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financial
Iirontrit
,
Volume 137
New York, Saturday, July 15 1933.
Number 3551
The Financial Situation
HE London Monetary and.Economic Conference
seems likely to be relegated to the realm of forgotten things before long, as the Conference has definitely decided to take a "recess" beginning July 27.
No regret need be felt over the cessation of its activities, for only good can come out of the step. Possibly the sessions will never be resumed, but whether
postponement of the work is for a longer or a shorter
period it will in any event give time for consideration and reflection, and that cannot fail to aid in
the growth of sound views and to promote wise
action. And time may be no less an advantage to
the Government at Washington than to the European ministries. President Roosevelt has taken a
definite stand against early stabilization of the
American dollar in relation to the European currendes, since he feels that a further rise in the general
level of commodity values in this country must precede enduring stabilization and any delay will be
helpful in carrying out that purpose.
Entirely apart from that, however, President
Roosevelt is engaged in carrying out some very radical theories of social and economic reforms, and
these in their relation to the outside world cannot
be given too much deliberation and consideration,
even though at home Mr. Roosevelt has shown over
and over again, and is still engaged in showing, that
he will brook no delay in the carrying of his schemes
to completion. He has for his counsel and aid a
body of advisers who revel in experiments intended
to uproot the old order of things—the so-called
"Brain Trust"—who will be more apt to egg him on
in his course than to hold him under restraint, but
delay at least will serve to defer the application of
the new theories and experiments, at least as far
as the co-operation of the other nations of the world
is required, during the interval before the Conference can again be galvanized into activity.
It is to be borne in mind that even under the
extraordinary powers conferred upon him,the President's hand is stayed in many respects, and that he
cannot proceed in disregard of what is happening.
all around him. He is given an exceedingly wide
latitude in the exercise of many of the functions conferred upon him—he may or may not avail of them—
but, on the other hand, in a number of directions
be cannot undertake to speed action until certain antecedent conditions have first developed
or been fulfilled. It is in that particular that
delay will be of inestimable advantage. •for such
delay may show that the radical steps contemplated
can be altogether dispensed with and accordingly
the conclusion be reached that there is no need
T
of availing of them or of giving them effect, though
we feel obliged to admit that Mr. Roosevelt has
evinced no disposition to halt in any of his radical
deliartures even when they appeared no longer to
be called for.
Our particular concern is with reference to reducing the gold content of the dollar and the provision
in the law that the relation between gold and silver
having once been fixed there shall be unlimited
coinage of silver. In our estimation such an outcome as the unlimited coinage of silver would be one
of the greatest and gravest calamities that could befall the country. We despair that President Roosevelt may be induced to admit anything of the kind,
but as the preliminary step in that respect cannot
be taken without the co-operation of the other countries, not excepting the gold bloc countries, and these
other countries refuse to co-operate, the effect must
be to put off the date when performance of the task
can or will be taken. And delay being an absolute
certainty, it may be that something will happen that
will perforce prevent the carrying into effect of the
mischievous provision referred to. It may be that
this is a vain hope, but it is a hope nevertheless, and
it is a hope growing out of the certainty that the
Conference is not likely to convene again for a considerable time, and possibly not reconvene at all.
Stranger things than this have happened in the past,
and a new Congress will be elected in the autumn of
next year, when opportunity will be afforded of getting an expression of public opinion on the whole
policy of the Administration.
As has been pointed out a number of times in
these columns, the Thomas amendment, or inflationary rider to the Farm Relief Act, by Title III,
Section 43, Subdivision (2), empowers the President
"by proclamation to fix the weight of the gold dollar
in grains nine-tenths fine and also to fix the weight
of the silver dollar in grains nine-tenths fine at a
definite fixed ratio in relation to the gold dollar at
such amounts as he finds necessary from his investigation to stabilize domestic prices or to protect the
foreign commerce against the adverse effect of depreciated foreign currencies, and to provide for the
unlimited coinage of such gold and silver at the ratio
so fixed." Thus the unlimited coinage of silver is
not an imaginary danger. It is certain to become
a reality, when the President by proclamation undertakes to fix the relationship between gold and silver,
and in fixing such relationship it seems to be contemplated that the President shall act in consultation and co-operation with other countries,for a further portion of the Thomas amendment, or infla-
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Financial Chronicle
tionary rider, provides that "in case the Government
of the United States enters into an agreement with
any government or governments under the terms of
which the ratio between the value of gold and other
currency issued by the United States and by any
such government or governments is established, the
President may fix the weight of the gold dollar in
accordance with the ratio so agreed upon, and such
gold dollar, the weight of which is so fixed shall
be the standard unit of value, and all forms of money
issued or coined by the United States shall be maintained at a parity with this standard and it shall be
the duty of the Secretary of the Treasury to maintain such parity."
We quote this portion of the Thomas amendment
simply to show that it was intended that the President, in reaching a decision, should act in co-operation with other countries. The declaration, however,
with reference to maintaining parity with gold was
swept aside and rendered nugatory and non-existent
by the joint resolution subsequently adopted (this
resolution was approved by President Roosevelt on
June 5 1933 by means of which the country
was taken off the gold basis by statutory enactment.
This resolution provides, among other things, that
"every provision contained in or made with respect
to any obligation which purports to give the obligee
a right to require payment in gold or a particular
kind of coin or currency, or in an amount in money
of the United States measured thereby, is declared
to be against public policy; and no such provision
shall be contained in or made with respect to any
obligation hereafter incurred." There is also the
further provision that "Every obligation heretofore
or hereafter incurred, whether or not any such provision is contained therein or made with respect
thereto, shall be discharged upon payment, dollar
for dollar, in any coin or currency which at the time
of payment is legal tender for public and private
debts." Obviously with the requirement of gold
parity eliminated the danger inherent in the unlimited coinage of silver is infinitely greater, and this
will explain our repeated references to the subject.
The sentence of slow death which has apparently
been imposed upon the Monetary and Economic Conference accordingly has the merit of putting off the
day when the infliction referred to shall settle upon
the country.
The developments this week with reference to the
Conference have not been altogether satisfactory,
and some of them have been quite disturbing. As it
became evident that the activities of the Conference
were to cease, or to be held in suspense, the foreign
exchanges turned more strongly against this country than before and the American dollar became still
further depreciated in the terms of the currencies
of the gold countries. Monday was a particularly
bad day in that respect. The British pound in most
spectacular fashion spurted up with great rapidity
and reached a high point of $4.83, which was not
far short of the old parity of the pound of $4.84665,
though the quotation now represents not the gold
parity but the paper parity, and the fact that the
pound got so close to the old figure simply indicated
that the American dollar and the British pound were
suffering depreciation in about the same degree. At
/
$4.8318 the value of the dollar in gold was only about
67c. The French franc rose to 5.69c., making the
gold value of the dollar also about 67c. Since Monday the fluctuations in all the European currencies
July 15 1933
have been extremely erratic and wide, and at the
close yesterday the British pound was quoted at
$4.79 and the French franc at 5.62c.
On Wednesday what was called a new crisis was
precipitated by the action of Senator Key Pittman,
the silverite from Nevada, who interposed objections
to a proposal for co-operation among central banks
to prevent speculative demoralization of the exchanges. London advices on Wednesday (July 12),
as reported by the New York "Herald Tribune"
bureau, stated that "The American delegation
brought about another crisis—minor or otherwise,
according to the opinion of the delegate consulted—
when Senator Pittman at this morning's meeting of
the Monetary Committee blocked a resolution providing for international co-operation of central
banks."
The resolution recommended, it was stated,
free markets for gold and said the aim of central
banks "should be to co-ordinate the policy pursued
in various (financial) centers in order to contribute
toward the satisfactory working of the international
gold standard system." The resolution, we are told,
was originally sponsored by Leon Fraser, American
President of the Bank for International Settlements
at Basle, was discussed by the Committee some days
before, then was referred to a subcommittee and a
few days subsequently was reported back to the
Committee favorably. When it came before the
Committee on Wednesday morning Senator Pittman,following his receipt of dispatches from Washington earlier in the day announced that the Federal
Reserve Board at Washington considered the resolution premature and not immediately practicable,
and therefore held that it should not be further discussed at this time. The result, it is stated, was an
immediate impasse, ending with Dr. Viktor Kienboeck, Chairman of the Austrian National Bank, announcing—with the support of the gold bloc and
particularly of the French—that there was nothing
to do but to adjourn discussion of this question and
report disagreement to the Conference's Steering
Committee.
Senator Pittman seems to have acted unwittingly
and without first having consulted the Administration at Washington, but there is no occasion for taking exception to this or for condemning the Committee in turning the proposal down. What is disturbing about the affair is the attitude in the latter
assumed by the Federal Reserve authorities. The
proposition for having our Federal Reserve banks
engage in plans for dealing in foreign exchange
ought to have been turned down flatly. Instead of
that, the Reserve officials seem actually to have entertained it and merely rejected it because, in their
view, it was inopportune. Associated Press advices
from Washington the same day (July 12) stated that
Eugene R. Black, Governor of the Federal Reserve
.Board, explained that the Board saw no reason for
participating "in a purely academic situation" as
proposed in the London Conference gold resolution.
He said the Board's position concerning the central
bank co-operation proposal was made known in a
letter written by himself. "The resolution," said
Governor Black, "is a purely academic discussion
and talks about the gold standard on a pre-war basis.
I can see no reason to participate in such an academic situation when we are not on the gold standard and only five or six countries are on the gold
standard."
Volume 137
Financial Chronicle
It is most unfortunate that the question of cooperation with the central banks of Europe should
be left in a position where participation in such a
grandiose scheme as controlling the foreign exchanges of all Europe is not sweepingly rejected.
Our Federal Reserve banks as a matter of principle,
and as of policy, as well, should never allow themselves to be drawn into schemes of that kind. These
Federal Reserve banks hold the cash reserves of all
the banks in the country, and these banks carry absolutely no other reserves. These reserves should
never be placed in jeopardy, and never used directly
or indirectly to support transactions lying outside
the immediate sphere of action of the Reserve banks
themselves.
Washington advices last week also indicated that
the view we are urging was the view, too, of President Roosevelt himself, who was quoted as saying
that Federal Reserve banks could not speculate in
world currencies. These advices came on July 5
from one of the correspondents at Washington of
the New York "Times," who, after saying that President Roosevelt had turned to a plan for a managed
domestic currency based on the 1924-1925 commodity
price levels, and to a vigorous prosecution of his
domestic recovery program, went on to assert that
the Administration . was of the opinion that no
feasible plan had been advanced at London for stabilization of world currencies. The Roosevelt Administration was also reported as holding that Federal Reserve banks cannot enter the market and buy
dollars to prevent wide fluctuation. 'Under the law,
it was asserted, "they cannot speculate in foreign
exchange because they are custodians of the reserves
of the members of the Reserve System." This is the
literal truth and it would be most unfortunate if
the Administration had now changed its views.
We may well believe that the Reserve authorities
would be only too glad if they could unite with the
central banks of Europe in some joint action which
met with their approval. That has been Federal Reserve policy from the time almost of the establishment of the Federal Reserve System. It was a cardinal doctrine of Governor Strong, that giant and master among Federal Reserve officials, in the early
days of the operation of the Reserve System (though
it must be said to the credit of Governor Strong and
those associated with him that their aim always was
to preserve the gold standard, whereas now the Federal Reserve System under the direction of the Administration is engaged in carrying out the latter's
policy of debasing the standard and depreciating the
value of the American dollar);--in those early days
of the System, Federal Reserve officials made constant trips to Paris and London in the endeavor to
ascertain the English and French views and then
acted in conjunction with the European institutions
in the endeavor to harmonize the action of the Federal Reserve System with that of Great Britain and
France.
In 1931 a credit of $125,000,000 was extended to
the Bank of England, and the Federal Reserve banks
also took a participation of $25,000,000 in a $100,000,000 credit extended to Germany. This latter
proved a frozen asset almost from the start, and the
difficulty of converting even a small portion of this
credit into actual cash is well known to everybody.
It is only a few weeks since the last of this credit
was repaid. Public opinion did not approve this
risking of Federal Reserve funds in foreign transac-
359
tions, and opposition to the policy became so strong
in and out of Congress that the Federal Reserve
authorities had to pay heed and refrain from any
further operations of that sort. No sliding back to
these objectionable practices of the past ought now
to be tolerated. And when the suggestion comes
that the Reserve System should engage in foreign
exchange business of a precarious character, or even
in foreign exchange of a less repugnant type, the
Federal Reserve banks ought to be compelled to take
a firm stand against anything of the kind. The
proposition ought not to be entertained even for a
moment. The attitude of the Reserve authorities
on the point ought to be so firm and uncompromising
that no one would really think of making a suggestion to that effect, since the Reserve banks had made
it plain to the whole world that they would never
become a party to anything of the kind.
HE work of carrying out the provisions of the
National Recovery Act is proceeding apace,
and the Administration at Washington is undertaking to speed action along. Every day brings news
of new steps directed to that end. As one illustration, a "supreme council" to co-ordinate the activities and to direct the policies of the Administration's
recovery program was created by President Roosevelt on Tuesday (July 11), and the first meeting of
the Council was held on that day with future meetings scheduled for each Tuesday, replacing the regular weekly Cabinet meetings. The new Council includes all Cabinet members as well as the administrators of the various special Federal agencies set
up under acts of Congress. Frank C. Walter has
been appointed as Secretary and Co-ordinator for the
Executive Council, and his duties will be to see that
the economic agencies function harmoniously in
accordance with a definite program formulated by
the Council. The President is represented as displeased with the delay of the major industries in
perfecting codes of fair competition.
Results also are appearing in concrete form notwithstanding the President's expressed impatience
with the slow progress being made in certain directions. New propositions, too, are constantly being
made for the further regulation of private business
by Government action. Some of these are of such
a nature as to make the ordinary man gasp and ask
what is to be expected next. The Government is
evidently determined to fix the hours and the rate of
pay of everybody under the sun. Some curious results are appearing as a consequence. On the one
hand the Government is seeking to assure a high
rate of pay and large profits, and on the other hand
it finds itself obliged to placate consumers who complain of the high prices they are compelled to pay
or are threatened with. Already the Administration is meeting with severe criticism because of the
processing tax of 30c. a bushel imposed on the milling of wheat as a result of which bakers are- obliged
to pay it is estimated $1.38 more for a barrel of
flour. As a consequence bakers have advanced the
price of a loaf of bread in different parts of the
country all the way from 1c. a loaf to 3c. a loaf.
Then some of the codes proposed are startling.
Thus the daily papers Tuesday morning reported
that the Society of Certified Public Accountants and
Auditors, Inc., had adopted a code of fair practice
and that it provided for a 35-hour week, with exceptions for emergency or for Federal or State work
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Financial Chronicle
July 15 1933
and minimum weekly compensation of $200 for prin- from customers which aggregate a great deal more
cipals and $100 for supervising seniors. We are than the direct pay received. In some establishtold that the 35-hour week for the group does not ments, indeed, here in this city waiters instead of
apply to principals, and then as regards compensa- receiving any wages at all actually pay for the privition the code provides that the remuneration of lege of holding their job, the desire being to receive
principals "shall in no case be less than double that the high tips customary in such establishments.
of the supervising seniors," and that the "minimum How is the Government going to treat cases of that
compensation of supervising seniors who shall have kind? Is the customer or patron to be obliged to conhad 10 or more years of actual experience shall be form to a code which fixes the tips he is allowed to
give and to which he must confine himself at the
t
not less than $100 a week." A further provision is,resthat "It shall be unfair competition for any one to taurant, the barber shop,in hotels,in Pullman sleepperform any accountancy work for less than cost ers and the long category of things which form part
based on the minimum rates specified in Section III of the daily life of the ordinary individual? And is
of this code, plus overhead, such as rent, steno- the Government going to penalize and punish him
graphic service, telephone service, stationery and if he fails to observe the schedule of tips prescribed?
other general expense." These accountants are cer- Merely to put such a query is to suggest the abtainly not slow in asking for much. It is only proper surdity of the whole thing!' And how far is Federal
to say that the American Institute of Accountants authority to extend, and where does State authority
and the New York State Society of Certified Public begin? This last thought suggests itself because at
Accountants has announced that no recognized or- this very time the newspapers are telling us that the
ganization of professional accountants has officially first meeting of the minimum wage board in this
considered drawing up a code of regulations, and State is to be held July 24 in the State office buildfurthermore states what appears to be correct, that ing, according to announcement made by Commisthe provisions of the National Industrial Recovery sioner Elmer F. Andrews of the State Department
Act have not been interpreted as relating to profes- of Labor. Wages in the laundry industry will be
sional groups, but apply only to trades and in- the first discussed, Commissioner Andrews says,
and he announced the personnel of a committee
dustries.
proposal is contained representing employers, employed and the public.
But the most remarkable
in a suggestion which came on Wednesday to the Evidently some of the bodies which are so free in
effect that an emergency measure to govern the their suggestions for Government regulation of pricountry's business life, pending the permanent codi- vate affairs are overreaching themselves.
fication of various industries, has been presented to
HE Federal Reserve banks are persisting in their
General Hugh S. Johnson, Administrator of the Napolicy of acquiring further blocks of United
tional Industrial Recovery Act, by the industrial,
labor and consumers' groups co-operating with him, States Government securities, but are not sucfor the consideration of President Roosevelt. This ceeding in carrying out the purpose in mind in
measure, it is stated, provides for the division of adding to these holdings, which is to enlarge the volthe country's workers into three groups—the mer- ume of Reserve credit outstanding, inasmuch as
cantile, the so-called white collar, and the manufac- there is a constant diminution in the use of Reserve
turing groups. It calls, we are told, for a minimum credit in other directions. For the week ending
wage of 40c. an hour for unskilled workers in all Wednesday night, July 12, the further new acquithree groups, with a maximum 40-hour week for the sitions have been somewhat smaller than in other
mercantile and white collar groups, and a 35-hour recent weeks, reaching not quite $12,000,000, but
week for the manufacturing group with certain ex- bringing the total of the holdings of United States
ceptions and modifications respecting the last- Government securities well above the $2,000,000,000
mark, the amount of the holdings having risen durnamed.
In justification of such radical proposals it is ing the week from $1,995,258,000 to $2,007,233,000.
urged that girls in the five and ten cent stores have On the other hand, however, member banks still furbeen getting $8.00 a week, shirt workers in Penn- ther reduced their borrowings at the Federal Reserve
sylvania have been getting as low as $2.00 a week, banks, as evidenced by a reduction of the discount
and needle workers have been receiving 5 and 10c. holdings of the 12 Reserve banks from $181,803,000
an hour and working long hours. These are things to $167,866,000. Not only that, but the holdings of
of course that ought to be corrected,where they exist, acceptances purchased in the open market have
but when it is intended to go into the question of fallen during the week from $23,084,000 to $13,regulating wages and hours everywhere, many diffi- 194,000, the Reserve institutions evidently being unculties spring up which cannot be overcome by any able to obtain new supplies of bills, as the bills held
fast and fixed rule, and certainly the regulation of matured and were paid off. The result altogether
private business to such an extent as here proposed is that the total of the bill and security holdings,
falls entirely outside the proper function of Govern- which constitutes a measure of the volume of Rement and is beyond its Ability to perform. The serve credit outstanding, has been reduced during
to $2,190,450,000, in
query naturally suggests itself whether the Federal the week from $2,202,442,000
and hours of work face of the purchase of $11,975,000 of additional
Government is to fix the wages
of the bootblack, the barber, the milkman, and, in- United States securities.
Federal Reserve notes in circulation the past week
deed, of any and everyone who may be engaged in
occupation. Not only that, but there are have also undergone sharp contraction after the inany human
many other considerations to take into account aside crease of $54,007,000 the previous week. This infrom the rate of pay and the number of hours of crease last week evidently grew out of the Fourth of
July holiday requirements. The present week the
work performed.
Girls and other waiters, for example, are content notes have come back again from circulation now
with very low rates of pay because they get tips that the holiday requirements are a past matter.
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Volume 137
Financial Chronicle
During the week a contraction of $48,269,000 occurred in the amount of Federal Reserve notes in
circulation, the -total having dropped from $3,115,331,000 to $3,067,062,000. Even the amount of Federal Reserve bank notes in circulation, and against
which no cash reserves are required, has decreased
during the week from $124,102,000 to $115,853,000.
The Federal Reserve Bank reports a reduction of
no less than $85,000,000 in the total of money of all
kinds in circulation and $56,428,000 of this is accounted for by the contraction in the volume of Federal Reserve notes and of Federal Reserve bask
notes afloat. The amount of the gold holdings of
the 12 Reserve banks this time shows a reduction of
$3,250,000, being the first decrease in such holdings
since the placing of an embargo on gold exports at
the beginning of March. As, however, the liability
on account of Federal Reserve notes in circulation
has been so heavily reduced, this loss in the gold
holdings had no effect on the ratio of total gold
reserves and other cash to deposit and Federal Reserve note liabilities combined, which ratio this
week, as was the case last week, stands at 68.4%—
this, too, notwithstanding that the liability on deposit account increased, these deposits having risen
during the week from $2,450,724,000 to $2,521,817,000, the increase following mainly as a result
of the increase in member bank reserves (evidently
due to the return of money from circulation), these
reserves during the week having increased from
$2,218,912,000 to $2,268,728,000. The amount of
United States securities held as part collateral for
Federal Reserve notes outstanding decreased during
the week from $505,700,000 to $499,200,000.
HE Government's July crop report indicates a
very large shortage this year in practically all
cereal crops. The large loss in the winter wheat
yield, shown in the earlier estimates on that crop
this year, is increased by the July report. In addition, the first report on spring wheat foreshadows
a production from this year's harvest nearly as low
as that indicated in the first report for the disastrous
failure in spring wheat of two years ago. The July
estimate for corn shows a low condition, and an
indicated yield considerably below that of last year.
For oats, production will be far below any previous
record.
The July 1 condition of winter wheat was 57.8%
of normal, the lowest July 1 condition in many years.
It was 6.9 points below the condition on June 1 this
year, and compares with 64.7% of normal on July 1
1932 for the crop harvested a year ago. The yield
of winter wheat this year is now put at 335,767,000
bushels, compared with 341,000,000 bushels, the
estimate a month earlier, and last year's harvest of
461,679,000 bushels. The July report shows a further reduction in winter wheat area to 26,802,000
acres, the lowest in many years. As recently as 1931
the area harvested for winter wheat was in excess
of 41,000,000 acres and in that year the yield was
787,465,000 bushels.
The area planted to spring wheat has also been
reduced this year, namely to 18,077,000 acres, compared with 21,517,000 acres cultivated last year.
The July 1 condition of spring wheat this year was
52.1% of normal, compared with 84.2% a year ago
for the spring wheat crop harvested that year. The
indicated yield this year is now placed at 159,914,000
bushels, compared with last year's harvest of 265,-
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361
000,000 bushels. The lowest production of spring
wheat in 20 years was that of 1931, when the yield
was reduced to 104,806,000 bushels. The crops of
the two years 1927 and 1928 were in excess of 325,000,000 bushels each. The total yield of wheat this
year, both winter and spring wheat, is estimated
at 495,681,000 bushels, against last year's harvest of
726,000,000 bushels.
A corn crop of 2,384,032,000 bushels is foreshadowed in the July report of the Department of
Agriculture. The area this year is placed at 103,022,000 acres, against 107,776,000 acres planted to
corn last year and 105,557,000 acres in 1931. The
July 1 condition of corn this year is very low, being
70.2% of normal. For the corn crop harvested last
year, when the yield was 2,876,000,000 bushels, the
July 1 condition was 84.9% of normal. The corn
crop has been below that now promised for this
year only four times in the past 30 years.
The prospective yield of other cereal crops is also
greatly reduced this year. For oats, a yield of only
699,000,000 bushels is now promised, against 1,238,'000,000 bushels last year; also for barley, the July
estimate being 170,000,000 bushels, compared with
a yield of 300,000,000 bushels last year. Production
of rye and flaxseed will also be reduced this year.
The estimated yield of white potatoes is now placed
at 306,000,000 bushels, compared with an average
yearly production of 355,000,000 bushels for the
preceding five years.
The July report says that the crop areas of the
country have had only about one-half of the normal
rainfall during June. At the same time, temperatures were above normal, in important crop sections
it being the hottest June on record. The condition
of the hay crop was the lowest for July 1 since 1911;
for oats 49.3%, comparing with 68.8% the lowest
condition previously reported. There are new low
records for July 1 for rye,flax, potatoes and tobacco.
NE bright spot in the business outlook has been
the recent developments in insolvency records.
The change from the adverse conditions previously
prevailing, which had continued so persistently and
for so long a time, was brought about very quickly.
The June insolvency record was surprisingly favorable. It is shown from the reports of Dun & Bradstreet, that business failures in that month were
reduced to the unusually low figures of 1,648. That
number compared with 2,688 in June 1932. Not
since June 1924 have the defaults for that month
been so low. Something more than the usual reduction has occurred from month to month this year
since January. The first real break occurred in
September of last year, but it was very moderate until
March. Since March, however, the decline has
been more pronounced.
A considerable reduction in the liabilities too, oc
curred during this period. Last month the total
of indebtedness involved in the business failures recorded then was $35,344,909. The latter figure compared with $76,931,452, the liabilities reported for
June 1932. The amount of indebtedness recorded
for each month in the past two years was considerably
higher than that shown for June.
The second quarter's failure figures this year were
very favorable. The number of defaults was 5,478
and the liabilities $134,413,866. In the first quarter
of this year 7,245 insolvencies occurred involving a
total-of $193,176,882 of indebtedness. The reduction
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Financial Chronicle
in the number,of defaults from the first to the second
quarter of this year was 24.4%. During the same
time in 1932, the decline in the number of failures
from the first to the second quarter was only 9.3%.
Failures in manufacturing lines last month numbered 362 for $13,047,302;for the trading class, 1,153,
owing $17,877,258 and for agents and brokers 133
involving $4,420,342 of indebtedness. In June 1932
there were 614 manufacturing defaults for $25,636,083; 1,910 trading failures owing $36,833,721 and 164
of the third division for $14,461,648. Of the two
larger classes relatively the best showing appears for
the manufacturing division.
Separated by Federal Reserve Districts the improvement was especially marked in the New England
states, in the Cleveland District, in that of St. Louis
and the Richmond District. In the New York
District there was a large reduction in the number
of defaults reported as well as in the liabilities shown,
and the same thing is true of the report from Chicago
and the San Francisco Districts, the three larger sections. At the Philadelphia and Atlanta Districts the.
number of failures was smaller, though there was
little change of liabilities in the latter. For the
Dallas District a favorable showing was made particularly as to the indebtedness, but at Minneapolis
the number was smaller this year against an increase
in the liabilities, whereas at Kansas City no change
appears as to the number of defaults.
OTTON acreage this year is well above that of
the preceding year, though the Federal Government expects planters to agree to the withdrawal of
at least 10,000,000 acres of this. The estimate of
the Crop Reporting Board of the Department of
Agriculture, issued at Washington on Saturday last,
indicates that the area in cultivation for cotton in
the United States this year was 40,798,000 acres.
This compares with 36,542,000 acres, • the revised
figures of 1932. The increase of 4,256,000 acres is
equivalent to 11.6%.
This year's figures compare very favorably with
the records of most preceding years. Conditions in
all markets a year ago were such as to discourage
any thought of a larger area, and the original estimate
for 1932 was slightly higher than was given in the
revised report. Even then there was a marked
curtailment in the estimate for that year, as compared
with each of the nine preceding years back to 1922.
The biggest area was in the year 1926, when 48,730,000 acres were reported under cultivation. As late
as 1929 and 1930 the area planted to cotton was
estimated at 47,067,000 and 46,078,000 acres respectively. The area abandoned last year was 1.7%,
picking for that crop covering 35,939,000 acres. In
most of the earlier years prior to last year, especially
those where the area was larger than in 1932, abandonment was somewhat heavier, the ten-year average
covering 1923-32 inclusive, the area abandonment
amounting to 2.6%.
All of the cotton States show an increase in area
this year. There were large gains in Texas and
Oklahoma, which two States report practically onehalf of the total area planted. For Texas this year
the increase is 16%, and for Oklahoma 30%. There
is a large acreage also in Arkansas, the increase there
being 6.0%. The same is true of Alabama, while
Mississippi, also with a large area, reports only a
slight increase, in Georgia and the Carolinas planting has been substantially larger, alsb in Louisiana.
C
July 15 1933
In Southern California, where the area is not.„lof
great size, the increase this year is very high.
It is explained in the report that the Secretary of
the Agricultural Department has made no plans for
any reduction in acreage contemplated by the
Agricultural Adjustment Administration. If such
reduction is made it will be announced later. It has
been suggested that from 25 to 40% of area may be
taken out of cultivation. At the first mentioned
figure the acreage would be reduced to about 30,000,000 acres, which would be below any previous record
for a great many years. At a yield of 200 pounds
per acre, a crop of fully 12,000,000 bales might be
picked on 30,000,000 acres.
HE New York stock market this week not only
continued its buoyancy and enthusiasm of last
week, but prices spurted further upward in quite a
sensational way at times. Activity, too, increased
as the week proceeded, and on Thursday the transactions on the Stock Exchange aggregated no less
than 7,451,370 shares, besides which the dealings on
the New York Curb Exchange reached nearly
2,000,000 shares more, the exact volume of the transactions having been 1,933,809 shares. The pace on
occasions was fast and furious, and some of the
specialties bounded up with great rapidity. There
were two days on which the upward swing of prices
was especially pronounced, namely, Monday and
Thursday. On Monday the further slump in the
American dollar abroad, the pound sterling on that
day at one time touching $4.83%, tended to promote
the speculative enthusiasm, though concurrently the
grain market spurted upward in a way that surpassed even the very spectacular advances of recent
previous weeks, and the rise was not confined to
wheat, but extended to all the other grains, with rye
bounding upward in a startling way. Cotton, too,
scored a very striking rise. Everything, in fact, in
the commodity line seemed to move higher, and the
stock market could not but share in the great ebullition of strength. Some of the customary leaders
in the market occasionally showed a lagging tendency, but the velocity with which many of the
specialties moved forward more than made up for
this. The statement of the United States Steel
Corp., showing an increase during the month of
June of 176,956 tons in the unfilled orders on the
books of the subsidiary companies tended to infuse
new vigor into the whole Stock Exchange list of
securities, with the so-called "wet" stocks a special
feature, National Distillers and U. S. Industrial
Alcohol recording especially large gains.
On Tuesday the very poor report regarding the
country's growing grain crops, issued after the close
of business the day before, caused the grain markets
to soar still higher. The wheat crop was reported
as the smallest since 1893 and below domestic need,
and the rye crop showed the lowest condition on record, though on the other hand the decline in foreign
exchange and the rally in the American dollar
served somewhat to dampen speculative ardor. On
Wednesday there was a renewed manifestation of
strength, with the alcohol and other "wet" shares
special features on news that Oklahoma had voted
in favor of beer. American Commercial Alcohol ran
up 1514 points and touched 661 ; National Distillers
/
,4
rose 614 to 11614; U. S. Industrial Alcohol moved
/
/
up 7% to 901 4, and Owens Illinois Glass advanced
/
4% to 9378; Standard Brands touched a new high
/
T
Volume 137
Financial Chronicle
figure, as did Anchor Cap and most of the other
"wet" accessories. Western Union soared more than
7 points on a favorable earnings statement, and the
oil stocks developed exceptional strength on an
executive order by President Roosevelt prohibiting
the transportation in inter-State commerce of unlawfully produced oil, that is oil produced beyond
the States' quotas.
It remained, however, for Thursday to stage a
most spectacular display of buoyancy. Reference
has already been made to the enormous volume of
business done on that day, and the market may be
said to have fairly boiled, and prices soared in nearly
all parts of the Stock Exchange list; with the same
condition prevailing on the New York Curb Exchange. The alcohol stocks were again the most
striking features, though the rubber shares and
the sugar stocks were distinguished in the same way,
American Commercial Alcohol scored another advance of 163 points; Commercial Solvents made a
4
further gain of 6 points, and National Distillers
/
1
2
of 5 points. The rubber stocks also came to the
front with United States Rubber and Goodyear Tire
& Rubber especially distinguished in that way.
Grain prices continued their upward course, while
quite unexpectedly silver jumped up on news from
London that the Monetary and Economic Conference, in its consideration by the subcommittee having the matter in charge had made good progress
toward stabilization of the price of the metal for the
next decade. The price for New York spot silver
jumped 178c. per fine ounce to 401 8c., said to be the
/
/
highest level reached since May 24 1930, and on the
new Commodities Exchange dealing in silver futures
neared record-breaking proportions. As a result,
International Silver showed an advance for the day
of 5 points, and other stocks followed closely in the
wake. Crude rubber also improved in price, and,
as a matter of fact, everything appeared to move to
a new high plane. Cotton jumped in a most marvelous way on Wednesday when the spot price here
in New York was marked up from 10.65c. to 11.55c.
on belief that the scheme for reducing acreage to the
extent of at least 10,000,000 acres had met with the
assent of a sufficient number of planters to insure
its success.
On Friday there was some reaction from the high
figure of the day before on large sales to realize
profits.
On the New York Stock Exchange no less than
382 stocks advanced to new high levels for the year
during the week, with two stocks making new low
records, while on the Curb Exchange the record is
193 new highs with two new lows. The bond market
has manifested no less strength than the stock market, and numerous brisk gains are shown for the
week in the case of most of the low-priced issues.
All the different trade reports have continued of
a highly favorable character, indicating unabated
trade activity. The "Iron Age" estimated that the
steel mills of the country were now engaged to 59%
of capacity as against 56% last week and 53% the
week before, while train loadings continued to run
well ahead of last year, and the production of electricity by the electric light and power industry of
the United States for the week ended last Saturday
reached 1,538,500,000 kilowatt hours as against
1,341,730,000 kilowatt hours in the corresponding
week of last year, being an increase of 14.7%, the
largest increase yet shown over 1932 in any week
363
of the year. As a sort of summary for the week it
may be noted that spot cotton here in New York
yesterday closed at 11.60c. against 10.30c. on Friday of last week. The July option for wheat at
4c.
/
Chicago closed yesterday at 1081 8 against 963 on
Friday of last week; corn closed at 64%c. against
/
601 4c., and rye at 96c. against 7678c. The spot
/
price of crude rubber here in New York was 8.50c.
yesterday against 7.62c. the previous Friday. Domestic copper closed yesterday at 9c. against 9c. the
previous Friday. Silver in London sold yesterday
at 18 11/16 pence per ounce against 18 5/16 pence
the previous Friday, while here at New York the
price yesterday was 40.25c. against 37.20c. Cable
transfers on London closed yesterday at $4.79 as
against $4.67 the previous Friday, and cable transfers on Paris at 5.62c. against 5.53c. The Nash
Motors Co. has resumed dividend payments on the
common stock, having declared a dividend of 25c.
a share payable Aug. 1. Three months ago the company omitted this quarterly payment. Call loans
on the Stock Exchange have again remained unaltered at 1% during the week.
Trading as already indicated has been of exceptional
magnitude. On the New York Stock Exchange the
sales at the half-day session on Saturday last were
3,007,560 shares; on Monday they were 4,837,475
shares; on Tuesday 5,237,225 shares; on Wednesday
5,185,410 shares; on Thursday 7,451,370 shares, and
on Friday 5,226,020 shares. On the New York
Curb Exchange the sales last Saturday were 488,580
shares; on Monday 774,148 shares; on Tuesday
858,985 shares; on Wednesday 1,004,547 shares; on
Thursday 1,933,809 shares, and on Friday 1,443,500
shares.
As compared with Friday of last week prices are
higher in the case of many specialties, but show only
slight changes in the ease of most of the ordinary market leaders. General Electric closed yesterday at 29
against 293 on Friday of last week; North American
%
/
at 34% against 341 2; Standard Gas & Elec. at 20
against 205 ;Consolidated Gas of N. Y. at 61 against
4
603; Pacific Gas & Elec. at 31 against 30%; Columbia Gas & Elec. at 263 against 26%; Electric
Power & Light at 143( against 13%; Public Service
4
of N. J. at 523 against 533 ;International Harvester
4
at 43 against 44; J. I. Case Threshing Machine at
963/ against 971Sears, Roebuck & Co. at 43 against
2
443 ;Montgomery Ward & Co. at 26% against 283;
4
Woolworth at 49 against 49; Safeway Stores at 563'
5
against 55%; Western Union Telegraph at 71 against
625; American Tel. & Tel. at 1303. against"1323';
Brooklyn Union Gas at 853/2 against 833/2; American
Can at 925 against 953; Commercial Solvents at
%
% against 287 ; Shattuck & Co. at 12 against
5
%
4
0
123's, and Corn Products at 803 against 81.
Allied Chemical & Dye closed yesterday at 130
against 1313' on Friday of last week; Associated
Dry Goods at 17 against 143 ; E. I. du Pont de
4
Nemours at 803' against 823 ;National Cash Register
%
"A" at 20% against 21; International Nickel at 193
%
against 19 8; Timken Roller Bearing at 33% against
343; Johns-Manville at 55 against 563/2; Gillette
Safety Razor at 173 against 173; National Dairy
Products at 24 against 24; Texas Gulf Sulphur at
3
3334 against 33%; American & Foreign Power at
183s against 18; Freeport-Texas at 3
934 against 38%;
United Gas Improvement at 233 against 233/s;
%
National Biscuit at 573' against 58; Coca-Cola at
103 against 1013/; Continental Can at 62 against
2
364
Financial Chronicle
633 ;Eastman Kodak at 86% against 84; Gold Dust
%
/
Corp. at 25% against 253s; Standard Brands at 28%
against 273; Paramount Publix Corp. ctfs. at 213/i
%
against 23/8; Westinghouse Electric & Mfg. at 553
against 558; Drug, Inc., at 543/ against 543/2;
Columbian Carbon at 65 against 67; Reynolds Tobacco class B at 493/ against 48%; Lorillard at 24
2
against 243/; Liggett & Myers class B at 943 against
9
53/2, and Yellow Truck & Coach at 73/i against 73.
Stocks allied to or connected with the brewing
industry have moved sharply upward. Canada Dry
%
closed yesterday at 269 against 245 on Friday of
last week; Crown Cork & Seal at 60 against 59;
Liquid Carbonic at 4338 against 383; Mengel Co.
2
at 12% against 123/; National Distillers at 1123/i
against 102%; Owens Glass at 913/ against 87, and
U. S. Industrial Alcohol at 853/i against 69.
The steel shares have been halted somewhat in
their upward course. United States Steel closed
yesterday at 643 against 66 on Friday of last week;
United States Steel pref. at 103 against 1033/2;
Bethlehem Steel at 45% against 48% and Vanadium
at 3032 against 28%. In the auto group, Auburn
Auto closed yesterday at 75 against 673 on Friday
of last week; General Motors at 323' against 333/s;
Chrysler at 363 against 37%; Nash Motors at 25
%
against 24%; Packard Motors at 6% against 6;
Hupp Motors at 73 against 63,and Hudson Motor
Car at 15 against 153. In the rubber group, Goodyear Tire & Rubber closed yesterday at 43 against
393/ on Friday of last week; B. F. Goodrich at 19
against 173, and United States Rubber at 183
against 15%.
The railroad shares have also been inclined to sag.
Pennsylvania RR. closed yesterday at 38% against
403 on Friday of last week; Atchison Topeka &
%
%
Sante Fe at 75% against 783 ; Atlantic Coast Line
at 5532 against 56; Chicago Rock Island & Pacific at
83/2 against 9%; New York Central at 54% against
573; Baltimore & Ohio at 35 against 36%; New
Haven at 313/2 against 32%; Union Pacific at 126
against 128%; Missouri Pacific at 8% against 9%;
Southern Pacific at 353 against 373'; MissouriKansas-Texas at 159 against 16%; Southern Railway at 303/2 against 303/2; Chesapeake & Ohio at 453/2
2
against 46%; Northern Pacific at 313/ against 34%,
and Great Northern at 31 against 33.
The oil stocks show quite irregular changes, notwithstanding the President's order fOrbidding the
transportation of oil produced in conflict with State
laws. Standard Oil of N. J. closed yesterday at
39% against 39% on Friday of last week; Standard
Oil of Calif. at 383/2 against 393/2; Atlantic Refining
at 293/ against 3032, and Texas Gulf Sulphur at
2
333 against 33%. In the copper group, Anaconda
Copper closed yesterday at 19% against 203 on
Friday of last week;Kennecott Copper at 23% against
24%; American Smelting & Refining at 3732 against
37%; Phelps-Dodge at 15% against 163/2; Cerro de
Pasco Copper at 35% against 29, and Calumet &
Hecla at 83 against 83/2.
EALINGS on stock exchanges in the leading
European financial centers were marked by
good deal of irregularity in the early sessions of
a
the week, owing chiefly to profit-taking at the higher
levels reached by speculative issues. In the midweek sessions, however, the upward tendency was
re-established and the movement was continued
rather emphatically thereafter. Reports of the
D
July 15 1933
initial hesitation and later resumption of the bull
market at New York were an important factor in
the markets at London, Paris and Berlin. The
upward movement was aided quite materially, however, by further indications of business improvement
in some of the foremost industrial countries of
Europe. Chancellor of the Exchequer Neville Chamberlain announced in the House of Commons, early
in the week, that the British Government at last has
begun to see signs that show unmistakably that improvement is not fleeting, and that it has a solid
foundation and may be expected to continue.
British unemployment figures issued on Monday
disclosed a drop of 144,771 during June, to a total
of 2,438,108. As compared with a year ago, there
are now 309,235 fewer unemployed in Great Britain.
German unemployment figures showed a drop of
121,111 in the second half of June, to a total of
4,856,000, against more than 6,000,000 at the beginning of this year. A report issued by the International Labor Office in Geneva, last Sunday, showed
that the tendency is virtually world-wide, decreases
being reportted in all countries with the exceptions
of New Zealand and Finland. It would appear, however, that international trade is not keeping pace
with the indicated recovery. British foreign trade
figures for June and for the first half of this year,
reported Wednesday, were substantially under previous totals.
The London Stock Exchange was quite active in
the first session of this week, but the tone was uncertain because of heavy profit-taking. British funds
advanced, this movement being attributed to reinvestment of speculative profits. Industrial stocks
declined, but renewed buying appeared at the lower
levels and the recessions were small. International
issues sagged. Tuesday's trading was quiet, with
most securities again inclined to seek lower levels.
British funds were in fair demand, but industrial
stocks were generally lower. The international section continued to drop. Liquidation dwindled on
Wednesday, and there was a good all-round recovery
of prices in the industrial issues, with a corresponding diminution of interest in British funds. Reports
of reneWed American buying were encouraging, and
international securities listed at London moved forward vigorously. Business broadened in Thursday's
dealings, and prices of the more speculative stocks
were marked sharply higher, with good advances
reported also in other industrial equities. British
funds were dull and fractionally lower. Most of the
Anglo-American trading favorites advanced. Dealings yesterday reflected conditions in New York, the
so-called alcohol stocks advancing sensationally.
Other industrial stocks were improved, while British
funds were steady.
On the Paris Bourse, prices moved irregularly
lower in the initial session of the week, partly because firm assurances were given by prominent
members of the Government that there will be no inflation in France. Rentes were in favor, and they
advanced slightly, but all securities with a speculative tinge were marked down. Similar tendencies
prevailed Tuesday on the Bourse. French and international stocks alike were liquidated, with the losses
heavy in the more speculative issues. Rentes again
benefited. Improvement set in Wednesday, after
an uncertain opening. Demand for French industrial stocks ,was good at the lower levels, and an
upward trend was established. Internationalissues
Volume 137
Financial Chronicle
also rallied slightly. The improvement was extended Thursday, with French industrial and bank
stocks in heavy demand. International issues
showed smaller gains, while rentes receded. There
was no trading yesterday, as the Bourse was closed
in observance of Bastille Day.
