Weston Elee Instrum't_No par
7
*714 73
4
7
*612 713
*612 73
7
7
1314 Apr 19
Jan
Vo par 10 Mar 31 2214 July 20
*18
18
218
100
Class A
18
18
*16
18
*15
18
18
*16
*16
25 May 80 Sept
*4215 4712
50 West Penn Eke class A_No par 30 Apr 22 73 June 14
471_ 45
45
*4212 46
*42
4412 4412 4612 *45
4June 14
22 June 76
Jan
100 37 Apr 4 773
5214 55
350
52
Preferred
52
52
52
52
4 52
52
513 513
4
*51
20 June 70
Jan
100 3312 Apr 6 6912July 14
30
6% preferred
4812
46
46
*4314 48
4612 4812 545
*4212 46
.4212 46
80 June 111
8
Oct
170 West Penn Power pref.--100 8812 Dec 30 1103 Jan 19
*8914 92
90
90
90
90
90
90
9014 90
90
90
6612 June 1013 Mar
4
100 80 Dec 7 101 Jan 11
•78
60
6% preferred
8012
80
80
79
783 79
79
80
•____ 8012 5_ _ _
4Ju13e 12
312 Nov 1612 Star
212 Apr 5 113
3
3 14
700 West Dalry Prod cl A__No par
3
3
314
344 314
4 314 53
4
31.
*312 33
1 June
414June 12
4% Mar
% Mar 31
No par
114
118
500
118
Class 13 v t c
118
1%
1%
118 118
118
•1
1
14 *1
3 June 125 Star
8
5 Mar 3 2013 July 13
800 Westvaco Chlorine Prod No par
2
1518 147 16
1618 15
8
4 15% 1518 *15
153 153 *147 153
4
4
5 June 15 Sep!
712 Jan 4 35 July 3
100 Wheeling Steel Corp_ No par
2012 *19
2012 1915 1918 •1912 2012 51912 2012
*19
2013 *19
6% June 2714 Sept
50 14 Jan 25 2612July 13
Motor
4 175 175
8
8
220 White
4
*1638 173
4 163 165s 1658 1644 17% 17% *163 173
8
263
8 1,600 WhiteRkSlinSpr ctfnewNo par 23 Oct 31 29 Oct 13
25
*2412 25
24
24
24
24
*2334 24
*2334 24
43
4July 6
14 Apr
12 Jan 20
214 Aug
800 White Sewing Machine_No par
4
184 *112 13
15
8
158 *1% 214
158 .112
*158 214
112
14 Apr
61
51g
23 Sept
4
118 Jan 14 1012July 6
No par
200
Cony preferred
53
8
53
8 53
53
8 *5
*434 5 8 •43
3
4 53
8 *5
512June 2
23 May
4
35
814 Aug
2 Mar 2
5
35
8
900 Wilcox 011 & Gas
4
33
334
328
3
8 3%
4
35
3 4 33
3
*33
4 4
1312 June 2012 Mar
Wilcox-Rich el A conv_No par 15 Star 1 2714 Sept 13
28
*2512
*2512 28
*2518 28
*2514 28
*2518 28
.2518 28
5 June
8
13 Mar
4
7 Jan 3 11 Juno 7
8
No par
1,400 Wilson & Co Inc
5
5 14
4 5
47
8 5
48 514 *43
4 43
4
5
43
5
I% May
47 Sept
8
4 Jan 3 22 June 6
No par
Class A
1214 127
8 1212 1312 1314 1312 1344 1314 2,700
13
1314 13
13
11 June 31 Mar
100 19 Mar 2 7212July 15
5312 5414
1,300
54
Preferred
5312 5312 54
*5212 51
53
5312 5312 54
22 June 455 Mar
8
8
10 2518 Apr 8 507 July 8
445
8 44
443 25,200 Woolworth (F W) Co
4
4312 4312 4412 44
4
8 43
42 8 4312 423 433
5
8
5 May 24 Sept
8 Star 2 397 July 7
100
1,800 Worthington P de W
4 2112 22
21
21
2114 213
*207 22
8
8
223 *2112 22
*21
1412 June 41
Jan
100 14 Mar 15 51 June 7
34
300
34
Preferred A
34
35
*3112 34
*30
35
*3112 35
35
*30
12 May 31 Sept
100 14 Feb 28 47 Juno 6
100
2912
Preferred B
*27
*2714 29
30
303 *2718 303 30
4
3034 *24
•24
37 Apr
8
1812 Sept
8 Apr 5 24 May 27
200 Wright Aeronautical._ _No par
7
*1512 19 8 *1512 20
*17
20
*15, 20
8
8
*1518 167
s 167 17
2514 June 67
Jan
55
553
8 2.100 Wrigley (Wm) Jr (Del)No par 3412 Feb 28 5714 Dec 6
5412 55
55
55
55
55
.55
55
543 55
4
612 July
15 Sept
7 Jan 20 23 June 17
8
600 Yale & Towne Mfg Co_ _ _25
8
,t 1414 143 1444 1412 145
*1412 15
*1412 14% 14
*1412 15
73 July 7
4
13 June
8
2% Mar 2
73 Sept
4
13.10
4
414 412 4,000 Yellow Truck & Coach el 412 43
444 444
43
8 412
444 412
8
43* 43
12 May 4018 Sept
1,010
100 18 Mar 2 42 July 10
30
30
Preferred
31
30
30
*3012 31
30
*30
3014 30
30
3 June
312 Mar 30 1918 July 19
117 Sept
8
1618 1,700 Young Spring dr Wire.No par
1614 16
18
16
4 16
1514 1512 153
15
*1514 16
4 May 2712 soot
712 Feb 28 3758July 18
13,300 Youngstown Sheet & T _No par
233
8 2212 2344 224 23
4
2112 2158 213 2214 2112 2214 22
5 Dec 8
Jan
2
12 Feb 27
12 May
33
3
900 Zenith Radio Corp.__No par
3
*3
33*
31, 312 *33
8
*3
312
31 1
314
97 Mar
812 July R
358 Feb 28
4 Dec
1
2,200 Zonite Products Corp
6
6
6
6
6
57
8 6,8
6
578
6
*6 - 61 1
Ex-rights
Bid and asked prices, no sales on Chia day •I Optional sale. c Cash sale. a Sold seven days. r Ex-dIvidend. y
$ per share
*914 12
4312
*39
6
6
*49
643
4
54 6
3
143
8
•14
74
3
*7
133 14
4
318 3%
*2014 22
87
8 9
683
8
*66
*25 30
*78
80
*37
8 414
*2912 2978
67
8 718
*8
812
412 45
8
$ per share
*918 10
431
*39
*512 612
*49
643
4
6
6
1418 1418
758
*7
14
147
8
318 318
*2014 22
87
8 9
6512 66
40
*25
*78
80
4
4 18
2912 30
67
8 7
812 812
43
8 412
$ per share
*918 10
*39% 44
*512 612
*50
643
4
8
58 57
*1438 14%
75
75
14% 143
4
314 33
8
*21
22
83
4 9
657 66
8
*25
40
*78
80
414 414
30
3012
63
4 672
*812 9
43
8 412
$ per share
10
10
*39
44
*512 612
50
50
53
4 6
143 143
4
4
8
8
4
148 143
314
32
*21 18 22
9
9
66
66
*25
40
*79
80
414 414
295 3012
8
63
8 67
9
9
438 412
$ per share
101.1 104
*39
4312
*512 6%
*50
543
4
57
8 614
*1412 16
8 8 83
5
4
143 1518
4
314 314
*2118 22
87
s
918
68 68
*25
40
80
80
418 414
4
30
303
744
4
63
9
944
438 434
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
303
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"
-except for Income and defaulted bonds.
BONDS
N. V STOCK EXCHANGE
Week Ended Jan. 12.
Prize
I
Friday
Jan. 12.
Week's
Range or
Last Sale.
Range
for Year
1933.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 12.
ft
Price
Friday
Jan, 12,
Week's
Range or
Last Sale.
Range
for Year
1933,
!Bid
U. S. Government.
High No. Low
Ask Low
High Deutsche Bk Am part elf 6s_1932
Bid
Ask Low
High No, Low
High
First Liberty Loan-33. of '32-47 J D 100,532 Sale 10044, 10015,2 645 99 103.
0,,
Stamped extd to Sept. 1 1935_ _ _ _
4
743 Sale 73(4
743
4 14
60
85
Cony 4% of 1932-47
101153, 10054,Oct'33
101 10217., Dominican Rep Cust Ad 5;4,' 0 A -9 4712 Sale 46
J
4
1942 M 0
62
40
4712
Cony 433% of 1932-47
1st ser 5348 of 1926
J D 10113,, Sale 101 az 10i"3, 419
103.,,
365 40
8
1
36
36
3518 59
2d cony 41i % of 1932-47
102 Aug'33
3712
2d series sink fund 5 As
1011.1,102
1 a3414 56
1940 A 0 365g 40
3712
Fourth Lib Loan 4)4% of '33-38 A 0 10177,, Sale 1017.,,10135,, 718 10011,1103.5H Dresden (('ity) external 73_1945 M N
5214 Sale 497
27
8
5212 12
6512
4M% (called)
100. Sale 10035,2100"n 167 101
54,
102 ,, Dutch East Indies extl Os....1947 .1 J 15218 Sale 150
,
1521s 81
93 1.561/
3
Treasury 4 As
1947-1952 A 0 10575,, Sale 10471441057." 2201 1031,
4,111 .,,
July 1934 coupon on
149 Dec'33
14512 151
Treasury 44s to Oct 15 1934,
40
-year external 6s
153 Sale 15112 153
1962 M
29
,
9314 154 8
842 99
thereafter 334%
3901 98144 101..
1943-45 A 0 9811,2 Sale 97.
30
-year extt 5 As
Nov 1953 M N 148
__ _ _ 151
11
153
9212 152'4
Treasury 4s
1944-1954 J D 10277,, Sale 101714,10374n 8026 9911is107..II
30-year ext 5 As____Mar 1953 M
148
3
15112
4
151,
913 151
2
Treasury 3%e
1946-1956 M S 10075,4 Sale 100.,, 101714, 3403 98"11105"31 El Salvador (Republic) 8a A_1948 J J 4218 4812 4212 Dec'33
64
26
Treasury 353s
,,
1943-1947 J D 9974, Sale 9S73 9935,, 1037 97 1110237a,
.
Certificates of deposit
J J 38 Sale 38
1
323 55
4
38
2
Treasury 3s. Sept 15 1951-1955 M S 9483.2 Sale 9318,, 955, 5222 93,3n 99”as Estonia (Republic of) 7s____1967 .1 J 58 Sale 58
3
58
4212 59
Treasury 3(-s June 15 1940-1943 J D 9917,2 Sale 987422 997.4, 1160 98 102..,, Finland (Republic) ext 6s___1915 M
865s 89
2
8618
8618
5812 80
Treasury 3338 Mar 15 1941-1943 M S 99
Sale 987113, 99,74, 1010 9631,410275,,
External sinking fund 78__1950 M S 95 Sale 917
95
90
8
591s 87
Treasury 3338 June 15 1946-1949 J D 961.42 Sale 9515,2 967.,, 2452 941.,410071,4
External sink fund 6345_1956 94 S 90 Sale 8114
90
18
8012
57
Treasury 313s
Aug 1 1941 F A 9818,4 Sale 9777,, 98",, 3206 97,14,1017.1,
External sink fund 5543_1958 F A 83 Sale 7912
24
83
54
77
State & City-See note below.
Finnish Stun Loan 6345 A__1954 A 0 8118
77
Jan'33
557 77
5
Foreign Govt. & Municipals.
External 6 As serial B____1954 t 0 8212 Sale 8114t
8
74
8212
55
471,, 3714 Frankfort(City of) 516 34s .1953 M N 3718 Sale 35
Agric Mtge Banks f 65
17
1917 P A
20
183
4
183
4
1
63
201s 51
39
Feb 1 1934 subseq coupon...... 1614
11
20
1812 25
20
French Republic extl 734s.19411,49 .1 D 15812 Sale 15412 16212 112 158 170
J
Sinking fund 6a A.. Apr 15 1918
1538
17
22
5
153
8
1712 363
1623 Sale 16212 166 2 69 al1212 173
4
External 78 01 1924
s
,
With Apr 15 1934 coupon_ _ _
28
16
1614 22
2
16
17
German Government InternaAkershus (Dept) ext 5s
8
1963
63
727 144
70 4 723 6812
,
s
7812
tional 35-yr 5349 of 1930 1965 J D 54 Sale 57
3514 6414
5912 1207
Antioquis (Dept) coil 7s A I945 J
93 Sale
4
83
4
97
8
7
7
20 8 German Republic extl 7s_ 1949 A 0 8314 Sale 7918
,
8412 710
5312 863
4
Externals f 7s ser B
24
9
10
1945 J J
618 2012 German Prov Az Communal Bka
912 10
External s 7s ser C
3
1945J J
6541 207
10
8
912 18
4
Vs
(Cons Agile Loan)634s A _1958
D 453 Sale 4112
2612 55,
477 135
2
8
External a 1 78 ser D
31
10
1945 J J
6
814
207 Graz (Municipality) 8s
8
1954 M N 64
Jan'34
9 2 10
,
60
45
64
External s f 75 1st ser_
812
938 24
912 12
1957 A 0
6
1713 Gt Brit a: Ire(U K of) 5543_ 1937 F A 121 Sale 1197
8
12218 66 1011 1247a
4
External sec s 1 75 2d ser_ _1957 A 0
5
18
93
4 27
814
Registered
117 Dec'33
F A
4
93 Sale
10514 123
External sec 81 78 3d sec....1957 A 0
814
918
6
45 187a
8
11434 166 a72 12314
t4% fund loan Lopt 1960.1990 MN 114's Sate 114
9'8 12
Antwerp (City) external 5s_1958 J D 89 Sale 85
71
9113 Greek Government St ser 78_1964 MN 2514 30
9012 76
297
8
2514
2514 20 a16
Argentine Govt Pub Wks 68_1960 A 0 5612 Sale 547
193 203 183
41
8
7512
57
S f sec 6s Aug'32 coupon__1968 F
8
74
s
4
1414 237
193
s
4 15
Argentine Os of June 1925_1959 J I) 555 Sale 543
41
75 8
,
4
4
573
4 72
18 Nov'33
20
S sec 6s Aug'33 coupon__1968 F A
15
Eat!9185 of Oct. 1925
1959 A 0 557 Sale 543
8
4
4013 75
573
3 57
External s f 68 series A
1957 M S 56 Sale 543
78
76
3
67
8
78 8
5712 73 a4018 7512 Haiti (Republic) s f (is ser A_1952 A 0 76
,
76
External 6s series 13__Dec 1958 J
5512 57
4412 75
1916 A 0 42 Sale 4034
543
25
8
59
5714 23 a403 753 Hamburg (State) 65
4
4
Extl sf65 of May 1926...A9110 M N
33
36
IS
3412
0
5614 Sale 5414
40 8 75 s lIeldelberg(German)extl 7 As'50
,
23 ,1603,2
19
,
,2
36
5755 53
External sf65 (State Ry)_1960 NI 5 563 Sale 5418
60
75
4
91 04018 75
47
s
57
76
Helsingfors (City) ext 6 As 1960 A 0 76 Sale 747
Eat! 68 Sanitary Works_ _1961 F A 5512 57
,
3314 47
61
54
4014 75 s Hungarian Manic Loan 734s 19152 J 3314 Sale 30 2
,
571
15 4 31
3
Extl 68 pub wks May 1927 1961 M N
25
23 June'33
2018 23
5612 Sale 543
Unmaturecl coups attacheL. J J
41
4
751s
575 35
Public Works eat' 5348_1962 F A 507 Sale 4914
5. 5
4
18
3114
8
External s t 7s (coup).- - -1946 J
38
6912
53
31,
4
101
Argentine Treasury 53 L.__1945 NI
1612 MaY'33
83 Sale 82
Unmatured coups attached_ J .1
497 92
1612 1612
8
83
4
Australia 30-yr 5s..-July 15 1955 J
41
34
6
24
923 Sale 893
Hungarian Land NI fast 7 Hs 61 M N -ii- Sale 3312
4
93
563
8
7114 90
External 53 of 1027_ _ Sept 1957 NI
26
1961 M N 34 Sale 31
26
7:2 41
3
8
927 Sale 895
34
8
Sinking fund 73-4s ser B
8
93
389
7214 90
External g 4 34s of 1928
41
1956 M N 893 Sale 85
35
3314 Sale 3112
31 14 45
8
893 845
4
6818 4313 Hungary (King of) s f 7343_1944 F A
Austrian (Govt) sf 75
11514 10
1943 .1 D 9312 Sale 9118
1960 NI N 11514 116 11514
9412 59
Irish Free State extl s f 5s
8312 100
Internal sinking fund 741_1957 J 2 53
4
547 53
8
647 Italy (Kingdom of) ext., 7s I951 J D 10012 Sale 9912 10012 115 08514 1043
55
s
41 a42
Bavaria (Free State)6 As., 1945 F A 4914 Sale 49
893
95
8
95
69
Italian Cred Conaortium 73 A '37 M S 9412 99
51
33
30
Belgium 25-yr extl 6 As
9512 9112
12
93
1949 M
1917 M S 92
97 Sale 953
External sec s f 7s ser B
99
61
4
3812 10212
External a 1 Cs
23 a8214 195,2
87
87
1955 J J 9714 Sale 961*
8612
7 2 01
9
Italian Public Utility extl 7s_1952 J J 86
9912 104
4612 94
External 30-year af 7s__ _ _1955 J D 10312 Sale 10212 104
9112 153
9112 Sale 883
4514 90 4
4
,
27
923 10812 Japanese Govt 30-yr s f 6 As_1954 F A
4
Stabilization loan 7s
77 Sale 75
1956 M N 99 Sale 9814
1965 MN
3512 81
77 4 81
,
101
Extl sinking fund 5343
80
91 10712
Bergen (Norway)53__Oct 15 1949 A 0 701s 80
68
Jan'34 _
887 Jugoslavia (State Mtge Bank)
s
65
External sinking fund 58 1960 M S 6918 707 6818
36
15
12
34
1957 A 0 33 Sale 33
72
3
s
3
Secured s g 7s
6214 903
Berlin (Germany)s f 6348_ _ _1950 A 0 4112 Sale 3914
293 64
8
1917 F A 4314 Sale 40
4314 18
43
Leipzig (Germany) at 7s
109
2512 60
External 51 65_ __June 15 1958
D 38 Sale 363
1
4914 6012
4
60
60
403 166
4
241s 57
Lower Attstria (Prov) 734s.,195(5 J D 6012 61
Bogota(city) extl s 183
1945 A 0 18
4
20
18
1543
4 14 al01 161,
4
19
30
Lyons (CIE) of) 15-Year 6s-1931 NI N 153 1543 153
20
15
,
Bolivia (Republic of) extl 88_1947 M N
718 Sale
7 aioni 161
4
1543
4
67
4
s
15
7 2 81
,
Marseilles(City of) 15-yr 68_1031 SI N 153 1543 153
External secured 78 (flat)_1958
758 23
612 Sale
1018 Sale
6
915
612 27
312 1312 Medellin (Colombia) 61 29_1951 J D
10 4 24
,
External s 1 78(flat)
314 1314 Mexican Bldg Asstng 4 As 1913 SI N
1969 M
612 Sale
318 514 418 June'33
218 612
8 68
53
4
65
Bordeaux (City of) 15-yr 63.1934 MN 153 1543 153
4
1543
4
4 14 10114 l6114 Mexico (US) extl 53 ot 1899 £ '45 Q
4 Sept'33
Brazil(US of) external 83_ _1941 J D 2812 Sale 23
318 1014
43
281
4
42
s
5
73
1945 _
165 43
4 10
Assenting 5s of 1899
7'8 75
External s 1' 6 As of 1926._1957 A 0 26 Sale 203
4
26
99
4
51s 8 8
5
34
,
153 39
75s 20
Assenting 5s large
57s 712
External a t 6 As of 1927._1957 A 0 26 Sale 203
21, 8
4
26
1321414 39
Assenting 4s of 1904
-- 412 Jan'33
7s (Central By)
1952 J D 24 Sale 21
413 5
24
55 Sale
8
5
53
8
555
E212 3612
18
Assenting 43 011910
Bremen (State of) eat' 7s
1935
57 Sale 5412
25
8 8
57
3412 7213
51s
43
53
4 14
Assenting 4s 01 1910 large____
---Brisbane (City) 5 f 94
1957 M
84 Sale 7818
214 8
84
47
8 5
33
6412 75
5 2 24
,
Assenting 45 of 1910 small__ _ _
Sinking fund gold 58
11158 F A 84 Sale 79
•
•
841
637s 75
67
Treas 6s of'13 assent(large)'33
20
-year s f 68
•
1950 J D 92 Sale 85
•
92
55
7018 84
Small.
_
Budapest (City) extl s f 6s 1962 J D 33 Sale 313
241s 351s Milan (City, Italy) extl 6345 1952 A 0 86 Sale 8512
4
331
54
74
90
Ws 193
Buenos Aires (City)6 As 2 B 1955 J J 50 Sale 4618
64
50
37
23
Minas Geraes (State) Brazil
External a f 6s ser C-2
1960 A 0 47 Sale 47
36
47
20
1
2
57 2
,
22
1958 M
18
36
18
12
External a t 6345
External s f (is sec C-3
_1960 A 0 4218' _ - -- 4214 Dec'33
__
34 2 64
,
20
14
22
2212 18
Ext sec 6348 series A__1959
1113 36
Buenos Aires (Prov) exti 68.1961 M 13 311s Sale 3012
9
16
42 2 Montevideo (City of) 7s
,
311s
'
327 2714
1952 .1 D 27
8
125 4212
8
30
Stpd (Sep 1 '33 coup on)1961 M S 2911 Sale 2612
2013 417
30
56
s
2714 29
12
1959 NI N
External 5 t Os series A
11
3314
271
2614
External ef 634s
1961 F A 28
30
1
33
17 2 393 New So Wales (State) extl 53 1957 F A
,
33
4
8912 Sale 355
7112 8312
8
90 13 224
,
Stpd (Aug 1 '33 coup on)1961 F A 30 Sale 27
21
413
4
30
14
905s 161
External s t 55
Apr 1954 A 0 9012 Sale 8512
71
883
1
Bulgaria (Kingdom) t 78
1967 J J
2318 Norway 20
4
14
8
20
1814 193 197
3
943 Sale 92
8
107
1943 F A
8112 947
-year ext 6s
95
s
Stabil'n 5 f 7 As_ _Nov 15 1968 NI N
22
187s 27 2
25
257 25
2
,
95 Sale 9112
8
1944 F A
20
-year external 63
17
814 98 4
95
,
Caldas Dept of(Colombia)734a'46 J .1
10 4 24
,
12 Sale 11
1214 25
8
1052 A 0 943 Sale 90
30-year external 68
79 4480 3 9654
941
,
Canada (Dom'n of) 30-yr 43_1960 A 0 923 Sale 92
79
927
8
4
923 120
4
90
15 a7412 9414
19652 D 90 Sale 833
40
-year s f 5 As
4
58
1952 M N 10418 Sale 1033
901s 1051s
4
10412 85
External s f 5,.
92 a7212 9253
..Mar 15 1963 M S 87 Sale 81
87
434e
1936 F A 10112 Sale 101
9313 10212
10112 78
Municipal Bank ext1815s_1967 J D
79
90
7912 Dec'33
7414 8914
Carlsbad (City)81 85
1954 J J 6712 75
_
6712 Jan'34
6418 86
Municipal Bank esti f 55_1970 J 13 79
___ 81
88
81
1 a75
Cauca Val (Dept) Colom 7348'46 A 0 103 Sale 103
812 217 Nuremburg (City) extl Os....1952 F A
4
4
103
8
4
2
5212
38 2 Sale 3812
,
34
42
24
Cent Agile Bank (Ger) 7s
1950 M S 69 Sale 68
39 4 75
,
7712 128
Oriental Devel guar tis
8
1953 M S 651 Sale 653
72
64
8
67
35
Farm Loans f Os...July 15 1960 J J 64, Sale 631,
3212 67
69
2
395
3112 71
Ertl deb 534s.
1958 MN 63 Sale 63
637
8 89
Farm Loan a f 85..,Oct 15 1960 A 0 6314 Sale 6212
3213 667 Oslo (City) 30
69
8
403
1955 M N 8312 Sale 767
-year s f 63
91
73
g
8312 26
Farm Loan Baser A Apr 15 1938 A 0 68 Sale 6514
3518 7512 Panama (Rep) extl 5 As
70
164
991 973 Jan'34 ____
1953 J D 99
4
85 1023
8
Chile (Rep)-Ext1 s 1 78
1942 NI N
10 8 Sale
,
912
1114 58
4
Extl s f 53 ser A_ __Nlay 151063 MN 297 Sale 2912
53 21
s
297
8 12
1814 46
External sinking fund 63_1960 A ()
93 Sale
4
814
5
1014 217
17 2
,
3
2912
2912 Sale 293
Stamped
27
s
2912
Ext sinking fund 6s__Feb 1961_ F A
93 Sale
4
47 17, Pernambuco (State of) eat' 78'47 M
8
812
4
93
4 78
12 Sale 107
5
634 21
8
12
Ry ref eat t 6s
Jan 1961 J J
47 1714 Peru (Rep of) external 7s_ __1959 Ni
s
4
83
8
1018 93
93 Sale
a5
10
10 Sale 10
2
1612
Ext sinking fund (is_ _Sept 1901 Ni
93 Sale
4
81s
10
46
312 143
1714
Nat Loan extl s f Os 1st ser 1960 J D
73 Sale
4
83 190
s
7
2
External sinking fund 65..1962 M
918 Sale
814
5
10
41
32 1414
1712
4
Nat loan extl sI 6s 2d ser_1961 A 0
73 Sale
4
83 162
s
7
External sinking fund 65_ _1963 M N
95 Salo
8
812
1018 94
5
17
Poland (Rep of) gold 6s____1940 A 0 61 Sale 5914
8
61,
5212 6212
2
Chile Mtge Ilk 634s June 30 1957 J D
1014 1111 9 2
714 18
,
113
8 30
,
Stabilization loan s f 7s___1917 A 0 90 4 Sale 90
913 303
4
5114 87'4
t 6348 of 1926_ _June 30 1961 J I) 133 Sale 11
4
133
4 30
912 20,2
External sink fund g 8s__ _1950 J J 72 Sale 707
7414
8
72 2 52 a 59
,
Guar f 6s
Apr 30 1961A 0
93 Sale
4
9
612 173 Porto Alegre (City of) 85_1961 J D
1112 56
8
wiz 30
21
21
183 24
s
1
Guar s I 63
1962 M N
9
1014 Sale
1014
612 165s
17
Ext1 guar sink fund 734s._1966 J J
18% 2312 25
Jan'34
83 3013
4
Chilean Cons Munic 7s
1960 M S
7
83 Sale
4
8 4 16
,
41s 153 Prague (Greater city) 7 As_ _1952 M N 85
s
95
83
8318 11
77 4 993
,
4
Chinese (Ilukuang Ry)5s
1951 J D
2755
12 r3114 Prussia (Free State) extl 634s '51 51 S 513 Sale 50
275
s
5
4
270
56
28
63s
7
Coupon No 35 due Dec 15_1928
18 Dec'33 ___
2818 .10
18
2012
External a f (Is
1952 A 0 513 Sale 49
8
56
297
25
6112
Coupon No 36 due June 1520
25 Nov'33 ____
25
25
Queensland (State) extl s f 78 1911 A 0 10312 Sale 1025
4 10312 28
88 103
Christiania (Oslo) 20-yr e f 68 '54 M S 7918 -- -- 7555 Nov'33
75
90
25-year external Os
1947 F A 9812 Sale 9714
55
9812 60
78
Cologne (City)Germany 63.4s1950 M
3818 4112 39
43
2214 573 Rhine-Main-Danube 7s A
s
38
1950 M S 54 Sale 54
3518 711
6112 39
:
Colombia (Rep)68 01'23_ _Oct'61
Rio Grande do Sul exti s 83_1916 A 0 2014 23
2
2014
34
2012
12
Oct 1 1933 and sub coupons on. A 0 223 Sale 195
8
4
223
4 20
164 49
External sinking fund 13s 1968 J D 20 Sale 19
2012 24
81s 31
Apr 11934 and sub coup's
__
2112 Sale 1912
2112 24
1912 Ws
External s 1 78 of 1926._..1966 M N
2018 213 191g
21
22
4
9
31
Exter 6s (July 1 '33 coup on)'61 .1
on22 Sale 2012
22
1614 4912
6
External 517, muntc loan_1967 J D 20 Sale 193
4
201
10
84 304
With Jan 1 1034 coupon on_ 223 Sale 1812
4
19
223
4 17
4014 Rio de Janeiro 25-year a f 83_1916 A 0 20 Sale 19
9
20
16
261
:
Colombia Mtge Bank O34sof 1947
15
1712 1512
153
4
2
14
36
External s t 6%
1953 F A
20 Sale 18
65 26
8
,
20
90
Sinking fund 78 of 1926
1946 St N
15 4
153 Sale 1512
,
4
12
3
3712 Rome (City) ext-1 634s
1952 A 0 8814 Sale 85
881
65
7812 927
5
Sinking fund 73 of 1927...1947 F A
1512 223 15
4
14
16
5
3714 Rotterdam (City) extl 0s,...1984 M N 121 Sale 11512 1251
30 a8812 117
Copenhagen (City) 58
1952 J D 4818 50
64
73
92
59
7312 Roumania (Monopolies) 78..1959 F A
28
33
32
32
2812 45
3
25
-year g 4 As
1953 M N 6612 Sale 6018
683 157 a551s 693 Saarbruecken (City) 63
4
4
1953 .1 J 66
8
661
70
66,
.5
72 3
,
50
Cordoba (City) esti a 1 7s__ _1957 F A
145 151s 1418
8
14 2 12
,
103 233 Sao Paulo(City)s t 83.. Mar 1952 MN 27
4
4
29
29
30
18
2
1018 25,
External sf 7s___Nov 15 1937 NI N
40
33
25
333
4
2
243 40
4
External at 6 As of 1927._1957 M N
20 Sale 19
20
23
714 2412
Cordoba(Prov) Argentina 7s 1942 J J 29 Sale 2518
29
14
243 56
4
San Paulo (State) cell s t 85_1936 .1 J
1818 20
1812
20
7
1412 3214
Costa Rica (Republic)
External sec s f 8s
19502 J
151
1615 171 15
4
14
1212 27
75 Nov 1 1932 coupon on_1951 51 N
3014 Sale 30
303
8
9
2312 30,
4
External s t 7s Water L'n_1956 NI
14 Sale 14
14
s
5 all; 267
78 May 11936 coupon on_1951
4
4
20
183 Sale 183
12
14
23
External s f (3s
1968 J J
14, 16
8
12513
15
66
918 281a
Cuba (Republic) 58 of 1904 1944 M -9 77
85
8 9812
7612
7818
7
631
Secured s f 7s
1940 A 0 69 Sale 65
69
138
5014 74M
External 55 01 1914 ser A 1949 FA 9212
93
1
- 93
Santa Fe (Prov Arg Rep) 79_1942 St S 1812 191 19
19
2
125 3014
4
External loan 434s
1949 F A 64 Sale 627
8
64
6
Saxon Pub Wks(Germany) 75'45 F A 597 Sale 5514
8
61, 138
2
3412 773
4
Sinking fund 53.441 Jan 15 1953 J J 6312 Sale 617
s
64
82
61
8312
Gen ref guar 6 As
1951 M N
53 Sale 5014
53
98
305 6912
5
Public wks 534s Juno 30 1945 J D 263 Sale 25
28 4 136
3
4
193 69, Saxon State 'Mtge lost 78
4
4
1945 J D 62
66
613
4
64
52
10
7412
Cundinamarca 634s
1959 MN
11
13
1118 13
72
10
2234
Sinking fund g 6;49__Dee 1946 J
6014 Sale 6014
68
6112 25
52
Czechoslovakia (Rep of) 8s 1951 A 0 91 Sale 83
927
8 13
74 :
73 1 4 Serbs Croats & Slovenes 83._1962 M N
1412 1714 23
2312
2
5
13
52 267
Sinking fund 8s ser B
1952 A 0 8818 100
90
90
1
All unmatured coupons on......
1312 Dec'33
1318 n3%
Denmark 20
-year(WI 6s___ _1942 J J 92 Sale 87
9312 461
75
93
External sec 78 ser B
1962MN
21 9;1- - 2018
e
2112 12
1212 2412
External gold 534s
92
1955 F A '8814 Sale 85
283
653 88
4
All unmatured coupons on_
- 1112 16
1112
11
5
1213 221
:
External g 4 Ha__Apr 15 1962 A 0 7714 Sale 73
747 507
8
5814 7755 Silesia (Prov of) ertl 7s
D 53 Sale 53
1954
545
5 19
40
52,2
Cash sale. alDeferred delivery. t Accrued interest payable at exchange rate of 54.8665. • Look under list of Matured
Bonds on page 303.
NOTE.
-State and City Seeuritles.-Sales of State and City scour ties occur very rarely on the New York Stock Exchange
In such securities being almost entirely at private sale over the counter. Bid and asked quotations, however, by active dealers and usually only at long ntervals, deabnga
In these securities will be found on a su
(Neat page under the general head of "Quotations for Unlisted Securities."
:4% 24
New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 12.
t
a.
Price
Friday
Jan. 12.
Week's
Range or
Last Sale.
44
Range
for Year
1933.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 12.
Ian. 13 1934
Price
Friday
Jan. 13,
Week's
Range or
Last Sale.
Range
for Year
1933,
Foreign Govt. & Municipals.
Bid
Ask Low
High No. Low
High
Bid
High
Asfr Low
Sile.slan Landowners Assn 68 1947 FA 56% Sale 557
8
59
'2514 5012 Chicago & East III 1st 68.___1934 AO 50
81
53 Jan'34
Soissons (City of) eat! 68_1936 MN 150
150
151
100 15412 C & E Ill Ry (new co) gen 58_1951 M
1214 Salo 1012
127 178
8
Styria (Prov) external 7s___1946 FA 61 Salo 5712
61
45
5718
Certificates of deposit
11
7
93
410
Unmatured coups attached_
FA
4218 May'33
4218 4218 Chicago & Erie let gold 5s_1982 MN 92 9412 91
1
91
Sweden external loan 5448__1954 MN aio5T2 Sale 102
10712
Chicago Great West 1st 4s1959 MS 39 Salo 36
88 115
3912 157
Switzerland Govt extl 594s_..1946 AO 155 8 1597 160
5
Jan'34
8
Chic Ind & Loulsv ref 6s__1947'Si 27
510212 170
45 Dec'33
33
Sydney (City) s f 54is
1955 FA 8518 90
82
85
6(1
Refunding gold 55
8214
11
1947'ii 26
28
5
'28
35
Taiwan Elec Pow e f 50_1971 J J 62% Sole 6218
63
Refunding 45 series C
3318 a70
11
1917'Si
55 Aug'33
Tokyo City 55 loan of 1912_1952 MS
72
1st & gen 5s series A
72% 72
26
74
3
1512 19
1966 MN
1512 Salo 13
Externals!53e guar_1961 AO 62 4 Sale 61 4
,
1st & gen (Is series B_May 1966 33 15 Salo 1312
,
6412 26
3312 73
14
16
Tolima (Dept of) extl 7s
1947 MN
1018 14
12
Chic Ind & Sou 50
Jan'34
8
18
J 71 Salo 71
-year 4s
1958
1
71
Trondhjem (City) 1st 540_1957 MN 7612 Sale 70
7612 23
61
8412 Chic L S & East lot 4)4o_1989 S D 93 101
99 Dec'33
Upper Austria (Prov) 7s_
1945 3D
62
Jan'34
4514 6314 Chi M & St P gen 48 ser A1939 J .1 6512 Salo 61
6512 57
5512
5512
Externals!64is_June 15 1957 3D
Gen g 340 ser BMay 1989 J J 5412
4112 r56
1
53
7
53
Uruguay (Republic) WI 88_1946 FA
35
4212 3412
Gen 414s ser C
2112 5018
3
35
May 1989 J J 70 Sale 64
90
70
Feb 1 1934 & subs coup att__
3312
34
Gen 44is ser E
297 36
8
2
May 1989 J J 70 Salo 6412
41
70
External s f Ss
1960 MN 3518 3512 31 4
1513 4018
,
Gen 4148 ser F
31 4
,
5
May 1939 J J 727 Salo 65
8
727
8 26
May 1934 coupon on
3014 Sale 2712
I960
28
3312 Chic Milw St P & Pax 5s A1975 FA 43 Sale 3712
3014 44
4314 766
Externals!6s___ _ May 1 1964 1W14 32
3412 2914
Cony ad) 58
31 4
,
16 4 4018
,
9
Jan 1 2000 A0 1512 Sale 123
4
10 1417
May 1934 coupon on
1964
38
32 4 2712
,
26
4
30
3212 Chic dr No West gen g 3I4s-1937
N 58 Salo 527
8
64
55
Venetian Prov Mcge Bank 7s '52 AO 99 1077 108 4 1083
8
,
94 11012
General 4s
3
4
1987 MN 61 Salo 58
6218 57
Vienna (City of) exti St 6s._1952 MN 61 4 Sale 60
,
.52% 6818
Stpd 48 non-p Fed Inc tax '87 MN 59
627
8 12
3
58
62
59,
4
Unmatured coupons attached_ MN
4312 5318
5
5014
Gen 414s stpd Fed Inc tax.1987 MN 67% Sale 67%
5014
67% 14
Warsaw (City) external 7s 1958 FA
34 Sale 53 4
,
55
35
5312
Gen 58stpd Fed Inc tax_ _1987 MN 7012 7514 68
11
8
6918
Yokohama (City) eat! 6s
1961 J o 6812 Sale 6712
4145 stamped
357 74
8
68% 16
56 Sept'33
1987 MN 6118
15-year secured g 610.__1938 MS 81 4 Sale 79
,
81 4 31
,
Railroad.
let ref g 5s
4714 41
May 2037 J D 46 Sale 4312
Ala at Sou 1st cons A Is. .1943 J o 83
9412
93
86 Dec'33
75
1st & ref 434s stpd May 2037 J O 42 Sale 3913
4214 37
let cons 4s ser B
1943 J O 80 __
83
81 Dec'33
60
let dr ref 4448 ser C_May 2037 J D 4278 Salo 3918
427
8 63
Alb & Susq let guar 330_1946 AO 857 Sale 857
8
86
8
78
2
9014
Cony 44js series A
3313 505
1949 MN 3312 Sale 29%
Alleg & West 1st gu 4.,
1994 AO 6514 7812 62 Dec'33
a62
7713
Alleg Val gen guar g 48
9612 65
1942 MS 9612 Sale 96
89
987 Chic R I & P Ry gen 4s
8
60 8 113
,
1983 J J 59% Salo 53%
Ann Arbor let g 45____July 1995 QJ a 36 Sale 32
36
2212 45
7
Refunding gold 4s
1934 A0 2312 Solo 20
23 4 172
,
Atch Top dt S Fe—Gen g 48_1995 AO 9412 Sale /9312
82 4 97%
,
9514 460
Certificates of deposit
20
11
20'4
Registered
AO
85 Dec'33
8412 94
Secured 440 series A
,
1952 MS 25 8 Sale 2012
25% 31
8512 11 57412 89
Adjustment gold 48...July 1995 Nov 8512 Sale 84
22 Sale 22
Certificates of deposit
1
22
Stamped
86
July 1995 MN 86 Sale 83
1112 145
61 1114 Sale
Cony g 4 Sis
39 575% 90
88
,
1960 fo/iRegistered
7914
MN
7914
837 85
8
Ch St L & N 05sJune 15 1951 • D 77
5
8412 Jan'34
87
Cony gold 4s of 1909____1955 3D 81
80 Dec'33
-_
84
73
Gold 344s
_
June 15 1931 3D 49_ _ 6312 Sept'33
Cony 48 of 1905
83
1955 3D 81% 13 80
15
72
86
Memphis Div let g 4s----1951 J O 64 gala 61
6412 10
Cony g 48 Issue of 1914h...1960
7812
D 7812 _
7812
1
73
81
Chic T H & So East 1st 5s__1960 J o 6114 sole 5512
6112 33
Cony deb 436s
3D 97 Sale 95 4
,
97
62 579 102
Inc gu Is
49
55
Dec 1 1960 MS 49 Sale 4413
Rocky Mtn Div let 48_1948 J J 833 853 82 Jan'34
4
4
965
_
78
87
ChIc Un Sta'n 1st gu 444s A-1963'Si 10112 Salo 00% 10112 50
Trans
-Con Short L let 43.19.58 .5.5 97 , Sale 96 8
,
98
9912
19
1st Is series B
89
2
105%
1963
- 0513 106
Cal-Ariz 1st dr ref 444s A_1962 MS 96 4 97
9612
9712 16
,
8714 99
- -18 97% 100
Guaranteed g 55
1944 J O 100 161
14
MI Knox dr Nor 1st g 58_1946 J O 99 4
993 Jan'34
4
,
1st guar 634, series C
4
113
1963 J J 112 Salo 113
24
Atl & Chart A L 1st 4;0 A 1944'Si 8712j19; 867
g
,
867
8
1
75
90
Chic & West Ind con 4s
1952 33 7612 SAID 73%
7612 72
4
18t 30
-year 5s series Et
93
19443 J 93 Sale 913
11
let ref 53.0 series A
6712 96
8512 20
84%
1962 MS 8413 85
Atlantic City let cons 4s
19.51.5 J 65
7412 Oct'33 _75
65
51
56
54
75% Choc Okla & Gulf cons 5s
1952 MN 53
12
Atl Coast Line 1st cons 4s July '52 M S 84% Sale 82
8414 34
91 4 Cin FI & D 2d gold 440
,
'
'S 9174
93 Dec'33
/
66
1937
General unified 494s A
1964 J D 77 Sale 74
77
32
51
8212 C I St L & C Ist g 4s__Aug 2 1936 Q F 99 gale 99
99
L dr N coil gold 48____Oct 1952 MN
73% 71
733 Sale 68
8
45
94 8 Aug'33
,
74 4
,
Registered
August 2 1933 Q F
Atl & Dan lst g 48
J 44 , Sale 42 11
1948
44
15
Cln Lob dr Nor 1st con gu 48_1942 MN 82
86
1314 52
Oct'33
85
2d40
1948 J J 33
33 I Jan'34
36
8
Cin Union Term 1st 444s..._2020 J J 10113 Salo 0012
50
10112 18
At! & Yad 1st guar 4s
1949 A 0 48
47
2
20
4914 46
53
,
,
let mite 55 series B
89
105
2020'Si 104 4 Salo 04 8
Austin & N W lst gu g 58_1941 J 3 60
88% Jan'34
75
75
4
8412
let mite g 5s series C
106
89
1957 MN 106 Salo 043
3 165
Balt & Ohio 1st g 45_ __July 1948 A 0 9014 Sale 88 4
,
90
74
92 4 Clearfield dr Mali 1st gu 55_ _1943 ▪ .1 77
,
7812 Oct'33
_
Registered
July 1948 Q J
8318
8318
1
72
86
86
Cleve Cln Chi & St L gen 48_1993 3D 7712 Sale 7518
7
77 2
,
Refund dr gen 55 series A_1995
D j,7212 sale 67%
74
106
3318 7612
9213
9212
3D
General 58 series B
1
99
let gold 5s
993
76 57918 101
July 1948 A 0 198% Sale 9812
Ref & impt 6s ser C
80
80
1
19491 3J 7913 85
Ref & gen 68 series C
1995.5 D 807 Sale 77
81
113
8
3712 83
Ref dr lmpt 5s ser D
8
1963 J J 6912 747 7512 Jan'34
PLE&W Va Sys ref 48_1941 M N 18612 Sale 85%
8612 18
6113 87 8
7
Ref & Brant 434s ser E
69% 90
1977 3'S 69% Salo 64
Southwest Div 1st 5s__1950 J J 8712 Sale 84%
88
59
55
89
Cairo Div 1st gold 4s
94
9512 94
10
1939 3J 94
Tol & Cin Div 1st ref 4s A_1959 J
7012 16
7012 Sale 67
4512 74
68
5
Cm W dr M Dly 1st g 4s 1991
68 Sale 68
Ref & gen 55 series
M S 73 Sale 67
73
151
34 4 75
,
St L Dly 1st coil tr g 4o .1990 NI N
777
8
77 4 Salo 77
,
Cony 444s
1960 F A 61 Sale 57
61.12 380
2512 67
Spr & Col Div 1st g 4s
89 Dec'33
__
194 MS
0
Ref & gen M 5s ser F
1996 M S 7218 Sale 6712
73
102
54
70
W W Val Div let g 48._ 1910 J J 90- ; 7312 Sept'33
737
60
Bangor & Aroostook let 5s 1943 ./ J 102 10214 101
13
10214
100 Dec'33
88 10212 CCC&I gen cons g 6s__ _1934 J J
Con ref 48
1951 .1 3 &76
75
75
1
82
65
84
87 Nov'33
99
Cleveland & Mahon Val g 5s 1938 3J 90
Battle Crk & Stur 1st gu 38_1989 J D 1_ _ __ 60
60
1
60
99 Nov'33
62
60
Clev & mar 1st gu g 4 4 MN
53
Beech Creek 1st gu g 4s..
1936.5 J 92 4 Sale 92
92
1
Clev & P gen gu 4 Sis ser B 1935 AO
98 June'33
80
93
1942
2d guar g 5s
1936J
8912 Sept'33
86
8912 9212
Jan'33
Series 13 334s
1942 AO
Beech Creek ext let g 344s_ _1951 A 0 j 67 Ai__ 70 Sept'33
10014 Dec'33
71
66
Series A 4 3.4s
1942 3J
Belvidere Del cons gu 340_1943 J .1 190 1 -Series C 340
1948 MN 8712 ---- 91 Aug'33
1944 J D &oily •
Big Sandy 1st 45 guar
91-- Dec'33
83
Series D 314s
Oct'32
87
14 9712
1950 AF
Boston & Maine 1st de A C.1967 M S 27612 Sale 7418
77
35
91 Sept'33
53
83
Gen 440 ser A
1977 FA
lat
N 76 Sale 7312
58 series Il
1955
7312 Dec'33
76
63
5412 8312 Cleve Sho Line lot gu 444s 1961 AG 76% 82
let g 4148 ser JJ
1961 A 0 ,6914 7412 68
3
70
8714
48
33
787 Cleve Unlon Term 1st 540..1972 AG 8714 Salo 87
3
Boston dr NY Air Line lst 4s 1955 F A 1 53 ,Sale 51 '
53
49
28
86
50
6812
lst s f 5s series B
1973 AO 84 Salo 8312
Bruns & West 1st gu g 48-1938
75% 26
887
8
1
•80
93 887
8
84% 9412
1st s f guar 430 series C 1977 A0 75% Sale 75
Buff Roch & Pitts gen gs 5s 1937 M S 1 99 100
9212 Oct'33
97%
98
85 10012 Coal River Ry lot gu 4s
3
1945 3D 83 _
Consol 430
1957 MN 62% Sale 60 '62 8
44
88
,
5
33% 67% Colo de South ref & ext 440_1935 MN 8714 Salo 8412
Burl C R dr Nor 1st & colt 58.1934 A 0 1 36 , 45
39
3512
3512
8
71
2614 7012
General mtge 434s ser A 1980 MN 69% Sale 66%
Certificates of deposit. _______
9512 Nov'33
1
1 34 Sale 34
29
35
Col & II V 1st ext g 4s
1948 A 0 9112
Canada Sou cons gu 58 A_ 1962
97
97
5
A
94
18
I 9112 94 92
787 97
8
Col & Tol lst ext 4s
1955
Canadian Nat guar 4 4is
1954 M S 1 99% Sale 9938 1 100
77 June'33
27
Conn & Pass= Ely 1st 4s 1943 A
7914 101
30
-year gold guar 448s
1957 J J 99% Sale 99%
24
47
47 Sale 43
79% 10112 Consol Ry non-cony deb 48..1954
993
4 93
53 Aug'33
Guaranteed gold 49s.196SJ D 10118 Sale 100 4 1013
,
4 32
79 4 105
,
1955
Non-cony deb 48
Guaranteed g 5s
gife 44% 44% 7
July 1969 J .1 1067 Sale 105% 106% 25 58412 108%
8
1955 A
Non-cony deb 48
44
44
Guaranteed g 69
1
45
4 10614 62
,
Oct 1969 A 0 106 106 8 1053
84 108 4
,
Non-cony deb 4s
1956
1950 F A 106 106% 1053
95
7
Guaranteed g 55
30
22
217 Salo 1914
8
12 584% 1094 Cuba Nor Ry lot 534s
8 106
1942
D 103 4 Sale 10314
Guar gold 441s..
207
s 31
8
1033
4 58
,
..June 15
80 4 106% Cuba RR 1st 50
.1 207 Sale 1914
,
-year 58 g 1952
1956 F A 1017 Sale 01 8
Guar g 49s
1914 12
1914 Sale 18%
, 10218 87
8
80 106
1st ref 7143 series A
1936
Guar g 43s
17 Dec'33
102% 221
Sept 1951 M S 10213 Sale 02
15
17
79% 10512
1st lien & ref 6s eer B
1936
Canadian North deb 8 t 7s__1940 .1 D 10612 Sale 0614
1067
8 39
96 4 107
,
J 110 Sale 09 8
25
-years! deb 640
1946
,
110
49
100
9412 112
Del dr Hudson 1st & ref 4s___1913 MN 8213 Salo 8014
83
10-yr gold 4 4is___Feb 15 1935.5 J 10112 102
102% 18
98
017
s
4
90 10314
53
1935 AO 98 Sale 97
Canadian Pat Ry 4% deb stock------ 6614 Sale 613
9212
66 4 38.5
,
95
8
49 r70
8
Gold 53.4s
1937 MN 9518 96
Coll tr 4;0
793 102 555
4
1946 I
,
,
7614 Salo 75 8
_ - 96 Sept'33
8312 D RR dr Bridge 1st gag 4s.._1936 FA 96 4
5s equip tr ctfs
100% 64
1944 J J 100 8 Sale 99%
47
,
137
8012 100 4 Den dr It CI 1st cons g 4s
,
'
'S 47 Sale 41%
1936
83
45
91
Coll tr g 5s
11
52
Dec 1 1954 .1 D 82% Sale 7712
48
5812 9012
Consol gold 43.0
1936 JJ 48
77
122
Collateral trust 4148.___1960 J J 7614 Sale 7212
23
428
5312 8012 Den dr 110 West gen 5s Aug 1955 P A 2214 Salo 1712
Car Cent 1st cons g 48
1949 J
22 srDec'33
2913 146
22
27
15
Ref & impt 55 ser B._Apr 1978 A0 29 Sale 2412
Caro Clinch dr 0 1st 30-yr 53_1938 .1 D 987 162
SO 100% Des M & Ft D 1st gu 4s
s 973 Al el 973
s
8
1935
5
312 5,
4 57
95
21
1st dr cons g Ss ser A_Dec 15'52 J
99
9314 Sale 93
33
2
68
Certificates of deposit
s
57
8
1
Cart & Ad 1st gu g 4s
05
71
70
65
58
70
6512 70
68% Des Plaines Val 1st gen 440_1917 MS 65
Cent Branch U P 1st g 4s_..13L
37 Sept'33
33
2412 Dec'33
2512 28
24 ' 60
Del & Mac 1st lien g 4s
_
1955• D
Central of Ga let g 58__Nov 1945 F A 44
4312 16
8
32
64
41
51
Second gold 40
1995.50 ___ 267 30 July'33
11
Consol gold Is
9 4 4115 Detroit River Tunnel 440.._1981 MN 86
28
1945 M N
86
,
26 j Sale 22
8812 86
Ref & gen 554s series B 1959 A 0 16 Sale 13
10214 Dec'33
,
16
26
3
28
_
Dul Missabe & Nor gen 58_ _ _191 I ▪ .5 103 8
Ref. & gen 55 series U. _1959 A 0 1614 Sale 1212
1614 47
4
212 27 4 Dul & Iron Range lot 5s_
,
1937 A0 10314 10412 10212 104
D 18 Sale 18 J
Chatt Div pur money g 48_1951
2312
27
1
13
15
18
33
2518
Dul Sou Shore & Atl g 53._1937 33 25
Mac & Nor Div 1st g 58_1946
J
35
35
35 July '33
Mid Ga & Atl Div pur m 5s '47 J J _ __ 23
28
90
9112 8912
28
28 July'33
11
East Ity Minn Nor Div 1st 4s'48. A 0 86
Mobile Div let g 5s
Oct'33
1946 J J
91
01
24
35
10
28
28
East T Va & Ga Div 1st 5s__1956 MN 90
Cent New Engl 1st gu 4s..
96
96
7412 Elgin Joliet & East lot g 5s_ _1941 M N 9514 - 6612 17
1981 J J 6612 Sale 65
1
96
55
1
Cent RR & Bkg of Ga coll 55 1937 M N 54% 5912 53
53
61
Feb'33
__
25
5sA , 64
J 0
66% El Paso & S W 1st
Central of N J gen g 5s
9
1987.5
Oct'33
88
82 10218 Elle& Pitts g gu 3As ser 13.996105
97
__ 91
97 Sale 95
General 4s
1987 J
90 Aug'33
88
78
6
78 Salo 78
Series C 344s
75'4 91 2
,
Cent Pat 1st ref gu g 4s__ .1949 F A 787 Sale 7512
793
8 88
8
8312 8812 Erie RR 1st cons g 48 prior...1999'1 -1 8112 Salo 787
8
8112 57
46
1 9 .1 ..1
17
Through Short L 1st gu 48_1954 A 0 73 4 80
79
78
7814 Aug'33
6312 87
,
7312
Registered
6912 149
Guaranteed g 5s
6912 76
45
80
1960 F A 69 Sale 64
1st consol gen lien g 48_ __199 j j 69 Sale 67
8
1996 J J
Charleston & Sav'h let 7s 1936 .1 J 100 103 111 June'31
_67 59 Dec'33
Registered
Ches & Ohio 1st con g 5s
43 ai135is 107 1
;
.2
- 9914 Jan'34
107
1939 M N 10614 10612 106
Penn coil trust gold 48_1 9 3 A
51
.1.
1996 F j
_ _ 10112 105
Registered
65
1989 M N
42
50-year cony 48 series A__ _1953 A 0 65 tide 63
10414 10314 Dec'33
General gold 4;0
63
64
63
68
1992 M S 1 14 sale 9918
4
87 8 10414
,
10114 137
-01 Series II
74
Ref & inapt 4;is
62
62
80
95 8
,
92
1993 A 0 92 Sale 88 8
2
Gen cony 4s series D
195 A 0
53 A 0
,
Ref dr Mot 43.4s ser B..
75
65
64 4 Salo 6014
,
79
92
1995 .1 J 92 Sale 89
426
96
Ref & impt 50 of 1927
1967 NI N
Craig Valley 1st 5s._ May 1940 J J
_
290
65
90 100
Ref & Inapt 5.9 of 1930
993 Dec'33
4
98
1975 A 0 6412 SIlo 60
_
Potts Creek Branch 1s1 48.1946 J J 55
96
81
89
Erie .t Jersey lots f Ss__ _ _1955 J .1 9771 99
9814 10
8
85 Nov'33
R dr A Div 1st con g 48_1989
97
84 4 100
,
Fla ceess ec Pe ver lst s f gs _ 1.957 j .1 9614 101
Cen iitee Rin 1st dons 6 is 1 9 13 J J
J 9812 10
9718
3
-6 9212 Dec'33
26 consol gold 48
130
3914 35 Dec'33
1989.5 J 87
83
9012
8712 Jan'34 ____
Warm Spring V 1st g 5s 1941 M S
48 Dec'33
93
93
Florida East Coast 1st 4 A1_1959 3 D 49
1812 93 May'33 -- -53
46
Chic & Alton RR ref g 38_1949 A 0 5V/I Sale 52
,
5818
13% 20
30
1st dr ref 53 series A
1974 MS 12 8 Salo 11.
67
Chic Burl & Q—III Div 340_1949 J
12 Sale 11
90
12% 52
80
91
89% Sale 88
Certificates of deposit
9814 48
Illinois Division 4s
1949.5
8713 9914 Fonda Johns & Gloy 1st 4 As 1952
98 Sale 97
84 131
General 48
1958M S 9414 Sale 92 8
428 712 612 Nov'33
957
8
94
78
Proof of claim filed by owner M N
7
1st & ref 4 40 ser B
8914' 60
1977 F A 8914 Sale 8818
68
9214
(Amended) 1st cons 2-48..1982
9712 43
lst & ref 5s ser A
1971F A 9713 Sale 96
312
3% Salo
33
4
7614 10012
Proof of claim filed by owner M N
r Cash sale. a Deferred delivers. •Look under list of Matured Bonds on page 304.
,
734
0
Low
High
32
58
3 4 20
,
9
10
8212 99
20
5014
28
601s
39
53
33
57
9
48
12
54
6112 7813
9418 10314
38
73
35
64
40
7712
40
77
38
79
5913
11
314 31%
34
63
30
7012
69
36
47
73
40
8212
56
56
43% 923
4
15
56
4713
15
15
48
412 44%
42
7012
16
39
16
25
16
38
15
20
6
28
72
90
63
6313
46
7214
36
7314
143 64 4
4
,
91 102
95 10612
92% 10312
103% 114
597 8012
8
ow, 95
40
63
85
93
92
99 4
,
94% 94%
82
83
93 102
Ms 10734
954 107
72
7812
65
85
85
96
49
82
47
8212
37
7712
85
95
58
77
66
80
85
93
72
76
98, 1017
2
g
8014 90
97
99
9614 98
86
86
96 10112
84
91
-91- 01
70
6013
54
4914
8612
6712
47
8518
90
77
39
40
87
90
861s
77%
9312
94 4
,
77
97
95
77
6014
02
497
8
10
51314
13%
11
5312
41
41%
41
34
67
91
79
08
52612
27
84
11
8912
9912
9713
98
66
6711
52
60
1
34
,
45
697
8
33
4014
25
30
75
91
101, 104
2
99 1057
8
12
39
84
93
65
98
78% 983
8
61
72
90
91
88 8 90
,
6712 85
7814 7814
40 2 74
,
41
59
99 100
3012 68
303 67
2
40
4012
20 4 67 2
,
,
2013 6713
81 10218
75 103
15
40
3412 63
3
21%
2
21
44
,
912
3
5
New York Bond Record—Continued—Page 3
BONDS
N. Y. STOCK EXCHANGE
Week r Ended Jan. 12.
•g
Fort St 13 D Co 1st g 146_1941 J J
Ft W dr Den C let g 6 48____1961 J D
Price
Friday
Jan. 12.
Bid
63
96
Week's
Range or
Last Sale,
Range
for Year
1933.
;41
t
Ask Low
liton No. Low
87 Nov'32
9614 Jan'34
88
99
Ga & Ala Ry let coos 65 Oct 1945 J J
2
1512 18
1512
1512
Ga Caro & Nor 1st gu g 58 1929—
1
Extended at 6% to July I 1934 J J 2014 Sale 2014
2014
Georgia Midland 1st 35___1946 A 0 40 Sale 40
2
40
Gouv & Oswegatchle 1st 6a__1942 J D
100
Jan'3I - - -Gr R dc I ext 1st gu g 4145_ _1941 J 2 903 - - - - 93 Nov'33 -4
Grand Trunk of Can deb 7s.1940 A 0 10612 Sale 1053
4 106% 63
15
-years f (is
1936 m S 10312 Sale 1023
4 10312 22
J D
Grays Point Term let 53_ ___1947
96 Nov'30
Great Northern gen 7e ser A_1036 J J 873 Sale 86
4
8812 209
1st & ref 414s series A____196I J .1 81 Sale 78
8114 104
1952 J J 81 Sale 76 2
General 514s series B
,
81
55
General be series C
1973 J J 74 Sale 687
8
74
16
General 44s series D____1976 J J 71 sale 67
71
40
General 414s series E
6912 Sale 6618
7014 42
1977 J
Green Bay & West deb Ms A____ Fen 23% -- - - 30 Dec'33
Feb
Debentures Ole B
412 7" 414 Dec'33
Greenbrier Ry Ist gu 4s
89
90 Sept'33 _ _ _ _
Gulf Mob & Nor let 54s B_ 350 MN 6512 Sale 65
.
1 40 A O
3
654
3
1st mtge be series C
1950 A 0 61 Sale 5912
6112 47
Gulf & S I let ref & ter 5sFeb 1952 2 J 55% 61
55 Dec'33 _ _
Stamped (July 1 '33 coupon on) 2 J
55 Dec'33
55% 61
Hocking Val 1st cons g 458_1999 J J
Housatonic Sty cons g 53____1937 M N
II 41 T C 1st g 5sint guar____1937 J J
Houston Belt & Term 1st 55_1937 J J
Hud & Menhat let5ssecA..1957 F A
Adjustment Income Is Feb 1957 A 0
9714
75
963
8
913
4
735
3918
100 100
82 80
97
100
93 93
Sale 72
Sale 35
Illinois Central let gold 48....1951 2 J
9212 100
1st gold 334s
1951 J J 80%
Extended let gold 3%6_1951 A 0 7918
__
let gold 38 sterling
1951 M b
Collateral trust old 4g_._.i952 A 0 71 Sale
77 sale
Refunding 46
.1955 M N
Purchased lines 304g
45
1052 J -1 634
Collateral trust gold 45..._1953 M N 6612 Sale
Refunding Is
1955 M N 8312 85
15
-year secured 6%a g_...1936 J 2 9212 Sale
40
-year 4348
63 Sale
Aug 1 1966 F A
Cairo Bridge gold 48
19502 D 78
Litchfield Div let gold 35_1951
Loulsv Div & Term g 34131953
- --Omaha Div 1st gold 3s____1951 F A ____
St Louis Div & Term g 36_1951
Gold 3)4e
1951 J .1 ____ 80
Springfield Div 1st g 346_1951 J J 65
-Western Lines let g 4s_ _ _1951 F A
793
4
Ill Cent and Chic St L & NO—
Joint 1st ref be series A. .19632 0 7012 Sale
let & ref 448 series C....1963 J 0 653 Sale
4
Ind Bloom & West let ext 48 1940 A 0
Ind III & Iowa let g 48
1950 J J
Ind & Louisville let gu 48_ 1956 J .1
Ind Union Ity gen 56 ser A._1965 J J
Gen & ref be series 13......196 .1 J
5
Int & Ort Nor let 68 ser A. _A952 J J
Adjustment 68 rser A.July 1952 A 0
let 5s series 13
1956 J 1
let g be series C
1956 J J
Int Rys Cent Amer 1st 5813 1972. M N
let coil trust 6% g notes_ _1941 M N
let lien & ref 614s
1947 F A
Iowa Central let gold 5a._ __1938
Certificates of deposit......2 D
1st & ref g 46
1951 M 5
9214
9214
Jan'34
83
78 Nov'33
73 Mar'30
6812.
72
77
74
63
Jan'34
63
66,
2
82
83
9014
93
59
63
78 Nov'33
733 Aug'33
70 Dec'33
60 Dec'33
66 June'33
69
69
75 Aug'33
80 Sept'33
68
62
8912
7112 95
75
71
72
1418 35
39
993
4
973 100
973 100 100
4
4
32% Sale 283
1112 Sale
91 2
284 Salo 26
263 35
4
26
4513 453 4518
4
4918
473 54
4312 Sale 4312
412
214
James Frank & Clear 1st 49 1959 JD 7112
Kal A dc0 R lat gu g 6a
1938 J J
Kan & NI 1st gu g4s
1090 AO 75
KC Ft S& M Ry ref g 48_ _ _1936 AO 411
8
Certificates of deposit........ AO 41
Kan City Sou 1st gold 381950 AO 6512
Ref dr impt ba
J 7112
Apr 1950
Kansas City Term let 4s____1960 J J
943
4
Kentucky Central gold 48_ _ _1987 J J 901s
Kentucky & Ind Term 4%8.1061 J J
73
Stamped
1961 J
---Plain
1961 J2
53
4
312
518 27
18
2618
2312 60
-Si-
963
4
96% 10612
933 1041•
4
4514
-9-61;
66%
39
4012
37
34
29
314
88%
2212
23
4212
40%
100
2
Dec'33
_
97
1
93
1
75
63
40
336
87
8312
77%
74
74
32
10
90
68
6612
55
56
84 10012
75
90
851 9814
:
78 100
633 88%
4
27
59%
7812 92
7612 80
72
SO
1
_
____
__
60
12
50
45
55
40
53
52%
3
60%
14
30
160
5012
58
58
58
_
_
_ 53
82
2
75
_ _
____
66
78
80
611
6918
88
9414
73
85
73 8
3
73
6818
7012
74
75
8534
66
77
38% 7412
37
69
Oct'33
Dec'33 _
Jan'34
_
993
4
1
Oct'33
_
3212 40
1112 163
2834 14
27 I
7
45%
9
Jan'34
_
437
8
2
8912 92%
72
85
27
547
8
85 101
85 100
1814 6412
3
25
16
50
4912
16
3314 6512
37
6118
25
55
71 8
,
66
412 Jan'34 _
212
318
_
8
7314 6918
69%1
9
103 Mar'31 ____
87
70 Dec'33
415s 66
Sale 3612
Sale 36
41
14
Sale 6212
66
86
Sale 68%
72
85
Sale 935
95
162
943 9012
8
9012
1
Sale 73
73
1
75 . 75 June'33 ___ _
89 A pr'30
Lake Erie & West let g 5s...1937 J J 85
8712 85 June'33
2d gold 58
1941 J J
4
Dec'33
743 61
Lake Sh & /Mich So g 3 Ms_ _ _ 19 JD 82% 84
81
8212 13
97
Registered_
1997
D 76
79
7712
771
: I
Lehigh & N Y let gu g 4a_ _1945 M
5712 71
59
59
2
Leh Val Harbor Term im 58_1054 FA 84
86
84
3
85
I.eh Val NY let gu g 414s...1940 J J 8314 Sale 8314
8314
1
Lehigh Val (Pa) cons g 45._ _2003 MN 4918 Sale 47
50
87
Registered
MN 4412 Sale 4412
4412 10
General cone 4 48
2003 MN 53
56
52
523
4 45
General cons be
2003 MN 5612 60
54
56% 40
Leh V Term Sty 1st gu g 5n_ _ 1941 AO 9414 100
95
9518 14
Lex dr Feat 1st 50-yr Is far _ 1965 AO 8612 9414 89% Dec'33
little Miami gen 45 series A.1962 M N 80 10014 8112 Sept'33
Long Dock coneol g Os
1935 AO 073 99
99
Jan'34
4
Long Island—
General gold 49
1938 JD 99% Sale 9912
99% 48
Unified gold 46
1949 M
9318
93,2 11
Debenture gold ba
1931
D iCsiT8
10012 Nov'33
20
-year put deb bs
1937 MN
933 Jan'34
4
95% 09
Guar ref gold 48
MS 9312 Sale 9212
933
4 44
Louisiana & Ark 1st 58 ser A _1069 J J
4
19 9
54 Sale 50%
543 149
4
Louis & Jeff Ildge Co gd g 48 1945 MS 84
84
85
87
7
Louisville dr Nashville Is,...1937 MN 101, 1033 10212 Jan'34
4
2
Unified gold 48
1940 J J 9(114 Sale 943
4
96% 171
Registered
J J
9434 Jan'34
1st refund 5146 scrim A.__21303 AO 95 Sale 92%
9612 47
1st & ref be series 11
2003 AO 90% Sale 90
91
39
1st dr ref 4146 series C____2003 AO 84 Sale 8312
84
47
Gold Ss
1941 AO 10014 102 102
Jan'34
Paducah Ac Mem Div 4s_ _1946 FA
82
83
8614 82
1
Bt Louie Div 26 gold 313_ „1980 MS 6112 63
607
8
60%
1
Mob & Monti; 1st g 4148_ _1945 Ni S 94
_ _ _ - 9612 Jan'34
South RY joint Monon 48_1952 J J
71% Sale 71%
71%
7
Atl Kooky & Cin Div 45..1955 MN 88 Sale 87
88
3
Mahon Coal RR let ba
1934 J J 101
100 Mar'33
Manila ItR (South Lines) 4s_1939 MN 5714 60
5718
58%
1st ext 48
MN 63% — 6114 Dec'33
Manitoba El W Coloniza'n Is 1 959
34
D
09
100
19
__
Man 0 13 & N W Ist 34s.._ _1941 J2 99- ; 50
541
48
Oct'33
Mex Internet let 48 asstd._.1077 NI
218 7 Sept'32
Michigan Central Detroit & IlaY
City Air&sag3 wc.__..1651
Line 48
94
J 90
94
1940
98
Jack Lana
NI
79 May'26
let gold 34s
864
1952 MN - - _86
Ref &!rapt 4 94e ser C____1979 J J
7018 15
" 7014 Dec'33
Mid of N J let ext 514
1940 AO 6112 6612 67 Dec'33
Mil & Nor 1st ext 4 48 1880)1931
(
D 7718 85
7814
78 4
,
Cons ext 44s (1884)
1934 ID 77
70
81
84
kill Spar & N W 1st gu 4a...1947 M
8
1 4
567 Sale 56%
57
_
15
_
8
6
4
2
4
3
2
1
10
6
60
75
60
3012
29
a48
47
83
7414
57
76
6112
5712
6712
80
96
93.
75
58
93
55
7812
713 8714
4
721/ 83
96
70%
79
90
597 87
8
25
62
28
45
32% 6412
33
6812
89 10018
79 10012
8112 81,2
9012 101
0512 99%
8714 r9912
97 10112
90 100
76
95
20
57
70
85
963 104
4
8112 98
77
85
65% 99
6312 9212
597 90
8
87 102%
56
70
43
623
4
82
9312
40
73
75
9214
9514
a493
8
50
70
47
10114
60
61%
100
60
9314 9514
-79
61
40
50
62 4
,
3412
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan, 12.
High
99
90
75
753
4
76
70
66
305
Milw & State Line let 348_1941 J J
Minn & St Louis 1st cons 55_1934
N
Ctrs of deposit
1934
let dr refunding gold 4s..1919 MS
Ref dc ext 50-yr 535er A. 1962 Q F
Q F
Certificates of deposit
NI St P & SS NI con g 481st gu '38 J J
1st cons 55
1938 J J
1st cons Is gu as to int
1938 J J
let & ref 6s series A
1946 J
25
-year 5 4s
1949 MS
let ref 514s ser B
1.178 J J
let Chicago Terms f se_ _1911 MN
Mississippi Central let 5s__ _1949 J J
Price
Friday
Jan. 12,
Bid
55
Ask Low
703 60
4
8
3%
4
314
Sale
Sale
Sale
Sale
20
65
78
4
212
13
4
114
3512
39
3912
20
1612
62
88
75
Range
for Year
1933,
High No, Low
Oct'33
40
Jan'34
2
22
,
Dec'33 _
Dec'33 _
26
40
9
40
55
45
18
22
18
63% 20
1
88
July'33
4
4
118
114
24
16
2812
912
a102
37
90
65
High
6012
81s
614
11
4%
48
3912
5412
34
31%
71
90
85
1612 Sale 1412
Mo-Ill RR 1st 55 ser A
16 2 11
,
1959 1 J
32
12
Mo Kan & 'rex 1st gold 45_ A990 J 13 8012 Sale 78
80 8 58
,
6738 8812
753
8 25
Mo-K-T RR pr lien Se set A_1962 J J
4
75 Sale 723
5014 8714
40
-year 48 series B
66,
1962 1 J 6612 Sale 62%
2 19
73
51
3
65
: 71
663
8
Prior lien 448 ser D
1978 2 J 661
55
7712
38 a3212 6512
50
Cum adjust Is ser A_Jan 1967 A 0 50 Sale 4514
4
4
Mo Pac Ist & ref bs ser A ___1965. A
F .. 2912 Sale 253
2912
1812 44
51
28 Sale 22
28
Certificates of deposit
23
25
14, 491
2
General 4s
7
1975 1V1 S 14 Sale 1112
2412
116
29
1st & ref 5s series F
1977 M S 28% Sale 24
44
18
4
23%
2314
Certificates of deposit
1912 2812
2812 118
lat & ref 58 ser G
1812 4412
1978 id -14 2812 Sale 2412
8
1014 Sale
Cony gold 5%a
1012 250
3
1949 MN
24
118
29 Sale 24
29
1st ref g 5s aeries H
1812 44
271
F A
283 Sale 2414
4
29
let dr ref 5s ser I
13314 4414
Mo Pee 3d 75 ext at 4% July 1938 MN 71
7418 Oct'33
73
5012 7418
46 June'33
Mob &Bir prior lien g 5s__ _ 1985 J 0
46
94
°A 2
46
44 Aug'33
J J
Small
8
367 60
2
48
48
60
let Ni gold 48
46
1945 J 1 46
46 2
,
J J
65
Small
Oct'33
44
65
Mobile & Ohio gen gold 4s__1938 M S 9912 ____ 99 June'33
28
9912
16 Dec'33
Montgomery Div 1st g 53_1947 F A
1618 20
718 37
1977 NI 5 1214 Sale 107
Ref & impt 4148
8
1214 16
4% 21%
1938 M 5 1212 14 r10 Dec'33
Sec 5% notes
414 25
Mob & Nial 1st gu gold 43_ _1991 NI S 71, 86 4 75 Sept'33
2
,
62
75 4
3
Mont C let gu (is
8212 90 e8818 Dec'33
94
87
81
Jan'34
let guar gold 53
86
1937 j j 80
1 937 J i
7914 933
8
Morris & Essex let gu 3 30..2000 J 0 76 2 Sale 76
,
7612 52
70
80 8
,
2
4
793 Sale 77
Constr M 5s ser A
793
4
8
1955 NI N
677 8618
74
74
Constr NI 44s ser B
70, 78
2
195 M N
82
60
51
Dec'33
Nash Chatt & St L 4s ser A 1978 F A 80
8212 SO
60
86%
5sF A 90
923 Nov'33
4
N Fla & S 1st gu g
J i
99
97
85
18 July'28 -Nat Ry of Mex pr lien 4148_1995377
234 13
212
23 Sale
8
Assent cash war rct No 4 on ---123 July'31 4
Guar 48 Apr '14 coupon_ _1977,A 0
2 Dec'33 -- -2
3
Assent cash war rct No b on - ___
1
r43
4
Nat RR Mex pr lien 44s Oct '28
1
212 Dec'33 - - -2
3
Assent cash war rct No 4 on - - -1
5
22 Apr'28
1951 A 0
1st consol 4s
27
8
4
212
23 Sale
4
Assent cash war rct No 4 on - -- Naugatuck RR let g 48
71, Nov'32
2
New England RR cons 58___1954 IVI N
7712 Nov'33
83
88
1945 J J
Consol guar 4s
6615 79
8
1945 J 1 -Sois - 6 61% Jan'34
N J Junction RR guar let 48 1986 F A
nis _ 92 Nov'30 -NO Great Nor 5s A
10832 1 59 Sale 574
5912
54
NO & NE 1st relikinapt 445 A '52 J J 65
2
671 54
30
70
4
New Orleans Term let 4s__.1953 J 1 65 Sale 623
65
21 49
75
19
24
N 0 Tex & Mex n-c bac 56_1935 A 0 19 Sale 16
1214 35
2212 23
8
2212 Sale 197
let Is aeries B
14
3512
22
22
2
1st 5s series C
1N4 t C: 2112 23
1 6
/
1414 36
1956 F A 22 Sale 1714
22
37
1st 4 4s series D
14% 36
30
23
1954 A 0 22 Sale 21
let 545 series A
1412 36 2
,
9312 Aug'33 -N & C Bdire gen guar 4 4s_ _1945 J 2
90
9312
N YB&MB let cong5s 1935 A 0 101, ---- 10114 Dec'33'---4
98 102
N Y Cent RR cony deb 65.. _1935 MN 85 Sale 83
85
50
79
Consul 48 series A
753 Sale 7301
4
76
1998 FA
187
66
Ref & Impt 4 4s series A__2013 AO 66 Sale 6014
87 2 285
71:4 163
Ref & Imp% Is series C....2013 AO 7118 Sale 67
8112 110
NY Cent & Hud Riv Sf314s 1997 J
81% Bale 7912
85,8
8
0
Debenture gold 4s
1931 MN 8807::
29
Sale
-year debenture 48
81
1942 J J
30
Ref & impt 4 43 ser A_ _ _2013
6412 Sale 60
45
6114 2 6
76
Lake Shore coil gold 33.4s.1998 FA
714 Sale 6918
7
Mich Cent coil gold 348...1998 FA
7101
7112
77
72
8712 18
N Y Chic & St L 1st g 4s- - - -1937 AO 86 Sale 8518
6212 168
Refunding 54e series A..1974 AO 6212 Sale 5512
.523 459
Ref 4146 series C
1978 MS 524 Sale 4714
226
16
58
3-yr 6% gold notes
67
1035 AO 58 Sale 49
NY Connect 1st gu 414s A.1953 PA 97 Sale 96
1st guar 58 series B
1953 FA 10118 ____ 100 Dec'33 - - -N Y Erie 1st ext gold 4s
8
933
4
94 I
9312
1947 M
3d extended 44s
9512 Dec'33 -1936 M
_
NY Greenwood L gu g 5s
88
Jan6
'
8 34,___2
1946 MN 6514 86 66
76
81
N Y & Harlem gold 3148
2000 MN
N Y Lack & W ref 44813_1973 MN
96
Oct'33
NY & Long Branch gen 4s_ _1941 NI S
76 June'33
NY&NE Bost Term 4s___1939 AO
9512 July'29
_
Jan'34
NYNH& IT n-c deb 4e___1947 MS 50
65
55
Non-cony debenture 348.1947 MS 45
50 Dec'33 _--55
4
2
Non-cony debenture 330_1954 AO ____ 487 477
48,s
65
8
8
Non-cony debenture 4s__ _1955 J 1 5518 Sale 55
Non-cony debenture 4s___1956 MN 5014 71
45
52
557
5
52
Cony debenture 3%s
47
1956 J J 46 Sale
Cony debenture 6r4
93
76
1948 J J
76 Sale 7114
Collateral trust (35
60
1940 AO 76 Sale 71
76
Debenture 45
14
1957 MN 46 Sale 4412
46
1st & ref 4 4s ser of 1927..1967 JO 6212 Sale 5712
62, 202
2
Harlem R & Pt Ches 1st 4819.54 MN 8301 95
8414 14
833
4
N YO&W ref g 4s_ __June 1992 Si
613 Sale 573
8
4
61'2 45
General 48
D 52
1955
9
537 50
8
5014
N Y Providence & Boston 43 1942 AO 8014
Jan'34
_ 90
N Y & Putnam let con gu 48_1993 A0 73
7
74
718
72,
2
N Y Stag tic West 1st ref 58__1937 22 5018 54
5312 10
50
2d gold 4%s
_
1937 FA 35
3712 44 Nov'33
General gold bs
1940 FA 3912 Bale 383
4
4
3912
Terminal let gold 53
1943 MN
72
894 7234 Dec'33
N Y Westch & B 1st ser I 4148'46 J J 4612 Sale 42
4612 67
92
46
5712 8418
3412 74
80
39
683 837
4
8
60
93%
64
8612
3412 74
77
60
65
78
66
91%
14
87:
12
563
4
5 4 67
,
87 100
89 103%
95
86
95
9512
51% 65
83 4 88
,
85
96
76
76
Nord Ry ext sink fund 648_1950 AO 13312 Sale 13112
69
134
Norfolk South let & ref A 59_1961 FA
Certificates of deposit
9
9 Sale
9
Norfolk & South 1st gold 58_1941 MN
1614 40
167
8
16%
Norf dr West RR imp &ext 6s1934 FA 9912 101
9912 Dec'33
N& W Ry let cons g 43_1996 AO 99 8 Sale 99%
,
112
100
Registered
1966 AO
94 Dec'33
Dly'l 1st lien & gen g 4s__ _1914 J J 10l Sale 10112
25
102
Pocah C lz C joint 43
1941 JO 10014 101 100%
13
10014
North Cent gen .is ref 55 A...1974 MS
98
Oct'33
Gen & ref 4143 series A
1974 M
-- 90 Dec'33
North Ohio 1st guar g Is.. 1945 A0 35
4312 36 Dec'33
April 1933 coupon on
35 Dec'33
North Pacific prior lien 414_1997 Q J 8612 Bale 83%
86% 295
Registered
___ 82
Q
83% Aug'33
Gen lien my & Id g 33 Jan 2047 Q F 6312 Sale 60
631 263
:
Ref & Impt 4 yis series A _2047 J .1
75 Sale 7312
16
75
Ref & impt 6s series B____2047 23 8812 Sale 8618
897 124
8
Ref & Inlet Is series C._2047 J
7914 Sale 7614
80
15
Ref ee impt 5s series 13.....047 J J
79 Sale 78
7914 13
Nor Ry of Calif guar g 58...1938 AO 96 100 a99 Nov'33
98% 13418
r Cash sales. a Deferred del very. z Optional sale Sept. 21 at 83. • Look under list of Matured Bonds on page 300.
4
3
2
114
39
39
44%
22
1814
62
77
Week
Range or
Last Sale.
41
Yci
44
65
44 a65
45
71
4.5
71
43
60
57
9912
95
59
34% 65
45
75 8
3
82
90 2
,
5018 67
43
61%
8118 8118
78
64
2312 65
414
33
1612 52
75
64
60
31
4
13
6
28%
a9912 10412
87 10012
9418
94
9312 10212
8912 100
98 Iowa
88
93
17
45,
8
36
35
73
8912
7412 85
62
48
50 z7812
9212
60
5918 84
5614 83
a99 100
New York Bond Record-Continued-Page 4
306
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 12.
t
...a.
Price
Arida°
Jan. 12.
Week's
Range or
Last Sale.
Range
for Year
1933.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 12.
40.
Jan. 13 1934
Price
Friday
Jan. 12.
Week's
Range or
Last Sale.
Bid
Ask Low
High No. Low
Bid
High
High No.
Ask Low
Og & L Cham 1st gu g 48.___1948 J J 58 Sale 5218
8
3813 58% Southern By let cone g 53_1994 J J 92 Sale 8612
58
93
92
Ohio Connecting Ry let 4s__1943 M S 90 __-- 97 Mar'32
Devel & gen 4s series A__19513 A 0 61 Sale 574
_
6112 236
J D 90 100 931 Dec'33
Ohio River RR let g 5s
1936
Devel & gen 6s
1958 A 0 79 Sale 75
9312
80
8014 35
General gold 5e
1937 AO 8712_... 89 Jan'34
Devel & gen 6533
1956 A 0 823 Sale 78
4
70 91
823 120
4
9312 9238
Mem Div let g 5s
9312 57
Oregon RR & Nay coin g 43_1948 3D 93
77
8314 98
803 70 Dec'33
4
14
Ore Short Line let cons g 68_1946 J J 10478 Sale 10414 105
St Louis Div let g 4s
19963 3 6834 Sale 883
9 J
51
99 10712
4
683
4
Guar stpd cons 5s
East Tem reorg lien g 58_1938 M S 84 91 84
1946 -1 .1 10614 Sale 105
1
84
10614 15 994 1074
Ore-Wash RR & Nay 4s__ _ _1961 3 3 853 Sale 8312
Mobile& Ohio coll tr 48-- _1938 M S 61 Sale 56
4
41
61
75 90
8612 144
Spokane Internat let g 5s
1955 J
914 9 4 918 Dec'33
3
Pa.° RR of Mo 1st ext g 4s_1938 FA 90
9
- 80 May'32
7313 937s Staten Island Ry let 450_1943 J D
8714
90
2d extended gold 55
1938 33 8812 Sale 84
5
75 90 Sunbury Oz Lewiston 1st 48_1938 J J 95 100 00 Oct'33
8812
Paducah & Ills 151 e 1g 4 He_1955 J J
93 9412
94 Dec'33
Paris-Orleans RR ext 5)48_1988 MS Hi- gill 12414 128
1947 A 0 50
34 09612 1247 Tenn Cent lat Gs A or B
53 4734
4
50
s
Paullsta Fly let ref at 7s..,.1942 MS 50
18
_ 0012 101.
53 50
11
36
54 Term Assn of St L 1st g 4%8_1939 A 0 101 4
50
Pa Ohio & Det let dr ref 4;is A'77 AO 88 Sale 85
10138 Sale 0138 102
let cons gold be
59
44
14
71
9312
88
N 101 Sale 101
Pennsylvania RR cons 9,48 1943
Gen refund 5 g 48
3 95 4 101%
8478 39
101
8
847 Sale 82
s
Consol gold 45
2 91 10113 Texarkana & Ft S let5He A 11199950 F
1948 MN 101 Sale 101
82 Bale 76
82
101
48
48 sterl etpd dollar May 1 1948 MN
60
66
1943J 3 644 ____ 66
1
90 10113 Tex & N 0eon gold 5s
10018 100
100
6312 23
Consol sinking fund 4545.
.1960 FA lair., sale 10312 10438 44
20003 D 934 Sale 92
944 105 4 Texas & Pae lst gold 5s
8
6812 31
General 4 He series A
Gen & ref 5a series B
1965 3D 9078 Sale 8818
1977 A 0 6812 Sale 65
731s 947
8
907 170
e
Gen & ref 5s series C
Gereral 55 series B
6812 64
1968 3D 98 Sale 9712
1979 A 0 6812 Bale 65
78 100 4
8
9818 33
114
15-year secured 6Hs
6712 80
Gen & ref 5s series D
19803 D 6712 Bale 65
1936 FA 10434 Sale 1033
95 10536
4
40
-year secured gold 5a
80
7978 72
64
1964 MN 9412 Sale 93
95
6
73 98 Tex Pat-Mo Pat Ter 554s A_1964 M S 79
Deb g 434s
954
94
1935
1970 AO 8034 Sale 7918
1
971 9518
4
58 8614 Tol & Ohio Cent 1st gu 5s
803
4 89
9012
99 68
General 414e series D
1981 AO 86 a Sale 8312
4
Western Div lat g 5a
1935A 0 92 971 95 Nov'33
86
AO 5714 65 57
6
Peoria & Eastern let cons 48_1940
General gold 58
72
1935 D 834 92 83 Nov'33
30
59
6812
Income 4s
7
April 1990 Apr
8
134 1813 Tol St L & W 50-year g 481950 A 0 68 Sale 674
87 Sale
8
9 127
_ 8512
2
_ 964 Apr'31
Peoria & Pekin Un 1st 5Hs_ _1974 FA 8512
13934 903 TolW V &0gu 4sser C_1942 MS
851e
4
J 63 Site 5812
Pere Marquette let ear A 5s 1956
88-60
90 80 Feb'33
48
283 76 Toronto Ham & Butt let g 48 1946
4
63
J 5218 Sale 5014
lst 4a aeries B
1956
28 83 Union Pac RR lst & id gr 48 1947
4 10014 220
3 1004 Sale 993
5214 12
76
3 .1 _97 97 Dec'33 _
lst g 4Hs series C
1980 MS 56 Sale 5112
28 6813
Registered
58
9012 143
20
1st Lien & ref 4s
Phila Bait & Wash let e 48-19 MN 101 Sale 101
94 1014
101
June 2008 M S ofirs Sale 89
43
9138 58
7 93 10213
1974 FA 10018 Sale 100
90% Sale 90
Gold 434s
General 55 series B
1967 3_
10012
let lien &ref 5s
General g 434s series C __ _1977 33 91
92
9312 94 Jan'34
81
96
June 2008 M S 105 Sale 10338 105
57
85 ' 24
40-year gold 45
Philippine Ry 1st 30-sr et 4s 1937 3, 26 Sale 24
1968 13 85 Sale 8418
27
19
35 8
3
101
1944M S 101 Sale 101
8
II N J RR & Can gen 4s
85 Apr'33
1940 A 0 1024 Sale 10114 Jan'34 -- 09384 103
Vandalla cons g 48 series A._1955 F A
PCC&StLgu4Hsa
9612 Dec'33
1942 A 0 1024 Sale 10238 10238
Cons s 4s series B
1
Series B 4 Hs guar
1957 M N 93 _
94 1027
4
212 10
1942 M N 102 ---- 10214 Dec'33
2
- 4 212
231933 J J
9934 1027 Vera Cruz & P asst 4523
Series C 443 guar
s
99
_ 99
1945 M N
98 Nov'33 -- a9418 98% Virginia Midland gen 5s__1938 111 N 9918
Series D 4s guar
7
71 16 7578
SeriesE454sguargold...1949F A 9038 ____ 8912 Aug'33 --76
2
894 894 Va & Southwest let EU ES-2003
69
683 Sale 67
8
let cone 5s
1953 7 D 98
12
1958 A
91318 971s
9718 Aug'33
Series F 48 guar gold
4
Virginia Ry lat 153 series A1962 M 17 993 Sale 9912 1004 145
1957 M N
99 Jan'34 -92
98
Series G 4a guar
let mtge 4He aeries B
1982 M N 90 Bale 90
98 Nov'33 -_1960 F A 98
2
Series II cons guar 4s
913% 984
9014
914 103
4
4
4
8
Series I cons guar 4533_ _ 1963 F A 1003 ---- 1003 _1003
7712 74 Jan'34
1939 MN 77
Series J cons guar 4 Hs__ _ _1984 M N 10018 ___- 9914 Dec'33 -9413 1024 Wabash RR let gold 55
8712 12
6912 57
26 gold 53
9534 30
1939 FA 58
General M 58 series A._ _1970 J D 9512 Sale 9414
78 1004
3712 Apr'33
70
29
let lien 50
54
9
98
7613 99 4
Gen mtge guar fa ser B_1975 A 0 95 Sale 944
-year g term 43_ 19 9 J J
3
784 70 Jan'34
Del & Chic Eat let 53
8712 57 69 93
19773 J 8712 Sale 843
1941 3, 69
4
Gen 454s aeries C
Des Moines Div let g 4e 1939 J J
50 53 Dec'33
99% 10114
- - 101 Sept'33
Pitts McK & Y 2d gu (is_ _1934 J J
4512 39 Dec'33
Omaha Div let g 3Hs_ 1941 AO 41
1940 A 0 job
9713102
;_
_r10412Dee'33 Pitte fib & L E let g Se
1943 J J
Toledo & Chic Div g 43_1941 MS 55 ---- 83 Dec'33
100 10013
100 Mar'33 Jet consol gold 58
1734 113
1943 M N 93 4 _- 94 Oct'33 ---Wabash Ry ref &gen 6548 A_1975 MS 1734 Sale 1512
94 94
3
Pitts Va & Char lat 4s
1412
1412 Sale 1412
2
80 (197
56 Jan'34
Certificates of deposit
Pitts & W Va 1st 4%e ser A_1958 J D
s
18
125
Ref & gen 5s(Feb'32 coup) B'76 PA 16 Salo 15
1958 A 0
80
let M 4;0 series B
5 30 158%
604
11 Dec'33
7 80 7012
1960 A 0 61__- 5714
62
62 j Sale
let M 4Hs series C
Certificates of deposlt
1712 47
Ref dr gen 4 Hs Belles C___1978
1612 Sale_ 1512
92 4 95
8
Pitts Y & Ash let4sserA 19483 D 91 ____ 9234 Nov'33
14 Dec'33
1962 F A 95 10214 97 Dec'33
97 106
let gen 58series 13
Certificates of deposit
45 1714 Sale 1512
173
4 37
Ref dr gen 59 series D
_ _ 715 July'31 -.Providence Secur deb 4s___ _1957 M N
1980 150 Feb'33
78
1956 M S 35- - 80 June'33
11," ifti" Warren let ref gu g 354s. 2000 FA
814
Providence Term lst 45
_ 79 52 Feb'33
Washington Cent 1st gold 48 1948 QM
66 9612 Wash Term 1st gu 3)4e
41
Reading Co Jersey Cent coil 49'51 A 0 8314 Sale 82
93 90 Jan'34
84
1945 FA 91
let 40-year guar 411
54
90
Gen & ref 4Hs series A _ _ _1997 J J 90 Sale 87
7584 95
1945 FA 92 _- 95 Nov'33
74
102
Gen & ret 445e series B _ _1997 3 J 8912 Sale 8714
78 95 Western Maryland 1st 411_1952 A0 7312 Sale 7012
894 70
_ 1 48
8112 22
Rensselaer & Saratoga Bs__ _1941 M N
1st & ref 5345 series A
_ 113 Oct'30
1977 J J 8112 Sale 81
1948 MN 20
7
4 10314
Rich & Merch 1st g 45
'3 10238 1034 1023
40 July'33
88 16 West NY & Pa let g fas
1937
1
85
99
_ 99 Dec'33
Richm Term Ry 1st gu 5a__ _1952
9713 101
General gold 4s
1943 A0 85 Sale 85
3778 213
74
Rio Grande June 1st gu 58_1939 J D 72
s
Western Pat let 55 ser A____1946 MS 373 Sale 347e
88 85
.7 7412 Sale 6834
7412 187
1
Rio Grande Sou let gold 4s_1949 J J
114 114 West Shore 1st 4s guar
- "114 ()Jai
2381
70
J 70 Sale 70
314 July'33
_
Guar 4e (Jan 1922 coupon)1940 J .1
15
Registered
1
3
14
23 1
23
81
2 12 641e Wheel & L E ref 4 sis ser A__1988 MS
5 87
80 8614 Jan'34
5
5
6
Rio Grande West let gold 48_1939 J 3 7112 7312 72
7212
21293 8412 Dec'33
4912 71
lst con & coll trust 45 A 1949 A 0 4912 Sale 4412
1968 MS Si
Refunding 58 series B
2
R I Ark az Louis let 4Ha___ _1934 M 8 1618 1678 16
873
163
4
4 10
RR 1st consol 4s
11
38 6
7
1949 MS 8712 89 873
5134
Rut
-Canada 1st gu g 4s_ _1949 J J 52_ 47
9
40
1942 D 3938 Sale 3938
9
3534 5712 Wilk & East 1st gu g 53
_ 86 Dec'33
1941 J J 60 Sale 5312
3 89 84
60
Rutland let con 434s
Will & SF let gold 5s
1938 3D
8612 90 86 Jan'34
Winston-Salem S B let 4s-_1960 ii 86-8
1 3
153
4 22
St Jos & Grand laid lat 4a___1947 J J 8818 91 86 Jan'34
W18 Cent 50-yr let gen 45_ _ _1949 33 1414 1612 15
70 93
121
4 15
1998 J J 6618 71 65 Dec'33
St Lawr & Adr 1st g 5s
Sup & Dui div & term let 4s'38 MN 1014 Sale 10
64 85
'3
8514 Sept'31
2d gold 68
1996 A 0 83 80 70 June'33
Wor & Conn East let 453s 1943
68
70
St Louis Iron Mt & Sou•
rtiv & G Div lat g 413
1933 M N "•
INDUSTRIALS.
•
2
59
St L Peor & N W 1st gu 5a_1948 J .1 5738 60 5812
Abitibi Power & Paper 1st 58 1953 3D
2812 85
St L-San Fran pr lien 4s A _ _1950 J .1 1912 Sale 18
193
4 25
8 3011 Abraham & Straus deb 5518_1943
18
A0 95 Sale
1914 68
19 Sale 17
Certificates of depoait
813 30
With warrants
-7
65
Prior lien 5a series B
----194 56
194 Sale 1778
--10
33 Adams Express eoll tr g 411...1948 M S 65 Sale 84
1812 15
9418
7
toga A 0 953g 99 9418
19H 2012 18
Certificates of deposit934 30 4 Adriatic Elec Co eat! 7s
3
8614
4
5814
56
Con M 4 Hs series A
1978M S 18H Sale 1412
1812 329
all% 2912 Albany Perfor Wrap Pap 6a_1948 A 0 54
203
58
1944 F A 58 Sale 5118
115
Ctfe of depoe stamped - 18
1 1712 Sale 1412
814 2612 Allegany Corp coil tr Se
4912 62
1
66
St L W 1st g 413 bond etre_ _1989 MN 68 Sale 86
1949 3 D 4912 Sale 4412
49
Coll & cony 58
7312
3014 252
4
7950 A 0 3014 Sale 263
28 g 4sInc bond ctfa_ _Nov 1989 J
424 Jan'34
414
Coll & cony 55
3334 5314
92
5714 20
18
93 9112
1st terminal & unifying 5J952.2 J 574 Sale 4912
19 87 Allis-Chalmers Mfg deb 53 1937 M N 92
14
57
57
3
60
61
10
Gen ds ref g 58 aer A
19903 J 46 Sale 43
48
12
58 Alpine-Montan Steel let 78_1955 M
110514
Elt Paul & K C Sh L 1st 4538_1941 F A 26
St P & Duluth 1st con g 48_ _1988 J D
St Paul E Gr Trk 1st 4 Hs_ _1947 J J
St Paul Minn & Manitoba
984
Cons M 52 ext to July 1 1943-Li 9012
Mont ext let gold 48
1937 -Pacific ext gu 45(sterling)_1940
J 8614
St Paul Un Dep 1st & ref 58_1972
3 102
BA&ArPasslstgug4s..1943J J
Santa Fe Pres & Phen 1st 5e_1942 M S
Say Fla & West lst g 6s
1934 A 0
let gold 55
1934 A 0
Scioto V & N E 1st gu 48._ _1989 MN
Seaboard Air Line let g 48_1950 A 0
Gold 4s stamped
1950 A 0
Centre of deposit stamped-- A 0
Adjustment to
Oct 1949 F A
Refunding 48
1959 A 0
Certificates of deposit-----lst & cons 6s series A
1945 MS
Certificates of deposit-----Atl & Blrm 30-yr 1st g 48_ _1933
Seaboard All Fla 1st gu 68 a_1935
Certificates of deposit__ _ _ A 0
Series B
1935
Certificates of deposit------F A
So & No Ala cons gu g 5a_1938 F A
Gen cons guar 50
-year 5a 1963 A 0
So Pac coil 4e(CentPm coll) 1949 -1 D
lst 4 Hs(Oregon Linea) A1977 M S
-year cony 5s
20
1934 J D
Gold 4348
1988 M S
Gold 454e with warrants 1989 M N
Gold 434s
1981 M N
San Fran Term 1st 4s_ _ _ J950 A 0
So Pac of Cal let con gu g 58_1937 MN
So Fac Coast 1st gu g 45_ _1937 J J
1955.2 J
So Pao RR 1st ref 48
Stamped (Federal tax)
1955
J
2478
26
75 June'33
45 Nov'33
29
_
94
88
Sale
15
9812 168
9738
9012 Dec'33
87 Dec'33
77
103
01
64
97
100
994
9714
Sale 6112
6514 95
9712
5
99 a 97
10014 100 Jan'34 --_100 Dec'33 ----9
8 98 Jan'34 --.3
•*
5
17
15
1514 21
6
83
4 18
62 Sale
*
8
93
4 75
4
978 35
1234 850
938
1212 Sale
1238 92
9
114 Sale
*
512 Sale
4
87 201
2
434 558 412
534 33
1
10034 ____ 100% 100%
2
4
913
4
9212 9338 913
623 110
4
6114 Sale 56
6878 160
68's Sale 6312
13
951
9514 Sale 93
117
60
60 Sale 531
6014 146
594 Sale 53
5914 324
59 Sale 5212
92 449
92 Sale 8314
Jan'34 -___
101 102 101
95 8 Nov'33 --3
9814
63
77
77 Sale 70
---- -- -- 9212 Mar30 --__
8212 Amer Beet Sue cony deb 6a_1935 F A
8012 American Chain 5-yr 83-1938 A 0
1942 A 0
68 Amer Cyanamid deb Si
Am & Foreign Pow deb 55_2030 M S
19533 D
924 100 American Ice a deb 58
75 98 Amer 10 Chem cony 5548_1949 M N
70 9018 Am Internal Corp cony 5538 1949 3 J
1939 A 0
89 104 Amer Mach & Fd3111 118
1934 A 0
Amer Metal 534% notes
54 8013 Am Rolling MIII oonv 5s
1938 M N
82 100 Am Eim & R lat 30-yr 58 see A '47_ A 0
1937.3 J
95 101
Amer Sug Ref 5-year 68
94 100 Am Telep & Teleg cony 45._ _1938 01
90 98
1946 J D
30
-year coil tr 58
'3
35-year a f deb 5a
1980
•
•
N
20
1943
-year 3 f 5He
3
2314
Cony deb 414s
1939 J J
1985 FA
12 118
4
Debenture 58
•
Am Type Found deb (3a
1940 A0
2 144 Am Wet Wks & El coil tr 53_1934 A0
N
284 171z
Deb gl3s aeries A
134 18
Am Writing Paper 1st g 83_ _1977 3 .1
•
4
19 5
Anglo-Chilean Nitrate 7s_ _ _1945 MN
1
9 4 Ark & Mem Bridge & Ter 5a.1964 MS
3
Armour & Co (Ill) let 4 Ha_ _1939 3D
1
712 Armour ds Coot Del 550._ _1943 .1 .1
99 102
Armstrong Cork cony deb 55 1940 3D
75 98
Associated 0116% g notes._ _1935 MS
40
71
Atlanta Gas L let 5s
1947 ID
All Gulf & W I SS coil tr 58_ _ 1 957 3
53 80
49
3
6714 9312 Atlantic Refining deb 5s_ _ _ _1937
3814 74
3714 744 Baldwin Loco Works 1st 5s 1910
N
364 7212 Batavia: Petr guar deb 4 34s 1942 J J
07034 95 Belding-Heminway 8s
1936 .3.2
9718 10212 Bell Teiep of Pa 5s aeries B-1 3 '3
8
194
95 9538
let & ref 53 series C
1980 AO
Beneficial Indus Loan deb 631946 MS
80 84
____ ____ Berlin City Elec Co deb 8 He 1951 JD
Deb Milking fund 6 He__ _ _1959 FA
A
Debentures Os
Berlin Elec El & Underg 630 195 A0
958
5
Beth Steel 1st & ref 5s
-guar A '42 MN
30
-year p m & inapt a 15e.1939
20
70
45
r Casb sale. a Deferred delivery. z Cash sale Dec 12 at 104. •Look under list of Matured Bonds on page 308
Range
for Year
1933.
Low
55
17
20
20%
40
36
60
20
812
High
9812
8434
85
90
814
78
91
86%
30
988g 100
25 58
96 10212
9113 103
68 9112
59 864
80 85
82 10013
4212 75
434 Ws
43
75
50 78
85
9734
80 984
78 93
44
71
"io
8034
goal lone
93% 994
a78 9312
575 95
95 10714
a69 4 08912
3
98 1014
85 85
85 96%
13
. 5
80 100
GO
85
Ws 70
84 1014
78 9414
43 85
374 574
83 70
62
35
2713
41
78
55
47
63
153
1
32
11
1512 32
1
11
14 3
1
14
24
4511 6 82
48 53
4
50 50
9234
9714
2
74
5
53 84
52
4
4
9914 103%
78 93
2012 58
86 854
83 80
88
92I
6212 8 4
85 94
5
7534 91
10 45
86
7834
84
3
13
87
92
274
214
•
80 99
5312 73
92 1144
244 5412
2512 89
01912 60
6 49
85 944
50 62
7214
3
521 Sale 71
7 14 598s4
2614 85
6018 Dec'33
584 604
944 32
94 Sale 9312
7013 95
4078 578
235 8812
2
4012 Sale 3612
6214 23 62
62 Sale 62
72
8878 143
8712 Sale 8512
84 89
6918 11
8912 Sale 6712
65 888
4
103 Dec'33
104 105
10214 1084
9934 Sale 9912
994 184
80 99 4
3
9712 Sae 9714
9812 72
87 99
4 1004 167
10014 003 993
78 10014
1044 10512 18 102% 108 4
3
192
212 4 10134 10212
54 1 5
8 al/131E105
84 100 1074
107 Sale 10518 107
104 Sale 10314 10414 139
93 10712
107 Sale 1064 107
89
994 1094
39
107 109 10712 109
99 119
104 Sale 10314 104 220
9212 10714
25
2518 28 25
1
21
87
10138 760
10138 Sale 97
7413 9814
72
130
7012 Sale 6412
49 8916
47
7
8814
8412
8814
10238
95
52
10414
13 a2114 56%
43
47
150
6
9
2114 1414
79 Sept'33
784 85
90
jai
Sale 8712
75
9234
8412 85
Sale 82
7114 90
8612
8834 86
65
944
10314 10212 Dec'33
1014 1044
Blie 95
95
9812 9834
52
Sale 5018
23
85
68
10412 39
Sale 1037e
97 104%
sits
Sala
102 Sala
11214 Sale
100
-10714 Sale
107 Sale
8814 Sale
62 Sale
6234 Sale
607 Sale
8
563 Sale
4
102 107
100 Sale
102
102
3
7918 104
1034 11334 131
9014 104
9912 Dee'33
83 100
106
10714 21 101 111
10612 1074 46 1004 1118
3
8434
8614 21
75 9314
604
64 208
33
7013
6114
65
174
32 89
13
59
6418 258
2814 8413
6012 42 a28 (13 3
554
7
102
107
177
71 1043
4
10012 108
99
79 1004
New York Bond Record—Continued—Page 5
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 12.
Price
Friday
Jan. 12.
Bing & Bing deb 63is
1950 MS
Botany Cons Mills 634s_ _ _ _1934 AO
Certificates of deposit
AO
Bowman-131R Hotels lot 7s__1934
Strap as to pay of $435 pt red
MS
B'way & 7th Ave 181 cons 58_1943 3D
Brooklyn City RR 1st 5s.._.1941 Si
Bklyn Edison Inc gen Is A_ _1949 ii
Gen mtge Is series E
1952 J J
Bklyn-Manh R T sec 6s_ _ _ _1968 J J
Bklyn Qu Co & Sub con gtd 58'41 M N
1st Is stamped
1941 J J
Bklyn Union El let g 5s_ _ .1950 FA
Bklyn Un Gas let cons g 59_1945 MN
1st lien & ref 6s series A_1947 MN
Cony deb g 53is
1936 is
Debenture gold Is
1950 JD
lst lien & ref series 13
1957 MN
Iluff Gen El 434s series B_ _1981 FA
Bush Terminal 1st 4s
1952 AO
Consol Is
1955 is
Bush Term Bidge 55 gu tax ex '30 AO
By-Prod Coke let 53s A .1945 MN
Cal G & E Corp unf & ref 58.1937 MN
Cal Pack cony deb Is
1940 Si
Cal Petroleum cony deb s f Is '39 FA
Cony deb s f g ;is
1938 MN
Camaguey Sugar Ws of deposit
for let 75
1942
Canada SS L let & gen 65.1941 AO
Cent Dist Tel let 30-yr 55..1943 SD
Cent Hudson G & E 5s_Jan 1957 MS
Cent Ill Elec & Gas let 5:3_1951 FA
Central Steel 1st get
_1941 MN
Certain-teed Prod 510 A. _1918 MS
Chomp Corp cony Is May 15 '47 MN
Ch G L & Coke 1st gu g 5s_ _1917 J J
Chicago Railways 1st 5e stpd
Aug 1 1933 25% part pd
FA
Childs Co deb 58
1943 AO
Chile Copper Co deb Is....
_ _ _1947 J J
CIUG&ElstSl4sA
1968 AO
Clearfield Bit Coal let 48_ _1940 J J
Small series B
1940 J J
Colon 011 cony del)(le
1938 Si
Colo Fuel & Jr Co gen s f 58_1943 FA
Col Indus 1st & coll Is gu__ _1934 FA
Columbla G & E deb 5s May 1952
N
Debenture 55
Apr 15 1952 AO
Debenture Is
Jan 15 1961 ii
Columbus Ry P & List 434e 1957 Si
Secured cony g 53is
1042 AO
Commercial Credits 5345..1935 J J
Comnri Invest Tr deb 550_1949 F A
Computing-Tab-Rec 5 f 68._1041 J J
Conn Ry & L let&ret 943481951 J J
Stamped guar 43is
1951 J J
Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s_1956 J J
Cons Coal of Md Ist & ref 5s_1950 J D
Consol Ga5(N Y)deb 5;48_1945 F A
Debenture 418s
19515 D
Debenture 55
1957 5 J
Consumers Gas of Chic gu 581936 J D
Consumers Power 1st Is C_ _1952 M N
Container Corp 1st 65
1946 J D
15-year deb 68 with warr_1913 J D
Copenhagen Telep be Feb 15 1954 F A
Corn Prod Berg lot 25-yr s f 5s 34 M N
Crown Cork & Seal St 6s_ _ _1947 J D
Crown Willamette Paper 6s_1951 J J
Crown Zellerbach deb law w 1940 M S
Cuban Cane Prod deb 6s_ __ _1950 .1 J
Cumb T & T let & gen 5s_ 1937._
J
Bid
Ask
34
30
1412 Sale
1112 Sale
Week's
Range or
Last Sale.
Range
Jar Year
1933.
High No Low
Low
32 Dec'33
8
12
1412
5
1
1112
44
1112
412 Ivlay'33
*
Sale 72
10612 105%
Sale 10514
Sale 9314
59
50
80 Sale
10718 Sale 1063
4
109% 112 10918
128 140 158
101 Sale 99
10514 Sale 1043
4
101 Sale 99
44
4314
12% Sale 1218
4512 48
46
6414 Sale 6112
7212
10614
105%
95
3
7212
10612 13
105% 28
290
95
Aug'33
Nov'32
34
10712 10
1
10918
Feb'33
30
101
10612 11
29
101
Dec'33
12% 27
5
47
8
6414
104
8712
96%
100
Sale 10318
89
873
4
98
96%
101
9912
104
87%
993
4
993
4
2%
193
4
10518
105
51
103
5618
073
4
100
4
2%
Sale 19
1083 1043
4
8
10612 105
Sale 454
Sale 10212
Sale 53
Sale 9614
Sale 9912
9
3
6
19%
2
105
10512 15
51
66
2
103
5614 31
07% 276
10014 25
•
49% Sale
643 Sale
4
95 Sale
72
367
8
233
4
72%
7314
8
713
4
773
94
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
101% 102
102 Sale
_
-'3712 100
95--
50
4512
6518
5712
95
9214
38 Apr'33
6612:
30
1712
693
4
683
4
67
75
9014
6
13
11
0
66
95
39
_
25
36% 15
43
24
7314 59
7314 56
113
72
23
78
16
94
8
10112 102
102 8 76
102
,
104% Dec'33
98% Nov'33 - - 9812 Dec'33
48 Sale 473
4
13 Sale 13
1023 Sale 10112
4
9214 Sale 90%
99 Sale 97%
102 Sale 102
103 Sale 10112
7214 Sale 71
a57 Sale 5312
78
794 75
10012 101% 101
9914 Sale 99
8212 90 8014
74 Sale 72
•
10414 Sale 103%
33
51
6
1412
1023
4 93
9214 189
114
99
10212 12
38
103
7214 14
19
57
7818 29
2
101
9914 14
8212 10
2
74
10412
47
Del Power & Light 1st 4348_1971 J J 95 Sale 95
3
95
let dr ref 4315
1969 J J 8914 95 90
Jan'34 - - - let mortgage 434s
1
1969 J J 944 _ _ _ - 94
94
Den Gait & NIL let & ref s f 5s'51 MN 89 Sale 86
2
89
Stamped as to Penns. tax_ 1951 MN 873 Sale 87%
3
4
873
4
Detroit Edison laser A
1949 A 0 100 Sale 983
18
4 100
Gen & ref Is series 13
97
1955 5 D
1
97% 96%
96%
Gen & ret 5s series C
3
1962 1 A 98 Sale 98
,
98
Gen & ref 4;0 series D_ _1981 F A 9114 Sale 89
23
92
Gen & ref Is series N
981* 28
1952 A 0 9812 Sale 97
Dodge Bros cony deb 613_._.1940 M N 9918 Sale 98%
9912 350
Dold (Jacob) Pack 1st Os. _1942 M N 80 Sale 80
9
8018
Donner Steel 1st ref 75
90 100
1942 J J
94 Dec'33
_
Duke-Price Pow let 6s ser A _1966 M N 7918 Sale 7612
33
791
Duquesne Light let 4}is A 1967 A 0 104 Sale 10212 104
34
let M g 4;0 series
1957M S 10412 Sale 10412
3
1041
Beet Cuba Sug 15-yr s t g 73is'37 M S
•
Ed El III Bklyn 1st cons 4s_ _1939 S J 101
10212
1021
2
Ed Elec(NY) 1st cone g 5s_1995 J J 11014 fio 110
4
1101
El Pow Corp (Germany)63 '50 M
63% Sale 6114
-is
6512 132
let sinking fund 6348
1953 A 0 637 Sale 623
8
4
144
66
Ernesto Breda Co let 51 78_ _1954
With stock purchase warrants. F A 8018 84
82 Dec'33
Federal Light & Tr 1st Is _ _1912 M
1st lien s t 13s etamped
1942 M
1st lien 65 stamped
1942 M
30-year deb 6s series II _1954 J
Federated Metals 51 7s
1939 5
Flat deb s f g 7s
1946 J
FramerIcan Ind Dev 20-yr 730'42 .1
Francisco Bug 1st 5 f 7345_ _ _1942 M
64
S 64 Sale 61
3
6012
S 6212 70
6212 18
S 6212
- 64
3
6418
D 65 71 52 Dec'33 _ D 43
5112 101
7
10112
J 101 102 100% Jan'34
J 10212 Sale 10212 10212
6
20 Sale 20
N
20
6
Gannett Co deb 6s ser A._ _1943 F A
Gas & El of Berg Co cons g 581940 J D
Gelsenkirchen Mining 68._ _ _1934 M
Gen Amer Investors deb Se A1952 F A
Gen Baking deb s f 514e. _ _1940 A 0
Gen Cable 1st sf 534s A__ _1947 J J
Gen Electric deb g 334s....1942 F A
Gen Elee(Germany)is Jan 15'45 J
Stdeb63513
19405 D
20
-year s f deb fle
1948 M N
Gen Petrol 1st sink f'd 5s. _1940 F A
Gen Pub Sem deb 5145
,
10395 J
Gen Steel Cast 53is with ware '49 J J
Gen Theatres Equip deb 6s_ _1940 A 0
Certificates of deposit
Good Hope Steel & Ir sec 78.1945 A 0
Goodrich(B F)Co lett:130_1947 J J
Cony deb Os
1945 J D
Goodyear Tire & Bubb let Is 1957 M N
Gotham Silk Hosiery deb 68_1936 J
Gould Coupler let s I 6s_ _ _1940 F A
Gt Cons El Pow (Japan) 7s_ _1944 F A
1st & gen I 61is
19505 J
Gulf States Steel deb 53-48. _1942 .1 1)
Hackensack Water lot 413
1952 1 J
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 12.
77 Dec'33
7914 88
_
,
101 8 - - - 103 8 Oct'33
,
65
58 65
13
65
8312 Sale 81%
83% 28
10212 Sale 102
1023
4 17
62 Sale 59%
62
27
100 10112 100
2
100
597 Sale 59
8
32
63
6312 96
55 Sale 55
5512 Sale 54
6312 123
1033 10514 103 8 104
4
18
,
784 15
7812 Sale 76
73 Sale 68%
8
7314
•
312
412 Sale
412 15
57% 18
6% Sale 5618
5
97 Sale 9614
9712 105
74 Sale 72
98
74
91 Sale 89%
91
147
90
88
90
90
1
•
3
70
6918
4
683 70
24
6612 Sale 66
67
78 Sale 7212
39
80
4
993 Sale 96
993
4 18
High
32
Hansa SS Lines 65 with warr_1939 AO
J
2712 Harpen Mining(is with warr_1949
2012 Havana Elec consol g 5s_ _ _ _1952 FA
Deb 53is series of 1926_1951 51 S
4
412 Hoe(R)& Co let 63is ser A_1934 AO
lIolland-Amer Line 65 (flat)_1947 MN
•
6512 76
IIouston Oil sink fund 531s._1940 MN
1003 108
4
Hudson Coal lets f Is ser A_1962 J D
100 108
Hudson Co Gas 1st g Ie....1949 MN
8414 96
Humble Oil & Refining 5s._.1837 AO
57
60
Illinois Bell Telephone 5e_ _1956 J D
_
7212 87
Illinois Steel deb 411s
1940 AO
10134 112
Ilseder Steel Corp mtge 69._1948 FA
1043 11714 Ind Nat Gas & 011 ref Is....
4
__ _1936 MN
158 158
Inland Steel let 434e
1978 AO
93 105
let M t 4148 ser B
1981 FA
977
8r1073 Interboro Rap Tran 1st 5E1_1966 J J
4
9612 10512
10-year 65
1932 A0
39
6712
Certificates of deposit
5
3314
10
-year cony 7% notes___1932 MN51 S
19
6412
Certificates of deposit
37
74% Interlake Iron let 5e B
1951 MN
Int Agile Corp 1st & coll tr Se—
100 1063
Stamped extended to 1942_ _ _ _
4
623 9212 Jot Cement cony deb 5s_ _ _1948 MN
4
081 a9712 Internet Hydro El deb fis__ _1944 A0
a83 10018 Inter Mere Marine s f 6s
1941 A0
'5
Internet Paper Is ser A de 13_1947
Ref s f 85 series A
14 1314
1955 MS
103 27
4
Int Telep & Teieg deb g 43451952 is
'S
102 108
Cony deb 431s
1939
100 107
Debenture Ss
1955 FA
43
Investors Equity deb Is A..1947 J D
75
7012 105
Deb loser 13 with warr_ _1948 A0
5712
26
Without warrants
1948 AO
6312 110
97 1057 K C Pow & Lt 1st 43is ser B 1957 5 J
8
1961 F A
1st mtge 444s
Kansas Gas & Electric 431s_1980 J D
•
25
5512 Karstadt (Rudolph) 1st 68_1943 II N
27
Certificates of depos1t_
713
4
877 100
Keith (B F) Corp 1st Is. _ 1946 •
8
11
38
Kelly-Springfield Tire 6s
38
1942 A 0
Kendall Co 5;is with warr 1948 MS
a32
71
Keystone Telep Co 1st 5s_ _1935 J
2612 6815 Kings County El L dr P 5s_ _1937 A 0
15 8 58
,
Purchase money 6s
1997 A 0
5912 893 Kings County Elev 1st g 4s._1919 F fi!
8
6014 89
Kings Co Lighting 1st 5s._1954 J
58
87%
First and ret 031s
1954 .1 J
78 al00 Kinney(GR)& Co 734% notes'36 5
91 106
Kresge Found'n coll tr 6s.„1936 J D
Kreuger & Toll class A etre of deP
96 10214
for sec it f g 5a
1959 NI 13
9512 104713
104 10818 Lackawanna Steel 1st 55 A 1950 M
8818 10112 Laclede G-L ref & ext 5s___ _1934 A 0
95 102
Coll & ref 5 Sis series C
1953 F A
Coll & ref 5315 series D.
-.1960 F A
3012 66
Lautaro Nitrate Co Ltd 68..1954 J J
618 3012 Lehigh C & Nay s 43is A_1954 J J
984 10714
Cons sink fund 43is ser 0_195
4
8712 1017 Lehigh Val Coal let &ref s t se '44 F A
8
93 10512
1954F A
1st & ref f 53
97 1053
4
1st & ref s f Is
1964 F A
97 107
1974F A
let & ref s f 5s
35
7614
Secured 6% gold notes
1938 J J
163 6312 Liggett & Myers Tobacco 75_1944 A 0
4
a65
1961 F A
8014
Is
10012 10412 Loew's Inc deb 5 f 65
1941 A 0
79 10012 Lombard Elec 71) ser A
1952 SD
58
88
Lorillard (P) Co deb 78
1944 AO
36
7514
5s
1951 FA
Louisville Gas & El(Ky) 58_1952 MN
100 107
Lower Austria Hydro El 631s1944 FA
933 10212
4
88
99
93 10218
85 100
8312 r963
4
854 104
86% 103
8418 10312
75 100
84 103
70% 99
65
803
4
57
94
43
8112
974 105%
96 107
•
95 10412
106 120
3112 683
4
30
68
72
83)2
60
75
5812 72%
5912 7712
4614 6912
81 101
93 10012
94 102
1012 53
66
80
103 105
354 80
7312 87
97 1033
4
36
7512
96 10214
2914 6212
2812 5712
25
557
8
101 105
71% 89
47
85
•
1
74
,
37
6512
62
97
a3312 75 4
3
68
913
4
7411 90
•
37% 75
31
70
42
82
923 993
8
4
McCrory Stores Corp deb 5345'41
Proof of claim filed by owner-McKesson & Robbins deb 5;0'50 IWYT
Menet' Sugar 1st s f 734 _1942 AO
Certificates of deposit_ __ _
Stamped Oct 1931 coupon 1942 AO
Certificates of deposit
Manhat Ry (N Y)cons g 4s 1990 AO
Certificates of deposit_ _ _ _
6
2d 45
20131Manila Elec RR & Lt ef 58_1953 MS
Mfrs Tr Co etre of panic in
A I Namm & Son let 6s_ _1943 J D
Marion Steam Shovel 51 68_1947 AO
Market St Ry 7s ser A _April 1940 Q J
Mead Corp let (is with warr_1945 MN
Merldionale Flee 181 7s A 1957 A0
.1
Metr Ed let & ref Is ser C_ _1953
1st g 4148 series D
1968 MS
Metrop Wat Sew dr Dr 5345_1950 AO
Met West Side El (Chic) 48_1938 FA
Wag Mill Mach lots t 7e_ _.1958 J D
Midvale St dr 0 coil tr St 5s_1936 MS
Milw El Ry & Lt let Is B__ _1951 SD
let mtge 55
1971 J
Montana Power 1st 55 A._1943 Si
Deb 55 series A
1962 SD
Montecatin1 Min & Agric—
Deb g 75
'S
1937
Montreal Tram 1st & ref 5s_1941 J J
Gen & ret s f 5s series A _ _1955 A0
Gen & ref s f Is series B..1955 AO
Gen & rots I 414s series C_1955 AO
Gen & ref f 58 series D_ _1955 AO
Morris & Co lots f 434s_ _ _1939 55
Mortgage-Bond Co 45 ser 2_1986 AO
Murray Body let (Iyis
1934 SD
Mutual Fuel Gas let gu g 55_1947 SIN
Mut Un Tel gtd 6s ext at 5% 1941 MN
Namm (A I) & Son_See Mfrs Tr
Nassau Elec gu g 49 stud_ _ _1951 is
Nat Acme let 5 f 68
1942 SD
Nat Dairy Prod deb 5345
1948 FA
Nat Steel 1st coil Is
1956 AO
Newark Consol Gas cons 59_1948 JO
Newberry (JJ) Co 534% notes '40 A0
New Eng Tel & Tel Is A
1952 SD
1st g 431s series 11
1981 MN
N J Pow & Light let 430_1960 AO
New On Pub Sery let Is A _ _1952 AO
First & ref Is series B_...1955 J D
N Y Dock 1st gold 48
1951 PA
Serial 5% notes
1938 A0
NY Edison Ist & ref ;is A_1941 A0
1st lien & ref 55 series B_ _1944 AO
let lien & ref Is series C 1951 AO
NY Gas El Lt H & Pow g Is 1948 JO
Purchase money gold 45_1949 FA
NY LE& W Coal & RR 530'42 MN
NYLE&W Dock & Imp 58'43 Si
•cash sale. a Deferred delivery, z option sale Nov. 15 at 102. • Look untie llst
of Matured Bonds on page 308
307
Price
Friday
Jan. 12.
Week's
Range or
Last Sale.
1 'El
4,
2
Range
for Year
1933.
Ask Low
High No. Low
High
Sale 40
4212 33
29
61
15
60
6112 56
39
7212
io 32 2912 Jan'34
18
4014
314 15
6
7 Dec'33
9
•
•
39 Dec'33 _
40
177 45
2
36
67 Sale 65
67
38
73
403 Sale 39
4
403
4 46
2712 64
4 101% 1084
10512 1073 10512 10512
4
1033 Sale 10314
4
1033
4 44 1003 10412
8
Bid
40
59
106 8 Sale 105%
,
107
104 Sale 103% 10412 35
.51% Sale 513
4
5414 30
947 June'33
96
8712 Sale 8614
8814 18
86 Sale 86
873
4 33
67 Sale 65%
6712 511
•
37
6
32
42
3812
•
7112 Sale 6912
28
72
62 Sale 60
4
62
6212 67
827 Sale
8
45 Sale
5012 Sale
65 Sale
44% Sale
5114 Sale
5918 Sale
55 Sale
8314 90
8314 9012
8314 00
62
Jan'34
80
82% 81
231
40%
45
27
48
51
18
5712
65
40
4512 96
49
51% 315
59
498
62
367
5312
56
83
5
8312
82 Dec'33
8212 Dec'33
1013 105 101
4
10212 Sale 10012
80 Sale 7312
2314 Sale 22
20 Sale 20
523 Sale 51
4
4912 Sale 48%
7418 76
7418
733 _
4
7312
10412 Sale 104
121 130 122
73
75
78
100 10312 10312
109 11212 109
81% 9012 81
8514 Sale 83%
16
Sale
102
81
5112
5212
1012
8312
8312
8014
41
Sale
Sale
Sale
Sale
Sale
Sale
Sale
16
37
3850
IH13- 122
8
106 Sale
8812 Sale
86 Sale
114 Sale
10012 Sale
9212 Sale
6012 Sale
55
60
Sale
Sale
1314
100% 1074
95 1053
3
263 584
4
94% 974
66
90
65
90
47
70
•
14
30%
•
74
52
32
70
3812
a50
2414
a2912
39
10
17%
204
18
75
80
75
65
84
59
584
68
49
55
67
593
4
923
s
92
92%
10112 21
9612 105
10212 105
96 1053
4
27
80
70% 95
46
26
1334 41%
51
23
13
18%
523
4 11
29)2 61
5012 31
6412
32
14
75
79
55
Jan'34
647 75
2
2 101 108
10412
Jan'34
115% 135
71
2
66
7712
Dec'33
99 106
7 z10512 11411
109
Dec'33 - - a42
98
86
17
314 8311
1618 119
10
18%
84
98
104
75 1013
4
79
81
17
7915 9714
50
5214 50
463 70
4
50
521* 30
46
69
612
1012 568
8
212 147
8312 16
81
774 9112
2
8312
8312
91
78
8014 Jan'34
45
77
45
4014
2
20
55
43
43
2
164 55
40
40
2
22
50
8118
1
814
82
57
24 117 12612
11912 122
106
106% 58 102 111
8614
88'2 36
48
89
85%
88'2 23
744 92
11312 11414 27 al0212 120
19
9912 102
90 105%
88
9212 119
86 10612
4
57
60'2
42
54
55
5812
3
55
6014 168
•
10% Dec'33
4612 63
2312 654
38
,
4612 Sale
3912 44
35 Sale
80
97
2712 July'33
43
4612
38%
40
30
35
943 Sept'33
8
3
29
22%
17 8
,
87%
62
48
68
59
93
7712
67
86
65
Sale
Sale
Sale
99
Sale
7212
Sale
6114
99
67
6612
85
5612
Sale
Sale
Sale
Sale
Sale
Sale
60
Jan'34
45
16
48
29
68
72
20
5412
59
2
9512
9512
7712
7
77
2
71
72
29
823
4
87
3
15
1612
60
6114 57
93
99
9714
57
116
67
56
66 8 134
,
80
56
85
6612 27
53
40
75
254 59
757
2
57
30 a67
87 12018
77% 99
67
90
654 81
19
11
30
6718
994
80
63
8718
85
62
60
93
45
78
9712
9618
7618
7618
684
7618
85%
2014
85
87%
85 8
,
9814
Sale
---85
88
40
90
95
95
9714
96
73
74
68
70%
8412
403
8
88
97
8912
87 09918
78% 99%
5914 7412
88% 74%
573 884
4
863 74%
4
9114
78
718 181
9714
96 12
Jan'34
Jan'34
Nov'33
Nov'33
86
Dee'32
88
Oct'33
Dec'33
92
12
9
9
43
5
312 35
2712
4412
4012
34
94%
1 "a-
537 Sale 5314
54
8
6
54
70 Dec'33
_
844 Sale 823
4
84% 321
944 Sale 9312
9412 235
1033 - - -- 103% 103%
1
4
91 Sale 90
914 13
10712 Sale 10614
1073
4 22
103% 103% 10214
10318 13
72 Sale 70
42
73
48 Sale 423
4
48
32
4814 Sale 40%
4814 35
52
5112 50
52
19
393 Sale 37
4
3912 16
11118 Sale 10912
11112 20
10612 Sale 10614
10612 32
10614 Sale 10512 10614 54
108 Sale 108
108
7
100% Sale 100
101
66
75 May'33
100 June'31
94
94% 1073
8
9314
75
51
593
4
53
70
74% 96
69
9511
10112 10714
89
65
100 111%
9612 10712
6812 95
64)2
33
38
65
4112 63
26
4712
4
1063 115
10114 1083
2
101 10814
101% 112%
a934 103
75
75
New York Bond Record-Concluded-Page 6
308
BONDS
N. Y.STOCK EXCHANGE
Week Ended Jan. 12.
t ts
.
