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The Financial Situation
have
BUSINESS and finance quiet now definitely entered
upon the relatively
summer period. The
indexes
The effects of a number of other Government
activities now getting under way are equally difficult
have quite generally receded substantially, to foresee. Among the more important of these are
as was of course to be expected at this time of the the national housing program and the loans by the
year. Whether business activity has declined more Reconstruction Finance Corporation and the Federal
than seasonally, and if so, by approximately how Reserve banks direct to business. Concerning both
much, is difficult to determine at this time. At any there is still difference of opinion. On the whole,
rate, the catastrophic curtailment of operations that however, the view seems to be gaining ground that
had been feared in some quarters has not materialized. neither is likely to prove to be the stimulant to
Meanwhile, industrial and financial leaders have for business that was expected by their originators.
the most transferred the major part of their attention While there has been from time to time some rather
from the present situation to the outlook for the vague talk about vigorous steps to •reduce conautumn.
struction costs, nothing tangible has been accomThey are finding the situation in this respect none plished, and the prospect that anything of much
too easy to appraise. Many factors, several of them importance will be done is now regarded by most
new in our experience, have
people as poor. It is still
to be taken into careful conan open question as to the
sideration.
extent to which owners of
Even among
Excellent Counsel
those who have little or no
savings will entrust their
Whatever the views of the Secretary of
faith in current national
funds to existing mortgage
Agriculture on other matters, he spoke
policies there is considerable
wisely and well in Wisconsin on Wedneslending institutions or to
day in describing the need, particularly
difference of opinion as to
those presently to be created
of American agriculture, for more reasonthe more immediate effects
able conditions of international trade.
under the terms imposed.
After citing statistics to show the
of the program laid out in
We should suppose that
enormous shrinkage that has occurred
Washington for the remainbanks with large demand
during the past few years in the volume
of international trade, he added that
der of the year. The uncerdeposits to protect would
whether or not this"was primarily respontainty is all the greater by
hesitate to take advantage
sible for the depression, it was a contributing cause, and the complicated
reason of the fact that the
of excess reserves to tie
tangle of trade barriers which has subplans of the Administration
up their funds in such ilsequently come into being is one of the
at several important points
liquid loans. It also remains
most serious impediments to world reare not wholly clear. Yet
to be demonstrated whether
We wish that we could share in Secreunfortunately the New Deal
the average man will go
tary Wallace's optimism concerning the
probable results of the tariff bargains
has made it necessary for
further into debt at the
now to be negotiated by the President as
the business man to look to
present time to renovate his
fully as we can and do in his expressed
belief in the advantages that would accrue
home or to construct a
Washington for the first,
from removing existing restrictions upon
and perhaps the most imnew one.
the international movement of goods.
portant, clue to the success
Contrary to much that is being said,
Few Loans Expected
the American farmer is suffering not
he is likely to have in the
nearly so much from overproduction as he
near-by future in the operaAs to Reconstruction Fiis from lack of his normal markets abroad.
Subsidies and arbitrarily controlled protion of his business.
nance Corporation and Reduction will not improve the situation,
serve Bank loans to inbut will, on the contrary, make it proGovernment Outlays
gressively worse as time passes.
dustry, the impression is
Unless it recovers its markets in reasonHE Federal Government
growing that few such loans
able degree, at least, agriculture in this
continues its huge outwill be made. As might have
country will not resume its rightful place
in our economic life for many years to
lays in many directions and
been expected, and as was
come. The Secretary is right when he says
has even shown indications
expected in well-informed
that we have been "side-stepping" this
question of restoration of sound foreign
of increasing them somequarters, no great number
trade ever since the war. The time has
what. It is unquestionably
of worthy borrowers desiring
now come when we, as a nation, must
due to this fact that business
face the issue squarely.
to obtain loans of the kind in
has not declined more durquestion are appearing, howing the past month or two.
ever large the total number
There is apparently to be a further increase in such of applications may be. So far no evidence has
expenditures later in the summer when outlays by appeared of willingness, on the part of either the
the Public Works Administration reach their peak. Reconstruction Finance Corporation or the Reserve
Many are inclined to expect drastic increases in the banks to make loans without due regard for the risks
disbursement of public funds at that time, or in the involved. Of course the possibility of loans by the
early autumn at the latest. Of course, it is certain banks with partial guarantee remains, and there are
that business cannot be permanently and soundly those who predict that a substantial volume of such
revived in any such manner. On the contrary, lending will develop. It seems to us, however, that
thoughtful men agree that much more harm than many of the difficulties that are preventing loans
good is likely to come of it in the long run. A tem- directly by the Reconstruction Finance Corporation
porarily stimulating effect is produced, however. and the Reserve banks will likewise act as a deterrent
and the uncertainty as to the amount of such dis- to loans of this type by the banks. It is difficult to
bursements during the next three to six months understand why the Government and the banks
adds definitely to the difficulties of those who must together should be willing to make unsafe loans
arrive at some sort of judgment of the outlook for the which each acting singly refuses to grant. In any
remainder of the year.
case, financial leaders have long ago discarded the
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154
Financial Chronicle
thought, if they ever had it, that in existing circumstances business can be greatly revived by making
more credit available, when for a long while past
more has been constantly on offer than sound
borrowers could use.
New Issues as a Factor
HE probability of a considerable volume of new
security issues in the autumn is now being
discussed widely in financial circles, and in some
quarters is viewed as a probable stimulant to business.
This is not the first time that a substantial increase
in the flotation of new securities has been predicted
during the past year. Current plans in this regard
may or may not come to fruition. It is certainly to
be hoped that conditions in the autumn will be such
as to stimulate a sound demand for new capital on
the part of business, and that the legal restraints
imposed upon the issuance of new securities will
prove bearable now that the Securities Act has been
amended. Many refunding issues are also due, and
indeed past due, and a good many corporations would
like an opportunity to pay off short-term creditors
with the proceeds of the sale to investors of longterm securities. It is certainly desirable that transactions of this kind where soundly conceived,should
be consummated at as early a date as possible.
Yet we feel constrained to express the opinion
that too much can easily be made of all this as a
general business stimulant. Refundings and kindred operations directly imply no new investments
in goods, and hence create no demand for materials
or labor, although they may indirectly have some
such effect by freeing corporations of financial
worries and thus encouraging them to proceed with
plans that otherwise might lie indefinitely in the
files. The repayment of bank loans by means of the
sale of long term securities to investors other than
the banks releases bank funds which then must seek
employment, but an excess of loanable bank funds
has long been the rule.
T
Additional Investments
The situation is, of course, different with new
issues designed to bring additional funds into business enterprises or to finance newly organized enterprises. In such cases, where the funds are sought
for the purpose of enlarging plant facilities or even
for the purpose of fuller utilization of existing facilities, the investment normally has a stimulating
effect upon business by increasing employment and
enlarging the demand for materials. The fact is
not to be overlooked, however, that careful business
men do not ask for funds merely because there are
underwriters and distributors ready to sell securities and investors ready to buy them. Entrepreneurs go into the capital market when they believe that they have a reasonable opportunity to
make profitable use of long term funds. That
opportunity, by and large, exists only when business is good or promises shortly to be satisfactory.
The issue of securities to provide new funds is fully
as much the result as the cause of good or improving
business. At present the outlook for profits certainly seems not of the best.
It is often said, and with truth, that there are
many corporations in this country at present that
are "short of working capital." But many of these
enterprises are now being "carried" either by the
banks or some other agency or individual. Sales of
long-term securities by such concerns, as helpful as
July 14 1934
it would be to them and to the community if they
are fundamentally sound, partake of the nature of
refunding operations. Others all too frequently
are in no financial condition to offer securities to
the general public. We earnestly hope that the time
may shortly come when new financing may be freely
resumed, but we think nothing is to be gained by
misunderstandings as to what would and would
not be implied in any such development.
NRA in Retreat
VIDENCE multiplies that the National Recovery Administration is in retreat before the
assaults of the Darrow reports, Senator Borah and
others who are sharply critical of the policies pursued to date by this organization. The goal toward
which the NRA now sets itself is, however, not welldefined, so far as the average man is able to learn.
Indeed, there is good reason to doubt whether the
officials in control of the so-called recovery policies
are themselves fully and definitely certain in their
own minds concerning this matter. Until this aspect of the matter is considerably clarified, final
judgment as to the merits of changes now taking
place must be held in abeyance.
At the same time, it does seem to be clear that
large sections of the general public and the Administration at Washington have come to realize the
marked monopolistic tendencies that have grown
up under the program as so far given effect, and are
no longer insensible to the perilous position in
which the smaller establishments are being placed.
This we regard as one of the most encouraging turns
of events to be observed since the New Deal got under way a year or more ago. We hope that those
who have been able to persuade the recovery Administration to take these matters into active
account will now suffer no temptation to rest upon
their oars, but will continue at the tasks to which
they have set themselves. There must be no failure
to insist that alterations in policies be real and
intelligently designed to remedy the evils against
which complaint has so forcefully been made, even
if such a course would, as seems to us inevitable,
result in abandonment of many of the basic objectives toward which the Administration has been
striving.
Recent Developments
The developments of the past week or ten days
have been interesting and on the whole encouraging.
It will be recalled that the strongly worded announcement made some weeks ago of a change in
policy in respect to price fixing was largely retracted by General Johnson himself within a day or
two. This seemed for a time at least to leave future
policies on the part of the NRA deeply enshrouded
in doubt and perplexity, the more so since very
shortly thereafter at least two new codes were approved with price fixing provisions of the old order
embodied therein. As to the vigor to be exercised in
purging the older code agreements now in effect of
their more objectionable features, there is still much
uncertainty in the minds of most people. The proposal, amounting almost to a command, by General
Johnson on Wednesday that those industires not yet
under codes either become members of the code
groups in industries closely allied to them, or else
become parties to a sort of blanket code that has
been designed for use by a large number of small
industries, seems to leave an opportunity for a good
Volume 139
Financial Chronicle
155
many smaller industries to become parties to exist- upon other activities in which they have been engaged recently. Mr. Harrison and a number of other
ing codes containing price-fixing provisions.
The fact remains, however, that the newly pro- bankers whose names are not disclosed are suspected
posed blanket code for small industries embodies the by Senator Thomas and Mr. Rand of desiring to
new anti-monopolistic policy announced some time "peg" the dollar to foreign currencies or to "tie it
ago. This it does in unmistakable language which to a fixed weight of gold." This in the eyes of both
gains significance from the reported refusal of the Senator Thomas and the Committee for the Nation
Administration of late to give approval to new would be tantamount to a tragedy, and they make
codes containing price-fixing provisions common in use of the publicity certain to be given to their
the older agreements. Still more interesting, per- cabled correspondence to inveigh vigorously against
haps, and to us more encouraging, are the reports such doctrines. They intimate broadly, if they do
of representatives of sundry industries, coded and not actually assert, that Mr. Harrison is abroad at
uncoded, who have recently visited Washington for the present time in the interest of plans of this sort.
Mr. Harrison's accusers are probably right in
conferences concerning matters of the kind here under discussion. The impression is definitely grow- believing that he and all other bankers of conseing among them that there has been a change of quence would like to have the dollar definitely and,
view in official quarters during the past month or so far as possible, permanently stable in terms of
two. Of course only the future will fully demon- foreign currencies. It is hardly conceivable that
strate the accuracy of these conclusions, since at they should not desire it. One supposes also that
the moment they appear to be partly surmise, but they hold the fully warranted opinion that a dollar
they nonetheless are sufficiently supported by evi- once more redeemable in a fixed amount of gold is
dence to cause dissatisfaction in those quarters to be sought with all possible assiduity. But Senwhere there is desire for what is known as controlled ator Thomas must know, and Mr. Rand and his ascompetition, often amounting in effect to elimina- sociates must know, that Mr. Harrison has no aution of competition, and encouragement in other thority to negotiate agreements bearing upon such
circles Where sincere dislike of monopoly and any- subjects—unless indeed he is specifically so comthing like it prevails.
missioned by the authorities at Washington, which
has been specifically denied. Further devaluation
State Laws
There is, however, another aspect of this whole of the dollar in terms of gold within the fifty cent
question of undoing the mischief that the NRA has limit fixed by Congress is, as everyone knows, in
done. Several individual States now have laws upon the hands of the President of the 'United States.
their statute books modeled after the National In- Reduction of the gold content of the dollar to less
dustrial Recovery Act. Others, as in the case of than fifty cents, as these inflationists avowedly deNew York State, are being importuned to adopt sire, can be accomplished only by Act of Congress.
In any case Mr. Harrison quickly replied to Sensuch measures, or probably will be so besought by
ator Thomas that "the only purpose of my trip is to
those who are dissatisfied with the course of events
in Washington. In some instances at least State pay visits to certain correspondent banks abroad to
authorities have been more rigorous in the enforce- inform them regarding conditions at home and to
ment of their laws than has the Federal Government. attempt to ascertain as much as I can of conditions
Of course such State laws apply, and under the Fed- here (abroad), and not to negotiate any arrangeeral Constitution can be made to apply, only to ment about anything." As a matter of fact, the
intra-State operations. A very substantial propor- operation, perhaps even the existence, of a huge
tion of the business now being done under codes of stabilization fund has greatly added to the already
one sort or another is, however, purely intra-State. difficult tasks of the Federal Reserve Bank of New
Retail establishments, utility operations, and a York which represents the whole system in foreign
number of other businesses in the nature of the case transactions and, according to the general underare largely of that order. A substantial part of the standing, the Federal Government in respect to the
business of many industrial concerns is likewise stabilization fund. It is, therefore, not in the least
conducted within the boundaries of a single State. strange that the operating head of the New York
There can be little question that State laws, and institution should feel it wise to hold conversations
administrative bodies set up under State laws (given at this time in Europe. It appears, therefore, to be
a substantial retirement of the Federal Government a little absurd to regard Mr. Harrison's European
from the field) could be and probably would be, visit as an indication that he or his associates are
a factor of importance in this whole situation. The undertaking to formulate any agreements with forNational Industrial Recovery Act and related stat- eign banks or foreign governments, unless, of course,
utes, as well as general administrative policies and he has definite understandings with the President
pronouncements, have without question created or his agents. This latter appears not to be the
conditions and set in motion forces whose elimina- case, but if it were, then the strictures of Senator.
Thomas and Mr. Rand ought to be directed at the
tion will require years of careful statesmanship.
President.
Another "Inflation" Campaign?
The belief in financial circles that they are in
CENATOR THOMAS of Oklahoma and the Com- fa'ct intended primarily to influence the President
mittee for the Nation through its chairman, is therefore, logical, and is strengthened by the poll
James H. Rand, Jr., have within the past few days of members of the two houses of Congress now
apparently undertaken to initiate another campaign being undertaken by Senator Thomas. From all
for further devaluation of the dollar. At least such this it may be and is being concluded that the steps
is the interpretation placed by many observers now taken by Senator Thomas and Mr. Rand are
upon certain cables these gentlemen have been send- the opening guns of a sustained campaign designed
ing to George L. Harrison, Governor of the Federal to force a further reduction in the gold content of
Reserve Bank of New York, now in Europe, and the dollar at as early a date as possible. The Corn-
156
Financial Chronicle
mittee for the Nation is now indeed advocating a
price of $41.34 for gold, but it may safely be assumed that still higher prices would be demanded
should they once obtain their present demands. It
remains to be seen what headway these leaders
among the inflationists are able to make in this
country, where the people, on the surface at least,
seem to be losing their faith in monetary tinkering.
It would certainly be very gratifying if there were
good reason to believe that the authorities at Washington were deeply and urgently interested in permanent stabilization of the dollar in terms of foreign
currencies and in a full return to the gold standard. Meanwhile, if we are really to be subjected to
another "inflation drive," it would be well for the
public to understand that inflation, in the true sense
of the term, is already occurring on a gigantic scale
day by day through the practice of the Treasury in
converting its deficits into deposits, the money of
modern business.
The Federal Reserve Bank Statement
HANGES in the combined condition statement
of the 12 Federal Reserve banks, made available yesterday, are not of a startling nature. The
Treasury resumed the practice of depositing gold
certificates, after a suspension of several weeks,
occasioned by the large accumulation of cash from
the June 15 financing. Certificates deposited
amounted nearly to $28,000,000, whereas monetary
gold stocks of the country increased only by $15,000,000 in the period between July 3 and July 11.
There is nothing surprising in this, when it is
recalled that the several previous statements reflected no deposits of gold certificates, even though
the monetary gold stocks showed sizable increases
in the previous periods as well. Only a part of the
current and earlier accumulation of gold is represented by the certificate addition now reported, and
it is evident that the Treasury is not at the moment
utilizing the so-called gold profit from dollar devaluation to increase the credit resources. It is apparent, nevertheless, that such credit resources are
tending toward ever higher totals as a consequence
of the official monetary policy, and it would be
idle to deny the potential dangers inherent in the
present situation. Treasury deposits with the Federal Reserve System apparently were used of late
to meet cash demands, and member bank reserves
with the System accordingly mounted to a new
high record of $3,902,098,000, indicating that excess
reserves over requirements hre close to $1,800,000,000. Such totals are needless and unexampled,
and are an open invitation to a credit debauche.
The increase in gold certificates brought the holdings of these instruments by the Federal Reserve
System up to $4,810,603,000 on July 11, from $4,782,084,000 on July 3. "Other cash" likewise increased
and the total reserves advanced to $5,066,978,000
from $5,019,523,000. Borrowings by member banks
were more than $6,000,000 lower, at $22,684,000,
while a slight decline appeared in the bankers' bill
holdings of the System, which receded to $5,259,000.
The total of United States Government security
holdings was materially unchanged at $2,431,779,000, and the nature of the holdings also was
unchanged. Federal Reserve notes in actual circulation declined to $3,098,273,000 on July 11 from
$3,121,703,000 on July 3, apparently in consequence
of the passing of the mid-year requirements. Fed-
C
July 14 1934
eral Reserve net circulation of bank notes continued
their slow decline, dropping to $41,045,000. The
increase in member bank deposits on reserve account
was an unusually large one, the total of $3,902,098,000 comparing with $3,745,739,000 in the earlier
statement. Treasury deposits with the System fell
to $63,136,000 on July 11 from $152,150,000 on
July 3, but total deposits naturally increased as a
result of the large member bank accumulation. The
increase in deposit liabilities, however, was more
than offset by the decline in note circulation and
the gain of reserves, and we find the ratio of total
reserves to deposit and Federal Reserve note liabilities combined at 69.5% on July 11, compared to
69.2% on July 3.
Cotton Acreage Report
HE Department of Agriculture has indicated the
cotton crop area for the current year. In its
report, issued at Washington on Monday of this
week, the acreage planted to cotton in the principal
producing States for this year's crop was estimated
at 28,024,000 acres. The announcement was
"hailed" by the head of the Government organization
as proof of the "complete success" of the adjustment
program for that important crop.
No indication was yet given of the probable yield.
The area planted was the smallest under cultivation
in the United States in any year since 1905. The
28,024,000 acres planted to cotton this year was
31.4% below that reported under cultivation on
July 1 1933 for last year's crop. Furthermore, it
was 32.4% less than that of the acreage for the five
years from 1928 to 1932, inclusive. It was also
3,654,000 acres below the acreage planted to cotton,
as indicated by the report issued in July 1921. In
that year the area planted to cotton was the lowest
for any year between 1905 and 1934.
In considering the matter of the 1933 cotton crop,
it will be remembered that the National Government,
by payment of a cash bonus, induced Southern planters to reduce the area harvested. While the July 1
1913 estimate of planting was 40,852,000 acres, the
harvest last year was only 29,978,000 acres, a decline of 10,874,000 acres. In spite of the efforts of
the Government to curtail production, the intensive
use of fertilizer, closer attention to cultivation on a
reduced acreage, and excellent weather conditions
resulted in a crop of 13,047,262 bales for the 19331934 yield, and was larger than that for the preceding year, of 13,001,500 bales, when the area harvested
was 35,939,000 acres.
Of the 10 larger cotton-growing States in the
South, Oklahoma shows relatively the greatest reduction in area planted this year as compared with
that planted a year ago. The ratio of the acreage
in that State this year to that planted for the 1933
cotton crop was 64%. Next in order were Arkansas,
Tennessee, Texas (the latter at 68%), Mississippi,
Alabama and Louisiana, for which 70% was reported. South Carolina was 71%; North Carolina,
74%, and Georgia, 75%. This means that for
Georgia, 2,141,000 acres were planted this year
against 2,855,000 acres planted in the preceding year.
There are influences at work to affect production
this year beyond the weather. The artificial movement has taken a new turn, the reverse of last year.
Instead of a bonus to destroy acreage, the Bankhead
law imposes a penalty on all cotton ginned in excess
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Volume 139
Financial Chronicle
of 10,000,000 bales. This fixed amount is to be
apportioned by quotas, allotted by sections, and to
individual growers, and a heavy tax is to be imposed
on any cotton in excess of the above figure. This
is a novel procedure, and its operation will be
watched with interest. Will there be any way to
cheat the Government? No official estimate of production is to appear until the August report, but
advices from Washington, evidently inspired from
headquarters, suggests a possible yield of 10,189,000
bales. Perhaps the wish is father to the thought.
Government Crop Report
HE outlook for the grain crops this year is even
worse than that for cotton. The July crop
report, issued by the Department Of Agriculture at
Washington, on Tuesday, holds out little promise
for any large productions. The winter wheat crop,
which is now made, is estimated at 394,268,000 bushels, as compared with 400,000,000 bushels a month
ago. The July 1 condition of winter wheat was 57.2,
compared with 55.3 on June 1. The July 1 condition
of last year's crop was 57.8% of normal, and up to
this year was the lowest in a great many years. The
harvest of winter wheat last year was 351,608,000
bushels. Spring wheat this year will practically be
a failure. Production Is now placed at 89,394,000
bushels, against last year's harvest of 176,370,000
bushels, and a five-year average yield of 254,298,000
bushels. The July 1 condition of spring wheat this
year was 38.4% of normal, compared with 52.1% a
year ago and 84.2% on July 1 1932, when the harvest was 264,680,000 bushels. The total yield of
wheat this year is now placed at 483,662,000 bushels,
compared with 527,978,000 bushels last year and
744,076,000 bushels in 1932.
Corn acreage for the 1934 production is also down.
The July report is the first issued for that crop this
year, and shows an area planted of 92,526,000 acres,
against 102,397,000 acres for the crop of 1933 and
108,609,000 acres two years ago. The July 1 condition of corn this year was 71.8% of normal, compared with 70.2% last year and 84.9% on July 1
1932 for the crop harvested in that year. The Government's estimate of yield this year is now placed
at 2,113,137,000 bushels, the smallest for any year
since 1894, with the single exception of 1930, when
the harvest was 2,060,185,000 bushels. Last year's
production of corn was 2,343,883,000 bushels, while
the harvest of the 1932 corn crop was 2,873,570,000
bushels. The last 3,000,000,000-bushel corn crop was
in 1923, and during the 10 years prior to that year
there were several of them. Perhaps there may be
more of them in the future.
For oats, a new low record appears in the July 1
condition, which was down to 40% of normal. Production for that crop is now placed at 567,839,000
bushels, compared with a five-year average yield,
1927-1931, inclusive, of 1,186,956,000 bushels. Rye
will also be very short in production this year, being
placed at 17,104,000 bushels, against a short crop
last year of 21,236,000 bushels, and an average yield
of 40,980,000 bushels for the five years 1927-1931,
inclusive. The outlook for barley is very unsatisfactory, production this year being placed at 125,155,000 bushels. Last year's yield was also short, at
157,000,000 bushels, while the five-year average has
been 270,444,000 bushels. Other farm crops make a
poor showing generally. The harvest of hay, at
57,475,000 tons, will be the shortest in 15 years.
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157
The New York Stock Market
TTLE interest was taken by traders and investors
in shares this week, and the New York stock
market dragged along in a series of dull and irregular sessions. Transactions were small at all times,
and price advances in one session were offset by
declines in the next, so that final quotations yesterday were very close to those of a week earlier. Violent movements in the leading grains and in cotton
distracted attention from the stock market, but did
not affect share prices to any appreciable degree.
Acreage estimates and expectations of poor crops
caused grain and cotton prices to soar, but it does
not appear that any net gain to the country will
result from the modest yields, and the stock market
jogged along without taking much apparent note
of the developments. After a dull and irregular
session on the New York Stock Exchange last Saturday, prices of shares dipped very slightly on Monday, with the turnover only 315,910 shares, or the
smallest amount for a full session since June 2 1924.
Improvement occurred in quotations on Tuesday,
and a further modest advance was recorded Wednesday, with the trading on each day close to 650,000
shares. The market moved irregularly lower Thursday, with turnover again less than 500,000 shares,
but a little improvement occurred yesterday, both
in prices and in trading volume.
With grains and cotton holding the center of interest, only a few specialties attracted any attention whatever in the stock market. One or two
utility and industrial issues advanced, and some
of the metal stocks engaged in wide movements, but
the market otherwise was flat. The listed bond
market continued its more nearly normal level of
activities, with United States Government issues
advancing to high records. Many of the best-rated
corporate securities also were firm, but speculative and semi-speculative bonds were irregular.
German bonds held close to former levels, as the •
outcome of events in Germany and the current negotiations on the transfer moratorium was awaited.
The foreign exchange market afforded little of any
consequence. The business outlook remains uncertain, and here, also, further indications were
awaited. Steel production for the week beginning
July 9 was estimated at 27.5% by the American Iron
and Steel Institute, against 23% last week, but this
gain is small compared to the sensational drop from
56.9% a month ago. Electric power production in
the United States for the week ended July 7 was
1,555,844,000 kilowatt hours, against 1,688,211,000
kilowatt hours in the preceding week, but the recession was due entirely to the July 4 holiday. Carloadings of revenue freight in the week to July 7
were 519,807 cars, or 19.35% under the previous
week, but here, also, the holiday must be taken into
consideration.
As indicating the course of the commodity markets, the July option for wheat in Chicago closed
yesterday at 9638c. as against 89%c. the close on
/
Friday of last week. July corn at Chicago closed
yesterday at 591 8c. as against 57%c. the close on
/
Friday of last week. July oats at Chicago closed
yesterday at 4412c. as against 4212c. the close on
/
/
Friday of last week. The spot price for cotton here
in New York closed yesterday at 13.15c. as against
12.15c. the close on Friday of last week. The spot
price for rubber yesterday was 14.64c. as against
14.56c. the close on Friday of last week. Domestic
ra
158
Financial Chronicle
copper closed yesterday at 9c., the same as on Friday of previous weeks. Trading volume in the silver
market was of small proportions, with price fluctuations irregularly changed for the week. In London
the price yesterday was 20 9/16 pence per ounce
as against 20% pence per ounce on Friday of last
week, and the New York quotation yesterday was
46.60c. as against 46.50c. on Friday of last week.
In the matter of the foreign exchanges, cable transfers on London yesterday closed at $5.04 as against
$5.04% the close on Friday of last week, while cable
transfers on Paris closed yesterday at 6.5978c. as
/
against 6.5978c. on Friday of last week. Among
/
the dividend actions taken the present week may be
noted the suspension by the Columbia Gas & Electric Corp. of the payment on its common stock.
On May 15 last a quarterly distribution of 121 2c. a
/
share was made on this issue in 5% preference stock.
On the other hand, the Colgate-Palmolive-Peet Co.
on July 11 resumed the dividend on its common
stock by the declaration of 12y a share, payable
2c.
Aug. 1. This is the first disbursement to be made
on the common since early in 1933. On the New York
Stock Exchange 56 stocks reached new high levels
for the year, while 40 stocks touched new low levels.
On the New York Curb Exchange 21 stocks touched
new high levels for the year, while 36 stocks touched
new low levels. Call loans on the New York Stock
Exchange remained unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 182,050
shares; on Monday they were 315,910 shares; on
Tuesday, 648,610 shares; on Wednesday, 648,520
shares; on Thursday, 466,070 shares, and on Friday,
533,170 shares. On the New York Curb Exchange
the sales last Saturday were 49,620 shares; on Monday, 80,213 shares; on Tuesday, 153,368 shares; on
Wednesday, 131,715 shares; on Thursday, 151,185)
shares, and on Friday, 135,536 shares.
The stock market continued to be a rather dull
affair, with prices moving within a very narrow
range. However, as compared with Friday of the
previous week, the trend of values was mostly
toward slightly higher levels. General Electric
closed yesterday at 201 8 against 20 on Friday of
/
last week; Consolidated Gas of N. Y. at 33 against
341 2; Columbia Gas & Elec. at 11 against 144;
/
1
Public Service of N. J. at 36 against 35½; J. I. Case
Threshing Machine at 521 8 against 50/ Interna/
38;
tional Harvester at 33% against 32%; Sears, Roebuck & Co. at 44% against 43; Montgomery Ward &
/
Co. at 29% against 281 8; Woolworth at 50% against
50; American Tel. & Tel. at 114% against 115, and
American Can at 10114 against 98%.
/
/
1
2
Allied Chemical & Dye closed yesterday at 137
against 135 on Friday of last week; E. I. du Pont
de Nemours at 92% against NM ; National Cash
Register A at 17 against 17; International Nickel
/
at 263/s against 2578; National Dairy Products at
/
1
2
18% against 18 ; Texas Gulf Sulphur at 33
/
1
2
/
against 34; National Biscuit at 351 2 against 35;
Continental Can at 81 against 79%;Eastman Kodak
/
/
at 98% against 981 2; Standard Brands at 2078
against 21; Westinghouse Elec. & Mfg. at 37%
against 37; Columbian Carbon at 74 against 74;
Lorillard at 181 4 against 18; United States In/
%
dustrial Alcohol at 421 against 402 bid; Can/
1
/
ada Dry at 2012 against 21; Schenley Distillers
/,
/
at 26 against 2712 and National Distillers at 2178
.
/
against 2312
July 14 1934
The steel stocks in most instances are slightly
higher than one week ago. United States Steel
closed yesterday at 40 against 397 on Friday of
8
last week; Bethlehem Steel at 331 2 against 34; Re/
public Steel at 1678 against 16%, and Youngstown
/
Sheet & Tube at 20% against 20%. In the motor
group, Auburn Auto closed yesterday at 241 2
/
against 24 on Friday of last week; General Motors
at 3214 against 32; Chrysler at 4114 against 4078
/
/
/,
and Hupp Motors at 3 against 31 8 In the rubber
/.
group, Goodyear Tire & Rubber closed yesterday at
2718 against 271 4 on Friday of last week; B. F.
/
/
Goodrich at 121 2 against 13, and United States
/
Rubber at 18 against 18.
The railroad stocks for the most part closed lower.
Pennsylvania RR. closed yesterday at 301 8 against
/
301 2 on Friday of last week; Atchison Topeka &
/
Santa Fe at 621 4 against 60%; New York Central
/
at 281 8 against 2812; Union Pacific at 120 against
/
/
120; Southern Pacific at 2378 against 241 2; South/
/
ern Railway at 2014 against 241 and Northern Pa/
%,
cific at 23 against 23%. Among the oil stocks,
Standard Oil of N. J. closed yesterday at 45 against
44% on Friday of last week; Shell Union Oil at 8
against 814 and Atlantic Refining at 25% against
/
,
2512 In the copper group, Anaconda Copper
/.
closed yesterday at 14% against 1478 on Friday of
/
last week; Kennecott Copper at 221 8 against 21½;
/
American Smelting & Refining at 42% against 42%,
and Phelps Dodge at 18 against 17%.
European Stock Markets
RREGULAR tendencies marked the trading this
week on most stock exchanges in the leading
European financial centers. The London Stock Exchange was fairly firm in all sessions, with giltedged issues in better demand than others. The
Paris Bourse and the Berlin Boerse reflected modest
optimism at times, but there were also periods of
recession in quotations. The tangled international
situation remained a disturbing influence on all
markets, while indications of internal disturbances
in some countries also proved disconcerting. Demonstrations by war veterans in France against the
Doumergue Government took place over the weekend, while riots were reported in Amsterdam. The
international monetary outlook improved slightly,
largely as a consequence of fresh gold acquisitions
by France and a cessation of the drain on the
Reichsbank. But there is little likelihood of balanced budgets by the Continental nations. The
French Parliament, before it adjourned, passed
measures for public works expenditures of 8,720,000,000 francs. The French Government, in order
to provide needed cash, announced on Wednesday
an issue of 3,000,000,000 francs 4% bonds due in
fifty years and redeemable at large premiums, although the subscription price was 95. The yield on
this flotation is nearly 5%. The outlook for trade
and industry has become less favorable in recent
weeks, in the leading industrial countries of Europe, and statistics of unemployment now reflect
this change. The British total of unemployed on
June 25 was 2,092,586, or 2,205 more than in May,
this increase being the first in many months. German registered unemployed decreased only by 47,000
in June, although the Nazi program called for a
much larger decrease.
The London Stock Exchange was quiet but generally firm in the initial session of the week. British
I
Volume 139
Financial Chronicle
funds were in good demand and advances also were
registered in home railway securities. Industrial
issues showed only a few changes, but most of these
were toward better levels, while international securities reflected mild uncertainty. Activity increased to a degree on Tuesday, with British funds
and home railway issues again in greatest request.
Industrial securities were dull, with the exception
of tobacco shares, and most international issues also
dipped slightly. The tone Wednesday was generally cheerful, notwithstanding quiet trading. British funds continued their advance and some issues
touched new highs. Home railway issues were favored and some excellent advances were registered in
industrial shares. Changes were unimportant in
the foreign section. In Thursday's dealing some
profit-taking occurred in British funds, but the recessions were very small. Traffic figures did not
measure up to expectations and home railway issues
were hesitant, but industrial issues remained in demand and most of the international securities also
improved. Turnover yesterday was very small, and
the trend was soft in nearly all issues.
The Paris Bourse was extremely dull as trading
started for the week, little business being reported
in any department of the market. Rentes were
steady and some small gains were recorded in
French bank and industrial stocks, but German
bonds dropped heavily. The trading on Tuesday
resulted in recession in rentes, as rumors of the impending flotation were circulated. Shares of French
banks and industrial concerns also drifted lower,
while formal announcement of the terms of the new
loan was awaited. German bonds were irregular
and other foreign securities likewise reflected uncertainty. Announcement of the new 3,000,000,000
franc loan early Wednesday unsettled rentes for
a time, but the initial recessions were regained.
Trading otherwise was on a small scale, with quotations improved. German bonds remained irregular.
The session at Paris on Thursday was exceedingly
dull and changes were small. Rentes hardly moved,
while other departments were irregular. French
bank stocks dipped, but industrial securities and
foreign issues improved. Rentes improved in a dull
session yesterday, and other issues also showed
gains.
The Berlin Boerse was dull, Monday, but most
securities improved. Shares of firms that are
equipped to manufacture arms showed the largest
advances, but gains also were registered in a number of other issues. An increase of business was
reported Tuesday, as a consequence of enlarged
public buying, and the favorable trend remained in
evidence. Gains of 3 to 6 points developed in some
of the specialties, while smaller advances appeared
in the standard issues. Although the advance was
continued during most of the session at Berlin, on
Wednesday, profit-taking developed toward the
close and the net gains were small. The largest net
advances again were recorded in a few specialties,
while leading stocks showed only modest changes.
Activity dwindled Thursday, and most securities
also tended to drop. The softness was general but
it resulted in recessions of only small fractions in
most issues. Traders and investors preferred to
await further developments in the internal situation,
reports said. Lower quotations again were the rule
in quiet dealings yesterday.
159
Governor Harrison at Basle
OVERNOR GEORGE L. HARRISON, of the
Federal Reserve Bank of New York, spent the
last week-end at Basle for conversations on international financial matters with the heads of the European central banks who gathered in the Swiss city
for the ordinary meeting of Bank for International
Settlements directors. It is obvious that such conversations are helpful and necessary in this period
of extreme financial unsettlement, since formal
stabilization of currencies would prove difficult
without some preliminary exchanges of views. Before Mr. Harrison departed it was made quite plain
that he would not attend the monthly meeting of
the B. I. S. board, and it was also well understood
that he had no authority to conclude any monetary
agreement. It is somewhat regretable, therefore,
that Senator Elmer Thomas of Oklahoma, whose
chief interests are inflation and silver, introduced
a quite unnecessary note by cabling to Governor
Harrison his objections to efforts to stabilize currencies by international agreement or to establish
a more formal relationship of the dollar to gold
than now exists. In the course of the London
Monetary and Economic Conference, a year ago, it
was plainly indicated that central and reserve bank
heads would have little to say concerning the time
for stabilization, and it is still evident that home
Governments will control this matter.
Dispatches from Basle make it clear that much
good was accomplished in the conversations among
the bank authorities gathered there. Mr. Harrison
arrived last Saturday, and other bankers assembled
a day or two in advance of the usual meeting of
directors, which always takes place on a Monday.
Montagu Norman, Governor of the Bank of England, appeared soon after Mr. Harrison arrived and
the two financiers engaged in long conversations
without delay. Such talks were continued on a
wide scale last Sunday and Monday. Little actual
information on these discussions was made available, but that little is conclusive, so far as any actual
negotiations for stabilization are concerned. "The
only purpose of my trip," Mr. Harrison cabled in
reply to Senator Thomas,"is to pay visits to certain
correspondent banks abroad to inform them of conditions at home and to attempt to ascertain as much
as I can of conditions here, and not to negotiate any
arrangement about anything."
Inevitably the problem of monetary stabilization
must have been discussed at length, since all bankers and financiers are aware of the need for the
speediest possible action toward this end. In a
Basle report of Sunday to the New York "Times" it is
remarked, however, that actual negotiations among
the bank heads were not even considered. The
B. I. S. is a bankers' group where the members can
learn about one another's affairs and the policies
of banks and countries which each represents," the
dispatch continues. "Mr. Harrison has no authority
to commit President Roosevelt or the United States
to any new policy." The British view of stabilization remains unchanged, and the general opinion
at Basle was that no definite rate will be set for
sterling until the British feel sure that the gold bloc
currencies and the German mark are safe from depreciation. Comforting is the comment in the report that "as far as the United States is concerned
the question of safe stabilization already is settled,"
G
160
Financial Chronicle
in the opinion of most authorities. Mr. Harrison's
visit was regarded in many quarters as symbolic of
a more settled monetary period for the United
States, and probably for the rest of the world as
well.
In the formal meeting of B. I. S. directors on
Monday, which Governor Harrison did not attend,
discussions appear to have turned chiefly on the
German moratorium and means for extending the
usefulness of the Basle institution. The central
bankers authorized President Leon Fraser to protest vigorously against discriminatory treatment of
holders of Dawes and Young bonds of the German
Government, which is implied in the concessions
to the British Government by the Germans. Dr.
Hjalmar Schacht, President of the Reichsbank, was
taxed with such discrimination and it was pointed
out that in agreements for the financing, equal
treatment of bondholders in all countries is required.
But Dr. Schacht, it is said, declared that the Reichsbank simply has no funds to effect all the payments
in foreign currencies, and he added that it is a matter for consideration by the German Government,
in any event. Mr. Fraser, accordingly, dispatched
a protest against the German moratorium to the
German Finance Ministry. The usefulness of the
B. I. S. as an international clearing house soon may
be enhanced to a degree, it was indicated, since
the British acceded to a plan for clearances of postal
accounts through the institution. Germany and
Switzerland already were on record as favoring the
project, and it is anticipated that other countries
now will join the movement. There were no indications of further accomplishments, and the directors
adjourned, to meet again at Basle next October.
Governor Harrison went to Paris, where he continued his private discussions with Clement Moret,
Governor of the Bank of France, regarding matters
of mutual financial interest.
Finland's Debt Payment
FFICIAL appreciation of the payment by Finland of $168,538 due the United States Government on June 15 was expressed by Secretary of
State Cordell Hull in a note banded to Dr. Sigurd
von Numers, the Finnish Charge d'Affaires at Washington, on July 7. Finland made the only payment
received at Washington against the debt settlements
with 14 nations. All others defaulted completely,
although Great Britain intimated that another "token payment" would be forthcoming if this could be
done without placing the stigma of default on the
British Government. In keeping faith with its
financial obligations, the Government of Finland
has set a timely and valuable example, Secretary
Hull remarked in his note to that regime. Commenting on the manifest appreciation with which the
attitude of the Finland Government was greeted
in this country, Mr. Hull expressed a desire to associate himself with the general appreciation.
"At a time when contractual obligations have been
widely disregarded or are too easily subordinated to
considerations of brief expediency, and to a degree
which threatens one of the most important of human
relations, the consistent steadfastness with which
Finland has unhesitatingly met its obligations has
been enheartening," the Secretary stated. "While
this Government, in its role of creditor, is ever
mindful of leniency, or equity, or ability to pay, and
of other considerations to which debtor governments
O
July 14 1934
are entitled, it was never more important than at
present that debtor governments should make every
reasonable effort to meet their financial obligations,
and in doing so to preserve their credit and the international credit structure." In Washington dispatches it was noted as significant that the communication made no reference to any revision of
the debt settlement with Finland, even though
rumors were rife some months ago that negotiations
had taken place between the Governments of the
United States and Finland with this end in view. .
Trade Treaties
ISTINCT progress has been recorded of late
toward the improvement of commercial relations between various countries by means of the
negotiation of trade treaties. In this country, Secretary of State Cordell Hull has been placed in
charge of negotiations for the reciprocal trade
agreements which are possible under the so-called
Tariff-bargaining Act. Mr. Hull's oft proclaimed
desire to stimulate international exchanges of goods
and services indicates that this selection is a gratifying one. He will be assisted by Francis B. Sayre,
Assistant Secretary of State. Already a committee
has been formed for gathering information on proposed reciprocity pacts, and the new committee
held its first meeting early this month under the
chairmanship of Thomas Walker Page, United
States Tariff Commissioner. The State Department
issued a public notice on July 3 that a foreign trade
agreement will be negotiated with Cuba, and all
persons interested were urged to present their views
in writing by July 21, or orally on July 23. The
impression prevailed in Washington that the proposed treaty with Cuba has been virtually completed,
but the State Department decided that the nature
of this accord is not to be made public in advance.
It was indicated in Ottawa, late last week, that
Canadian authorities are preparing to open tariff
negotiations with the United States, and it is believed in Washington that many additional pacts
can be negotiated.
It is gratifying to note that trade difficulties
between France and Great Britain have been adjusted through the negotiation of a new commercial
pact between those countries. Quota restrictions
by France which the British Government considered unwarrantable resulted earlier this year in
increased British duties on French goods, and the
French Government retaliated, in turn, by denouncing existing trade and shipping treaties. Terms of
a new trade accord, negotiated thereafter, have been
published in Paris. They indicate a much more liberal attitude on the part of the French Government
than has been common in recent years. France
agreed that Great Britain is to be notified at least
10 days before any quota of imports applicable to
British goods is exhausted, while another clause
indicates that Great Britain is to receive specific
quotas in all instances, although heretofore imports
from Great Britain have been lumped under "other
countries" in many cases. These features of the
new accord are intended to remove difficulties which
importers and exporters always have found exceedingly unfortunate. Of interest, however, is a provision for abrogation of the agreement in the event
either country modifies its monetary unit to any
great degree. The view was expressed in Paris dispatches that the concessions granted to Great
D
Volume 139
Financial Chronicle
Britain doubtless will be desired also by American
exporters. This country, it seems, is the only one
that is not now engaged in trade treaty negotiations
with France.
A disappointing incident was the adjournment of
the French Parliament late last week without ratification of the convention between France and the
United States providing for elimination of the
double taxation to which American concerns long
have been subjected in France. The French Government some years ago assessed back taxes of 1,500,000,000 francs on American firms with offices in
France, the action being taken under a French law
passed in 1873. A treaty eliminating such possibilities was negotiated in April 1932 and ratified
by the United States Senate soon thereafter, but
the French Parliament never has acted on the convention. It was suggested in some Paris reports
that the French regard the matter as a good bargaining point in any negotiations for a general trade
treaty between the two countries. In Argentina a
bill is under consideration by the Chamber of Deputies which would regulate the trade of that country
on a basis of "buying from those who buy from us,"
to a certain degree. Under this measure, which
the Buenos Aires correspondent of the New York
"Times" believes will be enacted, purchases of materials abroad for public works must be made preferably from countries which purchase the largest
quantities of Argentine products. London dispatches of Wednesday state that a commercial agreement has been concluded to govern the trade relations between Japan and India. This agreement is
important, since it clearly foreshadows an amelioration of the trade dispute which recently developed
between the British and Japanese Governments.
161
derstanding of the life and culture and ideals of
the separate nations which make up the Americas."
European Diplomacy
URRENT diplomatic conversations between the
British and French Governments are in many
ways reminiscent of the similar discussions common
before 1914. They indicate again the great advisability of complete American abstention from the
diplomatic affairs of the Old World. The highest
military authorities of the two countries recently
have exchanged visits, and the impression has been
gained in many quarters that some sort of "technical collaboration" is under discussion in the event
war breaks out. These visits were followed early
this week by conversations in London between British Cabinet members and Foreign Minister Louis
Barthou of France, the latter being aided by Naval
Minister Francois Pietri. That any form of diplomatic alliance is under consideration has been denied half a score of times by leading British Ministers. It is recalled, however, that a rather vague
understanding sufficed to bring Great Britain into
the World War very rapidly in 1914. As a result
of the recent conversations, the impression prevails
everywhere in Europe that another conflict now
would find Great Britain and France again on the
same side. And it may be added that another conflict in the not too distant future is regarded as all
but inevitable by most observers in Europe.
The British military authorities who visited
France included Viscount Hailsham, the Secretary
for War; General Sir Archibald A. MontgomeryMassingberd, Chief of the Imperial General Staff,
and a number of staff officers. A return visit
promptly was paid by General Maxine Weygand,
Inspector-General of the French Army. The exPresident Roosevelt Visits Colombia
change of visits occasioned anxiety in Great Britain
HE good neighbor policy of the Administration and questioning in the House of Commons, late last
at Washington was proclaimed and illustrated week. Stanley Baldwin, Lord P,resident of the
by President Roosevelt, Tuesday, in a brief visit to Council, assured the members that the visits were
the Colombian port of Cartagena, which was made routine and for the purpose of inspecting battlein the course of the President's journey to the Pa- fields. The London correspondent of the New York
cific. President Enrique Olaya Herrera, of Colom- "Times" remarked that the replies did not satisfy
bia, greeted the Executive as he entered the port the questioners, and it was added that"Mr. Baldwin
aboard the cruiser Houston, and the two Presidents did not say whether he meant past battlefields or
then motored through the streets of the old city, future." When the discussion turned to the imwhere they were acclaimed by the populace. In pending visit of M. Barthou to London, Mr. Baldwin
response to an address of welcome by President stated that "matters of mutual interest" would be
Olaya Herrera, President Roosevelt declared that considered. Neville Chamberlain, Chancellor of the
all the American Republics are at the threshold of a Exchequer, declared in a speech at Birmingham,last
new era. "It is a new era because of the new spirit Saturday, that no new Continental alliance would
of understanding, which is best expressed in the be considered during M. Barthou's visit. He dephrase, 'Live and Let Live,'" Mr. Roosevelt re- plored what he called efforts to frighten the people
marked. "In all our American nations there is a into thinking that a "sinister attempt to commit
growing insistence on the peaceful solution of inter- ‘, this country to a new Continental alliance" was
national problems." Colombia and Peru have ren- under way. "There is not a word of truth in any
dered an inestimable service to humanity in their such story," the Chancellor added. "We are not
settlement of the Leticia problem, the American going to enter any new alliance."
President pointed out, and he expressed the hope
Foreign Minister Barthou and Naval Minister
that efforts to end the strife between Paraguay and Pietri arrived in London late last Sunday, and the
Bolivia over the Gran Chaco boundary soon will suc- much-heralded conversations with Foreign Secreceed. "We are entering the new era also," Mr. tary Sir John Simon and other members of the
Roosevelt continued,"in accepting the principle that British Cabinet were started on Tuesday. They
no one of our nations must hereafter exploit a were concluded Wednesday, and M. Barthou reneighbor nation at the expense of that neighbor. turned to Paris without delay. The official comWe shall, all of us, find methods for the develop- munications on the London discussions were colorment of commerce and resources, but we shall do less and uninformative. It was made known otherthis in a spirit of fair play and of justice. Finally, wise that M. ,Barthou placed before the British a
I hope this new era is bringing a communion of un- plan for an "Eastern Locarno," or a pact of mutual
T
C
162
Financial Chronicle
assistance involving Germany, Poland, Czechoslovakia, Russia and the Baltic States. This proposed pact would supplement one suggested some
time ago by M. Barthou in which France would join
with Germany, Russia, Poland and the Little Entente States, and it would be followed by another
to cover the Mediterranean area. The idea of pacts
involving such concentric and overlapping rings of
States was revived some months ago by Foreign
Commissar Litvinoff, of Russia, and now apparently
has been adopted by France. Great Britain is not
to be asked to join any such arrangement, but it
was reported in London that the scheme will have
the benevolent interest of the London Government.
When he concluded his visit, M. Barthou remarked
with manifest satisfaction: "The British and
French Governments are in agreement." After his
return the view prevailed in Paris that the British
and French are in agreement that "Europe is in a
lamentable state and that there is public insistence
at least on the necessity that France and Great
Britain hold together to preserve what possibilities
there are of peace and reconstruction."
German Situation
UIET conditions have prevailed throughout
Germany since Chancellor Hitler undertook
on June 30 his "purging" of the highest ranks of
the National-Socialist party to which he owes his
position and strength. The Chancellor issued orders
last Saturday for a political truce during The current month, and he departed the same day for a
brief vacation in the Bavarian Alps. It was indicated Monday, however, that the brown-shirted
Storm Troop army of 2,500,000 Nazis will be converted into a disarmed "political army" of some
800,000 party members. This was followed, Tuesday, by an announcement that the Reichstag would
be called in session to hear the Chancellor explain
recent developments. Rudolph Hess, deputy leader
of the Nazi brigades, delivered a radio address on
Sunday in which he railed at "incompetent diplomacy" and issued a virtual appeal to the French
people and French war veterans to force their Government to preserve the peace.
Dr. Joseph Paul Goebbels, the Nazi Minister of
Propaganda and Public Enlightenment, made a
similar speech Wednesday, in which he upbraided
the foreign press for what he called "deliberate
and systematic poisoning of public opinion" in its
recent accounts of German developments. He
threatened the expulsion of foreign correspondents
who "set nation against nation, causing an atmosphere which renders impossible a sincere and unprejudiced relationship." Dr. Goebbels stated that
the German people were fully informed of the developments of June 30, but it was noted in several
reports that not even the long-promised official list
of those killed on that day has yet been made available, either in Germany or outside. In a dispatch
of last Saturday to the New York "Times" a tentative list of 47 names is presented, and it includes
a surprisingly large number of former officials who
at one time or another opposed National-Socialism
or who aided in the suppression of the Nazi "putsch"
at Munich in 1923. Perhaps some significance attaches to a lack of editorial praise of the Nazi policies and methods in German newspapers this week,
with the exception of those journals controlled
directly by Chancellor Hitler and his immediate
Q
July 14 1934
associates. Formerly fulsome praise was accorded
every utterance of the leading Nazis. Berlin dispatches report a growing concern among the German people over the recent events and a general
feeling that the chapter has not yet been finished.
Austrian Cabinet
HE diminutive Austrian Chancellor, Dr. Engelbert Dollfuss, gathered a few more portfolios
into his own hands in an extensive reorganization
of his Cabinet, Wednesday, and at. the same time
orders were issued to strengthen the campaign
against Austrian Nazis. In addition to his post as
head of the Cabinet, Dr. Dollfuss now is Minister
of Foreign Affairs, of War, of Security, and of Forestry and Agriculture. Prince Ernst Rudiger von
Starhemberg remains Vice-Chancellor, and Dr. Karl
Buresch holds the post of Finance. Dr. Stefan
Tauschitz, who was the Austrian Ambassador to
Berlin, was called back to Vienna to take the post
of Under-Secretary for Foreign Affairs, and it was
suggested in Vienna that no new Ambassador to the
Reich would be appointed immediately. This occasioned the belief that relations between Germany
and Austria were becoming strained again, possibly
as a consequence of the recent revival by Austrian
Nazis of their terrorist campaign against the Dollfuss regime. It was rumored for a time that the
German Government would recall Dr. Kurt Rieth,
its Ambassador to Vienna, but such reports have
not been substantiated. In its endeavor to end the
Nazi terrorist campaign in Austria, Dr. Dollfuss
announced that hanging would be the penalty for
all persons found with explosives in their possession.
In apparent scorn of such declarations, the Austrian
Nazis promptly perpetrated bombing outrages,
Thursday, in Salzburg, and in some of the smaller
towns of the country.
T
Discount Rates of Foreign Central Banks
HE National Bank of Jugsolavia announced on
July 11 a reduction in its discount rate from
7 to 63/2%, effective July 16, the former rate having been in effect since Feb. 8 1933. Present rates
at the leading centers are shown in the table which
follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
PreRate in
pious
Date
Effect
July 13 Ertablished. Rate.
—
Austria_ _
434 June 27 1934 5
Belgium _ __ 3
Apr. 25 1934 334
Bulgaria
7
Jan. 3 1934 8
Chile
434 Aug 23 1932 534
Colombia _ _ 4
July 18 1933 5
Czechoslo7ak1a___. 334 Jan. 25 1933 434
Danzig_ _ _ _ 4
July 12 1932 5
Denmark. _ 2% Nov. 29 1933 3
June 30 1932 214
England... 2
Estonia.... 5% Jan. 29 1932 634
Finland
44 Dec. 20 1933 5
France234 May 31 1934 3
Germany.
.. 4
Sept.30 1932 5
Greece
7
Oct. 13 1933 734
Holland
214 Rant 16 11133 3
Country.
Country.
Rate in
Effect
Date
July 13 Established.
—
Hungary_
India
Ireland_ _ _ _
Italy
Japan
Java
Jugoslavia
Lithuania._
Norway _
Poland_ __.
Portugal—
Rumania_ _
South Africa
Spain
Sweden
Switzerland
434
33.4
3
3
3.65
454
634
6
334
5
514
6
4
0
214
2
Pre
Pious
Rate.
Oct. 17 1932 5
Feb. 16 1933 4
June 30 1932 334
Dec. 11 1933 314
JUly 3 1933 4.38
Aug. 16 1933 5
July 16 1934 7
Jan. 2 1034 7
May 23 1933 4
Oct. 25 1933 6
Dec. 8 1933 6
Apr. 71933 6
Feb. 21 1933 7
Oct. 22 1932 534
Dec. 1 1933 3
Ton on mot
t,
Foreign Money Rates
TN LONDON open market discounts for short bills
A
I on Friday were 7 %, as against 7 % on Friday
A
of last week, and 38% for three months' bills, as
against 78
% on Friday of last week. Money on
call in London yesterday was 4%. At Paris the
3
open market rate remains at 23' % and in Switzer4
.
land at
Bank of England Statement
HE statement of the Bank of England for the
week ended July 11 shows a gain in gold holdings Of £4,202 which brings the total to £192,154,902
T
163
Financial Chronicle
Volume 139
which compares with £190,969,365 a year ago. As
the gain in gold was attended by a contraction of
£1,167,000 in circulation, reserves rose £1,172,000.
Public deposits fell off £9,217,000 while other deposits
increased £1,087,088. The latter consists of bankers'
accounts which rose £2,405,687 and other accounts
which decreased £1,318,599. Proportion of reserve
to liabilities is at 44.74%, up from 41.72% a week
ago; last year the ratio was 42.86%. Loans on
Government securities fell off £180,000 and those on
other securities £9,090,792. Other securities include
discounts and advances which decreased £9,230,008
and securities which increased £139,216. The discount rate is unchanged at 2%. Below are the
figures for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
July 11
1934.
July 12
1933.
July 13
1932.
July 15
1931.
July 16
1930.
£
£
£
£
£
Circulation
384,626,000 378,471,340 366.271,208 358,913,277 365,120,700
Public deposits
17.432,000 16,840,467 17,047,517 15,676,264 10,396,642
Other deposits
133.463,727 152.293,086 116,325,840 100,134,130 105,093,292
Bankers accounts- 97.285,294 95,958,793 82,759,203 66,429,340 69,587,620
Other accounts... 36,178,433 56,334.293 33.566,637 33,704,790 35,505,672
Governin't securities 82,647,226 87,055,963 65,785,765 30,020,906 55,695,547
Other securities
18,789,665 27.645,095 39,718,909 37,571,598 26,609,330
Disct. dr advances. 7,832,157 15,099,677 14,771,076 7,406,783 6,217,583
Securities
10,957,508 12,545,418 24,947,833 30,164,815 20,391,747
Reserve notes & coin 67,529,000 72,498,025 45,933,529 66,286,617 51,250,728
Coin and bullion
192,154,902 190,969,365 137,204,737 165,199,894 156,371.428
Proportion of reserve
to liabilities
57.23%
44.37%
34.43%
44.74%
42.86%
Bank rate
2X%
2%
3%
2%
2%
Bank of France Statement
HE weekly statement of the Bank of France,
dated July 6, reveals another increase in gold
holdings, the current advance being 105,263,867
francs. The Bank's gold now aggregates 79,653,055,691 francs, in comparison with 81,264,491,576 francs
a year ago and 82,471,684,557 francs two years ago.
Credit balances abroad, French commercial bills discounted and creditor current accounts record decreases of 1,000,000 francs, 524,000,000 francs and
256,000,000 francs respectively. The proportion of
gold on hand to sight liabilities stands now at 79.56%,
compared with 78.13% last year and 76.31% the
previous year. Notes in circulation show a contraction of 166,000,000 francs, bringing the total of
notes outstanding down to 81,891,654,695 francs.
A year ago circulation stood at 83,906,508,580 francs
and the year before at 81,931,993,355 francs. An
increase appears in advances against securities of
79,000,000 francs. Below we show a comparison of
the different items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
July 6 1934.
July 7 1933.
July 8 1932.
Francs.
Francs.
Francs.
Francs.
+105,263,867 79,653,055.691 81,264.491,576 82,471,684,457
14,559,559 2,572,952,103 4,524,920,220
—1,000,000
Gold holdings
Credit bale. abr'd_ a French commercial
bills discounted.- — 524,000,000 3,862,880,900 3,173,939,042 3,142.739,918
b Bills bought abr'd
No change
1,141,364,671 1,404,168,232 1,780,854.743
Adv. against securs.
+79,000,000 3,155,569,101 2,762,209,104 2,790.653,639
Note circulation _ —166,090,00081,891.654,695 83,906,508,580 81.931,993,355
Cred. current accts. —256,000,000 18,222,834,342 20,111,919,535 26,159,649,333
Proport'n of gold on
hand to sight Bab_
78.13%
+0.44%
79.56%
76.30%
a Includes bills purchased in France. b Includes bills discounted abroad.
bringing the total of the item down to 3,631,890,000
marks. Circulation last year aggregated 3,392,172,000 marks and the previous year 3,876,601,000
marks. The proportion of gold and foreign currency
to note circulation is now at 2.1%, in comparison
with 8.3% a year ago and 24.4% the year before.
Bills of exchange and checks, advances, other assets
and other daily maturing obligations record decreases
of 135,563.000 marks, 98,048,000 marks, 20,374,000
marks and 65,513,000 marks, respectively. Below
we furnish a comparison of the various items for
three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
July 7 1934. July 7 1933. July 7 1932.
Retchsmarks. Retch:marks. Reichsorarks. Retchsmarks.
Assets—
70,122.000 194,156,000 806,137,000
Gold and bullion
—56,000
No change
26,512,000
17,652,000
82,731,000
Of which depos. abroad
6,850.000
86,006,000 138,871,000
+244,000
Rese've in foreign curr_
Bills of exch. and checks —135,563,000 3,327,561,000 3,185,250,000 3,153,510,000
+43.052,000 218,175,000 229,531,000 214,733,000
Silver and other coln
7,717,000
6.385,000
+4,381,000
8,989,000
Notes on other Ger. bks.
84,693,000 103,831,000
—98,048,000
72,839,000
Advances
+9,190,000 694,395,000 319,712,000 365,213,000
Investments
—20,374,000 579,821,000 463,425,000 767,929,000
Other assets
Liabilities—
—144,764,000 3,631,890,000 3,392,172,000 3,876,601,000
Notes in circulation
—65,513,000 557,582.000 359,174,000 401,713,000
Other daily mater.oblig
+13,103,000 165,483,000 195.413,000 710,869,000
Other liabilities
Propor. of gold az torn
2.1%
8.3%
curr. to note circurn_
+0.1%
24.4%
New York Money Market
HE New York money market remained quiet
this week, with rates unchanged in all departments. The official easy money policy continues in full effect and excess reserves of member
banks were close to $1,800,000,000, which is a new
high record. With funds available in unexampled
volume, Government borrowing was found possible
at rates that are hardly more than nominal. An
issue of $75,000,000 Treasury discount bills due in
182 days was awarded, Monday, at an average discount of only 0.07%, which is also the rate achieved
on the last previous issue. The Federal Intermediate
Credit banks, which are owned by the Treasury,
sold $35,000,000 three- and six-months' debentures
with 13/2% coupons at a premium, Tuesday. The
State of New York yesterday obtained a $30,000,000
8%. Call
loan for seven months at a rate of only %
loans on the New York Stock Exchange were again
1% for all transactions, whether renewals or new
loans. In the unofficial street market transactions
3
were reported every day at 4%. Time loans held
to their former level of %@1% for all maturities.
The total of brokers' loans, as reported for the week
to Wednesday night by the Federal Reserve Bank of
New York, was $10,000,000 lower than a week earlier,
at $1,059,000,000.
T
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day,1% remained
the ruling quotation all through the week for both
new loans and renewals. The market for time money
has been at an absolute standstill this week, no transBank of Germany Statement
actions having been reported. Rates are nominal at
HE Reichsbank's statement for the first quarter
4% for six
V
i@1% for two to five months, and 1@11
of July reveals another decrease in gold and
months. Trading in prime commercial paper has
bullion, the loss this time, however, being only
been very active this week and as there has been an
56,000 marks. Gold holdings now stand at 70,abundant supply of paper available most dealers had
122,000 marks, compared with 194,156,000 marks a
a fairly busy week. Rates are 4% for extra choice
3
year ago and 806,137,000 marks two years ago. An
names running from four to six months and 1@131%
increase appears in reserve in foreign currency of
for names less known.
244,000 marks, in silver and other coin of 43,052,000
Bankers' Acceptances
marks, in notes on other German banks of 4,381,000
marks, in investments of 9,190,000 marks and in
HE market for prime bankers' acceptances has
other liabilities of 13,103,000 marks. Notes in cirshown more activity this week, though it is
culation shows a contraction of 144,764,000 marks, still far from normal. Rates are unchanged. Quota-
D
T
T
Financial Chronicle
164
tions of the American Acceptance Council for bills
up to and including 90 days are X% bid and 3-16%
1
asked; for four months, %% bid and 4% asked;
for five and six months, M% bid and %% asked.
The bill buying rate of the New York Reserve Bank
is M% for bills running from 1 to 90 days, and
proportionately higher for longer maturities. The
Federal Reserve banks' holdings of acceptances decreased during the week from $5,317,000 to $5,259,000. Their holdings of acceptances for foreign correspondents also decreased from $1,450,000 to $1,401,000. Open market rates for acceptances are
nominal in so far as the dealers are concerned, as
they continue to fix their own rates. The nominal
rates for open market acceptances are as follows:
Prime eligible bills
Prime eligible bills
SPOT DELIVERY.
—180 Days— —150 Days-- —120 Days—
Asked.
Asked. Bid.
Bid.
Asked.
Bid.
34
34
34
34
35
34
—90 Days— —60 Days— —30 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
ha
ha
34
34he
34
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
34% bid
34% bid
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
July 13.
2
134
234
2
3
3
234
234
3
a
3
2
Date
Established.
PTC0i0US
Rate.
Feb. 8 1934
Feb. 2 1934
Nov. 16 1933
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Mar. 16 1934
Feb. 9 1934
Feb. 8 1934
Feb. 16 1934
234
2
3
231
334
334
3
3
334
334
334
234
Course of Sterling Exchange
TERLING exchange is extremely dull and while
fluctuating within comparatively narrow limits
is on ne whole easier than at any time in several
weeks. The lower average quotations are due in part
to the extreme inactivity of the foreign exchange
markets in all centers, but there has also been a resumption of pressure against sterling in Paris. The
pound is as a result easier not only in terms of dollars
but also in terms of French francs, or gold. However,
according to the best informed sources the pressure
against sterling seems not to have been of sufficient
importance to arouse any operations on the part of
the British Exchange Equalization Fund either in
London or in Paris. The range this week has been
between $5.033' and $5.043/ for bankers sight bills,
4
compared with a range of between $5.041 and $5.0634
range for cable transfers has been
last week. The
between $5.035 and $5.04%, compared with a
%
/
range of between $5.04% and $5.063 a week ago.
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price and the price paid for gold by the
United States:
S
MEAN LONDON CHECK RATE ON PARIS.
76.39
Wednesday, July 11
76.50
Saturday, July 7
76.36
76.42 Thursday, July 12
Monday, July 9
July 13
76.345
76.37 Friday,
Tuesday, July 10
LONDON OPEN MARKET GOLD PRICE.
137s. 1034d. 1 Wednesday, July 11_137s. 11d.
Saturday, July 7
137s. 1134d. Thursday, July 12_137s.1134d.
Monday, July 9
July 13_ _ _138s 1034d.
34d. Friday,
138s
10
Tuesday, July
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK).
35.00
35.00 1 Wednesday, July 11
Saturday, July 7
35.00
35.00
Thursday, July 12
Monday, July 9
35.00
35.00
July 13
Friday,
Tuesday, July 10
July 14 1934
The dulness in trading,of course,results from many
factors, chiefly the great curtailment in foreign commerce during the past several years and the foreign
trade and exchange restrictions of all sorts which practically confine foreign exchange operations strictly to
commercial and travelers' requirements. This week
the dulness is accentuated by renewal of hesitancy on
the part of bankers in all centers owing to talk of
further dollar devaluation. This phase of the market
was brought to a focus by the attendance of Governor
Harrison of the New York Federal Reserve Bank at
the annual meeting of the Bank of International
Settlements at Basle. Reported remarks of Governor Harrison abroad, though innocuous in themselves, invited a lengthy and opprobrious cablegram
from Senator Thomas of Oklahoma, who is regarded
as the leader of the inflationist forces here. This
cablegram and other items relating to Governor
Harrison's visit to Switzerland will be found in our
news columns. There can be no doubt that the incident, indicating the probability of a further increase in the American gold price or other inflationary
measures, will hang as a threat over the foreign exchange market until the United States monetary and
fiscal policies are finally resolved.
Governor Harrison's visit had no relation whatsoever to currency stabilization nor could any of his
remarks honestly be construed as authoritative utterances pointing to dollar-sterling stabilization. Mr.
Harrison met Montagu Norman, Governor of the
Bank of England, but the meeting is equally without
significance, as Mr. Norman likewise has no authority
to negotiate on this score for the Government of
Great Britain. Only one day last week Neville
Chamberlain, Chancellor of the Exchequer, refused a
request for a committee of inquiry into the monetary
policy of Great Britain. His refusal caused no surprise in the city, as the British Government's conditions for a return to the gold standard have not yet
been fulfilled. The recent stability of sterling, accompanied by a balanced budget, lowering of the income
tax, and reduction of unemployment, has satisfied
British public opinion. Nevertheless London bankers
think inquiry into the currency policy by independent
experts might have been useful in penetrating the
mystery which surrounds the unintelligible accumulation of gold in the British and other central banks
at a time when a moderate rise in gold prices would
obviously benefit world trade.
Rumors of international agreements for the mutual
stabilization of currencies on a gold basis should be
discounted as projects more or less futile, if not
unnecessary. Any country whether large or small
could establish its currency on a gold basis and maintain it on such a standard under circumstances upon
which redemption could be assured regardless of
what attitude other nations might adopt toward
monetary and fiscal policies. Ever since the establishment of the Bank of England in 1694, Great Britain
has shaped its monetary and currency policies independently of the policies of other nations. With the
exception of the period extending from August 1914,
to December 1925, Great Britain had been on the
gold standard since 1821, when specie payments were
resumed after a period of about 24 years of inconvertible paper money because of the Napoleonic wars.
When Great Britain finds the time right again for the
resumption of the gold standard it will doubtless
return to it without regard to the course which other
nations may elect to follow. At present there are
Volume 139
Financial Chronicle
tremendous sums of foreign capital on deposit in
London, domiciled there for safety owing to the
general demoralization and uncertainty surrounding
all currencies to a greater or less extent. Until there
is a more general return of confidence it can hardly
be expected that Great Britain will resume the gold
standard, as withdrawal of the immense sums now on
deposit in Lombard Street would be certain to wreck
any stabilization plan.
The French withdrawals from London are part of a
movement which has been going on since early in
March owing to the return of confidence in the
stability of the French franc. This trend has lost
during the past few weeks some of the strength which
was manifest some three months earlier. It is
believed that this outward movement of funds from
London to Paris is practically at an end. The
abundance of funds in London continues to be
attested, as it has been for the past few years, by
extremely low money rates. Last week, owing to
half-yearly settlements, the London money market
was a shade firmer, but rates have again receded.
Call money against bills is in plentiful supply at
p
4%• Two-months' bills are 7 %, three-months'
3
bills are 7 %,four-months' bills are 15-16% to 1%,
A
and six-months' bills are 11 %.
4
Gold continues to flow to the London open market
from all parts of the world, attracted by the high price
as represented in shillings and pence. The greater
part of all the gold taken from London this week
seems to have been for American account. On both
Saturday last and on Monday there was £58,000 of
gold available which was taken for unknown destinations. This probably went to France. On Tuesday
there was £550,000 available, on Wednesday £46,000,
on Thursday £162,000, and on Friday £19,000, all of
which was taken for American account. On Monday
the Bank of England bought £1,443 in gold bars, and
on Friday £53,400. The Bank of England statement
for the week ended July 11 shows an increase in gold
holdings of £4,202, the total standing at £192,154,902, which compares with £190,969,365 a year ago
and with the minimum of £150,000,000 recommended
by the Cunliffe committee. At the Port of the New
York the gold movement for the week ended July 11,
as reported by the Federal Reserve Bank of New
York, consisted of imports $9,575,000, of which
$3,979,000 came from England, $2,036,000 from
Mexico, $1,622,000 from India, $1,476,000 from
Canada, $393,000 from France, $50,000 from Jamaica, and $19,000 from Panama. There were no gold
exports 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 July 11, as
reported by the Federal Reserve Bank of New York,
was as follows:
165
ceived from England, there were no exports of gold
or change in gold held earmarked for foreign account.
On Friday $1,739,100 of gold was received, of which
$1,687,500 came from Canada, and $51,600 from
Jamaica. There were no exports of gold or change
in gold held earmarked for foreign account.
Canadian exchange continues at a premium in
terms of United States. On Saturday last Montreal
funds were at a premium of 1%, on Monday at a
premium of from 15-16% to 1%, on Tuesday at from
15-16% to 1%, on Wednesday at 1%, on Thursday
at 1 1-16%, and on Friday at 1 1-16%.
Referring to day-to-day rates, sterling exchange on
Saturday last Was dull and easier. Bankers' sight
A
was $5.041 @$5.041 ; cable transfers $5.043@
A
$5.04/. On Monday sterling opened under pressure
2
A
in foreign markets. The range was $5.033/@$5.037
for bankers' sight and $5.03%@$5.04 for cable
transfers. On Tuesday the pound displayed a firmer
4
2
tone. Bankers' sight was $5.033/@$5.041 ; cable
transfers $5.03%@$5.04/. On Wednesday exchange
A
was dull and softer. The range was $5.037 @$5.043/
for bankers' sight and $5.04@$5.0431 for cable
transfers. On Thursday sterling was steady. The
range was $5.033/@$5.037 for bankers' sight and
2
A
$5.03/@$5.04 for cable transfers. On Friday sterling was steady, the range was $5.033/2®$5.03/ for
bankers' sight and $5.03%@$5.04 for cable transfers.
Closing quotations on Friday were $5.037 for deA
mand and $5.04 for cable transfers. Commercial
sight bills finished at $5.037 ; 60-day bills at $5.03;
4
90-day bills at $5.023,/; documents for payment (60
2
days) at $5.03 and seven-day grain bills at 85.03%.
Cotton and grain for payment closed at $5.037
,'g.
Continental and Other Foreign Exchanges
XCHANGE on the Continental countries presents
no new features of importance from those of
last week. These currencies on balance show very
little change and are on the whole steady. Influences
affecting the rates have come mostly from the other
side. French francs are exceptionally steady. The
market is awaiting the public response to the French
Government's new bond issue to take care of maturities this fall. The Treasury is not expected to
accept subscriptions beyond 3,000,000,000 francs.
The franc has gained in strength from the voting by
the Chamber of Deputies and Senate of the fiscal
reform bill and the public works plan, the compact
majority obtained by the Government and the parliamentary vacation, all of which seem to assure a
period of political tranquility. Declarations made
by the Government and approved by the two chambers concerning the monetary question have removed
all uneasiness concerning the solidity of the franc.
Confidence in the state credit has returned in large
measure. The Bank of France statement for the week
GOLD MOVEMENT AT NEW YORK, JULY 5-JULY 11, INCL.
ended July 6 shows a futher increase in gold holdings
Imports.
Exports.
$3,979,000 from England
of fr. 105,263,867. This makes the eighteenth suc2,036,000 from Mexico
None.
cessive weekly increase in the bank's gold stock, bring1,622,000 from India
1,476,000 from Canada
ing the aggregate for the period to fr. 5,724,856,245.
393,000 from France
50,000 from Jamaica
Total gold holdings are now fr. 79,653,055,691,
19,000 from Panama
which compares with fr. 81,264,491,576 a year ago,
$9,575,000 total
and with fr. 28,935,000,000 in June 1928, when the
unit was stablized. The bank's ratio is at the high
Net Change in Gold Earmarked for Foreign Account.
figure of 79.56%, which compares with 79.12% on
None.
We have been notified that approximately $1,295,000 of gold was reJune 29, with 78.13% a year ago, and with legal received from China at San Francisco.
quirements of 35%.
There is nothing essentially new in the German
The above figures are for the week ended Wednesevening. On Thursday $413,000 of gold was re- mark situation. The nominal quotations for free
day
E
166
Financial Chronicle
marks have been much narrower this week than at
any time in several months. This is due largely to
the fact that the worst of the situation is now known.
The conclusion of an agreement between Great Britain
and Germany as to interest payments to the British
holders of German bonds has helped the mark situation somewhat, but it must be remembered that the
quotations on free marks are largely in the hands of
the Reichsbank. The discounts are as heavy and as
fluctuating as ever so far as the various classifications
of blocked marks are concerned. It is believed that
the German representatives agreed so promptly with
the British requirements because the German representatives had in mind the possibility of arranging
future credits in London. A separate arrangement
must now be made with Paris. The French balance
of payments is so much in favor of France that Paris
can also enforce payments by Germany to French
nationals, but there can be no possibility of Germany's shaping its policies in the matter with a view
to securing credits in the Paris markets, as such
credits would be absolutely prohibited by France.
United States citizens are the largest creditors of
Germany, but American interests are not in a position
to compel a lifting of the German moratorium. The
Reichsbank statement shows an infinitesimal improvement in gold holdings this week, the coverage
increasing from the record low of 2% to 2.1%. The
slight improvement in the reserve ratio was due to
seasonal causes. The return flow of currency into
the Reichsbank following the usual month-end increase reduced outstanding circulation by 144,764,000
reichsmarks. Unless the Reichsbank succeeds in
rebuilding its reserves in the coming weeks, the
institution is still faced with the possibility of record
low reserve ratios whenever peak demands for
currency are expected. More detailed trade and
other items affecting the future situation of the
mark will be found in our news columns.
Italian lire are steady, with no further evidence
of pressure from any quarter of the European centers.
Italy's new financial year opened on July 1, with
brighter prospects than anticipated when the budget
estimates were prepared last December. Drastic
measures have been taken to reduce estimated
deficits in the budget, and these will become fully
operative in the current financial year. On revised
estimates the current year will close with a deficit of
1,210,000,000 lire, while hopes are entertained that
with further possible economies the budget may be
balanced in the course of the year.
Exchange on Jugoslavia is of minor importance in
the New York market. The dinar is nominally quoted
at 2.30 in New York. Interest attaches to the unit
at this time because of an announcement on July 11
that the Jugoslavia Bank rate is to be reduced from
7% to 63/2%, effective July 16.
The following table shows the relation of the
leading currencies still on gold to the United States
dollar:
France (franc)
Belgium (beige)
Italy (lira)
Germany (mark)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity.
Parity.
6.63
3.92
13.90
23.54
8.01
5.26
40.33
23.82
19.30
32.67
40.20
68.06
Range
This Week.
6.59% to 6.60
23.34% to 23.38
8.57 to 8.593i
38.31 to 38.44
32.53 to 32.61
67.75 to 67.84
The London check rate on Paris closed on Friday
at 76.38, against 76.50 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.59%, against 6.594 on Friday of
July 14 1934
last week; cable transfers at 6.597 , against 6.597
A
4
and commercial sight bills at 6.57, against 6.57.
Antwerp belgas closed at 23.34 for bankers' sight bills
and at 23.35 for cable transfers, against 23.37 and
23.38. Final quotations for Berlin marks were 38.36
for bankers' sight bills and 38.37 for cable transfers,
in comparison with 38.34 and 38.35. Italian lire
closed at 8.563/ for bankers' sight bills and at 8.57
for cable transfers, against 8.57 and 8.58. Austrian
schillings closed at 18.95, against 18.95; exchange on
Czechoslovakia at 4.15%, against 4.153 ; on Bucha%
rest at 1.01, against 1.013/; on Poland at 18.92,
2
against 18.92, and on Finland at 2.28,against 2.23.
Greek exchange closed at 0.94 for bankers' sight bills
and at 0.943/ for cable transfers, against 0.94%
and 0.94%.
XCHANGE on the countries neutral during the
war is steady and fluctuating within extremely
narrow limits. The rates of course are governed
largely by the inter-relations of sterling and French
francs. The Scandinavian currencies move strictly
in harmony with the fluctuations in sterling, with
which they are allied by commercial interests. The
gold bloc units, the Holland guilder and Swiss franc,
continue to reveal the fundamentally strong position
of Switzerland and Holland with respect to financial
policies. Funds are accumulating in Amsterdam
especially as the result of the improved position of
the Dutch banks. The marked increase in gold reserves of the Bank of The Netherlands continues.
Last January the reserves amounted to 923,461,000,
guilders, but declined after the stablilzation of the
dollar to 787,604,000 guilders. The last weekly
report of the bank shows gold valued at 847,866,000
guilders. A year ago in June after the failure of the
London economic conference the gold reserve reached
its lowest point at 732,520,000 guilders.
Bankers' sight on Amsterdam finished on Friday
at 67.75, against 67.80 on Friday of last week; cable
transfers at 67.76, against 67.81, and commercial
sight bills at 67.73, against 67.77. Swiss francs
closed at 32.59 for checks and at 32.60 for cable
transfers, against 32.543/2 and 32.55. Copenhagen
checks finished at 22.51 and cable transfers at 22.52,
against 22.54 and 22.55. Checks on Sweden closed
at 25.98 and cable transfers at 25.99, against 26.01
and 26.02; while checks on Norway finished at 25.31
and cable transfers at 25.32, against 25.35 and 25.36.
Spanish pesetas closed at 13.67 for bankers' sight.
bills and at 13.68 for cable transfers, against 13.67.
and 13.68.
E
XCHANGE on the South American countries is.
without feature. The quotable rates, of course,.
are nominal and under the control of the various
national exchange control boards. Whatever activity
there is affecting the South American exchanges is
largely influenced by operations in London. American interests continue to experience most hampering•
difficulties because of their blocked accounts in the
South American capitals. Argentine paper pesos.
continue to be officially quoted at the nominal rate
from around 33.50 to 34, but the open market or unofficial rate shows a range in New York this week
between 24.00 and 24.40.
Argentine paper pesos closed on Friday nominally
at 33.60 for bankers' sight bills, against 33.63 on
Friday of last week; cable transfers at 333, against.
34. Brazilian milreis are nominally quoted at 8.40,
E
Volume 139
Financial Chronicle
for bankers' sight bills and at SA for cable transfers,
against 8.40 and
Chilean exchange is nominally
quoted at 103.i, against W Peru is nominal at
I.
23.00, against 23.10.
XCHANGE on the Far Eastern countries is in all
essential respects unchanged from last week.
The Chinese units show an undertone of steadiness
and strength as they follow the trend of world silver
prices. Japanese yen are inclined at all times to
move in sympathy with sterling exchange, the
Japanese control evidently planning its course in this
direction. The Indian rupee moves always with
sterling exchange, to which the unit is legally affixed
at the rate of is. 6d. per rupee. According to United
States Commerce Department reports, United States
export and import trade with Asiatic countries increased more than 60% in the first five months of
1934 over the corresponding period last year. Exports to Asia were valued at $152,540,000, against
$94,000,000 in 1933. Exports to Japan were the
greatest for any single Asiatic country, totaling
$74,300,000, compared with $43,770,000 in 1933.
Closing quotations for yen checks yesterday were
29.93, against 29.94 on Friday of last week. Hong
Kong closed at 38.02@38 1-16, against 381 @38 7-16;
4
Shanghai at 34 3-16@343s; against 34%; Manila at
/
49.90, against 49.90; Singapore at 59%, against
593/2; Bombay at 37.94, against 38.05, and Calcutta
at 37.94, against 38.05.
Foreign Exchange Rates
to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is. now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
E
Banks ofEngland _
France a- __
Germany b.
Spain
Italy
Netherlands
Nat. Belg'm
Switzerland
Sweden _ _
Denmark_ _
Norway
1934.
£
192,154,902
637,224,445
2,180,500
90,533,000
71,678,000
70,572,000
75,801,000
61,209,000
15,254,000
7,397,000
6,577,000
167
1933.
1932.
£
£
190,969,365 137,204,737
650,115,932 659,773,475
35,788.450
8,202,200
96,220.000
90,379,000
72,645,000
57,574,000
62,062,000
81,696,000
73,321.000
76,507.000
89,155.000
61,464,000
12,011,000 11,445.000
7,440,000
7,397,000
8,324,000
6,569,000
Total week_ 1,230,580,847 1,238,321,497 1,251,941.662
Pray araplr 1 22/1 5149 AAA 1 241 A2R 2RR 1.254.046.118
1931.
1930.
£
£
165,199,894 156,371.428
449,817,863 355,658,327
68,304,600 123,447,150
97.024,000 98.858,000
56,301,000
57,574,000
35,992,000
41,451.000
41,004,000
34,335,000
29,415,000
23.156.000
13,232,000
13.487,000
9,546,000
9,567,000
8,131,000
8,142,000
980,699,357
978.152.887
915.314,905
913.234.325
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,325,600.
Can the Republican Party Come Back?
Speaking at Jackson, Michigan, on July 7, on the
occasion of the annual commemoration of the formation of the Republican party, Henry P. Fletcher,
Chairman of the Republican National Committee,
arraigned the Democratic 'Congress for the "power
and authority, comparable only to those possessed
by Mussolini and Hitler," which it had conferred
upon President Roosevelt, and in comprehensive
language indicted the New Deal and all its works.
He took pains to point out that the Republicans, in
insisting upon "sound and prudent financial policies," do not mean "that other social responsibilities
,are not to be fully discharged." The relief problem
must be met, private enterprise must be prevented
from "running amuck," and the "many industries"
that are "affected by public service" have "a public
duty which they should not be allowed to disregard."
It was the belief of the party, however, that "standards of common honesty and decency can be maintained under the law by industry itself without
regimentation and State direction," and that "the
processes of democracy are adequate to meet changFEDERAL RESERVE
FOREIGN EXCHANGE RATES CERTIFIED BY
ing conditions and that republics are not necessarily
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
1934, INCLUSIVE.
JULY 7 1934 TO JULY 13
statis." The "most immediate duty," he declared,
was to "gain as many seats in the House and Senate
Noon Buying Bate for Cable Transfers in New York.
Country and Monetary
Value in United States Money.
as we can," and he was confident that the RepubliJuly 7. I July 9. July 10. July 11. July 12. July 13.
can representation in Congress could be so increased
$
$
$
$
EUROPE$
$
as to "bring fresh encouragement to all who believe
.188891 .188941* .188891* .188935*
Austria,schillinil
.188991* .188975*
Belgium, belga
.233557 .233446 .233515 .233538 .233553 .233446
Bulgaria, ley
in American constitutional government." Mean.012750* .012750 .012750* .012750* .012750* .012680*
Czechoslovakia, kron .041550 .041515 .041521 .041546 .041537 .041536
Denmark, krone
.225125 .225066 .224854 .225025 .224958 .224954
time he proposed "in due course to set up commitEngland, pound
sterling
5.042000 5.038166 4.036000 5.039166 5.036708 5.037000
tees of the most competent men we can find to make
Finland, markka
.023310 .022290 .022320 .022290 .022300 .022275
France, franc
.065928 .065938 .065955 .065965 .065968 .065961
a study of current economic questions, so that their
Germany. relchsmark, .383378 .383028 .383084 .383523 .383485 .383422
Greece, drachma
I .009457 .009440 .009446 .009437 .009440 .009437
reports may furnish the basis of a constructive and
Holland, guilder
.677657 .877657 .677738 .677932 .677684 .677521
Hungary, pengo
.297666 .297500* .297500* .297333* .297400* .2972504
forward-looking Republican legislative program."
.085768 .085798 .085737
Italy. lira
.085835 .085727 .085732
Norway, krone
.253325 .253133 .252991 .253175 .253066 .253129
Mr. Fletcher's speech as a whole was very much
Poland, zloty
.188733 .188800 .188800 .188866 .188666 .188933
Portugal. escudo
.046125 .046131 .046070 .046075 .046105 .046045
of a piece with the radio address which he delivered
Rumania,leu
.010050 .010062 .010050 .010050 .010050 .010040
Spain, peseta
.136703 .136671 .136682 .136721 .136726 .136703
Sweden,krona
at Washington on July 2. It is not essentially differ.259925 .259775 .259641 .259783 .259700 .259716
Switzerland, franc... .325314 .325253 .325460 .325550 .325685 .325889
Yugoslavia. dinar- .022768 .022658 .022791 .022743 .022762 .02281
ent in tone and character from the speech of Senator
ASIAChinaVandenberg of Michigan, who also spoke at the
Chefoo (yuan) dol'r .341250 .339166 .338750 .339583 .341666 .338750
Hankow(yuan) dol'r .341250 .339166 .338750 .339583 .341666 .338750
Jackson celebration. It runs on all fours with stateShanghle(yuan)dol'r .341250 .339218 .338593 .339843 .341406 .338750
Tientsin(yuan)dol'r .341250 .339166 .338750 .339583 .341666 .338750
ments put out in behalf of the national organizaHongkong, dollar_ .. .379062 .377500 .376406 .376718 .377343 .375625
India, rupee
.379360 .378875 .378225 .378795 .378470 .378375
tion known as the Crusaders, with headquarters at
Japan, yen
.298600 .298550 .298500 .298560 .298465 .29856.0
Singapore (S. S.) dolt .590000 .590000 .589375 .590000 .590000 .590000
Chicago and related organizations in a number of
AUSTRALASIA
Australia, pound
4.017812*4.012812* 4.011875* 4.015625* 4.014375*4.0140624
States, and it accords very well with other stateNew Zealand, pound 4.030000•4.024375•4.023437*4.027187*4.025937•4.0256254
AFRICA
ments emanating from the organization of RepubSouth Africa, pound 4.989750'4.98500O 4.984750* .987250•4.983250•4.9822504
•
NORTH AMER.
lican Builders. If what Mr. Fletcher and his assoCanada, dollar
1.009661 1.009036 1.008723 1.009973 1.009921 1.010000
Cuba. peso
.999687 .999687 .999687 .999687 .999887 .999687
Mexico, peso (silver) .277400 .277166 .277566 .277500 .277500 .277500
ciates and allies have said thus far, however, is all
Newfoundland, dollar 1.007125 1.006625 1.006375 1.007500 1.007375 1.007500
SOUTH AMER.that the Republicans intend to offer to the country
Argentina. peso
.336133* .336000* .335800* .336000 .335816* .335938.
Brazil, milreis
as an inducement to elect more Republican Senators
.084033* .084100* .083983* .084000 .083966. .084000'
Chile, peso
.103250* .103250* .102625* .012625 .102625* .102625'
Uruguay, peso
.802000* .801800• .802000* .802100 .802100* .802000.
and Representatives next November, the result, we
Colombia, peso
573100* .569000. .565000* .558700* .560200. .560200.
are compelled to think, will be disappointingly small.
•Nonimal rates: firm rates not available.
There will be no lack of agreement with Mr.
Gold Bullion in European Banks
Fletcher and others that the New Deal is in imporHE following table indicates the amount of gold tant respects unintelligent, wasteful, enormously
bullion in the principal European banks as of expensive and bureaucratic, that its spirit is socialJuly 12 1934, together with comparisons as of the istic and its methods dictatorial, and that it is retarding rather than accelerating permanent recovcorresponding dates in the previous four years:
PURSUANT
T
168
Financial Chronicle
July 14 1934
ery. What the people who feel this way want to industrial warfare by fighting company unions even
know, however, is what the Republicans propose to though company unions are what the workers want?
do about it if they are given the opportunity. Presi- Are they in favor of the Wagner Labor Bill or the
dent Roosevelt is a more perfect master of generalized substitute Labor Act which was passed at the recent
oratory than Mr. Fletcher or Senator Vandenberg, session of Congress, and do they, in. general, believe
but back of his generalized expositions and appeals that the Federal Government should intervene in
is the elaborate structure of legislation and admin- labor disputes and enforce settlements whenever
istrative decrees which embodies his policy. Imper- employers and employees find it difficult to agree?
fect or positively bad as one may view it, the New Disturbing and destructive as the labor situation
Deal exists as a fact, and for practical purposes it is, the voters, we may be sure, are not likely to turn
is a going concern. It is not to be disestablished, away from Democratic candidates and support
or even materially changed or impeded in its opera- Republicans unless they have some assurance that
tions, by either sweeping or specific denunciations Republican labor policy holds out the hope, at least,
of its errors and weaknesses and its invasions of the of more harmonious relations between employers
constitutional rights of individuals or the States. and workers that Democratic policy has brought
It can be displaced or radically modified only by about.
the same process by which primarily it has been
There are many other elements of the recovery
built up, namely, by legislation. The only way to program on which a clear declaration of Republican
get rid of laws that are objectionable is to repeal or policy is to be desired. Does the Republican party,
modify them by other laws; the only way to curb for example, favor a repeal of the processing taxes
Executive autocracy is to withdraw from the Exec- and a discontinuance of Federal payments to wheat
utive the powers which Congress has granted. To growers, cotton planters and hog or cattle raisers
adapt President Cleveland's famous phrase, it is a as inducements, reinforced by discriminating taxes
condition as well as a theory that confronts us, and and other penalties, to reduce acreage or production
the condition can be dealt with only by attacking it and bring higher prices? Chairman Fletcher was
point by point.
on good ground when he declared, in his Jackson
The Republicans, accordingly, if they expect to speech, that "we do not believe that the national
cut down the Democratic majority in the next Con- wealth and well-being of the whole people can be
gress in preparation for still more substantial gains increased by restricting production and by causing
in 1936, will do well to abandon generalities and an artificial and unnatural scarcity," but can he
come to grips with the specific realities of the New assure the country that the Republicans would not
Deal. Take, for example, the National Industrial again look with favor on such schemes as were emRecovery Act. That Act expires by limitation on bodied in the old McNary-Haugen bill or the Farm
June 16, 1935. President Roosevelt has already Board Act, intended to subsidize agriculture and
announced that he expects the general principles of take care of crop surpluses at Federal expense?
the Act, as of other essential parts of the recovery There is equal need of clarity regarding such imporprogram, to be continued as a national policy. What tant matters as the return to the gold standard,
do Chairman Fletcher and his associates think the silver purchases and credit or currency inflation,
Republicans should do about this important statute? price fixing and wage fixing, Government loans to
Should it be allowed to expire eleven months from industry or in aid of housing and mortgage relief,
now, with the consequent abrupt ending of the in- Government control of banking and the securities
dustrial and business codes, or should it be modified and other markets,and the invasion of the industrial
so as to continue some of its provisions? If the and utilities fields by the expanding operations of
"regimentation and State direction" which Mr. the Tennessee Valley Authority.
Fletcher deplores are to be discarded and self-govCritics of the New Deal have made much of the
ernment in industry and business restored, precisely incompatibility between the recovery legislation
how is the transition to be effected? The Act and the Constitution. The point is a forcible one,
suspends the operation of the anti-trust laws in for the American people are still jealous of their
order to permit the formation of industrial and liberties and hold in honor the constitutional systrade combinations; do the Republican leaders agree tem under which they live. It would be extremely
with Senator.Borah that such suspension is an evil helpful if the Republicans, instead of challenging
and that the anti-trust laws should again be en- the constitutionality of the Roosevelt policies in
forced? There are undoubtedly a good many busi- general terms as they have thus far been prone to
nesses and industries that feel that the code system do, were to specify in detail the legislation or adhas benefited them; there are others that chafe ministrative acts which seem to them to violate the
under the codes and would gladly be rid of them, constitutional rights of the people or the States.
while still others see in the system a mixture of good The question is of vital importance in its relation
and bad features. What, specifically, would the to unemployment relief, where the •huge and conRepublicans do with this situation if they had the tinuing Federal grants, not only for direct personal
power, and what are they prepared to advocate as relief but also for indirect aid through elaborate
a sound and helpful policy?
public works and large purchases of live stock and
The labor situation which the recovery program agricultural food products, raise directly the issue
has produced, and which on the whole appears to of constitutional authority to continue indefinitely
be going steadily from bad to worse, is another sub- what was begun to meet an emergency.
ject in regard to which the Republicans should lose
The task of the Republicans, as of other organizano time in making their standpoint clear. Do they tions that are campaigning against the New Deal,
propose, out of consideration for the labor vote, to is undoubtedly difficult. There is no likelihood of
go on coddling the American Federation of Labor, turning a Democratic majority in the 73d Congress
as the Roosevelt Administration has done, or allow into a Republican majority in the 74th Congress,
labor organizations of the A. F. of L. type to wage and the Democrats can lose heavily and still retain
Volume 139
Financial Chronicle
a working control of the House of Representatives.
The "big guns" of the Administration are already
at work in the campaign, and they will be reinforced
by President Roosevelt when he returns from his
visit to Hawaii. The tactical advantage lies with
the Democrats, who have a program of accomplishment which they will move heaven and earth to
defend, and who may be expected to point to such
things as the obvious business and industrial gains
in certain lines as a result of Government spending
in order to show that equally gratifying results may
be looked for in due time elsewhere. The Republicans, with the coming fall elections as a kind of
preliminary to the real battle of 1936, will be guilty
of monumental folly if they rely upon generalities.
If the evils of the New Deal are to be successfully
combated, it must be by detailed specifications
supported by concrete facts and convincing arguments. Senator Borah set a good example, in his
radio speech at Washington on July 4, by arraigning the bureaucratic trend of the recovery program
and the monopoly which it has fostered; Mr.
Fletcher found place in his Jackson speech for some
forcible comments upon the Administration's ex,
travagance, and the Young Republicans who have
been meeting this week at Chicago struck some
resounding blows in the platform which they
adopted on Wednesday. If the battle can be waged
on these lines and other similar ones, we shall have
what the Democrats have most reason to dread—a
campaign of nation-wide popular education grounded
in constructive as well as destructive criticism and
appealing to permanent and not temporary interest.
There is small hope for the Republicans and their
allies if they follow any other course.
Abandoned Railway Mileage Sets
New Record
In spite of the fact that expenditures for improvements have been heavy, the past five years
witnessed a sharp reduction in construction activities of the railways. This contrast is more marked,
since expenditures for improvements and extensions
during these five years climaxed more than a decade
of intensive development of railway facilities.
Furthermore, present indications give promise that
there will be a further curtailment during the present year. Previous to 1929, the number of new
projects that were started approximately equalled
the number of those that were completed, but the
amount of work completed from 1929 to 1933 inclusive, was not balanced by an equal amount of
new work of major importance.
Thus, the need for operating economy at every
point, competition with other forms of transportation, changes in production and distribution areas
and methods, and other economic causes, have materially reduced the traffic of certain rail lines, and
have led to many abandonments of service and mileage. The following figures showing the abandonment of mileage authorized by the Interstate Commerce Commission indicate the trend, and the total
for 1933 far exceeds that shown for previous years:
MILES OF RAILWAY LINES ABANDONED IN THE UNITED STATES
SINCE 1917.
1917
942 1926
457
1918
959 1927
282
1919
512
637 1928
475
1920
536 1929
694
1921
1,626 1030
795
1922-------------------------- 677 1931
1,452
513 1932
1923-------------------------1.876
1924-------------------------- 693 1933
606
1025
169
In marked contrast with the almost complete
suspension of new construction, there was an increase of 424 miles in line abandoned in the United
States during 1933, the total for the year being 1,876
miles, 1,852 miles more than the mileage of new lines
completed during the year. It compares with 1,626
miles abandoned in 1921, the previous record.
Prior to 1917, the mileage of lines abandoned in
the United States in any one year had been so
negligible that it had not been considered of sufficient importance to record. Beginning with that
year, however, abandonment on a large scale, 942
miles, was recorded, and this has continued ever
since, reaching its previous peak in 1921. Since
1917, a total of 13,711 miles has been abandoned,
while during the same period new construction
aggregated 10,072 miles, leaving a net decrease for
the period of 3,600 miles of main lines.
Beginning with 1920, the Interstate Commerce
Commission has had authority to issue certificates
of convenience and necessity to the carriers for
abandonment of milage or of.operation, and during
the year ended Oct. 31 1933, a total of 153 applications to abandon lines totaling 3,263 miles were
filed with that body. During that year the commission authorized the abandonment of 129 lines aggregating 2,404 miles and denied two applications
involving 34 miles; four other applications covering
65 miles were dismissed.
Highway competition has probably been responsible for the large-scale abandonments of recent
years. In many cases the rail service has been replaced by a road service, though frequently the latter has not been controlled, owned, or operated by
the railway withdrawing the rail service. Nearly
all of the abandoned lines could be classified as consisting of branch lines, although under existing
conditions, branch lines may be 120 miles or more
in length. Many of these lines have outlived their
usefulness, having been constructed to carry primary products, such as timber and coal, which have
now been exhausted. A serious effect of such abandonments on the communities served has been the
loss of taxes previously levied on the railway, but
as some of these tax payments were used to construct new highways paralleling the railway of
sufficient strength to carry heavy motor trucks and
buses, many State Commissions, as well as the Interstate Commerce Commission, have admitted that
the local inhabitants cannot eat their cake and have
it, too.
In a number of cases the opposition to abandonment has resulted in the retention of the branch
services with the understanding that the population
served would divert more traffic to the branch line
trains so as to eliminate, or reduce, their operating
deficits. Even this policy has not been entirely successful, for in the majority of instances the final
result has been abandonment after a temporary extension of life.
Train services on many of our branch lines which
have been closed have amounted to one train a day
each way, and often a mixed train at that, while in
a few instances the service has been only twice or
thrice weekly, and occasionally once a week. Thus,
it is only natural that each case be examined on
its merits to determine whether there is a real need
for continued operation.
Financial Chronicle
170
July 14 1934
Gross and Net Earnings of United States Railroads for the
Month of May.
Statistics of the operations of United States railroads for the month of May are partly favorable and
partly unfavorable, with the more optimistic factors
obviously of greater importance, since they reflect
a substantially greater volume of traffic than moved
over the lines in the same month of last year. The
gross earnings of the railroads advanced by $26,769,505, or 10.50%, over the total for May 1933.
But operating expenses advanced even more, the incease over May 1933 being $28,388,124, or 15.67%,
so that net earnings suffer in the comparison to
the extent of $1,618,619, or 2.20%. This increase of
operating expenses is of primary importance at the
present time, the more so since expenses doubtless
will be increased further by the Railroad Pension
law which has just been signed by President Roosevelt. The railroads already are burdened by heavy
wage costs, and the new measure will add to the
sum even though most of the important carriers
already have pension systems of their own in operation. The increased ratio of expenses to earnings
to 74.40% in May, against 71.08% in the same
month of last year,is a danger signal that President
Roosevelt might well have heeded before signing the
new pension law.
Apart from such considerations, it remains encouraging to find the total of gross earnings increasing steadily. Not only is the comparison with last
year favorable, but improvement also is shown over
the earlier months of the current year. To this
result larger movements of some commodities as well
as various manufactures, and especially of automobiles, apparently contributed. It remains to be seen,
on the other hand, whether the tendency will be sustained in further compilations of the operating re.sults of the railroads. The drouth in parts of the
Middle West and Northwest areas is making inroads
on crops, while some of the major industrial indices
have shown drastic recessions of late. In our subsequent tabulations a reversal of the upward trend
should not, therefore, prove surprising. The increase in the ratio of expenses to earnings now recorded is not alarming in itself, since some repairs
and improvements doubtless were delayed and now
have been made. The managers in recent years have
exercised good control over expense accounts, and in
all likelihood they can be depended upon to curtail
costs at the first signs of excesses.
The improvement of $26,769,505 in gross earnings
now recorded comes on top of a small gain of
$3,584,364 in May of last year over May 1932, but
these gains followed a series of excessive losses over
the preceding three years, which culminated in the
recession of $114,034,479 noted in May 1932 over
May 1931. Net earnings, which now have declined
slightly, were up $27,428,140 in May 1933 against
May 1931, but here, also, the drastic declines of the
depression were noted for the three previous years.
These comments are made, in passing, to indicate
that far greater progress than has so far been recorded must be made by the carriers before the earnings can be regarded as reasonable for such great
properties.
Month of May—
1934.
1933. Inc. (+) Or Dec. (—).
Miles of road (147 roads)--240,906
238.983
—1,923 0.80%
Gross earnings
$281,627,332 3254,857,827 +826,769.505 10.50%
Operating expenses
209,542,600
181,154,476
+28,388,124 15.67%
Ratio of expenses to earnings_
74.40%
+3.32%
71.08%
Net earnings
372,084.732
373,703,351
—31,618.619
2.20%
It is noteworthy that our tabulations reflect improvement in gross earnings"by railroads in all districts and regions of the United States. This conveys an assurance of general gains in traffic and
not merely improvement in specific industries
located only in certain areas. Gains in net earnings,
however, were confined to the Great Lakes, Central
Eastern and Pocahontas districts, with recessions
general in the more distinctly agricultural areas.
That the railroads of the country did move more
traffic in the aggregate than in May of last year is
shown by the statistics of carloadings which relate
to all the roads in the country and to all the different items of freight moved. For the four weeks
of May 1934 the loading of revenue freight comprised 2,441,653 cars as against 2,143,194 cars in
the corresponding four weeks of 1933; 2,088,088 cars
in the same period in 1932, but as against no less
than 2,958,784 cars in May 1931; 3,650,775 cars in
May 1930, and 4,209,577 cars in May 1929. The
train loadings are a sort of composite of the freight
traffic of all classes, but most of the other statistics relating to activity on the separate lines of
trade also register a larger movement for 1934 than
for 1933 or 1932, but, nevertheless, are very much
smaller than in the years preceding. Taking first
the figures of automobile production, it is found
that 331,641 motor vehicles were produced in May
1934 as against 214,832 in May 1933; 184,295 in
May 1932, and 317,163 in May 1931, but comparing
with 420,027 in May 1930, and no less than 604,691
in May 1929.
The statistics of iron and steel production show a
similar trend, although to a somewhat greater
degree. The make of iron in the United States during May 1934 reached 2,042,896 gross tons against
887,252 tons in May 1933; 783,554 tons in May 1932,
and 1,994,082 tons in May 1931, but comparing
with 3,232,760 tons in May 1930, and 3,896,082 tons
in May 1929. The production of steel ingots in the
United States for May 1934 is calculated at 3,352,695
tons, which is a considerable improvement over the
1,976,428 tons, the output of steel in May 1933, and
1,125,243 tons in May 1932, and 2,551,633 tons in
May 1931, reflecting the increased activity of the
steel trade, but turning further. back we find that
in May 1930 the production of steel ingots was put
at 3,982,915 tons, and in May 1929 (when steel production was of unparalleled magnitude) at no less
than 5,286,339 tons.
Coal production has also been substantially increased, and the output of soft coal in the United
States for May 1934 is put at 28,100,000 tons as
against 22,488,000 tons in May 1933; 18,384,000 tons
in May 1932, but in May 1931 the quantity of
bituminous coal mined was 28,314,000 tons; in
May 1930, 36,314,000 tons, and in May 1929, 40,706,000 tons. The quantity of Pennsylvania anthracite mined in May 1934 is reported at 5,250,000
tone, against only 2,967,000 tons in May 1933;
3,278,000 tons in May 1932; 5,005,000 tons in May
1931, but comparing with 5,911,000 tons in May 1930
and 6,308,000 tons in May 1929.
Building and new construction work has also
shared in the recovery, the building industry having
benefited by the public works construction program.
The F. W. Dodge Corp. reports that the construe-
Volume 139
Financial Chronicle
tion contracts awarded in the 37 States east of the
Rocky Mountains in May 1934 involved outlays of
:t134,445,700 against but $77,171,700 involved in the
contracts awarded in May 1933 and $146,221,200 in
May 1932, •but compares with $306,079,100 in May
1931; $457,416,000 in May 1930; $587,765,900 in May
1929, and $668,097,200 in May 1928. The National
Lumbermen's Association reports that for the five
weeks ended June 1934 the cut of lumber for the
619 mills included in its compilation was 826,656,000
feet against 712,533,000 feet in the corresponding
five weeks of 1933. This was an increase of 16%
over the corresponding weeks of 1933 and 30% above
the record of comparable mills during the same
period of 1932.
Western grain traffic on the railroads was greatly
reduced during May, the production of grains having been cut to inordinately low levels, due chiefly
to the unfavorable weather conditions that have prevailed for some time past, and in part to the curtailment of acreage under the crop control plan.
We deal in detail with this Western grain movement in a separate paragraph further below, and
will note here simply the fact that the receipts of
wheat, corn, oats, barley and rye for the five weeks
ended June 2 the present year aggregated only
35,519,000 bushels, as against 81,594,000 bushels in
the corresponding five weeks of 1933, when the movement was unusually large because of the great rise
in grain prices at that time, which induced Western
farmers to send their grain to market with great
freedom after they had been holding it back for a
long time. In the corresponding five weeks of 1932
the movement of these five cereals combined
amounted to 54,638,000 bushels.
Commensurate with the increase in the volume of
freight handled, the separate roads, in most instances, were able to reflect the gain in gross earnings, although net earnings were diminished by
increases in expenses, and in not a few cases the
gains in gross were more than offset, causing losses
in net earnings. The New York Central System, with
an increase of $2,746,907 in gross, is able to show
only $160,982 increase in net. Likewise, the Pennsylvania RR., with $4,719,998 gain in gross to its
credit, is able to report a gain of only $477,492 in
its net; the Baltimore & Ohio, with an increase of
$2,305,100 in gross, has added but $134,803 to
its net.
The Southern roads fared about the same, with
the exception that they did not benefit to any great
extent by the increase in gross revenues. The Louisville & Nashville has $520,223 increase in gross, but
a decrease of $7,455 in its net. The Southern Ry.
has a decrease of $78,580 in gross and $434,139 in
net. And the Illinois Central, an increase in gross
of $215,945, but a loss of $520,243 in net.
In the Northwestern section of the country, the
Chicago Milwaukee St. Paul & Pacific shows a falling off in gross of $586,237 and in net of.
$1,049,053.
The Great Northern reports $1,094,854 increase in
gross and $121,702 decrease in net. The Northern
Pacific shows a decrease of $86,257 in gross and
$128,491 in net. The Union Pacific has a gain of
$278,118 in gross and a loss of $747,812 in net.
The Southwestern roads also show the same characteristics. Thus the Atchison Topeka & Santa Fe
has an increase of $912,090 in its gross but a decrease of $77,346 in its net; the Rock Island has a
loss of $41,388 in gross and $863,538 in its net. The
171
Southern Pacific has a gain of $1,999,893 in gross
and $916,654 gain in net. The Missouri Pacific has
added $487,977 to gross and $126,476 to net. In
the table below we show all changes for the separate
roads and 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 MAY 1934.
Increase.
Increase.
Pennsylvania
$4.719,998 New York Chic & St L__
$281,205
New York Central
a2,383.638 Union Pacific (4 roads)__
278,118
Baltimore & Ohio
2,305.100 Detroit Toledo & Ironton
257.728
Southern Pacific(2roads) 1,999,893 Boston & Maine
240.145
Great Northern
1,094,854 Illinois Central
215.945
Norfolk & Western
1,046,227 Grand Trunk Western__
206.379
Chesapeake & Ohio
1,021,341 Wheeling & Lake Erie_ _ _
174.337
Erie RR. roads)
(3
959,743 Chicago & North Western
169.055
At,ch Top & S Fe(3 roads)
912,090 New Orleans Tex & Mex
Reading Co
(3 roads)
831.599
163,929
795,796 Missouri-Kansas
-Texas __
Lehigh Valley
163.133
Delaware Lack & West
655,084 Virginian By
155,785
Duluth Minutiae & North
585,596 Minneap & St P & SS M_
146,620
Louisville & Nashville__ 130,642
520,223 New York Ont & West
Missouri Pacific
487,977 Lake Sup & Ishpeming__
124.806
470,737 St Louis Southwestern_
114.022
New York New Hay & H
Bessemer & Lake Erie__ 375,390
Pere Marquette
Total (52 roads)
$27.203,677
374,755
Decrease.
Pittsburgh & Lake Erie..
363.269
Cent RR of New Jersey_
357,927 Chic Milw St P & Pacific $586,237
Delaware & Hudson..... _
327,011 International Gt North...
334,374
Los Angeles & Salt Lake_
311,400 Chicago Burl & Quincy...
254,528
Western Maryland
310,974 Chicago St PM & Omaha
166,886
306,071 Atlantic Coast Line
129.881
Wabash Railway
295.184 Minneapolis & St Louis
Seaboard Air Line__ _
111,963
Elgin Joliet & Eastern _ Total (6 roads)
Pa Reading Seash Lines_
$1,583,869
283, 25
0
a Those figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central.
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie, the result is an increase of $2.746,907.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF MAY 1934.
Increase.I
Decrease.
Southern Pacific(2 roads) $916,654 Chic Milw St P & Pacific 51.049,053
477,492 Chicago Burl & Quincy__
963.227
Pennsylvania RR
460,327 Chicago Rock Island &
Lehigh Valley
Pacific(2 reads)
437.893
863,538
Norfolk & Western
413,585 Union Pacific (4 roads)
747.812
Chesapeake & Ohio
333,571 Chicago & North Western
593.601
Duluth Alissabe & North
330,612 Illinois Central
520.243
Delaware Lack & West_ _
269,468 Southern By
434,139
Erie (3 roads)
198,161 Atlantic Coast Line
346,652
Pere Marquette
192,434 Chic St P Mimi & Omaha
251,316
Detroit Toledo & Ironton
184,388 St L San Fran (3 roads)._
220,470
Los Angeles & Salt Lake_
177.878 International Gt. North_
212,012
Delaware & Hudson_ _ _ _
172,433 Boston & Maine
153,447
Wabash
155.158 Minneapolis & St Louis
150,052
Pittsburgh & Lake Erie_
134,803 Central of Georgia
132,535
Baltimore & Ohio
128,491
131.807 Northern Pacific
Central RR of NJ
126,476 Great Northern
121,702
Missouri Pacific
118,962 Long Island
120.966
Virginian
103,508
115,778 Alton RR
Grand Trunk Western__
Total (24 roads)
$5,347,880
$7,112.764
Total (22 roads)
The New York Central and the leased lines-Cleveland Cincinnati
Chicago & St. Louis, Michigan Central. Cincinnati Northern, and Evansville Indianapolis & Terre Haute show a net pin of *5.824 for the month.
Including Pittsburgh & Lake Erie. the result is an increase of 5160.982.
When the roads are arranged in groups or geographical divisions according to their location, the
part played by the increased revenue that is offset
by increased expenses is well illustrated. Of the
eight regions into which the different groups in the
Eastern district, the Southern district and the
Western districts are divided, every region is able
to show an increase in gross earnings. On the other
hand, in the case of the net earnings, five of the
different regions are obliged to report diminished
net revenues. Our summary by groups is as below.
As previously explained, we group the roads to conform to the classification of the Inter-State Commerce Commission, the boundaries of the different
groups and regions are indicated in the footnote to
the table:
SUMMARY BY DISTRICTS AND REGIONS.
Gross Earning
District and Region.
Month of May1934.
1933. Inc. 1+) or Dec. (-).
$
Eastern Districtt
+921,134 7.81
New England region (10 roads)___ 12.718,066 11.796.932
+7,154.455 14.30
57.181,958 50.027,501
Great Lakes region (25 roads)
Central Eastern region (18 roads) 60,452,983 50,310.278 +10.142,683 20.18
Total(53 roads)
Southern District
Southern region (28 roads)
Pocahontas region (4 roads)
34.676,120
17,399,861
112.134,709 +18,218,272 16.25
33,713,442
15,160,794
+962,675 2.86
+2,239.070 14.77
52,075.981
48,874,236
+3,201,745
6.55
31,521.717
44.843.227
22.833,426
30.228,825
41.432.730
22.187.327
+1.292.892
+3,410.497
+646,099
4.28
8.23
2.91
99,198.370
Total (32 roads)
Western DiStridNorthwestern region (16 roads)......
Central Western region (21 roads)
Southwestern region (25 roads)_
Total (62 roads)
130.352,981
93,848.882
+5.349.488
5.70
Total all districts(147 roads)__..281,827,332 254,857.827 +26,789,505 10.50
District and Region.
Net Earning
Month of May- -Mileage1933. Inc.(+) or Dec.(-)
1934
Eastern District- 1934. 1933.
S
$
S
%
New England region_ 7,138 7,262 3,387,540 3,448,365
-60.825 1.76
Great Lakes region_ 26.895 27.010 15,463,874 13.438,481 +2,025,393 15.07
Cent.Eastern region_ 25,047 25,196 17,176,092 16.171,194 +1,004,898 6.21
Total
59,080 .59,468 36.027,506 33,058,040 +2,969.466
8.98
172
Financial Chronicle
District and Region.
Month of May--Mileage-Southern District- 1934.
1933.
Southern region
39,369 39,681
Pocahontas region
6,064 6.097
7.660,890
7,468,016
Total
Western District
Northwestern region_
Cent. West. region
Southwestern region_
5,778,392 7.735.748 -1,957,356 25.30
9,829,301 11,064,821 -1,235.520 11.17
5,320,627 5,904,240 - 583.613 9.88
Total
1934.
45,433 45,778 15,128.906
48,523 48,754
53,254 53.897
32,693 3:3,009
Net Earnings
1933. Inc.(-1-) or Dec.(-)
$
9,432.042
1.771,152 18.78
6,508,460 +959,556 14.74
15.940,502
--411.596
5.09
134,470 135.660 20,928,320 24,704,809 -3,776,489 15.29
Total all dIstricts_238,983 240.906 72,084,732 73,703,351 -1.618.619 2.20
NOTE.
-We have arranged our grouping of the roads to conform to the classifi •
cation 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 comprises 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.
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.
-This region comprises the section east of the Mississippi River
Southern Region.
and south of the Ohio River to a point near Kenova. W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.
-This region comprises the section adjoining Canada 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 Bt. Louis. and
north of a line from St. Louis to Kansas City and thence to El Paao and by the
Mexican boundary to the Pacific.
Southwestern Region.-Thla region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
As indicated further above, Western roads, taking them collectively, suffered a heavy falling off in
their grain traffic in May the present year as compared with May a year ago-in fact, the movement
was the smallest for the month in all recent preceding years. Not alone were the receipts of wheat
and corn at the Western primary markets on a
greatly reduced scale (especially the latter), but
of all the other cereals as well. The receipts of
wheat at the Western primary markets for the five
weeks ending June 2 1934 reached only 14,402,000
bushels as against 25,029,000 bushels in the same
five weeks of 1933; the receipts of corn, only
8,938,000 bushels against 29,805,000 bushels; of oats,
only 5,999,000 bushels against 12,065,000 bushels;
of barley,4,246,000 bushels against 9,222,000 bushels,
and of rye, 1,934,000 bushels against 5,473,000
bushels. For the five items, wheat, corn, oats, barley and rye, combined, the receipts for the five weeks
aggregated only 35,519,000 bushels as compared
with 81,594,000 bushels in the corresponding five
weeks of 1933;54,638,000 bushels in 1932; 59,151,000
bushels in 1931, and 53,503,000 bushels in the same
five weeks of 1930. The details of the Western grain
movement, in our usual form, are set forth in the
subjoined table:
WESTERN FLOUR AND GRAIN RECEIPTS.
5 Weeks End. Flour
Corn
Wheat
Oats
Barley
Rye
June 2.
(Bbls.)
(Bush.)
(Bush.)
(Rush.)
(Bush.)
(Bush.)
Chicago
1934
859.000 2,158,000 3,065,000 2,315,000 1,062,000 1.204,000
1933
936.000 1,152,000 9,128,000 2,881,000 1,936,000 1,035,000
Minneapolis
3,447.000
1934
254,000
293,000 1,596,000
253,000
8,098,000 2,868,000 1,943,000 3,452,000
1933
866,000
Duluth
1934
3.587,000
473,000
154.000
122,000
78,000
4,727.000 1,632,000 1.648,000
1933
793,000 1,609,000
Milwaukee
1934
358,000
421,000
74.000 1,125,000
66,000
81,000
1933
319,000 1,211,000
78,000
653,000 2,533,000
129,000
Toledo
1934
590,000
858,000
93,000
7,000
89,000
1933
489.000
124,000
564,000
2,000
8,000
Detroit
1934
102,000
35.000
32.000
70,000
36,000
1933
52,000
23,000
78,000
28,000
104,000
Indianapolis & Omaha
1934
652,000 1.498,000 1,007,000
129,000
1933
1,716,000 5,822,000 2,088.000
4,000
St. Louts
624,000
1934
905,000 1.215,000
474,000
68,000
19,000
1933
581,000 1,946.000 3,143.000 1,056,000
32,000
22,000
Peoria
1934
194,000
48.000
993,000
364,000
170,000
45,000
232,000
1933
113,000 2,215,000
550,000
330,000 1,780,000
Kansas City
1934
50,000 1,372,000
590,000
146,000
1933
59.000 4,690,000 2,336,000
248,000
St. Joseph
1934
224,000
208,000
266.000
245,000
927,000
1933
207,000
July 14 1934
5 Weeks End. Flour
(Bbls.)
June 2.
Wichita
1934
1933
Sioux City
1934
1933
Total All
1934
1933
Oats
(Bush.)
Rye
(Bush.)
Barley
(Bush.)
851,000
1,418,000
77,000
22,000
1,000
4.000
108,000
64,000
16,000
354,000
15,000
145,000
26,000
30,000
2,000
1,793,000 14,402,000 8,938,000 5,999,000 4,246,000 1,934.000
1,886,000 25,029,000 29,805,000 12,065,000 9,222,000 5,473,000
5 Mos. Ended Flour
Wheat
June 2.
(Bush.)
(Bbls.)
Chicago
1934
3,516,000 3,923,000
1933
3,783,000 3.693,000
Minneapolis
1934
15,159,000
1933
24,976,000
Duluth
6,819,000
1934
11,563,000
1933
Milwaukee
463.000
1934
305,000
1933
627,000
262,000
Toledo
1934
1,986,000
1933
20,000 2,784,000
Detroit
1934
399,000
361,000
1933
Indianapolis & Omaha
1934
4,428,000
11,000 4,718.000
1933
St. Louis
1934
2,743,000 4,915,000
2,872,000 6,001,000
1933
Peoria
279,000
1934
978.000
684,000
1,134,000
1933
Kansas city
1934
251,000 10,047,000
1933
283,000 16,023,000
St. Joseph
858,000
1934
784,000
1933
Wichita
2.417,000
1934
3,611,000
1933
Sioux City
440,000
1934
261,000
1933
Total All
1934
1933
Corn
(Bush.)
Wheat.
(Bush.)
Corn
(Bush.)
Oats
(Bush.)
Barley
(Bush.)
Rye
(Bush.)
16,879,000 5,903,000 4,458,000 1,302,000
26,461,000 6,527,000 4,047,000 1,505,000
4,123,000 1,765,000 7,582,000 1,060,000
5,394,000 4,716,000 8,393,000 2,182,000
2,175,000
514,000
1,947,000 1.997,000
148,000
407,000
1,497,000 2,390,000
3,208,000
565,000 5,324,000
3,628,000 1.326,000 4,548,000
635,000 1,773,000
899,000 1,920,000
151,000
256,000
30,000
14,000
123,000
5,000
323,000
296,000
362,000
332,000
117,000
120,000
10,572.000 3.538.000
16,292,000 7,692,000
23,000
4,000
294,000
1,000
5,803,000 2,716,000
9,348,000 3,827,000
275,000
465,000
113,000
75.000
6,194,000 1,236,000
7.056,000 10526,000
367,000
930,000
784,000 1,780,000
290,000
132,000
5,622,000
632,000
6,423.000 1,170,000
2,089,000
2,778,000
827.000
1,019,000
800,000
112,000
44,000
8.000
2,000
2,000
1,000
282,000
807,000
31,000
329,000
58,000
121,000
2,000
6,000
.
7,793,000 52,133,000 58,672.000 19,867.000 19,451,000 3,677,000
8.365,000 76,086,000 81,277,000 32.353.000 20,207,000 8,321,000
The livestock movement over Western roads also
appears to have been much smaller than in May last
year. At Chicago the receipts during May 1934 comprised only 10,947 carloads as against 12,274
carloads in May a year ago; at Kansas City the
receipts aggregated only 3,724 carloads the present
year as against 4,103 carloads in May 1933, while
at Omaha they reached but 2,881 cars against 3,219
carloads.
Coming now to the cotton traffic in the South,
this, though much larger than in May last year so
far as shipments overland of the staple are concerned, fell far below that of a year ago in the case
of receipts at the Southern outports. It is proper
to state, however, that comparison is with very large
ontport receipts last year-in fact, the largest for
May in many years. Gross shipments of the staple
overland aggregated 45,963 bales in May 1934 as
against 36,317 bales in May 1933; 23,095 bales in
May 1932; 29,191 bales in May 1931; 44,635 bales
in May 1930; 35,141 bales in 1929, and 47,472 bales
in 1928, but comparing with 75,379 bales in 1927.
The receipts at the Southern outports during May
the present year reached only 197,085 bales as compared with 423,059 bales in May 1933; 222,102 bales
in May 1932; 99,776 bales in May 1931; 205,975
bales in 1930; 134,735 bales in May 1929, and 369,125
bales in May 1928. In the following 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 F011. MONTH OF MAY
AND FROM JAN. 1 TO END OF MAY 1934, 1933 AND 1932.
May.
Since Jan. 1.
Potts.
1934.
Galveston
Houston. etc
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Jacksonville
Total
1933.
1932.
1934.
1933.
569,367
363,786
13,943
679
490,088
48,971
33,588
29,116
14,473
27.889
12,104
6,029
11,022
2,258
504,798 768,545
835,445 823,494
26.674
27.628
10,628
2,470
685,215 1,141.737
116,501 225,580
31,858
13,115
38,187
38,439
6,000
7,987
38.558
51,464
26,415
28,101
16,659
12.911
10,476
13,819
5,928
1,658
1932.
81.001
24.291
822
93.975
115,261
5,713
31.214
27,682
647
66,319
11.844
2.590
4.757
126
2,995
148
486
1,863
43
121.900
29,588
3,117
16.493
1,061
24.605
6,036
1,897
3,340
73
116,505
24,022
5.887
9,893
199
2,767
461
1,591
880
354
197,085
423,059
222,102 1.623.313 2,339,551 3,220.743
Volume 139
RESULTS FOR EARLIER YEARS.
As already remarked, this year's increase of $26,769,505 in
$3,584,364
gross and of $1,618,619 decrease in net follows
$27,128,140 increase in net in May 1933,
increase in gross and
which came after tremendous losses in the three years
preceding. In May 1932 our compilations showed a loss
of $114,034,479 in gross and of $33,623,278 in net, and
this followed $94,091,632 loss in gross and $30,320,738 loss
in net in May 1931 and $75,131,912 loss in gross and $35,711,276 in net in May 1930, business depression having
been the cause of the continuous decline in the three-year
period. In May 1929 the returns, of course, showed improved results, but not to the extent expected, having
regard to the trade activity prevailing at the time, but which
was reflected at that time only in minor degree in the revenue rettuirns of the railroads. Our compilations for May
1929 showed only $26,179,817 gain in gross, or 4.86%, and
$17,754,001 gain in net, or 12.9%. Moreover, this very moderate improvement came after poor or indifferent results in
May 1928 and May 1927, one reason for this having been that
the agricultural communities of the country were even at
that time already suffering depression, greatly impairing
their purchasing and consuming capacity, though the situation in that respect was not so strongly accentuated as it
has since become. In May 1928 our tabulations recorded
$8,823,323 decrease in gross, with $840,317 increase in net,
and in May 1927 our tables also showed relatively slight
changes, namely, $1,088,017 increase in gross, with $1,063,507
decrease in net. An important fact to remember, however,
is that this last followed quite substantial improvement
(we are speaking of the roads as a whole) in May 1926
over May 1925, when our compilation showed $28,515,298
gain in gross, or 5.85%, and $15,677,492 gain in net, or
13.89%. Moreover, these gains in 1926 succeeded substantial improvement in 1925 over 1924, our tabulations for
May 1925 having recorded $11,114,584 increase in gross and
$16,805,030 increase in net. On the other hand, it is essential to bear in mind that these increases of 1926 and 1925
came after tremendous decreases in 1924, and to that extent constituted merely recovery of what was then lost.
Our statement for May 1924 showed no less than $70,476,133 falling off in the gross and $30,448,063 falling off
in the net. These losses, in turn, however, followed prodigious gains in the year preceding-that is, in May 1923,
when the totals were of exceptional size. In May of that
year the roads were in enjoyment of an unexampled volume
of traffic, and our compilations showed an addition to the
gross (as compared with the preceding year) of no less than
$97,510,054, or 21.77%, and an addition to the net in the
sum of $32,573,715, or nearly 35%. It should be remembered, too, that the 1923 gains in net were simply the topmost of a series of increases that began long before 1923.
Thus, in May 1922, when business revival had already begun,
but when the carriers suffered a very notable reduction of
their coal tonnage by reason of the strike at the unionized
coal mines then prevailing throughout the country (coal
loadings then having fallen off 47.4% as compared with May
of the year 'before) there was only a very small improvement in the gross earnings-only $4,069,751, or less than 1%
-but there was at the same time a contraction in expenses
of $23,905,177, and this brought about an augmentation in
the net in amount of $28,064,928, or, roughly, 43%. There
was improvement also in the net in the year preceding
(1921), though gross at that time, was declining, owing to
the collapse in trade. The decrease in the gross then was
$13,214,331, but it was accompanied by a reduction in expenses of $58,054,141, thus leaving a gain of $44,839,810 in
the net earnings. The loss in the gross at that time was
only 2.89%, which, of course, failed to reflect either the
great falling off in traffic, or the extent and magnitude of
the depression in trade under which the country was then
laboring, the reason being that railroad rates, both passenger and freight, had been advanced and the added revenue
from the higher rates served to that extent to offset the loss
In earnings resulting from the shrinkage in the volume of
173
Financial Chronicle
traffic. Contrariwise, the saving in expenses then achieved
was effected in face of higher wage scales, the Railroad
Labor Board having the previous summer awarded a 20%
increase to the employees, at the same time that the InterState Coimmerce Commission granted the carriers authority
to put into effect higher rate schedules for passengers and
freight. Had business and traffic remained normal, the
higher rate schedules would, according to the computations
made at the time, have added $125,000,000 a month to the
gross revenues, and the higher wage schedules would have
added $50,000,000 a month to the payroll of the carriers, as
was pointed out by us at the time.
On the other hand, in any attempt to appraise correctly
the big reduction in expenses effected in 1922 and 1921,
and the steady improvement in operating efficiency that
followed, the fact should not be overlooked that, as a result
of the antecedent prodigious increases in the expenses, net
earnings in 1920 had been reduced to very low levels. High
operating costs had been a feature of the returns for many
years preceding, and it so happened that in May 1920 the
so-called "outlaw" strike, which served so seriously to
interfere with railroad operations the previous month, continued with greatly aggravated consequences. In these circumstances, it was no surprise to find that although gross
earnings increased $38,629,073 over the amount for May of
the previous year, the augmentation in expenses reached
no less than $61,001,464, leaving a loss in net of $22,372,391.
But, as already stated, the 1920 decrease in net was
merely one of a series of losses in net that had been continuing through successive years. As indicating how expenses had been mounting up, it is only necessary to note
that in May 1919, though gross earnings increased as compared with 1918 in amount of $35,132,305, the augmentation in expenses reached $69,091,093, leaving a diminution
in the net of $33,958,788. Similarly, for May 1918 our
compilations registered $31,733,655 increase in gross, but
$14,459,024 decrease in net, owing to an increase of $46,232,679 in expenses. For the three years combined, therefore, the loss in net for this single month was $70,790,203,
in face of an increase in gross earnings of $105,535,033. Expenses in the three years for this month increased $176,325,236. Even prior to 1918 rising expenses were a feature
of the returns, though not, of course, to anywhere near
the extent which subsequently developed. In the following
we show the May comparisons for each year back to 1909.
We give the results just as registered by our own tables
each year.
Gross Earnings.
Month
of
Mao.
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
Year
Circa.
Year
Preceding.
Inc.(+) or
Dec. (-).
8196,826,686 3170,600,041 +528,226,645
230,033,384 198,049,990 +31,983,395
226.442.818 231,066,896 -4,624,078
+6,044,698
232,229,364 226.184,666
263,496,033 232,879,970 +30,616,063
239,427,102 265,436,022 -26,007,920
244,692.738 243,367,953 +1,324,785
308,029,096 244,580,685 +63,448,411
353,825,032 308,132,969 +45,692,063
373,237.097 342,463,442 +31,773,655
413,190.468 378,058,163 +35,132,305
387,330,487 348,701,414 +38.629.073
444,028,885 457.243,216 -13,214,331
+4.069,751
447,299,150 443,229,399
545,503,898 447,993,844 +97,510,054
476,458,749 546,934.883 -70,476,133
487,664,385 476,549,801 +11,114,584
516,467,480 487,952,182 +28,515,298
+1,088,016
517,543,010 516,454,998
509,746,395 518.569,718 -8.823,323
536.723,030 510.543.313 +26,179,817
462,444,002 537,575,914 -75,131,912
368,485,871 462,577,503 -94.091,632
254,382,711 368,417,190 -1 14.034,479
+3,584,364
257,963.036 254,378,672
281.627.332 254.857.827 +26.769.505
Net Earnings.
Month of
3fay.
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
Mileage.
Per
Cent.
Year
Given.
15.37
16.25
1.99
2.67
13.14
9,73
0.54
25.94
14.82
9.28
9.29
11.08
2.89
0.92
21.77
12.89
2.33
5.85
0.21
1.70
4.86
13.95
20.35
30.95
1.41
10.50
220,314
229,345
236,230
235,410
239,445
246,070
247.747
248,006
248,312
230,355
233,931
213,206
235,333
234,931
235,186
235,894
236,663
236,833
238,025
240,120
241,280
242,156
242,716
241,995
241.484
238.983
Year
Preced'g.
217,933
225,274
232,503
231,597
236,619
243,954
245.207
247,189
247,842
228,892
234,339
211,040
234.916
234,051
235,472
234,452
238,098
236,858
237,275
239,079
240,798
241,758
242,542
242,163
242,143
240.906
(+) or Dec.(-).
Year
Chen.
Year
Preceding.
Amount.
364,690,920
70,084,170
69,173,574
66.035,597
73,672,313
57,628,765
71,958,563
105,598,255
109,307,435
91.995,194
58,293,249
28,684,058
64,882,813
92,931,565
126,173,540
96,048,087
112,859,524
128,581,566
126,757,878
128.780,393
146,798,792
111,387,758
81,038,584
47,429.240
74,844,410
72.084,732
549,789,800
64,857,343
70,888,645
68.488,263
66,499.916
73,385,635
57,339,166
71,791,320
105,782,717
106,454,218
92,252,037
51,056,449
20,043.003
64.886.637
93,599,825
126,496,150
96,054,494
112,904,074
127,821,385
127,940.076
129,044,791
147,099,034
111,359.322
81.052,518
47,416,270
73.703.351
+814.901,120
+5,226,827
-1,695,071
-2,452,666
+7.172,397
+15.756.870
+14,619,397
+33,806,935
+3,524,718
+14,459,024
-33,958,788
-22,372.391
+44.839,810
+28,064,928
+32,573.715
-30,448,063
+16,805.030
+15,677.492
-1.063.507
+840,317
+17,754.001
-35,711,276
-30,320,730
-33,623.278
+27,428,140
-1,618,619
Per Cent.
29.93
8.06
2.39
3.58
10.79
21.47
25.50
47.09
3.33
13.58
36.81
43.82
223.72
43.27
34.79
24.07
17.49
13.89
0.83
0.66
12.09
24.22
27.23
41.48
57.85
2.20
174
Financial Chronicle
July 14 1934
The Condition of Bank Credit in the United States
[By IL PARKER WILLIS.]
Loans to Other Customers.
Acceptances AcceptPayable ances
Cornin
Payable mercial
United Abroad. Paper.
States.
Purchased Paper.
Open Market Loans.
Total.
.
United
States
GovernOther
ment
Securities.
Securities.
Again and again, during recent difficult years in business will permit. Such a comparison has
been briefly made
and finance, there has been effort to recognize a "turning In the following table, which
condenses the returns for
• point"—a level from which changes would be for the better. member banks regularly published
in the Federal Reserve
President Hoover found and announced various such points, "Bulletin'•
and others have been detected officially with even greater
frequency during the 16 months of the present Federal AdzO. 4,
a
2g.1242,Vi 2;n2g4g1
1
9
.
coq....1.0...rogmRt,,toor,
ministration. Nevertheless, conditions have had a way of
alOgA
gioocSoci0000Om4,p
sticking to the tenor of their course, refusing to be much
altered in one direction or another. Of late, probably within
the past four months, if any definite date may be assigned
gnig22g1702gVaVggig
ccelr Rooevocc nco>r-oo
:
.
."
to such a •current of opinion—there has come a greater
..4.o.c.1,
6066646415ui.i.
w
unanimity of thought; and to-day both officials and com,i
mercial banking authorities are convinced that matters are
VagROLSTAFigF4ASpiVC
1
vl.c! oog. m,
on the mending hand.
omcm, w cic
C-CC
1
Opinions of Banking Authorities.
g
The "Journal of the American Bankers Association"
ooNovt-N,
CO
...ge, ,ncico woo .NcoNa>..I
, rocbcom.1.1...tco,PVe4
.
voices this attitude of mind. It is said to be the "almost
10,7
t
"9-'^'
,000 N
101
0cimo;o0O6., ,i
universal opinion among bankers that June has been the
..
6,
turning point in banking history in the matter of recovery."
"The reorganization of the banking system after the holi0..00 r.ncl000nco.noo‘rnoomo‘n
, ,
nNoom.oncom.Nr.t..Lo w vv ,
4
day 16 months ago," the magazine continues, "Is now prac09.Roommort.mnnoom
.N44ciNN.-7.
o
tically complete. The comparatively few banks yet to be
reorganized and reopened are no longer a serious factor in
W000 0t•MO..
.
,
?0ONNt.
the situation.
t .,
,. WN=92S51 52COMOVN.-40W4V
1
,
V4
U NNN, .amMMN4,-1,-1
"The prospect has improved for employing bank funds
In lines more profitable than Government securities. The
00 1.0 ftillgil
0
.MQ000.N.)
-omoc
,
Oblog[0 CO 0,-.C.VMM
total volume of loans to commerce and industry is still
MNNMN
low, although country bankers claim that the volume shown
by reporting member banks does not accurately reflect the
0MN.
40,0 W).00000MI-..0,4MMC
00
.2.00.1.C.0..0000‘0.0t..00N.c
,
situation in the mass of country non-member banks, where
..4
N.-1,4NMMMN,qm,rmtsimNm
;V
loans have actually increased."
A note of similar optimism, somewhat more moderately
expressed, is sounded by the Federal Reserve Board, which,
.UMPE4R2PEPTIP
.t.
N
,,, ,
t
.-4
r
NOINNMMMNNCi..
In the current number of its "Bulletin," calls attention to
M
a number of important factors in the situation. The ReV
serve banks themselves have been largely paid off by their
vr.V 4 1
FI. 4gagg2VIIRPI;GWV
:
1
C
42V4
ciaRR.4.00,10,40r,c4vul.vol.c
members, so that rediscounts are now reduced to a mini.....00cnoc415.4.6
mum. "The decline of $50,000,000 in discounts held by
o
the Reserve banks to $34,000,000, the lowest level since the
y ..si
v
ES25g22gMlnIMAM
early days of the System, has reflected a further liquida......CICIN. oq
*- ges
olmcsol
dOiMM6MMMMMMMNNOiNNNN
tion of indebtedness largely by member banks in country
144
districts. . . . The reduction of member bank indebtedV
ness to the Federal Reserve banks has been continuous
''
since the beginning of 1932, except for a brief period during
4r.ciwnoir-r.:nt:cliMui4mnicioi
the banking crisis in the spring of 1933." Moreover, while
It was true in 1932 that the liquidation of the indebtedness
F7.42g22§"p2g66 pR2g
of member banks to Reserve banks was accompanied by an
7'i
,4c.imvi
7.7-76moon,o1,6.,-;
increase of their indebtedness to the Reconstruction Finance
g
UNNNNNNN
Corporation, "in the past year and a half . . . indebtedness of member banks to the Reconstruction Finance CorpoAl
"'c'e"r-u",8-'4%8M%4M4
oag
36Sg22.4 V. 10.0,PMNNV
ration has been reduced." Summing up the entire situa,
4 4
tion, the Board proceeds: "This review indicates that the
condition of operating banks, particularly in country dis--gmvag qw,„"
gl lsm
-g6
tricts, has improved in recent months. . . ." Unof'"*MMMMMMmMCVMNNNO4NNN
64''4E
ficially, members of the Administration have even asserted
2'
in public that the state of the banks of the country is
.,.,....,,...,...,,
better than it has ever been, and that they are in the
l lllllllllllllllll ,
strongest position at any time known in past history.
R g t; A g g AA A g 'A f? g f; A f3 '''
11
Very positive approval is likewise expressed with regard
z I li
CV.Ic
to the Deposit Insurance Corporation. Only two failures
.-.°O.,(BOZ-iotallttali f:1
-am
have occurred since the organization of this corporation
1
I
c.).
,
1
co
ca
i
01
six months or more ago. The organization is said to be
...
...
..,
.,
"
,.
fulfilling its purpose excellently; and, again, we are assured
The outstanding features of this table are easily made
that failures are practically at an end, and that depositors
clear. Total loans and investments of our banks are now
need never again fear the loss of their funds.
These are reassuring views. If accepted, they must tend about 72% of their amount five years ago, at a date six
strongly to convince the nation that, as stated by some months or so before the panic of 1929. At the former date,
Cabinet officers, all is well in our financial economy, and about one-third of the entire loans and investments of the
that the dangers of the years 1932 and 1933 have been the banks consisted of direct advances to business on commersubject of an almost miraculous deliverance—the fruits of cial paper; and acceptances, &c., bought in open market.
a new revelation of financial truth in a messianic regime To-day the corresponding percentage is 21%, or a falling off
of about one-third its former proportion, relatively speaking.
of financial righteousness.
The total of investments held in the beginning of 1929 was
Assertions Tegted by Facts.
about 30% of aggregate loans and investments. To-day
In testing the validity of these assertions regarding the It is about 52%. These investments
in 1929 included
banking and credit situation of the country, it is worth $4,454,000,000
of Government securities and $5,994,000,000
while to examine with some degree of care the general of corporate
issues, or 43% and 57%, respectively, of the
facts in the situation as statistically shown, and to note total. To-day, Government securities
are $8,667,000,000,
the comparative situation of our banks at three periods— and corporate issues are $5,195,000,000,
or 62% and 38% of
just prior to the breakdown of 1929, just before the opening the total, respectively. In aggregate amount
the holdings
of the present "new deal"—at the close of 1932—and the of Government securities have risen nearly 100%, while
situation as near the present time as figures available those of corporate securities have fallen
about 15%. The
i
0iph
i
z..4
Pelq
EnUMEMEREEEiri
Volume 139
Financial Chronicle
175
banking community is lending to the Government to-day, as itself. It must not be forgotten (1) that the bonds are
purchasers of its securities, about one-half more than it is practically convertible into currency at Reserve banks, and
lending to the business public, through discounting. Com- (2) that the so-called "stabilization fund" of some $2,000,mercial paper bought in open market was $376,000,000 in 000,000, established under the Devaluation Act of last
Jan. 30, as well as various subordinate funds and organiza1929. To-day it is $157,000,000.
A comparison with conditions as they existed in 1932 is tions of the Government, are being used, and may be used,
also instructive. Although at that time business was seri- as the Administration desires, for the maintenance of the
ously suffering, there had been no such encroachment on current prices of Government issues. The Government,
the portfolios of the banks by Government paper as has since 'by its act of seizure of the gold of the banks, is the prothen occurred. Holdings of corporate and Government prietor of the entire gold of the nation, aggregating 4,500,securities were not far apart in amount. There was still 000,000 (old) gold dollars. It is the evident belief of many
a reasonably fair distribution of holdings of paper, despite members of the banking community that, with these vast
the excessive investment in corporate bonds which then resources behind it, the Government can succeed in keeping
the bonds at, or above, par and the paper currency thus
constituted so great a danger.
In these circumstances, what are the facts which are to equal to par in Government bonds. The whole banking
be cited to warrant the encomiums on the condition of the system is thus being made to rest upon and revolve around
banks which have been uttered by the banking authorities? Government credit; and the entire reliance of the nation
rests upon the goodness of such credit. Whereas the banks
They are as follows:
1. There has been a material improvement in the current were formerly the bulwark of Government credit, they are
market quotations of the corporate securities held by the now dependent upon it.
various banks. In aggregate, it is probably not excessive
Dangers of Government Bonds.
to estimate this improvement at over a billion dollars, or
That the Government bonds, now so largely held by the
one-fifth of their capital funds.
banks, might be subject to some of the same dangers as
2. The Government bonds that are held are high in price
corporation bonds, and might suffer the same recession as
and immediately salable to, or discountable at, Reserve
after the war, when they fell to 82, is a view that might
banks, thereby ensuring "liquidity."
be held by some observers, but to-day plainly is not so enter
3. Failures have been few in number for many months, tamed, owing to the conviction already described—that the
as against the conditions existing after the panic of 1929, Government itself is impregnable, owing to its seizure of
when bank closings were as high as 2,400 in a single year.
the ultimate reserve of the nation.
4. Member banks owe practically nothing to Reserve
There is no warrant for any such belief as is thus indibanks, and have reduced their debt to other lenders.
cated. The Reserve banks, of course, have long since ceased
Sum up this situation in plain words and it amounts to to be of any importance whatever in estimating the position
this: The banks of the country are lending less and less of the nation from the standpoint of banking safety or
(to-day about 19% of their total advances), through com- liquidity. Their gold has been taken from them; and, by
mercial loans, to active business. They are lending more reason of the low rates which are enforced upon them as a
and more to the Government. The test of soundness and necessity of Government financing, they are unable, even
liquidity is the holding of Government bonds. The con- indirectly, to exert much influence upon the flow of gold
stant encroachment of the Government in all fields of busi- into or out of the country. The question whether the
ness is tending to convert •the credit paper of the country national Treasury can maintain its obligations at "par" is a
Into the form of Government paper, and, of course, tending technical question. Since currency is redeemable in nothing
to take it out of the bank-credit form of advances to busi- except other currency, and since the use and control of
ness. Many banks are basing their operations more and gold is absolutely forbidden—since, moreover, the nation
more upon Government securities as collateral—in other has the authority at will to issue legal tender notes for
words, are asking that the paper of their customers be the redemption of outstanding evidences of debt, the case
endorsed or guaranteed by the Government. Is this a is different from any that has existed in our past financial
"sound" or safe situation?
history.
Most students of banking, basing their conclusions upon
The test both of the currency and of the bonds must be
observation of past experience, would be inclined to answer found in the comparison that will inevitably be made bethis question with an emphatic negative. We are, however, tween them and the existing fund of current wealth of the
living in a "new era," in which the teachings and experi- nation. For the coming year it is estimated our Federal
ences of the past are at a serious discount, and a mere needs will take from the people near one-fifth of the entire
reference to former dangers is probably not enough to income for the period, and in so doing will limit the industry
emphasize the lessons and warnings that are applicable to and investment of the nation by much more than a correexisting methods of banking in the United States. Discus- sponding proportion of the total. The time must come, as
sion and actual insistence upon what ought to be self- things are now going, when individuals will become less
evident is, therefore, essential.
and less willing to accept either currency or Government
bonds in exchange for services or wealth; and when, thereSource of Past Troubles.
fore, what is loosely called "Inflation"—in this case, simply
What was the difficulty that the banks encountered in
relative worthlessness of currency—will accordingly
1929 and the subsequent years? It was essentially the fact supervene.
that so much of their assets was then invested or "carried"
The question is often quite sincerely asked by the uninIn corporate securities—as the table shows, near $7,000,- structed, why the banks, since they are no
longer called
000,000 at "peak." When the market broke down, these
upon to redeem their outstanding notes and deposits, may
securities were unsalable, and even if salable at some price, not indefinitely continue to "buy"
bonds, simply marking
would have brought, at any probable figure, so little as to
up the proceeds in the form of deposit credits which, when
bankrupt many institutions which were deeply engagd in called for by depositors, can be
paid in notes that are
them. To-day the member banks have about $8,700,000,000 obtained from the Reserve banks by
pledging the bonds.
of Government securities—all banks together probably 50% In this event, as long as the stock of
paper continues to
more than that, or, in round numbers, $13,000,000,000. The hold out, there need be no doubt
of the power to meet
Reserve banks have about $2,500,000,000, and allowance obligations. This view of the case is
technically defensible,
must be made for savings institutions other than banks. but omits the essential intangible
element in all banking—
These figures are based upon those already afforded for the maintenance of public
confidence. Certainly there will
all banks as given in the foregoing compilation. If we
be few who would contend that the Government could
base our figures upon the current returns for reporting indefinitely continue to incur a deficit of
$4,000,000,000
member banks, available up to the close of June, we shall annually which is covered almost
wholly by sales to investmaterially enlarge our estimate for the total of Government ment and other
institutions, about one-half of it being
securities held by all the banks, and shall conclude that taken into the banks at current
rates of absorption. Were
not less than $16,000,000,000 must be in bank portfolios this true, there would be no reason for
any enlargement,
to-day, or close to 60% of our entire national debt.
of taxation, or, indeed, for any taxation whatever, since
The presence of this vast body of securities in the banks all needed funds could be obtained by the
simple process of
would be a source of instant danger were it not for the issuing bonds. Some limit will be set, by
even the most
artificial market for the bonds maintained by the Govern- sanguine exponents of the "new deal" in
public affairs—
ment itself, partly through the machinery of the Reserve who belong essentially to the same intellectual
school which
banks, partly through the direct purchases of the Treasury
was responsible for the "new era" of the 'twenties.
176
Financial Chronicle
Bolo Far Can We Go?
The question which is inevitably raised by recent tendencies in Treasury finance, and has already made itself articulate through current discussion, is simply: How far can the
Government go in its present policy of placing the deficit
with the banks; in other words, how far are banks willing
to place among their assets the unsecured notes of the
nation, representing nothing but future possibility of taxation. In some countries where there is an unfavorable
balance of trade, a fairly definite date or limit for financing of this sort can be set by noting the size and maturity
of foreign obligations. In a country like our own, where
the international balance is still favorable, although on a
reduced basis, and likely to continue on a technically
favorable basis so far as can now be foreseen, the reply
has to be vaguer, although equally positive. Treasury
borrowing from banks may theoretically continue until the
available surplus income of the community is absorbed in
Government unproductive outlay. Such a reply raises, of
course, a necessity for difficult estimates and analyses.
If it be true, as currently estimated, that the current year's
income of the nation is somewhere near $45,000,000,000, of
which $7,000,000,000 to $9,000,000,000, or 20%, will be taken
as Federal taxation and proceeds of borrowing, while perhaps another $6,000,000,000 to $8,000,000,000 are required
for local taxation and borrowing, making 33% in all, there
can be little doubt that the nation is already close to the line
at which output of currency and credit is exceeding the current production of surplus income (savings). It was computed after the World War, by experts in the employ of
the Bankers Trust Co., that the national income in 1913
was 34,400,000,000 "1913 dollars," and our annual surplus
available for savings was then computed, by several estimators, as, perhaps, one-fourth to one-third that figure.
The same proportion of to-day's income of $45,000,000,000
would leave our margin at $10,000,000,000 to $15,000,000,000.
The Federal Reserve Board reports the existence at the
close of the fiscal year (end of June) of bank "surplus
reserves" of $1,750,000,000—the highest excess of reserve
credit over requirements ever noted.
The efforts to put into circulation excessive supplies of
notes, with the idea of "making money more plentiful," have
been unsuccessful. The latest report of circulation shows
only $5,357,000,000 outstanding, as against $5,645,000,000 in
January 1933. Federal Reserve notes increased by only
about $300,000,000 during the year, to take the place of the
gold coin that was withdrawn; and the decrease in other
constituents of the circulation brought the net reduction
In total outstanding that has already been indicated. The
needless current credit resulting from Government financing
has taken the form of "excess reserves," and is not being
used because, as yet, no one wants it. It constitutes a
permanent menace, representing funds that will be available when the "flight to commodities," that in time past
has always succeeded a period like the present, at length
sets in. As the excess reserves available on the books continue unfunded into long-term bonds, and unabsorbed by
the ultimate investor, this danger is Imminent; and, as the
increasing deficit growing out of wealth destruction and
reduction of available income continues, the immediate
risk of loss of confidence resulting in depreciation and
so-called "inflation" is close in the offing. As the cumulative deficits grow greater, the risk becomes more and
more definite and urgent.
There is some technical ground for argument that the
excess reserves are a product of the devaluation policy
rather than of bond operations. It is not necessary to argue
the point just here. Devaluation and the present deficit
financing are phases of the same general policy and the
ultimate effect of the deficit financing, even if modified
by "profits" from devaluation, soon reasserts itself.
Gross Debt No Criterion.
There are many who say—and with justice—that, little
as we like an increase of debt, the total now resting upon
the United States, as compared with the debts of foreign
countries, is small. The load per capita, according to them.
is relatively minor, and the distribution of the burden is
reduced by reason of a still-maintained considerable distribution of the ownership of wealth in the United States.
These assertions have a basis; but they neglect the underlying factor in the case. A country like Great Britain.
for example, has a banking system far better organized
and immensely abler to carry the load than is ours. Neither
Great Britain nor any other European country, however,
July 14 1934
would for a moment think seriously of an attempt to carry
anything like the present volume of debt in their banks.
The Bank of England reports less than $450,000,000 of
securities (at present rates of exchange for sterling)
against five times that sum in Federal Reserve banks; the
British commercial banks (10 clearing banks) report less
than $2,700,000,000 of all securities as against $8,700,000,000
in Government securities alone in our member institutions.
• Experience has taught most banking systems the extraordinary folly of carrying short-term Government obligations
representing merely deficits in their bank portfolios. Even
the Reichsbank does not report more than $260,000,000, and
the reporting German banks about $1,000,000,000 of Government and other securities.
Our debt burden, in short, has little to do with the
banking situation now contemplated. It is not a question
of ability to "carry" the debt;—it is a case in which we are
not carrying it at all but are steadily exceeding each year
our income by immense sums, and then, instead of distributing the deficit securities among the public, we are
putting them into the banks. Thus, the assets of these
institutions are steadily coming to represent nothing except
Government deficits—inability to pay. The limit to such
financing is afforded by public "confidence"—public willingness to go on regarding the nation as both willing and
able eventually to pay. That confidence, as we have seen,
cannot last long beyond the time when annual deficits and
taxation absorb the bulk of annual surplus incomes of
the nation. This is no more than the familiar statement
that banking must rest upon real wealth; upon assets
currently realizable. There is no way of escaping from
this general necessity, and no way of substituting legal
tender notes or "fiat credit" for actual titles to realizable
resources.
Banks Never Worse "Frozen."
There has probably never been a time when our banks
were worse "frozen" than they are to-day. There has
never been a moment when they were in less favorable
position to meet their obligations in something other than
Government credit, if called upon to do so. The ability of
the Government to meet its maturing obligations is dependent entirely upon its capacity to induce fresh borrowers
to come forward with further contributions of funds. It
may dragoon the banks into such action for a good while,
but eventually a positive check to further operations of the
sort is afforded by a flight from the currency, or from the
securities of the Government itself. It cannot continue
Indefinitely to support its outlays by issuing currency or
fiat credit, and when such issues obviously exceed current
Incomes, they will lose value and eventually collapse, as
has been the case with all such structures of unsound
finance since banking was first initiated. When that time
comes, the banks may still be able to obtain from Reserve
banks (so long as the supply of print paper lasts) the
same kind of money which they are obligated to pay to
their customers, and may thus continue perfectly solvent;
but their solvency will be of no value to their stockholders,
who will have only the empty satisfaction of being able to
claim that they have met their obligations in depreciated
paper, and thus to be legally free of duty to pay what
they have promised their depositors. Neither will it be of
much avail that the nation has a considerable stock of
gold, if the remaining assets of the banks, or a large part
thereof, consist of Government deficits or their representatives.
"Inflation" as a Danger.
Inflation has failed as a means of "recovery" or of "relief"—as it always does, and always must. It remains as a
danger and as a source of weakness—as it always has, and
always will. Its form at present is not found in high
commodity prices. These may come,through the recognition
of lack of value in currency and belief in the extravagance
of Government; but, as yet, they have not been encountered.
Inflation to-day is seen in the existence of vast quantities
of unused credit, excess reserves, Government notes and
bonds, Treasury funds for "stabilization" and other objects,
"unexpended balances" in the "hands of the President," and
other evidences of the paper inflation of apparent assets.
These constitute a danger of the utmost seriousness, so far
as the banks are concerned; and the fact that they have
not been, of late, subject to the necessity of closing or
failing, as against former conditions, does not reveal a
position of strength, but merely indicates that we have
given up, for the,
time, the means of testing or measuring
Volume 139
Financial Chronicle
177
that strength. It shows nothing with regard to strength foreign countries, the practice of dictators is to order "reany more than the removal of the thermometer from a very funding" at lower rates than those originally named in
hot room shows that there has been a lowering of the tem- bonds, with refusal to pay interest where bonds are not
perature within the room. The banks are not being tested deposited for such refunding—a technique very popular
by any ability to redeem, but, on the contrary, they are during the past two years. In the United States, we have
being permitted to convert Government securities (or, for preferred the plan of compelling a reduction of rates of
that matter, practically anything else they may offer) into discount at our central banks, with "easy money" and
available funds whenever they are called upon by depositors marking up of Government bonds, followed by a cut in their
for funds they are not immediately in position to supply. rates as a substitute. It is an expedient that works about
Their inability to induce the public to employ the credit as well as its European prototype.
Thus far, however, the banking community shows as little
created by their purchases of Government bonds, which
are then converted into "deposits," is attested by the accu- consciousness of its actual position—or, at all events, as
mulation of such deposits as surplus reserves, in the way little willingness to admit the true nature of the situation—
already pointed out. The fact that, to some extent, these as it did before the crisis of 1929. A widely-known Southern
surpluses have been used in ways that are not for the banker, anxious to rebut the charge that he and his congood of the community is seen in the marking up of certain freres have been suffering from a "liquidity complex,"
classes of securities whose current value is not according asserts in a current address that: "Perhaps we have at
to true worth or income yield. It is seen, also, in the ability hand, if not the rising of a wholly new industry, a measof the Government to mark the current interest on its urable equivalent in the potentialities of a widespread reborrowings down to a level averaging, for all classes of building and modernizing movement such as home renovizissue, well below 3%. Our bank assets consist more and more ing, plant remodeling, the putting of our railroads on a highof bonds yielding less than 3% and absolutely not retirable speed air-conditioned basis, and other valuable developments
in any future now predictable, inasmuch as each successive in the construction field. The effects of such activities on
year is increasing the outstanding volume of debt by near employment and many lines of business would •be most
one-fifth of the amount it had reached at the beginning beneficial, and I can repeat without reservation that we
bankers are willing and eager to play our full economic part
of the fiscal period.
in any such constructive developments."
Ultimate Costs of Process.
Ground for Forebodings.
The ultimate costs of the present process of "creating"
bank credit ought not to be overlooked in our anxiety due those who are historically minded. It was just after the
to present sonditions. At some time in the future it will close of the World War that the then Comptroller of the
be essential to get back to a basis of redeemable bank
Currency asserted (in his report for 1920) that "National
credit. Such redemption may be effected in gold or in bank failures are near zero. Immunity (from loss) is unsilver, or in a theoretical "commodity dollar" of some sort. paralleled—earnings for 1920 are far ahead of all former
The important point is that a time must come when redemp- years—bank resources surpass all previous figures." Memtion will be recognized as indispensable. The arrival of bers of the then Government spoke, too, of the Federal
that time will, as things are now going, find the banks Reserve System as having rendered the banking system
with portfolios consisting largely of obligations issued by a immune to failure, and predicted a time of unexampled
Government which is not, as some months ago alleged, success and of safety in the extension of credit.
determined to use its funds in productive capital expendiThere is no branch of human effort in which there is so
tures, but which is expending them largely in ways that little ,appropriate field for "inspirational" talk and bunwill produce no recoverable value whatever. When that combe of the kind now prevalent as there is in banking.
time arrives, a secure foundation can be placed beneath
Experience should warn us of the unwisdom of "such boastour currency and credit only through the infliction of corre- ings as the Gentiles use," or of the danger to come from the
spondingly heavy taxation. Lacking that, repudiation of egotistical assertions of financial sciolists and charlatano
debt with correlative reduction of bank assets or much the —advance agents of prosperity. Administration representhe same thing—the cancellation of such outstanding legal tatives have been expressly urging the bankers of the countender notes as may have been, meantime, issued. This try to engage in the same methods of bond buying and
has been the course of events elsewhere. It is toward such a Investing that were in use before 1929, and have been imconsummation that we, and especially our banks, are— pressing upon their minds that there is no need of further
whether we choose to admit it or not—steadily tending and anxiety about liquidity, owing to the fact that they no
at which we shall finally arrive, unless we act to prevent longer need to worry about convertibility of their credit.
that result.
It is a situation of genuine danger—the more real because
The fact that this ultimate goal Is perhaps still some the less admitted and the more covered by untruthful asserdistance removed should not prevent us from recognizing tions of "recovery" and "soundness." False security and
our rapid advance toward it. Meantime, the natural next self assurance that all is well, despite the warnings that
step in the progress along these lines will obviously be never yet in financial history have proven false, are the
the issue of "legal tenders" or the further devaluation of inevitable forerunners of disaster. Precisely when, or in
the currency, or both measures. Devaluation has already what exact form, the disaster will come, is a matter of
cost the banks dearly in several ways. Forceful reduction secondary importance, save to those who profit from such
of Government interest through market manipulation of disturbances and who make their gain from the losses of
public debt has been another element of high expense. In the community.
Text of National Housing Act
The Administration's National Housing Act was placed
on the statute book on June 27—the date President Roosevelt affixed his signature to the measure. The chief provisions of the bill were indicated in our issue of June 23,
page 4221 and in our June 30 issue, page 4389 we noted its
approval by President Roosevelt, the date however, on
which he signed the bill, being June 27, and not June 28, as
had been reported. A resume of the provisions of the bill,
was contained as follows in the June 22 issue of the Savings
Banks Association of New York.
Provides for a comprehensive program of home financing and mortgage
insurance and that financial institutions which make loans for financing
alterations, repairs and improvements upon real property are to be insured
up to 20% of the total value of such loans and also that loans may be made
upon the security of obligations thus insured.
Establishes a program of mutual mortgage insurance under which first
mortgages on residential property which are amortized may be insured up
to $16000 in any case, and up to 80% of the appraised value of the property.
Authorizes the establishment of national mortgage associations each
with a capital of not less than $5,000,000 with authority to purchase and
sell first mortgages and borrow money through the issue of securities up
to ten times their outstanding capital or the current face value of the mortgages which they hold and which are insured under the provisions of the act.
Creates a corporation under the supervision of the Federal Home Loan
Bank Board which is authorized to insure accounts of building and loan
associations and similar institutions, and which is required to insure accounts of Federal savings and loan associations established under authority
of the Home Owners' Loan Act of 1933, such insurance to be for the full
withdrawable or repurchasable value of the accounts of the members of
such institutions with a $5,000 limitation upon insurance of any such
member.
Provides for the appointment by the President, with Senate consent, of
a national housing administrator, to serve for four years, who would administer the housing renovation and modernization, the mutual mortgage
insurance and the national mortgage association features of the act.
Provides that the aggregate liability of the Federal Government by
reason of home renovation loans should not exceed $200,000,000.
The funds for both the housing renovation program and the program
of mutual mortgage insurance are to be made available to the administrator by the RFC or from any funds made available to the President for
emergency purposes.
Creates a Savings and Loan Insurance Corporatio, with a capital of
$100,000,000 to insure the accounts of Federal savings and loan associations.
Permits national banks to hold government insured mortgages covered
by the Housing Act even though the mortgages do not comply with the
present statutory limitation of five-year maturity and 50% of the appraised value.
Increases the Home Owners' Loan Corporation's power to issue bonds
to the extent of an additional $1,000,000.000, thereby raising this power
to a total of $3,000,000,000.
178
Financial Chronicle
The text of the new law follows:
[H. R. 96201
AN ACT
To encourage improvement in housing standards and conditions, to provide
a system of mutual mortgage insurance, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That this Act may be cited as the "National Housing Act."
TITLE I—HOUSING RENOVATION AND MODERNIZATION
Creation of Federal Housing Administration
Section 1. The President is authorized to create a Federal Housing
Administration, all of the powers of which shall be exercised by a Federal
Housing Administrator (hereinafter referred to as the "Administrator"),
who shall be appointed by the President, by and with the advice and consent of the Senate, shall hold office for a term of four years, and shall receive compensation at the rate of 810,000 per annum. In order to carry
out the provisions of this title and titles II and III. the Administrator may
establish such agencies, accept and utilize such voluntary and uncompensated services, utilize such Federalofficers and employees, and, with the
consent of the State, such State and local officers and employees, and
appoint such other officers and employees as he may find necessary, and
may prescribe their authorities, duties, responsibilities, and tenure and
fix their compensation, without regard to the provisions of other laws applicable to the employment or compensation of officers or employees of
the United States. The Administrator may delegate any of the functions
and powers conferred upon him under this title and titles II and III to
such officers, agents, and employees as he may designate or appoint, and
may make such expenditures (including expenditures for personal services
and rent at the seat of government and elsewhere, for law books and books
of reference. and for paper, printing, and binding) as are necessary to carry
out the provisions of this title and titles II and III, without regard to any
other provisions of law governing the expenditure of public funds. All
such compensations, expenses, and allowances shall be paid out of funds
made available by this Act.
Insurance of Financial Institutions
Sec. 2. The Administrator is authorized and empowered, upon such
terms and conditions as he may prescribe, to insure banks, trust companies,
personal finance companies, mortgage companies, building and loan associations, installment lending companies, and other such financial institutions, which are approved by him as eligible for credit insurance, against
losses which they may sustain as a result of loans and advances of credit,
and purchases of obligations representing loans and advances of credit,
made by them subsequent to the date of enactment of this Act and prior
to January 1 1936, or such earlier date as the President may fix by proclamation, for the purpose of financing alterations, repairs, and improvements
upon real property. In no case shall the insurance granted by the Administrator under this section to any such financial institution exceed 20 per
centum of the total amount of the loans, advances of credit, and purchases
made by such financial institution for such purpose; and the total liability
incurred by the Administrator for such insurance shall in no case exceed in
the aggregate 8200.000,000. No insurance shall be granted under this
section to any such financial institution with respect to any obligation representing any such loan, advance of credit, or purchase by it the face amount
of which exceeds $2,000; nor unless the obligation bears such interest, has
such maturity, and contains such other terms, conditions, and restrictions,
as the Administrator shall prescribe.
Loans to Financial Institutions
Sec. 3. The Administrator is further authorized and empowered to make
loans to instutitions which are insured under section 2, and to enter into
loan agreements with such institutions, upon the security of obligations
which meet the requirements prescribed under section 2. Such loans or
agreements may be made for the full face value of the obligations offered as
security, and shall be at such rates and upon such terms and conditions
as the Administrator shall determined.
Allocation of Funds
Sec. 4. For the purposes of carrying out the provisions of this title and
titles II and III, the Reconstruction Finance Corporation shall make
available to the AdminLtrator such funds as he may deem necessary, and
the amount of notes. debentures, bonds, or other such obligations which the
Corporation is authorized and empowered to have outstanding at any one
time under existing law is hereby increased by an amount sufficient to provide such funds. Provided. That the President. in his discretion, is authorized
to provide such* funds or any portion thereof by allotment to the Administrator from any funds that are available, or may hereafter be made
available, to the President for emergency purposes.
Annual Report
Sec. 5. The Administrator shall make an annual report to the Congress
as soon as practicable after the ls, day of January in each year of his activities under this title and titles II and III of this Act.
TITLE II—MUTUAL MORTGAGE INSURANCE
Definitions
Section 201. As used in this title—
(a) The term "mortgage" means a first mortgage on real estate LI fee
simple or on a leasehold (1) under a lease for not loss than ninety-nine
years which is renewable, or (2) under a lease having a period of not less ban
fifty years to run from the date the mortgage was e,cecuted, upon which
there Is located a dwelling for not more than four families which is used in
whole or in part for residential purposes, irrespective of whether such dwellling has a party wall or is otherwise physically connected with another
dwelling; and the term "first mortgage" means such classes of first liens
as are commonly given to secure advances on, or the unpaid purchase price
of, real estate under the laws of the State in which the real estate is located,
together with the credit instruments, if any, secured thereby.
(b) The term "mortagee" includes the original lender under a mortgage,
and his .successors and assigns approved by the Administrator; and the
term "mortgagor" includes the original borrower under a mortgage and his
successors and assigns.
Mutual Mortgage Insurance Fund
Sec. 202. There is hereby created a Mutual Mortgage Insurance Fund
(hereinafter referred to as the "Fund"), which shall be used by the Administrator as a revolving fund for carrying out the provisions of this title as
hereinafter provided, and there shall be allocated immediately to such
Fund the sum of $10.000,000 out of funds made available to the Administrator for the purposes of this title.
*So in original.
July 14 1934
Insurance of Mortgages
Sec. 203. (a) The Administrator is authorized, upon application
by the
mortgagee, to insure as hereinafter provided any mortgage offered to him
within one year from the date of its execution which Is eligible for insurance
as hereinafter provided, and, upon such terms as the Administrator
may
prescribe, to make commitments for the insuring of such mortgages prior
to the date of their execution or disbursement thereon. Provided,
That
except with the approval of the President, (1) the aggregate principal
obligation of all mortgages on property and low-cost housing projects existing on the date of enactment of this Act and insured under this
title shall
not exceed $1,000,000,000, and (2) the insurance of mortgages
on property
and low-cost housing projects constructed after the passage
of this Act
shall be limited to a similar amount.
(b) To be eligible for insurance under this section a mortgage
shall—
(1) Have, or be held by, a mortgagee approved by the
as responsible and able to service the mortgage properly. Administrator
(2) Involve a principal obligation (including such
and appraisal and other fees as the Administrator initial service charges
shall
amount not to exceed $16.000, and not to exceed 80 perapprove) in an
appraised value of the property as of the date the mortgagecentum of the
(3) Have a maturity satisfactory to the Administrator, butis executed.
not to exceed
twenty years.
(4) Contain complete amortization provisions satisfactory to
istrator requiring periodic payments by the mortgagor not in the Adminexcess of his
easonable ability to pay as determined by the Administrator.
- (5) Bear interest (exclusive of premium charges for insurance) at not
to exceed 5 per centum per annum on the amount of the
principal
tion outstanding at any time, or not to exceed 6 per centum per obligaannum
If the Administrator finds that in certain areas or under
special circumstances the mortgage market demands it.
(6) Provide, in a manner satisfactory to the
for
plication of the mortgagor's periodic paymentsAdministrator,the the ap(exclusive of
amount
allocated to interest and to the permium charge which is required for
mortgage insurance as hereinafter provided) to amortization of the
principal
of the mortgage.
(7) Contain such terms and provisions with respect to insurance, repairs,
alterations, payment of taxes, default reserves, delinquency charges, foreclosure proceedings, anticipation of maturity, additional and secondary
liens, and other matters as the Administrator may in his discretion perscribe.
(c) The Administrator is authorized to fix a premium charge for the insurance of mortgages under this section (to be determined in accordance
with the risk involved) which in no case shall be less than one-half
of 1 per
centum nor more than 1 per centum per annum of the original face value of
the mortgage, and which shall be payable annually in advance by the
mortgagee. If the Administrator finds upon the presentation of a mortgage
for insurance and the tender of the initial premium charge that the
mortgage complies with the provisions of this section, such mortgage
may be
accepted for insurance by endorsement or otherwise as the Administrator
may prescribe; but no mortgage shall be accepted for insurance under
this
section unless the Administrator finds that the project with respect to which
the mortgage is executed is economically sound.
(d) The Administrator is authorized and directed to make such rules
and regulations as may be necessary to carry out the provisions of this
section.
Payment of Insurance
Sec. 204.(a) In any case in which the mortgagee under an insured mortgage
shall have foreclosed and taken possession of the mortgaged property in
accordance with regulations of. and within a period to be determined by.
the Administrator, or shall, with the consent of the Administrator, have
otherwise acquired such property from the mortgagor after default, the
mortgagee shall be entitled upon the prompt conveyance to the Administrator of title to such property satisfactory to him and the assignment to
him of all claims of the mortgagee against the mortgagor arising out of the
mortgage transaction or foreclosure proceedings, to receive the benefits
of the insurance as hereinafter provided. Upon such conveyance and assignment the obligation of the mortgagee to pay the annual permium
charges for insurance shall cease and the Administrator shall issue to the
mortgagee debentures having a total face value equal to the value of the
mortgage on the date of the delivery of the property to the Administrator,
and a certificate of claim, as hereinafter provided. For the purposes of
this subsection, the value of the mortgage shall be determined by adding
to the amount of the principal of the mortgage which is unpaid on the date
of such delivery the amount of all payments which have been made by the
mortgagee for taxes and insurance on the property mortgaged in accordance
with rules and regulations prescribed by the Administrator.
(b) The debentures issued by the Administrator under this section to
any mortgage shall boar interest at a rate determined by the Administrator
at the time the mortgage was offered for insurance, but not to exceed 3
per centum per annum, payable semiannually on the 1st day of January
and the first day of July of each year. and shall mature three years after
the 1st day of July following the maturity date of the mortgage in exchange
for which the debentures were issued. All such debentures shall be subject only to such Federal. State, and local taxes as the mortgages in exchange for which they are issued would be subject to in the hands of the
holder of the debentures and shall be a liability of the Fund only; except
that debentures issued in exchange for mortgages insured under this section prior to July 11937. shall be fully guaranteed as to principal and interest by the United States. In the event that the amount in the Fund is
Insufficient to pay upon demand, when, due the principal of or interest
on any debentures so guaranteed, the Secretary of the Treasury shall pay
to the holders the amount thereof which is hereby authorized to be appropriated out of any money in the Treasury not otherwise appropriated, and
thereupon to the extent of the amount so paid the Secretary of the Treasury
shall succeed to all the rights of the holders of such debentures.
(c) The certificate of claim issued by the Administrator to any mortgagee shall be for an amount which the Administrator determines to be
sufficient, when added to the face value of the debentures issued to the
mortgagee, to equal the amount which the mortgagee would have received
If. at the time of the conveyance to the Administrator of the property
covered by the mortgage. the mortgagor had redeemed the property and
paid in full all obligations under the mortgage and those arising out of
the foreclosure proceedings. Each such certificate of claim shall provide
that there shall accrue to the holder of such certificate with respect to the
face amount of such certificate, an increment at the rate of 3 per centum
Per annum. The amount to which the holder of any such certificate shall
be entitled shall be determined as provided in sub-section (d).
(d) If the net amount realized from any property conveyed to the Administrator under this section and the claims assigned therewith, after
deducting all expenses incurred by the Administrator in handling, dealing with, and disposing of such property and in collecting such claims,
exceeds the face amount of the debentures issued in exchange for the mortgage covering such property plus all interest paid on such debentures,
such excess shall be divided as follows•
(1) If such excess is greater than the total amount payable under the
certificate of claim issued in connection with such property, the Administrator shall pay to the holder of such certificate the full amount so payable;
and any excess remaining thereafter shall be paid to the mortgagor of
such property.
(2) If such excess is equal to or less than the total amount payable under
such certificate of claim, the Administrator shall pay to the holder of such
certificate the full amount of such excess.
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(e) Notwithstanding any other provision of law relating to the acquisition, handling, or disposal of real property by the United States, the Administrator shall have power to deal with, rent, renovate, modernize, or
sell for cash or credit, in his discretion, any properties conveyed to him
in exchange for debentures and certificates of claim as provided in this
section; and notwithstanding any other provision of law, the Administrator shall also have power to pursue to final collection, by way of compromise or otherwise, all claims against mortgagors assigned by mortgagees
to the Administrator as provided in this section.
(f) No mortgagee or mortgagor shall have, and no certificate of claim
shall be construed to give to any mortgagee or mortgagor, any right or
interest in any property conveyed to the Admisnitrator or in any claim
assigned to him; nor shall the Administrator owe any duty to any mortgagee
or mortgagor with respect to the handling or disposal of any such property
or the collection of any such claim.
Classification of Mortgages and Reinsurance Fund
Sec. 205. (a) Mortgages accepted for insurance under this title shall be
so classified into groups that the mortgages in any group shall involve
substantially similar risk characteristics and have similar maturity dates.
Premium charges received for the insurance of any mortgage, the receipts
derived from the property covered by the mortgage and claims assigned
to the Administrator in connection therewith, and all earnings on the asset
of the group account, shall be credited to the account of the group to which
the mortgage is assigned. The principal of and interest paid and to be
paid on debentures issued in exchange for any mortgage, payments made or
to be made to the mortgagee and the mortgagor as provided in section
204, and expenses incurred in the handling of the property covered by the
mortgage and in the collection of claims assigned to the Administrator in
connection therewith, shall be charged to the account of the group to which
such mortgage is assigned.
(b) The Administrator shall also provide, in addition to the several
group accounts, a general reinsurance account, the credit in which shall be
available to cover charges against such group accounts where the amounts
credited to such accounts are insufficient to cover such charges. General
expenses of operation of the Federal Housing Administration under this
title may be allocated in the discretion of the Administrator among the
several group accounts or charged to the general reinsurance account, and
the amount allocated to the fund under section 202 shall be credited to the
general reinsurance account.
(c) Whenever the credit balance in any group account exceeds the remaining unpaid principal of the then outstanding mortgages assigned to
such group by an amount equal to 10 per centum of the total premium
payments which have theretofore been credited to such account,the Administrator shall terminate the insurance as to that group of mortgages (1) by
paying to each of the mortgagees holding an outstanding mortgage assigned
to such group a sum sufficient, if such mortgage is in good standing, to pay
off such mortgage in full, the payment in each case being for the benefit
and account of the mortgagor, and (2) by transferring the remainder of
such credit balance to the general reinsurance account provided for in
subsection (b).
(d) If the credit balance in any group account fails to exceed, until the
final year prior to the maturity date of the mortgages assigned to such
group, the remaining unpaid principal of the then outstanding mortgages
assigned to such group by an amount equal to 10 per centum of the total
premium payments which have theretofore been credited to such account.
the Administrator shall terminate the insurance as to that group of mortgages (1) by transferring to the general reinsurance account provided for
in subsection (b) an amount equal to 10 per centum of the total premium
charges theretofore credited to such group account, and (2) by distributing
the remainder of such credit balance, if any, pro rata to the mortgagees
for the benefit and account of the mortgagors of the mortgages assigned
to such group.
(e) No mortgagor or mortgagee of any mortgage insured under this
title shall have any vested right in the credit balance in any such account,
and the determination of the Administrator as to the amount to be paid
by him to any moergagee or mortgagor under this title shall be final and
conclusive.
(f) In the event that any mortgagee under an insured mortgage forecloses on the mortgaged property but does not convey such property to
the Administrator in accordance with section 204, or in the event that the
mortgagor pays the obligation under the mortgage in full prior to the maturity thereof, the obligation to pay the Premium charge for insurance shall,
upon due notice to the Administrator, cease, and all rights of the mortgagee
and the mortgagor under section 204 shall likewise terminate. Thereupon
the mortgagor shall be entitled to receive a share of the credit balance of
the group account of the group to which the mortgage has been assigned,
in such amount as the Administrator shall determine to be equitable and
not inconsistent with the preservation of the solvency of the group account
and of the Fund.
Investment of Funds
Sec. 206. Moneys in the Fund not needed for the current operations of
the Federal Housing Administration shall be deposited in the Treasury of
the United States to the credit of the Fund, or invested in bonds or other
obligations of the United States, The Treasurer of the United States is
hereby directed to pay interest semiannually on any amount so deposited
at a rate not greater than the prevailing rate on long-term Government
bonds, such rate to be computed on the average amount of such bonds outstanding during any such semiannual period. The Administrator may,
with the approval of the Secretary of the Treasury, purchase, at not to
exceed par, in the open market, debentures issued under the provisions of
section 204. Debentures so purchased shall be canceled and not reissued.
and the several group accounts to which such debentures have been charged
shall be charged with the amounts used in making such purchases.
Low-cost Housing Insurance
Sec. 207. The Administrator may also insure first mortgages, other
than mortgages defined in section 201 (a) of this title, covering property
held by Federal or State instrumentalities, private limited dividend corporations, or municipal corporate instrumentalities of one or more States,
formed for the purpose of providing housing for persons of low income
which are regulated or restricted by law or by the Administrator as to rents,
charges, capital structure, rate of return, or methods of operation. Such
mortgages h hall contain terms, conditions, and provisions, astisfactory to
the Administrator but need not conform to the eligibility requirements of
section 203. Subject to the right of the Administrator to impose a premium charge in excess of, or less than, the amount specified for mortgages
defined in section 201 (a), the provisions of sections 204 and 205 shall be
applicable to mortgages insured under this section. Provided, That the insurance with respect to any low-cost housing project shall not exceed
810,000,000.
Taxation Provisions
See. 208. Nothing in this title shall be construed to exempt any real
acquired and held by the Administrator under this title from
property
179
taxation by any State or political subdivision thereof, to the same extent.
according to its value, as other real property is taxed.
Statistical and Economic Surveys
Sec. 209. The Administrator shall cause to be made such statistical
surveys and legal and economic studies as he shall deem useful to guide
the development of housing and the creation of a sound mortgage market
in the United States, and shall publish from time to time the results of
such surveys and studies. Expenses of such studies and surveys, and expenses of publication and distribution of the results of such studies and
surveys, shall be charged as a general expense of the Fund.
TITLE III—NATIONAL MORTGAGE ASSOCIATIONS
Creation and Powers of National Mortgage Associations
Section 301. (a) The Administrator is further authorized and empowered
to provide for the establishment of national mortgage associations as hereinafter provided, which shall be authorized,subject to rules and regulations
to be prescribed by the Administrator, (1) to purchase and sell first mortgages and such other first liens as are commonly gived to secure advances
on real estate held in fee simple or under a lease for not less than ninetynine years, under the laws of the State in which the real estate is located,
together with the credit instruments, if any, secured thereby, such mortgages not to exceed 80 per centum of the appraised value of the property
as of the date the mortgage is purchased; and (2) to borrow money for such
purposes through the issuance of notes, bonds, debentures, or other such
obligations as hereinafter provided.
(b) Any number of natural persons, not less then five, may apply to the
Administrator for authority to establish a national mortgage association,
and at the time of such application shall transmit to the Administrator
articles of association, signed and sealed by each of the incorporators and
acknowleged before a judge of any courd of record or a notary public, which
shall contain (1) the name of the association,(2) the place where its principal
office or place of business is to be located, and (3) such information with
respect to its capital stock as the Administrator may by regulation require.
If the Administrator is of the opinion that the incorporators transmitting
the articles of association are responsible persons and that such articles of
association are satisfactory in all respects, he shall issue or cause to be issued
to such incorporators a certificate of approval, and the association shall
become, as of the date of issuance of such scertificate. a body corporate
by the name set forth in its articles of association.
(c) Each national mortgage association created under this section shall
have succession from the date of its organization unless it is dissolved by
act of its shareholders, or its franchise becomes forfeited by order of the
Administrator as hereinafter provided, or it is dissolved by Act of Congress,
and shall have power—.
(1) To adopt and use a corporate seal.
(2) To make contracts.
(3) To sue and be sued, complain and defend, in any court of law or
equity, State of Federal.
(4) 'Po conduct its business in any State of the United States or in the
District of Columbia and to have one or more offices in such State or in
the District of Columbia, one of which offices shall be designated at the
time of organization as its principal office.
(5) To do all things as are necessary or incidental to the proper management of its affairs and the proper conduct of its business.
(d) No association shall transact any business except such as is incidental
to its organization until it has been authorized to do so by the Administrator. Each such association shall have a capital stock of a par value
of not less than 85,000,000. and no authorization to commence business
shall be granted by the Administrator to any such association until he is
satisfied that such capital stock has been subscribed for at not less than
par and paid in full in cash or Government securities.
(e) Each national mortgage association, for the purpose of all actions by
or against it, real, personal, or mixed,and all suits in equity,shall be deemed
a citizen of the State in which its principal office is located.
(f) No individual, association, partnership, or corporation, except
associations organized under this section, shall hereafter use the words
"national mortgage association", or any combination of such words, as
the name or a part thereof under which he or it shall do business. Every
individual, partnership, association, or corporation violating this prohibition shall be guilty of a misdemeanor and shall be punished by a fine
of not exceeding 8100 or imprisonment not exceeding thirty days, or both,
for each day during which such violation is committed or repeated. The
provisions of section 5243 of this Revised Statutes shall not apply to associations created under this title.
Obligations of National Mortgage Associations
Sec. 302. Each national mortgage association is authorized to issue and
have outstanding at any time notes, bonds, debentures, or other such
obligations in an aggregate amount not to exceed (1) ten times the aggregate par value of its outstanding capital stock, and in no event to exceed
(2) the current face value of mortgages held by it and insured under the
provisions of title II of this Act, plus the amount of its cash on hand and
on deposit and the amount of its investments in bonds or obligations of,
or guaranteed as to principal and interest by, the United States. No
national mortgage association shall borrow money except through the
issuance of such notes. debentures, or other obligations, or issue any such
notes, bonds, debentures, or other obligations, except with the approval
of the Administrator and under such rules and regulations as he shall
prescribe.
Investment of Funds
Sec. 303. Moneys of any national mortgage association not invested in
first mortgages or other liens as provided in section 301, or in operating
facilities approved by the Administrator, shall be kept in cash on hand or
on deposit, or invested in bonds or other obligations of, or guaranteed as
to principal and interest by the United States; except that each such
association shall keep and maintain such reserves as the Administrator
shall by rules and regulations prescribe.
Management of Acquired Properties
Sec. 304. Subject to such rules and regulations as the Administrator
shall prescribe, any national mortgage association shall have power to
deal with, rent, renovate, modernize, or sell for cash or credit, or otherwise
dispose of. with a view to assuring a maximum financial return to the
association, any property acquired by it as a result of foreclosure proceedings.
Examinations and Liquidation
Sec. 305. The Administrator shall have power to provide for the periodic
examination of the affairs of every national mortgage association and shall
have the power to terminate the existence of any such association and
order its liquidation and the winding up of its affairs in any case in which
the Administrator finds that the association is violating any Provisions of
this title or any rule or regulation thereunder, or in any case in which he
finds that the association is conducting its business in an unsafe and unbusinesslike manner. In any case in which the Administrator finds, upon
examination of the affairs of any such association, that the capital of such
association is substantially impaired, and if, within thirty days after the
Financial Chronicle
180
Administrator has notified the association of the existence of such impairment, the capital is not restored to the satisfaction of the Administrator,
he shall terminate the existence ofsuch association, and shall order the liquidation and winding up of its affairs. The expenses of examination of any
such association shall be assessed upon and paid for by the association
in such manner and under such rules and regulations as the Administrator
shall prescribe. For the purposes of this section, examiners appointed
by the Administrator shall be subject to the same requirements, responsibilities, and penalties as are applicable to examiners under the national
banking laws and the Federal Reserve Act, as amended, and, in the exercise of their functions, shall have the same powers and privileges as are
vested in such examiners by law.
Rules and Regulations
Sec. 306. The Administrator shall have power to provide by rules and
regulations for the liquidation, reorganization, consolidation, or merger
of national mortgage associations, including the power to appoint a conservator or a receiver to take charge of the affairs of any such association,
to require an equitable readjustment of its capital structure, to release it
from the control of a conservator or receiver, and to permit its further
operation.
Taxation Provisions
Sec. 307. National mortgage associations shall be subject to taxation
to the same extent as State-chartered corporations, except that no State
or political subdivision thereof shall impose any tax on any such association
or its franchise, capital, reserves, surplus, loans, income, or stock, or its
securities or the income therefrom, at a greater rate than that imposed by
such State on corporations, domestic or foreign, engaged in similar business
within the State. Nothing herein shall be construed to exempt the real
property of such associations from taxation by any State or political subdivision thereof, to the same extent, according to its value. as other real
property is taxed.
Depositaries of Public Moneys
Sec. 308. When designated for that purpose by the Secretary of the
Treasury any national mortgage association shall be a depositary of public
money, except receipts from customs, under such regulations as may be
prescribed by said Secretary; and it may also be employed as a financial
agent of the Government; and it shall perform all such reasonable duties
as a depositary of public money and financial agent of the Government as
may be required of it. Any national mortgage association may act as
agent for any other instrumentality of the United States when designated
for that purpose by such instrumentality.
TITLE IV—INSURANCE OF SAVINGS AND LOAN ACCOUNTS
Definitions
Section *401. As used in this title—
(a) The term "insured institution" means an institution whose accounts
are instired under this title.
(b) The term "insured member" means an individual, partnership,
association, or corporation which holds an insured account.
(c) The term "insured account" means a share, certificate, or deposit
account of a type approved by the Federal Savings and Loan Insurance
Corporation which is held by an insured member in an insured institution
and which is insured under the provisions of this title.
(d) The term "default" means an adjuration or other official determination of a court of competent jurisdiction or other public authority pursuant to which a conservator, receiver, or other legal custodian is appointed
for an insured institution for the purpose of liquidation.
•
Creation of Federal Savings and Loan Insurance Corporation
Sec. 402. (a) There is hereby created a Federal Savings and Loan Insurance Corporation (hereinafter referred to as the "Corporation"). which
shall insure the accounts of institutions eligible for insurance as hereinafter provided, and shall be under the direction of a board of trustees to
be composed of five members and operated by it under such bylaws, rules
and regulations as it may prescribe for carrying out the purposes of this
title. The members of the Federal Home Loan Bank Board shall constitute the board of trustees of the Corporation and shall serve as such without
additional compensation. The principal office of the Corporation shall
be in the District of Columbia.
(b) The Corporation shall have a capital stock of $100,000,000, which
'shall be divided into shares of $100 each. The total amount ofsuch capitalstock shall be subscribed for by the Home Owners' Loan Corporation which
is hereby authorized and directed to subscribe for such stock and make
payment therefor in bonds of the Home Owners' Loan Corporation. The
Corporation shall issue to the Home Owners' Loan Corporation receipts for
payment for or on account of such stock, which shall serve as evidence
of the ownership thereof, and the Home Owners' Loan Corporation shall
be entitled to the payment of dividends on such stock out of net earnings
at a rate equal to the interest rate on such bonds, which dividends shall
be cumulative.
(c) Upon the date of enactment of this Act, the Corporation shall become a body corporate, and shall be an instrumentality of the United
States, and as such shall have power—
(1) To adopt and use a corporate seal.
(2) To have succession until dissolved by Act of Congress.
(3) To make contracts.
(4) To sue and be sued, complain and defend, in any court of law or
equity, State or Federal.
(5) To appoint and to fix the compensation, by its board of trustees,
of such officers, employees, attorneys, or agents, as shall be necessary for
the performance of its duties under this title, without regard to the provisions of any other laws relating to the employment or compensation of
officers or employees of the United States. Nothing in this title or any
other provision of law shall be construed to prevent the appointment and
compensation as an officer, attorney, or employee of the Corporation, of
any officer, attorney, or employee of any board, corporation, commission,
establishment, executive department, or instrumentality of the Government. The Corporation, with the consent of any board, corporation,
cammLssion, establishment, executive department, or instrumentality of
the Government, Including any field service thereof, may avail itself of
the use of information, services, and facilities thereof in carrying out the
provisions of this title.
(d) For the purposes of this title, the Corporation shall have power to
borrow money, and to issue notes, bonds, debentures, or other such obligations upon such terms and conditions as the board of trustees may determine.
Moneys of the Corporation not required for current operations shall be
depogited in the Treasury of the United States, or upon the approval of
the Secretary of the Treasury, in any Federal Reserve bank, or shall be
Invested in obligations of. or guaranteed as to prineipal and interest, by
the United States. When designated for that purpose by the Secretary
of the Treasury. the Corporation shall be a depositary of pubic money
under such regulations as may be prescribed by the Secretary of the Treasury, and may also be employed as fiscal agent of the United States, and it
*So in original.
July
14 1934
shall perform all such reasonable duties as depositary of public money and
fiscal agent as may be required of it.
(e) All notes, bonds, debentures, or other such obligations issued by the
Corporation shall be exempt, both as to principal and interest, from all
taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the .United States, by any Territory, dependency, or
possession thereof, or by any State. county, municipality, or local taxing
authority. The Corporation, including its franchise, capital, reserves.
surplus, and income, shall be exempt from all taxation now or hereafter
imposed by the United States, by any Territory, dependency, or possession
thereof, or by any State. county, municipality, or local taxing authority;
except that any real property of the Corporation shall be subject to State,
territorial, county, municipal, or local taxation to the same extent accordto its value as other real property is taxed.
(f) The Corporation shall make an annual report of its operations to
the Congress as soon as practicable after the 1st day of January in each
year.
(g) No individual, association, partnership, or corporation shall use the
words "Federal Savings and Loan Insurance Corporation", or any combination of any of these words which would have the effect of leading the
public in general to believe there was any connection, actually not existing,
between such individual, association, partnership, or corporation and the
Federal Savings and Loan Insurance Corporation, as the name under which
he or it shall hereafter do business. No individual, association, partnership, or corporation shall advertise or otherwise represent falsely by any
device whatsoever that his or its accounts are insured or in anywise guaranteed by the Federal Savings and Loan Insurance Corporation, or by the
Government of the United States, or by any instrumentality thereof; and
no insured member shall advertise or otherwise represent falsely by any
device whatsoever the extent to which or the manner in which its accounts
are insured by the Federal Savings and Loan Insurance Corporation.
Every individual, partnership, association, or corporation violating this
subsection shall be punished by a fine of not exceeding $1,000, or by imprisonment not exceeding one year, or both.
Insurance of Accounts and Eligibility Provisions
Sec. 403. (a) It shall be the duty of the Corporation to insure the accounts of all Federal savings and loan associations, and it may insure the
accounts of building and loan, savings and loan. and homestead associations and co-operative banks organized and operated according to the laws
of the State, District, or Territory in which they are chartered or organized.
(b) Application for such insurance shall be made immediately by each
Federal savings and loan association, and may be made at any time by
other eligible institutions. Such applications shall be in such form as the
Corporation shall prescribe, and shall contain an agreement (1) to pay the
reasonable cost ofsuch examinations as the Corporation shall deem necessary
In connection with such insurance, and (2) if the insurance is granted, to
Permit and pay the cost of such examinations as in the judgment of the
Corporation may from time to time be necessary for its protection and the
protection of other insured institutions, to permit the Corporation to have
access to any information or report with respect to any examination made
by any public regulatory authority and to furnish any additional information with respect thereto as the Corporation may require, and to pay the
premium charges for insurance as hereinafter provided. Each applicant
for such insurance shall also file with its application an agreement that
during the period that the insurance is in force it will not make any loans
beyond fifty miles from its principal office except with the approval of.
and pursuant to regulations of, the Corporation, but any applicant which,
prior to the date of enactment of this Act, has been permitted to make
loans beyond such fifty mile limit may continue to make loans within the
territory in which the applicant is operating on such date; will not, after
it becomes an insured institution, issue securities which guarantee a definite
return or which have a definite maturity except with the specific approval
of the Corporation. or issue any securities the form of which has not been
approved by the Corporation; will not carry on any sales plan or practices,
or any advertising, in violation of regulations to be made by the Corporation; will provide adequate reserves satisfactory to the Corporation, to
be established in accordance with regulations made by the Cosporation,
before paying di\ Mends to its insured members; but such regulations
shall require the building up of reserves to 5 per centum of all insured accounts within a reasonable period, not exceeding ten years, and shall proMit the payment of dividends from such reserves, or the payment of any
dividends if any losses are chargeable to such reserves.
(c) The Corporation shall reject the application of any applicant if it
finds that the capital of the applicant is impaired or that its financial policies or management are unsafe; and the Corporation may reject the application of any applicant if it finds that the character of the management
of the applicant or its home financing policy is inconsistent with economical
home financing or with the purposes of this title. Upon the approval of
any application for insurance the Corporation shall notify the applicant,
and upon the payment of the initial premium charge for such insurance, as
Provided in section 404, the Corporation shall issue to the applicant a
certificate stating that it has become an insured institution. In considering applications for such insurance the Corporation shall give full
consideration to all factors in connection with the financial condition of
applicants and insured institutions, and shall have power ao make such
adjustments in their financial statements as the Corporation finds to be
necessary.
(d) Any applicant which applies for insurance under this title after the
first year of the operation of the Corporation, shall pay an admission fee
based upon the reserve fund of the applicant which, in the judgment of
the Corporation, is an equitable contribution.
Premiums on Insurance
Sec. 904. (a) Each institution whose application for insurance is approved by the Corporation shall pay to the Corporation, in such manner
as It shall prescribe, a premium charge for such insurance equal to onefourth of 1 per centum of the total amount of all accounts of the insured
members of such institution plus any creditor obligations of such institution. Such premium shall be paid at the time the certificate is issued by
the Corporation under section 403, and thereafter annually until a reserve
fund has been established by the Corporation equal to 5 per centum of
all insured accounts and creditor obligations of all Insured institutions;
except that under regulations prescribed by the Corporation such premium
charge may be paid semi-annually. If at any time such reserve fund falls
below such 5 per centum, the payment of such annual premium charge for
Insurance shall be resumed and shall be continued until the reserve is brought
back to such 5 per centtun. For the purpose of this subsection, the amount
in all accounts of insured members and the amount of creditor obligations
of any institution may be determined from adjusted statements made
within one year prior to the approval of the application of such institution
for insurance, or in such other manner as the Corporation may by rules
and regulations prescribe.
(b) The Corporation is further authorized to assess against each insured
Institution additional premiums for insurance until the amount of such
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Financial Chronicle
'premiums equals the amount of all losses and expenses of the Corporation;
except that the total amount so assessed in any one year against any such
Institution shall not exceed one-fourth of 1 per centum of the total amount
of the accounts of its insured members and IV creditor obligations.
181
or in cases where shares of stock, which are pledged as security for such
a loan, mature in a period of eight years or more, the advance may be for
an amount not in excess of 65 per centum of the unpaid principal of the
home mortgage loan; but in no case shall the amount of the advance exceed 60 per centum of the value of the real estate securing the home mortPayment of Insurance
gage loan.
Sec. 405. (a) Each institution whose application for insurance under this
"(3) If secured by a home mortgage given in respect of any other home
title is approved by the Corporation shall be entitled to insurance up to
mortgage loan, the advance shall not be for an amount in excess of 50 per
the full withdrawal or repurchasable value of the accounts of each of its
centum of the unpaid principal of the home mortgage loan; but in no case
members and investors (including individuals, partnerships, associations,
shall the amount of such advance exceed 40 per centum of the value of the
and corporations) holding withdrawable or repurchasable shares, investreal estate securing the home mortgage loan."
ment certificates, or deposits, in such institution; except that no member
Sec. 502, The Federal Home Loan Bank Act is further amended by
or investor of any such institution shall be insured for an aggregate amount
adding after section 10 thereof the following new section:
In excess of $5,000.
"Sec. 10a. Until July 1. 1936, each Federal Home Loan Bank is author.
(b) In the event of a default by any insured institution the Corporation
ized to make advances to its members, in order to enable such members
shall promptly determine the insured members thereof and the amount of
to finance home repairs, improvements, and alterations. Such advances
their insured accounts, end shall make available to each of them, after
shall not be subject to the provisions and restrictions of section 10 of this
notice by mall at his last-known address as shown by the books of the inAct, but shall be made upon the security of notes representing obligations
sured institution, and upon surrender and transfer to the Corporation of
incurred pursuant to, and insurable under. section 2 of the National Houshis insured account, either (1) a new insured account in an insured instituing Act. Advances made under the terms of this section shall be at such
tion not in default, in an amount equal to the insured account so transrates ofinterest and upon such terms and conditions as shall be determined
ferred, or (2) at the option of the insured member,the amount of his account
by the Federal Home Loan Bank Board."
which is insured under this section, as follows: Not to exceed 10 Per cemuin
Sec. 503. Section 11 of the Federal Home Loan Bank Act is amended
in cash. and 50 per centurn of the remainder within one year, and the balto read as follows:
ance within three years from the date of such default, in negotiable non"Sec. 11. (a) Each Federal Home Loan Bank shall have power, subinterest-bearing debentures of the Corporation. The Corporation shall
ject to rules and regulations prescribed by the board to borrow and give
furnish to all insured institutions a certificate stating that the insurance
security therefor and to pay interest thereon, to issue debentures, bonds,
of accounts in such institution is to be paid in the manner described in
or other obligations upon such terms and conditions as the board may apthis subsection.
prove, and to do all things necessary for carrying out the provisions of
Liquidation of Insured Institutions
this Act and all things incident thereto.
"(b) The board may issue consolidated Federal Home Loan Bank deSec. 406. (a) In order to facilitate the liquidation of insured institubentures which shall be the joint and several obligations of all Federal Home
tions. the Corporation is authorized (1) to contract with any insured inLoan Banks organized and existing under this Act, in order to provide
stitution with respect to the making available of insured accounts to the
funds for any such bank or banks, and such debentures shall be issued upon
insured members of any insured institution in default, or (2) to provide
such terms and conditions as the board may prescribe. No such debentures
for the organization of a new Federal savings and loan association for such
shall be issued at any time if any of the assets of any Federal Home Loan
purpose subject to the approval of the Federal Home Loan Bank Board.
Bank are pledged to secure any debts or subject to any lien, and neither
(b) In the event that a Federal savings and loan association is in dethe board not any Federal Home Loan Bank shall have power to pledge
fault, the Corporation shall be appointed as conservator or receiver and
any of the assets of any Federal Home Loan Bank,or voluntarily to permit
is authorized as such (1) to take over the assets of and operate such assoany lien to attach to the same while any of such debentures so issued are
ciation, (2) to take such action as may be necessary to put it in a sound
outstanding. The debentures issued under this section and outstanding
and solvent condition, (3) to merge it with another insured institution,
shall at no time exceed five times the total paid-in capital of all the Federal
(4) to organize a new Federal savings and loan association to take over
Home Loan Banks as of the time of the issue of such debentures. It shall
its assets, or (5) to proceed to liquidate its assets in an orderly manner,
be the duty of the board not to issue debentures under this section in excess
whichever shall appear to be to the best interests of the insured members
of the notes or obligations of member institutions held and secured under
of the association in default; and in any event the Corporation shall pay
section 10 (a) of this Act by all the Federal Home Loan Banks.
the insurance as provided in section 405 and all valid credit obligations
"(c) At any time that no debentures are outstanding under this Act. or
of such association. The net proceeds which may arise from the orderly
in order to refund all outstanding consolidated debentures issued under
liquidation of the assets of any such association, after reimbursement of
this section, the board may issue consolidated Federal Home Loan Bank
the Corporation of all amounts paid by it for such insurance, shall be disbonds which shall be the joint and several obligations of all the Federal
tributed pro rata among the shareholders of the association.
Home Loan Banks, and shall be secured and be issued upon such terms and
(c) In the event any insured institution other than a Federal savings
conditions as the board may prescribe.
and loan association is in default, the Corporation shall have authority to
"(d) The board shall have full power to require any Federal Home Loan
act as conservator, receiver, or other legal custodian of such insured inBank to deposit additional collateral or to make substitutions of collateral
stitution, and the services of the Corporation are hereby tendered to the
or to adjust equities between the Federal Home Loan Banks.
court or other public authority having the power of appointment. If the
"(e) Each Federal Home Loan Bank shall have power to accept deposits
Corporation is so appointed, it shall have the same powers and duties with
made by members of such bank or by any Federal Home Loan Bank or
respect to the insured institution in default as are conferred upon it under
other instrumentality of the United States, upon such terms and conditions
subsection (b) with respect to Federal savings and loan associations. If
as the board may prescribe, but no Federal Home Loan Bank shall transthe Corporation is not so appointed it shall pay the insurance as provided
act any banking or other business not authorized by this Act.
in section 405, and shall have power (1) to bid for the assets of the insured
"(f) The board is authorized and empowered to permit, or whenever in
institution in default,(2) to negotiate for the merger of the insured instituthe judgment of at least four members of the board an emergency exists
tion or the transfer of its assets, or (3) to make any other disposition of
requiring such action, to require, Federal Home Loan Banks, upon such
the matter as it may deem in the best interests of all concerned.
*terms and conditions as the board may prescribe, to rediscount the dis(d) In connection with the liquidation of insured institutions in default,
counted notes of members held by other Federal Home Loan Banks, or
the Corporation shall have power to carry on the business of and to collect
to make loans to, or make deposits with, such other Federal Home Loan
all obligations to the insured institutions, to settle, compromise, or release
Banks, or to purchase any bonds or debentures issued under this section.
claims in favor of or against the insured institutions, and to do all other
"(g) Each Federal Home Loan Bank shall at all times have an amount
things, that may be necessary in connection therewith, subject only to the
equal to the sums paid in on outstanding capital subscriptions of its memregulation of the court or other public authority having jurisdiction over
bers, plus an amount equal to the current deposits received from its memthe matter.
bers, invested in (1) obligations of the United States, (2) deposits in banks
(0) The Corporation shall make an annual report to the Congress of the
or trust companies,(3) advances with a maturity of not to exceed one year
operation by it of insured institutions in default, and shall keep a complete
which are made to members or nonmembers borrowers, upon such terms
record of the administration by it of the assets of such insured institutions
and conditions as the board may prescribe, and (4) advances with a maturwhich shall be subject to inspection by any officer of any such insured inity of not to exceed one year which are made to members or nonmember
stitution or by any other interested party, and, if any such insured instituborrowers whose creditor liabilities (not including advances from the Fedtion is operated under the laws of any State. Territory, or possession of
eral Home Loan Bank) do not exceed 5 per centum of their net assets,
the United States, or of the District of Columbia, such annual report shall
and which may be made without the security of home mortgages or other
also be filed with the public authority which has jurisdiction over the
security, upon such terms and conditions as the board may prescribe.
insured institution.
"(h) Such part of the assets of each Federal Home Loan Bank (except
Termination of Insurance
reserves and amounts provided for in subsection (g)) as are not required
Sec. 407. (a) Any institution which is insured under the provisions of
for advances to members or nonmember borrowers, may be invested, to
this title may, upon not less than ninety days' written notice to the Corsuch extent as the bank may deem desirable and subject to such regulaporation, terminate its status as an insured institution upon a majority
tions, restrictions, and limitations as may be prescribed by the board, in
vote of its shareholders entitled to vote, or upon a majority vote of its
obligations of the United States and in such securities as fiduciary and
board of directors or other similar governing body which is authorized to
trust funds may be invested in under the laws of the State in which the
act for the institution. Thereupon its status as an insured institution shall
Federal Home Loan Bank is located."
immediately cease and all rights of its insured members to insurance under
Sec. 504. The Farm Credit Act of 1933 is amended by adding after secthis title shall immediately terminate; but the obligation of the institution
tion 86 thereof the following new section.
to pay the premium charges for insurance shall continue for a period of
"Sec. 86a. With the approval of the Governor of the Farm Credit Adthree years after the date of such termination.
ministration and under rules and regulations to be prescribed by the Pro(b) The Corporation shall have power to terminate the insured status of
duction Credit Commissioner, production credit associations organized
any insured institution at any time, after ninety days' notice in writing,
under the provisions of the Farm Credit Act or 1933 are authorized and
for violation of any provision of this title, or of any rule or regulation made
empowered (without regard to the provisions of this Act relating to the
thereunder, or of any agreement made pursuant to section 403. In the
requirement for the ownership of Class B stock or any other limitations
event the insured status of any insured institution is so terminated it shall
therein contained) (1) to make loans to farmers for the purpose of enabling
be unlawful thereafter for it to advertise or represent itself as an insured
them to make home alterations, repairs, and improvements, (2) to sell,
institution, but the insured accounts of its members existing on the date
discount, assign, or otherwise dispose of any loans made by them under
of such termination shall continue as such for a period of five years therethe provisions of this section, under such restrictions and limitations as
after. and the institution shall be required to continue the payment of the
to endorsement and liability as may be approved by the Governor of the
premium charge for insurance during such five-year period.
Farm Credit Administration, (3) to avail themselves of the benefits of insurance under the provisions of section 2 of the National Housing Act,
TITLE V—MISCELLANEOUS
and (4) to do all such things as may be reasonably necessary to carry out
Section 501. Section I0(a) of the Federal Home Loan Bank Act is
the provisions of this section."
amended to read as follows:
Sec. 505. (a) Section 24 of the Federal Reserve Act, as amended, is
"Sec. 10. (a) Each Federal Home Loan Bank is authorized to make
amended by adding at the end of the thir4 sentence thereof the following.
advances to its members, upon the security of home mortgages, subject
"Provided. That in the case of loans secured by real estate which are into such regulations, restrictions, and limitations as the board may presured under the provisions of title II of the National Housing Act, such
scribe. Any such advance shall be subject to the following limitations as
restrictions as to the amount of the loan in relation to the actual value of
to amount:
the real estate and as to the five-year limit on the terms of such loans
"(1) If secured by a mortgage insured under the provisions of title II
shall not apply."
of the National Housing Act, the advance may be for an amount not in
(b) Section 24 of such Act, as amended, is further amended by adding
excess of 90 per centum of the unpaid principal of the mortgage loan.
at the end thereof the following new paragraph.
"(2) If secured by a home mortgage given in respect of an amortized
"Loans made to finance the construction of residential or farm buildhome mortgage loan which was for an original term of eight years or more,
ings and having maturities of not to exceed six months, whether or not
Financial Chronicle
182
July 14 1934
secured by a mortgage or similar lien on the real estate upon which the
Corporation Act, as amended, the Farm Credit Act of 1933, as amended,
residential or farm building is being constructed, shall not be considered
the Home Owners' Loan Act of 1933, as amended".
as loans secured by real estate within the meaning of this section but shall
Sec. 511. Section 22 of the Interstate Commerce Act, as amended, is
be classed as ordinary commercial loans. Provided, That no national bankfurther amended by adding,at the end thereof the following new sentence:
ing association shall invest in, or be liable on any such loans in an aggregate • "Nothing in this Act shall .
Drevent any carrier or carriers subject to this
amount in excess of 50 per centum of its actually paid-in and unimpaired
Act from giving reduced rates for the transportation of commodities to
capital. Notes representing such loans shall be eligible for discount as
be specified by the Commission as hereinafter provided, to or from any
commercial paper within the terms of the second paragraph of section 13
section of the country, with the object of improving Nation-wide housing
of the Federal Reserve Act, as amended, if accompanied by a valid and
standards and providing employment and stimulating industry, if such
binding agreement to advance the full amount of the loan upon the cornreduced rates have first been authorized by order of the Commission (with
pletion of the building entered into by an individual, partnership, associaor without a hearing); but in such order the Commission shall specify the
tion, or corporation acceptable to the discounting bank."
commodities as to which this provision shall be declared effective and shall
Sec. 506. (a) The first sentence of section 4 (c) of the Homo Owners'
specify the period during which such reduced rates are to remain in effect."
Loan Act of 1933, as amended, is further amended to read as follows:
Sec. 512. (a) Whoever, for the purpose of obtaining any loan from the
"(c) The Corporation is authorized to issue bonds in an aggregate amount
Federal Housing Administration or the Federal Savings and Loan Insurnot to exceed $3,000,000,000, which may be exchanged as hereinafter proance Corporation, or any extension or renewal thereof, or the acceptance,
vide& or which may be sold by the Corporation to obtain funds for carryrelease, or substitution of security therefor, or fo1 the purpose of inducing
lag out the purposes of this section or for the redemption of any of its
the Administration or the Corporation to purchase any assets, or for the
outstanding bonds called in for retirement; and the Corporation is further
purpose of influencing In any way the action of the Administration or the
authorized to increase its total bond issue in an amount equal to the amount
Corporation under this Act, makes any statement, knowing it to be false,
of the bonds so called in and retired."
or willfully overvalues any security, shall be punished by a fine of not
(b) Section 4 (m) of the Home Owners' Loan Act of 1933. as amended,
more than $5,000, or by imprisonment for not more then two years, or both,
Is amended by striking out "$200,000,000" and inserting in lieu thereof
(b) Whoever (1) falsely makes, forges, or counterfeits any obligation or
OS300,000,000".
coupon, in imitation of or purporting to be an obligation or coupon issued
Sec. 507. Subdivision (6) of section 2 of the Federal Home Loan Bank
under authority of this Act, or (2) passes, utters, or publishes, or attempts
Act is amended so as to read as follows:
to pass, utter, or publish, any false, forged, or counterfeited obligation
"(6) The term 'home mortgage' means a mortgage upon real estate, in
or coupon purporting to have been so issued, knowing the same to be false,
fee simple, or on a leasehold (1) under a lease for not less than ninety-nine
forged, or counterfeited, or (3) falsely alters any obligation or coupon so
Years which is renewable or (2) under a lease having a period of not less
issued or purporting to have been so issued, or (4) passes, utters, or pubthan fifty years to run from the date the mortgage was executed, upon which
lishes, or attempts to pass, utter, or publish, as true, and falsely altered
there is located a dwelling for not more than three families, and shall inor spurious obligation or coupon,so issued or purporting to have been issued,
elude, in addition to first mortgages, such classes of first liens as are coinknowing the same to be falsely altered or spurious, shall be punished by
monly given to secure advances on real estate by institutions authorized
a fine of not more than $10,000, or by imprisonment for not more than
under this Act to become members, under the laws of the State in which
five years, or both.
the real estate is located, together with the credit instruments, if any,
(c) Whoever, being connected in any capacity with the Federal Housing
secured thereby."
Administration or the Federal Savings and Loan Insurance Corporation,
Sec. 508. (a) Section 2 (c) of the Home Owners' Loan Act of 1933, as
(1) embezzles, abstracts, purloins, or willfully misapplies any moneys,
amended, is amended by striking out "under a renewable lease for not
funds, securities, or other things of value, whether belonging to the Adless than ninety-nine years" and inserting in lieu thereof "(1) under a lease
ministration or the Corporation or pledged, or otherwise intrusted to the
for not less than ninety-nine years which is renewable, or (2) under a lease
Administration or the Corporation, or (2) with intent to defraud the
having a period of not less than fifty years to run from the date the mortAdministration or the Corporation or any other body, politic or corporate,
gage was executed",
or any individual, or to deceive any officer, auditor, or examiner of the
(b) Section 4 (c) of such Act as amended, is amended by striking out
Administration or the Corporation, makes any false entry in any book,
"under a lease renewable for not less than ninety-nine years" and inserting
report, or statement of or to the Administration or the Corporation, or
in lieu thereof '(1) under a lease for not leas than ninety-nine years which
without being duly authorized draws any order, or issues, puts forth, or
is renewable, or (2) under a lease having a period of not less than fifty
assigns any note, debenture, bond, or other such obligation, or draft,
years to run from the date the mortgage was executed",
bill of exchange, mortgage, judgment, or decree thereof, shall be punished
Sec. 509. Section 6 of the Federal Home Loan Bank Act is amended by
by a fine of not more than $10,000, or by imprisonment for not more than
striking our "$1,500" in subsections (c) and (e) and inserting in lieu thereof
five years, or both.
"$500".
Separability Provision
Sec, 510. The Act entitled "An Act relating to contracts and agreements
Sec. 513. If any provision of this Act, or the application thereof to any
under the Agricultural Adjustment Act", approved January 25. 1934. is
Person or circumstances, is held invalid, the remainder of the Act, and
amended by inserting before the period at the end thereof a comma and
the application of such provision to other persons or circumstances, shall
the following: "the Federal Farm Loan Act, as amended. the Emergency
not be affected thereby.
Farm Mortgage Act of 1933, as amended, the Federal Farm Mortgage
Approved, June 27, 1934.
Text of Frazier-Lemke Farm Bankruptcy Act—Amends National Bankruptcy Act.
-
One of the bills as to which President Roosevelt took
occasion to issue a statement when affixing his signature
to it is the Frazier-Lemke farm bankruptcy bill. This
measure the President signed on June 28, and the statement
that he issued at the time was given in our issue of July 7,
page 50. The President said that the bill had been the
subject of "many arguments pro and con," but he held that
"the reasons for signing it far outweigh the arguments
on the other side." He stated that "the bill is intended
to protect not only the farmers but their creditors also."
He also stated that "the Act will stop foreclosures and
prevent occasional instances of injustice to worthy borrowers." In concluding his remarks regarding the bill
the President said that it is "in some respects loosely worded,
and will require amendment at the next session of Congress." The bill was also the subject of a statement by
Governor Myers of the Farm Credit Administration, which
we gave on page 51 of our last week's issue. The adoption
of the bill by Congress was noted in these columns June 23,
page 4219. The following is the text of the bill as enacted
into law:
[S. 35801
AN ACT
To amend an Act entitled "An Act to establish a uniform system of bankruptcy throughout the United States," approved July 1 1898 and
Acts amendatory thereof and supplementary thereto.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That Sec. 75 of the Act of July 1
1898,entitled"An Act to establish a uniform system of bankruptcy througnout the United States," as amended, is amended as follows: In Sec. 75.
entitled "Agricultural Compositions and Extensions," after subsection (r)
add a new subsection (s), to read as follows:
"(s) Any farmer failing to obtain the acceptance of a majority in number
and amount of all creditors whose claims are affected by a composition
or extension proposal, or if he feels aggrieved by the composition or extension, may amend his petition or answer asking to be adjudged a bankrupt. Such farmer may, at the time of the first hearing, petition the
court that all of his property, whether pledged, encumbered, or unencumbered, by liens or otherwise, be appraised, and that his exemptions
as prescribed by the State law, subject to any liens thereon, be set aside
and that he be allowed to retain possession of any part or parcel or all of
the remainder of his property and pay for same under the terms and conditions set forth in this subsection (5).
"(1) Upon such a request being made in the petition or answer, at the
time of the first hearing, appraisers shall be designated and appointed.
Such appraisers shall appraise all the property of the debtor at its then
fair and reasonable value, not necessarily the market value at the time
of such appraisal. The appraisals shall be made in all other respects,
with right of objections, exceptions, and appeal, in accordance with this
Act: Provided, That in case of real estate either party may file objections,
exceptions, and appeals within one year from date of order approving
the appraisal.
"(2) After the value of the debtor's property shall have been fixed by
the appraisal as herein provided, the referee shall issue an order setting
aside to such debtor his exemptions as prescribed by the State law, subject
to any existing mortgages or liens upon any such exemptions to an amount
equal to the value, as fixed by the appraisal, of the value of such exempt
property as is covered by any mortgage or lien, and shall further order
that the possession, under the control of the court, of any part or parcel
or all ort, he remainder of the debtor's property, shall remain in the debtor
subject ttra general lien, as security for the payment of the value thereof
to the trustee of the creditors, if a trustee is appointed, such a lien to
be subject to and inferior to all prior liens, pledgee, or encumbrances.
Such prior liens, pledges, or encumbrances shall remain in full force and
effect, and the property covered by such prior liens, pledges, or encumbrances shall be subject to the payment of the claims of the secured creditors
holding such prior liens, pledges, or encumbrances up to the actual value
of such property as fixed by the appraisal provided for herein. All liens
herein on livestock shall cover all increase, and all liens on real property
shall cover all rental received or crops grown thereon by the debtor, as
security for the payment of any sum that may be due or past due under
the terms and provisions of the next paragraph, until the full value of
any such particular property has been paid.
"(3) Upon request of the debtor, and with the consent of the lien holder
or lien holders, the trustee, after the order is made setting aside to the
debtor his exemptions, shall agree to sell to the debtor any part, parcel,
or all of the remainder of the bankrupt estate at the appraised value upon
the following terms and conditions, and upon such other conditions as
In the judgment of the trustee shall be fair and equitable:
"a. Payment of 1 per centum interest upon the appraised price within
one year from the date of said agreement.
"b. Payment of 23-i per centum of the appraised price within two years
from the date of said agreement.
"C. Payment of an additional 2% per centum of the appraised price
within three years from the date of said agreement.
"d. Payment of an additional 5 per centum of the appraised price within
four years from the date of said agreement.
"e. Payment of an additional 5 per centum of the appraised price within
five years from the date of said agreement.
"f. Payment of the remaining unpaid balance of the appraised price
within six years from the date of said agreement.
"Interest shall be paid on the appraised price and unpaid balances of
the appraised price yearly as It accrues at the rate of 1 per centum per
annum and all taxes shall be paid by the debtor.
"The proceeds of such payments on the appraised price and interest
shall be paid to the lien holders as their interests may appear, and to
the trustee of the unsecured creditors, as their interests may appear, if
a trustee is appointed.
"(4) An agreement having been reached as provided in subsection (3).
the debtor may consume or dispose of any part,or parcel or all of said
property whether covered by the general lien to the trustee, if a trustee
is appointed, or subject to pledges or prior Hens or encumbrances held
by secured creditors, provided he pays the appraised value of such part or
Financial Chronicle
Volume 139
parcel or all, as the case may be, to the secured creditors, as their interests
may appear, and the trustee of the unsecured creditors, as his interests
may appear, if a trustee is appointed, or he may put up a bond approved
by the referee in bankruptcy that he will make payments, as provided
for herein, of any property so consumed or disposed of.
"(5) In case the debtor fails to make any payments, as herein provided, to any or all of the secured creditors or to the trustee of the unsecured creditors, then such secured creditors or the trustee may proceed
to enforce their pledge, lien, or encumbrances in accordance with law.
It shall be the duty of the secured creditors and of the trustee of the unsecured creditors to discharge all liens of record in accordance with law,
whenever the debtor has paid the appraised value of any part, parcel, or
all of his property as herein provided.
"(6) Having complied with the provisions of subsection (3), the debtor
may apply for his discharge as provided in this Act.
"(7) If any secured creditor of the debtor, affected thereby, shall file
written objections to the manner of payments and distribution of debtor's
property as herein provided for, then the court, after having set aside the
debtor's exemptions as prescribed by the State law, shall stay all Proceedings for a period of five years, during which five years the debtor
shall retain possession of all or any part of his property, under the control
183
of the court, provided he pays a reasonable rental annually for that part
of the property of which he retains possession; the first payment of such
rental to be made within six months of the date of the order staying proceedings, such rental to be distributed among the secured and unsecured
creditors, as their interests may appear, under the provisions of this Act.
At the end of five years, or prior thereto, the debtor may pay into court
the appraised price of the property of which he retains possession. Provided.
That upon request of any lien holder on real estate the court shall cause
a reappraisal of such real estate and the debtor may then pay the reappraised price, if acceptable to the lien holder, into the court, otherwise
the original appraisal price shall be paid into court and thereupon the
court shall, by an order, turn over full possession and title of said property
to the debtor and he may apply for his discharge as provided for by this
Act: Provided, however, That the provisions of this Act shall apply only
to debts existing at the time this Act becomes effective.
"If the debtor fails to comply with the provisions of this subsection*
the court may order the trustee to sell the property as provided in this Act."
Approved, June 28 1934.
* So in original.
Text of Congressional Resolution Authorizing President Roosevelt to Appoint Board
to Investigate Labor Disputes Arising Under Labor Section of NIRA.
We have already referred in these columns to the creation
by President Roosevelt of the National Labor Relations
Board, named under the resolution passed at the recent session of Congress and we are making room here for the resolution, which was one of the pieces of legislation acted upon
by Congress just before adjournment, and was signed by
President Roosevelt on June 19. The Congressional action
was noted in our issue of June 23, page 4220, in which it was
indicated that the resolution was proposed as a substitute
for the Wagner Labor Disputes bill. An Executive Order,
issued June 29 by President Roosevelt, creating the National
Labor Relations Board was published in our July 7 issue
(page 53) in which also the names of those constituting the
new Board appeared. The following is the text of the resolution as approved by the President:
[Public Resolution—No. 44-73d Congress]
[H. J. Res. 3751
JOINT RESOLUTION
To effectuate futher the policy of the National Industrial Recovery Act.
Resolved by the Senate and House of Representatives of the United States of
America in Congress assembled, That in order to further effectuate the
policy of title I of the National Industrial Recovery Act, and lathe exercise
of the powers therein and herein conferred, the President is authorized to
establish a board or boards authorized and directed to investigate issues,
facts, practices, or activities of employers or employees in any controversies
arising under section 7a of said Act or which are burdening or obstructing,
or threatening to burden or obstruct, the free flow of interstate commerce,
the salaries, compensation and expenses of the board or boards and neces-
sary employees being paid as provided in section 2 of the National Indus
trial Recovery Act,
Sec. 2. Any board so established is hereby empowered, when it shall
appear in the public interest, to order and conduct an election by a secret
ballot of any of the employees of any employer, to determine by what person
or persons or organization they desire to be represented in order to insure
the right of employees to organize and to select their representatives for
the purpose of collective bargaining as defined in section 7a of said Act and
now incorporated herein.
For the purpose of such election such a board shall have the authority
to order the production of such pertinent documents or the appearance of
such witnesses to give restimony under oath, as it may deem necessarY
to carry out the provisions of this resolution. Any order issued by such
a board under the authority of this section may, upon application of such
board or upon petition of the person or persons to whom such order is
directed, be enforced or reviewed, as the case may be, In the same manner,
so far as applicable, as is provided in the case of an order of the Federal
Trade Commission under the Federal Trade Commission Act.
Sec. 3. Any such board, with the approval of the President, may Prescribe such rules and regulations as it deems necessary to carry out the
provisions of this resolution with reference to the investigations authorized
In Section 1, and to assure freedom from coercion in respect to all elections.
Sec. 4. Any person who shall knowingly violate any rule or regulation
authorized under section 3 of this resolution or impede or interfere with
any member or agent of any board established under this resolution n the
performance of his duties, shall be punishable by a fine of not more than
$1,000 or by imprisonment for not more than one year, or both.
Sec. 5. This resolution shall cease to be in effect, any board or boards
established hereunder shall cease to exist, on June 16, 1935, or sooner it
the President shall by proclamation or the Congress shall by Joint resolution
declare that the emergency recognized by section 1 of the National Industrial Recovery Act is ended.
Sec. 6. Nothing in this resolution shall prevent or impede or diminish
in any way the right of employees to strike or engage in other concerted
activities.
Approved, June 19 1934.
Text of Newly Enacted Measure Providing for Retirement on Pension of
Railroad Employees.
As was indicated in our issue of July 7, page 51, President
Roosevelt signed on June 27, the bill passed at the recent
session of Congress, providing for the compulsory retirement
of railroad employees with the payment of annuities. The
statement made by the President in affixing his signature to
the measure, was given in our item of a week ago, in which
also we referred to the provisions of the new legislation.
We give herewith the text of the newly enacted law:
(8.32311
AN ACT.
To provide a retirement system for railroad employees, to provide unemployment relief, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled,
Definitions.
Sec. 1. That as used in this Act
-(a) The term "carrier" includes any express company,sleeping-car company. carrier by railroad, subject to the Inter-State Commerce Act, and
any company which is directly or indirectly owned or controlled by or under
common control with any carrier by railroad and which operates any equipment or facilities or performs any service (other than trucking service)
In connection with the transportation of passengers or property or the receipt,
delivery, elevation, transfer in transit, refrigeration or icing storage, and
handling of property transported by railroad, and any receiver,
trustee,
or other individual or body, judicial or otherwise, when in the possession
of the business of any such "carrier": Provided, howvever, That the term
"carrier" shall not include any street, interurban, or suburban electric
railway, unlesssuch railway is operating as a part of a genearl steam-railroad
system oftransportation, but shall not exclude any part of the general steamrailroad system of transportation now or hereafter operated by any other
motive power. The Inter-State Commerce Commission is hereby authorized and directed upon request of the Board or upon complaint of any
party interested to determine after hearing whether any line operated by
electric power falls within the terms of this proviso.
(b) The term "employee" means each person in the service of a carrier,
subject to its continuing authority to supervise and direct the manner of
rendition of his service, who has been in such service within one year before
the enactment hereof, or who after the enactment hereof shall have been in
such service. The term "employee" also includes each officer or other offi-
cial representative of an "employee organization," herein called "reprosentative," who has performed service for a carrier, who is duly designated
and authorized to represent employees under and in accordance with the
Railway Labor Act, and who, during, or following employment by a carrier
is engaged in such representative service in behalf of such employees.
(c) The term "Board" means the Railroad Retirement Board hereby
created.
(d) The term "annuity" means regular payments at the end of each
completed month during retirement, ceasing at death or at resumption of
compensated service.
(e) The term "service" means the employment relation between an
employee and a carrier whether before or after the enactment hereof.
(f) The term "service period" means the total service of an employee
for one or more carriers whether or not continuously performed, and Includes as one month every calendar month during which the employee has
been paid compensation by a carrier and includes as one year every 12 such
months. An ultimate fraction of six months or more shall be computed
as one year.
(g) The term "retirement" means the status of cessation of compensated
service with the right to receive an annuity.
(h) The term "age" means age at the latest attained birthday.
(i) The term "carrier contribution" means the payment to be made
by each carrier.
(j) The term "employee contribution" means the payment to be made
by each employee.
(k) The term "voluntary contribution" means the payment made by
an employee equal to the total of both the employee and the carrier contribution.
(1) The term "effective date" means the 1st day of the second month
after the taking effect of this Act.
(m) The term "Railroad Retirement Act" means and may be used in
citing this Act and subsequent amendments thereto.
Purposes.
Sec. 2. (a) For the purpose of providing adequately for the satisfactory
retirement of aged employees and promoting efficiency and safety in interState transportation, and to make possible greater employment opportunity and more rapid advancement of employees in the service of carriers,
there is hereby established a railroad retirement system; and it is made
the duty of all carriers and employees subject to this Act to perform and
fulfill the obligations imposed thereby. This Act shall be administered and
construed with the intent and to the purpose of providing the greatest
practicable amount of relief from unemployment and the greatest possible
use of resources available for said purpose and for the payment of annuities
for the relief of superannuated employees.
184
Financial Chronicle
Special Report.
(b) Not later than four years from the effective date, the Board, in a
special report to the President of the United States to be submitted to
Congress, shall make specific recommendations for such changes in the
retirement system hereby created as shall assure the adequacy and permanency of said retirement system on the basis of its experience and all
Information and experience then available. For this purpose the Board
shall from time to time make such investigations and actuarial studies as
shall provide the fullest information practicable for such report and recommendations.
Annuities.
Sec. 3. Each employee having attained the age of 65 years, or having
completed a service period of 30 years, shall be paid an annuity, to begin
on a date specified in a written application, which date shall not be more
than 60 days before the making of the application. No annuity shall begin
less than six months after the effective date. Such annuity shall be based
upon the service period of the employee and shall be the sum of the amounts
determined by multiplying the number of years of service, not exceeding
30 years, by the following percentages of the monthly compensation:2 per
centum of the first $50; 1 3 per centum of the next $100, and 1 per centum
of the compensation in excess of $150. The "monthly compensation"
shall be the average of the monthly compensation paid to the employee by
the carrier, except that where applicable for service before the effective
date the monthly compensation shall be the average of the monthly compensation for all pay-roll periods for which the employee has received compensation from any carrier out of eight consecutive calendar years of such
services ending Dec. 31 1931. No part of any monthly compensation in
excess of $300 shall be recognized in determining any annuity for any
employee contribution. The annuity shall be reduced by one-fifteenth
of such annuity for each year the employee is less than 65 years of age at
the time of the first annuity payment. No such reduction shall be made
if the Board shall determine that the carrier has retired the employee because of physical or mental inability to continue in active service. Upon
death of an employee before or after retirement an amount, equal at his
death to a computation, with interest at 3 per centum compounded annually,
of the accumulation from his payments less any annuity payments received
by him,shall be paid as he may have designated or to his legal representative
Any employee who upon retirement shall be entitled to an annuity with a
value determined by the Board of less than $300 shall be paid such value
in a lump sum.
Retirement.
Sec. 4. Retirement shall be compulsory upon employees who,on the effective date, have attained or thereafter shall attain the age of 65 years. The
carrier and the employee may, by an agreement in writing filed with the
Board, extend the time for retirement as to such employee for one year and
for successive periods of one year each, but not beyond the age of 70 years.
Until five years from the effective date, the compulsory retirement shall not
apply to an employee who from and after the effective date occupies an official position in the service of a carrier
Contribution.
Sec. 5. Each employee shall pay an employee contribution in a percentage
upon his compensation. Each carrier shall pay a carrier contribution
equal to twice the contributions of each employee of such carrier. The
employee compensation shall be the compensation for service paid to such
employee by the carrier excluding compensation in excess of $300 per month.
The contribution percentage shall be determined by the Board from time
to time, and shall be such as to produce from the combined employee and
carrier contributions, with a reasonable margin for contingencies, the
amount necessary to pay the annuities, other disbursements and the expenses becoming payable from time to time. Until the Board shall determine on a different percentage the employee contribution percentage shall
be 2 per centum. Employee contributions shall be deducted by the carrier
from the compensation of its employees and shall be paid by the carrier,
together with the carrier contributions, into the Treasury of the United
States quarterly or at such other times as ordered by the Board.
Existing Pension Systems.
See. 6. The Board shall have the power to provide by appropriate rules
and regulations for substituting the provisions for annuities and other benefits to employees under this Act,for any obligation for prior service or for any
existing provisions for the voluntary payment of pensions to employees
subject to this Act by a carrier or any employees subject to this Act,so as to
relieve such carrier from its obligations for age retirement benefits under its
existing pension systems and to transfer such obligations to the retirement
system herein established. If the fulfillment of any such transferred obligation shall require additional contributions or larger payments than would
otherwise be required under the provisions of this Act, then such additional
contributions shall be made by the carrier originally responsible for the creation of such obligation or for the excess amount of such payment over those
which would be required under the provisions of this Act. In the event
that the Board is unable to make satisfactory arrangements with any carrier
for the substitution of the provisions under this Act for its existing pension
system, then, and in that event, the provisions of this Act shall be applied
to said carrier and its employees without regard to any conflict or duplication
in the operation of such an existing pension system and the operation and
effect of the provisions of this Act: Provided, That the Board, at its option,
shall have power, in lieu of the foregoing provisions of this section, to order
that all former employees of carriers, who prior to the effective date have
become separated from the service at the age of 70 years or over and who
may or may not be receiving age retirement benefits, shall be entitled to the
benefits of this Act.
Employee Representatives.
Sec. 7. Any representative of an employee organization who is included
within the definition of "employee" in paragraph (b), section 1, of this
Act shall have the option, but,shall not be required to continue or to become
a beneficiary under the provisions of this Act. If he shall elect to continue
or to become such a beneficiary he shall pay all voluntary contributions.
For the purposes of this section the requirements of section 4 of this
Act shall ncit apply. Service rendered to an employee organization shall
be included in computing the total service period of such representative.
For such representative who shall elect to become a beneficiary under this
Act, the basic compensation upon which contributions shall be made and
benefits calculated shall be that compensation paid by the carrier for
service rendered in the position to which the rights of such representative
would entitle him for the period defined in section 3 of this Act: Provided,
That if no definite and specific rights obtain, the average compensation
paid to the four employees whose last due of entry in the service is nearest
the date of entry in the service of the same carrier by such representative,
shall be his basic compensation to be determined for the period defined in
Section 3 of this Act. When a question arises as to rights under this
provision the Board shall investigate and determine rights of such represntative.
For such representative who elects to continue as a beneficiary under the
provisions of this Act, his basic compensation snail be the average monthly
July 14 1934
compensation paid to him by the carrier during the last 12 months of active
service with such carrier.
Retirement Fund.
Sec. 8. All moneys paid into the Treasury under the provisions of this
Act, all interest, and other receipts and all refunds of moneys paid out under
this Act shall constitute and be kept in a separate fund in the Treasury
to be known as the "railroad retirement fund." At the request and direction of the Board, the Treasurer of the United States, with the approval of
the Secretary of the Treasury, is authorized to invest such funds as are not
immediately required for disbursements in interest-bearing bonds, notes,
or other obligations of the United States, and to collect the principal and
interest of such securities and to sell and dispose of the same as in the
judgment of the Board shall be in the interest of said fund. There is
hereby appropriated such sums not in excess of the amounts in said fund
as may be necessary to pay all annuities, other disbursements and the
expenses of administration of this Act.
Retirement Board.
Sec. 9. (a) Personnel.—There is hereby established as an independent
agency in the executive branch of the Government a Railroad Retirement
Board, to be composed of three members appointed by the President, by
and with the advice and consent of the Senate. Each member shall hold
office for a term of five years, except that any member appointed to fill a
vacancy occurring prior to the expiration of the term for which his predecessor was appointed, shall be appointed for the remainder of the term and the
terms of office of the members first taking office after the date of enactment of this Act shall expire, as designated by the President, one at the
end of two years, one at the end of three years, and one at the end of four
years, after the date of enactment of this Act. One member shall be anpointed from recommendations made by representatives of the employees
and one member shall be appointed from recommendations made by representatives of the carriers, in both cases as the President shall direct, so as
to provide representation on the Board satisfactory to the largest number,
respectively, of employees and carriers concerned. One member, who shall
be the chairman of the Board, shall be appointed initially, for a term of
two years, without recommendation by either carriers or employees and
shall not be in the employment of or be pecuniarily or otherwise interested
in any carrier or organization of employees. Vacancies in the Board shall
not impair the powers nor affect the duties of the Board nor of the remaining
members of the Board of whom a majority of those in office shall constitute
a quorum for the transaction of business. Each of said members shall
receive a salary of $10,000 per year, together with necessary traveling expenses and subsistence expenses, or per diem allowance in lieu thereof,
while away from the principal office of the Board on duties required by this
Act. The members and employees of the Board shall be included as employees under this Act and together with employees receiving annuities
shall be furnished free transportation in the same manner as such transportation is furnished to employees.
(b) Duties.—The Board shall have and exercise all the duties and powers
necessary to administer this Act. The Board shall receive and take such
steps and institute and prosecute such proceedings and actions as may be
necessary to enforce the payments and obligations required under the Act,
make and certify awards and payments, and account for all moneys and
funds necessary thereto. The Board may require such advances upon the
payments of carriers as necessary to put this Act into operation. The
Board shall establish and promulgate rules and regulations and provide
for the adjustment of all controversial matters, with power as a Board or
through any member or subordinate designated therefor, to require and
compel the attendance of witnesses, administer oaths, take testimony, and
make all necessary investigations in any matter involving annuities or
other payments, and shall maintain such offices, provide such equipment,
furnishings, supplies, services and facilities and employ such persons and
provide for their compensation and expenses, as may be necessary to the
proper discharge of its functions. All rules, regulations or decisions of
the Board shall require the approval of at least two members and shall be
entered upon the records of the Board and shall be a public record. The
Board shall gather, keep, compile and publish in convenient form such
records and data as may be necessary, and at intervals of not more than
two years shall cause to be made actuarial surveys and analyses, to determine from time to time the payments to be required to provide for all
annuities, other disbursements and expenses, and to assure proper administration and the adequacy and permanency of the retirement system hereby
established. The Board shall have power to require all carriers and employees and any officer, board, commission or other agency of the United
States to furnish such information and records as shidl be necessary for the
administration of this Act. The Board shall make an annual report to
the President of the United States to be submitted to Congress. Witnesses
summoned before the Board shall be paid the same fees and mileage that
are paid witnesses in the courts of the United States.
Court Jurisdiction.
Sec. 10. The several district courts of the United States and the Supreme
Court of the District of Columbia shall have jurisdiction to entertain an
application and to grant appropriate relief in the following cases which
may arise under the provisions of this Act:
(a) An application by the Board to compel an employee or other person
residing within the jurisdiction of said court, or a carrier subject to services
of process within said jurisdiction, to comply with any obligations imposed
on said employee, other person, or carrier under the provisions of this Act.
(b) An application by an employee or carrier to the Supreme Court
of the District of Columbia or to the district court of any district wherein
the Board maintains an office or has designated an agent authorized to
accept service in its behalf, to compel the Board to set aside an action or
decision claimed to be in violation of a legally enforceable right of the
applicant, or to take an action, or to make a decision necessary for the
enforcement of a legal right of the applicant, when the applicant shall
establish his right to a judicial review upon the jurisdictional ground that,
unless he is granted a judicial review of the action or decision, or failure
of the Board to act or to decide, of which he complains, he will be deprived
of a constitutional right to obtain a judicial determination of his alleged
right.
(c) The jurisdiction herein specifically conferred upon the said Federal
courts shall not be held exclusive of any jurisdiction otherwise possessed
by said courts to entertain actions at law or suits in equity in aid of the
enforcement of rights or obligations arising under the provisions of this Act.
Exemption.
Sec. 11. No annuity or death payment shall be assignable or be subject
to any tax or to garnishment, attachment, or other legal process under
any circumstances whatsoever.
Penaity—Carrier.
Sec. 12. On the failure of any carrier to make any payment when due
under the provisions of this Ace, such carrier, unless excused by order of
the Board, shall pay an additional 1 per centum of the amount of such
payment for each month such payment is delayed
Financial Chronicle
Volume 139
Others.
Sec. 13. Any employee, other person, officer, or agent of a carrier subject
to this Act who shall willfully fail or refuse to make any report or furnish
any information required by the Board in the administration of this Act
or who shall willfully fail or refuse to make any accounting required under
this Act, or who shall knowingly make any false or fraudulent statement
or report required for the purpose of this Act, or who shall knowingly make
or aid in making any false or fraudulent statement or claim for the purpose
of receiving any award or payment under this Act shall be punished by a
185
fine of not less than $100 nor more than $10,000:or by imprisonment not
exceeding one year.
Separability.
Sec. 14. If any provision of this Act, or the application thereof to any
person or circumstances, is held invalid, the remainder of the Act or application of such provision to other persons or circumstances shall not be
affected thereby.
Approved. June 27 1934.
Taxt of Act Establishing Foreign Trade Zones at American Ports.
We are giving below, the bill passed by Congress before
adjournment, and signed by President Roosevelt on June 18,
providing for the establishment, operation and maintenance
of foreign trade zones in ports of entry of the United States.
The Act has been more generally described as establishing
"free trade" zones. The Congressional action on the bill
was noted in our issue of June 23, page 4221. By way of
explanation of the purpose of the legislation, Representative
Celler, in the House on May 29, observed that the question
has been asked by many members "What is a free port?"
He went on to say "the best definition I know is the one
given by the Federal Trade Commission some time ago,
after it made an exhaustive study of foreign trade zones and
free ports." This definition he indicated as follows:
The word "free" in connection with "port" or "zone" is apt to be misleading. It is proper to note, therefore, that the term has no relation either
to port charges or to any policy of free trade or protection in this case.
Conventional nomenclature is in this case misleading. "A neutral zone"
would be more properly descriptive. A free port or free zone is a place
limited in extent but differs from adjacent territory in being exempt from
customs laws as affecting goods destined for re-export. It means simply that,
as regards duties, there is freedom unless and until imported foods enter the
domestic market. A free zone may be defined as an isolated, inclosed, and
policed area in or adjacent to a port of entry, without resident population,
furnished with the necessary facilities for lading and unlading, for supplying fuel and ship stores, for storing goods, and for reshipping them by land
and water—an area within which goods may be landed, stored, mixed,
blended, repacked, manufactured, and reshipped without payment of
duties and without the intervention of customs officials. It is subject a
little within adjacent regions to all the laws relating to public health, vessel
Inspection, postal service, labor conditions, immigration, and indeed,
everything except the customs. The purpose of the free zone is to encourage
and expedite that part of a nation's foreign trade which its government
wishes to free from the restrictions instituted by custom duties. In other
words, it aims to foster the dealing in foreign goods that are imported, not
for domestic consumption but for re-export to foreign markets and for the
conditioning or for combining with domestic products previous to export.
The text of the measure as placed on the statute books
follows:
111. R. 93221
AN ACT
To provide for the establishment, operation, and maintenance of foreigntrade zones in ports of entry of the United States, to expedite and
encourage foreign commerce, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That when used in this Act—
(a) The term "Secretary" means the Secretary of Commerce;
(b) The term "Board" means the Board which is hereby established to
carry out the provisions of this Act. The Board shall consist of the Secretary of Commerce, who shall be chairman and executive officer of the
Board, the Secretary of the Treasury and the Secretary of War;
(c) The term "State" includes any State, the District of Columbia,
Alaska, Hawaii and Puerto Rico:
(d) The term "corporation" means a public corporation and a private
corporation, as defined in this Act;
(e) The term "public corporation" means a State, political subdivision
thereof, a municipality, a public agency of a State. political subdivision
thereof, or municipality, or a corporate municipal instrumentality of one
or more States;
(1) The term "private corporation" means any corporation (other than a
public corporation) which Is organized for the purpose of establishing.
operating and maintaining a foreign-trade zone and which is chartered under
special Act enacted after the date of enactment of this Act of the State or
states within which it is to operate such zone:
(g) The term "applicant" means a corporation applying for the right to
establish, operate and maintain a foreign-trade zone;
(h) The term "grantee" means a corporation to which the privilege of
establishing. operating, and maintaining a foreign-trade zone has been
granted;
(I) The term "zone" means a "foreign-trade zone" as provided in this Act.
Sec. 2. (a) The Board is hereby authorized,subject to the conditions and
restrictions of this Act and of the rules and regulations made thereunder,
upon application as hereinafter provided, to grant to corporations the privilege of establishing, operating, and maintaining foreign-trade zones in or
adjacent to ports of entry under the jurisdiction of the United States.
(b) Each port of entry shall be entitled to at least one zone, but when a
Port of entry is located within the confines of more than one State such port
of entry shall be entitled to a zone in each of such States, and when two
cities separated by water are embraced in one port of entry, a zone may be
authorized in each of said cities or in territory adjacent thereto. Zones in
'addition to those to which a port of entry is entitled shall be authorized
only if the Board finds that existing or authorized zones will not adequately
serve the convenience of commerce.
(c) In granting applications preference shall be given to public corporations.
(d) In case of any State in which harbor facilities of any port of entry
are owned and controlled by the State and in which State harbor facilities
of any other port of entry are owned and controlled by a municipality, the
Board shall not grant an application by any public corporation for the establishment of any zone in such State, unless such application has been authorized by an Act of the Legislature of such State (enacted after the date of
enactment of this Act).
Sec. 3. Foreign and domestic merchandise of every description, except
such as is prohibted by law, may, without being subject to the suctoms
laws of the United States, except as otherwise provided in this Act, be
brought into a zone and may not be manufactured or exhibited in such zone
but may be stored, broken up. repacked, assembled, distributed, sorted.
graded, cleaned, mixed with foreign or domestic merchandise, or otherwise
manipulated, and be exported, and foreign merchandise may be sent into
customs territory of the United States therefrom, in the original package or
otherwise; but when foreign merchandise is so sent from a zone into customs
territory of the United States it shall be subject to the laws and regulations
of the United States affecting imported merchandise: Provided. That when
the privilege shall be requested the collector of customs shall supervise the
unlading of foreign merchandise in the zone, cause such merchandise or
any portion thereof to be appraised and the duties liquidated thereon.
Thereafter it may be stored or manipulated under the supervision and regulations prescribed by the Secretary of the Treasury, and within two years
after such unlading such merchandise, whether mixed with domestic
merchandise or not, may be sent into customs territory upon the payment
of such liquidated duties thereon; and if not so sent into customs territory
within such period of two years such merchandise shall be disposed of under
rules and regulations prescribed by the Secretary of the Treasury and out
of the proceeds the duties shall be paid and the remainder, if any. shall be
delivered to the owners of the property: Provided futher, That subject to
such regulations respecting identity and the safeguarding of the revenue as
the Secretary of the Treasury may deem necessary, articles the growth,
product, or manufacture of the United States, and articles previously imported in which duty has been paid or which have been admitted free of
duty, may be taken into a zone from the customs territory of the United
States, and may be brought back thereto free of duty, whether or not they
have been combined with or made part, while in such zone, of other articles:
Provided, That if in the opinion of the Secretary of the Treasury their
identity has not been lost such articles not entitled to free entry by reason
of noncompliance with the requirements made hereunder by the Secretary
of the Treasury shall be treated when they re-enter the customs territory of
the United States as foreign merchandise under the provisions of the tariff
laws in force at that time.
Sec. 4. The Secretary of the Treasury shall assign to the zone the necessary customs officers and guards to protect the revenue and to provide
for the admission of foreign merchandise into customs territory.
Sec. 5. Vessels entering or leaving a zone shall be subject to the operation of all the laws of the United States, except as otherwise provided in
this Act, and vessels leaving a zone and arriving in customs territory of the
United States shall be subject to such regulations to protect the revenue as
may be prescribed by the Secretary of the Treasury. Nothing in this Act
shall be construed in any manner so as to permit vessels under foreign flags
to carry goods or merchandise shipped from one foreign trade zone to another
zone or port in the protected coastwise trade of the United States,
Sec. 6. (a) Each application shall state in deatil—
(I) The location and qualifications of the area in which it is proposed
to establish a zone. showing (A) the land and water or land or water area
or land area alone if the application is for its establishment in or adjacent
to an interior port; (B) the means of segregation from customs territory:
(C) the fitness of the area for a zone; and (D) the possibilities of expansion
of the zone area;
(2) The facilities and appurtenances which it is proposed to provide and
the preliminary plans and estimate of the cost thereof, and the existing
facilities and appurtenances which it is proposed to utilize;
(3) The time within which the applicant proposes to commence and complete the construction of the zone and facilities and appurtenances;
(4) The methods proposed to finace the undertaking;
(5) Such other information as the Board may require.
(b) The Board may upon its own initiative or upon request permit the
amendment of the application. Any expansion of the area of an estabished zone shall be made and approved in the same manner as an original
application.
Sec. 7. If the Board finds that the proposed plans and location are suitable for the accomplishment of the purpose of a foreign trade zone under
this Act, and that the facilities and appurtenances which it is proposed to
provide are sufficient it shall make the grant.
Sec. 8. The Board shall prescribe such rules and regulations not inconsistent with the provisions of this Act or the rules and regulations of the
Setretary of the Treasury made hereunder and as may be necessary to carry
out this Act.
Sec. 9. The Board shall co-operate with the State, subdivision, and
municipality in which the zone is located in the exercise of their police,
sanitary, and other powers in and in connection with the free zone. It
shall also co-operate with the United States Customs Service, the Post
Office Department, the Public Health Service, the Bureau of Immigration,
and such other Federal agencies as have jurisdiction in ports of entry
described in Sec. 2.
Sec. 10. For the purpose of facilitating the investigations of the Board
and its work in the granting of the privilege in the establishment, operation,
and maintenance of a zone, the President may direct the executive departments and other establishments of the Government to co-operate with the
Board, and for such purpose each of the several departments and establishments Is authorized, upon direction of the President, to furnish to the Board
such records, papers, and information in their possession as may be required by him, and temporarily to detail to the service of the Board such
officers, experts, or engineers as may be necessary.
Sec. 11. If the title to or right of user of any of the property to be included
in a zone is in the United States, an agreement to use such property for
zone purposes may be entered into between the grantee and the department or officer of the United States having control of the sane, under such
conditions, approved by the Board and such department or,officer, as may
be agreed upon.
Sec. 12. Each grantee shall provide and maintain in connection with the
zone—
(a) Adequate slips, docks, wharves, warehouses, loading and unloading
and mooring facilities where the zone is adiacent to water; or, in the case of
an inland zone, adequate loading, unloading, and warehouse facilities;
(b) Adequate transportation connections with the surrounding territory and with all parts of the United States, so arranged as to permit of
proper guarding and inspection for the protection of the revenue;
186
Financial Chronicle
6 Mos. to
June 30.
0000000
000
00.91§§
E
16,823,000
27,560,000
33,919,000
21,990,000
34,763,000
19,322,000
23,652.000
29,222,000
19,965,000
41,372,000
25,398,000
13,225,000
12,832,000
17,468,000
17,541,000
12.048.000
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
June
Quarter.
8888888880038
.0
New Capital Issues in Great Britain
The following statistics have been compiled by the Midland Bank Limited. These compilations of issues of new
capital, which are subject to revision, 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.
Month of
June.
nic:..ecd, ideduic;
W
Approved, June 18, 1934.
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Compiled by the Midland Bank Limited]
,....C.VM0.50V.00C>N1
,
.000
., C106 0000:11N.NNMVO
P
,
6
-4 , 7.6.62.6.;-a ;.d.i
4.
,
.0002COD
.
COGOt,.N,PV,V.
(C) Adequate facilities for coal or other fuel and for light and power;
(d) Adequate water and sewer mains;
(e) Adequate quarters and facilities for the officers and employees of
the United States, State, and municipality whose duties may require their
presence within the zone;
(1) Adequate enclosures to segregate the zone from customs territory
for protection of the revenue, together with suitable provisions for ingress
and egress of persons, conveyances, vessels, and merchandise;
(g) Such other facilities as may be required by the Board.
Sec. 13. The grantee may, with the approval of the Board, and under
reasonable and uniform regulations for like conditions and circumstances
to be prescribed by it, permit other persons, firms, corportions, or associations to erect such buildings and other structures within the zone as will
meet their particular requirements: Provided, That such permission shall
not constitute a vested right as against the United States, nor interfere
with the regulation of the grantee or the permittee by the United States, nor
interfere with or complicate the revocation of the grant by the United States:
And provided further, That in the event of the United States or the grantee
desiring to acquire the property of the permittee no good will shall be considered as accruing from the privilege granted to the zone: And provided
further, That such permits shall not be granted on terms that conflict with
the public use of the zone as set forth in this Act.
Sec. 14. Each zone shall be operated as a public utility, and all rates
and charges for all services or privileges within the zone shall be fair and
reasonable, and the grantee shall afford to all who may apply for the use of
the zone and its facilities and appurtenances uniform treatment under like
conditions, subject to such treaties or commercial conventions as are now
in force or may hereafter be made from time to time by the United States
with foreign governments and the cost of maintaining the additional customs
service required under this Act shall be paid by the operator of the zone.
Sec. 15. (a) No person shall be allowed to reside within the zone except
Federal, State, or municipal officers or agents whose resident presence is
deemed necessary by the Board.
(b) The Board shall prescribe rules and regulations regarding employees
and other persons entering and leaving the zone. All rules and regulations
concerning the protection of the revenue shall be approved by the Secretary
of the Treasury.
(c) The Board may at any time order the exclusion from the zone of any
goods or process of treatment that in its judgment IS detrimental to the
public interest, health or safety.
(d) No retail trade shall be conducted witin the zone except under permits
Issued by the grantee and approved by the Board. Such permittees shall
sell no goods except such domestic or duty-paid or duty-free goods as are
brought into the zone from customs territory.
Sec. 16. (a) The form and manner of keeping the accounts of each zone
shall be prescribed by the Board.
(b) Each grantee shall make to the Board annually, and at such other
times as it may prescribe, reports containing a full statement of all the
operations, receipts and expenditures, and such other information as the
Board may require.
(c) The Board shall make a report to Congress on the first day of each
regular session containing a summary of the operation and fiscal condition
of each zone and transmit therewith copies of the annual report of each
grantee.
Sec. 17. The grant shall not be sold, conveyed, transferred, set over, or
assigned.
Sec. 18. (a) In the event of repeated willful violations of any of the provisions of this Act by the grantee, the Board may revoke the grant after
four months' notice to the grantee and affording it an opportunity to be
heard. The testimony taken before the Board shall be reduced to writing
and filed in the records of the Board together with the decision reached
thereon.
(b) In the conduct of any proceeding under this section for the revocation of a grant the Board may compel the attendance of witnesses and the
giving of testimony and the productilon of documentary evidence, and for
such purpose may invoke the aid of the district courts of the United States.
(c) An order under the provisions of this section revoking the grant
issued by the Board shall be final and conclusive, unless within ninety
days after its service the grantee appeals to the circuit court of appeals
for the circuit in which the zone is located by filing with the clerk of said
court a written petition praying that the order of the Board be set aside.
Such order shall be stayed pending the disposition of appellate proceedings
by the court. The clerk of the court in which such a petition is filed shall
immediately cause a copy thereof to be delivered to the Board and it shall
forthwith prepare, certify, and file in the court a full and accurate transcript of the record in the proceedings held before it under this section,
the charges, the evidence, and the order revoking the grant. The testimony and evidence taken or submitted before the Board, duly certified
and filed as a part of the record, shall be considered by the court as the
evidence in the case.
Sec. 19. In case of a violation of this Act, or any regulation under this
Act, by the grantee, any officer, agent, or employee thereof responsible
for or permitting any such violation shall be subject to a fine of not more
than $1,000. Each day during which a violation continues shall constitute
a separate offense.
Sec. 20. If any provision of this Act or the application of such provision
to certain circumstances be held invalid, the remainder of the Act and the
application of such provisions to circumstances other than those as to which
it 18 held invalid shall not be affected thereby.
Sec. 21. The right to alter, amend, or repeal this Act is hereby reserved.
July 14 1934
Year to
June 30.
£
80,299,000
241,232,000
124,221,000
168,147,000
123,525,000
106,215,000
124,354,000
131,636,000
159,694,000
202,616,000
195,543,000
141,860,000
70,915,000
74,772,000
69.328,000
AO agg non
£
132,815,000
398,474,000
267,199.000
259,722,000
191,046,000
186,451,000
241,685,000
227,178,000
281,325.000
357,636,000
355,447,000
200,066,000
165,215,000
92,523,000
107,595,000
129 AAR nnn
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS.
[Compiled by the Midland Bank Limited]
1931.
January
February
March
April
May
June
6 months
1933.
1934.
12,332,412
19,606,243
13,446,859
1,687,195
11,009,880
12,832,397
2,895,798
11,994,734
12,104,130
18,013,115
12,298,311
17,467,795
8,310,283
7,167,385
13,447,603
8,247,859
14,614,014
17.541,251
10,853,233
7,007,995
7,081,462
9.590,367
22,440,935
12,048,454
70,914,986
74,771,883
69,328,375
69,022,446
5,184,993
1,666,492
1,315,308
2,482.875
4,409,179
2,692,359
3,312,507
72,500
17,000
19,745,198
10,807,078
4,312,163
6,001,777
21,208,047
7.164,097
10,026,260
12,786,859
6,353.481
July
August
September
October
November
December
Year
1932.
88,866,192 113,038,329 132,868,896
GEOGRAPHI6AL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS.
Compiled by the Midland Rank Limited]
United
Kingdom.
Jan. 1932
Feb. 1932
Mar. 1932
Apr. 1932
May 1932
June 1932
6 months
July 1932
Aug. 1932
Sept. 1932
30. 1932
Nov. 1932
Dec. 1932
Year
Jan. 1933
Feb. 1933
War. 1933
kpr. 1933
Way 1933
June 1933
6 months
Filly 1933
tug. 1933
iept. 1933
)ct. 1933
Nov. 1933
3ec. 1933
Year
ran. 1934
reb. 1934
Jar. 1934
tpr. 1934
day 1934
une 1934
6 month.;
India and Other British Foreton
Ceylon.
Countries. Countries.
£
£
2,605,000
2,805,000
£
291,000
9,109,000
11,072,000
9,572,000
8,936.000
15.391,000
78,000
1,032,000
3,516,000
1,496,000
54,371,000
6,122,000 14,288,000
60,000
3,225,000
50,000
10,000,
160,000
11,851,000
10,272,000
48,000
4,037,000
83,817,000
4,925,000
1,864.000
2,067,000
Total.
£
£
2.896,000
3,000 11,995,000
12,104,000
18,013,000
12,296,000
10,000 17,468,000
13.000 74,772,000
27,000
7,734,000
271,000
190,000
3,312,000
73,000
17,000
19,745,000
264,000 10,807,000
37,000 4,312,000
6,390,000 22,483,000
348,000 113.038,000
23,000
7.000
7,875,000
4,917,000
12,287,000
7,283,000
9,338,000
16,029.000
56,000
30.000
1,000
269,000
1,727,000
1,160,000
4,753,000
5,000
241,000
1,070,000
8,310,000
7,167,000
13,448,000
965,000 8,248,000
292,000 14,614,000
437,000 17,541,000
57,719,000
4.845,000
4,467.000
2,297,000 69,328,000
5,232,000
1,285,000
6,738,000
6,814,000
12,172,000
5,098,000
48,000
244,000
15.589,000
176,000
11,000 3,016,000
67,000
437,000
47,000
867,000
478,000 6,002,000
4,334,000 21,208,000
250,000 7,164,000
185,000 10,026,000
111,000 12,787,000
341,000 6,353,000
95,059,000
5,018,000 24,796,000
7,996,000 132,869,000
8,682,000
5,309,000
6,011,000
8,665,000
11,397,000
7,021,000
49 000 1,763,000
221,000 1,433,000
7.000
873,000
12,000
850,000
62,000 10,945,000
32,000 4,609,000
359,000 10,853,000
45,000 7,008,000
190,000 7,081,000
63,000 9,590,000
37,000 22,441,000
386,000 12,048,000
47.085.000
384.000 20.473.000
1.ngn non an n99 non
110,000
493,000
The Course of the Bond Market
Bonds have shown a firm trend this week, advancing into
new high territory for nearly all classes and grades used in
Moody's averages. The 30 Aaa's reached the extremely low
average yield of 3.87% while 8 U. S. Treasury bonds sold
to yield 2.72%. Second-grade issues made relatively good
gains, which were, however, not greatly in excess of the
progress made by the Aim's. Impressive strength is being revealed at present in highest and high-grade bonds due to
the mounting tide of surplus bank funds and the efforts to
keep them employed profitably. There are, however, several'
weak situations among lower grade issues, many of which are
now selling close to their year's low. This is due chiefly to
disappointment over the failure of earnings to increase more
rapidly as well as to rate reductions in the case of certain
utilities and increased expenses in the case of railroads, which
have partly neutralized the effect of heavier traffic. Member
bank reserve balances rose by $156,000,000, partly reflecting
the return flow of holiday currency.
High- and medium-grade railroad issues showed signs of
strength during the week with some bonds attaining new
high levels. In this category were Chesapeake & Ohio gen.
43's, 1992, at 1113 and Norfolk & Western first cons. 45,
1996, at 1073%. Second- and lower-grade rail bonds were
somewhat lower, St. Paul adj. 5s, 2000, reaching a new low
of 113 . International-Great Northern adj. 6s, 1962,
4
closed at 103%, unchanged since a week ago; Erie ref. 5s,
of a point at 733 . An exception in this
4
1975, were off
group were the New York Chicago & St. Louis ref. 43/29,
1978, which closed at 643% up % point from last Friday.
On reports that the Chesapeake Corporation was contemplating a financing operation with the object of paying off its
bank loans of about $20,000,000 and a possible call of its
cony. coll. 5s, 1947, these bonds were easier, closing at
for 106 the week, down 13%.
Accompanied by increasing activity, utility bonds moved
into higher ground during the week, all classes participating.
Among the more active issues which registered good gains
were Consolidated Gas of Baltimore 43%s, 1954, up 13% to
1123% for the week, Tennessee Electric Power 6s, 1947, up
Oi to 87, Wisconsin Power & Light 5s, 1958, up 33% to 83,
4
Tennessee Public Service 5s, 1970, with a gain of 51 to 90,
El Paso Natural Gas, 63/28, 1938, which advanced 63% to
683/2, and Northwestern Power 6s, 1960, showing a gain of
4 to 293%. This was the first weekly period in some time in
which such a pronounced trend was discernible.
aa ao
ell 0.
., ..
RR.
P. U. India.
93.40
93.55
93.26
93.11
92.97
92.97
92.82
92.68
106.60
106.60
106.25
106.25
106.25
106.07
106.07
106.07
97.94
97.78
97.47
97.31
97.31
97.16
97.00
96.85
82.50 100.49
82.62 100.33
82.38 100.17
82.26 99.84
82.02 99.68
82.14 99.68
82.02 99 52
81.90 99.36
97.00
97.00
81.78
81.90
97.16
97.16
97.16
96.39
95.78
96.23
96.70
96.85
97.00
97.31
97.31
98.70
95.78
82.02 99.68
81.90 99.63
82.26 100.17
81.54 99.20
80.72 98.57
81.07 98.73
82.02 99.04
81.66 98.88
81.78 99.68
83.48 100.00
83.60 100.33
82.74 99.84
81.18 99.04
92.82
92.82
92.53
92.10
91.53
91.67
92.39
91.96
92.53
92.53
92.39
91.67
90.27
106.07
106.07
105.89
105.37
104.85
104.85
104.68
104.85
104.68
104.51
104.33
103.65
102.81
94.43
95.18
94.14
93.11
93.26
93.26
92.10
91.81
89.31
87.96
84.85
82.02
97.94
81.78
89.31
71.87
79.68 97.47
80.60 98.41
78.88 97.47
78.66 96.54
79.68 97.16
80.37 97.31
78.88 95.33
78.99 95.33
75.50 92.68
74.36 91.39
70.52 88.36
66.55 85.74
83.72 100.49
66.38 85.61
77.66 93.26
53.16 69.59
89.17
89.88
88.50
87.96
88.36
88.36
87.43
87.04
83.97
82.38
78.44
74.25
93.55
74.25
89.31
70.05
101.81
102.47
101.47
100.49
100.81
100.81
100.00
99.68
98.88
98.73
98.00
97.00
106.60
96.54
99.04
78.44
87.69
76.35
91.96
99 48
.
97 00
.
,.. ..
A A es
22 07
71 110
RR 47
99.52
99.68
92.68 106.07
92.68 106.25
120 Domestic Corporate
AU
by Ratings.
120
1934
DomesDaily
Baa.
A.
Ac.
Aaa.
Average:.
tic.
3.87
July 13._ 4.75
3.87
12._ 4.76
3.88
11._ 4.77
3.89
10._ 4.78
3.89
9._ 4.79
3.90
7.. 4.79
3.90
6._ 4.79
3.90
S._ 4.80
4._ Stock E xchang e
3.91
3__ 4.80
3.91
2.. 4.80
Weekly
3.91
June 29._ 4.79
3.92
22._ 4.80
3.91
15._ 4.79
3.93
8-- 4.83
3.96
L_ 4.87
3.98
May 25._ 4.86
4.00
18._ 4.84
4.02
11_ 4.85
4.04
4_ 4.83
4.04
Apr. 27.. 4.82
4.05
20- 4.82
4.07
13-- 4.86
4.11
6._ 4.93
Mar.30_. Stock E xchang e
4.15
23-- 5.01
4.11
16._ 4.96
4.13
9_ 5.03
4.16
2_ 5.08
4.16
Feb. 2.3.... 5.06
4.18
16-- 5.05
4.22
9_ 5.14
4.24
2.. 5.15
4.30
Jan. 26._ 5.31
4.30
19._ 5.38
4.38
12._ 5.59
4.43
5__ 5.81
3.87
Low 1934 4.75
4.43
High 1934 5.81
4.11
Low 1933 4.98
4.91
High 1933 6.75
Yr.Apo4.35
Jly 13 '33 5.33
2 Yrs.Ago
090
”.. IR .99 120
4.26
4.27
4.28
4.28
4.29
4.29
4.29
4.30
Close
4.29
4.28
4.28
4.28
4.29
4.33
4.35
4.35
4.36
4.37
4.37
4.40
4.40
4.42
4.47
Close
4.54
4.50
4.56
4.64
4.63
4.66
4.75
4.77
4.85
4.93
5.04
5.19
4.26
5.20
4.49
5.96
4.83
II 01
P. 1.
*amo.pao,ao,aaaaapp, aa4p.4‘a.o.o.o.o.p..4.
bOom;o;o6;oMOM000 ;DO, io;oioio;oMbpbo
w=b2wo.am0w0www
oo.wnowwom
,imoo
July 13.. 106./4 100.00 115.81 108.39
12._ 106.78 99.84 115.81 108.21
11.. 106.81 99.68 115.61 108.03
10._ 106.55 99.52 115.41 108.03
9.. 106.44 99.36 115.41 107.85
7.- 106.39 99.38 118.21 107.85
6__ 106.31 99.36 115.21 107.85
5__ 106.11 99.20 115.21 107.67
4._ Stock Exchange Closed.