The Berlin Boerse was unsettled, Monday, by
rumors that the German Government would require
its nationals to sell their foreign property. International securities and German issues with important external interests dropped drastically, and
other obligations also were marked down. Bonds
declined as well. After early weakness, Tuesday, a
better tone appeared on the Boerse, and most of the
initial losses of the day were regained. Fixed-interest issues lagged, however, and small further losses
were recorded throughout the list. Improvement
was more pronounced in Wednesday's dealings, most
stocks advancing one to two points, while a few
speculative issues moved up three points. Bonds
were dull but steadier. After an irregular opening,
Thursday, prices again improved on the Boerse, with
shipping and mining shares especially in demand.
Bonds were lower, especially in the municipal
section. The trend yesterday was favorable, but
gains were modest.
TER nearly a month of continuous strife on the
stabilization question, proceedings at the
World Monetary and Economic Conference in London are now to be brought to a close, it having been
decided yesterday to take a recess on July 27—evidently for an indefinite period. The Conference,
obviously enough, not only has failed signally to
alleviate the international economic antagonisms
that have grown up in recent years, but has produced
quite the contrary effect of enhancing them. A sharp
cleavage has developed between the so-called European gold bloc of countries under the leadership of
France, on the one side, and some of the chief countries with unstable currencies, including the United
States, on the other, with Great Britain so far pursuing a middle course.
There was a flicker of optimism regarding the
Conference late last week, when it was reported in
Washington that President Roosevelt was drafting
a communication to the American delegation at
London, outlining the position of the United States
Government and its views on subjects that might
profitably be discussed at the parley. Such hopes
were short-lived, however, as Secretary of State Cordell Hull issued a statement based on such views last
Saturday. "There is really nothing in the statement
that any delegation did not already know," a dispatch to the New York "Times" remarked. "It is
merely a reminder that the "United States delegation,
and the Canadians, Australians, Japanese and Chinese, not to mention a score of others, including the
Scandinavians, had come a long distance for definite purposes and were going to do everything in
their power to carry out their mission."
Secretary Hull prefaced his statement with the
comment that he had received the impression that
a recital was desired of some of the questions which
are capable of consideration under existing conditions. Accordingly, he listed such subjects as
price levels, credit policy, innumerable prohibitions
and restrictions strangling mutually profitable
trade transactions, retaliations and countless other
war-breeding trade practices and methods. "We
N
365
cannot pretend we have exhausted the resources of
statesmanship when we have not yet even superficially examined these problems, all of which are
listed on the agenda," Mr. Hull continued. "We
have assembled here from every corner of the earth
to deal with fundamental problems contained in the
agenda. We would betray the responsibility laid
upon us were we to adjourn the Conference in the
face of the first troublesome issues which beset our
paths. We all know that the difficulties are great.
We have known that from the outset. We need only
summon fresh resolutions to surmount the immediate obstacle and approach our task with deeper
understanding of our respective viewpoints. Every
nation will succeed if we succeed, standing united
in a war against the common enemy of universal economic prostration. No greater opportunity could
be presented to statesmanship than confronts this
Conference. To let the opportunity for advancing
the common good be lost because we are unable to
rise above transitory perplexities would rightly earn
for us the condemnation of history."
This expression of noble generalities by Mr. Hull
was, of course, quite ineffectual. Nor did it result
in any remote degree in a unification of the aims
and purposes of the numerous delegations. Continuous confusion was reported regarding thee subjects
that the various commissions and subcommittees of
the gathering believed might be discussed, one group
occasionally voting quite contrary to another, owing
to a different nationalistic complexion of the chief
representatatives on the several bodies. Although
it was generally understood last week that currency
questions would be barred temporarily from further
discussion, owing to the conflict on stabilization,
this problem was still the main bone of contention
in some of the Conference groups. A monetary subcommittee, of which Finance Minister Guido Jung
of Italy is Chairman, met July 7 to consider the
agenda and promptly decided that conversations
are to continue on all monetary and financial matters. Neville Chamberlain, British Chancellor of
the Exchequer, made the proposal for unrestricted
discussions, and he was supported by 25 countries,
of which the foremost are the United States, Japan,
all the British Dominions, the Scandinavian countries, and Argentina, Brazil and Chile. Fifteen
countries voted against the resolution, as follows:
France, Belgium, Holland, Switzerland, Italy, Germany, Spain, Poland, Czechoslovakia, Austria,
Bulgaria, Lithuania, Rumania, Juglslavia and Tur,
key. The representative of Soviet Russia abstained
from voting.
The voting on this resolution was regarded as
highly significant, as it appeared to draw the line
sharply between the countries that held price-raising
the chief task of the gathering and those, like
France, which wanted currency stabilization settled
before going on to other things. The 15 countries
that voted negatively have since been grouped as
members or adherents of the European gold bloc,
in contradistinction to the sterling-dollar bloc. Participation by Great Britain in the latter group, however, is regarded by most observers as political
rather than financial or economic. The views of
the opposing groups were stated by Finance Minister
Georges Bonnet, for France, and by Senator James
Couzens, for the United States. M. Bonnet made
the point that Great Britain had appeared to share
the views of the gold bloc on stabilization until a
366
Financial Chronicle
July 15 1933
few days previously, and he wondered why the Brit- "Times," which remarked that two economic subish attitude had changed. All the currency and committees reported in favor of continuing, two
financial subjects on the agenda are closely con- others reported a difference of opinion, one monenected, M. Bonnet argued, and he maintained that tary subcommittee reported a majority vote for confor this reason none of them could be discussed. tinuing to discuss every subject on the agenda, and
He emphasized that so long as important currencies another "took note of" but did not actually agree
continued to fluctuate, it was impossible to make on a motion to proceed with the discussion of the
any study of the monetary position. Senator Cou- gold standard and the stabilization of silver. There
zens declared that the main work of the Conference was a good deal of restlessness among the delegamust be to find work for the 30,000,000 unemployed tions of the gold standard countries, who were reof the world. To achieve this end it is not necessary ported anxious to depart and leave the conversations
for all States to attack the problem in the same way. to their experts at the meeting.
The various means should be co-ordinated, he mainThe Conference itself was overshadowed, Monday,
tained, and the discussion continued on broad lines by a declaration of British views on some of the
as suggested by Mr. Chamberlain.
important problems facing the gathering, made by
Although the voting in the monetary subcommit- Chancellor of the Exchequer Neville Chamberlain
tee was considered a victory for the sterling-dollar before the House of Commons. The primary objecgroup of countries, it seemed obvious that little of tive of the British Government, as well as of all
any genuine value could be accomplished in a gath- the Dominions, was the raising of wholesale price
ering so divided, and it was widely predicted over levels, Mr. Chamberlain said. He deplored the viothe last week-end that a means for temporary ad- lent fluctuations of the dollar and expressed the bejournment would be found soon. It was rumored in lief that the trend toward depreciation would reverse
London that the gold bloc group of countries might itself in the autumn. "There is no doubt," the Chanwithdraw from the Conference altogether if the cellor declared, "that the avowed policy of this
Bureau of the gathering insisted on discussion of country and that of the United States are closely
all items with the sole exception of currency stabil- parallel to one another. It is the declared intenization. ."What the Bureau has really to do," a Lon- tion of the Government to pursue by all means in
don dispatch of Sunday to the New York "Times" their power any measures which they think will tend
said, "is to construct out of the debris of the old toward raising price levels, which we believe to be
agenda a temporary new one greatly restricted in the first essential. I also agree that this country
scope, with which the committees can busy them- should not depend wholly upon what is done in conselves during the period in which the world is doing junction with other countries. That is what we have
its best to reconstruct itself without Conference aid. been doing, and we have met with a considerable
From the committees' labors it is hoped there will measure of success, sterling figures on commodities
emerge various and at present undefined plans to having risen since the first of the year no less
aid in the reconstruction process, while careful not than 8%."
to hamper it, thus sending abroad the impression
The stabilization debate of the preceding weeks
that the Conference, despite the many blows it has was reviewed briefly by Mr. Chamberlain in his
endured, is steadily fulfilling its purpose. The address before the House of Commons. He dispresent situation, as it is seen by statesmen claimed any desire to criticize President Roosevelt,
assembled here from all corners of the earth, is that but remarked that he had to defend the British Govthe mandate that brought them here no longer ernment from the charge of being credulous or
applies.
simple-minded, as the Opposition held, in supposing
The world has moved while the Conference the United States would consider even a temporary
from no fault of its own stood still, and now the form of stabilization. "At the beginning of the Concircumstances with which it has to deal are wholly ference," he continued, "officials from the United
different from those on which the original Confer- States Treasury came over, duly authorized to disence idea was based. The American example has cuss this very question, and his Majesty's Governintensified nationalism everywhere, and the Confer- ment was fully justified in thinking that the matter
ence summoned to promote internationalism finds was open for consideration. What happened afteritself confronted with nationalistic sentiment in ward might be described in this way: That there
whichever direction it turns." In a radio speech came a time in the United States when public sentilast Sunday, Louis McHenry Howe, President ment closely connected the depreciation of the dolRoosevelt's secretary, predicted that the Conference dar with the rise in commodity prices. It was then
soon would be adjourned for some weeks to provide impossible for the President to agree even to temtime for the formulation of reports by various com- porary stabilization without running the risk of
mittees.
checking the policy to which he had set his hand."
The message on stabilization which President RooseARIOUS committees and subcommittees at the velt sent early last week produced an effect on the
World Monetary and Economic Conference gold standard delegations which was "very profound
began to consider in earnest, last Monday, the prob- and very disturbing," the Chancellor added, and
lems on which debate might continue without pro- from it there developed the struggle between the
voking another desperate crisis. The discussions of gold and the non-gold countries over continuance or
the day were somewhat technical and quite incon- adjournment. He admitted the Conference had reclusive, but all observers gained the impression that ceived a very serious check, but expressed the belief
the gathering would find it necessary soon to ad- that discussion would continue upon "very imporjourn. The Bureau met and dispersed after a time tant lines of thought!' In the subsequent debate in
without reaching any decision on means of con- the Commons, leaders of all parties expressed their
tinning the Conference. The proceedings otherwise < sympathy with the American experiment and
the
were summed up in a dispatch to the New York hope that it would succeed.
V
Volume 137
Financial Chronicle
A compromise plan for continuing the discussions
at the Conference finally was worked out Tuesday,
in a meeting of the Bureau of the gathering. A report submitted by the Drafting Committee of the
Monetary and Financial Commission was adopted,
and the hope prevailed thereafter that the delegations would be able to talk about the "safe" subjects
selected for a few weeks. The report provided,
first, that the subcommittee dealing with immediate
measures of financial reconstruction shall "proceed
in the first instance to discussion of the subject of
indebtedness;" second, that the subcommittee dealing with permanent financial measures shall take up
the resolution adopted by its subcommittee advocating central bank co-operation and the creation of
central banks in countries where they do not exist,
and through subcommittees shall pursue examination of the silver question and "any subject on the
agenda which by general agreement may be considered suitable for discussion." Ramsay MacDonald, as President of the Conference, expressed the
opinion late in the day that the meeting would continue at least until the end of July. Secretary of
State Cordell Hull, as the leader of the American
group, voiced the opinion that the Conference was
only beginning. In a London dispatch to the New
York "Times," from Frederick T. Birchall, its able
observer at the gathering, the comment was made,
however, that the Conferense probably will continue
only for two or three weeks "before the delegates
finally agree it has gone as far as is possible under
present circumstances and that it may as well go
to sleep until autumn and perhaps until financial
developments which it is now powerless to influence
indicate a clearer road to real accomplishment."
A new difficulty of a minor order cropped up in
the Conference on Wednesday, in connection with a
debate on international co-operation among central
banks. Senator Key Pittman, the American representative, as already noted in the earlier part of this
article, objected to discussion of rules for the future
guidance of central banks. He remarked that the
Federal Reserve Board considered the resolution for
co-operation premature and not immediately practicable. The work of the subcommittee was thereupon quickly terminated, and the point was referred
to the Bureau of the Conference. Secretary Hull
minimized the incident in a subsequent talk with
newspaper correspondents, but it was widely reported that the new stumbling-block raised by the
United States produced great annoyance among
other delegations, and especially among those which
had previously supported the Americans in their
stand on continuing the meeting.
There were unmistakable signs, Wednesday, that
the World Monetary and Economic Conference was
beginning to disintegrate. The French Finance
Minister, Georges Bonnet, and Charles Rist, ViceGovernor of the Bank of France, returned to Paris
that day, while Finance Minister Guido Jung, of
Italy, departed for Rome. James P. Warburg, chief
financial adviser of the United States delegation,
arranged passage for New York on the following
day. Senator James Couzens engaged passage on a
vessel leaving July 20, and it was reported that most
of the secretarial staff would leave at the same time.
Some of the Swiss, Belgian and Dutch delegates left
London for their homes. The impression that the
Conference was reaching a temporary end was
367
heightened in New York, Thursday, when Dr. 0. M.
W. Sprague arrived from London and expressed the
view that the "practical thing" for the conferees to
do is to adjourn for three months while internal conditions improve in the various countries. Assistant
Secretary of State Raymond Moley returned to this
country the same day, but would make no statement
regarding the Conference.
An interesting development in the Economic Commission of the Conference, Thursday, was a very
positive declaration by Walter Runciman, President
of the Board of Trade, to the effect that Great
Britain would not under any circumstances engage
in a program of Government construcbtion projects
designed to aid the unemployed. The international
works program is one of the few items on which
American and French delegates agreed, and the
British objections on this matter produced fresh disheartenment among the delegations as a whole. "We
cannot participate in any such scheme," Mr. Runciman said, "and if we are asked to lend the money
.for it the answer is in the negative." British experiments with similar measures were cited by the British spokesman, who declared that for every E100,000,000 spent in creating work, only 2,000 men had
been directly employed, while 2,000 more were indirectly benefited. The discussion of the subject was
ended for some time to come when a resolution was
adopted providing that the subcommittee on public
works will not be established until the monetary
commission is in a position to join in the task. A
resolution presented by the American delegation,
calling for shorter hours of labor and an increase in
wages in proportion to the rise in prices was taken
up for consideration by the Economic Commission.
In the Monetary Commission, James M. Cox, of
the United States, appealed on Thursday for continued discussion of the problems of silver and commercial indebtedness. Senator Key Pittman renewed his campaign for the rehabilitation of silver
through international agreement by introducing a
substitute proposal in place of the resolution he
placed on record soon after the start of the Conference. The new Pittman resolution calls upon all
nations,first,to prevent further debasement or melting of silver coinage, except for reissue; second, to
raise the standard of their silver coinage to a level
of 800/1,000ths, if consistent with budgetary problems; third, to substitute silver coins for low-value
paper currency; fourth, to remove obstacles to the
free importation of silver, where such exist; fifth,
to recommend to their central banks that they consult regarding the advisability of carrying a portion
of their legal reserves in silver for use as currency
cover or in international settlements; sixth, to agree
that they will not, with the exceptions of India and
Spain, sell silver from demonetized coins prior to
Jan. 1 1938, while as regards India and Spain agreements are to be sought regarding methodical disposition of the large stocks of silver held by the two
countries. Prime Minister MacDonald revealed, in
an address before delegates from the "wheat countries," that it was planned to recess the World Conference by the end of July or the beginning of August, and he urged that everything possible be done
to obtain a wheat curtailment agreement before
adjournment. The Bureau met yesterday and
agreed upon July 27 as the tentative date for indefinite adjournment of the Conference.
368
July 15 1933
Financial Chronicle
EGOTIATIONS for a comprehensive series of means of defense were not disclosed, it is understood
bilateral commercial treaties have been they do not go so far as pooling of gold resources.
started by officials of the State Department in The same dispatch suggested that a limited agreeWashington with representatives of a number of ment was reached for curtailment of speculation in
foreign countries. President Roosevelt announced exchange. It was noted, however, that "there is not
Wednesday that the United States is prepared to in all cases that full accord between the political
discuss trade questions immediately with a list of and financial authorities in each country which
Latin American countries, and Acting Secretary of would assure that there might not later be differState Phillips took up the actual task later the same ences of opinion."
day. The diplomatic representatives of Argentina,
ADERS of the French Government expressed on
Brazil and Colombia were received by Mr. Phillips,
a number of occasions this week their intenGovwho asked them to ascertain the views of their
exploratory con- tion of taking all necessary measures to protect the
ernments on the proposal. Further
versations were held Thursday, with the representa- franc against the ravages of inflation. Measures
tives of Chile, Uruguay,Paraguay,Sweden,Portugal of fiscal reform which may be required to assure
and Persia. It is believed in Washington that all stability for the French currency unit will be pressed
the Latin American countries, as well as many next autumn in Parliament,it was stated. Adjournothers elsewhere, will be invited to consider similar ment of Parliament was voted last Saturday, after
proposals. The plan, an Associated Press dispatch that body heard Premier Daladier declare "it would
states, is to develop markets mutually for the prod- be madness to seek in inflationary measures, or in
ucts of the United States and of the countries con- any measure of monetary maniplation, provisional
cerned, chiefly by means of reductions in foreign and precarious means of action which would, pertariffs on American goods and similar specific con- haps, assure any government some days of tranquilcessions by the United States to the countries favor- lity, but would lead to the country's ruin." Although
ing American goods. "In the discussion of these the national budget remains unbalanced, Premier
potential trade agreements no word was spoken of Daladier assured the Senators and Deputies that
the World Economic Conference," a Washington this difficulty would be adjusted when Parliament
report to the New York "Times" said. "Observers reassembles next October. He announced that the
here profess to see in the renewed interest in Latin French Treasury is in a sufficiently strong position
America, however, the Administration's indirect re- to make possible speedy repayment of half the £32,ply to the apparent failure of the London Confer- 000,000 loan obtained in London some months ago.
ence to effectuate trade agreements for the immedi- The Treasury indicated Thursday that £16,000,000
ate future." In London, also, American representa- will be repaid Aug. 1, although the loan does not
tives were understood to be conferring with dele- mature until Nov. 1. In a speech to his constituents
gates from other countries with a view to arranging early this week, Premier Daladier declared emphatically that the Government would convene Parliabilateral trade agreements.
ment in October and, assuming full responsibility,
OVERNORS of the central banks of six Euro- will ask that body to establish the national finances
pean gold standard countries met at Paris last on a completely sound basis. Budget Minister
Saturday and quickly reached an agreement for Lamoureux remarked similarly that after the failure
"integral maintenance of the gold standard" among of the London Conference "it will be indispensable
the countries concerned. This action was taken at completely to reorganize and balance our finances
the instance of Governor Clement Moret,of the Bank if we desire to maintain the stability of the franc."
of France, clearly as an offset to the stabilization In the French official gazette it was announced,
muddle at the London Monetary Conference and the Tuesday, that before Parliament adjourned last
decision at the World Conference not to discuss cur- Saturday a bill was rushed through which increased
rency stability at this time. In addition to France, existing tariff rates from 30% to 150% on 64 catecountries that joined in the Paris conversations on gories of imports. These increases are designed to
maintenance of the gold standard are Belgium, Hol- replace the import quotas established by ministerial
land, Switzerland, Italy and Luxemburg. Repre- decree as temporary protective measures.
sentatives of the Polish and Czechoslovakian central
HE Bank of the Netherlands on Friday, July 14
banks attended the meeting, but did not enter into
reduced its discount rate from 432% to 4%,
the agreement. Leon Fraser, President of the Bank
been in effect since June 28
for International Settlements, also was present, and the former rate having
rates at the leading centers are shown
he was said to have promised the collaboration of 1933. Present
follows:
the institution he heads, since it is pledged under its in the table which OF FOREIGN CENTRAL BANKS.
DISCOUNT RATES
statutes to uphold the gold standard everywhere.
PreRase tn
PryRats in
Actual measures to be taken by this gold standard
Country. Effect
Nous
Date
clout
Date
Country. Erna
July14 Established. Rate.
Jury114 Established. Rate.
group of countries to defend their position were
Hungary...
Oct. 17 1932 5
Mar.23 1933 8
6
Austria
not disclosed, but an official communication indi- Seighim
Feb. 18 1933 4
334 Jan. 13 1932 234 India
June 30 1932 334
Bulgaria
834 May 17 1932 1134 Ireland
Jan. 9 1933 5
cates that such measures were discussed and agreed Chile
434 Aug. 23 1932 534 Italy
Japan
July 3 1933 4.39
Sept. 19 1932 13
if
according to the Colombia
Java
July 1 1933 434
upon. The exchange of views,
CzechosioMay 5 1032 734
wads._ 334 Jan. 25 1933 434 Lithuania._
Norway
May 23 1933 4
statement, resulted "in complete agreement on Danzig._ _ _ 4 July 12 1932 5 Poland
Oct. 20 1932 714
June 1 1933 334
Denmark_ _ 3
Mar. 14 1933 814
England ___
means of giving practical efficacy to the declara- Estonia__ 2 June 30 1932 234 Portugal—
Apr. 7 1933 7
534 Jan. 29 1932 GM Rumania South Africa
Feb. 21 1933 5
534 Max 27 1933 8
of the governments in favor of the integral Finland
tions
Spain
Oct. 22 1032 834
France___ 234 Oct. 9 1931 2
Sweden
June I 1933 334
Sept.81 1932 6
Germany-. 4
maintenance of the gold standard at present parity, Greece
Switzerland
Jan. 22 1931 234
736 May 29 1933 9
central banks will put into immediate applica- Holland_ _ _ 4 July 14 1933 434
and
In London open market discounts for short bills
tion the technical arrangements agreed upon at this
meeting." In a Paris report to the New York on Friday were 3/2O-16%, as against 3/2@9-16%
"Times" it was remarked that although the actual on Friday of last week and 3/2@9-16% for three
N
E
G
XX
C3
V.
X
so.
tooac.o.cecocecu ,ca R. Cil CO&
T
Financial Chronicle
Volume 137
months' bills, as against 9-16@%% on Friday of
last week. Money on call in London yesterday was
30 At Paris the open market rate remains at
0
.
23.4 % and in Switzerland at 13/2%.
.
HE Bank of England statement for the week
ended July 12 shows a slight gain in gold
holdings of £14,533, which, however, brings the
total again into new high ground. This is the ninth
successive week in which a new high mark has been
established and the total now stands at £190,969,365,
as compared with £137,204,737 a year ago. Circulation contracted £301,000 and this, together with
the gain in gold holdings brought about an increase
of £316,000 in reserves. Public deposits rose £666,000 and other deposits £10,078,440. Of the latter
amount, £3,614,917 was to bankers' accounts and
£6,463,523 to other accounts. The reserve ratio is
off from 45.57% a week ago to 42.86% now. Last
year the ratio was 34.43%. Loans on Government
securities increased £11,329,000, while those on other
securities fell off £883,761. The latter consists of
discounts and advances, which decreased £1,253,254,
and securities, which rose £369,493. The rate of
discount remains at 2%. Below we show the figures
with comparisons for five years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT,
Jtdy 12
1933.
July 13
1932.
:lay 15
1931.
July 16
1930.
July 17
1929.
£
£
£
£
£
Circulation_ a
378,472,000 368,271,208 358,913,277 365,120,700 367,325,080
Public deposits
16,841,000 17,047,517 15,676,284 10,396,842 11,565,680
Other deposits
152,293,086 116,325,840 100,134.130 105,093,292 98,632,924
Bankers accounts_ 95,958,793 82,759,203 66,429,340 69,587,620 62,811,677
Other accounts_ 56,334,293 33 566,637 33,704,790 35,505,672 35,821,247
Governrn't securities 87,055,033 65,7 5,765 30,020,906 55,695,547 42,711,855
8
Other securities
27,60,095 39,718,909 37,571,598 26,609,330 37,203,356
Disct. & advances_ 15,099,677 14,771,076 7,406,783 6,217,583 13,588,391
Securities
12,545,418 24,947,833 30,184,815 20,391,747 23,634,965
Reserve notes & coin 72,498,000 45,933 529 66,286,617 51,250,728 48,340,017
Coln and bullion_
190,989,365 137,204,737 185,199,894 156,371,428 155,665,097
Prportion of reserve
to liabilities
44.37%
43.86%
57.23%
42.86%
34.43%
Bank rate
944 W,
907_
5S4%
3%
nor
a On Nov. 29 1928 the fiduciary currency was amalgams ed with Bank of England
note Issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
HE Bank of France statement for the week
ended July 7 shows a gain in gold holdings of
21,749,767 francs. Total gold holdings are now at
81,264,491,576 francs, in comparison with 82,471,684,457 francs last year and 56,227,232,887 francs
the previous year. Credit balances abroad fell off
12,000,000 francs and bills bought abroad 1,000,000
francs. Notes in circulation contracted 801,000,000
francs, reducing the total of notes outstanding to
83,907,987,235 francs. Circulation a year ago aggregated 81,931,993,355 francs and two years ago
78,186,225,575 francs. French commercial bills discounted and creditor current accounts increased
382,000,000 francs and 398,000,000 francs, while
advances against securities declined 4,000,000 francs.
The proportion of gold on hand to sight liabilities
stands now at 78.13%, as compared with 76.30%
a year ago and 56.39% two years ago. Below we
furnish a comparison of the different items for three
years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
Gold holdings
Credit bale. abr'd
a French commercial
bills discounted_ _
b Bills bought abr'd
Adv. agent securs
Note circulation
Cred. cum accts.... _
Proportion of gold
on hand to sight
liabilities
July 7 1933.
July 8 1932.
July 10 1931.
Francs.
Francs.
Francs.
Francs.
+21,749,767 81,264,491,576 82,471,684,457 58,227,232,887
—12,000,000 2,573,766,308 4,524,920,220 8,029,841,059
+382,000,000 3,173,939.042 3,142,739,918 4,306,892,538
—1,000,000 1,404,168,232 1,780,854,743 17,602.568,520
—4,000,000 2,762,330,908 2,790,653,839 2,822,485,338
—801,000,000 83,907,987,235 81,931,993,355 78,186,225,575
+398,000,000 20,112,985,183 26,159,649,333 21,533,553,421
+0 3am
7813%
78.30%
a Includes bills purchased in France. b Includes bills discounted abroad.
FA flo,, .
z
369
HE Bank of Germany in its statement for the
T
first quarter of July shows an increase in gold
and bullion of 5,337,000 marks. Total bullion is
now at 194,156,000, in comparison with 806,137,000
marks last year and 1,421,756,000 marks the year
before. Reserve in foreign currency, silver and
other coin and notes on other German banks record
increases of 1,536,000 marks, 16,648,000 marks and
4,402,000 marks respectively. Notes in circulation
declined 89,658,000 marks, reducing the total of the
item to 3,392,172,000 marks. A year ago the total
of circulation was 3,876,601,000 marks and the
year before, 4,110,418,000 marks. Decreases are
shown in bills of exchange and checks of 27,347,000
marks, in advances of 124,955,000 marks, in investments of 973,000 marks, in other assets of
66,915,000 marks, in other daily maturing obligations
of 87,712,000 marks and in other liabilities of 15,437,000 marks. The proportion of gold and foreign
currency to note circulation is now up to 8.3% from
7.5% the last quarter. The ratio a year ago was
24.4% and two years ago 43.6%. Below we furnish
a comparison of the various items for three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
July 7 1933. July 7 1932. July 7 1931.
Reichsmarks. Reichsmarks. Reichsmarks. Reichsmarks.
Assets—
Gold and bullion
+5,337.000 194,156,000 806,137,000 1,421,756,000
82,731,000 116,787,000
30,012,000
Of which depos. abr'd
No change.
86,066,000 138,871,000 370,989,000
+1,536,000
Ites've in for'n curr
3,185,250,000 3,153,510,000 2,558,412,000
—27,347,000
Bilb3 of exch.& checks
84,354,000
+16,648,000 229,531,000 214,733,000
Silver and other coin_
8,788,000
6,385,000
7,717,000
+4,402,000
Notes on 0th. Ger. bks_
84,693,000 103,831,000 224,477,000
—124,955,000
Advances
—973,000 319,712,000 385,213,000 102,264,000
Investments
—66,915,000 463,423,000 767,929,000 861,431,000
Other assets
LtabilUtes—
—89,658,000 3,392,172,000 3,878,601,000 4,110,418,000
Notes in circulation
—87.712,000 359,174,000 401,713,000 342,762,000
0th. daily mater.()Wig.
—15,437,000 195,413,000 710,869,000 691,980,000
Other liabilities
Propor.of gold & foreign
43.8%
elm. tr. rusts. elrelll'n
-4-08%
8.3%
24.4%
HE New York money market was quiet and easy
this week, with funds available in abundance
under the official easy money policy. There was a
slightly firmer tendency in time money and in rates
on commercial paper, but it did not suffice to harden
the official quotations. On the other hand, dealers
in bankers' acceptances reduced the yield rate on such
instruments due up to 45 days by IA of 1%, Wednesday, other maturities being left unchanged. The
official Federal Reserve Bank of New York buying
rate on such acceptances was 1% for bills due up to
90 days. Call loans on the New York Stock Exchange were 1% for all transactions, whether renewals
or new loans. There were no offerings at concessions in the outside market at any time. An issue of
$75,000,000 United States Treasury 91-day discount
bills was awarded, Monday, at an average discount
of 0.36%. Brokers' loans against stock and bond
collateral increased $97,000,000 in the week to
Wednesday night, according to the usual report of
the Federal Reserve Bank of New York.
--•-EALING in detail with call loan rates on the
Stock Exchange from day to day, 1% has
been the ruling quotation all through the week for
both new loans and renewals. The market for time
money has improved slightly this week. Rates were
raised Y of 1% on Friday for the shorter dates, but
t
little or no business has been done at the new rates.
Rates are nominal at 1% for 30, 60 and 90 days,
13,4% for four months and 13
%
/i@13/ for five and
2
six months. The market for commercial paper has
shown a healthy increase this week. More paperlis
available, but it is disposed of as quickly as it can
T
D
370
Financial Chronicle
July 15 1933
be obtained. Rates are 13/2% for extra choice names pound was quoted at 4.84 the quotation would
running from four to six months and 19% for indicate the level at about which gold would flow
from London to New York. Under existing cirnames less known.
cumstances this quotation has no meaning, as the
HE demand for prime bankers' acceptances has former gold parity of $4.8665 is simply of sentishown moderate improvement this week, mental interest, but the United States and Great
though paper is still short. Rates were reduced on Britain being off the gold standard and the rates of
Wednesday
of 1% in both the bid and asked both representing quotations for depreciated curcolumns on maturities up to 45 days. The quotations rencies. The pound itself is about 31% under gold
of the American Acceptance Council for bills up to par and is at a heavy discount with respect to the
and including 45 days are M% bid, and M% asked; currencies of the gold bloc countries—France,
for 46 to 90 days they are 5 % bid and %% asked; Italy, Belgium, Holland, Switzerland and Poland.
A
for four months,% bid and %% asked; for five
In the quotations prevailing on Monday last, with
and six months, VA% bid and 1% asked. The bill a range of from 4.80 to 4.833/8, the important thing
buying rate of the New York Reserve Bank is 1% for to consider is that at these quotations the American
bills running from 1 to 90 days, and proportionately dollar is approximately 31% lower in terms of gold
higher for longer maturities. The Federal Reserve and the pound is about 313/ below gold par. Now
2
%
banks' holdings of acceptances fell during the week markets in all centers are wondering whether or not
from $23,084,000 to $13,194,000. Their holdings of the dollar will be permitted to drop to as low as 50
acceptances for foreign correspondents has also de- cents, and if such a decline is allowed, whether the
creased during the week from $36,140,000 to $35,- British authorities will take steps to permit sterling
761,000. Open market rates for acceptances are to follow the dollar in such a downward course, or
as follows:
peg sterling at around the present range of depreciaSPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
tion in terms of the French franc, or in other words,
Asked.
Bid.
Asked.
Bid.
Asked. BM.
Prime eligible bills
134
1
134
in terms of gold. There can be no answer to the
—90Days-- -45 to 60 Dayo- —1 to 45 Days—
Bid.
Bid.
Asked.
Bid.
Asked.
Asked.
question under present circumstances. Whatever
34
34
Prime eligible bills
54
34
14
44
advantage sterling had over the dollar by departure
FOR DELIVERY WITHIN THIRTY DAYS.
134% bid
Eligible member banks
from gold is now practically effaced. If the dollar
Eligible non-member banks
134% bld
is permitted to drop to 50 cents in terms of gold, it
would be only a very short time before sterling, if not
HERE have been no changes this week in the
stabilized, would find its natural level to offset any
rediscount rates of the Federal Reserve banks.
advantage which a lower dollar would possess in
The following is the schedule of rates now in effect
foreign markets. The so-called advantages of curfor the various classes of paper at the different Rerency debasement or devaluation are never permaserve banks:
nent, but always evanescent. There can be no
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
doubt that when sterling went off gold there was a
Rate in
very decided increase in Great Britain's export trade,
Federal Reserve Bank.
Eller! on
Date
Previous
July 14.
Established.
Rate.
especially in the Far East, which induced Japan to
3
June 1 1933
334
Boston..
abandon gold in January 1932. Japan's trade with
234
May 26 1933
New York
3
3
June 8 1933
Philadelphia
314
foreign countries immediately expanded. There can
3
June 10 1933
Cleveland
334
Richmond
334
Jan. 25 1932
4
be no question that American exports have expanded
334
Atlanta
Nov. 14 1931
a
3
May 27 1933
Chicago
334
St. Louis
3
June 8 1933
since March as a result of heavy foreign buying due
314
334
Sept. 12 1930
Minneapolis
4
334
Oct. 23 1931
a
Kansas City
to the cheap dollar. For instance, it was recently
334
Jan. 28 1932
Dallas
4
June 2 1933
San Francisco
3
314
stated that automobile sales had increased about
125% in June. This increase was far from representTERLING exchange continues to fluctuate wildly ing domestic demand, but represented largely sales
and is exceptionally firm with respect to the abroad. Europe has placed heavy orders for cotton,
dollar, or to put it another way, the dollar is de- grains, and other raw materials since the dollar was
cidedly weak with respect to the pound. Sterling, taken off gold. Similarly, American importers were
however, continues to show ease in relation to\ the heavy buyers when Great Britain, Japan, and other
currencies of the gold countries. It will be recalled countries abandoned gold until their inventories were
that on Friday of last week sterling advanced in a overstocked, which occurred very rapidly. So now,
most sensational way to 4.75 for cable transfers. Europe has ordered American goods far in excess of
The rate moved off fractionally in last Saturday's needs. In this way advantages supposed to be gained
trading but on Monday the pound jumped to 4.833/8. from the devaluation of currencies tend to be speedily
The range this week has been between 4.64 and 4.83, canceled. In the long run and beginning within a
for bankers' sight bills, compared with a range of very few weeks after a change in a currency's base,
from 4.313 to 4.743/ last week. The range for all foreign trade tends to become more or less paracable transfers has been between 4.65 and 4.833', lyzed as a result of fluctuations in exchange. This is
compared with a range of from 4.325 to 4.75 a what happened when London abandoned gold, and
4
week ago. The gyrations in exchange may best be the evils and depression in foreign trade soon exdescribed as frenzied. To predict the course of tended to the internal trade of every country, insterling and the dollar during the next few months tensifying the general depression which started with
is quite impossible. The market is full of rumors, the collapse of markets here in the autumn of 1929.
sometimes positive, sometimes vague, but all ap- Many of the British colonial economic advisers now in
parently without any foundation in fact. Bankers London seem to be urging London to unpeg gold from
have no certain information to guide them with the French franc and to permit it to follow the dollar.
respect to the course of foreign exchange. When It is understood that the British Government hesithe pound went to 4.833/a on Monday the rate in tates to take such a course or adopt any policy which
London was 4.84. Prior to September 1931 if the might give serious offense/or cause impediment to
T
S
Volume 13;
Financial Chronicle
the gold bloc countries, as approximately one-half
of all Great Britain's manufactured goods are sold
on the Continent. British financial circles stoutly
assert that they have nothing to fear from American
manufactured goods as a result of the cheaper dollar.
The Dominions, however, which are producers of
raw materials, fear that a cheap dollar will do them
permanent injury. The British authorities point to
the fact that on the contrary, in consequence of the
rising prices in the United States of raw materials
having a world market, colonial products have
shared equally with those of the United States in the
advance.
While sterling is easy with respect to the gold currencies, the rate is held fairly steady in terms of
French francs. This is accomplished by operations
of the Exchange Equalization Account, effected
chiefly in London and Paris. It is thought that
London will take no steps which might halt the flow
of gold to the London open market, as this gold flow
is a decided advantage to sterling and is an important
influence in establishing universal confidence in the
London money market, even though the pound is not
stabilized. The gold flow helps the British financial
authorities, although present prices and those which
have long prevailed make open market acquisitions
of the metal so expensive for the British Treasury and
the Bank of England that they seldom compete for
it. The Bank of England's official purchasing price
is 84s. 10d. per fine ounce. In Monday's trading
gold bars were quoted 124s. 6d., representing a sterling-franc or gold premium of 83/d. It is of interest
2
to note that on the same day the dollar was quoted
at 69.0 cents in Amsterdam and 69.3 gold cents in
Paris; the theoretical price of gold in New York was
about $29.93 per fine ounce, compared with our
statutory price of $20.67. It is generally reported
in banking circles that since the firm stand taken by
the gold bloc countries last week there has been a flow
of funds from London to the European centers.
This is undoubtedly true, but the movement thus
far, at least, is not of major importance. Doubtless
the outflow of funds to London for purposes of security
has been halted to a great extent. Nevertheless
there is every evidence that funds continue to flow
from foreign quarters to London.
There can be no doubt that American, German and
South American exporters of goods to London are
leaving their proceeds on deposit with the British
banks. This is clearly shown by the nature of the
trading on the London Stock Exchange. No machinery has ever been discovered to offset this kind
of capital transfer. The Reichsbank subjects exchange to the most rigid control, but competent
authorities assert that German exporters have large
balances on deposit in London, safe from the Reichsbank and the Reich. The London money market
continues to give evidence of the great abundance
of funds at the disposal of Lombard Street. Call
money against bills is in ample supply at M% down
to %%. Two months' bills are at 7-16%, threemonths' bills %%,four-months' bills 9-16% to %%,
six-months' bills 4% to 13-16%. According to
3
London bankers the turn of the half-year was probably the easiest on record. On Saturday last
£100,000 of bar gold was available in the London
open market and was taken for Continental account
at a premium of 8d. Bars were quoted 124s. 5d.
On Monday £150,000 available was taken for Continental account at a premium of 83/d. Bars were
2
371
124s. 6d. On Tuesday £330,000 went for Continental account at premium of 11d. Bars were 124s.
10d. On Wednesday £30,000 was taken for the
Continent at a premium of 11d, and bars were
quoted 124s. 9d. On Thursday £7,500 available
was taken for Continental account at a premium of
9d. Bars were quoted 124s. 1d. On Friday £147,000 was taken for Continental account at a premium
of lid. Bars were quoted 124s. 2d. The Bank of
England statement for the week ended July 12
shows an increase in gold holdings of £14,533, the
total standing at £190,969,365, which compares with
£137,204,737 a year ago, and with the minimum of
£150,000,000 recommended by the Cunliffe committee.
At the Port of New York the gold movement for
the week ended July 12, as reported by the Federal
Reserve Bank of New York, consisted of exports of
$12,247,000 to France. There were no gold imports.
The Reserve Bank reported a decrease of $12,247,000
in gold earmarked for foreign account. In tabular
form the gold movement at the Port of New York
for the week ended July 12 was as follows:
GOLD MOVEMENT AT NEW YORK, JULY 6
-JULY 12, INCL.
Imports
Export.
I
None.
212,247,000 to France.
Net Change in Gold Earmarked for Foreign Account.
Decrease: 212,247,000.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports
of gold but $5,001,600 was shipped to Sweden, and
gold held ear-marked for foreign account decreased
$5,001,600. On Friday there were no imports of
gold but $92,700 of the metal was exported to France
there was no change in gold held ear-marked for
foreign account. There have been no reports during
the week of gold having been received at any of the
Pacific ports.
Canadian exchange continues to show marked improvement with respect to the dollar and the rate is
more in favor of Montreal than at any time in many
months. On Saturday last Montreal funds were at
4
a discount of 51 %,on Monday at 43j%,on Tuesday
at 53%, on Wednesday at 43 %, on Thursday at
4
and on Friday at 4 8%.
A special dispatch to the "Wall Street Journal"
on Monday said:
With New York funds below 5% premium in New York,
holders of securities with interest or dividends payable in
U. S. funds lose the last remnant of advantage in holding
such securities. Dominion income tax law amendments recently provided that a 5% tax would be imposed on all
dividends paid in U. S. funds to residents of Canada. Nonresidents were exempted from this provision. At present
exchange level it is to the advantage of the Canadain holder
to accept Canadian funds thus further lightening the pressure
on the Canadian dollar.
Referring to day-to-day rates, sterling exchange on
Saturday last was firm. Bankers' sight was 4.69wi
4® 4.733/s, cable transfers 4.693/i ® 4.7332 On
.
Monday the pound shot up to near dollar parity.
The range was 4.78 ® 4.83 for bankers' sight bills
and 4.783/ ® 4.833/i for cable transfers. On Tuesday sterling eased off slightly with respect to the dollar. Bankers' sight was 4.64 ® 4.75, cable transfers 4.64 @4 76. On Wednesday sterling showed
little change. The range was 4.66
4.77 for
bankers' sight and 4.673 ® 4.77% for cable transfers. On Thursday sterling was firm. The range was
4.76 ® 4.80 for bankers' sight, and 4.77 ® 4.80%
for cable transfers. On Friday sterling was steady,
/
the range was 4.7731 @ 4.79 for bankers' sight and
372
Financial Chronicle
4.78 © 4.79H for cable transfers. Closing quotations on Friday were 4.78 for demand and 4.79 for
cable transfers. Commercial sight bills finished at
4.773/2, sixty-day bills at 4.76, ninety-day bills at
4.763, documents for payment (60 days) at 4.763/,
2
and seven-day grain bills at 4.785 . Cotton and
%
grain for payment closed at 4.773/2.
on
is firm
EXCHANGEthis the Continental countriessterling.
both with respect to the dollar and to
The market on
side is on the whole inactive and
the quoted rates from day to day reflect activity and
fluctuations originating in operations in London and
on the Continent. French francs and the currencies
of the other gold-bloc countries-Belgium, Italy,
Holland, Switzerland and Poland-are especially
firm and are experiencing somewhat greater activity,
as the positive pronouncements of the central banks
of these countries as to their determination to maintain the currencies of their countries on the gold basis
has inspired a degree of confidence abroad which
seems to have resulted in a considerable movement of
funds to their respective financial centers. The gold
stand taken by these countries seems also to have
arrested the outward movement of funds to the London market which has been discernible for the past
six months or more. On Saturday last the United
States dollar in terms of French francs was at 70.7
gold cents, on Monday at 69.3, on Tuesday at 70.2,
on Wedneglay at 71.3, on Thursday at 70 cents and
yesterday at 69.9 cents. London dispatches during
the week intimated that the British Exchange
Equalization Account was evidently liquidating its
franc balances. It was also noted that considerable
portions of the gold recently bought in the .London
open market for Continental account was being actually shipped owing to improved sentiment in the gold
bloc countries, whereas hitherto such gold purchases
were left in London for safekeeping. The evidence
from all European centers clearly indicates that the
London financial authorities will do nothing to obstruct the plans of the gold countries but on the contrary London may be expected to co-operate actively
with them. The Bank of France statement for the
week ended July 7 shows an increase in gold holdings
of fr. 21,749,767. It will be recalled that last week
the Federal Reserve Bank of New York reported the
shipment of $9,563,000 in gold to France. This
week a further shipment of $12,247,000 in gold is
reported. The Bank of France statement for the
week ended July 7 shows total gold holdings of fr. 81,264,491,576, which compares with fr. 82,471,684,457
a year ago and with fr. 28,935,000,000 in June 1928,
when the franc was stabilized. The Bank of France
ratio stands at 78.13%, which compares with 76.30%
a year ago, and with legal requirement of 35%.
Important items relating to the agreements of the
gold bloc authorities will be found in another column.