6.9
ei
),
Price
Friday
Jan. 12.
Week's
Range or
Last Sale.
Range
for Year
1933.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan, 12,
:41>
Jan. 13 1934
Price
Friday
Jan. 12.
Week's
Range or
Last Sale,
;
Range
for Year
1933.
Bid
Ask Low
High
High No. Low
Bid
Ask Low
High No, Low * High
N Y Rye Corp Inc 6s_ Jan 1965 Apr
914 Sale
9
834
912
5 1014 Studebaker Corp 6% g notes 1942 Jo
8
•
Prior lien 68 series A
1965
J 65
67 67
8
32
68
67
Certificates of deposit
3912 Sale 36%
4012 25
31
45
NY & Richm Gas let (is A_ _1951 MN 96% 100
4
96
96
96 10514 Syracuse Ltg Co. lot g 5s... _1951 3D 10312 10414 104
10412
6 103 11014
N Y State Rye 4;0 A ctfs_1962
112 3
2
412 Tenn Coal Iron dr RR gen 58_1951 J J 104
1
112
112
104
Jan'34
97 105
835e series B certificates. _1962
118 Dec'33
412 Tenn Copp & Chem deb 6811 1944 M
15
8
118
65%
6512
6712 70%
5
50
76
N Y Steam ea series A
1947 MN 10314 Sale 10214
21
104
98 109
Tenn Elec Pow lot 6s
76
110
1196407 3D 74 Sale 62
9
54 2 10014
,
let mortgage 5s
1951
101 Sale 993
34
8 101
90 10412 T
Texas Corp cony deb 5s___1944 AO 98 Sale 9714
_
98
217
7714 9912
let mortgage 5s
1956 MN 99 Sale 98
41
90 104
99
Third Ave Ry 1st ref 4s
J J 4514 Sale 4312
4514 21
36
5512
N Y Telep lot & gen 81 43is 1939 MN 10334 Sale 10312 10414 132
9812 106
Ad1Ine 5e tax-ex N Y_Jan 1960 A0 2712 Sale 2614
28
104
2038 37
N Y Trap Rock 1st 65
1946 Jo 53
56
17
5112
53
387 6714 Third Ave RR lot g 5s
5
1937 3 .1 8718 Sale 87
8814
83
9412
Nag Lock &0Pow 1st 5s A 195.5 A0 913 Sale 90
8
915
8 15
Tobacco Prods (NJ) 6358..2022 MN 102 Sale 0118
91 105
102
56
89 10212
Niagara Share deb 535s_ _1950 MN 55 Sale 51
42
48
74
55
Toho Elea Power lot 7s
80%
8
1955 MS 8018 83
8112
41
81
Norddeutsche Lloyd 20-yr 916E147 MN
513 Sale 50
4
Tokyo Mee Light Co Ltd
281s 60
5312 152
Nor Amer Cern deb 645s A__1940 MS 2212 Sale 2212
2212
2
1018 32
1st 6s dollar series
8
1953 3D 643 Sale 64
6412 153
30
68
North Amer Co deb 5s
1961 FA
7012 Sale 6312
7012 80
Trenton 0 & El lot g 5s_ ..._1949 MS 10318
60
89
Jan'34
03
1013 10614
3
No Am Edison deb 55 ser A_1957 MS 62% 77
12 055
62
97
62
Truax-Traer Coal cony 6458.1943 MN
37
37
3712 39
10
1512 48
Deb 530 ser B___Aug 15 1963 FA 8712 Sale 62
56
8918 Trumbull Steel let a f es____1940 St N 8412 Sale 8412
6712 28
85
4
3912 861/
Deb 5s ser C
Nov 15 1969 MN 6412 Bale 5618
54
847 Twenty-third St Ry ref 5s_ _1982 J
6412 77
8
28 Aug'33
2818 _ _
15
28
Nor Ohio Trite & Light 68__1947 MS 8018 Sale 747
21
747 10714 Tyrol lIydro-Elec Pow 744E4_1955 MN 60 Sale 55
8
83
8
60
7
45% 63%
Nor States Pow 25-yr 58 A1941 AO 91 Sale 8912
36
89 10 32
93
92
614
4
Guar sec s f 7s
1952 FA 5514 Sale 52
5514 12
4318 6214
lot dr ref 5-yr 6E1 ser B____1941 AO 9712 Sale 9414
9712 29
North W T lat fd g 435s gtd_1934 J J
100 Nov'33
86 a100
U11gawa Elec Power St 7s.._ _1945 MS 74
7478
74% 7313
18
3712 78
Norweg Hydro-El Nit 5459_1957 MN 88 Sale 81
6314 8112 Union Mee Lt & Pr (Mo)8912 50
Gen mtge gold 5a
987
34
1957 AO 9858 Sale 9712
94 10478
Ohio Public Service 735s A1946 AO 82
90
90 105
9112 Dec'33
Un E LA P (111) 1st g 54is A 1954 J J 103 Sale lO27s
103
17
99, 105
4
lat & ref 7s series B
1947 FA
81
81 Sale 78
6
78 104
Union Elev Ry (Chic)5s.___1945 AO
18
1512 ____ 18
2
1458 20
Old Ben Coal 156 60
1944 PA
1712 15 Jan'34
15
14
35
Union 011 30-yr 65 A._lattlY 19 PA 10814 Sale 108
10814
6
903 109
42
4
Ontario Power N F 1st 58_ _1913 FA 102 Sale 102
12
102
9318 104%
lot lien St 5s ser C__ _Feb 1935 AO 101 Sale 101
10114 15
9812 102
Ontario Transmission 1st 51_1945 MN 10112 Sale 10112 10112
1
897 101
Deb 58 with warr____Apr 1945 JD 97 Sale 95
31
97
75
99
Oslo Gas & El Wks esti 55 1983 MS 7018 79
6912
7412 23
64
84
United BLscult of Am deb 6s 1942 MN 10318 Sale 10318
10312 14
9512 10318
Otis Steel let mtge 68 ser A.1941 MS 337 Sale 2914
34
17
8
9% 46
United Drug Co(Del)58__1953 MS 6512 Sale 64
66
123
43
7112
17 Sale 17
United Rya St List g 4e. _ _193 J
1714
3
14
4
2214
Pacific Coast Co 1st g 5s_ _ _1916 JD 2.5
29
29
9
25
23
3 6912 Sale 68
38
U 9 Rubber let & ref 5s ser A 1947
s
697 144
2914 75
Pacific Gas & El gen At ref 5s A '42 J
132
10112 Sale 10012 102
9812 107
Unlted 88 Co 15-year 6s_ _ _ _1937 M N 85
9712 95 Dec'33
75
9514
Pacific Pub Serv 5% notes. 1939 M S 6614 68
4
67
D 61 Sale 5912
67
607 8812 Un Steel Works Corp 640 A _1951
8
6318 402
2612 6014
Pacific Tel & Tel let 5,s
1937 ii 10518 Sale 1043
8 10.518 25 101 1073
4
6114 Sale 5912
Sec.51635i series C
63
108
2512 GO
Ref mtge 58 series A
19.52 MN 10618 10812 105 4 106
3
3 10012 1083
J
4
Sink fund deb 6 Sis ser A._1057 j D 61 Sale 5834
19 1
4
2334 5912
6312 226
Pan-Am Pet Co(of Cal)cony es'40 JO
•
•
Un Steel Works(Burbach)7s 1951 AO 10714 10814 107%
1077
2
9314r110
Certificates of deposit
28 Sale 28
5
28
25
387 Universal Pipe & Had deb So 1936 JD
8
1414 Sale 13
1612
5
10
32
Paramount-B'way let 550_1951 .1 .1
34
34 Sale 30
28
25 r42
Unterelbe Power & Light 68_1953 AO 60 Sale 55
603
74
30
6612
Certificates of deposit
33 Sale 31
16
33
Utah Lt & Trac let & ref 5,5.1944 AO 59 Sale 59
2712 38
63
26
50% 73
Paramount Pam's Leaky 68_1947
Utah Power dr Light Ist 5s__1944 FA 6514 Sale 6012
6634 51
55% 79
Proof of claim filed by owners_
•
Utica Elec L & P 1st a f g 58 1950 J J 10018 10514 100 May'33
100 105
Certificates of deposit
JD 34 Sale 29
' 34
1012 3412 Utica Gas & Eke ref dr ex t 51 1957 J J 102 Sale 102
102
1
9912 108%
Paramount Pubilx Corp 545e 1950 FA
Util Power dr Light 5358..__ _1947 3D 26 Sale 2218
26
105
131g 41
Proof of claim filed by owner
•
•
2431 Sale 1812
Deb 58 with warrants_ ___1959 FA
243 248
4
12
37
Certificates of deposit
34 Sale 29
47
34
712 35
1814 ---- 24 Nov'33
Deb 5s without warr__ _1959 FA
143 253
8
8
Park-Len 6358 ctfs
19.53
9
93
4 9 Dec'33
8
18
Parmelee Trans deb 138
1944 AO 22
2712
63 35
4
Vanadium Corp of Am cony 55'41 AO 6712 Salo 63
6712 16
343 81
4
Pat & Passaic G & E cons Is 1949 MS 10412 Sale 10312 10412
3 101 10614 Vertientes Sugar 70 etfe____1942
3% 4% 312
4
2
112 1814
Paths Each deb 78 with warr 1937 MN 85
8812 88
22
4712 87
13 Dec'33
8812
15
Victor Fuel lot s f 5s
8
_
1953 JJ
1012 21
Pa Co gu 3568 coil tr A reg 1937 M S 9412 Sale 9412
2
9412
943 9514 Va Rice & Pow cony 5 4512_ _1942 SI
4
97
97 Sale 9612
2
95 105%
Guar 345s coil trust ser 13_1941 FA
8612
_
85 Dec'33
75
_
50 Dec'33
8512 Va Iron Coal dr Coke 1st g 59 1949 M
50
60
47% 65
Guar 334s trust ctfs C.__.1942 JO
8512 Nov'33
73
8512 Va Ry & Pow let & ref 5s_1934 j
9912 47
9912 Sale 99%
9712 103
Guar 3458 trust ctfs D.__ _1944 JO
86 Dec'33 _
78
86
Guar 45 ser E trust ctfs___1952 MN 8512 _- 8512 Jan'34
__
80
98
Walworth deb 640 with warr '35 AO
14% 18
1212
1212
5
10
35
Secured gold 484's
1963 MN 8812 Sale 873
32
89
743 95
8
4
AO
Without warrants
15%
153
1512 19
8
1
1212 25
Penn-Dixie Cement 1st 6s A 1941 M S 70 Sale 68
70
3412 753
let tanking fund (is ser A__1945 AO 23
18
2412 17
4
2412 21
812 43
Pennsylvania P & L Ist 4455 1981 AO 8214 Sale 79
8214 120
433 123
4
753 9612 Warner liros Pict deb 68_ _ _ _1939 131 S 4312 Sale 4118
4
12
48
Peop Gas L & C let cons 66_1943 A0 102 1043 10118
3 100 114
10112
4
Warner Co lot 6s with warr_ 1944 A0 16
1214 Dec'33
25
10
3018
Refunding gold 58
1947 M S 87 Sale 8412
8718 42
80 10712
16
Without warrants
16
AO 16% 19
1
123 40
8
3114 43
Warner-Quinlan Co deb 6s__1939 MS 3012 Sale 30
1312 3814
Phila Co gee 55 series A
1967 JO 70 Sale 633
4
7012 61
6114 Si
Warner Sugar Refin lot 78._1941 JO 106
3 10212 1011
1053
4 10612
PhIla Elec Co let & ref 4168 1967 MN 1023 Sale 10214
8
97 10512 Warren Bros Co deb Os
1025
8 53
4712 66
1941 MS 46 Salo 42%
30
7514
1st & ref 4s
1971 FA 96 Sale 933
89% 100
8
9614 73
993.
Wash Water Power s f 50 ___1939 j
99
993t 9818
15
993 106
4
Phila ,k Reading C dr I ref 58 1973
J 52% Sale 51
53
42
48
747 Westchester Ltg 5s stpd gtd 1950 Jo 10518 106% 10518 107
8
10 102 11012
Cony deb 68
M
1949
4012 Sale 39
3211 6912 West Penn Power ser A 58_ _1946 MS 105% Sale 105
4114 63
10514
8 10018 108
Phillips Petrol deb 53.‘s_ __.1939 JD 9114 Sale 893
92
82
6718 91%
4
lot 5s series E
10518 25 10014 10918
1963 MS 10518 Salo 104
Pillsbury Flour Mills 20-yr 68 '43 AO 105 106 105
106
1st sec Is series CI
15
95 107
1
1956 SD 10412 10514 104% 104%
9912 107
Pirelli Co (Italy) cony 78.. _1952 MN 10012 101 101
101
99, 10212 Western Electric deb 5s___ _1914 A0 9914 Sale 9814
2
1
9912 43
81 102
Pocah Con Collieries 1st of 58'57 J J 6512 7412 61
Oct'33
60
7014 Western Union roll trust 58_1938 3J 95 Salo 9212
953
8 21
9314
Port Arthur Can dr Dk as A_1953 FA 67
Jan'34
69
69
50
73
77 Salo 7414
Fundlrg dr real cot g 4 yis_ 1950
N
77
13
3712
let mtge 68 series B
1953 FA 67
71
Jan'34
66
73
70
15-year 640
98% 55
1930 PA 98 Salo 96
55 100
Port Gen Else 1st 4;is ser C 1960 M S 4512 Sale 3914
457 197
8
3712 703
Sale 793
25
8
4
84
-year gold 5.5
1951 JO 84
52
3612 8814
Portland Gen Elec let Is,__1935 J
8018 86
75 10118
8018
3
80
30-year 58
85
1960 MS 85 Sale 79
93
363 8712
4
Porto Rican Am Tob cony 6s 1942 J J
35 Sale 3214
18
35
21
52
53
Westphalia Un El Power es_1953 J J 53 Salo 50
248
2312 5712
Postal Teleg dr Cable coil 58_1953 J J 5012 Sale 4812
52
1618 57
565
Wheeling Steel Corp lot 53.4s 1948 J J 8312 Sale 8214
52
86
8412 12
Pressed Steel Car cony g 58_1933 ii
753
4 38
4
•
lot & ref 4 Sis series B___ .1953 AO 753 Salo 7214
4132 75
Pub Serv El & G let & ref 444s'67 JD 102 Sale 10012 102
97 1057 White Sew Mach 6s watt warr'36
8
25
a4212 Oct'33
'3 48%
a27
45
1st dr ref 4 3.0
1970 FA 10212 Sale 101
97 1055
8
451g Dec'33
J J 48
10212 28
65
2212 60
Without warrants.
let & ref 4s
A0 9534 Sale 9318
8814 10012
Jan'34
9531 80
48
_
PartIc of deb 65
1940 MN 48
2214 50
Pure 011 f 535% 904
PA 91 Sale 9018
9131 21
683 93
4
Wickwire Spencer St'l lot 73.1935
ea-- -- 119371
9
544% notes
1940 MS 89 Sale 87
89
6312 90
48
7
8
8 Salo
27
34
Ctf dep Chase Nat Bank__
118 16
Purity Bakeries I deb 5E1_1948
82
82 Sale 803
65
8
8512
12
75(Nov 1927 coupon) Jan 1935
712
612
7 1414
8
712 Sale
8
Ctf dep Chase Nat Bank..._ M N
Radio Kelth-Orphelim-9913
933
8 51
4
Wilson & Co. 1st e f 68 A_ _ _ _1941 AO 9812 Sale 973
84
Debenture gold es
JD
7912 9.5
783 Salo
4
•
Youngstown Sheet & Tube to '78
52
853
4
Remington Arms let s 1 6s_ _19 1 M N 9818 9812 97
193
47
58 10018
9818 19
80
87
lotmtgest5seerle
1970 AO 80 Salo 78
5214 85
Rem Rand deb 545s with warr '47 MN 73 Sale 76
7812 48 04114 79
Repub I & S 10-30-yr 58 s f _1940 AO 88
8712
90
87
55
92
3
Ref dr gen 5340 series A _ _1953
7512
77
30
76
7912 90
Revere Cop & Brass 68 ser A 1948 M S 8318 85
493 90
4
83
80
18
Rheinelbe Union s f 78
1946
J 66 Sale 64%
28% 6618
70
202
(Negotiability Impaired by Maturity)
Rhine-Ruhr Water series 6 1953
2212 5712
45 Sale 42%
50
50
Rhine-Westphalla El Pr 7s_1950 M N 621 Sale 61
77
6512 23 a42
s
Direct mtge 6a
7012
M N 583 Sale 5778
63
4
31
187
Week's
Price
MATURED BONDS.
Range
Cons mtge 68 of 1928_ _1 52 PA 59 Sale 58
6212 182
9953
303 7014 N. Y. STOCK EXCHANGE
4
b'riday
Range or
for Year
Cons M 68 of 1930 wIt b warr'55 AO 69 Sale 58
63
70
32
152
Last Sale.
Jan. 12.
Week Ended Jan. 12.
1933.
•
Richfield 011 of Calif Os_ _1944 MN
•
--MN
Certificates of deposit
2312 Bale 2014
1912 32
2312 12
Ask Low
Bid
Moll No. Low
Foreign Cost. & Municipals.
High
Rims Steel 1st s f 70
1955 F A
5418 5514 55
3712 513
55
812
812
7
1
J J
Ws 11
alexiao Treas 65 assent large '33
334 1114
Roch G&E gen M 5458 ser C '48 MS 95 100
96 107
997
8 1003
8 12
812
812
33
1
314 1013
Small
Gen !Mae 4368 series D__1977 MS _ _ 85
8
90% Nov'33
897 9934
Gen mtge 53 aeries E____1962 M
8912 10514
953
1
th
5 26
Sale 94
Railroad.
Roch & Pitts CA I p m 5s1946 MN 7314 ---- a5712 May'33
G57' (25712 Norfolk South 1st & ref Is A.1961 FA
1014 Sale
8
1012 52
212 16
Royal Dutch 4s with warr _1945 A 0 112 Sale 103
11412 60
83 103% St Louis Iron Mt & Southern
Ruhr Chemical s f 68
1948 A 0 6014 Sale 55
4
6014
15 2333 62
5618 Sale 48%
56% 181
Rh/ & G Div 1st g 4s
1933 MN
353g 6112
St Joseph Lead deb 515s___1941 M N 11112 Sale 1103
81 116
4 111% 41
1614 Dec'33
Seaboard Air Line lot g 49_1950 AO
17 31
8
St Jos Ity Lt Lit & Pr 1st 58_1937 MN
70
93
7258 75
72
1
72
19
1712
Gold 4s stamped
1812 15
1950 AO 16
518 2)111
St L Rocky Mt & P 5s stpd _1055
307 50
8
35
43
37 Dec'33
73
4
1012 124
Refunding 4s
1059 AO 1012 Salo
138 163
4
St Paul City Cable cons 58.._1937 J J 4514 48
42
51
4514
4514
18
All & Birm 30-yr 1st g 4s...1933 St S 18 Sale 18
6
6
31
Guaranteed 58
1937 .1 J 4514 497 52 Sept'33
_ 50 61
8
San Antonio Pub Sera 1st 6e 1952
70
92
14
J 78 Sale 7412
78
Industrials.
Schulco Co guar 6358
1946 J 3 33% 41
25
50
40 July'33
4
Abitibi Pow & Paper lot 51..1953 3D 243 Sale 193
4
2514 151
1034 3314
Stamped (July 1933 coup on)
2012 50
27 Dec'33
2314 40
9% 10
r97e Jan'3.1
13-way & 7th Ave 1st cons 53.1913 J
2
11
Guar a f 635s series B._ _ _1946 ;Co 30
Nov'33
28
50
40
29
47
47
50
47
Chic Rys 55 stpd 25% part paid -- FA
4
423 70
4
Stamped
35
Oct'33
58% Cuban Cane Prod deb Os _ _1950 j j
35
35
312 Salo
2%
4
147
3 13
4
Sharon Steel Hoops f 5458__1948 F A 40 Salo 38
16
563 East Cuba Sag 15-yr s f g 740'37 SI S
4
40
8
714
9% 10
93
4 15
238 3312
Shell Pipe Line Ef deb Is.,...
_1952 M N 91% Sale 8912
93
69
91% 78
Gen Theatres Equip deb 65_1940 A0
512 Sale
314
512 76
1
914
Shell Union Oils f deb Es__1947
4
65
9214 Gould Coupler lot s f 6s__ _ _1940 FA
003
90
9012 893
8 68
8%
8% 10
10
23
47 20
8
Deb Is with warrants
AO 90 Sale 893
6312 9214 lIoe (11) & Co lot 635s sec A_1934 AO 2412 273 25
1949
9012 80
8
4
25
1
1'27 32
8
Shinyetsu El Pow 1st 645s._1952 J D 6512 Sale 65
66
28
6512 10
42
Interboro Rap Tran (is
270
1932 AO 40 Sale 32
12
3312
Siemens & Halske s f 7a_ _1935 J J ____ 78
70% 95
76
10
76
74
10-year 7% notes
124
1932 MS 73 Sale 7012
5112 75%
Debentures I 6568
8212
6412 79
1951 SI S 64 Sale 9312
48
Sierra & San Fran Power 58_1949 FA 86
8634
88 102
90
838 18
712 Dec'33
Menet! Sugar 1 g t 7348_1942 AO
804
5
34
Meals Elec Corps f 6 At _1946 FA 40
48% 37
4812 46
26
5912
63 1212 612 Dec'33
8
Strap(' Oct 1931 coupon__1942 A0
2
29%
Silealan-Am Corp coil tr 78_1941 F A 4034 Bale 3734
4612
4114 23
32
418 ____
4 Dec'33
Flat stamped modified _______
4
4
Sinclair Cons OS 15-yr 7s...._1937 M S 10278 Salo 1025
9014 10311 Pan-Am Pet CO (Cal) cony 68'40 JO 2718 341g 29
52
8 103
30
8
2518 39%
88' 102
2
let lien 6458 sertes B
1938 J D 10138 Sale 101
101% 35
Paramount Fam Lasky 68_ _1917
597 8712
8
Skelly Oil deb 544s
1939 MS 86 Bale 8512
8612 85
Proof of claim filed by owner.. JD 3412 Sale 29%
3412 76
22% 34
87
9912 Paramount Publlx Corp 5.40 1950
Solvay Am Invest 5s ser A_ _1942 M S 9914 Sale 98
9914 13
South Bell Tel & Tel 1st f 5s '41 J .1 106 Sale 105% 10612 41
99 107
3412 Sale 2914
Proof of claim filed by owner.. PA
3412 173
221g 35
Sweet Bell Tel let & ref 5s 1954 F A 10618 Sale 10518
10612 65 100 10712 Premed Steel Car cony g 5s_.1933 .1
.1 5218 56
52
52
5
3514 65
Southern Colo Power ee A._1947 J J 6512 67 65
59
81
65
1
1612 2314 15 Dec'33
Radio-K elth Orpheum 139___1941 JO
812 30
Stand Oil of NJ deb 5s Dec 15 '48 F A 105 Sale 104%
1053 207 100 10512 R1chfleld 011 of Calif 6,
s
1944 MN 25 Sale 21%
25
75
32%
20
Stand 011 of N Y deb 43is_ _1951 .7 at 10112 Sale 1003
8814 102
4
4 1013 198
2812
18 Sale 16
Stevens Hotels series A
1945 J
18
6
10
Stevens Hotel let es series A 1945
Studebaker Corp 6% aotes__1942 JO 393 Sale 3712
4
4112 149
2014 4614
•
Matured Bonds
y cub sale. 0 Daferrea delivery.
2 Optional
Vile
July 6. SLOT) at 104• Lank onIor !lit of 42tored !load). on thli 043,"
Financial Chronicle
Volume 138
309
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at the
Boston Stock Exchange, Jan. 6 to Jan. 12, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High Shares.
RailroadBoston & Albany
100 1104 10915 11015
Boston Elevated
100 63
574 65
Boston & MainePrior prat stpd
100 27
2415 27
Class A let pref stpd_100
10
1131
Class 13 1st pref stpd_100
10
1331
Class C lst pret stpd_100
10
13
Chicago Jet fly & Union
Stock Yards pret_ _110
87
88
East Mass St fly 1st pf_100
7
615 7
Common
100
1
1
Preferred 11
100
131 14
Adjustment
100
135 14
Maine Central corn_ _100
731 711
NY N Haven&Ilarttord IP
1434 1634
Old Colony fist
100 80
7834 80
Pennsylvania RR
31
51
2934 3134
Vermont & Mass
9911 9931
100
MiscellaneousAmerican Continental_ •
44 514
Amer Poen Service pre1.50
104
10
Common
25
335
315 335
let preferred
50
25
25
A mer,Tel & Tel
106 11515 10834 11634
A moskeng Mfg Co
715
734 8
•
Carpet______
_
28
33
Preferred
loo
80
80
Boston Personal Prop 1 r_• 104
10
1015
Brown Co
•
54 6
East Gas & Fuel AssnCommon
635
535 615
6% oum pref
100 46
45
4634
43.4% prlor preferred 100 57
5534 59
Eastern Steamship corn_ •
74 735
Preferred
100 394 394 42
Edison Elea Ilium
100 1284 126 131
Employers Group
8
74 8
General Capital Corp_ _ _• 2135 20
214
Gillette Safety Razor
84 9.15
International Hydro-Eleo •
43-4 5
Loew's Boston Theatres_ 25
Mass Utilities Assoc v t c_•
.e
Mergenthaler Linotype.
Nati Mfg Stores Corp_ __ _
National Service Co
•
New Rag Tel & Tel_ _..100
Pacific Mills
100
Shawmut Assn tr arts-- --•
Stone & Webster
•
Swift & Co
25
Torrington Co
•
United Founders corn_
•
U Shoe Mach Corp
25
Preferred
25
Waldorf System Inc
•
Waltham Watch pret_100
Warren Bros Co
•
Warren (SD)& Co
*
kilningCalumet & Hecla
25
Copper Range
25
Isle Royale Copper
25
Mohawk Mining
25
Nipissing Mines
5
North Butte
2.50
l'ond Creek Poc'hontas Co•
Quincy Mining
25
Utah Apex Alining
5
Utah Metal & Tunnel_ _1
134
25
84
2834
634
1434
52
60
3315
1034
1
10
850
83
1,019
334
811
131
435
2
154
21135
1834
8
2211
July
Nov
June
Jan
Sept
June
July
June
June
Dee
Jan
1
44
44 Jan 244
10
July
14
115 Feb614
1215 Dec 334
A Mar
2
15 Feb1
May
July
June
June
Jan
June
June
Chicago Mall Order com_5
Chi & N w Fly coin_ _100
Chicago Yellow Cab Inc_ _•
Cities Service Co corn_ --•
Club Alum Uten Co
•
Commonwealth Edison 100
Community P & L pret $6 *
Congress Hotel Co com_100
ConstructionMat'I8315 Pt •
Continental Steel cora_
•
Preferred
100
Cord Corp
Crane Co common
25
Preferred
100
Cudahy Packing Co pref100
Decker (Alf) & Cohn corn •
Deep Rock Oil cony pref__*
Dexter Co (The) com_ _5
De Mets Inc pret w w____*
El Household URI Corp __5
Gardner-Denver Co corn.*
General Candy Corp A_ _5
Gen Household Util com_•
Godchaux Sugar Inc Cl B.*
Goldblatt Bros Inc com__•
Great Lakes Aircraft A_ _ _•
Great Lakes El & D----•
Greyhound Corp new com •
Grigsby Grunow Co oorn_•
Hall Printing common_ _10
HibbSpencerBartlettcom25
Houdaille-Hershey ci B__•
CPAs A
•
Illinois Brick Co
25
Iron Fireman Mfg v t c___•
Kalamazoo stove com_ •
Katz Drug Co common_ _1
Kellogg Switchbd com_10
Ky-Util jr cumul pref _ _50
Keystone St & Wire
•
Common
Kingsbury Brew Co cap_ _ I
Lawbeck 6% cum pret_100
Libby McNeill & Libby_10
Lindsay Light Co com__10
Lynch Core coin
IS
McCord find & Mfg A_ •
McGraw Electric com____•
McWilliams Dredging Co..•
Marshall Field common_•
Meadows NItg Co corn_ _ _•
311ckelberry'sFdProdcom 1
Midland United Co
•
Common
Midland VIII 7% pt A.100
Middle Western Tel cl A_ •
Middle West Util new- •
S6 cony pret A
•
Messer Leather corn
*
Muskegon Motor Spec A_•
Nachman Sprgfilled com_•
Natl Battery Co Pref
•
National Leather oom___10
Natl Step Inv Tr cony pret•
National Standard corn •
Noblitt Sparks Ind corn_•
No American Car corn._.•
No Amer Gas & El cl A_ •
No Amer Lt & Pow com--•
Northwest Bancorp oorn •
N'West lItil 7% pref _ _ _100
Okla G & E 7% pref.. ..100
Penn Gas & Elec A coma_ •
Peoples Gas Lt & Coke_100
Perfect Circle (The) Co.
Pines Winterfront com_ _5
Potter Co(The) corn
•
Prima Co common
•
*
Process Corp corn
Public Service of Nor 10Common
•
Common
100
100
6% Preferred
73-, preferred
100
Quaker Oats Co
Common
•
Preferred_
100
Rath Packing Co com___10
Raytheon Mfg 6% pt v t c 5
Reliance Mfg co
Common
10
Sangamo Elec Co com_ ...*
Sears. Roebuck & Co corn •
Signode Steel Strap pref_30
So Colo l'ow CIA com _25
Southwest L & Pow pref__*
St Louis Nat Stkyds cap_ _•
Standard Dredge com____•
Cony preferred
•
Stockl Fur Co cony pfd_ _25
Stutz Motor Car com____•
Sutherland Paper corn _10
Swift International
15
Swift & Co
25
Thompson (J R)com__ _25
Transformer Corp of Amer
Common
•
United Gas Corp com _ _ _ _I
Utah Radio Prod c,om.._•
QUI dr Ind Corp
•
Convertible preferred •
TJtil l'ow & Lt corn n v ___1
'Viking Pump Co pref__ •
Common
s
Vortex Cup Coc
ommon
•
Cla.9s A
•
Wahl Co common
•
Walgreen Co
.•
Ward (Monte) & Cool A.
common_- •
Wayne Pump Co-Convertible pret
•
Western Pow Lt & Tel cl A•
Wleboldt Stores Inc com__•
Wis Bankshares corn
•
Zenith Radio Corp corn..
•
35
214
311
43-4
65
35
1
1
1214
May
June
July
Apr
Oct
May
Slay
June
Jule
Bonds
Chicago Rys 5s
1927
Certificates of deposit_ _ _
47
Purchase money 581927.
55 series A
1927
208 So La Salle St Bldg1st mtge 535s
1958
• No oar value r Ex-dividend
Range for Year 1933.
Low.
High.
Jan 121
80
5335 May 70
July
Feb
264
155
64
240
17
6
10
8
57
294
33
30
July
July
July
July
45
110
110
15
6
26
408
64
923
5
75
2
20c
31
17c
331
1134
73
1334
89
May 9035
10
Fell
Jan
3
Jan
8
Apr
4
Mar 13
Feb 3434
Mar 95
4215
Jan
Feb 101
Aug
July
July
July
June
July
July
July
July
Nov
1,335
350
385
11
3,543
1,040
550
7
210
70
3
I
250.
734
8635
135
6
28
614
135
Mar
64 July
Apr
1035 Dec
Mar
334 Dec
Feb 25 June
Apr 13435 July
July
11
Feb
June
Feb 30
Dec
Feb 85
July
Apr 14
July
14
Jan
Feb
Feb
Apr
Apr
198
334 Apr 14
246 3534 Apr 69
Oct 69
266 53
100
17
Jan
5
40 2634 Apr 46
564 12015 Dec 183
Jan
606
5
1031
120 134 Mar 28
666
735 Dec 2034
72
1334
24 Apr
Nov
July
Deo
July
Oct
Jan
June
July
Jan
July
6
134
254
250
4
86
2835
7
74
15
52
11
61
34
6
17
1034
10
20
520
148
1.000
125
553
1,32
215
939
617
225
165
3,501
232
37
10
646
30
5
134
1531
250
400
87
54
64
534
7
22
15
33
304
535
915
235
4
334 374
3
34
1
1
34 335
24 214
35c 40c
10
1034
1
135
75c 85o
1
14
85
1,069
200
100
32
1,050
430
200
365
865
14 Jan
14 Apr
34 Jan
Nov
3
85c
Jan
Jan
200
934 Jan
30c
Feb
31c
Jan
25o
Jan
935
7
3
13
331
135
174
434
14
14
31
25
Feb
May
683.4 July
40
Aug
90
25
95
Nov 10111 Aug
Jan 46
July
Feb10715 May
6
14
25
24c
34
83
27
634
515
14
4931
51
584
3231
531
17
934
10
BondsArnoskeag NItg Co 68_1948
6514
Brown Co 535s
1950
34
Chicago Jet sty & Union
Stock Yards 5s____1940 96
95
E Mass St fly ser 13 5s 1948
3935
I'd Creek Pocahontas 75 '35
10211
• No par value. x Ex-dividend.
6534 31.500
34
2,000
06
41
10211
19,000
5,450
1,000
May
74
Dec
34
Feb 34 1
4
Dec 27c
Mar
135
June 102
Mar 2935
Jan
104
Dec1954
Feb244
Apr 51
Dec
3
Jai)
61
Jan 34
Feb134
25
Feb
Feb
2254
May 13
Jan
June
June
Dec
May
July
July
July
July
July
Dec
July
Dec
Dec
June
Oct
June
July
July
Jan
July
June
July
June
June
June
June
Sept
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, Jan. 6 to Jan. 12, both inelusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Abbott Laboratories corn_•
Acme Steel Co
25
Advanced Alum Castinge_5
Allied Products Corp A...5
Altorter Sirs cony pref__ •
Amer FunIklart Bldg pf100
Amer Pub Serv pref__100
Asbestos Mfg (Jo coal_ _ _ _1
Assoc Tel & TelClass A
•
36 preferred
•
Assoc Tel URI Co com--•
$6 cony pret A
•
Automatic Washer cony Pt*
Haetian-Bleselng Co Corn.
•
Bendlx Aviation com.---•
Berghoft Brewing Co_ _ _1
.
Stinks Mfg Co con pref A.
Borg-Warner Corp com.10
Brown Fence & WireClass B
•
Bruce Co (EL) corn
•
Bucyrus-NIonighan cl A_ •
Butler Brother"
10
Central Ill P11 met
•
Cent III Secur corn
1
Central l'ub Uttl A
•
Cent S W UtilCommon
•
•
Preferred
Prior lien prat
•
Cherry Burrell Corp com •
Preferred
100
Chic City & Con fly tom_•
Participation preferred."
Chicago Corp Common_ •
.
Preferred
•
30
6
3
35
31
54
1635
835
214
43-4
1435
34
1%
7
935
74
40
28
231
10
10
36
5
3
414
30
231
11
1035
35
6
334
150
400
450
600
50
180
40
1,950
34
815
35
31
114
54
16
8
135
2035
4
855
4
4
14
1735
84
135
224
110
20
50
50
60
1,500
6,800
3,250
10
12,400
2
2
10
10
104 1015
44 435
1534
13
35
35
31
35
100
50
60
2,450
140
600
1,300
31
4
64
10
733-4
34
235
23
1
14
2234
64
134 2,150
380
7
170
915
20
10
74
20
35
200
1
50
24 12,150
23
3,750
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded)
-Par Price. Low. High. Shares
Range for Year 1933.
Low.
High.
2131
10
2
4
8
Jan 4214 Dec
Feb 3935 July
Dec
54 July
May 2434 June
May
15 June
34 Dec
331 Sept
24 Apr .13% June
2
Apr
734 June
31 Dec
1
Apr
15 Oct
35 Dec
Apr
1
Feb
3
635 Feb
735 Dec
1
Apr
534 Feb
Dec
5
Dec 24
Dec 3014
Jan
8
OCt 6631
44
Jan
Dec
314
Feb6
Apr 341
4
Range for Year 1933.
Low.
High.
1631
735
631
1135 1135
235
2
34
494 37
44
415
40
40
34
5
4011
631
634
74
8
454 45
90
1.35
134
531
6
4
1831 18
831
835
1831 18
4
835
434
2214 20
51
34
204 203-4
6
6
35
15
334
28
4
4
1115 11
435
44
9
10
20
21
215
1115 11
1611
734
1135
235
15
52
435
40
35
10
4014
635
8
47
92
134
635
4
1811
834
184
4
915
434
224
135
214
634
35
4
28
4
1135
44
10
21
2131
215
114
50
2,500
100
7,550
650
9,450
30
10
200
80
10
5,950
750
120
30
120
190
500
60
150
130
80
400
100
1,350
1,300
2,750
500
4,950
350
60
100
800
200
500
550
150
150
80
Oct
10
134 Apr
Apr
6
114 Dec
4 Feb
3235 Nov
Nov
5
Nov
36
35 Dec
Dec
5
40 June
435 Jan
Feb
3
Feb
15
Dec
90
May
1
3 June
Jan
2
435 Jan
3
Feb
715:51ay
24 (Jan
734 Nov
11 ; Mar
104 , Mar
4 Feb
634 Feb
5
Dec
4 Dec
34 Mar
21
Jan
i
Feb
314 Mar
315 Jan
3
Feb
4
Feb
174 Mar
31 Apr
634 May
July
22
16
July
June
22
634 M SY
13111May
Jan
82
631 rOct
Sept
45
335 Aug
May
12
Aug
43
1554 July
1135 July :
59
July
914 Sept
July
4
Nov
6
84 July
17 4 rOet 1334 June
21
Aug
435 July
2334 July
1434 July
2715 June
2 June
Deo
21
734 Nov
44 July
93.4 July
Dec
28
631 June
1434 June
8
Stay
835 July
3734 June
274 June
May
7
May
25
12
7
22
3
3
30
215
34
15
1234
34
24
12
74
22
34
334
3535
215
44
1734
1315
35
235
100
450
50
2,050
300
5,500
100
200
3,250
1,000
400
100
4
Mar
Dec
7
124 Apr
14 Feb
135 Feb
Feb
8
31 Apr
14 Apr
Jan
7
434 Feb
4 Jan
135 Nov
164
1634
29
715
434
44
1034
6
164
18
131
731
31
Si
115
35
15
11
934
535
1935
1
131
21
1231
415
35
215
435
1
604
gm
274
23
23
1
3
731
211
y
35
115
14
3-4
11
934
531
20
1
14
22
1234
5
35
214
535
1
61
634
2715
2315
1
3
8
211
200
50
200
650
400
20
210
450
70
150
20
100
2,050
600
100
50
1.550
20
130
400
200
400
50
50
750
50
34 Dec
24 June
May
4
3.5 Dec
Dec5 Sept
4 JanSt May
4 Feb315 May
131 Jan 10
June
115 Apr 1015 Dee
June
331 SOar 10
14
Sept
Apr 25
4 Mar
May
3
131 Dec
15 Mar
Feb 25 June
10
*34 Mat 2934 July
May
215 Dec
8
11 Dec
235 June
14 Apr
735 June
June
Dec 14
3
1
June
Oct
6
Dee 6315 Oct
66
5 May 10 June
Sept
254 Dec 30
Jan 2734 June
16
35 Deo
July
5
yi may
441 Dec
735 Dec 34% July
1
Apr
614 May
13
1335
37
43
1934
19
50
574
3.300
450
380
250
911
g
28
38
351
3431
435
1734
134
4
36
54
1
1214
434
435
8
1935
19
50
5734
121
243-4
16
53
4231
52
135
54
2534
144
8
234
131
111
24
2635
1835
9035
1015
334
1174 123
1154 116
243-4 2415
135
14
July
July
Oct
June
July
Seot
July
June
May
June
June
June
1
Dee 48
Dec 47
Dec 85
Dec95
Jan
Jan
Jan
Jan
Feb145
480 63
Jul/
Oct
460 10a
Apr 120
May
5
0 1534 I Jan 27
200
31 ,Oct
634 June
16
515
4335
7
1
1834
52
135
4
44
54
615
2615
1435
834
700
10
300
30
20
20
10
100
350
150
350
20
7,600
7,900
2,600
34
4
235
234
154 134
35
134
I% 215
4
35
244 2431
13-4
135
350
100
350
600
450
50
50
100
4May
Jan
2
35 Jan
4 Dee
14 Dec
15 k Dec
20 , Apr
14 Dec
135:June
611 _July
334 Sept
34 June
7 _June
24 June
284 _June
631 _June
84 815
2535 2635
1
135
18
194
8815 9015
150
200
350
3,650
350
435 Feb
Mar
17
3,4 i Jan
114 Feb
4734 Feb
1034
2735
3
2135
92
May
July
July
Jul/
Dec
14 14
4
35
1015 1015
235 23.4
315 335
100
351
50
150
1,550
% Dec
35 Dec
Apr
4
135 Dec
34 Mar
6
1
144
10
5
June
Apr
June
Jan
Dec
47
48
52,000
94 931
5,000
1515 16
13,000
4334 Dec
6711 July
Jan
11
, ,
1831 Feb
3914 Jul
144
515
4115
7
1
184
52
135
4
44
435
635
24
14
711
2615 • 2615
1,000
6
4
134
4
35
14
32
yi
35
3
Feb
Nov
Feb
Feb
Dec
Dec
Sept
mar
Mar
July
1835 June
835 June
JU17
47
935 Aug
54 June
Oct
22
Dec
51
4
May
54 May
8 _May
231
1234
7
54
May
Feb
Feb
Dec
9
3
235
2435
1531
23
Sept
June
July
June
May
a 100% stock dividend paid Jan. 2 1934.
310
Financial Chronicle
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, Jan. 6 to Jan. 12, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1934
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
High.
Low.
Abitibi Pow & Pap corn_*
1.35
6% preferred
160
Alberta Pac Grain pref..100 18
Beaunarnois Power com__•
5
Bell Telephone
100 112
Blue Ribbon 634% pref_50
Brantford Cord 1st pref_25 23
Brazilian T L d:Pow com_• 12%
Brewers & Distillers corn_. 2.95
BC Packers corn
3%
•
B C Power A
•
B
•
Building Products A
• 18
Burt(F N)Co corn
25 30
Canada Bread common_ •
4%
B preferred
160
Canada Cment common_ _•
9
Preferred
* 43
Can Steamship corn
•
Preferred
100
Canadian Canners com_ __•
6s%
Convertible preferred_ •
1st preferred
100
Can Car & Fdry com
•
7%
Preferred
25
Can Dredge & Dock com_• 23%
Can Indust Alcohol A----• 19%
B
• 18%
Canadian 011 common • 12%
Preferred
100 94%
Canadian Pacific Ry____25 14%
Cockshutt Plow corn
•
9%
Consolidated Bakeries---•
8%
Consolidated Industries-• 900
Cons Mining dc Smelting 25 134
Consumers Gas
100 168
Cosmos Imperial Mllls. *
Preferred
100
Dominion Stores corn_ - __• 20
Easters Steel Prod com_ •
Eash Wash Machine com_•
2%
Economic Invest Trust_ _50 10%
•
Fanny Farmer corn
Ford Cool Canada A_ __ • 16
.
Frost Steel & Wire pref.- _• 30
Gen Steel Wares corn__ _•
4%
Goodyear T & R pref _ _100 107%
Gypsum Lime & Alabast_•
5%
Hamilton Cottons pref __30
Ham United Theat com_25
1%
Hinde dr Dauche Paper- _ _•
6%
•
Hunts Ltd A
Internatl Mill 1st pref _ _100 100
Internatl Nickel corn
* 21.75
Keivinator of Can com_ •
4%
Laura Secord Candy corn.* 48
Loblaw Groceterias A._..
• 15%
B
• 14%
Maple Leaf MilLing com_ •
334
Preferred
160
Massey-Harris corn
*
534
Monarch Knitting pref_100 49
Moore Corp corn
• 13%
A
100 100
B
100 110
Muirheads Cafeterias corn"
National Sewer Pipe A._.* 15%
Orange Crush common_ • 50c
1st preferred
leo 5
2d preferred
•
Page-Hersey Tubes com__• 57
Photo Engravers dr Elec__* 15
Pressed Metals corn
• 20
Riverside Silk Mills A__..* 21
Simpson's Ltd pref____100 43
Standard Chemical cora _ _•
Standard Steel Cons com_•
934
Steel of Canda corn
• 2934
Preferred
25
Sterling Coal
•
2
Tip Top Tailors corn
.
* ___
Preferred
100
Traymore Ltd corn
• 60o
Preferred
20
Union Gas Co corn
•
3%
Walkers (Hiram) corn_
• 54%
Preferred
• 1734
Weston Ltd ((leo) com
• 48%
Preferred
100 89
Winnipeg Electric corn_ --•
1.00 1.45 4,930
1.00
4% 5
485
4%
18
16
105 16
3% 5%
3%
839
110% 113
490 110
23% 2334
10 23
22% 23
75 22
12% 8,402 1034
11
2.60 2.95 15,285
2.60
3
3%
250
2%
25% 25%
145 23%
4% 6
4%
60
17
18
95 16
27% 31
333 27
3% 4% 4,230
3
8
8%
225
8
9,751
og
7% .9
34
43%
536 33
2
2
2
25
3
534
186
3
6
6
7
560
9% 10
8%
190
77
78
40 75
6% 8%
634
739
12% 13%
45 12%
24%
20
1,450 20
12,163 18%
18% 20
19
104 17
17
185 12
12% 14
94% 95
90 93
14
15% 6,740 12%
734 10
1,075
734
8
9% 1,346
7%
400
1.25 2,605 40c
132 135
231 132
165 168
302 165
7% 8
7%
500
85
85
10 80
22%
20
530 20
8% 834
834
25
1% 2%
1%
775
10
10%
35 10
13
13%
75 13
15
16% 5,498 15
30
30
30
30
434 4%
3%
245
106% 110
112 106
5
3,305
4%
6
15
15
25 15
1% 1%
1%
40
6
380
634
534
10
10
40
9
100 100
50 100
21.21 22.10 11,303 21.20
4%
70
434 434
47% 48
151 4734
14% 15% 7,066 14
1434
14
936 1334
2% 3%
1,480
2
8
8
130
8
4% 6% 5,922
4%
49
49
10 45
12% 14
876 11
97 100
72 96
110 110
50 109%
2
2
2
11
14% 15%
60 14%
45c 50c
650 250
5
5
25
500 50c
50 300
850 55
5634 57%
14
15
595 14
576 1834
1834 20
20
21
155 19
4834
310 43
43
15
635 634
634
9% 10
3,830
934
29%
28
440 28
33
33%
75 31
2
2
2
15
35
7
7
734
68%
66
20 66
500 60c
515 50c
2
2
2
20
3% 4% 1,480
334
5734 30,448 53
53
17% 4.861 17
17
46% 49% 2,537 46
5 88%
89
89
2
2
2
40
Banks
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
144
150
160
187
271
145
172
154
157
170
191
275
153
180
120
73
100
123
73
110
100
100
100
100
100
100
100
150
155
170
271
151
Loan and Trust
Canada Permanent_ _ __100 122
Huron dr Erie Mortgage 100
Toronto General Trusts 100
337
56
54
98
37
168
72
123
133
141
167
267%
130%
162
23 120
11 70
13 110
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jo
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1.45 Jan
Jan
5
Jan
18
5% Jan
Jan
113
2354 Jan
Jan
23
12% Jan
2.95 Jan
3% Jan
25% Jan
Jan
6
Jan
18
Jan
31
4% Jan
Jan
10
Jan
9
43% Jan
Jan
2
5% Jan
Jan
7
Jan
10
Jan
78
8% Jan
13% Jan
24% Jan
20% Jan
19% Jan
14
Jan
Jan
95
15% Jan
Jan
10
9% Jan
1.50 Jan
Jan
136
169% Jan
Jan
8
Jan
85
22% Jan
834 Jan
2% Jan
10% Jan
13% Jan
16% Jan
Jan
30
4% Jan
Jan
110
Jan
6
Jan
16
1% Jan
6% Jan
Jan
11
Jan
100
22.10 Jan
4% Jan
48
Jan
15% Jan
14% Jan
3% Jan
Jan
8
634 Jan
Jan
49
Jan
14
Jan
100
Jan
110
Jan
2
15% Jan
Jan
50c
Jan
5
Jan
50c
5734 Jan
Jan
15
Jan
20
Jan
21
48% Jan
6% Jan
10% Jan
2934 Jan
33% Jan
2
Jan
734 Jan
68% Jan
600
Jan
Jan
2
434 aJn
5734 Jan
17% Jan
49% Jan
89
Jan
Jan
2
Jan
Jan
Jan
Jan
Jan
Jan
Jan
154
157
170
191
275
153
180
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 123
Jan 73
Jan 110
Jan
Jan
Jan
• No par value.
Toronto Curb.
-Record of transactions at the Toronto
Curb, Jan. 6 to Jan. 12, both inclusive, compiled from
official sales lists:
Stocks-
Sales
Friday
Range Since Jan. 1 1934
Last Week's Range for
of Prices. I Week.
Sale
High.
Low.
Par Price. Low. High. Shares.
Beath de Son(W D)A. •
Bissell Co(T E)corn
•
Brewing Corp corn
•
Preferred
• 22%
* 10
Can Bud Brew corn
Canada Malting corn
• 33%
Canada Vinegars corn. _• 22
. .
Canadian Wineries
•
931
Can Wire Bound Boxes A.
Consolidated Press A._ _•
Cosgrave ExportBrewery10
• 25%
Distillers Seagrams
Dominion Bridge
• 29%
Dom +motors of Canada_10 750
3
Dom Tar & Chemical corn •
Dominion Textile
•
English Elea of Canada A •
Goodyear T & Rub coin _ _• 100
4
50
4
100
2
2
10% 30,319
7
23% 12,829
17
1034 8,265
9
4,605
30% 34
590
2134 22
8% 9% 6,083
16%
15
77
1,670
6% 7%
560
6
6%
23
26% 34,776
1,080
2734 30
175
80o
700
276
2
3
50
68% 13834
20
12%
12
237
93 100
3
2
5
15
734
28%
21%
8%
15
6%
5,
3
4
23
25%
850
2
68%
12
90
4
Jan
2
Jan
Jan 1034
Jan 23%
Jan 10%
Jan 34
Jan 22
9%
Jan
Jan 1634
731
Jan
7
Jan
Jan 26%
Jan 30
Jan 80o
3
Jan
Jan 6831
Jan 12%
Jan 100
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Ian. 13 1934
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1934
Sale
Week.
Of Fl-ices.
Stocks (Concluded)
-Par Price. Low. High. Shares.
Low.
High.
Hamilton Bridge com____•
8%
634 8%
Honey Dew corn
• 950
95c
050
Preferred
•
834 8%
Imperial Tobacco ord_ _5
11
11
Montreal L If & P Cons_ _• 36
33% 38%
Ontario Silknit corn
•
5
5
Preferred
100
33
35
Power Corp of Can com__.
9%
9% 10%
Rogers Majestic
6
•
5% 634
Robert Simpson pref__100
80
80
Service Stations corn A. •
6% 7%
Preferred
100
3234 33
Shawinigan Water & Pow_• 20
18
20%
Stand Pay & Matls corn_ _•
23.4
2
2%
Preferred
17% 18
100
Stop de Shop corn
5
4% 5
•
Tamblyns Ltd (G)Pref-100 100
100 100
Toronto Elevators coin_ _.* 20
17
20
Preferred
8934 90
•
United Fuel Invest pref 100
9% 9%
Waterloo Mfg A
2
3%
•
4
295
135
10
80
776
105
25
285
895
40
220
35
495
5,220
15
115
121
145
40
232
4,535
6%
75c
7%
10%
3334
5
31
734
5
80
6
32%
18
1%
1734
434
90
17
8934
%
9
2
8%
Jan
Jan 95c
Jan 10
Jan 11%
Jan 36%
5
Jan
Jan 35
Jan 1034
6%
Jan
Jan 80
Jan
7%
Jan 33
Jan 20%
2%
Jan
18
Jan
5
Jan
Jan 100
Jan 20
Jan 90
Jan
10
4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Oils
British American Oil
•
Crown Dominion Oil
Imperial 011 Ltd
•
International Petroleum *
McColl Frontenac Oil corn*
Preferred
100
North Star Oil coin
5
Preferred
5
Supertest Petroleum ord..•
Common
•
Preferred A
100
Thayers Ltd pref
8,997
175
9,235
7,170
1,544
181
115
775
370
13
35
20
13
2
1234
19%
1034
7134
1.40
1.40
16
17%
99%
18
Jan 14%
Jan
3
Jan 14
Jan 21
Jan 11%
Jan 75%
Jan
1.40
Jan
2.00
Jan 20
Jan 17%
Jan 100
19
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
13%
234
12%
20
10%
73
1.75
17%
14%
13
234 3
12% 1334
19% 20%
1034 11%
75%
73
1.40 1.40
1.75 2.00
19
17
17% 17%
99% 100
19
19
•No par value.
Montreal Stock Exchange.
-Record of transactions at
the Montreal Stock Exchange, Jan. 6 to Jan. 12, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Range since Jan. 1 1934
of Prices.
Sala
Week.
Par Price. Low. High. Shares.
Low.
High.
Alberta Pac Grain A„--•
Preferred
100
Bathurst Pow & Pap A__*
100
Bell Telephone
Brazilian T L & P
•
•
B C Packers
Brit Col Pow Corp A
•
•
13
Bruck Silk Mills
•
Building Products A
•
*
Canada Cement
100
Preferred
Can North Pow Corn---•
Canada Steamship
•
Preferred
100
Can Wire & Cable class B.*
•
Canadian Bronze
100
Preferred
•
Can Car & Foundry
Preferred
25
Canadian Celanse
•
Preferred 7%
100
Canadian Converters_ 100
Canadian Cottons pret.100
Can Gen Else pret
50
can Hydy0_Ejeo pyet __Hip
•
Can Indust Alcohol
•
Class B
Can Pacific RY
25
•
Cockshutt Plow
Con Min & Smelting- _25
•
Dominion Bridge
100
Dom Coal Met
Dominon Glass
100
Dom Steel dc Coal B___25
•
Dominion Textile
1p0
Dom Textile pret
•
Dryden Paper
•
Eastern Dairies
Foundation Coot Can_ _ _•
General Steel Wares
•
Goodyr T pref Inc 1927-100
•
Gurd (Charles)
Gypsum Lime & Alabast_•
•
Hamilton Bridge
Hollinger Gold Mines__ -.5
Howard Smith Pap M
•
100
Preferred
lot Nickel of Canada____•
•
International Power
Preferred
100
Jamaica P S Co Ltd prof100
•
Lake of the Woods
100
Preferred
•
Massey-Harris
McColl-Frontenac Oil_
•
Montreal Cottons pret_100
Montreal L H & P Dons_ _•
Montreal Telegraph_...40
Montreal Tramways_ _100
*
National Breweries
Preferred
25
National Steel Car Corp..*
Ogilvie Flour Mills
•
Ottawa L It & Power_ _100
Preferred
100
Ottawa Traction
100
Penmans
•
Preferred
100
Power Corp of Canada _ _•
•
Quebec Power
St Lawrence Corn
•
A preferred
50
St Lawrence Paper pref 100
Shawinigan Wat & Pow. 5
.
Sherman Williams of Can _•
Southern Can Power
•
Steel Co of Canada
•
Preferred
25
Vlau Biscuit
Wabasso Cotton
•
%Venom Groceries pref.
-100
•
WIDolDelt Electric
Woods Mfg pref
100
334 334
3%
1734
1734 18
5
334 534
11234 111 113
1134 1234
1234
334 334
334
2334 25%
25
634
434 634
17
1634 18
1834
1734 1834
9
734 934
4234
4234 35
1634 1734
1734
1.15 3.00
234
334
5
5
5% 5%
18
19
19
97
95
97
7
8
734
1234 14
14
19
1934
105 106
30
30
80
80
60
60
58
59%
58
19
1834 20
1831
1734 1934
14
1534
15
9%
7% 10
13334 132 13434
30
2934 27
16
10
1534
80
80
234 3%
334
6834 70
89
112 113
112
434 5%
534
4
3
4
12
11
12
4% 4
434
107 107
1034
7% 11
531 6
5%
834
8
834
12.15 11.50 12.25
534 8
7
41
37
40
21.85 21.25 22.00
3
2
3
1434 1434
97
97
1334
13
13
60
56
60
434 634
b%
1034 1134
10%
67
67
3334 3614
36
54
52
52
10934 110
110
2334 25
25
31% 32
32
13% 1434
1434
190 195
195,
80
80
90
90
5
5
5
4834 51
51
87
90
8% 1034
10
17
1535 1834
2% 334
234
034
7
8
14
18
1834 2034
20
15
13
15
1134 11%
1131
30
28
30
33
33
5
3
4
24
21
85
85
234 3
234
20
20
BanksCanadienne
Commerce
Montreal
Nova Scotia
Royal
150
186
269
149
•No par value.
100
100
100
100
100
138
146
184
269
146
142
15334
192
275
154
58
85
1,365
366
20,956
4,100
4,619
3,490
1,075
115
7.749
1,302
930
2,490
675
9
410
15
2.880
1,021
420
615
40
40
40
351
9,739
2,200
8,587
2,445
917
4,872
990
16
11,710
614
13
1,253
55
750
1,615
55
915
2,195
220
4,095
1,175
790
10,485
185
12
5
140
60
5,36
4,110
10
13.388
20
65
6,240
930
1,031
11
100
10
7
65
1
1,830
1,670
8.005
4,59
872
20.058
585
990
1,885
97
1,270
255
45
945
60
35
544
716
157
854
3
1734
3
110
10%
234
22%
434
16
1634
634
32
0.70
234
5%
17
95
635
1234
16%
105
30
70
59%
5436
1834
1734
1234
7%
132
2514
10
80
234
67
112
4
3
10
33.4
107
634
7
4%
554
11.46
4
33
21.15
2
1434
97
1234
56
4%
1034
67
33
52
109%
2334
3134
1234
190
80
90
5
47
87
734
15
134
5%
12
1734
1234
11
28
31
3
20
85
134
20
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
334
18
534
113
1234
3%
2534
6%
18
1834
934
4234
1734
3
5
534
19
97
8
14
1934
106
30
80
60
60
2034
1934
1534
10
136
30
16
83
33.4
70
113
5%
4
12
434
107
11
6
834
12.25
8
41
22.00
3
15
97
133
%
60
634
119.5
67
3634
54
112
25
32
1434
195
80
90
5
61
90
1034
1835
334
934
1834
203-1
15
1134
30
33
5
24
85
3
20
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
138
129
169
267%
12934
Jan
Jan
Jan
Jan
Jan
142
15334
192
275
154
Jam
Jar
Jar
Jar
mg
Jam
Volume 138
Financial Chronicle
Montreal Curb Market.
-Record of transactions at the
Montreal Curb Exchange, Jan. 6 to Jan. 12, both inclusive,
compiled from official sales lists:
Friday
Sales
Last Week's Range for
Range Since Jan. 1 1934
Sale
of Prices.
Week.
StocksPar Price. Low. High. Shares.
Low.
High.
Assoc Breweries of Can _ _* 10
10
10
155
10
954 Jan
Jan
Associated Oil & Gas Ltd_• 29c 2234c 35c
12,685 20c
Jan 35c
Jan
Bathurst Power & Paper B•
1.75
1.75
25 1.75
Jan 1.75
Jan
British-American Oil Co_* 134 13
14% 2,044 13
Jan
14% Jan
Canada Vinegars
•
22% 224
50 22% Jan 224 Jan
Canadian Dredge dr Dock •
20% 24%
70 20% Jan 244 Jan
Canadian Foreign Inv Cp •
10
10
165
9
Jan 10
Jan
Canadian Wineries
•
94
9
9%
820
9
Jan
Jan
Commercial Alcohols_ • 1.45
95c 1.45
4,625 95o
Jan 1.45
Jan
Cosgrave Export Brew_ _10
7%
6% 73; 4,845
5% Jan
Jan
Distillers Corp Seagrams_• 25X
234 26% 8,520 2334 Jan 26% Jan
Dominion Eng Works_ _ _ _• 22
21
22
320 20
Jan 22
Jan
Dominion Stores
• 204 20
145 20
20%
Jan 21% Jan
Dom Tar & Chemical Co_•
3
24 334 2,245
234 Jan
34 Jan
Cumulative preferred 100
15
80 15
18
Jan
18
Jan
Home Oil Co
• 1.80
1.63 1.85
3,230 1.50
Jan 1.85
Jan
Imperial Oil
• 12%
124 1334 8,432 124 Jan 13% Jan
Imp Tobacco Co of Can_ _5 11%
114
11
1,33
11
Jan
1134 Jan
Int Petroleum Co
• 19%
19% 204 2,64
19% Jan 204 Jan
Melchers Distilleries A_ _ _
134 134 14
1,93
13
Jan
14
Jan
•
1,35
94 10
94
8% Jan
10
Jan
Mitchell & Co (Robert) *
8
1,25
8%
8
5% Jan
834 Jan
Page-Hersey Tubes
• 574
56
56
5754
Jan 574 Jan
40
Regent Knitting Mills_ _ _*
4%
3
4%
87
2
Jan
Jan
Service Stations A
634
10
6.4
6% Jan
6% Jan
Thrift Stores
• 1044
10% 1035
60 104 Jan 104 Jan
Cum preferred 6%%_ 25
24% 25
31 24
Jan 25
Jan
Walkerville Brewery
• 5.35
14,982 3.90
4.05
5.35
Jan 5.35
Jan
Walker Gooderham&Wort* 554 53% 58
3,866 534 Jan 58
Jan
Preferred
• 1754
1734 1734 3 638 174 Jan 17% Jan
,
Whittall Can Co cum pf 100
185 33
33
35
Jan
35
Jan
Public UtilityBeauharnois Power Corp_"
5
3% 5
4,792
Jan
5
Jan
C North Pwr Corp prof _100 88%
88% 90
47 8834 Jan 90
Jan
City Gas & Electric Corp_•
34
9
9
Jan
9%
94 Jan
Foreign Power Sec Corp_ •
1.50
50 1.50
1.50
Jan 1.50
Jan
Inter Utilities Corp el A_ _•
10
3%. 4
3
Jan
4
Jan
Class 11
1
900 1.35
10,99
800
Jan 1.35
Jan
Pr Corp of Can cum pf 100
52% 52%
1
524 Jan 52% Jan
Southern Can P Co pret 100 75
2
Jan 75
74
72
75
Jan
United Securities
100
26
7
26
26
Jan 26
Jan
Mining
White Eagle Silver&Mines•
5,850 320
34c
Jan
35e
Jan
Isarry-Hollinger Gold 131_ _1 1734c 1540 35c
174c 2,600 14%c
Jan 174c
Jan
Base Metals Mining Corp • 1.75
1.65
3,080 1.50
1.78.
Jan 1.78
Jan
Big Missouri Mines Corp_l 380
330 38e
15,000 330
Jan 38c
Jan
B It X Gold Alines_ .50c
310 55c
1,600 310
Jan 55c
Jan
13u1olo Gold Dredging_ _5 27.50
8,120 23.50
24.25 27.50
Jan 27.50
Jan
Cartier-Alalartic Gold MA
le
Jan 134c
1340 1340 18,500
Jan
Coniaurum Mines
•
97e 970
100 970
Jan 970
Jan
Dome Mines
•
34.50 34.95
200 34.50
Jan 35.00
Jan
Don Rouyn Gold Mines_ _1
lc
31c 13(0 19,000
Jan 1310
Jan
Falconbdge Nickel Mines_
3.15 3.20
230 3.15
Jan 3.20
Jan
Internat Mining Corp__ _1
1,470 10.45
10.45 13.00
Jan 13.00
Jan
Lake Shore Mines
1
46.00 46.50
110 46.00
Jan 46.75
Jan
Label Oro Mines
1 Ilc
100 12c 42,000 8340 Jan
12c
Jan
McIntyre-Porcupine
5
35 41.25
41.25 41.50
Jan 41.50
Jan
Noranda Mines
• 34.00 33.85 34.50
900 33.25
Jan 35.00
Jan
Premier Gold Mining C0.1
1.08
1.09
3,000 1.08
Jan 1.09
Jan
Read-Authier Mine
1
300
280 300
2,500 280
Jan 30c
Jan
Slime Gold Mines
1 1.56
32,230 1.43
1.44
1.56
Jan 1.56
Jan
Sullivan Gold Mines
1 250
25e
8,800 250
260
Jan 27c
Jan
Teck-Hughes Gold Mines • 15.00
5.80 6.10
815 5.80
Jan 6.10
Jan
Ventures Ltd
770 790
950 770 Jan 840
Jan
Wayside Coo Gd Mines 50c
44%c 45c
8,900 40%c
Jan 45c
Jan
Wright Hargreaves Mines•
6.85
250 6.75
6.95
Jan 6.95
Jan
Unlisted Mines•
Arno Mines
•
6c
4c
6c
700
4c
Jan
Jan
6c
Central Patricia Gold M_ _1
570 61c
1,800 5640
Jan 61c
Jan
Eldorado Gold Mines_ ._.1 3.70
3.68
3.80
1,025 3.68
Jan 3.80
Jan
Ilowey Gold Mines
1
1.01
1.02
1,060 1.01
Jan 1.03
Jan
Kirkland Lake Gold Min_l
320 32c
300 25c
Jan 320
Jan
McVittle Graham Mines.1 1.07
1.07
13.000 1.07
1.18
Jan 1.20
Jan
Parkhill Gold Alines
1 410
37e
43e 32,450 36e
Jan 43c
Jan
San Antonio Gold Mines_ 1 1.80
1.76 1.80
1,600 1.76
Jan 1.82
Jan
Sherritt-Gordon Mines_ _1
1.02
550 1.00
Jan 1.09
Jan
Stadacona Rouyn Alines_• 10% 1.00
90 10340 29.900 83iC
Jan 10%c
Jan
Sylvanite Gold Mines_
1
1.42
1,450 1.30
Jan 1.46
Jan
Thompson Cadillac Mines 1 290 2334c 1.46
29e 26,100 2040
Jan 29c Jan
Unlisted
Abitibi Power & Paper Co • 1.60
1.10
1.50
3,645 90e
Jan 1.50
Jan
CUmul preferred 6%A00
6%
45
614
634 Jan
64 Jan
Ctf of dep 6% prat__ 100
5
15
54
5
Jan
54 Jan
Brewers & Distillers of Van *2.80
2.60 2.90
6,49 52.55
Jan 2.90
Jan
Brewing Corp of Canada_*
934
7
10
14,77
,
5% Jai
10
Jan
Preferred
• 23
16% 23
6.67
154 Jan 23
Jan
Canada Malting Co
• 3334 304 34
850 28
Jan 34
Jan
Canada Bud Breweries_ _.• 10%
94 10%
1,22
84 Jan 10% Jan
Canadian Lt & Pr Co_ _100 27
27
1
27
27
Jan
27
Jan
Claude Neon Gen Ad_
550
50c 65c
4,200 400
Jan 70c
Jan
Consolidated Paper Corp..
2%
2% 314
7,231
13.4 Jan
33.4 Jan
Ford Motor Cool Can A_•
15% 16%
547 15% Jan
16% Jan
Fraser Companies
•
3
5
3
3
Jan
3
Jan
Voting trust certificates •
2% 24
80
234 Jan
2% Jan
General Steel Wares p1.400
144 15%
60 144 Jan
15% Jan
Price Bros Co
100 1.50
1.25
1.50
1,965 1.10
Jan 1.50
Jan
Preferred
100
8
7
9
295
7
Jan
9
Jan
Royalite Oil Co
256 19.25
1934 1934
Jan 19.25
Jan
• No par value.
311
erway
.14.
Last Week's Range for
Range for Year 1933.
Sale
of Prices.
Week.
Stocks (Concluded) Par Price, Low, High. Shares.
Low.
High.
Reliance Insurance
10
4% 5
400
34 Apr
7
July
Shreve El Dorado Pipe L 25
%
1
1.800
4 Sept
634 Aug
Tacony-Palmyra Bridge...
214 2134
15 184 June 304 Jan
Tonopah-Belmont Devel_l
'is
X
400
.
I. Jan
% Oct
Tonopah Mining
13
13,
1
100
X Jan
1% Sept
Union Traction
50
634
534 64
600
3% Mar 12% Jan
United Gas Impr com_. 15
1434 164 7,200 1334 Dec 243.4 July
Preferred
• • 89
87
89
60 83
Dec 99% Jan
Victory Insurance Co .10
5
5
100
34 Feb
64 July
Westmoreland Inc
•
7% 8
225
4
Mar
9% July
West Jersey&Seashr RR 50
53
53
10 40
May 59
July
BondsElec & Peoples tr cas 4s '45
1634 1734 54,500 15
Apr 2334 June
Liberty Loan 1st 4Xs'32-47
1001
.331011133 3,000
l'eoples Pass tr ct s 4s_1943
34
34
1,000 2334 Aug 34
Jan
Phila Elec (Pa) 1st 5s-1966
106 107
1,200 1023.4 Mar 110% Feb
• No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Jan. 6 to Jan. 12, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Arundel Corp
16% 174
• 17
Baltimore Trust (01d)_ _
-----90 10c
Black & Decker corn
•
5
54
Ch & l'ot Tel of Balt P1-100 11534 11234 1154
Comm'l Credit Cp pf B_ _25 25
25
25
7% preferred
25 24
24
24
Consol Gas, E L & Pr_ _ _ _*
5234 544
534% pref w I ser E_ _100 101
101
101
5% preferred
100 93% 93
94
Emerson Bromo Seltz ci A •
184 184
Fidelity & Deposit
50
19
21
Finance Service corn el A 10
3
3
Common class B
10
3% 3%
Ga So & Fla 2d pref _ _ _100
234
234
Houston Oil prof
100
44 5
Mfrs Finance corn v t_ _ _25
81c 810
Second preferred
25
334 3%
Maryland Casualty Co_ _ _2
2
134 2
Merch & Miners Transp-• 29
28% 29
Monon W Pa P S 7% pf_25
13
1334
Mt Vern-Woodb 51 p1_100
23
23
New Amsterdam Cas_ _ _10 11%
10
114
Northern Central
50
74% 74%
Penns Water & Power_ _ _ • 4734 454 4734
U S Fidelity & Guar__ _ _10
434
3
44
West Aid Dairy Corp pfd__
6534 65%
Bonds
Baltimore City
4s water loan
1958
4s annex impt
1954
Augusta Ry & El 1st 58 '40
Home Owners Loan 4s_ __ _
Maryland Elec Ry 648 '57
Maryland Pa RR 1st 4s '51
Unity & El 1st Os flat.1949
1st 45 (flat)
1949
Wash lialt&Ania 58 flat '41
• No par value.
134
9534
953.4
102
94
834
43
9
9
1%
Range for Year 1933.
Low.
690
9%
200
lc
245
1
54 112
10 184
52 184
333 43
12 97
62 91
45 1534
178 15
190
24
20
4%
100 104
156
234
172 40c
100
2
1,70
1
54 27
1
10
2
934
435
7
4 63
447 40
3,979
1%
41 60
954
5500 87
95%
200 87
102
1.000 100
94
500
834
1,000
8
43
1,000 4534
9
1.000
8.4
9
19,000
7
7,000
114
134
High.
Apr 33
July
Dec
Sc Dec
Feb
84 July
Apr 116% Feb
Mar 25
Dec
Mar 2434 Dec
Apr 70 June
Apr 107
Jan
Nov 102
Jan
Apr 29
July
Mar 394 July
June
434 Apr
Apr
44 Apr
Aug 1034 Aug
Mar
734 July
Mar
1
Feb
Mar
4
Dec
Nov
5 June
Oct 30
Oct
Feb
17;4 July
Mar 35
July
Apr 1714 Jan
May 77
Sept
Mar 60
Jan
May
7
June
May 75 June
May 102
May 100
July 102
Feb
Jan
Nov
Apr
Sept
Dec
Nov
Dec
Jan
Aug
June
June
Dec
1214
49
144
1434
234
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Jan. 6 to Jan. 12, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Am Window Glass pref _100
Armstrong Cork Co
•
Blaw-Knox Co
•
Carnegie MetaLs Co
10
Clark (13 L) Candy Co.....•
Columbia Gas'Ar Elec_
•
Devonian Oil
10
Electric Products
•
Follansbee Bros pref_ _ _100
Ft Pittsburgh Brewing_ _I
Harbison-V1 alker Refrac_•
Lone Star Gas
•
Mesta Machine
5
Pittsburgh Brewing pref_50
Pittsburgh Coal pref. _ _100
Pittsburgh Forging Co_ _•
Pittsburgh Plate Glass.. 25
Pitts Screw & Bolt Corp_ _•
Renner Co
1
San Toy Mining
1
United Engine & Foundry •
United States Glass
25
Westinghouse Air Brake..*
Westinghouse El & Mfg_50
Western Pub Serv v t c...._•
Unlisted
Lone Star Gr.!: 6% pref_100
6% c, °referred
100
* No par value.
12
134
4%
934
1634
6%
18
37
42
74
16%
434
65
11
1434
11
134
4
1134
94
2%
12
14
15
6
1734
37
30
334
40
7
14
30
16
2
27
364
434
11
1534
124
14
44
12%
10
24
1234
134
16%
64
18
37
30
34
42
834
14
4c
16%
4
2834
384
5
64
75
65
75
10
220
530
995
350
1,159
150
40
50
450
850
2,584
20
175
25
541
2,373
2,850
900
5,500
197
925
268
446
55
143
25
Range for Year 1933.
Low.
3
7%
4%
4
14
3
94
7
14
10
13.4
634
5
7
10
1674
1%
13
14
1
lc
10
1
1274
194
44
High.
July
15
Feb 23
Feb 19
Dec
1%
May 11
Mar 28
Apr 10
May
534
Mar 35
Jan
2%
Feb 25%
Mar 1234
Feb 204
Mar 40
Jan 44
Feb54
Mar 3934
Feb11%
Oct234
Feb
6c
Feb 24
Mar
334
Jan 354
Feb 5834
Oct 10
6434 Dec
7434 Oct
Oct
July
July
Nov
July
July
Oct
June
June
Mal
July
July
SePi
May
Arn
July
Junk
July
June
Jun
Jun,
Jun,
Jul
Jul;
Jun
914 Jun
90
Jul
Philadelphia Stock Exchange.
-Record of transactions
Cleveland Stock Exchange.
at Philadelphia Stock Exchange, Jan. 6 to Jan. 12, both
-Record of transactions at
Cleveland Stock Exchange, Jan. 6 to Jan. 12, both ininclusive, compiled from official sales lists:
clusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last 1Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
American Stores
• 39
39
39
Bankers Securities pref.. _50 12
734 12
Bell Tel Co of l'a prat--100 112% 11134 11234
Budd (E G) Mfg Co
•
514
54 534
Electric Storage Battery100
46
46
Fire Association
10 33% 33
3334
Horn & Hard (Phila) corn •
71
71
Insurance Coot N A. _ _10 41
39% 41
Lehigh Coal dr Navigation •
5% 64
Lehigh Valley
50 1434
14
1434
Mitten 13k Sec Corp prof 25
14
I
Pennroad Corp v t c
•
234 234
2%
Pennsylvania lilt
50 3134 294 3134
Penns Salt Mfg
50 564 56
Phila Elec of la SS pref.._ _• 974 96% 5634
1)734
l'hlia Klee l'ow pref.. _25
304 31
Phila. Rapid Transit--- _50
234
234
7% preferred
50
44
Philadelphia Traction_ _50
19
1934
Range for Year 1933.
Low.
High.
100 30
Feb 474 July
1,500
54 Nov
8% Feb
450 106% Mar 116
Sept
100
34 Mar 034 July
100 214 Feb 534 July
350 18
Mar 38
July
10 69
Oct 99
Jan
500 25
Mar 45% July
600
fiX Mar 134 July
300
84 Feb 2734 July
300
2% July
34 Feb
4,700
14 Mar
6% July
4,400 133.4 Jan 42
July
150 2534 Mar 58
Dec
40 89
Sept 103% Jan
500 28% Apr 33
Jan
400
1% Mar
6
July
250
3
Feb
9% July
350 15
Mar 234 June
Stocks-
Friday
Sales
Last iWecis Range for
Sale
of Prices.
'Week.
Par Price. Low. High. Shares.
Chase Br & Cop of ser A 100
87
City Ice & Fuel
• 18%
17%
Preferred
100
68
Cleve Elec 111 6% prof _100 101
101
Cleve Ry ctfs dep
100 40% 40
Coor McKisi Sti vtg com100
10
Non-vtg COM
100
10
Cliffs Corp v t c
•
9
Elec Contr & Mfg corn_ •
15
Fed Knitting Mills com_. 36
34
Godman Shoe corn
•
534
54
Greif Bros Coop CIA
• 2133 214
Halle Bros Co
10
9
Interlake Steamship com.•
22
Jaeger Machine corn
•
4
334
Kelley bid L & Tr corn_ •
8
8
Lamson Sessions
•
4
4
Mohawk Rubber cora _ _•
2%
2%
National Acme corn
10
434
87
1834
68
101
40%
1034
10
9
15
36
534
22
9
22
4
84
4
234
4%
50
320
35
75
135
59
10
100
22
335
50
135
50
200
143
115
20
365
30
Range for Year 1933.
Low.
65
934
46
9534
32
33.4
234
3%
10
26
4
8
4
14
2%
634
2
1
2
High.
Apr 90
Apr 25
Apr 69
Mar 110
Apr 49
Jan 24
Feb 25
Feb 19
Feb 22
Mar 3434
Oct
4
Mar 25
Mar 12
Feb 29
Apr
734
Apr 16
24
AP
Mar
7%
Apr
7%
Oct
July
Aug
Jan
July'
July
July
July
July
June
Oct
Aug
Aug
July
July
July
Apr
July
July
Financial Chronicle
312
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
5%
5
National Refining com__25
2
2
*
National Tile corn
1% 2
2
a
Nestle-LeMur CIA
* 15% 1536 15%
Ohio Brass 13
14% 15
Patterson Sargent
a
2% 2%
*
Peerless Motor corn
39
42
* 42
Richman Bros corn
2
2
Robbins & Myers pf v t c 25
2% 2%
*
Selberling Rubber com
2236 23
a 23
Selby Shoe corn
51
Sherwin-Williams com__25 5016 48
100 101% 101% 101%
AA preferred
7% 7%
•
Weinberger Drug
24
24
West Res Inv 6% pr pf-100
34
40
Youngstown S& T pref_ 100
126
85
230
20
305
so
376
100
60
245
1,245
55
10
150
77
Range for Year 1933.
High.
Low.
3
1
36
5%
936
lg
22%
%
1
10
13%
70
7
3
17%
Apr
Jan
Apr
Jan
Jan
June
Apr
Sent
Mar
Jan
Feb
Mar
Feb
Feb
Feb
9
436
3
20
20
9%
53
34
7
22
48
99
9
25
60
July
June
June
July
May
July
July
Dec
June
Dec
Dec
Nov
June
July
July
•No par value.
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, Jan. 6 to Jan. 12, both
inclusive, compiled from official sales lists:
Stocks-
sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Amer Laundry Machine_20 1111 1134 12
25
1811 1811
Amer Rolling Mill
40
40
Carey (Philip) com____100
80
80
100
Champ Fibre pref
13
13
*
Chat' Adv Products
82
82
100 82
C NO & T P pref
68
Cinti Gas & Elec pref 100 6631 66
43( 6
436
60
Cincinnati Street
67
50 6631 64
Cinti Telephone
21
21
*
anti Union Stk Yds
*
17
17
City Ice & Fuel
11
11
*
Cohen (Dan) Co
• 9
8% 9
Crosley Radio A
5
531
6
20
Eagle-wither Lead
10
10
a
Formica
5436 6431
Gaul Machinery pref___100
9
9
931
Gibson Art corn
19
19
a
Hobart
6631 6631
100
Intl Print Ink pref
10
10
40 10
Kahn A
23% 25
* 25
Kroger corn
98
98
100
Lazarus pref
3936
36
•
Procter (lc Gamble
161 161
100
8% preferred
105% 10531
100
6% preferred
4
4
•
Randall B
9
9
*
Richardson corn
17
17
*
United Milk A
21
17
10 21
U 8Playing Card
AVI 54
TT 0 0.4....4 TAM Twat
,
an _ _ _ _ _
Range Since Jan. 1.
High.
Low.
737 11
10 18
2 40
1 80
100 13
25 82
34 66
407
431
310 62
64 21
4 17
50 11
8
208
5
425
21 10
10 6436
9
186
50 18 2
2 6631
10 10
129 2331
11 98
252 36
1 161
3 1053(
4
23
9
100
30 17
862 17
5%
25
Jan 12
Jan 19
Jan 40
Jan 80
Jan 14
Jan 82
Jan 6834
Jan
531
Jan 67
Jan 21
18
Jan
Jan 11
9
Jan
531
Jan
Jan 10
Jan 5434
9%
Jan
Jan 19
Jan 6631
Jan 10
Jan 25
Jan 98
Jan 3934
Jan 161
Jan 10511
4
Jan
9
Jan
Jan 17
Jan 21
5%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
* No par value.
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange, Jan. 6 to Jan. 12, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
51
Brown Shoe corn
12
Corno Mills corn
5
5
Curtis Mfg corn
3%
5
Columbia Brew corn
17
Ely & Walker D Gds cm_25
5
5
1
Falstaff Brew corn
4
4
Hamilton-BrownShoecm 25
44
International Shoe corn..• 47
Johnson-S-S Shoe corn • 10% 10%
5%
Key Boiler Equip Corn. *
Laclede-Christy Clay Prod
4
•
Common
834
Mo PortI'd Cement com_25
16
•
National Candy corn
9
..5
Rice-Stlx Dry Gds corn.
1
•
Scullin Steel pref
100
100 100
Securities Inv pref
17
Common
South'n Acid&Sulphur cm * 2236 2234
117
Southwest Bell Tel pref 100
100
St Louis Pub Sexy cora- *
Wagner Electric com__15 10% 10
61%
12
5
331
17
5
4
47
10%
636
4
836
17
10
1
100
17
22%
11736
100
1015
166
30
50
85
15
35
159
368
100
60
Range Since Jan. 1.
Low.
51
12
5
336
17
5
4
43%
1036
536
4
30
834
68
180 15%
9
802
1
150
40 100
8 17
25 2236
86 116%
200 10e
550 10
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High.
5136
12
5
3%
17
Jan
Jan
Jan
Jan
Jan
Jan
4
Jan
Jan
47
1036 Jan
636 Jan
4
Jan
836
Jan
Jan 17
Jan 10
1
Jan
100
Jan .
Jan 17
Jan 2234
Jan 11736
Jan 100
Jan 1036
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan. 13 1934
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded)
-Par Price. Low. High. Shares.
Range for Year 1933.
High.
Low.
82
51 78
80
Los Aug G s E Corp pref__ 82
936 934
115
534
Lyons Magnus Inc A
36
36
950
%
36
Magnavox Co Ltd
396
334
8% 834
(I) Magnin & Co corn
134 1%
647
36
1%
Marchant Calif Mch corn
73
10 60
73
Mere Amer Rlty 6% pref
1,195 15
--6334 62 64
Natomas Co
17
100 11
17
No Amer Inv 6% pref
48
734
17
18
17
536% preferred
7% 9
3,125
331
No Amer 011 Cons
270
14% 1536
15
Occidental Ins Co
834
4
4
70
336
Paauhau Sugar
18
Pacific G & E corn
1531 1834 6,168 15
2036 1934 2036 4,118 1836
6% 1st pref
1836 1734 1836 1,061 1634
% prat
28% 2334 2836 1,997 2236
Pao Lighting Corp Corn.
73%, 7136 7334 1,012 7036
0% preferred
%
36
123
36
Pac Pub Serv non-vtg corn1% 236
992
1%
Non-votg pref
214 67
7436
72% 72
Pat Tel & Tel corn
95 9934
104 106
104
6% preferred
611
836
27% 2634 2734
Paraffine Cos corn
290
6
Rainier Pulp & Paper Co.. 18% 1734 1836
10 70
70
SanJoaq L & P7% pr pf ------ 70
685
4
836 8%
Shell Union Oil corn
670 3836
68% 7034
69
Preferred
20% 2,300 11%
2034 19
Southern Pacific Co
4,765
5
6
431
6
So Pao Golden Gate A
3
336 331 1,320
331
3831 3934 1,689 20
Standard 011 Cool Calif
125 2234
30
30
Telephone Inv Corp
8% 8%
440
334
Tide Water Assd 011 corn..
5 24
66
66
0% preferred
434
634 736 57,383
Transamerica Corp
30% 3236 1,594 17
31
United Aircraft
892
1834 1834
934
Union 011 Co of Calif
185 188
50 165
Wells Fargo Bank 4t U T.. 188
12
675
123-4
536
WesternPipe & Steel Co...
176
3
3
236
YellowChecker Cab Co A.
Nov 98% Jan
June 13% Sept
Mar
1 June
Feb 10
July
Feb
234 June
Jan 77
Nov
Feb 7834 Oct
Mar 31
July
Apr 27
July
Apr
9% Oct
May 20
July
Apr
634 July
Dec 32
July
Dec 2534 Jan
Dec 23% Jan
Dec 43
Jan
Nov 9334 Jan
Mar
236 June
Dec
6 June
Apr 9436 July
Apr 111
July
Feb 29
July
Jan 2034 Oct
Dec 97 • Jan
Feb 1134 July
Jan 70% Jan
Feb 38% July
Jan
834 July
Nov
6% June
Feb 44% Nov
Apr 32
Aug
Feb 1136 Sept
Apr 66
Jan
Mar
9% July
Feb 46
July
Feb 2334 July
Apr 220
July
Feb 17
July
Dec
3
Jan
-Record of transaeSan Francisco Cur , Exchange.
tions at San Francisco ;tub Exchange, Jan. 6 to Jan. 12,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High Shares.
20
20
5
Alaska Mexican
Bo
60
5
Alaska United
109 116
100 115
Amer Tel & Tel
22e
Amer Toll Bridge Del---1
4.65 5
Argonaut Milling
5 4.8
734 1336
Aviation Corp (Del)
5
20
22
Calif-Ore Pow 6% '27_100
5134 53
5 51%
Chrysler Corp
2
234
Cities Service
234
834 836
Claude Neon Elec
61c 61e
1
Claude Neon Lights
48
51
• 51
Crown Will 1st pref
19% 20
•
2d preferred
3634 363
Foster & Kleiser pref_ -100
4
General Motors
10 34% 3336 36
29
29
Hawaiian Sugar
20
3.25 3.25 3.40
Idaho Maryland
1
154
150
Italo Petroleum
•
52e
52c
*
Preferred
10
10
Marine Bancorp
•
Occidental Petroleum____1
•
O'Connor Moffatt
20
Onomea Sugar
Pacific Amer Fish
*
Pacific Eastern Corp
I
Pacific Portland Cem_100
20
Pineapple Holding
*
Radio Corp
10
Republic Pete
•
Riverside Cement
Schumacher W Bd pref. •
•
Shasta Water corn
25
So Calif EdIson
25
536% pref
25
6% preferred
25
7% preferred
•
Sunset-McKee A
1
U S Petroleum
10
Universal Cons Oil
20
Wailuku Sugar
•No par Value.
53c
2
17%
16%
1836
16
300
21%
500
3.45
30
8
1%
4.25
6%
634
4
10
3.25
17
1636
1536
1736
2036
16
300
4
2134
530
3.45
30
8
2
4.25
7
7%
4
11
3.25
17
18%
1634
1836
2034
16
310
4.40
22
500
2,000
550
4,500
1,700
465
20
505
612
440
45
142
25
10
2,000
34
2,400
100
200
30
Range for Year 1933.
Low.
High.
2c
40
8636
200
1.75
536
20
3636
134
5%
300
1434
1634
24
10
2036
1.75
50
34e
834
Dec 36c Aug
Dec
1.50 July
Apr 13436 July
Dec 48c June
Sept
5 Sept
Feb 16
July
Jan 66
Jan
Oct 57
Dec
Dec
6 May
Jan 1234 July
Apr
2 Jane
Apr 6234 July
Dec 3534 July
Jan 36% Nov
Mar 36
Jan
Jan 35
July
Mar 4.60 Aug
Dec 40c June
Apr
1.10 June
Feb 15
July
1,500 37c
100 2.50
40 2234
300 2.50
540 ,1%
100 2.10
945 1.25
210
3
10
1.20
60
3
22
3
60
834
372 1434
1,357 15%
301 1634
8 20
20
836
2,200 290
460
2
75 1634
Apr 90e June
Dec
5
Aug
Jan 42
July
Feb 103-1 July
Dec
5 June
May
6
Aug
Apr 10
July
Feb 1234 July
Apr
5% Oct
May 11
Jan
May
4.60 July
Jan 18
Dec
Nov 2731 Jan
Dec2231 Jan
Nov 243-4 Jan
Dec27
Jan
May 16
Oct
Dec650 May
Mar
6
Aug
Jan 22
Jan
•No par value.
Los Angeles Stock xchange.-Record of transactions
-Record of transac- at the Los Angeles Stock Exchange, Jan. 6 to Jan. 12,
San Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Jan. 6 to Jan. 12, both inclusive, compiled from official sales lists:
both inclusive, compiled from official sales lists:
Sales
Frida
Stocks-
0155*
eltaay
Log Week's Range • for
Week.
of Prices.
Sale
Par Price. Low. High Shares.
Alaska Juneau Gold Min__ 21% 2131 22
3
3
Atlas Imp Diesel Eng A__ -----122 125
124
Bank of Calif N A
3% 434
436
Byron Jackson Co
2031 21
Calamba Sugar corn
1911 1931 20
7% preferred
%
%
36
California Copper
6
6
6
Calif Cotton Mills com___
30
Calif Ore Pow 7% pref.__ ------ 30
2131 1931 2131
Calif Packing Corp
1534
1531 15
Cant West Sts Life Ins cap_
16
16
16
Voting pl
2431 2331 2531
Tractor
Caterpillar
2331 2336 2331
Clorox Chemical Co
61
61
Coast Cos Gee E6% 1st Pf2536 24% 25%
Cons Chem Indus A
434 4%
431
Crown Zellerbach v t c
39
34
39
Preferred A
39
34
39
Preferred B
Eldorado 011Works
Emporium Capwell Corp -----1834
Firemans Fund Indem__
Firemans Fund Insurance_ 6236
First Nati Corp of Ptld_
11
Food Mach Corp corn
Foster & Weiser com
Co Ltd corn...
Haiku Pine
Hale Bros Stores Inc
Hawaiian C & 13 Ltd
Home F & 54 105 Co
Hutch Sugar Plant
Investors Assoc (The)
-----Jantzen Knitting Mills
Longendorf Utd Bak A_
- __..._ "...t. Q.t.. On
20
634
1836
4734
16
1036
131
136
1034
4534
25%
7
5
5%
14
244
2031
634
1836
5231
15
1134
1%
1%
1034
46
26
7
5
5%
14
2414
Range for Year 1933.
StocksLow.
High.
235 11% Jan 3231 Aug
212
1% Dec
736 July
Feb 160
July
260 101
612
1
Mar
6% July
8
Mar 24% Oct
475
Mar 2034 ' Oct
400 11
1
36 Jan
July
150
34 Jan 16
July
415
Jan
Dec 85
20 20
831 Mar 3434 July
1,453
Apr 3131 Jan
395 13
Jan
34 15 June 31
5% Feb 2931 July
3,965
205 13 May 2131 June
12 5631 Dec 79
Jan
mar 28
July
870 11
Feb
8% July
1
4,172
7% Mar 4336 July
135
7
mar 43 July
242
385
315
33
313
100
1,380
160
60
463
36
102
10
100
140
160
195
1034
2%
1231
3436
1036
536
1
%
434
2734
18
5
234
2
434
1131
Jan
Feb
Apr
Mar
Apr
Jan
Jan
Mar
Apr
Jan
Apr
Apr
Mar
Apr
Feb
Feb
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
2336
8%
25
61
16
1631
4
334
13
4931
3031
10
9
734
1431
27
Sent
July
July
July
July
July
July
June
July
Sept
July
July
July
June
July
July
Alaska Juneau Gold Mg_10 21
Barnsdall Corp Cara
5
3
10
Bolas Chios, 011 A
4
Byron Jackson
•
•
25
California Bank
•
California Packing Corp_ a
Cent Investment Corp_100
5 51
Chrysler Corp
•
Citizens National Bank.20
,
Claude Neon Elec Prod *
•
Consolidated Oil Corp_ a
16 ;
Douglas Aircraft Co Ina_
Globe Grain & Mill com_25
Goodyear T&R(Callf)pf100 66
Goodyear T&R(Akron)cm*
Preferred
Hancock Oil corn A
Los Angeles G& El pi_ _100 81 ;
1 ;
Lockheed Aircraft Corp-1
Monolith Portld Cem corn a
.
Pacific Finance Corp comb0
Pacific Gas & Elec com26 18
•
25
6% 1st preferred
.
536% let preferred_ _25
28 ;
Pacific Lighting corn
*
6%. preferred
•
Pacific Mutual Life Ins-10
Pacific Western Oil Corp.
4 5
Republic Petroleum Ltd_10
Secur 1st Natl Ilk of L A_26 30 5
•
Shell Union 011 Corp com_*
Socony Vacuum Corp_ __25
So Calif Edison Ltd com_25 18
Original preferred_ _26
25 20 6
7% preferred A
25 18 6
6% preferred B
536% preferred C....25 16 1
2136
831
334
4
17
1934
2
61%
23
8
10
16%
535
66
3436
7434
634
7936
136
13-4
736
1636
1934
18%
243-4
71
22
634
434
3034
8%
1536
16
32
2036
1734
15%
213-4
834
3%
4
20
1934
236
5336
2334
836
1036
17%
534
88
3534
7436
6%
82
1%
13-4
7%
18
20
18%
2836
71
22
7
6
31
834
1534
1834
32
2074
1834
1636
100
200
1,200
300
250
100
213
400
450
1,100
400
400
100
3
300
10
100
190
4,300
100
300
400
600
100
600
10
50
200
1,600
550
300
300
2,900
50
900
1,000
2,400
Range for Year 1933.
Low.
High.
14
3%
136
1
1934
13%
1
934
21
6
636
11%
534
22
2536
5336
3%
76
131
1
4
1534
1836
____
Mar
Jan
___
Jan
Apr
Oct
Mar
Dec
Jan
Jan
Jan
Jan
--Oct
Nov
Feb
Nov
Nov
Jan
Mar
Dec
Dec
32%
11
Sept
636 July
6%...,
3436 Jan
2834 July
6
July
59
Jan
38
Jan
1334 July
1536 July
18
July
3431 July
72 -4234 July
7436 Jan
1234 July
98
Jan
1% Jan
134 Nov
1134 July
3034 July
2531 Jan
2236
71
19
236
1%
25
434
1236
1436
Dec
Jan
Mar
Mar
Feb
Nov
Mar
Nov
Nov
43
9231
3034
934
6
4536
1131
1634
2736
20% Nov
16% Nov
1536 Dec
Jan
Feb
July
Sept
Oct
Jan
July
Nov
Jan
2734 Feb
24% Jan
2234 Jan
Volume 138
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded)
-Par Price. Low. High. Shares
So Counties Gas 6% pf_100
Southern Pacific Co._ _100
Standard Oil of California *
Title Ins & Trust Co._ __25
•
Transamerica Corp
Union Bank & Trust Co 100
Union Oil of Calif
25
* No par value.
20%
38%
7
1815
75
18%
38%
20
615
80%
18%
76
20%
39%
20
7%
80%
18%
113
1,500
1,600
32
9,600
15
1,200
Range for Year 1933.
Low.
75
11%
20
19%
4%
85
9%
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Conduded)-Par Price. Low. High Shares
High.
Jan 90
Feb 38%
5
Feb 44%
Dec 31
Apr
9%
Jan 200
Feb 23
Feb
July
Nov
July
July
Feb
July
New York Produce Exchange Securities
Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Jan. 6 to Jan. 12,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last TVeek's Range for
Sale
of Prices.
Week.
Par Price. Low. High Shares
Abitibi Power
•
Preferred
•
Admiralty Alaska
1
Aetna Brew
1
Allied Brew
1
Altar Cons
1
American Republics
Angostura Wuppermann.1
Arizona Comstock
Bancamerica Blair
1
Betz & Son
1
Black hawk Cons Mine_ _1
Brewers & Distillers v t c.*
Bulolo Gold (Dld
Cache La Poudre
20
Carnegie Metals
1
Columbia Baking
Como Mines
1
Croft Brew
1
1%
I%
435
12c
N
2%
1.00
2
4
3%
50c
50c
2%
2%
3
39e
33c
2%
28% 24%
18%
17%
1.50
%
54c
41c
2
1%
1%
5
12c
1
3%
1.75
2
4
50c
2%
3%
39c1
2%
28%
1811
1.60
61c
2
Range for Year 1933.
Low.
1,000 38c
200
4%
2,000
Sc
700
1
600
2%
300 1.05
100
1%
1,800
231
1,500 25e
100
1%
300
3
1,000 39e
9,100
1%
1,350 15
1,800 17%
200 1.00
100 25c
32,000
8e
15,500
1
High.
Dec
5
Dec
6
Mar 19c
Oct
2
Dec 1115
Nov
2%
June
3%
Oct
4
Nov
3%
July
6%
Nov
3%
Oct 57c
July
3%
Aug 25
Dec 2115
Oct 1.74
Dec
11
Max 48c
July'
2%
July
Dec
Feb
June
July
Aug
June
Dec
Nov
Nov
Dec
Aug
July
Nov
Nov
Nov
Aug
Dec
July
313
Range for Year 1933.
Law.
Zilch.
Distilled Liquors
5 15%
Distillers & Brew
5
Eagle Bird Mine
1 1.45
Eitingon Schild w 1
*
Elizabeth Brew
1
Fade Radio
1
1
Flock Brew
2
1
Fuhrmann & Schmidt _ _ _1
General Electronics
1
234
Golden Cycle
10
Grigsby-Grunow
• 45c
Harvard Brew
1
IIelena Rubenstein pre'__•
Hendrick Ranch
•
Kildun Mining
1
235
Kuebler Brew
1
Maeassa Mines (new)_ __1
National Surety
10
IX
Newton Steel
•
6%
Oldetyme Distillers
1
x Oldetyme Distillers_ _ _ _1
4%
Paramount Publix
10
2%
Petroleum Conversion _ _ 1
1
Pittsburgh Brew pref
50
Railways Corp (new)_ _ _ _1
3%
Rayon Industries A
1
7
Richfield 011
• 300
Rustless Iron
*
2
Simon Brew
1
1%
Siscoe Gold
• 1.50
Squibb Pattlson pref
1
Sylvanite Gold
1
Texas Gulf Prod
•
4%
United Cigar (new) w L.5
8%
Universal Cooler A
•
4%
Victor Brew
1
35
Vollmer Brew
1
13% 15%
1,800 11% Nov 18% Oct
7% 10
1,300 10% Dec 11% Dec
1.15 1.48
1,100 1.00 Nov
3% July
9.55 9%
200
8
Dec
Dec
9
55
1
1,900
55 Dec
4% June
% 1
2,500
3% May
11 Dec
1
1
200
% Dec
654 June
ii
15
100
15 Dec
335 July
2
2%
5
600
111 Dec
4
May
18% 18%
100
8% Mar 20% Nov
380 50e
6,700 25c Dec 50c Dec
2% 2%
700
2
Nov
Dec
3
7% 7%
100
2% Mar
Nov
8
55
%
200 25o June
1% Nov
2% 2%
1,900
1
Mar
5
July
2
2
1.600
2% Dec 3% Aug
2.00 2.05
2,300 1.70
Dec 1.70
Dec
54
134
2,700
534 615
4,100
2
May 10% July
18% 19%
600
1
Jan 32
Jul)
4% 435
400
1% 2% 33,500 12c Mar
2% July
55
1
1,100 38c
Apr
1% De(
37% 37%
20 2035 May 39
Juni
3% 3%
2,800
11 Apr
5
Oc
6% 7
11,200
6% Sep
434 July
30c
35e
900 25c Dec
Jun,
1
2
2%
300
1% Nov
3% Jul:
55
1,300
134
1
Nov
1% Oc
1.50 1.55
300 1.01 Mar 1.80 Jul:
2%
235
1,100
2% Dec
6% Oc
1.52 1.52
100 950 July 1.45 Jun
4
4% 6,300
3% June
6% No
7% 8%
700
7
Sept834 Jul,
200
434 4%
%
35
100
35 Nov
2 Jun
X
51
300
54 Dec
2% Au
nraf
lon
14
14
100 26a
Dec
5
Ma
* No par value. x Sales ex-distribution 2-3 share Distillers Corp.-Seagrams, Ltd.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complet9 record
of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Jan.61933) and ending
the present Friday, (Jan. 12 1934). It is compiled entirely
from the daily reports of the Curb Exchange itself, and intende
is
d to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Week Ended Jan. 12.
Stocks-
Indus. & Miscellaneous.
Acetol Products cony A_ •
Acme Wire Co v to
25
Adams Millis 7% pref__100
Aero Supply Mfg el A
.•
Class B
•
Air Investors corn
•
Warrants
Allied Mills Inc
•
Aluminum Co common_ •
6% preference
100
Aluminum Ltd corn
•
American Beverage
1
American Book
100
Amer Capital$3 preferred
•
American Corp corn
•
Amer Cyanamid Class B •
American Equities
1
Amer Founders Corp__ _1
lot 7% prof ser 13
50
6% 1st preferred D_ _ _50
Amer Investors corn
1
Amer Manufacturing_100
Amer Meter Co
•
Amer Pneumatic ServiceCommon
•
Arnim Potash & Chem__ •
Amer Salamandra
i0
Amer Thread pref
5
Anchor Post Fence
Arcturus Radio Tube_ _1
Armstrong Cork own ___ ..•
Arundel Corp corn
•
Associated Eleo industriesAmer dep rcts
£1
Associated Rayon
•
Atlas Corp awn
•
$3 preference A
•
Warrants
Atlas Plywood Corp
•
Auto-Voting Mach
•
Axton Fisher Tobacco A_I0
Babcock & Wilcox
100
Baldwin Locomotive Wor
Warrants
'reliance Aircraft v t c_ _1
Bliss(E W)Co corn
•
Blue Ridge CorpCommon
1
6% opt cony pref
•
I tridgeport Machine
•
14'111 Corp class A
•
British Amer Tobacco Ltd
Amer dep Ms for bearer_
British Celanese LtdAm dep rent reit ohs
Brown Co 6% pref
100
Brown Forman Distillery_•
Burma Ain dep rcts reg. _ _ _
Butler Brothers
10
Camden Fire Insurance_5
Can Indust Alcohol A_..•
Class B non-voting_ ___•
Carnation Co common_ •
Carrler Corp
•
Celanese Corp of Amer7% 1st panic pref__ _100
7% prior preferred _100
Celluloid Corp corn
15
$7 div preferred
•
Centrifugal Pipe Corp _ _ •
Charis Corp
•
Chicago Corp corn
1
Childs Co pref
100
Cities servioe oommon„.•
Preferred
•
Preferred B
*
Preferred BB
•
Claude Neon Lights
1
Cliffs Corp v to
•
Club Alum Utensil
*
8%
335
8%
72
6615
1%
31,3
16%
55
10%
3
3%
Range for Year 1933.
Low.
3%
8%
73
911
234
1%
15
8
70
6634
25
135
50
3%
8%
73
9%
355
1%
11
8%
74%
67%
25
1%
50
200
100
50
300
5,500
400
100
2,100
2,250
150
100
400
10
2%
2%
60
5
x
1%
x
3
3715
37
13%
13j
34
Nov
Mar
Apr
Oct
Feb
Dec
Jan
Apr
Feb
Mar
Mar
Dec
Mar
17
15
1535
1
55
034
10
2
10
731
17
100
hi 2,100
17
28,900
1%
500
54
1,200
75
911
10%
125
215
300
10
25
8
225
434
Ire
3%
115
55
8
8
2
811
5
Jan
Dec
Feb
Nov
Dec
Apr
Dec
Apr
Nov
May
315 3%
a1735 a1735
4
4
3% 334
1%
111
400
100
100
1.500
1,000
111
100
1635
1435 1634
17
17
1,100
50
1
8
3
2%
%
31
434
10%
5%
234
1134
4% 511
1,600
215
200
234
1034 1 134 14,100
39
3935
200
411 415
1,800
555
200
574
2,54 3
600
63
65
225
255
35
515
33
215
135
1%
2534
35
25
/IS
4%
5%
255
35
734
4
235
35
100
high.
5
15%
80
10
4%
254
1
15%
95%
7735
53%
134
55
19
N
16%
4%
211
20%
20
6
25
20
Dec
June
Dec
June
June
June
June
June
June
July
June
334
Apr1634
Dec9
Apr
3%
FeD
3
Feb235
Mar 24
Apr 31
Deo
July
July
July
Sept
July
July
July
Apr
Apr
Apr
Mar
Feb
Apr
June
Feb
July
June
June
May
June
June
June
June
Jan
515
5%
1834
4355
10
6%
315
65
59
735
4%
215
600
400
100
234
17-4
234
3115 3134
x
x
115
135
3,200
800
Dm
200
134
2134
34
x
Nov635
Mar 3735
Mar
134
Feb555
2931
2911 2915
1,600
18
3%
414
1934
1831
5%
05
1515
4035
6
2%
18
234
15
12
14
June
July
June
June
June
Nov
June
Aug
June
July
June
Nov
July
Aug
635 Oct11
Aug
155 July
7
Sept
1
Feb
515 July
June
June
June
July
16
Nov
3054 Nov
335
7
1634
334
411
13%
1815
1735
1415
575
355 1,300
25
7
1835 29,900
315
400
1,200
414
1334
100
19% 3,000
1835 1,000
1455
200
634 1.100
1
3
1415
135
115
11%
234
754
5%
4
Apr
May
Dec
Feb
Feb
Oct
May
July
Mar
Feb
43.4
14%
17
37.4
634
123-1
3834
34
18
17
95
83
123.4
36
434
10
2
1411
2
12
1
9
55
9%
35
9735
8311
15%
4034
5
10
27
51
2
20
234
631
34
6%
2%
18%
235
15
135
12
11
931
34
500
175
600
50
1,400
100
300
350
30,900
1,600
100
130
600
50
500
June
July
Dec
July
June
Dec
July
July
May
July
Apr 1143
% Oct
Apr 90
Oct
Apr 2634 Oct
Islay 58
Oct
J1111
515 Dec
June 1214 July
Mar
411 July
Nov 30
July
174 Dec 655 May
10
Dec 30
May
1
Apr
334 Juno
5
Apr 25 Islay
14 Apr
2 June
31 May
135 June
Friday
Sales
Last Week's Range for
Sale
of Price,.
Week.
Stocks (Continued)
-Par Price. Low. High. Shares.
Consolidated Aircraft ____•
Consol Automatic
Merchandising v t c._•
*
Cons Retail Stores
Cord Corp
5
Carroon & Reynolds
1
Common
*
$6 preferred A
Courtaulds Ltd
Amer dep rats ord reg £1
Crane Co corn
25
Crosser Wheeler Elea_ __•
Crown Cork Internatl A....•
Crown Zellerbach Corp
$6 cony pref class A_ _ _ -•
Cuneo Press corn
•
Detroit Aircraft Corp___•
Distillers Co LtdArner deposit rcts
Distillers Corp Seagrams..•
•
Doehler Die Casting
Dominion Steel & Coal B 25
Dow Chemical
•
Driver-Harris 7% pref_100
Dubiller Condenser
1
Duval Texas Sulphur_ __ _•
Range for Year 1933.
Low.
High.
9
8
9
3,100
1
35
134
63.4
11
1%
6%
N
1%
7
100
400
4.300
hi Oct
35 Jan
4% Feb
54 June
2% June
155 July
1% 1%
11% 12%
200
200
X Apr
Mar
6
4
20
July
July
11%
8
511
7
1,600
50
500
2,800
43.4 Mar
435 Mar
21* Feb
234 Jan
11%
11%
11
9%
Nov
July
July
July
35% 3534
16
16
g
31
100
200
700
10
Apr
935 Apr
35 Jan
114
11%
8
5
7
11
21%
25%
335
7335
35
4%
8
5
6%
21%
23
311
2%
7335
56
35
4%
21% 3,800
26% 34.600
3%
800
2%
100
7335
100
56
10
35
100
535
500
1734
15
1%
1%
30
49
els
35
Mar
July
July
Feb
June
Mal
Sept
Feb
Feb
12
July
3534 July
1635 Sept
"Is Dec
22%
495
5
4
78
67
I%
8
Dec
July
Juni
July
Jury
Juni
Juni
Am
Easy Wash Mach B
7% 7%
loo 134 Jan 9 Sep,
•
Eisler Electric Corp
1
1
500
•
15 Apr
2
July
Elva Power Assoc corn _ _ _ _1 x531
4
511
800
235 Apr
1234 Juts
Class A
1 x531
434 534
800
214 Apr 11% Juts
Electric Shareholding
Common
•
211
211 2%
900
2
Dec
911 Jun,
• 36
$6 cony pref w w
36
36%
200 3435 Dec 595% Jun,
lee
Equity Coop corn
1%
154 1% 3,100
115 Nov
234 Am
Ex-cell-0 Aircraft & Tool..
100
134 Feb
374 3%
634 Jul:
Fairchild Aviation
1
5% 6
6
800
2% Jun
8% Jul:
Fairey Aviation Ltd___10s
535
100
534 53.4
4
Dec
415 Jul;
Fajardo Sugar
100
50 22
Mar 80
7034 70%
Jul:
Falstaff Brewing
I
535
5
534
1,300
3
Dec
814 Oc
Fansteel Products
335 335
100
•
1% Apr
456 Jul:
Slidell° Brewery
1
134
111 115 4,200
434 Act
1
Dec
Fisk Rubber Corp
1 10%
815 10% 34,500
% Apr 10
De
$6 preferred
100 68
65
68
500 18
Jan 70
De
Flintokote Co cl A
•
535
435 535
500
1% Feb
7% Jun
Ford Motor Co Ltd
Amer dep rota ord reit- £1
515 534 3,000
634 Jul
2% Feb
5N
Ford Motor of Can Cl A • 15%
1535 16
1,900
455 Feb 1934 Jul
Class B
• 20
20
20
60
915 Feb 26
Jun
Foremost Dairy Prod__ _•
X
X
100
x Dec
1% Jun
Franklin IsIfg 7% pref _ _100
135
134
50
114 Dec
835 Jun
Garloack Packing cona___• 12% 12% 12%
100
4
Mar 1435 Jul
General Alloys Co
•
2
3% 4,300
23.4
15 Mar
4X Jul
General Aviation Corp_ _ _1
554
514 555
900
234 Jan 1051 Jul
Gen Elec I.td Am den rcta •
1051 115%
30
635 Jan
1114 No
Gen Fireproofing corn__ •
514 535
20
2% Feb 10
Jul
Gen Invest. Corp. corn_ _5
15
he
X
300
hi Dec
234 Jul
Warrants
'11
400
'ci
In Dec
a. Jul
General Rayon A
•
2%
115 215 3,500
15 May
10 Jut
General Tire & Rubber_ _2,5 77% 6455 78
975 23
AP
14
0
Jul
Glen Alden Coal
• 1131 11
12
4,000
615 Apr 2454 Jul
Globe Underwriters
2
100
6% 634
4
Feb
735 Di
Godchaux Sugars 13
•
300
434 434
255 Apr 15
Jul
Gold Seal Electrical
1
15
15
35 7,900
X Dec
135 Jut
Gorham Mfg own v t c • 1415 1334 1534 2,000
6
Jan 2934 AL
Aggrement extended____
1355 14
1334
200 12
Feb 20
No
Gray Tel l'ay Station_ ___• 1435
13
35
8% Apr 29
1434
Jul
Go Alt & Pao Tea
Non-vol (tom stock -__• 128
210 115
12215 128
Dec18135 Ma
7% let preferred _ -- _100 12235 121 12254
00 118
Mar 127
01
Greenfield Tap & Die._ _•
535 535
200
135 Apr
6
Jul
Greyhound Corp
5
6
6%
300
8
No
534 Dec
GroceryStoresProd v t c 25c
%
54
54
1.700
X Dec
3 Jur
Guardian Investors
1
31
ice
200
X Dec
155 Jul
Hall (C NI) Lamp Co•
4
4%
500
1% Mar
734 Jul
yi
Happiness Candy Stores
35
.•
200
15 Mar
% Jul
Hazeltine Corp
•
3
3
100
1% Mar
63.4 Ju
Ilelena Rubenstein
•
14
35
200
35 Mar
131 Jut
Horn & Hardart corn_. z17
•
17
17
225 16
Dec 2554 Jul
Ifydro Else Securities_ _ _ ..•
614
6
6% 1,200
9% Ju
311 Nov
Hygrade Food Prod
5
331 435
334
800
9
254 Mar
Ju
Imperial Chem Industries
Amer deo rcts
£1
834 831
200
434 MaY x 834 Ni
314
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Financial Chronicle
Range for Year 1933.
Low.
High.
Sales
Friday
Last Week-s Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par Price. Low. High. Shares.
Jan. 13 1934
Range for Year 1933.
Low.
High.
Ite May
200
56
Union Tobacco
16 June
14
•
Imp Tobacco of G 13 AL Ire
Feb 30% Nov United Aircraft .4 TransP
400 15
2836 2956
Amer den rcts ord shs_Ll
Nov
9 June 16
900
124 1334
Warrants
4134 1,400 25
Mar 4556 July
Insurance Co of No Am_10 41
3816
Sept
156 Feb
200
8
556 654
Dec United Carr Fastener_ _ _ _•
556
22
400
20
756 Jan 20
Interstate Hosiery Mllls_ •
July United Chemicals
8
Nov
5
100
84 84
'
7
Iron Fireman v t c
Jan
7
100
2034 June
816 May
15
• 15
Dec
15
$3 partic pref
316
3%
3
300
1
334
Irving Air Chute
33 June
United Dry Docks ____ . _•
14 134 2,200
July
14
56 Mar
3751 3954
Jan 80
170 19
Jones dr Laughlin Steel_100 39
July
3
lire
56
34 Dec
956 Nov United Founders
56 12,500
1
Breweries_ _I
64 Dec
600
714
Kingsbury
656
734
_1
400
856 Dec 2334 June United Molasses Co1
Kreuger Brewing
1054 104
1016
54 July
Am dep rcts ord ref __LI
116 Feb
456 36,100
4
1% May
43-4
Lakey Fdry & Mach
56
h Jan
100
•
%
56
254 June
United Profit Sharing
56 Mar
111
2
•
Langendort Tin Bakeries234 8,100
Dec
r7
June
10% preferred
6
i0
100
456 Oct
8% 83-4
300
1434 1434
Class 15
256 Dec
*
June United shoe Mach coin_ 2b 6016 594 6016
800 3034 Mar 584 Dec
516 Apr 14
600
6%
6
64
Lehigh Coal & Navigation.
Mar
l'referred
3354 3354
Mar 36
20 30
25
Jan 1634 Sept
2,800
20
16
4
•
Lerner Stores corn
Sept United Stores v t C
Feb51
2 June
4 Jan
300
.16
35
35
•
50 17
6516 6516
6% pf with warrants_100
100
2% June
56
56
56 Dec
834 June U S Dairy Products B.. •
251 35,6
1,000
135 Feb
Libby McNeil de Libby __10
33-4
736 July
500
211 216
24
36 Feb
•
III Apr 234 May U 9 Finishing
Louisiana Land & Explor.
256
•
234 334 20,700
Oct4234 Sept US Foil Co class B
256 Apr 1156 June
400
556 636
1
3531 3,100 30
5 3536
Lynch Corp
33
Dec14 June U H & internal Secur1
100
2% 2%
Alangel Stores Corp
•
34 July
Common
134
700
14
*le Jan
•
Apr 1656 Dec
7
100
20
13-4
100
20
656% pref w w
July
I"t nret wits warr__ .
1,000 174 At 4r 65
55
Feb 3456 Sept
53
• 53
200 21
• 3034 304 3034
Mapes Consol Mfg
400
3.4 Dec
156 Dec US Lines pref
151 June
r%Dec
4
1,900
Maryland Casualty
1% 216
2
4
1
51
•
July
625
Mar 28
8
10 214 1836 2156
Oct 1034 July U S Playing Card
3
416 54 2,500
551
Massey Harris Co corn. •
10
Aug
July
6
516
50
Universal Ins Co
53-6
8
Mathieson Alkali Works4 Dec
400
436 June
Utility Equities Corp_ _•
156
134
13-4
100
12
12
Part paid rcts 1st paymt_
Apr 5034 June
40
75 25
36
234 July
Priority stock
• 40
6,900
5
, Jan
4
134
111
Mavis Bottling class A 1
13-4
400
154
356 Juno
56
1
56 Dec
•
Sept Utility & Indus corn
Mar 48
100 27
Mayflower Associates ... . 434 4316 4356
14 Apr
200
736 June
,
5
5
July
6
Feb
Cony preferred
•
1
800
156 2
AlcCord Had & Mfg B •
2
1434 Nov
800
Aug
8
Waco Aircraft Co
• 104 1011 11
200
AfcWilliams Dredging__ *
16
16
100
10% 1051
June
12
May Wagner Electric
734 May
15
200 38% Feb 69
504
48
Mead,Johnson & Co
• 48
July
x18
400 114 Feb 21
July Walgreen Co common_ _ _• z18
1934
Feb 20
8
200
12
Mercantile Stores
12
• 12
Hiram Walker-Gooderham
33-4 July
116 Oct
100
154
Michigan Sugar Co
•
13-4
rn-&Worts Ltd corn
22,000
336 Feb 6434 July
52% 57
• 55
Midland Royalty
1736 Dec
17% 1734 2,400
73-4 Feb
Cumulative pref
Nov
7
•
356 May
831 94 2,100
•
$2 cony pref
954
154 July
100
h Jan
56
4
Mar 2936 July Watson (John Warren)_ •
100 11
Midvale Co
2114 2134
•
256 May
200
56
56
h Mar
Wayne Pump Co
•
Minn-Honeywell Regulator
Mar 1634 July
4
900
13% 16
Apr 88% Dec Williams (R C) & Co Inc.• 16
30 59
87
87
Preferred
100
4 Dec
100
356 July
1
1
1
654 Dec Wil-low Cafeterias
1
254 Oct
6% 22,400
Molybdenum Corp v t e_l
.5
6
Woolworth (F WI Ltd
Montgomery Ward & Co2656 Nov
23% 244
200 114 Jan
Arn dep rots ord shs
370 4616 Feb 9254 Dec
884 904
•
Class A
4
rite Dec
700
I 56 .1 ,•0
16
, .
•
Nat a merlear Co
Public UtilitiesJuly
Feb 39
100 z20
32% 3234
•
Nat Bond & Share
270 26
Dec 653-4 Jan
I% July Alabama Power $7 pref _ _• 4315 3856 44
V Jan
2% 4,800
234
Natl Belles Hess corn.. 1
2
36
36
•
10 25
Dec 5656 Jan
56 preferred
225 76% Feb 974 Aug
91
91
Dairy pref A
Nat
100
4 June Am Cities Pow & Lt
Feb
1
900
14 216
156
National Investors com_l
26
300 244 Nov
25
Common class A
25 26
3634 June
536 June
34 Apr
400
%
Warrants
X
%
634 June
New class 13
116 Dec
1% 2% 7,300
254
_1
56 Feb 3% July
100
1
1
Natl Leather corn
•
Amer & Foreign Pow ware
235 Apr
1,200
24 may
1334 June
54 6
4 Mar
600
X
35
si
,
Nat Service common_ _ ._ 1
1834 2434 34,600 1734 Mar 50 June
6% May Amer Gas & Eleo com_..• 2334
256 June
500
2
2
2
Cony part preferred. _ _•
7556
Preferred
450 5756 Deo 914 Jan
• 7554 72
1434 June
56 Feb
900
64 63-4
636
Nat Steel warrants
Amer I. & 'Pr corn
1156 z13% 3,100
26 1334
91-4 Dec 2634 June
900 224 Feb 4554 July
35
36
•
Nat Sugar & ROM
251 24 70,000
9% June
2%
154 Deo
236 June Am Superpower Corp corn*
X Jan
100
35
X
1
Nat Union Radio
52
53
700 48
•
7556 June
Nov
lst preferred
Feb 4034 June
9
150
4216 .50
Neisner Bros 7% pref__100
400 124 Dec 50 June
•
1334 14%
May
Preferred
Apr 19
200 10
17
17
Newberry (J J) corn
•
140 25% Nov 46
284 29%
July
Sept Arkansas I'& I. S7 pref.._ •
4
3% Dec
100
3% 3%
Neptune Meter Acorn. •
034 Sept Assoc Gas & EleoFeb 3
50 10
24
24
New England Grain Prod_s
4 Dec
51 5,600
Class A
234 July
56
51
1
356 July
56 Nov
300
256 3
Auction
•
New York
VS preferred
154 Dec 1035 .1111113
100
214 236
New York Shipbuilding
1,,
li
1,000
'GI Apr
h June
Warrants
156 Jan 2
700
034 Aug
1 144 II% 1451
Founders shares
200
4 Dec
134 June
•
9 June Assoc Telep Utll corn_ .
"re
Dec
34
51
2%
500
356 4
•
Niagara Share 11
200 70
Feb 11636 Dee
456 Apr
100
100 1114 11156 113
1734 June Bell Tel of Can
956 916
•
Niles-Bement Pond
Brazilian Ti' L & P ord.__• 1254
Feb 1735 July
6
114 12% 2,100
Nitrate Corp of 6 bile
'ii Dec
54 June Buff Nies & East Pow
500
5.6
36
Ctfe for ord B shares400 15
Dec 22% Jan
154 16
Preferred
25
254 July
54 Mar
Noma Elec Corp
400
•
ii
h
100 69
Dec 9234 Jan
55 1st preferred
70
70
• 70
200 28% Jan 4054 June
32
33
Northam Warren cony pfd•
51 Mar Cables & Wireless LWIle Dec
100
56 4
North & South Amer A__•
14 July
"14 Apr
Am dep rcts A ord ohs Li
700
156
116
135
Novadel-Agene Corp_--.
6334 2,600 3454 Feb 5851 Aug
• 6334 58
4 July
'ii Feb
700
56
Am dep tete B ord ohs_ L 1
Ti,
56
100
4% July
356 356
256 Feb
Am dep rots pref shs_L1
8% Nov
Feb
84 834
3
200
5
011stock Ltd corn
1
10
9
Dec
24 254
Sept
434 June Cent Ind Pow 7% pref_100
1,800
136 Dec
14 256
Corp_ .1
Pacific Eastern
2
Feb 58.4 Aug Cent & Sowest Util48%
600 20
Pan-A rr ellcan Airw ays_ 10 4734 47
116
•
416 July
Mar
14
1
200
136
Common
2736 June
Parke, Davis & Co
• 2356 23
2334 1,500 124 Mar
134 156 7,900
44 June
Nov
1
1%
275 204 Mar 5934 Sept Cent States Eleo oom _ _ _1
• 5536 5334 57
Parker Rust
-Proof
3
3
Juno
216 Dec 18
100
6% preferred x-warr_100
50 1034 Apr 2
034 June
15
15
•
Patterson-Sargent
11
May
12
150
8
Dec 26
634 July Cities Service PA L56 pfd• 12
14 Mar
Pennroad Corp• t o__ _ __I
256 251 9,000
234
July
25
25
500 2016 Apr 37
260 2556 Feb 8356 Oct Cleveland Elec Ilium com• 25
Pepperill Ittfg Co
80% 85
100
Dec Columbia Gas & ElecFeb 98
10 70
Pet Milk Co 7% pref_ _ _100
98
98
July
Dec 138
100 794 68
80
1,300 65
Cony 5% pref
Mar 2734 Sept
200 15
Philip Morris Consol cl A 25
20
20
Nov 82% Jan
51% 5,300 31
1,400
116 Feb
43-4 July Commonwealth Edison_ 100 4816 37
Phillp Morris Inc
356 33-4
34
10
Common & Southern CortiPhoenix Securitiesi,u
156 June
9,20
16 Dec
II
Si
Warrants
334 June
134
1
1
Common
hs Mar
800
134
June
13
416 Nov
125
456 6
700
936 Star 15
Aug Community P & L $6 pre•
0
S3 cony pref ser A_ _ _A0 20%
1831 2011
1.300 434 Apr 7056 June
53
58
June Congo]GE LAP Bait con)• 58
134 Jan
656
Pie Bakeries Inc coin
456
200
*
456 434
Sept76
July
125 37
41
41
Duke Power Co.__ ._ _ _100
Pitney-Howes Postage
54 June
Feb
2
x4
Meter
• z4
416 20,200
Star 12 1 6 June
4
200
656 651
651
Plug urgh plate Glase_ _25 42% 39% 424 6,125 13
Fen
3936 July East Gas & Fuel Assoc.. _ _•
Jan
100 5
434 Nov 68
5656
100 564 56
44% prior pref
234 Nov
56 Mar
Potrero Sugar
600
136 14
14
6
May 68
July
50 39
46
46
6% preferred
100
Jan
2134 July
Pratt & I.ambert Co
700 10
1754 2031
• 2034
700
456 June
h Dec
156
135
135
East States row corn 13_.•
July
4
Propper McCallum Mills_•
1
1
136
36 May
900
100
July
556 Dec 25
7
53-4
•
56 pret series B
10.4 July
3
900
Prudential Investors
Feb
611
•
534 6%
114 Apr
200
651 July
34
5
331
East u til Assoc con stock •
July
Star 79
300 57
$6 preferred
• 634 61% 6356
936 DeC 4134 June
104 143-4 91,500
Eleo Bond & Share corn..6 14
Quaker Oats Co-2,200 2256 Apr5954 June
284 34
55 ournul preferred__ _* 34
July
Mar 140
30 64
Common
• 120
118 120
5,800 25
3816
Apr 66 June
• 374 31
Aug
56 Preferred
Afar 117
20 109
116 116
6% preferred
100
434 Feb 29
275
816
June
6
154 July
Elec P & L 2d pref A ' 816
1,000
4 mar
A
35
35
Reynolds In3rine _._ 1
•
3
354
134 Feb
800
956 July
334
Opt warrants
8% June
May
10
6
200
Rice-Stix Dry Goods..