3._ 106.04 99.20 115.02 107.85
2._ 106.00 99.20 115.02 108.03
Weekly
June 29-- 106.04 99.86 115.02 108.03
22.. 105.79 99.20 114.82 108.03
15.._ 106.00 99.36 115.02 107.85
8_ 105.52 98.73 114.63 107.14
1_ 105.27 98.09 114.04 106.78
May 25- 105.13 98.25 113.65 106.78
18_ 105.05 98.57 113.26 106.60
11_ 105.11 98.41 112.88 106.42
4._ 104.75 98.73 112.50 106.42
Apr, 27.. 104.21 98.88 112.50 105.89
20._ 103.65 98.88 112.31 105.89
13._ 104.35 98.25 111.92 105.54
6._ 104.03 97.16 111.16 104.68
Mar.30... Stock E xchang a Closed.
23._ 103.32 95.93 110.42 103.48
16.- 103.52 96.70 111.16 104.16
9__ 103.06 95.63 110.79 103.15
•
2__ 101.88 94.88 110.23 101.81
Feb. 23.. 102.34 95.18 110.23 101.97
16.. 102.21 95.33 109.86 101.47
9-- 101.69 93.99 109.12 100.00
2._ 101.77 93.85 108.75 99.68
Jan. 26._ 100.41 91.53 107.67 98.41
19_ 100.36 90.55 107.67 97.16
12._ 99.71 87.69 106.25 95.48
5.. 100.42 84.85 105.37 93.26
High 1934 106.81 100.00 115.81 108.39
Low 1934 99.06 84.85 105.37 93.11
High 1933 108.82 92.39 108.03 100.33
Low 1933 98.20 74.15 97.47 82.99
Yr. AgoJly 13 '33 103.53 91.25 106.78 98.73
2 Yrs.Ago
120 DOMMIC
Corporate* by Groups.
4.
U. S.
120
120 Domestic Co'
1934
Gott. Domesby Ratings.
Daily
Bonds. tic
Averages.
**
Boa.
Corp.* Acta.
A.
Ac.
Generally better prices ruled among industrial bonds
during the week with most standard classifications gaining
moderately and with larger advances in special situations.
Among higher-grade bonds, tobaccos were a strong feature.
Liggett & Myers 7s, 1944, were up 2 at 1293%, Lorillard 5s,
1951, advanced 1% to 109 and Tobacco Products 63%s,
2022, werd up 1 at 107. In the more speculative field,
Hudson Coal 5s, 1962, gained 53% to 493%, and Otis Steel 6s,
1941, were 11 points higher at 69. Motion picture issues
steadied to some degree, showing mainly fractional losses.
Irregular movements characterized this week's market for
foreign bonds but net changes for the week were small.
Italian public utility bonds were lower while the Government
issues gained. German bonds on Friday were not greatly
changed from a week ago, nor were Austrian issues.
The municipal bond market received something of a setback because New York City failed to obtain what it considered satisfactory bids on its proposed new issues, and they
were not sold. However, demand continued good for highgrade municipals and no substantial recessions occurred in
their prices.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND YIELD AVERAGES.t
(Based on Individual Closing Prises.)
MOODY'S BOND PRICES.
(Based on Average Yields.)
.11v 12 '22 00 29
187
Financial Chronicle
Volume 139
120 Domestic
Corporate by Groups.
RR.
tt
ao
ForP. U. Indus. elms.
6.00
5.99
6.01
6.02
6.04
6.03
6.04
6.05
5.18
4.72
4.73
5.17
5.19
4.74
5.20
4.76
4.77 (5.21
5.21
4.77
5.22
4 78
4.79
5.23
4.36
4.36
4.38
4.38
4.38
4.39
4.39
4.39
7.37
7.37
7.37
7.40
7.42
7.43
7.45
7.45
6.06
6.05
4.78
4.77
5.23
5.23
4.39
4.38
7.50
7.51
6.04
6.05
6.02
6.08
6.15
6.12
6.04
6.07
5.96
5.92
4.77
4.77
4.74
4.80
4.84
4.83
4.81
4.82
4.77
4.75
..98
6.11
4.76
4.81
5.22
4.39
4.39
5.22
4.40
5.24
5.27
4.43
5.31
4.48
4.46
5.30
5.25
4.47
5.28
4.46
5.24
4.47
5.24
4.48
4.49
5.25
5.30 -4:53
5.40
4.58
7.46
7.49
7.53
7.35
7.29
7.25
7.20
7.14
7.16
7.28
7.21
7.20
7.22
6.24
6.16
6.31
6.33
6.24
6.18
6.31
6.30
6.62
6.73
7.12
7.56
5.90
7.58
6.16
9.44
4.91
4.85
4.91
4.97
4.93
4.92
5.05
5.05
5.23
5.32
5.54
5.74
4.72
5.75
4.83
7.22
5.48
5.43
5.53
5.57
5.54
5.54
5.61
5.64
5.88
6.01
6.35
6.74
5.17
8.74
5.43
7.17
4.64
4.60
4.66
4.72
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.36
4.97
4.60
6.35
6.54
5.28
5.76
4.94
9.04
11.18
9.03
7.07
7.57
12.11
a
..73-
7.34
7.23
7.25
7.38
7.49
7.52
7.58
7.57
7.97
8.05
8.31
8.53
7.13
8.65
7.23
11.19
•These Prices are computed from average yields on the basis o one "Ideal" bond (45(% coupon, maturing in 31 years) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve toil ustrate 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. For Moody's index of bond prices by months back to 1928. see the issue of Feb.6 1932, page 9071
** Actual average price of 8 long-term Treasury issues. t The latest complete list of bonds used In computing these indexes was published in the Issue of Feb. 10 1934.
page 920. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Indications of Business Activity
-COMMERCIAL EPITOME.
THE STATE OF TRADE
Friday Night, July 13 1934.
General trade, helped by more favorable weather and
with no holiday to retard business, was again on the upswing. Industrial operations increased, and there was a
better business in both wholesale and retail lines. Moreover, bank deposits were larger. Steel operations were
higher, and as a result of increased sales the automotive
industry was back to June schedules. While it is true
electric output was down to the smallest total seen in any
week since December 1933, it is still above the comparative
total of a year ago. Bituminous coal output, however,
shows a decrease as compared with last year, and carloadings dropped below last year's figures, as well as those of
the previous week. Increases in operations, however, were
noted in rubber goods, shoes and electrical appliances and
equipment, as well as in steel and motors. At retail there
has been some seasonal falling off in the demand in some
lines, but this was more than made up by abnormal gains
in other divisions. There was a good demand for cotton
yard goods and cotton dresses, and increased sales were
reported for farm implements, furniture and housewares.
At wholesale, dry goods orders increased, and good orders
were placed for rugs and carpets. Sales of rayon and the
cheaper grade of fur garments were also larger.
Cotton became more active and rose sharply, immediately
following the Government acreage report, on the 9th inst.,
which put the acreage as of July 1 at 28,024,000 bales, or a
million acres smaller than was generally expected and
1,954,000 bales less than was harvested last year. The
failure of Texas to receive the needed rains, and further
moisture in the Central and Eastern belts, together with
strong foreign markets, were other influential factors in
the advance. Futures show a rise for the week of 90 to 101
points. Grain rose sharply during the week on a sensationally bullish crop report by the Government, which fore-
188
Financial Chronicle
east the crop as of July 1 at only 483,662,000 bushels against
427,553,000 bushels in 1893, 527,978,000 bushels last year,
and a five-year average, 1927-1931, of 886,359,000 bushels.
The Government estimate is the lowest in 40 years. Another
factor which also caused not a little buying was the announcement by Secretary Wallace that the Agriculture Adjustment Administration would continue its acreage reduction program during the next crop year, providing other
exporting countries also reduce production. There was
very little improvement in weather conditions over the belt.
Coffee and sugar were rather quiet and show little change
for the week. Cocoa declined. Lard advanced with grain,
under a fair demand. Silver shows a decline for the week.
while rubber and hides are higher than a week ago.
A heavy shower on the 7th inst., accompanied by lightnin-.
afforded relief to New York from the oppressive heat which
had set a record for July 7 of 92.4 degrees. The protracted
hot spell, which lasted for 17 days, caused three deaths
and numerous prostrations. From 92 degrees at 7 p. m.. on
the 7th inst., the mercury fell to 79 degrees at 8 n. m.. It
was cool and more comfortable during the remainder of
the week, with temperatures, for the most part, in the 70s.
Rains fell in northern Colorado and southern Wyoming late
last week, and were very beneficial to the sugar beet crop.
Good general rain also fell in the Northwest, and it was
almost down to the freezing point in sections of North
Dakota. There was a tornado at Winona, Minn., and La
Crosse, Wis. It was 32 degrees above zero at Dickinson.
N. D. Railroad tracks were washed out by heavy rains at
Winona, Minn., and La Crosse, Wis. Business streets of
Winona were flooded with eight and ten inches of water.
Southern Minnesota, which needed rain badly, had the
heaviest rainfall. The tail end of a severe storm that swept
southeastern Nebraska struck Omaha on the 5th inst., causing a drop of 20 degrees in the temperature in two hours.
The temperature was up to 93 degrees at 10 p. m., when the
storm struck, and at midnight it was down to 67. The dust
storm was accompanied by a high wind, which uprooted
trees, felled telephone poles and smashed plate glass windows. Advices from Paris stated that the severe heat
wave caused the Eiffel Tower to stretch 11 inches. Disastrous forest fires in western, northern and southwestern
Germany and in Silesia caused the Government to forbid
smoking, cooking or camp-fire building in those areas. In
China, the heat wave reached an all-time high point on the
12th inst. Temperatures were up to 105 degrees in the lower
Yangtse Valley, and Shanghai's peak was 103.8 degrees.
Torrential rains flooded Japan, Corea and northern Manchuria on the 11th inst., and hundreds of persons Were
reported' drowned.
To-day it was fair and warm here, with temperatures
ranging from 67 to 74 degrees. The forecast was for fair
and slightly warmer to-night; local thunderstorms late
Saturday afternoon or night. Overnight at Boston it was
60 to 78 degrees; Baltimore, 72 to 84; Pittsburgh, 70 to 86:
Portland, Me., 60 to 72; Chicago, 74 to 84; Cincinnati, 68 to
78; Cleveland, 70 to 84; Detroit, 68 to 90; Charleston, 76 to
86; Milwaukee, 70 to 80; Dallas, 80 to 96; Savannah, 72 to
92; Kansas City, 82 to 106; Springfield, Mo., 78 to 06; St.
Louis, 82 to 102; Oklahoma City, 80 to 100; Denver, 68 to 96;
Salt Lake City, 64 to 100; Los Angeles, 62 to 84; San
Francisco, 52 to 66; Seattle, 58 to 70; Montreal, 70 to 80,
and Winnipeg, 58 to 86.
Revenue Freight Car Loadings in Latest Week Show
First Decline in 1934 as Compared with Corresponding Period in 1933.
Loadings of revenue freight for the week ended July 7
1934 totaled 519,807 cars, a drop of 124,765 cars, or 19.3%
under the preceding week and a decrease of 23,703 cars or
4.4% under the corresponding period last year. Loadings,
however, showed a gain of 103,879 cars or 25.0% over the
comparable period in 1932. Total loadings for the week
ended June 30 1934 exceeded the same period in 1933 by
0.4% and the corresponding period in 1932 by 32.0%. For
the week ended June 23 1934 increases over the like periods
in 1933 and 1932 totaled 24.6% and 4.2%,respectively. The
falling off in loadings during the July 7 1934 week as compared with the previous week was due in part to the observance of the July 4 holiday.
The first 16 major railroads to report for the week ended
July 7 1934 loaded a total of 231,497 cars of revenue freight
on their own lines, compared with 283,765 cars in the preceding week and 241,272 cars in the seven days ended July 8
1933. A comparative table follows:
July 14 1934
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
- (Number of Cars.)
Loaded on Own Lines.
Weeks Ended-
Rec'd from Connections.
Weeks Ended
July 7 June 30 July 8 July 7 June 30 July 8
1934. 1934. 1933. 1934. 1934. 1933.
Atchison Topeka & Santa Fe Ry_
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw.St.Paul & Pac.Ry.
Chicago & North Western RyGulf Coast Lines
International Great Northern RR
Missouri-Kansas
-Texas RR
Missouri Pacific RR
New York Chicago & St. Louis HY
New York Central Lines
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash RY
19,510
17,511
13,382
15,191
13,189
1,462
2,650
4,114
12,450
3,733
33,781
13.818
50,879
4.059
21,118
5,010
25,165
22,663
14,834
18,664
16,031
1,728
2,827
5,004
14,676
4,383
44,901
17,800
59,848
5,090
24,804
5,347
18,391 4,310 4,541 3,868
17,743 8,263 10,026 7,800
13,551 6,002 6,354 5,791
15,912 6,396 6,743 6,067
13,529 7,994 8,637 8,134
890
1.507 1,149 1,188
4,013 1,913 1.813 1,377
4,021 2,594 3,013 2,172
12,556 7,208 8,318 6.808
4,013 7,022 8,041 7,925
38,064 46,591 54,266 52,633
16,609 3,899 4,375 3,750
54,653 30,017 37,053 34,633
3,749 3,616 4,047 3,994
18,127
x
4,834 6,000 7,135 6,289
231,497 283.765 241,272 142,974 165,550 152,131
Total
x Not reported.
TOTAL LOADING AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Weeks Ended
July 7 1934. June 30 1934. July 8 1933.
Chicago Rock Island & Pacific BY
Illinois Central System
St. Louis-San Francisco Ry
Total
19,878
22,192
11,220
24,182
25,433
13,156
20,196
23,329
11,252
53.290
62,771
54.777
Loading of revenue freight for the first 26 weeks this year,
including the week ended on June 30, totaled 15,400,331
cars, the American Railway Assogiation announced July 6.
This was an increase of 2,056,031 cars above the corresponding period in 1933 and an increase of 1,292,511 cars
above the corresponding period in 1932. The association,
in reviewing the week ended June 30, reported as follows:
Loading of revenue freight for the week ended June 30 totaled 644,572
cars, an increase of 22,700 cars above the preceding week. It also was
an increase of 2,842 cars above the corresponding week in 1933, and 156,291
cars above the corresponding week in 1932.
Miscellaneous freight loading for the week ended June 30 totaled 250.954
cars, an increase of 7.235 cars above the preceding week, 11,776 cars
above the corresponding week in 1933, and 68,558 cars above the corresponding week in 1932.
Loading of merchandise less than carload lot freight totaled 160,567
cars, an increase of 381 cars above the preceding week this year, but 11,710
cars below the corresponding week in 1933 and 10,464 cars below the same
week in 1932.
Grain and grain products loading for the week totaled 43,051 cars, an
increase of 3,552 cars above the Preceding week, but 3,373 cars below the
corresponding week in 1933. It was, however, an increase of 12,444 cars
above the same week in 1932. In the Western districts alone, grain and
Frain products loading for the week ended June 30 totaled 31,769 cars, a
decrease of 913 cars below the same week in 1933.
Forest products loading totaled 24,257 cars, a decrease of 561 cars below
the preceding week and 4,209 cars below the same week in 1933. It was,
however, an increase of 8.840 cars above the same week in 1932.
Ore loading amounted to 34,875 cars, an increase of 463 cars above the
preceding week, 16,058 cars above the corresponding week in 1933, and
29,772 cars above the corresponding week in 1932.
Coal loading amounted to 106,227 cars, an increase of 9,018 cars above
the preceding week, but a decrease of 7.728 cars below the corresponding
week in 1933. It was, however, an increase of 39,194 cars above the same
week in 1932.
Coke loading amounted to 6,418 cars, a decrease of 326 cars below the
preceding week, and a decrease of 798 cars below the same week in 1933.
It was, however, an increase of 3,381 cars above the same week in 1932.
Live stock loading amounted to 18,223 cars, an increase of 2,938 cars
above the preceding week, 2,826 cars above the same week in 1933, and
4,566 cars above the same week in 1932. In the Western districts alone.
loading of live stock for the week ended JUI10 30 totaled 15,019 cars, an
increase of 3.312 cars above the same week in 1933.
All districts tkcept the Northwestern and Central Western reported
reductions for the week ended Arne 30 compared with the corresponding
week in 1933. but all districts reported increases pompared with the corresponding week in 1932.
Loading of revenue freight in 1934 compared with the two previous
years follows:
1934.
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks in May
Week ended June 2
Week ended June 9
Week ended June 16
Week ended June 23
Week ended June 30
Total
1933.
1932.
2.177,562
1,924,208
2,266,771
2,308,869
3,059,217
2,334,831
2,441,653
578,541
615,565
617,649
621,872
644.572
1,970,566
2,243,221
2,354,521
2,025,564
2,143,194
512,974
569,157
592,759
609,627
641,730
2,825,798
2,229,173
2,088,088
447,412
501,685
518,398
498,993
488.281
15,400.331
13,344,300
14,107,820
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
June 30 1934. During this period a total of 79 roads showed
decreases as compared with the corresponding week last
year. Among the larger carriers which continued to show
increases as compared with the same week in 1933 were
the Atchison Topeka & Santa Fe Ry. System, the Southern
Pacific Co. (Pacific Lines). the Chicago & North Western
Ry., the Great Northern Ry., the Chicago Rock Island &
Pacific RR., the New York Central RR., Chesapeake &
Ohio; Chicago Milwaukee St. Paul & Pacific and the Missouri
Pacific RR.
Financial Chronicle
Volume 139
189
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED JUNE 30.
Railroads.
1934.
Eastern District.
Group A3angor & Aroostook
baton & Albany
30ston & Maine
Dentral Vermont
Maine Central
q. Y. N. H.& Hartford
lutland
Total Loads Received
from Connections.
Total Revenue
F eight Loaded.
1933.
1932.
1934.
1933.
Group 5Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
gew York Central
Vim York Ontario & Western_
°Ittsburgh & Shawmut
Pitts. Shawmut & Northern__
939
3,087
7,371
929
2,922
10,022
707
689
3,075
8,555
949
2,779
11,626
664
763
3,003
7,316
681
2,720
9,737
564
280
4,345
9,236
2,392
1.720
11,376
959
242
4,913
9,868
2,417
1,690
12,220
1,094
25,977
28.337
24,784
30.308
32.444
5,849
10,312
12,709
180
1,542
8,518
1,770
21,541
1,309
229
311
6,205
9,414
12.660
189
1,707
8,949
2,172
21,071
1,864
565
356
4,200
7,108
9.678
163
1,141
6,286
1.029
15,937
1,543
362
200
6,717
5,857
13,510
1,772
1,020
6.546
78
26,894
1,989
22
193
6,825
5,629
14,260
1,938
855
7,226
72
29,114
2,238
29
210
64,270
Total
65.152
47,647
64.598
Group C•
knn Arbor
533
694
Dhicago Ind. & Louisville
1.366
4 1,113
D. C. C.& St. Louis
8,109
6,519
Dentral Indiana
30
22
Detroit & Mackinac
165
173
Detroit & Toledo Shore Line
330
282
Detroit Toledo & Ironton
1,983
1,556
Grand Trunk Western
3,772
3,715
Michigan Central
7,671
7,586
Monongahela
3,646
3,013
New York Chicago & St. Louis_
4,383
4.815
Pere Marquette
5,099
5,090
Pittsburgh & Lake Erie
6,033
6,141
Pittsburgh & West Virginia__
1,407
1,333
Wabash
5,295
5,347
Wheeling & Lake Erie
3,314
4.240
Total
476
980
1,288
1,621
6,502
10,104
26
47
272
93
143 - 1,804
1,904
1,026
5,652
2,080
4,783
7,851
2,732
231
3,343
8,041
3,714
4,047
4.834
2,978
1,311
890
7,135
5,251
2.999
2.508
Total Revenue
Freight Loaded.
Railroads.
1934.
Total
Grand total Southern District-
39,316
57.355
141,866
146.545
111,747
152.261
Allegheny DistrictAkron Canton & Youngstown-.
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Central RR. of New Jersey....
Cornwall
Cumberland & Pennsylvania
Ligonier Valley
Long Island
b Penn.
-Read. Seashore Lines
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
.416
28,211
4,148
216
6.445
463
230
97
844
1,078
59,848
13,430
9,321
51
3,232
545
29,435
2,716
243
6,228
507
243
93
952
1,282
63,406
13,619
9,010
41
2,907
a
21,542
1,059
74
5,125
1
117
63
1,036
b
49,708
9,829
2,777
39
1,989
560
13.861
2.143
5
9,974
36
21
40
2,098
727
37.053
13,969
3,842
0
4,863
128,030
131,227
93,359
22.663
17,800
794
3.093
22.120
19,107
799
3,523
14,365
11,795
692
1.719
44,350
45,549
28,571
8,022
1,020
332
125
38
2,529
352
346
6,034
17,907
124
7,778
1,237
493
161
46
1,847
574
425
6,437
20,584
171
7,544
659
328
117
39
1,754
433
297
5,338
15,950
172
91,141
89,192
Southwestern District- Alton & Southern
Burlington-Rock Island
10.026
8,867
Fort Smith & Western
4,375
4.356
Gulf Coast Lines
1.414
1,211
Internatlonal-Great Northern._
820
541
KAMM Oklahoma & Gulf
Kansas City Southern
16,635
14,975
Louisiana & Arkansas
Louisiana Arkansas & Texas
Litchfield & Madison
•
Midland Valley
3,970
4,623
Missouri & North Arkansas
1,457
1.555
Missouri-Kansas
-Texas Lines
771
887
,,„
Missouri Pacific
247
.1,1
Natchez & Southern
98
Quanah Acme & Pacific
,4,1
902
Bt. Louis San Francisco
„*.•°,
758
*°.
at. Louis Southwestern
3.158
3,432
Texas & New Orleans
2,709
3,155
Texas & Pacific
11,244
12,374
. Terminal RR.Assn.of St. Louis
514
660
Weatherford M. W.& Northw25,828
23,955
Total
Southern DistrictGroup AAtlantic Coast Line
Clinchfleld
Charleston & Western Carolina
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac...
Seaboard Air Line
Southern System
Winston-Salem Southbound___
1934.
219
979
597
3,334
182
368
773
.309
1,355
17,672
17,277
100
131
1,686
2,439
311
219
973
721
4,223
209
318
750
573
1.504
18,535
18,185
120
170
2,000
3,101
318
228
895
545
2,811
176
305
736
536
1,042
14,797
13,283
91
116
1,746
2,097
283
155
523
801
3,042
201
349
1,248
513
707
8,308
4.114
297
258
1,305
2,203
573
51.919
39,681
24.597
25,643
84,611
91,672
72.312
50,425
54,598
850
17,292
2,567
18,396
3.708
5,835
670
5,057
351
10.025
480
1,755
2,158
5,558
8,453
174
1,144
1.311
13,281
2,115
14,445
3,302
2,545
454
2,940
310
7,341
497
a
1,818
3,690
6,955
a
1.325
1,897
8,637
2,524
6.743
2,874
101
325
3.878
127
2,666
360
66
1,193
2,050
2,414
192
1,152
1,651
8,325
2.068
6,917
3,171
63
377
5,028
227
2,107
439
85
1,374
2,021
2,112
150
850
84,473
62,329
37.199
36,965
20,185
3,096
186
14.839
1,458
12,529
2,418
590
1,451
167
1,424
2,035
588
145
15.866
256
327
11,104
160
1,080
18,805
2,851
110
12,245
a
12,035
2,116
656
1,105
266
1,105
a
517
215
15,228
223
287
10.282
112
1,185
4,541
2.192
20
6,354
555
7,180
1,841
866
2,260
13
1,506
1,012
367
64
4,167
277
1,021
6,743
5
1.854
4,284
1,656
17
5.73
3
623
6,192
2,090
858
1,759
14
995
957
322
29
3.041
270
1.011
6,154
3
1,080
89,904
79,417
42.838
37.090
185
192
160
1.957
4,297
143
1,697
1,016
161
307
555
112
4,846
14,515
65
152
7,921
2,375
5,303
4,141
2,243
17
112
127
107
1,784
1,598
180
1.247
1,010
a
88
386
38
4,192
11.639
51
103
6,634
1.872
4,832
2.958
1,573
15
T2
53,056
Total
1932.
Northwestern District
753
Belt Es. of Chicago
Chicago &
Western
NorthTal
68,496
Gi
tleue Great Western
2.121
2,121
18,664
Chic, Milw. St. Paul & Pacific_
3.268
Chic, St. Paul Minn. & Omaha
9,039
Duluth MIssabe & Northern...
1,007
1.288
Duluth South Shore & Atlantic
6,453
1,962Elgin Joliet & Eastern
11, ,
845
255
Ft. Dodge Des M.& Southern_
14,008
,
Great Northern
525
'
'.
Green Bay & Western
2 03
, 51,908
Lake Superior & Ishpeming
805
1,753
Minneapolis & St. Louis
5,484
5,570
Minn. St. Paul & S. s. Marie8.360
7,832
Northern Pacific
213
286
Spokane International
8,438
1,560
Spokane Portland & Seattle
4,350
4.392
94,668
Total
884
7.103
3.052
Central Western District25.165
Atch. Top.& Santa Fe System_
60,117
2,830
Alton
176
Bingham & Garfield
161.057
14,834
Chicago Burlington & Quincy
1,233
Chicago & Illinois Midland
13.047
Chicago Rock Island & Pacific_
2,252
Chicago & Eastern Illinois_ _ _ _
642
798
Colorado & Southern
14,728
1.602
Denver & Rio Grande Western_
1,973
324
. Denver & Salt Lake
2,654
°
Fort Worth he Denver City
9,945
2,021
, Illinois Terminal
912
,
2
,.;
Northwestern Pacific
82
°,,'',
Peoria & Pekin Union
19,195
°
Southern Pacific (Pacific)
2,614
SOO
,
St. Joseph & Grand Island....
377
95
' Toledo Peoria & Western
38,613
10,412
Union Pacific System
15,412
138
Utah
2,300
1,603
Western Pacific
1
3.864
99,955
Total
51.619
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk &Portsmouth Belt Line
Virginian
1933.
47.732
Group B
-.Alabama Tenn. & Northern__
Atlanta Birmingham & Coast-All.& W.P.
-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louis
Tennessee Central
Grand total Eastern District_
Total
Total Loads Received
from Connections.
153
157
106
1,728
2,827
178
1.637
1.297
128
361
559
129
5,004
14,676
53
247
8,239
1,902
5,609
4,248
1.799
55
3,505
355
172
1.188
1.813
941
1,355
785
273
877
170
260
3,013
8,318
12
113
3,277
1,941
2,117
3,891
2,105
65
1933.
154
511
1,031
2,875
153
326
1,542
481
616
9,107
3,672
285
258
1,484
2,654
494
3,392
274
145
1,049
1,541
920
1,398
665
271
723
278
230
2.392
7,284
17
60
3,429
1.522
2,026
3,658
2,441
33
Total
32,631
39,753
36,879
33,748
36,546
40,546
52.360
51,092
• Previous week's figures.
a Not available. b Pennsylvania-Reading Seashore Lines Include the new msolidated lines of the West Jersey & Seashore RR.. formerly Part of Pennsylvania
RR., and Atlantic City RR., formerly part of Reading Co.: 1932 figures trici.i ed In Pennsylvania System and Reading Co.
Number of Surplus Freight Cars in Good Repair
Continues to Decline.
Class I railroads on June 14 had 348,904 surplus freight
cars in good repair and immediately available for service, the
American Railway Association announced on July 9. This
was a decrease of 6,384 compared with May 31, at which
time there were 355,188 surplus freight cars.
Surplus coal cars on June 14 totaled 91,609, a decrease of
1,720 cars below the previous period, while surplus box cars
totaled 208,279, a decrease of 4,859 cars compared with
May 31.
Reports also showed 26,683 surplus stock cars, an increase
of 1,302 compared with May 31, while surplus refrigerator
cars totaled 9,474, a decrease of 643 for the same period.
Moody's Daily Index of Staple Commodity Prices Rises
to New 1934 High
Under the influence of unexpectedly unfavorable crop
reports for both grains and cotton, the principal agricultural
commodities scored important advances this week. Moody's
Daily Index of Staple Commodity Prices rose 4.2 points to
143.4, a new high for 1934 and the highest figure since July
19 1933.
A one-cent advance in cotton and an eight-cent advance
in wheat practically accounted for the entire advance in the
Index number, with corn helping somewhat. Hogs, wool
tops, rubber and silk also made small gains, offsetting similar
losses in steel scrap, sugar, cocoa and silver. Hides, copper,
lead and coffee were unchanged.
The movement of the Index number during the week, with
comparisons, follows:
Fri.,
July 6
Sat., July 7
Mon., July 9
Tues., July 10
Wed., July 11
Thurs.,July 12
Fri.,
July 13
139.2
not compiled
138.6
139.3
141.1
141.7
143.4
2 Weeks Ago, June 29
140.4
Month Ago, June 13
140.2'
July 13 1933....143.O
Year Ago,
July 18
1933 High,
148.9
Low,
Feb. 4
78.7
1934 High,
July 13
143.4
Jan. 2
Low,
126.0
"Annalist" Weekly Index of Wholesale Commodity
Prices Dropped 0.1 Point During Week of
July 10.
In a quiet holiday week the "Annalist" Weekly index of
wholesale commodity prices lost 0.1 point, standing at
113.5 on July 10, compared with 113.6 on July 3. The
movement was without significance, the "Annalist" said,
only the textile group showing a change greater than 0.3,
while most of the changes were nominal. The "Annalist"
added:
Financial Chronicle
The date of compilation caught the index between the issuance of two
bullish Government crop reports. That for cotton appeared on Monday,
and was reflected in sharp advances in cotton prices, while that for the
grains did not appear till after trading Tuesday, and was not effective upon
the markets until Wednesday, when prices advanced the full limits allowed
on the Board of Trade. Had the index been compiled a day later, it would
probably have shown a gain of 0.6-0.8 point on the basis of the advance
in the grains alone.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for Seasonal Variation (1913=100)
July 10 1934. July 3 1934, July 11 1933.
Farm Products
99.1
98.8
95.4
Food products
112.7
112.9
108.0
Textile products
al10.2
*109.6
114.1
Fuels
162.5
182.5
.114.6
Metals
110.3
110.3
103.8
Building materials
113.9
113.8
107.0
Chemicals
96.9
99.5
99.5
Miscellaneous
88.6
88.7
83.7
All commodities
• 113.5
104.0
113.6
b All commodities on old dollar basis_
74.2
67.4
67.4
•Preliminary. a Revised. I, Based on exchange quotations for France. Switzerand, Holland and Belgium
Wholesale Commodity Prices Again Lower During
Week of July 7 According to National Fertilizer
Association.
Wholesale commodity prices declined during the week
ended July 7 according to the index of the National Fertilizer
Association. When computed for the week this index
declined three points receding from 71.9 to 71.6. During
each of the two preceding weeks the index declined one
point and three weeks ago it advanced one point. A month
ago the index stood at 72.0 and a year ago at 65.4. (The
three year average 1926-1928 equals 100.) Under date of
July 9 the Association further reported:
During the latest week six of the 14 groups in the index were affected by
price movements. Five of the groups declined, one advanced, and eight
were unchanged. The declining groups were foods, grains, feeds and livestock, textiles, fats and oils, and miscellaneous commodities. Fertilizer
materials advanced. None of the groups showed large changes except
the foods group.
Among the individual commodities 20 advanced and 28 declined during
the latest week. For the preceding week there were 35 gains and 27 losses.
Two weeks ago there were 32 advances and 32 declines. During the latest
week cotton declined about one-fifth of a cent a pound. Wheat declined
about two cents a bushel. Hog prices were lower, while cattle prices
advanced slightly. Other farm products that advanced were lard. No. 3
yellow corn, and lambs. Declining prices were noted for feedstuffs, potatoes, and apples. Other important commodities that declined during the
latest week were woolen yarns, butter, WEL refined sugar, flour, lead,
coffee, and leather. Advancing prices were recorded for cotton yarns,
cottonseed oil, tin, silver, cottonseed meal, and rubber.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
July 14 1934
ELECTRIC PRODUCTION FOR RECENT WEEKS.
-000 Omitted.)
(In Kilowatt-hours
1934.
1932.
1933.
Week ofWeek ofWeek of
Week ofMay 5 1,632,766 May 6 1,435,707 May 7 1.429,032 May 9 1,637,296 +13.7
May 12 1,643,433 May 13 1,468,035 May 14 1,436,928 May 16 1,654,303 +11.9
May 19 1,649,770 May 20 1,483,090 May 21 1,435,731 May 23 1,644,783 +11.2
May 28 1,654,903 May 27 1,493,923 May 28 1,425,151 May 30 1,601,833 +10.8
June 2 1,575,828 June 3 1,461,488 June 4 1,381,452 June 6 1,593,662 +7.8
June 9 1,654,916 June 10 1,541,713 June 11 1,435,471 June 13 1,621,451 +7.3
June 16 1,665,358 June 17 1,578,101 June 18 1,441,532 June 20 1,609,931 +5.5
June 23 1,674,566 June 24 1,598,136 June 25 1,440,541 June 27 1,634,935 +4.8
June 30 1,688,211 July 1 1,655,843 July 2 1,458,961 July 4 1,607,238 +2.0
July 7 1.555.844 July 8 1.538.500 Ally 9 1,341,730 July 11 1.603.713 +11
DATA FOR RECENT MONTHS.
Month of-
1934.
1933.
1932.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Group.
Latest
Week
July 7
1934.
Pre
ceding
Week.
Month
Ago.
Year
Ago.
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 fertilizers
Agricultural implements._..
69.0
89.3
59.8
69.5
69.6
90.8
81.2
83.8
86.2
51.5
93.2
67.2
76.9
98.8
69.8
69.3
60.3
69.8
69.9
90.8
81.2
83.8
86.2
51.6
93.2
66.9
76.9
98.8
71.5
70.1
57.8
69.9
69.5
91.3
81.2
83.9
85.8
50.2
93.2
65.9
76.6
92.4
67.0
56.0
55.1
63.2
63.2
84.4
72.4
77.0
75.4
55.4
87.9
64.9
65.7
90.1
71.6
71.9
72.0
1934
Over
1933.
1931.
January
7,131,158,000 6,480,897,000 7,011,738,000 7,435,782,000
February ___ 6,608,356,000 5,835,263,000 6,494,091,000 6,678,915,000
7,198,232,000 6,182,281,000 6,771,684,000 7,370.687,000
March
6,978,419,000 6,024,855,000 8,294,302,000 7,184,514,000
April
May
7,249,732,000 6,532,686,000 6,219,554,000 7,180,210,000
6,809,440,000 6,130,077,000 7.070,729,000
June
7,058,600,000 6,112,175,000 7,286,576,000
July
7,218,678,000 6,310,667,000 7,166,088,000
August
September.,.6,931,652,000 6,317,733,000 7,099,421,000
7,094.4121'000 6,833,865,000 7,331,380,000
October
November..,6.831,573,000 6,507,804,000 6,971,644,000
7,009,164,000 8,633,424,000 7,288,025,000
December_
..
Tatar
RO 009 501.000 77.442.112.000 RR 0015 0010 000
10.0%
13.2%
16.4%
15.8%
11.0%
----_----
Note.
-The monthly figures shown above are based on reports covering approximately 92% of the electric ight and power industry and the weekly figures are
based on about 70%.
Department Store Sales from May to June Decreased
by More Than the Estimated Seasonal Amount,
According to Federal ReserveiBoard.
Preliminary figures on the value of department store sales
show a deciease from May to June of somewhat more than
the estimated seasonal amount. The Federal Reserve
Board's index, which makes allowance for differences in
the number ofbusiness days and for usual seasonarcliangTo,
was 73 in June on the basis of the 1923-25 average as 100,
compared with 77 in each of the three preceding months.
Under date of July 12 the Board reported:
In comparison with a year ago, the value of sales for June, according
to preliminary figures, was 9% larger. Reported increases compared
with last year are shown for all Federal Reserve districts, the largest
increases being in the Atlanta. Dallas. and Richmond districts. The
aggregate for the first six months of the year was 18% larger than last year.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO,
June.•
Per Cent
Each Group
Bears to the
Total Index,
%Inc.
1934
Over
1933.
1931.
Jan. 1
to
June 30.*
+7
+4
+13
+18
+21
+33
+8
+10
+6
+12
+23
+1
+12
+10
+13
+28
+21
+36
+25
+23
+13
+21
+30
+12
Number of
Reporting
Stores.
Number
of
Mies.
65.4
100.0
All groups combined
Weekly Electric Production Declines, Though Gain
Over Same Period in 1933 Continues
-Shows
Increase of 1.1%.
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 July 7 1934 was 1,555,844,000 kwh. a gain of 1.1% over the same period in 1933,
when output totaled 1,538,500,000 kwh. This was the lowest
percentage increase over a comparable period in a preceding
year shown since the week ended May 13 1933. Production
for the seven days ended June 30 1934 amounted to 1,688,211,000 kwh. as compared with 1,655,843,000 kwh. for the
•week ended July 1 1933, a gain of 2.0%. The Institute's
statement follows:
PER CENT INCREASES (1934 OVER 1933).
Major Geographic
Divisions.
New England
Middle Atlantic
Central Industrial....
Southern States
Pacific Coast
West Central
Rocky Mountain
Taro TinO44 99s044
Wee* Ended
Week Ended
Week Ended
Week Ended
Julio 7 1934. June 30 1934. June 23 1934. June 16 1934.
x11.3
5.8
x0.3
54.2
11.9
1.6
1.7
x6.7
2.7
2.6
1.9
11.1
5.3
1.5
54.9
6.6
5.7
4.3
9.8
7.4
10.3
x2.1
5.7
7.3
5.2
7.4
11.7
50.7
ii
20
4.5
5.5
x Decrease from 1933.
Arranged in tabular form, the output in kilowatt-hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
Federal Reserve districts:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
'
Minneapolis
Kansas City
Dallas
Fan Francisco
56
54
33
33
53
45
52
38
130 .
20
24
84
30
27
15
13
24
24
25
21
110
14
9
29
+9
+18
Total
622
341
•June figures preliminary: n most cities the month had the same number of
last year.
business days this year and
Wholesale Commodity Prices Dropped 0.3 of 1% During
Week of June 30 According to United States
Department of Labor.
The general average of wholesale commodity prices showed
a weakening during the week ended June 30 and declined
by 0.3 of 1% according to an announcement made July 6
by Commissioner Lubin of the Bureau of Labor Statistics
of the U.S. Department of Labor. In his announcement Mr.
Lubin stated:
The index number of the Bureau decreased to 74.8% of the 1926 average
as compared with 75.0% during the week ending June 23.
The present index has shown an advance of 5.6% during the first six
months of the present year. The index for the week ending Dec. 30 1933,
was 70.8. Current prices are nearly 13% over the level of one year ago and
are higher by 16% than two years ago when the index numbers registered
66.3 and 64.4 respectively.
The decline during the past week was largely accounted for by lower
prices of important items in the groups of farm products, textile products,
and miscellaneous items. Of the 10 major groups of commodities covered
by the Bureau, six showed decreases, three recorded increases, and one,
house-furnishing goods, remained at the level of the week before. The
important group of "All commodities other than farm products and foods"
registered the second consecutive decrease.
Of the 47 sub-groups of closely related items, 17 showed a decrease,
eight registered an advance and 22 remained at the level of the previous
week. The more sizeable decreases were for grains, except barley, cows,
sheep, eggs, flaxseed, print cloth. shirting, raw silk, cotton thread, manila
hemp, butter, wheat flour, fresh pork, coffee, lard, wood pulp, cylinder
oil, gasoline and pig tin. Advances were recorded for steers, live hogs.
cotton, hay. potatoes, rye flour, fresh and cured beef, bacon, ham, vegetable oils, raw and granulated sugar, anthracite, bar silver, tallow, lumber
and leather.
During the six months the all commodities index has risen 5.6%. The
greatest rise recorded by any group was for farm products, which shows
Financial Chronicle
Volume 139
an advance of more than 15%%. Food products have risen approximately
13
Other groups which have shown advances are metals and metal
products, building materials, chemicals and drugs, house furnishing goods
and miscellaneous items. On the other hand, the present average of
hides and leather products is 1.6% below the level of six months ago.
Fuel and lighting materials also are 1.6% lower and textile products have
declined 5.5%. The important group of "All Commodities other than
Farm Products and Foods" shows a level of 1.2% above that for Dec.
30 1933.
The following table contained in Mr. Lubin's announcement, shows the present level for each commodity group as
compared with the low point during 1934 and with the week
ending Dec. 30 1933. The percent of change which has
taken place for the respective groups is also shown:
June 30 Date and Low % of Dec.30 % of
Change 1933. Change.
1934.
01 1934.
+1.2 77.6
+1.2
6 71.0
+5.4 70.8
+5.6
74.8 Jan
The announcement issued by Mr. Lubin continued.
The farm products group showed the greatest decline for any group,
decreasing 1.5% during the week. The present index, 64.8, is approximately 7% higher than a month ago when the index registered 60.6. The
decline brought to a halt the steady rise for the past five weeks. Average
market prices of grains dropped nearly 3%. Livestock and poultry
dropped 1%. Other farm products declined U%.
The index for the textile products group is now at the lowest level reached
this year. This group declined during the past week by 1% to a level
of 71.8% of 1926 prices. Cotton goods, silk and rayon, and other textile
products continued to show weakening prices with the latter two subgroups reaching the lowest levels for the year.
Lower prices for cereal foods, butter, and certain other food items were
largely responsible for the 0.6% decrease for the food group. The subgroup of meats advanced nearly 1 % to the highest level reached this
year. The miscellaneous commodity group decreased by 0.6 of 1%,
due largely to declining prices for cattle feed. The fuel and lighting
materials group and the metals and metal products group both show
fractional declines.
Due to advancing prices for fertilizer materials, tallow and certain
vegetable oils, the index number for chemicals and drugs moved upward
0.4 of 1% to the highest level reached in the current year. The present
increase places the level for the group at 75.8% of the 1926 average. The
building materials group registered a fractional increase, equalling the
high for the year. The index for this group is now 87.8% of the 1926
average.
Increased prices for leather caused the hides and leather products group
to show a fractional advance. The house furnishing goods group remained
at the level of the week before. All commodities except farm products
and foods declined 0.2 of 1%, showing a cumulated decrease of 0.6 of
1% during the month.
The index number of the Bureau of Labor Statistics is composed of
781 separate price series weighted according to their relative importance
in the country's markets and are based on the average prices for the year
1926 as 100.0. The accompanying statement shows the index numbers
of the main groups of commodities for the past five weeks, and for the
weeks ended July 1 1933 and July 2 1932.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF JUNE 30,
JUNE 23, JUNE 16, JUNE 9 AND JUNE 2 1934. JULY 1 1933 AND JULY
2 1932.
(1926=100.0)
Mar.
%
-39.3
-43.1
-57.5
-22.8
-50.0
-49.1
-51.7
--42.4
%
-38.8
-45.5
-59.6
-22.0
-48.3
-40.9
-51.1
--45.7
75.0
74.6
73.8
73.9
66.3
84.4
Trend of Business in Hotels According to Horwath &
Horwath-Total Sales 25% Higher in June Than
June Year Ago.
"The monthly increase in sales over last year is gradually
becoming smaller," states Horwath & Horwath in their
survey of the trend of business in hotels, "but the general
trend is still satisfactory since a sharp improvement had
begun this time last year. The increase in total sales this
June over last wan 25%," the firm stated. It continued:
The occupancy at 54% is the highest for June in the last three years,
and the seasonal decrease from May is less than average.
Room rates continue to be generally unsatisfactory, especially in the
larger cities, in spite of the big increases in occupancy. The hotels of the
smaller cities show a slight increase in sale per occupied room over June
1933, but it is probably due to higher occupancy rather than to actual
advances in rates.
All hotels reporting from Detroit showed increases in room sales and
93% recorded better restaurant sales. Cleveland enjoyed some convention
business during the month. The sales increase for the group. Other cities,
which represents a cross section of the hotel business of the country at
large, continues to measure up more nearly to previous ones this year than
do those in the larger cities.
June.
9.6
-30.8
-12.8
-53.1
-23.0
-34.6
-39.4
-46.8
-44.8
TREND OF BUSINESS IN HOTELS IN JUNE 1934, COMPARED WITH
JUNE 1933.
Room
Rate
Percentage of
Same Inc. (-I-)
Month
or
Rooms. Restaurt. This
Month. Last Year Dec.(-)
Sates.
Percentage of Increase (1-)
or Decrease (-).
Total.
Occupancy.
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Texas
All other reporting
Total
+39
-14
+14
+32
+36
+36
+17
+13
+27
+23
-24
+12
+20
+22
+28
+13
+10
+13
+25
+13
60
69
39
47
59
5/4
49
57
53
--1
-13
-2
+2
+3
--I
+1
+1
+3
54
+43
48
78
32
40
51
45
44
52
48
47
+1
Sales of Electricity to Ultimate Consumers Increased
13.0% in May 1934 as Compared with Same Month
Last Year-Revenue Showed a Gain of 4.8%.
The following statistics, covering 100% of the electric
light and power industry, were released on July 6 by the
Edison Electric Institute:
Month of May.
1934.
a Kilowatt-hours Generated (Net)
By fuel
By water power
Total kilowatt-hours generated
Addifkms to Supply
Energy purchased from other sources
Net international imports
Total
Deductions from Supply-Energy used in electric railways dspts
Energy used in electric and other depts
Total
Total energy for distribution
Energy loss in transmission, distribution, &c
Kilowatt-hours sold to ultimate consumers
Sates to Ultimate Consumers (Kw-hrs.)Domestic service
Commercial
-Small light & power (retail).._
Large light and power (wholesale)
Municipal street lighting
Railroads-Street and interurban
Electrified steam
Municipal and miscellaneous
1933.
P. C.
Change.
4,201,929,000 3,341,139,000 +25.8
2,876,864,000 3,139,633,000 8.4
7,078,793,000 6,480,772.000
+9.2
254,255.000
79,856,000
175,468,000 +44.9
32.399,000 +146.5
334,111,000
207.867.000 +60.7
50.512,000
112,660,000
49,372,000
106,581,000
+2.3
+5.7
163,172,000
155,953,000 +4.6
7,249,732,000 6,532,686,000 +11.0
1,333,079,000 1,295,35
10,000 +2.9
5,916,653,000 5,237,306,000 +13.0
966,522,000
907,441.000 +6.5
1,034.710.000
968,591,000 +6.8
3,293,370,000 2,772,354,000 +183
167,927.000
167.140 000 +0.5
349,199,000
314,487,000 +11.0
57,298,000
54,665,000 +4.8
47,627,000
52,628,000 9.5
Total sales to ultimate consumers
5,916,653,000 5,237,306,000 +13.0
Total revenue from ultimate consumers_ __ $147,915,400 8141,162,700 +4.8
12 Months Ended May 31
June 30 June 23 June 16 June 9 June 2 July 1 !flip 2
1934. 1934. 1934. 1934. 1934. 1933, 1932.
-60.7
Farm products
60.6
56.9
48.9
63.7
65.8
64.8
Foods
67.6
67.7
62.6
60.1
70.2
70.9
71.3
Hides & leather products 88.2
87.7
83.3
87.2
70.0
87.6
88.1
"Textile products
72.7
62.2
72.7
52.4
72.5
71.8
72.5
Fuel & lighting materials 73.3
73.7
64.3
73.8
73.7
72.6
73.4
Metals & metal products 87.0
88.7
87.8
79.2
88.0
79 8
87.1
Building materials
87.6
75.9
87.8
70.3
87.7
87.8
87.6
Chemicals & drugs
75.3
75.4
73.5
75.4
72.7
75.8
75.5
House furnishing goods._ 83.2
83.6
83.4
73.2
83.4
75.7
83.2
Miscellaneous
70.0
69.6
62.1
64.5
70.3
70.1
70.5
All com'ties other than
farm products & foods 78.5
78.9
79.0
70.1
70.1
78.9
78.7
74.8
May
% %
-41.2 -33.7
-32.1 -30.1
-54.0 -47.4
-31.2 -23.2
-39.8 -38.8
-41.7 -37.3
-46.6 -46.6
--40.3 -43.4
The following analysis by cities was also issued by Horwath
& Horwath:
IVeek Ended.
All commodities
Apr.
-13.8 --43.7 --45.0 -39.9 --39.0 --35.0
Total
+++++++
78.5 Jan. 6 77.6
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
AU others reporting
Feb.
,%,
-39.8
-46.6
-54.4
-24.3
-53.8
-46.6
-48.2
---43.4
4"
+15.7
+13.4
-1.6
-5.5
-1.6
+44
+2.8
+3.4
+1.6
+6.9
Jan. 6
Jan. 6
June 9
June 30
Mar. 31
Jan. 6
Jan. 6
Jan. 6
Jan. 27
Jan. 6
Jan.
Ists.IN0)010et.
CD +
..er .2V. Ci .
V
All commodities
57.4 +12.9 56.0
62.7 +13.1 62.5
87.2 +1.1 89.6
_-_ 76.0
71.8
72.4 +1.2 74.5
83.3 +4.4 83.3
85.5 +2.7 85.4
73.3 +3.4 73.3
81.7 +1.8 81.9
65.9 +6.4 65.6
64.8
70.9
88.2
71.8
73.3
87.0
87.8
75.8
83.2
70.1
The following comparison of total sales with those of five years ago
1929
-shows that decreases are rapidly becoming smaller:
TOTAL SALES DECREASES FROM SAME MONTHS IN 1929.
,
Farm products
Foods
Mks and leather products..
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
House furnishing goods
Miscellaneous
All commodities other than farm
products and foods
191
1934.
Kilowall-hours Generated (Net)
By fuel
By water power
1933.
51,518,260,000 44,093,871,000 +16.8
31,199.434,000 30,986,026,000 +0.7
Total kilowott-hours generated
82,717,694,000 75.079,897,000
Purchased energy (net)
3,366.852,000 2,602,546,000
Energy used in electric ry.& other depts... 1,965,130,000 1,975 716,000
Total energy for distribution
84,119,416,000 75,706,727.000
Energy lost in transmission, distribution, &c. 14,635,996,000 13,835,831,000
Kilowatt-hours sold to ultimate consumers 69,483,420,000 61,870 896,000
Total revenue from ultimate consumers_ $1,801,656,100 $1,772,796,400
important Factors
Percent of energy generated by water power_
41.3%
37.7%
Average pounds of coal per kilowatt-hour-. _
1.45
1 46
Domestic Service (Residential Use)
Average annual consumption per customer
(kwh.)
612
596
Average revenue per kwh. (cents)
5.41
557
Average monthly bill per domestic customer..
22.76
$2.77
Baste Information as of May 31
Generating Capacity (kw.)
-Steam
Water power
Internal combustion
Total generating capacity in kilowatts
Number of Customers
Farms in eastern area (inel. with domestic). Forms in western area (incl, with commercial, large)
Domestic service
Commercial--Small light and power
Large light and power
Other ultimate consumers
P. C.
Change.
23,980,900
9,001.200
470,100
+2.7
2.9
-0.4
24,024,700
8,963,900
457.200
33,452,200
+10.2
+29.4
0.5
+11.1
+5.8
+12.3
+1.6
33,445.800
(510,142)
(503,771)
(208,594)
20.196.207
3,697,715
524,945
67,606
(203,979)
19,699,071
3,652,878
522,022
70,628
Total ultimate consumers
24,486,473
23,944,599
x As reported by U. S. Geological Survey with deductions for certain plants not
considered electric light and power enterprises.
Changes in Cost of Living of Wage-Earners According
to National Industrial Conference Board-Increase of 0.3% Reported for June.
The upward trend in the cost of living of industrial wageearners, which was resumed in May after an interruption in.
192
Financial Chronicle
April, was continued in June with a rise of 0.3%, according
to the monthly index of the National Industrial Conference
Board. Increases from May to June were shown in all the
major items of the wage-earner's budget except clothing.
Living costs in June 1934, were 10.2% above the low of
April 1933, and 8.2% higher than in June 1933, but 20.6%
ower than in June 1929. In issuing its month index on July 9
the Board also said:
The purchasing value of the dollar, base 1923=100 cents, was 126.9
cents in June, as compared with 127.2 cents in May 1934, and 137.4 cents
in June 1933.
Food prices advanced 0.5% in June to a level 12.5% higher than in June
1933, but 29.7% lower than in June 1929.
Rents rose 0.6% from May to June. but were only 1.9% over their June
1933 level. They were. however, 29.8% lower than in June 1929.
Clothing prices as a whole fell off 0.6% from May to June. Women's
clothing prices declined 1.2% while men's clothing prices decreased only
0.1%. Clothing prices are 25.5% higher than in June 1933, but 21.2%
lower than in June 1929.
Coal prices increased 0.2% from May to June. In June they were 8.4%
higher than in June 1933, but 6.9% lower than in June 1929.
Increases in the prices of house furnishings and drugs and toilet articles
made the cost of sundries average 0.1% higher in June than in May.
Sundries were 3.6% above the June 1933 level, but 5.9% below that of
June 1929.
Item.
Index Numbers of P. C. Inc. (-I-)
ReitUbe
the Cost of Living
or Decrease(-)
Average Prices
Importance
from May 1934,
in
1923=100.
to June 1934.
Family
Budget. June 1934. May 1934.
Food •
33
74.5
74.1
+0.5
Housing
20
64.6
64.2
+0.6
Clothing
12
77.3
77.8
-0.6
Men's
80.7
80.8
-0.1
Women's
73.9
74.8
-1.2
Fuel and light
85.8
85.7
+0.1
Coal
82.9
82.7
+0.2
Gas and electricity
91.6
91.6
(0)
Sundries
92.5
92.4
30
+0.1
Weighted avge. of all items_ _
100
78.8
78.6
+0.3
* Based on food price index of the Un ted States Bureau of Labor Statistics,
averages of June 5 and June 19, and of May 8 and May 22, respec ively.
Business Experiencing Usual Summer Slackening
National City Bank of New York Finds Recession
Moderate However - Developments More Encouraging.
According to the National City Bank of New York "the
reports of business during the past month have given evidence of the usual summer slackening, but the recession
has been moderate." The bank, in its monthly "Bulletin"
dated July 2 goes on to say that "on the whole the showing
has been as good as the optimists had any right to expect,
and better than the pessimists werelooking for. Production
in most industries is being curtailed," the bank says, and
it adds "the general policy of both merchants and manufacturers is to reduce inventories that were built up during
the spring rise." The bank comments further as follows:
Trade reports are less favorable than earlier in the year. However,
forward buying and stocking during the upward movement were more
conservative than in the widespread speculation one year ago, and the
reaction is more moderate accordingly. Fears that inventory liquidation
would involve general disturbance in the markets have so far proved
unfounded.
Furthermore, developments affecting the business outlook during the
month have been more encouraging than heretofore. Good rains have
fallen in the grain and dairy States, in time to moderate the effects of
the drouth, and the loss of purchasing power where the crops have failed
will be made up in part by Government relief disbursements. Hogs.
cattle, cotton and other staples contributing heavily to the farm income
have advanced in price. The threat of further major labor troubles in
industry has receded appreciably, for the cotton textile and steel strikes
were postponed under conditions which make it seem unlikely that they
will take place, or that either industry will have to accept increases in
wage costs which would add to prices, and which consumers evidently
could not pay.
The capital goods industries show little or no improvement. Nevertheless, they take satisfaction in the modification of the Securities Act
in such manner that the barriers to new financing, upon which revival
in these industries depends, are less forbidding, if not broken down. Moreover,all business men are encouraged by the evidence that the new measures
put into effect during the past year are in fact flexible, as they have been
declared to be, and that when they do not work it is practicable to revise
them. The modifications of the National Recovery Administration
program are in the same direction.
Finally, there is a renewal of optimism, less well-grounded, on the
strength of the probable increase in Government spending. The cash
outlay of Public Works Administration funds for construction labor and
materials during the second half
-year is expected nearly to double that
-year, which was under $400,000,000. The plans of the
of the first half
Agricultural Adjustment Administration indicate the distribution before
the start of the next crops of around 8750,000,000, in part out of funds
already collected. Drouth and continuing relief expenditures and the
other appropriations will swell the totals. These disbursements will put
purchasing power in the hands of the individuals who receive them, and
they will be felt in trade everywhere.
To be sure, optimism based upon the expenditure of Government funds
may be of heedless or unthinking character, since economists agree, including those who favor the program, that these expenditures can be no
more than a stop-gap. They help the situation while they last, but unless
in the meantime private business once more becomes self-supporting
their effects will be lost when they are stopped. The fact that they continue necessary is evidence that the adjustments in costs and prices needed
to revive self-supporting industry, increase employment and stimulate
the exchange of goods, are lagging, and this is the aspect of the matter
to which all elements in the economic system should be giving their attention.
July 14 1934
Indexes of Business Activity of Federal Reserve Bank
of New York.
In presenting its monthly indexes of business activity in
its "Monthly Review" of July 1, the Federal Reserve Bank
of New York states that "general business appears to have
maintained a considerable degree of stability during the first
half of June, although department store sales in the metropolitan area of New York do not appear to have shown the
usual seasonal increase." Continuing, the Bank said:
This Bank's seasonally adjusted index of the railroad movement of merchandise and miscellaneous freight continued at the level prevailing since
January, and retail sales of automobiles were reported to have been stimulated by the recent price reductions.
In May no definite tendency was discernible in many of the important
measures of general business activity, but a slight advance was shown in
indexes relating to the retail distribution of goods. Declines were indicated
after seasonal adjustment in the volume of check transactions and life
insurance sales, while virtually no change occurred In advertising and freight
car loadings.
The extent of the increase in the dollar volume of retail trade since
the
low point of March 1933, following over three years of decline, is indicated
in the accompanying diagram [this we omit-Ed.), which shows seasonally
adjusted indexes of sales of department stores and mail order houses since
the beginning of 1930. The decline in the sales of these two groups of
establishments was about equally large from 1930 to the early part of 1933,
and in the spring and bummer of 1933 both recovered sharply. Subsequently,
however, sales of department stores which are situated principally i urban
and industrial areas, receded considerably along with a decline in manufacturing activity, and did not resume their upward course until the end
of the year. Meanwhile the sales of mail order houses continued to
rise
rapidly as farm crops were marketed at higher prices and farmers' incomes
were further increased by payments received from the Agricultural Adjustment Administration. As a result, the net recovery in department
store
business during the past year has been considerably less marked than in
sales of mail order houses. In both cases the increase in the physical
volume of goods sold has been much smaller than the rise in the indexes
of dollar sales shown in the diagram, as retail selling prices
have risen
Considerably during the past year.
(Adjusted for seasonal variations, for usual year to year growth, and where necessary
for price changes.)
1933.
May.
Primary Distribution
Car loadings, merchandise and miscellaneous_ __..
Car loadings, other
Exports
Imports
Waterways traffic
Wholesale trade
Distribution to ConsumerDep trtmenb store sales, United States
Department store sales, Second District
Chain grocery sales r
Other chain store sales
Mall order house sales r
Advertising,
Gasoline consumption
Passenger automobile registrations
General Businer Activity
,
Bank debits, outside New York CitY
Bank debits, New York City
Velocity of demand deposits. outside N. Y. CitY
Velocity of demand deposits, N. Y. CRY
Shama sold on New York Stock Exchange
Life insurance paid for
Employment in the United States,
Business failures
Building contracts
New corporations formed in New York StateReal estate transfers
1934.
Mar.
54
48
43
53
46
99
1934.
April,
1934.
May.
60
69
55
59
66
96
60
60
59p
58p
70
86
60
60
51p
132P
77
82
79,
71
67,
52,
72
36
74
77
71r
80
80r
59,
70
49
72
73
68r
72
71r
61,
68
31p
75
74
68,
74
72r
63r
57
53
73
52
231
64
64,
84
15
85
45
60
47
72
54
62
67
82r
41
30
56
47
66
56
77
63
64
73
83r
46
22
62
46
72
51
54
70
84r
42
23
57
General price level*
127
Composite index of wages'
172
Cost of living*
127
P Preliminary. r Revised. • 1913 avemge=100.
138
181
139
60
94
49p
47
137
183
139
137P
183p
140
Improvement, Contrary to Seasonal Change, Noted in
Business Conditions During May in Philadelphia
Federal Reserve District.
"Business conditions in the Third (Philadelphia) District
showed improvement during May, contrary to the usual
seasonal change and the preliminary indications at the beginning of that month," states the Federal Reserve Bank of
Philadelphia in its "Business Review" of July 2. "Industrial production," the Banks says, "comprising factory and
mineral products, expanded about 2% from April to May
and the level for the year to date continued 20% higher
than last year." The following is also from the Bank's
review:
The value of contracts awarded declined sharply during the
month in
all types of construction, except for gains in the case of family
dwellings
and miscellaneous non-residential buildings; operations on
old contracts
continued at a seasonally higher rate.
Distribution of commodities in this District was larger in May than
in
April and was well maintained in early June. The value
of both wholesale and retail sales showed more than usual gains in the
month and continued ahead of last year, reflecting partly the i ,fluence of
higher prices.
Sales of new passenger automobiles declined a little more than
usual, following an exceptional increase in the previous month.
Freight car loadings
also registered improvement, owing largely to increased
shipments of coal.
General employment in 12 branches of industry and trade
increased 2%
and earnings 6% from April to May, according to
reports from 5,000
establishments employing in May nearly 700,000 workers whose average
weekly payroll amounted to 815,200,000. In early Juno factory employment and payrolls, which account for about 48% of all workers employed
in these branches of labor and industry, declined seasonally
as indicated
by early reports.
Manufacturing.
Demand for finished products has fallen off appreciably since early May
as is to be expected at this season. Sales in virtually all lines have declined
in the month and in many instances even as compared with a year ago.
The volume of textiles sold by local factories again registered the greatest
decrease, continuing to reflect partly the usual seasonal let-down; the
volume of advance business at textile plants also has decreased in the month
and
and was noticeably smaller than a year ago. The market for leather
shoes shows customary recessions.
have been exceptionally large
Commitments for iron and steel products
since the early part of the year and in May reached apparently the highest
monthly volume in the past three years: but since May buying has slackened
considerably. Building materials, particularly that type which is used in
connection with residential repairs and construction, have been in fair
demand. Although sales on the whole have decreased in the month, they
continued larger than a year ago as in the case of other manufactures except
textiles.
The majority of reports from local producers indicate that price concessions last month have been more prevalent than at any time this year.
The supply of finished products at local plants generally has been reduced since the middle of last month and evidently continued smaller than
a year ago. This also seems to be true of raw materials, although lately
seasonal buying, as in the case of certain textiles, has been in evidence
with a consequent increase in stocks to be used in future manufacturing.
Both Employment and Payrolls in New York State
Factories Decreased from Mid-May to Mid-June
New York City Factories Also Report Losses.
A decrease of 1.2% in employment, accompanied by a
drop of 1.8% in total payrolls occurred in New York State
factories during the period from the middle of May to the
middle of June, according to a statement issued July 12 by
Industrial Commissioner Elmer F. Andrews. These losses
lowered the State Labor Department's index numbers,
which are computed with the averages for the three years
1925-1927 taken as 100, to 71.2 for employment and 57.1 for
payrolls. As compared with a year ago, employment and
payrolls during the middle of June were 19.7% and 26.6%
greater, respectively, Mr. Andrews statement said. It
continued in part:
Those statements are based on returns from 1,675 representative factories located in various parts of the State. employing during the middle
week of June approximately 348,600 persons and paying out more than
$8,083,000 in wages. The factories report each month to the State Labor
Department's Division of Statistics and Information, of which Dr. E. B.
Patton is the director. . . .
Seasonal decreases in New York State factory employment and payrolls
are customary in June, but the declines this month were somewhat more
pronounced than the average for the 19 years 1915-1933. The percentage
change in employment from May to June in the last 20 years is shown in
the following table.
1915
1916
1918
1922
1928
1929
1933
Increases
May to June.
+1.0%
+0.9%
+0.3%
+1.6%
+0.3%
+0.1%
+4.2%
193
Financial Chronicle
Volume 139
1917
1919
1920
1921
1923
1924
1925
Decreases May to June.
-1.2%
1926
1927
1930
-0.4%
1931
-2.0%
1932
-0.9%
1934
-2.8%
-0.7%
-0.4%
-0.3%
-1.8%
-2.9%
-3.5%
-1.3%
Large Decrease in Metals.
Most of the industries comprising the metals and machinery group
operated in June with smaller working forces than in May, with the group
as a whole showing a net decrease of 2.6%• The most pronounced losses
occurred in the business machines and other instruments and appliances
division, where the strike conditions evident in May still prevailed, and in
ship building and repairing, where seasonal curtailment was apparent.
Employment was also reduced in silverware and jewelry; iron and steel,
brass, copper and aluminum and railroad equipment and repair shops.
The automobile and automobile parts industry reported a further large
reduction in working forces. The airplane division showed a good-sized
gain, due to the settlement of a strike in an up-State plant. Structural and
architectural iron, machinery and electrical apparatus, firearms, tools and
cutlery and cooking, heating and ventilating apparatus factories reported
gains in the number of persons employed, while sheet metal and hardware
concerns had about the same number of employees as in May.
Seasonal Losses Continue in Clothing Factories.
Reports from clothing and millinery factories reflect the seasonal dullness
prevalent in most of this group during this period of the year. Manufacturers of women's clothing, women's undergarments and millinery, who
had reported decreases in May, showed further reductions in working
forces in June. Employment fell off also in the men's furnishings and
miscellaneous sewing divisions. Those decreases were counteracted in part
by a sharp pick-up in employment in men's clothing shops, where manufacturing for the fall season was beginning to get under way, and by a small
gain in laundries and dry cleaning plants. In the clothing and millinery
group as a whole, employment in June was 1.3% under the May level.
Textile Employment Seasonally Lower.
Textile mills continued to report seasonal reductions in the number of
operatives employed, with employment in the group as a whole falling off
an additional 2.9%. Makers of knit goods. who had been showing large
additions to their working forces during the previous few months, reported
the most pronounced decrease this month. Large losses were noted also
In rayon and other miscellaneous textile mills. Cotton goods mills, where
severe curtailment had occurred in May. showed further cuts in employment in June. Employment in silk and silk goods mills showed a good-sized
pick-up from the low level which had prevailed in May during the production holiday that had been ordered by the Silk Code Authority. The
woolens, carpets and felts division reported a slight loss in numbers
employed.
Increases in Most Other Industries.
The food and tobacco group was employing more persons in June than in
May. A major part of the increase was due to seasonal activity in canning
and preserving plants. Net increases were noted in stone, clay and glass,
wood manufactures, chemicals, oils and paints, and water, light and power
plants. With the exception of the furs and fur goods and pearl, horn and
bone divisions, where small gains occurred, the furs, leather and rubber
goods group reported recessions in employment during June. All divisions
of the printing and paper goods group had fewer persons working than in
May. Pulp and paper mills had approximately the same number of persons
employed in June as in the preceding month.
Employment and Payrolls Generally Lower in New York City.
Employment and payrolls in New York City factories registered decreases
in June of 2.8% and 4.4%, respectively, as compared with May. The
decline was general, with but two industry groups, the chemicals, oils and
paints and food and tobacco, showing some gain. A major part of the
decline was due to continued seasonal recessions in the apparel group.
With the exception of laundering and cleaning, all industries comprising this
group were letting go help. Mixed movements were apparent in the metal
group, but a large decline in ship building and repairing concerns and
losses in some of the other metal industries were more than sufficient to
offset the gains in the remaining divisions of the group. Employment fell
off in the stone, clay and glass, wood manufactures, furs,leather and rubber
goods, printing and paper goods and textile industries.
Four Up-State Centers Show Employment Gains.
Reports from up-State industrial centers indicate that gains in employment occurred during June in four of the districts. The rise which was
noted in both employment and payrolls in the Rochester district was due
mostly to a seasonal rise in the mem's clothing shops, where manufacturing of fall garments was getting under way. In Syracuse net increases
were noted in employment and wage payments. The Albany-Schenectady
Troy area also showed net gains in the number of persons employed and in
payrolls, with the principal increases occurring in plants manufacturing
machinery and electrical applicances, and in shirt and collar factories.
Binghamton reported a net rise in employment, but payrolls were lower
than in May. In Buffalo both employment and payrolls were lowered,
with most of the decreases occurring in the metal industries, especially in
automobile and automobile parts,iron and steel, and railroad equipment and
repair shops. The sharp losses which were noted in the Utica district
were due mainly to strike conditions in the business machines and instruments and appliances industry, and to decreases in some of the textile mills.
The percentage changes from May to June in employment and payrolls
in each of the industrial centers are given below.
May to June.
Employment.
Ctl1/-
Albany-Schenectady-Troy
Binghamton
Buffalo
Rochester
Syracuse
Utica
New York City
Payrolls.
+0.5
+0.8
-3.6
+5.7
+2.3
-12.4
-2.8
+1.2
-3.4
-5.8
+5.7
+3.4
-8.9
-4.4
FACTORY EMPLOYMENT IN NEW YORK STATE.
(Preliminary)
Percentage Change
May to June 1934.
Industry.
Total State.
Stone, clay and glass products
Miscellaneous stone and minerals
Lime,cement and plaster
Brick, tile and pottery
Glass_
Metals and machinery
Silverware and jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, heating, ventilating appliances
Machinery and electrical apparatus
Automobiles. airplanes. A,c
Railroad equipment and repair shops
Boat and ship building
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Pianos and other musical instruments
Miscellaneous wood, acc
Furs, leather and rubber-goods
Leather
Furs and fur goods
Shoes
• Gloves, bags, canvas goods
Rubber and gutta percha
Pearl, born, bone, Arc
Chemicals, oils, paints. kc
Drugs and industrial chemicals
Paints and colors
Oil products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
Paper boxes and tubes
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets, felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy products
Bakery products
Candy
Beverages
Tobacco
Water, light and power
Total
N. Y. Ctty.
+0.4
-0.9
-1.9
+2.3
+1.9
-2.6
-6.8
-4.9
-1.4
+15.6
-6.1
-18.2
-0.4
+2.4
-4.9
-2.4
-1.3
-7.2
-OA
+1.0
+3.8
+0.1
+0.2
-1.3
-19.2
-10.2
+0.4
+1.8
+1.3
-0.8
-0.3
-1.4
-3.8
+3.7
-1.4
-4.0
-0.6
+1.0
+0.7
-0.2
+3.5
+2.3
No Change
-0.1
-0.6
-1.0
-2.2
-0.3
-2.9
+11.2
-0.1
-5.1
-8.1
-5.4
-1.3
+14.4
-3.9
-11.8
-6.7
-10.4
-5.6
+0.4
+2.8
+1.0
+35.0
+0.3
+4.1
-0.9
+1.7
+5.4
-1.2
+0.7
--1.2
•;iii
+0.9
a.a
-0.6
-2.9
+1.9
-16.6
+2.2
-0.8
+1.7
-2.9
-5.8
+0.9
-3.9
7
-I.7
-6.6
-9.3
-1.7
+9.9
+0.3
+1.0
+4.5
-2.6
+0.2
-5.6
-0.9
-1.7
-0.7
-0.9
-3.1
+2.6
-11.5
.
7L8 1
-6.3
-7.2
-3.0
-14.0
-10.4
-7.1
-10.4
+1.8
+0.4
+2.4
-0.6
+2.9
-2.2
+4.6
+4.8
-0.6
-0.1
-2.8
Production of Lumber During Four Weeks Ended
June 30 1934 18% Less Than in Corresponding
Period of 1933
-Shipments Off 42%
-Orders Received 51% Lower.
We give herewith data; on identical mills for the four week
ended June 30 1934, as reported by the National Lumber
Manufacturer's Association on July 9:
Financial Chronicle
194
An average of 617 mills reported as follows to the National Lumber Trade
"Barometer" for the four weeks ended Rine 30 1934.
Production.
(In 1.000 Feel.)
Softwoods
Hardwoods
Total lumber
Shipments.
Orders Received.
1933.
1934.
1933.
1934.
1933.
540.719
66,236
680,464
61,319
476,180
50,396
809,195
105,011
461,354
42,624
919,393
106,739
606,955
741,773
526,576
914,206
503,978 1,026,132
1934.
Production during the four weeks ended June 30 1934 was 18% ess than
during corresponding weeks of 1933, as reported by these mills and 24%
above the record of comparable mills during the same period of 1932.
1934 softwood cut was 21% below that of the same weeks of 1933 and
hardwood cut was 8% above that of the 1933 period.
Shipments during four weeks ended June 30 1934, were 42% less than
those of corresponding weeks of 1933, softwoods showing loss of 41% and
hardwoods of 52%.
Orders received during the four weeks ended June 30 1934, were 51%
less than those of corresponding weeks of 1933 and 4% less than those of
corresponding weeks of 1932. Softwoods showed loss of 50% as compared
with similar period of 1933; hardwoods,loss of60%.
On June 30 1934, gross stocks as reported by 1.614 mills were 5,434,472,000 feet. Asreported by 509 mills stocks were 3,383.189,000 feet,the equivalent of 153 days' average production of reporting mills, as compared with
2,880,475,000 feet on July 1 1933, the equivalent of 130 days' average
production.
On June 30 1934, unfilled orders as reported by 1,614 mills were 895,796,000 feet. Five hundred and twenty mills reported unfilled orders as
607.184,000 feet, the equivalent 007 days' average production, as compared with 778,620,000 feet on0My 1 1933, the equivalent of 34 days'
average production.
The Association, in reviewing lumber operations for the
first half of 1934, said:
During the second quarter of 1934 lumber production as reported to
the National Lumber Manufacturers Association exceeded that of the second
quarter of 1933 by 11%; in the first quarter of this year production was
58% greater than in similar period of 1933. Based upon the best estimates
now available,lumber production in 1934 will be between 16 and 17 billion
feet, or about the same as the output in 1931. This compares with a
probable total in 1933 of about 14,600,000,000 feet.
During the first quarter of 1934 reported lumber orders at the mills were
29% above those of the same period of 1933; during the second quarter they
were 28% below those booked during similar months of 1933.
In the South reported new business at the lumber mills received during
the first six months of 1934 showed greater decline from last year than in
other sections of the country. In the Southern pine region reported orders
were 22% less than in the first six months of 1933; in Southern hardwood
mills orders were 15% below those of a year ago. In the West Coast territory orders were 10% under those of the first half of 1933; in other reporting
regions they were somewhat above last year's levels. Total softwood
orders were 7% below those of the first 26 weeks of 1933; hardwood orders
were 14% below their last year's record.
On June 30 1,614 mills reported gross stocks of 5,434,472,000 feet, or
12%% heavier than were reported by 7% fewer mills on March 31 1934.
Total stocks are estimated as about 8% billion feet as compared with
7,787,000,000 feet on Jan. 1 1934. On June 30 they were reported as
equivalent to 153 days' average production as compared with 130 days
a year ago.
July 14 1934
equivalent of 27 days' average production, as compared with 794,768,000
feet, or the equivalent of 35 days' average production on similar date a
year ago.
Identical Mill Reports.
Last week's production of 415 identical softwood mills was 85,745,000
feet, and a year ago it was 148,091,000 feet; shipments were respectively
79,368,000 feet and 162,996,000; and orders received 74,257,000 feet and
171,793,000 feet. In the case of hardwoods, 183 identical mills reported
production last week and a year ago 11,565,000 feet and 17,669,000; shipments 9,988,000 feet and 22,273,000 and orders 7,611,000 feet and 23,025,000 feet.
Six Months Motor Vehicle Output is 75% Ahead of
Last Year.
Motor vehicle production for the first half of 1934 was
1,802,442 units—an increase of 75% over the corresponding
period last year, according to a preliminary estimate released to-day by the National Automobile Chamber of
Commerce.
The Chamber estimated the industry's June output at
328,000 units which was a decrease of 7% under the preceding month and an increase of 27% over the same month
a year ago.
The estimate which is based upon reports of factory
shipments is summarized below:
June 1934
May 1934
June 1933
328,00016 mos. 1934
351,802 6 months 1933
257,613i
1,802,442
1,031.839
Weekly Crop Report of Bank of Montreal—Conditions
Reported Generally Good in Alberta and Northern
Saskatchewan and Manitoba.
Crop conditions are generally good throughout Alberta
and in northern Saskatchewan and northern Manitoba, but
in southern Saskatchewan and in certain section of central
and southern Manitoba the outlook is but fair to poor,
states the Bank of Montreal in its weekly crop report issued
July 13. The Bank said:
Hail damage is reported from scattered sections but is not considered
serious except in some local areas in Alberta and Saskatchewan. Reviewing
conditions in the Paririe Provinces as a whole, a leading grain company
estimates the state of the grain crop as 77% of normal. In Quebec Province
crops as a whole present a good appearance and weather conditions are
satisfactory. In Ontario rains and warm weather have promoted rapid
growth and spring grains are looking remarkably well. Haying is nearing
completion, the yield being much below normal though of good quality.
In the Maritime Provinces growth is below the average for this period and
rain is needed. In British Columbia fine weather with intermittent rains
has been favorable to growing crops in most districts, and conditions
generally are satisfactory.
Canadian Crop Situation Better According to S. H.
Business at Lumber Mills Lowest in 18 Months.
Logan of Canadian Bank of Commerce—Employment Higher as Construction Increases.
Volume of new business booked during the holiday week
In his review of conditions in Canada, S. H. Logan,
ended July 7 1934, was the smallest of any week in the
past 18 months; shipments and production, except for a General Manager of the Canadian Bank of Commerce,
year-end week in each case, were lowest since last spring states that "business in general has continued to hold the
according to telegraphic reports to the National Lumber higher ground it has won. A moderate seasonal recession in
Manufacturers Association from regional associations cover- certain industries," Mr. Logan said, "including those of
ing the operations of leading hardwood and softwood mills. both major and secondary classes, and further unfavorable
Not only July 4 shutdowns, which threaten to be longer elements in some foreign trade areas have been offset, at
and are more in number than usual, but strikes, forest fires least for the time being, by a considerable improvement in
and decreased buying on account of price uncertainties the National crop outlook and a speeding up of the comaccount for this low point in lumber movement. During the paratively large volume of construction work contracted
week ended July 7 production by 1,362 mills was 112,781,000 for in previous months." Issued under date of July 7,
feet; shipments, 102,959,000 feet; orders, 92,704,000 feet. Mr. Logan's review continued:
Abundant rainfall over practically all farm land during June so changed
Reports for the previous week from 1,374 mills showed:
the crop picture that it is now fairly bright, although marred in several
production, 164,670,000 feet; shipments, 156,152,000 feet; areas by irreparable damage as a result of severe winterkill and the proorders, 151,953,000 feet. Reviewing lumber operations tracted spring drouth.
The
of the rainfall in the Western
during the week ended July 7, the National Lumber Manu- ideal, distributionprecipitation being through the grain belt was almost
the earliest
southern prairies where
facturers Association further reported, in part, as follows:
the crops were in the most critical condition. Towards the end of the month
New
During the week ended July 7 all regions but West Coast, California
Redwood and Southern Cypress reported orders below production. Total
softwood orders were 15% below output; hardwood orders were 33% below
hardwood production. New business was 58% below that of corresponding
week of 1933: production was 41% below that of a year ago and shipments
were 52% below those of last year's week.
Unfilled orders on July 7 as reported by 524 identical mills were the
equivalent of 27 days' average production, compared with 35 days on
similar date of 1933. Gross stocks at 1,626 mills on July 7 totaled 5,503,703,000 feet.
Forest products carloadings during the week ended June 30 were 24,257
cars, which were 561 cars below the preceding week. 4,209 cars below the
same week of 1933 but 8,840 cars above similar week of 1932. These loadings
during the first six months of 1934 were 127,576 cars above those loaded
during similar period of 1933. or an increase of 27%.
Lumber orders reported for the week ended July 7 1934, by 933 softwood
mills totaled 79,803,000 feet; or 15% below the production of the same
mills. Shipments as reported for the same week were 86,138,000 feet, or
8% below production. Production was 93,595,000 feet.
Reports from 470 hardwood mills give new business as 12,901,000 feet,
or 33% below production. Shipments as reported for the same week were
16,821,000 feet, or 12% below production. Production was 19,186,000 feet.
Unfilled Orders and Stocks.
Reports from 1,626 mills on July 7 1934, give unfilled orders of 908,719,000 feet and gross stocks of 5,503,703,000 feet. The 524 identical
mills report unfilled orders as 625.210,000 feet on July 7 1934, or the
the rain shifted to the northern districts, filling a need in that area and we
estimate the condition of the wheat crop at about 85% of normal.
Preliminary reports on the June operations of the steel mills indicate
that while this month is usually a period of lessened activity, production
was close if not fully equal to that of May, when it was not only slightly
higher than in the preceding month but the second largest monthly output
since the early part of 1931. The operations have varied, however, at the
three leading centers; at one there has been a marked slackening, at another
a noticeable increase and at the third, where, incidentally, there is a large
backlog of orders, activity has been maintained on the higher scale established in May. Similar conditions are reported from the leading automotive
Points, one experiencing a let-down of seasonal proportions and another
continuing at a brisk pace; on the whole, however, automobile production
has been on a lower plane, though well above the level of June 1933.
The forest industries also present a generally favorable picture. While
there are signs of congestion in one major lumber market consequent upon
the growing competition among the principal exporting countries, the
British Columbia mills reached a seasonal peak of activity in May, when
their cut increased by more than one-third over that of April.
Employment has been stimulated by the increasing volume of construction actually undertaken, registered workers being more numerous than
in the spring, when there was a declining tendency. The value of construetion contracts awarded in June was about 30% below that reported in
May, when the figures were swelled by an abnormal amount of road work,
but the most recent projects were well in excess of those of June 1933, and
brought the total volume for the first half of the current year to a point
within 60% of that contracted for in all of 1933.
Financial Chronicle
Volume 139
June Flour Production Higher Than in May but
Continues Lower Than in June 1933.
General Mills, Inc., in presenting its summary of flour
milling activities for approximately 90% of all flour mills in
the principal flour milling centers of the United States,
reports that during the month of June 1934 flour output
totaled 5,049,871 barrels as aginst 4,993,003 barrels in the
preceding month and 5,459,270 barrels in the corresponding
period in 1933. In May of last year production amounted to
5,920,003 barrels.
During the 12 months ended June 30 1934 flour output
by the same number of mills reached a total of 62,504,627
barrels as compared with 67,781,645 barrels during the
12 months ended June 30 1933. The corporation's summary
follows:
PRODUCTION OF FLOUR (NUMBER OF BARRELS).
Wonth of June.
12 Ifonths Ended June 30.
1934.
Northwest
Southwest
Lake Central and
Southern
Pacific Coast
Grand total
1933.
1933-34.
1,334,833
1,811,212
1,506,224
1,836,689
16.095,717
21,791,861
17,249.442
23,877,505
1,704,702
199,124
1,793,390
322,967
20,810,295
3.806,754
23,055,968
3,598,730
5,049,871
5,459,270
82.504,627
67,781,645
1932-33.
Production of Sugar in Cuba Jan. 1 to June 30 Totaled
2,192,720 Tons-1,054,388 Tons Exported, 591,795
Tons to United States.
Cuban production of sugar to June 30 amounted to 2,192,720 tons, while exports from Jan. 1 to June 30 amounted
to 1,064,388 tons, according to advices to the New York
Coffee & Sugar Exchange from the Cuban Export Corporation, it was announced by the Exchange July 9. The
Exchange said:
Stocks on the entire island on June 30 totaled 2,178.651 tons. Of the
exports, 591,795 tons were destined for the United States and 462.593
for other countries. 94,119 tons of the amount destined for other countries
was from the segregated stocks. Approximately 94.3% of the decreed
crop. 21,315,000 tons, has been made so far.
Raw and Refined Sugar Shipments from Puerto Rico
to United States During Week of July 7 Above
Same Week Year Ago.
Raw sugar shipments from Puerto Rico to the United
States from Jan. 1 to July 7 totaled 565,427 short tons, an
increase of 8.1% when compared with shipments of 522,953
during a similar period last year, according to cables to
the New York Coffee & Sugar Exchange. Refined shipments during the period, the Exchange announced July 9,
amounted to 79,660, a 30.5% increase over the 61,052
-ton
total for the 1933 period. Shipments of raw and refined
together for the week ending July 7 amounted to 38,168
tons, against 20,174 in the same week last year. The
Exchange added:
About 81% of the quota for the United States under the Costigan-Jones
sugar bill has been shipped to date. The balance for shipment to complete
the quota figures is approximately 150,000 tons, part of which has already
been sold.
Shipments of Sugar to United States Surveyed by
Lamborn & Co. in Connection with 1934 Quota
Allotted by Jones-Costigan Act.
A survey of the shipments and distribution of sugar for
the United States incident to the 1934 quota of 6,476,000
short tons raw sugar value fixed by the United States Agricultural Adjustment Administration indicates, according to
the Lamborn Statistical Department, that:
Puerto Rican shipments to continental United States from Jan.
1 to
July 1 total 612,135 short tons raw value, or 76.2% of this
island's quota
0(802,842 tons.
Cuban shipments to the United States to July 1
total 561.863 tons, or
295% of the quota of 1,901,752 tons.
The shipments from the Virgin Islands to July 1 approximate
2,100 tons,
or 38.4% of the quota of 5,469 tons.
Hawaiian shipments to June 1 total 411.368 tons, or
44.9% of the quota
of 916,550 tons.
Distribution of domestic beet sugar to June 1 amounts to 742,715
tons,
or 47.7% of the quota of 1.556,166 tons.
Distribution of Louisiana and Florida cane sugar to July 1
approximates
86,200 tons, or 33% of the quota of 261,034 tons.
The Philippine quota of 1,015.186 tons based upon receipts in the
United
States has been completed as of June 21.
In our issue of June 9, page 3863, and June 2, page 3690,
we referred to the fixing of the quotas for the several sugar
producing countries.
Philippine Sugar Shipped to United States in Excess
of Quota Allotted by Jones-Costigan Act May Be
Released in 1935, AAA Announces.
Sugar shipments from the Philippine Islands, which do
not come within the quota recently established for the 1934
calendar year and which are being placed in customs control
or custody, may be released for marketing in the continental
195
United States after Jan. 1 1935 as a part of the total 1935
quota for the Philippines, it was announced June 30 by the
Agricultural Adjustment Administration. The Administration stated:
All sugar shipments from the Philippines for consumption in this country
which arrive during the balance of 1934 will continue to be placed in customs
custody or control in general order warehouses, unless entry into consumption is authorized by the Secretary of Agriculture. The Secretary may
Issue authorization of entry of further sugar under the Jones-Costigan Act.
This may come about if an increase in consumption of sugar in the United
States is evident or if certain areas are unable to supply the full quota of
sugar allotted to them.
The release of the surplus sugars after Jan. 1 1935. as part of the total
Philippine quota for 1935, or release of such sugars in case of increased
consumption or increase of quota, will make it possible for the entire
1933-34 crop of Philippine sugar to enter the United States for consumption
either in 1934 or 1935.
The Philippine quota of 1,015,000 tons established under
the JonesACostigan Act was exceeded by June 21 1934;
reference to the same was made in our issue of June 30,
page 4368.
Domestic Rates of Commission Extended by New York
Coffee & Sugar Exchange to Orders Received
from Customers Residing in Canada-Exchange
Also Amends Rules Applying to Grading of Coffee.
The membership of the New York Coffee & Sugar Exchange approved on July 5 amendments to the by-laws and
rules of the Exchange providing for the extension of domestic
rates of commission to orders received from customers residing in Canada. The rules applying to grading of coffee
were also amended, the Exchange said, to provide for increasing the period of validity of "certificates of grade" and
"certificates of classification" under the Colombian contract
from 3 months to 180 days,increasing the charges for grading
under an "appeal" and changing the method of making
"cup tests" in the classification of coffee.
1,227,000 Bags of Coffee Destroyed During June by
-Of 29,880,000 Bags Produced During 1933-34
Brazil
Crop Year 10,816,000 Bags Destroyed.
Coffee destruction in Brazil during June totaled 1,227,000
bags, the highest monthly total since September last year,
according to the New York Coffee & Sugar Exchange.
During the crop year July 1 1933 to June 30 1934 10,816,000
bags were destroyed, against 9,949,000 bags in 1932-33 and
8,376,000 during the 1931-32 year, which marked the beginning of the program to eliminate surpluses, the Exchange
announced July 5. Since the beginning of the program,
Brazil has destroyed 29,141,000 bags, or more than one year's
consumption for the entire world. The Exchange also said:
Brazilian production for the 1933-34 crop year amounted to 29.880,000
bags, according to official estimates, of which some 2,700.000 bags were retained on plantations. This indicated that about 27,200.000 bags had
left plantations. Exports amounted to 16.317,000 bags and there were
10,816,000 bags destroyed, or a total of 27.133,000 either exported or destroyed during the crop year.
Census Report on Cottonseed Oil Production During
June.
The Census Bureau report on cottonseed oil production
during June will be found in our Cotton Department.
Agricultural Department's Report on Cereals, &c.
The full report of the Department of Agriculture, showing
the condition of the cereal crops on July 1, as issued on the
10th inst. will be found in the Breadstuffs Department.
Imports of Raw Silk Into United States Lower During
June-Deliveries to American Mills Also Dropped.
Raw silk imports into the United States during June 1934
totaled 31,057 bales, or 16,378 bales under imports of
June 1933, it is announced by Peter Van Horn, Executive
Vice-President of the National Federation of Textiles,
Inc., successor to the Silk Association of America, Inc.
Mr. Van Horn's announcement continued:
Raw silk in storage in warehouses was 59,048 bales on July 1 1934 or
25.115 bales above July 1 1933.
Deliveries of raw silk to American mills during June 1934 were 33,069
bales, or 20,558 under the same month of 1933. June deliveries were
5,671 under last month.
Approximately 38,600 bales of raw silk were in transit at the end of June.
The following table, prepared by the Planning and Research Bureau of the National Federation of Textiles, was
also issued by Mr. Van Horn:
RAW SILK IN STORAGE.
(As reported by the principal public warehouses in New York City and Hoboken.)
(Times in Bales)European. Japan. AU Others. Total.
In storage on June 1
4,451 53,245
3,384 61,060
• Imports during June
15 30,217
825 31.057
Total available during June
4,466
z In storage July 1 (Incl. 3,109 bales at terminals)
4,071
Approx. deliveries to mills during June
395
83,462
4,189
92,117
51,300
3,677
59,048
32,162
512
33,069
Financial Chronicle
196
July 14 1934
prices reached levels reported as far below cost. The code
forbids below-cost selling of petroleum or its products. In
defense, the company held that the code permitted the meet1932.
1933.
1934.
1932.
1933.
1934.
ing of competitive prices.
62,905
69,747
83,820
52,238
53,114
27,976
January
Daily average crude oil production in the United States
70,570
60,459
74,607
53,574
23,377
29,808
February
62,675
43,814
62,828
38,866
22,289
32.301
March_
showed a decline for the third consecutive week, output last
57,849
43.038
61,083
30,953
41,134
35,647
April
59,159
40,125
61,060
34,233
week dipping 27,700 barrels to 2,564,300 barrels. This
44,238
38,717
May
53,048
33,933
59,048
31,355
47,435
31,057
June
total was 34,000 barrels above the Federal allowable for
50.721
51,684
38,055
62,348
July
52.228
55,515
61,412
46,683
August
July, the smallest excess in several weeks. Production was
49,393
73,800
56,859
49,470
September
54,465
93,625
58,775
48,346
October
still above that reported for the like 1933 week when output
57,932
91,122
47,422
32,319
November
62,837
96,786
was 2,596,250 barrels.
45,453
32.623
December
The report,compiled by the American Petroleum Institute,
195,506 503,376 547.195
Total
57,815
62,804
45,560
41,948
Monthly average_
pointed out that Texas, for the first time in several weeks,
61.034
48.519
67.073
40203
313.598
32504
R nula avernne
showed a decline in crude output from the preceding week,
Approximate Amount of Japan
output dipping 5,750 barrels. Oklahoma and California
Silt in Transit at Close
Approximate Deliveries
of Month.
also reported less oil produced for the week of July 7 than
to American Mills.y
in the previous week, declines totaling 14,650 barrels and
1932.
1933.
1934.
1932.
1933.
1934.
2,500 barrels, respectively.
48,500
25,700
58,793
32.200
46,204
40,942
January
31,000
28,100
45,909
37,600
32,665
39,021
In the labor field, developments were featured by an order
February
28,800
39,100
46,761
41,000
38.934
44,080
March
34,800
40,200
issued by the Petroleum Policy Labor Board that oil-industry
38,400
35,779
41.910
37,392
April
30,800
42.300
33.200
32,923
47,151
38.740
May
employees shall not be subject to any sort of pressure from
31,100
41,500
38,600
37,466
53,627
33.069
June
43,200
38,600
38,382
44.597
July
employers to join company unions nor can any restrictions
43,400
48,800
59,905
42.852
August
42,800
48,300
59,694
31,185
be placed in the way of the workers to organize their own
September
44.700
37.100
53,703
28,521
October
50,200
group.
37,200
43,955
34,822
November
51,400
27.200
40,548
26,959
December
The order was issued in a ruling made by the Board that
233.244 469.427 553,818
Total
the Phillips Petroleum Co. was interfering with its em40,058
37,842
46.151
39,119
Monthly average_
34.167
36,150
36,833
42,939
43,415
ployees in alleged efforts to make them accept a company
38,874
6 DIOS. average
union. Numerous complaints to the Board made by em• European Mani ens Nos. 24 to 27, Inclusive; Asietie Manifests has. 98 to
117 inclusive. y Includes re-exports. z Include 4.380 bales of Commodity Exployees at Phillips Co. plants at Berger and Pampa,Tex.,
change, Inc., certified stocks.
and Seminole, Okla., were investigated by the Board and the
Petroleum and Its Products-Congressional Probe order followed as a result.
Under Way-East Texas Conditions Improve
The decision said in part:
Crude Oil Output Drops.
"It is the deliberate policy of the Phillips Petroleum Co.
Testimony before the congressional sub-committee in- to interfere actively with the employee's right to organize
vestigating conditions in the petroleum industry at hearings for collective bargaining and to control the choices of repreheld at Austin in the latter part of the week presented widely sentation of its employees. We are of the opinion, therefore,
divergent views, according to press reports. At the con- that the action of the Phillips Petroleum Co., in actively
clusion of the hearings, following which the committee left promoting its 'company employees' union through meetings
for Houston, Representative Cole, of Maryland, Chairman, managed by the employer is in violation of Section 7, Article 2
said that so far no evidence had been presented to the com- of the petroleum code and Section 7-A of the National
mittee to substantiate reports that the Texas oil industry Industrial Recovery Act.
was in a chaotic condition. Mr. Cole held that it was well
"The company is asked to cease these activities and to
stablized, both as to production and price.
refrain from any further efforts to secure establishment of its
Officials of the Texas Railroad Commission testifying company employees union."
before the committee in Austin submitted data to show that
Strikes in Oklahoma, where 110 Champlin Refining Co.
"hot oil" production in the East Texas area had been sharply employees were out, and in Texas where 500 oil well rig
curtailed.in the past two or three weeks and the field is under builders were out, were settled during the week. In Oklafirm control. Direct denial of these statements was made homa a settlement, details of which were not made public,
by former Governor James E. Ferguson, spokesman for was negotiated by David Muskovitz, attorney for the
Governor Miriam A. Ferguson, who contended that the Petroleum Labor Policy Board, while in the East Texas
administration of the Railroad Commission was inefficient field the 500 workers returned to their jobs under a temporary
and was likely to lead to Federal control of the industry, or settlement pending final ruling on wages by NRA officials.
the creation by the Texas Legislature of a new State conThe Bureau of Labor Statistics of the Labor Department
servation agency which will take over the oil and gas regu- will institute a nation-wide study of wages, hours and
latory duties now performed by the commission.
working conditions in the oil industry in the middle of the
The committee held meetings at Tulsa and other oil current month. The survey will cover all phases of the
centers in Oklahoma early in the week at which State control industry, including oil wells, pipe lines, refineries, bulk
authorities meet with its members and testified to conditions plants and filling stations, and is being undertaken at the
in the Oklahoma oil industry.
request of the oil administration and the Planning and
Production of "hot oil" in the East Texas area is said Co-ordination Committee.
past two or three weeks,
to have dipped quite sharply in the
There were no price changes posted during the week:
press reports placing the current daily average output at
Prices of Typical Crudes per Barrel at Wells.
between 25,000 and 30,000 barrels, compared with an esti(All gravities where A. P. I. degrees are not shown.)
82.55 Eldorado, Ark., 40
51.00
mated figure of 100,000 barrels daily average some weeks Bradford, Pa
1.32 Rusk, Tex., 40 and over
1.08
Corning, Pa
1.13 Darst Creek
.87
back. The Congressional investigation, the new Federal Illinois
1.13 Midland District, Mich
.90
and the moves made Western Kentucky
tax on crude oil output and refining
1.35
Mid-Cont.. Okla., 40 and above-. 1.08 Sunburst, Mont
Hutchinson, Tex., 40 and over.... 1.03 Santa Fe Springs, Calif., 40 and over 1.30
by the Government and industry itself in co-operation to Spindletop, Tex., 40 and over
1.04
1.03 Huntington, Calif., 26
.75 Petrolia, Canada
2.10
curtail the market for "hot oil" through a gasoline-purchasing Winkler, Tex
.70
Smackover, Ark.. 24 and over
plan, have all combined to better underlying conditions
in the East Texas area. The detailed steps worked out by REFINED PRODUCTS-BOSTON GASOLINE PRICES CUT-EAST
-AUGUST ALLOWTEXAS BULK MARKET STRENGTHENS
Administrator Ickes and Attorney-General Cummings
ABLE PRODUCTION REDUCED-MOTOR FUEL STOCKS DIP,
whereby the Department of Justice will handle violations
Developments in the Eastern gasoline markets during the
of the oil code, also have played a material part in cutting
cent a gallon reduction in
a
down continued violation of the production sections of the past week were featured by 13/i
service station and tank wagon prices of gasoline in Boston
petroleum code.
of New York, Inc., in midOther developments in the East Texas area included the posted by the Standard Oil Co.
of the Government's petition for an injunction week. Other major companies met the cut. Other price
postponement
cut in gasoline tank wagon
against the Continental Oil Co., charging violation of the changes included a cent a gallon
the same company.
petroleum code, until July 23. The postponement was prices in Rochester, N. Y., by
The Boston cut was due to local marketing conditions
approved by attorneys for the company and by Government
unsettled in recent weeks with
legal counsel in order that attorneys concerned in the case which have been extremely
the Convention of the Texas Bar Association, independents quoting gasoline about 23/ cents a gallon
might attend
under the level maintained by the major companies. Socony's
according to press dispatches from Fort Worth.
spread. The condition is held
The company is charged with violating the cost provisions reduction narrowed this
gasoline price war in Dallas when to be confined to Boston and the surrounding territory
of the code in a recent
SUMMARY.
Imports During the Month.
In Storage at End of Month.
Volume 139
Financial Chronicle
with little chance seen of any general price war developing
in the New England area. The Rochester reduction also
was attributed to local conditions.
With Administrator Ickes formally approving the gasoline
purchase contracts between independent East Texas refiners and major companies, marked activity developed in
the tank car fasoline market in the East Texas area, according to press reports from that area. Reports placed commitments, approved by Mr. Ickes, at approximately 20,200
barrels with prices for the low octane material quoted at
33/i cents a gallon for spot shipments with futures being
quoted at the average level prevailing during the contract
period.
In the open market in East Texas,low octane material was
quoted at 3% to 3% cents a gallon with the majprs'purchases
held the main factor in pushing prices up from their recent
low levels. In Chicago, the improved condition following
the removal of those surplus stocks from the market was
reflected in a strengthening in low octane material prices to
3% to 4 cents a gallon, although limited stocks were reported
available around 3% cents a gallon.
In the local refined products' market, conditions showed
little change from last week. Prices in all major items
were well sustained with motor fuel movements stimulated
by holiday consumption. Stocks are moving into retail
channels in good style and the trade is fairly optimistic
concerning conditions following the improvement in bulk
gasoline prices in Chicago and in the East Texas area.
The August gasoline allowable was cut 903,000 barrels
below the July level by Administrator Mies, who ordered
that production next month be held down to 36,270,000
barrels. This compares with actual production in August
last year of 37,137,000 barrels.
While August demand is expected to approximate that of
the current month, Mr. Ickes recommended a cut in production in order to reduce excessive gasoline inventories
to a more economic level. This, he explained further,
meant that holdings should be reduced 4,270,000 barrels
during August.
Reflecting heavy consumption over the holiday last
week, stocks of finished gasoline reported by the American
Petroleum Institute showed a sharp break from the previous
week, dipping 1,041,000 barrels to 32,147,000 barrels.
In the previous week, stocks dipped 415,000 barrels. Reporting refineries showed only a slight gain in operations
last week, the rate rising to 69.4% of capacity, a gain
of 0.2%.
May domestic consumption of gasoline rose 12% over
the like month a year ago to 38,141,000 barrels, a new high
for May in the records of the United States Bureau of
Mines, according to a report issued by the Federal agency.
Stocks of motor fuel dipped 3,980,000 barrels during May
to 61,628,000 barreks, compared with a decline of 683,000
barrels in April and 661,000 barrels in May a year ago.
Price changes follow:
July 10.
-Standard Oil Co. of New York, Inc., reduced tank car prices
of gasoline 34 cent a gallon in Rochester, N. Y.
July 11.
-Standard 011 Co. of New York, Inc., reduced service station
and tank wagon prices of gasoline 1% cents a gallon in the Boston. Mass.,
area. Major companies met the cut.
New York
Atlanta
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Denver
Gasoline, Service Station, Tax Included.
New Orleans
$.19
$ 19
$.175
Detroit
Philadelphia
18
145
.22
Houston
San Francisco:
.22
.16
Jacksonville
Third grade_ _ _ .18
.185
Los Angeles:
Above 65 octane_ .20
.173
Third grade- - - - •155
Premium
19
.22
1734
Standard
19.19)4 St. Louis
145
Premium
17
.174
Minneapolis
Kerosene, 41-43 Water White, Tank Car, F. 0. B. Refinery.
New York:
5.0355 New Orleans. ex. 5.05Si
North Texas
(Bayonne)
Tulsa
0335-.0334
5.05% LO8 Ang.,ex__ .0434-.05
N. Y. (Bayonne):
Bunker C
Diesel 28-30 D-
Fuel 0 I, F. O. B. Refinery or Terminal.
Gulf Coast C
California 27 plus D
$1.00-1.10 Phila. bunker C
$1.30
1.95 New Orleans C
1.15
Gas 0 I, F. 0, B. Refinery or Terminal.
W. Y. (Bayonne):
Tulsa
I Chicago:
28 plus GO 5.0434-04341 32-36 GO ._$.0234-.0234
$1.15
1.30
$ 0231-.0234
U. S. Gasoline, Motor (Above 65 Octasie), Tank Car Lots, F. 0. B. Refinery.
Chicago
$.04%-.04%
N. Y. (Bayonne).
Standard Oil N. J.:
*
.04%
Shell Eastern Pet-$.0634 New Orleans
Motor, U. S-1.06% New York:
Los Angeles, ex...05-.06
62-63 octane_-_ .0634
0434
Colonial-Beacon._ 06% Gulf ports
I
.Stand. Oil N. Y_ .07
0634 Tulsa
0434
z Teas
*Tide Water Oil Co .06
06
Gulf
:Richfield Off (Cal.) .07
.0651
,
Republic 011
Warner-Quin. Co_ .07
Sinclair Refining- .0631
x Richfield "Golden." z "Fire Chief," $0.07. •Tydol. $0.07. y "Good Gulf."
50.0734. t "Mobligas."
Natural Gasoline Output Continued to Decline During
May 1934.
According to the United States Bureau of Mines, Department of the Interior, the daily average production of natural
197
gasoline in May was 3,940,000 gallons, a decrease of 160,000
gallons from the average in April. Production in the eastern
States continued to decline as the demand for natural gas
continued to fall off because of seasonal influences. Production in the East Texas field increased in May, when it
reached a new high figure of about 107,000 gallons daily.
Daily average production in the Panhandle, Kettleman
Hills, and Oklahoma City fields declined in May as compared with April. Stocks of natural gasoline held at the
plants on May 31 totaled 63,708,000 gallons, which was
slightly more than 10,000,000 gallons above stocks of May 1.
The Bureau's report further showed:
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS).
Produaton.
May
1934.
4,000
500
28.700
2,200
37,000
3,200
1,100
4,700
40,700
4,900
600
30,500
2,200
35,800
3,500
1,100
4,900
39,400
Stocks Elul of Mo.
Jan.
May
1933.
May
1934.
April
1934.
27,000 28,200
3.500
3,600
151,000 140,000
11,300 10.000
177,300 142,400
17,200 16.600
5,400
6,500
23,700 23,100
199,800 202,500
6,985
607
24.193
1,405
24.655
626
118
1,345
3,774
7.138
607
20.750
1,186
18,378
669
132
1,169
3.558
122,100 122,900 616,200 572,900
Total
3,940
4,100
4.080
3,790
Daily average
2,926 14,671 13,640
Total (thousands of barrels) 2,907
94
98
97
90
Daily average
63,708
53,587
1.517
1,276
Appalachian
Illinois, Kentucky & Mich
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
April
1934.
Jan.May
1934.
Joint Survey Will Seek Data on Wages, Hours and
Working Conditions in Oil Industry-Agents of
Bureau of Labor Statistics to Conduct Investigation.
A joint survey conducted by the Bureau of Labor Statistics,
the Oil Administration and the Planning and Co-ordination
Committee of the industry will seek to obtain data concerning wages, hours and working conditions in the petroleum
industry, according to an announcement on July 6. The
investigation is designed to learn the effect of the Oil Code
upon employment and wages. The survey is expected to
be started this month by field agents of the Bureau. A
Washington dispatch of July 6 to the New York "Times"
gave other details of the proposed survey as follows:
All divisions of the industry, oil wells, pipe lines, refineries, bulk plants
and filling stations, will be covered. A report is expected by the end of 1934.
Companies will be asked to give the number of employees and the fulltime hours under the several rates of pay. This information will concern
the periods May 1929, when activity in the industry was at its height;
May 1933, preceding the adoption of the Code; Nov. 1933. following the
adoption of the Code; May 1934; July 1934.
Other figures will concern total employment, payrolls and man-hours for
these periods. The cross-section survey will cover the wage structure,
including occupational descriptions, sex, color, age and length of service,
average actual earnings per hour, full-time and actual hours worked. This
will be supplemented by general information concerning employment
policies, methods of wage payment and working conditions.
Government officials believe that the data will be useful not only in
administering the Code but in adjustment of labor troubles.
Production of Crude Petroleum Continued to Gain in
May-Inventories of Refinable Crude Oil Showed
Further Increase.
According to reports received by the Bureau of Mines,
Department of the Interior, the production of crude petroleum in the United States during May totaled 79,870,000
barrels. This represents a daily average of 2,576,000 barrels,
which is 50,000 barrels above the daily average of the previous
month but considerably below the level of May 1933. All
of the major producing States and a majority of the others
increased their output in May. The largest increase was
recorded in Texas, the daily average for which increased
from 1,064,000 barrels in April to 1,079,000 barrels in
May. Unlike the experience in the past several months, the
gain in Texas in May was recorded outside of the East
Texas field, notably in the coastal area, Van, and the
Panhandle. Production in California showed a small increase in May as gains at Kettleman Hills and Huntington
Beach offset losses elsewhere. Daily average production in
the Oklahoma City field increased 6,000 barrels over April,
this comprising the major portion of the State's- increase.
The area which showed the largest gain in production in
May was the coastal district of Louisiana, which reached a
new level of 60,000 barrels daily, compared with an average of
49,000 in April. Practically all of the fields in the Louisiana
coastal area have contributed to the increased output of
recent months, with the Leesville field being outstanding.
The Bureau of Mines in its report, further reported as
follows:
Stocks of refinable crude oil continued to increase, totaling 355.883,000
barrels on May 31. compared with 354,350,000 barrels on May 1. The
largest increase in crude stocks in May occurred In Oklahoma.
198
Financial Chronicle
The percentage yield of gasoline showed a slight increase but less motor
fuel was made outside of refineries hence the daily average output of motor
fuel in May (1,163,000 barrels) was practically the same as in April. The
total demand for motor fuel in May was 40,048,000 barrels, of which
1.907,000 barrels represented exports and 38,141,000 barrels was domestic
demand. The latter, which represents the approximate movement of gasoline from refineries to terminals rather than actual consumption, was substantially higher than May a year ago. Stocks of motor fuel declined
materially totaling 61.628,000 barrels May 30 compared with 65,608,000
barrels on hand May 1.
The outstanding change in the statistics of the minor products in May
was a material increase in the demand for road oil.
According to the Bureau of Labor Statistics, the price index for petroleum
products during May 1934 was 50.7, compared with 49.4 in April and
31.2 in May 1933.
The refinery data of this report were compiled from refineries with an
aggregate daily recorded crude oil capacity of 3.516,000 barrels. These
refineries operated during May at 70% of their capacity, given above.
which compares with a ratio of 71% in April.
SUPPLY AND DEMAND OF OILS.
(Thousands of Barrels of 42 Gallons.)
Jan.May
1934.
May
1933.
Jan.
May
1933.
May
1934.
79,870
2,578
2,907
172
82,949
2,678
75.796
2,526
2,926
152
78,874
2,629
84.747 388.640 350,389
2,320
2.441
2,734
2,776 14,671 13,640
105
745
465
87,628 384,058 364,494
2,543
2,414
2,827
163,012
1,444
87,405
2,820
b2,845
1,258
82,977
2,766
2,208 14.098 14,119
5,774
8,303
653
90,487 403,928 384.918
2,549
2.875
2,919
2.082
224
89,487
2,887
83,201
2,773
3,724
5.915
3,942
7,875
38,141
3,222
26,744
1,941
78
524
1,285
779
3,674
172
3,288
32,735
3.854
25,478
1,851
82
520
1,021
247
3,642
183
2,373
33,999 155,888 142,224
3,005 19,493 15,835
23,527 147,043 131,789
7,977
6,117
1,824
82
410
428
3,641
3,735
528
3,428
1,231
3,579
446
1,859
819
4.232 17,252 17,275
736
570
155
3,926 14,658 12,561
79,848
2,578
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
April
1934.
71,584
2,386
72,755 372,318 334,801
2.347
2,466
2.217
Decrease in stocks, all oils_ _ _ _
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
Total domestic demand
Daily average
14,500 c10,093
c9,555
80,932 418,428 374,823
2,482
2,771
2,811
15,047
31,065
2,678
5,499
11,577
28,445
Stocks
Crude petroleum_
Natural gasoline
Refined products
355,883 354,350 343,588 355,883 343,588
3,966
3,966
4,420
4,420
4,269
227,410 231,178 250,648 227,410 250,648
Total, all oils
Days' supply
587,713 589,795 598,202 587,713 598,202
212
241
229
204
213
a From Coal Division. b Receipts of foreign crude as reported to Bureau of
Mines. c Increase.
PRODUCTION OF CRUDE PETROLEUM BY STATES AND PRINCIPAL
FIELDS.
(Thousands of Barrels of 42 Gallons.)
May 1934.
April 1934.
Total. DailyAv. Total. DatlyA v.
Arkansas
938
California:
1,292
Huntington Beach
1,834
Kettleman Hills
2,114
Long Beach
1,294
Santa Fe Springs
8,537
Rest of State
15,071
Total California
98
Colorado
411
Illinois
75
Indiana
4,173
Kansas
350
Kentucky
1,853
Loulsiana-Gulfcoast
•
764
Rest of State
2,617
Total Louisiana
1,002
Michigan
278
Montana
1,426
New Mexico
319
New York
299
Ohlo-Central & eastern_
Northwestern
95
394
Total Onto
Oklahoma-Oklahoma City 6,175
3,331
Seminole
6,988
Rest of State
16,474
Total Oklahoma
1,301
Pennsylvania
1
Tennessee
5,168
-Gulf coast
Texas
4,384
West Texas
16,280
East Texas
1,770
Panhandle
5,843
Rest of State
33,443
Total Texas
351
West Virginia
556
Wyoming-Salt Creek
596
Rest of State
1,152
Total Wyoming
• United States total
79.870
922
31
1,190
42
1,682
59
2,008
88
42
1,288
8,305
275
486 14,473
3
86
373
14
66
2
4,031
135
338
11
1,475
60
764
25
2,239
85
32
901
9
237
1,401
46
295
10
260
10
85
3
13
345
5,803
199
3,188
107
6,706
225
531 15,697
42
1.187
1
____
4,809
167
4,075
141
525 15,887
1,680
57
5,514
189
1,079 31,925
332
11
18
538
411
19
947
37
40
56
67
43
276
482
3
12
2
134
11
49
25
74
30
8
47
10
9
3
12
193
106
224
523
40
--160
136
529
55
184
1,084
11
18
14
32
30
2,576
75,796
Jan.May
1934.
Jan.
May
1933.
4,585
4,644
6,010
3,891
8,209
8,989
9,464 10,495
8,321
7,962
41,007 38,748
71,011 70,063
435
404
1,908
1,471
335
249
18,892 16,207
1,758
1,867
7,246
5,559
3,944
4,165
11,190
9,724
4,408
2,260
1,156
797
6,673
5,392
1,479
1,233
1,333
1,323
410
400
1,743
1,723
27,569 20,913
15,998 18,030
32,768 29,297
76,335 88,240
5,814
4,924
1
4
24,285 22,297
20,144 24,422
74,817 76,510
7,898
8,824
27,206 27,028
154,350 157,081
1,678
1,443
2,891
3,025
2,195
1,641
4,888
4,686
Oil
Gas
Dry
April
1934.
May
1933.
1,112
98
369
914
72
287
460
61
273
Jan.
-May
1934.
Jan.
-May
1933.
4,676
452
1,553
2,606
324
1.427
6.681
4,357
1,273
1.579
794
a From "Oil and Gas Journal" and California office of the American Petroleum
Institute.
Total
Crude Oil Output Off 27,700 Barrels During Week
Ended July 7 1934, But Exceeds Federal Quota by
-Inventories of Gas and Fuel Oil
34,000 Barrels
Slightly Higher.
The American Petroleum Institute estimates that the
daily average crude oil production for the week ended
July 7 1934 was 2,564,300 barrels, a decrvse of 27,700
barrels under the previous week. The current figure exceeded
the Federal allowable figure which became effective on
July 1 1934 by 34,000 barrels and compares with a daily
average production of 2,591,950 barrels during the four
weeks ended July 7 1934 and with an average daily output of
2,596,250 during the week ended July 8 1933.
Further detags as reported by the American Petroleum
Institute follows:
Imports of crude and refined oil at principal United States ports totaled
854.000 barrels for the week ended July 7,a daily average of 122,000 barrels,
compared with a daily average of 187,143 barrels in the preceding week
and a daily average of 152,071 barrels over the last four weeks.
APO
Receipts of California oil at Atlantic and Gulf Coast ports totaled 148,000
barrels for the week ended July 7 1934, a daily average of 21,286 barrels,
against a daily average of 68,571 barrels over the last four weeks.
Reports received for the week ended July 7 1934 from refining companies
owning 89.7% of the 3.760,000 barrel estimated daily potential refining
capacity of the United States, indicate that 2,341,000 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, 32,147,000 barrels of finished
gasoline; 6,905,000 barrels of unfinished gasoline and 106,333,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines
amounted to 18,217,000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units, averaged 459,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels.)
,
Actual Production.
Federal
Average
Agency
4 Weeks
Week
Allowable Week End. Week End. Ended
Ended
July 7
Effective
June 30
July 7
July 8
1934.
July I.
1934.
1934.
1933.
515,100
131.350
625,600
129,850
573,600
131,550
58,900
57,750
27,450
145.150
54,900
507,780
52,100
49,200
60,050
57,650
27,100
144,150
54,050
503,850
52,150
48,700
49,050
49,500
21,550
162,200
58,450
548,050
65,800
49,400
119,350
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
500,450
130.550
63,150
57,550
27,100
141,550
54,750
503,100
61,600
48,150
489,500
134.500
Oklahoma
Kansas
118,850
117,800
123,500
1,042,100 1,066,300 1,072,050 1,065,500 1,127,300
Total Texas
25,000
72,350
North Louisiana
Coastal Louisiana
25,250
67,550
25,200
65,700
26,550
42,600
88,900
Wyoming
Montana
Colorado
97,350
92,800
90,900
69,150
33,000
108,900
33,200
31,900
97,350
30,950
31,550
104,750
31,850
31,600
101,400
31,200
31,500
86,800
16,500
33,200
8,000
3,000
Total Louisiana
Arkansas
Eastern (not incl. Mich.).
Michigan
36,500
8,700
3,200
37,000
8,750
3,000
35,650
8,350
2,950
28,550
7,750
2,550
44,200
48,400
48,760
48,950
36,850
46,600
809,400
Total Rocky Mtn.States
New Mexico
California
48,550
512,500
48,800
515,000
48,300
520,850
37,400
485,800
Total United States-. 2,530,300 2,564,300 2,592,000 2,591.950 2,598,250
Note.
-The figures indicated above do not Include any estimate of any oll which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS WEEK ENDED JULY 7 1934.
(Figures in thousands of barrels of 42 gallons each.)
District.
PotenRate.
East Coast__
APPalachlan
Ind.,III.,Ky_
Okla., Kan.,
Missouri__
Inland Texas
Texas Gulf__
La. Gulf-___
No, La.
-Ark.
Rocky Mtn.
California__
Crude Runs
to Stills.
Stocks a Stocks
Stocks
of
of
b Stocks
of
Fintinof
Gas
Daily P. C. ished finished Other
Repo? tag.
and
Aver- Oper- Gaso- Gaso- Motor Fuel
Total. P. C. age. tiled. line.
line.
Fuel.
014.
Daily Refining
Capacity of Plants.
582
150
446
582 100.0
140 93.3
422 94.6
461
351
566
168
92
98
848
386
167
582
162
77
84
822
83.7
47.6
97.5
96.4
83.7
66.7
96.9
458 78.7 15,636
92 65.7 1,593
325 77.0 8,269
1,176
298
1,153
240
86
468
128
58
32
456
734
274
1,799
240
78
173
980
82.2 5,295
51.5 1,015
84.8 3,984
• 77.8 1,099
75.3
251
50.0 1,032
55.5 12,190
220
166
43
8,210
958
3,756
550 3,482
407 1,559
223 7,246
____
1,596
29
478
38
631
2,468 78,419
Totalsweek:
July 7 1934_ 3,760 3,374 89.7 2.341 69.4 d50 384 6,905 4,150 108,333
June 30 1934 3,760 3,374 89.7 2,335 69.2 c51,405 6,715 4,200 106,223
a Amount of unfinished gasoline contained In naphtha distillates. 14 Estimated.
Includes unb ended natural gasoline at Wineries and plants also blended motor
fuel at plants. c Includes 32,203,000 barrels at refineries and 19,202,000 barrels
at bulk terminals in transit and pipe lines. d Includes 32,147,000 barrels at refineries and 18,217,000 barrels at bulk terminals, In transit and pipe lines.
2,528 368,640 350,389
NUMBER OF WELLS COMPLETED IN THE UNITED STATES.a
May
1934.
July 14 1934
Slab Zinc Shipments and Production Decline During
June.
Slab zinc shipments continued to exceed production during
the month of June 1934. According to the American Zino
Institute, Inc. there were produced during that period
25,143 short tons as compared with 30,992 tons in May
and 23,987 tons in June 1933. Shipments totaled 30,186
tons against 35,635 tons in the preceding month and 36,647
tons in June 1933. Inventories were further reduced during
June. They fell from 104,732 tons May 31 to 99,689 tons
on hand June 30. A year ago inventories of slab zinc totaled
122,891 short tons. The Institute's statement follows:
SLAB ZINC STATISTICS (ALL GRADES)
-1929-1934.
(Tons of 2,000 Pounds.)
Produced
During
Period.
1929.
fotal for year. 631,601
donthly aver- 52.633
1931.
rota' for year. 504,463
donthly aver_
42,039
1931.
fetal for year. 300,738
donthly aver_
25,062
1932.
fanuary
22,471
February
21,474
darch
22.448
kpril
20,575
Way
18,605
rune
16,423
July
14,716
august
13,611
5eptember
13,260
Dctober
15,217
November_.._
16,076
December_
18,653
Shipped
During
Period.
(a)
RetorU
Stock at Slugged Operating
End of
for
End of
Period. Export. Period.
Unfilled
Orders
End of
Period.
75,430
6.352
529
57,999
68.491
18,585
36,275
36,356
143,618
196
16
31.240
47,769
26,651
314,514
28,210
129,842
41
3
19.875
23,099
18,271
22,404
21,851
22,503
18,032
18,050
14,971
12,841
16.360
20,838
19,152
15,970
15,745
129,909
192,532
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
15,087
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
1933.
January
18,867
February
19,661
March
21,808
April
21,467
May
21.516
June
23,987
July
30,885
August
33,510
September_ _
33,279
October
35
.141
November_
32,682
December_ __
. 32,022
15,162
14,885
15,889
19,399
27,329
36,647
45,599
42,403
34,279
37,981
26,783
27.885
344,001
28,687
32,954
30,172
33,721
30,562
30,992
25,143
28,532
32,381
32,753
31,948
35,635
30,188
128,561
133,357
139,296
141,364
135,551
122,891
108,157
99,264
98264
95:424
101,223
1055 0
6
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
25,838
27.220
25,41,3
26,820
28,142
27,190
239
20
111,982
109,793
110,761
109,375
104,732
99,689
44
0
3
0
0
48
21,070
22,500
21,683
21,528
22,154
22,590
24,127
25,968
llf.019
25,819
27,159
28.318
6,313
6,582
8,581
18,072
21,058
27,142,
35.788
26,594
27,763
23,386
20,633
15,978
23,653
28.744
30,763
26,952
26,692
27,193
31,284
26,975
27,779
28,816
25,349
25,086
27,720
1.40000.0
324,705
27.059
170
14
IsOC* VIWC.
.3o6%-.t :c5,
7
NNNNNN
1934.
January
February
March
April
May
June
Average
Retorts
During
Period.
602,601
50.217
Total for year. 213,531
Monthly aver_
17,794
Total for year
Monthly aver_
199
Financial Chronicle
Volume 139
a Export shipments are included in total shipments.
Note.
-These statistics include all corrections and adjustments reported at the
year-end.
Non-Ferrous Market Quiet-Lead Buying Continues
in Good Volume-Domestic Copper Quiet
-Zinc
Unsettled.
"Metal and Mineral Markets" in its issue of July 12
announced that except for continued heavy buying of lead
at the recently reduced prices, the market for non-ferrous
metals was a quiet affair last week. Domestic copper was
unchanged, with the industry awaiting the outcome of the
survey being conducted by the Code Authority to determine
the size of the invisible supply and the use of scrap by
fabricators. Zinc was dull, despite the reduction in stocks,
and the price was unsettled in some directions. Tin averaged a little higher on support by London operators. Silver
in the open market touched 46% cents during the last week.
The flow of newly mined domestic silver into the Treasury
is increasing. Steel operations moved up to 27.5% of
capacity for the week beginning July 9. "Metal and Mineral Markets" further went on to say:
Copper Unchanged.
Demand for copper in the domestic market was relatively light last
week, with total sales for the seven-day period falling slightly under 1,000
tons. Price of the metal continued unchanged at 9c., delivered Connecticut. Little improvement in the rate of moving copper into consumptive
channels is expected before next fall.
Sales of copper abroad continued at about the same level as in recent
weeks. Prices, however, declined somewhat, the recession being largely
the result of the increased amount of metal available in foreign markets.
During the seven-day period prices ranged from 7.375c. to 7.750c., c.i.f.
The Copper Code Authority,under data of July 7, has sent a questionnaire
to consumers requesting data that will enable both consumers and producers to Judge what new volume of business is available. The Information
Is required, according to IL G. King, managing director, as a basis from
which to draw up the permanent buying agreement, and will be kept confidential as to Individual reports. The questions to be answered are:
(a) Stock of copper on hand March 22 1934.
(b) Copper content of new sales commitments made March 22 to April 30
inclusive, May 1 to May 31 inclusive and June 1 to June 30 inclusive.
(C) New copper purchased March 22 to June 30 inclusive.
(d) Copper content of scrap purchased from March 22 to June 30inclusive.
(e) Average monthly consumption of copper for the twelve months ended
June 30 1934, together with an estimate of the proportion of new and
scrap copper used.
Temporary purchasing agreements have been signed by users of more
than 95% of copper consumed in the United States. A third list of consumers who have signed agreements with the Copper Code Authority,
including important manufacturers of electrical equipment, follows:
Baer Brothers; Chase Brass & Copper Co. (Cleveland, 0.); Chase Brass
& Copper Co., Inc. (Waterbury, Conn.); Dill Manufacturing Co.; General
Electric Co.; Gilby Wire Co.; International Silver Co.; Martin Sales &
Supply Co.; Mueller Brass Co.; National Brass & Copper Co.; Nehring
Electrical Works; Otis Elevator Co.; Sandusky Foundry & Machine Co.;
Sperry Gyroscope Co., Inc.; Weatherhead Co.; Westinghouse Electric &
Manufacturing Co.
Lead Demand Active.
Consumers purchased lead in the last seven days at about the same good
rate as in the preceding week, absorbing at least 7,200 tons. Most of the
demand was for August shipment lead, indicating that July may fall somewhat below the average of recent months in the movement of the metal
into consumption. Sales of lead for July shipment so far amount to about
22,000 tons. With the exception of the foil makers, nearly all of the important outlets for lead were represented in the buying. The price was
unchanged at 3.75c., New York, the contract basis of the American Smelting & Refining Co., and at 3.60c., St. Louis.
Output of lead by the large producers is said to be contracting at present.
The movement of lead scrap has slackened considerably.
Zinc Sold at 4.325c.
The outstanding development in the zinc market last week was the sale
of metal below the generally prevailing price level of 4.35c., St. Louis.
One lot of fair size sold on the basis of 4.325c. as early as July 5. On
July 10 a substantial tonnage was sold at the same figure for prompt and
nearby delivery. On July 11 the metal was reported available in more
than one direction at this lower level. Sales during the calendar week
ended July 7 totaled 1,873 tons, according to reports circulating in the
industry.
Statistics for June show a reduction in stocks in the United States of
5,043 tons, bringing the surplus held by producers down to 99.689 tons,
the lowest since last October. Unsettled labor conditions are said to have
been a factor in effecting the decline in stocks.
Tin Quiet Here.
Some buying took place last Thursday on the sudden advance In the
London market, but consumer interest over the remainder of the week was
indifferent. The buying abroad that moved the London price to above
£230 was traced to operators who have been credited in the past with
representing the pool. Tin-plate operations here ar eestimated at about
50% of capacity.
Chinese 99% tin was quoted nominally as follows: July 5, 51.45c.; 6th,
51.40c.; 7th, 51.45c.; 9th, 51.30c.; 10th, 51.25c.; 11th, 51.30c.
Steel Shipments Show Further Increase.
Shipments of finished steel products by subsidiaries of
United States Steel Corp. aggregated 985,337 tons in June,
the largest the figure has been since May 1930 when 1,203,916
tons were shipped. In May 1934 the figure amounted to
745,063 tons and in June a year ago to only 603,937 tons.
Below are the figures of shipments by months for five years:
TONNAGE OF SHIPMENTS OF STEEL PRODUCTS BY MONTHS FOR
YEAR-9 INDICATED.
Month.
January
February
March
April
May
June
July
August
September
October
November
December
Yearly adjustment_
Total for year
Year 1930. Year 1931. Year 1932. Year 1933. Year 1934.
1,104,168
1,141,912
1,240,171
1.188,456
1,203,916
984,739
946,745
947,402
767,282
784,648
676.016
579,098
800,031
782,522
907,251
878,558
764,178
653,104
593,900
573,372
486,928
476,032
435,697
351.211
426,271
413,001
388,579
395,091
338,202
324,746
272,448
291,688
318,019
310,007
275,594
227,578
285,138
275,929
256,793
335,321
455,302
603,937
701,322
668,155
575.161
572,897
430,358
600,639
a(40,259)
a(6,040)
a(5,180)
b(44,283)
11,624,294
7,676,744
3,974,062
331,777
385,500
588,209
643,009
745,063
985,337
5.805,235
a Reduction. b Addition.
Exports of Tin During May Totaled 7,551 Tons Compared with 6,909 in April, According to International Tin Committee-Buffer Stock Agreement
Signed-Several Countries Join International Tin
Agreement.
The five countries participating in the International Tin
Agreement exported 7,551 tons of tin-during May according
to a communique issued by the International Tin Committee, and made public on July 12 by the New York office
of the International Tin Research and Development
Council. This compares with 6,909 tons exported in April,
and is 491 tons under the monthly quota allowed for exports,
from April 1, of 8,042 tons. None of the participating
countries exceeded its quota.
The formation of the buffer stock of tin of 8,282 tons,
which had been agreed to by the signatory governments as
noted in our issue of June 9, page 3857, has been signed by
the delegates, it was stated in the communique. It was also
noted that French Indo-China, the Belgian Congo, Portugal
and a Cornish group have joined the International Tin
Control Agreement. The communique was made public
as follows:
The International Tin Committee met at the Billiton offices, The Hague,
on July 10 1934. The monthly statistics as to export are as follows:
CABLED INFORMATION FROM PARTICIPATING COUNTRIES FOR THE
MONTHS APRIL AND MAY 1934.
Monthly
Export
Permissible
from
Jan. 1 1934.
N. E. I
Nigeria
Bolivia
Malaya
Slam
Jan.
to
Mar.
Monthly
Export
Permissible
from
April 1 1934.
April.
May.
1,364
373
1,556
2,552
816
4,240
995
4,548
7.707
2.658
1,667
464
1.94.3
3,152
816
1,310
439
1,663
2,794
703
1,780
319
1,648
3.125
701
Export.
Note.
-These quotas are now fins under Article 17(6) of the Agreement.'
fle
N.E. I. quota from Jan. 1 1034 has been reduced from 1,385 to 1,364 tons.
200
Financial Chronicle
Announcement was made that French Indo-China, the Belgian Congo,
Portugal and a Cornish group have joined the International Tin Control
Scheme. Details of their participation will be announced shortly.
The Buffer Stock Agreement was signed by the delegates. This agreement
will be printed and published at an early date.
Steel Output Rises to Approximately 27% of Capacity
Steel Scrap at New Low.
According to general expectations, public works projects
and the automotive industry are proving to be the chief
supports of the steel trade in the first normal week of the
summer quarter, the "Iron Age" of July 12 states. While
steel producers are building up their own inventories in some
instances, the consuming groups mentioned, together with
the railroads, are largely responsible for an increase of six
points, or nearly 30%, in steel output this week, bringing
the ingot production rate for the industry to 27% of capacity.
The "Age" continues:
1934
1933
1932
1931
1930
1929
1928
1927
July 14 1934
High.
$13.00 Mar. 13
12.25 Aug. 8
8.50 Jan. 12
11.33 Jan. 6
15.00 Feb. 18
17.58 Jan. 29
16.50 Dec. 31
15.25 Jan. 11
Low.
510.58 July 10
6.75 Jan. 3
6.42 July 5
8.50 Dec. 29
11.25 Dec. 9
14.08 Dec. 3
13.08 July 2
13.08 Nov.22
The American Iron and Steel Institute on July 9 announced
that telegraphic reports which it had received indicated
that the operating rate of steel companies having 98.1%
of the steel capacity of the industry would be 27.5% of the
capacity for the current week, compared with 23.0% last
week and 56.9% one month ago. This represents a increase
of 4.5 points, or 19.5%, over the estimate for the week
of July 2. Weekly indicated rates of steel operations since
Oct. 23 1933 follow:
Higher schedules are reported from all principal producing districts
except the Birmingham and Wheeling areas, where declines of five points
1934
1934
1933
1934
Oct. 23
47.7% May 7
29.3% Mar. 5
to 45 and 35% respectively have taken place. Open-hearth plants at
31.6% Jan. 1
56.9%
Oct. 30
30.7% Mar. 12
46.2% May 14
26.1% Jan. 8
56.6%
Detroit are still running at capacity and production at Chicago is unMar 19
34.2%
Nov. 6
25.2% Jan. 15
46.8% May 21
54.2%
has risen eight points to 18%;
changed at 28%. Pittsburgh district output
45.7% May 28
Nov. 13
27.1% Jan. 22
32.5% Mar. 26
56.1%
Philadelphia, three points, to 23%;the Valleys, 18 points, to 28%; Cleve34.4% Apr. 2
43.3% June 4
Nov.20
26.9% Jan. 29
57.4%
37.5% Apr, 9
47.4% June 11
Nov. 27
26.8% Feb. 5
land, 19 points, to 34%,and Buffalo. five points, to 15% •
56.9%
39.9% Apr. 16
Dec. 4
28.3% Feb. 12
50.3% June 18
56.1%
The legal division of the National Recovery Administration has ruled
Dec. 11
43.6% Apr. 23
31.5% Feb. 19
540% June 25
44.7%
that the filing with a code authority of a bid price in accordance with the
Dec. 18
34.2% Feb. 26
45.7% Apr. 30
55.7% July 2
23.0%
Dec. 25
July 9
31.6%
Executive Order of June 29, referring to tenders to the Government or
27.5%
subdivision thereof, does not effect a change in the bidder's filed base
"Steel," of Cleveland, in its summary of the iron and
prices. Any change in the filed minimum base prices must be made in
steel markets, on July 9 stated:
accordance with the provisions of the code under which an industry is
operating. This is in entire accordance with the opinions of steel producers
Sweeping prim reductions were announced last week by the steel industry,
who bid directly to the Government on very little tonnage and also believed
following the readjustments previously made on sheets, strip, bars and
that their contractual relations under the code would not be affected by
other products used chiefly by automobile manufacturers.
the President's order.
Practically all classifications of steel have now been affected. Reductions
works program are most noticeable
of $2 a ton were made in sheet bars, billets and slabs, enameling sheets,
The effects of the Federal public
in the West and Middle West. From 12,000 to 14,000 tons of sheet steel
tin mill black sheets, iron bars, alloy steel billets, blooms and bars. Reducpiling for the Fort Peck, Mont., dam has been divided between two protions of $1 a ton apply to long terne plates, hot-rolled pickled in the breakducers. A bridge at Bettendorf, Iowa, calling for 4,800 tons of structural
down sheets kb..twn as the Ford "special," and cold rolled strip. Galvanized
steel and two bridges in Illinois which will take 2,100 tons have been
sheets have been reduced $3 a ton, and shapes and plates $1 a ton.
awarded. The Ford Motor Co. has placed 1,400 tons for its strip mill
So far, wire and wire products and reinforcing bars have escaped, as have
building at River Rouge, Mich., bringing the week's structural lettings
rails and track accessories, which, however, were not advanced in April.
to 20,300 tons, compared with 10,550 tons in the previous week and only
The general extent of the readjustments may be gaged by "Steel's" finished
steel price composite which is down $1.40 to $54.10, though still $3 higher
8,700 tons in the last week of June.
Even though new structural projects call for only 7,500 tons this week,
than the level at which most of the second quarter orders were booked.
considerable additional public works tonnage is expected to come out as
The iron and steel composite is off 83 cents to $34.23, but this is $1.83
a result of recent allocation of Federal funds by the Public Works Adminisabove the point at which those orders were taken.
tration. A large sum is expected to be set aside for the construction of
To some consumers who stocked up in June in anticipation of the higher
locks to supplement dams now under construction in the Mississippi River.
advances announced for third quarter the readjustments do not appear
Additional equipment loans to the railroads may also be granted.
as immediately beneficial, as they now have on hand materials which in
Early estimates of July automobile production are unusually favorable,
many instances they could replace at lower figures, considering carrying
output being estimated at as high as 280,000 units. Price reductions
charges. The possibility of having to meet lower prices for finished manuresulted in much heavier June sales than had been anticipated and autofactured products made from steel likewise does not appeal to many users.
mobile executives are hopeful that the present buying wave may extend
The Government's order permitting bidders on Federal work to cut code
into August. Initial steel purchases for 1935 models are expected by the
prices 15%, with the stipulation that such prices become general to the
middle of next month and spot orders for sheets, strip steel and bars from
Public is not interpreted in the industry as applying to steel.
that source are an important factor in sustaining current steel mill schedules
Steel demand has felt the full force of the reaction from the June peak,
in the Detroit, Cleveland and Youngstown areas.
while the price reductions are causing buyers to remain out of the market
The results ofrecent steel price reductions, most of which become effective
so long as possible until assured of its stability. Considerable tonnage
this week, are not yet discernible. Consumers who had laid in large stocks
from automobile manufacturers was booked by those producers who took
in the second quarter in anticipation of the considerably higher prices
the initiative in announcing reductions. The general opinion in the industry,
which were filed in April are extremely critical of the recent change, espehowever, is that a broad improvement in buying will not be felt until
cially when inventories were built up with borrowed money. It is believed,
August. Automobile manufacturers placed $20,000,000 to $30.000,000
however, that stocking of pig iron was heaviest, and no price revision is
worth of orders for dies in preparation for new models.
expected on this product. Sheet and strip inventories were also built up
Railroad requirements apparently have passed the year's peak. June
products still remain well above
considerably, but quotations on these
freight car aw5rds-1,835-brought the total for the half year to 23,259.
the purchasing levels.
highest since the same period in 1930. Informal inquiries indicate 6,000
Affected by reduced quotations on bars, plates, shapes, sheets and hot
to 8,000 may still be purchased this year.
rolled strip, the "Iron Age" composite price for finished steel has declined
Structural shape awards for the week dropped to 10.095 tons. Bids
to 2.131c. a lb. from 2.199c. a lb., where it had remained since April 24.
will be opened July 9 on 16,150 tons of steel piling for the Fort Peck,
At that time it was advanced $3.82 a ton from 2.008c. a lb. Lower prices
Mont., dam, the largest permanent installation of steel piling in this
riled since last week have been principally on relatively minor products 'country. San Francisco has awarded 9,300 tons of cast pipe.
which have been brought in line with more important kindred commodities.
Pig iron producers are trying hard to retain their advance of $1 a ton
Large rivets have been marked down $2 a ton to $2.90 a 100 lb., Pittsfor third quarter, with consumers heavily stocked. Several blast furnaces
burgh or Cleveland. Electrical sheets are lower and reduced quotations
were blown out last week, and some coke shipments have been suspended.
will soon be effective on rail steel bars, electrical sheets, alloy steel ingots,
"Steel's" iron and steel scrap composite holds at $10.37 for the third conbillets and slabs, cold-finished alloy steel bars and a number of other
secutive week, with little trading in the market.
products. Reinforcing bars have been reduced $3 a ton at Pacific Coast
Steelworks operations receded last week to an artificial low of 22%,
ports to correct a local situation, but are not expected to be changed at
but a rebound to at least 33% is expected this week.
other basing points.
Daily average pig iron production in June-64,563 gross tons
-was
2.7% below May, while output for the month-1,936,897 tons-was down
The "Iron Age" pig iron composite price is unchanged at $17.90 a gross
ton, but the scrap composite has declined to $10.58 a ton, the lowest
5.8%. The industry made 9,852,608 tons in the first six months, 121%
more than in the first half last year. June closed with 92 stacks in blast,
level of the year. Scrap prices are generally weaker at Chicago and quoa net loss of 25.
tations in other districts tend toward softness.
Daily average steel ingot output for June, 103.724 gross tons, was 16.5%
THE "IRON AGE" COMPOSITE PRICES,
less than in May, while total output of 3,015,972 was 10% less than for
Finished Steel.
(Based on steel bars, beams, tank plates
May. Production for the first six months was 16,180,889 tons, compared
July 10 1934, 2.1310. a lb.
2.1990. wire, rails, black pipe and sheets.
One week ago
with 8,989,192 tons in the first half of 1933.
2.1990. These products make 85% of the
One month ago
1 953c. United States output.
One year ago
Steel ingot production for the week ended July 9,is placed
High.
Low,
at nearly 23
2.1990. Apr. 24
1934
2.008c. Jan, 2
of capacity, according to the "Wall Street
2.015e. Oct. 3
1.867c, Apr. 18
1933
Journal" of July 11. This compares with more than 45%
1.9770. Oct. 4
1932
1.9260. Feb. 2
2.037c. Jan. 13
1.945e. Dec. 29
1931
in the week before and with 57% two weeks ago. The
2 2730. Jan . 7
2.018c. Dec. 9
1930
2.3170. Apr. 2
2.2730. Oct. 29
1929
"Journal" further stated:
2.286c. Dec. 11
2.2170. July 17
1928
U. S. Steel was at a fraction over 24%, against a shade under 41% in
2.4020. Jan. 4
2.2120. Nov. 1
1927
the previous week and a little under 48% two weeks ago. Independents
Pig Iron.
are credited with a rate of 22%,compared with above 50% in the preceding
Based on average of basic iron at Valley
July 10 1934, $17.90 a Gross Ton.
week and slightly under 64% two weeks ago.
One week ago
$17.90 I furnace foundry irons at Chicago,
One month ago
17.90 Philadelphia, Buffalo, Valley, and firThe following table gives the percentage of production for the nearest
15.17 mingham.
One year ago
corresponding week in previous years, together with the approximate
High
Low.
change from the week immediately preceding:
$17.90 May 1
$16.90 Jan, 27
1934
16.90 Dec. 5
13.56 Jan. 3
1933
14.81 Jan. 5
13.56 Dec. 6
1932
U. S. Steel.
Industry.
15.90 Jan. 6
14.79 Dec. 15
Independents.
1931
18.21 Jan. 7
15.90 Dec. 16
1930
1933
43Si+13i
533i-FISi
18.71 May 14
18.21 Dec. 17
61 +1
1929
1932 x
18.59 Nov.27
17.04 July 24
1928
1931
324-134
32 -1S4
19.71 Jan 4
17.54 Nov. I
32 -1
1927
1930
64 -.5
59 -5
54 -5
.
Steel Scrap.
1929
96 -1
93 -1
90 -1
Based on No. 1 heavy melting steel
1934, $10.58 a Gross Ton.
July 10
1928
75
71 -1
68 -1
610.671 quotations at Pittsburgh, Philadelphia
One week ago
1927
69 -1
6634-1
64 -I
10.67 and Chicago.
One month ago
x Not available.
10.88
One year ago
Steel Mill Capacity to Produce Steel Ingots at Record
High in 1933 According to American Iron & Steel
Institute-Totaled 69,390,625 Gross Tons as Compared with 68,199,176 in 1932.
The capacity of the nation's steel mills to produce steel
ingots reached a total of 69,390,625 gross tons in 1933,
according to figures announced July 6 by the American
Iron and Steel Institute. This is an increase of 1,191,449
gross tons, or 1.7% over the previous year and is the
largest capacity ever reported for the industry, the Institute said. It continued:
The 1.191.449 gain in ingot capacity last year is the smallest in a decade
with the exception of two years when there was a decrease. This was in
1925 when capacity declined 2,594,383 gross tons and in 1932 when there
was a decline of 99.780 gross tons. The average increase over the past
decade has been 1.095,220 gross tons per year. The total gain in capacity
during the past 10 years is 10,952,202 gross tons, of which 6,323,061 have
been registered since the end of 1929.
During 1933. the annual capacity to produce pig iron and ferro-alloys
increased 654.086 gross tons, or 1.3% to a total of 51.110,061 and the
capacity for steel castings declined during the year by 29,104 gross tons,
or 1.4% to 1.963.151 gross tons.
Among the ingots, the capacity for basic open hearth ingots showed the
largest gain. This increased from 58.609.140 to 59.622.517, a net gain of
1.013,377 gross tons. Other increases in ingot capacity were. acid open
hearth. 79,306 to a total of 961,296 gross tons and electric steel ingots,
102.152 to a total of 895,112 gross tons. The capacity for Bessemer ingots
remained the same at 7,895,000 gross tons while the crucible capacity
declined from a total of 20,086 gross tons to 16.700 gross tons.
The capacity for pig iron production last year actually increased 668,086
gross tons to a total of 50,321,661 but the ferro-alloys capacity declined
14,000 gross tons to a total of 788.400.
The annual capacities for the past 10 years are as follows:
Sleet
Ingots
1924
1925
1926
1927
1928
1929
-
1931
1932
1933
58,438,420
55,844,033
57,999,171
59,435,760
61,759,466
83,087,546
66,897,096
88,294,958
88,199,176
60 390.825
Steel
Canino.
2,698,385
1,968,498
2,033,076
2,029.334
2,024,923
2,097,995
2,083.085
2,041,145
1,992,255
1,983,151
53,434,695
51.150,390
52,411,900
50,532.350
51,233.895
51,656,680
52,659,875
51.740,175
50,455,975
51,110,051
I Revised.
Minimum NRA Coal Costs for New York Established
Do Not Include Profit for Dealer.
Announcement of uniform minimum retail coal and
coke costs for Greater New York, as effective under the
National Recovery Act, was made on July 6 by Nicholas
L. Stokes, Chairman of the New York metropolitan divisional code authority for the retail solid fuel industry.
The costs, as given in the New York "Journal of Commerce" of July 9, are as follows:
Minimum c.o.d, costs in Manhattan and the Bronx are: Anthracite
stove. $11.25; anthracite egg or nut. $11; anthracite grate or broken,
$10.75, and anthracite pea, $9; labor and trim extra.
In Brooklyn and that part of Queens County lying north of Forest
Park and Union Turnpike, the minimum c.o.d, costs are: Anthracite
stove, $11.75; anthracite egg or nut, $11.50; anthracite grate or broken,
$11.25; labor and trim included.
In Queens County south of Forest Park and Union Turnpike the minimum c.o.d. costs will be 25 cents higher per ton than in Brooklyn, while
In Nassau County and that part of Suffolk County including a line drawn
from Huntington on the north and Islip on the south, costs will be 50 cents
per ton higher than in Brooklyn.
Mr. Stokes said that the costs are the minimum and will
nsure good quality fuel, honest weight and the maintenance
of NRA labor wages. He said that the costs do not include
any profit for the dealer.
On July 5 domestic retail anthracite prices in Manhattan
and the Bronx were advanced. The prices now in effect
in these two counties, together with those in Brooklyn
and Long Island, follow:
BrooklynLong Island.
$12.00
12.00
12.25
12.00
10.00
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
ManhattanBronx.
$11.50
11.50
11.75
11.50
0.50
Calendar Year to Dale.
1Veek EruledJune 30
1934.c
June 23
1934.d
July 1
1933.
1934.
1933.
1929.
Biyum. coal:a
Weekly total 6,265,000 6,180.000 6.570,000 182,669,000 146,057.000 259,573,000
947,000 1,681,000
Daily aver._ 1,044,000 1,030,000 1,095,000 1,188,000
Pa.anthrscite:b
1,143,000 805,000 1,137,000 32,766,000 22,534,000 35,733,000
Weekly total
234.390
147,800
214.900
Daily aver__ 190,500 134,200 189,500
Beehive coke:
405,800 3,372,700
527,100
13,100
9,800
12,100
Weekly total
21,620
2,601
3,379
2,183
1,633
2,017
Daily aver__
a Includes lignite, coal made into 7oke, local sales and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales and colliery fuel. c Subject
to revision. d Revised.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).
Week Ended
States.
June 23
1934.
June 16
1934.
June 24
1933.
June 25
1932.
116,000
147,000
191,000
187,000
Alabama
15,000
23,000
11,000
13,000
•
Arkansas and Oklahoma
46,000
39,000
43,000
49,000
Colorado
101.000
471,000
540,000
533.000
Illinois
195,000
199,000
185,000
191,000
Indiana
57,000
47,000
31,000
33,000
Iowa
77.000
61.000
72,000
88,000
Kansas and Missouri
405,000
570,000
507,000
511,000
Kentucky-Eastern
167.000
87,000
90.000
87,000
Western
17,000
20.000
20,000
21,000
Maryland
2,000
2,000
4,000
3,000
Michigan
25,000
26,000
25,000
28,000
Montana
17,000
18,000
15,000
15,000
New Mexico
12,000
20,000 ' 12,000
20,000
North Dakota
106,000
336,000
347,000
345,000
Ohio
d
e1,146,000
Pennsylvania (bituminous) 1,790,000 1,778,000
54,000
71,000
58,000
54.000
Tennessee
15,000
10.000
12,000
13,000
Texas
15,000
16,000
23,000
25,000
Utah
112,000
166,000
176.(00
178,000
Virginia
24,000
22,000
22,000
20,000
Washington
-Southern b 1,455,000 1,425,000 1,457.000 e1,050,000
Wed Virginia
455,000 e407,000 e312,000
477,000
Northern_c
62,000
49,000
55,000
56,000
Wyoming
2,000
1,000
7,000
8,000
Other States
June
Average
1923.a
6... o;CO CO cc04.6.:64.6.
06,7CO P.CO 0
.
s
!"S`.4,AnS2.1
CO
May
1934
June
May
11933.
x1933.
780,965
584,336
732,642 1,014,461
544,634
679,583
373 458
524,672
364,806
285,449
169,032
334,320
531,163
488.457
278,305
473,325
450,334
409.820
278,961
409,920
412.847
302,990
238 718
329,670
348,824
565,786
269,112
384,841
195,716
238.193
117.871
163,438
234.245
146,591
125,159
141,895
---3.495.223 4,491,415 3.521.436 2,494,950
June
1934
Production of Bituminous Coal Lower Than a Year
Ago-Anthracite Output Gains Sharply.
According to the United States Bureau of Mines, Department of the Interior, the total production of soft coal during
the week ended June 30 1934 was estimated at 6,265,000
net tons, an increase of 85,000 tons or 1.4% over the output
in the preceding week, but shows a falling off when compared
with 6,570,000 tons produced in the week ending July 1
1933. In the corresponding period of 1932 production
totaled 4,124,000 tons.
Anthracite production in Pennsylvania during the week
ended June 30 showed a large gain over the preceding week.
The total output was estimated at 1,143,000 net tons against
-an increase of 338,000 tons or 42.0%. Pro805,000 tons
duction during the week ended July 1 1933 totaled 1,137,000
net tons.
During the calendar year to June 30 1934 there were produced a total of 182,669,000 net tons of bituminous coal
and 32,766,000 tons of anthracite coal as against 146,057,000
tons of bituminous and 22,538,000 tons of anthracite during
the calendar year to July 1 1933. The Bureau's statement
follows:
NO
Month of--Reading Co
Lehigh 'alley RR
Central RR of New Jersey
Dela.. wkawanna & Western RR
Delaws & Hudson RR Corp
Pennsyl 'ants RR
Erie RR
N. Y , ontarin & Western Ry
Lehigh c New England RR
It was stated that consumers using 30 tons a year and
who bought five tons at a time would be allowed 25 cents
off on the products.
Pig Iron &
Ferro-Alloys.
June Anthracite Shipments 0.74% Lower Than a
Year Ago.
Shipments of anthracite for the month of June 1934, as
reported to the Anthracite Institute, amounted to 3,495,223 net tons. This is a decrease, as compared with shipments during the preceding month of May, of 996,195 net
tons, or 22.18%, and when compared with June 1933, shows
a decrease of 26,213 net tons, or 0.74%. Shipments by
originating carriers (in net tons) are as follows:
Grate
Egg
Stove
Chestnut
Pea
201
Financial Chronicle
Volume 139
Total bituminous coal._ 6,180,000 6,112,000 (5,990,000 4,210,000 10.886,000
608,000 1,956,000
776,000 1,015,000
805,000
Penn.sylvania anthracite
Tntal mai
a 055000 II AAA 000 (7.005.000 4.818.000 12.822.000
a Average weekly rate for entire month. b Includes operations on the N. & W.;
C. dr O.; Virginian. K.& M., and B. C. & G. c Rest of State, including the Panhandle, and Grant. Mineral and Tucker Counties. d Original estimates in error.
Figures being revised. e Revised figures. 6 Original estimates. No revision in
the National total will be made until receipt of final operators' reports from all
districts.
95% of Copper Users in Country Sign Buying Agreements with Code Authority-Questionnaire Seeks
Information on Stocks of Metal Held by Consumers.
Users of more than 95% of all the copper consumed in
the United States have signed temporary buying agreements
with the Copper Code Authority, it was announced on
July 9 by H. 0. King, Executive Assistant to the Authority.
It was also announced that the Authority is seeking information from consumers regarding the proportions of
secondary copper used by consumers, and in a desire to
reorganize the statistical basis for operations in the industry has requested complete confidential information regarding the size and type of users' stocks of copper as of
March 22, the date on which the sales quota and buying
agreements sections of the copper code became effective.
In sending the questionnaire to copper users, Mr. King said:
The effective date of the code as regards sales quotas and buying agreements was March 22 1934. If all consumers of copper will furnish information requested we will be able to obtain a true picture of the condition of copper stocks at the beginning of the code. The information
202
Financial Chronicle
requested is in terms of copper content of all stocks, whether scrap or
new copper.
Inasmuch as the contemplated buying agreements are to be based on
sales commitments, the information requested will give accurate data on
the condition of business and enable both consumers and producers to
judge what new volume of business is available.
Consumers of copper use scrap in varying amounts; some mills use only
new copper, while others purchase quite a large percentage of scrap. It
must be recognized that scrap flows back to the market through various
channels and must be absorbed. It is not the intention in the operation of
the copper code to upset in any way the well-established practice of many
mills to use scrap as they always have, but it is essential that accurate
Information be made available so that this may not be used to defeat the
purposes of the code.
The questionnaire sent by the Code Authority follows:
1. Stock of copper on hand March 22 1934, made up as follows: (If
figures not available for March 22 1934, please give April 1 figures.)
A. Normal in process stock on hand in mill necessary for operation.
B. On hand or contracted for to cover sales commitments.
0. Free stock on hand available for use of sale.
July 14 1934
Total stocks.
2. Copper content of
New sales commitments made March 22 to April 30, inclusive.
May 1 to May 31, inclusive.
June 1 to June 30, inclusive.
3. Now copper purchased.
March 22 to June 30, inclusive. (Please list purchases in tons, dates
and name of supplier.)
4. Copper content of scrap purchased from March 22 to June 30, inclusive.
Of this
tons was new scrap, i.e., unused scrap, and
tons
was old scrap.
5. Our average monthly consumption of copper for the 12 months' period
ending June 30 1934 was
tons.
Of this we estimate we used
tons of new copper and
tons
of scrap.
On June 14 the period during which the sale of non-Blue
Eagle copper will be prohibited was extended by the Code
Authority to Aug. 1.
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 July 11, as reported by
the Federal Reserve banks, was $2,468,000,000, a decrease
of $4,000,000 compared with the preceding week and an
increase of $238,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On July 11 total Reserve bank credit amounted to $2,468,000,000, a
decrease of 320,000,000 for the week. This decrease corresponds with
decreases of $53,000,000 in money in circulation, $99,000,000 in Treasury
cash and deposits with Federal Reserve banks and $8,000,000 In nonmember deposits and other Federal Reserve accounts and an Increase of
815.000.000 in monetary gold stock, offset in part by an increase of $156.000,000 in member bank reserve balances.
Bills discounted decreased $5,000,000 at the Federal Reserve Bank of
San Francisco and 36.000.000 at all Federal Reserve banks. An increase of
$5,000,000 in holdings of United States Treasury notes was offset by a
decrease of a like amount in holdings of Treasury certificates and bills.
The statement in full for the week ended July 11 in comparison with the preceding week and with the corresponding
date last year will be found on pages 241 and 242.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
July 11 1934, were as follows:
Increase (+) or Decrease (—)
Since
July111934. July 3 1934. July 12 1933.
Bills discounted
Bills bought
U. B. Government securities
Other Reserve bank credit
23.000,000 —6,000,000
5.000,000
2 432,000,000
8,000.000 —14,000,000
—145,000,000
—8,000,000
+425,000,000
—5,000,000
TOTAL RES'VE BANK CREDIT_ _2,468,000,000 —20,000,000 +267,000,000
7.881,000,000 +15.000,000 +3,849,000,000
Monetary gold stock
Treasury and National Bank currency2,365,000,000
+81,000,000
Money in circulation
5,344,000,000 —53,000,000
—36,000,000
Member bank reserve balances
3 902,000,000 +156,000,000 +1,633.000,000
Treasury cash and deposits with Federal Reserve banks
3 014,000,000 —99,000,000 +2,661,000,000
Non-member deposits and other Federal Reserve accounts
454,000,000 —8,000,000
—60,000,000
Returns of Member Banks in New York City and
Chicago--Brokers' Loans.
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of the
full statement of the member banks, which latter will not
be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week shows a decrease
of $10,000,000, the total of these loans on July 11 1934
standing at $1,059,000,000, as compared with $331,000,000
on July 27 1932, the low record since these loans have been
first compiled in 1917. Loans "for own account" decreased
from $896,000,000 to $888,000,000, while loans "for account
of out-of-town banks" remained even at $167,000,000, but
loans "for account of others" decreased from $6,000,000 to
$4,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 11 1934. July 3 1934. July 12 1933.
$
8
7,288,000,000 7,303.000,000 6,932,000.000
Loans and investments—total
Loans—total
On securities
Another
Investments—total
U.S. Government securities
Other securities
3.251,000,000 3,276.000,000 3,503,000,000
1,752,000,000 1,749,000,000 1,894,000,000
1,499,000,000 1,527.000,000 1,609,000,000
4,037,000.000 4.027.000,000 3.429,000.000
2 934,000,000 2,928,000,000 2,354,000,000
1 103,000,000 1,099,000,000 1,075,000,000
Reserve with Federal Reserve Bank....- 1,295,000,000 1,234,000,000 742,000.000
39.000,000
38,000,000 40,000,000
Cash in vault
Net demand deposits
Time deposits
Government deposits
July 11 1934, July 3 1934. July 12 1933
$
$
$
6,144.000.000 6,115.000,000 5,420,000,000
697,000,000 691,000,000 782,000,000
733,000,000 733,000,000 265,000,000
Due from banks
Due to banks
88,000.000
96.000,000
73,000,000
1 856,000.000 1.603,000,000 1,226,000,000
Borrowings from Federal Reserve Bank_
Loans on seeur. to brokers & dealers:
For own account
888.000,000
For account of out-of-town banks
167,000,000
For account of others
4,000,000
Loans and investments—total
955,000,000
725,000,000
334,000,000
734,000.000
335,000,000
723,000,000
232.000.000
Chicaeo.
1 444,000,000 1,442,000,000 1,276,000.000
Loans—total
583,000,000
879,000,000
587,000,000
572,000,000
307,000,000
374,000,000
213,000,000
492,000,000
37,000,000
Reserve with Federal Reserve Bank
Cash in vault
342,000,000
347,000,000
575,000,000
306,000,000
U. S. Government securities
Other securities
689,000,000
282,000,000
281,000,000
881,000,000
Investments
--total
563,000,000
279,000,000
284,000,000
On securities
All other
Net demand deposits
Time deposits
Government deposits
846,000,000
101,000,000
8,000,000
1 059,000,000 1,069,000,000
Total
On demand
On time
896,000,000
167.000,000
6,1,00,000
448,000,000
40,000,000
252,000,000
31,000,000
1,380,000,000 1,335,000,000 1,006,000,000
367,000,000 366,000,000
357,000,000
47,000,000
47,000,000
43,000,000
Due from banks
Due to banks
165,000,000
421.000,000
168,000,000
898,000,000
186,000,000
268,000,000
Borrowings from Federal Reserve Bank..
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week,instead of being held until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 91 cities
cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on July 3:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on July 3 shows Increases for the week of
$24.000.000 in loans and $47,000.000 in net demand deposits, and decreases
of $1.18,000.000 in reserve balances with Federal Reserve banks and $6.000.000 in time deposits.
Loans on securities increased $35,000,000 at reporting member banks in
the New York district and $27,000,000 at all reporting member banks.
"All other" loans declined 87.000.000 in the Chicago district and $3,000,000
at all reporting banks.
Holdings of United States Government securities increased 817,000.000
In the Boston district and $7,000,000 at all reporting member banks, and
declined $15.000,000 in the Chicago district. Holdings of other securities
declined 310,000,000 in the New York district and 87,000,000 at all reporting banka.
Licensed member banks formerly included in the condition statement of
member banks in 101 loading cities, but not now included in the weekly
statement, had total loans and investments of $1,122,000,000 and net
demand, time and Government deposits of $1,219,000,000 on July 3, compared with $1,093,000,000 and 81,214,000,000, respectively on June 27.
A summary of the principal assets and liabilities of the reporting member
banks, in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended July 3 1934, follows.
Increase (+) or Decrease (—)
Since
July 33934. June 27 1934.
July 5 1933.
$
Loans and investments--total-17.761,000,000
+24,000,000 +1,075,000.000
8,038,000,000
+24,000,000 —492,000,000
Loans—total
On securities
3,556.000,000
+27,000,000 —255,000,000
All other
4,482,000,000
—3.000,000 —237.000.000
•
203
Financial Chronicle
Volume 139
July 3 1934.
July 5 1933.
June 27 1934.
9,723,000,000
+1,567.000,000
U. S. Government securities__ 6,672,000,000
Other securities
3,051,000,000
+7,000,000 +1,469,000,000
+98,000,000
—7,000,000
Investments—total
Net demand deposits
Time deposits
Government deposits
2,783,000,000
234.000,000
—118,000.000 +1,182,000,000
—13,000,000
+31,000.000
12,551,000,000
4,495,000,000
1,354,000,000
Reserve with F. R. banks
Cash in vault
+47,000,000 +1,909,000,000
+3,000,000
—6,000,000
—3,000,000 +748,000,000
1.836,000,000
3,784,000.000
Due from banks
Due to banks
+67,000,000
+156.000,000
+311,000,000
+938,000,000
10.000,000
+5,000.000
—21,000,000
Borrowings from F. R.banks
Statement of Bank for International Settlements for
June—Total Assets June 30, 643,987,190.28 Swiss
Gold Francs, Compared with 680,820,729.50, May 31.
Total assets of the Bank for International Settlements,
according to the balanced statement of the Bank as of
June 30, amount to 643,987,190.28 Swiss gold francs,
against 680,820,729.50 on May 31. The statement also
shows that the bank had cash on hand and on current
account with banks of 5,551,194.02 francs, as compared
with 10,359,729.24 the previous month. The statement, as
contained in Associated Press advices from Basle, Switzerland, July 4, follows (figures in Swiss gold francs at par):
Assas—
June.
I. Gold in bars
15,975,365.08
H. Cash on hand and on current account with banks 5,551,194.02
ILL Sight funds at interest
10,218,215.08
IV. Rediscountable bills and acceptances:
1. Commercial bills and bankers' acceptances.150,035,250.82
2. Treasury bills
185,630,716.54
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
May,
26,029,772.80
10,359,729.24
11,983,236.33
163,110,741.59
196,190,134.14
335,865,967.36 359,300,875.73
37,059,181.02 41,429,129.05
42,762,554.96 25,619,947.97
31,985,307.23 42,511,189.58
38,224,704.83 55,922,940.03
69,935,037.02 52,472,454.06
9,624.905.84
9,592,897.50
36,255,112.38 35,971,940.12
228.787,622.86 222,091,369.24
Total
VII. Other assets:
1. Guarantee of Central banks on bills sold,
4,269.215.55 4,511,323.69
as per contra
2. Sundry Items
5,862,429.31
5,115,293.42
Total
10,131,644.88
9,826,017.11
Total assets
643,987,190.28 680,820,729.50
I. Paid-up capital
II. Reserves:
1. Legal reserve fund
2. Dividend reserve fund
3. General resene fund
125,000,000.00 125,000,000.00
Total
Long-term deposits:
I. Annuity trust account
2. German Government deposit
3. French Government guarantee fund
2,872,045.12
4,866,167.29
9,732,334.56
2,672,045.12
4.866,167.29
9.732,334.58
17.270,546.97 17,270,548.97
153,640,000.00 153,840,000.00
76,820,000.00 76,820,000.00
40,770,935.97 40,823,919.65
271,230,935.97 271,283,919.65
Total
IV. Short-term and sight deposits (various currencies):
I. Central banks for their own accounts:
106,971,649.21 107,176,407.36
(a) Not exceeding three months
31,348,618.41 57,164,569.82
(b) Sight
138.320.267.62 184,340,977.18
Total
2. Central banks for the account of others:
6,468,345.90 9.160,848.07
Sight
3. Other depositors:
986,362.94
1,025,570.13
Sight
15,627,003.69 25,681,411.41
Sight deposits (gold)
Profits allocated for distribution
July 1.6% div. to
-- 7,500,000.00 7,500,000.00
shareholders-1,942,687.67
Participation by long-term depositors 1,942,687.67
Total
V. Miscellaneous items:
1. Guaranty on commercial bills sold
2. Sundry items
Total
Total liabilities
9,442,687.67
9,442,687.67
4,269,215.55 4,511,323.69
55,371,823.97 53,103,444.73
59,641,039.52 57,614,768.42
643,987,190.28 680,820,729.50
Unity on Gold Urged in Report of Leon Fraser, President of Bank for International Settlements—
Finds U. S. Qualified to Return to Gold Standard.
Leon Fraser, President of the Bank for International Settlements, urged in his report to the directors of the Bank on
July 7, a common centre of contact when the world returns to
the gold standard. Associated Press advices from Basle
state that Mr. Fraser's report finds the United States qualified to return to the gold standard and that a more definite
and clear statement of the future American policy reopens
the door "to international discussions between nations principally concerned as to definite stabilization."
Regarding the report it was also stated:
The time is approaching when effective resumption of an internation
monetary standard based on gold can become an accomplished fact," says
the report, which makes much of the point that "the gold standard is not
an end In itself."
The gold standard, the report added,"is the machinery and medium for
permitting, facilitating and enhancing the exchange of goods, capital and
services, internally and externally.
The further accounts (Associated Press) said:
"After years of stress in monetary affairs," said the report, "the Bank
for International Settlements looks forward with faith and fortitude.
One conclusion is perfectly clear, namely, that an international monetary
system based on gold, which is bound to be reinstated, needs, if it is to
operate more successfully than before, a common centre of contact, counsel
and collaboration in order that it may be international in fact as well as in
name."
Mr. Fraser continued that there had been anarchy since the war in the
International operation of the gold standard. Each country, he said, considered that the mere fact that its currency was tied to gold "was allsufficient to make it part of the international system and that in every
other respect it could freely disregard its neighbors and the effect upon them
of a succession of changes in tariff policy, credit policy and even in the gold
content of the national currency itself.
"Some order out of this anarchy must be evolved. Some rules of gold
standard must be established, recognized and followed, and some common
agency must be used to permit co-ordination.
Mr. Fraser held that the problem of recovery was "largely the problem
of the value of the volume of commodities that is moving and being consumed and the price adjustment which may come about either by a rise
In prices or by such cost savings that goods may still be sold even on a lower
price level with a margin of profit as an incentive and a reward.
He therefore emphasizes the need for a greater flow of international commerce, which at present is impeded by trade barriers and restrictions such as
quota systems.
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks for May 31 1934 with the figures for April 30 1934
and May 31 1933:
STATEMENT or, CONDITION OF THE BANKS OF THE DOMINION
OF CANADA.
Assets.
May 31 1934. Apr. 30 1934. May 31 1933.
$
39,619,417
9,543.512
$
39,928,171
9,159,554
$
42,446,010
13,037,032
49,182,931
49,087,727
55,483,043
130,663,305
10,921
128,526.422
14,072
... s
130,714,634
14,067
130,674,227
128,540,497
130,728,697
8,616,427
Notes of other banks
20,494,943
United States es other foreign currencies_
117,552,000
Cheques on other banks
Loans to other banks in Canada, secured
Including bills rediscounted
Deposits made with and balance due
4,134,705
from other banks in Canada
Due from banks and banking corre16,715,699
spondents In the United Kingdom_ _ _ _
Due from banks and banking correspondents elsewhere than in Canada
68,864,596
and the United Kingdom
Dominion Government and Provincial
646,060,592
Government securities
Canadian municipal securities and
British, foreign and colonial public
140,998,554
securities other than Canadian
43,006,515
Railway and other bonds, debs. es stocks
Call and short (nct exceeding 30 days)
loans in Canada on stocks, debentures,
bonds and other securities of a suf103,409,514
ficient marketable value to cover
121,722,901
Elsewhere than in Canada
Other current loans ds disels in Canada 874,716,290
138,372,088
Elsewhere
Loans to the Government of Canada..
31,183,157
Loans to Provincial Governments
Loans to cities, towns, municipalities
131,120,284
and school districts
Non-current loans, estimated loss pro13,857,028
vided for
7,676,361
Real estate other than bank premises—.
6,066,382
Mortgages on real estate sold by bank..
Bank premises at not more than cosi,
78,284,386
less amounts (if any) written off
Liabilities of customers under letters of
50,975,045
credit as per contra
Deposits with the Minister of Finance
6,516,039
for the security of note circulation__ -16,631,732
Deposit in the central gold reserves
13,410,527
Shares of and loans to controlled cos
Other assets not included under the
2,007,718
foregoing heads
12,482,245
19,520,214
98,511,694
9,203,135
22,712,369
92,043,982
Current gold and subsidiary coin—
In Canada
Elsewhere
Total
Dominion notes—
In Canada
Elsewhere
Total
Total assets
5,542,885
4,317,964
15,029,160
18,316,561
68,678,901
66,199,902
659,868,240
631,092,797
138,228.656
39.514,296
162,053.265
43.047,778
100,525,217
119,536,926
877,447,651
136,759,838
93,788,419
90,201,811
897,077,958
148.357,111
27,591,199
32,680,482
138,842,143
142,940,760
13,808,937
7,624,882
8,062,944
14,283,173
7,813,724
6.265.884
78,327,282
78,991.256
51,440,639
46,471,395
6.516,039
18,681,732
13.494,528
6,615.338
19,481,732
13,417.104
1,603,937
1,748.488
2,840,208,748 2,831,068,488 2.835,292,233
Liabilities.
127,348,127 133,083,185 128,365,391
Notes in circulation
Balance due to Dominion Govt. after de30,829,792
31,899,315
31.551,831
ducting adv. for credits, pay-lists, ekc..
42,344.000
38,944,000
Advances under the Finance Act
38,444,000
18,929,751
28,116,938
Balance due to Provincial Governments_
32,132,068
Deposits by the public, payable on demand in Canada
532,528,434 510,170,808 498,917,874
Deposits by the public, payable after
notice or on a fixed day in Canada.-- - 1,367,515,700 1,375,862.015 1,396,819,807
Deposits elsewhere than in Canada
323,089,925 322,228,994 306,123,183
Loans from other banks in Canada,
secured, including bills rediscounted_
Deposits made by and balances due to
14.816,259
12,185.180
other banks in Canada
15,304,639
Due to banks and banking correspond4,680,772
ents in the United Kingdom
5,937,548
5,261,791
Elsewhere than in Canada and the
26,355,786
31,520,886
United Kingdom
24,591,081
Bills payable
813.594
749,563
468,794
Letters of credit outstanding
46,471,394
51,440.639
50.975.045
2,347,865
2,173,923
Liabilities not incl. under foregoing heads
2,401,393
Dividends declared and unpaid
956,341
2,468,799
2,446,759
Rest or reserve fund
132,600,000 132,500,000 162,000,000
Capital paid up
144.500,000 144,500,000 144,500,000
Total liabilities
2 831 751.921 2.817.561.799 2.828.799.551
Note.—Owing to the omission of the cents in the of !dal reports, the footings in
the above do not exactly agree with the totals given.
Senator Thomas In Cablegram to Governor Harrison
of Federal Reserve Bank of New York at Basle
Warns Against Stabilizing U. S. Dollar With
Pound or Other Foreign Currency.
A protest has been sent by Senator Thomas (Democrat)
of Oklahoma against participation by George L. Harrison,
204
Financial Chronicle
Governor of the Federal Reserve Bank of New York in
any move "to stabilize our dollar with England's pound or
to enter an agreement to tie it to a fixed weight of gold."
Senator Thomas' protest was contained in a cablegram addressed July 9 to Governor Harrison at Basle, Switzerland,
where the Governor has been visiting with the Governors of
the Central Bank of Europe, incident to the meeting of the
Directors of the Bank for International Settlements. Elsewhere in this issue of our paper we are referring to the meeting and to the cablegram received this week from Governor
Harrison by the Reserve Bank in which he declares that the
purpose of his visit is "not to negotiate any arrangement
about anything." In his cablegram Senator Thomas stated
that "I warn you that any step you take toward tying our
money in any way to any foreign money is a usurpation of
the powers and prerogatives of Congress." As bearing on
the Senator's protest a dispatch from Washington July 10 to
the New York "Herald Tribune" said in part:
Senator Elmer Thomas (Democrat) of Oklahoma, leader of the inflation
forces in the Senate, to-day fired another broadside at the European mission
of George L. Harrison, Governor of the Federal Reserve Bank of New York,
which, the Senator declared, was to seek stabilization of the pound and
dollar on a fixed gold basis.
Following his announcement yesterday that he had cabled a protest to
Mr. Harrison at Basel. Switzerland, and that a Congressional investigation
would be demanded of the attempt to usurp the power of Congress over
money, Senator Thomas to-day gave out the text of a letter which he has
sent to each member of the Senate and House, assailing what he called the
attempt to regulate the dollar in the interest of bondholders, international
bankers and the world gold bloc. In this letter he hits at Leon Fraser,
American president of the Bank for International Settlements, for working
hard for stabilization. Senator Thomas refers to Mr. Fraser as "formerly
an attorney for New York banking interests."
Fears Plot by International Bankers.
Senator Thomas in his letter depicts what he regards as the danger that
International bankers will conduct secret negotiations in Europe which
will embarrass Congress, hurt debtors, farmers and workers and hurt the
Roosevelt administration.
He asks for the co-operation of those members of the Senate and House
who agree with him that the dollar is still valued too high and are opposed
to a program dictated by "private selfish interests," and that this cooperation be "in the form of a message which may be given publicity and
filed with the President."
The same paper reported the following from Washington
July 9:
Thomas J. Coolidge, Acting Secretary of the Treasury, to-day denied
reports that Mr. Harrison was representing the Government in discussing
monetary business with foreign bankers. "He is there entirely on his own
business and not ours," said Mr. Coolidge. "He would have to have
specific instructions from us if he were representing the Treasury."
Nevertheless, it was pointed out that the Governor of the New York
Reserve Bank does not go abroad without being authorized to do so by the
Federal Reserve Board.
Canada Curbs Australian Wheat—Withdraws Preference Benefits on Indirect Shipments.
Under date of July 12, Canadian Press advices from
Ottawa stated:
Designed to cut off importations of Australian flour and wheat into
Canada. an order-in-council has been passed withdrawing from such commodities the benefits of the British preference rates when they are Imported
Indirectly into this country. The order-in-council appears in an extra
edition of the Canada "Gazette" issued here to-day.
Other commodities from which the preference benefits are withdrawn
are raisins, dried currants and butter.
The Government's action follows representations to the Government of
Australia, under Article 9 of the trade agreement, whereby either Government would be required to take remedial measures if its imports were
Injurious to domestic business off the other. What action Australia took
is not indicated.
French Loan of 3,000,000,000 Francs in Form of 4%
Treasury Bonds.
The floating on July 12 of a loan by the French Government of 3,000,000,000 francs (the franc is worth about
6.6 cents at current exchange) was made in a preliminary
announcement July 11 issued by the Ministry of Finance.
A wireless message July 11 from Paris to the New York
"Times" said:
Knowledge that this bond issue was coming had been anticipated by the
Bourse, where it caused several preliminary flurries that led to denials by
the Government that any loan was contemplated. However, now that it
has been announced, the Bourse took it favorably.
The terms offered were higher than generally expected since the effective interest comes to nearly 5% when everything is considered. The
loan will be in the form of Treasury Bonds paying 4% interest and issued
at 950 francs with a face value of 1,000 francs, redeemable by lot in 50 Years
at 1,400 francs.
It is required that the bonds be sold for cash, but the Clementel 1924-34
bonds which fall due Oct. 25 will be exchanged against the new bonds.
The loan comes within the 10,000.000.000-franc total authorized by
Parliament on Dec. 23 1933, of which a total of 4,180,000,000 francs has
been issued. Of the Clemente' bonds 5,979,000,000 francs was outstanding at the beginning of the year.
No difficulty is expected in raising the required amount quickly. It
will relieve the Treasury's straitened situation over the summer months
and pave the way for more financing later when what is left of the Clemente'
bonds must be redeemed and the outstanding Treasury Bonds reduced
from 12,000,000 to 10,000.000 francs. There also is the so-called "three
cities" loan of 1,158,000,000 francs to redeem before the end of the year.
July 14 1934
French Luxury Tax Replaced by Substitute Measure.
From the New York "Post" we take the following (Associated Press) from Paris July 7:
France's long-standing 12% luxury tax was lifted to-day with promulgation of the new fiscal reform laws.
The luxury tax was replaced by a normal 2% business turnover tax
Intended to reduce prices. This tax is not expected to affect the tourist
trade greatly.
Alarmed at possible resentment of Americans over the failure of Parliament
to ratify the anti-double taxation treaty affecting American firms, the
Government may seek to appease them with a gesture.
Officials said they might suspend collection of some $100,000,000 in
taxes by decree as a sign of good-will.
Denmark Will Not Cut Krone.
A wireless message July 6 from Copenhagen to the New
York "Times" said:
Premier Storming denied to-day rumors that devaluating of the Danish
krone in connection with the Government's plan for relief of the farmers
would be undertaken. "The currency will be kept at the present standard
by the Government in full accord with the National Bank."
Participants in German Dawes and Young Loans
Advised of Various Steps Taken to Protect Holders
of Bonds.
The various steps taken by the State Department, the
Bank for International Settlements, &c., to protect the
holders of bonds of the German Dawes and Young loans,
are indicated in a letter sent by J. P. Morgan & Co., on
July 11, to participants in these loans. The letter follows:
Dear Sirs: We are writing to inform you generally concerning the German external loan, 1924 (Dawes loan), and'ithe German Government international 51
% loan, 1930 (Young loan), and the steps that have been
/
2
taken in the effort to protect the interests of the holders of bonds of
these loans.
The Dawes and Young bonds are the direct and unconditional obligations
of the German Reich, a sovereign State, and were issued pursuant to plans
for German reconstruction which were prepared by experts appointed under
the auspices of the principal European Powers and promulgated by international treaties or agreements to which the European Powers, including
the German Government, were parties. Effective steps for the protection
of the bondholders should come from the trustees of the Dawes and Young
loans, the European governments principally concerned, and the Government of the United States, to all of whom, as well as to the German
Government, we have made appropriate representations.
We set forth in the enclosed leaflet a copy of the press communique
issued on June 14 1934 by the Bank for International Settlements, as
trustee of the Young loan, summarizing its protest to the German Government against the threatened non-compliance with the terms of the general
bond, and declaring its intention to defend the rights and privileges of
the bondholders to the fullest extent of its powers. We also give a copy of
the press communique of June 19 1934, in which the trustees of the
Dawes loan announced their protest to the German Government against
the intended breach of the terms of the general bond and expressly reserved
all the rights of the bondholders and of the trustees under the general
bond. There is also set forth a copy of the statement of June 18 1934, by
the Acting Secretary of State of the United States (as reproduced from the
New York "Times" of June 19 1934) announcing that the American Ambassador at Berlin had been instructed to protest formally and energetically
against Germany's summary action with respect to her external debts.
This protest was followed by a further note addressed to the German
Government by the Secretary of State, under date of June 27 1934, a
copy of which we give in the enclosed leaflet as published on June 29 1934.
We also set forth in the leaflet a copy of our cable protest of June 29
1934 addressed to the German Government.
We shall continue to be unremitting in our efforts to protect the
interests of holders of bonds of the Dawes and Young loans, and venture
to express the hope that our course of action in this matter may meet
With your approval and have your support.
The action of the State Department in protesting against
the German moratorium was noted in these columns
June 23, page 4204, and June 30, page 4374. The June 14
communique of the Bank for International Settlements
appeared in our June 16 issue, page 4034, and the bank's
later protest was referred to on page 4377 of our June 30
issue. The following is the cablegram of protest addressed
to the German Minister of Finance by J. P. Morgan & Co.:
June 29 1934.
The Minister of Finance of the German Reich, Berlin, Germany:
We have received from the Bank for International Settlements, fiscal
agent of the trustees of the German external loan, 1924, and trustee of
/ loan of 1930, a copy of your
2
%
the German Government international 61
letter of June 14 1934, in which you declare in the name of the German
1934, until further notice, no more foreign
Government that from July 1
exchange will be available for the service of the German external loan,
1924, or the German Government international loan of 1930. We view
this declaration with the deepest concern, and urge upon the German
Government the vital importance of immediate reconsideration of its
decision, so that the regular payments in foreign currencies for the
service of these two Reich loans may continue to be made without interruption.
The Government of the German Reich itself has recognized, by the
policy which it has followed during these difficult years, the necessity of
maintaining the high standing and regular service of the German external
loan, 1924, and the German Government international 51
/ loan of 1930,
2
%
and that policy has redounded greatly to the credit of the German Government in the markets of the world. These two loans, we do not need to
remind you, are the most solemn external obligations of the German Reich,
issued in pursuance of international plans for German reconstruction and
embodied in international treaties and agreements to which not only the
German Government itself but most of the great Powers of Europe were
parties. The bonds of these loans are the highest form of obligation in
the power of the German Government to give, and the world will not
understand nor soon forget if these obligations are dishonored.
Volume 139
Financial Chronicle
that
We note from your letter to the Bank for International Settlements
you propose as from July 1 1934 to pay in to the Reichsbank for account of
the trustees the reichsmark equivalent of the loan service. It must be
remembered, however, that the bonds of these loans are direct and unconditional obligations of the German Reich, payable in the respective foreign
currencies of the several tranches. The mere deposit of reichsmarks in
the Reiohsbank does not satisfy the terms of the bonds, and the bonds
will be in default unless they are duly served in the appropriate foreign
currencies.
For ourselves and those associated with us in the offering of the American tranches of the two Reich loans, and on behalf of the thousands of
American citizens who are holders of the bonds of these loans, we protest
with the utmost possible vigor against any failure on the part of the
German Government, for any reason whatsoever, to fulfil its obligations
in respect to these loans. We, therefore, urge upon the German Government, for its own sake and as a matter of good faith to the holders of
its obligations, that the declaration communicated in the Finance Minister's
letter of June 14 1934, be reconsidered, and that steps be taken without
delay to assure the continued regular service of the German external loan,
1924, and the German Government international 5% loan of 1930.
J. P. MORGAN & CO.
Discrimination by Germany in Favor of British
Holders of German Bonds Protested Against by
Bank for International Settlements.
Equal rights for all holders of Dawes and Young loan bonds
are called for in a letter sent to the German Finance Ministry
by the Bank for Internationa Settlements on July 9, after
a general council meeting at which approval was given to
the Bank's previous protest against the German moratorium.
This action by the World Bank was indicated in a Basle
(Switzerland) cablegram July 9 to the New York "Times"
which also said in part:
Germany is being told that if money can be found to pay the British
bondholders in the next few days, as the Anglo-German agreement provides.
It must be found for American. French and other bondholders.
Unfortunately for the bondholders concerned, one of the members of
the Council at to-day's meeting did not agree with his colleagues. That
man was Dr. Millman Schacht, President of the Reichsbank, who reiterated
what is understood to be Germany's official stand, that exception cannot
be made for any particular loans, that the Reichsbank has no foreign exchange to make payments, and that, anyway, it is up to the German
Government, so the World Bank should ask them about it. That is what
the Bank is doing, but if there is any optimism about what the German
reply will be, it is being carefully disguised.
Protests Get No Results.
Since the German moratorium was announced the World Bank has
protested without getting results. It was felt, however, that the AngloGerman accord introduced a new element.
The former protest of the World Bank was referred to in
our issues of June 30, page 4376.
Compilation of Foreign Securities Held in Italy Completed By Italian Government.
According to Associated Press advices from Rome, Italy,
July 7, compilation of the foreign securities held by Italian
subjects has been completed by the government. These
advices state that the purpose of the compilation is ostensibly to register all foreign securities in the possession of Italians to permit the government to learn whether Italians
make further purchases of securities of other countries—
which is now contrary to law. From the same account we
also quote:
Banking circles say, however. the Government also has in mind the eventual possibility, in time of emergency, of forcibly converting these securities
into Italian bonds and of using the foreign securities in lieu of gold or currency for payments abroad.
A similar action was taken, although not forcibly, by the British government during the war. English holders of American securities were asked
by their government to exchange them for British government bonds. The
government in London then used the American securities to pay for purchases in the United States.
The Italian government, it is said, would use the foreign securities in
time of war, or also if the gold coverage, owing to adverse trade balance.
continued to decline to a danger point. Payment in securities would avoid
the necessity of sending lire abroad.
It would also be a method, it is said, of paying off the American war debt
if a lump sum payment were agreed upon.
It is distinctly stated here, however, that the Government has no intention at this time of applying the forcible conversion.
Italian subjects, it is estimated, hold about 3,500.000,000 lire (lira
currently 8.50 cents) worth of foreign securities. About 2,500,000,000 of
this consists of purchases by Italians of Italian Government, municipal or
Industrial bonds floated in dollars in New York, pounds in London and
francs in Paris and Zurich. The remaining billion is made up of Government bonds and stocks of foreign countries.
The registration of these securities has been made obligatory by law.
Owners have had to present them at banks where they have been marked
with a Government stamp and entered in a State ledger.
Poland Abolishes Dollar Clause Obligations Payable
Only in National Currency Under Presidential
Decree—Bonds in United States Affected.
A presidential decree abolishing the "gold dollar clause"
in foreign currency regulations on July 7 removed the United
States dollar from its position as a sort of second national
currency in Poland said Associated Press advices on that
date from Warsaw to the New York "Times" which also
stated:
The exact effects of the decree on Polish-American trade will not become
clear, however, until regulations are issued following the decree.
205
It was certain, however,that loans in dollars made since 1925—including
the Dillon, Read & Co. loan of $35,000,000 in 1925 and the WebsterBlodget loan of the City of Warsaw in 1929—will be affected.
Creditors in Polish territory may ask payment only in Polish currency
at the rate of exchange on the day of the payment.
For the past decade the dollar has played an important part in Polish
commercial life. Because of lack of confidence in some quarters in the
Polish zloty (at present approximately 19 cents), most contracts call for
payments in gold dollars or ordinary dollars.
the
To-day's decree bars the gold dollar except in insurance contracts,
intention being to force business to deal in the national currency.
With regard to the above the "Times" of July 9 said:
Three Big Issues Floated Here.
The Republic of Poland has three issues of dollar bonds outstanding.
in the
The first consists of $19,574,500 external 6% loan of 1920, offered
United States by the Polish Ministry of Finance; the second of $23,100,000
-year sinking fund 5% bonds, sold here in 1925 by a syndicate
external 25
headed by Dillon, Read & Co., and the tnird an issue of $46,500,000
external 7% bonds, stabilization loan of 1927, offered here by a syndicate
headed by the Bankers Trust Co.
were sold
In addition, $10,463,400 Province of Silesia 7% 30-year bonds
First National
here in 1928 by Stone & Webster and Blodget. Inc., and the
-year bonds
Corporation of Boston, and $9,343,400 City of Warsaw 7% 30
Webster and
were sold in the same year by a syndicate headed by Stone &
Blodget.
be paid in New
The provision of all these issues was that interest would
had already
York or Boston in United States gold coin. This provision
the United States by
been voided by the suspension of gold payments in
then, payments have been in United
legislative action June 5 1933. Since
States dollars.
Secretary Hull In Acknowledging War Debt Payment
of Finland Says Latter in Keeping Faith With
Financial Obligations Has Set Timely Example.
Acknowledging the action of Finland in meeting its
June 15 payment on its war debt to the United States,
Secretary of State Hull took occasion to express "recognition of the effort on the part of the people of Finland
which this payment has required." Mr. Hull's note to
Finland was delivered on July 7 to Dr. Sigurd von Numers,
Charge d'Affaires of Finland, at Washington. Secretary
Hull observed that "in keeping faith with its financial
obligations the Government of Finland has set a timely
and valuable example. As was noted in our June 16 issue,
page 4039, Finland was the only nation to meet its June 15
obligation; 12 other debtor nations, owing approximately
$500,000,000, dispatched notes announcing their default.
Secretary Hull's note to Finland follows:
you that the
I am requested by the Secretary of the Treasury to notify
sum of
Federal Reserve Bank of New York received, on June 15 1934, the
$168,538, representing a payment made for the account of the Government
Treasury as a
of Finland; and that this amount has been deposited in the
payment of semi-annual interest, due June 15 1934, in the amount of
Government of Finland to
$147,507.50 on the funded indebtedness of the
and
the United States pursuant to the funding agreement of May 1 1923,
in the
as the semi-annual payment of the annuity due June 15 1934,
amount of $19,030.50 under the agreement of May 23 1932.
I take the occasion to express my recognition of the effort on the part
of the people of Finland which this payment has required and to associate
myself with the manifest appreciation with which the attitude of the
Government of Finland has been greeted in this country.
At a time when contractual obligations have been widely disregarded or
are too easily subordinated to considerations of brief expediency, and to a
degree which threatens one of the most important bases of human relations,
the consistent steadfastness with which Finland has unhesitatingly met its
obligations has been enheartening.
While this Government, in its role of creditor, is ever mindful of leniency,
or equity, or ability to pay, and of other considerations to which debtor
governments are entitled, it was never more important than at present
that debtor governments should make every reasonable effort to meet their
financial obligations, and in doing so to preserve their credit and the
international credit structure.
Therefore, in keeping faith with its financial obligations, the Government
of Finland has set a timely and valuable example.
Accept, Sir, the renewed assurances of my high consideration.
CORDELL MULL.
Greece Makes Part Payment of Interest on 1929 Loan
Arranged Under Auspices of League of Nations
for Refugees Settlement Commission.
The United States Treasury Department announced on
July 6 that the Greek Government had forwarded a payment
of $196,128, representing 27%% of the interest due on its 4%
loan for the calendar year 1933 and 35% of the semi-annual
Interest due May 10 1934. Associated Press advices from
Washington, July 6, stated that the payment was made on a
loan of approximately $12,000,000 arranged in 1929 under
the auspices of the League of Nations for the Refugees'
Settlement Commission. Acting Secretary of the Treasury
Coolidge, in a statement regarding the payment, said:
By the transfer of this sum, the Greek Government has accorded to the
United States treatment equal to that accorded to the bondholders of the
Greek stabilization and refugee loan of 1928. Such equal treatment is
provided for by the terms of the American-Greek debt funding agreement of
May 10 1929.
A Washington account to the New York "Journal of Commerce" stated:
It was pointed out that payment by the Greek Government was in fulfilment of its pledge that there would be no discrimination against the
United States in the event of its inability to pay its obligations in full.
206
Financial Chronicle
The debt-fundng agreement was in two parts. One dealt with advances
made during the war, amounting to some $15,000,000, while the other
provided for a further advance to the Greek Government of something like
$12,000,000 which the latter had contended had been promised it but had
not been paid. It was provided in the latter section that this $12,000,000
should rank substantially as a part of the Greek refugee and stabilization
loan of 1928 which had been subscribed to by private investors.
The Greek Government began to default on its foreign debt in 1932, but
there was worked out an agreement for partial payments which ultimated
in the receipts by the Treasury Department reported to-day.
Nicaragua Calls More Bonds.
From Managua, Nicaragua, July 11, the New York
"Times" reported the following:
Irving A. Lindberg, Collector General of Customs, announced to-day
that $35,000 of the 1918 guaranteed customs bonds had been
redeemed
at a public drawing yesterday. Nicaragua issued $3,750.000 worth
of
these bonds, but only $965,000 worth are outstanding. About
$400,000
worth are owned in the United States.
Reopening of Brazilian Banks—Adjustment of Strike
of Clerks—Pension System Set Up.
The settlement of the strike of clerks in Brazilian banks
was effected this week, and as a result the institutions have
reopened. Their closing incident to the strike was noted in
our July 7 issue, page 42. From Rio de Janeiro, July 7, a
cablegram to the New York "Times" reported the reopening
of the banks with skeleton forces while the strike of 30,000
clerks continued. Soldiers remained on guard at each
bank, said the cablegram, which added:
A solution of the dispute Is expected to-night, but the bank
clerks are
declared to have refused to return until their case is fully decided,
whereas
the Government urges a truce pending a settlement.
The clerks' demand for 3% of the banks' earnings as a pension
fund has
been thrown out. A compromise is suggested on a sum between
6 and
9% of employees'salaries to be paid by the employers to a pension fund.
The seamen's strike ended to-day. However, a new strike was
declared
by the clerks in city offices, who are also demanding pension
protection.
Later advices (July 9)from Rio de Janeiro to the"
iTimes"
said:
Pension guarantee demands by the striking bank
clerks were met by
President Getullo Vargas, who signed a decree to-day
after the 30,000
strikers returned to work, reopening the banks.
The decree set up a Bank Clerks' Provident Institute.
Employees will
be taxed 4 to 7% ,scaled according to their monthly salaries,
and employers
9% of the clerks' monthly payroll. The Government will
contribute 2%
collected from depositors receiving interest derived on deposits.
—0—.
Gold Miners in Brazil Can Sell Only to State.
In special correspondence from Rio de Janeiro, June 15,
published in the New York "Times" of June 24,it was stated:
By decree of the Government all gold mined in the country
will be
chased exclusively by the Banco do Brazil for account of the National purTreasury at the quotation prevailing at the time In the international
market.
The Government decree vests upon the Banco do Brazil all
responsibility
as to the purity of the metal purchased. Those engaged in
the mining of
gold in any form are required to file with the bank a monthly
memorandum
stating the quantity of metal extracted and the stock on hand.
No gold
can be offered for gale to private individuals and any who
break the law
are subject to heavy fines and imprisonment.
Several Rulings on Bonds of Three external Loans
of San Paulo (Brazil) Made by New York Stock
Exchange.
Incident to the announcement made of the payment of
20% of the July 1 coupons on three external loans of San
Paulo (Brazil), reference to which was made in our issue of
June 30, page 4379, the New York Stook Exchange on July 2
issued the following rulings on the bonds:
NEW YORK STOCK EXCHANGE,
Committee on Securities.
July 2 1934.
Notice having been received that payment of $8 Per $1,000 bond is now
being made on State of San Paulo 15
-year 8% sinking fund gold bonds,
external loan of 1921. due 1936, on surrender of the July 1 1934 coupon:
The Committee on Securities rules that beginning July 3 1934
the said
bonds may be dealt in as follows:
(a) "with July 1 1932 and subsequent coupon attached";
(b) "with July 1 1932 to Jan. 1 1934 inclusive and Jan. 1 1935 and subsequent coupons attached."
That bids and offers shall be considered as being for bonds under option
(a) above, unless otherwise specified at the time of transaction; and that
the bonds shall continue to be dealt in "flat."
July 2 1934.
Notice having been received that payment of $8 per $1,000 bond Is now
being made on State of San Paulo 25
-year 8% secured sinking fund gold
bonds, external loan of 1925, due 1950, on surrender of the July 1 1934
coupon:
The Committee on Securities rules that beginning July 3 1934 the said
bonds may be dealt in as follows:
(a) "with July 1 1932 ($32 paid) and subsequent coupons attached";
(b) "withJuly 1 1932 ($32 paid) to Jan. 1 1934 inclusive and Jan. 1 1935
and subsequent coupons attached."
That bids and offers shall be considered as being for bonds under option
(a) above, unless otherwise specified at the time of transaction; and that
the bonds shall continue to be dealt in "flat."
July 2 1934.
Notice having been received that payment of $6 per $1.000 bond is now
being made on State of San Paulo 40
-year 6% sinking fund gold bonds,
external dollar loan of 1928, due 1968, on surrender of the July 1 1934
coupon:
The Committee on Securities rules that beginning July 3 1934 the said
bonds may be dealt in as follows:
july 14 1934
(a) "with Jan. 1 1932 and subsequent coupons attached";
(b) "with Jan. 1 1932 to Jan. 1 1934 inclusive and Jan. 1 1935 and
subsequent coupons attached."
That bids and offers shall be considered as being for bonds under option
(a) above, unless otherwise specified at the time of transaction; and that
the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
Dollar Becomes Legal Tender in Virgin Islands for
First Time There—Will Replace Danish Currency—
Negotiations Between Washington and Copenhagen
Necessary for Solution of Transition Difficulty.
The United States dollar became legal tender in the Virgin
Islandsfor the first time on July 2,said special correspondence
July 1 from St. Thomas, V. I., published in the New York
"Times" of July 8. It is noted that although the United
States purchased the Islands 17 years ago, the official
currency has remained in terms of the 100-bit franc circulated
by the National Bank of the Danish West Indies, whose
right of issue was recognized in the purchase convention with
Denmark. From the account we also quote:
It is the first conversion of our currency to occur anywhere under the
dominion of the United States in at least 35 years, and it will adjust the
anomalous position of the dollar. For the first time Governor Paul M.
Pearson will be able to make out the annual budget in United States money.
Negotiations Necessary.
Several problems attendant upon the erection of a new currency structure
are arising, however. These will require negotiations between the Treasury
Department and the Danish Government.
The old currency system was created shortly after the turn of the century,
when a need was felt for a local bank of issue to further the economic
developments of the islands. The Danish Government granted a concession for the purpose to a syndicate of Copenhagen banks on June 20
1904, and thus was formed the National Bank of the Danish West Indies.
This Danish institution was the only bank permitted to remain open
anywhere in the jurisdiction of the United States during last year's bank
holiday. In giving its sanction, the Treasury Department decided that
neither the bank nor the islands were in danger of financial collapse. The
bank has a stock capital of 5,000,000 francs, equivalent to 1,000,000
Danish West Indian dollars. The value of this dollar was fixed at 4% lees
than the United States dollar,one reason being to give exporters a premium.
In the three Islands—St. Thomas, St. Croix and St. John—the bank
has in circulation spout $200,000 in banknotes and about $80,000 in fractional currency. It is estimated that the amount of United States money
in use is roughly $35,000, virtually all of which is paper. This United
States paper now represents a demand for coins for the purpose of trade.
And this is where one of the chief difficulties arises.
There is no definite plan to carry out the transition. The local Government has been informed that the Treasury Department "believes that it
Is in a position to take up the Danish West Indian fractional currency and
give in exchange United States coins" to the extent of $25,000.
If and when the Treasury provides this fractional currency, it will be
necessary to turn the local Finance Office, into a sort of counting house
where merchants, bankers and citizens must come for change, or the
National Bank of the Danish West Indies must accept the coins as deposits
and oblige the local administration by circulating them.
The Danish bank has asked the colonial Government for $40,000 in
United States coins, for which it has offered a draft in advance. This
request has been passed on to the Treasury Department. In an effort to
ease the situation a bill has been introduced in the Colonial Council of
St. Thomas and St. John to extend recognition of the local money unit
until the end of the year. The Islands would then have two systems of
egal tender for six months.
Four-Year Plan Proposed.
A four-year plan for the conversion has been worked out by the Treasury
Department, but it has met with almost universal disfavor because in the
second year a discount of 10% would be applied. This discount would
be increased by 10% each succeeding year.
The Danish bank, which has built up a high reputation, is strongly
Opposed to the discount plan. Its directors express concern over the dissatisfaction and resentment it has aroused. They feel the bank has fulfilled
the purpose for which it was formed and now they desire to liquidate within
two years, paying back bit for bit, without losses to any one through
discounts.
This problem also involves the question of who is to receive the benefits
of the money, which,through loss and other causes, will never be redeemed.
It will undoubtedly bo a tidy sum, and whether the bank or the local
Treasury shall receive it is one of the problems.
Plans Submitted to Bondholders for Selling of Overdue Coupons on External 6% Bonds of Budapest
(Hungary).
A plan by means of which holders of overdue coupons on
City of Budapest (Hungary) external 6% bonds may be
enabled to dispose of them, and so realize a percentage of
their face value in dollars, was submitted to the bondholders
on July 12 by Bankers Trust Co., New York, fiscal agent
for the loan. An announcement issued in the matter, in
noting this continued:
The issue, originally sold in this country and Europe in 1927, amounted
to $20,000,000. Since December 1931, when the Hungarian moratorium on
foreign debt payments was declared, the city has not been permitted
to make dollar remittances for loan service and there are now five ovedue
coupons. The city, however, has deposited with the National Bank of
Hungary substantial amounts in pengoes with repsect to such service.
In view of the continuance of transfer restrictions and the uncertainty
of remission of dollars for interest payments, the Bankers Trust Co. has
offered its facilities as agent in attempting to effect a sale of coupons which
may be tendered to it.
Because of continued exchange restrictions and the varying terms of
Hungarian decrees affecting the loan, the bankers aro making no representations as to the amounts which may be realized from the sale of coupons.
For example, it is explained that pengoes deposited on the 1933 and 1934
coupons were substantially less than in 1932, since the 1932 deposit was
made at the rate of 6% and on the basis of former gold dollar values whereas
Volume 139
Financial Chronicle
the latter deposits were made at a rate of 5% and at the then current exchange rates. Hence the amounts which may be realized for the respective
coupons will differ materially.
A letter fully descirbing the conditions of the plan is being sent to all
known holders of the bonds.
New York Stock Exchange Adopts Additional Rulings
with Respect to Two Issues of Hungarian Consolidated Municipal Loan Secured Sinking Fund
Gold Bonds.
Through its Secretary, Ashbel Green, the New York
Stock Exchange on July 12 issued the following announcements:
NEW YORK STOCK EXCHANGE.
Committe on Securities.
July 12 1934.
Referring to the ruling of the Committee on Securities dated July 2 1934,
the matter of Hungarian Consolidated Municipal Loan. 20
in
-year 7 %
Secured Sinking Fund Gold Bonds, due 1945, and making provision for
dealing in bonds (a) "with Jan. 1 1933, and subsequent coupons attached"
and (b) "with July 1 1934, and subsequent coupons attached";
The Committee on Securities, having been informed that the July 1
1934, coupon, is being partially paid in Pengoe in Hungary, further rules
that beginning July 16 1934. the bonds may be dealt in as follows.
(a) "with Jan. 1 1933, and subsequent coupons attached":
(h) "with Jan. 1 1935, and subsequent coupons attached":
That bids and offers shall be considered as being for bonds under option
(a) above, unless otherwise specified at the time of transaction; and
That the bonds shall continue to.be dealt in "Flat."
July 12 1934.
Referring to the ruling of the Committee on Securities dated July 2 1934.
in the matter of Hungarian Consolidated Municipal Loan, 20
-year 7%
Secured Sinking Fund Gold Bonds, External Loan of 1926, and making
provision for dealing in bonds (a) "with Jan. 1 1933, and subsequent
coupons attached" and (b) "with July 1 1934, and subsequent coupons
attached";
The Committee on Securities, having been informed that the July 1 1934.
coupon, is being partially Paid in Pengoe in Hungary. further rules that
beginning July 16 1934, the bonds may be dealt in as follows.
(a) "with Jan. 1 1933, and subsequent coupons attached";
(b) "with Jan. 1 1935, and subsequent coupons attached";
That bid and otters shall be considered as being for bonds under option
(a) above, unless otherwise specified at the time of transaction; and
That the bonds shall continue to be dealt in "Flat."
ASHBEL GREEN, Secretary.
The rulings of tjle Committee on Securities of July 2 were
referred to in our issue of July 7, page 43.
Portions of Two Series of External Loan Sinking Fund
7% Secured Gold Bonds of Italy Drawn for Redemption by Sinking Fund.
J. P. Morgan & Co., as fiscal agents, have announced
that they 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, issued under contract dated March
18 1927, that $258,000 principal amount of the series A
bonds and $144,000 principal amount of the series B bonds
have been drawn by lot for redemption at par on Sept. 1
1934, out of sinking fund moneys available. Payment will
be made upon presentation and surrender of the drawn bonds,
with subsequent coupons attached, at the offices of the fiscal
agents, 23 Wall Street, on and after Sept. 1, after which date
interest on the drawn bonds will cease.
Committee of New York Stock Exchange Named to
Study Foreign Business and Arbitrage Methods
of Members—Membership of Law Committee Increased.
A committee of seven to "investigate and study the
present situation in the methods used by members in the
conduct of their foreign business (including foreign arbitrage)" was named by Richard Whitney, President of the
New York Stock Exchange, on July 12. The President's
action followed that of the Governing Committee on July 11
in amending the resolution previously passed by it (June 27)
so as to provide for a committee of seven instead of five,
as originally proposed; another particular in which the
Governing Committee this week amended the June 27 resolution was to include within the scope of the study of the
investigating committee a survey of the foreign business
of members, the original resolution (given in our issue of
June 30, page 4380) having limited the study to foreign
arbitrage transactions. Those appointed by President
Whitney as members of the Special Committee of Seven, are:
II, H. Moore, of Haligarten & Co.; Walter L. Johnson, of Shearson.
Hanunill & Co.; Arthur Turnbull, of Post & Flagg; Otto Abraham,
of
Abraham & Co.; A. C. Deane. of Fenner & Beane; S. M.Bijur, of H. Rentz
& Co., and Elton Parks, of Dominick & Dominick.
At its meeting on July 11 the Governing Committee of
the Exchange appointed Walter L. Johnson and Blair S.
Williams as members of the Law Committee, in accordance
with the amendment to the Constitution adopted on June 27
increasing the size of this committee from five members to
seven members. The proposal to increase the membership
of this committee was noted in our June 30 item, page 4380,
207
As to the action of the Exchange this week, the New York
"Herald Tribune" of July 12 said in part:
Mr. Johnson, as Chairman of the Publicity Committee, is one of the
most active members of the Governing Committe. He is a former VicePresident of the Exchange and at one time headed the New York Cotton
Exchange. At the present time he is a member of the Committee on
Admissions, Chairman of the Committee on Securities, and a member of
the Conference Committee. By his membership of the Law Committee
the publicity work of the Exchange, which is rapidly becoming one of its
most important activities, will be further correlated with the work of
the "cabinet." Mr. Johnson purchased his membership in October 1918.
Mr. Williams became an Exchange member in September 1895, and
is
the twenty-third oldest member of the market In seniority. He was
first
elected a Governor in 1904, serving until 1909. Three years later he was
returned to the Governing Committee, on which he has served
since.
He was Chairman of the Committee on Arrangements from
1915 to 1922
and Vice-Chairman of the Publicity Committee from 1928 to 1931.
He
is now a member of the Arbitration and Business Conduct
Committee,
as well as a trustee of the gratuity fund, a director of the Stock Clearing
Corp. and a director of the New York Quotation Co.
Taking advantage of the provision of the resolution authorizing the
Inclusion of "non-members" on the committee to study foreign business
methods, Mr. Whitney's choice includes three partners in Stock Exchange
firms who do not personally hold memberships. They are Mr. Beane,
Mr. Bijur and Mr. Parks. The selection also includes a member, who is
not a Governor, Mr. Abraham.
The committee will make the first study of conditions of foreign business
in 20 years, concentrating particularly, it is expected, on foreign arbitrage
transactions. Their report to the Governing Committee will contain
recommendations."upon which it is considered desirable for the Governing
Committee to take action."
The firms represented in great part do an extension foreign business,
including arbitrage. They have foreign offices and the partners named
have been active in foreign business activity.
The following is the announcement made by the Exchange
regarding the amendment on July 11 of the resolution
adopted June 27:
The Governing Committee amended the resolution passed by the Governing Committee on June 27 1934. so as to read.
"Be It Resolved, That the President appoint a Special Committee of
Seven to investigate and study the present situation in the methods used
by members in the conduct of their foreign business (including foreign
arbitrage), discretion being given to the President, under Sec. 8 of Article
III of the Constitution, to name non-members upon this Committee.
"And Be It Further Resolved, That this Committee shall make a report
to the Governing Committee when its investigation has been completed,
said report to contain any recommendations upon which it Is considered
desirable for the Governing Committee to take action."
Securities and Exchange Commission Rules Against
Speculative Dealings by Employees of Commission.
Employees of the newly created Securities and Exchange
Commission are barred from participating in speculative
transactions under a ruling of the Commission made known
by its Chairman, Joseph P. Kennedy, at a press conference
in Washington on July 6. The ruling was announced as
follows:
The Commission voted that no employee of the Commission shall
participate directly or indirectly in any transaction concerning a security
subject to the jurisdiction of the Commission, except that such
prohibition
shall not be construed to prevent the sale or purchase of a security for
bona
fide investment purposes.
To the end that this regulation shall be properly observed, it is
ordered
that (1) no employee shall carry any securities on margin, and (2)
every
employee shall report every transaction in any security, whether exempted
or otherwise, to the Commission within 48 hours after the making of
such
transaction, exclusive of Sundays and holidays.
Violation of this regulation shall be regarded as instant cause for
dismissal.
In its advices from Washington July 6 the New York
"Times" stated:
Mr. Kennedy said the ruling was made to inform employees and applicants for positions of the attitude of the Commission. It was intended,
he emphasized, that no employee should gain personal advantage by
information he might obtain as to Commission policy on important
questions
Involving administration of the Act.
Whether employees will be permitted to make investment purchases
on
the instalment basis, when it is indicated that no speculative activity is
involved, was not definitely stated.
The appointment of the members of the Commission,
which is to administer the recently enacted Securities Exchange Act, was noted in our issue of July 7, page 52. Routine meetings have been held by the Commission in Washington since its appointment.
Duties of Federal Reserve Board Under Securities
Exchange Act Relate Chiefly to Determination of
Margins on Security Loans—Regulations to Be
Issued Later—Letter of Chester Morrill to J. H.
Case of New York Federal Reserve Bank.
A letter with regard to the powers conferred on the Federal
Reserve Board under the Securities Exchange Act of 1934
was addressed on July 5 by Chester Morrill, Secretary of
the Federal Reserve Board, to J. Herbert Case, Federal
Reserve Agent of the Federal Reserve Bank of New York.
Mr. Morrill, who points out that the margin requirements
of the Act will not become offective before Oct. 1 1934,
and that the Board's regulations will not be issued for several
weeks, notes that the Board's duty under the Act "relates
chiefly to the determination of margins to be required on
security loans, a power to be exercised as a part of the
Financial Chronicle
208
July 14 1934
Federal Reserve System's general credit policy of controlling
undue credit expansion in the security markets." It is also
stated in the letter that "in so far as banks are concerned,
the Federal Reserve Board's authority under this Act relates to loans made for the purpose of purchasing or carrying
securities registered on national securities exchanges. It
does not apply, therefore, to loans made solely for industrial, agricultural or commercial purposes, regardless of the
question whether these loans are secured or unsecured,
and, if secured, regardless of the character of the collateral.
The determining factor is the purpose of the loan, and not
the nature of the security offered." It is likewise indicated
that the Board's power "does not apply to loans on exempted
securities." Mr. Morrill's letter follows in full:
c On accounts showing a balance of more than $10,000, 2h% per annum
on the first 85,000. 2% per annum on the second $5,000 and 134% per
annum on the remainder.
It is also ruled that if accounts in existence on June 30 1934 are subsequently increased by deposits, other than credit of interest payments,
making the balance in said accounts greater than $5,000, all such deposits
made after June 30 1934 shall be regarded as new business and subject to
the payment of interest as herein set forth on new accounts.
FEDERAL RE SERVE BOARD,
This compares with 1,570 bond issues, aggregating $41,765,451,113 par value, listed on the Exchange June 1 1934
with a total market value of $37,780,651,738.
In the following table listed bonds are classified by governmental and industrial groups, with the aggregate market
value and average price for each:
Washington.
July 5 1934.
Subject. Statement Regarding Section 7 of the Securities Exchange
Act of 1934.
Mr. J. H. Case, Federal Reserve Agent, New York, N. Y.
Dear Sir.-At its recent conference with the Chairman and Governors
of the Federal Reserve banks the Federal Reserve Board considered the
new responsibilities placed upon the System by the Securities Exchange
Act of 1934. This Act gives the Federal Reserve Board authority to determine the margins to be required by brokers and dealers in extending credit
to their customers, and also empowers the Board, within certain limitations.
to prescribe rules and regulations, including margin requirements, for loans
extended by other persons, including banks, for the purpose of purchasing
or carrying securities registered on national securities exchanges.
Margin requirements do not become effective before Oct. 1 1934, and
the Board's regulations on the subject will not be issued for several weeks.
In the case of brokers the law lays down a standard of margins, which
shall constitute the basis of the Board's regulations, although the Board
is given authority to prescribe lower requirements, if it deems it necessary
or appropriate for the accommodation of commerce and industry, with due
regard to the general credit situation in the country, and to prescribe higher
margins if it deems it necessary or appropriate in order to prevent the
excessive use of credit to finance transactions in securities. In the case
of other lenders on securities, including banks, no standard is specifically
laid down in the law, the margins to be prescribed being left to the Board's
discretion.
The fundamental principle by which the Board is to be guided in determining margin requirements and in formulating its regulations is stated
in the law. The Board is directed to enforce its new powers for the purpose of preventing the excessive use of credit for the purchase or carrying
of securities. This principle is in line with the provisions of the Banking
Act of 1933, which in several sections places special responsibility on the
Federal Reserve banks and the Federal Reserve Board in connection with
excessive use of bank credit in the security markets. The law imposes
upon the Federal Reserve Board no duties in connection with the supervision of the stock exchanges or the prevention of undesirable Practices
among members of such exchanges. Responsibility for these matte's is
placed upon the Securities and Exchange Commission. The Federal
Reserve Board's duty under this Act relates chiefly to the determination
of margins to be required on security loans, a power to be exercised as a
part of the Federal Reserve System's general credit policy of controlling
undue credit expansion in the security markets.
In so far as banks are concerned, the Federal Reserve Board's authority
under this Act relates to loans made for the purpose of purchasing or carrying
securities registered on national securities exchanges. It does not apply,
therefore, to loans made solely for industrial. agricultural or commercial
purposes, regardless of the question whether these loans are secured or
unsecured, and, if secured, regardless of the character of the collateral.
The determining factor is the purpose of the loan and not the nature of the
security offered. If a loan is collateraled by stocks or other equity securities
and is made for the purpose of purchasing or carrying securities registered
on a national securities exchange, it comes under this section of the Act:
if it is made for any other purpose, then it is exempt. The Board's power
under this section, furthermore, does not apply to loans on exempted
securities, which are defined by the law as including among other securities
obligations of the United States, or of any State or political subdivision,
and such other securities as the Securities and Exchange Commission may
declare to be exempted securities. The power of the Board is further
limited by exempting bank loans on securities other than equity securities,
which means in practice that it is not applicable to loans on bonds, except
bonds such as those having conversion privileges, and there are certain
other exemptions. In general, the law, in so far as it applies to control
over banks, is intended to prevent the banks from being used for the purpose
of circumventing the margin requirements prescribed for loans extended by
brokers to their customers, and to prevent undue expansion of bank credit
employed in the securities markets.
General banking practices in relation to loans for industrial, agricultural, or commercial purposes are not affected by this Act.
Please transmit copies of this letter to all the banks in your Federal
Reserve District.
Very truly yours,
CHESTER MORRILL, Secretary.
Washington, D. C., Clearing House Association Lowers
Maximum Interest Rates on Savings Accounts
-Became Effective July 1.
from 3% to 23/2%
Market Value of Bonds Listed on New York Stock
-Figures for July 1 1934.
Exchange
The following announcement, showing the total market.
value of bonds listed on the New York Stock Exchange.
was issued by the Exchange on July 6:
As of July 1 1934, there were 1.568 bond issues aggregating $43,553,523,138 par value listed on the New York Stock Exchange, with a total market
value of $39,547,117,863.
Market
Value.
All bonds
819,099,432,668
4.786,919,767
8.301,402,356
3,480,530,535
2,341,822,753
1,537,009,784
$104.24
84 OT
77.68
93.41
80.12
69.99
$39,547,117,863
United States Government
Foreign Government
Railroad Industry (United states)
Utilities (United States)
Industrial (United States)
Foreign companies
Average
Price.
$90.80
The following table, compiled by us, shows the total
market value and the total average price of bonfs listed on.
the Exchange for each month since Jan. 11932:
Markel
Value.
1932Jan. 1
Feb. 1
Mar. 1
Apr. I
May I
June I
July 1
Aug. 1
Sept. 1
Oct. I
Nov. I
Dec. 1
1933Jan. 1
Feb. I
Mar, I
Apr. 1
837,848.488,806
38,371,920,819
39.347,050.100
39.764,349.770
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
$31,918,066,155
32.456,657,292
30.758,171,007
130.554,431.090
Average
Pelee.
1933
May 1
June 1
July 1
Aug I
Sept. 1
Oct. I
Nov. I
Dec. 1
1934
Jan. 1
Feb. I
Mar, 1
Apr. 1
$77.27 May I
78 83 June I
74.89 July 1
$74.51
172.29
73.45
75.31
76.12
74.49
70.62
71.71
74.27
77.27
77.60
76.38
73 91
Marke.
Value,
Average
Price.
31,354,026,137
32,997,675,932
•33.917.221,869
34,457,822,282
35,218,429,938
34,513,782,705
33,651,082,433
34,179,882,418
76.57
80.79
82.97
84.43
84.63
83.00
82.33
81.36
834,861,038,409
38,263.747,352
38,843,301,965
37,198,258,126
37,780,651,738
38,239,206,987
39,547,117,863
$83 34
88 84
88.27
89.15
90.46
90.1T
90.80
/
Interest on Savings Reduced from 232% to 2% by
Member Banks of St. Louis Clearing House Association-Lower Rate Effective Aug. 1.
The seven direct member banks of the St. Louis Clearing
House Association voted on June 30, it is stated in the
St. Louis "Globe-Democrat" of July 1, to reduce the annual
rate of interest to be paid on savings from 23% -to 2%,
effective Aug. 1, making it the lowest rate paid on savings
by those banks as a group in considerably more than a quarter of a century. The seven direct members of the Clearing
House Association, according to the "Globe-Democrat," are:
Boatmen's National Bank. First National Bank, Manufacturers Bank
& Trust Co., Mercantile-Commerce Bank & Trust Elo., Mississippi Valley
Trust Co., Tower Grove Bank & Trust Co. and United Bank & Trust Co.
The paper quoted continued:
This is the second reduction since the 3% rate which had prevailed for
many years, the previous cut having been put into effect about 18 months
ago.
Tom K. Smith, President of the Clearing House, in making the announcement yesterday, explained the action was due to the extremely low money
rates prevailing for high-grade investments.
-yield basis of
Virtually all Government bonds are now selling on a net
less than 3%, and the short-term Treasury notes are on a net-yield basis
ranging from about 1X% down to a minor fraction of 1%.
The Clearing House banks eliminated interest payments entirely in
demand deposits about a year ago, in line with the Banking Act of 1933.
and they pay only 1.14% annually on time certificates of deposit left for
one year and an annual rate of ;4 of 1% on time deposits of six months.
Rulings By Federal Reserve Board Affecting Business
of Trust Company Affiliated With Member Bank
Interpretations of Banking Act of 1933 Governing
Transactions in Mortgage Bonds and Directors.
The Clearing House Association of Washington, D. C.,
has adopted a resolution lowering from 3% to 23.% the
maximum rate which banks may pay on savings accounts.
On new accounts the rates vary from 13i% to 23/2%, depending on the size of the account. The resolution, which
became effective July 1, was contained as follows in the
Washington "Evening Star" of June 28:
Rulings under the Banking Act of 1933 affecting trust
companies affiliated with a member bank, were announced
on July 7 by the Federal Reserve Board. The Board's
conclusions were thus summarized in Washington advices
July 7 to the New York "Post":
On all present business the maximum rate which banks may pay to
savings depositors on present balances is reduced from 3% to 255% per
annum.
On all new business:
a On accounts showing a balance of $5,000 or less. 234% per annum.
b On accounts showing a balance of more than $5,000 and not in excess
of $10,000,255% per annum on $5,000 and 2% per annum on the remainder.
In one case, the Board ruled that a trust company which made loans
secured by mortgages on real estate comes within the provisions of section 20 of the Banking Act forbidding any member bank to be affiliated
with a corporation engaged principally in distributing debentures, notes
and other securities.
The Board ruled also that no director or officer of any member bank
could be an officer of such a corporation.
Volume
139
Financial Chronicle
However, it ruled that it would give consideration to trust companies
which did substantially no commercial banking business and which desired
to join the Federal Reserve System.
It is stated that both rulings are reversals of previous
rulings.
The Board announced its rulings as follows on July 7:
209
must not engage in what amounts to a brokerage business
and that any charge to the customer for the accommodation
"must not exceed the actual cost of servicing."
According to the "Times" the ruling was contained in a
communication sent to all National bank examiners June 28,
but was not generally made public at that time. It was
issued, said the account, because in the jam of legislation
in the closing days of Congress, the Bulkley bill, which would
have amended the Banking Act of 1933 to prevent any doubt
concerning the position of the National banks on this question, failed of passage. From the dispatch we quote further
as follows:
Securities Company Within Provisions of Sections 20 and 32 of Banking
Act of 1933.
The Banking Act of 1933 was enacted on June 16 1933. and Section 20
of that Act became effective June 16 1934, and reads in part as follows:
"Sec. 20. After one year from the date of the enactment of this Act.
no member bank shall be affiliated in any manner described in section 2(b)
hereof with any corporation, association, business trust, or other similar
organization engaged principally in the issue, flotation, underwriting.
public sale, or distribution at wholesale or retail or through syndicate
participation of stocks, bonds, debentures, notes, or other securities.
The Federal Reserve Board had ruled that it found nothing in the Federal
• • • • •
The Federal Reserve Board recently considered the question whether
statutes to prevent State charter banks, members of the Federal Reserve
a trust company which was affiliated with a member bank within the meanSystem,from buying corporate stocks, without recourse, solely for customing of the provisions of section 2(b) of the Banking Act of 1933 and which
ers' account.
was engaged in the business of issuing and selling mortgage bonds was a
Interpretation Was At Issue.
corporation carrying on the kind of business described in section 20 of • The 1933 Banking Act specifically permits banks to buy and sell "inthe Banking Act of 1933. The business of the company involved was as
vestment securities" for customers' account, but there had been differences
follows:
of opinion on how its wording should be interpreted in regard to purchases
The trust company made loans secured by first mortgages on improved
and sale of corporate stocks.
real estate and the obligations secured by such mortgages were assigned
For many years banks have been granting this accommodation to custo one of two corporate trustees, in accordance with the terms of a trust
tomers, and in some of the smaller communities where there are no brokeragreement, to secure the payment of bonds of the trust company which
age houses this service by the banks has been an important phase of banking
were issued and sold to the public by the trust company. It appeared
activities.
that these bonds were issued serially in denominations of $100. $500. or
Section 16 of the Banking Act of 1933, about which the controversy
$1,000 each; that the bonds bore interest payable semi-annually; that
revolved, became effective June 16. 1934. After the Reserve Board had
at the time of the Board's consideration of the matter the rate of interest
given its favorable ruling to the State member banks. the Comptroller's
on such bonds then being issued was 4%%;that the bonds were negotiable
office wasswamped with requestsfrom National banks for an official declarain form; that the bonds were the direct obligations of the trust company;
tion on their status.
that in addition to obligations secured by mortgages certain securities
The Comptroller's office did its best to obtain adoption of the legislation
of specified classes might be deposited with the trustees to secure the paywhich would definitely clarify the point and, when this failed of passage,
ment ofsuch bonds; that it was the practice of the trust company to authormade the ruling.
ize the issue of such bonds in series of $1,000.000 or less; although the
Text of the Ruling.
whole amount of each series might not in every case be sold; and that it
The text of the ruling follows:
was the practice of the trust company to issue the series of bonds with
"The question as to whether National banks are permitted under the
maturities of either five or ten years. It also appeared that the trust
law to purchase and sell stocks solely upon the order of and or the account
company received deposits to some extent and did a considerable amount
of customers has received the serious consideration of my Department.
of trust business. However, it appeared that the principal business of the
In my annual report to Congress, Page 11, I made the following comment
trust company was the making of mortgage loans and the issuance and sale
on Section 16:
of its mortgage bonds.
'Section 16, amending paragraph 7 of Section 5136, revised statutes, as
"
After careful consideration of this matter the Board ruled,in view of all the
amended (U. S. C., Title 12. Sec. 24:supp. VI, Title 12, Sec. 24), provides
facts involved, that the trust company was engaged principally in the issue
in part that "the business of dealing in investment securities by National
banks shall be limited to purchasing and selling such securities without
and sale of securities within the meaning of Section 20 of the Banking
recourse solely upon the order and for the account of customers, and in no
Act of 1933, and that, in view of the affiliation of the trust company with
case for its own account.
a member bank, appropriate action should be taken to comply with the
"'The section also defines "investment securities" as being marketable
requirements of Section 20 of the Banking Act of 1933.
obligations evidencing indebtedness of any person, copartnership, association, or corporation in the form of bonds, notes and-or debentures. It
Section 32 of the Banking Act of 1933 reads in part as follows:
would appear from the language that a National bank is prohibited from
Sec. 32. From and after January 1 1934 no officer or director of any
performing the service of purchasing or selling corporate stocks for the
member bank shall be an officer, director, or manager of any corporation
account of one of its customers.
partnership, or unincorporated association engaged primarily in the busiDenies Penalizing Aim.
ness of purchasing, selling, or negotiating securities . . . unless in
any such case there is a permit therefor issued by the Federal Reserve
"'Since this does not entail the investment by the bank of its own funds
Board; and the Board is authorized to issue such permit if in its judgment
acts in an accommodation capacity, it is believed that
and the bank merely
it is not incompatible with the public interest, and to revoke any such
it was not the intention of Congress to penalize the public located in compermit whenever it finds after reasonable notice and opportunity to be
munities removed from the money centres in disposing of or purchasing
heard, that the public interest requires such revocation.
'
securities in the form of corporate stocks for investment purposes.
"'The further provision in the same section provides "the restriction of
In the case discussed above it also appeared that directors of the trust
this section as to dealing in investment securities shall take effect one year
company were also directors of a member bank. In view of the facts
after the date of the approval of this Act." The Act was approved June
described above. the Board also ruled that the trust company was engaged
16 1933:
primarily in the business of selling or negotiating securities within the mean"A bill clarifying this section failed of passage at the last Congress.
ing of Section 32 of the Banking Act of 1933.
My contact with Congress convinces me that my statement with reference
to the intention of that distinguished body was correct and that only the
rush of closing business prevented the passage of the bill. I have this day
Trust Companies Doing Practically No Banking Busi- held that National banks have the right to purchase and sell stocks solely
ness to Be Admitted to Membership in the Federal upon the order and for the account of customers. This does not mean
that national banks may do a brokerage business and any charge must not
Reserve System.
The decision of the Federal Reserve Board to admit to exceed the actual cost of servicing."
The Federal Reserve Board and the Comptroller's office are engaged
the Reserve System trust companies doing substantially no close study of the various provisions of the Banking Act of 1933. andin
a
banking business was made known in the following announce- number of additional rulings on controversial points will be made from
time to time.
ment issued
by the Board on July 6.
Membership in Federal Reserve System of Trust Companies Doing
Substantially No Banking Business.
During the past several years the Board has taken the position that it
would not admit to membership in the Federal Reserve System trust
companies which do substantially no commercial banking business, but
recently it reviewed the question and decided that it should give consideration to applications for membership from trust companies of this type.
Accordingly. the Federal Reserve agent at each of the Federal reserve
banks has been requested to inform any trust company in his district
that may have been advised that it would not be admitted to membership
because it was doing substantially no commercial banking business that
the Board will give consideration to its application for membership if it
desires to file one.
The Washington correspondent of the New York "Journal
of Commerce" commenting on the above on July 6 said:
Represents Radical Change.
Decision of the Board to consider applications of trust companies for
membersaip in Reserve System represeAts a complete reversal of past
policies and represents one of the most important rulings handed down
by the Board in recent years.
No estimate could be given as to the number of trust companies which
would be eligible for admission, but it is understood that a large number
of such applications are now on file with the Board. Trust companies are
known to be desirous of being permitted to enter the system because of
added prestige and facilities attached to such membership.
National Banks Permitted to Buy and Sell Stocks for
Account of Customers, According to Ruling of
Comptroller of Currency—But Cannot However,
Act as Brokers.
From Washington July 7, the New York "Times" reported
that a ruling by Comptroller of the Currency O'Connor permits National banks to buy and sell corporate stocks solely
for the account of customers, but emphasises that the banks
Federal Judges in Southern New York District to Dis-.
continue Practice of Appointing Irving Trust Co.
Receiver in All Bankruptcy Cases.
The practice of Federal judges in the Southern District of'
New York in naming the Irving Trust Co. receiver in all
bankruptcy cases has been ended, according to newspaper
reports on July 11, which stated that beginning July 16 each
judge will appoint receivers at his own discretion. Judge.
John C. Knox, senior judge of the District Court, explained
that the change in policy had been decided upon because ofthe inclusion of a clause in the new corporate bankruptcy
law which President Roosevelt signed last month. The
pertinent section read:
The District Court, or any judge thereof, shall, in its or his discretion,
so apportion appointments of receivers and trustees among persons, firms or
corporations, or attorneys therefor, within the district eligible thereto, as
to prevent any person, firm or corporation from having a monopoly of such
appointments within such district.
Study of Currency and Banking to Be Conducted
in Summer at Instance of Secretary of Treasury
Morgenthau—Taxation and Revenue Also to Be
Studied.
At the instance of Secretary of the Treasury Morgenthau,
a study will be made during the summer of currency and
banking and of taxation and revenue. The two studies,
said a Washington account June 26 to the New York "Times"will be conducted under the direction of Dr. Jacob Viner,
Special Assistant to the Secretary. In addition to the.
regular staff of the Treasury, a small group of men has,
210
Financial Chronicle
been brought in for the summer to work on these studies
in the Treasury, it is stated. It is likewise said that experts
outside the Treasury are being requested to submit memoranda on special points. The dispatch further noted:
Secretary Morgenthau said that the two committees, both composed
of college professors, would have wide latitude in their studies and at
the end of their deliberations would make recommendations to him.
In addition, Roswell McGill, representing the Treasury, and Eldin
C. King and I. H. Parker, Congressional tax experts, will go to England
this summer and make a study of the British income tax system. They
will report to Secretary Morgenthau and to the House Ways and Means
and Senate Finance Committees.
Secretary Morgenthau was also quoted as saying:
The currency and banking study group is surveying the currency and
credit situation in the United States, including the question of monetary
standards, the various types of currency, the various types of credit institutions in the country, their inter-relationships and the existing methods
of regulation and control thereof, and the relation of credit and currency
policy to business stability and maintenance of steady employment.
The revenue and taxation study group is studying the Federal tax
system with special reference to need for administration revision and
simplification, to the distribution of tax burdens, to the relationship
between the Federal and the State and local revenue systems, and to the
possibility of making use of revenue provisions as a business stabilizing
device.
The gold and silver program also will be reviewed, said
the "Times" dispatch, which gave as follows the list of
persons temporarily employed in the Treasury to assist in
these studies:
Carl Shoup, Assistant Professor of Business Adsinistration, Columbia
University.
Roy G. Blakey, Professor of Economics, University of Minnesota.
Malcolm Bryan, Associate Professor of Economics, University of Georgia.
Reavis Cox, Instructor in Business Administration, Columbia.
Louis Shore, Officer of Instruction in the Extension Department,
Columbia.
Henry F. Walradt, Professor of Economics, Ohio State University.
B. M. Williamson, Professor of Economics, Connecticut Wesleyan
College.
Richard A. Lester, Princeton.
Lauchlin Currie, Instructor of Economics, Harvard.
Harry D. White, Professor of Economics, Lawrence College.
Albert G. Hart, Instructor in Economics. University of Chicago.
Benjamin Caplan, University of Chicago.
Virginius F. Coe, Brookings Institution.
Edward 0. Simmons, Brookings Institution.
July 14 1934
nouneed July 9. Mr. Coolidge said that the average price
of the bills is 99.966 and the average rate about 0.07% per
annum, on a bank discount basis. This is the same rate at
which the three preceding offerings of bills sold, bearing
dates of July 3, June 27 and June 20.
The offering of bills dated July 11 (maturing Jan. 9 1935)
was announced on July 5 by Henry Morgenthau Jr.,Secretary
of the Treasury; reference to the same was made in our issue
of July 7, page 48. The tenders were received at the Federal
Reserve banks and the branches thereof, up to 2 p. m.,
Eastern Standard Time, July 9. In his announcement of
July 9 Acting Secretary Coolidge said:
The accepted bids ranged in price from 99.980, equivalent to a rate of
about 0.04% per annum, to 99.962, equivalent to a rate of about 0.08%
per annum, on a bank discount basis. Only part of the amount bid for at
the latter price was accepted.
Government Security Purchases Omitted by Treasury
During Week of July 7.
According to a statement issued by the Treasury Department on July 9, no Government securities were purchased
in the open market by the Treasury during the week of
July 7 for the investment accounts of various Government
agencies. The Treasury purchased $500,000 of Government
securities during the week of June 30, and prior to that had
made no purchases for four consecutive weeks. Since the
inception of the Treasury's support to the Government bond
market last November, reference to which was made in our
issue of Nov. 25, page 3769, the weekly purchases have been
as follows:
58,748,000 Mar. 24 1934
Nov. 25 1933
37,744,000
2,545,000 Mar. 31 1934
Dec. 2 1933
23,600,000
7,079,000 Apr. 7 1934
Dec. 9 1933
42,369,400
16,600,000 Apr. 14 1934
Dee. 16 1933
20,580,000
16,510,000 Apr. 21 1934
Dec. 23 1933
30,500,000
11,950,000 Apr. 28 1934
Dec. 30 1933
4.885,000
44,713,000 May 5 1934
Jan. 6 1934
5.001.500
33,868,000 May 12 1934
Jan. 13 1934
500,000
17,032,000 May 19 1934
Jan. 20 1934
4,000,000
2,800,000 May 26 1934
Jan. 27 1934
5,000,000
7.900,000 June 2 1934
Feb. 5 1934
*22.528,000 June 9 1934
Feb. 13 1934
7,089,000 June 16 1934
Feb. 17 1934
1,861.000 June 23 1934
Feb. 24 1934
10,208,100 June 30 1934
Mar. 3 1934
500,000
6,900,000 July 7 1934
Mar. 10 1934
$7,909,000
Mar. 17 1934
•In addition to this amount. $638,400 of bonds held by the Treasury as oonaterst
security for postal savings deposits purchased Feb. 9 by FDIC.
New Offering of $75,000,000 or Thereabouts of 182Day Treasury Bills—To Be Dated July 18 1934.
Thomas Jefferson Coolidge, Acting Secretary of the Treasury, announced yesterday (July 13) a new offering of $75,000,000 or thereabouts of 182-day Treasury bills, to be dated $643,069 of Hoarded Gold Returned During Week of
July 3—$45,863 Coin and $597,206 Certificates.
July 18 1934. Tenders to the bills will be received at the
Federal Reserve banks,or the branches thereof, up to 2 p. m.,
The Federal Reserve banks and the Treasurer's office
Eastern Standard Time, Monday, July 16. Tenders will received $643,069.18 of gold coin and certificates during
not be received at the Treasury Department, Washington. the week of July 3, it is shown in figures issued by the
The bills, which will be sold on a discount basis to the highest Treasury Department on July 9. Total receipts since Dec.
bidders, will mature on Jan. 16 1935. On the maturity 28 1933, the date of the issuance of the order requiring all
date the face amount will be payable without interest. A gold to be returned to the Treasury, and up to June 13,
issue of similar securities in amount of $75,047,000 will amount to $91,971,289.49. Of the amount received during
mature on July 18 and the tenders to the new offering the week of July 3, the figures show, $45,863.18 was gold
will be used to retire the same. Acting Secretary Coolidge's coin and $597,206 gold certificates. The total receipts are
announcement of the offering continued in part:
shown as follows:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000. $10,000. $100,000, $500,000, and $1,000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100. with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a
deposit of 10% of the face amount of Treasury bills applied for, unless the
tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on July 16 1934.
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on the
following morning. The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection
thereof. Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve banks in cash or other immediately available
funds on July 18 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.
Bids of $75,235,000 Accepted to Offering of $75,000,000
-Day Treasury Bills Dated
or Thereabouts of 182
Rate
July 11—$208,743,000 Received—Average
0.07%.
Of tenders totaling $208,743,000 received to the offering
of $75,000,000 or thereabouts of 182-day Treasury bills, dated
July 11 1934, $75,235,000 have been accepted, Thomas
Jefferson Coolidge, Acting Secretary of the Treasury, an-
Gold Coin.
Received by Federal Reserve Banks:
Week ended July 3
Received previously
Total to July 3
Received by Treasurer's Office:
Week ended July 3
Received previously
Gold Cerliflanes.
$45,863.18
28,162,346.31
$579,106.00
61,314,780.00
$28,208,209.49
$61,893,886.00
3249,194.00
318,100.00
1,601,900.00
8249,194.00
Total to July 3
$1,620,000.00
Note—Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
Silver Purchased by Treasury During Week of July 6
Totaled 1,428,247.02 Fine Ounces—Largest Figure
for Any One Week-9,986,000 Fine Ounces Received
by Mints Through July 6.
During the week of July 6, it is indicated in a statement
issued by the Treasury Department on July 9,silver amounting to 1,428,247.02 fine ounces was received by the various
United States mints from purchases made by the Treasury
Department in accordance with the President's proclamation
of Dec. 21 1933. This is the largest amount to be purchased by the Treasury in any one week since the issuance of
the President's proclamation. The proclamation, which was
referred to in our issue of Dec. 23, page 4440, authorized the
Department to buy at least 24,000,000 ounces of silver
annually. During the week of June 29 the purchases
amounted to 64,046.61 fine ounces. Of the amount purchased during the latest week, 450,130.53 fine ounces were
received at the Philadelphia Mint; 766,856.49 fine ounces
at the San Francisco Mint, and 211,260 fine ounces at the
Denver Mint. The total weekly receipts since the issuance
of the proclamation are as follows (we omit the fractional
part of the ounce):
Financial Chronicle
Volume 139
Week Ended—
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6
Ounces.
1,157
547
477
94,921
117,554
375,995
232,630
322.627
271,800
126,604
832,808
369,844
354,711
569,274
Week fended—
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
Ounces.
10,032
753,938
436,043
647,224
600.631
503,309
885.056
295,511
200,897
206,790
380.532
64,047
1,428,247
The statement by the Treasury Department contained a
corrected figure on total receipts of silver since the proclamation was issued up to July 6 of 9,985,000 fine ounces.
Printing of New Silver Certificates.
Incident to the announcement by the Treasury Departmentrthat during the week ended July 6 it had received
1,428,247.02 fine ounces of newly mined silver, for which
the Government paid 673/i cents an ounce, Acting Secretary
of the Treasury,Coolidge was reported as indicating on July 9
that the Bureau of Engraving and Printing was pushing
work on printing of new $1 and $5 silver certificates to be
issued against silver currently being purchased in the open
market in furtherance of the Government's silver program.
• United Press accounts from Washington July 9 to the New
York "Herald Tribune" with regard to last week's silver
purchases, said:
This huge increase last week brought the total receipts of newly mined
silver since Dec. 21 last to 9,985,000 fine ounces.
Receipt of this metal, together with 20,000,000 ounces received in war
debt payments and more than 70,000,000 ounces acquired through the
stabilization fund and directly by the Treasury, has brought the Roosevelt
Administration's silver acquisition to more than 100,000,000 ounces.
Mr. Coolidge said that issuance of new silver certificates against much
of this metal would be pushed "as fast" as possible and that printing of
them had been delayed only because of the time needed to prepare new dies.
211
Assets of 12 Federal Intermediate Credit Banks June 30
Reported at $274,513,904 as Compared with $213,283, 531 March 31.
Report of the Federal Intermediate Credit Banks as of
June 30, as made public by Charles R. Dunn fiscal agent,
shows that assets of the 12 banks increased from $213,283,531 on March 31 to $274,513,904 at the end of last
month. Increases in loans and discounts from $156,343,168
to $198,026,783 accounted for the largest part of this gain
in resources, while an investment of $25,219,923 in guaranteed Federal Farm Mortgage bonds also appears on the
June 30 balance sheet. Cash on hand and in banks was
$14,786,001 on June 30, compared with $19,525,026 on
March 31 1934. Holdings of United States Government
securities were practically unchanged at $32,732,349 on
June 30. Notes and accounts receivable were $2,794,587
compared with $3,328,327 on March 31. An announcement
issued with regard to the report said:
The June 30 report is the first issued for the Credit banks since the
increase in capital from $60,000,000 to $70,000,000 recently. Paid-in
surplus now amounts to $11,611,918, earned surplus $2,595,530. reserve
for contingencies $1,673,288, and undivided profits to $538,515. Surplus,
undivided profits and reserves amounted to $4,091,895 on March 31.
Debentures outstanding total $182,610,000 as against $144,805,000 on
March 31.
The increase in the capital of the banks was referred to in
our issue of June 9, page 3886. At the same time the banks
also increased their surplus by $15,000,000. An additional
increase of $15,000,000 in the surplus was made by the banks
on June 25, as noted in our issue of June 30, page 4397.
President Roosevelt Signs Five Treaties Discussed at
Pan American Conference, Including Argentine
Anti-War Pact.
Secretary of State Hull announced on July 6 that PresiAccording to United Press advices July 10 from Washing- dent Roosevelt, before leaving Washington for his vacation
ton, Federal printing presses, carrying out the Government's cruise, had signed the ratification of the United States
program to expand silver money by $1,000,000,000, are Government to the Argentine Anti-War Pact and the
producing $10,000,000 monthly in new silver bills. In part Treaty of Nationality of Women, both of which formed
these advices, as given in the New York "Journal of Com-. important topics of discussion at the Pan-American Conmerce," continued:
ference in Montivideo last December. The President also
The money was authorized by the last Congress, which in its new Silver
signed three other treaties discussed at the Conference,
Purchase Act stipulated the metallic silver backing of United States money
including the additional protocol to the general convention
should be increased until it amounts to a third of the metallic gold reserves.
On this basis the Treasury to-day figured the nation's silver money
of inter-American conciliation, the multilateral extradition
of 2,034.842.400
would be increased to $2,624,946,750, the equivalent
treaty and the convention on the rights and duties of States.
ounces. This will necessitate purchase of 1,279,813,300 ounces in addition
to recent purchases of 100,000,000 ounces, which carried the nation's silver
All of these treaties had been approved by the Senate shortly
reserves to 755,029,100 ounces.
before adjournment of Congress.
$828,000 from the Bureau
First delivery of new certificates amounting to
of Engraving and Printing to the Treasury Department, already has been
made. These soon will find their way into circulation. The bills were of
$1 denominations.
The Bureau of Engraving has set a quota for July of $2,400,000 of $5
certificates, or $12,000,000. Production of 810 certificates will start Aug. 1
and $20 certificates on Sept. 1.
Treasury officials have not yet decided as to what silver will be used to
back this new money. Available for backing are $8,112,034 silver dollars
in the Treasury. 60,000,000 ounces of free silver bullion and nearly 20.000.000 ounces of unused silver acquired last year from Great Britain as her
war debt payment.
Decision to print larger denominations than the now familiar "ones"
was made in an effort to popularize use of silver money.
The amount of new silver money to be put in circulation, the Treasury
said, will depend on how much silver is purchased. the price paid for it, and
on various price movements in the United States. The Treasury is permitted, at its discretion, to issue a dollar against each 3713.; grains of
newly acquired silver.
$35,000,000 of 1
Debentures Offered by Federal
Intermediate Credit Banks—New Low Coupon
Rate—Books Closed Following Oversubscription.
Announcement of a new offering of $35,000,000 of Federal
Intermediate Credit Banks 13/2% debentures was made on
July 10 by Charles R. Dunn, fiscal agent. The debentures
are dated July 16 and mature in three and six months.
The subscriptions books were closed July 10,—the day they
were opened, following an oversubscription. Of the proceeds
of the new securities, which were offered at premiums,
approximately $30,000,000 will be used for refunding
• purposes and the balance will be new money. On June 30
the Banks had $182,610,000 debentures outstanding.
The 13/2% coupon rate borne by the new debentures is
the lowest ever carried by an issue of debentures of the
Federal Intermediate Credit system. The previous low rate
was 2% borne by an offering dated March 15 1934. An
issue of debentures immediately preceding the March 15
offering, dated Jan. 15 1934, carried a rate of 23/2%. Subsequent issues after the March 15 offering, and dated
April 15, May 15, and June 15 1934, respectively, also
carried the 2% coupon rate. Due to a typographical error
the debentures dated June 15 1934 were reported in our issue
of June 9, page 3872, as being dated June 15 1935. The
system had paid as high as 5M% on its gebentures.
President Roosevelt Vetoes Bill Designed to Protect
Domestic Sources of Tin—Awaits Findings of Congressiontil Committee.
It was made known on July 9 that President Roosevelt
has vetoed the Faddis (Dem., Pa.) bill to protect domestic
sources of tin. Associated Press advices from Washington
said this action assures no limitation in Japanese purchases of
tin-plate scrap, at least until Congress convenes again. It
was likewise stated that the President said he took the action
because a Congressional committee now is studying the national policy with regard to the metal, and he felt it wiser
to hold up any partial step until the Committee completed
ts work.
Text of President Roosevelt's Executive Order, Discontinuing National Recovery Review Board,
Headed by Clarence Darrow.
The text of President Roosevelt's Executive Order, formally abolishing the National Recovery Review Board which
was headed by Clarence Darrow, is given below. In our
issue of July 7, page 62, reference was made to the Order, in
which the President pointed out that the Board had made
three reports in the exercise of its duties and "has substantially completed the work for which it was established." The
President also said that the Chairman and two other members
of the Board had already resigned "and any further investigations and reports would not be representative of the Board as
originally constituted, or serve to effectuate the purposes for
which it was created." The Executive Order follows:
Whereas by virtue of and pursuant to the authority vested in me under
the provisions of title 1 of the National Industrial Recovery Act of June 16
1933 (Chap. 90. 48 stat. 195), and in order to effectuate the purposes of
said title. I established by executive order of March 7 1934, an organization
to be known as the National Recovery Rewievr Board and appointed six
members thereof; and
Whereas said Board has made three reports to the President in the
exercise of its duties and functions and has substantially completed the
work for which it was established; and
Whereas the Chairman and two other members of the Board have
resigned and any further investigations and reports would not be representative of the Board as originally constituted, or serve to effectuate the
purposes for which it was created;
212
Financial Chronicle
Now, therefore, the remaining members of the said Board are hereby
directed to take the necessary steps to discontinue the said Board prior to
July 1 1934, and it is hereby ordered that the said Board shall cease to
exist on that date.
FRANKLIN D. ROOSEVELT.
The White House, June 30 1934.
Executive Order Continues 5% Cut in Pay or Government Employees—Cost of Living Found to Be Still
20.2% Below 1928.
An Executive Order by President Roosevelt, made public
at the White House on July 6, continued in effect the 5%
pay cut for Government employees for a period of at least
six months, based on figures on the cost of living compiled
by the Bureau of Labor Statistics of the Department of
Labor. The Bureau found that the cost of living in the
six months ended June 30 was 20.2% below that for the
corresponding period in 1928. The President is required
by the law to base any action on restoration of pay cuts
upon the cost of living. Under an act passed by Congress
5% of the original 15% reduction was restored beginning
last Feb. 1, and an additional 5% was restored on July 1.
The Executive Order continuing the remaining 5% cut for
another six months read as follows:
By virtue of the authority vested in me by Sections 2 and 3. Title 2.
of the act entitled "An Act of Maintain the Credit of the United States
Government." approved March 20 1933. as amended by Section 2 (A),
Title 2, of the Independent Offices Appropriation Act, 1933, I hereby announce.
First, that the index figures of the cost of living are:
(A) 171.0 for the six-month period ended June 30 1928. the base period,
and
(B) 136.4 for the six-month period ended June 30 1934,
Second, that the cost of living index for the six-month period ended
J11110 30 1934, is 20.2 per centum lower than the cost of living indexed
for the base period: and
Third, that this per centum being in excess of the meximum per centum
prescribed by Section 3 (b) as amended, the percentage of reduction applicable under Section 2 (b), in determining the compensation of officers
and employees to be paid during the period from July 1 1934, to Dec. 13
1934, inclusive, is 5 per centum.
FRANKLIN D. ROOSEVELT.
Plans for Administration of Kerr-Smith Tobacco Act
Approved By Secretary Wallace and Administrator
Davis—Tax Fixed at Minimum Rate of 25%.
Secretary of Agriculture Henry A. Wallace and Administrator Chester C. Davis approved, on July 3, plans of the
Agricultural Adjustment Administration's tobacco section
for administration of the Kerr-Smith Tobacco Act. These
plans provide for an ad valorem tax at the minimum rate
of 25%, the full tax exemption of 6% permitted under the
Act to non-contracting growers and regulations and instructions to field workers upon whose recommendations
allotments will be made to non-contracting, growers. The
signing of the Kerr-Smith bill, on June 28, by President
Roosevelt was noted in these columns June 30, page 4389,
and in our June 23 issue, page 4214, we made mention of
the Congressional action on the bill. J. B. Hutson, Chief of
the Tobacco Section of the AAA, was quoted, on July 3, as
saying:
As we understand it, the two primary purposes of the Tobacco Act are to
discourage the production of tobacco by those who have not shared in the
production adjustment program and to equalize in so far as possible, as
between contracting producers and non-contracting growers, the advantages
of the higher prices resulting from the adjustment program. We bore
these purposes constantly in mind in working out the plans for the administration of the Act.
As to the minimum rate of 25%, Washington adviees,
July 3, to the Raleigh (N. C.) "News and Observer" said
in part:
This tax rate was the one carried in the original bill drafted by the
Department of Agriculture, but many farmers protested so strongly for a
higher tax that the Department consented to an amendment which fixed
the rate at 33 1/3%, with authority to the Secretary to lower the rate
to not less than 25%, if he found the lower rate sufficient to equalize conditions for co-operating and non-co-operating growers.
Referenda Planned.
II making that finding to-day, Secretary Wallace took into consideration
the fact that practically all of the 1934 crop had been planted before the
Act was passed and signed by the President, on June 28. Under the Act
all farmers who have not signed contracts may do so prior to July 28 and
obtain all the benefits of the Act. Before the tax can be continued for
another year in any tobacco belt the consent of three-fourths of the growers must be obtained. Secretary Wallace announced to-day that a referendum will be held in each tobacco belt prior to March 1 1935.
No allotments will be considered except such as are approved by county
committees. Each county committee will have authority to grant additional
allotments up to 6% of the total for each county held by contracting
growers, of which at least two-thirds must be to growers with allotments
of not more than 1,500 pounds, and it was also provided in regulations
approved to-day that half of that two-thirds must go, in each case, to
growers whose total crop does not exceed 1,500 pounds.
From the announcement issued July 3 by the AAA, we
quote:
The tax of 25% of the market value will be applicable on all tobacco
produced this season by growers who do not receive tax-payment warrants
July 14 1934
either under production adjustment contracts or by allotments made to
non-contracting producers except Maryland tobacco, Virginia sun-cured
and cigar-leaf. Prior to March 1 1935, it will be necessary to conduct a
referendum among the growers of the different types of tobacco to determine whether they want the tax applicable in 1935-1936 to their type
of tobacco.
In fixing the tax-rate at the minimum allowable under the law, the
Administration took into consideration the fact that the 1934 crop of
tobacco was practically all planted when the Act was passed. If there
are any counties where it will not be possible to issue tax-payment warrants to all growers who might be willing to conduct their farming operations in line with the spirit of the production adjustment program, the
Administration said it felt these cases would be better taken care of with
the minimum tax than with a higher rate. The Act authorizes a rate of
33 1/3% of the market value unless the Secretary of Agriculture determines and proclaims a lower rate.
The Act authorizes issuance to contracting growers of the types to
which the Act is applicable non-transferable tax-payment warrants expressed in pounds of tobacco and covering the amount of tobacco which
such contracting producers are permitted to market under their contracts.
In addition, the Secretary may issue in any county further warrants
covering an amount of tobacco up to 6% of the amount of such type covered
by the warrants issued to contracting producers in the county.
The regulations will permit allotments of tax-payment warrants in each
count up to approximately the maximum of 6% specified in the Act.
In a large number of counties not enough growers will qualify to permit
the issuance of warrants covering the full 6%.
Growers whose production adjustment contracts have been accepted or
are accepted in the 30-day extension of the voluntary sign-up authorized
under the Act will be issued tax•payment warrants covering their contracted poundage without the necessity of making application for these
warrants. All the information necessary for the issuance of these taxpayment warrants is contained in the contracts. The 30-day extension of
the sign-up campaign ends July 28 1934.
In order to secure an allotment, it will be necessary for non-contracting
growers to make application upon forms to be provided by the Secretary.
Application forms for flue-cured tobacco growers went to press on July 2.
All applications for allotments must be recommended by the county
committee and approved by the county agent before the Secretary will
issue tax-payment warrants. These warrants will not be issued to any
non-contracting grower unless it is impossible to give him an equitable
allotment under a tobacco production adjustment contract.
Warrants covering at least two-thirds of the amount of tobacco allotted
to non-contracting growers in each county will be issued to growers whose
allotments are not more than 1,500 pounds. At least one-half of this
two-thirds must be allotted to growers whose estimated production in 1934
is not more than 1,500 pounds.
Prior to the opening of the markets, marketing cards will be issued to all
contracting producers and to all non-contracting growers for whom applications for tax- payment warrants have been approved. The amount of taxexempt tobacco which each grower will be allowed to sell will be stated
on his marketing card.
The grower will be required to present this marketing card at the
warehouse in order to obtain the tax-payment warrant. When a sale is
made, the number of pounds sold will be entered on the marketing card
corresponding to the entry on the tax-payment warrant. These figures,
representing the tobacco sold, will be subtracted on the marketing card
from the quantity allotted and the remainder will represent the
allotment
yet to be sold.
Instructions going out to the county tobacco committees in flue-cured
sections provide that consideration be given applications for allotments
to the following classes of non-contracting growers:
(a) Former tenants who have regularly grown tobacco and who now
own and operate farms.
(b) Landowners who have lost their farms through foreclosure since
1929 and who have recently regained them.
(c) Tenants who have been compelled to move from tobacco-producing
farms and who are now growing tobacco on farms for which no equitable
allotment can be obtained under flue.cured contracts.
(d) Fanners who have greatly reduced the acreage and production
of
tobacco since 1929.
(e) Other tobacco growers who could not obtain an equitable
base under
flue-cured contracts and whom the committee deems to be entitled
to tax
payment warrants.
President's National Aviation Commission Holds First
Meeting—Board of Five, Headed by Clark Howell,
to Formulate Permanent Federal Aviation Policy.
President Roosevelt's National Aviation Commission,
which was created to formulate a permanent Federal aviation
policy before the meeting of the next Congress, held its
first meeting in Washington on July 10. The members of
the Commission were sworn in and immediately began to
work in the Cabinet Room of the White House, which
it was necessary to use temporarily, pending the acquisition
of other quarters. The members of the Commission include Clark Howell, Atlanta publisher, Chairman; Edward
P. Warner, former Assistant Secretary of the Navy for
Aeronautics; Franklin K. Lane, Jr., of Los Angeles, who
was an aviator in the World War; Albert J. Berres of Los
Angeles, a former official of the American Federation of
Labor, and Jerome C. Hunsaker, a retired naval commander. A Washington dispatch of July 10 to the New
York "Times" described the first meeting of the Commission and its future plans as follows:
J. Carroll Cone, Assistant Director of the Aeronautics Branch of the
Department of Commerce, was chosen Executive Secretary of the
Commission by order of President Roosevelt. He will remain with the
Department of Commerce, serving in both capacities without extra compensation.
Told President of Limitations.
"The President telephoned me and said he was putting me in as Chairman of the Commission." Mr. Howell declared. "I told him that what
I did not know about aviation would fill a book, and he said that was
Volume 139
Financial Chronicle
why he was naming me. But I will know every damn thing about it when
we end our study."
The four members went to the War College to visit the Baker Committee, which is completing a study of the army's experiences with the
air mall. The Baker board report will be submitted to Secretary Dern
to-morrow, but parts of it will be studied by the Howell Commission.
Mr. Howell said the Commission will depend largely upon Mr. Warner
and Commander Honsaker for expert advice, and insisted that the study
would be started by every member with a "virgin mind."
The policy will be constructive rather than critical, Mr. Howell declared. The scope of the inquiry is unlimited.
To Hold Open Hearings.
Military, commercial and private flying will be studied. Plans will
prepared for open hearings, expected to start in September In August
individuals of the Commission will conduct investigations throughout
the United States. The Commission will also study aviation abroad.
Members refused to commit themselves when asked about a proposed
unified air service in the United States, but it was learned that the Plan
will receive the most serious study. The Commission does not intend
to "cross swords" with the House Military Affairs Committee,investigating
army procedure and procurement methods, but will invite Senators and
Representatives to testify at open hearings.
A fund of $75,000 was authorized for the Commission. Each member
will be paid at the rate of $9,500 a year and expenses for the next seven
months. Thus, more than $31,000 of the amount is expected to go for
salaries. From the remainder clerks will be paid and legal counsel, if
needed.
213
Congress. Washington advices of July 4 to the New York
"Herald Tribune" outlined the career of Dr. Mosher in
part as follows:
Dr. Mosher served as director of research of the joint legislative commission which investigated the Public Service Commission laws of New
York when Franklin D. Roosevelt was Governor, which was recognized
as one of the most comprehensive surveys of Public Service Commission
policies ever made.
Author, with others, of "Electrical Utilities, the Crisis in Public Control,"
published in 1929; the comprehensive volume on "Public Utility Regulation," published in 1933, and other works, Dr. Mosher is regarded as an
outstanding authority on this subject.
"His long practical experience in governmental inquiries, as well as his
extensive studies in this field, seem to qualify him particularly for this
Important undertaking," Chairman McNinch said.
Associated with the Bureau of Municipal Research, New York, from
1918 to 1924, Dr. Mosher was made special agent of the United States
Department of Labor in 1918, being responsible for the establishment of
public employment offices in several cities of New York State. During the
war he was a member of the staff offering employment management courses
under the War Industries Board.
In 1919-1920 he was director of research of the Joint Commission on
Reclassification of Salaries, in Washington, and in 1921 made, under the
Postmaster-General, a survey of the employment policy of the Post Office
Department.
From 1922 to 1924 he served on the staff of the New York Legislative
Commission on Taxation and Retrenchment and also was Secretary of the
committee on civil service of the National Municipality League and Government Research Conference.
New Postal Regulations Effective July 9—Registered
and Insured Mail Subject to Additional Charge
Under Certain Conditions.
6-Cent Air-Mail Rate Effective.
Several new postal regulations authorized by the 73d
A flat postage rate of 6 cents an ounce for air mail service
Congress became effective July 9.
Postmaster Kiely at New York announced on July 7 that went into effect on July 1. The old rate was 8 cents for the
effective July 9, the Post Office Department has amended first ounce and 13 cents for each additional ounce. Asthe Postal Regulations to the effect that the sender of all sociated Press advices from Washington, July 1, stated that
domestic registered, insured, or C. 0. D. mail, may restrict postal officials expressed the belief that an increase in busiloss that might result from the reducthe delivery by the payment of a 10-cent fee and by en- ness would offset any
tion.
dorsing such articles "Deliver to Addressee Only," "Deliver
to Addressee or Order," or words of similar import. Mr.
Selected Income and Balance Sheet Items of Class I
Kiely's announcement added:
Steam Railways for April.
--
The stamps in payment of this fee should (where practicable) be affixed
to the article in proximity to the restrictive endorsement.
The additional fee of 10 cents is also to be collected in those instances
where the "addressee" (rather than the sender) may have restricted delivery of a registered, insured, or C. 0. D. article to himself or to his order.
However, the additional charge to the addressee is to be made only where
the addressee has filed instructions at the post office directing that his
registered, insured, or C. 0. D. mail be held and delivered only to himself
or on his order, making it necessary to deliver the article to the addressee in
person or to hold the article at the post office, and obtain from the addressee
a written order for its delivery to some person to whom the addressee desires
it delivered. The additional charge of 10 cents is not to be made where
the addressee files, prior to the receipt of the registered,insured, or C.0. D.
mail, individual, or standing orders indicating to whom, other than him
self, he desires his mail delivered.
It was pointed out in Associated Press advices from Washington, July 8, that there is also a new regulation permitting
cashing of money orders at postoffices other than the one to
which the order is sent. These advices continued:
In such cases the postmaster cashing the money order will deduct a fee
equal to that charged by the office from which it was sent. In other words.
if a person sends a money order for which he was charged 15 cents, and
it is cashed at some other office than the one named in the order, 15 cents
will be collected by the cashing office.
Another money-producing innovation is the so-called "duck stamp."
Hereafter hunters going after ducks and other migratory fowl must buy
from the postoffice a one dollar migratory bird stamp and stick it on their
licenses. The money will go into the Treasury for the support of bird
refuges and breeding grounds.
Then there is the new air-mail rate—six cents instead of eight.
The Bureau of Statistics of the Inter-State Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of Class I
steam railways in the United States for the month of April.
These figures are subject to revision and were compiled from
144 reports representing 149 steam railways. The present
statement excludes returns for Class I switching and terminal companies. The report in full is as follows:
TOTALS FOR THE 'UNITED STATES (ALL REGIONS).
For the Month of April.
1934.
1933.
For the 4 Months of
1934.
1933.
Income Items—
Net railway oper. income-- $32,264,603 $19,352,346 $144,546,041 553,876,645
13,150.031 13,150,656 53.560.055 54,424,519
Other income
Total income
$45,414,634 $32,503,002 $198.106.096 $108,301,164
Rent for leased roads
Interest deductions
Other deductions
$11,091,952 $11,046,211 $44,098,126 $43,335,367
43,265,685 44,293,195 173,478,373 176,773,156
1,929,124
2,063,158
7,537,091
7,838,395
Total deductions
556.420,795 $57,268,530 $225,113,590 $227,946,918
Net income
Div. declarations (from in
come and surplus):
On common stock
On preferred stock
$11,006,161 c$24.765,528 c$27,007,494 c$119645 754
$107,911
570,735
$1,035,252 $19,549,588 $14,261,990
229,842
3.866,835
3.530.007
Balance Sheet Items.
Bureau
of Air Mail Established in I.
-S.
cide Air Mail Rates.
C. C.—To De-
The Inter-State Commerce Commission on July 5 announced the creation of the Bureau of Air Mail, which in
the future will designate all rates to be charged for mail
carried by airplane. This action was taken under authority
of the new air mail law. The director of the new Bureau is
N. B. Haley, former chief of the loans section of the Bureau
of Finance and Assistant to the Federal Co-ordinator of
Transportation. Commissioner Caroll H. Miller will supervise the Bureau, which will also determine whether or not
air transport lines are making "unreasonable profits" in
handling the mail.
Dr. William E. Mosher of New York to Direct Federal
Survey of Electricity Rates—Chairman of Federal
Power Commission Says Investigations Will Begin
Shortly.
Dr. William E. Mosher of New York, Director of the
School of Citizenship and Public Affairs of Syracuse University, will be in charge of the Government's investigation
of electricity rates throughout the United States, it was
announced on July 4 by the Federal Power Commission.
Frank R. MoNinch, Chairman of the Commission, said
that the investigation will begin shortly. It was authorized
by the Norris-Rankin joint resolution adopted by the last
Balance at End of April.
1934.
1933.
Selected Asset Items—
Investments in stocks, bonds,&e.,other than those of
affiliated companies
$752,042,429
Cash
Demand loans and deposits
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors_ _
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Rents receivable
Other current assets
$304,477,008 $257,960,105
32,818,776
31,340,354
44,413,830
16,689,594
86,888,862
31,134.274
6,572,473
11,704,041
52,604,322
43,534.940
41,958,833
38,768,732
149,650,794
136,115,960
304,907,738
305.667,186
38,632,452
40,098,290
2,558,730
2,927,201
4,218,917
4,728.572
Total current assets
$769,987,821
$1,069,702,735
$920,669,249
Selected Liability Items—
Funded debt maturing within six months_a
$136,972,188
$157,198,802
Loans and bills payable.b
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
lJnmatured rents accrued
Other current liabilities
$390,553,778 $333,453.852
67,532,520
57,624,955
220.473,587
212,063,667
45,858,582
55,950,184
262,399,947
186,854,848
4,717,647
4,927,947
229,181,999
66,314,124
1,050,965
682,636
107,834,931
109,517,569
35,729,747
33,614,486
18,275,868
14,532,199
Total current liabilities
$1,383,609,572 $1,075,536,867
a Includes payments which will become due on account of principal of long-term
debt (other than that in Account 764, funded debt matured unpaid) within six
months after close of month of report. is Includes obligations which mature less
than two years after date of issue. c Deficit.
214
Financial Chronicle
President Roosevelt Continues Vacation Cruise, Visiting Puerto Rico, Virgin Islands, Colombia and
Panama—In Speech at Cartagena Describes "New
Era" for Americas When No Nation Shall Exploit
Its Neighbor—Address at Panama—Sails from
Canal Zone for Hawaii.
President Roosevelt this week continued his vacation
cruise on the U.S.S. Houston, visiting Puerto Rico, the
Virgin Islands, the Republic of Colombia and the Panama
Canal. The President sailed from the Canal Zone July 12
accompanied by the Cruiser New Orleans, continuing his trip
to Hawaii. The beginning of his vacation was described in
our issue of July 7, pages 57 and 58. On July 7, before leaving
San Juan,Puerto Rico,the President delivered an unexpected
radio address in which he said that he and insular officials
had agreed "in principle" on a program of social and economic
rehabilitation for the island. He said that the Puerto Rican
problems are similar to those in many parts of the United
States and that similar methods of solution can be used.
A wireless dispatch of July 7from San Juan to the New York
"Herald Tribune" described this speech as follows:
The President spoke into a microphone placed in the coffee room of
La Fortale--, the island home of Governor Blanton Winship, It is understood he decided upon the broadcast last night after conferring with island
officials. A visit to Morro Castle and a tour of the residential and slum
districts of San Juan preceded his address.