Italian lire have been especially firm during the
past few weeks. The agreement reached in Paris on
Saturday last among the governors of the central
banks of the gold standard countries is receiving
strong support from the Italian public and favorable
results are expected. The Italian authorities have
frequently intervened in the past few days to purchase
French francs offered, thereby avoiding a sudden drop
in the franc rate against the lire. It is understood
that the authorities discourage gold transactions by
declining offers of French gold even when the rate is
favorable. In Italy there is great distrust of the
July 15 1933
American policy and reports are widely circulated
regarding the contemplated "commodity dollar" and
these reports have induced heavy Italian selling of
dollar bonds. In the past two weeks large orders
have been executed in Milan irrespective of price, it
is said.
German marks are exceptionally firm in terms of
the dollar and of sterling, but there are practically
no dealings in mark exchange. The new payment
plan proposed by the Reichsbank on German foreign
indebtedness is presented in greater detail in other
columns.
The London check rate on Paris closed on Friday
at 85.25, against 85.00 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 5.613 , against 5.52% on Friday of
4
last week; cable transfers at 5.62, against 5.53; and
commercial sight bills at 5.48, against 5.49. Antwerp belgas finished at 20.04 for bankers' sight bills
and at 20.05 for cable transfers, against 19.74 and
19.75. Final quotations for Berlin marks were
34.34 for bankers' sight bills and 34.35 for cable
transfers, in comparison with 34.14 and 34.15.
Italian lire closed at 7.583/ for bankers' sight bills
and at 7.59 for cable transfers, against 7 493/i and
.
7.50. Austrian schillings closed at 16.25, against,
15.75; exchange on Czechoslovakia at 4 263/2,
.
4;
against 4.171 on Bucharest at 0.92, against 0.90;
on Poland at 16.15, against 15.75; and on Finland
at 2.12, against 2.00. Greek exchange closed at
%
0.811 for bankers' sight bills and at 0.813 for
4
cable transfers, against 0.803/i and 0.81.
on the
during the
EXCHANGE in termscountries neutralThe currenwar presents no new features. These
of the dollar.
cies are all high
Scandinavian currencies are quoted higher in sympathy
with sterling exchange, to which they are closely
allied. Spanish pesetas are firm, in sympathy with
the French franc, to which the Madrid authorities
endeavor to keep the peseta aligned. Holland
guilders and Swiss francs are firm, largely as the
result of the pact entered into by the gold bloc
countries, which became effective on Monday.
There is at present at least greater confidence in
the security of the monetary position of both Holland and Switzerland. The outward movement of
funds from both these countries which has been in
evidence for many weeks seems to have been arrested completely and a considerable return flow of
funds has set in to both Amsterdam and Zurich.
Bankers' sight on Amsterdam finished on Friday
at 57.85, against 56.50 on Friday of last week;
cable transfers at 58.10, against 56.7.5; and commercial sight bills at 57.75, against 56.40. Swiss
francs closed at 27.84 .for checks and at 27.85 for
cable transfers, against 27.39 and 27.40. Copenhagen checks finished at 21.39- and cable transfers
at 21.40, against 21.02 and 21.03. Checks on
Sweden closed at 24.64 and cable transfers at 24.65,
against 24.25 and 24.26; while checks on Norway
finished at 24.09 and cable transfers at 24.10,
against 22.44 and 22.45. Spanish pesetas closed at
11.99 for bankers' sight bills and at 12.00 for cable
transfers, againk 11.85 and 11.86.
XCHANGE on the South American countries
shows no important change. While quotations
are higher because of the decline in the dollar, they
are nevertheless nominal. According to Brazilian
E
Volume 137
Financial Chronicle
373
dispatches, American exporters are making no atHE following table indicates the amount of gold
tempts to withdraw their funds from Rio de Janeiro,
bullion in the principal European banks as of
but on the contrary show every indication of employ- July 13 1933, together with compariso as
ns
of the
ing their balances in Brazil. Reports of the same corresponding dates in the previous four years:
character come from Buenos Aires. Both countries
1932.
1931.
are showing marked improvement in general business Banks of- 1933.
1930.
1929.
i
E
£
E
E
as a result of the upward movement of world prices England_ _ _ 190,969,365 137,204,737 165,199,894 156,371,428
155,665,097
France a_ .._ 650,115,932 659,773,475 449,817,863 355.658,327 295,650,306
of raw materials and foodstuffs.
Germany b_
8,202,200
35,788,450
68,304,600 123,447,150
97,807,250
90,379,000
90.220,000
97,024,000
98,858,000 102,459,000
Argentine paper pesos closed on Friday nominally Spain
Italy
72,645,000
57,574,000
57,574,000
.56,301,000
55,440,000
Netherlands
41,451,000
35.992,000
37,044,000
at 36M for bankers' sight bills, against 353j on Nat.Beig'm 62,062,000 81,696,000 41,004,000 34,335,000 28.561,000
76,507.000
73,321,000
Switzerland
61,464,000
89,155,000
29,415.000
23,156,000
19,845,000
Friday of last week; cable transfers at 363, against Sweden._
12,011,000
11,445,000
13,232,000
13,487,000
12,982,000
Denmark_
.
7,397,000
7,440,000
9,546.000
9,567,000
9,588,000
353/2. Brazilian milreis are nominally quoted at Norway _
6,569,000
8,324,000
8,131,000
8,142,000
8,154,000
7.95 for bankers' sight bills and 8.00 for cable trans- Prey. week 1,238,321,497 1.251,941,662 980,699,357 915,314,905 823,195,653
Total week_
1 241 S2/1 2RA 12114 1148 1111 (172 1S2 RA7 012 224 22S 210 079 7A2
fers, against 7.95 and 8.00. Chilean exchange is
a These are the gold holdings of the Bank of France as reported in the new form of
nominally quoted at 8%,against 83/2; Peru is nominal statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,500,600.
at 22.00, against 20%.
T
XCHANGE on the Far Eastern countries is much
firmer in all markets. Two factors contribute
to the improvement, the factor of chief importance
being the great jump in silver prices caused by reports
that agreement was near at the London monetary
conference on problems relating to silver. The
other in the drop in the dollar. On Thursday
speculative buying of silver in Shanghai was the
heaviest reported since 1929 and at the highest
prices reached since that time. On Thursday silver
was quoted in New York around 401 cents an ounce,
4
whereas only a few weeks ago the prevailing price was
about 26 cents. Japanese yen are firmer in sympathy with the rise in silver and also with the enhancement of the pound. Exchange on Bombay
and Calcutta is quoted higher as the rupee moves in
strict sympathy with sterling exchange, to which it
is anchored at the rate of is. 6d. per rupee.
Closing quotations for yen checks yesterday were
30 against 293/i on Friday of last week. Hong Kong
closed at 353 @ 35 7-16, against 323/i @ 33; Shanghai at 313 against 293.; Manila at 50, against 50;
Singapore at 56, against 54%; Bombay at 363',
against 3532 and Calcutta at 363', against 3532.
E
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL
RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JULY 8 1933 TO JULY 14 1933, INCLUSIVE.
Couniry and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York,
Value in United States Money.
Ada 8. July 10. July 11. July 12. July 13. July 14.
EUROPEs
$
$
$
$
g
Austria,schillIng
I 158250* .159500* .160000* .157000 .158625*
Belgium, belga
I 197809 .200690 .199066 .195727 .199270 .157500*
.199666
Bulgaria, lee._____ _ _I .009650* .010750* .009833* .009000*
Czechoslovakia. kron .042042 .043083 .042378 .042120 .009500• .009750*
.042583 .042571
Denmark, krone
I 210470 .214400 .211941 .208883 .213050 .213418
England, pound
sterling.700416 4.797708 4.742767 4.676250 4.771923
.781833
Finland, markka
.020525 .021120 .020433 .020575 .020940 T.o2092O
France, franc
055455 .056542 .055915 .055011 .056014 I
Germany, reichammk( .337772 .345058 .342623 .337458 .342208 I .056066
.342066
Greece. drachma
I 007987 .008179 .008075 .008028 .008108
I .571166 .582333 .577027 .567541 .577600 I .008143
Holland. guilder
I .578135
Hungary. pengo
.243750* .255000* .252500* 246666* .248333*
Italy, lira
.075118 .076569 .075907 .074290 .075915 .250000*
Norway, krone
.236170 .241388 .238450 .234800 .239636 .075832
Poland, zloty
157750 .159750 .158375 .158168 .160000 .240108
Portugal, escudo
042166 .044016 .043710 .042556 .043500 .158166
Rumania,leu
008833 .009100 .008950 .008887 .008983 .043587
Spain, peseta
118663 .120623 .119246 .117653 .119663 .008937
Sweden,krona
.243100 .247650 .244540 .241090 .248063 .119650
.246238
Switzerland, frano_ _. .273990 .280190 .276753 .272254
.277584
Yugoslavia, dinar
019333 .019750 .019168 .019250 .019650 .277871
.019500
ASIAChinaChefoo dollar
289791 .290416 .290833 .297500 .308333
Hankow dollar_ _ _. .289791 .290416 .290833 297500 .308333 .307500
Shanghai dollar_ ... .288593 .289687 .291406 .297031 .308906 .307500
.
Tientsin dollar
.289791 .290416 .290833 .297500 .308333 .308437
Hong Kong dollar
.323750 .324687 .328750 .331875 .350625 .307500
India, rupee
353750 .360375 .355625 .351625 .358450 .348125
Japan yen
.291562 .296041 .292000 .289250 .296625 .359151)
Singapore (8.8.) dollar .542500 .555000 .547500 .542500 .553750 .296750
.555000
NORTH AMER.Canada, dollar
949034 .955488 .952760 .950885 .951818
Cuba, peso
.999265 .999162 .999200 .999200 .999200 .952856
Mexico, peso (sliver)_ .277800 .279550 .281125 .281129 .281200 .999150
Newfoundland, dollar .946562 .953125 .950125 .948375 .948760 .281575
.950250
SOUTH AMER.Argentina. PeS0 (gold) .824797* .838181 .827514* .812895* .830416* .8287471
Brasil, milrels
.076500* .076450 .076962* .078682* .079466* .077787'
Chile. peso
.085000* .087100* .086250* .083125* .085000 .088250'
Uruguay. Peso
.850000* .670466* .668833* .661666* .669266 .673333.
Colombia. peso
.862100* .862100* .862100* .862100* .862100'.8621O
0
OTHER
Australia, pound
3.735000 3.805000 3.760000 3.705000 3.800000
.805000
New Zealand, Pound_ 3.741250 .811250 3.766250 3.711250 3.806250
3.811250
South Africa. pound_ 4.639166 4.730000 4.683333 4.615000 4.709166 4 72nnnn
.
•Nominal rates; firm rates not available.
The Hitler Program of Economic Reorganization.
The promulgation on Wednesday of a decree, is
;
sued by Premier Goering of Prussia, subjecting
German business and labor to control by the Prussian police, and especially charging the police "to
report on anything that could endanger economic
peace," is one of a number of recent incidents and
pronouncements which indicate that the violent
phase of the German revolution is passing, and that
internal economic reorganization is henceforth to
occupy the principal attention of the Hitler Government. It would doubtless be too much to hope
that the drastic changes, not seldom accompanied
by public and personal violence, which have characterized the establishment of the Hitler regime have
wholly ended, or that resentment may not continue
to manifest itself in occasional outbreaks which the.
Government will forcibly suppress, but there seems
reason to believe that the Government, now that the
old political and social order has been drastically
uprooted and the foundations of a new State have
been laid, will find itself free to attend to the economic reorganization which it has from the first professed as one of its primary aims.
Precisely what the program consists of cannot at
the moment be stated either comprehensively or in
relatively full detail. There is as yet no one official
document or pronouncement setting forth, even in
outline, the full plan which Chancellor Hitler and
his advisers propose to carry out. What is intended.
apparently, is the erection of a corporative State
similar in the main to that which is found in Italy,
with the Government supervising business of all
kinds minutely but not itself engaging in business,
with the trade unions shorn of their power to fix
wages by refusing assent to wage scales which they
do not themselves virtually determine, and with
strikes or other labor disturbances prohibited. Unemployment is to be attacked as the crucial problem
of the moment, public works on an extensive scale
are to be undertaken, the position of the agricultural
class is to be improved, and the backward condition
of East Prussia changed by the introduction of industries and the breaking up of the unprofitable
Junker estates. Wages, and to some extent profits
and industrial output, are apparently to come under
Government regulation, and an attempt is to be
made to make Germany economically self-sufficient
at least as far as the food supply is concerned. The
guiding principle, in other words, is to be economic
nationalism, attained by bringing all important
branches of industry and business, as well as agriculture, under direct government control.
374
Financial Chronicle
The indispensable preliminary to the inauguration of this program was, of course, the establishment of complete political control of the Reich by
Chancellor Hitler and his party, and it is to this
end that the policies of the past four months have
obviously been directed. With revolutionary violence which too often included violence to persons,
and with a drastic thoroughness and ruthlessness
which have no parallel in recent European annals,
the old Germany has been virtually destroyed and
the foundations of a new Germany laid. Trade
organizations and individual businesses have been
taken over by the Government or suppressed, the
Jews excluded from every important occupation, the
power of the trade unions broken, and political
parties, save that of the National Socialists, either
dissolved, or banned, or coerced into decreeing their
own dissolution. The crowning achievement, completed only within a few days, has been the conclusion of a Concordat with the Vatican which ends
the political power of the Catholic Church in Germany, and the enforced consolidation of the Protestant churches in a national body which the Nazi
Government will control.
A natural result of the rapidity and ruthless
vigor with which the Nazis set about to crush
political opposition and prepare the way for the new
economic and social order was the designation as
government representatives, or commissars, in business establishments, of many men quite unfitted for
the task, and a good deal of sporadic lawlessness on
the part of young Nazis who were still counted as
"storm troops." Both these situations the Government is now undertaking to remedy. On July 3
Gottfried Feder, regarded as the economic expert of
the National Socialist party and the successor in
influence to Alfred Hugenberg, former Minister of
Economy, declared in a speech, according to a dispatch to the New York "Times," that "one of his
first acts had been to withdraw all of the commissars
the Nazis had installed in many business establishments throughout the country" under the Hugenberg regime. "The first thing German business
needs," he said, "is peace and quiet. It must have
a feeling of absolute legal security and must know
that work and its return are guaranteed. The interferences in business which occurred at first, perhaps as a result of too much zeal, have become intolerable." On July 4 Chancellor Hitler, in a letter
to the Federal Governor of the State of Brunswick,
denounced "personal, political and business espionage" as a "despicable practice" which not only
proceeded "too often" from "egotism and petty
personal spite," but which also, if tolerated, was
"bound to paralyze business and industrial enterprises, which thus find themselves in constant danger
of being 'exposed' by this sort of 'super-espionage.'"
The Chancellor's warning was repeated and amplified on July 7 in an address to the stadtholders
of the various German States. "An industrial
leader," he declared (we quote from extracts from
the address given by the New York "Herald
Tribune") "cannot be removed if he is a good business man merely because he is not yet a National
Socialist, especially if the National Socialist put
in his place understands nothing about industry.
. . . The business man must be judged primarily
by his business qualifications. . . . We shall
not eliminate unemployment with economic commissions, organizations, constructions and theories.
July 15 1933
The important thing is not the program and ideas,
but the finding of daily bread for 5,000,000 men.
. . . The intellectual bacillus carriers who are
now seeking to penetrate into industry are bringing
the State and the people into danger. . . . Our
program obligates us not to act like fools and upset
everything, but to realize our ideas in a clever and
cautious way." On Tuesday a sharply-worded decree issued by Dr. Wilhelm Frick, Minister of the
Interior, promised severe punishment of persons
guilty of unauthorized interference with industry,
"no matter who the guilty may be." Another speech
by Chancellor Hitler on Wednesday, this time to
Nazi district leaders and labor trustees, reiterated
still more sternly the warning given in his speech
of July 7.
The Goering decree issued on Wednesday, to
which reference has already been made, supplements
these previous orders and declarations by bringing
the Prussian police to the support of the new labor
system. When the Nazis, in addition to installing
their representatives in certain business establishments and organizations, seized the trade unions,
imprisoned union leaders and confiscated union
property, they set up a trustee system which entirely altered the former relations of employers and
employees. "Trustees of labor" were appointed for
each important branch of industry or trade, with
power to regulate wage agreements, the regulations
being binding upon both employers and workers. The
Goering decree directs the police to "watch scrupulously that the orders of the labor trustees are
carried out to the full," while the duty to "report
on anything that could endanger economic peace" is
specifically made to cover "unsocial action on the
part of employers as well as unfounded agitation
and incitement of workers, and breaches of wage
agreements as well as the dismissal of workers and
similar matters."
Most of the recent economic changes in Germany
appear more significant as indications of policy than
as positive achievements. The budget for 1933-34
of 5,900,000,000 marks, against 7,900,000,000 marks
for the previous year, shows a reduction in expenditures of 400,000,000 marks, the remaining difference being accounted for by omitting the portion of
Reich taxes paid to States and municipalities. The
estimates call for increased revenue from customs
duties and a sales tax and decreased revenue from
income and other direct taxes, but do not iriclude the
1,000,000,000 marks of Treasury notes to be issued
in aid of unemployment. Gains in working hours
and in coal output for the first five months of 1933,
compared with the same period in 1932, were reported on July 2, but some local opposition was
noted to the installation of new industrial machinery.
Regulations providing for a forty-hour week and
preference for unemployed persons with families
were issued on July 3, the latter provision being
made applicable particularly to Nazi "storm troops."
Increasing tariffs on imports, designed to make Germany self-supporting, have aroused some irritation
in Scandinavian countries, and provoked retaliatory
tariffs in France which, however, affect other countries as well. A proposed expenditure of 560,000,000
marks by the German Railways Corporation, to be
financed by an issue of short-term notes and expected
to give employment to 300,000 men, was announced
on July 5, followed the next day by the announcement of a comprehensive plan for the industrializa-
Volume
137
Financial Chronicle
tion of East Prussia, particularly through the introduction of branch factories in the metal and textile industries. The official unemployment figure
stood at 4,856,000 at the end of June in place of more
than 6,000,000 in January. •
One may well hesitate to express anything but
very guarded approval of an economic program
which puts all branches of industry and business
under direct government control, regulates wages
through government officials, excludes persons with
one-quarter of Jewish blood from virtually all employments, wages war on department stores, and
raises still higher the tariff walls which already
seriously impede international trade. Such excesses
of State capitalism and economic nationalism, while
they may aid the social discipline and obedience to
government orders which appear to be implicit in
the Hitler view of things, do not in the long run
make for economic freedom or facilitate profitable
commercial relations with other nations. It is possible, of course, that Germany's economic life at the
moment represents only an intermediate stage,
crossed by both radical excesses and hopeful experiments, but destined to give way before long to something freer and more conservative. A Berlin correspondent of the New York "Times," writing on Tuesday regarding Chancellor Hitler's rebuke of
sabotage, reported that "another significant indication that the Government is accepting counsel from
moderate quarters came from the Federation of German Industries in the form of a formal order to its
members to abandon all preparations for the readjustment of industry to the requirements of the corporative State. In view of the variegated character
and structure of the German industrial organism,
says the communique, it has been Mind unfeasible
to force these plans at present, since they offer problems of a graver and more complicated nature than
those of ordinary commercial institutions." If the
inherent difficulties of remaking industry by government fiat, in accordance with theoretical conceptions of what it ought to be, are coming to be realized by Chancellor Hitler, there will be reason to
hope that what is visionary in his program, as far as
the program has been revealed, may in due time be
separated from what is substantial and allowed to
drop away, and that the lines on which German recovery proceeds will prove to be sound even if they
are in some respects new. The fact that German
business is being freed from the meddling of radicals
is in itself an encouraging sign.
Stocks Still Function as Barometer.
The stock market continues to function as a
barometer of trade. Unseen forces as usual push
prices of shares upward or depress them as if by
magic and a gaping public wonders what it is all
about, but is ever ready to hazard a guess as to what
will be the new top or the new price minimum.
Culmination of the great business and speculative
boom in 1929 was called by the crash in the stock
market, thus forshadowing the depression which
was to follow as a natural consequence of the inflation which had preceded.
Stocks continued weak until prices reached such
a low level in May and early June of last year that
it was scarcely worth while for any speculators to
sell the market short and then the market again
called the turn for a moderate rise. The present bull
375
movement followed the election of President Roosevelt and the heralding later of his plans for a "new
deal."
Statisticians figure that the bull market has lifted
prices of shares over $26,000,000,000.
There is nothing uncanny either in falling prices
when the market has risen altogether too high or in
rising prices when market values have been depressed far below their normal level. Periodically
the process is repeated and it is just as natural as
the law of gravitation that when a pendulum swings
too far in one direction it is sure to swing back.
The share market is so sensitive and so easily
moved when conditions are ripe for a change that
but little concerted human effort is required not
only to change the course of market values but to
sway public sentiment which is always on the alert
to follow a leader. The natural instinct of the public
is to be bullish, to magnify the influence of developments which tend to lift values and thus when prices
once start upward and continue buoyant the operators for an advance are sure to have plenty of
followers who will help along their cause.
Stocks are inert. Under ordinary circumstances
market values either rise or decline as human effort
is directed either on the bull side or the bear side.
Occasionally there are tremendous contests between the operators for an advance and those who
work for a decline, but such operations generally
centre around some particular stock in which powerful pools have been formed on opposing sides. Such
contests may not be altogether speculative. There
may be a bitter contest for the control of a corporation, each side trying to get the better of the other,
the bears being so sure that market values of the
stock have been pushed far above actual worth that
they do not hesitate to sell the market short, expecting that prices will break and that they will be afforded the opportunity of covering their short lines
at a great profit.
The bulls, on the other hand, are just as confident
that they can force the bears to cover and for this
purpose they keep on buying in order to push prices
still higher. Many times small operators have been
taught the lesson at great cost that it is best for them
to let the opposing factions wage their own battle,
for the reason that a settlement may be made by the
rivals overnight and the little fellows, caught off
their guard, will suffer severe losses.
Testimony given under oath during official investigations at Washington this year has revealed
the tactics of the big operators and the hazards
which those on the outside incur when they attempt
to follow either faction by making their own commitments without having inside knowledge.
Most stocks are not yet back to a price level which
has been regarded as normal under usual business
and trade conditions. Many issues under normal
conditions pay dividends but by reason of the lean
years since 1929 are now paying no dividends whatever to the shareholders. As the time approaches
when increased earnings will foreshadow the restoration of dividends, market values will be apt to reflect this favorable change. There are always persons who anticipate favorable changes and are willing to buy shares at a low price and wait for favorable developments when they may dispose of their
holdings at a good profit. They are willing to let
the new owner have the dividends, being satisfied
with their profits, and with their capital in hand
376
Financial Chronicle
they again look about for purchases which in time
will afford more profits. They are the market
traders while those who hold shares for the purpose
of deriving incomes are the investors.
Buoyancy of the stock market during the past
few months has been discounting a new prosperity,
stocks may be moved quickly when the public becomes interested as it evidently has in recent months,
but business revival cannot keep pace with stocks.
The machinery of reviving trade is complicated and
many things have to be taken into consideration.
A factory long idle must be overhauled, stocks of
raw materials must be bought, competent employees
must be selected and orders for finished goods must
be obtained in order to justify reopening, much of
which the stock market has anticipated by its rapid
advance.
Powerful forces are at work systematically to
bring about a recovery in trade and progress will
be watched eagerly from day to day, but the great
upward stride of market values reflects the confidence of the American public that good times are
ahead and there is a widespread inclination to be
helpful and thus to hasten the recovery.
July 15 1933
works to handle the large amount of remittances
which comes in from every quarter, thus keeping the
decks clear for prompt action when the day force
arrives in the morning.
No subject arises' of greater importance than
credits, and it is the duty of a banker to know about
the standing and reputation for integrity of a borrower and of indorsers as well as to pass upon the
value of collateral offered as security for loans.
It would be absolutely impossible for a dictator
at Washington to keep posted about local situations at a multitude of cities in each of which the
local bankers have to contend with problems all
their own and quite unrelated to conditions arising
in many other localities. A general order which
might well apply to one city, or even to one section
of the country, would create annoyance, vexation
and delay which would mean heavy losses to banks
and bank customers in other localities.
The situation might be likened to that of a string
of electric clocks all operated by current over one
wire. An operator at a remote point being notified
that one clock was out of order and undertaking to
remedy the defect by applying the remedy to all,
would upset the whole circuit.
Business Will Suffer if Banks Are
National banks and all State member banks of the
Over-Handicapped.
Federal Reserve System are already well controlled
Banking has been regulated so long and so thor- by the Comptroller of the Currency or the Federal
oughly, not only by Federal authority but by States Reserve System, and all State banks are supervised
as well, that many financiers had anticipated they by State officials. These ought to be sufficient, and
would be exempt from undue rigors of the National if there is anything lacking under present regulaIndustrial Recovery Act, or "NIRA," as it is briefly tions the existing provisions might better be pertermed. It seems, however, that General Johnson, jected rather than to inject a third controlling factor.
who is responsible for the administration of the Act,
When banks are too much subjected to the rule-ofdesires to further regulate banking, possibly on the thumb, their usefulness will be impaired. Weak
ground that a bank is a "credit mill."
banks have been weeded out; the survivors need to
Banking is a profession, and an intricate one at be encouraged and fostered.
that. It may be compared with the law and medicine, and it is far more technical and complicated S. H. Logan of Canadian Bank of Commerce Finds
Industrial Production Broadened in June—Rise
than is dentistry. Banking is not only national in
in Lumber Production—Large Volume of New
but international, and no community of imscope,
Orders for Textile Mills.
According to S. H. Logan, General Manager of the Canaportance may prosper without banking facilities.
Between many banks far removed from each other dian Bank of Commerce, "the expansion in industrial produring June so as to
there are daily transactions at times involving large duction broadened thereby offsetting a include a greater
seasonal decline in
number of trades,
amounts of money and credit. In no other branch some which were among the first to record improvement."
of business and in no other profession is there a net- Mr. Logan, under date of July 7, added:
The heavy industries, which are invariably the last to share in a general
work covering such a vast expanse of territory as has
upturn, have become slightly more active, as also have numerous small manugrown up with the development of banking.
facturers of special or luxury goods, while the volume of new orders offered
the capacity of several units to execute
Rapid communication has been largely responsible the textile mills have been beyondactivity than a year ago, the automobile
promptly. With greater seasonal
production record for the second quarter of the
for the prompt service and efficiency of the banks. industry now has a better
of 1932. What effect the recent lowering
year than for
Special delivery letters not only speed deliveries but crop prospects the like period general industry is not yet determinable. of
will have upon
developments
they add to safety, while mail transmitted by air- in Some of the most spectacular were severely of the past quarter are those
depressed until March. Folthe forest industries, which
plane may be conveyed a long distance in a single lowing a period of operations at about 40% of capacity and of uncertainties
regarding new contracts and prices, the newsprint mills enjoyed such an
night. Banking service was never so highly special- active demand, lasting for longer than the usual seasonal period, as to raise
their production in 3fay to over 50% of capacity. Lumber production has
ized as it is to-day.
risen steadily
a level which last winter warranted the description of
With over 19,000,000 telephones in the United conditions in frommajor area, British Columbia, as the worst known for
the
many years, if, in fact, not the worst on record. The May cut in that
States, business between distant cities may be trans- Province
was over 60% higher than that of April, and as yet there are no
acted almost instantaneously, and back of this rapid- signs of recession. Elsewhere shipments of lumber have so increased as to
of whether summer cutto raise
fire battery of transactions banking must keep pace. reduce stocks considerably and meet thethe question demand. These marked
prospective
ting will not be necessary to
industries are due more to a wider
If a general supervisor at Washington should un- changes in one of the most important
foreign market than to expansion in the domestic field, although there
dertake to regulate banking with too many cast-iron been some increase in Canadian building as a result of larger contract'has
in
rules facilities for the quick transaction of business June.
Hot Weather Has Damaged Crops.
service would be handicapped.
A limited June rainfall and excessive heat at an unusually early period
There is the same speed within the walls of a have wrought damage over a large part of the Canadian agricultural area,
although the heat was beneficial in British Columbia, while the Maritime
modern bank that is witnessed at an active indus- Provinces have had moisture and heat in the right proportions. Interest
grain belt,
has, of course, been
upon
trial plant. While banking hours are fixed for the to our calculations, centeredinjury the Western over about where, according
was severe
one-third of the
drouth
public at from 10 o'clock a. m. to 3 p. m., the volume total grain acreage, chiefly Western Saskatchewan, Eastern, Southern and
Central Alberta, and Southern Manitoba were seriously affected. The reof business handled by many banks is so great that deeming features are that the extreme heat wave was of short duration and
which repaired some
was followed
tligy are operated for nearly 24 consecutive hours. The crops, by rain in many localities,promising condition of the damage.
however, are still in a fairly
in South-Central
A night force, known as the transit department, Satkatchewan and practically the whole of the northern prairie belt.
Financial Chronicle
Volume 137
377
Gross and Net Earnings of United States Railroads for the
Month of May
The earnings of United States railroads now show
an improving tendency and the fact is reflected in the
compilations we present below for the month of
May. These show an increase of $3,584,364 as
compared with the corresponding figures for the
previous year, attended by a reduction in operating
expenses (before taking account of the taxes) of $23,843,776 yielding therefore an increase in net earnings
of $27,428,140, or no less than 57.85%. It will be
observed that the improvement follows in the main
from the saving effected in operating costs and it
indicates that the managers of the roads hold pretty
good control over the expense accounts. However,
the gain in the gross earnings is not to be looked
upon as without significance and perhaps is to be
regarded as a more encouraging circumstance than
the cutting down of the expenses, inasmuch as it
definitely ends the long period of shrinkage in gross
revenues. The present increase, though relatively
very small, being only 1.41%, is the first time any
monthly return has shown any improvement in
gross earnings since away back in September 1929.
No doubt the fact that the month of May the
present year contained an extra working day (there
having been only four Sundays in May 1933 as
against five Sundays in May last year) played some
part in bringing about this improvement in the
gross, especially since it is so slight, but there can be
no question that railroad traffic and railroad gross
earnings are now improving all around and in future
months are certain to show very substantial gains
in the gross revenues and when this is joined with
curtailed expenses the result is to open up a very
bright vista for the railways for the immediate future.
Of course the gains now, even in the case of the net,
look small alongside the prodigious cumulative losses
of the years preceding, but that merely goes to show
how much room there is for further improvement as
business revival proceeds slowly but surely, thereby
adding to the volume of traffic to be handled and
transported by the railroads, for in the last analysis
the difficulty with the rail carriers has been that
traffic year by year has kept dwindling until it
dropped close to the vanishing point. As a mere
matter of record therefore it seems desirable to note
in passing that this year's improvement in the earnings gross and net comes after $114,034,479 loss in
gross and $33,623,278 loss in net in May 1932 as
compared with May 1931 and that this in turn
followed $94,091,632 loss in gross and $30,320,730
loss in net in 1931 as compared with 1930, which
latter came after $75,131,912 decrease in gross and
$35,711,276 decrease in net in 1930 as compared
with 1929.
Month of May—
Miles of road (168 roads)
Gross earnings
Operating expenses
Ratio of expenses to earnings
Net earnings
1932. Inc.(+) or Dec.(—)
242,143
-659
$
257,963,036 254,378,672 +3.584,364 +1.41
183,118,626 206,962,402 —23,843,776 —11.52
81.36%
—10.37%
70.99%
1933.
241,484
74,844,410 47,416,270 +27,428,140 +57.85
The reason why the roads make a better showing
of the gross than in May of last year is that they had a
somewhat larger traffic to move, but they still have a
long way to go before they get back to the traffic
which they handled in earlier years. As in May the
country was still in the initiatory stages of business
recovery, the increase in traffic did not extend to all
items of the freight tonnage and some limited sections
of the country did not share in it at all, but that the
railroads of the country did move more traffic in the
aggregate than in May 1932 is conclusively 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 1933 the
loading of revenue freight comprised 2,127,841 cars
in 1933 as against 2,088,088 cars in the corresponding
four weeks of 1932, but as against no less than
2,958,784 cars in 1931; 3,650,775 cars in May 1930
and 4,209,577 cars in May 1929. This reflects a
relatively slight increase in the total volume of traffic
handled in 1933 as compared with the poor figures of
1932, but it does show some increase and this increase is certain to swell into much larger proportions
as the months pass along. The train loadings are a
sort of composite of the freight traffic of all classes,
but most of the other statistics, those relating to
activity in the separate lines of trade, tell the same
story in registering a larger movement for 1933 than
for 1932, but withal a very much smaller movement
than in the years immediately preceding. In looking
at the automobile production, it is found that 218,171
motor vehicles were produced in May 1933 as against
184,295 in May 1932, but comparing with 317,163
in May 1931; 420,027 in May 1930 and no less than
604,691 in May 1929.
The comparisons are closely similar when the iron
and steel statistics are scrutinized. The make of
iron in the United States during May 1933 reached
887,252 gross tons against 783,554 tons in May
1932, but comparing with 1,994,082 tons in May
1931; 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 1933 is calculated at 2,001,991
tons, which is well ahead of the 1,125,243 tons
estimated as the steel output in May 1932, reflecting
the greatly increased activity of the steel trade, but if
we turn further back we find that in May 1931 the
production of steel ingots was put at 2,551,633 tons;
in May 1930 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 been increasing of late and the
output of soft coal in the United States for May
1933 is put at 22,488,000 tons as against 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 1933 is reported at only 2,967,000
tons for May 1933 as against 3,278,000 tons for
May 1932, and this latter compares with 5,005,000
tons in May 1931; 5,911,000 tons in May 1930 and
6,308,000 tons in May 1929.
Building and new construction work is still on a
greatly reduced level, the building industry as yet
having failed to share in trade recovery, but this has
not prevented greater activity in the lumber trade
and increased shipments of lumber. The F. W.Dodge
Corp. reports that the construction contracts awarded
in the 37 States east of the Rocky Mountains in May
1933 involved outlays of only $77,171,700 against
$146,221,200 involved in the contracts awarded in
May 1932; $306,079,100 in May 1931; $457,416,000
in May 1930; $587,765,900 in May 1929 and $668,-
378
Financial Chronicle
097,200 in May 1928. On the other hand, the
National Lumbermen's Association reports that for
the four weeks ended May 27 1933 the cut of lumber
for the 584 mills included in its compilation was
526,204,000 feet against 489,823,000 feet in the
corresponding four weeks of 1932. This was an
increase of somewhat over 7%, compared with 1932,
but when the comparison is carried further back it is
found that as compared with the same period of 1931
the production of 1933 shows a contraction of 57%.
In one class of tonnage, however, there appears to
have been a very substantial augmentation in the
movement over the railroads. We refer to the
Western grain traffic. The great rise in grain prices
induced Western farmers to send their grain to market
with great freedom after they had been holding it
back for a long time owing to the inordinately low
prices to which nearly all classes of farm products
had fallen during the long period of depression. We
deal in detail with this Western grain movement in a
separate paragraph further below and wish to note
here simply the fact that the receipts of wheat, corn,
oats, barley and rye for the four weeks ended May 27
the present year aggregated no less than 66,651,000
bushels, as against only 32,436,000 bushels in the
corresponding four weeks of 1932. It will be observed
that these grain receipts at the Western primary
markets more than doubled.
In the case of the separate roads, the savings in
expenses has worked some wonderful transformations
in the character of the returns the present year, as
compared with the same month last year. Some very
striking gains in net earnings are shown even where
the gross revenues have failed to equal the poor
gross revenues of the preceding year, but there are
not a few instances also where reduced expenses
have been joined to a large gross revenue. Illustrations of both kinds might be cited from all parts
of the country, though here and there some roads
seem to be found which have not joined in the pro-.
cession. The New York Central System with $468,645
decrease in gross reports $3,498,306 increase in net;
the Pennsylvania RR. with $1,101,086 loss in gross
shows $690,221 gain in net; the Baltimore & Ohio
with a falling off of $274,254 in gross is able to
report an addition of $973,843 to the net; the Erie,
while falling behind $146,126 in gross, has to its
credit a gain of $517,271 in net.
As a group Southern roads have done better than
those of any other section of the country and the
Southern Ry. again stands foremost in that respect.
It has enlarged its gross by $733,412 while at the
same time having reduced expenses in about the same
amount, the two together bringing an addition
to the net in amount of $1,428,893. The Louisville &
Nashville has added $602,124 to gross and $1,007,091
to net earnings; the Atlantic Coast Line has to its
credit $353,959 increase in gross and $760,282 in
net.
In the Northwestern and Southwestern sections
of the country the character of the returns is much the
same, increases in net being everywhere the rule, in
some cases in face of diminished gross receipts, but
occasionally also joined with enlarged gross receipts,
this latter characteristic being found quite generally,
as already indicated, in the case of Southern roads,
and being quite common also in the case of leading
Northwestern systems. Thus the Chicago Milwaukee
St. Paul & Pacific shows gross enlarged in amount of
$1,079,337 and net enlarged in amount of $2,650,830,
July 15 1933
this latter increase being surpassed by that of only
one other railroad system, namely the New York
Central, as already noted further above. The Great
Northern reports $678,301 increase in gross and
$1,721,711 increase in net. The Northern Pacific
has not done quite so well, but nevertheless has
added $233,855 to gross and $290,967 to net. Some
of the ore carrying roads make remarkable exhibits,
indicative of the activity of the iron and steel trade,
and the Duluth Missabe & Northern has run up its
gross from $73,845 in May 1932 to $712,843 in 1933
and converted a deficit of $332,473 in May 1932 into
net of $286,626 in May 1933. The Chicago & North
Western has enlarged'its gross by $300,203 and its
net by $669,743. The Union Pacific has a gain of
$176,581 in gross and likewise a gain of $824,664
in the net. And these illustrations might be extended
almost indefinitely.
Some of the Southwestern roads have not done
quite so well at least as far as the gross earnings are
concerned, though the most of them show improved
net earnings even when running behind in the gross.
The Atchison Topeka & Santa Fe has lost $272,211
in gross, but changed this into a gain of $635,649
in net; the Rock Island has converted a loss of $328,547 in gross into a gain of $361,355 in net; the
Southern Pacific has suffered a reduction in gross of
$1,343,354, but reduced expenses cut the loss in net
down to $87,540. The Missouri Pacific has added
$341,557 to gross and $447,512 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.
It should not escape notice that in this list there are
only three roads with a decrease in net amounting to
$100,000 or over, though there is quite a large
number of roads where the decrease in the gross
reaches far in excess of that amount.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF MAY 1933.
Increase.
Increase.
Chic Milw St P & Pac_- $1,079,337 Texas & Pacific
$114,504
792.008 Virginian
Chesapeake & Ohio Ry
101,045
733.412
SouthernRy
Total(33 roads)
704,982
Norfolk & Western
$10,106,823
678,301
Great Northern
638.998
Duluth Missabe & Nor.._
Decrease.
602,124 Southern Pacific (2 rds)_ $1,343,354
Louisville & Nashville.551.045 Pennsylvania
Internat-Great North'n_
1,101,086
381,964 NYNH& Hartford_ __ _
Wheeling & Lake Erie_
673,860
353,959 New York Central
Atlantic Coast Line
a645,741
341.557 Long Island
Missouri Pacific
493,469
300,20'3 Reading Company
Chicago & North Western
370,779
268,682 Delaware & Hudson__ _ _
Bessemer & Lake Erie_ _ _
360,166
233,855 Boston & Maine
Northern Pacific
335,899
222,855 Chic R I & Pax (2 roads)
Chicago Burl & Quincy
328,547
218,341 Baltimore & Ohio
Elgin Joliet & Eastern
274,254
195,345 Central RR of New Jer_
Nash Chatt & St Louis..
274,230
183,953 Atch Toro & SF (3 rds)
NY Chicago & St Louis.
272,211
176,581 Del Lack & Western-....Union Pacific (4 roads).258,370
169,128 Lehigh Valley
Grand Trunk Western..220,409
160,768 N Y Ont & Western......
Chic N 0 & Texas Pac
205,765
149,985 Erie (3 roads)
Pere Marquette
146.126
142,154 Maine Central
St L So'western Linos133,781
135,771 Detroit Toledo & Ironton
Chic & Illinois Midland_
112,215
122,710 Los Angeles & Salt Lake_
Chic St P Minn & Om...
104,053
119,775 Bangor & Aroostook___..
Pittsburgh & Lake Erie..
102,749
118,333
Central of Georgia
115,148
Total (26 roads)
Minneapolis& St Louis..$7,757,064
a These figures cover the operat Oils of the New York Central and
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Including the Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result
is a decrease of $468.645.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF
MAY 1933.
Increase.
Increase.
a$3,255,390 Chic St P Minn &
New York Central
$335,168
Chic Milw St P & Pee- „ Bessemer & Lake Erie_ __
324,539
Minn St P & S 8 M__
1,721,711
Great Northern
297.631
Southern Ry
1.428,893 Northern Pacific
290,967
Louisville & Nashville__ 1,007,091 Wheeling & Lake Erie_ _ _
288.553
973,843 Del Lack & Western_ _ _
Baltimore &Ohio
282,722
Chicago Burl & Quincy888,916 Gino New On & Tex Pac
272,528
Union Pacific(4 roads)
824,664 St Louis Southwestern...
249,550
Atlantic Coast Line
760,282 Yazoo & Miss Valley.......
247,399
Pennsylvania
690,221 Elgin Joliet & Eastern__
240,531
Chicago & North West'n
669.743 Seaboard Air Line
223,975
Atch Top & 8 F(3 rds)_635,649 Minneapolis & St Louis_
219,360
Duluth Missabe & Nor__
619.099 Pere Marquette
216,858
N Y Chic & St Louis_ _ __
582,971 Nash Chatt & St Louis
205,230
Illinois Central
579,835 Denver & Rio Or West_
193,013
Norfolk & Western
567,513 Wabash
164,183
Erie (3 roads)
517,271 Pittsburgh & Lake Erie_
154,380
Reading Company
503,023 Terminal RR Assn of St L
140,864
Missouri Pacific
447,512 Mobile & Ohio
136,147
Chesapeake & Ohio
435,312 Central of Georgia
131,460
Chic R I & Pac(2 roads)
361,355 Grand Trunk Western
129,087
Internat-Great Northern
341,520 Chicago & Eastern Ill_
126,077
Financial Chronicle
Volume 137
Texas & Pacific
Chicago Great Western_
Alabama Great Southern
Virginian
Colorado South (2 rds)
'n
Total(58 roads)
Increase.
124,484 NYNH& Hartford_ _ _ _
123,879 Long Island
120,827 Delaware & Hudson
118,593
Total(3 roads)
110,151
Decrease.
$262,506
211,148
121,593
$595,247
$25,930,800
a These figures cover
leased
Cincinnati
and Evansville
he Pittsburgh
iAorrnnd
is an increase of $3,498.306.
N7
A :&Ios.Ihilt6en
tetlgrHr_or Belt,&1t: result
r it Terre ia
When the roads are arranged in groups or geographical divisions according to their location, the
part played by diminished expenses in bringing
improvement in net earnings finds striking illustration. Of the eight regions into which the different
groups in the Eastern District, the Southern District,
and the Western District, are divided, the New
England region alone shows diminished net. The
remaining seven regions all record gains in net, the
most of them, too, of very striking proportions.
On the other hand, in the case of the gross earnings
four of the different regions are obliged to report
diminished gross revenues. Our summary by groups
is as below. As previously explained we group the
roads to conform to the classification of the InterState Commerce Commission. The boundaries of the
different groups and regions are indicated in the
footnote to the table.
SUMMARY BY DISTRICTS
District and Region.
Month of May1933.
Eastern District$
New England region (10 roads)--__ 11,796,932
Great Lakes region (30 roads)
50,875,394
Central Eastern region (25 roads)_ _ 51,362,180
AND REGIONS.
Gross Earnings
Inc.(+)or Dec.(+)
1932.
$
$
%
13,028.510 -1,231,578 9.45
52,082,646 -1,207,252 2.32
52,873,669 -1,511,489 2.86
Total (65 roads)
Southern District
Southern region (30 roads)
Pocahontas region (4 roads)
114,034,806
117,984,825
-3,950,319
3.35
33,826,301
15,160,791
31,003,027
13,583,883
+2,823,274
+1.576.908
9.11
11.61
9.87
Total (34 roads)
Western District
Northwestern region (17 roads)
Central Western region (24 roads)_
Southwestern region (28 roads)....