10
•
6
200
Star 21
July
14
13
% Jan
200
334 July Empire Dist El6% pref 100 14
5
1
Roosevelt Field Inc
1
1
14 June Empire Gas & Fuel Co
Rossla International
300
34 Mar
•
56
56
125
6
May
1034 11
Atur 21
6% preferred
July
100
SafetyCarlleating& Ltg100 62
1,075 1636 Feb 80
63
50
200
734 Apr 25 June
124 14
100
7% preferred
814 July
134 Mar
216 334 13,300
256
St Regis Paper COM...-. -10
June European Electric Corn
220 1216 Mar 86
7% preferred
100 2516 2316 254
114 2,700
10
256 Mar 114 Nov
Dec
Class A
10 1035
634 Feb 19
Schiff Co con)
1816 19%
500
•
36 Apr
114
156 10,500
14 July
Option warrants
13-4
234 May
16 Dec
Schulte Ilea! Estate com__*
2,000
34
ire
he
754 104
400
3
Apr
15
July
13.t June Gen 0& E cony pref B_ •
54 Nov
Seaboard Utilities Shares_ I
7ie 4 1,100
$690 18% Mar 62% June
, 25% 2851
1
pret • 263
134 June Gen Pub Serv
Segal Lock di Hardt% r.re..•
1.500
hi Jan
56
56
51
1,325 ais
Nov
4834
7056 Jan
Georgia Power $6 pref • 4856 44
735 July
Sieberling Rubber corn...*
14 Apr
20
256 3
3
50 40
Oct 55
Aug
• 4431 444 4451
Gulf Sts UM $6 pref
Selected Industries Ino-10
16
34
56 June
54 Jan
56 Feb
44 June Hamilton Gas corny t c_ _1
Common
1,200
2
_ __I
I% 2
1116
150 10
11
Dec 344 Jan
July Illinois P & L $6 pref
•
Allotment certificatee_ _
4536
800 2636 Mar 70
42
45
Internal Hydro-Eleo1434 July
Seton Leather Co
13-4 Apr
•
600
814 9
650 1434 Dec 27
July
14% 1656
Pre $3.50 series
50 1634
Shenandoah CorpJune Internatl Utility5
Nov
Common
1
200
13-4
1
13-4
100
33.6
356
214 Dec 11
•
June
Class A
26% July
53 cony pref
400 1234 May
17
25
1734
16 Dec
14 11,400
:434 June
51
116
Class B
Sherwin Williams com_26 504 4814 5115 6,875 1256 Mar 4751 Dec
1
50 55 June 55 June
40
40
•
May 99
57 prior prof
6% preferred AA_ _ _100
Oct
20 80
100 10116
16 Dec
400
33
Ile
% June
332
Warrant for cl 13 stk...
Singer Mfg
Mar 1754 July
100 161
200 90
159 161
36
4
200
34 Dec
h Deo
Warrants new
Preferred
100 10934 109% 109%
30 10856 Jan 10816 Jan
556 Mar 2316 June
20
8% 9
Smith (A 0) Cory corn...27
1,750 1151 Feb524 June Interstate l'ow 87 Pref.. 9
234 29
14 1% 1,300
4 Feb
3 June
Am dep Ms ord reg....1
354 Dec Italian SUperpower A__ _.•
134 Jan
200
4
4
Sonotoue Corp
336 Nov Long Island Ltg2% Dec
1,400
256 3
2%
316 Dec
4% 2,100
18
356
June
•
4%
Common
Spiegel May Stern300 38
00
4516 53
Nov
8214 Feb
Apr 61
616% preferred
Deo
7% preferred
50 15
62
160
62
20(1 32
364 45
Dec 74
Jan
100 45
6% 13 prof
Sept
Standard Brewing
3
56 Dec
700
116
.51
13-4
•
236 256 2,000
Si Apr
334 Sept
216
334 June Marconi Wirel T of Can.1
Starrett Corporation
56 Apr
ore
56
200
1
56
136 Dec
100
3Si June
1% 14
6% preferred
6 June Mass UM Assoc v t c_ •
Tie Apr
136
1%
10
200
136
5
36
i
3
400
256 Feb
334
61.4 May
Stetson (John B) emu. •
Dec 20
July Memphis Nat Gas
8
25
94 9%
3,100
iis Dec
51
54 May
,
ot
'le
Middle Wait 1J111 Cora..•
Nov
2
Stinnes(Hugo) Corp
54 Apr
300
•
2
2
2
.
Ii
.
, 31
3
200
36 Apr
34 June
Stutz Motor Car
$6 cony pref A
July
456 Dec 20
54 1,300
4
54
•
150 21% Apr 36
35%
35
July
Swift & Co
Montreal Lt, lit & Pr
•
Feb 244 July
10,400
7
13% 15
26 15
60 8031 Apr 10851 Aug
100 101
Swift Internacional
16 2514 2334 2614 4,300 124 Feb 3234 June Alountain Sts Tel & Tel 100 100
3774 434 2250 32
Dec 7256 June
Tastyeast Inc class A .
National P & L $ti pref • 43
54
•
54
24 July
56 3,800
56 Apr
5
6
7% 10
Dec 19
Aug
Technicolor Inc corn
Oct New Orl l'ub Serv pref_ _• 10
14
•
811
1,000
854 856
234 Feb
75 1094 Apr 119
Ails
Tobacco & Allied Stocks_ "
Jan 40% Dec N Y Telep 635% prat_ Wu 11551 11531 115%
100 22
0404 a4056
Shipyards
•
Pow Todd
100 1034 Feb 283.4 June Niagara Mud
21
21
9,200
636
5
454 Dec 1856 Jan
6
16
Torrington Co of Me__ _• 5156 50
Common
Stay 50
Dec
200 30
513-4
56
June
X Dec
900
2
71
Transcont Air Trans
Class A opt warrant13-4
256 Dec
•
200
156
234
634 May
400
14 14
56 Dec5 June
Class 11 opt warrants _ _ ......
Trans Lux Pict ScreenIl 25,200
Its Dec
4 June
Ise
.16
34 June
Common
Class C opt war?
1,600
156 Mar
1
2% 3
Tri Continental warrants__ ______
Nor Amer Lt 36 Pr-454 July
4 Apr
151
156
800
200
2
2
June
2
•
6
1% Dcc
Common
Apr284 June
Tuba° Chatillon Corp_)
2
700
931 1016
525
3
•
Dec 1334 June
34 4
3%
Time gni lAITIP Wk•
114 Jan
934 June
SO preferred
400
•
4
4
331
Financial Chronicle
Volume 138
Fridoy
.sales
Last Week's Range for
PublRies Utilities
Sale
of Prtccs.
Veet.
(Continued)Par Price. Low. High. Shares.
NOT States Pow corn A_100 18%
Pacific a & E
1st pf 25 20%
Pacific Ltg 86 prof
• 7245
Pa Gas & Elec class A_
•
l's Water & Power
Philadelphia Co corn
Power Corp of Can com_ •
Public Service of Nor Ill
Corn $100 par stock. _100 18
Puget Sound P & L55 preferred
$6 preferred
745
Shawinigan wat & Pow_ •
Sou Calif Edison
Preferred A
25 2041
6% pref series B
25
534% preferred C.....25 1644
Standard P &
Common
•
4
Common class B
•
4
Preferred
220
Swiss Amer El pref
• 38
•
Tampa Elec Co corn
•
Union Gas of Canada__ •
United Corp warrants
United Gas Corp corn
1
Prof non-voting
•
Option warrants
United Lt & Pow corn A...•
$6 cony lot pref
•
El 'Flee Pow with wart-1
Warrant
Util Pow & Lt new com 2
V t c class B
1
7% preferred
100
Western Power pref_ _ _ _100
Former Standard Oil
Subsidiaries
Borne Scryrnser Co
25
Buckeye Pipe Line
50
Chesebrough Mfg
25
Eureka Pipe Line
100
humble 011 & Ref new__ _•
Imperial 011(Can)0011D--•
Registered
•
Indiana Pipe Line
10
National Transit.. _ _ _12.50
New York Transit
Northern Pipe Line
10
Ohio 011 Co 6% pref_100
Southern Pipe Line
10
South Penn Oil
21
Standard 011 (Indlana)....2(
Standard Oil (Hy)
If
Standard Oil (Nob)
25
Standard Oil (Ohio) corn 2?
5% preferred
100
Other 011 Stocks
Amer Maracaibo Co
Arkansas Nat Gas coin_ ‘`
Common clam A
Preferred
100
Carib Syndicate
25e
Colon Oil Corp DOM
•
Columbia Oil & Gm rt0.-•
Cosden 011 Co
New common
1
Creole Petroleum
Crown Cent Petroleum_ 1
Darby Petroleum
5
Derby Oil & Ref corn
(lull Oil Corp of Penna.-25
International Petroleum..•
Kirby Petroleum
Leonard 011 Develop. 25
Lone Star Gas Corp
•
1831
20%
72%
635
46%
8
9
18
18
3131 Dec
24% Jan
2244 Jan
300
100
300
15
1%
1%
1545
18%
Dec
Dec
Dec
Mar
16% June
1531 June
50
July
45
Oct
800
1,70
1,400
11,300
1,100
1,300
28,600
10,800
3,50
400
4,600
900
400
100
19%
141
144
145
13
4(
1%
7
31
'ii
44
135
535
66
Apr
Apr
Dec
Feb
Feb
Feb
De
De
Dec
Apr
De
De
Apr
De
32
745
631
641
45
1%
9%
4144
4
4
4
4
1734 z20
3645 38
6
32
122%
33
33%
12%
1314
4%
8
3
444
8435
18
444
3145
14%
1344
23%
7745
70%
234
11
17
8%
11
1514
60
1,000
500
3,400
300
2,300
1,200
1,400
134 2.% 9,300
9% 1055 12,800
1%
1,500
6% 1,500
100
1%
5834 61
8,600
19% 20% 13,90
1%
4,700
100
£18
1,10
6
635
141
14.4
3%
34
1%
1%
234
345
336
100
134
34
435
14% 15%
2
131 2
3-4
1
76
400
100
1,500
1,300
1,300
600
1,900
2,100
3%
1%
4%
1%
2
1%
35
'el
lel
433( 45%
z636
4%
45
35
2641
435
%
35
6%
444
II,
6%
545
Ili.
6%
4%
•is
3%
6%
341
19,300
9,500
80
1,600
600
2,000
1,400
1,200
1,200
700
1,200
200
800
Mining
Bunker !fill& Sullivan_ _10 58
51
61
3,600
Consol Copper Ilium..
41
1
4,60
Consul Min & Smelt Ltd-25
13345 136*
7
Cron Consol G M
1
A
34
% 7,60
Cusi Mexican NIlning_50c
114
1
1% 13,000
Falcon Lead Mines
60
54
3-6
uoldfield Consol Mines.10
1,900
tircia Mining Co
25
6%
6% 7
900
Hollinger Consol 0 M...5 x12
11% 12% 3,800
Ilud Bay Min & Smelt..
9%
8%
4,100
Internet Mining Corp. -1
12%
.
10% 13
8,200
Warrants
33( 444
43-4
4,500
Kerr Lake Mines
4
500
45
36
Lake Shore Mines Ltd....) 44% 44% 46% 4,500
Mining Corp of Can
•
1.41
100
New Jersey Zinc
25
Newmont Mining Corp_ 10
N Y & Honduras Rosario10
Niplasing Mince
6
Ohio Copper Co
1
Pioneer Gold Mines
Premier Gold Mining_ _ _I
St Anthony Gold Mine/3_1
Shattuck Denn Mining .5
Silver King Coalition_
So Amer Gold & Platt newl
Standard Silver Lead
.1
Teak- ughee Mines
Tonopah Mining Co
United Verde Extension 50c
Wendell Copper
1
Wright- Hargreavee Ltd_ •
Yukon Gold Co
5
63
50%
31%
234
3-6
114
13.4
10
341
Si
4
7
5-4
6
25
71
20
33
6%
655
33-4
&Si
3
7
200
32
50
200
124
150
33%
36% 19,600
13% 3,400
13%
200
4%
100
8
10
3
100
5
200
84%
10
100
18
200
445
32% 19,00
1545
1,700
13%
600
23%
1,200
7734
20
3-4
514
634
Jan
20
Dec
16
Dec
14% Dec
235
60%
19%
July z42
July
Jan
Jan
June
Jan
June
July
600
400
2,400
41
134
145
8
9
65
65
236
1045
135
34
5345
25%
94
9
60
1741
14%
20
20%
1741 17,%
1541 16%
2%
21
45
4
14%
135
2%
3
144
Dec
Dec
Dec
Jan
Apr
Mar
Sept
28
June
2334 June
20% July
23.1
84%
18
4%
3131
15
1341
13%
18%
7335
6
39
5
7
74( Dec
5
Dec
8
Feb
24%
4%
35
1241
150
High.
110
70
1,300
2
241
20%
36
3%
14%
93.1
65
1,300
1,100
100
200
300
100
50
Low.
1134 12%
631
745
1831 21%
24%
•
Michigan Gas& Oil
Middlc Statri. Petrol
Class A v t c
Mountain & Gulf 011
1
Mountain Producers- _10
National Fuel Gm
New Bradford Oil Co.
.2
Nor Cent Texas 011
5
Nor European Oil corn_ •
Pantepee 011 of Venez •
Petroleum Corp of Amer
Stock purchase wart__
Producers Royalty
1
Pure Oil Co 6% pref___100
Baiter Foster Oil
Richfield 011 pref
25
Salt Creek Cons 011
10
Salt Creek Prod Assn._10
Southland Royalty Co
5
Sunray 011
5
Teton 011 & Land Co... •
Venezuela Mex 011
i0
Venezuela l'etrol
5
Woodley Petroleum
153
%
19%
72%
635
,
4541
8
9
Range for Year 1933.
6244
50%
31
256
34
1131
1
Els
255
9%
354
5%
1
3%
34
6U
41
6341
52
31%
245
Si
12%
134
35
2%
10
1,900
2,600
200
1,300
8,200
8,600
1,400
1,200
300
2.400
9,900
3,30
6,400
6
1
200
414 0,000
600
34
12,60
7
1,20
36
1%
)1
2%
445
27%
85
June
July
June
July
July
June
June
June
June
June
Aug
July
June
July
Jan
13
Jan 39%
Aug 129
Mar 4144
Dec 3534
Mar 1514
Apr
1531
Feb
8
Apr 10
Feb
4%
Apr
635
Apr 88
Apr
6
Feb
22%
Mai
34
Mat
1931
Apr 2034
Mai
41
Apr 88
June
June
Dec
July
Dec
Nov
Nov
June
May
July
June
Dee
Mar
July
Sept
July
July
JI1134
July
III
1%
34
2
41
4(
1'44
MAI
Feb
Dec
Feb
Feb
Feb
Dec
244
5%
a
4%
744
4
2%
July
June
June
May
JulY
July
June
1%
4,4
44
436
%
24
4835
44
34
4%
Dec
May
Feb
Aug
Mar
Mar
Feb
Jan
Apr
Apr
344
12
144
8
23
%
62
2345
2
1%
1134
Nov
Nov
July
Oct
June
July
Nov
June
June
June
1
Feb
645 Sept
44 Jan
% Jan
2% Jan
10 Feb
34 Jan
3-4 Apr
'Is Dec
44 Mar
4
1
0334
20
235
5
41
344
June
July
June
May
Dec
June
Sept
July
Dec
Ma)
Apt
Apr
Jan
Dec
Feb
Feb
Jan
Apr
Aug
Jar
Mar
%
1%
57
1%
2%
44
944
644
145
13%
845
145
3%
June
June
Sept
July
June
Nov
June
June
June
May
Sept
June
July
14% Jan 151%
34 Apr
2%
55
Jan 140
lis Jan
35
% Jan
1%
'is Apr
'as
Jan
Ilas
2% Feb
854
6% Jan
1245
2% Jan
1245
7% Aug
13
2% Aug
5%
X Jan
1%
25% Mar 51%
134 Apr
2%
Oct
June
Sept
June
June
June
July
June
1)ec
July
Nov
Sept
June
Nov
July
2644
1114
7}4
1
III
834
'is
Sept
Sept
Dec
July
June
July
June
June
June
Dec
Nov
Apr
July
Sept
June
June
Sept
June
.44
lia
21
41
34
'is
3
3};
Si
6%
3
45
144
44
2%
2
lie
34
h
1%
.14
334
Mar
Mar
Feb
Jan
Jan
Nov
Apr
Jan
Feb
Jan
Oct
Feb
Feb
Mar
Mar
Jan
Jan
Feb
65%
5735
34
4
44
15%
134
%
431
10%
554
14
734
155
6
'is
8)4
1
Bonds
Alabama Power Co
let & ref Ss
1946
lst dr ref 55
1951
1st & ref 55
1956
let & ref 55
1968
let & ref 43-4o
1967
Aluminum Co of deb fes '52
Aluminum Ltd deb 58_1948
Amer & Com'wealths Pow
Cony deb 6s
1940
Amer & Continental Is 1943
AID El Pow Corp deb 68 67
Amer G & El deb 5s 2028
Am Gas & Pow deb 68.1939
Secured deb 5s
1953
Am Pow & Lt deb 6a._2016
Am Radiat deb 4348_1947
Am Roll Mill deb 5s.._1948
444% notee_ _ _ Nov 1933
Amer Seating cony 68_1936
Appalachian El Pr 5.3.1956
Appalachian Pow 5s 1941
Deb 6s
2024
Arkansas Pr dr Lt 55_ 1956
Associated Elm 4448..1953
Associated G88 & El Co
Cony deb 535.1
1938
43
-Is
1948
Cony deb 444.1
1949
Cony deb 5a
1950
Deb 58
1968
Registered
Cony deb 544a
1977
Assoc Rayon 58
1950
Assoc Telep Ltd 5s_ 1965
Assoc T & P deb 530 A '56
/Also° Telep Utll 53-43_1944
Baldwin Loco WorksCs with wart
1938
65 without wart._ _1938
Bell Telep of Canada
lot M Is series A__ _1955
lot M 5s series B_.1957
let M 5seer C
196(1
Bethlehem Steel 68._ _1998
Binghamton I- II & P Is '46
Birmingham Flee 444.3 1968
Birmingham Gas 5s_ 1959
Boston Como' Gas 5.9_1947
Broad River Pow 58_1954
Buffalo Gen Elec 5s...1939
315
Friday
Sales
Last Week's Range for
Sale
of Priced.
IVeek.
Price. Low. High.
$
76
70
67
5831
95%
7441
67
62
6314
57
.52
95%
73%
76
70
67
60
58%
96%
74%
28,000
15,000
19,000
21,000
106,000
66,000
20,000
131
13( 1% 11,000
80
80% 13,000
13% 11% 14% 62,000
7745 73
7841 134,000
204 1755 213-4 28,000
1745 14% 18
43,000
49% 41% 49% 201,000
98% 984 99% 21,000
76
70% 76
42,000
101% 101% 101% 57,000
474 484 25,000
sog 76% 804 17,000
61
102 102
2,000
6141 59
614 10,000
64
584 6445 118,000
3334 2645 33% 152,000
16
1441
14%
15
15%
1536
51
93-4
13%
12
11%
1244
12%
12%
1331
56
80%
46%
9%
16% 41,000
1431 90,000
1434 231,000
153( 193,000
15% 192,000
14
2,000
1631 32,000
60 • 64,000
8045
1,000
52
90,000
10% 26,000
109
10535 10945 36,000
79% 7545 7945 118,00
103%
103
103%
10731
60
43%
105%
38
104%
Canadian Nat Ry 78_ _1936
Canada Northern Pr 5.5 '53
Canadian Pao 127 68..1942 10345
Carolina Pr & Lt 58_ __1956 60
Caterpillar Tractor 515_1935 .1100%
Cedar Rapids M & P 58'53 105%
Cent Arizona Lt & Pr 55'60 82
Cent Germant Pow 6s 1934
Cent Ill Light 5s
1943 102
Central Ill Pub Serviceta series E
1956 60
let & ref 4348 see F_1967 50
be series0
1968 5545
434s series II
1981 53
Cent Maine Pow 434s E '57
Cent Ohio Lt & Pow 58 '50 58
Cent Power 5s set D...1957
48
Cent Pow & Lt 1st 53.1956 48%
Cent States Elea 58_ _.1948 32
Deb 5448 Sept 15 1954
With warrants
33%
Cent States P & L 540
38%
CDIC Dist Elec Gen 445a 70 67%
Deb 63-40.._Oct 1 1935 82
Chic Jet Rys & Un Stk Yds
58
1940 95%
Chic Pneu Tool 53-0_1942
Chit,Rya 5s Ctrs
1927 46%
Cincinnati Street Ry.5.30 series A
1952 5235
65 series B
1955 5545
Cities Service 58
1966 35
Cony deb 5s
1950 36%
Cities Service Gas 548 '42 4935
Cities Service Gas Pipe
Line 6s
1943 63
Cities Serv P & L 5446 1952 3434
5445
1949 3445
Clays Elec Ill let 58_1939 106
Is series A
1954
5s series B
1961
Common's Lind Privet
Bank 5448
1937 5541
Commonwealth Edison
let M 55 series A_ _ _1963 98
let M 5s series B
1954
let 445.3 series! C__.1956 90
4
bent., 1)
1957 87
4%Heerlen E
1960
let 51 4s series F..1981 77
540 series G
1962 100
Com'wealth Subsid 5448'48 66%
Community Pr & Lt 5.1967 42
Connecticut Light & Power
44..s series C
1956
5s series D
1962
Conn River Pow 55 A 1952 94
Consol 0,E L & P 430'35 102
Consol Gas El Lt &P (Balti
lot ref 5 f 43
1981 96%
Consol Gas (Halt City)
58
Gen mortgage 43-0_1954
COID301Uae 0thl Co
let & coil 6o ser A 1943 38%
Deb 63,s w w
1943
745
Consumers Pow 434s..1958 96
let & ref 58
1936 10274
Cont'l Gas & El 58... _ 1968 42%
Continental 011 5%s_ _1937
Crane Co 5s_ _ Aug 1 1940 87
Crucible Steel 5s_
1940 7345
Cudahy Pack deb 5%81937 99%
55
1946
comb Co p & L 448.195a 80
Dallas Pow & Lt 6s A_1949
53 series C
1952
Dayton Pow & Lt 5a_ _1941 10334
Delaware El l'ow 5458_.'59 6845
Denver Gas & Elm 58.1949 9545
Derby Gas & Elm 5s_ _1946 62
Det City Gm 6s am A 1947 88
58 1st series B
1950 79
Detroit Internet Bridge
63is
Aug 1 1952
4
7s
Aug 1 1952
Duke Power 43Is
1967 8641
Eastern UM Assoc 58_1935
102% 103%
102% 103%
102 103%
105 10741
7641 7641
53
60
4045 4345
10535 10545
3645 38
104% 105%
Range for Year 1933.
Low.
63
5434
55
4744
4445
80
4745
High.
Dec 10034 Jan
Jan
Nov 97
Jan
Dec 95
Nov 89% Jan
Nov 8144 Jan
Jan
Apr 99
80
June
MAY
541
Dec
Apr 85
Dec 40
92
Nov
42
Apr
3745
Apr
Apr 73%
Apr 102
Apr 81
Apr 105
22
51
Apr
64
Nov 9704
94
Apr 10545
58
Dec 8.51,;
50
Dec 9094
20% Nov 47)4
July
Slay
July
Jan
July
July
July
Oct
July
July
July
Jan
Nov
Feb
Jan
Jan
12
9%
9%
11
11%
10%
11
33
75
July
Jan
Jan
Jan
Jan
Jan
3-4
64
931
64
13
11
32%
83
33
15
5
96
67
Dec
Dec
Dec,
Dec
Dee,l
Dec
Dec
Apr
Mar
Feb
Mar
2634
27
2641
28
27
25
35%
53
89%
48
2435
Jan
Dec
Jan
Nov
Jan
Oct 11736 Aug
Nov 8234 Aug
46,00
87
37,000 85%
87
15,00
23,000 99
1,000 78
24,000 4541
9,000 3841
4,000 9941
7,000
2745
24,000 101
Feb
Apr
Mar
May
Dec
Dec
Dec
Apr
Apr
Feb
10545
10545
106
112
102
80
66
10535
48%
107%
Nov
Nov
Nov
June
Jan
Jan
July
Dec
Jan
Jan
20,000
30,000
124,000
96.000
12,000
32,000
8,000
2,000
3,000
98
59
704
4634
88
86%
7234
33%
985i
Apr
Mar
Mar
Dec
Mar
Mar
Dec
Sept
Apr
102%
83%
11344
79%
100%
10844
93%
64%
105
Oct
Nov
July
July
Nov
Nov
Apr
Jan
Jan
27,000
95,00
22,00
10,000
10,000
2,000
35,000
111,000
74,000
50
45%
49
46
72
5341
3734
3745
25
Nov
Nov
Nov
Nov
Dec
Apt
Nos
Nov
De
80
July
7434 July
78
Jan
73
Jan
9341 Jan
76
Jan
75
Jan
67
Jan
56
July
28
3334 71,000
3441 38% 52,000
62
673-4 23,000
7545 82
15,000
25% NON
2344 Are
5845 Aim
74
Apr
5645 July
54
July
8434 Jan
e94
Jan
95
95%
6,000
5531 56
5,000
46
4644 10,000
Oct
93% Ma} 100
2345 Jan
6531 July
43
De. 66% July
51%
55%
30%
30%
4611
4035
47
2444
2434
42
102 103
82
85
102% 104
53% 60
100% 10034
105 105%
79
82
57% 58
102 102
52%
47%
52%
4745
75
58
4144
43
27%
5831
273/
275%
10545
107%
10545
60
5245
57
53
77
58
48
50
32
5245 10,000
5544
1,000
3544 29,000
3645 617,000
50
46,000
Sem
0c,
Ma
Ma
Fel
65
65
46
4544
67
June
June
May
May
July
63
7845
18,000 54
Jan
3435 240,000 25
Apr 4334
3445 161.00
25% Apr 4345
10635 21,000 101%4 Mar e10704
0
10831
10741 4,000
106
Nov 110
4,00 102
June
June
June
May
Jan
Jan
5541 5734 53,000
463.4 Jun
92
93%
85
86
85
73%
94%
59
3644
8644
8644
80%
79%
80
6945
92%
54
3344
Nov
Nov
Nov
Nov
Nov
Dec
Dec
Deo
Nov
10644 Jan
105% Jan
10204 Jan
10134 Jan
101
Jan
93% Jan
10641 Jan
8744 Jan
59
June
101
2,000 97%
10415
9,000 100
94
37,000 8745
102
6,000 9934
Dec
Mar
Nov
Mar
105%
107%
10045
105
101
104
91%
10145
98
93%
90
87
87
77
100
66%
42
93
97
105
102
105
102%
8,000
3,000
9,000
6,000
8,000
174,000
96,000
81.000
45,000
72,000
88% Nov 100
3,000 10245 May 10845
6,000 97% Apr 107%
33% 38% 41,000 21
4
735
735 2,000
94% 96% 33,000 88
102% 103
31,000 100
36% 43% 355,000 33
101% 102% 46,000 92
85% 87
11,000 65
7345 7435 6,000 25
9831 100
75,000 87
104% 104%
5,000 99
7544 80
6,000 65
105% 10545 2,000 100
102 10235
2,000 94
103 104
34,000 99
65
6834
7,000 60
9245 95% 9,000 93
57% 62
31,000 56%
8445 88
18,000 76
73
79
13,000 6745
334 4
45
141
85
86%
94
94
6654
10,000
16,000
5,000
1,000
Jan
Apr
Nov
Mar
Nov
Mar
Apr
Apr
Mar
Mar
Nov
Apr
Nov
Apr
Apr
Nov
Dec
Mar
Nov
484
16
10431
106
6544
102
92
81%
100%
105
51%
10834
10345
1063-0
8545
102%
83
98%
94
Jan
Feb
Feb
Sept
Sent
Aug
Jan
Jan
July
Aug
Jan
Jan
June
Nov
June
July
July
June
Feb
Jan
Aug
Jan
June
Jan
July
Jan
JAD
2% Oct
941 June
3,1 Dec
435 June
85
Dec 102
Jan
90
Slay
9814 Jan
Financial Chronicle
316
Bond.(Continued)-
Sales
t
,riday
Last Week's Range for
Week.
of Prices.
Sale
Price. Lew. High.
$
Eastern Util Investing5s series A w w_ _ _ _1954 15
Edirion Elee 111 (letettour1934 10114
2-year 58
1935 101%
5% notes
Eleo Power & Light 513_2030 343.4
1950 6734
El Paso Elec 5s A
Elmira WM. L & RR 58 '56
Empire Dist El 5a.- _ _ 1962 50
Empire 011 a Ref 5%a 1942 4915
Nicole 3,1arelli 614s_ _ _1953
7415
With warrants
European hlee 6 ma_ _ _196o
8634
Without warrants
European Mtge by 7e C'67
Fairbanks Morse 5s.1942
Farmers Nat Mtge 75_1963
755
Federal Sugar Ref 6s_ _1933
Federal 'Aster Serv 615654 25%
Finland ResidentialMtge
1961 80
Banks lis
Firestone Cot Mills 56;43 9034
Firestone Tire & Rub 58 48 94
First Bohemian Glass 75'57
45_157s 59%
Sla Power uorp 0,
Florida Power & Lt 681964 .5715
Gary Ni & Das 68 der A 11134 4335
Ottlnesu Power 1st 5511161 8131
Deb gold 58June 15 1941
7334
Deb 615 serlee B.__1941
General Bronze 68__-_194e 6314
General Motors Acceptance
1934
5% serial notes
1935
5% serial notes
1936 102%
5% serial notes
Gen Public Service 65_1933 65
(len Pub I,Si 6448 A-1920 2734
, 9915
Gen Refractories 65_ _ _193
1937
Gen Vending 65
Certificates of deposit_
Gen Rayon 6s x-warr_1948 46
Den But Wks dr L105 1943 45
Georgia Power ref 5s__1967 6834
Georgia Pow & Lt 55-1978 4835
1953
Gesturel deb Gs
Ullette &lieu Razor 56 41
Glen Alden Coal 4s __ _1966 5835
1936
Glidden Co 5156
wooel (Adolf) 615e _1935
8034
With warrants
Godchaux Sugar 7345_1941
Grand (F W)Prop 05_1948 17
Certificates of deposit__
Uranct Trunk Ity 6>VS 193o 10134
Grand Trunk West 48-1950 71
Great Northern Pow 55 '35
Great Western Power 56'46 95%
Guantanamo & West 6s '58
Guardian Investors 55_1948
(lull 01101 pa Ss
11031 10135
1947 10035
be
,
Gulf States URI 56-1956 7235
1961
415e series B
Hackensack Water 56_1938 102
Ball Printing 5156_ ___1947 6415
Hamburg Electric 7s...1935
Hamb'g El&UndRy5358 38
.
1934
Hanna(MA)6s
1936
Hood Rubber 75
Oct 15 1936
5155
Houston Gulf Gas 6s-_1943 42
631 with warrants_1943 35
Hoes La I' 1st 4%4E 1981 8455
1953
58 series A
ist a rei 434s ser 11_1976
Hung-Italian Bk 7145_1963
Hydraulic Pow 5s_ __ _1951 10334
Hygrade Food 65 A_ _1949
1949
65 series B
1947 92
Idaho Power be
Illinois Central RR 434s'34 8034
.
III Northern Util 55_ _1957 8215
Ili Pow & L 1st es set A '83 623-5
1s1 & ref 6356 ser B.1954 58
181 & ref be ser C___1956 54
8 f deb 5156__May 1967 45
Indiana Electric Corp1947 60
6s series A
1953
63s series 13
1951 55
So series C
Indiana Ilydro-Elec 6s '53 50
Indiana & Mich Electric-1955
1st & ref 56
IllalllIla ser vice 5s____1960 26
1963 2615
1st lien dr ref 5s
Indianapolis Gas 5s A_1952 72
Incrpolls P & L 6888f A 67 80
International Power SeeSecured 6345 ser C__ 1956
1952 8335
7s series F
international Salt ba 1951 87
International sec 5e_ _1947 5244
Interstate Ir & Steel 5%5'46 68
Interotate Power bs_ _ 1957 4654
1952 34
Debenture 66
Interstate Public Service1950 51
55 series D
1968
433.aeries F
Investment Cool AmerIs with warrants_ _ _1947
.
5s without warr ___1947 70
Iowa-l's et) L & I' Ns--1957 6755
1961
55 series B
Iowa Pow & Lt 434s__1958 80
Iowa Pub iserv 5s_ _RIM
6.5%
5
Isareo Hydro Elec 7 __1952 8055
Isotta Franchini 75. _ _1942
without warrants
80
Italian Superpower of Del
Debe fS• without war '63
Jacksonville Gas 55_1942 383-5
Jamaica Water 6345_1955 10055
Jersey CI'& L 4 ill C-1901 7615
1947 83
Is series B
Jones & Laughlin 55_1939
2022 73
Kansas G dr 35 66
1947 6114
Kansas l'ower 56
Kansas Power & Ligbt1955
Gs series A
1957 7735
ba aerlee B
Kentucky Utilities Co1961 52
1st mtge Si
1948 68
6145 series D
1955 55
515s series F
1964) 52
58 Berke 1
Kimberly-Clark be_ _1943 90
58
sopper8(l It L deD- 11)47
Sink fund deb 63.4a_1960 87
Kresge (Si)) Co be__ _1945 9234
Certificates of deposit_ __ ----Laclede Gas Lt 5.155_ _1935 82
Range for Year 1933.
Low.
I
High.
Bonds (Corutnura)-
Lehigh low Stour os.2026
Jan Leonard Tietz 755s___1946
15
35,000
11
934 Feb 23
Without warrants
Libby MoN & Libby bei 42
10135 14,000 9
101
934 Apr 10334 Jan
10114 10134 101,000 95)5 Apr 10354 Jan Long Island Ltg 65_1946
Loa Angela) Gail a Mee
July
Apr 59
2531 3434 413,000 21
58
Apr 8654 Jan
1961
64
0715 25.000 65
555s series E
Jan
Nov 88
2,000 55
1947
65
65
63
July
Apr 67
1942
13,000 27
50
48
515s series I
1949
4634 4931 36,000 2854 Apr 5834 July
Louisiana POW & Lt be 155/
Oct Louisville G & E 7s A..1937
Apr 84
7254 7434 15,000 66
manItoDa Bower 0 As-IWOi
Mar 80
Sept mass Gas Go
8534 8734 123,000 60
Sink Rind deb 68-1965
Apr 3934 Aug
2934 3214 13,000 23
Apr 7235 July
1946
54e
6534 7034 8,000 46
Mar 4534 Aug Melbourne El Supply
4235 4255 2,000 24
735s series A
9
June
255 Jan
1946
6
734 11,000
Memphis l'ow & Lt 55_1948
July
Dec 43
19
2534 72,000 15
Metropolitan Edison45 series E
Jan
28,000 33
1971
7331 Dec
77
80
be series F
Mar '4015 Dec
1962
90
9034 44,000 68
Dec Miami!, ss est Utilities-Apr 94
9434 20,000 71
93
55 etN of dep
Jan 653.1 Jan
1932
1.000 60
62
62
July
Apr
66 etfs ot deposit__ __1933
74
39,000 44
57
60
55 ctfs of deposit___1934
5315 593.4 135,000 4434 Nov 7034 July
Jai,
72
55 Ws of deposit_ __1935
3435 4334 45,000 $155 Dec
8334 July 'Midland Valley 5s____1943
7855 82 109,000 5955 Apr
Max
7334 Nov Milwaukee Gas Lt 4158 '67
7035 7334 11,000 39
July
Minneap us. t-t 4448_1950
Mar 73
12.000 39
6834 72
Aug Minn Gen Eleo bs___1934
60
6334 29,000 z4334 Apr 74
Minn 1'& L 55
1968
1st & ref 415s
1978
10034 10015 9,000 10031 Mar 10334 Aug
6.000 100% Mar 10333 Aug 511881660301 r.,s os___ i950
10234 10254
Miss Pow & Lt 55_ _1957
Mar 10455 July
.
21,000 100
10234 104
Jan Mississippi River FuelOct 75
4
10.000 5
66
64
Os without warrants 1944
Mar 38
June
2515 2734 30.000 13
Os with warrants_ _ _1944
Oct 10815 Aug
57,000 90
99 100
Dec II I; Aug Miss River Pow 1st 545 1051
334 3% 2,000 '2
Aug Missouri Pow & Lt 5148 '55
Aug
6
2
2
215 15,000
June blialouri Public rserv be 41
Mar GO
1,000 20
46
46
may 31onoirganela West l'enn
32,000 ao% ma) 00
4015 45
Pub serv 5555ser 11_1953
9014 Jan
613' 6834 164,000 5 34 Nov
4
s
Montreal L, H a P ConApr 7034 July
40
4855 9,000 40
let & ref be ser A ___ 1951
33,000 31% June 6934 Jan
6335 68
Apr 102
1970
be aeries II
12,000 89
Feb
9634 97
API
7131 July Munson 13 S Line 615s_1937
76,000 4.)
58
60
With warrants
Dec
Apt 98
98
98
18,000 75
Narragansett Rico Os A b7
58 series B
Apr 9334 July
1957
78
8234 28,000 55
July Nat Pow a Li 08 A _ -_71)20
Feb 100
1,000 77
95
95
Deb be series B-----030
7
Apr Id
17,000
Dec
17
16
634 Oct 1634 Dec Nat Public service on 1973
11,000
1635 17
Certificates of deposit-.
101 10134 25,000 94
July
Apr 102
Apr 7544 Sept National Tea 55
1935
71
7334 13,000 50
Apr 10115 Sept Nebraska Power 4345_1981
9334 9335 2,000 89
65 series A
2022
9434 9534 8,000 93 May 1004a Jan
July Neisner Bros Realty 65 '48
Dec 36
12
8,000 10
15
24
11.000 2615 Apr 50 June Nevada-Cailf Rim 58_1960
27
Apr 102% July New Amsterdam Gas be '48
101 10134 52,000 92
Max 10244 Aug N E Gas & El Amu 85_1947
993410134 63,000 112
Cony deb 5e
Jan
Apr 82
1946
68
7234 47,000 50
Cony deb 68
Apr 7815 Aug
2,000 53
63
1950
63
Mar 10431 sent New Eng Sow Assn 55_1943
70000 96
101% 102
11,000 49
65
61
Mar 7215 July
Debenture 615s.__ _1954
7515 76
12,000 6214 Apr 863-4 Jan New Oil Pub tierv 454836
&Berle/IA
Dec
Sept 76
66
0
1949
7034 40.000 4
Jan 10115 Aug NY Cent Elec 5348_1950
10034 100%
4.000 92
Feb 78
1,000 44
July NY & Foreign Investing
7434 74%
1,000 3131 Mar 68
535s with warr
July
66
66
1918
July
N Y Penna & vino 11155 *.to
42
4334 37,000 3134 mar 01
July N y P&L Corp 181 434s'67
9,000 213.4 Mar 52
31
35
18,000 7954 Apr 9615 Jan NY State G & E 415a_1980
8115 85
9315 9431 10,000 88
May 104
1962
5555
Jan
N Ir a Westen't LB;46 7,004
8231 8215 3,000 7814 A lo' 5834 Jan
4955 50
2,000 35% Feb 55
July Niagara Falls Pow 66_1960
1959
10331 10334 3,000 98
May 106
Jan_ 58
10,000 40% Nov 65 June Nippon Elea Pow 0445 1963
53
51
Apr 61
50
June No American Lt & Pow
5034 2,000 40
1935
87% 92
5% notes
10,000 8555 May 10234 Jan
Apt 8534 July
1936
555% notes
7635 81 146,000 33
May 100% Feb
19i8o
4.48 series A
8255 8235 2,000 83
Nov 7731 July Nor Cone HUI a;is--1948
52
6334 141,000 48
48,000 46
4755 58
Nov 74
July Northern Ind 0& E 6s1952
4314 54 122,000 4234 Nov 71
Jan 'Northern Lallans r 01966
35,000 3234 Dec 8034 Jan
37
45
be series C
ZW series D
1969
Dec 91
1970
4,000 55
3158 series E
553-4 60
Feb
Dee 91
62% 6534 2,000 58
Jan No Ohio P & L 5156-1951
40,000 45
49% 55
Dec z7835 Jan Nor Ohio Trao & Lt be '56
Dec 76
47
50
10,000 44
Jan No Staters Fr ref 415 li- -1981
1940
515% notes
Dec 99
Nor Texas (5tll 75_1935
5,000 70
71
76
Jan
Apr 44
283-5 17.000 14
26
July N'western Elect 641_ _ _1935
2515 2835 39,000 1355 Apr 403,4 July N'western Pow 6s A__1980
N'weatern Pub Serv ber 1957
4,000 65
7155 72
Apr 8331 Jan
Nov 9534 Jan Ogden Gas 5s
1945
92,000 73
76
83
Gum saisou 1st Om_ _ _ _14)6t)
84
84
1,000 74
J1111
' 9215 Nov 01110 Power let 6a B--1962
Apr 8.535 Oct
Leer 19156
8334 8335 10,000 45
Ist bl r Pe a
Go
26,000 7434 Mar 90% Oct 0h lo Ptrele4 r y
84
87
1953
Mar 613-s July
65 series C
4815 5334 36,000 40
Apr 6715 June
be series 1)
1954
7,000 21
6915
68
534s series E
Nov 64
1901
July
4134 4634 105,000 37
59,000 203.4 Apr 5334 July Okla Use & Elea 65-.1930
2815 34
68 series A
1940
Dec 7834 Jan Okla Power & Water 66'48
43,000 41
48
51
Dec72
7,000 42
Jan Osgood Co 68w w__ _1938
4234 4515
Oswego Falls 65
1941
Ma
1.000 65
7655 July Pacific Coast Pow 5s__1940
67
67
Mar 77
29,000 63
70
67
Oct Semitic Gar a RI Co
Nov 8434 Jan
bat 64 serlee 13
1941
633-4 6715 44,000 56
Int It ref So ser C_ __ 1952
1,000 5654 Nov 8415 Jan
64
64
68 Berle% D
Dee 9234 Aug
1956
1,000 72
80
80
let &ref 4151 E_
11)67
6535 87,000 5755 Dec 835s J uly
59
Apr 8634 Feb
lat & ref 434s
-1960
8054 20.000 71
78
Pacific Investing 5sA_1948
F-Jan 8634 Nov Pac Ltg & Pow 55_ _1942
3,000 63
80
80
Pacific Pow & Ltg 55_1955
34,000 3754 APr 72
Aug Pacific Western 011(115a '43
68
64
With warrants
3315 3855 19,000 3031 Apr 6334 July
10035 10054 1,000 9814 Nov 10254 Sept Fenn Cent L & P 414e 1977
9635 Jan Penn Electric 48 F.__1971
38,000 7034 Nov
77
74
Nov 10134 Jan Penn Ohio Edison
85% 19,000 77
83
Deb 68 x-warr
1960
Apr 104
3,000 101
Oct
10315 104
Deb 555e series B_ _1959
7,000 0115 Dec 8555 Jan
73
65
NOV 80
7,000 5.5
Feb Penn-Ohlo P & L 634 1954
6035 6134
Penn l'ower be
1956
6,000 8054 Dec 9534 June Penn Pub fiery 56 D. _1954
8414 85
Dec 9054 Aug
1947
68 series C
7,000 70
7715
73
Penn Telephone 53 C1960
Dec 773,4 June Penn Water 182w 434s10'68
25,000 46
47
52
1st mtge 5s
93
Feb
Nov
1940
13,000 55
58
68
Dec 82
June Parolee Gas Lc & Coke
17,000 50
5134 65
so
July
455% serial notes_ _1935
39.000 453-4 Nov
4.534 52
1981
4s aeries Is
Apr 92
Oct
6,000 72
90
89
Apr 84
1957
Aug
66 aeries0
823.4 8355 6,000 70
1979
Mar 8734 July Peoples Lt & Pr fe
11,000 72
85
87
Jan Pima Electric Co 5a-196o
Aug 96
8934 9235 6,000 77
July nine Elec Pow 53.45_1972
87% 00
7,000 6634 Mar 93
Mar 8034 July Phila Rapid Trans 65_1962
5,000 47
50
52
Jan. 13 1934
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
4
Range for Year 1933.
Low.
High.
Jan
7155
6254 7155 25,000
54
38
71
7231
19,000
3234 40
32,000
6834 71
67
7234 22,000
25 June 68% Jan
4654 Mar 77
June
Dec 100
Jan
65
89
9434
100
89
8931 9,000
9434 9434
1,000
7,000
9954 100
1,000
9434 9434
33,000
69
73
1,000
90
90
25,000
3915 42
8715
94
9934
94
6134
91
zu
Nov
Dec
Dec
Dec
Dec
Nov
A pr
78
7515 78
84
87
17,000
15,000
70
75
Nov
Apr
103
10231 103
70
70
2,000
1,000
92
81
Jan 10315 Dec
Jan
May 103
6715 16,000
36,000
79
63
75
Nov
Nov
73
4134
6744
7615
66
73
731
634
6% 715
734
6
8
8
7
8
63
60
63
9334 96
96
7354 76
76
10134 101 10135
6831 6455 6815
60
54
60
44
40
44
56% 4911 5634
Dec
8833
10334 Jan
10435 Feb
July
105
10631 Jan
9434 Jan
10234 Jan
July
63
9434
99
86
9734
Jan
Jan
Jan
Feb
331
10,000
353
8,000
3%
14,000
8,000
334
10.000 37
17,000 90
8.000 67
7,000 100
17,000 5835
36,000 5455
61,000 3535
30,000 40
July
Nov
18
Nov
July
114
July
Mar 18
Nov 18
July
Feb 6131 Oct
Dec 10234 Aug
Jan
Dec 90
Mar 10334 Feb
De
87
Jan
Jan
Dec 81
Nov
7331 Jan
Jan
Nov 83
79
79
9514
72
33
July
Feb 92
Mar 9634 July
Dee 10534 Jan
Dec 9334 Sept
Nov 66
Jan
99
7714
4354
89
9034
9634
73
3755
2,000
89
4,000
91
9,000
99
26,000
78
4334 22,000
6531
61
66
58,000
48
Apr
76
Jan
10631 10534 10655 105,000
10434 104 10435 15,000
84
82
Feb 110
Feb 109
Nov
Nov
934
10011
6214
5215
834
92
6414
88
43%
44
43%
5334
5834
41
29
10
8
99 10055
9914 10015
.5834" 6215
49
5234
20,000
40,000
7.000
49,000
73,000
734
915,
)
9334
50
41
Dec 31
July
Nov 104
Aug
Nov 103% Aug
Max 85
Jan
Mar 74
Jan
9%
98
93
78
52
6415
88
4354
44
44
54
5854
41
29
70
85,000
10,000
18,000
2,000
7.000
141.000
5,000
84,000
88,000
79,000
139,000
114,000
71,000
14,000
3.000
634
8335
83
7034
17
4734
853-6
34
3355
333-s
3535
40
:3215
25
56
Dec 2334 Jan
Jan 9855 July
Nov 10234 July
Dec 9834 Jan
Apr 60
July
our
71134 July
Dec 10234 Jan
Nov 5914 June
Nov 60
Jan
Nov 5944 Jan
M57 6831 June
Mar 7231 June
Dec 65
Jan
Dec 4915 Jan
Sept 82
Jan
754
9754
91%
77
49
5734
85
393.4
3915
3915
5054
54
3615
2634
69
Nov
20,000 55
74
7834 Mar
70
A pr 9954 Sept
9815 9634 9834 31,000 58
Dec 99
Jan
7435 7834 162,000 73
7734
44.000 5834 Nov 9155 Jan
6455 71
71
Jan
Nov 105
4,000 77
80
80
80
Nov
8934 21,000 81
8935 88
11734 Jun
39,000 10135 Mar 10834 Jan
10414 105
105
,
;
Jan
100% 10255 27,000 965 May 106
101
6535 27,000 3534 Feb 7034 Nov
6515 65
91
84
2
534
21
83
9514
8515
29
2534
8814
22,000
5.000
134,000
20,000
59.000
74
58
2131
1814
71
Apr 96
May 9234
Apr 4735
Dec 43
Dec 10235
Aug
Sept
July
July
Feb
58
5515
5334
7115
69
7333
72.55
9834
55
1215
5034
78
69
96
8734
6235
6115
6015
77
75
7635
80
9815
64
1215
58
8234
76
97
90
12,000
10,000
44,000
42,000
13,000
202,000
13,000
4,000
19,000
5,000
59,000
19,000
100,000
14,000
71,000
5134
5255
4935
69
65
71
69
8334
54
834
4755
7334
6354
88
81
Dec
Deo
Dec
Dec
Dec
Dec
Dec
June
Dec
Oct
Nov
Dec
Dec
Nov
Apr
9054
91
8534
1033.4
100%
9734
96
9915
93
18
7534
10134
93
1043-4
9954
Feb
Feb
Jan
Jan
Jan
Jan
July
July
Jan
June
July
Feb
Jan
Jan
Jan
74
6434
63
7315
6615
46% 44
3534
515
4
• ,
7834
7534
6915
72
78
68
4634
3535
.53
2,000
12,000
17,000
75,000
4,000
20,000
1,000
5,000
23,000
71
6035
6455
6834
63
35
2534
36
63
Dec
Dec
Dec
Nov
Mar
Mar
May
Apr
Nov
9534
8935
90
9131
8315
63
40
5915
93
Jan
Jan
Jan
Jan
July
July
July
July
Feb
10315 10134 103% 38.000 101
9754 46,000 9534
9715 96
15,000 91
9234 93
93
8554 8634 24,000 8235
86
853i 87 111,000 82%
87
2.000 64
70
70
24,000 102
104 104
3535 43 109,000 35
4234
Mar
Dec
Deo
Nov
Nov
Apr
Nov
Dee
11254 Jan
10634 Jan
10535 Jan
10115 Jan
101h Jan
81
July
10834 Feb
73
July
5734 Apr
67
Dec
5154 Apr
81
July
8034 Feb
7412 Jan
95%
28
2531
883.4
6215
6114
6055
77
75
76%
80
64
58
8234
76
97
753.5
693.4
72
78
79
64%
62
30,000
71314 79
5954 6434 50,000
33,000
5834 62
4814
4314
80
93
68
76
82
86
9544
9554
103%
104
50
85
98
51
60
85
98
68
84
86
9634
104
7,000
62,000
29,000
14,000
1,000
6,000
2,000
12.000
7,000
3954
35
74
9231
60
6634
8731
89
9934
Dec
Dec
Dec
Nov
Deo
Dec
Dec
Nov
Feb
Dee
1,000 94
95
05
64
6615 5,000 5635 Dec
84% 7535 8534 107,000 6815 Dec
05 Apr
415 51,000
234
3
10735 106% 10714 21,000 10254 Mar
Nov
10434 10415 10534 41,000 100
10,000 4334 May
55
51
55
82
7535
10331
104
9515
100
9734
101
1083.4
Jan
Jan
Feb
Feb
Sept
Jan
Feb
Jan
Aug
10015 Jan
von Jan
106% Jan
815 May
11034 Jan
Feb
108
6031 Jan
Volume 138
Bonds (Continued)
-
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
Of Prices.
Week.
Price. Low. High.
$
Range for Year 1933.
Low.
Phlia Suburban Counties
Gas & Elec 4555____1957
100;1 102
25,000 9535 May
Piedmont hydro El to
let & ref 6955 el A-_1960 76
73% 76
9,000 65
Jan
Piedmont & Nor 5a__.1054 76
75
76
5,000 6034 Apr
Pittsburgh Coat 65_
1949
9435 9431 3,000 82
Apr
Pittsburgh Steel 6s_ 1948
874 87.4
1,000 634 Feb
Pomerania Ow 68__ _1953 43
43
454 23,000 28
May
Poor & Co 68
1939 88
88
89% 10,000 41
Apr
Portland Gas & Coke 58 '40 854 83
854 12,000 82
Stay
Potomac Edison 5s. g. 1956 7931 744 7935 56,000
,
Dec
73
451s series F
1961 75
73
75
25,000 65
May
Potomac Elec Pr 55
1936
104 104
1,000 101
Nov
l'otrero Sugar 7s
1947
20
20
2,000
8% Feb
Power Corp(Can)495sB'59 6635 64
6691 43,00
Apr
28
Power Corp of N Y6555 series A
1942
70
71
16,00
Nov
70
5956
1947
51% 51% 16,00
Nov
50
Power Securities 65
1949
American series
54
46
5435 20,000 414 Nov
Prussian Nice 65
1954 5831 53
58% 51,00
364 Sept
Pub Serv (N 11) 4558 B1957
8391 8334
1,00
824 Dec
Pub Serv of N J pet ctfs__ 105% 103 1054 13,00
102
Nov
Pub Serv of Nor Illinois
1st & ref 5s
1956 72
6531 72
45,00
Nov
62
55 serles C
1966
63
63
1,00
5855 Dec
455s series D
1978
56
56
1,00
5355 Dec
455s series E
1980
5591 65
11,00
52% Dec
1st & re 4358 ser F.1981 66
55
66
81,000 52% Dec
6555 series G
1937 8635 79
8655 92,00
7355 Dec
6555series H
1952 81
76
81
30,00
6955 Dec
Pub Serv of Oklahoma
58 series D
1957 65
58% 65
18,000 54
Apr
Pub Serv Subsid 5955_1949 604 46
54,00
404 Dec
Puget Bound P & 1. byis '40 4951 42% 6091 65,00
374 Nov
4855
let A ref 58 ser C
1950 464 41
4635 27,00
3014 Nov
tat &ref 448 ser D_1950 434 37
434 107,00
33% Nov
Quebec Power be
1906
9195 924 8,00
71
AP
Republic Gas Gs
1945
16
174 17,00
Apr
14
Cestllicates of deposit..
15
15
3,000 11% Dec
RochesterCent Pow be '53 3734 304 3734 28,00
22% Nov
Rochester Ry & Lt 55_1954 103
103
17,00 100
Ma
104
Ruhr Gas Corp O51a-1953 55
5439 58% 66,000 32
Sep
Ruhr Housing 655s___1958 61
57
63
33,00
2314 May
Ryerson (Jos T) & Sons
Ls
1943
9135 9155 2,00
804 Ma
Safe Harbor Water Power
4958
1979
95% 9691 27,000 90
Apr
St Louis Gas es Coke tla 47 9651
44
391 4% 25,00
34 Dec
San Antonio Public Service
fs series B
1958 69
67% 69
17,00
Nov
64
San Joaquin L & 1.5s 13.'57 774
7534 7775 12,000 77% May
6a 13
1952 8851
88
88% 8,00
91
Dec
Saudis Falls 58 A
1955
103% 105
5,00
9755 Mar
Saxon Public Wks tla 1937 624 61
63 127,00
3891 Sept
Serino(E W)Co 548_1943
74
74
1
3,000 554 AP
Seattle Lighting 5s_ _ _1949 2651 23% 27
38,000 254 Nov
Schulte Real Estate 65 1935
831
7
891 40,00
7
Dec
Shawinigan W & F 4345111 7731
7415 784 114,000 49
Apr
4 358 series 11
1968 7731 744 78
40.000 50
Apr
lat 5s series C
834 87
1970
51,000 67
Ma
1st 4351 merles D___1970 773.1
7455 78% 53,000 4134 Mar
Sheffield Steel 534s. _1948 884 88
89
4,000 65
Apr
Sheridan Wyo Coal 65_1947
4291 424 1,000 23
Feb
SOU Carolina Pow 58_.1957 53
52
53
No
9,000 41
Botitheefit P & L
Without warranis
46
57
5734 154,000 3734 Dec
Sou Calif Edison 5s___1951
Nov
9551 94
953 54,000 92
1
Refunding 55
. 1952 95% 9334 953/ 8.000 9231 Dec
Refunding 5a June 1 1954 95
03% 95
33,000 90% Nov
Gen & ref 56
1939 10431 10335 10495
Nov
5,000 100
Sou Calif Gas Co 4%8_1961
82
1,000 78% Nov
82
Sou Calif Gas Corp 5a_1937 844 834 8455 10,000 72
May
Sou Indiana Sty 4s____1951 57
5131 57
53,000 34
Apr
Southern Natural Gas 6844
Stamped
60
62!5 5,000 39% Apr
Unatamped
02
Apr
68.000 39
5935 63
Southwest Assoc Tel 55.'61 47
42
Mar
47
14,000 35
Southwest & E ba A.1957 6835 624 69
Am'
57,000 60
5e series B
1957 69
6331 69
14,000 62
Apr
Sou'weet Lt & Pow 58.1957 5151 47
5135 27,00
Dec
45
Southwest Nat Gas 65.1995 3754
34
Sept
3755 36,000 25
So'West Pow & Lt 65_2022 46
40
96
Apr
35,000 32
SolVest Pub Serv 65 A 1946
1,00
57
55
Oct
Staley Mfg 6s
1942 93
87
25,00
93
6955 Mar
Stand Gas .4 Elea 65_1935 5234 45
Ma
5231 27,000 35
Cony 68
1935 5291 4535 5234 41,00
Apr
35
Debenture 613
1951
3231 3931 71,00
284 Apr
3734
Debenture (ls_ Dec 1 1968 3834 33
39
39,000 2831 Apr
Standard investing
/05s
644 6435 15,000 63
1939
Apr
5 ex-warrants
66
1037 66
6631 3,000 63
AD
Stand Pow & Lt 651957 34
2935 3435 127,000 264 Apr
Stand Telephone 514a.1943
IS
23
8,000 10
Apr
Stinnes (Hugo) Corp
75 without warr Oct 1 '36 55
5354 5734 23,000 304 July
7s without warr____1946 48
4734 51
29,000 20
July
Stamped
4934 50
1946
4,000 40
Dec
Sun Oil deb 5345
103 10334 10,000 99% Apr
1939 103
58
1934
1004 101
11,000 99
Feb
Sun Pipe Line 56
1014 102
1940
7,000 9591 June
Super Power 01511 430.'68 6331 59
634 33,000 59
May
let 44e
1970 6334 58
56
634 23,00
Dec
1st mtge (Is
1961
7,000 70
74
77
77
Nov
Swift@ Co isles ef 5.1_1941
13,000 9635 Apr
103% 105
6% notes
1940 9914 984 99% 50.000 87
Mar
Syracuse Ltg 58 ser B.1957 10031 1004 1004
1,000 96
Mar
1959 10334 10334 104
555s
22,000 101
Apr
Tennessee Elec Pow fa 1956 70
16,000
564 70
Tenn Public Service 58 1970 65
28,000
464 55
Tern1 Hydro Elm 631s 1953 784 74
7835 42,000
Texas Cities Gas 5s
5,000
52
51
1948 52
Texas Elea Service 55.1960 71
91,00
71
64
Texas Gas Gill 6a ...1945 17
15,00
144 17
Texas Power 8 Lt 5a 1956 76.4 69
764 36,00
58
1937
17,00
90
92
Tbermold Co w w 66..1939 55
8,000
54
55
Stamped
3,00
57
5515 55
Tide Water Power 58_1979
13,000
5031 52
Toledo Edison 5s
64,000
8631 90
1962 90
Twin city hay Tr 549'52 2811
25
2874 52,000
Glen Co neb 6a
394 41
8,000
1944
Union Flee Le & Power
:A series B
1967 0635 954 9631 0,000
494s
9331 10,000
1957 9355 92
Un Gulf Corp 58_JuLy 150 1024 102 1024 32,000
United Elee NJ 4s.
1949 10051 10031 10034 23,000
bane, Ems] Bury 73..1966 80
59,000
7331 81
United Industrial 63.16 1941
6031 113,000
63
1st 68
1946 63
66% 178,000
61
U B Rubber
4,000
65
92
1936
91
631% serial notee_ _1939
24,000
100 100
8,000
614% serial notes_ _1935
91
90
655% serial notes_ _1936
3,000
80
79
2,000
% serial notes_ _1037
74
74
734 14.000
73
695% aerial notee_1935 73
72
654% serial notes___1939 72
73
•
7335 21,000
71
655% serial notes_ __1940 7335
48
40
69
46
00
114
65
87
2634
444
79
19
16
9231
87%
96
95
67
35
3591
89;5
5031
2955
27
25
27
27
25
High.
104%
Jan
804
834
96
8855
5935
92
10095
9195
86%
106%
22
64
Nov
July
Dec
Dec
Jan
July
Jan
Aug
July
Feb
Dec
July
99% Feb
Aug
035
67
July
Jan
70
95% Feb
119
Jan
100% Jan
98
Jan
9054 Jan
9134 Jan
Jan
93
1074 Jan
Feb
100
July
81
8095 Jan
673.5 Jan
Jan
66
Jan
63
July
95
24
June
2491 June
48
Jan
108% Feb
Jan
67
6051 Jan
06
July
102
Jan
1634 Jan
8435
98
107
105
6735
74
54
17
804
8034
87
81
92
48
734
July
Jan
Jan
Jan
Jan
Oct
July
July
July
July
July
July
Sept
July
July
824
10531
10535
1054
105
95
93
64
Jan
Jan
Jan
Jan
Jan
Jan
Sept
July
7231
75
59
8235
82
784
43
684
71%
95
77
77
62
60%
July
July
July
Jan
Jan
Aug
Slay
July
July
Sept
July
July
June
July
79
Aug
79
Aug
59 .1111113
3235 Jan
65
5955
41
10431
102
1024
84
83%
9391
10531
10035
1064
10835
Jan
Jan
Dec
Sept
Aug
Oct
Jan
Jan
Jan
July
July
Jan
Feb
Bonds (Concluded)United Lt & Pow es_ _ _ 1975
5558
Apr 1 1959
deb g 695s
1974
Un Lt ,t Ry 545
1952
65 series A
1952
69 series A
1973
Utah Pow & Lt 6s A 2022
455s
1944
Utica G & E 5s E
1952
5s series D
1956
Vamma Wat Pow 5958 1957
Va Nice & Power 514_ .1955
Va Public Serv 554s A 1946
hat ref 5s ser B
1950
6s
1946
Waldorf-Astoria Corp
7s with warrants___1954
Offs of deposit
Ward B king as
1937
Wash Gas light 5a___1958
Wash Ry & Elec 4s_ _1951
Wash Water Power 55_1960
West Penn Elec 5s____2030
West Penn Pow 4s....1961
West Texas Utll 55 A.1941
Western Newspaper U11100
6s
1944
Western United Gas & Elec
1st 551e ser A
1955
Wise Else Power 5a...1954
Wise-Minn Lt & Pow 5844
Wise Pow & Lt be F___ 1958
5s series E
1956
Wise Pub Serv Gs A
1952
Yadkin River Pr 5s
1941
York Sty Co 5s
1937
317
t riday
,
.5ates
Last Week's Range for
Sale
ofPrices.
Week.
Price. Low. High.
$
3655
59
384
9251
64
34
4755
58
9351
80
6435
5791
17
12
814
8255
58
534
Range for Year 1933.
Low.
3655
60
3831
43
64
34
4791
58
95
9535
80
91
6435
5791
49
123,000
21,000
38,000
85.000
27,000
26,000
31,000
15.000
8.000
11,000
5,000
12,000
48,000
11,000
6,000
28
50
2631
31
5135
25
45
5231
91
92
68
86
49
45
43
Nov 60
Dec 82
Nov 65
Nov 81
Dec 8355
Nov 55
Apr 6731
Nov 70
Dec 103
Dec 10334
Jan 88
Nov 101
Nov 77
Nov
7135
Apr 71
13
12
964
814
834
8235
55
9635
4834
19
24,000
1334 42,000
97
3,000
8234 16,000
8331 9.000
83
9.000
58
34,000
9734
5.000
55 104,000
235
211
904
76
8231
75
4435
9031
3.54
Feb 2135 Dec
Feb 164 Dec
Apr 9731 Aug
Nov 9439 Fat
May 91
Jan
Nov 10291 Jan
May 71
June
Nov 101
Jan
Apr 67
July
2
834 3435 28,000 z22
7151
67
6155
6131
79
72
7735
High.
2875
5055
31
3691
56
2934
4655
5435
9351
95
80
89
5535
53
4734
65
99
64
6155
58
7814
6831
7735
7134
9931
67
6155
6191
7934
72
7734
45,000
11,000
16,000
2,000
17.000
8,000
9,000
3.000
84
97
61
51
52
80
6334
70
Feb
35
June
July
July
July
July
June
July
June
Feb
Jan
July
Jan
Jan
Jan
July
June
Apr 8935 Feb
Mar 103
Jan
Dec 91
Feb
Nov 8954 Jan
Nov 89
Jan
Oct 97
Jan
Dec 9851 Aug
Nov 92
Jan
Foreign Government a nd Mu efelpalltlee
Agric altgeBk of Col
75
1946
184 184
1,000 1735 Apr 41
Baden extl 7s
1951 46
40
46
30,000 21
Sept 5755
Buenos Aires (Prov)External 7s
1952
2534 2631 9,000 19
Afar 41
Stamped
31
5.000 2591 Dec 4555
31
29
735s stamped
1947 31
3,000 2731 Dec 4335
2934 31
Cauca Valley 7.
1948
831
84 831 3,000
7
Mar 194
Cent Bk of German State at
Prov Banks 65 B
1951 62
50
75,000 364 May 66
53
6s series A
1952 5134 43
52
16,000 22
Sept 55
Danish Cons Afunic 55 1953 70
6234 7255 13,000 57
Jan 7455
5558
1955
80
81
3,000 58
Afar 85
Danzig Port & Waterways
635s
July 1 1952 48
44
6,000 3634 Oct 59
48
German Cone Mauls 75.47 48
454 50 213,000 2635 June 5295
Secured as
1947 4735 4531 49 172,00
26
May 61 31
Hanover (City) 7s
1939 44
43
45
13,000 z3435 Nov 61
Hanover (Prey)64a._ 1949 464 42
464 45,000 28
May 6454
Indus Mtge Bk (Finland)
1st mega eon e I 7s...1941 95
9035 95
31,000 59
Mar 924
Maranhao is
1958 14
1251 14
5,000
sy, Jan 22
Aledellin Mulicipal 7s 1951
1031 1355 19,000 1031 Dec23
Afendoza 735s
1951
28
4,000 17
29
Slar 3991
Mtge Bank of Bogota
75 issue of Slay '27 1947 16
16
10
10,000 1434 Dec 35
Mtge Bk of Chili 65_1931
955
935 10
7,000
74 Sept1534
Parama (State) 7s_ _ _ _1958
835
951
5
1635
Jan
934 9,000
Rio de Janeiro 6348_..-1960 17
154 17
24,000
7
Jain
2251
Russian GOvt0355
1919
391 351 4,000
Apr
2
835
64s certificates_ _ -1919
24 334 150,000
3%
74
135 Dec
531e
1921
24 34 127,000
34
84
14 Dec
5 Sis certificates_ _1921
231 351 43,000
7%
154 Apr
Saar Basin Cons Co- 1933 11191 109 11191 25,000 9491 Nov 109
7s
Santa Fe 75
2,000 13
1891 19
1945
Apr 26
Santiago 7s
1949
4
Mar 1355
634 9,000
53.4
,
1001
65%
A
1048)
414 Jan
1214
July
Jan
July
July
July
July
Jan
Jan
Sept
Sept
Jan
Jac
Jar
Mal
Jar
JUI3
July
July
July
Jul)
Jun(
Jul3
Jul)
Jul%
Julf
Jul]
Jul]
Dei
Ma)
Juni
Jun,
• No par value. a Deferred del very. c o d Certificates of deposit. cons Consolidated. cum Cumulative. cony Convertible. e See note below. m Mortgage. a Sold under the rule. n-v Non-voting stock. r Sold for cash. vt c Voting
trust certificates.
WI When issued.
w w With warrants.
x Ex-dividend.
z w Without warrants.
See alpnabetical list below for "Deferred delivery" sales affecting the range
for the year.
American Manufacturing ,pref., Feb. 7, 30 at 434.
Arkansas Natural Gas, cont.. class A. March 15. 400 at 75
Associated Gas & Elec 455s 1948 regis. Slay 22,31,000 at 12; Stay 2 .52,00(7 at 16.
Gen. Bronze Corp. (Is. 1940 low. Apr. 10, 87.000 at 43.
Hanover (City) 78 1939. Oct. 30, 87,00061 3134.
Indiana Electric Es, series C. 1951, Feb. 1, 57,000 at 80.
International Petroleum, Feb. 2. 200 at 835.
Jersey Central l'ow & Light
% pref., May 29, 25 at 8.
Lefcourt Realty Corp., pref. A pH 4, 100 at 235
Niagara-Hudson Power class it option warrants March 21, 100 at 194.
I'acific Ltg & Pow 55 1942. Oct. 30, $2,000 at 110.
Peoples Light & Power 5s, 1979, April 18, 32.000 at 55.
Syracuse Lighting 534e, 1954, Feb. 1. 31.000 at 10934.
Union American Investment fra w. w. 1948. April 12. 31,000 at 72.
Valvoline Oil 7e, 1937. July 10. $1,000 at 604.
Western Newspaper Union 65, 1944. March 10. 31.000 at 21.
e See alphabetical nat below for "Under the rule" Bales affecting the range for
the year:
Agriculture Mtge Bk 7s 1947 with coupon, Nov. 9. 31,000 at 2755.
Associated Telephone $1.50 preferred, Feb. 9, 100 at 1935.
American Community l'ower 5545, 1953, June 16. $1,000 at 10.
Chicago District Electric 545, 1935. Feb. 2. $7 000 at 9595
.
Cleveland Electric Illuminating 55 1939, June 1, 31.000 at 10751.
liygrade Food Products 6s, series 13, 1949, July 25. 31.000 at 6255.
Narragansett Electric 5s. series 13, 1957, Jan. 17. 31,000 at 104
New York & Westchester Ltg As 1954, Mar. 27. 35.000 at 10035•
Singer Mfg. Co. Am. dep. rem.. July 6, 12 at 34.
Tennessee Paoli° Service 58. 1970, Jan. 13. 81,000 at 954.
United States Rubber 68, 1933. May 19, 38.000 at 10095.
Nov 9534 Jan
Doe 94
Jan
Jan 86
Oct
Feb 60
July
Jan
Dec 90
Feb 33
Aug'
CURRENT NOTICES.
Nov 92
Jan
Jan
Nov 104
-The promotion of Robert NI. Green to the office of Treasurer Of the
Apr 6731 July Prudential Insurance Co. of America
was authorized on Jan.8 at the annual
meeting of the board of directors. Other promotions were announced, as
Apr 69
Jan follows: Caleb Stone. Associate Manager
of the bond department, to the
Nov 995a Jan
position of 2nd Vice-President; Lewis P. Mansfield, also an Associate
Sept 3414 May Manager, as supervisor of the bond department;
Dr. Chester T. Brown.
Jan 46
Juts
Acting Medical Director since the retirement of Dr. J. Allen Patton, on
June 1 1933, to the position of medical director; Selim 11. Gallier and Carrol
Apr 104% Sept M. Shanks, each
an Assistant Solicitor in the Legal Department, were
Apr 94094 Sept advanced
to become Associate
Apr 103
Feb becomes an Assistant Actuary; general solicitors. Louis R. Menagh. Jr..
and David G. Park is named Supervisor_of
Jan
Mar 103
the mathematical department.
Nov
July 84
-Thos. L. Manson & Co.. announce that James McLean, member New
May 66
Jan
Jan York Stock Exchange, has been admitted to general partnership in their
May 88
firm.
In a detailed analysis of production, consumption and the.priee range of
Sept 9
4% June
Apr 100
Dec cotton, Carl 53. Loeb & Co., 48 Wall St., New York, express the opinion
Feb 90
July that owing to the improving position of visible stocks, favorable consumpFeb 81
July tion outlook and the program of crop curtailment, the stage is set for rising
Apr 8055 July cotton prices in 1934.
-Hornblower & Weeks, New York, have prepared an analysis of 12
Feb 80% July
Feb 83
July leading New York City banks based upon their published year-end
Feb 80
July statements.
318
Financial Chronicle
Jan. 13 1934
Quotations for Unlisted Securities-Friday Jan. 12
Port of New York Authority Bonds.
Public Utility Bonds.
Bid
Bayonne Bridge 48 series C
id/I 3 70
75
85
1938-63
Inland Terminal 4,14s set D
Geo. Washington Bridge
M&S 70
1936-60
45 series H 1936-50___J&D 95.00 4.75 Holland Tutuael 41.s series E
4348 ser B 1939-63__M&N 95.00 4.75
M&S 54.75
1934-60
Bid
Ask
Arthur Kill Bridges 4148
merles A 1934-46
ItLkS
Ask
82
75
4.50
U. S. Insular Bonds.
Philippine Government
45 1934
is 1946
4.14s Oct 1959
4346 July 1952
58 April 1955
5s Feb 1952
5145 Aug 1941
Hawaii 4.14s Oct 1956
Bid Ask
97 100
90 94
93
96
93
96
95 100
95 100
101 104
99 102
Honolulu Is
1.5 S Panama 35 June 1 1961_
2s Aug 1 1936
28 Nov 1 1938
Govt of Puerto Rico
4348 July 1958
be July 1948
Bid
98
10012
99
99
97
99
Ask
103
102
993t
9931
101
103
Federal Land Bank Bonds.
411 1957 optional 1937_M&N
45 1958 optional 1938.M&N
434s 1956 opt 1936____J&J
414s 1957 opt 1937____J&J
434s 1958 opt 1938___M&N
56 1941 optional 1931.M&N
4148 1942 opt 1932__M&N
Bid
Ask
89121 9012
8912) 9012
893 90 4
4
3
893 90 4
4)
3
893 90 4
4
3
97
9812
94
95
1943
1953
1955
1956
1953
1954
opt
opt
opt
opt
opt
opt
1933____J&J
1933____J&J
1935____J&J
1936____J&J
1933____J&J
1934____J&J
Bid
94
9114
9114
9114
94
94
Ask
95
9214
9214
9214
95
95
Bid
4%8
434s
4.148
414s
45is
43(8
Ask
New York State Bonds.
BidAsk
Canal dc Highway
be Jan & Mar 1933 to 1935 63.25
Is Jan & Mar 1936 to 1945 53.50
Is Jan az Mar 1946 10 1971 53.90
Highway Imp 414s Sept '83 112
Canal Imp 45s Jan 1964 __ _ 112
Can & Imp High 4146 1966_ 109
World War Bonus
41is April 1933 to 1939_ _
4.14s April 1940 to 1949._
Institution Building
45 Sept 1933 to 1940
4s Sept 1941 to 1976
Highway Improvement
48 Mar & Sept 1958 to '67
Canal Imp 45.7 & J '60 to'67
Barge CT 48 Jan 1042 to'46
03.25
63.25
83.25
63.00
105
105
10212
New York City Bonds,
bid
i Bid Ask 1
8514
638May 1935
93 4 941 1 a434s June 1974
3
8514
WO May 1954
7712 7812 04348 Feb 15 1978
8514
a3148 Nov 1954
7712 7812 a434s Jan 1977
8514
ats Nov 1955 & 1956
a4348 Nov 15 1978
79 81
8512
048 M & N 1957 to 1959
8012 8112 a414s March 1981
8814
a4s May 1977
8012 8112 a414s M & N 1957
8814
a4s Oct 1980
8012 8112 a4.14s July 1967
8814
5411s Feb 15 193310 1940 6 7.00 6.00 a414s Dec 15 1974
8814
a41(8 March 1980
84
85 a4148 Dec 1 1979
a41.18 Sept 1980
8514 86
99
514148 March l962& 1964._ 8514 86 065 Jan 25 1935
99
a414s April 1966
8514 86 afis Jan 25 1936
99
8514 86 a6s Jan 25 1937
a4146 April 15 1972
a Interchangeable. I Basis. Registered coupon (serial). dCoupon.
Ask
86
86
86
86
86
8914
8914
8914
891 1
9912
9912
9912
New York Bank Stocks.
Pari Bid
Bank of Manhattan Co_ _10 26
Bank of Yorktown
100 20
100 27
Bensonhurst Nati
Ask
27
30
35
Par Bid
Ask
25
514 814
Lafayette National
50 20 25
Nat Bronx Bank
25 35
National Exchange
38
Nat Safety Bank & Tr_ _ _25
4
8
25
20 24
Chase
_ 95 Penn Exchange
Citizens Bank of BklYn-100
20 2518 2615 Peoples National
City (National)
Public Nat Bk & Tr
Comml Nat Bank & Tr_100 124 134
26
5
8
10080
25 -244 2631
100 860 910 Sterling Nat Bank & Tr 25
Fifth Avenue
First National of N Y....100 1360 1400
100
40 Trade Bank
100 30
Flatbush National
20
100 10
Fort Greene
55
Yorkville(Nat Bank 01).100
Kingsboro Nat Bank....100
15
17
20
25
30
40
Trust Companies.
AM
Par Bid
__
Bence Comm Itallana__ 100
305 315
Bank of New York & Tr_100 14412
20 10
Bank of Sicily Trust
3
4
Bankers_
10 533 55 4
7
4
20
Bronx County
S2
100 77
Brooklyn
20 112 116
Central Hanover
s
Chemical Bank & Trust..10 337 353
50
50 40
Clinton Trust
712 1012
Colonial Trust
100
4
4
Continental Bk dc Tr
10 123 133
8
20 4738 493
Corn Each Bk & Trust
Par
20
100
100
10
100
25
Bid
Ask
1618 1718
235 200
277 281
16
17
1800 1900
2912 3112
20
Manufacturers
25
New York
Title Guarantee & Trust_20
167 177
8
8
7912 8112
85 1015
8
Empire
Fulton
Guaranty
Irving Trust
Kings County
Lawyers County
Underwriters Trust
United States
100 40
100 1545
50
1595
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
DIvidend
Par in Dollars.
100
Alabama & Vicksburg (Ill Cent)
Albany & Susquehanna (Delaware & Hudson)_ 100
100
Allegheny & Western (Buff Koch & Pitts)
60
Beech Creek (New York Central)
100
Boston & Albany (New York Central)
100
Boston ft Providence (New Haven)
100
Canada Southern (New York Central)
Car,Clinehfield dc Ohio(L & N A CL)4%____100
100
Common 5% stamped
Chic Cleve Clno & St Louts pref(NY cent).-100
50
Cleveland & Pittsburgh (Pennsylvania)
50
Betterraen stock
25
Delaware (Pennsylvania)
100
Georgia RR de Banking (L & N. A CL)
Lackawanna RR of NJ (Del Leek az Western)-100
100
Michigan Central (New York Ceatra1)
50
Morris & Essex (Del Lack & Western)
New York Lackawanna & Western(D L & W).100
Northern Central (Pennsylvania)
50
100
Old Colony (N Y N H ,k Hartford)
60
Oewego & Syracuse (Del Lack & Western)
Pittsburgh Bess & Lake Erie(US Steel)
50
50
Preferred
100
Pittsburgh Fort Wane & Chicago(Penn)
Preferred
100
..100
Rensselaer & Saratoga (Delaware ft Hudson)
100
St Louis Bridge 1st pre!(Terminal RR)
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR ck Canal(Penne)
Utica Chenango ;4 Susquelutnna (D L & W)...100
Valley (Delaware Lackawanna & Western)
100
100
Vicksburg Shreveport & Pacific (III Cent)
100
Preferred
50
Warren RR of NJ (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
5 No par value.
4 Lass reported market
Bid.
Ask.
_
70
75
6.00
165
170
11.00
81
85
8.00
27
30
2.00
110
115
8.75
135
8.50
45
50
3.00
85
70
4.00
71
74
5.00
70
75
5.00
64
67
3.50
36
39
2.00
33
37
2.00
145
137
10.00
62
86
4.00
600
50.00
61
57
3.875
75
80
5.00
74
77
4.00
80
85
7.00
64
59
4.50
27
31
1.50
55
60
3.00
117
125
7.00
141
146
7.00
103
100
6.90
110
115
8.00
53
57
3.00
111
107
3.00
203
207
10.00
70
75
6.00
75
5.00
80
65
5.00
60
65
5.00
39
44
3.50
58
53
3.00
r Ex-eoupon.
e Defaulted
Bid
Bed Ask
Amer S PS 5
1948_M&N
4
323 3514
Atlanta G L 58 1947 __J&D 97
Central Gas & Elec1st lien coil tr 5145'46J& E1 30
35
lit lien coil tr Os '46_M&S 3134 3634
Fed P 8 1st 6s 1947_ _J&I) 51614 193
4
Federated Util 5345 '57 M&S 22
25
III Wat Ser let Sc 1952.J&J 73
76
Iowa So UM 514s 1950_J&J 3612 39
Keystone Telephone 5.16s '55 8014 6212
Louis Light 1st Is 1953.A&O 10012 105
Newp N & Ham Is '44 .J&J 713 7514
4
N Y Wat Ser be 1951..M&N
Norf & Portsmouth Tr 5836
Old Dom Pow Esi _ May 15'51
Parr Shoals P bs 1952_ _ A&O
Pennsylvania Elee 53 I962__
Peoples L az P 5145 1941 Hsi
Public Serv of Colo Os 1961_
Roanoke W W Sc 1950_J&J
Sierra & San Fran 2d B 5s'49
United Wat Gas & E 58 1941
Virginia Power 55 1942
Western P S 6148 1960.F&A
Ask
91318 100;2
7 4 734
8
63
5468'''' 352231.i
3
2
6035 2
71
7212
2
z
1
69, 2 622 1,
7621 874,
981.1 1003
s
4014 43
Public Utility Stocks,
Par
Alabama Power $7 pref.100
A212(1112. Power pre!_ _._100
Arkansas Pr & Lt $7 pref__*
Assoc Gas & El orlg wet _•
$6.50 preferred
•
$7 preferred
•
Atlantic City Elec $6 pref..•
Bangor Hydro-El 7% pf 100
Birmingham Elea $7 pref •
Broad River Pow pf__. 100
Buff Niag & East pr pref_ 25
Carolina Pr & Lt $7 pref_ _•
Cent Ark Pub Serv pref_100
Cent Maine Pow 6% pf_100
$7 preferred
100
Coot Pr az Lt
pref_ _100
Cent Pub Serv Corp pref.*
Cleve Elec Ill $6 pref_ _ _100
Columbus Ry, Pr & Lt
1st $6 preferred
100
36.50 preferred B
100
Consol Traction (N J) I00
Consumers Pow 5% pref.•
6% preferred
100
6.60% preferred__ _ _ _100
Continental Gas & El$7 preferred
100
Dallas Pow az Lt 7% pref 100
Dayton Pr & Lt $6 pref_100
Derby Gas az Elec 37 pref.•
Essex-Hudson Gas
100
Foreign Lt & Pow u nits_ _- Gas & Elec of Bergen...100
Hudson County Gas_ _ _100
Par
Idaho Power 6% pref
•
7% preferred_
100
Illinois Pr & Lt 1st pref___.
inland Pow & Lt pref_100
Interstate Power $7 pref_..*
Jamaica Water Supply 01_511
Jersey Cent P & L $7 pf_100
Kansas City Pub Serv corn.*
Ka us u8.8 sr El 7% pf 10
Prterred
;
Ask
43
4
43
8
8
283 233
12 112
2
1
1
2
7014 7412
9512
90
201s 211_
8
151s
--3
1558 16 8
283
4
_
43
6
0
56
6412 69
20
16
14
I
10014 10214
Bid
41
Kings Co Mg 7% pref. 100
Memphis Pr & Lt 7% pref.*
Metro Edison $7 pref B..
•
8% preferred ser C
Mississippi P & L 36 prof..•
Miss River Power pref_ 100
Mo Public Serv pref...100
Mountain States Pr c
•
$7 preferred
ora-109
.
62
6612 Nassau & Silffolk Ltg p11011
633 5712 Nebraska Power $7 pref..100
4
Newark Consol Gas_
LS)
25
21
57 New Eng Pow Assn 6 pf100
54
New Jersey Pow & 1.139 1/1 •
56
54
N Y az Queens E LA P oriel
67
64
Northern States Pr $7 p1100
40 Philadelphia Co $5 pref.. 60
37
9114 93 Somerset Un MO Lt___ _100
76 South Jersey Gas & Elec.100
73
44 'Tenn Elea Pow 6% pref _100
39
United 0& E(NJ) pref 100
_
140
__
Wash Ry & Elec corn...100
72
5% preferred
100
92
97
Western Power 7% pref_100
_
140
Rid
Ask
X50
_
64
-x02
1012 12
112
8
10
46
48
55
58
18
12
1
, 112
61
58
7012 75
46
50
55
47
1;022
19
6712 72
4
8
212
10
4412
40
78
80
9214 96
413 423
4
4
50
55
9912 105
56
52
32
00
137 14144
48
33 36
280 320
85
81
6012 65
Investment Trusts.
Par
A d,olnietered Fund.......1
Amer Business Shares
Amer Composite Tr Shares_
Amer & Continental Corp..
AmFounders Corp 6% pt 6111
7% preferred
50
Amer ,k General Sec Cl A•
Class B coin
•
•
$3 preferred
Amer Iusuranstocks Corp.'
Assoc Standard 011 Shares..
Bancatnerlea-Blalr Corp Bancshares, Ltd
Participating shares __50C
•
Basic Industry Shares
British Type Invest A
1
Bullock Fund Ltd
Canadian 1111.1 Fund Ltd..Central Nat Corp class A
Class B
Century Trust Shares____•
Corporate Trust SharesSeries AA
Accumulative series
Series AA mod
Series ACC mod
Crum & Foster Ins Shares
Common B
10
100
7% Preferred
Crum az Foster Ins com_.•
8% preferred
Cumulative Trust Shares_ _•
Deposited Bank She leer A..
Deposited Insur Sias A
Diversified Tristee She B.__
6.2t3
14 93 1A
B4a
1.03 1.13
35
8 418
6
5
9
12
914 12
412 612
18 1
45
38
13
4 212
8
47
8 53
214 212
1.03
3.26
.45
8
115
3.25
2012
12
1018
2 01
1.95
1.95
2.27
2.27
13
77
133
4
88
3.98
2 02
2738
.83
1 25
70
1258
3.40
2212
212
1712
---2.31
- 2.34
14
15
_
2.25
3.15
Par
Mass Investors Trust
Mutual Invest Trust
National Wide Securities Co
Voting trust certificates..
N Y Bank & Trust Shares..
No Amer Bond trust etre_ _ _
No Amer Trust Shares_1953
Series 1955
Series 1956
Northern Securities
100
Pacific Southern Invest Pt.'
D utus D
Clasii A
•
Plymouth Fund Inc ____10c
Quarterly Inc Shares
Representative Trust Shares
Royalties Management....
Second Internal See el A__•
Class 13 common
6% preferred
50
Selected Amer Shares One..
Selected American Shares__
Selected Cumulative Shs___
Selectee vneome Shares.....
Selected Man Trustees She_
Spencer Trust Fund
Standard Amer Trust Shares
Standard Utilities Inc
•
State Street Inv Corp
Super Corp of Am Tr She A
AA
B
BB
C
D
3.05 3.35 Supervised Shares
43
4 514 Trust Fund Shares
1.20 1.22 Trust Shares of America
Dividend Shares
Trustee Industry Shares..-.
24
19
Equity Corp. cv. pt
2 65 3.00 Trustee Stand InveetmentC
Equity Trust Shares A
. D
47 15 51.....44
4.71
Fidelity Fund Inc
Trustee Standard 011 Sirs A
Five-year Fixed Tr Shares__
• 8.31
Fixed Trust Shares A
Trustee Amer Batik She A_ _
7.17 _
Fundamental Tr Shares A..
45
38
Trusteed N Y Bank Shares.
SerB
l
Shares B
* 2 03 2.23 20th Century orig Series...
Fundamental Investors Inc
Se l ea
.16 10 8
General Investors Trust 1 49 4.611 Tw ufyes
BTrust Shares
r
Guardian Invest pref w war
14 United Bank Trust
18
Huron Holding Corp
Incorporated Inveetors.___• 17.62 19.13 United Gold Equities (Can)
Standard Shares
1
Independence Tr Shares ..• 2.05 2.34
United Fixed Shares ser Y.
8
Indus & Power Security...' 113 13
United Insurance Trust.....
Internet Security Corp(Am)
18
I
USA Brit Int. class A corn*
Class A corn
Class 11 corn
Class It com
Preferred
15
10
Preferred
100
614%
15
U Elec Lt & Pow Sharee A
8% preferred
100 10
12 118
B
Investment Fund of N J__•
Voting trust ctfs
51 1
45
Investment Trust of N Y.•
Un N Y Bank Trust C 8_ _ _
47
8
Low Priced Shares
-- Un Ins Tr Slim tier F
2
Major Shares Corp
Bid
Ask
17 88 19.42
1 13 1.24
3.19 3.29
1.29 1.39
212
7634 80
177
2.30
2.28
x.50 .65
19
22
314 5
12 1 14
1.04 1.14
1.35 1 40
847 9.22
7
8
3
8
112
12
12 1
24
1 24 1.32
20
2.56
062
3 40 3
-g;
Si, 15
8
1014 171s
270 295
66
71
64 07 119.22
293
207
307
209
654
515
_
1.26 1:3;
314 33
4
25
8 3Is
1.06 1.18
2 06 2.40
2 03 2.35
5
47 8 al;
1.87
.85 .96
1.25 1 40
I 75
2 60 3 00
1113 1814
4
33
8 43
8
2.02
2
18
,
14
18
4
1034
1.96
.75
3 60
2.24
23
8
218
t
12
7
111 i
2.06
.83
3.90
Bid
8312
1051 1
14
98
16
100
8
1033
4
Ast
80
107
103
4
101
20
Telephone and Telegraph Stocks.
6 sk
0d
Par Bi212 A612
Amer Dist Teleg(N J) corn •
2
°nein az Sub Bell Telep__50 6012 68,
17
Cuban Telep 7% pref___100 38'2 25
Empire dc Bay State Tel_100
,
Franklin Teleg 52.50-.100 30 s
73
Int Ocean Teleg 6%_ _ _100 65
Lincoln Tel & Tel 7%
• 911
4
4
Mount States Tel & Tel_100 993 1013
New York Mutual Tel..100 1512 20
Par
New England Tel Az Tel.100
Northw Bell Tel pf 614%100
Pac & Atl Toles US 1%...25
Koch Telep $6.50 let pf _100
So & Atl Teleg $1.26....25
Tr1 States Tel & Tel $6._•
Preferred
10
Wisconsin Telep 7% pref100
106
Sugar Stocks.
Fajardo Sugar
Haitian Corp Amer
Es-stost dividend..
Ask
Par Bid
Ask
Par Bid
• 90 95
721.1 Savannah Sugar Ref
100 68
ss
•
7% preferred
...100 98 103
13
8
United Porto Rican ars _•
12 13
8
Preferred etre
•
.
Ex-dividend
Financial Chronicle
Volume 138
319
Quotations for Unlisted Securities-Friday Jan. 12-Concluded
Chain Store Stocks.
Aeronautical Stocks.
Par Bid
Ask
Par Bid
Ask
Bohack (H C) corn
• 15
163 Melville Shoe pref
8
100 8712
7% preferred
100 70
79
Miller (I) & Sons pref__ .100
14
Butler(James)corn
100
12 212 MockJude&Voehringerpf 100 95
65
Preferred
100
3
/ 7 4 Murphy (G C)8% pre/ _100 90
1
4
,
9512
Diamond Shoe prof - - -10
0 51
Edison Bros Storee pref _10C 65
7(1 - Nat Shirt Shops (Del)
1
•
212
Fan Farmer Candy Sh pt._• 25
_
Preferred
100 19
Fishman(M H)Storea.....•
6
7 2 Newberry (J J)
,
pref_100 78
85
Preferred
100 61
70
Y Merchandise 151 pf_100 80
Kobacker Stores Pref.
.100
_
Kress (9 11) 6% prof
07 107
•
412
10 20- 8 Plggly-WIggly Corp
Lerner Stores pre
100 60
70 Reeves(Daniel) pref..._ 100 95
Lord & l'aylor
100 110
Schiff Co pref
100 711277
lst preferred 6%
100 793
___ Silver (Isaac) & Bros p1.100
1112
Sec preferred 8%
100 793
U 9 Stores pref
100
43 4 9
Industrial Stocks.
Par Bill
Ask
Par Bid
Ask
Alpha Port1 Cement pt...100
_
Macfadden Publlena com_b
214 3'5
American Arch $1
3
• 1114 1-3 4 Macfadden Publiens pt_ _ _• 173 20
4
American Book 54
100 5(1
54
Merck Corp $8 pref
100 105 104
Amer Dry Ice Corp__ __ _
13
4 4
National Licorice corn.. _100 20
25
Bliss(E W)1st prof
ao 1234
National Paper & Type.100
9
2a wet B
10
212
New Haven Clock pref. 100 12
17
Bohn Refrigerator pf___100
New Jersey Worsted 1)1_100 40
Bon Aml Co B corn
• ;34
--- 37 I
Brunsw-Balke-Col pref _.100 461 4712 Ohio Leather
• 2112 24
Okonite Co $7 prof
100 15
25
Canadian Celanese com___• 181 2014 Publication Corp corn
8311
Preferred
100 105 108
87 1s1 preferred
100 7812 81Carnation C'o corn
• 14
1512
Preferred 37
100 94
Riverside Silk Mills
2014 2012
Chestnut & Smith prof. 100
41 10
Rockwood & Co
10
Color Pictures Inc
35
45
Preferred
100 44
Columbia Baking com____•
3 Roxy Theatres units
4
18 Eci78
let preferred
•
1.7
334
5
5
Preferred A
18
2d preferred
7
8 Ps Ruberoid Co
•
100 25
28
Congoleurn-Nairn $7 pf 100 1047
s
Standard Screw
100 45
Crowell Pub Co Si coin_ _• 163 2014 Stetson (J 13) coin
4
•
814 934
$7 preferred
100 84
8912 Preferred
25 121
. ___
11, Taylor Milling Corp
• 918 1212
Taylor Wharton Ir&St corn •
11 214
/
4
Preferred
100
514
Tenn Products Corp pref _50
13
4 414
1112 TubbeChatillon cupf
100 5412
25s Unexcelled Mfg. Co
10
13
s 214
52
5513 White Rock Min Spring
32
$7 let preferred
100 93
13
$10 2d pref
100 134
2 Woodward Iron
100
1
812 Worcester Salt
100 49
53
De Forest Phonothm CorpDoehler Die Cast pref
•
Preferred
$50 par
12
26
14
Eiseman Magneto prof...100
Flour Mills of AmerIca____•
Gen Fireproofing $7 44_100
Graton & Knight corn
•
Preferred
100
HerrIng-Hall-Mary Safe_100
Howe Scale
100
Preferred
100
61
/
4
13
4
44
412
2812
9
1
512
Industrial Accept prof
Locomotive Firebox Co__ •
3312 3514 Young (J. 9) Co corn ____100
5
7
7% Preferred
100
Par Bid
Alexander Indus 8% 0.100
Aviation Sec Corp (N E)__•
1
Central Airport
•
Kinney Airplane & Mot_ _ _1
1
12
Ask
10
3
Par Bid
Southern Air Transport...*
2
Swallow Airplane
•
United Aircraft Transport
3
Preferred x warr
54
7 Warner Aircraft Engine...
8
Ask
5
2
57
3
Insurance Companies.
Par Bid
Ask
Par
Aetna Casualty & Surety .10 4812 5012 Hartford Steam Boiler...10
Aetna Fire
10 317 337 Rome
8
8
5
Aetna Life
10 1718 1918 Home Fire Security
10
Agricultural
25 463 513 Homestead Fire
4
4
10
American Alliance
10 1412 1612 Hudson Insurance
10
American Colony
4
6
6
American Equitable
5 13'2 1612 Importers & Exp. of N Y.25
American Home
51
10
612 Knickerbocker
5
73
4 854 Lincoln Fire new
American of Newark____2
5
American Re-insurance_ _10 3314 3612
American Reserve
10 31312 1512 Maryland Casualty
2
American Surety
25 143 163 Mass Bonding & Ins
8
8
25
Automobile.
10 183 203 Merchants Fire Assur com212
4
4
Merch & Mfrs Fire Newark 5
Baltimore Amer
214
23
8 33
8
Bankers & Shippers
48
25 38
National Casualty
10
Boston
100 430 455
National Fire
10
National Liberty
2
Camden Fire
5 1414 153 National Union Fire
4
20
Carolina
10 153 173 New Amsterdam Cas
4
4
5
City of New York
New Brunswick Fire
100 x125 135
10
Connecticut General Life_10 27
New England Fire
29
10
Consolidated indemnIty___6
1
2 New Hampshire Fire
10
Continental Casualty
13 New Jersey
5 11
20
Cosmopolitan Fire
10 141 171. New York Fire
.
5
Northern
12.50
Eagle Fire
212
13
8 218 North River
2.50
Employers Ike-Insurance.10 22
24
Northwestern National_ _25
Excess
818 918
5
Federal
10 50
54 Pacific Fire
25
Fidelity & Deposit of Md_20 21
23 Phoenix
10
Firemen', of Newark
47
8 57 Preferred Accident
5
s
Franklin Fire
5 163 1818 Providence-Washington. _1
8
General Alliance
•
612 812
Georgia Home
17
10 13
Rochester American
1
Glens }ails Fire
5 263 283 St Paul Fire & Marine
8
s
2
Globe & Republic
8 4 111 Security New Haven
,
5
/
4
1
Globe & Rutgers Fire.
...25 30
45 Southern Fire
1
Great American
5 16
1712 Springfield Fire & Marine_2
Great Amer IndemnityI
7
10 Stuyvesant
10
Sun Life Assurance
100
Halifax Fire
16
10 14
Hamilton Fire
25 25
35 Travelers
100
Hanover Fire
27
10 25
U S Fidelity & Guar Co_ -2
Harmon%
4
10 164 183 U S Fire
4
Hartford Fire
10 411, 4312 Westchester Fire
2.50
Bid
Ask
46
49
319
2012
2,4
14
,
107 123
8
8
714
8
10
6
8
212 312
2
3
1312
12
2312 2712
43
4 63
4
4
433
8
414
54
1114
163
4
9
30 4
3
191,
8
46
1512
81
5
4538
514
58
1314
183
4
14
333
4
23
11
51
1712
86
39
53
1014
21%
49
55
1214
235
8
13
17
116 121
217 233
•
8
113 133
4
4
7718 821
/
4
312 412
400 450
376 391
4
5
32
30
19% 21%
56
83
Realty, Surety and Mortgage Companies.
Industrial and Railroad Bonds.
Rid
Adams Express 4s '47_J&D 611 1
American Meter Be 1946... 65
Amer Tobacco te 1951 FAA 98
Am Type Fdrs iis 1937 MAN
20
Debenture 6s 1939 .M&N
20
Am Wire Fab 7a '42 _NUS 77
Bear Mountain-Hudson
River Bridge is 1963 A&O 77
Chicago Stock Yds 68.1961
Conaol Mach Tool 78_1942
Consol Tobacco 45 1951
_
Consolidation Coal 445'34_
Equit Office Bldg 651952._
Haytlan Corp 8s 1938
Hoboken Ferry 5s 1946
International Salt 56._1951
Journal of Comm 6 43.1937
Kane City Pub dery 6a 1951
Ask
63
75
id
30
85
Bid
Goew's New Brd Proves 1945
JAD
Merchants Rettig lis 1937_ _ _
N 0 Or No RR 5s '83 _FAA
N Y & Hob Ferr 5a '46 J&D
N Y Shipbdg 5a 1940.1.1&N
Ask
711. 751,
85 2
,
-- 49
8214 85
80
Piedmont & Nor Ry 5s.1954 75
Pierce Butler & P As 1942 6112
65 2
,
Prudence Co Guar Coll
e73 11-34
54s, 1961
4
64512 481.
9712
13
16
Realty Assort Sec 601'31 _J&J e243 263
4
4
61 Broadway 534s '50.A&O 58
62
47
90 Stand Text Pr 84s '42 M&S 12
61614 173 Struthers Wells Titusville
4
a 48 1943
53
60
37
42
Tol Term RR 44a'57_51&N 84
86
86
Ward Baking 1st 68._ _1937 96
88
9812
58
65 Witherbee Sherman fla 1944
51
712
22
2412 Woodward Iron Is 1952_ J&J e27
3112
Chicago Bank Stocks.
Par
Amer Nat Bank & Trust_ 10(1
Central Republic
100
Continental Ill Bk & Tr_ 100
Bid
70
36
As8
80 First National
154 Harris Trust & Savings
363 Northern Trust Co
4
Par Bid
100 93
100 175
100 305
Ask
100
180
315
Par Bid Ask
Par Bid
3
4 11. Lawyers Mortgage
Bond & Mortgage Guar_20
20
5,
8
Empire Title & Guar___100 22
Lawyers Title & Guar __100
50
2,
4
Guaranty Title & Mortgage. 50
80
National Title Guaranty 100
HomeTitle Insucance. _ _25
412
Y Title & Mtge
_10
Ask
Ps
34
,
13
4
38
New York Real Estate Securities Exchange
Bonds and Stocks.
Active Issues.
Bid
Home Loan Bonds
Home Owners' Loan Corp
1951
4s
Bonds
Butler Hall 6s
liway Barcley Bldg 6s 1939
41
Central Zone Bldg ate
Dorset (The) fle etre_ .
11 Park Place Corp 43_1948
502 Park Ave Bldg ctts
Hearst Brisbane Prop Ss '42
Hotel St George 551s--1943
Letcourt State Bldg 614s '43
Lincoln Bldg Certificates
Merchants' National Prop
ww
1958
Mortgage Bond (N Ti 54ri
Ask
Active 13.714e8.
Bonds (Concluded)
N Y Athletic Club 6e_1946
925 9318 Oliver Cromwell Hotel etre_
1 Park Ave Bldg 6s____1939
Park Central hotel ctts___
29
3312 Park Chambers Bldg 6s '38
21
Pennsylvania Bldg Ws _
2912
Penny (J C)Corp 514s1950
24
20
25
60 Broad St Bldg
1939
1354
Trinity Bldgs Corp 512s. 1939
6s_61
58
2450 Broadway Bldg errs__
30
34
2124-34 Bway Bldg etre_ _ _
West End Ave & 104th It
26
Bldg 6s
1939
37
Stocks
Beaux Arts Apt Inc units__
City & Suburban Homes__
17,
2
33
French (F F) Investing....
Bid
Ask
26
2712
19
47
18
15
481
13
97
40
4412
931
8
- 2
618 4 11,
4
,
1912
16
52,
212
812
512
212
Bid
5.50
6.00
4.75
4.75
12.00
12.00
12.00
12.00
12.00
5.50
6.60
5.50
4.00
4.75
4.00
4.25
6.00
4.40
12.00
5.25
.5.25
5.75
5.75
8.00
4.00
Ask
4.50
5.00
4.25
4.25
8.00
8.00
8.00
8.00
8.50
5.00
5.00
5.00
3.00
4.00
3.00
4.00
5.00
4.00
8.00
5 00
5 00
5.00
5.00
5.00
3.00
Other Over-the-Counter Securities-Friday Jan. 12
Short Term Securities.
Bill lAsk
Bid
Ask
Allia-Cha1 Mfg Se May 1937 923 03 Mag Pet 44s Feb 15 '34-'35
4
100's
Amer Metal 5549 1934. A&O 9912 100 Union 011 5s 1935___F&A 101
101 4
-3Amer Wat Wks 65 1934 A&O 10118 1013 t
s
1
Water Bonds.
Bid
Alton Water 55 1956__A&O 89
Ark %Vat 1st 55 A 1956.A&O 85
Ashtabula W W 8,
'58.A&O 78
Atlantic Co Wat 5a '58 M&S 79
Birtn WW 1st845 A't4A&O
let m 55 105. ser B _J&D
let 55 1957 series C__ FAA
Butler Water Is 1957..A&O
City of Newcastle Wat fts '41
City W (Chat) 5a B '54 BAD
let 5a 1957 seriee C_M&N
Commonwealth Water-1st 6. 1956 B
FAA
lat in ets 1957 ser C F&A
Davenport W 55 1961 J&J
ES LA 101W Is'42._ J&J
let m is 1942 !ter B. _J&J
let Egi 1960 aer D
F&A
Ask
91
811
80
82
Hunt'ton W 1s16.'54..M &S
1st m 5a 1954 ser B__M&S
58 1962
Joplin W W55 57 ear AM&S
Kokomo W W 55 1958_ J&D
Mown Coo W 1,1 5556 MD
96
94
89
--• Motion Val W 4s '50_ J&J
Rbchrn W W 1st 5a'57_M&N
83
80
83 St Joseph Wat be 194I_A&O
9212 94 South Pitta Water Colin 5s 1955
95
FAA
let A ref 5. 60 sec A _J&J
94
lit & ref 6560 ser B_J&J
93
Terre fele WW 66'49A BAD
96
92
let m fut 1956 ser B._J&D
_
87
Texarkana W 1,t511'55 FAA
75
Wichita Wat let 65'49 M&S
77
80
let m 5s '56 ser B
F&A
72
1st m 55 1960 ser C_M&N
Bid
98
87
83
81
80
76
85
8312
96
Ask
_
85
-83
82
SO
88
_
IN
95
95
87
67
97
86
85
97
88
71
100
38
Railroad Equipments.
BidAsk
Atlantic Coast Line Ss
4 90 4 50 Kanawha & Michigan 6e...
Equipment 6 Its
4.60 4.00 KansasCity Southern 5155_
Baltimore & Ohio Se
5.00 4.00 Louisville & Nashville 65___
Equipment 4 its & 55..- - 5.00 4.00
Equipment
Buff Koch & Pitts equip 8s_ 5.00 4.20 Minn St P & 85-45
SS M 445 & fas
Canadian Pacific 44s & 6s 5.50 4.50
Equipment 64s & 7s- - _
Central RR of N J (16
4.20 3.75 Missouri Pacific 64s
Chesapeake & Ohio 6s
4.5(1 4.00
Equipment 65
Equipment 64a
4.50 4.00 Mobile & Ohio Is
Equipment 6.
4.50 4.00 New York Central 44s & 55
Chicago & North West 65... 8.00 6.50
Equipment fie
Equipment 6(.4s
8.0 6.50
Equipment 7s
Chic R I & Pao 448 de 6s... 11.00 8.00 Norfolk &
Western 4 Se___ _
Equipment 6s
11.00 8.00 Northern Pacific 78
Colorado & Southern as__ - 5.50 5.00 Pacific Fruit
Express 7a_ _ _ _
Delaware & Hudson 68
4.75 4.00 Pennsylvania RR equip 55._
Erie 4148 55
6.50 5.50 Pittsburgh & Lake Erie 64s
Equipment 88
6.50 5.50 Reading Co 44a & 5a
Great Northern 65
5.25 5.00 St Louis & San Fran 5a
Equipment 511
5.25 .5.00 Southern Pacific Co
434s...
Hooldng Valley 55
4.60 4.25
Equipment is
Equipment as
4.60 4.25 Southern Ry 44e AS.
Illinois Central 44e & Ss... 5.50 5.01)
Equipment 135
Equipment 8,
5.50 6.00 Toledo & Ohio Central 6a-Equipment 7s & 654s.... 5.50 5.00 Union
Pacific 75
• No par value. ci Last reported market.
e Defaulted. a Ex-dividend
320
Financial Chronicle
Jan. 13 1934
Current Earnings-Monthly, Quarterly, Half Yearly
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Current
Year.
Inc.(+)or
Dec.(-).
2,359,693
1,898.000
19,550
119,267
2,202,470
231,400
335,190
Period
Covered.
lot wk of Jan
1st wk of Jan
4th wk of Dec
1st wk of Jan
4th wk of Dec
1st wk of Jan
4th wk of Dec
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Southern
St Louis-Southwestern
Western Maryland
Previous
Year.
2,000,014
1,598.000
15,406
118,090
2,257,980
186,840
299,113
+359,679
+300,000
-4,144
+1.177
-55,510
+44,560
+36,077
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.
1.10nth.
1933.
January
February
March
April
May
June
July
August
September
October
November
Inc.(+1 or
Dec. 1-).
1932.
228,889,421
185,897,862
219,857,606
227,300,543
257,963,036
281,353,909
297,185,484
300,520.299
295,506,009
297.690,747
260,503,983
274,890,197
231,978,621
288,880,547
267,480.682
254,378,672
245,869.626
237,493,700
251.782,311
272,059,765
298,084,387
253,225,641
1933.
1932.
-46,000,776
-48,080.759
-69.022,941
-40,180,139
+3,584,364
+35,484,283
+59.691.784
+48,737,988
+23,446.244
-393,640
+7.278,342
Mites.
241,881
241,189
240,911
241,680
241,484
241,455
241,348
241,166
240,992
240,858
242,708
Miles.
241,991
241,467
241,489
242,160
242,143
242,333
241.906
242.358
239.904
242,177
244,143
(The) Pittsburgh & Lake Erie RR.
-Month of November- -12 Mos. End. Nov.301932.
1933.
1933.
1932.
Railway oper. revenues_ $1,228.145 $1,162,392 $13,458,002 $11,481,400.
Railway oper. expenses- 1,103,696
942.373 10.948,337 10,330,075
Net rev,from ry. oper.
Railway tax accruals_ _ _
Uncollectible ry.revenue
Equip. & it. fac. rents x
$124,448
78,945
139,178
$220.018 $2,509,665 $1,151,324
104.321
1,012,314
999,660
45
1,393
121,472
1,245,803
1,330,092
Net ry. oper. income.
Miscel. & non-oper. inc..
$184,680
65,255
$237,168 $2,743,108 $1.480,363
56,885
721,992
718.843
Gross income
Deduc. from gross inc _ _
$249,936
101,580
$294,054 $3,465,100 $2,199,206
109,999
1,192,448
1,023,538
$184,054 $2,272,652 $1,175,667
Net income
$148,355
x Credit balance.
10
-Last complete annual report in Financial Chronicle May 27 '33, p. 3712
Rutland RR.
- -12 Mos. End. Nov. 30-Month of November
1932.
1932.
1933.
1933.
$282,525 $3,138,009 $3,599,484,
Railway oper. revenues_ $264,152
261,905 2,780,047 3,116,561
252,813
Railway oper. expenses_
Net rev.from ry.oper.
Railway tax accruals_ railway revenues
Equip. & it. full. rents*
$11,339
20,802
2
15.655
$20,620
21,653
31
6,6E4
$358,862
223,865
215
131,581
$482,923
236,751
781
45,347
Net railway oper. inc..
Misc. & non-oper. inc....
$6,190
5,172
$5,600
5,785
$266,362
62,523
$290,735•
79,602
Gross income
Deduct, from gross (no_
$11,362
35,282
$11.386
35.430
$328,885
390,218
$370,337
399,233
$24.044
$28,895
$23,920
$61,332
Net deficit
* Credit balance.
10 Last complete annual report sn Financial Chronicle May 13 '33, p. 3335
-
(1-) or Dec.(-).
Na Earnings.
Month.
1933.
Amount.
$
45.603.287
41,460,593
43,100,029
52,585,047
74,844,410
94,448.669
100,482,838
96.108,921
94,222,438
91,000.573
66,866.614
January
February
March
April
May
June
July
August
September
October
November
1932.
$
45,964,987
58,187,804
68,356,042
56,281.840
47,416,270
47.018,729
48,148,017
62,553,029
83.092,822
98.337,561
63.962.092
$
-361,700
-14,727,011
-25,256,013
-3,676,793
+27,428,140
+47.429,940
+54,334.821
+33.555,892
+11.129,616
-7,336,988
+2,904.522
Per Cent.
--0.79
-26.21
-36.94
-6.55
+57,85
+100.87
+117.74
+53.64
+13.39
-7.46
+4.51
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:
Indiana Harbor Belt RR.
Railway oper. revenues_
Railwayoper. expenses_
-Month of November- -12 Mos. End. Nov. 301933.
1932.
1932.
1933.
$680,696
$597,916 $7,135.662 $6,732,264
412.380
329,030 4,199,537 4,203,193
$268,315
53.459
53
61.644
$268,886 $2,936,124 $2,529,071
559,175
489,515
37,470
117
340
1
91,479
595,124
639.891
Net ry. oper. income_ • $153,158
2,429
Misc. & non-oper. inc....
$139.935 $1.781,706 $1.399,323
30,193
40,954
3,483
$155,587
41.747
$143,418 $1,811,899 $1,440,278
464,234
43,637
472.256
Net rev.from ry.oper.
Railway tax accruals_ _ _
Uncoil, railway revenues
Equip.& it.facility rents
Gross income
Deduct, from gross inc_
INDUSTRIAL AND MISCELLANEOUS CO'S.
Alaska Juneau Gold Mining Co.
1933-12 Months-1932.
Period End. Dec. 31- 1933-Month-1932.
Gross earnings
$261,500 $3,181,500 $3.120,000'
$230,500
Net profit after oper.exp.
& devel. charges, but
before deprec., deple.
1,270,000
88,400
and Federal taxes_ _
1,118,100
49,600
Note.
-Company valued gold production in both years at $20.67 an
ounce.
10
-Last complete annual report in Financial Chronicle Mar.18 '83, p. 1888
American Telephone & Telegraph Co.
-Month of November- -11 Mos.End. Nov.30.
Operating revenues.- $7,290,850 $6,602,274 $79,268,473 $81,387,150
5,735,902 6,162,947 62,550,514 68,815,315
Operating expenses
Net open revenues_ -- $1,554,948
266,305
Operating taxes
(Including All Leased Lines)
-Month of November- -11 Mos. End. Nov.301933.
1932.
1932.
1933.
Railway oper. revenues _$22,812,195 $23.025,039 260,465,382 269,954,617
Railway oper. expenses- 17,961,750 18,287,622 190,004,963 209,491,680
Net rev,from ry. oper. $4,850,445 $4,737,417 $70,460,419 $60,462,936
Railway tax accruals_ -- 1,524,853
1.781.476 25,000.221 28,096.853
161,989
83.557
70,194
3,815
Uncollectible ry. revs__.
1,286,769 14,262,441 13,682,643
Equip. & it. fac. rents- - 1,442.239
Net ry. oper. income- $1,813,158 $1.665,355 $31,035,766 $18,599,882
Miscel. & non-oper. bac- 1.791,868 2.047,529 19,882,573 21,747,617
Atlas Tack Corp.
Earnings for 9 Months Ended Sept. 301933.
Gross manufacturing profit
Depreciation
General administration & selling expense
Deductions from income & miscell. income (net)
Estimated Federal & State taxes
(The) Philippine Ry.
-Month of October- -12 Mos. End. Oct. 311933.
1932.
1932.
1933.
$588,414
$572,856
$47,590
$56,266
Gross operating revenue
421,445
412,629
34,996
Oper. expenses & taxes..
34,329
Net revenue
$21,937
Deductions from Income:
Interest on funded debt..
28,496
$12,594
$166,969
$160,227
28,496
341,960
341,960
Net deficit
Inc. approp. for invest.
In physical property..
$15,902
$174,990
$181,732
9,201
24,953
$6,559
$184,192
$206,686
$6,559
$15,902
Deficit
10'Last complete annual report in Financial Chronicle May 13 '33, p. 3335
$213,920
25,740
104.639
11,840
10,500
Net profit
361,200
Earns, per share on 93,560 shares common stock (no par)
$0.65
10 Last complete annual report in Financial Chronicle April 1 '33, p. 2241
-
Bangor Hydro-Electric Co.
-Month of November- -12 Mos. End. Nov.301932.
1933.
1933.
1932.
$174,273 $1,992,871 $2,052,973
$170,164
73,870
77,392
894,617
905,647
$100,403 $1,098,254 $1,147,326
Gross income
$92,772
27,642
25,346
318,870
Interest, &c
302,153
$75,057
$65,130
Net income
$779,384
$845,173
Preferred stock dividend
307,472
307,981
Gross earnings
Operating exps. & taxes_
$471,912
126,466
Balance
Depreciation
$537,192
130,280
$345,446
Balance
$397,912
a'Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1373
Baton Rouge Electric
Gross income
$3,605,027 $3,712,884 $50,918,339 $40,347,500
Deduct, from gross Inc_ 4,954,310
5,458,379 55.952,244 57,499,490
Net deficit
$1.349,283 $1,745,494 $5,033,905 $17,151,989
l'0 Last complete annual report in Financial Chron'cle June 3 '33, p. 3898
-
$439,327 $16,717,959 $12,571,841
220,681
4,909,430 5,521,163
$218,646 $11,808,529 $7,050,678
Net oper. income........ $1,288,643
10 Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1007
-
$968,022
$99,781 $1,347,665
Net income
$113,840
10 Last complete annual report in Financial Chronicle June 3 '33, p. 3900
-
(The) New York Central RR.
$6,505347 "378,294,S57
$7,236,i33
$80,266,g82
97,127
54,717
973,616
1,120,277
Operating revenues
Uncollectible oper. rev
Gross earnings
Operation
Maintenance
Taxes
- Co.Mos.End. Nov.30
-Month of November
12
1932.
1933.
1933.
1932.
$128,266 $1,338,467 $1,429,217
$109,679
69,655
67,297
685,509
723,023
4,340
5,196
58,584
63,648
9.610
7,289
141,320
144,459
$29,895
13.173
$44,659
14,422
$453,053
173,257
$495,085
172,783
Balance
$16,722
Reserve for retirements (accrued)
$30,237
$279,795
115,000
$325,302
115,000
$164,795
37,224
$210,302
37,246
Net oper. revenue_ _-Interest & amortization..
Balance
Dividends on preferred stock
Balance for common stock divs, and surplus__ _
$127,571
$173,055
During the last 26 years the company has expended for maintenance a
total of 6.72% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total of
13.66% of these gross earnings.
rarLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1545
Financial Chronicle
Volume 138
Bellanca Aircraft Corp.
(Incl. Blue Star Airlines, Inc.)
Earnings for 10 Months Ended Oct. 31 1933.
Profit after expenses, deprec., &c. but before Fed. inc. taxes__
$71,599
lO'Last complete annual report in Financial Chronicle April 15'33, p.2614
Central Illinois Light Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of November- -12 Mos. End. Nov.301933.
1932.
1933.
-Gross earnings_ _ ______
$604.655
$589,112 $6,566.00 $6,82'5,844
Oper. exps., incl. maint 240,059
236.058
2,638,211
2,606,567
Taxes
80,449
41,203
623,249
556,048
Fixed charges
69.484
75,785
877,743
909,423
Prov. for retire. reserve _
51,275
51,275
614,500
614,500
I.
Net income
$163,386
$184,789 $1,812,496 $2,139,004
Dividends on pref. stock
57.745
57,717
602,725
692,609
Balance
$105.641
$127,072 $1,119.771 $1,446,395
r Note.
-The effective date of acquisition of stock. of Illinois Power Co.
was May 1 1933. and for comparative purposes the above figures reflect
combined results of operation for all periods shown, with fixed charges
on funded debt and dividends on preferred stock for periods prior to that
date computed on the basis of annual requirements at that date.
lerEast complete annual report in Financial Chronicle April 29'33, p. 2972
Central Maine Power Co.
Community Power & Light Co.
(And Controlled Companies)
-Month of November- -12 Mos.End. Nov.301933.
1932.
1933.
1932.
Consol. gross revenue_ _ _
$312,928
$329,039 $3,713,766 $3,993,198
Oper. exp., incl. taxes__
200,836
2,234,939 2,328,514
184,660
Balance_x
$112,092
$144,378 $1,478,826 $1,664,683
x Available for int., amort., deprec., Fed. inc. taxes. divs. & surplus.
KW 'Last complete annual report in Financial Chronicle May 6 '33, p. 3157
7
-Month of November- -8 Mos. End. Nov. 301933.
1932.
1933.
1932.
$34,371
633,315
$268,311
$286,685
11,471
87,175
10,978
91,449
Not earnings
$22,337
$22,900
$181,136
$195,236
Last complete annual report in Financial Chronicle June 17 '33, p. 4265
It3O-
El Paso Electric Co. (Del.).
(And Constituent Companies)
-Month of November- -12 Abs.End. Nov.301932.
1933.
1933.
1932.
$219.303
$233,498 $2,558,848 $2,805,403
101,709
94,189
1,116,592
1,182,898
11,035
10,965
135,636
154,306
11,119
18,336
283.567
309,302
Net oper. revenue_ _ _ _
Interest & amortization_
$88,222
36,074
Balance
$52,147
Reserve for retirements (accrued)
$117,223 $1,023.052 $1,158,895
36,233
436,393
445,829
$80,990
Net oper. revenue_ _ _ _
Interest & amortization_
$5,971
2,229
$5,719
2,274
$61,537
26,954
$67,970
27,367
Balance
$3,741
Reserve for retirements (accrued)
$3,445
$34.582
20,000
$40,603
18,333
Balance
Dividends on preferred stock.x
$14,582
$22,269
24.500
24.500
Balance for common stock divs. and surplus_ __
def$9.917
def$2,230
x Includes cumulative dividends unpaid or not declared.
During the last 26 years the company has expended for maintenance a
total of 9.34% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total of
14.45% of these gross earnings.
10 Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1547
-
Manitoba Power Co., Ltd.
3586.658
230,000
$713,066
230,000
Balance
Divs. on pref. stock of constituent company
$356,658
46,710
$483,066
46,777
Balance
Divs,on pref.stock of El Paso Elec. Co.(Del.)_ _ _
$309,948
194,998
$436,289
194,968
Balance for common stock diva, and surplus_ _
$114,950
$241,320
During the last 31 years the company and its predecessor companies have
expended for maintenance a total of 6.88% of the entire gross earnings over
this period, and in addition during this period have set aside for reserves
or retained as surplus a total of 10.03% of these gross earnings.
123'Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1546
Net earnings
$78,708
$82,790
$872,498
$939,172
arLast complete annual report in Financial Chronicle May 20 '33, p. 3533
Mississippi Power Co.
Gulf Power Co.
Subsidiary of the Commonwealth & Southern Corp.)
-Month of November- -12 Mos. End. Nov.301933.
1932.
1933.
1932.
Gross earnings _
_____
$68,048
$66.247
$829.508
$893,534
Oper. caps., incl. =int
37,342
35,932
444,061
468,315
Taxes
7,392
5.087
71.016
59,449
Fixed charges
15,349
14.540
183,974
170,324
Prey. for retire. reserve_
2,500
2,500
30,000
30.000
Net income
$5,463
$8,187
$100,456
$165.444
Divs. on 1st pref. stock_
5,594
5.617
67,291
67,139
Balance
def$131
$2,569
$33,164
$98,304
Gulf States Utilities Co.
-Month of November
--12 Mos.End. Nov.301933.
1932.
1933.
1932.
$392,973
$390,677 $5,186,258 $5,367,754
182,247
177,484
2.219.995
2,421,116
16,162
14,141
180,153
206,066
35,859
31,402
420,214
415,049
Net oper. revenue_ _
Interest & amortization_
$158,703
90,874
Balance
$67,829
Reserve for retirements (accrued)
Balance
Dividends on preferred stock
$167,648 $2,365,894 $2.325,522
90,880
1,092,949
1,090,714
$76,768
$1.272,945 $1,234.807
458,000
$814.045
567,182
$776,807
567,174
Illinois Bell Telephone Co.
-Month of November-- -11 Mos.End. Nov.301933.
1932.
1933.
1932.
Operating revenues_ ___ $5,911,737 $6,076,287 $65,533,272 $71,977,381
Uncollectible oper. rev_
43,068
62.690
622,675
705,602
Operating revenues.._. $5,954,805 $6,138,977 $66.155,947 $72.682,983
Operating expenses
4,090,502
4.591,204 45,751,201 53.406.188
Net oper. revenues.... $1,864,303 $1,547,773 $20,404,746 $19,276,795
Operating taxes
886.376
644,156
8,938.195
8,483,580
Net oper. Income..... $977,927
$903,617 $11,466,551 $10,793.215
IgrLast complete annual report in Financial Chronicle Feb. 11 '33, p. 1014
Month of November- -11 Mos. End. Nov. 301933.
1932.
1933.
1932.
$4,309,249 $4,346,234 $46,865,204 $51,184.323
21,500
40.700
425.865
559.200
Operating revenues
Uncollectible oper.rev
Operating revenues_ _ _ $4.330,749 $4,386,934 847,291,069 351,743.523
Operating expenses
3,017,599
2,982,581 32,669,620 35,282.559
Net oper. revenues... 81.313.150 $1,404.353 514,621,449 816.460,964
Rent from lease of oper.
property
70
70
774
774
Operating taxes
480,518
517,558
5,313,709
5,668.799
Net operating income_
$832,702
$886,865 $9.308,514 $10,792,939
rO
-Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1547
Ponce Electric Co.
-Month of November- -12 Mos.End. Nov.301933.
1932.
1933.
1932.
$26,276
$25,698
$319.331
$329,749
11,571
9,659
126,075
124,996
1,152
862
14,132
18,207
4,718
3,592
48,661
41,683
$8,833
$11,584
$130,462
$144,863
74
74
905
893
Gross earnings
Operation
Maintenance
Taxes
Net oper. revenue
Interest charges
Balance
Reserve for retirement (accrued),758
$11,509
$129,556
40,000
$143,969
40,000
$89,556
25,831
Balance
Dividends on preferred stock
$103,969
26,097
Balance for common stock divs. and surplus...
$63,725
$77,872
During the last 31 years the company and its predecessor companies have
expended for maintenance a total of 7.63% of the entire gross earnings over
this period, and in addition during this period have set aside for reserves
or retained as surplus a total of 10.39% of these gross earnings.
rarLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1548
Postal Telegraph-Cable Co.
(Includes Land Lines Only.)
-Month of November- -11 Mos.End. Nov. 301933.
1932.
1933.
1932.
Teleg.& cable oper. revs. $1,683,551 $1,595,974 $19,004,154 $19.766,746
Repairs
96,095
86.757
1.072,937
1.070.958
All other maintenance..
272.997
214,930
2,596.229 2,459.967
Conducting operations
1,328.012 1.316,464 14,074,485 15,338,460
Gen. & miscell. expenses
68,777
73,584
675,886
710,878
Total teleg. & cable oper.
expenses
1.765,881
1,691,735 18,419.537 19.580,263
Net teleg. & cable operating revenues
def$82.330
Uncoil. oper. revenues
31,000
Taxes assignable to oper.
34,500
den93.761
20.000
45,000
$584.617
226,500
484.000
8186,483
177.500
525.000
Operating deficit
Non-oper.income
$147,830
2,347
$160,761
3.455
$125,883
22,704
$516,017
50,456
Gross deficit
Deduc.from gross inc...
$145,484
213,252
$157,306
213.435
$103,179
2,354.448
$465,561
2.373,425
$358.736
$370,741
$2,457,627 82.838,986
$358,736
3370,741
$2,457,627 32,838,986
Net Deficit
Income bal. tranf. loss.-
458,000
Balance for common stock divs. and surplus_ _
$247,763
$209,632
ICErLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1546
.
(A Subsidiary of the Commonwealth & Southern Corp.)
Month of November- -12 Mos. End. Nov.301933.
Gross earnings
$224,200
$245,682 $2,762,g59 $3,043,i34
Oper. exps., incl. maint _
131,501
128,166
1,540,577
1,659,020
Taxes
13,225
17,220
329,939
330.138
Fixed charges
54,299
63,616
657,349
762,215
Prov. for retire. reserve.
6,100
6,100
73,200
73.200
Net income
$19,074
$30,579
3161.792
$218,659
Divs. on 1st pref. stock.
21,170
23,964
251,081
279.021
Balance
def$2,095
$6,615 clef389,289 der$60,362
(A
Gross earnings
Operation
Maintenance
Taxes
-Month of November- -12 Mos. End. Nov.301933.
19:32.
1933.
1932.
$104,455
$108,618 $1,139,330 $1,235,540
25,747
25.828
266,832
296,368
Pacific Telehpone & Telegraph Co.
East Kootenay Power Co.
Gross earnings
Operation
Maintenance
Taxes
-Month of November- -12 Mos. End. Nor.30.
1932.
813,607
314,665
$150,680
$189.471
5,171
5,542
64,379
78.496
1,981
1,494
13.360
22.188
483
1,908
11,402
20,814
Gross earnings
Operation
Maintenance
Taxes
Gross earnings
Operating expenses
Earnings for 12 Months Ended Nov. 30 1933.