Before touching upon the future, he praised Puerto Ricans for the progress
theylhad made in the past.
"I was here 30 years ago," Mr. Roosevelt said,"and it seems to me that
in these years a great deal of progress has been made. But I believe the
progress we have made in the past will be very small when compared to
the progress we are going to make in the future.
"I believe in better homes. That means bringing back better family
relations, better living conditions, a chance for education, a chance for
every person to earn his livelihood, and that in turn means a better chance
for the future. There also shall be better health conditions, because in the
past bad health has caused a lack of opportunity to earn one's bread."
The President emphasized that realization of the proposed plans would
require years and expressed his confidence that residents of Puerto Rico
would do all in their power to co-operate.
"Never'as long as I live," he said, "shall I forget the warmth of your
reception to me yesterday. I hope to return not once but many times. I
am not saying good-by, but au revoir."
Immediately after this radio address the President left
Puerto Rico, the cruiser arriving at St. Thomas, Virgin
Islands, on the afternoon of July 7. There he was welcomed
by Governor Paul M.Pearson and other officials and enjoyed
a sightseeing trip around the town. Large crowds lined the
roads to greet his automobile. On the morning of July 8
the Houston sailed for Cartagena, Colombia, after the President in a short address at Christiansted had urged the
Virgin Islanders to think of themselves as part of the United
States and reminded them that they are "part of the
American family."
Arriving at Cartagena on July 10, the President was
greeted by President Enrique Olaya Herrera of Colombia,
who welcomed him to the Republic in a speech at a tea.
President Roosevelt, in replying, said that this was a new
era in the relations of American nations, based on the spirit
of "live and let live" and the principle that hereafter no
nation shall exploit its neighbor. He said that Colombia
and Peru have rendered a great service to humanity in
settling the Leticia dispute and added that the United States
will join with Colombia in efforts to end the war between
Bolivia and Paraguay. In discussing the "new era" in
American relations, Mr. Roosevelt said that he hoped it is
also bringing "a communion of understanding of the life
and culture and ideals of the separate nations which make
up the Americas." His speech at Cartagena, which was
broadcast on July 10, is given below:
"Your excellency, President Herrera, from the days of my youth it has
been my dream to visit this heroic city, this noble Cartagena of the new
world which signifies so much to all Americans of every part of our continent.
To-day that dream has come true, and more than true, for I little thought
it would be my happy privilege as the representative of the United States
to be the guest of the President and the people of the Republic of Colombia.
"I am indeed grateful to you for the warmth of your reception and for
the true spirit of friendship which you show me.
"We, the citizens of all the American republics, are at the threshold of
a new era. It is a new era because of the new spirit of understanding which
is best expressed in the phrase, 'Let us, each and every one of us, live
and let live.'
"In all of our American nations there is a growing insistence of the
peaceful solution of international problems.
"Colombia and Peru have rendered an inestimable service to humanity
in the settlement of the Leticia problem, and the United States joins with
Colombia in every effort to end the war between Paraguay and Bolivia,
the only discordant note which remains in all the length and breadth of
North and Central and South America.
"We are entering the new era also in accepting the principle that no one
of our nations must hereafter exploit a neighbor nation at the expense
of that neighbor. We shall, all of us, find methods for the development
of the commerce and resources, but we shall do this in a spirit of fair play
and of justice.
"Finally. I hope this new era is bringing a communion of understanding
of the life and culture and ideals of the separate nations which make up
the Americas.
July 14 1934
"It is right that each country should have its own cultural development,
but every one can learn greatly from every other. This is true of literature
and the arts, but it is true also of government.
"We in the United States know of the universities in the land to the
south of us, many of which were great institutions of learning long before
white men founded Virginia or landed at Plymouth Rock. We know of
your poets and painters and novelists, but it must be equally understood
that the process of development in sociological and humanitarian lines is
proceedings at a splendid pace in every American republic.
"All of us are seeking new ways to improve the condition of the average
citizen, and we give to social legislation an interest and an incentive which
augurs well for succeeding generations.
"It is in this spirit of seeking mutual helpfulness that a President of the
United States set foot for the first time on the sacred soil of the Republic
of Colombia.
"May both our countries from this day forth come to know and honor
each other as good neighbors and as preservers of human liberty,"
The Houston arrived at the Atlantic entrance to the
Panama Canal on the morning of July 10, and here the
President was greeted by Secretary of War Dern, military
and naval officials and Panamanian representatives. The
cruiser passed through the Canal during the day, reaching
the Pacific in the afternoon on July 10, when Secretary of
Foreign Relations Arosemena paid a formal call. In the
evening of July 10 Mr. Roosevelt attended a dinner in his
honor given by President Arias of Panama. On July 12
President Arias, Secretary Dern,Governor Schley and a number of other officials and their wives attended a luncheon on
board the Houston. At the dinner on July 10, given at the
Presidential Palace, President Roosevelt, in responding to
an address of welcome by President Arias, said:
"Your Excellency, President Arias,I am grateful to you and to the people
of Panama for the cordial welcome you gave me.
"It is a great pleasure to return to Panama after an absence of 22 years,
and to see the great progress which has been made and is being made in
the well-being of the Republic.
"But my interest in Panama may be said to be of an historic character
as well, because it was my own great uncle, William H. Aspinwall, who was
Instrumental in starting the Panama Railroad in 1848, and who in the face
of many natural difficulties carried it to a successful conclusion in 1855.
"It was this railway which began to restore to the Isthmus its former
proud position of the cross roads of the Americas. When the work started
there was no city where Colon now stands, and Panama City had about
10,000 inhabitants. Through the succeeding years you have become a
Nation, and an important nerve center of the commerce of the world.
"The canal serves all nations in needs of peaceful commerce. The
United States is, therefore, a trustee for all the world in its peaceful maintenance. In that trusteeship we have always had, and I am sure always
will have, the complete co-operation of the Republic of Panama.
The question of administration and of methods of co-operation which
arise and will continue to arise in many new forms in the future as conditions change and new problems confront us will, I am certain, be solved
in the same spirit of justice with which we are now conferring.
"It was to me most delightful and helpful to have President Arias visit
Washington last winter. I appreciated the problems of the Republic of
Panama, but I am happy to think that Panama and the United States
have both definitely entered into the period of recovery from difficult days.
Both nations are seeking a greater progress and a greater justice. For
you, Mr. President, and for Panama I wish every happiness and every
good."
Visit Abroad of George L. Harrison of Federal Reserve
Bank of New York—Purpose Is "Not to Negotiate
Any Arrangement"—Conversations With Montagu
Norman at Basle Incident to Meeting of Directors
of Bank for International Settlements—Discusses
Interest Payment on German Bonds With Dr.
Schacht.
The visit abroad of George L. Harrison, Governor of the
Federal Reserve Bank of New York, which was made incident to the meeting at Basle, Switzerland, of the directors
of the Bank for International Settlements, is reported to
have been featured by a series of conferences with Montagu
Norman, Governor of the Bank of England. It is also
stated that means of obtaining interest payments in behalf of
American holders of Dawes and Young loan bonds was also
discussed by Governor Harrison with Dr. Schacht of the
German Reichsbank. As we indicate in another item in this
issue one of the developments of Mr. Harrison's trip abroad
was a protest embodied in a cablegram addressed to him by
Senator Thomas (Democrat) of Oklahoma, against any
move which would tie the dollar to the English pound. The
Federal Reserve Bank-of New York made public on July 10
the following cablegram sent by Governor Harrison from
Basle, to Senator Thomas in reply to the latter's cablegram
of July 8:
Basle, Switzerland, July 9 1934.
I beg to acknowledge receipt of your cable this morning referring to
certain press dispatches concerning purpose of my present trip abroad.
Whatever may have been reported the only purpose of my trip is to pay
visit to certain correspondent banks abroad to inform them regarding
conditions at home and to attempt to ascertain as much as I can of conditions here, and not to negotiate any arrangement about anything.
HARRISON.
Governor Harrison, whose trip abroad was referred to in
these columns June 30, page 4396 and July 7, page 41,
arrived at Basle on July 7. On that date Associated Press
accounts from Basle said:
Volume 139
Financial Chronicle
Mr. Harrison's confidence in the American dollar and in the soundness
of American finance, it was observed, already is beginning to have a healthful moral effect on international leaders, including directors of the Bank
for International Settlements, with whom he is conferring.
If Mr. Harrison and Mr. Norman discussed the stablization problem.
or the relation of the pound to the dollar, it was indicated they did not get
very far. All that was admitted was that many great problems remain
to be settled, such as increasing the flow of international commerce and the
prevention of undesirable fluctuations in exchange.
Mr. Harrison declined to make any comment or to issue a statement.
but it was learned he was convinced that the fact that the dollar already
was stabilized on a gold basis was something for the rest of the world to
go on. If other nations like England wish to stabilize their currencies,
Mr. Harrison stands ready to talk.
Statutes of the Bank for International Settlements give the Federal
Reserve Bank the right to become one of the board of directors, but Mr.
Harrison came to Basle not as a director, but as a guest of Leon Fraser.
President of the World Bank. This was with the knowledge and approval
of the Federal Reserve Board at Washington.
From Basle, July 8, we quote from Associated Press
accounts the following:
Governor Harrison, attending for the first time a meeting of the Governors
of world Central Banks this afternoon, received a warm welcome. There
was a general exchange of views on technical problems.
Questions were raised and answered concerning the problems of financial
credits and monetary policies due to the fact that some nations are off the
gold standard while others retain it. Governor Harrison answered many
queries concerning banking conditions in the United States.
After the general meeting broke up, bankers formed in small groups. In
separate, informal discussions the German moratorium, the future of the
gold bloc nations, war debts and the possibility of England stabilizing
Its financial system on a gold basis all had their innings.
Harrison was guest again to-night at a dinner given by Leon Fraser,
American President of the Bank for International Settlements. Frazer invited all governors of Central Banks to meet Harrison for a continuation
of frank exchanges of views begun last night at another dinner, given in
Harrison's honor by Fraser.
It was learned that international financiers were greatly pleased at the
opportunity to talk with an American official representative as against the
"observers" who often are present from the United States. . . .
Governor Harrison will leave for Paris Tuesday. Later he will go to
London, and he plans to sail for the United States on the Europa July 18.
In his conversation with Schacht, Harrison, referring to the Anglo-German agreement under which interest is to be paid to British holders of
Dawes and Young loan bonds, emphasized his °ninon that Americans
will expect to receive exactly the same treatment as bondholders of other
nations.
Harrison declined to comment on views presented by Schacht, but he
did not seem to be displeased with results of the informal conference.
Bankers here manifested the liveliest interest in the question of whether
Germany will devaluate the reichsmark. Such action, it was pointed out.
would have an important effect on world commerce and might influence
the policies of the gold bloc nations.
Seemingly no agreements were reached by the conference of bankers.
The divergence of views on many issues indicated a probability of continued disagreement on the outstanding financial problems of the world.
World financiers hope, it was revealed to-day, to turn the Bank for
International Settlements into an instrument for solving complex intergovernmental monetary problems on a wide scale, including clearance of
postal and telegraph payments and international rail and air travel fees.
To carry out this ambitious scheme,financiers admit,co-operation of the
United States would be necessary and the plans are being talked about
• during Harrison's visit. . . .
An immensely useful field of activity recently was begun with the Bank
becoming the clearing house for inter-postal payments between Germany
and Switzerland, without the support of the inter-postal union.
Great Britain will support and develop this plan financiers say, and
the Bank may eventually arrange all the worlds postal clearings.
It was learned, also, that plans are being formulated to spread the system to inter-governmental telegraph payments and even to State railroads.
Advices July 9 from Basle (Associated Press) stated that
the project, considered for some time, to make the B. I. S.
a general clearing house for intergovernmental postal payments, was notably advanced during the negotiations that
day, when Great Britain informed the directors that it was
ready to enter the system. The Associated Press accounts
July 9, added:
The B. I. S. will confer with the Central Banks and invite them to
participate on behalf of their countries. It was planned to send an invitation to Washington, but it was frankly hoped that Washington eventually would take the initiative and participate.
The bank meeting was adjourned to October without decisions being
made on any other outstanding issues. It was made plain there was no agreement reached on stablization of the British pound.
It was learned that the meeting of the Bank directors brought out the
continuing seriousness of international financial and economic conditions
due to different currency systems, high tariffs, moratoria, defaults and
varied commercial reetirctions, but that no general solution appeared on the
horizon.
One spokesman compared the outcome of the meeting to the negative
result of the world economic conference, but with the hopeful qualification
that conditions by their own gravity will force solutions.
The upward trend of wholesale prices in the United States and Great
Britain was pointed out as justifying those two countries for dropping the
gold standard.
Some observers held that the betterment of conditions in the United
States and Groat Britain will be bound to lead to general world improvement.
despite the uncertainty of the German situation, now admittedly the
chief cause of uneasiness.
In a cablegram July 9 from Basle to the New York "Times"
it was stated:
While George L. Harrison, Governor of the New York Federal Reserve
Bank, did not attend the Council meeting July 9j, he saw all the bankers
at lunch and had private talks with many of them in the afternoon. . . .
To-day's meeting was the last before the summer vacation. The Council
will not meet again until October.
The protest by the Bank for International Settlement
against the German moratorium on debts is noted in another
item in this issue.
215
J. P. Morgan Sails for England on His Yacht "Corsair."
On July 12 J. P. Morgan sailed for England on his yacht
"Corsair." He plans to spend about five months at his
estate near London. Noting his departure advices July 12
from Glen Cove, L.I., to the New York "Times,"stated that
Mr. Morgan and his guests boarded the yacht at Matinecock
Point, the East Island home of the banker in Long Island
Sound. The account continued:
It was expected that Mr. Morgan would come aboard the yacht at the
pier of Station 10 of the New York Yacht Club in Morgan Memorial Park,
where the Corsair was moored, but the vessel left the yacht club just before
9 a.m, and anchored around the breakwater opposite the Morgan home. A
motor launch was put off to meet Mr. Morgan and his guests at the pier of
the estate. Members of the Morgan family saw the banker off.
The Corsair, with a crew of65 under command of Captain William Porter,
who was captain of the former Corsair, will return at once from England to
Glen Cove to become the flagship of Station 10, of which Junius S. Morgan
is Commodore,for the annual New York Yacht Club cruise in August.
Mr. Morgan is expected to return to America before Thanksgiving to
pass the holidays with his family.
John E. Mack Appointed Counsel of New York Legislative Committee to Investigate Utility Relations
in State.
John E. Mack, former Justice of the New York Supreme
Court, will act as Counsel for the joint committee of the State
Senate and Assembly which will investigate the public
utility corporations in the State, it was announced on July 1,
following a meeting of the committee in New York City.
State Senator John J. Dunnigan will be Chairman of the
Committee. Mr. Mack was appointed Counsel after the
members of the committee failed to agree on the names of
ex-Judge Samuel Seabury of the Court of Appeals and
Ferdinand Pecora. The committee will investigate rates,
service, financial organization, banking relations, relations
with subsidiary companies, holding companies and affiliates
of public utilities. It is composed of the following members:
Senator John J. Dunnigan (Dem.), Chairman.
Speaker Joseph A. McGinnies of the Assembly (Rep.). Vice-Chairman.
Irwin Steingut, Democratic leader of the Assembly. Secretary,
Senators Thomas F. Burchill of New York, Joseph D. Nunan of Queens
and Jeremiah F. Twomey of Kings (Dem.), George R. Fearon of Onondaga and Benjamin F. Feinberg of Clifton (Reps.).
Assemblymen Russell G. Dunmore of Oneida, majority leader; Harry
F. Dunke of Fulton-Hamilton and John S. Thompson, of Orleans (Rees.):
Jacob H. Livingston of Kings (Dem.).
Death of Franklin MacVeagh—Secretary of the
Treasury Under President Taft Was 96.
Franklin MacVeagh, who was Secretary of the Treasury
during the administration of President Taft, died in Chicago
on July 6 at the age of 96. Mr. MacVeagh had been ill
of pneumonia. He had lived in Chicago since 1866 and
for a long period was head of the wholesale grocery firm
of Franklin MacVeagh & Co. He had been active in both
civic and political reform movements. A Chicago dispatch
of July 6 to the New York "Times" outlined his career
as follows:
Born on a farm in Chester County, Pa.. Mr. MacVeagh studied in
Pennsylvania schools and at Yale University,from which he was graduated
with an A.B. degree in 1862. In 1864 he received a degree in law from
Columbia University. For two years he practiced law in New York,
but left that city because of poor health and came to Chicago.
His entry into the wholesale grocery field was in the same year. 1866.
with James A. Whitaker, Isaac N. Harmon and John Messer as partners.
Mr. MacVeagh later purchased the interest of the others and became
sole owner.
In 1894 Mr. MacVeagh, as a Democrat, was a candidate for the Senate
and campaigned through the State. He was defeated in the Legislature.
In 1896 he transferred his allegiance to the Republican party. When
President Taft made him Secretary of the Treasury in 1909 he resigned the
presidency of his firm. He returned to private life in 1913. and in 1915
again became president of the grocery firm.
Dissolved Firm in 1932.
At the time the business was dissolved, in 1932, the veteran merchant
recalled that it had passed through several panics and the major disaster
of the fire of 1871. However, he described the depression that existed
In 1931 as "the most difficult of all."
"We could go on," he said, "but we do not deem it advisable."
Joseph W. Harriman Begins Sentence at Federal
Penitentiary.
Joseph W. Harriman, former President of the defunct
Harriman National Bank & Trust Co. of New York City,
who was convicted of falsifying records and misapplying
funds of the bank, left New York on July 9 to begin serving
a four-and-a-half-year sentence in the Federal penitentiary
at Lewisburg, Pa. Upon arrival at the penitentiary, the 67year old banker was placed under observation in the hospital,
and is expected to remain there for several weeks. Our last
previous reference to this case was in our issue of July 7,
page 59. The New York "Times" of July 10 summarized
the history of the charges as follows:
It was his effort to maintain the price of Harriman Bank stock after the
stock market collapse of 1929 which caused his downfall. . . .
216
Financial Chronicle
When the anticipated improvement did not come he was forced to hide
his activity behind false entries in the books of the bank. The bank holiday
disclosed the subterfuge and Mr. Harriman was arrested.
After a long delay, in which his attorneys sought to prove him mentally
Incompetent and after he had made two attempts to commit suicide, the
banker was convicted of making $1,713,000 in false entries in the accounts
of his depositors and of misapplying $600,000 of the assets of his bank.
Federal Judge Knox imposed the sentence. There is the possibility that he
may regain his freedom in a year and a half.
Trial of Samuel Insull Sr. Set for Sept. 18
-Judge Overrules Motion for Bill of Particulars-Embezzling
Indictments Against Samuel Insull Jr. and Three
Others Dismissed in Indiana.
Trial of Samuel Insull Sr. and 16 others who are accused
of using the mails to defraud was set for Sept. 18, after
Judge James H. Wilkerson on July 9 had overruled a defense
motion for a bill of particulars. Judge Wilkerson said that the
purpose of the motion was "to limit the proof of the United
States at the trial." Mr.Insull on July 2 had entered a formal
plea of not guilty to the indictment. On July 2 indictments
charging Samuel Insull Jr. and three other persons with
embezzlement and grand larceny in connection with the
affairs of the Public Service Co. of Northern Indiana were
dismissed in Crown Point, Ind., by Special Judge M. E.
Crites, who granted a plea in abatement after the defendants
had charged that undue influence had been exerted by the
grand jury which returned the indictments.
A Chicago dispatch of July 9 to the New York "Times"
quoted as follows the opinion of the Judge who overruled
the defense motion:
"The defendant Is not entitled to cross-examine the prosecution as to
the nature and character of proof to be offered," the Judge said. "The
motions here, when analyzed, In my opinion, seek a complete discovery of
the case of the United States."
Floyd E. Thompson and other defense lawyers had objected to "a shotgun
clause" in the indictment, which they characterized as so general that the
Government might use it as a catch-all for the introduction of any imaginable
kind of evidence.
They said they could not tell whether the offense charged against them
was "mall fraud, bad judgment or three-card monte."
Reorganization of Middle West Utilities Co. was delayed again .,o-day
after a hearing before Judge Wilkerson.
Robert N. Golding, representing the holders of 840.000.000 of gold notes,
declared that there could be "no hope of reorganization so long as the
bankers are in the picture."
Herbert FriedItch, Counsel for the Continental Illinois National Bank &
Trust Co., asked a delay in the bankruptcy proceedings until fall so that
negotiations could be carried on "without a cloud hanging over them."
F. Jacobs, who filed a reorganization petition under the amended Bankruptcy Act, objected to the delay and Judge Wilkerson put the matter
down for Friday.
Previous reference to the Insull case appeared in our issues
of May 12, page 3210 and May 19, page 3376.
Lloyd's Shipbuilding Statistics for Quarter Ended
June 30
-World's Building Up 13% as Compared
with Previous Quarter-United States Construction Slightly Higher.
Further increases in the volume of the world's merchant
shipbuilding, especially in motor vessels, are shown by the
returns of Lloyd's Register of Shipping for the quarter ended
June 30last. A gain of 137,000 gross tons,or about 13% more
than the total under way at the end of the March quarter, is
reported in the returns, which cover all merchant vessels
of 100 gross tons and upwards under way in all countries
except Russia, for which returns have not been available for
some time. A statement issued on July 11 by Lloyd's
Register of Shipping also contained the following data:
The present world total of 1,216,340 gross tons is nearly 500,000 tons
above the amount of shipping under construction at this time last year;
and in comparison with the March quarter no decline in output is shown
for any country except Spain. Great Britain and Ireland alone are now
building 105,000 tons more than they were at the end of March. For the
United States the increase during the last quarter was only 247 tons.
Lloyd's Register gives the comparison of work In hand during the last
two quarters in Great Britain and Ireland, the United States, and the other
shipbuilding countries, taken as a group, In the following table of gross
tonnage:
June 30 '34.
Mar. 3134.
Great Britain and Ireland
587,142
481,440
United States
27,581
27,334
Other countries
601,617
570,397
World total
1,216,340
1,079,171
Great Britain and Ireland are now building nearly one half of all the
merchant tonnage being constructed throughout the world, their proportion
standing at 48.3% as compared with 44.6% at the end ofthe March quarter.
The United States has only 2.3%. as against 2.5% in March, and the
other countries, taken as a group, are now building 49.4% of the total, as
contrasted with 52.9% in the March quarter.
Out of the present total of 1.216340 gross tons for all maritime countries
except Russia, 915.698 tons are being constructed under the supervision of
Lloyd's Register and intended for classification with that society. Lloyd's
total includes 555.545 gross tons in hand in Great Britain and Ireland and
360,153 tons in other countries. About 95% of the total for Great Britain
and Ireland, and about 75% of the aggregate for the world is therefor
being built under Lloyd's supervision.
The total of new merchant shipbuilding begun during the quarter ended
June 30 was nearly twice the volume of that launched in the same period,
replacements being 122,000 gross tons more than the shipping sent down the
ways towards completion. For Great Britain and Ireland, new construc-
July 14 1934
tion represented more than four times the tonnage launched during the
quarter, or 110,000 tons more than the volume of launchings, while for all
other countries combined the excess of new work was only 11,000 tons.
New orders generally, however. Lloyd's points out, aggregated considerably less than in the March quarter.
Comparisons between the new work begun and the shipping launched
during the last two quarters are shown by Lloyd's in the following table.
the figures representing gross tons:
New Work- June 3034. Mar. 3134. Launchings- June 3034, Mar. 3134.
Or, Brit. & Ireland.146,653
202,612 Or. Brit. & Ireland_ 35,828
34,839
Other countries... _121,150
256,323 Other countries_ _ _109,319
50,528
World total
458,935 World total
267,803
145,147
85,367
It will be noted that, while the launchings increased about 60,000 gross
tons in the June quarter,the new work in the same period showed a decrease
of about 190,000 tons:
Increased Construction of steam and motor tankers of 1,000 gross tons
each, and upwards, is shown by Lloyd's returns. The total now under way
Is about 29,000 gross tons more than at the end of March. A gain of about
19,000 tons is shown for Great Britain and Ireland, and other increases are
reported, of 18,000 tons for Denmark;3,000 for Holland, and 9,000 for the
United States. Germany, Japan and Italy are building the same amount
as at the end of March, and Sweden reports a decrease of about 7,500 tons.
Lloyd's Register shows the production during the last two quarters in
the following table of gross tonnage:
June 3034. Mar. 3134.
June 3034. Mar. 3134.
Great Britain and
United States
14,100
23,400
82,526 Japan
Ireland
101.500
19,200
19,200
Denmark
16,070 Italy
34,950
17,900
17,900
Holland
23,570 Others
26,770
4,524
18,212
Germany
24,900
24,900
Sweden
32.100 World total
24,700
277,844
248,578
Of the total of 277,844 gross tons of tankers now building, 240,420 tons
are motor vessels.
Sharp increases in the volume of motor ships under construction were
reported in the quarter just ended, their total showing an increase of more
than 100,000 gross tons, while for all other types of vessels combined the
gain over the March quarter was only 33,000 tons. The bulk of this increase.
Lloyd's Register shows, was In Great Britain and Ireland, which reported
about 104,000 tons more of motor vessels under way than at the end of the
March quarter. Japan and Germany reported slight decreases in motor ship
building, and Italy has the same amount under way as in March, but there
were gains for the other countries, although Denmark's increase of 13,000
tons was considerably the highest of these. Lloyd's Register shows the
comparison for the last two quarters in the following tonnage table:
June 3034. Mar, 31'34.
June 3034. Mar. 3134.
175.687 Sweden
Or. Brit.& Irleland_279,632
49,025
45,800
119,590 Italy
Japan
116,680
46,700
46,700
44,390 Germany
Denmark
57,450
43,600
47,530
50,880 United States
Holland
51,330
6,319
5,919
As a result of the increase in motorship building about 57% of all merchant
ships now building will be run with internal combustion engines, the remaining 43% being composed of vessels of all other types. In the previous
quarter motor vessels represented about 54.5% of the total of all construction. And while in the March quarter motor ships represented 98,000 tons
more than all other types combined under construction, in the quarter just
ended they led by nearly 170.000 tons. Lloyd's Register shows the comparison between the types in the past two quarters in the following table of
gross tonnage for all countries:
June 30 1934.
March 31 1934.
692,535
Motor vessels
588,589
523,805
Other types
490,582
1,216,340
Total
1.079,171
For the first time in their history, Great Britain and Ireland are now
devoting almost 50% of their construction to motor vessels. In the March
quarter only 36.5% of the building in these countries was composed of
motorized ships, while in the quarter just ended the proportion increased
to 47.6%. At present they are constructing only 27.000 gross tons less of
motor vessels than of all other types, while in March last the gap was
130,000 tons. For the other countries, taken as a group,65.6% of the total
q
present
is motor ships, as compared with 69.1% in the March
The contrasts in types of building in their groups of countries at preflent
are shown by Lloyd's Register in the following tonnage tables:
Great
Other
and Ireland.
Countries.
279,632
vessels
412.903
Otlaer
MotDrty
307,510
216,295
Total
587.142
629,198
Returns to Lloyd's Register giving the aggregate power of all types of
marine engines being built or installed throughout the world, show a
marked gain in the production of oil engines, the total indicated horse
Power advancing from 668.219 I.H.P. in the March quarter to 817,499 in
the quarter just ended. For Great Britain and Ireland the total rose from
174,132 at the end of March to 276,311 at the end of June. Japan's figure
advanced from 122,760 to 125,080; Germany's from 73,729 to 79,031, and
Sweden's from 50.492 to 74,642. For Holland there was a decrease from
92,540 to 69,700, while Italy's total rose from 18,250 to 57,500, and
Denmark's from 42,750 to 48,580. The United States showed a slight
decline, the total receding from 11,626 to 11.165.
For steam turbines the aggregate shaft horse power for all countries
advanced from 513,848 at the end of the March quarter to 595,407 at the
end of June. Great Britain and Ireland showed a slight decrease, their
figure falling from 310,835 S.H.P. to 308,380; but the total for France
grew from 186,300 to 224,300, and for Germany from 11,123 to 50,727.
There was also an advance in the indicated horse power ofsteam reciprocating engines during the last quarter, the total for all countries rising from
112,958 I.H.P. to 138,018. For Great Britain and Irleand the gain was
from 75,758 to 94,528.
There were no radical changes during the quarter just ended in the relative production ranking of the various shipbuilding countries. Great
Britain and Ireland, Japan. France, and Germany still lead, in the order
named. Against Great Britain and Ireland's gain over the previous
quarter of 105,000 gross tons under way. however, Japan's gain was only
14,000 tons, as compared with the still smaller gains of 8.000 tons for
Germany and 1,300 tons for France.
Holland, which stood fifth in the March quarter, dropped to sixth place,
despite an increase of 3,000 tons, Denmark moving from sixth to fifth Position through a gain of 15,000 tons in work. Italy, with the same volume of
tonnage under way as in the March quarter, fell from seventh to eighth,
changing places with Sweden, which showed a gain of less than 2,000 tons.
Spain, with a decrease of about 14,000 tons dropped from ninth place to
last, bringing the United States, with a gain of only about 250 tons, from
tenth place to ninth. Spain was the only country to show a loss in production as compared with the previous quarter.
Volume 139
Financial Chronicle
How the various countries compared in output during the last two
quarters is shown by Lloyd's Register in the following table of gross tonnage:
June 30'34 Mar.31'34
June 30 '34 Mar.31'31
54,765 51,315
Or. Britain & Ireland_587,142 481,440 Holland
49.025 47,340
Japan
137,280 122,590 Sweden
47,670 47.670
France
104,500 103,188 Italy
27,581 27,334
Germany
91,145 82,650 United States
20,592 34,480
Denmark
66,650 51,140 Spain
Six large merchant vessels, of 20.000 gross tons and upwards are now
being built; but five of these are under construction in Great Britain, which
had three of this type b tilding in the previous quarter. France has the
other large ship in hand, as in the March quarter. The present total of
six therefore shows a gain of two large vessels in the hands of shipbuilders.
New York Supreme Court Enjoins Five From Sale of
Stock in State—Action Follows Inquiry Regarding
Sale of Chicago Gulf Corporation Shares.
New York Supreme Court Justice John McCrate has
signed an order enjoining Thomas J. Walsh, Bertrand Reshkin, Edward J. Lavoie, Harry Weinstein and Robert Bryan,
pending the determination of an action begun by the State
Attorney General, John J. Bennett, and until further court
order,from selling or offering for public sale within New,York
State securities issued or to be issued, according to an announcement July 6 by the office of Assistant Attorney
General Ambrose V. McCall. The action followed the
investigation of trading in Atlas Tack Corporation stock on
the New York Stock Exchange several months ago and it was
reported that Mr. Lavoie had been questioned incident to
the sharp rise in that stock. The New York "Herald Tribune" of July 7 added the following information regarding
the case:
The court order provides that the defendants, of whom the announcement said, only Mr. Reshkin, Mr. Lavoie and Mr. Weinstein have been located, show cause at Kings County Supreme Court on Tuesday why the
Injunction should not be continued pending determination of the State
action.
The action is the result, it was said at the State office, of several months
Investigation of Thomas Walsh & Co.,of Poughkeepsie, and arises out of the
sale to the public of the stock of the Chicago Gulf Corporation by Mr.
Walsh and other sales, Attorney General John J. Bennett, jr alleges that
the Chicago Gulf stock was sold by the defendants to the public at $3.50 a
share, while the stock was purchased by the defendants for 50 cents a share.
Representations made to the public, the affidavit and complaint alleges,
were that the stock would be listed on the Stock Exchange within ten days
and that the corporation was backed by J.P. Morgan.
Proceeds from the sale of the securities by Walsh & Co.,it is alleged, were
represented as being held in escrow with the Guaranty Trust Company
until the stock was listed. Mr. Greenstein alleged that these representations were false and misleading.
The three defendants are brokers at 60 Wall Street.
Appellate Division of Supreme Court in Brooklyn Holds
Court Has Power to Refuse Deficiency Judgment
in Foreclosure Sale Without Emergency Legislation.
The Appellate Division of the Supreme Court in Brooklyn
has held, in an opinion written by Justice Carswell, that
the Court has the power to refuse a deficiency judgment after
the foreclosure sale of preperty even without the emergency
legislation which was passed in 1933 by the Legislature.
The New York "Sun" of July 6, from which the foregoing
is taken, also had the following to say regarding the Court's
conclusions:
The decision is considered to be of wide realty interest, since it points
to powers which the court is declared always to have had and which may be
invoked after the emergency legislation is brought to an end nest year.
It was in August, last year, that the Legislature passed the so-called
"deficiency judgment law" as a protection to the owner whose property
had been sold in foreclosure. Under conditions that have existed during
the past few Years properties usually have been bid in by the mortgagees
who were foreclosing, there being no other bidders. It was possible, there
fore, for a mortgagee not only to get the property by making a small bid.
but then also obtaining a judgment against the unfortunate owner for the
difference between the bid and the amount of the mortgage.
Under the emergency legislation which was passed in August the courts,
after foreclosure, determine the value of property. If the value is considered to be no greater than the mortgage foreclosed no deficiency judgment
Is allowed. The bid made at sale, which in many instances is merely nominal, is ignored as a basis of value.
The present snit was brought by John Monaghan against John F. and
Anna May for the foreclosure of mortgages aggregating
$24 077 on property
'
at 35 Main street, Tuckahoe, Westchester County. The plaintiff made
a nominal bid of $5,000. As usual, there were no other bidders. Plaintiff then moved to confirm the referee's report of sale and for a deficiency
Judgment for $19,791. Justic George Taylor confirmed the referee's report
of sale, but refused to enter any deficiency judgment. The court held
that the value of the property equaled the mortgage debt and completely
satisfied it. The plaintiff appealed.
This property was sold on August 11 1933 shortly before the emergency
legislation became effective. Therefore, said Justice Carswell, if the court's
action in denying a deficiency judgment is to be Justified it must be sustained under the inherent powers of a court of equity. In pointing out the
powers of the court Justice Carswell said:
"The Legislature has declared that an emergency exists, fixed the period thereof, and declared that certain remedies available to mortgagees
(inter alia, in respect to deficiency judgments) shall be subject to limitations during that period. These enactments provide procedure, and relief
which are cognate to the historic exercise of equitable jurisdiction."
"Equity is not circumscribed by these statutory dates if the emergency
In fact had an earlier origin. These enactments do not deprive a court of
equity of its inherent power to place limitations upon the remedies available
to a mortgagee in consequence with fundamental doctrines of equity. A
court of equity may do this during such times as it deems are within the
217
period of economic stress and emergency, which period may be equal to
or greater than that fixed by the Legislature."
The deficiency judgment emergency legislation, as extended, expires
on July 1 1935.
Henry H. Klein, lawyer, of 261 Broadway, after a study of Justice
Carswell's decision said:
"It is so sweeping that it affects every mortgage and every piece of
property in New York State. Every property owner should realize the effect of the decision."
The highest court, in affirming the lowest court, awarded the plaintiff
a deficiency judgment for $445, which represented a surplus that was in
the hands of the receiver, George A. Brooks, representing the plaintiff
mortgagee, and Stephen R. J. Roach, the property owner.
Opposition by New York Chamber of Commerce to
Tax on Transit Fares for Unemployment Relief—
Unification of Transit Lines and Increased Fare
Urged on City Government in Report of Two
Committees of Chamber.
The Chamber of Commerce of the State of New York on
July 10 issued a statement making it clear that it has never
advocated a tax on transit fares to raise emergency relief
funds, as intimated in stories published earlier in the
week, or ever advocated such a tax for any other purposes.
The statement declares that the Chamber has not varied
from its "declaration of principles" unanimously adopted in
1926 which urged unification and higher fares as the sound
means of solving the city's financial problems. The statement of the Chamber said:
After proposals to tax transit fares were made public, the Committee on
Taxation and the Committee on Public Service in the Metropolitan District
of this chamber issued an interim report (on June 25) condemning the
proposed tax as only a makeshift and temporary expedient at best.
Unification of all transit lines and an increased fare were
urged upon the New York City government as the practical
means of financing emergency unemployment relief, in the
interim report of two committees of the Chamber of Commerce of the State of New York which was mailed to members
of the Board of Estimate and Board of Aldermen on June 27.
The report, which represents only the opinion of the committees until it has been acted upon by the Chamber, is the
joint effort of the committees on Taxation and on Public
Service in the Metropolitan District, of which Richard W.
Lawrence and Alfred V. S. Olcott are Chairmen respectively.
It declares that until unification is effected and a self-sustaining fare fixed, all other efforts to balance the city budget
will be "mere makeshifts."
The report is the joint effort of the committees on Taxation
and on Public Service in the Metropolitan District, of which
Richard W. Lawrence and Alfred V. S. Olcott are Chairmen
respectively. It declares that until unification is effected
and a self-sustaining fare fixed, all other efforts to balance
the city budget will be "mere makeshifts."
The report points out that New York has nearly a billion
dollars invested in subways from which no income is received
and that this sum is being increased as new lines are constructed. The committees believe funds for unemployment
relief will be needed for some time and that they should be
provided on the pay-as-you-go principle and not passed on
to future generations. The report says:
In spite of all the economies which have been adopted the city budget
is still out of balance, and approximately $50,000,000 in additional funds
will be needed to balance next year's budget. The most important factor
in creating this condition is the heavy loss suffered by the city from its
subway investments.
A higher transit fare is the most equitable method for meeting the emergency. It will not drive business away from the city like a city-wide sales
tax or other local levy on business. It will not be a confiscatory charge
like an increase in taxes would be. It will have some relation to abilityto-pay: obviously, those who are unemployed will have little need to use
our transit lines, and therefore will not be affected by the higher fare.
It will not affect the price of commodities which enter into the cost of
living. It would still probably be the lowest price transportation service
in the United States. No other transportation of such length, speed and
frequency is now provided elsewhere at such low fares. Every city in the
State has higher fares or a zoning system with a 5-cent fare for short rides,
and this is largely true throughout the country.
The latest proposal for raising unemployment relief funds is a tax on
transit fares. Your committees, however, are advised that such a tax will
be attacked at once in the courts, and even though ultimately it be declared
legal, the city would be stopped by injunction from collecting the tax until
the case is decided by the highest courts. In any event another tax would
merely be a temporary expedient.
The fact is the right and the wrong way to solve the city's problem has
been obvious for some time, and everyone familiar with the city's financial
affairs fully realizes this. There is no room for debate. Everyone concerned
should not hesitate to approach the matter frankly.
The transportation lines in this city carried over 2,733,000.000 Passengers
-cent increase in fare would yield around $54,666,000 annually,
itt 1933. A 2
and practically all this increase excepting $4,000,000 would go to the treasury
of the City of New York. It is estimated that the daily number of riders
on our local transit lines who are residents of other communities is over
600.000. Higher fares would of course reach these non-residents, and at
the same time, would not be a factor in driving visitors or business from the
city. Everyone who needs to ride on our transit lines should be willing to
make this essential contribution to the city's welfare, particularly when
almost all the increase in fare would be obtained by the city and could be
used to provide unemployment relief.
218
Financial Chronicle
Monthly Report of RCC for June—Eighth Liquidating
Distribution of $2,196,635 Made June 30—$726,502 to Be Repaid July 31.
Twenty-two per cent. of the fund created by pooling the
proceeds of the emergency freight rates through March 31
1933 had been repaid to the participating carriers up to
July 1, The Railroad Credit Corporation reported on July 5
to the Inter-State Commerce Commission. In a letter
addressed to participating carriers and accompanying the
report, E. G. Buckland, President of the Corporation,
stated that the repayments which total $16,234,868, have
been made to the participating carriers in eight liquidating
distributions. Of that amount, $7,014,534 was in cash and
$9,220,334 in credits. The last repayment was made on
June 30 and amounted to $2,196,635 or 3%. An announcement by the Corporation also said:
The pooled fund produced a net of $73,745,087, but due to the distributions and other credits that have been made, the balance due participating carriers has been reduced to $57,466,130.
The Corporation's cash receipts in June totaled $1,001,200, which
included $856,117 paid in reduction of loans, $145,050 as interest on loans,
and the balance from miscellaneous sources.
On July 2 Mr.Buckland announced that another liquidatirg
distribution will be made by the Corporation to participating
carriers on July 31. This refund, which will be the ninth
that has been made, will amount to $726,502.40, or 1%
of the fund created by pooling the net proceeds of the emergency freight rates through March 31 1933. Of the amount
of the refund, $339,357.27 will be in cash and $387,145.13
will be in credits. Mr.Buckland's announcement continued:
With this liquidating distribution to be made at the end of the current
months, the total amount returned to participating carriers by the RCC
will have amounted to $16,961,370.08, or 23% of the pooled fund. Of that
amount, $7,353,890.97 represents cash, and $9,607,479.11 credits.
• The Corporation's statement of condition as of June 30
follows:
REPORT TO INTER-STATE COMMERCE COMMISSION AND
PARTICIPATING CARRIERS AS OF JUNE 30 1934.
Net Change
Balance.
Assets—
During June 1934. June 30 1934.
Investment in affiliated companies (loans outstand'g)x$2,014,485.55 858,736,826.10
Other investments
157,200.00
Cash (reserved for tax refunds, $65,615.07)
x86,088.98
328325119
Petty cash fund
25.00
Special deposits (reserve for tax refunds)
300,000.00
Miscellaneous accounts receivable (due from contributing carriers)
x709.73
58.146.60
Interest receivable
x95,823.39
110,733.27
Unadjusted debits
x1,695.76
63,142.96
Expense of adminfstration
9,995.52
69,078.20
Total
x$2,188,807.89 $59,823.277.32
Liar,1/flies—
Non-negotiable debt to affiliated companies
02,245,767.48 *57,466,129.97
Unadjusted credits
x1,893.87 1,913,078.30
Income from securities and accounts (interest accrued
on loan, .4c.)
58,853.46
442,869.05
Capital stock
1,200.00
Total
x$2,188,807.89 859,823,277.32
x Denotes decrease.
* Emergency revenues to June 30 1934
$75,422,410.62
Less: Refunds for taxes
$1,677,323.27
Distributions Nos. 1-8
16,234,867.68
Fund share assigned to RCC
44,089.70 17,956,280.65
$57,466,129.97
Approved:
Correct:
E. R. WOODSON,Comptroller.
ARTHUR B. CHAPIN,Treasurer.
Washington. D.C., July 2 1934(No.28).
Refinancing of Debts by Federal Land Banks at Lower
Interest Rates Constitute Saving to Farmers of
More Than $11,600,000 a Year According to FCA.
Farmers will save more than $11,600,000 a year for the
next few years as a result of the lower interest rates on indebtedness refinanced in the year prior to June 1 1934, by
the Federal Land Banks and the Land Bank Commissioner,
according to figures released at Washington June 28 by the
Farm Credit Administration. The figure does not include
the additional saving farmers have effected by obtaining
long-term loans and thus avoiding the costly charges of
renewing their mortgages every few years. In an announcement issued with regard to the figures the Administration
also said:
For the country as a whole, farmers whose debts were refinanced by the
Land Banks and the Commissioner during the past year had been paying
an average interest rate of 6.04 on their long-term indebtedness and shortterm commercial loans. In some States, the average rate was in excess of
7 or 8%. On their new loans farmers are now paying interest at the rate of
either 4% or 5% per annum.
The amount of indebtedness on which the saving was effected carried
annual interest charges of $49,200,000. This interest bill has been reduced
to $37,600,000 per annum until July 12 1938, giving the farmers refinanced
a total annual saving of $11,600,000, exclusive of the saving effected by
avoiding the cost of renewing their mortgages every few years.
.
Of the total of $796,800,000 loaned during the one-year period, $483,800.000 was advanced by the Federal Land Banks, which make loans only on
first mortgage security, and the balance of $313,000.000 was advanced by
the Land Bank Commissioner who lends on the security of either first or
second mortgages on farms.
The Land Bank loans made during the year bear interest at the reduced
rate of 43% until July 12 1938, if made through National farm loan associations, while loans made directly by the Banks carry an interest rate
of
1% higher. More than 90% of the Land Bank Loans were made through
July 14 1934
National farm loan associations where the greatest saving on interest was
effected. The loans made by the Land Bank Commissioner carry an Interest rate of 5% per annum.
Loans Advanced by RFC During Period Feb. 2 1932 to
to June 30 1934 Totaled $5,538,071,429—$1,517,451,145 Repaid—Cash Loans of $1,606,571,866 Made
to Banks, of Which $1,007,647,802 Has Been Repaid
—List of Loans by States.
In a report issued July 9 it is stated that the Federal Government has made cash advances through the Reconstruction Finance Corporation of $4,101,081,563.34 (excluding
$1,436,989,866.13 disbursed to other Government agencies
and for relief of destitution as required under provisions of
existing statutes) since that agency began operations on
Feb. 2 1932 to.close of business June 30 1934. Total disbursements amount to $5,538,071,429.47. The report said:
Excluding allocations required under the provisions of existing statutes
to be made to other Government agencies and for relief of destitution,
the
Corporation has authorized loans and other advances of funds
totaling
$5,460,697,223.78 since it began operations. Of this amount
$485,140.888.97 was canceled or withdrawn and $874,474.771.47 remains to
the
credit'of the borrowers.
In addition to the above authorizations, the Corporation had conditional
agreements outstanding on June 30, to make loans and other advances of
funds in the amount of $130,284,750.57. Authorizations of these
commitments is awaiting compliance with conditions.
Repayments amounting to $1,517,451,145.01 have been
received (including $1,424,363-1932 Relief Act), according
to the report. The balance outstanding (excluding allocations to other Government agencies and for relief of destitution) as of June 30 1934, the report said, aggregates $2,585,054,781.33. It continued:
Banks and trust companies were the largest class of borrowers.
Loans
authorized to 7,214 institutions aggregated $2,
045,553,972.12. Of this
amount. $255,612,142.87 was canceled or withdrawn, $183,369,963.12
remains to the credit of the borrowers and $1,
606,571,866.13 has been
disbursed in cash, of which $1,007,647,802.40 or 63% has
been repaid.
In addition to these authorizations, the Corporation has made
conditional
agreements to loan $13,933,795.70 to banks and trust companies.
Since the passage of the Emergency Banking Act, the
Corporation has
authorized or made conditional agreements to purchase
$698,869,820 of
preferred stock in 3,652 banks and trust companies, of which $31,468,149.33
was canceled or withdrawn and $498,518,221.92 has been
disbursed. Retirement of preferred stock aggregates $412,300. A conditional agreement
has been made to purchase $100,000 preferred stock in one
insurance
company.
The Corporation has authorized or made conditional
agreements to
purchase $167,194,500 of capital notes in 189 Institutions, of which $1,292,500 was canceled or withdrawn, and $113,153,500 has been disbursed;
and
$230,743,300 of debentures in 2,489 institutions, of which $11,862,000 has
been canceled or withdrawn and $183,338,300 has been disbursed.
Retirement of capital notes and debentures aggregates $1,243,500.
The Corporation has authorized or made commitments to make loans.
secured by preferred stock, aggregating $37,051,950, of which $3 739,850
,
was canceled or withdrawn, to 973 borrowers for the purchase of preferred
stock in banks and trust companies, and 819.375,000 to 6 borrowers for
the
Purchase of preferred stock in insurance companies.
The Corporation has authorized loans, or made conditional agreements
to make loans, for the reorganization or liquidation of closed financial institutions aggregating $816,418,528.29 to 2.257 institutions. Of this
amount, $73,561,419.64 was canceled or withdrawn, $197,818,899.04
remains to the credit of the borrowers, $545,038,209.61 has been disbursed
and $183,208,112.12 has been repaid.
Under Section 36 of the Emergency Farm Mortgage Act of 1933, providing for loans to refinance the indebtedness of drainage, levee and irrigation districts, the Corporation has authorized loans to 255 districts,
aggregating $51,309,387.77 of which $749,315.31 has been canceled or withdrawn, and $4,636,392.17 has been disbursed.
For the purpose of assisting business and industry in co-operation with
the National Recovery Administration program, the Corporation
has
authorized to banks, trust companies, and mortgage loan companies,
147 loans totaling $15,974,175 to 49 institutions, of which 81.701,675
was
canceled or withdrawn and $2,112.327.77 has been disbursed. In addition
to these authorizations, the Corporation has made conditional
agreements
aggregating $4,598,700 to 58 institutions. Authorization of funds on these
conditional agreements is awaiting compliance with conditions.
According to the report cash advances were as follows:
To Government agencies under provisions of existing 813 :
statut. 00.00
45es
Secretary of the Treasury to pay for
Capita.of Home Owners' Loan Corporation_ _$154:0 0 000 00
145 0 :000
0
.
Capital of Federal Home Loan Banks
Farm
Commissioner to make loans
en
farmers
To Joint Stock Land Banks
2,600,000.00
Federal Farm Mortgage Corporation
55,000,000.00
Secretary
Agriculture for crop loans to 115,000.000.00
)
farmers (net)
t
Governor of Farm Credit Administration
,000.00
Regional Agricultural Credit Corporations:
Capital
44,500,000.00
Expenses (since May 27 1933)
5,501,039.73
Federal Relief Administration (1933 Act)
493,458,127.40
To States, territories and political subdivisions of
States for relief purposes under the Emergency
Relief and Construction Act of 1932
299,984,999.80
81,436,989,866.13
To the following classes of borrowers under Sec. 5 of the RFC Act:
Banks and trust companies
81,606,571,866.13
Railroads
411,645,844.04
Mortgage loan companies
265,945,060.02
Federal Land Banks
193,618,000.00
Regional Agricultural Credit Corporations_ _ _
170,974,519.71
Building and loan associations
114,420,823.65
Insurance companies
89,332,463.45
Joint Stock Land Banks
15,196,548.06
Livestock Credit Corporations
12,737,173.66
Federal Intermediate Credit Banks
9,250,000.00
State funds for insurance of public moneys...
8,387,715.88
AgriculturalCredit Corporations
.5,261,130.27
Credit unions
580,854.21
Processors or distributors for payment of processing tax
•
82,903,938,149.46
Purchase of preferred stock of banks and trust companies
498,518,221.92
Financial Chronicle
Volume 139
Purchase of capital notes of banks and trust companies
Purchase of debentures of banks and trust companies
Loans secured by preferred stock of:
$22,292.755.00
Banks and trust companies
Insurance companies
15,875,000.00
To the Secretary of Agriculture to purchase cotton
For refinancing drainage, levee and irrigation districts under
Section 36, Emergency Farm Mortgage Act
To aid in financing self-liquidating construction projects (including $8,300,472.23 for repair and construction of buildings damaged by earthquake, fire and tornado)
To aid in financing the sale of agricultural surpluses in foreign
markets (Section 201-c)
To finance the carrying and orderly marketing of agricultural
commodities (Section 201-0):
'to the Commodity Credit Corporation for
Loans on cotton
$115,968,290.91
Loans on corn
119,803,877.78
To other institutions
113,153,500.00
183,338,300.00
38,167,755.00
3.300,000.00
4,636.392.17
97,607,239.96
14,595,988.41
4235,772,168.69
8,055,847.73
243,828,016.42
The report showed repayments as follows:
By borrowers under Section 50!the RFC Act:
Banks and trust companies
$1,007,647,802.40
Regional Agricultural Credit Corporations
163,775,732.61
Mortgage loan companies
73,795,144.61
Building and loan associations
73,979,272.52
Railroads
58,261,276.69
Insurance companies
54,584,158.07
Livestock Credit Corporations
11,020,514.71
Federal Intermediate Credit Banks
9,250,000.00
Agricultural Credit Corporations
4,460.780.30
Joint Stock Land Banks
5,889,009.25
State funds for insurance of public moneys
4,911,538.55
Credit unions
147,552.77
Processors or distributors for payment of processing tax
5,428.00
41,467,728,210.48
By the Secretary of Agriculture
3,300.000.00
By borrowers for relief purposes (1932 Act)
1,424,363.00
By borrowers-self-liquidating projects
4,598,627.31
By borrowers to finance the sale of agricultural surpluses in foreign
markets (See. 201-c)
648,151.83
By borrowers to finance the carrying and orderly marketing of
agricultural commodities (Sec. 201-0):
By the Commodity Credit Corporation
$33,213,489.62
By other Institutions
3,942,327.50
37.155,817.12
By borrowers on loans secured by preferred stock of banks and
940.175.27
trust companies__________ ______________
By retirement of preferred stock of banks and trust companies___.
412,300.00
By retirement of capital notes of banks and trust companies
1,040,000.00
By retirement of debentures of banks and trust companies
203,500.00
The loans authorized to each railroad, together with the
amount disbursed to and repaid by each are shown in the
following table (as of June 30 1934):
Aberdeen & Rockfish RR. Co
Alabama Tennessee & Northern RR.Corp
Alton RR. Co
Ann Arbor RR.(receivers)
Ashley, Drew & Northern Ry. Co
Baltimore & Ohio RR. Co
Birmingham & Southeastern RR. Co
Boston & Maine RR. Co
Buffalo-Union, Carolina RR.Co
Carlton & Coast RR.Co
Central of Georgia Ry. Co
Central RR. Co. of New Jersey
Authorized.
$127,000
275,000
2,500,000
634,757
400,000
72,125,000
41,300
7,569,437
53,960
549,000
3,124,319
500.000
Disbursed.
$127,000
275,000
2,500,000
634.757
400,000
72,096,000
41,300
7,569,437
Chicago & Eastern Illinois Ry. Co
Chicago & Northwestern Ry. Co
Chicago & Great Western RR
Chicago Milwaukee St. Paul & Pac. Ry. Co_
Chicago North Shore & Milwaukee RR.Co_
Chicago Rock Island & Pacific Ry Co
Cincinnati Union Terminal Co
5,916,500
35,094,133
1,289,000
8,000,000
1,150,000
13.718,700
10,398,925
5,916,500
34,693.133
1,289,000
8,000,000
1,150,000
13,718,700
Columbus & Greenville Ry. Co
60,000
Copper Range RR. Co
53,500
Denver & Rio Grande Western RR. Co
8,300,000
Erie RR. Co
13,403:0 00
Eureka Nevada Ry. Co
Florida East Coast Ry. (receivers)
717,075
Fort Smith & Western Ry. (receivers)
227,434
Fredericksburg & Northern Ry. Co
15,000
Gainesville Midland Ry. (receivers)
10,539
Galveston Houston & Henderson RR. Co
Georgia & Florida Ry. (receivers)
1,1)61,721
8
5
Great Northern Ry. Co
6,000,000
Greene County RR. Co
13,915
Gulf Mobile & Northern RR. Co
520,000
Illinois Central RR. Co
13,363,000
Lehigh Valley RR. Co
6,500,000
Maine Central RR. Co
2,12,.000
Maryland & Pennsylvania RR. Co
Meridian & Bigbee River Ry. Co
1,488,504
Minneapolis St. P.& Ste. Ste. Mar.Ry. Co_
6,843,082
Mississippi Export RR. Co
100,000
Missouri Pacific RR. Co
23,134,800
Missouri Southern RR. Co
99,200
Mobile & Ohio RR. Co
785,000
Mobile & Ohio RR. Co.(receivers)
1,070,599
Murfreesboro-Nashville Ry. Co
25,000
New York Central RR. Co
27,499,000
New York Chicago & St. Louis RR. Co_ _ 18,200,000
New York New Haven & Hartford RR. CO700,000
Pennsylvania RR. Co
29,500,000
Pere Marquette Ry. Co
Pioneer & Fayette RR. Co
Pittsburgh & West Virginia Ry. Co
Puget Sound & Cascade Ry. Co
St. Louis-San Francisco RR. Co
St. Louis-Southwestern Ry. Co
Salt Lake & Utah RR. Co. (receiver)
Sand Springs Ry. Co
Southern Pacific Co
Southern Ry. Co
Sumter Valley Ry. Co
Tennessee Central Ry. Co
Texas Oklahoma & Eastern RR,. Co
Texas & Pacific Ry. Co
Texas South Eastern RR. Co
Tuckerton RR. Co
3,000,000
10,000
3,975,207
300,000
7,995,175
18,790,000
200,000
162,600
23,200,000
14,751,000
100.000
147,700
108,740
700,000
30,000
45,000
Wabash Sty. (receivers)
Western Pacific RR,Co
Wichita Falls & Southern RR. Co
Wrightsville & Tennille RR. Co
15,731,583
4,366,000
400,000
22,525
477,037
3,124,319
464,298
Repaid.
$4,000
.53,960
1,206
230,028
f464,298
1.35,702
155.632
3,384,000
838
.10,539
000
1*( 11;721
3
6,000,000 6.000,000
13,915
915
520,000
520,000
12,589,333 f 66.667
1 *16.667
5,500,000 "1,000,000
:2
2,154 0
59,975
100,000
.744,252
6,843,082
485,673
100,000
23,134,800
99,200
785,000
785,000
1,070,599
193,000
25,000
27,499,000
18.192,440 2,688,413
578,224
28,900,000 128,900,000
1 *600,000
3,000.000
2.805.175
790,000
246,000
*108,740
700,000
100,000
30,000
39,600 f
81
1
*6,000
15,731,583
4,366,000
1,303,000
400,000
22,525
22,525
8420,699,930 $411,645,844 658,261,276
Denotes amount canceled or withdrawn instead of repayment. (Total cancellations, $4,827,785.)
The following, made public by the RFC on July 3, shows
loans authorized, withdrawn and disbursed, by States,
during the period from Feb. 2 1932 to June 23 1934:
44,421.944,608.97 $425,701,248.01 $3,294,366,973.75
Withdrawn or
Authorized.
Cancelled.
Disbursed.
$206,018,000.00 $12,400,000.00 2193,618,000.00
Federal Land Banks
Federal Intermediate Credit
9,250.000.00
9,250,000.00
• Credit Banks
Regional Agricultural Credit
170,974,519.71
176,811,233.54
5,013,876.46
Corporations
420,699,930.00
4,827,784.47
411,327.219.04
Railroads
Financing Exports of Agricul14,324,426.27
52,880,542.80 30,000,000.00
Surpluses
198,425,318.77
448,000,000.00
Commodity Credit Corp
Secretary of Agriculture to
200,000.00
3.300.000.00
3.500,000.00
acquire cotton
Total
Grand total
$5,738,104,315.31 $478,142,908.94 .$4295,586,457.54
•In addition, upon certification of grants by the Federal Emergency Relief
Administrator, the Corporation has disbursed 8493,112,904 to States under the
Federal Emergency Relief Act of 1933.
252,661
8.300." W:g22:22
*60.000
53,500
7,977,000
500,000
13,403,000
2,189
.3,000
627,075
090,000
227,434
3,975,307
300.000
7,995,175
18,672,250
200,000
162,600
22,000,000
14.751,000
100,000
147,700
219
AMOUNTS AUTHORIZED, WITHDRAWN OR CANCELED AND DISBURSED,BY STATES, FROM FEB. 2 1932 TO JUNE 23 1934, INCL.
Withdrawn or
Authorized.
Disbursed.
Cancelled.
Alabama
$32,444,225.30 $3,074,400.99
$26,948,239.89
9.457,069.00
183,194.70
5,088,274.30
Arizona
49.104,678.82
7,112,374.82
32,917,053.28
Arkansas
California
422.277,566.18 20,495,407.57
282,084,331.64
Colorado
19,436,766.66
1,482,302.02
14,728,880.51
27,206,585.41
2,603.935.21
20,850,784.01
Connecticut
Delaware
2,937,000.00
2,058,000.00
744,000.00
43,613,692.66
3,254,979.27
38,356,951.04
District of Columbia
18,281,782.68
1,689,620.58
10,573,915.56
Florida
19,518,457.44
2,773,579.67
15,286,898.11
Georgia
12,073,348.07
1,310,790.06
• 9,611,146.76
Idaho
364,709.457.82 23,892.643.64
312,840,780.92
Illinois
64,650,065.93
7,082,048.40
48,859,571.43
Indiana
81,960,555.13
9,506.792.88
66,562,711.92
Iowa
17,071,073.94
954,209.42
13,280,363.72
Kansas
40,885,404.80
5,611.887.16
30,896,362.29
Kentucky
200,516,657.25
76,802,725.69
112,582,976.91
Louisiana
63,457,829.02
5,201,407.65
50,457,807.16
Maine
120,351,869.68
10.106.166.13
106,668,269.93
Maryland
71,184,055.00
7,659,638.68
56,424,759.89
Massachusetts
280,785,991.47
Michigan
354,641.356.27 40,554,763.53
36,212,142.40
3,074.881.82
29,905,396.41
Minnesota
2,278,116.53
26,194,522.47
33,484,128.36
Mississippi
64,462,956.70
99,029,370.24 21.770,263.04
Missouri
450,398.07
8,171,858.07
12,623,226.45
Montana
16,757,581.91
20,553,563.59
2,205,727.57
Nebraska
5,482,099.17
7,048,232.92
169,000.75
Nevada
456,139.92
3,352.463.08
New Hampshire
4,748,603.00
114.881,482.37
New Jersey
163,651,944.79 14.755,841.70
815,431.44
7.304,076.08
New Mexico
9,555,025.81
442.213,067.12
652,824,230.11 27,042,188.95
New York
45,292,983.58
6,311,176.68
55,939,648.49
North Carolina
10,589,124.42
1,123,888.61
12,583,052.75
North Dakota
349,650,352.02
430,217,331.13 42,552,084.80
Ohio
20,790,169.27
22,852,857.79
580,527.15
Oklahoma
11,981,548.83
1,535,727.27
Oregon
16,652,682.80
16,950,403.07
174,501,726.19
264,065,191.17
Pennsylvania
221,338.00
3,491,036.00
3,019,698.00
Rhode Island
2,991,742.32
31,796,512.08
24.998,868.54
South Carolina
1,212,733.20
13,358,217.59
15,447,138.72
South Dakota
10,629,226.86
83,830,009.61
113,215,318.11
Tennessee
110,374,442.74
7,937,639.43
88,343,545.93
Texas
19,133,294.10
2,047,832.71
16,755,193.81
Utah
23,186,898.84
393,832.52
21,820,566.32
Vermont
3.338,266.88
37,844,294.85
29,542.198.65
Virginia
11.052,742.31
32,329,569.11
50,403,897.58
Washington
37,867,073.84
1,303,846.33
32,549,756.75
West Virginia
89,910,127.00
8,002,522.94
70.679,791.36
Wisconsin
339,164.72
5,568,411.25
4,414,846.53
Wyoming
137,500.00
137,500.00
Alaska
1.137,527.37
1,144,935.00
Hawaii
622,694.25
3,347,305.75
4,378,000.00
Puerto Rico
125,000.00
125,000.00
Virgin Islands
H. L. Hopkins, Now in Europe, to Study Unemployment Insurance and Housings Conditions While
Abroad-Relief Administrator to Visit Five
Countries.
Harry L. Hopkins, Federal Relief Administrator, plans
to study unemployment insurance and housing conditions
in Europe this summer, according to statements made by
him before he sailed from New York for England on July 4.
Mr. Hopkins intends to visit Great Britain, France,
Germany, Austria and Italy before returning to the United
States. A Washington dispatch of July 2 Lo the New York
"Journal of Commerce" quoted from statements made by
Mr. Hopkins at a press conference as follows:
Last week at his press conference the Administrator discussed unemployment insurance in considerable detail, showing he had given the subject more than passing study in anticipation and preparation for his trip.
Mr. Hopkins said at that time that the much ridiculed English "dole" had
Its good points and hinted some of those points might be adopted in the legislation to be sponsored by the President in the next Congress. Mr. Hopkins
did emphasize, however, that no foreign form of social insurance would
be adopted, as the conditions peculiar to this nation called for an entirely
different method of dealing with social security.
Mr. Hopkins will probably receive instructions from Mr. Moffett in
New York as to what to look for abroad in the field of low cost housing.
Though not a member of the new Federal Housing Administration, Mr.
Hopkins will probably take an active behind-the-scene part in shaping
the program.
He plans to remain in Europe five or six weeks, after which he will
return to Washington for a brief period before going West. He hopes
to visit most of the States before next January but definitely disclaimed
part in the widely reported Administration program for reselling the new
deal this summer.
Members of New National Labor Relations Board
Take. Oath of Office and Begin Duties-Can
Confer Powers of Mediation on Regional Bodies.
The National Labor Relations Board, created by President Roosevelt to take over the functions of the National
Labor Board shortly before he left Washington on his
vacation, met on July 9 and, after taking the oath of office,
began consideration of plans to end labor disputes which
threatened industrial peace throughout the country from
coast to coast. Secretary of Labor Perkins swore in the three
220
Financial Chronicle
members, who include Lloyd Garrison, Dean of the University of Wisconsin Law School, as Chairman; Edwin S.
Smith of the Industrial Commission of Massachusetts and
Harry A. Millis, formerly of the Department of Economics
of Chicago University. The creation of the Board by
Executive Order was noted in our issue of July 7, pages 53-54.
The new Board has authority to arbitrate labor disputes
at the request of both employers and employees, to mediate
and to supervise elections for collective bargaining. It can
confer similar powers upon regional boards.
A Washington dispatch of July 9 to the New York "Times"
commented on the assumption of office by the members of
the new Board as follows:
They were sworn in by Secretary Perkins this afternoon after a conference in which Miss Perkins pledged to the "Supreme Court" of labor
disputes all the facilities of her department.
"The organization of the new Labor Board is a matter of intense interest
to us," Miss Perkins said. "We are placing all of our facilities at its disposal
and expect to be fully co-operative."
The first act of the Board was to telegraph regional labor boards which
have been functioning under the now defunct National Labor Board to
continue work until further notice.
After the situation in various industries was discussed with Miss Perkins.
Chairman Garrison announced that about 100 cases would be taken up
immediately.
"We have no formal statement to make," Mr. Garrison said. "We will
make haste slowly."
The Board members will spend most of their time in Washington and will
have offices across the street from the Labor Department to permit immediate access to records now held by the Government.
Farm Cash Income of $441,000,000 During May $54,000,000 Above April-5425,000,000 Derived from Sale
of Farm Products and $16,000,000 in Benefit Payments by AAA.
Farmers' cash income from the sale of farm products and
benefit payments was $441,000,000 in May, compared with
$387,000,000 the revised total for April, according to the
Bureau of Agricultural Economics, United States Department of Agriculture. The May total was made up of $425,000,000 from the sale of farm products, plus $16,000,000 in
benefit payments by the Agricultural Adjustment Administration. The April total was composed of $380,000,000
from farm marketings plus $7,000,000 from rental and
benefit payments. An announcement issued June 23 in the
matter by the Department of Agriculture continued:
Farmers' cash income from marketings and benefit payments for the
first five months of this year was $2,139,000,000 whereas during the same
period last year the income from marketings was $1,609,000,000 and there
were no rental or benefit payments. Of the cash income this year $2,019,000,000 was from marketings and $120,000,000 from benefit payments.
The AAA had paid out in benefit payments to farmers up to May 31,
about $171,000,000 on cotton; $68,000,000 on wheat acreage reduction;
$28,000.000 on the emergency hog program, and $12,000,000 on other
commodities, including $10.000,000 on tobacco.
The Bureau says that income from marketings in June is likely to be
about the same as in May. Prices of grains and of livestock products are
expected to average higher In June than in May. but this is likely to be
offset by smaller marketings of these products and by lower returns to
farmers from fruits and vegetables, it is stated.
$154,000,000 in Fa m Mortgage Loans Made During
June by Federal Land Banks and Land Bank
Commissioner—Largest Amount Advanced During
Any One Month.
Farm mortgage loans made by the Federal Land Banks
and the Land Bank Commissioner during the month of June
surpassed all previous records, according to a statement
issued at Washington, D. C., July 5 by W. I. Myers,
Governor of the Farm Credit Administration, in which he
pointed out that the 57,400 loans aggregating $154,000,000
were made on a bond basis instead of in cash, which was
used in making loans when the former record was established
last March. In his statement, Mr. Myers said:
When the banks started to use the bonds of the Federal Farm Mortgage
Corporation instead of cash to make loans to farmers there was a temporary
slowing down in the rate of closing loans because of the necessity of acquainting the large number of farmers and their creditors with the new bonds.
At the present time the banks are loaning on an average about $6,000,000
a day, which is equal to the peak reached when loans were made on a cash
basis.
The bonds of the FFMC which are being used in lieu of cash in making
loans, are guaranteed by the Federal Government as to both principal and
interest. The first issue bore interest at the rate of 3X% a year and the
present issue a rate of 3%.
While a large proportion of the bonds are being held by farmers' creditors
as investments, those that have reached the financial centers when the
holders sold them to obtain cash have in all cases sold above par.
•
Farm Foreclosures During Past Year Increased Only
5% as Compared with Increases of 50% During
Calendar Years of 1931 and 1932, Governor Myers
of FCA Reports.
During the past year the number of farms owned outright
by the Federal Land banks and subject to redemption by
the borrower increased less than 5%, whereas during the
calendar year of 1931 the members increased approximately
July 14 1934
50% and in 1932 anothar 50% increase was recorded. This
statement was made July 2 by W. I. Myerg, Governor of
the Farm Credit Administration. The Governor also said
that the farms held by the banks in May amounted to 2,939,000, which was an increase of a little over 2% or about
$1,929,000 over the amount carried in May 1933, when the
FCA was organized. He stated:
The policy of the FCA has been not to foreclose upon any borrower who
is doing his honest best to meet his obligations, who is making proper
application of his income, if any, after meeting necessary living expenses,
and who is adequately caring for his security.
Many of the farms acquired are deeded voluntarily to the banks by their
owners, or are a result of foreclosure upon farms which have been abandoned
by their owners.
The number of farms now owned by the Land banks or held by them
subject to redemption by the borrower totals 22,078. These farms were
acquired over a series of years. The total is about 1,000 greater than a year
ago. Also the period of redemption on a rather large number of farms
expired during the year.
While the Federal Land banks and the Land Bank Commissioner together
now hold 20 to 25% of the total farm mortgage debt in the United States,
data obtained from officials in about 700 counties in the United States
indicate that foreclosure action instituted by the Federal Land banks during
the last seven months has constituted only 1 to 7% of the total farm foreclosures instituted throaghout the United States by all institutions and
individuals.
First Proceeds of Loans from Relief Fund to Purchase
Feed for Livestock Received by Farmers and Stockmen in Primary Drouth Areas.
On July 3 farmers and stockmen in North and South
Dakota and other primary drouth areas received the first
proceeds of loans from the recently appropriated relief fund
to purchase feed for livestock, according to a statement
made that day at Washington, D. b., by Governor W. I.
Myers of the Farm Credit Administration. The loans are
being made from a part of the $525,000,000 emergency
relief fund appropriated in the Act of Congress, approved
June 19 1934. An announcement issued on July 3 by the
FCA, from which the foregoing is taken, continued:
Governor Myers said that the first disbursements from the fund were
made this morning when 150 checks were mailed out by the Minneapolis
office, going to borrowers in the Dakotas, Minnesota and Wisconsin; and
that the other emergency crop loan offices operating In the primary drouth
areas were receiving applications for the loans and making immediate
disbursements to approved borrowers. The primary drouth areas cover,
besides the Dakotas. parts of Minnesota, Wisconsin, Montana, Wyoming.
Oregon, Texas, Arizona, Colorado, New Mexico, Nevada, California,
Utah and one or two counties in several other States.
Thus, within two weeks after the drouth relief measure was approved
appropriating funds to make special loans to purchase feed for livestock
and for the purpose of growing forage crops in the drouth-stricken areas.
the program of the FCA for making the loans available has been placed in
operation and farmers and stockmen are obtaining cash loans.
Applications for the loans, which are being received from farmers and
stockmen who are threatened with loss of their stock because of the drouth
and who are unable to obtain credit from other sources, have begun to
come in from most of the drouth areas, and according to Governor Myers
no efforts are being spared to get out the loans immediately to purchase
feed, especially for cattle which in some areas are in danger of starvation.
Promissory notes of farmers are taken as the only evidence of indebtedness
of the farmers at the time the first installment loan is made. The farmer
also furnishes from his creditors a non-disturbance agreement signed by the
chattel mortgage lienholders. Thus, delay in examining security is avoided.
The applicant's need for feed is the first consideration right now. All
loans are being advanced in monthly payments and there will be time to
check up before the second installments are needed.
The loans are being handled by the emergency crop loan offices under
the FCA. Applications are received by the local county committees already
established throughout the drouth areas and forwarded to the regional
offices at Minneapolis, Salt Lake City and Dallas, Tex., the checks being
mailed directly from these offices to the borrowers.
Reference to the $525,000,000 emergency relief fund
appropriated by Congress, from which the loans to the
primary drouth areas are being made, was given in our
issue of June 30, page 4389.
Emergency Feed Loans Available to Farmers in Secondary Drouth Areas.
Emargency loans to farmers to purchase feed for farm
livestock and for summer fallowing were made available on
June 28 in Iowa, Nebraska, and the other secondary drouth
areas covering parts of 17 States, according to a statement
made at Washington by S. M. Garwood, Production Credit
Commissioner of the Farm Credit Administration. The
maximum amount of a loan to one individual is $400. Mr.
Garwood's statement continued:
Emergency loans in secondary drouth areas will be made from the $40,000,000 emergency crop loan fund appropriated in the Act of Congress
approved Feb. 23 1934, and are not to be confused with the feed and
forage loans which, as already announced, will be made in the Dakotas
and the other primary drouth areas covering parts of 14 States. The
feed and forage loans in the primary drouth areas will be made from the
drouth relief appropriation approved June 19 1934.
The maximum amount that may be loaned in secondary drouth areas
for feed for workstock is $4.00 per head per month; for cattle, $3.00; for
hogs, $1.00. and for sheep and goats, 75 cents. All loans will be advanced
In one payment and may not be made for a feeding period extending beyond Sept. 1 1934. All loans for feed for livestock and for summer fallowing must be secured by a first lien on the livestock fed or the crops
financed.
Volume 139
Financial Chronicle
221
The States, in which the counties designated as secondary
drouth areas are located, are as follows:
some of the ills of the industry," Cully A. Cobb, chief of
the Administration's Cotton Section, added:
California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, Oklahoma,
Oregon, Texas, Utah, Wisconsin and Wyoming. All counties in the
States of Iowa and Nebraska are in the secondary drouth area.
The Administration finds itself unable to sanction and enforce fixed rates
for ginning services, and as the industry felt this was a primary requirement for the successful operation of the agreement, we have but one
alternative—that is to discontinue our present efforts to effect an agreement.
Secretary Wallace to Continue 15% Wheat Acreage
Reduction—Processing Tax Remains at 30 Cents.
Secretary of Agriculture Wallace ruled tentatively on
July 9 for a continuance next year of the present 15% wheat
acreage reduction, but intimated that control would be
lifted unless other powers comply with the international
wheat agreement. In Associated Press advices from Washington July 9, it was also stated that final decision on the
wheat control program will be delayed until early next
month, shortly before planting time of winter wheat. Mr.
Wallace is said to have declared that if it were found at that
time that other signatories had not prepared to adjust their
wheat production the present restrictions on American acreage might be modified. The terms tentatively announced
July 9, call for a continued reduction of 15% in acreage from
the base period, 1928-1932; a processing tax on wheat of
30 cents a bushel, and benefit payments to farmers of 29
cents a bushel. The Associated Press accounts continued:
It was intimated in Administration quarters some action by other nations
which signed the international agreement would be forthcoming this week.
Argentina has been exchanging notes with other countries on the wheat
situation after having been accused of violating provisions of the document
by exporting wheat in excess of its quota.
In considering the domestic situation officials said that under normal
conditions a continuation of the Present acreage would provide a crop of
sufficient size to meet normal consumptive demand, provide full carryover reserves, and leave more than 100,000.000 bushels for export.
It had been intimated previously the Administration might call for an
Increase in wheat acreage next year because of extensive drouth damage
to the present crops. Many officials held, however, that the probabilities
were for normal weather next year, which would guarantee sufficient supplies above domestic requirements.
"Continuation of the present acreage does not mean that the United
States will retire from world wheat marketing," said an official AAA statement,"but means that with normal weather conditions and average yields,
sufficient wheat will be produced during the coming season to more than
supply our world wheat trade, as based on average exports prior to the depression.
"In any case, the final decision as to adjustments in the coming year
will be made when the international wheat agreement is taken up in August."
Mr. Wallace declared the processing tax rate was continued at 30 cents
because the difference between the parity price and the farm price, on
which the tax rate is based, is now about what it was when the tax first
went into effect.
It was estimated wheat farmers will receive approximately $102,000,000
from the program during the coming year. At the present time about
575,000 farmers, producing about 77% of the Nation's wheat, are parties
to adjustment contracts.
To date they have received $68,000,000 as the first instalment under
the 1933-34 program and will receive about $30,000,000 in the second
instalment, which is scheduled to begin moving out within a short time.
Cattle Purchases in Drouth Areas of 11 Western States
Totaled 764,791 Head on July 6, AAA Reports—
To Be Distributed for Relief by FSRC.
More than three-quarters of a million cattle have been
purchased by the Drouth Relief Service from farmers in the
drouth areas of 11 western States, to be slaughtered and
processed for distribution fo families on relief rolls throughout the Nation, the Agricultural Adjustment Administration announced July 7. Total cattle purchased at the close
of business, July 6, the Administration said, amounted to
764,791 head. It continued:
These were purchased on 64,939 farms in Arizona, Minnesota, Montana,
Nevada, New Mexico, North Dakota, Oklahoma, South Dakota, Texas,
Wisconsin, and Wyoming. The purchases represent 25.8% of the total
inventory on the selling farms, which was 2,134.924.
Car-loadings to the end of business July 6 were 10.903. This figure represents the number of cars of cattle shipped or now ready to ship under the
drouth relief project. These cattle are turned over to the Federal Surplus
Relief Corp. and shipped to packing plants to be processed for relief purposes. None of the meat will reach commercial channels.
While the Drouth Relief Service continues its cattle purchasing, new counties daily are being designated in the drouth area. The total of certified
drouth counties in both emergency and secondary lists now is 1.054. There
are 417 counties on the emergency list, and 637 counties on the secondary
list.
Total cattle Purchase payments made to the close of business on July 5
were $1,436,785.
Discontinuance of Efforts of AAA to Effect Marketing
Agreement for Cotton Ginning Industry—Ginners
Decline to Accept Agreement Lacking Fixed Rate
Clause.
The Agricultural Adjustment Administration announced
on July 10 that efforts to effect a marketing agreement for
the cotton ginning industry had been discontinued because
the ginners who initiated the movement for an agreement
are unwilling to accept it without a provision authorizing
the fixing of rates to be charged farmers for ginning services. In stating, on July 10, that "the marketing agreement
was proposed by the ginners in an earnest effort to correct
According to the AAA, the widespread unwillingness of
ginners to accept the proposed agreement developed at a
series of hearings held throughout the cotton belt. The final
bearing was held at Oklahoma City, Okla., July 2. These
hearings were a continuation of one held in Washington last
spring, and were called to obtain the reaction of ginners
and farmers to the provisions of the proposed marketing
agreement. In the "Oklahoman" of June 19 it was stated
that the cotton ginners of that State would join with ginners
of Texas and Arkansas in opposing the marketing agreement proposed by the Department of Agriculture. The paper
indicated also said:
Harry V. Kahle, Secretary of the State Association, . . . declared
the Government has removed from the new agreements all reference to a
State board or its right to set a rate within the maximum rate fixed at the
Washington conference of ginners held recently.
Because of this action Texas and Arkansas ginners have voted to oppose
the new agreement, Kahle said. He declared the Administration also had
inserted a clause in the original agreement that would allow the Secretary
of Agriculture the right to reduce ginning rates at any time.
"We were told by those in charge of the hearing that the Administration
did not intend to fix a maximum rate, but that it would fix a 'recommended'
rate," Mr. Kahle said. "The ginners are in favor of a fixed maximum rate
that could be scaled downward by a State board."
Board of directors of the State Association has prepared resolutions to
be presented at the State meeting July 1, Mr. Kahle said.
The Board resolved to oppose the acceptance of any marketing agreement.
The State Association also attacked a clause of the agreement which
would allow the Internal Revenue Collector, proceeding under the direction
of the Bankhead bill, to select State cotton ginners to act as Government
agents.
National Labor Board Handled 4,277 Labor Disputes,
Involving More than 2,000,000 Workers-1,800,000
of These Employees Remained at Work.
The National Labor Board, which ended its existence on
July 9, made public on July 7 a record of its activities since
it was formed on July 1 1933. The survey showed that the
Board had handled labor disputes involving more than
2,000,000 workers, of whom 1,800,000 were kept at work
or their cases otherwise adjusted. In the year the Board
operated it handled 4,277 labor dispute eases, of which
3,532 or 83% were settled by the Board and its regional
units. Cases pending at the beginning of July numbered
416. The Board was succeeded on July 9 by the newlycreated National Labor Relations Board. A Washington
dispatch of July 7 to the New York "Times" gave further
information regarding the activities of the old Board as
follows:
Strikes mediated by the Board numbered 1,496, involving 1.070,000
workers, and 1,019 of them were settled. In addition 498 threatened
strikes were averted.
More than 50% of the cases alleged violations of the collective bargaining of the National Recovery Act.
Of the strikes which came within the jurisdiction of the Board, 529
were in New York City and involved 19,090 workers. Of these walk-outs
382, affecting 177,533 workers, were settled. Strikes averted in New
York City numbered 120 and involved 182,352 workers.
Not included in the strkkes mediated were 4,001 labor dispute cases,
which involved 1.675339 persons. Of these 3.344 were settled by the
Board. 2,002 of them by agreement, 744 by Board decisions and 331 in
other ways.
New York City accounted for 824 of these cases, of which 802 were
settled, the number of workers affected being 287,162.
Donald R. Richberg Ridicules Charge Administration
Is Dictatorial—Says President Roosevelt Has
Developed Democratic Government While Other
Countries Have Reacted Against Democratic
Institutions.
Ridiculing charges that the Administration has established a virtual "dictatorship," Donald R. Richberg, Chairman of the National Emergency Council, in a speech before
the Texas Bar Association at Fort Worth on July 5 said that
President Roosevelt had actually developed democratic
Government in the United States despite "a world-wide
reaction against democratic institutions." He said that the
recover program has aided in returning more than 5,000,000
unemployed to work, while "the total payroll of the nation
has been doubled." He added that farm income has increased, several thousand homes have been saved from foreclosure and temporary work has been provided for 4,000,000
persons. Direct relief payments have given subsistence to
millions more, he said.
Associated Press advices from Fort Worth on July 5
quoted further from Mr. Richberg'.s address as follows:
Mr. Richberg devoted virtually his entire address to praise of Mr. Roosevelt's policies and criticism of New Deal critics.
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Financial Chronicle
Eighteen months ago, said Mr. Richberg,"we were struggling to prevent
the collapse of our financial and industrial system, and the political revolution that would inevitably follow." The President's inaugural address,
he said,"summoned America to mobilize in a war upon the anarchy of ruthless self-seeking and reckless greed."
Describing the Recovery Administration as "one of the best examples"
of the process of the "new leadership," Mr. Richberg said.
"There has been something pitiful in the intermittent efforts of a partisan
opposition to characterize the process of establishing codes of fair competition as a theoretical experiment being carried on by a mythical group
of youthful 'brain trusters' operating under a Presidential dictatorship.
• The sheer nonsense of such criticism becomes evident upon the slightest
investigation.
"Ask the textile manufacturers, the steel corporations, the coal operators,
the rubber companies, the newspaper publishers, the automobile makers,
ask any representative group of trade or industry who wrote their codes
and what experiments were forced upon them by what dictatorial power."
Mr. Richberg said there were two alternatives to the recovery program,
and that those offered "by the ultra-conservatives and ultra-radicals are
alike destructive of the Constitution and democratic institutions of the
United States."
"The right wing reactionaries," he said, "call upon us to abandon all
effort to bring order and justice into our industrial civilization, to relapse
into an anarchy of unrestrained self-seeking. in a word they call upon us
in the name of the Constitution to abandon the Constitution, to let the
forces of disunion and injustice destroy the general welfare and to tolerate
anarchy in the name of liberty.
"The left wing revolutionaries call upon us also to abandon the Constitution, to achieve economic order by denying to ourselves and to our posterity
the blessings of liberty, to gain the material comforts of a machine-made
civilization by the universal sacrifice of that freedom for which men and
,
women have been fighting and suffering and dying throughout un nunted
centuries."
Counsel for Weirton Steel Co. Charges Certain Government Officials Have Threatened Boycott—
Refuses Government Demand for List of Company's Customers.
The charge that "certain Government officers" have
threatened to boycott the Weirton Steel Co. was made on
July 3 by Earl F. Reed, chief of the company's counsel, who
told Judge John P. Nields in the Federal District Court at
Wilmington, Del., that the Government sought to force the
company to reveal the names of 50 of its largest customers,
the tonnage and the dollar value of their purchases. He
said that such information would enable the company's competitors to seek much of this business, and added that
Government officers have threatened a boycott and have
also threatened to circularize the company's customers.
Mr. Reed's statement was made while arguing against
interrogatories filed by the Government incident to its
petition for an injunction to restrain the company from
interfering or taking any part in the election of collective
bargaining representatives by its employees. Judge Nields
reserved decision on the interrogatories, and counsel for the
Government said that the Government will proceed with
its petition for the injunction Sept. 5.
Associated Press advices from Wilmington July 3 described
•
the hearing, in part, as follows:
Mr. Reed particularly objected to the Government's request for a list of
50 of the company's largest customers, and the tonnage and dollar value
of the shipments, intimating that the real motive back of it was unfair.
His remarks brought an expression of resentment from Lawrence Fly,
special assistant to the United States Attorney-General.
"The counsel for Weirton has made insinuating remarks and has attached
Improper motives to our questions," Mr. Fly asserted. "We are responsible officers of the court and they ought to withdraw their insinuations
or produce facts to substantiate them."
Mr. Reed made it plain he was not referring to Mr. Fly or his associates
in the case. He declined to amplify his charges "at the moment."
Mr. Fly told the court that he wants the information to establish the
flow of inter-State commerce in which the Government contends the
Weirton company is engaged.
Judge Nields reserved decision on the interrogatories. Attorney Fly
told the court that it is his understanding that the Government will be
ready to proceed with its petition for the injunction Sept. 5.
The inter-State commerce feature is one of the points at issue in the
Government suit. The company contends its relationship with its employees is not a part of inter-State commerce and that any construction
which would bring that relationship under terms of the Industrial Recovery
Act would make the Act unconstitutional.
The suit is a test of the labor guarantee (Section 7-A) Provisions of the
NIRA.
The Government sought a preliminary injunction on the basis of affidavits
charging company coercion and undue influence in the December election
of bargaining representatives at the Weirton plants. Judge Nields more
than a month ago refused the preliminary ruling, stating that the Norris
La-Guardia Act prevented the issuance of an injunction in a labor dispute
open court.
until the testimony of witnesses is heard in
Senator Lewis Asserts Department of Justice Plans
to Punish Certain Large Businesses Which Have
Lifted "the Prices of Everything"—Replies to
Senator Borah's Charges on Monopolies.
The Department of Justice plans to punish certain large
businesses which have joined together "to lift the prices of
everything, cheat the Government and rob the public,"
Senator J. Hamilton Lewis of Illinois, Chairman of the
Democratic Senatorial Campaign Committee, said in a
statement issued on July 8. The statement was in reply
to a speech by Senator Borah, who had urged that the antitrust laws be restored in full force. Senator Lewis said that
July 14 1934
these laws had been suspended at "the demand of large
business," under the leadership of the Chamber of Commerce of the United States, in order to allow "all business
to economize by consolidation." Associated Press advices
from Washington July 8 quoted from the statement as
follows:
Senator Lewis said the anti-trust act was suspended by the votes of both
parties in Congress at the demand of business.
"Instead of keeping faith with the Government, certain manufacturing
and financial establishments, conscious that the trust law was suspended,
promptly violated the codes of the National Recovery Act by joining with
each other to fix the price of everything—even as against the Government
itself, he continued.
"It will not be forgotten that the head of the Railroad Co-ordination
(Joseph B.Eastman) denounced certain steel interests and later the Government was compelled again to denounce building interests and financial
institutions for joining with each other to lift the prices of everything,
cheat the Government and rob the public."
He said Republican leaders attacking monopoly now are "confessing
the crimes of those for whom they have been spokesmen and advocates
for 20 years."
"This present Administration, aided by Democrats and Republicans—I
may say by every political, honest adjunct—will not allow this offense to
righteousness in a free government to endure longer," Senator Lewis added.
In general, Senator Lewis sided with Senator Borah in his campaign cry
against "monopoly and bureaucracy." Former President Hoover, Senator
Lewis added, ought to be given credit for trying to reduce that number of
bureaus in the last years of his Administration.
The Illinois Senator related that both he and Senator Borah had proposed
condolidation of Government bureaus in the past, but voted against their
own measures at the request of friends of officeholders whose jobs were
endangered.
"Senator Borah, Chairman Fletcher of the Republican National Committee and other Republican leaders, joining with certain of the Demo
crate, are holding just ground in their assaults upon the institutions which
were created under administrations called Republican and too long adhered
to under administrations called Democratic," he said.
"When the present Administration came in, it had to carry on the
Government. The effort to abolish the old political bureaus and place
in their stead bureaus of efficiency could not be completed within one year
when 20 years had been consumed in building up the bureaus."
Attorney-General Cummings Declares New Deal Does
Not Endanger Constitution—Denies Administration Is Threatening Liberties of the People.
The New Deal has no intention of endangering the Constitution of the United States, Attorney-General Cumming
declared on July 6 at a luncheon at the National Press Club
in Washington. Mr. Cummings, speaking on "Law and the
New Deal," said that most of the persons who assert that
the Administration is departing from the Constitution are
those who in the past have ignored common precepts of right
and wrong in many phases of of national life. He declared
that as head of the Department of Justice he could not
violate the fundamental law in his interpretations, and
added, in part:
Let me assure you and those who cry out that liberties have been lost,
that there are no more zealous guardians of constitutional rights than the
officials who head and man the legal branch of our Government.
Nearly a year ago, speaking before the American Bar Association meeting at Grand Rapids, Mich., I discussed this general subject at some
considerable length. Nothing has happened since that time which has
caused me to regret or withdraw anything I then said. It was my view
then, and it is my view now,that the constitutional difficulties inherent in
the recent legislation are grossly magnified.
During the World War unusual legislation was enacted, dealing with
selective service, espionage, the War Industries Board, Food Administration, the control of railroads, industrial mobilization and the like. The
Constitution easily met the test and marched with the need of the time.
As President Wilson once said: "The Constitution is no mere lawyers'
document, but the whole of the Nation's life."
In dealing with given cases, I am confident that the courts, in the words
of Mr. Justice Holmes, will consider them "in the light of our whole experience and not merely by what was said 100 years ago."
Henry P. Fletcher Criticizes New Deal as "Government
from Above"—Republican National Chairman Says
Administration Is Dramatic, But Not Democratic—
Answers Questions Asked by President Roosevelt
in Radio Address—Criticism by Senator Vandenberg.
Henry P. Fletcher, Chairman of the Republican National
Committee, in an address delivered July 2 over the radio
net work of the National Broadcasting Co., discussed various
aspects of the New Deal, which he described as"Government
from above," based on "the proposition that the people
cannot manage their own affairs and that a Government
bureaucracy must manage for them." Referring to the radio
address delivered by President Roosevelt on June 28, Mr.
Fletcher undertook to answer the various rhetorical questions propounded by the President at that time. The address
of the President was given in our issue of June 30, pages
4390-92.
Mr. Fletcher said that the average American citizen would
probably answer these questions as follows:
"I am perhaps better off than last year, but when I see the vast sums
expended and authorized to be expended by the Government, I ask myself will I be better off when the tax bill comes in and how about my children
and my children's children?
"My debts, in so far as they have been assumed by the Government,
that is, by the whole people, are less burdensome to me and in so far as
Volume lZ9
Financial Chronicle
the Government has postponed them they are also less heavy for the moment.
"My bank account, if any, is more secure, but I am not sure how much
my money is going to be worth when I come to need it.
"My working conditions are as good as ever, if not, indeed, better.
but I am not sure how long my work will last when the Government stops
making work.
"My faith in my own individual future is not more firmly guaranteed
because it no longer depends upon my own free efforts but upon the regulatory schemes of the Government bureaucracy."
The President also asked if we have lost any of our rights or liberty
or constitutional freedom of action and choice. I will let the tailor Maged
answer that, or the workers and owners of that mill in Tennessee, which
the Attorney-General of the United States finds has not violated any
law, but which is compelled to shut down because General Johnson has
taken away from it a graven image, not mentioned or recognized by any
law of the United States, but which by edict must be displayed to secure
State and National Government contracts.
Now as to the Bill of Rights—the name usually applied to the first 10
amendments to the Constitution. Did or did not the newspapers of the
country have to fight for the insertion of the first article of the Bill of
Rights in their code? Ask Senator Borah and others who have tried to
discuss the New Deal whether there has been freedom of speech over the
radio and in the news reels.
Have creditors and others been deprived of their property without due
process of law as guaranteed by the Bill of Rights? Some think they
have. The Supreme Court will decide.
The New Deal is not democratic, but it is dramatic,
Mr. Fletcher declared, and in this connection referred to
"the miserable fiasco of the London Economic Conference."
Mr. Fletcher summarized some of the principal activities
under the New Deal as follows:
Under the influence and inspiration of that example, laws have been
passed taking the property of our citizens without compensation and "suspending" the obligation of contracts. Unless this tendency is checked.
I fear all contracts as between private parties will be increasingly difficult
of enforcement. If private credit is shaken by acts of Government—
the Government's own credit is endangered.
The Government has already practically taken control of our banking
system and monopolizes the money market. In this the New Deal is
Perfectly logical because as it seeks to control all production it can do so
much more easily if it controls the credit on which production is based.
Don't imagine for one moment that the New Dealers are dumb and that
they do not know what steps and measures they must take to put their
theories into practice.
When we consider the wide range of power and authority over industry
and agriculture and practically every form of individual and corporate
activity which they have—when we realize the immense amount of money
they have expended, and still have to expend, we can appreciate what they
are doing to sell the New Deal to the American people or impose it upon
them. The opposition starts in this election with this handicap. That,
however, is all the more reason why every citizen who sincerely believes
that the New Deal is a menace to the liberty and prosperity of our country
should gird themselves for this fight.
Any government which gets into its hands the accumulated savings
of its people, can by their expenditure create the illusion of prosperity
and provide temporary jobs for the unemployed. But this is entirely
artificial. It does not and cannot form a solid foundation on which to
rebuild our economic structure.
Section 7a of the National Industrial Recovery Act, Mr.
Fletcher said, has fomented strikes. He declared his belief
in "the principles of Government which made our great
progress and prosperity possible," and then added:
We believe that those principles are worth while and that the injustices
and the inequalities which have developed can be cured and corrected without twisting and deforming our American institutions. We do not want
to see those alphabetical bureaucratic agencies become permanent fixtures
in our National political life. If the next Congress is not more self-respecting
and conscious of its duties than the last, they may easily become permanent.
The Republican Party accepts the issue of the New Deal. It will seek to
return to Congress enough members to oppose effectively these innovations.
We believe we will be successful in this.
All the long faces and doleful words to the contrary. this America of
ours is not an economic poor farm. Dependency is not its ruling characteristic, nor will pauperism ever set a national fashion. Our country is still
a going concern. The American people need no political definition of
patriotism from above. Our ideals are eminently worth keeping. My
friends, let us revive the old American custom of reading the Declaration
of Independence.
The charge that the Administration is destroying the
democratic form of Government of the United States was
made on July 7 by Mr. Fletcher, speaking at Jackson, Mich.
on the occasion of the celebration of the 80th anniversary of
the Republican party. Senator Vandenberg, who also
addressed the gathering of about 5,000 persons, described the
nation as "honeycombed with the most gigantic system of
politician payrollers in the history of the United States."
Both men asserted that the country is in the grip of a giant
bureaucracy and attacked the Administration for its alleged
waste and extravagance.
Mr. Fletcher charged that Congress had surrendered its
law-making power to the President, and said:
Under cover of an economic crisis—and let us remember that this crisis
-wide and not confined to the United States—the Congress of the
was world.
United States, in which our Constitution specifically and exclusively vests
all legislative power, under the influence of a combination of fear and
fascination, has undermined the democracy and weakened representative
government by surrendering its law-making power to the President in
matters most vitally affecting the public welfare.
Clothed with unprecedented authority,the President has in turn delegated
the control of the livelihood, business and property of the individual
American citizen to a vast maze of theorizing, meddling,directing,spending,
lending and borrowing agencies, lettered on the Russian model.
In the United States, where our institutions are founded on the basic
concept that all men "are created free and equal," we have broken definitely,
and we thought for all time, with the European fixed class system, not
only in theory, but in practice, for equality of opportunity affords to every
223
man of energy and ambition the means of escape from the status in which
he is born.
Mr. Fletcher listed the following as among the powers
given to the President by Congress:
1. To fix the gold content of our dollar at a figure between 50 and 60%
of its former value, and this after the Administration had commandeered
all the gold in the country in the hands of the people and the banks,and had
repudiated the solemn and specific promise of the United States to pay its
obligations in gold coin of a fixed standard.
2. To adopt bimetallism.
3. To print 83,000,000,000 of paper money to retire Federal debt or
finance emergency expenditures. He has not yet used this power, but he
has it.
4. To fix prices offarm and factory products and to control their output
and marketing.
5. To use Government funds, to buy farm lands, purchase factories for
use by the unemployed, to make loans to private industries, and to control
the capital market.
6. Through the National Recovery Administration, to control prices,
wages, hours of labor and the expansion of all industries.
7. To incur billions of dollars of debt and to expend the proceeds unrestrained by the detailed, specific appropriations which have ever been
necessary as a curb upon the extravagance and profligacy of spending
departments and bureaus.
8. To distribute public funds at his discretion to certain groups of the
population, and so open the door to the debauching of the electorate.
9. To appoint hordes of employees, unhampered by Civil Service laws,
and thus build up at the expense of the taxpayer a huge policical machine.
The New Deal has cost $7,000,000,000 to date, Mr.
Fletcher said, and pointed out that Congress has authorized
the expenditure of an additional $20,000,000,000. "The
squandering of the nation's capital through wasteful current
expenditures surely does not make for permanent relief and
recovery which alone can secure steady employment and
progress," he said, and added, in part:
When we insist on a return to the sound principles of democracy—we are
not to be understood as preaching the doctrine of standpatism.
We recognize that the Government should and must prevent private
enterprise from running amuck.
We recognize that many industries are affected by public service, and
have a public duty which they should not be allowed to disregard.
We believe that standards of common honesty and decency can be
maintained under the law by industry itself, without regimentation and
State direction.
We believe that the processes of democracy are adequate to meet changing conditions and that republics are not necessarily static.
We do not believe that the national wealth and well-being or the whole
people can be increased by restricting production and by causing an artificial and unnatural scarcity.
We want more courage and less corruption in our financial, industrial and
political life.
We want fewer get-rich-quick Wallingfords and more Edisons and we
can think we can have all these things without a cowardly surrender of
democratic principles.
Senator Vandenberg in his speech compared the New Deal
with "the old deal of despotism and dictatorship" such as are
experienced abroad in countries with Fascist or Communist
Governments. While admitting that there is "must of good
in many" of President Roosevelt's programs, Senator Vandenberg said that "there is also much of bad in many of
these contemporary programs." Decrying temporary
expedients as a means of promoting substantial business
recovery, the Senator said:
I speak against the fatal error of attempting permanent recovery on the
basis of temporary tonics, against the prodigal mistake of trying to buy
prosperity and the worse mistake of buying without paying for it; against
our deadly drifts toward the maelstroms of uncontrolled inflation; against
the gathering currents which could sweep all industry, commerce and
agriculture under the dominion of the State and substitute it for the citizen
as our economic reliance; against elective despotism which, no matter how
nobly meditated, would mark the end and finish offree, happy,permanently
prosperous, traditional Americanism.
General Johnson Assails Recent Nazi Executions—
German Charge Protests Remarks—Secretary Hull
Explains They Do Not Represent Official Viewpoint
—General Defends NRA Before Farm Audience.
General Hugh S. Johnson, Recovery Administrator, in a
speech on July 12 before 4,500 persons at Waterloo, Iowa,
assailed the recent actions of the Nazi regime in Germany in
checking an alleged plot against the Hitler Government.
The speech, which was the first of a Western tour on which
the Administrator hopes to convince the farmer that the
NRA has benefitted him, referred to events in Germany
which had "shocked the world," and added:
I don't know how they have affected you, but they made me sick—not
figuratively, but, physically and very actively sick.
The idea that adult responsible men can be taken from their homes,
stood up against a wall, backs to the rifles and shot to death is beyond expression.
I have seen something of that sort in Mexico during the Villa ravages
and among semi-civilized people or savages half-drunk on sotol and maraJuno, but that such a thing should happen in a country of some supposed
culture passes comprehension.
I know the normal reaction of this on NRA efforts. It is that if power
of any kind can be seized there is no limit to its application.
This passage in General Johnson's speech caused Dr.
Rudolph Leitner, German Charge d'Affaires at Washington,
to call at the State Department yesterday (July 13) and protest in behalf of his Government against the Recovery Administrator's remarks. Secretary of State Hull, in reply
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Financial Chronicle
told Dr. Leitner that General Johnson had been speaking as
an indvidual and not on behalf of the State Department or
for the Administration. A statement issued by the State
Department yesterday said:
"The German Charge d'Affaires called at the Department of State this
morning and protested to the Secretary of State against the remarks reported to have been made by Gen. Hugh S. Johnson in a speech on July 12
1934, relative to recent events in Germany.
'The Secretary of State called the attention of Dr. Leitner to the published statement of Gen. Johnson which appeared in this morning's press
to the effect that he was speaking as an individual and not for the State
Department or for the administration.'
"Mr. Hull confirmed the accuracy of this explanation and said it was
to be regretted that the position in the Government occupied by the speaker
made it possible for remarks uttered by him as an individual to be misconstrued as official."
When told of the protest filed with the State Department,
General Johnson declared yesterday that he had meant
everything he said in his address.
General Johnson had used the reference to the German
situation in his speech to allude to the dispute between the
NRA and newspaper publishers at the time the newspaper
code was under consideration, and he stated that while at
that time he thought that the publishers' insistance in
including a clause on the freedom of the press was "pure
surplusage," he now sees "more clearly why these gentlemen
were apprehensive." He added that there is no reason for
their fears and that "stories about subversive influence in
our Government are just plain bunk."
General Johnson Calls Upon All Industries to Adopt
NRA Codes Within 30 Days—Proposes Basic Pact
for Industries Still Uncodified.
General Hugh S. Johnson, Recovery Administrator, announced on July 11 that all uncodified industries whose
codes are now under consideration must be operating under
an approved pact within 30 days, while at the same time
he made public the text of a new basic code and requested
other industries which have not already formulated codes to
either merge with existing codes or subscribe to the basic
code. He said that this plan would involve 262 codes
which are now pending before the National Recovery Administration, but he added that it was not the purpose of
the NRA to force every industrial group in the country to
operate under a code. He added that if any industry at the
end of 30 days appears to condone labor abuses such industry must submit its case to the NRA, which will decide
Whether a basic code covering hours, wages and working
conditions shall be imposed.
Industries which choose to operate under the new basic
code will be subject to the administration of an NRA
Code Authority, the members of which will be appointed
by General Johnson. This Authority would have the power
to obtain price data from each industry under the code,
to compel adherence to price terms accepted by the industry
and approved by the Authority, and to enforce hour and
-wage schedules. The following is the announcement issued
July 12 by the NRA.
The National Recovery Administration to-day invited virtually all industrial groups not yet coded to merge with existing kindred codes or
to operate under a new "basic code."
By order of Administrator Hugh S. Johnson a 30-day period was established for the completion of all code-making, and, by the method established, a major part of the NRA personnel will be freed to concentrate
promptly on the work of administering the codes in force. This is the
objective of to-day's move. Hearings will not be necessary as the provisions offered for adoption have already received the sanction of the
required administration and advisory groups.
The cleanup plan will cover 262 codes now pending, but most of the
industrial groups involved are small and represent only a minor fraction
of the total industrial and trade employment. More than 90% of
employment is covered by the codes already in force. These now stand
at 476.
It is not the NRA plan, said the administrator's order, to compel
every industrial group in the country to have a code. But, if any of
those remaining out at the end of 30 days appear to be harboring abuses
of labor, a hearing, to determine whether a labor code shall be Imposed,
will be given them within 10 days, or 40 days from to-day. This is in
accord with section 3 (d) of the NIRA.
Several groups of codes are not covered by the option extended to-day.
A small number having special and important economic, labor or legal
conditions, will be kept aside for individual consideration. These in.
•
anthracite, shipping, etc.
Approximately 135 industries, whose codes have passed public hearing
or have been set for hearing, and on which ready agreement appears
obtainable, are now asked to help get their individual codes finished
within the first half of the 30-day period. If they do this the contemplated basic code will not apply to them.
• The service trades, covered by a previous executive suspension of
trade practice provisions, are not included in the new plan.
It is the administration expectation that of the remainder the majority will choose to merge with existing codes for related lines. This
will further the long-range plan of consolidating the existing codes to
the lowest possible number, probably 300 for the immediate future.
• Further steps in this direction are to follow shortly.
Those electing the basic code, however, will operate under a general
NRA code authority to be created by the Administrator.
July 14 1934
Hour and wage provisions in the basic code as announced, were left
blank with express provision that these be established at the figures
carried in related codes.
There will be no public hearings on applications by groups for either
the basic code or for merger with an existing code. Upon the applications all parties at interest will be given 10 days notice. If there are
no substantial objections, the applications shall be approved and the
codes will go into effect automatically at the end of 10 days.
Besides labor provisions; wages, hours, rights of collective bargaining, child labor ban, safety and health and related standard rules, the
basic code establishes a simple plan of open price reporting, and authorization for other fair trade practices if desired.
Any industry which subscribes to the basic code may ask later for:
merger with an existing code; modification of the basic code or inclusion
of additional fair trade practices. Hearings will be held on applications
for the latter, but the assent of 75% or more of the industry will be
required.
The task of directing the entire complexion of code-making was assigned
to a committee of three, including Robert K. Straus, special assistant to
the Administrator, and Leon C. Marshall and Geo. S. Brady, both Assistant
Administrators for Policy. The committee working with the various industry divisions will handle the clean-up.
General Johnson Recommends Creation of Board to
Administrate NRA—Submits Proposal in Letter to
President Roosevelt, Suggesting That Government Retain Veto Power—Denies He Plans to
Resign.
General Hugh S. Johnson, Recovery Administrator,
announced on July 10 that he had written to President Roosevelt recommending that the National Recovery Administration be placed under the administration of
a board or commission, with the Government retaining its
veto power over code operations and the basic principles
of the NRA remaining unchanged. Newspaper reports from
Washington said that the President is likely to accept the
proposal when he returns to Washington. In answer to a
question concerning his own future activities, General
Johnson said on July 10 that he intended to continue his
service in the NRA so long as the President needed him.
On July 11 General Johnson began a combined speaking
tour and vacation, with his first speech scheduled for
Waterloo, Iowa, on July 12. He will speak at Portland,
Ore., tomorrow (July 15).
The press conference of July 10 was described in a Washington dispatch of that date to the New York "Times" in
part as follows:
Many problems are awaiting solution and many kinks, General Johnson
added, need to be ironed out before the Commission would be ready to
function. At the same time, he indicated he would •be glad to return to
. life, although he has no intention of doing so in the immediate
future.
General Johnson denounced as "absolutely untrue" a widely published
report that he had set up within the NRA organization a council of five of
his principal subordinates which would direct its affairs during his trip
across the continent, which starts tomorrow.
"There will be no five-man body in control while I am away," he said,
"and Colonel G. A. Lynch, my administrative assistant, will be the executive officer in Washington and will be in daily contact with me. There
was not a word of truth in that story."
At this point, General Johnson was asked the question that brought to
light the fact that he had written the letter to the President. The President, he said, would not have to wait for Congressional sanction in order
to put his recommendation in force. All that would be necessary would
be an Executive order.
For Non-Partisan Commindon.
ask
"Did you recommend a non-partisan commission?" General Johnson was
"I certainly did," was the answer.
"In my letter to the President," General Johnson continued, "I suggested that the period of one-man administration of the NRA was, in my
opinion, ready to be terminated. I would like to see the question taken
up as soon as possible, or as soon as we can get the basic code for small
Industries in shape and a few other matters ironed out. It is my opinion
that as we move into the period of administrative, instead of the pioneering work of setting up codes, we will need more balance in carrying
out
the principles fo the NRA."
The General did not anticipate any material changes in the "underlying principles" of the NRA. Asked what those "underlying
principles"
were, he replied that the answer would be an essay, and he did not
have the
time to write one.
A suggestion has been made that the future administration of
the NRA
be entrusted to a council of code authorities. The general has no
sympathy
with this proposition.
"Whatever is done," he said, "the government must maintain its veto
power, and I will subscribe to no reorganization that
does not include
that principle. Whatever is set up should protect the public
and safeguard
the interests of the government."
To Remain as Long as Needed.
"If your recommendations are approved by the
President, how long
will you remain in the NRA?" General Johnson was asked.
"Just as long as the President needs me," was the reply.
Beyond that he refused to discuss the question of his
possible early
return to private life.
His letter to the President, he explained, did not
the proposed commission. Answering a question, he suggest the size of
said the membership
might well be recruited from the official staff of
the NRA. They are
the people who, in his opinion, are best qualified,
since they are the ones
with "experience behind them."
Near the close of his talk with the correspondents
the administrator
reverted to persistent reports that he will not remain
much longer as the
directing head of the NRA.
"Please do not get the idea that in leaving here
tomorrow I am getting
out," he said. "That is not true. I will be back
about the same time
as the President."
Volume 139
Financial Chronicle
Be was asked how long he thought it would take to set up the proposed
commission form of administration. "Two or three months," was his
answer.
NRA Ruling Affecting Advertising of Goods Sold on
Instalment Plan.
Retail merchants who advertise or offer for sale on the
instalment plan merchandise, which may be bought at a
discount for cash, without making it clear that there is a
difference in the costs to the buyer, will be regarded as
violating the "inaccurate advertising" provision of the retail
code, according to a ruling by Division Administrator Robert
Houston announced on June 27. The announcement
continued:
The ruling followed consideration of representations that certain merchants have been advertising that no extra charge is made when articles
are bought on the instalment plan and, at the same time, selling at a lower
price for cash.
Following is the text of the Administration's interpretation:
"It shall be an unfair trade practice under Article IX, Section 1(a) of
the code for a retailer to advertise or offer for sale any merchandise with a
statement or representation that the merchandise may be purchased on
any deferred payment plan, of whatever nature, without charge for such
deferred payment, interest, services, privilege, or other comparable designation, when in fact discounts from quoted or marked prices are given on
Identical goods sold for cash and prices for payment are quoted, marked,
or made available for identical merchandise, at the time the same is off-'red
for sale."
Executive Order Authorizes Uncodified Service Trades
to Establish Agreements on Pay and Hours—
Order by General Johnson Suspends Fair Practice
Provisions in All Service Codes.
President Roosevelt, in an Executive Order issued June
28, authorized all uncodified "service" trades to establish
standards for labor which would be approved by the National
Recovery Administration and which individual members of
the industries would agree to observe. By this action the
President in effect permitted these industries to return to
the old form of Presidential Re-employment Agreement,
disregarding rules of fair practice so far as the NRA is
concerned. On June 27, General Hugh S.Johnson, Recovery
Administrator, issued an order suspending fair practice
provisions for all service codes which were already effective,
thus placing those industries in the same classification as the
uncodified trades included in the Executive Order.
Trades and industries affected by the Executive Order
include the beauty shop trade, the linen supply trade, automobile laundry trade, retail automotive maintenance garage
trade, the apartment house industry, tourist lodge and motor
court trade, rug cleaning trade, tourist and travel agency
trade and drive-it-yourself industry.
The order by General Johnson affected such codified
trades as the cleaning and dyeing, motor vehicle storage and
parking and barber shop trades.
The text of the Executive Order is given below:
EXECUTIVE ORDER.
Local Codes for Uncodified Service Trades.
By virtue of authority vested in me under Title I of the National Industrial Recovery Act, I, Franklin D. Roosevelt, President of the United
States, do hereby offer to enter into an agreement with the members of
such service trades not heretofore codified as shall hereafter be designated
by the Administrator for Industrial Recovery, whereunder any such member
displaying appropriate NRA insignia shall evidence his agreement to comply
with the standards of labor approved by the Administrator, on the condition, however, that in any locality in which 85% of the members of any
such designated trade shall propose to agree with me to abide by any local
code offair trade practices suggested by them for that locality, after approval
of such local code by the Administrator, no member of such trade in such
locality shall be entitled to display such NRA insignia, unless, in addition
to the provisions of the said standards of labor, he is complying with all
terms of such local code.
The Administrator may supplement this Order by such rules, regulations,
exceptions, modifications conditions and determinations as, in his opinion,
shall effectuate the purposes of this Order and of said Act.
FRANKLIN D. ROOSEVELT.
The White House.
June 28 1934.
225
5. Schedules of fair trade practices under said Executive Order should,
wherever suitable to the needs of the locality, conform to the practices
originally contained in said designated codes, provided, however, that
practices, including those relating to minimum price, will be approved only
in accordance with existing NRA policy on such matters.
6. Notwithstanding the absence of agreement of 85% of the members of
the laundry or barber trades in a particular locality, any member of either
such trade complying with the labor provisions of his code shall be entitled
to display NRA insignia as evidence of his agreement with the President
to comply with such provisions; but, after approval of a local code of fair
trade practices for any such locality such insignia may only be displayed
while in compliance with said local code as well as said labor provisions.
HUGH S. JOHNSON,
Administrator for Industrial Recovery.
washiagton, D. C.
June 27 1934.
Harriman Hosiery Mills Asks General Johnson Whether
Section 7a of NIRA Requires Company to Employ
Only One Mer.nber of Family—Points Out That
Administrator's Wife and Son Both Work for NRA.
The Harriman Hosiery Mills, which suspended operations
following the refusal of the National Recovery Administration to restore the Blue Eagle which was withdrawn
because of the company's alleged failure to comply with
the labor provisions of the National Industrial Recovery
Act, on July 7 sent to General Hugh S. Johnson, Recovery
Administrator, a telegram inquiring whether Section 7A of
the NIRA requires the mill to employ only one member of
a family. The NRA had said that new employees, added by
the mill after a strike, represented more than one wage
earner in a family wfhile old employees and their families
had been forced to seek Government relief. The telegram
to General Johnson, sent by the company's attorney, read:
Through the press we are advised your office states that "the only requirement left for the Harriman Hosiery Mills to get back the Blue Eagle
is to employ only one member of a family."
Advise us if this is required by Section 7A or is it your own arbitrary
and dictatorial command.
We are informed that you, your wife and your son work for NRA.
Why do you not give us the same privilege? We are waiting for a direct
reply to our various communications.
Code Authority for Hosiery Industry Asks Modification of Pact—Proposes Higher Wages, Shorter
Hours, Two-Week Shutdown.
Modification of the code of fair competition for the
hosiery industry to save the industry from "something very
like disaster" was urged on July 9 by the Code Authority
for the industry at a hearing in Washington before Mark
Harney, Assistant Deputy NRA Administrator. Earl Constantine, Executive Director of the Code Authority, listed
among the proposed modifications reduced working hours,
increased minimum wages, and a two-week shut-down for
all mills in an effort to check overproduction. Mr. Constantine said that this represented a three-point program designed to end a "jungle fight." A Washington dispatch of
July 9 to the New York "Times" described other features
of the hearing as follows:
The first request was for authority for mills to shut down for two weeks
between July 1 and Sept. 1, the weeks to be consecutive or not, as the
mill may choose. The second was that productive operation shifts be
reduced from 40 to 35 hours, and the third was that there be authorized a
general increase of the minimum wage rates.
During a recess, however, representatives of the Code Authority, acting
on a suggestion of the NRA, agreed to withdraw the "three-point" program. In the near future, it was announced, the industry will be canvassed in an effort to gain united support for some plan to ease the existing situation.
The proposed increase in wages would not affect materially the incomes
of the workers in many of the mills, but would, it was explained, force
those few mills now paying low' wages to increase their labor costs to
a point that would make it more difficult for them to continue to take
unfair competitive advantage of the majority of plants now paying wages
above the minima.
Mr. Constantine said a price war was going on and that selling below
cost was not uncommon.
NRA Fixes Minimum Retail Prices for Cigarettes—
Emergency Action Taken to Prevent Sale as "Loss
Leaders" by Large Distributors.
Administrative Order No. X-53-Service Trades.
By virtue ofauthority vested in me under Title I of the National Industrial
The National Recovery Administration issued a new priceRecovery Act by Executive orders of the President, including Executive
fixing order on July 12, when it set the minimum price of
Order No. 6723 of May 26 1934. it is hereby ordered.
popular brands of cigarettes at 13 cents a package oe 20, or
1. That local code committees for the trades designated under said
Executive Order, upon application to the Administrator, may be authortwo packages for 25 cents. The same cigarettes under the
ized to'co-operate with NRA in co-ordination and execution of the program
new regulations may be purchased at not less than $1.20 a
under said Executive Order;
2. That all parts of said designated codes to the extent necessary arein
carton. Gen. Hugh S. Johnson, Recovery Administrator,
effect for purposes of operation under said Executive Order, with the
issued two orders in which he fixed cigarette prices for a
exception of fair trade practice and code administration provisions;
period of 90 days, stating that "an emergency has arisen
3. Every member of any such designated trades, by displaying the
appropriate code insignia, shall be deemed to agree with the President
tending to defeat the purposes" of the National Industrial
to comply with the hours of labor, rates of pay and other conditions of
Recovery Act. This emergency was described as the pracemployment under said code, and after approval under said Order of a local
tice followed by some large retail tobacco dealers and discode of fair trade practices for his locality, then to comply with such fair
practices;
tributors in which cigarettes are used as "loss leaders" and
4. Code eagles shall be issued to the members of said designated trades
as "bait" for other business. The NRA said that this
who certify compliance with the labor provisions of their codes, through
the agency of such local code committees as shall apply for and be granted:: practice "has practically eliminated small enterprise from
permission to do so, otherwise through NRA.
tobacco distribution."
The text of General Johnson's order follows:
226
Financial Chronicle
Republic Steel Corporation Ends Contract with
Amalgamated Union—Steel Labor Board Averts
Strike at Wheeling Plant—American Iron and
Steel Institute Expresses Confidence in Board.
The Republic Steel Corporation announced on July 10
that its Warren district contracts with the Amalgamated
Association of Iron, Steel and Tin Workers had expired,
June 30,and would not be renewed because that organization
contained "radical elements." Meanwhile the National
Steel Relations Board, appointed by President Roosevelt to
mediate disputes in the industry, met at Portsmouth, Ohio
on July 10 with representatives of the Amalgamated Association and succeeded in averting a threatened strike of
5,000 employees of the Wheeling Steel Corporation, the
workers agreeing to delay the walkout in order to give the
Board time to study their demands.. The Board has held
several meetings since its organization two weeks ago.
A statement issued by the American Iron and Steel Institute on June 29 said that the Institute believes that the
new Board will command public confidence and receive the
co-operation of individual steel companies. The statement
follows:
It is recognized that the making of an order under the Joint Resolution
Is within the discretion of the President and that it does not call for agreement or acquiescence by the parties affected, either employers or employees.
But with the selection of an impartial board of high order which will
command the confidence of the public', the employees and the employers,
the co-operation of all interests should be secured.
Without speaking for individual companies which have entire freedom
of action, it is our belief from opinions already expressed that they will
co-operate with the impartial efforts of such a board to bring about a
Peaceful determination of any controversial issues properly submitted to
its good offices.
A statement issued by the Republic Steel Corporation on
July 10 with regard to the company's termination of its
final contract with the Amalgamated Association read:
The signed contract with the Amalgamated Association for the tin
and sheet mills at Warren and Niles expired June 30. The Republic Steel
Corporation has decided not to renew the signed contract, due to the fact
that there is great danger that the management of the Amalgamated Association may pass into the hands of the radical element known as the rank
and file leaders.
These are the men who voted for and almost succeeded in bringing about
a nation-wide steel strike on June 16. We cannot afford to have a contract
with any organization which may at any time throw the men in our plants
out of work, due to conditions or controversies existing in a plant possibly
hundreds of miles away from our operations here in Warren.
• We believe in collective bargaining and have announced that we are
willing to discuss mill problems with any representatives of the men, either
connected with the representative plan or with any person authorized to
represent them, as per Section 7a of the National Industrial Recovery Act.
Our representative plan has been functioning very smoothly. As a
matter of fact, 166 separate cases have been brought to the attention
of the management at Warren during the last year. One hundred and
eighteen of these cases have been settled in favor of the men, 25 in the
negative, 12 withdrawn by the employees. 7 compromised and 6 cases are
pending settlement.
These are facts which speak more loudly and authoritatively than any
mere words.
A question has been raised about the fairness of the elections for representatives. In order to check this the representatives have contracted
almost 3,000 men, practically all of whom have signed a statement to the
effect that the elections were conducted fairly and without threats or
coercion on the part of the company,and that to the best of their knowledge
the company had no influence whatever on the election.
The authenticity of these signatures was sworn to by the elected representatives of the men.
We do not have orders for our tin mills and sheet mills at present (in the
Warren district), and, consequently, are not operating, since our customers
on account of threatened labor difficulties and prospective price changes
have stored sufficient to last them for several months.
Strike of Farm Workers Ends After Federal Mediation—
Walkout in New Jersey Had Been Marked by
Rioting and Injuries—Former Wage Scale to
Continue, But Impartial Board Will Arbitrate
Disputes.
A 15-day strike of 250 workers employed on the Seabrook
Farms near Bridgeton, N. J., which had been marked by
violence in which many strikers and several deputy sheriffs
were hurt and gassed, was settled on July 10 when the
strikers voted by a ratio of two to one to accept arbitration
proposals advanced by Federal mediators. Under the terms
of settlement strikers are to be re-employed -without prejudice, the present wage scale is to be continued, and an
impartial adjustment board of five members is to settle
disputes between workers and employers. After the strikers
had voted to accept the peace terms, Donald Henderson,
former Economics Instructor at Columbia University, who
had been active as organizer for the Agricultural Canners
Industrial Union, was roughly handled by the strikers when,
it is stated, he urged them to reject the settlement and
continue the strike. Those who were arrested during the
period of the walkout were released on July 10.
A dispatch from Bridgeton to the New York "Times" on
July 10 described the settlement in part as follows:
Many of the employees live in company-owned houses, for which they
pay $3 to $8 a month in rent out of their wages at the rate of 30 cents an
hour for me* and 25 cents an hour for women.
July 14 1934
When the strike began the strike leaders charged that they had been
notified their wages were to be cut to 18 cents an hour. This was denied by
Charles F. Seabrook, President of the Investment Management Corp., Inc.,
the corporate name of the property. Mr. Seabrook contended the strike
was entirely the work of outside Communist agitators, who took advantage
of the necessity of laying off workers at the end of the bean-harvesting
season.
Mr. Seabrook attended to-day's conference with his attorneys, including
Assemblyman Douglas V. Aitken, who early this morning, at Trenton,
obtained the passage of two laws by the State Legislature, calling on
Governor A. Harry Moore to send State police here to keep order and
authorizing the appointment of a legislative committee to investigate
alleged communistic activities of the strike organizers.
The strikers were represented by David L. Horuvitz of this city, counsel
for the union. Mr. Moffitt was present as mediator, accompanied in the
early part of the conference by Thomas W. Holland, acting head of the
Regional Labor Board of Newark.
Strikers' Group Heard.
Mr. Holland left about noon, saying he was present merely to see that
the NRA code was being observed by the cannery. About the same time a
strikers' committee of seven, who had been meeting elsewhere with Mr.
Henderson, went to the Administration Building and joined the conference
for about 15 minutes, after which they left.
At 2 p. m. Mr. Horuvitz left the conference room and announced that a
settlement had been agreed upon and would be submitted to the strikers
at a mass meeting at 4 o'clock.
Five-Point Settlement Plan.
The following five-point settlement plan, as approved by the conference,
was announced.
"That the employer will employ as many of his employees that are now
on strike that he has work for without discrimination.
"That a roster of those whom he has now ready employment for will be
made and, before employing new help, preference shall be given to those
whose names appear on the roster, return to be made under the conditions
that prevailed prior to their going on strike.
"There shall be an impartial board of adjustment appointed consisting
of five members; two representing the farmers, the same to be selected by
the Master of the Pomona Grange of Cumberland County; two publicspirited citizens, one to be the County Farm Agent, one to be designated
by the Cumberland County Common Pleas Judge, and the fifth to be John
A. Moffitt. United States Commissioner of Conciliations. The board shall
select its chairman.
"The duties of the board shall consist in deciding any question in controiersy between employer and employee and the decision of the board
thereon shall be final and binding on all parties and interest.
"The board shall regulate its own procedure."
The announcement also disclosed that the settlement had been approved
by a representative of the Grange League Federation, a first-lien creditor
of the company.
General Strike Threatened on Pacific Coast as Teamsters Walk Out in Sympathy with Longshoremen—
National Longshoremen's Board Seeks to Arbitrate
—Shippers Agree to Mediate—National Guard
Patrols San Francisco Waterfront.
Cities on the Pacific Coast faced the threat of a general
strike late this week, following the walkout on July 12 of
4,000 teamsters in San Francisco and Oakland, Cal. in
sympathy with the dock worker's strike, which began May
9 and is still unsettled, despite efforts of the National Longshoremen's Board to mediate the dispute. More than half
the unions in San Francisco have indorsed plans for a general strike and have agreed to respond should such a call
be issued by the so-called "Strategy Committee" of the
General Labor Council. Some labor leaders predicted yesterday (July 13) that a general walkout is almost inevitable
and might start early next week.,
Violence in San Francisco which accompanied the longshoremen's strike became so severe that on July 5 National
Guard troops took command of the city's waterfront after
rioting in which three persons were killed, and more than
100 others were wounded. Governor Merriam of California ordered the troops to "take over the waterfront and
protect life and property." After the troops took command
however, peace was restored and pickets of the strike committee of the International Longshoremen's Association
were ordered to cease hostilities. In the past week the
National Longshoremen's Board has continued its mediation efforts, and on July 11 shipowners and operators representing all Pacific Coast ports agreed to submit to arbitration the differences which thus far have prevented the
termination of the strike. The Board thereupon sought to
win a similar concession from representatives of striking
unions, who decided to call a referendum vote of all members on the Pacific Coast. The result of that vote is expected
to be made public shortly.
A San Francisco dispatch of July 11 to the New York
"Times" discussed the Pacific Coast labor situation as
follows:
William J. Lewis, Pacific Coast District President of the I. L. A., had
said the organization was opposed to arbitration of the hiring hall controversy, but submitted to a vote of the membership if there was no other
way to get around it.
C. W. Deal, speaking for the seamen, said they could net arbitrate
recognition of the unions nor the control of hiring halls, but his group
probably would be guided by what others do.
A ray of hope was offered in a new hiring hall proposal by Thomas G.
Plant, President of the Waterfront Employers' Association to the national
board at the third day of its public hearings before the arbitration proposal was first accepted.
Volume 139
Financial Chronicle
Assistant Labor Secretary McGrady, member of the special board
asked Mr.Plant to consider, on behalf of ship operators, the matter of rotating dispatchers in the hiring halls between the I. L. A. and the employers.
0. K. Cushing, spokesman for the Board, indicated that body also is
considering a vote to determine who the representatives of the maritime
workers will be when the Board taker up its later labors with witnesses
under oath. Mr. Plant to-day requested to be placed under oath before
he spoke for the employers ar. the public hearing, but as it had not been done
with other witnesses, the Board said it would not be necessary at this time.
Curb on Floaters Urged.
In connection with the Board's projected determination of responsible representation, Mr. Plant offered the suggestion that a vote on that
matter be taken by companies, with men now unemployed being allowed
to vote providing records show them to have worked for a reasonable
time at coast ports. The suggestion was to eliminate floaters and those
who have come into the district since the strike began.
The agreement of the employers to arbitrate was signed by the heads
of shipping interests in San Francisco, Seattle, Portland and Los Angeles
and by 37 ship operators.
General Strike in Cuba Proves Failure as Many Unions
Refuse to Join 24-Hour Walkout Called by Confederation of Labor in Protest Against Detention
of Political Prisoners.
Action of the Cuban National Confederation of Labor in
calling a general strike for 24 hours, beginning at mid-night
July 11, in protest against the refusal of the Cuban Government to release political prisoners, resulted in failure when
many unions refused to obey the strike order. Commerce
and industry in Havana were unaffected, although there
was some violence and one fatility which occurred when a
street car motorman resisted strike supporters who attempted to force him to leave his car. The Confederation
had hoped that 200,000 laborers would leave work, including all transportation workers, but the latter refused to
join the walkout. No newspapers were published in Havana
July 11 because of the walkout of linotypists and pressmen.
Opposition to Unification of Banking Systems in
Iowa Voiced in Resolutions Adopted at Convention
of Iowa Bankers' Association.
Opposition to any unification of banking systems in
Iowa was recorded in resolutions adopted on June 27 at
the closing session of the convention of the Iowa Bankers'
Association. The Des Moines "Register" states that
in expressing opposition to unification of banking systems,
the convention resolved that "the laws of the State do not
permit branches to be established and we ask that that law
be rigidly enforced. Be it hereby resolved that the State
banks of Iowa be so conducted that their record will be the
best proof that a State banking system is equal in every
respect to any other system." From the same account
we quote:
Other resolutions adopted included one urging banks to exercise caution
in the employment of funds in investments, and another recommending
that the next session of the Legislature consider some measure under which
public bodies, depositing public funds in Iowa banks, "be authorized
to pay for the service rendered to them and under the same terms and
conditions as individuals. . ."
In cautioning banks on making investments, the convention cited that
deposits in banks are now piling up rapidly and that there is apparently
a shortage of local sound loans.
Urge Great Caution.
"Therefore." the resolution stated, "the employment of those funds
in other kinds of sound investments Is seemingly a difficult problem.
That being the case, we urge the greatest exercise of caution because no
time was ever perhaps more ready for sellers of investments than right
now, with banks loaded with cash and pressed with the necessity of making
earnings."
The convention praised in resolutions B. F. Kauffman of Des Moines.
retiring President; Frank Warner of Des Moines, Secretary; Des Moines
bankers and their wives, who were hosts to the convention; county bankers'
associations, association committees and the bankers' National Recovery
Act code committee for Iowa, of which L. A. Andrew is Chairman.
Iowa Code Most Complete.
In connection with the latter, it was declared that "it is generally conceded that the Iowa banking code worked out and submitted by them
(members of the committee) was most complete and contained the fairest
in working relationship as between customer and bank.
"While our banks have not been given a banking code . .. as yet,
it is our recommendation that the code prepared by Mr. Andrew and
his committee be given immediately to the people and to the banks of
Iowa. It is a matter that will do much to insure still more the continued
operating success of our member banks."
Industrial Advisory Committee Named to Pass on
Loans in Boston Federal Reserve District.
The Federal Reserve Bank of Boston, through Frederick
H. Curtiss, Chairman, announced on July 7 the membership
of the Industrial Advisory Committee for the Federal
Reserve District of Boston, which will function under the
Act providing for direct loans to industry recently passed
by Congress. The members of the committee which
will act in the Boston Reserve District were given as follows
in the Boston "Herald":
Robert Amory, President, Nashua Manufacturing Co., Boston.
Winthrop L. Carter, President, Nashua Gummed and Coated Paper Co.
Albert M. Creighton, Director, Boston Woven Hose & Rubber Co..
Boston.
227
Can 1', Dennett, Director, Griffin Wheel Co., Boston.
Edward M. Graham, President, Eastern Manufacturing Co., Bangor.
Industrial Advisory Committee Named to Pass on
Loans in Philadelphia Federal Reserve District.
The appointment of a committee for the Philadelphia
Federal Reserve District to act as an Advisory Board on
the direct extension of loans to industry by the Federal
Reserve banks was announced on July 3. According to
the Philadelphia "Inquirer" the members of the Industrial
Advisory Committee for the Philadelphia Federal Reserve
District are:
Charles E. Brinley, President of the American Pulley Co., metal products.
J. Ebert Butterworth, First Vice-President of H. W. Butterworth &
Sons Co., manufacturers of textile finishing machinery.
John S. Chipman, President of Chipman Knitting Mills, of Easton;
also Vice-President of Rosedale Mills, Reading,
W. F. R. Muffle, President of Hershey Chocolate Co., Hershey, Pa.
Richard D. Wood, President of Millville Manufacturing Co., cotton
goods, Philadelphia. Pa., and Millville, N. J.
The "Inquirer" added:
Applications for loans will go first to the credit staff of the bank. They
will then be examined by the Advisory Committee, which will make recommendations for the final approval of the bank's board of directors or
executive committee.
The latter will consider the applications at the regular weekly meetings
and will have final say as to rates and other details. The bank is prepared to make loans as soon as the advisory board can begin to function.
The committee which will pass on loans in the New York
Reserve District was referred to in our issue of July 7,
page 46. The text of the Act providing for direct loans to
industry by the Federal Reserve banks was given in our
issue of July 7, page 23.
President Law of American Bankers Association
Declares"Good Borrowers" Are Welcome at Banks.
"Not in my time" said Francis M. Law, President of the
American Bankers' Association on July 9 "have good
borrowers been so warmly welcomed at banks as they are
to-day." "Never before" he went on to say "has there
been such competition for good loans, nor has the interest
rate ever been so low. Every sound business in the country
to-day can get what money it needs. Bankers are viewing
the credit needs of business with serious and sympathetic
consideration. Applicants for loans are not always familiar
with the rules governing bank credit and constructive and
interested help on the part of the banker will bring about
the making of many additional loans, and without doing
violence to any principle of good banking." Mr. Law spoke
spoke thus in a broadcast at Chicago over a nation-wide net
work and in discussing "the all important question of the
granting of credit by banks," he declared that two things are
necessary to increase bank credit, first, that the banks must
be liquid and confident in their own strength and second,
that "business men must further lay their fears and regain
confidence to the point where they will dare to think and
plan ahead." The first requisite, he said, is already accomplished and the second is in process, adding that the number
of "good credit risks is increasing daily."
Mr. Law's remarks were under the auspices of the
Crusaders under the title "What the Banks Are Doing to
Aid American Business," and he presented a statement of
the various concrete methods by which the banks are cooperating with both public and private agencies in aiding
racovery. He said in part:
The banks of the nation are providing the machinery through which
pass daily many millions of checks and drafts, aggregating hundreds of
millions of dollars.
They are largely financing the Federal Government in its Recovery
Program, likewise the current credit needs of States, counties, cities, public
schools and other political sub-divisions, all of which have intimately to
do with the daily affairs of all of the people.
Each week banks throughout the country are making hundreds of
thousands of new loans and renewing and extending old loans for a vast
number of individuals, corporations and partnerships, incident to agriculture, industry and trade in every community.
Through their trust departments they are continuing the work which
they have faithfully carried on throughout the depression and are protecting
trust funds placed in their care against the worst shrinkage of values ever
known. Included in this activity is the service the banks are performing in
connection with administering the affairs of widows and orphans. Through
their savings and thrift deposit departments they are furnishing safety for
the accumulations of many millions of people and on this glass of deposits
reasonable interest is paid ...
Certainly no one would advocate the making of unsound loans by banks.
The creation of a large volume of unsound loans would not only weaken the
banks—it would prolong the depression and wipe out some of the gains
already made. It is to be earnestly hoped that no banker will yield under
the pressure of his desire for earnings, or for any other reason, and make
loans of the wrong sort.
It is clearly the duty of every banker in the country to perform certain
services. The most important of these are. 1. To afford perfect safety for
deposits. 2. To grant credit to those who deserve it. In the matter of
credits the public must in fairness remember that commercial banks are
not lending their own money, but the money of their depositors, represented
very largely by the earnings and savings of the people. These depositors
have the right to call for their money at any time, or at most on short
notice. Deposits constitute a sacred trust.
Repeated assurance has been given by the Administration that there is
no desire on its part to continue Government lending a moment longer than
228
Financial Chronicle
ii necessary and that at the earliest possible time the Government will
gladly give way to the banks and other lending institutions. This, of
course, is as it should be and we are all earnestly looking forward to the
time when private initiative and enterprise shall have recovered its vitality
sufficiently to throw Government crutches away. . . .
The American Bankers Association is engaged now in a nation-wide
campaign to promote closer and more intelligent customer-relations. As a
part of this program it might be worth while for bankers to say again, and
keep on saying that good borrowers are welcome at the banks to-day.
for Business and Lifting
of Restrictions.
Reopening of Closed Banks
Since the publication in our issue of July 7 (page 62),
with regard to the banking situation in the various States,
the following further action is recorded:
DISTRICT OF COLUMBIA.
Concerning the affairs of the United States Savings Bank
of Washington, D. C., the Washington "Evening Star" of
July 2 had the following to say:
The Government to-day (July 2) decided to postpone indefinitely payment of a dividend of65% to depositors of the United States Savings Bank.
The'dividend amounted to about $1,000,000, and payment had been
slated to begin this morning.
The postponement was caused by Col. Wade H. Cooper, former President of the United States Savings Bank, who had filed another suit last
week against the Treasury as plans were being completed to pay the dividend. After two setbacks in the Court, Mr. Cooper still is trying to regain
control of the bank.
Treasury officials were working, however, with a view to paying the dividend later.
All was in readiness at the bank. Necessary records had been prepared,
the cash was available, through a loan from the Reconstruction Finance
Corporation, and the receiver, Carter B. Keene, was ready to pay off
this morning.
Treasury officials, however, after careful study of the new Cooper suit,
decided the dividend should be postponed temporarily.
This is not to be considered a final decision, it was explained, as efforts
still are being made to find a way to pay depositors, denied their money
since the bank closed during the President's bank holiday in March 1933.
This is the second time Colonel Cooper had prevented depositors from
getting a dividend. He first went to court to block the Treasury from
merging the United States Savings Bank with the Hamilton National Bank.
MARYLAND.
In its issue of July 1, the Baltimore "Sun" indicated that
the Clifton Savings Bank of Baltimore would resume normal
banking operations the next day, permission to do so having
been granted by John J. Ghingher, State Banking Commissioner for Maryland. The paper continuing said:
This institution has been operating under the provisions of Chapter 46
of the Maryland Emergency Bank Act since the banking holiday and has
successfully completed a reorganization plan, which provides a release to
depositors of 40% of their respective deposits. Each depositor will receive
a certificate of beneficial interest, issued by the holding corporation, for
the remaining deposits, representing each depositor's pro rata interest in
the assets transferred to this corporation, in accordance with the reorganization plan.
John A. Gebelein is President; Henry Rapp, Vice-President, and John S.
Taylor, Cashier. The delimits will be insured under the temporary funds
of the Federal Deposit Insurance Corporation, the Bank Commissioner said.
MICHIGAN.
Incident to the nine indictments returned on June 29 by
the Federal Grand Jury in Detroit, Mich., for alleged violations of the Federal Banking Code, in which five former
officers of the Detroit Bankers Co., or of its First National
Bank Detroit unit, and eight former executives of the
Guardian Detroit Union Group were named, the Detroit
"Free Press" of July 6, after stating that July 5 marked the
completion of the arraignments of the 13 men indicted, none
of whom is charged "with diversion, misapplication, personal
profit or any major fraud that might have contributed to
the bank collapse," went on to say:
John Ballantyne . . . (former President of the Detroit Bankers Co.
and now President of the Manufacturers National Bank), stood mute
when he appeared before Judge Arthur J. Tuttle, in the absence of Judge
Edward J. Moinet, who had heard other arraignments. A "not guilty"
plea to the false entry charge was entered and bonds of $2,500 were supplied.
Mr. Ballantyne was accompanied by his attorney, Clifford B. Longley.
Charles F. Campbell, President and Earl H. Shepherd, Vice-President
of the Kalamazoo National Bank, entered direct pleas of "not guilty"
when arraigned in the same Court on conspiracy to make false entry charges.
Bonds in the same amount were provided by each.
At the request of the United States Marshal, Robert 0. Lord (former
President Guardian National Bank of Commerce) and Col. James L.
Walsh (former Guardian Group Executive Vice-President), came in and
submitted to fingerprinting. No warrants had been issued in any of the
cases. All of the respondents appeared voluntarily, but as Messrs. Lord
and Walsh went direct to Court, they had not been advised that fingerprinting was desired.
NEBRASKA.
The Merchants' National Bank of Nebraska City, Neb.,
is liquidating according to the following dispatch by the
Associated Press from that place on July 1:
The Merchants' National Bank, established here in 1857, this week will
begin to liquidate with enough cash on hand to pay stockholders and depositors.
In a letter to customers to be received Monday (July 2) the bank announces due to the low yield of high-grade investments and the small
demand for loans it has become difficult for a bank to make its operating
costs.
The Board of Directors, the letter says, have decided to liquidate and
will receive no more deposits after July 2. It asks depositors to call for
July 14 1934
a draft for their deposits in full as soon as possible. The bank has about
$450,000 in deposits.
James T. Shewell, President, is going into the Farmers' Bank here as
Vice-President and Director, of which J. H. Catron is President.
OHIO.
According to a dispatch from Lorain, Ohio, appearing in
"Money & Commerce" of June 30, the Ohio State Banking
Department has approved the plan for reopening the Central
Bank of Lorain. The dispatch continuing said:
The Central Bank is the third and last of the three Lorain banks, which
have been operating under restrictions, to complete plans for reopening.
The National Bank of Commerce reorganization program was approved
last week by the Comptroller and the City Bank is pushing its reopening
plans to an early completion.
PENNSYLVANIA.
The Security Bank & Trust Co. of Philadelphia, Pa.,
successor to the Kensington-Security Bank & Trust Co. of
that city, was to open on Monday of this week, July 9,
according to an announcement on July 6 by the State
Banking Department at Harrisburg. The Philadelphia
"Record" of July 7, authority for the above, went on to say:
The new institution will release deposits totaling $3,017,372, tied up
since the March 1933 banking holiday, when the Kensington Security
was put on a restricted basis. Since that time, approximately $7,000,000,
held in 23,000 accounts, has been "frozen."
Capital structure of the new bank will consist of $250,000 preferred stock.
$300,000 common stock, and $165,000 in surplus and expense fund accounts
a total of $715,000.
A statement by Charles L. Martin,for many years President of Kensington Security and head of the new institution, declared the entire Northeastern section of the city will benefit. Mr. Martin also announced the
trust department, the assets of which were always carried separately from
those of Kensington Security, will function as heretofore.
Charles H. Chapman will be Vice-President and Treasurer; George R.
Durang, Secretary and Assistant Treasurer; George Ovington, Assistant
Secretary and Assistant Treasurer, and Fred. G. Muhl, Trust Officer. . . .
The new institution will occupy the quarters of the old—the main office
at Kensington and Allegheny Ayes., and the branch at Girard Ave. and
Franklin St.
That the North Side Deposit Bank of Pittsburgh, Pa.,
would reopen for business on Monday of this week, July 9,
was announced last week by the Pennsylvania State Banking
Department, according to the Philadelphia "Record" of
July 7, which added:
The institution has capital of $200,000, surplus of $100,000 and undivided profits of $12,000.
Ansby V. Purnell is President.
WISCONSIN.
According to Madison, Wis., advices on June 29 by the
Associated Press, the Genoa State Bank, Genoa, Wis., and
the Cobb State Bank at Cobb, Wis., which have been
operating upon a restricted basis since the banking holiday
last year, were authorized by the State Banking Commission
on that date to reopen on a 100% withdrawal basis.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made July 11 for the sale of a New
York Curb Exchange seat at $30,000, unchanged from the
previous sale.
The New York Cotton Exchange membership of G. E. D.
Langley was sold July 9 to John L. Loeb, for another, for
$17,000, off $500 from the last previous sale.
Two Chicago Board of Tra- de memberships were sold on
July 13, one at $7,200, up $450 as compared with the last
previous sale, and the other at $7,100.
The membership of Gilbert Rittmaster on the Commodity
Exchange, Inc., was sold July 10 to David A. Paterson, for
another, at $2,300, an increase of $100 over the last previous sale.
The financial statement of Brown Brothers Harriman &
Co., New York, private bankers, made public for the first
time July 9, shows total assets of $48,057,014 and deposits
of $22,177,678 as of June 30 1934. Against demand deposits
of $19,696,190 and time deposits of $2,481,488, the firm holds
cash of $9,434,218, it is stated; United States Government
securities (valued at lower of cost or market) of $3,708,400,
and call loans or acceptances of other banks of $6,250,000, a
total of $19,392,618. Other assets include time deposits due
from banks, $100,000; loans and advances, $3,641,986; marketable bonds and stocks (valued at lower of cost or market), $9,048,901; other investments, $3,410,029; customers'
liability on acceptances, $12,376,369; other miscellaneous
assets, $87,198. On the liability side of the balance sheet,
the firm lists acceptances (less own acceptances held in portfolio) of $13,444,539, and a reserve for contingencies of
$1,938,124.
Volume 139
Financial Chronicle
Approval was given on June 30 by the New York State
Banking Department to the proposal of the Chemical Safe
Deposit Co., New York, to reduce its capital stock from
$200,000 to $100,000, it is stated in the July 6 "Weekly Bulletin" of the Banking Department. The company was also
given authority to reduce its number of shares from 2,000 to
1,000 at a par value of $100 a share.
The statement of condition of the Trust Co. of North America, New York City, as of June 30 1934 shows total deposits
of $4,079,521 compared with $3,683,237 on Dec. 31 1933.
Total resources, it was said, amounted to $5,405,583 against
$5,022,566 on Dec. 31. Cash on hand and in banks on June 30
amounted to $1,217,194, an announcement in the matter said,
compared with $1,479,035; demand loans secured by marketable collateral were $1,376,425 against $848,404; United
States Government and New York State securities, $793,567
against $715,922, and commercial discounts and loans
amounted to $1,197,864 compared with $1,109,099. Capital,
consisting of $500,000 of capital notes and $500,000 of capital
stock, was unchanged from Dec. 31 1933. Surplus and undivided profits were $279,688 against $278,738 on Dec.31 1933.
Lawyers County Trust Co., New York, reports total resources of $36,803,398 on June 30 compared to $35,834,591 at
the close of 1933, while surplus and undivided profits accounts were $1,515,321 against $1,221,388 six months earlier.
Reserves total $383,371, an increase of $187,471 since the
year-end. The company's "special reserve account," representing appreciation in security values since adoption of the
policy in April 1933, of carrying all securities at.actual market prices, is reported as $507,693. "The total amount of
appreciation in this account on June 30 was $1,057,693,"
One R. Kelly, President, stated in a letter sent to stockholders, July 9, explaining that "with the restoration of
greater stability in security markets, a total of $550,000 has
been transferred from special reserve account to undivided
profits, loan and real estate accounts, and to reserves." He
added:
After provision for taxes and all reserves, net earnings for the six months'
period show a return on capital funds of 5.07%, or at the annual rate of
10.14%. Net income for the first six months, after allowing for all reserves,
Including taxes, is at the annual rate of $4.18 per share on capital stock,
which is more than one and one-half times regular dividend requirements
of 60c. quarterly.
Largely as a result of the continued scarcity of acceptable commercial
loans, it was necessary to find employment for a large part of available funds
In the investment field. On June 30, quick Besets were equal to 92.6% of
deposits, and 64.9% of the investment portfolio consisted of United States
Government, New York State and other State and municipal bonds.
Guaranty Trust Company of New York announces the
appointment of Elias M. Bentley as an Assistant Treasurer.
Robert E. M. Cowie, formerly a member of the Advisory
Committee of the 46th Street branch of the Chase National
Bank, New York, died at his home in Altadena, Calif.,
June 22, at the age of 71 years. Mr. Cowie also maintained
a home in New York City. He was a director of the Citizens
National Bank of Los Angeles, Chairman of the Board of
the Golconda Petroleum Corp., member of the board of
managers of the Cuba-Mexican Syndicate, and First VicePresident and director of the Westcott Express Co. Mr.
Cowie was a former President of the Railway Express
Agency from 1928 to 1932.
New York and Hanseatic Corp., New York City, in its
statement as of June 30, shows United States Government
Securities of $14,914,181.21 and acceptances discounted of
$3,750,068. Cash in banks and on hand, it is stated,
amounted to $1,234,861. Capital, surplus and undivided
profits totaled $2,591,715 after payment of dividends and
write-offs on foreign commitments. Loans payable and
due to customers were reported at $18,228,542.
The New York State Banking Department on June 30 approved a change in the name of the Modern Investment &
Loan Corp., Brooklyn, to the Modern Industrial Bank. The
change is made under legislation recently passed by the New
York State Legislature granting the status of State banks to
industrial banking companies. It is stated that the deposits
In the Modern Industrial Bank are now insured under the
Federal Deposit Insurance Corporation, as provided under
the Banking Act of 1933. Jacob Leichtman is President of
the institution.
The United Loan Industrial Bank, Brooklyn, reports net
.earnings, after deductions for taxes and depreciation for
229
the six months ending June 30, of $5.50 as compared with
$4.82 for the corresponding period of 1933. Deposits on
June 30 1934, it was stated, totaled $310,726.24 as compared
with $263,614.12 on June 30 1933.
The New York State Banking Department on July 3 approved a certificate of reduction of the par value and amount
of capital stock of the Trust Co. of Larchmont, Larchmont,
N. Y., from $100,000 at a par value of $50 a share to $20,000
at a par value of $10 a share, following which, on the same
date, the Department gave its approval to a certificate of
increase in the capital stock from $20,000 to $100,000 and an
increase in the number of shares from 2,000 to 10,000 having
a par value of $10 a share.
Effective June 12, the Berlin National Bank of Berlin,
N. H., went into voluntary liquidation. The institution,
which was capitalized at $100,000, was succeeded by the
Berlin National Bank of the same place, which subsequently
changed its title to the Berlin City National Bank.
That a new bank is being organized in Red Bank, N. J.,
under the title of the Red Bank National Bank, and five
other Monmouth County banks have tentatively agreed to
unite with the proposed organization, is learned from the
following dispatch from Red Bank on July 3 to the Newark
"News":
G. Howard Lippincott, Chairman of the organization committee for
the proposed new Red Bank National Bank, issued the following statement last night:
"Their officers and directors having passed the necessary resolutions,
the following banks have tentatively agreed to amalgamate with the proposed Red Bank National Bank, particularly with reference to providing
a competent and efficient management for the new bank: First National
Bank of Eatontown, Atlantic Highlands National Bank, First National
Bank of Freehold, Belmar National Bank and Sea Bright National Bank.
"The new bank will be a Monmouth County institution with no connections, either directly or indirectly, with any outside institutions."
According to the plans, the Red Bank institution will be the central
bank and headquarters for all of the other banks, which will form a
branch system, the first in the history of Monmouth County.
The following additional information was given in the
New York "Herald Tribune" of July 7:
The officers and directors of the central or directing bank will be
chosen from among the officials of the institutions coming in under the
plan. The essential features have been submitted to the banking department. Branch banking is now being carried out in two counties in New
Jersey.
Fred C. Hennie, Vice-President of the Little Falls National Bank, Little Falls, N. J., was elected President of
the institution at a special meeting of the directors on
July 2. Mr. Hennie fills the unexpired term of the late
Lewis G. Bowden.
Fred C. Thompson, formerly Second Vice-President, was
advanced to First Vice-President and John Vander May, a
member of the Board of Directors, was named Second VicePresident. Advices from Little Falls to the Newark "News,"
added:
Mr. Rennie has been connected with the bank fifteen years.
Chairman of the Township Committee for several terms.
He was
Fifty-five thousand dollars was released on June 28 to
depositors of the closed First National Bank of Avon, N. J.,
representing the first dividend of 30% on liabilities, according to a dispatch from that place on June 28 to the
Newark "News", which went on to say:
Vincent Keuper, Asbury Park attorney and receiver for the bank, announced checks have been received from the Comptroller's office at
Washington, to be paid depositors at the bank on proof of claim. They
will not be mailed.
Effective June 23, the First National Bank & Trust Co.
of Ridgewood, N. J., with capital of $400,000, was placed
in voluntary liquidation. The institution was absorbed by
the Citizens First National Bank & Trust Co. of Ridgewood.
Harold W. Scott, Assistant to the Executive Vice-President of The Pennsylvania Company For Insurances On Lives
& Granting Annuities, Philadelphia, Pa., was advanced to
the office of Vice-President at a meeting of the Board of
Directors recently. The announcement added:
The Pennsylvania Company For Insurances On Lives & Granting
Annuities, founded in 1812, Is the largest trust company in the State of
Pennsylvania.
Major Norman MacLeod, a former banker of Philadelphia,
died of a heart attack June 22 in his home at Atlantic City,
N. J. He was 61 years old. Following his graduation
from the University of Pennsylvania in 1893 Major MacLeod
became associated with the banking firm of Drexel &
Co. He left this firm and formed Norman MacLeod & Co.,
230
Financial Chronicle
bankers and brokers, which concern went out of business
In 1911. He was, at one time, connected with the Reading
Company. He also served as business manager of the
Philadelphia "Evening Telegraph" in its final years.
Announcement to the effect that the following four closed
banks in Western Pennsylvania would make payments to
their depositors shortly was made on July 1 by Dr. William
D. Gordon, State Secretary of Banking for Pennsylvania.
The Pittsburgh "Post Gazette" of July 2, from which this
is learnt, continuing said:
The Garfield Bank, Pittsburgh, will pay 35%, amounting to $123,370.26,
on Friday (July 6). This will make a total of 75% paid by the bank.
The Peoples Bank of Farrell will pay 10%, totaling $59,419.84, to-.
morrow, making 75% received by the depositors. The Dollar Title &
Trust Co. will bring its total of payments to 40% July 11 by disbursing
30% of deposits, or $135,210.98. The Federal Title & Trust Co. of Beaver
Falls will pay 50%, amounting to $226,041.42, tomorrow (July 3), making
a total of 75% to date.
Announcement was made June 30 by Dr. William D. Gordon, State Secretary of Banking for Pennsylvania, that depositors of the closed Columbus Title & Trust Co. of Philadelphia would receive a 15% dividend on July 10. The
Philadelphia "Record" of July 1, authority for this, went
on to say:
Deposit liabilities at the time of the bank's closing, Oct. 17 1931, were
approximately $1,000,000. Previous repayments total 52%%. The latest
dividend of $107,694 will raise the total to 67%%.
Dr. Gordon also announced payments of 50% to depositors of Federal
Title & Trust Co., Beaver Falls; 10% to People's Bank, Farrell, near Pittsburgh: 35% to Garfield Bank, Pittsburgh, and 30% to the Dollar Title &
Trust Co., Sharon.
Promotion of John N. Denonai to be Assistant Treasurer
of the Central Savings Bank of Baltimore, Md., has been
announced by James D. Garrett, President of the institution,
according to the Baltimore "Sun" of iuly 5, which added:
Mr.• Deponai has been connected with the savings bank for sixteen
years.
We learn from the Cincinnati "Enquirer" of July 3, that
William H. Wunker, Sr., heretofore a Vice-President of the
First National Bank of Elmwood Place, Ohio, has been
elected President of the institution to succeed Arthur L.
Pope, who retired July 2. The paper continued:
Dr. T. J. Beek, Bond Hill, succeeds Mr. Wunker as Vice-President.
Both Wunker and Pope were members of the original Board of Directors
when the bank was founded in 1902.
Mr. Pope, who had been President since 1929, said yesterday that he
plans to spend much of his time in traveling.
The Citizens Trust Co. of Toledo, Ohio, on July 2 changed
its title to the Ohio Citizens Trust Co.
Moses E. Greenebaum, Chicago banker and President of
the Greenebaum Sons Investment Co., Chicago, died in that
city on June 22 of pneumonia. Mr. Greenebaum, who was
76 years old, was formerly Chairman of the Board of the
Bank of America, Chicago. Following its merger in 1928
with the Central Trust Co. he was chosen Vice-Chairman
of the latter institution. Mr. Greenebaum also served as
a director of the Chicago Title & Trust Co. In a dispatch
June 22 from Chicago to the New York "Times" it was
noted:
Last October, in a letter to the stockholders of the Greenebaum Sons
Investment Co., Mr. Greenebamn related that he and his brother, James
E. Greenebaum, had put their personal fortunes of more than $5,000,000
into the company to carry it through the depression. There was no
legal obligation to do this, but the banker explained that he felt a moral
obligation to "save the good name" the family had built up over threequarters of a century.
According to a dispatch from Buchanan, Mich., on June 27,
to the Chicago "Tribune," arrangements were completed on
that day for opening the Gallen-Buchanan State Bank in
Buchanan on July 18 through transfer of the Gallen State
Bank, Gallen, Mich., to Buchanan. A branch of the institution will be maintained in Gallen, it was stated.
The First National Bank of Buchanan, Mich., which
closed Oct. 16 1931, was to pay a dividend of 20% on June 28,
amounting to $87,107, according to advices from Buchanan
on June 27 to the Chicago "Tribune," which added that this
brings total dividends to 75% of deposits.
On June 20 the First National Bank of Lime Springs, Iowa,
capitalized at $25,000, was placed in voluntary liquidation.
The institution was absorbed by the Exchange State Bank of
the same place.
W. J. Barnett, State Bank Commissioner for Oklahoma,
on June 30 authorized payment on July 7 of a 5% dividend
July 14 1934
to depositors of the Bank of Hollister, Hollister, Okla., in
liquidation for about three years, according to the "Oklahoman" of July 1, which added:
It will be the fourth dividend and will amount to $2,633.25, bringing the
total paid to 20%.
Paying depositors $225,000 in cash, two Oklahoma State
banks on June 30 went into voluntary liquidation, according
to W. J. Barnett, State Bank Commissioner. Both banks
paid 100 cents on the dollar. One was the Farmers' State
Bank, Waukomis, with deposits of $130,000; the other was
the Hitchita State Bank at Hitchita, in McCurtain County,
which had $95,000 in deposits. A. M. Jackson was President
of the Waukomis bank and Adam Pence of the Hitchita
institution. In reporting the above, the "Oklahoman" of
July 1 went on to say:
There is another bank, the Waukomis State Bank, at Waukomis, but the
banks nearest Hitchita now are at Morris and Checotah, Mr. Barnett said.
Eight other voluntary liquidations are expected before Sept. 1, the banks
quitting business because conditions did not warrant their continuance, Mr.
Barnett said.
The First National Bank of Gentry, Ark., was placed in
voluntary liquidation on June 15. The institution, which
was capitalized at $25,000, was absorbed by the Bratt State
Bank of Siloam Springs, Ark.
The St. Louis "Globe-Democrat" of July 1 indicated that
depositors of the Laclede Trust Co. of St. Louis, Mo., would
receive that week a disbursement of 10% on approved claims,
according to an announcement on June 30 by J. A. Dacey,
Special Deputy Commissioner in charge of the liquidation of
the institution The paper continued:
This is the second dividend, paid depositors since the bank closed, the first,
amounting to 20%, having been paid Feb. 5.
According to Mr. Dacey, the need for certain reserves formerly laid aside
to care for future claims is no longer required, and it was decided to distribute these funds to depositors and general creditors of the company.
The payment at this time will amount to approximately $83,000.
A dispatch by the Associated Press from Greenville,
Miss., on June 30, in indicating that the Citizens' Bank &
Trust Co. of Greenville had ceased operations on that day
and on July 2 was to begin the payment of its depositors in
full, said in part:
With the close of business today (June 30) the Citizens' Bank & Trust
Co. ceased to function as a public institution and, beginning Monday
(July 2) J. A. Crawford, Vice-President, and R. D. Bedon, Cashier, will
be at the Commercial National Bank, where depositors will be paid the
full amount of their deposits in cash.
F. N. Robertshaw, President of the Citizens' Bank & Trust Co., today
(June 30) issued a letter explaining the action of the officers and directors, which said, in part, as follows:
"The stockholders and directors of the Citizens' Bank & Trust Co.
have decided to discontinue banking and to pay off all depositors and
creditors in cash. We will deposit more than $300,000 in the Commercial
National Bank with which to pay our depositors upon application and
without inconvenience to them."
As of June 25, the First National Bank of Rapelje, Rapelje
(Stillwater County), Mont., changed its title to the Stillwater National Bank, Columbus, Columbus, Mont.
We learn from the Los Angeles "Times" of June 28 that readjustment of the capital structure of the Seaboard National
Bank of Los Angeles, Calif., including provision for the sale
of $300,000 of preferred stock, has been approved by the
stockholders and is shortly to go into effect, according to
an announcement by the officers on June 27. The paper
mentioned went on to say:
Stockholders unanimously indorsed the program, according to the announcement, as a logical step in the direction of recovery activities.
Under the new capital set-up the common stock capitalization will stand
at $1,200,000. Preferred stock will amount to $300,000 and surplus will
total $250,000. Undivided profits will run in excess of $100,000.
Similar readjustments of capital structures, usually involving the sale of
preferred stock, have been authorized by the majority of banks throughout
the country. Whether the Seaboard will sell its preferred stock issue to the
Reconstruction Finance Corporation, as most banks have done, was not
disclosed.
The Seaboard National was organized July 1 1924, and has taken its
place since that time as one of the ranking downtown banks in the city.
The bank maintains three offices in the city.
Officers of the bank are as follows: C. C. Cline, Chairman
of the Board; Herbert M. Baruch, Chairman of the Executive Committee; K. L. Carver, President; H. C. Nicholson,
Executive Vice-President; W. R. Fawcett, Andrew Blackmore, Raymond Borden, H. L. Brink, Nolan Browning, R. L.
Casey and W. P. Ralston, Vice-Presidents, and Winthrop L.
Brown, Cashier.
According to the "Times" of June 29, establishment of a
new branch office of the bank in the textile and jobbing district, in the Maxfield Building on Santee Street, was announced the previous day, its opening having been set for
July Q.
Financial Chronicle
Volume 139
A charter was issued by the Comptroller of the Currency
on June 23 to the Torrance National Bank, Torrance, Calif.
The new organization replaces the First National Bank of
Torrance, and is capitalized at $100,000, made up of $50,000
preferred stock and $50,000 common stock. James W. Post
is President of the new bank and R. J. Deininger, Cashier.
Election of Loyd J. Wickham as a Vice-President of the
Citizens National Trust & Savings Bank of Los Angeles,
!Calif., was announced by Herbert D. Ivey, President of the
institution, following the regular meeting of the directors,
July 6. Mr. Wickham began his banking career as a messenger at the Citizens Bank in 1911, but left in 1914 to enter
an agricultural community bank of which he subsequently
became Cashier. He returned to the Citizens in 1920, since
which time he has steadily advanced in the institution. His
present promotion is from the office of Assistant VicePresident, which he has held since January 1931. The announcement continued:
Mr. Wickham is well known in banking circles throughout the Southwest, his activities in livestock and agricultural loans of the bank having
brought him into close contact with business over a wide area. Earlier
experience had qualified him for capable handling of back country loans,
and his later work with Citizens has established him as one of the best
informed bankers on conditions in the territory tributary to Los Angeles.
Incident to the statement of condition as of June 30 1934
of the United States National Bank of Portland, Ore., it is
stated that during the spring months the bank saw fit to
reduce its Postal Savings deposits some $5,500,000. In
spite of this relinquishment of Federal deposits, it is stated,
the institution has shown a gain between the statement of
Dec. 30 1933 and June 30 1934, exclusive of Postal Savings
deposits of $10,655,876, or an increase of more than 15%
to its total deposits in excess of $80,000,000. The announcement by the bank indicates that its cash increased from
approximately $16,000,001) to $21,500,000; its United States
bonds from $31,700,000 to $37,400,000; its account of municipal and other bonds decreased from approximately
$16,800,000 to $14,000,000. Total resources are reported in
excess of $91,000,000.
At the close of business June 30, the Dallas National
Bank, Dallas, Ore., was placed in voluntary liquidation.
This bank, which was capitalized at $30,000, was taken
over by the Dallas City Bank of the same place.
Effective June 16, the First National Bank of Shelton,
Wash., was placed in voluntary liquidation. This bank,
which was capitalized at $50,000, was taken over by the First
National Bank of Seattle, Wash.
The statement of accounts of Barclays Bank Limited, of
London, as of June 30 1934, shows total deposits of
£364,311,803 and total resources of 096,831,785, according
to cable advices received July 10 at the representative's
office of the bank in New York.
Cash items include cash in hand and with the Bank of
England, £43,913,519; balances with other British banks
and cheques in course of collection, in the amount of
£11,626,575; money at call and short notice, £21,817,260; and
bills discounted, £40,774,485.
The bank's investment account consists almost exclusively of securities of, or guaranteed by, the British Government, representing £97,200,598 of an aggregate of
£101,605,913. Total advances are reported as £156,281,810.
Barclays Bank Limited, one of the "Big Five" English
banks, recently declared dividends for the first half year at
the rate of 10% on the "A" shares and of 14% on the "B"
and "C" shares, maintaining the rates in effect for a number of years.
The directors of Westminster Bank, Ltd. (head office
London), have declared an interim dividend of 9% for the
half-year ended June 30 on the £4 shares, and the maximum
dividend of 6%% on the £1 shares for the same period. The
dividends (less income tax) will be payable on Aug. 1.
THE CURB EXCHANGE.
Irregularity was the dominating feature of the trading on
the Curb Exchange during most of the present week, and
while there were spasmodic periods of strength, most of the
stocks failed to maintain their gains. Trading *as dull and
at times the tickers were at a standstill. In the midweek
sessions the market was somewhat firmer and the turnover
was slightly larger, but the improvement failed to hold as
231
trading gradually simmered down to a limited number of
the more popular of the speculative favorites.
Changes were generally confined to fractions as the curb
market moved upward and downward during the abbreviated
session on Saturday. Transactions were extremely light,
many traders having left the city to avoid the intense heat,
and the tickers were frequently idle for several minutes at a
time. In the early dealings, Montgomery Ward gained
nearly a point and Sherwin-Williams attracted some buying
which sent it fractionally higher. On the other hand, many
prominent issues gradually slipped downward to lower levels.
Outstanding in this group were such issues as Electric Bond
& Share, Glen Alden Coal, Niagara Hudson Power, Pittsburgh Plate Glass and Swift & Co. No change from the
previous close was apparent in Standard Oil of Indiana,
Cities Service, International Petroleum, Newmont Mining,
Pioneer Gold and Wright Hargreaves.
Irregular price changes and a comparatively small turnover
were the outstanding features of the trading on Monday.
The weak point of the day was Hiram Walker which dipped
about 2 points and there was very little activity apparent in
the rest of the liquor stocks. Mining and metal shares
attracted only occasional buying and the dealings in the oil
stocks were limited to a few of the more active issues.
Fractional advances were recorded by shares like American
Cyanamid B, Cities Service pref., Humble Oil & Refining
Co., St. Regis Paper and United Light & Power class A corn.
Other changes were about equally divided between the up
and down side.
Trading was slightly improved on Tuesday though the
turnover continued small and most of the gains were fractional. The best prices were registered during the morning
session, but the dealings began to lag as the day progressed
and a number of the strong stocks of the forenoon lost part
of their early gains. Shares showing small advances included American Cyanamid B, American Light & Traction,
Atlas Corp., Cities Service corn., Consolidated Gas of Baltimore, Humble Oil & Refining Co., Niagara Hudson Power,
Pennroad Corp., Swift & Co., United Gas Corp., Hiram
Walker and Wright Hargreaves.
Stock prices were somewhat firmer on Wednesday and the
day's transactions were substantially higher, though the
advances in the general list continued small and without
special significance. Toward the end of the session, some
of the early gains were canceled, though only a few showed
losses of any importance. The specialty stocks were
irregular, Greyhound Corp. turning soft and A. 0. Smith
yielding a part of its early advance. Fajardo Sugar, on the
other hand, moved briskly forward and American Cyanamid
B retained its early gain until the market closed. Oils were
firm and mining and metal shares attracted some attention,
but the changes were within a comparatively narrow channel.
Irregular price movements were again prominent during
the transactions on Thursday, and while a few isolated issues
showed spasmodic periods of strength, broad market movements were entirely lacking throughout the session. Public
utilities were generally easier and oil stocks displayed little
change either way. Mining and metal shares were quiet
and, while Aluminum Co. of America was moderately strong,
there was little activity apparent in stocks like Lake Shore
Mines and Wright Hargreaves. Liquor issues were fairly
steady but made little progress either way. Specialties were
in moderate demand, Glen Alden Coal registering a modest
advance and a slight gain was made by American Cyanamid
B. Sherwin-Williams made a slight gain in the early trading
but lost it later in the day and Pittsburgh Plate Glass eased
off as the market closed.
Dullness prevailed on the Curb Exchange during the early
trading on Friday, though a slightly firmer tone was apparent
during the late afternoon when the volume of sales showed a
moderate improvement. The strong stocks of the session
were Glen Alden Coal which again broke its 1934 top and
Swift International which reached a new peak for the year.
Specialties were in better demand and there was some improvement in A.0. Smith and Great Atlantic & Pacific Tea
Co. Public utilities, as a group, were quiet, but there were
occasional exceptions where gains ranging from fractions to
a point or more were recorded. As compared with Friday
of last week, many of the market leaders were lower, Ameri%
can Gas & Electric (4) closing on Friday night at 267
against 273 on the preceding Friday, American Superpower
4
at 23/i against 2%, Atlas Corporation at 103 against 103i,
Canadian Marconi at 23/i against 2(, Consolidated Gas of
4
Baltimore (3.60) at 663 against 673, Cord Corporation at
232
Financial Chronicle
33 against 4, Electric Bond & Share at 143i against 153,
/
Greyhound Corporation at 183's against 183 , Hudson Bay
4
Mining & Smelting at 13% against 133 , International Pe4
troleum at 27 against 27%, Mavis Bott. Co. of America
(Cl. A) at 5-16 against 7-16, National Bellas Hess Co. at
33i against 3%, Pennroad Corporation at 2% against 2%,
Standard Oil of Indiana (1) at 273' against 273, Teck
Hughes (.60) at 63/i against 7%, United Light & Power A
at 2% against 23/i and Utility Power at % against 1.
A complete record of Curb Exchange transactions for the
week will be found on page 262.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
July 13 1934.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sloths
(Number
of
Shares).
Bonds (Par Value).
Foreign
1)omestie.
49,620 $1,357,000
80,213 2,508,000
153,368 3,201,000
131,715 3,787,000
151,185 3,317.000
135,536 3,795,000
$39,000
50,000
103,000
90,000
90,000
40,000
701.637 $17,965,000
$412,000
Sales at
Week Ended July 13,
New York Curb
&change
1934
1933.
- ---- -I
Stocks-No. of shares
701,6371 6,503,569
Bonds.
Domestic
$17,965,000/ $31,698,000
Foreign government _ _ _
412,000
1,292,000
Foreign corporate
252,000
758.000
Total
Foreign
Corporati
$18,629,000 $33,748,000
Total.
$18,000
34,000
65,000
36,000
31,000
68,000
$1,414,000
2,592,000
3,369,000
3,913,000
3,438,000
3,903.000
$252,000 $18,629,000
Jan 110 July 13
1934.
1933.
39,550,628
59,469,192
$598,154,000
21,852,000
18,015,000
$516,001,0130
25.143,000
24,472,000
$638,021,000
$565,616.000
July 14 1934
The following were the United Kingdom Imports and Exports of Silver
registered from mid-clay on the 18th inst. to mid-day on the 25th inst.:
Imports.
Soviet Union (Russia)
France
British India
Canada
Australia
New Zealand
Other countries
£46,000
2,979
14.485
26,267
11,619
2,733
1,803
Exports.
Yugoslavia
£39,348
France
2,908
United States of America
11,180
French Possessions in India.. 8,500
Straits Settlements
3,710
New Zealand
5,259
Other countries
1,228
£105.886
172,133
Quotations during the week:
IN LONDON.
IN NEW YORK.
(Per Ounce .999 fine.)
Bar Silver per Oz. Std.
Cash.
2 Mos.
June 21
June 20
19 15-16d. 20d
45 5-16c.
June 22
June 21
20%cl.
20 1-16d.
45 7-16c.
June 23
June 22
203ici.
20 5-16d.
45 7-16c.
June 25
June 23
20 7-16d.
Closed
203id.
June 26
June 25
20 5-16d. 201d.
45 7-16c.
June 27
June 26
20 d.
20 7-16d.
45 716c.
Average
20. 02d.
20.240d.
The highest rate of exchange on New York recorded during the period
from the 21st inst. to the 27th inst. was $5.04% and the lowest $5.02%.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)June 15.
June 7. May 31.
Notes in circulation
17,955
17,939
17,927
Silver coin and bullion in India
9,585
9,631
9,617
Gold coin and bullion in India
4,155
4,155
4.155
Securities (Indian Government)
3,029
2,984
2,969
Securities (British Government)
1,186
1,169
1,186
The stocks in Shanghai on the 23rd inst. consisted of about 115,500.000
ounces in sycee, 382,000,000 dollars and 30,200,000 ounces in bar silver as
compared with about 117,500,000 ounces in sycee. 380,000.000 dollars
and 29,100.000 ounces in bar silver on the 15th inst.
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 27 1934:
Tues.,
Mon..
Wed.,
Than,,
Sat.,
Frt.,
July 7.
July 10. July 11. July 12. July 13.
July 9.
20 9-16d. 20 11-16d. 20Md.
Silver, p. oz.__ 20 13-16d 20Md.
20 0-16d.
Gold, p. fine oz. 137s.10Md.1375.11Md.1385Lid. 1376.11d. 137s.11Md 138s.10
80%
80%
. Consols, 2M% Holiday
80%
80%
80%
British 3
GOLD.
%%
104%
104
The Bank of England gold reserve against notes amounted to £191,W. L
Holiday
104 Li
103%
104%
460.163 on the 20th inst. as compared with £191,410,683 on the previous
British 4%115
Wednesday.
1151
1960-90
4
114%
115%
Holiday
115%
In the open market about £1,600,000 of bar gold was disposed of during
French Rentes
77.40
77.40
the week. There was a good general demand and prices were maintained
(in Parls)3% fr. Holiday
77.90
77.30
77.40
at about New York parity.
French War La
Quotations during the week:
On Paris)5%
113.10
113.00
113.30
1920 amort__ Holiday
113.75
113.5
0
IN LONDON.
Per Fine
Equivalent Value
The price of silver in New York on the same days has been:
Ounce.
of E Sterling.
Silver in N. Y.,
June 21
138s ;id.
128. 3.70d.
46%
June 22
46%
46%
46%
per).(cts.) 46%
46%
138s. Id.
12s. 3.66d.
June 23
138s. Id.
12s. 3.66d.
June 25
1388. Id.
12s. 3.66d.
June 26
138s. 2%cl.
12s. 3.52d.
June 27
COURSE OF BANK CLEARINGS.
138s. 134d.
12s. 3.61d.
Average
138s. 1.25d.
12s. 3.64d.
Bank clearings this week again show a decrease as comThe following were the United Kingdom imports and exports of gold
pared with a year ago. Preliminary figures compiled by us,
registered from mid-day on the 18th inst. to mid-day on the 25th inst.:
based upon telegraphic advices from the chief cities of the
Imports.
Exports.
Germany
£801,096 France
country, indicate that for the week ended to-day (Saturday,
E23,551
France
278.913 Netherlands
98,585
Netherlands
July 14) bank exchanges for all cities of the United States
85.710 Switzerland
1,110
Switzerland
138,483 United States of America_ 1.326,194
from which it is possible to obtain weekly returns will be
British South Africa
856,516 Other countries
500
British India
998,547
11.0% below those for the corresponding week last year.
British Malaya
14,350
Hongkong
12,946
Our preliminary total stands at $5,044,352,407, against
Australia
215.076
$5,666,123,534 for the same week in 1933. At this center
New Zealand
22,195
Iraq
8,533
there s a loss for the five days ended Friday of 16.1%.
Other countries
18.472
£3,450,837
E1,449,940
The SS. "Maloja" which sailed from Bombay on the 23rd inst. carries
gold to the value of about £416,000. of which £264.000 is consigned to
London and £152,000 to New York.
SILVER.
Prices have shown considerable improvement during the past week,
quotations to-day being 20 7-16d. for cash and 20Xd. for two months'
delivery as compared with 1974d.and 19 15-16d.for the respective deliveries
a week ago.
The market responded readily to buying by speculators and the Indian
Bazaars as sellers continued to be reluctant, although the advance attracted
some profit-taking. China has sold and New York operators have been
more active, having made some sales in the afternoons.
The United States Treasury are reported to have made further purchases
and, according to a Reuter message from Washington dated to-day:
"A decision to purchase 1,254,000,000 ounces of silver within the next
six months is reported to have been taken by the U. S. Government. according to the Associated Press of America. The silver is required in order to
carry out the terms of the recent law declaring it to be the policy of the
U. S. to establish a metalic backing for the currency of 25% silver and
75% gold.
"It is estimated that this would involve an expansion of the currency by
at least 940,500.000 dollars (E188,000,000). Mr. Dies, member of the
Coinage Committee of the House of Representatives, said that he estimated
that Treasury would have to buy about 1,254,000.000 ounces to comply
with the new law for a 25% silver backing of the currency.
"With existing holdings of silver, he reckoned the Treasury would then
hold about 2,000,000.000 ounces of the metal. On this basis, Mr. Dies
claimed, the Treasury could issue 2,058,000,000 dollars in new silver
certificates, amounting to an increase of nearly one half over the present
total currency in circulation. This could also be on the basis of a great
expansion of credit allowing for the conditional ration of 10 'credit dollars'
to one currency dollar."
The purchase of such a quantity of silver in so comparatively short a
time would seem to present difficulties: it is thought that the report should
be treated with some reserve, especially in view of a recent reported statement by the Secretary of the United States Treasury that the Administration wanted a healthy and not a sensational rise in the price of silver.
Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ended July 14.
1934.
1933.
Per
Cent.
New York
Chicago
Hilladelphia
Hasten
Kansas CitY
St. Louis
San Francisco
Pittsburgh
Dettolt
Cleveland
Baltimore
New Orleans
$2,622,168,849
198,406,899
246,000.000
145,000,000
65,767,590
58,500.000
84,400,000
84,537,618
52,539,234
53,523,048
43,041,606
23,641,000
$3,126,309,185
196,525,293
200,000,000
186,000,000
59,991,481
56,600,000
85.947,000
69.172,873
37,995,249
47,717,559
35,601,590
18,945,000
-16.1
+1.0
+23.0
-22.0
+9.6
+3.4
-1.8
+22.2
+38.3
+12.2
+20.9
+24.8
Twelve cities. 5 days
Other cities, 5 days
$3.677,525,846
526,101,160
$4,120,805,230 -10.8
508,871,595 +3.4
Total all cities, 5 days
All cities. 1 day
$4,203,627,006
840,725,401
$4,620,876,825 -9.2
1,036,446,709 -18.9
$5.044.352.407
g5 MR ITA sna -11 n
Total all eltlaa few arm*
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended July 7. For
that week there is a decrease of 5.1%, the aggregate of
clearings for the whole country being $4,968,360,223,
against $5,236,434,108 in the same week in 1933.
Outside of this city there is an increase of 17.5%, the bank
clearings at this center having recorded a loss of 15.1%. We
Financial Chronicle
Volume 139
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 14.6% and in the Boston Reserve
District of 3.8%, but in the Philadelphia Reserve District
the totals show a gain of 21.8%. The Cleveland Reserve
District records an expansion of 22.6%, the Richmond
Reserve District of 46.7% and the Atlanta Reserve District
of 17.9%. In the Chicago Reserve District the totals are
larger by 19.9%,in the St. Louis Reserve District by 21.3%
and in the Minneapolis Reserve District by 6.1%. In the
Kansas City Reserve District the increase is 29.7%, in the
Dallas Reserve District 24.5% and in the San Francisco
Reserve District 20.2%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Ir(eL. Ended July 7.
Clearings at
1934.
1934.
Federal Reserve Dusts.
1st Boston.
12 ,itle
2nd hew York _12 "
.
3rd PhIladelpla 9 "
4th Cleveland
5 "
5th Richmond . 6 "
6th Atlanta...
.10 •
7th Chicago._ .19 ••
8th St.Louls___ 4 "
9tn Minneapolis 7 10th Kansas City10 "
11th Dallas
5 ''
12th San Fran.
.12 ••
$
221,617 244
3,178,859,381
3
316,014,301
193,599,212
108,131,365
96,833,682
333,690,488
98,316,749
78,885,649
117,444,228
40,798,573
178,149,331
Total
111 cities
Outside N. Y. City
4,968,360,223
1,888,928,658
32.ittm
see env 001
Canada
Inc.°,
Dec.
1933.
$
230 431,067
,722,706, 57
3
259,394,538
162,805,463
73,699.125
82,146,004
278,309,105
81,051,922
74,336,783
90,581,947
32,780,268
148,187,511
aa7, see
$
433,852,756
5,674,157,223
448,745,572
318,684,818
146,388,611
124,763,529
611.376,204
127,420,291
97,270,074
151,199,801
48,821,965
270,888,940
4,074,588,324
1,574,298,612
8,453,566,784
2,930,152,872
279.650.500
35£199! WI
-'10
7
We nqw add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended IWO 7.
Clearings at
1934.
1933.
14W. OT
pct.
$
%
Fir it Federal Reserve Dist net $
-BostonMe. .Bangor.__ 623,513
549,223 +13.5
Po nand_ -__ _
1,983,784
1 552 306 +27.8
-Boston. _
Mass.
188,402,256 198:60 ,24
-5.1
9
5
FallI River_ ...
548,307
554,390 -1.1
Lo rell
227,098
294,743 -23.0
Ne v Bedford
474,243
563,721 -15.9
Springfield...
3,050,460
3,116,171 -2.1
Woroaster
1,265,022
1,382,118 -8.5
Conn -Hartford.
11,588.495
10,456,935 +10.6
Ne V Haven.._
3,782,761
4,138.390 -8.6
R.I. -Providence
9,090,700
873,600 +3.4
N.H.-Manches'r
600,605
424,221 +41.6
To al(12 cities)
221,617.244
230,431,067
Second Feder al Reserve D strict
-New
N.Y.
-Albany..
11,981,350
7,867,765
Binghamton_ _
1,236,878
796,698
Bu Talo
27,380,286
23,069,167
El lira
599.850
651,710
Jan168town._
486,890
346,709
Ne w York
3,079,431,565 3.628,310,274
Rol3hester
7,945.706
7,630,992
Sy 8cu.se
3,836,924
3,702,127
Conn.-Stamford
2,640,183
2,325,082
N. J.
-Montclair
250,000
426,158
Ne wart
15,643,954
14,357,309
No rthern N.J.
31,549,380
29,108,781
To el(12 cities) 3,178,869.381 3,722.706,357
-3.8
1932.
$
1931.
$
446,241
2,025,139
162.899,293
531,682
273,713
538,245
3,440,431
1,932,358
7,176,254
3.657,400
7,158.600
508,499
830,190
3,673,269
384,758.550
1,082,512
530,482
814,006
4,564,354
3,627,974
12,191,130
8,083,156
12,923,000
774.131
190,587,855
433,852,756
York4,824,924
-34.3
7,926,482
877.939
1.325,925
+55.
3
22,189.216
+18.7
40,657,905
686,434
-8.0
1,213,010
584,437
+40.4
996,822
-15.1 2,500,291,712 5.523,412,912
7,587,386
+4.1
11,741,851
3,886,155
+3.6
6,097,400
2,759.850
3,550.564
+13.6
506,609
-41.3
868,383
19,308,154
+9.0
33,932,738
27,315,735
+8.4
42,433,231
-14.62,590,818.551 5,674,157,223
Th ird Federal Reserve Dis trict-Phila delphl a
Pa. A ltoona
331,956
436,336
351,650 +24.1
Be ,hlehem_ _
b
b
b
b
Ch ester
361,578
352,632
406,809 -13.3
La waster
1,067,926
939,924
739,935 +27.0
Ph ladelphia
303,000,000 249,00000 +21.7 257,000.000
Re Wing
1,772,911
1,523,165
1,647,410 -7.6
Sc enton
2,321,798
2,545,716
1 908 220 +33.4
NI. Iikes-Berre._
2,065,034
1,116,137
1,647:036 -322
York
1,135,601
1,194,391
1,222.466 -2.3
N. J.-Trenton. _
2,581,000
4,906,000
2,471,000 +98.5
To tal(9 cities) _ 316,014,301 259,394,526 +21.8 268,637,804
628,144
b
948,320
2,336.403
424.000,004)
3,138,188
4,581,083
3,449,736
1,883,698
7,780,000
Fourth Feder al Reserve D istrict-Cley eland Ohl -Akron.. _ _
c
c
c
Ca nton
c
c
c
CI winnatl_ _ _ _
40,098,066
36,252,389 +10.6
CI iveland
58,913,692
43,001,307 +37.0
Coiumbus
9,365.300
6,802,600 +37.7
Msinsfield
980,262
821,140 +19.4
Youngstown .._
b
b
b
Pa. 'Pittsburgh _
90,240,992
75,929,027 +18.8
-Total(5 cities). 199,599,212 162,806,463 +22.6
c
c
36,068,907
60,577,661
6,203,000
873.386
is
72,526,386
c
c
56,767,368
108,975,017
13,254.700
1,320,445
b
138,367,288
176,249,340
318,684,818
Fl lth Federal Reserve Dist rict-Richm ondW.V s.-Hunt'g'n
159,899
83,224 +92.1
Va. -Norfolk....
3,057,000
2 429 000 +25.9
Ri limond
28,476,101
21:206:066 +34.3
B.C.-Charleston
925,957
749,181 +23.6
Md. -Baltimore _
59,104,624
36,657,969 +61.2
-Washing's
D.C.
16,407,784
12,573,685 +30.5
302,181
2,975,762
22,441,051
673,533
50,309,086
17,727,781
651,025
3.729,925
34,001,015
2.052,492
79,474,147
26.476,007
73,699,125 +46.9
94.429.394
146.384.611
Si tth Federal Reserve Dist rIct-Atlant aTen -Knoxville
2,286,743
3,410,027 -33.0
Na,shvillc
10,280,024
9,645,972 +6.6
Ga. -Atlanta -34,500,000
28,700,000 +20.2
A gusto
894,828
1.187,317 -24.6
Mitcon
774,768
511,169 +51.6
Fla. -Jack'nvIlle.
10,107,000
10,087,000 +02
Ala. -iiirtn•liam..
14,837,691
8,645,546 +71.6
Miilalle
1,043,167
1,027,902 +1.5
b
Miss.-Jackson_.
b
b
VI •ksburg
126,281
+4.3
121,072
-NewOrieans
21,993,180
18,809,099 +16.9
1,262,936
7.835,926
22,800,000
617.092
525,221
6.608,766
7,513,132
742,629
b
101,425
21,480,417
3.742.440
12.996,793
37,715,544
1,333,343
'835.501
11,550,689
13,602,500
1,408,370
b
167,615
41,410,734
69.487,544
124,763,529
Total(6 cities).
Total (10 cities)
108,131,365
96,843,682
82,146,004 +17:9
inc. OT
Dec.
1932.
1931.
s
3
105,332
445,919
52,009,839
2,177,421
1,371.084
968,923
13,374,000
1,057,421
3,216,858
14,979,654
706,846
4.891,559
2,108,562
b
811,185
172,444,596
446,259
2,040,764
487,148
1,290,830
207,339
768.719
112,370,314
4,731,024
3,072,995
1,766,105
22,984,000
1.287,033
5,813,720
28,422,154
2,936,173
7,693,849
4,374.772
b
1,416,642
404,813,557
1,017,039
3,388,049
1,873,930
2,460.790
278,309,105 +19.9
274,934,200
611,376,204
Reserve Dia trict-St. Lo nisi,
b
b
64.800,000
52,600,000 +23.2
22,407.010
17,676,876 +26.8
+2.9
10,734,739
10,432,046
b
b
b
375,000
348,000 +8.4
b
48,300.000
15,995,612
7,111,787
b
461.653
b
90,100,000
24,379,973
12,026,354
b
913,964
71,869,052
127,420,291
Ninth Federa Reserve Dist rict Minne spoilsMinn.
-Duluth_
2,751,658
2,856,226 -3.7
2,758,001
Minneapolis.52,400,295
53,148,847 -1.4
46,087,544
St. Paul
19.346,379
14,127,213 +36.9
13.285.466
N. 1)-Fargo..
1.529,891 -2.0
•1,500,000
1,592.822
S.D.
-Aberdeen
361,410
453,499 -20.3
546.963
Mont.
-Billings
381,334
271,278 +40.6
280,060
Helena
2,144.573
1,949,829 +10.0
1,540,941
3,420,430
66,573,933
21,191,010
2,027,379
834,468
638.831
2,584.033
333,690,488
1931.
$
%
190,587,855
-3.8
-14.6 2,590,818.551
268,637,804
+21.8
176.249,340
+22.6
+46.7
91,429,394
69,487,544
+17.9
274,934,200
+19.9
71.869,052
+21.3
66,091,797
+6.1
86,940,764
+29.7
31.090.465
+24.5
+20.2153,
451,558
5.236,434,108 -4.1
1,608,123,834 +17.5
III
'
,
1932.
1933.
3
$
%
Seventh Feder al Reserve D istrict- Chi cagoMich.
-Adrian_ _
77,772
Ann Arbor._ _ _
560,116
513,203 -1-.9:i
bDetroit
65,336,864
36,597,910 +78.5
Grand Rapids
1.711,467
895,719 +91.1
Lansing.......
971,245
577,289 +68.2
Ind.
-t. Wayne
666,102
448,604 +48.5
Indianapolis_ _ _
13,620.000
9,933.000 +37.1
South Bend_ _ _
718,306
430,208 +67.0
Terre Haute_ _ _
4,516,364
2,979,885 +51.6
Wis.-Milwaukee
13,034,082
12,622,730 +3.3
Ia.-Ced. Rapids
624,976
238,056 +162.5
Des Moines_ _ _
5,691,229
5,450,681
+4.4
Sioux City2,274,769 +11 2
2.528,948
Waterloo
b
b
b
I11.-BloomIngto
501,851
318,931 +57.4
Chicago
218,777.175 201,155,5313
+8.8
Decatur
527,112
602,616 -12.5
Peoria
2,176,624
1,935,878 +12.4
Rockford
529,729
541,834 -2.2
Springfield__ _
1,120,526
792,254 +41.4
Total(19 cities)
Week Ended July 7 1934.
233
448,745,572
Eighth Feder
Ind.
-Evansville
Mo.-St, Louis_
Ky.-Loulsville_
Tenn.-Memphi,
III.-Jacksont ille
Quincy
Total(4 cities)
98,316,749
Total(7 cities)
.
78,885,649
81,054,922 +21.3
74,336,783
+6.1
66,091,797
Tenth Federa1 Reserve Dia trict-Kans as CityNeb.-1.remont_.
126,072
68,935 +82.9
174,327
Hastings
.61,500
b136,343
Lincoln
.
2,203,226
2,054,060
-1-- .5
-1
2,100,717
Omaha
28,167,825
19,724,784 +42.8
18,610,840
Kan.
-Topeka _.
2,156,388
1,828,274 +17.9
2.112,385
Wichita
3,385,427
3,261,395 +3.8
4,312.640
77,412,086
Mo.-Kan. City.
59,946,109 +29.1
.
55,627,840
St. Joseph.. .
2,763,405
2,588,789 +6.7
2,186,005
Colo.
-Col. Spgs•
563,756
700,111 -19.5
748,418
Pueblo
604,543
409,490 +47.6
931,249
Total(10 cities
)
117,444,228
97,270,074
292,073
343,549
3,313,550
36,039,437
2,647,150
6,309,594
95,331.782
3,733,756
1,086,847
2,102,063
90,581,947 +29.7
86,940,764
151,199,801
Eleventh Fed e ral Reserve District
-Da HasTexas
-Austin._ 920,177
736,940 +24.9
Dallas
29,870,418
23,102,335 +29.3
Fort Worth _ _ 6,003,347
4,973,899 +20.7
Galveston_ .._ _ _
2,101,000
1,619,000 +29.8
La.
-Shreveport _
1,903,651
2,348,094 -18.9
683,669
21.723.513
5,302,918
1,497,000
1,883.365
1,685,234
34,914.293
8,427,643
2,356.000
3,438.795
31,090,465
48,821.965
Franc'Imo-+10.9
20,244.347
+79.3
4,897,000
449,443
+57.7
+13.9
15,088,172
7.996,413
+20.3
-8.5
2,847,718
-6.8
2,820,584
-2.9
6,896,923
87,812,342
+23.0
+21.4
1,694,135
+30.5
1,272,755
1,431,726
-0.9
33,978.308
10,473.000
742,756
30,001,969
15,578.743
6,270,283
5,259,176
8,826,887
151,548,749
4,073,166
2,089,203
2,046.700
Total(5 cities)_
40,798,593
32,780.268 +24.5
Twelfth Feder al Reserve D istrict-San
Wash -Seatl.
_
19,938,895
17,971.031
Spokane
7,259,000
4,048,000
akima
448,341
284,258
Ore.- Portland _
. 18,363,467
16,125,013
Utah-S. L. CIt1
10,128,385
8,421,591
,
Cal.
-Long Belie h
2,533,457
2,768,038
Pasadena_ .._ _ _
2,475,119
2,656,924
Sacramento.._
2,743,629
2,826,315
San 1. rancLsco _
109,624,389
89,108,614
San Jose
1,934,892
1.593,725
Santa Barbara _
1.404,088
1.076,332
Stockton
_
1,295,669
1,307,700
Total(12 citiesI) 178,149,331 148,187,541 +20.2 153,451.558 270,888,940
Grand total (111
cities)
_ 4,968,360,223 5,238,434,108 -5.1 4,074,588,324 8,453,565,784
Outside N.Y_
_ 1,888,928.658 1,608,123,834 +17.5 1,574,296,612 2,930.152.872
Week Ended July 5.
Clearings at
1934.
1933.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine flat.. _
Peterborough__ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert._ _
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
130,621,201
108,538,720
52,745,937
16,499,295
4,964,040
4,708,104
2,248,946
4,245,935
5,168,576
1,698,204
1,532.624
3.140.452
3.900,762
3,290,550
305,720
342,845
1,226,591
832.499
976,373
648.213
601.239
212,593
683,462
667.682
1,030,452
1,956,184
264.286
622,891
737,479
474,959
350,584
663.999
$
112,426,961
135,626,571
93,152.779
15,495,342
4,520,754
4,820,990
2,608,608
5,167,944
6,016,024
1,935,052
833,231
2,919,318
4,082,826
3,478,868
439,646
435,990
1,431,530
1,216,749
1,101,586
623,040
493,946
299,672
719,218
752,849
921,474
2,579,814
275,168
578,827
995,327
590,285
508,268
628,702
Total(32 cities)
355,921,397
Inc. or
Dec.
1932.
$
1931.
. 5
-11.3
+11.8
-24.2
-4.0
+7.6
-25.9
-19.5
-31.0
+5.6
85,991,050
77,812,105
50,941.234
13,818,576
4,563,727
5,967,977
3,327,647
4,541,961
4,827,940
1,745.213
1,764,425
2,982,185
4,300.834
3,142,841
484,731
360,035
1,563,671
831,432
1,239.960
654,758
597,530
267,137
754,019
736,744
784.652
2.648,643
307,112
578,180
672.102
474,029
492,451
515,999
115,116,030
101,694,900
54.360.488
20,234,745
7,072,363
7,689,621
4,348,049
5.873,231
6,045,934
2,756,852
2.446,665
3,392,639
4.976,628
4,521,338
520,734
481,769
2,045,934
1,151,255
1,385,912
895,787
757.901
382,239
945,962
818.811
1,149,892
3,515.061
445,628
954,164
996.340
649,156
552,243
816.229
407,677,359 -12.7
279,690,900
358,994,500
+16.2
-20.0
-43.4
+6.5
+0.8
-2.3
-13.8
-17.8
-14.1
-12.2
+83.9
+7.6
-4.5
-5.4
-30.5
-21.4
-14.3
-31.6
-11.4
-4.0
+21.9
-29.1
is No clearings available. c Clearing House not functioning at present.
• Estimated.
Financial Chronicle
234
PRELIMINARY DEBT STATEMENT OF THE
UNITED STATES JUNE 30 1934.
The preliminary statement of the public debt of the United
States June 30 1934, as made upon the basis of the daily
Treasury statement, is as follows:
Bonds
2% Consols of 1930
2% Panama Canal Loan of 1918-36
2% Panama Canal Loan of 1918-38
3% Panama Canal Loan of 1961
3% Conversion bonds of 1946-47
2.34% Postal Savings bonds(7th to 46th series)
3599,724,050.00
48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.00
78,030,240.00
$831,350,370.00
First Liberty Loan of 1932-47:
$1,392,226,350.00
334% bonds
4% bonds (converted)
5,002,450.00
434% bonds (converted)
535,981,500.00
1,933,210,300.00
434% Fourth Liberty Loan of 1933-38 (called
and uncalled)a
Treasury bonds:
4)(% bonds of 1947-52
4% bonds of 1944-54
3g% bonds of 1946-56
334% bonds of 1943-47
334% bonds of 1940-43
334% bonds of 1941-43
334% bonds of 1946-49
3% bonds of 1951-55
334% bonds of 1941
43 -334% bonds of 194345
,
1
33(% bonds of 1944-48
3% bonds of 1946-48
Total bonds
Treasury Notes
23.4% Series B-1934, maturing Aug. 1 1934_
3% Series A-1935, maturing June 15 1935____
134% Series B-1935, maturing Aug. 1 1935..
234% Series 0-1935, maturing March 15 1935_
2g% series D-1935, maturing Dec. 15 1935_
334% Series A-1936, maturing Aug. I 1936___
234% Series 13-1938, maturing Dec. 151936..
234% Series C-1936, maturing April 151936..
334% Series A-1937. maturing Sept. 15 1937__
3% Series 13-1937. maturing April 15 1937____
3% series 0-1937, maturing Feb. 15 1937....
234% Series A-1938, maturing Feb. 1 1938._
234% Series 13-1938. maturing June 181938..
3% series 0-1938. maturing Mar. 15 1938_
239% series A-1939, maturing June 15 1939__
4,412,563,950.00
6,345,774,250.00
$758,983,300.00
1,036,834,500.00
489,087,100.00
454,135.200.00
352,993,950.00
544,914,050.00
819,096,500.00
755.481,350.00
834,474,100.00
1,400,570,500.00
1,061,753,750.00
824,408,050.00
$28,362,500.00
416,602,880.00
353,865,000.00
528,101.600.00
418,291.900.00
364,138,000.00
357,921.200.00
558,819,200.00
817,483,500.00
502.361.900.00
428,730,700.00
276,679,600.00
618,056,800.00
455,175.500.00
528,521,700.00
$6,653,111,900.00
4% Civil Service Retirement Fund, Series
1935 to 1939
.1% Foreign Service Retirement Fund. Series
1935 to 1939
4% Canal Zone Retirement Fund. Series 1936
to 1939
2% Postal Savings system series, maturing
June 30 1939
238.700,000.00
2,437,000.00
2,302,000.00
35.000,000.00
6,931,550,900.00
Certificates of Indebtedness
-1934, maturing Sept. 15 1934_
134% series TS
% series TD-1934. maturing Dec. 15 1934_
524,748,500.00
992,496,500.00
117,800,000.00
1,635,045,000.00
Treasury Bills (Maturity Value)—
Series maturing July 3 1934
Series maturing July 11 1934
Series maturing July 18 1934
Series maturing July 25 1934
Series maturing Aug. 1 1934
Series maturing Aug. 8 1934
Series maturing Aug. 8 1934
Series maturing Aug. 15 1934
Series maturing Aug. 15 1934
Series maturing Aug. 22 1934
Series maturing Aug. 29 1934
Series maturing Sept. 5 1934
Series maturing Sept. 26 1934
Series maturing Oct. 3 1934
Series maturing Oct. 10 1934
Series maturing Oct. 17 1934
Series maturing Oct. 24 1934
Series maturing Oct. 31 1934
Series maturing Nov. 7 1934
Series maturing Nov. 14 1934
Series maturing Nov. 21 1934
Series maturing Dec. 19 1934
Series maturing Dec. 26 1934
$50,151,000.00
50,257,000.00
75,047,000.00
75,325,000.00
75,056,000.00
50,078,000.00
75,114.000.60
75,044,000.00
50,254,000.00
50,457,000.00
75,088,000.00
100,236,000.00
50,525,000.00
50,096.000.00
50,225,000.00
50,033,009.00
50,040,000.00
50,037,000.00
50,173,000.00
50,080,000.00
50,140,000.00
75,226,000.00
75,353,000.00
1,404,035,000.00
Total interest-bearing debt outstanding
Matured Debt on Which Interest Has Ceased—
Old debt matured—Issued prior to April 1 1917
4% and 434% Second Liberty Loan bonds of
1927-42
434% Third Liberty Loan bonds of 1928
334% Victory Notes of 1922-23
434% Victory Notes of 1922-23
Treasury notes, at various interest rates
Ctfs. of Indebtedness, at various int. rates....
Treasury bills
Treasury Savings Certificates
$28,480,487,870.00
2,016,400.00
3,259,500.00
11,100.00
841,850.00
3,887,150.00
17,916,300.00
24,572,000.00
452,350.00
346,681,016.00
156,039.430.93
$190,641,585.07
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency_ _
Thrift and Treasury savings stamps, unclassified sales. &a
322,395,595.50
2,037,453.74
3,312.079.91
518,386,714.22
Total gross debt
$27,053,141,414.48
a Includes amount of outstanding bonds called for redemption on April 15 1934,
on which interest has ceased.
COMPARATIVE PUBLIC DEBT STATEMENT.
(On the basis of daily Treasury statements.)
Aug. 311919.
When War Debt
Mar. 311917,
June 30 1933,
Was at Its Peak.
Pre-war Debt.
a Year Ago,
1,282,044,346.28 26,596,701,648.01 22,538,672,560.15
Gross debt
74,216,460.05 1,118,109,534.76
Net balance in general fund862,205,220.61
Gross debt less net balance in general fund-- 1.207.827,886.23 25,478,592,113.25 21,676,467,339.54
May 311934,
Mar. 311934,
Last Month.
Last Quarter.
June 30 1934.
$
$
$
26,157,509,691.96 26,155,017,449.27 27,053,141,414.48
Gross debt
Net balance in general fund- 4,817,870.615.36 2,021,713,008.08 2,581,922,240.18
Gross debt less net balance in general fund_ __21,339,639,076.60 24,133,304,440.19 24,471,219,174.32
Expenditures—
General:
Departmental (see note 1)_ _
Public bldg. construction and
sites, Treas. Dept.(note 1).
River and harbor work(note 1)
National defense (note 1):
Army
Navy
Veterans' Admin. (note 1)Adjusted service ctt. fund....
AgriculturalAdjustment Administration (note 1)
Farm Credit Admin.(note 1).
Agricul. market'gfund(note 2)
Distribution of wheat and
cotton for relief
Refunds of receipts:
Customs
Internal revenue
Processing tax on farm prod
Postal deficiency
Panama Canal
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
Publicdebt retirements:
Sinking fund
Purchases and retirements
from foreign repayments.
Receivedfrom for'n govts.
under debt settlements..
Estatetaxes, forfeitures.
gifts. &c
Emergency (see note 3):
Federal Emergency Administration of Public Works:
Civil Works Administration
Loans and grants to States.
municipalities, &c
Loans to railroads
Public highways
River and harbor work
Boulder Canyon project.
Emergency Housing CornAllother
Civil Works Administration
Federal Emergency Relief Administration
Administration for Industrial
Recovery
Agricultural Adjust. Admin..
Farm Credit Administration..
Emergency Conserva'n Work.
Reconstruction Finance Corp_
Federal Farm Mtge. Corp.
bonds, prin. and interest...
TennesseeValley Authority-.
Federal Land banks(subscens
to paid-in surplus. &c.)Federal Says. & Loan Ass'n8
.
(eubscrip'ns to pref. shs.)-Federal Deposit lnsur. Corp.
(subscriptions to stock).
391,006,779
226,429,087
31,240,2531
3,645,309
10,921,798
3,115,554,050
2,079,696,742
341,335,354
75,515.814
78,281,479
2,356,230,268
8,007,162
31,625,773
47,799,048
205,305,922
274,388,386
506,549,454
60,000,000
100,000,000
24,338,822
01,729,319
279,723.062
23,123,288
246,340,931
01,816,409
02,165
24,442
1,671,242
4,381,006
274,452
25,000,296
1,551,119
53,988
5,199,158
30,132,238
2.630,513
01,461,684
03,254,996
34,240,628
14,048,350
48,664,202
1,194,640
52,003,296
9,197,147
12,576,842
57,763,119
117,380,192
12,672,729
01,737,780
121,339,339
95,500
23,250,000
292,700
5,700,000
756,617,127
416,000
7,775,000
689,365,106
359,490,900
105,851,788
0242,545
20,850,000
425,660,300
30,977,000
357,850
2909,650
600
310,161,800
15,343
2,057,850
388,415.084
3,100,914,534
3,865,915,459
400,005,000
9,361,816
22,890.000
42,333,045
11,409,172
2,822,863
48,438
29,865,968
11,088,281
78,596,230
70,739,000
067,882.018
72,450,381
19,445,382
369,351
135,743,767
316,157,892
91,933,599
340,742,149
941,438
10,500,781
3,771,245
41,957,743
168,587,904
6,632,492
72,143,916
67,168,305
331,940,861
1,614,932,338
82,323,430
035,054,891
2,917,457
11,036,795
7,778,384
1,277,038,168
47,892,734
333,500
754,800
0381,184
149,502,150
423,105,559
22,323,430 4,004,135,551 1,277,038,168
733,287,359
470,738,514 7,105,060,085 6,142,953,627
Total expend's (note 4)
Excess of receipts
342,260,580
184.309,427 3,989,496,035 3,063,256,826
Excess of expenditures (note 4)
Summary.
342,260,580
184,309,427 3,989,496,035 3,063,256,885
Excess of expenditures
95,500
600
Less public debt retirements-359,264,093
461,604,800
Excess of expenditures (exclud4
342,165,080
181,308,827 3,629,631,942 2,601,652,085
public debt retirements)
Trust & contributed funds and
Increment on gold, excess of
—4,250,316
+3,203,742 —834,880.108
receipts(—)or expends.(+1+5,0
39.989
187,512.569 2,794,751,834 2,606,662,074
Total excess of expenditures- - 337,914,7.34
Increase (+3 or decrease(—)In
+560,209,232 +497,774,010 +1,719,717,090 +445,008,042
general fund balance
898,123.966
685,286,579 4,514,468,854 3,051,678.116
Increase in the public debt
Public debt at beginning of
26,155,017,418 21.853,385,981 22.538,672,560 19,487,002,444
month or year
27,053,141.414 22.538,672.560 27,053,141,414 22,532,672,560
Public debt this date
Trust and Contributed Funds
and Increment on Gold.
(See note 5)
Receipts—
20,116,536
Trust and contributed funds.-19,733,235
162,179,891
158,659,439
Increment resulting from reduc213,447
tion in weight of gold dollar
2,811,375,757
20,329,983
19,733,235 2,973,555,648
Total
158.659,439
Expenditures—
16,079.637
22,936,977
Trust and contributed funds....
163,669,428
138,875,510
Increment on
Chargeableagainst
gold:
2,000,000,000
Exchange stabilization fund..
Total
$1,509,680.26
54,266,830.26
Debt Bearing No Interest—
United States notes
Less gold reserve
General & Special Funds.
—Month of June
- —July 1 to June 301934.
1933.
Receipts—
1933-34.
1932-33.
Internal revenue:
Income tax
188,021.345
146,593,932
817,961,481
746,206,445
Miscell. Internal revenue_ _ - 130,406,714
106,506,113 1,469,593,551
858,217,512
39,479,107
Processing tax on farm prod's_
353,048,797
Customs
20,836,933
22,943,351
313,431,302
250,750,251
Miscellaneous receipts:
Proceed.% of Govt.
-owned securities:
2,580
Principal—for'n obligations
319
396,755
31,567,519
163,958
Interest—foreign obliga'ns_
6,121
20,033,594
67,190,207
1,200,020
All other
1,493,546
57,415,484
32,090,747
2,754,871
Panama Canal toils,&c
2.844,330
27,103,068
23,267,500
8,141,251
Other miscellaneous
6,111,375
56,567,018
70,406,561
Total
$1,517,245,000.00
4% Adjusted Service Certificate Fund Series,
maturing Jan. 1 1935
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 June 1934
and 1933 and the twelve months of the fiscal years 1933-34
and 1932-33.
'rotal receipts
9,332,732,350.00
$16,509,856,970.00
July 14 1934
Total
Excess of receipts or credits
Excess of expenditures
16,079,637
4,250,346
22.936,977
3,203,742
2,138,675,540
834,880,108
163,669,428
5,009,989
°Excess of credits (deduct).
Note I.—Additional expenditures on these accounts for this month and the fiscal
year 1934 are included under Emergency Expenditures, the classification of which
will be shown in the statement of classified receipts and expenditures appearing
on Page 4 of the daily Treasury statement for the 15th of each month.
Volume 139
Financial Chronicle
-On and after May 27 1933 repayments of loans made from Agricultural
Note 2.
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.
-Total expenditures and excess of expenditures for the fiscal year 1933
Note 4.
include expenditures made by the Reconstruction Finance Corporation, whereas
In last year's daily Treasury statements Reconstruction Finance Corporation expenditures appeared on page 3.
-The classification of receipts and expenditures on account of contributed
Note 5.
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.
TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
June 30 1934 are set out in the following. The figures
are taken entirely from the daily statement of the United
States Treasury as of June 30 1934.
Assets
Gold
CURRENT ASSETS AND LIABILITIES.
GOLD.
MeMass7.856,074,225.67 Gold certificates:
Outstanding (outside
958,684,599.00
of Treasury)
Gold ctf. fund-Fed.
3,973,332.588.66
Reserve Board
Redemption fund
Fed. Reserve notes_ 25,722,721.73
156,039.430.93
Gold reserve
Exch.stabilization fund 1,800,000,000.00
942,294,885.35
Gold In general fund__
Total
7,856,074,225.67
Total
7,856,074,225.67
Note.
-Reserve against $346,681,016 o it. S. notes and $1,189,324 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
In the Treasury.
SILVER.
Assets
Silver bullion (Sec. 45,
Silver ctts. (Sec. 45. Act
Act of May 121933)
1,560,000.00
1,560,000.00
of May 12 1933)
Silver dollars
503,852,622.00 Silver ctfs. outstanding_ 493,436,414.00
Treasury notes of 1890
1,189,324.00
outstanding
9,226,804.00
Silver dots.In gen.fundTotal
505,412,622.00
Total
505,412,622.00
GENERAL FUND.
Assets$
Liabilities$
Gold (see above)
942,294,885.35 Treasurer's checks outSilver dots. (see above)
9,522.109.43
standing
9,226,884.00
United States notes.___
1,979.789.00 Deposits of Government
Silver ctfs. (Sec. 45, Act
officers:
of May 12 1933)
9.701,780.76
Post Office Dept
1,190,380.00
Federal Reserve notes__
Board of Trustees.
13.656.905.00
Fed. Reserve bank notes
Postal Savings Sys
2,331,357.00
National bank notes__ 21,656,177.00
tern:
Subsidiary silver coin__
5% reserve, law3,586,151.45
Minor coin
60.690,966.83
ful money
3,665,434.29
Silver bullion
7,186,736.65
Other deposits45,602,375.75
UnclassifiedPostmasters, clerks of
Collections, dre
courts, disbursing
2,831,924.78
Deposits in313.255,420.83
officers. &c
Fed. Reserve banks- 96,627,777.95 Deposits for:
Special dews. acct. of
Redemption of F. R.
Sales of Govt. Bebank notes(5% fund
curitles
4,335,000.00
lawful money)
1,854,046,000.00
Nat. and other bank
Redemption of nat'l
(5% fund.
depositaries:
bank notes
To credit of Tress32,892,923.75
lawful money)
Retirement of addl
urer of U.5
7,048.597.27
To credit of other
eirculat'g notes Act
Govt. officers__ _ 23,683,972.00
1,350.00
of May 30 1908....
Foreign depositaries:
Uncollected items, ex13.399,651.41
To credit of Tresschanges. Ac
urer of U. S
911,429.84
To credit of other
450,994,939.66
Govt. officers_ _
2,581,922,240.16
.
1,466,696.06 Net balance
Philippine Treasury:
To credit of Treasurer of U.S
1,110,443.08
Total
3,032.917,179.82
8032,917,179,82
Total
Note.
-The amount to the credit of disbursing officers and agencies to-day was
$587,173.911.57.
$1,740,745 in Federal Reserve notes. $2,331,357 in Federal Reserve bank notes.
and $21,585,067 in National bank notes are in the Treasury In process of redemption and are charges against the deposits for the rennet
-We 5 redemption fonds
%
and retirement funds.
TREASURY MONEY HOLDINGS.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of April, May,
June and July 1934.
Floldings In U.8. Treasury April 1 1934. May 1 1934. June 1 1934. July 1 1934.
$
$
$
$
Net gold coin and bullion. 3.197,338,263 1,177,503,999 1.142,563,274 1,098,334,316
Net silver coin and bullion
55,450,225
47,739,093
56,019,640
46,199,257
Net United States notes__
3,242,571
3,439,868
1.979,789
2,133,836
Net National bank notes.
21.729,326
19,950,435
21.656.177
21,174,245
Net Federal Reserve notes
13.614,445
16.478,030
13,656,905
16,459,125
Net Fed. Res. bank notes_
2.243.212
2,158.375
2,331,357
2.359,041
Net subsidiary silver
4,824,267
8.525,972
3,586,152
10.228,262
Minor coin, Aro
6,610.279
7,485,111
6,497,359
7,194.504
Total crash In Treasury. 3,303.086,533 1283 280.883 1.250.277,599 *1204061,695
1Less gold reserve fund__ 156.039.088 156,039,088 156,039,431 156.039.431
Cash balance In Treas'y 3.147,047.445 1,127.241,795 1,094,238.168 1,048,022.264
Dep. In extol depositories
account Treas'y bonds,
Treasury notes and certificates of indebtedness 1,914,432,000 1,443,651,000 1.314,617.000 1,854,046,000
Dep. In Fed. Res. bank__
59,628,524
96,627,778
98,536,605 145,930.157
Dep. In National banks
To credit Treas. U. S__
6,073,743
7.227,012
7,048,597
6,698,242
To credit dish officers_
22,518.246
21.304.772
23.683,972
23,649,134
Cash in Philippine Islands
1.065.053
1,157,584
1,110,443
862,698
Deposits In foreign depta_
2,687.981
2,711,049
2,378,126
2.724,887
Dep. In Fed. Land banks_
Net cash In Treasury
and in banks
5.193,951.011 2.749,223,369 2,500.828,715 3.032.917.180
Deduct current liabilities_ 376.080,395 455.241,796 479,115,707 450,994,940
Available cash balance_ 5.817.870.616 2.293.981.573 2.021.713.008 2,581,922,240
Includes July 1. $45,602,376 silver bullion and $3,665,434 minor, &e., coin
not included in statement "Stock of Money."
235
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:
July 7 July 9 July 10 July 11 July 12 July 13
1934.
1934.
1934. 1934.
1934.
1934.
Francs. France. Prams. Francs. Francs. Francs.
Bank of France
11,400 11,200 11,200 11,200 11,200
Banque de Paris et Pays Bas
1,451
1.437 1,439
1.471
176
170
Banque d'Union Parisienne
170
171
226
223
Canadian Pacific
223
227
-iii
Canal de Suez
18,700 18,600 18,600 18,600 18,600
Cie Distr. d'Electricitle
2,375 2,355 2,375 2,370
Cie Generale d'Electticitle
1,770 1,750 1,760
1,740
fiiio
26
26
Cle Generale Transatiantique--26
26
26
191
Citroen B
185
185
186
--Comptoir Nationale d'Escompte
1,015
1,011
1,017 1,011
140
140
Coty S A
140
140
"iiti
285
279
CourrIeres
281
283
-718
709
Credit Commercial de France
714
722
2,080 2,050
Credit Lyonnais
2,060
2,060
2:060
Faux Lyonnais
2,550
2.540
2,540 2,580 2,570
649
Energie Electrlque du Nord
643
664
634
Energie Electrique du Littoral
873
870
865
861
596
583
Kuhlmann
594
600
L'Air Liquid°
761
741
Hell730
740
745
987
980
Lyon (P L M)
982
980
day
1,392
1,380
Nord Ry
1,385
1,370
411
456
Orleans Ry
456
451
-iio
64
63
63
66
Pathe Capital
1,065
1,045 1,050
1,052
Pechiney
Rentes, Perpetual 3%
77.90 77.40 77 40 77.30
77.40
86.80 86.25 86.25 86.45
Renter 4%, 1917
86.65
85.85
85.45 85.35 85.35
Relates 4%, 1918
85.75
91.25
91.85 91.85 92.05 92.50
Rentes 4(4%, 1932 A
90.40
90.10 89.90 90.25 90.75
Rentes 434%, 1932 B
113.50 113.10 113.00 113.30 113.75
Rentes 5%. 1920
1,670
1,580 1,580
Royal Dutch
1,590
1,580
1,233
1,236
1,256
1,228
Saint Gobaln C & C
Schneider & Cie
1,608
1,635
1,640 .1,620
56
5656
Societe Francalse Ford
55
56
69
Societe Generale Fonclere
69
68
68
.._ _.
2,555 2,540
2,545 2,580
Societe Lyonnalse
1,626
1,630
Societe Marseillabre
1,532
1,533
116
114
Tlibize Artificial Silk pref
113
116
---733
726
Union d'ElectricItie
728
735
80
80
80
Wagon-Lita
80
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
July
7.
Retchsbank (12%)
Berliner Handels-Gesellachaft (5%)
Commerz-und Privet Bank A 0
Deutsche Bank und Disconto-Gesellschaft_
Dresdner Bank
Deutsche Reichsbahn (Gee Rys) prel(7%).Allgemeine Elektrizitaets-Gesell (A E0)- Rollday
Berliner Kraft u Licht(10%)
Dessauer Gas (7%)
Gestlierel (5%,
Hamburg Elektr-Werke (8%)
Siemens & HaLske(7%)
I0 Farbenindustrle(7%)
Salzdetturth (734 %)
Rheinische Braunkohle (12%)
Deutsche Erdoel(4%)
Mannesmann Roehren
HaPart
Norddeutscher Lloyd
July
9.
154
90
58
63
65
111
23
143
133
109
128
150
149
171
234
116
64
26
30
July July July
10.
11.
12.
Per Cent of Par
155
155
155
90
90
90
58
56
58
62
62
62
65
65
65
111
111
111
23
23
23
143 144
143
134
135 129
109
108
108
128
129
129
150 152
151
150
150
150
163
164
163
234 234
237
118
118
118
65
65
65
28
28
28
32
32
32
July
13.
154
90
58
62
65
111
24
143
110
108
130
150
150
164
241
117
65
27
31
BREADSTUFFS.
-All the statements
Figures Brought from Page 301.
below, regarding the movement of grain-receipts, exports,
-are prepared by us from figures collected
visible supply, &c.
by the New York Produce Exchange. First we give the receipts at Western lake and river ports for the week ending last
Saturday and since Aug. 1 for each of the last three years:
Receipts at-
Flour.
Corn.
Wheat.
Oats.
I
Rye.
Barley.
bls.195ibs bush 60 lbs. bush.56 lbs.bush. 32 lbs. bush.48lbs.bush.561bs.
109,000
334.0001 212,000
924,0001
183,000 1,321,000
Chicago
48,0001
521,000
24,0001 245,000
Minneapolis_
437,0001
4,000
Duluth
413,000
58,0001
1,0001 110.000
7,000
Milwaukee...
233.000.166,0001
14,000
I 226,000
349.000
Toledo
283,000
12,0001
5,000
3,0001
10,000
Detroit
20,000
6,0001
29.000
28.000
Indianapolis_
276,000
258,0001
34,
2,812,000
..
5,000
60,000
St Louis_ _
1,0001
232,0001
28,000
72,000
41,0001
31,0
Peoria
204,0001
72,000
26.000
194,0001
10,000 3,982,000
Kansas City
2,604,000
4,000
Omaha
172,0001
32,0001
St. Joseph_
9.000
459,000
1,000
1l,000
1,327,000
Wichita
31,000
1
Sioux City_
11,000
200,00B
Buffalo
1,651,000
443,000
151,000
Total wk. '34
Same wk. '33
Same wk '32
272,000 15,985,000 3,1R0,000
533,000 9,893.000 9.873,000
354,000 9,987,000 1,700,000
878.0001
2,801,0001
949
433,000 1,041,000
580,
1,319,000
356.000
155.000
Since Aug.11933
16,833,000 256,821,000,188,996,000 71,488,00013,435,00052,549,000
1932
18.923,000343.894.000.230,630,000 99,976,000 17,846,00052,847,000
1021
to And MA II 7 6112 MA 1 9/ 205 AAA AO 7111 MCI II 1011 MARI 744 non
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, July 7 1934, follow:
Receipts at-
Flour.
Wheal.
I
Corn.
Oats.
Rye.
Us. 195/bs bush. 60 Os ,bush. 56 lbs.bush. 32 lbs.bush.481bs
.
New York _
94,000
12,110
585,000
Philadelphia__
44,000
25,000
14,000
Baltimore__
12,000
4,000
39,000
2 ,i li
36,000
Newport News
I
1.000
New Orleans'
21,001
,
51.000
20,000
Galveston...
80,000
374,000
Montreal. ___
132,000
18,000
Boston
4,1 i 1
4,000
17,000
Sorel
204,000
Quebec
71,000
Halifax
2,000
I
187,000
27,000
131,000
Total wk. '34
189,000 1,357,000,
Since Jan.1'34 7,041,000 37,050,000 4,195,000 3,464,000 1,584,000
Barley.
.56I65.
4,000
1,000
42.000
47.000
375,000
89,000
151,000
19,000
Week 1933_ _
. 354,000, 1,414,000
27,000
:
132,000
393.000
Since Jan 1'33 8,032,000 39 516.000 2,562,000 2.336.000
'Receipts do not include grain passing through New Orleans for foreign r
on through bills of lading.
236
Financial Chronicle
The exports from the several seaboard ports for the week
ending Saturday, July 7 1934, are shown in the annexed
statement,:
ExportsfromNew York
Baltimore
Newport News
Sorel
New Orleans
Galveston
Montreal
Quebec
Halifax
Wheat.
Bushels.
Corn.
Bushels.
434,000
Flour.
Barrels,
Oats.
Rye.
Barley.,
Bushels. Bushel?. Bushels.
11,609
1,000
1,000
374,000
71,000
1,000
132:000
42,000
133,000
47,000
42,000
17.000
2,000
Total week 1934_ 1,083,000
Same week 1933._ ._ 1.605.000
42,609
152,435
27,000
NATIONAL BANKS.
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTERS ISSUED.
Capital.
June 29
-The Commercial National Bank of Spartanburg,
Spartanburg, S. C
$150,000
Capital stock consists of $80,000 common stock and $70,000
preferred stock. President. J. L. Campbell; Cashier, Vernon
C. Earle. Primary Organization.
June 30
-First National Bank at Farmersville, Farmersville, Tex_ 50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, M. E. Singleton; Cashier, 0. E.
Carlisle. Will succeed No. 13277, The First National Bank
in Farmersville.
July 3
-First National Bank in Eads, Eads, Colo
50,000
Capital stock soncists of $25,000 common stock and $25,000
Preferred stock. President, F. L. Pyles; Cashier, Oral Cork.
Will succeed The First National Bank of Eads. No.8412.
July 6
-The First National Bank of Green Lane, Green Lane,Pa.. 50,000
Capital stock consists of $25,000 common stock and $25.000
preferred stock. President. Frank F. Sowers; Cashier, Otto
A. Schoenly. Will succeed No. 9084, The Valley National
Bank of Green Lane.
July 6
-The Union National Bank of Zelienople,Zelienople, Pa_ _ 65,000
Capital stock consists of $25,000 common stock and $40,000
President. Henry Kloffensteen: Cashier,
rr.1d
f 1 3 alaein Will succeed No. 6141, The First National
1
cc ri :
Bank of Zelienople and No.7409, The Peoples National Bank
of Zelienople.
VOLUNTARY LIQUIDATIONS.
June 30
--First National Bank & Trust Co. of Ridgewood, N. J_.. 400,000
Effective June 23 1934. Liquidating Agent, Thomas S.
Doughty, care of the liquidating bank. Absorbed by
"Citizens First National Bank & Trust Co. of Ridgewood."
Charter No. 11759.
July 2
-Dallas National Bank, Dallas, Oregon
30,000
Effective at close of business June 30 1934. Liquidating Agents:
Eugene Hayter and Walter Williams, both of Dallas, Oregon.
Absorbed by Dallas City Bank, Dallas, Oregon.
July 2
-The Clementon National Bank, Clementor, N. J
25,000
Effective June 15 1934. Liq. committee: J. Palmer Earl,
Theodore W. Gibbs and William C. Heiweg, all of Clementon, N. J. Succeeded by "National Bank of Clementon,"
Charter No. 14006.
July 2
-The Auburn National Bank. Auburn, Wash
50,000
Effective June 30 1934. Liq. agent: W. A. Heath, Auburn,
Wash. Succeeded by the "Auburn National Bank," Auburn,
Wash. Charter No. 14038.
July 3
-The First National Bank of Marion. Wis
50,000
Effective June 27 1934. Liq.committee: Wilbert Zang,Wm.E.
Wolf, Anton Malueg, and J. E. Arndt, all of Marion, Wis.
Succeeded by "First National Bank in Marion," Charter
No. 14130.
July 3
-The National Bank of Grey Eagle, Minn
25,000
Effective July 2 1934. Liq. agent: Aug. N. Anderson, care of
liquidating bank. Succeeded by State Bank of Grey Eagle,
Minn.
July 6
-The Haskell National Bank, Haskell, Texas
80,000
Effective June 29 1934. Liq. agent: 0. E. Patterson, Haskell,
Texas. Succeeded by the "Haskell National Bank." Haskell,
Texas, Charter No. 14149.
BRANCHES AUTHORIZED,
June 29
-Bank of America National Trust & Savings Association, San
Calif. Location of branch: 615 East Central Ave., Balboa,
Francisco,
Newport Beach, Orange County, Calif. Certificate No. 996A.
June 20 First National Bank in Reno, Nevada. Location of branches:
Carson City, Ormbsy County Nevada. Winnemucca, Humboldt
County, Nevada. Certificates Nos. 997A and 998A.
June 29
-The Anglo California National Bank of San Francisco, Calif.
Location of branch: 1560 Broadway, Oakland, Alameda County, Calif.
Certificate No. 999A.
June 30
-The First National Trust & Savings Bank of San Diego, Calif.
Location of branch: City of La Mesa, San Diego County, Calif. Certificate No. 1000A.
July 2
-Bank of America National Trust & Savings Association, San
Francisco, Calif. Location of branch: 101 West Main St., Puente,
Los Angeles County, Calif. Certificate No, 1001A.
July 2
-Central United National Bank of Cleveland, Ohio. Location of
branch: Northeast corner of Main and Washington Sts, Chagrin Falls,
Cuyahoga County, Ohio. Certificate No. 1002A.
AUCTION SALES.
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
BondsPer Cent.
$9,100 Combustion Engineering Co , Inc.. 5% debentures due June 1 1943.
Sale being made pursuant to terms of a trust agreement made by Combustion Engineering Co., Inc.. to City Bank Farmers Trust Co., as trustee,
dated as of June 1 1933
45% flat
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares.
Socks.
3 per Share.
950 A. B. See Elevator Co.. Inc. (Del.), 2nd pfd. par $100
$3 sh.
197 Hudson County National Bank (Jersey City) (Par $25). together with a
beneficial interest in 197 shares Union Hudson Securhies Co.(N. J.) Class
"A"(no par)
$1500 lot
500 The National Commercial Title & Mortgage Guaranty Co. (N. J.).
par $10
$600 lot
.500 Associated Company (N. J.), par $10
$625 lot
By R. L. Day & Co., Boston:
Shares.
Stocks.
$ per Share.
5 Ashuelot Citizens National Bank, Keene, N. H par $100
250
.6 Hill Manufacturing Co
5
16.000 units of participation of the Rock-Mere Trust
$16,000 lot
.59 Haverhill Electric Co. par $25
46
5 Quincy Market Cold Storage & Warehouse Co. common, par $100
5
10 Saco Lowell Shops common
354
BondsPer Cent.
$2.000 Batista Mach Tool Co Be, Sept. 1938, coupon March 1933 & sub. on..514 flat
By Crockett & Co., Boston:
Shares
.Stocks.
25 National City Bank, New York, par $12%
1 Sanford Mills, Inc., common
25 United Elastic Corp
10 Robert Galr preferred
8 Massachusetts Real Estate Co., par $100
Bonds$50 Eastern Mass. St. Rys 5s. Jan. 1 1948
$ per Share.
28%
3394
12-11%
1294
2234
Per Cent.
4894
By Barnes & Lofland, Philadelphia:
204.000
3,000
6,000
18,000
July 14 1934
Shares
Stocks.
$ per Share.
40 Kensington Security Bank & Trust Co., par $50
50c.
100 Integrity Trust Co., par $10 (old)
3
6 Indisnapolis Rys., Inc , v t.. common
be.
42 Central-Penn National Bank, par 810
2534
15 Philadelphia National Bank par $20
69
10 First National Bank, RIngtown, Pa., par $100
50
30 Chester Cambridge Bank & Trust Co., Chester, Pa , par $20
16
25 Real Estate-Land Title & Trust Co., par 510
11
1 Northern Trust Co.. par $100
440
623 Philadelphia Co. for Guar. Mtges., par $20
38c.
417 Pennsylvania Co. for Guar. Mtges , par $20
37c
BondsPer Cent
general mortgage, Jan. Sr July Due 1967_ _ 39
$400 Indianapolis Rys., lne .
By A. J. Wright & Co., Buffalo:
Shares
Stocks.
240 W. H Fitzpatrick & Sons, Inc
170 W. H. Flt7patrIck & SODS. Inc
10 Angel International Corp
per Share.
10
10
10e
_
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.
Adams-Millis Corp.,common (quar.)
Preferred (quarterly)
Administered Fund, Inc
Allegheny Steel Co., common
Preferred (quarterly)
American Accumulative Trust Shares
American Fidelity Co. (quar.)
American Investors, preferred
American Papa. Goods (quar.)
. Y.)(guar.) _ _
Amsterdam City Nat. Baak
Amsterdam Trading Co.(Am.shs.)
Archer-Daniels-Midland Co., pref. (quar.)
Atlantic City Electric: $6 Pref. (guar.)
Berland Shoe Stores, 7% preferred
Best & Co.. common (quar.)
Birtman Electric Co. common (ouar.)
Preferreci (quarterly)
Bourjois, $294 preferred (quar.)
-a.)_ _ _
British Columbia Elec. By.. 5% pref. (s.
Broadway Newport Bridge (Cincinnati, O.)(qu.)
5% preferred (guar.)
Broo 'Wilke Investors (quar.)
Buckskin National Gold Mining
d Buywell Food Markets, Ltd., 7% pref
Calgary Power Co., preferred (quar.)
California Packing
Canadian Dredge & Dock Co.(quar.)
Canadian Investment Corp. (guar.)
Canadian Investment Fund, ordinary shares__ _
Special shares
Capital Management Corp. (guar.)
Central Arizona Light & Power, $7 pref. (quar.)
$6 preferred (quarterly)
Century Shares Trust, partic. shares
Chain Stores Investors, preferred
Cherry-Burrell Corp., common (quar.)
Preferred (quarterly)
City of New York Ins. Co.(N. Y.)(8.-a.)
Claflin Warren Fund
Cleveland Graphite Bronze Co. (quar.)
Cluett, Peabody & Co.. Inc., common (quar.)_ _
Colgate-Palmolive-Peet Co., common
Collins Co.(quar.)
Columbia Gas & Electric Corp.,6% Pref. A (qu.)
5% preferred (quar.)
5% cony. preference (guar.)
Commonwealth Utilities, 7% pref. A (quar.)__ _
6% preferred B (quarterly)
Consolidated Rendering Co.,8% Pref. (quar.)_ _
Continental Can Co., Inc., common (quar.)_ _ _ _
Courtaulds, Ltd., common (interim)
Cumulative Trust Shares
Detroit Hillsdale & So. West. RR. Co
Duff
-Norton MM.Co..6% Pref. (guar.)
Eastern Gas & Fuel Assoc
-Cunningham Drug Stores, initial__ _
Economical
Electric Household Utilities Corp
Emerson's Bromo-Seltzer, Inc., Class A. & B.,
commoh (quarert13)
Empire Capital, A. (guar.)
A,extra
B (initial)
Faber, Coe & Gregg,7% pref. (quar.)
Federal Knitting Mills Co., corn. (quar.)
Federal Services Finance Corp. (Washington,
D.C.)(quarterly)
7% preferred (quarterly)
Fidelity & Deposit Co.(Baltimore, Md.)
First All Canadian Trustee Shares 1945 Fund_ _
Foreign Bond Assoc. corn. (guar.)
Franklin Fire Insurance (quar.)
Extra
General Baking Co., com. (quar.)
Preferred
General Hosiery, 7% pref. (guar.)
Glidden Co.,com.(guar.)
Extra
Preferred (quar.)
Gorden & Bel
-yea Ltd., 7% pref
-a.)
Guilford-Chester Water (s.
Handley Page Ltd.. Am. dep. rec. pref. reg_ _ _ _
Harrisburg Bridge (s.
-a.)
Hartford Times,Inc.,partic. pref.(quar.)
Hawaiian Sugar Plantation (mo.)
Hollander (A.) & Sons, Inc., common (quar.)__ _
Home Insurance Co. (quar.)
Extra
Howes Publishing
7% preferred
-a.)___
Hydro-Electric Security, 5% pref. B (s.
Illuminating & Power Security Corp. (quar.)..
7% preferred (quar.)
Insurance Co.of the State of Pennsylvania (8.-a.)
Per
When Holders
Share, Payable. ofRecord.
50c
$131
14c
15c
$15‘
4.37c
50c
75c
50c
$3%
42c
1
1151
h$3
3794c
10c
$194
68lie
294
$194
6c
294c
5294c
$13.4
37
$13(
10c
3lic
3,34c
15c
$194
$154
370
h50c
15c
$1h
$1
50c
25c
1214c
-$1
Aug. 1 July 20
Aug. 1 July 20
July 23 Jrly 16
Aug. 15 Aug. 1
Sept. 1 Aug. 15
July 15
July 14 July 10
Aug. 15 July 31
Aug. 1 July 23
July 31 July 15
July 20 July 14
Aug. 1 July 21
Aug. 1 July 14
Aug. 1 July 20
Aug. 15 July 25
Aug. 1 July 16
Aug. 1 July 16
Aug. 15 Aug. 1
July 16 July 4
Aug. 1 July 31
Aug. 1 July 31
July 16 July 6
July 10
July 16 July 10
Aug. 1 July 14
Sept. 15 Aug. 15
Aug. 1 July 20
Aug. 1 July 14
Aug. I July 16
Aug. 1 July 16
Aug. 1 July 20
Aug. 1 July 16
Aug. 1 July 16
Aug. 1 July 6
Aug. 1 July 16
Aug. 1 July 20
Aug. 1 July 20
Aug. 1 July 13
July 18 July 11
July 5 July 2
Aug. 1 July 21
Aug. 1 July 23
July 15 July 10
Aug. 15 July 20
Aug. 15 July 20
Aug. 15 July 20
Oct. 7 Sept. 15
Oct. 1 Sept. 15
Aug. 1 July 21
Aug. 15 July 25a
$1%
15c
35c
25c
July 16
Jan. 5 Dec. 20
July 16
(Meet. 1 Aug. 15
July 15 July 10
July 31 July 21
50c
10c
Sc
10c
$131
6234c
Aug. 1 July 16
Aug. 31 Aug. 21
Aug. 31 Aug. 21
Aug. 31 Aug. 21
Aug. 1 July 20
Aug. 1 July 14
50c July 31 June 30
July 31 June 30
50c July 27 July 16
7.5c July 15
50c July 20 July 13
25c Aug. 1 July 14
Sc Aug. 1 July 14
25c July 23 July 16
$4 July 23 July 16
$194 Aug. 1 July 20
25c Oct. 1 Sept. 14
15c Oct. 1 Sept.14
$1
Oct. 1 Sept.14
$1
July 1 June 28
July 21 July 2
14c July 14 June 21
70c July 15 July 14
75c Aug. 15 Aug. 1
25c July 23 July 14
1294c Aug. 15 July 31
Aug. 1 July 13
Sc Aug. 1 July 13
h2
July 15
h7 o July 15
25c Aug. 1 July 19
$191 Aug. 10 July 31
Aug. 15 July 31
July 11 July 9
Financial Chronicle
Volume 139
Name of Company.
When Holders
Per
Share. Payable. of Record.
Investors of Washington, $6 pref. A (quar.)__-- 21%
20c
Kekaha Sugar Ltd.(monthly)
Kelvinator of Canada Ltd., 7% pref.(quer)— $1%
50c
Kittanning Telephone Co. (quar.)
2%c
Latin American Bond Fund (5.--a.)
8)4c
Extra
Lawbeck Corp.,6% pref. (quar.)
$1
Lerner Stores.6 % cum.pref
1415
50c
Lincoln Telephone Securities,(quar.)
214
6% Preferred (quar.)
Lincoln Telephone & Telegraph (quar.)
$14
67 preferred A (quarterly)
$1
50 special preferred (quar.)
,
$1.
Loblaw Groceterias Co., class A.& B (quar.)- 25c
15c
Loew's Boston Theatres Co. (quar.)
Louisiana Power & Light. $6 pref. (guar.)
21%
Lucky Tiger Combination Gold Mining (quar.)_
Sc
Extra
2c
McIntgre Porcupine Mines, Ltd. (quar.)
50c
McKale, Inc. (5.-a.)
35c
McNeel Marble,6 1st pref.(quar.)
21%
Mine Hill & Schuylklll Haven RR.(s.
$1
-a.)
50c
Minneap.-Honeywell Regulator Co.,corn.(qu.)..
Common (extra)
50c
Mississippi Power & Light, 1st pref
h50c
Mortgage Corp.(Nova Scotia) (quar.)
$1%
Mutual Telephone (Hawaii).(mo•)
8c
National Screen Service Co.(quar.)
40c
National Steel Corp., coin.(quar.)
25c
Nestle-Le Mur Co., class A
10c
Newberry J. J. Co.,7% prof.(quar.)
31%
New Brunswick Telep.(quar.)
1214c
New York as Honduras Rosario Mining Co
2bc
Extra
50c
Nipissing Mines
12%c
Northern Indiana Public Service,7% pref
h87 c
h75c
6% preferred
Northern RR.of New Hampshire (quar.)
$14
Norwalk Tire & Rubber Co.(Conn.)—
Preferred (quarterly)
87%C
Oahu Ry.& Land (monthly)
15c
Oahu Sugar Ltd.(monthly)
10c
Old Colony Insurance Co. (quarterly)
$2
Quarterly
22
Onomea Sugar (monthly)
20c
Petrolite Corp., Ltd.(Del.) (quarterly)
50c
Philadelphia National Insurance (quar.)
30c
Philadelphia Suburban Water,6% pf.(qu.)2136
Piggly Wiggly, Ltd., Can., 7% pref. (5.-a.)--- SS%
Pioneer Mill Ltd.(monthly)
10c
Pleasant Valley Wine Co.,cont.(quar.)
15c
Prentice(G. E.) Mfg. Co.(quar.)
50c
•Procter & Gamble Co.,com.(quar.)
37%c
Republic Investors Fund,6% pf. A (quar.)
15c
Riverside Cement, $6, 1st pref. (quar.)
$1%
Preferred A
h20c
Roos Bros.,263 'preferred
h$1%
Rose's 5-10-25c. Stores, Inc.7% pref.(quar.)_ -- $1%
Royal Dutch Petroleum (Amer.ribs.) (final)- 11.353
San Carlos Milling(monthly)
20c
St. Lawrence Flour Mills Co.. corn.(quar.)
37 c
Preferred (quarterly)
$1
Savannah Sugar Refining, corn.(quar.)
$1
Preferred (quarterly)
$1
Scotten Dillon Co
30c
Second Twin Bell Syndicate(monthly)
20c
Sedalia Water,7% preferred (quar.)
21%
Sierra Pacific Electric Co., pref.
21%
(guar.)
Simms Petroleum Co
30c
Shell Transport & Trading (Amer.shs.) (final)-75c
Tennessee Public Service, $6 pref
h75c
Texas Power & Light,7% pref.(quar.)
$1%
6% preferred (quar.)
21%
Third Twin Bell Syndicate(bi-mo.)
10c
Tide Water Power,$6 preferred
/42Yi
Timken Roller Bearing Co.(quar.)
25c
$2
Twin Bell 011 Syndicate, monthly
Union Bag & Paper Co., common
Si
Union-Buffalo Mills, 7% pref
Si 3.1
Union Oil Co. of California (quar.)
25c
'United Ins. Shares, A registered
1.2c
0registered
1.48c
United Insurance Trust Shares, series F,reg- 4.09c
Series F coupon
4.09c
United States St Foreign Security Corp
26 1st preferred (quar.)
21%
Upson Co.. pref. (quar.)
Si
Utica Clinton & Binghamton (s.
-a.)
Debenture (s.
-a.)
22%
Virginian Railway Co., pref. (quar.)
$1%
Wailuku Sugar (monthly)
20c
Washington Oil
22
Woolworth (F. W.) Co.(quar.)
60c
Aug. I July 20
Aug. 1 July 25
Aug. 15 Aug. 4
July 10 July 31
June 30
June 30
Aug. 1 July 20
Aug. 1 July 25
July 10 June 30
July 10 June 30
July 10 June 30
Aug. 10 July 31
Aug. 10 July 31
Sept. 1 Aug. 14
Aug. 1 July 21
Aug. 1 July 14
July 20 July 10
July 20 July 10
Sept. 1 Aug 1
July 20 June 30
July 15 July 7
Aug. I July 14
Aug. 15 Aug. 4
Aug. 15 Aug. 4
Aug 1 July 14
Aug. 1 July 24
Aug. 20 Aug. 10
Aug. 1 July 20
July 30 July 20
Aug 1 July 14
Sept. 1 Aug. 16
July 16 June 30
July 28 July 17
July .28 July 17
Aug. 15 Aug 1
July 14 June 30
July 14 June 30
July 31 July 9
Oct. 1 Sept. 21
Aug. 15 Aug. 10
Aug. 14 Aug. 6
Aug 1 July 20
Nov. 1 Oct. 20
Aug. 20 Aug. 10
Aug 1 July 24
July 16 July 10
Sept. 1 Aug. 11
July 14 June 30
Aug. I July 21
Sept. I Aug. 15
July 16 July 2
Aug. 15 July 25
Aug 1 July 20
Aug 1 July 15
Aug. I July 15
Aug. 1
Aug. 1 July 20
July 31 July 17
Aug. 15 Aug I
Aug 1 July 20
Aug. 1 July 20
Aug 1 July 16
Aug 1 July 16
Aug. 15 Aug. 6
Aug 5 July 31
July 15 July 1
Aug 1 July 20
Aug 1 July 17
July 23 July 16
Aug. I July 17
Aug. 1 July 14
Aug. 1 July 14
Aug. 30 Aug. 2
Sept. 1 Aug. 10
Sept. 5 Aug. 17
Aug 5 July 31
July 26 July 21
July 2
Aug. 10 July 19
July 14 June 30
July 14 June 30
Aug. 1 June 30
Aug 1
Aug. 1 July 24
July 15
Aug. 10 Aug. 1
Dec. 26 Dec. 26
Aug 1 July 14
July 21 July 16
July 10 July 5
Sept. 1 Aug. 10
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced, this week, these being given in the preceding table.
Name of Company.
Per
When Holders
Share. Payable .of Record
Abraham & Straus, Inc.. pref. (quar.)
21% Aug. 1 July 14
Adams(J. D.)Mfg. Co..common (quar.)
15c Aug. I July $15
Affiliated Products (monthly)
Sc Aug. 1 July 16
Agnew Surpass Shoe Stores
20c Sept. 1 Aug. 15
'Preferred (quar.)
$1% Oct. 1 Sept. 15
Reduction Co. (quar.)
Air
75c July 16 June 29
Max Oil & Gas (quar.)
2c July 16 July 4
Alabama Great Southern RR. Co.. preferred.._
3
Aug. 15 July 14
AlabamaPower Co.. 25 pref. (quar.)
Aug. 1 July 16
21
Alaska Juneau Gold Mining Co.(quar.)
15c Aug. 1 July 10
Extra
15c Aug. I July 10
Allied Chemical & Dye Corp., common (quar.)
$1% Aug. I July 11
Aluminum Mfg.(quar.)_
50e Sept.30 Sept. 15
Quarterly
50c Dec. 31 Dec. 15
7% preferred (quar.)
$1 Sept.30 Sept. 15
7% preferred (quar.)
$1 Dec. 30 Dec. 15
Amerada Corp. (quarterly)
50c July 31 July 14
American Alliance Ins. (quar.)
25c July 16 July 6
American Art Works,6% pref.)quar.)
21% July 15 June 30
American Bankstocks Corp. (quar.)
2c July 16 July 15
American Can Co. common (quar.)
$1 Aug. 15 July 25a
American Cities Power & Light
75c Aug. 1 July 15
American Credit Indemnity of N. Y.(quar.) _ _
25c Aug. I July 25
American Coal of Allegany County
50c Aug. 1 July 11
American District Teleg. Co.of N.J.,com.(qu.)
21 July 15 June 15
7% preferred (quar.)
$1% July 15 June 15
American Envelope. 7% pref. (quar.)
21% Sept. 1 Aug. 25
7% preferred (quar.)
$1% Dec. 1 Nov. 25
10c Aug. 10 July 31
American Factors (monthly)
$1% July 15 .luly 5
American Fork & Hoe Co.. pref. (quar.)
$1% Aug. I July 9
American Gas & Electric, pref. (quar.)
25c Oct. 1
American Hardware Corp.(quar.)
Jan. 1
Quarterly
20c Aug. I July 140
American Home Products Corp.(monthly)
373.4c Sept I Aug. 28
American Hosiery Co.(quar.)
21
July 25 July 6
American Ice Co., preferred (quar.)
40c Aug. 1 July 13a
American Light & Traction Co. common (quar.)
135% Aug. 1 July 130
Preferred (quar.)
Name of Company.
237 .
Per
When Holders
Share. Payable. ofRecord.
20c Aug. 1 July 13
American Machine & Foundry Co.. coin. (qu.)_
25c July 14 July 3
American News Co.(bi-monthly)
50c Aug. I July 17
American Reserve Ins. Co. (s-a)
6c July 15 July 15
American Security Shares (St. Louis)
50c Aug. 1 July 14
American Shipbuilding (quar.)
5243.4 Sept. I Aug. 3
American Smelting & Refining preferred
22% July 16 June 15
American Telephone & Telegraph (ver.)
American Thermos Bottle, 7% pref. (quar.).__ 873.4c Oct. 1 Sept. 20
25c Aug. 1 July 6
American Water Works & Elec.(quar.)
3131 July 16 June 15
American Woolen Co., Inc.. preferred
Aug. 7 June 8
Anglo-Persian Oil Ca., Am.dep.rec. ord. reg_ -7 la%
z w 754% July 31 June 9
Ordinary shares
50c July 16 June 26
Arlington Mills
35c Aug. 1 July 20
Asbestos Mfg.. $1.40 cony. pref. (guar.)
9.472c July 15
Associated Standard Oil Stocks, A
$2 Sept. I July 31
Atchison Topeka & Santa Fe By. Co.common
2234 Aug. I June 30
Preferred (semi-annually)
$434 Sept. I Aug. 20
-a.)
Atlantic & Charlotte Air Lines (s.
July 16 July 5
$2
Atlantic Safe Deposit (N. J.) (quar.)
75c Sent. I Aug. 20
Atlas Corp.,23 pref. A (quar.)
75e Dec. 1 Nov.20
$3 eferred (nuar.)
50c July 15 July 2
Atlas Plywood Corp
2134 Aug. 1 July 20
Atlas Powder Co., pref. (quar.)
Austin. Nichols & Co.. Inc., prior A (quer.) _ _ _ 51 31 Aug. 1 July 16
8734c July 16 June 30
Auto Finance,preferred (semi-ann.)
754c July 15 June 30
Aviation & Industrial Corp A (quar.)
$131 July 14 June 30
Baldwin. 6% rum. pref. (guar.)
Sc July 20 June 29
Bandini Petroleum (monthly)
30c Aug. I July 10
Bangor Hydro-Electric Co.,common (quar.)
214 Oct. 1 Sept 20
Barber(W.H.)& Co..pref.(quer.)
2131 an. I Dec. 20
Preferred (quar.)
6.76c July 16
Basic Insurance Shares. C
Sc Aug. 1 July 31
Battle Creek Gas
SI % July 15 June 30
Bayuk Cigars, Inc.. preferred (quar.)
3134 July 31 July 2
Beatty Bros.. 1st preferred (quar.)
21 Aug. I July 16
Belding-Corticelli. Ltd common (quar.)
2134 July 16 June 23
Bell Telephone of Can.(quar.)
SI % July 14 June 20
Bell Telep. or Penna.,631% pref.(quar.)
Beneficial Industrial Loan Corp.. corn. (quar.)__ 3734c July 30 July 16
87%c July 30 July 16
Preferred, series A (quer.)
14131 Aug. I July 14
Birmingham Electric, $7 pref
/41% Aug. I July 14
$6 preferred
3734c Aug. 15 Aug. 11
Block
37%c Nov. 15 Nov. 11
teBros.rrly Tobacco (qua"
21H Sept.30 Sept. 25
Preferred (gnarl
$14 Dec. 31 Dec. 24
Preferred (quar.
2131 Aug. 1 July 20
Bloomingdal Bros., pref. (quar.)
21 July 31 July 14
Ron Ami, class A (quar.)
24 Oct. 1 Sept. 20
Boston Insurance(Mass.)(quarterly)
$2.125 Oct 1 Sept. I
Boston & Providence R.R. Co.(quar.)
25c July 20 July 1
Bower Roller Bearing Co..(quar.)
15c July 16 June 30
Bralorne Mines, Ltd.(quar.)
50c liuly 15 June 20
Brantford Cordage Co. preferred (quar.)
40c July 16 June 30
Bridgeport Hydraulic (quar.)
25c July 30 July 16
Briggs Mfg.Co
37c July 16 June 30
British Columbia Power Co.. class A (quar.)-British Columbia Telep., 6% 2d pref. (cuar.). 21% Aug. 1 July 17
38c July 16 July 2
Brockton Gas Light (quar.)
Brooklyn-Manhattan Transit Corp.. pref.(qu.). $14 July 16 June 30
% Aug. I July 20
Brown Shoe Co., preferred (quar.)
25c July 16 June 15
Bruck Silk Mills, Ltd. (quar.)
Buffalo Niagara & Eastern Power
$131 Aug. I July 14
25 1st preferred (quarterly)
40c Oct. I Sept. 15
Calamba Sugar Estates (quar.)
35c Oct. 1 Sept. 15
7% preferred (quar.)
75c July 16 June 30
California-Oregon Power,6% pref.(qua".)
87%c July 16 June 30
7% preferred (quar.)
2
0c Sept. 1 Aug. 15
Campe Corp.,common
$14 Aug. I July 15
6%7 preferred (quar.)
0
July 16 July 24
2
Ale, Inc., (quar.)
CCanadaDedry
25c July 25 June 30
Canada Northern Power Corp.. Ltd..corn.(qu.)
14% July 16 June 30
(quar.)
$14 Aug. 1 June 29
Canada Southern Ry. (semi-ann.)
15c Aug. 1 July 20
Canadian Bronze Co., Ltd., common (quar.)- 214 Aug. 1 July 20
Preferred (quar.)
50c Aug. 15 July 31
Converters Co.. common (quar.)Canadian
214 July 14 June 30
Canadian Fairbanks Morse. pref. (quar.)
87%c July 31 June 30
Canadian Industries A & B (quar.)
75c July 31 June 30
A & B (extra)
$14 July 16 June 30
Preferred (quar.)
50c July 16 June 30
Light & Power (semi-ann.)
Ca dian
na
11.4 Jan. 2
1 % Oct
. 1
Carnation Co.,7% pref.
(quar.)
(quar.)Pefd
(quar.)
21 July 20 July 10
Carolina Clinchfield & Ohio Ry.
21% July 20 July 10
Stamped certificates(guar.)
25c July 16 July 9
Carpel Corp.(quar.)
12%c Aug. 15 Aug. 5
Central Cold Storage Co. common (quar.) _
20c Aug. I June 30
Central Hudson Gas & Elec. v. t. c.(quar.)
h15 Aug. 1 July 20
c
Central Illinois Securities. 214 preferred
21% July 15 June 30
Central Kansas Powe:, 7% preferred (quer.)._
21% July 15 June 30
preferred (quar.)
6%
87%c July 16 June 30
Central Power Co.. 7% preferred (quar.)
75c July 16 June 30
6% preferred (quarterly)
43%c Aug. I July 14
Central Power & Light Co.,7% preferred
37%C Aug. 1 July 14
6% preferred
Inc Aug. 15 Aug. 5
Centrifugal Pipe Corp. (quar.)
Inc Nov. 15 Nov. 5
Qua rteny
$14 Sept. 1 Aug. 20
Century Ribbon Mills, Inc.. preferred (quar.)
50c Aug. 1 July 16
Cerro DP e Pasco Copper Corp
Aug. I Aug. 10
21
Champion Coated Paper Co.,common (quar.)
37%c Aug. I July 23
Charts Corp.(quarterly)
Chase National Bank, N. Y., corn47c Aug. 1 July 14
37%c Aug. 1 July 14
5% preferred (initial)
Chesapeake & Potomac Telep. Co.of Balt.—
$14 July 16 June 30
Preferred (quarterly)
50c July 16 July 9
Chester & Philadelphia By
Cincinnati Milling Mach.,6% preferred (quar.)_ 214 July 16 June 30
El% July 16 June 30
Cincinnati Newport & Coy. Lt. & Traction
11.125 July 16 June 30
Preferred (quar.)
26 July 31 July 21
Cincinnati Northern RR.Co.(s-a)
Postal Terminal & Realty Co.—
Cincinnati
$1
, July 15 July 5
% preferred (quer.)
0
Cincinnati Union Terminal.4% pref.(quar.)—
13.4 Oct. I Sept.2
20
Jan. 31 Dec. 21
1
21
4% preferred (quar.)
21% Aug. I July
City Water of Chattanooga. 6% Pref. (guar.)_
July
25 July
Cleveland. Cinc. Chicago & St. Louis(semi-ann.)
2131 July 31 July 21
5% preferred (quar.)
87 94c Sept. 1 Aug. 10
Cleveland & Pittsburgh. reg. gtd. (quar.)
8710 Dec. 1 Nov.10
Registered guaranteed (quar.)
50c Sept. 1 Aug. 10
Special guaranteed (quar.)
50c Dec. 1 Nov.10
Special guaranteed (quar.)
Clinton Water Works Co..pref.(quar.)
2131 July 16 July 2
15c July 20 July 5
Coca Cola Bottling Co.(St. Louis)(quar.)
25c July 15 July 3
College Point Nat:Bank of N. Y
Columbia Pictures Corp.common (semi-annual)i 24% Aug. 2 June 15
Columbus By.,Power & Light Corp.—
July 2
Class B preferred (quar.)
213' Aug. 1 J
14
7
S1
Commerce Liquidating (St. Louis, Mo.)(liq.)_..
Commonwealth Edison Co. (quar.)
$1 Aug. 1 July 14
Commonwealth Investment (Calif.) (quar.)._
4c Aug. 1 July 14
Commonwealth Teton. Co.(Madison, Wis.)6% preferred (quar.)
2131 July 16 June 30
Commonwealth Util. Corp..631% pf. C (qu.)
$I% Dec. 1 Nov. 15
Concord Electric Co.(guar.)
70c July 16 July 2
21% July 16 July 2
6% Preferred (quar.)
Concord Gas Co.. preferred (quer.)
214 Aug. 15 July 30
Confederation Life Association (quar.)
21 Sept.30 Sept.25
Quarterly
21 Dec. 31 Dec. 25
Connecticut Investment Management
10c July 14 July 2
Connecticut & Passumpsic Rivers RR.—
-a.)
Preferred (s.
23 Aug. 1 July 1
238
Financial Chronicle
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Connecticut River Power.6% preferred (guar.)_
Sept. 1 Aug. 15
Consolidated Chemical Indus.. A (guar.)
Aug. 1 July 15
Consol. Cigar Corp., preferred (guar.)
Sept. 1 Aug. 15a
Prior preferred
Aug 1 July 160
Consolidated Gas Co.of N.Y.. pref. (guar.).— Aug. 1 June 29
Consol.Lobster(quar.)
July 16 July 9
Consol. Min.& Smelt. Co.of Canada (semi-an.)
July 16 June 30
Aug. 15 Aug. 1
Consolidated Oil Corp. 87. pref. (guar.)
Sc July 25 July 15
Consolidated Royalty Oil Co.(quar.)
Consolidated Traction of N. J. (8.-a.)
$2 July 16 June 3
Consumers Power Co..$5Pref.(quar.)
$14 Oct. 1 Sept.15
7% preferred (quarterly)
$14 Oct. 1 Sept.15
6% preferred (quarterly)
$14 Oct. 1 Sept. 15
$1.65 Oct. 1 Sept. 15
6.6% preferred (quarterly)
50c Aug. 1 July 16
6% preferred (monthly)
50c Sept. 1 Aug. 15
6% preferred (monthly)
6% preferred (monthly)
50c Oct. 1 Sept. 15
6.67. preferred (monthly)
55c Aug. 1 July 16
6.67 preferred (monthly)
55c Sept. 1 Aug. 15
6.67 preferred (monthly)
'
0
55c Oct. 1 Sept.15
Continental Public Service (8.-a.)
5% July 16 June 30
Coon(W.B.) Co.,7% prof.(guar.)
$14 Aug. 1 July 14
Corn Exchange Bank Trust Co.(guar.)
75c Aug. 1 July 23
Corn Products Refining common (quar.)
75c July 20 July 2
Preferred (guar.)
$1 X July 16 July 2
3c Aug. 15 July 31
Cresson Consol. Gold Mining & Milling
Crowell Publishing,7% pref.(s.
Aug. 1 July 24
-a.)
Sep t.30 Sept.19
()rum & Forster,8% pref.(quar.)
124c July 15 July 5
Common (quarterly)
Cudahy Packing Co. common (quay.)
62)4c July 16 July 5
Cuneo Press, Inc., common (guar-)
30c Aug. 1 July 20
Curtiss-Wright Export Corp. pref. (quar.)
$14 July 15 June 30
25c July 25 July 10
Darby Petroleum
Davenport Water, 6% pref. (guar.)
$14 Aug. 1 July 20
Dayton Power & Light Co.,6% preferred (mo.)
50c Aug. 1 July 20
50c Oct. 1
Denver Union Stockyards (quar.)
50c Jan. 1
Quarterly
7% preferred (guar.)
$14 Sept. 1 Aug. 20
7% preferred (quar.)
$1 X Dec. 1 Nov.20
Detroit Edison Co.capital stock (quar.)
$1 July 16 June 30
40c July 16 July 10
Detroit Paper Products
$4 July 16 July 10
Detroit River Tunnel Co.(s.
-a.)
15c July 20 June 30
Devonian Oil(quar.)
10c July 20 June 30
Extra
July 14 June 20
Diamond State Telep.,64% pref. (guar.)
Si
50c Sept. 1 Aug. 17
Dictaphone Corp., com.(quar.)
$2 Sept. 1 Aug. 17
Preferred (quarterly)
Distillers Co.. Ltd..common (final)
124%
Doctor Pepper Co.(guar.)
15C Sept. 1 Aug. 15
15c Dec. 1 Nov. 15
Quarterly
50c July 20 June 30
Dome Mines, Ltd.(quar.)
Extra
$14 July 20 June 30
Dominion Textile Co.:Ltd.. preferred (guar.).-- $1 X July 16 June 30
E.I.duPont de Nemours& Co.—
Debenture stock (quarterly)
$14 July 25 July 10
July 16 June 15
Duquesne Light Co..5% 1st pref.(quar.)
$1
Eastern Gas & Fuel Assoc
15c dSept.1 Aug. 15
Prior preferred stock (mar.)
$1.125 Oct. 1 Sept. 15
$14 Oct. 1 Sept. 15
$6 Preferred (quarterly)
Eastern Theatres. Ltd.. pref. (8.-a.)
&34 July 31 June 30
Eastern Township Telep. Co
30c Oct. 15 Sept. 16
East Penn RR.,6% gtd.(s.
-a.)
$14 July 17 July 7
Eaton Manufacturing Co (guar.)
25c Aug. 15 Aug. 1
.
Edison Elec. Ilium.(Boston)(guar.)
$24 Aug. 1 July 10
Electric Bond & Share Co., $6 pref. (quar.)---- $14 Aug. 1 July 6
$5 preferred (quarterly)
$14 Aug. 1 July 6
be Aug. 1 July 16
Electric Power Assoc., Inc.. class A
Common
10c Aug. 1 July 16
Elizabeth & Trenton(8
$I Oct. 1 Sept. 20
-a)
• 5% preferred(s-a)
Si X Oct. 1 Sept. 20
July 16 June 29
"El Paso Electric. pref. (quar.)
July 16 June 29
El Paso Electric Co.(Del.)7% pref.(quar.)---$14 July 16 Juno 29
$6 preferred (guar.)
-a.)- - $34 July 16 July 5
Ely & Walker Dry Goods Co.,7% pref. (s.
July 16 July 5
6% preferred (s.
-a.)
Sept.
Aug. 22
Empire& Bay State Teleg..4% guar.(quar.)..
Dec. 1 Nov. 21
4% guaranteed (guar.)
10c Aug. 31 Aug. 17
Employers Group Associates(quay.)
Eppens, Smith (semi-annual)
$2 Aug. 1 July 25
$24 Aug. 1 July 26
Erie St Kalamazoo RR (s-a)
Aug. 1 July 27
Escanawba Power & Traction.6% pref.(quar.)- $1.
6% preferred (guar.)
Nov. 1 Oct. 26
Eureka Pipe Line Co. (quar.)
SI Aug. 1 July 16a
25c July 16 June 30
Excess Ins. Co. of America, common
Exeter Sz Hampton Electric (guar.)
$24 July 16 July 2
25c Sept. 1 Aug. 15
Faber Coe & Gregg (quarterly)
25c Dec. 1 Nov. 15
Quarterly
25c 3-1-35 2-15-35
Quarterly
60c Aug. 1 July 23
Fall River Gas Works(guar.)
Farmers & Traders Life Insurance Co.(guar.).- $234 Oct. 1 Sept. 10
Feldmuehle Paper & Cellulose(Berlin)
6%
July 15 July 10
Felin (J. J.) & Co., Inc. (s-a)
$3
S14. July 15 July 10
7% preferred (guar.)
Fiberboard Products.6% pref.(guar.)
$14 Aug. 1 July 16
Finance Co. of America at Bait.—
10c July 16 July 6
Class A St B common (quar.)
7% preferred (guar.)
434c July 16 July 6
84c July 16 July 6
7% Preferred,class A (guar.)
10c July 20 July 5
Firestone Tire & Rubber,com.(quar.)
h5c July 16 June 25
First National Corp. of Portland (Ore.)
Fishman(M.H.)Co.,7% pref. A & B (quar.)-- $134 July 14 June 30
69c July 16 July 2
Fitchburg Gas & Elect. Light (quar.)
50c July 15 July 10
Food Machinery, 64% preferred (monthly).
50c Aug. 15 Aug. 10
63 7. preferred (monthly)
50c Sept.15 Sept. 10
% preferred (monthly)
7c July 15 June 30
Foundation Trust Shares, series A
$14 Aug. 1 July 12
Freeport Texas Co.6% preferred(quar.)
$4 July 16 June 30
Gardner Electric Light (semi-ann.)
$1 Aug. 1 July 16
General Cigar Co., com.(guar.)
Sept. 1 Aug. 23
SI
Preferred (quar.)
Dec. 1 Nov.22
Si
Preferred (quay.)
80
Generale d'Electricite
15c July 25 June 29
General Electric Co., corn. (quay.)
15c July 25 June 29
$10 special stock (quay.)
zw8
General Electric (Great Britain) ord.reg
zw8 0
Amer. dep. rec. for ord. reg
75c Aug. 1 July 16
General Mills Co.,corn.(guar.)
Si X Aug. 1 July 9
General Motors Corp.,$5 pref.(guar.)
25e Aug. 1 July 14
General Stockyards Corp., common
$14 Aug. 1 July 14
$6 preferred (quar.)
Gillette Safety Razor Co., prefererence (guar.)- $134 Aug. 1 July 2
30c Aug. 1 July 10
Gold Dust Corp..com.(quar.)
Gotham Silk Hosiery Co., pref. (guar.)
$14 Aug. 1 July 12
Gottfried Baking Co.. Inc.. preferred (quar.)...... 134%. Oct. 1 Sept.20
Preferred (guar.)
14% Jan. 2 Dec. 20
Grace(N.R.)6% first pref. (semi-annual)
$3 Dec. 29 Dec. 27
25c July 16 July 6
Great American Ins. Co.(quar.)
10c Aug. 1 July 25
Great Lakes Engineering Works (quar.)