Total(69 roads)
48,987,092
44,686,910
+4,400,182
30,619.048
41,508,800
22,813,590
27,180,223
43,102,964
21,523,750
+3.438,825 12.65
-1,594,164 3.70
+1,289,840 5.99
91,806,937
+3,134,501
3.41
Total all districts (168 roads)
..257.963.036 254,378,672
+3,584,364
1.41
94,941,438
District and Region.
Month of May- --Mileage-Eastern District1933. 1932.
New England region__ 7,262 7,290
Great Lakes region__ 27.195 27,365
Central Eastern reg'n_ 25,463 25,473
Total
59,920 60,128
Southern Dist.
Southern region
39,717 40,048
Pocahontas region
6,097 6,137
Total
45,814 46,185
Western District
Northwestern region_ 48,761 48,752
Central Western reg'n 53,915 53,843
Southwestern region
33,074 33,235
Total
Net Earnings
1932. Inc.(±) or Dec.(-)
1933.
$
$
$
%
-149,093 4.14
3,448,365 3,597,458
13,778,660 8.287.223 +5,491,437 66.26
16,385,217 13,049,684 +3,335,533 25.56
33,612,242 24,934,365 +8.677.877 34.80
9,500,973 3,765,812 +5.735,161 152.30
8,508,460 5,369,032 +1,139,428 21.22
16,009.433 9,134,844 +6,874,589 75.26
658.045 +7,308,621 810.67
7.966,666
11,079,778 8,326,154 +2,753,624 33.07
6,176,291 4,362,862 +1,813,429 41.57
135,750 135,830 25,222,735 15,347,061 +11,875,674 88.98
'Total all districts _241,484 242,143 74,844,410 47,416,270 +27,428,140 57.8
NOTE.
-We have changed our grouping of the roads to conform to the classifl
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.
Southern Region -This region comprises the section east of the Mississippi River
south of the Ohio River to a point near Kenova, W. Va., and a line thence
and
°Bowing the eastern boundary of Kentucky and the southern boundary of Virginia
o the Atlantic.
Pocahontas Region.
-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg,
W.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
WESTERN DISTRICT.
Northwestern Region,
-This region comprises the section adjoining Canada lying
west of the Great Lakes Region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia Rivet to the Pacific.
Central Western Region.
-This region comprises the section south of the Northwestern Region, west of a line from Chicago to Peoria and thence to St. Louts, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.-This region comprises the section lying between the Mississippi River south 01St. Louis and a line from St. Louis to Kansas City and thence
toE1 Paso and by the Rio Grande to the Gulf of Mexico.
As we have noted further above, Western roads,
taking them collectively, had the advantage of a
379
much larger grain traffic in May the present year
than in that month a year ago. Not alone was there a
greatly increased movement of wheat and corn
(especially the latter) but of all the other cereals as
well. The receipts of wheat at the Western primary
markets for the four weeks ending May 27 in 1933
were 20,013,000 bushels as against 14,779,000 bushels
in the same four weeks of 1931; the receipt of corn
23,351,000 bushels against 8,607,000 bushels; of
oats, 10,298,000 bushels against 6,220,000 bushels;
of barley 8,194,000 bushels, against 1,603,000 bushels,
and of rye 4,795,000 bushels against 1,227,000.
For the five cereals, wheat, corn, oats barley and
rye, combined, the receipts for the four weeks of
May 1933 aggregated 66,651,000 bushels as compared
with only 32,436,000 bushels in the corresponding
period of 1932, and with but 46,667,000 bushels and
41,353,000 bushels, respectively, in the same period
of 1931 and 1930. In the following table we give
the details of the Western grain movement in our
usual form:
WESTERN FLOUR
4 Wks. Ended Flour.
Wheat.
May 27.
(bbls.)
(bush.)
Chicago
1933
745,000 1.090.000
1932
662.000 1,146,000
Minneapolis
1933
6.816.000
1932
2.976.000
Duluth
3.650,000
1933
1932
929.000
Milwaukee
311.000
63.000
1933
32,000
512.000
1932
Toledo
431,000
1933
746,000
1932
Detroit
41.000
1933
86.000
1932
Indianapolis ck Omaha
1,307,000
1933
1.280,000
1932
St. Louis
1933
1932
Peoria
1933
1932
Kansas City
1933
1932
St. Joseph
1933
1932
Wichita
1933
1932
Sioux City
1933
1932
Total all
1933
1932
AND GRAIN RECEIPTS.
Corn.
Oats.
Barley.
(bush.)
(bush.)
(bush.)
Rye.
(bush.)
7,081.000 2,570,000 1,777.000
3,689,000 2.444,000
202,000
808.000
644,000
1,899.000 1,493,000 3,041,000
303,000
417,000
548,000
639,000
300,000
1,220.000 1,315,000
5,000
9,000
939.000
315,000
553,000 2.309,000
281,000
287,000
107,000
542,000
128.000 1.202.000
112,000
21,000
8,000
3.000
2,000
79.000
68,000
40,000
82,000
76,000
28,000
4,000
4,868,000 1,814,000
1,101,000 1,035,000
4,000
21,000
24,000
27,000
2,000
18.000
13,000
17,000
9,000
473,000 1.521,000 2,644,000
574,000 1.818,000 1.203.000
938,000
221.000
192.000
172,000
90,000 1,779,000
43,000 1,010.000
514,000
325,000
272,000 1,779,000
26,000
370,000
48,000 3,412,000 1,875.000
45,000 3,979,000
501,000
194,000
136,000
2,000
152,000
142,000
669.000
233,000
179,000
72,000
1,163,000
1,086,000
20,000
16,000
4,000
29,000
36.000
233,000
94.000
114,000
38,000
3,000
28,000
2,000
2.000
1,521,000 20.013,000 23,351,000 10,298,000 8.194,000 4,795,000
1,485,000 14,779,000 8,607,000 6,220,000 1,603,000 1,227.000
5 Mos. Ended Flour.
Wheat.
Corn.
May 27.
(bbis.)
(bush.)
(bush.)
Chicago
1933
3,592,000 3,631.000 24,414,000
1932
3,283,000 5,017,000 22,201,000
Minneapolis
1933
23,694,000 4,425,000
1932
13,723,000 2,257,000
Duluth
1933
10,486,000 1,535,000
1932
2,303,000
19,000
Milwaukee
1933
247,000
619,000 3,356,000
1932
262,000 1,031,000 2,400,000
Toledo
1933
20,000 2,726,000
882,000
1932
5.459.000 1,433,000
Detroit
1933
350,000
126,000
1932
5.54,000
104,000
Indianapolis dk Omaha
1933
11,000 4,309,000 15,338,000
1932
8,000 7,387,000 7,651,000
St. Louis
1933
2,764,000 5,576.000 8,849,000
1932
3,037,000 10,179,000 5,390,000
Peoria
1933
1,094,000
661,000 6,620,000
1932
1,084,000
658,000 5,603,000
Kansas City
1933
14,745,000 5.962,000
1932
195,000 30.123,000 3,325,000
St. Joseph
1933
691,000 2,520,000
1932
1,033,000 1.287.000
Wichita
1933
3,356,000
110,000
1932
6,049.000
90,000
Sioux City
1932
226,000
686,000
1932
748.000 1,660,000
2'otal all
1933
1932
646,000 1,407,000
91,000
112,000
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
6,216,000 3,888,000 1,278,000
8,852,000 1,544,000
822,000
4,266,000 7,982,000 1,955,000
1,990,000 3,384,000 1,293.000
1,664,000
40,000
1,350,000 2,188,000
213,000
511,000
1,226,000 4,324,000
996,000 2,206,000
239,000
48.000
1,898,000
3,538,000
14,000
49,000
5,000
106,000
286,000
376,000
310,000
353,000
120.000
120,000
7,418,000
4,778,000
4,000
37,000
1,000
46,000
3.709,000
1,994,000
460.000
543,000
71,000
26,000
1,490,000
726,000 1,779.000
1,126,000 1,493,000
29,000
1,116,000
864,000
2,000
991,000
992,000
8,000
28,000
2,000
7,000
1,000
298,000
494,000
119,000
33,000
6,000
3,000
8,000,000 71.070.000 74,823,000 30,586,000 19,179,000 7,643,000
7 869.000 84.264.000 53.420,000 26,068,000 9,862,000 3,006,000
Financial Chronicle
380
July 15 1933
On the other hand,the Western livestock movement 476,133 falling off in the gross and $30,448,063 falling off
in turn, however,
appears to have been not quite equal to that of May in the net. These losses,preceding-that is, followed proin May 1923,
digious gains in the year
1932. While the receipts at Chicago during May the when the totals were of exceptional size. In May of that
present year comprised 12,274 carloads as against year the roads were in enjoyment of an unexampled volume
11,864 carloads in May a year ago, the receipts at of traffic, and our compilations showed an addition to the
Kansas City and Omaha were only 4,103 and 3,219 gross (as compared with the preceding year) of no less than
carloads, respectively, against 4,343 and 3,574 cars, $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,
respectively, in May 1932.
too, that the 1923 gains in net were simply the topmost
As to the cotton traffic in the South, this was much of a series of increases that began long before 1923. Thus,
larger than in May last year, both as regards the in May 1922, when business revival had already begun, but
shipments overland and the receipts of cotton at the when the carriers suffered a very notable reduction of their
reason of the strike at the unionized coal
Southern outports---in fact the latter was the largest coal tonnage by
mines then prevailing throughout the country (coal loadings
for the month in many years. Gross shipments of the then having fallen off 47.4% as compared with May of the
staple overland aggregated 36,317 bales in May 1933 year before) there was only a very small improvement in the
-but
as against 23,095 bales in May 1932; 29,191 bales gross earnings-only $4,069,751, or less than 1%
May 1930; 35,141 bales there was at the same time a contraction in expenses of
in May 1931; 44,635 bales in
$23,995,177, and this brought about an augmentation in the
in 1929; 47,472 bales in 1928; 75,379 bales in 1927 and net in amount of $28,064,928, or, roughtly, 43%. There was
63,513 bales in May 1928. At the southern outports improvement also in the net in the year preceding (1921),
the receipts reached 423,059 bales in May the though gross at that time was declining, owing to the collapse
present year as compared with only 222,102 bales in in trade. The decrease in the gross then was $13,214,331,
May 1932; 99,766 bales in 1931; 205,975 bales in but it was accompanied by a reduction in expenses of $58,054,141, thus leaving a gain of $44,839,810 in the net
1930; 134,735 bales in 1929 and 369,125 bales in earnings. The loss in the gross at that time was only 2.89%,
May 1928. The details of the cotton receipts at the which, of course, failed to reflect either the great falling off in
different Southern outports for the last three years traffic, or the extent and magnitude of the depression in
trade under which the country was then laboring, the reason
are shown in the table we now present:
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR MONTH OF MAY
AND FROM JAN. 1 TO END OF MAY 1933. 1932 AND 1931.
Since Jan. 1.
May.
Ports.
1933.
Galveston
Houston, arc
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Jacksonville
Total
1932.
93,975
115,261
5,713
31,214
27,682
647
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
423,059
222,102
1931.
10,022
14,723
583
63
33,380
17,729
789
13,234
4,876
547
1,703
2,137
1933.
1932.
504,798 768,545
835,445 823,494
27,628
26,674
2,470
10,628
685,215 1.141,737
116,501 225,586
13,115
31.856
38,439
38,187
7,987
6,000
51,464
38,558
28,101
26,415
12,911
16,659
13,819
10,476
1,658
5,928
1931.
253,020
367.728
16,179
4,813
420,716
199,326
14,426
147,734
44,595
13,977
17,770
31,172
68
99,766 2,339,551 3.220,743 1,531,524
RESULTS FOR EARLIER YEARS.
As already remarked, this year's increase of $3,584,364 in
gross and of $27,428,140 in net comes 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
returns 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 for 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,-
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 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 Inter-State Commerce
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 not 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 1907.
We give the results just as registered by our own tables
each year, though in 1908 and prbr years a portion of the
railroad mileage of the country was unrepresented in the
totals, owing to the refusal at that time of some of the
roads to furnish monthly figures for publication.
Financial Chronicle
Volume 137
Gross Earnings.
Net Earnings.
Year.
Year
Given.
Year
Preceding.
Increase or
Decrease.
Year 1 Increase or
Preceding.
Decrease.
Year
(Been.
May.
$
$
$
$
$1
3
1
1907 - 144.267,760121,074,984 +23.192,776 43,785.836 37.319,290, +6.448.546
1908 - 133.680.555172,218.497 -38.537.943 38.076,927 50,922.678: -12,845,751
1909 - 196.826,686 170,600,041 +26,228,645 64.690,920 49,789,800 +14.901,120
1910 _230,033,834 198,049,990 +31,983.395 70,084,170 64,857,3431 +5,226,827
1911 , .8 8 231,066,896 -4,624,078 69,173,574 70,868.6451 -1,695,071
1912 - 232.229,364226,184,666 +6,044,698 66,035.597 68,488.263 -2,452.666
1913 - 263.496,033232,879,970 +30,616,063 73,672,313 66.499,916, +7.172.397
1914 - 239,427,102 265,436.022 -26,007,920 57.628.765 73,385,635 +15,756,870
1915 _244.692,738'243.367,953,
+1,324,785 71,958,563 57,339,166 +14,619,397
1916 - 308,029,096I244.580,685 +63,448.411105.598.255 71,791,320 +33.806.935
1917 - 353.825,032,308,132.969 +45,692,063109.307.435105.782.7171 +3.524.718
1918 _373.237,097342,463,442 +31.773,655 91,995,194 106.454.218 +14.459.024
1919 _413.190,468378,058.163 +35.132,305 58,293,249 92,252,037 -33.958,788
1920 _ 387,330.487 348,701,414 +38,629.073 28.684,058 51.056.4491 -22.372,391
1921 - 444.028.885457.243,216 -13.214.331 64,882,813 20,043.003 +44,839,810
1922 - 47.299.150443,229,389 +4,069,751 92,931.565 64.866,6371 +28.064,928
1923 _ 545.503.898447.993,844 +97,510,054 128,173,540 93.599,825, +32.573.715
1924 _ 476.458,749 548,934,883 -70.476,133 96,048.087 126,496,150 -30.448,063
1925.487.664.385476,549.801 +11,114,584 112,859,524 96.054.494 +16.805.030
1926.
516,467,480487,952.182 +58,515.288128,581.566 112,904.074' +15,677,492
1927.
517,543010516,454.998 +1,088,016 126,757.878127,821.385-1,063,507
1928 _ 509,746.395518,569,718 -8.823.323158.780.393127,940,076
+840,317
1929 _ 536.723.030 510,543,213 +26.179.817146,798,792129,044.791 +17,754,001
1930 _ 62.444,002537,575,914 -75,131,912111.387.758147.099.034 -35,711,276
1931 -368,485.871 462,577,503 -94 081.632 81.038,584111.359.322 -30,320,730
1932
. , . 368,417,190-114,034,479 47,429,240 81,052,518 -33.623,278
- 257,983.036 254.378,672 +3,584,364 74,844,410 47,416.270 +27,428.140
Note.
-Includes for May 92 roads In 1907; In 1908 the returns were based on 143,310 miles of road: In 1909. 220,514; in 1910, 229,345; In 1911. 236,230; In 1912. 235,410; in 1913, 239,445; in 1914, 246,070; In 1915, 247,747; in 1916, 248.006; in 1917.
248,312; in 1918, 230,355; In 1919, 233.931; In 1920, 213,206; In 1921, 235,333; In
1922. 234,931; in 1923, 235,186; in 1924, 235,894; In 1925, 236.663; in 1928, 236,8331
In 1927, 238,025; In 1928, 240,120; In 1929, 241,280; in 1930, 242,156; in 1931.
242,718; in 1932, 241,995; In 1933, 241,484.
The Course of the Bond Market.
After hesitating for several days, bonds forged ahead to
new high levels on Thursday and Friday, along with an active
upward movement in stock prices. High grades as well
as low grades advanced in a market which was accompanied
by new low quotations for the dollar on foreign exchange
markets, and a new high quotation ($4.80) for the pound
sterling in terms of the dollar. It might be pointed out,
however, that the increasing value of gold as evidenced by
foreign exchange quotations is not now being felt to such a
great extent proportionally in stock market prices.
Money in circulation declined this week and is now $47,000,000 below the level of a year ago, while Reserve Bank
credit is $216,000,000 lower than a year ago. In the items
making up the latter, a decline of $397,000,000 in bills held
was offset by an increase for the year of $186,000,000 in
what may be called artificially created credit, namely,
holdings of Government securities. The current rise in
prices, while possibly largely due to the threat of inflation',
is also partly occasioned by increasing business activity.
The Government's efforts at reorganizing industry through
the Industrial Recovery Act is one of the chief forces back of
prospects for increased earnings, although these prospects
are clouded by the expressed desire of the Administration'to
raise wages in proportion to the increase in prices. Government bond prices have remained unchanged, being close to
their high levels reached earlier this year.
Railroad bonds, particularly those of medium and second
,
grade quality, were exceptionally strong in the past week.
New high prices for the year were recorded for many issues.
Some of the largest gains were as follows: Chicago Milwaukee St. Paul & Pacific 5s, 1975 from 483' to 523' and 5s,
2000 from 223 to 26%, Louisville & Nashville 4%s 2003
from 82% to 88, said Denver & Rio Grande Western 5s,
1955 from 46% to 494. Public interest in the carrier bonds
3
was stimulated by increased earloadings, indicative of highly
favorable June earnings.
After some irregularity in the early part of the week, utility bonds strengthened and on Thursday particularly showed
marked advances. High grades were included in this movement, although advances were restricted to fractional
amounts. Second grade and speculative issues made more
pronounced advances. Western Union 5s 1960 went from
793 to 863 for the week, International Telephone & Tele,
graph Co. 4%s, 1952 from 493 to 52, Federal Water Service
53,s, 1954 from 41 to 42, and New Orleans Public Service 6s,
4
1949 from 353 to 40.
A strong tone carrying the averages to a new high level
for the year was evident in industrial issues. Steel bonds
remained firm around the year's high levels as activity in
that industry scored further gains. American Rolling Mill
4%s, 1933, gained 2 points on reports of a refunding plan
involving an issue of convertible bonds to replace the present
issue. In the packing group Armour issues were active in
new high ground as formal presentation of a plan to readjust
the junior capitalization of the company neared completion.
Oilsextended gains of the preceding week based upon the crude
price rise and a stringent trade practice code for the industry.
Tire and rubber issues as well as motors were in relatively
good demand in view of very sharp increases in June auto
production. Still moving erratically, United Drug 5s, 1853,
gained 6 points to 69.
,
Foreign dollar bonds were fairly strong last week. Principal gains were registered in the German group. Argentine
issues were also strong. Renewed depreciation in the dollar
favorably influenced quotations for such "gold" issues as
French 73s,Switzerland 534s, and Dutch East Indies bonds.
Italian bonds were somewhat lower, with the exception of
the government 7s.
Strength continued throughout the municipal list, with
quotations near the highs for the year. Offerings of second
grade issues, although improving with industrial revival,
were small. The Bondholders' Protective Committee dealing with the Detroit situation has asked for deposits under a
reorganization plan which involves extensions of early maturities, refunding of defaulted interest, and reduction of
interest for two years on general obligations. Detroit
Water and Street Railway bonds received favored treatment.
Moody's computed bond prices and bond yield averages
are given in the following tables:
moours BOND PRICES.*
moours BOND
YIELD AVERAGES.?
(Based on Individual Closing Prises.)
(Based on Average Y(elds).
1938
Daily
Averages.
July 14
13
12
11
10
8
7
6
5
4
3
1
Weekly
June 30
23
16
9
2
May 28
19
12
5
Apr. 28
21
14
13
7
1
Mar.24
17
3
Feb. /4
17
10
Jan. 17
20
13
AU
120
120 Domestics by Ratings.
Ito.
Aaa.
Ac.
91.67
91.25
90.69
90.55
90.55
90.55
90.41
90.00
89.59
106.96
106.78
106.42
106.60
106.42
106.25
108.25
106.07
105.89
99.04
98.73
98.25
98.09
98.09
98.09
97.62
97.31
97.16
Stook
97.16
96.85
89.45 106.07
89.17 105.89
88.90
87.96
86.77
88.64
85.87
85.10
84.10
82.74
79.88
77.11
74.67
105.72
105.54
105.20
104.16
103.82
103.99
103.32
102.30
99.36
99.68
97.78
75.61
74.48
74.77
77.88
70.11
74.67
78.77
81.30
83.23
82.38
83.11
82 99
83.85
81.66
91.67
74.15
82.62
57.57
100.00
99.84
99.52
101.64
102.30
99.04
102.98
104.51
105.89
105.37
105.54
105.03
105.54
104.85
106.96
97.47
103.99
85.61
96.54
95.33
93.85
94.43
93.99
93.26
92.25
90.55
87.30
85.35
83.35
Stock
85.87
85.10
85.48
87.83
89.17
85.48
89.31
90.83
92.68
92.53
92.39
91.81
92.25
90.69
99.04
82.99
89.72
71.38
A.
Baa.
120 Domestics
by Groups
RR.
88.23 76.67 92.39
87.69 76.35 91.96
87.43 75.50 91.53
87.17 75.19 91.39
86.91 75.50 91.11
86.77 75.61 91.11
86.91 75.40 90.97
86.12 75.19 90.55
85.61 74.57 89.59
Exeha age Clo sod.
85.74 74.05 89.31
85.61 73.65 89.04
85.35
84.60
83.60
83.48
82.87
81.78
80.72
79.34
76.67
74.48
72.16
Exeha
73.95
72.65
72.85
75.82
77.33
72.06
76.25
79.45
81.54
80.49
81.18
81.07
81.90
79.34
88.23
71.87
78.55
54.43
381
73.35 88.90
72.06 87.17
70.43 85.61
70.15 86.12
68.94 85.61
68.04 84.47
66.98 83.35
65.62 81.66
62.56 78.55
58.32 74.38
55.73 71.38
age Clo sod.
54.80 71.09
53.28 70.62
53.88 71.38
57.24 73.65
58.52 74.57
54.18 69.59
57.98 73.15
60.60 75.50
82.48 77.77
81.34 76.25
62.95 76.25
83.11 75.09
64.31 75.7,1
61.56 71 96
76.67 92.39
53.16 69.59
67.86 78.99
37.94 47.58
P
.O. Indus.
85.87
85.48
84.97
84.85
85.10
84.97
84.72
84.35
84.47
Ace.
AG.
A.
5.30
5.33
5.37
5.38
5.38
5.38
5.39
5.42
5.45
4.34
4.35
4.37
4.36
4.37
4.38
4.38
4.39
4.40
4.81
4.83
4.86
4.87
4.87
4.87
4.90
4.92
4.93
8.89
9.04
9.18
9.24
9.30
9.32
9.32
9.44
9.49
4.39
4.40
4.93
4.95
6.51
5.25
5.73
5.28
5.76
6.54
5.31
6.62
5.80
5.32
6.65
5.81
5.34
6.62
5.79
5.34
6.61
5.80
6.63
5.35
5.82
5.38
6.65
5.85
6.71
5.45
5.84
Excha nge
Bed.
6.76
5.47
5.84
5.49
6.80
.5.86
4.92
4.94
4.99
5.00
5.01
5.01
5.01
5.03
5.06
5.46
5.48
5.55
5.59
5.61
5.83
5.65
5.86
5.85
5.71
5.75
Stock
5.74
5.75
5.06
5.07
9.53
9.53
5.50
5.57
5.66
5.67
5.73
5.79
5.87
5.98
61
6
6.70
4.41
4.42
4.44
4.50
4.52
4.51
4.55
4.61
74
5.73
5.79
5.76
5.58
5.48
5.76
5.47
5.36
5.23
5.24
5.25
529
5.28
5.37
4.81
5.96
5 44
7.03
6.83
5.50
4.89
6.96
5.63
5.94
7.13
5.75
6.00
7.16
5.71
5.06
7.29
5.75
6.11
7.39
5.84
6.14
5.93
7.51
6.20
7.67
8.07
6.29
6.34
6.58
8.05
6.73
8.63
6.76
9.02
7.03
6.96
Excha age Clo sod.
6.70
9.17
7.06
6.84
9.42
7.11
6.83
7.03
9.32
6.80
8.79
6.38
6.71
6.17
8.60
7.22
6.54
9.27
8.85
8.16
8.68
6.62
5.89
8.31
8.41
5.72
8.06
8.21
8.55
5.72
8.5.5
8.00
5.60
7.98
6.68
5.55
7.83
6.60
848
8.18
6.97
5.55
6.51
5.25
5.47
9.44
7.22
6.97
7 41
6 30
5 59
12.96 10.49
7.66
5.09
5.13
5.23
5.26
5.34
5.40
5.47
6.59
5.81
5.93
6.10
4.75
4.76
4.78
4.85
4.81
4.81
4.67
4.48
440
4.43
4.42
4.45
4.42
446
4.34
4.91
4 51
675
5.77
5.83
5.91
5.92
5.97
6.06
6.15
6.27
6.51
6.72
6.95
Stock
6.77
6.90
6.88
6.59
6.45
6.96
6.55
6.26
5.08
6.17
6.11
6.12
6.05
617
5.55
6.98
6 34
9.23
9.65
9.51
9.88
9.78
9.62
9.66
10.08
4.89
4.97
5.05
5.15
5.11
5.14
5.19
5.26
5.38
5.62
5.77
5.93
97.31
97.00
96.23
96.08
95.93
95.93
95.93
95.63
95.18
84.47
84.22
All
1933
120
Daily
Domes
Averages.
95.18
95.03
83.85
83.23
82.50
81.90
81.18
80.84
20.14
79.11
75.92
74.08
72.08
94.73
94.14
92.68
92.25
91.11
90.27
89.31
87.69
84.85
83.35
81.30
74.67
73.25
73.35
78.10
80.49
76.35
80.60
83.85
85.99
85.99
87.56
88.23
89.17
88.23
89.31
71.96
87.89
65.71
81.90
79.91
80.14
82.14
82.74
78.44
83.11
84.97
86.25
85.48
86.38
86.64
87.56
86.38
97.31
78.44
85.61
62.09
Weekly
June 30._
23._
16-May 26..
19-12-5-Apy, 28_
21._
14._
M._
L.
Mar.24...
17..
3._
Feb. 24._
17._
10._
3.
Jan. 27._
6.61
6.72
6.69
6.40
6.29
6.70
6.32
6.10
5.94
6.81
5.95
120 Domestics by Raliage.
Baa.
120 Domestics
by Groups.
RR.
P U.
.
6.05
8.22
6.20
8.03
5.98
6.35
5.95
5.80
5.70
5.76
5.69
5.67
5.60
5.69
4.92
6.35
5 75
8.11
40
70f
,
signs.
10.07
9.89
10.26
10.58
10.83
18.02
10.80
10.76
11 19
11.08
10.40
10.06
10.20
9.88
9.86
9.62
9.98
8.89
11 19
9 86
15.83
13._ glS
High 1933
Low 1933
Low 1933
High 1933 6.75
High 1932
Low 1932 5 99
Low 1932
High 1932 874
Year Ago
Yr. Ago
July 14 1932
64.39 91.96 76.03 59.94 45.06 56.19 71.48 66.98 July 1432 7.82
8.40 11.04
8.57
5.28
8.95
7.02
7.51 12.06
Two Years Ago
2 Yrs.Ago
July 15 1931
89.31 106.42 99.04 87.04 71.00 87.43 95.93 84.85 July 1531 5.47
4.81
5.64
4.37
7.07
5.61
5.01
8.15
5.81
• Vol..-These prices are computed from average yield on the basis of one -ideal- bond 41(% coupon, maturing In 31 years) and do not purport to
show either
the average level o the average movement of actual price Quotations. They merely serve to illustrate in a more comprehensive way the relative levels and the relative
movement of yield averages, the latter being the truer picture of the bond market.
The last complete List of bonds used In computing these indexes was published In the -Chronicle" on Jan. 14 1933, page 222. For Moody's Index of bond prices
87 MOLith8 back to 1938. refer W the "chronicle" of Feb.6 1932, page 907.
gro
382
Financial Chronicle
July 15 1933
The New Capital Flotations in the United States During the Month
of June and for the Half Year Ended June 30
The floating of new securities in the United States during all for a single month. The biggest shrinkage of course ocJune, the closing month of the half year, was of more sub- curred in the corporate flotations, those for June 1933 at
stantial proportions than in any of the months immediately $60,378,389 and at $29,340,000 in June 1932, comparing
preceding, and yet was light nevertheless. As against a total with $252,917,790 for June 1931; with $512,678,449 for
of new issues brought out in this country during the month June 1930 and with $641,129,316 for June 1929—all for a
of April of $45,745,471 and of $60,468,368 in May, the single month.
amount for the month of June foots up $222,644,097. But
Continuing with our analysis of the corporate offerings anundue importance should not be given to this increase for nounced during June, railroad financing accounted for $41,a single month, and, above all, the mistake should not be 963,000, or 69% of the corporate total of $60,378,389. Inmade of drawing the conclusion that new financing has now dustrial and miscellaneous flotations during the month
become easy, for it has not. As a matter of fact the passage amounted to $15,415,389, as compared with $9,042,635 in
of the Federal Securities Act has thrown new difficulties in May. Public utility financing during June fell to only
the way because of its stringent provisions intended to in- $3,000,000 as against $6,591,200 for May. Of the total
crease the responsibility of those bringing out new issues, corporate offerings marketed in June, long-term issues comand this it would seem is calculated to retard new financing prised $44,963,000, stock offerings amounted to $9,051,989
in a very appreciable degree.
while short-term issues aggregated $6,363,400.
Moreover the circumstance should not be overlooked that
The portion of the month's financing used for refunding
the June total was heavily increased in a number of special purposes as already remarked further above was $48,296,400,
ways. In the first place the total includes $60,000,000 of or close to 80% of the total. In May the refunding portion
4% notes brought out in this country by the Dominion of was $12,050,300 or about 77% of the month's total. In
Canada, the Dominion Government having sold an issue for April it was $18,206,500 or more than 51% of the total. In
that amount to a syndicate headed by the Chase National March it was $2,247,778 or about 42% of the total for that
Bank of New York. With that amount eliminated the total month. In February the refunding portion was $36,241,000
of the new flotations would be reduced from $222,644,097 to or more than 96% of the total and in January it was $42,$162,644,097. It is well to remember, too, that even this 360,000 or over 65% of the total. In June 1932, the amount
$60,000,000 does not really represent any raising of new raised for refunding was $25,230,500 or more than 80% of
capital, as it was entirely a refunding proposition. The the total for that month. The 848,296,400 raised for reproceeds of the new note issue will go to retire a like amount funding in June (1933) comprised $41,963,000 new long-term
of 4% notes sold in the United States in September 1932. debt to refund existing long-term obligations; $1,263,400 new
These latter do not mature until Oct. 1 1933, but being call- short-term issues to refund long-term debt; $5,000,000 new
able on and after July 1 1933, have now been called for short-term to replace existing short-term debt and $70,000
redemption on Aug. 1 1933. Parenthetically it may be said, new stock to replace short-term debt. There was one large
that this $60,000,000 issue just negotiated in this country refunding issue during June namely, $41,963,000 St. Paul
constitutes the only foreign loan of any kind sold here in Minneapolis & Manitoba Ry. Co. cons. mtge. 5s, 1943,
the United States since the floating of the original $60,000,000 representing an extension of maturity. This issue constinotes in September 1932.
tuted the largest piece of financing consummated during the
Furthermore the June total of financing at $222,644,097 month.
was swollen by the extent of the State and municipal issues
Public utility financing was confined to a single flotation
disposed of. Yet municipal financing cannot be said to be represented by $3,000,000 Narragansett Electric Co. 1st
easy, except in the case of a few States and cities of unusually mtge. 5s, C 1958, priced at 983( to yield 5.125%. The proshigh credit and excellent financial standing. States and pectus issued in connection with this offering conformed to
municipalities contributed no less than $102,115,708 to our the requirements of the new Securities Act. The prospectus
grand total of the financing of all descriptions for the month covered eighteen pages and is the first of its kind that has
of June. A few individual sales for exceptionally large come to our attention. Industrial and miscellaneous flotaamounts served to swell the municipal awards for the month tions were represented mainly by: $5,000,000 General
to the unusual magnitude noted. Thus New York State dis- Refractories Co. 5
-year 1st mtge. cum. income 6% bonds,
posed of $26,595,000 of serial bonds and, incidentally, it March 1 1938, issued at par in exchange for maturing notes;
may be remarked, at the lowest interest cost ever realized $711,000 Alabama Consolidated Coal & Iron Co. 5
-year
by the State, the credit of the State ranking so high, the 1st cons. 5s, May 1 1938; $552,400 Alabama Co. 5
-year
bonds being disposed of on an interest basis of less than 3%, gen. mtge. 6s, May 1 1938, the two issues representing
or, to be exact, a basis of about 2.936%. Then the State an extension of maturity and 18 offerings of stock issues by
of Tennessee succeeded in getting banks and investment brewing and distilling companies for a total of $6,557,058.
houses to take at par 6% ten year bonds for which no bids
The only piece of foreign financing undertaken in this
had been obtained at public offering on June 15. In addition country during June was the $60,000,000 Dominion of
the State of Missouri placed $5,000,000 of 4% road bonds Canada fifteen-month 4% notes, due Oct. 1 1934, already
and the State of Massachusetts $3,150,000 of bonds on a referred to.
basis of3.15 and3.18%. Then also the Boston Metropolitan
During the month of June three issues were floated with
District made an award of $3,000,000 bonds while Hartford, convertible features or bearing subscription warrants. The
Conn., and Rochester likewise disposed of $3,000,000 each. issues were as follows:
When we come to the financing done by private corpora- 85,000,000 General Refractories Co. 5-year 1st mtge. cum. income
6s.
March 1 1938. Each 31,000 bond carries a non-detachable
tions (after eliminating the $60,000,000 Canadian Governwarrant to purchase 40 shares of no par value capital stock at
ment issue and the $102,115,708 of municipal financing) we
$5 per share at any time during the life of tho bond.
375,000 Duauesne Brewing Co. of Pittsburgh class A cony. pref.
find this to have been of almost the same meagre proportions
stock (par $5). Convertible into common stock at any time
on basis of 11 shares of common stock for 10 shares of preferred.
as in previous months, even if an amount a trifle larger.
ti
100,000 Kingston Barrel Corp. o -year cony.6% notes, Juno 1 1934.
Only $60,378,389 of corporate issues of all kinds were brought
Each $1,000 note convertible at any me on or after March I
1934, and up to and including May 411934, into 1,000 shares of
out during June and $48,296,400 of this diminutive amount
$1 par capital stock of the corporation.
was for refunding, leaving the new capital provided on corFour new fixed investment trust offerings were announced
porate account for the month no more than $12,081,989.
during the month of June, viz.:
It is proper to state that our compilations, as is always the Interstate Investors,Inc.,capital stock, offered by Reed,
Hawkey & Co.,
comprehensive and include the stock, bond
ease, are very
Inc., New York, at price on application.
Plymouth Fund, Inc., class A common stock, offered by Plymouth Disand note issues by corporations, by holding, investment and
tributors, Inc., New York, at market.
trading companies, and by States and municipalities, foreign Reconstruction Bond Portfolio participating certificates, offered by the
Participating Securities Corp., New York, at market.
and domestic, and also farm loan issues.
Standard Industrials, Inc., common stock, offered by John Nickerson
& Co., Inc., New York, at market.
Because of the exceptional way in which the June total
of financing was raised beyond the ordinary, as just indi- THE RESULTS FOR THE HALF YEAR—DWINDLING
cated, the total of the new issues brought out during June of
CHARACTER OF THE NEW FLOTATIONS DURING
1933.
the current year at $222,644,097 was actually larger than
the aggregate of the new financing done in June last year
When we examine the record for the half-year we become
which was $148,134,393. However in June 1931 the new deeply impressed with the really diminutive character of the
issues which came to market footed up $402,324,311, in June new financing done in the first six months of 1933. June
1930 they were $780,568,030 and in June 1929 $802,194,350— with its fairly large total (for the exceptional reasons already
Volume 137
Financial Chronicle
noted) may be said to have come in to redeem the poor
record and then only in very minor degree. Including the
month of June with $222,644,097 the grand total of the
new issues of every character and description brought to
market during the six months runs only slightly in excess of
half a billion dollars, the exact figure having been 3514,582,777. In commenting on the new financing done in the halfyear of 1932 we referred to the great shrinkage in the new
flotations then disclosed as compared with the corresponding
six months of the previous year and as a matter of fact we
did the same thing in commenting on the figures for this
previous year, as compared with 1930, and in 1930 as compared with 1929, which means that the dwindling of the
new financing became more and more pronounced the further
we got away from the heyday of speculative activity in that
earlier period, but it remained for 1933 to show how near the
vanishing point new financing could get. As against $514,582,777 new issues brought out during the six months of 1933,
the corresponding figure in the half-year of 1932 was $900,792,835; that for 1931,$2,992,851,637; that for 1930,$5,196,189,289 and that for 1929, $6,313,824,452. In other words
as against a total of new financing of all descriptions running
in excess of $6,000,000,000 in 1929, the corresponding amount
in 1933 was only slightly in excess of $500,000,000.
Of course the corporate total suffered the greatest contraction, the amount under this head for 1933 having dropped
to only $219,043,478 (of which $159,401,978 represented
refunding operations,leaving only $59,641,500 of strictly new
capital provided), against $5,563,083,697 for the first half
of 1929 (of which $864,509,178 represented refunding and
no less than $4,698,574,519 represented the provision of
new capital). But municipal financing also suffered great
diminution. Including the large municipal financing done
in June the municipal awards during the six months of 1933
reached no more than $224,489,299, which compares with
$528,469,540 in the first half of 1932; $851,188,436 in the
first half of 1931, and $765,536,582 in the first half of 1930.
It is hardly necessary to say that during a considera
ble
part of the six months of 1933 the bringing out of
new
issues was virtually out of the question. This was notoriously
the case in March, during the period of the bank holidays or
bank moratoria our compilations showing that the aggregate
of new financing done in that month (including municipal
issues, corporate issues and everything else) reached no more
than $19,346,417 and conditions were only slightly less
unfavorable in the month preceding (February) when the new
emissions footed up no more than $56,526,818 or in the two
succeeding months, the new flotations for April having been
held down to $445,745,471 and those for May rising no higher
than $60,468,368. The truth is that aside from the June
total of $222,644,097, January with $109,851,606 was the
only month having new financing to its credit in the sum of
$100,000,000, as will be seen by the following table:
GRAND TOTALS OF THE NEW FINANCIN DONE
IN EACH MONTH
G
OF 1933.
8109,851,606
May
$60,468,368
56,526,818
June
222,644,097
19,346,417
45,745,471
Total
8514,582,777
January
February
March
April
In interpreting the significance of the great shrinkage in
new financing in recent years, one consideration should not
be overlooked, namely that much of the financing formerly
done in the ordinary way through corporate undertakings
and by States and municipalities is now being done by the
United States through the Reconstruction Finance Corporation and other Government agencies. As a consequence new
financing by the United States now represents larger new debt
creations than all other sources of new capital issues combined. In a measure also the U. S. Government has really
been pre-empting the ground, and certainly it has been occupying the investment field to the disadvantage of ordinary
financing, a matter of no small consequence, especially in
view of the fact that, owing to the prevailing loss of confidence in security values generally, the demand on the part
of the investing public has been almost entirely for the highest and best type of security investment
-and obviously
nothing could be higher or better than a United States obligation, though that does not mean that such an obligation
may not suffer sharp depreciation on occasions, as the investor has learnt from sad experience.
In recent months, certainly, United States Government
financing has been of far larger magnitude than the ordinary
financing as represented by the borrowings of corporations,
municipalities, farm loan emissions and the like. Accordingly we furnish below a summary of the Treasury issues of
all kinds put out during the six months giving full particulars
383
for the month of June and following this by a table covering
the whole of the first six months.
NEW TREASURY OFFERINGS DURING THE MONTH OF JUNE 1933
On May 31, Secretary of the Treasury Woodin announced
a new offering of 91-day Treasury bills in the amount of
$75,000,000 or thereabouts. The bills were dated June 7
1933 and will mature Sept. 6 1933. Tenders for the issue
amounted to $197,947,000, of which $75,529,000 was accepted. The average price obtained for the bills was 99.932,
the average rate on a bank discount basis being 0.27% which
compared with 0.32% on the previous bill issue. This issue
was used to meet maturing bills. This issue was mentioned
in our May review but was not included in our total of financing for that month, as the issue bears a June date and it is
now included as a part of the financing for the month of June.
Mr. Woodin on June 6 announced a combined offering of
Treasury notes and Treasury certificates of indebtedness to
the amount of $900,000,000 or thereabouts. The first
(series B 1938) comprised five-year 27 % Treasury notes,
4
dated June 15 1933 and due June 15 1938, the other (series
TM-1934) consisted of nine-month 4% certificates of
indebtedness, dated June 15 1933 and due March 4 1934.
Subscriptions amounted to $5,659,599,900, of which $3,306,415,900 was for the 23/8% notes and $2,353,184,000 was for
the 4% certificates of indebtedness. The amount allotted
on the 23/g% Treasury notes was $623,441,800, while on the
V certificates of indebtedness the amount allocated was
i%
$460,099,000, making together $1,083,540,800. Both series
were offered at par. The amount raised for refunding
through the sale of the two issues was $374,000,000. The
remaining $709,540,800 represents an addition to the existing
public debt.
Another issue of 91-day Treasury bills was announced by
Mr. Woodin on June 14 in the amount of $100,000,000 or
thereabouts. The bills were dated June 21 and will mature
Sept. 20 1933. Applications for this issue amounted to
$240,273,000, of which $100,361,000 was accepted. The
average price was 99.939, and the average rate on a bank
discount basis 0.24%. These bills were issued to meet a
maturing issue.
On June 21, Acting Secretary of the Treasury ,Acheson
invited tenders to still another offering of 91-day Treasury
bills in the amount of $75,000,000, or thereabouts. The
bills were dated June 28 and will mature Sept. 27 1933.
Tenders received were $209,956,000, of which $75,697,000
was accepted. The average price on this issue was 99.931,
the average rate on a bank discount basis being 0.27%.
They were issued to replace maturing bills.
A still further offering of $100,000,000 or thereabouts of
91-day Treasury bills was announced by Acting Secretary
of the Treasury Acheson on June 27. This issue was dated
July 5 1933 and will mature Oct. 4 1933. Applications for
the issue amounted to $242,687,000, of which $100,010,000
was accepted. The average price was 99.929, making the
average rate about 0.28% on a bank discount basis. They
were issued to replace maturing bills. Although this offering
was announced in June, the bills are dated July 5 and the
issue is therefore not included in our tables of Treasury
financing for the first six months of this year as given below.
In the following we show in tabular form the Treasury
financing done during the first six months of this year. The
result is found to be that the Government disposed of $4,647,726,100, of which $2,948,383,000 went to take up existing
issues and $1,699,343,100 represented an addition to the
public indebtedness. For June by itself the disposals (not
including the sale of bills on June 27, but dated July 5)
aggregated $1,335,127,800, of which $625,587,000 was used
to take up existing issues and $709,540,800 constituted new
public indebtedness.
UNITED STATES TREASURY FINANCING DURING THE
FIRST SIX
MONTHS OF 1933.
Dais
Offered. Dated.
Due.
Amount
Applied for.