Operating income
$5,742,926
Net income after taxes, depreciation and interest
1,418,598
Preferred dividend requirement for period
1,297,231
UPLast complete annual report in Financial Chronicle May 6 '33, p. 3156
Gross earnings
.Operating expenses
321
(The) Key West Electric Co.
Savannah Electric & Power Co.
Gross earnings
Operation
Maintenance
Taxes
-Month of November- 12 Mos. End. Nov. 301933.
1932.
1933.
1932.
$147,080
$153.311 $1,748,644 $1,923,771
51,545
54,419
609,322
657,739
7,525
12,189
106,304
118,402
17,026
14,511
186,457
208.855
Net oper. revenue_ _ _ _
Interest & amortization_
$70,983
33.321
Balance
$37,662
Reserves for retirements (accrued)
Balance
Dividends on debenture & preferred stock
$72,191
34,350
$846.560
403.215
$938.773
411,221
$37,841
$443,344
150,000
$527,552
137.500
3293.344
209,114
$390,052
209.056
Balance for common stock dive. & surplus
84,229
180,996
During the last 31 years the company and its
predecessor companies
have expended for maintenance a total of 8.40% of the
over this period, and in addition during this period entire gross earnings
serves or retained as surplus a total of 7.68% of these have set aside for regross earnings.
rZrLast complete annual report in Financial Chronicle Mar 4
'33, p. 1549
322
Financial Chronicle
Puget Sound Power & Light Co.
(And Subsidiary Companies.)
-Month of November- -12 Mos.End. Nov.301932.
1932.
1933.
1933.
Gross earnings
51,116,952 $1,137,527 $12,591,680 513.727.563
Operation
5.289,733
428,681
424,006 4,827,631
Maintenance
691,065
44,945
556,997
50,072
Taxes
109.831
1,374,610 1,073,078
96,124
Net operating revenue
Inc.from other sourcesa
$533.494
34,918
5567.324 $5,832,442 56,673,685
1,298,424
572.191
110,438
Balance
Interest & amortiz.
$568,412
334.532
$677,763 $6,404,633 $7,972,110
341,270 4.076,293 4,098,373
Balance
$233.880
Reserve for retirements (accrued)
$336,492 $2,328,340 $3,873,736
1.324,123 1.252,505
Balance
Dividends on preferred stock
$1,004.216 $2,621.231
62,133,980 2,133.850
Balance for common stock diva, and surplus_ __ x$1,129,763
$487,381
x Deficit. a Includes interest on funds for construction purposes. current month none (1932-575.556.25). current 12 months $153,361.47
(1932-5880,039.78). b Includes cumulative dividends unpaid or not
declared.
During the last 33 years, the company and its predecessor companies have
expended for maintenance a total of 9.90% of the entire gross earnings over
this period, and in addition during this period have set aside for reserves or
retained as surplus a total of 7.28% of these gross earnings.
101 Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1548
(The) Pullman Co.
(Revenues and Expenses of Car & Auxiliary Operations.)
-Month of November- -11 Mos. End. Nov. 30
Sleeping Car Operations
1932.
1933.
1932.
1933.
Berth revenue
$2,320,588 $2,378,377 830,452,022 834,483,531
Seat revenue
323,432 3,343,094 4,162,387
312,073
Charter of cars -66,513
648.188
599,980
797,805
Miscellaneous revenue
518
5,632
202
5,832
Car mileage revenue_ -....
1.593,848 2,048,855
170,024
156,520
-Dr
Contract rev.
107,405
1.159,382 1,426,313
29,690
Total revenues_ _
52,748,809 $2,902,326 $34,883,403 $40,072.098
Maint. of cars
51.464,578 $1,515,226 $16,900,542 $18,542,946
All other maintenance_ _
37,225
33,536
374,524
363.696
Conducting car opers_
1,343.207 1,384,740 14,942,831 17,865,731
General expenses
235,791
215,713 2.480.846
2,535,353
Total expenses
53.080.802 $3,149,217 $34,687,917 $39,318,556
.
Net revenue (or def.)-def$331.993 def$246,890
Auxiliary Operations
Total revenues_ _ ______
Total expenses
Net rev.(or def.)-
$66,596
78.020
def511,423
$54,771
59,949
$495,524
$753,542
$780.263
827,376
$760.084
743,933
def$5,178 def$47.112
Total net rev.(or def.)def$343,416 def$252,068
Taxes accrued
152,108
171,729
Oper.deficit
$195,486
$148,373
1,485,642
$16.150
$769,692
2,057,393
$16.313
14.289
$9,512
14,310
$311,905
171.450
$196.192
161.488
Balance
$2,024 def$4,797
$140,455
$34,703
137
-Last complete annual report in Financial Chronicle May 13 '93, p. 3345
Southern Indiana Gas & Electric Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
--Month of November- -12 Mos End. Nov.30-.
Gross earnings
Oper. exps., incl. maint_
Taxes
Fixed charges
Prov. for retire't reserve
$227,199
89,158
60,092
26,333
23,141
$235,358 $2,697,881 $2,996,725
97,596 1,089.879
1.211.' 61
7
413.267
3,435
383.631
27,268
323.295
320,782
23.141
277,700
277,700
Net income
$83,915
$28,472
$595,951
$800,336
Dividends on pref. stock
45,174
45,092
521,813
541,696
sr
Balance
def$16,702
$54,255
$38,822
5278.523
127 Last complete annual report in Financial Chronicle May 13 '33, p. 8845
-
PeriodGross profit
Other income
Standard Oil Co. of Kansas (Del.).
3 Months Ended-- 9 Max. End.
Sept.30'33. June 30'33. Mar 31 '33. Sept. 30'33.
.
$172,487
$52,114
$67,387
$291,988
15,778
8,866
157,342
181.985
Earned income
Expenses
Taxes
x Depreciation, deple'n,
amortization, &c
Profit
Extraordinary charges
$188,265
43,881
7,157
29,114
$98.112
Cr2,938
$224,729
52,294
11,141
$60,980
57,147
2,608
42,158
21.567
102,839
$119,136 loss $20,342
250,792
Cr27,306
$196,906
220,548
$473,973
153,322
20.906
Net profit
5101,050
$146,442 loss$271.134 1055123,642
Earn, per sh. on 320,000
shares ofstock
Nil
Nil
$0.31
$0.45
x After deducting portion of charges applicable to capital surplus.
• 10 Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1037
Telephone Investment Corp.
(Inter-Company duplications excluded.)
1933.
1.1 Months Ended Nov. 30$970,875
Gross earnings
678,476
Total expenses
1932.
5988.368
727,695
Net income
Dividends paid
$292.399
220,000
$260,673
220.000
Balance for corporate surplus
Surplus & undivided profits, Nov.30
$72,399
$702.139
$40,673
$607,137
Gross earnings
Operating expenses
Winnipeg Electric Co.
-Month of October- -10 Mos. End. Oct. 311932.
1933.
1933.
1932.
$423,776
$459,817 $4,237,002 $4,626,274
291,990
311,356 3,020.035 3,259,957
Net earnings
$148,461 $1,216,967 51.366.317
$131,786
ar
-Last complete annual report in Financial Chronicle May 27 '38, p. 3724
Virginia Electric & Power Co.
(And Subsidiary Companies.)
-Month of November- -12 Mos. End. Nov. 301933.
1932.
1933.
1932.
Gross earnings
$1,248,332 $1,277,281 $14,671,511 $15,587,146
Operation
489,126
438,733 5.387,608 5,682,952
Maintenance
93,957
75,578
974,426
1,039.564
Taxes
133,953
62.207 1,442,031
1,436,841
Net operating revenue $531,295
$700,760 $6,867,444 $7,427,787
Inc.from other sources x
437
2,816
15,346
34,466
Balance
$531,733
$703.577 56,882,791 57,462,253
Interest & amortizat'n
159,541
161,806
1.926,125
1,931,183
Balance
$1,771 54,956,665 55.531,069
54
Reserve for retirements (accrued)
$3372,192
1.800,000
1,825,000
Balance
$3,156,665 $3,706,069
Dividends on preferred stock
1,171,543
1,171,415
Balance for corn, stock, diva. & surplus
51,985,122 $2,534,654
x Interest on funds for construction purposes.
During the last 23 years, the company has expended for maintenance a
total of 10.57% of the entire gross earnings over this period, and in addition during this same period has set aside for reserves or retained as surplus
a total of 13.15% of these gross earnings.
12R Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1550
(The) Western Public Service Co.
(And Subsidiary Companies.)
-Month of November- -12 Mos. End. Nov. 301933.
1932.
1933.
1932.
Gross earnings
$162.763
$166.299 $1,902.668 $2,093,009
Operation
86,859
89,250
1,017,579
1,103,558
Maintenance
7,162
7,014
76,229
88,241
Taxes
10,986
18,952
152,590
139,359
Net operating revenue
$57,754
$51,082
$656,268
$761,849
Inc.from other sources.a
31,644
29,472
3,425
Balance
$26,110
$21,610
$656,268
$765,274
Interest & amortizat'n_
5,230
379,970
293,562
Balance
$26,110
$16,380
$276,297
$4471,711
Note interest (Eastern Texas Elec. Co., Del.)___
220.395
Balance
$276,297
$251,315
Reserve for retirements (accrued)
201,666
220,000
Balance
$74,631
$31,315
Dividends on preferred stock
b 119.474
62,596
Balance for com, stock, diva. & surplus
def$44,843 def$31,280
a Interest on funds for construction purposes. b Includes cumulative
dividends unpaid or not declared.
)"Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1550
FINANCIAL REPORTS.
$423,797 $1,337,268 $1,287.700
South Carolina Power Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of November- -12 Mos.End. Nov.301933.
1932.
Gross earnings
$163.662
$183,j01 $2,114,798 $2,176,317
Oper. expo., incl. maint _
70,551
66,401
807,320
876,586
Taxes
20,777
37,776
308,924
262,448
Fixed charges
46,021
59,610
566.647
721,090
Prov.for retire. reserve_
10,000
10,000
120,000
120,000
Net income
Diva. on 1st pref. stock_
Jan. 13 1934
Armour & Co. (Ill.).
(Annual Report
-Year Ended Oct 28 1933.)
T. G. Lee, President of Armour & Co., in his annual
report to stockholders said in part:
During the year under review, the company earned a net profit from
its operations for the first time since 1930.
The company's sales tonnage was approximately 10% greater than
during the previous year, but clue to lower prices the dollar value of sales
amounted to $452.000,000 as compared with $468,000,000 In the preceding
year.
-Armour & Co. is In excellent financial condition
Financial Condition.
as shown by the following:
1. It has cash and United States Treasury certificates in the amount
of $26.010,651. approximately $2,000,000 in excess of the total current
liabilities of 524.041,630.
2. It has total current assets of $133,821,607, approximately 5.5 times
its total current liabilities of $24,041.630, resulting in a net working capital
of $109,779,977. The net working capital has increased $3.010,897
during the year. Exchange restrictions are in force in foreign countries
in which some of the current assets are located. Conversions in such cases
have been made at the official rate.
3. The cost of additions to and improvements of our properties was
less than the amount set aside for depreciation and we were able to maintain them adequately and still reduce by 54.613.966 the figure at which
they were carried on the balance sheet at Oct. 29 1932.
4. Fixed-interest bearing obligations of the company have oeen reduced
substantially. The bonds of the company have been reduced $6.410,300.
These bonds were purchased at a discount of $1.252,420. The 7% preferred stock of Armour & Co. of Delaware was reduced $648.700 during
the year in compliance with sinking fund requirements. This stock was
purchased at a discount of $359,736.
5. The company has no funded debt which matures prior to 1939.
6. The surplus of the company increased 57.351.761 during the year.
The surplus of the Illinois company includes a small accumulated earned
surplus. The consolidated surplus of the Delaware company includes
consolidated earned surplus after payment of dividends and retirement
of preferred stock in accord with the sinking fund provision which requires
that at least 1% of the largest aggregate amount in par value of preferred
stock which shall have been previously issued, shall be retired annually
out of accumulated earnings.
-The results for the year were materially better than
Results for Year.
during the previous year, as shown in the income statement. Advancing
prices on some of the products, particularly in the case of by-products.
were a factor in our improved results.
Our margin of profit on the tonnage handled, exclusive of fertilizer,
amounted to less than 1-6 of a cent per pound, or 1 4-5 cents on each
dollar of product sold.
Diridends.-While the consolidated net Income for the year exceeded
the current dividend requirements of the preferred stocks of Armour & Co.
of Delaware and Armour & Co.(Illinois), no dividend was paid on the preferred stock of the Illinois company for the reason that the corporation
law of Illinois prohibits an Illinois corporation from paying dividends unless
its net assets are in excess of its stated capital, both before and after the
dividend payment. Due to the general drastic decline in fixed property
values during recent years, it is questionable whether the present value
of the net assets of Armour & Co. (Illinois) exceed the stated capital.
Ccunsel and auditors of the company have advised the directors that
they therefore believe it not advisable to pay any dividends while this
condition exists.
Following the abandonment last summer of the plan of capital readjustment, a committee of the board of directors was appointed with a
view to adjusting whatever differences of opinion existed as to the best
plan for accomplishing the necessary capital readjustment,it being
recognized that some effective plan was altogether desirable. generally
It is not feasible to submit a plan at the annual meeting but a plan will
be prepared and submitted to the stockholders at a special meeting to be
called at a later date.
Future of the Company.
-Toward assuring a sound foundation for future
profitable operations, the management has continued during the past year
to devote particular attention to: (1) Maintenance of sales volume;
(2) Reduction of expenses: (3) Improvement of the organization and personnel, and (4) Improvement of financial condition.
Although the sales volume of the company has declined drastically in
dollars due to the large decrease in the price of meat products, the sales
volume in tonnage of packing house products is approximately the same
as It was three years ago.
Volume
Financial Chronicle
138
Expenses, prior to the establishment of a labor code for the packing
industry under the National Recovery Act, as compared with 1930, has
been decreased approximately $45,000,000 a year, or 30%•
The company is co-operating wholeheartedly with governmental agencies
both with reference to hours and rates of wages and the administration
of the processing tax. It is too early to determine the effect upon operating
results of compliance with these governmental requirements. The labor
code for the packing industry called for an increase in wage rates and a
reduction in the hours of work per employee, which necessitated an increase in the number of workers in our plants. These factors resulted
in an increase of 18M% in our labor payrolls.
The Agricultural Adjustment Administration's program, as presently
announced, provides for a graduated processing tax on hogs of 50 cents per
live hundred-weight in Novemoer, $1 in December and January, $1.50 in
February and $2.25 thereafter. A tax of $2.25 per live hundred-weight
is equivelent to approximately $5.50 per hog, which would mean a processing
tax on the number of hogs we buy annually of $30,000,000 to $40,000,000.
The proceeds of this tax are to be distributed by the Government among
the farmers who reduce production. This will partially offset the present
low price for hogs, the price of which has been unfavorably affected by
large receipts of all livestock, low-priced competitive foods, and low purchasing power of consumers. In the four months ended Nov. 30, total
production of all meats and lard under Federal inspection exceeded production in the corresponding period last year by 11%, and the preceding
five-year average by 9%. Compared to the preceding five-year average,
total beef and veal increased 16%, pork 5%, and sheep and lambs 6%.
These large increases, combined with low consumer purchasing power,
resulted in very low livestock prices.
This is a situation greatly to be deplored and because our interests are
inseparably linked with those of the livestock producer it is our duty and
our purpose to do everything in our power to bring about better livestock
and meat prices.
It is too early to forecast the influence of the recovery plans of the Government upon the demand for and price of meat products and consequently it is difficult to forecast the effect of these processing taxes upon
the net profits of the company.
Summary.
-During the last three years the company has reduced its
funded debt by $33,673,900 and its preferred stock by $10,129.100.
It is in a strong liquid condition at the present time and has no need
for additional funds. It is necessary, however, to accomplish a reorganization of the financial structure of the company in order:
(1) To make possible the piayment of dividends on the stock of Armour
& Co. (Illinois) when earnings are available.
(2) To reduce the value at which certain of its fixed properties, investments and other assets are carried on its books. This would also make
possible a reduction in annual depreciation and other charges against
earnings.
CONSOLIDATED INCOME AND SURPLUS STATEMENT.
[Including Armour & Co. of Illinois, Armour & Co. of Delaware, North
American Provision Co.. and their subsidiaries.]
Years EndedOct. 28 '33. Oct. 29 '32. Oct. 31 '31. Nov. S '30.
i
$
$
Net sales (approx.)„....452,000,000 468,000,000 668.000,000 900,000.000
Income
20.376,363 x9,255,103 df.2,682,619 21.388.104
Deprec. (bldgs., mach'y,
equipment and cars).- 6,883,671
7,314,958
7,172.289
7,039,462
Interest charges
9,332,119
7,484,228
6,073.206
5,371,051
Net profit
Guaranteed dividends:
North Amer. Prov_
Armour of Delaware_
Parent co. pref. diva_
8,121,6411'83,857.5651'817.339,136
4,741,027
248.215
4,233,990
1.037,722
516,000
4,279,399
4,150,888
3,857,637
,
s,188,581
Balance, deficit
sur4,264,004
4,205,260
8,046,146 22,859,064
Special charges (net)_
&144 684
Profit arising on purch.
and retire. of cos.' bds.
728,020
935,001
5,520.104
Charges for losses and
reserve not applic. to
year's oper. (net)- -- 2,359.737 yDr381.404yDr1012.263
Previous surplus
17,234,320 20,141,766 43,078,092 47,138,668
Total surplus ______
24,586,081 17,234,320 20,141,766 43,078,092
Earns, per sh. on 2,000,000 ells. cl. A (par $25)
Nil
Nil
$0.14
Nil
x Includes $203,092 dividends on 7% preferred stock of the Delaware
company held in its treasury. y After deducting credits arising from
purchase and retirement of companies' preferred stock.
CONDENSED BALANCE SHEET (ILLINOIS COMPANY).
[Including Armour & Co. of Illinois, Armour & Co. of Delaware, North
American Provision Co and their subsidiaries.]
Oct. 28 '33.
Assets
c Ld., buildings,
machinery and
fixture equip_186,306,365
Refrigerator cars,
delivery equipment.tools,&o 11,913,675
Franchises and
leaseholds -- 2,188.485
Cash
26,010,651
Accountareoeiv_ 26,969,132
Notes receivable 6,907,024
a Inventories
73,934,800
b Inv., stocks.
bonds & adv. 16,260.026
Deferred charges 5,689,202
Oct. 29 '32.
190,257,362
12,571,163
2,193,966
36,485,920
22,427,093
6,769,255
52,514,177
15,279,213
6,616,537
Oct. 28 '33.
Liabilities
7% pref. stock,
Delaware Co_ 59,026,000
7% pret. stock,
Illinois Co___ 57,231,300
Corn. stk., cl. A 50,000,000
50,000,000
Class B
9,663,000
Notes payable
371,155
Accept's payable
Accts. payable- 14,007,475
Funded debt
89,841,100
Res.for conting.
Minor. stIchold.
equity in sub.
1,453,339
companies
Surplus
24,586,081
Oct. 29 '32.
59,674,700
57,231,300
50,000,000
50,000,00C
182.791
11,244,574
96.251,400
2,000,000
1,295,601
17,234,320
Total
356,179,450 345,114,686
356.179,450 345,114,686
Total
a Packing house products, at market values less allowance for selling
expenses-other products and supplies, at cost or market, whichever is
lower. b Including companies' securities at cost of 1933, 52,839.700:
1932, $1,501,015. c After depreciation reserve of $93,584,958 in 1933
and $90,743,169 in 1932.
323
CONSOLIDATED BALANCE SHEET (DELAWARE COMPANY).
[Including North American Provision Co. and their subsidiaries.]
Oct. 28 '33. Oct. 29 '32.
Oct. 28 '33. Oct. 29 '32.
Assetss
Liabilities$
$
$
Land, buildings,
7% pref. stock,
machinery &
Delaware Co_ 59,026,000 59,674,700
equipment...117,252,789 120,288,502 y Common stock 10,000,000 60,000,000
Refrig. cars, dic. 4,138,628
4,270,879 Del. Co. 534s__ 42,340,100 46,126,400
Franchises and
Mor.& Co.414s 9,425,000
9,770,000
leaseholds ___ 2,178,284
2,183,337 Res.for coating.
1,000.000
Cash
9,175,523 16,114,955 Accpts. payable
97,397
178,851
Notes receivable 4,510,674
5,277,040 Accts. payable_ 8,909,815
6,218,627
Accts.receivabie 13,509,327 11.166,382 Minor st'khold.
a Inventories
40,788,368 30.120,932
equity in sub.
Invests., stocks,
companies ___ 1,453,339
1,295,601
bonds & adv. 15,117,647 13,582.500 Surplus
80,063,760 24,306,863
Deferred charges 4,644,171
5,566,515
Total
211,315,411 208,571,042
Total
211,315,411 208,571,042
Packing house products at market values, less allowance for selling
expenses, other products and suppl es at cost or market, whichever is
lower. y All owned by Armour & Co. (Illinois.).
-V. 138. p. 152.
Lee Rubber & Tire Corp.
(18th Annual Report-Fiscal Year Ended Oct. 31 1933.)
President John J. Watson in his remarks to stockholders
says in part:
We have a good inventory position in raw materials purchased at prices
below the prevailing market.
The corporation has made progress and has materially increased its
outlets for distribution of its tires and mechanical rubber goods.
During the year the directors authorized further purchases of the corporation s capital stock, which purchases were made out of surplus funds.
As of Oct. 31 1933, the corporation had in its treasury 41,035 shares of stock
at a cost price of $142„138.
The selling prices prevailing at the present time for tires and all rubber
goods are unduly low and should be advanced in keeping with the higher
prices prevailing for rubber, cotton and labor.
The tire code has recently been signed by the President of the United
States and became effective Dec. 25 1933. It contains provisions under
which our industry must operate in the future, and we believe it will have a
stabilizing effect on our industry.
The earnings for the year. after interest charges, taxes and reserves for
depreciation, amount to $260,607, which is in excess of $1 per share on the
outstanding capital stock, less the stock held in the treasury of the corporation.
Directors, as of Jan. 4 1934, after considering the earnings for the year
just closed and the corporation's financial condition, felt they were justified
In the declaration of a dividend of 20c. per share, which has been declared
payable to stockholders of record Jan. 15.
CONSOLIDATED INCOME STATEMENT YEARS ENDED OCT.31.
1933.
1932.
1931.
1930.
a Net sales
$5,150,516 $6,411,099 $6,768,461 $8,654,847
e Cost of goods, general
expenses, &c
4,514,445 66,283.943 67,389,452
8,857,172
Operating profit
Other income
$636.071
52,237.
$127,156 loss$620.991 loss$202.325
54,574
53,471
115.581
Total Income
Interest paid
Loss of adj. of inventories
Loss of dispos. of assets..
Miscellaneous
Federal excise taxes....
Depreciation
$688,308
2,867
$181,730loss$567.520 108486.744
28,303
107,171
50,988
605,196
1,984
3,395
4.607
Surplus for year
Previous surplus
Loss on sale of cap. assets
Adjustments
-debit....
$260.607
628,823
960
1,161
240,937
181,775
$150,032 def$62.5,100 def$799,111
486,660 c1,121,932 c1,921,508
Dr7,870
10,171
6,425
Total surplus
$889,430
$628,823
$486,660 $1,116,272
Stu. cap. stk. outstand258,965
300,000
273,265
ing (Par $5)
300 000
Earnings per share
$1.00
dr Nil
d Nil
$0.55
a After all discounts and allowances. b Also includes inventory adjustments and reserves. c Adjusted. d In these years the stock had no par
value. e Includes depreciation charges for 1932, 1931 and 1930.
Consolidated Balance Sheet Oct. 31.
1932.
1933.
1933.
1932.
AssetsLiabilities
$
Plants, real estate
x Capital stock___ 1,500,000 1,500,000
& equipment__ z4,238,392 7,154,990 Mtge. payable___
75,345
75.477
1
Patents
1 Bankers' accept's
644,595
631,017
Cash
against letters of
Notes rec.(less res)
85,855
155,667
credit
11,592
Accts rec.(less res.) 965,537 1,717,847 Accts. payable
210,531
254,162
2.225,945 1,113,497 Accrued expenses_
Inventories
102,132
48,011
Adv. to salesmen
Reserves
301,502 y3.185,887
11,794
employees
10,794 Capital surplus
5,355,384 5,355,384
Sundry accts. rec.
25,597
3,338 Surplus
628,823
889,430
142,137
Cap. stk. in tress_
63,290
Real est. not used
for mtg.purposes
92.666
87,004
Cash in banks in
possess. of State
banking debt_
6.179
21,445
Investments
4,801
Deferred charges
54,787
35,578
Total
8,489,547 11,004,114
Total
8,489,547 11,009,114
x Represented by $5 par value shares. y Including reserve for depreciation of plant and equipment of $2,827,513. z After reserve for depreciation of $2.937,885. V. 138. p. 158.
-
General, Corporate and Investment News
STEAM RAILROADS.
Surplus Freioht Cars.
-Class I railroads on Dec. 14 1933 had 470,165
surplus freight cars in good repair and immediately available for service.
the car service division of the American Railway Association announced.
This was an increase of 29,409 cars compared with Nov. 30, at which time
there wore 440.756 surplus freight cars.
Surplus coal cars on Dec. 14 totaled 152,028, an increase of 15,788 cars
above the previous period while surplus box cars totaled 262,642,an increase
of 10,055 cars compared with Nov. 30.
Reports also showed 25,507 surplus stock cars, an increase of 2,222 cars
compared with Nov. 30, while surplus refrigerator cars totaled 11,459.
an increase of 2,183 for the same period.
Matters Covered in The "Chronicle" of Jan. 6.-(a) Joseph B. Eastman
charges many railroads fail to comply with labor provisions of Transportation Act
-Threatens to enforce law, p. 73, (s) Railroads earn at the rate
of 1.76% on their property investment, p. 7.5.
Alabama Great Southern RR.
-Preferred Dividend.
The directors on Jan. 11 declared the regular semi-annual
dividend of $1.50 per share on the 6% cum. & partic. pref.
stook, par $50, payable Feb. 27 to holders of record Jan. 22.
On Dec. 30 1933 a similar distribution was made on this
issue, representing the regular dividend which was due on
Aug. 15 1933, but on which action was deferred.
-V. 137,
p. 4526.
Boston & Maine RR.-Petition Denied-Collateral for
RFC Loan Must Be Kept Intact.
The I.
-S. C. Commission on Jan. 8 denied the company's petition for
approval of release of a portion of the collateral pledged with the Reconstruction Finance Corporation to secure loan of $7,569.437. In the denying
the petition the Commission stated in part:
The Commission on Aug. 12 1932, approved a loan of $10,000,000 by
the RFC. The RFC has made advances totaling $7.569,437 which are
now outstanding. The application for the remaining 52.430.563 has been
withdrawn. The loans now outstanding are secured by the pledge of
$11,450,000, gen. mtge. 6% series LL bonds due 1962 and $2,000,000 gen.
mtge. 5% series KK bonds due 1952.
On Dec. 211933. the B. & M.filed a petition for a modification of the
terms of this certificate authorizing the release by the RFC, from the
present pledge, of $1,250.000 of the aforesaid general mortgage 6% series
LL bonds due 1962.
324
Financial Chronicle
The B.& M.proposes to borrow from the Federal Emergency Administration of Public Works forthwith approximately $1,100,000 to meet the cost
of making repairs and improvements to locomotives, freight cars and
passenger cars in its shops and to make such repairs to station buildings
and otherstructures as may be made economically during the winter months.
Our approval of such repairs and improvements will be sought in a subsequent application. The work will furnish direct employment in amounts
totaling 464.571 man-hours of labor costing $332,911;and materials costing
1720,224 will be applied.
Mahe B. & M.represents that none of this work would be undertaken at
this time except for its desire to contribute to the carrying out of the purposes of the National Industrial Recovery Act, approved June 16 1933, and
were it not that this Act provides the means for oorrowing for the purposes
specified by the petitioner. Thd PEA of Public Works will require collateral reasonably to secure a loan for these purposes. The petitioner believes that it can borrow the sum of $1,100,000 from this source upon the
security of not exceeding $1,250,000 gen. mtge. 6% series LL bonds due
1962, authority for the release of which, from the present pledge, by the
RFC it requests.
When we approved the loan to the petitioner by the RFC we were of the
opinion that the bonds we required to be pledged as collateral constituted
adequate security for the loan. Recent sales on the market of bonds of the
petitioner of another series indicate that to-day the probable value of the
collateral is somewhat greater than it was when the loan was made. Be-tween the time of our approval of the loan and the present, quotations of
the petitioner's bonds have been lower as well as higher than the prices as
of Aug. 12 1932, or thereabouts. It is, of course, necessary that there be
in possession of the RFC at all times until the loan is paid adequate collateral security therefor. There can be no assurance that there will be
such security if, as market sales of a few bonds occasionally indicate higher
or lower prices, bonds pledged are released or recalled in an effort to maintain a more or lees constant ratio of probable market value of collateral to
the amount of the loan. It seems much the sounder course to preserve
intact the collateral originally pledged as security unless its value reaches
a relatively stable level considerably above that as of the time it was
pledged. In this instance we are the more reluctant to consent to a release
of collateral in view of the fact that the petitioner has in its treasury, or is
in position to put in its treasury, a considerable amount of bonds suitable
for pledging. In addition, the petitioner's equity in bonds pledged to secure
the reconstruction loan appears to be available for pledge as security for
public works or other loans.
Upon consideration of the petition, and after investigation thereof, we
conclude that the request of the petitioner for authorization of the release
of security should be denied.
-V. 138. p. 148.
Central Pacific Ry.-Tenders.The company is inviting bids for surrender to it, at prices to be named by
the bidder, of a sufficient amount of its 1st ref. mtge. bonds to exhaust
the sum of $25,741 available in the sinking fund. Tenders will be received
at the company's office, 165 Broadway, N. Y. City, until noon, Feb. 28
1934.-V. 137, p. 4696.
Cheat Haven & Bruceton RR.
-Abandonment.
-The I.
-S. C. Commission on Dec. 28 issued a certificate permitting
(a) the Cheat Haven & Bruceton RR. to abandon a branch line of railroad
extending from Morgan Run Junction to the end of the branch at Laurel
Furnace. 1.18 miles, all in Monongahela County, W. Va., and (b) the
Baltimore & Ohio to abandon operation thereof.
Chicago Rock Island & Pacific Ry.-Interest Ruling.
Notice having been received (1) that payment of $5.06 per $1,000 Principal amount of bonds (after deducting trustee fees and certain of their
expenses) on account of the interest due Sept. 1 1933, on the secured 434%
gold bonds, series A, due 1952, will be made beginning Jan. 23 1934, on
presentation of coupons for stamping and (2) that payment of $4.85 Per
$1,000 principal amount of bonds (after deducting trustee fees and certain
of their expenses) on account of the interest due Oct. 1 1933, on the 1st &
ref. mtge. 4% gold bonds, due 1934 will be made beginning Jan. 23 1934,
on presentation of coupons for stamping.
The Committee on Securities of the New York Stock Exchange rules
that the bonds be quoted ex-interest $5.06 and $4.65 per $1,000 bond
respectively, on Jan. 23 1934 that the bonds will continue to be dealt in
"flat" and in settlement of contracts made beginning that date, bonds, to
be a delivery, must carry the Sept. 1 and Oct. 1 1933, coupon stamped as
to payment of $5.06 and $4.65 per $1,000 bond respectively and subsequent
coupons. Such coupons must be securely attached and bear the same
serial number as the bond.
Rail Bond Committee Planned.
Plans are reported under consideration for the formation of a protective
committee for the equipment bonds on which suspension of principal payments for three years has been proposed. The committee, is it stated,
would be the first such body for railroad equipment obligations in more
-V. 138, p. 149.
than 10 years.
Cincinnati-Nashville Southern Ry.-Abandonment.The I.
-S. C. Commission on Dec. 16 issued a certificate permitting the
Cincinnati-Nashville Southern Ry. and the Tennessee Kentucky & Northern RR.,lessee, to abandon (a) operation of the line of railroad of the former
extending from Algood in a northeasterly direction to Livingston, 17 miles,
and (b) operation under trackage rights over a line of the Tennessee Central
By. at Algood 2 miles. all in Putnam and Overton counties, Tenn.
F. E. Gillis and A. G. Ewing, HI, who were appointed receivers for the
Tennessee Kentucky & Northern Ry. by the Chancellor ofPart 2, Chancery
Court of Davidson County, Tenn., on Dec. 8 1933, filed a petition to be
named as parties in this proceeding, and that they be Joined as applicants
therein.
Erie RR.-PWA Loan Approved.
The I.
-S. C. Commission on Dec. 29 approved the company's application for a Public Works Administration loan of $11,845,750. The report
of the Commission says in part:
The company on Dec.9 applied under Section 203(a)(4) of the National
Industrial Recovery Act for approval of the purchase by it of freight and
passenger equipment costing approximately $11,845,750, for the financing
of which it has applied to the Federal Emergency Administration of Public
Works.
The applicant states that a careful study of its situation with respect to
equipment shows that, to improve its transportation service, it needs 2.500
50
-ton self
-clearing hopper cars,500 50
-ton plain box cars, 500 40
-foot 40
-ton
-foot furniture cars, 50 covered hopper cars, and
automobile cars, 100 50
-foot 70
-ton flat cars, a total of 3,775 freight cars, costing approxi125 50
mately $9,057,250; and that to modernize its passenger equipment and save
maintenance it needs 50 all-steel semi-through passenger coaches, 75 allsteel suburban passenger coaches, and eight all-steel mail coaches, costing
$2,788,500; or a total of approximately $11,845,750. It states that it
proposes to retire, during the years 1934 and 1935, freight cars that are,
In general, obsolete; that is, cars of light capacity and of wooden construction and cars uneconomical to maintain and operate, as follows: 1.003
-foot box cars, and 350
-41%-foot box cars, a
-ton hopper cars, 4,638 36
50
total of 5,991 freight cars. It will also retire 140 wooden passenger coaches
and eight steel-underframe mail cars after it acquires the 125 all-steel
coaches and eight all-steel mail care.
The applicant is seeking aid from the PWA in the acquisition of this
equipment throught equipment
-trust leases and agreements on the plan
generally known as the Philadelphia plan, it being contemplated that two
equipment trust leases and agreements will be entered into, one covering
the freight equipment with certificates maturing within 15 years and the
other passenger equipment with certificates maturing within 20 years.
The application to the Administration asks that the Government acquire
-trust certificates to the amount of the full cost of the equipthe equipment
ment,the certificates to bear no interest during the first year but thereafter
at the rate of 4% per annum. The carrier will file a separate application
with us under Section 20a of the Interstate Commerce Act for authority
to assume obligation and liability as lessee and guarantor in respect of the
certificates.
The purchase of new freight cars and the retirement of old freight cars
as proposed will increase the number of the applicant's flat cars 125 and its
hopper cars 1,547,and will decrease the number of its box cars 3,888, making
a total decrease of 2,216 in the number of freight cars owned or controlled
by the applicant. The proposed purchase and retirement of passenger
coaches will result in a decrease of 15 in this particular class of cars.
ss It appears that the average maintenance of all the applicant's freight
cars per freight-car mile during the period 1922 to 1932, inclusive, was
1.44 cents, while the average for the period 1930 to 1932, inclusive, was
0.78 cents, or 46% decrease in maintenance expenditure per unit. The
Jam 13 1934
purchase of the proposed freight cars would effect a saving in maintenance
expense of approximately $438,000. Maintenance expense of passenger
cars was reduced in the same periods from 3.15 cents per car mile to 2.06
cents, or 35%. This deferred maintenance on the 140 passenger cars to be
retired would amount to approximately $49,000.-V. 137, p. 4359.
Lehigh & New England RR.
-Abandonment.
--
The LS. C. Commission on Dec. 29 issued a certificate permitting the
company to abandon a branch line of railroad called the Labe Branch.
extending westerly from a point at or near mile-post 5 on its Saylorsburg
Branch, to a point at or near a certain ice plant located on the shore of
Lake Poponoming, a distance of 4,885 feet, all in Monroe County. Pa.
-V. 138. p. 149.
Lehigh Valley RR.-PWA Loan Approved.
The I.
-S. C. Commission on Dec. 29 approved the application of the
company for a loan of $2,000,000 from Public Works Administration.
The report of the Commission, says in part:
The company on Dec. 14. applied under Section 203(a) (4) of the National Industrial Recovery Act,for the approval of proposed railroad maintenance, consisting of repairs to, and rebuilding of, certain equipment,
which it proposes to finance principally by a loan from the Federal Emergency Administration of Public Works.
The applicant owns 549 locomotives, of which 189 are in bad order, and
21,861 freight cars, of which 4,189 are in bad order. It proposes to make
repairs to 60 locomotives of different types at an approximate cost of $515.848, to make heavy repairs to 1,000 steel hopper-bottom coal cars at an
approximate cost of $650,151, and to rebuild 1,000 steel-underframe box
cars at an approximate cost of $1.034,000. The total cost of the repairs
and rebuilding will be approximately $2,199.999.
The applicant has furnished a statement covering the period from Jan.
1 1922, to Oct. 31 1933, and showing by years its expenditures for repairs
to locomotives with the number of locomotive-miles traveled ,and showing
also its expenditures for freight car repairs, with the number of gross tonmiles. From the data furnished, it appears that from 1922 to 1929, inclusive, it expended for locomotive repairs an annual average amount of
$7,467,316, and that the average number of locomotive-miles annually
for that period was 19,022,906, which is an annual average cost per locomotive-mile of 10.392543. The average annual expenditure for freight car
repairs for the period was $4,667,604, and the average annual gross tonmiles made by the cars were 12,103,327,000, making an average annual
cost of 10.000386 per gross ton-mile. While neither all locomotive repairs
nor all freight car repairs become necessary as a direct result of the number
of locomotive-miles traveled, or of the number of gross-ton miles made,
respectively, the figures given above may be used as a reasonable basis
for comparison in estimating the expenditures needed for repairs. On this
basis there now exists a deficiency in the applicant's expenditures for
locomotive repairs and freight car repairs amounting approximately to
$4,500,000 and $4,800,000, respectively, which would indicate that the
proposed expenditures are desirable for the improvement of transportation
facilities.
The applicant has applied for a loan of $2,000,000 from the PWA to be
applied to the foregoing purposes. It has filed a separate application under
Section 20a of the Interstate Commerce Act for authority to issue notes to
evidence the loan. Action thereon will be deferred pending the completion
of the applicant's negotiations with the PWA.-V. 138, p. 149.
Louisville & Nashville RR.
-Abandonment.
The I.
-S. C. Commission on Dec. 29 issued a certificate permitting the
company to abandon its line of railroad extending from North Alabama
Junction to Searles. 3.3 miles, all in Tuscaloosa County, Ala.
-V. 137.
P. 4187.
Missouri Pacific RR.
-1933 Car Loadings.
Freight traffic handled by this company during the year 1933 totaled
1,017,648 cars loaded locally and received from connections, as compared
with a total of 1.031.312 cars during 1932. Local loadings and receipts
from connections in December 1933 totaled 80.355. compared with 79,006
cars in the same month in 1932.
The International-Great Northern RR.loaded locally and received from
connections a total of 235,662 cars during the year just ended, compared
with a total of 180.200 cars in 1932. The total for the month of December
1933 was 16.208, compared with 14.283 cars in December 1932.
On the Gulf Coast Lines and its subsidiaries the total local loadings and
receipts from connections during the year 1933 amounted to 158,729, compared with a total of 175,566 during the previous year. and the December
total on the Gulf Coast Lines was 14,547, compared with a total of 13,369
in December 1932.
Series F Principal Payment.
Federal Judge Faris has authorized payment of $595,000 of principal
on the equipment trust series F notes due May 1 1933.-V. 137, p. 4696.
New Orleans Great Northern Ry.-Listing of $5,367,000 1st Mtge 5% 50-Year Bonds, Series A,Due July1 1983.
The New York Stock Exchange has authorized the listing of $5,268,000
1st mtge. 5% 50
-year bonds, series A, due July 1 1983, with authority to
add to the list $99,000 on official notice ofissuance, making the total amount
authorized to be listed $5,367,000.
The new bonds were Issued pursuant to the terms of a plan of reorganization of New Orleans Great Northern RR., as amended, dated as of July 1
1932.-V. 137, p. 1238.
New York New Haven & Hartford RR.-PWA Loan of
$3,500,000 Approved.
The LS. C. Commission on Jan. 8 approved the company's application
to borrow $3,500.000 from the Public Works Administration. The report
of the Commission says in part:
The company, on Dec. 19. applied under Section 203 (a) (4) of the
NIRA for approval of maintenance and equipment, for the financing of
which it has applied to the Federal Emergency Administrator of Public
Works for a loan of $3,500,000.
The proposed maintenance and equipment will include repairs to, and the
general overhauling and improvement of. passenger equipment owned
133 the applicant, at an estimated cost of13,000,000, and repairs to passenger
,
equipment owned by the New York Westchester & Boston By.,a subsidiary
company, which will require the remaining $500,000 to be borrowed. The
maintenance and equipment of the applicant's property will include
(a) $300,000 for air-conditioning 142 steel passenger cars to be assigned to
through service between N. Y. City and Boston and N. Y. City and Springfield; (b) $300,000 for repairing and painting about 210 all-steel multipleunit coaches, which are equipped for electric operation and used regularly
between New Haven and N. Y. City, and (c) $2,400,000 to cover general
overhauling and reconditioning of approximately 900 cars which have
reached an average age of 15 years, and of which 139 require renewal of
roof and side sheets. This latter expenditure also allows for general repairs
to the 142 cars to be air conditioned where such expenditures are required,
and certain minor improvements. The repairs on the equipment of the
New York Westchester & Boston By. will include the painting of and
heavy general repairs to. 95 all-steel passenger cars and the complete
rebuilding of four cars. The 95 cars will be equipped with manganese steel
liners in the trucks and with cast-steel truck frames in place of the built-up
type. They will also be equipped with multiple-door controls.
-year period ended with 1932
The applicant states that during the 10
it has spent $24,034,327 for passenger-train car repairs, an average of
$2.403,433 a year, or 4 cents for each operated car mile. During the
seven-year period 1923-1929 passenger-car repair expenditures averaged
4.4 cents per operated car mile, while in the three-year period 1930-1932
this cost averaged 2.7 cents, a reduction in cost of 1.7 cents per car mile.
In consideration of maintenance, it is reasonable to assume that the
repairs of one year reflect, in a measure, the wear and tear of the preceding year, so that an estimate of the average deficiency a year in maintenance based on car mileage should include the mileage of the preceding
year. If the 1.7 cents per car mile multiplied by the average car miles a
year for the four years 1929 to 1932 be taken as the average amount by
which repairs have fallen below the carrier's standard of maintenance,
the deficiency in maintenance would be approximately $917,000 a year,
or approximately $2,750,000 for the three years 1930 to 1932.
It is stated that some of the proposed repairs to be made on the New
York, Westchester & Boston By. equipment will result in maintenance
savings which will offset the expenditure for the repairs in about two years.
and that others will be in the interest of safety and efficient operation.
Air conditioning of passenger cars has become one of the requirements of
first-class service and the applicant is justified in making this improvement
in order to meet competition.
Volume 138
Financial Chronicle
Upon the facts presented, we approve, as desirable for the improvement
of transportation facilities, railroad maintenance and equipment to be
applied to the property of New York New Haven & Hartford RR.. as
proposed.
-V. 137. p. 4697.
Northern Pacific Ry.-To Receive Dividend.
See Northwestern Improvement Co. under "Industrials" below.
-V.137.
p. 4359.
-Acquisition.
Ohio & Morenci RR.
The I.
-S. C. Commission on Dec. 28 issued a certificate authorizing
the company to acquire and operate a line of railroad extending from a
point on the boundary line between the townships of Sylvania and Richfield, in Lucas County, Ohio, in a general westerly direction through Fulton
County. Ohio.to a point known as Wakefield Corners,a distance of approximately 21 miles.formerly owned and operated by Toledo & Western Ry.
By certificate dated June 22 1933. 'Toledo & Western was granted permission by the Commission to abandon that portion of its Pioneer branch
extending westerly from Allen Junction to Pioneer, 43.3 miles, in Lucas.
Fulton and Williams counties, Ohio, and Lenawee County, Mich., subject
to the condition that the Toledo & Western sell the abandoned portion of
the branch, in whole or in part, to any one desiring to purchase it for the
purpose of continued operation, at not less than the fair net salvage value
thereof. Accordingly, on July 17 1933 the railroad properties thus abandoned were sold to the Joseph Schonthal Co.for the sum of $55,000.
The report of the Commission further states in part:
The applicant was incorp. Aug.3 1933 in Ohio for the purpose of acquiring
and operating a portion of the abandoned railroad properties purchased by
the Schonthal company from the Toledo & Western. By agreement entered into between the applicant and the Schonthal company, dated Aug. 8
1933. such properties, including a 20-ton gasoline locomotive, were to be
sold to the applicant for the sum of $37:750. The contract was subsequently modified by reducing the proposed purchase price to $28,250. In
payment therefor. the Schonthal company is to receive the applicant's
entire capital stock, which is to consist of 1.250 shares (no par). 'The properties in question are to be conveyed to the applicant free and clear of all
liens and encumbrances with certain minor exceptions.
Without being convinced that the applicant may be reasonably expected
to realize all of the advantages which it apparently anticipates, we are
satisfied that it can perform useful transportation service under comparatively favorable conditions in this territory. See also V. 138. P. 149.
Oklahoma Central RR.
-Abandonment.
The I.
-S. C. Commission recently issued a certificate permitting the
abandonment by the company of parts of its line of railroad and the abandonment of operation thereof by the Atchison Topeka & Santa Fe Ry. Co.,
all in Coal, Pontotoc and McClain counties, Okla. The parts to be abandoned are as follows: The first segment extends from Lehigh to a point
near Ada Junction. 39.88 miles the second from a point near Byars Junction to Purcell, 21.11 miles.
-V. 135. p. 3162.
Pennsylvania RR.
-New Director.
-
Richard IC. Mellon of Pittsburgh has been elected a director to succeed
his father, R. B. Mellon, who died on Dec. 1 last. The term of office of
the elder Mellon would have expired in 1937.-V. 138, p. 149.
Tennessee Kentucky & Northern Ry.-Abandonment.
-Receivership.-See Cincinnati-Nashville Southern Ry.
above.
-V. 122, p. 2944.
Tucson & Nogales RR.
-Control.
The I.-S. C. Commission has approved the acquisition by the Southern
Pacific RR. of control of the Tucson company by purchase of its capital
stock.
The Southern Pacific RR.proposes to purchase from the Southern Pacific
Co. the capital stock of the Tucson & Nogales, consisting of 660 shares
(Par $100 a share), for $66.000. which is stated as the figure at which the
stock is carried on the books of the Southern Pacific Co. No cash would
be involved in the purchase, as payment for the stock would be effected by
a bookkeeping transaction in open account between the Southern Pacific
RR. and the Southern Pacific Co.
Vicksburg Bridge & Terminal Co.
-Reconstruction Loan
Denied-Authority to Operate Railroad Also Denied.
The I.
-S. C. Commission on Dec. 28 denied the company's application
for the approval of a loan of $3,250,000 from the Reconstruction Finance
Corporation. The report of the Commission in denying the loan states:
The company on Sept.2 1933 filed an application for a loan of $3,250,000
from the RFC. The applicant proposes to use $3,000,000 of the loan to
purchase and retire its entire issue of $7.000,000 of unmatured funded debt.
consisting of $5,000,000 first mortgage 6% sinking fund gold bonds of 1958
and $2,000,000 of 20
-year 7% sinking fund gold debentures of 1948. The
remaining $250.000 would be used to construct a permanent steel trestle
replacing a timber trestle.
The applicant has concurrently filed an application for a certificate of
convenience and necessity under paragraphs (18) to (21), inclusive, of
Section 1 of the Inter-State Commerce Act, as amended, for authority to
operate a steam railroad over its bridge and approaches and an application
under Section 20a of the same Act for authority to issue certain securities
proposed to be pledged as security for any loan from the Finance Corporation which we might approve.
By our report and order decided Feb. 18 1933. we denied approval of a
loan of $4,000,000 to the applicant. The only material difference between
that application and the one now under consideration is in the amount
sought to retire the outstanding funded debt, the amount requested for
that purpose having been reduced to $3,000,000 from $3.750,000. At the
time of filing its application (denied Feb. 18 1933), other applications were
filed, one requesting a certificate of convenience and necessity authorizing
the applicant to operate a steam railroad over its bridge and approaches,
and another asking authority to issue securities. We denied the application for a loan upon the ground that we were concurrently denying the
application for a certificate of convenience and necessity, which left the
applicant a non-carrier corporation, ineligible to receive a loan.
After investigation, we have again denied (Dec. 28 1933) authority for
the applicant to operate a railroad over its bridge and approaches for the
reasons stated in our preceding report. We are, therefore, unable to find
that the applicant is eligible to receive the loan now requested. An order
of denial will be entered.
-V.137. p. 1936.
Wabash Ry.-PWA Loan of $1,489,803 Approved.
-
The I.
-S. C. Commission on Jan. 8 authorized the company to borrow
$1.489,803 from the Public Works Administration. The report of the
Commission says in part:
Norman B. Pitcairn and Frank C. Nicodemus, Jr., receivers, on Dec. 16
applied under Section 203(a) (4) of the National Industrial Recovery
Act for approval of railroad maintenance and equipment for the financing
of which the applicants have applied to the Federal Emergency Administrator of Public Works for a loan of 11,489.803.
The proposed maintenance will require the purchase and installation
of 10,000 gross tons of new rail and track fastenings and the rehabilitation
of 1,437 cars, the detail of which is shown as follows: Head free 110
-lb.
rail, 2.300 tons at $37.37 a ton plusfreight at 63 cents a ton and inspection
at 25 cents a ton, $87,975; R. E. 110
-lb. rail, 3,700 tons. and R. E. 112-lb.
rail, 4,000 tons, all at $36.37 a ton, plus freight at 63 cents a ton and
inspection at 25 cents a ton, $286.825; track fastenings, frogs and switches.
$198.706; total rail and other track material, $573,506; rebuilding and
repairing 375 twin-hopper coal cars, $239,744; converting 300 automobile
cars into single-deck stock cars, $110,952; converting 500 automobile cars
into steel-side standard box cars. $412,960; installing Evans auto loaders
In 250 automobile cars, $98,792; air conditioning four club cars, four
chair cars and two cafe-parlor cars, $44,419; converting two cafe-chair
cars into cafe-parlor cars, $9,430; total equipment, $916,297; total maintenance and equipment. $1,489,803.
The applicant states that all but a relatively small part of the proceeds
of the loan will be used to employ labor during the winter, and that the
loan, so far as it relates to equipment, is self-liquidating in that it will
provide equipment of a character for which the applicants are obliged
to pay per diem charges, which unduly increase operating costs and depress
railway operating income. It is also stated that the loan, so far as it
applies to rail, is necessary to enable the applicants to replace worn rail
now in main line service, and that a corresponding amount of rail will
be released, of which at least 50% will be immediately available for
secondary main line service.
325
From annual reports filed with us by the applicants and the Wabash.
as supplemented by a statement filed with the application, it appears
that during the period 1922-1929, the Wabash laid an average of 19,267
tons of new steel rail a year, whereas for the four-year period 1930-1933
the company and the applicants laid an average of only 7,167 tons a year,
or a yearly average of 12.100 tons below the average for the eight-year
period.
Reconditioning and improvement of equipment is dependent upon the
various classes of traffic handled, the different classes of cars, and the
condition of those available for use. The maintenance of freight cars
during the periods 1921-1928 and 1930-1932 approximated 0.886 cent
and 0.625 cent per car mile, respectively, or approximately 29% less
during the latter period than during the former. The average number
of coal cars decreased 640 units and the approximate tonnage of products
of mines handled decreased 2% for the same period, thereby requiring
greater service for individual cars. The conversion of the automobile
cars into stock and box cars appears to be justified by the fact that the
automobile traffic during the last three years has fallen off approximately
70%. indicating a surplus of this type of car.
By order dated Dec. 14 1933 the court having jurisdiction of the receivership authorized the receivers to purchase the new rail and fastenings,
and to borrow from the PWA not exceeding $1,687,154 to mature not more
than 15 years from date of loan and to bear interest at the rate of 4%
per annum, with an abatemeht of interest for the first year following
the date of the notes or other obligations given therefor.
Upon the facts presented we approve, as desirable for the improvement
of transportation facilities, railroad maintenance and equipment to be
applied to the property of theWabash Ry. Co.as proposed.
-V.138, p. 149.
PUBLIC UTILITIES.
Matters Covered in The "Chronicle" of Jan. 6.-40 Electric production
up 8.8% in last week of 1933-Largest percentage gain over same period a
year previous since week of Oct. 7 last, p.27.
American Cities Power & Light Corp.
-Dividend.
The directors on Jan. 5 declared the regular quarterly dividend of 1-32d.
of one share of class B stock upon each share of convertible class A stock.
optional dividend series. payable Feb. 1 to holders of record Jan. 11.
Class A stockholders have the option of receiving 75 cents per share in cash
in lieu of the dividend in class B stock, provided written notice is received
by the corporation on or before Jan. 22.
A similar distribution was made on the class A stock on Nov. 1 last.
V. 137, p. 2632.
American Water Works & Electric Co., Inc.
-Output.
-
Output of electric energy of the company's electric properties for the week
ended Jan.6 1934. totaled 31,218.000 kwh., an increase of 10% over the
output of 28,479.000 kwh. for the corresponding period of 1933.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended. 1934-33. 1933-32.
1932-31.
1931-30.
1930-29.
Dec. 1633.240,000 29,542,000 31,289,000 34.514.000 38,612.000
Dec. 23 - 33.687,000 28,894,000 x27.438,000 35,087,000 39,036.000
Dec. 30 -x28.997,000 x25,179,000 y28,322,000 x29,117,000 x31,579.000
Jan. 6.__y31.218,000 y28,479,000 29,802,000 y31,188.000 y35.947.000
x Includes Christmas. y Includes New Years' Day.
-V. 138, p. 149.
Associated Gas & Electric Co.
-December 1933 Production Ahead of Same Period in 1932.
Net electric output of 48,065.849 units (kwh.) was reported by the
Associated System for the week ended Dec. 30. This increase of 5.3%
over the same week of last year compares with that of 6.4% for the four
weeks to date.
Gas output was up to 414,515,500 cubic feet due to house heating because of the severely cold weather this year as compared with last year.
The company states: "So far as earnings statements are available
the increases in output of recent months have not resulted in increased
gross. As a matter of fact, the latest statement of the Associated System,
that for the month of November, shows that operating revenues are still
well below last year. This is largely due to decreased rates on many of'
the properties served. In addition, higher operating expenses coupled
with increased taxes have combined still further to reduce net operating
revenues."
For the month of December 1933 the Associated System reports net
electric output of 228,980,799 units (kwh.). This is 4.3% above December
of last year, but is a lower percentage increase than that reported for the
year. The 12 months ended Dec. 31 1933 showed output of 2,620,194,973
units, an increase of 4.7% over the year 1932.
Gas output, at 1,628,206,800 cubic feet for December 1933, was 2.8%
above the same month of 1932. For the year, however, the sendout
was 0.9% below 1932, totaling 16,645,206,600 cubic feet.
-V.138. p. 149.
-Earnings.
Central Maine Power Co.
For income statement for 12 months ended Nov. 30 1933 see "Earnings
Department" on a preceding page.
President Walter S. Wyman states: "We are looking for a continued
trend in the right direction during the early part of 1934. Throughout
1933 all interest charges of every kind, including those on idle property,
were absorbed in income account. The only interest charges not absorbed
are the $15,000 of suspended interest in December 1932. Additional
expense due to the National Recovery Administration will amount to
around $40,000 a year. The 3% tax on certain classes of business will
-V. 137, p. 2806.
add about $85,000 to annual expense."
Columbia Gas & Electric Corp.
-Declares Regular Quar-The directors on Jan. 11 declared quarterly
terly Dividends.
dividends of $1.50 per share on the cum. 6% pref. stock,
series A; $1.25 per share on the cum. pref. stock, 5% series,
and $1.25 per share on the cony. 5% cum. preference stock,
all payable in cash, and a dividend on the no par value
common stock at the rate of 1-800th of one share (123 cents
A
in par value) of cony. 5% preference stock, all payable
Feb. 15 1934 to holders of record Jan. 20 1934. The company announced that this dividend rate on the common stock
should not be regarded as establishing a basis for future
dividends, which must be determined by future conditions.
Like amounts were paid on the respective issues on Nov. 15
last (see V. 137, p. 2634).
President Philip G. Gossler issued the following statement:
In the past several months there has been a slight increase in the gross
earnings, but this increase has been more than offset by increased taxes
and operating expenses. The result has been a continuing decline in net
earnings, which is now further aggravated by the recent actions of some
municipalities in Ohio attempting to establish (arastically reduced rates
for electricity and in some cases for natural gas. These rate ordinances
have been appealed to the Ohio P. U. Commission for determination by
them of just and reasonable rates for the services.
Financial statements of the company include as earnings, in such cases,
only the earnings resulting from the ordinance rates, even though such
ordinance rates may be confiscatory, until such time as the reasonable rates
for these services are determined by the Public Utilities Commission or
upon Court review of its findings. Therefore, the reduction in earnings
resulting from such rate ordinances is reflected in the financial statements
before the proper rates are finally determined.
-V. 137, p. 3676.
Commonwealth & Southern Corp.-T.V.A. Signs Contract with Units-Purchases Certain Properties of Operating
Companies in Muscle Shoals Area.
The Tennessee Valley Authority recently announced that
into an agreement and contract with four operating units of it has entered
the Commonwealth & Southern Corp.for the purchase of properties in the Muscle Shoals
area. The announcement stated that TVA had contracted to purchase
certain properties of the Alabama Power Co., Mississippi Power Co. and
Tennessee Electric Power Co. at a cost of $3,000,000, thereby giving the
Financial Chrcnicle
326
Government agency an outlet for Muscle Shoals power In the three States.
It also sets up an area in which the TVA will operate to determine the
es
"yardstick" for electric rat.
Wendell L. Willkie, President of Commonwealth &
Southern, stated in part:
Jan. 13 1934
Balance Sheet Oct. 31.
1933.
1932.
1933.
1932.
s
LiabilitiesAssets
$
S
1st coll, trust cona
3
tments at
4,172,000 4,365,5C0
verdble Be
10,481,484 11,395,588
cost
109,137
104,300
371.589 Bond int. accrued_
Cash & call loans_ 379,765
Investment reserve 332,400
Accounts recelv.8,537
Accounts payable_
8,498
since collected__ 1,028,161
31,250 Provision on acct.
Accrued interest__
34,056
57,000
Prepaid accounts_
892
852 of income tax__
149,481 Preferred stock-- 5,000,000 5,000,000
62,473
Discount on bonds
bCom.stk.& surp. 2,369,594 2,408,626
Agreement also provides that the TVA and the power companies will
respect each other's territorial integrity by not attempting to serve, with
some minor exceptions, customers located in the other's territory and will
co-operate in recently announced plans for extending the sale of appliances
in the numerous communities served where low promotional rates have been
recently established.
"The agreement gives to the electric consumers, especially the domestic
11,986,832 11,948,762
Total
Total
11.986,832 11,948.762
and rural consumers, of the Tennessee Valley the full benefit of the syna On the basis of quoted market prices, and including $364,798 ($2,631,
chronized facilities of the Government and the subsidiaries of the Common189 in 1932) cost value of unquoted foreign securities, the value of the
wealth & Southern Corp. and to the extent that the use of such facilities
corporation's investments at Oct. 31 1933 in Canadian currency was
can contribute to the further growth of the Tennessee Valley everything
that can be done by the Government and the power companies is possible
$5,337,268 ($6,802,237 in 1932). b Represented by 125,000 no par shares
-V. 136. p. 1013.
under its terms. It also gives time for deliberate consideration of the
•
many problems involved and their determination after actual experience
------,
has been had."
-Reduces Payments on
International Utilities Corp.
annual gross earnings of properties
In answer to inquiries concerning
Preferred Stock Issues.-The directors on Jan. 10 declared a
sold, Mr. Wilikie said they amounted to approximately $1,000,000 out of
upward of $50,000,000 gross earnings from the Southern companies in the
dividend of 873/2 cents per share on the $7 cum. prior pref.
Commonwealth & Southern group.
3
stock, no par value, and a dividend of 43% cents per share
David E. Lilienthal, director of the TVA,declared that the "agreement
on the no par $3.50 cum. prior pref. stock, series 1931, both
is a demonstration of the Authority's often expressed policy to carry out the
mandate of Congress and yet avoid the destruction of prudent investment
payable Feb. 1 to holders of record Jan. 20. Regular
in privately owned public utilities. By the purchase of private utility
quarterly distributions of $1.75 on the $7 prior pref. and
property which was found to be useful, at prices which were fair but not
more than they are reasonably worth, the Authority has avoided the
873' cents per share on the $3.50 prior pref. stocks had been
duplicating competing facilities, with consequent
necessity of building
made up to and incl. Nov. 1 1933.
injury to the public investors in existing utility property."
Mr. Lilienthal said that the contract provides an immediate source of
President P. M. Chandler, Jan. 11, in a letter to the
revenue for the Authority's power operations from purchasers at wholeprior pref. stockholders, stated:
sale. This revenue will immediately put the Authority's power operations
-V. 137, p. 4529.
on a self-sustaining basis, he said.
At a meeting of the board of directors, held on Jan. 10 1934, it. was
considered advisable to reduce the quarterly dividend payment, due on
-Tenders.Connecticut Coke Co.
Feb. 1 1934, on the $7 prior pref. stock, to 87%c. per share, and on the
trustee, will until noon on Jan. 24
The Union Trust Co. of Pittsburgh,
$3.50 prior pref. stock. series 1931, to 43%c. per share.
receive bids for the sale to it of 1st mtge. 5% gold bonds. series A, dated
During the year 1933 the reorganizations of General Water Works &
Sept. 1 1928, to an amount sufficient to absorb $355,000 at prices not
Electric Corp. and Dominion Gas & Electric Co. were successfully carried
-V. 129, p. 279.
exceeding 103 and interest.
through and as a result thereof, approximately 70% of your corporation's
-Rate Cut Delayed. assets are now represented by investments therein. These two reorganized
Consolidated Gas Co. of New York.
subsidiary companies, however, were left with certain obligations which
The New York P. S. Commission at the request of Supreme Court
it was intended should be taken care of by the sale of capital securities.
Justice Schenck has extended to Jan. 20 the effective date of the ConunisPresent conditions in the financial market have made it impossible, so
eon's rate cut order directed against the electric properties of the Conseilfar, to dispose of capital securities, even at the cost of unwarranted sacridated Gas System of New York. The electric companies have applied to
flees. Therefore, a large percentage of the earnings of these subsidiaries
stay pending decision of the Appellate
the Supreme Court for a temporary
has been diverted to the reduction of such capital obligations and for
-V.137, p.4699.
Division on certiorari proceedings.
sinking fund requirements on senior securities thereof. Such earnings
would have normally been available for the declaration of dividends on
-Output of Affiliates.Electric Bond & Share Co.
your corporation's stock holdings in subsidiaries. Consequently, the cash
Electric output for three major affiliates of the Electric Bond & Share
income of your corporation has been materially reduced, although the
System for the week ended Jan. 4 compares as follows (in kilowatt hours):
application of earnings, as above stated, is conserving the valuable equities
1933.
Increase.
1934.
of your corporation in the properties securing such obligations and is, in
13.3
74,336,000 65,592,000
American Power & Light Co
the opinion of your board, in the best interests of the stockholders.
3.1
31,731,000 30.767,000
Electric Power & Light Corp
Stockholders are reminded that dividend arrearages on the prior pref.
6.7%
56,669.000 53.095,000
National Power & Light Co
stock are cumulative and the directors believe that when the problems
-V. 138. P. 150.
connected with the long term financing of the obligations, above referred
to, have been solved, and in the absence of unforseen adverse conditions,
e
-Bank Debt Reduced, c4c4..- the consolidated earnings of the corporation and its subsidiaries should
"---- Engineers Public Service Co.
-V. 137, p. 3847.
permit of the resumption of regular dividends.
The directors have voted to defer the payment of dividends on the
cum. pref. stock, normally payable Jan. 2 1934. This was made necess
Laclede Gas Light Co St Louis, Mo.-Offer to Noteon account of the continued decrease of earnings. Similar action was taken
months ago. The last quarterly payment on the $5, $5.50 and $6
holders Withdrawn.July 1 1933.
cum. pref. stock (no par value) were made on in part:
E.P. Gosling, Pres., in a letter to the holders of the 5%% gold notes due
A letter to the preferred stockholders says
have continued to
Aug. 1 1935 states:
"The gross revenues of the subsidiary companies
to the holders
"Under date of May 12 1933, the company made an offer $3,000,000, to
decline, although at a slower rate than in the early months of the year.
of the notes of the above issue, of which there are outstanding
subsidiaries have been faced with increased expenses required by com•
The su
exchange for said notes, the company's 1st mtge. coll. & ref. gold bonds.
pliance with the provisions of National Recovery Administration Codes
series "it," dated May 1 1933, maturing May 1 1963. and bearing interest
and Agreements, and with greater fuel and material costs which, together
at the rat of 5%% per annum, and requested that the holders of the notes
with the Federal tax on electric energy (this tax alone, which was made
desiring to accept the offer deposit the same with St. Louis Union Trust
effective Sept. 1 1933, will amount annually to $600,000 or more than a
Co., St. Louis. or Continental Illinois National Bank & Trust Co., Chicago,
the annual dividend requirements on your preferred stock) and
quarter of
or Guaranty Trust Co. of New York, as depositaries, and such depositarle.s
material increases in State taxation will act for some time as an offset to the
issued their certificates of deposit for all notes so deposited. It is stated
successive and substantial reductions in expenses that the system, by rigid
in said offer that the plan of exchange would not be declared operative
economy, has effected. Earnings will be further adversely affected by recent
rate decreases in the Virginia and Savannah subsidiaries following State-' unless, in the opinion of the company, sufficient notes were deposited to
accomplish the desired results.
investigation by the regulatory commissions,
wide
series
"The issuance of $3,000.000 1st mtge. col! & ref. gold bonds, Com"The parent company bank debt has been reduced since Sept. 16 from
by the P. S.
"E", for the purpose of this exchange was authorized
$1,575,000 to 3800.000 bank debt and equipment notes of subsidiaries
The authority for the issuance of said bonds expired
$600.000 in this period to $2.432,000. The Virginia
mission of Missouri.
have been reduced over
D ng
o chaec e3purp33ith reference to any bonds not theretofore issued for
exchange. l l908
.
subsidiary has a bond maturity in 1934 of about $10,000,000. Plans for
-V.137. P. 4699.
purposes.
meeting this maturity July 1 are under consideration."
"A sufficient number of notes were not depoeited in the opinion of the
-Calls for company to make the plan operative, consequently no bonds were ever
European Electric Corp., Ltd. (of Canada).
exchanged. Therefora, the directors of the company,on Jan.3 1934,adopted
the plan
Tenders to Retire $2,500,000 Debentures.resolutions rescinding the plan for this exchange and declaring
same
inoperative. All holders of notes who deposited the returnwith one or the
corporation announces that it has deposited 7,250,000 Swiss francs
The
their respective
depositaries are requested to
Switzerland, for the purpose of purchasing
other of the above named
with the Credit SUISSE/, Zurich,
certificates of deposit to the depositary issuing the same,and the depositary
and acquiring for cancellation $2,500.000 of its $5,775,000 outstanding
will arrange to return the notes to the respective depositors.
-year 6%% debentures, series due 1965.
35
Holders of the debentures who submit tenders for the sale of the debenThe Federal Trade Commission on Jan. 10 permitted the
to the corporation will receive 2,900 Swiss francs per $1,000 principal
tures
company to withdraw a statement filed for registration of a
amount of debentures, which, based upon the closing rates of exchange
. on Jan. 4, was equivalent to about $890.
security issue and canceled a hearing in the matter which
Holders of debentures may also, at their option, receive U. S. dollars
was to have been held Jan. 12.
for their debentures at the rate of exchange at 10:30 a. m. on the date on
which the debentures are accepted. Thus the holder of the debentures
The Commission permitted withdrawal on the basis of proof submitted
debentures may continue
who accepts Swiss francs in exchange for his
by the company that none of the securities covered by the statement have
to hold his investment in Swiss francs should he desire to do so. Should
been distributed.
the dollar decline in the exchange market, the increase in the value of the
The company has filed a registration statement Aug. 28 1933, for an
Swiss franc will increase the amount of dollars received by the holders of
issue of $3,000,000 worth of first mortgage collateral and refunding bonds.
debentures, but in no event will the payment exceed $1.000 per dethe
Amend e ents were filed Sept. 16 and 21 and later the statement became
effectivm.
benture.
The time limit within which tenders for the sale of debentures to the
Subsequent to this,the Commission's attention was called to a discrepancy
corporation will be accepted will expire upon the acquisition of sufficient
In the company's registration statement, namely, that the company had
debentures to exhaust 7.250,000 Swiss francs deposited, or at noon on
answered "none" to a question as to whether it had litigation pending.
Feb. 24 1934 whichever date shall be earlier. Debentures tendered for
It was found that the company had rate cases before the Public Service
purchase by the corporation must carry Aug. 1 1934 and subsequent couCommission of Missouri and the Supreme Court of Maisouri at the time
-V. 138. P. 150.
pone, but Feb. 1 1934 coupons must be detached. All tenders, which will
the registration statement was filed.
be accepted in order of their receipt, must be deposited with the City
St.,
-Smaller Dividend.Bank Farmers Trust Co., 22 William St. N. Y. City. Payment will be --- `Lincoln Telephone Securities Co.
"
three business days after
made for the purchase of the debentures
per share
The directors recently declared a quarterly dividend of 10 cents of record
available
acceptance of the tenders. The corporation is using most of the resorting
the no par value class 13 stock, Payable Jan. 10 to holders
on
cash now in its treasury for the purchase of debentures, without
Jan. 2. This compares with 25 cents per share paid on Oct. 10 last and
487.
-V. 137. P.
to any new financing.
20 cents per share on July 10.-V. 137, p. 2635.
Foreign Power Securities Corp. Ltd.-Earnings.-L
I
ei -Additional Bonds Listed: -IA*"
C ,
1930. " Metropolitan Edison )
1931.
.
'
1932
1933.
authorized the listing of
Years Ended Oct. 31Revenue
Profits from investments
realized
Gross earnings
Expenses
Taxes
Interest
Deficit for year
Surplus brought forward
Transf, from com. stock
loss30,389
123,291
241.299
$236,500
The New York Stock Exchange as
additional 1st mtge. gold bonds. a es D.4%%,due March 1 1968. making
the total amount applied for 322,830,500.-V. 137. p. 4014.
$275,163
21,127
3312.971
33,522
$798,088
548:053908
-Financial Improvement of
Middle West Utilities Co.
Middle 1Vest Utilities Co. Group Under Receivership.--
293,068
310,714
$632,906
42,574
304
293,914
$275,163
$39,032
908.626
$343,360
$509,615
300,000
$31.265 sur$296.115 sur$435.460
563,435
507.645
1,108,575
1.160.000
Total surplus
Dividends on pref. stock
Dividends on com.stock
Prov. on acct, of inc. tax
Loss on investments_
Prior year adjustments
Discount on bonds
$869.594 31,077,310 $1,963.760
300,000
150,000
Surp. carried forward..
Earned on common__
$860,504
Nil
$556,788
14,696
26,000
529,184
3.988
$908,626 $1,108,575
Nil
Nil
$998,895
300,000
125,000
50.000
18,250
$507,644
$1.09
The following official statement, dated Jan. 4 1933, summarizes the
improvement in cash position and reduction of indebtedness of Middle
West Utilities Co. and its subsidiaries since the date of receivership.
(1) Cash position of receivers on April 16 1932 of approximately $28.000
increased by tne end of 1933 to approximately $900.000. exclusive of holdings of $360.000 U. S. Government bonds acquired during the period out
of cash accumulations of the receivership itsWf.
(2) Cash position of Middle West subsidiaries of $6,700,000 as at April 16
1932 Increased by approximately $9,000,000 to $15,676,000 at Dec. 23
1933. (Includes United Public Service and Inland companies.)
(3) Reduction in notes and accounts payable to banks and others by
Middle West Utilities Co. and its subsidiaries, which combined stood at
$43,825,000 on March 31 1932 to $27,678,000 on Nov. 30 1933, a total
reduction of $16,147,000. Of this reduction $10,587,000 was with the
Middle West Utilities Co. itself and $5.559,000 with the Middle West
subsidiaries.
Volume 138
Financial Chronicle
(4) In addition to reducing current liabilities, the operating companies
themselves since the date of the Middle West receivership have invested
$1,500,000 of their surplus cash in their own bonds, of which they acquired
approximately $2,100,000. This constitutes a reduction in the outstanding
indebtedness of the operating companies.
In addition to the above financial developments, Middle West Utilities
Co. nas been reorganized under the receivership as a utility service company
whose facilities are available to the operating companies of the Middle West
and other utility groups. This has involved the selection of new executive
and departmental personnel and the establishment of a smooth-running
organization under the direct supervision of the receiver.
As a part of the new organization, highly specialized and efficient departments have been created to make joint purchasing agreements, to place
insurance advantageously, to assist in the creation of new business through
merchandising and new power sales, to render expert services in connection
with income tax problems, to supplement by trained utility men the
activities of the operating company executives in the field, to assist in
corporate financial problems of subsidiaries, etc., etc.
Not only is this service organization effective but its facilities are available to the operating companies for only
of 1% on their gross earnings,
the lowest known percentage charged by any service company with comparative facilities, and lower even than similar organizations which are
owned co-operatively by a group of operating companies and operated
on a cost basis.
The Middle West Utilities System (excluding all eastern and southern
subsidiaries previously controlled through National Electric Power Co.)
is serving over 2.800 communities scattered throughout 18 states with an
estimated population served of 3,500,000. There are over 9.000 employees
of the operating companies, with a payroll of over $1,000,000 a month.
-Collusion
Inquiry into Receivership Ordered by Federal Court
Charged.
-
327
To the end that the propriety of petitioner's appointment may be
definitely settled and confirmed and that all parties in interest may be heard
in the premises, petitioner asks:
(1) That a rule be entered on all parties in interest requiring them to
answer and set forth such grounds of objection, if any, as they may have
to the continuance of the services of petitioner as receiver herein.
(2) That this court summon such witnesses and make such investigation
as the court shall deem wise in order to assure himself
-if the court feels
need of such assurance-that petitioner's appointment should be now
confirmed.
-V 138, p. 151.
• Montana Power Co.
-Tenders.
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City will until
10 a. m. on Jan. 24, receive bids for the sale to it of 1st and ref. mtge
'
sinking fund gold bonds. series A,5%,due July 1 1943 to an amount sufficient to exhaust $126,934 at prices not exceeeding 105 and int.-V. 137,
P. 866.
Nashville Ry. & Light Co.-Tenders.
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
10 a. m. on Jan. 25 receive bids for the sale to it of ref. & ext. mtge. 50
year 5% gold bonds, due July 1 1958. to an amount sufficient to exhaust
$21,459 at the lowest prices at which such bonds shall be offered, but not
exceeding that price at which the bonds so purchased,if held until maturity,
will yield an interest return of 43 % per annum -V. 137. p. 489.
New Englan
Extra Dividend.
Li
t &
Power Associates.-
An extra dividend of 15 cents per share has been declared on the class B
stock, no par value, in addition to the usual quarterly dividend of like
amount, both payable Feb. 1 to holders of record Jan.20.-V.134,P.1578.
Norwegian Hydro-Electric Nitrogen Corp. (Norsk
An exhaustive inquiry into the Insull receivership litigation, to determine
If actions involved in it were collusively brought and fraud practiced upon
Hydro-Elektrisk Kvaelstofaktieselskab), Krone Bonds
the Court, was ordered Jan. 10 by Federal Judge Walter C. Lindley.
Offered in Exchange for Dollar Bonds.
In doing so Judge Lindley took cognizance of petitions from both Charles
A. McCulloch, receiver of the company, and Samuel Ettelson, lawyer, who
The company, in a notice to holders of refunding and improvement gold
brought the original charges of collusion. But the order was entered on
bonds, series A, 5;4%, due Nov. 1 1957. stated on Jan. 12:
the Court's own motion.
"The corporation has authorized an issue of 5% krone bonds of 1933.
Filing of Mr. Ettelson's petition, which asked either the dismissal of
series A, N,to be dated Nov. 1 1933, interest to be payable semi-annually
the entire Middle West receivership proceedings or the removal of Mr.
on May 1 and Nov. 1, in each year, principal and interest payable only
McCulloch and his counsel, was allowed and he will be a party to the
in Norwegian kroner, at the head office or any branch of the Christiania
investigation. All other parties will have 10 days to answer Mr. Ettelson's
Bank og Kreditkasse. in Norway. The krone bonds are to be issued in
charges, and on Jan. 23 will be held what Judge Lindley called "a town
the denominations of 3800 kroner and 1900 kroner and are designed
meeting" to decide upon method of procedure.
for issue in exchange for presently outstanding refunding and improveThe petition of Charles A. McCulloch, receiver, submitted to Federal
ment gold bonds, series A, 53.6%, due Nov. 1 1957 ("dollar bonds") isJudge Walter C. Lindley at Chicago, follows:.
sued under the trust indenture, dated as of Nov. 1 1927. between the
Charles A. McCulloch, receiver herein, respectfully represents as
corporation and the National City Bank of New York, as trustee, in the
follows:
ratio of one krone bond of the denomination of kr. 3800 and kr. 150 in
1. On April 15 1932 this Court entered an order in the above entitled
cash for each dollar bond of the denomination of $1,000 and one krone
cause appointing Samuel Insull, Edward N. Hurley and the petitioner.
bond of the denomination of kr. 1900 and kr. 75 in cash for each dollar
Charles A. McCulloch, receivers of Middle West Utilities Co. Samuel
bond of the denomination of $500. Each kr. 3800 bond is to be secured
Insull resigned as receiver and his resignation was duly accepted by this
by deposit with Christiania Bank og Kreditkasse of the dollar bond of the
court on June 7 1932. Edward N. Hurley died on Nov. 14 1933 and since
denomination of $1,000 bearing the serial number set forth in the receipt
his death petitioner, by order of this court entered Nov. 15 1933, has conof such bank appearing on the face of such krone bond and each kr. 1.900
tinued as sole receiver and is now acting as such.
bond, by the dollar bond of the denomination of $500, similarly identified.
2. Immediately following their appointment by this court your receivers.
Whenever the dollar bond deposited as security for the krone bond matures,
in order to protect the property of the company, caused receivers to be
through operation of the sinking fund provided for dollar bonds, or volunappointed in 21 other Federal judicial districts, In many of which petitioner
tary redemption, or otherwise, the krone bond for which it is security
was named as one of the receivers and all of which proceedings are still
matures. The right is reserved to redeem all or any part of the krone
Pending,
bonds at par and interest on any interest date on three weeks prior notice
3. On June 28 1932 a committee representing the $40,000.000 of Middle
published in Norway and New -York. Dollar bonds deposited as security
West gold notes intervened in this cause. On July 2 1932 a committee
for any krone bonds so redeemed will be released to the company. Existrepresenting the preferred stockholders of Middle West intervened herein,
ing regulations prohibiting the importation of bonds into Norway will not
and on Nov. 18 1932 a committee representing the common stockholders
prevent collection of principal or interest of the krone bonds at maturity.
of Middle West became parties by intervention.
Any holder of a dollar bond desiring to exchange the same for a krone
4. During the entire period of this receivership, covering over 20 months,
bond, should deposit his dollar bonds, with May 1 1934 and subsequent
there has been at no time any attack or criticism of any nature whatsoever
Interest coupons attached, with the National City Bank of New York,
made against petitioner or said Edward N. Hurley, and no act either
22 William St., N. Y. City, on or before Jan. 24 1934. Against such deof omission or commission on the part of either of them in this proceeding
posit, the dollar equivalent, at the rate of exchange current on the day of
has been the subject of criticism or objection.
deposit, of the cash payment and a transferable deposit receipt, in fully
5. The receivership has been active since the day of its inception. The
registered form, will be delivered, against surrender of which receipt, in
receiver manages the operations of more than 60 public utilities and other
turn, the krone bond will be delivered, without charge to the holder, when
operating companies scattered throughout 18 different States. The gross
ready for delivery.
-V. 134. p. 1579.
income of the companies thus operating under your petitioner's management
s•
-.-Old Colony Light & Power Associates.--Loopep
is running at the rate of approximately $68,000,000 a year.
'6. On Dec. 22 1933 the Hon. Evan A. Evans sitting as United States
The directors recently declared a dividend of $3.50 per share on the
District Judge in this court delivered an opinion in the matter of Insult
common stock, no par value, payable Jan. 5 1934 to holders of record
Utility Investments. Inc. in bankruptcy, in which he said that the suit
Dec. 21 1933. This compares with $1 per share paid on Oct. 5 1933 and
commenced on April 16'
50 cents per share on July 5 1933.-V. 137, p. 2463.
1932 for the appointment of receivers for said
last named company has been collusively brought. In the course of his
Omnibus Corp.
-New Director.
published opinion Judge Evans said:
"It is nuite impossible to separate the application for the appointment
Herbert P. Howell, President of the Commercial National Bank &.Trust
of a receiver in the Insull Utility Investments, Inc. from like applications
-V.136, p. 86.
Co. of New York has been elected a director.
in Middle West and Corporation Securities companies. Three companies
were organized and promoted by the so-called Insull interests. They all "Public Service Co. of Northern Illinois. No Dividend
revolved about the activities of one Samuel Insull Sr. One company, the
Action Taken-To Reduce Par and Stated Value of Common
Middle West. was a holding company and the other_two are investment
Stock to $60 from $100 per Share The directors on Jan. 5
trusts."
7. Your petitioner is informed and believes that in the customary and
too no action on the quarterly dividends due at this time on
necessary conferences between the management of the embarrassed corthe pref, and common stock. On Aug. 1 and Nov. 1 1933
porations on the one hand, and the large bank creditors on the other, the
necessity for receiverships in all three cases was discussed and a canvass
the company paid the following dividends: 50 cents per
made to determine what men were available for nomination to the Court
share on both the common stock of $100 par value andron
as receivers.
8. Two fundamental differences between the Middle West and the
the no par common stock, $1.50 per share on the 6% cum.
other two companies existed in that first, in Middle West there were no
pref. stock of $ICK) par value and $1.75 per share on the 7%
covenants assuring the holders of its long-time indebtedness of any protection with regard to collateral; and second. Middle West was actively supercum. pref. stock of $IM par value. From Aug. 1 1932 to
vising the operation of many companies as above set forth whereas the other
and incl. May 1 1933 quarterly distributions of 75 cents
two corporations were substantially investment trusts.
9. Petitioner alleges on information and belief that in the conferences
per share were made on the common stocks, compared
between the creditors and the company it was decided that receivership
with $2 per share each quarter from Aug. 1 1925 to and
for Middle West was inevitable and that it was necessary to consider names
incl. May 2 1932.
of men to be suggested to the court as receivers. Many men were considered with regard to their availability as receivers for Middle West and
The directors also recommended to the stockholders that
the sole test used by those attending these conferences, as this petitioner
they take appropriate action to reduce the par value of
believes and alleges, was the fitness of the men to discharge the duties
of the office.
the $100 par value common stock and the stated capital
10. Petitioner is advised that on the morning of April 15 1932 when the
represented by its no par common stock, in each case to $60
motion for the appointment of receivers in this case was called up by
Thurlow G. Essington, one of the attorneys for the plaintiff, Mr. Essington
per share.
stated that the names of said Edward N. Hurley and petitioner had been
This recommendation, according to a letter to the stocksuggested by the large bank creditors; that in the colloquy between court
and counsel the court stated that he was not well acquainted with petiholders, was made for the following reasons:
tioner, and thereupon Mr. Essington told the court the substance of petiThe management
reviewing
tioner's business activities and banking connections in Chicago, stating advances which havehas been carefullypast by thisthe investments and
been made in the
company and Public
among other things that he was a director of the First National Bank
Service Subsidiary Corp., a wholly owned subsidiary of this company.
of Chicago.
The consolidated balance sheet as of Dec. 31 1932 (which eliminates inter11. The appointment of receivers for Middle West was- taken under
company investments) showed these investments and advances at $40,advisement and later in the same day and before entering an order the
'
305.020, with a reserve against the same of $6,500,000.
court talked with Mr. Insull, with Mr. Hurley and with petitioner. In
OW
VIM
These investments may be divided into two parts:
his talk with petitioner the court discussed petitioner's business experience
(1) Investments owned by this company in activities practically all of
and business banking connections in Chicago. The court made particular
which are directly related to the business of the company and which afford
inquiry to ascertain whether petitioner had any relationships either with
it many important advantages of a permanent character from an operating
Insull or the socalled Insull companies which might interfere with the
standpoint. This group of investments, which should be retained, repreproper discharge of his duties as receiver if appointed. and learned that
sent a book value of $12,183,521. Their value as permanent investhe had none. Thereafter on the same date the appointment of receivers
ments, according to an independent appraisal made within six months,
was made as above set forth.
substantially exceeds their cost and book value.
12. Your petitioner has discharged his duties with strict impartiality
(2) The second group of investments belong to the Public Service Suband, so far as he is informed, to the satisfaction of all parties in interest,
sidiary Corp. Most of these investments are not now of direct benefit to
stockholders and creditors alike. Neither he nor his former/associate,
the company from an operating standpoint and therefore in the opinion of
Edward N. Hurley, sought nomination for this receivership Petitioner
the management should not be permanently retained.
is informed and believes that Samuel Insult protestedragainst being nominThe total book value of these investments amounts to $28,121.499,
ated and did not desire to be made a receiver.
against which the reserve above referred to of $6,500,000 was established.
13. If there's a cloud on petitioner's title as receiver he desires it removed.
The values of some of the investments in the Subsidiary Corporation
Petitioner's duties as receiver are arduous; they have occupied his time
have shown substantial shrinkage and in many cases actual losses have been
to the practical exclusion of all other business since the day of his appointrealized in carrying out the announced policy ofliuqidation. ment. Petitioner submits that the language of the opinion handed down
The management is proceeding with this policy in an orderly manner,
by Judge Evans might be construed by the public as a reflection upon
making no investments or advances except those that may be necessary to
petitioner. Petitioner's responsibilities are heavy; the income of the proeventual liquidation.
perties under his charge exceedingly large; the questions of policy to be
It was for the purpose of carrying out this program that the management
decided are difficult, of great variety and great in number. Several millions
recommended that action be taken reducing the par and stated value of
of dollars have been received and disbursed by said receivers, and petitioner's
the capital stock. The board of directors has adopted- the recommendamonthly receipts and disbursements as receiver are substantial.
tion of the management in order to create a sufficient capital surplus to
328
Financial Chronicle
Ian. 13 1934
enable it to establish reserves for the eventual liquidation of the Subsidiary
Aluminum Co. of America.
-Tenders.
Corporation.
The Union Trust Co. of Pittsburgh, trustee, will until noon on Jan. 23
The reduction in the par and stated value of the company's conunon
receive bids for the sale to it of 5% sinking fund debenture gold bonds,
stock to $60 per share will create a capital surplus of approximately $25,dated March 1 1927, to an amount sufficient to exhaust $1,000,216 at
000,000. When this is accomplished the board will make the following titsprices not exceeding 105 and interest.
-V. 137. p. 4700.
position of that sum:
(1) Appropriate approximately $12,000,000 as an additional reserve to ---..American Beet Sugar Co.
-Offer- tu Del:mar/4re Hiders
Service
cover any shrinkage in value of the investments in the Public
subsidiary Corp., thus increasing that specific reserve from $6,500,000 to .--Tvotendech-$18,500,000.
ere ti?e for deposit of the 6% debentures of 1940 has been extended
(2) Appropriate approximately $6,500,000 as a new reserve for ultimate
to an. 31 it is announced.' Under the plan for extending the maturity date
, to be used so far as
liquidation of the Public Service Subsidiary
to Feb. 1940, from Feb. 1 1935, the bondholders are to receive 20%
Corp.
t
eventual dissolnion of the Subsidiary
necessary in connection with the
cash and the balance in an extended debenture. See V. 137, p. 3150.
Corporation. a_proximate
American Coal Co.of Allehgany County.
-$1 Dividend.
IY $6,500,000 as capital surplus. This will be
In addition to tte surplus as of Dec. 31 1933, wMch will be transferred to
A dividend of $1 per share has been declared on the common stock, par
capital surplus incident to the creation of these reserves. Conservative
$25, payable Feb. 2 to holders of record Jan. 13. A similar distribution
management demands that an adequate capital surplus be established for
was made on Jan. 3 1933.
the protection of the capital against any unforeseen contingencies.
The above compares also with 50 cents per share paid on May 2 1932,
This recommended program cannot be carried out without the approval
prior to which the stock was on a $4 annual dividend basis ($1 per share
approval
of the Illinois Commerce Commission. Your board will seek such
payable each quarter).
-V. 135, p. 4270.
before the date of the annual meeting of the stockholders to be held on
Feb. 26 1934.
-50-Cent Dividend.
American & Continental Corp.
The Illinois Commerce Commission, as well as the management of this
The directors on Jan. 11 declared a dividend of 50 cents per share on the
company, has been critical of some of the investments in the portfolio of
class A and common stocks, payable Jan. 27 to holders of record Jan. 15.
the Punlic Service Subsidiary Corp. and its ultimate liquidation is desired
; one
A similar payment was made on these issues on March 1 last
by both.
since.
-V. 136, p. 1202.
Due to the fact that the surplus as of Dec. 31 1933 will be utilized in
carrying out the suggested program, your board could take no action on -Special Dividend of 25 CentsA
--...American Cyanamid Co.
preferred and common stock dividends at this time.
The directors on Jan. 9 1934, declared a special dividend of 25 cents pelt
When the proposed action to reduce the value of the common stock
share, payable on Feb. 1 1934 to holders of the class A and class B common
Is taken and completed, your board expects immediately to resume paystock of record Jan. 19 1934 out of the net income of the company for the
ment of dividends on the pref. stock, including any that may be in arrears.
year 1933 available for dividends. "The board requests that this disIf earnings continue to justify such action, your board is of the opinion
tribution be regarded simply as a return to the stockholders out of earnings
that dividends on the common stock should be resumed.
for 1933 and not the establishment of a dividend basis or policy for the
The attention of the common stockholders is drawn to the fact that the
future, formulation of which should not, in the opinion of the board, be
proposed action does not reduce the number of shares held by them, nor
attempted at this time," states Treasurer R. C. Gaugler.
does it in any way affect their proportionate equity in the company.
Quarterly distributions of 40 cents per share were made on the class A
The stockholders will receive, as soon as it can be prepared, the annual
and class D common stock from July 1 1929 to and incl. July 1 1930; none
report of the company which will include information relating to the opersince.
-V. 137. P. 4531.
sting results of the company for the year as well as statements showing
financial condition.
American Finance & Securities Co.-Liquidating Div.
Preliminary figures, subject to audit adjustments, indicate, however.
The directors at a meeting held Dec. 26 1933, declared a liquidating
that the earnings for the year 1933 covered the dividends actually paid durdividend of 2;4% to be paid to the holders of the certificates of contingent
ing that year. Also, during the year 1933 the company retired $1.784,500
obligation. This payment is to be made on Jan. 15 to certificate holders
par value of its outstanding mortgage bonds.
-V.137, p. 3327.
of record Jan. 8. Robert B. Chew is Treasurer.
Scranton Ry.-Trustee Resigns.The Central Hanover Bank & Trust Co. has resigned as trustee of the
Issue of $150,000 Carbondale Traction Co. 1st mtge. 6% bonds, dated
July 30 1892, it was announced on Jan. 2 1934.-V. 137, P. 1765; V. 135.
P. 1493. 1165; V. 121. P. 2158.
South American Power Co.(Florida).
-Maturity Settled,
-Foreclosure Asked.
American Insurance Union.
Melvin L. Straus, Chicago, trustee for $3,800,000 first mortgage 6%
bonds, has filed in Federal Court at Columbus, 0., a suit in equity asking
for foreclosure and sale of the American Insurance Union building on which
the bonds are secured, as a result of default of $208,048 principal, interest
and taxes.
-V. 136, P. 3165.
-$2.50 Preferred
American Smelting & Refining Co.
Dividend.
-The directors on Jan. 9 declared a dividend of
$2.50 per share on the 7% cum. pref. stock, par $100,
payable March 1 to holders of record Feb. 2. Three months
ago the company resumed dividends on this issue with a
$1.75 disbursement payable Dec. 1 1933 to cover the payment due Sept. 1 1932.
Following the distribution to be made on March 1 next,
accumulations on the 7% pref. stock will amount to $8
-V. 137, p. 4363.
Southern California Edison Co., Ltd.
-Regular Div.- per share.
The directors have declared the regular quarterly dividend of 50 cents-------Architects Building Corp. Montreal -(Company Seeks
per share on the common stock, payable Feb. 15 to holders ofrecord Jan. 20.
"This action of the board was taken," President Harry J. Bauer stated,
Settlement with Holders of Defaulted Bonds.
C. E. Calder, President of American & Foreign Power Co., Inc., announced Jan. 8 that provision had been made for the $10,000,000 five-year
note of South American Power Co. (a subsidiary of American & Foreign
Power Co., Inc.) due Jan. 8. This note was given to British interests in
1929 in connection with the purchase of certain operating properties in
Chile and Mexico. Of the total due 20% was paid in cash and in addition
certain foreign securities held simply as a minority investment were transferred as a further payment. The balance of the obligation has been made
payable in pounds sterling, amounts to £1,508,870, and is due in one, two
and three years. The renewal interest rate is 6% ,the same as the old note.
American & Foreign Power Co., Inc., and subsidiaries cash on deposit
In New York, after provision for the cash payment as above, was approximately $7,200,000.-V. 127, p. 3541.
"in keeping with the dividend policy announced at the declaration of the
common stock dividend for November 1933."-V. 137, P. 3150.
Telephone Investment Corp.
-Earnings.For income statement for 11 months ended Nov. 30 see "Earnings Department" on a preceding page.
-V.136. P. 2245.
United Gas Improvement Co.
-Electric Ouiput.Week EndedJan. 6 '34. Dec. 30 '33. Jan. 7 '33.
Elec.output of U.G.I. System(kwh.) 69,131.411 68,773,260 62,884.875
-V. 138. P. 151.
Utilities Stock & Bond Corp.
-Initial Dividend.The directors have declared an initial dividend of 40 cents per share on
ec
the voting trust certificates for common stock, par $1, payable Feb. 1 to
holders of record Jan. 24.
This company was recently organized as successor under a plan ofreorganization to the Electric Public Utilities Co.
-V. 137, p. 4015.
Wisconsin Electric Power Co.
-Tenders.-
e bonds will meet in
Holders of $700,000 of 6% first (closed) mort
Montreal on Jan. 24 to consider a proposal to be put forward on behalf of
the company whereby they receive in cash 75 cents on the dollar in lieu
of all claims for principal or unpaid interest under the trust deed securing
their bonds.
Since May 1933 the company has failed to pay interest on its bonds,
In the notice calling the meeting for Jan. 24, a proposal is outlined whereby
$525.000 in cash will be paid to the trustee for distribution to the bondholders on the basis of $375 for each $500 par value of bond held, provided
the bondholders, will agree to the cancellation of the company's first mort-V. 137, p. 3499.
gage debt and accrued interest.
-Reduces Dividend.'" -Asbestos Mfg. Co. (Ind.).
-
The directors at an adjourned meeting held this month declared a guarterly dividend of 735 cents per share on the common stock, par $1, payable
Feb. 1 to holders of record Jan. 15. Quarterly distributions of 12 cents
per share were made on this issue on Jan. 3, July 1 and Oct. 2 1933, the
-V. 137. p. 4531.
April 1 payment having been omitted.
.tlas Pipeline Co. Inc -ASkg Rinrle Listing
The Central Hanover Bank & Trust Co., trustee, 70 Broadway, New
Lng of 500,000 shares of stock (no par)
has applied for
York City, will, until noon on Jan. 22, receive bids for the sale to it of --Vie company
2105.
a limited amount of 1st mtge. 5% gold bonds, series A. due Feb. 1 1954, on the New York Stock Exchange V. 137, P.
at a price not exceeding par and int.-V. 137. D. 3498.
-Meeting Postponed-Earnings.Atlas Tack Corp.
-0,-.
The meeting of the directors which had been scheduled for Jan. 10 to
consider a 3-for-1 spl(t-up in the capital stock of the corporation has been
postponed. No definite date has been set for the meeting.
For income statement for 9 months ended Sept. 30 1933 see "Earnings
Department" on a preceding page.
Matters Covered in The "Chronicle" of Jan. 6.-(a) Price of Chilean
Assets-mparative Balance Sheet.
nitrate advanced approximately $1 a ton. p. 38, (b) Lead price reduced
61 ;36 Dec.6 1:3 6
3 33
15 points to 4 cents a pound, New York, . 38, (c) Increase of over 30%
0 0.
Sept.
5 3 72
9 0.
Mbli
atiie
:;
.
reported in world tin consumption during first 10 months of 1933 by Inter'
S
.
Ld.,blcigs.,mach. ept. 3033. Dec. 3"2. x Capital srock._ 5"5
$
national Tin Research and Development Council
-89% of gain contributed
$1,098,856 61,093,746 Accounts payable. l 51,703
equip., Scc
{22 92
6:687
6
108.329 E44. Fedyrops
Accr. tm . a .
136,806
by United States. p. 39, (d) Quiet week in non-ferrous metals
-Lead and
Cash
State
zinc quotations decline, p. 39, (e) Steel operations fall off during first week
Accts. dr notes rec.
18,697
taxes
190.574
of new year-Steel scrap prices continue to advance. p. 39, (f) T. A.
10,500
(trade)
266,270 Res. for depr., &c.. 718336 , 719:439
Buckner confident on life insurance outlook, p. 72,(g) James Brown retires
309,759
Inventories
343 9 1
:0
3 36
71
Surplus
from Brown Brothers, Harriman & Co.
-Association therewith covered 50
Employees'4, misc.
3,130 Earned surplus6.C40
years, p.72.(h) First Security Co. sells most of its assets. p.72.
61,200
notes .3, sectszee
Rea1
t. mortg.
-------Abitibi Power & Paper o., Ltd.
-Admitted to Dealing.0-4 noteee .
50,000
,
26,000
s
'
401
Investments____ _
The New York Produce Exchange as admitted to dealing the 6% cum.
3,567
pref. stock ($100 par).
-V. 136, p. 3537, 1887.
y Other assets_
Pats., trade marks
17,491
Ahumada Lead Co.
16,983
-Dissolution.good-will
16,554
12,018
Deterred charges__
Secretary George H. Cobbe, Dec. 15 1933, in a notice to the stockholders
said:
$1,747,037 $1,632,187
Total
Total
$1,747,037 $1,632,187
The special meeting of stockholders called for Aug. 1 1933 and adjourned
to Nov. 3 1933 was duly held and the 797,603 shares represented, out of a
x Represented by 93,560 no par shares in 1933 and 94.951 in 1932.
total of 1,192,018 shares issued and outstanding, unanimously consented
y Represented by 1,000 (1.979 in 1931) shares of Atlas Tack Cor:
19 our
p 3p
.
to the dissolution of the corporation; and, as required by the laws of the
eq
chased for delivery on patent contract.
-V.137, p. 4701.
State of Delaware, a formal certificate of dissolution was issued by the
Automatic Voting Machine Corp.
-Earnings.-Secretary of State under date of Nov. 27 1933.
Years Ended Nov.301933.
Due to the income tax lien having prior right, any small remaining bal1932.
1931.
Net profit after Federal
ance of cash assets will be paid to the U. S. Government to apply against
taxes (estimated)---$69,584
$9,842
that claim. Therefore, there will be no liquidating dividend to share$644.723
$800,459
Previous surplus
holders.
1,178.047
1,949,179
1,604,455
953,996
This is a final notice of dissolution.
-V. 136. P. 3724.
•
Total surplus
$1,247,631 $1,959,021 $2,249,178 $1,754,453
Alaska Juneau Gold Mining Co.
-Earnings.
-Divs. paid on cony, prior
For income statement for month and 12 months ended Dec. 31 see
participating stocic
a300,000
300,000
150,000
'Earnings Department" on a preceding page.
-V. 138, p. 152.
a Cash 1932 scrip
207,707
242,293
Allied-Distributors, Inc.
-Investment Trust Average a Scrip payable tax_
N. Y. State license
30,769
Irregular.
Fractional share exp.,&c.
205
Investment trust securities showed little change during the week ended
Surplus Nov. 30
$1,247,631 $1.178,047 $1,949,179 $1.604,455
Jan. 5 1934. The average for the common stocks of the five leading man.
agement trusts, influenced by the leverage factor, as compiled by this
a The directors on Jan. 21 1932 declared a dividend of $2.50 a share on
corporation, stood at 12.22 as of Jan. 5, compared with 11.64 on Dec. 29
the prior partic. stock, payable $1 in cash a share, 75c, in scrip due Dec. 1
1933.
1932 and 75c. in scrip due Dec.31 1933, by the terms of which no additional
The average of the non-leverage stocks stood at 13.60 as of the close
dividends shall be paid (if there be any default in the redemption of the
Jan. 5, compared with 13.86 at the close on Dec. 29 1933. The average
scrip) until the scrip is discharged. This dividend, paid Feb. 8 1932.
of the mutual funds closed at 10.66. compared with 10.67.-V. 138, p. 152.
cleared up all accumulations on the prior participating stock.
INDUSTRIAL AND MISCELLANEOUS.
Volume 138
Financial Chronicle
329
Balance Sheet Nov. 30.
Assets
1933.
LIabilities1932.
1933.
1932.
Cash
3360,674 3393,136 Accrd.accts., comCtis. of indebt.
missiors. franrotes receivable
chise taxes. &c_ $133,754 $154.038
from municipal's 389,819
499,222 Unpaid balance of
Acc'ts receivable
• scrip dividend._
17,293
2.941
(less allowance). 449,339
317,050 Scrip div. payable
Deferred payment
. Dec. 31 1933__
225,000
176.988
account balance 249,124
343,202 Mach. rental appl.
Funds impounded
against purchase
In closed banks_
65,794
price at option of
Inventory
476.132
462,670 lessees
214,802
190,000
Cash deps. accom.
Comm.pay.on debids, &c
3,714
4,336 ferred payment
a Land, bldgs., masales when & as
chinery, &c
397,176
437,789
accts. are collec'd
32,252
25,157
Pats. ar good-will_
1
1 Est. guar, service
Unexpired insurce
costs, &c., on
prems., prepaid
machines sold._
9,000
taxes, &c
4,860
36,308 Dei'd inc. OD det'd
payment sales
161,162
222,280
b Capital stock__ - 450,000
450,000
Surplus
1,247,631 1,178,047
Total
32,396,633 32,493,714
Total
32.396,633 32,493,714
a After depreciation of$318.248 in 1933 and $269,245 in 1932. b Authorized. 400,000 no par shares: issued and outstanding. 316,016 shares (1932.
305,922 shs.): to be issued in exchange for 40.775 (1932, 50.322) shares of
convertible prior participating stock and 16,045 (1932. 18,780) shares of
old common stock still outstanding. 43,984 (1932, 54,078) shares: total.
360,000 shares.
-V. 136, p. 330.
Our volume during the past October, November and December was
approximately 50% greater than one year ago.
Consolidated Income Statement for Calendar Years.
1933.
1931.
1930.
1932.
Sales
$1,705,414 $2.051,512 $4,337,561 $6,541,140
Net loss from operation_
683,611
709,850 prx2,111,641
798,312
it But exclusive of $29,130 expense of moving the Van Dorn Electric
Tool Co. and Domestic Electric Co. plants.
Consolidated Balance Sheet Sept. 30.
Assets
1933.
1932.
1932.
1933.
LiabilitiesCash
$235,182 $373,474 8% cum. preferred
Notes, bills &
stock
$1,000,000 31. .
000 000
accts. receivable 462,292
383,164 y Common stock _ _ a1,491,770 6,262,730
Miceli. accounts.
677.535
697 Notes payable_
988,000
Mdse.inventories. 1,247,372 1,938,301 Accounts payable_
43,751
84,178
Cash surr. value of
36,263
Accrued accounts_
30,367
life insurance
35,612
38,946 Minority interests_
95,800
88,500
Inv. In Australian
428.067
Deficit
subsidiaries_
45,983
26,150 Capital surplus_
725.872
Real estate not
used in operat'ns 180,000
Impounded bank
balances
14,482
Sundry accounts.._
51,426
118,257
I Land, bldg.,
mach.& equip
1,798,088 2,511,964
Patents (U. S. &
foreign)
949.698
Good-will
1 1,593,422
Deferred charges
33,679
56,505
Auburn Automobile Co.
-Record Sales at Auto Show.
-
Total
$4,104,117 $7,992,580
Total
$4,104,117 $7,992,580
a Stockholders on Jan. 30 1933 reduced stated value of 298,354 shares
from $6,262,730 to $1,491,770, thereby creating a capital surplus of $4,770,960. x After reserve for depreciation of 1,337,962 in 1933 and E1.358,631 in 1932. y Represented by 298,354 no par shares.
-V.136. p.3912.
Retail sales of new Auburn cars in the first four days at the national
automobile show have set a new high mark, surpassing the
of 1931, President W..11. Beal, announced on Jan. 10. previous record
At the same time Mr. Beal said that substantial increases had been
made in adding new dealers and distributors and that sales of cars to dealers
were also at the highest level in the company's history at any automobile
show.
-V. 137. p. 4531.
Badger Paint & Hardware Stores, Inc.
-Extra Dividend.
The directors have declared an extra dividend of 20 cents per share on
the cum. cony. pref. stock, par $20, payable Jan. 10 to holders of record
Jan. 8. Regular quarterly dividends of 25 cents per share are also being
paid on this issue.
-V. 137. D. 141.
."
--Bellanca Aircraft Corp -Admitted to List.
The New York Curb Exchang has admitted to the Mg74,750 shares
.3
of common stock (par 81)•
Earnings.
-For income statement for 10 months ended Oct. 31 1933 see
"Earnings Department" on a preceding page.
-V. 137, p. 4016.
Bendix Aviation Corp.
-Earnings Estimated.
-
In a letter to the stockholders, President Vincent Bendix states: "The
results from operations of your company for the year 1933 will show an
Improvement over 1932 of more than $3,000,000 net, after allowing for full
depreciation. taxes, &c."
In 1932 the corporation reported a net loss of $1,601,242 so that the above
statement indicates a net profit for the year Just ended of about $1,400.000.
This figure. however,includes the earnings of affiliates, according to officials,
which in the annual statement will not be consolidated with those of the
parent company and its subsidiaries. Net profit to be reported for the year
1933 will therefore probably run in the neighborhood of $1,250,000 or 60
cents a share on the 2,097,663 shares of capital stock, as estimated earlier.
-V.137, p. 3330.
Beneficial Industrial Loan Corp.
-Loans at Record High.
At the end of 1933 the more than 350 personal finance offices controlled
by this corporation had outstanding loans of $45,175,000, according to a
preliminary estimate. This total, which is before reserves, is higher than
at any previous time, comparing with 339,636,779 at the close of 1932 and
with $43,427,652 at the end of 1931. Most of the increase during 1933 came
in the final three quarters of the year, as the figure at the end of the first
quarter was $40,245.234.-v. 137, p. 4363.
&InCent Common Dividend.4- . -1.
01
0
The directors have declared a dividend of 25 cents per share on the
common stock, no par value, payable Feb. 15 to holders of record Jan. 25.
A similar distribution was made on this issue on Oct. 16 1933, while from
Dec. 16 1929 to and incl. March 15 1932 the company paid quarterly dividends of 50 cents per share.
The directors announce their intention to consider regular quarterly
dividends at the April and subsequent quarterly meetings.
-V.137, p. 2106.
Bethlehem Steel Co.
-Appointments.
-
J. V. Honeycutt has been appointed Assistant General Manager of sales,
and E. E. Goodwillie has been named Assistant to the Vice-President in
charge of sales of the Bethlehem Steel Co., a subsidiary of the Bethlehem
Steel Corp. Both have been connected with the company for many years.
-V. 129, P. 1445.
Bethlehem Steel Corp.
-Bondholder Sues-Charges Default on $12,700,000 for Refusal to Pay Coupons in Dutch
Currency.
-
(H. C.) Bohack Co., Inc.
-December Sales Up.
-
Period End.Dec.30- 1933-4 Wks.
-1932.
1933-48 Wks.
-1932.
Sales
$2,580.622 32,522,241 327,830,794 $29,901,659
-V. 137, p. 4191, 3499.
Boston Personal Property Trust.
-Earnings.
-
Calendar YearsIncome recd, during year
Commissions & expense_
Taxes
1933.
$185,134
12,520
11,951
1932.
$225,253
13,822
13,346
1931.
$324,242
19,784
11.646
1930.
$340,866
24,533
8,992
Net income
Dividends
$160,663
166,950
3198,085
221,731
3292,812
260,860
$307,342
260.860
def$6,288
def$23,646
$31,952
$46,482
$1,744
337.493
Surplus inc. for year _ _
Taxes on capital gains
paid were
Balance Sheet Dec. 31.
Assets
1933.
1932.
LiabilitiesU. S. securities
97,812 Capital and
Real estate DOOM'S_ $417,628
417,627 surplus
Public util. serum. 1,085,257 1,247,931
Railroad securities 962,820 1,277,372
Indus. securities__ 1,842,634 1,628,392
Miscell. securities_ 157.963
203,924
Sundry securities_
1
1
Cash
20,185
14,240
$4,486,489 34.887,300
Total
-V. 137, p. 2641.
Total
1933.
1932.
$4,486,489 $4.887,300
14,486,469 $4.887,300
Brown-Forman Distillery Co. (Del.), Louisville, Ky.
-New Directors.
Judge John Marshall of Louisville, Ky., and H, Walter Blumenthal of
Hallgarten & Co.. New York. have been elected directors.
-V.137, p. 4364.
ThF.) Burkhart Mfg. Co., St. Louis.
-Resumes Pref. Div.
A dividend of 40 cents per share was recently declared on the $2.20 cum.
.stock, no par value. payable Jan. 9 to holders of record Jan. 3. The
sat regular quarterly distribution of 55 cents per share was made on this
issue on Oct. 1 1931.
Accumulations,following the Jan. 9 payment, amount to $4.55 per share.
-V. 133, p. 4334.
-Earnings.
(A. M.) Byers Co.
Years End. Sept. 30-1933.
1932.
1931.
1930.
Net sales
$1,935,339 $2,495.645 $4,977,891 38,012.638
Net loss after all charges 1.044,056
922,353 prof81.587 pr1.133.837
-V. 137. p. 4532.
(Godfrey L.) Cabot, Inc., Boston.
-$20 Dividend.
The directors have declared a dividend of $20 per share, payable Jan. 31
to holders of record Jan. 20. This compares with $16 per share paid on
July 31 and on Oct. 31 last. $15 per share each quarter from Jan. 31 1932
to and incl. April 29 1933 and $10 per share on Oct. 311931. The stock,
1,600 shares outstanding, is closely held by the Cabot family.
-V. 136. D.
331.
A bondholder's suit to declare the $12,700,000 5% gold bonds due in ---,California Group Corp.
-Smaller Preferred Dividend.
1942 in default because the corporation refuses to pay the $25 coupons at
The directors recently declared a dividend of 37A cents per share on
Amsterdam, Holland, in guilders, worth $39.36, was filed in the New York
the 6% cum. series A ,pref. stock, par $100, payable Jan. 2 1934 to holders
Supreme Court Jan.6 by Fay Rosenbaum of 1802 Ocean Parkway, Brookof record Dec. 311933. This compares with 75 cents per share on April 1.
lyn. She contends that the corporation has issued orders that coupons
July 1 and on Oct. 1 last and $1.50 per share previously each quarter.
presented for payment at Amsterdam will be paid in guilders only when
Accumulations on the pref. stock now amount to $3.373i per share.
the owner furnishes proof of bona fide residence in Holland. The New
V. 137, p. 2642.
York "Times" of Jan. 7 further states:
"The plaintiff also demands that because of the alleged default the steel
California Art Tile Corp.-Bal. Sheet Sept. 30.corporation be directed to pay $1,574 for each $1,000 bond as the Dutch
Assets equivalent of the face value. Her attorney Edward J. Gould, has written
1932.
Liabilities1932.
1933.
1933.
Cash in banks.... $14,366
Richard J. Whitney, President of the New 'York Stock Exchange. insisting
$583 Accounts and payAccounts & notes
that the entire issue of bands, due in 1942. be stricken from the trading
$4,498
$1,692
rolls payable___
receivable
13,503 Equipm't contract
7,924
list necause they were sold with the understanding that they would be
Securities
paid in New York. London, or Amsterdam. and that this alleged contract
150
1,725
225
payable
Inventory
with the buyers has been broken.
53,138
1,997
991
61,334 Other liabilities.
Y Fixed assets
151,304 a Capital stock... 403.800
137,895
"The suit is based on the fact that each coupon reads that the com403,800
Other assets
pany 'will pay to bearer at its office or agency in the City of New York,
88,536
97,105
87,964 Deficit
104,475
U. S. A., $25, United States gold coin, or in London, England, a 2s. 10d.
Total
or in Amsterdam, Holland, 62 guilders .25 cents, being six months' interest
$302,009 $314,914
$302,009 $314,914
Total
then due on its first lien and refunding mtge. 5% 30 year gold bond."
Represented by 12.800 shares class B stock and 16.000 shares of class A
"The complaint sets forth the alleged instructions of the Steel company
stock of no par value. y After deducting reserve for depreciation of $64,853
to its agents in Holland to refuse payment in guilders "unless the coupons
in 1933 and $51,273 in 1932.-V. 135. P. 3528.
were presented by residents of Holland who furnished satisfactory documentary proof to establish such residence," notwithstanding that these
Canada Dry Ginger Ale, Inc.
-Sales Up-Resignation.
bonds and coupons are singularly silent with respect to any element of
0. L. Landon resigned as a director at the annual meeting held on Jan. 9.
residence requirements. It is alleged that this amounted to a default, for
His place has not been filled, but it is expected a representative of Canadian
with reason the principal of the bonds became due and payable immediInterests will go on the board in the near future.
ately at the time of the default."
President P. D. Saylor told the stockholders that sales of Canada Dry
basic lines in the first quarter of the fiscal year to Dec. 31 showed a 20%
Promotions.
Increase over the corresponding quarter of the previous year. The first
The corporation announced the appointment of throe new Vice-Presidents
quarter's earnings statement, he added, would make a gratifying showing,
as follows: F. A. Shick, Vice-President and Comptroller: J. M. Larkin, in -V.
137. p. 4193, 4186.
charge of industrial and public relations and C. It. Holton. in charge of
purchasing. All have been connected with this company for many years.
""--- Canadian Dredge & Dock Co.
-V.138, p. 152.
-50
-Cent Common Div.
The directors have declared a dividend of 50 cents per share on the
Black & Decker Mfg. Co.(& Subs.).-Annuat Report.
- eommon stock, no par value, payable Feb. 1 1934 to holders of record
Jan. 17. The company on Feb. 1 last year paid a dividend of $1 per share,
5. Duncan Black, President, states in part:
the first payment made on the common stock since Nov. 2 1931 when a
Sales for the year 1933,ending Sept. 30,totaled $1,705.414, which is the
quarterly of 75 cents per share was disbursed.
lowest point reached since 1922. Total loss was $683,e11. This compares
-V. 136, p. 2980.
with a sales volume of $2,051,512 and a total loss of $798,312 las year.
However,only $364,360 of this year's deficit was due to operations, of which
Canadian General Investments, Ltd.
-Extra Divs.$148.930 represents depreciation, leaving an operating loss of $215.430.
The directors have declared an extra dividend of 2% cents per share
All of the operating loss was incurred during the first seven months of the
in addition to the usual quarterly dividend of 734 cents per share
fiscal year. the company having turned the corner in the month of May. registered stock, no par values, both payable Jan. 15 to holders of on the
record
The remainder of this fiscal year's loss, $319,250, represents principally
Dec. 30. Similar distributions will be made to holders of no par coupon
a writing down of inventory figures.
shares on Jan. 15.-V. 137. p. 871.
330
Financial Chronicle
Canada Vinegars, Ltd.(& Subs.).
-Earnings.
Years End. Nov.301930.
1931.
1933.
1932.
Net prof. for year after
$232,588
$251,390
deducting all costs_ _
$249,494
$233,150
49.973
Prov. for depreciation_ 58.584
58,051
57.468
12,541
Reserve for taxes
30,207
20.000
21,194
Western Vinegars, Ltd..
diva. pay. on pref.shs.
& propor. of profits ac2.170
4.130
cruing to common she.
1,691
2,792
Net income
Dividends paid
Balance, surplus
Previous surplus
$159,544
147.200
$151,697
147,200
$168,670
147,200
$167,904
147.200
$12,344
204,960
$4,497
200.463
$21,476
178,988
$20,704
158,284
$178,988
Total surplus
$200,464
$204,960
$217,304
Earns, per sh. on 92,000
$1.82
shs.cap.stock(no par)
$1.65
$1.83
$1,73
Consolidated Balance Sheet Nov. 30.
1932.
1933.
Assets1933
1932.
LiabilitiesLand,bidgs., plant
x Capital stock_ _ _$1,322,503 $1,322,502
204,960
217,304
dx equipment_ _ _$1,539,133 $1,518,169 Surplus
308,049
250,706
Dominion of Can.
Res.for deprec_
bonds
30,732
20,832 Mtges. pay. ex at-,
16,451
trued interest _ _
7.923
Cash
45,987
43,974
55,116
65,138 Western Vinegars,
Accts.receivable
69,001
25,615
324,409
319,401
Ltd. stock
Inventories
25,583
38,527
1
1 Accounts payable_
Good-will
Liab. to cust. for
28,810
17,458
cont. returned__
Prov.for containers
27,500
27,500
returned
22,000
30,500
Res. for inc. tax_ _
$1,995,379 81,967,515
$1,995,378 $1,967,515
Total
Total
x Represented by 92,000 no par shares.
-V. 136, p. 331.
-Cent Pref. Div.
-15
Central Illinois Securities Corp.
A dividend of 15 cents per share has been declared on the $1.50 cumul.
cony. pref. stock, no par value, payable Feb. 1 to holders of record Jan. 20.
A similar distribution was made in each of the four preceding quarters,
,
6
prior to which regular quarterly payments of 373 cents per share were
made on the pref. stock-V. 137, p. 2642.
Cherry-Burrell Corp.(& Subs.).
-Earnings.
Years End. Oct.311933.
1932.
1931.
1930.
Gross profit & other Inc_ $2,185,224 $2,093,913 $2,560,821 $3,089,905
Selling & admLn.exps--- 1,771,602
2,083,959
2,267,001
2,346.057
Int. & amort. of bond
discount, &c
247,458
237.642
171,904
195,159
Prov. for Fed. inc. tax_ 16,463
71,800
Net income
Preferred dividends_ _ _
$149,700 loss$185,205
113,583
152,762
$47,178
$500.144
Not available
Balance
$36,117 def1337,967
Shs.com.stk.out.
(no par)
130,827
136,518
135,255
135,120
Earnings per share
$0.27
Nil
Nil
$2.54
Consolidated Balance Sheet Oct. 31.
1932.
1933.
Assets1933.
1932.
LiabilUies-$1,468,652 $1,225,326 Accounts payable_ /299,378 $154,256
Cash
Notes dr accts. rec_ 1,504,913 1,386,055 A ccr. payroll,cowMarketable securiIDISSIODB, ezc- -- 83,598
65,006
71,103
ties at cost
106,481 Accrued dividends
36,509
37,615
1,803,349 1,700,738 Real est. mtge. due
Inventories
8,017
6,991
within one year.
Accrued interest
4,000
4,000
9,823
Prov. for Fed3 &
Cash in closed bks.
Notes rec. & advs.
State taxes
20.567
64,270
66,528 6% sink. fd. deb& 1,640,000 1.720,000
(not current)_ _ _
176,322 Unearned income_
21.223
163,807
Deferred charges__ 122,174
7,104
271,372 Reserve for insur_ _
Rental equipment
3,000
8,000
by.ex Treas. bds_ 794.713
824,576 Mtge. & real est.
Land, bidgs., mapurch. contracts
serial maturities 100,000
104,000
chin'y ex equip_ _ 2,265,364 2,401,831
Preferred stock_ _ _ 2,085,500 2,148,300
Patents ex deferred
217,592 Sullivan Square Tr.
develop. expense 179.917
40,000
166,538
40,000
166,538 6% pref.stock__
x Common stock__ 3,270,675 3,381,375
573,862
Paid-in surplus__.. 687,728
145,765
Earned surplus__ _ 173,758
88,465,935 88,550,355
88,465,935 1.8,550,355
Total
Total
x Represented by 130,827 no par shares in 1933 and 135,255 shares in
1932.-V. 137, P. 4533.
Chicago Daily News, Inc.
-Obituary.
Vice President Theodore Thaddeus Ellis died at London. England, on
Jan. 6.-V. 138, p. 153.
Chrysler Corp.
-Shipments Increased in.1933
Preliminary figures for the year 1933 show that this corporation produced and shipped 448,697 cars and trucks during the 12 months, surpassing the previous record annual total of 448,255 units in 1929. In 1932
the corporation produced and shipped 222,602 units.
Plymouth production for 1933 was 261,328 passenger ears, compared
with 124.782 cars in 1932. Dodge production was 96,148 cars in 1933.
compared with 31.269 cars in 1932. Commercial car.production for 1933
was 38.831 units, or about 3% times the total for 1932.-V. 138. p. 153.
-$5 Dividend.
City of New York Insurance Co.
A dividend of $5 per share has been declared on the capital stock, payable
Feb. 1 to holders of record Jan. 15. A similar distribution was made on
Aug. 1 1933, as compared with $2.50 per share on Feb. 1 1933.-V. 137.
13. 692,3331.
Commonwealth Life Insurance Co., Louisville, Ky.Extra Distribution.
The directors recently declared an extra dividend of 10 cents per share
In addition to the usual quarterly dividend of 40 cents per share on the
capital stock, par $10, both payable Jan. 6 to holders of record Jan. 4.
A similar extra distribution was made on Jan. 7 1933.-V. 136, p. 332.
Connecticut Investment Management Corp., Hart-Resumes Dividend.
ford, Conn.
The directors recently declared a dividend of 15 cents per share on the
capital stock, no par value, payable Jan. 4 to holders of record Jan. 3.
Quarterly distributions of 10 cents per share were made on Aug. 1 and
Nov. 1 1931; none since.
The indicated liquidating value of the shares as of Dec.31 1933 is reported
as $3.91 per share.
-V. 134, p. 681.
Continental Motors Corp.
-Annual Report.
W. R. Angell. President, says in part:
In connection with the balance sheet it is only fair to state that while
the plants, machinery and equipment are carried on the company's books
at $10,208.748, a recent appraisal shows their reproductive value to be
$21,504,731 and their net sound value to be $11,618,719. ThIs appraisal,
completed in July 1933 was made by Coats and Burchard of Chicago on
a conservative basis for use in connection with registration under the
Federal Securities Act. All of these assets are owned by the company
free of liens except taxes.
In connection with the Income account it will be observed that a substantial part of the total loss as shown was due to heavy write offs and the
establishment of generous reserves.
The company's most immediate need is for more working capital. In
my letter to you of July 12 1933 I spoke of plans then under consideration
for obtaining new money. These involved compliance with the Federal
Securities Act and the sale of common stock. As it turned out it was not
possible, nor was it desirable in the circumstances, to proceed with these
plans.
Jan. 13 1934
Other plans for securing required funds are under way. With proper
financing, and with a return to anything like normal times, Continental
has much to look forward to in respect to all of its varied products.
Income Account Years Ended October 31.
1931.
1930.
1933.
1932.
Gross profit
loss$445,405loss5338,299
$9,532
$484.837
Other income
178,571
62,519
163,921
al01,077
Total income
loss$382,886 D:7885137,222
$663,408
$173,453
Provision for obsolete &
excess materials in inventory
460,500
Depreciation
624,020
1,022,400
667,646
636,821
Property taxes
283.245
231,650
Other charges
c340,629
b323,275
114,096
211,975
Selling, administrative &
other miscell. expenses 1,382,310
1,108,148
1,355,517
993,688
Prov.for conting
600,000
Special prov. for inventory losses
150,000
Net loss
$3,497,763 $2,754,278 $1,899,344 $2,037,782
Previous surplus
def2,394,099
360,178 2,259,523 9,676,367
Adjustments
dDr5,379062
Profit & loss deficit..- $5.891,863 $2,394,099 sur$360,179sur$2,259523
a Including refunds of Federal income taxes for prior years and accrued
interest thereon aggregating $119,247. b Net loss and development expense
of Continental Aircraft Engine Co. C Includes $13,399 net loss of Continental Gas & Oil Co.; $324,967 net loss of Continental Aircraft Engine
Co. and $2,263 net loss of British Continental Motors, Ltd.
d Composed of the following: Special charges to surplus at April 30
1930, $5,583,969; further provision of obsolescence and losses in inventory
as disclosed by physical counts and analysis made at Oct. 311930.including
further adjustment in value of used tools, $473,038; further adjustments
In value of special tools, dies and patterns based upon new analysis made
at Oct. 31 1930. $268.743; further adjustments in value of investments
In other corporations, $53,312.
Consolidated Balance Sheet Oct. 31.
1932.
1932.
1933.
1933.
Liabilities$
$
$
Assets$
a Property Reel_ _10,812,184 11,099,059 c Common stock _23,955,517 23,459,645
Good-will
- 5,908,316 5,908,316 Reserve for contin674,131
98,598
292,482
gencies, exo
292,333
Other assets
922,381 Accounts payable_ 548,453
277,982
155,791
Cash
388,613 Accrued taxes, &c_
62,226
102,713
Marketable secur
368,097 Real and personal
b Accts. ex notes rec 381,985
prop., taxes pay. 261,170
1,318,544 1,702,537
Inventories
11,313
863,354 Notes payable.-Deferred charges
864,724
Capital surplus _ _ _ 112,931
5,891,063 2,394,099
Deficit
Total
19,733,879 21,544,839
19,733,879 21,544,839
Total
a After deducting $11,129,372 for depreciation in 1933 and $10,821,306
reserve for bad and doubtful balances of $47,291
in 1932. 13 After deducting
in 1933 and 8309.643 in 1932. c Represented by 2,436,752 shares of no par
value in 1933 and 2.113,000 in 1932.-V. 138, p. 153.
Cresson Consolidated Gold Mining & Milling Co.
Dividend Dates.
The quarterly dividend of three cents per share which was recently
declared on the capital stock, par $1. is payable Feb. 15 (not Feb. 10 as
previously reported) to holders of record Jan. 31. Previously, the company
-V. 138, P. 53.
paid quarterly dividends of one cent per share.
'----Cuban Tobacco Co.,
-Admitted to List:
c.
g privileges
The New York Curb Exchange as admitted to unlisted tra
the common stock (no par) in I
of voting trust certificates for common
stock (no par) in accordance with notice addressed to the holders of voting
trust certificates dated Dec.30 1933.-V. 136, p. 4094.
Cummins Distilleries Corp. Louisville, Ky.-Capital
Stock Offered.-Rackliff, Whittaker & Co., Inc. New York,
'
are offering 800,000 shares of capital stock at $2.50 per share.
Stock . offered as a speculation. A circular affords the
following:o
Authorized. To be Outstand.