Sc Aug. 1 July 25
Extra
$134 July 16 June 30
Great Lakes Power Co..ser. A $7 pref.(quay.)
Green & Coate street Phila. Passenger Ry.. pref_ $14 Oct. 6 Sept.22
75c Aug. 1 July 16
Greenfield Gas Light,6% preferred (quar.)
Guarantee Co.of N. Amer.(Montreal)(quay.).. $14 July 16 June 30
524 July 16 June 30
Extra
15c Sept. 1 Aug. 15
Hale Bros. Stores.Inc.(quar.)
15c Dec. 1 Nov. 15
Quarterly
$1 July 16 June 30
Hamilton Woolen
zw10
Handley Page,10% partic. pref. reg
rwl0
10% partic. pref.(Am.dep.rec.)
July 20 July 10
$2
Hannibal Bridge (quar.)
Harbison-Walker Refractories. prof. (tluar.)
134% July 20 July 10
Name of Company.
July 14 1934
Per
When Holders
Share. Payable. ofRecord.
Harbauer Co.,7% preferred (guar.)
$14 Aug. 1 July 21
7% preferred (quar.)
$134 Oct. 1 Sept.=
7% preferred (quar.)
$I
Jan. 1 Dec. 21
Hardesty (R.) Mfg.,7% pref.(guar.)
$134 Sept. 1 Aug. 15
7% preferred (quar.)
51
Dec. 1 Nov. 15
Harrisburg Bridge, preferred
70c. July 15
Harrisburg Gas,7% pref.(quar.)
$114 July 16 June 30
Hartford & Connecticut Western RR, Co.
31 Aug. 31 Aug. 20
2% preferred (8.-a.)
Hartford Electric Light Co.(quar.)
684c Aug. 1 July 15
Haverhill Electric (guar.)
88c July 6 July 2
Hawaiian Commercial Sugar (quar.)
75c Aug. 15 Aug. 4
Hawaiian Sugar (guar.)
60c July 15 July 5
Hercules Powder Co.. pref.(guar.)
134% Aug. 15 Aug. 3
75c Aug. 15 July 25
Hershey Chocolate (quay.)
$1 Aug. 15 July 25
$4 cony. preferred (quar.)
10c July 27 July 20
Hibbard,Spencer, Bartlett & Co.(mu.)
Monthly
10c Aug. 31 Aug. 24
Monthly
10c Sept.28 Sept.21
Hickok Oil Co. (semi-annual)
50c Sept.15 Sept. 8
Hobart Mfg. Co
June 25
1%% July 16 June 29
Hollinger Consol. Gold Mines,Ltd.(mu.)
1% July 16 June 29
Monthly,extra
lc July 15 June 30
Holly Development Co. (quar.)
Holly Sugar Corp.,7% pref.(guar.)
$15 Julg 26 .Tu y 2
1 Au y 1 J u 16
0
Homestake Mining Co. (monthly)
Extra
$2 July 25 July 20
Honolulu Gas Co., Ltd.(mthly)
15c July 30 July 12
Horn & Hardard Co., N.Y.,corn.(guar.)
40c Aug. 1 July 12
Hotchkiss Co.(France)
65frs
Household Finance Corp.cl. A & B corn.(qu.)
75c July 14 June 30a
Pardo. preference (guar.)
8734c July 14 June 300
Humberstone Shoe Co , Ltd. (quar.)
c Aug. 1 July 14
15c Aug. 1 July 20
Hussraann-Ligonier cony.pref.(initial)
e2
Cony. preferred
Aug. 1 July 20
Hutchins Investors Corp., $7 pref
h75c July 14 July 9
Illinois Commercial Telep.(Madison, Wis.)—
6715c J y 14 uiy 34
$6 preferred (guar.)
1 ne 10
Illinois Northern Utilities, 6% pref. (quar.)
Aug.34
Imperial Life Assurance (guar.)
$334 Oct. 1
Quarterly
$331
25c ja y 20 Tune 21
Incorporated Investors (semi-annual) July 1
S14 Aug. 1 July 27
Industrial CottonMilla(R.H..8.0.).7%pf.(qr.)
Insurance Co. of North America (8.-a.)
$1 July 16 June 30
35c July 15 July 9
Interallied Investors Corp.,cl. A (s.
-a.)
Internationai Business Mach. Corp.(quar.)_ _ _. $14 Oct. 10 Sept. 220
416c5c
International Cigar Machinery Co
16 J uly 2
1 J une 10
3
July 16
International Harvester Co., common (guar.)
International Hydro-Elec. System, pref. (quay.) 874c July 16 June 25
International Nickel Co.of Canada. pref. (qu.)_ 5134 Aug. 1 July 3
International Printing Ink Co.. pref. (qu.)
JulyJuly
54
International TJtilties Corp.,$7 pr. pref.(quar.).. 871 1 Aug.
2
14a
434c Aug. 1 July 20a
$334 prior preferred,series 1931 (guar.)
Interstate Dept. Stores, 7% pref
$134 Aug. 1 July 20
SOc Aug. 15 Aug. 1
Interstate Hosiery Mills(guar)
50c Nov. 15 Nov. 1
Quarterly
$2 Oct. 1 Sept.14
Intertype Corp., 1st pref. (quar.)
38c July 16 June 30
Investment Foundation pref. (guar.)
hl2c July 16 June 30
Preferred
20c Sept. 1 Aug. 10
Iron Fireman Mfg. Co., coin. (guar.)
20c Dec. I Nov. 10
Common (guar.)
50c July 15 June 30
Irving Investors Fund, investors sits. (quar.)
25c Aug. 1 July 15
Jefferson Lake Oil (quar.)
75c July 14 June 30
Jewel Tea Co., Inc., common (quay.)
Joplin Water Works,6% pref. (guar.)
$14 July 16 July 2
25c Aug. 1 July 20
Kalamazoo Stove Co.,corn.(guar.)
The Sept.30 Sept.20
Kalamazoo Vegetable Parchment Co.(guar.)..
15c Dec. 31 Dec. 20
Quarterly
Kansas City, St. Louis & Chicago RR.—
1Jl
6°! guaranteed preferred (guar.)
10c Aui
Kaufmann Dept. Stores, Inc., com.(quar.)---- $2% Julg 28 u y 10
9
$14 July 14 June 25
Kentucky Utilities Co.,6% pref. (guar.)
124c July 15 June 15
Keivinator Corn
28.09c July 15
Keystone Custodian Funds, B
50c July 24 July 14
Keystone Steel & Wire Co.,common
$h241 July 16 j y 5a
l
5J
6
Preferred (guar.)
July
Keystone Watch Case Corp., com
Kokomo Water Works Co., 6% pref. (quar.)
$14 Aug. 1 July 20
25c Aug. 1 July 20
Kress(S. H.)& Co.,common (guar.)
15c Aug. 1 July 20
Special preferred (quar.)
Kroger Grocery & Baking, 7% pref. (quar.)_
5134 Aug. 1 July 20
3377 0fr. Dseeept: 33?
23434 ce
Kuhlmann (Paris)
Landers, Frary & Clark.corn.(quar.)
Common (quar.)
Landis Machine, pref.(quar.)
$134 Sept.15 Sept. 5
$14 Dec. 15 Dec. 5
Preferred (guar.)
Lane Bryant,Inc.,7% preferred (guar.)
1V°!, Au g I July 16
Aug.
Lazarus (F. & R.), 634% pref. (quay.)
July 20
Lee Rubber & Tire Corp
20c Aug. 1 July 160
Lehigh & Wilkes-Barre Coal of N. J. (quar.)__ _ $1.35 July 20 July 10
Lexington Telep., 634% prior preferred (guar.). $14 July 14 June 30
30c Aug. 1 July 26
Lincoln Nat.Life Ins.(Ft. Wayne)(guar.)
30c Nov. 1 Oct. 26
Quarterly
Link Belt Co.,common (guar.)
10c Sept. 1 Aug. 15
Preferred (quar.)
$14 Oct. 1 Sept. 15
Liquid Carbonic Corp.(guar.)
25c Aug. 1 July 17
Little Miami RR.special guaranteed (quar.)
50c Sept.10 Aug. 25
Special guaranteed (quay.)
50c Dec. 10 Nov. 24
$1.10 Sept. 10 Aug. 25
Original guaranteed quar.)
guar.
Original guaranteed R)
$1.10 Dec. 10 Nov. 24
Little Schuylkill Nay.. R.& Coal (semi-ann.). $1.10 July 16 Tune 15
Lock Joint Pipe.87. pref. (guar.)
52 Oct. 1 Sept. 20
Loew's, Inc., $64 pref. (guar.)
5134 Aug. 15 July 28
Lone Star Gas Corp., pref.(quar.)
$1.63 Aug. 1 July 18
Loose-Wiles Biscuit Co., common (quar.)
50c Aug. 1 July 17
1st preterred (quar.)
$14 Oct. 1 Sept. 18
Lord & Taylor Co., 2d pref. (quar.)
$2 Aug. 1 July 17
Los Angeles Gas & Elec..6% pref.(guar.)
$134 Aug. 15 July 31
Louisiana & Missouri River uR.534 Aug. 1 July 20
7% guaranteed pref. (8.-a.)
Louisville Gas & Elec. Co.(Kentucky)—
7 preferred
I X% July 14 June 30
6 preferred guar.
prefe
quar.
14% July 14 June 30
111°!July 14 June 30
5°!, preferred quay.
Lun enhelmer do.. 64% pref. (guar-)
$134 Oct. 1 Sept.21
64% preferred (quar.)
134 Jan. 2 Dec. 22
Lyonnais° des Haus
MacAndrews & Forbes, com.(guar.)
100
51 July 14 June 30
Preferred (quarterly)
$14 July 14 June 30
Magma Copper Co
50c July 16 June 29
Magnin (I.) & Co
10c July 15 June 30
Preferred (quar.)
$14 Aug. 15 Aug. 5
Preferred (quar.)
$14 Nov. 15 Nov. 5
Mahoning Coal RR. Co., common (quar.)-- —
$64 Aug. 1 July 16
Maine Gas, 36 preferred (guar.)
$134 July 16 June 26
Manhattan Shirt Co. (quar.)
15c Sept. 1 Aug. 8
Massachusetts Lighting Cos.$8 pref. (quar.)_ _ _
$2 July 16 June 30
$6 preferred (guar.)
$134 July 16 June 30
Massachusetts Pr. & Lt. Assn., 1st pref.(quar.)_
50c July 16 July 6
Massachusetts Utilities Assoc., pref.(guar.)._ _ 624c July 16 June 30
Massawippi Valley RR. (semi-ann.)
$3 Aug. 1 July 1
May Department Stores (quar.)
40c Sept. 1 Aug. 15
May Hosiery Mills $4 cum. pref
1$3
Sept. 1 Aug. 15
Maytag Co., $3 cum. pref..
75c Aug. 1 July 16
$6 cum. preferred (quar.)
$11 AAuugg..
60
16
4
McCall Corp., common (quar.)
July
McColl-Frontenac Oil CO.. 6% pref. (quar.)
r$134 July 14 June 30
Melville Shoe Corp. common (quar.)
50c Aug. 1 July 13
First preferred (guar.)
$14 Aug. 1 July 13
Second preferred (guar.)
74c Aug. 1 July 13
Mercantile Amer. Realty,6% pref. (quar.)
$14 July 15 July 15
Financial Chronicle
Volume 139
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
Merland Oil of Canada
Sc July 31 July 15
Metal Thermit Corp.(quar.)
$1 Aug. 1 July 20
Metropolitan Indust. Co., 6% pref. (tiblar.)--25c Aug. 1
Michigan Central RR. (8.-a.)
$25 July 31 July 21
Midwest Oil Co., $1 par (quar.)
3c July 14 June 30
$10 par (quarterly)
30c July 14 June 30
Preferred (quarterly)
Sc July 14 June 30
Milwaukee Elec. Ry.& Lt. Co.,6%,, pref.(quar.) Si
July 31 July 20
Missouri River-Sioux City Bridge Co. pref.(qu.) $1
July 16 June 30
Mock. Judson, Voehringer, common
25c July 15 July 1
Modine Mfg. (quar.)
15c Aug. 1 July 20
Mohawk Hudson Power Corp.$7 pref.(quar.)-- 5114 Aug. 1 July 16
Monongahela Valley Water. prof.(guar.)
Si X July 16 July 2
Montreal Light. Heat & Power Consolldated
Common (quarterly)
38c July 31 June 30
Montreal Telephone Co.(quar.)
80c July 16 June 30
Montreal Tramways,common (quar.)
$234 July 14 July 5
Moore Dry Goods Co.(quar.)
8114 Oct. 1 Oct. 1
Quarterly
Jan. 1 Jan. 1
Morris 5 & 10c. Stores.7% pf.(quar.)
Oct. 1 Sept.20
$1
Morris Plan Ins.Soc.(quar.)
Sept. 1 Aug. 25
Quarterly
Dec. 1 Nov. 26
Messer (J. K.) Leather Co
50c July 16 July 2
Monmouth Consul Water,7% pref. (quar.)
Aug. 15 Aug. 1
Mountain States Telephone & Telegraph
July 16 June 30
Mutual Chem.of America. pref.(quar.)
Sept.28 Sept.20
$1
Preferred (quar.)
133 Dec. 28 Dec. 20
Mutual Investment Trust Shares, N.Y.(new)
1.5c July 16 June 30
Nash Motors Co , corn. (quar.)
250 Aug. 1 July 20
National Bearing Metals Corp.,7% preferred
Aug. 1 July 16
NationalBiscuit Co., corn. (quar.)
50c July 14 June 15a
Common (guar.)
50c Oct. 15 Sept. 14
Preferred (quar.)
$134 Aug. 31 Aug. 17
National Carbon,8% preferred (quar.)
$2 Aug. I July 20
National Cash Register, new coin., (init.)
1235e July 15 June 30
National City Bank, N.Y
50c
33 1-3c Aug. 1 July 7
5% preferred (semi-annual)
Aug. 1 July 7
Preferred (holders other than RFC)
50c Aug. 1 July 7
Preferred (held by RFC)
43 1-3c Aug. 1 July 7
National Container Corp., preferred (quar.)..50e Sept. I Aug. 15
Preferred
h50e Sept. 1 Aug. 15
Preferred (quar.)
50C Dec. 1 Nov. 15
Preferred
h50c Dec. 1 Nov. 15
National Fuel Gas Co
250 July 16 June 30
National Lead Co.. class B preferred (quar.)
$134 Aug. 1 July 20
National Liberty Insurance Co. (5.-a.)
10c Aug. 13 Aug 1
Extra
Sc Aug. 13 Aug. 1
National Power & Light. $6 prof.
$134 Aug. 1 July 6
(guar-)
National Tea Co.. preferred (quar.)
1334c Aug. 1 July 13
National Telep. & Teleg.. $334 1st pref.(quar.)_ 87)4c Aug. 1 July 16
Neisner Bros., Inc.. preferred (guar.)
Aug. 1 July 16
S
Preferred
hell Aug. 1 July 16
Nevada-Calif. Electric', preferred
$1 Aug. 1 June 300
New Bedford Gas & Edison Light (guar.)
750 July 14 June 21
New England Power Assoc..common
25c July 16 June 30
New Jersey Zinc (quar.)
50c Aug. 10 July 20
New York Merchandise Co., Inc., corn.(quar.) 37 c Aug. 1 July 20
New York Telephone. pref. (quar.)
July 15 June 20
$
Nineteen Hundred Corp., class A (War.)
Aug. 15 Aug. 1
Class A (quarterly)
50c Nov. 15 Nov. 1
Class B (quarterly)
250 Aug. 15 July 31
Nipissing Mines Co
Norfolk & Western Ry.common (quar.)
2 Sept.19 Aug. 31
Adjustment preferred
1 Aug. 18 July 31
North American Edison Co. preferred (quar.)-Sept. 1 Aug. 15
North Boston Lighting Prop.(quay.)
July 16 July 6
Voting trust certificates (guar.)
88c July 16 July 6
750 July 16 July 6
6% preferred (quar.)
North Carolina RR. gtd. stk. (8.-a.)
$334 Aug. 1 July 20
Northern Central Ry.(semi-ann.)
$2 July 14 June 30
Northern Indian Pub. Serv.. 7% pref.(quar.)
8714c July 14 June 30
750 July 11 Rale 30
6% preferred (guar.)
6.814c July 14 June 30
534% preferred (guar.)
Northern Insurance Co. of New York
$134 July 20 July 14
Northern N.Y.Utilities. Inc..7% 1st pref.
(qu.) $114 Aug. 1 July 10
Northern Ontario Power Co., corn. (quar.)
50o July 25 June 30
% July 25 June 30
6% preferred (quarterly)
Northern RR.of N.J.4% guaranteed (guar.)...
$1 Sept. 1 Aug. 22
4% guaranteed (quar.)
Si Dec. 1 Mar.21
Northern States Power Co.(Del.), corn. (quar.)
25c Aug. 1 June 30
7% preferred (quar.)
July 20 June 30
1
6% preferred (quar.)
July 20 June 30
1
Northwestern Bell Telep., 634% pref.(quar.)-July 14 June 20
Norwich Pharmacal Co. (quar.)
$134 Oct. 1 Sept.20
Quarterly
8134 Jan. 1 Dec. 20
Oahu Ry.& Land Co.(monthly)
15c July 15 July 11
Oahu Sugar Co., Ltd. (monthly)
10c July 14 July 6
Ohio Brass Co.6% pref. (guar.)
711134 July 14 June 30
6% preferred (quar.)
71$134 July 14 June 30
Ohio Public Service Co.. 7% pref. (mthly
58 1-3c Aug. 1 July 14
6% preferred (mthly.)
50c Aug. 1 July 14
6% preferred (mthly.)
41 2-3c Aug. 1 July 14
Onomea Sugar Co.(mo.)
20c July 20 July 9
Ontario Mfg. Co. common (quay.)
25c Oct. 1 Sept. 20
Preferred (quar.)
$114 Oct. 1 Sept. 20
Outlet Co.,common (quar.)
50c Aug. 1 July 20
Extra___
25c Aug. 1 July 20
1st preferred (quar.)
$134 Aug. 1 July 20
2nd preferred (quar.)
8134 Aug. 1 July 20
Pacific Gas & Electric Co..common (quar.)
3734c July 16 June 30
Pacific Lighting Corp. common
75c Aug. 15 July 20
(guar.)
$6 preferred(quar.)
$134 July 16 June 30
Pacific Telegraph & Telephone,
Pref.(quar.)--- $134 July 16 June 30
Pan American Airways Corp
25c Aug 1 July 20
Peninsula Telephone Co.. 7% pref. (quar.)
$14 Aug. 15 Aug. 6
Penmans,Ltd.,common(ar.
75c Aug. 15 Aug. 6
I'referred (quar.)
$114 Aug. 1 July 21
Pennsylvania Power Co.,$6.60 pref.(mo.)
55c Aug. 1 July 20
$6.60 preferred (monthly
550 Sept. 1 Aug. 20
$g preferred (quarterly)
$134 Sept. 1 Aug. 20
Pennsylvania RR. Co
50c Sept.15 Aug. 1
Pennsylvania Salt MfCo.
(er.
75c July 14 June 30
Penn Traffic
Sc Aug. 1 July 16
Peterborough RR. (semi-ann.)
$1 X Oct. 1 Sept. 25
Philadelphia Co., common (quay,)
20cJuly 25 July 2
Philadelphia Electric Co.$5 pref. (quar.)
Aug. I July 10
Philadelphia Elec. Power Co.8% pref.(quar.)- 5
Oct. 1 Sept. 5
Philadelphia Insulated Wire Co.
50c Aug. 1 July 16
(8.-a.)
Philip Morris & Co.(guar.)
25c. July 16 July 2
Phillips-Jones Corp., pref. (guar.)
$114 Aug. 1 July 20
Phoenix Finance, pref. (quar.)
50c Oct. 10 Oct
1
Preferred (quar.)
50c fan. 10 In 1 '35
Photo Engravers & Electro, Ltd
50c Sept. 1 Aug. 15
Pitney-Bowes Postage Meter
Sc Aug. 1 July 20
Pittsburgh Bessemer & Lake Erie R.R.(s.
750 Oct. 1 Sept.15
-a.)- pitteburgh Cincinnati Chicago & St. Louis RR.
-a.)
Co.(s.
8234 July
Pittsburgh Fort Wayne & Chicago R.R.(quar.). $114 Oct. 20 July 10
2 Sept.10
Quarterly
Jan. 1 Dec. 10
$I
7°?, preferred (quar.)
$114 Oct. 2 Sept. 10
7% preferred (quar.)
8134 Jan. 1 Dec. 10
Pittsburgh & Lake Erie RR (8.-a.)
$134 Aug. 1 June 29
Pittsburgh Youngstown & Ashtabula R.R.7% preferred (quar.)
$114 Sept. 1 Aug. 20
74 preferred (quar.)
$134 Dec. 1 Nov.20
Plymouth Cordage Co., coin. (quar.)
Si
July 30 July 3
Pollock Paper & Box Co., pref. (quar.)
$1
Sept.15
preferred (quarterly)
$134 Dec. 15
Portland & Ogdensburg RR.(quar.)
50c Aug. 31 Aug. 20
Potomac Electric,7% preferred (quay.)
3114 Aug. 1 July 20
6% preferred (quar.)
$134 Aug. 1 July 20
12T
$1g
Name of Company.
239
Per
When Holders
Share. Payable. ofRecord.
Powell River. 7% preferred
$114 Sept. 1
7% preferred
8134 Dec. 1
Power Corp. of Canada, Ltd.,6% pref.(quar.)_ 134% July 16 June 30
6% non-cumul. pref. (guar.)
750 July 16 June 30
Premier Gold Mining Co , Ltd
r3c July 16 June 16
Premier Shares (5.-a.)
10 July 16 June 30
,
Procter & Gamble Co..8% pref. (quar.)
S2 July 14 June 25
Prudential Investors. Inc.. $6 prof. (quar.)---- $134 July 16 June 30
Public Serv. Co. of Colorado,7% pref. (mthly.) 58 1-3c Aug. 1 July 14
8% preferred (mthly.)
50c Aug. 1 July 14
5% preferred (mthly.)
4i2
-3e Aug. 1 July 14
Public Service Co.of No.Ill. 7% pref.(quar.)_ _ $114 Aug. 1 July 14
6% preferred (quar.)
$134 July 14 July 14
Public Service Corp. of N. J.common (quar.)
70c Sept.29 Sept. 1
8% preferred (quar.)
$2 Sept.29 Sept. 1
7% preferred (quay.)
$I
Sept.29 Sept. 1
$5 preferred (Tar.)
$114 Sept.29 St. 1
6% preferred monthly)
SOc July 31 July 2
6% preferred monthly)
50c Aug. 31 Aug. 1
6% preferred monthly)
50c Sept.29 Sept. 1
Public Service Trust Shares, A,regular
6.04c July 16 June 30
Pullman, Inc. (quar.)
750 Aug. 15 July 24
Quaker Oats Co., common (quar.)
$1 July 16 July 2
6% preferred (quay.)
8114 Aug. 31 Aug. 1
Quaker State Oil& Refining
20c July 22 June 30
Quarterly Income Shares, Inc
3c Aug. 1 July 15
Rapid Electrotype Co.(extra)
20c July 15 July 1
50c Aug. 9 July 12
Reading Co.(quar.)
1st preferred (quar.)
50c Sept. 13 Aug. 23
50c Oct. 11 Sept. 20
2d preferred (quar.)
Reed (C. A.)(quarterly)
50c Aug. 1 July 21
common (quar.)
Reliance Mfg. Co.(Ill.).
150 Aug. 1 July 20
Republic Insurance.Texas(quar.)
20c Aug. 10 July 31
Quarterly
20c Nov. 10 Oct. 31
Republic Supply Co. (quar.)
250 Oct. 5 Oct. 2
Reserve Investment Corp.. 7% pref
*1 July 14 July 9
Reserve Resources Corp. (guar.)
750 July 14 July 9
Rhode Island Public Service, A (quar.).
$1 Aug. 1 July 16
Preferred (quarterly)
50c Aug. 1 July 16
Rice-Stix Dry Goods Co.,common
250 Aug. 1 July 15
Richmond Ins. of New York (quar.)
10c Aug. 1 July 11
234c Aug. 1 July 11
Extra
Rickel(H. W.)
6c July 25 July 16
Rochester Amer.Ins.(N.Y.) (quar)
250 July 16 July 6
Rockland Light & Power (guar.)
20c Aug. 1 July 16
Stock trust certificates (quar.)
20c Aug. 1 July 16
Roos Bros.. $634 preferred (quar.)
8130 Aug. 1 July 25
h81 54c Aug. 1 July 25
$634 preferred
Safety Car Heating & LightingCo
$1 Aug. 15 Aug. 1
St. Croix Paper Co.,common(quay.)
50c July 16 July 6
2% Aug. 1 July 14a
Salt Creek Producers Assoc.. Inc.(quar.)
San Carlos Milling Co.(monthly)
20c July 16 July 2
San Diego Consol. Gas & Electric Co—
Preferred (quarterly)
July 14 June 30
Sanford Mills
$1 July 15 June 26
Saratoga & Schenectady RR.(s.
$3 July 15 July 1
-a.)
Scott Paper Co..7% series A preferred (quar.)
$I% Aug. 1 July 17
$134 Aug. 1 July 17
6% series B preferred (guar.)
6234c Aug. 1 July 16
Seeman Bros., Inc..common (quar.)
5.52c July 16 June 30
Selected Management Income Trust Shares-_
Shamokin Valley & Pottsville RR.
(semi-ann.)— $134 Aug. 1 July 15
10c July 14 June 30
Shareholders Corp
Sharp & Dohme,Inc.,pref.(quar.)
8714c Aug. 1 July 17
$2
Sheaffer (W. A.) Pen. $8 pref. (quar.)
July 20 June 30
Shenango Valley Water.6% prof. (Gluon)
$134 Sept. 1 Aug. 26
6% preferred (quar.)
3111 Dec. 1 Nov.20
Sioux City Stockyards Co., pref.(quar.)
134 Aug. 15 Aug. 14
Preferred (quar.)
134 Nov.15 Nov. 14
Smith (E3 Morgan) Co.(quar.)
81 Aug. 1
Quarterly
1 Nov. 1
Solvay Amer. Investment Corp., prof. (quar.)-- $134 Aug. 15 July 16
Southern Acid & Sulphur (quar.)
50c Sept.15 Sept.10
$114 Oct. 1 Sept.10
7% preferred (quar.)
Southern Calif. Edison Co.,Ltd.,common (qu.) 373
4ç Aug. 15 July 20
0 July 15 June 20
Orig. preferred (quar.)
534% preferred series el (quar.)
134% July 15 June 20
Southern Calif. Gas, preferred A (quar.)
3714c July 14 June 30
6% preferred (quarterly)
3734c July 14 June 30
Southern Canada Power Co., Ltd., cora.(qu.)-20c Aug. 15 July 31
6% preferred (quar.)134% July 16 June 20
Southern County Gas & Elec. Co.of Calif.
8134 July 14 June 30
6% preferred (guar.)
Southern New England Telep.(quar.)
$134 July 16 June 30
Southland Royalty Co.common (quay.)
Sc July 14 June 30
South Pittsburgh Water,7% pref.(quar.)
July 16 July 2
81
6% preferred (quay.)
July 16 July 2
$I
5% preferred (5.-a.)
8114 Aug. 20 Aug. 10
750 July 16 July 3
Spicer Mfg. Corp.. $3 preference(quar.)
Springfield Gas Light(Mass.)(quay.)
350 July 16 July 2
Squibb (E. R.) & Sons (quarterly)
250 Aug. 1 July 14
Preferred (quarterly)
8134 Aug. 1 July 14
Stamford Gas & Electric Co.(quar.)
$234 July 16 June 30
Standard Cap & Seal Corp.common (quar.).
60c Aug. 1 July 5
Standard Coosa-Thatcher.7% preferred (quar.- $13( July 15 July 15
Standard Fire Ins.Co.(Trenton)(quar.)
40c July 23 July 16
Standard Fruit Steamship Corp.. partic.pref_ _ _ _ mh75c Aug. 1 July 21
450 July 25 June 30
Standard Gas & Electric Co.,$6 cum. pf.(qu.)_
52 c July 25 June 30
$7 cum. preferred (quay.)
Standard 0110o.of Kansas(quar.)
SOC July 31 July 2
Standard Oil Co.(Ohio), 5% pref. (quay.)
8134 July 15 June 30
Standard Power 8c Light Corp..pref
S234c Aug. 1 July 14
3734c. Aug. 15 Aug. 1
Stanley Works.6% preferred (quay.)
State Street Investment Corp.(ouar.)
40c July 16 June 30
Steel Co. of Canada, corn. (quay.)
30c Aug. 1 July 7
Preferred (quarterly)
433(c Aug. I July 7
Suburban Elect. Security. 1st pref.(quar.)
$134 Aug. 1 July 15
4.50 July 15
Super Corp. of Amer.Trust Shares, series AA_ _ _
Series B
4.50 July 15
Superheater Co. (guar.)
1234c July 16 July 5
Supervised Shares, Inc.(quar.)
1.2c July 16 June 30
Syracuse Lighting, 8% pref. (quay.)
$2 Aug. 15 July 20
6 % preferred (quarterly)
$134 Aug. 15 July 20
6% preferred (quarterly)
$134 Aug. 15 July 20
Teck-Hughes Gold Mines (quar.)
15c Aug. 1 July 11
Telautograph(quar.)
25c Aug. 1 July 16
Telephone Investment Corp. (monthly)
20c Aug. 1 July 20
Monthly
20c Sept. 1 Aug. 20
Monthly
20c Oct. 1 Sept.20
Tennessee Elect. Pow. Co..5% pref.(quar.)
$1 14 Oct. 1 Sept. 15
6% preferred (quar.)
51)4 Oct. 1 Sept. 15
7% preferred (quay.)
0
53134 Oct. 1 Sept. 15
7.2% preferred (quay.)
81.80 Oct. 1 Sept. 15
6% prefer ed (monthly)
50c Aug. 1 July 14
6% preferred (monthly)
50c Sept. 1 Aug. 15
6/ preferred (monthly)
50c Oct. 1 Sept. 15
preferred (monthly)
7.
60c Aug. 1 July 14
7.2 preferred (monthly)
60c Sept. 1 Aug. 15
50c Oct
7.2 preferred (monthly)
1 Sept.15
Thatcher Mfg. Co.. pref. (quar.)
90c Aug. 15 July 31
Tide Water()II Co.5% pref.(guar.)
$134 Aug. 15 Aug. 1
Tobacco & Allied Stocks, Inc
Si July 16 July 6
Toledo Edison Co., 7% pref. (mthly.)
581-3c Aug. 1 July 14
6% preferred (mthly.)
50c Aug. 1 July 14
5% preferred (mthly.)
41 2-3c Aug. 1 July 14
Toronto Elevators. 7% prof.(guar.)
$134 July 16 July 3
Transamerica Corp. (8-s)
1234c July 31 July 12
Troy & Bennington RR.(semi-annual)
$5 Aug. 2 July 20
Trustee Standard Investment Shares,series C_
4.50 Aug. 1
Series D
4.6c Aug. I
Trustee Standard Oil Shares, series A (spec.)_
13.850 July 15
Tuckett Tobacco Co.. Ltd.. pref. (quar.)
$134 July 14 June 30
134%
1
Financial Chronicle
240
When Holders
Per
Share. Payable. ofRecord.
Name of Company.
Tung-Sol Lamp Works, Inc., preferred (quar.)
Preferred
United Biscuit Co.of Amer.. pref.(guar.)
United Bond & Share, Ltd.(quar.)
United Fruit Co., corn. (guar.)
United Gas & Electric Co.5% pref.(semi-ann.)_
United GasImprovement(guar.)
5% preferred (guar.)
United.Gold Equities of Can.(quar.)
Extra
United Gold Mines
United Light & Rys.,7% prior prf. (monthly)_ _ _
7% prior preferred (monthly)
7% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
United N..). RR.& Canal (quay.)
Quarterly
United Security, Ltd. (guar.)
U.S. Petroleum Co.(guar.)
Quarterly
U. S. Pipe & Foundry Co., corn.(quar.)
Common (quar.)
Common (quar.)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
United States Smelting, Refining & Mining Co.
Common (quarterly)
Preferred, capital stock (quar.)
United Verde Extension Mining (guar.)
Universal Leaf Tobacco common (quar.)
Extra
Upper Michigan Pow.& Lt.,6% pref. (quar.)
6% preferred (gnar.
6% preferred (Minn
Uprsit Metal, preferred (guar.)
Vanadium Alloys Steel
Vapor Car Heating Co.. Inc.. 7% prof
Venezuela Oil Concessions, Ltd.. corn. (final)- Victor Brewing
Vulcan Detinning Co.. preferred (quar.)
Preferred (quar.)
Walgreen,com.(quarterly)
Walker Mfg., $3 preferred
Warren Foundry & Pipe Corp
Washington Gas Light (quar.)
Western Grocers. Ltd., pref. (quar.)
Western Power Corp.,7% preferred (quar.)Westinghouse Air Brake Co.(quar.)
Westland Oil Royalty, A (monthly)
75c
h25c
$1 5i
15c
50c
235%
30c
$14
r2)'c
r2%c
Sc
58 1-3c
58 1-3c
58 1-3c
53c
53c
53c
50c
50c
50c
$23i
$235
50c
lc
lc
12;ic
l2;ic
1234c
30c
30c
30c
Aug. 1 July 19
Aug. 1 July 19
Aug. 1 July 16
July 16 June 30
July 14 June 21
July 15 June 30
Sept. 29 Aug. 31
Sept. 29 Aug. 31
July 16 July 10
July 16 July 10
July 15 June 30
Aug. 1 July 16
Sept. 1 Aug. 15
Oct. 1 Sept. 15
Aug. 1 July 16
Sept. 1 July 16
Oct. 1 Sept. 15
Aug. 1 July 16
Sept. 1 Aug. 15
Oct. 1 Sept. 15
Oct. 10 Sept. 20
Jan. 1 Dec. 20
July 16 June 27
Sept. 10 Sept. 5
Dec. 10 Dec. 5
July 20 June 30
Oct. 20 Sept.29
Jan. 20 Dec. 31
July 20 June 30
Oct. 20 Sept.29
Jan. 20 Dec. 31
$2
873'c
25c
50c
$1
$1M
$135
$1 h
$2
50c
h$3%
z5%
Sc
1i%
1 %
25c
h75c
50c
90c
$14
$1
123ic
10c
July 14 July 5
July 14 July 5
Aug. 1 July 5
Aug. 1 July 17
Aug. 1 July 17
Aug. 15
Nov. 15
Jan. 1
Oct. 1 Sept. 15
Aug. 10 Aug. 1
Sept. 10
July 16 July
July 20 July
Oct. 20 Oct.
Aug. 1 July
Aug. 1 July
Aug. 1 July
Aug. 1 July
July 15 June
July 16 June
July 31 June
July 15 June
2
10
10
16
21
16
14
20
30
30
30
Weekly Return of the New York City
Clearing House.
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JULY 7 1934.
• Surplus and Net Demand
Deposits.
Undivided
Average.
Profits.
• Capital.
Clearing House
Members.
Bank of N Y & Trust Co
Bank of Manhattan Co_
National City Bank_ ___
Chem Bank & Trust Co_
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Exch Bank Tr Co_
First National Bank
Irving Trust Co
Continental Bk & Tr Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr Co_
New York Trust Co
COEUM1 Nat Bk & Tr Co
Public Nat Bk & Tr Co_
$
6,000,000
20,000,000
127,500,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
150,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
8,250,000
$
S
9,928,100
93,103,000
291,923,000
31,931,700
38,018,700 a927,803,000
311,009,000
48,945,300
177,466,200 81,005,979,000
248,323,000
10,297,500
61,312,500
527,937,000
16,170,300
180,656,000
88,495,500
357,149,000
57,693,500
380,973,000
26,628,000
3,507,900
66,520,800 01,264,914,000
41,437,000
3,251,600
60,009,000 d581,278,000
18,036,000
8,206,000
47,812,000
7,346,200
210,415,000
21,714,500
50,635,000
7,564,500
46,229,000
4,932,400
8
10,616,000
31,180,000
172,103,000
24,268,000
53,900,000
101,958,000
48,302,000
22,648,000
13,537,000
9,355,000
2,687,000
81,806,000
852,000
22,487,000
237,000
4,999,000
23,397,000
1,405,000
34,000,000
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended July 6:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, JULY 6 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Manhattan—
$
24,408,800
Grace National
Trade Bank of N. Y. 3,107,063
Brooklyn—
Ponnhaa Votinnal
5 020 000
Cash.
Res. Dep.. Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
$
105,300
127,021
$
1,766,100
604,803
102.000
316,000
5,055,000
TRUST COMPANIES—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County__
United States
Brooklyn—
Brooklyn
Cash.
Res. Dep.. Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
s
$
$
54,944,500 .3,065,100 7,199,800
98,661
470,080
6,486,786
399,937
.492,061
9,212,787
15,947,800 *2,583,800 1,569,100
411,600
29,612,000 *4,764,900
64,963,531 9,441,716 18,406,543
s
Gross
Deposits.
s
1,283,300 54,987,900
675,600 6,082,937
62,228 8,111,895
1,464,000 16,904,200
32,517,400
64,318,666
284,000 99,899,000
92,510,000 2,791,000 20,677,000
26,720,876
26.370.785 1.742.918 5,219,559
Empire, 52,073,900;
• Includes amount with Federal Reserve as follows:
Fiduciary, 6265,712; Fulton, $2,450,900; Lawyers County, 54,035,100.
Wincm CrInntv
Westinghouse Electric & Manufacturing Co.—
July 31 July 16
Preferred (quarterly)
87
Westmoreland, Inc.(quar.)
30c Oct. 1 Sept.15
West Penn Electric Co..7% pref. (quar.)
314 Aug. 15 July 20
6% preferred (guar.)
$1
Aug. 15 July 20
West Penn Power Co., 7% pref. (quar.)
% Aug. 1 July 5
6% preferred (quarterly)
% Aug. 1 July 5
Weyenberg Shoe Mfg.. preferred (guar.)
$14 Sept. 15 Sept. 5
$1
Dec. 15 Dec. 5
Preferred (quarterly)
-a.)
Wichita Union Stockyards, 8% pref. (s.
$4 July 16 July 10
Wichita Water,7% pref.(guar.)
July 16 July 2
$1
Williams(R. C.)(quar.)
25c Aug. 1 July 16
Winstead Hosiery (quar.)
S13i Aug. 1 July 15
Quarterly
$1 M Nov. 1 Oct. 15
Wisconsin Gas & Electric Co.6% pref. C (guar.) $1;i July 16 June 30
Wisconsin Telep., pref.(quar.)
$1 Y July 31 June 20
Woodley Petroleum Co
/10
Sept.30 Sept. 15
Aug. 15 Aug. 6
$1
Worcester Salt. 6% preferred (quar.)
Worthington Ball A
50c July 14 June 30
Wrigley (Wm.) Jr. Co. (monthly)
25c Aug. 1 July 20
25c Sept. 1 Aug. 20
Monthly
Monthly
25c Oct. 1 Sept. 20
Yale & Towne Mfg. Co.(quar.)
15c Oct. 1 Sept 21
.
62
York Hy.,5% preferred (quar.)
July 31 July 15
25c Aug. 1 July 16
Young (L. A.) Spring & Wire, common
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until furtner notice.
The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on tilts date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable In stock.
f Payanle in common stock. g Payable in scrip. h On account of accumulated dividends. j Payable In preferred stock.
m Any holder of Standard Fruit & S. S. Corp., cumulative 67 pref.
stock who presents the same for conversion into participation preference
stock and common stock on or before the date last mentioned will thereby
become a holder of record of participating preference stock, entitled to share
in such dividend.
n A dividend on the convertible preference stock, optional series of 1929.
of Commercial Investment Trust Corp. has been declared payable in
common stock of the corporation at the rate of 1-52 of 1 share of common
stock per share of convertible preference stock, optional series of 1929, so
held, or at the option of the holder (exercisable in the manner stated in tne
certificate of designation, preferences and rights of the convertible preference stock, optional series of 1929), in cash at the rate of $1.50 for each
share of convertible preference stock. optional series of 1929, so held.
p On March 9th, Consumers Power Co. announced the declaration of a
dividend on the 6% pfd. stk. at the rate of 61.50 payable July 2, to holders
of rec. June 15. The rate on the 7% pfd. announced at the same time was
incorrectly stated as 61.50 and should have been 61.75.
r Payable in Canadian funds, and in the case of non-residents of Canada,
a deduction of a tax of 5% of the amount of such dividend will be made.
U Payable In U. S. funds. v A unit. to Leas depositary expenses.
Less tax. y A deduction has been made for expenses.
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 July 10 1934,
in comparison with the previous week and the corresponding
date last year:
July 11 1934. July 3 1934. July 131913.
—
Assets—
$
$
Gold certificates on hand and due tom
.. 1,589,895,000 1,529,420,000
U. S. Treasury_x
Gold
1,474,000
1,601,000
Redemption fund—F. It. notes
.__
60,164,000
53,948,000
Other cash
279,820,000
573,695,000
8,630,000
86,370,000
.1,651,533,000 1,584,969,060
2,081,000
1,890,000
948,515,000
3,500,000
Total reserves
Redemption fund—F.R. hank notes
Bills discounted:
Secured by U. S. Govt. obligati° 1.—
Other bills discounted
2,673,000
10,504,000
2,735,000
10,942,000
21,386,000
32,437,000
13,177,000
13.677,000
53,823,000
1,995,000
2,054,000
7,403,000
_ . 165,750,000
387.727,000
224,278,000
166.173,000
387,464,000
226,618,000
180,755,000
262,844,000
310,542,000
777,755,000
780,255,000
754,141,000
35,000
35,000
1,587,000
792,962,000
796,021,000
816,954,000
1,203,000
6,960,000
104,038,000
11,449,000
31,821.000
1,193,000
5,547,000
128,673.000
11.449,000
30,569,000
1,601,000
4,323,000
107,923,000
12,818,000
24,815,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U.S.Government seouritt xi__
Other securities
Total bills and securities
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected Items
Bank premises
All other assets
Total assets
$
---
2,602,047,000 2,560,311,000 1,920,449,000
Liabilities—
Gross
Deposits.
8
$
1,917,100 23,482,700
82,938 3,262,784
272.000
Per
When Holders
Share. Payable. ofRecord.
Name of Company.
Time
Deposits,
Average.
614,955,000 723,312,200 6,612,239,000 659,737,000
Totals
• As per official reports: National, June 30 1934; State, June 30 1934; treat
companies. June 30 1934.
Includes deposits In foreign branches as follows: a $212,067,000; b S60,030,000;
c 669,902,000, it 617,296,000.
Loans
Disc. and
Investments.
July 14 1934
649,390,000 663.573,000
F. R. notes In actual circulation_ ._
34,520,000
F. R. bank notes In actual circulation net
3.5,163,000
Deposits—Member bank reserve ace't.._ 1,532,799,000 1,473,343,000
25,313,000
U. S. Treasury—General account
10,202,000
2,011,000
Foreign bank
1,331,000
131,262,000 142,173,000
Other deposits
656,009,000
50,460,000
912,879,000
25,224,000
5,541,000
19,043,000
_ 1,691,385,000 1,627,049,000
100,386.000 108.730,000
60,241,000
60.269,000
45,217,000
45.217,000
4,737,000
4,737,000
16,171,000
15.573,000
962,687,000
99,890,000
58,535,000
85,058,000
1,667,000
6,143,000
Total deposits_ _ -,
Deterred availability items
Capital paid in
•
Surplus
Reserve for contingencies_
Allother liabilities
Total liabilities
2,602.047,000 2,560,311,000 1,920,449,000
Ratio of total reserves to deposit and
--F. R. note liabilities combined
70.6%
58.6%
89.2%
Contingent liability on bills purch used
for foreign correspondents
404,000
11,871,000
453,000
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
x These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 59.06 cents, these certificates being worth less to the extent of the cittl
ferenee, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act 011934.
Financial Chronicle
Volume 139
241
Weekly Return of the Federal Reserve Board.
The oh. wing is the return issued by the Federal Reserve Board Thursday afternoon, July 12, 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 Boa^d'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 JULY 11 1934.
July 11 1934. July 3 1934. June 27 1934. June 20 1934. June 13 1934. June 6 1934. May 30 1934. May 23 1934. July 12 1933.
ASSETS.
Gold ctts. on hand dt due from U.
Gold
Redemption fund (F. R. notes)
Other cash •
Total reserves
$
$
4,810,603,000 4,782,684.000 4.781,748.000 4,788,726,000 4,787,162,000 4,706.157,000 4,648,031.000 4,633.584,000
25,051,000
231,324,000
25,231,000
211,608,000
24,972,000
237.803,000
26,254,000
232,810,000
28,200,000 30,010,000
233,854,000 223,321,000
29,774,000
223,880,000
29.923,000
238.142.000
967,848,000
2,534,351,000
43,643,000
278,061,000
5,066,978,000 5,019,523,000 5,044.523.000 5,047,790,000 5,049,216,000 4,959.488.000 4.901,685.000 4,901,649,000 3,823,903,000
Redemption fund-F. Ft. bank notes
Bills discounted:
Secured by U. S. Govt. obligations_ Other bills discounted
Total bills discounted
Bills bought In open market
U. S. Government securities-Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
3,504,000
4,187,000
4,335,000
4,352,000
4.695,000
4.434,000
4,720.000
5.354,000
8,014.000
4,140,000
18,544,000
4,571,000
24,417,000
6.732.000
20.283.000
6.760,000
21,196,000
6,047,000
21,829,000
5.618,000
23,379,000
9.038,000
24.662,000
6.413.000
27,838,000
39,450,000
128,416,000
22,684,000
28,988.000
27,015.000
27,956,000
27,876,000
28,997,000
33,700.000
34,251.000
167,866,000
5,259,000
5.317.000
5.215.000
5,200,000
5,201,000
5,221,000
5.178.000
5,263,000
13,194,000
467,820,000 467.807.000 469,253,000 472,206,000 406,416,000 406,258,000 406.194,000 406,208,000
1,227.107.000 1,221,884,000 1,219,172,000 1,192.609,000 1,202,264,000 1.214,508,000 1,216,490.000 1,217,000,000
440,776,000
697,484,000
736,852,000 742.099,000 741,849,000 765,365,000 821,726,000 803,470,000 807.470.000 806,992,000 868,973,000
Total U. S. Government securities- 2,431,779,000 2,431,790,000 2,430,274,000 2,430,180,000 2,430,406,000 2,430,236,000 2.430.154,000
2,430,200,000 2,007,233,000
Other securities
512,000
483,000
519.000
527,000
534.000
534.000
535,000
546.000
2.157,000
Total bills and securities
2,460,205,000 2.466,607,000 2.463,023,000 2,463,863,000 2,464,017,000 2.464.988.000 2.469,567.000 2,470,260,000 2,190,450,000
Gold held abroad
Due from foreign banks
3,138,000
3,129.000
3,129,000
3,129,000
3,128,000
3,122,000
3.125,000
3,134,000
3,958,000
Federal Reserve notes of other banks
20,361,000
15,585.000
20,517,000
17,318,000
18,165,000
18,451,000
15,382.000
16,995,000
17,014,000
Uncollected Items
429,215,C00 478,866.000 435,509,000 466.297.000 494,632.000 435.751,000 397,257,000 423,048,000 410,386,000
Bank premises
52,682,000
52,630,000
52,717,000
52,610,000
52.630,000
52.609,000
52,602,000 52,597.000
54,367,000
Federal Deposit Insurance Corp. stock
139,299,000 139.299,000 139,299,000 139,299.000 139,299,000 139,299,000
All other resources
47,277.000
48,353,000
46.206.000
53,824.000
44,247,000
49.090,000
48.577.000
47,926.000
50,951,000
Total assets.
8,084,471,000 8,087.856.000 8,209.171,000 8,238,925,000 8,279,586,000 8.127.232.000 8,032.214,000 8,060,262.000 6,559,043,000
LIABILITIES.
F. It. notes in actual circulation
3,098,273,000 3,121,703.000 3,055.994,000 3,054,216,000 3.054,479,000 3,068.807.000 3,051,604,000 3,038,297,000 3,067,062,000
F. It. bank notes lu actual circulation___ 41,045,000
44.852,000
46,347,000
57,340.000
55,353,000
58,748,000
60,422,000
61.439,000 115,853,000
Deposits
-Member banks' reserve account 3,902.098,000 3,745,739,000 3.836,536.000 3,768.556,000 3,895.108.000 3.787,048,000 3,762.920,000
3,767,269,000 2,268,728,000
U. S. Treasurer-General account_a
63,136,000 152,150,000 134.396.000 196.951,000
47,893.000
75,758,000
51.636,000
01,343,000
83.821,000
Foreign banks
5,211,000
4,530.000
5.767,000
4,484,000
4,322,000
3.686.000
5.592,000
5.610.000
15,041,000
Other deposits
217,700,000 227,241.000 219,281,000 219,943.000 246,474,000 225.816,000 227.598,000 236,809,000 154,227,000
Total deposits
4,188,145,000 4,129,660,000 4,195.980,000 4,189,934,000 4,193,797.000 4,092,308.000 4,047.746.000 4.061.031,000 2,521,817,000
Deferred availability Items
Capital paid In
Surplus
Reserves(IDIC stock, self Insurance, &c.)
Reserve for contingencl____
All other Ilabilitles
Total liabilities
Ratio of total reserves to deposits and
F. It. note liabilities combined
ontingant liability on bills purchased for
foreign correspondents
Maturity Irtsirtbution of Blils and
Short-term Seeurtites1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-16 days bills bought In oped market.-16-30 days bills bought In open market...
31-60 days bills bought in open market
61-80 days bills bought In open market__ Over 90 des e bills bought in open market
Total bills bought In oven market
1-15 days U. S. certificates and bills...10-30 days U.S. certificates and bills__
31-60 days U. S. certificates and bills....
61-110 days U. S. certificates and bills_
Over 90 days U. S. certificates and bills_
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 class municipal warrants
Total municipal warrants
424,880,000
147,246,000
138,383.000
460.997.000
147,121.000
138,383,000
22,540,000
23,959,000
22,40.000
22,600,000
436,342,000 464,856.000
147,129,000 147,107,000
138.383,000 138.383.000
161,834,000 161,83' 000
27,162,000
27,242,,
0
489.990,000
146.460.000
138,383,000
161,833,000
429,302,000
146,433,000
138.383.000
161,832,000
37.304,000
31,419.000
399,832.000 427,374,000 403,886,000
146.271.000 146,470,000 146,360,000
138.383.000 138.383,000 278,599,000
161,832.000 161,832,000
12.108,000
26,124,000
25,436.000
13.358,000
8,084,471,000 8,087,856,0008,?09,171,000 8,238,925.000 8.279.586.000 8.127,232.000 8.032.214.000 8,060.262,000 6,559,043,000
69.5%
69.2%
69.0`7,
69.7%
69.7%
69.3%
69.0%
69.0%
1,401,000
1,450,000
1,740,000
1.957.000
2.093,000
2.447,000
2,730,000
3.268,000
35,761,000
14,755,000
1,593,1,00
1,336.000
4,749,000
251,000
20.630,000
2,003,000
1.550,000
4.544,000
261,000
18.766.000
1,392,000
1,268.000
5,276.000
313,000
20,006.000
1,075,000
1,514,000
5,064,000
297.000
20,927,000
1,605,000
1,856,000
2,927.000
601.000
22.451,000
2.644,000
1,763,000
1,846,000
293,000
26,540,000
2,474.000
1,893,000
2,497,000
296,000
24,480.000
5,334.000
2.007.000
2.132,000
298.000
122,581,000
13,149,000
13,147,000
15,775,000
3,214,000
22,684,000
28.988,000
27,015,000
27,956.000
27,876,000
28.997,000
33,700,000
34,251,000
167,866,000
2,723,000
618,000
475,000
1,443,000
520,000
2,675,000
767.000
1,355,000
1,411,000
2,762,000
844.000
198.000
1,358,000
371,000
3,124.000
343,000
197,000
1,404,000
3.354,000
246,000
868.000
1,406,000
659,000
2,788,00
2,571,000
108,000
1,634,000
771,000
237,000
315.000
464,000
4,247,000
6,578,000
1,880,000
3,053,000
1,683,000
5,178.000
5,263.000
13,194,000
$
5,259,000
5,317,000
5,215,000
5,200.000
5.201,000
5,221,000
19,600.000
48,280,000
114,680,000
87,537,000
466,755,000
33.225,000
16,999,000
100.259,000
102,222,000
489.394,000
31,470,000
19,600,000
82,462,000
116,769,000
491,548,000
33.105,000
33.225.000
80,262,000
129,469,000
489.304.000
88,604,000
31,470,000
67.880,000
110.629,000
523,143,000
79,136,000
32,105,000
48,225,000
75,662,000
574,342,000
100.090.000
51,070.000
64.462,000
591,842,000
94,736,000
65,330.000
56.962.000
589,964,000
40,825,000
15,205,000
167,445,000
293,689,000
351.809,000
736,852,000
742,099,000
741.849,000
765,365,000
821,726,000
809,470,000
807,470.000
806.992.000
868,973,000
4414,000
477,000
484.000
492.000
500,000
35,000
492,000
7,000
500,000
35,000
492,000
7,000
35,000
35,000
483,000
512,000
35,000
2,037,000
10,000
38,000
22,000
50,000
535,000
546.000
2,157,000
5,000
35.000
35,000
35,000
519,000
527,00(1
534,000
534,000
Federal Reserve Notes
Issued to F. It. Bank by F. R. Agent.... 3,392,326,000 3,376,193,000
3,338,310,000 3,348,703,000 3,351,519,000 3,359,601,000 3,330.083,000 3,332.511,000
Held by Federal Reserve Bank
294,053,000 254.490,000 282,316,000 294,447,000 297,040,000 290,794,000 278,479.000 294,214.1300 3,348,580,000
281,518.000
In actual circulation
3,098,273,000 3,121,703,000 30355,994,000 3.054,216,000 3,054,479,000 3.068.807.000 3,051.604.000
3,038.2s7.000 3.067,062,000
Collateral Held by Ayent as Security fur
Notes Issued to Bank
Gold ctfs. on hand Sr due from 0,8, Trews
BY gold and gold certificates
3,115,156,000 3.093.656,000 3,073.656.000 3,102,871,000 3,076,771,000 2.999,771.000 3,004,771,000 3,014,771,000 .11
519 776 000
Gold fund-Federal Reserve Board
1 265 935 000
B eligible paper
11,626,000
18,071.000
15,725,000
16,245,000
15,672.000
15,271.000 18,871,000
17,009.000 105,105,000
U. S. Government securities
302,000,000 305,000,000 292,000,000 267.000,000 302,700.000 375,300,000 364,300,000
352,300,000 499,200,000
rota collateral__
3,428,782.000 3.416,727.000 3,381,381,000 3,386,116,000 3.395.143,000 3,390,342,000 3,387.942.000 3.384,080.000
3,390,016,000
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
x These are certificates given by the U. S. Treasury for the gold taken over from the
Reserve banks when
59.06 cents, these certificates being worth less to the extent of tne difference, the difference itself having been the dollar was on Jan. 31 1934 devalued from 100 cents to
appropriated as profit by the Treasury under the provisions
Gold Reserve Act of 1934.
of the
•Caption changed from "Government" to "U. S. Treasurer General account" and $100.000.000 included
In Government deposits on May 2 transferred to "Other
oemudts."
Financial Chronicle
242
July 14 1934
Weekly Return of the Federal Reserve Board (Concluded).
MUMMY STATEMENT OF RESOURCES AND LIABILITIES 01? EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 11 1934
Two Ciphers (00) Omitted.
Federal Reserve Bank of-
Boston. New York. Phila.
Total.
Cleveland. Richmond Atlanta.
Chicago. St. Louis. ifinnsap. Ran.City. Dallas. San Fran.
$
3
3
8
8
8
8
8
$
$
s
$
$
RESOURCES.
lold certificates on band and due
4,810,603,0 410,150,0 1,589,895,0 299,801,0 360,079,0 162,195,0 117,187,0 1,061,419,0 162,509,0 105,422,0 157,229,0 87,103,0 297,614,0
from U.S.Treasury
549,0 4,454,0
988,0
954,0 1,152,0
2,050,0
1,474,0 2,508,0 3,359,0 2,055,0 3,437,0
25.051,0 2,071,0
Redemption fund-F,It. notes
32,338,0 11,052,0 13,233,0 10,319,0 6,365,0 13,422,0
60,164,0 34,905,0 12.124,0 7,514,0 12,886,0
231,324.0 17,002,0
)ther cash
5,066,978,0 429,223,0 1.651,533,0 337,214,0 375,562,0 171,764,0 133,510,0 1,095,807,0 174,515,0 119,807,0 168,536,0 94,017,0 315,490,0
Total reserves
315,0
858,0
2,081,0
250,0
3,504,0
Ftedem. fund-F. R. bank notes.
Bills discounted:
15,0
60,0
15,0
125,0
80,0
9,0
841,0
2,673,0
125,0
83,0
114,0
4,140,0
Sec. by. U.S. Govt.obligations
362,0
363,0
66,0
395,0
172,0
173,0
234,0
497,0
10,504,0 4,841,0
700,0
237,0
18,544,0
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
351,0
371,0
22,684,0
5,259,0
680,0
487,0
5,682,0
536,0
13,177,0
1,995,0
825,0
193,0
173,0
649,0
243,0
178,0
191.0
121,0
378,0
85,0
187,0
142,0
475,0
142,0
422,0
360,0
467,820,0 27,226,0
1,227,107,0 81,018,0
736,852,0 49,435,0
165,750,0 30,021,0 35,997,0 17,502,0 15,956,0
387,727,0 85,536,0 109,942,0 53,448,0 48,621,0
224,278,0 51,563,0 67,086,0 32,613,0 29,667,0
76,078,0 16,167,0 17,357.0 17,273,0 20,388,0 28,105,0
218,136,0 47,842,0 29,961,0 47,305,0 31,727,0 85,844,0
134,129,0 29,191,0 18,283,0 28,866,0 19,359,0 52,382,0
Total U. S. Govt. securities_ 2,431,779,0 157,679,0
483,0
)ther securities
777,755,0 167,120,0 213,025,0 103,563,0 94,244,0
35,0
448,0
428,343,0 93,200,0 65,601,0 93,444,0 71,474,0 166,331,0
2,460,205,0 158,401,0
236,0
3,138,0
322,0
20,361,0
429,215,0 46,059,0
52,717,0 3,224,0
820,0
48,353,0
792,962,0 173,786,0 214,092,0 104,581,0 94,665,0
300,0
342,0
1,203,0
109,0
119,0
683,0 1,209,0 1,310,0
6,960,0
813,0
104,038,0 31,941,0 45,427,0 36,901,0 12,104,0
11,449,0 4,250,0 6,788,0 3,128,0 2,372,0
31,821,0 5,327,0 1,446,0 1,849,0 2,369,0
429,165,0 93,512,0 66,064,0 93,773,0 72,091,0 167,113,0
222,0
7,0
88,0
10,0
88,0
414,0
945,0 1,534,0
342,0 1,945,0
2,858,0 1,440,0
57,209,0 18,822,0 11,125,0 27.525,0 15,695,0 22,369,0
7,387,0 3,124,0 1,664,0 3,475,0 1,757,0 4,089,0
281,0 1,094,0
594,0
524,0
1,254,0
974,0
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
Uncollected iteras
dank premises
Ul other resources
8,084,471,0 638.535.02,602,041.0 554,401,0 645,139,0 319,652,0 245,942.0 1,594,094,0 291,704,0 200,706,0 295,465,0 184,964,0 511,822,0
Total resources
LIABILITIES.
F. It. notes in actual circulation. 3,098,273,0 244,291.0 649,390,0 251,984,0 314,541,0 141,681,0 135,250,0
34,520.0 4,448,0 1,621,0
456,0
41,045,0
?.. R. bank notes In act'l divan
Deposits:
Member bank reserve account_ 3,902,098,0 319,797,0 1,532,799.0 224,430,0 242,698,0 125,457,0 77,102,0
25,313.0 2,623,0 1,708,0 1,856,0 1,306,0
63,136,0 2,281,0
U. S. Treasurer
-Gen. acct..470,0
509,0
2,011,0
186,0
171,0
352,0
5,211,0
Foreign bank
217,700,0 3,408,0 131,262,0 7,954,0 9,436,0 3,783,0 8,484,0
Other deposits
696,442,0 111,520,0 76.605,0 143,020,0 113,668,0 238,560,0
15,382,0 3,327,0 1,689,0 3,157,0 1,544,0 2,950,0
113,0
162,0
347,0
137,0
137,0
616,0
9,996,0 14,754,0 6,650.0 4,756,p 1,142,0 16,435,0
4,188,145,0 325,478,0 1,691,385,0 235.516,0 254,312,0 131,282,0 87,063,0
424,880,0 46,300,0 100,386,0 30.794,0 44,846,0 35,278,0 11,149,0
60,241,0 15,349,0 12,935,0 4,965,0 4,405,0
147,246,0 10,769,0
45,217.0 13,352,0 14,090,0 5,171,0 5,145,0
138,383,0 9,610,0
4,737,0 2,500,0 2,300,0 1,155,0 2,581,0
22,540,0 1,053,0
458,0
16,171,0
494,0
349,0
120,0
578,0
23,959,0
722,436,0 129,763,0 85,057,0 151,070.0 116,491,0 258,292,0
60,674,0 19,520,0 11,430,0 25,551,0 16,886,0 22,066,0
12,613,0 4,027,0 3,061,0 4,150,0 3,994,0 10,737,0
20,681,0 4,756,0 3,420,0 3,613,0 3,683,0 9,645,0
853,0 1,026,0
617,0 1,130,0 1,619,0
2,969,0
182,0
86,0 1,548,0
288,0
161,0
3,524,0
Total deposits
Deferred availability Items
Defiled paid in
lumina
Reserve for contIngendes
kll other liabilities
771,197,0 132,497,0 96,530,0 110,378,0 41,232,0 209,302,0
8.084,471,0 638.535.02,602,047,0 554,401,0 645,139,0 319,652,0 245,942,0 1,594,094,0 291,704,0 200,706,0 295,465,0 184,964,0 511,822,0
Total liabilities
Memoranda.
Ratio of total res. to den. kr F. R.
note liabilities combined
3.ntIngent liability on bills ourh....A r.-.1. en,... nn.,...",-.rnianta
69.5
75.3
70.6
69.2
66.0
62.9
60.1
73.4
66.5
66.0
64.5
59.6
67.5
1 401 0
110_n
404.0
159.0
146.0
1i8 n
.cfl 0
192.0
50.0
35,0
43.0
43.0
108.0
•"Other Cash" does not include Federal Reserve notes or bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Boston. New York.
Mai.
s
Federal Reserve notes:
8
Issued to F.R.Bk. by F.R.Agt_ 3,392.326,0 269,309,0
Held by Fed'I Reserve Bank___ 294.053,0 25,018,0
Phila.
Cleveland. Richmond Atlanta.
$
$
$
$
$
Chicago. St. Louis Minneap. Kan.City, Dallas. San Fran.
$
$
$
a
$
$
752,129,0 268,316,0 329,323.0 151,942,0 154,993.0
102,739,0 16,332,0 14,782,0 10,261,0 19,743,0
807,853,0 138,189,0 101,762,0 117,901,0 47,053,0 253,556,0
36,656,0 5,692.0 5,232,0 7,523,0 5,821,0 44,254,0
3,098,273,0 244.291,0
In actual circulation
Collateral held by Agent as security for notes issued to bks:
Gold certificates on hand and
3,115,156,0 276,117,0
due from U.S. Treasury
261,0
11,626,0
Eligible paper
302,000,0
U. S. Government securities
649,390,0 251.984,0314,541,0 141,681,0 135,250,0
771,197,0 132,497,0 96,530,0 110,378,0 41,232,0 209,302,0
753,706,0 242,500,0 269,931,0 120.340,0 91,385,0
7,500,0 1.569,0
580,0
428,0
185,0
25,000,0 60,000,0 32,000,0 65,000,0
804.513,0 115,936,0 33,000,0 108,290,0 47,675,0 201,763,0
97,0
91,0
475.0
133,0
243,0
64,0
55.000,0
10,000,0 23,000.0 20,000,0 12.000,0
3,428.782,0 276,378,0
761,206.0 269,069,0 330,511,0 152,768,0 156,570,0
814,577,0 139.069,0 103,097,0 120,381,0 48,150,0 257,006,0
Total collateral
FEDERAL RESERVE BANK NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent as-
Boston. New York.
Total.
Federal Reserve Dank notes:
Issued to F. R. Bk.(outstdg.)_
Held by Fed'I Reserve Bank__
$
55,976,0
14,931,0
$
1,511,0
1,055,0
In actual circulation-net ._
Dollat. pledged SOL outst. notes:
Discounted ds purchased bills_
U. S. Government securities...
41,045,0
456,0
63,474,0
Phila.
Cleveland. Richmond Atlanta.
$
$
$
36,225,0 16,035,0 2,205,0
1,705,0 11,587,0
584,0
34,520,0
4,448,0
5,000.0
36,974,0 16,500,0
$
3
St. Louis. Ifinneap. Kan.City. Dallas. San Fran,
$
$
$
$
$
$
1,621,0
5,000,0
5,000.0
Chicago.
36,974,0 16,500,0
5.000,0
•Does not include 393.277,000 of Federal Reserve bank notes for the retirement of wlilch Federal Reserve banks have deposited lawful money with the Treasurer of
the United States,
63.474.0
Tntskl rinilatPrsd
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figure
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL RESOURCES AND LIABILITIES 01? WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JULY 3 1934 (In Millions of Dollars).
Federal Reserve Districtsaans and investments-total
-total
Awns
On securities
All other
nvestments--total
U. S. Government securities
Other securities
teserve with F. R. Bank
.1aah in vault
let demand deposits
rime deposits
lovernment depsalts
)ue from banks
)ue to banks
,
Borrowings from F. it.
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. IC04.C1ty. Dallas. San Fran.
$
17,761
$
1,166
$
8,202
$
1,048
$
1,183
8,038
674
3,771
497
3,556
4,482
260
414
1,960
1,811
233
264
9,723
492
4,431
6,672
3,051
326
166
3,113
1,318
2,783
234
12,551
4,495
1,354
1,636
3,784
250
47
872
341
114
126
201
1,297
49
6,529
1,113
773
162
1,669
'
$
$
353
546
411
$
1,834
716
528
201
157
205
184
877
335
381
73
128
39
118
60
145
59
125
222
655
165
1,092
327
196
341
227
957
113
52
741
351
225
102
141
55
230
111
176
49
609
348
493
48
1,561
493
69
245
490
64
8
337
163
35
81
145
37
4
221
123
9
75
97
81
9
416
165
25
211
258
74
8
270
123
68
144
131
134
11
636
938
91
166
1813
h
349
333
$
1,808
417
171
168
198
219
59
112
58
110
551
766
178
295
256
573
191
126
52
143
12
685
312
73
170
250
130
17
633
460
55
98
182
47
11
218
134
9
78
93
33
6
173
130
33
80
79
$
$
$
$
243
Financial Chronicle
Volume 139
dr,Ire, 80/1 '45'an-ciat
iirratiriv.
United States Government Securities
Bankers Acceptances
(CL
:
trmutIi'
PUBLISHED WEEKLY
NEW YORK AND HANSEATIC CORPORATION
Terms of Advertising
37 WALL ST., NEW YORK
45 cents
Transient display matter per agate line
On request
Contract and Card rates
CisicAoo Oyatca-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON Omcs-Edwarda & Smith. 1 Drapers' Gardens. London, E.C.
-Friday, July
U. S. Treasury Bills
WILLIAM B. DANA COMPANY, Publishers,
STOCKS.
Week Ending July 13.
Lowest.
Highest.
Lowest.
Highest.
1
RailroadsPar. Shares. 3 per share. $ per share. $ per share.$ per share.
Feb 5634 Apr
Canada Southern_ 100
20 5034 July 9 50% July 9 50
Jan 11% Feb
10 8 July 12 8 July 12 5
Chic St P & Om pref 100
30 7534 July 12 75% July 12 74% Apr 7634 May
Cleve & Pittsbrgh gtd50
% Jan 1% Apr
Duluth S S & Atl._ _100
300 1 July 7 1 July 7
lilt Rys of Cent Am
%
Preferred
100
10 15 July 13 15 July 13 731 Jan 223 Apr
8
% Jan 2./ Mar
100
Market St Ry
270 1 July 11 1 July 11
Jan 36 June
Wheeling&Lk E pref100
10 31 July 13 31 July 13 25
Indus. & Miscall.Abraham&Strauspfd100
10 108 July 12 108 July 12 89
Am Coal Co of N J
(Alleg'h County)_ -25
10 2534 July 10 2534 July 10 22
Am Mach & Meta ars.* 1,200 934 July 9 9% July 11 434
Amer Radiator & Stand
Sanitary pref___ -100
20 120 July 12 120% July 12 111%
Andes Copper Mining_•
100 7 July 12 7 July 12 6
Armour& Co (111)new_5 14,600 534 July 9 534 July 9 534
$6 cony prof
* 6200,
5934 July 13 61 July 9 5934
Art Metal Construct-10
40 6% July 7 7 July 13 5
July 12
July 13
July 13
July 13
July 12
July 12
July 11
July 12
Blumenthal&Co pfd 100
Bon Ami class A
*
Burns Bros el A etfs_ *
City Investing
100
Collins&Alkman pfd100
Col Fuel & Ir pref_ 100
Conn Ry & Light_ _ _100
Consol Cig pref (7)-100
10
60
100
140
650
10
30
40
Devoe&Rayn 1st pfd100
Fairbanks Co pf ctfs 100
Fed Min & Smelt p1100
Florshelm Shoe ci A_ _ _*
Gen Ry Signal pre!_100
Greene Cananea Cop100
10 109% July 10 109% July 10
110 6 July 12 6% July 10
100 98 July 12 98 July 12
200 22% July 10 22% July 10
10 9334 July 10 9334 July 10
50 50 July 13 50 July 13
Indian Refining
10
Kan City P & L 1st
pref series B
•
Kresge Dept Stores__ _1
Preferred
100
Mackay Cos pref __ _100
Math Alk Wks pref _100
Norwalk T & R pref _50
10
50
82
1
45
79
21
61
51
50
85
1
45
82
21
61
54
July 12
July 9
July 13
July 13
July 9
July 12
July 11
July 11
July
Jan 108
Apr 3534 Feb
Jan 10 May
Jan 121
May 10%
July 534
July 61
Jan 9%
May
Apr
July
July
Apr
ss%
43%
76
1
45
7714
10%
50
31
May
May
Jan
July
June
Jan
Jan
Jan
85
434
52
94
32
61
59
Feb
July
Feb
Feb
Apr
Feb
June
Apr
99
3
70
15
90
18
Feb 110
Feb 934
Jan 98
Jan! 25
May 101%
Jan 59
May
Apr
July
Apr
Feb
Apr
2% May
2% July 7
2% July 7
4% Apr
July 7111 July 7 9774
July 9 4% July 9 234
July 12 40 July 12 19
July 12 28 July 12 28
July 1 130% July 11 110
July 13 3934 July 13 34%
Jan 111%
Jan 7%
Jan1 55
Julyj 33
Jan 135
May 39%
Apr
Feb
Apr
May
June
July
Omnibus Corp pref-100 2,300 95 July 7 95 July 7 89
40 39 July 10 39 July 10 30
Outlet co
*
60 85 July 9 89 July 13 46
Revere Cop & Br pf _100
10 6% July 11 6% July 11 6
Sou Dairies CIA
•
Stand Brands pref__100
140 124 July 10124% July 7 121%
'1 he Fair prof
50 78 July 10 78 July 10 50
100
110 12% July 13 is% July 11 9
United Amer Bosch...*
%
U S. Express
Ii July 12
200
100
% July 12
Unix Leaf Tob met 100
,
30 122% July 12 125 July 9 11234
•No par value.
Feb 95
Feb 45
Jan 90
June 934
Jan 126
Jan 83
June 17
May 134
Jan 12534
Jan
Apr
June
Mar
June
Apr
Feb
Apr
June
1 111
400 434
20 40
10 28
200130%
70 38%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Range Since Jan. 1.
Range for Week.
Sales
for
Week.
July 18 1934
July 25 1934
Aug. 1 1934
Aug. 8 1934
Aug. 15 1934
Aug. 22 1934
Aug. 29 1934
Sept. 5 1934
Sept.26 1934
Oct. 3 1934
Total sales in $1,000 units__
!High
Low3,4s, 1940-43
Close
Total sales in $1.000 units-(High
Low_
834s. 1941-43
Close
TOMS sales in 81.000 units__
{High
Low.
3313, 1948-49
Clo6
Total sales in $1,000 units_
rig
Low.
3.
30 1941
Close
Total sales in $1.000 units__
{Mg
3343. 1944-48
Low.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Saturday
Monday
Tuesday
Wednesday ---.
Thursday
Friday
182,050
315,910
648,610
648,520
466,070
533,170
$2,737,000
5,297,000
6,883,000
7,292,000
7,643,000
6,712,000
2 704 g 2.111
tea Mia nnn
Ig
Total
Bond
Sates.
$894,000
4,334,000
3,986,000
3,439,000
5,374,000
1,258,000
$4,594,000
11,353,000
12,419,000
12,353,000
14,543,000
9,340,000
to g',,'o g non! *10g OCIF Ann
g
CAA g RAO g AAA
$963,000
1,722,000
1,550,000
1,622,000
1,526,000
1,370,000
C108(1
,
rntal
Sales at
New York Stock
Exchange.
Week Ended July 13.
1934.
Jan. 1 to July 13.
1934.
1933.
Stocks-No. of shares_
2,794,330
Bonds.
Government bonds_ __ _ 619,285,000
State & foreign bonds_
8,753,000
Railroad & misc. bonds 36,564,000
1933.
30.945,060
217,836,097
400,627,779
$5,204,800
20,076,000
75,703,000
$358,096,200
377.270,000
1.430,570,000
$270,881,000
423,547,500
1,215,085,900
$84,602,000 $100,983,800 $2.165,938.200 81.909,514.400
Total
Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Friday, July 13.
maturity.
8301.15 1934...
Aug. 1 1935-June 15 1939._
Aug. 1 1934...
Dec. 15 1934_..
Mar.15 1935...
Dee. 15 1985Feb. 1 1938...
Dee. 15 1936.- _
Int.
Rate.
Bid.
134%
134%
234%
234%
234%
234%
234%
234%
2%%
100141,
101",,
102 22
,
100iii
101'n
10114,,
1031,,
10327n
104"n
Asked.
Maturity.
1001 n Apr. 151930...
,
10111/2 JUDO 15 1938...
1022:2 June 151085...
Feb. 151937...
1018ii Apr. 15 1937...
101,1,, Misr. 15 1938...
.
10318, Aug. 1 1936_ _
103n. sept.15 1937...
104nn
In:.
Rate.
Bid.
Asked.
234%
274%
3%
8%
8%
3%
334%
334%
104%,
10411n
1022in
104"s:
101211,
105
10522,2
105„.,
104%s
104"s,
1022
%
1051
,1
1051,,
1051,,
105"sa
105,,
,,
__-- 10414n 10418n 10412n 104 psi: 104",,
- 1041% 10414n 10412n 1042212 1042222
n
_-_ 1041',, 1041, 10411,2 1041",, 1041,
1,
5
2
122
3
10
____
____
-___
-------------
Close
____
____
Total sales in $1.000 units___
Converted 434% handl High 103",,103lin
,,
of 1932-47 (First 434s) Low_ 10311,, 1031,
,,
Close 1032, 10311n
82
1
Total sales in $1,000 units__
Second converted 434%1 High
____
____
bonds of 1932-47 (First Low.
Second 4Iis)
-___
-Total sales in $1,000 units._
,,
1 High 1031, 10321,2
Fourth Liberty Loan
LOW- 103"s: 10322n
434% bonds of 1933-38
Close 1032ln 1032.ii
(Fourth 4345)
8
29
Total sales in $1,000 units...
,
1 High 10112,1 10112
Fourth Liberty Loan
434% bonds (2d called)_ Low 101"at 1012,22
::
Clos 10122 1012222
4
74
Total sales in $1,000 units__
,
(High____ 11311
Treasury
____ 113n,
Low
434s 1947-52
,
____ 11321
Close
62
Total sales in $1.000 unit"---1 High 1098:1 10912i
,
,
Low- 109 ss 109 22
43, 1944-54,
Close 1008n 109 03
135
35
Total sales in 81.000 units-,
1 High 1045,, 111411
,
,
Low- 104 118 104 3,
4%a-33‘s, 1943-45
,2
Chaos 10442 1042
93
19
Total sales in 81.000 units-(High 107228 1072h
L092- 1072h 107201
3,(5. 1945-56
Close 107201 10724n
2
7
Total sales in $1,000 units__
!
High 10428i 104",,
Low- 104281 104"al
83,1043-47
ls
:
Close 10428 104tsn
75
65
Total sales In $1.000 units__
,
(High 10110 102
,
Low_ 1012, 10111,2
3.9„ 1951-55
,
Close 10130 101,0,2
1710
58
Total sales in $1,000 units(High 10122s 101",,
,
Low_ 101,, 101",,
3s, 1948-48
review of New York stock market, see editorial pages.
United
Elates
Bonds.
Asked.
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Daily Record of U. S. Bond Prices. July 7. July 9. July10. Julyll. July12. July 13.
First Liberty LoanHigh
334% bonds of 1932-47_41.0n_
Close
(First 3348)
Total sales in $1,000 units_ __
Converted 4% bonds of-{ High
close
Stocks,
Railroad
sous.
Number of and Miseell. Municipal &
Shares.
Porn Bonds.
Bonds.
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 31 1934
Nov. 7 1934
Nov. 14 1934
Nov.21 1934
Dec. 19 1934
Dec. 26 1934
Jan 2 1935
Jan 9 1935
United States Government Securities on the New
-Below we furnish a daily record
York Stock Exchange.
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
-For
The Week on the New York Stock Market.
Week Ended
July 13 1934.
Bid.
Asked.
Bid.
William Street, Corner Spruce, New York.
-For review of the
Railroad and Miscellaneous Stocks.
New York stock market, see editorial pages.
The following are sales made at the Stock Exchange this
week (July 7 to July 13 inclusive) of shares not represented
in our detailed list on the pages which follow:
13.
Rates quoted are for discount at purchase.
Total sales Its $1,000 units{High
Federal Farm Mtge
Low_
33(s, 1944-84
Close
Total sales in $1.000 units__
Federal Farm Mortgage {High
Low_
38, 1949
Close
Total sales in $1,000 unites__
Home Owners'Loan1 igh
H
Low_
45, 1951
Close
Total sales in $1.000 unitsHome Owners'Loan
{High
88,series A,1952
Low_
Close
Total sales in $1,000 units--
____
____
____
____
103",, 103"as 103"ss 103"42
10311,1 10311,1 103n,, 103,..
10311,, 10311,2 103118, 10311,,
8
7
40
25
____
____
____
____
____
____
____
____
1031
% 103",,10318,2 10321,1
3
1032212 10328, 103sess
1032,
s2
,,
10311n 1031,n 1031",, 1032,
3
28
51
18
,
101"n 10112,2 1012 ,, 10111,1
10122s: 101"s: 1012212 101"st
10122,2 1012212 101",, 101",,
5
12
3
10
114
114
114
113",,
113112,
113,, 114
,,
114
114
113,11,
11311i, 114
8
1
57
28
109"s2 109"n 109"s: 109"s2
1092,2 10922n 1002% mon
se
1001in 100iii, lope. 1002,
7
30
62
30
1041
.
, 10424. 10424,, 10410.
104u. 104.,,
,,
104',,1041,
104"22 104": 104"s2 104",,
50
378
9
15
___ _ 107"ss
,1
107,2 1082
,2
---_ 107242
10722n 1072%
-___ 107nn
107231, 108%,
18
____
347
2
,
10511 105lin 105",,
,
105
105lii 105",,105,8n
105
105111 105lin 1051
,
%
105
1
30
76
10
% 102",,
102222 102221 1021
,
,
10111,1 1021,, 102 n 102 n
,
,
102",, 10213 1020s, 102 ,,
121
147
115
702
10242 102"12 102"s2 1022
,2
1021,, 102',, 102%
102
Du". Rau,, 1021,2 10211n 1022s: 1021s,
24
566
72
589
317
140
,
1,
____ 105,6 10521,2 1052,
105w, 1051,
,,
,
105n 1051 ,,
- 10522,1 10521,, 105242
---- 105"2 105"n 105ues
105ns 105"ss
208
17
126
____
10
50
88
,
____ 10510 1051, 10511.
105',,____
1s,
-_-_ 105ns 105. 105"ei
____
1058n
,,
____ 10520,2 1051, 1051
____
",,
10581,
15
151
6 ........6
,,
0n 103"n
,
102",, 103 n 103% 1031, 103
,
%
,,
10211,, 102,, 1031,2 10311 1031,2 103
102,1,, 1034: 103212 10311s 1031188 103",,
22
62
63
130
75
47
,
105", 1051, 105w,, 105n, 10514. 105"s,
1,
105',,105 32 105",,105", 105",,1054,
,
101.lon 10510i 105",, 105nn 105,ln 1051,s,
390
1876
122
1156
429
60
,
1041,1 10410., 104 ,, 104"n
10311,2 104
2
,
. 104",, 104",,
103",, 103, 107",, 1041
,
103nn 1032, 10422: 104"s: 1042:2 10421:
25
791
114
14
91
32
10122ss 10122s 102 s: 102",, 1021,2 10211,,
,
101,0,2 101,18 101 son 102'n 102.8, 102'n
10111,, 101", 1021,2 102",, 1021,2 102.1n
95
183
682
337
62
215
100222: 100": 1012a: 10122: 1012n 101222
1002,22 100": 10022s: 101% 100222 101
10011,, 100", 1011,, 1014,, 1011,, 101
51
104
98
64
57
90
100218, 100", 1012,1 101",, 101',, 101 ,,
,
,
,, 101 ,,
100",, 100", 100,0,2 101'n 1011
1001, 100", 1011,, 1011,, 1014,1 101 s,
,,
,
27
964
113
664
553
502
1011n 1011n 1011,,
,
10021 100n, 101
100n, 10011
,
, 10016,1 100", 10011 100"si
,
,, 100 188 101 432 100", 10022.
,
10020 100
72
281
212
391
613
192
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1
3
5
1
Fourth 45i8 (uncalled)
Fourth 43is (called)
Treasury 3%,19 43 47
Treasury 374s. 1948-49
10322n to 10311
.
101111, 00101",,
105nn to 105"n
103 to 103
The Curb Exchange.
-The review of the Curb Exchange is
231.
A complete record of Curb Exchange transactions for the
week will be found on page 262.
given this week on page
244
July 14 1934
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
car FOR
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE
PRECEDING.
NOTICE.
-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
sales in computing the range for the year.
HIGH AND LOW SALF PRICES
-PER SHARE, NOT PER CENT.
Saturday
July 7.
Monday
July 9.
Tuesday
July 10.
Wednesday
July 11.
Thursday
July 12.
Friday
July 13.
3 per share $ per share $ per share $ per share $ per share $ per share
60 4 6114 61
3
6112 6112 6338 6314 64
6112 63
607 6212
8
*87 89
8712 8712 8812 887
8914 893
2 8834 88% 89 89
4
*3714 39 •3738 3814 3814 3918 38% 3912 3712 38
3712 38
8
*227 23
22
/ 2314 2212 2378 2314 23% 22% 2318 2234 23
1
4
"2658 28
2734 273
*28
28
28
2812 2712 28
4 2734 28
4234 423
43
4 4234 423
4 43 43
44 44
/ 43 4 43% 44
1
4
,
*110 111 '11012 111
111 111 *11012 111
111 111
11012 111
•93 11
*938 1012 *9% 1012 1012 1012 *938 113 "10
2
12
4
478 4% *4% 512
4
4 4 43
3
512 512
5
5
5
5%
*4014 47
*45% 47 *4518 47
*4538 48 *45% 48
47
47
38% 3914 3812 38% *383 39
4112 40% 4112 40% 41%
39
4
*9112 93 •915 93
93 93
s
93 93
9314 9314 94
94
14
14
13% 1418 1334 1418 14
1414 1418 14% 13% 1418
*90 95 "883 95
9212 9212
*9212 95
4
*883 95
*883 95
4
4
*62
69 .60 68
*62
68
*64
68 *62 68 *62 68
47 471 47 4714 47
/
4
4712 4714 4734 467 4712 45% 46%
*2
3
312
3
*3
4
*3
5
*3
5
*3
4
*3
312
312 312
'3
,
/ 34
1
4
3%
3
314 314 .
314 314
*278 3
*278 3
278 27
"27
*278 3
2% 278
8 3
'7
714
/ 714 *7
*7
1
4
/ 712 *7
1
4
73
718
7
3
7% 75
.
412 43
2 "418 438
/ 418
1
4
4
414 414
418 414
414 414
712 72
712 7
8
/
1
4
712 712
748 712
712 758
718
738
858 85
8
/ 8%
8
1
4
8% 9
8
848 8
/ 8%
1
4
/
814 8%
1
4
*17
1758 •1718 1712 17
*17
17
1712 "16
1614 1614
17
3
3
3
*278 3
3
278 •278 3
27
3
3
*5
512
•4% 5'2
518 51
5
5
5
5
5
5
*3% 4
/ 4%
1
4
4
4
4
4
*33
4 4
*33
4 4% *3
*32
33
32
32
31
331 *3112 331 "314 331
3314 "32
/
1
2712 277
2612 271
2612 28
*2612 273
2614 2778 2734 28
*20
22
21
*20
21
21
2118 2118 '20
22
20 8 21
5
*3% 33 '314 3
3% 3313
3
*314 348 *314 3% *314 3%
4.6
*658 7
6% 6% *6
6
*
7
7
*6
7
7
54
5414 55
5412 5514 *53
5634 54
56
54
53 53
2234 2318 2248 2314 2318 24
'
2314 24
2234 231
2218 227
*712 8
8
8
74 712 *73
/
1
7
73
4 8
74 7
3
3
.1812 20% 19
19
1914 1914 •1814 191
1838 18% 18
18%
"22
24
22 22
22 22
2312 231
2312 22% 2312
23
*1612 1712 *17
1712 17
17 "1612 183 *1612 183 •1612 183
4
4
2112 2112 2112 218 2112 2214 2178 221
2158 22% 21
2132
*7
13
*7
13
*7
13
13
*7
*7
13
13
*7
*2012 25
*2012 25
*2012 25
*2012 25 *2012 28 *20% 28
es,
7
8
•58
7
"48
*5
48
7
•
8
3
7
513
8
*1
1
8
*758 8
*712 8
8
'7% 8
712 71
•7 8 8
3
2434 243
2412 25
24
2514 2434 25
25
24
4
2312 2378
*33
3734 *33
3734 *3312 37 .3312 37 *3312 37 *3312 36
*80 62 *60 62 •60 61
593 60
3
4
59 59 4 5912 5912
•16
18 •
*16
18
16
18
17
17
16
16
*1414 16
*8
8
814
8
814 814
834 9
812 9
814 812
•1234 133 *1234 13
•1234 14
/ *1234 14
1
4
4
12% 123 *12
1312
4
•1512 1812 •16
18
18
18
1912 1612 1612 *1612 18
•16
*153 1578 •1514 16
8
16
153 1614 16
1514 1534 1418 15%
4
51
5112 *49
53 *49
53
5234 53
5112 5134 511 511
/
4
/
4
*23 24
23
23
*23
24
24
24
24
24 *23
24
14% 14% 14
141 14% 1448 1412 1514 1514 15% 15
/
4
1512
*6
718 *6
"61,9 71
*6
718 •618 718 *6
718
718
•12
3
*32
3
3
4.28
3
4
12
8
8
"2
*5
8
51 2 2
,
•112 2
*112 2
•112 2
•112 2
*112 2
*2I4 31
*214 31
'214 314 *214 3
*214 3
/ *214 314
1
4
431, 4
314 312 • '312 4
*312 4
4
4
•
3I2 4
8 91
9
/ 914 *818 958 "85
1
4
834 8%
914 914 *9
9
/
1
4
2212 2212 2214 2212 2248 2248 2234 23
2214 234 22
2212
/
1
314 33
8 *314 31
*38
312
3% 318
314 314
3
/ 314
1
4
*512 6
512
512
*512 6
"512 53
5% 512
4
51 512
/
4
*31
*2512 34
34
*32
34
*30 34 *30 34
32 32
•1
112 *1
112 *I
112 "1
112 *1
112 *1
1
12
*48
•81
2
4
,
"a
8
4
3
%
4
5
8
5
5
8
s
5
fa
8
2814 283
29% 281 28721 2714 28%
4 2818 2812 2814 2912 29
/
4
*17
20 *17
20
18 '1814 20
18
1814 1814 *18
1934
*30
303 *2978 307
4
8 3148 3148 *3014 31% 30
/ 30% 3012 3114
1
4
124 124 *124 128 *124 126
124 124
12212 123 •12112 126
*14% 15
1458 15
1412 1518 15
1514 1432 1412 141 1412
/
4
24
24
*233 2438 2414 2412 233 2412 2312 2312 23
4
4
23
, 8 714
648 63
7
/ 714 *63
1
4
*612 714
678 678
4 714 4 67
114 *118 11 *118 114
1
1
*1
114 *I
*1
/
4
1%
*214 212 *214 212
214 2% *2% 2%
212 212 *214 2% •
181 181
181 181
18112 183
18332 183% 18334 18334 183 184
*9734 99
*9734 99
*9734 99
*9734 99 •9734 99 *9734 99
2312 24
2312 2334 2312 241 24
/
4
24
/ 2312 233
1
4
4 2234 23%
*2
312 *2
312 *2
312 *2
312 *2
312 *2
312
812 *4
812 *4
812 *414 812 *4
*414 812 *2
812
.212 514 *212 514 '212 514 '212 514 •212 614 • / 514
2
1
4
7
3014 30 4 3014 30
3012 3114 30% 31% 30% 30 2 30 30%
3
7
*318 4
*31 4
*31 412 *3% 412 4.318 312
/
4
/
4
314 314
*16
271 *23
2718 *2512 2712 25
25 •17 2712 *18
2712
*3812 43
*3812 41
*3812 41
*3838 41
*38 41 •38
41
•
29
•30
31
31
30% 30% 31
31
3118 *29
31
31
*314 4
*314 4
*314 4
•314 4
*314 4
'314 4
*6
71
*gig 61
"678 71
7
*612 7
7
*638 7
*18
*18
35
35
*18
35 "18
35
18
18 •16
18
50 50 *47
50
50 :49
50
49 *47 511 *4714 50
/
1
4
/
4
*3812 41
*3812 41
*3812 41
*3812 41
*3812 41
*3812 41
3814 *36
"38
38% 38
38 "35
3848 *37
3814 "37
38
"818 11
*814 11
*814 11
*8% 11
814 11
'814 II
•
*212 23
212 212
'212 2 4
212 21
3
*212 2 4 *212 23
3
4
314 314
3% 3% *3% 3%
3% 31
/ 358
1
4
314 314 •3
•
4
4
834 15
*83 15
'83 15
•83 15
'83 15
4
4
4
*83 15
1
*1
I
1
1
118
1
1
1
1
1
1
*13
4 21
*13
*1% 2
4 218
*1% 2
13
4 *178 2
4 13
244 24% 2334 2414 2414 2518 2438 2538 24
/
1
24% 2314 2412
2314 24
2314 233
4 2334 2412 2212 2414 2114 223
4 1912 2112
293 293 *29
4
293
30
28
4 293 3012 29
4
4
2914 2512 28
*40
43 .40
43 "41
43 *40
45 *41
40 4012
45
*25
*25
30
*25
30
30 •
25
32 •25
30 *25
32
612 "6
6% 6% *6
614
6
614 *6
6 12 '6
612
*4
*4
5
*418 5
5
*4
5
418 414
4
/ 54
1
4
,
*21
25 *21
25 .21
25
244 2412 25
25
31
25
/
1
1193 120
120 120
4
121 12112 120 1213 1193 121
4
119 120
4
867 87
8
*843
87 88
•
*8432 8772 87% 89
8434 88
4
8 *318 88
*31 312 *315 32
/
4
318 3
/
1
4
312 *318 312 .318 314
*5
5%
518 *514 6
5
*518 6
518 518 *54 6
/
1
1214 1214 "115 1214 12
8
1214 12
/ 1214 12
1
4
1214 11% 12
*144 17
/
1
*1414 17 *10
164 *12
*12
15
/
1
15 *12
15
*458 518 *45
8 518
5
5
5
*4% 5
5
/ 518
1
4
5
*1012 103
117
4 10% 10% 11
8 1112 12
1114 1114 11
1114
•Bid and 121ced prices, no sales on this day
Sales
for
the
Week.
Shares.
18,800
1,500
2,000
8,900
900
1,300
50
100
1.000
200
24,200
400
17,000
20
STOCKS
NEW YORK STOCK
EXCHANGE.
Railroads
Par
Atoll Topeka & Santa Fe 100
Preferred
.100
Atlantic Coast Line RR.. 100
Baltimore & Ohio
100
100
Preferred
Bangor & Aroostook
50
Preferred
.100
Boston & Maine
100
Brooklyn & Queens Tr_No par
Preferred.
No par
Bklyn Mash Tranait___A"o Par
$6 preferred series A_No par
Canadian Pacific
25
Caro Clinch & Ohio stpd--100
Central RR of New Jersey 100
15,700 Chesapeake & Ohio
26
100 :Chia & East Ill Ry Co_._ 100
600
6% preferred
100
500 Chicago Great Western..... 100
600
Preferred
100
1,100 Chic MOW St P & Pac No par
4,300
Preferred_
100
9,400 Chicago & North Weetern_100
600
Preferred
100
500 :Chicago Rook Is]& Pacifte100
600
7% preferred
100
200 8% preferred.
100
120 Colorado & Southern
100
710
4% 1st preferred
100
80
4% 2d preferred
100
100 Conn!RR of Cuba pref...100
20 Cuba RR 6% pref._ _ 100
3,100 Delaware & Hudson
100
3,700 Delaware Lack & Western-60
1,100 Deny & Rio Or Welt Prof-120
1,100 Erie
100
900
First preferred
100
100
Second preferred
100
13,000 Great Northern pref
100
Gulf Mobile & Northern _100
Preferred
100
Havana Electric Ry Co No Par
200 Hudson & Manhattan
100
6,000 1111nois Central
100
6% pref series A
100
Leased lines
100
30
RR See ctfs series A...1000
2,100 :Interboro RapidTran etc 100
100 Kansas City Southern
100
200
Preferred
100
3,100 Lebigr, Valley
50
1,200 Louisville & NashvIlle____100
120 :Manhattan Ry 7% guar.100
3.200
Mod 5% guar
100
Market St Ry prior pref...100
400 :Minneapolis & St Louis..100
Minn St Paul & SS Marie_ 100
7% preferred
100
120
4% leased line ctfs
100
700 Mo-Kan-Texas RR_....No Par
1,400
Preferred series A
100
600 :Missouri Pacific
100
900
Cony preferred
100
20 Nashville Chatt & St Louis 100
Nat Rye of Me: 181 4% p1.100
400
2d preferred
100
23,100 New York Central... No par
200 NY Chic & St Louis Co...100
1,400
Preferred series A._. _ _100
180 N Y & Harlem
50
4,700 N Y N H & Hartford
100
2.000
Cony preferred
100
500 N Y Ontario & Western. 100
200 N I/ Railways pref
No Pa
200 :Norfolk Southern
100
1,500 Norfolk & Western
100
Adjust 4% pref
100
11,600 Northern Pacific
100
Pacific Coast
1
1st preferred
No pa
2d preferred
No pa
17,500 Pennsylvania
ao
500 Peoria & Eastern
100
100 Pere Marquette
100
Prior preferred
100
500
Preferred
100
Philadelphia Rap Tran Co__50
100
7% preferred
50
100 Pittsburgh & West Virginia 100
300 Reading
50
let preferred
50
200
2d preferred
ao
Rutland RR 7% pref
100
200 :St Louis-San Franchise 100
400
151 preferred_
100
St Louis Southwestern
100
1,700 :Seaboard Alr Line___.No pa
200
Preferred
100
23,600 Southern Pacific Co
100
23,600 Southern Railway
100
7,600
Preferred
100
200
Mobile At Ohio stk tr Mb,100
Texas & Pacific' Ity Co... 100
300 Third Avenue
100
520 Twin City Rapid Trans No Pa
550 Preferred
100
3,000 Union Pacific,
100
1,700 Preferred
100
300 :Wabash
100
300
Preferred A
10
2,300 Western Maryland
100
2d preferred
10
400 Western Pacific
100
1,500
Preferred
100
oo
No account is taken of such
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
$ per Mars
5112May 14
70% Jan 6
3414May 14
21 May 12
3411 Jan 9
3912 Jan 9
9512 Jan 5
912June 6
4July 7
43
41 Jan 18
2848 Afar 27
821s Jan 4
1248 Jan 2
70 Jan 6
62 June 1
3912 Jan 6
28 Jan 15
17 Jan 9
284May 14
6% Jan 4
415 July 2
4Ma1 14
63
6% Jan 3
1314 Jan 3
232 Jan 3
432 Jan 3
4May 14
33
27 Jan 4
20 Jan 4
20 Jan 12
Ms Jan 6
12
3 Jan 15
49 JUDO 2
2018May 12
Ma Jan 19
18 a Jan 8
7
16 Jan 3
12 Jan 3
18 May 14
6% Jan 10
15 Jan 11
%Jul,
2June
65
22 May 1
35 Jan 1
48% Jan
16 May 23
7 May 14
11 Jan 8
1534 Jan 5
1258May 14
4812 Jan 4
20 Jan 3
13 May 12
4% Jan 18
12 Jan 11
112July 5
154 Jan 8
314 July 12
jilkday 14
4
173 Jan 5
3 Jan 2
4% Jan 3
32 Jan 2
I May 16
5 Jan 5
8
2538May 14
15 Jan 3
17% Jan
108 Jan 2
1332M3y 14
23 July 13
653July 9
78.1une 5
1% Jan 3
161 Jan 5
82 Jan 8
2112 Jan 6
2 Jan 4
33 Jan 19
4
2 Jan 3
2814May 14
314 July 13
ups Jan 10
18 Jan 13
16% Jan 10
3 Feb 8
41 Jan 12
15 Jan 8
43 Jan 2
33 s Feb 7
7
2918 Jan 11
712May 1
2% Jan
2% Jan
1212 Jan 1
1 Jan
1% Jan 11
18% Jan
1912 JulyI.
2512July 13
39 Jan 19
18% Jan 3
532June 26
1% Jan 10
6 Jan 12
110% Jan 4
71% Jan 18
2 Jan 5
12
312 Jan 2
2
83 Jan 2
12 Jan 9
3
2 4 Jan 2
4% Jan 5
Highest.
PER SHARE
Range for PretnoUs
Year 1933
Lowest.
Highest.
$ Per share
Per share $ per chars
733 Feb 5
4
3432 Feb 8012 July
894 July 13
/
1
50 Apr 7932 June
5412 Feb 16
161k Feb 59 July
3412 Feb 6
7
81* Feb 37 July
3732 Feb 6
91 Apr 3912 July
46% Feb 1
20 Jan 415 Dee
111 June 30
6888 Jan 110 Aug
1912 Feb 5
6 Apr 30 July
8% Feb 7
312 mar
9 2 July
3
58% Apr 26
8532 Apr 6012 July
41%July 13
4
218 Feb 41% July
9432 Apr 28
64 Mar 8312 June
1812 Mar 12
7% Apr 207 July
2
9212June 23
6014 Apr 79% July
92 Feb 2
88 Apr 122 July
485
8June 16
2448 Feb 49% Aug
7 Feb 17
Is Apr
8 July
8 Feb 16
812 July
12 Apr
512 Feb 1
78 July
18 Apr
2
11% Feb 19
212 Apr 147 July
812 Feb a
1 Apr 113 July
4
1312 Feb
Ps Feb 1812 July
15 Feb 5
Pa Apr 16 July
28 Feb 16
2 Apr 24% July
612 Feb 7
2 Apr 1012 July
9% Feb 6
3% Apr 19% July
Feb 6
2 2 Apr 15 July
7
40% Feb 1
15% Feb 61 July
3314 Feb 9
1212 Apr 4248 July
30 Feb 3
10 Mar 30 July
6 Feb 5
/
1
4
112 Feb 1053 June
1012 Jan 23
212 Jan 16 June
7312 Feb 1
3748 Feb 935 July
3334 Feb 5
17% Feb 46 July
1312 Mar 28
2 Feb 193 July
4
2478 Feb 5
3 4 Apr 253 July
3
4
2812 Apr 26
418 Apr 2912 July
23 Apr 21
2% Apr 2312 July
3212 Feb 5
448 Apr 333 July
16% Feb 20
132 Mar 1112 July
3534 Feb 21
212 Mar 2312 July
111 Jan 23
3 Dee
5
2% June
12% Feb 7
512 July 19 June
38% Feb 5
8% Apr 50 4 July
3
50 Apr 26
16 Mar 6012 Jul,
66 May
31 Mar 60 July
2414 Feb 6
4% Apr 34 Jul!.
1332 Jan 2
4% Feb 133 De'
4
1934 Apr 21
612 Feb 24% July
2712 Apr 21 212 Ma
34% July
2114 Feb b
8% Feb 273 July
4
6212 Apr 20
2112 Jan 67% July
3212 Mar 29
12 Ma
28
Oct
19% Jan 12
6 Jan 20 Oct
1212 Apr 24
1% Ma
8 June
1% Mar 28
Jan
212 July
12
3% Feb 6
12 Ma
5% July
512 Apr 20
812 July
5 AD
4
712 Mar 10
212 Dec 1412 July
14% Feb 5
532 Jan 17% July
34% Feb 6
1112 Jan 87% July
6 Feb 5
1% Apr 1012 July
9 Feb 7
/
1
4
1% AD
15% July
46 Jan 24
13 Jan 57 July
214 Feb 23
la Ma
3% June
1 Mar 7
Jan
Ps June
4514 Feb 5
14 Fe
5812 July
26% Apr 24
2'8 la
27% Aug
4314 Apr 23
2% Apr 3414 July
139 Feb 1 100 Mar 15834 June
24% Feb 5
1118 Feb 3478 JU'Y
378* Feb
18 Apr 56 July
71 Dec 15 July
1148 Feb 6
154 Jan 16
Is Mar
312 July
4% Apr 20
12 Apr
47 July
2
184 July 13 III% Mar 177 July
100 June 9
74 May 37% Sept
363 Apr 11
4
938 Apr 34% July
63 Mar 14
8
1 Jan
7 July
1114 Apr 20
1% Feb 10 July
612Mar 14
1
Feb
7 July
377 Feb 19
13% Jan 4212 July
8 Feb 17
7 Feb
2
9 July
38 Apr 24
87 Mar 37 July
51% Apr 23
6 Jan 4412 July
43 Apr 23
412 Feb 3812 July
6 Apr 25
57 July
2 June
16 Apr 24
3 Dec 10 July
27 Feb 21
5
Apr 35 July
673
56 s Feb 6
3
2812 Apr 6212 July
4112June 9
28 Apr 38 July
3912June 19
23% Mar 87 July
15 Feb 7
6 Jan 1812 July
32
4 Feb 6
95 July
7 Jan
2
6% Apr 4
914 July
1
Apr
20 Mar 8
5% Mar 22 July
2 Feb 6
Is Jan
3 July
3% Feb 21
3 Mar
2
47 July
8
333 Feb 6
2
1112 Feb 383 July
2
3612 Feb 6
4% Mar 38 July
41% Apr 26
57 Jan 49 July
4732 Apr 20
8 Jan 4012 July
4314 Feb 1
15 Apr 43 July
41 Feb 121 June
8% Jan 12
/
4
8% Apr 24
45 June
3 Dec
4
39 Apr 24
412 Dec 15 June
1337 Apr Ii
6114 Apr 182 July
89 July 13
56 Apr 7512 July
4% Jan 30
7% July
112 Jan
8% Apr 26
Apr
9% July
17% Feb 20
4 Feb 16 July
23 Feb 20
65 Jan 1912 July
91 July
812 Mar 29
1 Apr
17% Mar 28
1% Mar 16 July
:Compaqies reported in receivership. a Optional sale. c Cash sale. s Sold 15 days
r Ex-dividend.
y Ex-rights.
ray- FOR SALES
New York Stock Record-Continued-Page 2
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
July 7.
Monday
July 9.
245
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE
SECOND PAGE PRECEDING.
Tuesday
July 10.
1Vednesday
July 11.
Thursday
July 12.
Friday
July 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On bast, of 100-share lots.
PER SHARE
Flange for Previous
Year 1933.
Lowest.
Highest.
Lowest.
Highest.
$ per share S Per share S per share $ per share $ per share S per share Shares.
Industrial & !Memel. Par $ per share
$ Per share 5 per share $ per share
83
4 83
* 87
4
85
8
812 83
4
85
8 83
4
814 812 4,200 Adams Express
812 8%
No par
8
65 Jan 6 117 Feb .5
8
3 Feb 1314 July
.7712 86 .7712 86
*7712 84
7712 7712 .80
*80
84
84
70
Preferred
100 7014 Jan 25 7712 Apr 19
39
Apr 71 June
2712 2712 28
28
2838 29
29
30
293 293
8 2938 2912 2,800 Adams Millis
*
No par
16 Jan 5 347 Apr 5
8
8 Apr 215 July
14 93
8
938
*9
4
93
4
93
4 93
4 *914 93
4
3
933 93
1,100 Address Multigr Corp
78 Jan 5 113 Feb 6
914 9 13
10
8
518 Apr 1212 June
*5
.5
6
5
55
514 *5
5
514
5
*5
514
200 Advance Rumely
No par
75 Feb 5
412May 14
8
13 Feb
4
93 July
8
*63
4 7
*631
7
*634 7
*63
4 7
*67
8 7
400 Affiliated Products Inc_No par
x6513 8%
95 Feb 6
618 Jan 13
8
55 July
8
113 May
4
9912 993 *9712 100
4
1003 100% 1007 101
8
8
100 100
100 100
1,200 Air Reduction Inc
No par 9134June 2 10614 Jan 24
4713 Feb 112 Sept
*2
218
218
2
218 218 *218 23
8 *218 23
8 *218 238
400 Alr Way Elea Appliance No par
17 Jan 3
8
33 Apr 26
8
12 Feb
4 May
2
4 2112 2318 225 2278 223 227
2138 217 X2112 213
8
8
8 22
225 63,500 Alaska Juneau Gold Min ..10 173
8
8May 12 237 Jan 15
8
1118 Jan 33 Aug
*514 53
4 *514 53
4 *514 53
4 *514 53
4 *514 53
4 *514 53
A P W Paper Co
4
No par
77 Apr 24
5 Jan 13
1
Jan
9 8 July
5
258 23
4
25
8 23
4
258 23
4
25
8
8 25
25
8
8 25
25
8 25* 3,500 Allegheny Corp
Vs par
212May 14
514 Feb 1
7 Apr
8
814 July
*12
13
*12
1212 *12
1212 123 123
4 1212 13
1212 123
4
4 2,000
Pref A with $30 warr___100
57 Jan 4 1618 Apr 10
8
1
Apr 217 July
8
*10
1212 .10
1212 .10
1212 *107 1212 *1012 1212 11
8
11
100
Pref A with $40 warr___100
8
55 Jan 3 1438 Apr 10
1 18 Apr 21 July
*10
*10
13
1212 *10
1212 .107 1212 *1012 1212 .11
8
13
Pref A without warr___100
8
514 Jan 6 143 Apr 9
114 Mar 20 July
*18
20 .18
20
19
19
20
20
20
*18
*18
20
400 Allegheny Steel Co
_No par
15 June 16 2318 Feb 23
5 Mar 28 July
135 135
13514 13514 x135 135
13512 137
13533 13714 136 136
1,200 Allied Chemical & Dye_No par 12612May 14 16034 Feb 17
703 Feb 152 Dec
4
*12614 12914 1257 12614 *12518 12914 127 127 *12518 127 *12518 127
8
300 Preferred
100 12218 Jan 16 130 June 22 115
Apr 125
Oct
*1514 15% *1514 16
155 16
8
163
16
8 1512 153
1512 155
8 1,500 Allts.Chalmers Mfg....__No par 133
4
4Nlay 12 233 Feb 5
8
6 Feb 263 July
8
•14
15
*14
15,
4 1514 1514 *1412 1512 .1412 1512 1412 1412
200 Alpha Portland Cement No par
4
123 Jan 2 2018 Feb 5
53 Jan 24 July
4
•358 414
*312 414
*418 414 *4
414 *4
414 *4
1
414
Amalgam Leather Co
312may 12
734 Mar 12
5 Feb
8
914 July
*32
333 *32
4
3334 *32
333 *32
3334 .32
4
333 *32
4
3314
7% preferred
50 25 Jan 8 45 Mar 13
5
Feb 40 July
51
51
5014 503 a50
4
50
503 503 2503 503
8
4
8 49 4 503
4
3
4 1,200 Amerada Corp
No par 4112 Jan 4 553
8June 8
1813 Mar 475 Nov
8
*3212 40
*33
3318 33
33
3318 3314 33
33
33
33
800 Amer ULU Chem (Del) No par 2514 Jan 4 38 Jan 24
714 Mar
35 July
*203 2114 203 2114 203 2114 207 2118 2012 203
4
8
4
4 2012 2012 2,200 American Bank Note
8
10 1413 Jan 4 2514 Apr 27
8 Mar
2812 July
*4612 487 *463 4878 *4634 487 .463 487 *47
8
4
8
8
487
8
8 48% 487
100
8
Preferred
50 40 Jan 4 5012 Apr 27
34
Apr
497 June
8
125 125
8
8 1238 125
8 1238 127
8
8 1278 127 *1214 1212 1214 1258 1,400 American Beet Sugar__No par
7% Jan 4 1312June 19
I
Jan
163 July
4
67 67
68
68
68
6913 69 6914
68
69
69
69
7% preferred
580
100 4612 Jan 4 727
8June 18
23 Jan 64 Sept
4
*2614 263
8 2618 2614 27
8
25
2618 1,900 Am Brake Shoe & Fdy_No par 233
2712 2718 275
8 265 27
411ay 14 38 Feb 6
918 Mar 4213 July
4
*1073 110 *1073 110
4
110 110 *109 110
110 110
110 110
50
Preferred
100 96 Jan 10 11012 Apr 18
60 Mar 106 Aug
983 984 9814 9814 987 9978 997 1003
8
8
4 9912 10014 10018 10138 10,900 American Can
8
25 9014May 14 10734 Feb 15
4913 Feb 10012 Dec
•1453 147 *1453 147 *1453 147
8
8
147 147 *140 148
8
147 147
300
Preferred
100 12612 Jan 6 147 July 11 112
Feb 134 July
1913 20
*20
203
8
1978 2038 *20
203
8 2038 2012 207 21
8
3,100 American Car & Fdy___No par
1814June 2 337 Feb 5
8
618 Jan 393 July
4
*403 42
8
*3913 4118 4118 4118 .4118 42
43 .4213 4418
42
700
Preferred
100 3814 Jan 8 5612 Feb 5
15
Feb
593 July
4
*6
7
*6
61,
6
6
7
.6
*614 7
100 American Chain
*614 7
6 July 10 1214 Feb 27
No par
15 Mar
8
14 July
*2512 35 .2512 35 - *2512 35
*2512 2918 *2513 30
2514 2514
100
7% preferred
100 2013 Jan 10 40 Apr 24
312 Mar 3113 July
*5614 5712 5612 565
8 5712 5712 5712 58
*575 58
8
575 575
8
8 2,100 American Chicle
No par 4614 Jan 8 60%June 18
34 Mar 5114 July
*314 414 *314
418 *314 4
*314 418 .314 418 *314 418
Amer Colortype Co
33 Jan 29
10
8
512 Feb 5
2 Feb
618 June
533% 34
34
34
34
3414 3112 3314 3112 3212 313 3212 2,700 Am Comae' Alcohol Corp 20 3112July 11 6212 Jan 31
4
13 Feb 897 July
8
13
4
13
4 .18
2
13
4
1% 2
17
2
8
17
8
17
2
8
1,200 Amer Encaustic TIling_No par
118June 27
5 Feb 16
1
Jan
6 June
.6
63
4 *6
7
*6
618 618 *618 7
7
.618 7
100 Amer European Sec'e__No par
55
8June 2 1012 Feb 3
37 Apr
8
13 July
818 814
8
814
814 83
8
8
83
8
73
8
4 8
2.200 Amer & For'n Power_ _No par
7 May 10 1334 Feb 8
37 Feb
8
19% Jun,
*195 20 .1912 193
8
4
*195 20
8
1918 195
195 193
8
8
8
4 195 20
900
Preferred
No par
17 Jan 4 30 Feb 7
714 Apr 447 June
8
•1012 1114 *1014 1138 *1012 11
1014 1014 *1018 1011
8
103 101
400
2nd preferred
No par
9 4 Jan 4 1712 Feb 6
8
43 Apr
8
2714 June
•145 154 . 8 153 *143 153 *1512 1534 .1512 1534 *1512 153
8
143
4
2
4
$6 preferred
No par
12 Jan 4 25 Feb 6
618 Apr
35 8 July
2
*13
14
14
14
13
*1318 153
13$4 133
8
4 1314 133* 13
500 Amer Hawaiian S S Co__ 10
13 July 12 2252 Feb 16
418 Jan
2112 July
•612 8
612 612 *65
8 714 *65
.
8 714 *612 7
100 Amer Hide & Leather_No pal
638 7
614May 24 1012 Feb 5
212 Mar
16 June
*2818 31
•2818 30
30
31
*28
*29513 31
30
31
*28
200
Preferred
4214 Mar 15
100 2612,May 14
1312 Feb 5712 June
*3412 347
8 347 35
8
343 3484
345 345 *343 35
*343 35
8
4
4
8
700 Amer Home Products
8
1 2618 Jan 5 363 Apr 26
8
243 Dec 4213 May
4
*614 612
63
8 63
8
63
8 63
8
614 63
6
53
4 618
8
6
1.500 American Ice
4July 12 10 Feb 5
No par
53
3 4 Feb
3
1712 June
*36
4018 *35
4014 *3614 393
*3612 3812
3
3612 3612 *363 39
100
4
6% non-cum pref
100 3514 Jan 8 4514 Mar 26
25 Feb
577 June
8
73
4 73
4
712 77
8
73
4 77
8
778 814
8
8 4,200 Amer Internet Corp___No par
8
73
4 77
613 Jan 8 11 Feb 6
414 Feb
•94
1
151s July
7
8
*7
8
1
"4
75
100 Am L. France & Foamite No par
"4
"4
3
1
7
38
3 Jan 5
4
112 Apr 4
14 Apr
312 June
•
51s 6
*518 5
514
6
512
*512 784
*512 71
6
40
Preferred
100
4 Jan 18 10 May 22
114 Jan
12 June
2312 2313 *2314 233
4 233 24
243
8 24
24
4
2412 24
2,000 American Locomotive_No par 2214June 2 383 Feb 6
24
57 Jan
4
3918 July
.527 54
8
53
54
523 53
4
53
700
Preferred
53 2 *53
,
100 49 June 1
745 Mar 13
56
8
*63
175 Jan 63 July
66
*145 15
147 147
8
4
8
4
143 1484 1.400 Amer Mach & Fdry Co_No par
1458 145
8
8 147 1514 *143 15
13 Jan 4 1934 Feb 5
83 Feb 223 July
4
8
914 912
93
8 97
8
93 1018 10
4
912 10
934 97g
18,100 Amer Mach & Metals_No par
1014
314 Jan 3 10143.1ay 11
1
Jan
6 June
2312 2313 23
2314 23
2258 22s 2234 2284 3,000 Amer Metal Co Ltd___No par
4
2313 223 23
18 Jan 4 275 Feb 15
8
318 Feb 2338 July
.80
86
*80
86
.78
86
*80
86
86 .77
86 .78
6% cony preferred
100 73 Jan 2 91 Feb 15
1513 Jan
7.578 Nov
243 25
4
.2434 27
*26
27
*26
27
.25
50 Amer News Co Inc____No par
253
4
4 243 26
21 Jan 3 343 Mar 13
4
17
Jan 3012 July
67
8 7
7
7
7
714
718 714
67
8 7
63
4 7
4,000 Amer Power dr Light_No par
57 Jan 4 1214 Feb 6
8
4
Feb
197 July
8
1914 1914
1914 1914
8
1913 195
1.600
313 preferred
8 1912 1912 1914 1914 185 19'o
No par
133 Jan 6 2978 Feb 6
4
97 Apr
8
411 July
•167 17
8
163 17
4
163 17
17
4
17
1718 17
3,200
17
17
55 preferred
No par
1274 Jan 5 2614 Feb 7
9 Apt
35 July
137 1418 137 14% 137 1412 14
8
1414
14
8
1438 28,400 Am Rad tIc Stand Sen'y No pa, 12 May 14 175 Feb 1
143
3 14
8
8
45 Feb19 July
8
19
19
19
1912 19
1918 1912 1858 1918 7.600 American Rolling Mill
197
4
2 193 20
25 1038Niay 14 2814 Feb 19
53 Mar
4
317 July
8
*5412 5578 *5434 5512 5514 5514 .57
567
*55
57
8
57
200 American Safety Razor No par 36 Jan 13 57 July 12
60
2018 Apr 473 July
4
*414 43
4
*418
45
8 .418 458 *418 412 e418 418 *4
413
100 American Seating y I c_No par
738 keb 19
3% Jan 10
78 Mar
71,1 July
1
llg
Ilg
1
1
llg
1.100 Amer Ship dr Comm__ _No par
112
11g
112
112
1
1 Jan 4
1
238 Jan 30
1s Apr
412 June
*24
2414 2414 2414 *2312 24
23
12
x23
*2012 22
8
90 Amer Shipbuilding Co_No par
2313 237
1914 Jan 4 30 Jan 30
1113 Mar 363 June
4
4134 4218 415 42
8
8
413 4318 19.300 Amer Smelting az Refg-N0 ear 353
4
8 417 43
4134 4278 4134 425
4May 10 51 14 Feb 15
103 Feb 5313 Sept
4
•12212 124
12212 12212 122 122
8
500
8
Preferred
1223 1223 12114 12212 *1205 124
8
100 100 Jan 2 125 June 29
31
Jan 9912 Dec
9614 9614 9512 951 .93
9412
967 593
8
200
8
2nd preferred 6% cum_ 100 7114 Jan 2 9614 July 7
967 •93
967 *94
8
2012 Jan
73 July
*5934 60
60 60
60
4 1.300 American Snuff
6014 6012 6012 6012 6012 6012 603
25 483 Jan 5 604 July13
4
3212 Jan
5114 Sept
*122 12212 12212 1221 *120 1221 .120 12212 •120 12212 *120 12212
30
Preferred
100 106 Feb 2 x125 June 13 1021s Jan 112 July
1718 1714
1614 17
165s 17
3,200 Amer Steel Foundries_No par
8
17
165 17
17
1714
17
14 June 2 2612 Feb 5
4 2 Feb 27 July
3
72
72
*71
723 *7112 72
120
7214 7214 '7214 79
Preferred
72
72
100 597
8June 2 81 Jan 30
375 Mar 85 July
8
4212 4213 *4118 43 .4212 43
4312 4312 4312
600 American Stores
4318 *43
43
No par 37 Jan 3 4414 Feb 71
30 Feb 47% July
6512 66
663 67
4
88
6813 6714 68
69
683 68
4
4,900 Amer Sugar Refining
68
100 46 Jan 3 69 July 13
2113 Jan 74 July
•12018 122
120 120 *120 122 .120 122 *120 121
119 12018
500
Preferred
100 10312 Jan 3 12014July 6
80
Jan 11214 July
*1712 1818 181
1812 183 1912 1912 203
4
8 193 2012 2014 204 13,800 Am Sumatra Tobacco_ _No par
3
4July 13
451ay 10 203
133
6
Jan 28 July
115 115
1151 1154 11514 1173g 1154 11612 115 1153 1143 1147
8
8
8 9.200 Amer Telep dr Teleg
*
100 1078 Jan 4 12514 Feb 6
8612 Apr 1343 July
4
743 75
4
7412 7514
7514 7514 2,100 American Tobacco
7614 7614 .76
76
4 76
763
8
25 6514 Jan 6 82 * Feb 6
49 Feb 907 July
8
7612 7714
773 773
8
7734 783
8
4 7838 783
4 783 78% 78% 781
's 8,900
Common class B
05 67 Jan 8 8413 Feb 5
50% Feb 943 July
4
12214 12214 .121 122
122 122
12213 12212 *12113 122
122 122
Preferred
400
100 10714 Jan 3 124 June 16 1023 Mar 120 July
4
*512 6
*512 6
200 :Am Type Founders_No par
513 55
*512 6
*512 612 *512 6
47 Jan 3 13 Feb 21
8
218 Dec 25 July
14
1278 13
14
13
*14
15
14*..1A
1412 .14
150
15
Preferred
100
73 Jan 5 2834 Feb 21
4
7
Oct 377 July
8
20
20
193 20
4
1914 20
195 19% 1938 1912 1914 191.2 4.300 Am Water Wks & Elec_No par
8
8May 14 275* Feb 7
163
107 Apr 4314 July
8
.72
743
4 72
72
4
*7214 743
4
200
let preferred
4 7312 7312 *7214 743 .7214 743
No par 54 Jan 3 80 Feb 51
35 Marl 80 June
•1014 10 2 103 lO5s 1038
,
1012 1034 2,400 American Woolen
1034 11
8
4
10513 103 11
812May 14 1718 Feb 5
No par
312 Mar
17 July
.6012 62
*6012 62
*6013 62
6212 6112 8112 6118 6118
700
62
Preferred
100 58 May 14 833 Feb 7
225 Feb 6712 Dec
4
8
114
114
114
114
114
114
114 114
114
114
1.800 :Arn Writing Paper
114
114
1
414 Mar 14
1 June 27
NI Feb
418 June
413 412 .4,
2 5
*438 43
*45
8 5
4
412 412 .438 5
200
Preferred
No par
312June 20 1713 Apr 23
84 Feb
143 July
4
.6
618 *6
618
618 618
65
8 65
8
618 618
63
8
400 Amer Zinc Lead dr Smelt___1
s 63
5 8 Jan 4
3
9 Feb 16
214 Feb
107 July
2
*40
45
*40
45
4213 4212 *4013 45
*4214 45
*4213 45
100
Preferred
25 3712 Jan 4 5018 Feb 16
20
Feb 88 July
1413 147
8 143 145s 1412 15
8
1412 143
4 1438 145 16,600 Anaconda Copper Mining_60 13 May 14
8
143 1518
8
1734 Apr 11
5 Feb 227 July
8
•12l2 1312 *1213 1312 .13
133
1313 .1312 1312 1312 1318 •13
8
100 Anaconda Wire & CableNo par
1318 July 12
914 Jan 12
418 Jan
1512 June
*1912 203 *20
2
203
8 203 2032 2072 207 "2014 2012 2014 21
8
2
900 Anchor Cap
No par
18 Jan 8 243 Jan 31
4
8
Jan
3914 July
*9418 9612 .95
9613 *95
98
9612 9612 9612 *97
*9614 9913
10
$6.50 cony preferred_No par 84 Feb 5 100 Apr 17
6211 Jan 90 June
307 307 *30
8
8
307
8 3014 3034 31
3312 3,400 Archer Daniels Micird_No par 2614 Jan 9 34 Apr 23
3112 3218 32
31
93 Mar 2914 July
4
•115 120 *115 120
115 115
115 115
115 115 •113*___
50
7% preferred
10 110 Jan 24 11514June 20
95 Feb 115 July
92
923
4 93
93 .9212 93
9234 93
927 93
8
93
93
1,400 Armour dr Co (Del) prof _100 7614 Jan 2 9314 Apr 26
Jan 90 July
41
513 552 ---_
_
____
____ ____
1,800 Armour of Illinois class A25
8 Apr 13
414 Jan 3
118 Feb734 June
23
100
MSS II
25
37 Apr 12
214 Jan 6
8
5 Feb5 July
4
3 7114 7012 - -170
i1 2 - 1 8 -111; - 7114 - - 3- -76i2 7ff
.1. 7
- 4 5,500
f03
71 4
100 55 Jan 3 7558 Apr 13
Preferred
7 Feb93 July
5
5 14
5
5
47
8 5
53
5
8 *518 53
47
8 478
8 2,300 Arnold Constable Corp
8
5
83 Fen 9
35 Jan 10
8
I% Jan
7 July
*6,
2 712 .614 95
8 .614
712 .614 718 *614 718 *614 718
41 Jan 5 1012 Apr 21
Artloom Corp
No par
2 Mar
912 June
15
8
158
112
15
8
15
8
15
8
112 112
84 6,100 Associated Apparel Ind No par
112
13
3
4
',July 13
312 F ly 15
84 Apr
514 June
•11
113 *11
8
113
2 1114 1214
1114 113 •113 113
8
8
4
4 4,000 Associated Dry Goods
1152 12,
1
312 Feb 20 July
Ills Jan 3 1814 Feb 6
591 81612 5912 5912 595* *55
*5514 59
59
*5558'3 *56
100
6% 1st preferred
100 50 Jan 1 7712 Apr 20
18
Feb 6112 July
*453 55 .453 55 3 5453* 55
8
8
8
*453 55
8
8 55 .453 55
.453
7% 2d preferred
100 50 Jan 4 647 Apr 20
8
15
Jan 514 July
*38
42
.38
497 *38
8
4113 *38
4212 *38
4112 .38
4113
Associated 011
25 2912 Jan 5 4013 Apr 25
63 Mar 3512 July
4
*12
17
*12
17
*12
1312 1312 *12
17 .12
15
1413
10 At G & W I S8 Lines_No par
12 May15 16 Apr 12
412 Mar 26 July
253 253
8
8 2538 253
8 2538 253
4
255 257
8
8
8 7.700 Atlantic Refining
4 253 2818 253 26
25 213
4May 14 3514 Feb 5
123 Feb 3212 Nov
8
*4814 49
49
503
8 50
5012 5038 513
5114 5114 5114 54
4.000 Atlas Powder
No par 3514 Jan 8 5512 Mar 13
9
Feb 3918 July
101 101
101 101l2 10014 10014 .101 WV 113142 KIRI 1013 102
4
520
Preferred
100 83 Jan
102 July 13
80
An
8318 Sept
*838 10
*83* 10
83
8 838 •818 10
818 818
*818 10
200 Atlas Tack Corn
No par
712 Jan 15 1614 Mar 14
112 Feb
343 Dec
2312 24
233 2418 2414 2512 2412 25'4 243 25
4
2412 2434 2.700 Auburn Automobile
4
_No par 22 July 2 573 Mar 13
31
3
Oct8414 July
13
*11
*1114 12,4
1318 13'2 1314 133
1212 131
12
4 2.400 Austin Nlchola
12
No par
7 Jan 4 161 Mar 5
'8
7s Feb 936 July
53
4 578
53
57
8
53
4 618
4 57
55
5 5
53
3
512 534 6.900 Aviation Corp of Del(The)5
5 3 Feb 10 1034 Jan 31
3
512 Feb
163 July
8
103 103 *1012 1038 1012
8
8
1012 104 1012 1011 1014 1012 3,400 Baldwin Loco Works_No par
107
97
8Niay 10 16 Feb 5
312 Apr
175 July
8
.4312 4712 *4312 487 *4312 48 8 *4413 451 54412 451 *4212
8
4513
Preferred
100 35 Jan 8 643 Apr 21
4
9
,2 Apr 80 July
•8
9
99
99
99
99
99
.9812 991 *9812 991
99
99
100 Bamberger (L)& Co pref_100 8612 Jan 9 9912June 20
6814 Feb 997 Aug
8
*33
4 47
8 *33
4 43* *33
.334 41
4 434 •334 41
*33
4 412
Barker Brothers
No par
3 Jan 2
612 Feb 5
8
3 Jan
714 June
.273 28
8
*253 28
8
253 253
8
*253 28
4
8 253 253 •253 28
4
8
8
20
61-i% cony preferred____100 161* Jan 9 3813 Apr 12
73
518 Ap
2414 July
712
714 712
73
2 712
72 7
3
7 8 73
8 2,900 Barnsdall Corp
,
714 73
8
,2
5
7 May 14 10 Jan 22
3 Mar
11 July
32
3212 33
357
8 3413 3412 3434 357
3614 36
3612 3,500 llayuk Cigars Inc
8 36
Vs pa, 23 May 8 39 Feb 5
314 Jan
5212 July
*98
99,2 *98
99
99
9934 *98 100 .98 100
100 100
90
1st preferred
100 89 Jan 15 100 July 13
27
Jan 100 July
•1513 174 *1513 18
16
1614
1634 17
1612 1712 167 17
8
3.100 Beatrice Creamery
25 10$8 Jan 6 IS% Apr 21
7 Mar
27 June
.877 9414 .887 9414 .85
8
8
9318 .89
9414 *67
9414 *8513 93
Preferred
100 55 Jan 13 91 July 6
45
Feb 85 May
65
65
*647 6612 .647 66 .65
8
2
6612 6512 6512 .65
67
300 Beech-Nut Packing Co
20 58 Mar 2 67 Apr 23
45
Jan
7012June
•125 124 121 123
8
's
8
8
/
8 1253 123
125* 123
4 1,300 Belding Heminway Co_No par
4 1234 123 125
4 123
87 Jan 3 1514 Apr 24
8
1212 July
312 Feb
4
•1167 11914 110% I187 *11613 119 *117 119 *1165 11713 11612 11612
8
500 Belgian Nat Rvs part pref._
9512 Jan 9 1197
8May 25
621, Apr 101 14 NOV
1518 1518 143 147
4
8
147 1514
8
147 1514 4,100 Bend': Aviation
,
151 153
8 147e 15
8
.3May 14 237 Feb 1
5 133
8
618 Feb 2114 July
173 171 2 17, 1713 1714 173
8
4
8
1714 17,
8 3.700 Beneficial Indus Loan_ _No par
3 1718 1712 x1718 173
1218 Jan 31
1918 Apr 26
1314 Sept 15 Aug
• Bid and asked prices no sales on this day
1 Comp4mes reported In rerolvrrThIp a Optional gale. c Cash sale. x Ex Ilvidend. v Fn-rIghts
- 4 -76E8
New York Stock Record-Continued-Page 3
246
July 14 1934
ar FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
July 7.
Monday
July 9.
Tuesday
July 10.
Wednesday
July 11.
Thursday
July 12.
Friday
July 13.
$ per share $ per share $ per share $ per share $ per share $ per share
3338 3339 33
333
8
3212 3239 323
s 3212 33
3212 33
*32
3418 323 3312
4
4
34
3314 335
345
8 33
8 3312 3414 333 35
63
6314 *61
63
64
63
62
*61
6214 62
613 *61
4
*2614 27
27
*2614 2712 *261.1 2712 *2614 2712 *2614 27
27
4 1018 1018
8
*1014 105 *1014 10313 1014 1012 1014 105 *1018 103
8
*1614 247 *1614 247 *1614 243 *1614 245 *1614 245
8
4
8
8
*1614 25
8
5714 5612 58
67
4 5812 5858
5714 57
573 5812 5812 583
4
8
8
2613 263
8 275 2818 275 2818
4 2612 263
4
4 263 2714 2718 277
213 223
4
2214 2239 2212 225
2214 2214 22
23
8
22
8 22
112 112 *114 112
112
112 112 •13
8
*114
8 112
112 *13
8 1718 1712 1714 1712 1738 1758 1714 1712 x1718 1712
1714 173
3614 3612
36
3614 36
36
353 3512 36
*3512 38
8
36
66
6514 6614
66
*65
*65
67
67
67
67
67
*66
55
*53
5213 5212 *5212 55
*5112 55
*5112 55
55
*52
*63
8 7
4 *612 7
*612 7
*63
*63
8 63
8 7
*63
3 7
8
3
53
8 5 8 *518 512 *518 55
,
514 514
514 5 4
5
'4 514
83
014 014
4 83
4 *914 1014
4 *912 10,
912 912 *912 1014
*5fl39 577 *567 577 *5718 577
*5739 58
8 5718 5718
8
8
8
*563 58
4
53
8 512
4
53
8 53
4 57
3
8
4
53
53
4 57
53
4 53
8
57
s 57
2712 2712
28
31
28
*28
*24
*28
*28
31
31
31
3
3
231 234 *27
318
*3
27
8 27
8 3
3
8
3
5
5
5
*43
5
*45
8 53
3 534
4
4 *439 53
3 53
3 *43
4 83
8 9
4
9
83
*85
9
83
85
4 83
8 9
4 *812 9
*2
*2
4
4
4
4
4
*2
*2
*2
*2
4
8
•9
1014 *9
103
103
103
4 103 1038 *9
4 *9
4 *9
1014
8
8 1312 1312 1312 133
8 137 137
1314 5312 1312 137
133 133
4
4
4
*13
4 214
2
2
8 214
*13
4 214 *17
4 214 *13
4 213 *13
312 312 *312 4
•3
8 313
312 *314 312 *33
*312 4
*1014 14
*1014 14
15
*1018 14
*10
*10
13
1414 13
8
112 112 *112 15
*112 15
8 *112 15
8 *112 15
112 112
8
213 212
233 212
212 *214 212
2 8 238
3
*214
212 212
212 212 *212 3
*212 3
*213 3
.212 3
*212 3
8 2214 2214
*2212 223
8
223
8 2314 2338 *2113 227
4 225 233
4 22
53
*47
53
*47
*4618 53
*49
53
53
*49
*5118 53
8 3212 333
8 32 8 327
327 327
3
8
8 3413 3514 3414 3412
8 3312 343
1
•
78
78
7
8
*7
8
1
7
8
7
8
8
7
8
7
8
7
8
7
414 412
412 413
433 438
418 43
418 418
*418 412
8
939 93
3 *812 914
939
8 *812 93
9
•
812 9
9
9
*203 2112 21
4
21
2114 2112 2014 2114 2012 21
21
21
34
4 34
3312 3312 3412 343
33
33
*3212 3312 *323 33
4
85
8 83
8
85
8 87
8 *85
8 912 *3'8 9
9
9
*853 9
36
*34
*3412 36
35
*32
35
35
*34
36
*3212 36
5278 5278 515 5214
8
5213 54
52
5114 52
51
52
.51
*7418 747
74 •
8 7418 7418 *7014 74
8 74
•72
747
747 *72
8
4
2612 263
4
8 27
27
273
273
4 263 27
273
8 271g 2712 27
2634
26
2613 2612 2618 2612 2613 2718 2658 2714 2614 27
17
2
8
17
8 *13
2
8 *13
214
214 *2
4 17
4 17
*2
8
8
4 *112 15
13
4 *112 13
4 *113 13
4 *112
4 *112 13
*112 13
13
13
13
13
14
14
14
14
1313 1358 1312 131
2912
2913 2934 29
293 30
4
4 293 297
293 293
4
4
8 2912 30
914
03
4 *9
4 *9
95fl *914 93
95
8 *9
93
4 *9
*9
8312 8312
*8312 93 *8312 93
*8313 93
*8312 94
*8312 93
8
4218
4
4
8
8
4 415 4212 4112 423 x41
8 413 4214 413 423
413 415
53
512 512
8 53
512 53
4
4
8
53
4 57
8
8
5531 55
*512 57
3118
3118 *29
3118 *29
*2914 3118 *2913 3118 *29
*29
32
47
4512 4634
46
*4612 47
*4412 45
45
443 45
*44
4
7
7
Vs 718
718 73
8 718
8 718 *67
8
67
2214 223
4
2314 *2212 23
2314 2314 23
*223 2314 23
4
23
2712 28
4
*2714 2712 2713 2712 273 273
8
4 275 2818 *273 28
4
*53
4 6
6
6
6
6 14 614
_
4 *57
6
*53
8 614
4 6,
14
143
143 *14
4 14
4
*14
15
*1314 16
153 *14
4
•13
3
4
8
8 403 415
8 403 415
4 4158 423
403 413
4038 4078 40
4
41
*1912 20
20
2018 2018 20
20
20
20
8 20
197 107
8
8412 8412
85
8518 8518 85
8412 85
851s 85
85
85
78
7
8
j
7
8
1
8
1
1
1
*7
1
*7
8
1
*12
12
5
53
52
52
Ss
*12
*12
•13
*12
5
8
*212 312 *212 312 *212 318 *212 318 *212 31
*212 318
*2
418
41
418 , *2
418 *2
418 *2
418 .2
•2
8
8
8
8
8
*1212 165 "1212 165 *125 165 *125 165 *125 165 *125 165
8
8
8
8
34
3512 34
3512 *31
34
*3418 38
34
3.418 *34
34
110 110 .108 115 *110 115
110 110
106 106 •10514 115
8
1327 13512 13512 136
3
8
1363 1363 135 136
13012 13012 13012 133
8
5518 547 547
8 54731 55
4 55
8
547 547
8
543 543
4
*543 55
4
167
8 153 16'4 1512 157
4
8
153 1512 1518 1512 157 1614 16
3
8
9012 91
*8812 9012 9012 91
*86
90
893
4 893 89 4 90
4
,
1514
8 143 154 15
153 163
8
1512 1512 1512 16
4
4
1512 153
*5
53
4
513 51
2
912 9,
618 *512 6
3 *5
53
8 53
74
723 7314 7318 7313 7314 75
75
4
73
733
7214 74
2714 28
29
29
,
4
30
8
2813 285 *281g 2914 *283 29 8 *27
1114 1134 1034 1138
1112 12
133 1414 133 1418 1218 1414
4
4
«7612 773
4 7612 7613 76
76
7614 7614
*747 77
*7414 77
8
*68
*68
*66
70
70
70
70
70
4
*66
693 693 *66
4
8 2914 293
29
4
2938 2913 2934 2912 293
4 2914 295
2914 29
29
*2712 29
*2712 29
*273 29
29
4
29
29
287 29
8
473 4738
*4738 48
8
*4714 4712 *4714 4712 4712 4712 *473 48
8
*2812 29
29
*2812 29
*2814 2812 *2814 2839 2812 29
29
4
106 106 *10434 10534 1053 1053
4
105 106
105 105
*10413 105
583 5914
5814 59
4
5714 .5714 5712 577
5812 5813 59
8 58
8
8__ *110
8
*1085
_ _ 110 110 *109 1097 *10912 1097 110 110
215 22
8
8
2278 215 22
2218 2214 2278 22
2212 -2212 2158 - 218
2
2
2
218
218
218
2
214
218
2
2
46
4658
46
*4413 4512 4413 45
463
4512 46
8 46
45
28
28
2714 2714 2714 2714 273 2814 28
2812 28
2818
4
•1118 12
*1014 12
113 113
•1118 12
8
8 1118 1118 *1014 12
939 1014 1013 1018 *9 4 1014
3
*83 10
4
914 914
*918 97
8
*593 62
8
62
61
62
61
61
61
61
8
607 607 *60
8
*3
33
33
8
3
s *3
3
33
8
33
8 *3
*3
33
8 *3
*1312 14
133 1312 1313 1312
135 14
8
*14
8
1418 14
14
4
8 33 3312
8 323 335
3414 3413 335 3412 333 343
4
8
8 3312 345
91
04
94
94
94
*93
94
933 94
4
94
933
4 94
238 23
4
8 *258 23
*238 234
8
212 23
23
8 212
8 258 *23
1018
8 10
103
1038 103
8 10
8 1018 103
8 1018 103
8 1014 103
•110 11112 *110 11112 *110 11114 *110 111, *110 11114 *110 11111
4
7
2
1
7
2
7
8
7
2
7
8
7
8
1
7
8
1
7
8
1
*912 1014
10
10
10
10
10
10
*912 1014 *93 10
4
4
4
*37
4
8 4
4
4
4
g 4
37
*37
8 4
9
938
9
87
8 9
*9
913 *9
912
913 913 *9
114
114 114
114
13
8
114
114
13
114 *114
8 •114
114
57
*53
5312 56
57
,
•5612 57 s 565 563
8
3 571.3 5718 *56
81
81
4
79
803
793
4 803 8112 8012 81
4 79
79
79
73
*73
4 73
4 9
4 0
*75
4
8 814 *73
8
*73
8
4 8
3113 3134
8
317 32
3012 3013 31
*3012 31
3112 *3114 32
11€
1
1
1
1
1
1
Us
1,
2
1
1
1
195 197
8
8 193 197
8 039 1938 2014 1913 2014
8
4
8 197 2014 20, 2
8
6814 683
677 677
69
8
4 6812 693
8 67 6712 6712 683
8 68
4
4
148 148 *1433 148 *1433 14713
•1433 147 *146 147
4
1463 147
4
618
618 614
6
6
6
614
53
4 6
6
4
53
4 53
*33
,
3318 33
8
3314 *3318 33 8 333 333
33
33
8 3318 3318
8
8
1518 1518 145 145 *1418 1458
1518 1518 *1418 1518 *1412 1518
*2458 2513 25
4
4
26
*2518 2512 2514 2512 253 253 *25
25
*393 4012 4012 4012 *393 4039 *393 403
40
4
*4014 4113
4
4
8 40
514 53
5
5
518 53
8 53
8
8
8
3
53
53
*514
3 53
512
2412
*24
*23
2412 2412 •24
•217 2412 *22
26
26
27
8
*547 60 .547e 60
8
8
*54
*547 60
*547 60
8
6012 *547 60
8
4 2
*13
8 2
15
15
8
8
8 *15
15
15
8 *15
3
15
8 15
8
13
4
818
8
818 83
818 83
8
8
812 858
8
83
8 85
83
8 812
61
62
6112 58
6238 613 64
60
6112 64
6312 64
3
*4018 4713 .4618 47
47
4 47
4614 4612 463 463
*4614 47
4
*2218 2278 *2158 227 *223 227
23
8
8
8 227 2314 2314 2312 23
8
8
813 8138 813 813
8312 835 83 3
5
8
8
4 8112 8214 8212 8212 83
318
318 318
318
310
3
3
3
3
3
3 18
3 14
*924 93
924 939
8
914 93
8
8 *914 913
08 93
913 912
1712
16
*1618 17
1614 17
1712 *1612 1712 *16
173 .17
4
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ Per share $ per share 5 per share
Indus. &Miscall.(Con.) Par 5 Per Mare
Best & Co
9 Mar 3318 Aug
No par 2613 Jan 8 3414 Apr 10
1018 Mar 4914 July
Bethlehem Steel Corp No par 3038June 2 4912 Feb 19
8June 2 82 Feb 19
2514 Feb 82 July
100 587
7% Preferred
618 Apr 2912 June
Bigelow-Sant Carpet Ino No par 25 May 28 40 Feb 5
1018July 13 1614 Jan 30
312 Feb
Maw-Knox Co
1914 July
No par
653 Feb 21 July
Bloomingdale Brothers_No par 18 Jan 12 26 Feb 7
8May 14 688 Jan 24
4
912 Mar 6812 Dec
3,700 Bohn Aluminum & Br
.5 495
31,400 Borden Co (The)
18 Feb 3712 July
11
25 197 Jan 6 2818July 12
8
8May 14 28, Feb 5
512 Feb 2214 Dec
4,000 Borg-Warner Corp
10 203
3 Feb 9
400 :Botany Cons Mills class A_60
3 May
1 Jan 2
2
412 July
8
12 Jan 6 193 Apr 26
8,300 Briggs Manufacturing_No po
8
25 Feb 145 July
8
8
5 26 Jan 4 373 Apr 26
25 Dec 3814 Sept
2,800 Bristol-Myers Co
8May 8 8012 Feb 6
600 Brooklyn Union Clas___No par 607
60 Dec 8812 June
100 Brown Shoe Co
2813 Mar 537 July
No par 5014 Jan 5 61 Feb 16
8
612Ju1y 6 107 Mar 17
8
13 Mar
Bruns-Balke-Collender_No par
4
1812 June
933 Feb 5
5 July 5
2 Feb
700 Bucyrus-Erie Co
10
127 June
8
5
23 Feb
4
8.39 July9 1412 Apr 24
300
Preferred
195 June
8
10
2012 Mar 72 June
7% preferred
100 56 June 8 75 Jan 15
73 Apr 25
4
53 Jan 3
2,400 Budd (E G) Mfg
8
3 Ain
4
No par
97 July
2
3 Mar 35 July
200
7% preferred
100 25 Jan 2 44 Apr 25
53 Jan 30
4July 6
3
23
1,000 Budd Wheel
1
4
Feb
53 July
No par
274 Jan 9
612 AD1' 28
300 Bulova Watch
7 Mar
8
No par
5 June
3
7 4 Jan 4 1512 Feb 16
1.500 Bullard CO
212 Feb
1314 July
No par
6 Feb 21
Jan 26
15
8
Burns Bros class A ___ _No par
12 Apr
5 June
134 Jan
20
7% preferred
4 Jan 9 1512 Feb 20
13 June
100
1218May 14 x193 Feb 1
8
618 Feb 207 July
1,600 Burroughs Add Mach__No par
8
378 Feb 9
4May 12
13
1
100 :Bush Term
Apr
8 June
No par
6 Mar 8
3 June 29
1
100
Debenture
Apr
100
912 June
4
Jan 3 153 Feb 23
418 Dec
10 Bush Term B1 gu prof etfs_100
51,3
8 Dec
218 Feb 16
112 Jan 13
300 Butte & Superior Mining__10
1
Feb
27 June
8
5
2 Jan 2
3 Feb 16
1.700 Butte Copper & Zino
12 Mar
414 June
13 Feb I
4
2
114 Apr
218 Jan
100 Butterick Co
713 June
No par
4June 2 323 Feb 7
4
183
812 Feb 4314 July
1,700 Byers Co (A M)
No par
8
Preferred
3018 Mar 80 July
100 4714 Jan 15 677 Apr 23
4
183 Jan 4 35'.! July12
11,600 California Packing_ __No par
734 Mar 343 July
4
13 Jan 23
4June 27
4
3
700 Callahan Zinc-Lead
10
214 June
14 Jan
653 Fen 5
4 Jan 3
1,000 Calumet dr Fleola Cons Cop_25
2 Feb
93 June
8
1578 Feb 23
812May 14
2 Feb
600 Campbell W & C Fdy__No par
1614 July
1,200 Canada Dry Ginger Ale____5 20 June 2 2912 Apr 24
712 Feb 4112 July
14 Feb 3512 July
700 Cannon Mills
No par 2812 Jan 4 38 Apr 2
44 Oct 1212 July
3
800 Capital Admlnis el A
1
53 Jan 2 10 Apr 13
1
4
40
2518 Jan 3513 July
Preferred A
10 263 Jan 24 39 Apr 20
4
May 14 863 Feu 6
3013 Feb 10312 July
3,100 Case (J 1) Co
100 46
4may 25 8412 Feb 6
41
30
Preferred certificates_ 100 673
Feb 86, July
4
8
3,000 Caterpillar Tractor_,Vo par 2312 Jan 4 333 Apr 21
512 Mar 293 July
4
8
8June 2 447 Feb 5
4,300 Celanese Corp of Am__No par 225
413 Feb 587 July
8
8July 11
45 Apr 12
8
17
400 :Celotex Corp
12 Mar
No par
57 July
8
4 Apr 12
Jan 9
114
3 Feb
8
Certificates
No par
43 July
8
8
Jan
J 18 2 ,
6 s
350
Preferred
123 July
4
10
F4, 2413 1,4 22 323a A pr 13
1, Jan
2
Feb 5
14
2,700 Central Aguirre Mao __No
Jan 41 July
8
‘
2 Apr 1158 July
73 Jan 16 123 Feb 19
Century Ribbon MIlls_No par
62 Feb 100 Dec
100
100 82 Mar 31 95 Jan 2
Preferred
58 Jan 443 Sept
4
7
29,000 Cerro de Pasco Copper_No par 3014MaY 16 4312 J1113' 5
734 Apr 5
31.4 Jan 2
1,300 Certain-Tend Products_No par
1
Jan
73 July
8
4 Mar 3014 July
100 1712 Jan 19 35 Apr 5
7% preferred
4 487 Apr 21
8
147 Jan 5212 July
8
2.600 Chesapeake Corp
No par 34 Jan
512May 14
97 Feb 5
8
218 Mar
700 Chicago Pneumat Tool_No par
1238 July
4
1612 Jan 12 283 Apr 24
512 Feb 2514 June
700
No par
Cony preferred
4
10 1914 Jan 8 303 Feb 5
1,100 Chickasha Cotton 011
6 Mar 34 July
53 July5 115 Feb 19
4
8
2 Feb
400 Childs Co
1018 July
No par
8
6
Apr 2112 July
50 Chile Copper Co
25 1213May 16 175 Apr 9
8
754 Mar 573 Dec
5 3612May 14 603 Feb 23
54,200 Chrysler Corp
3
8
718 Mar 25 June
1714 Jan 5 243 Jan 30
600 City Ice & Fuel
No par
45 Apr 72 July
160
100 67 Jan 3 86 Apr 23
Preferred
218 Feb 6
78 Jan 5
35 July
8
14 Feb
GOO City Stores
No par
114 Feb 6
12 Apr 20
18 Ma
218 July
200
Votlng trust certifs No par
Feb 6
318Ju1ie 26
55
8
112 J51
812 July
Class A
No par
518 Feb 21
212June 5
3 Nov
4
514 July
Class A v tc
No par
4
5 Mar 1414 June
4
83 Jan 5 213 Mar 5
Clark Equipment
No par
10
Jan 4112 July
900 Cluett Peabody Os Co No par 28 Jan 3 45 Apr 7
90
Jan 100 June
40
Preferred
100 95 Jan 17 115 Apr 23
8July 12
7312 Jan 105 July
7,200 Coca-Cola CO (The)--No par 9514 Jan 2 1363
44
Apr 51 Dee
1,600
Class A
No par 5018 Jan 11 5518July 10
7 Mar 223 July
8
13.700 Colgate-Palmollve-Peet No pat
938 Jan 3 1818 Mar 13
49
Apr 88 Aug
100 6812 Jan 8 9214 Apr 18
700
6% preferred
3 Apr 26 Sept
0111Y 12 2812 Feb 19
11,700 Collins & Allman
43
No par
83 Feb 6
4
8
35 Jan 2
27 Dec 175 July
8
8
300 :Colorado Fuel & Iron_No par
2318 Feb 7112 July
3,300 C,olumblan Carbon v to No par 58 Jan 8 7714 Apr 23
4Nlay 28
600 Columb Pict Corp v t e_No par 23 Jan 6 343
6 8 Mar 28 Nov
5
1034July 13 1914 Feb 6
70,200 Columbia Gas & Eleo No par
9 Mar 3818 July
4June 21
50 Dec 83 June
300
100 52 Jan 5 783
Preferred series A
40 May 7412June
10
5% preferred
100 41 Jan 0 71 Apr 24
4 Feb1914 Dec
3,100 Commercial Credit
10 1853 Jan 4 351s Apr 21
1812 Mar 25 Sept
170
7% lot preferred
25 2312 Jan 5 29 Mar 3
16 Feb3912 Aug
50 38 Jan 3 50 Mar 9
200
Class A
1818 Mar 2513 Sept
300
Preferred B
25 24 Jan 3 30 Mar 3
70 Mar 957 Sept
180
8
6)4% first preforred___-100 9112 Jan 3 106 Apr 30
4
3,700 Comm Invest Trust___No par 35114 Jan 4 593 Apr 11
18 Mar 4312 July
84
200
No par 91 Jan 3 110 July 10
Jan9778 Jan
Cony preferred
1934511Iy 14 363 Jan 30
4
13,200 Commercial Solvents No par
9 Feb5714 July
33 Feb 6
4
20,200 Commonw'Ith & Sou_ No par
114 De
4
13 Jan 2
618 June
4
2,100
173 De
56 preferred series_ No par 2112 Jan 2 523 Apr 23
8
8012 June
3,100 Congoleum-Nairn Ine No par 23 Jan 9 3114 Feb 10
73 Jan 2758 July
8
4
93 Jan 12 1412Mar 5
612 Feb18 June
200 Congress Cigar
No pal
814 Jan 2 133 Mar 17
8
312 Apr
600 Consolidated Cigar
No par
193 June
4
100 4514 Jan 2 62 July 12
290
31
Prior preferred
Apr 65 June
53 Feb 15
4
212 Jan 2
100 Consol Finn Indus
13 Jan
1
53 May
4
4
2 1712 Feb 15
1,100
3
103 Jan
57 Mar 143 May
No par
8
Preferred
4
16,000 Consolidated Gas Co
34 Dec6418 June
No par 3118June 2 4738 F410 6
800
8113 Dec00
Vo par 82 Jan 4 94 June 19
Jan
Preferred
43 Feb 7
8
218 Jan 8
1.300 Consol Laundries Corp_No par
112 Dee
512 Jan
19,200 C011801 Oil Corp
5 Mar
153 July
91zMaY 10 1414 Feb 13
4
No par
9 11112 Apr 28
100 108 Feb
8% preferred
9512 Mar 108
Oct
218 Feb 7
3,500 Consolidated Textile__ _No par
7 Jan 4
s
314 July
14 Mar
500 Container Corp class A
613 Jan 5 1334 Apr 23
1 18 Jan
20
1014 July
538 Apr 18
8
23 Jan 2
700
Class B
No par
14 Feb
413 June
8
7 Jan 8 145 Jan 24
900 Continental Bak class A No par
3 Mar 1814 July
233 Feb 7
1 Jan 1
1,400
Class B
No par
12 Jan
312 July
900
100 4614 Jan 6 64 Feb 9
36
Jan 64. July
Preferred
4,900 Continental Can Inc
3514 Feb 783 Dee
20 6912Niay 14 8314 Apr 21
8
5
718 Jan 5 1154 Feb 6
300 Cont'l Diamond Fibre
312 Feb
1718 July
8
1,600 Continental Insurance_ __2.50 233 Jan 6 3512 Apr 20
1013 Mar 3612 Jul/
23 Feb 21
8
1 June 25
4,400 Continental Motors___o par
1 Mar
4 Juno
4
10,400 Continental 011 of Del
478 Mar
195 Sept
8
5 1612 Jan 13 223 Apr 21
5,400 Corn Products ItefinIng____25 601251ay 14 8412 Jan 26
45 8 Feb 905* Aug
3
300
100 135 Jan 4 148 July 11 11712 Mar 1453 Jan
Preferred
4
97s Feo 5
4
33 Jan 2
2.800 Coty Inc
238 Mar
No par
712 June
800 Cream of Wheat etre_ _ _No par 28 Jan 3 35 Jan 31
23 Feb 3912 July
2 1712June 16
300 Crosley Radio Corp
8 Jan
214 Mar
143 June
4
No par
700 Crown Cork & Seal
No par 2414May 10 3614 Feb I
1414 Feb 65 July
200
$2.70 preferred
2413 Feb 3812 July
No par 3512 Jan 2 4114 Apr 20
658 Apr 27
1,900 Crown Zellerbaok vi o_No par
1
812 July
Apr
37 Jan 6
8
8
100 Crucible Steel of Amerioa-100 213 Jan 4 383 Feb 19
3
9 Mar 3712 July
Preferred
16
8
100 48 Jan 12 71 Apr 19
Feb 603 July
318 Feb 9
1 Jan 2
400 Cuba Co (The)
No par
43 June
8
12 Feb
978 Feb 8
6,300 Cuban-American Sugar. _ __10
118 Jan
312 Jan 10
1112 May
980
100 2013 Jan 9 64 July 9
Preferred
10
Jan 68 June
3
500 Cudahy Packing
208 Feb 5913 June
8
60 37 Jan 2 50 4 Feb 16
8
600 Curtis Pub Co(The)No par
1312 Jan 8 293 Apr 12
612 Mar 3214 June
2,300
30
Feb 66 June
Preferred
No par 4312 Jan 3 8414 Apr 13
514 Jan 31
212 Jan 2
1
43 July
8,500 Curtiss-Wright
8
112 Feb
8 July
614 Jan 3 1214 Apr 2
2,100
2 Mar
1
Class A
21 July
414 Jan
500 Cutler-Hammer Inc___No par 11 Jan 4 2113 Feb 21
Shares.
2,300
10,200
1,100
50
000
Companies reported in receivership.
• Fild and asked prices, no sales on this day. :
STOCKS
NEW YORK STOCK
EXCHANGE.
a Optional sale. e Cash sale. r En-dlvidend.
y Ex-rIghts.
,
,
'
New York Stock Record-Continued-Page 4
247
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
July 7.
:Iforulay
July 9.
Tuesday
July 10.
Wednesday
July 11.
Thursday
July 12.
Friday
July 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowut.
Highest.
$ Per share $ per share $ per share
$ per share $ per share $ per share g per share g per share $ pr share Shares. Indus.& hliscell. (Con.) Par g per share
814 Feb 5
100 Davega Stores Corp
6 Jan 10
15 Feb
8
.7
5
712 *63
8
712 712 *7
73
4 *7
73
4 *7
4 712
83 July
4
18 June 2 3418 Feb 1
24 8 July 49 July
3
No par
•2012 20 8 2058 205
5
2112 3,900 Deere & Co
8 203 21
2114 21
8 21
4
2114 217
814 Feb 183 June
20 1118June 7 1512 Jan 30
12
909
12
*12
Preferred
121.1 *12
1212 12
1214 1214
1214 1214 1214
8
100 634 Jan 5 84 Feb 23
48
Apr 9112 July
76
7714
76
*7612 7712 77
600 Detroit Edison
*74
78
77
7714 7714 77
400 Devoe & Reynolds A__No par 29 Jan 8 5518 Apr 25
10 Mar 337 Aug
*4512 48
46
4614 4612 *4714 48
*4512 48
47
46
8
*46
24
1712 Feb 2912 July
2414 2414 2418 2418 243 247
No par 221341May 14 281/ Jan 16
24
8
8 2,100 Diamond Match
8 243 247 *2414 247
4
8
8July 12
2618 Feb 31 July
*323 34
34
4
100
327 327 *33
8
*3212 34
Participating preferred___25 2814 Mar 27 327
8
*323 34
4
*323 34
4
12 Feb 3912 Sept
No par 32 Jan 25 4814June 27
43 4 4414 4318 435
3
8 4418 4438 4338 4412 11,500 Dome Mines Ltd
8 4312 4438 444 443
1012 Feb 263 July
100 Dominion Stores Ltd No par 19 Feb 10 23 Mar 10
8
*1914 21
*1914 203 *19
4
193
4 193 193 *1914 2014 *1914 2014
4
4
2018 197 20
1014 Feb 1814 July
8
3,900 Douglas Aircraft Co Inc No par 144 Jan 2 2812 Jan 31
1912 1912 1912 195
4 20
s 2014 2058 2012 203
914 Jan 10 19 Feb 17
63 Feb
4
200 Dresser(SR) Mfg cony A No par
11
*11
11
13
18 June
*1012 13
127 127 *103 1412 *103 13
4
8
4
8
8
218 Mar 103 June
712 Jan 16 117 Mar 28
978
300
*912 1012 *914
Convertible class B No par
4
4
812 812 *814 812
834 912 *814 83
4
1
5 July 12 113 Mar 26
700 Dunhill International
7 Apr 143 July
8
518
4
5
514
4
*514 64 *614
5
*514 6,
512
512 512
85 Nov 10218 June
90 Duquesne Light let [wet __100 90 Jan 18 104 June 9
4
•1013 104 •1013 103
4
1013 1013 10214 10214 10212 10212 103 103
4
4
4
518 Jan 3 123 Feb 19
118 Mar 10 July
65
8 63
8
400 Eastern Rolling Mills __No par
*614 612 *512 612 *6
8
63
8 63
7
*614 7
46
8
Apr 893 July
2 4,400 Eastman Kodak (N J)_No par 79 Jan 4 101 June 10
4
9812 9812 9714 9812 9712 9814 9712 9912 98
9814 977 985
100 120 Jan 16 147 June 27 110 May 130 Mar
8% cum preferred
*143 145 *143 145 *143 145 *143 145 *13512 145 *13512 145
318 Mar 16 July
8 1618 1612 1614 1612 17
2,200 Eaton Mfg Co
163 163
16
2
16
16
No par 134 Jan 3 2212 Apr 19
1718 16
324 Mar 963 Dec
8
8 913 923 19,500 El du Pont de Nemours____20 80 May 16 1037 Feb le
4
4
8
9018 905
8 90
9314 914 927
913
8 9012 9212 92
9712 Apr 117 July
100 115 Jan 2 12412June 20
6% non-voting deb
1233 1233
4
4
4
1,600
4
124 124 21233 1233 1233 1233 1234 1233 124 124
4
4
4
1013 July12 1914 Mar 6
par
No
8
*105 11
8
8
300 EltIngon Schlid__
*103 11
8
1012 1012 1014 103 *1014 107
*1012 11
-10 Apr /712 July
21
5 1818 Jan 9 3138 Feb 21
213
4 2114 2114 2112 22
4
8 213 2214 12,100 Eleo Auto-Lite (The)
2212 2314 2214 233
75
Oct 8812 July
100 80 Jan 5 101 Apr 6
95
96
210
9512 951 *9512 96
96
Preferred
96
96
96
96
96
1
3
33 Jan 8
8
Jan
712 Jan 29
*412 5
*43
814 July
8 5
1,700 Electric Boat
4
*43
4 5
412 43
43
4 5
43
4 47
8
918N1ay 8
1
Feb
412 Dec
414 Jan 3
67
8 3,900 Eleo & Mus Ind Am shares___
67
7
8 67
8
67
8 67
8 67
8
7
7
714
67
8 7
95 Feb 7
8
34 Feb 15 8 June
*512 534
534 53
3
412 Jan 3
512 512 2,650 Electric Power dr Light No par
4
8
512 57
6
55
8 6
6
814 Jan 3 21 Apr 18
712 Apr 3612 June
400
8
15
8
153
8
No par
147 147 *1414 147
8
1418 143 *14
Preferred
8
1538 1538 *14
4
612 Apr 323 June
8 Jan 2 193 Feb 7
1317 133 133 *1218 13
4
*1218 127 *1218 127
4
200
No par
123 123 *12
$6 preferred
8
8
8
433
8 2,300 Elec Storage Battery
No par x40 June 7 52 Jan 24
*4218 434 4212 421
44
21
43
Feb 54 July
44
8
4318 4318 435 43
17 Feb 21
8
58Nlay 11
4 June
is Jan
100 IElk Horn Coal Corp No par
1
*3
4
*3
4
1
*3
4
1
3
4
3
*3
4
*3
4
1
1
4
58 Apr
33 Feb 23
6 June
55
15
8 17
8
114 Jan 10
112 112
*112 17
13
200
*112
50
6% part preferred
8
8
112
112 *15
*55
561 *55
56
5518 5518 5512 5618 *56
26
Feb 627 July
5612
561 *56
8
500 Endlcott-Johnson Corp.
5O 51 May 14 63 Feb 16
70
Oct
127 127 *12812 _ _ '12612 _ __ *127 . _ *127
100 120 Jan 3 127' July 13 107 Feb 123
_ _
12714 12714
Preferred
32 Dec 143 June
83 Feb 7
4
*414 43
41
4 June 7
*418
4 *414 - -12
414
4
4
100 Engineers Public Serv__No par
- 4 *4
43414 414 *4
11 Dec 47 June
14
13
134 1313
*13
13
13
1312 1.900
1312 1314 133
$5 cony preferred____No par
1138 Jan 3 2312 Feb 6
8 13
11
11 Jan 8 2412 Feb 5
Dec 497 June
4
*1514 1612 *1418 16
8
100
No par
*1418 16
$5
preferred
*1418 1512 *1412 1513 1514 15,
12 Dec 55 June
1712 *15
1411 Jan 2 2512 Feb 5
8
No par
*157 207 *157 1712 *153 IR
8
8
8
$8 preferred
177 *16
4
*14
177
614Nlay 12 1038 Jan 22
612 Mar 133 July
612 63
4 *612 63
4 *612 63
1,200 Equitable Office Bldg No par
8
4
4
4 *614 63
614 65
8 *612 63
*95 10
3 Apr 1814 July
8
1018 104 1018 1018 *95 1014 10
718 Jan 8 1438 Feb 19
400 Eureka Vacuum Clean
*912 10
5
10
8
2314 2312 223 2314 5,000 Evans Products Co
2312 233
9 Jan 3 2714 Apr 27
4 233 237
7 Mar 10 Nov
3
4
4
5
8 2312 2414 23% 24
312 Nov1112 July
4 Jan 9 1012 Apr 2
53
8
5
5
*518
578 *5
60 Exchange Buffet Corp_No par
512 512 *5
4
578
53
4 53
23 Apr 17
8
218
7 May
11
15 Mar 9
8
25 June
8
Fairbanks Co
25
*12 218
*12 24
*12
*12
218
218
*12
218
*12
414 Feb 14 1212 Apr 14
1
Feb
814 June
74 8
3
110
4 814 '714 817
100
*714 812
*73
Preferred
812 9
812 812
212 Mar 1114 June
*1312 143 •13
8
7 Jan 6 18 Feb 19
8
143
;
200 Fairbanks Morse & Co_No par
144 *1358 1414
1418 *1314 143 *13
135*
10 Feb 4212 Nov
*51
100 30 Jan 10 58 Apr 24
5312 51
40
5312 .
Preferred
50
5312
51
*5114 5312 5114 5114 *50
43 Apr 1412 June
4
7 May 10 1114 Apr 3
15
100 Federal Light & Tree
714
714 *718 7 4
3
*714 814
*714 712 *714 73
4 *714 712
33 Dec 5912 July
52
52
4912 4912 *____ 53
No par 3418 Jan 12 62 Mar 13
70
Preferred
52
53
*4912 5178 52
15 Mar 103 Sept
*60 100
*60 100
*61 100
Federal Min & Smelt Co__100 75 May 10 107 Feb 14
*61 100
*72 100
*60 100
114 July
84 Jan 30
.*412 5
43* 4%
412 412
418June 28
412 412 *414
400 Federal Motor Truck No par
1 Mar
4
412 412
412
58g Feb 23
47 July
2 Jan 13
3 Feb
4
8 314 *27
Federal Screw Works No par
4 312
8 312 • 4 312 *23
8 314 *27
23
*3
31 2 *27
4 Feb 6
13* Dec
I%
13 Jan 5
1% *13
4
4
1%
63 June
4
500 Federal Water eery A No par
17
8 *13
4
4
17
8 *13
1%
13
4
134
13
4
•2018 233 *2034 24
712 Feb 30 July
4
4
*2114 2379 *2014 2338
Federated Dept Stores_No par 223 Jan 8 31 Mar 8
*2118 24
*21
24
32
1014 Mar 38 July
31
4
3114
.30
31
800 Fidel Phan Fire IneN Y__2.50 233 Jan 5 35 Apr 20
*30
3112 *31
31
303 303
4
4 31
7 Feb 15 11 Jan 3
5 Mar
95 Nov
8
*814 014
Fifth Ave Bus Sec Corp.No par
*812 914 *812 914 *812 914
*814 914 *812 914
9 Apr 30 July
*23
32
na 32 *23 32
Filene's(Wm)Sons Co_No par 25 Feb 1 30 June 21
*23
32
32
*23
32
*23
*99 104
81
Apr 95 Sept
10
100 87 Jan 10 105 Apr 25
*99 104
6S4% preferred
10312 10312 *03 10312 *103 10312 *103 10312
918 Apr 3112 July
8 1,400 Firestone Tire & Rubber___10 1652June 22 2514 Feb 19
*1714 173* 17
1718 1714 173
17
1738 173* 173 17% 17
8
42 Mar 75 June
8318
*55
83
*80
*807 8318 *80
100
8
100 71 Jan 9 86 Apr 21
Preferred series A
83
8312 *8114 82
83
43 Mar 704 July
4July 13
663 673 2,200 First National Stores__No par 5414 Jan 5 673
4
65
65
643 65
4
6514 655
8 6612 6612 6612 67
312
312 31
33
2
318 318
318
3
3
8
3
214May 12 173 Feb 21
19 June
1,000 :Follansbee Bros
Vo par
2 2 Feb
,
35* 314
*1918 1917 1,300 Food Machinery Corp_No par
612 Apr 16 July
1012 Jan 9 21 Slay 4
*1814 19
18% 19
19
1912 1912 19% 19% 20
1512
412 Feb 23 July
*15
500 Foster-Wheeler
No par 1214May 14 22 Feb 16
16
1512 1512 *15
*1518 1512 1512 1512 155 16
8
2 Feb 233* July
12
*11
81lay 14 1714 Jan 30
*113* 12
1218
87
400 Foundation Co
No par
•115 12
8
1212 *11
*113 12
4
12
133 Ma
8
2614 June
1,200 Fourth Nat Invest w w
2114 2112 213o 21% 2112 21% 213* 2112 *2118 2112 2118 2118
1
193* Jan 5 2712 Feb 5
1214 Jan 5 1712 Feb 26
12
Oct19 Sept
1212 1212 2,900 Fox Film class A now__No par
*123 13
4
4
125* 13
127 1318
125* 123
8
127 13
8
Jan 12 83 Feb 7
*35
12
Jan 50 Aug
47
*35
*40
47
Fkin Simon & Co Inc 7% pf100 364
47
47
*35
*35
47
*35
47
503* Feb 19
1618 Feb 493* Nr'y
4,1999 18
2
10
4 3212 33
303
4,300 Freeport Texas CO
325 323
3212 323
4 3238 323
4 323 3312 3212 33
4
9
Jan 31 Juae
4
Fuller (G A) prior prof _No par 164 Jan 19 3312 Apr 26
*203 2414 2033 2414 *203 2414 *203 2414 '203 2211 21
4
2414
4
4
814 July 6 1958 Apr 26
4
Jan 23 June
No par
94 91
60
9
9
US 2d pref
9
9
•
918 912
*918 91
834 834
438 Mar 12
1
214 *2
2 June 23
Feb
21 1
214 *2
2
200 Gabriel Co (The) cl A No par
n
n
214 •2
214 2
514 Aug
612 Jan 207 Aug
8
40 Gamewell Co (The)
8 1338 135
No par 1112 Jan 18 20 Feb 19
8
8
135* 135 *135* 137 *1338 13% *135* 13% *135 137
8
73 Jan 4 1112 Feb 6
25* Feb 12 June
8
77
8 77
8
8 1,200 Gen Amer Investors_No par
8
8
8
7
5g 8
8
*734 7%
*7912 85
42 Feb 85 July
*7912 85
No par 79 Jan 29 87 Mar 13
200
85
Preferred
85
*7912 85
*83
86
85
85
3734 36% 37
133 Feb 4314 July
4
363
4
SOO Gen Amer Trans Corp
5 3318 Jan 4 4358 Feb 19
8
373 373* *373 3734 373 373
8
4
4 377 377
45 Mar 27 July
1812 1812 18
18
800 General Asphalt
10 1518 Jan 4 2312 Apr 24
1812 19
4
•183 187 *173 1817 1814 183
8
8
4
1012 Dec 207 July
8
111 *107 107 12,500 General Baking
8July 5 143 Feb 5
8
8
o
93
1018 103
97 1014
5
8
4 103 1112 1118 11% 11
4
993 Mar 10814 Sept
4
10712 108 210512 1057g
10514 10612 10612 10714 10612 107
610
No par 100 Slay 8 10812 Feb 7
104 104
58 preferred
218 Feb 1012 July
712 73
4
5
8
53 Jan 9 1018 Mar 9
714 752 2.000 General Bronze
7 4 75
,
4
77
8 77
8
73
4 73
4
712 77
7
114 Mar 1112 June
*37
8 47
33 Jan 4
8
8
37
8 38
41
614, Feb 1
7
*37
8 4
378 4
537
400 General Cable
No par
3
3%
*8
812 *77
214 Feb 23 June
*772 81
6 Jan 4 12 Feb 1
*77
812
8
200
No par
Class A
77
8 77
*77
8 812
*23
25
na 25
25
2412 2412 *23
612 Mar 48 June
25
2312 2312 *23
100 1412 Jan 9 33 Apr 20
200
7% cum preferred
42
42
244 Dec 485* June
4112 42
42 4212 24112 4112 1,500 General Cigar Inc
42
4112 4112 42
No par 27 Jan 2 43 June 26
•1114 112
112 112
11218 11214 113 113
Jan
90 July 112
310
100 97 Jan 8 113 July 13
7% preferred
11212 11212 *11214 113
197 20
8
1012 Feb 3014 July
1938 20
1978 2012 2014 20'z 20 2012 193 204 40.800 General Electric
4
No par
1812 Jan 4 2514 Feb 5
*123 1212 123 1212 123 1212 123 1212 1238 1212 1238 1212 4,400
8
8
4
107 Apr 1214 July
8
8
10 113 Jan 2 123 Feb 26
8
Specie!
8
3012 303
4 304 31
8
21
Feb 39% Sept
313 18.500 General Foods
8
307 3118 31
8
8
No par 3012July 6 367 Jan 30
307 3118 307 311
8
12 Dec
13 Feb 6
4
*5
8
27 June
8
1
4
3
4
1,300 Gen'l Gas & Eleo A
No par
N
3
4
5s July 11
3
4
3
4
3
4
3
4
3
4
513 '
•1312 18
*133 15
4
8
*1352 15
310 Apr 1612 June
133 133
400
4
Cony prof aeries A No par
4 137 13s 137 14
614 Jan 2 19 Mar 13
8
*15
20
63 Dec 1812 June
4
*1512 20
15% 153 *157 20
8
8
15
70
15
par 12 Jan 29 21 Mar 13
$7 prof class A
15
15
No
•1614 21
*1614 21
*16
*1614 21
21
*16
5
Apr 20 June
21
51614 21
No par 14 Jan 19 22 Mar 12
$8 pref class A
*5338 55
*523
8
2414 Jan 553 Nov
*5212 55
4
*53
Gen Hal Edison Eleo Corp__ 50 Jan 24 6114 Feb 18
55
*535 85
8
*535s 55
59 59
58
58
3512 Mar 71 June
8 2,400 General Mills
60
5914 5912 593 60
6012 x5914 595
8
No par 537 Mar 20 6412 Jan 15
4
*112 11414 *1127 115 *1127 1143 *11278 1144 *113 1143 *113 1143
8
9212 Mar 10612 Sept
4
4
100 103 Feb 27 1124June 5
Preferred
4
315 3218 317 3212 314 3212 3218 325* 31% 323* 315 323 36.900 General Motors Corp
8
8
10 Feb 353 Sept
8
4
s
10 2918Juno 2 42 Feb 5
102 102
103 103
6512 Mar 95 July
10318 10318 10318 10312 103 10318 10212 10318
1,700
No par 894 Jan 6 10312July 11
$5 preferred
*1318 14
*1314 14
*1118 14
*1118 14
518 Jan 24 June
*1118 14
'1312 14
83 Jan 5 21 Apr 14
4
No par
Gen Outdoor Adv A
*414
43
4 54
45
8 54
212 Mar 1018 June
6s8 Apr 20
434 *4
4
4
Common
43
4
3 8 Jan 2
5
43
4 *4
100
No par
4
*183 193 *184 193
4
4
183 183
314 Jan
17 June
4
1012 Jan 3 2512 Apr 23
4
193 193
4
4 1912 1912 *1812 1917
50 General Printing Ink
No par
*863 88
4
No par 7312 Mar 10 88 Apr 24
*863 88
4
*87
*87
84
*87
31 Mar 82 Aug
88
88
88
•87
$6 preferred
*238 27
*23
4 3
*27
8 3
3
5 8 Feb 7
5
3
*234
2 Apr
*25
8 3
27
8
814 June
212 Jan 8
200 Gen Public Service
No par
3212 3314 3312 3614 3412 353
1314 Jan 4912 July
*3414 3514 *3414 3514 2,200 Gen Railway Signal
8 3412 35
No par 3114Ntay 14 4534 Mar 3
13
4
•15
8 2
13
4
13
4
13
.1
112May 14
45 June
35 Jan 30
8
8
4 Feb
13
4
13
4
1
1%
15*
15
8 1,000 Gen Realty & Utilities
is
2 18
•151
*16
18
516
1413 July13 263 Jan 30
18
512 Jan 223 June
*1512 18
.16
4
8
18
1414 1414
No par
100
$6 preferred
8
*155 1714 *1512 163
8
212 Feb
8
0I518 1714 *155 17
193 July
4
No par
1018 Jan 3 233 Feb 23
4 163 164 *1513 161 2
200 General Refractories
4
14% 1412 1412 1412 1412 1412 1412 *144 1412
*14
143 *14
4
714 Sept 18 June
500
Voting trust certifs No par 1214 Jan 22 1912 Feb 21
92 Feb 3812 June
*30
35
*30
35
*30
35
32
32
*30
30 Gen Steel Castings prof No par 30 June 27 4812 Mar 15
32
30
30
1118 11% 11% 117
107 11
g
8 113 12
11% 12
7 8 Dec 204 Jan
5
4
19,500 Gillette Safety Razor No par
114 12
812 Jan 6 1212 Feb 6
655* 643 643 *6312 64
6514 6514 65
4
4
6312 6312 64
64
1,100
Jan
4512 Dec 75
No par 47 Jan 11 6512July 6
Cony preferred
8
*312 33
4
33
4 37
33
4 33
35* 4
4 *34 44
7 8 June
1200.
5
Ginable Brothers
638 Feb 5
No par
312July 13
4 Feb
33
4 33
4
*195* 2112 •19118 2238 *2012 223 *2012 2214 223* 223* *2114 2212
8
514 Mar 33 July
100
100 1614 Jan 8 30 Feb 5
Preferred
8
8 24
2418 24% 237 237
2412 247 257
8
8 2512 257
8 2514 257
4
8 7,500 Glidden Co (The)
8
No par 153* Jan 4 283 Apr 26
33 Mar 20 July
1017 102
10214 10314 1023 103
10112 10112 10112 10112 10112 102
48
4
s
810
Prior preferred
Apr 9112 Aug
100 83 Jan j9 10314July 12
912 Feb 27
64 612
65
8 65
8 • 8 65
612 612
63
8
618 614
614
614 2,100 Gobel (Adolf)
3 Feb 18 July
512 Jan 2
5
19s8 2018 167 20l8
8
2014
197 197
8
8 1978 20
2014 2014 210
4,400 Gold Dust Corp v t o_ __No par 181 Jan 11 23 Apr 23
12 Feb 2738 July
4
•111 120 *111 120 *111 120 *11218 116 *11214 116 *11214 116
9612 Dec 105 July
$6 cony preferred___No par 9812 Jan 6 112 June 19
8
8 123 127
4
8 123 13
4
123 123
4 125 125
4
4 1212 1212 2,200 Goodrich Co (B F)
1212 123
No par
1218 July 3 18 Feb 19
3 Mar 2112 July
*46
51
4812 4812 4812 481i 4812 50
51
*45
51
200
*46
Preferred
9 Feb 83 July
100 40 Jan 5 6234 Apr 21
2612 261
2618 265
8 26
2712 27
273
8 263 2718 27
4
2712 5,700 Goodyear Tire & Rubb_No par 2514 July3 4138 Feb 19
914 Feb 4712 July
7818 •7612 7812 7512 761 *74
7512
7818 *76
200
1st preferred
7818 076
•77
4
No par 74 May 19 8614 Feb 19
273 Mar 8014 July
712 712
4
700 Gotham Silk llose
712 71
*75
8 73
74 8
4 74
8
8
73
7 Jan 4 114 Feb 5
612 Oct 1712 June
No par
*4912 60
*4914 58
56
*4914 50
56
30
56
*51
Preferred
56
•51
100 4912 Jan 22 7112 Apr 26
41
Apr 73 July
2
24
24 21
2
2 18 2,700 Graham-Paige Motors
218 21g
2
218
24 24
I
2 June 27
1
41 2 Feb 1
Apr
558 July
4
97
952
934
*912
954
912 93
912
94
3
37 Mar
1,400 Granby Cons M Sm dr Pr__100
104 *0
•9
8 Jan 2 133 Feb 18
1538 June
534
400 Grand Union Co tr ctfs
53
4
52
53
4
55
8 5
514
% *512 5
1
4 Jan 8
512 512
84 Jan 31
8
*512 57
338 Mar 105 June
3714 *3512 3712 *35
200
Cony pref series
391 *3412 3712 .3412 3712 37
3712
No par 23 Jan 8 40 Apr 24
537
20 Sept 383 July
8
*243 27
4
nv, 27
52412 27
*243 27
4
*243 27
4
Granite City Steel
No par 23 Jan 15 31 18 Apr 25
4
•243 27
1118 Mar 307s July
*3414 35
4
3214 343 *3414 35
2,100 Grant (W T)
314 32
31
8 31
No par 30 June 8 40 8 Feb 19
5
153 Feb 3612 Dec
4
3038 305
117
8 1112 1112 2.200 Gt Nor Iron Ore Prop No par
11
*II% 12
12
1214
1214 12
12
1012May 14 1518 Feb 19
162 July
4
•12
51s Feb
4
4 344 343 15,200 Great Western Sugar_No par 25 May 14 3514 July9
3412 351
3459 3518 344 343
67 Jan 41% Sept
8
3438 3434 3412 3514
40
Preferred
114 114 *11414 115 *11414 115
11314 11312 *114 115
100 102 Jan 2 1153
51134 115
4june 23
7212 Jan 110 Sept
214
214 214
8
400 Guantanamo Sugar____No par
214
214
23
8 23
4
8 23
4 *23
44 Jan 2
412 May
$12 Feb 8
*24 212 *23
14 Jan
30
*20
30
*20
30
Gulf States Steel
*20
*20
30
30
No par 24 Jan 2 42 Mar 13
*20
63 Feb 38 July
4
30
*20
75
75
•62
*62
75
Preferred
•62
*62
100 47 Jan 8 83 Apr 20
75
75
*132
1614 Jan 84 June
75
.62
•Bid and asked prices. no sales on this day. I Companies reported In receivership. a Optional sale. e Cash sale.
r
EX-018
110e110.
1/Ex
rights.
248
New York Stock Record—Continued—Page 5
July 14 1934
kgr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
—
-PER SHARE
PER SHARE
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Sales
STOCKS
Range Since Jan. 1.
Range for Previous
for
NEW YORK STOCK
On bolts of 100-share 100
Year 1033
Saturday
Monday
Tuesday
Wednesday Thursday
Friday
the
EXCHANGE.
July 7.
July 9.
July 10.
July 11.
July 12.
July 13.
Week.
Lowest.
Highest
Lowest
Highest.
$ per share $ per share 6 per share
per share $ per share $ per Share Shares. Indus. & Miceli_ (Con.) Par $ per share
$ Per share $ per share S per share
*243, 27
*2414 27
.2434 27
*2412 27
2514 2514 25
25
700 Hackensack Water
25 2012 Jan 9 21)14 July6
15 Mar 2512 July
*2912 301 1 2912 2912 2914 30 .30
3014 30
30
30
30
110
7% preferred chute A __ _ 25 27 Jan 4 3012June 27
.
25
Apr 2878 Jan
53
*514 55
5
5
514
518 2,300 Hahn Dept Stores_.No pa,
5% 518
5% 518 *5
.0.1
43 ay 12
814 Feb 15
1 18 Feb
912 July
*3618 43
"38
*3818 40 '38
40
40
38
*37
38
40
Preferred
100
100 2514 Jan 9 523 Apr 21
4
9 Apr 3812 July
53
63, 6% "6
638 65
614 68 "6
500 Hall Printing
514
6
6
10
93 Feb 14
4
312 Jan 8
318 Feb
1012 July
*7
7
8
7
'512 7
7
7
'6
714
712 *6
200 Hamilton Watch Co___No par
8
35 Jan 26
117 Apr 20
8
212 Apr
9 July
•40
467 "40
8
467 "40
8
468 '40
468 *4012 4612 *4012 4612
Preferred
100 25 Jan 15 5312 Apr 25
15
Feb 35 July
9412 9412 95
95
95
9412 9412 9412 95
95
95
96
690 Hanna (Si A) Co $7 pt.No par 84 Jan 8 96 Apr 4
4512 Jan 85 Aug
19
19
*1812 187
1918 1914 *183 19
183 '17
4
18
4
18
700 Harbleon-Walk Refrao_No par
1412 Jan 2 2454 Feb 21
13, Feb 2512 July
8
*4
5
*4
412
4
418 418 *4% 512 *414 43
418 41
200 Hat Corp of America Cl A_.1
27 Jan 2
612 Apr 13
% Mar
712 June
"60
61
60 60
'60
60
61
60
*5814 60
*5814 60
20
6 Sy % preferred
100 193 Jan 4 6214June 27
4
518 Apr 30 June
*258 3
.23
4 3
*258 3
24 3
3
4 23
25
8 25
4
23
600 Hayes Body Corp.
2
63 Feb 15
4
DA Jan 2
3 Feb
4
312 July
88
8812 8812 8812 88% 89
8834 89
89
4
80
883 89
1,600 Hazel-Atlas Glass Co
ay 14 967 Apr 23
25 85
65 July 9712 Dec
*10712 1147 .10712 11412 *10712 114% '108 11412 *108 11412 *108 11412
Helme (0 W)
25 101 Jan 9 115 June 27
6912 Jan 105 Deo
*5
7
'514 6
514 514
*618 75
6
6
700 114 rrules Motors
512 512
No par
,
St July10 121 Mar 15
3 Mar
17 July
'7618 7714 .7618 77
7714 7714 78
77
78
7812 77
8112 3,300 Hercules Powder
No par 59 Jan 4 8112 July13
15
Feb 685 Dee
8
'11814 122 *11814 122
122 123 "122 125 '122 125 "122 125
100
87 eurn preferred
.100 111 Jan 4 12412June 1
86
Apr 1101 Deo
,
•6212 65 .6212 65
*6312 65
*6312 65
*6312 65
65
65
100 Hershey Chocolate__ __No par 4812 Jan 15 65 July 13
352 Mar 72 July
,
*95 101
'95% 101
.97 101
•97 101
*97 101
*97 101
. Cony preferred
No par 83 Feb 16 97 July 6
643 Apr 90 July
4
8
8
8
814 814 *8
814
8
814
73
8
4 8
1.300 Holland Furnace
5% Jan 3 1014 Apr 23
No par
312 Jan
1012 June
11
1118 118 1214 1112 117
8 1112 113
1114 1114 6,100 Hollander de Sone (A)
4 1118 115
2 13 June 21
3
5 4 Jan
5
214 Mar 1012 June
*400 430 '401 430
41.912 425
421 421 '405 425 '402 428
300 Homestake Mining
100 310 Jan 4 425 July 10 145
Jan 373
Oct
203 203 .2034 21
4
4
2012 2012 2014 2012 2012 2012 2014 2014
1,000 Houdaille-Hershey CIA No par
11 Jan 8 2314 Jan 30
418 Apr
15 June
4l8 *4
37
4
*4
418 418
418
378 4
37g
600
600
Class B
67 Jan 2(1
NO par
8
33 Jan 2
4
68 June
I Mar
.45
46
45
45 .4414 46
*4414 46
8
*4414 45 "443 45
100 Household Finance part p1.50 43 Feb 5 54 Mar 12
43 Nov
5114 Jan
20
20
*912 2112 20
21
*2014 217
203 203
800 Houston 011 of Tea tern ctfs100 1714Slay 12 293 Feb 5
8
8 204 204
4
814 Mar 38 July
*37
8 4
.37
33
8 4
2 35
4
3% 37
33
4 33
8
8
37
8 37
400
Voting trust etre new____25
55 Apr 6
8
314May 12
17 Feb
73 July
8
55
5 3518 Jan 3 5714June 28
543 55
553
4 553 563
8 55
56% 545 553 22,300 Howe Sound v to
8
54% 547
4
512 Jan 38% Dec
014 93
98
5
93
912
8
3
8
6,200 Hudson Motor Car____No par
93
4
4
95
98
94
8
5
834June 22 2414 Feb 5
98
912
3
93
3 Feb
163, July
318
6,500 Hupp Motor Car Corn
314 314
3
3
,
318 3 4
318 314
3
31s 314
714 Jan 30
3 July 12
10
13, Mar
784 July
253
25
2412 25
2412 25
4
2434 247
243 25
245 2512 6,300 Industrial Rayon
8May 25 263
8June 14
No par 223
5714 5812 59
59
60 60
6012 6012 598 60
6014 2,500 Ingersoll Rand.....
60
4
No par 50 May 14 733 Feb 3
1918 Feb -78 - uly
J"35
*35
38
38
37
37
37
37
38
373
37
1,200 Inland Steel
4 38
4
No par 35 MaY 23 493 Feb 21
12 Feb 457 July
8
*414 434 "438 458 "43
8 47
8
414 414 .418 43
412 412
8 1,200 Inspiration Cons Copper ___20
8Slay 10
33
67 Feb 5
8
2 Feb
912 June
'33
4 4
33
4 33
4 *33
600 Insuraruktares CM Inc
4 418 *33
4 41s
4 3%
4 *33
33
4 33
414 Apr 25
218 Jan 2
1
37 June
114 Mar
*312 37
3 .31, 45, *35
8 412
4 4
"35
418 418 *33
8 37
500 Intercont'l Rubber..
57
8May 4
214 Jan 15
..No par
5ii Mar
412 July
65
.614 634
4 61;
.53
612 617
6
6
53
4 53
800 Interlake Iron
4
63,
1118 Feb 19
512June 1
No par
218 Mar 12 July
314
27
8 27
,
8
27
, 27
3
3
'3
3
3
3
314
1,900 Internet Agrioul
2 Jan 8
6, Feb 5
8
No par
% Feb
53 July
8
*23
26
.23
26
.23
2712 *2314 2712 223 23
263 "23
4
4
200
Prior preferred
100 15 Jan 8 3714 Feb 3
5
Jan 2712 July
"13812 13912 13812 13812 13812 13812 13914 13914 139 13912'139 140
600 Int Business Machines,No par 131 June 2 1491 4 Jan 30
753 Feb 15314 July
4
3
*7
73
4 .7
7
7
75* 73
7
55, Jan 11
*7%
500 Internet Carriers Ltd
8 73,
4 *75
73
4
1218 Feb 21
1
27 Jan
107 July
2
26
26
4
4 243 253, 247 247
'26
8 2518 253
4
8 243 243
267
4 2,600 Iratemational Cement.
8June 5 37% Feb 6
.No par 215
618 Mar 40 July
321 33
3212 3212 3318 33
32
8 33 333 11,100 Internet Harvester____No par 30 May 14 467 Feb 5
34
337
3314
4
8
1358 Feb 46 July
.121
_ _ .____ 120 8 •____ 120 *____ 12012 *____ 12014 "____ 120
3
8May 11
Preferred
100 11512 Jan 13 1253
80
Jan 119% Aug
57
.6
- -12
6
618
43 Jan 6
6
6
61s 61 i
6
6
6
6
2,100 lot Hydro-El Sys CIA
9% Feb 7
25
212 Apr
1378 July
37
37
33, 312
314
334
4
•312 33, *312 33
700 lot Mercantile Marine_No par
312 31
6 Jan 24
3Ia Jan 2
114 Jan
67 June
8
253, 2618 255 257
8 257 2614 2618 265
8
8
8 26
263 30,700 lot Nickel of Canada__No par 21 Jan 4 2914 Apr 27
8 2618 265
8
63 Feb 2314 Nov
4
"123 130 .123 130 *123 130 *123 130 *123 130 *123 130
Preferred
100 115% Jan 13 130 June 26
72
Jan 115 Dec
01512 18
*16
016
18
19
.16
1712
18
18
1712 .16
30 Internet Paper 7% prat_ 100 1012 Jan 5 25 Apr 24
212 Jan 213 July
4
312 33
4 *35
*312 37
4
8 *312 37
•314 33,
600 Inter Pap to Pow el A__No par
312 312
612 Apr 20
31 -July 7
12 Apr
10 July
j7
13
4
13
4
8 23
17
8 *17
8 23
8 *17
8
13
4
17
17
8 17
8
8
500
Close B
312 Apr 21
4
13 Jan 4
58 July
No par
14 Apr
13, 15
8
15
8
15
8
8
15
8
1%
15
15
8
8
13, 158 *112 15
800
23 Apr 23
4
Class C
13 Jan 4
No par
14 Jun
4 July
17
17
*16
1612 1612 17
175 1712 163 163 "16
4
17
4
800
8
Preferred
100 10 4 Jan 8 247 Apr 23
,
2 Apr 2212 July
"20
21
.20
217
8 21
21
217 2212 *2014 223, 2218 2218 1,000 lot Printing Ink Corp_No par
9 Jan 13 25 Apr 21
312 Feb
14
Oct
.84
90
90 .84
"84
086
90
90
086
90
90
00
100
Preferred
100 88 Jan 2 90 July 13
35
Apr 71
Aug
.30
31
307 307 *30
307 *30
8
307 *3014 3078 3078 307
8
8
8
200 International Salt
No par 21 Jan 3 32 June 19
133 Mar 273 July
4
4
*4212 43
*4212 43
43
43
43 4312 4314 4312 *4312 44
700 International Shoe____No par 40 May 12 503 Jan 26
8
243* Jan 563 July
8
.30
3212 "2834 3212 *30
3212 •3018 3212 "31
32
3212 32
100 International Sliver
4
100 2912J00e 5 453 Feb 15
93 Feb
4
5912 July
070
71
.70
.70
71
7112 7112 7112 72
72
*713, 7214
70
7% preferred_ . ___ _100 59 Jan 4 8412 Apr 9
2412 Mar 717 July
8
1212 1212 1258 1212 125, 1318
125* 1318 1212 127
8 12% 125* 14,200 Inter Telep A Teleg__ N0 par113
8MaY 7 17114 Feb 6
518 Feb 213 July
4
•11% 1112 *11 18 1112 1114 113
1214 *11
12
4 12
12
113
4 1,000 Interstaie Dept Stores_No pa
1 1 2 Mar
87 July
34 Jan 4 16% Apr 20
*75
8 812
*73
712 8
4 812 *77
73
4 73
0712 812
8 812
53, Jan 3 10 Feb 8
300 lnterty pc Corp
17 Jan
No par
1114 July
*28% 295 *2818 2912 .2758 293 *28
8
1
8
29
287 287
8
8 2914 2914
200 Island Creek Coal
Jan 29 30 July 6
11
1 243
Feb 32 July
*46
47
4614 4614 *4612 4858 *4612 435 *4612 48% '4612 485
8
8
100 Jewel Tea Inc
23 Feb 45 July
No par 33 Jan 9 52 Apr 20
5314 54
523 5312 53% 543
4
4
4 543 553
8 533 543
4 54
4
5512 11,100 Johns-ManvIlle
1214 Mar 6312 Deo
No par 44 May 12 663 Jan 30
•110 112
112 112 *113 125
__ .113
___ '113
___
20
Preferred
42 Apr 106% July
100 101 Jan 4 112 Apr 18
051
*51
59
59
60
'51
60 .113-60 '51 60 '51
60
200 Jones & Laugh Steel pref.100 59 .1t1ly 9 77 Jan 23
35 Feb91 July
*73
4 812 *73
4 8
073
4 85, *73
,
4 8 4 •77a 814 "77
Kaufmann Dept Stores $12.50
8 87,
23, Mar
958 June
6 Jan 3 10% Apr 13
%
•1612 17 '163 17
4
1612 1612 •1612 1658 1612 1612 163 163
8 1,100 Kayser (J) to Co
8
y
137 Jan 4 1812 Apr 21)
s
6% Feb
1012 July
2% 218
218 214
214
214
2%
2
214 214
2
2 14 5,100 Kelly-Springfield Tire
412 Mar 12
y
% Mar
2 July 3
61 July
,
10
10 '10
*10
113
1012 10
4 10
10
10
'912 1018
300
6 Feb 31 18 June
10 June 22 20 Jan 30
6% preferred
No par
*4
718 '4
718 *5
718 .5
518 518 *5
718
100 Kelsey Hayes Wheel conv.clAl
718
2 Feb
4 Jan 13 10 Feb 16
8 May
4
*3
4
*3
'3
"3
4
*3
4
*3
4
4
112 Dec
712 Feb 16
Class 11
25 Jan 2
8
1
63 June
4
1618 1612 '16
16
1612 1614 1612 1618 1612 16
155* 153
4 3,800 Kelvinator Corn
318 Fel
117 Jan 4 2114 Mar 14
4
15% Sept
No par
90 '86
'83
90 .86
90 '86
90 '86
90
•86
90
30
Kendall Co pt pf ger A_No par 6518 Jan 18 8812Slay 4
Jan 73 July
2114 218 2114 213
4 2112 2214 213 223
4
4
8 213 228 215 2218 18,600 Kennecott copper
8
No par
173
4Mar 27 2318June 13
75 Feb 26 Sept
'1214 143 *1214 1431 .1214 1412 '1214 1412 *1214 143 *1214 143
4
4
57 Apr 253 July
4
Kimberly-Clark
12 Jan 2 1814 Apr 12
No par
047
57
8 5 4 "5
3
'4% 57
*47
57
8 514 •
8 '47
4% 5 8
,
1
714 Apr 13
Kinney Co
Apr
614 June
3 Jan 16
No par
'27
32
*25
27
27
27
*27
45 Feb 30 July
8
317u "27
317 '27
317
8
100
1312 Jan 6 41 Apr 26
Preferred
No par
19
1918 19
1918 1918 1958 1912 1912 1918 1938 1914 1912 6,200 Kresge (S 9) CO
512 Mar 167 July
8
8
10 133 Jan 2 22% Feb 5
*10714 11012 *10714 110
110 110 *10714 110 .10714 110 *10714 110
88
10
Apr 105 June
7% preferred
100 101 Jan 4 111 Mar 16
.8
5
5912 .587 5912 .5712 5912 *56
8
59
*56% 5912 *561 5912
Kress (S II) & Co
Jan 9914 July
27
No par 36 Jan 3 61 Apr 27
3114 3112 3118 313
8 3118 3112 3114 3134 3112 3112 31
3112 4,700 Kroger °roc to Bak. No par 2314 Jan 8 3358 Apr 2:3
1412 Feb 355 July
*28
30
*28
30
"28
30
"28
297 .281 2912 30
,
30
30 Nov 80 June
20 Laclede Gas Lt Co St Louis 100 22 June 18 6312 Feb 13
"36
40 .38
40
40
4018 4018 .4012 43
40
4012 4012
70
3712 Apr 61
5% preferred
100 32 June 9 60 Feb 9
J1171
2614 2614 '26
26 8 2614 2614 26
,
1,600 Lambert Co (The).__No par 2214 Jan 4 313* Feb 5
263
8 2514 Z57
8 25% .26
19% Dec 4118 July
•1014 1312 *1014 1312 .1014 1312 *1014 1312 '1014 1312 '1014 1312
Lane Bryant
3 Feb 1012 June
5 Jan 6 1414 Apr 111
No par
•1114 12
"11% 12
.111 12
33 Mar 123 July
,
12
12
11% 117 *1112 113
8
4
300 Lee Rubber to Tire
8 Jan 3 1412 Apr 26
5
8
•1412 16
.1459 16
*1414 15
*1414 16
.1412 16
57 Jan 27 June
*1418 16
Lehigh Portland Cement_ ...50
11 May 14 20 Feb 23
*75
77
*75
"76
77
*76
77
77
77
77 '76
79
200
34
Feb 78 SePI
7% preened
100 7358June 22 81 Apr 26
7
334 3
4
354 33
3 4 37
3
3 4 33
3
,
3.100 Lehigh Valley Coal__ _.NO par
312 312
4
312 37
5 Feb 21
212 Jan 8
1
Jan
63 July
8
123 1318 1318 133
4
1314 1314 13
4
8 1314 133
1338 1318 1358 4,200
212 Apr 12 June
5 Jan 3 14% Feb 21
Preferred
50
703 703
4
7118 713 713
4 70
71
4 1,800 Lehman Corp (The)___No par 6458May 12 78 Feb 6
4
71
713
4 71
7112 71
3712 Feb 793 July
8
*1918 20 .1914 20
8
1912 1912 193 1912 *197 20
8
195 195
8
8
400 Lehn to Fink Prod Co
5 163 Jan 23 2312 Apr 19
4
14
Feb 2314 June
3112 31% 3112 317
3134 32
317 321e 31% 321
3112 32
, 5,800 Libby Owens Ford 0is.ss No par 273
8MaY 14 43711 Jan 19
4% Mar 373 July
8
23
2314 2218 223 .2214 223
8
4 223 2212 2214 2214 *2214 223
5 1718 Jan 8 24 Apr 23
4
4 1,600 Life Savers Corp
155 Oct 2218 Sept
8
9512 "94
*94
*9412 9712 '94
9512 9512 9512 *95
97
97
100 Liggett dr Myers Tobacco.
.25 73 Jan 6 9712June 18
49
Feb 98 Sept
9612 963
4 963 97
97 9714 9714 9714 97
973
4
8 9714 9714 2,800
Jan 8 9814June 18
Series 11
25 7412
4914 Feb 99% Sept
•145 147
147 148 '145 1547 '145 154% 148 148
148 148
1,400
Preferred
100 129 Jan 13 14838June 18 121 Mar 14018 Sept
2214 223, 2212 23
23
2512 24% 255
24% 233 2414 21,100 Lily Tulip Cup Corp__No par
4
s 24
10 Jan 15 2512July 10
13 Apr 2112 Slay
.23
25
24
24
*2314 25
*24
247
8 24
24
237 237
8
300 Lima Locomot Works__No par 22 Juno 4 3614 Feb 5
8
10
Jan 313 July
4
*1212 16
*1212 16
*1212 16
"1212 16
*1212 16
*1212 16
63 Apr 10 4 July
Link Belt Co
1214 Jan 3 193* Feb 6
No par
3
02712 283
8 2712 2712 263 273
8 2712 2712 2718 2712 2712 2712 1,500 Liquid Carbonlo
4
4May 14 353 Apr 23
No par 253
1014 Feb 50 July
2814 2838 2612 28
2712 2634 275 23,100 LOPw'el Incorporated
2614 2712 2718 277g 27
8
3
No par 25 4 Jan 6 3518 Apr 12
812 Mar 3612 Sept
8
90% 907 •90
.907 94
*91
92
91
92
01
91
91
300
Preferred
No par 72 Jan 2 9714 Am 24
35
Apr 7818 July
17
.17
8 2
2
*I%
17
8
2
1% 2
17
17
8 17e
1,100 Loft Incorporated
3 Jan 31
15 Jan 2
No par
1 12 Doe
414 June
0112 1%
112 112 *13
138
8
112
112
112
600 Long Bell Lumber A_.No par
13,
13* iSg
2% Feb 21
118 Jan 12
12 Feb
512 June
4112 4112 42
4212 4212 423
4314 4312 4312 4312 4418
4 43
1,900 Loose-Wiles Biscuit
25 3812 Feb 26 z44114 Jan 17
1014 Fob 443 Deo
4
•128
'128
_ '128
_ .. .128
_
_
_ __ 12812 12812
_
*128
10
7% 1st preferred
4
100 1193 Jan 11 1281-July 13 11312 Si ty 120
Jan
18
18% 1818 18
- -1s
- 8 18:8 1812 1814 1812 18
1814 183
-7,300 Lorillard (P) Co
1814
3
10 15 Jan 8 1912 Feb 5
10311 Feb 2514 July
"110 140 *110 140 *110 135 *110 135 *110 135 '110 135
7% preferred
100 102 Jan 26 113 Apr 11
87% Feb 106 Nov
•13
4 2
4 2
'13
•13
14
4 2
.13
13
4 2
2
4 .13
011Ja
100 Louisiana
3% Apr 4
114 Jan 10
No par
4 July
%
'14
"14
15
15 '14
"1.4
15
15 '14
*14
15
15
Preferred
100
714 Jan 2 2312 Apr 4
312 Feb29 July
.157 16
157 16
8
1614 1614 1614 1614 .16
1614 1614
1612
700 Louisville (las to El A_No par
15 Jan 9 21 Feb 7
137 Apr 255k June
8
14
14
8
1358 137 '135 14
14
14
1312 1312 1312 1312
1212May 10 1911 Feb 20
800 Ludlum Steel
1
4
Feb 2018 July
865 *60
.66
8
90 '65
865 '70
90 .70
90
Cony preferred
865* '65
No par 80 June 14 97 Feb 20
l4% Mar 9512 Dec
*34
343 '333, 343
4
4 34
34% .3414 343
4 34
343
4 343 343
4
700 MacAndrews to Forbes
4
9t2 Feb3134 Deo
10 30 Jan 5 3434june 25
*105_ .105
___ '105
. _ •105
_ 110 110 *10518 109
6% preferred
10
100 95 Jan 13 110 July 12
74
Apr96 Nov
263 - 8 21312 2612 2612 2612 - -12 263 ---/ 2612 2612 2612 2612 1,400 Mack Trucks Inc. ____No par 235
26
4 263
8May 10 411 Feb 6
13% Feb 467, July
413 413
8
8 41
415
423, 42
8 41
4112 415
8 3,900 Macy (II HI Co Ino___No par 3812May 22 6214 Jan 30
423
42
8 42
2414 Feb6534 July
57
8
600 Madison Sci (lard v t o_No par
*514 55,
514 5%
,
514 5 2
,
514 5 4 0514 512'5
7 Apr 27
232 Jan 2
1% Mar
7 June
"21
2314 *2114 2314 *2114 2314 *2114 2314 *2114 23
*22
Magma Copper
223
4
10 1512 Jan 17 x2314June 28
5% Star
195* July
23
*2
8 '2
23
8 *2
238 '2
238
214 214 *2
200 Mallinaon (II R)& C,o_No par
214
414 Apr 24
172 Jan 2
514 nine
% Feb
35 '15
'15
35
35
"15
"15
35 '15
35 '15
75 Jan 9 333 Apr 24
35
7% preferred
100
3
Feb 203 Jt.ly
4
.2
2
212
2
.158 2
38 Jan 23
'112 2
*112 2
*112 2
100 IManati Sugar
53 .10,y
1 Jan 8
100
4 Jan
'412 7
*412 7
*412 7
*412 7
5% 518 *412 7
100
97 Ju1 y
Preferred
100
134 Jan 3
95, Apr 26
% Jan
612 '5
4
4
6
'312 612 0312 6% *3
03
6
100
97 Jun.
812 Jell 26
No par
4 July 13
112 Jan
155g *1412 1512
'143 1512 1514 1514 '15
4
1512 1512 1512 '14
200 Manhattan Shirt
25 1214 Jan 4 203* Feb I
512 Apr 23 July
.218 3
27
'218 27
8 .218 23, "218
8 •218 211
218 218
100 Maracaibo 011 Explor_No par
33 Feb 17
8
4
13 Jan 10
4 June
12 Jan
45
8 43
434 43
4
4
47
8
47
8
/
47
43
8 474 *43
4 43
4 5
4 1,300 Marancha Corp
41251ay 11
53 Feb 5
8
5
8
47 N,,v
8
53 Nov
, 73*
714
7%
718 3,000 Marine Midland Corp
7
73
7% *7
8 *7
7
67
74
,
9 Feb 6
5 4 Jan 5
3
5
5 Dec 11 12 Jan
*205 22
203 203 *2012 22
8
8
8
"21
2214 201 213*
4
2212 *21
300 Marlin-Rockwell
No par 20 July 2 32 Jan 25
Feb 23 4 Dee
,
6
0143 15
4
15
15
1412 15
15, 1,51, 1514 1512 1514 1514
8
2,600 Marshall Field dr Co
No par
1212 Jan 4 1958 Apr 11
183* June
414 Jan
814
812 *8
.8
814 812
812 812 '8
9
818 818
400 Martin-Parry Corp._._Nn par
12 J,lIl
778 Dec
012 Jan 24 1258 Mar 3
•'Orland asked prices, no sales on thls day. t Companies mooned In receivership. a OntIonal vale. c Cash RIIA • Sold 15 days. 2Es-dividend. y Ex-rights.
tirFoR
New York Stock Record-Continued--Page 6
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
July 7.
249
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH PAGE PRECEDING.
Monday
July 9.
Tuesday 1Wednesday
July 10.
July 11.
Thursday
July 12.
Frtfau
July 13.
5 per share $ per share $ per share 5 per share $ per share $ per share
327 327
8
8 323 33
4
3314 3312 323 3312
4
324 333
4
4 333 34
.36
3814 3714 3714 3612 38
39
4
39
4 383 39
3812 383
853
.53
4 6
4 6
6
"53
4 64
4 614 *53
6
6 18
6
28
273 28
4
28
2814 2814 2814 2812 2812 2812 *27
283
8
78
*7712 80
78
7812 79
80 .7612 80
80
*78
.78
02712 293 .287 2914 .287 293 .2912 293 *283 293
4
8
4
8
4 2914 2914
4
4
.214 23
8
2
2 12 *218 238
8 212
23
8 23
8
8 *23
23
8 23
•17
8 2
17
8 2
.17
8 2
8
2
*17
8 23
2
8 212 *17
•1914 2112 2112 2112 *2014 247
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37
• Bid and asked Price's. no sales on this day
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On Oasts of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
Indus.& Slisce11.(Con.) Par 3 per share
$ Per share $ per share $ per Mara
Mathleson Alkali WorksNo par 28 May 14 403 Jan 24
14
4
Feb 463 Nov
8
8
May Department Stores_ __JO 30 Jan 2 443 Apr 23
93 Feb 33 Sept
4
438 Jan 2
83 Feb 21
4
No par
Maytag Co
118 Apr
812 July
10 Jan 2 2812 Apr 26
Preferred
No par
318 Apr 1514 Aug
Prior preferred
15 Apr 58
No par 49 Jan 3 9212 Apr 3
Oct
13 Mar 303 Sept
McCall Corp
No par 24 Jan 11 32 Apr 13
4
412 Feb 6
/McCrory Stores classANo par
Us Jan 8
47 June
8
3 Apr
s
414 Feb 6
13 Jan 4
14 Dec
8
Cla.98 B
8
No par
Jan
212 Mar 21
4
Cony preferred
514 Jan 2 253 Mar 17
Jan
100
4 Jan 4 1012 Apr 2]
3 Apr
McGraw-Hill Pub Co_No par
84 June
McIntyre Porcupine Mines__5 3812 Jan 25 5012June 19
18 Mar 483 Oct
8
McKeesport Tin Plate.No par 83 May 10 9414 Feb 21
4418 Jan 953 Aug
4
918 Apr 10
McKesson & Robbins
5
412 Jan 2
13 Mar 1312 July
4
35 Mar 25 July
8
Cony prey series A
8
50 117 Jan 2 3412 Apr 27
1 Jan 6
55 Mar 17
8
No par
:McLellan Stores
33 July
8
14 Feb
218 Jan 227 July
912 Jan 2 6312June 8
8% cony pre( ser A
8
100
83 Feb 2834 Oct
4
Melville Shoe
No par 26 Jan 2 39 June 28
2 Mar 20 July
Mengel Co (The)
63 Jan 13 11 Jan 22
4
1
100 30 Mar 21 52 Apr 19
22
Jan 57 July
7% preferred
5 1612 Jan 4 30 Feb 19
2,800 Mesta Machine Co
7 Feb 21 Sept
400 Metro-Goldwyn Pict pref__27 21 Jan 5 263
4May 22
1312 Mar 22 Sept
934 June
700 Miami Copper
6
4 May 11
612 Feb 16
15 Mar
8
3,000 Mid-Continent Petrol
33 Mar 16 July
4
4
10 11 May 14 143 Feb 5
8
3 Mar 174 July
100 Midland Steel Pr d__ __No par 11 May 14 217 Feb 19
,
26 Mar 72 Sept
8% cum let pref
100 7012 Jan 12 8514 Apr 21
1,200 Minn-Honeywell Rogu_No par 36 Jan 4 59 July 10
13
Apr 363 Den
8
57 Jan 30
1,100 Minn Moline Pow Impl No par
2
7 Feb
4
53 Julj
218 Jan 4
4
400
6 Feb
4
No par
Preferred
30 July
1718 Jan 11 353 Feb 1
1,000 Mohawk Carpet Mills
7
Jan 22 July
20 124 Jan 4 2238 Apr 21
25 Mar 83 Dee
5,200 Monsanto Chem Co
10 39 May 14 5512July 13
8
49,900 Mont Ward & Co Ino__No par 2114 Jan 4 353 Feb 15
4
84 Feb 287 July
Morrel (J) & Co
25
Jan 56 July
No par 37 Jan 4 5114 Apr 13
5.000 Mother Lode CoalitIon_No par
58 Jan 8
8
13 Feb 8
218 June
4 Jan
700 Moto Meter Gauge & Eq____1
7 Jan 8 12 Feb 21
14
84 Dec
14 Jan
1,000 Motor Products Corp_ _No par 2112Ju1y 2 4434 Feb 15
73 Mar 363 Sept
4
4
1,400 Motor Wheel
112 Mar 115 July
812June 29 1612 Feb 16
8
5
8
200 Mullin(' Mfg Co
514 Jan 12 155 Apr 23
112 Mar 103 July
4
No par
60
5 Mar 25 June
Cony preferred
No par 1218 Jan 12 46 Apr 21
MunsIngwear Inc
133 Jan 6 254 Apr 13
5 Mar 183 June
4
No par
8
2.200 Murray Corp of Amer
8
10
6 Slay 12 115 Feb 16
13 Feb
8
114 July
8
100 Myers F & E Bros
No par 1518 Jan 2 2134 Feb 21
Jan 2012 July
3,400 Nash Motors Co
No par
1512June 29 3214 Jan 30
1118 Apr 27 July
414 Jan 9
84 Feb 23
118 Feb
300 National Acme
1
7 4 July
3
7 July 3 1314 Jan 31
03 Doc 1018 Dec
8
1.500 National Aviation Corp.No par
600 :National Belles Hess pref_100
314 Jan 6 1234 Mar 19
114 Jan
94 July
8,800 National Biscuit
10 334518y 23 4912 Jan 16
3112 Feb 603 June
8
600
100 131 Jan 3 148 Apr 2 118 Mar 145 Aug
7% cum prof
2,300 Nat Cash Register
No par
1412May 12 233 Feb 8
8
51s Mar 234 July
30,00(1 Nat Dairy Prod
1012 Feb253 July
4June 9
No par 13 Jan 4 183
4
18 Mar
1 Jan 9
1,000 INat DepartmentStoresNo par
212 June
3 Mar 16
50
5 Jan 17 2212 Apr 18
100
Preferred
114 Feb10 June
46,800 Nati Distil Prod
8
No par 2114July 12 313 Feb 1
204 Dec334 Nov
Nat Enam & Stamping_No par
1612 Jan 5 324 Apr 24
5 Feb193 Dee
4
4,100 National Lead
100 135 Feb 10 16212July 12
4314 Feb 140 Nov
100 122 Jan 18 143 Apr 18 101 Mar 1284 Nov
Preferred A
Preferred B
75 Feb 10918 July
100 10012 Jan 9 11314June 25
5,400 National Pow & LE____No par
812 Jan 4 1512 Feb 6
674 Apr 2012 July
2,900 National Steel Corp
8June 2 6814 Feb 5
25 383
15 Feb 5518 July
200 National Supply of Del.__ _25 1112 Jan 10 2118 Apr 24
4
8
Apr 285 June
10
100 3312 Jan 4 60 Apr 23
17 Feb 6014 June
Preferred
2,000 National Tea Co
11 May 12 183 Feb 1
4
No par
612 Jan 27 July
1,100 Nelanar Brea.
612 Jan 4 3014 Apr 13
112 Jan
No par
1218 June
100 Newberry Co (1 J)__ No par 3912May 14 497 Apr 10
s
400
7% preferred
100 100 Apr 3 105 June 21
200 Newport Industries
- -38 Mar
1
1
1 4 July
-1-3in Jan10 13 Mar 6
300 N Y Air Brake
No par
15 Jan 5 243 Feb 7
618 Apr 2312 July
4
4
100
New York Dock
3 8 Jan 11
814 Mar 19
3
23 Dec 1174 June
100
Preferred
8 Jan 8 20 Mar 13
6
Oct 22 June
100
400 IN Y Investors Inc__ _ _No par
3 Dee
8
23 June
114 Feb 7
12 Jan
4
600 N Y Shipb1c1g Corp part s1k__1 113 Jan 3 227 Feb 1
13 Jan 224 Aug
8
4
4
7% preferred
Jan 90 June
100 7312 Jan 2 894 Apr 13
31
100 N Y Steam $8 pref
70 Nov 1017 Aug
No par 82 Jan 5 9912 Apr 10
8
10
8May 26
83 Nov 110
No par 90 Jan 15 1097
Jan
$7 181 preferred
4,400 Noranda Mines Ltd
173 Jan 387 Sept
8
8June 11
No par 334 Jan 4 455
8
13,600 North American Co..._No par
1214 Dec 3612 July
8
133 Jan 9 2512 Feb 6
1,100
Preferred
31 Dec 46
Jan
50 34 Jan 9 4514 Apr 20
3,600 North Amer Aviation
1
418 Feb 10
8 Feb 1
4
Feb
9 July
300 No Amer Edison pref__No par 4712 Jan 4 7434 Apr 28
39 Nov
79 July
50 Northwestern Telegraph. .56 34 Jan 9 43 Apr 26
263 Apr 43 June
4
100 Norwalk Tire & Rubber No var
2 8 Jan 8
3
118 Feb
412 Feb 19
54 July
7,000 Ohio 011 Co
1758 July
484 Feb
No par 10I2MaY 14 157 Feb 5
8
1,700 011ver Farm Equip
3 July 3
7 Feb 5
No par
83 July
4
11s Feb
700
Preferred A
8
314 Feb 3034 June
No par 12 Jan 8 273 Feb 5
5,700 Omnibus Corp(Thelvto No par
412June 23
634July 9
13 Mar
4
83 July
4
Oppenhelm Coll & Co_ _No par
718 Jan 4 143 Mar 31
24 Feb
15 June
8
5,600 Otis Elevator
14 May 8 193 Feb 16
1018 Feb 2514 July
8
No par
150
Preferred
9312 Apr 106 July
100 92 Jan 18 102 May 12
1,900 Otte Steel
No par
94 June
418 Jan 4
114 Mar
8 Feb 19
1,200
Prior preferred
9 Jan 2 25 Feb 20
100
214 Feb 213 June
4
1,100 Owens.1111nots Glass Co____25 7312May 14 94 Jan 30
3112 Mar 983 July
4
2,200 Pacific Gas & Electric
15 Dec 32 July
25 1513 Jan 6 2312 Feb 7
1,600 Pacific Ltg Corp
22 Dec 4338 Jan
No par 2312 Jan 2 37 Feb 7
1,100 Pacific Mills
100 20585lay 14 34 Feb 5
6 Feb 29 July
440 Pacific Tele') & Teleg
65 Mar 943 July
4
100 72 Jan 11 g512 Mar 13
50
6% preferred
994 Nov 11112 Sept
100 103 Jan 3 116 June 22
500 Pac Western 011 Corp...No par
912 Sept
612 M ar 19
878 Apr 25
53 Dec
4
13,800 Packard Motor Car___No par
312July 3
4
13 Mar
4
67 July
63 Feb 23
8
100 Pan-Amer Pete & Trans ...._
14 July
103 Jan 9 1112 Jan 30
8 June
4
450 Park-Tilford Inc
1 20 May 12 3512 Feb 6
8
Jan 384 Oct
Parmelee Transporta'n _No par
3 Mar
8
3 July
1 Jan 11
2 Feb 5
100 Panhandle Prod & Ret_No par
114 Jan 2
414 June
212 Apr 6
4 Apr
8% cony preferred
20 June
4
100 11 June 26 21 12 Apr 6
53 Jan
24,500 :Paramount Publix otts____10
4 Apr
212 June
184 Jan 2
54 Feb 16
5,700 Park Utah C M
1
414 July
34 Jan 11
64 Feb 15
3 Jan
4
11,400 Falba Exchange
213 July
414 Mar 2
No par
112 Jan 4
4 "T&I' 1414 Dec
3,300
Preferred class A
No par 1012 Jan 4 2434June 12
114 Jan
1,700 Patin° Mines At Enterpr No par 134May 14 214 Jan 2
53 Jan 25 Not
8
1,300 Peerless Motor Car
3
2 Jan 2
94 July
47
8June 5
3 Feb
4
700 Penick & Ford
No par 53 May 14 64 Jan 30 5254 Feb BON Dec
7,500 Penney (.1 Cl
1914 Mar 56
No par 5112 Jan 4 677 Mar 3
Dec
8
700
Preferred
100 10512 Mar 8 10812May 16
90
Jan 108 Mir
Penn Coal .S5 Coke Corp_ _ __10
218 Jan 9
93 July
514 Apr 26
8
3 Feb
4
300 Penn-Dixie Cement.__Ns par
34 Jan 6
734 Feb 5
3 Jan
4
01 Juut
,
100
Preferred series A
100 13 Jan 8 32 Apr 24
414 Mar 32 July
1.200 People's (1 L & 0 (Chic) 100 27 Jan 4 437 Feb 8
25 Dee
8
7'
Jac
Pet Milk
No par
914 Jan 3 15 Feb 23
612 Feb
151 1 Jun(
2,800 Petroleum Corp of Am
5
9 Jan 5 1414 Feb 3
45 Jan
4
15 July
8,100 Phelps
-Dodge Corp
8
25 145 Mar 27 184 Apr 26
412 Jai
184 Sepl
200 Philadelphia Co 6% pref
50 2414 Jan 2 37 Feb 9
21 2 No
, , 36 July
$6 preferred
No par 49 Jan 12 643 Feb 17
3814 Dee 62 July
4
8,100 Phila & Read C & I
No par
314 Jan 4
63 Feb 21
4
212 Feb9.2 ..11113
6.500 Phillip Morris & Co L6d___1
1112 Jan 3 3138June 27
8
Feb1474 Juno
Phillips Jones Corp.__ _No par
9 Jan 5 21 Apr 2
Feb
3
163 Jul*
4
10
58 Feb 27 747 Apr 7
8
7% preferred
35 Juni
35 Jun
8,200 Philips Petroleum
1518 Jan 9 x203 Apr 11
No par
43 Jan
4
4
183 Sep'
4
Phoenix Hosiery
5
518M8y 12 1312 Feb 3
13 Mar
8
173 Del
4
2,300 Pierce-Arrow Mot Car Co
5
2 Jan 16
612 Feb 19
3 Dec
74 No)
600 Pierce 011 Corn
25
5
8May 10
118 Jan 39
14 Juni
It Jan
Preferred
7 May 11
1084 Feb 14
37 Feb
8
100
134 Jan,
5,100 Pierce Petroleum
No Dar
14 Jan 13
2 Feb 6
23
4Juni
4 Jan
3,000 Pillsbury Flour Mills
1812 Jan 8 29 July 12
No par
93 Feb 264 Juno
8
100 Pirelli Co of Italy Amer shame 704 Jan 22 8412 Mar 24
3338 Apr 75 Noi
100 Pittsburgh Coal of Pa
100
912 Jan 9 1812 Feb 9
4 Feb 23 Jul)
100
Preferred
100 30 Jan 8 4212 Feb 1
17
Jan 48 Juli
Companies reported In receivership. a Optional sale. c Cash sale. 3 Sold 15 days. z En-dividend, e Ex-rights.
2
Shares.
4,609
3,000
900
1,200
30
100
1,800
1.400
400
200
10,500
400
3,200
900
17,000
.500
5,500
1,300
40
New York Stock Record-Continued-Page 7
250
July 14 1934
rffr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
July 7.
Monday
July 9.
$ per share $ per share
*718 712
714 714
*26
29
3072
*25
.228 3
*212 3
17 *16
17
*18
*214 3
*214 3
*3712 38
38
*37
*234 312 •234 312
12
•12
1214 12
*9
914
914 914
*338 4
3% 3 8
5
*112 2
*112 2
*193 2114 *1912 2012
4
2
21s
2
2 12
1112
8
*984 117 *10
3612 3612 3612 3638
*110 114 *110 114
---- ---- ---- ---_
_
Tuesday
July 10.
Wednesday
July 11.
$ per share 75 per share
714 74
74 74
2412 2412 2412 2412
•211 3 *212 3
1714 *16
*16
17
*214 3
*214 3
38
38
38
38
*23
4 312 *3
312
12
1218 114 1218
933. 93
2
918 912
388 338
358 338
112
112 *112 2
203 2034 2014 2011
4
2
214 *214 232
111s 1132 *1114 123
4
3612 367
3612
38
113 113
114 114
--_ ---- . . ---_ -_ ----
Thursday
July 12.
Friday
July 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since late. 1.
On basis of 100-share lots.
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share Shares. Indus.& MimiII.(Con.) Par $ per share
8 Per share $ per share $ per share
714 714 *7
500 Pittsburgh Screw & Bolt No par
718
7 Jan 5 118 Apr 4
178 Feb 1114 July
60 Inas Steel 7% cum pref___100 2412Ju1y 10 43 Feb 21
*2512 30 8 *23 397
7
1014 Jan 383 May
4
*212 3
*212 3
312 Feb 21
Pitts Term Coal Corp
2 Jan 19
100
4 Feb
87 July
8
1714
16
*10
16
10 6% preferred
100
818 Jan 4 1712 Feb 23
4 Jan 2312 July
*212 3
*212 3
6 July
Pittsburgh United12
8 Feb
4
5 Feb 19
2 Jan 2
14
25
*3712 38 *3712 38
120
Preferred
100 3812June 7 5988 Feb 19
15% Feb 84 July
3
200 Pittston Co (The)
314 *34 3
12
5 Feb 21
134 Jan 4
No par
as Apr
7 June
8
4
113 12 *113 1134 1,200 Plymouth 011 Co
5 10 May 14 1834 Jan 30
63 Feb 1732 July
4
2
914 912 1,400 Poor & Co class B
8
97
8 97
No par
6 June 2 147 Feb 5
184 Apr 1334 July
400 Porto me
*358 418 *358 418
-Am Tob Cl A_No par
614 Jan 30
3 Jan 12
138 Mar
9 June
*112 2
*112 2
Class B
100
34 Jan 30
No par
14 Jan 3
32 Feb
4 May
4
800 Postal Tel & Cable 7% prof 100 11314May 14 2938 Feb 6
19 8 2012 183 1912
5
4 Feb 403 June
4
214 214 *212 214 2,200 IPreseed Steel Car
Vs Jan 5
512 Feb 16
No par
% Jan
512 June
300
*1114 1232 •1114 1232
Preferred
6% Jan 5 22 Feb 17
100
3 Jan 18 June
3634 37
3612 3612 4,500 Procter & Gamble
No par 3318June 2 4114 Jan 23
1958 Feb 474 July
112 112
112 112
330 5% prof (ser of Feb 1 '29)100 10212 Jan 22 114 June 20
97 Apr 1103 Nov
4
114 Mar 15
-- ---- ---- ---:Producers & Refiners Corp_50
14 Jan 2
14 Jan
278 June
_ -- _
_ ____
__ - _
60
Preferred
118May 2
87 Feb 19
8
2 Nov 13 June
ai1 I57
3512 16
.
6:200 Pub Ber Corp of N JNo par 33 May 14 45 Feb (I
36
, iii8 ali 36i2 36" 364 5878 8
3288 Nov 5718 June
8
*8058 815
8114 8114 8078 8114 •8012 8112 81
81
50
8 805 805a
$5 preferred
No par 67 Jan 2 84 Feb
5978 Nov 884 Jan
*963 9718 9718 9718 *9714 9752 9738 9734 9712 9712 9634 9634
4
60
8% preferred
4July 1
100 79 Jan 8 973
75 Dec 10138 Jan
105 105 *10514 10532 *10538 10578 10514 10514 *105 1057s
*104 105
30
7% preferred
100 90 Jan 8 108 Feb 2
84 Dec 1124 Jan
12 11912 Feb 1
•11714 119 *11812 119 *11812 119 *11834 11934 11834 11834 *11812 1193
4
10
8% preferred
100 105 Jan
99 Nov 125 Jan
Pub Ser El & Gas pI $5-No par 90 Jan 10 1037
8
*102 103% *10218 1037 *10214 1037 *1023 1037 *10212 10378 *10212 1037
4
837 Dec 10312 Jan
8
8
8June 1
8
48
4812 48
4934 483 494 48 4812 5,900 Pullman Inc
4 49
493
4
4838 48
No par 4612June 2 5932 Feb
18 Feb 5812 July
1032 8,600 Pure 011 (The)
1018 1014 1018 1012 1014 1032 1012 1012 1012 1032 10
8
932May 10 147 Feb 1
No par
212 Mar 15% Sept
400 8% cony preferred
*67 68
70 *65
67 68
*66
68
74
70
*67
70
100 5834 Jan 9 80 Feb
30 Mar 8978 Sept
1332 1352
800 Purity Bakeries
4
57 Feb 2538 July
4
8 133 133
4 133 14
*134 134 1314 1314 1332 135
1214 Jan 8 193 Feb
4
No par
67
634 7
63
2 67 21,100 Radio Corp of Amer-No par
658
67
8 7
2
63
4 67
65
8 88
918 Feb
84 Jan 4
3 Feb 1214 July
4012 4012 *38 4012
600
*3718 4012 *374 4012 3812 3812 3812 40
Preferred
1312 Feb 40 May
50 2314 Jan 4 4112MaY I
29
3032 3012 29 8 3012 29 295
8 3,500
29
3
2918 2912 2912 30
Preferred B
sMaY 1
No par 16 Jan 4 353
611 Feb 27 July
2
214
Vs 3,400 2Radio-Keith-Orph____No par
232 238
24 212
214
218 214
214 212
44 Feb 1
2 July 13
I Mar
53 June
4
1712 17
17
1712 *17
*1512 17
300 Raybestos Manhattan_No par 16 Jan 9 23 Feb
17
175 *1612 17
2
'16
5 Feb 20 8 Sept
5
.812 9
*812 9
*812 9
*812 9
*812 9
812 812
712May 14 14 Feb
100 Real Silk Hosiery
10
512 Feb 207 June
s
55 *35 543 *47 543
4
4
50 *50
100
Preferred
4 0014 5014 50
*5014 693
100 45 Jan 23 6014 Apr 2
25 Jan 60 May
*25
2 3
*258 3
8 3
*258 3
*258 3
*25
*258 3
Rola (Robt) & Co.....No par
6 Apr
Vs Jan 5
14 Jan
412 July
*11
1412 *10 1414
1334 133 *12
15
15
100
4
*87 15 *10
lot preferred
8
100 1312 Jan 3 3834 Apr
14 Jan 184 June
107 11
103 107
2
4
3
2 3,100 RemIngton-Rand
4
103 10 2 1012 1012 1012 163
4 103 11
2
*
838 Jan 8 133 Feb 2
1
212 Feb 1114 July
*5912 62
*5718 601 *57 63
*5912 60.2 '60 61
63
*57
let preferred
100 3238 Jan 5 8912Mar 1
712 Feb 374 July
61 *57 81
83 *554 65 *5514 85 *58
*55
*57 61
2d preferred
100 80 Jan 8 87 Marl
8 Feb 353 Deo
4
3
3
3
3
3
3
3
3 18
1,500 Reo Motor Car
3
318
314
*3
54 Feb 2
3 June 28
5
Ps Feb
838 June
8 168 1738 17
1712 1612 1718 1612 17
10,800 Republic Steel Corp___No par 15 May 14 253 Feb 2
1812 164 1612 167
4
4 Feb23 July
477 48
473
*45
4712 4778 1,200
48
47 47
48
48 48
6% 'cony preferred
9 Feb5412 July
100 39 Jan 4 6712 Feb 23
114 Jan 12 June
10
*812 10
10
*9
10
10
*9
*9
10
*8
*9
Co
Reverepper & Brass
5 Jan 8 144 Apr 11
5
20
*1812 20
20 *1812 2212 *20
*1812 20
221
500
*1712 20
Class A
2% Mar 25 June
10 1114 Jan 29 2812 Apr 11
2214 2134 2214 2112 2112 4,700 Reynolds Metal Co __No par 1151/ Jan 2 2732 Apr 26
4
*2012 21
2012 207
203 224 22
6 Feb2112 June
4
93
*912 101
4 93
*912 95
200 Reynolds Spring
4
*912 93
*912 93
912 912
612 Jan 9 1312 Feb 25
14 Feb1534 July
No par
4614 46
4014 457.3 4612 4612 4612 46 4632 453 4614 14,200 Reynolds (P.1) Tob class B_10 3934 Mar 21 4658June 14
48
4
2812 Jan 25414 Sept
60 *57 60 *57 61
*57 81
*57 61 .57
*8012 61
Class A
67 Jan 6 8012July 8
10
80 Jan 623 Jan
4
10
*7
*8
10
10
*7
10
*7 10
Ritter Dental Mfg
*8
*7
10
7 June 7 1312 Feb 8
612 Feb168$ June
No par
8
262
2612 263 *26
8 267 267
600 Roan Antelope Copper Mines_ 2578July 1
2
, *253 2632 *2532 26
*267 27
2
3312 Apr 26
2332 Nov2612 Nov
714
14 7
.7
7
7
7
5
7
612 684 1,300 Rossla Insurance Co
712 71
Jan 3 1014 Feb 8
4
,
7
2 Apr 107 June
8
4 364 381
,
35.38 353
8 355 353 *3534 36 *3558 36
8
3558 3558
800 Royal Dutch Co (N Y shares) 33 Apr 30 39% Feb 19
172 Mar 398 Nov
203 2012 2078 21
*2038 207
207 2118 2082 21
8
2014 2052 3,800 St Joseph Lead
618 Feb 313 Sept
10 1812May 12 2778 Feb 5
4
5114 5058 5114 5038 511
5113 4,100 Safeway Stores
51
51
5018 5O'4 503
8
5012
28 Mar 623 July
No par 44 Jan 5 57 Apr 23
2
*107 1073 10614 10712 10612 10834 10512 106 106 106 *104 10512
240
13% preferred
3
100 84 4 Jan 3 108 July 5
72 Apr 944 July
111 112 *11114 1111 11112 111'I 112 112
220
*111 11134 111 112
Tune 18
7% preferred
9812 Jan 16 113 *
8014 Feb 105 Sept
100
*658 7
7
*612 7
*612 7
7
*812 71
*612 714
100 Savage Arms Corp....No par
6 Jan 13 1214 Feb 15
214 Apr 12 July
2758 251 2714 2514 2638 254 26
274 27'2 263 27'2 27
15,200 Schenley Distillers Corp
4
24 Nov 454 Aug
5 25 June 2 3878 Apr 11
8 5
5
478 48
*478 5
5
*47
8 Feb 5
518 6
512 534 4,300 Schulte Retail Stores
38 Mar 1014 July
34 Jan
3
1
2312 2312 24
2412 25
2214 221
3034 Apr 18
50
22
22
25
25
530
2514
41 Jan 1
16
34 Apr 35 4 July
Preferred
No ll
3
*4512 4734 *4512 473 •4752 473 *4512 473
4
Apr 5
70 Scott Paper Co
4712 48 *4512 4814
28 Jan 447 July
par
8
3134 313
4 3132 318 3112 3212 3172 3214 3112 32
313 3212 2,200 Seaboard 011 Cool Del.No par 2538 Jan 6 388 Apr 11
4
15 Feb 48118 Sept
*234 3
*234 27
234 2 4 *234 3
3
100 Seagrave Corp
*234 3
8
118 Feb
238 Jan 18
48 Feb 7
*23
4 3
No par
434 July
4514 433 44o 4312 448 12,100 Sears. Roebuck & Co-No par 383
4258 434 4258 4314 4312 445
5114 Feb 5
4
2June 1
124 Feb 47 July
8 4412
*214 24
212 212 *214 212 *214 21
*214 212
214 214
200 Second Nat Investors
412 Jan 26
114 Feb
2 May 10
1
6 Jun
4978 *38
48 *38
48 *38 48 *38 48
497 *38
8
•38
24 Feb 48 July
Preferred
1 32 Jan 8 4512 Feb 2
7
8 1
2 Jan 22
118
1
900 :Seneca Copper
1
1
1
118 *1
Is Mar
72 July 13
14 14 *1
No par
32* June
Apr 24
71s
7
7
718
7
67g 67s
112 Feb
7
684 8% 4,700 Servel Inc
67
8 718
484 Jail 8 9
712 July
1
9
*9
878 9
914 914
91
914 9321
94
914 91
3,400 Shattuck (F 0)
2
6 4 Apr 1314 July
3
No par
6 4 Jan 2 137 Mar 9
3
o712 6
*9
9
*712 84
8 812
712 71
.72
272
8 81
544 Jan 11 134 Feb 23
100 Sharon Steel Hoop
112 Feb 12 July
No par
*53
538 532 •512 572 *512 57
772 Feb 5
558
•532 57
212 Feb
*538 552
100 Sharpe A Dohme
414 Jan 2
No par
83 June
8
*46
47
47 *48 47 *46
48
46
*4534 47 *46
100
47
2114 Mar 4178 July
Cony preferred per A-No par 8814 Jan 8 49 May 3
8
818
818 3,800 Shell Union 011
8
838 85,
8
84
8
8
8
8
732July 5 1113 Jan 27
312 Feb 113 July
No par
8
7414 *73
7414 *73
73 73
74 *73 74
100
7438 *73
*73
COD, preferred
284 Mar 61 July
100 58 Jan 2 89 Jan 26
16
15 8 16
7
5
157 1612 1512 15 8 1512 1532 1538 1512 2,700 SImmons Co
16
2
438 Feb 81 July
No par 144May 14 244 Feb 5
600 Simms Petroleum
1012 *1018 1012 1012 1012 •1018 1038
10
10
814June 1 114 Feb 5
*10
10
10
47 Feb 123 June
2
10
8
Apr 25
*938 10
*918 10
8
400 Skelly 011 Co
914 914 *91s 10
97 June
93
8 938 *918 97
3 Feb
72 Jan10 1118.
7
26
6212 *81
8212 *61
6358 *61
624 *81
633 *81
*61
4
8212
Preferred
100 5434 Jan 9 6818 Apr 26
22 Feb 5712 July
2512 *17
25 *17
25 *17
*17
2512 *17 2512 *17
2512
Sloss-Sheff Steel & Iron__100 15 Jan 9 2712 Feb 17
7 Jan 35 July
35 '30 35 •30 35
30
35
*30 4 35 *31
303 •30
3
4
140
7% preferred
100 2312 Jan 2 42 Apr 23
8.4 Feb42 July
13
13
13
700 Snider Packing Corp__No par
4
125 1238 *123 1312 1234 1234 1234 1234 13
8
38 Ma
64 Jan 8 17 May 5
t12 July
2
8
1818 184 15 4 1618 15713 161s 157 1618 157 1618 1552 16 20,100 SOcon.t. Vacuum 011CoInc__15 14 May 14 197 Feb 5
3
2
8 Mar 17 Nov
400 Solvay Am Invt Tr pret 100 86 Jan 6 10414June 28
10234 1023 10214 10214 *103 105 *103 105 2103 103
*1023 104
4
4
58 Feb92 July
3514 3514 354 36
353 3618 3618 388 3614 3612 3614 3672 5,600 So Porto Rico Sugar...”No par 291854ay 14 8938 Feb 5
4
1572 Jan 485 July
8
40
*133 135 *133 135 *133 134 *133 134 134 135 *135 145
Preferred
100 115 Jan 16 135 July 12 112 Jan 182 July
1134 1812 1614 1658 1614 1638 1614 1612 1638 1612 1614 16's 3.900 Southern Calif Edison
1418 Nov28 Jan
25 1514 Jan 4 2218 Feb 7
*8
9
*8
9
*8
9
9
*8
9
•8
9
*8
SpalcUng(AG)& Broe_No par
4 Jan 117 July
64 Jan 10 13 Apr 21
8
5812 5812
*5812 85 *5812 65
*5812 65
30
let preferred
14
*WE 65 *5812 65
2512 Mar 61 June
100 30 Jan 11 74 Apr 21
_
.
_
_
- ...... Spang Chalfant& Co Inc No par
7 Jan 22 1532 Apr 23
44 Feb 1512 July
;if) WO ;io 16 45 li ;ii "(36 ;;4713 ii ;i5 ii6
Preferred
1712 Feb 50 June
100 30 Jan 23 62 Apr 24
412 43
434 47
5
2 2,300 Sparks WIthington____No par
43
*478 5
2 472
5
2
47
8 Feb 21
2 5
3 2 Jan 5
3
3 Feb
8 June
4
*314 0 *314 432 *312 434 *312 412 *312 4
4
*312 4
73 Apr 18
2
Spear & Co
2 Jan 3
No par
Is Jan
512 June
*2212 23
2362 23
*2212 23
23
23'l 1,200 Spencer Kellogg & Sons No par 153 Jan 5 2412 Feb 23
*2212 23 *2214 23
4
712 Apr 22 July
814 83
2
812 858
814 838
818 8'z 8.700 Sperry Corp (The) v to
818 814
818 838
1
218 May
5 8 Jan 5 1138 Apr 2
5
74 July
*6
7
*6
7
*6
7
7
*6
7
7
Spicer Mfg Co
*8
*6
7 July 3 13 Feb 7
5 Jan 16 June
No par
*2514 29
*2512 29 *2514 28 *2314 28
*2512 29
*2514 29
Cony preferred A
No par 214 Jan 2 3112 Feb 20
1134 Mar 3212 Jur a
54 55
1,800 Splegel-May-Stern Co_No par 19 Jan 4 6712 Apr 25
5412 55
541
64
54
54
58
*5212 537 *52
I Feb 2112 Dec
18,000 Standard Brands
2072 211s 207 21's 2032 21
2034 21
2
3
20 4 21
3
20 4 21
131 Mar 375 July
No par 1832May 12 2514 Feb 1
8
57
814 81
1,600 Stand Comm Tobacco-No par
6
818 618
6's
6
618 614
4 Jan 9
84 at
8 Mar 13
93 Aug
1
Jan
938 9
*10
9 4 1014
3
103
4 1018 1012 1018 1038 1014 1012
1s 5,900 Standard Gas & El Co_No par
8% Jan 4 17 Feb 8
54 Mar 2212 June
8 17 Feb 6
117
2 1114 1112 1114 11'4 108 1114 2,400
12
*11
Preferred
1114 1114 1114
634 Dec 257 June
No par
73 Jan
3
8
400
*2212 25 *23
ne curia prior pret-No par 16 Jan 10 33 Feb 8
2412 2414 2414 2212 2212 2232 228g 2232 223
15 Dec 61 June
*2512 27
27
28
28 *26
28
200
28 •24
28
28
*25
$7 min prior pref
18 Dee 86 June
No par 1712 Jan 4 3812 Apr 24
13
13g 13, 1,400 Stand Investing Corp No par
13, 112
13
13
172 Jan 5
138
112 112 *138 112
71 Jan 18
12 Mar
2 8 June
7
1.000 Standard 011 Export peel __100 9612 Jan 2 11014May 26
10958 1095 1093 1093 *1095 110
8
4
1095 1095 108 10914 108 108
8
3
4
2
9212 Mar 10232 Bent
3434 3514 3432 3484 9,000 Standard 011 of Calif _...No par X305
3412 3472 3412 343
4
3478 35
4 343 35
8MaY 14 427k Jan 30
1912 Mar 45 Nov
367 *34
3878 *34
3678 *34
3678 .34
*34
367 *34
8
367
2
Standard 011 of Kansas____10 3334 Feb 13 41 Apr 21
1234 Apr 397 Dec
8
4434 45
15,600 Standard 01101 New Jereey.2
4118May 16 5018 Feb 17
8
8 443 4458 4438 45
2232 Mar 4712 Nov
4 4 4412 444 4412 4414 443
4
'9
52 1014
*9
4
200 Starrett Co (The) L 5 No par
11
*914 11
6 Jan 15 1414 Apr 19
3
1012 *9 4 1034 *93 101
10
4 Feb 1112 June
8 6312 6414 11,300 Sterling Products Inc
8312 63
6458 6418 64% 6312 843
8July 10
63
4 6312 837
10 4714 Jan 4 647
4558 Dec 8034 Sept
8
13
8 13
112 13
4 *112 2
*112 2
*112 2
134 13
4 1,000 Sterling Securities el A_No par
3 Feb 8
138 Jan 2
as Jan
31 June
2
14 43
14 *414 47
t412 412
*414 47
2
100
414 4
7 Feb 6
*414 512 *4
4
Preferred
3 Jan 3
No par
112 Feb
732 June
*3412 3512
35 35
500
4
4 343 35
*3414 343
*3412 3512 *3412 36
4
Convertible preferred____50 30 Jan 12 363 Feb 1
20 Mar 3814 July
1378 *63
67
7
4 87
700 Stewart-Warner
7
8
65 7
*684 87
8
8la Jan 8 1058 Feb 21
6% 878
8
5
212 Feb 1112 July
714 712 0,000 Stone & Webster
•758 8
712 Vs
712 7%
8 Jan 6 134 Feb 6
52
7 8 73
5
72 7
5
54 Dec 1914 July
No par
4
4
4t8 6,000 :Studebaker Corp(The)No pa
vs 414
413
4
418 414
914 Feb 21
4
4
418
4
4 June 27
112 Mar
838 June
100
Jan 2 47 Feb 19
•1834 1934 *1832 1934
20
*1832 23
20
*18% 2212 *1832 22
Preferred
100 1912
9 Apr 8818 June
700 Bun 011
7
824 6218 621s 6214 6214 6214 6214 62 6214
6178 6178 *81
No par 514 Jan 2 63 8June 18
35 Feb 59 Nov
220
11412 11478
4
Preferred
4
100 100 Jan 17 115 July 6
*11414 1143 *1144 1143 *114 11434 11434 1143 115 115
4
89 Mar 103 July
3
8
300 Superheater Co (The)__No par
418May 25 2514 Feb 5
1412 1412 .143 15 *143 15
*1412 15
1412 1412 *1412 15
712 Feb 27 July
13
134 Jan 8
178 17
4 178 1,00 Superior 011
17
3 Feb 1
8 17
2
17
8
8 178 *13
8
17
4 17
8
8 17
1 Jan
4
44 Ally
100
100 Superior Steel
9
9
gismay 14 153 Feb 19
8 938
912 *85
*838 10
4
*83
4 93
4 912 •83
4 *83
2 Feb 2238 July
100 Sweets Coot Amer (The)___50
5 4 Jan 26
3
41s 41s *Vs 4
3 Jan 9
14
s 414 *372 414
*3 8 414 • 7
1 Mar 10 July
7
3 8 414 •37
*78 1
78May 11
600 Symington Co
*78 1
*78 1
1
1
212 Feb 19
1
1
lls
*1
No par
3 June
Is Apr
51 Feb 23
500
Class A
8 218
2
4
2
13
4 13
13
4 144 *17g 218 *134 218 *17
1114JulY 9
No par
514 July
14 Apr
300 Telautograpb Corp
113
4
*II% 114 1112 1112 *1138 1112 1112 1112 1138 118 *11
5 1012May 12 1514 Feb 1
81s Feb163 July
8
43$ 413
800 Tennessee Corp
63 Feb 19
5
4
*438 47
412 Jan 8
43
2 *412 43
4 434 *452 434
4
43
4 43
4
138 Feb74 Aug
24s 7,000 Texas Corp (The)
237, 2412 2414 2412 2418 2428 24
8
237 24
26 2112Mit2 14 2938 Feb 5
103 Feb304 Sept
237 24
4
2
7,900 Texas! Gulf tilnlphtir_....No par aohmay 14 4314 Feb 6
331
33
8 3314 34
33
335
3314 337
331s 3312 3
3 33
1514 Feb4514 Nov
4
612 Apr 4
*378 4
7
378 37
3 8 3 8 1,400 Texas nettle Coal & 011.--10
7
*33
8
4 4
38 4
7
7
37
8 38
318 Jan 8
138 Ma
812 May
95, 97 20,200 Texas Peelle Land Trust-1
978 108
614 Jan 6 12 Apr 2
10
8 1018 1038 1012 1058
34 Mar Ills June
1018 1018 103
12
1212 *II
200 Thatcher Mfg
1214 12
No par 10 Jan 4 154 Jan 30
1214 *11
1214 *12
1214 *12
*12
5 Feb2218 July
100
43
43
$3.130 cony pref
43 *40 4312 *40 43's
No pa* 89 Jan 15 44 Jan 29
43 *40 43 *40
*40
2758 Fob 44 July
•Bid and asked prices, no sales on this day. 5 Companies reported In receivership. a Optional sale. e Cash sale. x Ex-dividend. 2 Ex-rights.
tar FOR
New York Stock Record-Concluded-Page 8
251
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday . Monday
July 7.
July 9.
Tuesday
July 10.
Wednesday I Thursday
July 11.
July 12.
Friday
July 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range stare Jan. 1.
On basis of 100-share tots.
Lowest.
Highest.
PER SHARE
Rangefor Previous
Year 1933.
Lowest.
Highest.
g per share $ per share $ per share $ per share $ Per share $ per share Shares. Indus. gc Mlacell.(Cowl.) Par $ per share
i Per share i Per share 8 per share
23 Mar 124 may
6 Jan 6 124 Feb 16
712
712 *612 8
•61: 712 •612 712
No par
100 The Fair
•74 8
"7
8
918 Feb 19
5 May 8
1,100 Thermoid Co
5
5
1
1
514 514
Feb 104 July
5
5%
514
514 *5
518 5
'8 *5
1 1312 Jan 2 1983 Feb 6
200 Third Nat Investors
"15
17
1714 *15
17
17
1714 *15
*1614 1712 *1614 17
10 Mar 2114 July
64 *6
*6
614 *6
6 Dec 1512 June
Thompson (J R)
25
618June 27 11 Feb 5
614 *613 614 *6
64 614
6'4 *
58 Jan 204 Sept
1,900 Thompson Products Inc No par 13 June 28 2014 Feb 16
1314 14
14
14
*133 13% 137 133
4
1312 13 8 134 14
7
3
3
34
278 3
3 3
318
3
1,600 Thompeon-Starrett Co_No par
8May 14
5 Jan 29
/
1
4
318 318
3
27
:Mar
1
912 June
*19
1918 19
191: *19
19
191: *19
211
/
4
12
*19
100
83.50 sum pref
No par 19 Mar 31 2412 Jan 30
1914 *19
Jan 30 June
1214 1214 117 117
1134 1214 113 12
2
117 1218
8
115 12
8
8 Jan 4 143 Apr 23
/
1
4
318 Jan 113 Sept
4
8,900 Tidewater Maas 011
No par
4
83 83
*8112 83
823 83
4
83 83
800
Preferred
/
1
825 82
8
/ *8214 83
1
4
100 644 Jan 4 8512 Apr 30
2313 Apr 6514 Nov
*31
38
*31
20 Tide Water Oil
914 Apr 26 Dec
38
•31
38
*31
38
'31
38
31
31
No par 31 Mar 26 40 Apr 27
94
*9112 9412 *92
*92
100
9412 *9214 9412 *921 941
: : 9412 9412
Preferred
100 80 Jan 11 9612 Apr 27
46 Feb 80 Dec
37 Jan 4
812 Apr 24
65
8 628
/
1
4
11 Mar
/
4
628 6
65
8 63
6% 67
3
63
4 67
8
65
8 63
4 2,000 Timken Detroit Axle
10
814 June
*284 30
/
1
4May 14 41 Feb 5
30
: 30
13% Feb 3512 July
3012 3012 301
: 3014 301
303
4 3012 301: 1,700 Timken Roller Bearing_No par 263
93 July
612 6 4
5
7
812 Feb 5
612 63
4
612 61
/
4
63
8 612 14,800 Transamerica Corp____No par
5 8May 14
2 Mar
4
/
1
4
612 63
4 x612 63
612May 10 1313 Feb 17
100 Traneue & Williams St'l No par
8 •714 8
*74 8 8
7
*714 87
71 74 *718 88 *73
/
4
4 83
27 Mar 17 July
2
/
1
4
43
43
43
438 48
83 July
4 May 14
131 Feb 3
4
41:
41:
45
8 428 4,500 TM-Continental Corp_No par
2 4 Feb
412 45
8
43
4
3
*67
71
*67
71
72
73
73
600
6% preferred
41
71
71
71
71
72
No par 604 Jan 9 78 Apr 20
Apr 375 May
*37
3712 374 3714 38
*371 38
:
371 371
: : 3718 3718
500 Trial Products Corp_ No par 33 Jan 6 40 Feb 3
2012 Feb 387 July
38
2
15 Jan 3
44July 12
12 Apr
4,100 Truax Traer Coal
No par
34 4
3
*3
4 314
3
4 318
314 328
33
8 312
312 418
54 July
53
47 Jan 4
57
9 Feb 19
/
1
4
800 Truecon Steel
10
2 Mar 1234 June
*512 6
*512 6
'512 6
5
/ 5
1
4
/
1
4
512 512
*2
238 *2
218
2
2
2
2
*2
23, •2
23,
2 July 10
4 Jan 15
200 Ulen & Co
No par
3 Jan
4
64 June
*4512 474 *4512 471 471 471 4714 4712 473 48
/
4
/
4
8
48
48
700 Under Elliott Fisher Co No par 36 Jan 5 511 Jan 20
91 Feb 3912 July
4
/
4
/
4
'51
'
1
52
2
513 52
4
54 Jan 60 July
5214 53
5112 5214 51
517 53
8
51
1.700 Union Bag & Pap Corp_No par 43 Jan 8 607 Feb 23
4418 4418 44
19
44
4458 431: 444 433 443 11 900 Union Carbide & Carb_No par 357
2May 14 50 2 Jan
7
19 Feb 617 July
8
44
4
4
447
8 44
•1614 164 163 161
/
1
8
813 Mar 2
: 16
4 1612 163
8 4,300 Union 011 California
25 15 May 14 2012 Feb 5
1628 163
161
: 163, 1628
383 July
181 184 19
15 8 Jan 9 2114June 18
5
101: Feb 22 4 June
19
8
1,200 Union Tank Car
No par
*19
8
/
4
4
4 195 20
193, 193 191 193 193
3
373, Feb 1
17% 174 175 18
8
1734 187
183 1914 18% 191
4
: 185 183 12,300 United Aircraft & Tran_No par 17i July 3
8
4
1613 Mar 454 July
2412 25
4
25
2514 2514 25 4 253 26
3
4
253 264 2,800 United Biscuit
4
1313 Feb 274 July
*2428 25
No par 23 Jan 8 291 Apr 26
*11412 128 *11412 128 *11412 128 *11412 128 *11412 128 *11412 128
92 May 111 Dec
Preferred
100 107 Jan 9 120 June 30
443 441: 44
8
*4414 45
4,700 United Carbon
441: 4412 453
45
454 *4414 45
No par 36 Jan 4 4612June 16
104 Feb 38 Dee
87 Feb 7
412 Jan 4
4 Deo 141: June
No par
5
4 53
8
518 53,
5
518 12,800 United Corp
518 53,
5 8 514
,
54
518
3114 3112 *31
5
313
4 311 313
3114 4,800
No par 24 Jan 3 3772 Feb 7
2212 Nov 407 June
4 3118 314 31
Preferred
:
4 318 313
8
1334 lc 11,500 United Drug Inc
4
.1512 153 15
94 Jan 8 1814 Apr 28
64 Dec 12 Sept
153
8 141: 147
8
5
/
1
4
15
1512 14% 153
784 *618 7 4 *618 71
*618 7
3
United Dyewood Corp
3 3 Jan 2 107 Apr 26
3
8 Feb
4
3
10
*614 7 4 *6
3
6 2 June
7
4 *613 7 4
3
5% 53,
6 Apr 25
312 Jan 10
I mar
514 54
8% July
5
5
54 514
5
4 54 *5
5
4 1,500 United Eleetrio Coal_ __No par
70
70
6914 70
234 Jan 68 Aug
: 703 7112 714 711
4
4,100 United Fruit
No par 69 Jan 5 77 Apr 21
6912 70
7014 711
1618 1614 1618 1614 1618 163
8
14
13 2 Dec 25 July
1614 163 12,100 United Gas Improve _No par 14 Jan 4 204 Feb 6
7
3 1614 16% 163* 1628
*983 9912 *99
4
991: •9918 991
Preferred
8213 Dec 100
991 9918 994 *99
/
4
991 '99
:
100
No par 86 Jan 8 9914May 19
Jan
*218 3
3 8 Feb 19
5
*218 3
I% Feb 13
Molted Paperboard
100
*218 3
*214 3
*21 3
/
4
12 Jan
•/ 3
24
1
512 July
*63
4 8
612July 9 13 4 Feb 20
61
: 64 *614 8
"638 8
*614 8
200 United Moe Dye Wks_No par
3
34 Mar 217 July
*63
4 8
2
*45
50
•45
50
"45
50
*45
50
100 49 Jan 12 68 Feb 21
35 Dec 85 July
50
*45
*45
50
6% preferred
33
3
27
8July 9
3
6 Apr 20
3 Feb
4
27
8 3
3
33
*314 33
8
34 314 3,400 United Stores class A__No par
714 July
3
*61
63
100
Preferred class A ____No par 5413 Mar 21 66 Apr 16
45 Mar 86 Jul
*61
61
61 *-- 623
4
63
*61
63
,
*61
63
*4812 48
/ 4812 4812 483 483 "484 491: 49
1
4
50
50
211 Apr 5113 July
/
4
5012 2,000 Universal Leaf Tobacco No par 404 Feb 26 50'!July 13
4
4
"39
42
"39
20 Universal Pictures 1st pfd_100 16% Jan 8 4612 Apr 11
10
42
39
Apr 36 June
39
42
39
39
*39
"354 42
/
1
112 11
: *13
3 Feb 16
3 11:
8
1
14 Jan 2
14 Apr
11
: 1%
13, *13
l'z 1,000 Universal Pipe & Rad
138
11:
13
8
3 2 Ally
3
*23
233
4 23
2,900 U 8 Pipe & Foundry
4 2314 2312 23)2 231
20 18 Jan 4 33 Feb 7
612 Mar 224 July
23
23
:
244 231 243
2
1234 Apr
*18
/ 19
1
4
*185 187
8
100
1st preferred
No par 1613 Jan 11 195 Feb 23
*185 19
8
19 May
• 28 19
18
19
*185 19
8
19
•112 2
*134 2
11 Jan 5
/
4
4 Jan 31
*112 2
13
4
13
100 U S Distill) Cyr,"
No par
1
Oct
•112 2
6 June
*11
: 2
•17
20
*171: 19
100 U 9 Freight
2May 31 271 Feb 5
/
4
7 Feb 29 8 July
e17
/
4
No par 167
20
:
5
"17
1812 1812 181 '171 19
600 U S & Foreign Seour
312 Feb 171 July
No par
8 Jan 2 154 Feb 5
14
93
4 93
4 *9
10
*914 10
*93
4 97
8 *934 97
98 1018
75
75
"75
86
200
Preferred
3612 Mar 84 July
*75
86
No par 63 Jan 6 78 Feb 26
14
76
76
"75
*75
76
76
4414 3,000 II 8 Gypsum
*4212 4312 42
443
4 44
/
4
/ 42
1
4
4 44
20 3414June 1 501 Jan 24
18 Feb 63 July
/ 43
1
4
/
1
4
431
433 443
4
138 138
150
7% preferred
100 116 Jan 10 13912July 3 10114 Jan 121 Sept
*139 1393, *13914 1393 1393, 1391 13912 13912 *138 145
8
*818 87
5
8 *84 87
8
8
400 CI 8 Hoff Mach Corp
43 Jan 9 1018 Apr 24
5
/
1
13 Apr 117 June
2
8 *838 878 *814 87
8
818 814
3
"4018 4418 42
/
1
3
131 Feb 94 July
:
42
42
42
417 4212 4112 414 404 4238 3,100 U B Industrial AlcohoLNo par 37 May 14 64 4 Feb 9
8
23, Mar 1714 July
814 814 "84 8 8
8
81
8011 U 8 Leather V t a
2
.