Jan. 4 Jan. 11 91 days
5229,845,000
Jan. 11 Jan. 18 91 days
339,567,000
Jan. 17 Jan. 25 91 days
427,740,000
Jan. 22 Feb. 1 5 years 7,802,843,600
Feb. 1 Feb. 8 91 days
234.790.000
Feb. 8 Feb. 15 91 days
281,122,000
Feb. 16 Feb. 23 90 days
123,929,000
Feb. 22 Mar. 1 91 days
254,283,000
Mar. 3 Mar. 6 93 days
94,101,000
Mar. 12 Mar. 15 5 months 913,593,600
Mar. 12 Mar. 15 9 months 918,222,000
Mar. 15 Mar. 22 91 days
386,906,000
Mar.22 Mar. 29 91 days
318,206,000
Mar. 29 Apr. 5 91 days
383,656,000
Apr. 5 Apr. 12 91 days
404,325,000
Apr. 12 Apr. 19 91 days
348,315,000
Apr. 19 Apr. 26 91 days
290,184,000
Apr. 23 May 2 3 years 1,202,043,500
Apr. 27 May 3 91 days
224,691,000
May 3 May 10 91 days
225,173,000
May 10 May 17 91 days
254,685,000
May 17 May 24 91 days
221,557,000
May 23 May 31 91 days
407,553,000
May 31 June 7 91 days
197,947,000
June 6 June 15 5 years 3,306,415,900
June 6 June 15 9 months 2,353,184,000
June 14 June 21 91 days
240,273,000
June 21 June 28 91 days
209.956,000
•Average rate on a bank discount basis.
Amount
Accepted.
Price.
875,090,000 Average 99.948
75,032,000 Average 99.941
80,020,000 Average 99.954
277,516,600
100
75,228.000 Average 99.955
75,202,000 Average 99.942
60,074,000 Average 99.864
100,613,000 Average 99.750
75,266,000 Average 98.900
489,131,000
100
473,373,500
100
100,569,000 Average 99.537
100,158,000 Average 99.566
100,096,000 Average 99.659
75,733,000 Average 99.806
75,188.000 Average 99.876
80,295,000 Average 99.870
572,419,200
100
60,655,000 Averag
99.877
75,067,000 Averag
99.878
75,442,000 Averag
99.887
60,078,000 Averag
99.893
100,352,000 Averag
99.919
75,529,000 Averag 0099.932
623,441,800
460,099,000
co
100,361,000 Averag
99.939
75.697.000 Averse
99.931
Field.
*0.20%
*0.24%
*0.19%
2.625%
.0.18%
*0.23%
*0.55%
*0.99%
*4.26%
4.00%
4.25%
41.83%
41.72%
*1.35%
*0.77%
*0.49%
*0.51%
2.875%
*0.49%
*0.48%
1. .45%
0
*0.42%
*0.32%
*0.27%
2.875%
0.75%
0.24%
O27
Financial Chronicle
384
USE OF FUNDS.
Type of
Security.
Dale
Offered.
Treasury bills
Treasury bills
Treasury bills
244% Treas. notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
4% Treas. ctfs.
451% Treas. ctfs.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
234% Treas. notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
234% Treas. notes
H% Treas. Mrs.
Treasury bills
Jan. 4
Jan. 11
Jan. 17
Jan. 22
Feb. I
Feb. 8
Feb. 16
Feb. 22
Mar. 3
Mar. 12
Mar. 12
Mar. 15
Mar. 22
Mar.29
Apr. 5
Apr. 12
Apr. 19
Apr. 23
Apr. 27
May 3
May 10
May 17
May 23
May 31
rune 6
rune 6
tune 14._
rune 21
Treasury bills
Total Amount
Accepted.
Refunding.
New
Indebtedness.
575,090,000 575,090.000
75.032,000
75,032,000
80.020.000
80,020.000
277,516,600 144,372,000 5133,144,600
75,228.000
75,228,000
75,202.000
75.202,000
60,074,000
60,074,000
100,613,000 100,613,000
75,266,000
75,266,000
247,504,500
469,131,000 1 695,000,000
473,373,500 1
100.569,000
100,569,000
100,158,000 100,158.000
100,096.000
100.096,000
75,733.000
75,733,000
75.188.000
75,188,000
80,295,000
80,295,000
333,222.200
572,419,200 239,197,000
60,655,000
60.655,000
75,067.000
75,067,000
75,442.000
75,442,000
60,078,000
60,078,000
100,352,000 100,352,000
75,529,000
75,529,000
709,540,800
623,441,800 1 374,000,000
460,099,000 J
100,361,000 100,361.000
75.697.000
75.897.000
In contrast with the grand total of United States Treasury
obligations for $4,647,726,100 brought out by the Federal
Government during the six months ending June 30 1933, of
which $1,699,343,100 represented additions to the public
debt, the grand total of the new financing in the ordinary
way for the six months, we have already seen, was only
$514,582,777, of which $233,960,594 was for refunding,
leaving only $280,622,183 of strictly new capital. The corporate total was only $219,043,478, of which no more than
$59,641,500 was new capital.
Stock issues now occupy a minor place in our compilations,
what little financing was done having been almost entirely in
the shape of bonds and notes in sharp contrast with the practice in 1929 and immediately prior years when stock issues
almost completely dominated the field. There were no
foreign corporate issues and no foreign government issues,
except the $60,000,000 note issue of the Dominion of Canada.
In the first six months of 1932 there was not even this exception as the Canadian note issue of that year did not come
until the second half. In the following table we furnish a fiveyear comparison of the corporate issues, showing the amounts
of bonds and stocks separately and giving the figure both
without the foreign emissions and with them included:
DOMESTIC CORPORATE ISSUES.
Jan,I to
June 30—
1933.
1932.
1931.
1930.
1929.
Bonds ¬es_195,705,200 238,853,800 1,612,890,150 2,343.998,660 1,683,588.300
6,775,275 126,948,667 307,097,946 888,097.906
Pref. stocks__ 4,325,000
4,194,220 122,707,384 926,162,101 2,485,538,044
Corn. stocks— 17,413,278
217,443,478 249,823,295 1,862,546,201 3,577,258,707 5,057,224,250
Total
DOMESTIC AND FOREIGN, INCLUDING CANADIAN.
Jan. 1 to
1929.
1930.
1931.
1932.
1933.
June 30—
$
$
8
$
$
¬es_197,305,200 238,853,800 1,780,690,160 2,708.151,660 2,029,748,300
Bonds
126,948,667 320,097,946 1,000,810,106
6,775,275
4,325,000
Pref. stocks
4,194,220 122,707,384 936,222.101 2.532.525,291
17,413,278
Corn. stocks
Total
219,043,478 249.823.295 2.030.346,201 3,964,471,707 5,563,083.697
THE PART PLAYED BY INVESTMENT TRUSTS AND HOLDING
COMPANIES. •
Investment trusts and holding companies, which in 1929
were so prominent in emitting new securities and contributed
so greatly to swell the total of the new issues in that year,
have now almost completely fallen out of the picture, and
this has been one of the factors in the great falling off which
has occurred during the last four years in the total of new
financing. In the first six months of this and last year
there were no offerings of this type of security, and their contribution to the total during the first half of 1931 was only
$2,800,000, against $149,237,079 in the first half of 1930
and no less than $929,466,562 in the first half of 1929. In
the following we compare the figures for each six month period
since 1926 and also indicate what portion of the financing
by these investment trusts and holding companies was in the
shape of bonds and notes and what portion consisted of stock
issues:
AND
FINANCING BY INVESTMENT TRUSTS, TRADING
COMPANIES.
Short-Term.
Long-Term.
Stocks.
Bonds de Notes. Bonds de Notes.
half of 1933
First
First halt of 1932
52,300,000
$500,000
First half of 1931
72,987.079
1,000,000
$75,250,000
First half of 1930
836,466.562
93.000,000
First half of 1929
204,712,018
400,000
81.400.000
First half of 1928
47,573,228
1,000,000
51,500,000
First half of 1927
37.550,000
4,000,000
9,500,000
First half of 1926
HOLDING
Grand
Total.
$2,800,000
149.237,079
929.466,562
286,512.018
100,073.228
51,050,000
However, the investment trusts, as previously explained
in these columns, have not altogether disappeared. These
trusts now, however, are not of the type that was so prominent in 1928 and 1929. They do not consist of large new
capital issues offered for public subscription in the way
July 15 1933
common prior to 1930 and in the way always done by publics
utility, railroad, industrial and other corporations. The
practice now is to gather blocks of securities of one kind or
another and to issue participating interests in the same,
split up into small units. These units are then disposed
of over the counter by distributing groups or syndicates.
Excepting two or three instances, however, no information
of the extent of these sales is forthcoming, and being sales
over the counter it is impossible to make estimates regarding
their amount. Of course, in magnitude the disposals of this
character over the counter do not anywhere near approach
those in the old form and yet they can hardly be treated as
entirely insignificant, even though trust participations of
this kind have no proper place in compilations of new capital
issues. At all events, however, nothing definite is available
as to the extent of the sales of these investment trusts, or
fixed trusts as they are commonly termed. In this state of
things, the only way to indicate the presence of these trusts
is to enumerate the offerings made from month to month.
In the following table we show the different offerings made in
the first six months of 1933:
NEW FIXED TRUST OFFERINGS DURING FIRST HALF OF 1933.
January—
None.
February—
American Bankstocks Corporation shares. Offered by Rackllff, Whittaker & Co., New York, at market.
March—
National Bond Depositor Corp. Land Bank shares. Offered by W. W.
Shumaker & Co., Inc.. Indianapolis at $1 per share.
April— May—
None.
June—
Tho issues for this month have already been mentioned in our analysis
of the financing for the month.
The Convertible Feature.
One feature of the old method of financing continues to
be followed to some degree. We allude to the tendency to
make bond issues and preferred stocks more attractive by
according to the purchaser rights to acquire common stock.
In the following we bring together the more conspicuous
issues floated during each month of the present year containing convertible features of one kind or another, or carrying subscription rights or warrants to subscribe for or acquire
new stock:
CONSPICUOUS ISSUES FLOATED IN THE FIRST HALF OF 1933
CARRYING CONVERTIBLE FEATURES OR SUBSCRIPTION
RIGHTS OR WARRANTS.
January—
S5,500.000 Hackensack Water Co. five-year 5% sec. cony. notes, Jan. 1
1938 (convertible into a like principal amount of gen. and ref.
mtge. 534% bonds, 13, June 15 1977 at any time up to June
30 1937).
2,500,000 Freeport Texas Co. 6% cum. cons'. pref. stock (convertible
into common stock up to Feb. 1 1945, at rate of 334 shares of
common for each share of preferred if converted on or before
Feb. 1 1938, and at rate of 234 shares of common for each share
of preferred if converted thereafter and on or before Feb. 11945).
February— March— April— May—
None.
June—
The issues for this month have already been mentioned in our analysts of
the financing for the month.
THE FOREIGN ISSUES PLACED IN THE UNITED STATES.
As already stated, there was only one issue floated in the
United States during the first half of 1933 for foreign governments or for Canada, its Provinces and municipalities. This
was a loan of $60,000,000 floated by the Dominion of Canada
-months 4% notes, duo Oct. 1 1934. In
in the form of 15
the first six months of 1932 not a single issue was sold here
for the account of foreign governments or for Canada, its
Provinces and municipalities. In the first half of 1931
Canadian issues aggregated $50,422,000, constituting the
whole of the foreign government issues placed here during
that period. At that figure they compare with $426,006,000
of total foreign government issues sold here during first half
of 1930, with only $78,362,000 for the first half of 1929 and
with $530,314,000 for the first six months of 1928; with
$477,757,800 for the six months of 1927; $302,764,000 in
the first half of 1926; $312,311,000 in the first half of 1925,
and $353,407,562 in the first half of 1924. The Canadian
Government loan of $60,000,000 sold here in the first half
of 1933 was used entirely for refunding purposes. There was
no refunding in the first half of 1932 as no foreign government
issues were sold here during that period. The refunding portion was no more than $9,500,000 in 1931, against $12,658,000 in 1930, $8,000,000 in 1929, $100,538,413 in the first
half of 1928;$58,469,000 in the first half of 1927;$60,873,000
in the first half of 1926, and $92,522,000 in the first half
of 1925. In the first half of 1933 foreign corporate financing
totaled only $1,600.000, all of which was for refunding.
There were no foreign corporate offerings in the first half
of 1932 and for the first half of 1931 they were on a reduced
scale, footing up only $167,800,000 against $387,213,000
in the six months of 1930, $505,859,447 in the six months
of 1929 and $646,223,750 in the six months of 1928, only
Volume 137
Financial Chronicle
$315,168,625 in the six months of 1927, $313,694,040 in the
first half of 1926, $254,695,000 in the first half of 1925
and but $31,330,000 in the first half of 1924. Thus, borrowings in the United States on behalf of foreign governments
or corporations during the first half of 1933 totaled $61,600,000, whereas there were no foreign borrowings of any description in tho first six months of 1932. In the first six
months of 1931, the aggregate of foreign flotations, government and corporate, was $218,222,000, which compares with
$813,219,000 in the first half of 1930, $584,221,447 in the
six months of 1929 and $1,176,537,750 in the first six months
of 1928. In the first half of 1927 the foreign flotations aggregated $792,926,425 and this compares with $616,458,040 in
1926, $567,006,000 in 1925, $384,737,562 in 1924 and $193,646,279 in 1923. The following carries the half-yearly
comparison back to 1919:
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED STATES
(INCLUDING CANADA, ITS PROVINCES AND MUNICIPALITIES).
Total.
Refunding.
New Capital.
First half of 1933
$61,600,000
$61,600,000
First half of 1932
First half of 1931
14,500,000
$203,722,000
218,222,000
First half of 1930
54,658,000
758,561,000
813,219,000
First half of 1929
20,432,717
563,788,730
584,221.447
First half of 1928
241,448,913 1,176,537,750
935,088,837
First half of 1927
90.979,000
701,947,425
792,926,425
First half of 1926
91,750,300
524,707,740
616,458.040
First half of 1925
110,272,000
456,734,000
567,006,000
First half of 1924
154,650,000
230,087,562
384,737,562
First half of 1923
20,941,679
172,704.600
193,646,279
First half of 1922
119,500,000
507,576,650
627,076,650
First half of 1921
50.000,000
213,224,000
263,224,000
First half of 1920214,860,000
8,498,000
223,358,000
First half of 1919
34,979,000
69,535,300
104,514,300
In the following we furnish details of the foreign government and foreign corporate financing done here during the
six months ended June 30:
AprilPrice.
Yield.
$1,600,000 International Rys. of Central America oneyear 6% notes, April 1 1934 (all for refund1ng)---100
6.00%
June
60,000,000 Canada (Dominion of) 4s, Oct. 1 1934 (all for
refunding)
99Yi
LARGE DOMESTIC CORPORATE ISSUES DURING THE HALF YEAR.
Domestic corporate offerings of any size at all were limited
and we are listing below the largest of these in addition to
those for June already mentioned:
January.
-$12,000,000 Cincinnati Union Terminal Co. 1st
mtge. 5s C, 1957, offered at par; $11,250,000 Union Electric
Light & Power Co. (Mo.) gen. mtge. 43
-is, 1957, issued at
973's, to yield 4.69%; $8,500,000 Washington Gas Light Co.
(Washington, D. C.) ref. mtge. 5s, 1958, priced at 94,4,
to yield 5.42% and $8,000,000 Ohio Edison Co. 1st and cons.
mtge. 5s, 1960, offered at 96 to yield 5.25%.
February.
-$31,625,000 Baltimore & Ohio RR. ref. and
gen. mtge. 5s, F, 1996, issued at par and $4,616,000 The
New York & Erie RR. 3d mtge. extended 43rs, March 1
1938, representing an extension of maturity on a yield basis
of 5.75%.
March.
-Financing during this month was limited to five
stock offerings, all for small amounts.
April.
-$26,000,000 The Edison Electric Illuminating Co.
of Boston short-term notes comprising $10,000,000 discount
notes due Oct. 16 1933, sold on a bank discount basis of
33% and $16,000,000 3
-year 5% coupon notes, due April 15
1936, issued at 99, yielding 5.36%.
May.
-$6,091,200 Public Utility Holding Corp. of America
2
-year 7% notes, April 15 1935, issued at par and $5,959,100
United States Rubber Co. 3
-year 6% secured notes June 1
1936, issued at par.
June.
-The important domestic corporate issues for this
month have already been enumerated in our remarks further
above in analyzing the financing done during June.
THE CIIIEF REFUNDING ISSUES.
The most conspicuous issues brought out during the first
six months for refunding purposes comprised the following:
$11,250,000 Union Electric Light & Power Co. (Mo.) gen.
mtge.43's, 1957, sold in January, used entirely for refunding;
$31,625,000 Baltimore & Ohio RR. ref. & gen. mtge. 5s F,
1996, issued in February, used entirely to replace maturing
bonds; $4,616,000 The New York & Erie RR. 3d mtge.
43s, March 11938, issued in February and representing an
extension of maturity; $26,000,000 The Edison Electric
Illuminating Co. short-term notes, issued in April, of which
$10,000,000 constituted refunding; $6,091,200 Public Utility
Holding Corp. of America 2
-year 7% notes, April 15 1935,
issued in May, used entirely as refunding and $5,959,100
United States Rubber Co. 3
-year 6% secured notes June 1
1936, also issued in May, all of which was for refunding.
There was one large refunding issue in June, mention of
which has already been made in our analysis of the financing
for the month.
385
FARM LOAN ISSUES.
Farm loan issues brought out in the first half of 1933
totaled only $10,900,000, as against $122,500,000 for the
same period of last year, $60,600,000 for the first half of
1931 and $30,500,000 for the first six months of 1930. The
current half year's offerings comprised two issues of shortterm debentures for the account of Federal Intermediate
Credit banks.
ISSUES NOT REPRESENTING NEW FINANCING.
During the first half of 1933 offerings of securities not
representing new financing by the companies themselves
amounted to only $5,907,000 as compared with $8,000,000
in the first half of 1932; with $20,476,666 in the first six
months of 1931, and $62,208,755 for the first half of 1930.
These amounts, as already stated, are not included in our
totals of new financing. A six-months' comparison for the
four years follows:
1933.
1932.
1931.
1930.
January
February
March
April
May
June
$100,000
5,400,000
$8,920,000
5,500,000
6,056,666
$25,349,155
10,236.100
14,884,000
3,674.500
7,300,000
765,000
$20,476,666
$62,208,755
$8,000,000
407000
Total
$5,907,000
$8,000,000
The Financing of the Reconstruction Finance Corporation.
Our compilations of new financing above do not take secount of the various loans made by the Reconstruction
Finance Corporation, as the funds used by the latter are all
provided by the Federal Government, the borrowings of
which have been recorded by us in detail further above.
FINAL SUMMARY.
The following is a complete summary of the new financing
-corporate, State and city, foreign government, as well as
farm loan issues-for June and for the six months ended
with June:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1933.
MONTH OF JUNE'orporate:
Domestic
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Canadian
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other foreign
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Total corporate
lanadian Government
Other foreign Government
i'arrn loan issues
thualeipal, States, cities, ace
United States Possessions
Grand total
6 MONTHS ENDED JUNE 30.
.lorporate:
Domestic
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Canadian
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other foreign
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm loan issues
Municipal, States, cities, &c
United States Possessions
New Capital. Refunding.
$
$
Total.
$
3,000.000
100,000
1,075,000
7,906,989
41,963,000
6,263,400
70,000
44.963,000
6,363.400
1,075,000
7,976,989
12,081,989
48,296,400
60,000,000
60,378,389
60,000,000
*97,915,987
150,000
*4,199,721 .102,115,708
150,000
110,147,976
112,496,121
222.644,097
23,621,000
16,600,000
4,325,000
15,095,500
111,008,500
44,475,700
2,317,778
134,629,500
61,075,700
4,325,000
17,413,278
1,600,000
1,600.000
159,401,978
60,000,000
219,043,478
60,000.000
59,641,500
10,900,000
a209,930,683
150,000
10,900,000
a14,558,616 a224,489.299
150,000
Grand total
280,622,183 233,960.594 514,582,777
•Figures do not include $18,931,712 poor relief grants to States by the Federal
Emergency Relief Administrator or $5,433,300 municipal bonds which the Reconstruction Finance Corporation agreed to purchase during June 1933.
a Figures do not include an aggregate of $254,326,838 of Federal Government
funds made available to States and municipalities during the first six months of
1933, either through the facilities of the Reconstruction Finance Corporation or
the Federal Emergency Relief Administrator.
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1933 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.
Following the full-page tables we give complete details
of the new capital flotations during June, including every
issue of any kind brought out in that month. Full details
as to the separate issues for each of the preceding months
of the half year can be found in the monthly articles for
those months, these articles appearing usually on the first
or the second Saturday of the month.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF JUNE FOR FIVE YEARS.
MONTH OF JUNE.
1933.
1932.
1931.
1930.
1929.
New Capital. Refunding.
Corporate—
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Domestic—
$
Long-term bonds and notes_
3.000,000
41.963,000
44.963,000
4,064.500
9.806,500
13,871,000
83,630,000 103.974.000 187204,000 156,370,500
400.000
42353,000 198,623,500
90,537,000
Short-term
100.000
6.263,400
6,363,400
45.000
15.424,000
15,469,000
16.529.000
17,601,000
34.130,000
68,990,000
800,000
2,500.000
21.932,800
71,490,000
Preferred stocks
1.075.000
1,075,000
2,700,000
2.700,000
749,500
74,700,000
74,700,000 114,374.420
Common stocks
7.906.989
70.000
7.976.989
3.183,790
77.692,699
3,183,790
2,562.250
80.254.949 235,955,596
3,840.000
Canadian—
Long-term bonds and notes_
2,500,000
2.500,000
53,250,000
20,000.000
73,250,000 105,000.000
Short-term
5.000,000
5.000,000
Preferred stocks
Common stocks
2,605,000
Other foreign—
Long-term bonds and notes
22,800,000
22,800,000
5.360,000
5.360,000
52,000.000
Short-term
4.000,000
10,432,717
1,017,283
4,000,000
Preferred stocks
1,485.000
Common stocks
Total corporate
12,081,989
48,296,400
60.378,389
4.109.500
25,230,500
29.340.000
131,342.790 121,575,000 252.917,790 445,363,199
16,222.217
67,315,250 512,678,449 621 11) :
:
838
Canadian Government
60,000,000
60,000,000
1.000.000
7,500.000
8.500.000
Other foreign Government
6,000,000
103.250,000
103,250.000
Farm Loan issues
30,000.000
30,000,000
20,000.000
20,000,000
.:500,000
7.500.000
Municipal, State, cities, &c
*97.915,987
*4,199,721 *102,115,708
79, - 2,ii3
-.
713 9,031,950
88,794,393
118.542,021
2.069.500 120.611,521
147,698,581
484,000
3,941.000 15
'
7
United States Possessions
150.000
150,000
295,000
295.000
5,500,000
Grand total
110.147.976 112.496.121 222,644,097
83,871,943
64,262,450 148,134,393
251.179,811 151.144.500 402.324,311 709.311.780
16,706,217
71,256,250 780.568,030 785.488,133
* Figures do not include $18,931,712 poor relief grants to States by the Federal Emergency Relief
Administrator or $5.433,300 municipal bonds which the Reconstruction Finance Corporation agreed to purchase during June 1933.
23:881 "91,3:3a3
90,937,000
22.732.800
115,123,920
239,795,596
00
105.000.000
2,605.000
52,000,000
11,450.000
1.485,000
6431:816229:030106
6.000.000
150,703,034
500.000
802,194,350
1929.
New Capital. Refunding.
Total.
$
$
$
140,161,000
91.350,000
32,914,000
34.287,000
52.000,000
Total.
$
91.350.000
34,287,000
52.000,000
15.331,000
62,500,000
11,092,500
6.025,000
300.000
19,625,000
400,000
6,025,000
300,000
20.025.000
250,000
14,985,000
277,233.500
8.000,000
35,950.000
247.537,000
400.000
8.000,000
35.950.000
247.937.000
66,000,000
5,000.000
2.367,283
11,232,717
13,600,000
3,650,000
3.650,000
3,500,000
4,290,000
16,932.800
16,932,800
1,700,000
80,490.000
22,950,083
11,232,717
34.182.800
90,915,443
565,000
749.500
91,664,943
565,000
35,622,364
8,125,680
32.499.175
45.340,750
3,885,000
2.340,000
8.125,680
34,839.175
45,340,750
3,885,000
3,889,735
3.960.000
154,954,949
63.906,224
109.182,744
354,420,016
178,466,600
172,091.250
5.000.000
91,350.000
127,569.726
52,565.000
50,953,364
66.000.000
15,382,500
8.125,680
42,174,175
45,640.750
40,442.800
2,340.000
-----.400.000
4,139,735
20,645.000
512,678,449
71,906,224
145.132.744
624,907,099
16,222,217
apyroito repueuu
YEARS.
38.305,600
73.177,250
1.500,000
4,589,500
65.406.224
109,182,744
359.009.516
--------91,350,000
11,982.217 139.551.943
52,565,000
1,500.000
8,125,680
44.514,175
45.640,750
40,842,800
73,406,224
145.132.744
641,129,316
rE6r ST API
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JUNE FOR FIVE
1933.
1932.
1931.
1930.
MONTH OF JUNE.
New Capital. Refunding.
Total.
New Capital. Refundng.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Long-Term Bonds and Notes—
$
$
$
$
$
$
$
$
$
$
Railroads
41.963.000
41,963,000
9,327.000
9,327,000
5,689,000
424,000
6,113,000
82,653,000
57,108,000
Public utilities
3,000,000
3.000.000
4,034,500
429,500
4.464,000
98,316.000 103,550,000 201,866,000
28,519,000
4,395,000
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
500.000
500,000
14,981.000
350,000
Oil
62.500,000
Land, buildings, &c
30,000
50,000
80.000
3,425,000
3,425,000
11,092,500
Rubber
Shipping
Inv. trusts, trading, holding, &c._
250,000
Miscellaneous
1,000,000
1.000.000
14,985,000
Total
3,000,000
41,963,000
44,963,000
4.064.500
9,806.500
13.871,000 108,930.000 103,974.000 212,904,000 214,980,500
62,253.000
Short-Term Bonds and Notes—
Railroads
10,000,000
10,000,000
Public utilities
15,424.000
15,424,000
4,500,000
11,350,000
15.850.000
63,500.000
2.500.000
Iron, steel, coal, copper, ,kc
1.263.400
1.263,400
899,000
3.101,000
4,000,000
5,000,000
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
100,000
5,000,000
5,100.000
011
4,000.000
4.000,000
3,500.000
Land, buildings, &c
45,000
45.000
280,000
280.000
4,290,000
Rubber
Shipping
Inv. trusts, trading, holding,&c_
Miscellaneous
1,700,000
Total
100.000
6,263.400
6,363.400
45,000
15.424,000
15.469,000
16.529,000
17,601,000
34.130,000
2,500,000
77.990.000
Stocks—
Railroads
38,305,600
Public utilities
2.700,000
2,700,000
70,615,000
2,562.250
Iron, steel, coal, copper, &c
1,500.000
1.500,000
Equipment manufacturers
Motors and accessories
302,431
302,431
Other industrial and manufacturing
8.529.558
70.000
8,599.558
350,000
350.000
35,622,364
Oil
150.000
150,000
1,000,000
1,000,000
Land, buildings, &c
108,000
108.000
Rubber
Shipping
Inv. trusts, trading, holding, &c...
3,889.735
Miscellaneous
225,790
225.790
3.960.000
Total
8,981.989
70.000
9,051,989
5,883.790
5,883,790 152,392,699
2,562,250
Total—
Railroads
41.963,000
41,963,000
--------9,327,000
9,327,000
5,689,000
10,424,000
16,113,000 120.958,600
57.508.000
Public utilities
3.000.000
3.000,000
4.034.500
15.853,500
19.888.000 112.366,000 108,050,000 220.416.000 162.634.000
9,457.250
Iron steel, coal, copper, &c
1.263,400
1.263.400
2,399,000
3,101.000
5,500,000
5.000.000
Equipment manufacturers
Motors and accessories
302.431
302,431
Other industrial and manufacturing
8,629,558
5,070.000
13.699.558
850,000
50,603.364
850,000
350,000
OIL
150.000
150,000
5.000,000
5,000,000
66.000,000
Land. buildings, &c
75,000
50.000
125,000
3,813,000
3,813,000
15,382,500
Rubber
.
Shipping
Inv. trusts, trading, holding, &c
4,139,735
Miscellaneous
1.225.790
1.225,790
20.645,000
Total corporate securities
12.081,989
48.296.400
4.109,500
60.378.389
25.230,500
29.340.000 131,342.790 121.575.000 252,917,790 445,363,199
67,315.250
Total.
Lisi °rani°A
arofuoiro leprzeum.
D MUNICIPAL FINANCING FOR THE SIX MONTHS ENDED JUNE 30 FOR FIVE YEARS.
i MONTHS ENDED JUNE 30.
1929.
1933.
1931.
1930.
1932.
Total.
New Capital. Refunding.
iVew Capital. Refunding.
New Capital. Refunding.
Total.
Total.
^
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
-orporate-Domestic$
$
$
$
$
$
$
$
$
$
$
$
$
$
Long-term bonds and notes_
23,621.000 111,008,500 134.629,500
154,517,300
28,393,500 162,910.800
773.170,100 616.334.200 1.389.904.300 1.810,489.160 190.447,250 2,000,936,410 1.173,483,840 374,605,260 1,548,089,10C
Short-term
21,897,500 135,499.200
16,600,000
44,475,700
75,943.000
59,349,000
16,594,000
61.075.700
156,326,350 66.659.500 222,985,850
52,313,000 343,062.250 113,601,700
290.749,250
Preferred stocks
93,251,540 888.097,906
4,325,000
307,097,946 794.846,366
6.775.275
4,325,000
95,898,667
6.775,275
31.050,000 126.948.667
307,097.946
Common stocks
15,095,500
2,317,77S
17,413,278
122,707,384
4,194.220
122,707,384
1.897,320
2,296,900
13,315,750 926.162,101 2,123.215,883 362,322,161 2.485,538.044
912,846,351
Canadian
189,100.000
Long-term bonds and notes_
90.000,000
38.000,000 165,138.000 189.100,000
127.138,000
90.000,000
Short-term
5.000.000
5,000,000
10.400,000
Preferred stocks
10,400,000
13,000,000
13,000.000
18,163,900
Common stocks
18,163.900
Other foreign
Long-term bonds and notes_
2,000,000 145,010,000
4,000,000 173,015,000 143,010.000
169,015,000
72.800,000
72.800.000
12,050,000
10,432,717
Short-term
1,617,283
21,000.000
1,600,000
1,600,000
21,000,000
5.000,000
5,000.000
102,312,200
Preferred stocks
102.312.200
28,823,347
Common stocks
28.823.347
10.060.000
10,060,000
Total corporate
59,641,500 159,401,978 219,043,478
160.183.475 89,639,820 249,823.295 1,311,302.501 719.043.700 2,030,346,201 3,666,395,707 298,076,000 3,964,471,707 4,698,574,519 864.509,178 5,563,083,697
36,612,000
anadian Government
8,000,000
28,612,000
51,300,000
40.922,000
60,000,000
7,158,000
44.142,000
50,422.000
9,500,000
60,000,000
0
41,750,000
•ther foreign Government
41,750,000
5.500.000 374.706.000
369.206.000
arm Loan issues
10,900,000--_-_ -30,000,000
10,900,000
30,500,000
92,500,000 122,500,000
60,600,000
31,000,000
29,600,000
30.500,000
funicipal, State, cities, &c
7,694,526 670,383.755
*209,930,683 *14,5533,61e *224,489,299
52,727,376 528,469.540 839,380.936
475,742,164
11,807,500 851.188,436
17,808,412 765,536582 662,689,229
747.728,170
1,995.000
nited States P
Ions
150.000
1,995,000
9,675,000
150.000
295,000
9.675,000
295.000
Grand total
280,622.183 233.960,594 514,582,777
665,925,639 234.867.196 900.792,835 2.221,500,437 771.351.2002,992.851.637 4.867.646,877 328.542,412 5,196,189,289 5.433.620,748 880,203.704 6,313,824,452
• Figures do not include an aggregate of $254.326.838 of Federal Government funds made available to States and municipalities during the first six months of 1933. either through the facilities of the Reconstruction Finance Corporation
or the Federal Emergency Relief Administrator.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE SIX MONTHS ENDED JUNE 30 FOR FIVE YEARS.
1929.
1932.
1933.
1931.
1930.
MONTHS ENDED JUNE 30. New Capital. Refunding.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
Total.
Total.
New Capitol. Refunding.
New Capital. Refunding.
Long-Term Bonds and Notes
Railroads
12.000,000
9.327,000
76.765,500
9,327.000 247,815.300 146.319,700 394.135,00C 568,77.250 169,951,750 738,729.000 266,497,240 112343,760 378,641,000
88,765,500
Public utilities
10.721,000
32,518.000
19,016,500 150,833,800 462,492,000 458,538,000 921,030,000 944,195,500
131,817.300
43.239,000
54,000.500 998,196,000 415,591,500 228,390,000 643,981,500
Iron. steel, coal, copper. &c
3.186.500 124,250,000
17,500.000 121,063,500
102,939,800
17,500,000
6,062.500 109,002,300
Equipment manufacturers
1,150,000
1.150,000
7.750,000
11,970,000
7,750,000
11,970.000
Motors and accessories
Other industrial and manufacturing
575,000 140.528.000
66.167,000
1,725,000
455.000 155,516,910 139,953.000
67,667,000 155,061.910
1.725,000
1.500.000
011
34,300,000
15,416,000
18,884,000
6,950.000 149.500,000
2,000,000 142,550.000
2,000,000
Land, buildings, ttc
3.689,000 228.148,800
900,000
92,342,600 224,459,600
50,000
2,500.000
29,050,000
900,000
2,550,000
70,000
92,272,500
30,270,000
1.220.000
Rubber
1,000,000
1,000,000
30,000,000
30,000,000
Shipping
9,100.000
6,000,000
3,100.000
10,000.000
1,650,000
10,000.000
1.650.000
Inv. trusts, trading, holding, &c_
93,000,000
93,000,000
75,250,000
75,250.000
Miscellaneous
7,205,000 228,100.000
64.305,000 220,895.000
63,285,000
14,980,000
200,000
12,286.000
1,020,000
200.000
2,694,000
Total
23,621,000 111,008,500 134,629,500
28,393,500 162,910,800 936,370,100 616.334,200 1,552,704.300 2,106,642,160 232,447,250 2,339,089,410 1,505,593,840 376,605,260 1,882,199,100
134,517,300
Short-Term Bonds and Notes
Railroads
1.500.000
1,500,000
6,216,000
1,000.000
37.500,000
7,375,000
14,500,000
6.216.000
24.970,000
2,500,000
8.375.000
12,000,000
12,530.000
Public utilities
23,295,200
18,500,000
92.225,000 125,122,000
22,376,283 30,413,717 52.790,000
19,837,500
39,795.200
72,387.500
15,628,000 140,750,000
61,099,000
58.249.000
2,850,000
Iron, steel, coal, copper. &c
5.605,400
28,000,000
899,000
28.000,000
4,000.000
100.000
3.101.000
5,605,400
100,000
Equipment manufacturers
12.000,000
12,000,000
Motors and accessories
500,000
2.600,000
2,600,000
500,000
Other industrial and manufacturing
13,150,000
70.155,000
100,000
54,885,000
87,055,000
21,385,000
16,900,000
5.000,000
13,150,000
33.500.000
5.100,000
011
10,440.000
7,250,000
791,000
9,649,000
600,000
6,650,000
Land, buildings, &c
54,589,200
685,000
45,222,250
8,335,850
54,589,200
4,101,000
1,400,000
45,907,250
6,935,850
4,101,000
Rubber
5,959,100
800,000
15,800.000
5,959,100
15,000,000
Shipping
Inv. trusts, trading, holding, &c
1,000,000
1.000,000
500,000
500,000
Miscellaneous
25,020,000
14.200.000
20.100.000
1.000.000
2.268.000
13.200.000
1,916,500
20,100,000
23.103.500
2,268 000
Total
16,600,000
46,075,700
52.313,000 369,062,25
32,330,217 147,549.200
59,349,000
115,218,983
16,594,000
71.659,500 227,985,850 316,749,250
62,675,700
75,943,000 156,326,350
Stocks
Railroads
71,107,700
66,055,600
71.107,700
66,055,600
Public utilities
31,050,000 212,613.511 649,771,761
117,86 661.334,011 605,150,393 52,20r6.866 657.356,983
2,147,778
6,809,495 181,563.511
1,897,320
4,912,175
2,147,778
Iron, steel, coal, copper, &c
115,879,875 138.794,385 263,020,200 401,814,585
1,500.000
1.500,000 115,879.875
Equipment manufacturers
Motors and accessories
4,132.662
302,431
4,132.662
302.431
64,788,854
5,511,852
59,277,002
Other industrial and manufacturing
1.371,500 175,513,895 494.176,589 84.832,220 579,008,809
18,988,069
13,606,250 174,142.395
13,606,250
491,250
19,138.069
170.000
491,250
011
3,052,500
81,698.463
3.052,500
81,698.463
41,751,939 124,970,933
150,000
83,218.994
150,000
Land, buildings, Stc
12.265,000
1,390,500
12.265,000 105,077,330
1,390,500
408,500 105,485,830
Rubber
54.233,534
54,233,534
2,168,750
2,168,750
Shipping
23,178,000
23.178,000
Inv. trusts, trading, holding, &c_
72,987,079
2,300.000
72,987,079 834,966,562
2,300,000
1,500.000 836,466.562
Miscellaneous
66,071,462
15,193,290
382,000
1.500,000
15.193,290
1.500.000
66.453,462 608,581,207
6.342,400 614.923.607
Total
13,315,750 1,256,320,047 3.077.761.696 455,573,701 3,533,335,397
19,420,500
9,072,175
31,050,000 249,656,051 1,243,004,297
21.738,278
2,317,778
10,969,495 218,606,051
1,897,320
Total
Railroads
12,000,000
7,375,000
94.981.500
82,981,500
17.702,000 272.785,300 158,849,700 431,635,000 646,832,850 172,451,750 819,284,600 339,104,940 112,143,760 451,248,700
10,327,000
Public utilities
27,221,000
85,181,978
57,960,978
79,162,820 218.742,295 716.443,011 509,425,500 1,225,868,511 1,719,089,261
139,579,475
81,190,750 1,800.280,011 1,043,118,176 311,010,307 1,354,128,483
Iron, steel, coal, copper. &c
5,605,400
100,000 105,338,800
100,000
161.379,875 259,857,885 266,206,700 526,084,585
9,163.500 114,502.300 161,379,875
5,605,400
Equipment manufacturers
19.750,000
11,970,000
11.970,000
19,750,000
1,150,000
1,150.000
Motors and accessories
302,431
302,431
6,732,662
59,777.002
6,732,662
65,288,854
5.511,852
Other industrial and manufacturing
19,068,069
35,000.000 136.158,250 399,359,305
491.250
25,963,069
1§,166 418,085.805 647,279,589 85.407,220 732.686,809
6.895.000
491,250 101,158,250
011
150.000
14,701,500
150,000
15,492,500 230,898,463
791.000
7,550,000 238,448,463 102,102,994
57,167,939 159,270,933
Land, buildings, dtc
900,000
6.601,000
2.620,000
37,376,350
900,000
755,000 150,514,750 384,126,130
6,651,000
39.996,350 149,759,750
50,000
4,097,500 388,223,630
Rubber
30.800,000
2,168,750
5,959,100
5,959.100
2,168.750
45,800,000
15,000.000
55,233,534
55,233,534
Shipping
1,650.000
1,650,000
10,000,000
10,000,000
32.278,000
6,000,000
26.278.000
Inv. trusts, trading, holding, &c_
500,000
2.300,000
2,800,000 149,237,079
149,237,079 927.966,562
1.500,000 929,466,562
Miscellaneous
47,579,290
50,273,290 142,556,462
3.968.000
3,968.000
2,694,000
2.402,000 144,958,462 852,579,707
15,463.000 868,043.607
Total corporate securities
59.641,500 159,401,978 219,043 478
89,639,820 249,823.295 1,311,302,501 719.043,7002,030,346,201 3,666.395.707 298,076.000 3,964,471,707 ,698,574,519 864,509.178 5,563,083.697
160.183,475
Financial Chronicle
388
July 15 1933
DETAILS OF NEW CAPITAL FLOTATIONS DURING JUNE 1933.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Price.
P147p0.1e:Of Issue.
Railroads
3
41,963,000 Refunding
To Yield
About.
5.50 The St. Paul Minneapolis & Manitoba Railway Co. Cons. Mtge. 5s, 1943. Offered to holders of
company's Cons. Mtge. 65, 44s and 4s, maturing July 1 1933.
96.19
IV!
Public Utilities
3,000,000 Acquisitions. construction, &c
Company and Issue, and by Whom Offered.
5.125 Narragansett Electric Co. 1st Mtge. 5s "C," 1958 Offered by First of Boston Corp.; BodeII dr Co.;
Harris Trust & Savings Bank; Lee, Illgginson Corp.; Baker, Young & Co.; Stone & Webster and
Blodget, Inc.; Paine, Webber di Co.; Hornblower & Weeks, and Bond & Goodwin, Inc.
98)
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Price.
Purpose of Issue.
To Yield
About.
$
Iron, Steel, Coal, Copper, &c.
100
552,400 Refunding
Company and Issue, and by Whom Offered.
6.00 Alabama Co. Five-Year Gen. mtge. 53, due May 1 1938. Offered to holders of company's Gen.
Mtge. 65, maturing May 1 1933.
Alabama Consolidated Coal & Iron Co. Five-Year 1st Cons. Is, due May 1 1938. Offered to
holders of company's 1st Cons. 55, maturing May 1 1933.
100
1,263,400
Other Industrial and
5,000,000 Refunding
5.00
100
711,000 Refunding
6.00 General Refractories Co. Five-Year 1st Mtge. Cum. Income 6s, March 1 1938. (Each $1,000
bond carries a now detachable warrant to purchase 40 shares capital stock at $5 per share at any time during life of bonds.) Offered to holders of company's two-year 5% notes, due March 1 1933.
9.20 Kingston Barrel Corp. One-Year Cony. 6s, June 1 1934. (Each $1,000 note convertible at any time
on or after March 1 1934 and up to and Including May 1 1934 into 1,000 shares of capital stock of
the Corporation). Offered by Paul Campbell, N.Y.;E.H.Farrell, N. Y., and Goodwin-Griswold
& Rainey, Albany, N. Y.
mfg.
-
100,000 Acquisition of plant; wkg. capital_
97
5,100,000
STOCKS.
No.
of Shares.
Par or
Price To Yield
Involved. per Share. About.
(a) AMOUUS
Purpose Of Issue.
$
Company and Issue, and by Whom Offered.
Motors and Accessories
201,621 Additional capital
302,431
1y4
Moto Meter Gauge & Equipment Corp. Common Stock. Offered by company to
common stockholders.
Other Industrial and Bug.
92,500 Additions; hunts.; wkg. capital.-112,500 Acquisitions;!mots.; wkg. capital_
208,125
871,875
234
7,4 mkt.
818,980 Pay off bank loans
818,980
Aetna Brewing Co. Common stock. Offered by Bonner, Brooks & Co., Inc.
Allied Brewing & Distilling Co.,Inc. Capital stock. Offered by Rackliffe, Whittaker
& Co., Inc., New York.
American Commercial Alcohol Corp. Common Stock. Offered by company to
common stockholders.
The Angostura-Wuppermann Corp. Dommon stock. Offered by Panton & Co.,
Inc., New York.
Buckeye Brewing Co. Common Stock. Offered by Snyder, Wilson & Co., Toledo, 0.
Burgemeister Brewing Co. Partic. Pref. Stock. Offered by Wm. It. Stuart .it Co.,
Co., Inc., Chicago.
Duquesne Brewing Co. of Pittsburgh Class A Cony. Prof. Stock. (Conwertible into
common stock at any time in ratio of 11 shares of common stock for 10 shares of preferred
stock.) Offered by Moore, Leonard * Lynch; Singer, Deane dv Scribner, Inc., and
Kay, Richards & Co., Pittsburgh.
Ellett Brewing Co. Class A Common Stock. Offered by Phalen dr Co., Inc., Chicago,
Fecker Brewing Co. Common stock. Offered by Bolger & Co.. Chicago.