Capitalization912,515 shs.
1,000,000 shs.
Capital stock (par value $1)
The corporation has no preferred stock or funded debt other than a 6%
purchase money mortgage of $25,000.
Transfer agent, Continental Bank ex Trust Co., New York. Registrar,
Manufacturers Trust Co., New York.
-Corporation was organized in Delaware Aug. 30 1933 under
Business.
a broad charter which will permit it to engage in all phases of the whiskey
and other alcoholic products business in accordance with Federal and
State laws. Principal business office. 626 West Main St., Louisville, Ky.
Corporation has acquired the plants and properties ofthe former Atherton,
Mayfield and Windsor distilleries, located together in Athertonville,
These plants constituted the largest of the 30 Kentucky units former
owned and operated by the Kentucky Distillers & Warehouse Co.. whit
company is now an Integral part of the National Distillers Products Corp.
On this property there are in addition to the brick distillery building, seven
brick warehouses, one metal clad wooden warehouse as well as an office
and several miscellaneous buildings. It is estimated the warehouses will
have a storage capacity of more than 100,000 barrels of whiskey.
This property was acquired by the corporation from Arthur J. Cummins,
Louisville, Ky.,for 112,515 shares of capital stock subject to a 6% purchase
money mortgage of $25,000, due $5,000 annually, first payment being due
Aug. 11934. The total cost of the property to the corporation was $137,515
for which amount it issued 112,515 shares of its capital stock and assumed
a $25,000 mortgage.
It is proposed to install new equipment which will permit the efficient
production of approximately 300 barrels of Bourbon whiskey per day,
based upon two distillations daily. It is estimated that the cost of rehabilitation will be about $176,730.
-In order to provide for the completion of the improvePurpose of Issue.
ment and rehabilitation program. Corporation has entered into an agreement with Rackliff, Whittaker & Co., Inc., New York, to sell 800,000
shares of its capital stock to net the corporation $1,600,000. This agreement can be canceled without damage to either party. This financing
will enable the corporation to make the improvements contemplated, to
acquire, if deemed desirable, a stock of aged whiskey for blending purposes,
to have working capital and funds for other corporate purposes.
Manauement.-Frederic W. Bacon (Pres.), New York; Arthur J. Cummins (V.-Pres. & (len. Mgr.), Louisville, Ky.; A. F. O'Donnell (Sec. &
Treas.), New York; Frank E. Daugherty, Louisville, Ky.; Don F. Whittaker, George Baker Schroeder, Leslie C.Stutts, New York; John W.Smart,
Louisville, Ky.; Wallace Muir, Lexington, Ky.
-Shipments Increased.
Cutler-Hammer, Inc.
Period End. Dec. 31-- 1933-3 Mos.-193'. 1933-12 Mos.-1932.
$700,635 $3,654,000 $3,002,000
$1,046,450
Net shipments
-V.13'7, p.2642.
-Proposes Changes in
(Alfred) Decker & Cohn Inc.
Capital.
-V. D. Berry, Secretary, in a letter to stockholders,
dated Jan. 5, states:
The board has had under consideration, for some time, the desirability
of certain changes in the capital structure which it now wishes to submit
to shareholders. Briefly stated the changes contemplated are as follows:
(1) All of the shares of preferred stock now in the treasury (purchased
prior to this year), to be canceled and retired, thus reducing the number
of shares of preferred stock outstanding to 4,425.
(2) All shares of the common stock now in the treasury (purchased prior
to this year), to be canceled and retired, thus reducing the number of
shares of common stock outstanding to 88,960 shares.
(3) The provisions of the articles of incorporation with respect to the
preferred stock to be changed, so that (a) no preferred stock is required to
be purchased in the market for retirement until all accrued and unpaid
dividends on the preferred stock shall have been fully paid and payment of
current dividends on the preferred stock resumed;(b) the number of shares
Financial Chronicle
Volume 138
Of preferred stock to be purchased in the open market for retirement annually
shall be changed from the present requirements of3% of the largest number
of shares heretofore outstanding, namely 750 shares, to 30 of the largest
7
number of shares outstanding during the previous year; such retirement to
commence after payment of all accrued and unpaid dividends on the preferred stock as set forth in (a) above. The present provision that in any
event the minimum amount devoted to the retirement of preferred stock in
each year shall be 12% of the net earnings of the corporation for such
remains unchanged, except as affected by (a) above. (c) Before any yeas
dividends may be paid on the common stock a surplus of $200,000 will be
required to be accumulated out of earnings from and after Nov. 1 1933,
instead of a surplus of $500,000 accumulated out of earnings since 1919.
(4) The authorized and outstanding shares of common
verted from no par value to a par value of $10 per share. stock to be con(5) The membership of the board of directors to be increased from 5 to
7 directors.
For a considerable time the board of directors has
tion to the collection of the indebtedness owing given serious considerato the corporation by
Alfred Decker. its President, amounting to $188,566. including interest
to Dec.311933.
Mr. Decker has advised the board of his inability to make
cash payment of his indebtedness. He has submitted to the
board a plan for the adjustment and settlement of his
indebtedness in the following letter:
Early in 1927 I entered into a contract with a
of
corporation for the purchase of 10,000 shares of the retiring officer at the
common
$30
a share. The purchase price totaled the sum of $300,000, of stock
which $50,000
was paid in cash and the balance was payable
years. At
that time my income was very substantial. over a period ofalone
My dividends
greatly in excess of the annual payment and I never doubted thatwere
the
thing would liquidate itself. My faith in the future of the
corporation
prompted me to acquire this additional interest. I had founded the
company in 1902 with 612,500 and from earnings had increased its
stock capital to 3 t million, not mentioning millions of dollars of common
dividends
Paid during these years.
As these payments came due during the last three years, I was
meet them. To avoid litigation and judgments against me, as unable to
bearer of
the company's name, I borrowed the money from the company, expecting
that things would change and enable me to
money. I gave the
company collateral of virtually everything return the the values of which
I owned,
unfortunately shrunk tremendously.
I am now offering as payment of my indebtedness the following settlement. the most important part of which is a block
common stock. My wife has owned these shares of 14,000 shares of the
8111C0 the inception of
the company in 1919. Giving effect to
my proposed
shares will have a book value in excess of $150,000. adjustment, these
The details of my
proposal are as follows:
(1) The collateral held by the corporation is to be credited upon my
indebtedness upon the following basis:
Miscellaneous collateral at market value estimated
at
$12,000
123 shares of preferred stock at par
12,300
1,918 shares ofcommon stock at proposed par value of
$10 per share_ 19.180
$43,480
leaving a balance due of $145,087.
(2) All my unpledged assets which represent
$190,575 and have a present estimated value ofan original cost to me of
$10,000,
for the pro rata benefit of all my creditors. The total will be assigned
obligations upon the basis of which creditors will participateamount of the
in this liquidation is estimated at $259,500, of which amount
$145,087 represents the
basis of the participation of the corporation.
Om (3) In consideration of my release and discharge from
further liability
to the corporation on the aforesaid indebtedness, my wife, Raye
H.
will assign and deliver to the corporation 14,000 shares of the Decker,
common
stock. These shares, however, are to be subject to an option
to be given
Mrs. Decker and her assigns to repurchase the same on the
following basis:
On or before Jan. 1 1937 at $11 per share; on or before Jan. 1
1940 at $12
per share; on or before Jan. 1 1944 at $13 per
The exercise of this
option would reimburse the corporation in cashshare. entire
for my
indebtedness,
with interest.
(1) My other creditors are to retain exclusively, as will the corporation
the respective collateral security now held by each. The market
value of
such collateral security as shown by my financial statement is substantially
less than the amount of all my debts. Raye H. Decker will
assume the
obligation of the corporation to purchase (when called upon) for $20,000.
10,000 shares of its common stock now held as collateral for a personal debt
of myself, and will hold the corporation harmless from any liability
on
account thereof, and the corporation and my other creditors are to waive
any rights or claims in and to such above mentioned 10,000 shares, and
confirm the title thereto in Mrs. Raye H. Decker.
(5) The foregoing proposal is conditional upon the satisfactory
ment of my indebtedness to creditors other than the corporation. adjustV. D. Berry, Secretary, further states: During the time this report to
shareholders was in preparation, Mercedes Peine, the owner of 1,201 shares
of common stock and 33 shares of preferred stock, filed a complaint in the
Circuit Court of Cook County, seeking, among other things, the appointment of a receiver and the liquidation a the company. This unwarranted
proceeding will be vigorously contested and the interests of the corporation
and its shareholders fully protected.
Consolidated Income Account Years Ended Oct. 31.
1933.
1932.
1931.
1930.
Loss after exp. & deprec. $107,158
$877,182
$474,103
$268,181
Preferred dividends__
23,406
35,322
36,575
Common dividends ($2)_
200.000
P Balance, deficit
$107,158
$900,588
$509,425
$504,756
Previous surplus
def544,307
712,341
1,576,758
1,632,515
Misc, debts or credits_
Dr.15.000 Dr.356,060 Dr.354.993 Cr.448,999
Profit & loss
def$666.466 def$544.307sur.$712.341 sr$1,576,758
Comparative Balance Sheet Oct. 31.
r Assets1933.
1932.
aLand, bldgs., mabCommon stock_$1,554,270
chinery & equip. $121,033 $157,625 Preferred stock_ _ _ 442,500 $1,554,270
442,500
Good-will, &c_ _ _
1
1 Notes payable__
16,200
Invest'ts & adv.__ 242,064
337,537 Bills payable
8,409
Officers and emAccounts payable_ 233,624
171,788
ployees' notes &
Payrolls
13,950
26,583
accts. received
211,566 Reserves
420,632
Adv. to officers &
Gen. taxes accrued
60,524
62,895
Empl.& acct. int
27.995
Corn. stk. ot co__ _
43,236
43,23o
inventories
545,189
441,469
Accts.& bills rec.. 497,767
742,799
Cash
143,812
87,338
Cash val. of ins _ _
98,723
Deterred charge_
31,609
s_
22,474
Deficit
666,466
544,308
'I
Total
52,321,089 $2,687,077
Total
$2,321.069 52,687,076
After deducting $997,063 reserve for depreciation in 1933 (1959,711 in
1932) and including $93,294 for land and building not used for business
purposes in 1933 (329,601 in 1932). b Represented by 100,000 shares of
no par value.
Pro Forma Consolidated Balance Sheet as at Oct. 31 1933.
[After giving effect as at that date to proposals and contemplated changes,
set forth above.]
P Assets
Liabilities
Cash
$143,852 Notes payable sundry
516,199
Trade accounts receivable_ _ 489,671 Accounts payable,&c
233,624
Sundry accounts receivable_ _ _
8,096 1Vages & salaries accrued
13,950
Merchandise inventories
545,189 General taxes, due & accrued_
60,524
Cash value of ins. policies (net)
430,200
1.856 7% preferred stock
Inv. & adv. & accr. Interest_ _ 254,064 Common stock (par $10)
730,420
Advance to officera & empl. &
Paid-in surplus
126,448
Olgillaccrued interest
15,995
prepaid expenses, &c
31,609
Properties
121,033
Goodwill, trade names,&c
1
Total
-V. 136, p. 498.
$1,611,366
Total
51,611.367
331
Detroit Stock Exchange Building.
-To Be Sold.The building will be
sold at auction. Feb. 18 according to William S.
Sayres, Federal referee in chancery.
-V. 137. p. 2468.
Discount Corp. of New York.
-Earnings.-
Calendar YearsNet profit for year
Dividends paid
1933.
1932.
1931.
31.733,620 $2,083,974 $1,346,191
1,000,000
625,000
550,000
1930.
31.290,685
550.000
Balance, surplus
$733.620 $1,458,974
$796.191
$740.685
Previous undivided prof_ 2,014,711
1,555,736
759,545
1.018,860
Transferred to sur. acct.
1,000.000
Dr1,000,000
Undivided profits Dec.
31
32.748,330 $2.014.710 $1,555,736
$759.545
Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets
Acceptances___ _112,125,345 29.999,812 Capital stock__ _ 5,000,000 5,000.000
U. S. bonds,
Surplus
5,000,000
5,000.000
Treas. notes
Undivided prof_ 2,748,331 2,014,710
and certifs. of
Unearned &set_
305,108
114,360
Indebtedness - 78,801,926 42.915,647 Reserves
138,813
228,387
Dep. with N. Y.
Loans payable 91,925,000 32,075,000
State Banking
U.S. Govt. dep.
Department__
985
985
account
17,594,800 4,501,400
Int. rec. accrued
253,432
290,659 Dividends pay
550,000
250,000
Expenses paid in
Re-pur.agreem't
advance
28,774
30,047
on accept.sold 8,241,650
Cash
3,319,639 4,138,268 Accept. re-disct.
and sold with
endorsement _ 37,026,400 12,791.560
U.S.Govt.sees.
bought under
re-sale & sold
under re-our.
agreements
26,000,000 15,400,000
Total
194,530.102 77.375,418
Total
194,530,102 77,375,418
-V. 137. p. 4703.
Distributors Group, Inc.
-Supervision of Portfolios.-
This corporation, one of the largest sponsors of trust investments in the
country, announces that it has retained the services of Dean Langmuir.
Inc., investment counsel, to supervise the portfolios of North American
Bond Trust Certificates, North American Trust Shares, 1955, 1956 and
1958, and Cumulative Trust Shares. Mr. Langmuir, who was largely
responsible for the investment structure of these trusts, will continue to
perform the duties for which he was responsible as Vice-President in charge
of research of Distributors Group, Inc.
-V. 137, p. 4534.
Dome Mines, Ltd.-Value of Production.Period End. Dec.311933
-Month-1932. 1933-12 Mos.-1932.
Output (value of)
3357.584
$322,284 $4,469,293 $4,130,318
Production is figured at $20.67 per ounce of gold.
-V. 138, p. 154.
Dominion Stores, Inc.
-December Sales Off.
-
Period End. Dec.301933-4 Wks.
-1932. 1933-52 Wks.
-1932.2.
Sales
31.665.435 $1,737,354 $19,758.367 $22,604.297
-V. 137, p. 4365. 3680.
Drumheller Consolidated Collieries, Ltd.
-Earnings.-Earnings for Year Ended June 30 1933.
Total revenue
Bond interest, discount and expense
Coal rentals and taxes
Davidson agreement re minimum royalty clause
Miscellaneous expenses
Interest on loans
Mine expenses
Other deductions
$14,936
27.089
2.816
2.000
3,316
6.752
6.588
1.257
Deficit for year
Previous deficit
$34,884
105.443
Total deficit
3140,327
Balance Sheet June 30 1933.
Assets
Liabilities
Fixed assets
$352,523 x Capital stock
Cash
9,101 7% 15-year bonds
Accounts receivable
4,249 Current liabilities
Durham agreement
985 Deferred liabilities
Investments in other cos
20,001 Depletion reserve
Deferred charges
43,819
Deficit
140,327
Total
$571,004
Total
X Represented by 11,011 no par shares.
-V.126. p. 2972.
$1,101
350,600
128,294
71,581
19,428
$571,004
(E. 1.) du Pont de Nemours 8c Co.
-To Decrease Stock.The stockholders will vote March 12 on approving a proposal to retire
310.000,000 of 6% cum. voting debenture stock of which only $33,550 is
outstanding. IThe meeting date had erroneously been given as Dec. 12
In our issue of Dec. 30 1933.-Ed.1
All outstanding shares of the voting debenture stock have been called
for redemption on Jan. 25 1934, on which date said stock will be redeemed
by the payment in cashper share t ether with all dividends
of $125
accrued thereon to the date of redemption. ' °g
Voting debenture stock certificates, properly endorsed and witnessed,
should be forwarded to the Treasurer of this company, du Pont Building,
Wilmington, Del.
-V.137. p. 4703.
Eaton Mfg. Co., Cleveland, Ohio.
-Shipments Increasing
January automobile parts shipments of this company will exceed those of
December 1933, by from 40 to 45%. They will be from 50 to 55%
than shipments made in January 1933, said J. 0. Eaton, Chairmangreater
of the
board.
The company, with 10 plants in Ohio and Michigan,is one of the country's
largest producers of automotive parts. One or more of its products are
used on every car manufactured to-day.
In addition to automotive parts the company also reports increased
Interest in railroad and airplane parts.
-V. 137, p. 2893.
Electric & Musical Industries, Ltd.
-Pays Accrued Divs.
Dividend arrearages amounting to 9% to June 30 1933 and the semiannual dividend of 3% to cover the six months' period ended Dec. 31 1933
will both become payable Jan. 15 on the 6% cum. pref. stock, par
it was recently announced.-V. 137, p. 4703.
Economy Grocery Stores Corp.
-Annual Report.
Sales
L
ess cost
Year End. Year End. -Years End.June 30
-July,1 '33. July 2'32.
1931.
1930.
$14,972.743 $15,035,816 $13,660,966 313,827.429
11,305,594 11.178,087 10.237,687 10,862.338
Gross profit on sales- _ $3,667.149 $3,857.730 $3,423,279 12.965.091
Other income, &c
93,366
90,490
- 86.426
90,250
Gross income
$3,760,515 33,948,210 33,509,705 $33.055,341
Deduct.oper.exps.(tad.
Fed. taxes 5: deprec.)_ 3,600.117
3.717.997
3,227.501
2,719,296
Net income
$160.398
3230.222
3282.205
$336.046
Dividends paid
60.000
120.000
120.000
109.996
Balance, surplus
$100.398
$110,222
$162,205
3226.050
ghs, cap. stk. (no par)120.000
120.000
120,000
120.000
Earnings per share
$1.34
$1.92
$2.35
12.80
332
AssetsJuly 1 '33.
x Fixed assets_ _$1,683,904
Cash on hand and
in banks
349,417
Investments
43,792
Inventories
1,224,556
Accts. receivable
223,979
Organization exp_
7,340
Deferred charges to
operation
47.523
Financial Chronicle
Balance Sheet.
July
LiabilitiesJuly 1 '33 July 2 '32
$1,125,235 y Capital stock_ _ _$1,350,000 $1,350,000
Notes payable_ _
250,000
50,000
457,275 Trade creditors..
665,705
888,219
14,150 Other accts. pay29,368
1,354,360 Accept, under let187,102
ters of credit__ _
68,783
7,340 Cash bonds of store
27,777
managers
63,631 Federal & excise
18,968
25,009
taxes, &c
Notes payable (not
30,519
261,000
current)
4,698
Res.for neer. exps.
3,850
Mass, excise taxes
5,524
(estimated)_ _Int. on pur. money
11,255
oblig
831,281
917,650
Surplus
Total
$3,580,513 $3,209,094
$3,580,513 $3,209,094
Total
x After deducting depreciation (8548,698 in 1933). y Represented by
120,000 shares of no par value stock -V. 135, p. 4389.
Ely & Walkers Dry Goods Co.
-Earnings.
Years End. Nov.301930.
1932.
1931.
1933.
Net sales
Not stated. Not stated. $34,812.181 $38,298,984
Profit for year
prof1,570,777 loss$180,025 1os8x245.569 1oss565.813
First pref. dive.(7%) 104,825
105.000
105,000
103,205
Second pref. dive.(6%).
90,000
90,000
88.092
89,793
Common divs.
(2%)___155,979 (8)669,159
Balance surplus
$1,379,480 def$374,643 def$596,548dal,429,972
Kis. common stock outstanding (par $25)-- 292,215
282,926
284,892
352,472
Earns. per sh.con corn__
Nil
Nil
Nil
$4.87
x Including write-down of investments by $200,000.
Comparative Balance Sheet Nov. 30.
1933.
1932.
Assets
Liabillties-$
$
Factory lands and
First preferred 7%
bldgs., machin'y
stock
and equipment_ 1,315,933
940,562 Second pref. 6%
Investments
701,914
880,883
stock
Loans for trade
Common stock.. - purposes
316,107 Res. for poss. loss
208.301
Otter loans & adv_
41,666
on reorg. of units
41,944
Sundry real estate
Notes payable_ _ _ _
held for realiz'n_
90,057 Accts. payable_ _ _
90,057
Insur. depos., &c_
59,514 Due to employees..
58,523
CornetIon life ins..
Accrued taxes_ ___
84,612
Inventories
7,007,985 4,713,712 Sundry deposit aca Aects.drnotes rec. 5,841,134 5,671.704
counts...... _ Adv. to salesmen
Surplus
employees _ _
208,208
185,517
Cash
984,755 1,489,162
1933.
$
1932.
$
1.464,700
1,484,000
1,449,100
7,073,150
1,472,7C0
7,122,300
250,000
350,000
317,886
298,136
407,842
250,000
249,650
72,314
112,588
10,059
115,604
4,922,492 3,509,724
Total
16,543,365 14,388,882
Total
16,543,365 14,388,882
a After reserve for doubtful debts of $218,820 in 1933 and $198,471 in
1932.-V. 138. p. 154.
-------.Employers' Group Associates.
-Dividend Resumed.
The directors have declared a dividend of 10 cents per share on the
capital stock, no par value, payable Jan. 31 to holders of record Jan. 17.
The company on March 15 1932 paid a quarterly dividend of 20 cents per
share; none since. Previously. 25 cents per share had been distributed
each quarter.
-'-V. 136, p. 1893.
Eppens, Smith & Co., N. Y.
-Extra Distribution.
-
Jan. 13 1934
Security Profits Account
-Year Ended Dec. 311933.
Loss realized on sale of securities, based on average cost
$1,307,228
60,840
Tentative provision for loss on deposit in closed bank
Loss
$1,368,068
Excess of cost over market value ofinvestments, Dec. 31 1932__ 7,346,957
Excess of cost over market value ofinvestments, Dec.31 1933__ 3,196,964
$4,149,993
Decrease in unrealized loss
Change in Net Assets
-Year Ended Dec. 31 1933.
Total.
Per Sh.
Net assets, market value
$24.18
$12,090,249
-Dec.31 1932
Increase for period-Before dividends:
Net income
Realized loss per security profits account
Decrease in unrealized loss
$411,083
1,368,068
4,149,993
$0.82
2.73
8.30
Total
Dividends on common stock
$3,193,008
425,000
$6.39
.85
Increase for period-After dividends
Net assets, market value
-Dec. 31 1933
$2,768,008
14,858,257
$5.54
29.72
Balance Sheet Dec. 31.
1932.
1933.
1933.
1932.
Assets$
Ltabgtites-S
$
$
3,600
2,200
Cash
831,480 Accrued expenses_
1,745,479
Provision for New
Time deposits with
1,000
25,600
York State tax__
banks
100.000
‘
88
Unearned interest_
Notes of Universal
500,000Corp
250,000 b Common stock__ 500,000
200,000
c Paid in surplus_ _ 26,444,757 26.444,757
Corn. stocks (market value).. _ _ .a12,870,089 14,874,143 Security profits surdel12,950,205
plus
U. S. Govt. short863,704
3,308.215 Income surplus_
term obligations
d77,967
70,577
Div. receivable_ ...
7,507,552
Deficit
14,886.145 26,949,357
Total
Total
14,886,145 26,949,357
a Common stocks at market value, the cost being $16,067,024. On
Dec. 31 1932 the stock are given at cost the market value being $7,511,613.
b Authorized 2,000,000 shares; outstanding, 500,000 shares, at $I par
value. 250,000 shares are reserved for exercise of purchase warrants (nondetachable except upon exercise prior to Oct. 1 1934, or such earlier date
as the corporation may determine), attached to the outstanding common
stock certificates entitling the holders to purchase common stock at $60
per share on or before Oct. 1 1939 and 750.000 shares are reserved for
exercise of additional purchase warrants on the same terms as the purchase
warrants attached to the common stock certificates. c Representing the
excess of paid in capital over the par value of capital stock, after deductj1r. 155,
-V. 1.
ing organization expenses. d Includes interest receivable.
-Extra Dan en
First All-Canadian Trustee Shares.
An extra dividend of 10 cents per share has been declared on the ordisiary
shares in addition to the usual semi-annual dividend of 30 cents per share.
both payable Dec. 31 in Canadian funds on presentation of coupon No. 6
at the Capital Trust Corp., Ltd., Montreal, Ottawa and Toronto. In
-V. 137.
the case of non-residents of Canada, a 5% tax will be deducted.
D. 148.
(M. H.) Fishman Co., Inc.-Deeember Sales.1933
-Dec.
-1932.
$468,787
,60
4195 5 5
E4133 4 0
-V. 137. P
Increase. 1933-12 Mos.-1932.
855,142182.797.068 $2,629,022
Increase.
8168.048
-Initial Dividend.
Foreign Bond Associates, Inc.
The directors on Jan. 9 declared an initial dividend of 50 cents per share.
payable Jan. 17 to holders of record Jan. 11.-V. 137, P. 3333.
An extra dividend of 1% has been declared on the outstanding 81.000,000
capital stock, par $100, payable Fen. 1 to holders of'record Jan. 25. This
Is in addition to the usual send-annual dividend of 2% payable on the same
date.
-1933 Car Sales Increase.
General Motors Corp.
President Alfred P. Sloan Jr. on Jan. 8 made the following
announcement:
Equitable Fire Insurance Co. of Charleston, S. C.
Extra Distribution.
Sales of General Motors cars to consumers in the United States totalled
755.778 in 1933 compared with 510,060 in 1932 an increase of 48%. Sales
to consumers in the United States in December were 11,951 compared
with 19,992 in December 1932, and 35,417 in November 1933.
Sales of General Motors cars to dealers in the United States totaled
729,201 in 1933 compared with 472,859 in 1932, an increase of 54%. Sales
In December were 11.191 compared with 44,101 in December 1932 and
3,483 in November 1933.
Sales of General Motors cars to dealers in the United States and Canada,
together with shipments overseas, totaled 869,035 in 1933 compared with
562,970 in 1932, an increase of 54%. Sales in December were 21,295
compared with 53,942 in December 1932 and 10,384 in November 1933.
Sales to Consumers in United States.
1930.
47,942
61,566
74,167
50,663
January
68,976
46,855
88,742
42,280
February
48,717
101.339
123.781
47,436
March
135,663
81,573
142,004
71,599
April
63,600
122,717
131,817
85,969
May
56,987
103.303
97.318
101,827
June
32,849
85,054
80,147
87,298
July
37,230
69,876
86,428
86,372
August
34,694
51,740
75,805
71,458
September
26,941
49,042
57,757
63,518
October
12,780
34,673
41,757
35.417
November
19,992
11,951
53,588
57,989
December
The directors recently declared an extra dividend of 1% (50 cents per
share), in addition to the regular semi-annual dividend of 5%($2.50r
i
share), both payable Jan. 2 1934 to holders of record Dec. 20 1933.
amounts were paid on the stock on July 1 last.
-V. 134. P. 4667.
Fidelity Fund,Inc.
-91.2% of Funds Invested in Common
Stocks.
The monthly report to shareholders of this corporation shows that at
the close of the past year, its portfolio consisted of 91.2% common stocks
-V. 137, D. 4018.
annd 8.8% in cash and accruals.
Fidelity Union Title & Mtge Guarantee Co.(N. J.).
New Jersey Banking Commissioner Named Trustee-To Act on
Receivership.
Colonel William H. Kelly, New Jersey State Commissioner of Banking
and Insurance, was appointed on Jan. 10 trustee for the company. The
company, which is reported to have assets in excess of $96,000,000, has
been on a restricted oasis since the banking holiday last March. The
appointment was made by Vice-Chancellor M. L. Barry, who, by virtue
of emergency legislation enacted Jan. 9 in Trenton, had the right to name
a receiver to reorganize the company. He announced that there would be
a hearing on Jan. 23 on a technical order to show cause why a receiver
should not be appointed.
Morrison C. Colyer, President of the company, issued a statement that
the plan to reorganize was approved by the company as a necessary step to
conserve its assets. In his statement Mr.Collyer commented on the effects
of the depression on real estate and its owners and continued:
"As the payments of this company depend largely upon its success in
collecting from its borrowers, it has become increasingly apparent that some
readjustment is necessary. It is hoped that improving real estate conditions will facilitate this process. Operating since last March under the
restrictions imposed by the banking holiday, the company has been able
to pay a very large percentage of interest due its investors (of the amount
due April 1. 88.7% has been paid) and has made substantial collections of
principal, which have oeen remitted to them.
"Through all this period the company has endeavored to evolve some
plan which will be fair to them and which would provide for the maximum payment to investors and at the same time would be one that the
company could be expected to carry out.
"Legislation providing for conservation of the company's assets pending
rehabilitation or reorganization along sound lines has been enacted by the
-V. 136, p. 333, 666.
1934 Legislature."
-Earnings.
Fourth National Investors Corp.
Calendar YearsInterest
Cash dividends
Total income
Loss realized on sale of
securities
Management fee
Transfer agents', registrars' and custodians'
fees
Miscellaneous expenses_
Provisions for New York
State tax
Federal excise tax
1933.
$30,477
538,087
1932.
$94,876
616,340
1931.
$92,663
685,422
$568,565
$711,216
$778,085
$874,530
1930.
8100,306
774,224
102,594
92,176
135.711
a1,025,195
177,531
24.700
4,085
18,723
14.262
20,329
18,397
31,708
34,964
25,100
1,000
500
22,676
26,996
$580,972 loss$421,865
Net profit
$411,083
$585.555
Dividends paid
425,000
575,000
550,000
a As of July 1 1930 the method of computing the cost of securities sold
was changed from a basis of charging first sales against first purchases to
an average cost basis.
Total
January
February
March
Aprll •
May
June
July
August
September
October
November
December
510,060
937,537
755,778
Sales to Dealers in United States.
1932.
1931.
1933.
72,274
65,382
76,681
50,21280,373
52,539
48,383
45,098
98,943
69.029
74,242
132,629
60,270
85.980
136.778
46,148
99.956
100,270
31,096
92.546
78,723
84,504
24,151
62,667
67,733
23.545
47,895
41,982
5,810
21,305
2.405
23,716
3,483
11,191
44,101
68,650
1.057.710
1930.
94,458
110,904
118,081
132,365
136,169
87,595
70,716
76,140
69,901
22,924
48,155
68,252
472,859
928,630
729.201
1,035,660
Total .
..---=--.-. ...
- ----•-...=:=
- Total Sales to Dealers in U,.. S...-. and Canada Plus Overseas Shipments.
1932.
1931.
1933.
1930.
-1
82,117
74,710
89.349
January
106,509
59,614
62,850
96,003
February
126,196
59,696
58.018
119,195
March
135,930
86,967
78,359
154,252
April
150,661
66,739
May
98,205
153,730
147,483
52,561
111,668
113,701
June
97.440
36,872
July
106,918
87,449
79,976
30,419
97,614
August
70,078
85,610
30,117
81.148
September
58,122
78,792
10,924
October
53.054
25,975
28,253
5,781
10.384
November
29,359
57,257
53,942
21,295
December
79,529
80,008
869,035
562,970
Total
1.174,115
1,074,709
Note.
-Unit sales of Chevrolet. Pontiac, Oldsmobile, Buick LaSalle and
Cadillac passenger and commercial cars are included in the above figures.
-V. 138. 155.
General Electric Co.-Orders Received.
Period End.Dec.311933.
1932.
1931.
1930.
0
3 months
$37,985,790 $27,351,658 $49,321,480 $74,168,48
12 months
142.770,791 121,725,772 252,021,496 341,820.319
Volume 138
Financial Chronicle
Sales billed and earnings for the year of 1933 are not yet available but
the complete annual report will be issued in March, it was announced.
V. 137, p. 4704.
General Refractories Co.
-Changes in Personnel.
-
S. M. D. Clapper, formerly Chairman has been elected President of the
company, succeeding John It. Sproul, who has been elected Assistant to
the President. The office of Chairman of the board was abolished.
Mr. Sproul also resigned as a director of the company.
-V.137. p. 4535.
s
General Theatres Equipment, Inc.-Receiver Petitions
Court for Sanction of Agreement with Chase National Bank.
-
Daniel 0. Hastings, receiver for the company on Jan. 5 filed a
In Chancery Court, Wilmington, Del., asking authority to enterpetition
into a
proposed agreement with the Chase National Bank of New York and for
approval of the agreement. The petition has been set down for a hearing
Feb. 13.
The principal features of the proposed agreement are as follows:
The Chase National Bank has filed claims in the receivership of General
Theatres Equipment, Inc.. in an amount in excess of $20,000,000. To
secure such indebtedness there are pledged with the Chase National Bank
various securities, including the preferred stock of Film Securities
pledged in connection with a loan in the face amount of $9.700,000. Corp..
Such
preferred stock has been or is about to be rendered practically valueless by
the sale at public auction of assets of Film Securities Corp. consisting
of
660,900 shares of the common stock of Loew's, Inc., pledged to secure
notes of Film Securities Corp. now in default. The Chase National Bank
Is to reduce its claim against General Theatres Equipment, Inc., by $5,000,000, and the receiver of General Theatres Equipment,Inc., is to consent
to the allowance of the claim in the reduced amount, namely,
515,310.832,
to confirm the pledge with the Bank of the securities now held
secure the indebtedness, and to release from all claims which by it to
General
Theatres Equipment, Inc., or its receiver may have against them Chase
National Bank. the Chase Corp., Chase-Harris Forbes Corp., the officers
and directors of said corporation, and Halsey Stuart &
Inc., Pynchon
& Co., West & Co. and W.S. Hammons & Co., associates the corporation
Co.,
in certain financing of General Theatres Equipment, Inc.,of their officers,
and
directors and partners.
In connection with such proposed agreement, Chase National Bank
made an agreement with the Consolidated Protective Committee for has
10
year 6% convertible gold debentures. due April 11940. of General Theatres
Equipment, Inc., the more important features of such proposed agreement
being that the bank is to participate in a reorganization of General
Equipment, Inc.. provided the details of the plan of reorganizationTheatres
(Including releases as aforesaid) are worked out in a manner satisfactory to the
bank, and to turn over to the reorganized company its secured claims,
accompanied by the collateral securing them, in exchange for shares of
conrunon stock of such reorganized company, to be issued on the same pro
rata basis as to debenture holders and
to give to the reorganized company another unsecured creditors, and also
option to purchase at $15 a
approximately 325.000 shares of the Class A common stock of Fox share
Film
Corp., such option to be good for one year,
and
to
reorganized corporation a reasonable amount to further the lend to such
cover
expenses of
reorganization and working capital.
Dealing in Preferred Stock Suspended.
-
The committee on listing of the New York Curb Exchange
has suspended
dealing in voting trust certificates for $3 dividend
convertible preferred
stock.
-V. 137, p. 4195, 4018, 3501. V. 136. p. 1894.
333
Hamilton Woolen Co., Inc.
-Earnings.
Year End. Nov.301933.
1930.
1932.
1931.
x Net sales
$3,726,287 83,710,871 54,582,881 $4.266,410
Cost of sales & deprec'n
i 3.684,418
Selling & gen. exps. and
3.394.110
3,686.492
4,204,837
Interest charges
1 369.254
Prov.for Fed.& State tax
59,500
5,000
54.000
a 22,744
Operating income......$272,677
5189,994
$19,379
$324,044
Other income
10.427
20.238
10,244
16.790
Net income
$283,104
$39,617
$200.238
$340,834
Previous surplus
946.851
1,043.373
1,041,821
919.133
Disc't on 1,420 shares
treasury stock
8,943
Total
$1,238,898 $1,082,991 $1,382,655 81,119,371
Dividends
215,985
y 38,640
77.550
z339,281
Cost of treasury stock in
excess of $50 per share
97,500
Balance, surplus
81,022.913
8946,850 $1,043,374 81,041.821
Shares of stock (no par) _
30.855
32,275
38.775
38.775
Earnings per share
$9.17
$1.22
$5.16
88.79
a Includes interest charges. x Less discounts and allowances. y Does
not include div. of $I per share paid July 1 on 32,275 she, or $1.40 per sh.
paid Nov. 26, both from dividend reserve of 877,550 set aside for such
purposes in 1931. The dividend of $38,640 (81.20 per share, paid Jan. 16
1933), does not include $90 balance remaining in dividend reserve fund
after paying July and Nov. dividends. z Includes $2 div. paid July 15
1931 ($77,550); $4.75 div. payable Jan. 15 1932 ($184.181), and a div.
reserve of $77,550.
Balance Sheet Nov. 30.
Assets1933.
1932.
Liabilities1933.
1932.
I Plant
5585,139 5520,087 y Capital Stock.._ _$1,542,750 $1.613,750
Inventory
1,616,742
417,164 Current liabilities_ 654,733
106,781
U. S. ctfs. of indl.
Profit and loss__ 1,022,913
946,851
& accrued Int.
836,244
Cash val.of life ins.
pol. & diva
20,883
Cash
173,023
338,355
Accts.receivable._ 797,458
517,689
Prepaid taxes, insurance, &c
37,843
27,152
Total
$3,220,396 $2,667,382
Total
$3,220,391 $2,667,382
x After deducting reserve for depreciation of $535,087 in 1933 (1932.
$473.409). y Represented by 30.855 shares (no par) in 1933 (1932. 32,275
no par shares).
-V. 137. p. 4536.
Hat Corp. of America.
-Earnings.
[Including wholly-owned subsidiary companies.(
Earnings for Year Ended Oct. 311933.
Sales, less returns, allowances and discounts
Cost of sales, before depreciation
Selling, administrative and general expenses, before deprecia'n
$5,744.951
3.655,522
1,749.530
Operating profit, before depreciation
Other income-net
-before depreciation
$339.899
6.167
December (first two months of the current
fiscal year) amounted to $3,954,705, against
$2,916,931 for the corresponding period in 1932, an increase of 3516
%.-V. 138, p. 155.
Net profit, before depreciation and provision for Fed. inc. tax
x Depreciation
Provision for Federal income tax
$346.065
93,887
30.000
Globe & Rutgers Fire Insurance Co.
-Sale of 15,909
Shares of Gulf States Steel Co.
-
Net profit for the year ended Oct. 31 1933
$222.178
x Computed on the basis of the adjusted reduced valuation of buildings.
machinery and equipment acquired May 1 1932 and subsequent additions
at cost.
Consolidated Capital Surplus and Deficit Account as at Oct. 31 1933.
Capital surplus, Nov. 1 1932
$1.514,127
Net adjustments
8,796
Glidden Co., Cleveland.
-Sales Up 3532%.
Total sales for November and
Mold Glare & Co. have purchased 15,909 common shares
Steel Co. at $35 a share as agreed upon before Supreme of Gulf States
Court Justice
Alfred Frankenthaler of New York who signed an order
permitting the State
superintendent of insurance to dispase of the holdings. Counsel
for
directors of the Fire Insurance Co. which is in process of
rehabilitation,
opposed the sale, holding that the '
stock was for the account of Republic
Steel Corp., and that the purchase would give Republic
control of Gulf
States and therefore should 'bring a higher price.
-V. 137, p. 4704.
Graham-Paige Motors Corp.
-Larger Orders.
-
Despite the fact that the new Graham
have only just been
introduced to the pubbc, more orders havecars for 1934 at the
received
corporation's
plant than in the same period last year. A.been
I. Philp, VicoPreident and general sales manager, announced this week.
1. At this time last year, Mr. Philp said, the public had viewed the
Graham
cars and had been advised of prices, yet orders received at that time
were
considerably fewer than those now on hand for the corresponding period.
0. The orders received to date have been based solely on the introductory
publicity of the Graham line for 1934, which features the new custom
eight, with supercharger, a revolutionary development in motor
for the first time made available on a medium-priced automobile. design
President Joseph B. Graham said that there is now
n every division of the Graham plant in Detroit. increased employment
-V. 137, p. 2983.
& W.) Grand Properties Corp.
-Reorganization
Plan.
1. A plan of reorganization has been formulated by the protective committee.
headed by Darragh A. Park, Vice-President of the Manufacturers
Trust
Co.. Other members of the committee are D. C. W. Birmingham, John
K.
.Ellert, William B. Neergaard and Andres K. &harps. Frank P.
Ohlumuller, 149113roadway, N. Y. is Secretary and Cadwalader, Wickersham
& Taft are counsel.
The committee, which already represents about 45% of the outstanding
6% debentures of 1948. has registered the certificates of deposit and
filed
a copy of the plan with the Federal Trade Commission in Washington,
is soliciting the deposit of additional debentures and claims against and
the
company, Manufacturers Trust Co.,55 Broad St., N.Y. City is depositary.
The plan proposes the formation of a now company to acquire all
the
real estate and fixtures of the old company at a bankruptcy sale
lease the major portion of such assets to the H. L. Green Co.. Inc..and to
which
now operates approximately 135 stores in 117 cities in the United States
and, also, through a Canadian subsidiary, about 51 stores in 44 cities in
Canada.
Included in the plan is a three-year option, running to the new company,
to transfer to the it. L. Green Co., Inc., all its real estate and fixtures
exchange for 16,950 shares of the latter (which shares, after pdyment in
of
debts, would be distributable pro-rata among the stockholders of the new
company).
Should the plan be consummated, the entire capital stock (voting trust
certificates) of the new company will be distributed among assenting
holders of debentures and allowed claims,on the oasis of 10 shares per $1.000
debenture and equivalent treatment for claim-holders. It is urged by the
committee that the probable alternative to a reorganization along the proposed lines would be a piecemeal liquidation of the bankrupt's assets, which
procedure would, in the committee's opinion, produce a disappointingly
small return therefrom to debenture and claim holders.
-V.137, p. 4704.
Grand Union Co.-Store Sales Up.
-
Period End. Dec.311933-4 Wks
.-1932. 1933-52 W15.-1932.
Stores stiles
$2,240,381 $2,187,338 $27,831.680 $29.693,090
-V.137. p. 4704.
Great Lakes Towing Co.
-Resumes Preferred Dividend.
-
The directors have declared a dividend of $1 per share on the 7% noncum. pref. stock, par 8100. payable Jan. 25 to holders of record Jan. 10.
The company on Dec. 31 1931 paid a quarterly dividend of $1.75 per share
and an adjustment dividend of 50 cents per share on the pref. stock; none
since.
-V. 134, p. 2159.
Gulf States Steel Co.
-Sale of 15,909 Shares Held By
Globe & Rutgers Fire Insurance Co.
-See latter company.
V. 137, p. 2983.
Capital surplus
-Oct. 31 1933
Deficit from operations. Nov. 1 1932
Net profit for year ended Oct. 31 1933 (as above)
$1,522,923
326,444
222,178
Deficit from operations
-Oct. 31 1933
Total surplus
104,266
$1.418,657
Consolidated Balance Sheet Oct. 31 1933.
AssetsLiabilities
Cash
5476,582 Accounts payable
$109,799
b Notes and accts. receivable_ 966,365 Accrued salaries, wages, comLife insurance policies
79,715
missions, &c
69,118
a Merchandise inventory
1,294,505 Prov. for Fed. 4.: miscell. takes_
32,931
Special fund-Bymdun Corp.
4,061 Due on contract re: purchase
Land
35,698
of trademark
21,667
C fildgs., mach'y and equip__ 1,318,606 Other liabilities
25,727
Land for plant extension
36,900 6.i% preferred stock
672,713
'
d Tenements on above land. _.
27,176 Class A corn, stock (voting),
Prepaid rent, insurance, &e
15,325 (Dar $1)
359,660
Good-will, trade-marks, &c..... 1,565,000 Class B common stock (nonvoting), (par 51)
109,660
Capital surplus
1,522,923
Deficit from operations
104,266
Total
$5,819,933
Total
85,819,933
a Certified by the management as to quantities and marketable condition of the inventory, and valued at the lower of cost or market. b After
reserve for bad debts, discounts and allowances of $269,869. c After
reserve for depreciation of $171,978. d After depreciation reserve of
$22.399.-V. 137, p. 2815.
(Wm.) Hoelscher & Co., San Francisco.
-Stock Offered.
-An issue of 825,000 shares of cony. pref. stock is being
offered by Chapman & Co., San Francisco, to residents of
the State of California only. A circular shows:
Company.-Ineorp. Dec. 7 1933 to engage in the business conducted
under the same name from 1862 to 1920. Company operates under lease a
blending plant, warehouse and sales depot in San Francisco with some 15.000
square feet of floor space, and contemplate the early addition of a rectifying plant. It has re-registered leading brands of the former company
I. De Turk, Old Monastery, Hermitage and Wm Hoelscher & Co. for its
wines, brandies, cordials and vermouths; as well as Meridian, Old Legend
and Laurel Crown for the local distribution of gins and whiskies. Instead
of the four-month credit prevailing in the trade prior to prohibition. cash
on delivery is now customary, materially increasing the turnover and efficiency of our working capital.
It has an inventory of selected wines, both dry and sweet, suitable for
bottling and blending. The age of the older wines ranges from 4 to 9 years.
It has contracts for further supplies at later intervals and, in addition,
its established trade relations throughout the State are very important to
the company in maintaining its inventory. It has an option on an exclusive
agency for the Pacific Coast for the world famous vintages of John Bapt.
Sturm (founded 1832)-Rudesheim am Rhein. Rhein and Moselle (still
and sparkling wines),Thomas Kohler's, Neustadt a des Haardt Rhein Wines.
Directors.
-Victor F. Hoelscher, Pres.; William Hoelscher, Vice-Pros.:
Arthur G. Hoelscher, Vice-Pres.; Edward D. Neil, and Calvin Chapman.
San Francisco.
CapitalizationAuthorized. To Be Outstanding.
Convertible preferred stock (no par)
50,000
25,000
Common stock (no par)
al00.000
25.000
a 50.000 reserved for conversion of the preferred.
Registrar, Bank of America, N. T. & S. A., San Francisco. Transfer
Agent, Victor F. Hoelscher, Wm. Hoelscher & Co., San Francisco.
The preferred stock is preferred as to dividends to the extent of 40c.
per share per annum, payable Jan. and July 1. Dividends cumulative from
Jan. 1 1934. In event of liquidation, preferred is entitled to $5 per share
and divs. If pref. diva,are in arrears to extent of three semi-annual payments.
voting rights shall rest solely with preferred stock until accrued divs. are
paid in full. Preferred stock is non-callable and is convertible into common
334
Financial Chronicle
stock at any time at the rate of one share of preferred for one share of
common.
Jan. 13 1934
Kalamazoo Stove Co.
-Extra Dividend, &c.
-
The directors have declared a quarterly dividend of 25 cents per share
and an extra dividend of 25 cents per share on the no par value common
stock, both payable Feb. 1 to holders of record Jan. 20. The last payment.
The directors have declared a dividend of 25 cents ter share on the cornamounting to 50 cents per share, was made on this issue on April 15 1933,
mon stock, no par value, payable Jan. 30 to holders of record Jan. 15.
the first since July 1 1931 when a quarterly divi e d of62% cents per share
Quarterly distributions of like amount were made on this issue on Sept.
was paid.
-V. 137. p. 2111
26 and Dec. 26 1932; none since. This compared with 50 cents per share
)7a c)04
; )
paid on June 26 1932 and 75 cents per share paid previously each quarter-,
-Kentucky Products Co. Stock • ffered.
O
-An issue of
-V. 137. p. 3501.
Hoskins Mfg. Co.
-Resumes Dividend.-
Hotel St. George (Clark Henry Corp.), Brooklyn,
N. Y.
-Independent Bondholders' Committee Urges Reorganization.The independent bondholders' committee for the first mortgage bonds,
composed of Lee S. Buckingham,Alfred J. Stern and Wayne G.P`ahnestock,
has sent a letter to bondholders urging them to combine in support of a
reorganization plan. With the change in the prohibition law and consequent increase in hotel patronage, the comm'ttee po nts out, the outlook
for the bondholder is encouragingly good and it is hopeful that the bondholder's investment may be re-established.
The proposed reorganization plan, to be presented to the Supreme Court
for approval, has the following objectives: (1) keeping intact the principal
or face amount of the bonds and of the mortgage as a first lien on the property; (2) regular payment of interest at a fixed rate as high as earnings
warrant; (3) establishment of a reasonable sinking fund from surplus
earnings;(4) extension of the bonds to 1948. subject to redemption from the
sinking fund;(5) obtaining economical managers who should have or acquire
some subordinate interest in the property as an additional incentive;
(6) compensating bondholders for their sacrifices by a share of the equity
ownership; (7) avoiding the staggering expense and damage incident to a
foreclosure sale.
-V. 137, p. 3681.
170,000 shares of capital stock is being offered at $6.125
per share. H. P. Hayden & Co. and McGowen, Cassady &
White, Inc., Chicago, are the underwriters. A prospectus
affords the following:
Presently to
• Authorized. be Outstanding
CapitalizationCapital stock (par $5)
350,000 shs. *224,250 shs.
* Based on assumption bankers will exercise option with respect to 17,000
shares. The outstanding shares will be decreased to extent bankers do not
exercise such option.
Transfer agent, City National Bank & Trust Co., Chicago. Registrar,
Trust Co. of Chicago.
-Company (incorp. in Del. Nov. 3 1933) has been formed
Business.
to engage in the business of distilling and warehousing bourbon whiskies
and other distilled spirits and the sale of these products. The charter
also gives it the powers to import or export wines, whiskies, brandies and
other spirituous liquors. The importation of alcoholic beverages in the
United States is under the supervision of the Treasury Department.
Pending the organization of the company arrangements were made for
the purchase by the company of two certain distillery sites as follows:
(1)the property known as the "Hobbs site" for a purchase price of $10.000
in cash and 2,001) shares of capital stock of the company (on the basis of
Household Finance Corp.
-New Director.
$5 a share), and (2) the property known as the "Greenbrier site" for a purchase price of $11,250 in cash and 2,250 shares of capital stock of the
Arthur R. Dana has been elected a director to succeed the late L. C.
company (on the basis of $5 a share).
Harbison.
-V.138, p. 156.
The distillery at Hobbs, Ky. is the former site of the "Old Grand Dad"
\
distillery is to be purchased from C. V. Muir, and wife. of Clermont, Ky.
--- Humble Oil & RefininACo.-Removed from List.
There is to be erected thereon a completely new and modern distillery
The New York Curb Exchange as removed from unlisted trada priviof approximate capacity of 5,000 gallons of bourbon whiskey for each
leges the "old" capital stock (pa 25).-V. 137, p.4536.
eight-hour shift, together with a storage warehouse with a capacity of 24,000
Hutchins Investing Corp.
-Cent Preferred Dividend.
-75
- barrels.
The distillery at Greenbrier. Ky. is the former site of the "Old GreenThe directors have declared a dividend of 75 cents per share on the $7
brier" distillery, and is to be acquired from Frank E. Daugherty, of Louiscum. pref. stock, no par value. payable Jan. 15 to holders of record Jan. 10.
ville, Ky. It is proposed to erect thereon a 5.000 gallon daily capacity
A similar distribution has been made each quarter on this issue si/ICI3 and
distillery, similar to the one to be erected at Hobbs. The plans call for a
incl. July 15 1932, as against $1 per share on Jan. 15 and April 15 1932
new modern storage warehouse with a capacity of 16,000 barrels to be
and $1.75 per share previously each quarter.
erected on the Greenbrier property, and also for the rehabilitation of an
Accumulations, after the above payment, will amount to $8.50 per share.
existing warehouse with a capacity of 4,000 barrels, giving a total storage
-V. 137, p. 2816.
capacity of 20,000 barrels.
Insurance Co. of the State of Pennsylvania.-Larger
-The supply of spring water at both of the sites to be
Water .Supply.
acquired has been checked and found more than sufficient for the capacity
Distribution.- •
of the plant. The quality of the spring water is of great importance in the
A semi-annual dividend of $2.50 per share was recently declared on the
manufacture of bourbon whiskey as it is highly desirable to have a water
capital stock, par $100. payable Jan. 10 to holders of record Jan. 8. This
of limestone formation origin, free from such bacteria as are harmful in
compares with a semi-annual payment of $2 per share made on Oct. 30
the fermentation and growth of the yeast organisms used in the manufacture
last and semi-annual dividends of $3 per share paid on July 13 193z and
of whiskey, The management of the new company attach considerable
Jan. 13 1933.-V. 137, p. 3682.
importance to the fact that the quality of this water was amply demonstrated prior to prohibition in the manufacture of Old Grand Dad, Kentucky
-------,
Interstate Department Stores, Inc.
-Resumes Dividend. Greenbrier and R. B. Hayden whiskey. We are advised that at each site
-The directors on Jan. 12 declared a quarterly dividend of there is an ample supply of additional water for the cooling and condensing
1W on the 7% cum. pref. stock, par $100, payable Feb. necessary in the distilling process. officers and
t%
directors
-The present
Officers and
1 1934 to holders of record Jan. 22. Quarterly distributions are as follows:Directors. McCrann (Pres.), Louisville, Ky.,of the company
H.P. Hayden,
George A.
of like amount had been made up to and incl. Feb. 1 1933; Chicago; Monty J. Jackson (V.-Pres.), N. Y. City; Frank E. Daugherty.
Louisville, Ky., Thomas G. Cassady, Sidney A. Fetter (Sec.-Treas.).
none since.
-V. 137, p. 4197.
Chicago, Ill.
-This offering of capital stock is made for the
Purpose of the Issue.
Investment Corp. of Philadelphia.
-50
-Cent Dividend.
purpose of securing funds to provide for the construction of the distilleries
A dividend of 50 cents per share has been declared on the common stock
at Hobbs, Ky.. and Greenbrier. Ky., to provide working capital for the
no par value, payable Jan. 15 to holders of record Jan. 5. A like amount
operation of the same and for other corporate purposes. The proceeds from
was paid on June 15 last, which was the first distribution on the stock since
the sale of the capital stock will be escrowed and will be expended for conJune 15 1932 when a quarterly dividend of 25 cents per share was paid.
struction and released for working capital purposes upon joint order of the
-V. 137, p. 1421.
company and the bankers, subject to the approval of the Illinois Securities
Commission.
'*"...,!ron Fireman Mfg. Co.-Ditridend Resumed.the sale of 200,000
proceeds to
The
1he directors have declared a quarterly dividend of 20 cents per share shares estimated cash This amountbe received from at the rate of $5 Per
will be increased
are $1,000,000.
on the common stock, no par value, payable March 1 to holders of record
share for each share purchased by the bankers from the company pursuant
Feb. 10. Quarterly distributions of 10 cents per share were made on this
to the option covering a maximum of 17,000 shares which must be exercised
Issue on March 1, June land Sept. 11932. none since.
-V.136, p. 1210.
on or prior to April 1 1934.
.-All 170,000 shares of the capital stock included in this
Interim Receipts
Irving Investors Management Co., Inc.
-Extra Div.
offering are being distributed through the medium of interim receipts
An extra dividend of $1 per share has been declared on the investors'
issued under an interim receipt agreement, wherein the City National
shares of the Irving Investors Funds "C," Inc., a subsidiary, payable
Bank & Treat Co.. Chicago, is depositary. The agreement provides for the
Jan. 15 to holders or record Jan. 3.-V. 135, P. 3700.
deposit with the depositary of $6.125 for each share of stock called for by
interim receipts issued thereunder, said funds to be held by the depositary
Island Creek Coal Co.
-Production.
as a trust deposit until paid out. In the event that interim receipts calling
Coal Output (Tons)1932.
1933
1931.
for at least 170,000 shares of capital stock are not sold and issued prior to
January
285,245
279,116
375;078
Feb. 16 1934. or the temporary or definitive stock certificates called for by
February
274,145
292.116
285,901
the outstanding interim receipts shall not have been delivered to the
March
249,143
327.707
332.220
depositary prior to Feb. 16 1934. then $6.125 is to be repaid by the deposApril
244,243
215,856
300,349
itary to the holders of interim receipts for each share of capital,stock called
246,172
may
315,919
336,362
for by such receipts. In the event interim receipts calling for at least
224,635
June
334,352
372,228
170,000 shares of the capital stock of the company are sold and issued prior
July
228,989
374,349
396.209
to Feb. 16 1934, and in the event the temporary or definitive stock certi286,321
August
417,208
393,015
ficates are deposited with the depositary prior to Feb. 16 1934, the cash
319,195
September
376.352
419,101
deposited with the depositary shall be paid over as follows: $5 per share
427,664
October
461,061
362,803
to the company and the balance to or upon the order of the bankers.
323,917
November
343,055
232,460
Contemplated Capitalization of the Company Upon Completion of Financing.
296.390
December
216,966
336.404
-The company has entered
Including Options Covering Its Capital Stock.
into a contract with McGowen, Cassady & White, Inc., and H. P. Hayden
Year's total
4,329,023
3.688,500
3,484,623
have an option to
4,2z4
L& Co. wherein the bankers (who are the underwriters) $5
.2 6
6.4
-...:V137, p. 3502, 4368.
,. .
per share net to
purchase or find purchasers for 200,000 of its shares, at
the company.
Julian & Kokenge Co.
-50
-Cent Dividend
In connection With the financing, the company is to give to the bankers a
A dividend of 15 cents per share has been declared on the common stock, '
three-year option to purchase all or from time to time any part of 105,000
no par value, payable Jan. 15 to holders of record Jan. 10. A similar disshares at a price of $6.125. This option with respect to 30.000 shares, has
tribution was made on this issue on July 15 last, as compared with 5 cents
been assigned by the bankers to Orion Investing Corp. of N. Y. City, and
per share on Dec. 28 1932 and 25 cents per share on Feb. 1, May 1 and
with respect to 7,501) of the shares, to George A. McCrann, Pros. & Gen.
Aug. 1 1931.-V. 136, p. 167.
Mgr. of the company. Further assignments of the right to purchase shares
under this option may be made to dealers as a part of the usual and cus›
Keeley Silver Mines, Ltd. -Removed from Dealings.tomary distributors' or sellers' commission to be paid by the bankers to
.....The New York Produce Exchange as removed from dealing the comdealers distributing shares of this offering.
mon stock (par 81).-V. 137, p. 333 .
The company is likewise giving to the bankers an option to purchase
on or prior to April 1 1934 all or from time to time any part of 17,000
(Geo. E.) Keith Co.(& Subs.).
-Sales.
-additional shares at $5 per share, and 3,000 shares are to be issued to the
Sales
-Year Ended Oct. 31.
bankers in consideration of services rendered or to be rendered in connection
with the organization and financing of the company. These 3,000 shares
$7,200.000 1929
$18,800,000 1925.
$19,000,000
1933
are to be held in escrow pursuant to the requirements of the Illinois Securities
17,900,000 1924
1932
9,300,000 1928
19,600,000
Commission until released with the consent of the Commission.
1931
12,200,000 1927
18,400,000 1923
21,700,000
The bankers have arranged the deposit of $150,000 in cash with City
18,400,000 1922
15,600,000 1926
20,850,000
1930
National Bank & Trust Co. of Chicago, as depositary, under an agreement
Comparative Balance Sheet Oct. 31.
whereby if and when interim receipts have been sold by the bankers and
issued under the interim receipt agreement calling for at least 170.000
1933.
1932.
Assets1933.
1932.
LiaMlinesshares of the capital stock of the company, said $150,000 shall be paid
xLand. bidgs., ma1st pref. stook_ _S4,200,000 $4,235,800
by the depositary to the company in consideration of the issuance of 30,000
chinery & cquip_$2,055,179 $2,573,577 Corn. stk. & surp_y1,020,674 x2,697,864
additional shares of the capital stock: so that it is assured that if 170,000
Cap. dr sur. owned
G'd-will, walkover.
shares are acquired by the public, the company will receive a net of $5
89,120
mgrs., &c_ __
134,640
by
trade-mark. &c_ 600,000 1,224,987
per share for 30,000 additional shares, or a total of $1,000,000.
780.690
457.510
778,960 Notes & loans pay. 259,668
Cash
The registration statement, as amended, filed with the Federal Trade
38,154 Accts. pay., accruInv.in foreign subs
Commission covers a total of 329,250 shares, which includes all shares
als, res for taxes,
14,207
33,741
Notes receivable
under option as above set forth. The right is reserved, when and if 170,000
482,056
422,504
1,130,883 1,528,113 pref. diva
Accts.receivable
shares are sold and delivered, to offer to the public at $6.125 per share
1,547,645 1,847,447
Inventory
or at the market (a) the 30,000 shares to be issued in consideration of the
156,236
136,072
Life insurance_
payment to the company of $150,000 as aforesaid, (b) all or any part of
34,830
Prepd. ins. & exps.
47,672
the 17,000 shares in respect of which the Bankers may exercise their option
Sundry investm'ts
55,030
62,770
which expires April 1 1934, and (c) all or any part of the 105.000 shares
In respect of which they or their assignees may exercise their rights under
$6,051,519 $8,271,497
$6,051,519 $8,271,497
Total
Total
the three-year option.
x After depreciation of $2,376,252 in 1933 and $2,674,597 in 1932.
y Represented by 40,496 shares of no par value (stated value of $5 per
-December Sales Up.
(S. S.) Kresge Co.
share). z Represented by 40,496 shares of no par value (stated value
-Dec.
-1932.
Increase. I 1933-12 Mos.-1932.
Increase.
1933
$25 per share).
$19.732,232 $18,050,900 $1,68l,332$125,734,197$124,421,062$1,313,135
Note.
-Dividends on 7% cum. 1st pref. stock have been paid to July 1
-V. 137, p. 4197. 3502.
1931.-V. 137. p. 3502.
Volume 138
Financial Chronicle
(S. H.) Kress & Co.
-December Sales.
1933
-Dec.
-1932.
Increase. I 1933-12 Mos.-1932. Increase.
$11,440,676 $9,327,444 $2,113,232 I $65,018,107 $62,776,949 $2,241,158
-V. 419137, P. 7. 3502.
""la•Kreuger & Toll Co.
-American Trustee Reports Program
on Which Creditors' Groups Agree.
Edward S. Greenbaum, the American trustee in bankruptcy, filed on
Jan. 8 in the U. S. District Court an intermediate report covering the
administration of the estate from Feb. 20 to Dec. 31 1933. This report
gives an outline of the complicated situation in Kreuger & Toll Co.
The principal tangible assets in the hands of the American trustee are
cash of about $88.000 and 60,000 shares of stock of Ohio Match Co. There
Is also furniture from the private office of IvariCreuger, which is to be sold
at auction by the American Art Association-Anderson Galleries Inc., 30
East 57th St., beginning Jan. 11. The other tangible assets are held by the
Marine Midland Trust Co. as trustee for the holders of Kreuger & Toll
secured debentures and by the official court liquidators in Sweden. In
addition, the American trustee has a number of claims and lawsuits involving large amounts. Among these are a claim arising out of the pledge by the
International Match Co. with Bankers Trust Co., National City Bank,
Union Trust Co. of Pittsburgh, &c., of 350.000 shares of stock of the
Diamond Match Co. and a suit for about $4,500,000 against the National
City Co., Guaranty Co.; Clark, Dodge & Co., and the Union Trust Co. of
Pittsburgh.
The report lists other claims and lawsuits of the trustee, including a claim
which has been filed against the estate of Ivar Kreuger for about 625,000,000 Swedish kronen. Large claims have been filed against the International
Match Co. and other companies in the Kreuger group.
In his report Mr. Greenbaum says:
"The rights and liabilities of the various Kreuger companies are inextricably involved. The ultimate determination of these rights by the formal
processes of the courts would be hopelessly protracted and tremendously
expensive." He states that the American creditors' committees of Kreuger
& Toll and International Match Co., realizing these facts, have agreed upon
a policy looking to the attainment of the following objectives:
"The assets of the Kreuger group of companies should. so far as practicable and advisable, be readjusted with a view to creating, through cooperative effort and with strong financial backing, a unified or co-ordinated
agency or agencies so as to afford the greatest possibility of recovering the
losses which have been suffered. Such possibility exists in the earnings of a
successful international match industry and in the restoration of the credit
and currencies of those governments which is sued their obligations and
granted the match concessions which form an essential part of the enterprise.
"In such readjustment, interest in the assets should be allocated on
equitable principles to all creditors in all countries entitled to participate
therein.
"Effort should be made to preserve and enhance the value of the assets
of the Kreuger enterprise and to supplement them by the recovery of such
as have been improperly transferred or dispose of by pledge or otherwise.
"Litigation as between the interests (Including their affiliates and subsidiaries) should so far as possible, and except where necessary to preserve
rights, be averted, and expenditure of money and effort be devoted to constructive effort."
To a000Mnilsh these purposes there has been created an international
committee with Norman H. Davis of the United States as Chairman. The
other members are Hugh Kindersley of England and Jacob Wallenberg of
Sweden. The trustee says that he believes it to be of vital importance to all
creditors that every possible co-operation be given to bring to a successful
conclusion a constructive plan looking towards a reorganization of the
Kreuger companies.
International Committee to Compromise Conflicting Claims
Creditor Bodies Linked-Plan Probable by March 1.
Norman H. Davis, Ambassador-at-Large of the United States, as stated
above,has been appointed head of an international committee to compromise
the conflicting claims of the companies of the late Ivar Kreuger and to make
recommendations for a readjustment in order to protect and conserve the
assets of these companies.
Although the protective committees will retain their separate entities,
they have appointed "an informal joint committee" to co-operate with the
committee of which Mr. Davis is Chairman. A technical sub-committee,
familiar with the affairs of the various ICreuger enterprises, is at work on
Plans for solving the difficulties of the companies and it is expected that the
preparatory work of this committee will be finished by March 1.
Mr. Davis accepted the chairmanship of the international committee on
condition that, insofar as his work on disarmament may require attention,
it shall have precedence. George 0. May of New York, consequently
was invited and has agreed to act as Mr. Davis's alternate, if and when
necessary. On Nov. 21 a leave of absence was granted to Mr. Davis by the
Government.
When the international committee believes a definite and satisfactory
plan of reorganization can be formulated, a reorganization committee or
committees will be constituted "to develop the situation to a definite result
and to promulgate a plan or plans for submission to the security holders."
Mr. Davis, in a letter accepting the chairmanship of the
committee, said:
With a view to obtaining a maximum recovery for the many thousands of
investors who unfortunately purchased securities in the so-called Kreuger
companies, the protective committee for the International Match and
Kreuger & Toll debenture holders, with the concurrence of the Swedish
Match Co., decided some monthsago to appoint a committee composed of
an American. a Swede and an Englishman to study the situation of the
three Kre'.
for the purpose of formulating and recommending
a plan of adjustment or reorganization.
I was invited to head this committee, but, being unwilling to drop the
work on disarmament on which I was engaged for the Government, I was
unable at that time to give a definite answer. As it was necessary in any
event, however, to prepare certain data which would be required for the
guidance of such a committee in formulating its conclusions and making its
recommendations, a technical organization was set up for this purpose in
the hope that by the time this preparatory work was completed I would
be free to proceed with the proposed task. As the Disarmament Conference
adjourned last Fall until the latter part of this month. I decided, after consultation with the President, to accept the invitation mentioned above
upon three conditions:
First, that my work as Chairman of the American delegation to the
Disarmament Conference shall take precedence; second. that I shall work
on the Kreuger matter only when disarmament does not require my attention and when I am specifically granted leave of absence by the Secretary
of State and am receiving no compensation from the Government; and,
third, that some one be designated to collaborate with me in the Kreuger
work and to act as my alternate if and when necessary.
A joint announcement issued by J. C. Traphagen, Chairman of the debenture protective committee of the International Match Corp.; George S. Silzer, Chairman of the
independent debenture-holders' committee of International
Match; Grayson M. Murphy, Chairman of the protective
-P.
committee of 5% debentures of Kreuger & Toll, and Bainbridge Colby, Chairman of the independent protective committee for secured debentures of Kreuger & Toll, follows
in part:
The American protective committees for the International Match Corp.
debentures and the Kreuger & Toll secured debentures,representing between
them a substantial majority of both issues, have for some time past been
considering a procedure which would promote a constructive and equitable
readjustment of the affairs of the Kreuger group of companies. It was felt
particularly important to avoid the enormous expenditure of time and
money incident to settling through litigation the infinite variety of intercompany claims created by the fraudulent practices of Ivar Kreuger over
a number of years.
Last Spring the four American ;protective committees concerned agreed
to a declaration of policy designed to realize the foregoing results. This
contemplated, among other things, a common study of the situation with
a view of providing a factual basis for a plan of reorganization and meanwhile a suspension of litigation as between their interests except such as
might be necessary to establish and preserve rights.
335
The Swedish Match Co. was invited to adhere to the foregoing program
and after consideration agreed to join in this procedure.
In the development of the foregoing program there was established and is
to-day actually functioning a technical committee, composed of persons
particularly familiar with the affairs of the International Match corp. the
Kreuger & Toll Co. and the Swedish Match Co. It is contemplated that
the preparatory work of this technical committee will be finished by March
1 1934.
It has been felt that the factual reports now being prepared by this
technical committee could be most advantageously utilized if studied and
built into some concrete program of reorganization or reconciliation and
readjustment by a small committee composed of persons of outstanding
reputation and authority and who, while representing the point of view of
the principal national groups of creditors involved, would themselves be
Independent of actual matters of controversy.
This conclusion led to the selection of Messrs. Davis,
Kindersley and Wallenberg.
In a letter to the holders of the 5% secured sinking fund
gold debenture holders of Kreuger & Toll, Mr. Murphy,
Chairman of this committee, wrote:
In the interim report of this committee dated Sept. 1 1933, reference
was made to a declaration ofcommon policy entered into last Spring between
this committee and the protective committee of which Mr. Colby is Chairman representing 5% secured debentures of Kreuger & Toll Co. and the
International Match Corp. debenture holders protective committees
which, among other things, looked toward the possibility of readjusting
the assets of the Kreuger group with a view to creating a unified or coordinated agency, interests in which would be allocated on equitable principles among the creditors and other security holders entitled to participate
therein.
If the expenses of the reconstruction work involved and now under way
were assumed by the protective committees alone, a heavy burden would be
thrown upon deposited debentures and this committee and the protective
committee for International Match Corp. debentures, of which Mr. Traphagen is chairman, laid this phase of the situation before the American
banking houses which issued the Kreuger & Toll Co.secured debentures and
the International Match Corp. debentures, and certain of them have provided these two committees with funds sufficient to cover a substantial
portion of the expenses involved. These funds are under the unrestricted
control of these two committees and have been provided for this purpose
without conditions, restrictions or reservations of any kind. The Swedish
Match Corp. has also agreed to assume a part of the expenses.
-V. 137.
p. 4537.
-December Sales Up.Kroger Grocery & Baking Co.
-4 Weeks Ended- -52 Weeks Ended
Dec. 30 '33. Jan. 2'33. Dec. 30 '33. Jan. 2 '33.
Period$16,919,801 $16,139,806 205,688,214 213,159,743
Sales
The average number of stores in operation for the four weeks ended
Dec. 30 1933 was 4,407 as against 4,744 for the same period of 1932.V. 137, p. 4197.
-December Sales Increased.
Lane Bryant, Inc.
-1932.
-Dec.
1933
$955,337 $898,066
-V. 137, p. 4197, 3502.
Increase. I 1933-12 Mos.-1932.
$57,271 1111,277.273 $11,605.335
Decrease.
$328,062
-20% Payment to Creditors.
(Louis K.) Liggett Co.
Trustees of the company have made a payment of 20% to allowed claims
of creditors involving approximately $421,000. This payment was made
from funds in the estate before the sale to the United Drug Co.for $7,300,000
and assumption of trustees liabilities. Further payments must wait upon
confirmation of the sale, which was approved by Referee John E. Joyce and
also upon decision of the 13. S. Supreme Court on the claims of landlords
for future rents when leases are rejected by a trustee in bankruptcy.
Some landlords of the Liggett stores, whose leases were rejected, filed
claims for future rents due under the leases. These claims were rejected
by the trustee. The Supreme Court is now hearing two cases involving
-V. 138, P• 158.
the question of claims of landlords to future rents.
-New Treasurer, &c.
(R. H.) Macy & Co., Inc.
The company on Jan. 8 announced the forthcoming retirement of
Oswald W. Knauth, Treasurer,from active participation in the business
of the store. The date of his retirement has not been determined. He
retains his membership in the board of directors and will continue to serve
on the executive committee.
On March 1, Beardsley Ruml, dean of the Division of Social Sciences of
the University of Chicago, will assume the duties of Treasurer of Macy's.
succeeding Mr. Knauth. Mr. Ruml will also become a director and
member of the executive committee.
The administrative board of Macy's will cease to function as such, and
Its duties will be assumed by the executive committee, composed of Percy
S. Straus, President; Edwin I. Marks, Jack I. Straus, and Delos Walker,
Vice-Presidents; Beardsley Ruml, Treasurer; Ralph I. Straus, Secretary.
Donald K. David, and Oswald W. Knauth, Directors, with Q. F. Walker
-V. 136, P• 3357.
as Secretary of the committee.
-To Reduce Capital Stock.
Manhattan Shirt Co.
The company has notified the New York Stock Exchange that the
shahorized common stock will be reduced from 300.000 shares to 230,000
autres
Balance Sheet Nov. 30.
1932.
1933.
1932.
1933.
Liabtlftlea-$
$
Assets647.354 Corn.stk.(par $25) 5,640,572 6.144,747
:Land, plants, &c.• 656,848
Good-will,pats.,&c 5,000,000 5,000,000 Accts. payable dr
62,528
accr.liabilities_ _ 107,881
869,029
611,756
Cash
37,370
Market. securs _ _ _ 688,718 1,066,774 Tax provision_ _ _ _ 132,145
100,000
9,761 Conting. res., &c. 100,000
10,807
Accr. Int. receiv_.
380,897
88,110 Capital surplus_ _ _ 671,162
96,700
Mtges. on real est_
Earned surplus_ _ _ 3,658,207 3,403,047
y Accounts & notes
770,580
receivable, &c_ _ 918,255
1,982,122 1,288,760
Inventories
323,737
. 315,205
Empl.stock acct_
38,375
7,286
Sundry investm'ts
26,072
20,267
Deferred charges._
10,307,968 10,128,591
Total
10,307,968 10,128,591
Total
x After depreciation. y After reserve for doubtful accounts of $74,338 in 1933 and $50,020 in 1932.
Our usual comparative income statement for the year ended Nov. 30.
was published in V. 138, P. 158.
-Earnings.
(B.) Manischewitz Co. (& Subs.).
Earnings for Year Ended July 31 1933.
Gross profit
Other income
$442.745
8,780
Total income
General, administrative and selling expenses
$451,525
455,208
Net loss
$3,682
Consolidated Balance Sheet July 31 1933.
Assets
LlabfiUiesFixed assets
$1,019,755 Preferred stock
8127,300
Cash
53,175 x Common stock
371,506
Customers accounts and notes
Notes payable banks
50.000
receivable
97,004 Accounts and expense payable
23,907
Merchandise inventory
46,475 Mortgage installment payable
15,000
Cash surrender value life inReal estate mortgage
45.000
surance policies
10,334 Surplus arising from appreciaSundry accounts receivable
717 tion of fixed assets
185,653
Other assets
72,589 Earned surplus
513,881
Deferred charges
32,197
Total
$1,332,247
Total
x Represented by 53,072 no par shares.
-V. 136. 1). 3357.
$1,332,247
336
Financial Chronicle
(I.) Magnin & Co.
-Resumes Common Dividend.
The directors have declared a dividend of 10 cents per share on the
common stock, no par value, payable Jan. 15 to holders of record Jan. 10.
A quarterly distribution of 12% cents per share was made on this issue on
April 15 1932; none since. This compared with 20 cents per share paid
on Oct. 15 1931 and on Jan. 15 1932 and 373 cents per share each quarter
from April 15 1929 to and incl. July 15 1931.
The directors have also declared four regular quarterly dividends of
$1.50 per share on the pref. stock, payable Feb. 15, May 15, Aug. 15
and Nov. 15 1934 to holders of record Feb. 5, May 5, Aug. 5 and Nov. 5,
1934, respectively.
-V. 136, p. 2623.
Maytag Co.
-S1.50 Preferred Dividend on Account of
Accumulations.
The directors on Jan.6 declared a dividend of $1.50 per share on account
of accumulations on the $6 cum. 1st pref. stock, no par value, payable
Feb. 1 to holders of record Jan. 15. A similar distribution was made on this
issue on Nov. 1 last, the first payment made since May 1 1932. Accruals
on the pref, stock, after the above disbursement, will amount to $7.50
per share.- V. 137. p. 4707.
Co.-Additional Stock Listed.-Rightor-trc.c.-
The New York Stock Exchange has authorized the listing of 240,000
additional shares of common stock (par $1) on official notice of issuance on
the exercise of rights by stockholders or on conversion of first mortgage
serial gold bonds, due March 1 1934, into such common stock under the
plan for extension of its bonds for a period of five years, making the total
amount applied for 560,000 shares.
Stockholders of record Jan. 16 will be given the right to subscribe to
additional stock at $12.50 per share at the rate of 3 additional shares for
each 4 shares held. Susbscriptions for the stock will be payable in cash
In full at or before 3 o'clock p.in. on Feb. 9 1934 in New York funds at
Guaranty Trust Co., 140 Broadway, New York.
For details regarding proposal to extend bonds see V. 137, p. 4199.
Comparative Balance Sheet,
Sept. 30'33. Dec. 3132.
Sept. 30'33. Dec. 3132
Assets
x Land, bldgs., maCumul. 7% pref.
chinery, &c_ _ 6,929,699 7,056,049
stock
3,360,300 3,360,300
y Timberlands and
316,248
Com.stock (par $1) 316,396
timber
1.127.224 1,154,183 Common stock to
Cash
506,764
be issued for $100
665,777
Notes and accounts
ells. still outreceivable
standing
3,604
3,752
520,125
311,781
Inventories
3,329,263 3,242,191 First mtge. bonds
Invest, and other
due March 1 1934 2,958,600 2,958,600
assets
608,426
509,250 Notes payable_ 375,000
Mengel Co., pref.
118,466
Accounts payable_ 342,157
stock in treasury
27,381
28,864 Accrued taxes, int.,
Mengel Mahogany
75,322
109,977
dte
Logging Co., ac884
1,423
Deferred income
count
56,866
274.959
277,221 Insurance reserves
58,232
Deferred charges
75,259
80,133 Reserve for con110,322
123.795
tingencies, &c
1,838
3,878
Minority interest_
8,384,431 8,385,709
C.,pital surplus
Deficit from opera2,601,479 2,102,114
tions, &c
Total
13.399.080 13,323,449
13,399,080 13,323,449
Total
x After depreciation. y After depletion.
-V. 138, p. 159.
"'Metals Equities, Inc.
-Stock Offered.-National Associated Dealers, Inc., is offering publicly for the first time
capital stock of this company, incorporated June 25 1928
in Delaware and which up to the present time has been
virtually a closed corporation.
The company has been engaged since its formation in buying, selling
and investing in stocks and securities of corporations, particularly those
producing and processing metals. The capital stock which has been registered under the new Securities Act, provides a means of diversifying investments in metal industries in different parts of the world. The corporation
Is prohibited by its certificate of incorporation from buying on margin or
from pledging its assets for bank loans, except temporary loans arising in
the ordinary course of business.
The corporation's portfolio as of Oct. 31 1933 consisted of common stock
of the following corporations:
Alaska Juneau Gold Mining Co.
Macama Mines, Ltd.
Base Metals Mining Corp.,Ltd.
Noranda Mines, Ltd.
Burma Corp., Ltd.
Teck-Hughes Gold Mines, Ltd.
Cusi Mexicana Mining Co.
U.S. Smelting, Refining & Mining Co.
Dome Mines, Ltd.
Wright Hargreaves Mines, Ltd.
.
Federal Mining & Smelting Co.
East Geduld Mines. Ltd.
Homestake Mining Co.
St. John del Rey Mining Co., Ltd.
Hudson Bay Mining & Smelting Co. Randfontein Estates Gold Mining Co.
Lake Shore Mines, Ltd.
During the calendar year 1933 the net asset value per share of Metals
Equities, Inc. increased from 57 cents a share to $1.63 a share.
The total amount of the corporation's shares to be offered from time
to time is not to exceed, in the aggregate of such offerings, $10,000,000,
computed at the public offering price. The authorized capital of the
company consists of 5,000.000 shares of the par value of $1 per share, all
of one class and having equal rights as to voting and dividends. As of
Nov.8 1933 there were outstanding 110,640 shares which are held by such
men as Robert C. Stanley, Pres. International Nickel Co. of Can.. Ltd;
Louis S. Cates, Pres., Phelps Dodge Corp., and James y. Murdock. Pres.,
Noranda Mines, Ltd.
C. Walter Nichols, Chairman of Nichols Copper Co. is President and
and chief executive. Other directors are Beg Holladay, oir Holladay & Co.;
Henry B. Van Sinderen, Vice-Pres. of C. Tennant Sons & Co., New York;
Harry C. Dudley, Pres. CUM Mexicans Mining Co., and George H. Richards. member of the firm of Reynolds, Richards & McCutcheon, lawyers,
New York.
"Meyer-Blanke Co., St. Louis.
-Pays $10.50 Accumulated
Dividend.
10 The directors have declared a dividend of $10.50 per share on account
of accumulations on the 7% cumul. pref. stock, par $100, payable Jan. 18
to holders of record Jan. 8.
Quarterly distributions of $1.75 per share had been made on this issue
to and incl. Jan. 1 1932; none since.
-V.134, p. 1593.
'Minnesota & Ontario Paper Co. 'ourt Asked to Remove
Receivers-Loss to Management Charged.
'
'1Edvrard W.Backus,of Minneapolis,filed But an.9 in the United States
District Court at Minneapolis asking the removal of R. H. M. Robinson
and C. T. Jaffrey as receivers.
isa The company has been in receivership since Feb. 1931. Mr. Backus in
, his action charged the receivers' administration had resulted in a $12,1 012.570 loss. He declares the company is worth more than $100,000,000.
Among the losses charged by Mr. Backus to the receivers were $1,718,570
listed as an investment loss on sale of "The Memphis Commercial Appeal"
and $125,000 in settling for $50,000 the $176,000 account of the Interneti al Paper Co. of New York.
Aske-Bondholders' AidAin right for Company)-
. W. Backus has sent letters to bbndholders of the compa y asking
their aid in a fight launched by him to regain control of the company. The
letter followed a petition filed asking for removal of receivers. Mr. Backus
declares in the letter he was misled by bankers when he voluntarily resigned
as a receiver. He declares he is striving to rehabilitate the organization,
which had been his life's work.
-V.137, p. 1948.
" "Thfodine Mfg. Co., Racine, Wis.-Resumes Dividend.--, A dividend of 15 cents per share has been declared on the common stock.
no par value, payable Feb. 1 to holders of record Jan. 20.
From May 1 1932 to and incl. Feb.1 1933 quarterly distributions of the
above amount were made on the common stock, none since.
-V. 136.
p.2624.
Ian. 13 1934
Mohawk Investment Corp.
-Dividend Dates.
It Is reported that the liquidating dividend of $38 39 per share which was
recently declared on the no par value common stock was payableiDec. 29
1933 to holders of record Dec. 20 1933.-V. 138. p. 159.1
Montgomery Warcli& Co.-Deceotber
Sales for Montgand 11 Months Ended Dec. 31.
1933
-Month-1932.
Increase. I 1933-11 Mos.-1932. Increase.
325,021,715 $21.055.13 33,966.58213182,820,093 3168041.185 $14778908
-V.137, p. 4199.
(John) Morrell & Co., Inc.
-Earnings.
Years EndedOct. 28 '33. Oct. 29 '32. Oct. 31 '31.'/Vov.'11.
•
30.
a Net sales
$46,033,473 $46,492,757 $67,980,908 $88,169,488
b Operating profit
2,577,884
1,246,204
1,690,489
2,976,225
Depreciation
503,136
502,654
477,359
457,019
Federal capital stock tax
and local taxes
226,050
Interest
33,578
33,834
88,800
193,317
Federal taxes
288,525
289,615
179,892
304,000
d Exchange loss
273,166
Loss on operations of
English subsidiaries
117,499
Net profits
Dividends
$1.409,095
775,360
$420,101
974,400
$671,271 $2,021.889
c1.480,000
1,680.000
Surplus
$633,735 def$554,299 def$808,729
$341,889
Shs. of corn. stk. outst'g
(no par)
390,960
386.150
392,750
400.000
Earnings per share
$3.60
$1.08
$1.71
$5.05
a American companies only. b Operating profit of all American companies (but including miscellaneous income, which in 1933 amounted to
$171,802) after expenses, including repairs and maintenance of properties.
c Amount estimated, inserted by Editor. d Arising from conversion of net
current assets of fareign companies into United States currency.
Consolidated Balance Sheet.
Oct. 28'33. Oct.29'32.
Oct. 28'33. Oct.29'32.
LiabilitiesAssets$
$
8
$
356,061
Cash
1,923,608 1,030,625 Accounts payable_ 601,774
1,060,281 1,687,342 Other accts. pay__
98,707
yMarketable sec
Sund. dep. & loan
Bankers' accept. dr
737,550
564,884
short term notes
accounts
Accruals
219,772
221,575
matured before
978,052 Insurance reserves
Feb. 1933
68,415
52,905
Prey,for Fed,floor
Cash surf. val. life
223,397
tax on floor prod 227,236
interest
Notes & accts.rec_ 2.706,757 2,263,975 Income tax reserve 302,250
176,696
23,808 Reserves
17,262
054,874
265,625
Claims
5,427,447 3,543,097 xCa Malstock__ _15,303,130 15,078,403
.
Inventories
118,132 Initial surplus_ _ _ _ 1,858,018 1,858,018
Invest.& advances 373.234
Capital assets__ _10,276,130 10,046,601 Profit & loss surp_ 1,956,910 1,323,175
145,211
141,018
Deferred charges
Total
21,929,929 19.996,048
21,929,929 19,998,048
Total
x Represented by 389,960 no par shares in 1932 and 386.150 shares in
-V. 135, p. 4394.
plus accrued interest.
1931. y At cost
-Earnings.
(J. K.) Mosser Leather Corp.
Years EndedOct. 28 '33. yOct. 29 '33. Jan. 3 '31. Dec. 28 '29.
Oper, profit before deducting deprec. & int_ $3.975,547 x$860,454 x$1,103.497
42,918
286,968
370,172
Depreciation
348.111
361,854
Interest charges
159,033
198,147
397.067
413,657
Federal income tax
387,392
Net profit
$3,081.012 x$1.345,568 x$1,870,736 x$778,429
Earnings per share on
Nil
Nil
592,857 shs. cap.stk_ _
$5.20
Nil
x Loss or deficit. y Report for 10 months ended Oct. 291933.
Consolidated Balance Sheet.
Oct.28'33. Oct. 2932.
Oct. 28'33. Oct. 29'32.
LiabilitiesAssets$
$
$
3
639,037 Accounts payable. 798,060
Cash
1,312,673
218,197
73,813
Accts.receivable_ _ 1,480,630 1,254,287 Armour & Co.accts
9,852 Funded debt
2,436,500 3,561,500
Notes receivable
9,790
5,962 xCapital stock__ _17,994,714 17,994,714
Armour curr. acct9,574,203 8,296,179 Surplus
1,943,755 df1,137,256
Inventories
4,677,553 3,881,016
Investments
y8,056,952 20,637,155
Fixed assets
211,671
135,042
Deferred charges
23,246,844 20,637,155
Total
23,246,844 20,637,155
Total
x Represented by 592.857 shares of no par value. y After deducting
reserve for depreciation of 34,576,538.-V. 137. p. 3848.
-December Sales.
(G. C.) Murphy Co.
Increase. I 1933-12 Mos.-1932. Increase.
--1932.
1933
-Dec.
$736,0311$21,844,896 $18,497,004 $3,347,892
$3,590,687 $2,854,656
-V. 137, p. 4199. 3503.
-Earnings.Nash Motors Co.
Years Ended Nov.30-1933.
Net inc. after all charges
loss$1,188.863
and taxes
Earns, per sh. on 2,730.000 shares coin, stock
Nil
(no par)
-V. 137, p.4022.
1932.
1931.
1930.
31,029,552
$4,807,681
$7.601,164
$0.39
$1.76
$2.78
-10
-Cent Div.
National Liberty Ins. Co. of America.
-The directors have declared a dividend of 10 cents per share on the
capital stock, par $2, payable Feb. 10 to holders of record Feb. 1. A like
-V. 137, p. 2817.
amount was paid on Feb. 20 and on Aug. 21 last year.
-Dividends Earned.
National Sugar Refining Co.
President James H.Post at the annual meeting held this week announced
that the $2 annual dividend was earned in 1933 with a margin to spare.
-V. 137, p. 3503.
-December Sales.(J. J.) Newberry Co., Inc.
-1932
.
1933
-Dec.
$6,066,047 $5.390,536
-V. 137, 4199.
3- 3 9
Ina5 511
e ,
19 4 1 8 s3 . 196 . ./ cr , 9
13 1
1
3 crease.1536.3 42 2 Mos. 21 8 2 $2 n2 ease
.0 2 u.
-Earnings.-1931.
National Investors Corp.
Year Ended Dec. 31Management fees rec.
Inte es
fr mtaffiliated cos.._ _
1933.
1932.
$173,177
3,316
29,074
$205,568
$163,381
6,801
27,758
$197,941
1930.
$243:26 3
539,9135
6
3
Cash dividends
Total income
$288,811
Compensation of officers
73,376
79,366
and employees
99,600
15,988
10,184
Rent
11.124
20,273
63,145
Miscellaneous expenses_
18.224
18,287
8,743
Transfer agents, &c.fees
7,181
2,950
New York State taxes....
44,609
1,000
Federal excise tax
1,111
5.632
Federal income tax
360,02/
Net profit
$78.780
$72,713
Preferred dividends
81.719
$60,027
Profit
def$2,937
$72,713
Security Profits Account Year Ended Dec. 311933.
Loss realized on sale of securities, based on average cost
Decrease in excess of cost over market value of
Investments in stocks of affiliated companies
Common stocks (including U. S. Government obligations at
Dec. 31 1932)
Total decrease in unrealized loss
$344 57
2 :07
9 6
3
10,591
$3384,239
120,956
87,782'
18,035
13,339
8,141
$135,986
40,859
$95.127
$34,509
$5,606
115,333
$109,727
Volume 138
Financial Chronicle
Change in Net Assets Year Ended Dec. 31 1933.
Net assets, market value-Dec.31 1932*
Increase for period before dividends:
Net income
Surplus credit arising from cancellation of accrued
liability on manager's contract
Realized loss on sale of securities
Realized loss on sale of treasury stock
Increase in unrealized loss on investments in affiliated companies
Decrease in unrealized loss on common stocks and
United States Government obligations
Cash received on exercise of warrants for common
stock
Total
Dividends on preferred stock
Per Sh.
Total.
Pref. Stk.
$1,122,482 $75.55
$78,780
$520
19,310
Dr34,509
Dr21
1.30
2.32
Dr5,606
.38
115,333
7.76
833
06
$174,121
81.719
$11.72
5.50
Increase for period, after dividends
$6.22
$92,402
Net assets, market value Dec. 31 1933*
$1,214,884 $81.77
x Excluding treasury stock and including investments in purchase
warrants for common stocks of affiliated companies at nominal value of $1.
Balance Sheet Dec. 31.
Assets1933.
Liabilities1932.
1933.
1932.
Inv. in stocks and
Accrued expenses_
$800
$20,965
porch. warrs. of
Prov. for N. Y.
affil. companies_ b$479,342 a$4745,474
State taxes
4,900
2,500
Cash
218,272
317,287 Prov. for Federal
Notes of General
income tax
5,700
Motors accept.
Prov. for Federal
Corp. and Univ.
excise tax
500
Credit Corp.__ c50,000
175,000 Unearned interest_
19
U. S. Govt. oblIg_
f14,858 e1,485,800
75,203 Preferred stock
Divs. receivable__
11,531
9,095 tCommon stock
792,5191
Corn.stk. of corp. 467,656
463,000 Paid in surplus
4,082,0421 3,865,807
Other Inv.at costdI82,475 Security profits sur dt3735674
Income surplus
61,139
592,462
Total
$1,226,804 $5,967,534
81,226,803 $5,967,534
Total
a At cost, market value at Dec. 31 1932 was $484,947. The purchase
warrants are not listed. b At market value. The cost was $4,745,744;
warrants aro carried at nominal value of $1. c Note of Universal Credit
Corp. only. d Market value Dec. 31 1932, $84,125. e Par value $100.
f $1 par value stock.
Adds Three Directors.
-
Because six of its ten directors are also directors or officers of banks and
oecause it has not yet been aole to obtain an official ruling as to their
eligibility to retain those positions under the Banking Act, the National
Investors Corp. and its three affiliated investment trusts have elected three
new members to their boards to insure the existence of a quorum.
The ruling sought is whether that section of the Banking Act which
forbids officers or directors or employees of banks from being associated
with a business primarily engaged in purchasing,selling or negotiating securities applies to investment trusts.
New members elected are Alger Sheldon of Detroit and James A. Fowler.
Jr., a partner, and Frederick M.Eaton. an associate, of Cotton, Franklin,
Wright & Gordon, counsel for the trusts. They have been elected, according to Fred Y. Presley, President, "for the interim period, until their
successors are elected,
"
Directors of the trusts who are associated with banks are: Henry E.
Bodman,a director of the National Bank of Detroit;Paul C.Cabot,director
of the National Shawmut Bank of Boston; Charles H.Diefendorf, Executive
Vice-President of the Marine Trust Co. of Buffalo; Walter S. McLucas.
President of the National Bank of Detroit; George F. Rand, President of
the Marine Trust Co. of Buffalo; B. A. Tompkins, Vice-President of the
Bankers Trust Co.
George Murnane, who is also a director of the four companies, recently
retired as a director of the Bankers Trust Co. He, with Messrs.
Cabot and Tompkins, is also a member of the four executive committees.
Mr. Presley's statement says in part:
"Thus far this corporation has been unable to obtain an official ruling
under the Banking Act of 1933 concerning the continued eligibility of officer
and directors of banking institutions which are members of the Federal
Reserve System, now serving on the boards of investment trusts. In view
of thiA situation, it was deemed advisable to elect three new directors to
the board of this corporation who are not officers or directors of banking
institutions in order to assure the legal minimum number of directors for
purposes of a QUOr1.1M."-V. 138.p. 159.
rApnduras Rosario Mining Co.
-Extra
Dividend
tors on Jan.9 declared an extra dividend
of 75 ce
per share on the capital stock, par $10,in addition
to the usual quarterly dividend of 25 cents per share, both
payable Jan. 30 to holders of record Jan. 20. Like amounts
were distributed on Oct. 30 last. The company on Dec. 29
1933 Also paid a special dividend of 50 cents per share.
V. 137, p. 4370.
New York & Foreign Investing Corp.
-Tenders.
-
The New York & Foreign Investing Corporation, Paul F. Schucker,
President of the company invites tenders for the sale and delivery, at prices
not above 80% and accrued int., of a sufficient amount of 20
gold debentures, series A. due Dec. 1 1948 to invest $250.000-year 534%
of
poration's funds. Such tenders must be in writing, must state the the corof debentures proposed to be sold and the price at which the amount
same are
tendered for sale.
All such tenders must be received at the office of the President, 15 Exchange Place, Jersey City, N. S. before noon, Jan. 31 1934. Payment
for debentures accepted will be made on Feb. 6 1934, against delivery to
Commercial Trust Co. of New Jersey, Jersey City.
Annual Report.-President Schucker, in a letter to stockholders, states:
Corporation's foreign investments are still mainly in loans (secured by
mortgages on improved real estate) to two chain department store companies
in Germany and in shares of one of those companies. These investments,
which amounted originally to $6,731,141, have now been reduced to
$4.385.614.
Up to July 1 1933, Leonhard Tietz 'A.G., Cologne (now Westdeutsche
Kaufhof Akt. Ges.), paid, when due, the interest and instalments of principal on its two loans, and Rudolph Karstadt A.G., Hamburg, paid, when
due, the interest on its loan. In accordance with the moratorium decree
of the German Government, Westdeutsche Kaufhof Akt. Ges, has, since
that date, paid the interest on its two loans and the instalments of principal,
as they respectively matured, to the Konversionskasse, Berlin, in Reichsmarks, and Rudolph Karstadt A.G. has paid the interest on its loan to the
• Konversionskasse in Reichsmarks. The Konversionskasse has remitted to
the corporation in respect ofsuch interest payments 50% in dollars and
50%
in its Reichsmark certificates, which have been sold and the net prods
Included in the corporation's income statement. The Reichsmark amounts
paid to the Konversionskasse by Westdeutsche Kaufhof Akt. Gas., in
respect of instalments of principal, have been credited to the corporation in a
"blocked" account, but have not been included in the balance sheet as
an asset, nor has the dollar equivalent been deducted from the amount
of the loan. Rudolph Karstadt A.G. has made no payments during the
year on account of the past due principal of its loan.
The corporation has protested these payments as not being in accordance
with the loan contracts and has informed the two debtor companies that the
payments in Reichsmarks are not considered as satisfying their obligations.
The vendors, who, by agreement, were to repuochase the corporation's
Investment in shares of Leonhard Vets A.G., Cologne (now Westdeutsche
Kaufhof Akt. Ges.), at cost plus a premium, on or before Jan. 30 1934,
have informed the corporation that they will be unable to fulfill the terms
of the agreement. In this regard, the corporation proposes to take steps
to protect its interests...
!
•--
337
The corporation has purchased during the year $540,000 20
5;i%
gold debentures, series A. which have been cancelled, leaving yeas'
$1.223.0W
debentures outstanding of the original Issue of $6,000,000.
Earnings for Calendar Years.
1932.
1933.
Interest..__,.
$355,456
$236,977
Dividends
21,287
2,625
Premium on Leonhard Tietz A.G. shares
13,406
1,117
Totalincome
Debenture discount and expenses
Interest on debentures, paid and accrued
Miscellaneous expenses (incl. capital stock tax)..
$240,719
77,041
20,895
$390.151
12,477
109,913
16,788
Operating income
Net loss on sales of securities
$142,784
5,751
$250.971
2,093
Balance
Provision for Federal income tax
$137,033
29,250
$248.879
• 53,000
Net income for the year
Aggregate depreciation on bonds and other stocks:
As at Dec. 31 1932
As at Dec.31 1933
$107,783
$195,879
$106,278
87.015
Decrease in depreciation
Balance Sheet, Dec. 31.
Assets1933.
Cash in bank
$387,981
U. S. Treasury certificates at cost
100,344
New York State notes at cost
50,000
Secured foreign mtge.loans at cost (see table below) x3,949,910
Other investments:
1,410.000 reichmarks par value Leonhard Pieta
A.G., Cologne (now Westdeutsche Kaufhof
Akt. Gee.) common stock at cost which the
vendors were to repurchase at cost plus premiums, on or before Jan. 30 1934, under
agreement.
435,704
b Bonds & other stocks at cost
209,210
Accrued interest receivable
699
Dividends declared not yet received
Accrued premiums receivable
Debenture discount and expenses
Total
Liabilities
Accrued interest on debentures
Reserve for F
20-yr. 54% gold dabs., ser. A, due Dec. 1 1948
(with subscrip. warr. for 6,115 shs, of corn. stk.)
Preferred stock
-6;4% cumulative ($100 par)-_ Common stock and surplus
$19.263
1932.
$120,344
336,984
a175,494
4.051,289
435,704
254.123
55,318
313
12.289
173.979
$5.133,849 $5.615.838
$5,605
31,881
1,223,000
2,749.100
c1,124,262
$
RI
1,763,000
2,749,100
1,043.286
Total
$5,133,849 $5,615.838
a Includes State, county and municipal notes. b Market value Dec.
31 1933, $122,195 against $147,845 Dec. 31 1932. c Common stock
(75.000 shares no par) and surplus incl, capital and capital surplus of
$544,505; as of Dec. 31 1932, $1,043,286; net income for 1933. $107,783:
surplus arising in 1933 from purchase and cancellation of debs. $147,172;
total, $1,298,241, less debenture discount and expense written of $173,988.
x Foreign Loans Secured By Mortgages on Improved Real Estate.
Face Amount
Outstanding.
Cost.
-year loan (originally $3,500.000) to .
$3.206,358.13 634% 25
Leonhard Tietz A.G., Cologne (now West
deutsche Kaufhof Akt. Gee.), repayable at par
in whole or in part on or after Oct. 13 1933;
quarterly cumulative sinking fund calculated to
repay entire loan by Oct. 13 1953 (1929, 1930,
1931, 1932 and two 1933 instalments have been
paid in full in dollars. In respect of the two
1933 instalments due subsequent to July 1 1933,
a total of RM. 110.274.69 is on deposit to the
credit of the corporation in a "blocked" account
In the Konversionskasse, Berlin)
$2,952,625
766,667.00 7% serial loan to Leonhard Tietz A.G.,
Cologne(now Westdeutsche Kaufhof Akt.Ges.)
.
Originally $1,150,000 due in ten equal annual
Instalments to June 20 1939; the 1930 and 1931
Instalments of $115,000 each werevpaid. After
negotiations with the German Government's
foreign exchange authorities,the terms ofrepayment were amended and the unpaid balance of
$920,000 was made payable in 12 equal annual
instalments of $76,666.66 each to June 20 1943:
the 1932 and 1933 instalments of $76,666.66
have been paid
707.574
304.251 7% serial loan to Rudolph Karstadt A.G.,
Hamburg. The amount outstanding represents
the last two unpaid quarterly instalments of this
loan which was originally $1,825,502.60,repayable in 12 quarterly instalments. These instalments were due March 20 and June 20 1932.but
have not yet been paid
289,711
$4,277,275
-V.136. p. 1387.
$3,949.910
New York & Hanseatic Corp.-New Officers.
Dominic W. Rich has been appointed a Vice-President, andiD.William
Rolski an Assistant Treasurer.
-V.138. p. 160.
(The) Nomura Securities Co., Ltd., Osaka, Japan.
Comparative Balance Sheet Nov. 30.1933.
1932.
1933.
1932.
AssetsYen.
Capital callable___ 2,500,000
Gov't securities.. _ 9,562,768
Jap.ext. bonds_ _ 790,714
.
Bonds In foreign
113,256
currency
Municipal bonds__ 6,670.982
Corp. securities__ _ 19,350.250
Soo. In transit.. _ _ 172,219
Bills bought
17,877,015
Bills secured by
collateral
15,036,078
Bank deposits.__ 300,787
Suspense acct. Pd.
57,034
Guaranty fund in
Stock Exchange
32,260
Premises, bldg., &
furniture
1,438,534
Cash on hand_ _ ., _
34,913
Yen.
Yen.
LiabilitiesYen.
3,750,000 Authorised capita1.10,000,000 10,008,000
1,650,000 1,240,000
7,061,458 Surplus
Reserve for empl.
••
1
205,442
147,630
retirement
16,006,690 14,591,317
2,785,455 Bills sold
258,689 Money borrowed A3,228,572 19,240,907
5,196,445 Suspense acct. rec_ 1,662,513 1,428,139
558,733 Interest payable_ _
43,916
26.886
14,591,317 Balance brt. toed
217,782
from last term__ 238.367
10,447,742 Net profit
901.313
506,522
1,072.500
440,420
52,031
1,153.109
31,295
Total
73,936,811 47,399,194
73,936,811 47,399.194
Total
Rate of exchange: 1 yen Is approximately 4934 cents.
-V.137.P.1064.
Northern Securities Co.
-Increases Dividend Rate.
-
The directors on Jan. 8 declared a semi-annual dividend of $3 per share
on the capital stock, par $100, payable Jan. 30 to holders of record Jan. 15.
This compares with $2 per share paid on Nov. 1 last, $2.50 per share on
Jan.9 1933. $3 per share on July 9 1932 and $4.50 per share each six months
from Jan. 10 1928 to and incl. Jan. 9 1932.-V. 137, P.2472
North German Lloyd (Norddeutscher Llo- - - -yd) (Bremen).-Listing of Certificates of_D_eposit for 20-Year 63,
o.The New York Stock Exchange has authorized the listing of- certificates
of deposit for $16,926,500 20
-year 6% sinking fund gold bonds, due Nov.1
1047, cn official notice of issuance. The certificates of deposit will be
Financial Chronicle
338
Issued through Chemical Bank & Trust Co., New York, depositary, under
the term of a plan of readjustment dated Dec. 4 1933. See further details
in V. 137. p. 4708.
-------North Star Oil, Ltd.
-Defers Dividend.
Jan. 13 1934
apparently proceeded "on the theory that the all-important thing was to
have the trustees elected and to postpone a test of their qualifications."
"Such procedure," he wrote,"betrays a lack ofappreciation of duty under
-V. 138. P. 160.
General Order 13 to approve trustees."
The directors recently decided to defer the quarterly dividend due Jan." (J. C.) Penney Co., Inc.
-The di-Extra Distribution.
--2 1934 on the 7% cum. pref. stock, par $5. The last regular quarterly
rectors on Jan. 9 declared an extra dividend of $1 per share
distribution of 8N, cents per share was made on this issue on Oct. 2 1933.
-V.137. p.3337.
on the common stock, no par value, payable Jan. 30 to
-Northwestern Improvement Co. Re1ultzA Dividend.
-
The company, all of whose $24,800,000 outstanding "Capital stock is
owned by the Northern Pacific By., has declared a special dividend of
$4.000.000 in addition to the regular annual dividend of 4% (amounting
to $992,000). In December 1932 this company paid a special dividend
of $5,600,000 in addition to the usual annual payment of S992,000 and in
December 1931 a special distribution of $5,000,000 was made.
The extra dividend of $4,000,000 amounts practically to the cancellation
of debts owed by the Northern Pacific By. to the Northwestern Improvement Co.
---Oahu Sugar Co., Ltd.
-Larger Dividends.
The directors have declared monthly dividends of 10 cents per share on
the common stock, par $20,payable Jan. 15,Feb. 15 and March 15 to holders
of record Jan.6,Feb.6 and March 6,respectively. Previously, the company
made monthly distributions of 5 cents per share, and, in addition, on Nov.
-V.137. p. 4200.
15 and Dec. 15 last paid extra dividends of 30 cents each.
-Cent Div.
-30
Paauhau Sugar Plantations Co., Hawaii.
The directors have declared a dividend of 30 cents per share on the
capital stock, par $15, payable Jan. 12 to holders of record Jan. 6. A like
-V. 129,
amount was paid on Dec. 5 1931 and on Jan. 5 1933; none since.
P. 4150.
-Initial Dividends
Pan American Foreign Corp.
Initial distributions of $1 per share were made on the class A anM class
stocks, par $1 each, on Dec. 30 1933 to holders of record Dec. 29 1933,
both subject to the 5% NRA tax.
-V. 136, P. 3919.
-J. A. Bohannon, PresiPeerless Corp.
-Annual Report.
dent, states in part:
The operations of the corporation's subsidiaries during the past year
have been limited to the liquidation of the outstanding accounts and
inventories acquired during the time they were engaged in the manufacture
and sale of automooiles. The major portion of the loss shown by the
consolidated income statement represents taxes, depreciation and maintenance of the plant properties of a subsidiary located in Cleveland,0. During
the past year, a relatively small portion of this property has been leased by
the subsidiary, but the income to that company from these leases has not
been substantial.
Corporation's wholly owned subsidiary, Brewing Corp. of America, began
about Aug. 1 1933, the remodeling and equipping of a portion of its plant
at Cleveland to convert it into a modern brewery. It is now expected that
the brewing of ale can be commenced about Feb. 1.
The initial financing for this project was provided for by the sale of
treasury stock. The $534.450 realized from the sale, was supplied to
Brewing Corp. of America. On Aug. 29 1933 an agreement was entered
Into between Redmond & Co., by the terms of which they agreed to underwrite the issuance of 92,348 shares of additional capital stock, subject to
a prior offering to stockholders. Under this agreement, Redmond &
Co. undertook to either find purchasers for the shares not subscribed for
by the stockholders or to purchase such shares themselves and pay $5 per
share in cash for same. For their services and obligations undertaken
in this agreement. Redmond & Co. were to be paid a fee of 50 cents per
share upon all stock underwritten.
The corporation, having complied with all of the conditions provided for
In its agreement with the underwriters, tendered to Redmond & Co., on
Nov. 24 1933, 92.071 shares and Redmond & Co. refused to accept the
delivery and pay therefor on the ground that their counsel questioned the
corporation's right "to engage directly or indirectly in a single brewing
enterprise and to employ substantially all of its liquid assets therein."
The directors believe that Redmond & Co.'s refusal is based on a technicality wholly without merit and suit has been filed in the U. S. District
Court for the Southern District of New York against Redmond & Co.
for the purchase price, according to their contracted obligation and damages.
Negotiations are now pending to secure capital from other sources, and it
is hoped and expected that definite progress in this respect can be reported
at the annual meeting of stockholders which will be held in Richmond, Va.,
Jan. 23.
Income Account Years Ended Sept. 30.
!Formerly Peerless Motor Car Corp., name changed to present title
effective Oct. 4 1933.]
1930.
1931.
1933.
1932.
$432,411 $2,819,364 $6,478,047
Income from sales
$8,327
Cost of sales, sell. & gen.
6,407,409
3,178,811
82,628
643,496
exp., plant maint.,&c.
61,914
67,874
12,261
17,626
Depreciation
Net loss
Other income
$86,562
10,763
$228,710
63,200
$427,322 prof$8,724
65,410
67,099
Total loss
Amort.of tooleilgs & dies
Interest paid
Prov. to cover loss in
securities owned
$75,799
$165,510
$360,222 prof$74,135
243,809
922
898
Net loss
Surp.at begin, of period.
Adjust. resulting from
reduction in par value
Reduct. of res. for work.
comp.insur. & conting
Other adjustments
Excess of par value over
cost of cap. stk. purch.
$75,799
234.099
$165,510
1,908,143
$712,744 prof$73,237
2.088.356 def1.770,013
Y2.287,173
x4,341,670
107.790
35,961
40,334
16,634
650.000
Total surplus
$251,230 $4,029,806 $2,025,611 $2,644,894
Adjust. in book value
2,478,473
10,104
of fixed assets
Cash distributions to
1,067,656
133,457
stockholders
117,468
556,537
249,579
Other charges
•
$234,099 $1,908,143 $2,088,356
$107,669
Bal. at end of period_
x Adjustment resulting from reduction of 258,589 shares of capital
stock to par value of $10 per share. y Adjustment resulting from reduction
in par value of 326.739 shares of capital stock from $10 to $3 par value.
Balance Sheet Sept. 30.
1932.
1933.
1932.
Liabilities1933.
AssetsPlant, equip., .ke_ $965,875 $904,021 cCapital stock_ __ _S1,310,217 $800,742
234,099
107,669
506,291 a 191,256 Surplus
Cash
9,212
57.562
Accounts payable
5,002
Securities owned__
d41,266
57,684
44,689
Accrued taxes_ ___
bSpecial del. chges
42,250 Res.tor work.com12,147
Receivables
62,073
2,881
pensation, d,e__
5,598
Inventories
2,009
4,266
Other del. charges.
--$1,536,014 81.147,391
Total
$1,536,014 $1,147,391
Total
a Includes U. S. Government securities, &c. b Expenses incurred in
connection with filing registration statement with Federal Trade Commission and in organizing for brewing activities. &c. c Par value $3 per share.
-V. 137, p. 4024.
d Includes payrolls and sundry items.
-Trustees Upheld.
Paramount Publix Corp.
The U. S. Circuit Court declined on Jan. 8 to remove Charles D. Hilles,
Eugene W. Leake and Charles P. Richardson as trustees in bankruptcy
for the corporation. The request for removal, which had been denied by
Judge Frank J. Coleman,camefrom a group of security holders represented
by Samuel Ztrn, attorney, who objected to the conduct of Henry P. Davis,
referee, during a meeting at which the trustees were selected.
Judge Martin T. Manton wrote in an opinion that there seemed to be
no reason for removal of the trustees. The referbe, he noted, however, had
h9lders of record Jan. 20. Quarterly payments of 30 cents
share were made on this issue on March 31, June 30,
Sept. 30, and Dec. 30 1933, as compared with 45 cents
per share on Sept. 30 and Dec. 31 1932, and 60 cents per
share each quarter from March 31 1931 to and incl. June 30
1932.
It is stated that the extra dividend of $1 per share on the common stock
was authorized because the general upward trend in business conditions
has been substantially reflected in the company's operations during the
second half of 1933. and because of the present storng financial position
of the company. It was the desire of the directors to add in this way to public
purchasing power and to support the recovery program of the National
Administration, it was ,,id _V 137, p. 4200.
"••--Penn-Mex Fuel Co.-Special Dividend445-4C
A special dividend of 75c. per share was recently declared on the capital
stock, payable Dec. 22 to holders of record Dec. 16. It is announced that
a liquidating dividend of $5.18 per share was paid the latter part of 1932.
The above also compares with 50 cents per share paid on May 25 1932
and on Oct. 31 1931 and 75 cents per share on June 24 1931.-V. 135,
p.2504.
-451.75 Pref. Div.
Pennsylvania Glass Sand Corp.
The directors recently declared a dividend of $1.75 per share on the
$7 cum. cony. pref. stock, no par value, payable Jan. 3. A similar distribution was made on this issue on April 1 and Oct.2 last,the July 1 1933
-V. 137, p. 4370.
Payment having been deferred.
-December Sales.
Peoples Drug Stores, Inc.
Decrease. I 1933-12 Mos.-1932. Decrease.
-1932.
1933-Dec.
$700,810
$41,4111$15,498,187 $16,199,006
$1.670.949 $1,712,260
-V.137, p.4370.3685.
-Larger Monthly Dividend.
Pepeekeo Sugar Co.
A monthly dividend of 20 cents per share has been declared on the capital
stock, par $20, payable Jan. 15 to holders of record Jan. 10. Previously
the company made regular monthly distributions of 10 cents per share, and
-V.137,P.4540.
In addition, on Dec. 15 paid an extra of 80 cents per share.
-Personnel.- •
Phoenix Securities Corp.
At a special meeting of the board of directors held on Jan. 8, Philip
DeRonde was elected Chairman of the board, Wallace Groves was elected
'
President; and Walter S. Mack Jr. of William B. Nichols & Co. was elected
Chairman of the executive committee. Vice-President and Treasurer.
A special meeting of the board is scheduled for next week to elect addi-V. 137, p. 4709.
tional directors.
-Larger Dividend.
Pioneer Mill Co., Ltd.
The directors have declared two monthly dividends of 10 cents per share
on the capital stock, payable Feb. 1 and March 1 to holders of record Jan.
21 and Feb. 21, respectively. This compares with 5 cents per share
previously paid each month. The company on Oct. 2, Nov. 1 and Dec. 1
-V.137. p.3850.
last, also made an extra distribution of 30 cents per share.
-Reopens Two Mines.
(The) Pittston Co.
Two anthracite collieries of this company were reopened on Jan. 8 after
being closed more than a year. The mines are No. 9 at Pittston, Pa.,
employing 2,000 miners, and the Old Forge at Old Forge, Pa., employing
about 600 men. Increased demand for anthracite was given as the reason
-V. 137. p. 3850.
for resuming operations.
-Resumes Quarterly PayPneumatic Scale Corp., Ltd.
ment.-
cents per
The directors recently declared a quarterly dividend of 17
share on the common stock, par $10 payable Jan. 2 1934 to holders of
company on Dec. 1 1931 made a semi-annual
record Dec. 22 1933. The
-V.137, p.3338.
distribution of 30 cents per share on this issue; none since.
Pond Creek Pocahontas Co.-Production.
Dec. 1933. Nov. 1933. Dec. 1932.
Month of166,470
91,539
84,448
Coal mined (number of tons)_
-V.137. p. 4370.
I
---- -HO Porter Distilling Co. Inc., Agawam, Mass.-.An issue of $70,000 shares of class B (voting)
Stock Offered.
common stock is being offered by Tellier & Co., Hartford,
Conn., at $5 per share. Stock offered as a speculation. A
circular shows:
Voting power is vested entirely in the class B common stock, each share
common stock share equally in
being entitled to one vote. Both classes of
the distribution of any dividends when, as and if declared. Therd is no
conversion or exchange rights accruing to either class of stock.
Preference,
Common Capital Stock Authorized.
x100,000 shs•
Class A (non-voting) par $1
100,000 slis•
Class B (voting) par 31
present time.
x None to be issued at
-Company was organized in Delaware Oct. 4 1933, under a
Business.
broad charter which will permit it to engage in all phases of the gin, and
other alcoholic products business in accordance with Federal and State
laws. Company has acquired the plant and property of the former H.
Porter Co., which was organized in 1780 for the manufacture of gin sold
under the trade name of "Old Agawam Gin."
In 1920 most of the equipment formerly used for distillery purposes was
summer
dismantled and the property used for other purposes. During the
of 1933. the owners of the property started preparations for the remodeling
necessary for the manuof the plant. A full complement of equipment,
facture of gin, at a reported capacity of 1,000 to 1,200 gallons per day, is
now proposed.
-The physical property was acquired by H.
Purchase by Corporation.
Porter Distilling Co.. Inc., from Nicholas Tricinella for 29,000 shares of
the class B, capital stock, making the total cost of the property to the
corporation $29,000.
Purpose of Issue -In order to provide for the completion of the improvement of plant and property program, the company has granted an option
at $4 per share to the firm of Tellier & Co., Hartford, Conn.. on 70,000
shares of the class B.common stock, to net the corporation $280,000. Tellier
& Co. proposes to sell 50,000 of these shares to dealers at $5 each less an
allowance of 75c. per share.
The remaining 20,000 shares may be offered by Tellier St Co. at a market
price of not less than $5 per share, with an allowance to dealers commensurate with the market value but to be not less than 75c. per share.
-Nicholas Tricinalla (Pres. & Treas.); John F.
Officers and Directors.
Hifernan (Vice-Pres.) Agawam, Mass.; John H. Madden (Sec. & Counsel)
Springfield, Mass. Walter F. Tellier, 64 Pearl St., Hartford, Conn.
-Engine Orders.
Pratt & Whitney Aircraft Corp.
Contracts have been received hy this company, a subs'diary of the
United Aircraft & Transport Corp., for the production of 91 of the company's new two-row radial, Twin Wasp motors, one of the 1933 engineering
accomplishments of the company. Value of the order is estimated at
approximately $800.000. The Pratt & Whitney Co. enters 1934 with
contracts in hand slightly more than a year ago.
Of the total order, 56 engines were for two-row radial Twin Wasp
"Juniors," cataloged as "1535," according to President Brown. These
engines have 14 cylinders and develop 700 horsepower. The engines will be
installed in Great Lakes bombers, contracted for by the government.
Thirty-five engines will be built of a larger two-row radial type. of the
Twin Wasp design. These will be installed in airplanes to be built by the
-V. 134, p. 145.
Grumann Aircraft Engineering Corp. on Long Island.
Financial Chronicle
Volume 138
Pre-erred Accident Insurance Co., N. Y.
-New Directors.
Reginald B. Taylor, Vice-President of the Niagara Share Corp., has
been elected a director.
Eugene A. Sherpick also has been elected a director of this company and
a director of the Protective Indemnity Co.
-V. 133. P. 494.
' Procter & Gamble Co.
'
:
j
emoved from List.- L
4
The New York Curb Exchange has removedfrom unlisted trading
privileges the 4S% gold debent
due July 1 1947.-V. 137. p. 4541.
Prudential Investors, Inc.
-Earnings.
--Calendar YearsInterest
Cash dividends
Miscellaneous
Total income
General expenses
Taxes paid and accrued
1933.
$80,603
262.945
•
1932.
$101,097
264,502
674
1931.
$64,161
401.654
584
$343.549
40,582
9.997
$366,272
35,797
5,728
$466.399
49.935
7,265
Net income
Preferred stock divs. paid & accrued
$292,969
$324,747
$410,198
300,000
300,000
300,000
Balance of inc. avail. for corn. stk. def$7,031
$24,747
$110,199
Stock dividends received but not sold are not treated as income, the
effect of such stock dividends on the corporation's books is solely to reduce
proportionately the book value per share of all the stock owned in the
company in question. Such dividends received during the year ended
Dec. 31, but not included in income, had a market value, based on quotations as of Dec.31, of $19,637 in 1933.$40,384 in 1932 and $89,308 in 1931
Statement of Changes in Surplus for the Year Ended Dec. 31 1933.
Surplus Dec. 31 1932
-Operating surplus
$350,585
Capital surplus
783.886
Excess of sales price of securities sold over book value (net)
327,802
Total
Deficiency of income
$1,462,273
7.031
Surplus Dec. 31 1933
41.455,242
a Operating surplus, $343,554, capital surplus, $1,111,688.
Balance Sheet Dec. 31.
Assets1933.
1932.
Liabilities1933.
1932.
Cash in banks:
Accounts payable_
$2,515
$2,515
Demand dep--- $225,552 $796,366 Pref, stock diviTime deposits_ _
1,150,000
dend payable_ __
75,000
75,000
U.9.Treas. notes. 120,000
478,000 Reserve for taxes_
5,725
5,725
Other short-term
Duefor sec. bought
3,075
notes
49,685
179,776 y Capital stock_ __ 6,000,000 6,000,000
Invest. In sub. cos.
2,515
2,515 Surplus
1,455,292 1,134,471
x Other investm'ts:
Bonds
761,847
682,636
Preferred stocks a712,499
519,247
Common stocks.b5,696,804 3,385,685
Due for sec. sold_ _
6,870
Accts. receivable_
1,500
1,250
Accrued int. rec
21,154
20.366
Furn. & fixtures
1
Total
$7,541,557 $7,217,711
Total
67,591,557 $7,217,711
a Includes 3,704 shares of company's own $6 pref. stock. b Includes
14,460 shares of company's own common stock.
x Market value as of Dec. 31 1933 was $7.621,501, against
on Dec. 31 1932. y Represented by 50.000 shares $6 pref. $4,815,625
stock and
525,000 shares common stock, all of no par value (including stock held
in treasury).
-V. 137. p. 1066.
Prudential Trading Trust.
-Initial Distribution.
-
An initial dividend of 7; cents per share has been declared on the
,
5
Prudential Trading Trust Shares, payable Jan. 10 to holders of record Dec.
31. It Is stated that payments are to be made quarterlyin varying amounts.
For offering, see V. 137. p. 4201.
•
(1 E'Railways Corp.
-Resumes Dividend.
-
At a meeting of the board of directors held Jan. 2 1934 a cash dividend
of 10 cents per share was declared. payable Feb. 15 1934 to holders of
record Jan. 30 1934.
Quarterly distributions of 2% each in stock were made on July 15 and
Oct. 15 1932 and on Jan. 15 1933; none since.
-V.136, p. 2258.
Reserve Investing Corp.
-151 Preferred Dividend.
A dividend of $1 per share has been declared on the $7 cum. pref. stock,
no par value, payable Jan. 15 to holders of record Jan. 10. A like amount
has been paid quarterly on this issue since and incl. April 15 1932, prior to
which the stock received regular quarterly dividends of $1.75 per share.
After the payment of the Jan. 15 dividend, accumulations on the pref.
stock will amount to $6 per share.
-V. 137, P. 2820.
Reserve Petroleum Co. (8c Subs.).
-Earnings.
Years Ended Oct. 31Total operating revenue
Total operating expenses
1933.
$270.553
184,634
1932.
$480,458
340,389
1931.
$525,332
524,371
Profit from operations
Non-operating revenues
$85,919
4,596
$140,068
$961
2,703
Total income
$90,515
$140,068
$3,664
Depreciation and depletion
199.454
283,994
406,144
Intangible development costs
20,365
Amortiz'n of undeveloped leaseholds..
41,804
59.502
Undeveloped lease surrenders
42,204
45.271
Equipment losses & retirements, &c_ 388.460 '
118.793
Net loss
$129,303
$616,393
$626,045
Previous deficit
3.907,685 x3.099,023
2.511405
Adjustment of surplus not incident to
current period
79,456
192,269
Cr.571
Deficit Oct. 31
$4.116,445 $3,907,685 $3,136,978
x After deducting purchased surplus realized of $37,055.
Consolidated Balance Sheet Oct. 31.
Assets1933.
1932.
1933.
1932.
Cash
$141,112
$90,127 Accts.& notes pay. $15,290
$24,382
Securities
10,134
10,134 Accrued taxes_ _ __
7,571
12,624
zNotes dr accts. rec . 73,432
200,796 First pref. stock__ 3,865,000 3,865,000
Inventories
22,728
54,557 Second pref. stock 1,179,700 1,174,700
:Plant,equip.,&c. 418,775
492,265 1st & 2d pref. scrip
4,653
4,653
Y011 lands & leaseh 289,263
375,409 Purchased surplus
300
300
Prepd. dr def. chges
625
687
Deficit
4,116,445 3,907,685
Total
$9,067,514 65,081,659
Total
Z4,067,514 $5,081,659
x After reserve for depreciation of 530.153 in 1933 (1932, $597.387).
y After reserve for depletion and amortization of $160,792 in 1933 (1932.
$242,407). z After reserve for doubtful accounts.
-V. 136. p. 170, V. 132.
p. 1052.
"Revere Copper & Brass, Inc.-Removed from Li8t.-0
The New York Curb Exchange has removed the warrants from tinlisted
trading privileges.
-V. 137. p. 3851.
(R. J.) Reynolds Tobacco Co.
-Annual Report-Earnings of $21,153,721 fbr 1933.
Commenting on the result of the year's operations, S. Clay Williams,
President, in his letter to stockholders, states:
"It will be readily recognized that the lesser earnings for 1933 are a reflection of the abnormally low prices to which it was deemed advisable to
reduce cigarettes under the greatly depressed conditions then generally
prevailing.
"In view of the current position of the company with regard to cash
and Government security holdings, supported by the amount in the un-
339
divided profits account, and recognizing that the reduced earnings of the
year were accounted for largely by the abnormally low prices prevailing for
cigarettes in 1933, the directors deemed it proper to maintain dividends
at the same rate as in recent years."
Retirement and Insurance Investment Fund for Employees.
With this report, the company announced that, in connection with its
retirement and insurance plans for the benefit of employees, it had established in 1933 a retirement and insurance investment fund consisting of
200,000 shares of the company's common stock, representing a cost of
$10,120,000. With reference to this fund. President Williams states:
"The retirement and insurance plans for the benefit of company employees, put in operation some years ago, have been requiring, as anticipated, increasing expenditures. An actuarial analysis by a life insurance
authority has indicated a probable cost to the company over a period of
years requiring an endowment of approximately $10.000,000. Having
been long interested in making such provisions for its employees, and
particularly in view of the increasingly evident public appreciation of such
a policy on the part of industry, and bemuse of the value to the company
of the greatly improved morale resulting from the security of mind of
employees thus provided for, the company hopes to continue in effect plans
providing for insurance protection and old age pensions for faithful employees of long service. By way of effecting such continuance and at the
same time relieving the income account of the burden on current revenues
of increasing costs of these retirement and insurance plans, the directors
of the company have established a retirement and insurance investment
fund consisting of 200,000 shares of common stock which were acquired
at $10,120,000, a per share cost considerably under the market price at
any time during many years.
'Out of the dividends received from these shares in 1934 and following
years there is first to be credited to company income account a sum representing a proper interest return to the company on the amount invested
From the amount remaining the cost of defraying the expense of the retirement and insurance plans is to be met. Any amount thereafter remaining
is to be carried to a reserve and used in reduction of the original investment
fund. Likewise, a reduction in the investment fund is to be made each
year in an amount equal to what would be paid on these shares as employee
profit participation. if, instead of being held in this investment fund, these
shares were owned by employees. Under this plan the amount payable to
officers and employees each year as participation is to be reduced by the
amount thus carried to reserve and used in reduction of the investment
fund.
"Under this investment fund plan the immediate yearly expense to the
company of the retirement and insurance plans is to be eliminated and
the cost in increasing amounts in future years is to be taken out of the investment fund's current income or accumulated reserves. Simultaneously.
the amount invested by the company in the investment fund is to be reduced
each year and after a period of years these 200,000 shares are expected to
stand on the company's books and in its financial statements at the nominal
cost of $1 with the income therefrom after that time available for indefinite
continuance of the retirement and insurance plans."
Income Account for Calendar Years.
1932.
1933.
1931.
1930.
xProfit from operations317,949.814 $440,043,764 t
Int. & divs. on investments, misc. inc. (net) 1.751,783
2.907.153
Not stated.