No par
714June 4 117 Jan 24
3
/ 83
1
4
8 *818 81
8
/ 84 .8
1
4
/
1
4
13
13
4May 12 1934 Feb 1
*1212 1312 13
*123 131
4
: 123 121
4
400
No par 113
44 Feb 27% July
13
Class A v 1 o
13
13
*5518 65
*5518 65
80 Feb 784 Sept
*5518 65
*5518 65
Prior preferred v t 0
100 6612 Jan 5 80 Jan 30
*5518 65 .554 65
*63
8 7
1,500 U S Realty & Impt___No pa
8 *64 63
/
1
5 4May 14 125 Feb 2
3
2 Feb 14 July
/
1
4
63
8 6
*64 67
/
1
/
1
4
/
1
4
7
63
4 7
/
1
4
7
27 Feb 25 July
"177 18
8
5,300 U S Rubber
No par 14% Jan 6 24 Apr 21
177 18
8
183
8 174 18
1728 18
18
177 181
8
100 2413 Jan 8 6114 Apr 20
8
43
44
44
43
lot preferred
512 Feb 437 July
431
443
4 435 44
44
43'2 5,500
43
44
/
4
1312 Jan 105 2 Sept
53
1264 1273 127 12728 12812 131
4
5
4
13012 1323 132 13438 1321 13614 25,000 US Smelting Ref & MIn___50 96 Jan 13 13614July 13
391: Jan 58 Sept
64
*63
6418
300
/
1
4
•63
644 64
64
64
Preferred
50 54 Jan 13 65 June 18
64
*64
6418 64
8June 2 597 Feb 19
2
23 2 Mar 674 July
3
/
1
8
403 31,500 U El Steel Corp
8
100 373
39% 4018 3912 4118 4014 414 393 4012 39
/
1
3988 40
8
1,500
100 7913June 2 9912 Jan 5
53 Mar 10512 J11/3
Preferred
84
841
841 8512 8412 85
/
4
8614 8614 8512 867 *8412 86
,
8
600 17 8 1°ham
No par 99 Jan 6 120 July 10
69
Jan 1091 Dee
:
*115 117
11712 118
1173 120 "118 120 *118 120 .116 1197
23, Jan 6
5 3 Feb 6
3
273
800 Utilities Pow & Lt A
1
17 Apr
2
23
4 23
4
*3
3
2
7
24 24
3
3
8 8 June
7
3
278 3
31s
s%
1
*4 1
*7
8
1
17 Jan 25
e7
8
1
"2
7
1
100 Vadsco Sales
No par
1 Jan 2
1
3 Jan
2
312 July
1
21
2,400 Vanadium Corp of Am_No par 18 May 12 313 Feb 19
4
213 211 21
8
/
4
7% Mar 3614 July
2118 2112 211: 2112 214 221 2178 22
/
4
2
100 Van 'twine Co Inc
5
4 Jan 2 113 Apr 18
/
1
4
11 May
/
4
94
3
10 July
93
4 *9
*9
914 91
93
4 •914 93
4 *94 9 4
3
*9
*76
77
*76
77
7% let Pre
100 x5414 Mar 1 98 Feb 6
2012 May 65 Sept
77
*75
*76
*75
77
77
"76
77
2318 Dec 31 Sept
357 36
*353 3612 2,700 Vick Chemical Inc
4
5 24% Jan 4 36 July 10
35
3514 351
35
: 353 36
353 36
4
8
27
8 2 8 *23
7
4 3
253May 14
53 Jan 23
2
73, July
800 Virginia-Carolina Chem No par
3
3
2 8 27
7
8
278
278 *278 3
5 Feb
2
•17
/ 18%
1
4
18
200
100 14 Jan 3 26 Feb 5
/
1
4
3 8 Mar 261 July
3
*18
1812 "18
19
18
6% preferred
/
4
1812 '18
185
8 19
2
81
*80
81
7% preferred
100 69 4 Jan 8 8112June 29
3
"78-__ *80
813 "80
35 3 Mar 6312 July
3
82
*79
80 "80
7712 7713 7718
77 77
77
130 Vtrginia El & Pow $6 pt No par 66 Jan 2 78 Jan 30
60 Dec 85
77
/ Jan
1
4
77
77
774 7714 *77
*41 814 *412 812 *412 814 *412 84 *41 84 412 84
/
4
/
4
Virginia Iron Coal & Coke_100
9 Feb 23
47 Jan 11
2
2 Feb 15 May
/
1
4
*72
74 '70
74
72
73
200 Vulcan Detinning
100 62 Jan 4 79 Mar 9
123 Feb 67 2 June
4
73
73
73
71
73
73
7
514 July 12
57
55
87 Feb 20
2
No par
513 Dec 12 July
*512 54 *512 53
4
800 Waldorf System
54 53
4
54 514
512 512
2718 2718 "267 271: 267 2712 273 273
27
x27
8
2714 2,400 Walgreen Co
4 27
No par 2214 Feb 26 2914June 18
8
8
*10412 106 *1041 106
:
210
100 8413 Jan 4 107 June 15 75 -Apr 9012 Sept
634% preferred
10412 10412 106 10612 10412 10412 105 105
•414 44 *44 44 *41 43
/
4
41: 43
41 4%
4
No par
2 4 Jan 4
3
63 Feb 1
2
400 Walworth Co
/
4
8 June
/
1
4
7 Apr
2
"412 43
*718 84 ,
2 718 914
4.714 812 *714 914 *74 812 *718 8
612 Jan 5 12 Feb 5
Ward Baking class A-No par
Ms Mar 20 July
2
2
"2
218 *2
218
2
2
2
2
02
24
3 Feb 5
52
300
2 May 29
Class B
No par
5 Apr
2
5 2 July
5
*30
31
'30
1112 Apr 447 July
31
31
*30
31
30
"30
"30
30
200
Preferred_
100 2713May 10 86 Jan 24
3
31
54 518
47
54
814 Feb 5
1
43
43
4July 10
Feb
4 48
18,900 Warner Bros Pictures.._ _ ..6
918 Sept
4% 5
43
4 5
43
4 5
"20
231: 20
20
/
1
100
No par 181 Jan 19 317 Apr 24
2
414 Feb 2413 Oct
/
4
*1518 203 *1612 2012 *164 2014 *16
4
20
$386 cony pref
*2
23
47 June
"218 2%
214
24 218 *2
/
1
24
/
1
218 24 *2
3 2 Feb 16
7
512 Mar
/
1
No par
15 Jan 4
2
400 Warner Quinlan
*9
94
2 Feb 2283 June
/
1
4
5
2May 14 13 8 Jan 24
83
4 94
9
9
1,400 Warren Brod_
No pa
67
83
4 87
3
914 94
94 914
"15
19
*15
19
7 Feb 35 2 June
16 Jan 8 2872 Apr 23
/
1
4
*18
19
*1518 18
16
16
16
Convertible pref._ No par
18
700
5
*2214 231s *2212 23 22 221: 2212 221 22 22 52112 211 1,000 Warren Fdy & Pipe
:
5 Feb 30 Dec
No par 16 May 14 31 Jan 20
4
4
*3
84 44
4
1
4
*33
4
4
414
Jan
4
4
7 Jan 25
1,200 Webster Eleenlohr ___ _No par
33
4MaY 7
8 July
'I
114 *1
114
214 Jan 23
la Apr
1
1
1
1
130 Wells Fargo & Co
I
1 Jan 17
34 June
1
1
*1
11
"225 231
: 2314 2314 2312 24
237 25
7 Mar 371: July
24
3,500 Wesson 011 & Snowdrift No par 15 4 Jan 4 273 Feb 21
2
254 2412 251
3
60 Mar 63 July
61
61
61
Cone preferred
ivo par 5212 Jan 6 6114July 12
*5912 5978 0594 59
% 597 597
6114 61
61
1,100
441 45
:
45
45
45
4May 14 6672 Feb 6
1714 Feb 7714 July
4618 4614 461
434 4414 5,000 Western Union Telegraph _100 403
: 4412 46
2212 221: 2214 22
/ 218 2212 2218 2214 •218 22
1
4
11% Jan 35 2 July
211 213
:
3,300 WeetIngh'se Air Brake_No par 21 June 18 36 Feb 6
5
367 367
36% 3718 3612 3818 3753 3814 367 377
/
1
19 2 Feb 683 July
3
36'2 373 11,700 Westinghouse El & Mfg _50 3014May 14 474 Feb 5
8
4
'88
95
93
93
z9218 agi
*9312 95
6012 Feb 96 July
95
95 95
'93
110
1st preferrod
50 8312 Jan 17 95 July 11
*1012 12
"1014 12
*1012 12
*104 1112
313 Feb 134 July
.104 111 '1014 12
:
Weston Elm lastruml_No par
6% Jan 3 14 Feb 5
*2512 321 '251 321 *2512 3213 *2512 314 *2512 3212 "254 3212
:
: :
10 Mar 224 July
Class A
No par 1633 Jan 6 2512June 29
*67
674 '67
674 '67
68 '67
68
30 Apr 73 June
6714 6714 6714 •67
10 Wee: Penn Elee Maas A _No par 4412 Jan 8 70 June 13
7712 7712 7712 7712 *773 78
4
79
79
78
78
80 80
37 Apr 77 4 June
210
Preferred
100 61% Jan 8 80 July 13
3
'66
6712 *66
6812 *67
6712 651 67
/
4
66
66
653 6584
4
70
6% preferred
100 45 Jan 3 67 Apr 16
3312 Apr 69 July
/
1
4
10714 10714 '10738 11014 *1073, 109 '10712 109
109 109 "10753 110
30 West Penn Power prat
8812 Dee 1103 Jan
100 8913 Jan 2 11053.1une 12
2
'1034 1053 104 104
4
104 104
104 104 '103 104
104 104
90
6% preferred
80 Dec 101
100 783 Jan 10 105 June 29
4
Jan
24 23
*318 34 *214 3
'24 3
*24 3
4 '253 23
4
100 West Dairy Prod al A_No par
218July 3
2
/ Apr
1
4
g
64 Jan 30
118 June
*3
4
7
8
3
4
ki
5
4
7
8
7
8
7
8
ki
ht
*3
4
7
1,700
Class B v t 4
72 Mar
No par
%June 29
212 Jan 30
44 June
•1812 183 *1812 19
4
183 19
4
04 21
194 19
4 19% 2
5 Mar 2012 July
225
s 3,800 Westvaco Chlorine Prod No par 14 2 Jan 12 2714 Feb 8
7
*164 177 *1612 177
8
g
19
17
181 *17
/
4
*17
19
1712 *17
200 Wheeling Steel Corp. No par
1612June 28 29 Feb 21
7 Jan 35 July
/
1
4
*45
471g *45
4718
4918 045
474 *45
474 *45
4718 *45
Preferred
100 38 Jan 4 57 Feb 26
15 Feb 67 July
• 0153 18
3
016
18
1614 163
*16
18
8 1614 163,
18
"1614
190 White Motor
14
Jan 2812 July
60 1614July 12 2612 Feb 19
*2512 271 .255 27
8
265 267
8
8 27
"2558 27
26
26
2838 1,700 White Rk Min Spr citl ....No par 24 Jan 4 3112 Apr 19
23 Oct 29
Oct
8 2 8 *17
8
/ •17
1
4
8 2
/ 017
1
4
37 Feb 6
48 July
'17
8 2
% *17
8 24 *17
8 2
8
238
White Sewing Machine No par
12 Jan
11 Jan 8
/
4
612 9
*312 7
/ *5
1
4
9
'312 9 '
Cony preferred
54 9
*58
4 9
No per
14 Jan 1012 July
612 Jan 12 1114 Apr 20
*3
/ 37
1
4
312 312
312 312 *312 37
51 Apr 5
312 312 *31 3 8 1,000 Wilcox OU & Gas
/
4
7
2 Mar
513 June
.5
31
/
4MaY 7
274 8
77
77
*7 4 78
0758
3
1,300 Wilson & Co Inc
77
8
78 8
78
No par
9 April
4 4 Jan 8
3
7 Jan 11 June
2
2412 2484 2438 243
243
4 24
243
4 5,500
2478 2514 2438 2514 24
Claw A
No par
2
4
1214 Jan 9 263 Apr 13
Jan 22 June
8012 81
*7914 80
81
81 11 8214
8012 81
824 8214 81
1,800
Preferred
100 53 Jan 8 8412 Apr 11
19 Mar 7212 July
50
50
491: 497
504 5014 5012 5018 504 9,700 Woolworth (F W)Ca
/
1
494 5018 50
/
1
4
2518 Apr 507 July
10 4114 Jan 3 547 Apr 21
2
"20
"194 22
201
2
20
211: *2158 217
213 21% 21
214 1,100 Worthington P & W
MO 17 May 14 31% Feb 5
8 Mar 397 July
2
23918 44
*4014 44
"4138 44
"413 43
4
*4014 42
417 418
20
Preferred A
100 84 Jan 10 53 Jan 24
14 Mar 51 June
2304 35
*31
35
3112 3112 *31
34
"31
321 31
/
4
31
200
Preferred B
.100 30 Jan 10 42 Jan 24
14
Feb 47 June
/
4
•494 527 *491 54
54
52
52
90 Wright Aeronautteal___No par
5212 5212 52
503 504
4
8
167 Jan 8 75 Jan 27
1
Apr 24 May
65
65
6612 6618 56
"65
653
65'4 653 66
1,600 Wrkiley (Win) Jr (Del)No par 64 Jan 11 6618July 11
664 661
4
3413 Feb 574 Dec
/
1
4
171 "16
171 *1612 1712 '16
171
: 17
17
*16
171 •17
100 Yale & Towne Mfg Co _26 14 Jan 6 22 Apr 24
7
Jan 23 June
418 41
418 41
44 414
44 41
44 44
4
4
1,600 Yellow Truck & Coach elB.10
75 July
4 May 14
74 Feb 19
218 Mar
381 037
37
37
"37
"37
38'2 381 381 '38
43
43
30
: :
Preferred
100 28 Jan 2 47 Apr 26
/
1
4
18 Mar 42 July
1612 1612 164 164 17
/
1
/
1
17
*1618 164 1612 161
/
1
2174 173
8 1,000 Young Spring & Wire No par
15 Jan 8 22 4 Feb 19
3
3 Mar 1912 July
/
1
4
2014 201
201 205
/
4
8 20% 2118 21
211
20% 203
4 203 21
8
3,000 Youngstown Sheet & T _No par 17
/
1
4May 14 33 4 Feb 19
3
712 Feb 37 July
/
1
4
42 Feb 5
*212 27
8
*24 25
8 *212 2% *212 3
, 24 *212 278
/
1
200 Zenith Radio Corp__ _No par
23
212May 24
/ Feb
1
4
5 Dec
73 Feb 19
54 51
518 51
5
5
1,800 Zonite Produces Corp
518 518
5
/ 514
1
4
512 518
1
4%July 2
3 Feb
/
1
4
812 July
• Sid and asked 3 .g. 4 .8,18.. an Mg 4'
,
448
, ,
rug do ,,,,... r •mgrt8.4 iu r.....g,.....ogin
g • g..tinnal eel°. e Cagh sale
2 Sold 7 days.
r Ex-dIvIdend
y Ex-rights.
252
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909"18e Exchange method of emoting bonds was changed and prices are now "and interesr—excepS for income and 41/15104 Owls.
NOTICE.—Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when
selling outside of the
regular weekly range are shown in a footnote In the week in which they occur. No account is taken of such sales In computing the range for the year.
BONDS
N. Y. STOCK EXCHANGE
.
Week Ended July 13.
i •
11
No,
U. S.0
00000mint.
Price
Friday
July 13.
Bid
Week's
Range or
Last Sale.
Ask Low
1,
s.,
.
.0
High No.
First Liberty Loan
-3% of '32-47 1 D 1041532 Sale 10355321041332 139
J D ___
Cony 4% of 1932-47
____ 02278,may'34 ____
J D 1311 Sale 103155,1032532 152
Cony 434% of 1932-47
;
,3ihne•34__
1 13 031432103153310254
2d cony 434% of 1932-47
Fourth Lib Loan 434% of '33-38 A 0 03253, Sale 10354321032532 lii
45£% (2d called)
01553, Sale 101201,1012532 100
, Treasury 434s
1947-1952 A 0 133133 Sale 1132532114
99
Treasury 45£8 to Oct 15 1934,
thereafter 814%
1943-45 A 0 041311 Sale 10452, 10454,3 557
Treasury 41
1944-19541 D 0952,, Sale 109%, 109253, 303
Treasury 334s
1946-1956 M S 072533 Sale 1071531108%, 319
Treasury 350
1943-1947 J D 0515,1 Sale 1042%10515n 231
Treasury 3
8--SeD1 15 19
51-1955 M S 0253, Sale 101551,10214n 1466
Treasury 38. _Dec 15 1946-1948 J D 02531 Sale 10043,102113, 2788
Treasury 35451 June 15 1940-1943 1 D 051131 Sale 105153210555n 463
'treasury 3548 Mar 15 1941-1943 M S 05132, Sale 105%1 1052033 272
2
Treasury 354s June 15 1948-1949.3 D 0315, Sale 102253
,103153, 399
Treasury 33(e
Aug 1 1941 F A 05143:Sale 105',, 1051523 4048
Treasury
_ ____1944-1946 , 04532 Sale 103531 104152, 887
,
Fed Farm314s_Mtge Corp 338__1964 MS 0215,3 Sale 10120,3102152, 1184
33
1944-1949 M 5 101
Sale 1005%1101032 423
Home Owners Mtge Coro 4s_1951 1 1 Oltee Sale 1002%31015,3 2687
38 series A
1952 MN 100"5, Sale 100153
,10153, 1542
State & City—See note below.
Foreign Govt. A Municipals.
Agri° Mtge Bank,t 88
1947 F A 26 Sale 26 May'34
1
Aug 1 1934 subseq coupon__
, 2312 253, 24
3
2512
Sinking fund 68 A_ _Apr 151948 -A0 27
5
2858
28%
With Oct 15 1934 coupon- — ,,_, 2312 /5 4 267
1
2678
-5
8
Akershus (Dept) ext 58
1963 M -11 783, 80
13
80
793
4
Antiociula (Dept) coil 78 A 1945 .1 .1 11 sale 11
9
12
External, II 78 err B
1945.5 1 103 12
912
4
12
4
External a f 7s ser t'i
19451 1 103 12
2
4
1114
1114
External a f 753 set D
1945.5 1 1134 Sale 11
28
12
1012
91 11
1012
External s f 7s let ser
2
1957 A 0
98
1
912 11
97o
External see,1 78 2d eer 1957 A 0
Ili
912 1112 912
External see e f 7s 3d ser_1957 A 0
10
9714 32
Antwerp (City) external 58_ _1958 J D a97 Sale 97
Argentine Govt Pub Wks 68_1960 A 0 785s 80 z8112
8112 21
Argentine 6, of June 1925 I959 J D 7814 Sale 7814
22
82
Esti a f 6s of Oct. 1925
I959 A 0 7812 Sale 7812
s 26
818
External,f 655 series A...,,1957 M S 7812 Sale 7812
817
8 36
80
82
External 6,series B_ _Dec 1958.5 13 7818 80
21
Ext!81 68 of May 1926.....1960 M N 79 Sale 79
8112 31
External,f 88 (State Ry)-1960 M 5 79 Sale 7812
8212 43
Eat!68 Sanitary Works_ _1961 F A 781, Sale 7811
8112 52
Eat'68 pub wks May 1927 1961 MN
7812 Sale 7812
817
8 31
Public Works eat! 53.i8_1962 F A
70
7614 7612
7612
4
9312
95
5
9312
Argentine Treasury 58 i_ _1945 M 5 93
Australia 30-Yr _ -July-- 1955 J J 95 Sale 9314
15
9514 169
External 58 of 1927__Sept 1957 7.8 5 9518 Sale 93
551.
9514 172
External g 434a of 1928
1958 MN 911 Sale 9012
913, 165
Austrian (Govt) a f 78
31
99
1943 1 D 9812 Sale 98
70
Internal sinking fund 7s.,_19571 J 70 Sale 6712
38
Bavaria (Free State) 8548_1945 F A
Belgium 25-yr esti 6 Na
1949 MS
External s f 68
1955 1 J
External 30
-year a f 7e___ _1955 1 13
Stabilization loan 78_
_ _1956 M N
Bergen (Norway)5a_ _Oct15 1949 A 0
_External sinking fund 58-1960 M S
Berlin (Germany)s f 6 Ns-1950 A 0
External, f 614_ June 15 1958 1 13
1946 A 0
Bogota (City) esti sr fie
Bolivia (Republic of) ext18a_1947 MN
External secured 7s (fiag)ABER J J
External a f 7s (flat)
1969 M 5
Bordeaux (City of) 15-yr 68.1934 MN
Brazil CU El of) external 88-1941 1 D
External a f 654s of 1926 I957 A 0
external 11 t 6 3Se of 1927_ _ I 957 A 0
1952.3 D
7,(Central Ry)
Brem^n (State of) est! 7s_ _ _1935 M S
Brisbane (City) s f 5a
1957 M 8
Sinking fund gold 58
1958 F A
20-year, 1 6s
1950 J 13
Budapest (City) eat' 8 f 68-1962 1 D
Buenos Aires (City) 654a 2 B 1955.8 /
External s f 68 err C-2
1960 A 0
External at as err C-3
1960 A 0
Buenos Aires (Prot.) ext1 612_1961 M S
Stpd (Sep 1 '33 coup on)1961 M El
External a t 650
1961 F A
Stpd(Aug 1'33 coup OW 1961 F A
Bulgaria (Kingdom)s f 78
1967 J J
5
Stabil'n P f 71 48Nov 15 1965 M N
May coupon on
Calder; Dept of(Colombia)734s'46 J J
Canada(Dom'n of) 30-Yr 421-1960 A 0
5/
1952 M N
4548
1936 F A
Carlsbad (City)a f 8s
1954 1 J
Cauca Val (Dept) Colom 7548'46 A 0
Cent Agile Rank (Ger)
-1950 M S
Farm Loan,1614__July 15 1980 1 1
7s_Farm Loan 8 f 65__Oct 151980 A 0
Farm Loan 8s set A Apr 15 1938 A 0
Chile (Rep)—Exti ,f 751__.1942 MN
External sinking fund 6s.A900 A 0
1960
Ext sinking fund (314__Feb 1961. F A
Ry ref ext of 6a. _---Jan 1961 J .1
Ext sinking fund as__Sept 1961 M S
External sinking fund 6s-1962 M S
External oinking fund 6s...1963 M N
Chile Mtge Bk 6558 June 30 1957.3 D
151 6Na of 1926-.June 30 1961 .1 13
Guar 8 f 68
Apr 30 1961 A 0
Guar 8 tea
1962 MN
Chilean Cons Muni° 712
1960 M 5
Chinese(Hukuang Ry)58_ _1951 J D
Chriatiania (Oslo) 20-yr o 1 '5481 S
-68
Cologne(City)Germany 634,195081 5
Colombia (Rep)65 of'28. _Oct'61
Oct 1 1931 and sub coupons on A 0
Ester Bs (July 1 '34 coup on)'al J .1
Colombia Mtge Rank 6 N s of 1947 A 0
Sinking fund 7,of 1926-1946 M N
Sinking fund 7e of 1927
I947 F A
Copenhagen (CRY) &I
19521 D
25
-year 5 4 348
1953 M N
Cordoba IC tY) esti 8 t 711-1957 F A
Externs,if 711.- --Nov 15 1937 M N
Cordoba (F rav) Argentina 781942 1 1
Costa Rica (Republic)—
715 Nov I 1932 coupon on.1951 M N
7a May 11936 coupon on_1951 ____
-814
37
3612 37
3712 23
10112 Sale 10114 1017
8 13
100 Sale 993
4 10018 17
107 108 10714 108
75
1053 Sale 10512 106% 72
4
80':._-_ 82 June'34 ____
7812 807 7
8 83,
5
785,
32
37
3612 Sae 36
37
67
3614 sale 36
183, 2O'z 20%
3
2018
712
814 30
75 Sale
4
57
8
6
7
612 20
61
8 33
612 512
6
1697 __ 16934 169s
8
2
3014 Sale 29%
3014 13
2512 Sale 25%
26
95
253 Sale 25
8
257
8 30
2512 Sale 25
2512 18
4712 483 4712
4
8
49
8312 844 84
8444 28
5
84
8312 8414 84
9512 17
94 Sale 94
4112 15
4112 Bale 407
73
7418 75
8
75
7112
_ 72%
4
72 4
16
7334 E,ile 73
-5
74
46
— - - 4912 July'34 ....
431
4314 sale 40
97
1
5014
5014 Sale 5014
4314 Sale 4314
435
4 21
2112 2212 22 June'34 _-21
231 22% July'34 -_21
20
21
13
137 13
8
13% 19
101% Sale 10118
1017 147
8
110 Sale 1091
35
110
10412 55
1045, Sale 10414
73
76% 43
71
73
s
4
127
123 137 1214
4
4712 10
4712
46
47
4512 33
43 ____ 42
4212 42
4118 Sale 3912
4114 Sale 41
43
105
117
s 24
10% Sale 1012
1112 22
1034 Sale 104
113
11 Sale 11
12
11 Sale 10%
12
15
1112 11
1012 Sale 1012
3
1034 1112 1112
1112
1034
1114 30
4
103 12
1212 27
12 Sale 12
137 Sale 137
14
14
s
123
8 30
12
1214 12
6
1212
12 Sale 12
814
8% 10
88 Sale
4
30%
___ 30%
____
3
90
8912 gale 8912
5
293, Sale 29, 3112 20
275 Sale
2712 Sale
2312 Sale
24 Sale
23% 24
7812 Sale
7318 7414
3654 Sale
36 S.tle
5212 Sale
39
25
40
Sale
27
2718
2312
23
23.
18
7718
73
32
351
8
5058
28
277
2312
24
235
8
7878
73
363
8
36
5212
21
35
1
15
5
12
2
26
4
6
39
25
39%
25
5
2
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 13.
1
1
1
...a.
Price
Friday
July 13.
Week's
Range or
Last Sale.
1,
4
-
0
Foreign Govt. A Munk.(Con.)
Bid
Ask Low
High No.
Low
High Cuba(Republic) 1551 of 1904-1944 M S 94 Sale 94
9912 59
10055310415n
External 58 of 1914 ser A__1949 F A
9412
95 June'34 ___
10011,1 10352,
External loan 4%a
1949 F A
70%76 68 June'34 ____
10143,104"ss
Sinking fund 550 Jan 15 1953.3 J 7234 Sale 7234
7434 12
10215,31025533
Public wka 554, June 80 1945 .1 D 2814 Sale 2618
2814 51
10113
0041535 Cundinamarca 614,
1959 11 N
,
123 Sale 1234
4
1312 29
101%102153, Czechoslovakia(Rep of)88_1951 A 0 9912 100
987g
100
10
10431,2 114
Sinking fund Fie Fier B
1952 A 0 97
997 99
9912
9
Denmark 20
-year extl 6s____1942 J 1
8
£157 Sale 957
8
965
8 48
97355,104N,
External gold 534s
1955 F A
9012 Sale 9012
9138 34
1015100913n
External g 4548__Apr 15 1962 A 0 81 Sale 8012
8112 75
10015, 10853, Deutsche Bk Am part ctf 68_1932
98"53105,533
Stamped extd to Sept. 1 1935_ ---- 5712 62 35712
571
8
93132,102u,, Dominican Rep Oust Ad 55412 '42 M 13 65 Sale 65
14
66
101%31020n
let ser 5348 of 1926
1940 A 0 58
5912
5924
65
4
98151310555o
2d aeries sink fund 001_1940 A 0 58 Sale 58
5912 13
9835005"o Dresden (City) external 78..1945 M N 46 Sale 4514
5
46
9515003"n Dutch East Indies esti 6s 1962 M S 163 Sale 163
1631
6
30
-year WI 530--__Nov 1953 MN 160 ____ al6214July'34 —__
97355310515o
101%, 104153,
30
-year ext 5Na__Mar 1953 M 111 160 _-__ 163
6
163
1015n 1021531 El Salvador (Republic)88 A_1948 J J 52
58% June'34
100532 101533
Certificatesof deposit
J J 46 47
52
i
47
10013
009553 Estonia (Republic of) 78___1987 J J
7212 7312 7212
8
72%
10052, 101 4, Finland (Republic) ext 68....1945 M 5 99
,
9912 99
I
99
External oinking fund 751_1950 M 8 100 Sale 993
4 10012 25
External sink fund 630_1956 M 5 9814 Sale 981
9812 19
External sink fund 5348_1958 F A
93 Sale 9212
9
93
Finnish Mun Loan 634, A.-1954 A 0 97 Sale 97
3
98
External 6 Ne serial B.,.,_1954 A 0 963, 97
9612
6
97
18 4 271g Frankfort(City of) a f 6%8_1953 MN 29% 31
3
2818
3014 10
20
2614 French Republic.extt 750_1941 1 0 185 Sale 185
18514 56
1538 2934
External 751 of 1924
19491 D 1823 Sale 8212 1823
4
4
4
16
267 German Government Interna8
6612 815,
Lionel 35-yr 534,of 1930_1965 I D 37 Sale 3612
330
39
818 1734 German Republic anti 751_1949 A 0 50 Sale 483
4
515 233
8
9
17
German Prov A Communal Bk,
93, 17
(Cons Agri() Loan)654,A_1958 1 D 3512 Sale 3314
3512 38
818 1714 Graz (Municipality) 88
3
85
1954 MN 85 Sale 85
81 1434
Only unmatured coupons on_--- _ — 84
_
65 May'34
8
145 (3t Brit & Ire (13 K of)5 Na_. 1937 FA 11618 Sale 116
8
1167
8 35
8
145
8
(4% fund loan E opt 1960.1990 MN 5211514 Sale a115 015 8 189
5
8218 99% Greek Government81 ser 78_1984 M N
27
2914
28
35
4
8fear fitl Aug'33 coupon 1968 F A
5312 84
22
2334
25
25
26
5311 8414 Haiti (Republic) s f 6e aer A 1952 A 0 80 Sale 80
81% 23
63
84
Hamburg (State) 68
3244
3472 35
1946 A 0 3118 33
53
837 Heidelberg (German)ext17%a'501 1 23 Sale 23
1
23
5358 84 Helstngfors (City) ext 650-1960 A 0 94
9418
4
95 94
533, 84
Hungarian Munic Loan 75411945 3 J
3718
2
3712
3712 42
53% 8418
Only unmet coup attached__ J 1 -___ 32
2714 May'34 ___
525g 837
8
External a f 7,(coup)
27
4
36
39
---1946 1 1 373 41
52 8 84
5
Only unmat'd coups attached J 1 ____ 393 30 June'34 ____
4
4712 78
Hungarian Land M Inst 7348 '61 M N 4714 Sale 4714
12
475
803 99
4
Sinking fund 754,ser B__ _1961 M N 4714 49
473,
5
473,
8812 973, Hungary (King of) 8 1 7%8_1944 F A
39
417 387
8
413, 12
973,
89
83
95
Irish Free State extl a f 58_1960 M 14 111 Sale 111
.
1
111
91% 10012 Italy (Kingdom of) ext1 78-1951 J 0 9458 Sale 9234
947 105
50
77
Italian Cred Consortium 76 A '37 M S 97 Sale 9612
2
97
External sec 8 f 78 ser B._ _1947 M 8 91 Sale 9012
21
91
35
5912 Italian Public Utility ext175.1952 1 J 83 Sale 8238
15
83
95 105
Japanese Oovt 30-yr a f 630-1954 F A
176
91
903, Sale 89
94 10412
Ertl shaking fund 5548... _1965 MN
753 Sale 7512
4
14
76
99 109
Jugoelavta (State Mtge Bank)—
957 106%
8
3
2514
2514
1957 A 0 25% 32
Secured a 1 g 7s
8212
68
78 with all unmet coup -1957 ---151, Sale 153,
5
153,
6612 8212
With Oct 1 '35 & sub coups on.
5
16
16
16
18
3212 52
4912 21
Leans%(Germany)8 f 78_ _1947 -F5.5 4812 Sale 4818
m y 49% Lower Austria
8
(Prov) 734a 19503 13 885 ---- 8712 June'34 —__
1718 24
Only unmatured coups attach'd ------------50 Feb'34 ____
35
61 1134 Lyons (City of) 16
170
8
14N 169%170$i 1697
-year 68_1934 1
58 1012 Memento)
10
170
(City of) 15-yr 68_1934 MN 170 Sale 170
51g 1012 Medellin (Colombia) 6128-1954 1 0 10
2
105 1014
8
103
4
149 17014 Mexican Irrig Aeetng 4348_1943 MN --- — - — 53 Apr'34 --_4
22 4 3612 Mexico (118) eatl 5/ of 1899 £'45 Q 1 __ _ _
3
_
. 4 Sept'33 --..
1946 ____
7 _814 718
718
1
2014 32
Assenting 58 of 1899
201 32
.
---- -- -- ---- 7 June'34 — _
Assenting 56 large
201* 32
7% Apr'34 ____
Assenting 58 small
4712 6318
5 Sale
412
Assenting 48 or 1904
1954 ---53, 17
7314 88
444 5
---414 Mar'33-__
AscentIng 4a of 1910
73
58
8778
53
4
4
53 Sale
Assenting 4, of 1910 large
2
---83
953,
Assenting 4,of 1910 small__
8
53
8
--, ---- .... 518
3118 4612
* frees 68 of'13 assent(largeyi3 :1 J _______ 9 Apr'34 ____
461 793
J J --------618 Apr'34 ____
*Small
4
4
723 Milan (City, Italy) ext1654, 1952 A 0 8412 Bale 84
4
841
41
4514 74
Minas Geraea (State) Brazil—
1955 M S
3014 50
1812 1912 184
8
External a 1 650
193, 12
2614 44%
193 x1812
4
Ext sec 634s series A
10
19
1950 M 5 1812
3158 5014 Montevideo (City of) 7s
3
36
1952 1 D 36 Sale 36
27
44
External 8 f 68 series A...1959 M N ---- 304 30%
1
3012
1878 24
93 Sale 9214
2112 2612 New So Wales (State) extl 33 1957 F A
93
37
20
2014
93
External 8 f 58
32
Apr 1958 A 0 93 Sale 92
105 183 Norway 20
4
101
-year ext 6s
1943 F A 995 100 100
43
92 1025
8
20
-year external6110014 20
1944 F A 9912 10012 9914
30
-year external 68
10314 11114
1952 A 0 9912 Sale 9912 100
28
,
5
945
8
40
5
1003, 10412
-year 8 t 5Ns
1965 1 D 935 9414 03 8
905
6712 8012
External a f 5a...Mar 16 1963 M S 904 Sale 90
8 10
8
1034 19
03
Municipal Bank extl 8 f 58.1967 J 0 905 Sale 9 s
, 12
905
4514 73
Municipal Plink extl,f5..1970 1 D 905 9112 0014 July'34 -___
3018 Sale 30
3512 69
Nuremburg (City) extl 68._1952 R A
3012 25
3514 89
1953 M S 72 Sale 7112
Oriental Devel guar fla
73
17
8
6914 38
3814 70
Eat! deb 554s
1958 M N 685 Sale 683,
9112 92
9
90
16
Oslo (City) 30
92
-year.1 61_1955 M N
6
718 16
7
153 Panama (Rep) esti 550_ .1953 1 D 10212 Sale 10212 103% 23
4
7
3758 13
15 4
3
15
Ext111151 aer A— -MaY-- 1963 MN 3714 Sale 37
___ _ 0718 Sale z38
7 4 153
3
Stamped
7
38
4
14
1412 16
71, 1558 Pernambuco (State of) extl 78 47 M S 1214 14
13
Peru (Rep of) external 7s_.1959 M S 1234 13
13
6
71, 16
9% 1512
Nat Loan int]of 6s lat ser 1960.3 D
75,
8 Sale
814 58
8 Sale
10
1814
30
712
8
Nat lean ext1 s f 68 2d ser_1961 A 0
818 1512 Poland (Rep of) gold 68____1940 A 0 72 Sale 71
72
21
Stabilization loans f 751_1947 A 0 1135s Sale 11214 114
8
1518
143
7
12
External sink fund g 88_1950 1 J 8412 Sale 8314
8512 91
27% 427 Porto Alegre (City of) 88-1961 .1 D 20 Sale 19
8
20
8
193 Sale 1914
4
Ext1 guar sink fund 7343_1986 J J
81% 93
20
13
Prague(Greater City) 7 Na_.1952 MN 975, 100
27% 50
97
9712
5
(Free State) eat' 6548 '51 M S 363 Sale 365
Prussia
4
8
38% 46
External a 1 68
1952 A 0 3658 Sale 36
2112 355
8
3712 126
extl 817e 1941 A 0 104 Sale 104
21
104
353 Queensland (state)
4
5
1947 F A 101 Sale 101
15
24
26
-year external 68
10112
3
1950 M 5 50 Sale 4912
1512 2412 Rhine-Main-Danube 78 A
50
19
Orande do Sul eat]1188_1946 A 0 215 2234 2112
15
28
8
Rio
9
223
4
A pr'32-Oct'33-Oct'34 cpn on_- _
6312 84
1918 2214 19 June'34 ._ _
591k 7812
External sinking fund 88_1968 .313 1814 Sale 1818
1912 49
External a f 78 of 1928
1912
14% 33%
1912 Sale 19
1966 M N
3
External,f 78 munlo loan.1987 J D
297 37
8
19 Sala 19
19
14
25% 54
RIO de Janeiro 25
1978 21
-year of 8...1946 A 0
20%
21
9
195a 1934 195,
External 8 1 6548
1953 F A
1912 20
3314 Rome (City) extl 63415
30
1962 A 0 8812 Sale 87%
8812 93
1834 2512
I
Since
twe
./cm. 1.
Low
litok
7474 9912
93
9512
62 8 78
7
6172 8418
2258 417
8
103, 19%
88 101
90 101
8612 981e
83% 951s
71
87
573 77%
43 4 677
1
s
86
59%
37% 597
8
4514 5818
15112 16512
151 16412
151% 165
60 '
_.4812
as
as
5778 76
79
99
8612 100 2
,
7813 99
76
9338
77
98
7512 97
25
48
15414 185 4
3
160 1851
3412 6312
4714 8712
313, 7112
8
573, 885
62
6512
1115 124%
8
109 11712
331
22
183, 31
7412 82
3018 58
23
44
723 95
4
283, 4414
2714 2714
303, 45
30
30
3312 501a
31
501a
3112 4214
11018 116
903 102
9314 100
8914 100
9318
76
86
9612
7312 86
2318 4212
1558 27
1312 16
37% 6514
60
89%
50
63
149 1705
8
149 171
87 163,
8
411 73
-- -.
--.
618 10
7
1114
7% 8
Cc
7,
4
---5 --1
84
438 848
8% 11
1112
6
8212 91,
2
17
17
27%
26%
24
2312
3614
327
8
85
96
8514 955,
9118 10114
9014 10114
8912 100
83% 95,,
8012 92/8
8312 91
81
91
287 5518
8
65
7712
4
623 74
76% 93
98 10312
2918 44
298 44
1018 181,,
812 17
5 8 141a
7
6% 1418
59
79
88 118%
6914 90
17% 2478
163, 2/12
83 100
35 5812
347 57,
2
102 10612
941, 103
48% 695,
26
19
183 20
8
1514 24
1718 24
17% 24,4
1712 22;a
22
16
92
83
For footnotes see page 257.
NOTE.—Sales of State and City securities occur very rarely on the New York Stock Exchange, dealings In such securities being almost entirely over the counter,
rtlid asked quotations, however, by aerlYe desle*. In , “....eortries. will be found on a subsequent pass under the general head or 'Quetstions for Unlisted Securities."
h,
New York Bond Record-Continued-Page 2
July 14 1934
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 13.
iI
u
2.s..
Price
NittaV
July 13.
Week's
Range or
Last Sale.
11
ta
Range
Since
Jan. 1.
I
I
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 13.
13:
1
..,
kt
253
Week's
4.
Range or.e4
Last Sale,
co t5
Price
Pridad
July 13.
Range
Since
Jan. 1.
Bill
High
lligh No. Low
Bid
Ask Low
Foreign Govt.&Mimic.
Ask Low
Railroads (ContInued)(Cond.!
ALM No. Low
Mob
Rotterdam (City) exti 68-1144 M N 11813 1193 a11612July'34 ---- 112 134 I Canadian North deb a 1 79_1940 J D 10918 Sale 109
4
10938 35 105 1095*
3412 117
Roumania (Monopolies)73_1959 F A 34% Sale 30
25
23
40
-year at deb 8341
1946 1 J 120 Sale 11912 120
51 1081 120
4
79
Saarbruecken (City) 83
10-yr gold
5
4
1953 J J 783 7912 79
6618 81
- -Feb 15 1935 J J 102 103 10212 July'34 --_- 10012 103
2512 16
2412 Sale 24
22
Sao Paulo(City) a f 8s--Mar 1952 MN
43030 I Canadian Pao Ry 4% deb stook_ -,-- 85 Bale 8314
61
85
111
85
17% 24
External at 834a of 1927-1957 MN 2314 Sale 2314
233
4 10
Coll tr 434s
4
1946 M S 9918 Sale 973
995
745 995*
4
8 53
11
33
33 32
at
18
3514I 53 equip tr ctfs
San Paulo (State) eine 83_1936 J 1 32
1944 5 J 108 Sale 10778
10812 21
99% 10812
72
23
External sees!88
1358 25
1950 5 .1 23 Sale 2212
8
Coll tr e 53.
Dec 1 1954 J D 1017 Bale 10012 10138 106
7714 1017
8
External at 78 Water L'n.1958 M 5 20
3
4
2112
2218 203
138 24 i
Collateral trust 4%3
1980 1 s 97 Sale 9
312
168
97
71% 97
6
20
4
External a 1 6s
1258 22
193 2034 1934
50
/Car Cent let cons g 4111
1968 1 J
42 July'34 ---1949 1 3 42
32% 44
Secured at 78
65
8614 47
88 I Caro Clinch &0 let 30-Yr 53_1938 1 D 10614 10714 10814
4
1940 A 0 84 4 Bale 843
1
107
95% 10714
6
1818 4312
4
39
3
let & cons g 6s ser A_Deo 15 52 J D 107 4 Sale 1075
Santa Fe (Prov Arg Rep)7s-1942 M 5 385* 401 3814
8
107 4 25
3
9014 109
4612 87
35
463
4
48
48
Saxon Pub Wks(Germany) 78'45 F A 47
81
81 June'34 ___
Cart & Ad let gu g 43
m
84
1981 J D 79
40
4
38
373 Sale 353
8
Gen ref guar 6343
353 607 Cent Branch U P let g 43_1948 J D 5014 5512 55
4
4
1951 M N
5
56
28
56
Saxon State Mtge Inst 7s
5312 71
6
55
1945 I 0 5212 581 5312
58 June'34 ____
41
65
:Central of Ga let g 5e_Nov 1945 F A ---- 62
Sinking fund g 634s-Deo 1948 .1 D 6212 57's 58 July'34 ---5512 70
Conaol gold 5s
1945 MN 2712 Sale 26
2712
2
22
38
8
*
211g 28
7
2814
Serbs Croate & Slovenes Ets-1982 MN
4
17 4 143 July'34 --255* Sale 255
Ref lc gen 5349 series B 1959 A 0 10
1278 26
All =matured coupon on__ -- 1712 21
2
1712
1712
16
22
177 1712 June'34 ---8
Rat & gen 5s series C.__ _1959 A 0 15
128 26
Nov 1 1935 couponon. 1412 20
1312 1512
6
15
27
14%
33 May'34 ____
Chatt Div par money g 48_1951 1 D 25
18
37
18
16
4
25
N 25 Sale 243
External sec 79 see B
1962 Iti35
253
8
Mao & Nor Div let g 53_1946 1 J ---- 37
Jan'33
14
123 20
4
7
18
November coupon
21
Mid Ga & Atl Div pur in 5s '47 J J --__ 25
_ _ ---- 18 Bale 17 8
Jan'34 ____ -20- Iii
11
7s Nov 1 1935 coupon on 1962 --- 15
3414 May'34 ____
39
17
171 1414 June'34 _--on__-Mobile Div let g 5e
28
35
1946 J J 27
6678 123
8
Silesia (Prov of) esti 75
523 71
8
80
Cent New Engl let gu 4s..,..._1981 1 J 781 80
687 Sale 647
8
80
1958 1
5
65
83 4
1
4418 June'34 ---44
Silesian Landowners Assn 63 1947 F A
71
75
433 69
4
41
Cent RR & Bkg of Ga coil 5-1937 M N 69
73
20
53
73
Soissons (City of) extl 83_1938 MN 1693 -- - a1705 a1705
8
8
4
8
9 150 171
Central of NJ gen e 5s
1987 J J 1087 _ 108
108
5
25 108%
Styria (Prov) external 73_1948 F A
8714 Sale 867
8714
9
9714 9714
55
88 I
9714
e
General 45
1987 I .3
4
78
97%
Sweden external loan 5%6-.1954 MN 10314 Sale 102
1031
4 14 1018 1093
4
4
Sydney(City) of 5343
90
15
SO
93
1955 F A 89 Sale 89
Cent Pao 1st ref gu g 43____1949 F A 9614 Bale 9412
9612 144
751k 96%
923 July'34 --8
Through Short L let gu 45_1954 A 0 9318 95
731$ 93
Taiwan Eleo Pow a 1 5343_1971 J .1 6814 Sale 663
4
683
8 37
8
613 7312
4
1980 F A 825 Sale 82
8314 103
Guaranteed g 58
637, 87
Tokyo City 53 loan of 1912A952 M 5 6612 68
6612
4
6612
6814 73% Charleston & Say% let 73_1936 1 J 105% _-__ 105 June'34 _-- 103 105
External St 5343 guar_ __ _1961 A 0 70 Sale 68%
70
67
4
813 733 I Chas & Ohio 1st con g 53_1939 MN 1103 Sale 11012 111
4
4
44 10512 III
Tolima (Dept of) WI 78____1947 MN
12
3
1118 1273 1114
4
8
1012 17 I
11114 36
1992 M B 1103 Sale 1103
General gold 4345
98 4 11114
3
Trondhlem (City) let 530_1957 M N 8212 Sale 82
821
5
4
67 4 8714 I
3
Ref de impt 430
106
1993 A 0 1053 Sale 10514
66
88 106
52
Upper Austria (Prov) 7s____1945 J D 81
62
4
88 I
10618 49
8312 8312 July'34 ---Ref & ImPt 43.4a ear B
1995 J J 1053 Bale 10514
8818 10818
Only unmatured coups attch ------------74 May'34 ---74
76
105
Craig Valley let 53_ _May 1910 J J 105 --__ 105
2
9712 105
4 4 838 7712
External at 6%s_June 15 1957 1 D 7512 Sale 7512
____ 101 June'34 ____
75'
Potta Creek Branch let 48_1946 J J 101
9012 101
Uruguay (Republic) ext1 83_1946 F A
35
36
9
3514 37
3412 48 I
4
R & A Div let con tr 4s-1989 J J 1033 --_- 10312 July'34 ____
9712 10318
External a f 68
3112
32
8
1960 M N 3112 Sale
30
42
2d °mewl gold 40
1989 3 J 10112 --- 10112 July'34 ____
8712 10112
External s 1 63... _May 1 1964 M N
3114 323 32 8
5
323
5
2914 42
Warm Spring V 1st g 5s 1941 M El 106 .- _ 9912 Jan'34 ____
gg
9938
Venetian Pros Mtge Bank 75 '52 A 0 _-- 947 97 May'34 ---,
97 109
Chic & Alton RR ref g 33 1949 A 0 60 Bale
2 33
5158 7018
Vienna (Citron extl a f 58_ _1952 MN IN Bale 89
90
44
58
9012 Chic Burl & Q-IiiDly 3%3_1949 J 1 101 Sale 10012 101
27
gg 101
Unmatured coupons attached_ MN
8
4
75% Bale 7512
7512
50
76
Illinois Division 43
1949 J .1 1083 107 10514
1053
4 36
97 105 4
1
6214 34
Warsaw (City) external 78_1958 F A 6214 Sale 613
4
53
6814
1045 123
8
General 4s
1958 M El 10412 Sale 103
92% 1045
8
Yokohama (City) extl 63_1981 J D 7412 Bale 72%
66
77
7 'z 27
4
let & ref 4343 ser B
1977 F A 10414 Bale 10312 10414 18
88% 10414
1971 F A 10918 Bale 10812 10918 36
let & rat 53 ser A
96 109%
:Chicago & East III 1st Co. _ _1934 A 0 7812 -- - 80
83
12
53
83
Railroad.
1212 Bale 1214
133
4 26
2C & E III Ry(new co) gen 53 1951 MN
10
2512
1214 137 12%
8
14
Certificates of deposit-_
8
934 21
Ala Of Sou let cons A 53_1943 J D 104% ____ 104 May'34 ___
94 104
N
chicago & Erie lat gold 53_ _1982 I - 1093 110 10912 10912
4
2
91 110
let cons 4s Der B
3
96 10012 Chicago Great West let 4s....1959 M S 48 Sale 483
10012 10012
4
1943 J D 10014 -- .
4814 46
35% 59
Alb & Slum let guar 3%3_1946 A 0 98 Sale 98
9814 12
85
9914 :ChM Ind & Loulsv ref 83-1947 J J 3012 Sale 3012
3012
1
3012 47 2
,
Alleg & West let gu 43
91
15
73 4 91
3
32
30
1998 A 0 91 Bale 9012
Refunding gold 5a
19473 J 26
30
5
26
421e
Aileg Val gen guar g 48
96 10412
2712 26
1942 M 13 10412 Sale 1034 10412 47
Refunding 45 series C
19471 J 25
26
3
28
41
(Ann Arbor let g 4s__ _July 1995 Q J
563
4 17
29
60
12
564 Sale 56
1114 15
1st & gen 5s series A
1986 MN
1212
7
12
23 8
7
Atoll Top &IS Fe
105 4 196
3
1
93 1053
-Gen g 49_1995 A 0 105 4 Sale 1034
3
1014 1312 11
12
Tat & gen 68 series )3_May 19861 J
14
11
253*
9912
1
AdJuatment gold 4a_ _July 1995 Nos 995* --- 9912
134
9913 ChM Ind & Sou 50
9414 923
4
-year 43.„1956 J J 93
93
7
71
9312
Stamped
100
72
83 100
July 1995 M N 100 Sale 98
Chic LS & East let 434s--1989 1 D 1035* ___- 105
105
1
99 10514
Cony gold 48 of 1909____1955 1 D 97 z--- 96 July'34 ---8212 983 Chl M & St P gen 4s ear A__1989 J .1 62 Sale 613
8
4
8 38
627
60% 74 8
7
Cony 49 of 1905
1955 2 ID
9512 sale 98
9712 11
80
9712
60
3
Gen g 3349 ear B___May 1989 J J 60 Sale 59
53
71
Cony a 41 Issue of 1910....1960 J D 8712 9512 952
9512
may 1989 .1 j 67 Sale 67
3
7812 9512
67
Gen 430 ear C
2
64
8018
Cony deb 4343
Bale 10612 107
50
9514 107
1948 1 D 1061
8
Gen 43ts set E
6812 15
May 19893 J 6612 Sale 6612
6312 81
Rooky Mtn Div 1st 48_1965 J J
21
99
100
82 100
70
995* 100
Gen 4348 ear F
May 1989 J J 68 Sale 68
5
65
84
Trans-Con Short L 1st 43_1958 J 1 1047 .- - 1041* July'34 _-_9514 10414
8
Cal-Aria 1st & ref 4343 A.1982 M 5 107 Sale 10612 107
22
95 107
4
375* Sale 3812
Chlo Mtlw St P & Pao 5a A_-1975 F A
388 438
34% 5618
All Knox At Nor 1st g 53_1946 .1 D 1045* -- 10011 June'34 -_. 9954 103
4
Cony ad) fe
123 421
4
Jan 1 2000 A 0 1218 Bale 113
1134 23 8
5
AU & Char! AL let 4343 A__1944 J J 10218 -- - 102
102
10
8878 102
80
Chic dg No West gen g 3343_1987 MN 60 Bale 5914
8
52
70
106
let 30
15
88 106
8
57% 77
-year 13a series B_ __ _1944 J J 106 Bale 106
4
85 8
7
3
General 4s
1987 MN 657 Sale 653
90 May'34 -Atlantic City let-cons 411_1951 J J 90
96
75
90
58
78
75
7312 June'34 ____
Stpd 40 non-p Fed Inc tax '87 M N 65
Atl Coast Line 1st cone 43July'52 MS 1005* Bale 99
100% 187
82 100 8
72 Sale 71
,
Gen 4342 stpd Fed ino tax_1987 MN
72
18
6312 8254
8912 50
8912 88
74
General unified 4348 A._.1984 J D
89
92
74
74
Gen be stpd Fed Inc tax--1987 M N 73
76
8
58
873*
8318 139
L & N coil gold 4e.
68
8214 Sale 8214
85
4348 stamped
82
Jan'34 ____
1987 M N 5918 -.
,Oct 1952 MN
8018 62
49
Ati & Dan let g 4s
10
39
4718 Sale 47
537
86 4 858
-387
8
79
gg
15
8
-year secured g 6%3-1936 M El 86
1948 J J
4 15
42
42%
2d 411
5
4014 43
35
47
1948 J J
let ref g Cus
May 2037 J D 5218 Sale 5218
531
434 6612
Ad & Yad let guar 43
46
64
let & ref 43.4s etpd-May 2037 J D 47 Bale 4612
48
1949 A C 5712 5812 59 June'34 ---28
39
80%
91
4
Austin & NW let gu g 53_1941 J 1 90% Sale 9012
7914 92
4712 27
1st & ref 4343ser C__May 2037 J D 47 Sale 4612
3
85* 61
3812 394
Cony 4348 series A
1949 MN 37 Bale 3612
225* 53%
10214 129
Bait & Ohio tat g 43_ __July 1948 A 0 10214 Sale 1007
ma 1025* (Chic It I & PRY gen 43-.1988.15641 ._ 8 6414
8
__ __.
! 3_6 3
65
7%
5
5158 73
64
1
6 4
2
4
3
8312 59
Refund & gen 5e series A.1995 J D 8312 Sale 8214
675* 86
Certificates of deposit
10814 37
let gold 511
9812 10812
2412 78
*Refunding gold 43
1934 A 0 2312 Sale 2312
July 1948 A 0 107% Sale 107
3112
20
77
gns
93 4 31
3
Ref & gen 63 &uteri C
223 Bale 2212
4
19933 D 9312 Sale 9214
Certificates of depoedt..____ ___
223
4 55
20
29
P L E & W Va Sys ref 43_ _1941 MN 100 Sale 99
100
103
85 100
4
*Secured 434a aeries A____1952 M 5 243 Sale 2414
2514 24
201i 32%
Southwest D1v let .. _1950 J J 995* Sale 99
100
91
83% 10014
22% .
2212
_
23
.
Certificates of deposit __ __ _
4
22
28
Tol & Cln Div 1st ref 4sA _1959 .1 J 8814 Bale 87
88 4 58
,
66
8814
531012 Sale 1012
107
Cony g 4 41,
_* 12
1960 MN
gel ma,
Ref & gen 153 eerleo D._.2000 M 13 8012 Sale 8011
8114 104
106
67 85% Ch St LAN 0 53__June 15 1951 1 D 10512 106 106
1
133 107
Cony 4 34e
66% 131
57
72 4
3
1980 F A 65 Sale 65
Gold 3348
June 15 1931 J D 84%-- 6312 Sept'33
Ref & gen M 53 ear F
8112 63
67% 85%
86
85
85
1998 M B 8112 Bale 8014
1
Memphis Div let e 43___ _1951 J D 85
Bangor & Aroostook let 53_ _1943 1 3 1075* Bale 1073
8 107%
7 101 110
66
1
ChM T H & So East 1st 53._1960 J D 6512 67g 66
55% go
j
Con ref 45
987
8 31
4
1951 J J 983 Bale 9812
75
987
Inc go 53
Dec 1 1960 M S 4812 48'z 47
4 e 16
87
44% 62
Battle Crk & Stur let an 58.19893 D 1335 86
May'34 ____
63
60
65
8
ChM Un Sta'n let sfu 4335 A.1983 J J 1083 Bale 105
4
3
106% 62 100% 1075*
Beech Creek let gu g 4a__1936 J J 10112 Sale 10188
1015* 14
3
let 53 series B
19633 J 107 4 Sale 10712 107% 10 105% 11012
90 1015*
2d ,
uar g fe
92
1936 3 J 101 10184 9914 June'34 _--997
10814 Sale 107
8
1081
21
CluAranteed g 53
1944 J D
97% mg%
Beech Creek eat 1st g 13343. _1951 A 0 90% 95
83 June'34 -__
83 83
let guar 634s series 0--1963J J 11212 Sale 11212 113
35 11154 115
-.--- ---- -Belvidere Del etg d 1111 3%3_1943 J 3 9912 --,
- Chic & West Ind con 43
93
193
7214 93%
1952 J .1 93 Sale 9212
Big eandy let 49 guar
___ 10212 June'34 ____
8
9618 10212
-1944 .1 D 1035
let ref 554s series A
8438 10418
1962 M $ 102% Sale 102
lO21
e 54
B ',ton & Maine 1st 53 A 0.1967 M IS 895* Bale 8714
8938 38
73
52
48 June'34 ____
90% Choc Okla & Gulf cons 53_1952 MN 46
48
62
• et M 53 aeries II
1955 M N 89 Sale 88
CM H & D 26 gold 434s
89
19
73111 90
1937 1 1 10114 - 10314 July'34 --, 98 10314
let a 434s ear JJ
823
4 44
4
68
19131 A 0 823 Bale 811
8414 C 1St L & C 1st g 43__Aug 2 1938 Q F 103 Sale 103
103
2
99 103
Boston & NY Air Line let 4s 1955 F A 6918 Sale 6814
69'2 10
51
7312 an Lab dk Nor let con gu 48_1942 MN 9912- 961s May'34 --85
9814
Bruns & West let gu it 43_1938 1 3 10018 --- 100 Ma5e3 --'2
887 100 4 Cln Union Term let 4343_2020 J J 10814 1087 107% 108
8
3
15 100% 108%
Buff Rocha Pitts gen 235s-1937 51 S 10512 108 10512 1053
4
i
97 1057
4
8
11014
13t mtge be Darien B
2020 3 J 1101 _ 110
7 10454 11111
Consol 4333
768 41
7814 Sale 78
1957 MN
60
80314
tat mtge g 53 series C
1957 M N 10912 110 10912 11014 23 104% Ill
1113url C It Re Nor 1st & coll 5834 A 0 35 4 377 34 June'34 ---34
3
48% Clearfield & Mah let go 53 1943 1 J 10012 __ _ 965 Feb'34 ___
ggss ggs
s
Certificates of depoett ---------------35
40 Apr'34 ---34
40
Cleve CM Chi & St L gen 48_1993 J D 9688 Bale 9512
9688
9
7518 97
General 53 series B
1993 J D 10814 109% 100 Apr'34 ...-Ms 100
Canada Sou cone gu 5a A_ _1962 A 0 108 Sale 1073
4 108
7
92 108
Ref & impt 8s ser C
100
1
80 100
1941 J 1 100 10012 100
Canadian Nat guar 434s_ _ _1954 M $ 10514 Sale 10418
10538
9
9858 1053
8
Ref & impt baser D
874 86
8712 32
19831 J 87
745* 9112
30
-year gold guar 4343._ _1957 J J 10814 Bale 1075
8 10814 66
9812 1085
8
78
Ref & impt 430 ear E
1977 J J 78 Sale 76
97
64
82
Guaranteed gold OW_ _1968 J 0 10718 Bale 1067
1073
4 49
9912 1073
4
4
Cairo thy let gold 48
5
1939 1 1 10338-. 103% 1033
92 104%
Guaranteed g 511
July 19693 1 114% gale 11318
11414 38 105 11414
9212
CM W & M Div let g 43_1991 J J 9012 93
9212
2
68
92,
2
Oct meg A 0 11514 gale 1137
Guaranteed g Si
s 11514 38 104 s 11514
7
Bt L Div 1st roll tr 3 4s_1990 MN 95 -_. 9412 July'34 ---77
9412
Guaranteed g Si
8 11518
1970 F A 115% 11512 1143
3 105 11518
99 Apr'34 --Spr & Col Div let g 4s_ _1940 M S 101 104
92
99
Guar gold 434s-JUne 15 19651 D 112 Sale 111
11214 44 10218 11214
W W Val Div let g 4s_ _ 1940 1 J 94 Sale 94
94
6
7378 94
Guar g 434a
10914 12 100 10914 Cleveland & Mahon Val 2 5s 1938 J .1 10318__ 10318 Jul,r34 --1958 F A 10914 1093 10814
4
9912 1035*
Guar g 43411
Sept 1951 M S 10914 Sale 10812 10914 83 1001a 10914 Clev & Mar let gu g 4348- _1935 M N 10112 102 101 May'34 ---9912 1015*
--
--
f g, ---1i 86,
.
For footnotes see page 257
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchange
49 WALL STREET
-
-
NEW YORK
Private Wires to Chicago, Indianapolis and St. Louis
New York Bond Record-Continued-Page 3
254
July 14 1934
•
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 13.
i
ki
.,a,
Price
Week's
4 •
3
Friday
Range or
16
.
.0,
...a.. July 13.
Last Sale.. ta0
Biel
Railroads (Continued)Ask Low
ow
IBA No. Low
Ask Low
High
High No,
Rallroads (Continued)Cloy &P gen gu 4348 set B_ _ 1942 A 0 103 ____ 98 June'33 ---- __ ___ :Iowa Central 850158
33
4 8
8 4 June'34 ---3
1938 J D
g
um M S
1942 A 0 9814
Series B 3345
86
Jan'33 ----------lit& ref a 45
38 415 33 June'34 --1942 J J 1033 ---- 1013 May'34 ---- 10158 101% James Frank & Clear 1st 48_1959 1 D 8712 Sale 86
Series A 4342
4
4
L
874
Series 0330
1948 MN 9814
91 Aug'33 _--- .... --1950 A F 9712
Belles D 3348
83
Oct'32 _
Kai A & G R let gu g 5s
1938 1 1 10012 ___ 103 Mar'31 ---1990 A 0 9612 Gen 4318 ser A
1977 F A 101 105 102 June'34 _
9715 96
Kan & M let MI(1411
26
97
10012 104
103 July'34 ---Cleve Sho Line lat gu 434s 1961 A 0 10318
4618
48
49
82 10314 1K C Ft S & M Ry ref g 4s 1936 A 0 48
12
A 0 46 Sale 46
Cleve Union Term lot 5348-A972 A 0 10314 1114 1023
8412 104
29
4 104
46
Certificates or deposit
1
1973 A 0 19014 Sale 9914 10014 72
1st 8 2 be series B
82 10014 Kan City Sou lot gold 321950 A 0 77 Sale 7615
77
51
guar 434e series C 1977 A 0 94 Sale 93
1st at
74
94
7612 46
75
95
Ref & impt 5e
Apr 1950 J J 74 Sale 74
Coal River Ry let gu 48_._ _1945 J D 10218 ____ 102 July'34 --_95 102
Kansas City Term 1st 4s__ _ _1960 1 1 1037 Sale 10314 10412 86
e
9458 53
84
977 Kentucky Central gold 4s___1987 J J 10112 103 10115 10112
2
Colo & South ref & ext 4345_1935 MN 9458 Sale 944
1
General mtge 434s set A_1980 MN 7114 Sale 70
92
7114 71
92
3
135
8112 Kentucky & Ind Term 4345 1961 1 J 8918 91
1948 A 0 103%
Col & H V 1st ext g 4s
.... 9512
1015 May'34 8
9512 20
1981 1 J
98' 102
Stamped.
Tol 1st eat 48
1955 F A 105
1965 J J 95Col &
97
9812 93 June'34 ---10212 Apr'34 _
97 103
Plain
Conn & Passim Illy let 48 1943 A 0 9614 95'2 9812 June'34 -- __
92
9812
Consol EY non-cony deb 48_1954 1 J 49
8
534 5058 July'34 ---43
594 Lake Er%& West let g 55_ _1937 I .1 10114 1015 10118 1018
4 13
Non-cony deb 415
1955 J J
94
50 535 June'34 _
1
50
58
2d gold be
1941 J J 94 Sale 94
Non-conv deb 4s
1955 A 0 --------59 Mar'34 ____
95
4458 59
Lake Sh & Mich So g 3%a_ _ _1997 J D 94% Sale 9412
80
7
7812
deb 4s
1956 J J
___ 60 56 May'34 ---Non-cony
44
584 Lehigh & N Y let gu g 48....1945 M S 7712 7812 7818
Cuba Nor RI let 5348
1942 1 D -36 Sale 36
44
37
1914 39
10318
Leh Val Harbor Term gu 6e_1954 F A 10318 10312 103
7
Cuba RR let 50
-year 55 g 1952 J J 2612 28
2
27
27
18
3212 Leh Val N Y 1st ril g 4%5_1940 1 1 9814 100
9914
9914 10
27
241
25
1st ref 7345 series A
1936 J D 23
4
2
63
1614 30
95
Lehigh Yal(Pa) cons g 48-2003 M N 623 Sale 6012
let lien & ref(User B
1938 .1 D 23
70
2512 26 July'34 --38
15
General cons 4 ge
29
2003 M N 70 Sale 6718
7512
77
11
General cons be
2003 M N 7512 78
1943 M N 965 Sale 96
988 149
4
Del & Hudson 1st & ref 4s .
4
8
8014 964 Leh V Term Ry 1st gu g be_ _1941 A 0 1053 Sale 105
1053
4 10
1935 A 0 10114 102 10118 June'34 ____
97 10212 Lox & East let 50-yr bs gu_ _1985 A 0 110% 11114 11018 June'34 ---52
1937 MN 103 1034 10315 1034 29
Gold 5348
8
92 105
Little Miami gen 4s aeries A.1962 MN 101__._ 1005 June'34 ---D RR & Bridge 1st gu g 45 1936 F A 103 ___ 10158 May'34 ---994 1015 Long Dock consol g gs
8
1935 A 0 10314 10352 1038 June'34 ---351 8112 Long IslandDen & R 0 let cons g 42
_1936 J J 48 sale 48
494 35
1936 J 1 48
Consol gold 434s
8 1048
4
42
557 54 July'34 ---4 12
63
1938 J D 1048 Sale 1031
General gold 48- Den & RU West gen be Aug 1955 F A 20 Sale 19
4
17
20
171 32
Unified gold 45
. 1949 M S 101_ - 1013 July'34 --_1937 M N 1033 104 10
Assented (sub) to plan)_ ---4 1718 2312
1812 12
- 17% Sale 1778
414 July'34 ---,
20
-year pm deb be
A0 3715 Sale 37
Ref ilk 'rapt be set B--Apr 1978 -39
44
23 s 494
7
Guar ref gold 4s
1
1949 0 S 10414 Sale 10212 10412 18
6
6 sale
:Des M & Ft Dodge 45 Mfe_1935 J J
4
3
6
85
64
884 Louisiana & Ark Ist 58 se. e1989 J J 6212 6315 6214
Des Plalnes Val 1st gen 4348_1947 M S 83% 8612 84 June'34 --__
3
65
85
6
Louis & Jeff Bdge Co gcl g 48 1845 M 13 101 Sale 100 4 101
2412 Louisville & Nashville be
1955 J D 2012 244 23 May'34 --__
20
Det & Mae 1st lien g 48
1937 M N 107 1074 1074 10714
I
1995 1 D 10
Second gold 45
12 May'34 ---„
20
1112 12
1940 J J 10438 Sale 10312 10458 100
Unified gold 4e
Detroit River Tunnel 430_1961 M N 105 Sale 10412 105
8
84 105
2003 A 0 1044 Sale 103 4 10414 60
1st refund 5145 series A
1941 J J 1054 ---- 1037 Jan'34 ---- 103 s 103 i let & ref be series B
Dul MIssabe & Nor gen 58
8
7
1
2003 A 0 100 10412 10334 10414 17
Dul & Iron Range 1st 58-1937 A 0 108--- 107 4 107% 13 10212 108
8
99'2 61
let & ref 434s settee C
2003 A 0 99 Sale 98
Dul Sou Shore & Atl g be_-1937 J J 40 2312 4912
4312 40 June'34 ---1.1old be
1941 A 0 106 107 10512 May'34 ---100
27
Paducah & Mein Div 48_1948 F A 100 Sale 100
98
East Ry Minn Nor Div 15t 4s'48_ A 0 9913____ 98
8912 98
1
St Louis Div 2d gold 38-1980 M S 72 ____ 74 July'34 _ _ _ r
1
91 10918
East T Vs & Ga Div 15t 551_1956 M N 108% 1084 10812 10812
412
Mob & Montg 1st g 4341._1945 M S 1041s_.._ 1044 10
1
104
94% 1054
10
105
83
93
90
Elgin Joliet & East lot g be_ _1941 M N 104 1048
2
South Ry joint Monon 42_1952 J 1 83
El Paso & SW let 5a
94 June'34 ---4
1965 A 0 918 93
Ati Knuxv & Cin Div 42_1955 M N 1004 Sale 100
8112 94
100 4 20
5
9414 99
Erie & Pitts g gu 334s ser B...1940 3 .1 9958 ____ 98 Feb'34 ---19401 J 9958 ___- 10015 June'34 ---Series C 3348
69
95 1004 Manila RR (South Lines)4s 1939MN 89 Sale 68
7
1959 MN 674 68 68 June'34 ____
9758 137
Erie RR let cone g 48 prior. 1996 J J 974 Sale 9518
7912 975
8
1st eat 45
784 102
lst comic)l gen lien g 48_1998 J J 7858 Sale 7714
6614 7958 Man GB & NW 1st 334s _1941 i .11 65 6812 70 June'34 .-Penn roll trust gold 45_1951 F A 104 ___ 104 July'34 --__
99% 104
4
Mex Internet 15t 42 asetd
1977 M 0 ---- ---- 17 June'34 ..-1953 A 0 774 Sale 75%
50
-year cony 45 series A
7758 27
6258 775 Michigan Central Detroit & Bay
8
102 June'34 -Series B
1953 A 0 7714 Sale 7518
7714 11
83
7714
1940 J J 10218
City Air Line 4s
82
Gen cony 48 series D
1953 A 0 76 Sale 728
91 -May'34 --16
76
62
76
Jack Laos & Sag 334s__ -1951 M S 81 Ref & impt 55 of 1927_1967 M N 742 Sale 74
6014 797
105
75
let gold 3345
2
88
99
98
1952 M N 85
74114 110
1975 A 0 73 4 Sale 7312
9812 958
4
3
Ref & impt 5802 1930
60
97
9
7914
Ref & 111111t 434s set C----1979 J J 97
84
96 1134 Mid of N J lot ()it 55
Erie & Jersey 111121 f ea
84
2
1955 J J 11318 1144 11315 1134 21
1940 A 0 8018 85
94 June'34 _111
Genessee River 1st of 6s_ _1957 J .1 111 11212 111
1
97 111
*Milw&Nor 1st ext4345(1880)'39.3 D ____ 94
4
NY & Erie RR ext 1st 4s_1947 54 N 1015 ____ 10114 May'34 - -__
933 102
4
8
*Cons ext 434s (1884),_1939 J D -,-- 913 95 May'34 65 64
3d mtge 434s
1938 M S 10112 ___ 100 Mar'34 - -__ 100 100
65
12
Mil Spar & N W 1st gu 4e.A947 M 8 62
Milw & State Line 1st 3%8_1941 J J 75 -- -- 75 June'34 --,
73 Sale
1943 J J 42
___ 4118 June'34 --__
73
2
34
46 :Minn & St Louis 158 ctfe--1934 M N
:Fla Cent & Penn 50
2
758
452 3
D 5614 52
I
35%
603 5658 July'34 - -__
:Florida East Coast let 430_1959 J
58
312
64
1st & refunding gold 4t., 1949 M 13
214 25
312 June'34 ---312 11
812 19
1974 M S
let A ref 55 series A
914 9 4 9
5
Ref & ext 50-yr bs Ber A_ _1962 Q F
2
314 34 June'34 ___ r
Q F
7
8
Certificates of deposit -.. ---.
712 1712
7%
7
8
Certificates of deposit
4184 31
2 Fonda Johns & Gloy 43481952
M St P & SS M con g 45 Int gu '38 1 1 39l1 Sale 39
3512 33
7 8 147 12 May'34 --- _
5
34
Proof of claim filed by owner__ M N
6
712 13
lit cons be
1938 J J 34
4812
(Amended) let cons 2-45_ _1982
8
lot cons be gu as to Int--1938 3 J 4652 4812 4615
4 10
3112
328
32
515 64 458 July'34 --__
Proof of claim filed by owner M N
312 15
1st & ref 65 series A
1948 3 1 30
20
22
83
Fort St LT D Co 1st g 4349...1941 J J 99 ____ 9712 June'34 _'__ _
4
9713
25
-year 534e
1949 M S 2014 22
1
9814 10512
Ft W & Den C lst g 534s_ _ 1961 J B 104 . ____ 105% 10512
3
7312
lot ref 534s set B
1978 3_ 3 7152 7412 7312
Jan'34 - -- let Chicago Term a 1 48
1941 Al._ N 77 - - - - 85
Daly Hous & Rend let 534s A '38 A 0 8212 85 85
3
8712
75
5
85
9114 Mississippi Central let 55._ _1949 J 2 87% Sale 874
:GA & Ala Ry ist cons /25 Oct '45 J J 29% ____ 21 June'34 --__
1612 26
*Oa Caro & Nor let gu g 58'2920 July'34 ---20
23•40-111 RR 1st 58 set A-.-1959 J J 19
2
29
9338 38
Extended at8% to July 1 1934 J J 28% -___ 29
204 30
Mo Kan & Tex 1st gold 4t._1990' D 925s Sale 9112
3
5618 May'34 ---58
Georgia Midland let 3s
1948 A 0 53
85% 32
40
60
Mo-K-T RR pr lien be ser A_1982 J J 84 Sale 84
Gouv & Oswegatchle let be_ _1942 .1 D 9812 10358 100 Jan'31 --__ ___
7015
9
40
-year 42 series B
1962 J J 70 Sale 69%
Or R & I ext let gu g 4%s _1941 J J 10315 ____ 103
10
104
75
24
75 Sale 7458
95% 104
,-Prior lien 4348 so. D
1978
41 105 10912
Grand Trunk of Can deb 7E1940 A 0 10834 Sale 10934 109
53 4 27
3
Cum adjust Si set A _Jan 1967 A 0 53 Sale 5212
I5
Sale 10778 108
-year of 85
52 10252 1078 2Mo Pao let & ref be ger A _1965,F A 28% Sale 2822
1936 M S 108
30
20
_ _
_
Grays Point Term let 56_ _ _1947 J D 68 ___- 96 Nov'30 --__
28
7
Certificates of deposit.,-„--'=--- 2612 -- _ - 2712
4
96
183' -813 I9
Great Northern gen 78 set A.1936 J J 955 gale 94%
128
4 46
-12
1975 m B 1214 Sale 12
General 45
9914 44
let & ref 431s series A
1961 J J 99 Sale 984
293
4 72
78
9914
let & ref be series F
.1977 M 8 2834 Bale 2834
General 534s Balm B
1952 J 1 933 Sale 9284
94
42
273
4 37
- 274 Sale 2638
7611 99
Certificates of deposit
4 29
863
General to series C
293
4 20
13812 920
832
4
1973 J 1 8358 87
12781_iii14 2858 2912 29
4
let & ref be ser 0
2512
57
8714
32
__ 34 May'34 -_78
General 434s series D__ _1976 J 1 78 Sale 77
Certificates of deposit
7812 51
General 4342 series E
1977 J J 7758 Sale 77
93
4
i
10
9% Ki le
6618 8612 Con,gold 5345
18
1249 11/11si
__ 36 June'34 --- Green Bay & West deb etra A _ ___ Feb 38
8
2
26
2914 21
1980 A 0 287 Sale 287
38
let ref g 58 series H
6
6 _- 5
Feb
88 6
29 June'34 -__
_ __
5
Debentures ctfe B
264 29
53
4 858
Certificates of deposit
MN 10112 --- 101% 101%
I
1940
8
9811 102
Greenbrier Ry ist gu 4/5
297
287 Sale 287
2
8 42
.
lst & ref be set I
1981 F A
82
3
8315 82i
Gulf Mob & Nor 1st 5348 13.1950 A 0 81 2814 268 July'34 --821i 8612
4
Certificates of deposit. 27
8
1st mtge 52 series C
838 7934
4
777 7712 July'34 ____
1950 A 0 76
84
69
81
5
N 75
Mo Pac 3d 78 ext at4% July 1938 iiGulf &8 I let ref & ter baFeb 1952 J J ____ 67 Feb'34 ---93
1
93
57
70
Mob & ItIr prior lien g 58_ _1945 3 l 93 100
_
55 Dec'33 --__ _
68
Stamped (July 1'33 coupon on) 1 J ____ 3 1 81 Sale 90 June'34 --_
Small
58
Hocking Vol let cons g 4348_1999 3 J 110 Sale 108% 110
70 60 May'34 _
9i02 111
let M gold 0
19481 1 40
Housatonic Ry cons g M._ 1937 MN 10012 10112 10038 1004 21
82 10114
60
1
J .1 60 Sale 60
Small
5
4 1044
HAT C let g &int guar
1937 J J 10434 ____ 1048
97 105 4 :Mobile & Ohio gen gold 42.1938 M S _-__ 89 99 Jan'34 -__
3
3
Houston Belt & Term let 75a _ 1937 J .1 10112 Sale 1014 10112
17
1914 19 June'34 -__
9124 102
Montgomery Div 1st g 56_1947 F A
88
39
Hud & Manhat lst 5s ser A 1957 F A 8712 Sale 87
8
72
89%
Ref & Inapt 440
1977 M S 1113 127 13 June'34 -41
110
32
AdjustmentIncome be Feb 1957 A 0 41 Sale 39%
5052
Sec 5% notes
1938 M S 1212 1658 1414 June'34 ___
834 June'34 __
Mob & Mal 1st gu gold 4s- 1991 M S 8512 86
924 10212 Mont c let gu Bs
1
Illinois Central lot gold 415._ 1951 1 .1 10218 ____ 10212 10212
10318 30
1937 3 J 10318 Sale 1027
9812
let gold 3345
83
2
1951 J .1 9734 ___ 9812
9812
19
1st guar gold de
1937' 1 102 Sale 10114 102
3
Extended 1st gold 3)0_1951 A 0 9734 ____ 9512 June'34 ___
92
9512 Morris & Essex lot gu 3%0_2000 3 0 8912 Sale 883
4
8918 87
let gold 3e sterling
1951 M S 7614_ _ 73 Mar'30 -__ _
0228 1027
8 13
Collett M be ear A
1955 MN 10215 103
813
4 15
8
Collateral trust old 4s__ _1952 A 0 °012 - it2 8034
9712 9658
13/11 .
4 85
9712 64
Constr M 434s set B
1955 M N 97
82
18
Refunding 45
1955 M N 8178 Sale 81
74
8814
63
Purchased Hnes 334e
19621 J 75
9458 9512 944
82
954 60
Nash Chatt it St L 45 eer A 1975 F A
7878 79 June'34 -__
7714 22
7714 7658
Collateral trust gold 4s__ _1953 M N 76
8212 795 N Fla & S let gu g 52
2
1937 F A 10414 106 104 June'34 __.
94
2
94
4
81
Refunding Is
1955 MN 933 94
9812 Nat By of Mex pr Urn 4340_1957 J J --------18 July'28 _
18
15
-year secured 634812... _1938 J J 10212 Sale 10212 103
90 103%
418
414 68
Assent truth way rct No 4 On - , 44 Sale
6712 98
40
-year 434s
5812 784
Aug 1 1988 F A 67 Sale 66
Guar 45 Apr '14 coupon..1977 A - --------1284 July'31
" 40
98
99
17
Cairo Bridge gold 4s
87 997
1950 J D 90 100
Cil ---- 4 June'34 ____
Assent cash war rot No 5 on ---___ 8118 May'34 ___
Litchfield Div 1st gold 38_1951 J J
75 82% Nat RR Me: pr lien 4 ha Oct '25
76
8758
8358Lollies Div & Term g 314e 1953 J 1 87% 90 87% May'34 -__
,
458
9
454
Assent cash war rot No 4 on - , 414 5
Omaha Div 1st gold 351. _1951 F A
7215--- 7112MaY'
7112 78
34 ---0
1s1 consol 4s
1251 A - --------22 Apr'28
79
gg
79 79 July'34 __ _
St Louts Div & Term g 3a195l J J 72 458 414
4% 17
4
-.Assent eash.war rot No 4 on
7
1
8
84
85 841
Gold 8348
19511 J 83
7115 Nov'32
741s 81
bi
69
85
1954 M Naugatuck RR 1st g 42
67
Springfield Div lst g 3346_1951 J J 8552 __ 80 Mar'34 --__
80
New England RR cons 52._ 1945 J 1 89 Sale 89
89
3
8714 ___ 8812 June'34 --__
Western Lines let g
_1951 F A
75
7
84
1945 J J 84 Sale 8212
90
Consol guar 4e
III Cent and Chic St L & N0- 92 June'34 ____
45.NJ Junction RR guar lot 415 1986 F A 9212 8214 64
D 82 Sale 8034
Joint let ref 58 series A _ _ 5963._
88
g
6912
87
New Orl Great Nor 55 A _ _1983 J J 6912 Sale 6912
78
71
let & ref 4342 series C__ _ _ 1963 1 D 7514 Sale 7414
62
69 June'34 __
8
81
NO & NE let ref&impt 44415 A '52 J .1 685 71
New Orleans Term let 415_1953 J 1 8912 Sale 8778
8955 21
_ 9834 100
Ind Bloom & West let ext 48 1940 A 0 97%
95 100
5
20 July'34 ____
21
IN 0 Tex & Max n-e Inc 56 1936 A 0 20
Ind III & Iona let g 40
4
19601 1 965_-- 933 June'34 --__
75
9552
2212
1st 58 series B
7
1954 A 0 2212 Sale 22%
25
25 Feb'34 -__
25
25
25
tind & Louisville 1st gu 4s_ _1958 J 1 17 24 June'34 -- 22
hit 55 soles C
1956 F A
9812 10412
Ind U211011 Ry gen 55 set A_ _1905
2312 22
let 434a series D
1 104 105 1041 June'34 ____
22
1936 F A 22
2
Gen & ref 58 sertes B
1965
4
3 1033 _ . 03 Mar'34 --__ 100 103
let 534e series A
2284 27
1954 A 0 22 Sale 22
3215 23
2Int-Ort Nor let 8e set A 1952
J 3112 Sale 30
2858 4412 N d C Bdge gen guar 434s.._ 1945 J J 10218 ____ 10212 10212
2
1112 54
Adjustment Os set A..luly 1952 A 0 1012 Sale 10
9
1814 N V BA M B let con g 50_1935 A 0 10214 ___- 102
103
5
25
8
28
40% N V rent RR eon v deb 68_1935 M N 10014 Sale 997
1st bs series B
1956 J J 28 Sale 27%
8 10014 47
287
4
1966.3 J 2812 Sale 274
25
5
1st g lis series C
41
4
Cony secured 60
1944 M N 1183 Sale 11812 11712 654
68
72
Int Rye Cent Amer lot as B 1972_ M N 72 Sale 694
88 Sale 863
4518 72
Cuusol 4e series A
88% 107
1998 F A
744
3
4918 7412
1st coll trust 8% lil notes_19411M N 7412 Sale 73
Ref A Impt 434s series A,2013 A 0 6912 Sale 6858
7018 79
6612
4312 67%
1
lot lien & ref Ohs
4
Ref & impt bs series C__ _2013 A 0 755 Sale 74
111
78
19411F A 8718 ____ 6815
For footnotes see page 257.
Friaay
PtiCe
July 13.
Week's
Range or
Last Sate.
1 •
4
coal
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 13.
Range
Since
Jan. 1.
Low
High
4% 11%
212 51
:
8912 8814
____
79
if
36
533
3512 52
6212 774
671, 84
93% 10418
901, 103
73
92
80
954
93
93
834 1013
4
70
93
81
98
57
83
82% 1034
834 9914
47
68
52
7412
54
83
4
94 1058
91 11018
95 100 3
3
99 10312
9914 1043
4
95 102
938 1044
4
92% 10412
501 887
8
84 10114
102 10712
94% 10458
9252 10522
90 10458
83
9912
10112 10615
82 100
607 7412
2
984 104%
13412 83
85 101
57% 75
65
7214
597 70
1% 214
94 102
87
8 91
se we
7514
62
7814
65
5812
7054
4
2%
258
112
3434
33
38
20
1812
60
85
764
97
854
97
95
7512
75
918
5%
454
4%
49
4213
56
38
34
80
88
8712
14
7572
70
6112
634
44%
2512
22
1112
24
234
24%
29
8
24
2312
2414
28
26
9358
914
79
83 4
3
62%
39
35
205
4
3814
35
3815
34
1812
88%
34
3812
34
nl, 89
35
93
83
91
48
gu
55
80
gm:
gg
19
27
2158
10
13 4 23
8
83% 8412
8775 10318
81 102
7458 8952
77 103
73
9712
82% 9512
99 1043*
_ _ .
212 - -12
4
2%
-4
3114
5
2
5
80
89
66
85
8212 92
5711 77
64
754
628* 8958
18
2958
19% 32
203* 3
3
1714 31 15
2O's 33
97 10212
10114 10312
83 101
1151 1184
:
7358 90%
6014 75
87
8314
New York Bond Record-Continued-Page 4
255
El
Price
4 .
Week's
Range
BONDS
Range
4_,
Week's
Price
BONDS
1j
t
Range or
Since
Friday
RI:,
N. Y. STOCK EXCHANGE z ts
Since
r
_d .?:
Range or
,Friday
N. Y. STOCK EXCHANGE
',u, July 13.
Last Sale.
Jan. 1.
cirZ
Week Ended July 13.
Jan. 1.
a5,,%
Last Sale.
..... July 13.
Week Ended July 13
Bid
.430 Low
High No. Low
High
Railroads (Concluded)High
High No. Low
.430 Low
Bid
Railroads (continued)St Louis Iron Mt & Southern
7912 96
47
93
9212 Sale 9112
NY Cent & Bud Rio M 3348 1997 J J
191
63
4712 64
8
*Itiv & G Div 1st g 4s_ _ __1933 M N 617 Sale 6114
8018 99
75
99
1942 J J 99 Sale 97
30-year depenture 4e
St L Poor & NW 1s1 gu 58_ _1948 .7 1 704 Sale 683
75
5712 82
7012 11
4
60
7014 140
4
Ref & inapt 4 348 ser A.... _2013-_ - 69 Sale 683
1818 Sale 18
4
163 28
1812 24
6918 8812 :St L-San Fran pr lien 48 A195() J J
52
87
.
8
Lake Shore coil gold 3303_1998 F A 865 Sale 86
26
17
17 Sale 17
2
18
Certificates of depoeit __ __- ---88
71
13
88
Mich Cent coil gold 3348_1998 F A 88 Sale 88
8
177 30
1950 .1 1 20
20
21
6
2012
Prior lien be merles B
8518 1004
100% 25
1937 A 0 10012 Sale 100
NY Chic & St List g 45
1812 July'34 -- -28
18
Certificates of deposit ___. --- ____ 19
5518 8012
7612 15
Refunding 548 series A 1974 A 0 7514 7634 7412
1712 44
1712 1612
17
1978 M S
1412 25,
2
Con M 430 series A
4714 70
8
644 165
1978 M S 6418 Sale 635
Ref 44* series C
1412 2412
1612 29
Ctfe of depoa stamped ---- -- _, 1614 Sale 1618
80
49
43
73
1935 A 0 71 sale 71
3-yr 6% gold notes
7512
4
75
78
6412 8114
70
4
96 1053 St L SW let g 46 bond cUs 1989 51
4 47
1053
8
N Y Connect 1st gu 44* A.1953 F A 10512 1057 10514
4258 63
28 g 4s Mc bond etre. _Nov 19893 J 6212 66 06212 July'34 --- 8
3 101 10714
1953 F A 10612 Sale 10612 1065
let guar 5e series B
1
48
59
8
59
6912
lat terminal & unifylng 58_1952 1 .1 553 60
-See Erie RR.
NY 85 Eric
49
49
5812
43
2
1990 I 1 ____ 49
68
Gen & ref g 55 ser A
88
87 May'34 ____
75
Greenwood L gu g 58.. 1946 M N
84i
NY
2312 373
7
24 Sale 24
24
4
9514 St Paul & K C Sh L 1st 430_1941 F A
86
9512 ___ 9514 June'34 ____
2000 M N
NY & Harlem gold 334s
___ 100
84 100
5
100
4
973
8
945 973 SIP & Duluth let cone 4s 1988 1 D
4 88
8
N Y Lack & West 4s ser A_ _1973 M N 973 Sale 9512
8673 June'34 ---7612
63
_ 100 10114 St Paul E Or Trk let 434s 1947 J .1 ____ 73
1973 M N 9718 971 10114 June'34
434s series 13
3
8
9512 100 4 St Paul Minn & Manitoba
1
NY & Long Branch gen 48_1941 M 8 1003 Sale 10038 1003
8
07 10612
10612 Sale 10514 1064 67
Cons M be ext to July 1 1943.. ,_.
_ _ 954 July'29 ____ _.
_
1939 A 0 _
NY & NE Bost Term 95
94 10113
/9 10112 ----101 June'34 ____
1937 1 Mont ext 1st gold 4s
8
__-547 65
62
NY N H & H n-c deb 4e_. _1947 M 8 Li - - 60 June'34 ____
89
1
96
99
9712 96
Pacific ext gu 441 (sterling).1940 .1 3 96
6012
58
51
1
58
60
Non-cony debenture 330_1947 M 13 50
7 101 111
4 111
St Paul 17n Dep let & ref 513_1972 J J 111 Sale 1103
58
45
0 53 Sale 53
7
534
Non-cony debenture 3 48_1954 A
4 20
573
8
547 6412
Non-cony debenture 48
1955 J 1 5612 Sale 5612
125
1943 J .1 84 Sale 8114
6012 853
84
52
58
57
13 A & Ar Pass let gu g 48
64
4
Non-cony debenture 48
1956 M N
5612 Sale 5612
8
97 1067
1
5
4
9
53
8
597 Santa Fe Pres & Phen let -43_1942 M S 106 1063 10612 10612
45
Cony debenture 334s
5212 Sale 52
1956 J J
9712 10712
1989 NI N
__ 10614 10712 20
714 S74 Scioto V & NE let gu 4e
48
81
Cony debenture 85
1948 / J 80 Sale 80
27
20
243
17
8918 */Seaboard Air Line 1st g 4s_1959 A 0 10714- - 4 23 June'34 --__
71
35
84
Collateral trust 65
1940 A 0 8212 Sale 8212
26
16
„
2218 May'34 -- -2012 2312
Certificates of deposit __-58
44
2
48
Debenture 4s
1957 M N
48 Sale 48
A0 16
1950 ,-2314 June'34 ---,
20
1718 27
*Gold 4s stamped
5712 7012
55
63
1st & ref 4 As ser of 1927_1967 3 0 6214 Sale 62
25
15
2
16
Certlfs of deposit stamped_ A 0 16 Sale 16
9
8
997
4
833 994
Harlem R & Pt Cheri 1st 4s1954 M N
994 Sale 99
712
414
412 5
414 July'34 -_ r
Adjustment 58
Oct 1944 F A
5712 71
4 75
663
8
NY 0& W ref g 4s. ....June 1992 NI S 6558 Sale 655
4 7
73
6
1959 4 0
14
7
4 12
73
*Refunding 4s
6818
58
50
5
General 4s
1955 J D 5612 Sale 5612
71g 13
9 June'34 ---8
90
90
Certificates of deposit,,,, -___
___ 90 Jan'34 _
NY Providence & Boston 45 1942 A 0 99
1612
0
912 36
94
912 Sale
1945 NI 5
led & cons 65 series A
8
717 8712
7
86
NY & Putnam 1st con en 48_1993 A 0 86 gale 86
81.3 14
712
712 145
812 Sale
--,
8
Certificates of deposit
50
2
4
733
8
754
NY Soso & West let ref 58 1937 1 .1
7214 7312 723
4
1418 2514
2012
*Atl A 131rin 30-yr 1st g 4s_1933 M S 1812 Sale 1812
53
5612
43
1
53
5112 70
2d gold 434e
1937 F A
4
4
33
4i
418 19
314 712
5314 20
384 5812 /Seaboard All Fla 65 A ctfe_1935 A 0
General gold 55
Sale 52
1940 F A
52
312 4
1935 F' A
8
37 July'34 ---8 714
35
Series B certificates
8
825 9812
9958 9812
98
2
9812
Terminal let gold 58
1943 M N
42
1 1004 1044
8 10438
5914 So & No Ala cons gu a 5s._ 1936 F A 10418 --- 1043
5318 54
NY Westch & It let ser I 4 48'98 3 3 52 Sale 52
91 110
2
10918
Gen cons guar 50
-year 50_1962 A 0 10918 Sale 10918
8
747
56
56
72
6 128 17114 So Pac colt 4/3(Cent Pac coil) 1949 J D 6912 Sale 6912
Nord RY ext sink fund 8%s_1950 A 0 165 169 4 16812 169
,
258
82
8312 8414
1712 60
1st 4%e (Oregon Lines) A_1977 M S 8112 Sale 8012
25
8
**Norfolk South lot & ref 53_1961 F A
1712 Sale 17
13
6614
5318 72
1960 M 8 66 Sale 6512
4
73 22
5
4
163
Gold 434a
2
Certificates of deposit.151 1714 16
72
53
4 72
653
6
1414 40
Gold 4348 with warrants_106 M N 65 Sale 6412
*:Norfolk & South lot g 5s__141 ili N
324 3713 3212 May'34
5212 71
318
65
1981 M N 6412 Sale 6312
4
083 10712
-5
Gold 4345
N & W Ry let cons g48.. _ _1996 A 0 10712 Sale 10718 10712 2
827 98 4
4
983 141
8
4
36 10018 107
,
San Fran Term 1st 48_ _1950 A 0 983 Sale 98
8 107
Div'l 1st lien et gen g 4s...1944 J 1 107 Sale 1055
8
10438June'34 --.... 101 1043
58_1937 NI N 10512_
So Pac of Cal 1st con fru g 106
4
993 1136
3
Pocah C & C joint 45
1941 I D 10618 ____ 106
- -1 9958 May'34 --__
1937 1 J 100 101
. So Pac Coast let gu g 4s
99
Oct'33 ____ _ __
994
North Cent gen & ref 53 A __1974 NI S 10712 ____ 98
9012 156
9012
70
1955 1 J 005* sale 89
_-9912 10414 80 Pac RR 1s1 ref 45
Gen & ref 4148 series A .. 1974 M S 10478 ___ 10414 June'34 _ _ _
..,j959 1 .7
-------9212 May'30
35
Stamped (Federal tax)
60
51 July'34 ____
:North Ohio 1st guar g 5s._ _1945 A 0 5458 65
- 8
86 1047
71
104
4
353 64
Southern Ry 1st cons g 5E1_1991 J 1 103 Sale 103
Ex A pr'33-Oct'33-Apr'34 elms.
4612 55 60 June'34 __
6412 214
5718 733
4
1950 A 0 62 Sale 61
Devel & gen 48 series A
Stain(' as to sale Oct 1933, A
75
106
88
95
4
1958 A 0 843 Sale 844
343 52
8
Devel & gen 6e
52 Apr'34
Apr 1934 coupons
55
48
9112 60
1950 A, 0 8812 Sale 87
78
4
973
83 10012
Devel & gen 63413
North Pacific prior lien 921_. 1997 Q 1 10012 Sale 9938 10012 160
4
803 100
8
8
973
8
973 Sale 97
1990 J J
Gen lien ry &hi a 30 Jan 2047 Q F
71
71
60
93
Mem DIY let g 5
s
3
70 4 Sale 697s
6614 91
2
1
8743
8
1951 .1 . 877 Sale 87
88
88
7312 9014
St Louis Div let g 4s
Ref & impt 4348 series A- _2047 3 3 873 Sale 8512
4
84 10214
8
Emit Tenn reorg lien g 58_1938 NI S 10318 1037 10218 June'34 --__
8618 103
10043 155
Ref & impt 63 series B__ _2047 1 .1 10014 Sale 99
3
72
8
717
81
75
56
71
1939 NI S
92
Mobtle & Ohio col! tr 4s
764 9712
21
Ref & Rapt 5s series C__ _ _2047 J J
92 Sale 92
4
1212
4
93 17
7512 97 :Spokane Internal 1st g 5a 1955 .1 J
1112 Sale 1112
12
9214
Ref & impt 55 series D___.2047 J J
9214 Sale 92
__ ___ 60 May'32 _ ___ ____ . _
Jan'34 ____ 100 100
Staten Island Ry let 4 %s.1943 J D
Nor Ry of Calif guar IC 6n--193S A 0 103 ____ 100
6
__- 100 Feb'34 --__ 100 10
Sunbury & Lewleton 1st 45...1930 J 1 if)(1
72
51
5
68
Ott h I Chem let en g 48.„.1945 1 1 6412 6614 6414
46
6218 July'34 ____
64
1917 A 0 63
__ Tenn Cent let 6e A or B
6978
97 Mar'32 ____ ____
Ohio Connecting Ry 1st 4s_ _1943 M 5 10012 ____
8
8 10814 40 1003 10814
.5 100 10418 Term Assn of St List g 4348_1939 A 0 10818 Sale 1075
-Ohio River R11 let g 55
1938 J D 1034 - 10418 10418
111
2 10138 111
1944 F A Ill Sale 111
89 10312
let cons gold 541
General gold 5s
1937 A 0 10312 104 10312June'34
10012 69
82 10012
17
1953 J .1 10012 Sale 100
92 104
Gen refund s f g 45
Oregon RR & Nay come 48_1946 .1 D 1033 ---- 10312 104
4
9414 Sale 933
941 1 15
8 1117
7514 97
4
8
8
1 10414 1117 Texarkana & Ft 81st 534* A 1950 F A
Ore Short Line 1st eons g 50_1940 J .1 11178_ 1117
90
64
8912 92
90 June'34 --__
1943 .1 J
6 10412 11312 Tex & NO con gold bs
,
4 113 2
-14
Guar atpd cons Is
1046 J .1 11338 1 .12. 1123
9114 11014
2001) 1 D 1093 Sale 10938 11114 28
8312 10031 Texas & Pac let gold be
4
4
8 1003 229
Ore-Wash RR. dr Nay 411
1961 .1 .1 10012 Sale 995
87
64
86
86
4
1977 A 0 8512 Sale 843
Gen & ref 58 serlea B
8614
65
6
8614 18
8714 10034
8
1979 A 0 8614 Sale 845
Gen & ref Is series C
Pan RR of Mo 1st ext g 413 1938 F A 99 100 1C018 10018
84 10012
9
8512 48
9812
65
4
,
86 2
8512 Sale 843
1980 J D
Gen & ref be series D
25 extended gold 513
1938 J J 90 10012 97
9114
6
91
91
67
Tex Pac-Mo Pac Ter 5345 A_1984 51 5 90
91 14
4
104 June'34 ____ 1003 104
Paducah & Ills lets f g 4 348_1955 J 1 100 --,2
9412 103
1
4
,
4
Paris-Orleans RIO ext 5348_1968 M 8 1593 Sale 15914 160 8 36 12314 16012 Tol & Ohio Cent 1st gu ba1935 J 1 102343 Sale 10288 102
102
1
9712 1027
8
50
75
1935 A 0 102 1021 102
Western Div 1st g 513
75 June'34 ____
79
N31411844 Ry let ref s f 7s__1942 M 8 75
3
8 1024
96 1024
85 1034
1024 71
1935 1 D 10114 1021z 1023
8
General gold 55
Pa Ohio & Pet 1st & ref 43413A'77 A 0 10214 Sale 1017
4
673 87 s
,
8
1950 A 0 8112 85e 86 June'34 --__
Tol St L & W 50
2 101 106
-year g 413
8
Pennsylvania RR Coos g 411-1943 NI N 1057 Sale 1053* 1057
4 28 100 1063 Tol WV dr 0 an 45 ser C
1063
1942 NI 5 1024 ----965* Apr'31
4
Consul gold 4s
1948 M N 10614 Sale 106
82 -- 3
I
8
6
9 4
9978 1057 Toronto Ham & Buff 1st g 48 1946 _I D 9614 ___- 96 July'34 --__
8 1057
8
4
45 aterl stpd dollar May 1 1948 M N 1053 -- 1057
8 103 1117s
8
1117
Consul sinking fund 430_1960 F A 1117 Sale 111
8
9934 1074
4
8
883 1033 Union Pac RR let & Id gr 45 1947 .1 1 10714 Sale 10614 10714 109
4
1033 186
1965 J D 10334 Sale 10214
General 4%8 series A
89 103
118
8 103
June 2008 M 8 103 Sale 1013
1st Lien & ref 48
9712 110
80
GererallS5 series B
1968 .1 13 1093 Sale 10843 110
4
4 104
4
893 104
170
10714 146 1034 10712
1967 J J 1034 Sale 1023
Gold 4%e
15-year secured 63413
1936 F A 107 Sale 107
4
4
9114 1043,
1st lien & ref 513
40-year secured gold 5a
June 2008 M S 11514 Sale 11312 11514 49 10212 115,
8
1964 NO N 1045 Sale 10314 1043 107
984 120
8218 98,4
4
925* 217
19683 D 9814 Sale 963
784 925*
40-year gold 48
Deb g 454s
1970 A 0 92 Sale 9014
8
8
98
355
1944 M S 105 8 ___ 1055 June'34 _._l 10012 1055
8312 9812 17 NJ RIO & Can gen 4s
General 4 345 series I/
1981 A 0 98 Sale 9714
99 102
75
____ 10114 May'34 ____
1
57
814 Vendetta cons g48 series A 1955 F A 103
Peoria & Eastern 1st cons 48_1940 A 0 75 Sale 75
Apr'34 -____ 101
9718 101
614
014
7
1
1957 NI N 103
1914
Cons 114s series B
Income Is
818 103
Apr
April 1990
8
212 5
nh 10112 5 V era Cruz de P asst 4348_1933 J J
312 ____ 37 June'34 _ _ __
8
Peoria tic Pekin Un 1st 11%8- -1071 F A 101 102 1007 June'34 .... _
9814 103
874 48
__ 103 June'34 ____
1936 M N 1031
5812 90
Pere Marquette let set A 58 19583 J 8714 sale 8514
Virginia Midland gen 55
8
8
757 953
7212 10
3
95 8 June'34 __
97
96 27134
7812 Va & Southwest 1st an 58_2003 .1
5014
1st 4s series II
7212 Sale
19563 J
844 io
77
87
67
43
514 81
let g 4345 series C
1st cons be
1958 A 0 814 Sale 84
1980 M 5 77 Sale 75
9918 10912
7 100 2 1074 Virginia Ry 1st Is series A 1962 11 N 109 Sale 10812 10912 34
/I
Phila Balt & Wash 1st g 4s 1943 NI N 1074 Sale 10614 10714
,
90 10312
5
5 100 110
4 103
4 1094
General Is series 13
1962 M N 1024 -- 1023
1st mtge 448 series B
1971 F A 11012 III 1093
924 10514
62
8 105
General g 4 %s series (1._ _1977 J J 105 Sale 1035
9418 95
95
74
2318 3114 :Wabash RR let gold 58
8 13
287
1939 191 N
9418 Sale 92
Philippine Ry let 30-sr 8 t 48 1937 3 J
8
287 Sale 28
4
80
5618 8312
8312 80
80
2d gold 58
1939 F A
60
60
FCC & St Lau 434s A
60 Feb'34 ____
,
108 4
2 10114 10S14
1st nen 50
-year g term 48 1954 J .1 ____ 60
A 0 10612 1081 10814
1940
2
100
70 100
Series B 44s guar
Del & Chic Ext let 5s
_1941 J J 100 Sale 100
102 10712
1942 A ( 1074 ___ 107 June'34 __
58
45
2
58
Series C 434e guar
8
103 10712
57 Sale 57
Dee Moines Div let g 45...1939 J .1
1012 NI N 10712 --- 1067 June'34 __
45
55
5012 June'34 ____
60
Series D 48 guar
9918 101
Omaha Div let g 3%s
1941 A 0 57
1945 NON 102 -_- 100 May'34 ____
7314 75
75 May'34 __
84
Series E 43.4s guar gold__ _1949 F A 95 ___
8912 Aug'32
_ .
Toledo & Chic Div g 48_ 1941 NI ii 74
1512 29
9
8
215
4
4 1033
2
Series F 4s guar gold
99 103 4 :Wabash Ry ref & gen 534e A _'75 PA 8 2114 Sale 2114
_ _ - 1033
1
19533 D 103
98 105
1412 25
4
25 Apr'34 --__
Series CI 45 guar
- ____ 25
Certificates of deposit____
1957 NON 103 10434 1043 June'34 ___
'1 10212 103
214
103
4
2812
15
2
213 213
21
Series H cons guar 45
FA
Ref & gen 55(Feb 32 coup) 1376 -_ _ 103
.
1960 F A 103
16
Series 1 Coos guar 4348..
,
24 4
4
- 12
4
Certificates of deposit-_ ____ 211 2414 Apr'34 -- __
1983 F A 107 10i 10712 July'34 ____ 1003 1073
2
1518 284
2143 32
2118
Ref & gen 4348 series C
Sallee J cone guar 4 348
1978 A0 2012 21
1984 MN 107 109 108 June'34 ____ 1014 108
110
15
16
94 110
General NI be aerlea A
,
25 2
Certificates of deposit __- 1970 1 D 110 Sale 109
, ---- --- 20 May'34 --__
2112 35
109
2
28
15
Gen mtge guar 58 ser 13_ 1975 A 0 10914 110 109
A0 21 Sale 20
9438 10912
Ref & gen 58 series D
1980 -2312
14
103
55
Gen 4348 serlea C
__ 2312 Apr'34 --__
8434 103
, ____
8
Certificates of deposit ___
1977.7 1 1023 103 10218
77
6
77 May'34 --__
80
Pitts Sh & I. E totals
-.1940 A 0 105 _--- 10412 Dee'33 ---- __ _ ____ Warren let ref gu g 3%a_ _2000 FA 65 -____
79
79
1st consol gold be
8818 79 June'34 ____
79
19433 J 10438 ____ 100 Mar'33 ____ ____ --__ Washington Cent let gold 4e1948 Q M
103
Oct'33 ____ . .
93 103
1
Pitta Va & Char 151 48
1945 F A 102 103 103
Wash Term 1st gu 334s
- 94
1943 NI N 102
_
Pitts & W Va 1s1 434s ser A 19583 D 74
___ 95 Nov'33 ____ .
Eli
80
8
787 7912 June'34 ____
let 40-ymr guar 4s
1995 F A 101
78
178
87
4
1st Ni 4348 series 13
70T2 --56
8
8712
793 Western Maryland lat 4e. _J952 A 0 864 Sale 8512
1958 A 0 7612 791 78
77
24
964 36
56
1st 55434* series C
80
80
4
1 963 Sale 9512
let & ref 534s series A
4
973
77 Sale 76
1977 J
1960 A 0
4
8
9414 100
1937 J J 1064 1063 10614 10643 23 1023 10612
West NY & Pa 1st g 58
Pitts Y & Ash let 4s ser A.,,1948 .2 D 10012 __- 100 May'34 ---10314
18
,
109 4
1st gen 5s series 13
__ 10918
85 10312
8
8 101 10913
General gold 48
1943 A 0 1027 10314 103
1962 F A 10918
4012 301
50 May'34 _ .._ _
464
30
____
Providence Secur deb 4s__1957 M N 50
50
50
Western Pac 1st 53 ser A. 1946 61I 8 3912 Sale 38
8412 51
8112 9112 West Shore lat 48 guar
Providence Term 151 45
. 9112 Apr'34 ____
687e 86
2361 1 1 8412 Sale 83
1958 M 14 92
8511 8238
8
2361 J 3 794 807 814 July'34 ___
Registered
85
97
82
101
98
22
Reading Co Jersey Cent coil 4551 A 0 967 Sale 9638
85 101
8
Wheel A L E ref 430sec A,1966 M 5 101 Sale 101
8
Gen & ref 434a series A
9312 105
105
4
100
86 105
8
1968 NI 5 10414 105 10414 105
1997 1 J 1043 Sale 1033
Refunding 58 series B
8 39
1043
Gen & ref 43413 aerloa B _1997 1 .1 104
4
1004 33
8612 10414
863 100,
___ 104
RR let consul 4s
4
1949 M 5 10014 Sale 993
4
Oct'30 ____
8
515 July'34 -- __
Rensselaer & Saratoga Cs_ 1941 PA N --------113
8
____ ____ Wilk dr East let gu g 55
515 54
393 594
1942 J D
8
_
10212
3 100 10212
Rich dr Merch let g4,
40 July'33 ____
Will & SF 1st gold 5e
40
1938 J D 10218 ____ 10214
1948 NI N
10112
90
8
igig 1015 Winston-Salem 8 B 1st 4s_._1960 3 J 10212 ____ 10014 10112 24
Wenn Term Ry 1st gu be.....19132 J J 10314 ___ 1015 June'34 ____
8
143
73
3
4 36
9312
1110 Grande June 1st gu 58 1939 J D 8312 Sale 9312
961 1 nels Cent 50-yr let gen 4e 1949 J J
1312 225*
1414 Sale 1414
,
91. 1712
912
918 12
94
filio Grande Sou 1st gold 48_1949 J .1 __
114 Oct'33 ____ ____ ____
4
4
Sup & Dul di. & term 1st 45'36 M N
Guar 45 (Jan 1922 coupon)1940 J J --------314 July'33 ____ ____
____ 66 May'34 ____
66 - 66
Wor & Cone East 1st 434s 1943 J J 65
88
27
88 ---Rio Grande West 1st gold 48.1939 J
8
937
88 Sale 87
4 10
583
4412 67
let con & coil trust 48 4..1940 A 0 561.2 Sale 5612
INDUSTRIALS.
1512 13
1412 25
'Ilk I Ark A Louis lot 414s 1934 M S 1312 1512 1412
47
344 58
72 'Abitibi Pow & Paper 1st 5*1953 1 D 3418 3478 3414
1949 ,I J ____ 80
Rut
6018 June'34 ____
-Canada 1st gu g 4s
184 483
4
3
68
Rutland 1st con 4 3.4*
5312 785 Abraham & Straus deb 548_1943
8
68 Sale 68
1941 J
A 0 105 Sale 105
10512
93 10512
9
With warrants
80
86 10112 Adams Express coil tr g 48_1948 M 8 80 Sale 80
15
St J041 & Grand Isld let 4s
83
62
1947 1 7 10212 10312 10112 July'34 ____
95 July'34 ____
77
1952 A 0 9212 105
.
921 Adriatic Elec Co ext17a
9014 110
St Lawr & Adr 1st g ba
1996.7 3 9312 9538 9212 June'34
68
68
70
8
797 88 1- Albany Perfor Wrap Pap 68_1948 A 0 68
25 gold as
1
8
69
56
___ - 8818 June'34 ____
1996 A 0 91
For footnotes see page 257
..
256
New York Bond Record-Continued-Page 5
:ii
July 14 1934
PriceI
•
Week's
Range
BONDS
Prim
Weat's
•
it
Friday
Range
Range or
.s.1
Since
N. Y. STOCK EXCHANGE u 9
Friday
Range Or
E1
%s o. July 13.
Since
Last Sale. re
Jan. 1.
Week Ended July 13.
4a. July 13.
Last Sate.
Jan. 1.
Industrials (Continued)Bid
Ask Low
High No. Low
High
industrials (Continued)Rid
Ask Low
Allegany Corp coil Sr 54
High No. Low
1944 F A 694 Sale 68
High
6914 47
514 74
Duquesne Light let OM A--1967 a 0 10718 Sale 1063
4 1073
Coll & cony be
38 1013 10934
1949 1 D 644 Sale 62
4
644 37
44
lot Mg 434e series D
6912
1957 M 14 111 Sale 11012 Ill
Coll & cony &
1950 A 0 36 Sale 3414
10 1021* 111
3614 211
25
46 'East Cuba Rug 15-yr s f 7yis '37 M S 15 Sale 15
Certificates of deposit __-163
4 14
..
714 224
3552 _-- 3614
3614
1
36% 4018 Ed El III Bklyn lot cons 48_ _1939 1 J 106 10614 106
Aills-Chalmers Mfg deb 56_1937 --106
7 100% 106
M1.1 994 Bale 99
997
9012 9978 Ed Elee(N Y) let cons g 58_1995 .7 J 12218 Sale 122%
5
6
Alpine-Montan Steel let 70_1955 M S 803 Sale 803
122%
4
4 110 12218
4
804
7
565* 8312 El Pow Corp (Germany) 634e'50 M B 3953 42
40
Amer Beet Sugar 62
40
2
1935 F A 997 100 100 July'34 ---3914 6912
8
71 100
let sinking fund 630
1953 A 0 395* 433 40
40
& extended to Feb 1 1940__ F A 954 Sale 953
6
3914 6914
4
957
8
2 80
9614 Emeeto Breda 7e
1954 F A __-- 78% 84 4
American Chain 5-yr 68
0
1938 A 0 89 Bale 87
8
89
75
64
905* Federal Light & Tr let 5s_A942 M 13 7818 827 78% June'34 ---, 833 89
8
Amer Cyanamid deb&
78%
1942 A 0 102% 1023 102
I
4
64
82
10212 15
9312 1034
58 International series-1942 M S 78% 81
803
4
Am & Foreign Pow deb 513_2030 M B 513* Sale 502
75
513
4 70
803
4
35
5912
let lien s f be s1amped_1942 M 13 75% 80 80 June'34 ---,
American Ice e i deb be
80
1963 J D
7312 Sale 7312
2
8012 824
75
8
7934
62
let lien 6s stamped
1942 M 13 82
85 84%
85%
Amer 10 Chem cony 15325._1949 MN 98 Sale 9734
7
64
8512
837 99
9812 186
30
-year deb Se series B
1954 3 D 6714
67
Am Internal Corp cony 530 1949 1 1 833 Bale 835*
6712
2
51% 6812
4
84
6718 87
47
1939
D 10414 11412 104
Amer Mach & Fdy it 6e___ _1939 A 0 1045 -___ 106 July'34 ____ 105 10712 Federated Metals *1 7s
1041y
6 101 106
8
Flat deb of *7*
1948 3 J 99 100
Am Rolling Mill cony
9914
_1938 MN 10434 Sale 1043
9914
6
9712
4
105'i 74
95 4 11612 Framerican Ind Dev 20-y1.710'42
3
J 10612 Sale 106% 10718 35 102% 102
Am Bm & R 1st 30-Yr 54 serA '42- A 0 10
50_,10412 62
110
4 Sale 10314
9912 105
:Francisco Bug let it 7328_1942 MN 10612 1073 35
Amer Bug Ref b-year(le
3612 17
193/ J J 106 Sale 106
19
41
10812
9 10414 10712
Am Telep & Teleg cony 4s
1936 M S 10412 Sale 104
1043
8 10 1015* 1045* Gannett Co. deb 68 ser A__ _1943 F A 96% 98
9512
30
-year coll tr be
96
19463 D 1083* Sale 1085
5
7914 96
* 1091* 68 10518 110 8 Gas& El of Berg Co cons g 54949
3
____ 104 Feb'34 ---- 104 104
D 110
3.5-year of deb 58
1960 3 J 111 Sale 1103
8 11112 163 10314 11112 *Gelsenkirchen Mining
_1934 M El 5918 Sale 5918
60
20
-year s f 5328
1943 MN 1113 Sale 11132
6
4
113
5412 80
157 105 8 113
Gen Amer Investors deb 58A1952 F A 984 99
7
8s_973
4
9852 21
Cony deb 4328
19393 J 11012 Sale 110
79% 985*
1107
8 53 107 113
Gen Baking deb .6 5348
8
1940 A 0 1047 Sale 1040
Debenture 58
105
13 102 105 4
1965 F A 11114 Sale 1105*
3
11114 203 10318 11114 Gen Cable 1st 8 t 532s A.-1947
J 77
78
76
tAm Type Founders 68 ctfs_1940 --------363 30
77
3
4
59
30 12
7714
5
30
50
Gen Electric deb g 332s
1942 F A 1045*____ 10414 10414
Am Water Works & ElectricI 100 10414
Gen Elec(Germany)7sJan 15'45
J 52% 55
52
10-yr be cony coll tr
5312
8
1944 M S 10612 Sale 106
1083 108 10012 111
8
483* 65
B t deb 634s
15003 D 5218 57
52
Deb if(18 series A
53
_.1975 MN 8512 Sala 8512
5
853
4 20
48
6414 90
6312
20
-year it deb 6s
1948 M N a483 Bale 48
4
:Am Writing Paper 1st it 6e19473 J
4912 51
2712 Sale 23
453* 6311
28
30
213 62
4
Gen Petrol 1st sink I'd 513_1940 F A 10514 Sale 10514
Anglo-CbIlean Nitrate 7s___1945 MN
10512 32 10312 106
912 Sale
8
912 28
5
1734 Gen Pub Berv deb 532s
1939
J 9412 Bale 94
Ark & Mem Bridge & Ter 50.1964 M 8 86
9514 11
76
9514
90
8618 July'34 _ _ _
8314 90
Gen Steel Cast 5iis with warr '49
J 8612 Sale 85
8634 26
Armour & Co (III) let 4322._1939 J D 997 Bale 9812
9978 279
681. 8914
8712 997 *IGen Theatres Equip deb 631940 A 0
7% Sale
7
Armour & Coot Del 530_1943 J l 9712 Sale 963
8
26
3% 13
98
4
181
82
9812
Certificates of deposit
„
.
7
76
7
Armstrong Cork cony deb be 1940 3 D 1004 Sale 997
712 13
3
1134
8
1004 148
86 1004
55
- 0 53
53
53
2
Associated 0116% g notes__ _1935 M S 10318 1037 10312 July'34 ---- 102% 1047 Good Hope Steel & Sr sec 78_1945 :4. 53
53%
8
Goodrich(B F)Co 18t6 328_1947 J J 105% Sale 1043
4 10512 69
Atlanta Gas List be
2947.7 D 1005* ---- 10018 May'34 ---95 105%
95 10018
Cony deb 138
86
1945.7 D 8512 Sale 845*
89
All Gulf & WI SS coll tr 5s_ _1959 J .1 58 Sale 68
72
59
90
19
50
6112 Goodyear Tire & Rubb 1st581957 MN 1023 Sale 1015* 103
4
Atlantic Refining deb 5e_ 1937._
181
J 1074 Sale 1073* 1073
8914 103
4 31 1031 1073 Gotham Bilk Hosiery deb 66_1936 .1, D 8
4
- 90 86
86
4
86
95
'Would Coupler lst s 1 65_1940 F A 15 Sale 1418
Baldwin Loco Works let 58_1940 M N 1063 108 10612 10612
15
6
87 195*
2
1 102
8
Batavia° Petr guar deb 4 30_1942 J J 10512 108 10733 10812 12 102 10712 Gt Cone El Pow (Japan)78_1944 F A 817 Sale 81
8214 23
8814 87
3 116
8
lot & gen of 632s
19503 .1 763* Sale 7614
Bell Telep of Pa be series B__1948 1 J 1124 Sale 11214
765* 12
658k 79%
1145
8 21 108 1145* Gulf States Steel
95
deb 5348.._1942 1 D 90
88%
let & ref be series C
1960 A 0 11458 ____ 114
901* 31
1143
71
4 20 106 1155*
9018
Beneficial Indus Loan deb 6x 1946 14 13 1047 Bale 1045* 105%
8
3
84 108
Hackensack Water let 4s_1952 3 J 103 104 103% 10312
Berlin City Eiec Co deb 6328 1951 J D 432 Bale 4218
4452 97
1
96 10312
38
65 4 Hamm SS Lines 6s with warr_1939 A 0 45
3
477 48 June'34 ---Deb Woking fund 63411
3634 Sale 36%
1959 F A
3914 5712
38
55
355 67
Harpen Mining (le with warr_1949 1 3 6014 6412 6018
61
Debentures 65
14
53
1955 A 0 3512 Sale 34
37
14
703
333 6514 Havana Elec coneol a 58_ __ _1952 F A
4
38
45 a38 June'34 ___
Berlin Elec El & Underg 6348 1956 A 0 4014 Sale 4014
3
2
40
32
38
95* 375*
74
Deb 51 0 series of 1926_1951 MS
.
9
93
4 83*
Beth Steel let & ref be-guar A •42 MN 113 Sale 1123* 1134 53
9
113
7
98
4
9978 1153 •Nioe(R)dt Co lot 855s ser A1934 A 0 32 Sale 32
8
32
30
-year pm & imp* a f 54_1939 .1 J 10318 Sale 103%
3
25
104
40
50
99 104
Holland-Amer Line 68 (flat)_1947 M N ---- 25
39
Bing & Bing deb 6328
_
1950 M B 3612
- _ 3712 June'34 _-- 30
3712 Houston Oil sink fund 5%6_1940 MN 85% Sale 8414 Dec'34
•tBotany Cons Mills 6%8_1934 A 0 1312 15
8533 20
1312
1414 13
19
25
Hudson Coal let e t 56 ger A_1962 .1 D 4
9% Sale 444
Certificates of deposit
50
A 0 1018 14
371
1112 June'34 ____
39
oi
8
20
Hudson Co Gas let g 5s____1949 MN 1121* Bale 112
Bowman-Bill Hotels 1st 7s._1934
11212 15 10514 11212
Humble Oil& Refining 54_1937 A 0 1043 Sale 10414
*Strap *0 10 pay of 8435 pt red_ FA 5
1043
3__ 412 May'33 ____ ___
4 80 103% 105%
Illinois Bell Telephone Ce___19513 J D 1094 Bale 109%
.
0:13'way & 7th Ay 1st cons 581943 J D
1104 45 1053 110%
97 10
8
9 4 June'34 ____
3
9% _--- Illinois Steel deb 434s
97
8
1940 A 0 1065 Sale 1065
107
31 1021k 10714
.
Header Steel Corp mtge 6s._1948 Y A
37
4212 38
Brooklyn City RR 1st As_-_ 1941 .1 J 83 Sale 83
38
7
36
834
7
72
595*
88
2nd Nat Gas & Oil ref 5s___1936 MN 102 10212 102
Skirl Edison Inc gen 56 A__1949 1 .1 108% Sale 1083* 109
102
1
94 1025k
20 10512 1095* Inland Steel let 4328
s 10112 47
1978 A 0 101% Sale 997
Gen mtge 5e series E
1952.7 3 1083* Sale 1085
86 10112
10914 32 1055* 110
let Met 432e ser B
1981 F A 10014 Sale 99% 10014 73
Bklyn-Manh R T sec 6s_ .19683 J 10214 sale 1013
4 10212 326
,
851 10014
935* 10212 Unterboro Rap Tran let 58_1966 J J 74 Sale 71%
Skin Qu Co & Bub con gtd llie '41 MN 5912 66
744 247
6814 June'34 __-6512 7414
57
87
.10
-year 613
1932 A 0 3212 3312 3214
let 58 stamped
3312 10
19413 J 6712 --_ 573 June'34 -818k 42
573* 573
4
29 Sale 2812
Certificates of deposit --- -Bklyn Union El let g 5e
29
..
1950 F A 97 Sale 9634
2
973* 49
2812 3
7512 993
812
4
•113
-year cony 7% notes_1931 M Iri 78
80
761
Bklyn Un Gas 1st cons g 58_1945 MN 11514 Sale 115
7812 48
11514 42 10634 11514
7014 80
753 sale 73%
3
Certificates of dement ---- -76% 50
lot lien & ref 68 series A 1947 M N 1173 ---- 11712 June'34 ---- 1107
..
4
6712 78
11712 Interlake Iron 1s1 Se B
7312 Sale 727
1951 m li
74
Cony deb g 5128
34
1936.7 J --------58 Feb'34 ---- 158 158
65
7718
lot Agri° Corp lst & ooll tr &Debenture gold /Se
1950 3 D 1053 Sale 10414
8
1053
8 21
98 105 s
3
Stamped extended to 1942_--- MN 713 737 801 July'34 ---, 62
4
1s1 lien & ref series B
1957 MN 10812 Bale 10818 109
8411
7 10634 1093 Int Cement CODV
4
95
deb 5e____1948 MN 95 Sale 925*
Buff Gen El 4348 series B 1981 F A 1083 Bale 1083
142
797g 93
4
4 1083
4 17
99 108% Internet Hydro El deb 6s___1944 A 0 594 Bale 585*
5912 70
:Bush Terminal lot 4e
40% 695*
1952 A 0 52
60
55 July'34 ---50 60
Inter Mere Marine 11 68_1941 A 0 53 Sale 513
4
53
Consol 5e
10
1956 1 J
44
213 20
19
4
2134
2
63%
124 265* Internet Papers,eer f
74
A & B_I947 J J 7212 Bale 7212
Bush Term Bldiss Cis gu tax ex '30 A 0 461.2 Sale 4812
14
5712 82%
47
5
4312 60%
Ref 2 f (te series A
5914 83
1955 M El 59 Sale 56%
By-Prod Coke let 634e A__ _1945 MN
7912 82
8012
383* 73
81
12
618* 88
Int Telep & Teleg deb g 4%8 19521 J 62 Sale 6114
6912 72
48% 693*
Cony deb OM
9
Cal0& E Corp lint & ref 54_1937 MN 1073 Sale 1073
1939 J .1 8 3* Sale 6818
893
4 89
4
57% 731k
4 108
11 10318 108
Debenture 56
1955 F A 65 Sale 6312
Cal Pack cony deb 58
66
120
1940 3 .1 10212 Sale 10214
52
695*
103
101
8612 103
Inyestore Equity deb 58 A__1947 J D 8212 98
964
967
8
Cal Petroleum cony deb of 58'39 F A 10212 103 10212 103
1
1k 98
82
8
9638 103
Deb Scour B with warr_1948 A 0 9712 Sale 9712
9712
Con, deb s f g 532e
5
88
1938 MN 10312 Sale 1033* 10412 10
98
9918 104%
1048 A 0 8212 ---- 98
Without warmnte
98
Camaguey Sugar 78 ctfe____1942
5
6
1
6 June'34 ---875* 98
378 12
Canada EIS L let & gen 64..1941 A 0 3012 31
3 5s
0
5
1812 333* K 0Pow &
305*
10638 107 106
Lt lot 432s sea B 1957.7 .1
Cent Diet Tel let 30-yr be_ _1943 .1 D 109 Sale 109
106
3 10012 10712
10912
8 104 2 10912
3
lot mtge 434s9810918 Sale 1087
8
Cent Hudson 0&E 5s_Jan 1957 M El 10814 1083 0814
1098
30 100% 11014
4
1081 i
5 10412 108% Kansas Gas & Electric 44.19803 D 99% Sale 9
11 F A
Cent Ill Elea & Gas let Ss__ _1951 F A 653 Sale 643
997
85*
52
8
4
72% 997
653
8
4 29
451 13912 Karetadt (Rudolph) let 68_1943 M N 29- - 3012
Central Steel 1s1 g s f 8s____1(241 MN 1085* Ill 1085*
32
11
19
1085
8
1 10112 112
3612
2612 3914 2812 July'34 ---,
Certificates of deposit
Certain-teed Prod 530 A.._1948 M 13 6412 Sale 6218
16% 32
6514 76
5212 717 Keith (B F) Corp lot ee____1946 M 13 6714 Sale 6714
2
Cheeap Corp cony be May 15'47 MN 106 Sale 10412 1083 275
8812 46
4
51
72
96 110
Kelly-Sprtnefield Tire 62_1942 A 0 4014 Sale 40
Ch DL & Coke 1s8 iru g 56._1937 J 1 106 Sale 10512 106
4014
4
40
11
5912
98% 106
Kendall Co 53211 with warr_1948 M S 9512 Sale 943
95% 27
.:Chicago Railways let &s and
7418 9512
Keystone Telep Co lot 5e__ _1935 J .1 753 Sale 753
4
4
Aug 1 1933 25% part pd
753
4
2
F A 57% 59
58.
58
4
73% 811
4
47
595* Kings County El
4 1073
Childs Co deb 5e
4
L & P 511-1937 A 0 1078* 10812 1075
1943 A 0 51 Sale 50
5 104 107%
513
37
43
85
Purchase money 134
1997 A 0 13638 145 140 June'34 -.-, 122 145
Chile Copper Co deb Cis___ _1947 J .1 8614 Sale 8458
87
90
DI
KA
••Kings County Elm 1st g 42._1949 E A 9212 Bale 913
-•
CMG &E let M 4e A
9212 17
75
93
1968 A 0 10212 Bale 102
10212 46
92 1027 MOM Co
*
Lighting 1st 6.__19643 J 10812 -- -- 109 June'34 -Clearfield Bit Coal 1st 4.__A940 J 3 65 _,___ 6518 June'34 ---10314 109
5218 6512
Ftrit and red 634,
1954 J J 11714 Bale 11714
Colon Oil cony deb Bs
1938.7 J 56 sale 55
1174 ii 108 120
56
5
55
82
Kinney(GE)& Co 732% notes'843 J D 984 99
991*
:Colo Fuel & It Co gen s f 5s 1943 F A 6314 65 65
99
65
3
8112 mo
3
30
65
Kresge Found%
6e_1938 1 D 993 Sale 9912 100
Col Indus let & coil 5s gu_ _ _1934 F A 285* 297 28
8
40
294 15
8211 100
4
1712 335* :Kreuger & Toll coil Sr ctfe_1959
el AS.
M El 144 Sale 14
Columbia G & E deb be May 1952 M N 90 Sale 883
1514 25
4
1214 215g
907 143
69
907
8
Debenture fis
Apr 15 1952 A 0 9014 Sale 88
905
25
70
903 Lackawanna Steel lets. A__1950 M El 108 ---- 1073
4
8 108
Debenture 511
Jan 15 1961 J 3 8812 Sale 864
4
97 108
8812 169
5612 8812 *Laclede G-L ref Sr
2
est 58_1934 A 0 94 Sale 927
9414 148
Columbus Ry P & L let 432e 1957.7 J 9712 Bale 9712
9512
79
98
82
73
98
933 Sale 91 12
4
Certificates of deposit__ -94
35
Secured cony e 5 As
1942 A 0 107 Bale 10612 107
85
24
94
90% 10712
Coll & ref 532e series C___1953 --65
13Ai 85 Sale 63
40
50
69%
Coll & ref 5%a series D___1960 F A
64 Sale 62
Comm'l Invest Tr deb 5328_1949 F A 10912 Sale 10912 110
64
19
50
693*
23
110
Lautaro Nitrate Co Ltd 66_1954 J .11
11% Sale 1012
Conn Ay & L ist & ref g 43281951 1 .1 1043 Sale 103 July'34 _.-- 101 103
12
185
8
512 1912
103
Lehigh C & Nay of 430 A __1954 1 J 101 Sale 10012 101
Stamped guar 432s
20
19513 .1 1043 --4
.1043 June'34 ---4
81 101
97 1043
4
Cons sink fund 43211ser C-1954 1 .1 10114 Sale 1003
4
Consolidated Hydro-Elec Works
10114 15
80 10114
Lehigh Val Coal 1s1 & ref s f 55'44 F A 873 8812 88 June'344
of Upper Wuertemberg 713_1958 J J 383 Sale 375*
7
397
4
19
7911 91
3612 80
let & ref a f be
1954 F A 5712 8112 59
:Cone Coal of Mdlet & ref be 19503 D 22 Sale 193*
2214 39
59
1324
40
1
12
2514
1904• A 53
lit & ref elm.
60
58 June'34 ---.
Certificates of deposit
22 Sale 21
22
4212 69
7
1114 24
lst & ref a f be
1974 F A 54
58
63
Consol Gas(N Y)deb 530_1945 F A 1075 Sale 106%
67
4
56%
40
e
10712 39 1011* 10712
Secured 8% gold notee
1 .1 9412 Bale 9412
9512
1938
Debenture 434o
4
8
103
153
811s 97
1951 J D 1027 Sale 10214
903* 10314 Liggett & Myers Tobacco 7s..1944 A 0 1281* 130 12814
Debenture &
13018
8 11914 1304
4
1967.7 J 10512 Sale 1043
10512 38
97%
Se
11412
1951 F A 11412 Sale 1127
Consumers Gas of Chic gu fis 1936 .1 D 1043 1043 10412 10412 11 100 10512
8
4
8 108 11412
105% Loew's Inc
1941 A 0 10114 Sale 100
Comumere Power 1st 58 C....1952 MN 1073 Sale 10734
10114 64
4
1083
8 29 10012 1083 Lombard deb s 66*
85 1021e
8
Else 78 sec A
4
19533 D 803 8212 80%
Container Corp let 88
M018
8
19483 D 93 Sale 92
75
98
93
17
70
9612 Lorillard (P) Co deb 72
1944 A 0 12312 Sale 123
124
15
-year deb be with warr_1943 J D 7112 Sale 7112
19 11211 124
7218
8
52
8114
55
1951 F A 10812 110 10712 109
Copenhagen Telep 51 Feb 15 1954 F A 8712 Sale 8712
31
9912 109
8712
1
75% 95
Louisville Gm & El(Ky)5.1962 MN 10714 Sale 107
Crown Cork & Seal 81 tie__ 19473_
10712 28
D 10514 Sale 105
10512 22
88 10712
9712 107
Lower Austria Hydro El 63461944 F A 84 Sale 833
4
84
Crown Willamette Paper 68_1951 J J 9612 Sale 9312
5
51
98% 42
8514
7912 91 3
34
rroWD Zellerbacb deb Sew w 19401W 8
96 Sale 94
96
34
70
98
tMcCrory Stores deb 532s_ _1941
*jCuban Cane Prod deb Os.1950 J .1
3%
35
4 42
8
33 Sale
21e 84
Proof of claim filed by owner-- -45
59
60
60
Cumb T & T 1st & gen 58._ _1937 J 1 10714 Sale 10714
2
50
ao
1073* 19 103% 1071 McKesson &
8
Robbins deb 530'50 MN 8314 Sale 82
8314 69
58% 861
4
nblanatl Sugar 1st s f 710_1942 A 0 143 233 16 June'34 -4
4
,
Del Power & Light let 438_1971 .1 1 1043 ___ 10412 10412 22
.
8
9
233*
9414 1053
4
CertifIcates of deposit
16
let dr ref 43118
---- ---- 20
1969 1 J 10112 103 10112 102
1612 10
10
20
6
895* 103
*Stmpd Oct 1931 coupon 1942 A 0 165s 20
16
lot mortgage 432e
19691 J 1025* 10412 102
1612
9
ao
102
10
2
94 104
Certificates of deposit...... ---12
1712 20 Feb'34 ---.
Den Gas & El L let & ref of 58'51 M N 10212 10312 102
6
90
102
2
86 1027
8
*Flat stamped modified __ _ _ ---- 35
20
Stamped as to Penna tax_ 1951 M N 102
____ 102
15
20
102
3
873 1033 alanhat By(NY)cons g 481990 A0 47 Sale 4614 Feb'34 ---4
4
-.Detroit Edison be sec A
4714 14
1949 A 0 1035* Sale 10718
1083
4234 5112
4 38
96 4 108%
3
Certificates of deposit
4
3914
394
5
Gen & ref 58 series B
37
---- 393 45
de
1955 .1 D 10818 _ _ 108
10812
Ms 10812
8
26 42
32
35
2013 J D 30
32
Gen & ref Eat series C
6
1982 F A 10814 Sale 108
30
40
10814
6
9638 10814 Manila Elea RR ,t Id 3 f 58_1953 M 8 8414 93% 82
Juni'34 - - 82
Gen & ref 4348 series D 1961 F A 105 Sale 10414
97
10514 72
89 10514 MOS Tr Co Mrs of
panic in
Den & ref en series E
1952 A 0 108 Bale 10714
10814 27
97 10814
A 1 Namm & Son let tie_ _1943 J D 7114 75
71 July'34 ---60
Dodge Bros CODY deb 13s
1940 MN 105 4 Sale 10514
3
773
1057
4
8 88
9814 1057 Marion Steam Shovel *6 68_1947 A 0 553 57
4
56
Dold (Jacob) Pack let 6s_ _ _1942 MN 91
56
1
44
61
9212 914
9212
4
797 93 Market Si Ry loser A _April 1940(4 3 86 Sale 86
8
Donner Steel lot ref 78
88
34
19433 J 993* Sale 995*
68
9112
991
1
94 102 Mead Corp 181 68 with warr_1945 In N 78 Bale 75
78
Duke-Price Pow lot 688er A_1966 MN 96% Sale 955*
14
53
81
9612 55
7412 98% Meridlonale Mee In 7e A,.1957 A 0 a92 Sale a91
a92
20
9118 116
1. or rootnotes see page 257.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 13.
.a .
a
ii i-s
New York Bond Record-Concluded-Page 6
BONDS
INT Y. STOCK EXCHANGE
Week Ended July 13.
r. .
ilPrVe
Friday
v a. July 13.
Week's
Range or
Last Sale.
11
o
Range
Since
Jan. 1.
Industrials (Continued)Bid
High No. Low
Ask Low
High
Metr Ed let & ref 58 aer C__1953 J J 10012 1004 100
7
77 10114
1005
8
1st g 4448 series D
1968 M S 95 Sale 945
95
35
71
05
Metrop Wat Sew dr Dr 5448..1950 A 0 8812 8912 896 80
9212
•;Met West Side El(Chic)4s 1938 F A
24
1 33
1012 1214 1214
1
10
18
miss Mill Mach 1st s 1 7a___1956 J D 542 68
4
55
60
78
55
Midvale St & 0 coll trot 58_1936 M 9 1027 Sale 1023
10314 55
4
971 103 4
/
4
,
Mtlw El fly & Lt 1st 55 B__1961 J D 8314 Sale
5g
11
97
8512
let mtge bs
1971 J J 8212 Sale 5
56
4 1 12 31
14
85
1
2
Montana Power lot 55 A___1943 J J 100 Sale
40
79 100,2
/
1
4
Deb be series A
1962 J D ____ ____ 7712
1
53
81%
7718
Montecatinl Min & Agile
Deb 5 78
1937 .1 .1 933 95 z9312
4
91
9812
9412 20
Montreal Tram let & ref 56_1941 J J 993 100
9914
993
4
8
9512 101
Gen & ref 515, series A 1955 A 0 7814 813 8214 Apr'34 _--8214 8214
Gen & rats 1 be series B__1955 A 0 7814 86
74
Feb'34 ---74
74
Gen & ref a f 444s series C_1955 A 0 7314 76
76 June'34 ---753 76
Gen & ret s f 56 series D__1955 A 0 7814 ____ 85 Mar'34 ---83
85
Co let of 4 4s____1939 J I 9912 Sale 98%
Morris &
991 106
/
4
8412 9912
Mortgage-Bond Co 4s ser 2_1966 A 0
403 Dec'32 _ - - 8
Murray Body 1st 6413
1934 J D 9512 96
3
9512
88 100
96
Mutual Fuel COW let gu g 58_1947 M N 10412 ___- 10412
1
10412
95 10518
Mut Un Tel ltd ()sett 51 5% 1941 MN 1023 10312 10212 103
11
97 10312
4
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 13.
257
Price
Friday
July 13.
Week's
Range or
Last Sale.
g •
Range
Since
Jan. 1.
Rid
Industrials (Concluded)Ask Low
High No. Low
High
*311.1chfield Oil of Calif 6s___1944 M N
3112 24
303 Sale 3012
8
2114 36
MN
Certificates of deposit
30% 313 31
8
3514
20
1955 F A
RIma Steel 1st :1 75
5918
5912
593
311
4
5
1
5414 5912
Roch G&E gen M 5445 ser C '48 M S 108 10814 108
10814
6
997 108
8
Gen mtge 441s series D_ 1977 M 5 1017 ---- 101 Mar'34
s
86 101
Gen mtge ba series E
1962 M 8 10612 Sale 1 06
106 8
8
5
13 12 1 3712 2
6
94 10718
Royal Dutch 45 with warr_1945 A 0 ____ 13812
102 1421
/
1
4
/
4
941 m O 5318 Sale 5318
948 A N
Ruhr Chemical a f as
5318
3
521 7412
/
4
Bt Joseph Lead deb 545_1
1
1127 Sale z112
8
1127
8 23 10511 114
/
4
St Joe fly Lt IR & Pr let 58_1937 MN
9314 933 9318
4
93%
1
72
9614
St L Rocky Mt & P be stpd_1955 J J
54
5712 5912 July'34
_
353 61
4
8t Paul City Cable cons ba__1937 1 1 6814 80
7234
5
70
4514 82
Guaranteed 58
1037 1 1
7014 80
80 May'34 _ _ _ _
45% 80
San Antonio Pub &Iry 1st 68 1952 J 1 98%
99
99
2
71
99
Schulco Co guar 651s
1
40
40
35% 41
Stamped (July 1933 coup on) 1 1
40 July'34 _ _ _ _
30
45
Guar of 645 series B
1946 ;Co 40
48
__
40 June'34
32
41
40
50
__
39% June'34
30
41
18haron Steel Hoops f 3448_1948 F A
6512 66
65
38
65%
6
76
hell Pipe Line ef deb 55___1952 M N 10212 Sale 102
103
87
8912 103
Shell Union 011 81 deb 58_1947 M N 100 Sale 9978
10014 77
89% 10014
Deb be with warrants_ _1949 A 0 100 Sale 993
4 10014 222
893 10014
8
Namm (Al)& Elon_See Mfrs Tr
Shinyetsu El Pow let 648_1952 1 D 75% 76% 7618
77
10
64% 77
Nassau Elec gu 148 atpd_1951 J .1
5912 32
58
5918 58
5314 623 Siemens & Halske 8 f 7a____1935 1 J
4
63
5
63
63
81
1st a f 65
Nat Acme
1942 J D 85
85 June'3465's 86
Debenture 8 f 6518
553 57% z58
4
5814 59
553 39
4
,
Nat Dahl Prod deb 541e___1948 F A
9912 Sale 98%
993 277
4
78
/ 9934 Sierra & San Fran Power 58_109 F 5 10312 Sale 10312 104
1
4
1951 M A
15
86% 104
Nat Steel let colt be
1956 A 0 105 Sale 104%
10514 221
91 10514 Eilleala Elea Corps f 631e___1946 F A ---- 3 , 37
383
8
37
7
6812
84
Newark Consol Gas cons 58_1948 J D 111
___ 11114
11114
2 1035 111 14 Silesian-Am Corp coil ti 78_1941 1 A
8
3
5112 Sale 48%
52
30
37% 5834
Newberry (JJ) Co 544% notes '40 A 0 1037 Sale 10314
104
47
881 10414 Sinclair Cons Oil 15-yr 75_1937 M 8 10378 Sale 1037e
8
/
4
10414 65 10212 104%
Eng Tel & Tel ba A.....1952 J D 11414 Sale 113%
New
11412 33 105 115
1938 1 D 10412 105 1043
/
1
4
let lien 634s series B
4
105
16 101 1053
4
let g 4418 series B
1961 MN 11118 Sale 11018
11112 15 101 111 12 Skelly 011 deb 5445
1939 M 8 9714 Sale 968
973
8 54
841 97%
/
4
NJ Pow & Light let 4 34s196Q A 0 92 Sale 8912
92
59
6912 92
scum Bell Tel dr 'I:el let 8 f 65'41 1 .1 1081. Sale 10733 10833 33 1051 109
/
4
Now On Pub Sow let fis A.._1852 A 0 58 Sale 56
58
48
411 65
/
4
S'weet Bell Tel 1st & ref 5a._1954 F A 11014 Sale 10912 11014 67 105% 11014
First & ref be series It.. __1955 J D 59 Sale 56
59
77
Southern Colo Power 60 A 1947 J J
403 65
4
82
83
81
8212 11
631 86
/
4
N Y Dock 1st gold 48
1951 F A 5514 58
5734
2
573
50
4
67
Stand 01I01 NJ deb S, Dec 15'46 F A 1053 Sale 10512 106
4
341 10412 107
Serial 5% notes
1938 A 0 43
443
8
9
37
58
4412 428s
Stand 01101 NY deb 4448_1951 J 0 10312 Sale 10314
1033 186 100 10412
4
NY Edison let & ref 6448 A1941 A 0 11412 Sale 1137
11434 34 10912 115
*Stevens Hotels 64 series A. _1945
2112 22
22
22
2
16
28%
let lien & ref 5a series It I944 A 0 10914 Sale 1088
10912 18 1054 11018 *.IStudebaker Corp 6% notes1941 J D 4012 Sale 4012
/
1
408 15
35% 6812
1st lien & ref 58 series C 1951 A 0 108% Sale 10814
73 1054 10912
/
1
109
Certificates of deposit
3512 42
40
40'z
6
34
67
N Y Oita El Lt II & Pow g be 1948 J D 115% 11612 11514
10 107 116
116
Syracuse Mg Co. 1st g 5s1951 J D 113
11312 June'34
1034 11312
/
1
Purchase money gold 4s1949 F A 10612 ----10614
991 106118
/
4
1065
8 10
NYLE&WCoal&RR 530'42 M IN
7512 95
Tenn Coal Iron & RR gen 55_1951 J J 11014
9214 947 90 June'34 ____
8
104 11018
- - 110 July'34 _
N Y L E & W Dock & Imp 58'43 J .1 10012 103 100 May'34 ____
87 1004 Tenn Copp & Chem deb 6a B 1944 1111 8 81
8512 a82
a83
3
6512 8814
97 Tenn Elec Pow let 135
N Y Rya Corp Inc aa___Jan 1965 Apr838 Sale
618
8
87 Sale 82
833 10
8918 110
57
8918
Prior lien as series A
1965 1 J
Texas Corp cony deb 55____1947 1 D 10318 Sale 103
6
70
63
70
70
6812 70
19 4 A O
1033 242
4
96% 10334
NY & Mehra Gas lit (is A 1951 M N 107
98 106
Third Ave fly let ref 48
____ 106 June'34 ____
1960 J J 54% Sale 53
55
39
41
5514
IN Y State ES'S 454: A ctfa_1962 ____
3
112 5
33
312 414 35
4
AdjInc 5a tax-ex N Y_Jan 1960 A 0 29 Sale 273
2918 143
8
25% 313
4
6448 series 11 certificates 196213
212 412 Third Ave RR let g 58
2
4 414 43 June'34 ____
10371 J 101 Sale 10018
101
10
86 101
NY Steam 61 series A
1947 Iii- 4 109 Sale 109
10912 21 10214 11012 Tobacco Prods (N J) 6448_2022 M N 107 Sale 104% 195
3
,12
5
07
62 10112 10714
1,
1st mortgage be
1951 M N 10433 Sale 10533
106
65
9818 106
Toho Elec Power 1st 78_1955 M S 9412 95
80
95
let mortgage Is
1956 M N 105 Sale 1043
97% 10512 Tokyo Elec Light Co Ltd
5
10514
4
NY Telco 1st & gen a 1 434s 1939 MN 1084 Sale 10812 1084 71 103 109
1st ifte dollar series
1953 .11 1) 7018 Sale 70
70% 52
63% 733
4
N Y Trap Rock lit Oa
63
51
Trenton G& El let g 5s
5
5612
1949 M 8 110 113 11012 June'34
5614
1946 J 0 5514 58
io 102 11012
Meg Lock & 0Pow 1st 58 A 1955 A 0 104 106 1047
9
90 105
o
105
Truax-Traer Coal cony 645_103 MN 60 Sale 55
37
GO
NIagara Share deb 54s
1950 M N 67 Sale 67
7218 Trumbull Steel let St 68
50
68% 70
98 Sale 96
1940 M N
98
35
8312 98
Norddeutache Lloyd 20-yr a f as'47 MN
4518 73 'Twenty-third St fly ref 5s_1962 J 3 2812 ____ 28 Aug'28
47% 20
46% 50 z47
Certlfleatesof deposit --------- 40
577 Tyrol Ilydro-Elec Pow 7418_1955 MN 69 Sale 69
41
43 July'34 ---7514
45
70
23
48
Nor Amer Cain deb 644sA 1940 55 3518 Sale 343
2212 40
1
5
4
36
6512 Sale 6512
Guar sec a 1 7s
1952 F A
6612 10
45
76
North Amer Co deb be
42
1961 F A
6312 91
91
9012 Sale 8914
No Am Edison deb 58 ser A.1957 M S 90
61
90
28
90
83
Ujigawa Elec Power at 7s._ _105 M 8 83 Bale 8138
91
88
9
7312 87
Deb 5416 ser B___Aug lb 1963 F A 9414 Sale 93
943 Union Elea Lt & Pr (51o) 5s..1957 A 0 10612 Sale 1063
8
82
9414 44
8 1063
4 28
961 107
/
4
Deb 58 ser C
Nov 15 1969 15.1 N
8712 42
5618 8712 17n EL & P (III) let g 554s A 1954 1 J 10578 Sale 1057a
8
8618 Sale 845
10614
12 102 107%
Nor Ohio Trac & Light 68_1947 M 8 1047 Sale 10412 105
18
747 105
8
"Union Elec fly (Chic) 5s_ __1945 A 0 13 Sale 13
8
13
5
13
24
Nor States Pow 25-yr be A__194I A 0 1044 Sale 10433 1043
4 49
8912 1044 Union Oil 30-yr 65 A__May 1942 F A 114 Sale 11378
11412 19 10711 11412
let & ref 5-yr 68 ser 18___A941 A 0 10712 Sale 1063 1077
8
94% 1072
9
s
Deb ba with warr_ _ __Apr 1945 J D 103% Sale 10312 10414 35
Norweg Hydro-El Nit 548_1957 MN 834 Sale 8012
7812 90
833
4 34
United Biscuit of Am deb 68 1942 M N 107 Sale 107
107
6 194331 ( 7112
02 4 04'
Ohio Public Service 734: A_1946 A 0 10612 108 10512 106
89 108
7
United Drug Co (Del)5s_ ___1953 M S 8412 Sale 8338
8412 45
60
853
4
lot & ref 7:series 11
3
78 104% "IUnited Rye St L let g 4s__1934 J J
10418
1912 20
1947 F A 10414 __ 104
191
20
17
2012
4
Old Ben Coal 1st 65
23
15
1944 F A
1612 July'34 ____
8612 Sale 85
8612 160
U S Rubber 1st & ref 5a Der A 19471 J
1612 18
68
91
Ontario Power N F let 58_1943 F A 11018 Sale 1094 1101
101 11018 United S SCo 15
9
95 1003 98 June'34 ____
4
/
1
-year 6o_ _ _ _1937 M N
/
4
9015 98
Ontario Transmission 1st 55_1945 M N 10714 10912 109
1 101 10912 Un Steel Works Corp 645 A _1951 1 D 36 Sale 35
109
3612 55
343 6633
4
0810 Gas & El Wks esti 55 1963 M 8 82 Sale 82
8212
36
6
3612 z35
6912 86
36
Sec. of 6415 series C____. _1951 J D
10
343 663
4
4
Otis Steel let mtge6sser A_101 PA 9 69 Sale 62
70
63
28
7(1
36 Sale 35
361 38
/
4
Sink fund deb 6145 ser A 1947 J J
3412 67
Up Steel Works(Burbach)la 1951 A 0 10812 120 11412 June'34 ____ 107 120
Pacific Coast Co 1st g 58_1946 J I) 36
1
25
407 Universal Pipe & Rad deb 68 1936 1 D
36
8
40
36
28
29
29
23
Pacific Gas & Ellen & ref 155 A '42 J J 107 Sale 10633
4412
45
5
1
10712 43 10012 10712 Unterelbe Power & Light 65_1953 A 0 4318 48
ay 3 8
715
Pacific Pub Sere 5% notes__1936 51 8 94
87
9212 15
9212 Utah Lt & 'frac let & ref be 1944 A 0 63% 64% 65
6612 32
9412 9134
5712 7512
Pacific Tel & Tel 1st 55____1937 I J 10712 Sale 10714
68 Sale 68
8
69% 60
10733 34 10414 1075 Utah Power dr Light lot 58_1944 F A
6012 81
Ref mtge 15e series A
1952 M N
11114
__ __
Sale
Utica Elec I.. & Plots
J J
.:Pan-Am Pet Co(Cal)conv 6s'40 J D 11012 Sale 11012 42 17 10518 11138 Utica Gas & Elec ref & f g 5a 1950 J J 109 Sale lia78 Mr1.333 --a ioi" 1 4
2
42
25% 471 2
42
11318
32
est 5a 1957
-61
Certificates of deposit
4
28
42
46% URI Power & Light 54s____1947 J D 313 Sale 31%
4
4112 .1612 4112
3 / IN
21
4
IT2 Ais
,
Paramount-B'way 1st 548_1951 1 J
28%
45
30
47
40
40 Sale 3814
275 Sale 2712
8
Deb 5s with warrants____1959 F A
Certificates of deposit
4
30
4
47
40
40 Sale 383
•:Paramount lam Lasky 6s_1947
,
mu
a co_n_v__5
3 Sale 8112
14
62
8912
8314 17
"Proof of claim filed by owner_
49
29
4838
3
2918 55
4712 49
6
Vertlentes Corpr 78
an diu m Suga °1 A
6
338 14
5942 A 0 85
1 '4 1
Certificates of deposit
1812 23
2812 543 Victor Fuel 1s1 8 f 5s
J 0 4612 Sale 4612
4812 35
181 May'34
/
4
4
1953 .1-*.T.Paramount l'ub Corp 5. s 1950 F A
4
1
108 --iii
g118 101 18
43
'
Vs Elec & Pow cony 5415_1942 M 9 108 Sale 1073
•Proof of claim filed by owner_ _--29% 55%
4912 74
473 Sale 47%
4
5s series 11
_1951 J D 103% Sale 10212 103% 28 12 mai
14
Certificates of deposit
4912 13
29
4734 Sale 47%
543 vs Iron Coal & Coke let a 58 1949 M S 6018 74
4
6018
2
6018
Park-Len 841s ate
1953
17%
18
20
5
93 2212 Va fly & Pr etts of dep beginning
4
175
8
Parmelee Trans deb 68
1944 A 0 25 Sale 25
4
2318 3512 I
z25
July 1 1934 int at 534%__1934 J J --------11413 11412 10 10834 11412
Pat & Passaic GA El cons 5819-19 al 8 110 --_- 1083 May'34 ____ 10312 109
4
Paths Etch deb le with warr 1937 MN 9912 Sale 99 4
85 100
993
7
4 22
,
1212 1412
34
38
4
32
Walworth deb 634: with worr '35 A 0 30
Ps Co gu 344a coil In A reg 1937 5.1 5 101
1
____ 101 May'34 ---94 101
37 June'34 ____
Without warrants
A 0
Gu r 345 coll trust ser B_194 i F A
9934
2
993
4
a
993 100
4
943 993
4
463
4 30
1st sinking fund as mei A__1945 A 0 46 Sale 46
21
50
.
Guar 348 trust eta C____1942 I D 9934 ____ 993
4
993
4
3
56
86
133
9914 Warner Bros Pict deb 68____1930 M 5 .5312 Sale 5312
67
40
Gluar 8415 trust CM D9912
2
- 44 1 0 983 100
9912
8634 9912 Warner Co 181 mtge lis _____ 1944 A 0 295 38% 397 July'34
19
4
i
E
8
z a
45 ser E trust etfti__ _1952 M N 99 100
99
99
uGear
a38
9912 Warner-Quinlan Co deb 6s__1939 M 8 3712 39 a38
1
85
Secured gold 451s
1003 M N 1033 Salo 1027
10334 83
8
8
8534 103
/ Warner Sugar Refit] 1st 78_1941 J D 10714 Sale 1067
1
4
8
10714
2
6 10512 1083
Penn-Dixie Cement lot 6a A 1941 M 5 7212 731 727s
7312 14
661 77
/
4
8
50
Warren Bros Co deb 68
16
42
63
1941 M S 48% Sale 483
Pennsylvania 1'& L let 441s 1981 A 0 9912 Sale 987
993 360
4
79
4
1053
4
9934
1
9818 1057
.1 J 10618 ____ 1053
s
Peop Gas I. Az C 1st eons 64_1943 A 0 11212 Sale 11012
/
4
6 100% 11212 Westchester Luc 55 stpd litR:1 1950
434,
11212
4 113 1 v
., 1 5 1114124
0 11312 120 1131 11312
1
-Refunding gold 58
19 M 5 10212 Sale 10212 10318 93
47
83 1031 West Penn Power ser A 58_1946 M 8 1085 Sale 10812 1083
8
/
4
4 1
Phila Co sec 58 series A
1967 J D 92 Sale 90%
1963 Al 9 1133 ___ 11318
633 927
4
92% 114
.
8
11318
lot Bs series F
g
Phila Elec Co let & ref 441s 1967 M N 107:2 Sale 107
4
10712 34 1013 1077s
1st see .51 series (I
10912 12 104 1093
4
1956 1 0 10914 1093 10914
4
1st dr ret 45
1971 F A 10312 Sale 10314
1033
4 43
9314 104
1033 167
Western Electric deb 5s____1914 A 0 10312 Sale 10318
4
9714 104
Phila & Reading C & !ref 55 1973 1 .1 653 Sale 6450 60
4
3
4
Cony deb as
1949 Al .452 Sale 5112
Z4 li)7
/ 11
1
.
39
551s Western Union colt trust 56_1938 1 J 10012 Sale 100
101
54
9138 102
Phillips Petrol deb 54(e
1939 2 D 10112 Sale 10114
8912 102
111
102
Fundlrg & real eat g 4149_1950 M N
/
1
83
8212 83
82
744 9012
9
Pillsbury Flour Mills 20-yr 6543 A 0 1073 108)2 1073
12 105 109
4 108
4
15
-year (111s
1936 F A 10112 102 10112
96 102%
1023
4 73
Pirelli Co (Italy) cony 7s.._ _1952 al N
2 100 101 12
a98
a98
25-year gold 5s
8614
8714 42
1951 J D 86% 89
7912 9514
Pocah Con Collieries lots 1159 '67 J J 82
6733 88
897 85 June'34 ____
8
30
-year 58
1960 M 8 86 Sale 85%
8612
&
Port Arthur
Os A _1953 F A
Can
90 Sale 90
90
Dk
09
95
.51
Westphalia Un El Power 88_1953 1 .1 50 Sale 4912
let intge 65 series 11
1953 F A 8912 95
70
89
Wheeling steel Corp ist 5545 1948 1 2 94 Sale 9212
89 June'34 ____
94
82% 97
26
Port Gen Elea 1:1 434:ser C 1960 NI S 443 Sale 4418
4534 120
39
4
573
1st & ref 4515 series B____1953 A 0 8412 Sale 8414
8412 12
72
873
4
Portland Gen Elea 1st be_ _1935 J .1 91
93
913
9214 52
78
9512 Wh1te Sew Mact 65 woth warr '36 / J
5118 70
58 May'34 ____
58
58
Porto Rican Am Tob conv tie 10-121 J
433
4314 Sale 41
27
3212 5712
631
Without warrants
69
5118 70
67 June'34 ____
49
.1
Postal Tales& Cable coil 58_1953 J J 51 Sale 5012
517
98
4518
Parties t deb (Ia.__ _ _ __IN° M N
52
48
52
52
5
*1:Pressed Steel Car cony g 551933 1 3 50 Sale 50
4
53
50
66'3 :Wickwire Spencer St'l 1st 78 _'31
Pub Serv El &(list dc ref 4;0'67 J D 1073 Sale 1063
4
10734 17 10012 10812
4
Ctt dep Charm Nat Bank ___ _ _ .
10
9
103
5
4 914
7
1412
let dr ref 4411
1075 10814 107 3 10814
8
1970 F A
10 100 10814
918 26
812
413 14
812 10
Ctfs for col & ret cony 7s A 1935 MN
let & ref 45_
1971 A 0 104 Sale 104
10412 62
93 105
Wilson & CO. lot 0 f 68 A_ _ _1941 A 0 107 Sale 1063
4
4
10712 76
973 1071.,
Pure Oils f 541% notee_ 1937 F A 10014 Sale 100
_
1001 24
/
4
9012 10012 Youngstown Sheet & Tube 55 '78 1 .1 85 Sale 83
85
4
196
7412 893
5 r 5.44% notes
1940 M 8 9812 Sale 9814
9812 83
87
9812
74% 8912
let mtge s f bs aer B
33
85
1970 A 0 85 Sale 84
Purity Bakeries s' deb 58_1948 1 .1
911
15
7814 9612
9133 Sale 9012
iRadio-Keith-Orpheum p104 et&
r Ca.,11 sale not included in year's range,
a I)eferred delivery sale not included In year's range.
for deb 6a & corn stk (65% pd)_
35
8
37
____ ____ 367 Apr'34 ____
'Debenture gold 68
• Negotiability impaired by maturftY•
1941 J D 25
1814 41
32
29 July'34 ____
Remington Arms let e f 6E1_1937 M N 103 Sale 103
t Accrued interest payable at exchange rate of 54.8665.
8
961 10312
/
4
10314
3 Companies reported in receivership.
Rem Rand deb 53.4: with warr '47 M N 9412 Sale 9212
93
76
95
95
z Deferred delivery sales in which no account is taken In computing the range.
Repub I & 9 10-30-yr 5e 8 1_1940 A 0 1013 ---_ 1003 July'34 -___
4
85 10112
are given below.
Ref & gen 54s aeries A....1953 1 J 91 Sale 8912
91
19
74
91
105
Revere Cop & Brass rie set A 1948 M El 105 Sale 10412
Norway 53-6s 1965, July 7 at 9341.
22
80 105
Argentine 6s Oct. 1960, July 12 at 79.
Rhelnelbe Union 8 f 78
1946 1 J 38 Sale 3733
39
11
35
73
Calif. Petrol 5418 1938, July 13 at 1034. Panama 55 stamped. July 13 at 374.
36
38
Rhine-Ruhr Water series(L_1953 1 2 35
Parmalee 65 1944, July 11 at 2541.
363
4 45
35) 56% 1)eutsche Bk. 6s, July 9 at 5742.
8
Rhine-Westplialta El Pr 75-1950 MN ____ 507 5114 July'34 ____
St. Joseph Lead 551s, July 11 at 1114.
5114 7312 Lombard 70 1952. July 12 at 801
8
4•
1952 al N 46
Minas Geraes 64s 1959, July 11 at 184. Siemens & Halske 64s. July 12 at 56.
17
4934 71
5018
Direct mtge 68
51
50
1953 F A
5112
50
Montecatinl 78 1937, July 7 at 93.
Cons mtge 65 of 1928..
Un. Steel Wks 6348 0 1951, July 7 at
54
9
501
5014 71
/
4
4917 71 • Norddeut.che Lloyd 6s, July 10 at 46.
4917
24
50
501 1
Cons M 69Of 1930 with werr '55 A 0 48
341.4.
i
14
2 I, g4.z
Financial Chronicle
258
July 14 1934
Outside Stock Exchanges
-Record of transactions at the
Boston Stock Exchange.
Boston Stock Exchange, July 7 to July 13, both inclusive,
compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Stocks-
Railroads
100 138% 13834 140
Boston & Albany
100 6539 6534 68
Boston Elevated
Boston & Maine
10
10
Common stamped_ _100
24
Prior preferred
100 23% 22
10
8
Class A tat pref stpd 100 10
11
9
CI B 1st pref stud -100
7
6
100
Cl C 1st pref
10
10
CI C 1st pref srpc1 _100
1555 1555
Class L) 1st pfd stpd _100
Chicago Jet Ry & Union
10035 10034
100
Stock Yard pref
East Mass St fly
1
750
1
Common
11% 12
let preferred
100
1434 14%
NY N flaven&Hartford100
121 122
Norwich & Worces pref 100
10334 104
Old Colony RR
100 104
Pennsylvania RR
54) 29% 29% 31%
118 118
Vermont& Masa Ry Co 100
Miscellaneous
15
15
Amer Frau Ser 1st peer_ _50 15
Amer Tel & Tel
100 114% 114% 117%
534 5%
A moakeag Mfg Co
•
27
27
Bigelow-Sanford Carpet_ •
89% 89% 89%
Preferred
1451 14%
Brown Co 6% cum pret_ •
East Gas & Fuel Assn
. 8
8
8%
Common
66% 68
6% cum prat
100 67
77
76
435% prior preferred 100 77
Edison Elec Ilium
100 14435 144% 149%
11
10% 10
Emnloyers Group
4% 434
Gilchrist Corp
•
10% 12
Gillette Safety Razor
19
19
Hathaway's Bakeries pref•
22
223-4
Ilygrade Sylv Lamp Corp• 22
79
79
•
Preferred
1% 1%
•
Mass Utilities Assoc v t c.
%
3,5
New England Public Serv'
9431 9534
New Eng Tel& Tel___100 95
Pacific Mills
100 25% 24% 25%
3
3
Reece Folding Mach Co_10
755 8
7%
Shawmut Assn tr eta_ __•
7% 7%
•
Stone & Webster
Swift & Co
25 18% 1731 18%
5854
• 5834 57
Torrington Co
41
Hu
31
1
United Founders com
67%
0 Shoe Mach Corp
25 6734 66
3831 3631
Preferred
15
Waldorf System Inc
•
5%
534 534
835 954
•
Warren Bros Co
Mining
15
Calumet & Heels
Copper Range--------25
New River Co pref- _100
North Butte
250 390
25 850
Old Dominion Co
Pond Crk Pocahontas Co-_ -----_25
Quincy Mining_
Shannon Copper Co-- _25 150
5
Utah Apex Mining
4
Utah Metal& Tunnel__1
BondsAmoskeag Mfg Co 68_1948 65
1950
Brown Co 534s
ChM Ry &UnStkYdele'40
100%
42
E Niass St Ry ser B 58_1948
1948
Series A 45.s
Edison Elea Illuminating
of Boston (The) 3&..1937
Pond Crk Pocohontas 78'35
z Ex-divIdend. •No par value.
High.
166 109% Jan 140
Jan 70
85 65
45
1.51
402
48
42
8
25
20
May
July
July
July
July
Jan
July
10
22
8
9
6
10
1535
86%
June
Apr
1355
4235
1634
21
15
19
25
Mar
Feb
Feb
Feb
Feb
Mar
Feb
Jan 102
May
2%
June
Jan 1835
May 24
Feb 122
Jan 10434
Jan 39
Jan 115
19 75c
6%
245
117 1334
14 100
30 78%
224 2734
15 99%
Jan
May
Feb
July
July
Feb
July
Jan
15 15
July 28
2,242 10734 Jan 125% Feb
534 May 10% Feb
120
100 25 June 3934 Feb
10 79
Jan 89% July
Apr
Jan 16
5
85
Jan 1031 Feb
5
340
Jan 68% Apr
375 45
July
Jan 77
362 55
456 12535 Jan 15455 Feb
74 Jan 1235 Feb
298
Feb
6
10
334 Jan
8'4 Jan 1234 Jan
733
Apr
25 12% Jan 24
Mar 25
Apr
75 19
Apr
July 84
5 79
2% Feb
10
1
May
35 May
1% Feb
250
Jan 9655 Apr
79. 83
220 20% May 3434 Feb
3 May
Jan
2
60
a% Jan
415
934 Feb
217
a% Jan 1335 Feb
Feb
Jan 19
383 14
Apr
164 4934 Jan 62
ills May
134 Feb
190
1,317 56% Jan 6834 Apr
20 32% Jan 36% July
5% July
8% Feb
10
241
835 May 13% Jan
33t
3
30
250
550
10
1
120
750
1
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
35,000
66
1,000
57
105
2,000
100% 2,000
1,000
50
49% 1,000
65
34
9334
88
39
38
Apr
July 76
Apr
Jan 58
Jan 105% June
Jan 10034 July
Jan 58 May
Jan 52 May
431
52
420
900
18%
1.31
150
2
451
4% 434
334
Low.
47
10
12
2,130
130
80
204
75
360
4,517
4%
52
380
850
18%
1
150
1%
65
57
105
100%
50
4931
Range Since Jan. 1.
101% 101%
110 111
5,000 100
6,000 102
634
534
52
800
135
19
234
220
3
651
Feb
Feb
June
Jan
Feb
July
Apr
Apr
Feb
Feb
July 101% July
July
Mar 111
CHICAGO SECURITIES
Listed and Unlisted
Paul FLDavis &ea
Members:
Chicago Stock Exchange
New York Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
37 So. La Salle St., CHICAGO
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, July 7 to July 13, both inclusive, compiled from official sales lists:
sates
Friday
Stocks-
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
50
50
Abbott Laboratories corn-•
40
40
Acme Steel Co ---------26
3% 3%
Adams Royalty Co cam_ •
2% 2%
Advanced Alum Castings_ 5
1151
11
Allied Products Corp cl A-•
20
20
Altorfer Bros Co cony pfd •
534 595
Armour & Co corn
61
60
• 60
Ed prior preferred
255 2%
Asbestos Mtg Co oom. _1
•
h
ASSOC Tel Util com
Si
1
1
1
•
$6 cum prior pref
7%
7
7%
Automatic Products earn_ ft
434 5
4%
Basttan-Bleseing Co oom_•
1434 15%
• 15
Handl: Aviation cotn
531
555 6
1
Berghoff Brewing Co
1% 1%
•
Dinka Mfg cl A pref
22%
Borg-Warner Corp oom.10 2235 22
103 105
100 103
7% preferred
10% 1054
Brach & Sons(E J) corn- •
2
2
Brown Fence & Wire al B•
934 915
9%
10
Butler Brothers
1235 14
• 13
Central ill PS pref
34
3,1
Central Ill Secur corn_ _1
7% 731
Convertible preferred_ •
7
9
Central Ind Pow prat...100
100
200
150
250
100
20
450
400
150
100
10
1,750
200
650
1,350
10
1,300
60
150
150
2,700
310
250
200
40
Range Since Jan. 1.
Low.
40
11734
134
2
10
10
554
58
235
35
31
2%
435
13%
5%
135
2034
93
8
1%
10%
Si
5%
614
High.
Jan 51% May
Jan 47% Fab
4 May
Mar
June
4% Jan
Jan 20% Feb
Feb
Jan 25
July
634 June
July
May 61
May
335 Jan
Jan
Jan
Apr
Mar
914 Fob
Jan
Feb
June 10
May 23% Feb
July 11% Jan
3
Feb
Apr
May 2814 Fob
Jan 106% May
Jan 1154 Mar
431 Feb
Jan
Jan 12% Apr
Apr
July 24
131 Feb
June
Jan
8% Feb
Feb 15% June
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares
Range Since Jan. 1.
Low.
High.
350
35 Feb
Cent Pub Serv Corp A_ _1
34 Jan
34
100
% Feb
34 34
h Jan
Central Pub UM ol A---•
3.4
2
Jan
650
35 July
CentS W URIcommon_ •
34
%
17
40
Jan
13
11
Jan
Prior lien prat
• 12
100
10
10
7
July 10% May
Cherry Burrell Corp com_•
4
Jan
235 6,500
2
134 Jan
Chicago Corp common__ -•
• 27% 2631 2731 1,710 22% Jan 3131 Feb
Preferred
1155
100
8
Jan 11% July
Chicago Flex Shaft com_ _5 1155 11
Feb
400 12% June 19
Chicago Mail Order corn ..5 12% 1231 1231
650
8%
63. Jan 15% Feb
Chic & N W Ry com-_100
855
450
11
13%
Mar 17% Apr
6
Chic Rivet & Mach corn_ *
150 1159 Jan 1655 May
Chicago Yellow Cab cap • 13% 1334 13%
2% 4,700
4% Feb
2
1% Jan
2
•
Cities Service Co com
300
35 Jan
3.4
51 Jan
Club Alum Utensil Co--..* 5655
3,150 34
58
57
Feb
Jan 62
Commonwealth Edison 104
200
1
Jan
31
Y. June
Consumers Co corn
31
5
34
Continental Steel
7
150
7
5
Jan 11% Feb
Common
1,550
331 4
8% Jan
354 July
3%
Cord Corp Gap stock
5
851 9% 1,200
755 Jan 11% Jan
9
25
Crane Co common
600 44
57
61%
Jar 65% Jan
100 61
Preferred
7
7
80
Mar
7
5% Mar
5
Curtis Mfg Co corn
20 2635 Feb 3355 Apr
32
32
Dayton-Rub Mfg pref _100 32
8% Jan 15% June
1531 1,050
Etac Household Uti I cap__ 5 15% 15
10 15
15
15
Jan
July 20
Gardner-Denver Co com-•
400
534
731 Mar
5
4
Jan
General Candy Corp A_ _5
851 Jan 1631 Apr
• 10% 10% 11% 2,700
Gen Household URI oom.
500 1555 Mar 32134
16% 17
eb
Goldblatt Bros Inc oom_ •
550
Feb
Si
Si
54 June
Great Lakes Aircraft A. •
550 1635 May 22 54a y
Jan
16
Great Lakes D & D
• 1754 1755 18
1731 18% 1,250
liii Feb
Greyhound Corp new corn • 18
655
150
6
935 Feb
Hall Print Co cam
10
3% Jan
6
6
7
50
Feb
5 May
6
Harnischfeger Corp corn_ -•
1735 1755
50 16
Jan
May 19
Hormel dr Co A own
•
455
200
Jan
4
331 Jan
Cl K. •
Houdaille-HersheY
Jan
431
4
100
614 Feb
655
Illinois Brick Co
25
26
26
50 17
Jan 26 May
Indep Pneum Tool v t 0- •
350
15
1535
8
Jan 18 June
Iron Fireman Mfg v t e. •
100 21
34% 3435
Apr
Jan 38
Kate Drug Co common..)
100
4
4
5% Apr
2% Jan
Kellogg Switchboard com10
8% 855
10
Jan
855 July 23
Ken Util jr cum pref._ _50
Keystone St & Wire
20 70
8035 8035
Mar 88 May
100
Preferred
235 3% 2,450
954 Jan
235 July
255
Kingsbury Brew Co cap_l
200
1
Feb
35 May
La Salle Ext Unly corn _ _5
5
535 1,700
Jan
731 Apr
3
5%
Libby McNeil& Libby...10
2.35 2%
150
3% Jan
Apr
2
255
Lindsay Light corn
10
355 354
50
Feb
3% June
Lion Oil Ref Co corn
•
19
20%
650 1634 Apr 20% July
Loudon Packing corn_
•
3431 34%
50 2731 May 4055 Feb
Lynch Corp corn
5
1454 1435
60
255 Jan 20
Apr
McCord Rad & Mfg A_ •
1935 2134
760 1431 Jan 2635 Jan
McWilliams Dredging Co •
250 12% Jan 19% Apr
1431 15%
Marshall Field common. • 15
331 334
100
Mar
3% May
5
Material Serv Corp com_10
50
134 135
Jan
Apr
1
Miokelberry'sFdProdoom 1
Feb
34
34 2,700
11 Jan
34
Middle West Mil com •
Midland United
50
Si
34
34 June 1% Feb
Convertible preferred...*
150
18
16
Apr
354 Jan 18
Modine Mfg corn
•
10 2031 Jan 40
3735 3755
,
Apr
Monroe Chemical Co pref •
250
1% 1%
I
24 Feb
Jan
National Leather corn.. 10
90
1
1
134
July
235 May
Natl Rep Inv Tr cony prof*
2535
150 21
25
Jan 27% Feb
National Standard corn...'
100
1
131 May
1
Si Jan
National Union Radio coml
600 12
1254 1354
Jan 16
Feb
Noblitt-Sparks Ind corn--•
3 June
100
355 4655 Feb
North American Car Cent.*
No West CBI
10
1
131 1%
Jan
5
Jan
131
100
7% preferred
20 6054 Jan 83
July
83
83
Okla G E 7% prat_ _ _100
8% Feb
100
455 435
331 Jan
Oshkosh Overall com--- •
July
6
50
5% July
559 8
Peabody Coal 8% pref 100
250
17
Jan 1934 June
Penn Gas & Eleo A corn..' 16% 15
50 23 Jan 3231 Jan
2955 2954
Perfect Circle (The) Co__'
33
,
1
50 254 Jan 7% Apr
Potter Co (The) com.....•
355 451 1,600
3% July 1231 Jan
3%
Prima Co common
•
Public Service of Nor III
300 13
Feb
1834 1734
Jan 22
Common
• 1751
50 13% Jan 22 Feb
1835 1654
Common
60
64
230 34
62
Feb
Jan 65
6% preferred
100
140 3855 Jan 75
7331 75
July
7% preferred
100
Quaker Oats Co
210 106
Apr 123% Jan
119% 118 119%
Common
140 115
130 13234
Jan 132% July
Preferred
100 130
234 234
4
50
Jan
154 Jan
Raytheon Mfg corny to 50c
100
1
Jan
1
2
Apr
1
1
6% preferred v t c
5
Reliance Mfg Co
13
150 13 June 19% Apr
13
Common
.10
ao 1234 Jan 20 Feb
15
15
Ryerson & Sons Inc corn.. •
7
so 5% Mar 735 May
7
7
Sangamo Electric Co
•
200 3834 June 51
Feb
4435
Sears-Roebuck & Co corn-• 4455 43
10
651 855
Mar
7
634 Jan
Sivyer Steel Castings corn •
40 40
5454 5754
Mar
Jan 60
Southw G & E 7% pref..100
100 1634 Jan 32
3055 31
Mar
Southw Lt & Pow prat -•
100
235 255
234 July
531 Feb
Stand D•edgIng cony pf ..•
1
100
1
235 Jan
h May
Common
1
Jan 34% July
Swill International__ lb 33% 30% 34% 4,400 24
Jan 18% Feb
Swift Is Co
15 18% 1755 18% 13,100 14
100
6% 655
6
July 10% Feb
Thompson (J R)corn_ _25
6% 1,050
4
8% Apr
12th St Store pref A
6
1% Jan
•
200
1% 134
135 July
55 Jan
United P& Pubs cony pref•
50 3954 Apr 50 Jan
4434 4454
US Gypsum
20
155 1,050
1
May
235 Jan
1
Utah Radio Prod cam- •
1
200
1
Feb
2
Si Jan
Util & Ind Corp corn
•
355 3%
600
Feb
6
135 Jan
Convertible preferred •
1
1
50
135 Feb
,
UtllP&Ltcomnv
31 Jan
1
455 5
100
Mar
5
Viking Pump Co corn •
134 Jan
Vortex Cup Co
14% 15
550
R% Jan 15
July
15
Common
250 25
Mar 3255 July
Class A
• 32% 3255 3255
150
1
2% Feb
Wahl Co corn
Jan
• 135 155 I%
750 17% Jan 29 June
Walgreen Co common _ _• 26% 2631 27%
10 38
121% 12134
Jan 123 June
Ward (Montg)& Cool A •
1155 11%
ao 1055 Jan 18% Feb
Wieboldt Stores Inc corn..'
2% 2%
600
Feb
4
234 Jan
Wisconsin Bkshares cont.*.
100
235 2%
Feb
5
Zenith Radio Corp cow •
254 June
RondsChicago Railways 5s_ _1927
5751 $10,000 47
56
Jan 5731 July
Certificates of deposit_ 56
108 So La Salle St Bldg
29
29
1,000 26
Mar
29
Jan 38
534s
1958
*No par value. z Ex-dividend. a Flat.
-Record of
Toronto Stock Exchanget-Curb Section.
transactions in the Curb Section of the Toronto Stock Exchange, July 7 to July 13, both inclusive, compiled from
official sales lists:
Sales
Friday
StocksBissell Co T E com
Brewing Corp corn
Preferred
Last Week's Range for
ofPrices.
Week.
Sale
Par Price. Low. High. Shares
•
•
•
32
6
6
8% 0%
3254
28
5
4,982
3,475
Range Since Jan. 1.
Low.
2
5
15
Jan
Jan
Jan
High.
July
6
11
May
3214 July
Financial Chronicle
Volume 139
Sales
.,
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High, Shores.
.
Range Since Jan. 1.
High.
Low.
011s
British American Oil
*
Imperial 011 Limited
*
International Petroleum.*
McColl Frontenac Oil com•
Preferred
100
Supertest Petroleum ord_•
Preferred A
100
a
Thavers Limited newt
1,742
9.548
6,105
400
29
35
5
5
12n
1214
1814
1034
71%
16
99
18
Jan 15%
Jan 1514
Jan 2834
Jan 14%
Jan 91
2914
Jan
Jan 107
Jan 42
Mat
June
June
Apr
May
Mai
May
Jun(
14
1434
2614
13
1334
1434
26%
13
88
2214 2234
105
An
1414
1434
2734
1314
88
24
105
on
Law.
118 118
10 70
Jan 140
Jan 95
July
Apr
July
June
Jan
Apr
Apr
Feb
Jan
Apr
Apr
Mar
June
Jan
Jan
Jan
Feb
July
Feb
Mar
Feb
Feb
Jan
Mar
May
Apr
Mar
• No par value.
-Record of transactions at
Montreal Stock Exchange.
the Montreal Stock Exchange, July 7 to July 13, both inclusive, compiled from official sales lists:
saws
Last Week's Range for
ofPrices.
Week.
Sale
Par Price. Low. High. Shares.
N MO
Stocks-
Range Since Jan. 1.
*
Agnew-Surpass Shoe
6%
Alberta Pac Grain A
•
100
Preferred
50
Amal Elec Corp prof.
Bathurst Pow & Paper A _*
634
Bawlf N Grain lard_ _ _100
100 118
Bell Telephone
s
534
Brazilian T I. & P
• 26)4
Brit Col Pow Corp A
•
B
* 16
Bruck Silk Mills
•
Building Products A
s
7
Canada Cement
100 40
Preferred
Can Nor Power Corp_ __ _• 21
•
2
Can Steamship
100
1314
Preferred
•
Canadian Bronze
Cndn Car & Foundry----*
7
25 1214
Preferred
•
Canadian Celanese
100
Preferred 7%
Canadian Converters_ _100
Cndn Gen Electric pref. _50
Cndn Hydro-Elec pref _100 70
•
734
Cndn Ind Alcohol
734
•
Class B
Foundation Co of Canada •
*
General Steel Wares
714
•
Gurd (Charles)
Gypsum,Lime & Alabas •
Hollinger Gold Mines__ _5 17.70
8
Howard Smith Pap M_ __ _•
100 64
Preferred
* 26
Int Nickel ot Canada
International Power
•
100 2614
Preferred
* 1034
Lake ot the Woods
,
100 66
Preferred
*
414
Massey-Harris
McColl-Frontenac Oil_ _ _ _• 13
Mitchell(J 5)
: 35%
Mont L H & P Cons
Montreal Tramways__ _100 95
a 27
National Breweries
25 36
Preferred
National Steel Car Corp• 15
*
Ogilvie Flour Mills
Ottawa L H & P prof. _100
•
Penmans
Power Corp of Canada _ _ _• 10
* 1654
Quebec Power
*
2
St Lawrence Corp
50
A preferred
St Lawrence Paper pret_100 1734
Shawinigan W & Power _ _• 21
Sherwin Williams of Can _* 14
Southern Canada Power_ "
• 36
Steel Co of Canada
25 38
Preferred
Tooke Bros pref
100
Vlau Biscuit
5
Wabasso Cotton
•
•
Windsor Hotel
•
Winnipeg Electric
llmsol
100
100 152
100 190
100 259
inn WM
135
152
190
257
win
15
35
10
265
340
15
406
2,634
205
85
695
99
685
260
87
115
55
10
450
455
25
20
10
25
224
2,715
975
220
195
195
122
820
398
47
3,821
135
216
640
35
4,735
1,966
25
2,681
15
914
200
395
2
15
30
71
190
1,735
145
315
1.782
30
10
428
50
10
30
5
5
190
Low.
135
159
191
259
23
60
194
58
159
52
I
High.
8%
7
22
15
854
13
120
14%
327.4
834
22
2334
12
52%
2234
334
9
27
9/4
16
2234
120
45
63
76
2034
1934
1634
6
113.4
834
19.50
11
73
29.00
4
2614
15
73
8
1434
16
3914
105
2834
36
1814
209
103
62
15
20
374
113.4
26
2434
21
16
38
39
15
6
37
2
4
145
166
203
276
Fel
Tel
Tel
Fel
11151.4
.n
BanksCanadlenne
Commerce
Montreal
Nova Scotia
6%
7
3
3
15
15
15
15
534 6%
12
12
11714 11834
834 8)4
2654 2634
534 5%
1534 1634
21
21
7
7%
41
40
21
21
2
2%
6
63.4
22
22
7
754
1214 1434
1734 1734
10714 110
38
38
62
62
7034
69
83.4
734
8
7
15
1534
414 4%
754 8
6
63.4
17.50 17.80
8
7
64
64
2534 2634
334
33-4
24
2634
10
1054
66
66
4%
4
1214 1334
15
16
3414 3534
95
95
27
2734
36
36
1414 15
195 195
100 102
59
59
10
10%
1634 1754
2
23-4
8
83.4
173.4 1814
20% 21
14
15
133.4 1314
3534 3654
39
38
15
15
5
5
2914 2914
2
2
214 214
.-•
Am
125
79
000QC
20 V
124
.n
15 1.6 31.1v
Loan and Trust
Canada Permanent_ _ _100 124
.
.
Huron & Erie Mtge_ _ _100
24%
17
8
74
11%
38)4
3814
13%
lc
414
8
614
614
5734
17%
8%
57
60
123
Jan 168
133
Jan 186
141
Jan 180
167
Jan 203
255 June 278
13014 Jan 168
162
Jan 210
.1
911
158%
170
173
200
257
162
203
.=
V1LL
Apr
Apr
Feb
Feb
May
Apr
July
Feb
Jan
Feb
May
Jan
July
Feb
Feb
Feb
July
Feb
Apr
Mar
Feb
May
Jan
June
June
Mar
Jan
Feb
Feb
Apr
June
Feb
Mar
Apr
June
Feb
Feb
July
Feb
Feb
July
Apr
Apr
June
Apr
Feb
Feb
July
July
May
Apr
Apr
Jan
Feb
Feb
July
Feb
June
Feb
Feb
Tel
Jar
July
May
Mar
Juno
154
168
166
188
259
160
202
,...N.
mmoon.1 1,f Mole onm
High.
July 2.25
Jan 1014
July 23
July
10
Jan 120
Jan 32
Jan 2514
July
1414
July 2.95
Jan 2314
Jan 34
July
534
Jan 60
July
12
Jan 53
June
234
Apr 12
June 10
Jan 8814
June
93-4
Jan 34%
Feb 63
June 2034
July
18
Feb 120
Jan 183-4
June 1154
June 10%
Jan 123.4
Feb 170
Jan 186
Jan
1134
May 23
July
53-4
Jan 3214
Jun 2514
Jan
6
Jan 118
Jan
814
July
234
Jan
834
Jan
1614
Jan
1634
July 11034
Jan 29.00
July 1.50
July
534
Jan 95
July 663.4
May 59
Jan
1814
Jan
1734
June
6c
May
104
July
834
Jan 71
Jan 17%
Jan 114
June
3
Jan 20%
June
9
July 90
Jan
934
July 1.10
Jan 77
Jan 2014
28
47
19
6
51
18
11
155
170
172
188
260
160
203
100
100
100
100
100
100
100
Ne1.0.5VOMON.NCNONN.O.,
ONNN.W.ONON.
,
. t.M .
..14
•—.
N
v.
1,300 1.00
Abitibi Pr & Paper corn_ • 1.05
1.00 1.10
416
12
8
loo
6% preferred
35 15
Alberta Pacific Grain p1100
_-__ 15
614
731
614
Beauharnois Power com_ •
614
634
187 110
log 11874 117 11834
Bell Telephone
30 2314
Blue Ribbon 634% pref _50 3134
313-4
31
133 22
Brantford Cordage 1st p125 25
2555
25
834
Brazilian T,L & Pr corn_ _*
834 834 3,314
834
16,245 65c
Brewers & Distillers com-* 850
650 1.20
61 16
Building Products A
21
*
70 27
Burt(F N) Co corn
3334
25
290
Canada Bread corn
234
2% 2%
2%
•
20 2734
1st preferred
100 28
2734 28
614
640
Canada Cement com
634 714
•
634
166 33
Preferred
• 4034 40N 41
2
30
Can Steamship pret_-- _100
514 6
6
30 10
Canadian Bakeries pref100
12
734
390
7% 734
Can Canners cony pref _ _ _•
73-4
69 75
lot preferred
80
83
100 80
85
6
Canadian Car & Fdy corn_ a
73.4
7
7
140 20
Can Dredge dr Dock cony.* 2034 2014 21
31 59
Can General Electric pref50 6034 59
60)4
1,710
Canadian Ind Alcohol A__•
73-4
8
73.4 814
•10 10
Canadian 011 corn
---115 11554
100 115
240 92
Preferred
2,414 1214
Canadian Pacific Ry _ _25 1334
13% 143.4
.
.
6
630
Canadian Wineries
63-4 63-4
•
63-4
6
6% 714
825
•
Cockshutt Plow com
73.4
734
504
Consolidated Bakeries _ _•
g
8 yi
.
834
Cons Mining & Smelting 25 14934 14814 15134
327 131
24 165
Consumers Gas
100 182
181 182
714
228
Cosmos Imperial Mills__ _• 11
1114
11
130 19
Dominion Stores corn_ _...* 1914
1914 1934
Easy Wash Machine corn,*
35
13-4
__
134
145 13
Fanny Farmer corn
iti 30
• 30
Ford Co of Canada A_ _ • 20
.
.
1914 2034 2,484 15
15
General Steel Wares cam_ a
334
4% 5
151 106
Goodyear T & It pret_.100 111
11034 111
434
Gypsum, Lime & Alabast..*
585
514 6N
534
1
Ham Un Theatres com.-25_ __
104
1
.
Hinde & Dauche Paper__ •
25
531
8
9
a
25
Hunts Limited A
10
55
13
9
954 11
*
914
100 99
International Mill 1st p1100
99
International Nickel coin_• 2534 2514 263-4 6,830 21.16
Int Utilities B
20 654
650 750
• 654
55
414
Kelythator of Can corn_ •
414
Preferred
10 80
100 9334 933.4 95
35 66%
Lake of Woods Mill com *
6614
35 4634
Laura Smut Candy corn_• 5634 5354 5574
1,708 14
Loblaw Groceterias A_ _ ...* 17
1634 17
B
765 1334
15% 1654
* 1814
55 500
Maple Leaf Milling coin_ _•
80C
20
Preferred
5
734
100
7
7
Massey-Harris corn
33-4
4%
•
334 4% 8,384
Monarch Knitting pret-100
23 45
n
•
1531
170 11
Moore Corp corn
69 96
A
100
__. 111
Muirheads Cafeterias com •
55 75c
134
National Sewer Pipe A..._* 20
105 14%
ION 20%
56
Ont Equitable 10% Pd-100
57-4
534
a
15 25
Orange Crush corn
25
5
11
lot preferred
934
100
100 30
2d preferred
30c
•
115 55
Page-Herrey Tubes com.._• 70
68% 70
Photo Engravers & Elm _* 1814
65 14
18)4 19
4
3)4
3
3134
1534
6%
36
.=,-.
Range Since Jan. 1.
10e
454
414
3
32%
1534
714
37
A
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
200
.
-Record of transactions at
Toronto Stock Exchange.
the Toronto Stock Exchange, July 7 to July 13, both
inclusive, compiled from official sales lists:
68
514
3514
Jan
July
Jan
Jan
July
Jan
Jan
June
July
July
Jan
Jan
July
May
May
June
July
Mar
.1
65 Broadway, New York
730 Bay St.. Toronto
256 Notre Dame St. W., Montreal
73
514
3514
Mph.
Low.
19
10
4
4214
6
28
31
6%
10c
1
13.4
334
3
30
15
6
36
50
.a
.1l,rnbers New York Stork Exchange, Toronto Stock Exchange
and other principal Exchanges
10
45
56
534
520
15
295
75
25
970
40
1,125
607
610
4,071
940
30
790
5
.
CANADIAN MARKETS
JENKS, GWYNNE & CO.
Banks
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
12
22)4
12
8
7314
514
3614
38
7
250
1
43.4
454
4
35%
16
714
3734
60
'",
• No par value.
Riverside Silk Mills A_
*
•
Simpson's Ltd A
B
*
Preferred
100
Stand Steel Cons com____*
Steel of Canada com
•
25
Preferred
Tip Top Tailors com
•
•
Traymore Ltd corn
20
Preferred
Twin City Rapid corn_ _ _ _•
*
Union GasCo corn
United Steel
a
Walker, Hiram, corn
•
Preferred
Western Can Flour corn..
•
Weston (Geo) Ltd com _ _ _•
Zimmerknitt corn
*
rAgg
Mar
Mar
Feb
July
July
Jan
Mar
Jan
Feb
Mar
Feb
Mar
Feb
Feb
Feb
Apr
Feb
Apr
May
Feb
Apr
Mar
Feb
Apr
June
Mar
Feb
Apr
Feb
May
Apr
Apr
July
Feb
liPlgggig5p155555.10,2gggli51555g5ggg.15=5I4Veragggggg5gSgggt .1.0g
4
Jan
12
Jan 351
Jan 27
July 30
614
Feb
July 26%
Jan 37
July 80
514
Jan
Jan 40
July
16
July
6
Jan 136
May
914
July 37
1.60
June
July 12%
4%
Feb
Jan 63
Jan 3914
July
7
Jan 4314
15
Jan
434
July
914
Jan
Jan 96
Jan 1014
Jan 60
July
434
June 65
May 106
Jan 20%
Feb
10
July
4
1.)
714
2S3
2114
27%
6
15
25)4
25
2
18
12
4
90
514
21
.40
1014
I
25
33%
5
31
7%
3
5
80
6
32%
114
50
90
914
534
114
Range Since Jan. 1.
,J014CNC.OWNVOCONCONV.C.C.MOWIQ .
NADV
,
000
2,595
1,875
25
66
9
4,321
145
100
100
50
75
30
60
50
15
270
285
75
35
47
30
5
97
75
806
30
280
5
.50
5
25
26
534
100
oases
matzo
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
1
Can Bud Breweries com__•
10
9%
9
Canada Malting corn
3454
* 34
33
Canada Vinegars com_ _•
263 2654
Cons Sand & Gravel
27% 27% 29
Disher Steel Cons pre_ •
654 6%
Distillers Seagrams
13% 15
• 13%
Dominion Bridge
3214
" 32% 32
Dorn Motors of Canada_10
25
26
Dom Tar Jr Chem corn. *
2)4 2)4
Dufferin P Jr C Stone p1100
30
30
English Elec ot Canada A_•
12
12
B
4
a
4
Goodyear Tire & Rub coma 122
11834 122
Hamilton Bridge corn_
6
*
6
Preferred
21
100
21
•
Honey Dew corn
.50
.50
Imperial Tobacco ord__ _ _5 1014
1014 10%
•
Langleys corn
4
4
Preferred
53
53
•
Montreal L H & P cons_ •
34% 3414
Ontario Silknit corn
•
6
6
Preferred
100
40% 40%
Power Corp of Can corn_ *
10%
10
a
Price Bros
3
3
a
g
Rogers Majestic
855 9
Robert Simpson pref _100
94
94
Service Stations corn A_ •
634 614
Preferred
50
50
100
Stand Pay & Marls com_ •
2
2
Super Silk Hosiery pref
60
60
Toronto Elevators pref.100
101X 102
United Fuel Invest pref 100 18%
1814 1914
Walkerville Brewing
914 10
• 10
*
Waterloo Mfg A
1%
134
259
15r5
Feb
Feb
Mar
July
Mar
July
Mar
Feb
Feb
Feb
Max
Feb
Feb
Feb
Mar
Apr
Apr
Mar
Max
Feb
Max
Apr
Mar
May
Apr
Jan
Jan
June
Feb
Apr
Feb
Apr
May
May
Apr
July
July
Feb
Mai
Feb
Apr
July
Feb
Feb
Ma/
Apr
Feb
Pet
Jun,
Feb
Feb
Tel
Tel
May
May
Fel
Mar
Mai
Mai
AIM
Ms
Jar
Ap
Ma
Fel
• No par value.
Montreal Curb Market.
-Record of transactions at the
Montreal Curb Market, July 7 to July 13, both inclusive,
compiled from official sales lists:
Sales
Friday
Last Week's Range for
Sate
ofPrices.
Week.
Stocks
-Par Price. Low. High. Shares.
Asbestos Corp vtg trusts __•
Associated Brew of Can. •
Cumul preferred
_100
Assoc Oil& Gas Co Ltd_ •
Bathurst Pow & Paper B •
Brit Amer 011 Co Ltd_ _ _•
•
Brit Col Packers Ltd
Cumul preferred_ _ _100
•
Canada Vinegars Ltd_
Cndn Foreign Inv pref_100
•
Cndn Wineries Ltd
CatelliMac Prods prof A.30
•
Champlain 011 Prods pref.
7
11
614
71.4
1934 11
91/ 91%
4
160 19e
214 2%
13% 14%
14
1.90
1.90 2.00
12
12
12
26% 26%
103 103
654
614 641
874 8%
814 854
420
737
10
410
25
513
920
495
20
152
30
100
555
Range Since Jan. 1.
Low
63-4
9N
90
160
1.15
13
1.90
12
22%
80
634
834
75,4
High.
13%
July
June 13
Feb 93
July 35c
Jan
35i
Jan
1514
July
2%
July
1214
Jan 2714
Jan 105
Jun
1114
Jan
814
Mar
9
Apr
Feb
May
Jan
Feb
Mar
July
July
Feb
June
Jan
Jan
Mar
Financial Chronicle
24
1.50
9.95
32%
16
9
24
1.75
10.05
34%
16
7
100
4
1.50
3
65c
79
88
715
60
898
20
10
1.525
25
67
3%
88%
3
1.50
3
60c
51
72
6
98
3
1.50
3
60e
79
88
10
Jan
Jan 100
June 14%
3%
Jan
634
Jan
1.50
July
Jan 85
Jan 90%
Feb
Mar
Mar
Feb
Feb
Feb
June
Mar
Mining
2.02
Base Metals Min Corp Ltd * 1.1 6 1.16 1.20
200
1.16 July
Big Missouri Mines Corp_ 1 38%c
11,000 26%c June 50c
37c 41c
1.37
Jan
B R X Gold Mines Ltd_50 C 1.2 9 1.29 1.36
1,100 31c
Bulolo Gold Dredging Ltd 5 32.50 32.00 32.50
23.50 Jan 34.50
1.50
Brazil Gold & Diamond__ 1 75c
75c 1.45 10,600 75e July
9c
Jan
Cartier-Malartic G M Ltdl 3%c 3%c 4c 23,000
lc
Dome Min; Ltd
100 32.75 Jan 44.00
43.25 43.25
4.15
FalconbridgeNickelM Ltd*
3.00 Feb
1513
3.45 3.35 3.50
1.20
Greene Stabell Mines
4,000 67c Mar
79c 83c
_1
J M Consolidated
42c 45c
1,600 39c June 4714c
1
Lake Shore Mines Ltd__ _1
100 42.50 Jan 54.25
53.50 53.50
Label Oro Mines Ltd
Jan 25%c
150 15%c 7,000 8350
15e
1
Lee Gold Mines Ltd
12c
1,000 120 July 21c
12c
Mar
Feb
July
Apr
July
Mar
June
Mar
Apr
July
Apr
Apr
Mar
6%
98
3%
60c
79
McIntyre-Porcupine Ltd_5
125 39.60
40.25 49.75
Noranda Mines Ltd
1,552 33.25
• 43.50 43.25 44.00
Parkhill Gold Mines Ltd_ _1 39c 3734c 42c 16,450 36c
Pickle Crow
6.200
1.54
1
1.61 1.60 1.82
Quebec G Mining Corp_ I 2Ic
19e 21%c 26.000 15e
Read-Authier Mine Ltd .1
1.53 1.40 1.62 10.355 26e
Siscoe Gold Mines Ltd__ _1
1.43
5,010
2.38 2.29 2.38
Sullivan G Mines Ltd....! 400
370 410 21,560 250
Teck-Hughes GM Ltd._ _1
5.80
900
6.57 6.75 7.05
Wayside Con G M Ltd_50c
4,500 7%c
Sc 73.4c
8c
Wright Harg Mires Ltd_ _• 9.65 9.50 9.65
6.75
5,200
Feb 49.75 July
Jan 45.00 June
Jan 7134e May
1.82 July
July
Apr
June 70e
1.74 June
Jan
2.65 Apr
Jan
Apr
50c
Jan
8.00 Apr
Jan
July 4834c Feb
Jan 10.25 Apr
Unlisted Mines
Cent Patricia G Mines_ _ _1
Eldorado G Mines Ltd_ _.1
Howey Gold Mines Ltd _1
Kirkland Lake G Min Co.1
McVittle Graham M Ltd_l
San Antonio G M Ltd_ _ _ _I
Sherritt-Gordon M Ltd_ _ _I
Stadacona Rouyn Mines_ _•
Sylvanite G Mines Lath._I
Sullivan Cons
1
Thompson Cadillac M Ltdl
6,300 54%c
89c 960
1.90
625
2.05 1.90 2.05
300 98e
1.30 1.30
500 25c
640 64c
300 44c
44c 44c
1.76
2,500
5.70 5.10 5.70
400 83c
83c 85c
85c
42e 38%c 46%c 73,780 She
1,700
1.30
'2.83 2.83 2.85
450 4734c 10,258 440
46c
47c 4734c 2,500 2034c
Jan 97c
4.30
July
1.37
Feb
73c
Jan
1.20
July
5.70
Jan
1.43
July
Jan 46%c
3.20
Jan
June 55e
580
Jan
July
Mar
Apr
Mar
Jan
June
Apr
July
Apr
June
Mar
Unlisted
Abitibi Pow & Paper Co..
Cumul preferred 6% -100
Brew & Distil of Vane....
Brew Corp of Can Ltd.._•
•
Preferred
Canada Malting Co Ltd_ •
Canada Bud Breweries._
Ciuln Ind Ltd pref
io
Consol Paper Corp Ltd..
Ford Motor of Can Ltd A.
Gen Steel Wares pref. _100
Loblaw Groceterlas Ltd A •
•
Price Bros Co Ltd
100
1.00 1.25
8% 8%
1.15
65e
8% 9%
32%
28
3314 3434
9% 10%
142 142
2%
2
2%
19% 20%
20
37
38
16% 16%
16% 16%
214 3
3
2%
Jan
90c
4
10%
Jan
650 July
2.95
5% Jan
11
15% Jan 32%
Jan 35%
28
12
8% Jan
132% Mar 142
314
1.75 Jan
15% Jan 25%
14% Jan 47
15
14% Mar
June 16%
16
Jan
95e
6
Feb
Apr
Feb
Apr
July
Mar
Mar
July
Jan
Feb
June
Apr
July
May
1.05
00c
9
32
34%
1,355
23
2,720
1,765
667
125
15
3.189
769
166
5
5
100
* No par value.
Stocks-
A •undel Corporation
* 1434
A I Coast Line (Conn)._50 3533
ack & Decker corn
•
Preferred
25
ies & P Tel of Balt pf _100 118
ilonial Trust Co
25
iml Credit Corp pf B25
100 106
633% 1st pref
7% preferred
25
ins Gas E L & Pow__ *
6% preferred ser D.100
534% pref wiser E_ 100
5% preferred
100 104%
ners Bromo Seitz A_2.50
lelity & Deposit
20 43
lelity & Gu Fire Corp_10 19
mston Oil preferred_ _100
9
frs Finance 1st pref_ _25
aryland Cas Co
2
1
Junior cony pref nor B..1
erch & Miners Transp_ *
onoia W Penn PS 7% pf25 1834
Jw Amsterdam Cas_ ..l() 1034
nna Water & Pow com_*
aboard Com'l corn A._10
3
8 Fidelity & Guar
2
est Std Dairy Corp pt
..5
Bonds.Itimore City
4s sewage Impt
1961
4s schoolhouse
1961
4s water loan
1958
Is paving loan
1951
4s 2d school loan_ _ _1948
BiIto Trac Co North BaltDiv 1st 5s
1942
Gi6SOU & Fla Ry 1st 581945
aryland El Ry 58...1933
Ni wth Ave Market 68_1940
UI kited Ry & El
Funding 58 (Ws)._ _1936
1st 6s etfs (flat)...,1949
First 4s (fiat)
1949
1st 4s etfs (flat)_ _ _ _1949
A
14%
14
3514 354
6
634
14
14
117 119
25
25
2834 2834
105 106
2834 29
67
6834
11134 11134
109 109
10436 104%
1933 1933
3833 43
19
1934
9
8
8% 9
2
2
2
2
31% 32
1834 18%
10%
10
5534 5534
3
3
51.1
5
84
84
104%
10434
10434
10434
105
1234
104%
10434
10434
105
105
1,
.4
164
,
owes
2'r/day
Last Week's Range for
Week.
of Prices.
.Sale
High. Shares.
Par Price. Low
Stocks-
Feb
Mar
July
Jan
Apr
Mar
Apr
Feb
Apr
Feb
Feb
June
July
July
Apr
Feb
Apr
Apr
July
July
July
Mar
Feb
Apr
May
Feb
June
June
May
Bond*Elec & Peoples tr ctfs 48'45
Certificates of deposit_ __
Phila Elec (Pa) 1st s f 4.s'66
1966
1st 54 reg
1. .....4 .allavava 3*. 5.1 111/17
,
x Ex-dividends.
2234
23
105%
112
9734
2934
2434 86,700 1534 Jan
Jan 27%
1,000 18
23
Feb 105%
1.000 100
105%
Jan 113
5,000 105
113
97%
9734 2.000 97% Julv
Apr
Apr
July
July
July
106
104%
10434
105%
10534
June
July
Apr
June
June
July
64
June
19
4735 May
%
1033
12
10%
.,
June
June
Feb
June
NT:tr
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, July 7 to July 13, both
inclusive, compiled from official sales lists:
sates
Friday
Last Week's Range for
1Veek.
of Prices.
Sale
StocksPar Price. Low. High. Shares.
-20
•
20
Allegheny Steel
9
9
Amer Fruit Growers pf 100
10
10
Amer Window Glass pf 100
Armstrong Cork Co
1834 19%
*
1034 1034
Blaw-Knox Co
* 1094
131
1
Carnegie Metals Co
1
1
1136 14
Columbia Gas & Elec. •
1234 1233
Devonian 011
10
3
3
Duquesne Brew
3
5
6% 6%
Follansbee Bros pref. 100
Fort Pittsburgh Brew_ _ 1
234 2%
2%
.
80
79
Koppers Gas & Coke p1100 79
Lone Star Gas Co
5% 5%
5%
*
5e
Sc
Phoenix Oil
25
234 3
Pittsburgh Brew corn....
3
•
2831
28
*
Preferred
3% 334
Pittsburgh Forging Co...!
Pittsburgh Plate Glass_ _25 5294 .5231 5333
734 734
Pittsburgh Screw & Bolt_*
Renner Co
1%
1:4
1
14
14
Standard Steel spring...* 14
United Engine & Fdry_ *
2036 22
20
20
20
Vanadium Alloy Steel...
1%
Victor Brewing
131
1
4% 434
Western Pub Serv v t c._•
4.35
2231 2234
Westinghouse Air Brake _•
Westing Flee & Mfg_ __50
3794 38%
T.nnw se,,' flqa Rol_ rirwf Inn
(V)
68
69
Range Since Jan. I.
Low.
18
9
10
14
1034
1
11%
9
234
5
1%
65
534
Sc
234
28
133
3934
7
I%
9
16
1533
90c
434
2134
3094
High.
June 2233 Feb
June
934 Apr
July
1533 Apr
Jan 26% Feb
July 16% Jan
July
3
Feb
May
19
Feb
Jan
18
May
Jan
434 Feb
Feb
May 30
Jan
234 July
Jan 85
Apr
July
8% Feb
Jan
Apr
be
July
Feb
5
May 39
Feb
4
Jan
July
Jan 57
Apr
Jan
1134 Apr
Jan
2% Apr
Feb
1834 Apr
Jan 2514 Feb
Mar 20
Jan
Jan
134 June
May
7
Feb
June 35% Feb
May '47
Feb
64
Jan
75
Feb
*No par value.
OHIO SECURITIES
High.
Jan 44
100 39
200 111% Jan 117%
4%
400
134 Feb
45 40% June 51%
25 31% Jan 51%
Jan 85
30 71
300 39% Jan 51%
10%
5% Jan
300
3%
A Jan
100
2% May
4%
2,600
700 2934 July 39%
Mar 6134
75 51
110 93
Jan 106
500 30% Jan 3333
4% Jan
1533
200
6%
3% Jan
770
250 1633 Jan 29%
30 1814 Jan 28%
4% June 10%
500
10 4333 June 4734
10 100% Feb 10734
1
lie Jan
1.600
1714
34 API'
200
1133
400 x534 Jan
Jan
5
J
10
2033
2,200 14% Jan
140 86
Jan 10034
14 Jan
100
4
934
1034
50
734 Jan
American Stores
*
4234 4234
Bell Tel Co of Pa pref__100
115% 116%
Central Airport
%
434
•
334
Electric Storage Battery100
42% 42%
Fire Association
48
48
10
Horn & Hard (Phila.) corn •
8333 8434
48%
Insurance Co of N A. _10
48
Lehigh Coal & Navigation*
834 8%
Mitten Bk Sec Corp pref 25
1%
134
Pennroad Corp v t c
233
234
•
234
31
Pennsylvania RR
30
50 30
Penna Salt Mfg
6033 61
50 61
PhilaFlectrie of Pa 35 pref* 105
104% 105%
3
Phila Elec Pow pref
25 3333 33% 33%
7%
Phila Rap Trans 7% pref 50
7
5%
Phila & ltd Coal & Iron_ _•
5
Philadelphia Traction_ _ _50
2434 25
Certificates of deposit_ _ _
23% 2333
9% 1034
Reliance Insurance
10
Scott Paper
4734 4734
•
107% 107%
Ser 13 6% preferred_100
Tonopah-Belmont DeveL•
314
sir
sir
Tonopah Mining
1
"re
%
7%
Union Traction
50
7
Certificates of deposit_ _ _
634 6%
United Gas Imp corn
• 1633
163.4 1634
9934
99
•
Preferred
'
934 9%
Victory Insurance Co_ _ _10
10
Westmoreland Inc
•
10
3.000
High.
183.4 Jan
4534 Feb
834 Feb
1634 Apr
119
July
Mar
30
2994 Mar
July
106
29
July
6834 July
11134 May
June
111
104% July
22
Mar
443.4 May
Apr
20
931 June
July
9
234 Feb
234 July
35
Feb
1934 June
1233 Jan
Feb
56
Apr
4
Feb
7
Apr
85
• No par value.
Range Since Jan. 1.
Low.
Low.
5300
300
200
1.400
1,000
%
200
14
9,000
934 10
934 9% 7,000
9
931 36,000
e,. /______ •1..• ,A1
Range Since Jan. 1.
290
10
320
35
31
20
100
13
26
232
25
7
65
40
316
56
1,035
100
350
1.025
50
25
529
110
183
524
10
1234 12% 2,000
1,000
64
64
1.000
16
16
14,000
4434 45
Unlisted-
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, July 7 to July 13, both
inclusive, compiled from official sales lists:
• No par value.
sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
gtlit6'gtggtgg,t,V4V4gEtg4g
4%
50c
1334
2%
12%
3
2%
1.05
12%
liO.gg
13
6%
5
1.50 Jan
Apr
July 26% Jan
5% Feb
Jan
13% June
July
Jan 12% Apr
Apr
9
Jan
1.90 Feb
July
Jan 15% June
log June 12% Feb
19% Jan 30% June
2% July
2% July
May
Apr 17
11
5 June 11% Jan
5 June 10% Feb
1.75 July
1.75 July
534 July
5% July
Jan 74% Mar
56
6% Feb
2
Jan
8 June
8% June
Mar 11% Jan
9
Jan
22
July 25
3% Mar
1.25 May
3.90 Jan 10.05 July
Jan
30% May 58
15% June 17% Jan
550
15
23
12%
7
5
1.20
14%
10%
27%
2%
13
6%
6%
1.75
5%
69%
4%
ME74 gPow
14%
10%
26%
150
930
25
75
155
230
1,055
2,693
420
1,602
100
185
165
70
30
30
15
140
160
200
25
305
9.415
135
511
550
17%
23
12%
5
5
1.05
14%
10%
26%
2%
12%
5%
5
1.75
5%
69%
4
8.14
9
24
1.50
9.15
32%
16
Baltimore Stock Exchhnge.-Record of transactions at
Baltimore Stock Exchange, July 7 to July 13, both inclusive, compiled from official sales lists:
..
.
0
A. 1.N
....000Wp...
W.
owwwcwmaa ocoow...o.....p.o..mwow
,
z
Xg
ggg g
X
4
X
5
High.
..
0412,
Z00
W.A.COrP
Public UtilityBeauharnois Pow Corp_ _ _•
C No Pow Corp Ltd pf 100
City Gas & Elec Corp Ltd *
Ea Kootenay l' cum pf 100
Inter Util Corp class A_ *
Class B
1
PowerCorpolCancum pf100
Sou Can P Co Ltd pref _100
14
23
Low.
W.M
..400
WW4.
KX 4:z
Commercial Alcohols Ltd_•
Dodge Mfg Co cl B com__*
Dorn Tar &Chem Co Ltd..
English Elec Co of Can A_•
Fraser Companies Ltd__ •
Voting trust
Home Oil Co Ltd
•
Imperial 011 Ltd
Imp Tob Co of Can Ltd_ _5
Int- Petroleum Co Ltd_ •
Inter-State Royalty
•
Melchers Distil Ltd A. •
•
Mitchell & Co Ltd (Robt)•
Mtl Berridge & Stor vtg tr •
•
Preferred
Page-Hersey Tubes Ltd_ •
Itegent Knitting Mills Ltd•
Rogers Majestic Corp....
Thrift Stores Ltd
•
Cumul preferred 6%7 25
United Distil of Can Ltd.•
Walkerville Br ewery Ltd •
Walker Good & Worts_ _ _
•
Preferred
Range Since Jan. 1.
. .
.W .
.
.. .
WC4b:N
A. ON.
wr CO ...
"0,,+,1,.=00cmowow NWO , w'oc.,.. ...
ICIA.C.,o.....9.q
,
.-.NO.0000000,-.0 o-.C.,C000.4.01.01W00
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
July 14 1934
CO
CC
260
Listed and Unlisted
GILLIS WOOD & CO.
Members Cleveland Stock Erchange
-Cherry 5050
Union Trust Bldg.
CLEVELAND, - - - OHIO
-Record of transactions at
Cleveland Stock Exchange.
.
Cleveland Stock Exchange, July 7 to July 13, both inclusive, compiled from official sales lists:
Stocks
-
Sales
Friday
Last !Peek's Range for
lVeek.
of Prices.
Sale
Par Price. Low. High. Shares
Allen Industries Inc
•
Central United Nati_ 20
City Ice & Fuel
•
Preferred
100
Cleve Cliffs Iron pref__ •
Cleve Elec III 6% pre_ 100
Cleveland Ry
100
Ctfs of deposit
100
Cleveland Trust
100
Cleve Union Stkyards_ •
Cliffs Corp v t c
•
Corrigan McKin St1 vtg- I
1
Non-voting
Dow Chemical
•
Faultless Rubber
I ederal Knitting Mills_ _•
Firestone T & R6% pf.l00
5%
20
85
28
5%
9
20
85
25
111%
60
58%
65
1034
6%
12%
12%
70%
28
40
81%
8
10
2034
85
25
113
60
80
67
10%
6%
1211
12%
74
28
40
81%
Range Since Jan. 1.
Low.
High.
350
Jan
4
48
8% June 16
42 1734 Jan 23%
15 68
Jan so%
23 22
Feb 28%
51 100% Jan 113
10 44
Jan 60
129 39
% Jan 60
77 50% Jan 83
300 10
11
Jan
20
6
May 12
22
17
936 Jan
92 10
Jan
17
269 62 June 74
20 25
Jan 28
50 34
Jan 44%
100 79% Apr 84%
Apr
Jan
Feb
Apr
Jan
July
July
July
Mar
Apr
Jan
Jan
Jan
July
Feb
Jan
Jan
Financial Chronicle
Volume 139
bates
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High Shares.
Fostoria Pressed Steel__ •
715
General T & It 6% pf A100
82
Geometric Stamping
•
1
Hanna(M A) $7 cum pf.• 90
95
Harris-Seybold-Potter _ •
194
194
Interlake Steamship
•
23
Kelley Isl Lim & Trans_ •
10
Lamson Sessions
•
4
Medusa Portland Cement*
8
Metropolitan Pay Brick_*
4
National Acme
1
534
National Refining
25
5
Nestle LeMur cum el A •
394
•
Ohio Brass B
1294
•
Packer Corp
4
Patterson-Sargent
• 1894 1894
•
Richman Bros
44
•
Selberling Rubber
294
•
Selby Shoe
2394
Sherwin-Williams
25 7094 7094
AA preferred
100 107
106
Standard Textile Prod_ •
34
Van Dorn Iron Works_ •
%
Weinberger Drug Inc_ __ _•
914
*No par value.
715
82
194
96
194
23
10
4
894
4
594
5
394
1234
4
20
4594
234
2394
7194
107
14
%
914
25
50
250
630
35
50
42
35
50
36
65
70
50
43
50
290
940
50
300
318
63
48
100
60
Range Since Jan. 1.
Low.
694
70
14
84
%
2194
634
4
8
294
434
5
134
12
394
1494
39
294
21
4794
99
34
14
794
High.
9
Jan
Jan 90
Jan
334
Jan 96
May
194
Jan 33
Jan 12
Jan
794
Mar 11
414
Jan
Jan
834
Jan
794
Jan
394
May 18
Mar
434
Jan 20
Jan 493
June
594
May 2494
Jan 7194
Jan 107
June
1
July
2
Jan
934
Feb
Mar
Feb
July
Feb
Feb
Mar
Jan
Feb
Apr
Feb
Feb
Mar
Feb
Feb
Feb
Jan
Jan
Apr
July
June
Feb
Feb
July
BALLINGER & CO.
Members Cincinnati Stock Exchange
UNION TRUST BLDG.,
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire Systern-First of Boston Corporation
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, July 7 to July 13, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sate
ofPrices.
Par Price. Low. High Shares.
Aluminum Industries_ _ _•
.
10% 11
Amer Laundry Mach.-20 13
1394 1394
Amer Rolling Mill
25
1994 1994
•
Amer Thermos A
534 6
Carey (Philip)
100
35
35
Chem° Fibre pref
100
91
91
Churngold Corp_ , •
2
2
Cincinnati Gas pref_.. 100 82
7914 82
Cincinnati Street Ry---_50
4% .ix
Cincinnati Telephone...50 7094 6994 7094
Cincinnati Stock Yards...'
22
22
Cin Union Term pref.._ _100
104 104
Crosley Radio
• 1494 1494 1494
Eagle Picher
20
414 4%
Early & Daniel
•
1114 12%
Formica
• 12
11
12
Gerrard (El A)
•
114 114
134
Gibson Art
15
15
* 16
Hobart
•
2494 2494
Kroger com
3194 3134
•
Magnavox Ltd new
234 394
•
Procter & Gamble
3694 3694
8% preferred
100
mix mix
Randall A
•
1794 18
B
"
7% 734
Rapid Electrotype
•
18
18
United Milk A
•
,
694
63.4 636
U S Playing Card
10 23
2294 23
Whitaker pref
100
79
79
Wuriltzer 7% pref
12
12
100
•No par value.
Range Since Jan, 1.
Limo.
734
81
1
288
120 17
194
12
21 35
10 80
2
5
645 66
241
434
314 62
100 20
6 9734
8
205
40
494
72 1114
10 10
30
14
9
112
60
4
30 2394
234
27
159 3311
5 161
10 14
50
394
110 12
6
100
117 17
6 51
2 10
High.
June 16
June 18
May 28
June
894
June 49
June 92
July
334
Jan 83
.in
6
Jan 71
Mar 2494
Mar 104
Jan 1794
July
794
July 1894
Jan 16
Feb
114
Jan 1594
Feb
6
Jan 33
July
394
June 41
J
18034
Jan 21
Jan
9
Feb 10
Feb 17
Jan 28
Jan 90
Apr 12
Jan
Jan
Feb
Mar
Feb
July
Feb
Apr
Apr
Apr
Feb
July
June
Mar
Jan
June
July
June
Apr
Apr
July
Jan
July
Apr
Apr
June
Jan
Apr
Feb
July
LISTED AND UNLISTED
WALDHEIM r PLATT& CO.
Members
New York Stock Exchange St. Louis Stock Exchange
Chicago Stock Exchange
New York Curb Exchange (Assoc.)
Monthly quotation sheet mailed upon request•
ST. LOUIS
513 Olive St.
MISSOURI
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, July 7 to July 13, both inclusive, compiled from official sales lists:
Stocks-
Sates
Friday
Last Week's Range for
Sale
of Prices.
Week •
Par Price. Low. High. Shares.
American Inv B
•
511 53
Brown Shoe coin
• 53
52
53
Preferred
100
125 125
Coca-Cola Bottling com...1 2394 2334 24
Como Mills com_
" 11
11
11
Columbia Brew corn
5
3
3
Curtis Mfg corn
5
674 7
Dr. Pepper nom
•
10
10
Ely & Walker D G corn 25 14
14
14
1st preferred
101) 99
99
99
Falstaff Brew corn
1
g
5%
53.4
Hamil-Brown Shoe com.25
4
4
Hussman-Ligonier com •
174 134
International Shoe corn _• 44
4294 44
Laclede Steel corn
i0
13
13
McQuay-Norris corn
•
44
45
Moloney Electric A
•
834 834
Mo Portl Cement corn .25
694 694
Nat'l Bearing Metals pf 10083
83
83
Nat'l Candy Mtn
• 16% 11335 1694
,
Rice-Stix Dry Goods corn.e.
1094 1094
2d preferred
100
8694 8614
Souwestern Bell Tel pf.100
11911 12015
Stlx, Baer dr Fuller corn....'
834 834
Wagner Electric com _ _15
9
9
Preferred
100 105
105 105
Bonds
United Railways 4s. _1934
•No par value.
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, July 7 to July 13,
both inclusive, compiled from official sales lists:
Stocks
-
Range Since Jan. 1.
Low.
High.
434 Apr
20
594 July
Jan 60
40 51
Mar
10 1193.1 Jan 125
July
323 1294 Jan 24
July
July 1211 Apr
25 11
July
3
15
434 Apr
50
Jan
5
714 Feb
Jan 10
6
60
July
July 21
39 14
Feb
Jan 10034 May
20 92
5 July
110
794 Apr
50
8
394 Jan
Feb
Mar
I
35
3
Feb
177 4094 May 49% July
July 19
25 13
Apr
Jan 47
41) 40
Feb
Mar 13
8
10
Feb
Feb
9
6 June
116
25 82
Feb 8334 Mar
165 1594 Jan 21
Feb
Jan 1294 Feb
9
5
Apr 8694 July
10 83
53 116% Jan 121 June
5
Feb
8 June 13
50
July 1294 June
9
Apr 104 June
2 100
1994 1911 $3,000
18
June
2031 Mai
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
•
Range Since Jan. 1.
Low.
High.
Alaska Juneau G Min _ __10 22% 2134 23
770 1711 May 2311
Anglo Cal Nat 13k of SF_20
450
1334 1314
894 Jan 1434
Assoc Insur Fund Inc_ _10
114 1.14
405
1
Jan
234
Atlas Imp Diesel Eng A.. •
125
534 534
2
Jan
734
Bank of Calif N A
100 147)4 14754 1473-4
23 121
Jan 159
Byron Jackson Co
7
•
714
335
734
311 Jan
8
Calamba Sugar com____20 1834 1834 1934
640 1834 Jan 2534
7% preferred
20 20
20
150 19
Feb 2034
20
California Copper
34
10
94
700
11 Jan
34
%
Calif Cotton Mills com_100
9
9
50
434 Jan 1211
California Packing Corp__' 34% 3211 343-4 2,150 19
Jan 3434
CalWestStaLlteIns Cap.10
1211 13
28 1194 June 14
• 2614 2634 2794
Caterpillar Tractor
617 2334 Jan 3314
Cat Cos G & E
83
82
19 58
Istpf100 83
Jan 83
Cons Chem Indus A
2734 2714
*
570 2434 Jan 2734
Crocker First Natl Bank100
235 235
50 22214 Feb 23714
Crown Zellerbach v t c•
531 55• 1,138
4% Jan
6%
Preferred A
54
188 34 . Jan 58
• 55
Preferred B
• 55
53
55
202 34
Jan 5714
Fireman's Fund Indem__10
2094 2034
17 1834 Jan 21
Fireman's Fund Insur_..-25
5714 5834
50 4711 Jan 613.4
19
Food Mach Corp corn.....'
1944 1,432 1034 Jan 2094
Galland Mere Laundry- •
35 3294 Feb 3494
34
3434
Golden State Co Ltd
110
5% 534
•
434 Mar
794
Haiku Pine Co Ltd com_20
1%
215
134 134
194 Jan
2
Hawaiian C & 5 Ltd
_25
48
20 40 May 52
48
Home F & M Ins Co
16 2534 Jan 31
10 2811 2834 2834
•
Hunt Bros A corn
43.4 Jan
115
534 534
834
Investors Assoc (The)
100
5
Jan
534 53.4
•
7
Langendort Utd Bak A. *
11
1114
320 1011 Apr 1494
Leslie-Calif Salt Co
•
22
230 22 June 26
223-4
Ntaanavox Co Ltd
463
•
214 July
294 234
214
Natomas Company
8
77.4 8% 2,07
•
774 June 1034
No Amer Invest com___100
25
7
7
454 Jan
7%
North Amer Oil Cons
814 811
445
10
734 May
934
Occidental Insur Co_ _10
53 1494 Jan 22
1894 1894
Paauhau Sugar
4
35
15
Jan
494 434
5
Pacific G & E corn
2,036 1534 Jan 2314
25 17% 1734 18
6% 1st preferred
2211 2,963 1994 Jan 23%
22
25 22
536% preferred
1,137 1711 Jan 2134
1911 20
25
Pacific Lighting Corn corn
189 2394 Jan 3614
33% 3334
.
6% preferred
83
140 7134 Jan gg
• 83
8431
PacPubSer(non-vot)com _•
%
%
500
34 Feb1%
(Non-voting) pref
5% 611 1,008
114 Jan
•
8
Pacific Tel & Tel corn __I00 81
172 71
7954 81
Jan 86
6% preferred
100 11314 11314 115
60 103
Jan 116
Paraffin° Co's corn
496 2534 Jan 38
•
3734 3794
Ry Equip & Rlty A
45
1
2
•
May
234
2%
•
35
1
1
1 July
1
•
1st preferred
300
1394 133.
511 Jan 15
•
Con preferred
3
250
13.1 Apr
3
5
SanJoaq L & P6% pr p1100
10 6894 Mar 7894
7834 7894
Shell Union 011 corn
8 June 1134
8
834 1,037
•
Southern Pacific Co_ -100
586 1834 Jan 333.4
2494 25
So Pao Golden Gate A-- •
6% 691
5
130
Jan
734
170
5
a
354 Jan
•
534
Spring Valley Water Co..'
205
414 Jan
534 554
574
Standard Oil Co of Calif..'
723 3034 May 4274
3494 3454
Telephone Inv Corp.
150 2834 Feb 30
29
29
-20 29
Tide Water Ass'd 011 com_• 11% 1194 1134
83.4 Jan 14
217
6% preferred
25 6454 Jan 85
100 8311 8334 8394
Transmerica Corp
611 694 15,811
534 May
•
6%
894
Union Oil Co of Calif_ ___25 16% 1634 1614
645 1534 May 2094
Union Sugar Co 7% pref_25
25 1634 Mar 19
1834 1834
Wells Fargo Bk & U Tr 100
35 185
Jan 225
220 220
Western Pipe dr Steel Co_10
914 934
9 June 14
200
• No par value.
Jan
June
Apr
Apr
Feb
May
Mar
June
Feb
Feb
duly
June
Apr
July
July
Mar
Apr
June
June
Feb
Feb
May
Feb
Feb
Feb
Jan
Feb
Apr
Jan
Jan
May
jaw
May
Mar
June
Feb
Jan
Feb
Mar
Apr
Feb
mar
May
May
Mar
June
June
June
July
June
June
July
Jan
Feb
Mar
Mar
June
Jan
Jan
Apr
May
Feb
Feb
Apr
June
Feb
San Francisco Curb Exchange.
-Record of transactions at San Francisco Curb Exchange July 7 to July 13,
both inclusive, compiled from official sales lists:
Stocks
-
ST. LOUIS MARKETS
261
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par Price. Low. High. Shares.
Amer Tel & Tel
100 114% 114% 116%
Anglo Nat Corp
9
9
''
Argonaut Mining
934 9%
934
5
Atlas Corp
10% 1034
•
Calif Art Tile A
1.60 1.60
*
Calif-Ore Pow 6% '27..100
30
30
Calwa Co
3
3
10
Cities Service
2
2
*
254
Claude Neon Lta
1 55c
Mc 60c
Crown 'Will 1st pref
• 6014 60% 62
Dominguez 011
•
24%
24
Dumbarton Bridge
350 350
10
Emsco Derrick
6% 7
•
Foster & Kleiser pref_100
38
38
General Motors
10 32
3174 3211
Idaho-Maryland
3.40
3
1
Halo Petioleum
•
20c 200
•
Preferred
1
1
1
Kleiber Motors
110 11c
10
Libby McNeill
10
5% 5%
Montgomery Ward
•
2791 27%
Nat AUto Fibres A
734 894
•
Occidental Petroleum
29c 290
_1
Pacific American Fish_
7
7
•
Pacific Associates
10
10
•
Pacific Eastern Corp
2
2
1
2
Pineapple Holding
9
9
9
20
Radio Corp
834 654
634
•
Republic Pet
3.25 3.25
10
Schumacker Wallboard_ __•
50e 50c
Shasta Water corn
•
1934 193.4
So Calif Edison
25 1634 1634 1634
514% preferred
17
25
1731
6% preferred
1811 19
25
7% pieferred
2114 22%
25
So Pao G G pref
100
48
48
Sterling 011
1
250 260
U S Petroleum
25c 260
1
Universal Cons Oil
10
2.10 2.10
Watalua Agricul
3494 3411
20
• No par value.
Range Since Jan. 1.
Low.
High.
212 10894 Jan 125
Feb
25 3.15 Jan 10 June
535 4.50 Jan 10% Apr
90 1014 July 14
Jan
1.60 Mar
35
1.60 Mar
25 20
Jan 38
Feb
20
3 June 4.50 Feb
606
1% Jan
4% Feb
150 550 July
1% Feb
88 4334 Jan 70
Apr
185 2034 May 2414 Feb
170 35c June 35e June
6 June
400
8y, Apr
36
Feb 38
Jan
490 2915 June 4294 Feb
3.75 Jan
670 2.50 May
500 10c
Jan 35c Feb
800 52c
1.80 Feb
Jan
200 11c July 25° Feb
3
20
Jan
734 Apr
25 249-4 Jan 3334 Feb
60 3.75 Jan
934 Feb
1.000 26c June 5130 Feb
6% May
100
9
Feb
5 10
July 1234 Mar
352
131 Jan
Mar
3
614 Jan 1036 Apr
720
38
934 Feb
63.4 Jan
20 32.5 June
531 Jan
80 50c July 1.50 May
50 1534 Jan 21
June
252 1534 Jan 2294 Feb
225 155-4 Jan 1934 Feb
106 1734 Jan 2231 Feb
135 2031 Jan 2431 Mar
15 39
Jan 48
Mar
200 25c May 40c Mar
500 260 May 42c Feb
10 2.10 July
511 Jan
Apr 40
20 32
Feb
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, July 7 to July 13,
both inclusive, compiled from official sales lists:
Stocks
-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.
Alaska Juneau Gold Min 10
DoLss Chica Oil A
10
Broadway Dept St Pf--100
Central Invastm't Corp 100
Chrysler Corp
5
22% 23
3
3
6811 69%
2
211
41% 4134
800
100
so
127
200
Range Since Jan. 1.
Low.
17%
2)5
5154
2
37%
May
May
Jan
Jan
May
High.
2211 Jan
414 Jan
Feb
76
4
Mar
Feb
60
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Claude Neon El Products •
Consolidated Oil Corp_ •
Emsco Derrick & Eq Co_•
Goodyear T&R (Calif)
100
Preferred
Goodyear T&R (Akron)
•
Preferred
•
Hancock 011 corn A
Los Angeles Gas & El pt 100
Los Ang Investm't Co .10
Lockheed Aircraft Corp_ _1
Mortgage Guarantee Co100
Pacific Finance Corp comb0
Republic Petrol Co Ltd_ 10
San Joaq L&P 7% pr pt 100
Sec First Nat Bk of L A_25
Socony Vacuum Corp_ _25
So Calif Edison Ltd com_25
Original preferred _ _25
25
7% pi eferred A
25
6% preferred B
535% preferred C__ 25
Southern Pacific Co_ _100
Standard Oil of Calif
•
Transamerica Corp
•
Union Bk & Trust Co__100
25
Union Oil of Calif
lox 10%
10% 108%
13% 6%
76
73
8
94
4%
232
6
8%
3%
8635
31%
16%
16%
34
22
19
17
25
348%
6%
80
16%
8%
2.34
3%
32
168%
22%
19
17%
34%
6%
80
16%
76
73
8%
94%
4%
2%
6
9
3%
86%
32%
16%
16%
34
22%
19
17%
25
35
6%
80
168%
100
100
100
10
5
800
128
700
1,000
12
900
2,200
1
800
500
900
65
400
400
1,000
100
1,200
4,800
10
1,800
Range Since Jan. I.
High.
Low.
7% Jan
9% May
Jan
3
66
6
79
2%
1%
3%
7%
332
80
30
15%
15%
31%
20%
17%
15%
18%
30%
5%
75
15
Jan
12% Feb
14% Feb
8% Apr
71
74%
8%
June
Jan 95
5
Jan
3%
Jan
8
Jan
Jan 10%
5%
June
Mar 88
Mar 36%
May 19%
Jan 22
Jan 37%
Jan 25%
Jan 22
Jan 19%
Jan 33%
May 42%
8%,
May
May 100
may 20%
may
Jan
Feb
Feb
July
Mar
Mar
May
Jan
Apr
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
•No par value.
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, July 7 to July 13,
both inclusive, compiled from sales lists:
Stocks-
July 14 1934
Financial Chronicle
262
Sales
Week's Range for
Week.
ofPrices.
Low. High. Shares.
Friday
Last
Sale
Par Price.
•
Abitibi Power
1
Admiralty Alaska
1
Aetna Brew
Allegheny Corp. pref w 1_ _*
1
Allied Brew
1
Altar Cons Mine
Amerex Holding
10
I
Austin Silver
1
Auto City Brew
1
Bagdad Copper
1
Bancemerica-Blair
*
Beneficial Ind'i pref A_
1
Betz & Son
*
Brewers & Distl v t c
20
Bulolo Gold
20
Cache La Poudre
1
Carnegie Metals
*
Color Pictures
1
Como Mines
lc
Cornucopia Gold
1
Croft Brew
Davison Chemical
*
5
Distilled Liquors
5
Distillers & Brew
1
Elizabeth Brew
1
Fade Radio
2
Flock Brew
_1
Fuhrmann & Schmidt. ..1
2431
1.60
15%
1.75
400
2%
1934
52
19c
A
24
132
1.25
14%
I%
231
25e
3%
44
33)2
3234
1531
1
5
1.50
400
28%
54
198%
6
32
150
34
%;
200
1
1,000
200
300
A
225
2632
200
I%
2.00 3,200
100
1534
200
1%
2% 1,000
500
25c
300
4
40
44%
400
331
1,800
1
650
3254
400
16%
100
1
600
531
1.83 57,300
7,000
450
234 2,900
100
42
1,000
21
300
6
700
X
300
190
200
%
1,000
1
Range Since Jan. 1.
Low.
42 Jan
9c Jan
A June
July
24
134 July
1.00 Jan
14 June
132 July
2% July
25c Mar
2% Jan
Jan
37
Jan
3
% July
2354 Jan
15 May
1 June
334 Mar
43c May
360 June
1% Jan
450 June
13% Jan
July
6
32 June
70 June
% June
51 Feb
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares
Golden Cycle
10
Harvard Brew
1
Howey Gold
1
Interstate Natural Gas_ _ '
.3
1
'Didn't Mining
1
Kingston Barrel
Macassa Mines N
1
10
National Surety
Newton Steel
*
Northampton Brew pref_ _2
Oldetyme Distil
1
O'Sullivan Rubber
Paramount Publix
10
Penn York Oil& Gas A_ __1
Petroleum Derivatives_ *
Polymet Mfg
Railways Corp
1
1
Rayon Industries A
1
Remington Arms
1
Richfield 011
•
Rustless Iron
1
Simon Brew
Squibb-Pattison Br pref_ _1
Sylvestre Util A
•
Texas Gulf Producing_ ___*
Tobacco Prod (Del)
10
1
United Cigar
Utah Metals
1
Van Sweringen
*
West Indies Sugar
1
5
WillYS-Overland
5
C-d
2
7%
332
1
28%
934
250
3
5
Bonds
Cent Pub Util 530_ _1952
Shamrock Oil dr Gas 69 1939
300
2934
100
252
100
1.30
100
13%
2% 1,400
200
1%
600
2.35
300
500
200
334
500
2
332 1,100
400
7%
3,600
4
200
1%
400
152
100
54
2% 7,500
9% 10,200
100
4%
300
250
300
23(
200
1
700
3
100
1
5% 3,900
10
30
2,800
220
300
4
100
150
200
332
2,700
210
100
16c
2
45
13%
236
29
234
1.30
13%
2%
1%
2.35
400
3%
2
3
731
332
1
1%
34
13(
8%
431
250
234
1
231
1
- 432
30
1130
342
150
332
200
160
2
55
$1,000
7,750
Range Since Jan. I.
High.
Low.
1832 Jan
Feb
2
1.06 Feb
1132 Jan
232 June
1% May
1.95 Jan
400 July
332 July
2 June
Apr
3
632 June
1%, Jan
1
July
I May
250 May
I% June
632 Jan
4 May
22e July
134 Mar
.51 Jan
132 June
% June
4
Jan
634 Feb
110 May
1.13 Jan
140 Jan
2% May
180 Feb
160 June
2
40
July
May
2934
3%
1.39
14%
434
234
2.90
234
8%
2%
19%
732
I%
5
1
4
952
6%
• 42
'2%
1%
3%
1
7
32%
290
434
500
5%
%
54
July
Mar
Mar
May
Mar
June
Apr
Apr
Feb
June
Jan
June
Feb
June
Mar
Jan
Jan
June
Mar
Feb
Apr
Apr
Jan
June
Jan
Apr
May
June
Feb
Feb
Feb
Feb
331 Feb
Apr
60
No par value.
High.
2
Feb
36c Feb
Jan
1
3534 Apr
432 Feb
2% Mar
1532 July
1% June
434 Apr
60c May
4
July
44% July
Apr
5
254 Jan
35
Apr
1934 Jan
334 Mar
6% June
1.90 July
51c June
Apr
3
1% Feb
45% Apr
103/2 Mar
13.1 Apr
I% Feb
132 Apr
134 Apr
-Closing
New York Real Estate Securities Exchange.
bid and asked quotations on the New York Real Estate
Securities Exchange for Friday, July 13:
Ask
Active Issues.
26
30
Bonds (Concluded)Prudence Co 532s
1961
20
__ Sherry Netherlands Hotel
5348
1948
1950
59 61 Bway Bldg 5328
Bid
Active Issues.
BondsBway Barclay OM Bldg 68'41
Dorset(The)63 otts-1941
Equitable Office Blg 58_1952
57
1948
31
35
Film Center Big 6a........1943
Fox(The)&OfficeBldg68'41
44
9
48
12
50 /Sway Bldg 68
Bid Ask
-
Textile Bldg 68
1958
Trinity Bldgs Corp 5348 '39
2124-34 Bway Bldg Ws-- -
West End Ave & 104th St
Bldg 68
1939
Mortgage Bond (N Y) 534s
4212
1934 39
(Ser 61
Stocks
New Weston Hotel
___ City & Suburban HomesAnnex 65 1940
36 42
111 John St Bldg 613-1948 291512 French (F F) Investing-Pk Cent Hotel Annex 65 ads 13
Penny (J C)Corp 5348-1950 100 ---- Hotel
Barbizon. Inc
5612 5912
1912 22
56 60
4312 4512
9512 --1312 16
1612 2012
3
5
1
2
12
50
New York Curb Exchange-Weekly,and Yearly Record
only transactions of the week, and when selling outside of the
week's
-Cash and deferred delivery sales are disregarded In the occur. range, unless they are the sales In computing the range for the year.
NOTICE.
No account is taken of such
regular weekly range are shown in a footnote In the week in which they
transactions on the New York Curb Exchange for
In the following extensive list we furnish a complete record of the
It is compiled entirely
Friday (July 13 1934).
(July 7 1934) and ending the present'
the week beginning on Saturday last
every security, whether stock or bond, in
include
from the daily reports of the Curb Exchange itself, and is intended to
which any dealings occurred during the week covered:
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
Week Ended July 13.
Stocks-
Indus. & Miscellaneous.
lstptd10 0
Adams Millis
Aero Supply Mfg Clb__ •
Ainsworth Mfg Corp. -10
•
Air investors som
50
Ala Gt Sou RR ord
•
Allied Mills Inc
Aluminum Co common_ •
100
6% preference
Aluminum Goods Mfg__
Aluminum Ltd
100
6% Preferred
Series D warrants
1
Amer Beverage corn
Amer Capital
•
Class A corn
•
Class B common
Amer Cyanamid cl B n-v .•
_1
Amer Founders Corp
6% 1st pref ser D. 50
Amer Laundry Mach-- _20
Amer Potash & Chemical _•
5
American Thread pref
•
Anchor Post Fenee
1
Arcturus Radio Tube
Armour & Co new w 1_ 5
•
Prior preferred w I
Armstrong Cork corn._ _ •
5
Art Metal Works
Associated Elee Industries
Amer deposit rcts.
Atlantic Coast Fisheries_ •
•
Atlas Corp common
Warrants
•
Atlas Plywood Corp
Automatic-Voting Mach.'
Axton-Fisher Tobacco
10
Class A common
Bellanca Aircraft v t c_ __I
100
Babcock & Wilcox
*
Benson & Hedges corn_
Bickford's Inc cony prf-•
•
Blauner's corn
Bliss(E W)& Co corn_ _•
I
Blue Ridge Corp com
•
$3opt cony pref
•
Bridgeport Machine
Brill Corp class B
•
Brill° Mfg COM
British Amer Tobacco
Am dep rcts ord bearerEl
95
51
834
69%
5434
1232
20
19
108%
3%
59
4
28%
1231
534
2
3
134
30
Range Since Jan. 1.
Low.
73
142
10
1%
40
7%
625-4
65%
8
High.
Jan 100
4
May
Jan 15
3
May
Jan 63%
9%
May
May 8531
Jan 78
July 11%
Apr
Jan
Mar
Jan
Apr
Jan
Jan
Jan
Feb
95
232
14%
1%
51
8%
67%
69%
10
75
100
500
100
50
800
150
300
900
5434 54%
1232 1234
134 132
200
1,200
100
Mar
37
634 Mar
132 Jan
60
Apr
1252 July
332 Feb
200
1%
42 1,700
20% 35,900
32 1,100
75
16%
50
13%
50
1934
100
4
200
131
300
44
200
5%
600
61
19% 1,200
300
2%
1% Jan
% June
15% Jan
54 June
931 Jan
10% Jan
17 May
334 Jan
141 Jan
7, Jan
535 July
58% June
1431 Jan
1% Jan
2%
34
22%
134
22%
18
1934
434
2%
1
651
63
26%
4%,
Apr
Feb
Apr
Feb
Apr
Jan
Feb
June
Mar
Feb
May
June
Feb
Apr
95
234
14%
1%
51
854
66
69
9%
1%
%
18%
•is
1634
13%
19%
4
134
32
5%
60
18%
2%
4% 4%
5% 6
10% 10%
334
5% 634
6% 6%
100
1,400
7,200
1,600
200
100
4
2
1052
351
5
23%
Mar
Jan
June
May
June
Jan
53/2
6%
15%
6%
8
8%
Jan
Apr
Feb
Feb
Feb
Apr
59
4
31%
1%
28%
12%
534
1%
34%
2%
I%
6%
60
4
3134
1%
28%
12%
5%
2
3532
3
134
632
100
200
125
200
100
100
100
1,600
2,100
500
100
200
58
June
69%
6
51
4
29
12%
10%
3%
39%
331
2%
7%
Feb
Feb
Jan
Apr
Mar
July
Mar
Feb
Apr
Apr
Feb
Feb
30
30%
4,300
28% Jan
July
July
Feb
July
Jan
Jan
Jan
Jan
Apr
1
5% Jan
3154
1%
23%
12%
2%
1%
31%
3134 Apr
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par Pr.ce. Low. High. Shares.
British Celanese Ltd
Am dep rots ord reg -10s
100
Brown Co6% pref
Brown Forman Distillers -1
,
Bulova Watch $354 pref..'
Burma Am dep rcts reg 811.8
10
Butler Brothers
14
10
25
934
Cable Elec Prod v t c
Cable Radio Tube v t 0-*
Canadian Indus Alcohol A•
•
Carman & Co class B
17
Carnation Co corn
•
Carrier Corporation
531
Catalln Corp of Amer____I
Centrifugal Pipe
•
Charis Corporation
12
Chic Rivet & Mach
100 24
Childs Co pref
254
Cities Service corn
20%
Preferred
•
Preferred BB
Claude Neon Lights Inc _1
3
Cleveland Tractor com •
Coit's Patent Fire Arms_25
9%
Consolidated Aircraft newl
Consul Automatic Merch-•
51
$334 preferred
Consol Retail Stores
5
Cooper-Bessemer Corp
$3 pref A with warr_ •
Carroon & Reynolds
242
Common
$6 preferred A
Cord Corp
a
Constauids LtdAM dep rcts ord reg.
25
Crane Co corn
100
Preferred
4,
4
Crocker Wheeler Else.-•
6%
Crown Cork Internet' A..'
•
Cuneo Press corn
Distillers Co LtdAmer deposit rcts
Distillers Corp Seagrams-• 14
•
Doehler Die Casting
• 74%
Dow Chemical
Dublier Condenser Corp_ -1
8
Duval Texas Sulphur__ _..•
Easy Washing Mach "B" •
•
Electric Corp
Eisler
3
3
1434
14
10%
10
25
25
3% 3%
9% 9%
300
200
300
100
100
1,000
I
3,100
1
1,000
600
8%
100
33-4
400
17
1,100
8
900
6
442
600
16
400
12
200
110
2654
234 26,400
22% 2,300
10
18
300
100
3
22%
100
932 1,000
500
'I.
300
100
154
74
54
8
3%
17
79.4
531
4%
15%
11%
24
2
20%
18
34
3
22%
9
4
1%
16
2%
21%
16
100
Range Since Jan. 1.
Low.
High.
June
Jan
July
Jan
Jan
Jan
4%
16%
21%
28
331
12%
Mar
Apr
Mar
Apr
Feb
Apr
July
• M ay
1
34
20%
334
18
9
634
731
20
1734
42%
4%
26%
2332
I%
631
27
1214
he
31
2%
July
Jan
Jan
Apr
Apr
Mar
June
Jan
Apr
Apr
Feb
Feb
Feb
June
Feb
Feb
Feb
Mar
Jan
Apt
Feb
2%
5
10
16%
334
4
i
74 j1 by
354 i4ea
14 F
3
1531
May
Mar
Jan
40431
eb
ar
1431 Jan
16114 JanJJaann
J3.4
3
jln
uy
a
1832 Jan
734 Jan
Mar
134 j
11: Jan
an
14
May
21
Feb
21%
4
700
100
1,500
152 Jan
10% Jan
Feb
4
26% Feb
8% Jan
12% 12%
93(
9
62
62
454 5%
631 63(
22
22
1,100
500
25
400
200
200
4
16468
3 14.7JJJ:aaaaal
0:2
14%
11
62
834
8%
26
Apr
Jan
July
Feb
Mar
Apr
2231 23
13% 15%
734 734
76
70
44
41
8
8
4% 432
42 1
300
4,200
500
3,600
100
200
200
800
20
Jan
13% July
2454
26%
11%
102
1
108%
8%
1%
Apr
Jan
Apr
June
Feb
may
Jan
Feb
3%
16
Jan
Jan
y
67 31 Jtaln
3
4% j n
Ja
452 July
% Jan
Financial Chronicle
Volume 139
Friday
Sales
Lau Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
Elea Power Assoc cam _1
Class A
1
Electric Shareholding
Common
1
2%
$6 cony pref w w
•
Equity Corp corn
10
134
Ex ce11-0 Air & Tool
3
734
Fairchild Aviation
Fajardo Sugar Co
100 87%
Falstaff Brewing
1
534
Fansteel Products
2%
F E D Corporation
Ferro Enamel
Fiat am dep rcts
Fidelio Brewery
131
First National Stores
7% lst preferred-100 1114
Fisk Rubber Corp
1
934
Flintokote Cool A
• 124
Ford Motor Co Ltd
Am dep rots ord reg.£1
Ford Motor of Can Cl A • 204
Class B
•
Ford Motor of France
Amer deposit receipts _ _ -----Foundation Co (tor'n 6136)*
7
Garlock Packing coin_ •
General Alloys Co
•
131
,
General Aviation Corp...
Gen Electric Co Ltd
Am dep rata ord reg_.£1
Gen Fireproofing
Oen Investment com
a
Warrants
Gen Rayon Co A stock..'
111
General Tire & Rubber__25 69
Gilbert (A C) corn
•
Preferred
Glen Alden Coal_
• 24
Globe UnderwritersE _ •
Gold Seal Electrical
'vs
Gorham Inc cl A coin _ _
234
$3 preferred
•
Gorham Mfg Co
Agreement extension _ _ _
1234
Grand Rapids Varnish__ •
Gray Telep Pay Station_ •
Great All at Pac TeaNon-vol corn stook ___•
7% 1st preferred_ __100 13735
at Northern Paper
25
Greenfield Tap & Die_
*
Greyhound Corp
6 1815
Happiness Candy Stores_ ..•
34
Hartman Tobacco Co- •
Helena Rubenstein
Hayden Chemical
10 32%
Holophane Co
•
Horn(A C) Co
•
Huylers of Delaware Inc
7% prof unstamped_ -100
7% pret stamped
-100
Rygrade Food Prod
4
5
Imperial Chem In dustries
Amer deposit rcts
Imperical Tobacco of Great
Britain and Ireland_ _£1
Internet' Cigar Mach_ •
Internatl Holding & lily._"
134
Interstate Equities
1
34
$9 cony preferred..
..50 18%
Kingsbury Breweries... _1
2%
Kleinert (J B) Rubber.
.10
Knott Corp corn
1
234
Koppers G & C 6% pfd 100
Kreuger Brewing
Lehigh Coal & Nay
•
8%
5
515
5%
5%
1,600
400
2%
4734
1%
7
8%
8234
511
2%
5
13%
214
14
2%
4835
1%
7%
9
89%
534
2%
5
13%
21%
115
500
125
5,400
6,300
4,800
450
1,300
100
200
500
800
3,700
11111 111%
94 104
11% 12%
Range Since Jan. 1.
Low.
High.
Jan
4
3% Jan
2
36
114
415
515
65
454
2
4%
7%
18%
14
Jan
Jan
Jan
May
Jan
May
Jan
June
May
Jan
June
Jan
415
52
215
834
9
8931
8%
44
8%
14%
21%
24
Feb
Feb
Feb
Feb
June
July
Apr
Feb
Mar
Apr
July
Jan
May
50 1104 June 117
8% Jan 20% Mar
3,500
4,600
434 Jan 12% Apr
7% 7%
2031 20%
3534 3535
3,600
300
2
534 May
Jan
15
Jan
20
315 334
7
7
16% 16%
2
5
500
200
100
1,200
2,200
3%
634
12%
115
4
1%
69
3
22
24
6%
34
' 234
24
17%
17
900
100
600
100
700
325
100
25
25,900
100
2,600
100
350
124 1234
5% 531
134
13
100
100
25
134
654
3
22
214
6%
834 Feb
Feb
8
9% May
2435 Feb
40 June
Jun
Feb
Jan
Jul
Jun
415
8
18%
334
954
Apr
Mar
Mar
Mar
Feb
1014 Jun
534 Jan
1134
8%
3
hi
331
99
44
25
24
7
14
44
17%
Jan
Feb
Feb
Feb
Jan
Apr
Apr
Feb
July
Jan
Feb
Apr
Apr
1.11:
6435
1%
22
1031
635
'is
Janja
Jan
Jan
Jan
July
Jan
Feb
15
july
Jan1
Feb
1234 June
415 May
Jan
13
18% Apr
7% Jan
1915 Feb
Jan 150
Feb
160 122
1344 13734
Jan 130 May
190 121
124 128
25 1931 Mar 24 May
23
23
5
Apr
100
6
Jan
6
6
54 Jan 1915 May
17% 1834 17,500
15 Jan
200
7% Mar
34
34
,is
900 ' Fe
4
Mar
11
,
1 134
135 Mar
100
34 Jan
14
%
Jan 37
Apr
400 19
33
32
24 Jan
100
315 Feb
,
24 24
134 June
300
Feb
3
2
2
2934 2934
2934 30
34 4
100
100
200
Feb
26
25
May
3% Jan
7% Feb
29% Mar
Feb
30
535 Apr
Apr
10
911
oh
100
32%
2434
1%
34
18%
2
73-4
234
804
11%
8%
32%
24%
134
3-4
184
33.'
7%
2%
81
12%
8%
400
10
500
100
200
1,500
200
400
75
1,200
800
28
19
134
35
154
235
5%
234
68
1034
511
Jan
Jan
July
,an
Jan
July
Mar
July
Apr
Jan
Jan
3215
244
214
1%
22
93-4
83.4
3%
82
1455
1035
Apr
July
Feb
Feb
Feb
Jan
Feb
Feb
June
Apr
Feb
Lerner Storm common__ _ • 31
314 1,100
30
Libby McNeil & Libby..it
5%
5% 1,000
5
Louisiana Land & Raptor
6,500
4
34 4
Mapes Consol Mfg Co._
' 33
100
33
33
Maryland casualty
1
400
2
2
Massey-Harris corn
•
100
4
4
mavis Bottling Male A._.1
he 13,600
McCord Bad & Mfg B •
515
5% 5% 1,100
McWilliams Dredging----• 21
2034 2135
Mead Johnson & Co
*
800
59
61
Merritt Chapman & Scott•
1,100
114 2
Mesabi Iron Co
•
3-4 6,90
Michigan Sugar Co_
•
1% 115 1,50
Midvale Co
2
26% 26%
Minneapolis Honeywell
Regulator preferred.. _100 1014 1014 10131
6
Mock Judson Voehringer *
200
11% 1
Molybdenum Corp v t e_ _1
84 8% 4,800
811
Montgomery Ward A '
530
118 122
Moore Drop Forging cl A _•
100
12
12
Nati Hellas Hess own._ I
33-4 7,600
3
3%
Nat Bond & Share Corp *
300
30
30
Natl Container coin
300
354 33
354
Nat Dairy Products
7% pref class A
100
675
100 10034
National Investors corn..
400
1% 1%
Warrants
1,600
34
%
34
Nat Leather corn
100
14 13.4
Nut Rubber Mach
• 6%
534 615 1,900
NatService common
2,100
Nat Steel Car Corp Ltd_ _•
100
15
15
Nat Steel Corp wan
•
500
14
111 1%
Nat Sugar Refining
•
400
3615 37
Nat Union Radio cora
1
1
14 1,000
Natomaa Co
•
8
8
84 2,800
Kehl Corp corn
•
100
131
11i
Neisner Bros 7% pref. 100
12
99 101%
New Mea & Ariz Land.._1
200
134 134
Niagara Shares cl B corn. _5
4
100
4
Niles-Bement
-Pond
•
100
9
9
Nitrate Corp of ChileOtfs for ord B shares... _
34
A 12,300
34
North Amer Match
25
22
22
Northern Warren pref
* 35
400
36
35
North & South Amer Corp
Common class A
•
100
Ii
sit
Novadel Age ne
•
800
19% 20%
011stocks Ltd corn
5
100
1034 log
Outboard Motors Corp
Class A cony pref
•
103
3
3
Overseas Securities Co...'
400
234 3
Pacific Eastern Corp
I
900
234
215 235
Pan Amer Airways---10 41
41% 1,500
39
Parke, Davis & Co
. 244 24% 25
1,300
Parker Rust Proof
* 534 53
100
5334
Penna. Salt Mfg
50
50
82
62%
Pennroact Corp v t 0... I
24 2% 6,900
Pepperell Mfg Co
100
30
78% 79
Philip Morris Consol Inc to 1234 114 12% 9,500
Phoenix Securities
Common
i
115
700
14 115
$3 cony prat ser A...10
100
23
23
Pierce Governor corn _ _ __...
100
114 134
14
24
23-4
3034
115
4
he
1%
16
45
14
'ii
I
18%
Jan
Jan
Jan
Jan
Jan
July
July
Jan
Jan
Jan
June
Jan
May
May
31%
735
4
34%
3
8
211
6
263-4
6336
234
3-4
14
49
Apr
Apr
June
Mar
Feb
Feb
Jan
July
Jan
Apr
Feb
May
Jan
Apr
87
9
6
88
10
2
29
25
Jan 10234 June
Jan 203-4 Apr
Jan
934 Apr
Jan 124 June
Jan 12% June
Jan
434 Apr
May 36
Feb
Fe
404 Apr
80
1%
34
1
3%
34
14 34
11.5
29
34
74
1
40
1
311
9
Jan 1004 July
June
3
Feb
June
1% Feb
Jan
24 Jan
Jan
734 Feb
Feb
1st. May
Jan 1811 Feb
June
9
Jan
Feb 38 June
Mar
1% May
June 105* Apr
Feb
13.4 Apr
Jan 10134 July
Jan
235 Apr
Jan
7
Feb
July 15% Feb
15 Jan
18
Mar
32
Jan
23
37
he Jun
19
Jan
84 Jan
1
Feb
2311 Apr
10% Apr
231
211
115
3311
22%
52
504
215
76
2%
34 Feb
Apr
Jan
Jan
3%
3%
May
Jan
June 51
Ian 2534
June 734
Mar 62%
May
4,1
May 101
Jan 12%
1
Jan
184 Jan
134 July
Apr
Jan
Jan
Jan
Jan
Feb
July
Feb
Jan
July
2
Feb
30
Apr
335 Feb
263
Sales
Friday
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High Shares.
Pitney-Bowes Postage
•
Meter
3% 4
3%
Pittsburgh & Lake Erie_50 73
73
7531
Pittsburgh Plate Glass__25 53
54%
52
Potrero Sugar corn
5
134
1% 14
Powdrel & Alexander.--• 10
10
10
13,
13,
ProPPer McCall Has Mills*
Prudential Investors
•
63-4 634
6%
Quaker Oats corn
•
120 120
Railroad Shares Corp---•
4
16
%
Rey barn Co Inc
10
234
234 2%
Reliable Stores Corp
44 414
•
Reliance International A_•
3
3
334
Reynolds Investing
I
31
l'iz
Rike-Kumber corn
*
18
18
Roosevelt Field, Inc
5
134 134
Rossla Internet Corp- •
%
34
Royal Typewriter
• 1234 1235 1215
Russeks Fifth Ave
5
7
7
Safety Car Heat & Light100
72%
72
10
St Regis Paper corn
234
23-4 3
7% preferred
100
34
34
Schulte Real Estate
•
31
31
Seaboard Utilities Shares.1
31
4
716
Securities Corp General..'
2
2
Segal Lock de Hardware..'
15
35
15
Selby Shoe Co
24
24
Selected Industries Ins
Common
1%
1
115 1%
55.50 Prior stock
25 5934 593-1 59 31
Allotment certificates__
5811 5835 5854
Sentry Safety Control__ •
15
't
Sheaffer(W A)Pen
•
10% 1034
Shenandoah Corp com_ _1
1% 1%
25
$3 cony prof
174 1711
Sherwin-Williams com__25 703.4 7011 73%
6% preferred AA_ __I00
107 1074
Singer Mfg Co
100 178
177 18034
Sisto Financial Corp
9
9
*
Smith (A 0)Corp oom. • 254 23
25%
Sonotone Corn
I
2% 3%
3
Southern Corp com
15
34
Spanish & Gen Corp Ltd
Amer deposit feta bearer'it
5%
Spleg-May-St 654% pf _100 854 82
85%
Standard Brewing Co
1
1
1
21
Stand Investing $5.50 PL*
20
Starrett Corporation
1
%
%
Stein (A)636% pref. _100
101 101
•
Stein Cosmetles
135
115 23.4
Stutz Motor Car
214
•
215 234
Sullivan Machinery
"
934 934
94
*
Sun Investing corn
414 434
41
41
$3 cony pref
• 41
Swift & Co
25 184 1734 1834
Swift internacional
15 34
30% 34
Taggart Corp corn
•
14 131
iii
Talityeast Inc Class A.......•
3-4
Technicolor Inc coin
• 134 12:5 1334
.,
Tennessee Prod corn
is
•
Tobacco & Allied Stocks_ •
49% 51
Tobacco Prod Exports...*
115 134
131
Todd Shipyards Corp- •
,
2535 254
Trans Air Transport
234 234
1
Trans Lux Pict Screen
1
Common
1% 1%
'Fri-Continental
1% 115
Pork Stores
warnts. Tuz
loh ng
i
Tublze Chatillon Corp..
7
..17
7
Class A
17
1
17
Tung-Sol Lamp Works-.•
4
454
411
26
$3 cony pref
26
26
Union American Inv'g---•
22
22
15
7%
Union Tobacco com
•
'Is
United Aircraft Transport
Warrants
6
6
United Carr Fastener__ •
1031 1015
United Chemicals corn...'
6
6
6
$3 corn Deltic pref
22
• 22
22
United Dry Docks com •
17%
A
3.4
%
United Founders
1
11
United Molasses Co
Am dep rets ord ret __Si
4
4%
4%
United Profit-Sharing---,*
115 1%
1%
United Shoe Muth oom-25 67
664 674
Preferred
25
364 364
United Stores v to
34
35
United Wallpaper
24
2% 2%
U S Finishing corn
14 14
El Foil Co class B
1 12% 1135 12%
U S Intl Securities
1% 14
•
134
let pref with warr
51
• 50
50
U S Lines pret
•
%
34
U S Playing Cards
10
2334 24
U S Radiator corn
1% 134
1/5
•
7% preferred
100
9
9
Utility Equities Corp
Priority stock
45
•
45
Util & Ind cony pref
•
334 3%
Vogt mfg co
•
oh 634
Waco Aircraft Co
* 14% 1434 15
Waitt dr Bond cl A
•
73( 734
Class B stock
1
•
1
Hiram Waiker-Gooderham
& Worts Ltd com
• 33
324 35
Cumul preferred
• 164 1615 lett
Watson(SW)Co
•
•
Wayne Pump Co
4
West Va Coal & Coke_
•
234 3
Western Cartridge pret_100 88
88
88
Wil-low Cafeterias Inc_ _ _1
134 1%
13.4
Cony preferred
9
•
9
Wilson-Jones Co
• 17
17
17
Woolworth(F W)Ltd
Amer deposit rcts
2634 26%
Youngstown Sheet & Tube
534% preferred
100
40
404
Public Utilities
Am Cities Pow & Lt
Class B.
1
Amer & Foreign Pow wart._
Amer Gas & Elea corn...
Preferred
Amer L & Tr oom
25
Am Superpower Corp corn •
1st preferred
•
Preferred
Assoc Gas it R1.0(211.88 A
1
Warrants
Assoc Telep Utlities
•
Brazilian Tr Lt it Pow_ •
Buff Meg & East Pr pref 25
$5 1st preferred
•
Cables & Wireless Ltd
Am dep rcts 13 ord abs £1
Carolina P & L $7 pref__ •
Cent Staten Elea coot__ 1
Cities Serv P & L 67 Pret-•
Cleve Eiec Ilium corn....'
234
5
26%
14
23-4
183-4
34
1
Range Since Jan. 1.
Law.
High.
1,100
335
260 61
1,950 39
135
200
100 10
100
"II
511
500
40 108
700
54
400
111
300
254
24
300
800
14
100 1135
34
200
100
15
9
100
5
200
300 50
3,100
24
100 2131
4
100
4
70
134
30
A
700
100 20
434 Apr
July
Feb 81
Apr
Jan 5714 Aix
Jan
3;5 Apr
July 24
Jan
July
2;5 Jan
8% Feb
Jan
May 122
Jan
Jan
;4 Feb
Jan
34 Apr
414 May
Feb
Jan
315 Mar
Jan
134 Apr
Jan 20 June
June
211 Feb
Feb
34 Feb
Jan 14
Jan
Feb 10
Apr
Jan 83
Apr
Jan
534 Feb
Jan 51
Apr
June
11 Feb
July
15 Feb
Jun
415 Feb
1
May
Jan
Feb 244 Apr
800
134
200 40%
450 40
35
200
100 1034
100
115
100 17
5,825 4734
20 100
80 156
100
8
1,850 184
2,400
2%
200
31
May
3
Feb
Jan 614 Apr
Jan 62% Feb
July
14 Mar
July 13% Mar
Jan
2;5 Feb
Jan 23
Mar
Jan 7335 July
Jan 107% Feb
Mar 1814 June
Apr
9
Apr
June 43
Feb
May
454 Mar
June
1% Jan
100
250
600
200
100
10
4,900
300
55
200
100
13,400
5,000
100
2,500
2,500
100
200
300
200
200
31
60
34
1434
'is
844
35
234
834
335
35
13%
2311
115
11
754
35
45
%
19
2
Mar
34
Jan 87
Jan
2%
Jan 25
Jan
1%
Jan 101
Jan
2%
July 104
Jan 174
Jun
534
Jan 414
Jan 19
Jan 34
Jan
231
Jan
1%
Mar 14%
Apr
Feb 51
111
Jan
Jan 28
4;5
Feb
600
600
400
600
100
700
100
1,300
800
1%
I
10%
6
1534
3
15%
1954
3.4
May
May
July
May
June
Jan
Jan
Jan
Jan
34
254
20%
15
30%
715
30
25
34
Jan
Feb
Apr
Jan
Jan
Mar
Apr
Feb
Jan
54 Jun
515 Jan
3
Jan
Jan
15
54 Jun
77
% Jan
154
12
11
26%
24
115
Jan
May
Feb
Feb
Feb
Feb
700
500
775
20
100
100
200
3,600
300
600
600
100
100
ao
34
135
574
3235
54
2
111
515
14
48
14
16%
134
9
Jan
July
Jan
Jan
June
Feb
July
Jan
Jan
June
Jan
Jan
July
Jan
6%
415
68%
364
1%
4%
5
14%
2
603-4
1%
2734
3
10%
Apr
Feb
Apr
Apr
Feb
Apr
Feb
Apr
Feb
Feb
Mar
Apr
Feb
May
25
300
200
700
200
200
36
14
3%
104
44
I
Jan
Jan
Jan
Jan
Jan
Jan
53
531
9
19
734
1%
Feb
Feb
Feb
Apr
June
Jan
30% May
1554 May
Ili July
A Jan
34 Jan
6331 Jan
% Jan
631 Feb
11
Jan
5735
1715
54
111
554
88
2
10%
1734
Jan
Jan
Feb
Feb
Apr
May
Feb
Apr
July
100
200
100
100
1,400
88,000
3,500
300
100
100
1,100
50
100
25
100
1,400
150
Feb
Apr
Mar
Mar
Feb
July
July
Mar
Apr
Feb
Apr
Feb
July
Apr
Apr
June
July
June
Apr
May
Jan
2211 Jan
2654 July
40
July
59,4 Feb
234
531
27%
8835
14%
2%
65
1835
900
500
5,600
350
80
7,900
300
200
1%
415
18%
72
104
24
5134
1315
Jan
May
Jan
Jan
Jan
Jan
Jan
Jan
43(
934
33%
8931
19%
435
70
33
Feb
Feb
Feb
July
Feb
Feb
Apr
Feb
3-4
34
iv+
31
84 8%
18
184
75% 75%
8,200
300
900
300
300
100
Tts
its
hi
835
154
6834
Jan
Jan
Jan
July
Jan
Jan
215
35
35
144
19%
7534
Feb
Feb
Feb
Feb
Feb
July
600
434 ' 50
' 4315
'
1
115 3,100
24
24
50
29
29
100
'10
35
1
20
25
May
Jan
July
Mar
Jan
he
43;5
2%
30
3034
Jan
July
Feb
June
Feb
2%
5
26%
7%
14
234
644'
1854
Financial Chronicle
264
Friday
Sales
Loaf Week's Range for
Public Utilities
ofPrices.
Week.
Sate
(Concluded)
Per Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Columbia Gas & EleoJan 103
Cony 5% pref
1,750 68
100 87
857% 90
Commonwealth Edison _100 5634 x5551 57
1,800 3455 Jan 614
Common & Southern Corp.
g Jan
Warrants
34
7,300
•
51
.16
455 Jan 1134
Community P & L $6 pref•
25
751
754
)5 Mar
Community Water Serv_ •
100
55
55
Jan 78
Consol GE LarP Ball coin • 66% 66% 68
2,100 53
East Gas & Fuel Assoc
Jan
10;5
Common
6
60
•
87% 9%
Jan 78
50 56
7734 78
47%% prior preferred 100 78
Jan 68%
6% preferred
275 46
100 674 6755 6736
1
255
Jan
East States Pow corn B_ •
135
134
200
194
100
$6 pre( series B
534 Jan
•
1034 107%
Elec Bond dr Share corn__ _
14% 144 1555 21,400 10% Jan 2355
$5 preferred
100 284 Jan 50%
• 427% 427% 4234
36 preferred
Jan 60
900 31
• 4835 4855 5055
Jan
6
1755
Elea P & L 2d pre( A_
75
11
•
11
Empire Gas & Fuel Co
25 104 Jan 2534
2051 204
100
0% preferred
25 154 Jan 22;5
100
634% preferred
207% 2055
7% preferred
200 1255 Jan 294
100 21
214 21%
European Electric Corp
Class A
8% June 12%
300
855 85i
10
24
51 July
Option warrants
51
34 3,000
Gen Gas & Elec19
Jan
7
50
$6 cony pret B
•
134 13%
Jan 57
Gen Pub Serv $6 prat_ - •
50 25
3834 38%
Jan 6455
Georgia Power $6 prat200 44
•
584 5955
55 July
Hamilton Gas v t o
300
1
55
56
Hartford Elec Light Co_ _25
25 483.4 Jan 58
58
58
Illinois P & L $13 prer
50 10% Jan 30
•
184 1835
Internat Hydro-EleoPref $3.50 series
525 144 Jan 314
ao 22% 22 23
Internat'l Utility
1%
114 July
1,600
Class B
1
54
35
84 Jan
19
50
9
Interstate Power $7 prat •
9
3
155 Jan
100
Italian Superpower class A•
14 1%
x June
1
300
Warrants
55
34
Long Island Ltg355 Jan
8%
100
Common
375 375
•
120 454 Jan 6954
100
56
7% Preferred
587%
275 36% Jan 6051
Fret class B
484 50
100
Marconi Internatl Marine
Commun Am dep rats _ £1
Marconi Wirel T of Can.1
Mass Ut11 Assoc v t c_
•
Memphis Nat Gas com-5
Met Edison $6 pref
•
Middle West UM com
•
Mob & Bud Pow 1st pref_•
•
Montreal Lt Ht & Pow
National P & L $6 pref. •
N Y Telep 655% pre1-100
Niagara Hud Pow
Common
15
Class A opt warrant_ _
Class B opt warr
Class C opt warr
Nor Amer Lt& Pr- •
$6 preferred
Nor Sts Pow corn class A100
Ohio Power 6% pref _ _ _100
Pacific0& E 6% 1st pref25
Pacific Pub Serv 1st pref_*
Pa Water dr Power
•
Philadelphia Co corn
•
Power Corp of Can coin_*
Puget Sound P & L$5 preferred
•
$6 preferred
Ry & Light Secur com- •
234
3%
51.