Food City Brewing Co. Common Stock. Offered by John L. Brown & Co., Detroit.
Haziewood Beverage Co. Common Stook. Offered by D. Gielch & Co., Pittsburgh.
Heidelberg Brewing Co. Capital Stock. Offered by James C. Willson & Co., Louisville, Ky.
Lock Nut Corp. of America Common Stock. Offered by Arthur I3ancker & Co.
Oneida Brewing Co.. Inc., Common Stock. Offered by A. T. Burleigh & Co., Inc.,
New York,
Rayon Industries Corp. Class A Common Stock. Offered by Marshall Ward & Co.
Schmidt (v. G.) Brewing Co. Preferred Stock. Offered by Wm. It. Stuart & Co.,
.
Inc., Chicago.
Southern Indiana Ice & Beverage Co., Inc. Class A Common Stock. Offered by
Lennox, Brooks & Co., Louisville, Ky.
Southern Indiana Ice & Beverage Co., Inc., class B Common Stock. Offered by
Lennox, Brooks ds Co., Louisville, Ky.
Tennessee Brewing Co. Capital Stock. Offered by Love & Co., St. Louis.
Tuscora Brewing Co. Class A Common Stock. Offered by E.G.Tillotson & Co., Inc.,
Cleveland, Ohio.
Zang (Ph.) Brewing & Bottling Co. Common Stock. Offered by Nixon, Elliott &
Co.. Denver, Colo.
20
200,000
4
100,000
380,000
10
5
375,000
5
•49.500 shs Acquisitions; impts.; wkg. capital_
15.000 Retire indebtedness; wkg.capital- _
175.000 Acquisitions; impts.; wkg. capital_
100,000 Acquis.of prop.& plant; wkg.cap'l
400,000 Improvements; working capital__
346,500
112,500
175,000
125,000
500.000
7 mkt.
7,5 mkt.
310,000 Retirebonds; working capital, &c_
40,000 Working capital; expansion, &c___
542,500
130,000
500.000 Expansion; impts.; working capital
80,000 abs Improvements; working capital_ --
1,500,000
320,000
50,000 Retire existing debt; wkg. capital
10,000 shs Improvements:working capital380,000 Improvements; working capital_ _ _
375,000 Working capital
150,000 Acquisitions
1
1)4
154 mkt.
3,4
3
4 mkt.
150,000 2shs. cl. A & lab.
cl. B for $20.
7,500 she Acquisitions
33,666 Improvements; working capital
500,000 Acquisitions; MIAs, dm
•200,000shs Acquisitions; impts...kc
244.078
500.000
1,000,000
7,4
2
5
8,599,558
Oil
60.000 Acquisition of property
150,000
Superior Oil Corp. Capital stock. Placed privately.
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No. (a) Amount
of Shares. Involved. Price.
125,000
51,000 abs
350,000
57,000
To Yield
About.
14
57 approx.
Company and Issue and by Whom Offered.
Chicago Mall Order Co. Common Stock. Offered by Wm. R. Stuart by Co., Inc., Chicago.
Norwich (N. Y.) Pharmacai Co. Capital Stock. Offered by J. C. Muirhead, Inc., New York.
407,000
•Shares of no par value. oail
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stocks are computed at their offering prices.
Rules and Regulations of Federal Trade Commission under Which Federal
Securities Act Will Be Administered.
The issuance by the Federal Trade Commission of rules
and regulations for the administration of the Federal Securities Act was noted in these columns July 8, page 250. At
the same time we gave the statement issued by the Commission on July 6 in making available the regulations. The
text of the new law as signed by President Roosevelt on
May 27, was published in our issue of June 3, page 3786.
On July 5 Associated Press advices from Washington stated:
Chairman Charles March said the first registration certificates are to
be received by the Commission July 7, and not on July 6, as originally
planned. It was considered unlikely any business would desire to file
a registration statement until the Commission's own forms were
available.
The registration does not become mandatory until July 27. Registration statements, however, must be on file 20 days before becoming
effective. Therefore, in order to sell new securities for 20 days after
July 27, companies must report their financial condition beforehand.
The Commission has 10 days after receiving a registration statement
to notify filers of any inaccuracies. It may at any time thereafter,
however, cancel the registration should it decide the statement contained
misrepresentations.
The rules and regulations as issued July 6 by the Federal
Trade Commission follow:
Federal Trade Commission-Rules and Regulations under the Securities
Act of 1933.
-The following rules and regulations
Article 1. Promulgation of Rules.
are hereby prescribed and promulgated by the Federal Trade Comthe Securities Act of 1933, and are effecmission under and pursuant to
tive from and after the date of publication. All references to sections
refer to sections of said Act.
-The office of the ComArticle 2. Business Hours of the Commission.
mission for the transaction of business under the said Act will he open at
business days between the hours of 9 a.m. and
Washington, D. C. on
4:30 p.m. except Saturday when the office will be open from 9 a.m. to
1 p.m.
-All orders of the CommisArticle 3. Signature of Commission Orders.
sion will be signed by the Secretary.
-All communications to the
Article 4. Address of the Commission.
Commission should be addressed to the Federal Trade Commission,
Washington, D. C., unless otherwise specifically directed.
Article 1. Definitions.
-(a) Unless otherwise specifically stated the
terms used ill these rules and regulations shall have the meaning defined
in the Securities Act of 1933.
(b) Registrant.
-As used In these rules and regulations, the term
"registrant" shall mean the issuer and each and every person required
by Section 6 to sign the registration statement.
Article 2. Forms.
-The registration statement shall be in the form
prescribed therefor by the Federal Trade Commission and in effect
upon the date of filing and shall contain the full and complete information required or called for by the several questions, directions, lnstruo-
Volume 137
Financial Chronicle
lions, and other requirements set forth in said form of registration
statement. The registration statement shall be on unglazed paper of
good quality and of the size prescribed by the Commission (10 x 14).
All amendments, schedules, statements, exhibits and other documents
filed in connection with or as a part of the registration statement shall,
where practicable, be on unglazed paper of good quality and of the size
prescribed for the registration statement. The text of all such documents shall be printed or typewritten, where practicable, and be in
distinct and easily readable type. All printing, typing or other markeings
used in said documents shall be in ink of a color suitable for photostating.
(Purple or red ink should therefore not be used.) Such papers shall not
be bound together except on the left hand side, and shall have a left
margin of at least one and one-half inches.
Article 3. Filing.—The registration statement and all other papers
required to be filed with the Federal Trade Commission shall be delivered
In triplicate through the mails or otherwise to the Securities Division,
Federal Trade Commission, Washington, D. C. The date on which
such papers are actually received by the Securities Division, Federal
Trade Commission, Washington, D. C., shall be the date of filing
thereof; Provided however, That all the requirements of said statute
and the rules and regulations promulgated thereunder with respect to
such filing have been complied with and the required fee paid.
Article 4. Fees.—(a) At the time of filing said registration statement
the registrant shall definitely state therein the maximum aggregate
price at which such securities are proposed to be offered and shall pay
the registration fee of one one-hundredth of one per centum based upon
such price, said fee, however, in no case to be less than $25.
(b) Any and all payments of such fees or sums shall be made by cash,
United States postal money order or certified bank check made payable
to the Disbursing Clerk of the Federal Trade Commission, Washington,
D. C.
(c) The registrant shall file with the Commission within 10 days
after the security is actually offered to the public a statement setting
forth the actual price at which the security was so offered and if ;.here
be a difference between such price and the proposed price set forth in
the registration statement a brief explanation of such difference shall
be made.
Article 5. Sale of Copies of Registered Information.—Copiea of any or
all information filed in connection with or as a part of any registration
statement will be furnished to the public upon request and upon the
payment of the charge therefor. Photostatic copies will be furnished at
the rate of 20 cents per page or typewritten copies at 15 cents per page.
Payment shall be made to the Commission at the time of ordering copies
and shall be by cash, United States postal money order or certified
bank check payable to the Federal Trade Commission. Estimates as
to prices for photostatic, mimeographed, typewritten or printed copies
of any or all such information, and the time required for their production, will be furnished to any person desiring to purchase such copies.
Article 6. Inspection of Registered Information.—The registration
statement and all information filed in connection therewith will be open
to the public for inspection and examination in the office of the Commission, Washington, D. C., during all business hours except any
portion of a contract the disclosure of which the Commission determines
would impair the value thereof and would not be necessary for the
protection of the investors.
Article 7. Filing of Additional and Supplemental Information.—The
registrant shall file in connection with the registration statement such
Information as the Commission may from time to time require and
direct as being necessary or appropriate in the public interest or for the
protection of investors.
Article 8. Effective Dates of Amendments.—(a) A registrant desiring
the Commission's consent that an amendment filed prior to the effective
date of the registration statement shall he deemed to have been filed
when such statement was filed, may apply for such consent at or before
the time of filing such amendment, which application shall be signed by
the registrant and shall state fully the grounds upon which such consent
is requested. Such consent, however, shall not he deemed to have been
given nor shall such amendment be treated as a part of the registration
statement unless and until the Commission shall have in writing so
notified the registrant.
(b) An amendment filed after the effective date of the registration
statement, which amendment upon its face appears to the Commission
not incomplete or inaccurate in any material respect, shall become
effective on such date as the Commission may determine, having due
regard to the public interest and the protection of investors.
Article 9. Signatures to Amendments.—Any and all amendments to
the registration statement shall be signed by each issuer, its principal
executive officer or officers, its principal financial officer, its comptroller
or principal accounting officer, and the majority of its board of directors
or persons performing similar functions (or, if there Is no board of
directors or persons performing similar functions, by the majority of
the persons or board having the power of management of the issuer);
and in case the issuer is a foreign or Territorial person, by its duly authorized representative in the United States; except that when such
amendment relates to a security issued by a foreign government, or
political subdivision thereof, it need be signed only by the underwriter
of such security.
Article 10. Accountants.—The Commission, unless it otherwise
specifically directs, will not recognize any person as a certified accountant
who is not duly registered and in good standing under the accounting
laws of the State, territory or country of his residence or principal office
as a certified public accountant. The Commission will not recognize
any person as a public accountant who is not duly recognized, in good
standing and entitled to practice as such under the laws of the State,
territory or country of his residence or principal office.
The Commission will not recognize any such certified accountant or
public accountant as independent if such accountant is not in fact
Independent. Unless the Commission otherwise directs, such accountant
will not be considered independent with respect to any person in whom
be has any interest, directly or indirectly, or with whom he is connected
as an officer, agent, employee, promoter, underwriter, trustee, partner,
director, or person performing similar function.
Article 11. Certifications by Accountants or Other Experts.—Any certificate by an independent certified, or public accountant with respect to
any part of the registration statement, any papers or documents used in
connection therewith,shall be dated and shall state that such accountant
or other expert has, after reasonable investigation, reasonable grounds
to believe, and does believe, at the time of the date of such certificate,
that the statements therein are true and that there is no omission to
state a material fact required to be stated therein or necessary to make
the statements therein not misleading, except as specifically noted.
If In any case such accountant or other expert is unable to satisfy
himself concerning the correctness of any item in the said part of the
registration statement, papers or documents, he shall refer to such
Items in his certificate and give appropriate explanation thereof.
389
If anything comes to the attention of such accountant or other expert,
or he obtains knowledge of any facts before the effective date of registration which would make any of the material items therein untrue or
indicate that there was an omission to state a material fact required to
be stated or necessary to make the statements therein not misleading,
he shall bring such immediately to the attention of the Commission.
In determining what constitutes reasonable investigation and reasonable grounds for belief, the standard of reasonableness shall be that
required of a person occupying a fiduciary relationship.
Where a partnership of certified or public accountants certifies to a
registration statement or any part thereof or any document used in
connection therewith, the certificate shall be signed with the partnership
name and by a member thereof.
Article 12. Contents of Prospectus.—The information set forth in the
prospectus, including ffnancial statements,except as to the latest balance
sheet and the profit and loss statement for the latest fiscal year, may be
expressed in a condensed or summarized form and need not follow the
numerical sequence of the items of information required in the registration statement, provided that such condensation and rearrangement
shall not omit any item of information which may be material or may
be necessary in order that the other statements contained in such prospectus shall not be misleading. There shall be inserted in a conspicuous
part of the prospectus, and in type as large as that used in the body
thereof, the following statement:
Copies of the registration statement on file with the Federal Trade
Commission may be procured from the Commission upon payment of the
legal charge therefor. Neither the fact that such registration statement
has been filed with the Commission, nor the issuance of this prospectus
under the rune or regulations prescribed, shall be deemed a finding by the
Commission that this prospectus is true and accurate on its face, or omits
to state a material fact or to mean that the Commission has in any way
passed upon the merits of, or given approval to, such prospectus or the
security mentioned therein.
Subject to the foregoing provisions there may be omitted from a
prospectus the following items of information contained in the registration statement:
(1) If the registration form A-1 is filed as to any issuer or security:
9. 17, 18, 23 except as to the issue for which the registration statement is
filed; 28, 29 as of a date approximately one year prior to the filing of
registration; 31 except as to principal underwriters; 36, 37, 38, 39, 46,
48, 49, 51 except the last balance sheet and last profit and loss state
ment; 52 except that the number of subsidiaries and affiliates shall
be stated; 54 except as to latest balance sheet; 55 except as to latest
profit and loss statement; 56, all supporting schedules to balance sheets
and profit and loss statements, and all exhibits.
(2) If the registration form B-1 is filed as to any issuer or security.
(3) If the registration from C-1 is filed as to any issuer or security.
(4) If the registration form D-1 is filed as to any issuer or security.
All information required by this rule to be included in a prospectus
shall be placed in a conspicuous part of the prospectus in type as large as
that generally used in the body of the prospectus.
The registrant shall file with the prospectus a complete reconciliation
and tie of all data shown in the prospectus with that shown in the
registration statement.
Article 13. Prospectuses.—(a) Five copies of the form of prospectus
proposed to be issued with respect to a security shall be filed with the
registration statement. The Commission shall be notified of the price
and date to be inserted in the prospectus prior to the date of the public
offering.
(b) No prospectus purporting to comply with the requirements of
Section 10 shall be used unless and until five copies of such form of
prospectus shall have been filed with the Commission.
(c) In a case where a prospectus consists of a radio broadcast such
prospectus shall be reduced to writing and five copies thereof shall be
filed by the user of such prospectus with the Commission at least five
days before such prospectus is to be broadcast or otherwise issued to the
public.
(d) Each prospectus and form of prospectus shall have the date on
which it is to be issued printed in a conspicuous place.
Article 14. Computation of Time.—Unless otherwise required, the
following rules shall govern in computing time under Section 8.
(a) Sundays and legal holidays shall be counted in the same respect
as business days.
(b) In computing the effective date of the registration statement such
date shall be the 20th day after the filing of said statement, counting
the next day after the filing thereof as the first of said 20 days.
(c) In computing the effective date of the registration statement in
the case of securities of any foreign public authority, which has continued the full service of its obligations in the United States, the proceeds
of which are to be devoted to the refunding of obligations payable in
the United States (as provided in Subsection [a] of said Section 8), the
effective date shall not be before seven full days have elapsed after the
filing of such registration statement, counting the next day after the date
of filing as the first of said seven days.
(d) In computing the number of days of notice of hearing, the next
day after the date of sending confirmed telegraphic notice, or the next
day after the date of personal service of such notice shall be counted as
the first day of the respective period within which opportunity for
hearing is to be accorded as provided in Subsections (b) and (c) of said
Section 8.
Article 15. Application for Waiver or Written Consent under Section 7.—
In Section 7 it is proved that:
If any such person is named as having prepared or certified a
or valuation (other than a public official document or statement) report
which
is used in connection with the registration statement, but is not named as
having prepared or certified such report or valuation for use in connection
with the registration statement, the written consent of such person shall
be filed with the registration statement unless the Commission dispenses
with such filing as impracticable, or as involving undue hardship on the
person filing the registration statement.
Application to the Commission for dispensing with such written consent
shall state the grounds on which such application is based and be supported by affidavit covering all the material facts and showing specifically why the obtaining of such written consent is impracticable or
Involves undue hardship on the person filing the registration statement.
Such application shall be filed and consent of the Commission obtained
prior to the filing of the registration statement.
Article 16. Gold Obligations.—When the issuer continues to sell subsequent to July 26 1933 securities which in compliance with the provisions
of the Indenture (mortgage) purports to give the obligee the right to
require payment in gold coin or a particular kind of coin or currency of
the United States, such security shall have printed in type, the size
and kind used on the face of the security, a statement substantially as
follows:
The within provision that the principal of and interest on this bond is
payable in gold coin of the United States of America of thewas
standarddof
de
weight and fineness existing on the
day of
therein in compliance with the terms of the within described indenture
390
Financial Chronicle
(mortgage) which was executed prior to the approval, on June 5 1933. of
Public Resolution No. 10 of the 73rd Congress. Specific attention is called
to the fact that said Public Resolution provides in part as follows:
"Every obligation heretofore or hereafter incurred whether or not any
such provision is contained therein or made with respect thereto shall be
discharged upon payment dollar for dollar in any coin or currency which
at the time of payment is legal tender for public and private debts."
Article 17. Hearings by the Commission.—All hearings shall be public
and may be held before the Commission or an officer or officers of the
Commission designated by it, and appropriate records thereof shall be
kept. Unless otherwise directed, the place of hearing will be the office
of the Federal Trade Commission in Washington, D. C. All proper
parties entitled to be heard at such hearings may appear in person or
by counsel or other duly authorized representative.
Article 18. Appearance of Counsel or Other Duly Authorized Representative.—Any person appearing as counsel or representative of any registrant
for the transaction of any business before the Commission under said
Act shall thereupon file with the Commission in writing due authorization to act as such counsel or representative.
Article 19. Rules.—The Commission may from time to time make,
amend, rescind or add to the rules and regulations herein described.
The foregoing rules and regulations of the Federal Trade Commission
are hereby published on this 6th day of July, 1933 and are effective
from and after said date.
By the Commission:
CHARLES H. MARCH, Chairman,
Attest:
OTIS B. JOHNSON, Secretary.
Federal Securities Act—Underwriters Said to Be
Reluctant to Assume Obligations Imposed by
Measure—Liability Clause Drastic.
Stating that the investment banking fraternity has
received the official rules and regulations from the Federal
Trade Commission governing the issuance of new securities
under the Federal Securities Act and is prepared to make the
July 15 1933
best of a situation regarded with some misgivings by those
bankers, the New York "Times" of July 9, added:
The Act became a law on May 27, when it was signed by the President,
but it does not apply to the registration and issuance of new securities
actually sold before July 27.
Thus of the 60 days of grace about two and one-half weeks remain.
However,the rush to register new securities for public offering subsequent
to July 27 has begun, with investment trusts leading. Indications are
that the Federal Trade Commission's facilities will be taxed, particularly
as the registration blanks have not yet been printed.
In brief, the procedure from now on calls for two essential performances:
First, the filing of a registration statement with the Federal Trade
Commission jointly by the issuing company and the underwriters,
giving all details and omitting no essential fact.
Second, furnishing every buyer of a securitY issued after July 27 with
a prospectus of that security which must be substantially the same, as
it relates to important points, as the registration information.
Registration is not Approval.
The Federal Trade Commission makes clear the point that although
a new issue may be registered with the Commission and such registrating
be accepted as complete, it shall not be construed in any way that the
merits of the security shall have been approved by the Commission. In
fact, every prospectus must contain a statement to that effect.
In investment banking circles, however, the point is made that as the
Commission has the power to stop the sale of any proposed new security,
stock or bond, the public is likely to take the view that all new issues not
halted by the Commission will be deemed sound and safe. Herein, it is
argued, lies the principal weakness of the law.
Section 4 of the Securities Act makes a distinction between underwriting and trading in securities. All transactions, it is interpreted, are
exempt except by an issuer, underwriter or dealer. Transactions by
dealers within one year after a new issue is marketed are not exempt,
but after a year such dealer transactions are exempt except where unsold
portions of an original underwriting are concerned.
President Roosevelt Signs Cotton Textile Code as First Pact Approved Under Na..
tional Industrial Recovery Act—Agreement Abolishes Child Labor, Establishes
40-Hour Week and Minimum Wage Scale—President Praises Cotton Industry,
Says He "Can Think of No Greater Achievement in Co-operation."—Statement by Hugh S.Johnson.
The code of fair competition in the cotton textile industry,
prepared under the provisions of the National Industrial
Recovery Act, was signed by President Roosevelt on July 9.
The code itself will become operative on July 17. The defnite approval of the code by the Administration, although
expected, was of particular importance because this is the
first of the codes for major industries to be so approved, and
hence in some respects it will doubtless constitute a guide on
which other codes may be based. Among the most important
provisions of the cotton textile code is the abolishment of
child labor in the industry (minors under 16 years of age are
barred from employment), the establihment of a 40
-hour
week and the fixing of minimum wages at $12 weekly in the
South and $13 in the North. In announcing his approval of
the agreement, President Roosevelt stipulated several
important modifying conditions, including an order that
Negro and other unclassified labor shall receive higher wages
after January 1934. After he had approved the code the
President issued the following statement:
I have just approved the textile code subject to certain modifying
conditions, clarifying but not greatly affecting the proposals as submitted.
Many significant circumstances attend this result:
Child labor in this industry is here abolished. After years of fruitless
effort and discussion, this ancient atrocity went out in a day, because
this agreement permits employers to do by agreement that which none
of them could do singly and live in competition.
In the eyes of the whole public, there was a great conference among
the very leaders of our industries, labor and social service, presided over
by government. It considered the most controverted questions in the
whole economic problem, wages and hours of labor, and has brought
that question to a definite conclusion. It dealt with facts and facts
only.
There was not one word of accusation, and, most unthinkable of all,
it arrived at a solution which has the unanimous approval of those conferring leaders on all three sides of the issue.
I know of nothing further that could have been done. I can think
of no greater achievement of co-operation, mutual understanding and
good-will.
It would be unfair to omit a word of commendation for this great
Industry. It has proved itself a leader of a new thing in economics and
government. That took faith, courage and patriotism of the highest
order. They have their reward in the result they have achieved and the
example they have given.
The code approved by the President places 77% of the
cotton textile industry under regulation as to hours and
minimum wages; the 23% of the mills which did not at first
agree to the code will have an opportunity to accept its
terms, and if they fail to do so they may be licensed and thus
forced to comply with its provisions. Previous references
to the code were contained in our issues of June 24 (page
4386 and 4387), July 1 (page 63) and July 8 (pages 247 and
248.) After President Roosevelt had given the code his
formal approval on July 9, General Hugh S. Johnson,
Recovery Administrator, issued the following statement:
After the President's statement on signing the textile code there IS
nothing more to be said except to thank the men who did most to make
It possible, and this I am directed by the President and in his name to do.
In the industry George A. Sloan, Nelson Slater and R. T. Stevens
have worked for months on this job and, while they had the active
support of all the leaders, they have devoted their days and nights for
weeks to attain this end.
For the administration Dr. Alexander Sachs, whose analyses have
largely governed our conclusions, and William H. Allen, who conducted
the hearing, are entitled to the whole credit for an able and tactful conduct of negotiations and hearings which produced the final result.
The restraint, undertstanding and co-operation of both labor and
industrial representatives were a marked feature of all the proceedings,
and the close personal support and advice of the great labor leaders,
William Green, John Frey, John L. Lewis, Joseph Franklin, Sidney
Hillman, Edward McGrady, Father Haas and Rose Schneiderman, were
as constantly with us as were those of such great industrial leaders as
Gerard Swope, Edward Hurley, Louis Kirstein, Alfred Sloan, William
Veeren, David Coker and Austin Finch.
Equally devoted were the services of such scientific men as Leo Wolman, William Ogburn and the whole consumers group headed by Mrs.
C. C. Rumsey.
This job and all the work of this administration is an education of
what team-work in government can do. This administration has had
the constant and active support of the whole Cabinet,and while naturally,
in view of the subject mater, Secretaries Roper and Perkins have been
most active, we have had the aggressive backing of the Attorney General
in the Department of Justice and Chairman March of the Federal Trade
Commission and the advice and the co-operation of Secretary Ickes and
Louis Douglas. You can't do a job like this without the whole team and
the strong hand of a great leader at your shoulder every minute of the day.
In submitting the cotton textile code to the President,
General Johnson attached a detailed report in which he
reviewed the developments at the public hearings on the
codes. In discussing the promise of the industry to abolish
child labor, he said:
Increases in the $10 and $11 wage scales originally proposed to $12
and $13, and the elimination of child labor, were provided for in amendments adopted during the hearing.
Of course, the most dramatic and significant development was the
voluntary proposal by the industry to abolish child labor. This resulted
less from the hearings than from the intendments of the act itself.
This resulted from the President's own concept that a minimum wage
applied without distinction as to age would automatically eliminate
child labor and it did.
The reason why this ancient atrocity could be so easily killed, notwithstanding Its tenacity of life against 25 years of attack, was also
intrinsic in the President's idea that employeers would be glad to do much
by general agreement that no single employeer would dare to do
separately.
In discussing the new minimum wage scales for the
industry, General Johnson's report said:
Applying the proposed minimum of $13 for the North and $12 for the
South, to the wage distribution payrolls of typical mills, it has been
calculated by the division of research that the average mill wages
throughout the country would be increased about 30%, and hours
reduced over 25%.
Volume 137
Financial Chronicle
This proposed minimum wage was in turn tested from the point of
dew of management by relating it to the "mill-margin," that is to say,
to the difference between the price of finished cotton goods per pound
and the cost of raw materials, inclusive of power.
Being partially subject to adjustment by management (as opposed to
raw material costs which are determined by outside forces) the "millmargin" (under given conditions of material costs) is some measure of
the extent to which a wage increase is supportable.
While the proposed increased minimum wage and lower working hours
will raise labor costs somewhat above the 50% ratio of wages to "mill
-
391
margin" that existed between 1923-1929, there has recently occurred a
marked improvement in "mill-margin" back to conditions of profitable
operations. Therefore the increased wages could now be absorbed with
only a small increase in price to the consumer.
Elsewhere in this issue of our paper we give the executive
order of President Roosevelt approving and putting into
effect the textile code; the code itself likewise appears in
another column in this week's issue of our paper.
Executive Order of President Roosevelt Approving Cotton Textile Code under
National Industrial Recovery Act— Interpretations and Conditions under
Which Code Is Made Effective.
As we note in another item in this issue of our paper,
President Roosevelt signed on July 9 the code of fair competition in the cotton textile industry prepared under the
provisions of the National Industrial Recovery Act. In
approving the Code, which is to become effective July 17,
the President issued a statement commending the industry
for its co-operation with the Administration, and this
statement is given in the item referred to. The President's
Executive order approving the Cotton Textile Code embodies
interpretations and conditions under which the Code is
made effective. The President states therein that "this
approval is limited to a four months' period with the right
to ask for a modification at any time and subject to a request for renewal for another four months at any time
before its expiration." The President's Executive order
follows:
NATIONAL RECOVERY ADMINISTRATION.
Code Approval No. 1.
The Cotton Textile Code, a stenographic transcript of the hearing
thereof, a report and recommendations of the National Recovery Administration thereon (including a special statistical analysis of the
Industry by the Division of Planning and Research), and reports showing
unanimous approval of such report and recommendations by each of
the Labor Advisory Board, the Industrial Advisory Board and the
Consumers' Advisory Board, having been submitted to the President,
the following are his orders therein:
In accordance with Section 3(a), National Industrial Recovery
Act, the Cotton Textile Code submitted by duly qualified trade associations of the cotton textile industry on June 16 1933, in full compliance
with all pertinent provisions of that Act, is hereby approved by the
President subject to the following interpretations and conditions:
1. Limitations on the use of productive machinery shall not apply
to production of tire yarns or fabrics for rubber tires for a period of three
weeks after this date.
2. The Planning Committee of the industry, provided for in the
Code, will take up at once the question of employee purchase of homes
In mill-villages, especially in the South, and will submit to the Administration before Jan. 1 1934 a plan looking toward eventual employee
home-ownership.
Interpretation of Minimum Wage and azimum Hour Provisions.
3. Approval of the minimum wages proposed by the Code is not to
be regarded as approval of their economic sufficiency, but is granted
In the belief that, in view of the large increase in wage payments provided by the Code, any higher minima at this time might react to reduce
consumption and employment, and on the understanding that if and
as conditions improve the subject may be reopened .with a view to
increasing them.
4. That office employees be included within the benefits of the Code.
5. The existing amounts by which wages in the higher-priced classes,
up to workers receiving $30 per week, exceed wages in the lowest paid
classes, shall be maintained.
6. While the exception of repair shop crews, engineers, electricians
and watching crews from the maximum-hour provisions is approved,
It is on the condition that time and one-half be paid for overtime.
7. While the exception of cleaners and outside workers is approved
for the present, it is on condition that the Planning and Supervisory
Committee provided by Section 6 prepare and submit to the Administration, by Jan. 1 1934, a schedule of minimum wages and of maximum
hours for these classes.
8. It is interpreted that the provisions for maximum hours establish
a maximum of hours of labor per week for every employee covered, so
that under no circumstances will such an employee be employed or
permitted to work for one or more employers in the industry in the
aggregate in excess of the prescribed number of hours in a single week.
9. It is interpreted that the provisions for a minimum wage in this
Code establish a guaranteed minimum rate of pay per hour of employment regardless of whether the employee's compensation is otherwise based on a time rate or upon a piecework performance. This
is to avoid frustration of the purpose of the Code by changing from
hour to piece-work rules.
10. Until adoption of further provisions of this Code necessary to
prevent any improper speeding up of work to the disadvantage of employees ("stretch outs") and in a manner destructive to the purposes
of the National Industrial Recovery Act, it is required that any and all
increases in the amount of work or production required of employees
over that required on July 1 1933 must be submitted to and approved
by the agency created by Section 6 of the Code and by the Administration, and if not so submitted such increases will be regarded as a
prima fade violation of the provision for minimum wages.
Further Hearings Provided.
11. The Code will be in operation as to the whole industry, but opportunity shall be given for administrative consideration of every
application of the Code in particular instances to any person directly
affected who has not in person or by a representative consented and
agreed to the terms of the Code. Any such person shall be given an
Opportunity for a hearing before the Administrator or his representative
and for a stay of the application to him of any provision of the Code,
prior to incurring any liability to the enforcement of the Code against
him by any of the means provided in the National Industrial Recovery
Act, pending such hearing. At such hearing any objection to the
application of the Code in the specific circumstances may be presented
and will be heard.
12. This approval is limited to a four months' period with the right
to ask for a modification at any time and subject to a request for renewal for another four months at any time before its expiration.
13. Section 6 of the Code is approved on condition that the Administration be permitted to name three members of the Planning and Supervisory Committee of the industry. Such members shall have no vote.
but in all other respects shall be members of such Planning and Supervisory Committee.
(Signed) FRANKLIN D. ROOSEVELT.
Text of Cotton Textile Code under National Industrial Recovery Act.
We give herewith (as made public by the Cotton-Textile
Institute, Inc., of New York City) the Code of Fair Competition for the cotton textile industry, under the provisions of the National Industrial Recovery Act:
To effectuate the policy of Title I of the National Industrial Recovery
Act, during the period of the emergency, by reducing and relieving
unemployment, improving the standards of labor, eliminating competitive practicea destructive of the interests of the public, employee and
employers, relieving the disastrous effects of over-capacity, and otherwise rehabilitating the cotton textile industry and by increasing the
consumption of industrial and agricultural products by increasing
purchasing power, and in other respects, the following provisions are
established as a Code of fair competition for the cotton textile industry:
Definitions.
I. The term "cotton textile industry" as used herein is defined to
mean the manufacture of cotton yarns and(or) cotton woven fabrics,
whether as a final process or as a part of a larger or further process.
The term "employees" as used herein shall include all persons employed
In the conduct of such operations. The term "productive machinery"
as used herein is defined to mean spinning spindles and(or) looms.
The term "effective date" as used herein is defined to be July 17 1933,
or if this Code shall not have been approved by the President two weeks
prior thereto, then the second Monday after such approval. The term
"persons" shall include natural persons, partnerships, associations
and corporations.
II. On and after the effective date, the minimum wage that shall
be paid by employers in the cotton textile industry to any of their
employees—except learners during a six weeks' apprenticeship, cleaners
and outside employees—shall be at the rate of $12 per week when employed in the Southern section of the industry and at the rate of $13
per week when employed in the Northern section for 40 hours of labor.
TIT. On and after the effective date, employers in the cotton textile
Industry shall not operate on a schedule of hours of labor for their em-
ployees—except repair shop crews, engineers, electricians, firemen,
office and supervisory staff, shipping, watching and outside crews,
and cleaners—in excess of 40 hours per week and they shall not operate
productive machinery in the cotton textile Industry for more than two
shifts of 40 hours each per week.
IV. On and after the effective date, employers in the cotton textile
Industry shall not employ any minor under the age of 16 years.
V. With a view to keeping the Pre3ident informed as to the observance
or non-observance of this Code of Fair Competition, and as to whether
the cotton textile industry is taking appropriate steps to effectuate the
declared policy of the National Industrial Recovery Act, each person
engaged in the cotton textile industry will furnish duly certified reports
in substance as follows and in such form as may hereafter be provided:
(a) Wages and Hours of Labor.—Returns every four weeks showing
actual hours worked by the various occupational groups of employees
and minimum weekly rates of wages.
(b) Machinery Data.—In the case of mills having no looms, returns
should be made every four weeks showing the number of spinning
spindles in place, the number of spinning spindles actually operated
each week, the number of shifts, and the total number of spindle hours
each week. In the case of mills having no spinning spindles, returns
every four weeks showing the number of looms in place, the number of
looms actually operated each week. the number of shifts and the total
number of loom-houry:. each week. In the case of mills that have spinning
spindles and looms, returns every four weeks showing the number of
spinning spindles and looms in place; the number of spinning spindles
and looms actually operated each week, the number of shifts and the
total number of spindle-hours and loom-hours each week.
(c) Reports of Production, Stocks and Orders.—Weekly returns showing
production in terms of the commonly used unit, i.e., linear yards, or
pounds or pieces; stocks on hand, both sold and unsold, stated in the
same terms, and unfilled orders, stated also in the same terms. These.
returns are to be confined to staple constructions and broad divisions
of cotton textiles.
The Cotton-Textile Institute, Inc., 320 Broadway, New York City,
Is constituted the agency to collect and receive such reports.
392
Financial Chronicle
VI. To further effectuate the policies of the Act, the Cotton Textile
Industry Committee, the applicant herein, or such successor committee or committees as may hereafter be constituted by the action
of the Cotton Textile Institute, the American Cotton Manufacturers'
Association and the National Association of Cotton Manufacturers,
is set up to co-operate with the Administrator as a planning and fair
practice agency for the cotton textile industry. Such agency may from
time to time present to the Administrator recommendations based on
conditions in the industry as they may develop from time to time which
will tend to effectuate the operation of the provisions of this Code
and the policy of the National Industrial Recovery Act, and in particular
along the following lines:
1. Recommendations as to the requirement by the Administrator
of such further reports from persons engaged in the cotton textile industry of statistical information and keeping of uniform accounts as
may be required to secure the proper observance of the Code and promote the proper balancing of production and consumption and the
stabilization of the industry and employment.
2. Recommendations for the setting up of a service bureau for engineering. accounting, credit, and other purposes to aid the smaller mills
In meeting the conditions of the emergency and the requirements of
this Code.
3. Recommendations (1) for the requirement by the Administrator
of registration by persons engaged in the cotton textile industry of their
productive machinery; (2) for the requirement by the Administrator
that prior to the installation of additional productive machinery by persons engaged or engaging in the cotton textile industry, except for the
replacement of a similar number of existing looms or spindles or to bring
the operation of existing productive machinery into balance, such
persons shall secure certificates that such installation will be consistent
with effectuating the policy of the National Industrial Recovery Act
during the period of the emergency, and (c) for the granting or withholding by the Administrator of such certificates is so required by him.
4. Recommendations for changes in, or exemptions from the provisions of this Code as to the working hours of machinery which will
tend to preserve a balance of productive activity with consumption
requirements, so that the interests of the industry and the public may
be properly served.
5. Recommendations for the making of requirements by the Administrator as to practices by persons engaged in the cotton textile Industry
as to methods and conditions of trading, the naming and reporting of
prices which may be appropriate to avoid discrimination, to promote
the stabilization of the industry, to prevent and eliminate unfair and
destructive competitive prices and practices.
6. Recommendations for regulating the disposal of distress merchandise in a way to secure the protection of the owners and to promote
sound and stable conditions in the industry.
7. Recommendations as to the making available to the suppliers of
credit to those engaged in the industry of information regarding terms
of, and actual functioning of any or all of the provisions of the Code,
the conditions of the industry and regarding the operations of any and
all of the members of the industry covered by such Code to the end that
during the period of emergency available credit may be adapted to the
needs of such industry considered as a whole and to the needs of the
small as wel as the large units.
8. Reco mendations for dealing with any inequalities that may
otherwi /se to endanger the stability of the industry and of producal' tion a e ployment.
July 15 1933
Such recommendations, when approved by the Administrator, shall
have the same force and effect as any other provisions of this Code.
Such agency is also set up to co-operate with the Administrator in
making investigations as to the functioning and observance of any
of the provisions of this Code, at its own instance or on complaint by
any person affected, and to report the same to the Administrator.
Such agency is also set up for the purpose of investigating and informing the Administrator on behalf of the cotton textile industry as
to the importation of competitive articles into the United States in
substantial quantities or increasing ratio to domestic production on
such terms or under such conditions as to render Ineffective or seriously
to endanger the maintenance of this Code and as an agency for making
complaint to the President on behalf of the cotton textile industry,
under the provisions of the National Industrial Recovery Act, with
respect thereto.
VII. Where the costs of executing contracts entered into in the cotton
textile industry prior to the presentation to Congress of the National
Industrial Recovery Act are increased by the application of the provisions of that Act to the Industry, it is equitable and promotive of the
purposes of the Act that appropriate adjustments of such contracts
to reflect such Increased costs be arrived at by arbitral proceedings or
otherwise, and the Cotton Textile Industry Committee, the applicant
for this Code, is constituted an agency to assist in effecting such adjustments.
VIII. Employers in the cotton textile industry shall comply with the
requirements of the National Industrial Recovery Act as follows: "(1)
That employees shad have the right to organize and bargain collectively
through representatives of their own choosing, and shall be free from
the interference, restraint, or coercion of employers of labor, or their
agents. in the designation of such representatives or in self-organization
or in other concerted activities for the purpose of collective bargaining
or other mutual aid or protection; (2) that no employee and no one
seeking employment shall be required as a condition of employment
to join any company union or to refrain from joining, organizing, or
assisting a labor organization of his own choosing, and (3) that employers shall comply with the maximum hours of labor, minimum rates
of pay, and other conditions of employment, approved or prescribed
by the President."
IX. This Code and all the provisions thereof are expressly made
subject to the right of the President, in accordance with the provision
of Clause 10(b) of the National Industrial Recovery Act, from time to
time to cancel or modify any order, approval, license, rule, or regulation,
Issued under Title I of said Act, and specifically to the right of the
President to cancel or modify his approval of this Code or any conditions
imposed by him upon his approval thereof.
X. Such of the provisions of this Code as are not required to be
included therein by the National Industrial Recovery Act may, with
the approval of the President, be modified or eliminated as changes
In circumstances or experience may indicate. It is contemplated that
from time to time supplementary provisions to this Code or additional
codes will be submitted for the approval of the President to prevent
unfair competition in price and other unfair and destructive competitive
practices and to effectuate the other purposes and policies of Title I
of the National Industrial Recovery Act consistent with the provisions
hereof.
The approval of the Code by President Roosevelt is noted
in another item in this issue of our paper.
eit of Farm Credit Act of 1933—Provides for Establishment of Twelve Production Credit Corporations—Also Banks for Co-Operatives and Central Bank
for Co-Operatives—Creates Revolving Fund of Not Exceeding $120,000,000
One of the measures enacted at the recent Session of
Congress, and signed June 16 by President Roosevelt, bears
the designation "Farm Credit Act of 1933." The bill was
one introduced late in the Session (May 25) and an item
indicating that it passed the House on May 31 appeared
in our issue of June 3, page 3831. On June 10 it passed
the Senate in amended form; conferees were immediately
named to adjust the differences between the House and
Senate, and on June 10 both the House and Senate agreed
to the conference report. Among other things, provision
is made in the Act for the centralization in the Farm Credit
Administration of all Federal farm credit agencies. Under
the Act provision is also made for the organization of 12
corporations, to be known as "Production Credit Corporations," and 12 banks, to be known as "Banks for Cooperatives." These banks and corporations are to be
established in each city in which a Federal Land Bank is
located. As was stated in our June 3 issue, a revolving
credit of $120,000,000 is created under the Act, $80,000,000
being obtained from unexpended appropriations and
$40,000,000 is authorized to be appropriated "out of any
money in the Treasury not otherwise appropriated." Each
of the 12 corporations is authorized to supervise and finance
local credit associations, which would be established to
enable farmers to borrow for general agricultural purposes.
The 12 Production Credit Associations would not supply
direct loans to the farmer, but would provide the capital
for the local associations. The Governor of the Farm
Credit Administration is empowered to establish a corporation to be known as the Central Bank for Co-operatives,
with headquarters in Washington, with regional banks, as
noted above, in each of the Federal Land Bank districts.
These banks are empowered to make loans on a business
basis to local co-operatives under regulations approved by
the Governor of the Farm Credit Administration. The
text of the measure as signed by President Roosevelt follows:
[H. R. 5790]
AN ACT
To provide for organizations within the Farm Credit Administration,
to make loans for the production and marketing of agricultural
products, to amend the Federal Farm Loan Act, to amend the
Agricultural Marketing Act, to provide a market for obligations
of the United States, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled,
TITLE I.
Section 1. This Act shall be known as the "Farm Credit Act of 1933."
Establishment of Production Credit Corporations and Banks for Co-operatives.
Sec. 2. The Governor of the Farm Credit Administration, hereinafter in this Act referred to as the "Governor," is authorized and directed
to organize and charter 12 corporations to be known as "Production
Credit Corporations" and 12 banks to be known as "Banks for Cooperatives." One such Corporation and one such Bank shall be established in each city in which there is located a Federal Land Bank.
The directors of the several Federal Land banks shall be ex-officio the
directors of the respective Production Credit Corporations and Banks
for Co-operatives. Such directors shall have power, subject to the
approval of the Governor, to employ and fix the compensation of such
officers and employees of such Corporations and Banks as may be necessary to carry out the powers and duties conferred upon such Corporations and Banks under this Act.
Charters and By-Laws.
Sec. 3. The charters of the Production Credit Corporations and the
Banks for Co-operatives shall be granted by the Governor upon application of the directors of the Federal Land Bank of the proper district,
and applications and charters shall be in such form as the Governor
shall prescribe. The directors shall have power, subject to the approval of the Governor, to adopt such by-laws as may be necessary
for the conduct of the business of the Corporations and Banks. rY
Capital of Production Credit Corporations.
Sec. 4. The capital stock of each Production Credit Corporation shall
be in such amount as the Governor determines Is required for the purpose of meeting the credit needs of the district to be served by such
Corporation, and such amount may be increased or decreased from time
to time by the Governor in accordance with such credit needs. Such
capital stock shall be divided into shares of $100 each. The initial
capital stock of each such Corporation shall be $7,500,000, which shall
be subscribed for by the Governor and held by him on behalf of the
United States. Payments on subscriptions to stock by the Governor
shall be subject to call in whole or In part by the board of directors of
the Corporation with the approval of the Governor. The Governor
shall make such payments out of the revolving fund created in Sec. 5.
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Financial Chronicle
The stock ownership of the United States in such Corporation shall
be evidenced by such means as the Governor shall determine.
Revolving Fund and Appropriation.