Total income
$19,701,596 $42,950,916 I
Allowance for depreciation, obsolescence, &c.
947.404
991.250 I
Fed'I & State inc. taxes_ 2,604.068
8,284,866 I
' Net profit
$16,150.123 $33,674,800 $36,396,817 $34,256.665
Undiv. profit, prey. year 65,908,141 62,233,341 55.836.524 51.579,859
Prof.from disposal of co's
inv,in its own cl. B stk 5.003,598
Total surplus
Common dividends_
Rate
$87,061,863 $95,908,141 $92,233.341 $85.836.524
_ 30,000,000 30,000,000 30,000.000 30,000.000
(30%)
(30%)
(30%)
(30%)
Total undiv. profits..$57,061.862 $65.908,141 $62,233,341 $55,836,524
Shs. corn. & corn. B outstanding (par $10)- - - 10,000,000 z9,415,000 10,000.000 10,000.000
Earnings per share
$3.58
Y$1.61
$3.42
$3.63
x Alter deducting all charges and expenses of management. advertising,
&c. y Excluding profit from sale of class B stock sold during year amounting to $5,003,598. z Excluding 585,000 class B shares held in treasury.
Comparative Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
AssetsLiabilities8
i
$
$
YR1.est.. bldgs..
Common stock_ 10,000,000 10,000,000
mach'y, &c__ 15,896,527 16,544,409 New Cl. B cornCash
11,163,371 39,640,555
mon stock__ 90,000,000 90,000,000
U. S. Gov. secs. 38,6.02,744 20,700,000 Accounts payAccts.receivable 8,220,450 8,076,829
2,171,372 3,598,043
able
Leaf tob., suppl.
Accrued interest,
mld. prod.,&c 79,901,605 76,356,770 taxes, &c
3,172,744 8,564,225
Inv.in non-cornContingent rePetitive cos__
683,046 x18,329.443 serve
3,102,397 8,149,446
Other accts. &
Undivided profit
notes
1,122,518 6,203,993 (after deduc- •
Gd.-will, pat.,&c
receiv_1
1
Bon of clIv.
Retire. & insur.
payableJan.1) 57,061,863 65,908.141
Invest, fund__ 10,120,000
Prep.int.,Ins.,drc
408,713
367,856
165,508,376 186,219,856
Total
165.508,376 186,219.856
Total
x Including 585,000 shares of company's own class B stock stated at
$18,208,642. y After depreciation of $10.258,454 in 1933 and $9,664,879
in 1932.-V. 137. p. 328.
--Riverside Cement Co.
-Pays Accumulated Dividend.
The directors have declared a dividend of 4734 cents per share on the
no par value $1.25 cum. and partic. class A stock, payable Feb. 1 to holders
of record Jan. 15. Regular quarterly payments of 31 i cents per share
had been made on this issue from Aug. 1 1928 to and incl. Nov. 1 1930,
while on Feb. 1 1931 a distribution of 15 cents per share was made; none
since.
-V. 136, p. 860.
Rossia Insurance Co. of America.
-Resignation.
Rodney Hitt has resigned as Vice-President of the above company and
of the Metropolitan Fire Reassurance Co. of New York and the First
Reinsurance Co. of Hartford to engage in practice as investment consultant
to insurance companies, banks, trustees and individuals with large security
portfolios. He will continue his connection,with the Rossia Group of
Companies as financial consultant and as a director.
-V. 136, p. 1901.
Royalties Management Corp. -Cent Dividend.
-5
-
The directors have declared a dividend of 5 cents per share, payable
Feb. 16 1934 to holders of record Jan. 23. This is not a dividend for any
stated period, but it is the purpose of the directors to declare further dividends from time to time as the condition of the company warrants, it was
announced.
An initial distribution of 6 cents per share was made on Aug. 1 1931:
none since.
-V. 133. p. 3267.
Safeway Stores, Inc.
-December Sales Higher.-4 Weeks Ended- -52 Weeks EndedPeriodDec. 30 '33. Dec. 31 '32. Dec. 30 '33. Dec. 31 '32.
Sales of System
$17.746,262 $16,294,411 $219,628,977 $226,706,957
Stores now in operation total 3.293 compared with 3,370 last year.
V. 137. p. 4371.
Schiff Co.
-December Sales Higher.
Increased 1933-12 Mos.-1932.
1933-December-1932.
$1.218.947 $1,013,866
-V. 137. p. 4202.
$205.081
$9.365,111
$8,878.278
Increase.
$486,833
Sears, Roebuck & Co.
-December Sales Up 25.6%.
-
Period End.Dec.31- 1933-4 Weeks
-1932. 1933-48 Weeks
-1932.
Sales
$34.482,615 $27,454,971 $268.903,072 $261,052,780
-V. 137. p. 4709. 4202.
Financial Chronicle
340
Second National Investors Corp.
-Earnings.
Years End.Dec.31Interest
Cash dividends
Ian. 13 1934
tion was made on Aug. 15 last, while on March 1 1933 an initial dividend
of...-cents per share was paid.
-V. 137, p. 1068.
25
1933.
$10,404
220.182
1932.
$38,533
263.548
1931.
338.149
302,119
1930.
$38,188
345.707
Total income
Loss realized on sale of
securities
Management fee
Transf. agts', registrars'
& custodian's fees__ _ _
Miscellaneous expenses..
Prov.for N. Y.State tax
Federal excise taxes_ _ _ _
3230,587
$302.081
$340,268
$383,895
38,818
38,446
57,349
a363,472
77.924
6,368
10,182
6,803
500
8,752
10,892
400
10,743
12,895
18.188
19,999
24,299
20,455
Net operating loss- _ -- 52,181.727 $2,535,794
Other income
191,225
139,324
Apprec. in asset values
acct. foreign exchange
377,545
$628,431 pf$1,782,873
296,627
235,212
Net profit
Preferred dividends_ _ _
$167,912
169,364
$243,592
240,000
$241,0931oss$122,256
375,000
235,000
Loss
$1,664,859 $2,344,569
Int. paid & misc. losses51.114
226.460
Prov,for income taxes
323
8
Other deductions
Reduction in asset value
.
acct. foreign exchange
89,222
Prov. against loss thru.
possible future declines
in foreign exch. rates_
245.706
$393,218pf$2,079,500
179,490
181,966
222,941
13,188
41,585
Loss
$497,256
$1.452 Prof$3,592 prof$6.093
a As of July 1 1930 the method of computing the cost of securities sold
was changed from a basis of charging first sales against first purchases to
an average cost basis.
Security Profits Account, Year Ended Dec. 31 1933
Loss realized on sale of securities, based on average cost
$729,541
Tentative provision for loss on deposit in closed bank
26,362
Loss
$755,903
Excess of cost over market value of investments Dec. 31 1932 $3,089,745
Excess of cost over market value of investments Dec. 31 1933- 1,257,874
•
$1,831,872
Decrease in unrealized loss
Excess of cost over market value of treasury stock. Dec.31 1933
275,773
Change in Net Assets, Year Ended Dec. 31 1933.
Per Sh.Prefd.
Total. (100,000 shs)
Net assets, market value
$50.33
-Dec. 31 1932
$5,032,886
Increase for period-before dividends:
Net income
167,913
1.68
Realized loss per security profits account
Dr755,903
Dr7.56
Decrease in unrealized loss on investments
1,831,871
18.32
Excess ofcost over market value of treasury stock Dr275,773
Dr2.76
Dividends on pref. stock ($2.05 per sh. on 82,617
shares outstanding, excluding treasury stock).... _
Increase for period-after dividends
$968,108
$9.68
169,365
1.69
$798,743
$7.99
Net assets, market value-Dec.31 1933
$5,831,629
$58.32
Balance Sheet Dec. 31.
1933.
1933.
1932.
1932.
AssetsLiabilities$
$
$
$
Cash
373.840
392,888 Accrued expenses
400
700
Time deposits
Prov. for New
with banks_ _ _
10,100
50,000 York State tax.
800
Notes ot Univer100,000
c $5 cony. pf.stk. 100,000
sal Cred. Corp.
f 125,000 d Corn. stock_ _ _ 300,000
300,000
Corn, stocks__ _g 4,848,787 b 6,320,549 e Paid-in surplus. 10,200,000 10,200,000
.
Fret. stk. of co.
Security profits
In treasury_ _ h 591,022
.
surplus
def4,7al,604
U.S.Gov't oblig.
8,233 def2,477,369
1,202,809 Earned surplus__
Dividends reedy.
28,480
a 32,885
Total
5.842,128 8,124,131
5,842,129 8,124,131
Total
a Includes interest receivable. b At cost, market value. $3,224.863.
c Represented by 100,000 shares par $1, convertible into two shares of common stock on or before Jan. 1 1944; dividends cumulative and payable
quarterly; liquidation and redemption value $100 per share. d Represented
by 300,000 ($1 par) shares; 200,000 shares of common stock are reserved
for conversion of pref. stock, and 200,000 additional shares are reserved
for exercise of purchase warrants at $25 per share until Jan. 1 1944.
•Representing the excess of paid-in capital over the par value of capital
stock. f Maturities not over two months. g At market, cost $6,106,661.
h 17,383 shares at cost of $666,795, with market value of $591,022.V. 138, p. 161.
Servel, Inc.
-Meeting Postponed.
The special meeting of stockholders which was scheduled to be held on
Jan. 5 to consider a contract providing for the election of Axel WennerGren as Chairman of the board and the sale for cash to a company controlled
by him of 100,000 shares of Servel common stock at $4.40 a share has been
postponed to Jan. 29. The proposed contract also provides for a threeyear option to Mr. Wenner-Gren to buy 100,000 additional shares at $5
a share in 1934, $6 in 1935, and $7 in 1936.
-See V. 137. p.4541.
Sharp & Dohme, Inc.
-Increases Quarterly Preferred
Dividend-Clears Up Arrearages.The directors have declared a quarterly dividend of 873 cents per share
and a dividend of 25 cents per share to clear up balance of accumulations
on the $3.50 cum. cony, preference stock, series A, no par value, both
payable Feb. 1 to holders of record Jan. 22. A dividend of $1 per share on
account of accruals and a quarterly of 50 cents per share were paid on the
preference stock on Aug. 1 and on Nov. 1 last, while from Aug. 1 1932 to
and incl. May 1 1933 quarterly payments of 50 cents per share were made.
Previously the company paid regular quarterly dividends of 87% cents per
share.
-V. 137, p. 3160.
Simmons Co.
-December Sales.
1933-12 Mos.-1932.
Period End. Dec. 31- 1933
-Month-1932.
Net sales, excl. subs.-- $898,052
11713,485 $17,057,244 $13.790,165
Net sales, incl. subs_ ___ 1,351,660 1,053,621 24.140,083 18,704,775
-V.137. P. 4541.
Simms Petroleum Co.
-Estimated Earnings, &c.
In connection with the declaration last week of a dividend of 25 cents
per share, President Edward T. Moore, in a letter to the stockholders on
Jan. 4, stated:
With the control of crude production realized under the Oil Industry
Code, which became effective early in September, prices improved subFor the last halfof 1933 netincome of the company was approxistantially.
mately $365,000 which includes approximately $210,000 of book profit as
a result of the usual year-end adjustment of crude oil inventory to market
value. Net income for the last half of the year, before including this
Inventory adjustment profit, was approximately $155,000, or 34% per
share. Price conditions during the first half of the year were unsatisfactory
and during that period the company sustained a deficit of $393,296.03.
Although final figures are not yet available it is estimated that after all
charges a loss of approximately $28,000 will be shown for the year 1933.
These figures are as nearly accurate as it is possible to determine at this
date, and are subject to adjustments incident to closing the accounts for
the year.
The balance sheet at Nov. 30 1933 showed a profit and loss surplus of
32,354,821.out of which the dividend payable Feb. 1 1934 has been declared.
The operating subsidiary, Simms Oil Co., had an accumulated profit and
loss deficit of $2,902,640 on that date. There was a consolidated profit
and loss deficit, therefore, of 3547.819. This was substantially exceeded,
however, by the capital surplus of $1,351,409, leaving a net consolidated
surplus available for distribution.
The dividend of 25 cents payable on Feb. 1 next has not been designated
as covering any stated period, either quarterly, semi-annual, or otherwise.
It is the purpose of the directors to make further dividend declarations
from time to time if and when the condition of the company may warrant.
-v. 138, p. 161.
-Extra Div.
Six Twenty Jones Corp., San Francisco.
The company on Jan. 5 paid an extra dividend of 50 cents per share
-V. 136, p. 2810.
to holders of record the same date.
-Cent Dividend.
-50
Southern Fire Insurance Co.
A dividend of 50 cents per share has been declared on the capital stock,
par $10, payable March 1 to holders of record Feb. 15. A similar distribu-
-Earnings.
A. G.) Spalding & Bros.
1930.
ears End. Oct. 311932.
1931.
1933.
Net sales
$11,061,377 $15.470,109 $22,983,321 $28,100,216
Cost ofsales
8,330,571 11.127,102 15,030,215 17,416,341
Admin.,adv.& sell.exps 4,320,359 6,084,235 7,829,056 8,132,320
618,670
Depreciation
604,553
484,871
621,100
150,010
Royalties
147,927
173,466
107,303
422,894
Net loss
$1,962,002 $2,660,260 $1,011,267Pf$1,635,484
249,673
7% 1st pref. dividends..
244,605
176.694
80,000
8% 2d pref. dividends
80,000
60,000
695,681
605,583
Common dividends
165,689
150,000
150,000
Prov.for ret. 1st pref
25,000
Deficit
$1.962,002 $3,087.643 32,091.455 sur$460,130
Shs. corn. stk. outstand349,110
349,110
ing (no par)
349,110
349,110
Nil
$3.74
Nil
Earns, per sh. on com_ Nil
Comparative Balance Sheet Oct. 31.
1932.
1933.
1932.
1933.
Assets
$
a Land,bldgs.,&e. 4,488,466 4,823,095 7% 1st pref.stock_ 3,332,200 3,332.200
8% 2d pref. stock.. 1,000,000 1,000,000
Leaseholds, bidgs.
& improvements 1,132.846 1,214,267 c Common stock._ 9,032,200 9,032,200
500,000
487 Notes pay. banks_
Patent rights
487
323,167
767,040 Accounts payable_ 361,236
1,822.492
Cash
325,682
bAccts.¬es rec. 2,043,416 2,705.085 Demand loans_ _ 119,183
3,861,008 6.065,245 Res. for loss thru.
Inventories
235,119 poss. future deDef'd charges, &c_ 195.271
clines in for, exsundry non-current
300,067 change quotat'n 245,706
notes&accts.rec. 354,804
923,153 Aces. sal., wages,
697,085
Investments
280,943
378,094 int., taxes, &c__ 226,035
Treasury stock...... 379,094
1,690
1.517
1,202 Res.for Inc. taxes_
Cash in sink. fund.
1,206
86,136
89,965
Miscell. reserve _ _
Employ. cont. for
def886,040 1,075,962
213,424 Surplus
purch. of stock_ 214,130
Surp. appropr. for
red. of 1st pref. 1,668,302 1,668,298
15,190,307 17,626,278
Total
15,190,307 17,626,278 Total
a After reserve for depreciation of $4,286,774 in 1933 and $4,316,129 in
1932. b Less provision for uncollect ble amounts of $444,784 in 1933 and
-V. 137. P.
$532,741 in 1432. c Represented by 349,110 no par shares.
3160.
Standard Oil Co. of California (Del.).-NewVice-Pres.-
James A. Moffett, formerly Vice-President of the Standard Oil Co.
(New Jersey) has become associated with the Standard Oil Co.of California
as a Vice-President, effective Jan. 15. Mr. Moffett will represent,sthe
-V.137.
latter company in the East, with headquarters in New York.
P. 3340.
-Earnings.
Standard Oil Co. of Kansas (Del.).
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earn-V. 137, p. 4542.
ings Department" on a preceding page.
-Earnings.
(John B.) Stetson Co.
1930.
1932.
1931.
Years End. Oct.311933.
$5,453,353 $4,618,690 $6,691,539 $11,521,275
Shipments
1,041.846pr0fa599,710
93,841
638,840
Net loss after deprecia'n
a Alter Federal taxes.
Balance Sheet Oct. 31.
1932.
1933.
1932.
1933.
$
$
LiabilitiesAssets
850,000
337,599 Notes pay., banks 500,000
Cash
265,897
260,839
:Accts.receivable.. 1,354,241 1,128,284 Accounts payable. 378,148
2,633,452 3,038,279 8% pref.stock (par
Inventories
1,500,000 1,500,000
57,336 825)
52,085
Mutual ins.deposit
83,776 yCommon stock 6,079,700 6,079,700
81,310
Other assets
2,701,124 2,838,486
Surplus
Land, Msg.. machinery & equip_ 5,751,041 5,853,896
Dies, stamps, pat.
1,000,C00 1,000,000
rights, Src
29,856
20,946
Deferred charges
11,158.972 11,529,026
11,158,972 11,529,026 Total
Total
$122,587)
x After reservefor doubtful accounts,of$101,746 in 1933
-V. 136, p. 3362.
(1932'
y Represented by 243.188 shares of no par value.
-To Vote on Sale.
Stevens Mfg. Corp.
A special meeting of stockholders is scheduled for Jan. 24, to take action
on the proposed sale of the property and assets at public auction. The
directors say that the sale is necessary because of the inability of the corporation to pay its debts or to obtain further credit.
On Dec. 2 1933, the corporation owed $467,343. To pay this indebtedness, it had current assets of $67,518 plus the manufacturing plant and
machinery. Of the indebtedness $410,052 was owed to Clarence Whitman
& Bons, Inc., the balance being Federal and city taxes, and a small amount
of trade accounts. The Whitman obligations consist of bank notes that
the selling house had endorsed over a period of years, including $150,000
that was raised in 1931 when the company was reorganized. The Whitman
Operating Co., Inc., which holds substantially all of the stock of Clarence
Whitman & Sons, Inc., is holder of all the outstanding common stock of'
the Stevens corporation and also of over one-third of its outstanding pref.
stock. In fact, this mill has always been a Whitman controlled property,
The Whitman interests are now unwilling to furnish further credit and have
asked to have their notes paid. It is intimated, however, that some one
representing the Whitman interests may purchase the property and an
effort will be made to continue the plant in operation. •
The notice of the meeting calls attention to the fact that only common
stockholders will be allowed to vote at the meeting, but that if holders of
30% or more of the outstanding pref. file written objections on or before
Jan. 23, the proposed action shall not then be taken. What the property
will bring at auction is uncertain, but it is not likely to be sufficient to pay
off indebtedness and stockholders will probably receive nothing. ("Ameri-V. 133, p. 3106.
can Wool and Cotton Reporter.")
-New Director.
Superior Steel Corp.
James A. Duff has been elected a director to fill the unexpired term of
C. E. Tuttle, resigned.
-V.137, p. 3510.
-Earnings.
Storkline Furniture Corp.
PeriodGross profit
Cost of sales
Operating expense
Depreciation
Federal tax
11 Mos. End.
Nov.30'33.
$240,886
111,574
92,201
32,121
1,323
Net income
Preferred dividends--Common dividends_
Calendar Years
1932.
1931.
$199.297
$327,935
109.170
158,320
103,323
91,920
31,921
45,977
4,852
1930.
$379,146
185,047
142,713
46,403
2,320
$3.667 def$45,117
17,500
$26,866
35,000
$2.663
70,000
15,000
$62.617
$8,134
$82,337
Deficit after dividends sur$3,667
Volume 138
Financial Chronicle
Comparative Balance Sheet.
,
I. "AssetsNov. 3033. Dec. 3132. LiabilitiesNor, 3033. Dec. 3132.
Cash
559,657 $127,438 Accounts payable_ $10,278
$10.106
Notes recelvable_
7,535
1.868Accruals
14,562
19,245
Accts. reccivable_
88,070
04,852 Preferred stock.__ 875,000
875,000
Cash val. life ins__
13.235
9,756 x Common stock
300,000
300.000
Investments
6,024
Profit .k. loss Burp_ 177,474
D1.457
Inventories
222,923
129,528
Fixed assets_ _ _ _ _ 955,533
070,800
Deterred charges_
29,022
36,624
Miscell. assets..
259
Total
$1,381,998 $1,371,126
Total
cl 381.998 $1,371,126
x Represented by 60,000 no par shares.
-V. 137, p. 1595.
Studebaker Corp.
-Sales Gain.
Sales of Studebaker cars and trucks in the fourth quarter of 1933 totaled
18,669 units, compared with 6,807 units in the preceding three months and
6,165 units in the like 1932 period, stated Paul G. Hoffman, President of
Studebaker Sales Corp. of America. Sales of Studebaker cars and trucks
for the calendar year 1933 totaled 48,147 units, compared with 47,733
units in 1932. The fourth quarter was the best of any corresponding period
for five years, Mr. Hoffman stated.
-V. 137, p. 4372. 4203.
--Sugar Pine Lumber Co., Ltd.
-Plan of Readjustment.
A plan of readjustment of the outstanding 1st mtge. guaranteed 6%
serial bonds of Sugar Pine Lumber Co. and of the guaranty thereof has
been submitted to the bondholders for their consideration and approval
by the bondholders' protective committee, consisting of Fentress Hill
(Chairman), Shannon Crandall, Harry M. Evans, S. W. Forsman, W. II.
Meservey and W. Edgar Spear. Nicholas Malouf, Sec., 215 West 6th St.,
Los Angeles, Calif. and Gibson. Dunn & Crutcher, Counsel. Los Angeles,
Calif.
The depositary is Security-First National Bank of Los Angeles, Los
Angeles.
Company was incorporated July 26 1921 as Sugar Pine Lumber Co.
name changed to present title on Oct. 19 1929.
There are outstanding 82,397,000 Sugar Pine Lumber Co. 1st mtge.
guaranteed 6% serial bonds, due serially March 1 1933 to March 11942.
In view of a prospective realization from the mortgaged properties of
much less than the amount of the bonds, and of the asserted inability of
two of the guarantors. Mr. Fleming and Mr. Gillis, to discharge a substantial part of the indebtedness, and in view of the advice to the committee, that the California Institute of Technology denies any right of
the bondholders to enforce the guaranty made by Air. Fleming, either as
against the Institute or against any of the property transferred by Mr.
Fleming to the Institute and the statement of the third guarantor. Mrs.
Lloyd-Smith, of her intention to assert defenses on the advice of her counsel
to any legal action to enforce the guaranty, the committee deemed it imperative to effect, if possible, an adjustment which would afford to depositing bondholders reasonable security for the ultimate payment of the face
amount of the bonds, with interest, without the burdens, uncertainties
or delays of litigation, and with a minimum of expense.
Digest of Proposed Reorganization Plan.
Guarantors.
-.Franklin Booth, Reese II. Taylor and Clarence S. Fleming
as trustees of the trust created by the indenture dated March 1 1922. between Arthur H. Fleming and California Institute of Technology, which
trust is sometimes called the "Fleming trust," R. C. Gillis and Mrs. Marjorie Fleming Lloyd-Smith.
Bankruptcy.
-The management, because of depletion of the company's
resources and conditions existing within the industry generally.
It inadvisable to continue operations during 1932 and. 1933. The deemed
trustee
began foreclosure proceedings of the mortgaged property on May 12 1933,
and on May 22 1933,an involuntary petition of bankruptcy was
against
the company. A receiver appointed in the foreclosure suit is filed in posnow
session of the mortgaged property. On July 27 1933 W. 0. Watters was
elected trustee in bankruptcy.
Trustee's Certificates.-Union Bank & Trust Co., Los Angeles, shall issue
$2,397,000 of trustee's certificates. Certificates shall be issued in the
denomination of $1,000 each, negotiable and payable to bearer, dated
March 1 1933, payable March 1 1943. and bearing interest from March 1
1933 at the rate of 4% per annum payable semi-annually. Certificates
shall be subject to redemption in whole or in part by lot at any time on
30 days' notice, at the option of any guarantor, at face amount and accrued
interest. The certificates shall represent the beneficial ownership of the
following obligations which, with any security therefor, are to be deposited
with the trustee in a collateral trust, and the title of the pledgers or
respectively, to the property so pledged or deposited as security obligors,
and
form and validity of the pledge or other agreement shall be subject to the
the
approval of the committee's counsel:
(a) Mrs. Marjorie Fleming Lloyd-Smith is to deliver her obligation in
the face amount of $900,000, to be secured in manner satisfactory to the
committee.
(b) The Fleming trust is, in a manner approved by committee's counsel,
to make such pledge or enter into such covenant or other arrangement as
may be acceptable to the committee, with respect to the assets now constituting the Fleming trust (excepting an asset amounting to
for the purpose of subjecting such assets to an obligation in the face$60,000)
amount
of $900,000.
(c) R. C. Gillis is to deliver his obligation in the face amount of $600,000
and shall secure such obligation in some manner satisfactory to the committee, or enter into such covenant or other arrangement with respect to
the pledging of his assets to secure other existing indebtedness as may be
acceptable to the committee.
The plan shall not become operative unless the security provided by
Mrs. Marjorie Fleming Lloyd-Smith and the Fleming trust shall,
solo and absolute discretion of the committee, based on an appraisalin the
satisfactory to the committee, be reasonably able to answer for the obligations
respectively at the stated maturity thereof. While the above obligations
when executed by the guarantors may for convenience
be expressed as
being in the respective nominal amounts of $900,000
Fleming Lloyd-Smith, $900,000 for the Fleming Trustfor Mrs. Marjorie
R. G. Gillis, the maximum respective liabilities on the and $600,000 for
obligations shall be as follows: Mrs. Marjorie Fleming principal of such
Lloyd-Smith 1f ,
the Fleming Trust fi and It. C. Gillis 2-8, of the total principal
amount
of bonds deposited under the plan or delivered by the guarantors for
credit.
Each of the foregoing obligations shall be dated March 1 1933, shall
be
payable March 1 1943, shall bear interest at the rate of 4% per
annum
payable semi-annually Sept. 1 and March 1 and
tion at any time in whole or in part on 35 days'shall be subject to redempnotice
guarantor at face amount and accrued int. All or any at the option of the
parts of the
face amount thereof may be so paid or redeemed at the part or of
option
the guarantor either in Los Angeles funds or in certificates at face value
and the
amount of the appropriate obligation shall be thereby reduced. The for&
going obligations shall be separate, and no guarantor shall be in any
way
liable for any obligation of another guarantor; provided that provision
shall be made for acceleration of maturity of the then remaining certificates
and obligations of all of the guarantors in case of default in interest on the
part of any guarantor not cured within four months.
Said obligation of Franklin Booth, Reese II. Taylor and Clarence S.
Fleming, as trustees of the Fleming trust, shall be their obligation solely
as trustees of said trust and not in their individual capacities, and
be enforced solely against the assets in said trust (exclusive of the shall
expressly excepted) pledged as above provided, and said obligationassets
shall
contain provision to such effect satisfactory to counsel for said guarantor.
Cash Requirements -Mrs. Marjorie Fleming Lloyd-Smith will pay $30 in
Los Angeles funds with respect to each S1,000 principal amount of deposited
old bonds, being interest from March 1 1932 to March 1 1933 at
3% Per
annum.
kb Mrs. Marjorie Fleming Lloyd-Smith will pay all of the following:
(a) The committee's legal and other expenses reasonably incurred and
the expenses of the individual members thereof reasonably incurred on
behalf of the committee, irrespective of whether or not the plan is declared
operative;
M.(b) The costs incident to the creation and issuance of the certificates,
including trustee's fees incident to the issue, fees of the Corporation Commissioner of the State of California and of any other public official, board
or authority which may have jurisdiction of the issuance of such certificates,
and costs of administration of the trust: and
(c) Trustee's fees incident to the foreclosure of the indenture securing
the old bonds and sale of the mortgaged properties.
Mrs. Marjorie Fleming Lloyd-Smith will, at the time the plan is declared
operative, purchase any receiver's certificates theretofore issued by the
receiver of the old company to pay the necessary costs of care and maintenance of the mortgaged properties including taxes and insurance and after
341
the plan is declared operative will purchase any receiver's certificates issued
which in her uncontrolled discretion are reasonably necessary for the for
going purposes.
Purchase Commitment.
-Mrs. Marjorie Fleming Lloyd-Smith and the
Fleming trust, as soon as conveniently possible and in any event prior to
the date the plan shall be declared operative, will enter into an agreement,
whereby they shall jointly and severally agree to purchase (upon certain
terms and conditions) all right, title, interest and estate of the assenting
bondholders in and to the mortgaged property, and all rights and claims
of the assenting bondholders against the old company, and all rights of
the trustee in and to the obligation and security given by R. C. Gillis, and
all other rights held by the committee and(or) trustee or otherwise for the
benefit of the assenting bondholders, excepting only the obligations and
security given by Mrs. Marjorie Fleming Lloyd Smith and the Fleming
trust.
The purchasers shall make payment for the property and rights so purchased by delivering a principal amount of certificates equal to two-eighths
of the total principal amount of bonds deposited under the plan or delivered by the guarantors for credit prior to or in completion of the second
purchase payment. Any certificates so presented, and all rights under
the guaranty, appertaining to any bonds so delivered, shall be forthwith
canceled for all purposes. Certificates and bonds so delivered shall not
be credited upon the obligations given by Airs. Marjorie Fleming Lloyd-Smith and the Fleming trust.
The purchase agreement shall be and become a firm purchase commitment
on the date the plan is declared operative, and payment as aforesaid shall
be made by said purchasers to the extent of $300.000 principal amount (the
purchase payment)on the date the plan is declared operative and the balance
herein above called for (the second purchase payment) within 18 months
after said date, and, until the second purchase payment as aforesaid is
made, neither of said purchasers shall be permitted to reduce the face
amount of the obligation delivered to an amount less than $600.000. In
case after full payment as aforesaid is made additional old bonds are deposited or delivered by the guarantors for credit, the purchasers shall
become obligated to deliver, as a supplemental payment on account of the
Gillis obligation, a principal amount of certificates equal to two-eighths of
the principal amount of such additional old bonds, and neither of said
purchasers shall be permitted at any time to reduce the face amount of the
obligation delivered without first delivering certificates in respect of any
such supplemental payment then due on the making of such additional
deposit or delivery and at the time remaining unpaid.
Treatment of Old Bonds.
(1) Each holder of old bonds who assents to this plan shall upon completion of the readjustment be entitled to receive for each $1,000 principal
amount of old bonds with coupons thereto appertaining maturing on or
after Sept. 1 1932:
$1,000 face amount of certificates,
$30 representing interest from March 11032 to March 1 1933. at the
rate of 3% per annum, and the amount of any interest coupons
theretofore matured on the certificates.
(2) Holders of old bonds who desire to assent to this plan must within
such period as may be fixed by the committee deposit with Security-First
National Bank of Los Angeles, Los Angeles, Calif.. depositary, their bonds,
accompanied by coupons maturing on and after Sept. 1 1932, and receive
therefor a certicate of deposit.
(3) The plan may be declared operative if at least 90% of the old bonds
(or such lesser amount as the guarantors shall approve which, however.
shall not be less than 76% unless the committee approves) shall be
deposited. The guaranty shall be canceled as to all depositing old bonds
when the plan is declared operative. The depositary shall hold deposited
-V.124. p. 2134.
old bonds only for the purpose of carrying out this plan.
---Earnings.
Third National Investors Corp.
1933.
$8,312
187.165
1932.
$31,116
234,448
1931.
826,686
290,651
Total income
Loss realized on sale of
securities
Management fee
Transfer agents', registrars' and custodian's'
fees
Miscellaneous expenses_
Prov. for N. Y. State tax
Federal excise tax
$195.477
$265,564
$317,337
$351,436
Net income
Dividends
Calendar YearsInterest
Cash dividends
1930.
318,645
332,791
31,763
32.759
50,573
8330,556
69,119
11,637
1,413
8,280
500
6.908
9,535
220
8,007
11.427
5,584
10.308
19.706
14,959
$141.883
142,184
$216.142
209,000
$241.746 loss$.93,213
231.000
220.000
$10,746 defS313,213
Surplus
defS301
87,142
a As of .Tuly 1 1930, the method of computing the cost of securities sold
against first purchases to
was changed from a basis of charging first sales
an average cost basis.
Security Profits Account Year Ended Dec. 31 1933.
8655,291
Loss realized on sale of securities, based on average cost
Tentative provision for loss on deposit in closed bank
14.467
loss
$669,758
$3.234,227
Excess of cost over market value of investments, Dec.31 1932
Excess of cost over market value of investments. Dec. 31 1933- 1.653.416
$1,580,811
Decrease in unrealized loss
Excess of cost over market value of treasury stock. Dec.31 1933 $433.045
Change in Net Assets Year Ended Dec. 31 1933.
Per Share
(220,000
Shares).
Total.
Net assets, market value. Dec. 31 1932
$4,323.886
$19.65
Increase for period before dividends:
141,882
.64
Net income
Dr669,758
3.05
Realized loss per security profits account
Decrease in unrealized loss on investments
1,580.811
7.19
433,045
Excess of cost over market value of treasury stock
1.97
$619,890
Dividends on common stock ($.85 per share on
167,276 shares outstanding, excl. treasury stock)_
Increase for period, after dividends
82.81
142,185
.63
S477.706
52.18
Net assets, market value, Dec. 31 1933
$21.83
$4,801,592
Balance Sheet Dec. 31.
1932,
1932.
1933.
1933.
LiabtliitesAssets
Accrued expenses_
$1.300
:800
Cash
$258,720 $297,226 Provision tor N.Y.
Time deposits with
440
State tax
8,500
banks
202,000
50,000 c Common stock
220,000
U.S. Govt. shortd Paid in surplus_10,148.501 10,148,502
term obligations
977,253 Security pronts sur dt5584496
Corp. stock held in
Earned surplus_ _ _
17,586 M2,810.388
treasury
g724,955
Notes ot Universal
Credit Corp_
a175,000
b Common stocks_ 3,800,562 6,030,646
Dividerds reedy_ 126,645
f29,729
Total
4,810,892 57,559,853
Total
$4,810.892 $7,559$53
a Maturities not over 2 months. b Market value (cost $5,453.979). In
1932 investments are stated at cost the market value being $2.791,671.
c Authorized, 400.000 $1 par shares, issued, 220,000 shares; 130,000 shares
are reserved for exercise of purchase warrants entitling the holders to purchase common stock at $60 per share until March 1 1934, and thereafter
at $2 more per share per annum until March 1 1939, when the warrants
expire. d Representing the excess of paid-in capital over the par value of
capital stock, after deducting organization expense. e Cash on demand
deposit. f Includes interest receivable. g 52,724 shares at cost (market
value 8724,955).-V. 138, p. 162. ....Al • .
_
dlird
'(John R.) Thompson Co.
-Declares Regular Dividend.
-
The directors at a postponed meeting held on Jan. 5 declared the usuaul
quarterly dividend of 25 cents per share on the common stock, par $25.
Jan. 13 1934
Financial Chronicle
342
payable Jan. 25 to holders of record Jan. 15. Quarterly distributions of
like amount have been made on this issue from July 1 1931 to and incl.
Oct. 10 1933.-V. 137, p. 4710.
-Reduces Stock.
"
--- Tide Water Associated Oil Co.
in the last
This company has retired 51,282 shares of its 6% pref. stock
In the last six weeks, according to a San Francisco dispatch. This leaves
outstanding 643,023 shares of preferred, carried on the books at $64,302,300.
On Nov. 29 the company retired 23,500 shares of pref. and on Dec. 22
-V. 137, p. 4203.
retires 27,782 additional shares.
-Earnings.
Toro Manufacturing Co.
1933.
Years Ended Sept. 30$22,264
Net operating loss before depreciation
Miscellaneous charges
Depreciation
477
24,745
1932.
prof$16,919
Cr241
25,537
Balance Sheet Sept. 30.
1933.
Assets
Cash (incl. certificates of deposit) $137,341
Acc'ts de notes rec.,
180,886
less reserve
Inventories (cost)- 106,843
1,570
Accr'd int. reedy.
3,896
Prepaid insurance _
Cash surrend. value
9,450
oft,life insur.,&c
Property, plant &
311,779
equipment
tradePatents,
1
marks & goodwill
1932.
367,409
250,949
140,008
3,139
3,936
6,150
320,132
1
1930.
4,447,540
3,737,914
3.362,598
4.094,740
4,013.796
3.580,772
3,898,170
4,028,442
3.771,274
3.404,000
3.800,000
2,473,000
1929.
4,675,640
4,047.610
5,207,946
5,364,570
5,465,350
5,020,000
4,470,336
4.593,462
5,140,000
6,038.000
4,776,000
4,742,000
-Removed from Deal$8.377 •-•.--Vipond Consolidated Mines, Ltd.
847.487
Net deficit
-Output.
United Verde Extension Mining Co.
Copper (Lbs.)- 1933.1931.
3,014,232 3,043;630 2,824,696
January
2,710,020 3,031,459 3,221,198
February
3,013,188 3,049,976 3,236,882
March
2,977,420 3,019,072 3,074,758
April
3,006,300 3,020,100 3,369,080
May
2,673,788 3,007,702 3,284,984
June
a
2,745,556 3,008.902
July
a
2,610,580. 3,038.998
August
a
2,682,440 2,969,622
September
a
2,536,902 2,909.008
October
2,586,920 2,913,886 2.784.000
November
December_ __ _ _ 2,736,448 2,908,322 2,917,000
a Operations___________-V. 138, p. 162.
1932.
$6,132
1933.
LlaMtltles$6,659
Accounts payable_
Real estate mort2,750
gages (current) _
Officers & empl.'s
3,214
loan fund,&c__
Accr'd pay roll,int.
9,380
& taxes
Real estate mtge.
24,000
(deferred instal.)
Reserve for deprec. 153,653
10,000
Reserve for conting
Common stock _ _ 281,496
186,985
Paid-In surplus_
73,630
Earned surplus-- -
3,750
4,462
10.310
26,000
141,472
10,000
281,496
186,985
121,117
$791,724
$751,766
Total
$751,767 $791,724
Total
-V.135, P. 147.
x Represented by 46,916 no par shares.
-The directors
-Resumes Dividend.
Transamerica Corp.
---on Jan. 6 authorized a disbursement of 123/i cents per share
on the common stock, no par value, payable Jan. 31 to
holders of record Jan. 16. The aggregate amount of this
distribution is $2,960,240 on 23,681,926 outstanding shares.
The last dividend on the stock was 10 cents per share paid
on July 25 1931, which compared with 25 cents per share
paid each quarter from Oct.25 1930 to and incl. April 25 1931.
L. M. Giannini, Chairman of the Executive Committee,
says:
While the Transmerica Corp. has 'definitely resumed the payment of
dividends, the directors have decided that the time is not yet opportune to
determine whether future dividends should be on a quarterly or semiannual basis. Definite action in that respect must await the assurance of
Improvement in world-wide conditions.
The resumption of dividends follows the completion of a very successful
year, with substantial increases in earnings, still further curtailment of
operating expenses and reduction of notes and accounts payable.
Although no definite earnings figures can be made public this far in advance of the annual certified audit to be prepared for presentation to stockholders, preliminary estimates indicate that consolidated net profits of the
Transamerica Corp., holding companies and all controlled subsidiaries for
the year. 1933. will be markedly in excess of the net for 1932, which
amounted to $7,967,225. The increase in income reflects improvement in
the earnings of subsidiaries.
Operating expenses of the Transamerica Corp. and holding companies
have been reduced by more than $700,000 below the 1932 total of$2,119,566.
Notes payable to banks and accounts payable have been reduced more than
$6,000,000 during 1933.-V. 137, p. 3852.
-Earnings.
Union-Buffalo Mills Co.
Consolidated Income Accountfor Year Ended Sept.30 1933.
Consolidated operating profit
Miscellaneous income
$725,075
10,272
Gross income
Depreciation
Provision for Federal and State income taxes
$735,347
156,271
102,026
The New York Produce Exchanglas removed from dealing the capital
stock (par $1).- V. 137. p. 3341.
-December Sales.
Walgreen Co.
Increased 1933-12 Mos.-1932. Increase.
-1932.
-Dec.
1933
85.310,693 $4,102,814 $1,207,8791847,405,706 845.834,599in81,570,477
operation,
the company had 478 stores
At the end of December 1933,
-V. 137.
as against 474 a month earlier and 472 units a year previous.
P. 4374.
-The di-Extra Distribution.
Western Auto Supply Co.
rectors on Jan. 11 declared an extra dividend of $1 per share
on the class A and B common stocks, no par value, payable
Feb. 1 to holders of record Jan. 19. The company on Sept.
1 and on Dec. 1 last paid regular quarterly dividends of
50 cents per share on both issues, while from June 1 1932
to and incl. June 1 1933 quarterly distributions of 25 cents
per share were made.
Sales for Month and 12 Months Ended Dec. 31.
-Month-1932. Increase. I 1933-12 Mos.-1932. Increase.
1933
$1,307,600 $1,061,600
-V. 137, p. 4205. 3511.
3246,0001812,857,000 $11,797,700 $1,059,300
-Earnings.
White Rock Mineral Spring Co.
1931. 1
1932.
1933.
Calendar YearsNet income after depreciation and taxes
Ohs, common stock outstanding (no par)
Earnings per share
-V. 137. p. 4026.
$623,869
250.000
$2.10
1930.
$728,474 $1,124,165 $1,315,394
232 071
$.59
245.705
$4.14
245,705
$4.78
-December Sales Higher.
Winn & Lovett Grocery Co.
-1932.
Period End. Dec. 30- 1933-5 WI3.-1932. 1933-52 Wks.
$493,601 $4,966,595 $5,074,539
Sales
-V. 137. p. 4374, 3689.
$545,416
s. -Wolverine Brass Works, Grand Rapids, Mich.'
J. 6
The compan on .an.5 made lt distributi n of $3 per share on account of
8100, to holders of record'
the 6% cum. pref.stock.
accumulations
-V. 135.
per share still unpaid.
Jan. 2. This leaves accrued dividends of
,
p. 1342.
-Final Dividend-Earns.
(F. W.)Woolworth 8c Co., Ltd.
The directors have declared a final dividend of 2s. 68. on the American
depositary receipts for ordinary regular shares for the year ended Dec. 31
1933, less British income tax of 25% and deduction of expenses for depositary, the payment dates to be announced later. An interim dividend of
Is. 6d. was paid on these shares on June 22 last.
For the year 1932, the company paid an interim dividend of Is. 6d. and
a final dividend of 2s. per share on the ordinary regular shares.
In the preliminary statement for the year ended Dec. 311933. the company shows a profit of £4,525,384 after charging all expenses, but before
providing for taxation. This compares with a profit of £4,477,885 before
-V. 136. p. 3364.
taxes in the preceding year.
CURRENT NOTICES.
-Formation is announced of the firm of F. R. Fenton & Co., Inc., to
transact a business in the obligations of the United States Government,
at 111 Broadway, N. Y. The organizers are F. Reed Fenton, W. W.
$470,050
Balance
Townsend and Victor K. Klarn.
Consolidated Balance Sheet Sept. 30.
F. Reed Fenton was a Vice-President and Director of C. F. Childs & Co.
1932.
1933.
1933.
Assets
$245.445 $180;149 Notes payable____ $208,500 $479,304
and more recently Government Bond specialist for J. G. White dr Co., Inc.
Cash
332,946 Accts. Par.& scar.
Notes & accts. rec. 339,082
Mr. Townsend served as Vice-President and Director of C. F. Childs & Co.
130,261
361,804
556,332
expense
Mat'ls&suppl.,&c. 1,074,978
and more recently was Sales Manager of Brown Brothers Harriman & Co.
6,500
Bee. for conting's.
Dep. with Mutual
53,924 1st 7% pref.stock_ 2,635,696 2,635,696
and Mr. Kiam is a graduate lawyer who recently came to New York from
7,179
Insurance Cos
265% pref. stock_ 1,709,359 1,709,359
Advance to RailNew Orleans where he was active in the Louisiana investment field.
254,680
254,680
752 Common stock
1,206
road Credit Corp
-W. J. Fitzsimmons of Hulburd, Warren & Chandler was elected
100,000
100,000
18,595 Minority interest_
43,155
Ins.,tax.& int.,&c
12,574 Capital surplus... 1,226.625 1,226,625
26,228
president of the Association of Grain Commission Merchants of the Chicago
Accts.rec.,deferred
470,831
5.230,222 5,376,854 Earned surplus.
xFixed assets
Board of Trade. James E. Bennett, retiring president, was elected VicePresident for 1934: Edwin A. Boerner, of Stein, Brennan & Co.. was
$6,967,494 $6,542,424
Total
$6,967,494 $6,542,424
Total
re-elected Secretary and Treasurer; George F. Diehl, Mr. Fitzsimmons and
x After deducting reserve for depreciation of $4,435,841 in 1933 and
Barnett Faroll, of Faroll Brothers, were re-elected to the board of managers
34.288.740 in 1932.-V. 131. p. 2710.
......_
for three year periods.
-Removed from List
net_
'United Aircraft & Transynt Corp.
-Frank C. Masterson & Co., New York, are distributing a booklet
The New York Curb Exchange as removedfrom unlisted trading
ing the Jan. 1 1934, closing bid and asked prices of approximately 2,509
privileges the 6% preferred stock, ries A, (par 450) without stock purstocks and bonds most frequently traded in over the counter.
-V. 137, p. 4373.
chase warrants.
-H. Hentzi& Co. announce the opening of new branch offices in Miami
-Trustee Continued.
United Cigar Stores Co.of America.
and Palm Beach, Florida. Ben Richard will manage the Miami office and
An order authorizing the Irving Trust Co. to continue until March 1
as trustee for the company was signed Jan. 9 by Irwin Kurtz, Federal
Jules Vatable the Palm Beach office of the firm.
-V. 137. p. 3852.
referee in bankruptcy.
Newburger, Loeb & Co. is distributing its Annual Forecast of the
-Shipments.
outlook for the coming year. It contains a summary of the opinions of well
United States Steel Corp.
on a preceding page.
See under "Indications of Business Activity"
known authorities, such as the American Institute of Finance, Brookmire
Economic Service, Moody's Investment Survey, Standard Statistics Co.,
Number of Stockholders Increases Slightly.
and prominent executives and economists.
There was an increase of 726 in the number of holders of Steel common
stock in the three months ended Dec. 1. the total on that date being 187,120.
Charles Hayden of Hayden, Stone & Co.,and Chairman of the Finance
compared with 186,394 on Sept. 1, 189.569 on June 1, last, and 192,384
Committee of the Kennecott Copper Corp., sailed for Africa on Saturday
on March 1. On Dec. 11932, there were 190.189 common stockholders.
on the Rex,for a tour of inspection of the large copper mines in the Belgian
The dividend on the pref. stock paid In November went to 6.3,0513 individuals, against 62,952 in August, an increase of 104 in the three months.
Congo. He was accompanied by W. Hinckle Smith of Philadelphia, who
In November 1932, the number of preferred holders was 62.259.
is also a director of Kennecott.
The following table shows the number of Steel common stockholders,
each quarter, since organization:
-Pell,Peake & Co., members New York Stock Exchange, 24 Broad St.,
Year4th Quar. 3d Quar. 2d Quar. 1st Quar. New York, have issued the 28th Annual issue (1933)"The Wall Street
192.384
189,569
186,394
187,120
1933
Money Market for Collateral Loans."
186.981
190.024
190,284
190,169
1932
149,122
156.239
166,788
174,507
-Haskell, Scott & Geyer. Chicago announce the appointment of Orin
1931
124,069
129,626
135.504
141.907
1930
Newton as Sales Manager, and of Joseph A. Allen as Manager of their
103,571
105,612
110,166
117,956
1929
Statistical and Research Department.
97.443
98,336
104,203
100,784
1928
87,128
90.269
97,000
96,297
-Orvis Brothers & Co. announce that John E. Topliffe, formerly of
1927
90.517
93,671
85.859
86,034
1926
Swezey, Topliffe & Co., has become associated with them in their 342
94,198
93,446
92,191
90,576
1925
Madison Avenue office.
98,712
99,189
96,517
96,317
1924
94.198
93,139
97,075
99,779
1923
-George A. Erickson, for the past three years with Stone & Webster
106,811
99,512
96,307
93,789
1922
and 13Iodget, has joined Doremus St Co., advertising agency, as in account
104,876
105,310
106,723
107,439
1921
83,583
87,229
executive.
90,952
95,776
1920
22,033
24,435
X8,910
28,850
1910
___RornOlower & Weeks have prepared special analysis of Chemical
13,318
15,887
1901
Bank /4 Trust Co., and Bank of the Manhattan Co., capital stocks.
-V.137. P. 4373
.
Consolidated net income
7% preferred dividends paid in cash
$477,050
7,000
Financial Chronicle
Volume 138
343
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-METALS
-DRY GOODS
PETROLEUM-RUBBER-HIDES
-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, Jan. 12 1934.
COFFEE futures on the 6th inst. closed 1 to 6 points
higher with sales of 16,000 bags in both contracts. On the
8th inst. futures closed 9 to 12 points higher on Santos contract and 9 to 10 points on Rio contracts with sales of 30,000
bags of Santos and 10,000 bags of Rio. Buying was stimulated by improving conditions in the Brazilian coffee positions and expectations that the Grain Stabilization Corporation would realize favorable prices on its sale of 62,500 bags
of Santos coffee. On the 9th inst. Santos futures here closed
unchanged to 3 points higher on sales of 34,500 bags and Rio
contracts were 1 to 3 points higher on sales of 7,750 bags.
All bids on the Government's offering of 62,500 bags were
refused. On the 10th inst. futures again moved upward
ending 5 to 10 points higher on Santos contract and 2 to 6
points higher on Rio. Sales were 30,750 bags of Santos and
9,750 bags of Rio. The refusal of the Government to accept
bids for its Farm Board coffee was regarded as bullish. On
the 11th inst. it was a quiet market but moderate buying
orders by the trade and foreign interests caused firmer prices.
Santos closed unchanged to 3 points higher with sales of 17,000 bags and Rio contracts were 1 to 7 points higher with
sales of 4,000 bags. To-day futures closed at an advance
of 10 to 19 points on Rio contracts and 11 to 15 points on
Santos.
Rio coffee prices closed as follows:
Spot (unofficial)
!arch
May
9.001
I July
6.87 6.89 September
7.07
December
7.19
7.33
7.48
_--
___
Santos coffee prices closed as follows:
Spot(unofficial)
Marcia
May
July
10.00
9.471 9.48 September
December
9.66
10:410143
-10.20 nom.
COCOA futures on the 6th inst. ended 4 to 7 points up
with sales of 1,166 tons. Mar. closed at 4.320.; May at
4.47c.; July at 4.63c.; Sept. at 4.80c., and Oct. at 4.88c.
On the 8th inst. futures closed 1 to 5 points higher in sympathy with other commodities. Sales were 3,444 tons.
Closing prices were with Mar. at 4.36c.; May at 4.50c.;
July at 4.67e.; Sept. at 4.81 to 4.83c.; Oct. at 4.90c., and
Dec. at 5.09e. On the 9th inst. after a firmer opening
futures met considerable selling owing to easier London
cables and closed at net losses of 1 to 3 points. Mar. ended
at 4.34e.; May at 4.49c.; July at 4.65c.; Sept. at 4.80c.;
Oct. at 4.88c., and Dec. at 5.07e. On the 10th inst. futures
closed 5 to 9 points higher after sales of 3,162 tons. European buying caused the advance. Mar. ended at 4.41c.;
May at 4.57e.; July at 4.73c.; Sept. at 4.8943.; Oct. at 4.97c.,
and Dec. at 5.14c. To-day futures ended 3 to 5 points
higher with sales of 117 lots. Warehouse stocks were 947,148 bales, against 930,192 a month ago and 722,828 on the
same day last year. Mar. closed at 4.48e.; May at 4.630.;
July at 4.80c.; Sept. at 4.95c., and Dec. at 5.180.
SUGAR futures losed 3 to 4 points higher on the 6th inst.
with sales of only 2,800 tons. On the 8th inst. futures
closed 3 to 4 points lower with sales of 15,300 tons. On
the 9th inst. after an easier opening futures rallied and ended
2 to 3 points higher on sales of 740 tons. It was the smallest
turnover since last summer. Spot raws were unchanged.
On the 10th inst. futures closed unchanged to 2 points higher
in a more active market. Sales were 22,100 tons. Trade
buying increased. On the 11th inst. futures closed 1 point
lower to 1 point higher in a very quiet market. The demand
was too small to lift prices out of the narrow rut in which
they have been moving during the past few days. Sales
were only 6,900 tons. Commission houses and the trade
were buying. Cuban interests sold. Rams were easier,
with sales of 10,000 bags of Puerto Ricos due January 23
reported at 3.17c. delivered and 1,000 tons of Philippines,
due February 2nd at 3.1643. Two cargoes of Cuba for early
February shipment sold at 1.20e. c. & f. Refined was quiet
at 4.30c. To-day futures closed unchanged to 1 point higher.
Sugar prices closed as follows:
Spot (unofficial)
January
March
May
July
1.1654
1.16541.18 September
December
1.2254
1.28541.29
1.341
1.39
1.44
LARD futures on the 6th inst. closed 2 points lower to
3 points higher. Exports were 47,310 lbs. to Hamburg.
Cash lard in tierces 5.37c.; refined to Continent Sc. to 53/8c.;
South America, 53/i to 53e. On the 8th inst. futures were
easier under selling by packers in lifting hedges against
accumlating stocks and at the close prices were 2 to 8 points
lower. Trading was moderate. Exports were 853,870 lbs.
to Liverpool and Southampton. Hogs were 5 to 10c. lower
with receipts heavy, totaling 124,800, against 125,500 on
the same day last year. Cash lard in tierces, 5.35c.; refined
to Continent 5 to 53/se.; South America, 53/i to 534c. On
the 9th inst. futures were stronger on a fair demand from
Eastern interests and the closing was unchanged to 10 points
higher. Exports were 1,697,005 lbs. to London, Southampton, Antwerp and Rotterdam. Hogs advanced 5 to 10e.
with the top $3.75. Receipts were heavy. Cash lard in
tierces 5.40c.;refined to Continent,Sc.; South America,51/8c.
On the 10th inst. futures closed 3 to 12 points higher on
buying by Eastern interests stimulated by stronger grain
markets. Liverpool was unchanged to 3d. lower. Exports
were 961,730 lbs. to United Kingdom, Bremen, Genoa,
Copenhagen and Helsingfors. Hogs were 10 to 15e. lower,
owing to heavy receipts which totaled 119,500,against 90,000
on the same day last year. Cash lard in tierces 5.42c.; refined to Continent 5e.; South America, 53e. On the 11th
inst. futures declined 5 to 12 points under selling by packing
interests owing to the heavy run of hogs, Liverpool lard was
unchanged to 6d. lower. Exports were heavy. They
totaled 1,294,850 lbs. to Cork, Belfast, Glasgow, Antwerp,
Oslo and Bergen. Cash lard in tierces 5.00.; refined to
7
Continent,4% to Sc.; South America, 53/se. Hogs were 10c.
lower with receipts for the Western run 119,600, against
104,400 on the same day last year. To-day futures closed
15 points lower to 10 points higher.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Wed. Thurs. Fri.
Mon. Tues.
5.35
January
5.42
5.30
5.40
5.35
5.35
May
5.67
5.70
5.75
5.75
5.75
5.70
July
5.67
5.62
5.67
5.57
5.65
5.67
Season's High and When Made. I Season's Low and When Made.
4.40
Dec. 21 1933
January
January
9.95
May
Dec. 21 1933
Nov. 14 1933 I May
4.80
6.72
PORK steady; Mess $17; family $20.50; fat backs $13.25
to $17. Beef steady; mess nominal; packet nominal; family
$10 to $11.50 nominal; extra India mess, nominal. Cut
meats firm; pickled hams 4 to 6 lbs. 6%c.;6 to 8 lbs. 6%c.;
5
8 to 10 lbs. 63/sc.; 14 to 16 lbs. 103.c.; 18 to 20 lbs., 9%0.;
22 to 24 lbs. 9c.; pickled bellies clear, f.o.b. New York,6 to 8
4
lbs. 10%c.;8 to 10 lbs. 10%c.; 10 to 12 lbs. 103 0.; bellies,
%
clear, dry salted, boxed, New York, 14 to 30 lbs. 703 e.
Butter, creamery firsts to higher score than extras 17 to 21c.
Cheese, fiats 14 to 17e. Eggs, mixed colors, checks to special
2
packs 163/ to 25c.
OILS.
-Linseed was generally quoted at 8.5c., but 8.4c.
it was intimated could have been done on a firm bid. Cocoanut, Manila, tanks, spot 2% to 23'2o.; tanks, New York,spot
23 c. Corn, crude, tanks, f.o.b. Western mills 3y
%
2e.
5
China wood, N. Y. drums, delivered 7% to 8c.; tanks, spot
7.3e. Olive, denatured, spot Greek 78 to 80c., Spanish 81
to 82c.; shipment carlots, nearby, Greek 78 to 80c., Spanish
81 to 82e. Soya Bean, tank cars, f.o.b. Western mills 5%c.;
cars, N. Y., 6.5e. to 6.6e.; L.C.L. 6.9 to 7c. Edible, olive
$1.75 to $2. Lard, prime 93/Ic.; extra strained winter, 8c.
Cod, Newfoundland, nominal. Turpentine 51 to 55e.
Rosin, $4.523/2 to $6.05.
COTTONSEED OIL sales to-day including switches 17
contracts. Crude S. E. 33/2c. bid. Prices closed as follows:
Spot
January
February
March
April
May
4.65 4.75 June
4.6014.68 July
4.75(4.78 August
4.80544.90
4.924.97
4.95545.10
5.12545.13
5.14@5.20
PETROLEUM.
-The summary and table3 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 was inactive on the 6th inst. and futures closed
unchanged to 2 points lower. Sales were 510 tons. The
spot price was lower. Mar. ended at 9.07 to 9.08c.; May
at 9.30e.; July at 9.500.; Sept. at 9.75 to 9.76e., and Oct.
at 9.85e. On the 8th inst. there was a further recession
of 11 to 16 points on sales of 1,420 tons. Mar. ended at
8.95c.; May at 9.17 to 9.18c.; July at 9.39e., and Sept. at
9.59e. On the 9th inst. after an opening decline of 1 to 5
points rallied and ended 1 to 3 points higher on sales of
only 740 tons. Mar. closed at 8.96c.; May at 9.18 to 9.20c.;
July at 9.40 to 9.42e.; Sept. at 9.62e.; Oct. at 9.72c., and
Dec. at 9.92e. On the 10th inst. the market was quiet
and prices after some early easiness advanced and ended
6 to 11 points higher. Sales totaled only 560 tons. The
spot price was higher. Jan. ended at 8.82c.; Mar., 9.06e.;
344
Financial Chronicle
May at 9.280.; July at 9.51e., and Sept. at 9.72c. On the
11th inst. prices closed 2 points lower to 3 points higher.
It was a narrow irregular market and sales were only 780
long tons. Jan. ended at 8.90c.; Mar. at 9.05e.; May at
9.26c.; July at 9.53c.; Sept. at 9.70c., and Oct. at 9.84c.
To-day futures closed 5 points lower to 2 points higher with
sales of 136 lots. Jan. ended at 8.86c.; Feb. at 9.04c.;
Mar. at 9.040.; May at 9.28 to 9.290.; July at 9.51c., and
Sept. at 9.72c.
HIDES futures on the 6th inst. ended unchanged to 5
points higher, with sales of 880,000 lbs. March closed at
10.70c., June at 11.30c. and Dec. at 11.90c. On the 8th
inst. futures closed 10 to 20 points lower on sales of 560,000
lbs. March ended at 10.55c., June at 11.20c. and September
at 11.55c. On the 9th inst. the upward swing was reversed
and futures ended 25 to 30 points lower, with sales of 1,280,000 lbs. June closed at 10.90 to 10.95c. and September
at 11.25c. On the 10th inst. trading was small and the
market, after an early decline, rallied and ended unchanged
with sales of 1,080,000 lbs. June closed at 10.90c. and
September at 11.25c. On the 11th inst. futures closed 5
points lower to 5 points higher, with sales of 800,000 lbs.
June ended at 10.91c., September at 11.25c. To-day futures
closed 25 points lower, with sales of 19 lots. June ended
at 10.65 to 10.70o. and September at 11 to 11.05c.
-Quietness still prevailed. The
OCEAN FREIGHTS.
Wales-Italy coal rate was raised 6s.
CHARTERS included: Grain: 36 loads, Montreal, May wheat, to Ant-New York, 6c.;
werp-Rotterdam at is. 430.; 8 loads spot, Hamburg
5 Antwerp, 10c., February; 2% loads, Havre-Dunkirk, 8c. Grain booked:
A few loads to Antwerp and Rotterdam and a few to Havre-Dunkirk from
New York at 10c. and 8c., respectively. Sugar: January, Cuba-United
Kingdom-Continent, 13s, Tankers: February dirty, Venezuela-Port de
Bouc, 8s. 9d.; Curacao, January, United Kingdom,7s, 6d.
Jam 13 1934
,untons with 4,000 tons sold for February. Prices werechanged at 4e. New York and 3.90c., East St. Louis.' In
London on the 11th inst. spot advanced 6s. 3d. to £11 Ss.
and futures rose 5s. to £11 10s.; sales, 50 tons of spot and
150 tons of futures; at the second session 50 tons of futures
sold but prices remained ,unchanged.
ZINC was quiet at unchanged prices, i. e. 4.25c., East
St. Louis. According to the American Zinc Institute sales
for December delivery had been 3,709 tons at an average
price of 4.4640. per pound, East St. Louis; sales for subsequent delivery were 4,532 tons at 4.462c. Sales ofibrass
special for December delivery were 580 tons at an average
price of 4.607c.; for subsequent delivery 201 tons at 4.564c.
In London on the 11th inst. spot was up 6s. 3d. to £14 13s.
9d.• futures rose 7s. 6d. to £15; sales 200 tons of spot and
575 tons of futures.
'
STEEL production, though not up to the December
average, was better than expected in the Pittsburgh area.
In the Chicago district there was a falling off in output to
32%, as against 34% a week ago and 40% at the end of
1933. Awards for 11,640 tons of structural steel were recently made to the American Bridge Co. and an order
'
for 1,100 tons of reinforcing.bars was given to the Concrete
Steel Co. Steel production just now far exceeds new buying
and as a result operating rates are expected to suffer some
reaction. Heavy melting steel was quoted at $12.50 Pittsburgh and $10, Chicago. Most of the demand over the
next few weeks is expected to be in those products which
were not advanced on Jan. 1. Consumers are reported to
be well supplied with wire products, tin plate and a few
other items which were advanced the first of the year.
PIG IRON was rather quiet with most of the purchasing
on a hand-to-mouth basis. Some expect this policy to be
pursued for another six months, while others look for a better business very much sooner. There was less competition
of imported iron owing to the depreciation of the American
dollar. Railway equipment makers were reported in the
Chicago market for the first time in several months. Foundry No. 2 plain, Eastern Pennsylvania $18.50; Buffalo, Chicago, Valley and Cleveland $17.50 and Birmingham $13.50;
basic valley, Eastern Pennsylvania $19; Buffalo $18.
-Boston wired a Government report, Jan 11,
WOOL.
saying: "Greasy combing domestic wools are moderately
active on 58s, 60s half-blood and finer qualities. The
principal call is on French combing 64s and finer territory
wools at 81c. and 83c., scoured basis. Medium quality
greasy combing domestic wools are mostly quiet with girotations unchanged from last week. Several lines of spot
combing foreign wools are receiving a fair demand at prices
showing a decided advance over previous sales, but considerably under current replacement in primary foreign
markets. Buying in spot foreign lines is partly for domestic
mills and partly for export."
SILK futures on the 8th inst. closed 1 Mc. lower with sales
of 1,670 bales. January ended at $1.333/2; February at $1.34
to $1.35, March, May and July $1.35 to $1.36 and July and
August at $1.353/2. On the 9th inst. futures were dull and
closed lc. lower to 13/2c. higher on sales of only 710 bales.
January ended at $1.33 to $1.333/2; February at $1.33;
March at $1.36 to $1.363'2; April and May $1.363/2; and
June, July and August at $1.36 to $1.37. On the 10th inst.
futures closed 34 to 2c. higher in a quiet market. Sales
were only 550 bales. Silk followed the trend of other
commodities. March and April closed at $1.37; May, June
and July at $1.373' and August $1.373/2. On the 11th
inst. futures closed M to 1 Mc. higher on sales of 480 bales.
January closed at $1.353/2; February at $1.363/2; March at
$1.38; May at $1.39; and July and August 51.383/2. To-day
futures closed 1 to 1 Mc.lower with sales of 91 lots. February ended at $1.353/2 to $1.363/2; March at $1.37; April at
$1.37 to $1.373/2; May at $1.373/2; June and July at $1.37
to $1.373/2 and August at $1.373/2.
COAL was in less demand owing to the rise in temperatures. Lake loadings of bituminous in 1933 totaled 32,333,393 tons against 25,173,000 in 1932. Bituminous production in the week ended Jan. 6th increased nearly 900,000
tons over that for the first week of 1933 to 7,000,000 tons.
Three weeks' production down to Jan. 6th was 20,623,000
tons, a week average of 6,875,000 tons; a year ago the production in the same period was 19,395,000 tons or a weekly
average of 6,465,000 tons.
SILVER futures on the 6th inst. after advancing early
'
20 to 35 points, reacted and ended 7 to 13 points higher
with sales of 2,350,000 ounces. The local bar price fell Mc.
to 44c. March ended at 44.80c., May at 45.35c. and July
at 45.90c. On the 8th inst. increased liquidation and selling
by bankers and producing interests, owing to the decline
in sterling caused a decline of 35 to 50 points. Sales
amounted to 4,675,000 ounces. March ended at 44.38e.,
May at 44.85c. and July at 45.45c. On the 9th inst. after
an early advance of 17 to 27 points came a recession and
closed 5 points lower to 7 points higher; sales 3,325,000
4
ounces. The bar price here declined Mc. to 433 c. Jan.
ended at 43.95c. Feb. at 44.18c. Mar. at 44.40 to 44.42c.,
'
April at 44.66c., May at 44.90 to 44.94c. and July at 45.45c.
On the 10th inst. futures closed 22 to 30 points higher with
sales of 2,550,000 ounces. The bar price here was unchanged at 43%c. Early prices were easier. March ended
at 44.40c., May at 44.90c., June at 45.40c.,July at 45.680.
and Sept. at 46.22c. On the 11th inst. it was an irregular
market. Early prices were 30 to 35 points higher under
covering and buying by commission houses, but later came
a recession on general liquidation which left prices at the
close 11 points lower to 6 points higher. Sales totaled
2,275,000 ounces. March ended at 44.65c. May at 45.15c.
'
and July at 45.74c. To-day futures closed 65 to 75 points
higher with sales of 7,950,000 ounces. Jan. ended at
44.90c. Feb. at 45.10c. Mar. at 45.30c. May at 45.85
June at 46.14e., July at 46.40 to 46.50c., Sept.
to 45.96c.,
at 47 to 47.05c. and Dec. at 47.80c.
COPPER was quiet for domestic account but the European
demand was better. Sales on the 11th inst. were 300 to 400
tons as contrasted with around 100 tons daily previously
COTTON
this week. Prices abroad were 7.85 to Sc. and in one case as
Friday Night, Jan. 12 1934.
The domestic price was
high as 8.073/2c. was mentioned.
unchanged at Sc. Seven copper codes have been submitted
THE MOVEMENT OF THE CROP,as indicated by our
to date. The principal difficulty in adopting a code is said telegrams from the South to-night, is given below. For the
to be the provision that all fabricating brass and copper week ending this evening the total receipts have reached
companies buy 75% of their metal in the open market, 105,070 bales, against 101,016 bales last week and 150,873
.
taking only 25% from their subsidiary companies. In Lon- bales the previous week, making the total receipts since
don on the 11th inst. standard advanced 15s. to £32 for spot Aug. 1 1933 5,592,961 bales, against 6,113,990 bales for the
and £32 2s. 6d. for futures; sales 500 tons of spot and 1,500 same period of 1932-33, showing a decrease since Aug. 1
tons of futures; electrolytic was up 15s. to £35 bid and £35 1933 of 521,029 bales.
10s. asked; at the second session spot standard dropped 5s.
Alan. Tues. Wed. Thurs, Fri.
and futures 3s. 9d. with sales of 300 tons of futures.
Sat.
Total.
Receipts at'
TIN was dull but the recent strength in London caused a Galveston
3,962 4.348 11,069 4,580 3,683 2,936 30,576
------2,327 2,327
--- -------- rise in Straits tin here to 52.35c. London at the first session Texas city
,il 2,838 7,562 27.588
7
3,761 4,495
Houston
586
31
23
21 1,242
on the 11th inst. rose £2 10s. on spot standard to £226 15s.; Corpus Christi
553
28
1,380 1.778 5,120 11,021 13,784 3,062 36,145
futures up £2 15s. to £227 5s.; sales 100 tons of spot and 650 New Orleans
297
381
125
191 1,187
89
104
Mobile
tons of futures; spot Straits rose £2 7s. 6d. to £231 10s.; Pensacola
147
591
Jacksonville
Eastern c.i.f. London dropped 10s. to £228 2s. 6d.; at the Savannah ------------------------591
44
411
209
159
173 1,468
472
second session standard fell 10s. on sales of 40 tons of spot Brunswick
73
717
11
---590 1,572
Charleston
181
and 160 tons of futures.
19
122
17
42
13
50
263
LEAD was in better demand but it was unevenly dis- Wilmingtoa
132
57
201
52
108
68
Norfolk
618
tributed. Some of the largest producers made very small Baltimore
tons.
sales. Sales up to Thursday were estimated at 4,000
Total sales made for January shipment were around 21,000 Totals this week- 10.006 11,485 24.678 18.386 21,841 18,674 105,070
Financial Chronicle
Volume 138
The following table shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night, compared with
last year:
1933-34.
1932-33.
Receipts to
Jan. 12.
Stock.
This Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.
1934.
1933.
Galveston
30,576 1,594.258 43,821 1,513,814 847,859 875,119
Texas city
2,327 163,478 7,344 171.194
62,302
68.421
Houston
27,588 1,905,655 70,160 2,101,055 1,498,731 1,811.009
Corpus Christi.-- 1,242 208,550 2,203 274,535
81,211
83.499
Beaumont
8,235
---26,024
11,242
22.535
New Orleans
36,145 968,941 32,768 1,202,274 816,828 1,046,141
Gulfport
606
Mobile
1,187 114,805 4,879 206,670 119,156 138,314
Pensacola
147
91,961
---97,528
30,381
29,477
Jacksonville
591
12,136
128
7,673
8,448
16,006
Savannah
1,468 142,032 2,776 115,899 130.754 181.199
Brunswick
275
22,462
28,947
Charleston
1,572 106,287 1.661 126.085
50,339
73,439
Lake Charles_ _
644
91,732
980 139,583
51.043
81,483
Wilmington
263
17,192 1,298
42,165
20.823
32,514
Norfolk
618
30.079
656
41,111
22,046
57,155
Newport News
8,689
New York
95,856 200.261
Boston
11,328
18,838
Baltimore
427
15,158
100
10,138
2,657
2,050
Philadelphia
Totals
105.070 5.592.961 168.774 6.113.990 3.861.004 4.737.460
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1933-34. 1932-33. 1931-32. 1930-31. 1929-30. 1928-29.
Galveston---Houston
New OrleansMobile
Savannah.....
Brunswick _ _ _
Charleston_ - Wilmington _ _
Norfolk
NewportNews
All others_ _ _ _
30,576
27.588
36.145
1.187
1,468
275
1.572
263
618
43,821
70,160
32.768
4,879
2.776
1,661
1,298
656
71,680
60.744
104,999
12,471
4,103
1,535
1,222
1,125
646
19,813
36,938
19,992
8,220
11,391
23.661
24.616
27,621
9.709
5,150
49,207
44,139
35.632
4,050
7,480
2,972
457
1,433
2,050
2,191
4.800
838
712
2.105
5,378
10,755
16.132
5,591
4.725
7,014
;Potal this wk. 105,070
168,774
274,657
106,805
104,523
151,177
Since Aug.1-- 5.592.961 6.113.900 6.17
409.M9 7.031.6586.900.000 7.384.990
The exports for the week ending this evening reach a total
of 208,904 bales, of which 37,501 were to Great Britain,
7,263 to France, 32,303 to Germany, 8,436 to Italy, nil to
Russia, 98,812 to Japan and China, and 24,589 to other
destinations. In the corresponding week last year total
exports were 156,369 bales. For the season to date aggregate exports have been 4,426,837 bales, against 4,478,946
bales in the same period of the previous season. Below are
the exports for the week.
Exported to
Week Ended
Jan, 12 1934.
Great
GerExports from
- Britain. France. many.
Galveston
6,609
Houston
4,632
Corpus Christi
Texas City.....
New Orleans
21,710
Mobile
524
Jacksonville _ _ _ _
Savannah
Brunswick
Charleston
3,173
Norfolk
606
Gulfport
147
New York
Los Angeles_
100
Total
Total 1933
Total 1932
4,614
"952
Japan&
Russia. China. Other.
9.401
7,028
875
3,602
6,012
4,834
1,046
"601
4,329
; 448
2,168
275
1,010
106
"iii
50
Total.
30,766 11,712 68,704
42,254 5.171 59,085
502 1,638 3,967
2,668 3,714
17,5114 3,250 53,190
150 5,604
448
2,168
275
4,183
766
147
597
7;666
8,056
37,601
7,263 32,303
8,438
98,812 24.589 208,904
43,891
15,584
7,575 27,373 15.969
8.892 23.170 10,691
42,026 19,535 156,369
62,342 17,994 138,673
From
Aug. 1 1933 to
Jan. 12 1934,1 Great
I Get
Exports fr
Britain. France. many.
Exported to
Japan &
Italy. Russia! China. Other.
Total.
Galveston_ _. 166.105171,863 144,811 97,838
375,8031181,128 1,137,048
Houston- 165.047200.196 274,594 159,772
445,219 217,2891,462,117
Corp. Christi 88,423 51.9771 24,176 17,397
123,182 36,952 342,107
Texas City..
11,154 19,410 25,481 2,890
1,222 16,858
77,015
Beaumont...
2,781 4,000
550
-.1,528
1,100
954
10,913
New Orleans_ 164,284 73.886 135,897 99,106 21:274 146,478 73,62
714,545
Lake Charles
7,599 14,812
15,807 2,200 8,950 22,050 11,921
83,339
Mobile
26,071 5,330 58,708 8,446
12,403 5,774 114,732
Jacksonville.
1.071
6,152
367
7.590
Pensacola
18,875 1,169
9,122 1,16
21,969 11,953
62,251
Panama City
18,758
183
11,841
2,500
300 33.582
Savannah
41,228
12,485 5,16
100 53,478
302
112,760
Brunswick
_
25 22.462
5,646
Charleston.. 41,250
379 46,043
1,321
88,993
Wilmington.
800
6,655
7,455
Norfolk
6,089
217
798
74
4.389
308 11.873
Gulfport_
_
171
780
215
1,166
New York_._
8,183
1,500 6.879
13
41
3,02
19,640
Boston
97
56
2,367
4
2,565
Los Angeles.
74,669 2,273 82.681
231
2,458
3.050
San Francisco
29,496 1,484
850
93
31,923
Seattle
80
80
Total
785,137543.993, 841,931 400.069 30,224 1,258,455 567,0284,426,837
Total'32-'33_ 790,875538.059 1,032,177413,631, ____ 1,139,014 565,1904,478,946
1
Total'31-32. 638,353192,819 855.452361,195; ____ 1,792,827 476,7934.315,439
NOTE.
-Exports to Canada.
--It has never been out practice to include In the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland 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 November the exports to the Dominion the present season
have been 35,868 bales. In the corresponding month of the preceding season the
exports were 34,999 bales. For the four months ended Nov. 30 1933 there were
92.868 bales exported as against 67,129 bales for the four months of 1932.
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:
345
On Shipboard Not Cleared for
-
Jan. 12 at
-
Great
GerOther CvastBritain. France. many. Foreign wise.
Galveston
New Orleans
Savannah
Charleston_ _ - _
Mobile
Norfolk
Other ports *
12,000
5.133
6.000
1,693
"932
--- _
----
1.§6§
3.000
2,000
3.500 76.000
7.500 36,000
3.697 3.661
Total 1934 _ - 21.065 9,693 14.697 117,569
Total 1933.. 26,078 12.483 21.407 117.712
Total 1932.. 32,539 18.594 25,751 130.588
* Estimated.
Total.
Leaving
Stock.
3,500 65.000 782,859
500 14.684 802.144
130.754
50.339
2:gio 116.316
22,046
500 85,000 1.789,022
4.500 167.524 3.693.480
6.810 184.490 4,552,970
8,406 215.878 4,662.359
SPECULATION in cotton for future delivery was on a
larger scale. On the 6th inst., under the broadest buying
in several months, prices closed 9 to 18 points higher. Renewed March liquidation and fears of further pressure in
the form of Government selling caused a partial setback at
one time, but on every decline the demand seemed to increase and prices rallied. Domestic and forign trade buying was heavy. Domestic spinners were more disposed
to fix prices, encouraged apparently by the increased business in textiles. There was very little hedge selling in evidence. Offers in the South continued very small, with the
basis strong. More and more cotton is. being warehoused
as collateral for Government loans, and the rest is tightly
held. The Government campaign to limit the 1934 crop to
9,000,000 bales on 25,000,000 acres was making favorable
progress.
On the 8th inst. prices advanced 11 to 14 points, on buying inspired by the strength in the general cotton situation.
Evidences of pronounced improvement in demand for finished cotton goods and active price-fixing by domestic and
foreign mills sent prices to new peaks for the movement.
It was an active market. Europe and the Far East sent
buying orders. Domestic mills were good buyers. The
spread between Indian and American cotton in Liverpool
widened to 138 points, as contrasted with 54 points a year
ago and 10 points two years ago. Reports from the dry
goods markets said that sales last week had been large
and that mills generally had advanced their prices about
c. a yard. Large orders were reported to have been
placed for goods by the Government for relief purposes.
The spot basis at the South was reported very firm, with
offers from the interior comparatively small. Liverpool
closed 11 to 12 points net higher, under buying by the
Continent, London and Bombay. Southern spot markets
were officially 10 to 15 points higher. On the 9th insL liberal trade buying again caused higher prices. The close
was at a net advance of 4 to 5 points. The market again
went into new high ground for the movement. Trading
was more active than the narrow range of fluctuations would
indicate. Disappointing Liverpool cables caused some reactionary selling, which accounted for early losses of 3 to 5
points, but price-fixing for mill account and buying by the
Far East, owing to more active business in cotton goods,
resulted in a rally. Houses doing Government business
furnished a large percentage of the selling. Trade interests
and commission houses were the best buyers. Washington
reported plans to confer additional powers to regulate production of farm Tiroducts. Congressional action, it was
said, is being considered to force unwilling farmers to limit
their output. Washington also reported that 200,000 bales
of Government-owned cotton held in December and January
positions had been converted into actuals. Worth Street
reported a good demand for gray goods.
On the 10th inst. prices again moved into new high ground
for the movement on good buying by the trade based on
favorable cotton goods reports, a better demand for spot
cotton at higher prices, and the strength of securities. Trading was active. Wall Street and the Far East were buying.
There was some selling reported by houses who usually act
for Government agencies and was supposed to be for the
account of farmers against option contract cotton. It caused
a reaction at one time. There was a better outside interest.
A good deal of the support came from the trade in the
shape of price-fixing. Liverpool, on the other hand, was
quiet and easier. On the 11th inst. the market was fairly
active and prices were at one time 50 to 75c. a bale higher,
on buying stimulated by strong foreign markets, an expectation of legislation which will enable the Secretary of
Agriculture to control production, and acute conditions in
the spot market. Spot houses were good buyers of March.
A better outside public demand was also reported. Trade
buying was the principal feature. But profit-taking and
reports of Government selling caused a reaction, and most
of the early gains were lost later on and prices ended at a
net advance of only 4 to 8 points. Reports from Washington said that the Senate Agricultural Committee will
hold a hearing next Monday on the Bankhead bill, the
object of which is to license ginners and reduce the next
crop to 9,000,000 bales. Another report from Washington
said that the AAA is contemplating converting its 400,000
bales of futures into actual cotton.
To-day prices were held steady in the early session by
trade buying, but later on selling pressure increased, due
to lower Liverpool cables and reports from Washington that
there was a possibility of the Bankhead bill receiving unfavorable action at Monday's conference, and prices reacted
and ended 10 to 12 points lower. Mills, however, were buy-
Financial Chronicle
346
lug. Demand fell off as the session progressed. Yet the
spot basis continued firm, and Worth Street reported better
conditions. Final prices show a rise for the week of 28 to
37 points. Spot cotton ended at 11.05e. for middling, an
advance for the week of 50 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat.1 Mon. Tues. Wed. Thurs. Fri.
10.75 10.85 10.95 11.05 11.10 11.05
Jan. 6 to Jan. 12Middling upland
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Jan. 6.
Monday,
Jan.8.
Wednesday, Thursday,
Jan. 11.
Jan. 10.
Tuesday,
Jan.9.
Friday,
Jan. 12.
Continental imports for past week have been 149,000 bales.
The above figures for 1934 show a decrease from last
week of 166,241 bales, a loss of 140,496 from 1933, a
decrease of 490,938 bales from 1932, and a decrease of
70,208 bales from 1931.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
3d.
Range.... 11.00-11.10 11.14-11.24 11.16-11.26 11.24-11.33 11.38-11.48 11.27-11.40
Closing_ 11.09-11.1011.2011.25-11.26 11.31-11.32 11.39 -11.29Yea.
Range _
Closing _
Dec.
Range.... 11.16-11.24 11.30-11.37 11.31-11.40 11.40-11.47 11.55-11.62 11.45-11.52
Clinging" 1104 ----- 11 RR -.-- 11 An --- 11 d711 kg ---- 11 dqn
n Nominal.
Range of future prices at New York for week ending
Jan. 12 1934 and since trading began on each option:
Option for
Jan. 1934__
Feb. 1934.
Mar. 1934..
Apr. 1934.._
May 1934__
June 1934_
July 1934__
Aug. 1934_
Sept. 1934
Oct. 1934_
Nov. 1934
Dec. 1934_
Range for Week.
Range Since Beginning of Option.
10.45 Jan.
6 10.94 Jan. 11 6.35
6.62
10.52 Jan. 6 10.99 Jan. 11 6.84
8.91
10.68 Jan. 6 11.14 Jan. 11 9.13
Feb. 6 1933 12.25
Feb. 24 1933 9.92
Mar. 28 1933 12.39
May 22 1933 10.43
Oct. 16 1933 12.52
July 18 1933
Aug. 28 1933
July 18 1933
Nov. 17 1933
July 18 1933
10.83 Jan. 6 11.32 Jan. 11 9.27 Oct. 16 1933 11.78 July 27 1933
11.00 Jan. 6 11.48 Jan. 11 10.05 Nov. 6 1933 11.48 Jan. 11 1934
11.16 Jan.
6 11.62 Jan. 11 10.73 Dec. 27 1933 11.62 Jan. 11 1934
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
Jan. 12Stock at Liverpool
Stock at London
Stock at Manchester
1934.
bales_ 879,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Trieste & Mestre
Stock at Venice
Total Continental stocks
1933.
735,000
1932.
720.000
1931.
860,000
195,000
106,000
113,000
163,000
985,000
848,000
883,000 1,055,000
608,000
304.000
26,000
91,000
143,000
9.000
8,000
502,000
277,000
21,000
73,000
80,000
356,000
185.000
17,000
98,000
66,000
1,189,000
953,000
Receipts,
2,174,000 1,801,000 1,605,000 2,176,000
Total European stocks
44,000 137,000
89,000
50,000
India cotton afloat for Europe
American cotton afloat for Europe 321,000 415,000 381.000 309,000
74,000
83,000
65,000
Egypt.Brazil,&c.,afi't for Europe 83,000
457,000 568,000 753,000 709,000
Stock in Alexandria, Egypt
738.000 574,000 411,000 714.,..00
Stock in Bombay.India
Stock in U. S. ports
3,861,004 4,737,460 4,878,237 4,077,969
Stock in U.S.interior towns
2,152.086 2,167,243 2,198,054 1,725,164
30,255
46,401
22.683
8.518
U. S. exports to-day
Total visible supply
9,883,608 10424,104 10374,546 9,953.816
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
464,000 404,000 324,000 474,000
88,000 106,000
72,000
Manchester stock
62,000
Continental stock
1,103,000 896,000 661,000 999,000
American afloat for Europe
321,000 415,000 381,000 309,000
U. S. port stocks
3,861,004 4,737,460 4,878.237 4,077,969
U. S. interior stocks
2.152.086 2,167,243 2.198,054 1.725,164
30,255
22,683
46,401
U. S. exports to-day
8,518
Total American
..._7.971,608 8.738,104 8,560,546 7.713,816
East Indian. Brazil, c*c.-
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
Total East India, &c
Total American
415,000
331,000
396,000
386,000
44.000
86,000
89,000
83.000
457,000
738.000
41,000
57,000
50,000
'65,000
568,000
574.000
75,000
61,000
44.000
74,000
753,000
411,000
89,000
122,000
137,000
83.000
709,000
714,000
1,912,000 1,686,000 1,814,000 2.240,000
7,971,608 8,738,104 8,560,546 7,713,816
Total visible supply
9,883,608 10424,104 10374.546 9.953.816
5.41d.
5.30d.
5.41d.
Middling uplands, Liverpool _
5.888.
6.75c.
6.25c.
10.15c.
Middling uplands. New York-. 11.054.
8.500.
8.63d.
8.90cl.
Egypt, good Sakel, Liverpool.- 9.188.
5.40d.
5.03d.
4.26(1.
4.65d.
Broach. fine, Liverpool
5.53d.
5.11d.
5.50d.
5.1641.
Tinnevelly, good. Liverpool
Week.
Ala., Birming'm
Eufaula
Montgomery
Selma
Ark.,Blytheville
Forest City
Helena
Hope
Jonesboro_ _
Little Rock_
Newport_
Pine Bluff_
Walnut Ridge
:la., Albany_
Athens
Atlanta
Augusta
Columbus_ _
.
Macon
Rome
La., Shreveport
diss.,Clarksdle
Columbus. _ _
Greenwood._
Jackson
Natchez
Vicksburg
Yazoo City
do., St. Louis_
q.C.,Greensb'ro
)klahoma15 towns*
LC., Greenville
fenn.,Memphis
rexas, Abilene_
Austin
Brenham _ _ _ _
Dallas
Paris
Robstown_ .._
San Antonio_
Texarkana_ _
Waco
219
265
120
261
1.650
46
81
298
85
936
165
420
503
20
975
4,285
881
1,450
73
137
265
1,251
33
467
304
8
263
1
6,101
_ _ _I
Season.
23,809
6,994
24,452
36,142
118,01
17,605
40,895
44,469
29,08
88,871
28,561
91,670
51,855
10,439
26,655
85,305
113,392
11,74'
12,120
10,75.
49,313
109,84
15,411
132,932
25,156
4,139
18.787
26,958
134,795
3,942
Ship- Stocks
ments. Jan.
12.
Week.
Receipts.
Ship- 1Stocks
ments. Jan.
Week.
13.
Week. I Season.
162 14,447 2,587
444 6,080
91
917 33,922
28
500
48 44,989
1,046 76,245 3,218
304
265 16,551
70 32,388 1,237
1,143 18,791 1,145
1,251 14,970
462
2,160 50,970 2,299
2 21,835 1,574
739 46,906 1,978
642
1,276 24,086
3
741 5.184
311 57,740 1,570
2,547219,511 15,504
2,640142.723 2,152
119
2,2 i 1 14,411
114
286 33,111
154
101 9,842
1.282 42,205
747
2,974 54,670 1,821
12 13,251
275
2,665 79,514 2,631
530
649 18,741
44
__ 5,080
200
183 10,832
236
434 15,274
4,079 21,961 1,581
658
212 17,132
30,090
6,388
22,374
52,666
168,821
21,628
69,801
47,356
16,399
109,011
45,460
99,092
61,510
1,321
20,335
126,118
86,866
13,259
16,496
10,715
69,416
109,547
13,147
119,636
31,908
7,396
30,914
31,643
92,646
11,954
2,006 12,855
99 6,813
1,574 48,428
1,500 55,466
6,874 75,609
1,452 21,335
2,252 47,037
2,008 28,996
1,130 7.720
3,842 67,448
2,253 24,113
2.533 66,228
1,552, 15,370
_ _ _ _I 3,165
500 5 4
0.5 5
1,455199,495
2,764 114,010
610 26,294
93 41,421
50, 13,616
1,6011 78,213
4,433 71,342
22 13,715
4,906102,891
980 31,643
27, 8,147
1,200 20,662
877, 25,096
1,5811
227
400 15,408
I
37,159146,415
2,675 94,915
55,399 526,183
1,213 1,671
3191 3,660
128 9,502
1,745 30,203
1,614 17,342
2
596
70
658
1,015 25,783
2,002 16,957
10,345 740,840 14,777212.108 29,250 648,989
76,418
90,618 4.723 95,567 5,170
3,652
29,290 1,221,304 39,84 597,995 65,8671,277,645
71,504
911 1.8121,581
60,409
1,527
335
20,245
516 4,035
18,637
188
85
15,383
238 5,999
26,360
62
79,738
87,187 1,731 18,436 1,933
1,128
47,395
262 16,719 1,602
51,728
214
36
6,309
5 1,057
123
5,375
115
10,302
928
____
10,033
142
38,317
458
447 16,621
24.651
18
65,871
86,440 1,846 17,447 1.972
835
rotal, 56 towns 69,087 3,817.691 97,2002152086 152,808 3,902,029 153,9152167243
•Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 29,182 bales and are to-night
15,157 bales less than at the same period last year. The
receipts at all the towns have been 83,721 bales less than
the same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Jan. 12 for each of the past 32 years have been as follows:
1934
1933
1932
1931
1930
1929
1928
1927
11.054.
6.250.
6.550.
10.00c.
17.50c.
20.354.
19.700.
13.50c.
1926
1925
1924
1923
1922
1921
1920
1919
20.70c.
24.30c.
34.350.
27.250.
18.254.
18.10c.
39.254.
31.70c.
722,000 1.121,000
592.000
354,000
11,000
117.000
47,000
Movement to Jan. 13 1933.
Movement to Jan. 12 1934.
Towns.
Jan.
(1934)
Range__ 10.45-10.53 10.60-10.67 10.61-10.69 10.69-10.78 10.81-10.94 10.75-10.78
Closing _ 10.5310.82n
10.72n
10.69-s
10.69n
10.76n
Feb.
Range _
10.75n
Closing_ 10.56n
10.68n
10.72n
10.80n
10.85n
Mar.
Range __ 10.52-10.60 10.65-10.74 10.67-10.77 10.75-10.85 10.87-10.99 10.78-10.91
10.89-10.90 10.78-10.80
Closing_ 10.59-10.60 10.72-10.73 10.76-10.77 10.84 April
Range
10.97n
10.86n
Closing _ 10.67n
10.92n
10.80n
10.84n
May
Range__ 10.68-10.78 10.82-10.90 10.82-10.93 10.93-11.02 11.03-11.14 10.95-11.08
10.95-10.96
Closing_ 10.77-10.78 10.88-10.89 10.92-10.93 11.01-11.02 11.06June
Range _ _
11.13n
11.01n
Closing_ 10.83n
10.95n
10.99n
11.08n
July
Range.... 10.83-10.90 10.95-11.05 10.97-11.07 11.06-11.17 11.18-11,32 11.08-11.22
11.20 -11.08,11.12
11.16Closing_ 10.89-10.90 11.03-11.04 11.07Aug.
Range_ _
Closing..
Sept.
Range _ _
Closing _
Ian. 13 1934
37.654.
18.154.
12.50c.
8.054.
12.50c.
13.100.
9.654.
14.90c.
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
15.00c.
9.50c,
11.550.
10.80c.
11.80c.
7.10c.
14.00c.
8.854.
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.
Saturday_ _ _
Monday _ _ _
Tuesday
WednesdayThursday Friday
Futures
Market
Closed.
SALES.
Spot. Contect Total.
Steady, 20 pts. adv. Firm
Steady, 10 pts. adv_ Very steady ._ _
Steady, 10 pts. adv. Firm
Steady, 10 pts. adv_ Firm
Steady. 5 pts. adv.- Steady
Quiet, 5 pts. decline, Barely steady
-riaa
800
300
100
1,000
1.400
-idd
1,735
800
1,700
1,835 2,500 4,335
46,104 133,000 179,104
Total week.
SinceAug. 1
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:
Jan. 12ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, Sze
--1933-'34-Since
Week. Aug. 1.
4,079 113,074
3,416
83,712
1,322
160
74
7,252
85,681
3.727
8,056 287,748
Total gross overland
19,512
Deduct Shipments
Overland to N. Y., Boston, &c.... 427
368
Between interior towns
Inland, dm.,from South
3,541
Total to be deducted
Leaving total net overland *
--1932-'33-Since
Week. Aug. I.
Ice
1,581
93,208
210
2,350
1,54;
mg)
3,200
11,457
77.714
202,839
578,789
17,816
386,601
15,153
6,957
107,522
100
286
3,030
10,605
5,006
87,719
4,336
129,632
3.416
103,330
15,176
449,157
14,400
283,271
* Including movement by rail to Canada.
Financial Chronicle
Volume 138
The foregoing shows the week's net overland movement
this year has been 15,176 bales, against 14,400 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 165,886 bales.
-1933-'34---- -1932-'33
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Jan. 12
105,070 5,592.961 168,774 6,113,990
Net overland to Jan. 12
15,176
283,271
14,400
449,157
Southern consumption to Jan. 12_ 90,000 2,359,000
95,000 2,329,000
Total marketed
210,246
Interior stocks in excess
*29,182
Excess of Southern mill takings
over consumption to Jan. 1___
Came into sight during week
Total in sight
8,401,118
889,852
278,174 8,726,261
767,601
*2,087
188,755
181,064
233,442
276,087
9,479,725
North.spinn's' takings to Jan. 12- 25,963
* Decrease.
701.724
9,727.304
16.740
502,687
Movement into sight in previous years:
Week1932
-Jan. 16
1931-Jan. 17
1930
-Jan. 18
Bales.
Since Aug. 1371,301 1931
183,901 1930
198,780 1929
Bales.
11,261,277
10,912.623
11,883,622
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
Jan. 12.
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. ThurstIy. Friday.
10.50
10.50
10.40
10.49
10.65
10.45
10.77
10.40
10.50
10.34
10.20
10.20
10.65
10.63
10.52
10.63
10.78
10.55
10.89
10.50
10.65
10.47
10.35
10.35
10.75
10.81
10.65
10.84
10.90
10.70
11.01
10.65
10.80
10.59
10.45
10.45
10.70
10.67
10.55
10.67
10.77
10.60
10.93
10.55
10.70
10.51
10.40
10.40
10.80
10.84
10.70
10.89
10.95
10.75
11.06
10.70
10.85
10.64
10.55
10.50
10.75
10.78
10.58
10.79
10.85
10.65
10.95
10.60
10.75
10.53
10.45
10.45
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,
Jan.6.
Monday,
Jan.8.
Tuesday, Wednesday, Thursday.
Jan.9.
Jan. 10.
Jan. 11.
Friday,
Jan. 12.
Jan.(1934) 10.4210.60 Bid. 10.68 1074b1076a 1077b1079a 10.70 Bid
February _
March.._ 10.54-10.55 10.6810.72-10.73 10.81 - 10.84
10.78 April
May
10.71-10.72 10.8610.90-10.91 10.99-11.00 11.01-11.02 10.94-10.9(
June
July
10.85-10.86 11.0011.1211.0311.17-11.18 11.10-11.11
AUERISt -- _
September
October .... 11.04-11.0511.17 -11.21 Bid. 11.30 -11.33 Bid. 11.28 November
December_ 11.1811.30-11.31 11.3311.43 Bid. 11.46 Bid. 1142b1143(
Tone
Spot
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Options_ _ _ Very stdy. Steady.
Steady.
Steady.
Steady.
Steady.
WEATHER REPORTS BY TELEGRAPH.
-Reports
to us by telegraph this evening indicate that the weather
over most of the cotton belt during the week has been
mostly mild. There have been scattered rains in many
localities. Rainfall has averaged from light to moderate
in most instances.
Rain. Rainfall.
3 days 1.73 in.
dry
3 days 1.16 in.
1 day
0.10 in.
3 days 0.56 in.
3 days 1.88 in.
3 days 0.03 in.
2 days 0.18 in.
2 days 0.09 in.
4 days 3.10 in.
3 days 0.96 in.
3 days 1.32 in.
dry
2 days 0.02 in.
3 days 0.20 in.
2 days 0.72 in.
3 days 1.40 in.
dry
2 days 1.04 in.
3 days 0.20 in.
2 days 0.74 in.
2 days 0.18 in.
2 days 0.20 in.
3 days 2.18 in.
0.04 in.
1 day
0.24 in.
1 day
0.01 in.
1 day
3 days 0.18 in.
3 days 0.18 in.
3 days 0.66 In.
2 days 0.23 in.
2 days 0.07 in.
4 days 0.47 in.
0.01 in.
1 day
2 days 0.05 in.
2 days 1.24 in.
2 days 0.32 in.
3 days 0.06 in.
Galveston, Tex
Amarillo, Tex
Austin, Tex
Abilene, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas. Tex
Del Rio, Tex
El Paso, Tex
Houston, Tex
Palestine, Tex
San Antonio, Tex
Oklahoma City, Okla
Fort Smith, Ark
Little Rock. Ark
New Orleans, La
Shreveport, La
Meridian. Miss
Vicksburg. Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
l'onsacola, Fla
Tampa, Fla
Savannah, Oa
Atlanta, Ga
Augusta, Ga
Macon, Ga
Charleston, S. C
Asheville, N. C.
Charlotte, N. C
Raleigh, N.0
Wilmington. N. C
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tenn
Thermometer
high 65 low 39 mean 52
high 62 low 20 mean 41
high 64 low 30 mean 47
high 64 low 24 mean 44
high 80 low 48 mean 64
high 68 low 42 mean 55
high 58 low 26 mean 42
high 68 low 28 mean 48
high 58 low 18 mean 38
high 60 low 32 mean 46
high 60 low 28 mean 44
high 66 low 32 mean 49
high 50 low 20 mean 35
high 58 low 24 mean 41
high 56 low 24 mean 40
high 64 low 38 mean 53
high 60 low 28 mean 44
high 60 low 32 mean 46
high 60 low 28 mean 44
high 70 low 35 mean 52
high 64 low 36 mean 50
high 66 low 34 mean 50
high 80 low 36 mean 58
high 78 low 46 mean 62
high 68 low 38 moan 53
high 80 low 42 mean 61
high 77 low 34 mean 56
high 66 low 34 mean 50
high 72 low 30 mean 51
high 70 low 34 mean 52
high 73 low 39 mean 56
high 66 low 30 mean 48
high 64 low 36 mean 48
high 64 low 32 mean 48
high 74 low 32 mean 53
high 54 low 30 mean 43
high 62 low 30 mean 46
high 52 low 28 mean 40
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_
Jan. 12 1934. Jan. 13 1933.
Feet.
Feet.
3.2
10.5
11.8
31.2
29.8
25.8
15.4
18.4
13.8
38.6
NEW YORK COTTON EXCHANGE ELECTS MEMBER OF BOARD.
-At a meeting of the Board of Managers
of the New York Cotton Exchange held Jan. 5, Wm.J. Jung
of Anderson, Clayton & Fleming, New York City, was
347
elected a member of the Board to fill the vacancy caused by
the death of Lamar L Fleming,formerly of the same firm.
NEW YORK COTTON EXCHANGE ELECTS MEMBERS.
-Robin Crowley ot New York City and Jean Wagner
of Maison Wagner, Havre, France, were elected on Jan. 5
to membership in the New York Cotton Exchange. Mr.
Crowley is also a member of the New York Produce Exchange, the Coffee & Sugar Exchange, the Cocoa Exchange,
and the Commodity Exchange, and does a commission
business. Mr. Wagner is the President of Maison Wagner,
who are cotton importers, and he is also a member of the
New York Coffee & Sugar Exchange.
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
plantations. The figures do not include overland rethe
ceipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Receipts at Ports.
Week
dl
Ende
1933.
1932.
I
Mocks at Interior Towns.
1931. I 1933.
1932. I
Receiptsfrom Plantations
1931. I 1933.
1932. I 1931.
Oct.
13..378,794347,025519,398 1,657,587 1,802.89 1.349.7921531.616434.432727.528
727.528
20__ 376,859 395,485380,980 1,755,278 1.889,862 1.559,483504,550482.448500,671
27_ 348.464 387,507453.232 1.881.9102,030,253 1,750,430445,096 527.896644,179
Nov.
313,111 404,069 403.664 1.986,737 2,133,28 1,905,108 417,938 5(17.101 559.202
i0__ 275,657 377.879 417,118 2.081,2392,201,601 2.052.038 370.160 446.197564,084
17_ _ 257,126 425,222 402,386 2.151.379 2,248,9532,176,891 327,258 472,574 527,239
24__ 285,757 308.468 317,628 2,186.556 2,251.4772,200,307 25 572 310,992 341,044
Dec.
I__ 266.062 375,711 312,183 2,198.290 2.246.716 2,209.002 277.796 370.950 320,878
8._ 218.332298.545 227.1122,207,139 2.256,650 2.205,713227.181 257.542 223,823
15_ 177,899 262.064 283.317 2,203,417 2.260,614 2,214,853 174,177 266.028 292,457
22._ 165,800162,170191,637 2.195,9032.531.716 2,217,262158.286 132.272 194,046
29._ 150,873 182.588 218.440 2,188,745 2,213.374 2,219.5631143,715 164,246220,741
1934. 1933. 1932.
1934.
Jan.
1932
1933.
1934
1933 1932,
5._ 101,016 194,020 353,609 2.181,268 2,169,330 2,2(16,968 93,539 149,976541.014
12_ _ 105,070 168,774274,657 2,152,086 2,167,243 2,198,0541 75,888 166,687285,743
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 6,474,194 bales;
in 1932-33 were 6,819,754 bales and in 1931-32 were 8,155,026
bales. (2) That, although the receipts at the outports the
past week were 105,070 bales, the actual movement from
plantations was 75,888 bales, stock at interior towns
having decreased 29,182 bales during the week. Last yeis.
receipts from the plantations for the week were 166,687
bales and for 1932 they were 265,743 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1933-34.
Week.
1932-33.
Season.
Week.
Season.
Visible supply Jan. 5
10,049,849
10,420,839
Visible supply Aug. 1
7,632,242
7,791.048
American in sight to Jan. 12..
181,064 9,479,725
276,087 9,727,304
Bombay receipts to Jan. 11_ _
65,000
566,000
76,000
752,000
Other India shipls to Jan. 11_
7.000
245,000
2,000
181,000
Alexandria receipts to Jan. 10
52,000 1,109,400
27,000
643.000
Other supply to Jan. 115b
13,000
283,000
11,000
262,000
Total supply
Deduct
Visible supply Jan. 12
10,367.913 19.315.367 10,812,926 19,356.352
9.883,608 9,883,608 10,424,104 10,424,104
Total takings to Jan. 12_a___
Of which American
Of which other
388,822 8,932,248
484,305 9.431.759
283.822 6,887,248
385,305 7,350,359
99,000 2,081.400
105,000 2,045.000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2.359,000 bales in 1933-34 and 2,329,000 bales in 1932-33
takings not being available
-and the aggregate amounts taken by Northern
and foreign spinners, 7,072.759 bales in 1933-34 and 6,603,248 bales in
1932-33. of which 4,991.359 bales and 4,558,248 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:
1933-34.
Jan. 11
Receipts at
Week.
Bombay
65,000
Since
Aug. 1.
1932-33.
Week.
566,000 76.000
For the Week.
Exports
from
-
1931-32.
Since
Aug. 1.
Since
.
Week. I Aug 1.
752,000 52.000
526,000
Since Aug. 1.
Great Conti- Japan&
Great
Britain.I neat. China. Total. I Britain.
Conti Japan &I
China.
nest.
Total.
I
Bombay-I
1933-34_ 3.000 17,000 5,000 25,000
1932-33._ 6.000 8,000 30,000 44.000
1931-32._
2,000 26,000 28,000
OtherIndia1933-34_ 1,000 6,000
7,000
1932-33._
2,000
2,000
1931-32._
10,000
10,000
67,0001 178,000
37,000 144,000
44,000 125,000
Total all
1933
-34_ _
1932-33_ _
1931-32_ -
92.0001 343,000 109,000 544,000
51,000 265,000 282,000 598,000
53,000 210.000 488,000 751.000
4,000 23,000 5,000 32.000
6,000 10,000 30,000 46,000
12,000 26,000 38,000
I
25,000 165,000 109.000 299,000
14,000, 121,000 282,000 417,000
9,000, 85.000 488.000 582,000
245,000
181,000
169,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
11,000 bales. Exports from all India ports record a decrease
of 14,000 bales during the week, and since Aug. 1 show a
decrease of 54,000 bales.
Financial Chronicle
348
-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:
Alexandria, Egypt,
Jan. 10.
1933-34.
1931-32.
260,000
5,527,871
Receipts (cantors)
This week
Since Aug. 1
1932-33.
135,000
3,310.330
170.000
5,149,724
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (Bales)
-
57,137
To Liverpool
163,193
8:666 96,854 7:666 50,992
To Manchester,Ste
To Continent and India_ _ 14,000 285,656 16,000 242,626
To America
2,000 34,131 3,000 20,112
8,000 114,240
81,492
23;1566 280,403
2,000 11,795
24,000 579,834 26,000 370,867 33,000 487,930
Note.
-A canter is 99 lbs Egyptian ba es weigh about 750 lbs
This statement shows that the receipts for the week ended Jan. 10 were
260.000 cantars and the foreign shipments 24,000 bales.
Total exports
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
yarns is firm and in cloths is steady. Merchants are not
willing to pay present prices. We give prices to-day below
and leave those for previous weeks of this and last year for
comparison:
1932.
1923.
sm
Lbs. Shirt- Cotton
inn, Common Middrg 32s Cop
to Finest.
Uprds. Twist.
325 Cop
Twist.
d.
Oct.
13._
20.......
27._
Nov.a-.
10.17---24___
Dec.
1.-8-15.___
22„...
29----
8% Lbs. Shirt- Cotton
inos, Common Middrg
to Finest.
Uprds
d.
d.
d.
8
8
6
5.44
5.51
5.54
9 (41034
8%@1034
83401034
3 0
3 @
3 0
6
6
6
5.64
5.46
5.62
0
0
CO
0
6
8
13
6
5.39
5.60
5.81
5.44
0
0
0
(4
44
6
6
6
6
5
5.30
5.04
5.20
5.07
5.29
1933.
8 3 (4 8 6
8 3 44 8 8
5.33
5.30
8%0 974
834(410
8140 0%
8340 934
84
84
84
84
0
(4
0
(4
6
6
6
8
5.43
5.31
5.13
5.09
83401434
8%010%
9 01014
8K(81014
3
3
3
3
BA@
8%0
8340
854@
854(4
84
84
84
84
84
(4
(4
0
(4
(4
6
6
8
6
6
5.15
5.25
5.25
5.25
5.33
874(41034
834010
834(41034
84010
834(410
3
8
3
3
2
914
934
934
OK
934
d.
d.
s. d.
83i0 9% 8 4 6
8%0 9% 8 4 (4
8%0 9% 8 4 44
1934.
Jan.8 6 44 9 1
, • 5...._ 834010
I 12____ 93401014 8 6 4:4 9 1
5.64 854(41034
5.88 834(410
Bales.
NORFOLK
-To Liverpool
-(7)
-Clairton. 50
50
To Hamburg-(7)
--City of Norfolk, 160
160
To Manchester-(7)
-Clairton, 556
556
CORPUS CHRISTI
-To Havre
-Jan.7
-Winston Salem,952_ _
952
To Japan-Jan. 10--Siljestad, 502
502
To Ghent
-Jan. 7
-Winston Salem, 18
18
To Rotterdam-Jan.7
-Winston Salem, 1,220
1,220
To Bremen-Jan.9-Elnasport,450
450
To Gothenburg-Jan. 9-Elmsport, 100
100
To Gdynia-Jan.9-Elrosport, 300
300
To Hamburg-Jan.9--Elmsport, 425
425
SAVANNAH-To Hamburg-Jan.9-Thode Fagelund,77
77
To Bremen
-Jan. 10-wildwood, 2,091
2,091
NEW YORK
-To Bremen-Jan. 10
-Berlin, 597
597
JACKSONVILLE-To Bremen-Jan. 6-Wlldwood, 448
448
LOS ANGELES
-To Liverpool
-Jan.6-Delftdijk, 100
100
To Havre
-Jan.4
-San Francisco, 50
50
To Japan-Jan. 4
-Montevideo Maru, 500_ _Jan. 5
-President Lincoln,697_ Jan.6
-Jan. -Golden Star, 2,600.--Jan.8Tatsuta Marti, 3,859
7,656
To China-Jan, 6
-Golden Star, 100_ _ _Jan. 8-Tatsuta
Maru, 150
250
BRUNSWICK To Bremen Jan. 8-Wildwood, 275
275
Total
208,904
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c.,at that port:
-Shipments in detail:
SHIPPING NEWS.
Dec. 22. Dec. 29.
51,000
23,000
812,000 886.000
433,000 484,000
83,000 131,000
59,000
79.000
239,000 179,000
134,000
99,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Jan. 5. Jan. 12.
51,000
67,000
886.000 879,000
468,000 464,000
54,000
46.000
18.000
31,001)
160,000 173.000
79,000
87,000
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.
Mid.UpVds
Monday,
Tuesday. Wednesday. Thursday.
Good
demand,
Saturday.
Market. { A fair
12:15
business
P.M.
doing,
Good
demand,
Good
demand,
Good
demand.
Moderate
demand.
5.75d.
5.75d.
5.75d.
5.88d.
5.856.
5.666.
Friday.
Ataures. Stdy., 1 pt. Steady. Steady, un- Steady.
{
Steady, Steady. unMarket
dec. to 1 pt 8 to 9 pts. ch'ged to 11 to 3 pts. 5 to 6 pts. ch'ged to 2
advance, advance. pts. adv.
pt. dec.
opened
advance, advance.
Market,
4
P. M.
Quiet but Very stdy., Quiet but Very stdy., Steady.
Quiet,
steady, un- 11 to 13 pts stdy., 2 to 5 to 7 pts. 7 to 9 pts. 4 to 6 pts.
ch'ged to 1 advance. 3 pts. dec. advance, advance. advance.
Pt. adv.
Prices of futures at Liverpool for each day are given below:
Sat.
Baks.
9,401
GALVESTON-To Bremen-Jan.4-Kersten Miles, 9,401
-Jan.4-Kersten Mlles, 1.499; Blankahobn,650
To Gdynia
2,945
-Georgia,796
Jan. 10
282
To Copenhagen-Jan.4-Blankaholm,282
100
-Jan. 4-Blankaholm. 100
To Oslo
2,552
-Giulia,2,552
To Venice-Jan.4
1,050
--Giulia, 1,050
To Trieste-Jan. 4
-Colorado
-Belfast Meru, 6,647Jan. 3
To Japan-Jan. 4
Springs, 4,504--Jan. 6-Kwanto Maru, 950; Hakonesan
22,651
Maru, 10,550
-Colorado
-Belfast Maru, 1,200_ _ _Jan. 3
To China-Jan. 4
8,115
Springs, 3,113---Jan. 6-Kwanto Maru, 3,802
4,514
-Wayfarer, 4,514
-Jan. 6
To Liverpool
275
To Lisbon-Jan.9-Lafcomo, 275
2,095
-Wayfarer, 2,095
To Manchester-Jan. 6
684
Leixoes
-Jan.9-Lacomo,684
To
4,614
-West Camak, 4,614
-Jan.6
To Havre
992
-Jan. 9-Latcomo, 992
To Oporto
200
-West Camak, 200
To Antwerp-Jan. 6
300
-Jan. 9-Lafcomo, 300
To Passages
-West Camak, 647_ _ _Jan. 10
6
To Rotterdam-Jan.
897
Georgia, 50
5,237
-Jan. 6-Aldecoa, 5,237
To Barcelona
168
-Jan. 4-Blankaholm, 168
-To Oslo
TEXAS CITY
937
To Gdynia-Jan.4-Blankaholm,937
474
To Barcelona-Jan.6-Aldecoa,474
1,046
-West Camak, 1,046
-Jan. 6
To Havre
15
-West Camak, 15
To Antwerp-Jan.6
7676
-West Camak,
To Rotterdam-Jan. 6
. 507
-Jan.9-Lafcomo,507
To Leixoes
491
-Jan.9-Lafcomo,491
To Oporto
3,249
-Wayfarer, 3,249
-Jan.4
HOUSTON-To Liverpool
1,383
-Wayfarer, 1,383
To Manchester-Jan. 4
-Colorado Springs, 4,396_ _Kwanto Maru,
-Jan. 5
To Japan
-New Westminster City, 10,175-Jan. 10,
2,850_ _ _Jan. 8
33,703
Queen City, 16,282
-Colorado Springs, 4,662_ __Kwanto Maru, __
To China-Jan. 5
-New Westminster City, 2,600- _Jan. 10
1,089_ _Jan.8
8,551
Queen City, 200
To Bremen-Jan.5-Veerhaven, 1,000.._Kersten Miles, 6,028- 7,028
To Gdynia-Jan. 5-Kersten Miles, 1,101--addi Maine, 550
1,955
304
_
600
an. 6
Rotterdam
To Jan.Tra' --Georgia, 600
500
-Georgia. 500
Copenhagen-Jan.6
To
140
To Lisbon-Jan. 10-Lafcomo, 140
359
--Jan. 10-Lafcomo, 359
To Leixoes
1,517
10-Lafcomo, 1,517
-Jan.
To Oporto
100
To Passages-Jan. 10-Lafcomo, 100
-Jan.1-0akman,14,047-- -add'I
-To Liverpool
NEW ORLEANS
16,449
Oakman, 137_ _Jan. 4, Eglantine, 2,265
To Japan-Jan.2-Silveray, 9,000_ _ _Jan. 6-Siljestad, 5334- 14,134
3,250
To China-Jan. 2--Silveray, 900_ _ _Jan. 6-Siljestad, 2,350
575
_Jan. -Weigand, 150-Jan. 5-Lalcomo, 425_ Jan. 4
To Oporto
6,012
-Weigand, 6,012
To Bremen-Jan. 4
100
-100
-Weigand
To Reval-Jan. 4
-Tortugas,1,300- 1,875
-Weigand,575- _Jan.6
To Gdynia-Jan.4
5.261
-Eglantine, 5,261
To Manchester-Jan. 4
-Ida Zo, 2,934__Jan. 8-Cardonia, 1,325-4,259
To Genoa-Jan. 6
700
-Tortugas, 700
To Gothenburg-Jan.6
575
To Venice-Jan. 8-Cardonia, 575
-Ilona Siemers,3,659--Dec.28
-Dec.29
-To Bremen
MOBILE
4,254
Weigand, 19_ _ _Jan. 5-Arizpa, 576
75
-Ilona Siemers, 75
-Dec. 29
To Hamburg
-Dec.29-Lona Slemers, 50-Dec.28-Wiegand,
To Gdynia
100
50
-Edgar F.
-Dec. 30
-San Antonio, 342
-Dec. 26
To Havre
601
Luckenbach, 259
462
-Jan. 5-Kenowis, 462
To Liverpool
62
To Manchester-Jan. 5-Kenowis,62
50
Rotterdam-Jan. 5-Arizpa. 50
To
CHARLESTON-To Hamburg-Jan.5-Thode Fagelund,1,010- 1,610
1,300
To Liverpool-Jan.9-Sundance, 1,300
1,873
-Jan. 9-Sundance, 1.873
To Manchester
147
-Jan. 3-Kenowls, 147
GULFPORT-To Liverpool
Jan. 13 1934
Jan.6
to
Jan. 12.
I
Mon.
Tues.
Wed.
Thurs.
Fri.
12:0012:0012:15 4:0012:15 4:0012:15 4:0012:15 4:0012:15 4:00
p. m.p. m.:p. m.p.in. p.m.p. m.p. m.p. m P. M.P. m.p. m.p.m.
New Contract, d.
January (1934)..March
May
-_
July
October
December
__ __
January (1935) __ __
March
May
July
October
December
__ _
d.
d.
5.40 5.50
5.39 5.49
5.37 5.47
5.37 5.47
5.39 5,
6.4L. __
5,42... __
d. d. 1
5.51 5.50
5.49
5.
5.49 5.48
5.49 5.48
5.51 5.50
6.63... __
5. --
d.
d.
5.49 5.50
5.48 5.49
5.47 5.48
5.47 5.48
5.49 5.50
5.5l_ -6.52._.-
d. d.
5.56 5.63
5.55 5.61
5.54 5.60
5.53 5.59
5.55 5.81
5.57-- 5.58_ -
6.49... __
6.51.. -_
5.53.,. __
5.651_ __
5.81... __ 5.59 __ __ 5.65_ -- 5.72 .
5.64-. -- 5.62...- 5.67- 5.74...
5.66..... 5.64... _. 5.69 _ _ 5.78...
6.67.... --5.64 __ --5.71 __ _. 6,78...
d.
d.
5.6 5.63
5.63 5.62
5.62 5.61
5.62 5.61
5.63 5.62
5.65_. _
5.66 _. __
__
__
__
__
d.
5.59
5.57
5.57
5.57
5.58
5.61
5.61
5.67
5.70
5.72
5.74
B READ STUF FS.
Friday Night, Jan, 12 1934.
FLOUR was almost a complete reflection of the wheat
market. Demand was still small, but recently prices were
firmer.
WHEAT was extremely dull on the 6th inst. but prices
ended % to %c. higher under moderate Eastern buying.
There was nothing in the news to excite interest. Liverpool ended unchanged to %c. lower. Winnipeg was % to
%c. higher. Some 400,000 bushels of Canadian wheat were
reported to have been worked for export over-night. World
wheat production for the 1933-1934 season, excluding Russia
and China was estimated by the Bureau of Agriculture at
56% less than in the preceding year. On the 8th inst. it
was another dull affair with prices moving within narrow
limits. The close was unchanged to Mc. lower. Light
rains and snow fell over a part of the winter wheat belt
but little moisture was received in the drouth areas. Fair
and colder weather was forecast for Kansas and Nebraska.
There was a moderate upturn early, owing to the strength
in stocks and cotton, but the advance was quickly lost.
Winnipeg ended 14 to %c. lower with sales estimated at
/
400,000 bushels. Liverpool was unchanged to %d. lower.
The domestic visible supply decreased 2,365,000 bushels to
122,314,000 bushels against 161,082,000 in the same week
last year. On the 9th inst. prices advanced % to %c.
owing to buying by commission houses and local operators
Influenced by bullish reports from the winter wheat belt
and the strength in outside markets. Washington reports
that the final draft of the grain exchange code to be announced soon would be less drastic than expected, also
stimulated buying. No moisture was reported in the Southwest and the indications were for continued dry and
warmer weather. Liverpool ended unChanged to %d. lower.
Winnipeg closed Mc. higher.
On the 10th inst., on aggressive Eastern buying induced
by a better demand, cash wheat and unfavorable crop
reports from the winter wheat belt, were stimulating features. The strength of stocks also helped. The "Northwestern Miller" said that winter wheat mills last week
booked an average of 40% of capacity compared with 35%
In the previous week. Sales in Western markets were
Volume 138
Financial Chronicle
reported of 500,000 bushels of cash wqaeat to outside mills.
Cash wheat sales at Minneapolis totaled 50,000 bushels
over-night and local shippers sold 21,000 bushels. The
cash basis here was/ to lc. higher. The winter wheat belt
1c
2
was dry and the forecast indicated that there would be
no relief. Liverpool was unchanged to / lower. Winnipeg
1d.
2
was firm.
On the 11th inst. prices ended at a decline of 12 to 1 c.
/
1
/
1
2
under general liquidation. Selling pressure, however, was
not light, but the market lacked support. Northwestern
mills were moderate buyers in the early trading, but this
demand fell off later on. The news was generally bullish,
but apparently had little or no effect. The weather over
the winter wheat belt was still dry. The Southwest lacked
moisture. The forecast, however, pointed to rains in parts
of Kansas. The Kansas State crop report said that further
deterioration occurred last week in the western part of the
State, While the condition was fairly good in the eastern
section. Liverpool ended unchanged to / higher, and
1d.
2
Winnipeg was unchanged to / higher. The Government
1c.
2
estimate on farm reserves was not as bullish as had been
expected. It was nearly 20,000,000 bushels above private
reports.
To-day prices ended 12 higher, in a somewhat broader
/
1c.
market. New highs for the current movement were reached
.
There was a good outside demand. Sentiment was better.
Buying was stimulated by continued dry conditions in the
Southwest, a stronger cash situation, and steadiness of
securities. Other influences were expectations of some
Washington developments of a favorable character over the
week-end and a better flour demand in the East and Southwest. There was also a better milling demand for cash
wheat with premiums advancing. World's shipments
outside of North America this week totaled 5,083,000 bushels
,
indicating fair world's clearances. A substantial reduction
in the United States visible supply is expected for the week.
Winnipeg ended / to %c. higher. Export sales of Manitob
1
2
a
in all positions were estimated at upwards of
600.000
bushels. Final prices show a rise for the week of 2
/ to 2%c.
1
2
DAILY CLOSING PRICES OF WHEAT IN NEW
YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
10134 100% 10134 103 102
10331
DAILY CLOSING PRICES OF WHEAT FUTURE
S IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
May
8434 8434 85
86% 85$ 86
July
R2% 82% 83% 8534 83
85
September
84
84
8434 8634 84
86
Season's High and When Made. I
Season's Low and When Made.
May
1281 July 18 1933 May
718 Oct. 17 1933
July
94
Nov. 14 1933 July
70
Oct. 17 1933
September...._86
Jan. 2 1934 September
82
Jan. 4 1934
DAILY ()LOSING PRICES OF WHEAT FUTURES IN
WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
66
6554 8534 66% 6634 67%
July
6634 6634 66% 67% 6734 87%
INDIAN CORN trading was also light on the 6th inst.,
but prices like those of wheat ended at a net advance of
24 to %c. Some sales were reported for export. Local
/
receipts were small, and receivers booked only 10,000 bushels
to arrive overnight. It was estimated that some 56,000,000
bushels have been sealed in Iowa cribs as collateral for
Government loans of 45c. a bushel. On the 8th inst. prices
closed unchanged to Y4c. higher. Extremely small receipts
had a tendency to check selling. Primary receipts were
519,000 bushels against 724,000 bushels last year. The Government estimate that approximately $50,000,000 has been
loaned to farmers indicates that more than 10,000,000 bushels has been sealed in cribs as collateral for Government
loans. On the 9th inst. prices ended % to %c. higher. Bookings from the country to arrive continued small. Shippin
g
sales were larger and primary receipts were only 321,000
bushels against 771,000 bushels last week. Further sales
for
export were renorted.
On the 10th inst. priceg responded to the strength in
wheat
and moved up / to %c. There was a good cash demand
1
2
and bookings to arrive continued small. The cash basis
unchanged to / higher. On the 11th inst., after an was
1c.
2
fractional advance, prices reacted in sympathy with early
wheat
and ended % to %c. lower. A bullish Government
on corn reserves was offset by the announcement estimate
that
Government had permitted distillers to use blackstrap the
molasses in the manufacture of 15,000,000 gallons of
whiskey.
Cash demand fell off, and country offerings to arrive
were
larger.
To-day prices ended / to 14c. higher, in response to
1
2
/
advance in wheat. Cash demand was good. There the
considerable selling pressure, however, due partly towas
increased receipts and larger country offerings. The undoing
of spreads on wheat and corn, which consisted of
corn and buying wheat, was also a depressing factor. selling
Final
prices show an advance for the week of 1 to 14c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
6534 8534 66
6634 8574 6634
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
5111 51 5234 52
sag 52%
July
53
53
54
54
53
54
September
54
54
553-4 o5
54
5535
Season's High and When Made.
Season's Low and When Made.
May
82
July 17 1933 May
4334 Oct. 14 1933
July
5834 Nov. 14 1933 July
46
Oct.
September ---- 56
Jan. 2 1934 September - _ 53% Jan. 14 1933
4 1934
OATS, after declining fractionally early on the 6th
inst.,
rallied and ended unchanged to 14c. higher, or at about
/
the
349
best level of the day. Local shorts covered. On the 8th
inst. prices closed / to %c. higher, on buying by cagh inter1
2
ests. On the 9th inst. prices followed the trend in wheat
and ended / to
1
2
higher. Trading was small. Cash
interests bought a little. Primary receipts were 112,000
bushels against 163,000 bushels last week.
On the 10th inst. prices fluctuated within narrow range,
and trading was light. They ended / to %c. higher. On
1
2
the 11th inst. prices declined after an early advance in
sympathy with wheat, and closed % to / lower in light
1c.
2
trading. To-day prices advanced % to / in sympathy
1c.
2
with other grain. It was reported that 30,000 bushels of
Canadian oats were sold to the United Kingdom. Final
prices are % to 1%c. higher than a week ago.
DAILY ()LOSING PRICES OF OATS IN NEW YORK.
Sat. Von. Tues. Wed. Thurs. Fri.
No.2 white
4734 4734 4831 4834 4834 4854
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. lion. Tues. Wed. Thuts. Fri.
May
37
37$ 37g 37% 3734 3774
July
35% 35
35
3854 36
36%
September
34
34
34
3534 3434 35%
Season's High and When Made.
Season's Low and When Made.
May
5634
July 17 1933 May
2834
Oct. 17 1933
July
4034
Oct. 3 1933 July
2734
Oct. 17 1933
September__ 3834
Jan. 2 1934 September
3334
Jan. 4 1934
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIP
EG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
343-4 3434 3474 35M, 35% 36%
July
34% 34M 3534 35% 3a34 36%
RYE showed firmness on the 6th inst., owing to commission house buying, and ended 1 to %c. higher. On the 8th
4
inst. prices ended unchanged in a quiet market. On the
9th
Inst. rye showed independent strength and ended lc. higher.
Distillers were buying futures. On the 10th inst. prices
advanced 1 to 11c. on a good demand from commiss
/
2
houses. Cash sales were reported of 400,000 bushels ion
c.i.f.
Buffalo, at lc. above Chicago. On the 11th inst. the
displayed some strength in the early trading, but market
later in sympathy with other grain, and ended 14declined
/
lower. The cash demand was small. To-day pricesto %c.
12 higher, in response to the strength in wheat. closed
/
1c.
Final
prices are 2% to 314c. higher than a week ago.
/
DAILY CLOSING PRICES OF RYE FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed, Thurs. Fri.
May
57% 57% 5834 soq 59% 60%
July
5934 5934 6031 6131 6034 61%
Season's High and When Made. I
Season's Low and When Made.
May
11634 July 19 19331 May
41
Oct. 17 1933
July
Nov.21 1933 July
70
5234 Oct. 17 1933
DAILY CLOSING PRICES OF RYE FUTURES IN
WINNIPEG.
Sat. Mari. Tues. Wed, Thurs. Fri.
May
4674 46
465' 4734 4734 48%
July
4734 4634 47% 483.1 48
49%
DAILY CLOSING PRICES OF BARLEY FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
51% 511t 5234 5334 523( 5334
July
51% 5134 5234 53% 525k 6334
September
DAILY CLOSING PRICES OF BARLEY FUTURES IN
WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
3934 3934 4034 4034 40% 4134
40
40
4031 4134 4174 4234
May
July
Closing quotstitss were as follows:
GRAIN.