35%
Other Oil Stocks
Amer Maracaibo Co
1
Arkansas Nat Gas corn..-•
Common class A
•
Carib Syndicate
25c
Columbia 011 & Gas vto__•
Coaden 011 corn
1
Creole Petroleum
6
Crown Cent Petroleu m__ _1
Gulf 011 Corp of Penna__25
international Petroleum.•
Kirby Petroleum new__ _I
Leonard 011 Develop___25
Lion 011 Development__ •
Lone Star Gas Corp
•
McColl Frontenac 011_
*
Mich Gas& 011Corp
•
Middle States Petrol•
ClassA vto
•
Class Byte
Mountain Producers__ _AO
•
National Fuel Gas
New Bradford Oils
5
Nor Cent Texas Oil Co_ _5
Nor European 011 tom _1
Pantepec 011 of Vanes •
Producers Royalty _
I
735
234
1%
354
7051
514
504
3555
53%
11834
7
100
2
2,200
14
100
3
300
25 51
55
200
175 46
300 35
650 3534
125 1144
8
Mar
Jan
47%
May
251
4
Jan
Jan 75
4
Jan
Jan 647%
Jan 3935
Jan 6935
Jan 1207%
Feb
Apr
Jan
July
Feb
July
Apr
Feb
Feb
Feb
Feb
Feb
Apr
Feb
Feb
Feb
Feb
Feb
Mar
Apr
Feb
Feb
July
Apr
Apr
Feb
Mar
Feb
Feb
Feb
Apr
A pa
Apr
Feb
Feb
Feb
Apr
Feb
Jan
Feb
Feb
June
i„
90
14%
116
2,900
2000,
800
400
44
55
1M
10
Jan
Jan
Jan
Jan
94
35
23.4
.
11
Feb
Fel
Feb
Jan
834
19
90
22
655
5531
144
107%
250
100
20
300
400
100
1,800
25
3%
154
80
194
23-4
4554
8
9
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
16
32
90
237%
7%
567%
15
144
Apr
Feb
July
Mar
May
Apr
June
Feb
124 1355
855 9
8
8
555
Shawinigan Wat & Pow_ _* 21
Son Calif Edison
25
7% Fret series A
25 19%
6% Drat series B
555% pref series C _ _25
Standard P & L corn
•
335
Swiss Am Eleo pref_100 40
Tampa Electric Co com- •
Union Gas of Can
•
United Corp warrants
United Gas Corp com_1
3
Fret non-voting
• 43%
Option warrants
United Lt et Pow corn A__•
255
Common class B
•
$6 cony 150 prof
• 12%
tlB Eleo Pow with warr_ A
Warrants
Utah Pow dr Lt $7 pref__-• 17%
Utll Pow & Lt new oom__
31
,
100
7% Preferred
Former Standard Oil
Subsidiaries
Borne Scrymser Co
25
25
Chesebrough Mfg
Humble Oil& Ref
•
Imperial 011 (Can) 0011P •
Registered
•
National Transit _ _ _ _12.50
Northern Pipe Line_ _10
Ohio 0116% Pre
100
Penn Mex Fuel corn
1
South Penn 011
25
Standard 011 (Indlana)--25
Standard 011(KY)
10
Standard 011 (Ohio) tom 25
5% preferred
100
755
27%
1%
355
7054
34
50
3554
52%
118%
Feb
Feb
210
240
25
20% 21%
500
2255
197%
1751
3%
44
25%
455
1%
3
4355
100
1,300
500
100
200
800
1,300
900
5,700
2,900
1,600
1,900
100
1,200
300
300
125
1000
150
57%
55
134
Ii,
87%
19
8934
22
6
5551
14
10%
223-4
18%
1754
335
40
244
34
151
2%
417%
716
254 2%
34 3%
12% 13%
3-4
In
715
17% 18
1
75
835 855
1155 Jan
554 Jan
551 Jan
17
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
Jan
Ti, Jan
255 Jan
351 June
84 Jan
55 Jan
Mar
17.4 July
54 Jan
Jan
8
20
174
1534
354
36
214
355
134
1%
17
250
6
6% 655
5 116
123 123
41% 4375 7,800 3334
14% 154 10,200 12%
100 13
15% 15%
100
755
855 855
455
100
64 655
100 8355
86
86
100
3%
555 555
555
600 174
23% 244
274 27
27% 5,700 25
1654 164 lag 2,200 14%
354 1831
log 1954
,
9351 95
75 7754
64
42%
15
15%
54 Jan
17% Jan
Jan
1
2% Feb
• Jan
155 Jan
94 Jan
in
35 Ja
N M May
19% Jan
Juay
M
34
534
134, 134
3
354
334
234
16,1
64%
27
100
200
Feb
12
235 Jun
234 2'4
35
%
5
54
15
164
251 24
334 355
716
56
154 134
71
55
300
400
1,200
1,600
800
500
5,200
6,000
2,500
35
111
55'
534
1534
234
155
37%
555
54 July
34 jan
'
1%
435
Apr
Apr
Feb
247% Apr
25
2134
19%
10
4934
28
634
234
mi
4555
155
555
eX
244
3-4
'Is
2655
24
1755
Feb
Feb
Feb
Feb
Feb
Apr
Mar
Feb
Mar
Apr
Mar
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
11
Jan
May 1264 Feb
Jan 4655 Apr
Jan 1554 June
Jan
157% Apr
May
955 Feb
Jan
7
Feb
Jan 88
Feb
Jan
Jan
6
Jan 264 June
Mar 327% Jan
1755 Feb
Jan
Jun
284 Feb
July
Jan 05
1,100
300
900
1,000
1,100
1,000
2,300
1,200
2,500
9,600
100
4,400
300
1,900
51
154
134
1% 131
35( 334
35
1
234 24
124
12
▪
1
63% 654
26% 2734
17
% 1'%
20
13
11
Jan
Jan
Jan
Jan
14
Jan
14 Jan
11 Jan
,
• Jan
• Jan
14
235
255
555
13.4
37%
134
14
764
3055
3
35
54
855
14
5
34
155
555
184
24
334
sir
255
14
Feb
Feb
Feb
Mar
Feb
Jan
Apr
Feb
Jan
June
May
Mar
Jan
Feb
Apr
Apr
Apr
Apr
Apr
Apr
June
Ant
May
Mar
Jan
July 14 1934
Sales
Friday
Last Week's Range for
Other Oil Stocks
ofPrices.
Week.
Sale
(Concluded)
Par Price. Low. High. Shares.
Pure Oil Co 6% pret__100
Reiter Foster 011 Corp_ •
Richfield Oil prof
25
Ryan Consol Petrol
•
Salt Creek Producers_ _ _10
Southland Royalty Co_ _5
Sunray 011
Taxon Oil & Land Co....
Venezuelan Petroleum. _5
Woodley Petroleum
1
Mining-Bunker Bill & Sullivan_ _10
Bwana M'Kubwa Copper
Amer Shares
5s
Chief Consol Mining Co_ _1
Consol Copper Mines_ _ _ _5
Cresson Consol G M
1
CUBI Mexican MinIng_50c
Falcon Lead Mines
Goldfield Consol MInes_10
Heels Mining Co
25
Hollinger Consol G M...5
Hud Bay MIn Jr Smelt_ _ _•
Internat Mining Corp_ _I
Warrants
Kerr Lake Mines
4
Kirkland Lake G M
1
Lake Shore Mines Ltd.__ I
Mining Corp of Can
•
New Jersey Zino
25
Newmont Mining Corp 10
N Y & Honduras Rosario10
NipIssing Mines
5
Pioneer Gold Mines Ltd 1
Premier Gold Mining_ _1
St Anthony Gold Mines 1
Shattuck Dann Mining_ _5
3 liver King Coalition_
6
So Amer Gold & Plat new_ I
Standard Silver Lead___ _1
Teck-Hughes Mines
I
Tonopah Belmont Develp 1
Tonopah Mining of Nev.A
Un Verde Extension___500
United Zinc Smelting_ _ _*
Utah Apex Mining
Wenden Copper
1
Wright
-Hargreaves Ltd •
Yukon Gold Co
6
Bonds
Alabama Power Co
1st & ref 56
1946
1st & ref 5s
1951
1st & ref 55
1956
Ist & rat Is
1968
1st & ref 4355
1967
Aluminum Cost deb As'52
Aluminum Ltd deb 55_1948
Amer Commonwealth Pow
Cony deb 6s
1940
Amer az Continental 881943
Am El Pow Corp deb (93'57
Amer0& El deb to 2028
AM Gas& Pow deb 65_1939
Secured deb 55
1953
Am Pow & Lt deb 65_2016
Amer Radiator 455s_ _1947
Am Roll Mill deb 58_1948
Amer Seating cony 68_1936
Appalachian El Pr 55_1956
Appalachian Power 158_1941
Debars
2024
Arkansas Pr & Lt 58-1956
Associated Elea 4 5_ _ 1953
Associated Gas & El Co
Cony deb 53.4s
1938
Cony deb 455s C
1948
Cony deb 455s
1949
Cony deb 56
1950
1968
Deb 5a
Cony deb 545
1977
Assoc Telephone Ltd 55'65
Assoc T & T deb 555s A '55
Assoc Telep Utll 555s-1944
Certlficatee of deposit
6s ctfs of deposit...1933
Atlas Plywood 5555-1943
Baldwin Loco Worts
68 with warr
1938
6s without ware__ 1938
Bell Telep of Canada
1st M As series A. _1955
1st M As series B-1957
58 series C
1960
Bethlehem Steel 6s_ _ _1998
Binghamton L 14 & P '46
filvainsharn Else 4 49 1966
Birmingham Gas 55_ _1959
Boston Consol Gas 58_1947
Broad River Pow 55_1955
Buff Gen Elea As
_1939
Gen & ref 58
1946
Canada Northern Pr M '58
Canadian Nat Ry 7s..1935
Canadian Pao Ry 6s 1942
Capital Adrninls 5s. _1953
Carolina Pr & Lt 5s...1956
Cedar Rapids M & P58'53
Cent Arts Lt & Pow 56 1960
Cent German Power
1934
Partlo ctfs 6s
Cent III Light M.__ _1943
Central III Pub Service
5s serles E
1956
lat & ref 43.4s for F_1967
Ssserieao
1968
1981
436% series H
Cent Maine Pow 434s E'57
55 series 0
1955
Cent Ohio Lt & Pow 551950
Cent Power 5s ser D..1957
Cent Pow d‘ Lt 1st 53.1956
Cent States Elec 5a _1948
57%s with warrants_ 1954
Cent States P & L 548_53
Chic Dist Elea Gen 445'70
Deb 555s__ _Oct 1 1935
Chic Jct Rys & Union
Stockyards 5s
1940
Chic Pneumat Tool 534542
Chic Rys 515 ads
1927
Cincinnati Street Ry1952
54s series A
1955
6s series')
Cities Service 55
1966
1950
Cony deb As
Range Since Jan. 1.
Low.
High.
63
1
4
355
7%
6
2
11
134
555
Feb
Jan
Feb
Jan
Apr
Feb
Feb
Feb
Mar
Feb
655
154
575
155
134
5i
1855
1355
434 Jan
51 July
55 Jan
43
375
394 May
6334 Feb
700
200
2,100
4,100
8,300
2,100
11,300
400
5,200
7,300
34
34
54
55
1
55
34
6
1155
87%
July
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
156
1%
155
2
so
55
854
20
14%
Jan
Mar
Feb
Feb
Feb
Jan
Apr
Feb
June
Apr
400
600
100
500
3,500
1,000
400
700
500
3,200
2,000
1,000
3,600
200
2,400
8,900
4,600
10% Jan
355 Jan
% May
34 Feb
4135 Jan
1% Jan
474 May
45
Mar
28
Feb
2
May
10% Jan
1
Jan
514 Jan
1% May
8
May
3% Jan
3( Jan
14%
651
55
"re
54%
254
,
6351
5735
46)5
235
1451
151
His
3
1255
555
55
Apr
Apr
Mar
Mar
June
Feb
Jan
API'
July
Feb
Apr
Mar
Apr
Jan
Feb
Feb
Feb
4755 49%
34
54
1
1
1
14
656 64
551 6
155 1%
5% 574
33-1
43
230
400
700
600
1,300
1,200
2,200
900
500
200
1
4954
41
51
1
134
136
34
354
155
134
1.55
A
6
6
17% 1835
1355 13%
1354 1355
551 53-4
.16
.111
.
16
10%
33-'
54
54
155
514
5155
4434
23-1
1351
154
35
2
10%
33.4
4
3,4
543.4
24
5251
52%
4635
254
1334
151
916
2
10%
331
55
64
64
734
54'57
234
52
4456
2%
1351
55
434
3-4
51.1
934
51
43.4
14
55
9%
31
156
874
1651
94%
23
5655
88%
5834
9954
1074
88%
7534
36%
21
17%
19
19
20%
52
1655
22
9755
July
Jan
Jan
Jan
May
Jan
Jan
234
5,.
935
6,400
500
100
1,700
200
1,200
2,500
12,800
1,100
555
*is
14
355
3-4
55
34
655
35
7,000
27,000
2,000
8,000
58,000
57,000
21,000
4%
914 92
854
8534 84
85% 8354 854
78
77
78
7354
7351 72
1043.4 10555
10556
8955 8855 8955
1
54
435
IIo
455
'is
356
66
59
60
65
51
9531
72
Jan
May
Jan
Jan
Feb
Jan
Jan
Jan
Jan
2
93;5
20
954
34
3251
674
105
92
70
9955
10731
8856
79%
4254
Feb
May
Fen
June
Feb
Apr
Feb
May
Apr
Apr
July
July
July
Apr
Feb
28%
2355
2455
254
25
2955
9734
Feb
Feb
Feb
Feb
Feb
Feb
July
Mar
13
10
10
1155
1154
124
8055
44
94
10
14
50%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
16,000
9,000
61,000
177,00
207.000
4,00
2,00
41,000
58,000
31,000
7,000
23,000
71.
1'/
5
June
July
July
July
July
July
Feb
May
Jan
214
17
174
1954
19%
2134
974
52
17
17
22
79
Apr
Feb
Feb
Feb
July
2% Apr
34 Apr
104 Mar
35 Apr
84
Jan 9254
Jan 8555
Jan
8551
Jan 78
Jan 734
Jan 105%
Jan 91
1
134 14 7,000
1,000 79
87% 8735
29,000
1634 17
955
934 9554 172,000 73
7,000 164
27
26
28,000 144
224 24
5234 564 97,000 4155
103% 103% 12.000 97%
8651 8855 63,000 7055
5855 59% 9,000 4755
984 994 93,000 76
107 1074 2,000 102
88% 884 7,000 59
73% 75% 59,000 57
3654 37% 50,000 255(
21
1655
1655
1854
184
20%
974
50
15
15
2154
7755
134
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
ao
Feb
22
23
Feb
204 Feb
June
79
19,000 1055( Jan 137
122 123
Feb
Jan 97% July
9531 97% 118,000 74
109% 10955 110
10955 110
110
1093.4 11051
110
122 12235
98% 100
100
6855 64;5 684
53)5 55
55
108 108
55
50
55
108 10851
108 108
973-4
90
97
4
1044 10434 10 3'
1114 21114 111%
883-1 8634
76% 7554 86%
11054 110%
86% 86% 8755
9,00
29,000
19,000
4,000
5,00
8,40
8,00
11,000
11,000
12,000
2,000
1024
10151
101%
105
76%
51
404
104
364
103%
10351
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
110
110
11034
12255
100
704
60
1084
58
10955
10855
July
May
June
May
June
Mar
Apr
June
May
June
June
22,600 81
Jan 98
May
14,000 102
Jan 10535 Apr
22,000 1024 Jan 117
Apr
1,000 7051 Jan 90
A pr
113,000 5254 Jan 7635 July
8,000 103
Feb 11151 June
39,000 7655 Jan 9451 Apr
3955 40
10751 107 10751
4,000
3,000
67%
67
61
70% 60
6755
664 66
6055
6036 59
97% 97)5 98
101% 10055 10251
715( 73
72
5435 563-4
60
594 58
38% 37% 38%
3855 39%
39
4854 4751 48%
91%
90% 88
9934 9955 100
10,000
40,000
12,000
7,000
23,000
15,000
14,000
22,000
85,000
40,000
30,000
32,000
133,000
50,000
52%
474
52
4755
75
8551
57
41
41%
2775
28
3355
62
74
Jan 7634 Apr
Jan 68
Feb
Jan 74% Apr
Apr
Jan 68
July
Jan 98
Jan 1024 June
Jan 77 Slay
Jan 6155 Feb
Apr
Jan 62
Jan 524 Apr
Apr
Jan 51
.1f1
53% Apr
Jan 9154 July
July
Jan 100
10655 10655 8,000
76
12,000
75
5554 56% 4,000
95
5451
46
Jan 106511 July
Jan 8435 Apr
Jan 57% July
7255 1,000
1,000
7754
48% 8,000
4951 290,000
60
5236
304
304
Jan
Jan
Jan
Jai.
5554
49
7255
7755
47
4855
3934 Jun
100
.11113
6335 Mar
10755 July
Apr
81
Apr
83
523-4 Apr
534 May
Financial Chronicle
Volume 139
Bonds (Continued)
Cities Service Gas 5.45 '42
Cities Service Gas Pipe
Line 135
1943
Cities Serv P & L 53451952
5558
1949
Cleve Elea III 1st 55._1939
5s series A
1954
5s series B
1961
Commers und Pri vat
Bank 5558
1937
Commonwealth Edison
let M 58 series A__.1953
let M be series B
1954
let 4355 series C_ _ _1956
455s series D
1957
434sserlesF
1960
1st M 45 series F_ _ _1981
534s series G
1962
Com'wealth &Amid 534s 48
Community Pr & Lt Os 1957
Connecticut Light 84 Power
75 series A
1951
4;is series C
1956
5s series D
1962
Conn River Pow Os A 1952
Consol GEL &P 415s 1935
Stamped
Consol Gas (Balto
Gen mtge 4555
1954
Consol Gas El Lt & P(Balt.
4)4s series G
1969
1st ref f 4s
1981
Congo! Gas UM Co
1st & colt 68 ser A 1943
Cony deb 6558 w w _1943
Consol Publishers is _ _1936
Consumers Pow 4%5_1953
1st & ref 5s
1936
Cont'l Gas & El5s1958
Continental Oil 5 Me_ _1937
Cosgrove Meehan Coal
634s
1945
Crane Co Es____Aug 1 1940
Crucible Steel 55
1940
Cuban Telephone 7 Ms 1941
Cudahy Pack deb 5356 1937
s f 5s
1946
Cumberld Co P& L 4349'50
Dallas Pow & Lt 68 A.1949
5s series ('
1952
Dayton Pow & Lt bs_ _194 i
Delaware El Pow 534s..59
Denver Gas & Flee 5s..1949
Derby Gas & Elea 5&_1946
Bet City Gas 68 ser A _1947
551st series 11
1950
Detroit Interna t Bridge
6345
Aug. I 1952
Dixie Gulf Gas 6155-1937
Edison Elea Ill (Boston)
5% notes
1935
Elea Power & Light 55_2030
Elmira Wat Lt & RR 5s_'56
El Paso Nat Gas
deb 6355
1938
Empire Dist El 58._ _1952
Empire 011k Ref 53-4s' 1942
Erie Lighting 5s
1967
European Elea Corp Ltd
6}is x-warr
1965
European Mtge Inv 7s C'67
Sales
Friday
Last Week's Range for
1Feek.
Sale
ofPrices.
Price. Low. High.
66
66% 67
86
85;5 8635
46% 4655 47
46% 47
47
107% 107% 107%
109% 110
110% Ill
32,000
[lack ensack Water 50_1938
Ball Printing 5548- - _1947
hamburg Electric 7s. _1935
hamburg Elev und 5355'33
Hood Rubber 5358-1936
tionAon Gulf Gas 65_1943
148 with warrants_1943
Hous L & P 1st 455sE.1981
1953
Sc series A
let A ref 4%s ser D.11178
linden Bay Mt S 69.1935
Ilygrade Food Products
1049
series A
1049
65 series 15
Low.
4634
Jan
High.
68%
June
18,000 57;4 Jan 8655 July
71,000 27% Jan 4935 Apr
42,000 27.% Jan 4934 Apr
Jan 107% June
20,000 105
9,000 106
Jan 111
Mar
July
6,000 10554 Jan 111
62% Feb
4634
4615 49
17,000
46% Mar
109
108
104%
104%
103
9434
107
85
5134
107% 109
10754 108
10315 105%
103% 104%
102% 103%
9455
94
106% 107%
8455 8535
50% 5255
18,000
28,000
52,000
23,000
17,000
292,000
54,000
131,000
51,000
Jan
92
Jan
92
84% Jan
Jan
86
Jan
85
72% Jan
94% Jan
56% Jan
3655 Jan
109
108
10534
104%
10334
9455
108
87%
57
July
July
July
July
July
June
June
May
June
Mar
1,000 112
120
1,000 100
Jan
106%
2,000 104
Jan
10934
104% 68,000 91% Jan
102% 38,000 10115 Jan
July
102% 9,000 102
120%
10734
109%
105%
103%
103%
June
June
June
June
Apr
Feb
120
106%
10834
104% 104
10135 101%
10234
4,000 102
Jan 112;5 July
1,000 105
109 109
10655 105% 10635 71,000 93
Jan 109
May
Jan 10655 July
11215 11214 1123.5
46
46
835
86
106% 105%
105
104%
50% 4955
103% 102%
47%
9
86
10615
105
52
103%
84
99% 98%
93%
75
104% 103%
106%
9534 95
84
99%
95
80
10435
106%
95%
108% 108%
105 105
107% 107% 108
90
91
89
105% 105 10534
83% 82% 83%
100% 100 10055
92% 9115 9255
7,000 3354 Jan 5234 Apr
6
6,000
Mar 13
Apr
Jan 86
1,000 63
July
34,000 94% Jan 10655 July
42,000 102% Jan 10515 June
Apr
126,000 3655 Jan 57
55,000 101% Feb 104% Apr
4
1,000
95,000 85
11,000 73%
3,000 6454
29,000 98
9,000 103%
23,000 74
Jun
9
Mar
Jan 99% July
Jan 98
Apr
Jan
SO% June
Jan 10455 May
Jan 106% Apr
Jan 9534 July
17,000 104% Jan 110
Apr
Jan 10635 June
1,000 99
24,000 102% Jan 108
May
Jan 91
37,000 65
July
3,000 92% Jan 105% July
17,000 57% Jan 85
Apr
May
16,000 84% Jan 101
Jan 92% June
73
8,00
334 4% 3,000
100% 100% 101% 45,000
3%
79
Jan
Jan
7
mg
Feb
July
102;4 102% 102% 51,060 100% Jan 10354 Mar
39% 38
39% 380,000 2535 Jan 5135 Apr
Jan 85
Apr
8315 8315 1,000 62
72
63%
61
72
63%
101%
6815
75
64%
102%
12,000
44,000
57,000
16,000
90%
42%
1,000
904
3934 42% 15,00
Fairbanks Morse 58..1942
6,00
86% 87
Farmers Nat Mtge 78_1963
5535 55% 4,00
Federal Water Serv 534554 36
36,00
37
36
Finland Residential Mtge
Banks 68
1061
853.4 8614 19,000
Firestone Cot Mills Is '48 102% 102% 103% 58,000
Firestone Tire & Rub be '42 102% 102% 102% 58,000
First Bohemian Glass 7s '57
7135 7414 2,000
Fla Power Corp 5345_1979 70% 70% 71% 33,000
Florida Power dz Lt bs 1954 66
65% 66% 80,000
Gary Elk Gas 5s ser A 1934
Gatineau Power let be 1956
Deb gold 6s June 191041
Deb 65 series II
1941
General Bronze 65_ _ _ _1040
General Motors Acceptance
5% serial notes_ _1935
5% serial notes
1936
General Pub Serv 55 _ _1953
Um Pub Util 6 ('Is A_ IMO
Gen Refractories es_..1938
With warrants
Without warrants
Gen Wat Wk5 & El 58 194s
Georgia Power ref 5s .1907
Georgia Pow & Lt 55_1978
Gesture] Os x-warrants 1959
Glliette safety Razor 58 '40
Glen Alden Coal 48_1965
Glidden Co 5158
1935
Gobel (Adolf) 6152.__1935
with warrants
Grand (1; W)Prop 65.1945
Certificates of deposit. _ _
Grand Trunk Ity 6558 1936
Grand 'I runk West 43_1950
Great Northern Pow 55 '35
Great Western Pow 55 1946
Guantanamo & West 68 '58
Guardian Investors 55_1948
Gult Oil of Pa bs
1937
58
1947
Gull States CBI 5s_...1956
Range Since Jan. 1.
61%
95%
91%
58%
94%
91
89
73%
61%
9535
9134
90%
74%
44,000
197,000
17,000
14,000
7,000
Jul.
July
Apr
July
35
46%
4615
86
Jan 63%
Jan 75
Jan
72
Jan 102%
80
29
Jan 100% Apr
Jan 54
June
63
42
18%
Jan
Jai
Jan
73%
8955
93
62
50%
5335
Jan 8915 Apr
Jan 103% July
Jan 103% June
Jan 74% July
Jan 80
Apr
Jan 71
Apr
34
77%
69
68%
60
Jan
Jan
Jan
Jan
Jan
89% Apr
57% June
42
May
67% Apr
95% July
9134 June
91
June
8134 Apr
101% 101% 2,000 101% July 103% Jan
104% 104% 105% 29,000 10214 Jan 105% July
80
4,000 64
Jan 82
May
78
80
49% 4955 50
29,000 2555 Jan 58
June
130 131
95% 9614
57
56% 5954
83
80
83%
55
55
56
42
40% 42
104% 103% 104%
81
7934 mg
102
101% 102
82
81
82
34%
2,000
25,000
10,000
139,000
15,000
6,000
21,000
313,000
80.000
12,000
9834 Jan 146% Apr
Mar 97% June
85
Jan 62
40
June
5915 Jan 8434 Apr
40
Jai
65
Feb
73
Jan
3955 Jun
94
Jar 104% July
57% Jan 81% July
97% Jan 1102
June
73% May
85
Apr
34
34%
105% 106
80% 88%
100% 100% 100%
106% 107
19% 19%
38% 3834
104% 104% 105
104% 105%
89
8835 90
8,000 16% Jan
14,000 100% Jan
25,000 70
Jan
15,000 93% Jan
9,000 9455 Jan
1,000 12
Jan
1,000 24
Jan
Jan
102,000 101
15,000 99% Jan
Jan
103,000 66
10755 107% 108
79
79
80%
60% 6055
40
4135
7355 75
83% 80
83%
6615 66%
10215 101% 102%
105% 10554
102
101% 102
10734 107% 109
16,000 10054 Jan 108
July
Jan 83
35,000 61
Apr
2,000 60% June 82
Feb
24,000 37
July 70% Jan
Jan 81
3,000 66
Mar
Jan 84
24,000 42
June
Jan 72% June
2,000 31
40,000 81% Jan 102% June
2,000 9334 Jan 10534 June
17,000 85% Jan 104
June
Jan 118% Apr
111.000 104
6515
65
63
61
66
65
1947 105
Idaho Power Is
103% 105
Illinois Central RR 4 %pi •34 97
93
97
1937 91
87% 0254
(13
Ill Northern UM 55....1957 103% 10234 103%
73%
73
III Pow & L let 6s Her A '53 73
let & ref 5555 aer B.1954 6915 6934 7034
06% 67%
1st & ref Os ser C_ _.1956 67
Of deb 534s .. MeV 1557 5834 5894 60
18,000
24,000
12,000
298,000
129,000
11,000
32,000
38,000
67,000
9,000
48
50
Jan
Jan
41
106
8815
WO%
108
2614
48
105%
106%
92%
Apr
Apr
Apr
May
June
Apr
Feb
June
June
Apr
Apr
70
69% Apr
87% Jan 105 June
Jan 97
75
July
87
June 9315 Apr
82% Jan 103% July
Jan 7834 May
52
Apr
4755 Jan 75
4335 Jan 70
Apr
37
Jan 66
A nr
Bonds (Continued)
Indiana Electric Corp
68 series A
1947
63Is series B
1953
5s series C
1951
Indiana Hydro-Elec be '58
Indiana & Mich Elea 58 '57
5s
1955
Indiana Service 5s__ _ _1950
1st lien A ref 5s_ _ _1963
Indianapolis Gas 5s A.1952
Ind'polis P & L Sc ser A '57
Intercontinents Pow 65 '48
International Power See
63 series C
-4s
1955
75 series N
1957
78 series F
1952
International Salt 55_ _1951
International Sec 55..1947
Interstate Nat Gas 65_1936
Interstate Power 55_1957
Debenture es
1952
Interstate Public Service
Se series D
1956
4)58 series F
1958
Invest Co of Amer
55 series A w w
1947
Without warrants_ _
1owa-Neb L & P 5s_ 195'i
5s series B
1961
Iowa Pow & Lt 4155._1958
Iowa Pub Serv 5s_ _. _ _1967
Isarco Hydro Elec 75_1952
Italian Superpower of Del
Deb 65 without war.1963
Jacksonville Gas 58_ _1942
Jersey C P & L 4558 C.1961
5s series B
1947
Jones & Laughlin 58_1939
Kansas Gas & Elec 65_2022
Kansas Power 55
1947
Kansas Power & Light
65 series A
1955
Os series II
1957
Kentucky Utilities Colat mtge 5s
1961
655s series D
1948
Os series I
1969
Kimberly-Clark 5s_ _ _1943
Koppers 0.0 C deb 58 1947
Sink fund deb 5%8_1950
Kresge(S S) Co 58
1945
Certificates of deposit... Laclede Gas Light 53-4s1935
Lehigh Pow Secur 65_ _2026
Lexington Utilities 55_1952
Libby McN & Libby 55'42
Lone Star Gas 5s
1942
Long Island Ltg 65
1945
Los Angeles Gas & Mee-5s
1939
5s
1961
6s
1199402
265
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Price. Low. High.
$
70
59%
60
96%
40%
38%
84%
97%
74
103%
61%
105%
55%
40%
70
743-4
59
593-4
107%
9594
38
38
8435
96
235
5,000
70
7415 4,000
7,000
61
10,000
60
17,000
108
7,000
9655
40% 12,000
7,000
39
86% 5,000
98 115,000
334 4,000
Range Since Jan. 1.
Low.
5434
59
47
47
91
71
251-4
241,4
71
76
234
July
July
July
Jan
Jan
Feb
Jan
Jan
Jan
Jan
54
49
17,000
58
5094 35,000
87%
86%
94%
82
833.4
833.4
8534
8434
94
8135
7355
833-4
8355
9734
8634
9494
8294
75
61% 62%
39
38
39
97% 953-4 98
103% 103 104
106% 10615 106%
89
89
7855 78%
1,000
1,000
48,000
15,000
13,000
34,000
300
48
4215
Jan
67
Jan
67
6334 Jan
64
Jan
Jan
75
58
Jan
7034 June
98
10394
102
104
65
10534
6134
48
64
61
8334
84
8935
8935
9594
8735
92
Mar
Mar
Mar
July
Jan
July
Feb
Apr
Feb
Feb
July
Apr
Apr
Apr
Apr
Slay
Apr
25,000 49
June 7854 Apr
37,000 32
May 53
Feb
286,000 7394 Jan 98
July
19,000 83
Jan 104
July
10,000 10335 Jan 107% June
1,000
7,000
62
6055
Jan
Jan
101% 1003-4101% 25,000
12,000
96% 99
99
5454
7355
Jan 10134 July
July
Jan 99
22,000
1,000
2,000
18,000
104,000
28,000
10,000
16,000
16,000
43,000
7,000
50,000
11,000
13,000
47
58
4534
8834
8255
8434
89
8734
30
6115
5494
683.4
8234
67
Jan
Jan
Jan
Jan
Jan
89
62
61
72
72
6234 6234
97% 98
98
95
97
97
100 10015
100
102 , 10294 102%
101
10034 101
67
66
66
8734 89
88
73 i
72% 7315
9135
91 i 88
97 i 97
9734
59
9034
905
62
• 107
103
109
107
107
103% 103%
10954 10994
107% 10754
106% 106%
95
9434 96
102 10255
102
10234 10274
643-4 67
665.
97;
96% 9734
'102% 10234
J80
Jan
Jan
Jan
jai,
Jan
Jan
Jan
Jan
90
June
86% Apr
68
863-4
68
983-4
97
10055
104
10114
7535
89
76
9134
983i
9451
Mar
Apr
Mar
Apr
Mar
July
Apr
May
Feb
July
Apr
July
June
Apr
July
5,000 102
Jan 108
32,000 89
Jan 103% June
7,000 9934 Jas 10934 July
2,000 9431 Jan 10755 July
5,000 9555 Jan 10634 July
202,1,00 6894 Jan 94
July
13,000 82
Jan 10235 July
9.000 90
Jan 104 June
July
46.000 3855 Jan 07
Jan 9734 July
52,000 74
19,000 83
Jan 10234 July
5 Sis ser ies FI
5 s eerles
1943
Louisiana Pow & Lt be 1953
47
Louisville G &E 435s C '61
Os series A
1937
Manitoba Power 5348_1951
Maas Gas deb 58
1055
e1946
1\1
rd Radiator & MfgOs with warrants _ _ _1943 66
14,000 40
Jan
66
61
Memphis P & LOS A 1948
8,000 70
Jan
. 9334 95
Metropolitan Edison
48 series E
Jan
89
9094 45,000 66
1971 89
5s series F
84,000 73
Jan
100
983-4 100
Middle West 1 111ties/1
1982
5s ctfs of deposit 1932
8% 18,000
89 c
534 Jan
8
5s ctfs of dep
7% 83-4 36,000
594 Jan
8 i
1933
5s ate of dep
5% Jan
734 8% 22,00
1934
89.,
Is cfts of deposit_ _ _1935
534 Jan
85 i
6% 834 47,000
Midland Valley So..._1943 70
Jan
70% 3,000 60
70
Milwaukee Gas Lt 41.4s '67
. 10755 10734 18,000 9335 Jan
MInneap Gas Lt 4%8_1950
79,000 73
Jan
94
. 92
Minn Gen Elea 5s___ _1934
. 1019-4 10134 2,000 10035 Jan
Minn P & L 43is
18,000 5594 Jan
79
1955 78 : 77
29,000 64
Jan
88
85
1955 88
MI sissippl Pow 58_1955 61 i
6ss
Jan
5994 67% 345,000 40
Miss Pow & Lt 58_
7194 91,000 4834 Jan
1957 70
68
Mississippi River Fuel
Os with warrants_ _ _1944 97
9035 Jan
9735 9894 9,00
9.000 89
Jan
Without warrants_ _ _ - 96
97
96
M189 River Pow let Os 1951
. 1053-4 10515 3,000 983.4 Jan
Missouri Pow & Lt 5355'55 98
96% 9834 11,000 7094 Jan
Missouri Public Serv ta '47
3,000 37
Jan
. 4834 49
Monongahela West PennJan
.
88% 50,000 61
kvp0w 7131195
r 5% 1 4s 1 314 88 6 87
Jan
PubMont-DStet
1,000 47
57
_ 57
Montreal 1.11 & P Con
1st & ref 58 ser A
1970 1085i 108% 10934 23,000 10434 Jan
651
5s series 13
109 e 10555 10955 31,000 10354 Jan
Munson Steamship Lines
85% 7% 12,000
655s with vvarrants _ I 37
5% July
5 g
5el
High.
Jan 7534 Feb
Jan 80
Apr
Jan 68
Apr
Jan 6734 Apr
Jan 10835 June
Jan 9634 July
Jan 483's Apr
Jan 4854 Apr
Jan 88
Apr
Jan
98
July
Jan
5
Apr
200 74
74
74
1,000 79
79
79
3,000 79
80
79
103 1033-4 4,000 84
5834 6155 17,000 4635
1,000 103
105% 105%
5294 56 109,000 4174
37% 4015 75,000 2855
54
49%
I
27,000 98
Jan
Narragansett Elea 55 A '57 104 i 1043-4 105
Nat Pow & Lt Os A_ _ _2026 75 5 723-4 7555 35,000 57
Jan
Deb bs series B.._ _203(
66 4 633-4 6634 60,000 4755 Jan
Nat Public Service Es 1978
Certificates of deposit _
794 Jan
9
994 13,000
Nat Tea Co Is
_ 100% 10094 2,000 97% Jan
1935
Nebraska Power 494s_ 108. 106 1 10694 10734 31,000 9134 Jan
6s series A
Jan
_ 100 10055 9,000 77
2022
Neisner Bros Realty 8e '46
Jan
. z8434 8494 4,000 43
Nevada-Calif Elec 58.151(1 80
84,000 5731 Jan
78% 81
New Amsterdam Gas 58'48
Jan
1,000 85
_ 103% 103%
NE Gas A: El A880 55.1947 54 4 54
15,000 3994 Jan
56
Cony deb Os
1950 543.i 53% 547-4 49,000 3855 Jan
New Eng Pow Assn 561.1948 68
36,000 5135 Jan
6435 68
Debenture 534s_ _ _1954 73
Jan
32,000 54
73
69
New On Pub Serv 4558 '35 56 4 56
57% 102,000 364 Jan
OR series A
Jan
15,000 25
3331 33% 36
N Y & Foreign Investin :
1 49
555s with warrants_ 1 48
Jan
.. 85
883-4 6.000 70
N Y rennet & Gals 4 t-te '35 101 i 10135 10135 110,000 9694 Jan
NY P&L Corp 1st 431s '67 95 5 9415 953-4 171,000 74Jan
NYt 5 t: G & E 4558- 10 ' 84)
Stai
962
81
i 8355 84% 58,000 6435: Jan
Jan
9934 6,000 80
99 i 99
NY & Westch'r Ltg 4s2004
Jan
_ 10014 10035 11,000 98
Niagara Falls Pow tis..195o 108 i 108 1083-4 19,000 10435 Jab
5s series A
1959
_ 10734 10734 1,000 1003-4 Jan
Nippon El Pow 6348_1953 80
Jan
17,000 65
7915 80
No American Lt .0 Pow36
5%19es
not
Jan
100% 100% •6,000 82
5555 series A
1956 50 i 50% 5115 52,00
2595 Jan
Nor Coot UM 555e _ 1948 32
Jun
12,000 20
313.4 32
No Indiana G & E 65_1952
Jan
_
993.4 997-4 8,000 71
Northern Indiana P S58 series C
1966 73
33,000 5435 Jan
70
73
Is series ID
1969 71 4 693-4 7135 61,000 55
Jan
_
E
1970
Jan
673-0 683,4 34,000 50
70
95
Apr
July
9031 July
100
July
1034
1094
1094
1034
75
10755
94
1023.4
79
88
67%
7135
Feb
Feb
Feb
Feb
Apr
July
July
Apr
July
July
July
July
100
99
10754
100
56
Apr
Apr
June
June
Feb
9034 June
May
58
110
May
11035 May
1234 Feb
10634 June
83
Feb
74
Feb
1674
102
10731
10134
8434
81
10334
65
6134
72
7735
63
413-4
Feb
Mar
July
May
July
July
July
Feb
Feb
Apr
Apr
June
Apr
883.5
102%
9515
8435
9935
106
11034
10755
8034
July
June
July
June
July
June
Mar
June
June
103 June
56
Apr
3634 May
,
9936 July
7834 Slay
7615 Mar
74
Mar
Financial Chronicle
266
Bonds (Continued)
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Price. Low. High.
Range Since Jan. 1.
Low.
High.
Jan 103
Jan 98%
73% Jan 95%
7115 Jan 94
Jan 87
54
1216 Jan 3634
14
Jan 34;5
50% Jan 73
July
June
July
July
Apr
May
May
June
No Ohio P & L 5159__1951 10215 102% 103
98
Nor Ohio Trao & Lt 55 '56 98
97
No States Pr ref 4145_1961 95% 94% 95%
94
515% notes
1940 tag 92
N'weatenz Elect 6e
69%
1935 aog 69
27% 30
N'weetern Power 65 A.1960
28
28
Certificates of deposit__ _
66% 67
N'weatern Pub Serv 581957
9,000
21,000
153,000
37,000
5,000
6,000
3,000
26.000
70%
Ogden Gas 55
1945
Ohio Edison let 55
1960
Ohio Power let 58 B 1952
1st & ref 434e ser D 1956
Ohio Public Service Co
68 series C
1953
1954
55 series D
5118 eerie! E
1961
Okla Gas dc Elec 58_1950
65 series A
1940
Okla Power & Water 55'48
1941
Oswego Falb 65
Pacific Coast Pow 58__1940
Pacific Gas & El Co
1941
1st 65 series B
1st & ref 534s ser C_1952
5e series D
1955
let & ref 4355 E
1957
1st & ref 415e F
1960
Pacific Investing 5e A_1948
Pacific Pow & Ltg 55_ _1955
Pacific Western 011615s'43
With warrants
1938
Palmer Coro 85
Penn Cent L& P 4He 1977
1979
55
11971
Peas Electric 45 F
Pe In Ohio Edison1950
&series A xw
Deb 5155series B_ _ _1959
Penn-Ohio P & L 5345 1954
1956
Penn Power 55
,
Penn Pub Ben 6sC 1947
55 aeries D
1954
Penn Water Pow 55._ _1940
Peoples Gas L & Coke
1981
45 series B
1957
AS gerlea C
4%% serial notes_ _1935
Peoples Lt& Pr 5a_ _ _ _1979
es
9735
95%
105%
102%
9935
9735
106
10335
29,000
164,000
11,000
47,000
7715
6734
9591
85
Jan 9935
Jan 97%
Jan 106
Jan 10334
July
June
June
June
9834
94%
95%
97%
97%
9315
94
9534
91
54
61
98%
9431
9534
97%
92
5435
62%
13,000
15,000
21,000
50,000
16,000
15,000
3.000
70%
6315
63
73%
88
44
513‘
Jan 100
Jan 9495
Jan 9535
Jan 97%
Jan 93
Jan 60
Jan 65
Apr
June
June
July
June
Feb
Apr
98
9735 98
10,000
77
Jan
July
99%
97
10334
113 11334 24,000 101% Jan 11315 July
June
10654 107% 29,000 95% Jan 108
Jan 10735 July
106% 107% 21,000 92
102% 103% 108,000 85% Jan 103% July
63,000 8515 Jan 103
JUBI
102% 103
Jan 8235 May
82
9,000 70
82
Feb
47% 45% 47% 187,000 35% Jan 57
113%
107%
106%
102%
102%
93%
100%
85%
88
33( 92
7334
75
95
95
10034
8835
93%
7534
41,000
13,000
111.000
5,000
41,000
76
8534
AAA
71
67
74,000
74
73
91% 94% 159,000
1,000
100% 100%
9,000
2% 3
2%
74
9435
18,00
32,000
4,000
13.000
2,000
3,000
26,000
8,000
5.000
7,000
5,000
92 000
33,000
19,000
7,000
105%
104%
4914
100
96%
6835
743.4
93
85
32%
83
8035
74it
73
102%
Jan
Jan
Jan
Jan
Jan
June
Jan
Jan
Mar
July
Jan
July
Jan
Jan
Jan
26,000
94
94
6435 5,000
64
4,000
5734 58.
70
51%
45
Jan
Jan
Jan
11235 11335
108% 109
71
70
106% 107
10434 104%
71
71
92%
92
102% 103
91
91
3295 32%
95
92
84%
82
9815 100
9234 9315
106% 10635
Queens Boro G & E 4158'58 10031 100 101
88
86
1952 88
5 As eerie; A
3395 35
1945 35
Republic Gas 65
3234 35
Certificates of deposit__. 35
111% 111%
Rochester Ry & Lt 55_1954
43
Ruhr Gas Corp 630_1953 42% 41
sig 3234
Ruhr Housing 6155-1958
Ryerson (Jos T) & Bons
1943
10134 ang
156
Sate Harbor Water Power
105% 106
1979
434.
8% 7%
St Louis Gas & Coke 65 '47
San Antonio Puulle Service
89% 94%
1958 94
Se series 13
San Joaquin Lt & Power
1957 99% 9814 9914
55 series D
1955 10715 107% 107%
Sauda Falls Ss
Saxon Public Wke 65_ _1937 5295 5215 52%
89%
Seri pp(E W)Co 5345_1943 8995 89
2734 29%
Seattle Lighting 58.. 1040 28
89% 90
1948 oo
Serve]Inc 5s
94% 92% 94%
9215 94
94
101% 10135 101%
92% 94
94
103 104
104
46
45
73
72% 73%
7235
105%
107%
105%
105;5
98
10395
105
10235
108% 106
60
60
74
10555
107%
10535
10594
98
103%
74
106
107%
106
105%
98%
103%
105
10235
108%
60%
77
75
60
89
8935
71
113%
109%
7414
107
104%
9215
4
mg
96
5436
95
9515
100
9315
106%
July
Apr
Apr
June
June
Apr
July
July
June
Feb
July
Max
May
July
June
95 June
6415 July
62% Apr
Jan 10334 June
Jan 117% July
Jan 91
July
Jan 86% July
Jan 82% July
Jan 81% July
Jan 8135 July
Jan 103% July
Jan 9835 July
Jan
Jan
Jan
Jan
Jan
Jan
90
9014
85%
6934
5714
53
June
June
June
Feb
Feb
Feb
40,000 88
Jan 101
Jan 89
16,000 82
7,000 14% Jan
39
Jan 3715
15,000 15
3,000 10234 Jan 112
9,000 41
July 66
10,000 28% July 70%
June
Apr
May
June
July
Feb
Feb
91% Jan 101%
Apr
5,000
10,000
15,000
9514 Jan 106% June
315 Jan
11
Feb
22,000
65
Jan
94% July
5,000 7514 Jan 9945
7,000 10315 Jan 109
June 72%
4,000 48
Jan 89%
26,000 73
I
20,000 2334 Jan
Jan oo
2,000 71
104,000
29,000
39,000
86,000
14,000
4,000
23,000
72
72%
79
7244
85%
4114
51%
60
69
42
62%
6315
47
84
40
57
87
July
May
Mar
May
Feb
July
Jan 9415 July
Jan 94
July
Jan 102% June
Jan 94
July
Jan 104
July
Jan 49% Feb
Jan 79
May
100,000 43% Jan 7435
44,000 9315 Jan 106
45,000 102% Jan 108%
25,000 93% Jan 106
Jan 106
10,C00 93
Jan 98%
11,000 82
Jan 104
11,000 89
8,000 9395 Jan 106
1.000 8395 Jan 10215
6,000 101
Jan 108%
30.000 5135 Jan 73
2,000
77
7735 55,000
1,000
60
9035 19,000
90%
9015 17,000
9015
7234 19,000
5234 523.6 6,000
19,000
55
51
55
79% 7935 79% 3,000
102% 103% 17.000
103
77
July
Apr
July
June
June
Mar
July
62% Jab 80
May
75
Jan 99
Apr
95
Jan 100% June
2
Jan
5% Jan
Pub Seri of N H 4155 B '67 10334 102% 103% 11,000 83%
,
117% 117% 6,000 103
Pub Serv of N J pet elfs_
Pub Serv of Nor Illinois
28,000 65%
1966 91
87% 91
1st & ref 58
86% 5.000 60%
58 series C
1966 86% 85
823.4 20,000 56
1978 82% 79
4145 aeries D
4155 series E
1980 81% 7814 81% 31,000 5515
81% 151,000 55
1st & ref 4%5ser F.1981 81% 78
10235 103% 116,000 7835
1334e aeries G
1937 103
98% 27,000 71%
6355 series H
1952 98% 98
Pub Serv of Oklahoma
88% 9,000 62
88
1961 88
55series C
1957 89% 8835 8935 10,000 67%
58 series D
Pub Serv Subsid 5355_1949 7931 7515 7915 30,000 42
Puget Sound P & L 5355'49 52% 5135 5415 62,000 41%
1st dt ref 58 series C.1950 49% 48;5 5015 29,000 39%
tat & ref 415a ser D _ 1950 4735 4534 4735 36,000 86%
Jan 97
June
Jan 10045 July
Jan 88% July
Jan 9335 June
Jan 7535 July
71% 7431 24,000 4834 Jan 74%
74
67% 6635 67% 11,000 41% Jan 70
Jan 104%
103% 10494 48,000 79
104
Jan 106
105% 105% 105% 39,000 95
Jan 101
9595 95% 96% 3,000 75
Jan 92
2,000 64
91
90
91
11134 111 111% 18,000 10314 Jan 11154
Phila Electric Co 55_1966 11234
Phila Elea Pow 634s..1972 10834
Fhila Rapid Transit 65 1962 70
Phil Sub Co G & E 4355'57
Phlla Suburb Watcr 5s 1955
Piedm't Hydro-El 6458 '60 71
Piedmont & Nor 5a_ _ _1954
_1949 103
Pittsburgh Coal68
Pittsburgh Steel 85___1948
Pomeranian F.1 6s......1953 3234
1939
Poor & Co 6s
Portland Gas& coke 58'40 8334
Potomac Edison 58-1956 100
4349 series F
1961 9334
Potomac Elan Pow 56-1936 10634
Power Corp of N Y1942, 94
6355 series A
19471
5355
Power Securities 6s- __1949
Shawinigan W & P 4148 '87
1968
4445 series B
1970
1st 58 series C
let 41ie series D__._1970
Sheffield Steel 5%a_ _1948
Sheridan Wyo Coal 65 1947
Sou Carolina Pow 55_1957
Southeast P & L 65_ _ _2025
Without warrants
Sou Calif Edison es_ _1951
1939
58
Refunding 55 June 1 1954
Refunding 55 Sell 1952
Sou Calif Gas Co 4%5.1961
1957
1st ref eis
1952
5355 series B
Sou Calif Gas Corp 55 1937
Sou Indiana G & E 514s '57
Sou Indiana Ry 45._ _1961
1944
Sou Natural Gas 6s
Stamped
Unstarnped
-western AssocTel 56 '61
S
Southwest G & 1158 A.1957
1957
58 aeries B
S'western Lt dr Pr 58_ _1957
S'western Nat Gas 65_1945
So'West Pow & Lt 55_2022
S'weet Pub Serv 65_ _ _1945
1942
4taiev MN.65 _ _
98
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Inn
77
77%
6455
91
9035
75%
54%
6615
84
10395
Bonds (Concluded)
Stand Gas & Eleo 65_1935
Cony 6s
1935
1951
Debenture 6e
Debenture 85_13ee 1 1966
Standard Investg5145
1939
Stand Pow & Lt 65_ _ _1967
Stinnes (Hugo) Corp
78 ex-warr
1936
78 stamped
1936
7s stamped
1946
1939
Sun Oil deb 5155
Sun Pipe Line 55
1940
Super Power of Ill 4145 '68
let 434s
1970
Cie
1961
Swift & Co let in sf58.1944
5% notes
1940
Syracuse Ltg 515s_ _ _1954
July 14 1934
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Price. Low. High,
Danish 5355
1955
Danzig Port Waterways
6345
1952
German Cons Munie 75'47
1947
Secured 85
Hanover (City) 75
1939
Hanover(Prey)6348..1949
High.
91%
91
54%
5534
91;5
91
55%
5534
151,000
116,000
49,000
38,000
4395 Jan
4395 Jan
3235 Jan
8214 Jan
94
93
60
59
5115
78
51
5,000
78
52;5 59,000
6415 Jan
29% Jan
82
Apr
5734 Apr
32
30
27
10415 103
103
103
8295
86
82%
97%
106% 10534
102%
107% 106%
35
33
33
10435
10335
8634
85
98
106%
103%
107%
2,000
3,000
2,000
84,000
13,000
40,000
14,000
5,000
23,000
39,000
12,000
44
42% 44
19,000
2435 24%
37
35
June
June
June
Apr
58
55
50
106
10494
86%
85
98
108
10435
108
Jan
Feb
Jan
Mar
May
July
July
July
May
Mar
Mar
55
Jan 82
44
Jan 95;5
62
June 86%
Jan 61
51
63
Jan 88%
1415 Jan 25
95
6714 Jan
56% Jan 87
89% Jan 10415
July
July
Apr
Feb
Apr
Apr
July
May
July
32
30
27
103
101
59
57%
73
103%
9
845
10315
July
July
July
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb'
65
Jan 78
50
Jan 7435 May
86% Jan 10515 July
Apr
23% Jan 58
3815 Jan
52% May
Jan 106
10135 104% 10435 34,000 412
105 10535 44,000 101% Jan 106
105
16,000 100
Jan 107%
10694 106% 107
June 90
6735 67% 67% 2,000 64
52
8,000 47
47
52
July 13915
51
20,000 47
47
July 6714
51
45% 32,000 27% Jan 52%
43
43
21,000 31
46% 47
Jan 58
14,000 ao
79
Jan
Ng
78
78
m
35,000 3635 Jan
50% 5015 51
8115 83% 30,000 as
Jan 85
83
44
7,000 2854 Jan 52
43
43
36,000 so
101% 102
Jan 102
100% 100% 100% 3,000 8994 Jan 101%
9915 8,000 77
99
Jan 9934
99
1,000 7035 Jan 14956
96% 96% oag
5,000 6914 Jan 9
856
93% 9395 94
93% 9455 4,000 68
Jan 99
5435 15,000 46% Jan 67%
53
6434 18,000 54% Jan 75
64
64
2,000 93% Jan 105
105 105
Jan 104
103% 103% 10345 2,000 94
89
89
Vamma Wat Pow 5%51957
Va Elm & Power.55_1955 103% 102% 10354
74% 75;5
Va Public Serv 5155A_1946
71;5
70
let ref 55 ser B
1950 70
63
63
65
1946
Waldorf-Astoria Corp
995 9%
78
of deposit_1954
103% 103;5
Ward flaking 65
1937
9835 99
Wash Gas Light 65...1058 99
9755 98
1961
WasbRy&El44
Wash Water Power 55_1960 98% 9735 99%
67
6835
West Penn Eleo Se_ _ _ _2030 67
West Penn Power 4s_ _1961 106% 10634 106%
63%
West Texas UM 65 4_1957 63% 63
Western Newspaper Union
39% 40
65
1944
Western United Gas & Elee
8695
lat 5%s aeries A __ _19515 86% 86
Westvaco Chlorine Prod
10335 103%
594s
1937
104% 104%
Wise Else Pow 5s A _ ...1954
93
Wlse-M Inn Lt & Pow 5s'44 9215 92
7915 83
Wise Pow & Lt as F 1958
79% 82
82
lie series E
1956
WW1 Pub Serv 65 A.
..1952 98% 9735 98%
9615 97
Yadkin Rh Pow Es_ _1941 97
,
98
97
York Rye Co 58
1937
Foreign Go.ernment
and Municipalities
Agriculture Mtge Bk (Col)
75 with coupon... 1946
Baden 75
1951
Buenos Aires (Province)
78 stamped
1952
1947
External 734s
7348 stamped
1947
Cauca Valley 7s
1948
Cent sk of Gerutan state&
Prov Banks 65 B
1951
65 series A
1952
Low.
89%
8934
5435
5435
82
53,000
73
Tennessee Eleo Pow 55 1956 80
95;5 640,000
85
Tenn Public Service 55 1970 90
52,000
Tern! Hydro Elec.6345 1953 6735 6734 69
Texas Cities Gas 58
1948 5515 54% 55% 8,000
8035 82 100,000
Texas Eine Service 50_1960 82
9,000
17
17
Texas Gas Util Os.. 1945
95. 64,000
94
Texas Power & Lt 55_1956 95
3,000
8514 86
6s
2022
104 104% 36,000
65
1937 104
Thermold Co
69% 11,000
es stamped
1937 69% 69
71% 7334 19,000
Tide Water Power 55_1979 72
Toledo Edison 55
1982 105% 1005 105;5 223,000
50% 157,000
Twin City Rap Tr 5345'52 5034 46
Ulen Co deb 6e
1944
Union Eleo Lt& Power
4146
1957
Un Gulf Corp ta July 1 '50
United Elea NJ 44..
..l949
United El Serv is x-w_ 1956
United Industrial 6%5 1941
let 65
1945
United Lt& Pow (S.__ 1975
13155
1974
6%a
Apr 1 1959
United Lt & Hy 5%e_ _1952
Os aeries A
1952
(15 aeries A
1973
U S Rubber 65
1936
634% aerial notes _ 1935
6 Si% serial notes_1936
656% serial notes
1937
615% aerial notes_ _ _1939
% serial notes. 1940
Utah Pow & Lt 6s A._2022
435s
1944
Utica G & E 55 E
1952
53 series D
1956
Range Since Jan. 1.
June
June
June
Apr
Jan
Jan
Apr
Feb
June
Feb
June
Feb
July
May
Apr
Apr
Apr
Apr
Feb
Apr
July
May
3,000
43,000
27,000
13,000
5,00
7935
89
55%
51
4715
Jan 91%
Jan 103%
Jan 80
Jan 76
Jan 70
May
July
Apr
Apr
Apr
7,000
14,000
53,000
13,000
38,000
10,000
10,000
41,000
9
9615
70
83%
80
66
94%
46
June 16
Jan 104
Jan 99
Jan 98
Jan 9955
Jan 71
Jan wag
Jan 4735
Feb
June
July
June
July
Apr
July
Apr
9,000
25
Jan
46%
21,000
85
Jan
88
8,000 101%
6,000 99
12,000 64
7,000 . 5915
5,000 58
9,000 7815
7,000 GO
73,000 76
1,000
8,000
Jan 104
Jan 105
Jan 93
Jan 83
Jan 82
Jan 98%
Jan 97
Jan 98
Apr
May
Apr
June
July
July
July
June
July
Apr
23
May
26% June
2715 June
5234 Jan
4295 4335 20,000
44
44% 26,000
4455 45
2,000
1035 11% 6,000
25%
35
29%
8
46
5214
48
16
Feb
July
Apr
Feb
4935
38%
48% 50
11,000
38% 39% 8,000
4834 July
37
July
70
73
Feb
Feb
85
85
86%
2,000
79%
89
Apr
3915
3634
70
3795
35%
3034
3115
71
41
37%
31
34
2,000
80,000
57,000
10,000
16,000
71
5935
5754
63
68
July
Feb
Feb
Feb
Feb
741
634
15
1214
43
36%
7%
(114
15
131(
43
37%
2,000
1,000
6,000
5,000
2,000
7,000
12%
1095
26%
26.95
Jan
June
Jan
Jan
Jan
Jan
12%
10%
21
2015
46
44%
Feb
Feb
Feb
Feb
May
May
23% 23% 3,000
12% 13
16.000
78% 78% 1.000
16
8%
75
Jan
Jan
Jan
May
24
1514 Feb
Mar
82
834
Jan
17
35
43
45
Lima (City) Peru 1114. 1958
......
Certificates of
75
deposit.Marnh
19
Medellin 7sser E
1951
Mendoza 7555
1951
37%
Stamped
Mtge Rank of Bogota
75 Issue of Oct'27...1947
Mtg. iek ca chile 65
1931
Mtge Ilk of Denmark 56'72 78%
Jan
Jan
Jan
Jan
Jan
44
Jan
35% Apr
3315 June
29% June
3015 July
5
Apr
June
June
June
June
July
June
June
July
July
Apr
Parana (State) is...
.1956 11% 11% 12
Russian Govt635s
215 345
1919
3
2% 3
6549 certificates_ __ 1919
2% 3
5 14s
_1921
215 3
3
5348 certificates _ _ _1921
159 160
Saar Basin 75
1935 160
32
32
Santa Fe 7s
1945
8% 8%
1949
Santiago 7s
July
July
Apr
June
June
May
June
Feb
MAY
July
•No par value. a Deferred delivery Balm not included in year's range. •Cash
sales not included in year's range. r Under the rule not included in year's range.
z Ex-dividend. z Deferred delivery sales not included in the current weekly and
yearly range are given below:
Canadian Pacific 65 1942, July 7 at 110%.
Nelsner Bros. 135 1948, July 12 at 84.
AbDreviatioss Used A0oee.-"cod- Certificates of deposit. "cone" Consolidated.
"cum" Cumulative. "cony" Convertible. "in" Mortgage. "n-v" Non-voting
stock. "v t e" Voting trust certificates. "w I" When issued. "w w" With warrants. "x w" Without warrants
12,000
38,000
2%
2
28,000
2%
17,000
7,000
295
7,000 108
1,000 18%
7,000
5%
5
Jan
5
Jan
815
Jan
5
Jan
Jan 160
Jan 37
Jan 13
Feb
Mar
May
May
May
July
May
Feb
267
Financial Chronicle
Volume 139
Securities +
Over-the-Counter +
We maintain markets in Bank,
Insurance, Industrial, Public
Utility, Trust Company and
Investment Trust Stocks.
Bought and Sold
Real Estate, Industrial, Public
Utility, Railroad, Guaranteed
Mortgage Bonds, Canadian
Stocks and Bonds.
BOIT,t_iS) EScUSTE11,
74 Trinity Place, New York
Whitehall 4-3700
Open-end telephone wires to Boston, Hartford, Newark and Philadelphia.
Private wires to principal cities in United Slates and Canada
Quotations on Over-the-Counter Securities-Friday July 13
Industrial and Railroad Bonds.
Port of New York Authority Bonds.
Bid
Ask
Bid
Ask
Bayonne Bridge 4s series C
Ha 3 9812 100
1938-33
Inland Terminal 434s 5er 13
Pil&S 9812 100
1936-60
Geo. Washington Bridge
4s series B 1936-50___J&D 9914 100
Holland Tunnel 4 yis series E
IVI&S 91.50 3.95
1935-60
414s nor Li 1939-53__NI&N 93.50 4.15
Arthur Kill Bridges 43.45
IN&S
Bodes A 1935-46
9812 10014
S. Insular Bonds.
Philippine Government
45 1946
43-4s Oct 1959
43.43 July 1952
be April 1955
55 Feb 1952
5345 Auc 1041
Hawaii 4345 Oct 1956
Bid lAsk ,
9612 98121 Honolulu 55
4
963 97121 U S Panama 3s June 1 1961_
9710 9810 ' 2s Aug 1 1936
25 Nov 1 1938
10012 103
101 103 Govt of Puerto Rico
41.4s July 1958
105 106
10412 10610, 58 July 1948
Bid
101
108
10134
1013
4
Ask
104
109
10214
10214
102
104
105
107
Federal Land Bank Bonds.
45 1946 optional 1944
45 1957 optional 1937_M&N
48 1958 optional 1938.1VI&N
4Xs 1956 opt 1936____J&J
414s 1957 opt 1937 _ _ _ _ J&J
411 1957 opt 1937__MteN
045 1958 opt 1938__M&N
Bid I Ask I
10010,10034l 55 1941 optional 1934.M&N
1941 opt 1934 __M&N
100 -110018i 5s
100 110038' 43.4s 1942 opt 1934___NI&N
1601811003 43.45 1943 opt 1935____J&I
0
1005s 101 43 1953 opt 1935____J&J
-Is
045 1955 opt 1935____J&J
100381101
10112 10212 4448 1956 opt 19313____J&J
Ble
101
101
4
100,
100,
4
100
10014
10114
Ask
101,
4
10114
100.318
100 3
,
10012
8
1005
4
1013
Bid
Ask
New York State Bonds.
Bid
Ask
Canal & Highway
World War I3onus55 Jan & Mar 1934 to 1935 91.50
4145 April 1933 to 1939_
5.5 Jan & Mar 1936 to 1045 92.50
4548 April 1940 to 1949._
58 Jan dr Mar 1946 to 1971 83.50 3:55 Institution Building
48 Sept 1933 to 1940
II.ghway Imp 43.4a Sept '63_ 93.15
is Sept 1941 to 1976
Highway Improvement
Canal Imp 43-4 s Jan 1964.__ 93.30
Can & Imp High 4
45 Mar dr Sept 1953 to '67
1965_ 93.30
Canal Imp 48 J & J '60 to'67
Barge C T 4s Jan 1942 to '46
92 00
b2.50
Adams Express 45 ___1947
American Meter 6s ____1946
1951
Amer Tobacco 45
1937
Am Type Fdrs 65
1939
Debenture 65
Am Wire Fabrics 75 _ _1912
Bear Mountain-Hudson
1953
River Bridge 7s
Chicago Stock Yds 55_1961
Consolldation Coal 4)451934
1937
Deep Rock 0117s
Equitable Office Bldg 5s '52
Forty Wall Street 6s_ 1958
1938
Haytian Corp 8s
1946
Hoboken Ferry 55
Journal of Comm 6348_1937
Loews New Broad Prop
1945
1st 6s
Merchants Refrig 65.... _1937
Bid Ask
8012
79
___
83
10014
_
e29
e29
94
84
N Y dr Hob F'y 5s __1946
1940
N Y Shipbldg 5s
NorthAmerican Refractories
1944
6348
1941
Otis Steel 65 ctfs
Pierce Butler dr P63-41.1942
Prudence Co guar collateral
1961
77
53-45
72
1937
Realty Assoc sec 65
86
26 Sixty-One liway 1st 5348 50
e22
Standard Textile Products
1942
1st 6 Ws enas'nted
e4412 4612
58 Starrett Investing 55_ 1950
56
4912 Si Struthers Wells Titusville
1943
6;0
16
e14
87
84
Toledo Term RR 43-48_1957
1939
48 Trinity Bldg WO
45
Ward Baking 1st 6s__ _1937
94 WItherbee Sherman 65.1944
91
1952
___ Woodward Iron 55
90
Railroad Stocks
b2.95
03.00
93.00
Ask
Bid
103 10310
103 10310
103 10312
103 10310
103 10310
10514 1053
4
10512 106
4
1053 10614
4
1053 1061 4
10214 10234
10512 106
4
1063 1071
d Coupon.
Bought, Sold and Quoted
POTTER
MUNDS, WINSLOW & York
New
40
Wall Street,
Whitehall 4-5500
Members New York, Chicago and other stock and Commodity Exchanges
New York Bank Stocks.
Par
100
KIngsboro Nat Bk
50
Nat Bronx Bank
25
Bank & Tr
Nat Safety
10
30 Penn Exchange
100
29 Peoples National
Public National Bank &
25
Trust
158
1060 Sterling Nat Bank & Tr .25
100
1670 Trade Bank
35 Yorkville(Nat Bank of).100
Ark
31
40
Bid
Ask
50
15
26713 8
(2
512 71,
43
.53
33
4
213
25
25
35
2314
30
35
Chicago Bank Stocks.
Par Bid
Par Bld
Ask
100 OS
American National Bank &
First National
Trust
Harris Trust & Savings...100 195
100 100
100 395
Continental Ill Bank
Northern Trust Co
Trust.
100 493 5014
4
Ask
100
205
405
New York Trust Companies.
Par Bid
Ask
Bane& Comm Itallana _ -.100 145
Bank of New York & Tr _100 359 363
10 64
Bankers
66
Baal of Sicily
20 10
Bronx County
20
6
8
100 98 103
Brooklyn
12 1
Emplre
Fulton
Guaranty
Irving
Kings County
Lawyers County
Par Bid Ask
10 19
20
100 240 260
100 367 372
10 1612 18
100 1800 1830
25 3912 4112
20 2134 2314
Central Hanover
20 128 132 Manufacturers
25 104 107
Chemical Bank & Trust._10 41
43 New York
7
812
60 40
Clinton Trust
50 Title Guarantee & Trust_20
100 l' 17
Colonial Trust
100 45
55
10 1212 14 Underwriters
Continental Bk & Tr
100 1685 1735
20 5212 541,1 United States
Corn Etch Bk &Tr
I Et-coupon
e Defaulted.
d Last reported market.
• No par value.
e57
e3834
55
60
30
3734 4i 4
344
48
100 1011
9612 98
10212
e1312 111
e2812 32
Guaranteed &Leased Line
Common
Preferred
63 WALL ST, NEW YORK
BOwling Green 9-8120
Boston Hartford Philadelphia
(Guarantor in Parenthesis )
Bank and Insurance Stocks
Par Bid
Bank of Manhattan Co..
.10 2912
Bank of Yorktown
100 30
Bensonhurst National
100 25
Chase new
13.55 2812
City (National)------123-4
2712
Commercial National Bank
& Trust
100 148
Fifth Avenue
100 1010
.100 1630
First National of N Y.
Flatbush National
100 25
41
63
12
Guaranteed Railroad Stocks.
New York City Bonds.
HIS Ask
a3s May 1935
1(11 18 10135! a4346 June 1974
d334s May 1954
05341 a434s Feb 15 1978
95
a33.4s Nov 1954
9534 a4;48 Jan 1977
95
a4s Nov 1955 & 1956
99 100 I a4;45 Nov 15 1973
a4s M & N 1957 to 1959___ _ 100 10012/ a4 34s March 1981
0444 May 1977
100 10012: a43-45 M & N 1957
ais Oct 1980
100 100121 a4;45 July 1967
a4;45 Dec. 15 1974
e43-48 Feb 15 1933 to 1943L. 04.00
a43-413 March 1962 & 1964.. 1023 10314, a4;is Dec 1 1979
4
a434ii Sept 1960
1023 10314'
4
a4445 March 1960
10012 101 I a65 Jan 25 1935
04 yis April 1066_
4
1023 10314; a6s Jan 25 1936
15 1972
a43is April
103 10310' a6s Jan 25 1937
a Interchangeable Is Basis. e Registered coupon (serial)
e39
860
e8
Railroad Bonds
Adams &Peck
92 00
93 00
A sk
Bid
7214 75
86
isidend
I,
Par in Dollars.
100
Alabama & Vicksburg (Ill Cent)
Albany & Susquehanna (Delaware & 1tudson)_100
100
Allegheny dr Western Mutt Roch & Pitts)
50
Beech Creek (New York Central)
100
Bceton & Albany (New York Central)
100
Bceton & Providence(New Haven)
100
Canada Southern (New York Central)
Caro Clinchfield & Ohio(L & N A CL)0.%_ _100
100
Common 5% stamped
.
Chic Cleve Chic & St Louis pref(N Y Cent). _100
60
Cleveland & Pittsburgh (Pennsylvania)
60
Betterman stock
25
Delaware (Pennsylvania)
100
Georgia RR & Banking(L dr N,A CL)
Lack & Western)_100
Lackawanna R11 of NJ (Del
100
Michigan Central(New York Central)
50
Morris & Essex (Del Lack & Western)
New York Lackawanna & Western(DL & W)_100
50
Northern Central (Pennsylvania)
100
Old Colony (N Y N H & Hartford)
60
Oswego & Syracuse (Del Lack & Western)
50
Pittsburgh Bess & Lake Erie(U S Steel)
50
Preferred
Pittsburgh Fort Wayne & Chicago (Penn)_-100
100
Preferred
Rensseleer & Saratoga (Delaware & Hudson).100
100
St Louis Bridge 1st pref (Terminal RR)
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal (Penne)
Utica Chenango dr Susquehanna(D L & W) 100
Valley (Delaware Lackawanna & Western).„100
.100
Vicksburg Shreveport & Pacific (Ill Cent)
100
Preferred
5
(Del Lack & Western)
Warren RR of N J
5
west Jersey & Sea Shore (Penn)
600
10.50
600
2.00
3 75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
6.00
5.00
5.00
500
3.50
3.00
Bid
Ask.
95
2C4
99
35
137
152
50
84
91
92
77
45
43
172
75
900
69
95
87
102
74
34
67
146
168
126
127
63
127
234
96
95
SO
80
53
60
99
210
103
38
142
55
88
94
95
79
48
46
178
79
72
99
3.0
106
78
36
72
152
172
130
133
66
133
238
101
85
85
58
63
Railroad Equipment Bonds.
Atlantic Coast Line 65
Equipment 63-4s
Baltimore & Ohio 6s
Equipment 43413 & 511_ _
Buff Roch & Pitts equip 65_
Canadian Pacific 4548 & 65_
Central RR of N J 65
Chesapeake dr Ohio 85
Equipment 63-4s
Equipment 55
Chicago & North West 65_ _
Equipment 63-O
Chic R I & Pac 43Is &
Equipment 65
Colorado dr Southern
Delaware dr Hudson Bs_ _
Erie 43-4s 55
Equipment as
Great Northern 68
Equipment 55
Hocking Valley 58
Equipment 61
Illinois Central 434s & 55__
Equipment 65
Equipment 7s & 6545._
s Ex-stock dividends.
Bid
3.00
4.00
3.00
4.25
5.00
4.50
3.75
3.75
3.75
3.75
5.50
5.50
8.00
8.00
5.50
3.00
4.40
4.40
4.25
4.25
3.75
3.75
4.25
4.25
4.25
Ask
2.00
3.00
2.00
3.75
4.20
3.75
3.25
3.00
3.00
3.00
4.50
4.50
6.50
6.50
5.00
2.00
3.75
3.75
3.75
3.75
3.25
3.25
3.75
3 75
3.75
Kanawha & Michigan 6s_ _ _
Kansas City Southern 53-4s
Louisville dr Nashville 68._ _
Equipment 6145
Minn St P & SS M 4 %a & 55
Equipment 63Is & 7s_
Missouri Pacific 63411
Equipment 6s
Mobile & Ohio 58
New York Central 434s & 5s
Equipment 6s
Equipment 75
Norfolk dr Western 434s__
Northern Pacific 7s
Pacific Fruit Express 7s_
Pennsylvania RR equip 55.._
Pittsburgh & Lake Erie 6 Ms
Reading Co 4148 & 58
St Louis & San Fran 5s _ _
Southern Pacific Co 4148
Equipment 75
58
Southern Ry 4
Equipment 65
Toledo & Ohio Central 65...
Union Pacific 75
to I When issued.
z Ex-dividend
Bid
3.50
5.00
3.75
3.75
8.00
8.00
9.00
9.00
8.00
4.20
4.20
4.20
2.00
4.25
4.00
3.50
4.25
3.75
3.00
4.25
4.25
4.40
4.40
3.50
3.00
Ask
2.50
4.00
3.25
3.25
6.00
6.00
6.00
6.00
6.50
3.75
3.75
3.75
1.00
3.75
3.00
3.00
3.00
3.25
6.50
3.75
3.75
3.75
3.75
2.00
2.00
268
Financial Chronicle
July 14 1934
Quotations on Over-the-Counter Securities-Friday July 13-Continued
Industrial Stocks,
We specialize in
NEW YORK CITY TRACTION ISSUES
Also in underlying and inactive
Railroad and Public Utility Bonds.
WD-Came&Ewen_
1
2 Wall St., New York
Tel. REctor 2-3273
Public Utility Bonds.
Par
Albany Ry Co con Is 1930_ _
General 5s 1947
Amer S PS 6345 1948..M&N
Amer Wat Wks & Elec 5875
Bellows Falls Hydro El 58'58
Bklyn C & Newt'n con 5539
Birmingham Wat Wks 5e57
5., 1954
,
1 a's
Central 0 & E 55411 '46J&D
let lien coil tr 68 '46_14&S
Colorado Power 53 1953_ _ _ _
Con Isld & 13klyn con 4s '48
Fed P S 1st 68 1947_ __J&D
Federated Utll 534e '57 M&S
42d St Manhattan & St
Nicholas Ave 5s 1940___ _
Green Mountain Pow Se '48
111 Wet Bar let 58 1952-180
Interborott.gh R T Is ctfs '66
Iowa So Ut11 53.4s 1950..J&J
Kan City Pub Serv 35 1951_
Keystone Telephone 554s'55
Lehigh Vail Trans ref Is '60
Long Island Lighting 58 1955
Nassau El Mt 1st 55 1944_ _
New. N & Ham 56
NY Wat Bar ts 1951 _M&N
Bid
Ask
e25
e20
4634 49
- -34
7012 7214
9314 95
75
79
9814 99 3
,
10112 103
48
50
4912 52
1003 10212
8
58
624
26
44
46
60
_
8612 8812
8212 8414
72
73
5912 6112
34
35
5612
64
35
37
9618 9814
97 101
883 9114
4
8812 90
Par
New Rochelle Water 512s'51
Nonf & Portsmouth Tr 5e '36
North Am I,t & l'ow 5 s '56
Okla Natural Gas es 1946_ _ _
Old Dom Pow 5e_May 1551
Parr Shoals P58 1952 _ _ A &O
PenInsularTelephone5Si3'51
Pennsylvania Elec 5e 1962._
Peoples L & P SO 1941 J&J
Public Say of Cob 611 1961.
Queensboro G & E 4s 1958
Roanoke W W 56 1950_J&J
Rochester Ry 1st 5s 1930___
Schenectady Ry Co 1st 58'46
Scranton Gas & Wat
Sioux City Gas & Elec 65 '47
Sou Blvd RR lot 5s 1945._
South Pittsburg Water 58'60
Tel Bond & Share 5s 1958 _ _ _
Union Ry Co NY 58 1942__
Un Trac Albany 43482004..
Wash & Suburban 5Ws 1941
Virginia Power 5e 1942... .
Westchester RR 1st 5s 1943_
Western PS 534s 1960.F&A
Wisconsin Elec l'ow 55 1954
Yonkers RR Co gtd Is 1946_
We deal in
Public Utility
Preferred Stocks
Par
Adams-Millis Corp, p1. _100
Aeollan-Weber P St P
Preferred
100
American Arch 31
•
American Book $4
100
AmericanCanadian Prop..'
American Cigar $6 pref 100
American hard Rubber.
.50
American hardware
25
American Mfg
100
Preferred
100
American Meter corn
Mullen National Corp_ .._ .
_•
hid Ask
Babcock & Wilcox
100
89
91
Bancroft (Jos) St Sons corn..
16658 10758
Preferred
100
50
52
Bliss(E W)let pref
50
7112 73
2d prof B
10
42
45
Bohn Refrigerator pref. 100
72
75
10212 10312 Bon Ami Co B common...'
Bowman-Blitmore Hotels_•
8454 86
1st preferred
100
3412 3612
2nd preferred
100
9378 9518 Brunsw-lialke-Col pref.
.100
9912 10112 Bunker H & Sullivan corn
10
6912 72
Canadian Celanese corn.- -•
e23
27
Preferred
100
e5
10
(mrnatton Co $7 pref
_100
96
98
Color Pictures Inc
82
831, Clinchfield Coal Corp p1100
58
Celia Patent Fire Arms_ __25
10114 103
Columbia Baking cora.-••
4
493 Si
let preferred
72
75
2d preferred
e5
10
Crowell Pub Co $1 corn_ -•
6458 6718
$7 preferred
100
10412
Be Forest Phonofilm Corp..
58
•
Dictaphone Corp
6714 68 4
,
l'referred
100
1033 105
4
Dixon (Jos) Crucible....100
59
65
Doehler 1)1e Cast pref
Preferred
60
Douglas Shoe preferred__100
Draper Cow
•
Driver-Harris pref
100
Eiseman Magneto pref 100
First Boston Corp.
Flour 51111s of America_
•
Franklin Railway Supply..'
Gen Fireproofing $7 p1 100
Craton & Knight COM---•
Preferred
100
Great Northern Paper...25
W. D. YERGASON & CO.
New York
Tel. I1Anover 2-4350
Public Uti ity Stocks.
Par
Alabama Power $7 pret_100
Arkansas Pr de Lt $7 pref_ _•
Assoc Gas & El prig pret.
$6.50 preferred
•
$7 preferred
•
Atlantic City Elec $6 Pref..•
Bangor Hydro-El 7% I1-100
Birmingham Else $7 pref...•
Broad Itiv Pow 7% pf_ _100
Buff Niag & East pr pref_25
Carolina Pr & Lt $7 pref...'
6% preferred
•
Cent Ark Pub Sens pref _100
Cent Maine Pow 6% pf _100
$7 preferred
100
Cent Pr & Lt 7% pre!_ _100
Cent Pub Seri( Corp pref.
Cleve Elec III 6% pref. _100
Columbus Ry. Pr & Lt
let $6 preferred A__ -100
$6.50 preferred B.
100
Consol Traction(NJ). _100
Consumers Pow $5 pref..
100
5% Preferred
100
6.60% preferred
Continental Gas & El
7% preferred
100
Dallas Pow & Lt
peel 100
Dayton Pr & Lt 6% pref100
Derby Gas & Elec 47 pref.'
F.esex.Hudson Gas
100
Foreign Lt ,k Pow units_ _
Gas & Elec of Bergen-.100
Hudson County Gas _ _..i00
Idaho Power $6 pref
•
7% preferred
100
Illinois Pr & Lt 1st pref___•
Interstate Natural Gas...•
Interstate Power $7 pref __•
Jamaica Water Supply 0_50
Jersey Cent P & L 7% 0(100
Kansas Gas Os El 7% 01 100
Kings Co Ltg 7% pref 100
Long Island Mg 6% p1. 100
7% preferred
100
LOS Angeles G & E 6% pt 100
Memphis Pr & Lt $7 pref.-•
3.11stessippi P & L $6 pref--•
Bid
5314
3414
12
12
12
84
98
.r35
3612
173
4
4112
3712
63
6212
72
1912
111
78
72
353
4
723
4
83
883
4
46
10012
96
6212
168
63
10112
168
65
79
1812
1212
912
49
65
80
82
4812
51
921s
54
243
4
Ask
5412
361.?
112
112
112
86
103
3612
Par Bid Ask
Metro Edison $7 pref B___• 7112
6% preferred ser C____• 611
if
MISS fly l'ow 6% pref _ _100 86
8813
Mo Pub Serv $7 pref_ __100
314 71,
14
Mountain States Pr com •
2
100
7% preferred
512 812
Nassau & Suffolk Lig p1100 45
4912
Nebraska Power 7% pref100 10012 102
Newark Consol Gas
100 105
1858 New Eng Pow Assn 6% pf100 5014 51
43 New Jersey Pow & Lt 36 p1' 6512 68
39, New On Pub Serv $7 pf_ __• 1314 15
2
66 N Y & Queens E L P pf 100 99
65 Northern States Pr $7 p1100 58
61
7412 Ohio Power 6% pref... _100 88
91
2114 Ohio Edison $6 pref
• 65
67
1
$7 preferred
• 74
76
1123 Ohio Pub Serv
pf-100 64
4
67
7% preferred
100 74
76
32 Okla G & E 7% Pret
100 81
84
75 Pac Gas & Elee 6% p1...25 2112 2212
383 Pacific Pow & Lt 7% 111.100 1012 1212
4
7414 Penn l'ow & Light $7 peel.' 90 92
8412 Philadelphia Co $5 pref_50 54
903 Piedmont Northern Ry _100 35
4
45
Pub Serv of Colo 7% pt_ .100 78
82
50 Puget Sound Pow AL Lt
$5 prior preferred
• 12
13
9812 Roch Gas & Elec 7% pref B. 85
6% preferred C
6512
76 28
Sioux City G & I $7 pref_
41
4310
70 Som'set Un & Mid'sex Ltg
82
Sou Calif Ed pref A
25 22
23
l'referred B
25 1834 193
4
South Jersey Gas & Elec_100 16812 174
81
Tenn Elec Pow 8% Pref_100 48 .52
1912
7% preferred
100 52
55
143 Texas Pow & Lt 7% Pref. -- 82
4
81
pf A.100 84
11, Toledo Edison
2
87
United G & E (Conn) 7% pt 60
Si
6214
68
United 0& E(NJ) pre! 100 48
51
Utah Pow St Lt 37 pret
82
1714 19
Utica Gas & El 7% Pref.- 75
7712
pref_
Util Power & Lt
73
4 9
53 Virginia Railway
71
66
94 Wash Ry & Elec com_100 315 340
5% preferred
5612
100 98 100
27 Western Power $7 pref..100 83
... ...
.
MOMO00 Q0,
PCDtl67 00.0=
,
.b000 OCONWONWW0Ca
Water Bonds.
Ask
But
Ask
Alton Water As 1956_ _A&O
___ Hunrton W let(13'54__M&S 10112
Ark Wat let 5s A 1956_A&O
101
1st m 5s 1954 ser B__M&S 98
Ashtabula W W 55'58_A&O
__ _. 55 1962
Atlantic Co Wat 55'58 M&S
95 Joplin IV W 5s'57 ser A M&S 93
95
Birm WW let 534sA'54A&O
103 Kokomo W W As 1958_J&D 91
_
1st m 5s 1954 ser B__J&
___ Monm Con W 1st 56'56 J&D 87 89
-Dlet 5s 1957 series C_F&A
9912 1,Ionon Val W 545'50_J&J 100 102
,
Butler Water 55 1957_ _A&O
____ Richm W W 1st 5s'57_IYI&N 9612 ---City of Newcastle Wet 58'41
____ St Joseph Wat 5s 1941..A&O 99
101
City W (Chat) As B '59 J&D
___ So Pitts Wat 1st 53 '55_1:&A 10212 1031
let 58 1957 Aeries C_M&N
let & ref 55'60 eer A.J&J 10112 ____
____
Commonwealth Waterlet & ref 55'60 ser 13...1&J 101,2
let 58 1956 B
FAA
____ Terre lite WW 68'49 A SAD 101
let m 58 1957 ser C..FAA
___
1st m As 1956 ser B_ J&D 9512 ____
Davenport W As 1961 J&J
____ Texarkana W 1st 5s'58 F&A
78
82
E S L & (nt W As 1942.J&J
86 Wichita Wat lot 138'49_M&S 101
lot m 6s 1942 ser B J&J
94
1st m 55 '56 ser It...FAA
96 ...,
5ai onn apr r)
F&A
1s1 rt. 5. loan aPr r MAN (15
83
98
• No par value. 6 Last reported reamer. e 4(etaulteo z l.Z undoeurl
Rid
Ask
1512 1812
114
8
311"
25 13
4 3
712 912
75
65
10
1212
5
5
14
312 5 2
,
4
57
8
578
5
34
32
124 129
40 ---102 ---31)
_
5
1
31
37
56
14612
82
17
20
30
40
15
20
82 88
2214 2231
lu
4712
28
3012
2112 223
4
177 181
25
29
55
60
14
812
13
4
512
134
56
27
5
4
63
1214
84
3
59
378
712
68
1312
86
96
22
27
1,
2 3t2
45
4912
71
9912
Investment Trusts.
Dealers in Public Utility Preferred Stocks
30 Broad Street
Bid Ask
Par
91,2 ---- Elernng.Hall.Mary Safe.100
Howe Scale
100
1, 112
Preferred
100
1518
Industrial Accept pref..100
56
53
International Textbook_
2
1
King Royalty corn
99
$8 preferred
- -71, 9, Lawrence Port Cement__100
4
8
1834 193 Liberty Baking corn
11
8
Preferred
100
56
48
Locomotive Firebox Co...'
11
10
Macfadden Publica'ne corns
Preferred
3814 4014
•
Merck Corp $8 pref____100
32 National Casket
30
512
3
Preferred
28
24
National Licorice corn_ _ _100
Nat Paper & Type
30
100
New Haven Clock pref_ _100
6
5 New Jersey Worsted pref 100
40
35
Northwestern Yeast
100
8
4 Norwich
14
Pharmacal Co.__*
3,8 412 Ohio Leather
•
3
4 11 Okonite Co $7 pref
,
1012
5314 56
Publication Corp corn
45
41
$7 1st preferred
100
1712 1912 Riverside Silk Mills
•
107
Rockwood & Co
•
14612
Preferred
100
6
Boxy Theatre preferred A.•
5
Ituberold Co
'2912
100
2112 - 12 Scovill Mfg
22
25
3
4
134 Singer Manufacturing...l00
712 Standard Cap & Seal
5
114 214 Standard Screw
100
2314 2512 Stetson (J 13) common__•
Preferred
91
25
2 Taylor Milling Corp
1
•
23 Taylor Whartoe Ir&St core •
20
102
Preferred
-EE" TennProducts Corp pref100
50
_50
70 Tubize Chatillon cum p1.100
64
37 Urexcelled Mfg Co
32
10
1512 17 U B Finishing prof
100
54 .5612 Welch Grape Juice pref_100
84
76
West Va l'ul p & Pap cum...
13
8
Preferred
100
8
2318 247 White Rock Min Spring
4
13
4 23
$7 1st preferred
100
Wilcox-Gibbs corn
12
50
Woodward iron
50 65
100
5,4 614 Worcester Salt
100
3712 42
Young (25) Co corn....100
243
4
23
ereferred
100
Ask
Par Bid
Par BM Ask
Administered Fund
1 15.44 16.43 Investment Trust of N Y..•
45
8 514
161, Low Priced Shares
15
Amerex Holding Corp
514 -Amer Bankstocks Corp_ - - - 1.13 1.27 Major Shares Corp
.04 1.04 Maas Investors Trust
Amer Business Shares
18. 78 20.55
11
9
Amer Composite Tr Shares.
33
8 414 Mutual Invest'Trust
1.11 1.22
Amer ,k Continental Corp..
714 81, Nation Wide Securities Co_ 3.28 3.38
18
Voting trust certificates__
AmFounders Corp 8% p150 16
1.18 1.28
N Y Bank & Trust Shares__
7% preferred
318 .
50 1612 18
No Amer Bond trust etre__
6
4
Amer & General Sea cl A-8714 903•
4
43 No Amer Trust Shares, 1953
38
$3 preferred
23
4
Series 1955
Amer Insuranstocks Corp.
2.31
_
: 2
Series 1956
534
5
Assoc Standard 011 Shares_
Series 1958
378 43
8
Bancamerica-i4Iair Corp....
2 308 2.;211284 1 0
Bancshares, Ltd part silo 50c
.98 1.23 Northern Securities
70
100 60
_ Pacific Southern Invest pf-• 29
• 3 04
Beale Industry Shares
31
65
British Type Invest A__ .1
.40
Class A
4,
4 5
•
•
8
Claes B
Bullock Fund Ltd
11 s 123
,
3
s
7
8
Canadian Inv Fund Ltd.... 3.30 3.55 Plymouth Fund Ins el A.100
.92 1 02
Central Nat Corp class A
2112 2312 Quarterly Inc Shares
1 31 1.41
212 Representative Trust Shares 8.34 9.05
Class B
1914 207 Royalties Management....
Century Trust Shares
8
.5
1
Commercial Nati Corp
27
4
8 33
1.91
Corporate Trust Shares___
Second Internal Sec el A.._•
12 2
1.55
Serial AA
1
Class 13 common
•
1.85
8% preferred
Accumulative series
50 2612 92
2.21 2.34 Selected Amer Shares Ins_
Series AA mod
1.17 1.26
2.21 2.34 Selected American Shares._ 2.51
Series ACC mod
_
Crum & Foster Ins Shares
Selected Cumulative She... 656
__
Common 13
10 2012 2312 Selected Income Shares____ 3.39 3.88
100 10212 10712 Selected Man Trustees She.
7% Preferred
5
538
Crum & Foster Ins corn_ • 15
18 Spencer Trust Fund
15.60 16.46
104 109 Standard Amer Trust Shares 2.75 300
8% Preferred
Cumulative Trust Shares..' 3.91
Standard Utilities Inc
.67 .72
2.34 2.60 State Street Inv Corp
Deposited Bank She ear A
• 64.97 70 18
Deposited Insur She A.... 3.42 3.80 Super Corp of Am Tr She A 2.02
Diversified Trustee She B
AA.
75N
2.10
3 00 3.30
13
3.07
1313
43t, 515
2.1
Dividend Shares
1.21 1.23
5.49
30
Equity Corp cv pref
26
551 .._ •
Equity Trust Shame A.... 2.65 3 00 Supervised Shares
1.26 1.38
44.63 48 03 Tniat Fund Shane
FidelityFund Inc
3 8 33,
3
Five-year Fixed Tr Shares__ 3.38
Trust Shares of America _
25
8 318
Fixed Trust Shares A
Trustee Industry Shame
• 7.97
1.04 1.16
Trustee Stand Investment C 2.09 2.40
• 6 86
41;
Fundamental Tr Shares A..
4
I)
2.06 2.35
71.
Shares B
33
4
Trustee Standard Oil She A 5.40
Fundamental Investors Inc 1.95 2.15
5.05 5.65
General Investors Trust.
.1
Trustee Amer Bank She B._
1.02 1.13
Guardian Invest pre w war
12); Trusteed N Y Bank Shares
912 -7
1.45 1.60
14
Huron Holding Corp
3 20th Century orb: scrim
8
1.60
Incorporated Investors_
Series B
• (7.50 18 81
2.60 3.00
Independence 'nr Shares..' 2.15 2.45
Indus ,k Power Security...* 1318 143 United Gold Equities (Can)
8
Internal Security Corp(Am)
Standard Shares
1 2.47 2.75
1,
4
Class A common
1
U 61& Brit Int class A corn •
•
12
Class B common
Preferred
•
•
5
8
U S Elec Lt & Pow Shares A
18
634% preferred
100 14
1212 13
6% preferred
18
100 14
1.96 2.06
Investment Co. of Amer
Voting trust etre
.73 .81
New common
10 2112 2312 Un N Y Bank Trust C 3
41., 41 2
7% preferred
• 2112 2312 Un Ins Tr She ser F
17
8 21 1
•
Sugar Stocks.
Fajardo Sugar
Ilaytian Corp Amer
Par Bid
100 85
1
•
Ask
Ask
Par Bid
90 Savannah Sugar Ref
94
• 89
7% preferred
112
100 981 103
United Porto Rican ctfs_ _ _•
14
Preferred etfs
12
•
Realty, Surety and Mortgage Companies.
Par
Bond dr Mortgage Guar...20
Empire Title St Guar._ _100
Lawyers Mortgage
20
Ask
Par
1 1.awyers Title & Guar..
3s
N Y Title & Mtge Corp._10
20
15
118
Bid
- 1.0c
Ask
251
Financial Chronicle
Volume 139
269
Quotations on Over-the-Counter Securities-Friday July 13-Concluded
Insurance Companies.
Par Bid Ask
Aetna Casualty & Surety JO 50 52
Aetna Fire
10 394 414
Aetna Life
10 1714 183
4
Agricultural
25 5612 6012
American Alliance
10 1934 2114
American Colony
512 7
6
American Equitable
5 203 2312
4
American Home
10
814 10
American of Newark__ _2 H 101 12
American Re-insurance-10 40 43
American Reserve
10 2012 2112
American Surety
25 26 2712
Automobile
10 1934 2114
LLE42.CRUTTEN DEN & COMPANY
A sk
Par Bid
10 5314 5514
Hartford Fire
Hartford Steam Boiler-10 59 _
a 2434 2154
Home
3
4 13
4
10
Home Fire Sesurity
10 18 1912
Homestead Fire
74
10
Hudson Insurance
Importers AI Exp.of N Y.25
5
Knickerbocker new
Lincoln Fire
Members:
Chicago Board of Trade
Chicago Stock Exchange
Chicago Curb Exchange Association
ST. LOUIS
CHICAGO
Boatmen's Bank Bldg.
120 So. LaSalle St.
Phone: Chestnut 4640
Phone: Dearborn 0500
5
7
1034 1314
312 412
2
Maryland Casualty
25
Mass Bonding & Ins
Merchants Fire Amurcom 234
Baltimore Amer
234
4
4
33 43 Merch dr Mfrs Fire Newark _5
Bankers & Shippers
25 5712 6212
10
Boston
100 520 523 National Casualty
10
National Fire
2
Camden Fire
5 194 2012 National Liberty
20
Carolina
10 2114 223 National Union Fire
4
5
Amsterdam C88
City of New York
100 z175 181 New
10
Connecticut General Llfe_10 273 2914 New Brunswick Fire
4
10
Continental Casualty
1134 123 New England Fire
4
_10
Cosmopolitan Fire
10 18 24 New Hampshire Fire
20
New Jersey
a
Eagle Fire
234
2
234 New York Fire
12.50
Employers Re-Insurance.1
2334 263 Northern
4
2.50
Excess
113 123 North River
4
4
Northwestern National_ _25
Federal
1
61 64
25
Fidelity dr Deposit of Md.2
4212 44 Pacific Fire
10
Firemen's of Newark
a
614 714 Phoenix
5
Franklin Fire
5 2234 2414 Preferred Accident
Providence-Wasinngton..10
General Alliance
•
912 11
10
Georgia Home
10 2012 22 Rochester American
Glens Falls Fire
5 2812 30 St Paul Fire & Marine__ -25
Globe & Republic
a 1012 1234 Security New Haven____10
10
Globe & Rutgers Fire__ _25 40 4412 Southern Fire
Great American
5 20 2112 Springfield Fire& Marine_25
10
Great Amer Indemnity_ -.1
6
8 Stulvedant
100
Sun Life A881111'821C8
Halifax Fire
10 1614 173
4
100
Hamilton Fire
25 22 28 Travelers.
Hanover Fire
10 3034 3234 U El Fidelity & Guar Co__ _2
4
Harmonia
10 22 2312 U fi Flre
2.50
Westchester Fire
An International Trading Organization
Brokersfor Banks and Dealers Exclusively
134 214
14 15
3012 324
512 712
73 834
4
55 57
6
7
92 96
10
103
4
2512 27
13 15
3734 4012
2912 33
1214 143
4
644 68
2034 2214
101 105
61
61
9l,
2914
65
63
11
3114
1612 2012
139 144
2834 3012
1812 1912
98 101
234 312
390 413
426 441
5
53
4
3812 4012
2714 2834
Chain Store Stocks.
Par
Par Bid Ask
100
Boback (H C) corn
• 10 12 Lord & Taylor
7% preferred
100
1st preferred 8%
100 48 58
100
Butler (James) corn--100
t2 212
2nd preferred 8%
Preferred
100
100
34 714 Melville Shoe pret
Diamond Shoe prof
dr Sons pref..-100
100 60
Miller(1)
MockJuds&Voehrler p1100
Edison Bros Stores pref_100 84
Murphy(0 C)8% Pref-100
Fan Farmer Candy Sh pt__• 3612
Fishman(M H)Stores_ _ _• 10 - 2 Nat Shirt Shops (Del)----•
111100
Preferred
100 84 94
lat preferred
100
Great A & P Tea pi--100 12312 126
2nd Preferred
Kobacker Stores pref.-100
Kress(OH)6% pref
10
Lerner Stores pret
100
Bid
Ask
145
85
90
102
16
65
103 113
-2
22
45
4
55
Reeves (Daniel) pret...100 107
4
383
100 88 92
12 Schiff Co preferred
11 -512 512
9812 US Stores preferred.-_l00
90
German and Foreign Unlisted Dollar Bonds.
Bid.
/30
Anhalt 78 to 1946
Argentine 5%. 1945. 1100
92
pieces
/2712
Antioquia 8%. 1946
Austrian DefaultedCoupons 195 125
Bank of Colombia. 7%.'47 f2214
Bank of Colombia, 7%.'48 12214
ria
Bavaria 6358 to 1845
Bavarian Palatinate Cons.
(2612
Clt. 7% to 1945
Bogota (Colombia) 634,'47 119
6
Bolivia 8%, 1940
134
Buenos Aires scrip
Brandenburg Elec. 68. 1953 /36
Brazil funding 5%, '31-51 6112
Brazil funding scrip
antish Hungarian Bank
/5512
7348, 1962
Brown Coal Ind, Corp.
152
6;48. 1953
Cali (Colombia) 7%. 1947 /11:2
6
Callao (Peru) 754%, 1944
Ceara (Brazil) 8%. 1947_ 15
Columbia scrip Issue of '33 146
j34
Issue of 1934
Costa Rica funding 5%.'51 50
City Savings Bank, Buda/5112
pest, 75. 1953
Dortmund Men Util 6s,'48 /46
/2312
Duisburg 7% to 1945
Dueaseldorf 78 to 1945.... /29
East Prussian Pr. 68, 1953_ /42
European Mortgage & Investment 7345. 1966- -- 15812
French Govt. 5358. 1937.. 170
French Nat. Mall SS.68.'52 165
/2612
Frankfurt 78 to 1945
German Atl Cable 78. 1945 /38
German Building & Land/47
bank 634%,1943
German defaulted coupons. f51
(1912
German scrip
f43
German called bonds
80
Haiti 6% 1953
Hamb-Am Line 834s to '40 190
Hanover Ears Water Wks.
/27
6%, 1957
Housing & Real Imp 7s,'46 /40
Hungarian Cent Mut 75,37 /4612
Hungarian Discount & Ex(40
change Bank 78, 1963_
Hungarian defaulted coups 1'50-90
CURRENT
Bid Ask
2212 25
10812 1103
4
15
1714
5
7
6812 7114
9812 101
18
21
10512 10713
119 5203
4
958 1078
11012
2812
20
712
37
3712
8214
58
57
13
8
8
48:2
35
52
54
48
2512
31
4312
60
175
167
3012
42
4812
56
21
83
---30
43
4812
42
Art.
83
30
if
7312
56
48
5812
43
34
33
49
4712
4412
as
61
33
32
20
4314
1373
6112
2612
56
4414
77
33
26
17
233
4
13
24
5612
30
320
30
40
3912
3712
624
20
2812
3412
Short Term Securities.
10714 Ask
Bh1
Ask
445..Feb 15 199365 110 14 1043
119337 10012
B 14
Allis-ChM Mfg 5s May 1937 9912 . _ Huan3,13le 015s
7
10_0 m
4
Pet
Amer Wat Wks55
1944
1(13
- -1;
Atlantic Refining 58_ _1937 107 10712 Midvale Steel 5+3
Bethlehem Steel 58.._.1936 10314 10334 Pennsylvania Ry 6)4s 1936 107 1074
Aeronautical Stocks.
Pa Bid
5
Aviation See Corp (NE)..'
Central Airports
•
1
f Ex-coupon.
NOTICES
-Harry M.Addinsell, chairman of the executive committee of The First
Boston Corporation, was elected president of the Bond Club of New York
at its annual meeting held on Wednesday, succeeding John D. Harrison
who has headed the club for the past year. Ralph T. Crane, Vice-President
of Brown Harriman & Co., Inc., was elected vice-president of the club.
Other newly elected officers are Ranald H. Macdonald, Jr., of Dominick
& Dominick,secretary; and Hearn W.Street of Bancamerica-Blair Corporation, treasurer.
-Midyear statements of banks in the Far West are characterized by
substantial gains in deposits, as indicated by an increase of $210,993,599
for twenty-three of the largest banks in this region, according to a compilation in the current summary of Western business by the Bank of America,
Pacific Coast branch banking institution. This gain in aggregate deposits
of the largest Far Western banks represents a 7.4% increase over figures for
Dec. 31, last.
-Howard & Robbins, Inc., New York, announces the association with
them of Warner Marshall, Jr., who has been with Halsey, Stuart & Co. in
New York for the past four years, during which time he took an active part
in the reorganization of several companies with which that firm was identitined. In his new connection, Mr. Marshall will continue in reorganization
work and new financing.
-Holt, Rose & Troster, 74 Trinity Place, New York, have issued their
July edition of Facts and Figures including the latest available data on
New York City bank stocks, insurance company stocks and other overthe-counter securities.
-Frank C. Masterson & Co., 25 Broad St., New York, have issued their
monthly booklet listing the July 2 1934 closing bid and asked prices of
approximately 2,500 stocks and bonds that are most frequently traded in
over the counter.
31112
2414
2414
3712
Bid.
Hungarian Ital Bk 7348.'32 /78
27
Jugoslavia 68. 1958
Jugoslavia coupons
/36-56
143
Koholyt 6348, 1943
Land M Bk, Warsaw 88.'41 7011
Leipzig Oland Pr. 6348.'46 /53
Leipzig Trade Fair 78, 1953 146
Luneberg Power, Light &
/5612
Water 7%.1948
Mannheim & Palat 78. 1941 /40
Munich 73 to 1945
/32
Munk,Bk,Hessen,78 to'45 /3012
Municipal Gas dr Elec Corp
Recklinghausen, 7s. 1947 /46
Nassau Landbank 6344,'38 /4512
Natl. Bank Panama 634%
1946-9
/4312
Nat Central Savings Bk of
Hungary 7348, 1962.... /56
National Hungarian dr Ind.
/5912
Mtge.7%,1948
/30
Oberpfalz Elec. 7%,1946
Oldenburg-Free State 7%
/30
to 1945
Porto Alegre 7%,1968._ /19
Protestant Church (Germany), is, 1946
/4114
Prov Bk Westphalia 68,'33 /45
Prov Bk Westphalia 6s,'38 /4012
Rhine Westph Eleo 7%.'38 19913
Rio de Janeiro 6%, 1933._ /2412
Rom Cath Church 054s,'46 /54
It C Church Welfare 78,'46 /4314
Saarbruecken M Bk 6s,'47 73
-talvador 7%, 1957
/32
Salvador 7% ctf of dep '57 f24
Salvador scrip
113
Santa Catharina (Brazil),
8%. 1947
1223
4
Santander(Colom) 75, 1948 /1112
Sao Paulo (Brazil) 6s, 1943 123
Saxon State Mtge. 65, 1947 /5212
Serbian be. 1956
27
Serbian coupons
/36-56
Slem & lialske deb 68, 2930 /300
State Mtg Bk Jugosl5s 1956 25
/31
coupons
Stettin Pub Util 78, 1946._ /3712
Tucuman City is, 1951...J36
Tucuman Prov. 7s, 1950_ 6014
Tucuman Scrip
/16
Vesten Else Ry 78, 1947_ /261
Wurtemberg is to 1945.../321
Flat isrlos
Telephone and Telegraph Stocks.
Par
Par Bid ASS
.100
Amer Dist Teleg(NJ)com • 7112 7412 New York Mutual Tel.
Preferred
100 11034 112 Northw Bell Tel pf(SH% 100
Bell Telep of Canada._ _100 117 119 Pao dr Atl Teleg U S 1%_25
Bell Telep of Penn pref._100 11514 1187 Peninsular Telephone corn_*
8
100
Cincin dr Sub Bell Telep_ _50 8814 71
Preferred A
Cuban Telep 7% pref.. 100 2512 31 Hoch Telep $8.50 1st p1-100
Empire dr Bay State Tel_100 50 80 So & Atl Teleg $1.25-25
Franklin Teleg $2.50.--100 37 41 Sou New Endl Telep- --100
Int Ocean Teleg 6%.. 100 8012 85 S'western Bell Tel, pf 100
.
Lincoln Tel dr Tel 7%
• 90
Tri States Tel & Tel
Mount States Tel & Tel_100 107 09
10
Preferred
- 14
New England Tel & Te1.100 95 961 Wisconsin Telep 7% met 100
,
•No par Value.
e Defaulted.
d Last reported market.
Ask
32
z Ex-stock dividend.
Pail Bid I Ask
Ask
7 Kinner Airplane & Mot --1
8s
8
4
3 Warner Aircraft Engh3e--•
14
5
4
to I When issued.
z Ex-dividend.
Swart, Brent & Co., Inc., 25 Broad St., New York, have prepared an
analysis of the earnings of 60 prominent water companies in the United
States having funded debt of $1,000,000 or more.
-Gertler & Co. have issued a report on the finances of Atlantic City,
N. J., giving the tax collection figures as well as the debt statement and
record of receipts and disbursements.
Clinton Gilbert & Co., 120 Broadway, New York, have prepared a
six-page prospectus on the capital stock of The American Insurance Co.
of New Jersey.
Arnold B. Wertheimer is now at Mortimer W. Loewl & Co., 30 Broad
Street, New York. Godnick & Son are at the offices of the same firm.
-Schatzkin & Co., 60 Broad St., New York, are distributing their
monthly comparative analysis of bank and insurance stocks.
James Talcott, Inc. has been appointed factor for Hillerson Silk Co..
165 Ward St., Paterson, N. J., manufacturers of Silks.
Homer & Co., Inc., 40 Exchange Place, New York, have prepared a
special circular on institutional bonds.
-Geo. V. W. Pelz, formerly of Nash & Co., is now connected with the
New York firm of B. H. Roth & Co.
-R. S. Dickinson & Co. are distributing an economic survey and debt
analysis of the State of South Carolina.
Bristol & Willett, 115 Broadway, New York, are distributing their
current offering list of Baby Bonds.
-Abbott, Hoppin & Co. have prepared for distribution a ciruclar analyzing Sterling Products, Inc.
-Hornblower & Weeks have prepared their semi-annual review of New
York City bank stocks.
270
Financial Chronicle
July 14 1934
General Corporation and Investment News
RAILROAD-PUBLIC UTILITY
-MISCELLANEOUS.
-INDUSTRIAL
Below will be found in alphabetical arrangement current news pertaining to all classes of corporate
entities-railroad, public utility and industrial companies. This information was heretofore given
under classified headings,such as Current Earnings, Financial Reports, Steam Railroads, Public Utilities
and Industrial and Miscellaneous.
Monthly Gross Earnings of Railroads.
-Thefollowing
are comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
to the Inter-State Commerce Commission:
Length of Road.
Gross Earnings:
Month.
Per
Cent.
1933.
1932.
Miles
241,881
241,189
240,911
241.680
241,484
241.455
241,348
241.166
240,992
240,858
242.708
240,338
Miles
241.991
241,467
241.489
242,160
242,143
242,333
241,906
242,358
239,904
242.177
244,143
240.950
1932.
1933.
Inc. 1+) or
Dec.(-)•
-16.73
-19.67
-23.89
-15.02
+1.41
+14.43
+25.13
+19.36
+8.62
-0.13
+2.87
+0.93
+13.90
+17.10
+34.44
+18.02
+10 50
January _ _ _ _
February. _
March
April
May
June
July
August
September_ _
October
November_ _
December
228,889.421
213,851,168
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
248,057.612
274,890,197
266.231,186
288,880.547
267,480,682
254,378,672
245,869,626
237,493,700
251,782,311
272.059,765
298,084.387
213.225,641
245,760,336
$
-46,000,776
-52,380,018
-69,022,941
-40,180,139
+3.584,364
+35,484.283
+59.691,784
+48.737,988
+23,446,244
-393,640
+7,278.324
+2,297,276
January
February-March
April
May
1934.
257,719.855
248,104.297
292,775,785
265,022,239
281,627,332
1933.
226,276,523
211,882,826
217,773,265
224,565,926
254,857,827
+31,443,332
+36,221.471
+75,002,520
+40,456,313
+26,769,505
Net Earnings.
1932.
Amount.
Per Cent.
January
February
March
April
May
June
July
August
September
October
November
December
$
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
59,129,403
$
45,964.987
56,187,604
68,356,042
56,261,840
47,416.270
47,018,729
46,148,017
62,553.029
83,092,822
98,337,561
63,962,092
57,861,144
$
-361,700
-14,727,011
-25,256,013
-3,676,793
+27.428,140
+47,429,940
+54,334.821
+33,555,892
+11,129,616
-7,336,988
+2.904,522
+1,268,259
-0.79
-26.21
-36.94
-6.55
+57.85
+100.87
+117.74
+53.64
+13.39
-7.46
+4.54
+2.19
January
February
March
April
May
1934.
62,262,469
59,923,775
83.939,285
65,253,473
72,084,732
1933.
44,978,266
40,914,074
42,447,013
51,640,515
73,703,351
+17,284,203
+19,009,701
+41,492,272
+13,612,958
-1,618,619
+38.43
+46.46
+97.75
+26.36
-2.20
-The InterEarnings of Large Telephone Companies.
State Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenue in excess of
$250,000. Below is a summary of the return:
April 1934
April 1933
4 mos.end. April 1934_
4 mos.end. April 1933-
No. of Co.
Stations in
Service.
14,634.789
14,679,856
Operating
Revenues.
-Lower Dividend.
--Administered Fund, Inc.
The directors have declared a dividend of 14 cents per share on the
1933.
common stock, no par value, payable July 23 to holders of record July 16.
241,337
This compares with 15 cents per share distributed on this issue April 16
241,263
and Jan. 15 last.
241,194
-V. 138, P. 1553
.
241,113
---Removed from Dealing.
,27-1.--240,906' -Affiliated Investors, Inc.
The New York Produce Exchanghas removed from dealing the common stock, no par.
-V. 133, p. 260'l.
Inc. 1-1-) or Dec.(-).
1934.
239,444
239,389
239,228
239,109
238,983
Month
1933.
Addressograph-Multigraph Corp.
-New Products.-
The corporation announces the addition of several new products and
several major improvements to its broad line of office appliances for mechanical name and data writing and office duplicating and printing purposes. These new products and developments are the result of intensive
development and research work carried on during the last three years.
it is stated.
Among the new products is the Class 1700 Addressograph, a new allpurpose low-priced, electric machine for which a large market is said to
exist.
A keyboard Graphotype for embossing both capital and small typewriter
style type on the metal card index printing units which are used in all
Addressograph models is another new product just announced. This
machine is 35% faster than present Graphotype models used for that
purpose, it is said.
Tile other new products are devices for speeding up the preparation of
the metal card index printing units, an automatic plate loading and removing device, and an automatic device for inserting and removing classification and indexing tabs in the Addressograph card index printing units.
Joseph E. Rogers, President of the company, commenting on the general
development work of the corporation during the last four years, points out
that the new Multilith machine which was introduced by the Multigraph
Division in 1933 hasfound a large and growing market throughout the world.
Multilith sales, Mr. Rogers says, along with the general improvement, are
constantly increasing.
-V. 138, p. 4451.
Qperating
Expenses.
81,785,306 56,413,914
78,055,543 55,655,282
324,496,126 225,759,101
312,774.519 226,825,059
Operating
Income.
17,415,686
14,897,245
66,551,940
56,275,282
--Earnings.
Acadia Sugar Refining Co., Ltd.
-Asks
Alabama Tennessee & Northern RR. Corp.
Holders for Relief on Interest.
-
The corporation has sent to bondholders a plan whereby the road will be
relieved immediately of pressing interest payments on its prior lien and
general mortgage bonds. Bondholders are asked to co-operate in the
plan which has been considered as the solution of the present difficulty
of the road and preventing costly receivesrhip and reorganization.
The plan calls for the holders of the prior lien bonds to extend the coupons
maturing July 1 1934 and Jan. 1 1935 for five years from July 1, such extended coupons to bear interest at 4%. All subsequent coupons now attached to be surrendered for new ones bearing up to 6% as the company
can pay in multiples of 1% out of 75% of net income available for such
purposes. This interest is to be cumulative from Jan. 1 1937.
Holders of general mortgage bonds are asked to extend coupons maturing
Jan. 1 1935 and July 1 1935 for five years and to bear interest at 4%.
Subsequent coupons to be surrendered for ones to bear 47 non-cumulative
in multiples of 1% out of 75% of net income available for such purposes
after payment ofcurrent and accumulated interest on the prior lien bonds.
John T.(Jochrane, President, states in his letter to bondholders that the
Plan has been promulgated by the directors as the only solution to the
difficulties of the company and at the least expense and loss to the bondholders. He says that if the company is thrown into receivership and
reorganization new money must be obtained from present bondholders
with possible reduction in the outstanding indebtedness. No aid can be
-V.138, P• 3593.
expected from junior holders, he says.
-Earnings.
Alaska Juneau Gold Mining Co.
-Month-1933. 1934-6 Mos.-1933.
Period End. June 30- 1934
$389,000
$285,500 $2,257,350 $1,614,000
Gross earnings
Net profit after oper.
development
exp. &
chges. but before depr.
611,300
137,400
212,700
1,204,950
& depletion & Fed.tax
,
V•
- 139 P. 107.
-Meeting Postponed.
Alberta Pacific Grain Co., Ltd.
Through lack of a quorum, the meeting of bondholders called for July 5,
has been adjourned to July 25. The purpose of the meeting is to Pass on a
proposal by the company that the yearly additions to the sinking fund be
waived for three years, so that the company may build up working capital.
See also V. 138, p. 4119.
Dec. 30 '33. Dec. 31 '32. Jan. 2 '32. Dec. 27 '30.
$634,394
$713,152
$715,973
$466,934
170,820
160,120
146,731
-Removed from Dealing.42 )
:(176,645
All America General Cc.
279,249
279,248
279,249
203,247
rrants
The New York Produce Exchange as removed the warrants from deal
$87,042ing.-V. 138, p. 1745.
$184,326
$276,604
Balance
$287,172
134,998
104,998
-Resumes Dividends.
164,997
Preferred dividend
44,999 -" -,Alleghany Steel Co.
342,043The directors have declared a dividend of 15 cents per share on the com$79.326
5141,607
Surplus
$122,175
payable Aug. 15 to holders of record Aug. 1.
mon stock no par value,
Monthly distributions of 5 cents per share were made on this issue in Oct..
Comparative Balance Sheet.
Nov. and Dec. 1931; 10 cents per share each month from July 1 1931 to
Dec. 30'33. Dec. 31'32.
AssetsDec. 30'33. Dec. 31'32. Liabilitiesand incl. Sept. 1 1931, and prior to this 15 cents per share monthly.$521,519 $425,384 Accounts payable_ $123,105 $117,792
Cash
V. 139, p 107.
.
148.646 Wages and comm.
Accts.receivable_ 195,370
5,823
accrued
778,105
893,301
8,110 'Allied Owners Corp.
Inventories
-Files Plea to Reorganize.616,373 Domln.excise pay. 100,773
Investments
1,013,018
Ponder, President of the corporation, a subsidiary of New
Francis
72,190
77,252
Fixed assets
5,461,310 5,461,310 Bond int. accruedYork Investors, Inc., recently filed a petition in the United States District
42,877
10,213 Tax reserve
36,656
Prepaid
9.521
Court in Brooklyn, seeking permission to reorganize and be discharged
2,051,800 2,128,000
First mtge. 6s
Discount on securifrom bankruptcy.
294,258 Gen. mtge. 7s____ 610,333
269,388
638,333
ties
The petition for reorganization says that the company has assets of
4,540 6% pref.stock____ 1,500,000 1,500.000
Sinking fund cash_
4,710
$10,178,256 in excess of liabilities and capital stock, without allowing for
Common stock- 1,500,000 1,500,000
•
depreciation.
Deprec'n reserve- 1,735,843 1,456,595
The major assets of the company consists of seven moving picture
510,197
Surplus
391,237
theaters. They are Loew's Kings and Pitkin Theaters In Brooklyn,Loew's
Valencia in Jamaica, Queens; Brooklyn Paramount and theaters in Birm$8,252,942 57,854,025
Total
Total
88,252,942 57,854,025
ingham, Ma.' Freemont, Ohio, and Glens Falls, N. Y.
-V. 138, p. 3759.
The petition reports that the operation of the corporation by trustees
in bankruptcy, Stephen Callaghan, Percival A. Jackson and William M.
-Net Asset Value.
Adams Express Co.
Greve, has resulted in a gain of $260,940, of which $81,000 was derived
The company announces that the net asset value of its common stock
from investments and $180,000 from the operation of contracts.
-V. 138.
at the close of business June 30 1934, after deducting bonds at their prinP. 505.
-V. 138.
cipal amount and preferred stock at par, was $6.97 per share.
-Earnings.p. 2562.
• Alton RR.
1934.
1933.
1931.
1932.
June64Adams
-Franklin Bldg., Cfiicago.-Reorganization; ‘6t toss from railway-,- $1,148,377 $1,205,591 $1,127,082 $1,681,484
Details of the plan of reorganization under which first and second mort310,725 •
444,391
Net from railway
230,537
gage bondholders become owners of the property was recently announced
32,433
56,942
252,261
Net after rents
def30,269
by J. C.McCord,chairman of the first mortgage bondholders committee.
From Jan. 1
9,839,111
There are $3,935,000 first mortgage bonds outstanding of an original
6,126,038 6,191,660
7,140,943
Gross from railway
ssue underwritten by S. W. Straus & Co. of $4,000,000 and $158,000 of
1.864,263
1,680,652
1470805
Net from railway
second mortgage bonds of an original issue of $200,000. Under the plan,
237,638
12,278
506,786
def14,853
Net after rents
which is dependent upon acquisition of the property by a nominee of the
-V. 139, p. 107.
committee at a foreclosure sale and court approval, first mortgage bond-Verdict in Baush Action
holders will receive 5% cumulative income bonds in the ratio of $500 for
Aluminum Co. of America.
each present $1,000 held and common stock trust certificates in the ratio
Reversed.
of 10 shares for each $1,000 bond held while second mortgage bonds receive
The U. S. Circuit Court of Appeals reversed July 9 a verdict for the
one share of common for each $100 bond.
company in a damage suit for $3,000,000 brought by the Baush Machine
Owners of the third mortgage and the equity holder are eliminated under
Tool Co. of Massachusetts.
p. 114.
-V.124,
the plan.
Year EndedNet trading profit
Bond interest
Depreciation
9
271
Financial Chronicle
Volume 139
The latter company charged that the defendant had fixed so high a price
on aluminum that it could not buy this material for use in making duralumin
and other products.
-V.138.
The Circuit Court sent the case back to Connecticut for retrial.
p. 3593.
-To Purchase Pref.Amalgamated Electric Corp., Ltd.
Consolidated Balance Sheet March 31.
[Excluding Amalgamated Sugar Co.]
1933.
1934.
1933.
1934.
$
$
Assets.15,811,833 17.589,063 Preferred stock__ 4,840,000 4,840,000
x Fixed assets_ _ _
z2,692,180 2,692.180 y Common stock _14,735,515 14,500,697
Investments
2,964,100 3,772.000
Funded debt
30,000
U.S. Treas.sec_ _ _
426,197 Due to bondh'Iders
397,039
Cash
assenting to exUnsold sugar, &c_ 6,518,620 4,002,344
42,000
tensions
655,587
Accounts receisele_ 580,396
255,718
62,638 Accounts payable_ 343,209
80,851
Farm products_ _ _
376,366 Bank acceptances_ 2,100,000 82,000,000
Materials ex suppl_ 491,678
90,124 Accr. Int. on fund.
97,985
Advances
51,025
41,761
debt
13.720
13.543
Land sale contracts
372,792
1.270 Other accruals_ _ 854,401
1,270
Sinking fund
110,330
Accrued taxes, are_ 335,198
159,926
124,046
Deferred charges
248,981
Res.for insurance_ 285,451
238.741
88,414
Capital surplus_ _ _
Earned surplus.__ 209,392 def320,868
George Nicol, Secretary, in a letter to the holders of the preferred shares
dated July 3, states:
Under the provisions of its letters patent of incorporation company is
within limits empowered from time to time in the discretion of the directors
to purchase for redemption and cancellation any outstanding preferred
shares offered or available to the company for such purpose. the preferred
In view of the present somewhat narrow market for any of
shares of which the holder or holders may desire to dispose, directors have
decided to advise each holder of preferred shares of the company that the
latter is prepared, for the time being in any event, to receive offers for
redemption by the company from the registered holder or holders thereof,
at a price not to exceed $15 per share, of any of the preferred shares which
the holder or holders thereof may wish or have decided to sell: provided.
26,839,442 26,069,415
Total
26,839,442 26,069,415
Total
always, that the company shall not be committed by reason of this coma Bank acceptances have been reduced by 8500,000, since close of fiscal
munication or otherwise to purchase all or any of such shares which may be
and any offer
1934 and $7,942,544 in 1933.
year. x After depreciation of $9,194,089 in
so offered for sale to it, and shall be entitled to consider each
y Represented by 363,966 in 1933 (358,166 in 1932) no par shares, excludfrom time to time received by it and to accept or decline the same as the
ing Sun 1933 (5.851 in 1932) shares in treasury. z Invested in common
directors may think fit.
stock (99%) of Amalgamated Sugar Co. value March 31 1934, based on
Any holder or holders of preferred shares wishing to dispose thereof as
the Amalgamated Sugar Co.'s statement is $1,968,192 after adjustment
hereby contemplated should communicate with the Secretary of the comfor equities of pref. stock, on which dividends and sinking fund requirepany stating the number of shares available for sale and the price per share
ments have been paid to May 1 1927.-V. 138, p. 4119.
which such holder is willing to accept In the event of the company deciding
to acquire for redemption any such shares the holder or holders thereof
-Initial Preferred Dividend.
must deliver to the company against payment of the purchase price the 'American Beverage Corp.
certificate or certificates representing such shares duly endorsed in blank
An initial dividend of 8% cents per share on the 7% preferred stock.
directors.
of record June 20.-V. 138. p.3077.
par $5, was paid July 2 to holders
with signature guaranteed to the satisfaction of the
Net earnings
Depreciation
Interest tax
Adjustment
Income Account for Calendar Years.
1931.
1932.
1933.
812,816
1os457,538 loss$67,398
42,798
46,853
47,121
Balance, deficit
Preferred dividends_
Balance, deficit
Previous surplus
Profit & loss deficit__
63,089
1930.
$75,750
47,991
2,100
Cr1,071
64,755
$104,659
$177,340
$94,737 sur$26,730
70,500
8104.659
def259,053
$177,340
def81,713
894.737
13,024
$363,713
8259,053
$43.770
56,794
$81.713 sur$13,024
Balance Sheet Dec. 31.
1932.
1933.
Liabilities
Assets
1933.
1932.
Cash
$196,603 $207,932 Accts. payable &
$16,362
_ $17,525
Accts.receivable
32,645
40,195
Capital surplus in
Employees' stock
2,229
subsid. cos
subscription_
154
341
1,163,150 1,175,000
Investments
35,784
50,248 Preferred stock
324,562
324,562
Inventories . _ 234,647
253,182 9 Common stock
Deferred charges_ _
22,722
29,784 Discount on Pref.
x Plant, &c
abs. purch. for
628,673
677,416
9,704
Good-will,
1
red. dz cancella'n
1
Deficit
363,713
259,053
51,514,941 $1,518,153
Total --..
$1,514,941 $1,518,153
Total
x After depreciation of $227.567 in 1933 and $181,547 in 1932. y Represented by 50,000 shares (no par).
-V. 136. P. 1201.
-Earnings.
Amalgamated Sugar Co. (8c Subs.).
Years End. Mar,311934.
Net oper. income from
sugar sales
$1,787,405
Other income(net)
69,327
Total net oper.income $1,856,733
Interest, discount, &c__
249,613
Depreciation
539,422
Net loss for year--pf$1,067,697
1933.
1932.
1931.
$360,789
30,846
$17,946
loss58,214
$148,622
7.941
$391,634 loss$40.268
171,145
206,348
714,430
612,858
$156,563
203,244
549,143
$925.843
$595,824
$427,572
Consolidated Balance Sheet March 31.
1934.
1934.,
1933.
$
LiabilitiesAssets$
.
.
Cash
652,727
250,258 Preferred stock _ 3,687,000
Accts.receivable_
582,462
644,570 y Common stock__ 6,165,468
Notes payable_ -- _ 3,000.000
Notes receivable_,
Inventories
5,940,888 4,261,662 Prev. for final Pay.
Freight paid on suit 297,370
to growers
206,362
Cash In hand of
Accounts payable_1 102,037
f 747.801
sink. td. trustees
734
334 Accruals
1,029,200
Corp. bonds, land
Funded debt
sale contr., &c.._ 227,660
309,521 0th.long-term nab
Deterred charges
72,525
69,290 Equities of min.
15,622
stockholders ___
x IlIdgs. d: mach.,
39,546
Arc
4,823,407 5,117,458 Reserves
3,677,897
Farm lands, water
Deficit
rights, dre
154,903
229,791 Capital surplus.-- 1.643,888
1933.
$
3,687.000
6,165,468
2,400,000
285.777
200,078
1,227,500
36,980
44,602
7,018
2,965,176
12,752,666 11,089,247
Total
Total
12,752,666 11,089,247
x After reserve for depreciation of $6,465,937 in 1934, and $5,983,045 in
1933. y Represented by 724,624 no par shares.
-V.138. P. 3935.
Ambassador Hotel Corp.
-Plea Denied.
Federal Judge John M. Woolsey recently overruled the objections of
Henry Ward Beer, representing a group of independent bondholders, to
the proposal that time be allowed under a section of the new Bankruptcy
Act for the corporation to reorganize. Judge Woolsey said that he probably would appoint the equity receivers to trusteeships under the reorganization petition. The receivers are the Irving Trust Co. and Frank L. Kridel.
-V.138. P. 506.
-Out-Unfilled Orders
American Car & Foundry Co.
look, &c.meeting held July 12 stated
President Charles J. Hardy at the annual
that orders on the books of the company as of July 1 totaled $9,477,000.
compared with $622,000 a year ago. The Government aid to railroads
has helped the equipment business. Mr. Hardy said, and large buying is
expected to begin shortly. He said the bus division of the company operate.d at a profit in the first quarter.
Concerning dividends, Mr. Hardy stated that the company would follow
Its conservative practice and would only pay dividends if circumstances
improved.
Lie also stated that the facilities of the company would enable it to manufacture the new type of railroad cars without additional machinery.
William H. Woodin Jr., who stated that he was unable to attend meet
Inge, was not re-elected as a director. Other directors were re-elected.
A special meeting of stockholders will be called after the assets of the
-V. 138.
company have been reappraised, it was stated at the meeting.
P. 4452.
-Earnings.American & Continental Corp.
Earnings for 6 Months Ended May 31 1934.
Interest
Dividends (including no stock dividends)
Other income
$174.805
117,169
98
Gross income
Investment service fee
Miscellaneous expenses
Interest and amortization of discount-debs
Miscellaneous taxes
Foreign Government taxes
8292.071
26,364
12,284
72,718
773
53
Net income (excluding profits and losses on sales of securities
and liquidation of intermediate credits)
Dividend paid Jan. 27 1934
-V. 138, p. 863.
8179,880
225.000
-Earnings.
American European Securities Co.
1932.
$375,965
28,232
1931.
$431,484
23,847
$240,185
9,061
76,262
$404,197
12,119
94,139
$455,331
13.155
100,673
$114,395
651,339
$154,862
528,280
$297,938
1,014,304
8341,503
90,391
$536,944
$368,361
6 Mos. End. June 30Cash diva. received
Int. received or accrued..
Miscellaneous interestDividends received in securities of other cos
1934.
$146,607
52,502
273
1933.
$182,778
43,626
Total income
Exps.,incl. miscell.taxes
Int. paid or accrued---
$199,383
9,270
75,717
Net income
Net loss from sec. sold
Profit from company's
own bonds retired
Total deficit
Pref. stk. div. require ts
b13.781
5,057
320,053
$396,313 sur$251,113
25,000 . 150.000
$101,113
def$536,944 def$368,361 def$421,313
Balance
354,500
354,500
354,500
354,500
Com,shares outstanding
Nil
$0.28
Nil
Nil
Earnings per share
General Electric Co. of Radio Corp. of America
b Distribution by
common stock has been entered on the books of the company in accordance
with Federal income tax regulations.
-Stock dividends received have been entered on the books of
Note.
the company by only recording the number of shares received without
increasing the cost or book value of the securities involved.
Comparative Balance Sheet.
June 30'34. Dec. 31 '33.
June 30'34. Dec.31'33.
$
$
Liabilities$
$
Assets100,885 c Preferred stock__ 5,000,000 5,000,000
62,840
Cash
b Common stock _ _10,139,510 10,139.510
Securities-at cost
615
615
16,925,283 17,474,290 d Option warrants
Stocks
3,023,000 3,023,000
1,292,550 1,246,049 Funded debt
Bonds
50,475
50,475
Int. on fd. debt_ _ _
Furniture and fix600,000
706 General reserve_ _ _ 600,000
706
tures
1,524
3,250
37,715 Accrued taxes
39,598
Accr'd Int. on bds_
42,797
de1494,147
Surplus
-To Reorganize.
----- American Austin Car Co., Inc.
The company, pursuant to the reorganization provisions of Section
77-B of the Bankruptcy Act approved June 7 1934, has instituted a proceeding under said section in the U. S. District Court for the Western District of Pennsylvania,and on June 29 the Court made an order granting leave
for the submission and filing of a plan of reorganization under said Section
77-B of the Bankruptcy Act, and continuing the company in possession
of its property until further order of court.
A hearing will be held by the Court in the Federal (Post Office) Building, Pittsburgh, on July 19 1934, for the purpose of acting upon the continuance of the company, in the possession of its property and assets or
the appointment of trustees for the company's estate, or such other action
as the Court may deem advLsablo.-V. 139, p. 107.
-Earnings.
American Beet Sugar Co.(& Subs.).
[Excluding Amalgamated Sugar Co.]
1931.
1932.
Years End. Mar. 311933.
1934.
3848,363 loss$50,715 loss$917,631
Net inc.from sugar oper_ $2,427,809
145,353
368.113
324,724
Other income
550,299
Gross income
$2,978,107 $1,173,087
453,297
Int. & discounts, &c_ _
457,064
Depreciation
795.167
749.264
Prov. for Fed. inc. taxes
335,198
Portion of obsol. of plant
acq. for corn. stock._
378,540
Net loss
Prof$1,058,041
Earnings per sh. on pref.
stock
$21.86
Earnings per sh. on corn.
$11.97
stock
$94,638 1084549,518
501,205
486,041
714,237
894,259
18,320,977 18,859,648
Total
18,320.977 18,859,648
Total
b Represented by 354,500 shares of no par value. c Represented by
60,000 shares of no par $6 cum,stock d There are issued and outstanding
option warrants entitling the holders to purchase at any time, without
-V.138.
limit,20,500 shares of common stock at a price of $12.50 per share.
p.2563.
-Earnings.
American & General Securities Corp.
Six Months Ended May 31Interest
Dividends(incl. no Lock dividends)
Profit on syndicate participations_
Other income
81,764.961
Nil
Nil
Nil
Nil
Nil
Nil
1933.
565,251
74,749
1932.
348,587
120,459
760
25
Gross income
Investment service fee
Miscellaneous expenses
Miscellaneous taxes
Foreign government taxes
$132,646
12,499
14,577
151
1,119
$140,001
15,034
17,666
1,326
616
$169,806
35,303
29,873
1,293
2,061
Net income
Divs, paid and accrued on pref.shares
Divs, paid on class A common shares_
$104,300
12,795
75,003
$105,357
12,795
75.003
$101,275
14,151
112.501
Balance of income
V. 138, p. 863.
$75,377 $1,285,661
1934.
$34,514
98,107
816,502
$17,559 def$25,377
...........
-Financial Statement.
American International Corp.
The corporation reports net assets as of June 30 1934 of $19,662,296.
amount of debentures outequivalent to $1,422.64 per $1,000 principal
standing and indicating an asset value on common stock of$5.79 Per share.
272
Financial Chronicle
Securities (certain of which were carried at a nominal valuation) are
valued on June 30 1934 on the same basis as in the audited report of Dec.
31 1933. which showed net assets of $17,929,286. equivalent to $1,297.25
per $1,000 principal amount of debentures outstanding and indicated an
asset value on the common stock of $4.08 per share.
Cash position as of June 30 1934 was $818.182 as against $988,532 as of
Dec.311933. both amounts including $380,077, covering debenture interest
Payments due July 1 and Jan. 1.
The company did not purchase any of its own securities during the
period.
-V. 138. p. 2735.
Radiator & Standard Sanitary Corp.
Forms New Unit.
Rolland J. Hamilton, Secretary-Treasurer, on July 9. announced the formation of Standard Air Conditioning, Inc.. a company to deal exclusively
in air-conditioning equipment.
The new company, it is stated, has taken over the air-conditioning
activities of the Campbell Metal Window Corp., an affiliate of the American Radiator,& Standard Sanitary Co., and will begin immediately to
market air-conditioning appliances for use with radiator heating systems.
-V.138. p.2908.
American Scantic Lines, Inc.
-Acquires New Service.
-
The company recently acquired the Downie Line's West Indies service,
including the steamships Oritani and Ormes. The new operators will
enter the trade with the departure of the Oritani from New York, July
25.-V. 132. p. 852.
American Telephone & Telegraph Co.
-Earnings.
Period End. May 31- 1934
-Month-1933.
1934-5 Mos.-1933.
Operating revenues
$7.652,011 $7,347,249 $38,562.197 $33,899,723
Uncollectible oper. rev47,047
97,739
269,766
517,760
Operating revenues_- $7,699,058 $7,444,988 $38,831,963 $34,417.483
Operating expenses
5,918,016
5,918,328 28,865.091 28,880,620
Net oper. revenues
$1,781,042 $1,526.660 $9,966,872 $5,536,863
Operating taxes
538,771
574,729
2,808,953
2,438,520
Net open income_
$1,242,271
$951,931 $7,157,919 $3,098,343
Loss in Stations
-
July 14 1934
Associated Apparel Industries, Inc.
-Suspends Stock.
-
The Committee on Stock List of the New York Stock Excbange at its
meeting July 2 voted to recommend to the Governing Committee at its
meeting on July 11 that the common stock of this company should be suspended from the list unless prior to July 11 the annual report for the fiscal
year ended Nov. 30 1933 had been published in the same form as heretofore, together with information in regard to bankruptcy proceedings affecting the company.
In the absence of advice that the report had yet been published, the
Governing Committee has voted to suspend from trading on July 17 the
conunon stock because of the delay in the publication of the annual report.
-V. 138, P. 684.
Associated Gas & Electric Co.
-Output Decreased.
-
For the week ended June 30, Associated Gas & Electric System reports
net electric output of 52,199,623 units (kwh.), a decrease of
under
the same week last year. This is the first decrease under a 1.5%
comparable
period since the week ended April 15 1933. It will be recalled that a year
ago electric output was up sharply over 1932 due to feverish activity in
the textiles and other industries to produce a maximum of goods before
NRA became effective.
Gas sendout, at 285,285,900 cubic feet, was 8.8% above the same week
of 1933.
June Output at Last Year's Levels.
Net electric output of 223,100,156 units (kyth.) was reported
month of June by the system. This production was 0.2% above for the
1933,the lowest increase reported for any month since April 1933. June of
Production of electricity for the 12 months ended June 30 was 2,731,758,848 units, an increase of 9.1% above the output for the previous year
ended June 30 1933.
Gas sendout for June totaled 1,287,266,100 cubic feet, which was 3.1%
above June 1933. For the year ended June 30 gas output was 17,630.226,800 cubic feet, or 5.5% above the corresponding period a year ago.
V. 139, p. 108.
-Receives Navy Contracts.
Associated Oil Co.
-
The company has been awarded a contract to supply the U. S.
with lubricating oil requirements for the Pacific fleet for the fiscalNavy
year
ended June 30 1935. The contract covers approximately 1.200,000 gallons.
The company also was awarded a Navy contract to supply 750,000 gallons
motor gasoline at Honolulu and oc000 gallons of aviation gasoline for
Pacific Coast air units during the next three months -V. 138. p. 3080.
The company reports that the net loss in stations in operation to the
Bell System during toe month of June was 11,950, as compared with a loss
of 95,000 in June a year ago.
---Associated Telephone Utilities Co.
The loss of telephones shown in June by the Bell System compares with .."
-Trustee.
tt
CL
Judge Aldred C. Coxe of the U. S. District Court (N. Y.) hi gned an
a gain of 44,000 stations in May and 48,000 stations in April. The gain
order making William J. Wardell permanent trustee under
in the first quarter of this year was 108,000 stations.
tion 77B
of the Bankruptcy Act.
This is the first time since August 1923, that a net loss of stations has
-V. 138, p. 4289.
been reported by the System.
-V. 138, P. 4289.
Transformerfo.-Removed from List.
The New York Curb Exchange has removed from the list the common
stock, no par.
-V. 132, p. 1226.
American Water
Electrical Energy.
-
Works & Electric
Co.
-Output of
Output of electric energy for the week ended July 7 1934, totaled 29,032,000 kwh., a decrease of 12% over the output of 32.910.000 kwh. for
the corresponding period of 1933. Comparative table of weekly output
of electric energy for the last five years follows:
Wk.End. ' 1934.
1933.
1932.
1931.
1930.
June 16--- 34,334,000 34,638,000 26.230.000 32.116.000 34,785,000
June 23._ - 34,742,000 35,408.000 25.942,000 31,107.000 34.893,000
June 30...„ 34,467,000 36.295.000 26,174,000 x29,745,000 34,705.000
July 7---x29,032,000 x32,910,000 x23,813.000 32,143,000 z30,243.000
x Includes Fourth of July.
-V. 139, p. 107.
Amsterdam Trading Co.
-Larger Distribution on "American Shares."
The directors have declared a dividend of 42 cents per "American share,"
payable July 20 to holders of record July 14. This compares with distributions of35 cents per share made Aug. 1 1933:25 cents per share July 15
1932:50 cents per share July 15 1931; 24 cents per share Jan. 15 1931, and
semi-ann. payments of 75 cents per share from Jan. 20 1928 to and including July 21 1930.-V. 137, P. 688•
---"Arizona Power Co.-Tr'ustee Appointed-Plan Adopted.
The readjustment committee of which P. Blair Lee is Chairn;ian, in a
circular letter to the security holders states:
•
Under date of Jan. 12 1934 we advised you that Z. 0. Brown of
Ariz., had been appointed receiver in the U. S. District Court forPrescott.
the District of Arizona. Since that time Congress has passed an amendment to
the Federal Bankruptcy Act, known as Section 77 B. which was designed to
facilitate the reorganization of corporations which are unbale to meet their
liabilities as they mature. In a proceeding instituted under this new section, the Court in Arizona on June 27 1934 took bankruptcy Jurisdiction
over the property and assets of the company, terminated the prior receivership and appointed Mr. Brown, the former receiver, as temporary trustee
under the provisions of Section 77 B.
The readjustment committee has determined to consummate this plan
of readjustment under the provisions of the new Section 77 B of the Bankruptcy Act, due to the substantial saving of both time and expense which
It is believed can thereby be accomplished.
The plan of readjustment dated Oct. 11 1933 (V. 137, p.
was adopted by the readjustment committee and submitted2975), which
to creditors
and stockholders of the company, has now been approved and accepted by
more than 75% of each class of creditors and stockholders affected by
plan. This is a larger percentage than is required by the Act in orderthe
to
secure Court confirmation of the plan. Accordingly, the plan of readjustment will in due course be presented to the Court by the readjustment
committee and confirmation requested under Section 77 B of the Bankruptcy Act.
The committee requests those holders of undeposited securities
been awaiting a formal announcement from the committee thatwho have
the plan
as been adopted to deposit their securities fort wit .-V. 138. p. 503.
- Armour & Co.(MO.
-Exchange of Stock Urlan.-
Certificates for class A and class B stock should be presen
for
for new common stock issuable under the recapitalization plan exchange
In Chicago
-To Armour & Co., 316 South LaSalle Street.
In New 'York-To Manufacturers Trust Co., 45 Beaver Street.
In Boston-To Old Colony Trust Co., 17 Court Street.
Certificates for 7% preferred stock of Armour & Co. (Ill.) should be
presented for exchange for new $6 convertible prior preferred and common
stock issuable under recapitalization plan
In Chicago
-To Armour & Co., 316 South LaSalle Street.
In New York-To Kuhn, Loeb & Co., 52 William Street.
In Boston
-To Old Colony Trust Co.. 17 Court Street.
New Stocks on New York Stock Exchange.
The New York Stock Exchange on July 9 substituted on the list the common stock $5 par value in lieu of class A stock $25 par value and class B
stock $25 par value. The Exchange also admitted to the list the $6 cum.
convertible prior preferred stock without par value.
Rules for Trading in Armour Stocks Issued.
-New Shares
Substituted on Exchange's List.
The New York Stock Exchange on July 9 ruled that transactions in
Armour & CO. of Illinois class A common stock may be settled by delivery
of dartificates of class A stock or certificates of common stock. It also
ruled that transactions in the class B stock may be settled by delivery of
certificates of class B stock or the equivalent in certificates of common
stock; also, that certificates of class A stock or the equivalent in certificates
of class B stock shall be deliverable until further notice against sales.
The company has notified stockholders that Sept. 15 was the deadline
for the deposit of the 7% preferred stock for exchange. However, the
directors may extend the time, it is said.
Registrar The Chase National Bank, New York, has been appointed
registrar for the $6 cumulative convertible prior preferred stock.
-V. 139.
p. 108.
Association of the Religious Community of the Company of Jesus of Bethlehem College of Havana, Cuba.
Protective Committee.
-
The protective committed for the holders of the 1st mtge. 53/
4% bonds
due Feb. 1 1934 consists of L. E. Mahan, Chairman (Pres. L. E. Mahan
& Co.); J. H. Parish (J. H. Farish-Knapp & Co.); Meredith C. Jones
(investments), St. Louis, Mo.; Robert L. Smart (investment securities),
New Orleans, La.; Charles II. Stix (Stix & Co.) and Fred M. Switzer Jr.
(attorney), St. Louis, Mo., with A. B. Kurrus, Sec., 509 Olive St., St.
Louis, Mo.,and Salkey & Jones, counsel, St. Louis, Mo. Registrar, Boatmen's National Bank, St. LOUIB, Mo.
In a letter dated June 27 to the holders of the bonds the committee
states in part:
The bond issue is in the amount of $1,400,000, all being due Feb. 1 1934.
In addition to the past due principal, the Feb. 1 1933 and subsequent
interest coupons are also unpaid. The public press has carried general
Information as to the distressed business and political conditions existing
In Cuba, where the property securing the above issue is located. It would
seem, however, that conditions are slightly improved.
The Association of the Religious Community of the Company of Jesus
of Bethlehem College of Havana (Jesuits) have always maintained an
excellent credit position, but circumstances entirely beyond their control
have caused the existing defaults in the above bond issue. The property
securing the Issue is valuable for the specific use that it now serves, lout a
foreclosure of the property should only be resorted to as the last method
of protecting the bondholders, and if an enforcement of payment of principal and interest, or a proper compromise can be brought about by negotiations, such would seem to be to the best advantage, both to the bondholders and the borrower.
The committee has received from Father Galan, financial representative
of the borrowing association, several letters which have indicated that it
was not the desire of the borrowing association to repudiate its debt, and
expressing a desire to correct the existing defaults as soon as conditions
would warrant.
The working out of a plan of reorganization will obviously take considerable time and involve a great deal of correspondence and negotiation.
It is. therefore, essential that committee definitely represent the bondholders
Baldwin Locomotive Works.
-June Bookings.
-
Business booked by Baldwin Locomotive Works and subsidiaries for
June amounted to $1,166,000. as compared with $2,341,000 in May and
with $1,368,000 in June 1933. This is the first time bookings in any month
have fallen below the like month of preceding year since April 1933. For
the first six months of 1934 bookings amounted to $11,149,000 as compared
with $4,140,000 in like period of 1933.
Shipments in June amounted to $1,436,000 against $1,276,000 in May
-year shipments totaled $6,826,000
and $698,000 year ago and for half
against $3,451,000 in like period of 1933. Unfilled orders on June 30
amounted to $8,634,000 against $4,358,000 at Jan. 1 and $3,284,000 June 30
1933.
Output, it is said, will be stepped up during the summer and shipments
may reach $2,000.000 in Septemba*, when locomotives are being shipped,
and may extend to $2.500,000 before the end of the year.
-V. 138, p. 4289.
Baltimore & Ohio RR.
-$50,000,000 Five-Year Ois
Reported Likely Next Week-To Be Backed by Reading Stock
and B. & 0. 63.
Plans for public financing by the company to take care
next, maturities of notes held by the Reconstruction Finance of Aug. 10,
Corporation
and banks are approaching completion, according to reports in the financial
district. The offering, which may appear next week, is understood to
involve an issue of $50,000,000 five-year 43
,
6% notes at par. The collateral, it is understood, will comprise 232,000 shares of Reading Co.
1st pref.; 332,000 shares of Reading Co. 2d pref.: 600,000 shares of Reading
Co. common,and $40,000,000 B&O ref. St gen. series E 8s.
Equipment Trust Series H
The I.
-S. C. Commission on June 30 authorized the company to
obligation and liability, as lessee and guarantor in respect of not assume
$900.000 equipment trust certificates, series II, to be issued byexceeding
the
Bank Farmers Trust,Co., as trustee, and sold at par in connection city
with
the procurement of certain equipment.
The report of the Commission says in part:
Our certificate, issued June 9 1934, approved, as desirable for the improvement of transportation facilities, certain equipment to be acquired
by the applicant, consisting of 1 Diesel electric engine, 2 combination mail
and baggage cars, 6 reclining-seat passenger cars, 2 combination dining
and lunch cars, 4 chair cars and 2 observation chair cars, costing approximately $905,190.
In connection with the acquisition of this and other equipment, the applicant will enter into an agreement with the City Bank Farmers Trust
Co..
as trustee, and certain vendors, creating the Baltimore & Ohio RR. equipment trust, series H. and providing for the issue thereunder
trustee
of not exceeding $1,900,000 of equipment trust certificates. by theamount
of certificates to be issued in connection with the procurement The equipof the
ment above described is limited to $900,000.
The certificates are to be sold at par to the Government, pursuant to
the terms of a contract which the applicant, on June 14 1934. entered into
with the United States of America, represented by the Federal Emergency
Administrator of Public Works.
The Commission on J11110 30 also authorized the company to assume
obligation and liability, as lessee and guarantor, in respect of not exceeding
$1,000,000 equipment trust certificates, series II, to be issued by the City
Bank Farmers Trust Co., as trustee, and sold at par to aid in financing the
procurement of certain equipment.
The supplemental report of the Commission says in part:
By our order of April 18 1934 the company was authorized to issue not
exceeding $4,500,000 of 4% registered serial notes, and to pledge as collateral security therefor its equity in certain stocks and bonds pledged
with the RFC. Of this amount of notes, $1,500,000 was authorized
In the proceeding recorded in Finance Docket No. 10.359, and $3,000,000 in the proceeding recorded under Finance Docket No. 10,400. Pursuant to the applicant's request, consideration of that part of the application in Finance Docket No. 10,400 for authority to assume obligation and liability in respect of $1.000,000 of equipment trust certificates
was deferred because copies of the necessary equipment trust agreement
and lease, recently filed, had not then been completed.
By our certificate, issued March 31 1934, we approved, among other
things, as desirable for the improvement of transportation facilities. 820
-ton steel gondola cars to be constructed by the applicant, which has
50
made arrangements to build them in its shops at Keyser, W. Va., at an
estimated cost of $1,500,000.
In connection with the construction and acquisition of these cars and
with the acquisition of the equipment described above, the applicant will
enter into an agreement with the City Bank Farmers Trust Co. of New
York, as trustee, and certain vendors, creating the Baltimore & Ohio RR.
equipment trust, series H, and providing for the issue thereunder by the
trustee of not exceeding $1,900,000 of equipment trust certificates. The
amount of certificates to be issued in connection with the above-mentioned
820 steel gondola cars is limited to $1,000,000.
The certificates are to be sold at par to the Government, pursuant to
the terms of a contract which the applicant, on June 14 1934, entered into
with the United States of America, represented by the Federal Emergency
Administrator of Public Works.
-V. 139, p. 108.
Air-Conditioning Order.
p. 108.
Bangor 8c Aroostook RR.
-Stock Sold.-
See York Ice Machinery Corp. below.
-V. 139.
Hornblower & Weeks announce that the banking group which purchased
approximately 30,000 shares ofstock has placed the entire offering privately
with investors -V. 139, p. 108.
Baton Rouge Electric Co.
-Earnings.
Period End. May 31- 1934
1934-12 Mos.-1933.
-Month-1933.
Gross earnings
$100,909 $1,331,651 81,417,981
$110,938
Operation
7221297
712,375
51,623
60,049
Maintenance
63,821
5,951
57.349
4,989
Taxes
143.461
151,276
12.901
13,978
Interest & amortization171,051
174,294
14.561
13,999
Balance
$316,214
$237,492
$15,871
$17,921
Appropriations for retirement reserve
115,000
115,000
Balance
Preferred stock dividend requirements
$201,214
37,230
$122,492
37,215
Balance for common stock diva, and surplus--$85,276
$163.983
During the last 27 years, the company has expended for maintenance a
total of6.50% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a tot
of 13.00% of these gross earnings.
-V. 138. P• 3937
.
s ---Berland Shoe Stores, Inc.
-Preferred Dividends.
The directors have declared two quarterly dividends of $1.75 per share
on the 7% cumul.cony. pref.stock, par $100, both payable Aug. 1 to holders
of record July 20. Similar distribution were made May 1 last. The last
regular quarterly payment of $1.75 per share was made on this issue on
Feb. 1 1932.-V. 138, p. 3263.
....-Best & Co., Inc.
-Increases Common Dividend.
The directors have declared a dividend of 37X cents per share on the
common stock, no par value, payable Aug. 15 to holders of record July 25.
In each of the three previous quarters the company made disbursements of
25 cents per share on this issue.
-V. 138, P. 2566.
Bethlehem Steel Corp.
-Asks to Dismiss Stockholders'
Action in Bonus Suit.
-
The New Jersey Court of Chancery was petitioned by the corporation
on July 12 to dismiss, for alleged lack of jurisdiction, the action of a stockholder for an accounting of some $26,000,000 paid in bonuses to directors
between 1917 and 1930.
In an answer to an amended bill of complaint filed by the Standard
Investment Co. of Pittsburgh, holder of 250 shares of Bethlehem common
and preferred stock, the corporation asserted the proceeding had not been
pursued diligently and no appeal had been made to other stockholders
to co-operatP in seeking redress from the alleged grievance.
An adequate remedy existed in the law courts, the corporation contended.
and therefore the Chancery Court lacked jurisdiction.
The Investment company began a suit in April, 1933, demanding an
accounting and charging that the bonus payments to the directors were
"wholly out of proportion to the value of services" given.
-V.138, p. 39
---Birmingham
273
Financial Chronicle
Volume 139
Electric fa-Removed from
List. 1
-4
The New York Curb Exchang has removed from unlisted try
privileges the 7% preferred stock, o par.
-V. 139. P. 08.
Ilirtman Electric Co.
-10-Cent Dividend
The directors have declared a dividend of 10 cents per.share on th
common stock, par $5, payable Aug. 1 to holders of record July 16. This
compares with 20 cents per share paid Dec. 1 1933 and regular quarterly
distributions of 12Yi cents per share up to and incl. May 2 1932.-V. 137.
P. 3678.
Boston Elevated Ry.-Hearing on Bond Petition.
-
At the hearing before the Mass. Department of Public Utilities on the
petition of the company for the approval of $1,581,000 of bonds, to be sold
to the Boston Metropolitan District under chapter 334 of the Acts of 1934,
the Commission was informed that this issue is for the purpose of refunding
an issue of bonds which matures Aug. 1 1934.-V. 139. p. 109.
Brazilian Traction, Light & Power Co., Ltd.
Statistics of Combined Companies for Calendar Years.
1933.
547.03
Miles run
66,832,545
Passengers carried
753,786,219
Kilowatt hours sold
903,487,487
Total consumers light and power_
366,094
Gas sold (cubic meters)
102,044,183
Gas consumers
83,208
No. of telephones in operation_
122,253
Miles of track
1931.
1932.
1930.
547.13
544.97
541.71
65,707,625 64,890,521 66,528,432
728,134,991 726,497,735 743,795,671
821,164.791 797,832,158 791,519,651
348,783
331,415
317,494
96,225,888 102,434,706 114,368,317
78,432
74,509
74,979
113,588
106,208
105,828
Combined Revenue Statement of Parent Company (Brazilian Traction Ligh.
& Power Co.) and Operating Subsidiaries.
Calendar Years1931.
1932.
1930.
1933.
Approximate value of milrels....
7.07 cis.
7.01 cm.
7.87 eta.
10.88 eta
Gross earnings
828,469.704 829,358,420 834,896,767
Net earnings
15.496.057 16,789,333 20,910,417
Miscellaneous revenue
174.583
105,944
426,827
Total revenue of subsidiaries...615,922,884 $16,963,916 821,016,361
interest & other elms.
x Bond
3,132,917
3,374,070
3,554.914
Reserve for deprec. & skg. fund__ 8,409,567
7,850,999
8,155,144
Total charges of substdaries-__$11,964,481 611,288,061 $11,225,069
Balance, being gross rev.of Brazil.
Trac. Light & Pow. Co., Ltd__ 3,958.403
5,675,855
9,791,292
Interest on investments, &c
371,425
489,926
260,210
Total
84,218,613 86,047,280 310,281,218
Deduct-General & legal expenses
442,115
& administrative charges
339,658
357,812
General amortization reserves _ _ _
450,000
450,000
450,000
Preferred dividends (6%)
23,604
23,604
23,604
Common dividends
1,686,736
3,371,783
3,916,520
1,907,030
Stock dividends
Balance, surplus
$3,405,350 $1,622,098 $2,077,191
648,898,444
27,549,594
192,837
$27,742,431
3,588,938
7,745,594
811.334,532
16,407,899
438,177
816,846,076
420,737
400.000
24,315
9,507,021
2.544,521
$3,949,482
Consolidated Balance Sheet (Co. and Sub. Co.'s). December 31.
[Includes Rio de Janeiro Tramway, Light & Power Co., Ltd. (and its subsidiary.
Brazilian Tel. Co.), Sao Paulo Tramway, Light & Power Co., Ltd., Sao Paulo
Electric Co., Ltd., City of Santos Improvements Co., Ltd., and Brazilian HydroElectric Co., Ltd.]
1932.
1933.
1931.
1930.
Assets
S
$
Properties, plant & equip., coast.
expenses, at cost, incl. int, during construction. &c
214,163,739 211,595,662 210,625,235 208,491,315
Cost of securities & adv. to co.'s
own, or control, by sub. co.'s,
inel. premium paid on shares of
subsidiary companies acquired_ 89,863,583 90,438,235 89,719,953 89,921,922
Rights, franchises, contracts,
good-will, discount on bonds
share and bond issue expenses_ 47,493,887 47,496,742 47,503,718 47,348.749
Sinking fund investments:
Rio de Jan. Tram.,L.&P.Co.,
9,857,685
Ltd., 1st mtge. bonds at cost 12,549,410 11,638.352 10,664,161
Sao Paulo Electric Co., Ltd.,
1,407,044
1,315,355
1,178,907
1,044,730
1st mortgage bonds
Stores in hand and in transit, incl.
7,088,599
6,577,939
7,080.928
9,021,040
construction material
9,309,211
4,572,697
5,114,628
Sundry debtors & debit balances_ 21,839,561
889,425
5.474,420
728,991
1,729,930
Invest. (Govt. secruties at cost).
6,180,220
10,998,040 13.446,427
5,079,433
Cash in hand and in banks
406,293,287 393,547,855 383,000.239 376,608,494
Total
LiabilUfesCapital stock-Brazil, Traction,
Lt. & Power Co., Ltd.
-Authorized $190,000,000,issued_ _179,302,220 179,302,288 177,380,158 173,398,078
393,400
393.400
393,44)0
393,400
Auth. and issued,6% cum.pf.shs.
976,533
977,633
977,633
977,633
Shares of subsidiary companies
a Funded Debt
Rio de Janeiro Tramway, Light
& Power Co., Ltd.:
First mtge. 30-yr. 5% gold bds. 25,000,000
18,433.998
5% 50
-year mtge. bonds
1,317,719
.5% 22-year bonds
Sao Paulo Tramway, Light &
Power Co., Ltd.:
5% Perpetual consol. deb.stock 3,999,996
Sao Paulo Electric Co., Ltd.
9,733,333
-year 1st mtge. bonds
5% 50
City of Santos Impts. Co., Ltd.:
216.080
5% tramway debentures
Bond debentures & share warrant
189,750
coupons outstanding
Accrued charges on cum. pref.
1,264,693
shares and funded debt
Sundry cred. ,k credit balances _ _ _ 9,246,845
481,527
Ins, funds for injuries & damage_
•Provision for deprec. & renewals
(bal. aft. meet'g renew.to date) 59,444,749
18,843,014
Sinking fund reserves
5,960,000
General amortization reserve_ _
50,556,823
General reserves
fit and loss balance Dec. 31:
Braz. Trac. Lt. & Pr. Co., Ltd. 20,787,193
145,412
Subsidiary ComplilliE*1
25,000,000 25,000,000 25,000,000
18,768,879 19,092,148 19.408,877
1,317,095
1,314,737
1,304,335
3,999,996
3,999,996
3,999,996
9,733,333
9,733,333
9,733,333
268,153
316,333
362,080
214,264
627,488
303,923
1,134.377
6,783,242
423,825
1,141,901
5.569,349
339,230
1,226,790
7,780,752
337,085
54,100,659 49,569,217 46,622,085
17,508,151 16.081,248 14,839.408
5,510,000
5,060,000
4,610,000
50,585,304 50,498.909 52,482,753
17,381,842
145.412
15,759,744
145,412
13,682,553
145,412
406,293,287 393,547,855 383,000,239 376,608,494
Total
• This reserve includes provision for depreciation and renewals of physical assets
of companies owned or controlled by subsidiary companies.
a In addition, there are bonds outstanding of companies owned or controlled by
the sub. co.'s, equivalent to 86,870,943, on which the yearly int. charge, amounting
to $335,461, is provided out of the revenue of the sub. co.'s.
-Above figures are given in Canadian currency.
Note
New Director.
s. t3. Corwell has been elected a director to succeed the late R.0. Haywood.
Miller Lash, President, at the annual meeting held July 5,stated that
no consideration is being given to the payment of a dividend on the common stock. Mr. Lash stated that the erratic fluctuation of foreign exchange, together with increased operating expenses, precluded consideration
of a payment at this time. He also stated that business was better and
that increased kilowatt hour production in Rio de Janeiro and Sao Paulo
-V.138, p.4290.
had steadily broken records.
-Earnings.
Bridgeport Machine Co., Wichita, Kan.
1934.
1933.
6 Months Ended June 30Net profit after ordinary taxes, interest, amortization of discount on gold deb. notes, &c., but be$145,168 los433.502
fore Federal taxes
June profit was $33,337.
Current assets as of June 30 1934, including $104.354 cash and $907.937
inventories, amounted to $1,508,684 and current liabilities were $397,931.
-V.138. p. 4122.
-Earnings.
Broad Street Investing Co., Inc.
6 Mos.End. June 30Interest earned
Cash diva, on stocks_
c. from investments _
Prof. real, on secs. sold_
1934.
81.289
49,761
1933.
$7,482
46.408
1932.
513,852
44,691
1931.
$11,352
48,747
Total income
Deductions
Taxes
$51,049
12,680
2,667
$53,891
16,134
$58.545 def$145,802
17,104
13,504
Net income for period_
Dividends paid
$35,702
35.732
$37,756
38.902
$41,439 loss$159.306
53.726
56.298
loss205.901
$12,287
$215,604
$30
$1,146
Statement of Surplus June 30.
1934.
1932.
1933.
Caital surtus:
alance, ec. 31
81,515,806 $1,555,712 $2,436.498
Cost of 13,550 shs. of capital stock
repurchased and retired
241,166
67.750
Surplus arising from retirement__
Excess of cost over stated value of
Cap. Stock repurchased and held
25.531
co. by at Dec. 31 1931
Adjust. arising from reduct. in shs.
of capital stock res. for exchange
of York Shares Corp. stock
133
Deficit
Total
$1,342,391
Loss on sale of securities to Dec.
31 1931
81,555,578 82,462,029
349.167
Adjusted balance. Dec.31
$1,342.391 $1,555,578 $2.112,862
Excess of cash received over stated
value of 1,034 additional shares
of capital stock issued
11,419
Total
Loss on sale of securities
$1,342,391 81,555.578 $2,124.282
7,255
33.486
203,854
Balance
Income distribution account:
Balance, Dec. 31 (deficit)
Net income, as per statement
81,335,136 $1,522,093 $1,920,428
Balance
Dividends on common stock
def$11,282 def$12,258 surp$8,011
35.732
38,902
53,727
46,984
35,702
50,014
37,756
33,428
41.439
547,014
851.160
$45,715
Total surplus
Doetfaiclitsurplus
1.470.933
1.874.712
The unrealized appreciation of investments on June 30 1934 was $66,255.
as compared with an unrealized depreciation of $172,278 on Dec. 31 1933.
Financial Chronicle
274
Balance Sheet June 30.
1933.
1934.
Assets
1934.
1933.
LiaSilUfes$19,233
$17,779
Cash
$61,674 $110,536 Dlvs. payable_
U.S.Govt.securs.
x25,686 Reserve for cont.
121,072
86,620
Corp own stk. held
taxes. &c
127,335
Ant. & div. receiv_
16,413
16,205 Due for security
Spec.depos.for dim
loaned against
17,779
19,233
8,600
cash
Invest. at cost_ _a1,736,684 x1,833,598
1,913
Due for see. purch.
Treasury stock_ _ _
b6,882
512,750
z Common stock_ _ 445,000
Earned surplus_ _ _ 1,288,122 1,470,933
July 14 1934
%Iidated Income Account Years Ended Dec. 31.
1932.
1930.
1931.
1933.
Gross earnings
$1.934,252 $2,034,704 $2,082,248 $1,833,415
654,942
Operating exps. & taxes_
739.694
682,576
772.516
Net earnings
Other income
$1,251,677 $1,295,011 $1,309,732 $1,178,923
119,231
16,876
291,954
$1,543,631 $1,414,242 $1,309,732 $1,195,799
308.252
500,000
500,000
500,000
15.354
56,664
123,262
8,876
55,677
Exchange thereon
58,929
34,083
165,000
200,000
175,000
Depreciation
165.000
Income tax
38,105
36,121
36,121
Amortiz. of bond disc__ Total income
Bond interest
Other interest
$1,839,433 $2,132,588
Total
$1,839,433 $2,132,588
Total
x Market value of these items was $54,591 in excess of cost. y Market
value, $1,034,356. z Represented by 89,000 in 1933 (102.500 in 1932)
no par shares. a Market value of investments on June 30 1934 was
$66,255. b Represented by 385 shares capital stock.
Net assets as of June 30 equal to $20.22 a share of capital stock outstanding in the hands of the public. On Dec. 31 1933 net assets were
Net income_
Preferred dividend
Common dividend
$625,318
360,000
210,000
$632.090
360.000
210,000
$601,773
351,420
210,000
$627,778
301,004
195,000
of the company's investments was held in bonds and preferred stocks and
75% in common stocks.
-V. 138, p. 2739.
Surplus
Previous surplus
$55.318
1,035.606
$62,090
973,516
$40,353
989,378
$131,774
981,766
equal to $17.71 a share of capital stock. On June 30 approximately 25%
Briggs Manufacturing Co.
-Stock Options Exercised.
The New York Stock Exchange has received notice from the company
that the number of shares under option has been reduced to 14,000 shares
through the exercise of options to the extent of 1,000 shares during June.
-V.138, P. 3432.
-Earnings.
British Columbia Power Corp., Ltd.
Gross earnings
Operating expenses
$1,025,670
537,130
1934-11 Mos.-1933.
$992,218 $11,601,196 $11,792,576
542,033 6.040.274 6.379,326
Net earnings
-V.138. p.3938.
$488,540
$450.185 $5,560,922 $5,413,250
Period End, May 31- 1934-Month-1933.
-Name Changede14-'Cables & Wireless, Ltd.
The name of Cables pd Wireless, Ltd. has been changed tq Cable and
Wireless (Holding), Ltd.
angements of the New York Curb Exchange
The Committee of
rllies that hereafter transactions in the American depositary receipts for
ordinary, class B ordinary and 53 % preference shares of
the 73 % A
company shall be recorded under the new name, and the abbreviation
-V. 138, p. 3596.
will remain as heretofore, viz.: C. B. W.
-Production.
Calgary & Edmonton Corp., Ltd.
Production from producing wells on the corporation's land in May 1934
amounted to 25,417 barrels, with a royalty of $9.125, against 22.258 barrels
and royalty of $8.739 in May 1933.
Drilling was completed on C.& E. Longview well on June 7 1934. Some
difficulty was encountered in clearing the well of drilling fluid, but it was
temporarily put on production test on June 20 and official recording commenced on June 28. At the present time the well is making 21 barrels a
day, with the possibility of increasing. Engineering advice received by
the corporation recommends that the well should be left on production for
the present rather than attempting to shoot it r apply he acid test.
V. 138, p. 3082.
-Royal Se-Bonds Offered.
Calgary Power Co., td.
curities Corp. Ltd., Montreal, are offering an additional
1st mtge. bonds, 5% series due 1964,
issue of $2,000,000
at 97 and int., to yield 5.20%.
Total surplus
$1,090,924 $1,035,606 $1.029.731 $1,113,540
Exps.& deferred charges
124.163
36,091
Tr. to deprec. res
Profit & loss surplus
356,022
$734,902 $1,035,606
Total
24.365,680 24,357,593
-V. 136. p. 2419.
Total
$989,378
$993,640
Consolidated Balance Sheet Dec. 31.
1932,
1933.
1933.
Assets$
$
Property
20,537,486 20,417,867 Preferred stock.... 6,000,000
Investments
1,832,727 1,957,672 Common stock_ _ _ 3,500,000
117,825 Funded debt
Cash
140.610
10,000,000
Bank loan
1,837,000
Accounts receiv336,340 Accts. & bills pay_
179,316
able
361.032
Cons. deposits__
71,741
Materials and sup78.432 Dividends declared 142,500
plies
80,976
Deferred charges
1,412,850 1,449.452 Accrued bond int_
125,000
Depreciation res__ 1,713,476
Miscell. reserve_ _ _
61,745
Surplus
734,902
1932.
6.000,000
3,500,000
10,000,000
1.937,000
327,953
69,502
142,500
125,000
1,161,200
58,833
1,035,606
24,365,680 24,357.593
California Ice & Cold Storage Co.
-Earnings.
-Earnings Year Ended Dec. 31 1933.
Gross operating revenue
Direct operating expense
Selling and administrative expenses
Interest and amortization
Depreciation --------------------------------------------
Net profit for period -----------------------------------Balance Sheet Dec. 31 1933.
Assets
$5,059
Cash
58,721
Accts. & notes receivable
21.383
Inventories
4,820
Special deposits & def'd assets-500
Investments
-Bonds
Investments-S. D. I. & C. S.
7,500
Co. stock
577,099
x Real estate, plant and equip
6,482
Prepaid expense
9,343
Bond discount and expense
$157,160
61,425
37,748
25,799
29,651
$2,535
Liabilities
Accounts and notes payable__ $13,407
Accrued expenses payable
2.736
Other reserves
3,201
Bonds payable
305,000
Capital stock
343,500
Surplus
23,064
Dated June 1 1934, due June 11964. Principal and interest (J. & D.)
payable in lawful money of Canada at any branch in Canada of Royal
Bank of Canada. Denom. $1,000 and $500 c". Redeemable, prior to
maturity, at option of company, on 30 days' notice, as a whole at any time
or in part on any int. date, at a premium of 5% up to and incl. June 1 1944,
Total
-year period; in each case
$690.908
$690,908
Total
the premium thereafter decreasing 1% each 5
with accrued interest. Trustee, Montreal Trust Co.
x After depredation of $186,663.=V. 136, p. 846.
Capitalization (Giving Effect to This Financing).
--Earnings.
California Oregon Power Co.
$10,000,000
-5% series, due April 1 1960
x First mtge. bonds
1934.
1933.
12 Months Ended May 312,000,000
5% series, due June 1 1964
$3,678,488 $3,654,650
Gross earnings
6.000,000
6% cumulative redeemable preferred stock
1.619,345 x1,422,723
Operating expenses, maintenance and taxes
3,500,000
Common stock
x Not including $540,000 of bonds to be held in the company's treasury.
$2,059,243 $2,231,927
Net earnings
The issue of further bonds is limited by the restrictive provisions of the
8,942
9,219
Other income
trust deed.
Data from Letter of G. A. Gaherty, President, Dated June 18.
$2,068,184 $2,241,146
Net earnings,including other income
239,845
238,283
Company.-Incorp. in 1909 under the Companies Act of the Dominion
Lease rentals
1,053,151
1,047,890
Interest charges
-Net
of Canada. Has since 1911 been engaged in the production and sale of
157,256
152,319
electricity in the Province of Alberta. Three-quarters of the electricity
Amortization of debt discount and expense
277,638
175,000 '
generated in the province is produced by the company's water power plants.
Appropriation for retirement reserve
Its 1.850
-mile transmission system extends over a large part of the more
$627,654
$340,295
Net income
thickly settled area of the province, serving a quarter of a million people.
x Including $58,333 for amortization of extraordinary operating expenses
From a point 40 miles north of Edmonton it extends southwards to within
deferred in 1931.-V. 138, p. 4291.
a few miles of the international boundary, with a main lateral branch reaching east to the Saskatchewan boundary.
-37% Cent Dividend.
In Alberta 11,943 retail customers are served over the company's own'-California Packing Corp.
The directors have declared a dividend of 37% cents per share on the 'distribution lines and 2,332 over those of a wholly-owned subsidiary operatcommon stock, no par value, payable Sept. 15 to holders of record Aug.15.
the city of Calgary. In addition, the company supplies
ing in a part of
A similar distribution was made three months ago and 25 cents per share
the entire power requirements of the municipal distribution systems of
March 26 1934, this latter being the first payment made since Sept. 151931,
Calgary, Red Deer, Macleod, Cardston and Ponoka, and also most of the
-V.138, p. 2432.
when a quarterly dividend of 50 cents per share was paid.
power used in a number of towns and villages on the system of Canadian
Utilities, Ltd. An interchange agreement with the city of Edmonton
Canada Bud Breweries, Ltd.-Earnings.-provides an outlet for a substantial amount of power. Power is sold direct
1933.
1932.
1931.
Calendar Yearsto the Exshaw plant of Canada Cement Co., Ltd., to coal mines and to a
$113,478
$200,014
Net trading profit
$328,436
number of other industries. The company's lines also serve the Turner
1,913
owl$111.1•110
4,365
5,696
Miscellaneous revenue received
Valley oil field.
Company's 3 hydro-electric generating stations on the Bow River, west
of Calgary, have a combined capacity of 70,000 h.p. Steam plants leased
and controlled in Calgary, and held as standbys, have a combined capacity
of 18,000 h.p.
More than 90% of the transmission mileage of the company and its sub-
sidiaries has been built since 1926. The power plants, substations and distribution systems are for the greater part of recent construction.
Company controls, through a wholly-owned company, a modern system
In Saskatchewan comprising 550 miles of transmission lines with distribution systems serving 2,611 retail customers. Power for portions of the
systems of the Saskatchewan Power Commission and of Canadian Utilities,
Ltd., is also transmitted over the lines of that company.
Company also controls Ottawa Valley Power Co., through ownership
of 85% of its shares and the same percentage of its securities other than
1st mtge. bonds. That company owns and operates the Quebec half of
the 224,000 h.p. inter-provincial hydro-electric power development at
Chats Falls, on the Ottawa River.
-The proceeds of the sale of these bonds will be used to retire
Purpose.
current floating indebtedness.
These bonds form part of a new series and are to be issued upon retirement and in replacement of $2,000,000, being part of $2.600,000 of bonds
of the 5% series due 1960 issued in 1931 and pledged with the company's
bankers. Of the latter, $60,000 have been retired and the balance of $540.000 remaining after replacement of $2,000,000 thereof by bonds of this
Issue will be returned to the company and be available in its treasury.
Total income
Interest and exchange, bad debts,&c
$115,392
9,382
$204,379
6,514
$334,133
7.574
Net profit before depreciation and
Dominion income tax
Previous surplus
$106,009
145,796
$197,866
140,199
$326,559
57,169
Total surplus
Sundry adj. appllc. to prior years_ _
Dividends paid on capital stock
Transferred to reserve for deprecia'n_
Provision for Dominion income tax
8251,805
14,305
67,500
25,000
5,300
$338,065
2,769
150,000
25,000
14,500
$383,728
2,156
150,000
65,355
26,018
$139,700
$145,796
$140,199
Surplus Dec. 31
Assets
Cash
Acc'ts receivable_ _
Employees' share
purch. account_
Inventory
Stocks and bonds_
Land, bldgs., machinery & equip_
Investments
Licenses, &c
Deferred charges
Balance Sheet Dec. 31.
1932.
Liabilities1933.
$38,326 Bank checks out__
$15,054
71,849 Bank bills payable
52,525
Accts. pay,dr accr.
3,230
liabilities
209,929 Dividends payable
204,664
1,450 Itvi. for Dominion
1,250
income tax
1,085,167 1,080,894 Mtge.& int. pay
97,530 Deprecia'n reserve
122,503
150,000 Bad debts reserves
150,000
5,961 Foreign exchange_
6,091
x Capital stock _ __
Surplus
Special res've re
licenses, &o
1933.
$3,545
44,000
1932.
54,549
38,000
84,800
85,167
37,500
10,503
14,500
8,350
8,548
-Bonds rank pal passu with the outstanding 1st mtge. bonds
Security.
181,505
202,821
and are equally secured therewith, constituting a first and specific mortgage
3,532
1,560
and charge upon all freehold land, power rights, power plants, transmission
2,044
lines and distribution systems owned by the company on April 1 1930,
990,000
990,000
is thereafter specifically made the basis of the
and all its property which
139,700
145,796
issue of additional bonds, and a floating charge upon all other assets of
the company.
150,000
150,000
-Trust deed provides for a sinking fund for the retirement
Stinking Fund.
of 1st mtge bonds of any series, payable on or before March 31 in each
Total
Total
$1,637,255 $1.659,169
$1,637,255 $1,659,169
year commencing 1934, of ;4% of the greatest aggregate principal amount
x Represented by 150,000 no par shares.
-V. 138. p. 4456.
j\
of 1st mtge. bonds outstanding during the year terminating on March 31
such year.
in
overnment
-Gross production of electricity by the company's'Canadian Industrial Alcohol Co. Ltd.
Power Production.
th9
)_.
plants during the past 6 years has been as follows:
Refuses Company Permission to Alter Capital Struc re-Deal.
kwh. 1930_ -136.794,000 kwh.11932_ _145,761.000 kwh.
1928.-102,332,000
Stock Void.)1929--123.903,000 kwh.11931--156,521.000 kwh.11933--134.025,000 kwh. ings in When-Issued
ssue of supplementary letters patent
The company's application for
Total kilowatt hour production for the 5 months ended May 31 1934
to alter its capital structure in accordance with the plan issued to stockwas 52.670,070, compared with 51.883,000 for the similar period of 1933.
Financial Chronicle
Volume 139
holders dated April 3 1934, has been refused by the Canadian Government.
The proceedings taken by the shareholders at the special general meeting
held April 19 1934, are non-effective, and consequently the capital structure
of the corporation remains unaltered.
It having been established to the satisfaction of the Committee on
Securities of the new York Curb Exchange that the plan has been abandoned.
the Committee rules that "when issued" contracts heretofore made in
accordance with the terms of the plan in the proposed new preference shares
and proposed new voting and non-voting common shares shall be null
and void.
The New York Curb Exchange has removed from the unlisted trading
privileges the new preference shares, no par, the new voting common
shares, no par and the new non-voting common shares, no par.
Montreal Stock Exchange has ruled that transactions in the new securities, on when, as and if issued basis, between April 20 and June 28,
are automatically canceled and declared null and void. Brokerage commission charges on such transcations are to be refunded to clients, thus
setting a new precedent. The Stock Exchange is applying to Federal and
Provincial governments for refund of stock taxes paid in connection with
such transactions and members of Exchange will refund these taxes to
clients as soon as they are received from the Government.
-V.138, p. 3939.
Canada Wire & Cable Co., Ltd.
-Earnings.
Calendar Years1932.
1933.
Profits from oper. after
deprec. & overhead_ -x loss$10,308 loss$283.667
Other income
17,428
14.930
$291.171
42.977
$706,726
32.018
Total income
Dividends
Res. for Dom. Inc. tax
$334.148
534,036
52,000
$738,744
410,049
53.000
Balance, surplus
$4,398 def$524,644 def$251.888
Earned per share on class
A stock
Nil
N11
$3.09
Earned per share on class
B stock
Nil
Nil
Nil
x After deducting $85,000 for depreciation.
$275,694
$4,622 loss$266,239
248,011
224
10,394
1931.
$17.67
$2.90
Total
$7,462,147 57,470,854
$7,462,147 $7,470,854
Total
x Less depreciation. y Represented by 29.669 shares class A stock and
150.662 shares class B stock.
-V. 138, p. 1566.
Canadian Canners, Ltd.(& Subs.).
-Earnings.
Years EndedFeb. 28 '34. Feb. 28 '33. Feb. 29 '32. Feb. 28 '31.
Profit
$729,017
1511,656 $1,025,037
$804,001
Interest
225,232
209,971
214,272
211,093
Foreign exchange, &c }
204,820
$592,908
342,206
$503,785
444,378
6.889
8810.765
619.426
120,166
$96,864
553,497
58,557
Balance
$52.518 def$515.189
$71,173
8250,702
x Before providing for depreciation of $250,000 in 1934, 8200,000 each
in 1933 and 1932, and $400,000 in 1930.
Consolidated Balance Sheet Feb. 28.
1934.
1933.
Assets$
Liabilities$
Cash
17,545
13.216 Accts. pay.& accr.
Cash In hand.s of
liabilities
trustees for s. f _
53,417
Bank loans
Inv & marketable
Funded debt
securities
35,308
35.005 6% preference stk.
Accts. & bills rec._
339,396
444,718 x Capital surplus__
Adv for acct.empl.
Reserves
stock particip'n_
208,107
156,183 Profit and loss...._
Mat'l & supplies_ 4,787,136 5,784.074
Unexpired insur__
12,448
59,097
Property account_15,918,735 15.879,991
1934.
5
1933.
$
516,802
596,614
3,263,900
3,884,850
6.839,562
5,876,132
394.233
423,508
1,856,123
3,345,200
3,881.850
6,839,562
5,629,510
393.531
Total
21,372,095 22,372,285
Total
21,372,095 22,372,285
x Represented by 363,732 shares of convertible preference stock, and
137.784 shares of common stock, both of no par value.
-V. 138, p. 1749.
Canadian Dredge & Dock Co., Ltd.
-Earnings.
Years End. Jan. 31Earnings from operations
Depreciation
Income tax
1934.
$154,928
93,873
8,394
1933.
8513.745
130,676
50,062
1932.
8267,806
93,196
20.947
1931.
$432,385
66.920
13,388
Net income
Preferred dividends_ _ _ _
Common dividends
$52,660
5.838
46,249
8333,008
5,838
92,498
8153.663
5,854
208,100
8352,077
5,901
277,389
Balance, surplus
Shares coin, stock outstanding
Earnings per share
8573
$234,672
def$60,291
$68,787
92.498
$0.51
92.498
$3.54
92,498
$1.59
92.471
$3.74
Balance Sheet Jan. 31.
Assets
1934.
1933.
Liabilities
1934.
1933.
Bonds
592,625
$92,625 Bank loan
$255,000
Am't due for work
Retentions on subdone on contracts 427,803
662.039
contracts
63,754
Receivables
4,573
10.131 Prey.for Inc. tax
$8,394
42,895
Retentions on conReserve for work in
tracts
139,972
257,157
process
107.500
Inventory
49,750
73,176 Accounts payable.
718
Accrued interest
868
913 Preferred stock
83,400
83.400
Cash
22,034
8,246 x Common
y Fixed assets (net) 2,429,931 2,502,455 Capital surplus... 1,466,600 1,466,600
836,925
836,925
Deterred charges
4,855
31,284 Earned surplus... 777,094
781,233
Total
33.172,413 53,638,025
Total
$3,172,413 $3,638,025
a Represented by 92,498 no par shares. y After depreciation
of $1,330,024 in 1934 and $1,236,150 in 1933.-V. 138, p. 329.
Canadian National Rys.-Earnings.Earnings of System for Fourth Week of June.
1934.
1933.
Gross earnings
$3,027,695 $2,895,007
__Nr. 139, p. 110.
Increase.
$132,688
Canadian
Fairbanks
-Morse Co., Ltd.
-Earnings.-,
Calendar Years1933.
1932.
1931.
1830.
a Profit for year
1088879,414 loss$46.851
$79,561
$425.205
Pension fund contrib.. 16,968
19.098
Provision for deprec
21.446
19,890
23,563
25.369
Bad debts written off_
16,355
18.390
Provision for taxes
6,074
34,000
Balance, surplus
defS100,861
Pref. divs. paid (6%).....
79,500
Common dividends_
def$66,741
87.900
20,000
316,601
90,000
120.000
$328,348
90.000
160,000
Deficit
$180,361
$174,641
8193,399
Earns, per sh. on 80,000
shs. coin. stk. (no par)
Nil
Nil
Nil
a After selling, general and administration expenses.
sur$78,348
Total
x4,649,673 $4,950,191
Total
$4,649,673 $4,950,191
x Represented by 80,000 shares of no par value. y Market value $742,582
in 1933 and $745.888 in 1932.
Contingent Liability.
-Guarantee in respect to dividend on $300,000, 7%
pref. stock of E. & 'I'. Fairbanks & Co., Ltd., Sherbrooke, P. Q.
-V.138.
p.865.
1930.
Comparative Balance Sheet Dec. 31.
Assets1933.
Liabilities1933.
1932.
1932.
Cash
5138,349 $228,210 Preferred stock...33,000,000 $3,000.000
Securities
992,245
987,860 y Class A & B.... 3,664,897 3,664,898
Accts. receivable
347,415
719,906
294,719 Current liabilities_
733,011
Inventories
1,460,868 1,357.287 Surplus
77.343
72,945
Emp.stock fund.._
112,686
110,552
x Plant, &c
4,400,581 4,480,268
Patents
10,000
11,954
Good-will
2
2
x Net income
Divs. on pref. stocks...
Common dividends
275
Balance Sheet Dec. 31.
Assets1933.
1932.
Liabilities1933.
1932.
Let., bldgs.& eqpt.$1,395,434 $1,392,503 Preference stock_ _51,220,000 51,360,000
Gd.-wIll & pats.,&c
1
1
Coin. stk. & surp 2,686,287 2,871,023
Invest. in E. & T. .
Accounts payable_
107,635
126,789
Fairbanks & Co.
Other accts. pay.&
Ltd
210,165
180,365
accrued Bab__
23,269
Mtge. on Toronto
Div. on pref. stock
18,300
20.400
prop. sold & Int.
Res, for depree'n_
434,181
416.978
accrued
42.915
42.898 Res. for coating's 160.000
Inventories
1,117,865 1,257.910 Res. for accts. rec.
95,000
Accts. & bills rec.. 683,382
676,873 Miscell reserves_
60,000
y Other investm'ts 737,629
769,970
Other accts. rec.
87,783
Cash
385,011
520.040
Deferred charges
27,268
21,845
$2.98
Canadian General Electric Co., Ltd.
-Earnings.
Calendar Years1933.
1932.
1931.
1930.
Operating income
$1,070,807 $2.086.467 83,176,444 $4,688,070
Depreciation
435,631
920,806 •
868,290
922,272
Net income
Preferred dividends__
Common dividends
$635,175
599,042
613,746
$2,308,154
599.043
755,380
$3,765.797
599,043
755,380
def$577,613 def$188.761
6,764,418
6.953.180
Surplus
Previous surplus
$1,165,661
599,043
755,380
$953,732
5,999.449
82,411.375
3.588,074
$6,953,180
$5,999,449
Total surplus
$6.188,805
Shs. corn. stk. outstand188,845
ing (Par $50)
Earnings per share
$0.19
36,764,418
188.845
188.845
$3.00
$9.05
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
AssetsLiabilities5
$
$
Plant, &c
17,220,224 17,096,246 Common stock... _ 9,442,250
Patents, &c
1
1 Preferred stock _ _ _ 8,557,750
4,088,617 Accounts payable_
4,133,890
Investments
727,281
307,956 Pref. dividends_ _ _
Employ. say. plan 456,748
149,760
Inventory
3,906,100 3,732,564 Common dividends 141,633
1,558,496 2,099,491 Deprec.& gen. res.13.228.644
Accts. receivable
Government bonds10,854,274 9,208,192 Adv. payments on
Cash and loan... _ _ 2,002,097 4,880,871
contracts
1,741,960
Deferred charges
44,254
35,919 Surplus
6,186,805
Total
40,176,084 41,449.857
-V. 138. p. 2090.
Total
188.845
816.77
1932.
5
9,442,250
8,557,750
2,471,562
149.760
188.845
12,383,720
1,491,551
6,764.418
38,434.125 41,449,857
Canadian Industries, Ltd.
-Earnings
.Calendar Years1933.
1932.
1931.
1930.
Incomefrom:Opera'ns_ _ 82.779.784 32,066.561 32.529.928 32,707,206
Investments
696.060
706,339
875,817
970.205
Realization assets_ __ _ Dr.45,370
Dr.1.238
27.795
34,633
Total income
83.430,475 $2,771,662 83.433.541
Preferred dividends_ _325.500
325.500
325.500
Common dividends
2.932.873
2,513,891
3.005.487
83.712,044
325.500
3.328.458
Surplus
8172.102
Previous surplus
11,091,940
Additional income tax
45,417
Prov. for depree. of sec..
858,087
12.342.880
def$67,729
11.228.920
69.251
8102.553
12.400,967
74,599
1,200,000
Profit & loss balance_ -$11,218,624 811.091.940 $11.228,921 812,400,967
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets
Liabilities$
$
Cash
2,404,481
631.040 Accts., &c., pay... 841.983
624,198
Acc'ts receivable
2,510,950 1,610,340 Dominion & ProNotes receivable
16,645
28,846
vincial taxes.... 577,111
._
370,571
Inventories ____... 4,014,792 4,703,220 Dividends
1,254,524
667,950
Marketable seems. 8,436,788 8.149,199 Deferred credits
278,611
34,328
Trustee storks.__ _ 1,479,175 1,775,570 Notes payable_
14,000
Deferred debits _
204.402
277,416 Reserves
. ___11,897,460 11,379,296
Plants & g'd-w111._ 26,552,264 26,701,101 Preferred stock__ 4,650,000 4,650,000
Investments
4,073,777 3,930,510 x Common stock...18.974.962 18.974.962
Surplus
11.218,625 11,091,940
Total
49,693,276 47.807,243
Total
49,693,276 47,807.243
x Represented by 615,974 no par class A shares and 54,397 shares no
par class B stock.
-V. 138, p. 4456.
Canadian International Investment Trust, Ltd.Years EndedGross revenue
General expenses
Int. and bond discount
Net income
Preferred dividends_ _ _
Feb. 28 '34. Feb. 28 '33. Feb. 29 '32. Feb. 28 '31.
3146,074
8172.356
8238,124
$268,129
18,582
17,914
20,656
19,878
89,997
94,673
105.218
104,000
$37,495
$59,769
$112.250
68,992
$144,251
98.277
Surplus
(sub.to inc.tax)
$37,495
$59,769
843.258
$45.974
Note.
-Only income received from cash dividends and actual interest
earned has been considered as revenue.
Balance Sheet Feb. 28.
Assets1934.
1933.
Liabilities1934.
Cash at banks and
Accounts payable_
514,571
loans on call_ _ _ _
$22,738
$44,195 Bond int. accrued_
37,479
Accts. receivable._
125
378 5% 1st coll, trust
Accrued interest on
bonds,series A__ 1,799,000
bonds held
19,144
19,754 5% preferred stock 1,815,000
a Invest., at cost
3,848,308 3,786,033 b Common stock__
120,012
Deferred charges....
92,757
109,128 Profit & loss sum_
197,011
1933.
3375
38,042
1,826,000
1,815,000
120,012
160,059
Total
$3,983,073 $3,959,487
Total
$3,983,073 $3,959,487
a Market value 1934, 82,659,303: 1933, $2,286,900. b Represented
by
120,012 no par shares.
-V. 136, p. 4273.
Canadian Pacific Ry.-Earnings.Gross earnings
-V.139. p. 110.
Earnings for Fourth Week of June.
1934.
1933.
$2,342,000 $2,316,000
Increase.
826,000
Canadian Vickers, Ltd.
-Earnings.
Years EndedFeb. 28 '34. Feb. 28 '33. Feb. 29 '32. Feb. 28 '31.
Operating profit
$34.987
$67,323
$409.010
$637,069
Other income
32.518
15.680
17.078
Total income
$34,987
$99,841
$424.690
$654.147
Bond interest
150.390
152,379
158,513
162,507
U.S.exch.on bond int
1,547
24,831
Res've for contingencies
& doubtful accounts
79.000
65.000
Depreciation
194.441
195.647
195.970
195,534
Net income
loss$311,391 loss$352,016
$5,207
$296,106
Special assess. by Quebec
Worknfs' Comp.Com.
50,000
Reserves
92.000
Net adjust, prior years
2.640
570
13.073
Previous deficit
504.259
151,673
143.807
347.913
Profit & loss deficit...._
3868,290
$504,259
$151.673
8143.807
276
Financial Chronicle
Balance Sheet Feb. 28.
Assets1934.
1933.
Liabilities1934.
1933.
Real estate, leasePreferred stock...52,000,000 $2,000,000
holds, &c______ 55,266,408 55,460,213 c Common stock_ 2,415,000 2,415,000
Inventories, &c._
175,336
2,506,500 2,506,500
206.926 Bonds
34,333
Work in progress._
138,313
Accounts payable_ 196,169
Accts.receivable.. 307,714
72,000
36,000
383,759 Bank loan
Advances to subs. 230,028
45,000
204.847 Deferred liability.
Govt. subsidy..._16,154 Consignm t accts.
16,154
Contract guar. dep. 11.371
21,303
16,135
10,000
Payable
524,819
Cash
575,704
2,933 Reserves
2,839
Inv. in Red Barge
868,290
504,259
Deficit
Line, Ltd
57.896
2
2
aInvestments _ _
Sinking fund bonds
5,710
5,710
42,509
Prepaid expenses_ _
43,445
21,303
Consignment stock
16,135
Other assets
485,782
485,782
b Due from subset. 270,000
270,000
Total
$6,927,387 $7,168,507
56,927,387 87,168,507
Total
a Montreal Dry Docks,entire common stock,$1.Aero Engines of Canada.
of common stock, $1. b Amount due under agreement
Ltd., 1.540 shares
from subscribers to capital stock allotted. c Represented by 50,000
shares (no par)
.-V. 138, p.2914.
•
Canadian Westinghouse Co., Ltd.
-Earnings.
-
Years End. Dec. 31Net after expenses
Depreciation
Dominion taxes
Donation to pension fd_
Net income
Dividends paid
1931.
1930.
1933.
1932.
$744.963 $1,021,331 $2,484.740 $3,602.535
190,000
205.000
397,000
379.000
50,000
60,000
195,000
250,000
50,000
50,000
100,000
35,000
$469,963
1,080,000
$706.331
1.080,000
$1,842,740 $2,873,535
1.620,000 1,620,000
$222,740 $1.253.535
Balance, surplus
def$610,037 def)$373.669
Shares of capital stock
540,000
540,000
outstanding (no par).
540,000
540,000
$5.32
Earn.per sh. on cap. stk.
$1.31
$3.41
$0.89
General Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
S
LiabilitievAssets
$
1,831,361 2,226,918 x Capital stock. __ 9,000,000 9,000.000
Cash
666.122
Curt. accts. pay__ 405,469
Invest'ts, Govern568,470
ment bonds,&c. 7,632,996 7.581,680 Bills payable
132.224
124,409
Accts.& bills tee.. 893,475 1,134,476 Contracts in prog_
Provision for DoReal est., bldgs.,
60,000
50,000
minion taxes. _ _
mach., tools and
750,000
750,000
equipment, &c. 5,679,461 5,761,470 Res, for deprec
Profit & loss acct. 6,944,587 7,554,624
Invent, of mans
and products on
hand, incl. work
in process
2,012,894 3,073,102
In.sur. unexpired &
35,944
39,621
taxes paid in adv
Patents, rights and
1
1
licenses
Advance payments
on contracts.... Cr811,666Cr1,085,829
17,274,466 18,731,440
Total
Total
17,274,466 18,731,440
--V. 136. P. 2615.
x Represented by 540.000 no par shares.
-Earnings.
Canadian Wirebound Boxes, Ltd.
Years Endinp April 30Gross earnings for year
Adjustment, bad debts reserve
Royalties adjustment
Previous year's adjustments
1934.
$127,444
1933.
$41,028
7,876
2,311
850
Totalincome
Provision for depreciation
Deferred operating expenses written off
Deferred experimenting and testing *kitten off.--
$127,444
43,309
4,223
1,299
$52,066
47.054
4,223
1,299
Loss for period
Earned surplus April 30
Dividends on class A shares
Prov. for Fed,income taxes
Additional Federal income taxes, years ended April
30 1930 and 1931
Loss on sale of bonds
Transferred to special surplus account
Provincial corp. taxes (Ontario and Quebecz to
April 30 1932
$78,613
1,902
51,729
3,280
$511
39.147
35.808
468
200
7,012
$17,826
Earned surplus April 30
Assets
Cash
Call loan
Invests. (at cost).
Accts. receivable_ _
Invent., mdse,and
supplies
Prepaid exps, and
accrued revenue.
x Land, bldgs. &
equipment
Deferred exps.,Toronto Corrugat
operations
Patents, leases, &c
See x
See z
$172,397
85,425
$158,890
85,425
$123,870
87.833
- 3.909
3.909
4,039
Net inc. for the period
Preferred dividends__ _ -
9,393
16.293
7,010
$50.367
97,650
12,153
16,397
6.310 $34,696
65,100
12.800
12,289
4,607
$2,302
32,625
$387,978
Cr.2,302
32,625
Deficit
$542,513
$471,922
$418,300
Total
2,370,301
2,205,975
896,478
The unrealized appreciation of investments on June 30 1934 was $10,272,
as compared with an unrealized depreciation of $648,683 on Dec.31 1933.
s Less provision for Federal income taxes. $2,553. y After deducting
provision made in 1929 and 1930 for reserve as required by charter.
Balance Sheet June 30.
d
Liabilies1933.
Assets
1934.
1934.
1933.
Cash
$151,655 $133,289 Int. neer. & diva.
b U.S. Govt. secs. 317,442
payable
411,350
$47,146
847,281
67,601 Due for see. perch.
Int. & diva. reedy.
73,596
3,825
33,787
Reserve for exps.,
Special deposits for
taxes, &c
32,908
33,043
31,172
dividends
34,150
b Invest at east_ 6,000,172 5,779,146 5% gold deb.,ser.A 3.417,000 3,417,000
66,130 Preferred stock... 434,000
Delerred charges...
58.311
434,000
c Class A stock... 143,405
143,405
d Class B stock __
.
2,400
2,400
Preferred stk. dlv.
reserve fund.... 181,859
175,539
Capital surplus
2,552,160 2,677,896
Deficit
181,859
471,921
Total
Total
$6,634,221 $6,490,425
$6,634,221 $6,490,425
b Market value was $10,272 in excess of cost in 1934 and $229,822 in
1933. c Represented by 143.405 shares of $1 par.
d Represented by
240,000 no par shares.
As of June 30 net assets of $6,500,925, equal to $1,902.52 per $1,000 of
debentures, $71.05 a share of preferred stock and $6.57 a share of class A
stock. On Dec. 31 1933, net assets were $5,790,901. equal to $1,694.73
Per $1,000 of debentures, $54.69 a share of preferred stock and $1.19 a
share of class A stock.
On June 30 approximately 8% of the company's assets was held in cash
or its equivalent and Government securities, with 42%, invested in bonds
and preferred stocks and 50% in common stocks.
-V. 138. p. 2740.
-Earnings.Celotex Co.
Combined Corporate Receivers' Report Six Months Ended April 30 1934.
Netsales----------------------------------------------- $1.787,163
Cost and expenses--------------------------------------- 1.687,632
Profit
Other income...........................................
$99,531
11,764
Total income_ ----------------------------------------Interest and amortization of debt discount
Depreciation
$111,295
94,724
214,240
Net loss before provision for compensation of the receivers
and their counsel
-V.139, p. 110.
$197,669
• See x
$198,691
98,567
4,516
21,148
21,521
$142,404
57,751
8114.418 $1,818,588 $1,875,566
57.717
694,148
692,608
Net from revenues_ _ _
Non-operating income.-
1931. $53,656
145,034
'
$13,194
41,789
$15,639
42,228
Gross income
Deductions
$54,982
63,201
$51,769
68,272
$38,414 *def$36,114
175,9C2
208,709
8214,316
316,423
8172,594
311,722
Net deficit
$16,503
$8,218
$102,107
$19.12
* After deduction for hotel operations.
-V. 138, p.
...e
A,
3433' (
m.Chain Store Investment Corp.
-Accumulated Divicen A 1-q,
The directors have declared a dividend of 50 cents per share on account,
of accumulations on the $6.50 preferred stock, no par value, payable Aug. 1
to holders of record July 16. A like amount was paid May 1 last, and on
Feb. 1 last a distribution of 25 cents per share was made. Following the
Aug. 1 payment, accruals on the preferred stock will amount to $18.25
Per share.
-V. 138, p. 3940.
-Resumes Dividends.
r•---Cherry-Burrell Corp.
$52944
102:375
830.323
849,431
$30,404
Deficit
$47,283
x Net loss realized from sale of securities during the period, which has
been charged against a special account under surplus, amounted to $206,108
in 1933. 81,648,045 in 1932 and $632,663 in 1931.
$441,516
Cr.34,696
65,100
Central Vermont Ry.-Earnings.-
-Earnings.
-Capital Administration Co., Ltd.
1932.
$56,957
66,913
$313,371
Cr.50,367
97,650
181,859
-Month-1933. 1934-5 Mos.-1933.
Period End. May 31- 1934
Railway oper. revenues_ $459,820
$449,512 $2,096.118 81,851,622
,
Railway oper. expenses.
1,976.965„
16,053
15,571
Railway tax accruals...
80.389
77,810
125
Uncoil. ry. revenues---69
350
369
The company has filed notice wiW tlfSecret,ary of the State of Wisconsin
reducing the stated value of the mmon stock to $10,027,000 from $15,193,000 and transferring the $5;165,000 difference to surplus account.
-V. 138, p. 2241,
Total income
Interest on 5% debs_ _ _ Amortization of discount
& expenses on debs_ _ _
Compensation-Broad
St. Management Corp.
General expense
Service fee
Taxes
Adjusted balance, Dec. 31
Net income, as per statement
Dividend on preferred stock
Prov.fortes, as required by charter _ _
$56,701 $1,124,440 $1,182,957
Balance
$84,653
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.
-V. 138.
p. 3940.
-Stated V u Reduced.Carnation Co.
--
1933.
$77,330
81,560
$2,818,370 $2,884,004 $2,962,823
prof.94,444
206,108
1,648,045
Balance
$2,912,814 $2,677,896 81,314,778
Income Distribution Account
Balance, deficit, Dec. 31
y$313,371
441,516
218,778
Divs, on pref. stock charged to capital
surplus in 1931
169,200
Net income
Divs.on preferred stock_
$2,001,185 52,018,890
Total
82,001,185 82,018,890
Total
x After depreciation reserves of $217.737 in 1933 ($179,971 in 1932).
y Represented by 67,935 in 1933 (70,555 in 1932) no par shares class A
stock and 40,000 no par shires class B stock. a Market value $100,430.
Note.
-Arrears of dividends on clas A shares to April 0 1 34 amounted
to $2.25 per share.
-V. 138, p.41
tritt•
1934.
$67,261
105.136
Total
Loss on sale of securities
[A subsidiary of Commonwealth & Southern Corp.]
-Month-1933.
Period End. May31- 1934
1934-12 Mos.-1933.
$540,853
$506,204 $6,818,540 $6,517,419
Gross earnings
Oper.exps., incl. mainte276.036
252,923
3,551,142
nance and taxes
3,106,027
Fixed charges
70.791 -'- 87.687
833,418
921,325
• 51,175
51,620
Prov. for retire. reserve_
614,500
615,390
11,045
783,647
6 Mos. End. June 30Interest on bonds
Dividends
Profits realized on sale of
securities
Adjusted balance, Dec. 31
$2,818,370 $2,884,004 $2,902,116
Arising from retirement of 6% cum.
preferred stock, series A
2,888
Arising from retire. of 5% deben.s_
57,820
-Earnings.Central Illinois Light Co.
847,204
5,523
752,310
Total
$2,818,370 82,884,004 $4,721,555
Loss on sale of securities to Dec.31 '31
1,819,439
375
*Central Branch Union Pacific Ry.Dec. 1 1933 7.n,r.irL:,)
The interest due Dec. 1 1933 on the Central Branch Union Pacific!
sea mtge. 4% gold bonds, due 1948, is now being paid.
The Committee on Securities of the New York Stock Exchahge rules
that the bonds be quoted ex-interest 2% July 13. That the bonds shall
552
continue to be dealt in "flat" and to be a delivery in settlement of transactions made beginning July 13 must carry the June 1 1934 and subsequent
$1,902
coupons.
-V. 137, p. 4187.
Balance Sheet April 30.
1934.
1933.
1933
1934.
531,307
$1,514
$25,698 Account payable._ 560.728
14,973
10,194
45.000 Accrued expenses.
140,000
485 2100,823 Provision for fed3,280
oral income tax
121,794
96.539
Mortgage payable.
30,000
40,000
100,900 y Capital stock._ 1,806,310 1,874.430
161,893
17,825
1.902
Earned surplus..._
8,033 Special surplus_ _ _
68,068
61,056
9,575
808,092
July 14 1934
Statement of Surplus June 30.
Capital Surplus1934.
1932.
1933.
Balance Dec.31
$2,818,370 $1,148,005 $4,552,355
Divs. on pref.stock charged to capital
surplus in 1931
169,200
Surplus arising from reduction in par
value of preferred stock
1.736.000
The directors have declared a dividend of 15 cents per share on the
common stock, no par value, payable Aug. 1 to holders of record July 20.
This is the first distribution made on this issue since May 1 1931, when
373i cents per share was paid. Previous thereto company made regular
quarterly distributions of 62% cents per share.
-V. 138, p. 3598.
-Plans Financing.
"Ehesapeake Corp.
r--It is reported that the corporation is planning the issuance of $20,000,000
10
-year 5% notes to retire a similar amount of bank loans
.-V. 138.P• 3083.
Volume 139
Financial Chronicle
Chevrolet Motor Co.
-Output.
The company's world production of cars during June totaled 98.147
units, making production for the first six months this year 525.093 units,
or nearly 50% greater than in the first halfof 1933. In June 1933, Chevrolet
produced 81,573 units.
-V. 138. P. 4293.
'"Chicago City Ry.-Interest Ordered Paid.
-
Federal Judge Wilkerson has authorized the company and the Calumet
& South Chicago Ry. to pay the Aug. 1 interest installments on the first
mortgage bonds of the two systems.
-V. 138. p. 2080.
Chicago Corp.
-Earnings.
Six Months Ended June30-1934.
1933.
Net income after expenses and taxes
$477,122 )4327,521
x Exclusive of $994,668 profit on sale of securities carried to investment
reserve account. y Exclusive of $229,510 loss on sale of securities charged
to investment reserve account.
The report for the six months ended June 30 1934, shows a net asset
value of $31,801,541 as of that date,equivalent to $46.73 a share on 680.466
shares of convertible preference stock outstanding, comparing with $34,
520.529 or $46.97 a share on 734,966 shares of preference stock on June 30
1933. This value is based on bonds and stocks at market and other assets
at book values, less investment reserve accounts payable and reserves for
taxes.
The balance sheet as of June 30 1934 shows investments in bonds were
carried at book value of $2,929,459 and had a quoted market value of $3,692,952, while investments in stocks were carried at book value of $18.468,230 and had a market value of $24,789.074. Investments in and advances to controlled corporations were carried at $961,710 and other invest,monis (values not readily determinable) were carried at $1,320,078, making
total investments of $23,679,477. After deducting 8367.044 investment
reserve, total investments as carried in balance sheet amounted to $23,312,433. Capital stock consists of 680,466 (no par) shares $3 cumulative
preference stock and 3,301,341 shares (par $1) common, excluding shares
held in treasury.
-V. 138, p. 4293.
Chicago Daily News, Inc.
-Tenders.
-
Halsey, Stuart & Co., Inc. 35 Wall St., N. Y. City. and Continental
Illinois National Bank & Trust Co.231 So. LaSalle St., Chicago, Ill.,
sinking fund agents, will until July '17 receive bids for the sale to them
of 10
-year 6% sinking fund gold debentures, due Jan. 11936. to an amount
sufficient to exhaust $126,102 at a price not exceeding 101 and interest.
-V. 138, p. 2741.
Chicago Rock Island & Pacific Ry.-Gold Hearing.=
Federal Judge Wilkerson at Chicago has continued to Sept. 15 in U. S.
District Court of Northern District of Illinois the hearing on the petition
of the Bankers Trust Co.for payment of interest and principal offirst mortgage bonds of Chicago Rock Island & Pacific in gold of the former standard
of value or the equivalent in currency.
-V. 139. P. 110.
Chicago Surface Lines.
-Wages Increased.=
A new wage agreement increasing the pay of motormen and conductors
three cents an hour was approved July 2 by division No. 241, Amalgamated
Association of Street Electric Railway & Motor Coach Employees of
America. The increase will be retroactive to June 1 when the old agreement expired. In addition, beginning next fall all trainmen will be paid
for a minimum of eight hours instead of the 7% hours they were reduced
to in 1931. The additional cost will be in excess of $1,000,000 a year,
it is said. Guy A. Richardson, President, stated:
"During the depression the
voluntarily accepted a 7
-cent decrease
In wages and some changes in men
working conditions. Now that the trend in
riding is upward and there is ground to hope for continued business improvement, the management felt there was justification for restoring
to the men part of what they had relinquished at a time when we had lost
approximately one-fourth of our business."
-V. 138. p. 3267.
Chicago & Western Indiana RR.
-Bond Application.
-
The company has requested authorization from the I.
-S. C. Commission
to issue and sell $6,278,000 series A 5%% 1st and ref. mtge. sinking fund
gold bonds. The proceeds will be used to meet maturing indebtedness including $5,950,000 owed the U. S. Government which is due Oct. 7 1935.
The company also will retire $50,000 owed First National Bank of Chicago
$103,500 owed City National Bank & Trust Co. and $187,000 owed Central
Republic Trust Co. A sum of $50,000 will go into working capital out of
the
14gotiations have been had with several investment bankers, the Commission was told; as a result the best offer which the road has been able
to secure is one to net 101% of the face value of the bonds with accrued
interest.
-V. 138, p. 3084.
Chrysler Corp.
-Retail Sales Higher.
-
Retail sales of Plymouth, Dodge, De Soto and Chrysler cars for the
week ended July 7, totaled 13.785 units, 7.8% greater than the previous
week and 10% more than for the comparable week last year. This was the
second highest sales week in the history of the corporation, it is said.
June shipments to dealers of Plymouth, De Soto, Chrysler and Dodge
passenger cars and trucks amounted to 64,588 units compared with 73.681
in May and 66,251 in June 1933. For the first 6 months these shipments
totaled 388,742 units, as competed with 217,769 in the like period of
1933.
-V. 139, p. 111.
Cities Service Power & Light Co.(Li Subs.).
-Earnings.
Year Ended-
277
capitalized on construction and other accounts of $52.628), $222.000;
Interest on funded debt of subsidiary companies. $2,252,038; amortization
of debt discount and expense of subsidiary companies. $301.845: dividends
on preferred stocks of subsidiary companies in hands of public
-paid and
accrued, $805,726. Proportion of net income of subsidiary companies
applicable to minority interests, $65,552. Interest on funded debt of
Cities Service Power & Light Co.,$844.575. Amortization of debt discount
and expense of Cities Service Power & Light Co., $77,433. Provision for
Federal income tax.$33,702. Net income before provision for replacements.
$1,074,236. Appropriation for replacements as provided by subsidiary
companies, 8804,873. Net income, 1269,363.
Consolidated Balance Sheet•
Sept. 30.
1933.
Assets
Properties and investments
363,904,321
Invest.In sub.& affil. cos. not consol- 26,952,219
Disct.and expense on preferred stocks 2,000,799
Sink. & specialfunds
-Cash & securs_ 3.520.418
Company's preferred stocks repurchased and in treasury
z5,144,609
Cash in banks and on hand
3.873,128
Cash on deposit with fiscal agent_
Accounts and notes receivable
9,582.636
Marketable securities
y701,974
Interest and dividends accrued
Due from affiliated companies
Due on installment sales of pref.stks
Merchandise, materials and supplies.. 3,022,492
Prepaid insurance, interest, &c
392,792
Unamortized discount on bonds_ _ -- 15,989,830
Unamortized excess of cost over realization of property disposed of__ -- 4,652,637
Other deferred charges
1,488,109
Borrowed securities-Pledged
Loaned on securities ofsub.companies
Balance in closed banks
304,186
Accounts and notes receivable
127,729
Notes receivable from employees..
Notes & accounts receiv. personnel
173.178
441,831.058
Total
1933.
Liabilities
Preferred stock
22,622,500
Common stock
65.000.000
Minority stockholders'int. in subs. &
controlled companies:
52,984,187
Preferred stock
Common stock
6,403,590
Surplus
Funded debt
224.157,700
Demand notes
5,724,345
Notes payable
3,395,560
Notes payable to Cities Service CoNotes.& accounts payable
1,397,814
Due to affiliated companies
Dividends payable
163,556
Dividends accrued
Accrued interest on funded debt
3,544,691
Accrued int., taxes & miscel. accounts 3.664,793
Provision for Federal income tax_ _ _ _
275.995
Notes & accts. payable-not current_
300,523
Customers and line extension deposits 1.505,304
Liability for borrowed securities_
Securities to be delivered by Gas &
Elec. Securities Co. per contra_
Reserves
24,066,796
Capital surplus
17,544,315
Surplus
9,079,389
-June 301932.
1931.
362,298.768 371,822,878
28,281,316
2,059,904
2.033,265
3,856,063 3,660.300
z5,144,609
5,144,609
2,447.674
3.818,533
903,829
5.312,684
10,523,946 10,491,838
y663,060
641,911
101,039
219,123
87.913
49.006
140.997
3,397,012 3,916.515
294,901
339,398
14.255,307 14,801,057
3,689,178
1,744,472
3,970,974
2,071,283
152.300
2,030.000
457,009
30,753
107.192
440,305,041 430,655.585
1932.
1931.
22,622,500 22.622,500
65,000,000 65,000,000
52,528,427 52,031,127
3.524.114
3,530.780
2,325,357
2.531,458
232,167.110 221.566,380
5,382,665 4,909.701
1,050.000
z1,771.639 z2.097.818
123.194
669.454
232.895
2,506,036
2,441,920
2,965.176
3.341,382
1,350.671
1,443,046
408,063
418,821
1,621,871
1,683,783
152.300
2,030.000
21.092,382 18,520,306
17,341,860 16,584,737
6,414,277 8.956,869
Total
441,831,058 440,305,041 430,655,585
x Stated value, $4.837,020. y Market value. 8557.407 in 1933 and
-V. 135. p. 3855.
8221.114 in 1932. z Accounts payable only.
,
leveland Graphite Bronze Co.
-Dividend.
A quarterly dividend of 50 cents per share was paid on the common
stock, no par. July 5 to holders of record July 2, as compared with 40.eemte
per share April 5 last and 35 cents per share distributed on Jan. 5 1934
and Oct. 2 1933.-V. 138, p. 2404.
-
--Colgate-Palmolive-Peet Co.
-Resumes Common Divs.The directors on June 11 declared a dividend of 1214 cents per share on
the common stock, no par value. payableAug. 1 to holders of record July
23. This is the first payment on the common stock since Jan. 21 1933.
when 25 cents per share was paid. Similar distributions were made in the
two previous quarters, while from Jan. 1930 to and incl. April 1932 dividends of 6214 cents per share were paid each quarter.
President S. Bayard Colgate, in connection with the resumption of common dividends, said:
"In taking this action, the board was guided by the fact that sales have
shown constant improvement and that preliminary estimates of profit
indicate better than 75 cents a common share earned during the first six
months. Common stockholders have had no return on their investment
since early in 1933, and it was felt that the company's strong financial
position justified a resumption of dividend.
'Colgate-Palmolive-Peet is now in a position to share in business recovery and to contribute its share toward it. Earnings and dividend payments
in the future will largely be determined by the extent to which business
recovery progresses."
-V. 138. p. 4293.
Dividend.4 ./
6
6
y Sept. 30
June 30--z1931.
1933.
1932.
1930.
Gross earn.from oper-- -346,593,894 U1.393.874 $49.610,358 $49,745.848
Inc.from dive., int., &c 684,693
1,362,433
767,319
1,429,468
Excess of par value over
costs of debs. purch. &
retired during year. 700,850
176,685
Total income
$48.062,060 852,255,253 $50,972,791 $51.175,316
Int. & other charges and
Fed, income tax
14,587.550 14.911,326 12,551,536 11.209,547 "
Collins Co., Hartford, Conn.
-Larger
4-L
Oper. & maint. exps_ -- - 23,762,066 27.090,605 26,415,421 26,619.657 The directors have declared a dividend of $1 per share on the common
stock. payable July 14 to holders of record July 10. Regular quarterly
Net inc.before prov.for
distributions of 50 cents per share were paid on this issue from April 15
replace., pref. dive.,
1932 to and incl. April 15 1934. and $1 per share quarterly from April 15
subs. & min. corn.
1931 to and incl. Jan. 15 1932.-V. 134, p. 2729.
stockholders int_ _ - $9, 12,444 $10,253,321 $12,005,835 $13.346.113
Previous surplus
8,956,870 10,046,175
7,017.317
7.388,835 •---Columbia Gas & Electric
Surplus adjust. applic.
Corp.
-Omits Common Div.
The directors on July 10 decided to omit the quarterly dividend on
to °per.of prior years_ Dr78,265
224,538
438,834
1,465.256
the common stock usually declared at this time. Distributions of 1214
Proport'n of def. of sub.
cos. applicable to min.
cents per share- in 5% convertible preference stock were made on May 15
and Feb. 15 last, and on Nov. 15 1933, as compared with 20 cents per
stockholders
41.429
share in preference stock on Aug. 15 and May 15 1933 and 25 cents per
Total surplus
share in the same class of stock in each of the four preceding quarters.
$22,276,547 $22,200.203
The directors, however, declared the regular quarterly dividends on
Amortiz.ofexcess of cost$16,651,496 $19,690,454
the 6% and 5% preferred stocks and on the 5% convertible preference
over realizat'n of propstock, all payable Aug. 15 to holders of record July 20.
erties disposed of
527,805
485,761
424.731
Prov.for replacements in
In connection with the omission of the common dividend,
compliance with Cities
an official statement sa,ys:
Service Power & Light
Co. indentures as to
As the &shit of reductions in rates for services, inaugurated by various
maintenance & deprec.
municipalities, which involve serious curtailment of both gross and net
3,164,002
3,183,757 3,567,997
Dividends on preferred 3,603,799
earnings and because of continuing increases in taxes and costs of operastocks of subs
tions, no dividend was declared on the common stock at this time, the
2.736.610
3,222,424
3,204.400
2,576,775
board deeming it best to further strengthen the corporation's cash position.
Min. com, stockholders
int.in net inc. of subs_
-V. 138, p. 3435.
209.310
473,548
93,252
321,153
Pref. diva. of holding cos
1,119,999
1.119.999
1,119,999 "---Columbia Investing
Corn. diva. of holding co.
Corp.
-Liquidating Dividend.
5.200.000
5.200.000
4.766,667
The directors have declared an initial liquidating
of
share -on the common stock, no par value. payable dividend to $6 per
Surplus as at June 30 - $9,079,389 $6,414,277 $8,956,870 $10.046,175
July 23
holders
of record July 16.-V. 139, p. 111..
z Includes operations of Federal Light & Traction Co. and its subsidiaries for the three months ended June 30 1931.
Consolidated Gas, Electric Light & Power Co. of
y The consolidated income account for the three months ended Sept. 30
.
Baltimore.
-Tenders.
1933 is as follows: Gross operating revenue, $11,038,682: operation and
maintenance, $5,667,974: net operating revenue before provision for
The Bankers Trust Co.. trustee, 16 Wall St., N. Y. City, will
replacements, 85.370,707: income from investm-nts in affiliated and °the:,
before Aug. 1 receive bids for the sale to it of 1st ref. mtge. sinkingon or
companies, interest and sundry receipts, 8196,015: excess of par over book
bonds, series G. 43 % due March 1 1969, series H.414% due July fund
1 1970,
value of dt,bentures ahd bonds of Cities Service Power & Light Co. and
and 4% series due July 1 1981, at prices not exceeding 105 and interest.
a subsidiary retired througn sinking funds. $110,387: total, $5,677,110.
There will be available for the purchase of such bonds the sum of $405,529.
Interest on notes and accounts payable and other charges (less interest
-V. 139, p. 112.
278
Financial Chronicle
Community Power & Light Co.(& Subs.).
-Earnings.
Period Ended May31- 1934
-Month-1933. 1934-12 Mos.-1933.
Operating revenues
$295.194
$277,886 $3,606,280 $3,600,821
Operation
152,695
Maintenance
163,393
14,953
151,004
13,258
299,524
Retirement accruals ___ _
313,866
20,747
24,685
Taxes
263,362
23,945
328,579
31,589
Net operating revenue
Non-oper. income-net_
$72,965
1,117
$75,388
13,255
Gross income
Deducts,from gross inc_
$74,082
71.621
$88,643 $1,074.417 $1,244,834
879,832
72,733
857,650
Balance
p. 4459.
$2,461
-V. 138.
$15,910
$994.409 $1,066,289
178,544
80,008
$216,766
$365,001
Consolidated Laundries Corp.
-Earnings.
-(& Subs.).
24 Weeks EndingNet sales
Cost ofsales
Depreciation
June 16'34. June 17'33. June 18'32. June 20'31.
$3,150,431 $2,931,150 $3,908.912 $4,542,249
2,858.492
2.613,460 3,252,375 3,717,847
244,601
246,474
314,081
333,445
Profit from operations
Other income
Total income
Interest charges
Federal income tax (est.)
Net profit
Preferred dividends_
Common dividends
$47,339
22.441
$71,216
25,364
$342,456
33,803
$490.957
40,728
$69,780
81,582
$96,581
94.427
$376,260
101,759
33.945
$531,685
113,159
51.184
loss$11,802
$2,153
8,817
$240,556
17,703
195.686
$367.342
20,342
201,823
July 14 1934
panies, influenced by the leverage factor, stood at 13.06 as of the close
July 6, compared with 13.21 on June 29.
The average of the non-leverage stocks stood at 15.20 as of the close
July 6, compared with 14.87 at the close on June 29. The average of the
mutual funds closed at 10.78, compared with 10.69 at the close of the
previous week.
-V. 139, p. 113.
-Balance Sheet June 30.Discount Corp. of N. Y.
1933.
1934.
Assets
Acceptances._ _ _ 8,394,509 62,621,955 Capital stock ._
U. B. Govt. sec. 66,295,454 108,905,852 Surplus
Undiv. profits
Interest recelv.
510,457 Unearned disct _
accrued
348,862
Reserves
Cash dt due from
3.056,610 LOLIIL9 payable &
banks
3,755,251
due to banks
Sund. debits accustomers_. _ _
30.545
crued
15,516
Accepts, re-disc.
and sold with
endorsement _
U.S. Govt.secs.
re-pur. agreements
Sundry credits_ _
Total
78,809,592 175,125,419
-V. 138, p. 510.
Total
1934.
$
5.000,000
5,000,000
3,087,026
202,546
263,735
1933.
5,000,000
5,000,000
2357,061
187,229
337,170
61,855,478 114,640,479
2,896,911 23,295,591
500,000 24,300.000
3,896
7.889
78,809,592 175,125,419
-June Output.
Dome Mines, Ltd.
-Month-1933.
Period Ena. June 30- 1934
1934-6 Mos.-1933.
*601.004
$712,648 $3.704)812 $3,001.959
Production (value of)--The June 1933, figures included premiums earned but not received in
May 1933.-V. 138, p. 3944.
Balance, surplus
$27,167
def$11,802
def$6,664
$145,177
Shares common stk. outEast Kootenay Power Co. Earnings.
standing (no par)_ _ _ _
400,000
400,000
403.885
404,013
Period End. May 31- 1934-Month-1933.
1934-2 Mos.-1933.
Earnings per share
Nil
Nil
$0.55
$0.86
$34,900
$33,440
Gross earnings
$69,447
$66,123
Comparative Consolidated Balance Sheet.
11,419
11,377
Operating expenses
22,092
22,939
LiabilitiesJune 1634. June 1733
AssetsJune 1634. June 17'33
$22.10
Cash
$320,599 $550,814 Notes payable_ _
$23,481
$22,063
Net earnings
$44,031
$46,508
aReceivable
321,061
363,462 Accts. payable &
-V. 138, p. 3944.
440,598
accrued
1,139,147
839,144
358,325
Inventories
96,432
136.738 Salesmen's et other
Prepaid charges...
-To Redeem Notes.'Eastern Utilities Associates.
54,102
dep
364,420
Other assets
354,444
The company will on Aug. 1 redeem the entire issue of $2,400,000 3
-year
Fed. Income tax.
15,992
bLand, bldgs., ma5% gold notes, due Oct. 15 1935,at 1005i and interest.
1st mtge. bonds of
chinery dr deliv'y
In order to make this redemption possible, the company has arranged to
equipment
5,296,437 5,574,465 subs. due within
borrow the necessary funds from Boston banks for a period of two years
one year
75,000
Purch. route serv. 300,000
300,000
74.000
with the company retaining the option to pay off the bank loans at any time
1 Purch.money mtge.
1
Good-will
during this 2
-year period. The bank loans, it is said, have been negotiated
payable within I
on an attractive interest basis to the company, believed to be around 3%.
year
246,048
312,423
-V. 138, p. 4461.
Long term debts__ 2,365,230 2,623,961
Res. for conting_
66,067 ------E
nning am Drug Stores, Inc.
-Initial
conom'calRes.for workmen's
com pensation ins
55,511
Dividend.
Other reserve
28,662
The directors have declared an initial dividend of 35 cents per share on
Preferred stock_
487,520
487,920
the common stock, no par value, payable July 16 to holders ofrecord July 10.
cCommon stock._ 3,154,401 3,154,401
-V. 133, p. 2769.
Earned surplus_ 921,048 1,013,849
Total
Total
$7,828,120 $8,129.043
$7,828,120 $8,129,043
a After reserve $73.935 in 1934 and $62,874 in 1933. b After reserve
for depreciation of $4,079,386 in 1934 and $3,716,084 in 1933. c Repre-V. 138, p. 2743.
sented by 400,000 no par shares.
Consolidated Mining & Smelting Co. of Canada.Output.
Period End. June 30- 1934-3 Mos.-1933.
Silver (ounces)
1,766,863
1,149,000
Gold (ounces)
8,617
3.323
Lead (tons)
38,901
31,510
Zinc (tons)
27,072
14,996
Copper (tons)
255
-V. 139, p. 112.
1934-6 Mos.-1933.
3,562,840
2,750,000
17,642
9,962
74,271
60.236
50,888
29,754
255
Corporation Securities Co.
-Trustee in Bankruptcy
Seeks1537,000,000from Directors and Officers.
A suit seeking the recovery of amounts aggregating more than $37,000,000
from directors and officers of this defunct corporation was filed in Superior
Court of Cook County, Ill., on June 28, by Sam Howard. trustee in bankruptcy for the company.
The bill alleges that funds in this amount were spent for securities,
principally Middle West Utilities Co. stocks, which the defendants either
knew or should have known to be worthless at the times of purchase.
Included in the total is about $4,000,000 representing preferred dividend
paid by the company.
-V. 138, p. 867.
-Earnings.
-Crown Willamette Paper Co.(& Subs.).
!Including Pacific Mills, Ltd., a Canadian Company.]
Year End. April 301934.
1933.
1932.
1931.
Operating profit
$5,283.235 $3,714,217 $6.999,225 $6,754.282
2,728,700 2,629,450
Depredation
2.287,888 2,210,460
Depletion
490,501
316,195
357,777
548,350
1,112,763
1,280,423
Interest
1,200,363
1,325,539
U.S.& Can.inc.taxes_ _
238.585
29,536
357,130
304,622
41,269
Minority interest
Dr23,818
Cr4,725
52,690
Net profit
Preferred dividends..
$1,129.680 loss$37,613 $2.233,926 $1,893,631
x800,000
x800,000 y1,646,000
400,000
Surplus
$329,680 def$837,613 $1,433,926
$247,631
Earns, per. sh. on comb ned $7 1st pref. and
Nil
$9.27
$7.85
$6 2d pref. stocks_ _ _ _
$4.69
* Includes $182,643 profit on companies' own bonds purchased for redemption. x Dividends of $4 per share on 1st pref. stock only. y Includes dividends of 7% on 1st pref. and $6 per share on 2d pref.
Note.
-Dividends in arrears on the pref. stock as of April 30 1934,
amounted to $9 per share on 1st pref. stock and $18 per share on 2d pref.
stock.
-V. 138, p. 3601.
-Listed.
Edison Electric Illuminating Co. of Boston.
The 3% coupon notes of 1937 have been admitted to dealing on the
-V. 139, p. 113.
New York Produce Exchange on a "when issued" basis.
-Earnings.
Egry Register Co.
Earnings for 5 Months Ended May 31 1934.
$42,210
Net income __
_ __ __ - -----------------------------Shares class stock outstanding20,000
$0.82
Earnings per share---------------------------------------V. 138, p. 2406.
-Output of Affiliates.
Electric Bond & Share Co.
Electric output for three major affiliates of the Electric Bond & Share
System for week ended July 5. compares as follows with the corresponding
week of 1933 (in kwh.):
1934.
1933.
% Inc.
74,521,000
x7.7
American Power & Light Co__ -- 68,781,000
34,560,000
7.4
Electric Power & Light Corp__ 37.126,000
__ 62,914,000
60,203,000
4.5
National Power & Light Co
x Decrease.
-V.139, P• 114
.
-Court Permits Reorganiza'n.
Electric Public Service Co.
The plan of reorganization known as the Turner plan and advanced by
a reorganization committee comprising W. W. Turner, A. F. Beringer,
R. W. Rea and J. L. Kauffman, was approved by Chancellor Wolcott in
Chancery Court, Wilmington, July 12. The Chancellor said the plan was
fair and equitable and that all parties seeking hearings on the plan had been
heard.
Holders of more than 89% of the secured bonds have deposited their
holdings under the plan. The Turner plan supersedes that proposed by
Mr. Kauffman, representing a committee of bondholders of the company.
The sale of the assets of the company has been scheduled for July 20
by order of Chancellor J. O. Wolcott in Chancery Court, Wilmington, Del.
The sale had been deferred previously from June 29. the receivers asking
for more time to complete their list of assets to be included in the sale.
-V.139. p. 114.
-Earnings.
El Paso Electric Co.(Del.).
[And Constituent Companies]
-Month-1933.
1934-12 Mos.-1933.
Period End, May 31- 1934
$209,864
$209,195 $2,558,192 $2,625,882
Gross earnings
97,546
92,042
Operation
1,134.082
1,101,327
12.653
10.989
135,763
139,506
Maintenance
28,801
23,627
276,080
Taxes
307.996
36,346
37,257
435,324
Interest & amortization_
440,285
*34.516
Balance
Appropriations for retirement reserve
$45,277
Balance
Prof. stock div. requirements of constituent co
$541,283
230,000
8672,425
230,000
$311,283
46,710
$442,425
46,710
-Earnings.
Crown Zellerbach Corp. (Lic Subs.).
Balance
$264.573
$395,715
194.998
Pref.stock div. require. of El Paso Elec. Co.(Del.)
194,998
1932.
1931.
1934. . 1933.
$8,571,092 $5,241,714 49,657,675 $9,587,188
Balance for common stock divs. and surplus__
$200,717
3,847.715
3,706,857
$69,575
3,282,088
3,395,916
357,777
560,001
491,975
316,196
During the last 32 years the company and its predecessor companies
1,845,737
1,932.491
1,540,095
1,689,662
have expended for maintenance a total of 6.80% of the entire gross earnings
1,690,674
1,703,686
Cr4,341
1,153,786
over this period, and in addition during this period have set aside for re388,681
29,537
403,273
409,680
serves or retained as surplus a total of 9.94% of these grosfi earnings
.
-V. 138, p. 3945.
*1.579,640 loss$71,428 $1.512,499 $1,295,472
Net profit
t!
-Extra Dividind.
x Includes $542,708 profit on purchase of company's own bonds. "-Empire Capital Corp.
V. 138. p. 3086.
The directors on July 11 declared an extra dividend of 1% in addi
to the regular quarterly dividend of 2% on the 8% non-cum. class A stock,
- par $5, both payable Aug. 31 to holders of record Aug. 21. The company
-Semi-Annual Distribution.
----Cumulative Shares Corp.
has been paying quarterly dividends of 2% on this issue since and includDistributors Group, Inc., sponsors, on July 11 announced the declaration
ing Nov. 29 1933.
of a semi-annual distribution of 7 cents per share on the Cumulative Trust
Shares. payable July 16 1934. This compared with 7 cents per share paid
It is stated that on Aug. 21 the directors will consider the question of
Jan. 15 1934; 9.2 cents per share July 15 1933; 7.8 cents per share Jan. 16
paying a dividend on the class B stock, par 35.-V. 138, p. 4462.
1933, and 12 cents per share on July 15 193 .- • 137, P. 496.
Years End. April 30
Gross profit
Depreciation
Depletion
Interest
Minority interest
Federal taxes
-Shipments.Cutler-Hammer, Inc.
1934-6 Mos.-1933.
Period End. June 30- 1934-3 Mos.-1933.
$1,497,490
$850,325 $2,673,264 $1,436,940
Shipments
-V. 138, p. 3436.
,
-Investment Averages Irregular
Distributors Group, Inc.
The investment companies common stock index was irregular during
the past week, as evidenced by the averages compiled by this corporation.
The average for the common stocks of the 10 leading management coin-
-Admitted to List.
*---- 'Emsco Derrick & Eiment Co.
"
The New York Curb Exchang as admitted to unlisted trading privil
the new capital stock. $5 par, i ieu of old capital stock, no par.
The new capital stock (par $5) is tamable in exchange for old capital
stock (no par value) in accordance with notice addressed to stockholders
under date of May 12 1934.-V. 138. p. 3269.
-Additional Shares Listed.
'Equity Corp.
The New York Curb Exchange has added to the list 1,797,242 additional
-V. 138. p. 4462.
shares of common stock, no par.
Financial Chronicle
Volume 139
Ermita Sugar Co.
-Payment on 732% Bonds.
The Bankers Trust Co., as trustee for the 1st mtge. 20
-year 7;•6% convertible bonds, is notifying bondholders that, beginning July 12, a distributive payment is being made at the rate of $12.203 per $1,000 bond.
This represents the entire net proceeds of the foreclosure sale of the property, subject to the first mortgage, received by Bankers Trust Co. or its
agent in Cuba for the benefit of bondholders. Payment will be made by
Bankers Trust Co. in New York upon presentation of the bonds, with the
13th and subsequent appurtenant coupons attached -V. 116, p. 2999.
Total
Preferred dividends
Reduction in book value of non-oper. property-Loss on disposal offixed assets
Exeter Oil Co., Ltd.
-Earnings.
-
In the first ouarter of 1934 company earned a profit (before charges) of
$16,192. After deducting $10,353 for the usual charges for depreciation,
depletion and additions to reserve for bad accounts, &c., there remained
a net profit of $5,838. In addition, company had the benefit of a slight
addition to the surplus account of $143. This represents a refund of interest on previous Federal income tax payments.
Balance Sheet March 31.
Assets
1934.
Liabilities
1934.
1933.
1933.
Current a.ssets____ 8193,465 $152.091 Current liabilities 3115,538 8135,484
Contracts rec_ _ _ _ 365,000
Purchase obligaBet. sects. rec ____
561
28,374
33,373
tions
Investments
25,800
3,055
25,800 Deferred credits_ _
Property
1,159,926 1,422,662 Reserves
851,832
624,655
Franchise
500
818,500
500 Class A stock._ _ _ 811,900
Organization exps.
8,152
1
1 Class B stock_ _ _ _
50,000
Prepaid & deferred
66.634
Deficit
57,807
charges
3,908
6,208
Total
$1,749,162 $1,607,263
$1,749,162 $1,607,263
Total
-V. 138. p. 4125.
---- Fidelity
&
Deposit
-Resumes
Co.
Finance Co. of America at Baltimore.
-Earnings.-
279
$3,741,170
Earned.
$417,173
333.550
$750,723
300,000
200,000
12,855
Balance, May 31 1934
Dividends_iftro---
The directors have declared a dividend of 50 cents per share on the
capital stock, par $20, payable
holders of record July 16. Distributions of $1 per share were July 27 to
made on this issue on July 19 and Oct. 21
1932: none since.
John A. Griffin, head of the New York branch of the company, has been
elected a director. E. II. Nuttle has been promoted to Executive VicePresident and Herbert Dunn to Vice-President.
Gross premiums for the first six months of 1934 amounted roundly to
$6,919,000, a gain of $255,000 over the like period a year ago. Because of
heavier reinsurances, however, the increase in net premiums was $51.171.
During the period company increased surplus by $337,523 in contrast with
a loss of $40,000 for the corresponding period of 1933.-V. 139. 1.
1• 115.
•
Surplus Account May 31 1934.
Capital.
.
Balance, May 31 1933
$3,721,512
Net income for year (as above)
Adjustment of Federal income tax applicable to
prior periods
19,658
$3,528,315
$450.723
Balance Sheet May 31.
1933.
1934.
1934.
1933.
LiabilitiesAssets
$
$
$
3
315.337 Accounts payable_
Cash
397,904
52,904
77,354
Fed. process. tax. 155.229
Drafts on hand &
Notes payable_ _ __ 2,224.000
In banks for col35,165 1st M. bds. (curt.)
lection
126,337
45,000
Marketable seems. 434,464
393,345 Accr. int. & taxes_
75,786
91.027
Marginal deposits_
Res. for Federal
195,052
Notes receivable.1 z374,520 f 17,535 income tax
9,500
27,000
1202,574 Other reserves._ _ _
Accts. receivable.'
379,151
514.566
5,067,680 3,274,879 Bonded debt
Inventories
3,500,000 3,590,000
Fixed assets
6,716,275 7,038,536 y $8 pref. stock... 2,500,000 2,500,000
136,811 x Common stock
132,821
Other assets
500.000
500,000
Capital surplus
3,528,314 3,721,512
Earned surplus.
417,173
450.723
-Total
13,445,058 11,414 182
13,445,057 11,414,182
Total
x Represented by 500,000 shares of $1 par. y 25.000 shares of no par
value. z After reserve for doubtful notes and accounts of $13.646.V• 138, p. 4298.
-Extra Dividend."
----Franklin Fire Insurance Co.
VII
The directors have declared an extra dividend of 5 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
common stock. Par $5, both payable Aug. 1 to holders of record July 14.
This compares with regular quarterly dividends of 25 cents per share paid
since Aug. 1 1932. prior to which the company paid 40 cents per share
quarterly.
-V. 138, p. 690.
-Earnings.Fyr Fyter Co., Dayton, Ohio.
6 Months Ended June 30Net sales
Cost of sales
Selling and administrative expenses
1934.
$188,729
109,799
82,871
1933.
$122,869
80,989
74.113
$32,234
$3,940
Net loss on sales
6 Months Ended June 301934.
1933.
4,521
4,492
Other income
Total purchases
$9,470,530 $6,525,526
Total collections
8,525,507
6,471.434
sur$581 def$27,742
Balance
a Gross income-------186,223
186.223
141,095
1.876
Miscellaneous deductions1,085
Operating expenses.
64,072
61,128
Interest. _ _ __•
41,511
36.603
$1,296
Deficit
$28,827
Provision___________Vaxes
5.369
-V. 138, p. 2747.
Net profit
$80,639
$37,995
-Bonds Deposited.Electric & Gas Co.
Gary
Preferred and cOmmOn54,811
cfiviciesia
36,308
Loss on sale of treasury stock
More than two-thirds of the bonds have been deposited under the eaten17,310
sion plan of the company, according to officials. A total of $5,336,000
Instalment liens balance charged off
3.252
par amount have been deposited out of the $8,000,000 issue. This company
Added to surplus
$5,265
der
$1,687
also is seeking a reorganization under the amended bankruptcy laws.Common equity, Jan. 1
1,305,024
1,272,157
V. 139. p. 116.
Surplus adjustments, June 30
Dr4,826
Cr12,381
-Declares $4 Per Share on Pref.
.
-General Baking Co.
--Common equity, June 30
$1,305,463 $1,286,224
Stock and 25 Cents Per Share on Common Stock.Comparative Balance Sheet June 30.
AssetsThe directors on July 7 declared a dividend of $4 per share on the $8
1934.
1934.
1933.
Cash invested_ _ -$2,819,486 $2,394,199 cell, truslies tes_ _ _$1,716,500'151.087,786
.
cum. pref. stock, no par value, covering the period from Jan. 1 1934 to
it o
" n1733
Cash surrender valJune 30 1934 and a dividend of 25 cents per share on the common stock,
Dividends payable
of life insur...
Par $5, both payable July 23 to holders of record July 16. The declaration
5,133
July 15:
Sundry accts. rec.
of the dividends had been postponed because of legal proceedings at
46,435
c5,705
Pref. dividends.
43,033
Cash in banks_ _ _ 412,264
.
tacking the management and contending the voting power of common
Corn. dividends_ c12,500
179,364
lUtS
Stocks and bonds_ 129,411
should be reduced.
23,073
137,966 Sundry accts. pay_
631,769
Cash in closed bks.
Frederic H. Frazier, Chairman of the board, stated that the company's
94,309
569
5841 Reserves
,
101,658
Treasury stock
counsel had expected that a decision could have been obtained Wore
45,594 Preferred stock.- 328,250
319,340
Due from officers.
this time on the actions brought by certain stockholders of the company.
Paid-in surplus._ _ 994,723
989,447
employees and
These actions, involving among other things an attack on the board of
Earned surplus__ 310,740
296,777
others
directors and on the management together with the contention that the
44,005
46,324
Furn. & equIpm't_
voting power of the common stock should be reduced, are still undecided
1
1
Prepaid discount,
and it now appears that legal proceedings will make further delay uninsurance, &c
avoidable. The board of directors had been of the opinion that a court
28,496
12,504
decision should be obtained before action was taken on dividends. In
Total _____ ...„.$3,485,801 $2,844,827
view of the protracted legal proceeding the board of directors has now.
$3,485,801 $2,844,827
Total
holdeve , taken dividend action in order to avoid undue hardship to stockow ersr
.
ken
a After dedicting $19,248 on deposit in closed banks which amount
has
been allowed as an offset and including $376,000 series A notes paid
April 1
Regular quarterly distributions of $2 per share on the preferred stock
1934. b Includes $6,110 accrued interest on collateral trust notes
paid
and 25 cents per share on the common stock were made on Jan. 2 last.
April 1 1934. c Accrued at June 30 1934; declared July 3 1934.
V. 138, p. 3946.
Note.
-Common equity represented by 75,000 shares class A no par
common and 50,000 shares class B no par common.
-Orders Received.
-V. 138, p. 4297.
General Electric Co.
First Boston Corp.
Period Ended June 30-1934--3 Mos-1933. 1934-6 Mos-1933.
-Defers Discussion of Div. Policy.
$54,005,988 $35,539,858 $92,154,642 $61,051,502
Orders received
Allan M.Pope, President, in a
stockholders states:
The second quarter of 1934 was the largest since the third quarter of
"The management considers it letter to the proper conservatism
,
contrary to
to indi1931.-V. 138, p. 4463.
cate at this time any future dividend
policy.
"For your information, however, the board of directors will not
-Sales for June gigher.-The
General Motors Corp.
be called
to consider any dividend action
prior to sometime in December,
company on July 9 made the following announcement:
ever action at that time might be taken will be dependent upon and whatthe results
of the operations of this
June sales of General Motors cars to consumers in the United States
corporation In the previous six months.
Mr. Pope added that the
totaled 112,847 compared with 95,253 in May. Sales in June a year ago
on Juno 15 with $9,000,000corporation was turned over to the stockholders
were 101.827. Sales for the first six months of 1934 totaled 494,972 as
of net assets in the
ment and other readily marketable securities. form of cash. U. S. Governcompared with 399,764 in the corresponding six months of 1933.
As of last July 9 there were
approximately 8,000 stockholders.
Sales of General Motors cars to dealers in the United States in June
-V. 138, p. 4462.
totaled 118,789 as against 103,844 in May. Sales in June a year ago were
---First National Stores, Inc.
-Offers to Buy Preferred.
99.956. Sales for the first six months of 1934 totalled 592,867 compared with
The company has advised
427.762 in the corresponding six months of 1933.
York Curb Exchange that at any
time between July 2 and Aug.the New both inclusive, first
June sales of General Motors cars to dealers in the United States and
311934,
preferred stockholders may sell their first preferred
Canada, together with overseas shipments, totaled 146.881 as against
stock to the company, and the company will buy the same, at $110
132,837 in May. Sales in June a year ago were 113,701. Sales for the first
per share, which is the call price, plus an
amount equal to the dividend accrued from July 1 1934 to the date
six months of 1934 totaled 750,276 as compared with 498,622 in the same
of sale.
Stockholders desiring to sell their first preferred shares
six months of 1933.
tender their certificates, duly stamped and endorsedon this basis should
for transfer, with
sales to consumers in United States,
signature guaranteed, or mail the same by registered mail, to the
1934.
1932.
1933.
department of the First National Bank of Boston. The company transfer
1931.
reserves
January
the right to limit its purchases to a
23,438
47,942
50,653
61,566
of 25,000 shares.
February
The Committee on Securities oftotal Curb Exchange rules that
58.911
42,280
46,855
68.976
the
the 7%
March
first preferred stock be quoted •'ex" said rights on Aug. 29.-V.139,
98,174
48.717
47,436
101,339
p. 115.
April
106,349
71,599
81,573
135,663
Fox Metropolitan Playhouses, Inc.
95.253
63.500
-New Bid Sub- May
85,969
122,717
June
112,847
56,987
101,827
milted.103.303
June
32,849
87,298
85.054
The Loew-Warner Brothers combination, which offered
$4,000,000
August
37,230
86,372
69,876
for the assets of the company, increased its bid to $4,500,000 on July
10,
September
34.694
71.458
51,740
it was revealed July 12 at a hearing before Federal Judge Julian W.
Mack.
October
63,518
26,941
49.042
The court, after discussion, adjourned the hearing until
to
November
35,417
12,780
34,673
give the Fox bondholders, the bidders and other interested July 20 an
December
11.951
19,992
53.588
opportunity to clear up their differences. He also extended groups
until Oct.
18 the receivership, which would have expired Aug. 18.-V. 138, p, 4298.
_.
Total
755,778
510.060
937.537
Flour Mills of America Inc.
-Preferred Dividend a- 46tia
4
Sales to Dealers in United States,
The company on July 1 paid '
adividend of $2 per share on the $8 cumu1933.
1931.
lative pref. stock. series A, to holders of record June 19. This was the
January
46,190
72,214
65.392
76,681
same as paid three months ago. Arrearages on the preferred stock now
82,222
February
50,212
52,539
80,373
amount to $5 per share (not $3 per share as previously reported).
March
119,858
45,098
48,383
98.943
April
121,964
Consolidated Income Account Years Ended May 31.
74,242
69,029
132,629
May
103.844
85,980
60,270
136.778
1932.
1933.
1931.
1934.
June
118.789
99,956
Earnings from opera'ns_ x$678,250
46,148
100.270
$569.882
$671,918
$653,213
July
92,546
Depre.& maint. of bldgs.,
31.096
78,723
August
84,504
machinery & equip_ -24,151
62,667
154,160
153,158
151,744
236,236
September
67,733
Interest
23,545
47,895
183,456
227,500
235,583
235.784
October
41,982
5,810
Prov. for Federal tax__
21.305
37,000
27.000
9,500
21,000
November
3,453
2,405
23.716
December
11,191
44,101
Net earns, for year.,_
68,650
$162,224
$245,176
$333,550
$160,193
x Includes non-recurring income of $273,153.
Total
729.201
472,859
928.630
e
Financial Chronicle
280
Total Sales to Dealers in U. S. & Canada Plus Overseas Shipments.
1931.
1932.
1934.
1933.
89,349
74,710
January
82,117
62,506
96.003
62,850
59,614
February
100,848
119,195
59,696
58.018
March
153,250
154,252
78.359
86,967
April
153.954
153,730
66.739
98,205
May
132.837
111.668
52,561
113.701
June
146,881
87.449
36.872
106,918
July
70.078
30,419
97,614
August
58,122
30,117
18,148
September
25.975
10,924
53,054
October
29,359
5,781
10,384
November
79,529
53,942
21,295.
December
1,074.709
562,970
869.035
Total
sales of Chevrolet, Pontiac, Oldsmobile, Buick, LaSalle and
Unit
Cadillac passenger and commercial cars are included in the above figures.
-V.139. P. 116.
-Earnings.
General Public Service Corp.
6 Mos.End. June 30
Cash diva, on stocks.._ _ _
Int. on bonds, notes and
cash
Profit on sale of securities after allowance for
Federal taxes
Rev,from option contrs_
1934.
$130,939
1933.
5125.201
1932.
$258,626
1931.
$337,855
60,099
106.454
90,512
55.849
Total income
Expenses
Taxes (other than Federal taxes)
Interest & amortization_
$210,162
38.613-
Net income
Divs.-Pref. stock $6_
Pref. stock 55.50
Common stock in stock
402,481
19,125
$231,655
35.764
$349,138
49,165
1,242
169,462
2,765
172,572
3.274
214,323
5844
520,554
$82,376
$796.185
67.134
$164,284
$21,048
Surplus (earned) end of period- $228,015
Comparative Balance Sheet June 30.
1931.
1933.
LiabilitiesAssets1933.
1934.
Common stocks_56,799,719 35,188,475 b Preferred stoek_52.305,258 $2,305,258
669,249
324,525 c Common stock _ 669.391
Preferred stocks_ 455,800
1,337
1,479
Corn,stock scrip_
Notes
52,765
Benda
1.771,956 2,478,713 Convertible deben.
2.370,000 2,349,000
U.S. Govt.secs_
1.030,617 5% 1953
3,944,000 4,111,000
35.691
59,37454'7 1939
Other investment
43,859
12,514
508,996 Accounts payable_
Cash
347,491
I ,212
2.750
Tax liability
Interest and accts.
19
28
60,861 Unadjusted credits
receivable
99,268
164,284
'Earned surplus... 228,015
$9,563,091 59,655,563
Total
Total
59,563,091 39,655,563
a The market value of investments. June 30 1934 was $8,096,791 and
June 30 1933 was $9.278,786. b Represented by: 24.640 shares $6 dividend preferred and 280 shares $5.50 dividend preferred of no par value.
c Represented by: 669,391 shares common stock (1933. 669,249 shares)
of no par value.
-V. 138. p. 3439.
"Glidden Co.
-To Pay 15 Cent Extra Dividend.
The directors have declared an extra dividend of 15 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
common stock, no par value, both payable Oct. 1 to holders of record
Sept. 14. This compares with dividends of 25 cents per share paid July 2
and April 2 1934 and Dec.30 1933,this latter being the first payment made
since Oct. 1 1930 on which date a quarterly dividend of 30 cents per share
was paid. Previously the company distributed 50 cents per share in cash
each quarter. In addition, 1% in stock was paid every three months
from Oct. 1 1929 to and including April 1 1930.
Adrian D. Joyce, President, stated that preliminary figures for June
show sales holding up well, and that profit for the month continues satisfactory.
Bondholders Accept Plan.
Adrian D. Joyce, President, has announced that $600,000 of the company's 534% bonds have been turned in for extension. Only nine bonds
were turned in for cash, it is said.
Wins United States Suit.
Judge Paul Jones in Federal Court Cleveland has decided in favor of the
company in the $2,200,000 suit brought by the U. S. Government against
the company covering alleged tax for the diversion of alcohol. In his
decision Judge Jones said:
pg,'Regarding the levy provided for by the Internal Revenue Law to question as a penalty, and not a tax, my judgment is that repeal of the 18th
Amendment affects a complete bar to its recovery and this for the reason
that I think the section of the Revenue Actin question,insofar as it provides
a penalty for diversion of distilled spirits, was an adjunct and supplement
of the prohibition laws, which passed with the repeal of its base. -V.138.
p. 4464.
Grand Union Co.
-Sales.
1934-26 Wks.
-1933.
-1933.
Period End. June 30- 1934-13 Wks.
Sales
$6.889,990 $6,864,681 $13,624.028 $13,097.959
-V. 138, p. 4300.
Great Consolidated Electric Power Co., Ltd. (Daido
Denryoku Kabushiki Kaisha).-Bonds Called.
It is announced that $350,000 1st mtge. 7% sinking fund gold bonds,
series A, have been designated by lot for redemption on Aug. 1 1934 for
the sinking fund. The bonds will be payable at 100 and int. at the principal office of Dillon. Read & Co. in New York or at the principal office
-V. 138. p. 503.
of J. Henry Schroder & Co. in London.
-Earnings.
Greenfield Tap & Die Corp.
1934.
1933.
$61,945 loss$48,751
$2.43
Nil
Gulf Power Co.
-Earnings.
[A subsidiary of Commonwealth & Southern Corp.!
1934-12 Mos.-1933.
-Month-1933.
Period End. May31- 1934
$857.837
$76,243
$68,353
$832,285
Gross earnings
Oper. exps., incl. main538,946
508.601
42,866
49.378
tenance and taxes_ _ _ _
183,692
15,366
178.030
15,414
Fixed charges
30,000
2,500
30.000
2,500
Prov.for retire. reserve_
Balance
-V.138, P. 3948.
$8,949
5,593
$3,356
$100.533
Balance
Appropriations for retirement reserve
$112,425 $1,230,315 $1,270,013
458,000
505,333
Balance
Preferred stock dividend requirements
$724,982
567,182
5812,013
567,182
Balance for common stock diva, and surplus
-V. 138, P. 3948.
$157,799
$244,830
1934.
5631,439
593.663
1933.
3533.776
535.859
Net operating revenues
Non-operating revenue
337,776
298
def$2,083
293
Gross corporate income
x Interest and other charges
$38,074
168.426
def$1,790
166,236
Havana Electric Ry.-Earnings.3 Months Ended March 31Operating revenue
Operating expenses, including taxes
$168,026
$130,352
Deficit (before deducting depreciation)
x Includes interest accrued for period on 53 % gold debentures, series of
1926, interest on which has not been paid subsequent to March 1 1931.V. 138, p. 1916.
-Offers to Purchase National
Haystone Securities Corp.
-See latter company below.
Surety Corp. Stockfor $6,000,000.
$345,606
-Sale of Plant.Co., St. Louis.
Heine Boiler
73,920
-V. 138. p. 3273.
See Superheater Co. below.
770
•---Ho art Mfg. Co.-Poyton-Scale-Pursliffee 24-pprossei,--
$88.758
$82,376
599.445
Total surplus
Security profit surplus:
def$4,631
$114,190
Balance beginning of period
80,157 loss$592,319
Net profit on sale of securities- --- loss17,321 .
Net profit on debentures reacquired
31,701
530.990
and canceled
Net income
Divs. on 1st pref. stock_
-Earnings.
Gulf States Utilities Co.
1934-12 Mos.-1933.
-Month-1933.
Period End. May 31- 1934
$445,909 $5,253,226 $5,240,656
$456,489
Gross earnings
2,275,064
2,262,415
192,929
199,617
Operation
175,343
204,293
14,595
18,810
Maintenance
427,377
470,654
35.068
47,547
Taxes
1,092,857
1.085,546
90,890
89.980
Interest & amortization_
2,706
380,739
$270,916
_$82,376
1620.554
Balance
$844
Comparative Surplus Statement Six Months Ended June 30.
1933.
1932.
1934.
Surplus (earned)
-Income surplus:
$68,204
$98,602
Balance beginning of period
20,553
582,376
844
Net income as above
5 Months Ended May 31Net income
Earns, per sh. on 25,484 shs. of 8% pref. stock
-V. 139, p. 117.
July 14 1934
$7,620
5,608
$105,199
67,169
67,127
$2,012
$38,029
$48,525
The stockholders recently approved the purch3se of the Dayton Scale
Co. an the recapitalization plan of the compan
ckholders approved the
,The International Business Machines Corp.
sale at a speCial meeting held on June 25.-V. 138, p. 4300.
-To Extend Pref. Stock Red. Date.
Holland Furnace Co.
The stockholders on July 10 voted to extend the preferred stock redemption date from Jan. 1 1936 to Jan. 11944,and to extend the corporate
charter beyond Aug. 7 1936.-V. 139, P. 118.
-Earnings.(A.) Hollander & Son, Inc.(& Subs.).
1934.
6 Months Ended May 316
:0
138 0
$403 9 6
Income from all sources
Interest
Non-recurring write-offs
36,000
Depreciation
116,013
Other deductions
32.745
Federal taxes
F
Pref. divs. B. J. Goodman,Inc3,000
1933.
5151.424
9,879
5 31
9°
3 :0
26,191
5,991
6,825
$28.506
x Net profit8202,396
x Includes profit of $5,340, company's proportionate share of profit of
A. Hollander & Son of France for six months ended May 31 1934. and loss
of $23,935 in corresponding six months of 1933.-V. 138, p. 2749.
-Extra Dividend.
Home Insurance Co.
The directors have declared an extra dividend of 5 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
capital stock, par $5, both payable Aug. 1 to holders of record July 13.
Similar distributions were made May 1 last, as compared with 25 cents
per share paid each quarter from Aug. 1 1932 to and incl. Feb. 1 1934.
Balance Sheet June 30.
1933.
1934.
1933.
1934.
Liabilitiess
s
5
S
Assets12,000.000 12,000,000
7,550.816 10.327,314 Cash capital
Cash
Res. for unearned
U.S. Govt., State.
premiums
34,081,828 36,907,377
county & munic.
17.097,889 14,873.788 Reserve for losses_ 4,809,513 6,536,194
bonds
57,744,750 Res. for unpaid re0th. bonds & stks_57,756,744
909,874
879,157
Insurance
Prems. In course of
625,000
10,139,796 9,616,982 Reserve for taxes_ 650,000
collection
455,374 Res. for conting__ 4,215,762 9,860,515
478,624
Accrued interest
37,404,240 27,508,151
Net surplus
admitted
Other
1,047,348 1,298,186
assets
Total
94,071.217 94,316,394
94,071,217 94,316,394
Total
-V. 138. p. 2577.
Honolulu Rapid Transit Co., Ltd.-Earnings.PertodEnd.Adav31-- 1934--Month--1933.
$63,151
$72.599
Gross rev,from transp-51,420
49.417
Operating expenses
$11,731
$23.182
Net rev, from transp_
1,489
2,076
Rev, other than transpNet rev, from oper__ _
Deduc'ns from revenue_
$25,258
14,576
$13,220
20,220
Net revenue
-V.138, p.3777.
$10,682
1934--5Mos.--1933.
$334,166
$303.517
240,425
252.483
def$7,000
$93,741
8,781
$51,033
8.022
$102,522
72,883
$59,056
94.877
$29,638 def$35,821
-Sales, &c.
Hudson Motor Car Co.
Roy D. Chapin, President, on July 10 announced that factory shipments
for the six months ended June 30 1934 aggregated 65,810 cars, including
both Hudson and Terraplane shipments. This total represents an increase
of 286.1%, compared with shipments of 23,002 cars reported for the corresponding period in 1933. In addition to being substantially larger than
reported for the first half of 1933, shipments to June 30 this year, Mr.
Chapin added, far exceeded those of any similar period since 1930, when
-year shipments this year also
shipments totaled 87,172 cars. The half
exceeded the output for any full year since 1930.
during June recorded substantial weekly gains, each week
Retail sales
of the month registering an increase over the previous week, Mr. Chapin
stated. Sales for the final week of June were at the rate of 26.2% greater
than during the first week of the month.
"This increase," he added, "was made despite the normal downward
trend as the summer vacation season approached. Sales for the final
week of June were 7.7% greater than those of the previous week, and
were nearly one-third greater than during the corresponding week last
year. It was the largest final week in June and also the largest June.
from a retail sales standpoint, since 1930."
Estimated Profits for Second Quarter.
The company on shipments of 35,416 cars in the second quarter this year
will show a moderate profit in contrast with a loss in the preceding quarter
of $802,845. after charges and depreciation, on shipments of approximately
30,000 cars. Operations, which crossed the profit line in the latter part of
February, have been in the black since, not to the extent of absorbing fully
the first quarter's deficit, but sufficiently to make some inroad into the net
loss that was reported for the first quarter of 1934.
Although not available until late this month, probabilities are that final
figures for the second quarter will approach the results for like period of
last year, when net profit was $164,540 after charges and taxes, equivalent
to 10 cents a share on 1,596,660 no-par shares of stock. This would bring
the loss for the first six months to about half of the $1,326.465 net loss re/
ported for the first six months of 1933,-V. 138. P. 4465. 4:144
-Initial Dividend.
Hussmann-Ligonier Co.
The directors have declared an initial cash dividend of 15 cents per share
and a dividend of 2% in stock on the convertible preferred steels (no par)
both payable Aug. 1, to holders of record July 20.-V. 138, p. 1054.
281
Financial Chronicle
Volume 139
United States. Such Income, when received by non-resident aliens is
not subject to United States income tax during the year 1934. -V. 138.
p.4129.
-Sued on Gold Clause.
Illinois Central RR.
The Imperial Trust Co. of the Bahamas filed suit on July 12 in the New
York Supreme Court to recover $25,968 from the company as the value in
-year notes which became due on June 1. -the present currency of $15,337 of3
11iterstate Department Stores, 1nc.-$1.75 Dividend.The railroad company applied at once to have the case transferred to the
The directors have declared a dividend of $1.75 per share on the 7%
-V. 138,
Federal Court. The transfer will follow as a matter of course.
cum. pref. stock, Par $100. payable Aug. 1 to holders of record July 20.
p. 4465.
Similar distributions were made on this issue on May 1 and Feb. 1 last,
the first since Feb. 1 1933, when a quarterly dividend of $1.75 Per share
Indiana Harbor Belt RR.
-Earnings.
was made.
1934-5 Mos.-1933.
Period End. May 31- 1934
-Month-1933.
Railway oper. revenues- $744,033
$638,096 $3,555,005 $2,877.434
June Sales Up 6.9%.1,771,627
2,078,196
Railway oper. expanses358.026
393,516
Increased 1934-5 Months-1933 Increase.
1934-June-1933
224.323
272,521
59,993
Railway tax accruals_ __
53,674
$114,398 $8,276,330 86.780.288 81,496,042
$1,772,276 81,657,878
29
109
Uncollectible ry. revs__..
113
-V.138.
Note.-Sales are exclusive of groceries and leased departments.
234,824
272.451
44,069
Equip. & it. facil. rents_
45,751
P. 4129.
Net ry. oper. income..
Miscall. & non-oper. inc_
$244,658
2,622
$182,325
2.868
$931,726
15.316
$646,630
15,075
Gross income
Deduc'ns from gross inc_
$247,280
44,765
$185,193
42,466
$947,042
212,423
$661.705
212.670
$202,514
$142,726
$734,619
$449.035
Net income
Income Account for Calendar Years.
1930.
Earnings1933.
Railway oper. revenues- $7,765,719 87.298.620 89,214,627 810.856,069
Expenses1,131.847
Maint. of way & struc-560,465 • 953.169
425,027
1.188,404
901.233
Maint. of equipment__
634,464
789,321
58,540
55,825
Traffic
45,135
38.363
Transportation
3.053.777 2.891.840 4.004,426 4,533,252
174.779
238,905
Miscell.-Stock yards
150.996
105.759
381.470
327,949
General
240,899
210,101
312
16.610
Trans.for inv.-credits_
6
148
Total expense
$4.622,200 $4,523,795 86,464.897 $7,467,978
Net rev.from ry. oper
3,143,519 2.774.826 2,749.130 3.388.090
(68.79)
(70.16)
Percent. of exp. to revs_
(59.52)
(61.98)
550,329
Railway tax accruals.,.
527,044
546.826
608,361
973
714
Uncollectible ry. revs_
341
248
Railway oper.income_ $2,534.909 82.247.441 82,201.589 32.836,787
526.130
205,859
Equip.rents, net debit_ _
294.031
269,494
283,049
148,905
facil, rents, net debit
426.095
371,409
t.
-Net Worth.
Investment Co. of America.
The company reports that as of June 30 1934 the net worth per share
of its common stock was $25.54 with securities adjusted to market prices,
compared with $21.68 on Dec. 31 1933.-V. 138, p. 3274.
-Production.
Island Creek Coal Co.
Coal Output i Tons)January
February
March
April
May
June
July
August
September
October
November
December
1934.
296,427
302,235
390,864
237,116
333,721
299,287
Year's total
-V.138. p. 4129.
1933.
279,116
292,116
249,143
215,856
315,919
334.352
396,209
417.208
376,352
362,803
232.460
216.966
1932.
285,245
274,145
327.707
244,243
246.172
224,635
228.989
286,321
319.195
427,664
323.917
296.390
1931.
375,078
285,901
332,220
300,349
336,362
372,228
374,349
393.015
419,101
461.061
343,055
336,404
3,688,500
3,484,623
4,329,023
-Shipments.
Kelvinator Corp.
Shipments to customers for the first nine months of the present fiscal
year, which began last Oct. 1, totaled 195.811 units, a gain of 32% over
shipments for the corresponding period of the previous fiscal year, and well
ahead of that entire year's total shipments, according to H. W. Burritt,
-V. 138, P. 4466.
Vice-President in Charge of Sales.
Net ry. oper. Income- $1,894,005 $1,527,315 $1,526,552 $2.347,880
-Earnings.
Non-Operating Income
Key West Electric Co.
$2.302
Income from lease ofroad
$770
$770
1934-12 Mos.--1933.
$770
-Month-1933.
25.869Period End. May 31- 1934
Miscell. rent income_ - _ 33,597
21.249
$149,161
$167.704
$12,042
15.173
$12,306
Gross earnings
Miscellaneous non-oper.