Sec. 5. (a) There is hereby created a revolving fund of not to exceed
$120,000,000 which shall be made up as follows:
(1) The Reconstruction Finance Corporation is authorized and
directed to make available to the Governor of the Farm Credit Administration all unobligated balances of the following funds and all sums
heretofore returned or released to the Corporation from such funds:
(a) Any balances of funds for, and all collections on loans by, the Secretary of Agriculture pursuant to Section 2 of the Reconstruction Finance
Corporation Act be amended;
(b) All collections on loans made or to be made pursuant to the Act
of Feb. 4 1933 (Public, No. 327, 73d Congress):
(c) All balances of funds authorized and directed to be made available
to the Secretary of Agriculture by such Act and not used for loans pursuant thereto, and
(d) Any balances of the funds originally directed to be allocated and
made available to the Secretary of Agriculture by such Acts except as
expended pursuant to Subsection (e) of Section 201 of the Emergency
Relief and Construction Act of 1932.
(2) There are hereby made available to the Governor of the Farm
Credit Administration all unobligated balances of appropriations and
funds available thereunder to enable the Secretary of Agriculture to
make advances or loans under the following Acts and resolutions, and
all repayments of such advances and loans: March 3 1921 (41 Stat.
1347), March 20 1922 (42 Stat. 467), April 26 1924 (43 Stat. 110),
Feb. 28 1927 (44 Stat. 1251), Feb. 25 1929 (45 Stat. 1306), as amended
May 17 1929 (46 Stat. 3), March 3 1930 (46 Stat. 78, 79), Dec. 20 1930
(46 Stat. 1032), as amended Feb. 14 1931 (46 Stat. 1160), and Feb.
23 1931 (48 Stat. 1276), and Public Resolution No. 11, 72d Congress,
approved March 3 1932.
(3) There is hereby authorized to be appropriated the sum of 840,000,000 out of any money in the Treasury not otherwise appropriated.
(b) There Is hereby authorized to be appropriated the sum of 82,000,000, which shall remain available until expended, for all necessary
administrative expenses in connection with the establishment and
supervision of the Production Credit Corporations and the Production
Credit Associations.
(c) The authority of the Governor of the Farm Credit Administration
to allocate and expend out of the funds covered by subsection (a) of
this section such amounts as he shall deem necessary for salaries, expenses, and all other administrative expenditures in the execution of
the functions for which such funds have hitherto been available shall
not be deemed to be restricted by this section.
(d) The authority to make loans during the calendar year 1933 pursuant to the Act of Feb. 4 1933 (Public, No. 327, 73d Congress), as
amended, out of funds made available by that Act shall not be deemed
to be restricted by this section.
Stock Ownership of Production Credit Corporations in Production Credit
Associations.
Sec. 6. (a) Each Production Credit Corporation shall have power
to invest its funds in stock of production credit associations as provided in this section. Such Corporation is authorized to subscribe and
pay for class A stock in each Production Credit Association located in
the district served by such Corporation in amounts sufficient to maintain the amount of class A stock held by it and other holders of class A
stock equal, as nearly as may be, to 20% of the volume of loans made
or to be made by such association, as estimated by the Corporation,
but at no time shall the amount of class A stock outstanding be less
than 85,000 except with the consent of the association. Notwithstanding
the provisions of the preceding sentence, (1) the Governor, under rules
and regulations prescribed by him, may permit a Production Credit
Corporation to maintain the class A holdings of stock by the Corporation and other investors at such amount, in excess of 20% of such loans,
as may be necessary, and (2) the Corporation may at any time require
the association to retire and cancel stock held by the Corporation in
such association, if, in the judgment of the Corporation, the association
has resources available therefor.
(b) Under such rules and regulations as may be prescribed by the
Governor and subject to such restrictions and limitations as he may
prescribe, each Production Credit Corporation is authorized to subscribe and pay for stock in production credit associations not organized
under this Act if such associations are controlled by co-operative associations as defined in Sec. 55. Only stock which is preferred as to
assets on liquidation and is entitled to participate in dividend distributions without discrimination may be subscribed for. The amount
of the stock subscribed for by any Production Credit Corporation in
any such association shall not at any one time exceed 75% of the total
paid-in capital of such association.
(c) The amount of the excess of earnings on stock held by the Corporation above amounts necessary to pay operating expenses and restore
losses and impairment of capital, if any, of the Corporation shall be devoted to the creation and maintenance of a surplus equal to at least
25% of the paid-in capital of the Corporation. The amount of the
surplus shall be invested as the Governor shall prescribe in direct obligations of the United States or in class A stock of Production Credit
Associations, or both.
(d) The amount of such excess of earnings not required in order to
comply with the provisions of subsection (c) shall be paid into the revolving fund heretofore authorized. Stock held by the Governor in
the Production Credit Corporation shall be retired upon such payment
in an amount equal to the amount of such payment.
TITLE II.—PRODUCTION CREDIT ASSOCIATIONS.
Establishment of Production Credit Associations.
Section 20. The Governor is authorized and directed to organize
and charter corporations to be known as "Production Credit Associations." Such associations may be organized by 10 or more farmers
desiring to borrow money under the provisions of this title. Such
Individuals shall enter into articles of incorporation which shall specify
In general terms the objects for which the association is formed and
the powers to be exercised by it in carrying out the functions conferred
upon it by this Act. Such articles shall be signed by the individuals
uniting to form the association and a copy thereof shall be forwarded
to the Production Credit Corporation of the district, and such copy shall
be filed and preserved in its office. The Governor may, for good cause
shown, deny a charter to such individuals. Upon the approval of such
articles by the Governor, the association shall become as of the date of
such approval a body corporate. The Governor shall have power,
under rules and regulations prescribed by him, or by prescribing the
terms of the charter of the association, or both, to provide for the organization, management, and conduct of the business of the association;
and the power of the Governor shall extend to prescribing the amount
of the stock of such association; fixing the territory within which its
393
operations may be carried on; fixing the method of election and appointment of, and the amount and payment of the compensation of,
directors, officers and employees; fixing the maximum amount of individual loans which may be made; prescribe the conditions under which
the stock may be retired; and providing for the consolidation of two
or more such associations. The Governor may, at any time, direct
such changes in the charter of any such association as he finds necessary
In accomplishing the purposes of this title. By-laws of any such association may be adopted by the directors but shall not be valid unless
approved by the Governor.
Stock of Production Credit Associations.
Sec. 21. The stock of such associations shall be divided into shares
of 85 each; and there shall be two classes of such stock: (1) Class A
stock which is to be held by Production Credit Corporations, and which
may be purchased and held by investors, and (2) class B stock which
may be purchased only by farmer borrowers from the association and
individuals eligible to become borrowers. Class B stock only shall be
entitled to voting rights but each holder of such stock shall be entitled
to no more than one vote. No class B stock, or any interest therein
or right to receive dividends thereon, shall be transferred by act of
parties or operation of law except to another farmer borrower or an
individual eligible to become a borrower, and then only with the approval of the directors of the association. Each holder of class B stock.
within two years after he has ceased to be a borrower, shall exchange
such class B stock at the fair book value (not to exceed par) thereof.
as determined by the association, for class A stock. All stock shall
share in dividend distributions without preference, but the directors
of the association may, in their discretion, apply the amount of any
dividend payable to a holder of class B stock to any indebtedness of
such holder to the association. Class A stock shall be preferred as to
assets of the association upon liquidation. During such time as any
Production Credit Corporation is a holder of any stock of any such
association, the appointment or election of directors, the secretarytreasurer, and the loan committee of such association shall be subject
to the approval of the President of the Production Credit Corporation
and during such time any such director, secretary-treasurer, or other
officer may, at any time, be removed by the President of the Production
Credit Corporation.
Earnings of Production Credit Associations.
Sec. 22. Each Production Credit Association shall, at the end of its
fiscal year, apply the amount of its earnings in excess of operating expenses during such fiscal year, first, to making up any losses in excess
of its reserve for bad and doubtful debts; second, to the restoration of
the amount of the impairment, if any, of capital; third, to the creation
and maintenance of a reserve account for bad and doubtful debts, the
amount of which account shall be prescribed by the Production Credit
Corporation; and fourth, to the creation and maintenance of a guaranty
fund equal to at least 25% of the paid-in capital of the association.
Any sums remaining may, with the approval of the Production Credit
Corporation, be devoted to the payment of dividends but no rate of
dividend in excess of 7% per annum shall be paid. Sums in the guaranty
fund herein provided for shall be invested subject to such rules and
regulations as may be prescribed by the Production Credit Corporation.
Sec. 23. Each Production Credit Association shall, under such rules
and regulations as may be prescribed by the Production Credit Corporation of the district with the approval of the Governor, invest its
funds and make loans to farmers for general agricultural purposes,
but such part of its funds as is represented by the guaranty fund provided
for in Sec. 22 shall not be devoted to making loans to farmers. Such
loans shall be made on such terms and conditions, at such rates of
interest, and with such security as may be prescribed by the Production
Credit Corporation. No loan shall be made for a less amount than
850, nor shall any one borrower be indebted to the association at any
one time in an amount in excess of 20% of the capital and guaranty fund
of the association; or, if the loan is secured by collateral approved by
the Corporation, in an amount in excess of 50% of the capital and guaranty fund, but loans may be made to any borrower in an amount in
excess of 50% of the capital and guaranty fund if the loan is approved
by the Production Credit Commissioner of the Farm Credit Administration. Borrowers shall be required to own, at the time the loan is
made,class B stock in an amount equal in fair book value (not to exceed
par), as determined by the association, to $5 per $100 or fraction thereof
of the amount of the loan. Such stock shall not be cancelled or retired
upon payment of the loan but may be transferred or exchanged as
provided in Sec. 21.
Sec. 24. Production Credit Associations doing business under this
Act are authorized to borrow from, and rediscount paper with, Federal
Intermediate Credit Banks subject to the restrictions, limitations,
and conditions applicable under title II of the Federal Farm Loan Act,
as amended (U. S. C., title 12, ch. 8). Except with the approval of
the Governor. Production Credit Associations shall not have the power
to borrow from or rediscount paper with any other bank or agency.
TITLE III.—CENTRAL BANKS FOR CO-OPERATIVES.
Establishment of Bank.
.Section 30. The Governor is authorized and directed to organize
and charter a corporation to be known as the "Central Bank for Co-operatives" with its principal office in the District of Columbia and
such other offices as in the opinion of the Governor may be necessary.
Board of Central Bank.
Sec. 31. (a) The board of directors of the Central Bank for Co-operatives shall consist of seven members, one of whom shall be the
Co-operative Bank Commissioner of the Farm Credit Administration.
who shall be Chairman of the board of directors. The other six directors
shall be appointed by the Governor, of whom the successors of three
first appointed shall be appointed from nominees selected by borrowers
as provided in subsection (b). The terms of the directors first appointed shall be for one, two and three years as designated by the Governor at the time of appointment and their successors shall hold their
offices during a term of three years, but a director appointed to fill a
vacancy shall hold his office for the unexpired term of the director whose
place he is selected to fill. Any appointed director may at any time
be removed for cause by the Governor. No compensation shall be paid
any director as a director of the Corporation, but the Corporation,
subject to the approval of the Governor, may allow directors a reasonable
per diem and expenses.
(b) The successors of three of the directors first appointed shall be
selected one each year by the Governor from among individuals nominated by borrowers (except Banks for Co-operatives). The Governor
shall, not less than 60 days prior to the end of the term of any director
whose successor is to be appointed from among nominees as herein
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Financial Chronicle
provided, or as soon as practicable after a vacancy occurs in the
of such director other than by the expiration of his term, cause office
notice
of the vanancy to be sent to each borrower eligible to vote for
Each such borrower shall be eligible to cast one vote. The nominees.
Governor
shall not count any ballot received after the expiration of 30 days
after
the sending of notice. From those (not exceeding three) receiving
the
highest number of votes, as shown by his count, the
Governor shall
appoint the director.
Powers of Chairman and Board.
Sec. 32. The Chairman of the board of the Corporation shall
be
the executive officer of the Corporation and the powers of the board
of directors shall be such powers as may be prescribed in the
charter
and by-laws.
Capital Stock of Central Bank.
Sec. 33. The capital stock of the Central Bank shall be in such amount
as the Governor determines is required for the purpose of meeting the
credit needs of eligible borrowers from the bank under this title, and
the Governor may from time to time increase or decrease such amount,
subject to the limitations contained in Sec. 35 and 37, in accordance
with such needs. The stock of such bank shall be divided into shares
of $100 each. Out of the revolving fund created under Sec. 6 of the
Agricultural Marketing Act, as amended, the Governor, on behalf of
the United States, shall subscribe for and make payments for stock in
the Central Bank and such payments shall be subject to call in whole
or in part by the Chairman of the board of the Central Bank with the
approval of the Governor.
Lending Power of Central Bank.
Sec. 34. The Central Bank is authorized to make loans to co-operative
associations, as defined in the Agricultural Marketing Act, as amended,
Including amendments made in Title V of this Act,for any of the purposes and subject to the conditions and limitations set forth in such
Act, as so amended, and to make loans, by way of discount or otherwise and subject to such terms and conditions as may be prescribed
by the Chairman of the board of the Central Bank, to banks for Cooperatives established under Sec. 2 of this Act.
Stock Subscriptions of Borrowers from Central Bank.
Sec. 35. (a) Co-operative- associations borrowing from the Central
Bank shall be required to own, at the time the loan is made, an amount
of stock of the bank equal in fair book value (not to exceed par), as
determined by the bank, to $100 per $2,000 or fraction thereof of the
amount of the loan. Upon discharge of the loan the stock held by
the borrowing association shall be retired and canceled and the association shall be paid therefor, or in case the stock subscription is included
in the amount of the loan there shall be credited on the final payment
of the loan, an amount equal to the amount paid for the stock or loaned
to subscribe for the stock, as the case may be, minus the pro rata impairment, if any, of capital and guaranty fund of the Central Bank,
as determined by the Chairman of the board of the Central Bank.
(b) In any case in which a co-operative association applying for a
loan is not authorized, under the law of the State in which it is organized, to subscribe for stock in the Central Bank, the bank shall
in lieu of stock subscription, require the borrowing association to pay
Into a guaranty fund, or the bank may retain out of the amount of
the loan and credit to the guaranty fund, an amount equal to the amount
which the borrowing association would have been required to own
in stock if such association had been authorized to hold such stock.
Upon discharge of its loan, the provisions of the last sentence of subsection (a) shall apply with respect to sums of such association in the
guaranty fund in the same manner as if such sums were represented
by stock.
Earnings and Reserves of Central Bank.
r Sec. 38. The Central Bank for Co-operatives shall, at the end of its
fiscal year, apply the amount of its earnings in excess of operating
expenses during such fiscal year, first, to making up any losses incurred; second, to the restoration of the amount of the impairment,
if any, of capital and guaranty fund as determined by the Chairman
of the board; and at least 25% of the remainder of such excess of earnings
shall be applied to the creation and maintenance of a surplus equal
to at least 25% of the amount of the capital and guaranty fund. Any
sums remaining may, with the approval of the Chairman of the board,
be devoted to the payment of dividends. Subscribers to the guaranty
fund shall be entitled to dividends in the same amounts as subscribers
to stock. No rate of dividend in excess of 7% per annum shall be
paid. Dividends on stock held by the Governor, when paid, shall
be credited to the revolving fund created under Sec. 6 of the Agricultural
Marketing Act, as amended.
Debentures of Central Bank.
Sec. 37. The Central Bank is authorized to issue debentures, but
the amount of debentures which may be outstanding may not exceed
at-any one time five times the paid-in capital and surplus of the bank.
Such debentures shall be issued at such times and subject to such terms
and conditions as the board of directors shall determine, but shall
bear such interest rates as may be fixed by the Chairman of the board.
Such debentures shall be secured by collateral which shall be at least
equal in value to the amount of debentures outstanding and which
shall consist of cash, direct obligations of the United States, or notes
or other obligations discounted or purchased or representing loans
made under See. 34. The provisions of law applicable to the preparation and issue of Federal Intermediate Credit Bank debentures shall,
so far as applicable, govern the preparation and Issue of debentures
issued under this section. The Governor shall appoint a custodian
of such collateral who shall have power subject to such rules and regulations as the Governor may prescribe to approve and accept substitutions of collateral.
Division of Lending Authority of Central and Regional Banks
for Co-operatives.
Sec. 38. The Governor shall, by regulation or by prescribing the terms
of the charters issued to the Central Bank for Co-operatives and the
Banks for Co-operatives, or both, provide such limitations, as between
the two types of banks, on the classes of borrowers to which loans may
be made and the amount of the loans which may be made to individual
borrowers, as will best insure the absence of duplication of effort by
the two types of banks and will secure the greatest efficiency in extending the benefits of this title and Title IV to borrowers.
TITLE IV.—BANKS FOR CO-OPERATIVES.
Stock of Banks.
Section 40. The capital stock of each Bank for Co-operatives established under Sec. 2 shall be in such amount as the Governor determines
Is required for the purpose of meeting the credit needs of eligible borrowers from the bank under this title, and such amount may be increased
July 15 1933
or decreased from time to time by the Governor in accordance
with
such needs. Such stock shall be divided into
shares of $100 each'
Out of the revolving fund created under Sec. 6
of the Agricultural
Marketing Act, as amended, the Governor, on behalf of the United
States, shall make payments for stock in the banks and such payments
shall be subject to call in whole or in part by the board of
directors
of the bank with the approval of the Governor.
Lending Power of Banks for Co-operatives.
Sec. 41. The Banks for Co-operatives are authorized to make
loans
to co-operative associations for any of the purposes and subject
to
the conditions and limitations set forth in the Agricultural Marketing
Act, as amended, including amendments made by Title
V of this Act,
and subject to such terms and conditions as may be prescribed
by the
board of the bank with the approval of the Governor.
Stock Subscriptions and Earnings and Reserves.
Sec. 42. The provisions of Secs. 35 and 38 shall apply in the case
of Banks for Co-operatives in the same manner and to the same
extent
as such provisions are applicable to the Central Bank for Co-operatives,
except that powers conferred on the Chairman of the board
of the
Central Bank shall be exercised by the boards of directord of the Banks
for Co-operatives, subject to the approval of the
Governor.
Retirement of Stock.
Sec. 43. The Governor may at any time require any such bank to
retire and cancel stock held by the Governor in such bank, if,
in the
judgment of the Governor, the bank has resources available
and amounts received by the Governor in any such case shall betherefor,
credited
to the revolving fund created under Sec. 6 of the Agricultural
Marketing Act, as amended.
TITLE V.— MENDMENTS TO AGRICULTURAL MARKETING
ACT.
See. 50. (a) The following provisionsof the Agricultural Marketing
Act, as amended, are hereby repealed:
(1) Section 3 (relating to Advisory Commodity Committees);
(2) Paragraph (4) of Section 5 (relating to powers of the Farm Board
to investigate overproduction);
(3) Paragraph (5) of Section 5 (relating to miscellaneous investigations by the Farm Board);
(4) Paragraph (3) of subsection (a) of Section 7 (relating to loans
to assist in forming clearing house associations);
(5) Paragraph (4) of subsection (a) of Section 7 (relating to education
in the advantages of co-operative marketing);
(6) Paragraph (5) of subsection (a) of Section 7 (relating to loans
to enable co-operatives to advance a greater share of the market price
of commodities than is practicable under other credit facilities);
(7) Section 10 (authorizing the Farm Board to assist in forming a
clearing house associations); and
(8) Section 11 (authorizing the Farm Board to enter into price insurance agreements).
(b) The repeal of Section 7 (a) (5) shall not be construed to prohibit
the extension, renewal, or refinancing of any loan made thereunder
and outstanding on the date of the enactment of this Act, but loans to
extend, renew, or refinance any such loan shall bear interest rates as
determined under Section 8 (a) of the Agricultural Marketing Act as
amended by Section 54 of this Act.
Sec. 51. Paragraph (1) of subsection (a) of Section 7 of the Agricultural Marketing Act, as amended, is amended to read ad follows:
"(1) the effective merchandising of agricultural commodities and .
food products thereof and the financing of its operations;"
Sec. 52. Paragraph (2) of subsection (a) of Section 7 of the Agricultural Marketing Act, as amended, is amended to read as follows:
"(2) the construction or acquisition by purchabe or lease, or refinancing the cost of such construction or acquisition, of physical marketing facilities for preparing, handling, storing, processing, or merchandising agricultural commodities or their food products;"
Sec. 53. Subsection (c) of Section 7 of the Agricultural Marketing
Act, as amended, is amended to read as follows:
"(c) Loans for the construction or acquisition by purchase or lease
of physical facilities, or for refinancing the cost of such construction
or acquisition,* shall be subject to the following conditions:
"(1) No such loan shall be made in an amount in excess of 60% of
the value of the facilities.
"(2) No loan for the purchase or lease of such facilities shall be made
unless the Governor of the Farm Credit Administration finds that the
purchase price or rent to be paid is reasonable."
Sec. 54. Subsection (a) of Section 8 of the Agricultural Marketing
Act is amended to read as follows:
"(a) Loans to any co-operative association shall bear such rates of
interest as the Governor of the Farm Credit Administration shall by
regulation prescribe, but in no case shall the rate be less than 3% per
annum or more than 6% per annum on the unpaid principal. In fixing
such rates of interest, the Governor shall fix such rates as he deems
the needs of the lending agencies require and in the case of loans made
for the purposes of Sec. 7(a) (1) the rate shall, as nearly as practicable, •
conform to a rate 1% per annum in excess of the Federal Intermediate
Credit Bank discount rate at the time the loan is made, and in the case
of loans made for the purposes of Sec. 7 (a)(2) the rate of interest shall,
as nearly as practicable, conform to the prevailing rate on mortgage
loans made to members of National farm-loan associations at the time
the loan is made."
Stec. 55. Subsection (a) of Section 15 of the Agricultural Marketing
Act, as amended, is amended to read as follows:
'(a) As used in this Act the term 'co-operative association' means
any association in which farmers act together in collectively processing,
preparing for market, handling and(or) marketing the farm products
of persons so engaged and also means any association in which farmers
act together in collectively purchasing, testing, grading, and(or) processing their farm supplies: Provided, however, That such associations are
operated for the mutual benefit of the members thereof as such producers or purchasers and conform to one or both of the following requirements:
"First, That no member of the association is allowed more than
one vote because of the amount of stock or membership caital he may
own therein; and
"Second, That the association does not pay dividends on stock or
membership capital in excess of 8% per annum.
"And in any case to the following:
"Third, That the association shall not deal in the products of or
supplies for non-members to an amount greater in value than such as
are handled by it for members."
* So in original.
Volume 137
Financial Chronicle
TITLE
VT.—PROVISIONS COMMON TO CORPORATIONS
CREATED UNDER ACT.
General Corporate Powers.
Section 60. The Central Bank for Co-operatives, and the Production
Credit Corporations, the Production Credit Associations, and the
Banks for Co-operatives, organized under this Act,shall have succession,
until dissolved in accordance with this or any other Act of Congress;
shall have power to sue and be sued in any court, to adopt and use a
corporate seal, to make contracts, to acquire, hold, and dispose of real
and personal property necessary and incident to the conduct of their
business, to prescribe fees and charges (which in any case shall be subject to the rules and regulatons prescribed by the Governor) for loans
and other services; and shall have such other powers necessary and
Incident to carrying out their powers and duties under this or any other
Act of Congress as may be provided by the Governor in their charters
or in any amendments thereto. Each such bank, association, or corporation shall, for the purposes of jurisdiction, be deemed a citizen of
the State or District within which its principal office is located. No
District Court of the United States shall have jurisdiction of any action
or suit by or against any Production Credit Corporation or Production
Credit Association upon the ground that it was incorporated under
this Act or that the United States owns a majority of the stock in it,
nor shall any District Court of the United States within the Land Bank
District served by such association or Corporation have jurisdiction
by removal or otherwise of any suit by or against any such association
or Corporation except in cases by or against the United States or by
or against any officer of the United States and except in cases by or
against any receiver of any such Corporation or association appointed
in accordance with Sec. 65.
Examinations.
Sec. 61. At least once each year and at such other times as the Governor deems necessary, the Central Bank for Co-operatives, and each
Production Credit Corporation, Production Credit Association, and Bank
for Co-operatives, organized under this Act, shall be examined by
examiners designated by the Governor. The Governor shall assess the
cost of such examinations against the bank, association, or corporation
examined, which shall pay such costs to the Governor. The amounts
so assessed and unpaid shall be a prior lien on all assets of the bank,
association, or corporation examined except on assets pledged to secure
loans.
Fiscal Agents of United Stales.
Sec. 62. The Central Bank for Co-operatives, the Production Credit
Corporations, Production Credit Associations, and Banks for Cooperatives, organized under this Act, when designated for that purpose
by the Secretary of the Treasury, shall act as fiscal agents of the United
States Government and when acting as such shall perform such duties
as shall be prescribed by the Secretary of the Treasury.
Sec. 63. The Central Bank for Co-operatives, and the Production
Credit Corporations, Production Credit Associations, and Banks for
Co-operatives, organized under this Act, and their obligations, shall
be deemed to be instrumentalities of the United States, and as such,
any and all notes, debentures, bonds, and other such obligations issued
by such banks, associations, or corporations 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 or by any State, Territorial, or local taxing authority. Such
banks, associations and corporations, their property, their franchises,
capital, reserves, surplus, and other funds, and their income, shall be
exempt from all taxation now or hereafter imposed by the United States
or by any State, Territorial, or local taxing authority; except that any
real property and any tangible personal property of such banks, associations and corporations shall be subject to Federal, State, Territorial
and local taxation to the same extent as other similar propety is taxed.
The exemption provided herein shall not apply with respect to any
Production Credit Association or its property or income after the stock
held in it by the Production Credit Corporation has been retired, or
with respect to the Central Bank for Co-operatives, or any Production
Credit Corporation or Bank for Co-operatives, or its property or income
after the stock held in it by the United States has been retired.
Unlawful Acts and Penalties.
Sec. 64. (a) Whoever makes any material representation knowing
It to be false, or whoever wilfully overvalues any property or security,
for the purpose of influencing in any way the action of the Farm Credit
Administration or any division, officer, or employee thereof, or of any
Corporation organized under this Act, or in which a Production Credit
Corporation organized under this Act holds any stock, or of any Regional
Agricultural Credit Corporation established pursuant to subsection (e)
of Sec. 201 of the Emergency Relief and Construction Act of 1932,
upon any application, advance, discount, purchase or repurchase agreement, or loan, or any change or extension of any of the same, by renewal,
deferment of action or otherwise, or the acceptance, release, or substitution of security therefor, shall be punished by a fine of not more
than $5,000, or by imprisonment for not more than two years, or both.
(b) Whoever (1) falsely makes, forges, or counterfeits any note,
debenture, bond, or other obligation, coupon, or paper in imitation
of or purporting to be a note, debenture, bond, or o.her obligation,
coupon, or paper issued by the Farm Credit Administration or by any
Corporation referred to in subsection (a) of this section; or (2) passes,
utters, or publishes, or attempts to pass, utter, or publish, any
false,
forged, or counterfeited note, debenture, bond, or other obligation,
coupon, or paper, purporting to have been issued by the Farm Credit
Administration or by any such Colporation, knowing the same to be
false, forged, or counterfeited; or (3) falsely alters any note, debenture,
bond, or other obligation, coupon, or paper issued or purporting to
have been issued by the Farm Credit Administration or by any such
Corporation; or (4) passes, utters, or publishes, or attempts to pass,
utter, or publish, any of the same as true, knowing it to be falsely altered or spurious, shall be punished by a fine of not more than $10,000,
or by imprisonment for not more than five years, or both.
(c) Whoever, being an employee, officer, or agent of the Farm Credit
Administration or connected in any capacity with any Corporation
referred to in subsection (a) of this Section, (1) embezzles, abstracts,
purloins, or wilfully misapplies any moneys, funds, securities, or other
things of value, whether belonging to the Farm Credit Administration
or such Corporation or pledged or otherwise intrusted to the same;
or (2) with intent to defraud the United States, or any such Corporation, or any other body politic or corporate, or any individual, to or
deceive any officer, auditor, or examiner of the Farm Credit Administration or of any such Corporation, makes any false entry in any book,
report, or statement of or to the Farm Credit Administration or any
such Corporation, or draws any order, or issues, puts forth, or assigns
any note, debenture, bond, or other obligation, or draft, mortgage
judgment, or decree thereof; or (3) with intent to defraud the United
395
States or any Corporation referred to in subsection (a) of this Section,
participates or shares in or receives directly or indirectly any money,
profit, property, or benefits through any transaction, loan, commission,
contract, or any other act of any such Corporation, shall be punished
by a fine of not more than $10,000, or by imprisonment for not more
than five years, or both.
(d) Whoever knowingly, with intent to defraud the United States
or any Corporation referred to in subsection (a) of this Section, shall
conceal, remove, dispose of, or convert, to his own use or to that of another, any property mortgaged or pledged to, or held by. the Farm
Credit Administration, or any such Corporation, as security for any
obligation, shall be punished by a fine of not more than $5,000, or by
Imprisonment for not more than two years, or both.
(e) The provisions of Secs. 112, 113, 114, 115, 118 and 117 of the
Criminal Code of the United States (U. S. C., title 18, Secs. 202 to
207, inclusive), in so far as applicable, are extended to apply to contracts or agreements made by the Farm Credit Administration, its
divisions, officers and employees, and by the Corporations referred
to in subsection (a) of this Section, which, for the purposes hereof,
shall be held to include advances, loans, discounts and purchase and repurchase agreements; extensions and renewals thereof, and acceptances,
releases and substitutions of security therefor.
(f) Whoever conspire.; with another to accomplish any of the acts
made unlawful by the preceding provisions of this Section shall, on
conviction thereof, be subject to the same fine or imprisonment, or
both,as is applicable in the case of conviction for doing such unlawful act.
Liquidation.
Sec. 65. Upon default of any obligation of any Production Credit
Corporation, Production Credit Association, or regional Bank for
Co-operatives, such bank, association or corporation may be declared
insolvent and placed in the hands of a receiver by the Governor and
proceedings shall thereupon be had in accordance with the provisions
of law relating to the insolvency of National farm-loan associations.
Any such bank, association or corporation may, with the consent of
the Governor, liquidate voluntarily, but only in accordance with such
rules and regulations as the Governor may prescribe.
Sec. 66. No director, officer or employee of the Central Bank for
Co-operatives, or of any Production Credit Corporation, Production
Credit Association, or Bank for Co-operatives shall be paid compensation at a rate in excess of $10,000 per annum. No officer or employee
of the Farm Credit Administration engaged in carrying out the provisions of Titles I to VI, inclusive, of this Act shall be paid compensation at a rate in excess of $10,000 per annum.
TITLE VII.—AMENDMENTS TO FEDERAL FARM LOAN ACT.
Section 70. Effective Jan. 1 1934 the fourteenth paragraph of Sec. 4
of the Federal Farm Loan Act, as amended (U. S. C., Title 12, Sec.
683), is amended by adding after the first sentence the following: "Not
more than one director of a Federal Land Bank may serve the bank or
the Farm Credit Administration as an officer or employee. Except
with the approval of the Farm Loan Commissioner, no director (other
than the director who may be an officer or employee) shall receive compensation or allowances for any services rendered any Federal Land
Bank in his capacity as director for more than 30 days in any one calendar
year exclusive of the period for which compensation is paid for attendance at directors' meetings."
Sec. 70a. (a) Effective one year after the enactment of this Act,
Sec. 4 of the Federal Farm Loan Act, as amended,is amended as follows:
(1) The ninth paragraph of such section (U. S. C., Title 12, Sec.
678) is amended to read as follows:
"The board of directors of every Federal Land Bank shall be selected
as hereinafter specified and shall consist of seven members. Three
of said directors shall be known as local directors of whom one shall
be chosen by and be representative of National Farm Loan Associations and borrowers through agencies, one shall be chosen by and be
representative of Production Credit Associations organized under
the Farm Credit Act of 1933, and one shall be chosen by and be representative of borrowers from regional Banks for Co-operatives organized
under the Farm Credit Act of 1933. Three of the seven directors shall
be known as district directors and shall be appointed by the Governor
of the Farm Credit Administration of whom two shall represent the
public interest and one shall represent National Farm Loan Associations and borrowers through agencies and such director shall be a borrower from a Federal Land Bank. The terms of office of local and dietrict directors shall be three years."
(2) The tenth paragraph of such section (U. S. C., Title 12, Sec.
679), is amended to read as follows:
"At least two months before an election of a local director the Land
Bank Commissioner shall cause notice in writing to be sent to those
entitled to nominate candidates for such local director. In the case
of an election of a director to represent National Farm Loan Associations and borrowers through agescies, such notice shall be sent to all
National Farm Loan Associations and borrowers through agencies
In the district; in the case of an election to represent Production Credit
Associations, such notice shall be sent to all Production Credit Associations in the district; and in the case of a director to represent borrowers
from Banks for Co-operatives,such notice shall be sent to all co-operatives
which are borrowers at the time of sending notice. Within 10 days of
receipt of such notice those entitled to nominate the director shall forward nominations of residents of the district to the Land Bank Commissioner. The Land Bank Commissioner shall,from such nominations,
then prepare a list of candidates for such local director consisting of
the 10 nominees receiving the highest number of votes."
(3) The eleventh paragraph of such section (U. S. C., Title 12, Sec.
680) Is amended to read as follows:
"At least one month before the election of a local director the Land
Bank Commissioner shall mail to each person or organization entitled to
elect the local director the list of the 10 candidates nominated in accordance with the tenth paragraph of this section. In the case of an election
of a director to represent national farm-loan associations and borrowers
through agencies, the directors of each farm-loan association shall cast
the vote of such association for one of the candidates on the list. In
voting under this section each such association shall be entitled to cast
a number of votes equal to the number of stockholders of such association and each borrower through agencies shall be entitled to cast one
vote. In voting under this section each Production Credit Association
shall be entitled to cast a number of votes equal to the number of the
class B stockholders of such associations. In voting under this section
each co-operative which is a holder of stock in a Bank for Co-operatives
(except the Governor of the Farm Credit Administration) shall be entitled to cast one vote. The votes shall be forwarded to the Land Bank
Commissioner and no vote shall be counted unless forwarded to him
within 10 days after the list of candidates is received. In case of a tie
the Land Bank Commissioner shall determine the choice. The nomina-
396
Financial Chronicle
tions from which the list of candidates is prepared, and the votes of the
respective voters: as counted, shall be tabulated and preserved and shall
be subject to examination by any candidate for at least one year after
the results of the election is announced."
(4) The sixth and seventh sentbnces of the 12th paragraph of such
sections (U.S.C., title 12, sec. 681) are amended to read as follows:
The Governor of the Farm Credit Administration shall select a director
at large for the district who shall hold his office during a term of three
years. Such seventh director may be removed by the Governor of the
Farm Credit Administration at any time."
(b) Subsection (a) shall apply only to the appointment or election of
the successors of directors of land banks whose regular terms expire after
the effective date of such subsection. The successors of the first local
director whose regular term so expires shall be elected by and be representative of Production Credit Associations and the successors of the
second local director whose regular term so expires shall be elected by and
be representative of borrowers from Banks for Co-operatives. The
successors of the third local director whose regular term so expires shall
be elected by and be representative of national farm-loan associations
and borrowers through agencies.
Sec. 71. Paragraph "Sixth" of Section 14 of the Federal Farm Loan
Act, as amended, is amended to read as follows:
"Sixth. To accept as additional security for any loan to any borrower
under this Act, or any installment on any such loan, any personal
property which is exempt from execution upon judgment under the laws
of the State in which the land with respect to which the mortgage is
given is situated."
Sec. 71. Notwithstanding the provisions of the fourth paragraph of
Section 9 of the Federal Farm Loan Act, as amended (U.S.C., title 12,
sec. 744), the shareholders of national farm-loan associations shall not
be held individually responsible for any contract, debt, or engagement of
such association entered into after the date of the enactment of this Act,
but this section shall not be construed to relieve any other liability with
respect to stock held by such shareholders.
Sec. 73. Paragraph "Second" of Section 12 of the Federal Farm Loan
Act,as amended (U.S.C., title 12, sec. 771), is amended by inserting after
"exceeding" where it appears the second time a comma and the following: "except with the approval of the Governor of the Farm Credit
Administration,".
Sec. 74. The first sentence of paragraph "Sixth" of Section 12 of the
Federal Farm Loan Act, as amended (U.S.C., title 12, sec. 771), is
amended to read as follows:
"No such loan shall be made to any person who is not at the time, or
shortly to become, engaged in farming operations or to any other persons
unless the principal part of his income is derived from farming
operations."
Sec. 75. (a) Paragraph "Fourth" of Section 14 of the Federal Farm
Loan Act, as amended (U.S.C., title 12, sec. 791), is amended by inserting after "bonds" the following: "(including consolidated bonds issued on
its behalf)".
(b) Section 21 of the Federal Farm Loan Act, as amended, is amended
by striking out of the fourth and tenth paragraphs thereof (U.S.C.,
title 12, secs. 874 and 880) the word "indorsed" wherever the same
appears in said paragraphs.
Sec. 78. (a)Section 201 (b)of the Federal Farm Loan Act, as amended
(U. S.C., title 12,sec. 1022), is amended to read as follows:
"(b) Such institutions shall be established in the same cities as the 12
Federal Land banks. The directors of the several Federal Land banks
shall be ex-efficio directors of the several Federal Intermediate Credit
banks hereby provided for and shall have power,subject to the approval
of the Governor of the Farm Credit Administration, to employ and fix
the compensation of such officers and employees of such Federal Intermediate Credit banks as may be necessary to carry on the business
authorized by this title."
(b) Paragraph (1) of subsection (a) of Section 202 of the Federal
Farm Loan Act, as amended (U.S.C., title 12, sec. 1031), is amended to
read as follows:•
"(1) To discount for, or purchase from, any National bank, and (or)
any State bank, trust company, Agricultural Credit Corporation, incorporated livestock loan company, savings institution, co-operative bank,
credit union, co-operative association of agricultural producers, organized
under the laws of any State or of the Government of the United States,
and (or) any other Federal Intermediate Credit Bank, with its endorsement, any note, draft, bill of exchange, debenture, or other such obligation the proceeds of which have been advanced or used in the first instance
for any agricultural purpose or for the raising, breeding, fattening, or
marketing of livestock; and to make loans or advances direct to any
such organization, secured by such obligations; and to discount for, or
purchase from, any Production Credit Association organized under the
Farm Credit Act of 1933 or any production credit association in which a
Production Credit Corporation organized under such Act holds stock,
with its endorsement, any note, draft, bill of exchange, debenture, or
other such obligation presented by such association, and to make loans
and advances direct to any such association secured by such collateral as
may be approved by the Governor of the Farm Credit Administration:"
(c) Pagagraph (3) of subsection (a) of Section 202 of the Federal Farm
Loan Act; as amended (U.S.C., title 12, sec. 1031), is amended to read
as follows:
"(3) To make loans or advances direct to any co-operative association
organized under the laws of any State and composed'of persons engaged
July 15 1933
in producing, or producing and marketing, staple agricultural products,
or livestock, if the notes or other such obligations representing such loans
are secured by warehouse receipts, and (or)shipping documents covering
such products, and (or) mortgages on livestock, and (or) such other
collateral as may be approved by the Governor of the Farm Credit
Administration: Provided, That no such loan or advance, when secured
only by warehouse receipts and (or) shipping documents, and (or)
mortgages on livestock, shall exceed 75% of the market value of the
products covered by said warehouse receipts and (or) shipping documents. or of the livestock covered by said mortgages; and to accept
drafts or bills of exchange issued or drawn by any such association when
secured by warehouse receipts and (or) shipping documents covering
staple agricultural products as herein provided."
Sec. 77. After the date of the enactment of this Act, no national agricultural credit corporation shall be formed under the provisions of the
title II of the Agricultural Credits Act of 1923.
Sec. 78. Section 31 of the Federal Farm Loan Act, as amended
(U.S.C.. title 12, sec. 986), is amended by adding at the end thereof a
new paragraph, as follows:
"Any mortgagee who shall knowingly make any false statement in
any paper, proposal, or letter, relating to the sale of any mortgage, to
any Federal Land Bank under the provisions of Section 13 of this Act,
as amended, or any appraiser provided for in this Act who shall willfully
overvalue any land securing such mortgage, shall be punished by a fine
of not exceeding $5,000 or by imprisonment not exceeding one year, or
both."
Sec. 79. Section 13 of the Federal Farm Loan Act, as amended
(U.S.C., title 12, sec. 781), is amended by adding at the end thereof the
following new paragraph:
"Fourteenth. To enter into agreements with national farm-loan
associations of the district under the terms of which losses incurred and
gains realized on account of the disposition of lands covered by a defaulted
mortgage indorsed by such association will be shared equally by the bank
and the association."
TITLE VIII—MISCELLANEOUS.
Section 80. (a) After the date of the enactment of this Act, the office
of Farm Loan Commissioner shall be known as the office of the Land
Bank Commissioner and the Farm Loan Commissioner shall be known
as the Land Bank Commissioner. The provisions of .lie third paragraph
of Section 3 of the Federal Farm Loan Act, as amended (U.S.C., title 12,
sec. 653). prescribing a term of office of eight years shall not apply to
incumbents hereafter appointed to the office of Land Bank Commissioner.
(b) There shall be in the Farm Credit Administration three commissioners who shall be known, respectively, as the Production Credit
Commissioner, the Co-operative Bank Commissioner, and the Intermediate Credit Commissioner. Such commissioners shall be appointed
by the President, by and with the advice and consent of the Senate.
They shall receive an annual salary of $10,000, payable monthly, together
with actual necessary traveling expenses. Such commissioners shall
perform such duties as may be assigned to them by law or by the governor
of the Farm Credit Administration.
Sec. 81. The signature of the Land Bank Commissioner on Federal
farm-loan bonds shall be attested by any Deputy Land Bank
Commissioner.
Sec. 82. The authority and powers conferred upon the governor under
this Act shall not be construed to be in substitution for authority and
powers conferred upon him under existing law but shall be construed to
be supplementary to such authority and powers.
Sec. 83. This Act shall not be construed to repeal subsection (e) of
Section 201 of the Emergency Relief and Construction Act of 1932.
Sec. 84. The Reconstruction Finance Corporation is authorized, with
the approval of the Governor of the Farm Credit Administration, to
reduce the capital of any Regional Agricultural Credit Corporation by
such action as may be suitable for the purpose. The funds made available by any such reduction shall constitute a revolving fund, all or any
part of which shall be available for use from time to time by the Reconstruction Finance Corporation for the purpose of increasing, with the
approval of the Governor of the Farm Credit Administration, the capital
of any Regional Agricultural Credit Corporation.
Sec. 85. The Farm Credit Administration shall have a seal, as
adopted by the governor, which shall be judicially noticed.
Sec. 86. Subdivision (a) of Section 10 of the Act entitled "An Act to
relieve the existing national economic emergency by increasing agricultural purchasing power, to raise revenue for extraordinary expenses
incurred by reason of such emergency, to provide emergency relief with
respect to agricultural indebtedness, to provide for the orderly liquidation of Joint-Stock Land banks, and for other purposes," approved
May 12 1933, is amended by inserting before the period at the end of
the first sentence a colon and the following: "And provided further, That
the State Administrator appointed to administer this Act in each State
shall be appointed by the President, by and with the advice and consent
of the Senate."
Sec. 87. If any provision of this Act, or the application thereof to
any person or circumstances, is held invalid, the remainder of the Act,
and the application of such provisions to other persons or circumstances,
shall not be affected thereby.
Sec. 88. The right to alter, amend,or repeal this Act is hereby expressly
reserved.
Approved, June 16 1933, 1:10 p.m.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPIT OME.
Friday Night, July 14 1933.
Reports still persist of a broader trade and there are no
indications of the usual summer let-down. Orders for foodstuffs, shoes, ready-to-wear clothing, millinery, machinery
and equipment, and iron and steel products are increasing.
Steel operations continue at 56% of capacity in the Pittsburgh district and 57% in Chicago. There was a falling off
in sales and specifications, but this was attributed to the
July 4th holiday. Pig iron production in June showed a gain
of 50% over May. And building activity while it continues
to lag behind other industries, is now showing signs of moderate improvement. The output of electricity fell off some-
what because of the holiday, but it is still larger than in the
same period last year. Lumber production shows an increase
of 82% over the same week last year. Shipments are 79%
larger and orders double those of the same time last year.