Wheat. New YorkOats. New York
No.2 red,cif.. domestic-10334
No. 2 white
4834
Manitoba No.1.f.o.b. N.Y- 7534
No. 3 white
47%
Rye.No.2.f.o.b.bond N.Y- 58%
Corn, New YorkChicago, No.2
nom.
No.2 yellow, all rail
6634 Barley
No.3 yellow.all rail
6534
N.Y.,47% lbs. malting_
6334
Chicago. cash
48-80
FLOUR.
Spring pate., high protein 28.65-$6.95 Rye flour patents
Wing patents
8.45- 6.75 Seminole, bbl., Nos. 1-3 $4.70-$4.95
8.35- 8.85
uslean. fhrst
6.15- 6.40 Oats goods
2.55
Soft winter e_
its
5.75- 6.10 Corn flour
1.90
Hard winter
ghts
6.35- 6.55 Barley goods
Hard winter patents
6.80- 6.80
Coarse
4.00
Hard winter clears
6.00- 6.15
Fancipearl.Nos.2.4&7 6.00-6.20
For other tables usually given here see page 287.
The visible supply of grain, comprising the
granary at principal points of accumulation at stocks in
seaboard ports Saturday, Jan. 6, were as follows: lake and
GRAIN STOCKS.
United States-BostonNew York
" afloat
Philadelphia
Wheat,
bush,
Corn,
bush,
111,000
264,000
468.000
96,000
17,000
25,000
284,000
Oats,
bush,
4,000
199,000
Roe,
bush.
1,000
1,000
19,000
17.000
77,000
Barley,
bush.
14,000
20,000
6.000
445,000
137,000
1,285,000
47,000
2,000
453,000
45,000
115,000
39,000
779,000
4,550,000
275,000
600,000
7,000
87,000
2,074,000
59,000
18,000
4,082,000
3,941,000 3,111,000
799,000
30,000
32,964.000 4.488,000
704,000
94,000
92.000
7,148,000 8,140,000 2,775.000
172,000
85,000
615,000
656,000
508,000
6,000
2,000
4,400,000 2,102,000
514.000
201.000
32,000
770,000 1,638,000
883,000
19,000
304,000
376,000
8.000
4,282,000 19,602,000 3,964,000 3,447,000
1,123,000
1,198,000
19,000 3,146,000 3,247,000 1,564,000
32,000
761,000
210,000
204,000
25,702,000 4.310.000 16,821,000
3,218,000 8,459,000
12,000.000 4,839.000 11,081,000 2,704,000
1,849,000
245.000
30,000
32,000
20,000
78,000
5,172,000 9,181,000 1,349,000
1,713,000
615,000
11,066,000 1,501,000
323,000
196,000 1,118,000
Total Jan. 6 1934____122,357,000 65,945,00
Total Dec. 30 1933-124,692,000 66,689,000 44,496,000 13.526,000 14,361,000
0
Total Jan, 7 1933____161.083,000 29,129,000 44,866.000 13,678,000 14,629.000
24,410,000 7,895,000 8.267,000
Note.
-Bonded grata not Included above: Wheat, New
York, 4,064,000 bushels
N.Y. afloat, 1,576,000; Philadelphia, 341,000;
Boston, 986,000; Buffalo, 1,008,000
Buffalo afloat. 3,947,000; Duluth, 41,000; Erie,
942,000; Newport News, 293,000
total, 13,198,000 bushels, against 12,803,000 bushels
in 1933.
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
•
Afloat
Milwaukee
••
Afloat
Minneapolis
Duluth
Detroit
Buffalo
" Afloat
Financial Chronicle
350
Wheat,
bush,
Canadian—
Montreal
4,709,000
Ft. William & Port Arthur63,264.000
Other Canadian and other
43,310,000
Water Points
Corn,
bush,
Oats,
Rye,
Barley,
bush.
bush.
bush,
460,000
395,000
555,000
4,745,000 2,129,000 4,479,000
Total Jan. 6 1934_ __ _111,283,000
Total Dec. 30 1933_ __114,067,000
Total Jan. 7 1933____ 99,602,000
Summary—
American
122,357,000 65,945,000
Canadian
111,283,000
10,525,000 3,157,000 6,292,000
10,710,000 3,176,000 6,457,000
4,545,000 3,356,000 2,507,000
5,225,000
568,000 1,418,000
44,498,000 13,526,000 14,361,000
10,525,000 3,157,000 6,292,000
Total Jan, 6 1934____233,640,000 65,945,000 55,021,000 16,683,000 20,653,000
Total Dec. 30 1933_238,759,000 66,689,000 55,576,000 16,854,000 21,086,000
Total Jan, 7 1933____260,685,000 29,129,000 28,955,000 11,251,000 10,864,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Jan. 5, and since July 1 1933 and July 2
1932, are shown in the following:
Corn.
Wheat.
Exports—
North Amer_
Black Sea_ _
Argentina_ -Australia _ _ _
0th. countr's
Total
Week
Jan. 5
1934.
Since
July 1
1933.
Since
July 2
1932.
Week
Jan. 5
1934.
Since
July 1
1933.
Since
July 2
1932.
Bushels.
Bushels.
Bushels.
Bushels. I Bushels. I Bushels.
399,000 4,216,000
4,000
3,421,000118,413,000183,011,000
1,672,000 30,115,000 17,760,000 289,000 18,938,000 33,346,000
1,055,000 54,192,000 25,115,000 5,670,000118,440,000129,462,000
1,039,000 44,880,000 49,665,000
240,000 16,984,000 18,349.000 425,000 5,665,000 19,198,000
7,427,000 254.584,000293,900,000 6,388,000143,442,000186,222.000
WEATHER REPORT FOR THE WEEK ENDED
JAN. 10.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Jan. 10, follows:
For a mid-winter week temperatures were decidedly uniform and prevailingly high in most sections of the country. A depression moved from
the west Gulf area northward to the western Lake region on the 3rd-5th,
and another from the Southwest reached New England on the 8th. These
were attended by cloudy, unsettled and rainy weather during the greater
Rant of the week over the States from the Mississippi Valley eastward.
The latter part had mostly fair weather, except in the Northeast.
The table on page 3 shows that the weekly mean temperatures were
somewhat below normal in the Southwest from the Rio Grande Valley
northward to Kansas. In all other sections they were above normal and
decidedly so over large areas. From the Mississippi Valley eastward the
week was from 4 deg. to 11 deg. warmer than normal; also in the Northwest
and rather generally west of the Rocky Mountains. In the East freezing
temperatures did not extend farther south than the southern Appalachian
Mountain sections, but farther west the latter part of the week brought
freezing nearly to the west Gulf Coast. Below zero temperatures were
reported from the more northeastern districts and in central-northern
sections south to eastern South Dakota* the lowest reported from first,
order stations was 12 deg. below zero at Williston and Devils Lake, N.Dak.,
and Moorhead, Minn.
The table shows that light to moderate, in a few areas heavy, precipitation occurred rather generally over the eastern half of the country. The
heaviest falls were reported from the central Gulf States, Tennessee,
Arkansas, southern Missouri, and the eastern portions of Oklahoma and
Texas.
Following the recent extremely cold weather over large eastern areas
the prevailing mild temperatures of the week just closed were decidedly
favoraole. Apparently last week's low temperatures did little or no damage
to winter crops, though livestock suffered considerably. West of the
Mississippi River freezing weather extended farther south this past week
than heretofore this winter, but no material damage to growing crops is
reported. The mild weather in the great grazing areas of the West favored
livestock, while moderate precipitation was helpful in some areas.
The widespread rain east of the Mississippi River was beneficial in
maintaining a favorable soil moisture condition and there was sufficient in
some persistently dry areas to be helpful. The Atlantic States north of
Virginia have ample moisture, but the southern half of the area still needs
rain, though the light showers of the week brought some improvement.
Showers and mild temperatures made a good growing week in more southern
districts, though it remains too dry in much of Florida. The Southwest.
from western Kansas and eastern Colorado southward, also needs moisture
badly, with deterioration of winter grains noted in many places. Due to
recent generous rains and continued mild temperatures the Pacific States
are now in generally favorable condition so far as the weather influence is
concerned. Improvement is noted in the Great Basin also.
SMALL GRAINS.—The mild weather that prevailed over the Winter
Wheat Belt was favorable for the crop wherever moisture was sufficient,
especially in the Ohio Valley and adjacent sections, where rather general
Improvement is noted and condition is mostly good; no injury of consequence
Is apparent from the cold weather of last week. In the trans-Mississippi
States wheat is in fair to good condition, with no damage from the cold
weather.
In the Great Plains there is a widespread area from western South Dakota
and Wyoming southward,including the western parts of Kansas. Oklahoma,
and Texas that is seriously in need of moisture and winter grains in this
section are mostly poor, with further deterioration in places. In eastern
parts of the Plains States moisture conditions are more favorable, especially
In northeastern Texas, where considerable improvement is noted. In the
Great Basin and some adjacent areas moderate precipitation was of much
help to dry land grain, more of which has sprouted and come up. In the
Pacific States conditions are largely favorable and good progress was noted;
In California preparation of the ground and additional seeding are going
ahead rapidly. In the Southeast frequent rains were very beneficial, with
winter cereals making good growth and improving, but more moisture is
needed, especially along the Atlantic Coast and in southern Georgia. In
Virginia wheat is slowly reviving from the drouth, although growth was
retarded by the recent freezes.
THE DRY GOODS TRADE
New York, Friday Night, Jan, 12 1934.
Retail business in most centers continues to show moderate gains over last year. This is particularly true of the
rural and small town districts where disbursements of funds
by governmental recovery and relief agencies continue to
stimulate buying and where, moreover, last year's comparative figures made a particularly poor showing. Favorable
weather conditions again helped the demand for winter
apparel and there was also good buying in domestics, such
as sheets, pillow cases and similar staples. Increases in
dollar volume over last year in some stores were as high
as 25%, indicating that for the first time the physical volume of sales has also registered an increase, since advances
in retail prices as compared with last year do not exceed
an average level of 20%. The value of sales of all department stores during December, according to the Federal Re-
Jan. 13 1934
year there is still an average drop in sales amounting to 5%,
which would seem fairly satisfactory when it is considered
that in the earlier months of the year very large declines
were recorded. Preliminary reports received by the Controllers' Congress of the National Retail Dry Goods Association forecast a decline in sales for all stores amounting
to 3.4%, compared with declines of 22.6%, 11.6% and 8.6%
in the three preceding years. The same authority estimates
total sales of all department stores for the year 1933 at
$2,635,000,000.
Wholesale dry goods markets fully reflected the better
showing in retail distribution during the last month or so,
which resulted in substantial reductions of inventories at
retail establishments. The number of buyers arriving in the
wholesale market% showed a considerable increase over the
corresponding week of 1933 and heavy initial spring buying
was done in many lines. The earlier date of Easter and
the more stringent delivery requirements under the codes
contributed to inducing merchants to cover their needs at
an earlier date than usual. Denims, chambrays and other
piece goods moved in particularly large volume. While
wholesale stocks are said to have thinned out, buyers as
yet are having no difficulty in obtaining their supplies. A
further heavy influx of retail buyers may be expected
for the coming week, apropos of the annual convention of
the National Retail Dry Goods Association. Conditions in
the silk trade have improved somewhat, with prices being
firmly held and reports indicating that the 25% curtailment
is helping to strengthen the statistical position of the market, although actual buying is still spotty. Crepes for printing are leading in demand. Printed chiffons are also moving in good volume. Buying of rayon was confined to small
lots for early delivery, but little interest is shown in future
shipments. The possibility of a processing tax continues to
act as a retarding factor. Underwear knitters, after having
withdrawn for some time, are said to contemplate re-entering the market for new yarn supplies.
DOMESTIC COTTON GOODS.—Activity and advancing
prices featured the gray cloth market during the past week,
as buyers started in earnest to cover their first quarter
requirements. Reports of increased activity in finished
cotton goods stimulated trading. Not a few mills are sold
well ahead at present prices and are out of the market.
While print cloths and carded broadcloths were the most
active, there was better movement and a much stronger
tone in the narrow sheeting market. Tobacco cloths also
were stronger. Towards the end of the week trading lost
some of its briskness as reports came to hand describing
business in finished goods as somewhat spotty, but prices
generally held very firm. Following a period of broad
activity in fine yarn cloths, business became less active,
but prices held steady. Fancy goods continued active, and
covering of early deliveries proved increasingly difficult,
in view of the booked-up condition of most mills. Prices on
1c.
2
percales were advanced / a yard to levels of 13%c. for
the 80's, 12c. for the 68x72's, and 11c. for the 64x60's. Closing quotations in print cloths were as follows: 39-inch 80's,
9%c.; 39-inch 72x76's, 8%c.; 39-inch 68x72's, 7% to 7%c.;
3814-inch 64x60's, 6%c.; 38%-inch 60x48's, 5%c.
WOOLEN GOODS.—Trading in men's wear goods was
slightly more active, due to a larger number of duplicate
orders, chiefly in medium- and lower-priced fabrics. Some
clothing manufacturers, however, have 'withdrawn from the
market, having previously covered all of their requirements.
Although demand for men's clothing for spring showed an
increase, sentiment was somewhat disturbed by reports of
sharp price declines in men's suits and overcoats, at some
special January retail sales. Business in women's wear
fabrics is improving, but it is largely confined to low-priced
numbers. Interest in the new women's wear cloths for
spring is increasing and many orders were said to have been
placed by garment manufacturers. The opening of the
spring lines of dresses, suits and coats attracted a large
attendance of buyers and marked confidence was displayed
on prospects for the new season.
FOREIGN DRY GOODS.—Trading in household linens
lacked interest, but a better demand was shown for dress
goods and men's suitings, with chief attention given to peasant varieties and crash linens. While white remains a big
factor, much is heard of darker shades, and prevailing
Mexican fashion influences promise a lively interest in the
brilliant hues distinguishing this trend. Trading in burlaps
quickened somewhat when bag manufacturers dropped their•
previous reserve and re-entered the market. After a firm
opening, prices weakened slightly, following lower quotations reported from the Calcutta market, but again firmed
up when the primary center cabled a rallying trend. Domestically, lightweights were quoted at 4.95c., heavies at 6.50c.
Volume 138
Financial Chronicle
351
State and City Department
MUNICIPAL BOND SALES IN DECEMBER.
We present herewith our detailed list of the municipal bond
issues put out during the month of December, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 172
of the "Chronicle" of Jan. 6. The awards during the month
aggregated $44,066,236. This figure does not include Reconstruction Finance Corporation loans, actually made or
promised, to States and municipalities during December, in
the amount of $126,920,747. The number of municipalities
issuing bonds in December was 82 and the number of separate
issues 91.
Page.
Name.
Rate. Maturity. Amount.
4722_-Albany County, N. Y.
(2 issues)
4% 1935-1944 $700,000
4218_..Alpena. S. Dak
5
4,000
3-20 yrs.
4555 .Arkansas City, Kan
r28,878
5
4556-.Ashland, Ky
6.557
4% 1935-1938
4218__Auburn, Maine
22,000
1934-1955
4218--Auburn, Maine
15,000
33j 1934-1941
4723--Auburn, N. Y
4
1935-1944 190.000
4219- _Bend, Ore
6
1935-1944 r25.000
4723--Bexar County, Texas....-5
200,000
1963
4556__Binghamton, N. Y
4% 1935-1944 1,000.000
4219_ _Blackfoot,Idaho
r10.000
4219. Burke, Wis
5% 10 yrs
1,500
4386- _California (State of)
4 X 1955-1956 293,000
4556--Cedar Rapids,Ia.(2iss.)_4% 1937-1951
30.600
4724-Chelan County, Wash..
1935-1944 r50.000
.5
4724-Cincinnati, Ohio(3 las.)--4X 1935-1964 144,000
4387__Clay County S. D. No.9,
Minn
4X
1,500
4724-Clinton Co. Ind. S. D.,
Iowa
4q
210,000
4557--Dubuque,Iowa
1945-1947
16,000
43
4557-East Cleveland S. D. 0
100,000
4388_..Fremont S. D., Ohio_ _ __5
1935-1941
47.067
4725_ -Gardiner W.D. Maine__4%
1954
167,500
4220__Glens Falls, N. Y
4X 1937-1943 100,000
4220--Grand Haven, Mich
4
1936-1943
18,000
4558_ -Greenwich, Conn
4J.
1935-1949 107,000
4558_ _Greenwich, Conn
4
1935-1949
20,000
4220_ -Gregg County,Texas_
62.000
4389-Highland Two.,Pa
6
5.000
4559__Jacksonville, Fla
6
1939-1940 r300,000
4559_ _Jefferson, Ohio
5
1934-1943
5,000
4726_ _Kalamazoo City S. D..
Mich
5
1939-1954 160,000
4726-Karnes Co. Corn. S. D.
No. 2, Tex
5
9,000
4389-Kennewick, Wash
5
2-20 yrs.
8.250
4389-'Wasp Co., Wash
5
2-20 Yrs.
39,000
4726--Kokomo School City,Ind-5
1937-1947
42.500
4389_ _Lexington, Mass
25,000
1934-1943
4
4559--Long Beach, N. Y
1936-1962 616.875
6
4559_ _Manchester, N. H
1934-1943 150.000
4
4726-Mansfield Conservancy
District, Ohio
1935-1943 180,000
6
4559_ _Marshall, Minn
20.000
43( 1944-1953
4726__Mercer Co., N. J
6
30,000
4560__Minneapolis, Minn
1936-1945 110,000
5
4560_ _Monesaen S. D., Pa
5
1934-1943 d125,000
4727--Mt. Lebanon Twp. S. D.,
90,000
Pa
53j 1934-1943
4727_ _Muscatine, Iowa
20,000
4223_ _New Castle, Ind
10,000
4% 1938-1941
4727_ _New Jersey (State of)----4X 1936-1942 7,000,000
4727__New Paltz, N Y
4.600
54
4728- _Nlakayuna, N.Y
13.000
5.80
4560_ _Norfolk, Va
1936-1941 250.000
6
4560_ _Northampton Co., Pa---434 1940-1953 450,000
4728_ _Oakwood City S.D., Ohio 5
6,000
4561_ _Orr villa, Ohio
6,500
5% 1935-1941
4561_ _Ottumwa, Iowa
25.000
1936-1938
5
4223_ _Pennsylvania (State of)- -3 X 1934-1943 25000,000
4728Perry School Twp,Ind--5
24,400
4728--Pierce Co. S. D. No. 107,
Wash
6,200
5
4728-Pierce Co. S. D. No. 123,
4,900
Wash
5
4728-Pittsburgh, Pa
1934-1953 1,400,000
43
4391--Pompton Lakes, N. J
__
3 years
54,076
4391-Potsdam, N Y
29,000
4X 1938-1949
4561-Price County, Wis
41,000
5
4224__Ramsey Co. S. D. No. 2,
45,000
Minn
4X
4562 .Rock County, Wis
200.000
1935-1944
4729__Rome, N.Y
r72,833
5
1934-1943
4729_ _Rome, N.Y.(2 issues) -5
92,000
r60,000
1935-1954
4562- _ Salem Ore
6
4729_ .Schuyler County, N. Y.-5
1935-1954
50,000
4562....Sedgwick Co. S. D. No.
1, Kan
4% 1939-1951 rI10,500
4562__Sharpsburg S. D., Pa ___ _ _ 45,000
1935-1940 11
4 38
1,31
4392_ -Somerset County, Pa__ --5
r
4562_.South Bend S. D., Wash-5
10 years
4225_ _ Springfield & Middlefield
30,000
1934-1957
5
S. D. o. 1,N.Y
50,000
4393_ _Stafford, Conn
4% 1936-1945
1935-1944 r100,000
4225__Stark County Ohio
6
11,000
1935-1940
'
4393 _ _Stillwater, N Y
5
r10,000
4562_ _Story County, Iowa
44 1936-1938 r45,000
1934-1948
5
4393__Swanton, Vt
1.177,000
4729_ _Texas (State of)
4
2,300
4563_.The Dallas, Ore
1935-1948 r269,000
4393_ _Toledo City 8. D., Ohio4563.
.Troy, N. Y
5( 1935-1941 r143,000
19344954 r1,500,000
4729--Utah (State of)
4
40.000
4730_ _Waterloo Rural S. D.,0- -15,000
1934-1948
4226_ _White Pine Co. Nev---5
1944-1954 d16,000
4730_ _Williamsburg fi. D., Pa--5
,
Price. Basis.
100.25
100
99.02
4.42
5.00
96.79
98.08
100.29
100
4.12
4.21
4.45
6.00
100.22
4.45
100.41
100.81
100
100
4.15
4.39
5.00
4.25
100.35
100.01
4.49
100
98.31
100.06
100
100.65
100.65
5.00
4.64
4.74
4.50
4.15
4.15
100.11
100
5.98
5.00
94.11
5.67
100
100
100
100
100.77
100
100.03
5.00
5.00
5.00
5.00
1.66
3.99
100
100
100
100.50
100
6.00
4.25
6.00
4.91
5.00
100
5.25
100
100.61
4.50
4.61
100
100.73
100
100
100
100.13
100
6.00
4.43
5.00
5.50
5.00
3.72
5.00
100
5.00
100
101.67
5.00
4.29
100
4.75
99.52
100.06
100.06
95
100.28
98.37
1:45
4.99
6.73
4.97
4.59
100
5.00
100
102.25
100
100
100
100
100
5.00
4.12
6.00
5.00
4.50
5.00
4.00
100.20
100
5.20
4.00
100
100
5.00
5.00
Total bond sales for December (82 municipalities, covering 91 separate Julio0-444,066,236
d Subject to call in and during the earlier years and to mature in the
latter years. k Not including $249,731.300 temporary loans,or $126,920,747
Reconstruction Finance Corporation municipal loans. r Refunding bonds.
The following item included in our total for the month of
September should be eliminated from the same. We give
the page number of the issue of our paper in which reasons
for this elimination may be found.
Page.
Name.
4392„Rittman, Ohio
Amount.
$16,705
We have also learned of the following additional sales for
previous months:
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
4556__Bannock Co.,Ida.(June)_6
4220-Gallipolis, Ohio
6
4220_ _Hammond Sch. City,Ind.5%
4224-Renovo S. D.,Pa.(Oct.)-4
1935-1944 r$345,000
1935-1944
15,000 100
5 yrs.
112,500
93.75
1934-1943
10,000 100
6.00
7.00
4.00
All of the aboire sales (except as indicated) are for November. These additional November issues will make the
total sales (not including temporary or RFC loans) for that
month $83,895,048.
UNITED STATES POSSESSIONS BONDS ISSUED IN DECEMBER.
Page.
Name.
Rate. Maturity. Amount, Price, Basis.
4561--Puerto Rico (Govt. of)---5
1973
$100.000 100.12
4.99
CANADIAN MUNICIPAL SALES IN DECEMBER.
Only one bond sale was reported in December,that of $10,000 Amherst
Island, Ont.,5% bonds to A. M. Mackinnon & Co. of Napanee.
NEWS ITEMS
Arkansas.
-Highway Bond Injunction Made Permanent by
Federal Court.
-Holding that the suit is against a constitutional officer and not one against the State, the Federal
District Court on Jan. 5 made permanent an interlocutory
injunction granted on Oct. 31 in the case of Fred W.Hubbell,
member of the State of Arkansas Bondholders' Protective
Committee, against State Treasurer Roy Leonard, in which.
the State is forbidden disbursements from the highway fund
except for Sate bond payments and highway maintenance
costs. The decision also denied a plea of intervention filed
by Judge John Sheffield, counsel for the Arkansas County
Judges' Association, who sought release of a $1,000,000
county highway fund. The decision was written by Judge
Archibald Gardner, presiding judge of the Eighth Circuit
Court of Appeals. The New York "Herald Tribune" of
Jan. 9 had the following to say regarding the importance
of this decision:
A highly important decision upholding the rights of bondholders was
handed down last week by a three-judge Federal Court in Arkansas, which
supported the contentions of the State of Arkansas bondholders' committee
and restrained State Treasurer Roy V. Leonard from disbursing gasoline
and motor vehicle license tax funds for other purposes than those originally
covenanted. The opinion, received here yesterday, discloses that principles
have been laid down in this litigation which are significant to all holders
of bonds issued by States of the Union.
The litigation developed as a result of legislation passed by the Arkansas
lawmakers early last year, whereunder holders of $91,000,000 highway and
toll bridge bonds of the State of Arkansas were stripped of their rights and
arbitrarily offered a refunding issue with lower coupons and less well
secured supporting revenues. The State government took refuge behind its
immunity from suit as a sovereign, and,in effect, defied the bondholders to
assert their rights. This challenge has been met successfully by the committee, for which Thomson. Wood & Hoffman, of New York, acted as
chief counsel.
It was contended in behalf of the committee that the Arkansas Legislature was acting contrary to the real will of the sovereign people of Arkansas in passing the Ellis Act, which provided for the refunding. An injunction was s3ught on this ground restraining the State Treasurer from
disbursing for other purposes the funds which had been collected in order to
service the bonds. This injunction was granted and has now been made
permanent.
Obligations Held Valid.
Accepting the construction of the Arkansas Supreme Court as to the
validity of legislation under which the bonds were issued, the three-judge
Federal Court assumed that the bonds constitute valid obligations of the
State. The Acts of the Legislature authorizing the bonds and contracting
for their payment became a part of the State's contract, it was pointed out.
"There can be no doubt that the effect of the various Acts of the 1933
Legislature was to impair the ooligation of these contracts," the opinion
reads. "With commendable frankness this was admitted on oral argument.
In the brief of the defendant it is urged that the question whether the
Acts impair the obligation of the contract or furnish protective color for
the threatened act of the defendant cannot be considered or adjudicated
until it is first determined whether or not the suit in effect is a suit against
the State. . . .
"We cannot, however, agree with counsel for defendant that in considering the question as to whether this is a suit against the State, we should
not give attention to the question as to whether the legislative Acts, under
color of which the defendant claims the right to act, are void as violative
of the contract clause of the Constitution. If these Acts are unconstitutional
and for that reason void, they furnish no protection for the acts of the officer.
and hence, a suit to enjoin such acts could not be said to be a suit against
the State.
Officials Not Exempt.
"By valid legislative enactments, which became part of the contracts
involved, certain revenues were set aside and appropriated to the payment
of the principal and interest of these obligations. The defendant now,acting
under color of unconstitutional statutes, is threatening to divert these
funds to the irreparable injury of the plaintiffs. His threatened affirmative
action is what is sought to be enjoined.
"Immunity from suit is an attribute of sovereignty. It was the theory of
the English law that the King could do no wrong, but it developed that his
ministers could. When the acts of officers sought to be controlled by injunction or mandamus represent the sovereign will,the suit cannot be maintained because the State is then the real party. The converse of this rule
is likewise true, that when the acts of the officers are in violation of the
sovereign will of the State, then their acts may be controlled by injunction
or mandamus. A distinction is to be drawn between the government or
administrative agencies of the State and the State itself.
"In the instant case, the legislative Acts of 1933, which purport to divert
and appropriate these funds to other purposes, are unconstitutional, and
hence there has been no lawful appropriation of the revenue in the hands
of the Treasurer to these other purposes. On the other hand, by prior
Acts confessedly constitutional,these funds have been pledged,set aside and
appropriated. We conclude that the suit is not one against the State. and
that the plaintiffs are entitled to the injunctional relief prayed for as
against the defendant."
New Bond Refunding Bill Proposed By Senate.
-A Little
Rock dispatch of Jan. 9 to the New York "Journal of Commerce" reported as follows on a surprise move taken by the
Senate on that day to have a new highway bond refunding
bill drawn up:
In a surprise move to-day the Senate appointed a special committee
composed of Senators Evans and Bailey to confer with Governor Futrell
le
•
352
Financial Chronicle
relative to a new highway bond refunding bill as substitute for the Administration plan, and followed this with adoption of an amendment to the
Administration bill to provide a 7c. gasoline tax and divert sufficient of
its revenue to give 100% payment of municipal paving aid certificates.
Conferences were at once begun by the special committee with Governor
Futrell. No information was obtainable, however, relative to the nature
of the plan proposed except its sponsors propose elimination of Senate
opposition, which is centered on the Administration's failure to give priority
to road district bonds over State highway and toll bridge bonds, and House
opposition, which centers on tax raising features.
Members of the Arkansas bondholders' protective committee, St. Louis,
protested against the proposed discrimination favoring certificate holders.
and adoption of to-day's amendment may cause reopening of the entire
subject. Vote on the amendment was 17 to 10. The House considered
only routine business to-day, apparently awaiting Senate developments.
The House and Senate committee appointed to conduct hearings on the
Administration plan adjourned last night when it failed to muster a quorum.
Governor Indicates Approval of New Bill.—A news dispatch
from Little Rock on Jan. 10 reported as follows on Governor
Futrell's favorable attitude toward the above described
measure:
Governor Futrell indicated to-day that he would approve the substitute highway refunding bill, which makes drastic changes in methods of
raising and apportioning revenue compared with the Administration plan.
If adopted at the special legislative session.
In that event the decision would again be passed back to bondholders.
The substitute bill drafted chiefly by the Senate was introduced in both the
House and Senate and advanced toward final vote. It makes concessions
to the bloc favoring municipal paving aid certificates and also increases the
estimated additional highway revenue from $1,437,000 to $1,625,000
annually. It specifies that the State Highway Commission shall ascertain
cost of building highway continuations through towns and cities and then
will pay aid to districts in such amounts as thus determined. The bill also
proposes elimination of gasoline tax refunds, impounding of one-half of
the $1,000,000 county highway fund,increase of Mc.In gasoline tax,increase
of automobile license to one-half of the 1932 scale, with a provision that
four-cylinder cars in service five years shall take an extra 50% reduction.
and increased truck fees.
Colorado.—Proposed Federal Loan Declared Unconstitutional.—It is reported by Homer F. Bedford, State Treasurer, that the Colorado Supreme Court has declared unconstitutional the contemplated Public Works Administration loan and grant of $10,000,000, which had been held
up pending the Court's ruling on several questions submitted
by the Federal authorities to Governor Johnson, regarding
the right of the Legislature to authorize such borrowing—
V. 137, p. 2667. A news report from Denver to the "Wall
Street Journal" of Jan. 4 had the following to say:
-to-3 decision held that the Act of
The Colorado Supreme Court in a 4
the Legislature authorizing the State of Colorado to borrow $7.000,000
from the Public Works Administration for highway construction was unconstitutional. The PWA was to supplement the loan with a donation of
$3,000,000.
The loan of $7.000,000 was to be secured by a percentage of receipts
from motor fuel and automobile license taxes. The Government held up
the loan until the Supreme Court should pass upon the legality of the issue
and the decision was given in response to interrogations from the Legislature. It held that the loan would contract an indebtedness within the
meaning of Article XI, Section 3, of the Constitution, which requires a
vote of the people before a loan can be made. The decision also upsets an
Act which has been passed by the House of Representatives and is now
before the Senate. which provides for an increase in the gasoline tax from
4to 5cents per gallon and the pledging of the additional revenue for a loan.
Kansas.—Ronald Finney Sentenced In Municipal Bond
Forgery Case.—A sentence of from 31 to 635 years in the State
penitentiary was meted out on Jan. 2 to Ronald Finney,
the chief figure'in the municipal bond forgery case in this
State—V. 137, p. 4721—by District Judge P. H. Heinz,
acting upon the guilty plea entered by Finney to 31 counts
of forging and selling bonds of a Kansas municipality. The
attorney for the defendant filed notice of an appeal to the
Supreme Court on the question of withdrawing the plea and
upon a ruling regarding consecutive sentences. We quote
in part as follows from the Topeka "Capital" of Jan. 3:
Sentenced to from 31 to 635 years in the State penitentiary, Ronald
Finney, central figure in the Kansas bond scandal, will start serving his
sentence to-day unless he is able to post an appeal bond and obtain a stay
of commitment this morning.
Sheriff Dean Rogers announced last night that Finney would be taken
-day as soon as commitment papers were issued.
to the penitentiary to
Issuance of these papers hinges on the appeal bond which Judge Paul H.
Heinz is to fix at 9 o'clock.
Tried to Withdraw Plea.
Sentence was pronounced by Judge Heinz after a clash between State
and county attorneys and an unsuccessful attempt to withdraw Finney's
plea of guilty to 31 counts of forging and selling Hutchinson park bonds.
Schenck opened the arguments with a statement to the effect that his
client had pleaded guilty on the understanding that his sentence would be
a minimum of 15 years. He recited various court cases to show that sentences on the 31 counts need not be consecutive and that the court could
follow out the attorney's recommendations.
Goodell Urges Shorter Term.
Goodell urged that this agreement be kept; that it was entered into by
the judge's knowledge and consent and that it was a pledge of honor that
should be kept. He argued that a supreme court case cited to show sentences
on various counts in the case must run consecutively did not apply in the
present case. He went at length into the reasons the agreement was made
and said that many overtures had been made to him by attorneys and one
"prominent citizen" to accept the defense proposal to plead guilty in return
-year sentence.
for a 10
Louisiana.—Supreme Court Upholds Validity of Corporate
Franchise Tax.—The validity of a corporate franchise tax
,
levied by the Louisiana Legislature at its 1932 ses ion was
upheld in a decision handed down on Dec. 21 by the State
Supreme Court. It was ruled that the State has the right
to tax the franchises of all corporations doing business in the
State, except those specifically exempted. The decision was
given in the case of the Secretary of State vs. the Lane
Cotton Mills Co. The New Orleans "Times-Picayune" of
Dec. 23 reported in part as follows on the decision:
RI The validity of the corporate franchise tax levied by the Louisiana Legislature at a session in 1932 was upheld in a decision handed down Thursday
by the State Supreme Court.
The decision, rendered in the case of E. A. Conway, Secretary of State.
vs. the Lane Cotton Mills Co., holds that the State has the right to tax
franchises of all corporations doing business in Louisiana except those
specifically exempted.
The opinion of the Supreme Court was written by Associate Justice II.
F. Brunet and concurred in by the other six members of the Court. It
orders the Lane Cotton Mills Co. to pay a franchise tax of $3,361.04 plus a
.
20 7e penalty for delinquency and 10% attorneys' fees and costa.
The suit to collect the franchise tax from the Lane Cotton Mills Co. was
brought by the State through Secretary of State Conway. The decision
of the lower court was rendered by Judge Michel Provosty in civil district
court, and it was his decision that the Supreme Court affirmed.
Jan. 13 1934
Must Pay Penalty.
In applying the judgment, the high tribunal ordered the Lane Cotton
Mills Co. not only to pay the tax, the 20% statutory penalty, 10% attorneys' fees and court costs, but also to satisfy an expenditure of $25 for audit
of its books.
Assessment of this audit cost is a novel procedure in this type of suit in
Louisiana.
The fact that the Legislature has seen fit to exempt some corporations
from the tax is not unlawful discrimination. the Court held, and a "mere
reading of the title text" of the act "will dispel any doubt as to the legislative
intent to levy an annual franchise tax on all corporations doing business in
this State, except those specially exempted by statute."
Validity of the statutes imposing the duty of collecting State taxes on
persons other than the sheriffs in the parishes outside of Orleans, and the
State tax collector in New Orleans, was upheld by the Court, which referred
to seven recent decisions rendered by it touching on this point.
Power Decreed.
That the Secretary of State has this duty and power to collect the franchise tax was thus decreed.
Replying to the contention that the Lane Mills is not subject to the provisions of .Act No.8 of 1932 on the ground that it has no power or privilege
not possessed by individuals and partnerships, the court said:
"It is a universally recognized rule that all business corporations have
and exercise powers and privileges not possessed by individuals or partnerships."
Massachusetts.—Governor Ely Recommends Sales Tax
With Exemption for Necessities.—Outstanding among the
specific suggestions which Governor Ely made in his message
to the second annual session of the 148th Legislature, convening on Jan. 3, was the adoption of a retail sales tax from
which the necessities of life would be exempted. He stated
that such a levy is imperative unless a disproportionate
burden is laid upon real estate. The Governor emphasized
the necessity of practicing the strictest economy and of
maintaining the financial position and credit of the Commonwealth. An Associated Press dispatch from Boston to the
Springfield "Republican" of Jan. 4 reported in part as
follows:
The General Court of Massachusetts convened in annual session to-day
and heard Governor Joseph B. Ely outline a program advocating, among
many other things, a retail sales tax, with the prime necessaries of life
exempt.
Besides the retail sales tax. Governor Ely recommended much other
legislation including restoration to State employees of a part of their salary
cuts; a centralized department of public safety; a constitutional change to
permit abolition of the grand jury in its present form; reorganization of the
District Court with a circuit system and full-time judges; amendment of
the dairy law to provide inspection of cream, and greater authority for the
commission authorized to negotiate uniform labor hours.
Remarks on Salaries Cheered.
Governor Ely's pronouncement in favor of restoration of some of the
salary cuts brought generous applause from the House galleries. Many
looking down on the proceedings were State employees.
"The thing which I consider of paramount importance," Governor Ely
said, "is the financial position of the Commonwealth. Her credit should be
your first thought at this time. Every measure must be weighed in the
light of the effect upon that credit. Without it nothing can be accomplished in the way of relief to the unfortunate and impoverished. This
salient fact cannot be reiterated too often or stated too strongly in times
like these, when the spending of the people's money, most of which is anticipated from borrowing, is the method in use for the revival of American
business"
Governor Ely predicted it would be more difficult to enact a suitably
balanced budFet for 1934 than for any previous year.
Governor Ely recommended that capital punishment be limited to those
convictions for murder in the first degree which "are based upon evidence
of a scheme or plan in distinction from deliberate premeditation as now
defined by the decisions of our courts, or in the commission of armed
robbery or similar crimes. The same result may be accomplished by a
re-study of the penalty or by redefining murder in the first degree.
Approves Crime Board's Work.
In recommending selection of jurors by commissioners, abolition of the
grand jury, and establishment of a central police organization to supervise police departments throughout the State, Governor Ely approved the
reports of special commissions which have reported to the Legislature.
In seeking enlargement of the powers of the commission on uniform labor
hours and minimum wages, Governor Ely sought to continue in force beneficial provisions of the National Recovery Administration along these lines.
Speaking on law enforcement, Governor Ely warned that racketeering
forces created during the days of prohibition and the depression "have
Insidiously crept into the administration of justice and the enforcement of
our laws to the point where it is necessary for an aroused public opinion to
recreate greater vigilance for and more speed and justice in the enforcement
of those laws."
"The police forces of our towns and cities retaining local control in routine
matters and their own organization should become subdivisions under a
centralized department of public safety," Governor Ely said.
"The police department of the City of Boston should be co-ordinated
with the police departments of all the cities in the metropolitan Boston
area under a single head."
Minnesota.—United States Supreme Court Upholds Mortgage Moratorium Law.—By a 5 to 4 decision, the Supreme
Court of the United States on Jan. 8 upheld the constitutionality of the State modified mortgage moratorium emergency law that was passed at the 1933 session of the State
Legislature. The decision, which was given on appeal from
the previous ruling of the State Supreme Court that the
legislation was valid (V. 137, p. 3522) has received widespread attention, in the belief that it indicates a likelihood
that the validity of the various emergency measures adopted
by President Roosevelt in connection with his "new deal"
program will be upheld. The decision of the Supreme Court
in this instance is treated in considerable detail in our department of "Current Event and Discussion" on a preceding
page of this issue and is also discussed in our article on "The
Financial Situation."
Municipal Advisory Service Set Up to Aid Cities in
Distress.—The establishment is announced of a municipal
consultant service by the National Municipal League to
assist local governments in financial difficulties and those
that need a restoration of their credit. Announcement of
the new service was made on Jan. 7 by Howard P. Jones,
Secretary of the League, who pointed out that the need for
such a service is obvious, since so many municipalities have
defaulted. A report on the formation of the non-profit
making service, as it appeared in the New York "Times"
of Jan. 8, reads as follows:
Establishment of a municipal consultant service by the National Municipal League to assist local governments In financial difficulties to restore
their credit was announced last night by Howard P. Jones. Secretary of
the League. He said the service was being undertaken in response to many
requests for assistance from local governments in distress.
1
Volume 138
Financial Chronicle
The League already has been called in by Westchester County and has
also begun surveys for Yonkers, Mount Vernon, Greenburgh, Harrison.
Mount Pleasant and Cortlandt, all in Westchester.
The director of the municipal consultant service will be Professor Thomas
H. Reed of the University of Michigan, an authority on local government
and administration. His assistants will be Carl H. Chatters, director of
the Municipal Finance Officers Association, C. E. Rightor. chief accountant
of the Detroit Bureau of Governmental Research, Clifford H. Ham,director
of the Atlantic City Survey Commission and former President of the International City Managers' Association, and Philip H. Cornick, tax expert
with the Institute of Public Administration.
Need For Service Is Seen.
The advisory committee of the new service includes: Harold S. Buttenheim, Editor of"The American City." Chairman, Frank H. Morse, Lehman
Brothers, Richard S. Childs, President of the City Club of New York,
Lawson Purdy, President of the Trinity Corp., and Carl H. Pforzheimer,
Treasurer of the National Municipal League.
"That there is urgent need for such a service is obvious from the fact
that nearly 2.000 municipalities are already in default," Mr. Jones said
last night. "Though that is a comparatively small percentage of the total
number of local governments in the United States, many more are facing
a breakdown in service."
League Founded in 1894.
The National Municipal League was founded in 1894 and has devoted
Its entire time and efforts for better State and local government.
Murray Seasongood, Mayor of Cincinnati, is President of the League.
Other officers are Harold W. Dodds, President of Princeton University.
1st Vice-President, Miss Belle Sherwin, President of the National League
of Women Voters, 2nd Vice-President. Members of the League's council
Include Governor Henry J. Allen, Charles A.Beard, Henry Bruere, Harry F.
Byrd, Frederic A. Delano, Samuel S. Fels, Frank 0. Lowden, C. E. Merriam, Frank L. Polk, Chester H. Rowell, Mrs. F. Louis Slade, William B.
Munro, Louis I. Dublin, C. A. Dykstra, Governor 0. Max Gardner, Raymond V. Ingersoll, Henry L. Shattuck, Henry M. Waite and Governor
John G. Winant,
New Jersey.—Governor Moore Urges Retail Sales Tax to
Aid Municipalities.—Governor A. Harry Moore, submitting
his annual and budget reports to the 158th State Legislature,
which convened on Jan. 9, gave up much of his address to
consideration of the financial position not only'of the State,
but also of the municipalities. Governor Moore expressed
his concern regarding the continued maintenance of municipal
activities and he proposed the levying of a two-unit general
sales tax, calculated to return about $25,000,000 a year for
a three-year period, with which to finance public schools.
This sum he would turn over annually to the communities
with an approximately similar sum which he would divert
from the State highway fund. In his lengthy report the
Governor also urged further reduction in the cost of State
and local governments and continued co-operation with the
Roosevelt recovery program. He proposed,too, thatfor three
years no more highways be constructed. Trenton advices
on Jan. 9 reported as follows on the Governor's message:
In one of the lengthiest messages ever presented to the Legislature by a
chief executive. Gov. A. Harry Moore recommended the imposition of a
general sales tax for three years to finance public schools and at the same
time urged further reduction in the coat of State and local governments.
The New Jersey Governor asked for continued co-operation with the
Roosevelt recovery program during the course of his annual message in
which he recommended the development of a huge shipping center in the
metropolitan area of the State to compete with New York City, and elimination of free lighterage in the New York harbor district. He also asked for
the elimination of stereotyped methods of fixing public utility rates.
Backs Civil Service.
Discontinuance of construction of State highways for three years and
diversion of motor vehicle fees and gasoline taxes to public schools was
recommended by the Governor, who urged the protection of the civil
service system in New Jersey.
Reaching every phase of governmental activity the chief executive
recommended that a single commissioner be appointed to administer the
highway department, consolidation of smaller units of government,elimination of waste in the public school system, equalization of property assessments throughout the State and payment of expenses and salaries of court
and the judiciary by the State.
Calling for a plan to boost the natural advantages of New Jersey and
the renewal of work to make it a greater State, Governor Moore asked
for the continuation of the development of agriculture.
He went on record for radical amendment of the State alcoholic beverage
law and more drastic regulation of banks by the State Banking Commissioner. He asked for the organization of health activities on a State-wide
basis to relieve counties and municipalities of custodial care of insane,
tubercular, etc., organization, of police and fire protection and of education
on a county basis. He expressed opposition to sweeping changes in the
emergency relief set-up and asked for continued co-operation with the
Roosevelt recovery program.
A letter from President Roosevelt thanking the State for effectively coordinatinq its efforts with the Federal recovery plan was included in the
Governor s message to the Legislature.
Reporting a substantial reduction in the operating expenses of the State,
Governor Moore expressed some concern over the financial plight of the
municipalities. lie said that burdensome taxation on real estate must be
lifted, and the municipal bond and budget laws must be revised drastically
to place the municipalities on a cash basis and prevent future practices
contrary to good business procedure.
Recognizing the fact that financial assistance from the State cannot be
delayed he left it to the Legislature to decide the amount of the sales tax.
A levy of 2% on retail sales is under consideration by the Legislative
Tax Commission.
New York City.—Governor Lehman and Mayor La
Guardia Compromise on City Economy Plan.—Emergency
Powers Given to Estimate Board.—A compromise agreement on
legislation designed to effect economies and reforms in the
government of New York City was reached by Governor
Lehman and Mayor La Guardia at their conference in
Albany on Jan. 10. The Governor issued a statement at the
conclusion of the meeting in which he stated that he had
detailed to the Mayor his objections to the proposal which
would have given wide powers to Mayor La Guardia, powers
which the Governor claimed would have been dictatorial.
In the place of vesting the requisite authority in the Mayor
it was agreed at the conference that it should be given to the
Board of Estimate, to be exercised by the Board only by a
vote of at least 10 of'the 16 votes. It was determined that
the extraordinary powers shall terminate on Oct. 1.
The Mayor and the Governor agreed that the Municipal
Assembly shall have power by local law any time prior to
Oct. 1 to repeal the act of the Legislature vesting these
powers in the Board of Estimate. Another feature of the
agreement was that the Municipal Assembly shall have the
power at any time before Oct. 1 or thereafter to supersede or
amend by local law any action taken by the Board of Estimate under the emergency measures. According to the terms
353
agreed upon at the meeting, any changes by which departments are abolished or new ones created or that change
municipal functions established by the city charter can be
made by the Board of Estimate only after a 10
-day notice
and public hearing.
Earlier in the week the Mayor and Governor had exchanged
letters which showed that there was a considerable difference of opinion as to the proper way to bring about drastic
economies in the operation of the city's affairs. The Mayor
sought to have the authority vested in himself to cut and
reform wherever he considered it necessary. This proposal
was summarily rejected by Governor Lehman and a second
letter from Mayor La Guardia, pleading that the interests
of the city were at stake, necessitating such legislation,
failed to win the approval of the Governor. As a result of
the conference the Mayor appears to have obtained virtually
what he asked for in his original bill, since the Fusion party,
of which Mr. La Guardia is the head, controls 13 votes in
the Board of Estimate. The text of the statements issued
by Governor Lehman and Mayor La Guardia after their
conference, read as follows:
STATE OF NEW YORK
Executive Chamber
Albany, N.Y., Jan. 10 1934.
Mayor La Guardia conferred with me to-day with regard to his proposed
legislation covering the administration of the City of New York. I again
pointed out to the Mayor my major objections to the bill he originally submitted, which objections were set forth in my previous correspondence
with him.
As a result, Mayor La Guardia has agreed to amend his bill to provide,
among other things, the following:
'1. That the wide powers which it was heretofore proposed to give to
the Mayor alone be vested in the Board of Estimate, to be exercised by the
board by a vote of at least 10 of the 16 votes.
"2. That any changes by which departments are abolished, or new ones
created, or that affect municipal functions as at present established by
the charter, be made by the Board of Estimate only after 10 days' notice
and a public hearing.
"3. That the Municipal Assembly shall have power by local law at any
time before Oct. 1 1934, to repeal the act of the Legislature vesting these
powers in the Board of Estimate.
"4. That the Municipal Assembly, at any time previous to Oct. 1 1934—
which Is the termination date of the extraordinary powers granted to the
Board of Estimate—or thereafter, may by local law supersede or amend
any action taken by the Board of Estimate, pursuant to the powers vested
In it by the proposed bill."
The Mayor advised me that a new bill will be prepared by him which
will be introduced upon the formal request of the Board of Estimate of
the City of New York.
I advised the Mayor that obviously I could not in any way commit the
Legislature with regard to this or any other bill. Under the Constitution
this bill would require a two-thirds vote of all the members of each house.
I shall, however, furnish the Mayor with a home rule message. If the bill
comes to my desk in the form agreed upon to-day. I will give it my executive
approval.
I again advised Mayor La Guardia that at this moment, under existing
law, the powers of the Mayor and of the Board of Estimate, with the cooperation of the heads of his departments, are sufficient to permit the
of the major part of the economiestwhich he is seeking to accomplish.
Mayor La Guardia's Statement.
We have had a full and frank discussion of the economy bill which I submitted to the Governor. We were in full agreement as to the necessity of
effecting immediate economies in the expense of administering New York
City.
I might say that there was no difference as to the facts and appreciation
of existing conditions. The Governor, as heretofore stated by him,objected
to some of the provisions of the proposed bill, and I sought to meet these
objections and at the same time provide the means necessary to promptly
effect desired results.
After rehearsing some of the terms of the agreement as set forth in the
Governor's statement, Mayor La Guardia discussed provisions of the prospective revised version of his "economy" bill.
The bill, he said, will be so drafted as to make it clear that the Board of
Estimate is authorized to economize or effect changes in county offices and
departments, as long as it does not limit or impair the constitutional provisions of such county offices or their functions. He went on:
"It will be specifically provided that the Municipal Assembly as presently
constituted and in the manner now provided by law for the enactment of
local legislation may have the power at all times to exercise a veto power of
such action of the Board of Estimate and Apportionment by repealing or
setting aside the action of such board, exercised in pursuance of the provisions of the proposed economy act. Provision will also be made to give
the Municipal Assembly the right and power to repeal the economy act at
any time before Oct. 1 1934."
Technical Default On $4,500,000 Bills.—W.Arthur Cunningham, City Comptroller, stated on Jan. 9 that a technical
default exists on a block of $4,500,000 revenue bills. More
than $200,000,000 of bills matured in December and the
City, in accordance with the provisions of the 4-year credit
agreement entered into with a local banking group, submitted to holders a plan providing for the payment of a
small portion of the bills in cash and the issuance of 4%
3
-year revenue notes to cover the remainder. The $4,500,000
represent the amount held by individual investors who have
refused to consent to the exchange. No suits have been
instituted against the City, it is said, although Comptroller
Cunningham declared that some of the statements by holders
of the overdue bills "might be construed as threats." He
also stated that negotiations are under way to clear up the
situation.
Pennsylvania.—Soldier Bonus Bills Signed by Governor
Pinchot.—On Jan. 5 Governor Pinchot signed the four bills
passed by the recent legislative session, providing for the
payment of a $50,000,000 bonus to Pennsylvania soldiers
and sailors—V. 137, p. 4722. The New York "Sun" of
Jan. 5 reported in part as follows on the action:
Governor Gifford Pinchot of Pennsylvania left his sick bed in St. Luke's
Hospital shortly after noon to-day to sign four bills enabling the payment
of a 850000,900 bonus to world war and other veterans in his State.
The signing of the bills marked the close of a drive begun in 1921 in
Pennsylvania for a State bonus to veterans. After numerous delays, the
proposition was approved in a vote on a constitutional amendment last
November and a special session of the Legislature, which adjourned Dec.21.
passed the bills signed to-day.
After signing the bills the Governor halted while being assisted from a
chair to his bed to say:
"It gives me keen satisfaction to sign these bills. I have always held
that veterans should have a bonus if they wanted it. They want it and I am
it..
glad they have got
One bill covers payments of the bonus, a second sets up the bond issue
and the other two cover payment of expenses incidental to the administration of the payments.
354
Financial Chronicle
Under the plan veterans of the World War, Spanish-American War, the
Philippine insurrection and the Boxer rebellion, enlisted from Pennsylvania,
are entitled to $10 for each month of service. The total payment, however,
must not exceed $200 for any one veteran. Where the veteran has died his
heirs are entitled to the bonus.
The legislation, as originally planned, was solely for the benefit of World
War veterans, but with the reduction of Federal pensions, which is part of
the National economy program, the other veterans were included.
-Municipal Bond Defaults in 1933 Showed
United States.
-During the past four years of the depression many
Increase.
American cities have encountered great difficulty in keeping
their financial affairs in good condition and some of them
have unfortunately defaulted on their bond debt obligations.
It is estimated that out of a total of $18,000,000,000 municipal
bonds outstanding in the country, approximately $1,000,000,000 have gone into default, representing obligations of
from 1,000 to 2,000 local governmental units. Of the total
bonds in default the cities of Chicago and Detroit represent
by far the largest amounts, the two of them together being
responsible for about $550,000,000 of the total figure, according to estimates from reliable sources. These defaults
are generally credited to the depression and mismanagement
in local government. Relief expenditures, coupled with
widespread delinquencies in tax payments, worked a great
hardship on communities which had always sustained their
bond payments in good times. Municipal experts attribute
many bond defaults to graft and waste in municipalities
where proper economies to offset reduced revenue would have
averted such conditions. The following article by Bert C.
Goss appeared in the New York "Journal of Commerce"
of Jan. 2:
In the field of municipal finance the most important subject of discussion
has been the problem of default; its prevention, consequences and remedies.
Early in the year it was estimated that 1-16th of all outstanding municipal
debt was in default and later it was said that from 1.000 to 2,000 of 175,000
local governmental units in this country had failed to meet their obligations.
Although State finances were hardly in as critical a condition in 1933 as in
1839, yet the straitened circumstances were prevalent everywhere. Arkansas's default and repudiation (Ellis Act) in March may be called the opening and the suits against Mississippi by Monaco and against Arkansas by
Pennsylvania the close of a most unusual year. The temporary default
by Louisiana on March 15, the continued maturity extensions by South
Carolina and the failure of Tennessee and Texas to sell an issue of bonds
emphasize the severity of the financial crisis.
Other Defaults.
These few do not, unfortunately, embrace all of the States suffering
difficulties, as reports of almost universal budgetary deficits attest. From
1929 to the middle of 1933. 31 States had reduced salaries (5% to 40%).
20 of our sovereign commonwealths had effected major reorganizations for
economy, and during 1933 alone some 30 States provided new sources of
revenue by means of gross sales, income, liquor, and chain store taxes.
These figures demonstrate both the wide-spread crisis in State finance and
the determination and ability of State governments to do something about it.
More favorable developments were the continued high credit rating of
certain States, as evinced b} bond sales at less than 4% interest (New
2,
York 2.936%. 3.437%; Massachusetts 3.15% 3.18%; Pennsylvania
3.72%). and the fact that 16 States now have budgetary laws requiring
the State to live within its income.
Municipalities.
During the early part of the year came such prominent municipal defaults as Detroit and Atlantic City (February), and Akron in April. These,
with the numerous failures concentrated in Florida. Kentucky (counties).
and Michigan. make the record rather discouraging. Of the latter part of
the year, however, a more encouraging report can be made.
No additional defaults by large cities occurred and many refunding
and adjustment plans were announced. Such plans were completed for
Miami, Detroit, Flint. St. Petersburg, Akron, Spartanburg, S. C., High
Point, N. C.and others; and in the cases of Miami and Detroit bondholders'
committees announced the collection of some interest for the bonds.
Tax Delinquency.
The most widely discussed fiscal problem of the municipalities Is their
-the accumulation of substantial tax delinquencies.
inability to collect taxes
The following table shows for 10 cities the percentages of the total levies
collected during the same period of 1932 and 1933. It should be emphasized
that as between cities the per cent collected has no significance due to differences in collection dates and that only the change from 1932 to 1933 is
important.
1932.
1933.
•
•
77
Pittsburgh (11 mos.) 71.5
901.
Baltimore (limos.).. 95.1
28.6
Richmond (6 mos.)_ 29.6
67.7
Boston (10 mos.)._ _ 62.8
88.0
Birm'ham (8 mos.)- 88.0
87.1
83.9
Dallas(9 mos.)
51.6
Minneapolis(5 mos.) 46.6
55.5
mos.) 54.9
Des Moines (9
70.7
New York (11 mos.) 68.7
57.8
Kansas City (8 mos.) 59.0
was
Seven of the 10 show poorer collections than in 1932 (and 1932
the severity ofthe problem
thought to be the worst possible), which indicates short-term borrowing and
to be faced. Recurring tax delinquency means
or at best the
dependence upon the banks, which often leads to default in New York
formulation of "bankers' plans." such as the four-year plan Unfortunately
City and the "plans" announced for St. Paul and Newark. Thus in 1933
little progress has been made in dealing with the problem. 15 legislatures
nine 'States passed laws postponing tax sales and at leasttend to increase
measures
reduced or waived delinquent tax penalties. Bothand Investment Bankers'
delinquency. The National Municipal League of taxes, but only five of
Association have advocated quarterly payment
293 large cities follow such practice.
trouble of our cities,
The tax delinquency problem is not the sole fiscal
are
since adequate control of expenditures and better financial planning for
Budgets must be prepared to allow
requisites for a high credit rating.
must be curtailed, though it
tax delinquency and useless expendituresindiscriminately at all expendishould be noted that "tax strikes" aimed
cripple vital services of local units.
tures may,as in West Virginia this year,delinquency need no longer be a
With improvement in business, tax
and tax sales are again utilized.
problem, providing that penalties
-Supreme Court Rules Unconstitutional
West Virginia.
-The State Supreme
Portion of New Tax Collection Law.
Court ruled on Dec. 29, in a 3 to 2 decision, that one section
of a new tax collection act, passed recently by the Legislature, is unconstitutional. The section, designed to overcome a tax crisis created by a previous Supreme Court
ruling, provided that the State should assume the payment
school
of $6,000,000 annually on county and district road and collecbonds. The former ruling of the court held that tax
tions, under a reduced tax limitation, must first be applied to
outstanding obligations. Municipalities reported this ruling
p.
left them little or nothing for operating costs-V. 137,
2666. This second ruling appears to have created the same
situation for the Legislature to overcome. A Charleston
dispatch to the Washington "Post" of Dec. 31 had the
following to say:
fiscal conditions
While for the second time within a few months chaotic Supreme Court
of yesterday's
exist throughout West Virginia as the resultbegan to emerge in legislative
decision on tax legislation, a definite plan
circles to-day.
Ian. 13 1934
The court yesterday handed down a decision upsetting for the second
time plans to make effective the new tax levy, limiting amendment to the
State constitution adopted by the voters at the last election. It decreed
that the State is prevented by a constitutional provision from assuming the
road and school bond obligations of local subdivisions. The legislature
sought this means of enabling the subdivisions to meet current expenses,
which by the amendment in many cases were made impossible by bond
sinking fund requirements.
The idea for a solution of the problem came from the Supreme Court
Itself. Judge Haymond Maxwell, president, who wrote the decision, pointed
to the present partial support of the school system by the State and said
the Legislature could increase that support to the extent it desired.
Delegate F. Peters (Democrat), of Mercer, a member of the House
Finance Committee, stated to-day he would introduce a bill for complete
support of the school system by the State from indirect taxation when the
Legislature reassembles in its special session Wednesday. The plan was
indorsed by Delegate Wilbert H. Norton (Democrat), of Cabell, chairman
of the House Judiciary Committee.
Speaker Ralph M. Hiner of the House said to-day the drafting of a new
tax collection bill would be started immediately. Tax collections throughout
the State are at a standstill.
BOND PROPOSALS AND NEGOTIATIONS
-The $515,000
ABERDEEN, Brown County, S. Dak.-BOND SALE.
Issue of 4% semi-ann. water works bonds offered for sale on Jan. 8-was purchased at par by the Public Works Administration,
V. 137, p. 4555
according to the City Auditor. Due from Dec. 1 1936 to 1963. No other
bid was received.
-At the election
-BONDS VOTED.
ADRIAN, Bates County, MO.
-the voters approved the issuance
held on Nov. 21-V. 137, p. 3523
of the $55,000 in water works bonds.
-In allotting
-FEDERAL FUND ALLOTMENT.
ALLENTOWN, N. H.
$12,000 for the construction of a library building, the Public Works Administration included as a grant a sum equal to 30% of the approximately $9,000
to be used for labor and materials. The balance is a loan, secured by
4% general obligation bonds.
-The Public
ALEXANDRIA, Va.-FEDERAL FUND ALLOTMENT.
Works Administration recently announced an allotment of $100,000 to
this city for street improvements. The cost of labor and material is
put at approximately $91,000, of which 30% is the PWA grant. The
remainder is a loan secured by 4% general obligation bonds.
-BOND ISSUE AGAIN APALLEGAN, Allegan County, Mich.
-The second election held on Jan. 4,on the question as to whether
PROVED.
the city should issue bonds to finance its share of the cost of constructing
-again resulted in approval
-V.137, p. 4555
a $410.000 electric power plant
of the project by the voters. The additional vote was taken in order to
remove any doubt as to the validity of the Initial election. A temporary
injunction restraining the city from proceeding with the project, which is
to be financed by the Public Works Administration, has been issued. In
this connection we quote from the Bay City "Times" of Jan. 5 as follows:
"Clare E. Hoffman, counsel for the city, has announced that he will take
an appeal to the U. S. Circuit Court of Appeal from the decision of Judge
Fred M. Raymond in Federal District Court granting a temporary injunction to prevent the city from issuing bonds for the power project.
"The injunction was granted on petition of the Consumers Power Co.
which serves the community with electric energy. The company contended
of the law which
that the proposed bond Issue would be in violation for more than provides
5% of the
that fourth class cities may not bond themselves
assessed valuation for municipal lighting plants. Mr. Hoffman contended
that there was no statutory limit on the amount of first mortgage bonds such
cities can issue."
Ohio,
ALLIANCE CITY SCHOOL DISTRICT, Stark County,
-H. W. Woolf. Clerk of the Board of Education, will
BOND OFFERING.
m. on Jan. 15 for the purchase of 827,800 5%
receive sealed bids until 12
$800, others for $1,000.
refunding bonds. Dated Jan. 11934. One bond for from 1940 to 1947 incl.
$3,000
Due Oct. 1 as follows: $3,800 in 1939 and bonds to bear interest at a rate
for the
Interest is payable in A. dz 0. Bids
Yi of
other than 5%,expressed in a multiple of order1%, will also be considered.
of the Board of Education,
A certified check for $300, payable to the
must accompany each proposal.
-At the election held
ALMA, Harlan County, Neb.-BONDS VOTED. issuance of $25,000
-the voters approved the
on Nov. 28-V. 137, p. 4037
wide margin.
in 6% water system extension and improvement bonds by a City Clerk.
The date of sale has not been fixed as yet, according to the
-The
-BONDS NOT SOLD.
ALMIRA, Lincoln County, Wash.
bonds offered on Dec. 29$15.000 issue of 4% semi-ann. water system received. We are informed
-was not sold as no bids were
4218
V. 137. p.
received on Jan. 12 for the
by the Town Clerk that bids will again be to 20 years after date of ispurchase of these bonds. Due in from two
suance.
Annapolis), Md.-NOTESALE.
ANNE ARUNDEL COUNTY (P.O.
reported to have purchased an
The Mercantile Trust Co. of Baltimore is
notes, due in four months.
issue of $50,000 6%
DISTRICT (P. 0.
ARANSAS PASS INDEPENDENT SCHOOL SALE.
-BOND
-The $68,000
Tex.
Aransas Pass), San Patricio County,
refunding, series of 1933 bonds that were approved by
5% semi-ann.
-have been purchased by the
4729
the Attorney-General-Y. 137. p. price of 93.00. a basis of about 5.55%.
a
State Department of Education atApril 1 1941 to 1970.
Dated Oct. 1 1933. Due from
-A WARD OF TEMPORARY
Mass.
ARLINGTON,Middlesex County,of Boston was awarded on Jan. 11
-The Second National Bank
LOAN.
anticipation loan at 2.75% discount basis. Duo
a $600,000 revenue
1934. Bids for the loan were
$300,000 respectively on Nov.9 and Nov. 30
as follows:
Discount Basis.
Bidder
2.75
(purchaser)
Second National Bank of Boston
2.87 o
First National Bank of Boston
Co., It. L. Day & Co. and the Day Trust Co.,
F. S. Moseley &
2.91
jointly National Bank
3.21
Merchants
3.259
-P. Murphy & Co
G. M.
3.30 0
Faxon, Gado & Co.
Statement as of Jan. 1 1934.
$60,967,500.00
Total last assessed valuation
Gross debt
. sewers. $125,000; schools, $973,000; $1,570,500.00
Streets, $214,500:
total
water, $219,000; miscellaneous, $139,000;
Less
water bonds. (included in above)
Sinking funds. $130,000;
349,000.00
$219,000; total
$1,321,500.00
Net debt
650,000.00
Borrowing capacity-Bonds
2,037,502.49
Revenue notes
58,200.92
Cash balance on hand
74% collected Dec. 31 1929. Tax levy
Tax levy 1929. $1.740,823.50; Dec. 31 1930. Tax levy 1931 $1,985.1930 81.851,879.54: 73% collected
1931. Tax levy 1932 $1,976,450.00; 66%
316.81: 71% collected Dec. 31 levy 1933
63.3% collected
Tax
collected Dec. 31 1932. collected, against $1,915,509.00; $500.000 notes
which there are
$701,675
Dec. 31 1933.
S30.40; 1933. $30.40. Tax titles owned by
outstanding. Tax rate. 1932,possessions owned by Town assessed value
the Town, $81,229.88. Tax
tax titles. No funding of current
about $5,000.00. No borrowing against bond, note or interest payment.
any
running expenses. Never defaulted on Town paid for tax titles out a excess
uncollected tax problems.
No unusual
of S65,000 surplus. Population,
and deficiency fund, leaving a balance
37,000. Incorporated, 1807.
0. ArlingARLINGTON INDEPENDENT SCHOOL DISTRICT (P.
--FEDERAL FUND ALLOTMENT.
ton), Tarrant County, Tex.
announced recently an allotment of
The Public Works Administration
district for the construction of a grade school building
$60.000 to this
approximate cost of labor and material
and for grade school repairs. The is the PWA grant. The remainder is
is put at $55.300, of which 30%
obligation bonds.
a loan secured by 4% general
Volume 138
Financial Chronicle
ASHLAND CITY, Cheatham County, Tenn.
-MATURITY.
--In
connection with the allotment by the Public Works Administration of
$39,000 to this city for water works system construction-V. 138, p. 180
we are now informed that the bonds mature in 30 years.
ASHLAND COUNTY (P. 0. Ashland), Ohio.
-NOTE OFFERING.
Sealed bids addressed to Doris W. Williams, Clerk of the Board of County
Commissioners, will be received until 12 m. on Jan. 22 for the purchase of
$12,900 not to exceed 6% interest poor relief notes, due in two years.
Interest is payable semi-annually. Authorized by authority of amended
Senate Bill No. 63, passed by the 90th General Assembly of Ohio. Transcript of proceedings has been approved by Squire, Sanders & Dempsey of
Cleveland.
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.
-BOND SALE.
The issue of 845,000 poor relief bonds offered on Jan. 8-V. 137, p. 4723
was awarded as 5Iis to Seasongood & Mayer of Cincinnati, at par plus a
premium of $95, equal to 100.21, a basis of about 5.64%. Dated Jan. 1
March 1 as follows: $14.000 in 1935; $15,000 in 1936 and $16,000
1934. Due
In 1937. Bids for the issue were as follows:
Bidder
Int. Rate
Premium.
Seasongood & Mayer (Purchasers)
$95.00
53j%
Otis & Co., Cleveland
6%
126.00
Braun, Bosworth & Co., Toledo
6%
79.00
ASHVILLE, Pickaway County, Ohio.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration allotment of 860,000 for the
construction of a water plant includes a grant of 30% of the amount to be
andamaseculs. gych_e
lo n t rlar
expenditures
u
.
estimated at $47,000.
?Ile tfr la is
en balance
nditu o are
47 revenuerbs n
ATHENS,Athens County, Ohio.
--PUBLIC WORKS ALLOTMENT
The allotment of $50,000 for water -plant construction purposes by the
Public Works Administration includes a grant of 30% of the amount to be
expended for labor and materials. These items are estimated at $39,000.
The balance is a loan, secured by 4% revenue bonds.
BAD AXE, Huron County, Mich.
-BONDED DEBT.
-Mayor Allen
recently stated that bonds outstanding total $89.500. The next maturity
of $16,000 is due on Dec. 151934. The last bond is due in 1952.
BALTIMORE,Md.-GROSSFUNDED DEBT PUT AT $196,206,579.50.
Eugene H. Beer, City Register, on Jan. 4 announced that the gross funded
indebtedness of the City on Dec. 31 1933 amounted to 8196,206.579.50.
The total of $29,589.669.31 in the sinking funds resulted in a net debt of
$166,616,910.19. The.water debt was given as $37,163.500, which is
offset by a sinking fund of $3.143,326.32.
BANGOR, Penobscot County, Me.
-NOTE SALE-An issue of
$500.000 tax anticipation notes of 1934 was awarded on Jan. 5 to the
Merrill Trust Co. of Bangor at 2.45% discount basis. Dated Jan. 5
1934 and due on Oct. 5 1934. Legal opinion of Ryder & Simpson of
Bangor, or of Storey, Thorndike, Palmer & Dodge, Boston. Bids for
the loan were as follows:
BidderDiscount2 a5
B4
Basis.
Merrill Trust Co. (purchaser)
Merchants National Bank of Bangor
2.84%
G. M.
-P. Murphy & Co
3.53
First National Bank of Boston
3.62%
BAY VIEW SCHOOL DISTRICT NO. 31 (P. 0. Mt. Vernon), Skagit
County, Wash.
-BOND OFFERING.
-Sealed bids will be received until
Jan. 31, by the County Treasurer, for the purchase of an issue of $1,500
school bonds. Interest rate is not to exceed 6%, payable semi-anunally.
These bonds were voted Stan election on Sept. 23.
BEAVERDAM SCHOOL DISTRICT, Allen County, Ohio.
-P WA
ALLOTMENT-In allotting 558,000 for the construction of a school
building, the Public Works Administration agreed to furnish as a grant a
sum equal to 30% of the approximately $47.000 to be expended in the
payment of labor and the purchase of materials. The balance is a loan,
secured by 4% general obligation bonds.
BELL, Los Angeles County, Calif.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced recently an allotment of $85,000 for building and park improvement. The cost of labor and
material is put at approximately $49.800, of which 30% is a grant. The
remainder is a loan secured at 4% by title to property and improvements
thereon, revenue from improvements and certain budgeted funds.
BELLEMEADE SANITARY DISTRICT NO. 1 (P. 0. Chesterfield),
Chesterfield County, Va.-BONDS VOTED.
-At an election on Dec. 29
the voters are reported to have approved the issuance of $50,000 in water
system bonds.
BELLEVILLE, Essex County, N. J.
-BOND REFINANCING.W. H. Williams, Director of the Department of Revenue and Finance,
called a special meeting of the Board of Commissioners to vote the renewal
for three years of $120,000 4 % general improvement bonds held by the
State Sinking Fund Commission. This includes $40,000 which matured
In 1933, for which adequate appropriation was made in the budget, and
$40.000 due in 1934 and a like amount in 1935. The renewal will serve to
effect a reduction in the tax rates for the aforementioned years. The bonds
are part of the 31,098,000 issue which was purchased by the Sinking Fund
Commission in 1931. In addition to agreeing to extension of the maturities,
the Commission purchased a new issue of $10,000 5% tax revenue bonds
of 1933, due in one year, It is said. The Board of Commissioners also
effected the renewal, for six months, of $105,000 6% tax revenue bonds
of 1932 which came due on Dec. 28 1933. The issue is held by the First
National Bank of Belleville.
BEN AVON, Pa.
-FEDERAL FUND ALLOTMENT.
-In allotting
850.000 for drainage, curbing and concrete paving work. the Public Works
Administration agreed to furnish as a grant, a sum equal to 30% of the estimated $36,500 to be used in the payment of labor and the purchase of materials. The balance consists of a loan, secured by 4% general obligation
bonds.
BENSON COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Minnekaukan), N. Dak.-CERTIFICATES NOT SOLD.
-The $4,000 certificates of Indebtedness that were offered on Dec. 6-V. 137. p. 4219
were not sold as no bids were received. Due in one year.
BENTON COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 1
(P. 0. Corvallis), Ore.
-FEDERAL FUND ALLOTMENT-The Public
Works Administration announced recently an allotment of $307,750 for
high school building. The total cost of labor and material is put at about
$247,700, of which 30% is a grant. The remainder is a loan secured by 4%
general obligation bonds.
BERKSHIRE COUNTY (P. 0. Pittsfield), Mass.
-ADDITIONAL
INFORMATION.
-Whiting, Weeks & Knowles of Boston purchased the
$250,000 revenue anticipation notes, reported sold in V. 138. P. 180 at
2.36% discount basis. Due on Nov. 5 1934.
BERRYHILL SCHOOL DISTRICT NO. 33 (P. 0. Tulsa), Tulsa
County, Okla.
--FEDERAL FUND ALLOTMENT.
-The Public Works
Administration recently announced an allotment of 826,000 for school
building construction. The cost of labor and material is set an at approximate total of 320.600, of which 30% is a grant. The balance is a
loan secured by 4% general obligation bonds.
BETHLEHEM, Grafton County, N. H.-PIVA ALLOTMENT OF
FUNDS.
-The Public Works Administration recently allotted $70,500
for the following purposes:
$45,000 for water distribution extension. The approximate cost of labor
and material is $33.000, of which 30% is a grant. The balance is a
loan secured by 4% general obligation bonds.
17,500 for the construction of sidewalks. Thirty per cent, of the cost of
labor and material, which totals approximately $14,700 Is a grant.
The balance is a loan secured by 4% general obligation bonds.
8,000 for sewer system extension. The approximate cost of labor and
material is $6,200, of which 30% is a grant. The balance is a
loan secured by 4% general obligation bonds.
BIG SANDY, Upshur County, Tex.
-BONDS VOTED.
-It is reported
that the voters recently approved the issuance of $6,700 In school construction bonds.
BIRMINGHAM, Oakland County, Mich.
-35,500 SCHOOL SCRIP
RETIRED.
-Delinquent school tax payments have been received in sufficient amount to retire $5,500 of series C scrip. There is still outstanding
$11.000 Of series A and B and $12,000 of series D,it is said.
355
BIXBY, Tulsa County, Okla.
-BONDS APPROVED.
-At an election
held on Dec. 26 the voters are said to have favored the issuance of $12,500
in water works system bonds.
BOSTON, Sufrolk County, Mass.
-PUBLIC OWNERSHIP OF
ELEVATED SYSTEM URGED.
-Outright public ownership of the
¶100,000,000 Boston Elevated Railway System has been recommended
by a committee of the State Legislature, according to the following Boston
dispatch of Jan. 5 to the New York "Herald Tribune" of the following day:
"Estimating that it would result in annual savings of $1.000,000 to
$2,000,000. a special committee of the Massachusetts Legislature to-day
recommended outright public ownership of ti.e $100,000,000 Boston Elevated Railway System. It is now under public control and private ownership with 5% dividends guaranteed to stockholders.
"The vote in favor of public ownership was 4 to 3, indicating stormy
greeting for the proposal in the Legislature. Three Democrats favored
purchase of the road. Three Republicans opposed any change 'because
of the great amount of money involved and the uncertainty of financial
conditions at the present time.'
"The dissenters did not pass on the merits of public ownership as such.
The majority recommended immediate exercise of the option contained
in the Public Control Act of 1918, giving the Commonwealth the right
to purchase the road."
BOUNDARY COUNTY (P. 0. Bonners Ferry), Ida.
-BONDS NOT
SOLD.
-The $88,398.28 issue of funding bonds offered on Jan. 6-V. 138,
p. 180
-was not sold as no bids were received. It is stated that these bonds
will be sold privately. Interest rate not to exceed 6%. payable semi-annually. Dated Jan. 1 1934. Due in from 2 to 20 years.
BONDS DEFEATED.
-At the election held on Dec. 28-V. 137. p.
4386
-the voters rejected the proposed issuance of X.45.555 in court house
bonds, the count being 124 "for' to 374 "against.
BRACKETTVILLE, Kinney County, Tex.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration recently announced an
allotment of $26,000 for water works improvements. The total cost of
labor and material is put at approximately $21,000, of which 30% is a
grant. The remainder is a loan secured by 4% revenue bonds.
BREMERTON, Kitsap County, Wash.
-BONDS CALLED.
-Homer
R. Jones, City Treasurer, is reported to have called the following bonds
for payment on Jan. 1, on which date interest ceased: Nos. 325 to 356 of
waterworks bonds, and Nos. 731 to 760 of improvement and betterment
bonds.
BRIDGEPORT, Fairfield County, Conn.
-NOTE SALE.
-John J.
O'Rourke, City Comptroller, reports that award was made on Jan. 11 of
$200,000 current expense notes to Hincks Bros. & Co. of Bridgeport. as
43 s, at 100.013, a basis of about 4.74%. Dated Jan. 15 1934 and due
%
Jan. 15 1935. Principal and quarterly interest payable at the City Treasurer's office. Legality approved by Ropes, Gray, Boyden & Perkins of
Boston.
BROOKINGS, Brookings County, S. Dak.-FEDERAL FUND
ALLOTMENT.
-The Public Works Administration recently announced
an allotment of $54,000 to be used for water works improvements. The
approximate cost of labor and material is set at $41,000. of which 30% is a
grant. The remainder is a loan secured by 4% general obligation bonds,
BURKE COUNTY (P. 0. Morgantown), N. C.
-FEDERAL FUND
ALLOTMENT.
-The Public Works Administration announced recently
an allotment of $170.000 to this county for school construction. The cost
of labor and material is put at approximately 3136.000, of which 30% is
a grant. The remainder is a loan secured by 4% general obligation bonds.
BURLINGTON,Des Moines County,Iowa.
-BONDS AUTHORIZED
-The City Council is said to have passed a resultion for the issuance of
521,000 in public building bonds.
CALIFORNIA, State of (P. 0. Sacramento).
-BOND OFFERING.
Charles G. Johnson, State Treasurer, will sell at public auction at 11 a.m.
on Feb. 1, a $6,000.000 issue of 4A % unemployment relief bonds. Denom.
$1,000. Dated Feb. 1 1934. Due $2,000,000 from July 1 1941 to 1943
incl. These bonds are issued in pursuance of an Act of the Legislature
approved by the Governor on April 29 1933, and approved by the voters
at a special election held on June 27 1933. Prin. and int. (J. & J.) payaole
In gold coin at the State Treasurer's office or at the fiscal agency of the State
in New York. The State Treasurer is required by said Act to reject any
and all bids for such bonds, or for any of them, which shall be below the
par value of said bonds so offered for sale, plus the interest which has accrued
thereon between the date of sale and the last preceding interest maturity
date.
The State Treasurer may, under said Act, with the approval of the Governor. by public announcement at the time and place fixed by him for the
sale, continue such sale as to the whole of the bonds offered, or any part
thereof offered, to such time and place as he may select. When the sale
Is so continued, no notice thereof need be given other than the public
announcement of such continuance by the State Treasurer as just hereinabove referred to.
Notice.
The proceedings for the issuance of the foregoing bonds having been
taken prior to June 5 1933, said bonds and coupons will bear an endorsement referring specifically to the provisions of Public Resolution No. 10
of the 73rd Congress of the United States, adopted June 5 1933, relating
to the issuance of obligations payable in gold coin.
CAMBRIDGE, Dorchester County, Md.-FEDERAL FUND ALLOTMENT.
-In allotting $260,000 for the construction of a sewage treatment
plant and pumping station, the Public Works Administration included as
a grant a sum equal to 30% of the estimated $181.000 to be expended in the
payment of labor and the purchase of materials. The balance of the advance is a loan,secured by 4% general obligation bonds.
CAMBRIDGE, Middlesex County Mass.
-The First
-BOND SALE.
of Boston Corp. of Boston was awarded on Jan. 8 an issue of $75,000 4%
street bonds at a price of 100.44. a basis of about 3.82%. Due $15.000
annually on Jan. 15 from 1935 to 1939 incl. Bids for the issue were as
follows:
BidderRate Bid.
Int. Rate.
First of Boston Corp.(Purchaser)
100.44
4%
F. S. Moseley & Co.
100.26
4%
Arthur Perry & Co
100.22
4%
Blyth & Co.
100.171
4%
Faxon, Gade & Co
.
100.13
4%
Brown Bros. Harriman & Co.
ro
100.00
1
F. L. Putnam & Co.
100.416
41%
4
Newton, Abbe & Co.
100.356
41i %
c
o
Jackson & Curtis
100.26
4i%
Whiting, Weeks & Knowles
4Si%
100.10
R. L. Day & Co
100.09
43i
Hornblower & Weeks
100.008
Halsey, Stuart & Co.
CANAL WINCHESTER, Franklin County, Ohio.
-BONDS 1U
S
00A 5THORIZED.-At a meeting held on Dec. 12 the Village Council passed
an ordinance providing for an issue of $3,000 6% special assessment bonds.
to be dated not later than Feb. 1 1934 and mature $300 on Jan. 1 from
1935 to 1944, incl. Principal and interest (A. & 0.) are payable at the
Village Treasurer's office.
CARLIN, Elko County, Nev.-OFFERING DATE EXTENDED.
It is stated by the Town Clerk that the time for calling for bids on the $100.000 water and sewer bonds, previously scheduled for Jan. 5-V. 137. p.
4723, has been extended to Feb. 5.
CARLISLE, Warren County, Ohio.
-OBTAINS PWA AID.
-The
Public Works Administration has allotted $13,000 for water works improvements. This Includes a grant of 30% of the approximately $10,000 to be
spent for labor and materials. The balance is a loan,secured by 4% general
obligation bonds.
CARROLLTON SCHOOL DISTRICT (P. 0. Carrollton), Carroll
County, Ky.-BONDS VOTED.
-At an election held on Nov.8 the voters
are stated to have approved the Issuance of $12,000 in 4% school impt.
bonds. Dated Jan. 1 1934. Due from 1935 to 1946. (The Public Works
Administration announced an allotment for this amount on Oct. 26-V.
137. p. 3355.)
CATLIN, Vermilion County, Ill.-PWA FUNDS ALLOTTED.
-The
Public Works Administration has allotted $45,000 for the construction of
a water works system. This includes a grant of 30% of the amount to be
spent foruehavanc
labor
materials.The.
eonssaoa
The
I
T are
estimated
7 4t d atVi12
.
356
Financial Chronicle
CATSKILL UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. Catskill), Greene County, N. Y.
-FEDERAL FUND ALLOTMENT.
-The
allotment of $365.000 by the Public Works Administration for school
building construction purposes includes a grant of 30% of the proposed
$268,900 to be used in the payment of labor and the purchase of materials.
The balance is a loan,secured by 4% general obligation bonds.
CEDARTOWN,Polk County,Ga.-FEDERALFUND ALLOTMENT.
-The Public Works Administration recently announced an allotment of
$11,500 for school building addition. The total cost of labor and material
Is put at approximately $9,400. of which 30% is a grant. The remainder
is a loan secured by 4% general obligation bonds. t
BONDS VOTED.
-At an election held on Dec. 28 the voters heavily
favored the issuance of $25.000 in bonds, divided as follows: $5,000 for
a municipal fire station; $12,000 for elementary schools, and $8.000 for a
negro school.
CENTER LINE, Macomb County, Mich.
-4112,000 BONDS SOLD
AT DISCOUNT OF 80%.-A total of $12,000 general obligation and
special assessment bonds was sold recently to taxpayers for $2,400, or at a
discount of80%. The bonds were turned in at par value on taxes, it is said.
CENTER POINT INDEPENDENT SCHOOL DISTRICT (P. 0.
Center Point) Linn County, lowa.-REDERAL FUND ALLOTMENT
*-The Public Works Administration announced recently an allotment of
$17.000 for the construction of an auditorium-gymnasium addition to the
present school building. The cost of labor and material is put at approximately $15.700. of which 30% is a grant. The remainder is a loan secured
by 4% general obligation bonds.
CHARLOTTESVILLCXTemarIe Ounty,
EDEBAL FUND
ALLOTMENT.
-The Public Works Administration announced recently an
allotment of $379.000 for building construction purposes. The total cost
of labor and material is set at approximately $302.600, of which 30% is
a grant. The remainder is a loan secured by 4% revenue bonds.
CHESTER, Morris County, N. J.
-BONDS VOTED.
-At an election
held on Dec. 27 the proposal to issue $50,000 water system bonds was
approved by a vote of 171 to 141. The Public Works Administration has
been asked to supply the necessary funds for the project on the basis of
a loan and grant.
CHICAGO, Cook County, 111.-220,016,000 CITY AND BOARD OF
EDUCATION BONDS IN DEFAULT.
-The failure of the proposed
refunding plan resulted in the default on the principal amount of$20,016,000
bonds of the city and the Board of Education which came due on Jan. 1
1934. The total includes $15,008,000 city bonds and $5,008,000 of the
school board. Interest coupons were fully met, although holders who presented bonds at banks for payment were advised that nofunds were available
to retire them, according to the Chicago "Journal of Commerce" of Jan. 3.
The interest charges amounted to $6,000,000. The city announced on
Dec. 12 its intention to provide for the payment of Jan. 1 1934 bond principal through the exchange of 5) % refunding bonds, due Jan. 11940, and
,
1
callable at any time in its discretion. A group of local banks agreed to aid
in the refunding proposal, for which they were to receive a service charge
of 1% of the bonds which they brought under the refunding plan. In a
notice issued on Dec. 29, the city requested holders of the maturing bonds
to surrender them for bonds of the refunding issue
-V. 137. p. 4724. Up
to Jan. 3 a total of between $12,500,000 and $13,000,000 bonds had been
deposited for exchange, it is said. The situation is further complicated
by the fact that the Board of Education has not yet received authority from
the State Legislature to refund its maturities, according to report. This
latter phase of the matter and the question as to the legal status of the city
and school district bonds, as a result of the default, was treated as follows
in the above-mentioned newspaper:
"There is reported to have been a tacit understanding between the participating banks and the city that if the $15,000,000 of bonds were purchased by either the public or holders of maturing bonds, the banks would
purchase sufficient tax anticipation warrants to pay off the $5,300,000 of
bonds not covered by the refunding proposal. The banks, however,entered
into no written or underwriting agreements respecting the salejof the refunding bonds.
"Technical default cast into doubt the legal status of city of Chicago and
the board of education bonds as investments for savings bank and fiduciary
funds.
yo.
-It was reported that the default if cleared up within less than 60 days
will not remove the local obligations from the list of bonds eligible to secure
postal savings deposits. If the default is cleared up in less than 120 days it
is also reported that they may remain legal investments for New York
savings banks.
P"The status of the bonds in other States where there is no permitted
grace period varies in each particular case. It is reported that even a one
day default is a sufficient blur on the Chicago credit to remove it from the
lists of eligible investments for many funds in various parts of the country.
May Be Cleared Shortly.
"It was expected yesterday by the bankers who have been handling the
refunding negotiations, that the default may be cleared up shortly, if
the holders of the maturing bonds will consent in sufficient number to
purchase the entire refunding issue.
"As one banker put it, it would be impossible for the banks to purchase
the unsold portion of the refunding issue as it could not be marketed at
par and would have to be written down at a loss to the banks if held in
their investment account.
IC
CHINO VALLEY IRRIGATION DISTRICTw(P. 071=iirt),
2Yavapai County, Ariz.
-FEDERAL FUND ALLOTMENT.
-The Public
Works Administration announced recently an allotment of $100,000 to
this district for construction of a dam. The total cost of labor and material
is set at approximately $70,000. of which 30% is a grant. The remainder
is a loan secured by 4% general obligation bonds to be supported by tax
levy and in addition, by pledge of revenue from a water service charge to be
repaid serially by 1964.
A A el Alt...sill
CLALLAM COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Port An-BOND SALE DETAILS.
geles), Wash.
-The $70,000 school bonds that
were purchased by the State of Washington at par-V.137, p.3355
-are said
to bear interest at 5% and to mature as follows: $5,000. 1935 to 1937.
$6.000. 1938 to 1940. $7.000, 1941 to 1943, and $8,000 in 1944 and 1945.
CLARENCE,Shelby County, Mo.-FEDERAL FUND ALLOTMENT
.
.
-The Public Works Administration recently announced an allotment of
$95,000 for water workssystem construction. The cost oflabor and material
Is put at approximately $76,000, of which 30% is the PWA grant. The
remainder is a loan secured by 4% general obligation bonds.
is• CLEAR CREEK COUNTY (P. 0. Georgetown), Colo.
-BONDS
CALLED.
-It is reported that various county school general fund, school
district special funds, county fund, 1932 series, and county fund, 1933
called for payment on Dec. 22, at the office of the County
series, were
Treasurer.
)
.=
CLERMONT COUNTY (P. 0. Batavia), On.o.-BOND ISSUE UP-Attorney General john W. Bricker on Jan. 2 informed Frank A.
HELD.
Roberts, prosecuting attorney ofthe County,that bonds ofless than $25,000
may no issued, without a vote of the people to finance the County's share
of the construction of a new court house building. The Civil Works Administration is to furnish the balance of the funds needed for the project.
pi CLINTON COUNTY (P. O./Clinton), Iowa.-- 7::ICEPe
255,000 issue of coupon fundingtaonds that was purchased by Glaspell.
Vieth & Duncan of Davenport, as 430--V. 138. p. 180
-was awarded for
anremium of $335, equal to 100.609 and mature as follows:810.000 in
1938 and 315.000. 1939 to 1941, The other bidders for the bonds were as
follows: White Phillips Co.. Iowa DesiMoines Nat. Bank. DesjMoines,
Carlton Bela Co.. Des Moines. Iowa.
CLINTON/SCHOOL D1STRICT 1
(P. 0. Clinton), Custer County,
-FEDERAL FUND ALLOTMENT.
Okla.
-The Public Works Administration announced recently an allotment of $162.000 to this district for
school building construction. The cost of labor and material is put at
$128.000. of which 30% is a grant. The remainder is a loan secured by
4% general obligation bonds.
COLESVILLE
, FENTON, SANFORD. WINDSOR, GREENE,
AFTON AND COVENTRY CENTRAL SCHOOL DISTRICT NO. 1
Jan. 13 1934
(P. 0. Harpursville), N. Y.
-BOND ISSUE DEFEATED.
-Will 11.
Weeks, Clerk of the Board of Education, states that at an election held on
Dec. 26 the proposal to issue $112,000 school bonds was defeated.
CLEVELAND, Cuyahoga County, Ohio.
-BONDS NOT SOLD
FINANCIAL STATEME1VT.-No bids were obtained at the offering on
Dec. 22 of $44,000 67 coupon or registered final judgment bonds dated
c
Dec. 1 1933 and due Dec. 1 as follows: $9,000 from 1935 to 1938, incl.,
and $8.000 in 1939 (V. 137, p. 4038).
Financial Stalislics-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.
1931 for 1932.
1932for 1933.
Real and public utilities
$1,435,430,290.00 $1,247,281,380.00
Personal tangible (estimated)
210,164,460.00
135,276,110.00
Total
$1,645,594,750.00 $1,382,557,490.00
Debt Statement as of Dec. 12 1933.
General bonds (tax supported)
$81,463,879.06
Special assessment bonds
5,365,394.56
Water works bonds (self-supporting)
26,095,500.00
Electric light bonds (self-supporting)
5.317,000.00,
Tax anticipation notes, last half 1933
1,250,000.00
Total debt
$119,491,773.62
Less
$26,095,500.00
-Water works debt
Electric light debt
5,317,000.00
Sinking fund applicable to general
3,106.985.22
and special
1,250,000.00
Tax anticipation notes
35,769,485.22
Net debt
Water works
Electric light
$83,722,288.40
Other Sinking Funds.
$1,859,475.26
857,025.23
$2.716,500.49
All funds in banks fully secured. Income of water works and electric
ight are sufficient to service outstanding debt. No notes outstanding
ssued in anticipation of the issuance of bonds.
Tax History.
Taxes are levied and collected by county. Tax payment dates are
December and June 20. Time of payment has in the past been extended.
Property is subject to
delinquency.
sale after aTafrourRaylef
Year of Levy
1931 for 1932.
1932 for 1933.
Total tax rate
$27.60
$27.60
City operation
5.5822
6.7635
Debt
4.1456
5.5007
Total corporation rate
10.9091
11.0829
Tax Collections--General.
Year Levied
1931 for 1932.
1932 for 1933.
Current levy
$17,951,958.00
$15,322,746.41
*6.097,978.72
Collections, including prior delinquents-- 15,054,942.28
Per cent collected
83.9
Total accumulated delinquents
5,677,853.26
•For first half collection.
Tax Collections-Special Assessment.
Year Levied
1931 for 1932.
1932 for 1933.
Current levy
$2.636,174.19
$1,928,883.50
Collections, including prior delinquents
1,524,010.02
*524,789.54
Per cent collected
57.8
Total accumulated delinquents
4,757,868.86
•For first half collection.
Statutory tax limit, 15 mills. By vote of people, no limit.
-FEDERAL FUND ALLOTCOLUMBUS, Franklin County, Ohio.
MENT -The public works allotment of $1,773,000 for the construction
of sanitary sewers includes a grant of 30% of the proposed expenditure
of $1,300,000 for labor and materials. The balance is a loan, secured by
4% general obligation bonds.
-FEDERAL FUND ALLOTCONCORD, Merrimack County, N. H.
MENT.
-In allotting $5,000 for storm water sewer construction, the
Public Works Administration agreed to furnish as a grant a sum equal to
30% of the approximately $3,200 to be spent for labor and materials. The
balance is a loan, secured by 4% general obligation bonds.
CORTLANDT (P. 0. Peekskill) Westchester County, N. Y.
-No bids were obtained at the offering on Jan. 9 of
BONDS NOT SOLD.
$100,000 not to exceed 6% interest coupon or registered emergency relief
bonds, dated Jan. 15 1934 and due $10,000 on Jan. 15 from 1935 to 1944.
incl.-V. 137. p. 4724.
COWLEY, Big Horn County, Wyo.-BOND SALE.
-The 825,000
issue of refunding bonds offered for sale on Dec. 30-V. 137, p. 4557
-was
sold to the State of Wyoming, as 4Xs, at par. Coupon bonds dated Jan. 1
1934. Denom. $500. Due in 50 years, optional at any time. Interest
payable Jan. 1.
CRAWFORD COUNTY SCHOOL DISTRICT NO. 42 (P. 0. Van
-FEDERAL FUND ALLOTMENT.
Buren), Ark.
-The Public Works
Administration recently announced an allotment of $87,000 for the construction of a school building with auditorium. The approxilate cost of
labor and material is put at $64.900, of which 30% is a grant. The
remainder is a loan secured by 4% general obligation bonds.
CUSTER COUNTY SCHOOL DISTRICT(P.O. Miles City), Mont.
FEDERAL FUND ALLOTMENQ.-The Public Works Administration
recently announced an allotment of $77,000 for buildir g construction. The
total cost of labor and material is put at approximately *61,800, of which
30% is a grant. The remainder is a loan secured by 4% general obligation
bonds.
CUYAHOGA FALLS CITY SCHOOL DISTRICT, Summit County,
Ohio.
-A. B. Season, Clerk-Treasurer of the
-BONDS NOT SOLD.
Board of Education, reports that no bids were obtained at the offering on
Jan. 8 of $27,000 6% refunding bonds, including $22,000, due 81,000
April and Oct. 1 from 1935 to 1945, incl., payable outside of the 15
-mill
limitation, and $5.000, due $1,000 April and Oct. 1 1935 and 1936 and $500
April and Oct. 1 1937. payable from ample taxes levied within the 15
-mill
limitation. Each issue is dated Oct. 1 1933.
DANSV1LLE, Livingston County, N. Y.
-BOND ELECTION.
At an election to be held on Jan. 22 the voters will consider the question
of issuing $60,000 water storage bonds. Two plans under which the project
would be financed are under consideration: The first provides that the
Civil Works Administration furnish $31.008, while the balance of $43.382
would constitute the Village's share of the project. The other provides
that the Public Works Administration supply the funds on the basis of a
loan of $56,651 and a grant of $24,279. In either case, no bonds would
mature during tne first five years. Moreover, tne Village Board has stated
that they would be retired from the proceeds of the water tax.
DAVISON COUNTY(P.O. Mitchell), S. Dak.-BONDS NOTSOLD.
The two issues of 4% coupon semi-ann. bonds aggregating $175.000, offered
on Jan. 6-V. 137, P. 4724
-were not sold as no bids were received. The
Issues are divided as follows: $150,000 courthouse building bonds, and $25,000 poor farm building bonds. Dated Jan. 1 1934. Due serially from
Jan. 1 1937 to 1953.
DAYTON, Liberty County, Tex.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration recently announced an allotment of
$38,000 for sewage system collection. The total cost of labor and material
is put at 830.000, of which 30% is the PWA grant. The remainder is a loan
secured by 4% general obligation bonds.
DAYTON,Montgomery County, Ohio.
-TO ISSUE $283,000 NOTES.
-The City is to issue $283,000 8% tax anticipation notes in payment of
the balance of $282,639.54 owed the Miami Conservancy District on current assessments. The District has agreed to accept the notes in lieu of
cash. They are expected to be retired by the City from the Spring tax
collections on or before May 1 1934. If the indebtedness is not paid off
Volume 138
Financial Chrcnicle
with notes, an 8% a year penalty for delinquency will be added to the total
due.it is said.
DEDHAM, Norfolk County. Mass.
-A WARD OF TEMPORARY
LOAN.
-A $72.000 revenue anticipation loan, due Nov. 12 1934. was
awarded on Jan. 11 to the New England Trust Co. at 1.83% discount
basis. Bids for the loan were as follow.:
Bidder
Discount Basis.
New England Trust Co. (purchaser)
1.837
0
Boston Safe Deposit & Trust Co
2.50%
F. S. Moseley & Co
2.74%
Second National Bank
2.75%
Merchants National Bank
2.86%
Dedham National Bank
2.887
G. M.
-P. Murphy & Co
2.90
Faxon, Gade & Co
2.95
DELANO UNION SCHOOL DISTRICT (P. 0. Bakersfield), Kern
County, Calif.
-FEDERAL FUND ALLOTMENT.
-The Public Works
Administration announced recently an allotment of
school
auditorium construction. The total cost of labor and$60,000 for put
material is
approximately $46,000, of which 30% is a grant. The remainder at
is a
loan secured by 4% general obligation bonds.
DELCAMBFtE, Vermilion Parish, La.
-BONDS VOTED.
-At the
election held Nov. 28-V. 137, p. 3524
-the voters approved the
of the $20,000 in 4% water works bonds, according to the Mayor.issuance
Due in
30 years.
DERRY TOWNSHIP (P. 0. Alexandria, R. D.), Huntingdon
County, Pa.
-BOND ISSUE APPROVED.
-The Department of Internal
Affairs of Pennsylvania on Jan. 2 approved an issue of $5,000 street repair
bonds.
DE RUYTER CENTRAL RURAL SCHOOL DISTRICT (P. 0.
De Ruyter), Madison County, N. Y.
-BOND ISSUE APPROVED.
At an election held recently the voters approved an issue of 5145.000 school
building construction bonds.
DESCHUTES COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Bend),
Ore.
-NOTE SALE.
-The $60,000 issue of notes offered for sale on Dec.
29-V.137, p.4724
-was purchased by the State of Oregon, at 6%. Dated
Jan.3 1934. Due on Jan.2 1935.
DES MOINES COUNTY (P. 0. Des Moines), lows.
-BOND DESCRIPTION.
-The 8100,700 (not $100,000) poor fund bonds that were
purchased by the White-Phillips Co. of Davenport
-V.137, p. 2838
-are
stated to have been sold as 55, divided as follows:
$38.700 poor fund bonds. Dated Jan. 1 1933. Due as follows: $6,000.
1935 and 1936, $6,700. 1937 and $5.000, 1938 to 1941.
32,000 poor fund bonds. Dated June 1 1933. Due $5.000 from 1934 to
1938 and 57.000 in 1939.
30,000 poor fund bonds. Dated Sept. 1 1933. Due $6,000 from 1937
to
1941.
DONALDSONVILLE, Ascension Parish, La.
-BONDS VOTED.
-At
the election on Dec. 30-V.137, p.4387
-the voters approved the issuance
of the $176.000 in improvement bonds.
DOUGLAS COUNTY (P. 0. Superior), Wis.-BOND APPROVED
S
-At a meeting of the County Board of Supervisors on Dec.
28 approval
was given to a $100.000 bond issue to be used for a sanatorium
for the
tubercular insane. The Board is said to have been advised
that a Public
Works Administration loan would be forthcoming when
the bonds were
approved.
DOUGLAS COUNTY (P. 0. Superior), Wis.-FEDE
RAL FUND
ALLOTMENT.
-The Public Works Administration
an allotment of $126,000 for hospital construction. announced recently
The total cost of
labor and material is put at approximatIly $96,000, of which
30% is a
grant. The remainder is a loan secured by 4% general obligation
bonds.
DOUGLAS COUNTY SCHOOL DISTRICT NO.20(P.O. Laurence).
ICAN.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced recently an allotment of $110,000 for school
construction in this district. The cost of labor and material is building
put at approximately $83.000, of which 30% is a grant. The
at 4%,secured by lease agreement or general obligationremainder is a loan
bonds.
DOWNEY, Bannock County Ida.-FEDERAL FUND
ALLOTMENT.
-The Public Works Administration announced recently a
and grant of $32,000 for water main improvements. The cost of laborloan
material is put at approximately $27,000, of which 30% is a grant. and
The
balance is a loan secured by 4% general obligation bonds.
DULUTH, St. Louis County, Minn.
-BOND DISPOSAL.
-The
$150,000 bond issue that was formerly approved by the City Council on
Dec. 4, to cover a loan from the State of Minnesota-V. 137, p. 4387
was taken up on Dec. 29 by the State Bureau of Investments. The bonds
bear 4%% interest.
DUQUESNE, Allegheny County, Pa.
-BOND SALE.
-The issue of
$125,000 coupon emergency bonds offered on Jan. 8-V. 138. p. 181-was
awarded as 5s to E. H. Rollins & Sons of Philadelphia, at a price of 101.31,
a basis of about 4.80%. Dated Feb. 1 1934 and due $25,000 annually on
Feb. 1 from 1940 to 1944 incl. Bids for the issue were as follows:
Int.Rate.
Rate Bid.
E. H. Rollins & Sons (Purchaser)
101.31
5V
Singer, Deane & Scribner,Inc.
5
100.34
Glover & MacGregor, Inc.
5
100.25
Leach Bros.
Par
The successful bidders are re-offering the bonds for general investment
at
prices to yield 4.50% for all maturities. They are legal investment for
savings banks and trust funds in Pennsylvania and, in addition to being
free from all Federal income taxes., are tax exempt in the Commonwealth of
Pennsylvania. The financial statement of the city. it is said,
assessed valuation for 1933 of $25,164,850: total bonded debt, shows an
including
present Issue. of $1,533.000, and a net debt of $1,155,303. Real valuation
of property is estimated at $38,700,000. Ratio of net debt to assessed
valuation is 4.59%.
EASTCHESTER SCHOOL DISTRICT NO. 1 (P. 0.
Tuckahoe),
Westchester County,N. Y.
-BONDS VOTED.
-Edward F. Bremser,
Clerk of the Board of Education, states that an issue of $371,000 school
building construction and site purchase bonds was voted at an election
held
on Dec. 16.
EAST BATON ROUGE PARISH SCHOOL DISTRICTS(P.O.Baton
Rouge), La.
-BOND PAYMENT REPORT.
-We give as follows the text
of a letter received from W. B. Hatcher, Superintendent of the Board of
Education, on Jan. 8, regarding bond payments on past due obligations:
The Commercial and Financial Chronicle,
City Hall Station. New York.
Gentlemen:
Re: East Baton Rouge Parish School Bonds: District No. 1,
issue 1920; District No. 1, i8S110 1925; and District No. 10.
issue 1930.
I am pleased to be able to notify you that the East Baton Rouge Parish
School Board is now in a position to retire the past due maturities of School
District No. 1, issue of 1920, due July 1. 1933; of School District No. 1,
issue of 1925, due April 1 1933:and of School District No. 10,issue of 1930,
due April 1 1933.
The Board will pay these maturities in full, but has declined to allow any
interest on the bonds since the maturity date. Holders of these past due
maturities are requested to forward the same to the Louisiana National
Bank, Baton Rouge, Louisiana, where payment will be made on and after
January 10 1934.
• On behalf of the East Baton Rouge Parish School Board, I wish to thank
you for the kind consideration and thoughtful co-operation which you have
given in these times of financial distress. The Board fully realizes the
Inconvenience to which you have been placed by the delay in the payment
of these obligations and realizes that your consideration has been the result
of your thorough knowledge of existing conditions.
As a further favor to the Board, it will be greatly appreciated if you will
pass this information on to any other holders of these maturities upon receipt
of this communication.
Trusting that you will forward your bonds to the above-mentioned
bank as soon as possible and that you may not be placed to any further
Inconvenience in the future. I am
Yours very respectfully
W.B. HATCER,
Secretary
-Treasurer.
357
EAST CHICAGO, Lake County, Ind.
-WARRANT
Oscar S. Jackson, City Comptroller, will receive sealed bids OFFERING.
until 12 m.on
Jan. 13 (to-day) for the purchase of $110,000 6% time warrants, dated
Jan. 13 1934 and to mature on May 9 1934. Denom. $500.
EAST LAKE, Manistee County, Mich.
-BONDS VOTED.
-At an
election held on Dec. 27 the voters approved of the issuance of $20,000
water works system construction bonds by a count of63 to 12. The project
will be financed in accordance with the program of the Public Works Administration.
EAST LIVERPOOL, Columbiana County, Ohio.
-BOND OFFEI?ING.-Shelton J. Overdorf, City Auditor, will receive sealed bids until
12m. on Feb. 6, for the purchase of 5127.716.05 6% refunding bonds.
Dated Sept. 1 1933. One bond for 6716.05. others for $1,000. Due Sept. 1
as follows: $12.716.05 in 1935,512,000 in 1936 and 1937 and
from
1938 to 1944, incl. Interest is payable in M.& S. Bids for $13,000 to
bonds
bear interest at a rate other than 6%,expressed in a multiple oftheof 1%.
3
will also be considered. A certified check for $1,277, payable to the order
of the city, must accompany each proposal.
EAST PROVIDENCE, Providence County, R. I.
-FEDERAL FUND
ALLOTMENT.
-The Public Works Administration has made a loan and
grant of $245,000 for the construction of a reservoir. This includes a grant
of 30% of the amount to be used for labor and materials. It is estimated
that such items will total about $198.000. The balance is a loan,secured by
4% general obligation bonds.
EAST ROCHESTER, Nassau County, N. Y.
-HEARING SET ON
PLAN TO BUILD $80,000 WATER SYSTEM.
-The
Power
Control Commission on Dec. 29 set a two-day hearing State Water and
for Jan. 19
20
to receive further testimony and speed a decision in the case between the
Village and the Lake Ontario Water Co. for water rights. The Village's
plan to build an $80,000 water system of its own is being opposed by the
water company, which seeks to protect its franchise. At an election held
on Nov. 6 the voters authorized the sale of that amount of 20
-year
to the Public Works Administration in order to finance the project. bonds
EAST ST. LOUIS PARK DISTRICT, 111.
-FEDERAL FUND ALLOTMENT.
-In alloting $1,159,000 for park improvements, the Public Works
Administration agreed to furnish a grant of 30% of the approximately
51.060.200 to be used in the payment of labor and the purchase of materials.
The balance consists of a loan, secured by 4% general obligation
bonds.
EFFINGHAM COUNTY (P. 0. Springfield), Ga.-ADDITIONAL
INFORMATION.
-In connection with the allotment of $26,000 by the
Public Works Association to this county through the Commissioner
of
Roads and Revenues for jail construction-V. 138, p. 181-it is
the County Clerk that the Commissioners have not been officiallystated by
informed
of this allotment but understand that it is made. No bonds are being
issued
to cover the loan, highway certificates taking their place.
EL CAMPO, Wharton County, Tex.
-BOND ELECTION.
that an election was held on Jan. 9 to vote on the proposed -It IS said
issuance of
$47.000 in 4% school bonds.
ELLWOOD CITY, Lawrence County, Pa.
-BONDS APPROVED.
The Borough Council has adopted an ordinance providing for the issuance
of 5238.400 bonds.
ENFIELD, Hartford County, Conn.
-FEDERAL FUND ALLOTMENT.
-The allotment of $30.000 for school building and auditorium
construction purposes by the Public Works Administration includes a grant
of 30% of the approximately $23,800 to ne expended in the purchase of
materials and the payment oflabor. The balance consists of a loan,secured
by 4% general obligation bonds.
EPPING, Rockingham County, N. H.
-FEDERAL FUND ALLOTMENT.
-The allotment of 29,000 by the Public Works Administration
for fire house construction includes a grant of 30% of the anticipated $...800
to be spent for labor and materials. The balance is a loan, secured by 4%
general obligation bonds.
ERIE COUNTY (P. 0. Buffalo), N. Y.
-NOTE SALE.
-The Manufacturers & Traders Trust Co. and the Marine Trust Co. both of Buffalo,
jointly, recently purchased an issue of $500.000 tax anticipation notes at
4% interest. Dated Jan. 5 1934 and due Fen. 5 1934. Legality approved
by Reed, Hoyt & Washburn of New York.
EUREKA, Humboldt County, Calif.
-CORRECTION.
-It is stated
by the City Clerk that at the election on Dec. 19, the electors authorized
the issuance of $925,000 in water revenue bonds,not $1,134,000,as reported
in V. 137. p. 4725. The bonds bear 4% interest and will be taken by the
Federal Government.
FOLKSTON, Charlton County, Ga.-FEDERAL FUND ALLOTMENT.
-The Public Works Adjoin stration announced recently an allotment of $23,000 for water distribution system extensions. The cost of
labor and material is put at approximately $18,000,of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds. (Bonds
for this purpose were voted on Nov.20.-V. 137, P. 4220.)
FOREST CONSOLIDATED SCHOOL DISTRICT (P. 0. Forest),
Scott County, Miss.
-BONDS VOTED.
-At the election held on Dec.
28-V. 137, p. 4558
-the voters approved the issuance of $52,500 in school
building bonds by a wide margin.
FORT WAYNE, Allen County, Ind.
-BOND OFFERING.-Julian F.
Franke, City Comptroller, will receive sealed bids until
Time) on Jan. 23 for the purchase of $140,000 53 % 2 p. m.(Standard
series D
refunding bonds. Dated Oct. 10 1933. Demon. $1,000. Duerailroad
$7,000
annually on Oct. 10 from 1935 to 1954 incl. Principal and semi-annual
interest are payable at the Lincoln National Bank & Trust Co.,Fort Wayne.
A certified check for 23 % of the bonds bid for, payable to the order of
the
City Treasurer, must accompany each proposal. Legal opinion of Smith,
Remster, Hornbrook & Smith of Indianapolis will be furnished the successful
bidder. Bids must be unconditional. The issue is authorized by ordinance
No. 1769, passed Dec. 19 1933,for the purpose of refunding railroad
ing bonds. series C. which came due on Oct. 10 1933. This issue refundviously offered to bear 43 % interest on Dec. 5, at which timewas pre,
no bids
were obtained.
-V.137. ri• 4388.
FORT WORTH, Tarrant County, Tex.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration recently announced an
ment of $123,000 for the construction of a highway viaduct over the allotof the Texas and Pacific Railroad at Daggett Avenue. The cost tracks
and material is put at $86,300, of which 30% is the PWA grant. of labor
The remainder is a loan secured by 4% general obligation bonds.
FRANKLIN COUNTY (P.O.Apalachicola), Fla.
-BOND ISSUANCE
APPROVED.
-The Freeholders of the County
a bond issue of $1,500,000 with which the are reported to have approved
county expects to guarantee
payment of a loan from the Federal Government for bridge construction.
The bonds, when issued and approved, will be turned over
to the State
Road Department, which will guarantee the payment
of the loan with
the bridge tolls.
FRANKLIN COUNTY (P. 0. Columbus), Ohlo.-BON OFFERING
D
•
-Fred L. Donnally, Clerk of the Board of County Commissioner
s, will
receive sealed bids until 10 a. m. on Jan. 31 for the
purchase of 8312.000
6% refunding bonds. Dated Feb. 15 1934.
Due as follows: 518.000. March and Sept. 1 Denoms. $1,000 and $500.
from
$12,000, March and Sept. 1 1943. Principal and 1935 to 1942 incl. and
interest (M.
payable at the County Treasurer's office. Delivery of bonds, & S.) are
if desired.
outside of Columbus, will be made at the successful
bidder's expense. A
certified check for 1% of the bonds bid for,
County Commissioners, must accompany each payable to the order of the
proposal. Authority for the
Issue will be found in amended Senate Bill No. 32,
passed by the 90th
General Assembly of Ohio. Bids may be conditioned
upon approval of
transcript of proceedings by the attorney for the
bidder. Sufficient time
will be permitted following the date of sale to permit
of such examination of
transcript, which will be furnished the successful bidder.
FROSTBURG, Allegany County, Md.-OBTAINS
FEDERAL FUND
ALLOTMENT.
-The Public Works Administrati
for dam and reservoir construction work. This on has allotted $76,000
includes a grant of 30%
of the approximately $61,000 to be used for
labor
balance is a loan, secured by 4% general obligation and materials. The
bonds.
FULTON COUNTY (P.O. Johnstown), N. Y.
-BOND OFFERING.
Edward C. Wells, County Treasurer, will receive
sealed bids until 10.30
a. m. on Jan. 29 for the purchase of $150.000 not
coupon or registered highway and bridge bonds. to exceed 6% interest
Denom. $1.000. Due $10,000 on Feb. 15 from 1935Dated Feb. 15 1934.
to 1949 incl. Bidder
358
Financial Chronicle
to express the rate of interest desired on the issue in a multiple of % of 1%.
Principal and interest (F. & A. 15) are payable at the Peoples Bank of
Johnstown. A certified check for 2% of the bonds bid for, payable to the
order of the County Treasurer, must accompany each proposal. Legal
opinion of Caldwell & Raymond of New York will be furnished the successful
bidder. This issue was authorized recently by the Board of Supervisors.
-V.138, p. 181.
Financial Statement.
Assessed valuations
Real estate (less puolic buildings and pension property)_ _ _349,244,858.00
Special franchises
2,285,522.00
$51,530,380.00
Bonded debt
Highway and bridge bonds, this issue
Highway and bridge bonds, outstanding
Temporary tax loans, not to be refunded by this issue
Bond limit
10% of assessed valuations
Bonded debt, including this issue
150,000.00
50,000.00
$200,000.00
114,499.02
5,153,000.00
200,000.00
Margin of debt incurring capacity
$4,953,000.00
1933.
Tax Data.
Year1932.
1931.
1930.
Total
3311,834.42 $416,847.28 $418,236.24 $420,5 0.72
16 %
90
none
none
.Amt. unpaid Nov. 23'33 6,184.75
none
Collo;Om ratio
100%
100%
98%
Population, 1930 Federal census, 46.560.
GALLIA COUNTY (P. 0. Gallipolis), Ohio.
-BOND SALE.
-The
Issue of $11,200 poor relief bonds offered on Jan. 11-V. 137. p. 4725
was awarded as 5%s to the Provident Savings Bank & Trust Co. of Cincinnati, at par plus a premium of $26.88, equal to 100.24, a basis of about
5.40%. Dated Dec. 1 1933 and due on March 1 as follows: $2,400, 1934:
$2,000, 1935; $2.200. 1936: $2.250, 1937 and $2,850 in 1938. Bids submitted at the sale were as follows:
BidderInt.Rate. Premium.
Provident Savings Bank & Trust Co.(Purchaser)_5%7
0
$26.88
* Widmann, Holzman & Katz, Cincinnati
11.20
5%
Seasongood & Mayer, Cincinnati
6%
15.00
First National Bank, GallipolisPar
Commercial & Savings Bank, Gallipolis
Par
60
.
C. B. Drummond, Partiot, Ohio (for one $500 bond)_ 6
Par
James L. Davis, Partiot, Ohio (also for one bond)- - - 64
5.01
* Also agreed to bear expense of approval of transcript.
GALVESTON, Galveston County, Tex.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration recently announced an allotment of $200,000 for school building construction. The total cost of labor
and material is put at approximately $160,600, of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
GARY, Lake County, 1nd.-$20,000 WARRANTS SOLD.-At
'a
recently offering of $200,000 short-term tax anticipation warrants, only
two bids for $20,000 worth were received. It is expected that the balance,
which are of $1,000 denoms., will have to be reprinted in smaller units in
order to present them in payment of salaries owing to police, firemen and
other municipal employees.
GIRARD, Erie County, Pa.
-PUBLIC WORKS ALLOTMENT.
The Public Works Administration allotment of $21,000 for the construction
of an intercepting sewer and sewage disposal plant, includes a grant of 30%
of the labor and material costs to be incurred in connection with the project.
The amount of such items is estimated at $16,000. The balance is a loan.
secured by 4% general obligation bonds.
GLENDALE, Hamilton County, Ohio.
-PUBLIC WORKS ALLOT-The Public Works Administration has allotted $60,000 to provide
MENT.
for the construction of sewer and sewage disposal facilities. This includes
a grant of 30% of the approximately $47,000 to be used in the payment
of labor and the purchase of materials. The balance is a loan, secured by
4% general obligations bonds.
GLENDIVE, Dawson County, Mont.
-BOND OFFERING.
-Sealed
bids will be received until March 1, by August Conn, City Clerk, for the
purchase of a $15,000 issue of water bonds. Int. rate is not to exceed
6%, payable semi-annually. Dated Jan. 1 1934. Due $1,000 from
Jan. 1 1935 to 1949, incl. These bonds were heavily favored at an election
on Jan. 4.
-FEDERAL FUND ALLOTGLOUCESTER, Essex County, Mass.
MENT.
-The $220,000 recently made available by the Public Works
Administration will be apportioned as follows:
$120,000 for resurfacing streets. The approximate cost of labor and
material is $112,100. of which 30% is a grant. The balance is a
loan secured by 4% general obligation bonds.
100,000 for sanitary sewer system extension. The approximate cost of
labor and material is $80,000, of which 30% is a grant. The
balance is a loan secured by 4% general obligation bonds.
-FEDERAL FUND AL
GLOVERSVILLE, Fulton County, N. Y.
LOTMENT.-The Public Works Administration has allotted $261,000 for
Improvements to the water works system. This includes a grant of 30%
of the amount to be spent for labor and materials. The balance is a loan,
secured by 4% general obligation bonds.
GRAHAM INDEPENDENT SCHOOL DISTRICT (P. 0. Graham),
-The Public
-FEDERAL FUND ALLOTMENT.
Young County, Tex.
Works Administration announced recently an allotment of $91,000 to this
district for high school building additions. The cost of labor and material
is put at approximately $68,000, of which 30% is a grant. The remainder is
a loan secured at 4% by deed of trust to property to be repaid under lease
agreement serially in 30 years.
-WARGRAND COUNTY (P. 0. Hot Sulphur Springs), Colo.
-It is reported that various school and county warrants
RANTS CALLED.
called for payment at the County Treasurer's office. Interest on School
are
warrants ceases Jan. 12, and on county warrants Jan. 25.
GRAND FORKS, Grand Forks County, N. Dak.-FEDERAL
-The Public Works Administration announced
FUND ALLOTMENT.
recently an allotment of $305,000 for intercepting sewer and sewage disposal plant construction. The approximate cost of labor and material is
put at $231,500, of which 30% is a grant. The remainder is a loan secured
by 4% revenue bonds.
GRANDVIEW HEIGHTS (P. 0. Columbus) Franklin County,
Ohio.
-BOND SALE.
-George B. Walsh, City Clerk, reports that the
State Teachers' Retirement System purchased on Jan. 3 as 53s, at par,
$18,000 bonds, divided as follows:
$13,000 storm sewer construction bonds. Denom. $1,000. Due Nov. 1
as follows: $1,000 from 1935 to 1939, incl. and $2,000 from 1940
to 1943, inclusive.
5,000 fire department equipment and construction bonds. Denom. $500.
Due $1,000 on Nov. 1 from 1937 to 1941, inclusive.
Each issue is dated Jan. 11034.
GRANTSVILLE, Garrett County, Md.-FEDERAL FUND 17Z777MENT.-The allotment of $333,000 by the Public Works Administration
for the construction of a water works system, includes a grant of 30% of
the amount to be spent for labor and materials. Such expenditures will
total $27,000, according to estimates. The balance of the advance constitutes a loan, secured by 4% general obligation bonds.
-BOND ISSUE APPROVED.
GREENE COUNTY(P.O. Xenia), Ohio.
-The States Tax Commission has authorized the County to issue $30,000
poor relief bonds, payable from its share of the proceeds of the State selective sales tax.
-SUIT
GREENWICH (P. 0. Greenwich), Fairfield County, Conn.
MAY BE STARTED IN CONNECTION WITH $165,0N SCHOOL PRO-Members of the Board of Education either as individuals or as an
JECT.
official town body may bring an action in Superior Court, it has been
determined, against the Board of Estimate and Taxation, in connection
with the refusal of the latter body to float bonds for the construction of
a new high school building and take advantage of a $165,000 PWA grant
toward the project, contrary to a vote taken at a recent town meeting.
-NOTE SALE.
GUILFORD COUNTY (P. 0. Greensboro), N. C.
The $100,000 6% notes offered for sale on Jan. 9-V. 138, p. 181-was
Jan. 13 1934
purchased by the Wachovia Bank & Trust Co. of High Point, at par.
Dated Jan. 15 1934. Due on July 25 1934.
-NOTE SALE.
-An issue
GUILFORD, New Haven County, Conn.
of $25,000 tax anticipation notes was purchased on Jan.5 at 3.20% discount
basis by Charles W. Scranton & Co. of New Haven. Dated Jan. 9 1934
and due on May 15 1934. Legality approved by Stoddard, Goodhart.
Wetzler & Persky of New Haven.
HACKENSACK, Bergen County, N. J.
-BONDS IN DEFAULT.
W.M. Rich, City Manager,reported under date of Jan. 1 that the principal
of $297,000 temporary loan bonds, dated Dec. 1 1929. was defaulted at
maturity on Dec. 1 1933. although interest was paid. A previous default
on Aug. 1 1933 of $24,000 principal on funding bonds was cured through
the exchange of tax anticipation bonds for the matured obligations. The
temporary loan bonds in default are partly general obligation and partly
special assessment securities. It was originally intended to finance them
permanently at maturity, but this has proved impossible. They have been
extended pending a discussion as to what procedure is to be taken in
correcting the condition.
-FEDERAL FUND
HACKETTSTOWN, Warren County, N. J.
ALLOTMENT.
-The Public Works Administration has allotted $62,000
for the construction of a water dam. This includes a grant of 30% of the
amount to be expended for labor and materials. Such expenditures are
estimated at $40,000. The balance is a loan, secured by 4% general obligation bonds.
HAGERSTOWN, Washingtown County, Md.-LOAN BILL APPROVED.
-The State Legislature has approved of the bill authorizing the
Mayor and Council to borrow up to $150,000 for the purpose of paying
-V.137, p.4 25.
current expenses and bond principal and interest charges.
-BOND SALE
HANLEY FALLS Yellow Medicine County, Minn.
DETAILS.
-The $4,000 water tank bonds that were purchased by the
-were Sold as 4%s,at par, and mature
State of Minnesota
-V.137, p.3625
on July 1 as follows: $500, 1948 to 1951 and $1,000 in 1952 to 1953.
HARDWICK, Caledonia County, Vt.-FEDERAL FUND ALLOTMENT.
-An allotment of $66,000 for water supply main construction
purposes has been made by the Public Works Administration. This includes a grant of 30% of the estimate of $50,000 to be used for labor and
materials in connection with the project. The balance is a loan, secured
by 4% general obllgation bonds.
-PUBLIC WORKS ALLOTHAVERHILL, Essex County, Mass.
MENT.
-The Public Works Administration recently allotted $55,000 on
a loan and grant basis as follows:
$30,000 for sanitary and storm water sewer system improvements. The
approximate cost of labor and material is $23,000, of which 30%
is a grant. The balance is a loan secured by 4% general obligation
bond.,
25,000 for street resurfacing and widening. The approximate cost of
labor and material is $22.400, of which 30% is a grant. The
balance is a loan secured by 4% general obligation bonds.
-PUBLIC WORKS ALLOTHAVERHILL, Essex County, Mass.
MENT.
-A loan and grant of $260,000 for the purpose of financing the
construction of a high school building addition has been made by the
Public Works Administration. This includes a grant of 30% of the approximately $205,700 to be used for labor and materials in the work. The balance
is a loan,secured by 4% general obligation bonds.
HAYBROOK SCHOOL DISTRICT NO. 55 (P. 0. Mora), Kanabec
-It is stated by the Clerk
-BOND DISPOSAL REPORT.
County, Minn.
of the Board of Education that the $12,000 bonds to care for all outstanding
-V.137, p. 1796.
-are now
debts, including warrants, voted last August
being held by the State.
-BONDS AUTHORIZED.County, N. C.
HENDERSON, Vance
The City Council is said to have authorized the issuance of the $34,000
lighting p.stem
v 13 sy 4 88.bonds that were approved by the voters in December.. 7 ,3
-It is
-BOND ELECTION.
HENRY COUNTY (P. 0. Paris), Tenn.
of an election will be held on Feb.6 to submit to the voters the
that
issuance $40,000 in county high school bonds.
-At an election
HERNDON, Rawlins County,Kan.-BONDS VOTED.
held on Dec.22 the voters are said to have approved the issuance of $22,000
in water construction bonds.
-It is reported
HESSTON, Harvey County Kan.-BOND ELECTION.
'
that an election will oe held on Jan. 20 to have the voters pass on the proposed issuance of $14,000 in gas plant construction bonds.
-BOND SALE.
-The $6.100
HICKSVILLE, Defiance County, Ohio.
-were pur-V. 137,i. 4040
6% final judgment bonds offered on Dec. I5
chased at a price of par by the Hicksville National Bank. Dated Dec. 15
Sept. 15 as follows: $2,000 in 1935 and 1936 and $2,100 in
1933 anddue on
7.
-The Public
-FEDERAL FUND ALLOTMENT.
HILO, Hawaii.
Works Administration announced recently an allotment of $375,000 for the
construction of a sewer system with an outfall in the Bay of Hilo. The
approximate cost of the labor and material is set at $344,000, of which
30 is a grant. The remainder is a loan secured by 4% general obligation
bonds.
HILLSBORO EXEMPTED SCHOOL DISTRICT, Highland County,
-The Public Works Adminis-FEDERAL FUND ALLOTMENT.
Ohio.
tration has allotted $175,000 for school building construction. This includes
30% of the amount to be spent for labor and materials. It is
a grant of
estimated that such expenditures will total $141,300. The balance is a loan.
secured by 4% general obligation bonds.
-CITY TO FILE MANDAMUS
HOUSTON, Harris County, Tex.
-On Jan. 4 the State Supreme Court granted perON BOND ISSUANCE.
mandamus suit against the Attorney-General
mission to the city to file a
to force him to approve the $2,502,000 water revenue bonds, on which the
allotment was made in November-V. 137, p. 3869. It is said that the
case has simultaneously been referred to Sections A and B of the Commission of Appeals and has been set for oral argument on Jan. 15.
HUGHES COUNTY (P. 0. Pierre), S. Dak.-FEDERAL FUND
-The Public Works Administration announced recently
ALLOTMENT.
the allotment of $72,000 to this county for the construction of a court house
and jail. The cost of labor and material is put at approximately $106,800,
of which 30% is a grant. The balance is a loan secured by 4% general
obligation bonds.
-FEDERAL FUND
HUNTINGTON, Huntington County, Ind.