66.664
68,267
5.589
5.387
Operation
5,899
4,958
physical property__ _ _
5.770
17,044
16,419
4,876
1.448
2,705
Maintenance
108
54
Dividend income
27
14.473
14.305
18
1,259
1.375
Taxes
653
Inc.from funded secur_ _
968
1.194
26.539
27.182
1,933
2,226
2,010
Interest & amortization_
Income from unfunded
127,142
securities & accounts_
36,085
12,538
840,903
$25,064
7,028
• $1,519
$827
Balance
1M32
1.493
Miscellaneous income..
1.172
20,000
20.000
1,968
Appropriations for retirement reserve
Total non-oper. inc
$31,768
Gross income
1,925,773
Deductions
Rent for leased roads..
39,910
Miscellaneous rents_ __ 32,593
Maxon, tax accruals
Int. on funded debt__ -418,271
Int. on unfunded debt....
667
Amort. of discount on
funded debt
11,589
Miscell, income charges_
3,069
Total deductions
Net income
Dividends
$42,720
1,570.035
$78,866
1,605,418
$162,063
2,509,943
43.887
34.338
96
422,521
343
61,859
32.253
86
426,771
270
39.095
31.372
99
432,641
751
11,987
3.021
12.384
3.131
12,899
3.101
8519.958
8536.754
$516,192
$506,099
1,068.664
1,989.985
1,053,843
1,419.674
(10%)760,000 (10)760,000 (10)760,000(50)3800.000
Comparative Condensed General Balance Sheet Dec.31.
1933.
1933.
1932.
$
AssetsItabtlfifes5
$
7,600,000
Inv.in rd.& enulp.23,993,940 23,909 698 Capital stock
Inv. in MM. cos- 216,001
216,001 Long-term debt 9,675,000
Adv. to RR. Cred.
Traffic dr car serv.
Corp
bats. payable_ _ _ 640,729
106,160
29,060
Other investments
48,842
35,946 Audited sects and
Cash
wages payable__ 451,084
2,250,450 1,425,079
27,483
Special deposits- -135
135 Misc. sects pay-Loans & bills rec._
5,107
4,404 Int. matured unpd. 197.135
1,875
Traffic & car-serv.
Unmat'd int. accr.
bals. receivable_ 240,356
275,490 Linmst'd rents accr 129,891
69,932
Net bal. rec. from
Other curr. liabtl__
3,937
.
agents & conduc. 175.842
182.005 Other def. Habil_
925,242
Misc. sects recle. 312,392
344,993 Tax liability
Materials & suppL 359.662
78,564
CRS. res've_
394,157 Ins. &
Rents receivable._
27,606
29,160 Accrued depree.2.385,712
Other curr. assets_
equipment
2,574
6.933
Work, fund fldvs,1,400
1,400 Other unadj. ere& 611,370
Other def. assets__ 332,416
386,516 Add'ns to ProPertY
Rents & ins. prem.
through income
paid in advance_
66,118
.
861
and surplus_ _ _
1,201
Disc, on fund. debt 225,587
5,707,561
237,177 P.& L. balance
0th. unadj. debits 272,301
298,056
Total
28,571,635 27,777,412
-V. 138,9. 4128.
Total
1932.
$
7,600,000
9.760,000
639,764
$5,064
24.500
Balance
Preferred stock dividend requirements
$20,903
24.500
def$3,596
Balance for common stock dive. and surplus- def$19.435
During the last 27 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
14.23% of these gross earnings after allowance for cumulative preferred
-V. 138, p. 3952.
dividends not declared.
-Earnings.
(D. Emil) Klein Co., Inc.
1934.
$79,179
91,775
$0.69
6 Months Ended June 30Net income after charges and Federal taxes
Shares of common stock outstanding
Earnings per share
-V.138, p. 3441.
1933.
$71,288
1,3.230
$0.53
-June Sales.
(S. H.) Kress & Co.
1934-6 Mos.-1933.
-Month-1933.
Period End. June 30-- 1934
$5,757,198 $4,830,253 $34,106,120 $26,470,149
Sales
-V. 138. p. 3951.
./
Exchangi
)
i
"Lackawanna Securities:rp.-Removedfrom Dealing...
436,384
e as removed from dealing the capital
The New York Produce
24,957
stock, no par.
-V.138, p. 1573.
197,135
2,229
124,535'Laclede Gas Light Co., St. Louis, Mo.-Plan Operative.
96.473
The company in a notice to holders of the refunding & extension mortgage
5,524
5% gold bonds, dated April 1 1904. states that the plan and agreement
870,346
dated Feb. 15 1934. for the extension of the bonds, has been declared
63,576
operative as of July 23 1934.
The sum of $21.60 per bond will be mailed by Boatmen's National Bank
2,211,899
to the registered owners of certificates of deposit determined as of July 23
567.939
1934, on which date no certificates will be transferred. Certificates issued
upon transfer after July 23 1934, will not carry the right to the payment
of $21.60.-V. 139, p. 120.
80,098
-Tenders.
Lake Erie Power & Light Co.
5,096,555
The National City Bank, Cleveland, trustee, will until 3 p.m. July 17
receive bids for the sale to it of 1st & ref. mtge.sink.fund bonds,series A 6s,
28,571,635 27,777,412
dated April 1 1926: series B 5yis, dated March 1 1927, and series C 6s.
dated Nov. 1 1932, to an amount sufficient to exhaust $13,059 at a price
not to exceed 105 and int.-V. 136, p. 658.
Insurance Co. of the State of Pennsylvania.
-Larger
Distribution.
-
-Tenders.
Lehigh Telephone Co.
The Markle Banking & Trust Co.. trustee, 8 West Broad St., Hazleton,
A semi-annual dividend of $3 per share was paid on the capital stock,
Pa., will until Aug. I receive bids for the sale to it of 1st & ref. mtge. bonds,
par $100. July 11 to holders of record July 9 This compares with $2.50
dated July 1 1924. to an amount sufficient to exhaust $37,500 at a price
per share paid Jan. 10 last $2 per share Oct. 30 1933, and semi-annual
not exceeding 105 and interest.
-V. 138. p. 151.
dividends of $3 per share paid on Jan. 13 1933 and July 13 1932.-V. 138.
p. 3274.
0 4 "C
-Accumulated Dividend4--4"
•---4.erner Stores Corp.
The directors have declared a dividend of $1.623. per share on account
par $100, payable
International-Great Northern RR.
-Freight Traffic.
- of accumulations on the 631% cumul. pref. stock,
Aug. 1 to holders of record July 25. This dividend covers the quarterly
Freight traffic handled by the company during the month of June
dividend due Feb. 1 1933. Similar distributions were made on this issue
amounted to 19,721 cars. compared with a total of 25,747 cars in June a
July 10, Sun° 21, May 1 and March 24 1934, this latter being the first
year ago. Of these totals, 11.975 cars were loaded locally and 7.746 cars
payment made since April 30 1932.
were received from connections in June this year, compared with 19.462
Following the Aug. 1 disbursement accruals on this issue will amount to
cars loaded locally and 6.285 cars received from connections in June 1933.
-V. 139, p. 119.
$9.75 Per share.
-V.138, p. 4467.
International Securities Corp. of America.
-Earnings.
Earningsfor the 6 Months Ended May 31 1934.
Interest______________________ $198,745
diiden_
Dividends (includin o stock
265,429
ds
Other income.................................
1.151
Gross income __________________________________________ $465,325
Investment service fee ____________
18,525
Miscellaneous expenses
26,159
Interest & amortization ofdiscount-bonds & debentures
377,535
Miscellaneous interest paid
267
Miscellaneous taxes
8,009
Foreign government taxes
873
Netincome(excluding profits & losses on sales ofsecurities)__
$33,957
Note.
-Preferred share dividends for the six months ended May 311934,
cumulated but not declared or paid,amounted to $182,028-V.138,9.87
International Telephone & Telegraph Corp.-Taz
Decision.
Edwin F. Chinlund, Vice-President and Comptroller, in a letter states:
"The Commissioner of Internal Revenue has agreed that dividends
paid on stock and interest paid on bonds of this corporation during 1934
are to be regarded, for tax purposes, as income from sources without the
-Earnings.
Lexington Water Power Co.
1933.
12 Months Ended March
31-194•09 $2,019.885
$1,990,7
3
Operating revenue
304.881
619,673
Operating expenses
12,845
10.623
Maintenance
262,330
262,330
Provision for retirements-renewals & replace
330.326
333,499
Taxes (incl. provision for Federal income tax)
Operating income
Other income
8767.756 81.106,330
564
76
Gross income '
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
8767,832 81.106.894
872,365
856,671
16,507
49,836
43.153
42,196
Balance
• Fails by
def$147.543
$141,541
,839 to Earn Bond Interest.
-
A statement issued with the above follows:
Deductions from income for interest on funded and unfunded debt and
amortization totaled $915,374. leaving a deficit of $147,542, which is in
sharp contrast with the balance of income of $141,540 a year ago. Gross
income failed by $88.839 to cover the interest on the funded debt of the
company.
282
Financial Chronicle
The company has had trouble with its water supply since it began operations in 1929. It is dependent on the amount of rainfall to maintain the
water levels in its immense Saluda dam. In the last four years the rainfall
has been so far below the "average" that the company has been forced to
'purchase power in large blocks to meet its obligations to deliver power.
The extra expense incident to those purchases has even interfered with the
regular payment of interest on its funded debt.
In 1933 the company offered a plan of readjustment of debt to its bond
and debenture holders with the intention of reducing fixed charges below
the point where the variations in income which the company experiences
will necessitate further delays in the payment of interest. Due to the
considerable amount of the fixed interest charges of the company, it has
been forced on several occasions to take advantage of the period of grace
permitted in the payment of its interest in order to accumulate sufficient
funds to effect payment. If the debt of the company could be rearranged
so as to eliminate these interruptions, it is believed that the credit of the
company would be much improved. The results for the periods here reported illustrate the immediate need for the readjustment of the debt
of the company.
-V. 138, p. 504.
Liggett Building Inc.
-Cash Compromise.
-
The holders of the 1st leasehold mortgage 55.6% sinking fund gold bonds
are advised by the Protective Committee that a cash compromise which
the committee unanimously recommends is in prospect. See also (Louis K.)
Liggett Co. below.
-V. 138, p. 1574.
(Louis K.) Liggett Co.
-Compromise Proposed.
A compromise plan for the creditors of the company has been proposed
under which merchandise creditors would receive a dividend of 85%. and
holders of Liggett Building, Inc., 5 % bonds and the United Drug Co.
on its merchandise claim would get around 70% to 75% of their claims.
The Liggett Building Co. bondholders' protective committee unanimously
recommends the plan.
The proposal is in substance as follows: (a) allow the merchandise creditors claims of $2.860,000 at face, and disputed claims estimated at not over
8900,000 (special rent claims, &c., a substantial part of which may be
disallowed) at the figures for which they may be established after contest,
and let these total claims receive a dividend of 85%;(b) thereafter permit
the United Drug Co.'s claim of82,326,000 and the bonds'claim of$3,379,500
at face to receive approximately pro rata distributions, except that the
bonds would give credit in this computation for all they receive from proceeds of the foreclosure sale, sinking fund moneys, &c., and the computation would be made before deducting any expenses or compensation
of The Chase National Bank as trustee or of the bondholders' committee.
As a practical means of reaching approximately this result, the claims
of the bonds would be allowed at $2,800,000. If, as is believed most unlikely, the bonds at $2.800,000 and United Drug should receive more than
85%, the surplus above that figure would be pro rated on all claims.
he Bondholders' Protective Committee states that according to figures
furnished by the trustees in bankruptcy, with allowance made for administrative expenses and possible reduction in disputed landlord's claims,
the total amount to be realized by the bonds under the compromise would
be between 70% and 75% of their principal amount and in any event would
be unlikely to fall below 65% or exceed 80%.
The Committee believes that the claim of the bonds would, if carried
through the courts be found provable in an amount not less than the face
value, but it has been advised that a contest would be made if there were
no compromise,and this action would involve delays and expenses,and there
could be no absolute certainty of the result. It is expected that a very
substantial cash distribution would be made on account soon after final
court approval of the plan. Substantially all the property of the bankrupt Liggett company has been sold to the United Drug Co. for about
$7,300,000 and assumption of liabilities. It is expected that after payment of administrative expenses and priority claims, at least $6,400.000
would remain.
The proposed compromise is subject to assent of 80% of the bonds.
The Bondholders Committee recommends approval and will so act for deposited bonds which are not withdrawn. Deposited bonds amount to
about two-thirds of the entire issue, and already holders of a very substantial amount of undeposited bonds are acting with the Committee to
secure assents.
-V. 138, p. 335.
Lincoln Stores, Inc.
-Expansion.
-
The company has !easel a store in Lewiston, Me., to be ready for occupancy about Oct. 1 1934. During the latter part of May the company
opened a large st )re in Rochester, N. Y. In addition, the company has
substantially increased the size of its store in Lowell. It is expected that
these developments will increase sales about 30%.
With the opening of the Lewiston store the company will have a total
of 12 stores in operation.
Soles for June and Five Months Ended June 30.
1934
-Month-1933.
1934-5 Mos.-1933.
Sales
$336,638
$263,352 $1,286.781
During June 1934 the company had 10 stores in operation, $1,074,532
as against
nine in June 1933.-V. 138, p. 2582.
Long Island Water Corp.
-Earnings.
12 Months Ended March 31Operating revenue
Operating expenses
Maintenance
Prov. for retirements-renewals & replacementsTaxes (Incl. provision for Federal income tax). _ _ _
Operating income
Other income
1934.
$602,490
251,253
39.328
37,984
62,563
1933.
$625,424
305,800
30,505
49,937
58,917
$211,362
2.923
$180,265
296
Gross income
Interest on funded debt
$214,285
118,720
$180,561
118,780
$95,565
$61,781
Balance
-V. 138, p. 504.
Loudon Packing Co.
-Earnings.
Years End. April 30Total income
Depreciation
Interest
Federal taxes
1934.
$332.562
40.570
1,306
45.516
1933.
8139,712
42,514
3,164
13.478
1932.
$243,753
42,034
7,020
25,501
1931.
$486,011
39,868
9.173
52,436
Net income
Dividends paid
$245.170
134.912
$80.557
134,911
$169.198
270,000
$384,534
247,500
Surplus for year
Previous surplus
Surplus adjustment _
$110,258 def$54,354 def$100,802
309,829
255,475
410,631
$137,034
272,802
Cr795
8309,829
$410,631
Profit & loss surplus__
AsselsCash
Receivables
Inventories
x Lii. bldirs.,mach.
& eq. (at cost)
Deferred charges. _
Misc. Inv (cost)--
$365,734
$255,475
Consolidlted Balance Sheet April 30.
1934.
1931.
1933.
Liabilities1933
$73,415
554,645 Accounts payable_ 559,128
552,901
179,195
20,639
137 555 Accrued gen. taxes
19,330
749,259
43,288
661,649 Federal tax reserve
13.217
y Capital stock_ __ 1,156,929 1,154,46R
611,164
610.457 Surplus
363,273
255,477
12,843
9,651
17,360
21,435
Total
$1,643,257 $1,495,391
$1 643,257 $1,495,391
Total
After reserve for depreciation of 8280,877 in 1934 and $258,720 in
1933. y Represented by 89,940 shares of no par value.
-V. 138, p. 3607.
/----.McIntyre Porcupine Mines, Ltd.
1
4
"
-Places Stock on
Regula, $2 Annual Basis.
-
July 14 1934
Louisville Gas & Electric Co., Del.(& Su bs.).-Earns.
12 Months Ended May 31
Gross earnings
Operating expenses, maintenance and taxes
1934.
1933.
$9.885,327 $9,670,777
4,573,621
4,629,341
Net earnings
Other income
85,311,706 $5,041,436
. 402,134
434,199
Net earnings, including other income
$5,713,840 85.475.635
Interest charges
-Net
1,535,242
1,535.893
Amortization of debt discount and expense
141,943
141,809
Other charges
37.
39,959
Appropriation for retirement reserve
893,000
893,000
Dividends on pref,stock of Louisville Gas & Electric Co. Kentucky)
(
1,354,920
1,354,920
Net income
V . 138, p. 3952.
$1,750,159 $1,512,705
Madison Square Garden Corp.
-Syndicate Headed by
Henry G. Lapham Would Acquire Majority Stock of Boston
Garden Under Plan.
A meeting of directors of Boston Madison Square Garden Corp. was held
July 9 to consider an offer of a syndicate headed by Henry G. Lapham
to take over control of the Boston Garden, in which the New York Madison
Square Garden owns about 70% of the stock. The New York Garden
interest headed by Col. Hammond would still hold an interest in the Boston
Garden, built would be subordinated and management would centre in the
Boston group.
A new company would be formed and consideration has been given to
changing the name from the Boston Madison Square Garden Corp. to the
Boston Garden Corp. George V. Brown, who has been associated with
Henry G. Lapham for many years and who has been General Manager of
the Boston Arena, would, if the plan goes through, act as General Manager
of the Garden.
It is unofficially stated that the negotiations involve payment by the
New York Madison Square Garden Corp. of about $168,000 into the
treasury of the Boston Madison Square Garden Corp. due on an original
stock subscription which was never fully paid.
Colonel John S. Hammond, President of the New York Madison Square
Garden Corp., made the following statement:
"At the meeting of the directors of the Boston Garden we discussed the
negotiations I had and am having with Henry Lapham, President of the
Boston Arena. It is proposed that a Boston group would undertake operation of the Garden and the Arena with a view to operating the two properties with a common interest, not only so that both may be paying properties, but with the further view of operating them to the benefit of sport
in general in Boston.
'Negotiations are under way with the Boston & Maine RR. for a satisfactory arrangement as to rent of the Boston Garden for the next five years.
"It is my belief that if a Boston syndicate should take over the majority
of the Garden stock and if a satisfactory arrangement can be made with the
Boston & Maine, the plan would be an advantageous one for all concerned
and for sport in Boston."
To Amend By-Laws.
At the annual meeting July 17 the stockholders will consider amending
the by-laws to change the date for holding of annual stockholders' meeting.
-V. 139, p. 121.
Manhattan Ry.-Statement Regarding Award for Spur.
Nathan L. Amster, President of the company, has issued the following
statement:
The Court of Appeals' decision affirming the Appellate Division award
of $539,000 for condemnation of the company's 42 St. elevated spur, which
amounts with interest to 81,000,000 is naturally not a satisfactory award.
Charles Franklin, the company's general counsel, is of the opinion that a
more adequate award can be obtained by taking the case to the U. S.
Supreme Court, where principles of valuation of railroad property are
fairly well settled. Mr.Franklin pointed out that the company in argument
and briefs fully reversed the important constitutional questions involved.
namely, that the award in question violated the Fourteenth Amendment
of the Federal Constitution declaring that no State shall deprive any
person of property without due process of law and also the 1st Article of
the Federal Constitution which declares that no State shall pass a law
impairing the obligation of contracts. It was further pointed out that
even the dissenting opinion of Judge Lehman in which Judge Hobbs concurred recognized the right of the company to compensation for condemnation of its properties.
In not allowing compensation for the company's perpetual franchise for
that spurthe Court declared in effect that the franchise was of no value
on 42c1 Si.t since it was not an important operating part of the system.
This determination, however, does not affect the main lines, which are
essentially important units, and are likely to become increasingly valuable
with the new streamline, light-weight cars with which the elevated lines
may be equipped at an early date.
While the company had not figured out the condemnation value of the
entire elevated lines based on the 42d St. spur award, that taking the
figures of Wm, H. Page, counsel for abutting property owners, who
opposed the granting of any award, it is conceded by the latter that even
using the yard stick set up on the 42d St. spur just affirmed, the removal
of all Manhattan Ity. lines would cost the City of New York about $130,000.000. The company's general counsel had advised that while the
award would be paid by the City of New York to Manhattan Ry. Co.
in the first instance, the amount would be charged by way of assessment
against the property owners benefited over a wide area of assessment already
established in the legislative Act authorizing the condemnation of the
company's property."
-V. 139, p. 121.
-Earnings.
Manitoba Power Co., Ltd.
Period End. May 31- 1934--M0nth-1933.
8105,466
$101.764
Gross earnings
22,845
22.185
Operating expenses
Net earnings
-V. 138, p. 3953.
$82,621
$79,579
1934-5 Mos.-1933.
8514.096
8528,022
113,827
111.561
$416,461
$400,269
-Meeting Postponed.
Maple Leaf Milling Co., Ltd.
-
The stockholders' special meeting to consider changes in the capital
structure has been postponed to July 24.-V. 138, p. 4302.
-Earnings.
-Marine Midland Corp.
(Including constituent banks and trust companies and security affiliates)
1934-6 Mos.-1933
Period End. June 30- 1934-3 Mos.-1933
Net earnings after taxes_ $1,001,665 $1,079,712 $1,982,945 $2,212,682
-V. 138, p. 3953.
-Earnings.
Market Street Ry. Co.(& Subs.).
1934.
12 Months Ended May 311933.
Gross earnings _______ _ _ ------- ------------- $7.550.954 87,50.3.857
Operating expenses, maintenance & taxes
6,641,648
6,426,959
Net earnings
Other ncome
31,123,996
11,034
$862,209
12,051
Net earnings, including other income
Interest charges_ - - - - ---- - - -------Amortization of debt discount & expense
Other charges
Appropriation for retirement reserve
$1,135,030
541,820
29,442
8,657
555,110
$874,260
572.336
31,628
10.136
260,160
Nil
Nil
Net income
-V. 138, p. 3782.
-Bonds Called.
Martel Mills Inc.
All of the outstanding 1st mtge. 6% serial gold
bonds of the Mercury
Mills, Inc.. dated Aug. 2 1926, have been called for payment'Aug. 1 at
The directors have declared a quarterly dividend of 50 cents per share
102 and int. at Marine Midland Trust Co..'120 Broadway, N. Y. City.on the common stock par $5 payable Sept. 1 to holders of record Aug. 1.
. 138, p. 4468.
This dividend is designated as a quarterly payment and places the stock
on a 82 annual basis. In each of the five preceding quarters the company"
----Mexican Northern Ry.-To Be Stricken from List.
paid a bonus of 1234 cents per share and an extra dividend of like amount
t of
In view of the few transactions in the stock and oFhe small am
In addition to the usual quarterly dividend of 25 cents per share.
-V. 138,
tstanding, the Governing Committee of the ew York Stock Exstk3
stock
D. 4130.
change as voted to strike the stock from the list on 4u1 17.-V.138, p.4131.
\s -Merchan
's
283
Financial Chronicle
Volume 139
rtional
Properties,
-Petition to
Inc.
Reorganize
Luigi CrlscMo and Leonard Marx, Chairman and President, respec•
tively, in a let
Company h for some time been contending against adverse conditions
created largely by the loss of income due to the bankruptcy of McLellan
Stores Co. and the necessity of using cash in connection with refunding
or renewing of underlying mortgages in the unfavorable mortgage market
prevailing. The necessity of effecting a reorganization of the company
has been clear for some time and the company has been seeking- an economical method of procedure.
The recent amendment of the U. S. Bankruptcy Act, providing in Section
77-B thereof for corporate reorganization under the Court's supervision,
we believe affords the company an economical method of solving its difficulties for the benefit of all bondholders, creditors and other persons
interested. The officers and directors have thought it advisable to take
advantage of this Act and have instituted proceedings thereunder. This
action was taken with the co-operation of the bondholders' protective
committee.
At a hearing held on July 2 1934, an order was made by Judge Goddard
approving the company's petition as properly filed and continuing the
company in possession temporarily. The company is now working on a
plan of reorganization which incorporates many of the provisions of the
amended plan prepared by the bondholders' protective committee and
Includes other provisions which we believe will meet with the approval of
all creditors. The plan will at an early date be submitted to bondholders
and other creditors for their consideration as provided by the law above
mentioned.
At a meeting of the board of directors held on May 2 1934, Leonard Marx,
who is a member of the bondholders' protective committee, was elected a
member of the board of directors. At a subsequent meeting held on June
26 1934, Leonard Marx was elected President to succeed Luigi Criscuolo
who was elected Chairman of the board.
-V. 139, p. 123.
•-----Mexico Tramways Co.
-Reorganization Planned.
Bondholders are in receipt of a joint report from the committees of the
5% first mortgage and the 6% second mortgage bondholders in which they
recommend a capital reorganization of the company. Severe competition
from jitney and imui, coupled with demands for expenditure of large sums
of money on the maintenance of and reconstruction of track and other
works due to the Mexican authorities' extensive improvement program for
the City of Mexico are other reasons which make the reorganization necessary, the report states.
Under the reorganization plans, for each $500 first mortgage 5% bond
it is proposed to give $40 cash in Canadian currency. £41 sterling of 5%
second mortgage bonds of Mexican Light & Power Co.. $350 par 6%
cumulative income bonds and 1 7-10 shares of common stock of the same
company and 2 common shares of Mexican Tramways Co.
Holder of E100 of6% bonds will receive E51 of5% second mortgage bonds
of Mexican Light & Power Co., together with $400 6% cumulative income
bonds, 2 1-10 shares of Mexican Light & Power Co. common, and 2 shares
Mexico Tramways Co. common. The second mortgage and cumulative
income bonds will be converted into registered debenture stock
139.
p. 122; V. 138. p. 3953.
-Middle West Utilities Co.
-Company Will Be Reorganized Under Amended Bankruptcy Act.
-
Creditors and securityholders of the company have come to an agreement on a plan for reorganizing the company, according to press dispatches
from Chicago July 12, which further state:
The agreement was reacned during an all-day conference in the offices
of Charles A. McCulloch,receiver, in which representatives of all the interested parties participated. The plan will be carried out under the amended
Bankruptcy Act. The truce was effected largely through the mediation of
Mr. McCulloch, who was appealed to by the several groups after the break
between representatives of the bank creditors and the noteholders early
this week.
Details of the agreement were not made public, but it was learned that
both the common and preferred stockholders will participate in the reorganization. For some time there has been speculation over the possibility
that the stockholders would be frozen out in the reorganization.
-V. 139,
p. 122.
--Middle Western Telephone Co.
-To Reorganize.
The company presented in Federal Court in Wilmington, Del.. on July 9
a debtors petition asking for the privilege of reorganization under Section
77D of the Bankruptcy Act. The company has a receivership case pending in Delaware Court of Chancery.
-V. 137, p. 4014.
-Earnings.
-Midland United Co.(& Subs.).
Calendar YearsOperating revenue-Electric
Gas
Railway and motor coach
Other
1932.
1931.
1933.
$21,779,247 1323,125,261 $24,937,669
9,266.187
7,479.192 8.216,005
5.484,086
8,746,546
1,598,790
1,303,199
1,301,779
1,256,353
Total operating revenue
Miscell revenue & other income
.
$32,113,581 $38,128,550 $44,252,180
173.547
328,954
1,766,143
Total gross earnings
Operation
Rent ofleased lines and plants
Maintenance
Provision for depreciation
Taxes
$32,442,534 $38,302,098 $46,018,323
14,354,235 18.147.537 19,809,299
613,783
773,762
261,347
2.498.291
3.313,794
1,605,570
2,609,441
3,006,536
1,614,625
3,708,272
4.073.171
3,797,094
Net earnings
$9,417,751 $10,724,773 $16,433,674
Int.,dtv.& other charges ofsub. cos.:
Interest on funded debt
$7,357,938 $7,387,012 $7,054,174
General interest
367,549
424,096
424.555
Amortiz. of debt discount & exp-767.352
729,123
603.770
Dividends declared on pref.stock_
1,194,628
Int. charged to construction
Cr24,657 Cr519,015
Divs.on preferred stock
4,359,384 a3,423,828
5,457,915
Res. prov. to cover losses of sub.
cos
421,874
Balance
def$5012,746 df$1,252,858 $3,412,276
Int. chgs. of Midland United Co.:
Interest on funded debt
$176,656
$40,114
$259,514
General interest
447,830
210,981
456.490
Amortiz. of debt discount & exp_
49,110
106,848
Inv. in & advances to sub, railroad
cos. in receivership & bankruptcy
not consol. herein (stated at book
values):
Investment in corn. & pref. stock_ _$10,481,979
5,795,434
Notes receivable
2,862,100 19,139,513
Open accts. (net) advs., &c
-Res, for decrease in surplus since dates
Less
2,680,384
of acquisition
16.459,129
Investments in outside companies, associations,
$13,579,992
&c.(at book values)
Less-Res.determined by boards of directors as
8,168.351
• of Dec.31 1932
Capital stock discount and expense
Special deposits and funds
Deferred Charges and Prepaid Accounts:
Unamortized debt discount & exp.(incl. $1,919,567 discount, exp. & prem. on bonds refunded
$12,528,527
before maturity)
851.775
Unamortized rate case and appraisal expense
564,005
Organization expense of parent companies
640,850
Prepd.accts. miscell. def. & unadjusted items_
$5,411,641
5.005.016
370,432
$14,585,157
Other Assets:
Costs & expends, in connection with prop. held
under long-term lease, &c
Due from officers & employees (less res. for losses
of $828,078
Book value of secs, loaned to affil. ints. (less res.
of $281,865)
Notes receiv.-affil. int.(less res. of $588.650)Cash in closed banks & on restricted deposit (less
reserves of $491.391)
Due on subscrip. to corn. stock (37,536 shs.-per
contra)
Non-current accounts receivable (net)
$713,722
28,474
132,261
339.001
218,723
$1.432.181
Current Assets:
$2,321,809
Cash in banks and working funds
883,813
Cash on dep.for Jan. 1 1934, bond int., &c
$3,647.615
Receivables
Less
-Res. for uncollectible notes
3,212,926
434,689
and accounts
1,314,059
Unbilled revenues
2,607,586
Mat'ls & supplies (incl. constr. supplies)
10,340,192
Total
Liabilities
Capital stock-$3 cum. cony. pref.
$9,312,496
stock-Series A
"
,
$6 cum.pref.stock-Series"1 _ _ _ _ 12,415,524
Common stock
Common stock warrants
$339.424.228
$21,758,020
$47,047.721
4,497,500
Corn. stk. subsc.-37,536 shs. (22,149-86-200
abs. in treasury or held inter-co.)
$51,545,221
698,218
$74,001,459
$816.984
Balance of consol. capital surplus__
4,967,244 $69.034,214
5.784.228
onsolidated deficit
36,011,000
Preferred stock of Midland Utilities Co
Pref,stock of other sub.cos.(liquidating value $48,709,483)- - - 48,000.112
6,533,046
Divs.accumulated on pref. stocks ofsub. cos. but not declared_
97,714
Min.int. in corn, stock & surplus ofsub. co
Funded Debt
5% coll, trust gold bonds due Sept. 1 1942(Ameri$242,600
can Public Utilities Co.)
-Midland Utilities Co.
Funded debt ofsub.cos.
6,000.000
6% gold debentures,due Sept. 1 1938
Other sub. cos. (incl. $8,068,300 fixed current
135.729.050
maturities)
$141,971,650
Deferred Liabilities:
$1,491.594
Customers' deposits
785,784
Miscellaneous deferred liabilities
$2.277,378
Current Liabilities (excl. of$8,068,300
fixed currentfunded debt maturities):
Notes payable-for secs. pledged, see
accompanying schedule
$4,921,129
Banks, &c
7,775,167
Affiliated interests
$12,696,296
$1,866.855
Accounts payable
935.334
liability for syndicate participations
Estimated
2,571.377
Accrued interest
Accrued taxes (incl. $1,102,944 for Fed.inc. taxes
4,383,877
which are subject to Treasury Dept.review)_ _ _
189,264
Dividends payable
556,812
Miscellaneous current liabilities
$23,199,815
Reserves:
$9,875,924
Depreciation reserve
1,548,731
Insurance, injuries and damages, &c., reserves_ _ _
874,643
Contributions for extensions
12,299,297
$339,424,227
Total
-Appeal bond signed
Contingent liabilities as reported by the companies
jointly with sub. company in connection with pending rate litigation (total
estimated contingent liability at Dec. 31 1933, $545,000). $836,000; estimated liability in connection with obligation of affiliated realty trust,
$350,000;liability to replace coll, pledged to notes payable to affil. ints. &
surrendered during 1933 (stated at book values of secs. surrendered),
$246,812; liability (joint and several) for obligations of Terminal Realty
Corp., $618,856; liability under contract dated Sept. 16 1932. covering
sale of $3,243,100 bonds of sub. company (amount of liability, if any,
indeterminable, none; miscell. contingent liabilities, $210,000. Purchase
-Contingent commitment for the purchase of
commitments), May 1 1936
prop. from affil. int.(may be extended under certain conditions to May 1
1946), $1.114,439; for the purchase of bonds and prop. from Koppers
Kokomo Co.,$362,845; undeclared and unpaid cum.pref. diva,of Midland
United Co.to Dec.:31 1933,$2,723,216.-V. 138. p. 3782,P. 4304.
Net deficit
$5,509,350 $1,926,454 z$2,834.933
a Not including $2,248,826 accrued and unpaid dividends on cumulative
preferred stock of subsidiary companies on which dividends have been discontinued. z Surplus.
t-d1 .4%
0
'Mine Hill & Schuylkill Haven RR.-Dividendi
Consolidated Balance Sheet Dec. 311933.
Assets
The directors have declared a dividend of $1.25 per share on the capital
Plant, Property. Rights, Franchises, &c. (Stated
Aug. 1 to holders of record July 14. Previously
stock, par $50, payable
at book values):
the company made semi-annual distributions of $1.25 in February and
Bal. Dec. 311931, per books (incl, intangibles
$1.50 in August.
representing combined property accts. of sub.
An official of the company explained that heretofore dividends had been
operating companies)
paid partly out of surplus, and with the reduction to $1.25 the company is
$290,256,466
-Book value of prop, sold, retire. & reDeduct
limiting its dividends to current income.
classifications,less addns.& extens. during 1932 22,745,344
The Reading Co. pays rental to the company sufficient to pay 6% dividend on Mine Hill stock, but Mine Hill has to pay its own taxes. The
$267,511,122
3. of 1% deducted for taxes was found to be insufficient for that purpose,
-Book value of properties
and the company drew partly upon its surplus to make up the dividend.
Deduct
V. 137. p. 2100.
placed in receivership and bankruptcy during 1933
$25,439,362
Minneapolis & St. Louis RR.-Earnings.Excess of retirements over add'ns
Earnings for First Week of July andYear to Date.
856,298
& extensions during 1933
Period-Fourth Week of July- -Jan. 1 to July 7$26,295,659
1933.
1934.
•
Combined prop. accts. of sub, operating cos. at
Gross earnings
$141,222 $3,487,777 $3,644,031
1934
$117,571
Dec. 31 1933 (incl. $20,000,000 estimated
-V. 139, p. 123.
book value of interurban railway props.)_ - 241,215,462
Add-Excess of cost of investmls in sub. cos., in
------Minneapolis-Honeywell Regulator Co.
-Extra Div1- 1
44
cash, or securities at assigned values, over
The directors have declared an extra dividend of 50 cents per share in
underlying book value thereof at dates of
addition to the regular quarterly dividend of 50 cents per share on the
33,255,641
acquisition
common stock, no par value, both payable Aug. 15 to holders of record
$274,471,104
Aug. 4. This compares with a dividend of 50 cents per share paid May 15
$11,349,374
Prop,abandoned or retired from service
284
Financial Chronicle
last, 25 cents per share and an extra of 25 cents per share Feb. 15 last and
50 cents per share extra and 25 cents per share regular on Nov. 15 1933.
-V. 138, p. 2754.
Midland Utilities Co. (& Subs.).
-Earnings.
Calendar YearsOperating revenues-Electric
Gas
Railway and motor coach
Water
1932.
1933.
1931.
$10,080,318 110.255.849 $11,414,598
6.659,568 7,665,398
6,017,661
784.183 3,107,619
5,841,466
463,655
474,138
410,504
Total
$17,345,817 $20,497,174 $25.331,966
Miscell, revenues and other income...
302,103
159,842
996,122'
Total gross earnings
Operation
Rent of leased lines and plants
Maintenance
Provision for depreciation
Taxes
$17,647,920 $20,657,016 $26,328,087
7,913,016 9,831.760 11,087.841
539,399
842,838
1.001,567
864,632
1,225,825
1,673,384
1,610.088
1,518,589
1,288,266
1,938,916 2,124,645 2,253,707
Net earnings
$4,781,869 15,113,358 19,023,323
Interest on funded debt
3.697,527 3,813,377 3,651,613
General interest
60,514
93,613
109,101
Amort. of debt discount and expense
340.423
354.981
246,918
Interest charged to construction
Cr2.768 Cr289,528
Dividends on preferred stock
690.632 *1,424,910
1,673.522
Prov.for divs. accum. on pref.stock_
905,503
Reserve prov. for losses of Chicago,
South Shore & South Bend RR_ _255,390
Balance
def$1,168,119 def$570,755 $3,631,696
Int. charges of Midland Utilities Co.:
Interest on funded debt
360,000
360,000
443,333
General interest
786,550
783,484
448,597
Amortization of debt discount and
expense
40,969
40,969
54,531
Consolidated net deficit
$2,355,638 11.755.208 sur$2685234
* Not including $251,977 accrued and unpaid dividends on cumulative
preferred stock of subsidiaries on which dividends have been discontnued.
Consolidated Balance Sheet Dec. 31 1933.
Assets
Plant, property, rights. franchises, &c. (stated
at book values):
Balance Dec. 31 1931, per books (including
intangibles-representing combined property accounts of sub. operating companies) $149,358,093
Deduct
-book value of property sold, retirements and reclassifications, less additions
and extensions during 1932
13,166,718
Deduct
Book value of peroperty placed
in bankruptcy in 1933
$15,642,478
Excess of retirements over
additions and extensions
during 1933
566,607
$136,191,375
16,209,086
July 14 1934
Dividends accumulated on preferred stock of subsidiary companies but not declared
Minority interest in common stock and surplus of subsidiary
company
Funded debt
6% gold debentures, series A. due Sept. 1
1938
16,000,000
Bonds of subsidiary companies (includes
$8.033,300 offixed current maturities) _
73,243,000
Liability for securities borrowed from parent company-see
contra
Deferred liabilities
Customers'deposits
$1,001,401
Miscellaneous deferred liabilities
531,385
Demand notes payable to parent company.&c.:
Parent company (of which $3,920,000 is
secured by collateral of $23,795,969 book
value-these notes and collateral thereto
have been pledged by parent company
against notes payable to affiliated interests) $11,500,713
Other notes payable
71,000
Current liabilities (exclusive of $8.033,300 fixed
current maturities):
Demand notes payable
Banks (secured by collateral of
$25.425,855 book value) _ $2,500.000
Affiliated interests (secured by
collateral of $6,353,368 book
value, of which $1,406,644
is borrowed from parent
1,151,380
company)
$3.651,380
Accounts payable
1,109,530
Accrued taxes(including $795,504 for Federal
income taxes subject to Treasury Depart2,519,990
ment review)
Accrued interest
1,278,603
Due to affiliated companies (including $912,823 interest accrued on notes payable to
parent company)
1,098.109
172,206
Dividends payable
119,651
Miscellaneous current liabilities
Reserves
$6,231,342
Depreciation reserve
1,423,620
Insurance,injuries and damages,&c.,reserves
466,022
Contributions for extensions
1,076,717
97.715
79,243,000
1,406.644
1,532,786
11.571,713
9,949.472
8,120,986
Total-------------------------------------------- $179,004,699
Note.
-Of the reacquired preferred stock, 1,403 shares are loaned to
parent company and 400 shares are loaned to an officer, and hypothecated
by them.
Contingent liabilities as reported by the companies: As endorser of
parent company demand notes payable to banks, $2,197,489; appeal bond
signed jointly with subsidiary company in connection with pending rate
litigation (total estimated contingent liability at Dec. 31 1933-1545,000).
$836.000; estimated liability in connection with obligation of affiliated
realty trust, $175.000; liability to replace collateral pledged under note
payable to affiliated interest-stated at book value of collateral surrendered.
$66.639; miscellaneous, $100,000. Purchase conunitments, May 1 1936:
Contingent commitment for the purchase of property from affiliated
Interest (may be extended under certain conditions to May 1 1946).
$1,114,439; for the purchase of bonds and property of Koppers Kokomo
Co., $362,845. Undeclared and unpaid cumulative preferred dividends
of Midland Utilities Co.to Dec.31 1933.$4.567,759.-V.138, P.3783.4304,
Combined property accounts of subsidiary
operating companies at Dec. 31 1933
-Earnings.
-(incl. $9,000,000 estimated book value of
Mississippi Power Co.
interurban railway properties)
3119,982,289
IA, subsidiary of Commonwealth & Southern Corp.]
Add-Excess of cost of investments in sub-Month-1933.
Period End. May 31- 1934
1934-12 Mos.-1933.
sidiary companies, in cash, or securities at
1235,880
1219,171 12.772,507 $2,847,122
Gross earnings
assigned values,over underlying book value
Oper. exps., incl. mainthereof at dates of acquisition
19,097.752 $139,080,041
158,566
155,282
1,896,324
1.906,416
tenance and taxes_ _
Property abandoned or retired from service (as reported by
54,809
54,191
655,161
706,7E8
Fixed charges
companies' engineers-book value estimated by companies
6,100
6,100
73,200
73,200
Prov. for retire. reserveon basis of appraisals)
4.278,516
Investments in and advances to other companies within Mid$3,597
$147,821
$16,404
Net income
$160.717
land United Group (stated at book values)
1.222,753
21,099
21,386
253,950
267,556
Divs. on 1st pref. stock *
Investment in and advances to Chicago South
Shore & South Bend RR.(in bankruptcy)
117,788
$4,694
1106,129
$106,839
Deficit
(stated at book values):
138presents fu11 dividend requirements; none paid since Oct. 1 1933.Re, p. 4131.
Investment in common and preV.
ferred stock
$6,830,119
Notes receivable ($3,889,472
-50
-Cent Pref. Diva/404.4(
""
----Mississippi Power & Light Co.
face value pledged as collateral
The directors have declared a dividend of 50 cents per share on account
to notes payable)
4,029,002
of accumulations on the $6 1st pref. stock, no par value, payable Aug. 1
Open accounts (net), interest reto holders of record July 14. Like amounts were distributed on May 1
ceivable and advances
420,816 $11,279,938
1934, Feb. 1 1934, Nov. 1 1933 and Aug. 1 1933, prior to which the regular
Less
-Reserves for decrease in surplus since
quarterly dividends of $1.50 per share were paid.
date of acquisition
1,452,206
9,827,732
Effective with the Aug. 1 disbursement arrears will amount to $5 per
Receivable from parent company on account of loan of this
share.
-V. 139, p. 123.
company's reacquired preferred stock-securities used in
syndicate operations and not recoverable from syndicate
Missouri-Kansas Belt Ry. & Terminal Ry.-Seeks
stated at book value of loaned stock
2,123,968
Securities borrowed from parent company-stated at value
$11,000,000 from RFC to Build a 122-Mile Track.
on books of loaning company (pledged as collateral to notes
Authority to borrow $11,000,000 from the Reconstruction Finance Corpayable, affilated interests-see contra)
poration to aid in the construction or 122 miles of track in southern Kansas
1,406,644
Reacquired preferred stock loaned to and pledged by parent
was sought on July 10 by the company in an applicatiop to the I.
-S. C.
company-stated at par-see contra
140,300
Commission. The applicant said that it had made futile efforts during the
Investments in outside companies, associations,
past three years to obtain the required funds among various banks, but
&c.($864.329 book value pledged as collathat it had been limited to contributionsfrom its stockholders.
teral to notes payable) (stated at book
The completion of the road, already under construction, would require
values)
$6,193,269
17,325 tons of steel rail, 400,000 cross ties, nearly 1,000.000 board feet of
Less-Reserve determined by board of directimber, and would "effectively dispose of the unemployment situation in
tors as of Dec.31 1932
3,100,103
that part of Kansas served by it and along the lines acquired by it in
3,093,166
Capital stock discount and expense_
4,618,300
southern Missouri and Arkansas," the company said.
Special deposits
301,727
Among specified purposes for which the applicant would use the proDeferred charges and prepaid accounts:
posed loan was the refunding of loans of $3.927,750 by the Railroad Ad• Unamortized debt discount and expense
$5.776,272
ministration and the Director-General of Railroads to the Missouri &
Unamortized rate case and appraisal expense
280,648
North Arkansas Ry. and the Wichita Northwestern Ry.
Prepaid accounts, miscellaneous deferred and
To secure the loan the road offered to pledge the following collateral
unadjusted items
with the RFC: $5,000,000 1st mtge. 6% bonds of the Missouri & North
318.831
6,375,752
Other assets
-Kansas Belt 1st mtge. 5%
Arkansas due in 1937; 13.500,000 of Missouri
Improvements to property held under longbonds due in 1987:13,500.000 of Imperial Terminal Building Co. 1st mtge.
term lease
guaranteed by the applicant:$2,142,000 of common
339,447
6% bonds due in
Cash in closed banks and on restricted deposit
stock of the applicant: $1,400.000 of common stock of the building company
1963'
(less reserve of $442.865)
88,317
subsidiary; 13,625,000 of rent notes to the Imperial Terminal Building Co.
Note receivable-affiliated interest (less refrom the Logan Jones Dry Goods Co., now held and guaranteed by the
serve of $588.650)
applicant; $750,000 of rent notes to the Imperial Building Co. from the
Non-current accounts receivable, including
Imperial Amusement Co., also held and guaranteed by the applicant.
$11.874 due from officers and employees
V. 137, p. 4359.
(less reserve of $1,823)
13,643
441,409
-Freight Traffic.
Current assets
Missouri Pacific RR.
Cash in banks and working funds
$1.612,186
Freight traffic handled by the company in June 1934 amounted to 92,137
Cash on deposit for bond interest due Jan. 1
cars, compared with a total of 90,763 cars during June 1933. The traffic
1934
476,964
In June this year was divided, 59,591 cars loaded locally and 32,546 cars
Receivables (incl. 1167,473 due
received from connections, compared with 58,877 cars loaded locally and
from affiliated companies)___ $2,343.723
31,886 cars received from connections in June 1933.
Less-Reserve for uncollectible
notes and accounts
2,041,590
302,133
Bondholders Urged to Deposit Bonds.
Unbilled revenues
707,352
Anticipating that a plan for reorganization will be worked out at an early
Materials and supplies (incl. construction
date in line with the opinion expressed by the Court, the protective comsupplies)
1.256.302
6,094.394
mittee representing five series of the road's 1st & ref. mtge.5% gold bonds
Is urging bondholders to deposit their bonds either with Guaranty Trust
Total
$179,004,699
Co. of New York or St. Louis Union Trust Co.. St. Louis, depositaries.
This, a notice mailed to bondholders July 12 declares, is "in order that their
Liabilities
interests may be properly protected upon the hearings before the I.
-S. C.
Prior lien
-7% cumulative
112,158,500
Commission and the Court, which must be held in connection with any
6% cumulative
8,875,000
plan which may be presented."
Preferred-Class A.7% cumulative
14.091,600
A detailed report of the activities of the committee in the interests of the
6% cumulative
3.315,300
bondholders since the filing of a petition on March 31 1933, seeking a reCommon stock (378,300 no par shares)
3.783,000
organization, is contained in a circular letter which is being mailed to all
Balance of consolidated capital
holders of the road's 1st & ref. mtge. 5% gold bonds.
surplus after recapitalization_ - $594,905
Consolidated deficit since reInterest on Iron Mountain 4s & other Bonds.
capitalization
2,337,638 Dr1,742.733 $40,480,667
The trustees of the company have been directed by the Court In the
Reacquired preferred stock loaned to parent company-see
proceeding now pending under Section 77 of the Bankruptcy Act'to pay
contra
140,300
interest on St. Louis Iron Mountain and Southern Railway River and Gulf
Preferred stock or subsidiary companies outstanding
Divisions first mortgage 4% bonds, due May 1 1933, at the rate of 4% per
25.384,700
Financial Chronicle
Volume 139
annum for the 6 months ending May 1 1934, according to a notice sent out
to holders of these bonds by the protective committee of which R. G.
Page, Vice-President of Bankers Trust
s chairman. In order to
obtain the interest payment the bonds must
Co.,be presented for stamping at
the office of J.P.Morgan & Co.,paying agent ofthe trustees of the Missouri
Pacific RR.
The notice points out that registered holders ofthe committee's certificates
of deposit need not present the certificates for stamping, since the committee will present the bonds and distribute the interest, without deductions for expenses or otherwise, to registered holders of certificates of
deposit as of the close of business July 13.
Bankers Trust Co. is depositary. The secretary of the protective committee, from whom a copy of the committee's prospectus, including the
letter of transmittal to be used in depositing bonds, may be obtained, is
Archer W. Bachman, 16 Wall St., New York.
Notice having been received that interest of 2% is now being paid on St.
Louis Iron Mountain & Southern Ry. River and Gulf Division 1st mtge.
-year gold bonds. due May 1 1933, upon presentation of bonds for
4% 30
endorsement of payment:
The Committee on Securities of the N. Y. Stock Exchange rules that
bonds be quoted ex-interest 2% on July 13; that the bonds shall continue
to be dealt in "flat" and to be a delivery in settlement of transactions made
beginning July 13 must be endorsed to show payment of the May 1 1934
interest.
Further notice having been received that the above interest on that part
of the bonds represented by certificates of deposit will be paid on July 14
1934 to holders of record at the close of business on July 13 1934,the Committee on Securities rules that transactions in said certificates of deposit
on July 13, unless made specifically for "cash," shall be ex-interest 2%;
that certificates of deposit delivered in settlement of contracts made July
12 must be accompanied by due-bills for the above interest; and that due
bills must be redeemed on July 16 1934.
The interest due May 1 1934 on the Missouri Pacific Ry. extended 3rd
mtge. 4% gold bonds due 1938 and the interest due July 1 1934 on the
Pacific RR. of Missouri 2nd mtge, extended gold 5% bonds due 1938, is
now being paid.
The Committee on Securities of the New York Stock Exchange rules that
the bonds be quoted ex-interest 2% and 23i %, respectively, on July 13
1934;that the bonds shall continue to be dealt in "flat" and to be a delivery
in settlement of transactions made beginning July 13, must carry the
Nov. 1 1934 and Jan. 1 1935 and subsequent coupons, respectively.
-V.
139, p. 123.
Mohawk Valley Co.
-Meeting Further Adjourned.
The adjourned meeting of the holders of 53 % gold bonds due 1971,6%
,
5
cons. ref. gold bonds due 1981 and 6% cons. ref. gold bonds due 1991,
scheduled to be bald June 8, has been further postponed to July 27.
Consolidated Earnings for 12 Months Ended March 31.
1934.
1933.
Electric revenue
$26,134,449 $26,047,882
Gas revenue
6,389,729 6,620,925
Miscellaneous revenue
1,784,003
1.748,727
Total operating revenues
$34,308,181 834,417,535
Operating expenses
15,467,934 15,314,044
Maintenance
2.710,339
2,576,736
Prov.for retirements, renewals and replacements- _ 1,673,761
1.735,170
Taxes
3,600,842
3,264.128
Operating income
Other income
$10,855,306 $11,527,456
135,964
248,709
Gross income
$10,991,270 $11.776,165
Deductions
Subsidiary companies: Interest on funded debt
4.032,014 3,973,831
Interest on unfunded debt
176,261
267,254
Amortization of debt discount and expense
221,782
285,645
Divs. on preferred stocks, paid or accrued
1,415,142
1,434,157
Interest during construction
Cr61,938
Cr97,158
Mohawk Valley Co.: Interest on funded debt__- 2,935,000
2,935,000
Interest on unfunded debt
49,404
233,925
Amortization of debt discount and expense
1,831
1,730
Balance of income
$2,221,774 $2,741,781
The above consolidation does not reflect the accrual for Federal income
tax on an individual company basis. Recent legislation enacted by Congress and made effective commencing with the year 1934. prohibited corporations from filing consolidated income tax returns which will necessitate
an upward revision of tax accruals for the three months of this year included herein.
-V. 138, p. 2084.
Montana Power Co.
-Tenders.
-
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
10 a. m.on July 23 receive bids for the sale to it of 1st & ref. mtge. sinking
fund gold bonds, series A,5%,due July 1 1943, to an amount sufficient to
exhaust $144,261 at prices not exceeding 105 and int.-V. 138, P. 4305.
Montgomery Ward & Co.
-June Sales.
1934-June
-1933.
Increase.
Increase.] 1934-5 Mos.-1933.
619.266,336 $16.103,560 $3,162.776104,807,348 868,412.223 826,395.125
-V. 138. p. 4305.
Montreal Light, Heat & Power Consol.-Production.--
The company in June produced 452,980,000 cubic feet of gas, an increase
of 4.33% over June 1933. Electricity production during the month totaled
75,222,470 kwh., an increase of 11.35%. Electric figures do not include
off-peak or export power.
-V. 138, P• 861
.
Mountain States Power Co.
-Earnings.
-
12 Months Ended Ma
1934.
1933.
Gross earnings
$2,767.426 $2.779,807
Operating expenss, maintenance ac taxes
2,043,434
1,911.816
, 3
Net earnings_______________________________ $723 99
$867,991
Other income _______________
247.152
246,174
Net earnings,including other income
$971,144 $1,114,164
Lease rentals
12,000
12,000
Interest charges
-net __ •
874,684
865.211
Appropriation for retirement reserve
84.461
60,154
Net income ________________________________
Nil
$176,799
-V. 138, p. 3954.
285
Present annual brewing capacity of the plant is approximately 150,000
barrels, although storage buildings are sufficient to handle a substantially
greater quantity of beer when completely equipped with tanks. It is the
intention of the management to utilize a portion of the proceeds of the sale
of these notes for the installation of additional brewing equipment and
tankage, permitting an increase in annual bre%ing capacity to approxi.
mately 250,000 barrels. The estimated cost of this additional equipment
is approximately 885,000 and it is contemplated that installation will be
completed in approximately 60 days.
Authorized.
Capitalzation
Outstanding.
1st mtge.6% cony. notes,due June 15 1939
$300,000
a$300,000
Capital stock ($1 par value)
1,700,000 shs.
b801,634 shs.
a This issue of 8300,000 of notes includes the present public offering
of 8150,000 and a like amount issued concurrently and delivered to the
Mundus Products Co., Ltd.,together with the sum of 813,395. plus interest,
in full and final payment of the company's current remaining obligation
of 8163.395 under a land contract covering the purchase of the land and
buildings referred to above. It is contemplated that Mundus Products
Co. Ltd., will sell all or part of the notes which it receives to the underwriter, following the sale by Mundus Brewing Co. of the $150,000 of
notes referred to above as being the present public offering.
b The outstanding 801,634 shares of capital stock were issued as follows:
300,000 shares to the Mundus Products Co., Ltd., in part payment for
land. buildings, &c., 500,000 shares were sold to the public at $1 per share,
for which the company received $0.85 per share, and 1,634 shares were
issued upon the exercising of stock purchase warrants, for which the
company received $1 per share.
Stock Purchase Warrants were issued, in the original instance, evidencing
in the aggregate the right to buy 600,000 shares of the 1,400,000 shares of
capital stock then authorized (and proportionately as to any change in
authorized capital stock thereafter), at 81 per share. Of these, warrants
for 250,000 shares were delivered with the aforementioned 500,000 shares
of stock sold to the public, 150,000 accompanied the aforementioned
300.000 shares of stock delivered to the Mundus Products Co.. Ltd.,
and 200,000 were issued to acquire an option on the land and buildings
comprising the plant of the company from the original promoter, who is
not now connected with the company or associated with this financing.
In conjunction with the issuance of 8150,000 of notes to the Mundus
Products Co., Ltd. as mentioned above, the latter has surrendered to
the company for cancellation its holdings of warrants for 150,000 shares.
Security.
-Notes will be secured by a first (closed) mortgage on land
and buildings and manufacturing and operating equipment of the company.
Purpose.
-The purpose of this issue is: (a) To increase the production
of Mundus beer; (b) To become the owner of the land and buildings
constituting the plant (subject to proposed note issue) by discharging the
existing land contract.
The company will receive 8135,000 from the sale of 8150.000 notes
to be publicly offered, of which approximately 385.000 will be used for
the purchase of additional plant equipment and the balance as additional
working capital. The remaining $150,000 notes will be used to acquire
a deed to the property in the manner hereinbefore described.
Earnings.-Subsequent to the legalization of the sale of beer the company commenced the marketing of its product in September 1933. During
the initial period of three months operating losses were incurred, but commencing with the month of December 1933, the company has consistently
operated at a profit. Net loss for the four-months' period ended Dec.31
1933 amounted to $15,223.
Income Statement. May 31 1934
Gross profit from the sale of beer
$214.091
Selling and delivery expense
131.199
25.341
Administrative expense
Net profit from operations
Miscellaneous income, including rentals received, less int. paid
$57.550
7,562
Total net profit before Federal income taxes
865,113
Sinking Fund.
-Trust indenture will provide for an annual sinking
fund, payable on or before March 15 of each year, equivalent to 5% of the
outstanding notes, or 10% of net earnings of the company (before Federal
income taxes) for the preceding fiscal year, whichever is greater, to be
applied to the purchase or retirement of notes at prices not in excess of
the prevailing redemption price, plus int. In respect of the fiscal year
ending Dec. 31 1934 it is provided that the aforesaid percentages in relation
to notes outstanding and to net earnings shall be reduced to 2Yi% and
5%,respectively.
,
Directors.-Armin A.Darmstaetter,Pres.;Carl J. Darmstaetter. V.-Pres.;
-P. & Treas.; Donald F. Gray, V.-Pres.
& Sec.; Frederick R. Robinson; V.
Condensed Balance Sheet May 311934.
LtatratetesAssets
8125,771
8204.213 Current liabilities
Current assets
76,384 Deposits on containers
17,812
Other assets
733,479 Land contract payable
163,395
Fixed assets
801,634
1 Capital stock ($1 par)
Good-will
124,991 Surplus
30,456
Deferred charges
Total
-V. 136. p. 337.
81.139,069
Total
81.139.069
-June Sales.
(G. C.) Murphy Co.
Increase.' 1934-6 Mos.-1933.
Increase.
1934
-June
-1933.
8657,665 812,278.690 38,764.847 83.513.843
82.465.993 $1.808,328
In June 1934 the company had 81 stores in operation. against 179
stores in June 1933.-V. 138. P. 3664.
-Tenders.
Nashville Ry. & Light Co.
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
10 a. m. on July 26 receive bids for the sale to it of ref. & ext. mtge. 50year 5% gold bonds, due July 1 1958, to an amount sufficient to exhaust
$23,239 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,
-V. 138, P. 327.
will yield an interest return of 4;i% per annum.
National Bellas Hess, Inc.
-Mid-Summer Catalogue
Quotes Lowest Pricesfor Year to Date.
The mid-summer catalogue now being mailed to a selected list of 1,800.000
customers, quotes prices which will be the lowest of the year, according to
Carl D. Berry, President.
The company also reports 219,000 new customers for the first four months
of 1934 as compared with 146,000 during the like period in 1933.-V. 138.
p. 4132.
-Stockholders Increase.
National Dairy Products Corp.
Mundus Brewing Co. (Mich.).
-Notes Offered.
It is stated that 69.683 individuals, corporations, trusts and other public
-An
institutions held common stock of the company on June 30 1934. This
issue of $300,000 1st mtge. 6% cnvertible notes is being compares with 68,890 common shareholders on Dec. 31 1933, and
66,366
offered at 100 and int. by Alison & Co. and John C. Greer & on June 30 1933. As at June 30 1932, common stockholders numbered
Co. Inc., f Detroit. Notes offered only to residents of 61,758.-V. 138, p.2756.
State of ilichigan. A prospectus shows:
----National Surety Co.
-Deposits Urged by Reorganization
Dated June 15 1934: due June 15 1939. National Bank of Detroit,
Committee.
trustee. Exempt from
property tax. Notes are
Michigan personal
convertible into the capital stock ($1 par), at the option of the holder, at any
time on or before the date of maturity or date of prior redemption. The
rate of conversion is 81 in par value of capital stock for each 81 in principal
amount of notes, and the trust indenture contains provisions protecting
this conversion privilege against dilution.
Company.-Incorp in Micihgan Oct. 17 1932, and purchased from
Mundus Products Co., Ltd., the land, buildings and certain brewing and
steam generating equipment, originally constituting the West Side Brewery
plant, together with the trade name "Mundus." Since August 1933 has
been actively engaged in the production of "Mundus" beer. West Side
Brewery Co.,. Ltd., was established in Detroit in 1902 and was continuously
engaged in the manufacture of beer, distributed under the trade name
"Mundus" until 1918, when prohibition became effective in the State of
Michigan.
Following the completion of the sale of the original capital stock in June
1933, the company began the installation of brewing equipment, storage
tanks and auxiliary equipment, and in August the plant was put into
active operation.
Plant equipment includes a 175
-brew kettle and 21,880 barrels of fermenting and storage tankage. Company's bottling plant has a capacity
of 5,800 cases per day.
Edward M. Thomas, as Secretary for the reorganization managers,
recently appointed to carry out the plan of reorganization with respect to
the approximately $45,000,000 of real estate securities guaranteed, or with
collateral guaranteed by the National Surety Co., on July 12 addressed a
letter to securityholders urging those who have not deposited under the
plan to do so promptly in order that the reorganization managers may be
in a position to take such action as is necessary to protect their interests
in connection with the hearing scheduled for July 213 on the recent offer
to purchase the capital stock of National Surety Corp.
More than a majority of the $45,000,000 of securities outstanding have
been deposited under the plan since May 14 1934. when the plan was promulgated and agreed upon by the Superintendent of Insurance of the State
of New York and the protective committee for the bondholders, of which
C. Prevost Boyce is Chairman, according to the letter. Included among
those who have accepted the plan are 8,200 individuals, 160 banks,and other
financial institutions, 40 savings banks, 8 insurance companies and over
400 trustees, hospitals,fraternal organizations and educational institutions.
The letter addressed to securityholders says in part:
There has been a development of importance in the National Surety
situation which emphasizes the necessity for the bondholders immediately
to unite for the protection of their interests. The National Surety Co.
286
Financial Chronicle
has been placed in liquidation. A cash offer for all the stock of the National Surety Corp. has been filed in court, and the Court has signed an
order reouiring all persons interested to show cause on July 20, or as soon
thereafter as counsel can be heard, as to what action should be taken on
the offer. This Court order further fixed July 19 as the date for the submission of other bids for the purchase of the stock of the National Surety
Corp.
The National Surety Corp. was formed by the Superintendent of Insurance when he took over the National Surety Co.for rehabilitation. Millions
of dollars of assets were transferred to this new corporation, which assumed
only that part of the business of the old Surety Co. which past experience had proved safest and most profitable and did not assume the liabilities
on the mortgage guaranties. The new National Surety Corp. has been in
operation for the greater part of a year. The validity of its organization
has been upheld by the Court of Appeals of New York. During the time
It has been in business it has made a considerable amount of money, and
the prospects for its future seem even brighter, as during the period of its
past operations there have been certain expenses which should not be recurrent. While all of the stock of the new National Surety Corp. is at
present pledged with the Reconstruction Finance Corporation to secure
loans made by the old National Surety Co., it is believed that the other
collateral of the National Surety Co. pledged for the same loan should be
sufficient of itself to pay the indebtedness, and that all the stock of the National Surety Corp. should eventually be held free and clear of any liens
by the Superintendent of Insurance of the State of New York for the benefit
of all the creditors of National Surety Co. The New Mortgage Co. and
Its subsidiaries, under the plan, willin all probability be the largest creditors.
It is the opinion of the reorganization managers that this stock of the
National Surety Corp. represents by far the greatest part of the assets of
the old National Surety Co., and that it is to this stock, or its proceeds,
to which the bondholders must look primarily in connection with their
claims on the guaranties of the National Surety Co.
The reorganization managers are carefully investigating and considering
the proposed offer for the purchase of this stock and will take such action
on behalf of the bondholders as seems proper to protect their interests.
It is obvious that bondholders cannot act efficiently or economically in a
situation of this kind, except by united representation, and that the more
bondholders who immediately deposit under the plan and agreement the
more effective action can be taken by the raorganization managers on their
behalf in this as in all other situations.
If you have not already deposited your bonds under the plan and agreement of reorganization, it is vital to your interests that you do so immediately, whether or not you have previously signed any power of attorney.
[Harvey D. Gibson, President of the Manufacturers Trust Co. of New
York; C. Prevost Boyce of Stein Bros. & Boyce, Baltimore and New York.
and John W. Hannon of Hannon & Evans, New York, are reorganization
-V.138,P.4307.
managers under the plan and agreement ofreorganization.]
-Stock Purchase Offer.
National Surety Corp.
July 14 1934
at the corporation's office, 15 Exchange Place, Jersey City, N. J., before
noon, July 20 1934.
There are now outstanding $943,000 out of an original issue of $6,000,000
debentures.
-V. 138, P. 337.
-Earnings.
New York Central RR.
[Including All Leased Lines.]
-Month-1933.
Period End. May 31- 1934
1934-5 Mos.-1933.
Railway oper. revenues_$25,636,965 $23,253 3275126.110,705105,846,562
Railway oper. expenses.. 18,556,921 16,179,108 93,201,491 79,546,395
Railway tax accruals_ _ _ 2,362,211
2.382,566 11,791,496 11,907,919
42,919
16,959
Uncollectible ry. revs_ _ _
37,825
115,856
Equip. & it. fac. rents__ 1,435,185
1,330,475
6.963.957
6,003.056
Net ry. oper. income_ 53.239.726 53,344,217 514,037,967
Miscell. & non-oper. inc_ 1,854,976
1,938,619
8,965,884
58,351.365
9,280,190
Gross income
55,094,703 55,282,837 523,003,851 517,631,556
5,177,128 24,643,925 25,602,065
Deduc'ns from gross Inc_ 5.022,611
Net income
-V.138, p. 4470.
572.091
5105,708 51.640,073
57,970.509
New York Hanseatic Corp.
-Earnings.
Earnings for Six Months Ended June 30 1934.
Net profit--------------------------------------------------$79,837
Dividends-------------------------------------------------- 40,000
Balance--------------------------------------------------539,837
Balance Sheet June 30 1934.
Liabilities
Assets-.
Cash in banks & on hand__ 31,234,861 Due to customers & for delayed deliveries
Bankers' acceptances:
5208,152
On hand dr plgd. as collat. 3,702,168 Loans payable:
Secured by bankers' accepts 3,475,000
Sold under endorsement
47,900
Secured by U. S. Gov. secs. 0,470,000
(contra)
14,914,181
Repurch. agreements of
U. S. Govt. securities
U. S. Gov. secs. sold_ _ _ 5,027,491
72,195
Foreign bills on hand
705,899 Bankers' accepts, sold under
Securities (below market)__.
212,319
Loans & advances (secured).
endorsement (contra)
47,900
Unearned int.,res.for taxes,&c
Accrued interest receivable,
168,988
99,723 Capital stock
&c
2,000,000
Surplus
591,715
Total
-V. 138. p. 337.
$20,989,246
Total
$20,989,246
'--New York &/ Ho#duras Rosario Mining Co.
-50
-Cent
Extra Dividendltitf.
Supreme Court Justice John E. McGeehan has signed a show cause order
ra dividend of 50 cents per share in
returnable July 20 for a hearing as to whether or not Superintendent,of
The directors have declared an
Insurance George S. Van Schaick shall accept a 56,000,000 offer for the
addition to the regular quarterly dividend of 25 cents per share on the capital stock, par $10, both payable July 28 to holders of record July 17.
Purchase of the capital stock of the corporation.
al
Similar distributions were made on April 28 last as compared with extra
The Nation- Surety Corp. was organized April 29 1933 at the time the
National Surety Co. was taken over by the Superintendent for rehabilidivs. of 75 cents per share in addition to the regular payments on Jan. 30
1934 and Oct. 30 1933. A special distribution of 50 cents per share was
tation. The capital stock, consisting of 100.000 shares (par $10 a share),
also made on Dec. 29 1933.-V. 138, p. 4307.
was created for the purpose of conserving and developing the assets of the
old company for the benefit of all the creditors. All the stock of the new
-Loss in Stations.
New York Telephone Co.
corporation is held in the name of the Superintendent for the benefit of
The company lost 4,903 telephone stations in June, compared with
the creditors.
losses in June 1933. of 14,736 and in June 1932 of 35,964.
McGeehan's order follows an offer by the Haystone Siicurities
Justice
The gain in the first six months of 1934 totaled 12.771 compared with
Corp. through Charles Hayden. a director of the new corporation, to
losses in the 1933 period of 99.775 and in the 1932 period of 115,999.-V.
purchase the stock of the new corporation provided it could be delivered
Superintendent Van Schaick sought an opinion from
138, p. 4471.
before July 30 1934.
the court whether to accept or reject the offer or any other offers which
-Dissolution.
New York Title & Mtge. Corp.
may be forthcoming before the time the order is returnable. Should the
The stockholders' meeting scheduled for July 6 to vote on dissolving
court agree to the proposed sale on July 20. its consummation is conditioned
the corporation has been adjourned to Aug. 6. see also V. 138, p. 4133.
upon the consent of the Reconstruction Finance Corporation, to which
the capital stock of the National Surety Corp. is pledged as collateral
-Resumes Dividends.
Mines Co.
for a loan.
The directors have declared a dividend of 123 cents per share on the
The Haystone Securities Corp.'s offer to purchase at $60 a share provides
payable Aug. 15 to holders of record Atig.'1. From
common stock, par $5,
that should the Superintendent first desire to offer the stock pro rata to
July 20 1927 to and incl. April 20 1931 quarterly distributions of 7ji cents
the creditors and stockholders of the National Surety Co. in liquidation
-V. 138, P. 4308.
per share were made; none since.
at the price of 562.50 a share, the Superintendent will be required to deliver
to the Haystone Securities Corp. only such shares as are not subscribed
-Electric Output.
North American Co.
creditors and stockholders. The $2.50 a share differential is a
for by
J. F. Fogarty, President, on July 10 made the following quarterly report
consideration for the Haystone corporation's agreement to purchase the
of electric output;
balance of the stock and shall be paid to that corporation at the time of
"Electric output of subsidiaries of North American Cp. for the second
closing.
quarter of 1934 showed an increase of 14 % compared with the output
At the July 20 hearing any additional offers for the stock will be confor the second quarter of 1933. The increases over the corresponding months
sidered, provided they are submitted in writing at the Superintendent's
of
were approximately 20% for April, 15%
on July
office. 80 Centre St., before noonthe bid. 19 1934 and accompanied by a forlast yearThe smaller rate of increase in the latter fcr May. and 10%
part of the second
June.
deposit of 10% of the amount of
quarter was due largely to the fact that during the corresponding period of
Meanwhile the court has appointed Patrick J. Hangley of 1 Liberty St.,
1933 industrial activity turned sharply upward contrary to the usual
N. Y. City, to make an independent appraisal of the assets and liabilities
seasonal trend. In volume the output for the second cluarter of this
of the National Surety Corp. for the purpose of determining the value of
year was somewhat larger than that of the first quarter of this year and
the capital stock.
for the month of June was ahead of the total for June of any year since 1930.
Superintendent Van Schaick's petition recites, among other things,
Because of the severe and widespread drouth conditions in the middle
the following:
west States, water power provided a substantially smaller part of the
"The organization of the new National Surety Corp. was undertaken
second quarter's output in 1934 than in 1933.
by the Superintendent of Insurance for the benefit of the creditors and
"Output for the 12 months ended June 30 1934 aggregated approximately
stockholders of the old company, and that step has proven practically, as
4,795,000,000 kwh., an increase of 12%% compared with the 12 months
well as legally. justifiable. The company has prospered, is writing all the
ended June 30 1933."-V. 138, P. 4134.
properly should, and the first year,
the combusiness which it
plications which always exist in startiag any new venture, has proven one 'North American Trust Shares.
-Semi-Annual Divs.
4W(
of constructive growth and it has achieved the purpose for which it was
A semi annual distribution of 4.6 cents per trust share has been anorganized.
nounced on the North American Trust Shares, 1955(maximum cumulation
"The company is now well organized, is doing a paying business and has
type), payable on July 16 1934. This compares with a similar distribution
a recognized place in the insurance field. In starting this new company
made.Tan. 15 last,6 cents per share paid on July 15 1933. 5.2 cents per share
it was not contemplated that the rehabilitator, now the liquidator, would
on Jan. 15 1933, and 7.4 cents per share on July 15 1932.
continue the control and management of the company indefinitely. The
A semi-annual distribution of 4.8 cents per trust share has also been
purpose was to operate the company until it was a valuable asset and then
declared on the North American Trust Shares. 1956 (maximum distribudispose of it for the best price obtainable and upon terms which would be
tion type), also payable July 16 1934. This compares with 6.4 cents per
creditors and stockholders of the old company.
most advantageous to the
share paid Jan. 15 last; 5.8 cents per share on July 15 1933, 5.4 cents per
"While there is no immediate necessity for the sale and the Superinshare Jan. 15 1933 and 7.6 cents per share on July 15 1932.
tendent of Insurance is in no sense an anxious seller, It is nevertheless the
The City Bank Farmers Trust Co., as trustee. on July 16 will distribute
obvious duty of the Superintendent to consider seriously any substantial
to the bearers of coupon No. 6 appertaining to North American Trust
offers which are made for the stock of the corporation and to communicate
Shares, 1955, the sum of 4.6 cents per trust share and to the bearers of
creditors and stockholders of the coinsuch offers to the court and to the
coupon No.6 appertaining to North American Trtist Shares. 1956, the sum
pany."-V. 138, p. 4307.
or 4.8 cents per trust share. The amount so distributed is in each case
for the period ending June 30 1934, and is classified as follows:
-June Sales.
(J. J.) Newberry Co.
Nats 1955.
SourceNoes 1956.
Increased 1934-6 Mos.-1933.
-June-1933.
Increase.
1934
5.0450963
Regular cash dividends
5.0445500
5507.2631517,676,463 514,327,046 53,349.417
.
$3,407,328 52.900,065
Less:5% tax withheld at source .0004804
.0004800
Company has revised the figures for May to read $3.408.136, instead of
5.0446159
5.0440706
$3,536,532. This compares with $2,740,152 in May 1933, an increase of
Extra cash dividend
.0000800
5667,984.-V. 138, p. 3955.
Proceeds from the sales of stock
dividends representing less than
New England Telephone & Telegraph Co.
-Earnings.
one full share per unit
.0010612
-Month-1933.
1934-5 Mos.-1933.
Period End. May 31- 1934
Proceeds from the sales of stock
55.647.396 55,539,332 527,453,821 526,563,627
Operating revenues
dividends-------------------------------------- .0017891
17,693
48,287
124,240
denEral
Uncollectible oper.rev
Profit on. sale Of N.
266,557
RR. Co. rights and uninvested
Operating revenues_ -- 55,665,089 $5,587,619 527,578.061 526,830,184
portion of cost thereof
.
0006780
3,956.253 19,664.944 19,451,688
4,051,407
Operating expenses
Proceeds from the sales of N. Y.
Central RR. Co. rights
0019192
Net oper. revenues,,, $1,613,682 51.631.366 $7,913,117 $7,378,496
Carry-over from preceding distribution.0005996
.0010732
17
84
Rent fr lease of op. prop
450.040
476.672
2.302,903
Total
Operating taxes
5.0470347
2,276,995
5.0488515
Deduct
Net oper. income__$1,163,642 $1,154,711 $5,610.214 $5,101,585
Legal fees paid by the trustee_ --- .0000217
.0000218
-V. 138, p. 4132.
Carry-over (minor fractions not
practicable to distribute on this
New Orleans Texas & Mexico Ry.-Freight Traffic.
.0010130
distribution date)
.0008297
Freight traffic handled by the company during June 1934 amounted to
.0008515
.0010347
13,653 cars, compared with 11,157 cars in June, last year. The total
traffic for June this year was divided 8,446 cars loaded locally and 5,207
Total to be distributed
5.0460000
5.0480000
cars received from connections compared with 7,300 cars loaded locally and
-V. 138, p. 160.
3,857 cars received from connections in June 1933.-V. 139, p. 125.
-Tenders.
New York & Foreign Investing Corp.
The corporation is inviting tenders for the sale, at prices not above 90%
and accrued interest, of its 5%% gold debentures series A due 1948, to
Invest 5250,000 of the corporation's funds. Such tenders must be received
-To Reduce Stated Value of
Northwest Bancorporation.
Stock and Increase Contingency Reserve.
A special meeting of stockholders will be called-shortly to ratify a reduction in the stated value of the capital stock to 58,000.000, from $25,-
Volume 139
Financial Chronicle
000,000, and to authorize an increase in the reserve for contingencies to
412,000,000 from $6,095,826.
Annual Report.
--J. C.Thomson,Pres.& Gen.Mgr.,states:
287
banks in the ordinary course of business with key banks in the group.
Before such elimination, the combined balance sheet showed total deposits.
$312,863,438 and total resources, $378,142,294. b Represented by 1,612,107 no par shs in 1933 and 1,613,799 in 1932. c After giving effect to the
revaluation of assets, to increase in reserves for losses and to revision of
the capitalization of the affiliates as a result of the sale of $17,265,000
preferred stock and 111,820,000 of capital debentures to the RFC and to
the reduction of capital of the Northwest Bancorporation from $25,000,000
-V. 138, p. 514.
to $8,000,000 and the changes incident thereto.
Operations.
From the standpoint of earnings, the problem during the major portion
of the year was to find a safe and profitable outlet for funds on deposit
in our affiliated banks. The decline in deposits during the first part of
the year, the low interest rates prevailing, and the lessened demand for
-Liquidating Value.
Oilstocks, Ltd.
money resulted in a reduction in interest received on loans and investments from $15,509,070 for the year 1932 to $12,215,699 for 1933.
The company states that its liquidating value as of June 30 was $11.60
Because of general business conditions, steps were taken early in the
a share, as compared with $10.92 a share on Dec. 31 1933, and $9.54 a
year to lower operating costs. While there already had been a general
-V.138. p. 4471.
share on June 30 last year.
reduction in the payroll for 1932 of $763,120, nevertheless, a further reduction in the amount of salaries paid of U74,016 was accomplished during
-Earnings.
Oklahoma Gas & Electric Co.
19 .
1934.
1933.
12 Months Ended May 31As compared with 198,2, the amount of interest paid during the year
$10,701,922 $10,431,191
Gross earnings
showed a reduction of $1- 710,862, a substantial portion of which was due
,
5,579,284
5.245.332
Operating expenses, maintenance and taxes
to provisions of the Banking Act of 1933 requiring the discontinuance of
the payment of interest on demand deposits.
$5.122,637 $5.185,859
Net earnings
Altogether, the corporation and its affiliates shows a reduction in ex58.724
59,757
Other income
penses and interest paid of $2,210,422 over 1932. Further steps have
been taken to reduce operating costs during 1934.
$5,182.394 $5,244,583
Net earnings, including other income
2.261.802 2.266.107
Interest charges-net
Recapitalization of Unit Banks.
200,000
Amortization of debt discount and expense
200,000
In September 1933, the President of the United States recommended that
950,000
950.631
Appropriation for retirement reserve
the banks of the country strengthen their capital structures through issuance
of preferred stock or debentures under the plan offered by the Reconstruc$1.770.592 $1,827,845
Net income
tion Finance Corporation.
-V. 138. Is• 3956
In accordance with an agreement dated Dec. 30 1933, 104 Northwest
.
$20,765,000 of
Bancorporation banks either have sold or will sell to RFC
-Tenders.
preferred stock and $1,820,000 of capital debentures, which carry cumuOntario Power Co. of Niagara Falls.
lative semi-annual dividends or interest at the rate of 5% per annum
The Toronto General Trusts Corp., 253 Bay St., Toronto, Can., will
to March 31 1934, and 4% thereafter to March 31 1939, and at the rate
until July 18, receive bids for the sale to it of 5% 1st mtge. gold bonds,
of 5% thereafter. The agreement was read in full and approved at the
to an amount sufficient to exhaust $125.417 at a price not exceeding 110
annual meeting of stockholders Jan. 11 1934.
and Interest.
-V.133, P. 288.
Proposed Capital Achustments of Northwest Bancorporation.
Pacific Mills, Lawrence, Mass.-BalanceoSheet.Stockholders will appreciate that the appraisal of the value of loans
In connection with the proposed readjustment plan of the capital stock
and securities has presented a most difficult problem during the past
the company has issued a pro forma balance sheet, as follows:
few years. The ability of borrowers to meet indebtedness is dependent
largely upon successful business operation and therefore cannot be dePro Forma Balance Sheet Dec. 311933.
termined fairly during times of depression. If the affiliated banks had
Liabilities
$543.768
Cash
adopted a policy of forced liquidation, it would have resulted in great
5,644,035 Notes payable
$3,750,000
Accounts receivable
hardship to customers and large actual losses to the banks. On the other
13,023.539 Sundry accounts payable_ _ 1.213.211
Inventory
hand, it is invetiable that a prolonged period of depression impairs the
Income and processing taxes..
417.694
Insurance premiums on dereal value of loans and securities and increases the possibility of loss.
273.625 General reserve
12.000,000
posit, mutual companies__
The revaluation of the assets of the affiliated banks, in connection with
51.335 Res,for disc.& doubtful sects
.500,000
Prepaid items
the refinancing program, has been given effect to by writing down the
19,806,150
Plant, less res. for deprec .. _x23,428,215 yCapital stock
value of investments in affiliates
$13,692,851. An appraisal of the
Surplus
5,277,461
assets of affiliated banks made by by examining staff of the corporation
the
for the purpose of determining the potential losses on loans, of valuing
Total
$42,964,516
$42,964,516
Total
marketable securities at book cost or market, whichever is lower, and
x Plant,$43,359,832.88;depreciation,$19,931,618.12. y 396,123 shares,
other securities at conservative values and of placing fair values under
no par value. See also V. 138, p. 4472.
present conditions on miscellaneous asfiets, bank buildings and other real
estate, indicated that a reserve of $12,000,000 for possible losses and con-Recapitalization.
tingencies over and above that set up by the affiliated banks was required. ''Pacific Public Service Co.
The stockholders will vote Aug. 8 on reducing the stated value of the
'the management of Northwest Bancorporation has reviewedthese apcapital stock of the company from $9,772,619 to $3,781,242.
praisals and, in the balance sheet
Northwest Bancorporation, provision
As of April 30 the company had outstanding 420,138 shares of first prehas been made for the losses and of
contingencies thus indicated by writing
down the net tangible asset value of its investments in affiliates $13,692,850
ferred, 300,000 shares of second preferred, 262.126 shares of non-voting
common and 200,000 shares of voting common. All of the latter class is
and increasing the reserve for contingencies $5,904,173.
held by Standard Oil Co. of California.
As a part of this program for
revaluation of assets, the directors
In a letter to holders of the first preferred stock, R. W. Hanns, President,
of the corporation have authorized the
calling a special meeting of stockholders
points out that the proposed change in capital requires the consent of
to approve the proposal that the corporation's stated capital be reduced to
holders of two-thirds of first preferred and that unless action is taken future
$8,000,000 and the reserve for contingencies increased to $12,000,000
profits will have to be used to repair the existing capital deficit before any
[This figure does not include reserves carried by affiliated banks): the
revised capital and surplus, after deducting treasury stock, will amount to
earnings can be distributed as dividends when conditions and earnings of
the company may justify it.
$10,319,316 as at Dec. 31 1933, equivalent to $6.40 per share of stock
As of April 30 the deficit amounted to $4,853,213, which would be elimioutstanding.
nated by the capital reduction.
Combined Statement of Earnings and Eyenses for Calendar Years (CorporaThe proposal does not change the preferential dividend rights of the first
lion and Affiliate Institutions).
preferred stock, which is entitled to $1.30 in cumulative dividends, but on
1931.
1930.
1932.
which arrearage now amounts to $955,220, representing eight quarterly
1933.
Interest earned
dividends.
$12,215,700 $15,509,071 $19,486,779 $21,752,016
Other earnings
On Aug. 1, providing no payment is made, there will be accumulations
3,988,278 4,220.394 4,704,730 4,554,847
of nine quarterly payments in which event holders of this class of stock will
Gross earnings
-V.138, p. 3449.
be entitled to elect two of the 11 directors of the company.
$16,203,978 $19,729,465 $24,191,509 526.306,864
Interest paid
5,505,349 7,218,773 8,242,268
3,794,486
Salaries
-Earnings.
Pacific Telephone & Telegraph Co.
5,230,564 5,993,685 6.147,691
4,756,548
Other expenses
3,471,605 3,511,545 3,984,949 3,671,843
-1933.
-Month.
1934-5 Mos.-1933.
Period End. May 31- 1934
Taxes
979,933
1,471,053
803,963
818,360
Operating revenues
$44,478,650 54,253,946 $21,779.651 $20,930.798
46,100
113.750
Uncollectible oper. rev_.
21.200
231.473
Operating earnings--$4,678,043 $6,014,168 $6,774,007
Amt. applic. to Northw. $3,362.979
Operating revenues_-- $44.499.850 54,300,046 $21,893.401 $21,162.271
Bancorp, after elimi3.063,374 15,074,800 14,608.817
3,133,897
Operating expenses
nating earned minor
interests in affiliates_ - 3,173,124 4,405,544
5,741,625 6.478,039
Net operating revs_.. $1,365,953 51.236,672 56,818,601 $6,553,454
Rent from lease of oper.
Condensed Comparative Balance Sheet Dec. 31 1933 (Company Only).
372
70
70
property
352
Before
Before
After
After
466,523
581,000
2,579,784
Operating taxes
2.422,896
Adjust':. Adjust':.
Adjust'
I. A dpist't.
Assets$
LiabilitiesS
$
$
5770,219 54,239,189 54,130.910
Net operating income_ $785,023
Invests, in capital
3,000.000 3,000,000
Note payable
-V. 138, p. 4135.
stocks of bks. &
81,667
Accounts payable.
81,667
other MM. cos__38,122.580 24,429,730 Res, for smiting- 6.095,826 12.000,000
-Trustees Confirmed.
Paramount Publix Corp.
Bonds
170,520
170,520 Capital stock less
Judge Alfred C.Coxe in Federal Court, New York, has appointed Messrs.
Cash
758,844
treasury stock...23,996.815 7,678.981
758,844
Leak°, Hilles and Richardson permanent trustees under the new BankAccts. receivable._
30,432
5,919,528 2,640,336
30,432 Surplus
ruptcy Act.
prepaid intermit._
11,458
11,458
It is stated that more than 48% of the outstanding common stock has
been deposited with the stockholders' committee and enough additional
Total
39,093,835 25,400,984
39,093.835 25,400,984
Total
stock has been promised to give the committee a majority in acting for a
reorganization of the company.
Consolidated Balance Sheet as at Dec. 31.
The stockholders' committee has engaged Coverdale & Colpitta to pre(Including constituent banks and other affiliated companies.)
pare a report on the company in order to provide information which they
C1933,
c1933.
a1932.
al932.
regard as essential to them before a plan of reorganization can be prepared.
Assets$
SLtabiittfes$
$
No plan for reorganization has yet been prepared by the bondholders'
Assets of constit.
Demand depos _181,049,464 161.221,194
committee.
-V.138, p.4135.
banks and
Time deposits. _109,233.171 128.989,311
trust cos.:
re-Usual Preferred Dividendihrtle
%--"Peaslee-Gaulbert Corp.
Bills pay. &
Cash & duo fr.
177.732 3,087,855
discounts- _
The usual quarterly dividend of VII% on the 7% gum. pref. stock.
banks
75,046,592 70,511.392 Circulation ____ 10.554,860 10,437,170
par $100, was paid June 30 to holders of record June 23. A similar disProceeds from
Letters of credit
tribution was made on this issue on April 1 last.
sale of pref.
140,961
and accept...
197,767
All back dividends on the pref. stock were paid before Dec. 31 1933. It
stk. & cap.
Divs. pay. Jan.
Is announced.
-V. 138, p. 2422.
deben
19,085,000
242,069
3 1933
U.S. Govz.sec. 65,615,416 44,536,078 Other liabilities_
617.403 1,257,529
-June Sales.
(J. C.) Penney Co., Inc.
0th. bonds de
Period End. June 30- 1934
-Month-1933.
1934-6 Mos.-1933.
securities __ 62,466,499 72,292,297 Res,for int., tax 1,725,354
and expenses.
1.600.617
Sales
Loans & disct.117,832,864 147,552,249 Res, for losses &
$16.796.853 $14,628,193 $90,022,830 $71,029,692
The total volume of $90,022,830 for the first six months of 1934 constiOverdrafts...
52,699
depreciation__ 4,437,972 1.198.523
61,902
Cu.st. liab. on
tutes the largest volume for the first half of a year in the company's history.
Res. for deposit
The previous high mark was $86,457,229 for the first six months of 1930.
accept
137,486
184,842 insurance-338,366
Bank prem. &
V. 138, p. 3957.
Notes payable-. 2,949,463
real estate_ 11,127,679 12,364,388 Cap. deben. to
Pennroad Corp.
-Master to Take Testimony.
Redemp. fund
587,881
522,425
be sold toRFC 1.820.000
Other assets
Richard E. Cosgrove, 120 Broadway, New York, has been appointed
2,724,916 3.612.980 Pref. stock sold
master by the Court to take testimony of witnesses in the suit of Joseph
Assets of Union
or tote sold to
W.and Julia A. Perrine, both of Philadelphia, against the Pennroad Corp..
y. Co., (le
Mss
20,765,000
RFC
res., & exclus.
the Pennsylvania RR.and voting trustees of the former,in which it issought
int, in
of invest. and
to have Pennroad voting trust set aside. The master was appointed upon
capital stock &
depos. In Mill.
application of complainants. He is to report by Nov. 15 next.
-V. 138,
surplus of conbanks)
p. 3102.
875,001
931,918
stituent bank8
Assets of other
& other MM.
Pennsylvania RR.
-Forms New Labor Tribunal.
cos
1,923.201
1,540,611 2,340,946
cos
Assets of Northw
Formation of a System Board of Adjustment for the settlement of
Ital, for conting. 12,000,000 13,032,620
differences arising between the management of the road and its employees
Bancorp.(etc'
b Capital stock. 7,678,981 24,022,001
In engine and train service, the first to be established on any railroad under
of invests. and
2,640.336 5,236,559
Surplus
the recent amendments to the Railway Labor Act, was announced July 6
deposits in bks
at system headquarters of the Pennsylvania in Philadelphia.
& other affil.
The new railway labor tribunal will be known as the "Pennsylvania
cos, and other
inter_eeateets)
Railroad Engine and Train Service System Board of Adjustment." Its
212,640
293,692
authority will be final in the settlement of controversial matters which.
-for any reason, cannot be disposed of by negotiation locally between the
Total
357,887,875 352,884,187
Total
357,667.675 352.864,167
railroad's divisional and general officers and representatives of the men.
F a There have been eliminated in this
statement all inter-company acThe board will be composed of 18 members, nine to be selected by the
counts including deposits of $22,652,932, amount carried by affiliated
management and a like number by the engine and train service employees.
•
Financial Chronicle
288
Judge Gibson appointed George D. Wick and Walter Bonitz as trustees
-V. 139,
of the company. They and Mr. Hoffstot had been the receivers.
P. 127.
Employees and management will have equal voting power and to reach
a decision not less than a two-thirds vote will be necessary.
The machinery now set up on the Pennsylvania for the amicable adjustment of disputes involving the working conditions and wages of enginemen and trainmen, both locally on the divisions, the general divisions
and regions and through the newly formed System Board of Adjustment,
Is substantially that which has been in effect for the settlement of controversial questions with these employees since January 1921, when the
Pennsylvania RR. plan of employee representation was established, except
that the new arrangement fully meets the requirements of the amended
Railway Labor Act.
The memorandum of agreement between management and men establishing the System Board of Adjustment and subordinate local channels
for the settlement of differences was signed by General Managers W. C.
Higginbottom, C. I. Leiper, J. C. Rill, and R. C. Morse for the railroad,
and for the men by General Chairmen J. M. McCormick, A. C. Gehr and
Oliver King, of the Brotherhood of Locomotive Engineers; General Chairmen W. C. Knowles and W. T. Saul, of the Order of Railway Conductors'
General Chairmen H. E. Core and D. D. Miller, of the Brotherhood of
Locomotive Firemen and Enginemen; and General Chairmen J. A. Zanger
and W.A. Kulp,of the Brotherhood of Railroad Trainmen, all of whom are
employees of the Pennsylvania RR. in the engine and train service.
V. 139, p. 126.
--Earnings.
Postal Telegraph-Cable Co.
[Including Land Lines Only.]
-Month-1933.
1934-5 Mos.-1933.
Period End. May31- 1934
Teleg.& cable oper. revs. $1,E67,804 $1,869,760 $8,972,315 $8,323,902
91,887
462,989
Repairs
88,325
1,048,990
231,143
208,694
1,176,374
All other maintenance
1,242,682 6,444,280 6.189,226
1.295,835
Conducting operations
57.039
389,472
91,722
301,065
Gen. & miscell. expenses
Total telegraph and cable
1,600.302 8,473,114 7,987,242
operating expenses__ _ 1,707,025
Net tel.&cable op.revs.
Uncollectible oper. revs_
Taxes assign, to opera'ns
Increase.] 1934-6 Mos.-1933.
$99,920118,011,524 $7.502,300
$336,661
90,000
227,500
$98,612
736
$203.958
786
$196,117
7.080
$19,161
11,553
$99,348
$204,744
$203,197
$30,713
217,183
213.585
1,088,532
1,080,080
$117,835
$8,841
Net deficit
-V.138, p.4136.
[As Reported to Illinois Commerce Commission.]
Period End. May 31- 1934
-Month-1933. 1934-5 Mos.-1934.
Gross income
$2,698,508 $2,601,614 $14,384.652 $13,022,698
xNet income
842.476
1,457.957
107,861
296,653
x After depreciation, taxes, interest, &c.
-V. 139. p. 126.
Peoria Life Insurance Co.
-Stockholders Seek to Regain
-Ask That Receiver Be Dismissed.
Control
The stockholders have filed a petition in Circuit Court at Peoria, Ill.,
claiming they have $4,000,000 of new capital and asking dismissal of the
receivership and permission to resume control of the business. The company has been in receivership since November 1933, when Ernest Palmer,
-V.138, p.2938.
Director of Insurance of Illinois, reported it was insolvent.
-Trustees.
-Peoples Light & Power Corp.
The corporation has filed a debtors' petition in the U. S. District Court,
Wilmington, pursuant to Section 77-B of the Bankruptcy Act. The corporation has been in receivership since Nov. 17 1931. The Court has
appointed the present receivers temporary trustees and fixed July 26 for
hearing as to their permanency.
-V. 139, p. 126.
Philippine Ry.-Earnings.1934-12 Mos.-1933.
$607,406
$572,592
399,931
421,775
Net revenue
Interest on funded debt..
$26,181
28.496
$15,223
28,496
$207,474
341,960
$150,817
341,960
Net deficit
Income approp. for inv.
In physical property..
$2,314
$13,273
1134.485
$191.142
Deficit
-V. 139. p. 126.
$2,314
53,063
$13,273
$499,201
94,750
208.333
$885,335 $1,049,367
-- iblic Industrial Corp.ltemoved from Dealing..--Ziirt-
Peoples Gas Light & Coke Co.
-Earnings.
-
Period End.Apr.30-- 1934-Month-1933.
Gross operating revenue
$47,475
$61,082
Oper.expenses Sc taxes....
32.252
34.900
$269,458
20,000
45,500
Gross income
Deductions from gross
income
Increase.
$509,224
$160,779
20,500
41,667
Operating income_ _ _ ..
Non-operating income
Peoples Drug Stores, Inc.
-June Sales.
1934
-June
-1933.
$1,343,018 11,243,098
-V. 138, p.3957.
July 14 1934
2,524
$187,549
$193 i67
" Phillips-Jones Corp.
-41.75 Preferred Dividen
A dividend of $1.75 per share has been declared on the 7% cum. pref.
stock, par $100, payable Aug. 1 to holders of record July 20. A like
amount was paid on this issue on May 1 and Feb. 1 last, and on Nov. 1
1933, while on March 14 1933 a payment of $3.50 per share was made.
h. Accumulations on the preferred stock, following the Aug. 1 payment,
will amount to 163.50 per share.
-V. 138, p. 3285.
Pittsburgh & Lake Erie RR.
-Earnings.
-Month-1933.
1934-5 Mos.-1933.
Period End. May31- 1934
Railway oper. revenues.. $1,488,635 $1,125,365 $6,367,358 $4,617,513
Railway oper. expenses- 1,123,780
915,669 5,241,508 4,190,268
Railway tax accruals_ __
87,570
95,396
456.380
408,064
1
Uncollectible ry. revs._
39
33
*.Equip.& jt.fac.rents_
137,644
106,866
721.858
551,323
Net ry. oper. income_
Miscell.& non-oper.inc_
$414,925
66.687
$221,165 $1,391,289
54,593
337,402
$570,471
274,974
Gross income
Deduc'nsfrom gross Inc_
$481,612
130,736
$275,758 $1,728.691
106,581
576,328
$845,445
470,462
Net income
$169,176 $1,152,363
$350,876
* Credit balance.
-V. 138, P. 4474.
$374,983
The New York Produce Exchang has removed from dealing the common stock, no par.
-V.131, p. 291 .
-Earnings.
Puget Sound Power & Light Co.(& Subs.).
1934-12 Mos.-1933.
Period End.May31- 1934-Month-1933.
$1,059,257
$976,628 112,848.394 $12,804,407
Gross earnings
395.701
378,225 4,881,906 4,807,057
Operation
48.592
42,222
600,467
611,187
Maintenance
159,638
102.371 1,642,964 1,198,162
Taxes
Net operating revenue
Inc. from other sources_
$455,325
34,733
$453,808 $5.712,336 16,198,719
34,899
418,062 *1,021,704
Balance
Interest & amortization_
$490,058
329,053
$488,708 16,130,399 $7,220,424
343,926 4,001,855 4,110.363
8161.005
Balance
Appropriations for retirement reserve
8144.781 $2,128,543 $3,110,060
1,444,786 1,224,618
Balance
Prior preference stock div. requirements
$683,757 $1,885,442
549,980
• 550.000
$133,757 $1,335,462
Balance
1,583,970 1,583,970
Preferred stock dividend requirements
Balancefor common stock dive, and surplus_ _ def$1,450,212 def$248.507
* Includes $603,094 interest on funds for construction purposes.
-During the last 34 years the company and its predecessor companies
have expended for Maintenance a total of 9.69% 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 6.70% of these gross earnings after
-V.138,P.3958,
allowance for cumulative preferred dividends not declared.
Radio-Keith-Orpheum Corp. (& Subs.).
-Earnings.
1932.
1930.
x1933.
1931.
Calendar Years$23,255,454 $35,931,507 $50,383,170 $50,646,182
Theatre admissions
ilm rentals and sales.-- 18,413,748 19,845,199 24,385,404 -16,466,345
Rents, concessions and
2,297,436 4,101,691 4,463,818 4,245,304
other income
$43,966,638 859,878,397 $79,232,392 171,357,831
' Total income
Artists' salaries, other
salaries & film service_ 13,520,821 22,322,974 29,394,016 30,500,451
COst offilm sales & serv- 15,598,102 19,935,410 22,139,398 10,083,634
Film selling & gen.exp.... 3,691,083 4,321,917 5,962,872 3,141,491
Operating expenses and
9,878,626 16,745,367 19,486,854 18,749,028
theatre overhead
Deprec. of capital assets
& amort, of leaseholds 1,946,082 3,145,018 3.992.306 3.343,069
Operating income.._ _ _def$668,076 df$6,592,289dr$1,743,054 $5,540,158
Profits of foreign sub683,107
397,756
253,390
sidiaries not consol-Dividends received on
78,633
129,562
386,333
231,967
cos.- -invst. in other
Commission from out40,000
34,376
40,000
side theatres
154,209
409,939
515,775
342,366
Interest earned
36,198
28,061
Profit on sale of invest-34,257
24,560
94,413
201,294
Forfeited deposits
123,948
98,295
116,016
651,551
Sundry other income.--
$406,078 df$5,391,963 def$529,958 $7,158,591
Total income
Interest and discount...- 2,545.409 3,717,619 3,096,954 2,357,520
52,861
Financing expenses
575,000
The directors have declared a quarterly dividend of 15 cents per share
Prov.for tax.& conting_
on the common stock, par $1, payable Sept. 1 to holders of record Aug. 15.
sale of investLoss on
516,567
324,247
72,921
An initial dividend of like amount was paid June 1 last.
ment & capital assets..
75,000
- Forfeiteddeposit
William A. Smart, of Bond & Goodwin, has been el cted director.
843,004
V. 138, p. 3102.
Loss on rent secur. den
Scenarios & continuities
281.100
-Dividend.
."
--713cahontas Fuel Co., Inc.
written off
A dividend of $1 per share was paid on the common stock June 30
Prov.for additional liab,
56,361
holders of record June 26. This was the first payment made on this issue
under rental agreem'ts
-V.137,p.4709.' Amount applicable to
since Dec.301931, when $1.50 per share was disbursed.
Cr845
minority int.in sub.co
-Earnings.
137,454
Ponce Electric Co.
260,000
Prov for losses of affil.cos
Prov. for loss on inv. in
1934-12 Mos.-1933.
Period End.May31- 1934-Month-1933.
137,965
$26.449
$318,439
sub. co. not consolGross earnings
$26,472
$318,948
144,195
39,757
23,664
146,093
Sundry other chargesOperation
9,966
15,551
121,266
13,943
14,523 Initial loss of sub. co.
1,577
Maintenance
1,217
up
charged to res, set
47,290
40,983
Taxes
3.566
2,904
Cr1,500,000
940
through good-will _ 75
906
Interest charges
223
Prelim.exp.in connect'n
191,896
200,000
8110,171
$11,263
with new theatres_ _
$141,267
Balance
$6,575
393,431
40,000
Prov.for losses on adv....
40,000
Appropriations for retirement reserve
Pict. product. & studio
628,485
$70,171
$101,267
equip. aband., &cBalance
y2,577,835
25.701
Extraordinary charges-Preferred stock dividend requirements
25.964
$4,384,064 810,695,503 $5,199,297Pf$4,173,210
$44,470
$75.303
Net loss
Balance for common stock and surplus
787,582
461,473
During the last 32 years the company and its predecessor companies
Pref. dive, of subside.-have expended for maintenance a total of 7.48% of the entire gross earnings
$4,384,064 $10,695,503 $5,660,771sur$3385,628
Deficit
over this period, and in addition during this period have set aside for reNil
Nil
Nil
- Earns, per sh. on class A
serves or retained as surplus a total of 10.52% of these gross earnings.
x Receiver's report.
V. 138. p. 3958.
y Consists of $1,386.899 charges in respect of unabsorbed salaries of
artists, abandoned picture productions, amortization of organization, de-Coal Output.
Pond Creek Pocahontas Co.
velopment and experimental expenses, and provisions for deposits and loss
June 1934. May 1934. June 1933.
Month ofon foreign exchange and $1,190,936 additional amortization of costs of
149,099
131,655
135,574
Coal mined (tons)
pictures released prior to Dec. 27 1930, occasioned by adjustment of write-V. 138, p. 4136.
off based upon conditions obtaining subsequent to that date.
-Operating deficit at Jan. 1 1933.
Operating Deficit Account Dec.31 1933.
(G. E.) Prentice Mfg. Co.'-'-Smaller Distribution.retired, $179,831; adjustment of
"' The directors have declared a dividend of 50 cents per share on the com- $11,600,175; deduct: discount on bondsdeficit, $11,417,858; add: loss for
minority interest in subsidiary, $2,486;
mon stock, par $25, payable July 16 to holders of record July 2. The comyear 1933, $4,384,064; adjustment of prior years' charges (net). $13,617;
per share.
-V.133, P•
pany previously made quarterly distributions of $1
transfer to reserve for contingencies, $83,583; operating deficit at Dec. 31
3979.
1933. $15,899,122.
-Capital surplus at Jan. 1 1933,
Approved.
Capital Deficit Account Dec. 31 1933.
-Trustees
Pressed Steel Car Co.
$2,953,882; add: adjustment of minority interest in subsidiary. $17.660;
Judge Robert M. Gibson in Federal Court, Pittsburgh, Pa., on July 12
excess of stated value of common stock of Radio-Keith-Orpheum Corp.
receivers for the company,which
removed Frank N. Hoffstot as one of three
held in treasury over the value at which carried on the books, $12,780;
Is being reorganized under the amended Bankruptcy Act.
excess of par value of preferred stock of Keith-Albee-Orpheum Corp. held
The opposition to Mr. Hoffstot came from stockholders, bondholders
by Radio-Keith.Orpheum Corp., over the value a which carried on books
and the ancillary receivers in New York.
-Dividend No. 2
Pleasant Valley Wine Co.
-New
Director.
-
Volume 139
Financial Chronicle
289
of latter company, $8.698; total, $2.993,020. Deduct: net charges on
(H. W.) Rickel & Co.
-Earnings.
account of the writing down to nominal values of the investments in subEarningsfor 12 Months Ended June 1.
sidiaries as at Jan. 1 1933, and the elimination from the consolidation of
Net income
the accounts of these companies, including their subsidiary and affiliated
$121,975
Earnings per share on 325,000 shares capital stock
companies, x$8,471.688; liabilities in respect of indebtedness of subsidiary
$0.38
companies now eliminated from the consolidation, which is guaranteed by
-V. 139. p. 128.
Radio-Keith-Orpheum Corp.. including accrued interest to Jan. 27 1933
-Gross Sales.
(Robert) Reis & Co.(& Subs.).
(the date of receivershin), y$4,007,498; reserves provided on books of subsidiaries for investments in affiliated companies. $776,291; excess of book
Period End. June 30- 1934- 3 Mos.-1933. 1934-6 Mos.-1933.
value of investments in subsidiaries over their net assets (formerly shown
Grosssales
$582,917
$575,193
$851,482
$936,097
as goodwill), $710,684; capital deficit at Dec. 31 1933. $10,973,141.
-V. 138, p. 3788.
x The above charge of $8,471.668 in the capital surplus account for
writing down to nominal values of the investments in subsidiaries includes
Remington Arms Co., Inc.
-Bonds Called.
the following subsidiaries, Orpheum Circuit, Inc., $6,318,946; Radio-KeithA total of $154,500 1st mtge. 6% sink, fund gold bonds, series A, due
Orpheum Western Corp., $60,793; R. K. 0. Southern Corp.. $1,377.075;
May 1 1937, have been called for payment Aug. 13 at 101M and interest.
R. K. 0. Theatres Operating Corp., $213,490; Toledo Tneatres & Realty
Payment will be made at Chase National Bank, 11 Borad St., N. Y. City.
Co., $269,492, and Cleveland Hippodrome Theatre Co., $231,952. These
or at the offices of Lee, Iligginson Corp., Boston, or Chicago.
-V. 138,
subsidiaries were placed in bankruptcy or receivership early in 1933 and the
13. 3288.
Investments in these companies were written down to nominal values. The
accounts of these companies and their subsidiary and affiliated companies
-June Quarter Sales.
Remington-Rand, Inc.
have heretofore been included in the consolidated accounts and the above
President James H. Rand Jr., at the nanual meeting July 10 reported;
amounts represent the excess of the investments in the companies over the
that sales for the quarter ended June 30 had totaled $7,490,000, compared
provision for their losses in the last consolidated accounts.
with $5,155,000 in the same quarter last year, a gain of 45.2%. Domestic
y The charge of $4,007,498 for liabilities in respect of indebtedness of
sales increased 49% and foreign 40%. Mr. Rand said. This has been the
subsidiaries now eliminated from the consolidation includes the following: first quarter since the depression started that domestic business has shown
Subsidiary companies of Orpheum Circuit, Inc., $1,818.258; Radio-Keithgreater percentage increase than foreign.
Orpheum Western Corp., $1.924,170: Toledo Theatres & Realty Co.,
Sales in June amounted to $2,364,000. against $1,929,000 in that month
$265,070.
a year ago. Sales for each month this year have been ahead of the same
month of 1933.
Consolidated Balance Sheet Dec. 31.
Mr. Rand further states: "Our company has not curtailed its foreign
a1933.
1932.
a1933.
1932.
business and has no intention ofretiring from any of the European markets.
Assets
Liabilities
Our company has been a leader in popularizing American-made business
Cash
3,449,092 3,212,557 Notes pay. & deb_ 4,999.449 5,656,726
machines in practically every corner of the civilized world."
Subscrip. to debs.
Notes & accts. pay.
In connection with the company's German business, Mr. Rand added
and stock
303,554 3,225,978
69,430
to affiliated cos_
that the company had two factories there, in the larger of which it holds
Notes & accts. rec. 655,133
825,598 Accounts payable_ 1,607,053 1,807,197
75% of the stock and in the smaller 100%. Both are making progress and
Accts. receivable
Accts. pay. to affil.
earning money and are 50% ahead of this time a year ago. He said that
from employees_
16,508
257,559
14,061
& sub. cos
the company found it easier at present to sell through dealers in Germany
Accrued!.. &c
8,301
58,394 Deposit on sale of
than through branch offices and that was the,reason for the recent change in
Advances to outinvestments.-50,000
50,000
the marketing policy in that country. [Reference to the company closing
side producers.79,932
268,050 Remittances from
its branches in Germany was given in V. 139. P. 41.1
Inventories
foreign subs _ _ 230,503
6,993,189 7,067,940
202,961
Questioned on dividend policy, Mr. Rand stated that dividends could not
Scenarios & conAccr. taxes, int.
be paid until the defciti in the earned surplus account was wiped out. This,
tinuities
547,002
and expenses.-- 1.859.448 2.164,626
792,796
at the beginning of the fiscal year, was $1,153,102.-V. 139, p. 127.
0th. current assets 346,963
Accr. int. on gtd.
Land owned
20,127,534 27,717,343
88,068
debt of subs_
-Cent Class A Dividend.
-20
" Riverside Cement Co.
Bldg. &
492,645
.15,808,568 24,390,095 Otis. current liab
The directors have declared a dividend of 20 cents per share on account
Impt. & equip, on
478,674
496.040
Deposits
of accumulations on the no par value $1.25 cumul. participating class A
leased prop__ 7,817,175 13,348,390 Def. accts. & notes
stock, payable Aug. 1 to holders of record July 15. A similar amount was
0th. capital assets
256,959 14,534,500
52,755
payable
paid May 1 last,47M cents per share Feb. 11934, 15 cents per share Feb. 1
Other leaseholds.
37,545,400 38,405,784
Funded debt
1931 and regular quarterly payments of 313( cents per share from Aug. 1
goodwill & con 5,543,211 8,976,020 (ltd. fund, debt of
.1928 to and incl. Nov. 1 1930.
Inv. in & adv. to
sub.cos.not cons. 3,850,000
Following the Aug. 1 payment accruals on the class A stock will amount
affiliated cos-- _ 4,100,425 2,942,675 Reserves
13,444,464 7,836,040
-V. 138. p. 2761.
to 53.66g, per share.
Other inv. & deKeith-Albeeposits and assets 523,847 1,850,007
Corp.
Orpheum
-81.353 Div. on New
Royal Dutch (Petroleum) Co.
Deferred charges
1,304,509 2,480,393 7% pref. stock 4,262,729 4,263,000
York Shares.
Deficit
z26,872,264
Orpheum Circuit
5,327,800
Inc.,8% pref.
The Chase National Bank of New York, depositary, announces the
zCommon stock. 25,057.581 25,071,918
receipt of a dividend of6 guilders in each 100 guilders par value of ordinary
2,953,883
Capitol surplus_
stock of Royal Dutch Co. The dividend, covering the full year 1933, is
11,600,175
Deficit
equivalent to $1.353 on each "New York share," and will be distributed
on July 31 to holders of record July 17.
Total
94,549,963 97,170,301
94,549,963 97.170.301
Total
A distribution of $1.075 per "New York share" was made Aug. 14 1933
a Receiver's report. x Represented by 2,557,192 shares of no par value
and one of 80M cents per "New York share" on Aug. 5 1932.-V. 138.
in 1932 and 2,446.299 in 1931. y Accounts receivable only. z Includes
p. 4312.
capital deficit of $10,973,142 and operating deficit of $15,899,122.-V. 138.
-Earnings.
Rutland RR.
p. 4475.
1934-5 Mos.-1933.
-Month-1933
,
Period End. May 31- 1934
$304,298 $1,355,752 $1,303,768
Railway oper. revenues_ $283.328
Rapid Transit in N. Y. City.
1,287,157
1,215,469
255,504
-Bus Franchises Upheld.
- Railway oper. expenses_
251,611
The validity of the 25
98.403
99.309
19.945
19,960
Railway tax accruals_ _ _
-year bus franchise voted to five Manhattan companies by the Board of Estimate in the closing days of the O'Brien admin18
191
13
Uncollectible ry. revs15.225
istration was upheld June 28 by Supreme Court Justice Philip J. McCook.
10,206
54,110
1.830
* Equip. & jt. fac. rents_
His decision, which was accompanied by a 15,000
-word opinion, dismissed a
taxpayer's action brought by Sadye Greenberg of Brooklyn, seeking an$39,041 def$14,601
$42.907
$13,586
Net ry. oper. income_
nulment of the grants.
26.330
30,765
5.275
5.183
Miscall.& non-oper.inc_
The frnachises were awarded to the Fifth Avenue Coach Co.. the Madison Avenue Coach Co. the New York City Omnibus Corp.. the East Side
$11,729
$44,317
$73.673
$18,770
Gross income
Omnibus Corp., and the Comprehensive Omnibus Corp. These companies
176,906
35,430
177,981
35,185
Deduc'nsfrom gross inc_
and the city were the defendants in the case.
The decision also dismissed the counterclaim brought by the city assert$165,176
$104.307
$8,856
def$16,414
Net income
ing that the grants were illegally made and had been revoked by the Board
-V. 138, p. 4476.
* Credit balance.
of Estimate in the first month of the LaGuardia administration.
-Extension.
Justice McCook's decision followed by a few days the filing of the report
St. Louis Gas & Coke Corp.
of Paul Blanshard, Commissioner of Accounts, exonerating the five comThe 1st mtge. bondholders protective committee has extended the time
panies and their officials of any corrupt or improper actions in obtaining
for deposit of the 1st mtge,sink.fund 65 with the depositary, First National
franchises.
Bank & Trust Co. of Racine, Racine, Wis., to Aug. 15 1934.
Bernard Greenberg, counsel for the taxpayer and also for the Green Bus
Bondholders who wish to receive the prospectus and letter of transmittal
Lines, indicated that an appeal would be taken. The next Court step
are requested to communicate their names and addresses to the committee.
cannot be taken until fall.
-V. 137, p. 4700.
3•
1943 N. Farwell Ave., Milwaukee, Wis.-V. 136, 1 4461.
•
." "'"--Republic Steel Corp.
--Merger with Corrigan-McKinney
Reported Near-Projectfor Combination Will Go to Directors
.A Cleveland dispatch dated July 9 had the following:
A proposed merger of the Republic Steel Corp. the nation's third largest
steel corporation, and the Corrigan-McKinney Steel Co. will be presented
to the boards of directors and stockholders of both companies soon, Donald
B. Gillies, President of Corrigan-McKinney, and Tom M. Girdler, Chairman of Republic, announced to-night (July 9).
Talk of a merger between the two concerns has been current for about
two years. Last week negotiations began in earnest, but officials of both
companies in?isted matters were merely a "little warmer than they have
been before.'
Lewis Strauss & Kuhn, Loeb & Co. and Charles F. Glore and Russel
Forgan of Field, Glore & Co.have been acting for the companies in the
negotiations, the announcement said.
"A diversified line of products, advantageous locations and other economic considerations making for large savings dictated the desirability of
the consolidation, which has been attempted several times in the past
without success," it said.
The Otis Steel Co. is still considered likely to enter the new combination.
A new offer is to be made later to Otis which the merger participants hope
will induce it to be the third partner of the consolidation, it was learned on
good authority. '
The terms of the merger are reported to be $15,000,000 in first mortgage
bonds on the Corrigan-McKinney properties, guaranteed by Republic, in
addition to enough common and preferred stock to make a total of about
$33.000,000.
The Republic's ingot capacity would be increased by abet'. 1,100,000 tons
to a total of about 6,000,000 tons a year by the consolidation.
Two Corrigan-McKinney subsidiaries, the N. & G. Taylor Co. of Cumberland. Md., a tin plate plant, and the Newton Steel Co., which manufactures automobile body and enameling sheets in factories at
Monroe,
Mich.,and Newton Falls,0., would be included in the merger,it is believed.
Corporation Refuses to Renew Contract with Union, Citing
Presence of "Radical Elements."
The corporation announced on July 10 that it would not renew its contract with the Amalgamated Association of Iron, Steel and Tin Workers.
The announcement was made at Warren, 0., where one of the corporation's largest mills is located. For 21 years the Republic mills at Warren
and Niles, 0., have been strongholds of the Amalgamated, with comparative peace existing between the company and its workers.
Republic company officials said the reason for their decision was that
"there is great danger that the management of the Amalgamated Association may pass into the hands of radical elements known as the rank and file
leaders."
The contract at the Warren and Niles plants expired June 30.
The Republic Steel Corp. recognized the Amalgamated only in its
Warren and Niles plants, and ther only in certain types of mill work. It
operates other plants at Youngstown, Canton and Cleveland, Ohio; Birmingham, Ala., and Chicago.
-V. 138, p. 2940.
-Earnings.
-St. Louis Southwestern Ry. Lines.
Period
Gross earnings
-V. 139. p. 128.
-First Week of July- -Jan. 1 to July 71934.
1934.
1933.
1933.
$241,320 $7.533,132 $6,437.540
$296,600
-Earnings.
San Diego Consol. Ceti & Elec. Co.
12 Months Ended May 31Gross earnings
Operating expenses, maintenance and taxes
1934.
1933.
$6,857,919 $7,163.855
3,901,161
3.898,532
Net earnings
Other income
$2,956,758 $3,265,322
7,347
7,089
Net earnings, including other income
Interest charges, net
Amortization of debt discount and expense
Appropriation for retirement reserve
$2,964.105 $3,272,411
862,735
836,389
80.489
91,485
1,176.000
1.150,000
Net income
-V. 138, p. 3960.
$844,882 $1.194.537
-Earnings.
Savannah Electric & Power Co.
-Month-1933.
Period End. May31- 1934
1934-12 Mos.-1933,
Gross earnings
$137,034
$143.137 $1,749,692 $1,802,629
Operation
51,982
50.635
630,678
635,823
Maintenance
10,971
8.933
102.962
117.491
Taxes
16,158
16.119
195.166
189,28,8
33,636
Interest & amortization399,256
33.027
407,421
Balance
$24,893
Appropriations for retirement reserve
$421.628
150.000
$452,604
150,000
Balance
Debenture stock dividend requirements
$271.628
149,114
$302,604
149,097
Balance
Preferred stock dividend requirements
$122,513
60,000
$153,507
60.000
$33,812
Balance for common stock diva, and surplus__
$62,513
$93,507
During the last 32 years the company and its predecessor companies
have expended for maintenance a a total of 8.29% 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 7.81% of these gross earnings,
-V. 138. p. 3960.
St. Louis-San Francisco Ry.-Abandonments.-
The I.
-S. C. Commission on July 3 issued a certificate permitting the
company and its trustees to abandon the portion of a branch line of railroad
between Ozark and Chadwick, about 15.2 miles, in Christian County, Mo,
The Commission also issued a certificate permitting the company and
its trustees to abandon that part of the so-called Coal branch extending
from a point of connection with the spur track serving the plant of the
290
Financial Chronicle
United Brick & Tile Co. at Weir City in a general southwesterly direction
to Mackie, approximately 2.75 miles, all in Cherokee County, Kan.
July 14 1934
11 through the fiscal agent, Lee, Higginson Corp., Boston and Chicago.
A year ago a distribution of 7% ($1.41 per "American" share) was made.
Examiner Favors Abandonment of Operation Over 101-Mile -V. 139, P. 130-Tennessee Public Service Co.
-Accumulated Diviidend.A
Line.
The directors have declared a dividend of 75 cents per share on the WI
Holding that there is not sufficient traffic to justify continued operation.
cumulative pref. stock no par value, payable Aug. 1 to holders of record
an I.
-S. C. Commission examiner has recommended that the receivers be
July 17. Similar distributions were made on this issue May 1 and Feb. 1
authorized to abandon 101 miles of line in Missouri. The line includes a
last, prior to which regular quarterly dividends of $1.50 per share were paid.
57
-mile segment between Belton and Clinton and a 44
-mile stretch between
Effective with the Aug. 1 payment arrears will amount to $2.25 per
Tracy Junction and Phenix, Mo. A 5
-mile portion between Phenix and
share.
-V. 138, p. 4478.
Ash Grove will be kept in operation. The examiner said the abandonment
should be authorized with a provision permitting protestants to purchase
-Receivership Suit Dismissed.
the abandoned line at salvage value for continued operation.
-V.139,p. 128. a"-Thermoid Co.
Vice-Chancellor Charles M. Eagan of the Chancery Court of Jersey
City, N. J. on July 6 notified all counsel in the case that he has dismissed
Schiff Co.
-June Sales.
the application for a receiver for the company, and will present his reasons
Period Ended June 30 1934-5 Mos.-1933. 1934-6 Mos.-1933.
at a later date.
Sales
$1,274,262 $1,131.681 $5,450,498 $4,306,661
At the end of June the company was operating 216 units, against 195
Forms Carpet Manufacturing Subsidiary.
at the end of June 1933.-V. 138. p. 4137.
The Thermoid Textile Co. of Trenton, N. J., subsidiary of the Thermoid
Co., announces its entry into the velvet carpet manufacturing field as a
-Earnings.
Second International Securities Corp.
sequel to the formation of the first-named company which constitutes the
carpet division of the Thermoid company. Heathers and colors will be
1932.
6 Mos. End. May 311931.
1933.
1934.
made in various grades and included in the line will be stair carpets. The
Interest
$185,216
$126,601
$263.233
$79,593
plant is prepared to manufacture special widths up to 50 inches, a service
Divs.(incl. no stk. diva.)
160.106
247,836
58,291
91,714
which is of interest to all buyers and is particularly important for contract
Profit on synd. partic_
3,975
work. A distribution policy is now being formulated and an announcement
Other income
483
25
11
of this policy will be made at an early date. An exhibit of the Thermoid
line will be held during the current week at the textile plant of the company
Gross income
$345,805
$515.045
$171,332
$184,903
in Trenton.
45,645
Investment service fee
55.816
15.247
20,496
This new development is the result of many months of experiment with
Miscellaneous expenses_
28,451
33,899
14,418
15,298
special process,followed by tests of the finished product.
Interest & amortization
187,313
of discount, debs
103,203
159.109
Cr103,203
Noteholder Loses Suit.
2,567
3,902
3,930
Miscellaneous taxes___ _
2,248
In a decision handed down July 11 by Judge Forman in U. S. District
1,587
5,921
Foreign govern.taxes_-742
358
Court, District of New Jersey, the action instituted by Milton E. Mermelstein seeking to recover $12,000 representing $12,000 principal amount of
$228,192
$108,444
Net income
$41,617
$35,473
6% sink,fund gold notes which matured on Feb. 1 1934 was decided in favor
23,363
37,407
Divs. on 1st pref. shares
23,363
of the company. The company's defense was that a noteholder had to seek
20,000
Divs. on 2d pref. shares_
30,000
his remedy through the trsutees and that it required at least 25% of the
Divs. paid on class A
outstanding notes to act under the terms of the indenture securing the issue.
92,427
154,046
common shares
The Judge held that the noteholder "must pursue the method to which he
agreed, in order to enforce the promise in the notes."
-V.138. p. 43
Balance of income
$41,617 def$27,347
$6.740
$12,110
-V. 138, p. 3617.
-$2.25 Preferred Dividend.
Tide Water Power Co.
The directors have declared a dividend of $2.25 per share on account of
Simmons Co.
-June Sales.
accumulations on the $6 cum. pref. stock, no par value, payable Sept. 1 '
Period End. June 30-- 1934-Monih-1933. 1934-6 Mos.-1933.
to holders of record Aug. 10. This compares with $1.50 per share paid
Sales (excl. subs)
$1,522,508 $1,843,537 $8,583,995 $7,413,432
June 1. March 1 1934, and Dec. 1 1933; 75 cents per share Sept. 1 and
Sales (incl. subs.)
2,072,237 2.607,962 12,424,750 10,364,480
June 11933,and regular quarterly dividends of$1.50 per share prior thereto.
-V. 138, p. 4137.
Effective with the payment of the Sept. 1 dividend, accumulations on
-V.138. p. 2944.
this issue will amount to 75 cents per share.
-Dividend on
Shell Transport & Trading Co., Ltd.
."-Time, Inc.
-To Retire Preferred Stock.
"American Shares."
The company will on Aug. retire 426 shares of pref. stock at 105 and
Toe Chase National Bank of New York. as successor depositary of dividends. Payments will be1made at Bank of Manhattan Co., 40 Wall
certain ordinary shares of this company,announces tne receipt of a dividend
of Is. 6d. per ordinary share, par value £1 each. The equivalent distributable to holders of "American shares" amounts to 75 cents on each "American share." This dividend will be distributed on July 23 to the registered
holders of "American shares" of record July 16.
A distribution of is. 6d. per ordinary share (equivalent to 67 cents
per "American share") was made on July 28 1933, and one of is. 6d.
per ordinary share (53 cents per "American share") on July 22 1932. No
payments were made in January 1932, 1933 or 1934.-V. 138, p. 4312.
-June Sales.
Sonotone Corp.
-Month-1933.
Period End. June 30- 1934
$56,876
Sales
$127,876
-V. 138. p. 3790.
1934-6 Mos.-1933.
$642,398
$285,753
-Tenders.
South Pacific Coast Ry. Co.
The City Bank Farmers Trust Co., trustee, New York, will until July 23
receive bids for the sale to it of 1st mtge. 4% guaranteed gold bonds,slue
July 1 1937, to an amount sufficient to exhaust $69,776 at a price not exceeding par and interest.
-V. 137, p. 4188.
-Earnings.Southern Ry. System.
-First BrefIc at July-- -Jan. 1 to July ?1934.
1934.
1933.
1933.
PeriodGross earnings (est.)--- - $1,762.585 $2,092,837 $53569,024 $49,265,364
-V. 139, p. 129.
St., N. Y. City.
The holders of the stock called for redemption have the right to convert
such shares into common stock at the rate of 1% shares of common stock
for each such share of pref. stock up to 10 days before the redemption date.
This conversion right as to such shares will accordingly terminate at the
close of business on July 21 1934.-V. 138. p. 3456.
-Earnings.
Tobacco Products Corp. of N. J.
6 Months Ended June 306
,
Net income after interest paid and accrued on 63 %
debentures, amortization of lease and provWon
for Federal taxes
-V. 138, p. 3621.
1934.
1933.
$75,181
$78,778
-Earnings.
-Transue & Williams Steel Forging Corp.
Period End. June 30- 1934-3 Mos.-1933. 1934-6 Mos.-1933.
$22,739
$103,668
$65,787
$13,796
Gross profit
21,496
43,174
21,589
42,988
Depreciation
25,453
68,716
34,938
45,304
Expenses
Cr719
Cr546
Cr1,487
Cr1,215
Other income
$9,806 105423,491 loss$6,735 loss$73,281
Net profit _ _ _ Earns, per sh.on_128,000
Nil
Nil
Nil
$0.07
shs. capital stock
-V. 138, p. 2765.
-Earnings.
-Underwood Elliott Fisher Co.(& Subs.).
-Net Asset Value Decreases.
Spencer Trask Fund, Inc.
Period End. June 30- 1934-3 Mos.-1933. 1934-6 Mos.-1933.
The net asset value as of June 27 was $15.48 a share compared with $17.29
Profit after expenses &
a share on March 31.
$890,669
$204,761 $1,809,613
$366,043
charges
Comparison of the portfolio as of June 27 with that of March 31 shows
19,845
14,567
, 37,772
42,063
Other income
the following revisions:
-Shares-- Inc. (+)
$910,514
$219,328 $1,851,676
$403,815
Totalincome
June 27
Mar.31 Dec.(-).
119,104
46,386
92,773
235,485
Depreciation
11,700
American Cyanamid B
12,000
+300
105,600
5,223
224,100
10.940
Federal tax
7,000
7,140
+140
American Gas & Electric
3,700
+1,500
American Steel Foundries
5,200
$685,810
$167,719 $1,392,091
$300,102
Net income
600
1,000
-400
J. I. Case
Earns, per share on
11,000
10,000
+1,000
Chrysler
666,448 no par shares
2,000
1,000
+1,000
Columbian Carbon
$0.96
$0.18
$1.95
$0.31
common stock
10,600
11.900
+1,300
General Motors
Note.
-Above earnings exclude net operating results of wholly owned
2,500
4,000
-1,500
Delaware Lackawanna & Western
-V. 138. P. 3293.
on-consolidated subsidiaries.
+2,000
2,000Loew's
2,500
5,1560
Purity Bakeries
-2,500
-Accumulated Dividend
"
Union Buffalo Millis Co.
3,000
3,900
+900
U. S. Pipe & Foundry
% was paid on the 7% pref. stock, par $100, July 2
A dividend of
1,500
3,000
-1.500
Union Carbide
distribution was made Feb. 15
400+400 on account of accumulations. A similar paid
Union Bag & Paper
this issue since Feb. 15
to which no dividends were
1:666 --Imo last, previous regular semi-annual distribution on 3Yi% was made. AcU.S. Steel
of
1930 when a
10,000
-2,000
8,000
Montgomery Ward
cruals on the 7% pref. stock following the July 2 payment amounts to
-V.138, p. 516.
26)1%.-V. 138, p. 879.
Lik
-June Sales.
Spiegel, May, Stern Co.
1934
-June
-1933.
$1,437,007
$782,803
-V. 138, p. 3961.
Increased 1934-6 Mos.-1933. Increase.
$654,204[$11,034,493 $4,478,620 $6,555,873
Standard Wholesale Phosphate & Acid Works, Inc.
Resumes Dividends.
A dividend of 60 cents per share was paid on the common stock, par $20.
June 30. Previously quarterly distributions of 30 cents per share were
-V. 137, p. 4710.
made up to and including Oct. 15 1933; none since.
Strawbridge & Clothier.
-Tenders.
-The Girard Trust Co., Philadelphia, Pa., trustee, will until 11 a. in.
-year
on July 31 receive bids for the sale to it of 1st mtge. sinking fund 20
5% gold bonds, due 1948, to an amount sufficient to exhaust $154,896,
-V. 138, p. 879.
at a price not to exceed 102X and interest.
Sun Oil Co.
-Tenders.
The Chase National Bank, New York, as sinking fund agent, will until
-year 53. % sink, fund
noon on July 19 receive bids for the sale to it of 15
gold debs. to an amount sufficient to exhaust $133,500, at a price not ex-V. 138, p. 2269, 2098.
ceeding 101M and interest.
-Purchasers New Unit.
Superheater Co.
The company on June 24 purchased the Heine Boiler Co., St. Louis,
at foreclosure sale. The Heine company will be continued as a unit of
the Superheater Co.
The price paid was $201,000, the minimum set by Federal Judge Faris,
who ordered the sale as the final step in a receivership process.-. 138,
p.3791.
-$2.11 Dividend
•--...Swedish Ball Bearing Co.
The City Bank Farmers Trust Co.,as depositary,recently notified holders
of "American" share certificates representing B shares of Swedish Ball
Bearing Co. that out of the proceeds of a. dividend of 8% on these shares,
the payment of which was approved at the latter company's annual meeting,
a distribution of $2.11 per "American" share was made on and after May
-Tenders.
Union Gas Co.(Spokane, Wash.).
The Chemical Bank & Trust Co. (successor trustee), 165 Broadway,
N. Y. City, will until July 23 receive bids for the sale to it of 1st & coll.
trust mtge. bonds, dated July 1 1905, to an amount sufficient to exhaust
-V.89. p. 605.
$31.785 at a price not exceeding 110'and interest.
-Earnings.
Union Oil Co. of California.
1934.
1933.
1932.
1931.
6 Mos. End. June 30-$26,500,000 $24,200,000 $28,600,000 $33,000,000
Sales
Profit after Federal taxes
3,600,000 x3,400,000
5,600,000
5,100,000
interest. &c
Deprec'n, depletion, &c_ 3,300,000, 3.200,000 3.600.000 3,600,000
$300,000
$200,000 $1,500,000 $1,900.000
Net profit
Earns, per sh. on 4,386,070 shs. cap. stk.(par
$0.07
$0.05
$0.43
$0.34
$25)
x Includes $1,350,000 non-recurring profitfrom sale of Union Atlantic Co.
For the quarter ended June 30 1934, the estimated net loss was $200.000 after taxes and charges, comparing with a net profit of $500,000 or 11
cents a share in the preceding quarter and net profit, including $1,350,000
non-recurring profit from the sale of company's one-half interest in the
Union Atlantic Co. of $1,300,000 or 30 cents a share in the June quarter
of previous year.
Current assets as of June 30 1934, including $9,600,000 cash resources.
amounted to $41,100,000 and current liabilities were $4,900,000. This
compares with cash resources of $15,400,000. current assets of $48,500,000
and current liabilities of $5,150,000 on June 30, a year ago.
L. P. St. Clair, President, says:
"The results for both the first six months of 1934 and 1933 were adversely
affected by the low prices prevailing for gasoline throughout the greater
portion of both periods. The agreements between the members of the
Pacific Coast Petroleum Agency, and by that agency with almost all California refiners and with the Secretary of the Interior and Petroleum Administrator, were executed during the latter part of June. If fully adhered to.
this plan will aid in stabilizing the industry on the Pacific Coast."
Volume 139
Financial Chronicle
Production, subject to royalty, or crude oil and natural gasoline for
the six months ended June 30 totaled approximately 7,200,000 barrels.
This compares with 6,800,000 barrels for the like six months of last year.
Capital outlay of Union Oil Co. during the first half of the current year
approximated $3,100.000.-V. 138. P. 4478.
--- -United Aircraft & Transport Corp.
-Plan Approved.
The plan for the reorganization of the corporation into three companies
became operative by a vote of about 69% of the stock at an adjourned
stockholders' meeting held July 11. The assent of two-thirds of the stock
was necessary to effect dissolution. The vote was in excess of 1,449,000
shares in favor and 351 shares against the plan, it is said.
During the course of the meeting Max Goldberg, a stockholder, informed
officials that he planned to take action in Chancery Court in Delaware to
restrain the action. Chancellor J. 0. Wolcott in Chancery Court in Wilmington recently refused to issue an order, requested by Mr. Goldberg,
restraining officers of the company from consummating the proposed plan.
-V. 138. p. 4314.
United American Utilities Inc.
-To Act on Claims.-
Benjamin N. Brown of Wilmington. Del., was appointed master on
July 11 by Chancery Court to take testimony on claims filed by creditors
against the company. The master is to make his report by Se t. 5.138. p. 2595.
---United Cigar Stores Co.of America.-Perma
291
Statement of Consolidated Capital Surplus. Earned Surplus and Reserves
May 31 1934.
Capital surplus and earned surplus
Balances Dec. 1 1933:
Capital surplus
$42,788,834
Earned surplus
4.458,902
Interest in earned surplus, cumulated preferred
share dividends and bond interest and preferred share dividend reserves of sub. cos_ - 3,704.098
Interest in losses on sales of securities by subsidiary companies in excess of their reserves_Dr.1,531.498
$49,420,336
Deduct-Interest in American Founders Corp.'s cost of holdings in Founders General Corp. and American Founders
Office Building, Inc. in excess of their book values
1.585.041
Add-Balance of income for the 6 months ended
May 31 1934
Gain on retirement of debentures acquired
below par
Increase in pref. share dividend reserve
$47,835,294
$363,517
5.322
8,823
377.683
$48,212.957
rusteeA
Deduct-Taxes and legal expenses paid for prior
The Irving Trust Co. was appointed temporarily trust o the estate/
years
$3.607
on June 14. At a hearing held before Federal Judge Alfr
Coxe on
Appropriations to reserves
1,255.322
10, the appointment of the trustee was made permanen
July
Losses on sales of securities in excess of reserves 1.761.553
The New York "Times" July 13 had the following:
3.020,483
Counsel representing various interests in the reorganization of the company disagreed July 12 on certain provisions of an order to be submitted
345.192.475
to Federal Judge Alfred G. Coxe on July 17. The order, when signed,
Dividends paid to public by subsidiary cos
$133,374
would confirm Judge Coxe's appointment of the Irving Trust Co.as permaProvision for preferred share dividends cumulated
nent trustee in bauptcy.
252,878
to public but not declared or paid
M. Carl Levine, counsel for the Jacob Ruppert Realty Co. and other
386,252
landlord-claimants, said after the conference that the chief difference was
over whether bondholders should be paid according to the purchase price
$44.806,223
or the par value of the bonds.
Add-Decrease in minority int.(corn. & prof.):
Because of this and one or two minor points of difference, the Irving
Due to reversal of provision for pref. sh. divs_ _ $720.957
Trust Co. will submit its own order on July 17, excluding the points to be
Due to other surplus items
650,461
covered in the contested provisions. The disputed points, according to
1.371,418
Roswell L. Gilpatrie.k, speaking for D. C. Swatland, counsel for the Irving
Balance May 31 1934:
Trust Co., will be left for Judge Coxe to decide. He said the Trust com$40.244.757
Capital surplus
pany, as trustee, would be neutral in the controversy.
Earned surplus
4,474,743
Discussing the question of payment of bondholders, Mr. Levine charged
Interest in earned surplus, cumulated preferred
that only 10% of the major bond issue of $8,180,000 was in the hands of
share dividends and bond interest and prof.
those who held the bonds before the bankruptcy proceedings were started.
4.239.641
share dlv. reserves of subsidiary cos
A large portion, he said, had fallen
hands of speculators who paid
Interest in losses on sales of securities by subonly 40 cents on the dollar, and heinto the that these holders should not
insisted
sidiary companies in excess of their reserves_Dr.2,781.500
be paid off on the same basis as those who held the securities before the
bankruptcy. He said he had insisted on
inclusion of this provision in
146.177,640
Total surplus
the order because it was the "most vital" the
question in the reorganization at
$52.611,340
Reserves-Balances Dec. 1 1933
this time.
1,255,322
Appropriations from consolidated surplus(as above)
"If we pay off on the basis of purchase price," he said,"we will be able to
eliminate about $4,000,000 in claims. The total claims of bondholders
$53,866,662
and merchandise creditors are $5.000,000, while the claims of landlords
Less
-Net losses sustained during the period in addition to
aggregate $7,000,000."
3,158,863
$1.761,552 shown,above
He said he would submit a separate order incorporating the provision
which he seeks
-Applied to investments.$48,751,277
Balances May 31 1934
Charles Rosenbaum, representing a $500,000 claimant, explained another
1,956,522
Applied to intermediate credits
point of difference. Most of the attorneys, he said, were in favor of
350.707.799
naming Referee Irwin Kurtz as special master, but some wanted him to
act in a general capacity and others in a limited capacity.
unrealized depreciation from book value
Note.
-On May 31 1934 the
Indications were that bondholders would submit a third order in their
cost less reserves
-of all investments at then current market quotations
own behalf for the consideration of Judge Coxe.-V. 138. p.4478.
amounted to $54,612,097. The comparable amount at Nov. 30 1933
was $63.263,342.
United Corp. of Dclaware.-Directors Resign.
Consolidated Balance Sheet May 31.
At a directors' meeting held July 10. Philip G. Gossler, President of
1932.
1931.
1933.
1934.
Columbia Gas & Electric Corp., Thomas N. McCarter, President of Public
Assets$
$
$
$
Service Corp., of N. J., and John E. Zimmermann, President of United
Cash and call loans.. _ _ _ e666,530 3,444,848 3,395,354 8,966,457
Gas Improvement Co.. resigned as directors.
Investment securities__ _a97,969,785 100,611,455 106.633.219 254,894,533
Cost of securities of subs.
Bank Loans Paid Off.
35,952.809
investment companies
George H. Howard, President, has announced that the corporation's
410.264
269,454
43,398
Secur.sold, not delivered
203,646
demand bank loans, which stood at $5,000,000 at the end of 1933, have
American & Continental
now been entirely paid off.
2,661,816
Corp.5% debentures_ 3,418,985 3,242,931
Earnings for 3 and 6 Months Ended June 30.
1,360,812
178,304
Collateral notes receivPeriod End. June 30- 1934-3 Mos.--1933
Intermediate credits- - -- 1,710,182 4,823,690 8,869,132 11,705,841
1934-6 Mos.-1933
y Divs. & int.received-- $2,687,582 $2,951,618 $5,414,691 $6.438,656
Accrued income &sundry
Interest paid
626,229 1,678,058
533,360
458,398
notes and accts. rec_51,444
231.791
111,733
14,111
Taxes
Land and buildings
608.109
114,022
57,001
Current expenses
Unamortized debenture
170,381
272.916
171.000
7 : 71
4 685
71
x Loss on sale ofscour_ _ _
disc.,share financing &
4,181
transformat'n exp., &c 1,478.286 1,595,637 1.752,022 3.809,192
Net income
35,074.661
Preferred dividends - -- $2.534,614 32,668.885 3,733.030 $5,933,949
3,733,024
1,866,512
1.866,515
106,513,920 114,473,623 125,568,040 317,417,154
Total
Common dividends
1.452.946
2,905.893
Liabilities
Deficit for the period ----.
$704,968
$650.573 $1,341,631
149,220
121,751
31,279
Securities purchased_ --678,108
Shs. corn, stk. outstand. pf$668,099
Sundry accts, pay.. res.
(no par)
14.531,197 14,529,465 14,531,197 14,529,465
621,554
400.139
332,470
228,539
for taxes & curr. accr_
Earnings per share _ _ _
30.08
$0.15
$0.06
$0.04
Div. pay. to public on
x Arising from sale of 17,475 ordinary fully paid shares of Societe Lyon11,507
pref. shares of sub_ -naise des Eaux et de l'Eclatrage. 3 Exclusive of dividends received in
,
200,000
1st mtge. on office bldgstock.
-V. 138, p. 2765.
Pattie. by others in in1.706.186
termediate credits_
1,987,460
•
United Fruit Co.
Bank loans
-Earnings.750,000 1,500,000 9,000.000
750,000
Period End. June 30-1934--3 Mos.-1933. 1934-6 Mos.-1933.
Bonds and debs. of subx Net earnings after all
sidlary companies_ --- 27,532.000 27,543,000 28.778,100 50.123,400
chgs. but before taxes
Serial gold bonds ofInterShares of common stk. $4.713.000 $4,040,000 $6,317,000 35.073,000
national Securities Tr.
outstanding (no par). 2,925,000 2,925,000 2,925,000 2,925,000
of America
609,300
Earnings per share
Preferred shares of subs.
$2.15
$1.61$1.73
$1.38
x Approximate figures.
held by public
15,407,100 15.474.600 15,521,500 19,894,350
Cash and Government securities (excluding insurance fund) amount
Minor. shareholders int.
to 639.100,000, as compared with $31,500.000 at close of June last year
in corn, share capital.
and $37.100,000 at the beginning of 1934.
surplus and reserves of
The company expects to produce about 1,190,000 bags of sugar this
subsidiary companies- 6,925,699 8,827,013 10.028,313 32,356.884
year, against 536.000 bags last year. To date about
b Class A stock
250,000
250.000
250,000
1,000,000
has been produced and the mills will finish grinding this95% of the crop
Common stock...
d9,000,156 d9,000,156 c45,054,240 152,161,365
.
month.
-V. 138,
p. 2593.
Surplus and undivided
profits
46,177,640 51,565,333 22,180,340 49.594.033
United
Founders Corp.(& Subs.).
-Earnings.
-
[Including American Founders Corp. and subsidiaries (International
Securities Corp. of America, Second
Securities Corp., United
States & British International Co., International
& General
Corp. and American & Continental Ltd., American 1930, 1931 Securities
and 1932
Corp.) and in
Investment Trust Associates.]
6 Mos. End. May 311932.
1934.
1931.
1933.
Interest earned
$996,448 $1,445,851 $1.888,812
Dividends (including no $609,475
stock dividends)
692,514
2,441,847
Miscellaneous income__ _
18,591
80,565
Gross income
$2,610.097
Int.& amort.of discount $1,320,580 $1,430,989 1.136,155 $4,411,224
1,640,430
676,312
647,234
Taxes paid and accrued_
73,870
67,084
105.608
43,417
Investment service fee
3,389
21,808
Miscellaneous expenses_
583.534
258.262
254,200
871,457
Net inc. before approp,
and dividends
$816,537 31.793.727
$407.523
Approp.for pref.sh. city. $372,341
reserve by sub. co_
4,603
69,514
14,698
8.823
4330 "Nifl
Balance
$811,932 81,724,214
$363.517
$422,221
-Of the above balance, $345,913 is calculated as being allocable
Note.
to interests of minority holders of preferred and common shares of subsidiary
companies and $17,604 to the interests of holders of United Founders
Corp. shares.
Unpaid cumulated dividends on preferred stocks of subsidiary companies
held by the public were not earned during the period to the extent of
$208,886.
Total
106,513,920 114,473,623 125,568,040 317,417.153
a The total value of all investments at May 31 1934, based on then
current market quotations, or as otherwise indicated in the report, was
343,357,687. b Represented by 1,000,000 shares having a par value of
25 cents in 1934 and 1933 and no par in other years. c Represented by
9.010,848 no par shares. d Represented by 9,000,156 shares of $1 par
value. e Cash only.
-V. 138, p. 676.
United Gas Improvement Co.
-Electric Output.
Weeks Ended' 11
MO
"
July 7 '34. June 30'34. July 8 '33.
Elec. output U. G. I. System (kwh.) 62.237.631 67,519,460 61,691,180
-V. 138. p. 4315.
United Profit-Sharing Corp.
-Annual Report.
-
W. L. Beasley, Secretary and Treasurer, in his remarks to stockholders
stated:
"The management has joined with others in the development of a chain
of stores for the old establishment of Acker, Merrall & Condit Co. New
capital, towards which your company contributed, was paid into
treasury of Acker, Merrall & Condit Co. The management, which the
has
had long years of experience in the operation of retail stores, believes
that present conditions are most favorable for developing a lucrative
business and that the name Acker. Moffatt & Condit Co. is a valuable
Asset. At the present time there are many opportunities to secure good
locations for the operation of a retail business at reasonable rents.
am
"The corporation is represented on the board of directors of the Acker,
Merrell & Condit Co. by three out of seven directors.
"No director of company has any financial interest in the Acker, Merrall
& Condit Co. except through his ownership of stock In United Profit
Sharing Corp."
Income Account for Calendar Years.
1931.
1932.
1933.
$89,549
$107,482
Net profitsi_
$78.006
19.927
19,929
19,929
Preferred dividends_ _ _ _
1930.
$149,218
19,927
$69,622
17,888
$129,291
814,290
8,370
2,241
140,000
Balance, surplus
Previous surplus
Excess provision for coupon redemption
Federal tax refund
Total
Loss on securities sold
July 14 1934
Financial Chronicle
292
$58,077
144,608
$202,685
prof1,235
$87,553
63,625
$151.178
6,570
$98,121 $1.083.581
131,498
5,997
$952,083
$92,124
Profit & losssurplus_ _
$144,608
$203,920
236,898
236,901
236.910
236.905
(no par)
Shs.com.stk.out.
$0.54
50.29
80.57
$0.25
Earnings per sh. on com.
Comparative Balance Sheet Dec. 31.
1932.
1933.
Liabilities1932.
Assets1933.
Cash
$162.922 $120,140 Accounts payable_ $66.345 5108,751
51.469
U. S. Treas. bonds
51,469 Unpaid cash and
18,208
18,216
stock dividends_
Other market. sec97,157
84,260
Dep. adv. for couInv. in affil. co
14,025
4,857
1,930
pen redemption_
a Accts.& notes rec 179,656
232,306
101,976 Prov. for redemp149,945
Inventories
143,706
136,393
Son of coupons_
260
590
Interest receivable
Special deposit
9,764 Provision for con5,206
2,870
2,870
tingencies
Prep, taxes, post199,290
. 199,290
Preferred stock_ _
age, insurance,
59,226
59,228
46,864 d Common stock_
supplies, &c____
12,610
28,498
28,499
Bond dr mtge. rec.
3.669 Capital surplus_
3,669
144,608
203,920
b Furn..fix..4 impt
23,337 Earned surplus
29,273
c Treasury stock_
23,073
23,066
$716,690 $710,014
Total
Total
$716,690 $710,014
a Less allowance for doubtful accounts, $8,261 in 1933 ($4.460 in 1932).
b Less allowance for depreciation of $13,165 in 1933 ($14,915 in 1932).
c Represented by 12,305 shares of common stock. d Represented by
236,910 shares of no par value in 1933 (236,901 in 1932).-V. 136, p.3923.
United States & British.-International Co., Ltd.
6 Months Ended May 31Interest
Divs. (incl. no stock diva.)
Profit on syndicate participations_
Other income
Gross income
Investment service fee
Miscellaneous expenses
Int. & amort, of disc., dabs
Miscellaneous taxes
Foreign government tans
,,,
Net income
-V. 138. p. 1065.
1934.
$54.056
45,353
1933.
$67,697
26.111
1932.
$88,373
105,946
$99,409
7,442
7,566
68,242
1,425
543
$14,192
$93,807
9,903
10,610
68,959
2,191
141
$2,004
273
$194.593
28,485
18,360
111,354
2,040
2,964
$31,390
-June Shipments.
United States Steel Corp.
See under "Indications of Business Activity" on a preceding page.
V. 138, p. 4315.
-Earnings.
United Stores Corp.
1932.
1933.
1934.
6 Months Ended June 303337.119
$290,481
$228,225
Interest received, &c
36,879
37.041
31,030
Expenses and franchise taxes
28.955
4,460
2,861
Interest
x
37,500
x
Federal taxes
$248,980
$233,785
2194,334
Net profit
x No provision for Federal income taxes has been made inasmuch as
-V. 138.
deductions allowable are expected to exceed the taxable income.
P. 3793,
-Subscription Date
Universal Pipe & Radiator Co.
Extended.
George A. Harder, President, in a letter to stockholders, says:
Under date of June 4 1934 I addressed to you a circular letter concerning
an offering of rights to subscribe for additional common stock of company
at $2 per share.
Subscription warrants for the common stock of company, together with
a letter of transmittal to be used in making subscriptions thereunder.
were mailed on June 12 1934. These subscription warrants, in terms,
expire July 5.
Due to the fact that the market price of the common stock on the New
York Stock Exchange during the most of time that subscription warrants
have been outstanding has been less than the offering price of $2 per
share, very few subscriptions have been obtained.
Company has extended the effective date of these subscription warrants
to July 25.
The company will not issue new subsctiption warrants or a new letter
of transmittal. The present subscription warrants and letter of transmittal are amended by substituting "July 25" for "July 5" and "Sept. 4"
for "Aug. 13," respectively, wherever either of said dates occur in either
-V.138. D. 4479.
the subscription warrants or the letter of transmittal.
-Earnings.
Venezuelan Petroleum Co.
-Plans $8,500,000 Ire
Western Massachusetts Cos.
Notes.
Commission
The company has filed a statement with the Federal Trade
requesting registration of 58.500.000 of coupon notes to be dated Aug. 1
1934. The coupon notes will be issued in denominations of $1,000 each.
The proceeds will be applied to retirement at maturity of the issue of
-year 4%% coupon notes dated Sept. 15 1931. due Sept. 15 1934, totaling
3
-year 5% coupon notes
$5.000,000 and to pay principal of the issue of 5
dated Oct. 151932,due Oct. 15 1937. to be called and redeemed on or before
Oct. 15 1934. and totaling $2,500,000.
From the remainder will be deducted expenses estimated at $46,850.
while the balance will be lent to certain subsidiaries to retire outstanding
short-term notes.
The underwriters are the First Boston Corp.; White, Weld & Co.; S. S.
Mosley & Co.: Kidder, Peabody & Co.; Tufft Bros., and Arthur W. Wood
Co.-.138. p.2599.
-Earnings.
Western Public Service Co.(& Subs.).
1934-12 Mos.-1933.
-Month-1933.
Period Ended May31- 1934
$148.141 $1,958,197 $1,939,466
$166.483
Gross earnings
1.064,578
82.981
1.017,233
86,370
0 oration
80,787
6,475
80,266
7,711
aintenance
151,918
12,265
165.655
16,189
Taxes
656
31,607
30,533
Inc.from other sources *
$14,811
5695,041
375,963
$642,839
339,601
Balance
Note interest(Eastern Texas Electric Co.,Del.)_ _
5319.077
$303,238
103.104
Balance
Appropriations for retirement reserve
$319,077
200.000
$200,133
211.666
Preferred stock dividend requirements
took
$119,077 def$11.533
92.786
119.448
Balance
Interest and amortization
$25,678
def$370 def$104,320
Balance for common stock, dirs, and surplus
-V. 138, p. 3964.
* Interest on funds for construction purposes.
-Earnings.
Western Reserve Investing Corp. (Del.).
6 Months Ended June 30Dividends
Interest on bonds
Other interest
Miscellaneous income
Total income
Interest on debentures
Expenses Loss on sale of seZurities
Profit on sale of securities
1934.
$60,716
14.078
1933.
$35,412
13,759
1,045
7
$74,794
50,985
14,519
81,658
Cr15,323
$50,222
53,158
16,668
349,743
Cr45,216
$324,131
$57,044
Comparative Balance Sheet June 30.
Medd/ales1933.
1934.
1933.
1934.
Assets$47,137
Cash on deposit-- 8107.652 8200,386 Accr. int. on debs_ 541,250
Accrued taxes_ _ _.
3,000
a Marketable se30,000
curities (at cost) 4,311,064 4,991,507 Unpaid subscript'n
22,114 15-yr. 5Si% gold
21,291
Accr. in & dive__
debentures
1,800,000 1,926,000
cap. stk.
Subsc. to
6% prior pref. stk_ 1,800,000 1,956,500
of Nat. City Bk.,
30,000 b $8 pref. stock_ __
100,000
100.000
Cleveland
c Common stock__ 330,000
330,000
Dep. In Union Tr.
19,135 Capital surplus.,.. 2,066,115
19.135
Co., Cleveland_
Paid-in surplus_
1.948,099
Unamort. portion
54,358 Prof. & loss deficit 1.635,222 1,020,237
46,002
of disct. on debs.
Net loss
Total
54,505,143 55,317,500
54,505,143 55,317,500
Total
a The indicated market value of securities at June 30 1934 was 52,847.374
b 20,000 no par shares. c 60,000
1933
against $2,616,680 on Dec. 31
no par shares.
2ote.-(1) Common stock in treasury is reserved for the following purposes: For effecting cancellation and modification of certain rights belonging to prior pref. stock, 10,000 shares; for possible issuance under terms
and conditions to be determined by board of directors, 10,000 shares and
for stock purchase warrants attached to debentures. 30.000 shares.
-(2) Dividends on the $6 cumul. pref. stock are in arrears from
Note.
July 1 1930, and on the 6% prior pref. stock from July 1 1931.-V. 136.
1039.
P•
Note.
-(3) Balance on deposit in the Union Trust Co. includes 35%
liquidating dividend, amounting to $6,697, which is held by the liquidator of
the bank to apply against possible double liability with respect to the
corporation's holdings of 2,600 shares of capital stock of the bank. No
reserve has been provided against the possible attempt to assess and collect
any portion of a statutory liability in respect of such shares up to a maximum of 565,000.-V. 137, p• 2289.
-Earnings.
White Rock Mineral Springs Co.
1934-6 Mos.-1933.
Period End. June 30- 1934-3 Mos.-1933.
em
Net profit after charges
$258,971
$131,801
3315,299
$183,991
and taxes
hour
Earns. per sh.on 250.000
$083
$0.43
$0.63
$1.06 •
shs. common stock_xx Which will be outstanding when all the 2d pref. stock has been con-V. 138, p. 3112.
vertml into common stock.
1931.
1930.
1932.
1933.
Years Ended Dec.31
$150,244
$306,366
$413,898
$178,648
Royalties _
23,20
4.992
12.696
21,724
Int. & miscell. income..
-Defers Dividend Action.
""Wiley-Bickford-Sweet Co.
Profit on sale of mar"
a..
6.667
ketable securities---The directors have deferred action on dividend due at this time on the
$311,358
$3 preferred stock (no par value). The company paid 75 cents per share
$162.940
$437,101
$207,040
Total income
on this issue on April 1 and Jan. 1 1934, Oct. 2 1933 and Jan. 1 1933.Expenses, incl. depict..
201,601
213,822
145.971
226.406
V. 137, p. 2652.
taxes, &c
$109,757
loss$19.365 loss$50,882
Net income
-Time for Deposits ExWilliamsport Wire Rope Co.
6 "
Dividends paid
$109,757
$191,129
tended.
Balance. surplus__ ___ def$19,365 def$50,882
Shares capital stock outWith assets of more than 70% of the total amount of bonds outstanding
2.000.000
2,000.000
2,000,000
standing (par 55)---- 2,000,000
now in hand, the bondholders' protective committee is notifying holders
Nil
$0.05
$0.15
Nil
Earnings per share
of 1st mtge.sink.fund 6% gold bonds that the time for deposit of these bonds
Yr *I
under the plan of reorganization has been extended to Aug. 6.
Condensed Balance Sheet Dec. 31.
Despite the large number of bonds already assenting to the plan, the
1932.
1933.
1932.
1933.
notice points out that "it is not feasible to declare it operative until sub5
$
LiabilatesAssets
tantially all the bonds have been deposited. If the plan is not declared
x Capital stock _ _ _10,000,000 10,000,000
Concessions, royaloperative on Aug. 6 1934, the offer upon which the plan is based may be
6,131
10,311
9,943,624 10,386,437 Accounts Payable_
ties, &c
withdrawn and bondholders may lose the opportunity to effect what the
21,600
29,734 Accrued taxes_
Accts. receivable_
(
committee believes to be an advantageous solution of their problem."
v
413,974
Capital surplus.,..
Marketable seems. 263,751
City Bank Farmers Trust Co.. 22 William St.,Is depositary for the bonds.
354,080
Earned surplus... 313,122
98,924
Accrued royalty
John M. Fisher, 55 Wall St., is secretary of the bondholders' protective
Accr. int. on bds.
committee. (see also V. 138. p. 3964.)
'4,113
& misc. accts.rec
Invest. In Consol.
-Earnings.329,616
Winnipeg Electric Co.
011 Corp. bonds
32,578
15,492
*
Cash in banks_ _ _ _
1934-5 Mos.-1933."
ngs
End. May 31- 1934-Month-1933.
14,952
Deferred charges.
$416,593 • $408.908 $2,271.402 $2,273,165
Gross
Periodoearnings
291,018
1,565.413
295,605
1,531,404
Operating expenses
10,340,853 10,778,366
Total
10,340.853 10,778,366
Total
$707,752
$113.303
$739.998
$125,575
Net earnings
x Represented by 2,000.000 shares $5 par value. y The capital surplus
in reduction of cost of royalty
-V. 138, p. 4145.
of $413.974 as of Dec. 31 1932 was applied
-V. 137. p. 331.
interests.
-June Sales.
Walgreen Co.
Increase.
Increase.' 1934-6 Mos.-1933.
-1933.
-June
1934
$475,458 1$26,1)27,400 $21,404,384 $4,623,016
$4,458,142 $3.982,684
company had 482 drug stores in operation, against
At the end of June
484 at the end of May and 463 on June 30 1933. Sales exclude revenues
-V. 138, p. 3963.
from stores at Century of Progress Exposition.
Western Maryland Ry.-Earnings.-Fourth Week of June- -Jan. 1 to June 301934.
1933.
1933.
1934.
Period$296691 57,044.130 $5,442,147
Gross earnings (est.)--- 5349.236
-Nr. 138. p.4480.
Wisconsin Central Ry.-Application Dismissed.
-S. C. Commission, upon request of A. E. Wallace, receiver, has
The I.
dismissed the application for authority to issue not exceeding $115,000 of
notes, and an equal amount of receiver's certificates as collateral for the
notes.
-V. 138, p. 4480.
-Receives Order.
York Ice Machinery Corp.
The company has received an additional order from the Baltimore&
Ohio RR. for the air conditioning of 31 passenger cars, bringing the total
of B. & 0. passenger cars air conditioned 13y the company to more than 300.
The order is for 15 coaches and 16 pullmans, the equipment to be installed
at the Mount Clare shops of the railroad company at Baltimore. Contract
-V.138, P. 3458.
calls for completion of the work at an early date.
Financial Chronicle
Volume 139
293
The Commercial Markets and the Crops
-COFFEE
COTTON-SUGAR
-GRAIN-PROVISIONS
-METALS
-ETC.
-WOOL
-DRY GOODS
PETROLEUM-RUBBER-HIDES
cleared for the United Kingdom and Antwerp. Hogs were
steady at $4.95. Packers bought freely owing to light
receipts. Cash lard was steady; in tierces, 6.80c.; refined
to Continent, 43% to 47 0.; South America, 43/i to Sc. On
4
the 11th inst. futures closed 12 to 20 points higher on buying
stimulated by the sharp rise in grain. Cash lard was firmer;
in tierces, 7.05c.; refined to Continent, 43% to 47 c.; South
4
America, 47% to Sc. Hogs were a little lower at 4.80c. The
trade was a good buyer and there was some new speculative
demand.
On the 12th inst. futures declined 5 to 10c. in sympathy
with grain. Hogs were 5 to 10 points lower. Cash lard
was easier; in tierces, 7c.; refined to Continent, 43% to 47c.;
4
4
South America, 47 to 5c. To-day prices ended 5 to 25
points higher owing to the strength of grain.
Orders executed in
WH EAT-OATS--00 RN
and other commodities
Special letter regarding current
grain situation supplied upon request.
BABCOCK, RUSHTON & CO.
-Established 1895
MEMBERS
EXCHANGE
NEW YORK STOCK
CHICAGO BOARD OF TRADE
and other principal exchanges
New York
50 Broadway
Chicago
135 So. La Salle St.
Des Moines
Fleming Bldg.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Wed. Thurs.
(New)Sat.
Fri.'
July
6.87
6.77
7.02
6.97
6.72
7.02
7.12
September
7.30
7.00
6.95
7.20
7.27
7.12
7.22
October
7.42
7.07
7.32
7.40
COMMERCIAL EPITOME
Friday Night, July 13 1934.
Coffee on the spot was quiet and so were futures. On
the 9th inst., the half-holiday in Brazil had a retardative
influence on business and only 23 lots were traded in both
contracts of which 17 were in the Santos contract. The
undertone, however, was steady with the Santos ending
1 point lower to 3 points higher and the Rio unchanged to
4 points up. Cost and freight offerings were steady and
it was reported that the Rio bank strike was ended. On
the 10th inst., futures continued quiet and declined 3 to 9
points. Only five contracts were sold in each contract.
Spot coffee was dull. On the 11th inst., futures declined
10 to 20 points owing to lower Brazilian terme prices. Sales
totaled 17,000 bales in the Santos contract, but the Rio
turnover was light, amounting to only 9 lots. Foreign interests and the trade were selling. Rio terme prices declined
350 to 50,reis. Spot business was light and cost and freights
were quiet and unchanged.
On the 12th inst. futures closed 6 to 10 points higher on
Santos and 7 to 10 points on Rio with sales of 14,000 bags
of the former and 5,850 bags of the latter.
To-day futures closed unchanged to 2 points lower on Rio
contracts and 1 to 4 points lower on Santos.
Rio coffee prices closed as follows:
September
December
7 68 March
7.80 May
7.85
7.95
Santos coffee prices closed as follows:
December
March_
10.33 May
• I
10.47
Cocoa futures on- the 9th inst closed 1 to 3 points lower
.
with sales of 549 tons. July ended at 5.09e.; Sept. at 5.230.;
Dec. at 5.43c. and March at 5.63c. On the 10th inst.,
futures declined 8 to 10 points, with sales of 2,077 tons.
The chief feature was the liquidation of September. Commission houses sold. London was 6d. to 9d. lower. July
ended at 5.00c.; Sept. at 5.140.; Dee. at 5.35c.; Jan. at
5.42c.• March at 5.53c., and May at 5.66c. On the 11th
inst., there was more activity and futures closed 9 to 11
'
points higher. Sales totaled 2,667 tons. July ended at
5.11c.; Sept. at 5.25c.• Oct. at 5.320.; Dec. at 5.46c.; Jan.
at 5.520.; March at 5.630., and May at 5.76e.
'
On the 12th inst. futures closed 8 to 10 points lower on
sales of 3,551 tons. July ended at 5.03c., Sept. at 5.16c.,
Oct. at 5.23c., Dec. at 5.360., Jan. at 5.430. March at
5.54c. and May at 5.67c. To-day futures ended unchanged
'
to 1 point lower with sales of 81 lots. March ended at 5.52c.,
May at 5.66c., Sept. at 5.15c., Oct. at 5.22c. and Dec. at
5.36c.
Sugar was quiet but firm on the 9th inst. and closed
unchanged to 1 point higher with sales of only 3,700 tons.
Some 16,800 bags of Puerto Ricos, 10,000 due on July 16
and the rest on July 21, sold at 3.15c. delivered basis. On
the 10th inst. trading in futures continued in small volume,
i.e., only 6,950 tons and the ending was unchanged to 2
points lower. R,aws were dull. On the 11th inst. futures
ended unchanged to 1 point higher. Sales were 18,350 tons.
Raws were dull. Some new buying was noticed.
On the 12th inst. futures closed unchanged to 2 points
lower, after an irregular opening; sales 7,650 tons. To-day
futures closed unchanged to 1 point lower.
Closing quotations follow:
September
December
January
1.73 1March
1 81 May
1.81
1.85
1.89
Lard futures on the 9th inst. advanced 2 to 5 points on
buying stimulated by a better export demand and smaller
hog receipts. Hogs, however, were 10c. lower. Cash lard
was steady; in tierces, 6.80c.; refined to the Continent,43 to
%
4%c.; South America, 43/i to Sc. On the 10th inst. futures
advanced 10 to 13 points on a good demand from the trade
and a better export business. Some 625,325 lbs. were
Pork, steady; mess, $19.75; family, $21, nominal; fat
backs, $14 to $19. Beef, steady; mess, nominal; packer,
nominal; family, $13 to $14, nominal; extra India mess,
nominal. Cut meats, firm; pickled hams, 4 to 6 lbs.,
93%c.; 8 to 10 lbs., 9Mc.; 8 to 10 lbs., 83%e.; 14 to 18 lbs.,
16c.; 18 to 20 lbs., 163 c.; 22 to 24 lbs., 143 c.; bellies, clear,
4
%
f. o. b. New York, 6 to 8 lbs., 147%c.; 8 to 10 lbs., 133c.;
%
10 to 12 lbs., 137%c.; bellies, clear, dry salted, boxed, New
York, 14 to 16 lbs., 11'/2c.; 18 to 20 lbs., 117%c.; 20 to 30 lbs.,
113/sc. Butter, creamery, firsts to higher than extra, 22
to 25c. Cheese, flats, 16 to 19c. Eggs, mixed colors,
checks to special packs, 1334 to 21 Mc.
-Linseed was firmer at 9.3c. for tanks, owing to
Oils.
the strength at Duluth. Demand, however, was still
small. Cocoanut, Manila, coast, tanks, 23%c.; tanks,
New York, spot, 27%c. Corn, crude, tanks, f.o.b. Western
mills, nominal. China wood, N. Y., drums, delivered,
9 to 93(c.; tanks, spot, 8.6 to 8.7c. Olive, denatured,
spot, Spanish, 83 to 85c.; shipment, 81 to 83c. Soya bean,
tank cars, f.o.b. Western mills, 53' to 60.; cars, N. Y., 7c.;
less carload lots, 7.5c. Edible, olive, $1.60 to $2.15. Lard,
prime, 8c.; extra strained winter, 73(c. Cod, dark, 29c.;
%
light, filtered, 300. Turpentine, 48% to 523 c. Rosin,
$5.25 to $5.95.
Cottonseed oil sales to-day including switches 30 contracts. Crude S. E. 5 Mc. bid. Prices closed as follows:
July
August
September
October
6.154g6.251November
6.176.25 December
6.22 6.25 January
6.25(66.32 February
6.39@6.45
6 48@6.50
.
6.536.55
6.55(66.69
Petroleum.
-The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Rubber was in small demand. On the 9th inst. after a
weak opening, futures rallied and ended 8 points lower to 7
points higher. Commission houses were selling September
and buying later deliveries. London was unchanged to
1-16d. higher while Singapore closed unchanged. Here
July ended at 14.54c., Sept. at 14.800., Dec. at 15.16 to
15.18c., Jan. at 15.29c., March at 15.50c. and May at
15.75 to 15.760. On the 10th inst. a better demand developed owing to a stronger London market and prices
ended 19 to 27 points higher with sales of 5,520 tons. July
ended at 14.75 to 14.78c., Sept. at 15.02 to 15.04c., Oct. at
15.160., Dec. at 15.41 to 15.43c., Jan. at 15.560., March
at 15.75 to 15.760. and May at 16.02c. London closed
Md. to %d. higher and Singapore was up 1-32d. On the
11th inst. futures closed 5 to 11 points higher with sales of
only 3,380 tons. London closed 1-16d. lower to 1-16d.
higher while Singapore was up Md. to 3-32d. July ended
at 14.80c., Sept. at 15.08 to 15.14c., Dec.at 15.48 to 15.51c.,
Jan. at 15.61c., March at 15.82 to 15.84c., April at 15.97c.
and May at 16.12c.
On the 12th inst. futures declined 22 to 28 points, with
sales of 7,260 tons. July ended at 14.640., Sept. at 14.840.,
Oct. at 14.97c., Dec. at 15.23c., Jan. at 15.61c., March
at 15.82 to 15.840., and May at 16.12c. To-day futures
closed unchanged to 4 points lower with sales of 510 lots.
Jan. ended at 15.340., March at 15.57 to 15.60c., May
at 15.85c., July at 14.60c., Sept. at 14.84 to 14.85c., Oct. at
14.97c., and Dec. at 15.22 to 15.23c.
Hides were in only fair demand at best. On the 9th inst.
after a weak opening, futures rallied and closed 5 points
lower to 10 points higher. No spot sales were reported but
the report that the Administration was considering plans to
prevent hides from live stock slaughtered under the drouth
rehef program from flooding the market attracted considerable attention. Early prices were 40 to 45 points lower on
old contract and unchanged to 35 points off on the new.
294
Financial Chronicle
Old contract closed with Sept. at 7.20 to 7.80c., Dec. at
7.65 to 7.90c., and March at 7.75c.• standard (new) Sept.
at 8.20 to 8.30e., Dec. at 8.55c., March at 8.60 to 8.76e.
and June at 8.85 to 8.90c. On the 10th inst. futures after
early weakness improved steadily during the day and ended
unchanged to 20 points higher. Spot hides were quiet.
Sales were 1,200,000 lbs. of which 1,120,000 lbs. were in the
standard contract. Old contract closed with Sept. at 7.35c.,
Dec. at 7.65 to 7.85c., March at 7.75c.; new contract 8.30c.,
Dec. at 8.55 to 8.60c., March 8.80c. and June at 9 to 9.10c.
On the 11th inst. futures again showed early weakness only
to advance in the later trading and end unchanged to 15
points higher. Sales were 3,080,000 lbs. There was little
interest shown in spots. Old contract ended with Sept. at
7.50 to 7.60c., Dec. at 7.75c., March at 7.85c.; new contract
Sept. at 8.30 to 8.45c. Dec. at 8.60 to 8.70c., March at
8.90c. and June at 9.10 to 9.25c.
'
On the 12th inst. futures ended 15 to 25 points lower in
the old contract and 20 points lower to 5 points higher on
the new with sales of 3,080,000 lbs. Old contract closed with
Dec., 7.75c.; standard contract Sept., 8.350.; Dec., at 8.45
to 8.60c.; March at 8.70 to 8.75c., and June at 8.90 to 8.95e.
To-day futures closed 10 to 12 points lower with sales of
66 lots. March ended at 8.58 to 8.65c. June at 8.80e.,
Sept. at 8.25 to 8.30c. and Dec. at 8.35 to 8.45e.
'
Ocean freights were more active in trip chartering.
Charters included: Trips.
-Trip down from Canada, 70c.: Levenbridge, same, 7734c.; ttip Canada, 90c.; West Indies. round, $1.05; West
Indies, round, $1.10. Sugar.
-Prompt Cuba-United Kingdom-Continent,
-8 loads to Vegli at 9c.; 30 loads, some of it
12s. 9d. Grain booked.
to Mediterranean, at 8c.
Prompt North Atlantic redelivery United Kingdom-Continent $1.05.
Coal shipments or deliveries were more active than sales,
as is usual at this time of the year. Bituminous production
increased slightly over Pennsylvania, which was probably
because of its trade in smokelees to the Lake docks. Combined hard and soft output is now around 7,200,000 tons
weekly. Lake loadings in the last week of June increased
140,000 tons to 1,363,000 tons, or 315,000 tons more than
a year ago.
Bituminous production last week ended July 7 covering
the Fourth of July, was 5,160,000 tons, against 5,530,000 in
the July 4 week a year ago. The total for three weeks was
17,605,000 tons as compared with 18,090,000 a year ago for
the same period. The weekly average was 5,868,000, against
6,030,000 tons a year ago.
Silver was moderately active and futures on the 9th inst.
closed unchanged to 67 points lower. Sales were 1,100,000
ounces. July ended at 46.50c., Sept. at 46.71c., Dec.,
47.00 to 47.30c. and June at 49.25c. On the 10th 4nst
in a small volume of trading futures closea 25 points lower
to 7 points higher; sales, 275,000 ounces. The bar price
was /c. off to 46%c., while the London price was down
3-16d. to 20 9-16d. July closed at 46.40c., Sept. at 46.75
to 46 90c., Oct. at 46.85c., Dec. at 46.90 to 46.9Fe. and
June at 49.000. On the 11th inst. trading was light and
futures closed unchanged to 42 points higher. Sales totaled
450,000 ounces. The London price rose Md. to 2 11-16d.,
while the local bar price was up %c. to 4634c. Sept. here
closed at 47.15 to 47.20c., Oct. at 47.20c. and Dec. at 47.350.
On the 12th inst. futures closed 7 points lower to 36 points
higher on sales of 150,000 ounces. Tenders against July
contracts totaled 1,325,000 ounces, making 21,925,000 ounces
tendered thus far. July ended at 46.90 to 47.00c. and Sept.
at 47.08 to 47.10c. To-day futures closed unchanged to 40
points lower with sa.jes of 6 lots. July ended at 46.60c. and
Sept. at 46.75c.
Copper was in good demand abroad at 7.40 to 7.550. but
domestic business was slow at 9c. Total sales of domestic
copper over the past week were less than 1,000 tons. In
London standard advanced is. 3d. on the 12th inst. to
£29 18s. 9d. for spot and £30 6s. 3d. for futures; sales 100
tons of spot and 1,100 tons of futures; electrolytic bid up
5s. to £33; asked price gained 10s. to £33 10s.; at the second
session sales were 300 tons but no change in prices took
place.
Tin was higher at 51 8 to 52c. for spot Straits. The
French Indo-China and Belgian Congo,Portugal and Cornish
groups were reported to have joined the international tin
control scheme, details of which will be announced shortly.
In London on the 12th inst. spot standard was up 2s. 6d. to
£230 17s. 6d.; futures rose 5s. to £230; sales 30 toils of spot
and 200 tons of futures; spot Straits advanced 2s. 6d. to
£231 5s.; Eastern c.i.f. London was unchanged at £230 2s.
6d.• at the second session spot standard fell 2s. 6d. on sales
of 10 tons of spot and 65 tons of futures.
Lead was very quiet at 3.75e. New York and 3.60c. East
St. Louis. Futures trading was very small during the week.
In London on the 12th inst. prices were steady with sales of
150 tons of spot and 50 tons of futures.
Zinc was in small demand and easier at 4.3234c. East St.
Louis, despite a stronger statistical position. Trading in
futures during the week was light. In London on the 12th
inst. spot fell is. 3d. to £12 7s. 6d.; futures off 2s. 6d. to
£13 13s. 9d.; sales, 50 tons of spot and 275 tons of futures.
Steel operations increased somewhat under the stimulus
of requirements for public works projects. The production
was restored to approximately 28% in the Pittsburgh
district and the rate in the Chicago district was the same.
July 14 1934
The reduction in prices of finished steel failed to attract
much buying. Merchant bars, plates and structural plates
effective July 10 will be $1.80, Pittsburgh. Semi-finished
steel was cut $2 a ton and the reduction in finished descriptions ranged from $3 to $4 per ton with billets now $27 and
sheet bars, $28, Pittsburgh.
Pig Iron was quiet. Most of the purchasing was of a
hand-to-mouth nature or for some special analysis. The
recent hot spell caused a falling off in consumption. Many
foundries were forced to close down because of the severe
heat. .Quotations, Foundry No. 2 plain, Eastern Pennsylvania, $19.50; Buffalo, Chicago, Valley and Cleveland,
$18.50; Birmingham, $14.50; Basic Valley, $18; Eastern
Pennsylvania, $19. Malleable, Eastern Pennsylvania, $20;
Buffalo, $19. Heavy melting steel was nominally $11.50
to $12, Pittsburgh.
Wool.
-Boston wired a Government leport on July 9
saying: "Asking prices on spot domestic wools remain
unchanged from quotations at the close of last week, despite
the lack of a demand from mills. Members of the local
trade are giving consideration to the possible effect of
London prices upon prices of domestic wools. Current
estimates of the import parity of 64-70s, Australian wools
from London range mostly 87 to 90e., scoured basis, landed
Boston, duty paid, for top making styles, and 90 to 950
for choice warp types. Estimated receipts of domestic
wool at Boston, reported to the Boston Grain and Flour
Exchange, during the week ended July 7 amounted to
6,122,900 pounds, compared with 22,200,300 pounds during
the previous week." Boston wired another report on
July 10 which said: "The demand for greasy domestic
wool continues to be very limited in the Boston market.
Occasional sales of strictly combing 64s and finer Ohio and
similar fleeces are reported at 30o. in the grease. Strictly
combing 58-60s half blood Ohio wools have sold in very
moderate quantities at 31 to 320. in the grease, and small
sales of strictly combing 56s three-eighth blood are reported
at 33c. in the grease." Still another Government report
said: "The market for territory wool in Boston continues
to be very quiet. Some inquiries are being received from
the mills, but very few sales are being closed. In spite
of the limited demand, however, dealers are reported to
be holding firmly to their asking prices, which are unchanged from those prevailing for several weeks past."
In London on July 9 offerings were 5,837 bales; competition
from home and foreign buyers good; firm limit and the
fact that 1,500 bales of South American crossbreds were
unoffered resulted in the withdrawal of about 2,500 bales.
No change in prices from the previous week. Details:
Sydney,659 bales; greasy inerinos,9 to 16d.; greasy crossbreds, 334 to 7d.
Queensland, 184 bales; greasy merinos, 1034 to 1534cl. West Australia,
157 bales; greasy merinos, 9 to 1234d. New Zealand, 1,004 bales; greasy
crossbreds, 6 to 1234d. Puntas, Patagonia, 3,705 bales; greasy merinos,
734 to 8344.; greasy crossbreds. 734 to 934d. New Zealand slims ranged
from 6d. to 12d., the latter for halfbred lambs.
In London on July 10, offerings were 5,280 bales; competition keener, especially from Yorkshire at recent values;
only about 1,000 bales withdrawn. Details:
Sydney, 160 bales: greasy merinos, 14 to 174. Queensland, 162 bales:
scoured merinos, 2434 to 2534d. Victoria, 389 bales: scoured merinos, 16
to 19d. West Australia, 182 bales: scoured merinos, 1134 to 1734d.;
greasy merinos, 1134 to 1234d. South Australia, 42 bales: scoured merinos.
1534 to 1634d. New Zealand, 3,549 bales: scoured crossbreds, 934 to
1834d:; greasy, 534 to 1134d. Cape. 778 bales: greasy merinos, 734 to
1134d. New Zealand slipe ranged from 534d. to 1334d., the latter price
for halfbred lambs.
In London on July 11, offerings totaled 8,000 bales and
prices on Australian greasy merino and New Zealand coarse
greasy crossbreds were rather firmer. South American
crossbreds lacked the usual German support and were mostly
withdrawn. The catalogs included 1,409 bales of English
specially classed washed and greasy crossbreds which sold
readily to home and Continent, best washed realizing 11 d.
and greasy 934d. Details:
Sydney, 442 bales: greasy merinos* 13 to 16d. Victoria, 1,104 bales:
greasy merinos, 11 to 17d. South Australia, scoured merinos, 14 to 184.;
scoured crossbreds, 834 to 13344. New Zealand, 2,708 bales: scoured crossbreds, 1434 to 2330.; greasy, 7 to 1334d. Kenya, greasy merinos, 534 to
934d. Cape, 101 bales. Puntas, Patagonia, 1,566 bales: greasy merinos.
734 to 'DWI.' greasy crossbreds, 6 to 124. New Zealand slipe ranged from
w drari.' latter price for halfbred lambs. The Cape offerings were
lw
2d., the
7thto
In London on July 12 the fourth series of Colonial auctions
closed with offerings of 6,980 bales consisting mostly of
Australian and New Zealand selections which sold well at
recent values. South American wools were mostly withdrawn. Compared with May auctions, greasy merinos were
15 to 20% off, scoured merinos 20% down and greasy crossbreds were 15 to 20% lower. Coarse greasy crossbreds were
10 to 15% off, fine slipe, 20 to 25%; and coarse slipe declined 15 to 20%. Cape wools were 20% cheaper and South
American wools showed losses of 25 to 30%. The home
trade is estimated to have bought 24,500 bales while the
Continent took 19,500 bales. Wool unoffered and withdrawn amounted to 55,700 bales. Details:
Sydney, 122 bales; greasy merinos, 13 to 16d. Queensland, 289 bales;
scoured merinos 18 to 244. Victoria, 594 bales; scoured merinos, 14 to 174.
South Australia, 305 bales; scoured merinos 16 to 224. West Australia,
107 bales; greasy merhms, 1234 to 1334d. New Zealand, 3,611 bales;
scoured merinos, 1934 to 25344; greasy crossbreds, 534 to 8344. Puntas,
Patagonia, 1,825 bales; greasy merinos, 6% to 8 WI.; greasy crossbreds.
6 to 124. New Zealand slipe ranged from 64. to 134.,the latter for half bred
lambs. Victoria greasy comeback ranged from 9d. to 13d. The next series
will begin on Sept. 18.
Silk was a featureless affair most of the week. On the
9th inst. futures closed M to lc. higher with sales of only
480 bales. Crack double extra dropped 1%0. to an average
Financial Chronicle
Volume 139
spot price of $1.16. July ended at $1.113/2, Aug. at $1.123'
to $1.13, Sept. at $1.15, Oct. at $1.16, Nov. and Dec. at
$1.16 to $1.16M, Jan. at $1.16 and Feb. at $1.163/2. On
the 10th inst. futures closed unchanged to lc. higher in a
quiet and featureless market. Sales were only 270 bales.
Crack double extra was unchanged at $1.16. No July
notices were issued. Cables were steady but the Japanese
markets were dull. Here July ended at $1.12, Aug. at
$1.13, Sept. at $1.16 to $1.17, Oct., $1.163/ to $1.17;
Nov., Dec. and Jan., $1.17, and Feb., $1.163/2. On the
11th inst. futures advanced 13.' to 23.c. owing to the
strength in other commodities Japanese cables were
strong(r. Sales were 1,140 bales. Crack double extra
advanced Mc.to $1.16M. July ended at $1.13M to $1.15M;
Aug. at $1.14 to $1.153 ; Sept. at $1.173/ to $1.19: Oct.,
,
$1.183/2; Nov., Dec. and Jan., $1.183 to $1.19, and Feb.,
$1.19.
On the 12th inst. futures closed M to 1Mc. lower on sales
of 810 bales. Aug. closed at $1.133/2 to $1.14M, Sept. at
$1.17 to $1.173/2, Oct. at $1.173/2, Nov. at $1.173/ to $1.18,
Dec. at $1.18, Jan. at $1.17 to $1.18 and Feb. at $1.173. to
$1.18. To-day futures closed M to 1Mo. higher with sales
of 24 lots. Jan. ended at $1.18 to $1.19, Feb. at $1.183' to
$1.19, Aug. at $1.143/2 and Oct. and Dec. at $1.19.
COTTON
Friday Night, July 13 1934.
The Movement of the Crop, as indicated by our telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
34,622 bales, against 50,199 bales last week and 59,054 bales
the previous week, making the total receipts since Aug. 1
1933, 7,327,042 bales, against 8,644,649 bales for the same
period of 1933-34, showing a decrease since Aug. 1 1933
of 1,317,607 bales.
Receipts at-
Sat.
Mon.
Wed. Thurs.
Tues.
Fri.
Total.
Galveston
'725
903
'719 3,2'71 1.193
1.946
Texas City
--- 98
Houston
5'70
447 4,788
-5'ii
-8•ii -842
Corpus Christi
230------------- --New Orleans---- 1..Foi. 1,384 3
,c
Mobile
168
223
97
289
340 2,530
Pensacola
23
8
Jacksonville ----------- ------------ --3
-Savannah
9
fs
"i'i5
eile --i
Charleston
949
____
241
87
104
281
Lake Charles__ _ _ __
41
--Wilmington
____
2
--,
18
10
Norfolk
35
41
248
Baltimore
-----------------148
-Totals this week_
5.0811 4ARII a ail
5.9081 2.201
8,757
98
7,295
--230
524
3.647
433
3
2,106
1,662
41
40
638
148
8.3301 34.622
The following table shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night, compared with
last year:
Receipts to
July 13.
1933-34.
Galveston
8,757 2,160,477
Texas City
98 178,507
Houston_ _ _
7 295 2 239 359
Corpus Christi
'230 '
322.484
Beaumont
10,464
New Orleans
9,524 1,499,791
Gulfport
Mobile
3,647 180,601
Pensacola
433 153.431
Jacksonville
3
13.911
Savannah
2,106 183,372
Brunswick
36,670
Charleston
1,662 139,481
Lake Charles
41 104,152
Wilmington
40
23,798
Norfolk
638
45,244
Newport News_
-__
_
York
New
141
Boston
Baltimore
148
35,159
Philadelphia •
-- - Totals
1932-33.
This Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.
Stock.
1934.
1933.
11,688 2.012,595 545.736 491,181
2.086 248.175
5,854
14.758
15.749 2,848.433 877,116 1,249,970
10212 315.47
46,994
69.269
____
31,600
3.790
18.498
15,342 1,942,431 596,188 798,951
606
9.450 346,872
90,496 113,814
2.211 139,874
11.366
15,633
1,093
12.049
3.811
4.209
5,916 174.990 107,417 109,129
660
37.661
4,610 211,503
47.670
49.663
1,588 179.600
20,428
65.440
599
56,753
15,750
16.689
1.303
59.271
13,581
29,606
8.689
.
59,395 174,674
9,301
17.674
428
17.800
2,470
2,013
34.622 7,327.042 82.935 8.644.649 2.457.363 3.240.855
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.
8,757
11,688
5,970
1,842
1.271
5,475
7,295
15.749
5,650
2,316
1.833
2,495
9,524
15,342
13.711
5.208
4,284
1.893
3,647
9.450
2.238
1,406
203
125
2,106
5,916
891
2,529
2,524
1,529
660
1,662
4.610
213
2,143
1.862
129
40
599
101
87
67
638
1.303
305
408
208
707
953
17,618
2.216
237
913
783
34,622
Total this wk.
82,935
31,295
16,170
13.098
13.203
Galveston_ _ __
Houston
New Orleans_
Mobile
Savannah_ _Brunswick_
Charleston,Wilmington
Norfolk
Newport News
All others____
m.o. Am, I__ 7.327 042 R 544 8400 885 1078 Mil 476 8 12c 857 a 11,
.
17
KlQ
The exports for the week ending this evening reach a total
of 54,598 bales, of which 9,637 were to Great Britain, 2,540
to France, 15,266 to Germany, 6,392 to Italy, 8,423 to
Japan, 2,950 to China, and 9,390 to other destinations. In
the corresponding week last year total exports were 167,861
bales. For the season to date aggregate exports have been
7,275,804 bales, against 8,007,467 bales in the same period
of.the previous season. Below are the exports for the week:
295
Exported to
Week Ended
July 13 1934.
Great
GerExports from
- Britain. France. many. Italy. Japan. China. Other. Total.
Galveston
Houston
Corpus Christi
Texas City
New Orleans_ _
Lake Charles_ _ _
Mobile
Pensacola
Panama City__ Charleston
Norfolk
Ban Francisco.__
Total
1,176
144
150
9,637
2,052
2,958
675
521
1.789
3.164
3.413
865
9:545
830
2,098
9,442
-5645
1.000
2,950
2,795
343
300
100
150
2;i5i
2.540 15,266
6,392
8,423
2.134
3.516
52
2,950
9,142
8,572
52
521
21,179
343
10,907
100
150
2,338
1,144
150
9,390 54,598
Total 1933_ __ 36,176 11,518 17,794 8,346 67,198 16,050 10,779 167,861
Total 1932_ _ 23,846 5.820 14,615 10,622 11,646 13,541 5.674 85.764
From
Exported to
Aug. 1 1933 to
July 13 1934. Great
Exports from Britain. France.' man;. 1 Italy. I Japan. China.1 Other.
Ger
Total.
Galveston
266,791 239,451 245,566'190,866 557.756 112,117 342,573 1955,120
Houston
268,723256,603 430,102 256,972 610,656 136,387 346,721 2306,164
Corpus Christi_ 99,589 54,058 30,425 17,621 130.173 10,075 43,441 385,382
Texas City____ 20,159 24,062 44.570 4.396
3,466
179, 22,416 119,248
Beaumont _
4,107 4,743 2.397 1,300
3,516 2.140 1,949 20,152
New Orleans_ _ 311,630 113,370 273,979 159,920 215,200 54,215200,3461328.660
Lake Charles_ _ 11,767 24,753, 26,532 2,857 17.761 11,580 25,924 121,174
Mobile
49,666 10,132 94,456 15,116 19,531 1,000 11,838 201,739
Jacksonville
3.747 ----I 9,"1 Ii..iii
100
__I
670 13.618
22,581 1.432 36.583
Pensacola
16,549 2;000, 1,938 94,350
Panama City_ 22,74
259I 16.730
11,100 8,500 3.526 62,860
Savannah
71.617
100 70,907 135:i 18,668
.
10,171 172,967
Brunswick_ _ 30.767
5,878 ------------25 36.670
Charleston____ 56,906 -5i5 65.318
66
--------2,187 124,856
Wilmington_ __
13,252
____ 1,950 15,702
Norfolk
9;63 3.124 7.601
274
500"
iO3 ____
620 22,043
Gulfport
7.279
171
3,699
19
108 11.276
New York_
8,982
263 7,390
369
1,098 1,398 8,431 27,931
Boston
151
1291
205
____ 8,548 9,033
Philadelphia
9
9
Los Angeles_
7,109 1,i(5! 10.440 - -- - 159;419 93551 2,.iii 189,990
____
- , San Francisco_
2,493
575' 2.175
1
47,354 2,237 1,710 56,544
Seattle
316
316
Total
1276,444 734,809 1397.306665,047 1813,145350,922 10381317275.804
Total 1932-33_ 1455,650873,226 1863.051 792,863 1635,915 311,69010750728007.467
Total 1931-32_ 1318,714 476.999 1588,934659.478 2266.7901078013 1005219 8394.147
NOTE.
-Exports to Canada.
-It has never been our 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 vlew,
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of May the exports to the Dominion the present season
have been 20,524 bales. In the corresponding month of the preceding season the
exports were 14,385 bales. For the ten months ended May 31 1934 there were
232.973 bales exported, as against 152,301 bales for the ten months of 1932-33.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard,
not cleared, at the ports named:
On Shipboard Not Cleared for
-
July 13 at
Great
GerOther CoastBritain. France. many. Foreign wise.
Galveston
New Orleans
Savannah
Charleston_
Mobile
Norfolk
Other ports*
3.800
1,954
500
272
2;5154
-------
1,000
1,000
Total 1934
9,058
Total 1933_. 17,020
Total 1932_ _ 10,039
•Estimated.
5,700 32,000
494
1,852
2.000
----- 2:686
3,000
11.000
Total.
Leaving
Stock.
1,500 43,500
4,572
2,000
502,236
591.616
105,417
47,670
4.363
86.133
13,581
16,000 1.040,275
1,772 12,552 45,553 1,500 70,435 2,386.928
6,671 23,139 107,816 10,960 165,606 3,075,249
3,531 9.365 58,033 1,350 82,318 3,411.045
Speculation in cotton for future delivery was rather
more active, and prices advanced during the week, especially
after the publication of the sensationally bullish Government report on the acreage of 28,024,000, which is 1,954,000
acres less than was harvested last year and a million
acres smaller than was generally expected by the trade
The failure of Texas to get the needed rains, continud
precipitation in the Central and Eastern belts, and stronger
foreign markets were other factors in the advance.
On the 7th inst. it was a moderately active market and
prices declined under pre-bureau liquidation and other selling prompted by disappointing Liverpool cables and !worts
of showers in Texas. The close was at net losses of 4 to 7
points. The Government acreage report will be published
on Monday and is generally expected to show an acreage
slightly in excess of 29,000,000. Under the Bankhead bill
farmers will be permitted to raise 10,000,000 bales tax free
on this acreage, but will have to pay 50% tax on anything
in excess of that amount. The trade and spot interests,
the Far East and commission houses were buyers at the
start but the demand was not large enough to check the
easier tendency.
On the 9th inst. the Government estimate on the acreage
of 28,024,000 acres sent prices up $2 a bale and the ending
was only slightly under the highs for the day, i.e., 34 to 37
points. The market was fairly steady before the publication
of the acreage report at noon with much of the trading of an
evening-up character. The early news was bullish. Texas
received very little rain over the week end and Liverpool
cables were slightly better than due. Immediately after the
publication of the acreage figures which were generally
smaller than expected prices advanced sharply. Foreign
interests and commission houses were buying and there was
active speculative buying. Most of the selling was of a
profit taking nature. Some Southern selling against 10c. loan
cotton was noted. Textile centers reported a better inquiry
and firm prices.
Financial Chronicle
296
July 14 1934
On the 10th inst. there was a further advance of 21 to 25
Range Since Beginning of Option.
Range for Week.
points on buying based on unfavorable weather conditions Option for
9.27 Oct. 16
12.93
and possibilities of a small crop. Liverpool cables were July 193C_ 11.87 July 7 12.93 July 13 10.94 Apr. 26 1933 12.38 July 13 1934
Mar. 6 1934
Aug.
again higher than due. The trade, commission houses, Sept. 1934 12.77 July 12 12.90 July 13 11.35 Apr. 26 1934 12.90 July 13 1934
1934
1934__
6
July 13 1934
Liverpool and the Continent were good buyers. Selling Oct. 1934__ 12.03 July 7 13.10 July 13 10.05 Nov.26 1933 13.10 July 13 1934
Apr.
July
Nov. 1934....
orders came from the South, New Orleans and the Far East. Dec. 1934__ 12.57 July 10 12.95 July 12 11.14 Dec. 27 1934 12.95 July 13 1934
13 10.73
1933 13.25
12.18 July 7 13.25
Weevil were said to be increasing in some parts of the Jan. 1935__ 12.25 July 7 13.28 July 13 11.02 May 1 1934 13.28 July 13 1934
eastern belt and reports from Texas stated that the drouth Feb. 1935 12.33 July 7 13.34 July 13 11.13 May 1 1934 13.34 July 13 1934
Mar. 1935...
was becoming more serious. Wires from Alabama said that Apr. 1935
the chain survey measurements now in progress in that May 1935_- 12.42 July 7 13.42 July 13 11.79 May 25 1934 13.42 July 13 1934
State show less acreage planted than allotted by the GovernThe Visible Supply of Cotton to-night, as made up
ment. In one case it was found that a farmer who had been by cable and telegraph, is as follows.
allotted 60 acres had planted only 42 acres. There was a
1934
1933.
1932.
1931.
July 13
bales_ 864,000 690,000 590,000 793,000
good deal of profit taking and other selling on the advance, Stock at Liverpool
there was a very aggressive demand and the market'Stock at London
but
92.000 106,000 168,000 190,000
Stock at Manchester
wound up at about the best prices of the day.
956,000 796,000 758,000 983,000
Total
On the 11th inst. prices advanced to the highest level seen Stock at Great Britain
Hamburg
462,000 515,000 323,000 376.000
in four years under heavy buying spurred on by a sharp Stock at Bremen
197.000 199.000 167,000 311,000
continued dry hot weather in Texas and firmer Stock at Havre
rise in grain,
23.000
21,000
20,000
9.000
cables. The close was at net gains of 33 to 36 Stock at Rotterdam
Liverpool
75,000
83,000
95,000 106,000
Stock at Barcelona
57.000
85,000
46,000
69,000
was general and came from Wall Street Stock at Genoa
points. The buying
6,000
and commission houses as well as from foreign interests and Stock at Venice and Mestre
9,000
Stock at Trieste
weather report was more bullish
the trade. The weekly
829,000 903,000 674,000 848,000
Total Continental stocks
than heretofore stating that the weather in Texas was un1,785.000 1,699,000 1,432,000 1,831,000
favorable with temperatures abnormally high and showers
Total European stocks
66,000
Europe__ - 99,000 111,000
50,000
too widely scattered to be of material benefit, while the India cotton afloat for for Europe 137,000 328,000 173,000 100,000
American cotton afloat
progress of the crop in that State varied widely from de- Egypt, Brazil,&c.,aiTt for Europe 185.000 98,000 104,000 92,000
261,000 345,000 523,000 630,000
Alexandria, Egypt
terioration in the dry sections to good in favorable localities, Stock in Bombay, India
1,007,000 877,000 834,000 831,000
but with many plants small and blooming at the top. The Stock in U. S. ports
2.457.363 3,240,855 3,493,363 2,839,475
Stock in
South sold a little more freely and a slight increase in hedge Stock in U. S. interior towns- __ -1,203.873 1,283,311 1,388,864 833,586
4.421
55,952
5.718
20,349
selling was noticeable. Short covering and new outside U. S.exports to-day
7.139.657 8,038,118 8,018,576 7.228.779
to the best levels in
Total visible supply
support contributed as the market rose
Of the above, totals of American and other descriptions are as follows:
the final trades and offerings fell off. Worth Street reported
American
331,000 371,000 273,000 379,000
the largest day's business since February at higher prices.
Liverpool stock
On the 12th inst. prices declined 15 to 25 points, under
general liquidation and foreign selling, owing to disappointing Liverpool cables and reports of rains in parts of
central Texas. The technical position appeared to have
been weakened by the recent heavy selling, and the consensus of opinion was that a reaction was natural. The
official weather details showed that the rains were still
confined to the southern and south central portions of
Texas, where the crop is well advanced. There was no
rainfall in Oklahoma. Commission houses sold rather
heavily at times, and there was active arbitrage selling
for Liverpool account, and some from Bombay. The South
sold more freely, supposedly against 10c. loan cotton, but
the pressure from this source on the whole was not heavy.
The trade demand was slow.
To-day prices ended with net gains of 27 to 29 points
owing to continued dry and hot weather in the Southwest.
Most of the demand came from the trade, spot houses, Liverpool, the Far East and the Continent. The South, New Orleans and ring traders sold. World spinners' takings of
American cotton were estimated at between 155,000 and
165,000 bales by the New York Cotton Exchange against
142,000 last week, 301,000 in the same week last year, and
179,000 two years ago. The Dallas "News" said that the
condition of cotton in the southern half of Texas declined
and that elsewhere the crop had barely held its own or
made slow to poor progress in the week ended July 12.
Final prices show a rise for the week of 90 to 101 points.
Spot cotton ended at 13.15c. for middling, an advance of
100 points for the week.
46,000
73,000
63,000 100,000
Manchester stock
697,000 829,000 620,000 740,000
Continental stock
American afloat for Europe..... 137,000 328,000 173,000 100,000
2,457,363 3,240,855 3,493,363 2,839,475
U. S. port stocks
1.203.873 1,283,311 1,388,864 833,586
U.S. interior stocks
4.421
20,349
5,718
55,952
U. S. exports to-day
4.876,657 6,171,118 6,068,576 4,970,779
Total American
East Indian, Brazil, &c.
533.000 319,000 317,000 414,000
Liverpool stock
London stock
46,000
43,000
68,000 117,000
Manchester stock
132,000
74,000
54,000 108,000
Continental stock
99,000 111,000
66,000
50,000
Indian afloat for Europe
185.000
92,000
98,000 104,000
Egypt, Brazil, &c., afloat
261,000 345,000 523,000 630,000
Alexandria, Egypt
Stock in
1,007.000 877,000 834,000 831,000
Stock in Bombay, India
Total East India, &c
Total American
7,139,657 8,038,118 8,018,576 7,228,779
Total visible supply
5.17d.
6.99d.
6.33d.
4.66d.
Middling uplands, Liverpool_ _
9.30c.
5.85c.
11.604.
York- _ 13.15c.
Middling uplands, New
7.80d.
8.43d.
8.85d.
9.18d.
Egypt. good Sakel, Liverpool_ _ _ _
4.29d.
5.52d.
4.27d.
5.32d.
Broach, fine, Liverpool
4.94d.
4.40d.
6.03d.
6.21d.
Tinnevelly, good. Liverpool
Continental imports for past week have been 57,000 bales.
The above figures for 1934 show a decrease from last
week of 123,635 bales, a loss of 898,461 from 1932, a
decrease of 878,919 bales from 1932, and a decrease of
89,122 bales from 1931.
-that is, the
At the Interior Towns the movement
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:
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Tt urt. Fri.
12.10 12.45 12.70 13.00 12.85 13.15
July 710 July 13Middling upland
-The highest, lowest and closing prices at
Futures.
New York for the past week have been as follows:
Saturday,
July 7,
July (1934)
Range_ 11.87-11.89
Closing. 11.88n
Aug.
Range__
Closing.. 11.92n
Sept.
Range__
Closing. 11.99n
Monday,
July 9.
Tuesday, Wednesday, Thursday,
July 12.
July 11.
July 10.
-Friday,
July 13.
11.90-12.30 12.35-12.48 12.49-12.80 12.63-12.72 12 74-12.93
12.25-12.46 -- 12.79-12.80 12.64 -- 12.9312.29-s
12.51n
12.85n
12.67n
12.97n
2,263,000 1,867,000 1,950,000 2,258.000
4,876,657 6,171,118 6,068,576 4,970,779
Movement to July 13 1934.
Towns.
Ala., Birming'm
Eufaula
Montgomery
Selma
Ark, Blytheville
Forest City
Helena
Hope
Jonesboro_
Little Rock
Newport
Ship- Stocks
menrs. July
13.
Week. i Season. Week.
Receipts.
4611 34,38
11,041
211
226 33,166
202 39,933
102 127,759
18,050
34
46,015
281
232 49,906
19 30,946
676 117,933
____ 31,222
79 109,817
14 53.551
18,420
41
100 32,898
802 146,979
873 160,207
600 29,29
19,882
37
12,57
__
100 56,86
645, 130,042
162 20,282
328 146,66
235 30,96
4,734
____
22,278
-___
5 27,337
3,448 271,322
8,736
907
363 8,316
41 4,969
401 24,179
907 23,460
483 38,480
178 8,582
120 12,377
609 10,607
67 5,584
1,022 31,074
379 10,268
____ 20,950
130 6,696
18 7,088
511 53,163
2,531 171,616
2,063 110,986
12,311
4
369 30,420
---- 8,780
18,625
1
1,814 17,394
64 9,719
1,494 31,685
26 11,019
12 4,126
_.__ 4,046
7,784
3
3,84 13,803
2 18,693
Movement to July 14 1933.
Receipts.
Week. Season.
600
969
349
528
392
12
74
348
226
479
63
1,132
213
1,596
840
1,284
4,419
1,000
213
25
458
729
265
440
782
15
250
43
4,027
2
1Ship- Stocks
metals. July
Week. 14.
43,089
15,655
41,413
61,701
190,611
23,575
70,136
56,521
21,128
163,471
50,916
136,053
66,807
3,085
29,840
235,579
157,403
33,734
22,526
13,366
82,395
137,957
16,823
138,018
39,266
9,025
37,924
32,498
188,128
29,940
697 7,817
852 6,269
1,143 37,356
2,206 29,848
1,182 19,172
571 11,308
967 23,981
777 10,016
184 2,380
429 45,630
295 8,553
1,104 28,246
54 3,773
215 3,212
560 45,360
4,317215,311
5,094 95,635
480 12,201
275 33,259
750 11,907
3,583 32,418
1,897 18,249
655 5,323
2,202 40,761
387 18,812
527 3,808
1,194 7,289
278 9,609
5
4,027
227 19,447
-i2.09
12.03-12.09 12.07-12.45 12.47-12.64 12.66-13.00 12.77-12.92 12.87-13.10
Range i2.03
Closing.. 12.05-12.07 12.39-12.41 12.63-12.64 12.98-13.00 12.78-12.80 13.06-13.08
Nov.
Range__ -- ---- ---- ---- 12.57-12.57 ---- ---- 12.95-12.95 ---- --13.14n
12.86n
-12.70n
12.46n
Closing_ 12.12n
Dec.
Range.... 12.18-12.23 12.21-12.60 12.62-12.79 12.81-13.15 12.93-13.05 13.02-13.25
Closing.. 12.19-12.20 12.54-12.55 12.78-12.79 13.13-13.15 12.94-12.95 13.22fan.(1935)
Range__ 12.25-12.26 12.27-12.65 12.68-12.85 12.86-13.20 12.98-13.10 13.08-13.28
12.84-12.85 13.19-13.20 12.97 ---- 13.2512.59Closing_ 12.25Feb.Rar.ge__
.
Closing
Ifar.Range__ 12.33-12.38 12.35-12.73 12.76-12.94 12.95-13.28 13.04-13.18 13.13-13.34
Closing_ 12.34 -- 12.69-12.70 12.93-12.94 13.27-13.28 13.04-13.05 13.31-13.32
AyrU.
Range_
.
Closing
hay
Range.... 12.42-12.45 12.45-12.80 12.84-13.02 13.01-13.37 13.10-13.24 13.20-13.42
13.39-13.40
Closing_ 12.42-12.45 12.77 ---- 13.00-13.02 13.36-13.37 13.11 luneRange __
r#1,..#$$$,.
n Nominal.
Pine Blulf..
Walnut Ridge
Ga., Albany
Athens
Atlanta
Augusta _.
Columbus_ _ ..
Macon
Rome
La., Shreveport
Miss.Clarksdale
Columbus
Greenwood. _
Jackson
.
Natchez _
Vicksburg_
Yazoo City
Mo., St. Louis_
N.C.Greensb'ro
Oklahoma
15 towns._
544 807,645 2,193 48,614 2,049 742,995 4,434 22,133
S.C., Greenville 2,584 181,273 3,08 88,806 2,795 178,541 3,973 95,897
Tenn„Memphis 7,0441,870,368 14,3612139,634 34,3382.101,723 41,778 323,148
145
91,036____
__
____ 1,975
73,557
Texas, Abilene_
____
304 1,457
207 24,685
7# 1,528
19,859
Austin
19
692 2,397
18,770
487
60 3,382
35 27,708
Brenham__
939 10,490
204 102,112
314 4,311
99,753
201
Dallas
172 2,911
33 55,068
387 3,140
54,702
Paris
398
66
6,839
313
449
____
5,482
Robstown_ _____
20 1,098
12,791
280
131
53
11,439
San Antonio_
33
177 12,894
48,115
271
147 8,645
17 34,631
Texarkana.._
702 3,388
414 77,842
241 6,458
58 93,834
Waco
Range of future prices at New York for week ending
July 13 1934 and since trading began on each option:
Total. 56 towns 21,3555,123,454 39.1251203873 63,1645,609,100 90,3864283311
* Includes the combined totals of 15 towns in Oklahoma.
12.34n
12.57n
-12.77-12.77 12.79-12.90
13.01n
12.71n
12.89n
Financial Chronicle
Volume 139
The above totals show that the interior stocks have
decreased during the week 18,510 bales and are to-night
79,438 bales less than at the same period last year. The
receipts at all the towns have been 41,809 bales less than
the same week last year.
.
New York Quotations for 32 Years.
The quotations for middling upland at New York on
July 13 for each of the past 32 years have been as follows:
1934
1933
1932
1931
1930
1929
1928
1927
13.15c.
11.40c.
5.90c.
9.10c.
13.10c.
18.25c.
21.95c.
17.70c.
1926
1925
1924
1923
1922
1921
1920
1919
18.55c.
24.65c.
30.95c.
28.00c.
22.85c.
12.70c.
41.00c.
36.60c.
32.800.
26.95c.
12.90c.
9.05c.
13.25c.
12.30c.
12.50c.
14.25c.
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
15.750.
13.150.
11.10c.
12.850.
10.90c.
10.80c.
11.15c.
12.40c.
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.
SALES.
Futures
Market
Closed.
Spot Market
Closed.
Spot. Contr'ct Total.
• Saturday_ _ _ Steady, 5 pts. dec-_ Steady
Monday
tilet,35 pts.dec_-- Steady
Tuesday _ _ _ uie., 25 pts. adv- Steady
Wednesday_ uiet, 30 pts. adv.- Firm
Thursday _ _ Steady, 15 pts. dec. Barely steady
Friday
Steady, 30 pts. adv_ Steady
100
100
1.700
200
1,700
200
050
1.200
500
1,200
Total week
Since Aug. 1
1,800 1,900 3,700
116,253247.700363.953
Overland Movement for the Week and Since Aug. 1.
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night. The results for the week and since
Aug. 1 in the last two years are as follows:
-------1933-34
Since
Week. Aug.. 1.
3,845
h
800
h
100
•
3,375
•
4,150
July 13Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland,&c.,from South
----1932 ----33
Since
Week. Aut 1.
4,027
263
3,507
3,718
h
h
h
12,270
11,515
h
h
h
h
428
289
6,450
h
h
h
1,425
Total to be deducted
h
148
172
1,105
h
7,167
h
Leaving total net overland *_ _ _10,845
h
4,348
h
.
* Including movement by rail to Canada. h We withhold the totals
since Aug. 1 so as to allow proper adjustments at the end of the crop year.
1933-34----- -----1932-33
In Sight and Spinners'
Since
Since
Week.
Aut 1.
Atl.
Takings.
Week.
82,935
Receipts at ports to July 13
34,622
4,348
h
Net overland to July 13
il
l
10,845
100,000
h
Southern consumption to July 13_160,000
Total marketed
145,467
Interior stocks in excess
*18,510
Excess of Southern mills takings
over consumption to July 1- _- - ---Came into sight during week
Total in sight July 13
•
160,138
126,957
North.spinn's' takings to July 13_ 15,812
187,283
*27,145
•
23,364
lx
• Decrease. h We withhold the totals since Aug. 1 so as to allow of
proper adjustments at the end of the crop year.
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
July 13.
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
11.95
New Orleans_ _ _ 11.97
Mobile
11.85
Savannah
11.95
Norfolk
12.00
Montgomery _
11.65
Augusta
12.06
Memphis
11.70
Houston
12.00
Little Rock _
_ 11.70
Dallas
11.60
Fort Worth _ _ 11.60
12.30
12.38
12.19
12.31
12.31
12.00
12.40
12.05
12.35
12.04
11.95
11.95
12.55
12.60
12.43
12.59
12.55
12.20
12.63
12.30
12.55
12.28
12.30
12.20
12.90
12.96
12.78
12.95
12.90
12.60
13.00
12.65
12.90
12.63
12.55
12.55
12.70
12.77
12.58
12.74
12.70
12.35
12.79
12.45
12.70
12.43
12.35
12.35
12.95
13.02
12.86
13.01
12.96
12.65
13.07
12.70
12.95
12.72
12.60
12.60
New Orleans Contract Market.
-The closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday,
July 7.
Monday,
July 9.
Tuesday, 1Vednesday, Thursday,
July 12.
July 11.
July 10.
Friday,
July 13.
July (1934) 11.8212.16 Bid, 12.39 Bid. 12.76 Bid. 11.58 Bid. 12.84 Bid
August. -_
September -- October ._ 12.04-12.05 12.3812.59-12.60 12.96-12.77-12.78 13.02-13.04
November-December_ 12.1912.52-12.53 12.74-12.75 13.11 -12.92 --13.18 Jan.(1935) 12.26-12.57 Bid. 12.78 Bid. 13.16 Bid. 12.96 Bid. 13.22 Bid
February.
March___. 12.33 Bid. 12.67 Did. 12.87 Bid. 13.24 Bid. 13.04 --13.28 Bid
April
-- May
12.42 Bid. 12.75 Bid. 12.96 -- 13.32 Bid. 13.11 Bid. 13.36 Bid
June
-Tone
Spot
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
cmions.._ Steady.
Rtandv
Rtnnny
Sitrnna. Barelvadv Srpritiv•
297
Agricultural Department's Report on Cotton Acreage.
-The Agricultural Department at Washington on July 9
issued its report on cotton acreage as of July 1. This
report places the acreage of cotton in cultivation in the
United States on July 1 as estimated by the Crop Reporting
Board at only 28,024,000 acres, which is 31.4% less than
the acreage on July 1 1933 and 32.4% less than averaged
five-year acreage (1928-32). This reduction is due mainly
to the effect of the cotton control program of the Agricultural
Adjustment Administration combined with the restricting
influence of the Bankhead Act as those planters who did not
sign contracts. The report in full is as follows:
The acreage of cotton under cultivation in the United States on July 1
is estimated b the Crop Reporting Beard to be 28,024.000 acres, which
is 31.4% less than the acreage on July 1 1933 and 32.4% less than the
average acreage for the five-year period 1928-32. A substantial reduction
in acreage was shown in all States with the exception of Arizona and
California. For the major States the decrease in acreage from last year
ranged from 25% in Georgia to 36% in Oklahoma. In the western part
of the cotton belt the 1934 acreage has been reduced proportionately
more from the 1933 acreage than in the Eastern States. This is due to the
fact that relatively high acreages were planted in 1933 in the western States,
while in the eastern part of tne belt in 1933 acreage was more in line wilt'
usual acreage. The reduction in acreage is mainly due to the effect of the
cotton acreage control program of the AAA combined with the restricting
influence of the Bankhead Act on those planters who did not sign contracts.
The acreage as estimated is the smallest acgreage planted to cotton
since 1905. It is about 1.700,000 acres below the acreage planted in
-the only other year since 1905 in which less than 30,000,000 acres
1921
of cotton were planted.
The acreage of Pima Egyptian long staple cotton in Arizona was estimated at 29,000 acres, compared with 27,000 acres in 1933.
The estimated acreage in cultivation on July 1 this year is 1,954.000
acres, or 6.5%, less than the 29,978,000 acres harvested in 1933.
No report on probable production will be made by the Board until
August.
COTTON REPORT AS OF JULY 1 1934.
The Crop Reporting Board of the United States Department of Agriculture
from the reports and data furnished by crop correspondents, field statisticiansi
co-operating State Boards (or Departments) of Agriculture and agricultural colleges, makes the following estimate of cotton acreage in cultivation July 1 1934:
United States acreage in cultivation, total 28.024,000 acres.
United States acreage in cultivation compared with last year, 68.6%
Area in Cultivation.
Stale.
10-year
Abandonm't
1924-1933.
Per Cent.
July 1 1933.
Acres.a
1.7
1.2
2.0
1.7
3.2
3.0
1.4
1.2
1.2
1.5
3.1
3.1
2.0
6.2
0.6
1.6
3.2
76,000
1,320,000
1,811,000
2,855,000
119,000
473,000
1,152.000 •
3,210,000
3,820,000
1,767,000
16,050,000
4,133,000
3,548,000
129,000
140,000
223,000
26,000
Virginia
North Carolina
South Carolina
Georgia
Florida
Missouri
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
New Mexico
Arizona_b
California
All other
July 1 1934.
Percentage
of 1933.
75
74
71
75
74
61
66
69
69
70
68
64
65
75
94
101
73
Acres.
57,000
977,000
1,286,000
2,141,000
88,000
289,000
760,000
2,215,000
2,636,000
1,237,000
10,914,000
2.645,000
2,306,000
97,000
132,000
225.000
19,000
68.6
24
40,852,000
28,024,000
United States
Lower California (Old
114
54,000
1.0
62,000
Mexico)_c
a In 1933 approximately 10,495,000 acres were removed from cul IvatIon under
Secretary of Agriculture. b Including Pima Egyptian long-staple
contract with the
cotton estimated at 29,000 acres this year compared with 27,000 acres in cultivation
July 1 1933. c Not included in California figures, nor in United States total.
Census Report on Cottonseed Oil Production During
June.
-On July 12 the Bureau of the Census issued the following statement showin cottonseed received, crushed and
on hand, and cottonseedproducts manufactured, shipped
out, on hand and exported for 11 months ended June 30
1934 and 1933:
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
Received at Mills.*
Crushed
Aug. 1 to June 30. Aug. 1 to June 30.
On Hand at Mills
June 30.
State.
1934.
Alabama_
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
TennesseeTexas
All other States
1933.
1934.
1933.
1934.
1933.
277,168 263,820 203,523 261,526
26 609
37,443
34,588
37,325
27,683
93
308,896 362,608 321,047 342,829
3,839
89,143
53,790
88.126
53,083
1,910
370,357 352,858 348,430 337,160 33,418
136,800 180,642 133,627 180,250
5,751
468,664 520.097 444,865 508,394
35,536
232,051 237,254 230,719 238,936
1,837
372.248 349,857 383,054 355,338
16,476
199,109 231,626 197,933 232,432
1,812
281,193 410,390 289,084 354,355
37,381
1,326,712 1,434,811 1,310,133 1,506,008 115,365
66,297
56,954
65,890
57,328
449
12,388
193
27,587
4,548
25,875
2,730
36,000
2,977
34,322
1,491
65,400
104,071
41
United States
4.114.946 4.481.683 4.054.891 4.462.934 280.476 317.621
* Includes seed destroyed at mills but not 220,938 tons and 300,024 tons on hand
Aug. 1, nor 55.302tons and 55,888 tons reshipped for 1934 anu 1933, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.
Item.
Season.
On Hand
Aug. 1.
Produced
Aug. 1 to
June 30.
Shipped Out
Avg. 1 to
June 30.
On Hand
June SO.
Crude oil, lbs.__ 1933-34 *51,269,417 1,268,994,519 1,274.703,281 *45,044,637
1932-33
29,523,581 1.396,051,057 1,375,041,485
63,611,207
Refined oil, lbs. 1933-34 a676,331,574 h1153 015,027
a740,720,916
1932-33 628,420,148 1,215,848,769
739,406,141
1,843,170
Cake and meal, 1933-34
. 160,874
1,827,866
176,178
114,656
tons
1932-33
2,021,539
1,939,455
198,740
76,686
1933-34
1,079.016
Hulls, tons
1,112,095
43,607
162,773
1932-33
1,270,420
1,352,843
80,350
70,786
780,132
Linters. running 1933-34
742,289
108,629
235,521
1932-33
713,160
bales
838,037
110,644
985
Hull fiber, 500- 1933-34
40.955
40,624
1.316
1932-33
4,138
18,263
lb. bales
19.127
3,274
3,216
37,267
Grabbots, motes, 1933-34
35.352
5,131
15,250
27,120
&e., 500-1b. 1932-33
36,129
6,241
bales
• Includes 4,274,646 and 4,370,558 pounds held by refining and manufacturing
establishments and 14,320,860 and 13,708,930 pounds in transit to refiners and
consumers Aug. 1 1933 and June 30 1934, respectively.
Financial Chronicle
298
a Includes 5,498,953 and 4,439,073 pounds held by refiners, brokers, agents,
and warchousemen at places other than refineries and manufacturing establishments and 12,842,917 and 9,303,291 pounds in transit to manufacturers of lard
substitute, oleomargarine, soap, &c., Aug. 1 1933 and June 30 1934, respectively.
S Produced from 1,253,804,397 pounds of crude oil.
EXPORTS OF COTTONSEED PRODTICTS FOR TEN MONTHS ENDED
MAY 31.
1934.
Item
011, crude. pounds
Oil, refined, pounds
Cake and meal, tons of 2,000 Pounds
Linters, running bales
14,353,028
6,187,615
72,552
141,082
1933.
32,676,801
8,138,782
149,272
145,051
Dallas Cotton Exchange Weekly Crop Report.- The
Dallas Cotton Exchange each week publishes a very elaborate
and comprehensive report covering cotton crop conditions
in the different sections of Texas and also in Oklahoma and
Arkansas. We reprint this week's report, which is of date
July 9,in full below:
TEXAS.
West Texas.
-Scattered showers over this territory, good
Abilene (Taylor County).
at some places. Cotton still looking good. Don't see how it has
rains
stood the dry weather as well as it has. If we get general rains by Aug.
1, will make a good crop, and a wet August will make the staple good.
-Past week hot and dry except a few scattered
Lubbock (Lubbock County).
showers. Won't benefit much. Need a general rain badly. Cotton not
growing. Doesn't look like but one county on the Plains can make the
Government allotment, that is Lamb County. If we don't get rains soon,
won't make but very little, if anything.
-Past week was clear and hot. General
Quanah (Hardeman County).
state of cultivation is good and plant looks fairly healthy. Few scattered
blooms. Need rain.
North Texas.
.-Progress this past week has been good.
Clarksville (Red River County)
Crop less than one week late. Plant average size, with little shedding,
blooming good, about 50% making bolls. Scattering showers fell throughout the county, but need more. Heat has checked weevils and fleas.
Think this county will make its quota of 20,500 bales.
Commerce (Hunt County).
-Crop in this and adjoining counties East
and North is quite promising at this writing. Some farmers claim that
judging by present indications they will make considerably more than the
Bankhead allotment. Very little heard about insects.
Honey Grove (Fannin County).
-Cotton has not made as rapid progress
this past week as it has heretofore, this being due to the extremely hot dry
weather that has prevailed during the past few weeks. We have not had
a good rain in several weeks and it is beginning to tell, especially on the
younger cotton; however, the crop as a whole is still holding its own exceptionally well, and if we receive a good general rain in the near future,
prospects are still bright for a good crop.
-The cotton crop is holding up fairly well
Sherman (Grayson County).
under the extreme hot dry weather, but if we do not get rain soon this
county will not make more than the Government allotment of 27,000 bales
against 52,000 bales past season. No insects, but the plant too small
to have big yield.
-Weather continues extremely hot and
Wills Point (Van Zandt County).
dry. Need ground-soaking rain: however, cotton holding its own remarkably well under these conditions.
Central Texas.
Brenham (Washington County).-Drouth and high temperatures continue.
From all indications crop will be short. Our guess is 15,000 bales for this
county against 35,000 last year. Do not think will reach quota of 19,000,
which is allowance, tax free. There are some fields of fairly good cotton
which was planted early on good land, medium planted rather poor, and
late stuff worthless, as is blooming on top and no size. Insects not doing
much damage, but it is too dry for plant to make much progress.
-Weather still hot and dry. Cotton beginning
Cameron (Milan County).
to show effects of drouth. Lots of complaints ofshedding half grown bolls.
Some cotton opening prematurely. Look for first bale in week or 10 days.
Prospects at present 30,000 to 35,000 bales this county unless good rain
is had.
Hillsboro (Hill Coun00.-Small area of county had scattered shower
first of week but on account of continued hot weather did not help cotton
and the remainder of county needing rain. Plant small but putting on
some fruit. Must have rain in order to hold It and mature bools properly.
.-There is little change here. Temperatures
Lockhart (Caldwell County)
96 to 100 degrees every day. The old cotton is fairly well fruited and is
still blooming and is shedding very little. The young cotton needs rain
and won't make much unless it gets it. Cotton will begin to move Aug.
1st to 10th.
-Cotton crop is still making good progress
San Marcos (Hays County).
but needs about three inches rain soon to make as much cotton as last year.
Plant is about two-thirds normal size. Some complaint of fleas. Expect
first bale around Aug. 1.
-Scattered showers ranging from light sprinkle
Temple (Bell County).
to inch in few localities last Sunday did little if any good. Weather has
been hot all week-old cotton beginning to bloom near or at top. Younger
cotton suffering for rain.
-Past week has brought this vicinity scattered
Waco (McLennan County).
rains. Waco proper received over inch. Crawford in western part of
territory received good rain, also parts of southern end of McLennan
County. Mexia half-inch rain. Rain was beneficial and should
guarantee fair crop. Other part of this locality did not get any
rain and is suffering severely. In our opinion, only the old cotton
will make anything at all, and any rain up to August will increase yield
considerably. There have been reports of damage by fleas which are
liable to stay with us until crop matures. General rain over entire vicinity
would do much good but farmers are unanimous in claiming that no rain
at all will be preferable to showers. General prospects for crop in this territory remain poor and very little hope for good or even fair yield.
-Weather throughout past week hot and dryWaxahachie (Ellis County).
unfavorable for growth of plant. Older cotton holding own nicely but
young cotton wilting and showing little growth. More boll weevils reports
than this time last year-tho infestation not serious-general rain needed
during coming week.
East Texas.
Timpson (Shelby County).
-Two nice rains past week greatly improved
Cotton crop and broke seven weeks drouth and indications at this time are
for a yield equaling the Bankhead allotment. Fields are clean and no
Indication of insects at this time-about 1.300 bales of old cotton in storage
at Compress.
-Cotton in this section made about average progress
Tyler (Smith County).
this week and can stand several more weeks drouth without damage.
Scattered showers fell over parts of county last night
-not enought however
to do any great amount of good. Weevils and fleas have been reported in
some sections of the county-not enough however to do any material
damage.
South Texas.
Corpus Christi (Nueces County).
-Few bales have been ginned in this
county this week as also few in neighboring counties. Unless weather interferes general ginning should be in full force by 16th of July and sure that
this county will easily make its Government quota of 67,000 bales-weather
has been threatening daily and not so hot.
OKLAHOMA.
.-No rain except scattered showers. Very dry
Hugo (Choctaw County)
-blooming slowly at top-prospects
need good rain-plants too small
still,poor.
McAkster (Pittsburg Counly).-Weather has continued hot and dry.
Cotton on poorly cultivated land has stopped growing. A general rain
would be very helpful. Weevils activity Wowing clown-cotton now
seems to be holding a good percentage of fruit. Early cotton blooming
freely-late cotton still very small on account lack of moisture. This
July 14 1934
county ginned about 10,400 bales last season. With average weather
conditions expect Pittsburgh County to gin about 7,500 this year.
ARKANSAS.
Ashdown (Little River County) -Local showers first part of week followed
by light general rains Friday night, but we do not consider it best for old
cotton. Hot dry weather has checked weevil and hoppers-blooms are
appearing in most fields this week but not freely. Late planted cotton
and feed crops were benefited-as a whole our crops look good but farmers
retle gcr
i
fir
(FriaZig 'ous iy).-Weather has been about perfect for crop
nt t h n
in this section-hot dry weather has checked the weeviL Yesterday a
-to-day's prospect would
-blooms are plentiful
rain of 1.05 was beneficial
indicate that there would be no trouble in making the allotment.
-Crop in this section has made good progress
Marianna (Lee County).
during past week. Plant Is growing and fruiting nicely-however, some
signs of weevil on every farm which can cause much damage later. Scattered rains last week but general rain needed for corn and hay crops
cotton not suffering for rain.
-Cotton crop in this district is in excellent
Newport (Jackson County).
condition and is growing and fruiting rapidly. Acreage is approximately
the same as was harvested after the plow up of last year. Total number
of bales allowed this (Jackson) county by the Government is 23,600 and
the present indication is for at least 30,000 bales. I think this condition
prevails over the entire State.
Weather Report by Telegraph.
-Reports to us by
telegraph this evening indicate that in general the weather
continued unfavorable with temperatures too high and
showers too widely scattered to be of material benefit to
Texas.' In Oklahoma rain is needed. In Central and
Eastern States progress has been mostly fair to good.
Moderate rains have been rather general from the Mississippi
Valley eastward, but the western portion of the cotton belt
has been mostly dry.
0
. 2 i 7 in
4 in s Ra.nJ'all..
Rgay
Galveston,Tex
Amarillo, Tex
Austin,Tex
Abilene, Tax
Brenham, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
El Paso, Tex
Henrietta, Tex
Kerrville, Tex
Lampasas,Tex
Longview, Tex
Luling, Tex
Nacogdoches, Tex
Palestine. Tex
Paris, Tex
San Antonio, Tex
Taylor, Tex
Weatherford, Tex
Oklahoma City, Okla
Eldorado, Ark
Fort Smith, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria, La
Amite, La
New Orleans, La
Shreveport, La
Columbus, Miss
Meridian,Miss
Vicksburg, Miss
Mobile. Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Tampa,Fla
Savannah,Ga
Atlanta Ga
a.,
Ga
Macon,(3a
Charleston, S. 0
Greenwood, 8.0
Columbia, S. 0
Conway, S. C
Asheville, N.0
Charlotte, N.0
Newbern, N. 0
Raleigh, N.0
Weldon, N.0
Wilmington, N. C
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tenn
Staple Premiums
60% of average of
six markets quoting
for deliveries on
July 19 1934,
15-16
inch.
1-inch dc
longer.
1 day dr6.10 in.
1 day 0.08 in.
4 days 0.09 in.
5 days 1.92 in.
3 days 1.05 in.
dry
dry
dry
in.
ay
1 day IN •
1 day 0.96 in.
2 days 0.82 in.
3 days 0.36 in.
dry
dry
1
yy 00 10 in.
ys 0...408
21.1
day
•
1 day (117
0.32 in.
dry
1.04 in.
1 day
1 day 0.20 in.
2 days 0.65 in.
3 days 1.98 in.
3 days 0.47 in.
3 days 0.41 in.
1 day 0.02 in.
3 days 4.14 in.
4 days 1.27 in.
5 daYs 1.57 in.
4 days 1.82 in.
6 days 0.76 in.
1 day 0.06 in.
8 days 2.18 in.
2 days 0.86 in.
3 days 1.76 in.
3 days 0.29 in.
4 days 0.72 in.
2 days 0.34 in.
3 days 0.92 in.
4 days 1.21 in.
5 days 3.66 in.
2 days 1.161n.
5 days 0.93 in.
6 days 1.26 in.
5 days 0.22 in.
3 days 3.00 in.
3 days 1.60 in.
dry
2 days 0.62 in.
1. 0 Io
.2 n
5
2 da ys 0 8 . .
5
high
high
high
high
high
high
high
high
Thermometer
88 low 72 mean 80
102 low 64 mean 83
98 low 72 mean 85
102 low 68 mean 85
98 low 72 mean 85
94 low 74 mean 84
90 low 74 mean 82
96 low 74 mean 85
9 lo w 74 mean 86
8 l ow 7
4
ea n 8
6
high 106
high 100
high 104
high 102
high 104
high 9
i
8
4
low 72
low 66
low 66
low 70
low 72
low 70
w6
0
high 98 low 70
high 100 low 72
high 100 low 66
high 102 low 68
high 100 low 66
high 97 low 69
high 102 low 72
high 96 low 68
high 95 low 67
high 93 low 68
high 93 low 67
high 92 low 76
high 98 low 69
high 98 low 69
high 94 low 70
high 92 low 70
high 97 low 71
high 92 low 70
high 92 low 72
high 92 low 72
high 90 low 72
high 90 low 72
high 92 low 74
high 91 low 72
high 88 low 68
high 92 low 70
high 94 low 70
high 90 low 73
high 91 low 67
high 90 low 70
high 92 low 69
high 86 low 62
high 89 low 67
high 95 low 69
high 90 low 68
high 95 low 61
high 88 low 70
high 93 l ow 6
90 l
6
8
7
3 days 0.30 in. high 90 low 68
mean 89
m
mean 83
mean 85
mean 86
mean 88
mean 77
mean 84
mean 84
mean 86
mean 83
mean 85
mean 83
mean 83
mean 87
mean 82
mean 81
mean 81
mean 80
mean 81
mean 84
mean 84
mean 82
mean 81
mean 84
mean 81
moan 82
mean 82
mean 81
mean 81
ea
mean 83
mean 82
mean 78
mean 81
mean 82
mean 82
mean 80
mean 80
mean 80
mean 74
mean 77
mean 82
mean 79
moan 78
moan 79
mcao 81
ean 7
9
mean 79
Differences between grades established
for deliveries on contract July 19 1934
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
White
Middling Fair
.7500
Strict Good Middling--- do
.59
do
Good Middling
.47
do
Strict Middling
.33
do
Middling
Basis
Strict Low middling __ do
.40 off
do
Low Middling
81
*Strict Good Ordinary - do
131
do
*Good Ordinary
175
Extra White
Good Middling
.48 on
do do
Strict Middling
.33
do do
Middling
.01
middling_ __ do do
Strict Low
.39 off
do do
Low Middling
.77
12
Spotted
36
Good Middling
.28 OD
do
12
Strict Middling
36
Even
do
10
.30
Middling
.40 off
Low Middling __ do
*Strict
81
do
*Low Middling
131
Yellow Tinged
11
29
Strict Good Middling
.02 off
do do
11
29
GoodMiddling
.27 off
do do
II
27
Strict Middling
.44
do do
*Middling
.31
do do
*Strict Low Middling_ __
1.28
do do
*Low Middling
1.89
Light Yellow Stained.. .43 off
10
27
Good Middling
do do
*Strict Middling
do
.81
do do
*Middling
do _1.29
10
27
Good Middling...... __Yellow Stained
.80 off
do do
*strict Middling
1.27
do do
*Middling
1.70
Gray
10
27
Good Middling
.27 off
do
10
27
Strict Middling
51
do
*Middling
/13
BlueStained
*Good Middling
81 off
do do
*strict Addling
1 27
do do
emiddit.4f.
.. 1 69
Not deliverable on future ',outrun
.13
.13
.13
.13
.13
.11
10
36
36
.36
.38
.38
.31
27
Mid.
do
do
do
Mid
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The 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 gaugeAbove zero of gauge..
Above zero of gaugeAbove zero of gauge_
July 13 1934.
Feet.
1.2
3.9
9.6
3.7
4.0
July 14 1933.
Feet.
2.8
11.2
9.0
4.7
15.1
Receipts from the Plantations.
-The following table
indicates the actual movement each week from the plantations. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week'
Ended
Receipts at Ports.
1 Iva..
0000.
1000.
Stocks at Interior Towns. !Receiptsfrom Plantations
1934, 1
1930.
Apra
13-20-27._
May
411....
18-25..
June
L._
8- _
15__
22__
29__
July
6-13...
299
Financial Chronicle
Volume 139
1
19.53.
I
70,948 56,769 62,040 1,581.871 1,806.896 1,781,096
74,294 80,344 76,159 1,546.878 1,772.695 1.747.787
79,174 92,386 86.624 1,506,1171,739.0381.710,830
75,235 90.027 53.102 1,467.685 1.709,661I1,664,135
46,544101,074 62,170 1,436.3691,672,791 1,622,896
51,678118.298 37,536 1,404,254 1,624,351 1,588,10,
34,486 79,657 54.9671,378,2891.566,9591,534,722
I
33,148 88,978 64,258 1,351,401 1,521,226 1,526,180
34.989 86,064 30,5911,312,579 1,478,208 1,497,915
34,833 72,682 24,783,1,284,1771,442,027 1,476,605
47,623 60,353 40,7931,262,0781.392,603 1,450,054
59,054 75,954 44,758 1,236,729 1,343.684,1,430,563
llidt.
1046.
32.699 24.435 30,304
89.801 48.143 42,830
38,413 58,729 49,687
36,803
15,228
19,561
8,501
60.650 6.407
64.204 20,931
69,856 2,745
22.275 21,584
6,280
Nil
6.431
25,524
33.705
43,245 37,716
43,046 2.326
36,501 3,473
10,929 14,242
27,035 25,367
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 7,243,795 bales;
in 1932-33 were 8,445,139 bales and in 1931-32 were 10,190,781
bales. (2) That, although the receipts at the outports the
past week were 34,622 bales, the actual movement from
plantations was 16,112 bales, stock at interior towns
having decreased 18,510 bales during the week. Last year
receipts from the plantations for the week were 55,790
bales and for 1932 they were 10,987 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:
1933-34.
1932-33.
Season.
Week.
Season.
Visible supply July 6
7,263,292
Visible supply Aug. 1
American in sight to July 13- _
126,957
Bombay receipts to July 12
39,000
Other India ship'ts to July 1228,000
Alexandria receipts to July 11
800
Other supply to July 11 *IP
8,000
h
h
h
h
h
h
h
8,201,505
160.138
53,000
23,000
200
9,000
h
h
h
h
h
h
h
Total supply
Deduct
Visible supply July 13
7,466,049
h
8,446,843
h
7,139,657
h
8,038,118
Bales.
1.290
1,048
1,000
144
521
343
54,598
Total
-The receipts
India Cotton Movement from All Ports.
of India cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
1933-34.
July 12
Receipts at-
Week.
1932-33.
Since
Aug. 1.
Week.
For the Week.
Exports
front
--
1931-32.
Since
Aug. 1.
Since
Aug. 1.
Week.
39.000 2.364.000 53.000 2.608.000 20.000 2.043.000
Bombay
MU.
50,199 80,277 34,435 1,222,3831,310,456/1,409,172 35,853 47.049 13,044
34,622 82,935 31,2951.203.8734.283.31111.388,864 16,112 55,790 10.987
Cotton Takings,
Week and Season.
CHARLESTON
-To Bremen-July 10--Nallsea Court, 1,290_..-To Hamburg
-July 10-Nailsea Court, 1,048
To Havre
-(7)
-City of Norfolk. 1,000
--Cold Harbor, 144
To Manchester-(7)
TEXAS CITY
-To Bremen-July 7-Ralmond, 521
-July 10
-West Cohoes, 343
LAKE CHARLES
-To Ghent
Since Aug. 1.
Great Conti- Jap mti
.
Great
Britain. neat. China. I Total. Britain.
Bombay
1933
-34_ _ 2,000
1932-33_ _ 4,000
1931-32_ _ 3,000
Other India
1933
-34_ _ 19,0
1932-33_ - 3,000j
1931-32_ _
3,000 18,000 23,000
17,000 1,000 22,000
3,000 21,000 27,000
9,000
20,000
Conti- Japan db
nen(
China. I Total.
67,000 325,000 990,000 1,382,000
60,000 314,000 1,143,000 1,517,000
22,000 145,000 880,0001,047,000
28,000 284,000 624,000
23,000 123,000 417,000
2,000 101.000 277,000
908,000
540,000
378,000
Total all-1933-34_ 21,000 12,000 18,000 51,000 351,000 949,000 990.0002,290,000
1932-33_ 7,000 37,000 1,000 45,000 183,000 731,000,1,143,000 2,057,000
1931-32._ 3,000 5,000 21,000 45,000 123,000 422,000 880,000,1,425,000
According to the foregoing, Bombay appears to show a
in
decrease compared with last year. the week's receipts of
14,000 bales. Exports from all India ports record an increase
of 6,000. bales during the week, and since Aug. 1 show an
increase of 233,000 bales.
Alexandria Receipts and Shipments.
1933-34.
1932-33.
1931-32.
4,000
g.430.234
1,000
4.937.207
1,000
6 Ran 91A
Alexandria. Egypt,
July 11.
Receipts (cantars)This week
SineA Ana 1
This
Since
Week. Aug. 1.
Export (Etales)-
2,000
To Liverpool
To Manchester,&c-- _ _ - _ _ To Continent and India 14,000
1,000
To America
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
255,640 -_-- 155,617
184,090 6,000125.801
660,752 13,000 483,533
70,555 2,000 39,622
-___ 206,152
- _ _ _ 149,364
4,000 576,457
---_ 46.866
17,000 1.171,037 21,000 804.573 4,000978,839
Total exports
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended July 11 were
4,000 canters and the foreign shipments 17,000 bales.
h
Week.
Total takings to July 13
h
408,725
h
326,392
Of which American
h
324,525
h
200,592
Of which other
h
84,200
h
125,800
* Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
h We withhold the totals since Aug. 1 so as to allow proper adjustments at end of crop year.
b Estimated.
Shipping News.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 54,598 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
HOUSTON
-To Oslo-July 5
-Toledo, 268
To Gothenburg-July 5
-Toledo, 725
To Copenhagen-July 5
-Toledo
To Gdnyia-July 5
-Toledo, 1,769
To Genoa-July 7-Nicolo Odero,2.098
To Japan-July 9-Norne, 2.958
SAN FRANCISCO
-To Great Britain
-7-,150
CORPUS CHRISTI
-Commercial Orleanian,
-To Nassau July 5
52
GALVESTON-To Japan-July 6
-New Westminster City, 2,052
To China-July 6
-New Westminster City, 2,950
To Oslo-July 7
-Toledo, 232
To Gothenburg-July 7
-Toledo, 250
To Copenhagen-July 7
-Toledo,228
To Gdnyia-July 7
-Toledo, 1,424
To Bremen-July 7-Raimund, 1,176
To Genoa-July 9-Nicolo Odero, 830
-To Havre-july 3
NEW ORLEANS
-City of Omaha, 225
To Ghent
-July 3
-City of Omaha, 100
To Rotterdam-July 3
-City of Omaha,300
To Bremen-July 3-Nemaha, 1,789
To Venice-July 9
-Endicott, 350
To Genoa-July 9
-Endicott, 10(); Mongloia, 2,400
To Naples
-July 9
-Endicott,300
To Naples-July 9
-Endicott, 14
To Dunkirk-July 9-Vasaholm. 450
To Gothenburg-July 9-Vasaholm, 350
To Gdynia-July 9-Vasaholm, 1,750
To Rotterdam-July 9-Palatia, 100
To Buena Ventura-July 7-Metapan, 40
To Liverpool-July 9
-Author, 3,934
To Manchester-July 9
-Author, 5,409
To South Africa-July 10-Silverelm, 155
To Japan-July 11-13uenos Aires Meru, 3,413
MOBILE-To Leghorn-June 27-Mongiola, 300
To Havre
-June 29-Arizpa, 40- __June 30
-Hastings, 200
To Bordeaux-June 29-Arizpa,625
To Gdynia-July 2-Palatia, 100
To Abo-July 2-Palatia, 100
To Hamburg-July 2-Palatia, 1,296
To Bremen-July 4
-Tuna Topa, 7,457
To Hamburg-July 4-Topa Topa, 689
To Antwerp-July 4
-Tops Topa. 100
PENSACOLA-To Gdynia-July 7
-West Hike, 100
-To Gdynia-July 7
PANAMA CITY
-West Hike, 150
Bales.
268
725
754
1,769
2,098
2,958
150
52
2,052
2,950
232
250
228
1,424
1,176
830
225
100
300
1.789
350
2,500
300
14
450
350
1.750
100
40
3,934
5,409
155
3,413
300
240
625
100
100
1,296
7.457
689
100
100
150
-Our report received by cable
Manchester Market.
to-night from Manchester states that the market in both
yarns and cloths is steady. Merchants are not willing to
pay present prices. We give prices to-day below and leave
those for previous weeks of this and last year for comparison.
1934.
32s Cop
Twist.
1933.
83 Lbs. Shirt- Cotton
,
i
lags. Common Middrg
to Finest.
lipids.
.d.
s. d.
d.
April
13_ __ 97401134 9 1 0 3
.
20........ 934011
91 0 a
934(81034 9 1 0 3
May
4„... 934(81034 9 1 (4 8
3
IL__ 934(81074 9 1 0
18____ 93401034 9 1 ab
3
4
25____ 93401034 9 2 s®
JUDO
1_...._ 93401034 92 0 4
8---- 9340114 9 2 0 4
4
15__ 10 01134 9 2 0
22____ 10 01134, 9 2 0 4
29„.... 1034(81134 92 ® 4
July..__ 105401134 9 2 0 4
13____ 109401134 9 2 0 4
323 Cop
Twist.
83. Lbs. Shirt- Cotton
ings. Common Middril
to Finest.
lipids.
d.
d.
6.35
8340 974
8310 93(
834(810
3 0
3 0
3 0
3 0
5 0
5 (0)
0
0
6.19
5.96
6.20
834010
93.i©1034
93401034
9 01094
5
@
0
6.07
6.25
6.56
6.61
6.69
6.84
93401034
93(01034
934(81034
93401034
934@1034
7
7
7
7
7
0
@
4®
@
®
2
1
1
1
1
6.37
6.66
6.99
93t@1034
9li01034
7 (0)
7 6
1
1
6.40
6.33
6. 8
1
5.88
5.93
6.15
6.23
s. d.
s. d.
d.
6
5.87
6
5.80
6
5.53
6
689
6.12
6.18
6.18
6.38
Liverpool.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
June 22. June 29.
46,000
54,000
873,000 886,000
363,000 352,000
52,000
69,000
9,000
15,000
28.000
33,000
143,000 142,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
July 6. July 13.
49,000
45,000
881.000 864,000
343,000 331,000
39,000
24,000
13,000
11,000
37.000
35,000
162,000 201,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Market, 1
12:15
P. M.
A fair
business
doing,
Mid.UpFds
6.60d.
Monday.
Quiet.
6.63d.
Tuesday. Wednesday. Thursday.
Friday,
A fair
business
doing,
A fair
business
doing.
6.854.
A fair
business
doing,
6.89d.
A fair
business
doing.
7.044.
6.99d.
Steady,
Steady,
Quiet,
Steady,
Futures. Quiet but
{
Steady.
5 to 8 pts. 1 to 3 pts.6 to 9 pts. 4 to 5 Pts.
3 pts.
steady,2 to
Market
advance. advance.
opened
3 pts. dec. advance, advance, advance,
Bar.ly stdy Steady,
Firm,
Market. f Barely stdy Very stdy., Steady,
4
,4 to 5 pts. 21 to 23 pts 4 too pts. 1510 16 pts 4 to 5 pts. 2 to 4 pts.
decline.
advance, advance, advance,
advance.
P. M. I decline,
300
Financial Chronicle
Prices of futures at Liverpool for each day are given below:
Sat.
I
Mon.
Tues.
Wed.
1 Thurs.
Fri.
July 7
to
July 13.
12.0012.00112.15 4.0012.15 4.00 12.15, 4.00,
112.15 4.00 12.15 4.00
p. m.lp. m.!p. m.p. m.p. m.p. m.p. na:p. m.!p. m.p. m.p.m.p. m.
,
i
New Contract. d.
d.
d.
d.
d.
d.
d.
d. d. i d.
d.
d.
July (1934)---- - -- 6.38 6.43 6.60 6.65 6.65 6.69 6.80 6.84 6.76 6.79 6.84
October
6.29 6.34 6.52 6.57 6.58 6.61 6.72 6.75 6.67 6.70 6.75
December
-- - 6.2 6.29 6.47 6.52 6.52 6.56 6.68 6.70 6.63 6.6 6.70
January (1935)- __ 6.24 6.30 6.47 6.52 6.52 6.56 6.68 6.70 6.63 6.6 6.71
March
6.2 6.30 6.48 6.53 6.53 6.57 6.68 6.71 6.6 6.66 6.71
6.25__ __ 6.47__ -- 6.53_. -- 6.68-- - 6.64... __ 6.71
May
July
6.23_
... __ 6.51_ _ 6.67.. __ 6.62.. __ 6.69
6.201... __ 6.42__ __ 6.48__ __ 8.63.... -- 6.58..... 6.65
December
-- -- 6.20L_, __ 6.42__ __ 6.48_. __ 6.63-- -- 6.65
January (1936) __ __ 6.21/__ __ 6.42 _ __ 6.4 -_ -- 6.63 __ -- 6.58_. -- 6.65
March
6.22_ __ 6 43 _ __ 6.49.._ __ 6.64__, __ 6.59_. -_ 6.66
May
6.22 __ __ 6.43 __ _ _ 6.4 __ __ 6.641._ __ 6.59... -- 6.66
--6.45
-October
--6.58
BREADSTUFFS.
Friday Night, July 13 1934.
Flour was in rather better demand for a time, especially
when grains were active, but of late the buying subsided.
Prices were higher in sympathy with wheat
Wheat prices covered a narrow range on the 7th inst.
and closed at net declines of M to Mc. There was less
disposition to make new commitments, but the demand
was enough to take care of the light offerings. Commission
houses bought on reports of frost in Canada and an increase
in the demand for cash wheat from outside mills. The
premium on Kansas City cash wheat was the highest in
several years. With the Government report due next
Tuesday, traders were inclined to go slow. There was
a good milling demand. There were some rains in the
spring wheat belt and in the American Northwest and
temperatures were lower. The forecast was for generally
fair and cooler weather. Liverpool was quiet and unchanged to Md. higher. Winnipeg ended M to %c. lower,
with export demand slow. It was rather cold in Canada
and frost was reported in Manitoba and Saskatchewan.
On the 9th inst. prices ended 1M to 2Wic. lower under
heavy hedge selling. Lower cash wheat premiums in
Kansas City discouraged buying. The movement of wheat
in the Southwest favored by good threshing weather was
larger than expected. Cash wheat was M to lc. lower.
Scattered showers fell in Western Canada and the American
Northwest, but there was little moisture elsewhere. Winnipeg ended %c. to Mc. lower with only a moderate export
demand. Liverpool, however, was Md. to Yid. higher,
with milling demand better and world shipments light.
31
On the 10th inst. prices advanced / to 1 Mc. on buying
in anticipation of a bullish Government crop forecast.
There was a good demand from Eastern interests stimulated
by the announcement from Washington that the Agricultural Adjustment Administration would continue its acreage
reduction program during the present crop year providing
other exporting countries curtailed production. Hedge
selling was comparatively light and was readily absorbed.
European crop news was very unfavorable and cables were
stronger. There was a sharp reduction in the movement
of new wheat in the Southwest and one crop authority said
that the peak of receipts will be reached somewhat earlier
than in former years due to the early harvest. The Government report issued after the close was bullish on all
grains. It forecast the crop as of July 1 at only 483,662,000
bushels, against 427,553,000 bushels in 1893, 527,978,000
last year and an average of 886,359,000 in the period 19271931. This is the lowest estimate since 1893 and was
ascribed to the severe drouth and the acreage reduction
program of the AAA. The acreage to all wheat was placed
at 43,996,000, and the condition on July 1 was 52.4%
of normal. Stocks on farms were 60,995,000 bushels, or
11.6% of last year's crop. Winter wheat acreage for
harvest was 32,485,000; condition, 57.2% of normal; indicated production, 394,268,000 bushels. Spring wheat
acreage, 11,511,000 acres; condition, 38.4% of normal;
indicated production 89,394,000 bushels. On the 11th
inst. prices advanced Sc., the limit allowed for one day's
trading, on a wave of buying owing to the sensationally
bullish crop report issued by the Government after the
close on the 10th inst. There was an overnight accumulation of buying orders from all parts of the country and
prices rose sharply immediately after the opening, and
except for a slight reaction under profit-taking, sales and
light hedge selling, the maximum advance was maintained
all day. Many buying orders were unfilled at the close
and were diverted to Winnipeg, where prices rose sharply
toward the close after being rather easier earlier in the
day. Bulls were encouraged by the willingness of cash
wheat buyers to follow the advance and pay a premium
for cash grain. Receivers booked 830,000 bushels to arrive.
Kansas City was 4/ to Sc. higher, Minneapolis Sc. higher
4
and Winnipeg was up 6% to 6 Mc. Liverpool was 13 d.
to 2d. higher.
On the 12th inst., after advanving as much as 3c. in the
early trading, prices reacted sharply later on to end with
net gains of % to 1%c. The reaction was ascribed to the
weakness of Winnipeg and Liverpool and the sharp break
in corn. An accumulation of buying orders from the previous day caused the early advance. Other depressing influences were the heavy bookings of wheat to arrive and a
bearish Canadian Government report. Nat C. Murray interpreted the figures as forecasting about 340,000,000 bush-
July 14 1934
els of spring wheat in the three Northwest Provinces and
about 350,000,000 bushels for all wheat in all Canada. Last
year the final yield in the Western Provinces was 251,000,000
bushels, and in all Canada 270,000,000 bushels. Bookings
to arrive totaled 620,000 bushels against 830,000 bushels
on the previous day. There was a further decrease in the
movement in the Southwest. No moisture of importance was
reported in the belt, and temperatures were rising in the
Southwest.
To-day prices advanced under a good speculative demand
and ended with net gains of 2% to 3c. The strength of
corn was also an influential factor in the advance. Early
prices were lower, owing to rains on both sides of the
Canadian border. December reached the dollar mark. Bullish crop news from Europe stimulated buying. Selling increased on the advance, but prices closed near the top for
the day. Final prices are 7 to 81 8c. above those of a
/
week ago.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 red
105 1033j 104 . 10934 10534 10834
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
(New)July
8834 8634 8734 9236 93
96%
8934 8734 8834 93
September
94
9734
December.
9034 89
89% 94
9634 9934
(
01d)July
8834 86% 87% 9216 9334 9634
8934 8734 8832 9334 943
September
4 9734
December
9034 89
90
95
9634 9934
Season's High and When Made.
Season's Low and When Made.
July
94J
3 July
JuneJune 1 19 4 s
110067
51 Oct. 17 1933
September
ytember --- 7434 Apr. 19 1934
70December -..10934 June 5 1934 December ___. 89
July 2 1934
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
7634 751 7634 83
801 81
78
October
77
78
8434 81
83
7934 78
December
7934 8534 83
84
Indian Corn in rather small trading closed Yi to Mc.
lower on the 7th inst. Good rains in parts of Iowa and
Illinois and generally favorable weather conditions in other
sections of the belt induced selling. On the 9th inst. prices
ended 13i to 13/2c. lower. Selling was too much for the
market to absorb. It was prompted by very favorable
weather. The visible supply showed a decrease of 1,038,000
bushels, but it had little effect. On the 10th inst. prices rose
1 to 1 Mc. on a good demand stimulated by bullish crop
reports. Numerous reports of crop firing were received from
Nebraska. The production was indicated by the Government at 2,113,137,000 bushels,against 2,343,883,000 in 1933.
The condition was placed at 71.8% of normal. Stocks on
farms were 470,355,000 bushels, or 23.2% of last year's
crop. On the 11th inst. prices advanced the limit of 4c.
allowed for one day's trading. The maximum rise was
attained early in the session and it was difficult to execute
buying orders. Trading was heavy. There was some selling as a result of favorable crop reports from Iowa and
Illinois, but offerings were quickly absorbed. One report
said that the crop was making excellent progress in Iowa and
the Department of Agriculture stated that headway was
being made in the fight to lessen the damage by chinch bug
in Illinois.
On the 12th inst. prices closed 1% to 2%c. lower, under
general liquidation and hedge selling induced by favorable
weather over the belt and a more liberal movement from
the country. Eastern interests were buying late in the day,
and this brought about some recovery. To-day prices ended
% to 1%c. higher, on buying stimulated by bullish crop
reports. Temperatures were very high west of the Missouri River, and corn tassels were said to be turning white
In some sections. Final prices are 1% to 2%c. higher
than a week ago.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
7134 7034 7134 7534 7334 7434
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
(New)Sat. Mon. Tues. Wed. Thurs. Fri.
July
57
5534 5634 6034 8734 5934
5834 5634 5774 62
September
5936 603'
December
5834 57
58
6234 6034
Season's High and When Made.
Season's Low and When Made.
July
6434 June 1 1933 July
43
Apr. 17 1934
September____ 6636 June 1 1934 September... 45
Apr. 17 1934
December __ 6434 June 28 1934 December.
5634 June 5 1934
Oats for the most part followed the trend of wheat and
prices on the 7th inst. ended unchanged to Mc. lower.
Little attention was given to reports that three more cargoes
of Argentine oats were on their way to this country. On
the 9th inst. in relatively light trading prices ended 13'c.
lower to Xc. higher, with July showing the most strength.
On the 10th inst. prices ended %c. lower to /0. higher
3
with Sept. showing the most strength. There was considerable switching from July to later deliveries. The government forecast of 567,839,000 bushels as of July 1st compares
with 731,524,000 in 1933 and a five year average of 1,186,956,000. The indicated crop is 40% of normal. The acreage
to be harvested was estimated at 33,348,000 acres which
is 90.9% of last year's low acreage and the lowest since
1905. On the 11th inst. prices advanced 4c. under a good
demand stimulated by the previous day's bullish government report. The volume of trading was relatively small
but offerings were readily absorbed.
On the 12th inst. prices closed 11% to 1%c. lower, under
general liquidation influenced by the weakness In other
grain. It was a quiet and narrow affair. To-day prices
ended % to Tfic. higher, in sympathy with wheat and corn.
Final prices show a rise for the week of 1% to 2c.
Financial Chronicle
Volume 139
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
5434 5334 5434 5734 5634 5734
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat, Mon. Tues. Wed. Thurs. Fri.
(New)
September
4334 42V
4
4n
3ufy ld)O
IVDecmbr
114 ln
1P,1 1134
September
10
December
4374 4631 45% 46 4
44% 43
Season's High and When Made, I
Season's Low and When Made.
47% June 1 19341July
2434 Apr. 17 1934
July
September ---- 4734 May 25 1934 September __-_ 2634 Apr. 17 1934
December
41% June 22 1934
50
June 1 1934 December
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
3734 3634 3734 3934 39
July
3931
October
3634 3534 36% 3834 38% 3834
Rye was quiet. On the 7th inst. prices closed unchanged
following closely the fluctuations in other grain. On the
9th inst. prices declined 4 to lc. in sympathy with wheat.
3
Demand was slow. On the 10th inst. rye got its strength
from wheat and ended % to 1 Y3c. higher. Shorts covered
3
and commission houses bought in anticipation of a bullish
government report to be issued after the close. The acreage
was estimated by the Government at 2,260,000 acres, the
lowest in 22 years. The crop is put at 17,194,000 bushels
as against the short crop of 21,236,000 last year and a
five-year average 1927-31 of 40,950,000 bushels. The yield
was estimated at 7.6 bushels per acre, which is the lowest
on record. About 44% of the crop will be required for seed
it was said. On the 11th inst. prices like those in other
grains were influenced by the very bullish Government
report and rose the maximum limit of 5c. where it ended.
Demand was broad and offerings light.
On the 12th inst. prices closed 1% to trAc. lower, in
response to the decline in wheat. Early prices advanced
lc. on a good demand from commission houses, but the late
reaction in wheat influenced selling. To-day prices ended
1% to 3%c. higher, in response to the advance in other
grain. Final prices show a rise for the week of 4 to 6%c.
/
3
4
DAILY CLOSINY PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
(New)
September
6534 64% 6534 7034 6934 7034
December
6734 66% 6734 7234 7034 7234
(Old)
July
6434 6334 64% 69% 6734 7134
7034
September
6534 6434 6534 7034 69
December
6734 56% 67% 72% 7034 7234
Season's High and When Made.
Season's Low and When Made.
July
5034 Apr. 19 1934
7134 July 13 1934 July
5234 Apr. 19 1934
September
7134 June 1 1934 September
- December
6534 June 22 1934
7234 June 13 19341 December
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
56
5834
July
3% 5434 58
54%
6034 58
59%
September
5634 5534 56
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
(New)
55
September
5134 5134 56% 54
52
(Old)
5334
July
September
5134
52
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs, Fri.
4534 45% 4534
July
43% 424 43
September
44% 4351 4334 4631 4634 46%
E?
RL4 2g
Closing quotations were as follows:
GRAIN.
Wheat, New YorkOats, New York
No.2 red,c.i.f., domestic_ - _108%
No.2 white
No.3 white
Manitoba No.I,,f.o.b. N.Y- 9034
Rye,No.2,f.o.b.bond N.Y
Chicago. No. 2
Corn, New YorkNo. 2 yellow, all rail
7434 Barley
No.3 yellow, all rail
N.Y.,47% lbs.malting
744
h
Chicago,
5734
5634
67%
7134
71%
56-94
FLOUR.
55.25@5.50
Spring pats.,high protein $7.30(7.60 Ryeflour patents
Spring patents
6.95@7.20 Seminole, bbl., Nos. 1-3-9.90©10.20
2.85
Clears first spring
6.50@6.75 Oats good
2.30
Soft winter straights- __- 6.00 6.40 Corn flour
Hard winter straights__ 6.50@6.75 Barley goods
3.60
Hard winter patents---- 6.75®7.00
Coarse
Hard winter clears
Fancy pearl,Nos.2,4&7 5.45@5.65
6.15@6.45
For other tables usually given here see page 235.
The destination of these exports for the week and since
July 1 1934 is as below:
Wheat.
Since
Week
Since
"0/I
July 1
July 7
1934.
1934.
1934.
Corn.
Flour.
Exports for Week
and Since
July I to-
Week
July 7
1934.
Week
July 7
1934.
Bushels.
Barrels. Barrels.
468,000
United Kingdom. 19,356
19,356
Continent
11,253
11,253 610,000
5,000
So.& Cent Amer_
1,000
1,000
West Indies
9,000
9,000
Brit. No. Am.Col. 1.000
1,000
Other countries... 1,000
1,000
Bushels.
Bushels.
468.000
610,000
5,000
Total 1934
Total 1933
Since
Juts 1
1933.
1,083,000
1,605,000
42,609
152,835
42,609 1,063,000
152,835 1,605,000
Bushels.
-
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, July 7, were as follows:
United StatesBoston
New York
Philadelphia
Baltimore
Newport News
GRAIN STOCKS.
Oats,
Corn,
Wheal,
bush,
bush,
bush,
3,000
58,000
104,000
66,000
161,000
21,000
96,000
102,000
11,000
28,000
293,000
125,000
11,000
Rye,
bush.
1,000
43,000
a374,000
*173,000
Barley,
bush.
60,000
9,000
1,000
United StatesNew Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St Louis
Indianapolis
Peoria
Chicago
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
" afloat
On Canal
301
Wheal,
bush,
29,000
584.000
4,064,000
1,883,000
4,314,000
1,422,000
28,730,000
4,729,000
258,000
3,380,000
241,000
1,000
2,127,000
374,000
295,000
16,552,000
11,756,000
67,000
4,074,000
417,000
Corn,
bush,
254,000
Oats,
bush,
31,000
81,000
652,000
Rye,
bush.
11,000
Barley;
bush.
32,000
1,522,000
229,000
3,000
559,000
216,000
88,000
4,172,000
470,000
30,000
6,000
286,000
92,000
6.000
4,000
105.000
105,000
57,000
23,000
904,000
339,000
28,000
62.000
11,097,000 2,143,000 5,602,000 1,080,000
103,000
1,070,000
557,000
107,000
554,000
2,896,000 9,433,000 2,349,000 5,215,000
3,483,000 6,129,000 1,812,000
903,000
9,000
5,000
25,000
60,000
6,822,000 1,044,000 1,171,000
254,000
477,000
143,000
141,000
Total July 7 1934._ 86,035,000 34,313,000 21,787,000 11,849,000 8,204,000
Total June 30 1934_ 77,821,000 35,156,000 22.074,000 11,277,000 8,308,000
Total July 8 1933
123,657,000 49,387,000 24,298,000 10,735,000 11,731,000
*Also has 66,000 foreign rye. a Includes foreign rye duty paid.
Note.
-Bonded grain not included above: Wheat, New York, 686,000 bushels:
New York afloat. 363,000; Buffalo, 6,558,000; Duluth, 86,000; Erie, 1,583,000;
Canal. 1,301,000; total, 10,577,000 bushels, against 7,028,000 bushels in 1933.
Corn,
Oats,
Wheat,
Rye.
Barley,
bush.
bush,
bush.
bush.
bush.
Canadian1,201,000
407,000
349,000
4,121,000
Montreal
1,638,000 2,060,000 3,166,000
Ft. William & Pt. Arthur 56,547,000
Other Canadian & other
2,140,000
35,102,000
454.000 1,716,000
water points
4,979,000 2,921,000 5,231,000
5,059,000 3,134.000 5,351,000
4,799,000 4,230,000 3,548,000
Total July 7 1934._ 95,770,000
92,811,000
Total June 30 1934
105,189,000
Total July 8 1933
Summary
American
Canadian
86,035,000 34,313,000 21,787,000 11,849,000 8,204,000
4,979,000 2,921,000 5,231,000
95,770,000
Total July 7 1934___181.805,000 34,313,000 26,766,000 14,770,000 13,435,000
170,632,000 35,356,000 27,133,000 14,411,000 13,659,000
Total June 30 1934
228,846,000 49,387,000 33,097,000 14,965,000 15,279,000
Total July 8 1933
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending July 6, and since July 1 1934 and July 2 1933, are
shown in the following:
Wheat.
Exports.
Week
July 6
1934.
Since
July 1
1934.
Bushels.
Bushels.
North Amer. 3,182,000 3.182,000
24,000
24,000
Black Sen.__
Argentina.... 3,112,000 3,112,000
Australia_
1,667,000 1,667.000E
520,
0th. countesL 520,000
Total
5.505,000
8.505,0001
Corn.
Since
July 1
1933.
Week
July 6
1934.
Since
July 1
1934.
Since
July 1
1933.
Bushels.
4,317,000
Bushels.
3,000
289,000
3,922,000 5,704,000
1,478,000
240,000
170,000
Bushels.
Bushels.
3,000
6,000
289,000 1,131,000
5,704,000 5,068,000
170,000
85.000
9,957,000 6,166.0001
6,166,000
6,290,000
Agricultural Department's Official Report on
Cereals, &c.
The Crop Reporting Board of the United States Department of Agriculture ,made public late Tuesday afternoon,
July 10, its forecasts and estimates of the grain crops of
the United States as of July 1, based on reports and data
furnished by crop correspondents, field statisticians and cooperating State Boards (or Departments) of Agriculture.