-In allotting $95,000 for sewage disposal plant improveALLOTMENT.
ments, the Public Works Administration agreed to furnish as a grant a
sum equal to 30% of the estimated $74,800 to be used for labor and materials. The balance is a loan,secured by 4% general obligation bonds.
ei Ind.
-BOND
HUNTINGTON TOWNSHIP, Huntington County, e sealed
bids
-Dale Kreigh, Township Trustee, will receive
OFFERING.
until Feb. 1 for the purchase of $21,542.76 5% bonds. Due as far as
$3,000 each semi-annually on May and Nov. 15.
Possible in amounts of
HUNTINGTON UNION FREE SCHOOL DISTRICT NO. 3 (P. 0.
-BOND OFFERING.
-George
Huntington), Suffolk County, N. Y.
McKay, District Clerk, will receive sealed bids until 2 p. m. on Jan. 16
for the purchase of $12,000 not to exceed 6% interest coupon or registered
tax refund bonds of 1933. Dated June 15 1933. Denom. $1,000. Due
$44.000 annually on June 15 from 1939 to 1941 incl. Bidder to name a
single interest rate for all of the bonds, expressed in a multiple of % of
1-10th of 1%. Principal and interest (J. & D. 15) are payable in lawful
money of the United States at the Bank of Huntington & Trust Co., Huntington. A certified check for 2% of the bonds bid for, payable to the order
of the District Clerk, must accompany each proposal. The approving
opinion of Hawkins, Delafield & Longfellow of New York will be furnished
the successful bidder.
-PROPOSED BOND
HURON COUNTY (P. 0. Norwalk), Ohio.
ISSUE.
-Plana are being made to issue $35,000 bonds in connection with
Civil Works Administration projects in the County. They will be retired
from the County's share of the so-called State nuisance taxes
-It Is
-WARRANTS CALLED.
IDAHO, State of (P. 0. Boise).
reported by State Treasurer Myrtle P. Enking that State general fund
reg stared warrants numbered from 19,471 to 19,668, Series 1933-34. are
called for payment at her office from and after Jan. 5 1934. Interest to
cease 10 days from that date.
Volume 138
Financial Chronicle
ILLINOIS (State of).
-BONDED DEBT.
-The report of John C.
Martin. State Treasurer, covering the receipts and disbursements of the
Treasury during the month of Dec. 1933 includes the following:
Statement of Indebtedness of the State of Illinois Outstanding Jan, 1 1934.
Called bonds outstanding which have ceased to draw
Interest, viz.:
New internal improvement stock
$4,000
New internal impt. interest stock, payable after 1878_
500
One old internal improvement bond
1,000
Twelve canal bonds
12,000
$17,500
State highway bonds
143,010,000
Soldiers compensation bonds
34,673,000
Waterway bonds
7,000,000
Emergency relief bonds
20,000,000
Total bonded debt
Tax anticipation notes held by:
Motor fuel tax fund for revenue
Motor fuel tax fund for waterway bond
Motor fuel tax fund for Soldiers Compensation bond
Agricultural premium fund for revenue
Total
$204,700,500
5,140,000
830,000
2,700,000
500,000
$213,870,500
INMAN, McPherson County, Kan.
-BOND ELECTION.
-It is reported that an election will be held on Jan. 20 to vote on the issuance of
$26,500 in water works construction bonds.
INTERNATIONAL FALLS, Koochiching County, Minn.
-BOND
ELECTION.
-The City Council is said to have called an election for
Jan. 13 to resubmit to the voters the $230,000 water systems bonds defeated at the election on Nov. 20-V. 137, p. 4040.
IONE, Pend Oreille County, Wash.
-BONDS NOT SOLD.
-The
$10,000 issue of sewerage system bonds offered on Dec. 16-V. 137. p. 4040
-was not sold. It is stated by the Town Clerk that the sale is being held
open. Interest rate not to exceed 6%, payable semi-annually. Due from
1938 to 1954.
IRVINGTON, Weschester County, N. Y.
-BOND SALE.
-The issue
of $55,000 coupon or registered improvement bonds offered on Dec. 18-V.
137, p. 4221-was purchased as 6s, at a price of par, by George B. Gibbons
& Co.,Inc. of New York. Dated Dec. 1 1933 and due on Dec. 1 as follows:
$3,000 in 1935 and 1936; $4,000 from 1937 to 1948 incl. and $1,000 in 1949.
ISLAND COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
202 (P. 0. Coupeville), Wash.
-The $10,000 issue of
-BOND SALE.
coupon school bonds offered for sale on Dec. 30-V. 137, p. 4725
-was
purchased by the State of Washington, as 5s, at par. Dated Jan. 1 1934.
Due in from 2 to 20 years after date. No other bids were received.
JACKSON UNION SCHOOL DISTRICT, Jackson County, Mich.DEFAULTED INTEREST MONEY AVAILABLE.
-The Board of
Educat:on under date of Jan. 3 advised bondholders as follows:
"It is our pleasure to notify you that funds are now ava lable to meet
payment of interest coupons on bonds, series No. 11 and No. 6, of this
district which matured Feb. 15 1933 and also coupons on bonds, series
No. 8, No. 7 and No. 5, which fell due April 11933.
"Funds for this purpose are on deposit at the National Bank of Jackson,
Michigan. where these particular coupons may be presented for payment or
to whom they may be sent for collection."
"Panda are also available to meet payment of interest coupons on bonds,
series No. 12 and No. 10, of this school district which matured May 1
1933 and also interest coupons on our bonds, series No.4 and No. 4 A,
which fell due Aug. 11933.
"Funds for this purpose are on deposit at the Jackson City Bank & Trust
Co., Jackson, Michigan, where these particular coupons may be presented
for payment or to whom they may be sent for collection."
359
KNOX, Starke County, Ind.
-Sealed bids ad-BOND OFFERING.
dressed to the Town Treasurer will be received until 4 p. m. on Jan. 18
for the purchase of $4,000 municipal improvement bonds.
-FEDERAL FUND ALLOTKNOXVILLE, Knox County, Tenn.
MENT.
-The following report on a loan and grant to this city of $2,600,000 for the construction of a distributing system for electric power
V. 138, p. 182) is taken from the New York "Journal of Commerce" of
Jan. 10:
"The Public Works Administration has given the City of Knoxville a
loan grant of $2,600,000 for construction of a distributing system to be
used for electric power purchased from the Tennessee Valley Authority.
The city had made an application for a loan grant of $3,225,000, which
included ccst for future extensions. The present grant will cover cost of
building the main plant.
"On Nov. 25 last Knoxville voted for a bond issue of $3,225,000 and
authorized the city to either construct or purchase the distribution facilities
of the Tennessee Public Service Co., subsidiary of National Power & Light
of the Electric Bond & Share System. Out of a population of approximately 105,000 the entire vote cast was approximately 7.000.
T. V. A. Line to Cit.
"Following the victory of the utility measure at the polls the utility made
an overture to the city for a conference on the subject and at the same time
entered a protest to the PWA outlining the results of two competing systems.
The grant of the $2,600,000 by the PWA indicates that the authorities in
Washington overruled the protest.
"At the offices of Electric Bond & Share it was said that it was not known
what course the Tennessee Public Service would take in the future. It was
said that since Knoxville has not offered to buy the distributing facilities
it would be difficult to offer the properties for sale when there was no buyer.
"When David E. Lilienthal, director of the T. V. A., was here in New
York recently he indicated that Knoxville was to get power from Muscle
Shoals and that unless the city could buy existing distriouting facilities at a
reasonable cost it would build its own lines. A transmission line from Muscle
Shoals will be built to Knoxville."
-BOND OFFERING.
LAKE COUNTY (P. 0. Crown Point), Ind.
Sealed bids addressed to the County Auditor will be received until 1 p. m.
on Jan. 29 for the purchase of $205,000 refunding bonds.
LAKE COUNTY (P. 0. Madison), S. Dak.-FEDERAL FUND
-The Public Works Administration recently announced an
ALLOTMENT.
allotment of $105,345 for court house construction. Of the total cost of
labor and material, put at approximately $101,000. a grant is made of
30%. The remainder is a loan secured by 4% general obligation bonds.
(An issue of bonds for this purpose was unsuccessfully 9ffered on Oct. 31
-V. 137. P. 3358.)
-FEDERAL FUND ALLOTLAKE VIEW, Sac County, Iowa.
MENT.
-The Public Works Administration announced recently an
allotment of $24,100 for municipal building construction. The cost of
labor and material is put at approximately $20,000, of which 30% is a
grant. The remainder is a loan secured by 4% general obligation bonds.
LAKEVIEW SCHOOL DISTRICT(P.O.Lafayette), Walker County,
Ga.-BONDS DEFEATED.
-At the election held on Dec. 9-V. 137, p.
4040
-the votersfailed to give the required majority to the proposed issuance
of $18,000 in school building bonds, according to the District Secretary.
LANGTRY SCHOOL DISTRICT (P.O.Langtry), Val Verde County*
Tex.
-BONDS VOTED.
-It is reported that the voters recently approved
the issuance of $12,000 in 5% school construction bonds. Due in 40 years.
LEFORS,INDEPENDENT SCHOOL DISTRICT (P.O.Lefors), Gray
County Tex.
-BOND ELECTION.
-An election was held on Jan. 10, according to report, in order to have the voters pass on the issuance of
$10,000 in 4% school construction bonds.
-WARRANTS CALLED.
LEWIS COUNTY (P. 0. Chehalis), Wash.
-The County Treasurer is said to have called for payment at his office
on Dec. 22, various current expense, soldiers and sailors and road district
JASPER, Dubois County,Ind.-PWA ALLOTS FUNDS.
-The Public
fund warrants.
Works Administration has allotted $29,000 for improvements to the water
works system and the installation of additional fire hydrants. This includes
LEWIS AND CLARK COUNTIES SCHOOL DISTRICT No. 1 (P. 0.
a grant of 30% of the amount to be expended for labor and materials.
Helena), Mont.
-FEDERAL FUND ALLOTMENT.
-The Public Works
Such expenditures are estimated at $23,000. The balance is a loan,secured
Administration recently announced an allotment of $510,000 for building
by 4% revenue bonds.
construction. The total cost of labor and material is set at approximately
$400,000, of which 30% is a grant. The remainder is a loan secured by 4%
JAY, KEENE, CHESTERFIELD, WILMINGTON, BLACK BROOK
general obligation bonds.
AND FRANKLIN CENTRAL SCHOOL DISTRICT NO. 1 (P. 0.
Ausable Forks), N. Y.
ALLOTMENT.
-In allotting
-FEDERAL FUND
LEXINGTON, Fayette County, Ky.-FEDERAL FUND ALLOT$234.000 for the construction of additional school buildings, the Public
MENT.
-The Public Works Administration announced recently an allotWorks Administration agreed to contribute as a grant a sum equal to 30%
ment of $61,000 to this city for construction, alterations and additions to
of the approximately $186,200 to ne spent in the payment of labor and the
the existing sewage disposal plant. The cost of labor and material is put
purchase of materials. The residue consists of a loan, secured by 4%
at about $48,000, of which 30% is a grant. The remainder is a loan secured
general obligation bonds.
by 4% general obligation bonds.
JEFFERSON COUNTY (P. 0. Boulder), Mont.
-WARRANTS
-BONDS ISSUED IN PAYMENT OF
LIMA, Allen County, Ohio.
CALLED.
-The County Treasurer is said to be calling for payment at his
-The City on Jan. 2 issued $19,004.56 in deficiency
HOSPITAL SERVICE.
office, all those warrants registered against any county or school district
bonds, in lieu of cash, to two hospitals in payment for care of indigents
fluid.
during 1933. City officialsstated that this procedure was necessary"because
the municipal treasury is empty."
JEFFERSON COUNTY UNION HIGH SCHOOL DISTRICT NO. 1
-RECEIVES PWA FUNDS.
LITTLETON, Grafton County, N. H.
(P. 0. Port Townsend), Wash.
-BOND SALE.
-The $14,000 issue of
In allotting $8,000 for sidewalk construction purposes, the Public Works
coupon annual school building bonds offered for sale on Jan. 6-V. 137,
Administration agreed to furnish as a grant a sum equal to 30% of the
p. 4726
-was purchased by the State of Washington as 58 at par. Due in
amount spent for labor and materials on the project. These expenditures
20 years, optional in 10 years.
are estimated at $6,600. The balance is a loan, secured by 4% general
JEFFERSON TOWNSHIP (P. 0. Hagerstown), Wayne County,
obligation bonds.
Ind.
-BOND OFFERING.
-Sealed bids addressed to Leora Waltz, Trustee.
LITTLETON, Grafton County, N. H.-PWA ALLOTS FUNDS.
will be received until 1 p. m. on Jan. 20 for the purchase of $33,842.68 5%
The Public Works Administration recently allotted $175,000 for the folfunding bonds. Dated Jan. 151934. One bond for $342.68. others for $500.
lowing projects:
Due Jan, 15 1938. Principal and interest (J. & J. 15) are payable at the
Union Trust Co. Hagerstown. Transcript of proceedings in connection
$82,000 for removal of Main Street paving and construction of curbs.
gutters and sidewalks. The approximate cost of labor and material
with the issue will be available to bidders.
Is $69,700, of which 30% is a grant. The balance is a loan secured
JOHNSTOWN, Fulton County, N. Y.
-BOND ISSUE AUTHORITY
by 4% general obligation bonds.
SOUGHT.
-Under the provisions of a bill introduced in the State Senate
42,000 for construction of a sanitary and storm water sewer system dison Jan. 9, the city would be empowered to issue $64,922.98 6% 10
-year
charging into the Ammonoosuc River. The approximate cost
bonds to retire floating indebtedness.
of labor and material is $30.000, of which 30% is a grant. The
JOPLIN, Jasper County Mo.-BONDS VOTED.
-At an election held
balance is a loan secured by 4% general obligation bonds.
recently the voters are said to have approved the issuance of $87,500 in
'
29,000 for construction of additional sedimentation basin for water works
sewer extension and city market bonds. A Federal public works grant
system. The approximate cost of labor and material is $22,000.
of which 30% is a grant. The balance is a loan secured by 4%
of $37,500 is expected on this project, making a total of $125,000.
general obligation bonds.
KARNES COUNTY COMMON SCHOOL DISTRICT NO. 2 (P. 0.
22,000 for landscaping the nanks of the Ammonoosuc River within the
Karnes City), Tex.
-BOND SALE DETAILS.
-The $9,000 issue of 5%
limits of the town and four plots of ground at the entrance to the
coupon school bonds that was purchased at par by the State Board of
town. Thirty per cent of the cost of labor and materiaLwhich
-bears date of July 15 1933. Denom. $500.
Education
-V. 137, p. 4726
totals approximately $15,400, is a grant. The balance is a loan
Due on July 15 1952 and optional in three years. Interest payable in July.
secured by 4% general obligation bonds.
LODGEPOLE, Cheyenne County, Neb.-BOND ELECTION.
-It is
-FEDERAL FUND ALLOTMENT.
KEENE, Cheshire County, N. H.
reported that an election will be held on Jan. 18 in order to vote on the
-In making an allotment of$198,000, the Public Works Administration
Issuance of $34,000 in school bonds. The building contemplated would
announced that the money would be expended as follows:
cost $75,000, of which the above bonds would form a part, with an ex$170,000 for construction of an intercepting sewer. The approximate cost
pected Federal grant of $21,000 and there is $20,000 now in a building fund.
of labor and material is $115.300, of which 30% is a grant. The
balance is a loan secured by 4% general obligation bonds.
LONG BEACH SCHOOL DISTRICTS (P. 0. Los Angeles), Calif.
28,000 for water distribution system extension. The approximate cost
BOND SALE REPORT.
-A news dispatch from Los Angeles to the "Wall
of labor and material is $23,000, of which 30% is a grant. The
Street Journal" of Jan. 12 reported that the Board of Supervisors of Los
general obligation bonds.
balance is a loan secured by 4%
Angeles County, on the previous day, ordered the sale of $1,100,000 of
Long Beach High School District bonds, and 5240.000 of Long Beach
KENOSHA COUNTY (P. 0. Kenosha), Wis.-BONDS AUTHORCity School District bonds to the Unified Rehabilitation Corp. It is
Supervisors is reported to have adopted
IZED.
-The County Board of
a resolution authorizing a $400,000 bond issue for the purpose of pro- stated that the bonds were sold on a 4X,% basis.
(Three issues of 5% bonds aggregating $4,100,000. were offered for sale
viding funds for relief work throughout the county during the coming
on Jan.11-V.138, p. 182. We have not been advised as to the disposition
year. The bond issue is said to oe required to finance the 30% of the
of the remaining bonds.)
relief costs not met by the Federal Government,
LONG BEACH, Los Angeles County Calif.-FEDERAL FUND ALKILDEER, Dunn County, N. Dak.-FEDERAL FUND ALLOTLOTMENT.
-The Public Works Administration announced recently an
-The Public Works Administration recently announced an allotMENT.
allotment of $15,000 for park improvement. The total cost of.labor and
ment of $30,000 for an improvement to the water works system and dismaterial is put at approximately $12,000, of which 30% is a grant. The
system. The total cost of labor and material is put at approxtributing
remainder is a loan secured by 4% general obligation bonds.
imately $24,000, of which 30% is a grant. The remainder is a loan secured
LORAIN, Lorain County, Ohio.
-BONDS NOT SOLD.
-No bids
by 4% general obligation bonds.
were obtained at the offering on Dec. 21 of 5240.0006% refunding bonds
KLICKITAT COUNTY SCHOOL DISTRICT NO.71 (P. 0. Golden.
V. 137. p. 4559. Dated Sept. 15 1933 and due $12,000 on March and
-Sealed bids will be received until
-BOND OFFERING.
dale), Wash.
Sept. 15 from 1938 to 1947 incl.
1 p. m. on Jan. 15 by J. W. Gray, County Treasurer, for the purchase
LORAIN COUNTY (P. 0. Elyria), Ohio.
-BONDS NOT SOLD.
of a $2,230 issue of school bonds. Interest rate is not to exceed 6%,
No bids were obtained at the offering on Jan. 4 of $40,000 6% excise tax
payable semi-annually. Prin. and int. payable at the County Treasurer's
poor relief bonds, dated Jan. 1 1934 and due March 1 as follows: $12,600,
office or at the fiscal agency of the State in New York, or at the State
1935; $13.300 in 1936 and $14,100 in 1937. Principal and interest(M.& S.)
Treasurer's office. A certified check for 5% must accompany the bid.
360
Financial Chronicle
are payable at the office of the State Treasurer at Columbus. The
only
recourse of the County is to offer the bonds to the State Industrial Commission, the State Teachers' Retirement Fund or to the
Director of
Finance. Issuance of an additional $226,000 of such bondsStatebe
will
necessary
in order to meet relief needs in the County for 1934.
LOUISVILLE, Boulder County, Colo.
-FEDERAL FUND ALLOTIENT.-The Public Works Administration announced recently an allotf
ment of $30,000 for the construction of a water filtration and treatmenl
plant. The cost of labor and material is set at approximately $22,000,
ot
which 30% is a grant. The remainder is a loan secured by 4% generaobligation bonds.
I. LOUISVILLE, Cass County, Neb.-BOND SALE
-The Village Clerk states that the $6,330 water mainCONTEMPLATED.
bonds approved by
the voters on Sept. 5-V. 137, p. 2139
-will be sold to the Federal Government.
LOVELADY SCHOOL DISTRICT (P. 0. Lovelady), Houston
County, Tex.
-BONDS VOTED.
-The issuance of $14,000 in school construction bonds is said to have been approved recently by the voters.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND EXCHANGE
PLANNED.
-Adelaide E. Schmitt, Clerk of the Board of County Commissioners. states that the $338,300 refunding bonds, including $214.000
44s and $124,300 5X,s, for which no bids were obtained on Jan. 3-V. 138,
p. 182-will be offered in exchange for the original ponds which matured
in November and December 1933.
MADISON COUNTY SCHOOL DISTRICT NO. 15(P.O. Highland),
III.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration allotment of $194,000 for the construction of schools includes a
grant of 30% of the amount to be used for labor and materials. These
Items are estimated at $149,600. The residue is a loan, secured by 4%
general obligation district bonds.
MANISTIQUE, Schoolcraft County, Mich.
-BOND ISSUE p....FEATED.-At the election hold on Jan. 2-V. 137, p. 4726
-the
to Issue $80,305 6% sewage disposal plant construction bonds proposal
was defeated by a vote of 413 to 45.
MARINE, Madison County, Ili -FEDERAL FUND ALLOTMENT.The Public Works Administration has allotted $13,000 for street paving
'
purpose. This includes a grant of 30% of the approximately $10,200 to be
used in the payment of labor and theignuThase of materials. The balance
is a loan, secured by 4% general obligation bonds.
MARION COUNTY (P. 0. Indianapolis), Ind.
-TAX DELINQUENCY.
-Total taxes levied by the county in 1933 were $18,022,224,
of which 11% remained unpaid at the close of the year. Under a law
enacted by the 1933 State Legislature, delinquent property taxes may
now be funded by a 10
-year time payment plan, it is said.
MARION COUNTY (P. 0. Marion), Ohio.
-BOND SALE.
-Clifford
E. Willoughby, Clerk of the Board of County Commissioners, reports
that the issue of $40.000 6% poor relief bonds offered on Jan. 2 was awarded
to the National City Bank & Trust Co. and the Fahey Banking Co..
both of Marion, jointly, at par plus a premium of $320, equal to
100.80,
a basis of about 5.60%. Dated Dec. 1 1933. Due March 1 as follows:
$12,600 in 1935; $13,300 in 1936 and $14,100 in 1937. Prin. and int.
(M. & S.) are payable at the County Treasurer's office.
MARION COUNTY UNION HIGH SCHOOL DISTRICT NO. 1
(P. 0. Gervais), Ore.
-BOND ELECTION.
-It is reported that
election will be held on Jan. 27 in order to vote on the proposed issuance an
of
$15.000 In high school building bonds.
MARION JUNCTION, Turner County, S. Dak.-FEDERAL FUND
ALLOTMENT.
-The Public Works Administration recently announced
an allotment of $24,000 for sewer construction in this city. The cost of
labor and material is set at $17.900,of which 30% is a grant. The remainder
1s,a loan secured by 4% general obligation bonds.
6, (An issue of bonds for this purpose was offered for sale without success
on Nov.9.-V.137, p.3870.)
MASSACHUSETTS (State of).
-BOND OFFERING.
-Charles F.
Hurley, State Treasurer and Receiver-General, will receive sealed bids
until 12 m. on Jan. 22 for the purchase of $8,453,000 coupon or registered
bonds. divided as follows:
$5,453.000 municipal relief (Act of 1933) bonds. Due Dec. 1 as follows:
$1,000 from 1934 to 1938, incl. and $543,000 in 1939. Interest
is payable in J. & D.
3.000,000 Metropolitan Additional Water Loan. Act of 1926 bonds. Due
8100,000 annually on Jan. 1 from 1935 to 1964, incl. Interest
is payable in J. & J.
Denom. $1,000. Separate bids must be made for each of the issues and the
bidder is to name the rate of interest, in a multiple of X of 1%. A certified
check for 2% of the amount bid for, payable to the order of the abovementioned official, must accompany each proposal.
Statement ofPublic Debt, Sinking Funds and Taxable Property of the
Commonwealth of Massachusetts.
Total Public Debt.
Thetotal bonded indebtedness Nov. 30 1933. was
$137,543,212.00
Less sinking funds
72.341,642.89
Total net debt
The debt Is divided as follows:
Direct Debt.
The-gross direct debt Nov. 30 1933. was
The sinking funds for the same amounted to.
The net direct debt Nov. 30 1933. was
Contingent Debt.
The gross contingent debt Nov. 30 1933. was
The sinking funds for the same amou ted to
$65,201,569.11
$20,885,550.05
10,367.134.75
$10.518.415.30
$116,657,661.95
*61.974,508.14
The net contingent debt Nov. 30 1933, was
$54.683,163.81
* Includes cash and Massachusetts city and town notes in the sum of
$11,560.000 under Chapters 49, 307 and 341 of the Acts of 1933.
Water Debt (Included in Above Contingent Debt).
The gross water debt Nov. 30 1933, was
367.190,000.00
The sinking funds for the same amounted to
32,630,591.26
The net water debt Nov. 30 1933. was
$34,559.408.74
Taxable Property.
The amounts of taxable property and taxable income of the Commonwealth of Massachusetts, as furnished by the Commissioner of Corporations and Taxation, for the year ended Nov.30 1933,follow:
Local Taxation.
Value of assessed real estate
46.038,006,306
Value of assessed personal estate (including motor vehicles
1932 value used)
g40,521,841
State Taxation.
Value of corporate excess, public service
$74,384,145
Value of corporate excess, street railways
230,914
Value of corporate excess, business corporations
1,125,000.000
Amount of taxable income, business corporations
75,000,000
Taxable deposits in savings banks
466,520,651
Taxable deposits in trust company savings departments
21.754,811
Taxab.e deposits in Massachusetts Hospital Life Ins, Co
4.741.989
Taxable income, individuals. &c
358,392,847
Taxable income, National banks and trust companies
9,457,889
MASSACHUSETTS (State of).
-51.500,000 NOTES SOLD.
-State
Treasurer Hurley on Jan. 9 awarded $1,500,000 notes as follows:
$1.000,000, dated Jan. 12 1934 and due Nov. 221934. issued inTanticIpation
of assessments against the Metropolitan District, were sold
to the Lee Higginson Corp. and Whiting, Weeks & Knowles,
both of Boston, jointly, to bear interest at the rate of 1.80%.
500,000, dated Jan. 12 1934 and due Feb. 15 1934, issued under the
Act pertaining to the activities of the State Emergency Finance
Board, were sold to the Boston Safe Deposit & Trust Co.,
which named an interest rate of 0.43%. plus a premium of $7.
Other bidders for the notes, including the interest rates named, are
shown herewith:
Guaranty Co. of New York on the $1.000,000, 2.12%; on the $500,000.
0.49% plus $3 premium.
Jan. 13 1934
State Street Trust Co. on the 51,000,000. 2.17%.
Day Trust Co. on the $500.000, 0.44%.
Bankers Trust Co. on the $1,000,000. 2.23%; on the $500,000. 0.44%.
First of Boston Corp. on the $1,000.000, 2.19%; on the $500,000, 0.47 .
F. S. Moseley and Brown Bros. 1Iarriman & Co. on the
$1,000.0i
2
.16%.
Salomon Bros. & Hutzler, on the 81.000,000. 2.44% plus $13 premium;
on the $500,000, 0.94%.
National Shawmut Bank, on the $1,000.000, 1.97%; on the $500,000.
0.43%.
Bank of Manhattan Co. on the S500,000. 0.45%.
Halsey, Stuart & Co., on the $1.000,000, 2.45% •
Newton. Abbe & Co., R. W.Pressprich & Co.jointly, on the $1,000,000,
2.32% plus $25 premium.
MASSACHUSETTS (State of).
-FEDERAL FUND ALLOTMENT.
The $300,000 of Federal funds made available to the State by the Public
Works Administration will be used as follows:
$261,000 for the construction of a reinforced concrete pavement on Boylston
Street in Brookline. The approximate cost of labor and material is $210,000, of which 30% is a grant. The balance is
a loan secured by 4% general obligation bonds.
39,000 for the construction of a one-story and basement addition to
existing institutional building at the Lyman School for Boys
at Westborough. The approximate cost of labor and material
is $31,100, of which 307 Is a grant. The balance is a loan
secured by 4% general obligation bonds.
MASON CITY SCHOOL DISTRICT NO. 169 (P. 0. Mason City),
Custer County, Neb.-BONDS VOTED.
-At the election hold on Dec.
29-V. 137, p. 4559
-the voters are mid to have approved the issuance
of the $32,500 in school bonds. The project has been approved by the
State Advisory Board of the Public Works Administration and will involve an allotment of about $46,500.
MAX, McLean County, N. Dak.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration recently announced an allotment of
$3,500 for municipal oullding construction. The total cost of labor and
material is put at approximately $3.000. of which 30% is a grant. The
remainder is a loan secured by 4% general obligation bonds.
McCOOK COUNTY (P. 0. Salem), S. Dak.-FEDERAL FUND
ALLOTMENT.
-The I'ublic Works Administration announced recently an
allotment of $116.000 for court house construction. The total cost of labor
and material is put at approximately $95,000, of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
MEMPHIS, Shelby County, Tenn.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration recently announced an allotmen, of $32,000 for the construction of dikes and spillways in dredging a
section of Wolf River. The approximate cost of labor and material is set
at $16,600, of which 30% is a grant. The remainder is a loan secured by
4% general liability bonds.
MEMPHIS,Shelby County,Tenn.
-NOTE SALE.
-The two issues of
6% notes aggregating $1.000,000, offered for sale on Jan. 9-V. 138, 1)•
183
-were purchased by a syndicate composed of the Union Planters
National Bank & Trust Co., the First National Bank and the National
Bank of Commerce, all of Memphis, at par. The issues are divided as
follows:
$400,000 revenue, series of 1934 notes. Duo on June 16 1934.
600,000 revenue, series of 1934 notes. Due on Sept. 16 1934.
MEMPHIS SCHOOL DISTRICT (P. 0. Memphis) Shelby County,
Tenn.
-The $600,000 issue of 6% revenue, series of 1934
-NOTE SALE.
notes offered for sale on Jan. 9-V. 138, p. 183
-was purchased by a syndicate composed of the Union I'lanters National Bank & Trust Co., the
First National Bank and the National Bank of Commerce, all of Memphis,
at par. Dated Jan. 15 1934. Due on July 15 and Oct. 15 1934.
MERIDIAN, Bosque County, Tex.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced recently an allotment or $23,000 for the construction of a sanitary sewer system and disposal
plants. The approximate cost of labor and material is put at $18,000, of
which 30% is a grant The remainder is a loan secured by 4% revenue
bonds.
MEXICO, Audrain County, Mo.-FEDERAL FUND ALLOTMENT.
The Public Works Administration announced recently an allotment of
$95,000 for sewage disposal plant construction. The cost of labor and
material is put at approximately $71,000, of which 30% is a grant. The
remainder is a loan secured by 4% general obligation bonds.
MICHIGAN (State of).
-BONDED DEBT REDUCED-The bonded
debt of the State at the close of year 1933 amounted to $81,250.000. representing a reduction of $1,000,000 below the total on Dec. 31 1932. The
figure includes $50.000,000 highway. $28,000,000 soldier bonus. $2,250,000
State war loan and $1.000,000 State Fair bonds. The reduction of $1,000,000 in the debt was made in July 1932 on the soldier bonus bonds. The
balance of $13,894,691 in the State Treasury on Dec. 20 1933 included
certain funds impounded in closed banks and other sums representing
Federal contributions for welfare and other emergency needs. Since the
beginning of the 1933-1934 fiscal year to Dec. 25 1933 the State collected
$65,157,000 of revenues from all sources, of which $12,449,867 was derived
from the sales tax.
MISSISSIPPI, State of (P. 0. Jackson).
-BOND SALE.
-The $188.
000 issue of 5X % semi-ann. State Hospital for the Insane bonds offered
for sale on Jan. 5-V. 137, p. 4560
-was purchased by a syndicate composed of the Deposit Guaranty Bank & Trust Co. of Jackson, the First
National Bank, Harris & Leftwich and Saunders & Thomas, all of Memphis,
at a price of 98.56, a basis of about 5.70%. Dated Oct. 1 1932. Due
from 1942 to 1944.
MISSOURI,State of (P. 0. Jefferson City).
-RESOLUTION PASSED
ON BOND REFERENDUM.
-The house is reported to have passed the
Senate resolution calling for the submission to the voters of a $10,000,000
bond issue to be used for the rehabilitation of the State penal and charitable
institutions. It is said that the election may be called by the Governor or
held at a regular election this month. The bonds are to bear 5% interest,
to mature in 35 years, and they would be retired by doubling the corporate
franchise tax
MITCHELL, Davison County, S. Dak.-BOND OFFERING.
-Sealed
bids will be received until 1.30 p. In. on Jan. 19 by Thomas Eastcott.
City
Auditor,for the purchase of an issue of $132,000 4% sewer bonds. Denom.
81,000. Dated Nov. 1 1933. Due on Nov. 1 as follows: $6.000, 1934
to 1943; $7,000. 1944 to 1951, and $8,000 in 1952 and 1953. Interest payable M.& N. Payable at the office of the City Treasurer,
MITCHELL, Davison County, S. Dak.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced recently an allotment of 543.000 for water main construction. The approximate cost of
labor and material is $36,000, of which 30% is a grant. The remainder
Is a loan secured by 4% general obligation bonds.
MOBRIDGE, Walworth County, S. Dak.-BOND ELECTION NOT
SCHEDULED.
-The City Auditor reports that no date has been set as yet
to vote on the issuance of the $90.000 in storm sewer and street improvement
bonds, said to be scheduled for a vote on Jan. 16-V. 137. p. 4727.
MONROE, Monroe County, Mich.
-BOND REFUNDING AUTHORIZED.
-The City Commission on Jan. 2 authorized the issuance of
$30.000 refunding bonds in exchange for a like amount which matured on
Dec. 1 and Dec. 15 1933. The new bonds will mature over a period of 10
years. The authorization confirmed action previously taken by the
retiring Commission.
MONROE COUNTY (P. 0. Woodsfield), Ohio.
-BOND OFFERING.
G. S. McKelvey, Clerk of the Board of County Commissioners, will receive
sealed bids until 12 m. on Jan. 29 for the purchase of $18,587 67 poor relief
bonds. Dated Dec. 1 1933. Duo March 1 as follows: $3,987 in 1934;
$3,350, 1935; $3,600, 1936; $3,750, 1937, and $3,900 in 1938. Interest Is
payable in March and Sept. A certified check for 5%, payable to the
order of the County Commissioners, must accompany each proposal. A. 4
MONTCLAIR, Essex County, N. J.
-P WA ALLOTMENT -' 7
'35.
TAINED.-In allotting $40,000 for the construction of relief sewers, the
Public Works Administration agreed to furnish as a grant a sum equal to
30% of the approximately $30,000 to be expended for labor and materials.
The balance of the advance consists of a loan,secured by 4% revenue bonds.
Volume 138
Financial Chronicle
MONTGOMERY COUN
-LOCAL BANKS
MAY PURCHASE $400,0TY (P:0. Dayton), Ohio.
00 BONDS.
-Dayton banks have been asked
by the County Commissioners
The request of the institutions to purchase $400,000 poor relief bonds.
that, in the event of the purcha
legally pledge the obligat
may
as security for public funds on se, they with
deposit
them, has been agreed to ionsState
by
officials, it is said. This authority was
made necessary, according to report,
as under the law the bonds of a
municipality may not be used
defaulted in the last 10 years.as security for public fund deposits if it has
has been obliged to issue refundi On two occasions, it is said, the County
ng securities for bonds which had matured
and were unpaid.
361
NEW JERSEY (State of).
SINKING FUND INQUIRY, -LEGISLATIVE COMMITTEE ENDS
-The Legislative Committee which has been
investigating the practices and policie
s pursued by the State Sinking Fund
Commission completed the inquiry
State Senator Dryden Kuser, headon Jan. 4. Following the final hearing,
of the Committee, stated that the evidence obtained had justified
the investigation and that a report with
recommendations will be submit
ted soon. The investigation resulted from
criticism of a transaction involving
$1,027,000 Jersey City tax revenue
bonds.
-V.138, p. 183.
NEW JERSEY (State of).
-FEDERAL FUND ALLOTMENT.
-The
$856,600 recently allotted to the
tion will be devoted to the followi State by the Public Works Administrang purposes:
$300.000 for construction of ward and
dormitory
boro State Hospital. Thirty per cent, buildings at the Marlof the cost of labor and
material, which totals approximatel
y $242,300, is a grant. The
balance is a loan secured lay 4% general
ooligation bonds.
128,000 for construction of a fireproof
audito
Reformatory at Annandale. Thirty rium building at th6 State
per cent, of the cost of
labor and material, which totals
approximately b103,300, is a
grant. The balance is a loan secure
d by 4% general obligation
bonds.
101,600 for the construction of a ward
Reformatory. Thirty per cent, building at the Annandale State
of the cost of labor and material
which totals approximately 380,50
0, is a grant. The balance
Is a loan secured by 4% general
obligation bonds.
85,000 for construction of a service
building at the Colony for Feebleminded at Woodbine. The approx
rial is $70,000, of which 30% is a imate cost of labor and mategrant.
secured by 4% general obligation bonds. The balance is a loan
79,000 for the construction of a dormit
ory building at the Vineland State
School. Thirty per cent. of the cost
of labor and material, which
totals approximately $63,000,
secured by 4% general obilgat is a grant. The balance is a loan
71.000 for hospital addition constru ion bonds.
ction to
Jamesburg. Thirty per cent, of thethe State Horne for Boys at
cost of labor and material,
which totals approximately 357,200, is
loan secured by 4% general obligation a grant. The balance is a
bonds.
47,000 for State hospital construction
building at
per cent, of the cost of labor and materia New Lisbon. Thirty
mately $37,700, is a grant. The balance l, which totals approxiis a loan secured by 4%
general obligation bonds.
45,000 for construction of an adminis
trative
State Prison Farm. Thirty per cent, building at the Leesburg
material, which totals approximately of the cost of labor and
$36,500,
balance is a loan secured by 4% general obligat is a grant. The
ion bonds.
NEW PHILADELPHIA, Tusca
rawas County, Ohio.
-PUBLIC
WORKS ALLOTMENT.
-The Public Works Administration has allotte
$55,000 for the construction of a
d
30% of the approximatel $43,00 water plant. This induce; a grant of
y
The balance is a loan secured oy 4% 0 to oe spent for labor and materials.
revenue bonds with mortgage provisions.
NEW PHILADELPHIA CITY
SCHOOL DISTRICT, Tuscarawas
County, Ohio.
-BON
-Although no bids were obtained at the
offering on Dec. 1 of D SALE.
54,000 5% refund
-V. 137. P• 3359 a
block of $1,500 was subsequently disposeing bonds
trict expects that the balance of the issue d of at par privately. The diswill be accepted in exchange for
bonds that have matured. The entire
$500 on June and Dec.9 from 1938 to issue is dated Dec. 9 1933 and due
1941 incl.
NEWPORT, Newport County, R. 1.-L
0
- 71Torman Sayer, City Clerk, will receive sealed bids7M-OFFM711.--Wuntil 5 p.m. on Jan. 18 for
the purchase at discount basis of a $100,0
00 revenue anticipation loan.
Dated Jan. 23 1934. Denom.$25,000.
$10,000 and $5,000. Due Aug. 20
1934. Notes, evidencing existence of the
to genuineness and validity by the First debt, will be authenticated as
advice of Ropes, Gray, Boyden & PerkinNational Bank of Boston, under
s of
payable at the First National Bank of Boston Boston. The notes will be
or at the office of the First
of Boston International Corp., New York
City.
NEWPORT NEWS, Warwick County,
Va.-FEDERAL
ALLOTMENT
.-The Public Works Administration announced FUND
recently
an allotment of $197,000 for water main improv
and material is put at a total of approximatel ements. The cost of labor
Is a grant. The remainder is a loan secure y $163,000 and 30% of that
d by 4% general obligation
bonds.
MOOREFIELD, Hardy County,
W. Va.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration
recently announced an allotment of $50,000 for water works
system construction. The total cost of
labor and material is put at approx
imately $40,000, of which 30%
grant. The remainder is a loan
is a
secured by 4% revenue bonds.
MORGAN COUNTY SCHOOL DISTR
ICT (P. 0. Morgan) Utah.FEDERAL FUND ALLOTMENT.
announced recently an allotment -The Public Works Administration
of $94,62
tion. The total cost of labor and materia 0 for school building construcof which 30% is a grant. The remain l is put at approximately $76,000,
der is a loan secured by 4% genera
obligation bonds.
MORGANVILLE, Clay County, Kan.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration
announced recently an allotment of $24,000 for water works
system construction. The total cost of
labor and material is put at approx
The remainder is a loan secured imately $19,000, of which 30% is a grant.
by 4% general obligation bonds.
MOUNT LEBANON TOWNSHIP
(P. 0. Mount Lebanon), Pa.
BOND OFFERING.
-F. W. Cooke, Township Secreta
ry, will receive
bids until 8 p. m. on Feb. 1,
53 '7 coupon bonds. Dated for the lairchase of $70,000 not to exceed
, 0
1
Feb. 1 1934. Denom. $1,000. Due $7,000
on Feb. 1 from 1935 to 1944,
incl. Interest is payable in F. & A. Sale of
the bonds is subject
of Internal Affairs. to approval of issue by the Pennsylvania Department
A certified
the Township Treasurer, must check for $1,000, payable to the order of
accompany each proposal.
MOUNT PLEASANT (P.O.
N. Y.
-PLAN PWA AID. North Tarrytown) Westchester County,
-The Public Works Administration will be
asked to furnish a loan and grant
of a water works plant as authoriof $75,000 to be used in the construction
zed by the voters at an election held on
Dec. 19. The Town's share of
will be secured by 4% revenu the cost of the project, estimated at $55,000.
e bonds of that amount, to be retired from
the earnings of the utility.
MOUNT STERLING, Madiso
n Count
-PUBLIC WORKS
ALLOTMENT.
-The PWA allotment of y, Ohio.
$12,000 for water plant construction includes, as a grant, a
sum equal to 30% of the approximately
$10,000 to be spent for labor
and materials. The balance is a loan, secured
by 4% revenue bonds.
I. MULESHOE, Bailey
County, Tex.
-FEDERAL FUND ALLOTMENT
.-The Public Works Adminis
tration announced recently an allotment of $8,000 for water works
improvements. The total cost of labor and
material is put at approx
imately $6.,000. of which 30% is a grant. The
remainder is a loan secured
by 4% revenue bonds.
MUNCIE, Delaware County,
Ind.
-BOND AND NOTE OFFERING.
An issue of $18,000 notes or
time warrants will be offered for sale by the
City Comptroller at 10 a.m.
on Jan. 22. Bids will be received at the
same time on an issue of
$26,500 refunding bonds.
MUNCIE, Delaware
-WARRANT SALE.
of $51,500 time warran County, Ind.
-The issue
offered on Dec. 29-V. 137,p. 4560
chased as Gs, at a price ts par,
-was
of
by the Muncie Banking Co. of Muncie.purMUNDAY SCHOOL DISTR
(P. 0.
Tex.
-BONDS DEFEATED. ICTreporte Munday), Knox County,
-It is
d that at an election held recently the voters rejected a proposal
to issue $40,000 in school construction
bonds.
MUSCATINE, Muscatine County, lowa.
-BOND SALE.
Issue of sewer construction
-A $12,000
Phillips Co.of Davenport, bonds was purchased on Dec. 21 by the Whiteas 4
a basis of about 4.1 %coup hs, paying a premium of$30,equal to100.25,
on bon
bonds in denominations of 1.000. Due
$4,000 from Dec. 1 1936 to 1938.
Interest payable June and December.
MUSKINGUM COUNTY (P.
0. Zanesville), Ohio.
-The issue of $79,500
coupon poor relief bonds offered on-BOND SALE.
Jan. 8-V. 137.
p. 4560
-was awarded as 5)is
NEW YORK, N. Y.
-CITY TO GET INTEREST ON BANK
nati, at par plus a premium to Assel, Goetz & Moerlein, Inc. of CincinBALANCES.
-Mayor LaGuardia announced on Jan. 5
of
that the banking
5.21%. Dated Dec. 15 1933. $64.95. equal to 100.08, a basis of about
institutions participating in the four year financi
Due $13,000 April and $13,500 Oct. 15
ng plan have agreed to
from 1935 to 1937 inclusive.
pay interest on the City's daily bank balance
s. Certain of the banks,
following the signing of the credit agreement
MUSKOGEE, Muskogee
in
-BOND ELECT
pay interest on daily balances and conferences October 1933. declined to
stated by the City TreasurerCounty, Okla.
-It is
were held with members
that the $120,000 water works ION.
of the old Tammany Administration without result.
tioned in V. 138, p. 183. will be
bonds meninterest on the deposits was reached following confere Decision to pay
Jan. 23. The bonds will bear submitted to the voters at an election on
nces between A. A.
interest at the rate of not to exceed 4% and
Berle Jr. City Chamberlain, and J. P. Morgan
will mature in 20 years.
& Co., who are agents
for the bianking group.'
BOND ELECTION OPPOSED.
-An election on the issuance of$1,250
In bonds to secure PWA loans
,000 •NEW YORK, N. Y.
-FEDERAL FUND ALLOTMENT.
for a city power and light plant is
-The city'has
to have been opposed by
been allotted $2.500,000 by the Public Works Adminis
reported
the
tration for the conplant allotment is said to be City Council. An application for the power
struction of additional high schools. This include
pending before the State and National Adviso
0
Boards.
approximately $1,970,000 to be spent for labor and s a grant of 307 of the
ry
Is a loan, secured by 4% general obligation bonds. materials. The balance
NASHUA, Hillsboro Count
y, N. H.
-PUBLIC WORKS ALLOTMENT
.-In allotting $188,000 for
NEW YORK (State of).
-PLANS SALE
the Public Works Administration the construction of a sewarege system,
It was reported on Jan. 5 that the State will OF $50,000,000 NOTES.
included as a grant a sum equal to
offer for sale late this month
of the approximately
an issue of from $25,000,000 to $50,000,000
30%
$177.000 to be expended for labor and
The balance consists of a
of 1934. An issue of $50,000,000. bearing 1% revenue anticipation notes
loan, secured by 4% general obligat materials.
interest and due on Jan. 19,
ion bonds.
will be retired out of cash on hand.
NASHUA, Hillsboro County,
Ps BILL PROVIDES FOR $100,000,000 HIGHWAY BOND ISSUE
-TEMPORARY LOAN.
Second National Bank of Nashua N. H.
-The
.
-Under
was awarded on Jan. 11 a
the provisions of a bill introduced in the u 'er house
revenue anticipation loan at 4.10%
of the State Legisladiscount basis. Payable $200,000
ture, the State is empowered to issue $100,;11,00
each on Dec. 3 and Dec. 17
$100.000
0 bonds for the purpose of
1934. A bid of 4.50% was
financing the construction of a concrete toll highwa
Bond & Goodwin, Inc.
submitted by
y from a point in the
Pennsylvania State line at or near Ripley to the
City of New York. The
NATICK, Middlesex Count
bill requires that the bonds mature in 25
-LOAN NOT SOLD.
years and that the proposal be
Treasurer reports that no bids y, Mass.
-The Town
submitted for consideration of the electorate
at the general election to be
$100,000 revenue anticipation were obtained at the offering on Jan. 5 of
held in Nov. 1934.
notes. dated Jan. 5 1934 and due
5 1934.
on Nov.
NIAGARA FALLS, Niagara County,
N. Y.
-FEDERAL FUND
NEHAWKA, Cass County, Neb.ALLOTMENT.
-The allotment of
BONDS VOTED.
held recently the voters
-At an election
tration for the purpose of constru $445,000 by the Public Works AdminisIn water system bonds.are said to have approved the issuance of $16,400
of 30% of the amount to be used cting a water intake line, includes a grant
of materials. Such expenditures in the payment of labor and the purchase
NEOSHO, Newton County,
Mo.-FEDERAL FUND ALLOTMENT,
of the advance is a loan, secured are estimated at $3363,000. The residue
The Public Works Administration
by 4% general oblligation bonds.
announced recently an allotment - PONIS
$41.000 for sewage disposal plant constru
of
KAYUNA (P. 0. Niskayuna) Alban
ction. The total cost of
y County, N. Y.
-ADDIand material is put at approximatel
TIONAL INFORMATION.
y $31,000, of which 30% is a labor
-The issue of $13,000 5.80% Water District
The remainder is a loan secured by 4%
No. 5 bonds purchased by the
grant.
general obligation bonds.
Manufacturers & Traders Trust Co. of
Buffalo
-as reported in V. 137,
NEWARK, Essex County, N.
-is in denoms. of $1.500 and $1,000
and matures serially as follows p.4728
J.
-STATUS OF MUNICIPAL
FINANCES.
:
-The city started the
from 1942 to 1948, incl. Interes$1,500 from 1938 to 1941, incl. and $1.000
millions in debts, according to the now year with f391,00c in the bank and
t is payable in J. & J.
Newark "News' of Jan. 2. The
ipal payrolls due on that day,
municNORTH BERGEN TOWNSHIP,
including
N.J.
-INTEREST CUT ON BONDED
firemen, could not be paid. In additio$1,100,000 for teachers, police and
DEBT SOUGHT
.-Paul F.
neous debts were unpaid. Bond issues n, $2000,000 in year-end miscellaferred with the State MuniciCallum, Finance Commissioner, on Jan. 5 conmaturing during January amount
1,215,000. Taxes owed to the State and
the reduction which he is pal Finance Commission at Trenton concerning
to
county for 1933 total more than
seeking to effect in the rates of interest carried
I8,000,000, while the amount owed to
on the approximately
$20,000,000 bonded debt. Mr. Callum is desirous
10,000,0(10, it is said. Taxes due inthe city for that year is in excess of
of reducing the interest charges
1934 will be payable in quarter
,
Installments.
which would result in an annual which range from 514 to 6%,down to 3%.
ly
cut
said. The Finance Commission, of $400,000 in interest payments, it is
NEW CASTLE (P. 0. Chappaqua),
municipality since 1931. made no which has supervised the affairs of the
Westchester County, N.
BOND OFFERING.-James F. Walsh
decision in the matter.
Town Clerk, will receive sealedY.until 7 p.m.on Jan.29 for the purchase
olds
OCONTO, Oconto
of $20,50
coupon or registered bonds, divided as follows 0 not to exceed 6% interest
-The Public Works County, Wis.-FEDERAL FUND ALLOTMENT.
Administration recently announced an allotment of
:
$12.000 for water works system
$13,868.94 street impt. bonds. One
bond
material is set at approximatel construction. The total cost of labor and
Due Jan. 1 as follows: $868.94 for $868.94, others for $1,000.
y $11,000, of which 30% is a grant. The
in 1935; $1,000 from 1936 to
remainder is a loan secured by 4%
1940 incl. and
general obligation bonds.
6,631.06 highway impt.$2,000 from 1941 to 1944 incl.
bonds. One bond for
OKLAHOMA COUNTY (P. 0.
Due Jan. 1 as follows: $1,631.06 in $631.06, others for $1,000.
Oklah
-BOND
ELECTION.
-The city and county officials oma Citg), Okla.
1935 and $1,000 from 1936
to 1940 incl.
are said to Eave agreed to hold
a special election on Feb.6 in
order to have the voters pass on the proposed
Each issue is dated Jan. 1 1934. Bidder
$1.400,000 city-county building
to name a single interest rate for
project, to replace the old city hall and
all of the bonds, expressed in a multiple of
county court house. The plans
X or
call
and interest (J. & J.) are payable in lawful money 1-10th of 1%. Principal
$525,000 by each governmental unit. for bonds issue elections for about
of the United States at the
Chappaqua National Bank. A certified check
ORANGE COUNTY (P. 0.
for
Santa Ana), Calif.
of the Town, must accompany each proposal. $500, payable to the order
-FEDERAL FUND
ALLOTMENT.
-The Public
Clay, Dillon & Vandewater of New York vrill The approving opinion of
an allotment of $918,000 for Works Administration announced recently
be furnished the successful
harbor improvement purposes. The total
bidder.
of labor and material is put at
cost
a grant. The remainderils a approximately $1,437.000, of which 30% is
loan secured by 4% general obligation bonds.
362
Financial Chronicle
Jan. 13 1934
is
00 in septic tank bonds. The city
approved the issuance of the $100,0tion to the PWA for an allotment on
DISTRICT (P. 0. Conesville),
ORONO TOWNSHIP SCHOOLNOT SOLD.
understood to have made an applica
$10,000 issue of
-The
-BONDS
the project.
Muscatine County, la.
P. 4041-was not sold.
school bonds offered on Dec. 2-V. 137,received until 1 p. m. on Jan. 20,
0. Upper Marlboro), Md.PRINCE GEORGES COUNTY (P. ed to Nicholas Orem, SuperinBONDS RE-OFFERED.-Blds will be
ts, for the purchase
-Sealed bids address
Board of Directo
BOND OFFERING.
Ruby S. Wagner, Secretary of theis not to exceed 5%. Payable semiby
23, for the purchase of
tendent of Schools, will be received until Jan.
of the above bonds. Interest rate
bonds and the approving
$275,000 4% coupon school bonds.
annually. Due from 1936 to 1945. Printedbe furnished.
-The
-TEMPORARY LOAN.
opinion of Chapman & Cutler of Chicago, will
QUINCY, Norfolk County, Mass.
Co.of New York and the
-Frederick
-BON OFFERING.
National Shawmut Bank, Bank of the Manhattan d on Jan. 10 a $300,000
ORRVILLE, Wayne County, Ohio. bidsD
until 12 m. on Jan. 15 for
l Bank, jointly, were awarde
Merchants Nationa
-28 1934.
Smucker, Village Clerk, will receive sealed
Due on Dec.
Dated Dec. 15 1933.
revenue anticipation loan at 43 % discount basis.
the purchase of $6,000 5 % refunding bonds.
1 from 1935 to 1944 incl.
don County,
Denom. $600. Due $600 annually on Oct. bonds to bear interest at a
TOWNSHIP (P. 0. Flemington), Hunterip Clerk, will
RARITAN
for the
, Townsh
Interest is payable in A. & 0. Bids multiple of 3.1 of 1%, will also be con-BOND OFFERING.-WIlllam M. Schompoffice of A.0. Robbins,
N. J.
the
rate other than 5%%,expressed in a payable to the order of the village,
receive sealed bids until 10 a. m.on Jan. 22, at
bonds.
sidered. A certified check for $100,
purchase of $14,500 50/ refunding from
92 Main St., Flemington, for the
31 as follows: 83,500
must accompany each proposal.
Dated Dec. 31 1933. Denom. $500. Due Dec.
semi-annually. A
-BOND ISSUE
Y.
incl. and $4,000 in 1937. Int. is payable any each proposal.
COUNTY (P. 0. Cooperstown), N. the State Legislature
OTSEGO
1934 to 1936
accomp
-A bill has been introduced in
certified check for 2% of the bonds bid for must
BILL INTRODUCED.
6% interest bonds,
-FINANCIAL
empowering the county to issue $385,000 not to exceed
Pa.
existing
NG SCHOOL DISTRICT, Barks County, on Jan. 16 of $400,in order to provide for the retirement of
READI
due in 10 installments,
and county highways.
-In connection with the proposed sale and description of
STATEMENT.
indebtedness incurred in the construction of State
bonds, notice
000 not to exceed 4%% coupon school received the following:
-FEDERAL FUND ALLOTOXFORD, Butler County, Ohio.
of $60,000 to
which appeared in V. 138, p. 185, we have
Dec. 15 1933.
-The allotment by the Public Works Administration grant of 30%
MENT.
system includes a
Total Borrowing Power of the School Board .067.00
sewer
finance extensions to the storm water spent for labor and materials. The
$171,503
Assessed value ofreal estate
mately $46,000 to be
of the approxi
.07$12,005,214.69
bonds.
7% of borrowing power
balance is a loan, secured by 4% general obl.gation
ng
Dak.-FEDERAL FUND ALLOTPARKER, Turner County, S. tration recently announced an allotPresent bonded indebtedness (not includi
-The Public Works Adminis
this issue but including $2,000,000 author
MENT.
7,350,100.00
ements. The approximate
ized but unissued bonds)
ment of $15,000 for water works system improv
which 30% is a grant. The
$1,334.47
cost of labor and material is put at $12,000, of
Cash in sinking fund
appropriation 121,166.66
loan secured by 4% general obligation bonds.
Balance of 1933-34
remainder is a
DISTRICT (P. 0. Los An122,501.13
PASADENA ELEMENTARY SCHOOL
Less amount in sinking fund
-It is reported that sealed bids will
-BOND OFFERING.
geles), Calif.
$693,purchase of a
7,227,598.87
Jan. 22, by the County Clerk, for the5%. Due from 1934
be received until
Net indebtedness
to exceed
000 issue of school bonds. Interest rate not
to 1954.
of the School Board (not including $4,777,615.82
Margin of borrowing power
-FEDERAL FUND ALLOTthis issue)
PATASKALA, Licking County, Ohio.allotment of $36,000 for water
to Electoral and Non-Electoral Bonds.
Bonded Indebtedness Divided as ng this issue.)
-The Public Works Administration of 30% of the approximately
MENT.
(Not includi
works construction purposes includes a grant
$2,860,000.00
and the purchase of materials.
of
Electoral bonds outstanding
$27.000 to be used in the payment4%labor e bonds.
None
revenu
Cash in sinking fund
The balance is a loan, secured by
0.00
Balance of 1933-34 appropriation _$50.00
-FEDERAL FUND ALLOT" PAWNEE, Pawnee County, Okla. recently announced an allot$50,000.00
-The Public Works Administration The total cost of labor and
MENT.
Less amount in sinking funds
ent.
ment of $60,000 for power plant equipm is a grant. The remainder is a
$2,810,000.00
indebtedness
l is put at $48,700 of which 30%
materia
Net electoral bonded
$2,490,100.00
loan secured by 4% general obligation bonds..
Non-electoral bonds outstanding $1,334.47
-FEDERALFUND ALLOTCash in sinking fund
71,166.66
PAVVTUCKET,Providence County, R.I.
and grant of $45,000 to
Balance of 1933-34 appropriation-The Public Works Administration Loan replacement of existing
MENT.
ng
$72,501.13
the City for the reconstruction of streets, includi
funds
be
30% of the amount to
Less amount in sinking
water and sewer facilities, includes a grant of
tures are estimated at
$2,417,598.87
expended for labor and materials. Such expendi
ion bonds.
al bonded indebtedness
4% general obligat
Net non-elector
$37,500. The oalance is a loan, secured by
$5,227,598.87
ALLOTL FUND
1,012,462.47
Total
PEARISBURG, Giles County, Va.-FEDERA ced recently an
power
-The Public Works Administration announThe total cost of
Margin of non-electoral borrowing Taxes Dec. 15 1933.
MENT.
.
Unpaid Properl&i
$7,917.72
allotment of $25,000 for water works improvements. of which 30% is a
$799,103.57J 1928
6,553.80
1933
labor and material is put at approximately $19.000 obligation bonds.
general
324,840.97 1927
4,255.06
1932
grant. The remainder is a loan secured by 4%
and prior
156,162.07 1926
1931
Joseph County, Ind.
73,007.18
PENN TOWNSHIP (P. 0. Mishawaka) St. -No bids were received
$1,394.108.89
1930
-OFFERING CONTINUED.
22,268.52
BONDS NOT SOLD
-V.
nt funding bonds
1929
on Jan. 6,for purchase of the issue of $31,825 judgme10 a. m. on Jan. 13.
until
, Vt.-OBTAINS PWA ALLOT137. p.4561. The offering has been continued Trustee.
READSBORO, Bennington County Works Administration funds for
PUblie
to George F. Eberhart,
Tenders should be sent
-The allotment of S30,000 s a grant of 30% of the estimate of
MENT.
ICT (P. 0. Petrolia),
school building construction include t of labor and the purchase of matePETROLIA INDEPENDENT SCHOOL DISTR e of $39,000 in school
paymen
-The issuanc
$20,400 to be expended in the
-BONDS VOTED.
Clay County, Tex.
by 4% general obligation bonds.
voters,
rials. The balance is a loan, secured
is said to have been approved recently by the
construction bonds
ON
-Local banks
FINANCE CORPORATION -REPORT .
KS REFUSE NEW LOANS.
-BAN
RECONSTRUCTION
PHILADELPHIA, Pa.
DISTRICT LOANS 80 FAR MADE administration on Jan. 5 that
DRAINAGE AND IRRIGATION
Informed Mayor Moore and members of his for payroll purposes until the
by the above Corporation on
made public
The following statement was
no further loans will be made to the city a result. Jan. 15 is expected
is repaid. As
g
Jan. 3:
$5.300,000 now outstanding the
said.
drainage and irrigation districts, totalin
21,000 dty-county employees, it isof the
Twelve loans for refinancing
be a payless pay'day for
to
zed by the RFC, making a total of $18.due at the first
$2.676,205, have been authori under the provisions of Section 36 of the
The banks stated that the existing indebtedness was taxes. At the same
1934
date
on
for
173,041.24, authorized to
year and that the loans represent prior lienspayment of 1933 taxes totaled
Act, which appropriated $50,000,000
Emergency Farm Mortgage
time it was reported that the delinquency in
with ..15,874,229 outstanding for 1932 and
refinancing such districts.
$16,046,657, which, together to
$31,920,886.
t
The 12 districts are:
prior years, brought the total
Counties Water Improvement Distric $750,000
Bexar, Medina & Atascosa
-FEDERAL FUND ALLOTAriz.
PHOENIX, Maricopa County, tration recently announced an allotNo. 1, Texas
t No. 1, Fort Stockton,
ement Distric
40,000
-The Public Works Adminis
MENT.
Pecos County Water Improv
The cost of labor and
ment of $250,000 for water system extension.
Texas
of which 30% is a grant. The
Hidalgo County No. 1, Donna, Hidalgo 791.755
material is put at approximately $196,000, obligation bonds. (An Issue of
Donna Irrigation District,
375,000
remainder is a loan secured by 4% general9-V. 137, p. 4561.)
County, Texas
t, Talent, Jackson County, Oregon
27,500
bonds for this purpose was voted on Dec.
Talent Irrigation Distric t, Palisades, Douglas County, Wash
318,450
es Irrigation Distric ct No. 1. Hammond, La
-FEDERAL FUND ALLOTN. J.
Palisad
PLAINFIELD, Union County, tration recently allotted $262,000 for
Tangipahoa Drainage Distri
Drainage District No. 3, Evangeline & 36,800
-The Public Works Adminis
MENT.
Prairie Ronde Gravity La
the following work projects:
30,000
Thirty per cent. of the cost of labor
St. Landry Parishes,
County, Wynne, Ark
$71,000 for resurfacing of streets.
grant.
is
Drainage District No.3, Cross t of Jasper County, Newton, Ill_ _ 56.000
l, which totals approximately $52,000,ion a
and materia
Distric
bonds.
n Pond DrainageDrainage District, Tampa, Hillsborough
by 4% general obligat
Captai
The balance is a loan secured
75,000
South Tampa Farms
storm sewer. Thirty per cent, of the
62,000 f3r the construction of als, which totals approximately $47.000,
60,000
County, Fla
Audubon County, Iowa
coat of labor and materia
oy 4% general obligation
115,700
Drainage District No. 4 of t No.3 Norfolk County, Va
is a grant. The balance is a loan secured
Distric
Butts Road Drainage
-On Jan. 5 the above corbonds.
RIZED.
per cent, of the cost of labor
ADDITIONAL LOANS AUTHO nt:
43,000 for resurfacing of streets. Thirty mately $31,000. is a grant.
stateme
poration issued the following drainage districts in South Dakota, three in
and material, which totals approxi general obligation bonds.
4%
Loans for refinancing six totaling $847,600, have been authorized by the
The balance is a loan secured byction. Thirty per cent, of the
constru
Illinois and one in Arkansas,
39,000 for sanitary relief sewer ls, which totals approximately $31,000,
Corporation, making a total of $19,020,641.24
Reconstruction Finance
labor and materia
cost of
Corporation under the provisions of Section 36
by 4% general obligation
s.
authorized to date by the
is a grant. The balance is a loan secured
Mortgage Act for the refinancing ofsuch district
of the Emergency Farm
bonds.
drainage structures. Thirty per
The ten districts are:
36,000 for construction of incidental
District of Woodruff, Monroe & Prairie $363,000
l, which totals approximately
White River Levee
cent, of the cost of labor and materiaa loan secured oy 4% general
Counties, Arkansas
$27,000. is a grant. The balance is
County Joint Ditch No. 12, Lake
15.500
Lake Minnehaha-McCook
obligation bonds.
per cent, of the cost
County, South Dakota No, 1, Lake & Moody Counties, South
for sanitary sewer construction. Thirty
11,000
mately $8,000, is a
50,400
Lake-Mood Joint Ditch
of labor and material. which totals approxi general obligation
by 4%
Dakota
grant. The balance is a loan secured
-----25,200
, Krie doun - ou
-y
14,000
bonds.
Lake Count
No.22, Lake County. South Dakota Dakota
ED
27.000
Lake County Ditch
-NO AGREEMENT REACH
, Douglas county, South
PONTIAC, Oakland County, Mich.
18,000
Garden Valley Drainage District , Douglas County. South Dakota
agreement was reached at the
-No
District
ON PROPOSED REFUNDING PLAN. officials and bondholders for the
96,500
Meadow Valley Drainage Levee District of Scott County, Illinoisg (V. 138, p. 184) of city proposed by the latter group,
recent meetin
Scott County Drainage & District of Greene & Scott Counties,
ng plan
purpose of discussing a refundi
163,000
Hillview Drainage & Levee
said, propose that all general
according to report. The bondholders, it is whether matured or not, be
75,000
Illinois
District of Scott County. Illinois--_
purpose, water and special assessment bonds, at 3% % the first five
for
Big Swan Drainage & Levee tion made public the following statement:
nterest
-year period. bearing
refunded over a 30
to be refunded, proThen on Jan. 8 the Corporairrigation districts in Texas, one in each of
two
thereafter at the rate provided in the bonds %. The par value
years and
Loans for refinancing
exceed 4%
Colorado and Oregon, a drainage district in
vided that the average interest rate does not
the States of Washington, totaling $.1.588,510.70. have been authorized
of the city's obligations totals $7.498,050.
Florida and one in Arkansas, of $20,609.151.94 authorized to date by the
S. Simmons,
-C.
-BOND OFFERING.
by the RFC, making a total ons of Section 36 of the Emergency Farm
PORTER, Porter County, Ind. until 2 p.m. on Feb. 15 for the purCorporation, under the provisi of such districts.
Town Clerk, will receive sealed bidsDated Feb. 15 1934. Denom. $350.
Mortgage Act, for the refinancing
of $3,500 5% park bonds.
y
chase
1944, incl. Interest payable annuall
The seven districts are:
Dur $350 on June 15 from 1935 to$100, payable to the order of the Town
ement Dist. No. 2, Cameron
Cameron County Water Improv
$262,000.00
on June 15. A certified check for l.
County. Texas
any each proposa
en,
Clerk, must accomp
Water Improvement Dist. No. 1, Harling
R.
-John
Cameron County
400,000.00
-NOTE SALE.
land County, Me.
PORTLAND, Cumber
Cameron County, Texas
County, Washington_ 21.300.00
awarded an issue of $500,000 tax
Gilmartin, City Treasurer, on Jan. 5 of Boston Corp. at 3.13% discount
Wenas Irrigation District, Selah, Yakima , Morgan County,
District, Fort Morgan
notes of 1934 to the First
anticipation
Bijou Irrigation
350,000.00
1934 and payable Oct. 10 1934
basis, plus a premium of $13. Dated Jan.8 y approved by Ropes, Gray.
Colorado
11111, Jackson County, Oregon 37,210.70
Boston. Legalit
at the First Natiorral Bank of.
Gold Hill Irrigation District, Gold , Miami, Florida
500,000.00
Boston
District
Boyden & Perkins of
South Florida Conservancy
County, Newport, Arkansas 18,000.00
-AWARD OF TEMN. H.
Drainage District No.11 of Jackson
PORTSMOUTH, Rockingham County,Bank of Boston was awarded
-The Merchants National
DISTRICT (P. 0. Pecos), Tex.
PORARY LOAN.
RED BLUFF WATER CONTROL
ation loan at 3.84% discount basis.
-It is stated that an election
DETAILS.
on Jan. 9 a $150,000 revenue anticipbidder, the First National Bank of
FEDERAL FUND ALLOTMENT the voters pass on the $2,600.000 reserDue Dec. 7 1934. The only other
20 to have
has been called for Jan.
-V. 137, p. 4729, to serve as collatBoston, named a rate of 4.08%.
voir and water plant construction bonds Public Works Administration.
-At the
-BONDS VOTED.
the
Ariz.
PRESCOTT, Yavapai County, 3872
eral for a loan of that amount from
-the voters are said to have
p.
election held on Dec. 27-V. 137,
Volume 138
Financial Chronicle
RENSSELAER, Rensselaer County N. Y.
-ALLOTMENT OF PIVA
FUNDS.
-The Public Works Administration has
storm sewer construction purposes. This includes a allotted $19.000 for
grant of 30%
approximately $15,000 to be used for labor and materials on the of the
The remainder is a loan, secured by 4% general obligation bonds. project.
RENWICK INDEPENDENT SCHOOL DISTRICT (P. 0. Renwick),
Humboldt County, lowa.-BOND ELECTION.
said that
tion will be held on Feb. 1 to have the voters pass-It is issuance an elecon the
of $7,500
school construction bonds.
RICHMOND, R. I.
-FEDERAL FUND ALLOTMENT.
-An allotment of $75.000 for school building constructi
the Public Works Administration. A grant ofon has been announced by
30% of
expended for labor and materials, estimated at $60,100,the amount to be
is included in
total. The balance is a loan, secured by 4% general obligation bonds. the
RIPON, Fond du Lac County, Wis.-FEDERAL LOAN
APPLICATION TO BE MADE.
-Mayor J. D. Bumby was
make application for a Federal loan of $20,000, to authorized recently to
of a hospital in the city. The question of issuing be used for the erection
about $40,000 in bonds
will be referred to the voters in the spring.
RIVERTON, Burlington County, N. J.
-PUBLIC WORKS ALLOTMENT.
-The allotment of $70,000 for sidewalk and
struction work by the Puolic Works Administration sanitary sewer con30% of the amount to be used for labor and materials. includes a grant of
is estimated that
these items will total about $50,297. The balance is Itloan,
a
secured by
4% general ooligation bonds.
PROJECT ABANDONED.
-It was subsequently
Borough had abandoned the above-mentioned project. reported that the
ROBY, Fisher County, Tex.
-BONDS VOTED.
-At an election held
Dec. 26, the voters are stated to have
in water revenue bonds by a count of 41 approved the issuance of $65,000
to 29. The City Clerk states that
a Federal loan will be requested on these bonds.
ROCHESTER, Monroe County, N. Y.-$.3,250,000 NOTES AUTHORIZED.
-L. B. Cartwright, Deputy Comptroller. reports that the
City
Council has authorized the borrowing of $3,000,000 on tax
anticipation
notes, this being the amount estimated for the year's requiremen
is not expected that any part of the issue will be sold for several ts. It
months.
It also approved of a further amount of $250,000 to provide
funds
purchase of materials in connection with the public works programfor the
of the
101141 Works Administration.
ROCKAWAY, Morris County, N. J.
-FEDERAL FUND ALLOTMENT.
-In allotting $196,000 for improvements to
Public Works Administration agreed to furnish as a the sewer system. the
grant
30% of the approximately $148,000 to be spent for labor a sum equal to
and
The balance is a loan, secured by 4% assessment and general materials.
obligation
bonds.
ROYAL OAK, Oakland County, Mich.
-DEBT SERVICE DEFAULTS.
-In connection with a report of the posslole compromis
e of the
suit instituted against the City by the Bondholders' Protective
for payment of past due bond principal and interest charges, it Committee
was stated
that the Committee holds $1,722,000 general obligation bonds,
on
$125,000 prin. and $47,376.25 in int. is in default. and $1,205.600 which
special
assessment bonds, on which $447,100 prin. and $150,365.0
5 int. has been
defaulted. The suit was scheduled to be heard in Oakland County
Circuit
Court on Jan. S.
CITY'S SUIT ON BANK DEPOSITS OPPOSED.
-Suit has been instituted in Federal Court at Detroit to prevent the City from
proceeding
with three court actions in its endeavor to recover on depository
bonds
covering its accounts in the closed First National Bank of
Detroit. The
principal plaintiff, it is said, is the Maryland Casualty Co.
The action
asks that the City's suit against three bonding companies,
including that
previously mentioned, be consolidated and
the
of about $50,000 In the closed bank be madethatoffset municipal deposits
an
against city bonds
held by the institution.
ROME, Oneida County, N. Y.
-FINANCIAL STATEME
-In
connection with the award on Dec. 22 of $164,833.33 5% bonds NT.
to
Stuart & Co., Inc. of New York, at 100.06. a basis of about Halsey.
4.99%V. 138, p. 185
-the following has been issued:
Financial Statement Dec.1 1933.
Assessed valuation of the City of Rome, New York. subject
as it appeared by the assessment rolls of said City of the last to taxation
for State and county taxes prior to the date of this statement, assessment
namely, the
assessment roll for the year 1933 is as follows:
Real estate
$28,213,781.00
Special franchises
1,093,190.00
Total
$29.306,971.00
Total existing indebtedness of said city Dec. 1 1933 is as follows:
General city bonds
$679.716.69
School bonds
785,000.00
Water bonds
144,000.00
Assessment bonds
146,880.00
Total bonded indebtedness
$1.755,596.69
Loans
Temporary current loans_
$1,536.92
Temporary home relief loans
18,500.00
Temporary work relief loans
33,514.59
Temporary capital loan
33.419.62
Total indebtedness
$1,842,567.82
Statutory Debt Limit
Ten per centum valuation
$2,930,697.10
Total indebtedness
$1,842,567.82
Less water bonds
144,000.00
Net debt
1.698,567.82
Net debt deducted from debt limit or debt margin above-$1,232,129.28
Cit of Rome incorporated 1870. Population 1930 National
496y
Census,
..
32
Tax Collection Report (Dec. 11933).
Uncollected at
Total
End of Year
Uncollected
YearLevi,.
of Levy.
Dec.1 1933.
1930
$721,105.47
$28,719.86
$1,646.08
1931
797,287.02
47.410.87
6,750.25
1932
689,448.36
92,761.53
36.896.83
1933
786.109.91
118,638.39
Fiscal year, Jan. 1 to Dec. 31. Taxes payable one-half in April
and
one-half in October.
SARANAC LAKE, Franklin County, N. Y.
-FEDERAL FUND
ALLOTMENT.
-The allotment of $16,000 by the Puolic Works Administration to provide for extensions to the water works system, includes
a
grant of 30 , the amount to be expended in the payment of labor
of
purchase o materials. It is estimated that such expenditures and the
$13,000. The balance is a loan, secured by 4% general obligation will total
bonds.
SENECA COUNTY (P. 0. Tiffin), Ohio.
-BOND SALE.
-The issue
of $12,000 coupon emergency poor relief bonds offered on Jan. 10-V. 138,
p. 185
-was awarded as 534s, at a price of par, to the Commercial National
Bank of Tiffin. Dated Dec. 1 1933 and due on March 1 as follows: $3,800
in 1935; $4,000, 1936 and $4,200 in 1937. Bids for the issue were as
follows:
BidderCommercial National Bank (purchaser)
Provident Savings Bank & Trust Co., Cincinnati
Seasongood & Mayer, Cincinnati
Int. Rate. Premium,
54%
Par
6%
$32.40
6%
38.00
ST. LOUIS COUNTY (P. 0, Duluth), Minn.
-BOND OFFERING.
It is reported that sealed bids will be received until 1.30 p. m. on Jan.22,
by the County Auditor,for the purchase of a $60.000 issue offunding bonds.
Int. rate is not to exceed 6%, payable J. & J. Due $10,000 from Jan. 1
1936 to 1941. ,
363
ST. LOUIS, Mo.-FINANCIAL STATEMENT.
formation is furnished to us by the City Comptrolle-The following inr in connection
the offering scheduled for Jan. 18 of the two issues of 334, 3ji or 4% with
bonds
aggregating $3,800,000.-V. 138, p. 185:
Bonded Debt, Sinking Fund and Assessed Valuation of Properly of the
City
of St. Louis.
The outstanding bonded debt of the City of St. Louis now aggregates
$81,243,000, including $9,105,000 issued for water works purposes which
water debt is, under authority of Section 12, Article 10, of the Missouri
Constitution, excluded in computing the authorized limit of indebtedne
ss.
Cash and securities in sinking fund on Dec. 15 1933 amounted
to $6,672,462.55.
The Constitution of Missouri and the
Charter limit the rate of
taxation for general municipal purposes to Citydollar
one
($1.35) on the one hundred dollars ($100) of assessed and thirty-five cents
valuation
property; but the payment of the principal of and the interest onof taxable
the
voted bonded debt, including this issue, is secured by legal provisions city's
which
require the levy of a tax which will be sufficient for the purpose (Section
Article 10, Missouri Constitution; Section 4, Article 17 of the Charter). 12,
The city owns its water works, the revenue from which for the fiscal
year
1932-1933 amounted to $3.466,681.33, the operating expenses and
cost of
collecting the revenue, $3,256,047.47, which includes the setting aside
sufficient funds to pay interest accrued for the fiscal year, and to redeem
water bonds maturing during the same period. The city also owns
its
hospitals, sanitarium, infirmary, City Hall. Court House, jail, municipal
courts, police stations, industrial school and work house, &c. The water
works are valued at $54,354,591.39; all other property belonging to the
city
at $178,583.577.20. an aggregate of $232.938,168.59.
Financial Statement, Fiscal Year 1932-1933.
Assessed valuation for taxes of year 1933
$1,051,228,873.00
Value of property owned by the city
232,938.168.59
Total debt outstanding
81,243,000.00
Water works deot(included in above)
9.105,000.00
Sinking Fund
6,672,462.55
Water works sinking fund (included in above)
772,684.62
Interest and sinking fund receipts and balance
5,735,447.25
Interest and Sinking Fund Payments
5,116,965.44
Water works revenue receipts and balance
5,275,993.72
Water works revenue expenditures,including interest and
1
,
Municipal revenue receipts
19,891,184.56
Municipal revenue expenditures, appropriations and incumbrances
20.618.914.25
The tax rate for taxes of 1933 is $27.40 per $1,000 of assessed valuation,
divided as follows:
For the State
$1.50
Interest and sinking fund_ __$.3.90
Schools
8.50
Municipal purposes
13.50
SAN FRANCISCO (City and County), Calif.
-BOND OFFERING.
Sealed olds will be received by the Clerk of the Board of Supervisors,
until Jan. 15, for the purchase of a $450,000 issue of relief bonds. Interest
rate is not to exceed 6%, payable semi-annually. Due $50,000 from
1936
to 1944 incl. (These bonds are stated to be the remainder of the $600,000
issue that was offered for sale without success on Dec. 26 and of which
$150,000 were later sold over-the-counter to the municipal employees'
retirement fund.
-V. 138, p. 185.)
SANDSTONE, Pine County, Minn.
-PURCHASER.
-The
issue of 4ki% semi-ann. road bonds that was reported sold-V.137, $4,000
p. 3873
-was taken over by the State of Minnesota. Due $1.000 from 1945
to
1948.
SARATOGA SPRINGS, Saratoga County, N. Y.
-BOND ISSUE
APPROVED.
-The City Council on Dec. 29 approved an issue of $550,000
bonds for the purpose of financing the reconstruction of the Loughberr
y
Lake Water Works.
SCOTT COUNTY (P. 0. Waldron),Mrk.-FEDERALFUND ALLOTMENT.
-The Public Works Administration recently announced an
ment of $60,000 for construction of a court house building. The allotcost of labor and material is set at $46,800, of which 30% is a grant. total
The
remainder is a loan secured by 4% general obligation bonds.
SCOTT TOWNSHIP SCHOOL DISTRICT (P. 0. Greentree Pike,
Route, No. 8, Crafton Branch, Pittsburgh), Allegheny County,
Pa.
-BOND ELECTION.
-A proposal calling for the
school building construction bonds will be submitted issuance of $190.000
for consideration of
the voters at an election to be held on Feb. 6. The assessed valuation of
the District is reported at $4,581,420, while the bonded debt is given
as
being $114.000.
SCRIBNER, Dodge County, Neb.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced
allotment of $ 15,000 for the extension of the present water recently an
distribution
system. The Cost of labor and material is put at approximately $14,000,
of which 30% is a grant. The remainder is a loan secured by 4%
general
obligation bonds.
SEATTLE, King County, Wash.
-BONDS CALLED.
-H. L. Collier,
City Treasurer, is reported to be calling for payment at his office from Jan.
4
to Jan. 17, various local impt. district bonds and coupons.
SHAWANO, Shawano County, Wis.-BOND SALE.
-It is stated
by the City Clerk that the $50,000 coupon main
for sale without success on Nov. 21-V. 137, sewer outlet bonds offered
-have since been
purchased by T. E. Joiner & Co. of Chicago. P. 4043
Due
1935 to 1944, optional at any time prior to maturity.$5,000 from Jan. 1
SHELTON, Mason County, Wash.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced
an allotment of $30,000 for sewer system extensions. The total recentlylabor
and
material is put at approximately $32.000, of which 30% cost of
is a grant. The
remainder is a loan secured by 4% general obligation bonds. The applicant will furnish $10,000 from other revenues.
SILOAM SPRINGS, Benton County, Ark.
-FEDERAL FUND
ALLOTMENT.
-The Public Works
.Administration recently
nounced an allotment of $30,000 for sewer construction. The total ancost
of labor and material is Put at approximately $24,000,
grant. The remainder is a loan secured by 4% revenueof which 30% is a
bonds.
SILSBEE SCHOOL DISTRICT (P. 0. Silsbee), Hardin
County,
Tex.
-BONDS VOTED.
-At an election held
said to have approved the issuance of $17,500 inon Dec. 16 the voters are
school construction bonds.
SINTON INDEPENDENT SCHOOL DISTRICT (P. 0.
Sinton),
San Patricio County, Tex.
-BOND SALE.
-The $27,000 5% semi-ann.
refunding,series of 1933 bonds that were approved by the Attorney
-General
recently-V. 137. P. 4729
-have been sold to the
June 11933. Due from June 15 1935 to 1962. State of Texas. Dated
SIOUX CITY INDEPENDENT SCHOOL DISTRIC
City), Woodbury County, lowa.-FEDERAL FUND T (P. 0. Sioux
The Public Works Administration recently announced ALLOTMENT.an
$339,000 to this district for construction and additions to allotment of
present school
buildings. The approximate cost of labor
material is put at $327,100.
of which 30% is a grant. The remainder and loan
is a
secured by 4% general
obligation bonds. (Bonds for this purpose were approved
by the voters
on Nov. 13-V. 137, p. 4392.)
SIOUX FALLS, Minnehaha County, S.
Dak.-FEDERAL FUND
ALLOTMENTS.
-Loans and grants aggregating $241,000 have been
announced as follows by the Public Works Administra
$210.000 for the construction of an addition to the tion:
plant. The approximate cost of labor and sewage treatment
$152,000, of which 30% is a grant. The material is put at
secured by 4% general obligation bonds. remainder is a loan
31,000 for storm sewer construction. The labor and
is set at $23.000. of which 30% is a grant. Thematerial cost
remainder is
a loan secured by 4% general obligation bonds.
SKOWHEGAN,Somerset County, Me.
-BOND SALE.
-Smith, White
& Co. of Boston purchased during the latter part
of $60,000 4% refunding bonds at a price of 97.50, aof December an issue
basis of about 4.39%
Due $4,000 annually from 1935 to 1949. inclusive.
SOMERSET, Somerset County, Pa.
-BONDS NOT SOLD.
-The
issue of $15,000 434% third series of 1933 improvement
bonds offered on
Jan. 2-V. 137. p. 4729
--failed of sale, as no
Jan. 1 1934 and due $1,500 on Jan. 1 from 1935bids were obtained. Dated
to 1944,Inclusive.
364
Financial Chronicle
-FEDERAL FUND
SOUTHERN PINES, Moore County., N. C.
ALLOTMENT-The Public Works Administration recently announced an
allotment of $42,000 for water works system improvements. The total
cost of labor and material is put at approximately $33,800, of which 30%
is a grant. The remainder is a loan secured by 4% general obligation bonds.
SPENCER, Roane County, W. Va.-BOND ISSUANCE CONTEMPLATED.
-The City Council is said to have approved recently
the construction of a sewage disposal plant as a Civil Work Administration project. Under the proposed plan, a total of $10,000 bonds would
be sold and the CWA would furnish an additional $2,576 required for
this project.
SPENCER INDEPENDENT SCHOOL DISTRICT (P. 0. Spencer)
-BOND SALE.
Clay County, Iowa.
-The $5,000 issue of 434% coupon
semi-annual funding bonds offered on Nov. 27-V. 137. p. 3873 was
purchased by the Farmers Trust & Savings Bank of Spencer, at par. Due
on May 1 in 1941 to 1943.
SPICELAND,Henry County,Ind.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration allotment of $45,000 for water works
construction includes a grant of 30% of the amount to be spent for labor
and materials. Expenditures of that nature will reach $35,000, according
to estimates. The balance is a loan, secured by 4% revenue bonds.
-WARRANTS
SPOKANE COUNTY (P. 0. Spokane), Wash.
CALLED
.-The County Treasurer is said to have called for payment on
Jan. 3 various improvement district, irrigation district and county tax
refund warrants, payable at his off.ce.
-The $44,500
STAPLES, Todd County, Minn.
-INTEREST RATE.
certificates of indebtedness that were purchased at par by local investors
V. 138, p. 185
-were sold as 68. Due from Dec. 1 1934 to 1938.
STARK COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Dickinson),
N.Dak.-FEDERAL FUND ALLOTMENT.
-.The Public Works Administration announced recently an allotment of $154,000 for the construction
of a fireproof school building. The total cost of labor and material is put
at $146,700,of which 30% is a PWA grant. The remainder is a loan secured
iv 4% general obligation bonds.
-BOND ELECTION.
-At an
STONESBORO, Mercer County, Pa.
election to be held on Jan.23 the voters will be asked to consider the question
of issuing $12,000 water system extension and $3.000 street improvement
bonds. It is intended to finance the work in connection with the program
of the Civil Works Administration.
STRENGTHFORD CONSOLIDATED SCHOOL DISTRICT (P. 0.
-At the elecWaynesboro), Wayne County, Miss.
-BONDS VOTED.
tion held on Dec. 28-V. 137, p. 4393
-the voters are said to have approved
the issuance of the $8,000 in school bonds.
-NOTE SALE.
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
Ellis T. Terry, County Treasurer, reports that sale was made in the latter
Part of December of $500,000 4 % tax anticipation notes at par as
follows: $300,000 to the Riverhead Savings Bank and $200,000 to the
First National Bank of New York. The former amount is dated Dec. 1
1933 and the latter Dec. 29 1933. Both issues mature on June 29 1934.
-The $412,000
-BIDS REJECTED.
SUMMIT, Union County, N. J.
not to exceed 6% interest coupon or registered general improvement bonds
offered on Jan.9-V.137. p.4562-failed of sale, as the bids received were
rejected. Issue is dated July 1 1933 and due serially on July 1 from 1935
to 1962. inclusive.
SWARTHMORE SCHOOL DISTRICT, Delaware County, Pa.allotting $90.000 for high school
FEDERAL FUND ALLOTMENT
addition construction purposes,the Public Works Administration included a
grant of 30% of the amount to be spent for labor and materials. It is estimated that such expenditures will total $69,800. The balance is a loan,
secured by 4% special assessment bonds.
-The
-BONDS AUTHORIZED.
SYLVANIA, Lucas County, Ohio.
Village Council passed an ordinance providing for the issuance of $14,756.92
454 c refunding bonds, to mature serially on Oct. 1. as follows: $1,756.92
,
in 1938; $2,800, 1939; $2,600, 1940; $2,700, 1941; $2,600, 1942, and 52,300
In 1943.
-N. W.
-BOND OFFERING.
SYRACUSE, Onondaga County, N. Y.
Markson, City Comptroller, will receive sealed bids until 12 m. (Eastern
Standard Time) on Jan. 19 for the purchase of $2,000,000 not to exceed 6%,
interest coupon or registered welfare bonds, issued pursuant to the provisions of Chapter 798 of the Laws of 1931, and all amendments, special
acts and provisions of law relative thereto. The bonds will bear date of
Feb. 1 1934 and mature $200,000 annually on Feb. 1 from 1935 to 1944 incl.
Bidder to name a single interest rate for all of the bonds, expressed in a
multiple of
or 1-10th of 1%. Principal and semi-annual interest are
payable in lawful money of the United States at the Chase National Bank,
New York. A certified check for 2% of the bonds bid for, payable to the
order of the City Comptroller, must accompany each proposal. Legal
opinion of Caldwell & Raymond of New York will be furnished the successful bidder. Bids must be unconditional and bonds will be delivered to the
successful bidder on Feb. 1 1934. or as soon thereafter as possible, at the
Chase National Bank, New York. These bonds are exempt from taxation
under Section 8, Chapter 24, of the Consolidated Laws, and interest thereon
is exempt from Federal income tax and from New York State income tax.
Financial Statement.
$387.861.319.00
Assessed valuation taxable property
475,000,000.00
Actual valuation taxable property (est.)
372,189,041.00
Assessed valuation real property
15,652,278.00
Assessed valuation special franchises
40,649,764.06
Bonded debt,including above issues
Water bonds, included in above (exempt debt)
6,279,000.00
Local improvement bonds,included in above (exempt debt) 3,332,500.00
Temporary debt
3,041,143.46
209,326
Population census 1930
-At the offering on Jan.8 of$2,000,000 tax anticipaNOTES NOT SOLD.
pation notes, dated Jan. 10 1934 and due on Oct. 10 1934, no bids were
obtained.
TALMADGE SCHOOL DISTRICT (P. 0. Talmadge), Otoe County,
Neb.-BOND ELECTION.
-It is reported that an election will be held on
Jan.30 in order to vote on the issuance of $23,000 in school building bonds.
,
-FEDERAL FUND ALLOTTARENTUM, Allegheny County, Pa.
MENT.
-The allotment of $75,000 for the construction of a water filtration plant by the Public Works Administration includes a grant of 30%
of the amount to be used in the payment of labor and the purchase of
materials in connection with the project. Such expenditures will total
approximately $61.000. The balance constitutes a loan to the Borough,
secured by 4% general obligation bonds.
TAUNTON, Bristol County, Mass.
-LOAN OFFERING.-Lewls A.
Hodges. City Treasurer, will receive sealed bids until 3 p. m. on Jan. 16.
for the purchase at discount basis of a $100,000 current year revenue anticipation loan. Dated Jan. 16 1934 and payable on Oct. 17 1934. Denoms.
to suit purchaser. The notes, evidencing existence of the debt, will be
engraved under the supervision of the First National Bank of New York
and approved as to legality by Storey, Thorndike, Palmer & Dodge of
Boston.
TENNESSEE, State of (P. 0. Nashville).
-BOND OFFERING.Sealed bids will be received until Jan. 16, by 'dale° Richardson, Assistant
Secretary of the State Funding Board, for the purchase of a $360,000
Issue of direct obligation bonds. Interest rate is not to exceed 6%. payable
semi-annually. Dated Feb. 1 1934. Due in 15 years. with sinking fund
of 1-cent gas tax pledged for the payment of principal and interest. The
proceeds to be used to retire a similar amount of bonds maturing Feb. 1.
originally used for hospital construction.
TERRELL,Kaufman County,Tex.
-PROPOSED FEDERALLOAN.
-The City Commission is said to have authorized the City Secretary to
negotiate for a loan of $146,500 from the Federal Government, to be used
for building a sewage plant and to issue revenue bonds against the plant
for repayment of the loan.
-The follow-BONDS APPROVED.
TEXAS, State of (P. 0. Austin).
ing bonds have been approved recently by the Attorney-General's office:
$2,700 5% Pleasant Valley Ind. S. D. refunding bonds. Dated April 10
1933. Due from April 10 1934 to 1955, optional in 3 years.
5,000 6% Tehuacana Ind. S. D. refunding bonds. Dated Oct. 1 1933.
23.2005% Joaquin Ind. S. D. refunding bonds in two issues.
Jan. 13 1934
11,040 57 McCaulley Ind: S. D. school building bonds.
40,500 50 Beckville Ind. S. D. refunding bonds.
65.700 5
Dalhart Ind. S. D. refunding, series of 1933 bonds.
84,000 5% Lockney Ind. S. D. refunding bonds.
WARRANTS CALLED.
-The following report is taken from an Austin
dispatch to the Dallas "News" of Dec. 31:
"State Treasurer Charly Lockhart, Saturday issued a call to pay general
fund warrants up to No.212888 issued prior to Sept. 1, the call representing
$1,112,478, which leaves the net deficit $7,905,622.
"Notice also was given by Lockhart that he will now pay Confederate
pension warrants up to the August 1932, issue regardless of whether they
have been discounted. He will buy pension warrants up to the July 1933,
Issue if they have not been discounted."
-BOND OFFERING.
-The State
TEXAS, State of (P. 0. Austin).
Bond Commission will receive sealed bids at the office of the Comptroller
of Public Accounts, until 1.30 p. m.on Jan. 22,for the purchase of an issue
of $1,602,000 4% relief, First Series bonds, Denom. $1,000. Dated Oct. 15
1933. Due on Oct. 15 as follows: $146,000. 1935; $152,000, 1936; $160,000.
1937; $168,000, 1938; $175.000, 1939: $182,000. 1940; 3189,000, 1941;
$204,000, 1942 and $226,000 in 1943. Bonds maturing on and after Oct. 15
1939, may be redeemed on any interest paying date on or after Oct. 15 1938,
at par and accrued interest after 30 days' notice shall have been given as
required in the proceedings authorizing the bonds. The bonds are issued
under and in strict conformity with Article 3, Section 51-A of the Constitution of Texas and the Enabling Act, designated Senate Bill No. 46, Passed
by the 43rd Legislature at its First Called Session.
Bids will be considered for all or any portion of the bonds, provided no
bids shall be considered for less than $1,000 par value of the bonds. The
law provides that the bonds sold shall mature over a period of nine years.
beginning with Oct. 15 1935, and shall mature in the same proportion as
set out in the maturity of the entire 51,602,000 worth of bonds hereby
advertised for sale. Under the Constitution and the law the bonds cannot
be sold for lees than par and accrued interest and no form of commission
shall be allowed or paid in any transaction involving their sale. The bonds
are offered subject to the final approving opinions of John D. McCall,
Attorney-General, and Clay, Dillon & Vandewater of New York. The
approving opinions are to be furnished at the expense of the State. A
certified check for 1% of the par value of the bonds for which any bid
may be submitted, payable to the State Treasurer, is required. In connection with this offering we quote in part as follows from the Houston
"Post" of Dec. 3:
"Attorney-General James V. Allred, Chairman of the Texas Bond Commission, said Saturday night the $20,000,000 in relief bonds authorized
at a special election last August, were 'perfectly legal' and that 'no special
session of the Legislature was necessary or desirable for alteration of the
law governing sale of the bonds.'
"He said that although the Legislature did not levy an ad valorem tax
to provide for interest and sinking fund on the bonds, the bonds were made
a lien against the State and that provision for retirement of the bonds
could be made from the State's general fund."
-BOND ISSUANCE
TIPTON COUNTY (P. 0. Covington), Tenn.
CONTEMPLATED.
-It is said that the $125,000 6% refunding bonds,
approved by the voters on Nov. 23-V. 137. p. 4044-will be offered for
sale in the near future. The bonds are being issued to take up an overdraft in the county general account that occurred in 1932. The County
Court is said to have recently given authority to the County Judge to
appoint a committee to receive bond bids.
-The tax
TOLEDO, Lucas County, Ohio.
-TAX RATE FOR 1934.
rate for 1934 has been set at $26.60 per $1,000 of assessed valuation, an
increase of 80 cents over the 1933 rate of $25.80. The new levy is intended to produce $11,015.715 in revenue, as compared with $12,414.612
In 1933. The difference lathe result of the 13% decrease in valuations for
1934. Bonded debt requirements during the present year amount to
$3.484,405, although provision has been made in the budget for only $2.841,239 of that sum. The balance of 3643,166 must be obtained from
other sources if the City is to escape default on its maturities. The City
Is in default on the maturities from Sept. 1 1933 to Dec. 31 1933 and is
now endeavoring to work out a refunding plan with the holders of the
old bonds.
-V. 138, p. 186.
-No bids were obtained at the offering on Jan. 9
BONDS NOT SOLD.
0
of $346,000 434.7 coupon or registered refunding bonds, including issues
of $318,000 and $28,000-V. 137. p. 4563.
TOMAH, Monroe County, Wis.-FEDERAL FUND ALLOTMENT
The Public Works Administration recently announced an allotment of
$82,667 for street paving purposes. The total cost of labor and material
Is put at $64,770, of which 30% is a PWA grant. The remainder is a loan
secured by 4% general obligation bonds.
TOMAHAWK, Lincoln County, Wis.-BONDS AUTHORIZED.
At a meeting of the City Council on Dec. 27, an ordinance was passed
of about $28,000 in bonds to cover temporary
authorizing the issuance
Indebtedness and bond principal, these new bonds to be issued in units of
$100 and to bear 5% interest, maturing over a period of 10 yearn.
-FEDERAL FUND ALLOTTOOLE COUNTY (P.O. Shelby), Mont.
MENT.
-The Public Works Administration announced recently an allotment of 575.000 for the construction of a court house. The approximate
cost of labor and material is put at $59,000. of which 30% is a grant. The
remainder is a loan secured by 4% general obligation bonds.
TORONTO, Jefferson County, Ohlo.-PRIV ATE BOND SALE
-Robert S. McKelvey, City Auditor, states that the $43.PLANNED.
585.47 6% bonds for which no bids were obtained on Jan. 2-V. 138, p. 186
-will be offered at private sale. The total includes a $28,336 special asst,
imPt.issue, due from 1935 to 1942 incl., and $15,249.47 water works system
Impt. bonds, due from 1935 to 1958 incl. Each issue is dated Sept. 1 1933.
-FEDERAL FUND ALLOTTOWNSEND, Middlesex County, Mass.
MENT.
-The allotment of $154,000 by the Public Works Administration
for water works system construction includes a grant of 30% of the approximately $120.000 to be used in the payment of labor and the purchase of
materials. The balance is a loan, secured by 4% general obligation bonds.
TRENTON, Hitchcock County, Neb.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced recently an allotment of$47,000 for sewer construction. The total cost oflabor and material
is put at approximately $37,000, of which 530% is a grant. The remainder
is a loan secured by 4% revenue bonds.
-BOND ISSUE APTUCKAHOE, Westchester County, N. Y.
-The Board of Trustees on Dec. 27 passed a resolution authorizPROVED.
ing an issue of $55,000 road improvement oonds.
-BOND SALE.
-A $70,000
TULSA COUNTY (P. 0. Tulsa), Okla.
issue of road bonds is reported to have been purchased by the First National
Bank & Trust Co. of Tulsa.
-FEDERALFUND ALLOTTUSCALOOSA,Tuscaloosa County,Ala.
MENT.
-The Public Works Amdinistration recently announced an allotment of $155,000 for school building construction. The total cost of labor
and material is put at approximately $110,200, of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
UNITED STATES, Public Works Administration.
-ALLOTMENTS
-The following report
TO 167 PUBLIC PROJECTS TOTAL $38,294,237.
on Federal fund allotments for public work projects is taken from an
Associated Press dispatch of Jan. 4 to the New 'York "Herald Tribune":
"The PWA to-day allotted $38,294,237 for 167 non-Federal projects.
These allotments with a similar number to be announced later in the
week, virtually will exhaust the remaining funds from the original $3,300,000,000 appropriation.
"Some of the allotments were made as loans and grants, the loans to
be repaid with interest at 4%, the grants representing 30% of the coat of
labor and materials. Others were grants of the percentage of labor and
material cost only, the remainder of the money necessary for the funds
to be raised locally.
"The allotments included:
Penneyleania.-West Kittanning. loan and grant, water works, $58,000;
Albion, loan and grant, sewer, $64.000; Mauch Chunk, loan and grant.
streets, $25,000; Northampton, loan and grant, streets, $110.700.
-Almond, loan and grant, water works system, $34,000;
"New York.
North Hempstead,loan and grant, school, $350,000; Glens Falls, loan and
Volume 138
Financial Chronicle
grant, streets. $108,000: Westchester County, loan and grant, building.
$800,000; Saranac Lake, loan and grant, water distribution. $16.000;
Plandome, loan and grant, water works improvement. $70.000; Plattsburg.
grant, water mains, $6.000; Albany. loan and grant, drainage channels,
$106.000.
"Delaware.
-Smyrna, grant, schools, S73,000; Kent County, grant,
school, $19,000; Houston, loan firehouse. $5,000.
"New Jersey.
-Passaic, loan and grant schools. $96,000; Greystone, loan
and grant, hospital, $359,000."
ADDITIONAL ALLOTMENTS.
-The following report is taken from
an Associated Press dispatch out of Washington on Jan. 10:
"The Public Works Administration to-day allotted $6,534,870 for 41
non-Federal projects in 18 States.
"Twenty-six of the projects received loans and grants of the full amount
of their cost, while 15 received the grants representing130% of the cost of
labor and materials.
"The allotments included the following in Pennsylvania: Sellersville.
water works,$47,000; Hanover,sewage treatment,$77,000; Mercer County,
school, $25,000; Lawrence County, courthouse, $768.000.'
VALERIA SCHOOL DISTRICT (P. 0. Valeria), Jasper County,
Iowa.
-BOND SALE DETAILS.
-The 84,000 coupon annual refunding
bonds that were sold to the White-Phillips Co. of Davenport
-V. 138.
purchased as 5s at par and are due 81.000 annually from
o3168t6,TA3r9e.
Y
VALLEY COUNTY SCHOOL DISTRICT NO. I (P. 0. Glasgow),
Mont.
-BONDS NOT SOLD.
-The $41,808.95 issue of funding bonds
offered on Jan. 4-V. 137. p. 4393
-was not sold as no bids were received.
It is stated by the District Clerk that under a decision of the Supreme
Court this District is apparently in excess of the 37, limitation of indebtedness.
VALLEY POINT CONSOLIDATED SCHOOL DISTRICT (P. 0.
Dalton), Whitfield County, Ga.-BOND ELECTION.
-It is reported
that an election was held on Jan. 12 to have the voters pass on the proposed
issuance of $20.000 in school building bonds.
VAN BUREN COUNTY (P. O. Clinton), Ark.
-FEDERAL FUND
ALLOTMENT.
-The Public Works Administration announced recently
an allotment of $30,000 for the construction of a court house. The approximate cost of labor and material is set at $24,100. of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
VICTORIA, Victoria County, Tex.
-BOND ELECTION.-Tho City
Council is said to have ordered an election for Feb.6 on a $12,000 bond issue
to be used for a municipal assembly hall. It is reported that if the bonds
carry, the project will be one of five civic works projects to be undertaken
by the city.
VIDOR, Orange County, Tex.
-BONDS VOTED.
-A 850,000 bond
Issue is said to have been approved by the voters, to serve as collateral for
a yederal loan on proposed public building construction.
VINCENNES SCHOOL TOWNSHIP, Knox County, Ind.
-BOND
OFFERING.
-Sealed bids will be received by the Trustee until 10 a.m. on
Jan. 20 for the purchase of $10,000 bonds.
WALTHAM, Middlesex County, Mass.
-FEDERAL FUNli ALLOTMENT.
-The $156,000 recently made available to the city by the Public
Works Administration will be expended as follows:
$72,000 for construction of roads, sidewalks and curbs. The approximate
cost of labor and material is $60,200, of which 30% is a grant.
46,000 for highway bridge construction. The approximate cost of labor
and material is $37,400. of which 30% is a grant. The balance is
a loan secured by 4% general obligation bonds.
38,000 for construction of storm sewers. The approximate cost of labor
and material is $32.000. of which 30% is a grant. The balance is a
loan secured by 4% general obligation bonds.
WALTHAM, Middlesex County, Mass.
-OBTAINS PWA AID.
-In
allotting $98,000 to finance improvements to the water works and distribution system and for the installation of additional fire hydrants, the PWA
agreed to furnish as a grant a sum equal to 30% of the expenditures to be
made in connection with labor materials. Those items are estimated at
$83.000. The balance is a loan, secured by 4% general obligation bonds.
WARREN COUNTY (P. 0. Lebanon), Ohio.
-BOND OFFERING.
W. R. Lewis, Clerk of the Board of County Commissioners, will receive
sealed bids until 12 m. on Jan. 29, for the purchase of $30,000 6% poor
relief bonds. Dated Dec. 1 1933. Due March 1 as follows: $9.400, 1935,
$10,000 in 1936 and $10,600 in 1937. Principal and interest (M.& S.) are
payable at the County Treasurer's office. Bids for the bonds to bear
interest at a rate other than 6%, expressed in a multiple of 3 of 1%. will
also be considered. A certified check for $300, payable to the order of the
County Treasurer, must accompany each proposal.
WARTRACE, Bedford County, Tenn.
-FEDERAL LOAN APPLICATION FILED.
-The State Advisory Board of the Public Works Administration is said to have forwarded to Washington an application
for a loan of $152,000 to be used for a water project.
WASHTENAW COUNTY (P.O. Ann Arbor), Mich.
-HEARING ON
DRAIN BOND QUESTION.
-The action of Circuit Court Judge Sample
in fixing Jan.6 as the date for a hearing on the question involving the payment of Beyer drain bonds was regarded as a formality in view of the fact
that a petition for a rehearing is`now before the Michigan Supreme Court,
according to the Michigan "Investor" of Jan. 6, which further stated as
follows:
"The writ was obtained by three New York men who hold $20,000
of the bonds. At present there is about $23,000 In the Beyer drain worth
fund in
the county treasurer's office."
WASHINGTON TOWNSHIP (P. 0. Milton), Wayne County,
Ind.
-BOND OFFERING.-Soaled bids addressed to Albert J. Newman,
trustee, will be received until 10 a. m. on Jan. 20 for the
$3.743.43 5% funding bonds. Dated Jan. 15 1934. One bond purchase of
for 8243.43,
others for $500. Due •Tan. 15 1939. Prin. and in (J. & J. 15) are
payable at the Washington Township Bank, Milton. Transcript of
proceedings in connection with the issue will be available to bidders.
WATERVLIET, Albany County, N. Y.-PIVA ALLOTMENT.
The Public Works Administration has allotted $215,000 for use in Improvements to the water system plant and construction of a store house and boat
house. This includes a grant of 30% of the amount to be spent for labor
and
materials. Such expenditures are estimated at $173,000. The balance is
a loan, secured by 4% general obligation bonds.
WEBSTER COUNTY (P. 0. Fort Dodge), Iowa.
--CERTIFICATE
SALE.
-A $25,000 issue of certificates is reported to have been purchased
on Dec. 29 by the First National Bank of Dayton, at 5%. Duo on
Dec.
31 1934.
WEBSTER GROVES SCHOOL DISTRICT (P. 0. Webster Groves),
St. Louis County, Mo.-FEDERAL FUND ALLOTMENT.-Tho Public
Works Administration recently announced an allotment of $328.000 for the
construction of a junior high school building, reconstruction, improvements
and additions to elementary schools. The approximate cost of labor and
materials Is set at $256.800, of which 30% is a grant. The remainder is
a loan secured by 4% ad valorem, serial tax bonds.
WELLSVILLE, Columbiana County, Ohio.
-BOND OFFERING.
F. H. Eckfeld, City Auditor, will receive sealed bids until 12 m.on Jan. 27
for the purchase of $64.060 67 refunding bonds. Dated Jan. 1 1934. Due
Oct. 1 as follows: $5.060 in 1938; $5,000. 1939, and $6,000 from 1940 to
1948 incl. Interest is payable in A. & 0. Bids for the bonds to bear interest
at a rate other than 6%. expressed In a multiple of 5.1 of 17 will also be
0.
considered. A certified check for 1%, payable to the order of the City,
must accompany each proposal. Previous mention of this issue was made
In V. 137, p. 4394.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-ASSESSED
VALUATIONS REDUCED IN AMOUNT OF $72,937,090.
-The assessed
valuation of property values in the county as determined for 1934 tax
purposes shows a decrease of $72,937.090 below the figure in 1933. This
Is the first Ulna since 1900 that a decrease has been made in the aggregate
of ratables in the county, it is said. The figure for the present year stands
as $1,756.245,337, as compared with $1.829,182.427 in 1933. The tax
rate for 1934 has been fixed at $3.70 per $1,000 of assessed valuation,
which is the same as the ratelin 1932 and 23 points higher than that of
365
1933. The following comparison of the assessed valuations of the 18
towns and 4 cities in the county appeared in the New York "Times" of
Nov. 9:
1933.
1934.
Towns and Cities$36,932,408
$37,571.672
Bedford
55.320,226
51,872.899
Cortlandt
91.397,361
84,356.521
Eastchester
150.259,166
133,948.463
Greenburgh
60,627,510
60,165,225
Harrison
8.610.198
8.579,968
Lewisboro
83,139,768
82.117.373
Mamaroneck
55,329.165
55,602,541
Mount Pleasant
170.422,659
156,522,415
Mount Vernon
28.830,682
28,625,533
New Castle
201,248,804
200.781.880
New Rochelle
19.493,561
16,935,139
North Castle
5.718,391
5.784.268
North Salem
41,410,769
40,505,095
Ossining
56.756.905
55,941,236
Pelham
2,626,285
2,648.985
Poundridge
147,278.629
146.045,812
Rye
68.916,840
68.866,062
Scarsdale
5.810,039
5.750,182
Somers
176,622.840
171.721,275
White Plains
352,498,783
331,922,256
Yonkers
9,931.438
9,980.537
Yorktown
81,829382,427
$1.756.245,337
Total
-PUBLIC
WESTFIELD SCHOOL DISTRICT, Union County, N. J.
8275,000 for school building conALLOTMENT.
-In allotting
WORKS
struction work. the PWA agreed to furnish as a grant a sum equal to 30%
of the amount spent for labor and materials. These items are estimated
at $212.500. The residue of the advance consists of a loan to toe district.
secured by its 4% general obligation bonds.
WEST LONG BRANCH SCHOOL DISTRICT, Monmouth County,
-Frank Antonides, District Clerk, will reN. J.
-BOND OFFERING.
ceive sealed bids until 8 p. m. on Jan. 17 for the purchase of $8,000 5M%
coupon or registered school bonds. Dated Dec. 15 1933. Denom. $1,000.
Due $1,000 on Dec. 15 from 1935 to 1942 incl. Prin. and int. (J. & D.15)
are payable at the Long Branch Banking Co., Long Branch. A certified
check for 2% of the bonds bid for, payable to the order of the Board of
Education, must accompany each proposal. Legality approved by the
Attorney-General of the State of New Jersey.
WEST MILWAUKEE (P. 0. Milwaukee), Milwaukee County,
Wis.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced recently an allotment of $10.000 for storm sewer construction. The total cost of labor and material is put at approximately
S8,000, of which 30% is the PWA grant. The remainder is a loan secured
by 4% general obligation bonds.
-BOND OFFERING.
WEST YORK (P.O. York), York County,Pa.
P. Russell Kraber, Borough Secretary, will receive sealed bids until 7:30
p. m. on Jan. 27 for the purchase of $15,000 4% coupon sewer bonds.
Dated Jan. 15 1934. Denom. $1,000. Due July 1 as follows: 82,000 In
1940, 1942, 1944, 1945 and 1947; $3.000 in 1949 and 82.000 in 1950. Issue
may be registered as to principal only. Payment of interest (J. & J.) and
principal will be made at the Borough Treasurer's office. A certified check
for $150, payable to the order of the Treasurer, must accompany each
proposal. A certificate attesting to the genuineness of the bonds will be
furnished by a responsible bank or trust company.
WHITESTONE, ROME, MARCY AND FLOYD CENTRAL SCHOOL
DISTRICT NO. 1 (P. 0. Oriskany), Oneida County, N.Y.-BOND
SALE.
-The issue of $20.000 coupon or registered school bonds offered
on Jan. 5-V. 137, p. 4730
-was awarded as 5.90s to the Manufacturers
& Traders Trust Co. of Buffalo. Dated Jan. 1 1934 and due on Jan. 1
as follows: 81.000 from 1935 to 1942 incl. and $1,500 from 1943 to 1950
incl.
WICHITA SCHOOL DISTRICT NO. I (P. 0. Wichita), Sedgwick
County, Kan.
-BOND OFFERING.
-Sealed bids will be received until
8 p. m. on Jan. 22 by Louis Gerteis. Secretary of the Board of Education,
for the purchase of a $63,704.21 issue of 4 y, to 5% refunding bonds.
Denom. 81.000, one for $704.21. Due on Feb. 1 as follows: $7,704.21
in 1936 and $7,000 from 1937 to 1944. Rate of interest to be in multiples
of q, of 1%. Bids to be on forms furnished by the Secretary. The sale
Is subject to rejection by the Kansas School Fund Commission. Prin.
and int. (F. & A.) payable at the office of the State Treasurer. The
approving opinion of Long, Depew & Stanley of Wichita, and of a Nationally
recognized firm of bond attorneys of New York. Chicago or Kansas City.
0
will be furnished. A certified check for 27 must accompany the bid.
-BONDS NOT
WILKES-BARRE, Luzerne County, Pa.
Harvey Weiss, City Clerk, informs us that no bids were obtained at the
offering on Dec. 30 of 8300.00047 coupon sewer and bridge bonds, dated
Dec. 15 1933 and due serially on Dec. 15 from 1939 to 1963. inclusive
Y. 137, p. 4226.
Financial Statement.
Present bonded indebtedness created by and with the consent
of the:
$40.000.00
Electors
Additional electoral bond issues assumed by the city:
$40,000.00
Borough of Parsons
15.000.00
Borough of Miners Mills
55.000.00
$95,000.00
From which deduct:
Cash in sinking fund
32,777.58
$62,222.42
Total net electoral bonded indebtedness
Present bonded indebtedness created without the consent
2,737,000.00
of the electors
260.200.00
Street paving bonds
$2.997.200.00
From which deduct:
872.350.83
Cash in sinking fund
204.454.56
Cash in city treasury
Uncollected taxes due and collectible years
295,000.00
1930. 1931 and 1932
177,178.16
Land returns
Paving assessments due and collectible
244,508.33
Revenue applicable to reduction of debt within one year
321.700.00
1,315,191.88
Total net non-electoral bonded indebtedness
Last preceding assessed valuation $101,155.809.00.
81,682.008.12
-OFFERED FOR
WILLOUGHBY, Lake County, Ohio.
-BONDS RE
SALE.
-The issue of $114.225 6% refunding bonds for which no bids were
obtained on Dec. 18-V. 138. P. 186
-is being re-offered for award on Jan.
26. Sealed bids will be received until 12 m. on that date by Arvilla Miller,
Village Clerk.
WILLOWICK (P. 0. Willoughby), Lake County, Ohio.
-BONDS
NOT SOLD.
-No bids were obtained at the offering on Jan. 6 of 8101.000
6% refunding bonds.dated Oct. 1 1933 and due serially on Oct. 1 from 1938
to 1948 incl.-V. 137, p. 4563. sod
WOODSON INDEPENDENT SCHOOL DISTRICT (P.O. Woodson),
-BOND SALE.
Throckmorton County, Tex.
-The Secretary of the
Board of Education reports that the following bonds aggregating $37,127
have been sold to the State of Texas, as 510 at par:
$32,570 refunding bonds. Dated June 1 1933. Due from June 1 1934
to 1973, optional in three years.
4,557 refunding bonds. Dated June 1 1933. Due from June 1 1934 to
1956. optional in three years.
.110 J
WORCESTER, Worcester County, Mass.
-BOND SALE-Harold
Tunison, City Treasurer, made award on Jan. 11 of $275.000 coupon or
registered bonds as 3s to C. P. Nelson & Co. of Boston, at a price of
100.681, a basis of about 3.377. The award consisted of:
$110.000 trunk sewer bonds. Dated Oct. 1 1933. Due $11,000 on Oct. 1
from 1934 to 1943 incl. Interest is payable in Aug. & Oct.
Financial Chronicle
366
100.000 water mains bonds. Dated Oct. 1 1933. Due Oct. 1 as follows:
$7.000 from 1934 to 1943 incl. and $6,000 from 1944 to 1948 incl.
Interest is payable in Aug. & Oct.
40,000 street improvement bonds. (Chapter 69, Acts of 1931.) Dated
July 11933. Due $4.000 on Oct. 1 from 1934 to 1943 incl. Interest is payable in June & July.
25,000 water supply bonds. (Chapter 122 of 1927 Laws.) Dated Oct. 1
1933. Due Oct. 1 as follows: $2,000 from 1934 to 1938 incl. and
$1,000 from 1939 to 1953 incl. Interest is payable in Aug. & Oct.
Principal and semi-annual interest are payable at the First National Bank
of Boston. Legality of bonds approved by Ropes, Gray, Boyden & Perkins
of Boston. Bids were requested for all of the bonds to bear interest at either
3;6 or 4%, or for the street and sewer bonds to pay 3;6% and the water
bonds,4%. The following is a list of the other offers received by the city:
BidderLeo, Higginson Corp
Newton, Abbe & Co_
Tyler. Buttrick & Co
Jackson & Curtis
Blake Bros.& Co
Blyth & Co
Rollins
E. H. Roll & Sons
For 336s.
Rate
Rate
Bid.
BidderBid.
100.04
N. W.Harris & Co
1100.41
First National Bank of
100.03
Boston _
100.313
&)
Weeks
Whiting,
I
1100.027
Knowles
1100.173
F.S. Moseley & Co
For 3;is and 4s.
Stone & Webster & Blodget l
100.725
City Co.of Mass
Brown Bros.Harriman&Coj100.157
100.29
R.L. Day & Co
100.152
Halsey, Stuart & Co
100.278
Estabrook & Co
Hornblower & Weeks bid 100.25 for 3;6% trunk sewer and street bonds
and 100.75 for 4% water bonds.
Debt Statement and Borrowing Capacity.
(Dec. 30 1933.)
valuation less abatements for 1930, 1931 and 1932-$347,251,654.00
Average
$8,681,291.35
Debt limit 2;6% of the same
$11,676,600.00
Total bonded debt
Exempt
$250,000.00
Park debt
80,000.00
Sewer debt.
1 598,000.00
Memorial Auditorium debt
295,000.00
Water debt (funded)
3,264,600.00
Water debt (serial)
Relief debt(Chap.307 of 1933). _1,250,000.00 6,737,600.00
$4,939,000.00
Total sinking funds
$740,298.27
Less
Park loan fund - -S250,000.00
Sewer loan fund_ _ _ _ 80,000.00
Water loan fund _. 270,756.72 $600,756.72
$139,541.55 $4,799,458.45
$3,881,832.90
Borrowing capacity within debt limit
Taxes and Other Information.
Real, personal, troll, old age assistance and motor vehicle taxes committed
for collection for 1933 amounted to $10,683,200.47 of which $6,655,798.70
or 62.29% has been collected to the beginning of business Jan. 2 1934.
This is over 2% better than for the previous year. Real estate tax collections are nearly 3% better for 1933 than for 1932.
Taxes of 1932 a all kinds outstanding at the beginning of business Jan.
2 1934, $113,409.08 or less than 1% of the total committed. Real estate
taxes for 1932 are 99.46% collected as of Jan. 2 1934.
Taxes of 1931 of all kinds outstanding at the beginning of business Jan.
21934,$17,685.94 or 15-100ths of 1%.
No real estate taxes of 1931 are outstanding. No taxes of any kind for
1930 or previous years remain unpaid. Tax rate 1933. $31.80. Tax rate
1932, $33.80.
Valuation for 1933 including valuation of motor vehicles, $332,473,956.
(Motor vehicle valuation for October. November and December estimated.)
After deducting water debt and sinking funds, exclusive of water sinking
funds, from total debt, based on 1930 census figures of 195,311, the per
capita bonded debt of Worcester was, on Dec. 30 1933, $39.15. The net
bonded debt figured in this way is $7,647.458 which is a net bonded debt
of 2.30% of the 1933 valuation above mentioned. We invite comparison
of this fugire for per capita debt with the per capita debt figures of other
cities in the country of comparative size.
Our sinking funds on Dec. 30 1933 were $740,298.27 and they exceeded
the debt for which they are to pay by $115,298.27. In 1933 this city issued
$1,447,000 in bonds and paid bonds maturing amounting to $1,781,200.
In 1934. $2,072,200 in bonds will mature and be paid of which $268,500
has already been paid.
-FEDERAL FUND
WORCESTER, Worcester County, Mass.
-The Public Works Administration has allotted $643,000
ALLOTMENT.
for street paving purposes. This includes a grant of 30% of the approximately $538,600 to be spent for labor and materials. The balance is a loan,
secured by 4% general obligation bonds.
-BONDS AND WARYAKIMA COUNTY (P. 0. Yakima), Wash.
RANTS CALLED.-lt is reported that the County Treasurer called for
payment at his office on Dec. 27, various drainage, irrigation and dike
warrants and drainage bonds.
•
Jan. 13 1934
-REPORT ISSUED RELAYONKERS, Westchester County, N. Y.
-The Municipal
TIVE TO IMPROVING FINANCIAL CONDITION.
Consultant Service of the National Municipal League has Issued a report
suggesting certain financial and administrative reforms to be adopted for the
purpose of improving the financial status of the city, according to Mayor
Joseph F. Loehr. Among the recommendations contained in the report,
which was made public by the Mayor, are an increase in the tax rate for
1934 from the present figure of $3.11 per $100 of assessed valuation to $3.79
and "drastic economies and revisions of the city charter, with the aim of
providing adequate financial and administrative control by the chief
executive." It also provides a plan for the retirement of the floating indebtedness, which at Dec. 31 1933 amounted to about $10,000,000, at the
rate of $2.000,000 annually. The floating debt includes $7.054.000 In
short-term notes. $1,616,000 in taxes owed to Westchester County and
delinquent payroll charges of $1,596,000, it is said. Referring to the
financial situation as serious but not desperate, the report points out that
although the city paid $2,900,000 principal on debts in 1933, cash receipts
in that year were more than $4,000,000 below the amount expected.
YOUNGSTOWN CITY SCHOOL DISTRICT, Mahoning County,
-The Board of Education is planning to
-PLANS NOTE SALE.
Ohio.
sell an issue of $250,000 5% notes, due in six months, for the purpose of
meeting delinquent payrolls. In this connection, it is stated that the
Ohio State educational convention recommended guaranteeing boards of
-mill property tax limitation in this State
education three mills inside the 10
and paying out of State funds 25 cents per pupil in elementary schools and
40 cents per high school pupil daily.
CANADA, Its Provinces and Municipalities
-$799,000 BONDS AWARDED.
(Province of).
New BRUNSWICKProvincial Secretary-Treasurer, reports that award
W. B. Trites, Deputy
was made on Jan. 9 of $799,000 5% refunding bonds to a syndicate composed of the Bank of Montreal, Royal Bank of Canada, A. E. Ames & Co.,
Wood, Gundy & Co., Eastern Securities Co. and the Dominion Securities
Corp., ail of Canada. This group paid a price of 99.01 for the issue, the
net interest cost of the financing to the Province being about 5.07%. Issue
Is dated Jan. 12 1934. Denom. $1,000. Due Jan. 12 1954. Sinking
maturity.
funds will be established to provide for retirement of bonds atCanada at
Principal and interest (J. &J..) are payable in lawful money of
the office of the Provincial Treasurer or at the Bank of Montreal in St. John,
Halifax, Charlottetown, Montreal, Toronto, Winnipeg or Vancouver.
-DEFICIT HIGHER THAN
NEW BRUNSWICK (Province of).
-The Provincial deficit at the clost of the fiscal year
ESTIMATED.
on Oct. 31 1933 amounted to $429.517. according to the following dispatch from Fredericton to the Toronto "Globe" of Jan. 3: more than
"A deficit of $429,517 in ordinary revenue, or $348,346
estimated, is revealed in the financial statement of New Brunswick for
the fiscal year ended Oct. 311933. The last surplus was $9,337 in 1929.
"Total revenue for 1933 amounted to $5.176,468. or $456.221 less than
estimated in the last budget, and expenditures amounted to $5.695,085.
as against an estimate of $5,719,860. This represented curtailment of
$113,875.
Net Debi.
"The net debt of the Province as of Oct. 31 was $47,413,393, an increase
over 1932.
of $1,471,215
"A deficit of $120,070 was revealed for the year's operations of the
New Brunswick Electric Power Commission, this making a total accumulated deficit of $522.328.
"The auditors pointed out that 'included in the estimates for 1933 was
$525,543 as provision for sinking funds on bonds issued under the motor
vehicle law, but no payments have been made into these sinking funds
except $26,000 for serial retirements.'
"They also stated that $529,299 on deposits with the Dominion Government to the credit of the Province would be either deposited or earmarked
for sinking fund purposes.
-REFUSES TO PAY BONDS IN POUND .STEROAK BAY, B. C.
LING.-The District, adjoining Victoria, has refused to meet the demand
of holders of bonds, carrying optional payment features, for payment in
pound sterling or the equivalent of sterling in Canadian dollars now that
the pound is well above the par of the Canadian dollar, according to the
"Monetary Times" of Jan. 5, which further stated that the matter was to
be taken before the Supreme Court at Victoria on Jan. 9.
-The
-REPORTS SURPLUS OF $476.000.
ONTARIO (Province of).
cash surplus
Province completed its fiscal year on Oct. 31 1933 with a amounted to
of $476,000. Ordinary revenue obtained during the year
expendi$51.373,000, while expenditures totaled $50,897,000. Ordinary
tures in the fiscal year of 1932 were $56.236.000.
-At an election held
THREE RIVERS, Que.-BONDS VOTED.
recently the voters approved an issue of $12,000 water works bonds.
-C. H. Burgess & Co.
TORONTO TOWNSHIP, Ont.-BOND SALE.
due
of Toronto recently purchased, at par, an issue of $18,849 6% bonds,
in 30 years.
-DEFAULTED INTEREST PAID.
WEST KILDONAN, Man.
committee announced that the
The Secretary of the debenture holders' maturity on
July 1 1933 would
coupons which were defaulted at
interest
be paid on or after Jan. 2 1934.
Irrut (Companies
CHARTERED 1853
United States Trust Company of New York
45-47 WALL STREET
. $2,000,000.00
Capital,
Surplus and Undivided Profits, $27,102,559.70
Jan. 1, 1934
This Company acts as Executor, Administrator, Trustee, Guardian,
Committee, Court Depositary and in all other recognized trust capacities.
EDWARD W. SHELDON, Chairman of the Board
WILLIAM M. KINGSLEY, President
STUART L. HOLLISTER, Asst. Comptroller
WILLIAMSON PELL, 1st Vice President
FREDERIC W. ROBBERT, V. Pres. & Comp. LLOYD A. WAUGH, Asst. Comptroller
HENRY G. DI EFENBACH, Asst. Comptroller
THOMAS li. WILSON, Vice Pres. 8c Sec'y
HENRY L. SMITHERS, Asst. Secretary
ALTON S. KEELER, Vice President
ELBERT B. KNOWLES, Asst. Secretary
STRONG, Vice President
BENJ.
ROBERT S. OSBORNE, Asst. Vice President ALBERT G. ATWELL, Asst. Secretary
HENRY E. SCHAPER, Asst. Secretary
WILLIAM C. LEE, Asst. Vice President
HARRY M. MANSELL, Asst. Secretary
HENRY B. HENZE, Asst. Vice President
IRVIN A. SPRAGUE, Asst. Secretary
SAY WARD, Asst. Vice President
CARL 0.
JAMES M. TRENARY, Asst. Secretary
GEORGE MERRITT, Asst. Vice President
ARTHUR H. ERB, Met. Secretary
GEORGE F. LEE, Asst. Vice President
FRANK LYMAN
JOHN J. PHELPS
EDWARD W. SHELDON
ARTHUR CURTISS JAMES
WILLIAM M. KINGSLEY
TRUSTEES
LEWIS CABS LEDYARD, JR.
CORNELIUS N. BLISS
WILLIAM VINCENT ASTOR GEORGE F. BAKER
WILSON M. POWEL
JOHN SLOANE
JOHN P. WILSON
FRANK L. POLK
BARKLIE McKEE HENRY
PELL
WILLIAMSON
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