This report shows that the production of winter wheat is
now placed at 394,268,000 bushels, which compares with
the Department's estimate of 400,357,000 bushels a month
ago and with a harvest of 351,600,000 bushels in 1933, with
461,679,000 bushels harvested in 1932 and a five-year
(1927-31) average production of 632,061,000 bushels. The
July 1 condition of winter wheat is given as 57.2% of normal,
which compares with the June 1 1934 condition of 55.3%,
with the July 1 1933 condition of 57.8%, and a ten-year
(1922-31) average condition of 75.7%. The production of
spring wheat is estimated as of July 1 to be only 89,400,000
bushels, which compares with a production of 176,000,000
bushels in 1933 and a five-year (1927-31) average production
of 254,000,000 bushels. Most all of the crops show a reduced yield from a year ago, when yields were extremely
small. We give below the report:
The crop situation is less promising than at this season in any recent
year and little if any brighter than it was a month ago, according to the
July estimates of the Crop Reporting Board of U. S. Department of Agriculture.
The nearly normal rainfall during June in the Dakotas, Minnesota and
Wisconsin, where conditions were worst, and the lighter rains elsewhere
in the Corn Belt, revived pastures and meadows somewhat, brought up
grain that had been seeded in the dust, helped some late-sown spring grain,
and permitted what is probably a record acreage of emergency crops to be
planted. Rains also saved crops in central and western Montana and relieved the shortage of stock water in much of the northern range area.
The June rains, however, were quite inadequate over most of the Corn Belt
and in the Southwest a new drouth area has developed. As soil moisture
in nearly the whole Mississippi Valley was depleted by drouth in previous
months and as abnormally hot weather prevailed there through most of
June, crops have suffered over a wide area.
Small grains and early hay crops, which are ordinarily grown on about
half of the total crop acreage, were too far advanced to show more than
partial recovery even where the drouth was effectively broken by the middle
of June. A very large acreage of spring grain has already been lost. Instead of the 69,000,000 acres of spring wheat, oats and barley expected in
March, probably less than 54,000,000 acres of these crops will be harvested
for grain. Most of the corn, sorghum, soybeans and other late crops were
planted on well prepared land and in some areas are off to a good start,
but over considerable areas stands are irregular and more rain is badly
needed.
In the West the shortage of water for irrigation is rapidly becoming
more serious and the indications are that on many projects later cuttings
of hay will be materially reduced and potatoes, beans, beets and other
late crops may suffer. As Western ranges have much less than the usual
supply of feed and as dry land crops in Western States (except the Northern
Pacific Coast) were reduced by the drouth a rather serious shortage of'
winter feed threatens a large part of the western area. In west Texas,
New Mexico, Arizona and parts of eastern Montana cattle are now suffering
and death losses of cattle have increased. In parts of the Southeast, where
the early part of the season was excessively wet and raw crops were hurt
by lack of cultivation and by leaching out of the fertilizer there appears
302
Financial Chronicle
July 14 1934
to have been only moderate improvement in recent weeks. Parts of LouisiSouth, and weatward to the Rockies in the North. Sixteen States in this
ana and Mississippi suffered from the tropical storm of June. As a result
area report the lowest July 1 condition of pastures on record. In some
of these difficulties the only considerable areas where crops appear to be
areas pastures were making no growth at all on July 1, and in most of the
average or better are in the far Northwest and a diagonal strip stretching
country pastures will not reach their usual carrying capacity again this
from Maine into northeastern Texas, and including most of New England,
season.
New Jersey, Virginia, Tennessee and portions of adjoining States.
Peanuts.
-The acreage of peanuts alone was increased 12% this year
While much depends on growing conditions during the remainder of the
over last, increases of 50% being shown for Oklahoma, 25% in Virginia
season and on the production of cotton, which has not yet been officially
and Alabama, 15% in North Carolina, 10% in Georgia and only 2% in
estimated, the present outlook is that crop yields will be lower than in any
Texas. The 72% growing condition of the crop on July 1 was about midrecent year and about 13% below the average during the last 13 years.
way between the poor condition of 68 last year and the 10
-year (1922-31)
Due to acreage reduction programs and to losses from drouth, the total
July average of 78.3. The condition is reported highest (85) in Virginia
acreage of field crops harvested will probably be the lowest in 25 years.
and lowest (57) in Texas. The proportion of the crop that will be harThe wheat, oats, barley, rye and flax crops are each expected to be the
vested for the nuts is yet to be determined by the growers.
smallest harvested in this country in 30 years and the corn crop is expected
Dry Beans.
-Bean acreage was increased 4% this year, the most imto be the smallest in that period with the exception of the crop of 1930.
portant change being an increase of about 15% in limas in California.
Hay production is expected to be 22% lower than in any previous season
The growing condition of the crop is considerably below average, the TJ. S.
during the 15
average being 72.9 compared with 78.2 last year and a 10-year (1922-1931)
-year period for which comparable estimates are available
and pastures are far poorer than at this date in any of the last 50 Years.
average July 1 condition of 83.4. The indicated production is 10,429.000
bags compared with 12.280,000 last year and the 5
-year (1927-1931) average
Wheat.
-Total wheat production in the United States in 1934 is forecast
at 483,662,000 bushels, as compared with 527,978,000 bushels produced
production of 11,594,000 bags.
In 1933, 744,076,000 bushels in 1932 and the 5
Apples.
-The July 1 condition of the apple crop is estimated at 44.9%
-year (1927-31) average
of normal, the lowest July 1 condition on record with the exception of 1907
production of 886,359,000 bushels.
Winter wheat production is forecast at 394,268,000 bushels, a slight
and 1921. The condition recorded for July 1 1933 was 56.6% and the,
decrease from that shown in the June report. This figure compares with a
10
-year (1922-1931) average is 61.2. The decline of 3.8 points during
June was less than usual. The July 1 foreoast of total apple production
production of 351,608,000 bushels in 1933 and the 5
-year (1927-1931)
average of 632,061,000 bushels. Acreage of winter wheat remaining for
is 112,011,000 bushels, compared with the estimated 1933 production of
harvest is estimated to be 32,485,000 acres, which is about 6% less than
142,981.000 bushels (revised), with 140,775,000 bushels produced in 1932
the acreage indicated on May 1. Since May 1 considerable further abanand with the 5
-year (1927-1931) average of 156,303,000 bushels.
donment has occurred In the great plains States.
The decline in condition during June was greatest in States where drouth
Production of spring wheat is forecast at 89,394,000 bushels as comconditions have been extraordinarily severe. Except where moisture depared with a production of 176.370,000 bushels in 1933 and the 5
ficiency has been pronounced, the fruit has developed well and indications
-year
are that the light and scattered crop will be of good quality. The dryness
average of 254.298,000 bushels.
has permitted good control of scab, aphis and insect and disease damage
The preliminary estimate of acreage of all spring wheat for harvest in
1934 is 11,511,0010 acres. The acreage harvested last year was 19,072,000
in general, with the exception of widespread codling moth infestation in
acres and the 5
Ohio, Virginia and the Western apple States, and worm damage in Wash-year average was 20,338,000 acres. The very small acreage
this year results primarily from extreme drouth in the Dakotas and adjacent
ington and Oregon. The apple crop is from 2 to 5 weeks ahead of usual
areas which reduced seedings below intentions and caused abandonment
development in Colorado, Idaho and the Western Coast States.
of a large proportion of the acreage seeded.
Peaches.
-The forecast of the total peach crop as of July 1 was practically the same as that of June 1. Condition on July 1 was estimated at
Condition of spring wheat on July 1 was reported at 38.4% of normal,
as compared with the 10
56.0% as compared with 51.5% for July 1 1933 and 64.3% for the 10
-year
-year (1922-1931) average July 1 condition of 76.6.
The present condition is the lowest July 1 condition of record, the previous
(1922-1931) average condition. Total United States peach production is
low being 52.1% on July 1 1933. Weather conditions during June were
forecast at 48,720,000 bushels and is over 8% larger than the 1933 crop
almost 15% larger than the production
more favorable than those which prevailed earlier in the season, but the
(revised to 44,942,000 bushels) and
of 1932. It is, however, about 16% less than the average crop for the
crop was already damaged beyond recovery before general rains occurred.
Production of hard red winter wheat is forecast at 203,669,000 bushels;
preceding 5 years (1927-1931). The July 1 forecast for the 10 Southern
soft red winter wheat, 153,437,000 bushels; hard red spring wheat, 56.States is 17.601,000 bushels or 42% larger than the crop of 1933 and about
three times as large as the very short crop of 1932 5,5013,000 bushels), but
681,000 bushels; durum wheat, 7,148,000 bushels; white wheat, 25,565,000
about 20%, smaller than the 1931 crop. Moisture deficiency reduced the
bushels.
size of the fruit and the crop in Arkansas, Oklahoma and Texas. In other
Oats.
-The acreage of oats to be harvested for grain is estimated at
h19 ates there was little change in condition of the peach crop during
St 4
3
33,348,000 acres, which is 90.9% of last year's low oats acreage and the
Juno
lowest since 1905. In the West North Central States a considerable acrePears.
age has been abandoned because of drouth and chinch bug damage, or will
-Pear condition, at 58.7% of normal on July 1, is slightly better
than on July 1 last year but about 4 points below average. The crop forebe pastured or cut for hay. The July 1 condition of 40% is the lowest of
cast as of July 1 is 22,431,000 bushels, or about 6% larger than the estirecord, and compares with 49.3% in 1933 and the 10-year average (1922mated 1933 production of 21,192,000 bushels (revised) nearly 2% larger
1931) of 79.5%. The indicated yield per acre of 17.0 bushels is 2.9 bushels
-year (1927-1931)
than the 1932 crop, and approximately the same as the 5
lower than 1933, and 6.0 bushels lower than any other season during the
average production of 22,050.000 bushels. Blight in Pennsylvania, blight
past 44 years. Production is forecast at 567,839,000 bushels compared
and codling moth in Colorado and drouth in Illinois, Oklahoma and Texas
with 731,524,000 bushels in 1933, and the 5
-year average production
have reduced pear crop condition.
(1927-1931) of 1,186,956,000 bushels.
Corn.
-Corn production for all purposes in the United States in 1934
Grapes.
-The July 1 condition of grapes at 75.8% compares with 72.3
-year (1922-1931) average July 1 confor July 1 last year and 84.6%,the 10
is indicated at 2,113,137,000 bushels by the July 1 condition. Production
dition. The total grape crop is forecast as of July 1 at 1,955.537 tons,
in 1933 was 2,343,883,000 bushels and average production for the 5
-year
somewhat over 2% larger than the revised estimate of 1,909,581 tons for
period, 1927-1931, was 2,516,000,000 bushels. The reduction from average
the crop of 1933, 11% smaller than the crop of 1932 and about 14% smaller
was about half due to acreage reduction and half to lower yields per acre.
than the 5
Most of the decreased production occurred in the Corn Belt where acreage
-year (1927-1931) average crop. The California production is
was reduced under contract with the AAA and where indicated yields are
forecast at 1,714,000 tons for all varieties, about 3% larger than the 1933
-year (1927-1931)average
lower than average. Indicated production in the North Central States
production of 1.660,000 tons and 15% below the 5
of 2,020,000 tons. There was severe winter injury to grapes in New York,
is 1,490,634,000 bushels, compared with 1.694,982,000 bushels in 1933 and
5
-year average production of 1,852,208,000 bushels.
where some vines were killed and some in Michigan and Minnesota.
Acreage for all purposes in the United States in 1934 is estimated at
Cherries.
-The condition of cherries for the 12 important cherry
92,526,000 acres, 9.69 less than the 102,397,000 acres estimated for 1933.
producing States as of July 1 is recorded at 57%, the same as for July 1 •
-year (1927-1931) average is 100.706.000 acres. In the North Central
The 5
last year. This is an increase of 1.7 points from June 1 and may be comStates the 54,290,000 acres in 1934 is 15.0% less than the 1933 acreage of
pared with 64.6% for July 1 1932. Production for 1934 is forecast at 114.63,839.000. The United States condition of 71.89 compares with the
599 tons, a decrease of about 2% below the revised 1933 production of
last July condition of 70.2% and the 10
-year (1922-1931) average of 79.6%.
117,454 tons,and a decrease ofabout 10% from the 127,118-ton crop of 1932.
The yield per acre indicated by July 1 condition is 22.8 bushels. The
Citrus.
-There has been little change in the condition of citrus fruits
average yield in 1933 was 22.9 bushels, and the 10
-year average yield of
In Florida, California, Arizona and Louisiana during June. Texas citrus
25.7 bushels.
condition, however, declined sharply because of the absence of rainfall
Barley.
-Because of drouth in the principal producing States the acreage
and the inability of many growers to finance irrigation.
of barley remaining for harvest is the lowest since 1926 and the yield per
Potatoes.
-The acreage of potatoes for harvest this year is estimated
acre is expected to be the lowest on record. Production is forecast at 125.to be 3,383.000 acres, or nearly 6% larger than the 1933 acreage and the
155,000 bushels, compared with the short crop of nearly 157,000,000 bushels
average acreage harvested during the five years 1927 to 1931. The esti-year average of 270,444,000 bushels.
last year and a 5
mated 1934 acreage is about equal to that of 1932. On July 1 the condition
Rye.
-The acreage of rye that will be harvested for grain is now estiof the crop was reported at 75.5% of normal, which is somewhat better
mated at 2,260,000 acres, which would be the lowest in 22 years. The yield
than on the same date last year but well below the 84.5% average July 1
is estimated at 7.6 bushels per acre, by far the lowest on record. The
condition for the 10
-year period 1922 to 1931. The July indications are
area remaining for harvest declined nearly 700,000 acres since May. due
that the crop this year will yield around 103 bushels per acre compared
almost entirely to drouth in the Dakotas, Nebraska. Minnesota and Wis-year average of 113 bushels. Producwith 10() bushels in 1933 and a 10
consin, where a large acreage failed or was cut for hay. The crop is now
tion, on the basis of the July 1 reports, is forecast at 348,092,000 bushels,
estimated at 17,194,000 bushels compared with the short crop of 21.236,000
which is nearly 9% larger than the 320,353,000 bushels harvested in 1933
bushels last year and an average of 40,950,000 bushels during the 5
-year
(revised), but about 5% smaller than the average crop of 365,556,000
period 1927-1931. About 44% of the crop will be required for seed. In
bushels for the period 1927-1931.
the Dakotas and parts of Nevada and Montana production this season
Acreage in the 30 late States is estimated to have been increased nearly
will be less than the quantity of seed used.
5%, which falls only slightly below growers' reported intentions in March.
Flaxseed.
-The acreage of flaxseed for harvest is estimated at 1.133,000
The unfavorably dry conditions in the central and western part of the counacres, which is 88.17 of the 1,286,000 acres harvested in 1933,and the smalltry greatly handicapped planting operations. Plantings were still being
est acreage since 1922. The condition on July 1 was 47.9%. which is the
made late in June and condition reports reflect the backwardness of the
lowest July 1 condition on record and indicates a production of 5,599,000
-bushel increase in U. S. production over that of
crop. Of the 27,700,000
bushels.
1933, indicated by the July report, the 18 surplus late States are expected
Hops.
-After many years of restriction, the acreage of hops is about
to contribute more than 6,400,000 bushels and the 12 other late States
half way back to the pre-war level, being estimated at 32,200 acres in 1934
about 4,200,000 bushels. Recent weather conditions, particularly precompared with 28,000 acres in 1933 and an average of only 23,200 acres
cipitation, have been quite favorable and there are strong probabilities of
for the five years, 1927-1931. Indications of production in 1934 are, howcrop improvement except possibly in the West where water supplies are
ever, somewhat disappointing due to adverse weather conditions. The
short. The 7 intermediate States are indicated to have about 8,300,000
crop has suffered from high winds in Washington, cold nights in California
bushels more than a year ago and the 11 early States are estimated to have
and more mildew than usual in Oregon. Forecast production is only 980
produced about 8,800,000 bushels more than in 1933.
pounds per acre or a total crop of 31,559,000 pounds compared with 39,Sweet Potatoes.
-The acreage of sweet potatoes is estimated at 770,000
500,000 pounds harvested in 1933 and an average of 29,300,000 pounds
acres, which is 1% above the 761,000 acres harvested in 1933, but nearly
for the five years, 1927-1931.
17% below 1932. In the commercial area comprising New Jersey, DelaEtIce.-Rice is expected to show fairly good yield on a reduced acreage.
ware, Maryland and Virginia there is a decrease of 5% in acreage and in
California is expected to harvest only 105,000 acres and the South (Arkansas,
indicated production. In the Cotton Belt, where the bulk of the sweet
Louisiana and Texas) about 632,000 acres. The total rice crop of the counpotato acreage is grown, the acreage has been increased about 1%. Contry is estimated at 34,969,000 bushels, which would be slightly smaller
dition of the crop is slightly above last year and below the 10
-year (1922than any rice crop since 1925. Last year 35,619,000 bushels were produced
1931)average (78.0) July 1 condition. Production is forecast at 64,924.000
and during the previous five years production averaged 42,848,000 bushels
bushels compared with 65,073,000 bushels harvested in 1933 and 78,431,000
per year.
bushels in 1932. Except for retarded growth in Kentucky and other
Hay.
-Production of hay with average weather during the rest of the
Central States, the crop is now progressing favorably. There has been
-an exceedingly short crop.
season is expected to be about 57.475,000 tons
ample moisture in the major producing areas and the crop still has time to
It has been reduced not only by the direct effect of the drouth in the North
make much improvement.
and West, but also by the necessity of using large acreages of hay lands for
Sugar Beets.
pasture when the usual pastures failed. This reduction is being partially
-A reduction in the acreage planted to sugar beets to
offset by the cutting of oats and other small grains for hay and, where
960,000 acres in 1934 from 1,036,000 acres in 1933 is partly the result of
adverse local conditions, but is also partly because of prospective sugar
possible, by the planting of a large acreage of soybeans, millet and other
control measures. This year's acreage is, however, 26% larger than the
emergency hay crops. The total acreage of hay this season is, therefore,
expected to be about 64,017,000 acres, or only 3% below that cut last year.
average of 761,000 acres planted during the five years 1927-1931.
The condition of this crop on July 1 was only 70.8 compared with a
During the last 15 years for which comparable estimates are available the
10
annual production of hay has averaged 85,102,000 tons from 70,225,000
-year average of 85.2. Production of beets for sugar is forecast at
acres, and in 1931, the year of lowest production in this period, 73.708,000
7.902,000 short tons compared with 11,030,000 short tons harvested in 1933
and an average of 7,854.000 short tons for the five years 1927-1931. No
tons were produced on 66,389,000 acres. As very little old hay from the
forecast of beet sugar production is made at this time.
1933 crop is left on farms and a considerable quantity of the 1934 crop has
-Sugar cane acreage in Louisiana is estimated
already been fed, the supply of hay on farms next fall will be the smallest
Louisiana Sugar Cane.
at 241,000 acres compared with 214,000 acres harvested in 1933 and a 5
in many years. Where the acreage of corn and small grains is large in
-year
proportion to livestock numbers, such fodder. stover and straw as is avail(1927-1931) average of 163,000 acres. Planters report they expect to use
about 197.000 acres of the 1934 crop for sugar. This cane, with average
able will be extensively substituted for hay this season; but where such substitutes are also scarce the shortage of hay will be a serious factor in the
development, should make approximately 215,000 short tons of sugar.
feeding problem next winter.
Production.
-Milk production per cow continues to average below
Pastures.
-While pastures have greened up quite generally, they were
production for the same month in any year, back to 1925. On July 1 crop
so badly hurt during May and so retarded by hot weather and inadequate
correspondents were securing 14.98 pounds of milk per cow in their herds
compared with 15.29 pounds on that date last year, 15.69 pounds in 1932
rainfall during June that on July 1 the condition, as reported by crop
and the July 1 average of 17.38 pounds during the previous 5 years. Procorrespondents, averaged only 48.9% of normal. The lowest averages
reported on condition on July 1 in previous years were 60.5 in 1933 and
duction per cow was extremely low in the more severe drouth areas, but was
averaging above last year in some of the fluid milk areas, particularly in
67- 2 in 1911 and 69.9 in 1883. Pastures improved during June in the worst
.
the Northeast. Total milk production on July 1 was apparently fairly
drouth area, including the Dakotas and surrounding States, in New York
close to last year's level for the decrease of 2% in production per cow was
and parts of New England,and in some Southern States, but were extremely
poor in practically the whole area extending from western New York and
offset, in part at least, by some increase in the numbers of milk cows on
Pennsylvania southwestward through Texas to the Pacific Coast in the
farms as compared with July 1 last year.
Financial Chronicle
Volume 139
However, the decline in milk production per cow during June was less
than shown for that month in any of the last four years in spite of the
continued drouth and short supplies of grain and hay in many areas. On
July 1 crop correspondents were securing only 2.5% less milk per cow
than on June 1. This compares with a decline of 7.7% in reported milk
production per cow during June 1933 and June 1932, 6.5% in 1931, 4.8%
In June 1930 and an average decline of less than I% during June in the previous five years. While pastures improved during June in some drouth
areas and many farmers were pasturing grain fields and roadsides, the
relatively well-maintained production per cow compared to June 1 appears
to have been due, largely, to an increase in the proportion of the cows
,
which freshened in May and June,compared with fresheningsin those months
In other years since 1930.
Egg Production.
-July reports show a distinctly smaller number of
chickens in farm flocks than a year ago, and the supply of poultry for
market this season will be sharply curtailed. A considerable decrease in
production of eggs during the coming 12 months compared with the past 12
is probable unless prices of eggs should be sufficiently favorable to lead
poultrymen to save an unusual proportion of their hens and pullets this
year. The number of hens in farm flocks on July I was 2% less than in
1933 and 1932 and 8% less than the 5
-year average for July. The number
of birds of the current year's hatch on hand July 1 was about 10% less than
In 1933. The total farm production of eggs on July 1 was about 1% greater
than on that date in 1933, but 7% less than in 1932 and 13% less than the
July 1 average for the years 1927-1931. The decrease below the 5
-year
average is due both to a smaller number of hens in farm flocks and to a
smaller number of eggs laid per hen. The decrease in eggs laid per hen
below the 5
-year average is most marked in the Central States and is probably due in part to the drouth conditions in that area, although partly to
the higher cost of feed and the unfavorable relation of egg and poultry
prices to feed prices compared with their relation in recent years.
Commercial Vegetables.
-The total acreage of 21 commercial truck
crops for shipment (not including potatoes and strawberries) is estimated
on July 1 at 1.422,000 acres, or 6% more than the 1,344,200 acres in 1933.
There have been large increases in the snap bean and cabbage acreages
this year and increases also in asparagus, beets, celery, cucumbers, lettuce,
onions, tomatoes and watermelons. Decreases occurred chiefly in cantaloupes, califlower and spinach. The acreage of 11 truck crops grown for
commercial manufacture has been increased to 1,251,600 acres, or nearly
40% greater than the 896,700 acres harvested last year. Substantial increases were made in the acreage of practically every crop, the three major
crops showing the following increases: Swweet corn, 59%; Peas, 26% and
tomatoes, 47%.
Tobacco.
-The acreage of tobacco on July 1 shows a reduction of 23%
from that harvested in 1933, according to preliminary estimates. Present
acreage is estimated at 1,364,500 acres compared with 1,769,600 acres
harvested last year. The acreage now estimated to be in cultivation is
the smallest but one in 20 years, and on the basis of July 1 conditions forecasts a total production of 1,039,517,000 pounds compared with 1,385,107.000 pounds harvested in 1933.
Material decreases in acreage and production are indicated for practically all types. In flue-cured the decrease in acreage amounts to 21%,
and a production of 526,743,000 pounds is indicated by July 1 conditions.
Burley acreage appears to have been reduced 30%. and the present outlook
is for a crop of 280,226,000 pounds, 101,807,000 pounds less than harvested
in 1933.
Acreage of fire-cured tobacco has been reduced 18%, including a decrease of 30% in type 21, 15% in type 22, 19% in type 23, and no change
in type 24. Production of these types is estimated at 111,365,000 pounds,
compared with approximately 133,353,000 pounds in 1933.
Maryland tobacco has been cut 10%, but production is forecast at
22,950,000 pounds compared with 20,400,000 pounds harvested last year.
In the dark air-cured group One Sucker acreage has been cut 21%,
Green River 7% and Virginia sun-cured increased 50%•
Acreage of cigar tobacco has been reduced 16% from 1933, that of
Pennsylvania seedleaf having decreased 24%. New England Havana seed
38%,southern Wisconsin 18% and northern Wisconsin 13%. New England
Shade remains unchanged from the actual acreage harvested in 1933,
although this is shown as a 4% increase from the preliminary acreage figure
for last year. The small acreage of Georgia-Florida Shade shows an increase of 54%.
Production of cigar types is estimated at 67,655,000 pounds compared
with 77.998,000 pounds the estimated production in 1933. Practically
no change is indicated in the production of filler types, compared with a
decrease of 26% In the binder types and a small increase in the wrapper
types.
Annual Legumes.
-The acreage of soybeans planted alone increased
32% this year, and that of cowpeas and velvet beans 4%.
Further details concerning the drouth area, and evaluating the effect
of the drouth upon feed and food supplies and livestock, production, will be
issued in a few days.
General Crop Report as of July 1 1934.
The Crop Reporting Board of the United States Department of Agriculture makes the following forecasts and estimates for the United States, from reports and data furnished
by crop correspondents, field statisticians Lind co-operating
States Boards (or Departments) of Agriculture and Agricultural Colleges:
Crop,
Corn, bushels
Wheat, all, bushels
Winter. bushels
All spring, bushels__.
Durum, bushels__.
Other spring, bushels
Oats, bushels
Barley, bushels
Rye, bushels
Flaxseed, bushels
Rice, bushels
Hay, all tame, ton
Hay, wild, ton
Hay, all clover and timothy a ton
Hay,alfalfa, ton
Beans, dry edible, lb_ _
Soybeans b
Cowpeas b
Peanuts b
Velvet beans b
Potatoes, bushel
Sweet potatoes, bushel
'tobacco, lb
Sorgo for sirup
Sugar cane for sirup
Sugar beets
Hops,lb
1933
1934
100,706 102,397 92,526
60,388
40,050
20,338
5,105
15,233
39,673
11,963
3,319
2,915
954
54,420
13,418
47,518
28,446
19,072
2,310
16.762
36,704
10,108
2,358
1,286
709
53,947
12,315
43,996
32,485
11.511
1,061
10,450
33,348
8,712
2,260
1,133
737
53,152
10,865
1933 1922-31 1933
-90.4
92.6
114.2
60.4
45.9
62.3
90.9
86.2
95.8
25.7
14.4
15.2
12.6
12.1
12.7
30.1
22.7
12.4
cated
July 1
Corn e
Wheat
oats
22.8
11.0
12.1
7.8
6.1
7.9
17.0
14.4
88.1
7.3
5.3
42.5
1.31
46.3
1.22
.83
4.9
47.4
.98
.70
.50
1.16
2.10
666
1.05
1.95
735
.80
1.63
599
112.9
90.2
776
100.2
85.5
783
102.9
84.3
762
---
---
__ _
ORO
1.284
1.411
18.0 312,389 23.7 527,374 26.0 627,998 23.2 470,355
4.3
38.039 10.0 92,772 11.0 82,187 11.6 60,995
13.2 108,554 12.7 142.683 16.4 204.384 14.7 107,580
a Excludes sweet clover and lespedeza. (Minor States excluded.) b Grown
alone for all purposes. c "P anted" acreage. d Per cent of previous year's crop.
June 1
79.6
70.2
71.8
2,516
Wheat, all, bushel
Winter, bushel
All spring, bushel
Durum, bushel
Other spring, bushel
Oats, bushel
Barley, bushel
Rye, bushel
Flaxseed. bushel
Rice, bushel
Hay, all tame, ton
Ray, wild, ton
Hay, all clover and timothy b ton
Hay,alfalfa,ton
76.1
75.7
76.6
a76.1
a71.8
79.5
80.1
77.6
78.7
87.0
a78.4
a76.7
55.8
57.8
52.1
42.8
53.5
49.3
53.2
52.9
53.4
82.6
69.3
56.5
52.4
57.2
38.4
29.6
39.3
40.0
45.9
40.2
47.9
84.8
48.9
35.3
886
632
254
61
193
1,187
270
40.9
18.7
43.7
72.3
11.4
a77.9
83.2
74.1
70.5
Pasture
Beans, dry edible, 100-1b.
48.5
57.5
33.6
23.5
60.5
48.9
bag
Peanuts
Apples, total crop, bush_
Peaches, total crop, bush.
Pears, total crop, bush
Grapes d ton
Potatoes, bushel
Sweet potatoes, bushel
Tobacco, lb
Sugar beets, ton
Hops,lb
83.4
78.3
61.2
64.3
62.6
84.6
84.5
78.0
76.9
85.2
86.8
78.2
67.6
56.6
51.5
57.6
72.3
72.2
63.0
62.6
79.6
84.0
72.9
72.0
44.9
56.0
58.7
75.8
75.5
70.0
72.4
70.8
65.2
11.6
12.3
166
iii
c57.9
c22.5
c2.28
366
62.4
1.471
7.85
29.3
1934
24.9
82.5
July 1
1934
c44.9
c21.2
c1.91
320
65.1
1,385
11.03
39.5
2,344
___
25.1
__
2,113
528
_
484
352
400
394
___
176
89.4
16
___
6.5
16082.9
732
___
568
___
157
125
21.2
18.8
17.2
6.8
___
5.6
35.6
___
35.0
66.0
___
52.0
8.6
___
5.5
17.6
19.9
___
10.4
:
iii
48.7
21.4
___
_._
___
___
..__
._
48.7
22.4
1.96
348
64.9
1,040
7.90
31.6
a Short-time average. b Excludes sweet clover and lespedeza. (Minor States
excluded.) c Includes some quantities not harvested. d Production is the total
for fresh fruit, Juice and raisins.
WINTER WHEAT.
Condition
July 1.
Acreage.
Production.
State.
Moe.
1933
Average
1934 '22-31 1934
1927-31
Per
Thou. Acres
252 81
225
42 88
45
862 84
871
1,828 1,737 78
1,570 1,696 78
1,662 1,795 74
784 80
808
24 82
32
103 81
158
260 84
208
1,328 1,408 76
42 69
174
2,023 2,003 76
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
6,759
California
United Fltatea
a Yield per acre.
75
383
556
136
434
85
8
289
299
7
30
3,58
2,86
617
535
118
636
110
51
153
2
933
619
655
Kentucky
Tennessee
Alabama
Arkansas
Oklahoma
Texas
Montana
Judah°
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
8.449
77
395
550
124
391
74
67
270
272
4
27
3,093
1,973
649
535
101
268
220
46
180
2
. 557
225
524
72
Cent
61
87
73
68
72
64
51
51
32
40
72
14
30
49
90
8.5
86
84
78
84
80
71
al0.5 a9.8
*10.0 *9.0
a9.1 a8.5
80
77
74
78
210.9 a9.0
810.6 29.0
a12.1 *10.5
812.1 a9.0
69
54
83
68
32
82
35
71
21
55
66
90
49
84
93
88
83
76
82
58
79
64
Indicated
1933
1934
Thou sand Bus hels
4,674
4,388
4,032
1,240
990
924
18,080
15,678
14,223
29,431
34,732
29,529
27,401
22,765
26,288
31,611
26,592
27.822
15,440
13.332
10,192
729
464
288
3,284
2,370
1,030
7,422
3,744
3,120
20,225
16,600
19,008
1,386
870
189
62,866
25,894
16,024
175,876
57,452
2,002
9,375
9,582
1,679
3,661
546
505
2.969
2,950
31
241
52,641
39,653
9,016
12,950
1,707
15,491
3,421
554
3,333
89
29,344
19,286
80.266
1.078
6,320
7,425
1.798
3,714
592
536
3,240
2,774
34
216
33,095
13,022
6,166
8,025
808
2,412
1.210
1,288
2,340
48
13,000
4.388
1,425
7,277
7,784
1.700
4,253
765
740
3,468
2,900
63
270
37,674
25,749
7,096
9,362
590
4,824
495
1,020
1,606
40
23.325
11,362
12.118
10,523
8,384
28.446 32.485 675.7 1357.2 632.061 351.608 304.288
b Allowance made for condition at harvest in Southern States.
DURUM WHEAT.
Condition
July 1.
Produdion.
State.
1933
Avge.
1934 '23-31 1934
Acres
Minnesota
North Dakota
South Dakota
Montana •
88
2,093
93
36
83
837
116
25
Four States
2,310
Per
Cent
82
76
74
73
57
29
17
43
Average
Indicated
1927-31
1933
1934
Thou sand Bus hots
1,061
3,270
44,028
13,890
273
880
14,651
326
252
872
5,022
76.1 29.6
61,460
16,109
SPRING WHEAT(OTHER THAN DURUM).d
6.483
464
125
7.6
1931
1933
1932
1934
Per
1,000 Per
1,000 Per
1.000 Per
1.000
Cent d Bush. Cent d Bush. Cent d Bush. Cent d Bush.
e Data based on corn for grain.
Corn, bushels
Thou,
22.9
11.1
12.4
9.2
7.0
9.6
19.9
15.5
9.0
GRAIN STOCKS ON FARMS ON JULY 1.
Crop.
Indicated
1933
1934 Average
Per Cent Per Cent Per Cent 1927-31 1933
1934
95.8
98.5
88.2
28,260 23,869 22,040 92.3
11,397 12,780 12,249 95.8
1,769 1,671
1,742 104.2
2,506 2,722 3,590 131.9
1,578 1,733 1,799 103.8
1.529 1,599 1,798 112.4
84
82
85 103.7
3,201 3,197 3,38-3 105.8
688
761
770 101.2
1,904 1.770 1,364 77.1
182
240
246 102.5
103
128 100.8
127
c761 c1.036
c960 92.7
23
25
32 115.0
Total Produdian in Millions.
Average
1922-31
Acreage.
1934
Per Cent
Average
of
Average
1927-31
Condition July 1.
Crop.
Yield per Acre.
Acreage.
1,000 Acres.
303
Condition
July 1.
Acreage.
Production.
State.
Avge.
1933
Maine
New York
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Mlbnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Montana
Idaho
Wyoming
Colorado
New Mexico
Utah
Nevada
Washington
Oregon
United Stater;
Average
1934 '23-31 1934
1927-31
Thou.
Acres
Indicated
1933
Per
Cent
5
8
6
3
91
83
86
81
89
69
65
50
49
181
191
242
8
28
12
86
120
124
105
80
77
80
81
86
56
27
62
62
1,162 a78
225
2,761
168
1,258
45
140
826
125
1,152
14,420
39 84
3
78
3,730 a70
785 *65
269 80
12 b8.6
2,226 a88
508 86
113 87
196 79
22 77
70 88
10 88
947 70
202 79
13,415
35
62
25
18
29
b6.0
46
80
47
40
44
56
79
62
62
789
149
63,503
21,191
2,553
358
41,099
14,393
2.332
4,653
416
2,186
283
16,001
3,415
559
39
50,735
3,924
3,312
52
20,776
11,340
1,330
3,500
275
1,739
330
33,159
13,104
18.782 10.450 c76.R
303
102838
a
8
7
5
10
59
10
72
1,383
43
3
7,461
981
414
15
2.968
540
133
280
25
74
15
1,579
672
1934
Thou sand Bus hell
150281
110
120
87
44
116
224
144
1.247
10,458
390
33
20,515
2.983
1,345
72
14,469
11,176
904
1,960
176
1,260
210
11,838
3,030
R2 011
a Short-time average. b Yield per acre. c All spring wheat. d Average 1922-31.
Financial Chronicle
304
Department of Agriculture at Washington, and given out
on July 10, is as follows:
WHEAT,BY CLASSES.
Thousand
Year370,390
1929
403,363
1930
515,925
1931
277,450
1932
169.915
1933
203,669
1934.a
a Indicated July 1 1934.
White
(Winter
and
Spring).
Hard
Red.
Soft
Red.
Bushels.
166,430
178,794
254,480
149,425
147,262
153,437
Durum.
Thousand Bushels.
56,307
144,712
59,191
160,594
21,266
70,376
41,607
191,444
17,443
103.915
7,148
58,681
Total.
Thousand
84,341
87,760
70,174
84,150
89,443
62,727
Spring.
Winter.
Hard
Red.
Bushels.
822,180
889.702
932,221
744,076
527.978
483,662
CORN.
Condition
July 1.
Acreage.
Production.
State.
1933
Avge.
1934 '22-31 1934
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Kentucky
Tennessee
Alabama
Madasippi
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
Thou. Acres
17
17
15
15
65
63
37
38
10
10
51
53
589
566
164
167
1,280 1,216
3,364 2,859
4,314 3,710
8,324 6,992
1,365 1,365
2,228 2,339
4,846 4,216
11,250 9,000
6,019 4,875
1,334 1,361
3,370 3,774
10,431 8,553
6,994 5,246
138
145
515
560
1,571 1,445
436
464
2,392 2,464
1,573 1,777
3,740 4,002
626
673
2,727 2,591
2,810 2,529
3,031 3,455
2,390 2,748
2,053 2,074
1,318
1,198
2,598 2,182
5,422 5,693
204
215
38
50
175
219
2,004 1,202
214
238
37
41
21
18
2
2
41
36
53
71
100
100
United States
102.397 92.526
Per
80
82
79
80
84
82
77
82
81
78
76
78
77
81
81
86
77
74
82
84
77
84
82
81
80
82
74
74
80
81
78
74
75
72
73
76
72
73
85
82
82
81
87
87
90
85
87
86
79.6
Cent
80
85
85
86
88
89
77
88
82
73
83
76
75
85
70
78
75
55
53
67
66
84
84
85
79
76
57
65
75
86
84
76
78
68
58
49
38
50
83
58
54
44
74
64
80
84
86
87
Average
1927-31
Indicated
1934
1933
Thou sand Bus hels
697
538
680
630
600
562
2,730
2,520
2.617
1,554
1,520
1,686
410
410
346
2,142
2,067
2,042
20,026
17,546
19,072
7,052
6,012
6,581
48,640
50.560
45,570
97,206
121,397 112,694
146,379 127,263 137,270
302,578 224,748 244,720
40,268
42,315
34,013
79,526
77,980
64.895
134,848 142,957 122,264
413,751 450,000 324,000
150,699 141,446 129,188
19 734
20,010
20,200
43,401
40,440
95,748
230,002 234,698 179,613
73,444
80,431
137,700
3,864
3,625
3,782
16,480
16,240
15,187
36,918
34,680
33,611
11,772
13,920
11,290
43,120
44,252
40,713
18,658
22,808
21,215
38,019
39,270
37,678
6,448
5,384
6,373
67,366
68,175
63,954
56,902
66,035
58,880
46,297
36,978
35,799
44,792
35,850
31,919
32,147
27,716
30,424
16,475
15,574
18,030
15,274
19,485
53,843
62,623
74,824
81,615
2,244
2,472
1,933
1,368
1,950
1,478
1,225
2,080
2,633
22,044
9,616
24,119
3,332
2,140
3,747
555
738
571
342
483
407
44
48
40
1,296
1,558
1,233
2,414
2,046
1,696
3,200
2,800
2,557
71.8 2.516.307 2.343.883 2.113.137
OATS.
Acreage.
CondUion
July 1.
Production.
State.
NN.
-.doi4c44
.4 c:.;ei
.
N.
WOO.Ne4.NODO..43COCO N N
4.0...ON2.C....D.00
NVNIODCO4
•.,,i
.
0 01,wbot„, ,-1,,,,,,A„,
0
0 0e...11.41 14
0.
Obto..azWwocowl.o...1W.47......W.....tol.....- WoV6- - m.opmcoomm=0.=.4..c9P.-0-40..2.4..orAmmoow..w...io..o.000wwowowcoo.&00.24wconit.a.mcbotoo...1=4.comm.p.m...moo...lowcwoocenw&comcco-acAmocw.-von:=
Cr. WWWW.
.
.C4
N
.
-44a.itz.6 -;-- —
co.46oicioiPiaci..ic.
— NNeN..NCGOVMN NN
NW
.,
0 034..00-4p%
.
Cent
85
86
89
8.5
88
87
74
84
71
42
34
26
51
57
42
30
32
32
18
15
al5.5
81
76
69
52
816.0
al7.0
a19.0
al3.0
52
60
a18.4
822.0
814.0
025.5
a15.5
222.0
53
81
56
50
40
87
57
79
78
71
72
..i
Per
90
90
89
88
88
88
85
84
85
79
74
76
80
88
83
83
75
77
74
78
a22.4
81
82
79
82
a17.1
221.9
218.7
a14.0
78
75
817.8
820.0
a19.4
a23.3
821.0
a25.4
78
87
87
82
76
89
89
89
82
85
81
,V1g21;Fea4M2g%8.93g22223VP4zgS7.14=28rAlg
28ngSPA9
.MM.NM 0,....0N.INNNN.NCON V000
..NNN.. N0.M0t.C.NoO1N0.NMO
Thou. Acres
125
130
7
6
62
59
4
5
1
2
9
9
836
820
43
43
897
925
1,273 1,222
1.690 1,521
4,039 3,595
1,121 1,244
2,457 2,310
4,484 4,080
6,243 5.307
1,764 1,499
1,703 1,277
668
696
2,226 1.447
1,528 1.329
3
3
44
50
134
168
112
124
215
205
388
370
336
295
7
7
116
122
93
109
104
69
29
21
144
103
24
16
1,161 1,277
1.189 1,546
349
383
135
142
121
151
113
162
36
38
13
13
35
ao
2
3
166
179
225
259
98
89
1933
t3
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
1934
Average
1927-31
N7i-4
...1.2
.
1933
Avge.
22-31 1934
.
Indicated
1934
heis
4,625
266
1,922
128
34
261
20,900
1,161
22.425
24,440
23,576
53,925
24,880
53,130
69,360
84,912
16,489
• 12,770
5,344
10,852
20,600
84
1,188
2,479
2,072
3,440
6,596
6,384
91
1,508
1,2.56
1,914
638
2.016
612
19,794
34,012
5,933
3,91
1,938
2,486
504
390
770
52
7,636
6,075
2,058
511704 33.345 h79.5 h40.0 1.186.956 731.524 587.839
rf nita,1 Q,...,
a Yield per acre. b Allowance made for condition at harvest in Southern States.
Foreign Crop Prospects.
The latest available information pertaining to cereal crops
M foreign countries, as reported by the Foreign Service of
the Bureau of Agricultural Economics to the United States
July 14 1934
Wheat
-Estimates and forecasts received to date indicate a re-Rye.
duction of 296,697,000 bushels in the 1934 Northern Hemisphere wheat
Crop, exclusive of Russia and China and a reduction of 250,746 bushels
in the rye crop compared with last year. The reporting countries in 1933
accounted for nearly 95% of the Northern Hemisphere wheat crop and
over 95% of the rye crop.
Precipitation was fairly general over the prairie provinces of Canada
during June. resulting in a general improvement of crop conditions and
prospects appear to be better than at the same time last year. The early
sown wheat crops are now headed and most of the remainder are in shot
blade.
In Europe, outside of Russia, present conditions indicate a reduction
of about 340,000,000 bushels from last year's record crop. This forecast
is based mainly on early unofficial reports and is subject to change. Some
-producing countries
reduction is expected in all of the principal wheat
except Spain where the crop has been officially estimated at 173,612,000
bushels compared with 138,235,000 bushels last year. Official reports
place the reduction in Germany at 60,300,000 bushels, or 29%;in Hungary.
36.500,000. or 38%, and in Bulgaria, 12,000.000 bushels, or 21%. Other
important decreases as indicated by unofficial reports are: France, 24%;
Italy, 20%; Rumania. 50%, and Yugoslavia, 20%. The grain crops in
southern Russia are expected to be much smaller than last year. The weather
during June, however, was apparently more favorable than during the
early spring and the yields in the later-sown regions may be better if
weather conditions are favorable from now on. A somewhat smaller rye
crop is also expected in Europe this year. The total production in the three
-Germany. Poland and Czechoslovakia-is unmain producing countries
officially estimated to be from 25 to 30% below that of 1933.
The wheat crops in the North African countries matured under favorable
conditions and the estimates of production have been raised during the
past month.
WHEAT AND RYE-PRODUCTION, 1930-31 TO 1934-35,
Country.
Wheat
United States
Canada
Mexico
Total (3)
Continental Europe (25)
North Africa (4)
Asia (4)
Total (36)
-Rye
United States
Europe, Danube Basin (4)
Other (19)
Total, 24 countries
1930-31
889,702
420,672
11,446
1931-32
1932-33
1,000 Bushels
932,221 744,076
321,325 443,061
16.226
9.658
1,321,820 1,269,772 1,196,795
1934-35
1933-34 Prelim' V
527,978 483,662
269,729 a350,000
10,346
12,122
809,829
844,008
1,316,017 1,396,219 1,448,503 1,671,144 1,330,691
103,895 115,468 127,246 110,024 119,080
429,365 386,657 376,808 399,985 400,506
3,171,097 3,168,116 3,149,352 2,990,982 2,694,285
46,275
67,139
855,581
32,290
53,901
721,104
40.639
59,276
872,334
058 095
807 295
072 240 1 net min
17,194
21,236
75,730 a47.000
904,974 a687,000
751 104
a Unofficial.
-The area sown to barley for the 1934 harvest in 18 foreign
Barley.
countries reported to date is 2% below the acreage in those countries last
year. The production in eight foreign countries reported, however, shows
a 2% increase, the harvest in the North African countries and Chosen
being somewhat larger than last year, although there is a slight decrease
in the European countries. In Germany the crop is about 16% below that
of 1933, but there is a 29% increase in Spain. In Canada the condition
of the barley crop was reported at only 83% of the long-time average by
the end of May, but the situation was somewhat improved by rains in June.
Oats.
-The 1934 area sown to oats in eight foreign countries is nearly
1% below that of last year. There is a net decrease of 25% in the three
European countries so far reported, on account of the smallest production
in Germany since 1922, and a considerable decrease in Bulgaria. In most
of the other European countries the oats condition is below average, although there is an increase in the harvest in Spain. In Canada the crop
was reported much below average.
Corn.
-The three foreign countries which have reported corn acreage
in 1934 show an increase over that of last year, but growing conditions
for
have been mostly below average. In the Danube Basin the prospects the
of
the crop are definitely unfavorable. In Argentina the first estimate Union
the
1933-34 harvest is about 19% below that of the past season. Inthan twice
of South Africa, on the other hand, the 1933-34 crop is more
as large as the small crop of the preceding season, and nearly as large as
that of 1931-32.
-PRODUCTION, ANNUAL 1931-1934.
FEED GRAINS
Croy and Countries Reported in 1934.
Barley
United States
Europe, 3 countries
North Africa, 4 countries
Chosen
Total, 9 countries
1931
1932
1033
1934
198,543
245,206
104,059
41,861
1,000 Bushels
302,042 156,988
294,314 275,820
105,729 102,985
43,861
43,014
125,155
274,886
108,937
47,169
589,669
745,946
556.147
578.807
Estimated Northern Hemisphere total.
1,444,000 1,597,000 1,419,000
excluding Russia and China
Oats
United States
Europe, 3 countries
Total, 4 countries
731,524
530,678
567,839
398.620
1,603,122 1,769,808 1,262,202
966,459
1,126,913 1,246,658
476,209 523,150
Estimated Northern Hemisphere total,
3,210,000 3,551,000 3,005.000
excluding Russia and China
CornUnited States
Bulgaria
Total, 2 countries
2,588,509 2,906,873 2,343,883 2,113,137
20,904
34,988
41.511
41,063
2,623,497 2,948,384 2,384,946 2,134,041
Estimated Northern Hemisphere total.
3.676.000 4.093.000 3 385 non
excluding Russia
-The
Weather Report for the Week Ended July 11.
general summary of the wealth bulletin issued by the Department of Agriculture, indicating the influence of the weathei
for the week ended July 11, follows:
Moderate temperatures prevailed in the Southeastern States and rather
cool weather for the season in most places from the Lake region westward
to the Rocky Mountains: also moderate warmth was the rule in the more
western States. Otherwise, temperatures were abnormally high. Chart
I shows that the weekly means ranged mostly from 3 degrees to 8 degrees
above normal in the Potomac Basin, the central Appalachian Mountain
sections, the western Ohio Valley, and generally from the central portions
of Iowa and Nebraska southward and southwestward. The warmest
weather occurred in the lower Missouri Valley and the central and southern
Great Plains where maximum temperatures were frequently as high as
100 degrees to 108 degrees. In Oklahoma the average maximum for the
week was 100 degrees.
Chart II shows that considerable areas of the country had moderate to
substantial rainfall. These include the Southern States from the Mississippi Valley eastward, most of the Atlantic area, the northeastern Ohio
Valley, and the central-northern sections from northeastern Illinois,
southsouth-central Iowa, and northeastern Nebraska northward; also the
eastern portion of Kansas. Elsewhere precipitation was light or entirely
Volume 139
Financial Chronicle
lacking, the drier sections including generally Missouri, northern Arkansas,
and most of the Great Plains; also the Great Basin and far Southwest. A
large southwestern area had another practically rainless week.
Widespread, generous showers of the week were timely and decidedly
beneficial in much of the eastern Ohio Valley, the Lake region, and central
northern sections of the country. They were helpful in most of Kentucky.
In Ohio, Indiana, Michigan, northwestern Illinois, Wisconsin, central and
northern Iowa, southern Minnesota, parts of eastern North Dakota,
southeastern South Dakota, northeastern Nebraska, and southeastern
Kansas. Except locally, these sections had the best growing week for a
long time, and all vegetation shows decidedly favorable reaction to the
improved moisture condition. Corn, especially, made good growth, and
emergency forage crops are doing well, while pasture lands are greening
considerably, and some late oats in northern sections have improved. Also
in the Southeastern and more eastern States nearly ideal growing conditions
were maintained, except for local need of rain here and there.
In other sections of the country, however, the week was mostly dry and
hot, and drouthy conditions were intensified. These include, principally,
much of Illinois, most of Missouri and Kansas, northern and western
Arkansas. Oklahoma, Texas, New Mexico, Arizona, much of Colorado and
Wyoming, and the Great Basin. Good
badly needed over this
entire area, with the situation critical rains are southwestern sections.
in some
Pastures are affording but little feed, and cattle losses are increasing in
some places, especially in New Mexico and parts of Arizona.
Another extremely dry area includes western North Dakota and eastern
Montana. Much of Montana has had good rains since the first of June,
but conditions in the eastern part of the State are very bad, probably worse
than ever before experienced; practically all crops have been abandonecI,
and the stock situation is serious. Emergency forage crops need rain in
most of South Dakota and Nebraska. There was some local frost damage
in exposed northwestern localities. Farm work made generally good
progress, with cultivated
complaint of grass in partsfields mostly clean, though there is still some
of the Southeast.
SMALL GRAINS.—Harvesting winter wheat has been largely completed
In the Ohio Valley, and threshing is beginning to the northern parts, while
half, or more, has been done in the more southern areas. Cutting is progressing in Nebraska and has begun in Montana. while this work is general,
under ideal weather conditions, in the Pacific Northwest. Threshing is
nearly completed in the Southeast, while harvest is well advanced in
Pennsylvania.
In North Dakota spring wheat
generally, with the
crop mostly in the milk stage and has headed short
some in dough; thistles and grass are
detrimental to many late-sown fields, with some being pastured, while
others are summer followed. Early small grains are fair to good in northwestern Minnesota and limited south-central sections, but elsewhere there
was little improvement, with heads
short straw and beginning to turn.
In Montana spring grains need rain on fill. Late oats show some improveto
ment in northern Iowa, but they continue largely
Valley,
except for limited localities; most of the crop is toopoor in the Ohiograin.
poor to cut for
CORN.—Timely showers were decidedly beneficial for the corn crop in
the Atlantic States, the central and eastern Ohio Valley, and the Lake
region. Also in much of Iowa,southeastern Kansas,northeastern Nebraska,
and southeastern South
In these areas growth was rapid and the
crop generally is looking Dakota. some other cerntral valley sections and in
well. In
the Southwest the weather was decidedly unfavorable, especially in Missouri, much of Kansas, and in Texas and Oklahoma where deterioration is
rapid. There was also considerable deterioration in Missouri. and rain is
badly needed in parts of Kansas. In Illinois color and growth are mostly
good, but there is some local firing in parts of the south where tasseling
has begun, and rain is needed over most of the State. In Iowa weekly
progress was good to excellent, except some drier and chinchbug-infested
in
counties of the south; about half of the acreage is 4 to 8 feet tall.
COTTON.—Temperatures were abnormally high in
western Cotton
Belt, but mostly seasonable elsewhere. Moderate rains the rather general
were
from the Mississippi Valley eastward, but the western belt experienced
another extremely dry week.
In Texas the weather
temperatures abnormally high and showerscontinued unfavorable, with
too widely scattered
material benefit.
Progress of cotton in that State varies widely, to be of
ranging from deterioration
in the drier sections, to good advance
in favored localities; in many places
plants are small and blooming at the top. In Oklahoma rain is needed,
but the development of cotton is still fair to good. In the central and
eastern States of the belt progress was mostly fair to good, in some places
excellent, except locally. Rain is needed in northern and western Arkansas,
while in some east Gulf States showery, cloudy weather favored
activity. In Georgia the general condition of plants remained ratherweevil
poor,
with considerable complaint of grassy fields. Some improvement is reported
from northwestern Louisiana.
The Weather Bureau furnished the following resume of
conditions in the different States:
Virginia.—Richmond: Temperatures near normal; precipitation light
to moderate. Open weather favored work, especially threshing. Cotton
and corn fair to good; some still grassy. Threshing wheat and oats well
started. Growth of sweet potatoes, peanuts. and tobacco rapid.
North Oarolino.—Italeigh: Rather warm, with ample sunshine and
scattered showers, heavy in some localities. Weather generally faovorable
for crop growth and field work, though some parts needing rain, while
some lowlands too wet. Progress
of cotton mostly good. Other crops
satisfactory advance.
South Carolina—Columbia' Week mostly favorable, with moderate
temperatures and local showers. Crops and pastures renewed growth
where showers sufficient. Early corn in central and south damaged
by
previous dryness, but otherwise responding. Cotton cultivation, growth,
and fruiting fairly good; blooming beginning in north; plants still 2 weeks
late, but fields clean.
Georgia.—Atlanta:
moderate to high. Heavy rains in
most sections, but onlyTemperatures
light in east-central and southeast. Cotton
fairly good, but condition rather poor;some fields grassy and rains progress
increased
weevil activity. Corn progress mostly very good, but early plantings
failure in many places; later plantings very goqd. Conditions favorable a
for
pastures, meadows, and sweet potatoes.
Florida—Jacksonville: Moderately high temperatures; almost daily
thundershowers. Cotton condition and progress fairly good; about normal
shedding. Corn, sweet potatoes, cane, and peanuts fair to good.
Truck
fair; ranges good. Citrus excellent.
Alabama.—Montgomery: Mostly moderate to heavy rains; sunshine
deficient; rather cool. Cotton progress only fair; condition fair to
Corn, sweet potatoes, truck, pastures, peanuts, and miscellaneous good.
crops
favorably affected and condition mostly good.
Mississippi.—Vicksburg:
showers; heavy to
some southeastern localities. Frequent for weevil activity. excessive in
Favorable
Progress of
cotton blooming and development of bolls mostly rather poor to only fair;
advance of other features
good. Progress of corn
fair to very good, with lategenerally fairly good to
plantings practically completed.
Louisiana.—New Orleans: Moderate temperatures and showers
generally
beneficial, except in some southern localities where favorable for weevil
activity. Cotton improved decidedly in northwest and young corn
in areas where moisture was deficient. Rice and truck benefited. revived
Texas.—Houston: Temperatures averaged about normal in coast
tricts, but very warm elsewhere. Light to moderate showers in discoast
regions, the extreme east, and in northwestern quarter, but too widely
scattered to be of material benefit. Progress and condition of cotton
poor
to good, with local deterioration; plants small'and blooming at top in many
localities. Corn, truck, and minor crops generally deteriorated.
Ranges
very dry; cattle continued fair to good, though some poor in southwest.
Oklahoma.—Oklahoma City: Hot, with weekly State average maximum
100 degrees. Only scattered showers and abundant rain badly needed
over entire State. Condition and progress of cotton fair to good, with
only light, local shedding; some blooming in south portion. Other crops
deteriorated rapidly. Oat and winter wheat threshing nearing compeltion.
Corn deteriorated and condition poor; much injured beyond recovery.
Boomcorn harvest progressing in south-central. Pastures, gardens,
and
minor crops poor. Stock water scarce in some localities.
Arkansas—Little Rock: Progress of cottton good to excellent, except
In some northwestern localities where rather poor due to hot, dry weather;
plants very good and blooming and setting bolls rapidly; favorable
for
checking weevil activity. Progress of corn very good, except in
and
some northern portions where poor or deteriorated. Favorable westmost
for
crops.
other
Tennessee.—Nashville: Rains generally beneficial, but insufficient in
some areas. Wheat threshing, saving hay, digging potatoes, and plowing
continued with mostly favorable weather. Progress and condition of corn
excellent, except fair in dry spots. Tobacco grew rapidly; condition mostly
good. Progress and condition of cotton good.
305
Kentucky.—Louisville: Moderate to heavy rains in west
too wet in places, also in east where beneficial. Progress -central where
and condition
of corn generally fair to very good, but excellent in several counties of west;
early tasseling extensively and needs more rain locally in central and east.
Tobacco excellent growth; most of dark district fair to good, but rather
late and irregular in cenrtral and east. Pastures vary from good in weste,entral to poor in central and eastern hills
THE DRY GOODS TRADE
New York, Friday Night, July 13 1934.
Retail business experienced an appreciable pickup during
the past week, and gains in the dollar volume of sales up
to 25% were recorded. Buying activities seemed to center
in seasonal apparel lines, and post-holiday clearances met
with good results. To merchants in general, the present
buying movement came as somewhat of a surprise and
doubts were expressed whether it would carry through the
month. Further substantial progress has now been made
in reducing retail inventories, partly, however, as a result
of reductions in prices. Department store sales in June,
according to the figures published by the Federal Reserve
Board, gained 9% over June 1933, as against a gain of 12%
reported for the month of May. Sales in the New York
district averaged only 4% more while the largest increase
—33%—was shown m the Atlanta district. Sales reports
of chain stores for the month of June made a considerably
better showing than in the previous month; they exceeded
the corresponding month of 1933 by over 11%, while the
May gain was limited to slightly over 7%.
Following the holiday interruption, trading in the wholesale dry goods markets was more active with the number
of buyers registered in the metropolitan market reaching
the highest figure in four years. Orders for staple-merchandise for August sales and to fill out fall lines, were
placed in fair volume and there was a good call for printed
wash goods, brown sheetings, percales and similar merchandise. Fall buying in ready-to-wear and piece goods
was said to have gotten off to a good start. Reports from
wholesalers throughout the country indicate that demand
from retailers is being maintained at an active level. Trading in silk greige goods was inactive with prices steady. In
the finished silk goods market the little demand there was
appeared to be confined to satins. Opinion in the silk industry seemed to be divided concerning the practicability
of putting the mills on a one-shift basis as suggested by the
code authority. Business in rayon yarns continued in its
seasonal lull, although some of the larger producers are said
to be virtually booked up for the current month. Rumors
of additional price reductions are again circulating and
meanwhile curtailment of output is resorted to by an increasing number of producers. Orders for August shipments so far have been insignificant and have been confined
to a few 200-denier lots.
Domestic Cotton Goods.—Trading in the gray cloth
market continued at first inactive, with mills turning down
bids for goods at less than quoted prices. Following,
however, the publication of the Government report on this
year's low acreage which resulted in a smart advance of raw
cotton prices, an active demand for gray cloth sprang up
and trading reached the largest dimensions since early this
year. Sales of print cloth on Wednesday were estimated
at about 300,000 pieces, or equal to approximately a week's
production, on the basis of the present curtailed output.
On Thursday, in line with the reaction in raw cotton prices,
trading slowed down somewhat although prices held their
earlier gains. Inquiries in the fine gray cloth market
were said to be somewhat improved. Fine goods generally,
however, continued slow. Fancy goods moved in fair
volume, with some interest being shown in both spring and
fall goods. Closing prices in print cloths were as follows:
39
-inch 80s,8M to 90.; 39
-inch 72-76s,83sc.; 39
/
-inch 68-72s,
75% to 73 0.; 38M.inch 64-60s, 65 to 63 c.;
4
%
4
383 -inch
60-48s,53.3c.
Woolen Goods.—Following the turn of the half-year
and the interruption caused by the National holiday, sentiment in the wool fabrics market appeared substantially improved. Clothing manufacturers showed more interest in
suitings and overcoatings for fall lines and predictions were
heard that a shortage of spot goods may develop during
August and September, since covering of seasonal requirements has been put off in a good many instances. Reports
from retail centers gave indications of an appreciable increase in consumer interest with post-holiday clearance sales
meeting with a good response. Women's wear cloakings
moved in good volume and numerous orders were booked
for fabrics suitable for the new fall models. A good demand
is anticipated in tweed suits and there are said to be signs
of a developing scarcity in several women's wear cloakings
for delivery in the latter part of August.
Foreign Dry Goods.—Trading in dress linens and
suitings came to a seasonal standstill. In household and
handkerchief linens a scattered demand was noticeable.
In line with slightly higher Calcutta cables, burlap prices
ruled a shade higher. Trading, however, was confined to
small lots, with bag manufacturers showing little interest
in offerings. Calcutta shipments to North America in the
first half of the year decreased about 20,000,000 yards to
a total of 324,000,000 yards. Domestically lightweights
were quoted at 4.35c.; heavies at 5.90c.
Financial Chronicle
306
July 14 1934
State and City Department
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105 W.Adams St.
CHICAGO
.
DIRECT
WIRE
•
314 N. Broadway
ST. OUIS
NEWS ITEMS
Atlantic City, N. J.—Report Issued on Financial Situation.—A report has been compiled recently by Gertler & Co.
of New York, municipal bond dealers, on the financial
situation of the above city. It is remarked that almost all
of the figures in the report were taken from three official
sources, namely; an audit of the city for 1933; an official
report of the city to the State Auditor as of Dec. 31 1933,
and also data obtained from the City Comptroller. It is
felt that this report is most timely because of the dearth
of accurate information on the affairs of this city, enough
detail being given to supply bondholders with the answers
to many questions and yet being sufficiently compact to
afford an easy reference. A detailed financial statement is
furnished, including full data on bonded debt and sinking
funds, and a complete statement of the unfunded debt outstanding. The tax revenue notes and bonds and the tax
title lien notes are further set out as are the unpaid State and
county taxes.
Connecticut.—Deductions in List of Legal Investments.—
The following deductions in the list of investments considered
legal for savings banks were made public in a bulletin issued
by the State Bank Commissioner on July 6:
Central ildnine Power Co.
434s, 1957
5s, 1939 First and general E
53is, 1961
6s, 1942 First and general F
5s, 1955
County School District No. 2 (P. 0. Flor-
First mortgage
First and general B
First and general D
Fremont
ence), Colo.—Judgment Bonds Held Valid.—We are informed
by our Denver correspondent that the State Supreme Court
recently handed down an opinion upholding the validity of
an issue of $126,000 434% judgment bonds, dated Dec. 17
1930 and maturing from Dec. 17 1934 to 1951. The court
was divided 4 to 3 on the case, which was a suit instituted
by the Atchison Topeka & Santa Fe RR. against the County
Commissioners and the School District Board to have the
bonds declared invalid. It is stated that this suit has been
hotly contested as its outcome involves the legality of judgment bond issues of various school districts in the State.
Indiana.—Supreme Court Denies Ptiorigy in Payment of
Bonds—Decides Status of all Issues Is Equal.—A decision involving many millions of dollars in Barrett Law improvement bonds in Indiana was handed down recently by the
State Supreme Court. The new court interpretation on the
Barrett Law bonds places the holders of such bonds on an
equal parity, instead of making the holders of the last bonds
issued superior to all previous improvement bonds. The
decision, which is said to have been unanimous, will not
prevent foreclosures of improvement bondholders, but the
result of such proceedings will place all the owners of the
bonds on a parity and they will share equally in any sums
realized through the sale of the foreclosed.property. The
South Bend "News-Times" of June 26 carried an article on
the ruling,from which we take the following:
The ease originated in September 1930 in Lake County in the case of the
Citizens Trust & Savings Bank of South Bend against the Fletcher American
Co., Indianapolis.
Resisted Foreclosure.
part of 5600.000
The Citizens Trust & Savings Bank as the owner of aforeclosure action
improvement bonds at Hammond. resisted the
defaulted
to assert its lien on subsequent
of the Fletcher American, which sought
bonds issued against the same real estate.
George Harrison, at that time director of the bond department of the
Harrison
Citizens bank, and now a member of the firm of safeguard& Austin, investthe rights of the
ment brokers, formed a protective committee to
improvement bonds.
holders of the $600,000 Barrett Law
Ell F. Seebirt was employed to resist the foreclosure proceedings.
After an adverse decision in the Lake County Court, the Citizens Bank
appealed to the Appellate Court. There the bondholders again met a
reversal and the case was transferred to the Supreme Court, where the
bondholders' rights were definitely established.
Wide Effect Here.
Banking Investment houses here were unable to definitely ascertain the
all of
number of bondholders affected by this decision. Practicallyduring the
improvements made in South Bend during the past few yearsthe 10 the
-year
greatest expansion have been paid for on
Period of the city's
were issued against
plan. To pay for the cost of the improvements, bonds
the deferred payments, payment of which became a lien against the real
estate affected.
such as
In the event that more than one improvement was made, of thesewer,
holder
bonds
grade curb and walk, ornamental lights, pavement, the claim to the holders
a superior
on the last improvement was deemed to have lien holders except taxes.
other bonds, taking precedence against all
of
Under the Supreme Court ruling the holders of all improvement bonds
are now on an equality.
All Share Equally.
bondThe new decision will not prevent foreclosures of improvement of the
the owners
holders, but the result of such proceedings will place all
bonds on a parity and they will share equally in any sums realized through
sale of the foreclosed realty.
The decision will likewise have a bearing on a number of law suits filed
in St. Joseph County courts recently. The Inland Bonding Co., which owns
a large number of street improvement bonds issued to defray paving costs,
has brought a number of foreclosure actions. The Inland company under
the new decision now will share equally with the owners of other improvement bonds in the realized proceeds of the foreclosure.
Justice J. Fansler pronounced the decision in which all the other Supreme
Court judges concurred.
In arguing before the Supreme Court Mr. Seebirt pointed out that in
the event Indiana should rule that the last improvement lien is superior
to all other liens, this State would be alone In its position. Practically all
other States either by legislation or judicial decision have held all improvement bonds to be on a parity, Mr. Seebirt told the court.
Municipal Debt Adjustment Law Described as Sound
Emergency Measure.—The Boston "Evening Transcript"
of July 5 carried the following report on the expressed opinion
of Robert W. Knowles, of Whiting, Weeks & Knowles, Inc.,
of Boston, regarding the essential soundness of the recently
enacted Municipal Debt Adjustment Law—V. 138, p. 4492:
Since the approval of the Municipal Debt Adjustment Law (SumnerWilcox Bill) by President Roosevelt a month ago prices of municipal bonds,
both high and lower grade issues, have continued to advance. There has
been no stampede of municipalities seeking to distort the law's purpose and
thus evade payment of just debts, as was erroneously and direfully predicted, and the measure bids fair to become one of the soundest emergency
Acts of the present Administration. This is the opinion of Robert VV.
Knowles, of Whiting, Weeks & Knowles, Inc., who says that the law is
so much a contribution to restoring confidence and the progress of business
recovery that its provisions should be understood by all business men and
investors. Unfortunately, Mr. Knowles adds, even many holders of
municipal bonds do not yet realize that the law is a decidedly constructive
benefit in the interests of both investors and taxpayers.
"The purpose of the law is to restore municipal credit and to protect
municipal creditors," says Mr. Knowles, who is a member of the municipal
securities committee of the Investment Bankers Association of America,
which supported the measure. "One of its chief benefits is that it very
largely prevents racketeering by small minorities of bondholders. Under
the new law when the holders of 51% of the obligations of a municipality
agree that the municipality should have the benefit of some rearrangement
of its outstanding debt, a plan for such adjustment may be presented to a
Federal district court. If such a plan Is acceptable by the court and is also
accepted, in writing, by 75% of the municipality's creditors and likewise
acceptable to the municipality itself, then the plan may be put into effect.
"The law does not afford opportunity for a municipality to evade Its
just debts because a debt adjustment plan must first be approved by holders
of 51% of the bonds before it is presented to the court and must then be
approved by 75% after it has the court's sanction. These percentages
apply in the cases of most types of taxing subdivisions, such as municipalities and school districts. In the case of four types of taxing subdivisions
'Which have suffered acutely from the depression largely because of depreciaMon in farm land and commodity prices the percentages are lower. These
e
vy
ynahgoeldaersnd f 3odistricts.
ttshe.
four types are reclamation, irrigation
dt b
of
bonds
debt adjustment plans require agremen rai
court and 662-3% for final approval.
before presentation to the
"The law is an important contribution to the entire economic community,
as well as to taxpayers and investors. Its purpose is to provide orderly
relief and adjustment of the debt burden of hard-pressed communities.
and to prevent defaults, the effects of which are almost always destructive
to the interests of both debtors and creditors, and the entire community.
The measure, as approved by the President. is to remain in effect for only
by Congress. It is simply a
two years, unless subsequently extended enable
communities, willing but
constructive emergency measure that will
unable to pay their just debts at the present time, to work out ways of
obligations, thus avoiding the obloquy and loss from dehonoring their
faults."
New Jersey.—Governor Moore Signs Dorrance Tax Bill.—
Trenton advices of July 11 reported that on that day Governor A. Harry Moore signed the measures passed by the
Legislature on July 9, settling the disposal of the inheritance
tax due from the $116,000,000 estate of the late Dr. John
Dorrance, head of the Campbell Soup Co. He also signed a
bill appropriating $10,000,000 of the $14,000,000 tax for
unemployment relief purposes. The Tax Commissioner was
authorized to remit to the executors all taxes and penalties
incurred during the three-year litigation. The New York
"Herald Tribune" of July 10 carried the following report on
the above measures, then passed by the Legislature:
The Legislature made provision to-night for the financing of emergency
through the adoption of bills authorizing a
relief during the coming winterthe late Dr. John
T. Dorrance, head of the
compromise with the estate of
Campbell Soup Co., on inheritance tax claims and setting the money aside
purposes. It is expected that the State will be able to settle
for relief
the claims against the estate through acceptance of the principal due,
amounting to $14,000,000 and waiving interest payments. Of this amount.
$10,000,000 will be devoted to relief.
This legislation, passed shortly before adjournment after midnight, disposed of an issue which has been hanging fire for months and which has
proved difficult of settlement owing to the determined opposition inspired
by every plan of relief proposed, including Income and sales taxes and the
diversion of highway construction bonds. the relief
problem will be the
One of the results of this adjustment of
inheritance
payment by the Dorrance estate of Dorrance taxes both to Pennsylvania
maintained what he always
While Mr.
and to New Jersey.
considered as his legal residence in Cinnaminson Township, Burlington
County, he also had a residence in Pennsylvania. The Supreme Court
of Pennsylvania upheld the claim of the inheritance tax department of that
State that this was his legal residence and the State levied and collected inheritance taxes of approximately $16,000,000. New Jersey's claims have
since been sustained by the courts of this State. The total value of the
estate was placed at $140.000,000.ing mip h the
yet
forda cow trom ise
agreement tan
executorshas
calling mathe
l enfor
there ls said
i
W hi e
if authorized by legislative action.
payment of the principal
.
New York City.—Mayor LaGuardia Reviews First Six
a
Months of New Administrazzon:—In . radio broadcast on
July 9, Mayor F. H. LaGuardia reviewed the work of his
administration during its first six months and declared that
while the "non-political, non-partisan government is still
experimental, that experiment is working out." The Mayor
pointed out that the city budget for 1934 has been balanced
but that unemployment relief remains an important municipal
problem. He reported on the new taxes which have been
put into operation by the city and the various economies
effected. Meanwhile, he said, New York City should meet
Volume 139
Financial Chronicle
current costs of relief from current revenues, and that additional funds to meet the monthly cost of caring for the needy
unemployed should be raised. The city must find about
$4,500,000 monthly. To date, about $70,000,000 has been
spent for relief, according to the Mayor.
New York State.—Legislature Convenes in Special Session.—Both houses of the Legislature convened on July 10,
at 2.30 p.m., a half hour late, listened to the reading of
Governor Lehman's opening message, then retired to part
conference to map plans for action on his recommendations,
which he intends to supplement from time to time with
others. He had urged the reorganization of county governments throughout the State on a non-partisan basis. Shortly
before adjournment on the opening day the Senate Democrats blocked advancement of legislation introduced by
Minority Leader George R. Fearon, Syracuse Republican,
providing Governmental reorganization in both New York
City and up-State.
The Republicans of the Legislature offered "to go the
whole way" with Governor Lehman and the New York City
Charter Commission in passing a constitutional amendment
providing for county reform. The only condition they
attached to their surprise offer was that the amendments
affecting the city and the up-State counties must be combined
in a single bill, and not considered separately. It is felt
that in that manner they avoid risk of xassing an amendment reforming their own counties an then having the
Democratic Senate block reorganization in New York City.
Reapportionment Asked by Governor.—On July 11 Governor
Lehman opened up the subject of reapportionment of Congressional and Legislative districts, calling upon the special
session to act on another controversial issue. He told the
Legislature that "hundreds of thousand of citizens in this
State have been deprived of equal representation in the selection of their representatives." He again appealed to that
body to set aside political bickering to dispose of the legislation as quickly as possible. He charged that politics had
prevented reapportionment in past years. Immediately
after reading of the message Senator John J. McNaboe,
New York City Democrat, introduced a bill to realign Congressional districts, a bill which is said to be the same as that
approved by the Republican Legislature of 1931 and later
invalidated.
Public Works Administration.—Secretary Ickes to Curtail
Allotments.—The following account of an announcement
made by Harold L.Ickes, Secretary of the Interior, regarding
his future policy on public works disbursements,is taken from
the Washington, D. C. "Evening Star" of July 5:
Secretary Ickes is preparing to curtail public works allotments until he
receives additional funds.
Just before leaving for his vacation, President Roosevelt gave Ickes
$400,000,000, but this is rapidly diminishing. Approximately $213,000,000
of it already has
pent and the remainder is earmarked. There is an
additional $100,000,000 which the President may turn over if he chooses,
been2
but the Public' Works Administrator has no assurances that this will be
done—at least not soon. Therefore, he believes his best opportunity for
getting additional funds rests with the Reconstruction Finance Corporation.
Congress authorized the RFC to buy municipal bonds held by the PWA
up to the amount of$250,000,000, which would be maintained as a revolving
fund for use by the PWA. Secretary Ickes will confer in the next few days
with Jesse Jones, Chairman of the RFC, regarding that possibility of
obtaining funds.
It is not being proposed to have the RFC buy bonds up to the limit of
the $250,000,000 authorization, but gradually as PWA funds are required.
,
In this way, Ickes hopes to keep a balance in his treasury sufficient to take
care of sorely needed projects in States which have been less favored in
the past.
The$187,000,000 remaining to
credit of the PWA, he said, is earmarked for several large river and the
harbor projects started last year in the
uppor Mississippi River and in the Northwest by Army engineers. The
Mississippi River project already has been allocated $33,500,000 and
Ickes said yesterday the War Department probably will be given an additional $25,000,000 for the continuation of this job.
There are also a number of other reclamation, water power and irrigation
projects in the West which will oat largely into the $187,000,000 balance.
Reconstruction Finance Corporation.—Municipal Bond
Holdings May be Marketed.—A dispatch from Washington to
the "Wall Street Journal" of July 5 reported as follows on the
contemplated sale by the above Corporation of some of the
municipal bonds which it has taken in on self-liquidating
projects throughout the country:
The Reconstruction Finance Corporation is preparing to market some of
its municipal bonds which were issued to finance self-liquidating projects.
Chairman Jesse II. Jones stated that they have had many inquiries from
banks, insurance companies and dealers looking to the purchase of some of
these securities.
The Chairman said they would take advantage of the existing bond
market and dispose of certain issues.
In every case, however, the municipalities which have issued the bonds
have preferential advantage over a two-year option to repurchase their
bonds under certain terms.
The Corporation has a long list of both general obligations and revenue
bonds covering water works, toll bridges, power plants, gas works, buildings, sewer systems, port improvement, drainage projects, subways, irrigation works, &c., scattered throughout 32 States.
The bulk of the RFC's self-liquidating loans, which were made in 1932,
went to California which came to the RFC for financial aid in construction
of the bridge across San Francisco Bay and water works improvements in
Los Angeles, San Diego and Pasadena, together with light and power projects in Los Angeles.
Several issues of bonds held by the RFC already have been sold, including $2,327,000 City of Chicago water works improvement bonds.
New York State municipalities financed some substantial improvements
with RFC aid as did Newark, N. J. Most of the remaining loans in substantial amounts went to projects located in the South.
It is expected if, as, and when the bonds are disposed of competitive
bidding will be required.
The corporation holds around $200.000,000 of bonds of this description.
Progress of work on the various projects and the drawing down of bonds
against such expenditures has expanded the amount of such securities turned
over to the RFO.
Aside from its self-liquidating bonds, the corporation has promised
Secretary Ickes, Administrator of the Public Works Administration, that
it will purchase municipal bonds which PWA has taken to secure loans for
public works projects. Ono of the largest blocks of such securities in
prospect at this time is bonds of the City of New York.
The RFC will purchase up to $50,000,000 of these securities from PWA
and thereby aid PWA to extend larger advances to New York City.
307
WE WANT OFFERINGS
STATE AND MUNICIPAL BONDS
Arkansas, Louisiana & Mississippi
Edward D. Jones & Co.
members
(St. Louis Stock Exchange
INew York Curb Exchange (Assoc.)
Boatmen's Bank Bldg.
ST. LOUIS, MO.
BOND PROPOSALS AND NEGOTIATIONS
Al KEN COUNTY (P. 0. Aiken), S. C.—FEDERAL FUND
MENT.—.A loan and grant of $158.000 for hospital construction ALLOTwas announced recently by the Public Works Administration. The cost of labor
and materials totals approximately $148,900, of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
ALBANY, Albany County, N. Y.—TAX COLLECTIONS CONTINUE
HIGHER.—Frank J. O'Brien, City Treasurer, reported on July 3 that
current tax collections continue to show an increase over last year's figures.
Mr. O'Brien stated that collections to June 30 amounted to
$4,542,798.44,
on a budget of $8,030,505.34, compared with $4,438,655.96 on an $8,134,010.64 budget a year ago.
ALGOMA JOINT SCHOOL DISTRICT NO. 1 (P. 0. Algoma),
Kewaunee County, Wis.—BONDS CONTRACTED.—We are informed
that the $97,000 school construction bonds approved by the voters on
March 10—V. 138, p. 2114—have been contracted for by the Milwaukee
Co. of Milwaukee.
ALLEN COUNTY(P.O.Lima),Ohio.—PLANS TOREFUNDSEWER
DISTRICT BONDS.—County officials are reported to have decided to
refund $231,822.91 in defaulted Westwood and Lost Creek sewer district
bonds and to arrange for the normal retirement of the entire $919,000.
This procedure will be followed, it is said, in order to forestall any serious
impairment of the county's credit. Definite action in the matter followed
announcement by one bondholder that unless his claim was settled within
a reasonable length of time, he would bring suit against the county for recovery of the amount involved. It was feared that if other holders
the same course. it would result in a tying up of county funds andadopted
sharply
curtail its functions.
ALLIANCE, Box Butte County, Neb.—BOND SALE.—Two issues
of coupon bonds aggregating $234.327.46 were sold on May 18 to the
First Trust Co. of Lincoln at par. The issues are as follows:
$214,327.46 3.60% and 3.80% refunding bonds. The 3.60% bonds
mature $20.000 from June 15 1935 to 1939 incl. The 3.80%
bonds are due on June 15 1944.
20,000.00 4Ii% park purchase bonds. Dated July 1 1934. Due and
payable 10 years after date and redeemable at any time after
five years from date.
ALMA, Gratiot County Mich.—BOND OFFERING.—L.
Hannig.
City Clerk, will receive sealed bids until 12 m. on July 19 for the purchase
of $77,000 4% sewage disposal system construction bonds. Dated May 1
1934. Denom. $1,000. Due May 1 as follows: $3,000 from 1936 to
1938,incl. and $4,000 from 1939 to 1955. incl. Interest payable in M.& N.
A certified check for $1,000 payable to the order of the City, must accompany each proposal. The City will furnish printed bonds and the approving
legal opinion of Miller, Canfield, Paddock & Stone of Detroit. In connection with the offering, the notice of sale states as follows: The bonds
are not to be an indebtedness or general obligation of the City, but are to
be payable solely out of the revenues of the sewage disposal system to be
constructed, and for their payment a statutory lien is to be created on all
the revenues of the System in accordance with Act. No. 94, Public Acts
of Michigan 1933, and the City is to be obligated to maintain sufficient
rates to provide for such payment and for the protection of the security
as set forth in that Act."
ALPENA COUNTY (P. 0. Alpena), Mich.—BOND OFFERING.—
Robert A. Davison, County Clerk, will receive sealed bids until 2 p.m.
on July 16 for the purchase of $70,000 4% court house construction bonds.
Dated July 1 1934. Denom. $1,000. Due July 1 as follows: $2,000
from 1935 to 1951, incl. and $3.000 from 1952 to 1963, inc.l. Interest
payable in J. & J. County to furnish printed bonds and legal opinion of
Miller, Canfield. Paddock & Stone of Detroit. A certified check for $1,000.
payable to the order of the County, is required.
ALVA, Woods County, Okla.—FEDERAL FUND ALLOTMENT.—
A loan and grant of $39,000 for water storage tank construction was
announced recently by the Public Works Administration. The cost of
labor and materials totals approximately $37,000. of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
AMBERG SCHOOL DISTRICT NO. 1 (P. 0. Amberg), Marinette
County, Wis.—FEDERAL FUND ALLOTMENT.—A loan laid grant
of $23,700 for school construction was announced recently by the Public
Works Administration. The cost of labor and materials totals approximately $22,400, of which 30% is a grant. The remainder is a loan secured
by 4% general obligation bonds.
AMES INDEPENDENT SCHOOL DISTRICT( 0. Ames), Story
P.
County, Iowa.—FEDERAL FUND ALLOTMENT.—A loan and grant
of $159,000 for high school building was announced recently by the Public
Works Administration. The cost of labor and materials totals approximately 8225.600, of which 30% is a grant. The remainder is a loan secured
by 4% general obligation bonds.
APPANOOSE COUNTY (P. 0. Centerville), Iowa.—BOND SALE.—
A 838.000 issue of relief judgment bonds is reported to have been purchased
by Jackley & Co. of Des Moines. It is said that these bonds were held
valid recently by the State Supreme Court.
ARAPAHO, Custer County, Okla.—FEDERAL FUND ALLOTMENT.—A loan and grant of$3,000 for water works system improvement was announced recently by the Public Works Administration. The
cost of labor and materials totals approximately $3,000, of which 30% is
a grant. The remainder is a loan secured by 4% general obligation bonds.
ARKANSAS, State of (P. 0. Little Rock).—BOND SALE.—The $1.327,000 issue of 4% coupon semiannual State construction bonds offered
for sale on July 6—V. 138, p. 4328—was purchased by the Public Works
Administration at par. Dated May 1 1934. Due from May 1 1935 to
1957. The Secretary of the State Construction Commission reports that
no other bids were received.
ASBURY PARK, Monmouth County, N. J.—SEEKS TO REFINANCE DEBTS.—In announcing on July 2 that a meeting of creditors
would be held on July 11 at the Robert Treat Hotel, Newark, at which
consideration would be given to the question of refinancing the city's
debts, Mayor Sherman 0. Dennis declared that bond principal in amount
of $2,894.829.50 and interest charges totaling $159,419.38 were in def
ault
.
The total funded debt of the city, according to the report of the State
Auditor for 1933, is 811.673.944.12, while the temporary obligations (bond
anticipation notes) amounts to 84,673,829.50. More than one-half of
the indebtedness was created for the beach front improvements. The
Mayor disclosed that the city's financial adviser, Arthur N. Pierson of
Westfield, has declared that creditors must agree to a refinancing plan if
the municipality is to continue to function.
ASHLAND COUNTY (P. 0. Ashland), Ohio.—BOND SALE.—The
$32.900 poor relief bonds offered on July 9—V.138, p.4494—were awarded
as 2 yis to the First National Bank of Ashland, at par plus a piremium
of
$5, equal to 100.015, a basis of about 2.49%. Dated Aug. 1 1934 and due
March 1 as follows: 87,600, 1935; 88,000, 1936; $8.400 in 1937 and
88.900
in 1938.
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.—FINANCI
AL
STATEMENT.—In connection with the proposed sale on July 16
of
6% poor relief bonds, notice and description of which appeared in $26,000
V. 138,
p. 4494—we have received the following:
308
Financial Chronicle
FinancialStatement.
$140,000,000.00
True valuation approximate
125,000,000.00
Assessed valuation
$26,000.00
This issue
Total bonded debt,including township's portion and general
1,171,800.00
assessments
88,235.00
Selective sales tax bonds, this issue included
43,018.61
Sinking fund and investments
Population, 68,361. Tax rate, 3.282 mills.
Requirements on All Outstanding Debt Over
CountrPTincilial and Interest
Next Five Years.
1937.
1936.
1935.
1934.
1933.
Principal
$165.575 $151,075 $94,075 $83,075 $47,695
9,371
15,497
19,883
35,031
27,220
Interest
Tax Report.
Fiscal year begins Jan. 1. Ends Dec. 31. Tax payment dates (without
penalty) up to Jan. 20 and July 20, payable semi-annually.
Fiscal Year Ended Dec. 31
1930.
1931.
1932.
1933.
$
•Gen'l taxes levied_ _2,231,669.40 3,044,084.03 3,644,400.18 3,660,684,53
Gen'l taxes collected_1,719,538.63 2,217,511.82 3,327,722.26 3,206,669.52
Uncollected
512,130.77 826,572.21 316,677.92 454,015.01
Special assm't taxes:
Levied
250,798.15 721,167.60 578,842.06 511,126.85
* Collected
66,725.69 377,369.24 337,454.26 327,018.68
* Uncollected_
184,072.46 343,798.36 241,387.80 184,108.17
Total unpaid general taxes, $1,298,599.36; total unpaid county special
assessment taxes, $184,072.46.
* Note.
-The above figures include also the taxes, special assessments,
&c. of all political subdivisions within Ashtabula County.
Bank Deposits (All Funds).
Amount $537,572.45 as of June 27 1934. Deposited in four banks.
Exact security bank deposits, $714,348.26.
* Special assessments including former delinquencies.
-The
-BONDS AUTHORIZED.
ATHENS, Athens County, Ohio.
City Council recently passed an ordinance providing for the issuance of
water works system mortgage revenue bonds. Dated Jan. 1
$40,000 4%
1934. Denom. $1,000. Due serially on Jan. 1. The Public Works Administration will purchase the bonds in accordance with a loan and grant
•
agreement.
-The
-BOND SALE.
ATHENS COUNTY (P. 0. Athens), Ohio.
-were awarded
$22.500 poor relief bonds offered on July 9-V.138. p.4494
Toledo, as 3 Xs. at par plus a premium
to Stranahan, Harris & Co., Inc. of
of $38.25, equal to 100.17, a basis of about 3.18%. 'Dated July 1 1934
and due as follows: $1,500. Sept. 1 1934; $1,400, March 1, and Sept. 1
1935; $1,500, March 1 and Sept. 1 1936; $4,900, March 1 and $5.100.
Sept. 1 1937, and $5,200. March 1 1938.
ATLANTA, Fulton County Ga.-BOND SALE CONTEMPLATED.
-It is reported that the city will offer for sale in the near future, at private
subscription, a block of $238,000 refunding bonds, maturing in 10 years
and bearing interest at 4M %. It is understood that they will be used
to retire a previous issue of city bonds maturing this year. A similar
block of bonds was sold earlier in the year to pay for the city's portion of
the Federal Emergency Relief Administration relief activities.
-TEMPORARY REFIATLANTIC CITY, Atlantic County, N. J.
-In a statement issued under date of
NANCING PLAN ADVOCATED.
June 26, the Atlantic City Survey Commission advocated that a temporary refinancing plan of the city's debts be undertaken at this time, for
the purpose of allowing sufficient time in which to study changes in economic
conditions which may be reflected in the city's financial status through
Improved tax collections and other factors.
-FEDERAL FUND ALLOTATWOOD, Rawlins County, Kan.
-A loan and grant of $26,800 for street improvement was anMENT.
nounced recently by the Public Works Administration. The cost of labor
and material totals approximately $24,800, of which 30% is a grant.
The remainder is a loan secured by 4% general obligation and sepcial
assessment bonds.
-The
AUBURN, Worcester County, Mass.-PWA ALLOTMENT.
Public Works Administration has allotted $260,000 for high school building
includes a grant of 30% of the approximately $252,construction. This
500 to be used in the payment of labor and material costs. The balance
Is a loan, secured by 4% general obligation bonds.
AUGUSTA WATER DISTRICT(P.O. Augusta), Kennebec County,
-William D Hutchins, District Treasurer, will
-BOND OFFERING.
Me.
receive sealed bids until 12 m.(Daylight Saving Time) on July 17 for the
purchase of $474,500 coupon refunding bonds. Dated Aug. 1 1934. One
bond for $500, others for $1,000. Due Aug. 1 as follows: $5.000 from
1935 to 1944 incl.; $10,000 from 1945 to 1953 incl. and $334,500 in 1954.
Bidder to name a single interest rate for the entire issue, expressed in a
of 1%. Principal and interest (F. & A.) payable at the
multiple of
First National Bank of Boston. This institution will supervise the preparation of the bonds and certify as to their authenticity. A certified check
for 2% of the bonds bid for, payable to the order of the Board of Trustees,
must accompany each proposal. Legal opinion of Storey, Thorndike,
Palmer & Dodge of Boston will be furnished the successful bidder. These
bonds are issued under authority of and in compliance with the Public
Laws of 1025. Chapter 133, and Private and Special Laws of 1903. Chapter
334 and Acts in amendment thereof and in addition thereto, and by votes
of the trustees of said district duly approved by order of the Public Utilities
Commission of Maine.
Debt Statement.
$704,500
Total bonded indebtedness
38,000
Sinking fund bonds(Augusta water district)
No temporary notes outstanding.
BARKHAMSTED, Litchfield County, Conn.-PWA ALLOTMENT.
-The Public Works Administration has allotted $77,300 for road improvement work. Provision is made for the usual grant of 30% of the amount
used in the payment of labor and material costs, while the loan portion
of the funds is secured by 4% general obligation bonds.
-FEDERAL FUND ALLOTMENT.
BARTLETT, Bell County, Tex.
-A loan and grant of $16,000 for water system extension was announced
recently by the Public Works Administration. The cost of labor and
material totals approximately $15,000. of which 30% is a grant. The
remainder is a loan secured by 4% revenue bonds.
-FEDERAL FUND
BEATTY TOWNSHIP,St. Louis County, Minn.
.-A loan and grant of$1,700 for road repairs was announced
ALLOTMENT
recently by the Public Works Administration. The cost of labor and material totals approximately $1,600. of which 30% is a grant. The remainder is a loan secured by 4% general obligation bonds.
BENTON HARBOR SCHOOL DISTRICT, Berrien County, Mich.
-The $375,000 coupon 4M % refunding bonds offered on
BOND SALE.
-were sold at private sale to Ryan, Sutherland
4494
June 25-V. 138, p.
& Co. of Toledo, at a price of 97.11, a basis of about 5.41%. Dated July
1 1934 and due on July 1 as follows: $12.000. 1935 to 1140 incl.; $33,000,
1941 to 1943 incl. and $34,000 from 1944 to 1949 incl. The failure to dispose of the issue on June 25 as scheduled was explained by the fact that the
Board of Education had failed to take action on the bids submitted.
-LOAN AUTHORI7ED.-The
.
.""BESSEMERrGogebic County, Mich.
State Loan Board has authorized the city to borrow $24,500 against tax
the fiscal year beginning March 1 1935.
collections during
71=TLLO-FEDERAL FC
BLACKVILLE, Barnwell County S. C.
MENT.-A loan and grant of $45,000 for water works system purchase
recently by the Public Works Administration. The cost
was announced
oflabor and materials totals approximately $38,000.of which 30% is a grant.
The remainder is a loan secured by 4% revenue bonds.
BLANCHESTER, Clinton County, Ohio.-PWA BONDS AUTHOR-The Village Council recently passed an ordinance providing for
ZED.
the issuance of $20,000 4% Public Works Administration water works
system extension bonds. Due $1,000 on May 1 from 1936 to 1955 incl.
Interest payable in M. SE N. Denom. $1,000.
BLOOMINGTON SCHOOL DISTRICT, MacLean County, III:=-The Public Works Administration has announced
PWA ALLOTMENT.
an allotment of $270,000 to the district for school building. purposes. This
a grant equal to 30% of the approximately $257,200 to be spent
Includes
in the payment of labor and the purchase of material. The balance is a
oan, secured by 4% general obligation bonds.
1
July 14 1934
BLOOMFIELD, TROY, ROYAL OAK AND SOUTHFIELD TOWNSHIPS FRACTIONAL SCHOOL DISTRICT NO. 1 (P. 0. Birming-The district has been authorized
ham), Mich.
-LOAN AUTHORIZED.
to borrow $20,000 in anticipation of tax collections during the fiscal year
starting July 1 1934.
BOISE INDEPENDENT SCHOOL DISTRICT (P. 0. Boise), Ada
-Sealed bids will be received until
-BOND OFFERING.
County, Ida.
4 p.m. on July 18 by C. F. Potter, District Clerk, for the purchase of a
$21.000 issue of 4A % refunding bonds. Dated July 1 1934. Due on
July 1 as follows: 12,000 in 1945 and 1946; $3,000, 1947 to 1949: $4,000.
1950, and $2,000 in 1951 and 1952. A certified check for $1,000 must
accompany the bid.
-A syndi-TEMPORARY LOAN.
BOSTON, Suffolk County, Mass.
cate composed of Halsey, Stuart & Co., Inc.; J. & W. Seligman & Co.;
-P. Murphy & Co.. and
Hemphill, Noyes & Co.; Darby & Co.; G. M.
the R. F. Griggs Co. of Waterbury was awarded on July 12 an issue of
$3,000,000 tax-anticipation notes at 1.64% discount basis, plus a cash
premium of $16. Dated July 16 1934 and due Nov.26 1934. The bankers
re-offered the notes for general investment to yield 1.20%. The immediate
demand from investors resulted in their distribution within a few hours
following the award. They are described LIB being legal investment for
savings banks in the States of New York, Massachusetts and Connecticut.
The notes will constitute, in the opinion of counsel, general obligations
of the City of Boston, payable from unlimited ad valorem taxation. Assessed valuation is officially reported, 1933. as $1,780,000,000 and net
bonded debt as $135,422,809. The city reports the most recent tax levy.
that for 1933, 82% collected, and taxes for 1932 93.3% collected. The
cash premium offer constituted the difference between the terms of the
accepted bid and that of a group composed of the First Boston Corp.;
Kidder, Peabody & Co.; F. S. Moseley & Co., and the Brown Harriman
Co.. which specified a flat rate of 1.64%.
BOSTON METROPOLITAN DISTRICT (P. 0. Boston), Mass.
-Joseph Wiggin, Treasurer of the
PLANS $1,500,000 BOND ISSUE.
Board of Trustees, states that the district plans to issue $1,500,000 bonds.
He also states that the recent report of the proposed issue of $8,000,000
in order to purchase a like amount of obligations of the Boston Elevated
By. (V. 139, p. 146) is premature, inasmuch as the latter securities are
not due yet and therefore no action is necessary at this time.
-BOND
BOYERTOWN SCHOOL DISTRICT, Barks County, Pa.
-The $185,000 school building construction bonds
ISSUE APPROVED.
-have been
voted at the primary election on May 15-V. 138, p. 3475
approved by the Pennsylvania Department of Internal Affairs.
-BOND ELECTION
BRADLEY COUNTY (P. 0. Cleveland), Tenn.
-On July 2 the County Election Commission was
CONTEMPLATED.
directed by the County Court to call an election on the question of issuing
$24,000 in bonds with which to take advantage of an allotment from the
Public Works Administration to build a new county jail.
It was stated later by the County Clerk that no date has been fixed as
yet for the above election.
-BONDS VOTED.
-At a recent
BRADY, McCulloch County, Tex.
election the voters are said to have approved the issuance of $14,000 in
school district construction bonds.
-The
BRAINTREE, Norfolk County, Mass.-PWA ALLOTMENT.
Public Works Administration has allotted $150,000 for sewer extensions.
This includes a grant of 30% of the approximately $142,000 to be used in
the payment of labor and material costs. The balance is a loan, secured
by 4% general obligation bonds.
"MICK TOWNSHIP SCHOOL DISTRICT (P. 0. Laurelton),
-Theron Johnson, District
-BOND OFFERING.
Ocean County, N. J.
Clerk, will receive sealed bids until 7:30 P. m.(Daylight Saving Time) on
July 16 for the purchase of $15,000 6% coupon or registered school bonds.
Dated April 1 1934. Denom. $500. Due $500 on April 1 from 1935 to
1964 incl. Principal and interest (A.& 0.) payable in lawful money of the
United States at the Ocean County National Bank of Point Pleasant
Beach. A certified check for 2% of the bonds bid for, payable to the order
of the Board of Education, must accompany each proposal. The approving opinion of Hawkins, Delafield de Longfellow of New York will be
furnished the successful bidder.
-TEMPORARY LOAN.
BROCKTON, Plymouth County, Mass.
The Manufacturers National Bank of Detroit purchased $200.000 tax
follows: $100,000. due Nov. 16 1934. at 0.59% disanticipation notes as
count basis, and $100,000. due April 4 1935, at 0.89%•
.
.s
Nea1e: April 5
The following is a list of the other bids submitted at thov 16
Maturity. Maturity,
Bidder0.74
Home National Bank, Brockton
1.39
0.78%
National Shawmut Bank
1.46
0.83
G. M.P. Murphy & Co
1.43
0.85
Buttrick & Co
1.27
0.86
irsOt . Gay & Co
1.17
First Boston Corporation'
VS
1.23
Faxon, Gado & Co
-BOND SALE.
-Albert P.
Norfolk County, Mass.
BROOKLINE,
award on July 6 of $75,000 coupon or
Briggs, Town Treasurer, made
registered bonds to Stone & Webster and Blodget, Inc. of Boston, as 2s,
at a price of 100.117, a basis of about 1.98%. The sale consisted of:
$40.000 water bonds. Due $4,000 on Jan. 1 from 1935 to 1944 incl.
35,000 sewer bonds. Due Jan. 1 as follows: $4,000 from 1935 to 1939
incl. and $3,000 from 1940 to 1944 incl.
Each issue is dated Jan. 1 1934. Denom. $1,000. Principal and interest (J. & J.) payable at the First National Bank of Boston. Legality
to be approved by Ropes. Gray, Boyden & Perkins of Boston. The followingisalist of the bids submitted at the sale:
Rate Bid.
Bidder100.117
As 2s: Stone & Webster and Blodget
100.083
Newton, Abbe & Co
_
_100.04
---- --- _
First Boston Corp-- ---- -100.91
Buttrick & Co
As 2Xs: Tyler,
100.355
Whiting, Weeks & Knowles
100.344
E. H. Rollins & Sons
101.09
As 23s: R. L. Day & Co
Financial Statement as of June 29 1934.
$171,517,030
Assessed valuation for year 1933
2,273,975
Total bonded debt, not including these issues
284.000
Water bonds (included in total debt)
Population (1933) 50.000 estimated.
-BOND SALE.
-The City Clerk
BURRTON, Harvey County, Kan.
2% semi-ann. gas distribution system bonds
reports that the $20,000 4.;.(
-have been purapproved by the voters on March 8-V. 138, P. 2115
chased by the Kansas State Bank of Wichita.
-The
-BOND SALE.
BUTLER COUNTY (P. 0. Hamilton), Ohio.
$100,000 coupon poor relief bonds offered on July 6-V. 138, p. 4329
were awarded as 2Ms to Otis & Co. of Cleveland, at par plus a premium
of $428.80. equal to 100.42, a basis of about 2.36%. Dated June 1 1934
and due as follows: $32,800 March 1 and $33,300 Sept. 1 1937 and $33,900
March 11938.
BUTLER TOWNSHIP SCHOOL DISTRICT (P. 0. Ashland)
-W. C. Devitt, District Solici-BOND SALE.
Schuylkill County, Pa.
tor, states that following cancellation of the sale on April 28 of $30,000
% school bonds at par to local banks, because the amount obtained
would not be sufficient to pay for the work contemplated-V.138. p.3134a further issue of $40.000 was then authorized and sold as follows: $20,000
each to the Citizens National Bank and the Ashland National Bank, both
of Ashland. The bonds are due May 16 1954, but callable at the District's
option on May 16 1939. This issue constitutes the District's only
Indebtedness.
-FEDERAL FUND
CABARRUS COUNTY (P. 0. Concord), N. C.
-A loan and grant of $58.500 for high school building conALLOTMENT.
struction was announced recently by the Public Works Administration.
The cost of labor and materials totals approximately $109,200, of which
30% is a grant. The remainder is a loan secured by 4% general obligation bonds.
CAIRO, Ritchie County, W. Va.-FEDERAL FUND ALLOTMENT.
-A loan and grant of $8,000 for water works system improvement was
announced recently by the Public Works Administration. The cost of
labor and materials totals approximately $7,200, of which 30% is a grant.
The remainder is a loan secured by 4% revenue bonds.
Tyler,
Volume 139
Financial Chronicle
CAMBRIA COUNTY (P. 0. Ebensburg), Pa.
-BOND OFFERING.
Henry L. Cannon, County Comptroller, will receive sealed bids until
11 a. m.(Eastern Standard Time) on July 23, for the purchase of $275.000
4, 43j or 43 coupon bonds. Dated Aug. 11934. Denom. $1,000. Due
Aug. 1 as follows: $32,000 in 1935 and $27,000 from 1936 to 1944, incl.
Registerable as to principal only. Interest payable in F. & A. Rate of
interest to be the same for all of the bonds. Proposals must be accompanied
by a certified check for 3% of the bonds bid for, payable to the order of
the County Treasurer. Sale will be made subject to the favorable legal
opinion of Townsend, Elliott & Munson of Philadelphia.
CAMBRIDGE SPRINGS, Crawford County, Pa.
-BOND ISSUE
DEFEATED.
-The proposal to issue $19,000 bonds was defeated at the
election held on July 10-V. 139, p. 146. Of the votes cast, 91 favored.
the measure and 171 were in opposition.
CAMDEN,Benton County, Tenn.
-FEDERAL FUND ALLOTMENT.
-A loan and grant of $46,000 for water works system construction was
announced recently by the Public Works Administration. The cost of
labor materials totals approximately $44.000, of which 30% is a grant.
The remainder is a loan secured by 4% revenue bonds.
CAMDEN, Camden County, N. J.
-TENTATIVE PWA ALLOTMENT MADE.
-Harold L. Ickes, Public Works Administrator, announced
on July 6 that a tentative allotment of $6,000,000 for construction of the
proposed municipal light system and power plant had been made. Mr.
Ickes stated, however,that unless the city obtains passage of an Act by the
Legislature which would permit it to borrow the funds without consideration of the present legal debt limit, the funds will be withdrawn and committed elsewhere. It was reported
that the PWA had rejected the
application for the allotment on the ground that it would result loan increase
in the city's debt beyond statutory limits.
-V. 138, P. 4495.
CAMILLUS COMMON SCHOOL DISTRICT NO. 4(P. 0. Syracuse)
Onondaga County, N. Y.
-The $25,000 coupon or
-BOND SALE.
registered school bonds offered on July 5-V. 138. p. 4495
-were awarded
as 4.30s to Phelps, Fenn & Co. of New York, at par plus a premium of
$15, equal to 100.06, a basis of about 4.29%. Dated July 1 1934 and due
$1,000 on July 1 from 1935 to 1959, incl. Other bids were as follows:
BidderInt. Rate. Premium.
A. C. Allyn & Co _
4.90%
$97.50
Lincoln National Bank
5%
25.00
CANAL WINCHESTER, Franklin County, Ohio.-PWA ALLOTMENT.
-The Public Works Administration has allotted $13,000 for water
works system improvements. Provision is made for the usual Federal
grant of 30% of the amount spent for labor and material, while the loan
portion of the allotment is secured bp 4% general obligation bonds.
CANONSBURG, Washington County, Pa.-PWA ALLOTMENT.
The Public Works Administration has allotted $55,000 to finance extension
of the storm water sewer system. This includes a grant equal to 30% of
the approximately $53,000 to be used in the payment of labor and the purchase of material. The balance is a loan, secured by 4% general obligation bonds.
CANTON, Madison County, Miss.
-BONDS VOTED.
-It is reported
that the city voted $160,000 in bonds for the installation of a municipal
gas pipe line and for the purchase of gas properties. It is said that the
bonds will be taken by the Public Works .Administration as collateral for
a loan.
CARROLL COUNTY CONSOLIDATED SCHOOL DISTRICT
(P. 0. Carrollton), Miss.
-It is reported that
-BONDS VOTED.
issuance of $15,000 in bonds for a school annex was recently approved. the
CARTHAGE, Moore County, N. C.
-BOND SALE DETAILS.
The $5.000 6% water bonds that were purchased at par by a local investor
-V. 139, p. 146
-are more fully described as follows: Denom. $200.
Dated March 15 1934. Due $200 from March 15 1939 to 1961, incl. Prin.
and hit, payable at the Bank of Pinehurst in Carthage.
CEDAR BLUFFS, Saunders County, Nab.
-BONDS OFFERED.Sealed bids were received until 8 p. m. on July 10, by E. H. Henderson,
Village Clerk,for the purchase of a $9,000 issue of 3H,3 or 4% semi-ann.
water bonds.
CEDAR RAPIDS INDEPENDENT SCHOOL DISTRICT (P. 0.
Cedar Rapids) Linn County, Iowa.
-BOND SALE.
-The $100,000
issue of 3H % semi-ann. refunding bonds offered for sale on July 5-V. 138,
P. 4495
-was awarded to the Merchants National Bank of Cedar Rapids,
paying a premium of $130,equal to 100.13. a basis of about 3.22%. Dated
July 15 1934. Due from July 15 1935 to 1942.
CHAMPAIGN SCHOOL DISTRICT, Champaign County, Ill.
BOND SALE.
-The Harris Trust & Savings Bank of Chicago recently
purchased an issue of $50,000 4% school bonds at a price of 103.41. John
Nuveen Sr Co. bid 103.01; Chandler Securities Co., 102.98, while Glaspell,
Vieth & Duncan offered 102.02.
CHARLOTTE Mecklenburg County, N. C.
-NOTE SALE.
-The
$94,000 issue of judgment funding notes offered for sale on July 10-V.
-was awarded to a syndicate composed of the American Trust
139, P. 146
Co., the Charlotte National Bank, the Commercial National Bank. and
the Union National Bank, all of Charlotte. as 4s, paying a premium of
$10. equal to 100.01, a basis of about 3.99%. Dated July 11934. Due
from June 1 1935 to 1939.
CHARLOTTESVILLE, Albemarle County Va.-BOND CALL.It is stated by Mayor F. W. Turgman that supplementary reservoir bonds,
dated Sept. 1 1908, and due in 1948. are called for payment at par on
Sept. 1,00 which date interest shall cease.
.
CHESTER, Horicon, Minerva and Schroon Central Rural School
District No. 9 (P. 0. Pottersville), Warren County, N. Y.-PWA
ALLOTMENT.
-The Public Works Administration has allotted $130,000
for school construction work. This includes a grant of 30% of the approximately $111,200 to be used in the payment of labor and material
costs. The balance is a loan, secured by 4% general obligation bonds.
CHICAGO SANITARY DISTRICT, Cook County, 111.
-REDUCES
DEFAULTED BOND INTEREST.
-A report submitted on July 2 to the
United States Supreme Court and covering the operations of the district
during the first six months of 1934, showed that the item of defaulted
bond interest had been reduced from $6,370,268 to $126,000, according
to the Chicago "Tribune" of the same day. The district, is it ssid, is
required to file a report in accordance with the Court's decree of April
1930, ordering that construction of a sewage treatment program be undertaken in order to reduce the water diversion from Lake Michigan.
CLARION, Wright County, Iowa.
-FEDERAL FUND ALLOTMENT.
-A loan and grant of $30,000 for sewage disposal plant construction was announced recently by the Public Works Administration. The
cost of labor and materials totals approximately $29,000, of which 30% is
a grant. The remainder is a loan secured by 4% bonds.
CLEAR CREEK TOWNSHIP, Monroe County., Ind.
-PROPOSED
BOND ISSUE.
-The Advisory Board has authorized the sale of $8,820
judgment funding bonds.
CLIFTON, Passaic County, N. J.
-BOND OFFERING.
-William
Miller. City Clerk, will receive sealed bids until 8:30 p. m. (Daylight
Saving Time) on July 17, for the purchase of $61,000 43I, 4%. 43. 5.
Isq or 5H% coupon or registered water system bonds. Dated June 1
1934. Denom. $1,000. Due June 1 as follows: $2,000 from 1935 to 1963,
incl. and $3,000 in 1964. Principal and interest (J. & D.) payable in lawful
money of the United States at the Clifton Trust Co., Clifton, or at the
Manufacturers Trust Co., New York. A certified check for 2% of the bonds
bid for, payable to the order of the city, must accompany each proposal.
The approving opinion of Hawkins, Delatield & Longfellow of New York
will be furnished the successful bidder.
COLORADO SPRINGS, El Paso County, Colo.
-BOND REFUNDING CONTEMPLATED.
-It is stated that the City Manager has been
authorized by the council to negotiate with bond houses in an effort to
refund $500,000 in outstanding gas plant bonds on a 4% basis.
COLUMBUS, Franklin County, Ohio.
-LEGAL BONDED DEBT
-In an opinion received on June 21 city officials were
LIMIT REACHED.
advised by Squire, Sanders & Dempsey of Cleveland that the legal bond
issuance power, both inside and outside the 15
-mill limitation, had been
exhausted because of the extensive public works program, according to
the Columbus "State Journal" of the following day. The ruling was given
309
specifically regarding the proposed bond issue of $13,000 to finance the
installation of white way lights around the new Federal postoffice building,
it is said. The decision will also necessitate abandonment of four other
improvement projects which were scheduled to be undertaken this year at
a cost of about $108,000.
CONCORD SCHOOL DISTRICT NO. 69 (P. 0. Clayton) St. Louis
County, Mo.-FEDERAL FUND ALLOTMENT.
-A loan and grant of
$39,600 for school construction was announced recently by the Public
Works Administration. The cost of labor and materials totals approximately $37,800, of which 30% is a grant. The remainder is a loan secured
by 4% general obligation bonds.
COOK COUNTY (P. 0. Chicago), 111.
-TAX COLLECTIONS.
Thomas D. Nash. County Treasurer, reported on July 4 that collection
had been made of $100,644,213 of 1932 taxes, or 47% of the total levy.
The total includes $59,367,141 in real estate taxes and $30,109,206 in
personal property taxes. The amounts still outstanding from those
sources are $81,211,060 and $35,001,131, respectively, it is said. Collections against the levies for the four preceding years to June 29 1934 are
shown herewith;
Per Cent
Collected.
1928Uncollected. Collected.
Real estate
$154,600,119
$13,948,923
91.72
Personal
27,806.933
12,230.150
69.45
Railroad
10,844,787
143.680
98.69
Total
1929Real estate
Personal
Railroad
$193,251,839
326,322,753
88.01.
$164.818,093
30,645,064
12,342,869
$37,603,433
14,856,142
279,065
81.42
67.35
97.79
Total
1930
Real estate
Personal
Railroad
$207,806,026
$52,738,640
79.76
$162,314,786
29,770,301
12,338,560
$59,137,302
25,721,938
1,001,617
73.30
53.65
92.49
Total
1931
Real estate
Personal
Railroad
$204,423,647
$85,860,857
70.42
$127,590,494
34,913,615
11,865,288
$52,324,910
35,878,076
1,184,219
70.92
49.32
90.92
$174,369,397
Total
$89,387,205
66.11
COON RAPIDS INDEPENDENT SCHOOL DISTRICT (P. 0. Coon
-BOND OFFERING.
-It is reported
Rapids), Carroll County, Iowa.
that sealed bids will be received until July 16, by the Secretary of the Board
of Directors, for the purchase of a $50,000 issue of school bonds. These
bonds were approved by the voters at an election on June 5.-V. 138.
p. 4163.
CORNELIA, Habersharn County, Ga.-FEDERAL FUND ALLOTMENT.
-A loan and grant of $90,000 for water works system construction
was announced recently by the Public Works Administration. The cost of
labor and materials totals approximately $83,000. of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
COTTON PLANT, Woodruff County, Ark.
-FEDERAL FUND
ALLOTMENT.
-A loan and grant of $41,000 was announced recently by
the Public Works Administration for sewer construction purposes. The
cost of labor and material totals approximately 336,000, of which 30% is a
grant. The remainder is a loan secured by 4% revenue bonds.
CRAWFORD COUNTY (P. 0. Bucyrus), Ohio.
-BOND OFFERING.
-The Board of County Commissioners will receive sealed bids until 10
a. m. on July 25 for the purchase of $18,000 5% poor relit bonds. Dated
July 1 1934. Due as follows: $3,700, Sept. 1. 1934: $3,400, March 1 and
$3,500, Sept. 1 1935; $3,600, March 1 and $3,800_, &et. 1 1936. Interest
is payable in M.& S. A certified check for $1,800 must accompany each
proposal.
CROWN POINT, Lake County, Ind.-PWA ALLOTMENT.
-Allot.
ment of $44,000 for construction of a sewage disposal plant has been announced by the Public Works Administration. This includes a grant equal
to 30% of the approximately $41,000 to be spent for labor and material.
The balance is a loan secured by 4% revenue bonds.
-ADDITIONAL INFORMACROWN POINT, Lake County, Ind.
TION.
-The $25,000 6% refunding bonds sold recently at par and accrued
-V. 138. p. 4495
interest to John Nuveen & Co. of Chicago
-are further
described as follows: Dated March 1 1934. Denom. $1,000. Due serially
on Jan. 1 from 1937 to 1943,incl. Interest payable in J. & J.
CUMBERLAND, Allegany County, Md.-ADDITIONAL INFOR-The $235,000 4% sewer bonds purchased recently by Alex.
MATION.
Brown & Sons of Baltimore at a price of 104.372-V. 139. p. 147
-are further described as follows: Dated Feb. 1 1934. Denom. $1.000. Due
Feb. 1 as follows: $5,000 from 1935 to 1938. incl.; $6.000, 1939; $7,000,
1940 to 1944, incl.; 38.000, 1945 to 1950. incl., and $9,000 from 1951 to
1964. incl. Legality approved by Niles, Barton, Morrow & Yost of Baltimore. Net interest cost of the financing to the city, about 3.62%.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-PARTIAL PAY-R. C. Chapman, County
MENT OF MATURING BOND PRINCIPAL.
Bond Clerk, stated on July 5 that payment would be made in cash of 40%
of the April and October 1934 general bond maturities, while a total of
$1,700,000 bonds will be refunded to mature from 1940 to 1949 incl. Only
10% of the maturing special assessment bonds will be paid in cash, leaving
$2,548,000 to be refunded.
DAINGERFIELD, Morris County, Tex.
-BOND DETAILS.
-$20,000
school district building and repair bonds that were anthorlzed by the voters
-were given approval by a count of 127 to 15.
on June 22-V. 139, p. 147
They are 5% bonds, due serially in from 1 to 40 years. It is stated by the
District Clerk that the State has promised to buy these bonds when issued.
DANSVILLE, Livingston County, N. Y.
-PROPOSED BOND SALE.
-The village intends to offer for sale soon an issue of $20,000 not to exceed
6% interest airport bonds, of $1.000 denoms. and due 31,000 each year.
DANVILLE, Pittsylvania County, Va.-BOND ISSUANCE CON-The City Auditor states that the issuance of $10,000 in
TEMPLATED.
street improvement bonds is being planned by the city.
DAVIDSON COUNTY (P. 0. Lexington), N. C.
-FEDERAL FUND
ALLOTMENT.
-The Public Works Administration recently announced a
loan and grant of $80,000 for school facilities. The cost of labor and
material totals approximately $76,500. of which 30% is a grant. The
remainder is a loan secured by 4% general obligation bonds.
DEER CREEK, Grant County, Okla.
-FEDERAL FUND ALLOT
MENT.
-A loan and grant of $25.000 for water works system construction
was announced recently by the Public Works Administration. The total
cost of labor and materials is put a approximately $24,000, of which 30%
,
is a grant. The remainder is a loan secured by 4% general obligation bonds.
DELPHOS, Allen County, Ohio.
-OBTAINS PWA ALLOTMENT.
The Public Works Administration has allotted $43,000 for water works
system improvements. This includes a grant equal to 30% of the $40,000
to be spent for labor and material, while the remainder consists of a loan,
secured by 4% revenue bonds.
DENNISON EXEMPTED SCHOOL DISTRICT,Tuscarawas County,
-G. W. Metcalf, Clerk of the Board of EducaOhio.
-BOND OFFERING.
tion, will receive sealed bids until 12 m. on July 25 for the purchase of
$5,510 5% refunding bonds. Dated July 1 1934. Denom. $500. Due
$500 on Sept. 1 from 1935 to 1945. incl. Bonds to be refunded are dated
Aug. 1 1927 and became due on March 1 1934. Interest on the new issue
will be payable in M. & S. A certified check for 2% of the bonds must
accompany each proposal.
DENVER (City and County) Colo.
-BOND CALL.
-The Manager of
Revenue is said to be calling for payment at his office, at par on July 31, or
on notice received 10 days prior to this call at the Bankers Trust Co. in
New York City various storm sewer, special sanitary sewer, sidewalk,
improvement, alley paving and street paving district bonds.
DIXON, Lee County, 111.-P WA ALLOTMENT.
-The Public Works
Administration has allotted $285.000 for sewer construction work. This
includes a grant of 30% of the estimate of $256,000 to be used in the payment of labor and the purchase of material. The balance is a loan,secured
by 4% revenue bonds.
310
Financial Chronicle
DUNCAN SCHOOL DISTRICT (P. 0. Duncan), Stephen• County,
Okla.
-BOND ELECTION CONTEMPLATED.
-It is reported that an
election will be held in the near future to vote on the issuance of 870,700
in school building bonds. An application is said to have been made for a
Public Works Administration grant on this project.
DUNKL1N COUNTY CONSOLIDATED SCHOOL DISTRICT
NO.9(P.O. Cardwell), Mo.-FEDERAL FUND ALLOTMENT.
-A loan
and grant of $27,000 for gymnasium construction was announced recently
by the Public Works Administration. The cost oflabor and materials totals
approximately $27,500, of which 30% is a grant. The remainder is a loan
secured by 4% general obligation bonds.
EAST HAMPTON, Middlesex County, Conn.-PWA ALLOTMENT
-The Public Works Administration has announced a loan and grant of
$80,000 for road improvement work. The grant will consist of 30%
of the amount to be expended on the project for labor and material. The
balance is a loan secured by 4% general obligation bonds.
EAST HUNGTINGTON TOWNSHIP SCHOOL DISTRICT (P. 0.
Alverton), Westmoreland County, Pa.
-BOND OFFERING.
-J. Henry
Bair, District Secretary, will receive sealed bids until 7:30
m.(Eastern
Standard Time) on July 25 for the purchase of $15,0 434, 451 or 5%
00
coupon school bonds. Dated May 15 1934. Denom. 1.000. Due
$5,000 on May 15 from 1938 to 1940 incl. Interest is payable M.& N. 15.
A certified check for $500, payable to the order of J. .1. Houser, District
Treasurer, must accompany each proposal. Issue will be sold subject
to approval of same by the Pennsylvania Department of Internal Affairs.
. EAST ORANGE, Essex County, N. J.
-PAYS $314,000 COUNTY
TAXES.
-The Finance Committee of ,he City Council completed arrangements on July 2 for the payment to the county of $314,000 for first and
second quarter taxes. Under an agreement between the city and the
county the taxes for this year are not payable until December, but the
payment for the first two quarters was ordered in order to effect a saving
In interest charges. Taxes for all previous years have been paid, it is said.
EAST ORANGE, Essex County, N. J.
-FINANCIAL STATEMENT.
-In connection with the public and private sale of a total of
$2,725,000 451% funding bonds, reported in V. 138. p. 4495, we give
the following with regard to the financial condition of the city:
Financial Statement (as of May 31 1934).
-Bonds (outstanding)
Gross debt
$11,271,945.00
Temporary bonds (outstanding)
1.739,450.00
$13,011.395.00
Deductions-Water debt
$1,003,000.00
Sinking funds,other than for water bonds
674,498.29
1,677,498.29
Net debt
$11,333,896.71
Bonds to be issued
$2,725,000.00
Debt included above to be funded by bonds
to be issued
1,439,950.00
1,285,050.00
Net debt,including bonds to be issued
812,618,946.71
Real.
Total.
Personal.
Assessed Valuations-.
$123,372,044
$9,706,900
1931
$133,078,944
123,597,284
9,862,000
133,459,284
1932
120,152,094
9,226,150
129,378,244
1933
116,204,194
7,125,800
1934
123,329.994
-Census of 1930, 68,020; present population (est.), 70,000.
Population.
-Fiscal year: 1934, $35.40 per $1,000; 1933, 829.80 per $1.000:
Tax Rate.
1932, $33.20 per $1,000; 1931, $34.00 Per $1,000.
Taxes Uncollected
-May 31 1934.
Uncollected
Total Tax
Balance
at Close
Including
Levy (Not
Uncollected
to May 31 1934.
Special Assessments).
of Levy Year.
81,471,399.96
$4,447,587.60
8171.650.40
1931
4,363,106.04
1.743,788.65
1932
533,875.86
1,544,209.46
1,114,933.90
3,788.007.63
1933
1934_x
4,375,070.75
3,259,730.36
x Closing May 31 1934.
-BONDS OFFERED.
EAST PROVIDENCE, Providence County, R.I.
-G.M.Hull, Town Treasurer, received sealed -bids until 5 p. m.(Daylight
Saving Time) on July 13 for the purchase of $166,000 4% coupon bonds,
divided as follows:
$105.000 high school construction bonds. Due March 1 as follows: $2,000
from 1935 to 1938 incl.; $3,000 in 1939 and 1940; 84,000, 1941 to
1944 incl. and $5,000 from 1945 to 1959 incl.
61,000 elementary schools construction bonds. Due March 1 as follows:
$1,000 from 1936 to 1939 incl.; $2,000, 1940 to 1947 incl.; $3,000.
1948 to 1954 incl. and $4,000 from 1955 to 1959 incl.
Each issue is dated March 1 1934. Denom. $1,000. Principal and
interest (M. & S.) payable at the Town Treasurer's office or, at holder's
option, at the First National Bank, Boston. Coupon bonds, registerable
as to both principal and interest. Legality approved by Ropes, Gray,
Boyden & Perkins of Boston.
Financial Statement (July 1 1934).
Assessed valuation, June 15 1934
$43,339,370.00
Total bonded debt (present issues included)
3,682,000.00
Water bonds (included in total bonded debt)
802,500.00
Sinking funds (other than water)
355,856.04
Population (approximate), 30,000.
EAST ST. LOUIS, East Side Levee and Sanitary District, III.-The Public Works Administration has allotted $2,PWA ALLOTMENT.
360.000 for water system improvement purposes. It has been estimated
that $1,782,000 will be spent for labor and materials. The Federal Government will assume 30% of the cost of such expenditures as its contribution
toward the project. The balance of the funds comprise a loan, secured
by 4% general obligation bonds.
-In conEAU CLAIRE, Eau Claire County, Wis.-OTHER BIDS.
nection with the report given in V. 138, p. 4496, of the award of $152,000
4% semi-ann. water works bonds to the Union National Bank of Eau
Claire, at 105.50, a basis of about 3.19%, we quote in part as follows from
the Eau Claire "Leader" of June 28:
"It was the highest of the six bids submitted on the issue. The bids
were opened by the city council at its regular meeting yesterday and the
Union National Bank bid was inunediately accepted by the council. It
was the largest premium, it was said, ever offered on any bond issue sold
by the city.
-"The second highest premium offered, $7.673.26, was that of the Harris
Trust & Savings Bank, Chicago. The Wells-Dickey Co., Minneapolis.
was third high with $6,385, and Brown-Harriman & Co., Chicago, was
low with a premium bid of $240. The other two bids were 24.668 by Becker
& Co., Chicago, and $2,888 by Barney Johnson & Co., Eau Claire.
"The 2152,000 was what was left of the original issue of $250,000 after
the city invested $27,000 of its own trust funds in them, sold 839,000 to
local investors and retained $12,000 for certain possible contingencies.
-DETAILS OF REFUNDING
r"ECORSE, Wayne County, Mich.
-John S. Rae, refunding agent for the village. Is reported to have
PLAN.
made public recently complete details regarding a plan for refunding all
of the debt obligations of the municipality, whether already matured and
in default or those still outstanding. Initial default on bond principal
occurred July 1 1931 and on bond interest, Jan. 1 1932. The plan, it is
said, provided as follows:
"All outstanding bonds are to be refunded for a period of 30 years from
Feb. 1 1934, and will bear the same rate of interest as loans by the bonds
and notes to be refunded. All outstanding notes are to be refunded for
a period of 20 years from Feb. 1 1934. All interest matured up to Dec.
-year certificates of indebtedness. All
31 1933, is to be refunded into 10
interest matured from Jan. 1 1934 to Feb. 1 1934, will be paid in cash at
3%. The difference between the cash payment and the amount of the
-year certificates of indebtedness. All
coupons will be funded into 10
interest accruing from the last interest date prior to Feb. 1 1934, will be
in full in cash. The details of this refunding plan have been approved
paid
by the Michigan Public Debt Commission and the bondholders' protective
committee. The legality will be approved by Messrs. Miller, Canfield,
Paddock & Stone. Bonds to be exchanged would be forwarded to the
Ecorse Savings Bank and refunding bonds will be ready for delivery July
9 1934."
July 14 1934
ELBERT COUNTY (P. 0. Klowa), Colo.
-WARRANTS CALLED.The County Treasurer is said to have called for payment at his office various
school and county warrants. The interest on the school warrants ceased
on July 3 and on the county warrants it ceased July 13,
EL1DA SCHOOL DISTRICT NO.2(P.0. Elida), Roosevelt County,
N. M.
-The Clerk of the Board of Education is said
-BONDS CALLED.
to be calling for payment at his office or at the First National Bank in
Enda,535% school bonds, bearing date of July 1 1926 and due on July 11934,
ELLISBURG, HENDERSON AND ADAMS CENTRAL SCHOOL
DISTRICT NO. 2 )P. 0. Belleville), Jefferson County, N. Y.
-BOND
OFFERING.
-Roger G. Eastman, District Clerk, will receive sealed bids
until 10:30 a. m.(Eastern Standard Time) on July 23 for the purchase of
$73,000 not to exceed 6% interest coupon or registered school bonds.
Dated July 1 1934. Denom.$1,000. Due July 1 as follows: $1,000, 1936
to 1938 incl.; $2,000, 1939 to 1949 incl.; $3,000, 1950 to 1957 incl.; 24,000,
1958. $3,000, 1959 to 1982 incl. and $4,000 in 1963 and 1964. Bidder to
name a single interest rate for all of the bonds, expressed in a multiple of
5/ or 1-10th of 1%. Principal and interest (J. & J.) payable in lawful
money of the Unized States at the Citizens & Farmers 'Trust Co., Adams.
The bonds are declared to be direct general obligations of the District,
payable from unlimited taxes. A certified check for $1,400, payable to the
order of W. S. Martin, District Treasurer, must accompany each proposal.
The approving opinion of Clay, Dillon & Vandewater of New York will be
furnished the successful bidder.
ELLWOOD CITY, Lawrence County, Pa.-PWA ALLOTMENT.In allotting $97,000 for construction of additional sewerage facilities, the
Public Works Administration agreed to a grant equal to 30% of the amount
used by the city in the payment of labor and material costs. The balance
consists of a loan, secured by 4% general obligation bonds.
EL PASO COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 5
(P. 0. Monument), Colo.
-BOND SALE.
-A 83__,8 000 issue of 451%
refunding bonds was purchased on July 5 by Peters, writer & Christensen,
Inc.; M. E. Traylor & Co. and Amos C. Sudler, all of Denver, jointly,
at a price of 100.31, a basis of about 4.22%. Due $2,000 in 1935 and
53,000, 1936 to 1947.
EMPORIA, Greeneville County, Va.-BOND OFFERING.
-Sealed
bids will be received until noon on July 26 by W. W. Robertson, Town
Clerk, for the purchase of a $15,000 issue of 45i% water and sewer refunding bonds. Denom. $500. Dated Aug. 1 1934. Due on Aug. 1 1944.
Prin. and int. (F. & A.) payable at the office of the Town Treasurer. The
approving opinion of the Town Attorney will accompany the issue. Bonds
to be prepared by the purchaser.
ENID SCHOOL DISTRICT (P. 0. Enid), Gargeld County, Okla.-A loan and grant of $120.500 for
FEDERAL FUND ALLOTMENT.
school construction was announced recently by the Public Works Administration. The cost of labor and material totals approximately $113,700,
of which 30% is a grant. The remainder is a loan secured by 4% general
obligation bonds.
-BOND REFUNDING PROGRAM.
ENNIS, Ellis County, Tex.
The following is a copy of the proposed refunding plan on the bonds of
this city, furnished to us by Garrett & Co. of Dallas, who are handling
the program:
CITY OF ENNIS, TEX., REFUNDING PROGRAM.
IShowing the First Line the Now Outstanding Maturities, and the Second
Line Indicating the Years into Which These Are Refunded by This
Program.'
1. Street paving, series 2 551s, Mai 10 1923:
Old maturities
1933 34 35 36 37 38 39 40 41 42 43 44
New maturities...
38 40 41 42 44 47 48 50 52 54
2. Street paving, series 3 55, Nov. 24 1924:
Old maturities
1933 34 35 36 37 38 39 40 41 42 43 44
38 39 41 42 44 45 48 50 52 54
New maturities_
g,
3. Street paving, series 1926 55, Feb. 10 1926:
Old maturities
1933 34 35 36 37 38 39 40 41 42 43 44
New maturities_ _ _ 38 39 41 42 43 45 49 50 52 54
4. Hospital 5348, Jan. 10 1923:
Old maturities
1933 34 35 36 37 38 39 40 41 42 43 44
New maturities
38 40 41 43 44 46 49 51 53 54
_
5. Refunding, series 1925 4(s, Aug. 25 1925:
Old maturities
1933 34 35 36 37 38 39 40 41 42 43 44
New maturities _ 37 38 40 41 43 44 46 49 51 53 54
6. Water and sewer 5s, Jan. 10 1923:
Old maturities
1933 34 35 36 37 38 39 40 41 42 43 44
New maturities - --1937 37 38 40 41 43 44 47 49 51 5:3 54
7. Water and sewer, series 5 534s. Oct. 10 1923:
Old maturities
1933 34 35 36 37 38 39 40 41 42 43 44
New maturities _ -- -1937 37 38 40 41 43 44 47 49 51 53 54
8. Water system 4 Hs, Aug. 15 1925:
Old maturities
1933 34 35 36 37 38 39 40 41 42 43 44
New maturities - - - -1937 37 39 40 42 43 44 47 49 51 53 54
9. Water and sewer, ref. 45-15, Aug. 15 1925:
Old maturities
1933 34 35 36 37 38 39 40 41 42 43 44
39
New maturities.- -47
10. Sewer system 43(5, Sept. 15 1926:
Old maturities
1933 34 35 36 37 38 39 40 41 42 43 44
39 40 42 43 44 49 51 53 55 55
New maturities __ ..1937 38
12. Funding warrants. 68, April 10 1931:
Old maturities
1933 34 35 36 37 38 39 40 41 42 43 44
New maturities _ _ - 39 40 42 43 44 48 50 52 53 55
13. Water and sewer, series 1 6s, July 1 1928:
35 36 37 38 39 40 41 42 43
Old maturities
New maturities __
39 40 42 43 44 48 50 51 53
14. Water and sewer, series 2 68, July 15 1929:
Old maturities
35 36 37 38
39 41 42 43
New maturities _ -15. Water and sewer, series 3 Os, Jan. 15 1930:
35 36 37 38
Old maturities
New maturities.39 41 42 42
All past due coupons are to be refunded into scrip payable in 1935 and
1936.
ESSEX, Middhesex County, Conn.-PWA ALLOTMENT.
-A loan
and grant of $66,000 for road improvement work has been announced by
the Public Works Administration. The usual grant of 30% of the exlabor and material costs is included in the amount.
penditures incurred for
The loan portion of the allotment is secured by 4% general obligation bonds.
EVANSVILLE, Vanderburg County, Ind.-PWA ALLOTMENT.The Public Works Administration has allotted 81,172,000 to the city for
construction of an intercepting sewer plant. This includes a grant equal
to 30% of the approximately $1,065,000 to be expended in labor and material
costs. The balance is a loan, secured by 4% revenue bonds.
EVANSTON TOWNSHIP HIGH SCHOOL DISTRICT No. 202 III.
BOND SALE.
-The Channer Securities Co. of Chicago has purchased an
issue of 875,000434% refunding bonds. Dated July 1 1934 and due July 1
1954. Interest payable in J. de. J.
FAIRBURY, Livingston County, III.-PWA ALLOTMENT.
-The
Public Works Administration has allotted $55,000 for water works system
improvements. This includes a grant equal to 30% of the approximately
$50,000 to be used in the payment oflabor and material costs. The balance
is a loan secured by 4% revenue bonds.
-BONDS AUTHORIZED.
FAIRPORT, Belmont County, Ohio.
The Village Council recently passed an ordinance providing for the issuance
of $76,000 first mortgage serial water works system construction bonds.
-FEDERAL FUND ALLOTMENT.
FAISON, Duplin County, N. C.
-A loan and grant of $47,000 for water works system construction was
announced recently by the Public Works Administration. The total cost
of labor and material is put at approximately $35,000, of which 30% is a
grant. The remainder is a loan secured by 4% general obligation bonds.
FAYETTEVILLE, Cumberland County, N. C.
-MATURITY
.-The
815.000 4% semi-annual water bonds that were purchased by the Caledonia
-V.138, p.3643-are due $1,500
Savings Bank & Trust Co. of Fayetteville
from March 1 1935 to 1944 incl.
FAYETTEVILLE, Lincoln County, Tenn.
-FEDERAL FUND
ALLOTMENT.
-A loan and grant of 811,000 for water extension was announced recently by the Public Works Administration. The cost of labor
and materials totals approximately 89,600. of which 30% is a grant. The
remainder is a loan secured by 4% revenue bonds.
Volume 139
Financial Chronicle
FLATHEAD COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Columbia
Falls), Mont.
-BONDS VOTED.
-It is said that the voters recently approved the issuance of $50,000 in school dormitory building bonds.
FLETCHER, Miami County, Ohio.-PWA ALLOTMENT.
-The
Public Works Administration has allotted $28,000 for water works
system construction purposes. This includes a grant equal to 30% of the
approximately $26,000 to be used in the payment of labor and the purchase
of material. The balance is a loan secured by 4% revenue bonds.
FOREST GLEN PARK DISTRICT (P. 0. Chicago), Cook County,
111.-P WA ALLOTMENT.
-The Public Works Administration has allotted
$35,800 for building purposes. This includes a grant of 30% of the approximately $34.300 to be spent for labor and material. The balance
is a loan secured by 4% general obligation bonds.
FOREST HILLS, Allegheny County, Pa.
-BOND SALE.
-The
$95,000 coupon or registered bonds offered on July 11-V. 138, p. 4330
were awarded to Singer, Deane & Scribner, Inc. of Pittsbrugh, as 4s a
par plus a premium of $2,200, equal to 102.31, a basis of about 3.72%s
Dated May 1 1934 and due May 1 as follows: $5,000 from 1938 to 1941
incl.: $10,000 from 1942 to 1948 incl., and 15,000 in 1949. Other bids
were as follows:
BidderPrem.
Int. Rate.
E. H. Rollins & Sons
47
$1,282.50
Glover & MacGregor, Inc
4
2,002.00
McLauglin, MacAfee & Co
480.50
4
FORESTPORT, Oneida County, N. Y.
-BOND SALE.
-Hilda
Avery, Village Clerk, reports that the First National Bank of Boonville
purchased on June 18, at a price of par, an issue of $2.000 4.14% water
system repair bonds. Dated July 1. 1934. Denom. $400. Due $400
on July 1 from 1935 to 1939 incl. Interest payable annually in July.
FORT BEND COUNTY ROAD DISTRICT NO.6 (P. 0. Richmond),
Tex.
-BOND CALL.
-A call has been issued for payment at the State
Treasurer's office on Aug. 1, of 514% series A bonds of the above district.
Interest shall cease to accrue on Aug. 1.
FORT SMITH WATER WORKS DISTRICT (P. 0. Fort Smith),
Sebastian County, Ark.
.-A loan
-FEDERAL FUND ALLOTMENT
and grant of $1,650,000 for water supply was announced recently by the
Public Works Administration. The cost of labor and material totals
approximately $1,270,000, of which 30% is a grant. The remainder
is a loan secured by 4% Federal ownership of the project and lease to
applicant with option of purchase from revenue.
FORT WORTH, Tarrant County, Tex.
-WARRANTS CALLED.
is reported that city warrants up to and including No. 11,900 are being
called for payment at the First National Bank in Fort Worth.
FRANKLIN COUNTY (P. 0. Hampton), Iowa.
-CERTIFICATE
SALE.
-The $60,000 issue of 3% anticipatory certificates offered for sale
on July 6-V. 138, P. 4496
-was purchased by the Carleton D. Bob Co.
of Des Moines, at par. Due $30,000 on or before Dec. 31 1935, and $30,000 on or before Dec. 311936.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND SALE.The $220,000 poor relief bonds offered on July 7-V. 138, p. 4330
-were
awarded to Halsey, Stuart & co, Inc. of Chicago, as 21(s, at par plus a
premium of $170.50, equal to 160.07, a basis of about 2.24%. Dated
June 15 1934 and due as follows: $3,900 Sept. 1 1934; $3,600. March 1,
and $3,700, Sept. 11935; 13,800, March 1 and $4,000, Sept. 11936; $65,000, March 1 and $67.000. Sept. 1 1937, and $69,000 March 11938. The
bankers are re-offering the bonds for public investment at prices to yield
from 0.25 to 2.25%, according to maturity. The folliwing is an official
list of the bids submitted at the sale:
BidderRate of Int. Premium,
Fox, Einhorn & Co., Cincinnati; Grau & Co.; Edw.
Brockhaus & Co.; Nelson Browning & Co
3%
3733.00
Seasongood & Mayer, Cincinnati; Well. Roth &
Irving Co.; Assel, Goetz & Moerlein, Inc
112.75
* Halsey, Stuart & Co., Chicago
234%
170.50
Lowry Sweney, Inc., Columbus; Hayden Miller &
Co., Cleveland _ _ ___ _
_____ _
2, ,%
3
4
446.00
BancOhlo Securities
Stranahan,
______________ -_
Harris & Co. Toledo; Provident Savings Bank &
Trust Co., Cincinnati; Van Lahr, Doll & Isphording, Cincinnati
3%
308.00
Otis & Co., Cleveland
235%
186.00
* Successful bidder.
FRANKLIN COUNTY CONSOLIDATED SCHOOL DISTRICT
NO. 3 (P. 0. Union), Mo.-FEDERAL FUND ALLOTMENT.
-A loan
and grant of $68,000 for high school building was announced recently by
the Public Works Administration. The cost of labor and materials totals
approximately $65,200, of which 30% is a grant. The remainder is a
loan secured by 4% general obligation bonds.
FREDERICK, Brown County, S. Dak.-FEDERAL FUND ALLOTMENT.
-A loan and grant of $19,000 for water improvements was announced recently by the Public Works Administration. The cost of labor
and material totals approximately $15,000. of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
FREELAND, Luzerne County, Pa.
-BOND SALE,
-The $35,000
5% coupon refunding bonds offered on July 2-V. 138, p. 3982
-were.
purchased at a price of par by the First National Bank of Freeland. Dated
July 1 1934 and due in from 1 to 15 3ears.
FREEPORT, Nassau County, N. Y.
-BOND ELECTION.
-At an
election to be bald on July 21 the voters will consider propositions providing for issuance of $64,000 water main and $42,800 sewage treatment
plant bonds.
FREMONT COUNTY INDEPENDENT SCHOOL DISTRICT NO. 2
(P. 0. St. Anthony), Ida.
-It is announced by S. D.
-BOND CALL.
Farnsworth, District Treasurer, that the district will exercise its option
and call for payment on July 20, a total of $35,000 in 51.5% school bonds.
Denom. $1,000 Dated June 1 1919. The bonds are to be presented for
payment at any Boise bank. The Department of Public Investments,
Boise, will pay the face value of the bonds, plus accrued interest to date
of call, on which date interest shall cease.
GALLATIN SCHOOL DISTRICT (P. 0. Los Angeles), Los Angeles
County, Calif.
-The $20,000 issue of not to exceed
-BONDS NOT SOLD.
5% semi-annual school bonds offered on July 2-V. 138, p. 4331-was not.
sold as no bids were received, according to the Chief Clerk of the Board of
Supervisors. Dated July 1 1934. Due $1,000 from July 1 1935 to 1954
inclusive.
GALVA, McPherson County Kan.
-FEDERAL FUND ALLOT,
MENT
.-A loan and grant of$6,000 for city hall building construction
was announced recently by the Public Works Administration. The cost
oflabor and materials totals approximately $5,600, of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
GONZALES, Gonzales County, Tex.
-BONDS APPROVED.
-The
Attorney-General is said to have approved recently an issue of 1197,500 in
6% refunding bonds. Dated Jan. 12 1934. Due from 1935 to 1949.
GRAND RAPIDS SCHOOL DISTRICT, Kent County, Mich.
DETAILS OF REFUNDING PLAN.
-Braun, Bosworth & Co. of Toledo,
agents for the district in the projected exchange of $300,000 refunding
bonds for a like amount due Sept. 1 1934-V. 138. P. 4496
-declare that
the bonds to be refinanced are part of the total of $400,000 all due on the
same date. The remaining $100,000, of which $50,000 are dated Feb. 1
1926 and $50,000 refundings dated Sept. 1 1932 and Sept. 1 1933, will
be paid as scheduled. The refunding bonds will be dated June 1 1934,
bear the same interest rate as that carried on the old bonds and mature
$30,000 annually on Sept, 1 from 1937 to 1946 inci. Legality to be approved
by Chapman & Cutler of Chicago. Further details regarding the exchange
offer can be obtained upon inquiry to Braun, Bosworth & Co.
-LEGALITY APPROVED.
GREENWOOD,Greenwood County, S. C.
-An issue of $100,000 4% water works revenue bonds is reported to have
been approved as to legality by Benj. H. Charles, of St. Louis. Dated
March 11934. (These bonds are part of an authorized issue of $161,000.)
The Public Works Administration has already approved an allotment of
1200,000.-V. 138, P. 1261.
GREENWOOD COUNTY (P. 0. Greenwood), S. C.
-FEDERAL
FUND ALLOTMENT.
-The Public Works Administration recently announced a loan and grant of $2',767.000 for hydro-electric plant construc-
311
tion. The cost of labor and material totals approximately $2.190,000.
of which 30% is a grant. The remainder is a loan secured by 4% revenue
bonds.
GROSSE ILE TOWNSHIP (P. 0. Grosse Ile), WayneCounty,
ion has au-The Public Debt Co
Mich.
-BONDS AUTHORIZED.
thorized the township to issue $35,580 special assessment refunding and
$9,000 general obligation road bonds.
GROSSE POINTE TOWNSHIP RURAL AGRICULTURAL SCHOOL
DISTRICT NO. 1 (P. 0. Grose Pointe), Wayne County, Mich.
-The State Loan Board has approved the DisLOAN AUTHORIZED.
trict's application for permission to issue $100,000 notes in anticipation of
tax collections during the fiscal year beginning July 1 1934.
-BOND REFUNDGUILFORD COUNTY (P.O. Greensboro), N. C.
ING APPROVED.
-On June 26 the Local Government Commission is said
to have approved the refunding of 1153,000 of county short-term bonds,
maturing this year, as mentioned in V. 138, P. 3812.
-TEMPORARY LOAN.
-The
HAMILTON, Essex County, Mass.
Day Trust Co. of Boston was awarded on July 10 a $20,000 tax anticipation
loan at 0.40% discount basis. Due Dec. 15 1934. Other bids were as
follows: Merchants National Bank of Boston, 0.47%; Second National
Bank of Boston, 0.49%; Merchants National Bank of Salem. 0.51%;
Faxon, Gade & Co., 0.63%; and First Boston Corp., 0.64%.
HANCOCK COUNTY (P. 0. Sparta), Ga.-FEDERAL FUND ALLOTMENT.
-A loan and grant of $50,000 for school building construction
was announced recently by the Public Works Administration. The cost
of labor and materials totals approximately $48,000, of which 30% is a
grant. The remainder is a loan secured by 4% bonds.
-FACES DEHANOVER TOWNSHIP SCHOOL DISTRICT, Pa.
-The Board of Education was notified on
FAULT ON $15,000 BONDS.
June 25 that only four cents remained in its depository to meet a $15,000
bond issue due on July 15. The district, it is Said, will be forced to default
on the obligations, as was done in the case of $23,000 bonds which matured
in June. Plans are being made to hold an election on the question of
issuing bonds for the purpose of providing for the payment of teachers'
salaries due since Dec. 1 1933. The financial difficulties of the district
stem from the refusal of the Glen Alden Coal Co.to pay its taxes, according
to the Wilkes-Barre "News" of June 25.
-FEDERAL FUND ALLOTHARCOURT, Webster County, Iowa.
MENT.
-A loan and grant of $19,000 for water works system construction was approved recently by the Public Works Administration. The
cost of labor and materials totals approximately $18,000, of which 30% is
a grant. The remainder is a loan secured by 4% general obligation bonds.
-FEDERAL FUND ALLOTHASKELL, Haskell County, Tex.
MENT.
-A loan and grant of $45,000 for water works system improvement was announced recently by the Public Works Administration. The
cost of labor and materials totals approximately $41,000, of which 30%
is a grant. The remainder is a loan secured by 4% revenue bonds.
-BOND SALE.
-The $75,000
HATBORO Montgomery County, Pa.
-were awarded
coupon refunding bonds offered on July 2-V. 138. P. 3982
as 35.6s. to Bioren & Co. of Philadelphia, at a price of 103.541. a basis of
about 2.92%. Dated July 1 1934 and due $15,000 on July 1 from 1939 to
1943, inclusive.
-TEMPORARY LOAN.
-W. 0.
HAVERHILL, Essex County, Mass.
Gay & Co. of Boston were successful bidders on July 10 for an issue of
$200,000 tax anticipation notes at a discount basis of 0.88%. Due Oct. 8
1934. Other bids were as follows: First National Bank of Boston, 1.43%;
Faxon, Cade & Co., 1.47%; National Shawmut Bank, 1.53%; and Newton,
Abbe & Co., 1.55%.
-CITY EMPOWERED TO
HAZLEHURST, Copiah County, Miss.
-The following report is taken from a
ISSUE REFUNDING BONDS.
dispatch to the Jackson "News" of July 3:
Hazlehurst
"Acting under a decision of Chancellor V. J. Stricker, the city council of
Hazlehurst is empowered to issue refunding bonds to take care of paying
and sewerage debts. The new bonds are to replace those bonds which
have fallen due and which the city was unable to pay because a great number of property owners abutting paving projects were unable to meet their
assessments at this time. An injunction had been sought by some citizens
here to prevent the refunding bonds being made an obligation of the entire
city, as the objectors wanted the bonds to pledge only the property of those
abutting the paving projects. The new bonds will pledge the faith and
credit of the city, to the extent of the property abutting payments, and not
pledge all property in the town."
-BOND ELECTION CONTEMHEARNE Robertson County, Tex.
-It is reported that an election will be held in the near future
PLATED.
to have the voters pass on the proposed issuance of $25,000 in water works
improvement bonds.
-The
HEBRON, Licking County, Ohio.-PWA ALLOTMENT.
Public Works Administration has announced an allotment of $47,000 for
construction of a water works system. A grant equal to 30% of the
estimate of $43,000 to be expended for labor and material constitutes the
Federal Government's share of the cost of the project. The balance is a
loan secured by 4% revenue bonds.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 28 (P. 0.
-NO BOND ELECTION HELD.
Long Beach), Nassau County, N. Y.
The District Clerk states that opposition to the proposal by the Board
resulted in abandonment of the
of Trade and the Taxpayers' Association
plan to hold an election on July 9 on the question to issue $100,000 high
-V. 138, P. 4331. The organizations opposed
school building site bonds
the plan on the ground that many of those eligible to vote at that time
were only summer residents and therefore not immediately concerned with
the project in question.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 11 (P. 0.
-Herbert J.
-BONDS OFFERED.
Oceanside) Nassau County, N. Y.
Buchan, District Clerk, received sealed bids until 3:30 p. m. (Eastern
Standard Time) on July 13, for the purchase of $414,000 not to exceed 5%
Interest coupon or registered school bonds. Dated July 1 1934. Denom.
$1,000. Due July 1 as follows: $14,000 from 1935 to 1963,incl. and $8,000
In 1964. Principal and interest (J. & D.) payable in lawful money of the
United States at the Oceanside National Bank, Oceanside, or at the Chase
National Bank, New York. The bonds are declared to be direct obligations
of the District, payable from unlimited taxes. Legality approved by Clay.
Dillon & Vandewater of New York,
Financial Statement.
$19,152,737
Assessed valuation of taxable real property
806,000
Total bonded debt (incl. present issue)
Population about 8,000.
taxing dis*The total debt above stated does not include the debt of any
trict having power to levy taxes upon any or all of the property subject to
the taxing power of the district.
1933-34.
1932-33.
1931-32.
TazData$219,375.76 $202,601.29 $170,509.03
Taxes levied
6,168.25
None
None
Uncollected at end of fiscal year
6.168.25
None
None
Uncollected as of date of this notice
end of fiscal year.
Taxes become delinquent at
County, Mich.
HIGHLAND PARK SCHOOL DISTRICT, Wayne
-EXTENT OF PREVIOUS OPERAJUNE 1 1934 BONDS REFUNDED
District has started the refunding of 1260.000 bonds of the
TIONS.
-The
total of $325,000 which matured on June 1 1934. Payment is being made
on the basis of 20% in cash and the balance of 80% in 414% refunding
bonds, dated June 1 1934 and due June 1 1949. The Manufacturers National Bank of Detroit is acting as refunding agent. In connection with
this latest exchange offer, Mabel G. Herald, Secretary of the Board of
Education, has made public the following information dealing mainly with
the previous refunding operations conducted by the District:
"Population 1930, 52.817. Area, 2.96 sq. miles. About 35% of taxes are
paid by Ford Motor Co., Chrysler Corporation, Detroit Edison CO..
Briggs Manufacturing Co., Detroit Street Railways and Detroit City Gas
Co.
"The District has paid $1,617,000 on principal of its bonded debt during
the fiscal years 1934 to 1932, inclusive, and will pay $161,500 during the
fiscal year 1933, ending June 30 1934.
"The District refunded $420,000 out of $550,000 of bonds due June 1
1932, with serial bonds dated June 1 1932,$35,000 due June 1 1933 to 1944,
inclusive.
"Also refunded $237,750 out of $325,000 of bonds due March 15 1933
with 5% sinking fund bonds dated March 15 1933, due March 15 1943.
312
Financial Chronicle
July 14 1934
"Also refunded $52,500 out of $75,000 of bonds due Aug. 1
Baltimore, as 4s, at 100.71, a basis of about 3.90%, as reported in V. 139,
437 sinking fund bonds dated Aug. 1 1933, due Aug. 1 1943. 1933, with
D. 148:
"District is refunding $260,000 out of $325,000
Interest
with 4%% sinking fund bonds dated June 1 1934,of bonds due June 1 1934.
Amount
due June 1 1949.
Name of Bidder"Also refunded $80,000 out of $250,000
Rate.
Bid.
notes
John Nuveen & Co
dated April 15 1933, due April 15 1934, withof 6% tax anticipation dated
$96,320.51
4 %
5% sinking fund bonds
The Atlantic National Bank of Jacksonville
April 16 1934, due April 16 1937, pledging collections of delinquent taxes
95,640.30
4 X%
Pierce-Blese Corporation
of 1930, 1931 and 25% of 1932
95,010.00
4g%
taxes•
The Barnett National Bank of Jacksonville
95,330.80
"Exclusive ofabout described refunding
4e%
Mercantile Trust Co. of Baltimore, Marylandof long term bonds due 1953 to 1957." bonds,the District has $2,390,000
95,674.50
Harris Trust & SavingsBank
95,517.00
4
Statement at Close of Business June 1 1934.
Childress and Co., Jacksonville, and Trust Co. of
Total bonded debt
$3,418,500.00
Georgia, Atlanta
4%
.
5,51. p
1381..00
Sinking funds:
BONDS DEFEATED.
-At the election held on June 29-V9
Securities
.
$548,593.45
-the voters rejected the proposal to issue $2,443,000 in bonds for
3983
Cash: For Long term bonds
$62,779.24
various purposes
For refunding term bonds
590.11
JEFFERSON COUNTY (P. 0. Oskaloosa), Kan.
63,369.35
-BOND SALE
DETAILS.
611,962.80
-The $5.000 relief bonds that were purchased by the Columbian
Securities Corp. of Topeka, as 4s, at a price of 100.49-V. 138, 1?• 3317
Net bonded debt
are in the denomination of $500 each. and mature $500 from May 1 1935
$2,806,537.20
1934 tax notes due Aug. 10 1934
to 1944, giving a basis of about 3.90%•
200,000.00
Total debt
JENKINS COUNTY (P. 0. Millen), Ga.-FEDERAL FUND ALLOT$3.006,537.20
Tax collection history of the district is as follows:
MENT.
-A loan and grant of $14,4001 for bridge construction was announced recently by the Public Works Administration. The cost of labor
Assessed
Taxes
% Collected % Collected
and material totals approximately $14,700, of which 30% is a grant. The
Year
Valuation.
Levied.
Levy. June 1 1934
Rate. Year of
remainder is a loan secured by 47° bonds.
1930
600
1.28 40
91.82
11095:950
1,30
078
JENKINTOWN SCHOOL DISTRICT, Montgomery County, Pa..
40
85.22
805:2752
78
1932
91,406,650
PWA ALLOTMENT.
1,096,503 12.00
-The Public Works Administration has allotted
72
1933
76,775,159
921,301 12.00
$14,770 to finance installation of an electric wiring system. This includes a
67.34
1934
77.744.550
1,026,228 13.20
grant equal to 30% of the approximately $13,900 to be used in the payment
Fiscal year begins July 1.
of labor and material oasts. The balance is a loan, secured by 4% general
maim°
obligation bonds.
HINSDALE SCHOOL DISTRICT NO. 55, III.
-BONDS VOTE57At an election held early in June a proposal to issue $70.000 teachers'
JOHNSTOWN SCHOOL DISTRICT, Cambria County, Pa.
-BOND
orders bonds was approved by a vote of 65 to 13.
EXCHANGE REQUESTED.
-Holders of $4474,000 bonds, comprising principal maturities in the fiscal years 1932-1933, 1933-1934 and 1934-1935,
HORNELL, Steuben County, N. Y.
-BONDS AUTHORIZED.
-The
are being asked to forward them to the United States National Bank,
Common Council on June 25 authorized the issuance of $12,000 street imJohnstown, for exchange. George B. Hunter, Secretary of the Board of
provement bonds.
School Directors, states that in addition to issuing refunding bonds, the
HOWELL COUNTY SCHOOL DISTRICT NO.47(P.O. West Plains)
district will pay interest at the rate prevailing on the bonds surrendered
MO.
-FEDERAL FUND ALLOTMENT.
from the date of default to July 1 1934. The refunding issue was au-A loan and grant of $64,000
for school construction was announced recently by the Public Works
thorized in May 1934 to bear a flat interest rate of
Ad. due in 10 years
ministration. The cost oflabor and material totals
and callable at any time after 2 years.
-V. 138, p. 3645.
of which 30% is a grant. The remainder is a loan approximately $52,400,
secured by 4% general
KAHOKA, Clark County, Mo.-LEGALITY APPROVED.
obligation bonds.
-A $25,000
issue of 4% water works improvement and extension bends is said to have
HUGHESTOWN SCHOOL DISTRICT (P. 0. Pittsburgh), Allebeen approved as to legality by Benj. H. Charles of St. Louis. Dated
gheny County, Pa.-PWA ALLOTMENT.
March 1 1934. An allotment of $35,000 for this purpose was approved by
-The Public Works Administration nas allotted $21,500 for school construction purposes. This inthe Public Works Administration V. 138. p. 1262.
cludes a grant equal to 30% of the approximately $20,000 to be used in the
KEENE AND JAY CENTRAL SCHOOL DISTRICT NO. 1 (P. 0.
payment of labor and material costs. The balance is a loan secured by 4%
Keene), Essex County, N. Y.-PWA ALLOTMENT,
general obligation bonds.
-The
ublic
Works Administration has allotted $180,000 for school construction purHURON,Erie County, Ohio.
-ABANDONSPROPOSED BOND SALE.
poses. This includes a grant equal to 30% of the estimate of $155,100
-At a special session of the Village Council the ordinance passed
to be used in the payment of labor and the purchase of material. The
in
latter part of May providing for the sale of $5,000 "overdraft" bonds the
balance is a loan, secured by 4% general obligation bonds.
-V.
138, p. 3644
-was amended to read instead of "sell" to "transfer from the
-BOND SALE.
KENMORE, Erie County, N. Y.
sinking fund to the general fund the sum of $5,000." It was explained
-The Volunteer Firethat the Council had been unaware that the sinking fund contained $12,500,
men's Benevolent Association has purchased an issue of $2,500 4% fire
which could be drawn upon to the extent of $5,000 without impairing
alarm system bonds at a price of par. Due $500 each year from 1935 to
its
ability to cover bonds maturing this year.
1939 incl.
-BONDS AUTHORIZED.
KENNEBUNK, York County, Me.
HURON COUNTY (P. 0. Norwalk), Ohio.
-At a
-BOND OFFERING.
Russell Gfell, Clerk of the Board of County Commissioners, will receive
meeting held on June 15 the Town Council authorized an issue of $35,000
sealed bids until 12 in. on July 26 for the purchase of $10.000 6% poor
4% grade school building construction bonds. Dated July 11934. Denoms.
on July 1 from 1935 to 1944, incl. Prinrelief bonds. Dated July 1 1934. Due as follows: $2,100, Sept. 1
$500,$200 and $100. Due $3,500
1934;
cipal and interest (J. & J.) payable at the Ocean National Bank, Kenna$1,900, March 1, and Sept. 1 1935; $2,000, March 1 and$2.100 Sept. 1
bunk.
1936. A certified check for $1,000. payable to the order of the Board of
'
County Commissioners, must accompany each proposal.
-FEDERAL FUND ALLOTMEM'.
KERENS, Navarro County, Tex.
for water system improvement was anHUTCHINSON, Reno County, Kan.
-FEDERAL FUND ALLOT- -A loan and grant of $83,000Works Administration.
nounced recently by the Public
The cost of labor
MENT.
-A loan and grant of $25,783 for street improvement was
and material totals approximately $66.000, of which 30% is a grant. The
announced recently by the Public Works Administration. The
remainder hi a loan secured by 4% revenue bonds.
labor and material totals approximately $20,800, of which 30% is acost of
The remainder is a loan secured by 4% general obligation bonds. grant.
KITSAP COUNTY SCHOOL DISTRICT NO.59(P.O.Port Orchard)
-Sealed bids will be received until 10 a. m.on
Wash.
-BOND OFFERING.
ILLINOIS (State of).
-FINANCIAL STATEMENT.
-The report of
John C. Martin, State Treasurer, covering receipts and disbursements of
July 21, by F. C. Wyckoff, County Treasurer, for the purchase of a $4,500
Interest rate is not to exceed 5%, payable semithe Treasury during the month of June includes the following:
issue of school bonds.
annually. Dated Aug. 15 1934. Due in from 2 to 20 years after date.
Statement of Indebtedness of the State of Illinois Outstanding July 1 1934.
Prin. and int. payable at the County Treasurer's office. A certified check for
Called bonds outstanding which have ceased to draw int., viz.:
5% must accompany the bid.
New internal improvement stock
J..411
0
$4,009
New internal improvement interest stock, payable
KOKOMO, Howard County, Ind.-PWA ALLOTMENt.-The
after 1878
500
Public Works Administration has allotted $245,000 for sewer construction
One old internal improvement bond
1,000
work. This includes a grant equal to 30% of the approximately $227,000
Twelve canal bonds
12.000
to be used in the payment of labor and material costs. The balance is a
$17,500
loan, secured by 4% revenue bonds.
State highway bonds
140,552,000
Soldiers' compensation bonds
KOOCHICHING COUNTY (P. 0. International Falls), Minn.
34,671,000
Waterways bonds
-The $500,000 issue of refunding bonds offered on
BONDS NOT SOLD.
6,000,000
-was not sold as no bids were received. ,
Emergency relief bonds
July 10-V. 139. p. 148
20,000,000
-OFFERED.
-It is stated by Otis H.Gordon, County Auditor,
BONDS RE
Total bonded debt
that sealed bids will be received until Aug. 7,,for the purchase of the above
$201,240,500
Revenue notes for use of the emergency relief
bonds. Dated Jan. 1 1934. Due on Jan. 1 as follows: $10,000, 1937;
20,000,000
MI Al
Motor fuel tax fund for revenue
$15,000, 1938. and 525,000, 1939 to 1957 incl. The bonds will bear 4%
4,610.000
Tax Anticipation
Motor fuel tax fund for waterway bond
interest from Jan. 1 1934 to Jan. 1 1944, and 43% thereafter to maturity.
470,000
Notes held by
Motor fuel tax fund for soldiers' com-MATURITY.
LAFAYETTE, Lafayette Parish, La.
-The $125,000
pensation bond
1,510,000
6% semi-ann. refunding bonds that were purchased at par by J. C.
Agricultural premium fund for revenue
500,000
-are due on June 1 as follows:
-V. 138, p. 4497
Barry of New Orleans
$1,500, 1935 to 1938; 82,000. 1939; 82,500, 1940 and 1941; 53,000. 1942;
Total
$228,330,500
83,500, 1943; 84,000, 1944 and 1945; 54,500. 1946; 55,000, 1947 and 1948:
INTERLAKEN, Seneca County, N. Y.
-OTHER BIDS.
$5.500, 1949; 56,000, 1950; $6,500, 1951: 57,000,1952 and 1953; 57,500.
-In connec
tion with the award on June 29 of $60,000 water bonds as
195 . 58.000, 1955; 58,500, 1956 and 1957: $9,000. 1958 and $9,500 in
99
54:
4.20s.
Manufacturers & Traders Trust Co., Buffalo, at 100.289, a basis ofto the
about
4.18%-V. 139, p. 148
-we learn that the following other bids were
-BOND SALE.
LA GRANGE, Fayette County, Tex.
-The 528.000
received:
issue of 4% semi-annual park bonds offered for sale on July 11-V. 138.
BidderInt. Rate. Rate Bid.
-was purchased by the John Schumacher State Bank of La Grange,
P.4497
Union Trust Co
4.509'
100.42
paying a premium of $200, equal to 100.71, a basis of about 3.95%. Due
A. C. Allyn & Co
4.709
100.12
from May 10 1935 to 1974 incl. No other bid was received.
J. & W.Seligman & Co
4.20%
100.05
Sage, Rutty & Steele
4.25%
LAGUNA HIGH SCHOOL DISTRICT (P. 0. Santa Ana) Orange
Par
-Sealed bids will be received until
IOWA FALLS SCHOOL DISTRICT (P. 0. Iowa Falls)
-BOND OFFERING.
County, Calif.
Hardin
County, Iowa.
11 a. m. on July 17, by J. M. Backs, County Clerk, for the purchase of a
-BOND ELECTION NOTICE.
-The Secretary
Board of Directors reports than an election will be held on July 30,of the
$75,000 issue of 5% school bonds. Denom. $1.000. Dated July 1 1934.
not on
Due $4,000 from 1937 to 1951. and $5,000, 1952 to 1954. Prin. and int.
July 20 as reported in V. 138,P.4497,to vote on the issuance of the
$40,000
in school bonds.
Payable at the County Treasurer's office. The approving opinion of
'Melveny, Tuner & Myers of Los Angeles. will be furnished. A certified
IRMO SCHOOL DISTRICT NO. 45 (P. 0. Lexington), Lexington
check for 3% of the bonds bid for, payable to the County Treasurer, is
County, S. C.
-FEDERAL FUND ALLOTMENT.
-A loan and grant of
required. The following information is furnished with the offering: The
$120,000 for school construction was announced recently by the
total valuation of taxable non-operativeproperty within Laguna High
Public
Works Administration. The cost oflabor and material totals approximately
School District in said County was $4,231,710.00, and that the total
$115.800, of which 30% is a grant. The remainder is a loan secured by 4%
amount of the outstanding bonded indebtedness of said High School
general obligation bonds.
District is none.
IRON RIVER, Iron County, Mich.
-BOND EXCHANGE VIRTULAKE COUNTY (P. 0. Madison), S. Dak.-BOND SALE.
-The
ALLY COMPLETED.-Davld M. Youngs, City Manager, announced on
$75,000 issue of 4% semi-ann. court house bonds offered for sale on July 10
June 28 that refunding bonds had been issued in exchange for all but
-V. 138, p. 4332
-was purchased at par by the Public Works Adminis$6,000
of the $82,569 in maturities which are being refinanced. City
tration. Due from Nov. 1 1936 to 1952. No other bid was received.
officials,
it is said, have been unable to locate the holders of the bonds still to
LAKEVILLE, Dakota County,_ Minn.
-FEDERAL FUND ALLOTexchanged. The refunding bonds carry the same interest rates borne be
MENT.
-A loan and grant of $23.000 for sewer system construction was
the old ones and will mature serially over a period of 20 years. A blockby
of
announced recently by the Public Works Administration. The cost of labor
$15,000 bears 5% interest and the balance 67
0.
and materials totals approximately $30,000, of which 30% Is a grant. The
IRVINGTON, Essex County, N. J.
-PROPOSED BOND ISSUE.
- remainder is a loan secured by 4% special assessment bonds.
The Board of Commissioners passed on first reading on July 10 an ordinance
LANCASTER, Schuyler County, Mo.-FEDERAL FUND ALLOTproviding for the issuance of 41,470,000 5% funding bonds. Proceeds would
MENT.
-A loan and grant of $55,000 for water works construction was
be used to take up a like amount of6% temporary tax anticipation and revannounced recently by the Public Works Administration. The cost of
enue bonds outstanding. This procedure would result in a saving of
labor and material totals approximately $52,000, of which 30% is a grant.
$15,000 a year in interest charges.
The remainder is a loan secured by 4% general obligation bonds.
JACKSON COUNTY (P. 0. Jackson), Ohio.
-BONDS AUTHORIZED.
LAREDO, Webb County, Tex.
-The County has been authorized to issue $36,876.74 poor
-BOND FUNDING CONTEMrelief bonds, payable from proceeds of the State selective sales tax.
PLATED.
-'Negotiations are said to be pending at the present time whereby
the city will issue $100.000 funding bonds to take up scrip issued between
JACKSONVILLE, Duval County, Fla.
-LIST OF BIDS.
-The
June 30 and Dec. 31 1934. The negotiations are being made with H. D.
following is an official tabulation of the bids received on July 3 for the
Crosby bond broker of San Antonio. Under the proposed plan, all such
595.000 refunding bonds that were awarded to the Mercantile Trust Co. of
scrip will be taken up at 94% cents on the dollar.
&
Volume 139
Financial Chronicle
LAWRENCE COUNTY (P. 0. Ironton), Ohlo.-BOND SALE.
-were
P. 4332
The $27,000 poor relief bonds offered on July 6-V. 138,plus a premium
at par
awarded as 330 to Fox,Einhorn & Co. of Cincinnati,
of $46.46, equal to 100.17, a basis of about 3.19%. Dated July 1 1934 and
due as follows: $8,700 March 1 and $9,000 Sept. 1 1937 and $9,300 March 1
1938.
-Sealed
-BOND OFFERING.
LEE COUNTY (P. 0. Sanford), N. C.
bids will be received by the Secretary of the Local Government Commission, at his office in Raleigh, until July 18,for the purchase of a $46,000
issue of 4% semi-ann, school building bonds. Due serially in 25 years.
(A loan and grant of $60,000 has been approved by the Public Works
Administration
-V. 138, P. 1955.)
-The
LEESBURG, Hi hland County, Ohio.-PWA ALLOTMENT.
Public Works A
tration has allotted $21,000 for construction of a
water works system. This includes a grant equal to 30% of the approximately $18,000 to be used in the payment of labor and material costs. The
balance Is a loan,secured by 4% revenue bonds.
LEROY TOWNSHIP INDEPENDENT SCHOOL DISTRICT NO. 2
-The $1,800 (not $2.000) school
(P. 0. Waverly), Iowa.
-MATURITY.
bonds that were purchased by the Farmers Savings Bank of Fredericka
as 3 yis at par
-V. 139, p. 148
-are said to be due as follows: $300 in 1935
and $500 in 1936 to 1938.
-Breed
LIMA, Allen County, Ohio.
-BONDS PUBLICLY OFFERED.
Sr Harrison, Inc. of Cincinnati are making public offering of $75,000 6%
unlimited tax sewage disposal plant bonds at a price of par and accrued
Interest. Dated Oct. 15 1932. Denom. $1,000. Due serially on Oct. 15
from 1934 to 1958 incl. Principal and interest (A.&0. 15) payable at
Lima. Legality approved by Peck, Shaffer & Williams of Cincinnati.
Bonds are declared to be full and direct obligations of the City, Payable
from unlimited ad valorem taxes on all taxable property therein.
Financial Statement.
$48,407,270
Assessed valuation, 1933-34
4,648,131
Total indebtedness, June 2 1934
$691,000
Water Debt
118,250
Sinking Fund
3,838,881
Net Debt _________________
Poplaiton iii.30 --oensus-:-;0,igi
Per capita net City Debt. $91.00.
The above statement does not include debt ofother taxing districts having
power to levy taxes on property in the city.
Per capita net overlapping debt, $129.
Lima's total indebtedness on June 2 1934 represents a reduction to $4.648,131 from a peak in 1925 of $7,818,205.
General tax collections in 1932-87%', 1933-71%; 1934 first half. 87%.
All interest has been paid to date, although delays occurred in 1933 due
to bank moratorium and closing of sinking fund depository. Principal
due from February 1933 through December 1933 is now being refunded.
All principal due in 1934 has been paid in cash.
Price A11 Maturities 100 and Interest Yielding 6%.
These bonds are full and direct obligations of Lima, are voted and payable from unlimited ad valorem taxes on all taxable property in the City.
-The
LINESVILLE, Crawford County., Pa.-PWA ALLOTMENT.
Public Works Administration has allotted $13,000 for construction of a
sewer system. This includes a grant equal to 30% of the approximately
$12,000 to be used in the payment of labor and material costs. The balance
is a loan. secured by 4% general obligation bonds.
LITTLE FALLS TOWNSHIP (P. 0. Little Falls), Passaic County,
N. J.
-BONDS NOT SOLD.
-The $90,000 not to exceed 6% interest
coupon or registered sewer bonds of 1934 offered on July 9-V. 138, p.
-were not sold, as no bids were submitted. Dated July 15 1934 and
4497
due $5,000 on July 15 from 1935 to 1952 incl.
-FEDERAL FUND ALLOTLITTLEFIELD, Lamb County, Tex.
MENT
.-A loan and grant of $48,000 for water works improvements was
announced recently by the Public Works Administration. The cost of
labor and material totals approximately $45,000, of which 30% is a grant.
The remainder is a loan secured by 4% revenue bonds.
-BOND SALE.
-The
LORAIN COUNTY (P. 0. Elyria), Ohio.
-were awarded
$47,500 poor relief bonds offered on July 5-V.138, p.4332
at par plus a premium of
as 2;is to Stranahan, Harris & Co. of Toledo,
$90.25,equal to 100.19, a beats of about 2.33%. Dated July 1 1934 and due
as follows: $9,800, Sept. 1 1934; $9.000 March 1, and $9,300. Sept. 1 1935;
$9,500 March land $9,900,Sept. 1 1936.
-BONDS OFFERED
LOUISIANA, State of (P. 0. Baton Rouge).
FOR INVESTMENT.
-E. H. Rollins & Sons, Inc.; Stranahan, Harris
&
Inc. and B. J. Van Ingen & Co.. Inc.. are offering $1.700,000
% bonds of this State. due serially from Jan. 1 1935 to 1953 incl..
'
• Co.'
at prices to yield from 4.00 to 5.50%. The bonds, dated Jan. 1 1933, are
part of an original issue of $4.950,000 and do not constitute new financing
13y the State of Louisiana. They were issued for the purpose of funding
certain outstanding legal indebtedness in accordance with an amendment
to the State Constitution ratified by the electors of the State on Nov. 8
1932. The bonds constitute direct and general obligations of the State.
secured by its full faith and credit, and payable from ad valorem taxes
levied against all the taxable property within the limits imposed by the
law. They are legal investment for savings bank and trust funds in New
York, Massachusetts and other States, and, in the opinion of counsel,
eligible as security for postal savings deposits.
-Sealed bids
LOVELL, Big Horn County, Wyo.-BOND OFFERING.
will be received until 8p.m.on Aug. 0, by W. Gwynn,Town Clerk, for the
purchase of an issue of i 14,000 4% semi-ann. water works extension bonds.
Denom. $1,000. Dated Jan. I 1934. Due as follows: $4,000. 1937 to 1944:
$5.000, 1945 to 1952, and $6,000, 1953 to 1959. These bonds were approved
by the voters on March 13-V. 138, p. 2967.
-The Public
LOVELOCK, Pershing County, Nev.-HIGH BID.
Works Administration was the highest bidder, with an offer of par for the
$85,500 4% semi-ann, water bonds offered for sale on July 9 V. 138.
p. 4497. The bid was not accepted at the time of sale. Due from 1936
to 1954.
McLEANSBORO, Hamilton County, Ill.-PWA ALLOTMENT.
The Public Works Administration has allotted $74,000 for water works
system improvements. This includes the usual grant of 30% of the
estimate of $64.000 to be expended for labor and material. The balance
Is a loan secured by 4% revenue bonds.
-FEDERAL FUND ALLOTMANCHESTER, Clay County, K1.
.-A loan and grant of $54,000 for water system construction was
MENT
announced recently by the Public Works Administration. The cost of
labor and material totals approximately $41,000, of which 30% is a grant.
The remainder is a loan secured by 4% revenue bonds.
-The $20.000
-BOND SALE.
MANSFIELD, Richland County., Ohio.
special assessment improvement bonds offered on July 9-V. 138, P.4498were awarded as 334's to the Citizens National Bank of Richland, at par
plus a premium of $5, equal to 100.025, a basis of about 3.73%. Dated
July 1 1934 and due $2,000 April 1 and Oct. 1 from 1935 to 1939, incl.
.-The Public
MARION, Grant County, Ind.-PWA ALLOTMENT
Works Administration has allotted $221,000 for construction of water
mains. This includes a grant equal to 30% of the approximately $215,000
to be used in the payment of labor and material costs. The balance is a
loan, secured by 4% revenue bonds.
-WARRANT OFFERING.
MARTINSVILLE, Morgan County, Ind.
-The City Clerk will receive sealed bids until 7.30 p.m. on July 16 for the
purchase of $5,000 time warrants.
-Sealed bids will be
MARY LAND (State of).
-BOND OFFERING.
received by John M.Dennis, State Treasurer, until Aug. 7. for the purchase
of $2,350,000 4% bonds, consisting of the following: Of the total. $350.000
general bonds are due as follows; $20,000 in 1937; $21,000, 1938; $22,000,
1939: $23,000, 1940; $24,000, 1941; $25,000, 1942; $27,000, 1943; $29,000.
1944; $29,000, 1945; $30,000, 1946; $32,000, 1947; $33,000, 1948 and
$35,000 in 1949. The $2,000.000 relief bonds are due as follows: $96,000
in 1935; $101.000 in 1936; $105,000 in 1937; $110,000 in 1938; $115,000 in
1939: $120,000 in 1940: $125,000 in 1941; $131,000 in 1942; $137,000 in
1943; $143,000 in 1944; $149,000 in 1945; $156,000 in 1946; $163,000 in
1947; $171,000 in 1948, and $178,000 in 1949.
MARYVILLE, Nodaway County Mo.-FEDERAL FUND ALLOT'
.-A loan and grant of $15,000 for sewage pumping station improveMENT
ment was announced recently by the Public Works Administration. The
313
cost of labor and materials totals approximately $13.000. of which 30% is a
grant. The remainder is a loan secured by 4% general obligation bonds.
-Charles F.
-NOTE OFFERING.
MASSACHUSETTS (State of).
16 for the
Hurley, State Treasurer, will receive sealed bids until July 22 1934.
notes dated July 20 1934 and due Nov.
purchase of $3,552,000
The notes include $1,552,000 issued under provisions of Section 11 of
Chapter 159 of the Special Acts of 1918 as amended, in anticipation of
assessments against certain cities and towns in the metropolitan district
for the payment of the Boston Elevated Ry. Co.'s deficiency and $2.000,000
Issued under the provisions of Section 47 of Chapter 29 of the General Laws.
in anticipation of assessments against the metropolitan district. Bids
must be for all or none and only one rate of interest must be specified.
-FEDERALFUND ALLOTMENT.
MEMPHIS,Shelby County,Tenn.
was an-A loan and grant of $125,000 for court building construction of labor
Public Works Administration. The cost
nounced recently by the
and material totals approximately $120,200, of which 30% is a grant. The
remainder is a loan secured by 4% general obligation bonds.
MERIDEN, New Haven County, Conn.-PWA ALLOTMENT.
The Public Works Administration has agreed to provide $108,000 for road
repair work. This includes a grant equal to 30% of the approximately
$104,500 to be spent for labor and material. The balance is a loan, secured
by 4% general obligation bonds.
-The
-TEMPORARY LOAN.
METHUEN, Essex County, Mass.
Second National Bank of Boston was awarded on July 6 a $75,000 tax
anticipation note issue as follows: $50,000, due Dec. 12 1934, at 1.17%
discount basis, and $25,000, due May 4 1935. at 1.67%. Other bids were
as follows:
May
Dec.
Maturity.
Maturity.
Bidder1.76%
1.31%
First National Bank, Boston
1.907
1.25%
Faxon, Gade & Co
1.73%
1.29%
W.O. Gay & Co
MIDDLESBOROUGH, Bell County, Ky.-ADDITIONAL INFOR-In response to our inquiry regarding the further prowess of
MATION.
power
litigation on the proposed issuance of $262,000 in electric Hight and4498
bonds, which were scheduled for sale on July 3-V. 138. p.
plant
we were advised as follows by Edward L. Johnson, City Clerk, in a letter
dated July 11:
"The Kentucky Utilities Company went to the courts to prevent our
sale of the $262,000 bond issue for the construction of an electric power
plant.
"We hope that within the next few days the courts will decide favorable
for us and that we may proceed further with the sale of these bonds and
the construction of this plant."
In connection with the above report we give the following news dispatch
July 5:
to the New York "Journal of Commerce" of in contempt of court here and
"City officials of Middlesboro were held
in
of
fined $10 for alleged violation of the injunctionthethe Court of Appeals
municipal power plant.
connection with the proposed sale of bonds for
Ginsburg and Commissioners H.B.Stallard and
The officials, Mayor Ike
the case.
John Burch, announced they would appealmonth ruled that
iddlesboro
"The Court of Appeals earlier in the
from the Public Works Administration
could not accept a loan of $328,000
the people.
for a power plant without submitting the question to a vote ofrepealed by
"The ordinance under which they were enjoined was then
the Commissioners and a new ordinance passed. It was on this action
that the Kentucky Utilities Co., which is now furnishing power to Middles
boro, brought contempt proceedings."
MIDDLEBURGH, FULTON, BROOME, BLENHEIM, SCHOHARIE
Middle.
AND BERNE CENTRAL SCHOOL DISTRICT NO. 1 (P. 0. Clerk.
-J. Laurence White, District
-BOND OFFERING.
burgh), N. Y.
until 2 p. m. (Eastern Standard Time) on July 20
will receive sealed bids
or registered
for the purchase of $40,000 not to exceed 5% interest coupon July 1 as
$1,000. Due
school bonds. Dated July 1 1934. Denom.$3,000 from 1940 to 1947
incl., and
follows: $4,000 from 1936 to 1939
expressed
incl. Bidder to name a single interest rate for all of the bonds,(J. & J.)
in a multiple of 3. or 1-10th of 1%. Principal and interest
First National Bank,
payable in lawful money of the United States at the
York. The bonds
Middleburgh, or at the Chase National Bank, Newunlimited taxes. A
from
are direct obligations of the district, payableClayton H. Weller, District
certified check for 3800, payable to the order of The approving opinion of
Treasurer, must accompany each proposal.
the successful
Clay. Dillon & Vandewater of New 'York will be furnished
bidder.
.-P WA ALLOTMENT
MIDDLEFIELD, Middlesex County, Conn.
been anA loan and grant of $77,600 for street improvement work has will be
the Public Works Administration. About $100,600
nounced by
anan
ll, ceefs30% of
i
vA i, e
! e
as
llpg yzentaf labor grd t i
sun
re inithe e rn erbo ananth .yparclive of ,xtteria
e
t
secured by 4% general obligation bonds.
-The
MIDLOTHIAN, Cook County, 111.-P WA ALLOTMENT.
water works system
Public Works Administration has allotted $40,000 for 30% of the approxiconstruction purposes. This includes a grant equal to and material costs.
mately $39,000 to be used in the payment of labor
The balance is a loan secured by 4% revenue bonds.
MIDWAY,Woodford County, Ky.-FEDERAL FUND ALLOTMENT.
construction was anA
- loan and grant of $60,000 for water works system
labor
nounced recently by the Public Works Administration. The cost of The
material totals approximately $55,000, of which 30% is a grant.
and
bonds.
remainder is a loan secured by 4% revenue
-We learn
-BOND PURCHASER.
MILTON, Norfolk County, Mass.
Newton,
that the Lee Higginson Corp. of Boston was associated with bonds, as
July 3 of $307,000
Abbe & Co. of Boston in the purchase on
basis of
follows: $335,000 junior high school bonds as 23is, at 101.77, a a basis
about 2.30%. and $35,000 sewer assessment bonds as 2s, at 101.16,
of about 1.60%-V. 139, P. 149.
CONMILWAUKEE, Milwaukee County, Wis.-BOND OFFERINGsale of
TEMPLATED.
-In response to our inquiry regarding a proposed
water works bonds, we were advised as follows by Wm. H. Wendt, City
Comptroller, in a letter dated July 5:
"Please be advised that the issue has not yet been approved as to legality
and we are somewhat in doubt as to the time of sale. We would like very
much to dispose of same before the first of August, but in any event will
not sell in excess of $500.000, the balance of the issue being sold from
time to time as the work progresses in the next two or three years. You
will receive due notice from us at such time as the sale is settled."
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND SALE
-The Metropolitan Sewerage Commission is planning
CONTEMPLATED.
the sale of about $500,000 in Jones Island sewage disposal plant bonds.
AdIt is understood that permission will be sought of the Public WorksFedministration to sell these bonds on the open market instead of to the
eral Government.
-We are informed by Frank Bittner, County Auditor,
RONDS SOLD.
that the $122.000 county park and airport bonds authorized by the County
-was purchased by the County Treasrecently-V. 138, p. 4498
Board
urer for the account of certain sinking funds.
-.-BOND OFFERING.
MINNEAPOLIS, Hennepin County, Minn.
,
It is stated by Geo. M. Link, Secretary of the Board of Estimate and Taxathe following bonds, aggregating
tion, that he expects to sell on July 25
$865.000:
$165,000 permanent improvement bonds. Due from 1935 to 1954. The
proceeds to be used by the City Council in providing for storm
water relief in sanitary sewer districts.
200,000 permanent improvement (work relief) bonds. Due from 1936
to 1945. The proceeds to be used by the City Council. the Board
of Education, the Park Board and the Library Board in carrying
out a program of work evolved to assist in the relief of the unemployed in connection with assistance furnished by the Federal
Emergency Relief Administration.
500,000 public relief bonds. Due from 1936 to 1945. The proceeds
to be used by the Board of Public Welfare in the division of public
relief.
All dated Aug. 1 1934.
It is also stated by the above Secretary that the City Clerk will probably
offer for sale on the same date a total of $130.151.58 of Elwell bonds, to
be dated Aug. 1.
314
Financial Chronicle
Said obligations will be Lased pursuant to the terms of Sections
9 and 10
of Chapter XV of the Charter of the City of Minneapolis,
in "lawful money of the United States of America," will be will be payable
without option
of prior payment and will be tax exempt in the State of Minnesota.
full faith and credit of the City of Minneapolis will be pledged for the The
ment thereof. The cost of preparing the obligations will be borne payCity of Minneapolis. Delivery will be made by City Comptrollerby the
C. E.
Holmgren at the office of the City Treasurer in the City Hall,
Minn., or elsewhere in the United States at the option of the Minneapolis,
purchaser.
Both principal and interest ofsaid obligations will be payable at the fiscal
agency of the City of Minneapolis in the City
at the office of the City Treasurer in the City ofand State of New York or
Minneapolis, at the option
of the holder.
The bonds will be accompanied by the opinion of Messrs. Thomson, Wood
& Hoffman, Attorneys and Counsellors-at
-Law, of New
the bonds are valid and binding obligations of the City of York City, that
Minneapolis.
Bonded Indebtedness as of June 30 1934..
School bonds
$21,527,863.74
Poor relief bonds
4,590,000.00
Water works bonds
3,349,000.00
Local street and park improvement bonds...10,106,390.00
Other general obligation bonds
23,020,636.26
$62,593,890.00
Deduction of amounts for which no future ad valoren levy
is required;
Water works bonds
$3,349,000.00
•
Assessments pledged to payment oflocal improvement bonds
7.712,033.12
Accumulated sinking funds_ -$5,364,453.74
Less water workssinking fund 117,080.45
16,308,406.41
Gross indebtedness to be financed from current and future
debt levies
$46,285,483.59
Additional deductions, permitted by Minnesota law
3,931.091.78
Net bonded indebtedness per Minnesota law
Gross permissible bonded debt(10% of assessed valuation) $42,354,391.81
50,660,835.10
Margin as of June 30 1934 for additional issues
8,306,443.29
MISSOURI, State of (P. 0. Jefferson City).
-FINANCIAL STATEMENT.
-In connection with the sale on June 25 of the $5,000,000 road,
series W, bonds purchased by a syndicate headed by the Chase National
Bank of New York, as 3s, at 101.169, a basis of about 2.81%-V.
138.
p.4498
-the following information is given:
Statement of Bonded Debt of the State of Missouri
-June 15 1934.
Total bonds issued
$143.600,000.00
Total bonds retired
30,920,000.00
Total bonds outstanding June 15 1934
$112,680,000.00
Sinking funds: State road interest and sinking fund
1,127,086.30
Soldiers bonus interest and sinking fund
251,906.89
Certificates of indebtedness.*
1902-22 certificate, school funds. 20 to 50 yrs, at 5 & 6V 3,159,000.00
1691-1922 certif.,seminary fund, 20 to 50 yrs, at 5 & 6%1,239,839.42
( Certificates of indebtedness are provided for by the legislative acts
5
and held in trust by the State Board of Education, whereby the State
agrees to pay 5 and 6% interest semi-annually into the State School and
Seminary funds out of the State interest fund. These certificates are not
negotiable or transferable.)
Total taxable valuation of the State for taxes for 1933_ ---$3,909,115,389.00
Population, 1930, 3629,367.
The payment of principal and interest of State of Missouri road bonds
is guaranteed by an unlimited ad valorem tax upon all. property in the
State. It has never been necessary to levy any such tax, for the reason
that all motor fuel tax and motor licenses have been pledged for the payment of these bonds and the aggregate requirement for payment will not
exceed $8,000,000 annually; the collections of motor licenses and motor
fuel tax have been more than $19,000,000 annually.
Pledged Revenue Collections
-Jan. 1 1934, to June 15 1934.
Motor vehicle fuel tax
Motor vehicle license fees (allocated to State Treasurer)_ _ $3,720,084.55
Motor vehicle license fees (collected by Secretary of State 3,818,650.90
but not allocated to State Treasurer)
2,897,910.87
Total pledged revenue collected to date
$10,436,646.32
MISSOURI, State of (P. 0. Jefferson City),
-VALIDITY OF
BONDS TO BE TESTED IN COURT.
-The State Building Commission
recently gave orders for the filing of a mandamus suit against State
Auditor Forrest Smith to test the validity of the $10,000,000 bond issue
for the rehabilitation of the State's penal and eleemosynary institutions,
approved by the voters at the election on May 15-V. 138. P. 3471.
This is the customary procedure taken with State bonds to secure the
State's interpretation of validity and will require about five or six weeks
for an opinion.
MITCHELL, Davison County, S. Dak.-BOND OFFERING.
-Sealed
bids will be received until 7.30 p.m. on July 23, by Thomas Eastcott, City
Auditor, for the purchase of a $34,000 issue of 4% water works improvement bonds. Denom. $1,000. Dated March 1 1934. Due on March 1
as follows: $1,000, 1935 to 1940 and $2,000, 1941 to 1954, incl. Prin. and
int. (M. & 8.) payable at the City Treasurer's office. (An allotment of
$43,000 was approved by the Public Works Administration in January,
V. 138, P. 360.)
MOLINE SCHOOL DISTRICT NO. 40 (P. 0. Moline) Rock Island
County, III.
-BOND OFFERING.
-Miss Rita Knowles, Secretary of
Board of Education, will receive sealed bids until 4:30 p. m. on July the
26,
for the purchase of $96,000 4% school bonds. Dated Jan. 1 1934. Denom.
81,000. Due $8,000 on July 1 from 1936 to 1947, incl. Interest is payable
in J. & J. Principal and interest payable at the office of the Township
Treasurer. These bonds were authorized at the general election in Nov.
1933 and are being issued in connection with a Public Works Administration approved project. Proposals must be accompanies by a certified check
for $960, payable to the order of the Board of Education. Legal opinion
to be furnished by the successful bidder.
MONETT, Barry County, Mo.-FEDERAL FUND ALLOTMENT.
A loan and grant of $32,000 was announced recently by the Public Works
Administration for water works system improvement. The cost of labor
and materials totals approximately $24,000, of which 30% is a grant. The
remainder is a loan secured by 4% general obligation bonds.
MONMOUTH COUNTY (P. 0. Freehold), N. J.-$200.000 ADDITIONAL SCRIP AUTHORIZED.
-The Board of Freeholders on July 5
authorized issuance of an additional 8200,000 in scrip. increasing to
$1,400,000 the total amount of such paper. Frederic P.
Director
of the Department of Revenue and Finance, declared Reichey.
that $900.000 of
the scrip has been canceled, while $17,000 of a previous issue has not been
used.
MORGANTON, Burke County, N. C.
-NOTE SALE DETAILS.
The $10,000 6% revenue anticipation notes that were purchased at par by
the First National Bank of Morganton, at par-V. 139, p. 149
-are dated
June 26 1934, and mature on Oct. 26 1934.
MOUND VALLEY, Labette County, Kan.
-FEDERAL FUND
ALLOTMENT.
-A loan and grant of $45,000 for water works system completion was announced recently by the Public Works Administration.
The cost of labor and materials totals approximately $43,000, of which
30% is a grant. The remainder is a loan secured by 4% general obligation bonds.
MOUNT MORRIS, Ogle County, Ill.-PWA ALLOTMENT.
-The
Public Works Administration has announced an allotment of $30,000 to
finance enlargement of the sewage disposal plant. This includes a grant
equal to 30% of the approximately $27,700 to be expended for labor and
material. The balance is a loan, secured by 4% revenue bonds.
MOUNT OLIVER SCHOOL DISTRICT, Allegheny County, Pa.
BOND SALE.
-The $50,000 4 % coupon funding bonds offered on July 6
-V. 138, p. 4166
-were awarded to Graham, Parsons & Co. of Philadelphia at par plus a liremium of $2,884.50, equal to 105.76, a basis of about
3.72%. Dated July 1 1934. Denom. $1.000. Due July 1 as follows:
810,000 in 1939, 1944 and 1949, and $20,000 in 1954. Interest payable
in J. & J.
July 14 1934
MOUNT PLEASANT SCHOOL DISTRICT (P. 0. Mount Pleasant),
Henry County, Iowa.
-BOND EXCHANGE.
-It is reported
Secretary of the Board of School Directors that a $7,000 issue by the
refunding bonds was exchanged for bonds maturing on May 1. of school
change is said to have been made through the Carleton D. BehThe exCo. of
Des Moines.
MUSKEGON, Muskegon County, Mich.
-BONDS AUTHORIZED.
The State Public Debt Commission has authorized
general obligation and 869.000 special assessment the city to issue $176,000
bonds.
NASHUA, Hillsboro County, N. H.-?WA ALLOTMENT.
-The
Public Works Administration has allotted 11575,000 for high
construction purposes. This includes a grant of 30% of theschool building
approximately
$486,500 to be used in the payment of labor and material costs. The
balance is a loan, secured by 4% general obligation bonds.
NEW MEXICO, State of (P. 0. Santa Fe).
-PRICE PAID.
-We are
now informed by the Secretary of the State Board of Finance that the
$500,000 issue of coupon highway bonds awarded to a syndicate headed by
the First National Bank of St. Paul. at the sale on June 26, as 4% bonds
V. 138. p. 4498
-was awarded at a price of 100.5671, a basis of about
3.92%. Due $250,000 on July 1 1942 and 1943.
BONDS CALLED.
-It is stated that Nos. 68 to 82 of the Territorial
Institution bonds, bearing 4% interest, were called for payment at the
Chase National Bank in New York City on July 1. Dated July 1 1907.
Optional on July 1 1927.
NEW ORLEANS, Orleans Farrah, La.
-BOND OFFERING.
-It Is
stated that bids for 81,800.000 bonds of the Sewerage and Water Board
will be received until July 24,under the provisions of a resolution adopted at
a special meeting of the Board of Liquidation of the city debt. It
that these bonds must be advertised for public offering although the is said
Board
only expects a bid from the Public Works Administration.
NEW YORK, N. Y.
-SELLS ONLY $2,000.000 OF $72,000,000 BOND
AND NOTE OFFERING-BIDS OF LARGE SYNDICATE REJECTED.
The offering on July 10 of 860.000.000 serial bonds and $12,000,000 special
corporate stock notes met with partial success, only $2,000,000 of the bond
issue having been awarded. This block was purchased at a price of par by
the Emigrant Industrial Savings Bank of New York, whose bid called for
$500,000 bonds, due in 1939.as 330,$500,000 due in 1944 as 3s,$500,000
due in 1947 as 4s and $500,000 due in 1950 also as 4s. The four other offers
submitted at the sale were rejected by the City as unsatisfactory. Three
of these were made on behalf of a syndicate of 73 banks and investment
banking houses under the leadership of the Chase National Bank of Now
York. The fourth bid was submitted by Henry Clews & Co.of New York,
which offered to pay 100.001 for 81,000,000 4% serial bonds, due July 1
1982. The three bids submitted by the banking mina were as follows:
For all but no part of the 872,000,000 bonds and notes, 100.50 for Ofs;
for all but no part of the 372,000.000 bonds and notes, 100.02, with the
$60,000,000 bonds to consist of $4.700,000 68, due from 1935 to 1937.
84,700,000 4s due from 1938 to 1940, and the remaining $50,600,000 as
48,due from 1941 to 1982 incl.; while the $12,000,000 corporate stock notes,
due May 10 1935, were to bear 6% interest. This second offer figured a
net interest cost to the City of 4.0365%. The final bid in the series
offer to pay a price of par for all or any part of the $72,000,000was an
bonds
and notes at 4X% interest.
CITY OFFICIALS COMMENT ON SYNDICATE R/DS.-Announcement of the rejection of the bids submitted by the Chase National Bank
and associates was first made by Comptroller Joseph D. McGoldrick, who
declared that he did not "consider the bids consonant with the City's
credit position." Referring to the fact that competitive syndicate offers
were not made, he stated that he was "disappointed that the banking
groups consolidated," adding that "the interest rates are neither fair nor
attractive." Mayor LaGuardia concurred in the Comptroller's action in
rejecting the bids and expressed his disapproval of the terms offered by the
banking group as follows; "I concur in the refusal of the bids by the
Comptroller. Seemingly the banks refuse to learn anything. They forget
they are still on probation. I want to modify the Comptroller's statement
that the banks consolidated-they ganged. We will give them one more
opportunity to make an honest, bona fide offer. We will get the money
we need, either in New York or elsewhere. The banks know what interest
rate the City of New York is entitled to."
BANKERS DEFEND BOND BIDS
answer to the various objections
noted by municipal officials in explanation of their rejection of the bids
submitted by the banking group, a group of five of the leading members
of the syndicate issued a statement on July 11 covering in detail the varied
factors which were considered in connection with the submission of bids.
The statement was issued jointly by the Chase National Bank, National
City Bank, First National Bank, Bankers Trust Co. and the Guaranty
Trust Co. The complete text follows:
"The rejection of bids for the proposed issue of New York City bonds and
notes has raised certain questions which the leaders of the syndicate feel
should be promptly answered.
"First: The syndicate comprising seven New York banks, eight other
banks and 58 security houses, was large because of the size of the issue and
the risks involved. It is practically identical with the syndicate formed in
March 1931. to bid for 8100,000.000 City securities. That it eliminates
competition is disproved by the fact that on that occasion another and completely different group outbid us and bought the $100,000,000 bonds.
"Second: The interest cost to the City of 4.0365% was fair and favorable
to the City. Rates on new issues most always take account of rates on
Issues already in the market as determined by the prices at which they are
currently bought and sold. Long-term bonds of New York City maturing
from 1960 to 1982 are now quoted in the market to yield from 3.98% on
the 4% bonds to 4.21% on the 455% bonds. The overall rate named in
bid compares very favorably to the City with these market
rates,
"Third: As requested in the official call for bids, the syndicate arranged
Its bid so that the City should obtain the lowest possible interest rate averaged over the whole series of bonds and notes offered. In order to produce
this result the interest rates on bonds and notes maturing in early years
were set high and the interest rates on bonds maturing in later years were
set low. This means that the bankers had to plan to sell at a loss all the
late maturities, amounting to about half the total of all the serial bonds
offered, relying on the higher prices obtainable for the earlier maturities
to compensate for the loss thus made. Apparently this was not understood by the City authorities who fixed their attention mainly on the early
years and lost sight of the average.
"Fourth: It should be remembered that the banks of New York City
have an interest scarcely second to that of the City itself in having the
City's credit maintained on the strongest basis consistent with market conditions. This has been amply manifested throughout the course of the
City's efforts to rehabilitate its credit, which were recently recognized in
the banks' voluntary action in reducing rates below the minimum fixed las
fall on the City's notes held by them."
DESCRIPTION OF OBLIGATIONS
.-The bulk ofthe proceeds Of
of the 872,000,000 bonds and notes were to be used by the City in the sale
tion of $58,500,000 corporate stock notes bearing relatively high redempinterest
rates and maturing Sept. 1 1934. The balance of the funds was to be
applied to the payment of other temporary debts of the City, including
awards for land acquired in condemnation proceedings. It is expected
that a re-offering of the securities will be made shortly. Comptroller
McGoldrick announced on July 13 that, contrary to press reports,
City did not intend to ask the Reconstruction Finance Corporationthe
to
purchase the securities. The obligations are officially described as follows:
$48,000,000 bonds, including $40,000,000 for construction of rapid transit
railroads and 84,000,000 each to provide for dock improvements and water supply. Due in annual installments on July 1
from 1935 to 1982, inclusive.
6,000,000 bonds, including $3,000,000 for construction of schools and
$3,000,000 for various municipal purposes. Duo serially on
July 1 from 1935 to 1970 inclusive.
6,000,000 bonds, also including $3,000.000 for construction of schools
and $3,000,000 for various municipal purposes. Due serially
on July 1 from 1935 to 1949, inclusive.
12,000,000 special corporate stock notes. Dated July 10 1934 and due
May 10 1935.
All of the $60,000,000 bonds are dated July 1 1934.
MEMBERS OF CHASE BANKING GROUP.
-All of tho members of
the comprehensive banking group whose bids were rejected by the city
appear herewith: (Chase National Bank Manager); National City Bank;
First National Bank; Bankers Trust Co.; Guaranty Trust Co.; Brown,
Harriman & Co., Inc.; First Boston Corporation; Edward B. Smith & Co.;
Barr Bros. & Co., Inc.; R. W. Pressprich & Co.; Chemical Bank & Trust
Financial Chronicle
Volume 139
Co.; Salomon Bros. & Hutzler; Kidder, Peabody & Co.; Hallgarten & Co.;
Bancamerica-Blair Corporation; Blyth & Co., Inc.; Manufacturers Trust
Co.; Marine Trust Co. of Buffalo; Northern Trust Co. (Chicago); First
National Bank of Chicago; Stone & Webster and Blodget, Inc.; Estabrook
& Co.', Kean,Taylor & Co.', White, Weld & Co.;Lee Higginson Corporation;
J. & W. Seligman & Co.; F. S. Moseley & Co.; R. L. Day & Co.; George
B. Gibbons & Co., Inc.; L. F. Rothschild & Co.; Phelps, Fenn & Co.
R. H. Moulton & Co. Inc.; Darby & Co.; Union Trust Co. of Pittsburgh
I
Wood, Gundy & Co.Inc.; Eldredge & Co.; First of Michigan Corporation
-P. Murphy
Hannahs, Bailin & Lee; Kelley, Richardson & Co., Inc.; G. M.
& Co.; Hornblower & Weeks; Edward Lowber Stokes & Co.; Hayden,
Miller & Co.; Wallace & Co.* Lawrence Stern & Co.; Sutro Bros. & Co.;
Schaumburg, Rebhann & OsbOrne; Laurence M. Marks & Co.; MercantileCommerce Bank & Trust Co.; Mississippi Valley Trust Co.; Whiting.
Weeks & Knowles,Inc., A. C. Allyn & Co.,Inc.; Van Alstyne, Noel & Co.,
Inc.; Cassatt & Co.; Paine, Webber & Co.; Graham,Parsons & Co.; Yarnell
& Co.; Reynolds & Co.; Wells-Dickey Co.; Newton, Abbe & Co.; MasonHagan, Inc.; Green, Ellis & Anderson; New York State National Bank;
Foster, Marvin & Co.; Milwaukee Co. (Milwaukee) Securities Co. of
Milwaukee, Inc.; Illinois Co.of Chicago; Schwabacher & Co.; Piper, JaffraY
& Hopwood; E. W. Clark & Co. (Philadelphia); First National Bank &
Trust Co. (Minneapolis); Rutter & Co., and Roosevelt & Weigold.
•
Financial Statement (Officially reported as of July 1 1934).
S17.149,236.557
Assessed valuation oftaxable realty 1934
Gross funded debt incl. bonds and corporate stock notes_ _
$475,768,172
Less: Sinking funds
di.
Appropriations
redemption11i1gi4 budget for
debt.11,553,400
2,367,022,672
487.321.572
$1.879,701,100
Net funded debt (including self-sustaining debt)
From which should be deducted "self-sustaining" debt
as follows:
Water bonds and corporate stock notes
$471,426,328
issued for water purposes
Rapid transit bonds
51,013,725
69,943,054
Dock bonds
$492,383,107
Less: Sinking funds for "self-sustaining"
debt (included in sinking funds above) 127,606,146
364,776,961
$1,514,924,139
Net funded debt (excluding self-sustaining debt)
Population, 1930 Federal Census, 6,930,446.
The City of New York has the following temporary debt outstanding as
of July 1 1934:
Payable from budgetary appropriations in 1934 and sub$66,409,315
sequent years _____________
*Payable from current tax collections and from arrears of
181,062,600
taxes __________________________
Total _____________________________________________
$247,471,915
Tax Collections.
Fiscal Year
Uncollected at
Beginning Real Estate
July 1 1934.
Jan 1
Levy.
End of Year of Levy.
1.62
1930 $488,611,596
$71,224,445 (14.58%) $7,961,895
2.96
1931
504,987,915
89.391,426 (17.70%)14,967,238
1932
(26.46%) 36,381,262 6.58
526,206,103
139,233,534
1933
449,536,372
118,759,257 (26.42%) 67,353.191 14.98
1933 Levy $449,536,372) collected to July 1 1933-$169,513.331 37.70%
Levy $472,544.112) collected to July 1 1934-$198.101,069 41.92
1934
The real estate tax for 1933 was payable in two installments. 50% on
May 1 without penalty and 50% in Nov. 1 without penalty. Tax payment
dates in 1934 were advanced one month, namely, one-half April 1 and
one-half Oct. 1.
Total delinquent real estate taxes for all preced1934.
1933.
log years outstanding at Jan. 1
$214,890,649 $228,124,745
Collection of such arrears
1934.
1933.
between Jan. land July 1 $59,799,869 (27.83%) $75,178,693 (32.95%)
* Cash in banks pledged for the purpose of redeeming revenue notes
and bills aggregates at July 1 1934, $16,032,689.
315
Feb. 15 as follows; $1,000 in 1937; $1,500 from 1938 to 1950 incl. and
$1,000 in 1951 and 1952.
-BONDS AUTHORNORTH ST. PAUL, Ramsey County, Minn.
-A resolution is said to have been passed by the Village Council
IZED.
recently providing for the issuance of $15,000 in 4N,% railroad refunding
bonds.
-BONDS AUTHORIZED.
NORWOOD, Hamilton County, Ohio.
Authority to issue $15,000 6% park equipment bonds is contained in an
ordinance recently passed by the City Council. Issue will be dated April 1
1934. Denom. $1,000. Due $3,000 on Oct. 1 from 1935 to 1939, incl.
-BOND INJUNCTION ISSUED.
OGDEN, Weber County, Utah.
The State Supreme Court is said to have issued a temporary writ recently,
restraining the city from issuing $606,000 in revenue bonds to obtain a
Federal loan and grant of $750,000 for the rehabilitation of the water works
system.
-SUPREME COURT
OKLAHOMA. State of (P. 0. Oklahoma City).
.-The following report is taken from the Chicago
RULESON TAX LEVIES
"Journal of Commerce" of July 3:
"Three decisions which have an important bearing on municipal finances
in Oklahoma were returned recently by the State Supreme Court. It
held that municipalities faced with sinking fund deficits may impose an
additional levy, although the Act may increase the levy beyond its regular
limit. This decision was returned in a tax protest case originating in
Stephens County.
"The Court reversed a prior decision to hold that levy limitations in
-mill constitutional amendment are still
effect prior to adoption of the 15
In effect and must be observed by county excise boards in apportioning
funds to governmental sub-divisions. The amendment adopted last August
placed 15 mills as the maximum levy for a county and its subdivisions.
"The new law requiring county audits was upheld by the State Supreme
Court after it had been nullified by the State Court of Tax Revuew. It
authorizes a one-tenth mill levy to cover expense of such audits.
-It is re-BOND ELECTION.
OLATHE, Johnson County?, Kan.
ported that an election will be held on July 20 to vote on the issuance of
$25.000 in swimming pool bonds. (A similar amount of bonds was approved by the voters at an election on April 3-V. 138, P. 2788.)
OLD SAYBROOK (P. 0. Saybrook), Middlesex County, Conn.-The Public Works Administration has allotted
PWA ALLOTMENT,
$106,000 for macadam paving work. This includes a grant equal to 30%
of the expenditures made for labor and material. The balance of the funds
constitute a loan by the PWA,secured by 4% general obligation bonds.
OLEAN, Cattaraugus County, N. Y.-PWA ALLOTMENT-The
Public Works Administration has allotted $109.000 for water system improvements. This includes a grant of 30% of the approximately $92,000
to be used in the payment of labor and material costs. The balance is a
loan, secured by 4% general obligation bonds.
OSCEOLA COUNTY (P. 0. Sibley), lowa.-BONDS APPROVED.
The voters are reported to have recently approved the issuance of $800,000
in road bonds.
-At an election
-BONDS VOTED.
PASADENA, Harris County, Tex.
held on July 2 the voters are said to have approved the issuance of $36,000
in water works bonds. (An allotment of $38,000 for this purpose was
-V.138, p.899.)
approved by the Public Works Administration in January
-REFUNDING BONDS
PENSACOLA, Escambia County, Fla.
by George J. Roark, City Manager,
-We are informed
AUTHORIZED.
in connection with the report given in V. 138. p. 3815, of the authorization
by the Council of $1,885,000 in refunding bonds to cover original improvement bonds, that the following is a schedule of bonds to be refunded:
Amount.
Maturity.
Date.
Issue$650.000.00
Jan. 1 1936
-Jan. 1 1906 44
1906 Improv. Bonds
250,000.00
Jan. 1 1941
_Jan. 1 1911 43
1911 Improv. Bonds_
210,000.00
Oct. 1 1948
1918 Improv. Bonds---_Oct. 1 1918 5
125,000.00
Oct. 1 1951
1921 Improv. Bonds_ _--Oct. 1 1921 6
400.000.00
Jan. 1 1950
1920 Dock & Belt RR.--Jan. 1 1920 4H
250.000.00
Oct. 1 1941
1911 Refunding Bonds-.Oct. 1 1911 4%
$1,885,000.00
Total (to be refunded)
The Refunding Bondsto be ofsame denomination and will bear same rate
ofinterest and are to be dated July 11934.
To be validated by Court of the State and proper legal opinion to be
furnished.
-The $4,000 issue
PETERSON, Clay County, lowa.-BOND SALE.
NEW YORK (State of).--PWA FUNDS ALLOTTED FOR LOCAL
of coupon water works bonds offered for sale on July 2-V. 138. p. 4499 a
PROJECTS.
-The Public Works Administration announced on June 28
was purchased by the First National Bank of Peterson as 4s. paying
that allotments had been made to various local sub-divisions in the State
premium of $150, equal to 103.75, a basis of about 3.84%. Dated July 1
as follows:
1934. Duo from July 1 1937 to 1944 inclusive.
$2,020,000
New York City-Steel pier shed, Pier 32, Canal Street
-VALIDITY OF BONDS UPPHOENIX, Maricopa County, Ariz.
460,000
Port Richmond-Grade crossing elimination
-The State Supreme Court is said to have upheld recently the
HELD.
265,100
State of New York
-Grade crossing elimination
improvement bonds that were approved
validity of the $1,520,000 in public
41.500
Mumford-Bridge
by the voters on Dec. 9 1933 and upheld by a lower court on April 21North Hempstead-School
500,000
Le Roy-Grade crossing elimination
57.600
V. 138, p. 3320.
38.500
Thompldnsville-Grade crossing elimination
PIERCE COUNTY (P. 0. Tacoma) Wash. --BOND OFFERING.
45.000
Peth-Grade crossing elimination
Sealed bids will be received until 11 a. in. on July 23, by C. H. Renschler.
8.400
Steuben County-Bridges
Board of County Commissioners, for the purchase of a $350,000
Clerk of the
Elmira Heights-Sewer
488.000
Issue of coupon funding bonds. Interest rate is not to exceed 5 %,payable
Nassau County-Loans and grants for three schools:
semi-annually. The bonds will be issued in the denominations of $100
150,000
District No. 21, Town of Hempstead
each, or any multiple thereof, not exceeding $1.000, at the discretion of the
District 17. Town of Hempstead
291,000
Board; said bonds to mature and be payable in their numerical order,
District 19, Town of Hempstead
295.000
lowest number first, on the annual interest dates the various annual maturiHudson-School
540,000
ties of said bonds will commence beginning the second year in such amounts
North Hempstead-School
440.000
as will with interest on the outstanding bonds be met by nine equal annual
Suffolk County-Paving
128,000
tax levies. The Board of County Commissions reserve the right to reject
Russell-School
10,500
any and all bids and to sell any portion of the bonds. Bidders are required
643.000
Cedarhurst--Sewer system
to submit a bid specifying: (a) The lowest rate of interest and premium, if
Elmsford-Sewer system
332,000
any, above par, at which such bidder will purchase said bonds, or (b) the
Lawrence-School
825.000
lowest rate of interest at which the bidder will purchasd said bonds at par.
Johnson City-School
356.000
Principal and interest payable at the County Treasurer's office, the State
White Plains-Sewer extensions
255.000
Treasurer's office, or at the State's fiscal agency in New York. A certified
check for 5% must accompany the bid. These bonds are authorized,
NORFOLK COUNTY (P. 0. Dedham), Mass.
.-LOAN OFFERING
pursuant to an Act of the State Legislature entitled,"An Act to authorize
Sealed bids addressed to Ralph D. Pettingell, County Treasurer, will be
counties, cities and towns to issue bonds to fund their outstanding indebtedreceived until 11 a.m. (Daylight Saving Time) on July 17 for the Purchase
ness and to provide for the levy and collection of a tax to pay the principal
at discount of a $50,000 issue of tuberculosis hospital maintenance notes.
and interest on such bonds, and declaring an emergency," approved March
authorized by Chapter 111 of General Laws. Dated July 17 1934. De22 1895. and amendatory Acts thereto. (These bonds were awarded on
penis. $10,000 and $5,000. Payable April 8 1935 at the First National
April 2 but the sale was not consummated-V. 138, P. 4334.)
Bank of Boston. The notes will be authenticated as to genuineness and
by the aforementioned bank, under advice of Ropes, Gray, Boyden
validity
-BOND OFFERING.-James
PITTSBURGH, Allegheny County, Pa.
SG Perkins of Boston.
P. Kerr, City Comptroller, will receive sealed bids until July 31 for the purchase of $2,000,000 3 % bonds,including $1,500,000 general improvement
NORFOLK COUNTY(P.O.Dedham), Mass.
-TEMPORARY LOAN.
serially in from 1 to
-The $100,000 tax anticipation notes offered on July 10-V.138, p.4499
- issue and $500,000 public welfare relief bonds. Due
20 Years.
were awarded to the Boston Safe Deposit & Trust Co. of Boston, at 0.26%
discount basis, at par plus a premium of $2. Dated July 10 1934 and due
-TEMPORARY LOAN.
County, Mass.
PITTSFIELD, Berkshire
Nov.8 1934. Other bids were as follows:
H. Edward Hayn, City Treasurer, made award on July 12 of $500,000
Bidder
notes to the First National Bank of Boston and the AgriDiscount Basis
tax anticipation
New England Trust Co
0.26
cultural National Bank of Pittsfield, jointly, at 1.11% discount basis.
Second National Bank
0.30
Dated July 12 1934 and payable Nov.30 1934 at the First National Bank of
State Street Trust Co
Boston. Denoms. $50,000. $25,000, $10,000 and $5,000. Legality ap0.38
Merchants National Bank
0.42
proved by Ropes, Gray, Boyden & Perkins of Boston. The second highest
Newton, Abbe & Co
0.45
bidder for the issue was the Merchants National Bank of Boston. which
-P. Murphy & Co
J. M.
0.46
named a rate of 1.22%.
Report of Tax Collections.
Faxon, Gade & Co
____________________________ 0.55
Uncollected
Uncollected
Dedham National Bank
0.56%
June 1 '34.
1.
-Dec.
Year
NORFOLK, Litchfield County, Conn.--PWA ALLOTMENT.
-The
1931 $486,750.67
$5.577.18
16
$2.21T / 4.81
1931
Public Works Administration has allotted $122,000 for road improvement
1932 688,267.85
241.858.39
2,279,646.03
1932
work. This includes a grant of 30% of the estimate of $120,600 to be ex1933
730.298.95
2,154,106.44
574.340.43
1933
pended in the payment of labor and the purchase of material. The balance
Cash on hand July 1 1934. $282.966.74.
is a loan, secured by 4% general obligation bonds.
-APPROVES REFUNDING
PONTIAC, Oakland County, Mich.
NORTH ADAMS,Berkshire County, Mass.
- PLAN.
-TEMPORARY LOAN.
-The City Council on July 6 approved the refunding plan prepared
The Merchants National Bank of Boston was awarded on July 12 a $100,000
-year
by the Bondholders' Protective Committee and providing for a 30
revenue anticipation loan at 1.32% discount basis. Due $50,000 each on
extension of the maturity dates on the entire $7,336.500 bonds outstanding.
Feb. 15 and March 15 1935. Other bids were as follows; First Boston
according to the Detroit "Free Press" of the following day. The main
Corporation 1.36%; G. M.P. Murphy & Co.. 1.47% and Tyler, Buttrick
feature of the plan, it is said, is a five-year moratorium on principal pay& Co., 1.48%.
ments. In this connection,the City is said to be in default on bond principal
and interest charges in amount of $1,800,000. The agreement also includes
-BONDS AUTHORIZED.
-The
P NORTH EAST, Erie County, Pa.
a waiver of the $197.144 of current obligations owed to bondholders. FolBorough Council passed an ordinance on July 2 providing for an issue of
lowing approval of the plan, the Council adopted a new budget for the
$22,500 4% funding bonds. Dated Aug. 15 1934. Denom. $500. Due
316
Financial Chronicle
1934-1935 fiscal year providung for expenditures of $1,860,547.51, with
the
tax rate fixed at 19.5 mills. Without
refunding agreement, a rate
of 23 mills would have been necessary. the is stipulated
It
the City's bonds will be paid at the rate of 3% during thethat interest on
first
4% during thefollowing 3 years and 43 % each year thereafter for two years;
the balance
of the 30
-year period. The final installment on bond principal will fall due
in 1963. The State Supreme Court, in a suit filed
by the
mittee, ordered the City to make provision to meet over Protective Com$419,000 in bond
principal and interest charges due in the year beginning
Aug. 1 1934V. 138. p. 4499.
PORT JERVIS, Orange County, N. Y.
-BOND SALENational Bank and the National Bank & Trust Co. both of The First
jointly were awarded on July 11 an issue of $100,000 series B Port Jervis,
bonds as 3.80s. at a price of par. Phelps, Fenn & ' bid of 1934 relief
Co.
100.08 for 4.8.
while George B. Gibbons & Co., Inc. offered 100.17 for
4.20s.
The bonds mature serially from 1937 to 1944 inclusive.
PORT LAVACA, Calhoun County Texas.
-FEDERAL FUND
ALLOTMENT.
-A loan and grant of $55:000 for sewer system construction was announced recently by the Public Works Administration.
The
cost of labor and material totals approximately $51.100, of which
a grant. The remainder is a loan secured by 4% revenue bonds. 30% is
PORTSMOUTH,Scioto County, Ohio.
-BONDSALE
.-The $103,970
bonds offered on July 10-V. 138, p. 4500
-were awarded to a
posed of Fox, Einhorn & Co., Nelson, Browing & Co. and Graugroup com& Co., all
of Cincinnati, at par plus a premium of $155.96, equal to
100.15. The
sale consisted of;
$83,970 refunding bonds. Due Oct. 1 as follows; $8,370 in 1939 and
$8,400 from 1940 to 1948 incl. Dated April 1
20,000 water works extension bonds. Due $2,000 on1934. 1 from
Oct.
1935
to 1944 incl. Dated June 1 1934.
PRINCETON, Gibson County, Ind.
-VIVA ALLOTMENT.
-The
Public Works Administration has allotted $108,000 for sewer construction
work. This includes a grant equal to 30% of the approximately
$100,000
to be used in the payment of labor and the purchase of material. The
balance is a loan, secured by 4% revenue bonds.
PRINCETON SCHOOL DISTRICT, Mercer County N. J.
-BONDS
VOTED.
-At an election held on June 13 the proposal! issue $30,000
to
school repair bonds carried by a vote of 140 to 42.
PUSHMATAHA COUNTY (P. 0. Antlers), Okla.
-BOND SALE.
A $50,000 issue of court house and jail bonds was offered for
on July 12
and was purchased by the Public Works Administration sale4s at par.
as
No other bid was received for the bonds.
QUEMADO SCHOOL DISTRICT (P. 0. Eagle Pass), Maverick
County, Texas.
-BOND SALE.
-It is reported that the State Board of
Education has purchased at par a $25,000 issue of school bonds that was
approved recently by the voters.
QUINCY, Norfolk County, Mass.
-TEMPORARY LOAN.
-Award
was made on July 10 of a $200,000 tax anticipation loan to the Merchants
National Bank of Boston at 1.19% discount basis. Due Dec. 28 1934.
Otner bids were as follows: National Shay/mut Bank 1.21%; Tyler, Butt
rick & Co. 1.23%; Newton, Abbe & Co., 1.25%; United States Trust Co.,
1.39% and Faxon. Gado & Co., 1.45%.
QUINDARO TOWNSHIP (P. 0. Quindaro), Wyandotte County,
Kan.
-FEDERAL FUND ALLOTMENT.
-A loan and grant of $150,000
for water works system construction was announced recently by the Public
Works Administration. The cost of labor and material totals approximately $142,000, of which 30% is a grant. The remainder is a loan secured by 4% revenue bonds.
RAPID CITY, Pennington County, S. Dak.-BONDS DEFEATED.
-At the election held on June 19-1T. 138. p. 4167
-the voters rejected
the proposal to issue $90.000 in water system bonds, according to
the
City Clerk.
RECONSTRUCTION FINANCE CORPORATION.
-REPORT ON
DRAINAGE AND IRRIGATION DISTRICT LOANS SO FAR MADE.
The following announcement was released by the above Corporation on
July 11:
"Loans for refinancing a drainage district in Missouri. a drainage district in Arkansas, a drainage district in Montana, a drainage and two irrigation districts in Texas, totaling $1,602,500 have been authorized by the
RFC. This makes a total to date of $52,375,558.46 authorized under the
provisions of Section 36 of the Emergency Farm Mortgage Act of
1933, as
amended." The districts are:
Birmingham Drainage District, Birmingham, Mo
$102,500
Southeast Arkansas Levee District, Lake Village, Ark
802,500
Valley.Center Drain District, Big Horn County, Mont
91.000
Ward County Irrigation District No. 1, Barstow. Ward Co. Tex_ 63,000
Red River County Levee Impt. District No. 1. Clarksville, Tex
'
41.000
La Feria Water Control & Impt.Dist.,Cameron County No.3,Tex. 502,500
RED BUD, Randolph' County, III.-PWA ALLOTMENT.
-An allotment of $59,000 for sewer construction work has been announced by the
Public Works Administration. This Includes a grant equal to 30% of the
$44,000 it is expected will be spent for labor and material. The balance is
a loan secured by 4% special assessment bonds.
REDFIELD INDEPENDENT SCHOOL DISTRICT (P. 0. Redfield), Spink County, S. Dak.-BOND OFFERING.
-Sealed bids will be
received until 2 p. m. on July 17, by W. H. Beckman, Clerk of the Board
of Education, for the purchase of two issues of 4% semi-annual bonds
aggregating $74,000, divided as follows:
$67,000 grade school building bonds. Due on Nov. 1 as follows: $3,000.
1936 to 1949; $8.000, 1950 and 1951, and $9.000, 1952.
7,000 high school auditorium bonds. Due $1,000 from Nov. 1 1936
to 1942 incl.
Denom. $500. Dated May 1 1934. (A loan and grant of $98,600 has
been approved by the Public Works Admlnistration.-V. 138. p. 2622.)
RICHFIELD,Lincoln County,Ida.
-BONDS VOTED.
-It is reported
that the voters recently approved the issuance of $5,000 in school district
bonds by a wide margin.
RICHLAND COUNTY (P. 0. Richland), Wis.-BOND SALE DETAILS.
-The $84,000 5% highway bonds that were purchased by the
Harris Trust & Savings Bank of Chicago
-V. 138. p. 3816
-were awarded
at a price of 107.41, a basis of about 3.38%. The bonds mature $50,000
on May 15 1937, and $34,000 on May 15 1938.
RIGBY, Jefferson County, Ida.
-BONDS CALLED.
-It is reported
that Nos. 1 to 15 of the 53.i% water works bonds were called for payment
at the Chase National Bank in New York City on July 1. Dated July 1
1914. Due on July 1 1934; optional on July 11924.
por ROCK HILL,York County,S. C.
-FEDERAL FUND ALLOTMENT.
-A loan and grant of $263,000 for sewer system construction was announced recently by the Public Works Administration. The cost of labor
and materials totals approximately $238,000, of which 30% is a grant.
The remainder is a loan secured by 4% revenue bonds.
ROCKINGHAM COUNTY (P. 0. Wentworth), N. C.
-BONDS
OFFERED FOR INVESTMENT.
-Offering of a new issue of $136,000
county 5,1% school building bonds was made on July 10 by R. S. Dickson
& Co., Inc., Charlotte, N. C., and New York, and Lewis & Hall, Greensboro, N. C.
-V.139. p• 150. The bonds are dated May 11934. due May 1
1937 to 1974 incl., and priced to yield from 4.75 to 5.25%. Financial
statement of Rockingham County,as officially reported by County Auditor
July 3 1934,shows assessed valuation for taxation, 1933-34, of $34,462,584
and total bonded debt, including this issue, of $2,952,000. The bonds are
exempt from Federal income taxes and are legal investment for savings
banks and trust funds in North Carolina and are eligible for postal saving
according to the bankers.
ROCKY MOUNT, Franklin County, Va.-BOND SALE.
-The $15,000 issue of 5% semi-annual refunding bonds offered for sale on June
-was purchased by the Peoples National Bank of
28-V. 138. p. 4334
Rocky Mount, at par. Due on July 1 1954.
ROGERS COUNTY (P. 0. Claremore), Okla.
-ALLOTMENT OF
FEDERAL FUNDS.
-A loan and grant of $97,000 for court house and jail
construction was announced recently by the Public Works Administration.
July 14 1934
The cost oft abor and materials totals approximately $88,600, of which
30% is a grant. The remainder is a loan secured by 4% general obligation
bonds.
ROSEBUD, Falls County, Tex.
-FEDERAL FUND ALLOTMENT.
A loan and grant of $21,000 for water system improvement was announced
recently by the Public Works Administration. The cost of labor and
materials totals $20,500, of which 30% is a grant. The remainder is a
loan secured by 4% revenue bonds.
RUTHERFORD COUNTY(P.O. Rutherfordton), N. C.
-FEDERAL
FUND ALLOTMENT.
-A loan and grant of $164,700 for school building
improvements was announced recently by the Public Works Administration. The cost of labor and material totals approximately $157,100, of
which 30% is a grant. The remainder is a loan secured by 4%, general
obligation bonds.
RUTHERFORD COUNTY (P. 0. Rutherfordton), N. C.
-BOND
REFUNDING PLAN.
-It is announced that this county, through the
North Carolina Municipal Council, Inc., is asking holders of bonds maturing
from July 1 1934 to July 1 1935. inclusive to accept in exchange new refunding bonds, bearing coupons identical to present bonds, but maturing
serially Jan. 1 1944-48.
The county board states that if the one-year's bond principal requirements can be postponed it will be possible for the county to continue paying
interest and future principal requirements thereby remaining out of default.
Consenting holders have been asked to forward their bonds to the local
Government Commission, Raleigh, N. C.
SAC CITY, Sac County, Iowa.
-FEDERAL FUND
A loan and grant of $58,000 for sewage treatment plantALLOTMENT.construction was
announced recently by the Public Works Administration. The cost of
labor and material totals approximately $52,000, of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
ST. CLAIR TOWNSHIP HIGH SCHOOL
(P. 0. Belleville), Saint Clair County, 111.-PDISTRICT NO. 201
The Public Works Administration has announced anWA ALLOTMENT.allotment of
for construction of a new high school. This includes a grant $213,000
equal to
30% of the amount expended by the district for labor and material. The
balance is a loan, secured by 4% general obligation bonds.
ST. LOUIS SCHOOL DISTRICT (P. 0. St. Louis), Mo.-BOND
OFFERING.
-It is reported that the Board of Education
sale on July 20 an issue of $2.000,000 school building bends. will offer for
ST. LOUIS COUNTY (P. 0. Duluth), Minn.
-FEDERAL FUND
ALLOTMENT.
-A loan and grant of $2,750,000 for road improvement was
announced recently by the Public Works Administration. Of the total
allotment a grant is made of 30% of the cost of labor and material, which
aggregates about $2,621,300. The remainder is a loan secured by 4%
general obligation bonds.
SAINT PAUL, Howard County, Neb.-BONDS OFFERED.
-Sealed
bids were received until $ p. m. on July 9, by L. B. Conklin, City Clerk,
for the purchase of a $40,038 issue of electrical distribution system bonds.
ST. PAUL, Ramsey County, Minn.
-FEDERAL FUND ALLOTMENTS.
-The following loans and grants aggregating $164,000 were
approved recently by the Public Works Administration:
$133,000 for water works system improvements. The cost of labor and
materials totals approximately $126,000, of which 30% is a
grant. The remainder is a loan secured by 4% revenue bonds.
31,000 for water works system improvements. The cost of labor and
materials totals approximately $30,900, of which
The remainder is a loan secured by 4% revenue bonds. 30% is a grant.
SALISBURY, Litchfield County, Conn.-PWA ALLOTMENT.
An allotment of $100,000 for road repair work has been announced the Public Works Administration. This includes a grant equal to 30% by
of
the amount expended in the payment of labor and the purchase of material
In connection with the work. The balance consists of a loan, secured by
4% general obligation bonds.
SALTSBURG SCHOOL DISTRICT, Indiana County, Pa.-PWA
ALLOTMENT.
-The Public Works Administration has allotted $50,300 for
school construction work. This includes a grant equal to 30% of the
approximately $51,000 to be used in the payment of labor and material
costs. The balance is a loan,secured by 4% general obligation bonds.
SAN FRANCISCO (City and Clunty), Calif.
-BOND OFFERING.
Sealed bids will be received until July 16, by J. S. Dunnigan, Clerk of the
Board of Supervisors, for the purchase of $7,919,000 in bonds, divided as
follows:
$2,659,000 water distribution bonds. Due on Dec. 1 as follows: $132,000
in 1934 and $1.33,000. 1935 to 1953, inclusive.
3,500,000 Hetch Hetchy dam bonds. Due $175,000 from Dec. 1 1934 to
1953, inclusive.
1,500,000 sewer bonds. Due on Dec. 1 as follows: $88,000, 1934;$12,000,
1935 and $50,000. 1936 to 1963, inclusive.
260.000 airport bonds. Due $52,000from Dec. 1 1934 to 1938,incl.
Interest rate is not to exceed 6%.Payable J. & D.
The bonds offered are of issues authorized at election held Nov. 7 1933.
and are dated Dec. 1 1933. The purpose of these ISS1108 is to provide for
the construction of public improvements and to create employment for
citizens of San Francisco. The bonds are serials and a tax is levied each
year to pay the principal and interest failing due during the succeeding year.
The bonds may be registered as to principal and interest. Payable, at the
option of the holder, at the office of the Treasurer of the City and County,
or at the fiscal agency of the City in the City of New York.
Controller's Financial Statement.
The outstanding bonded debt of the City and County of San Francisco
as of July 161934;
Water distribution bonds (exempt from charter limit)
$1 324 000
Spring Valley, 1928 (exempt from charter limit)
36,000,000
Water, 1910 (exempt from Charter limit)
30,000.000
Hetch Hetchy 1925 (exempt from charter limit)
8,750.000
Retch HetchY, 1928 (exempt from charter limit)
24,000,000
Hetch Hetchy, 1932 (exempt from charter limit)
5,477,000
Exposition, 1912 (exempt from charter limit)
1,000,000
Other bonds (not exempt)
-------------------------------
$106,551,000
58,972,000
Total
-------------------- $165,523,000
The
---------creited
---for inemilOymeni relief loanfrom the State of
California, $1,466,552. The assessment roll for the year 1934 was;
City and County non-operative property
$974,440,728
State operative property after equalization
437,973,267
--Totalesment-ifor----ofBoard o4111zatign
Theaesmentrol
--- " --1
12,41395
property assessed at approximately 44% of its value.
SAN JOSE COMMUNITY HIGH SCHOOL DISTRICT NO. 501,
111.-P WA ALLOTMENT.
-The Public Works Administration has announced an allotment of $20,000 to the District for construction of a school
auditorium. This includes a grant equal to 30% of the approximately
$18,800 to be used in the payment of labor and the purchase of material.
The balance is a loan, secured by 4% general obligation bonds.
SANTA ANNA, Coleman County, Texas.
-FEDERAL FUND ALLOTMENT.
-A loan and grant of $35,000 for water system improvement
was announced recently by the Public Works Administration. The cost
of labor and materials totals approximately $41,000, of which
grant. The remainder is a loan secured by 4% revenue bonds. 30% is a
SAULTE STE. MARIE, Chippewa County, Mich.
-MATURITY.
The $28,000
% special assessment paving bonds purchased at a price of
par by the First National Bank of Sault Ste. Marie
-V. 139, p. 150
-are
dated July 15 1934 and mature $2,800 each year on July 15 from 1935 to
1944 incl.
SAVANNA SCHOOL DISTRICT, Carroll County, III.
-BOND
ISSUE AUTHORIZED.
-The Board of Education adopted
resolution
on June 28 providing for an issue of $130,000 refunding bonds.a
SAYRE, Beckman County, Okla.
-BOND SALE-The $28,000 Issue
of coupon water works bonds offered for sale on July 5-V. 139, p. 150
was purchased by the Public Works Administration, as 4s at par. Due as
Volume 135
Financial Chronicle
follows: $1,500 from 1938 to 1955, and $1,000 in 1956. No other bid was
received.
-FINANCIAL
SCHENECTADY, Schenectady County, N. Y.
STATEMENT.
-The following is given with regard to the award on June 26
of $650,000 2.30% bonds jointly to Salomon Bros. & Hutzler and Adams,
McEntee & Co., both of New York. at 100.07, a basis of about 2.28%-V.
138. P. 4500.
. Financial Statement (June 16 1934).
Bonded debt, not including above listed issues
$11,281,984.37
Certificates of indebtedness, in anticipation of the receipt
of 1934 taxes and revenues
900,000.00
Temporary loan note, issued to provide funds for satis23,487.94
faction of judgment
$12.205,472.31
Deduct
-Water bonds, included in above
$583,000.00
Sinking funds, other than for water bonds
127,637.23
Bonds other than water bonds, included in
above, maturing in the year 1934, tax for
payment of which is included in 1934 levy
of taxes
437,000.00
Total deductions
$1,147,637.23
Net debt _____________________________ $11,057,835.08
Assessed valuation ior _________ iaxes, as equalized
Real estate ________________________________________$152,970,692.00
Francises _________________
5,947,650.00
Total
$158,918,342.00
Population,._1930Federal Census, 95,652.
Tax Collection Statement.
Collected
Collected
Since UncolSold
to Date
Sold to
Year.
Levy.
Sale. lected.
to City.
of Sale.
Investors.
1929_464.526,589.82 $4,435,835.37 $50,992.98 $39,354.27 $407.20 None
1930-- 4,514,620.80 4,421,086.22 53,658.30 39,876.28
None None
1931-- 4,531,421.12 4,388,791.77 52,578.96 89,388.17 662.22 None
1932-- 5,055,593.78 4,744,296.35 44,093.75 266,701.82
None$501.86
1933-- 4,408,229.00 4,027,027.04 46,062.31 335,139.65
None None
The combined tax levy for the year 1934 is $4,936,264.87, including city
tax levy of $4,099,396.65, county levy of $616.359.31, and water rents and
bills $220,508.91. Collections reported to close of business June 16 1934,
were $2,219,872.46, or 44.97% of the total.
The fiscal year is the calendar year; beginning with 1929 and including
1932 city taxes have been payable one-half Jan. 1 and one-half July 1,
each installment becoming delinquent 30 days after due date. Beginning
with 1933 city taxes are payable in quarterly installments, due Jan. 1,
April 1, July 1 and Oct. 1, each installment becoming delinquent 15 days
after due date.
Penalty is three-fourths of 1% per month during period of delinquency.
Property on which taxes remain unpaid is usually sold in November of the
current year to the bidder who will pay the taxes and incidental expenses
of the sale and accept a tax sale certificate to run for the least number of
years.
Tax sale certificates bear interest at the rate of 10% per annum. The
owner of real estate may redeem it by payment of the amount for which it
was sold, plus 10% interest, at any time within one year from date of
sale. Property not bid for by other bidders at such tax sales is purchased
by the Corporation Counsel in the name and for the benefit of the city.
-H. L. Collier.
SEATTLE, King County, Wash.
-BONDS CALLED.
City Treasurer, is reported to be calling for payment from July 5 to July 11,
various local improvement district bonds and coupons.
-BOND ISSUANCE
SEDGWICK COUNTY (P. 0. Wichita), Kan.
CONTEMPLATED.
-It is stated that the County Commissioners are preparing to issue $400,000 in poor relief bonds to cope with the situation in
Wichita until the Legislature meets in January. The County Commissioners are said to have ascertained that the balance of the $300,000 bonds
issued under authority of a law passed by the last Legislature, would be
inadequate to meet the demands on the poor fund.
-FEDERAL FUND=OfSHAWNEE, Johnson County, Kan.
MENT.-A loan and grant of $215,000 for water works system construction was announced recently by the Public Works Administration. The
cost of labor and materials totals approximately $204,000, of which 30%
is a grant. The remainder is a loan securekby.4% reveune bonds.
-An
SHAWNEE COUNTY (P. O. Topekintan.-BOND SALE.
issue of $100,000 334% poor relief bonds was sold on July 6 to Alexander.
McArthur & Co., and the Baum, Bernheimer Co., both of Kansas City,
jointly, for a premium of $2,170, equal to 102.17, a basis of about 3.08%•
Denom. $1,000. Dated July 1 1934. Due from July 1 1935 to 1944.
r sHERWOOD SCHOOL DISTRICT No. 4(P.O. Milwaukee), Wis.BONDS SOLD.
-We are now informed that the $175,000 4% high school
auditorium bonds purchased at par by the Securities Co. of Milwaukee
V. 138, p. 4335
-were all sold to public investors at prices to yield 3.60%
on all maturities. Due $35,000from April 1 1945 to 1949 incl.
P' SHIPPENSBURG SCHOOL DISTRICT,Cumberland County,Pa.
BOND SALE.
-The $100,000 4% coupon (registerable as to principal)
school bonds offered on July 6-V. 138. p. 4335
-were awarded to the
Farmers Trust Co. of Carlisle, at par plus a premium of $6,250, equal to
106.252,L_basis of about 3.48%. The sale consisted of:
M000 bona:Mated Kir 1 193=1 du7Kb.
- : $1,("Tartiwm
foncwr
m
1935 to 1944 Incl. and $2,000 from 1945 to 1964 incl. Interest
payable F. & A.
50,000 bonds. Dated May 1 1934 and due May 1 as follows: $1,000 from
1935 to 1944 incl. and $2,000 from 1945 to 1964 incl. Interest
payable M.& N.
Of the bonds, $50.000 are being issued within the 2% limitation, while the
remaining $50,000 were authorized by the voters on April 3 1934. The
following is an official list of the other bids submitted at the sale:
BidderAmt. Bid.
Battles & Co., Philadelphia
$104,267.00
Bioren & Co., Philadelphia
104.549.10
Graham Parsons & Co., Philadelphia
103,857.00
National Bank of Chambersburg
101,062.50
E. H. Rollins & Sons, Philadelphia
105,180.00
Edw. B. Smith & Co., Philadelphia
105,560.00
Valley National Bank, Chambersburg
102,405.00
Yarnell & Co., Philadelphia
105,630.00
Leach Bros., inc., Philadelphia
105,330.00
Financial Statement.
Actual values. estimated
$3,500,000.00
Assessed values 1933 (real estate)
2,585,175.00
Total bonded debt, including this issue
167,000.00
Amount in sinking fund
None
Total floating debt
None
Present population (estimated)
5,000.00
Sinking fund will be provided to retire current issues.
Tax Information.
Assessed valuation-1930,$2,567,990,rate .014,delinquent none.1931$2,588,175, rate .014, delinquent $273.42. 1932: $2,581,445. rate .013,
delinquent $2,472.64. 1933: $2,585,175, rate .011, delinquent $1,821.70.
Most of delinquent taxes have been returned.
A per capita tax of $2.50 is levied for 1934.
SIOUX CITY, Woodbury County, Iowa.
-BOND ELECTION ENJOINED.
-We are informed that a stay order was issued recently by Justice
Anderson of the State Supreme Court, to restore an injunction restraining
the City Council from proceeding with plans for a special election on July 30
on a proposal to issue $2.500,000 in bonds to finance a municipal electric
plant costing about $3,500.000-V. 139. p. 151. This order will be binding
upon the city until the court acts upon a dismissal or permanent injunction.
-The $27,000 4% regisSOUTH BURLINGTON, Vt.-BOND SALE.
tered refunding bonds offered on July 10-V. 139, P. 151-were awarded
to the National Life Insurance Co. of Montpelier, at a price of par. Dated
July 1 1934 and due $1,350 annually on Jan. 1 from 1935 to 1954, incl.
The Montpelier National Bank also bid par for the issue.
317
-OTHER BIDS.
SOUTH CAROLINA, State of P. 0. Columbia).
The following report on the bids received for the $4,230,000 coupon or registered refunding notes that were awarded on June 26 to a syndicate
of local banks, headed by the South Carolina State Bank of Columbia.
-is taken from the
at a net int. cost of about 3.96%-V. 138, p. 4501
Columbia "State" of June 27;
"A clear saving of $261,626 to the State of South Carolina in int. charges
was effected yesterday when $4.230,000 of 'deficit' notes, were refinanced
at a net rate ofint. of3.96%. The rate the notes have been bearing heretofore was 6%.
The successful bidder on the refinancing plan was the South Carolina
State Bank,the bid of this institution being accepted by the State Finance
Committee.
"Another bid for the issue was made by Lehman Brothers of New York.
this offer being submitted by Johnson Lane, Space & Co. of Savannah.
The bid was for a rate of int. of 434%. plus a premium of $7,011, which,
according to the Finance Committee, figured a net rate of 4.42% on the
entire issue.
"The South Carolina bank offered coupon rate of 334% on $1.950.000,*
maturing in 1935, 1936 and 1937; and 434% coupon rates on $2,280.000
maturing in 1938, 1939 and 1940, together with a premium of $14,057.98.
all of which figured a net rate of 3.96.
"Only the two bids were received for the issue. The bid by Lehman
Brothers of New York was participated in by Stone. Webster and Blodget,
Inc., Ne v York City; Phelps Fenn & Co., New York; Wertheim & Co..
New York; Hemphill, Noyes & Co., New York;Fenner & Beane, New York;
Wells Dickey & Co., Minneapolis; Stern Brothers & Co., Kansas City;
Milwaukee Co.,Milwaukee;Donald O'Neill& Co., Dallas,Tex.:McDonald.
Callahan & Richards, Cleveland, Ohio; Equitable Securities Corp., Nashville; Johnson, Lane, Space & Co., Savannah; Robinson Humphrey & Co.,
Atlanta; J. H. Hileman & Co., Atlanta; G.H.Crawford & Co., Columbia;
Frost, Read & Co., Charleston; E. H. Pringle, Charleston; A. M.Law &
Charleston.
Co., Spartanburg; James Conner &
Co.'
aa
"Immediately after the sale a spokesman for a group of South Carolina
investment bankers announced that $2,000.000 of the issue would be
placed on the market at public sale through the group, composed of C. W.
Hayne Co. of Columbia; McAllister, Smith & Pate of Greenville; Thomas
L. Lewis & Co. of Greenville, and R. S. Dickson & Co.of Charlotte, N.C.
The group was said to have taken a 'substantial portion' of the bonds.'
SOUTH SAN ANTONIO SCHOOL DISTRICT (P. 0. South San
-FEDERAL FUND ALLOTMENT.
Antonio), Bexar County, Tex.
A loan and grant of $80,000 for high school building construction was
announced recently by the Public Works Administration. The cost of
labor and material totals approximately $73,900, of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
-NOTESALE DETAILS.
SOUTHERN PINES, Moore County, N. C.
-The $15,000 revenue anticipation notes that were purchased by the
Citizens Bank & Trust Co. of Southern Pines at 6%-V. 139, p. 151
are dated July 1 1934, and mature as follows: $10,000 in January and
$5,000 on Feb. 22 1935.
-BOND SALE.
-The $20,000
SOLVAY, Onondaga County,-N. Y.
coupon or registered public improvement bonds offered on July 11-V.
awarded as 4.20s to the Marine Trust Co. of Buffalo.
138, p. 4501-were
Dated Aug. 1 1934 and due $2,000 on Aug. 1 from 1936 to 1945 incl.
SPARTANBURG COUNTY SCHOOL DISTRICT NO. 33 (P. 0.
-A loan and grant
-FEDERAL FUND ALLOTMENT.
Woodruff), S. C.
of $34,000 for school construction was announced recently by the Public
Works Administration. The total cost of labor and materials approximates $33.700, of which 30% is a grant. The remainder is a loan secured
by 4% general obligation bonds.
-WARRANTS
SPOKANE COUNTY (P. 0. Spokane), Wash.
CALLED.
-The County Treasurer is reported to have called for payment
at his office on June 26 various school district and irrigation district
warrants.
-BOND OFFERING.SPOTSWOOD, Middlesex County N. J.
'
Phineas M. Bowne, Borough Clerk, will receive sealed bids until 8 p. m.
(Daylight Saving Time) on Aug. 9 for the purchase of $18.000 6% coupon
or registered lake and dam improvement bonds. Dated Aug. 1 1934.
Denom. $1,000. Due $1,000 on Aug. 1 from 1935 to 1952 incl. Principal
and interest (F. & A.) payable at the First National Bank of South River.
A certified check for 2% of the bonds bid for, payable to the order of the
in
borough, must accompany each proposal. •
-TEMPORARY LOAN.
SPRINGFIELD, Hampden County, Mass.
The Bankers Trust Co. of New York was awarded on July 12 an issue of
$100,000 tax anticipation notes at 0.19% discount basis, the lowest rate
at which any Massachusetts municipality has secured short-term funds.
The notes mature on Oct. 24 1934. The same institution purchased a
further issue of $300,000, due Feb. 14 1935, at 0.37%.
Other bids for the two loans were as follows: For $1001100 issue: Boston
Safe Deposit & Trust Co.,0.24% plus $5; New England Trust Co.,0.257;
Second National Bank of Boston 0.33% and Faxon, Gade & Co., 0.38%;
For $300,000 issue: Second National Bank of Boston 0.67% and Faxon,
.9ade & Co.,0.98%•
.
-FEDERAL FUND ALLOTMENT.
STANTON, Martin County, Tex.
-A loan and grant of $34,000 for sewer system construction was announced
recently by the Public Works Administration. The cost of labor and
materials totals approximately $33,000, of which 30% is a grant. The
remainder is a loan secured by 4% revenue bonds.
STERLING, Worcester County, Mass.-PWA ALLOTMENT.The Public Works Administration has allotted $50,000 for school construction work. This includes provision for a grant equal to 30% of the
approximately $47,300 to be used in the payment of labor and material
costs. The balance is a loan secured by 4% general obligation bonds.
-PROPOSED BOND ISSUE.
STROUDSBURG, Monroe County Pa.
,
-The borough plans to issue $24,000 bonds to finance expenditures on
Civil Works Administration and works division projects.
-The
-BOND SALE.
SUMMIT COUNTY (P. 0. Akron), Ohio.
$200.000 selective sales tax poor relief bonds offered on July 9-V. 138.
-were awarded to a group composed of Mitchell, Herrick & Co.and
13.4335
Johnson, Kase & Co., both of Cleveland, and Van Lahr, Doll & Isphording
Inc. of Cincinnati. as 3Ks,at par plus a premium of $553, equal to 100.276,
a basis of about 3.15%. Dated July 1 1934 and due as follows: $3.503.
Sept. 1 1934; $3.200, March 1 and $3,300, Sept. 1 1935; $3,400, March 1
and $3,600, Sept. 1 1936; $59,000, March 1 and $61,000. Sept. 1 1937.
and $63,000. March 1 1938.
TEANECK TOWNSHIP (P. 0. Teaneck), Bergen County, N. J.
BOND SALE.
-The $25,000 6% coupon or registered general improvement
-were sold privately at par as
bonds offered on July 3-V. 138, p. 4336
follows: $12,000 to the Monterey Holding Co., $8,000 to the Balcon Realty
Co. and $5,000 to the Copley Development Corp. Dated Jan. 1 1934
and due Jan. 1 as follows: $2,000 from 1935 to 1939 incl. and $3,000 from
1940 to 1944 incl.
-FEDERAL FUND
TELLICO PLAINS, Monroe County, Tenn.
ALLOTMENT.
-A loan and grant of $138,700 for high school construction
was announced recently by the Public Works Administration. The cost
of labor and materials totals approximately $132,600,of which 30% is a
grant. The remainder is a loan secured by 4% general obligation bonds.
TONICA, La Salle County, III.
-PROPOSED BOND ELECTION.
The Village Board is making plans to hold an election on the question of
issuing $4,750 water system bonds, to mature Aug. 15 as follows: $750 in
1937 and $1,000 from 1938 to 1941 incl.
UNIONTOWN, Union County, Ky.-FEDERAL FUND ALLOTMENT.
-A band and grant of $76,000 for water system construction was
announced recently by the Public Works Administration. The cost of
labor and material totals approximately $70,500, of which 30% is a grant.
The remainder is a loan secured by 4% revenue bonds.
UPPER YODER TOWNSHIP SCHOOL DISTRICT (P. 0. Johns-The issue of $14,000
-BOND SALE.
town), Cambria County, Pa.
general operating expenses bonds offered on July 10-V. 138, p. 4501
was purchased at a price of par by the Sinking Fund Committee, the only
bidder.
VALLEY COUNTY SCHOOL DISTRICT NO. 13 (P. 0. Nashua),
-Sealed bids will be received until 2 P. m•
-BOND OFFERING.
Mont.
318
Financial Chronicle
July 14 1934
on Aug. 1, by the District Clerk, for the purchase of a $50,000 issue of
school bonds. Interest rate is not to exceed 6%, payable F. & A. Dated
Aug. 1 1934. The first choice of the School Board will be amortization
bonds and serial bonds will be the second choice. Whether the said bonds
are issued in amortization or serial form they will be redeemable in full at
any interest payment date from and after five years from the date of issue.
A certified check for 5%,payable to the Clerk, is required.
VESTAL FIRE DISTRICT (P. 0. Vestal), Broome County, N. Y.
BOND SALE.
-The Endicott National Bank of Endicott purchased on
June 25 an issue of $5.000 3X% fire department apparatus bonds at a
price of 100.20.
VINCENT, Shelby County, Ala.
-FEDERAL FUND ALLOTMENT.
-A loan and grant of $28,000 for water works improvements was announced recently by the Public Works Administration. The cost of labor
and material totals approximately $26,000. of which 30% is a grant.
The remainder is a loan secured by 4% revenue bonds.
WAKE COUNTY (P. 0. Raleigh), N. C.
-FEDERAL FUND ALLOTMENT.
-A loan and grant of $16,200 for the construction of an auditorium
to the existing school building in Holly Springs was announced recently
by the Public Works Administration. The cost of labor and materials
totals approximately $15,400, of which 30% is a grant. The remainder
18 a loan secured by 4% general obligation bonds.
WALLA WALLA, Walla Walla County, Wash.
-BONDS CALLED.
The City Treasurer is said to have called for payment at his office on July 1,
the entire issue of water extension bonds, dated July 1 1921.
WAPAKONETA, Auglaize County, Ohio.-PWA ALLOTMENT.
The Public Works Administration has allotted $146.000 for power plant
construction purposes. This includes a grant equal to 30% of the amount
to be used in the payment of labor and material costs. The balance is a
loan secured by 4% revenue bonds.
WARD COUNTY SPECIAL SCHOOL DISTRICT NO. 38 (P. 0.
Des Lacs), N. Dak.-FEDERAL FUND ALLOTMENT
.-A loan and
grant of $14,000 for school construction was announced recently by the
Public Works Administration. The cost of labor and material totals approximately $13,200, of which 30% is a grant. The remainder is a loan
secured by 4% general obligation bonds.
Record of Tax Collections,
1931.
1932.
1933.
Grand list (taxable) Oct. 1377,350,345.00 $77,877.356.00 $68,458,830.00
Levy
1,314,955.86
1,168,160.34
1,095,341.28
Exemptions, &c
1,752.25
1,189.69
Collected
1,239,624.54
1,025,996.45
Outstanding May 1 1934..
$73,579.07
$140,974.20
Tax rate
17 mills
15 mills
16 mills
Appropnations as Budgted.-For year 1932, $1,800,250.79: for year
1933, $1,545,735.29* for year 1934. $1,292.483.34.
By special Act of the State of Connecticut the sewer indebtedness is not
included in the 5% debt limits. The town is authorized to issue $1,000,000
in sewer bonds regardless of the 5% limit.
WEST KITTANNING (P. 0. Kittanning), Armstrong County, Pa.
-BOND OFFERING.
-0. A. Bowser, Borough Secretary, will receive
sealed bids until 8 p.m.(Daylight Saving Time) on July 25 for the purchase
of $45,000 4% coupon water bonds. Dated March 1 1934. Denom.
$500. Due March 1 as follows: $500from 1935 to 1937,Inel.:$1,000, 1938:
$1,500. 1939 to 1943, incl.: $2.000, 1944 to 1953, incl., and $1,500 from
1954 to 1963. incl. Interest is payablein M.& S. A certified check for
2% of the bonds bid for, payable to the order of the Borough Treasurer,
must accompany each proposal. The approving opinion of Burgwin,
Scully & Burgwin of Pittsburgh will be furnished the successful bidder.
The Public Works Administration in January announced an allotment of
08,000 to the borough for water system purposes
-V.138, p. 536.
WEST NEWTON, Westmoreland County, Pa.-PWA ALLOTMENT,
-The Public Works Administration has allotted $24,000 for street
repair work. This includes a grant equal to 30% of the approximately
$22.600 to housed in the payment oflabor and material costs. The balance
is a loan, secured by 4% general obligation bonds.
WEST SIDE IRRIGATION DISTRICT NO. 5 (P. 0. Touchet),
Wash.
-BOND SALE DETAILS.
-The $4,700 6% semi-ann. refunding
bonds that were voted in May
-V. 138, 13. 3650
-have since been purchased at par by T. C. Elliott of Walla Walla. Dated April 1 1934.
Due in 1954.
WILLIAMS COUNTY (P. 0. Bryan), Ohlo.-BOND SALE.
-The
WARREN COUNTY (P. 0. McMinnville), Tenn.
$29.000 poor relief bonds offered on July 9-V.138, p.4336
-BOND ELEC-were awarded
TION.
as 3s to Johnson, Kase & Co. of Cleveland at par plus a premium of $57.
-The County Court is said to have approved recently the calling
of an election on Aug. 2 to vote on the issuance of $40,000 in high school
equal to 100.196, a basis of about 2.91%. Dated June 1 1934 and due
bonds.
March 1 as follows: $6,500, 1935: $7,000, 1936: $7,500 in 1937, and
$8,000 in 1938.
WARREN, Trumbull County, Ohio.
-DEBT CHARGES PAID.
Other bids for the issue were as follows:
B. M. Hlllyer, City Auditor,reports that the Sinking Fund Trustees voted
Bidderon June 1 to make payment of all 1934 bond principal and interest maturiInt. Rate. Prem.
Citizens National and First National Bank, Bryan
ties, including those that were in default. Such payments are being made
3%
Par
Fox, Einhorn & Co., Cincinnati
3
promptly upon presentation of the obligations due either at the Auditor's
$47.00
Van Lahr, Doll & Isphording, Cincinnati
office or at the Second National Bank,'Warren.
23.20
Provident Trust & Savings Bank. Cincinnati
37.70
Assel, Goetz & Moerlein, Inc., Cincinnati
WASHINGTON, Franklin County, Mo.-FEDERAL FUND ALLOT3
80.00
MENT.
Stranahan, Harris & Co., Toledo
-A loan and grant of $428,800 for highway toll bridge construction
98.80
3
was announced recently by the Public Works Administration. The cost
WILMINGTON, New Hanover County, N. C.
-MATURITY.
-The
of labor and materials totals approximately $571,200, of which 30% is a
$60,000 6% revenue anticipation notes that were purchased by the Wilgrant. The remainder is a loan secured by 4% revenue bonds.
-V.139, p. 152-are due on Oct. 1 1934.
mington Savings & Trust Co.
WASHINGTON RURAL SCHOOL DISTRICT (P. 0. Piqua)
-BOND OFFERING.-Sealed bids
WINONA, Winona County, Minn.
Miami County, Ohio.-PWA ALLOTMENT.
-In allotting $42,000 for
will be received until 8 p.m.on July 16 by Geo. W.Hoffman, City Recorder.
school building construction, the Public Works Administration made profor the purchase of a $230,000 issue of 334% semi-ann, sewage disposal
vision for the usual grant of 307 of the amount used in the payment of
0
plant bonds. Denom. $1,000. Dated Sept. 1 1934. Due on Sept. 1
labor and the purchase of material. Such expenditures are estimated at
as follows: $15.000. 1939 and 1940: $20,000, 1941 to 1945: $5,000 in 1946
$39,900. The balance is a loan,secured by 4% general obligation bonds.
and 1947;$10,000. 1948 to 1950, and $20,000, 1951 to 1953.
WASHINGTON SCHOOL DISTRICT NO. 52, III.
WINSTON-SALEM, Forsyth County, N. C.
-FEDERAL FUND
-DATE OF
BONDS.
-The $15.000 4% school bonds sold on May 4 at a price of par
ALLOTMENT
.-A loan and grant of $115,000 for street improvement
to the Danforth Banking Co., Washington. Ill.
was announced recently by the Public Works Administration. The cost
-V. 138. p. 4336
-are
dated May 1 1934. Registered bonds of $1,000 denom. Due serially on
of labor and material totals approximately $110,800, of which 30% is a
July 1 from 1935 to 1949, incl. Interest payable annually in July.
grant. The remainder is a loan secured by 4% general obligation bonds.
WINSTON-SALEM SCHOOL DISTRICT (P. 0. Winston-Salem),
WAYNE, McClain County, Okla.
-BOND SALE.
-The $25,000 issue
Forsyth County,Ky.-COUNTY TO TAKE OVER SCHOOL DEBT
of water system bonds offered for sale on July 9-V. 139, p. 152
.-The
-was
following is taken from an Associated Press dispatch from Winston-Salem
purchased by the Public Works Administration, as 4s, at par. Dated
to the Raleigh "News and Observer" of July 4:
May 1 1934. Due from May 1 1937 to 1953. No other bid was received.
-day that steps would be
Forsyth County authorities were notified to
WAYNESBORO SEPARATE SCHOOL DISTRICT (P. 0. Waynes.
taken to have the county take over the indebtedness of the Winston-Salem
boro), Wayne County, Mass.
school district, amounting to $3,367,000.
-FEDERAL FUND ALLOTMENT
.A loan and grant of $51.700 for school construction was announced recently
The action was decided upon as a result of a recent supreme court deby the Public Works Administration. The cost of labor and material
cision requiring Catawba county to assume the indebtedness of Hickory
totals approximately $48,600, of which 30% is a grant. The remainder
schools.
is a loan secured by 4% general obligation bonds.
-BOND SALE.
WOODBURY COUNTY (P. 0. Sioux City), Iowa.
The $163,000 issue of funding bonds offered for sale on July 9 -V. 138.
WELLSTON, Lincoln County, Okla.
-FEDERAL FUND
-was purchased at public auction by the Toy National Bank of
p. 4502
.-A loan and grant of $6,600 for water system extension ALLOTMENT
was anSioux City, as 3s, paying a premium of $1,551, equal to 100.951. a basis
nounced recently by the Public Works Administration.
of about 2.80%. Dated June 11934. Due from Dec. 1 1935 to 1942.
and materials totals approximately 116.550, of which 30%The cost of labor
is a
remainder is a loan secured by 4% general obligation bonds. grant. The
WENTZVILLE, St. Charles County, Mo.-FEDERAL FUND
LOTMENT
.-A loan and grant of $45.000 for water supply system ALstruction was approved recently by the Public Works Administration. con-MATURING LOANS TOTAL $400,000,000.
cost of labor and material totals approximately $42.400, of which 30%The
CANADA (Dominion of).
is a
grant. The remainder is a loan secured by 4% bonds.
-According to press reports from Ottawa, the Dominion will be obliged
to arrange for the payment of about $400,000,000 in loans maturing later
WESTBROOK,Middlesex County, Conn.
in the year. The total includes a war loan in amount of $225,000,000.
-P WA ALLOTMENT.
-A
loan and grant of $100,000 for road construction work has been announced
bearing 534% interest. It will be necessary for the Dominion to undertake
by the Public Works Administration. The grant consists of 30% of the
a gigantic refunding flotation in order to provide for the maturities, it
amount to be used in the work for labor and material costs. The balance
s said.
is a loan,secured by 4% general obligation bonds.
-DEFICIT LOWER.-Completion of
MANITOBA (Province of).
accounts for the fiscal year ended April 30 1934 shows that the operating
WEST HARTFORD, Hartford County, Conn.
-FINANCIAL
deficit during the period was $36,611. This compares with a deficit of
STATEMENT-With respect to the recent award of $425.000 bonds
- $1,944,564 in the previous fiscal year.
V. 138, 11. 3650
-the following has been received.
NEWFOUNDLAND (Government of).
-FINANCIAL OUTLOOK
Debt Statement.
BETTER.
-Firm optimism for the early adjustment of the financial condiGeneral AccountIssued.
Outstanding.
tions of the Island Government, under the guidance of the new governing
Bonds issued and outstanding
Commission, was voiced by Hon. E. N. R. Trentham on June 28 in his
a Ref. and impt. 43.s, Dec. 1 1913-43
$200,000.00
$200,000.00
first budget speech as Commissioner for Finance, according to the Montreal
a Ref. and impt. 4345. Aug. 1 1915-45
150,000.00
150,000.00
'Gazette of the following day. Mr. Trentham, it is said, declared that
* Ref. and kept. 434s. Feb. 1 1922-47
476,000.00
280,000.00
the expected deficit of $2,192.500 for the 1934-1935 fiscal year will be pro• High school and ref.4 Xs. March 15 1923-48 825,000.00
462,000.00
vided for through an outright grant by the British Government. Expendi•School 4s, March 15 1928-53
500,000.00
380,000.00
tures for the period are estimated at $11.302,604, against which an income
•School 434s, March 1 1930-55
650,000.00
546,000.00
of$9.110,104.the largest in three years,is anticipated It was also declared
•School &Xs, May 1 1932-55573,000.00
523,000.00
that $1.008,000 would be made available to Newfoundland during the yea'
by the Colonial Development Fund,the bulk of which will be expended in
$2,541,000.00
the rehabilitation of the Island's dwindling fisheries. Conversion of the
Deduct sinking funds
224,800.28
the Government's outstanding bonds into lower interest-bearing securities
assisted materially in reducing its annual expenses, it 18 said. The reduc0,316,199.72
tion in rates served to pare the outlay during the year for interest charges
Add note in payment of judgment ($25.000 to be paid
from $5,113,145 to $3,115,000. Mr. Trentham declared that the action
June 5)
50,000.00
of Great Britain and Canada in taking a definite hand in the management
of Newfoundland removed the danger of a default on her obligations The
$2,366,199.72
existing government Commission was established upon recommendation
Add net debt of tire districts
21,000.00
of the Royal Commission of Inquiry, which was created jointly by the
Governments of Great Britain and Crinada for the purpose of making an
Total debt
$2,387,199.72
exhaustive analysis of the financial and economic problems of the island.
Total taxable and tax-exempt property
76,987,240.00
-V.138. 13. 3864.
Borrowing capacity, 5%3,849,363.00
Outstanding indebtedness (not including this issue)
ONTARIO(Province of).-PLANS$25,000,000LOAN.-The"Montreal
2,387,199.72
Times" of Toronto of July 7 states that current rumors are to the effect
Margin as of May 1 1934
that the Province will shortly enter the market with a $25,000.000 loan.
$1,462,162.28
Sewer Account
WESTMOUNT, Que.-BOND SALE.
-The $220,000 4% improveBonds issued and outstanding
ment bonds offered on July 5-V. 138, p. 4502
-were awarded to a syndia Sewer construction 434s, Dec. 1 1913-43-$100,000.00
cate composed of the Bank of Montreal, Hanson Bros., Inc., Mead & Co.
$100,000.00
Deduct sinking fund
and Kerrigan, MacTier & Co., at a price of 99.57, a basis of about 4.08%•
64,852.39
Due annually on May 1 from 1935 to 1970,incl. Other bids were as follows:
$35,147.61
BidderBid.
Add sewer notes outstanding_
230.000.00
Dominion Securities Corp., A. E. Ames & Co., Ltd. and Royal Rate
Bank of Canada
99.537
Total sewer obligations (no
is isitie)
$265,147.61
Wood Gundy St Co., Ltd and McTaggart, Hannaford, Birks &
a Sinking fund with thisbdntls.
Gordon, Ltd
99.309
There are also outstanding $42 .
a-anticipation notes which mature
L. G. Beaubien & Co.,Ltd
99.275
and will be paid by June 15 1934, partly by the issue of refunding bonds
Harrison & Co., Toronto
98.10
and partly from taxes due and payable.
McLeod. Young, Weir & Co., Ltd
96.29
Population, 1930 census, 25,000: estimated at present, about
a rdner
Co., Ltd
92.765
• CANADA, Its Provinces and Municipalities.
0 L-Z,
@FedFRASER