Employment, too, continues to increase, and there are further
reports of wage increases. Meantime sales at retail are still
gaining. The trade in textiles, shoes, furniture, draperies
and house-furnishings is very much larger than in the same
period last year.
The weather of late has stimulated the demand for wearing
apparel and the recent improvement in the demand for
electrical appliances, automobiles, accessories and radios is
well maintained. Wholesale business is on a large scale.
Volume 137
Financial Chronicle
397
Canada also has had better weather conditions during the
There has been a good demand for women's coats and dresses
and orders for men's clothing and boys' wear equal those week, temperatures have been considerably lower and rains
of 1929. Buyers are placing orders for fall delivery with fell in many sections. Further damage from drouth and
more confidence. The furniture trade has been more heat has been held in check for the time being. A reportfrom
active. Orders are larger and considerable difficulty is the Dominion Bureau of Statistics stated that crops in eastern
being experienced in getting delivery. Industrial activity and southern Ontario and the Ottawa Valley have suffered
is now well above the 1932 level and is rapidly approaching from a long period of drouth and will not recover completely
the 1931 peak. Hides and skins have been more active at even under the most favorable weather. The other provinces
higher prices. Leather has been in good demand, with in Canada have shown improvement but full recovery is not
supplies comparatively small. Steel has been in better possible for hay, pastures and spring grains.
demand and operations are expected to be maintained.
To-day it was 60 to 77 degrees here and clear. The forePlate glass production in June was larger than in the previous cast was for fair and warmer weather. Overnight Boston
month and the outlook is considered very good. Most of was 58 to 72 degrees; Baltimore, 60 to 78; Pittsburgh, 62 to
the demand was from automobile manufacturers. Electrical 82; Portland, Me., 58 to 70; Chicago, 70 to 84; Cincinnati,
equipment was in better demand and the output of elec- 66 to 86; Cleveland, 64 to 86; Detroit, 70 to 88; Louisville,
trical refrigerators was larger.
66 to 84; Milwaukee, 72 to 88; Dallas, 78 to 100; Savannah,
An encouraging feature of the week has been the impres- 68 to 74; Kansas City, 74 to 94; St. Paul, 70 to 94; Oklasive advance of grain and other commodities and the re- homa City, 72 to 92; St. Louis, 76 to 94; Denver, 72 to 94;
covery in securities. Flour has been more active, although Salt Lake City, 74 to 100; Los Angeles,60 to 82; San Francisthe recent advance in prices has tended to check business. co, 52 to 64; Seattle, 56 to 78; Montreal,64 to 82; and WinniCotton shows a sharp rise of 129 to 133 points for the week peg, 52 to 76.
despite a Government report showing over 40,000,000 acres
to
planted. A belief that the Government will be successful Railroad Revenue Freight Loadings Declined, Due to
Observance of July 4 Holiday, But Continue
its plan to reduce the acreage counted for more than
in
Exceed Those of a Year Ago.
anything else. Then, too, the weather in the South has
The first 14 major carriers to report for the seven days
been unfavorable, with Texas and Oklahoma badly in need ended July 8 1933 loaded 216,024 cars of revenue freight,
of rain. Wheat made new highs almost daily and developed as against 250,384 cars in the preceding week and 170,178
sensational strength following the Government estimate of ears in the corresponding period last year. Owing to obser496,000,000 bushels or the smallest crop in about 40 years. vance of the July 4 holiday this year, loadings of all these
Corn and oats also advanced sharply. Rye advanced sen- carriers fell below the figures for the July 1 week, while the
sationally, being 193 to 20Ve. higher than a week ago same roads with the exception of Gulf Coast Lines and its
with the indications pointing to the smallest crop in many subsidiaries, all showed substantial increases over the July 9
years. Coffee was more active and reached new highs for 1932 week. Comparative statistics follow:
the year. Sugar prices are higher, with raws in better REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(NUMBER OF CARS).
demand. Silver shows an advance for the week of 295 to
-Loaded on Lines
- Rec'd from Connections.
305 points on reports that an agreement to raise silver
0
July 8 July 1 July 9 July 8 July 1 July 9
Weeks Road.
1933. 1933. 1932.
1933. 1933.
prices may be reached. Copper, tin, lead and zinc are all Atchison Topeka & Santa Fe Ry. 18,442 20,185 18,704 3,791 4,284 2,758
19,244 22,120 13,491 7,800 8,867 4,430
firmer. Rubber rose 115 to 125 points, and lard is 65 to Chesapeake & Ohio Ry
13,396 14,839 10,305 5,870 5,735 3,852
Chic. Burl. & Quincy RR
67 points higher.
Chic, Milw. St. Paul & Pac. Ry. 15,912 18,396 11,593 6,067 6,917 5,100
Chicago & North Western Ry_- 13,459 15,658 10,676 8,139 8,325 5,442
The numerous reports of growing activity in trade and Chicago Rock Island & Pac. Ry_ 12,218 13,880 11,307 7,978 8,539 6,626
805
890 1,049
1,507 1,957 1,538
Gulf Coast Lines &
industry are being confirmed in many ways. A preliminary International Great subsidiaries_ 4,013 4,297 1,395 1,377 1,541 1,268
North, RR_
4,021 4,846 3,588 2,172 2,392 1,642
estimate of the National Automobile Chamber of Commerce Missouri-Kan.-Texas Lines
12,556 14,515 10,425 6,808 7,284 4,969
Missouri Pacific RR
places the production of automobiles by its members during New York Central Lines
38,064 45,891 26,891 52,704 59,076 35.787
54,653 63,406 43,149 34,633 38,613 24,029
Pennsylvania System
the month of June at 195,178 as against 95,713 in June last Pere Marquette Ry
•
3,705 5,099 2,942
4,834 5,295 4,174 6,289 7,103 5,414
year, being an increase of 104%. Production of cars and Wabash Ry
216.024 250,384 170,178 144,518 159,725 102,122
trucks for the first six months of 1933 is placed at 800,290
Total
* Not ava'lable.
or an increase of 17.6% over the corresponding period a TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS(NO.OF CARS).
year ago when 680,218 ears were turned out.
Weeks Ended
July 8'33. July 1 '33. July 9'32.
Cotton consumption in the United States during June Illinois Central System
•
17,768
23,329
9,120
12,724
11,227
was 696,472 bales of lint cotton, and was the largest reported St. Louis-San Francisco Ry
* Not at hand.
for any month since the inauguration of these reports in
Loading of revenue freight for the latest full week-that is,
September 1912. The second largest consumption of cotton
for the week ended on July 1-totaled 634,074 ears, according
was 693,081 for March 1927. The June total of consumpRailway Association.
tion of cotton of 696,472 bales compares with 322,706 bales to figures compiled by the American
preceding
consumed in June last year. Cotton spindles active during This was an increase of 29,406 cars above the
week, and an increase of 145,793 cars above the same week
June 1933 totaled 25,540,504, against but 20,646,966 in
in 1932, but a decrease of 33,556 cars under the same week
June 1932.
comparisons with the same week in
The weekly production of electricity by the electric light in 1931. In making
fact that that
and power industry of the United States for the week ended 1931, consideration must be given to the
week contained a holiday, said the Association. Details for
July 8 was 1,538,500,000 kwh., as compared with 1,341,full
730,000 kwh. in the corresponding week a year ago, an the latestof all week follow:
commodities except livestock for the week of July 1
Loading
increase of 14.7%. This is the tenth consecutive week that Increased over the preceding week this year. All commodities reported
increases over the same week in 1932.
the production of electricity has been larger than in the
week of July 1 totaled 236.201
Miscellaneous
corresponding week a year ago. The ratio of increase during cars, an increase freight loading for the preceding week, and an increase
of 4,235 cars above the
this period has also been steadily growing, the increase in of 53,805 cars above the corresponding week in 1932, but a decrease of
the week ended July 8 of 14.7% compares with 13.7% last 20,363 cars under the same week In 1931.
Loading of merchandise less-than-carload-lot freight totaled 171.362
week, 10.9% two weeks ago and with 0.5% for the week cars, an increase of 1,460 cars above the preceding week, and 331 cars
ending May 6, when the production of electricty first began above the corresponding week last year. but 17,025 cars under the same
week two years ago.
to exceed that of a year ago.
Grain and grain products loading for the week totaled 46.123 cars, an
The weather over the last week-end was decidedly favor- increase of 7.782 cars above the preceding week, and 15,516 cars above the
able in most sections of the country. Rains fell in many corresponding week last year, but 1,552 cars below the same week in 1931.
grain products loading for the
States, breaking the drouth that has continued for a month In the Western districts alone grain andincrease of 11,540 cars above the
week ended July 1 totaled 32,401 cars, an
or more. In the spring wheat region the rains in South Da- same week last year.
Forest products loading totaled 28,119 cars, 386 cars above the prekota came too late to be of much benefit, except in a few small
week, 12.702 cars above the same week in 1932. and 3,337 cars
areas, while in North Dakota deterioration continued, al- cedingthe corresponding week in 1931.
above
though local sections were improved. In other parts of the
Ore loading amounted to 17,413 cars, an increase of 3.881 cars above the
week
12,310
wheat belt, spring wheat continued to deteriorate, with con- In before, and an increase ofthe samecars above the corresponding week
week in 1931.
1932. but 12.506 cars below
siderable grain drying up without heading, some of which is
Coal loading amounted to 112,302 cars, an increase of 10,287 cars above
the preceding week, 45,269 cars above the corresponding week in 1932.
being cut. for hay. Corn and cotton crops benefited by
rains though some sections are still dry, rainfall having been and 11,363 cars above the same week in 1931. cars above the preceding
Coke loading amounted to 7,190 cars, 1,544
sufficient for only temporary relief. The winter wheat week, 4.153 cars above the same week last year, and 2,614 cars above
harvest is nearing completion northward to the Ohio Valley, the same week two years ago.
Livestock loading amounted to 15,364 cars, a decrease of 169 cars below
Iowa and parts of Nebraska, and present weather conditions the preceding week, but an increase of 1.707 cars above the same week
will have little effect on the crop.
last year and 576 cars above the same week two years ago. In the Western
July 15 1933
Financial Chronicle
398
districts alone loading of livestock for the week ended on July 1 totaled
11,682 cars, an increase of 1.491 cars compared with the same week last year.
All districts reported increases in the total loading of all commodities
compared with the same week in 1932. The Eastern, Allegheny and
Pocahontas districts reported increases over the same week in 1931, but
the Southern, Northwestern, Central Western and Southwestern reported
decreases.
Loading of revenue freight in 1933 compared with the two previous
years follows:
1931.
1933.
Tntal
1932.
1,910,496
1,957,981
1,841.202
2,504,745
2.127,841
2,265,379
634,074
2,266,771
2,243,221
2,280.837
2,774.134
2,088,088
1,966,488
488,281
2,873,211
2,834,119
2,936,928
3,757,863
2,958,784
2,991,950
667,630
13 241.718
Four weeks in January
Four weeks in February
Four weeks in March
Five weeks in April
Four weeks in May
Four weeks in June
Week ended July 1
14.107.820
19.020.485
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended July 1. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood.,
however, that in this case the figures are a week behind
those of the general totals-that is, are for the week ended
June 24. During the latter period a total of only 23 roads
showed decreases as compared with the corresponding week
last year. Among the most important carrieis showing
increases over a year ago were the Pennsylvania System, the
Baltimore & Ohio RR., the Atchison Topeka & Santa Fe
Ry., the Chesapeake & Ohio Ry., the Southern By. System,
the New York Central RR., the Chicago Milwaukee St.
Paul & Pacific Ry., the Illinois Central System, the Louisville Si Nashville RR., the Norfolk & Western Ry. and the
Chicago & North Western Ry.
-WEEK ENDED JUNE 24.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS(NUMBER OF CARS)
1933.
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N.H.dr Hartford
Rutland
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1932.
1931.
1933.
1932.
1,022
2,995
8,418
994
2,856
11,228
637
831
2,838
7,088
629
2,504
9.764
580
787
3.704
9,799
766
3,367
14,491
633
247
4,842
9,745
2,525
1,791
11,866
1,028
279
4,226
8,694
2,299
1,895
10,456
1,032
28,150
24,234
33,547
32,044
28,881
5,531
9.254
12,405
181
1,627
8,552
2,120
20,233
1,479
363
251
4.432
7,081
10,180
174
1,285
6.681
833
16,404
1,248
415
238
8,114
11,432
14,302
234
1,991
10,188
1.684
26,122
2.290
702
526
6,444
5,860
13,782
1,800
792
7,935
117
28,436
2,147
27
213
5,803
5,187
11,068
1,524
735
5,998
14
20,898
1,700
45
251
*0-
61,996
48,971
77,585
67,553
53,223
Group C:
Ann Arbor
Chicago lnd. & Louisville
Cleve. Cin. Chic. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line-Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis.
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh dc West Virginia - _
Wabash
Wheeling dr Lake Erie
489
1,353
7,926
20
189
307
1,533
3,811
7,131
3,570
4,379
4,944
5,603
1,527
4,989
3,554
458
1,285
6,663
24
267
168
1,975
2,355
5,148
2,774
3,504
4,110
2,705
1,080
4,711
2,195
571
1,982
9,121
40
393
253
1,738
4,023
7,793
5,377
5,515
5,473
5,016
541
6,379
3.647
974
1,796
11,224
82
111
2,123
775
5,451
7,799
208
8,328
4,066
4,717
944
7,392
3,133
865
1,583
8,432
39
91
1,158
957
4,410
6,135
213
6,643
2,952
3.091
565
6,795
1,968
51,325
39,422
57,862
59,123
45,897
Grand total Eastern District
141,471
112,627
168,994
158,720
128,001
Allegheny District
Baltimore & Ohio
Bessemer dr Lake Erie
Buffalo Creek dr Gauley
Central RR. of New Jersey-Cornwall
Cumberland & Pennsylvania
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
26,896
2,644
257
5,897
624
208
71
1,027
60,624
12,717
8,383
48
2,790
22,090
1,195
95
5,222
7
152
67
1,089
50.412
10,387
3,001
41
2,137
33,016
4,025
84
8,944
16
261
98
1,494
74,087
15,256
6,759
61
3,618
13,416
1,537
6
9,649
39
33
23
2,252
36,889
14,716
2,040
1
3,703
10,960
463
2
8,631
37
12
15
2,335
29,929
12,623
1,059
1
2,677
122,186
95,895
147,719
84,304
68,744
Total
Group B:
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western.
Pittsburgh& Shawmut
Pitts. Shawmut & Northern.- _
Total
Total
Total
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District
Group A:
Atlantic Coast Line
Cllnchfleld
Charleston & Western Carolina_
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. dr Potorn.
Seaboard Air Line
Southern System
Winston-Salem Southbound-- Total
21,125
18,074
841
3,222
15,853
11,962
782
2,142
24,133
19.751
1,421
3,049
8,730
4,065
1,307
544
5,728
3,060
1,081
543
43,262
30,739
48,354
14.646
10,412
8,056
1,107
419
153
34
2,089
558
383
6,532
19,383
169
8,112
609
385
145
49
2,342
385
253
5,620
15,664
152
11,719
1.232
621
180
60
2,965
518
411
9,047
22,159
171
4,344
1,359
852
299
69
1,024
925
3,431
2,945
11,788
626
3,369
955
579
237
50
867
574
3.435
2,284
8,096
586
38,883
33,716
49,083
27,662
21,032
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1933.
Group B:
Alabama Tenn.& Northern-Atlanta Birmington & CoastAtl.& W.P.
-West.RR.of Ala
Central of Georgia
Columbus 44 Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chart. dr St. Louis__.
NewOrleans-Great Northern
Tennessee Central
1932.
1931.
1933.
210
860
706
3,859
*223
378
661
451
834
17,261
17,235
*104
171
1,850
3,027
551
298
261
696
515
2,665
210
323
807
382
654
15,623
13,290
88
103
1,727
2,182
435
307
275
1,078
658
4,090
314
467
1,055
620
787
23,395
20,108
102
163
2,130
2,970
905
637
137
468
972
2,569
154
324
1,456
437
667
9,159
3,843
258
243
1,420
2,370
327
478
1932.
112
460
750
2,032
148
395
1,023
321
566
6,499
2,771
229
170
959
1,701
196
393
48,679
40,268
59,754
25,282
18,725
Grand total Southern District
87,562
73,984
108,837
52,944
39,757
Northwestern District
Belt By. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw.St. Paul& PacificChia. Bt. Paul Minn.& Omaha.
Duluth Missabe & Northern
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn.St. Paul& S. S. Marie-.
Northern Pacific
Spokane Portland & Seattle
731
15,581
2.208
18,316
3,524
3,737
510
4,544
317
8.487
479
2,003
5,245
8,139
991
1,238
13,439
2,026
14,589
3,139
766
393
2,808
283
7,209
489
1,880
3.721
7,109
1,140
1,682
22,414
2,878
22,635
4.032
10,946
756
4,484
405
13,399
570
3,022
6,065
9,247
1,352
1,661
8.011
2,428
6,431
3,000
57
293
5,026
252
2,048
425
1,281
1,998
2,161
1,122
1,408
6,577
2,232
5,504
2,615
87
335
2,832
122
2,021
332
1,043
1,989
1,682
763
74,812
60,229
103,887
36,194
29,542
20,389
2,879
211
14,061
12,797
2,254
564
1,356
*224
1,165
631
71
15,220
267
296
9,996
73
1,113
19,864
3,088
152
12,416
11,814
2,070
636
1,280
204
1,125
569
200
15,623
197
273
9,471
85
1,089
27,734
3,694
207
18,658
19,117
2,558
982
1,946
262
2,391
802
190
23,787
532
358
12,594
114
1,438
3,886
1,644
26
6,183
6,195
2,087
900
1,829
12
874
251
30
3,197
283
979
6,248
8
1,172
3.583
1,531
11
5,063
6,371
1,604
714
1,544
34
707
272
21
2,714
220
711
5,140
5
1,022
83,567
80,156
117,394
35,804
31,267
171
133
193
1,765
84
105
166
2,247
198
124
147
12,377
3,188
381
150
847
2,475
320
143
1,121
4;iii
171
1,708
1,304
*249
578
133
4,846
13,640
56
150
8,386
2.440
1,745
179
1,532
1,175
84
606
42
5,408
11,887
38
120
7,197
2,045
4,330
449
2,311
1,907
211
916
68
5,885
17,039
38
267
10,331
3,278
1,494
940
1,383
630
635
263
207
2,369
7,778
10
111
3,542
1,665
1,691
705
1,340
552
326
232
185
2,264
6,374
10
66
2,946
1,648
5.084
4,385
2,259
20
5,330
3,502
1,856
15
7,142
4,787
2,348
45
2,694
3,600
2,293
34
2.814
3,417
1,527
32
51,808
45,363
64,178
34,114
30,188
Total
Total
Central Western District
Atch. Top. & Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quinn)'
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois ....Colorado & Southern
Denver dr Rio Grande Western.
Denver dr Salt Lake
Fort Worth & Denver City
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island_ _
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston & Brazos ValleyInternational-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas
Missouri-Kansas-Texas Lines
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
Si, Louis Southwestern
Y San Antonio Uvalde & Gulf
Southern Pacific in Texas & La
Texas& Pacific
Terminal RR.Assn. of St. Louis
Weatherford Min.Wells & N.W.
Total
I Estimated. y Included in Gulf Coast Lines. * Previous week's figures.
National Fertilizer Association Reports Commodity
Prices Decidedly Higher During Week Ended
July 8.
Wholesale commodity prices advanced materially during
the week ended July 8 according to the index of The National
Fertilizer Association. This index advanced 16 points
during the latest week carrying the index number from
63.8 to 65.4. (The three-year average 1926-1928 equals 100).
The latest index number is 47 points higher than it was a
month ago and is 39 points higher than it was- at tliis dine
lastyear. It is only 33 points ower than it was in July 193T..
.. . Under date of July 10 theAssociation further said:
Not a single group declined during the latest week. klgfit groups
advanced and six showed no change.
Advances were shown for foods, fuel,
grains, feeds and livestock, textiles, building materials, metals, fatal and
oils and miscellaneous commodities. The largest gains were shown in the
fuel, grains, feeds and livestock, metals and textiles groups.
Financial Chronicle
Volume 137
399
During the latest week 54 commodities advanced and 11 declined.
During the preceding week there were 53 advances and 14 declines. Important commodities that advanced during the latest week included cotton,
cotton yarns, cotton cloths, wool, woolen yarns, burlap, lard, butter, cottonseed oil, eggs, flour, corn, oats, wheat, rye, good cattle, hogs, practically all metals, rosin, anthracite coal, petroleum, fuel oil, calfskin and
rubber. The declining commodities included cocoanut oil, soya bean oil.
timothy hay, bran, middlings, sheep and gasoline.
Plk The index number and comparative weights for each of the 14 groups
listed in the index are shown in the table below:
"Annalist" Weekly Wholesale Price Index Rose Sharply
-Fell to New Low on Gold
During Week of July 11
Basis.
An advance of 3.9 points carried the "Annalist" weekly
index of wholesale commodity prices up to 103.9 on July 11
from 100.0 (revised) on July 3, the index now standing at
the highest level since May 5 1931. Continuing, the
"Annalist" noted:
WEEKLY WHOLESALE PRICE INDEX
-BASED ON 476 COMMODITY
PRICES. (1926-1923=100)
New advances of wheat and the other grains, owing to a very bullish
crop report July 10, as well as the lower dollar, together with higher flour
prices because of the new processing tax, caused half of the rise. Increased
prices for cotton and the textiles, leather, live stock and the meats, crude
petroleum, and the non-ferrous metals accounted for most of the rest.
The gains of wheat and the other commodities were insufficient, however,
to offset the further decline of the dollar; the index on a gold basis fell to a
new low of 74.1 from 75.8 (revised) on July 3, the dollar dropping 43.5 cents
to 71.3.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
(Unadjusted for Seasonal Variation. 1913=100.)
Per Cent
Rath Group
Bears to the
Total Index.
Group.,
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities...
Automobiles
Building materials
Metals
House furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
100.0
Latest
Week
July 8
1933.
Al! irremna onrnhInevi
Preceding
Week.
Month
Ago.
65.7
53.9
51.2
61.3
62.9
84.4
72.2
74.5
75.4
54.5
87.9
64.9
65.7
90.1
63.8
67.0
56.0
55.1
63.2
83.2
84.4
72.4
77.0
75.4
55.4
87.9
64.9
65.7
90.1
6c4
Year
Ago.
61.6
48.4
47.3
55.9
62.7
84.4
71.9
73.9
75.2
50.4
87.2
64.7
65.9
90.2
61.7
67.6
46.6
40.5
58.6
87.7
72.0
70.7
78.3
38.1
87.6
67.2
71.9
92.1
60.7
61.5
Decrease Reported by Federal Reserve Board in
Department Store Sales in June 1933.
Preliminary figures on the value of department store sales
show a decrease from May to June of about the estimated
seasonal amount. The Federal Reserve Board's index,
which makes allowance both for number of business days and
for usual seasonal changes, was 66 in June on the basis of
the 1923-1925 average as 100, compared with 67 in May and
67 in April. The Board coritinued under date of June 10:
In comparison with a year ago the value of sales for June. according to
preliminary figures, was 4% smaller. The aggregate for the first six months
of the year was 15% smaller than last year.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
June.*
-4
Federal Reserve District:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
-15
384
Number
of
Cities.
-5
5
-4
1
7
3
5
+1
-3
0
+3
0
49
49
33
16
48
21
46
16
16
18
19
53
25
26
15
11
19
13
26
9
11
13
10
23
Moody's Daily Index of Staple Commodity Prices
In Sharp Advance to New High Levels.
Prices of the principal raw commodities advanced at a
faster pace in the week under review than at any time in the
last two months. Moody's Daily Index of Staple Commodity
Prices gained 8.3 points during the week to a new high
in over two years of 143.7. This gain was the largest for
any week since the first week in May. The Index is now
82.6% above its low point of February 4.
Substantial gains for cotton and wheat were responsible
for more than half of the rise in the Index number, owing to
the importance of these staples, but the other commodities
also participated in the advance. Silk was the only exception, losing slightly lower for the week. Of the twelve
items remaining, rubber, scrap steel, sugar and hides contributed the most important advances, with silver, wool
tops, hogs, coffee, corn, copper, lead and cocoa following in
the order named.
The movement of the Index number during the week, with
comparisons, is as fdlows:
July 7
July 8
July 10
July 11
July 12
July 13
July 14
135.4
135.5
136.9
139.0
142.6
143.0
143.7
2 Wks. ago
Month ago
Year ago
1932 High
Low
1933 High
Low
June 30
June 14
July 16
Sept. 8
Dec. 31
July 14
Feb. 4
128.6
121.8
86.2
103.9
79.3
143.7
78.7
Maximum Limit of Interest on Future Contracts Set at
1,000,000 Bales by New York Cotton Exchange for
Delivery from July 1933 to June 1934.
The Board of Managers of the New York Cotton Exchange
voted July 13 to set the maximum limit of interest by any
member, firm or corporation, and his or its affiliations, at
1,000,000 bales for delivery in July 1933 and in all months
up to and including June 1934.
July 12 1932.
90.9
102.5
b111.3
111.9
102.5
107.0
b96.9
81.1
6100.0
741
5.755
72.1
98.8
66.5
143.9
95.5
107.2
95.0
79.7
93.2
All enmynnaltlaa nn (r1crnIfi hnaba
a Preliminary. b Revised.
c Based on exchange quotations for France,
Switzerland, 'Tolland and Belgium.
Horwath & Horwath Survey Trend of Business in
Hotels During June-General Improvement Re..
ported Throughout Country, with Chicago Far
Ahead-Decline of Only 7% in Total Sales from
Year Ago.
Horwath & Horwath, in surveying the trend of business in
hotEls dining June, state that "total sales declined 7% from
June, 1932; room sales, 11%,and restaurant sales 4%. The
occupancy was 47%, compared with 49% a year ago," the
firm continued, "and the average room rate was down 9%."
Continuing, the firm said:
The recent improvement in the hotel industry is shown by the following
figures:
201
• June figures preliminary; in most cities the month had the same number of
business days this year and last year.
Fri.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
July 3 1933.
95.0
108.0
a114.4
114.6
103.8
107.0
96.9
83.6
103.9
Decrease from Corresponding Months of 1932.
Total.
11I 111111111
00g,t00-4C)' b0-10.0.0
Total
Number of
Jan. 1
Reporting
to
Stores.
June 30.*
July 11 1933.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
Rooms.
28%
20
15
7
27%
21
16
11
March
April
May
June
Food.
Rate.
29%
19
13
4
15%
13
13
9
The pick-up is general throughout the country, but of course Chicago is
far ahead of all other cities, with an increase of 59% in sales over last June.
Transient hotels of that city showed a much larger gain than residential
hotels. In New York City many of the largest hotels are now running
ahead of the corresponding month of 1932, and in others the decreases are
becoming much smaller. The "Other cities," representative of the smaller
cities of the country, shows the steadiest climb back to normal of all the
groups, audit is perhaps the best barometer of the business as a whole.
There was no change in the ratio of beer sales to food sales: it runs about
7% to 10%. The fact that the restaurant sales are now showing smaller
decreases than room sales instead of the reverse, would seem to indicate
that in general beer sales are not merely taking the place of other beverages
and desserts, but are representing real additional business. In Texas,
where the sale of beer is not legal, the restaurant sales declined more sharply
than room sales.
DECREASE IN SALES FROM THREE YEARS AGO.
Dec.
March.
April.
May.
June.
%
New York
-52.6
-54.4
Chicago
Philadelphia _ ..... -54.4
-43.5
Washington
Cleveland
-52.0
-39.3
Detroit
California
-48.3
All others report-47.4
ing
%
-50.7
-54.6
-53.3
-443
-50.7
-48.4
-51.5
%
%
-51.4 -53.7
-50.8 -58.8
-53.7 -60.0
-40.1 -36.3
-53.8 -58.7
-59.3 -60.0
-55.8 -57.5
%
-53.5
-50.9
-53.4
-45.6
-53.2
-60.8
-55.2
%
-49.5
-41.9
-52.7
-38.8
-52.6
-50.9
-54.4
%
-45.3
+6.8
-51.5
-364
-47.6
-49.8
-48.0
-49.1
-49.7
-55.3
-52.3
-51.2
-50.4
_45 9
.
-50
.1
-soil
-_As 1
--Al A
--41:1 1
-so CI
Total
Jan.
Feb.
The following analysis by cities was also issued by Horwath & Horwath:
TREND OF BUSINESS IN HOTELS IN JUNE, 1933, COMPARED WITH
JUNE 1932.
Sales.
Percent ofInc.(+)or Dec.
(-)
Total.
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Texas
All others reporting-Total
+59
-18
3
-10
-16
-13
-10
-13
-7
Rooms.
-8
+50
-20
-5
-17
-26
-12
-15
Occupancy.
Room Rate,
Percent of
This SameMo.
(1-)
Rest'ant. Month. last Year Dec.(-)
-2
+68
-15
+1
-2
-7
-13
-13
-11
48
+78
32
40
51
45
44
52
48
47
+62
35
39
53
49
44
52
52
-10
+19
-12
-7
-14
-19
-12
-10
-8
-4
47
49
-9
Increase Noted in Wholesale Price Index of U. S. Department of Labor During Week Ended July 8.
The Bureau of Labor Statistics of the U. S. Department
of Labor announces that its index number of wholesale
Financial Chronicle
400
July 15 1933
prices for the week ended July 8 stands at 67.2, as compared
with 66.3 for the week ended July 1, showing an increase of
approximately 1.4%. The Bureau continued:
for June of this year being $10,325,100 against $113,075,000
in the same month of last year. For the first six months of
the year the decline from 1932 was $234,053,100.
These index numbers are derived from price quotations of 784 commodities
weighted according to the importance of each commodity and based on
average prices for the year 1926 as 100.0.
The accompanying statement shows the index numbers of groups of
commodities for the weeks ending June 10,17. 24,and July 1 and 8, 1933:
Construction contracts of all descriptions awarded in the 37 States east
of the Rocky Mountains during June totaled $103,255,400 according to
F. W. Dodge Corporation. This was a gain of almost 34% over the total
of 877,171.700 shown for May. During June of last year the contract
volume amounted to $113,075,000.
Breaking the June 1933, contract total down, the Dodge organization
indicates a total of 874,434,400 for privately-financed undertakings as
distinguished from the total of $28,821,000 for publicly-financed work.
Thus the total of private work during June compares with only 853,487,500
for May and 848,806,800 in June 1932.
Showing a further distribution of last month's awards as between major
structural classifications, the current report gives a June total of 827.793,200 for residential building as against $26,519,700 for May, and only
823,116.200 for June 1932: non-residential building awards during June
amounted to $51,024,400 as compared with $31,639,400 for May and
839,812,600 for June 1932, awards for public works and public utilities
during June 1933 totaled $24,437.800, as against $19,012,600 for May
and 850,146,200 for June of last year.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF
JUNE 10, 17, 24, AND JULY 1 AND 8, 1933.
Week Ending
July 1
July 8
All commodities
64.0
64.5
65.1
68.3
67.2
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
52.5
61.0
80.9
58.7
60.8
78.7
72.9
73.8
72.4
59.5
52.8
61.0
82.8
60.2
61.4
78.9
73.4
73.8
72.8
60.6
53.2
61.4
83.5
61.5
63.6
78.9
74.2
73.6
72.8
61.1
56.9
62.6
83.3
82.2
84.3
79.2
75.9
73.5
73.2
62.1
58.5
62.9
83.7
64.1
65.7
79.9
77.0
73.0
73.6
62.9
June 10 June 17 June 24
Weekly Electric Production Continues to Show a Larger
Increase Over Same Period in 1932, Now Amounting to 14.7%.
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 8 1933 was
1,538,500,000 kwh., an increase of 14.7% over the same period in 1932, when output totaled 1,341,730,000 kwh. The
figure for the week ended July 8 1933, the tenth successive
week that production exceeded that for the corresponding
period last year, also compares with 1,655,843,000 kwh.
produced during the week ended July 1 1933.
Electric output in the New England region during the
week of July 8 was 22.2% over that for a year ago, the Middle
Atlantic region showed a gain of 11.3%, the Central Industrial region an increase of 16.2%, the Southern States region
an advance of 29.1%, and the Pacific Coast region a gain
of 0.2%. The Institute's statement follows:
-37 STATES EAST OF THE
CONSTRUCTION CONTRACTS AWARDED
ROCKY MOUNTAINS.
Number of
New Floor
Projects. Space (Sq. Ft.).
Month of June1933
-Residential building
Non-residential building
Public works and utilities
Week Ended
July 1 1933.
+22.2
±13.3
+16.2
+29.1
+ 0.2
±20.9
+11.1
+17.6
+17.1
- 0.3
±19.2
± 8.9
+13.9
+13.8
- 0.6
+14.7
+13.7
+10.9
Note.-Specttie Information on the trend of electric power production is now
available for the Southern States, the addition of another geographic region In
the weekly reports of electric power output. This major economic division includes
the territory south of the Potomac and Ohio rivers and the States of Arkansas,
Oklahoma, Louisiana and Texas.
The region formerly described as the Atlantic Seaboard has been changed to the
"Middle Atlantic" area and includes the States of Maryland, Delaware, New
Jersey and the central and eastern portion of New York and Pennsylvania.
No changes have been made In New England, the Pacific Coast, or the Central
Industrial region, which, as before, Is outlined by Buffalo, Pittsburgh, Cincinnati.
St. Louis and Milwaukee.
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1930, is as follows:
1933
wax of-
1933.
Week of-
1932.
Week of-
1931.
Over
1932.
7 1,429,032.000 May 9 1,637,296,000
May
May
May
May
June
June
June
June
July
6
13
20
27
3
10
17
24
1
1,435,707,000 May
1,468,035,000 May
1,483,090.000 May
1,493,923,000 May
1,461,488,000 June
1.541,713,000 June
1.578.101.000 June
1,598,136,000 June
1,655,843,000 July
14
21
28
4
11
18
25
2
r..I..
0
1 ViSt gilil 01111 T.11.,
0
1,436,928,000 May
1,435.731,000 May
1,425,151.000 May
1,381,452,000 June
1,435,471,000 June
1,441,532,000 June
1,440,541.000 June
1.456,961,000 July
16
23
30
6
13
20
27
0.5%
1,654,303,000 2.2%
1,644,783,000 3.3%
1.601.833,000 4.8%
1,593.662.000 5.8%
1.621,451,000 7.4%
1.609.931,000 9.5%
1,634,935,000 10.9%
4 1,607.238,000 13.7%
1 nos 713 ann 147n.
1 'Zell VIII 11110 T01v 11
DATA FOR RECENT MONTHS.
Month of-
1933.
1932.
7,011,736,000
6,494,091,000
6,771,884,000
6,294,302,000
6.219,554.000
May
6,130,077,000
June
6,112,175,000
July
6,310,667.000
August
September__6,317,733.000
6,633,865.000
October
6.507,804,000
November_
6,638.424,000
December__ _
January_ _ _.
February ___
March
April
6,480.897,000
5,835,263,000
6.182,281,000
6 024,855.000
6,532,686,000
Tniml
1931.
7,435.782,000
6,678.915,000
7,370,687,000,
7,184,514,000
7,180,210,000
7,070.729,000
7,286,576,000
7.166,088,000
7,099,421,000
7,331,380,000
6,971,644,000
7,288.025,000
1930.
1933
Under
1932.
8,021,749,000 7.6%
7,066.788.000 10.1%
7,580,335,000 8.7%
7,416,191,000 4.3%
7,494,807.000 55.0%
7,239,697,000
7,363,730.000
7,391,196,000
7,337,106,000
7,718,787,000
7,270,112,000
____
7.566,601.000
77442.112.000 86.063.969.000 89.467.099.000
a Increase over 1932.
-The monthly figures shown above are based on reports covering approxiNote.
mately 92% of the electric light and power Industry and the weekly figures are based
about 70%.
Valuation of Construction Contracts Awarded as
Compiled by F. W. Dodge Corp. Smaller.
The valuation of construction contracts awarded in the
37 States east of the Rocky Mountains in the month of
June 1933 was $9,819,900 less than in June 1932, the figure
27,793,200
51,024,100
24,437,800
16,199,500
103,255,100
3,334
2,093
1,724
5,794,300
6,395,100
106,300
23,116,200
39.812,600
50,146,200
7,151
Total construction
First Six Months
1933
-Residential building
Non-residential building
Publlc works and utilities
12,295,700
113,075.000
21,219
14,022
4,597
33,559,400
32,200,500
2,312,100
113,233.700
185,231,300
134,561,600
30,838
Total construction
68,072,000
433,026,600
20,365
11,721
6,744
41,146,200
41,429,700
1,172,600
162,697,900
263,031,800
241,350,000
38,830
Total construction
1932
-Residential building
Non-residential
Public works and utilities
83,748,500
667,079,700
NEW CONTEMPLATED WORK REPORTED-37 STATES EAST OF THE
1933.
Week Ended
June 24 1933.
Tota lUnited States
8,311,100
7,158,200
730,200
ROCKY MOUNTAINS.
Week Ended
July 8 1933.
New England
Middle Atlantic
Central Industrial
3outhern States
Pacific Coast
5,008
3,083
1,097
9,188
Total construction
1932
-Residential building
Non-residential building
Public works and utilities
PER CENT CHANGES.
Major Geographic Divisions.
Valuation.
1932.
No.of
Projects.
Month of June
Residential building
Non-residential building_ Public works and utilities_
Valuation.
No. of
Projects.
5,381
3,781
1,600
36,038,400'
101,882,600'
248,538,700
3,627
2,360
1,680
27,219,500
39,952,500
65,134,800
Valuation.
10,762
386.259,700
7,667
132,306,800
First Six Months
25,000
Residential building
Non residential building- 18,225
Public works and utilities__ - 7.546
203,981,800
396,381,600
631,727,600
24,471
15,165
9.278
244,348,200
307,156,600
437,421,400
50,771
1,232,091,000
48,914
988,926,200
Total construction
Total construction
Employment and Payrolls in New York State Factories
Continued to Increase During Period from Middle
of May to Middle of June-Third Consecutive
Advances.
Factory employment in New York State increased 4% and
total wage payments rose 5.7% 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 were the third successive monthly advances
to be recorded since the current upturn began. As in the
previous two periods, the gains this month were unusual, for
in June the seasonal course of employment and payrolls in
the State's factories is downward. Returns from approximately 1,585 representative factories which report each
month to the Division of Statistics of the State Labor Department form the basis for this analysis. The statement
Continued:
The June gains advanced the State index of factory employment to59.4 (preliminary), 6.8% above the corresponding period a year ago. Theindex of total factory payrolls was at 44.8 (preliminary), 5.2% above a
year ago. These index numbers are computed with the averages for the
three years 1925-1927 taken as 100. The movement this month was general
and was evident in all parts of the State. Nine major industry groups had
increases in employment, while two showed decreases. In New York City
the tendency was mostly upward, with the net results an increase in employment of 1.8% and a 2.5% gain in total payrolls.
Metal Employment Continues Upward Trend.
Metal firms again reported increased working forces as compared with
previous months. All industries comprising the group showed continued
gains in personnel. Reporting firms in the group as a whole which had
taken on approximately 5,800 persons during May, re-employed about 4,215
additional workers in June. Additional workers were being recalled by the
silverware and jewelry; brass, copper and aluminum; iron and steel;
structural and architectural iron; sheet metal and hardware; firearms, tools
and cutlery; cooking, heating and ventilating apparatus; machinery and
electrical apparatus; automobiles and airplanes; railroad equipment and
repair shops; boat and ship building; and instruments and appliances divisions. Particularly large increases occurred in the brass, copper and
aluminum ; sheet metal and hardware; and machinery and electrical apparatus industries.
Volume 137
Financial Chronicle
Net Gain in Clothing and Millinery.
Opposite tendencies were apparent in the clothing and millinery group.
Seasonal advances in employment were reported ,by men's clothing manufacturers and laundries, while the usual June decreases were shown by
makers of women's clothing and by millinery factories. In the women's
underwear, miscellaneous sewing, and men's furnishings branches, contraseasonal expansions in working forces were noted. The net result in the
clothing and millinery group as a whole was an increase in numbers employed of 2%.
Textile Mills Continuo Unusual Activity.
Textile employment during June recorded its third consecutive monthly
increase, contrary to the usual seasonal movement. In the group as a
whole, employment rose about 8%% above the May level. Gains continued to be reported by the woolens, carpets and felts; cotton goods; knit
goods; and miscellaneous textiles divisions, while in silk mills a few operatives were let go. Reporting firms in the textile group as a whole recalled approximately 2,685 additional workers this month.
Upward Trend Maintained in Food Concerns.
The volume of employment in the food and tobacco group again moved
higher in June. In the beverages division, where working forces have been
rising steadily in recent months, concerns were continuing to take on help
In large numbers. Canneries were seasonally busier. Employment was
higher also in meat and dairy products, bakeries and tobacco plants. The
candy division, due principally to a large decrease in one plant, showed an
unusual loss in employment. Decreases in personnel were reported also by
processors of flour, feed and cereals, and by sugar and other grocery concerns.
Other Industries Mostly Dwder.
In the furs, leather and rubber goods group increases were shown by all
industries comprising the group except furs and fur goods. The stone,
the
clay and glass; chemicals, oils and paints; wood manufactures; and printing and paper goods groups continued to show improvement. In water,
light and power plants and in pulp and paper mills, employment was below
the May levels.
Recovery Maintained in New York City.
Factory employment in New York City rose 1.8% above the previous
month's level during June, and payrolls were increased about 234%. The
upward tendency was fairly general. An increased volume of employment
continued to be reported by the metals and machinery; stone, clay and glass;
wood manufactures; chemicals, oils and paints; printing and paper goods;
furs, leather and rubber goods; and textile groups. In the food and
tobacco group a net decline was recorded, due principally to a decrease
in the working force of a large candy plant. In the clothing and millinery
group, seasonal losses in women's clothing and women's headwear offset
gains in the other industries comprising the group. The net result was a
loss in numbers employed of about % of 1% for the group as a whole.
Water, light and power plants maintained approximately the same number
of workers as during the previous month.
Employment and Payrolls Up In Up-State Centers.
All major up-State industrial districts participated in the June increase
In employment and payrolls. In Buffalo, Syracuse and Albany-SchenectadyTroy, operations in metal concerns were being increased. Utica reports
showed continued gains in textile mills as well as in metal concerns. In
Rochester, seasonal advances in the men's clothing industry and increased
activity in metal factories were noted. Binghampton shoe and metal firms
continued their gains over previous months.
IndustrialliEmployment in Ohio and Ohio Cities,
According to Ohio State University-Substantial
Gain Reported During June.
In reviewing the industrial employment situation in Ohio
and Ohio cities, the Bureau of Business Research of the Ohio
State University stated that "employment in June registered
a gain for the third consecutive month. Total employment
for the State as a whole increased 9.4% from May; manufacturing employment increased 10.6%; construction employment, 8.5%; and non-manufacturing, 2.9%. With the exception of construction, the June increases were either substantially greater than the average June increase during the
past 5-year period or in contrast with an average decline, indicating a greater-than-seasonal expansion in employment in
June." In its review, issued July 5, the Bureau added:
Gains ranging from 10% to 15% were recorded in the textile, machinery,
rubber, vehicles and metal products groups, while increases extending from
5% to 10% were noted in the food, lumber, and stone, clay and glass
products groups. In 9 of the 11 major manufacturing groups, employment
coins during the past three months have carried the June indices to a level
above June 1932.
With the exception of Columbus, substantial employment gains in June
were registered in each of the seven important cities of Ohio. Gains of 10%
or more wete noted in Akron, Dayton, Toledo, Youngstown and Canton.
Employment in Cleveland increased 6% in June, while in Cincinnati a gain
of 4.5% was noted. The employment indexes in Canton, Toledo and Dayton showed an increase of over 20% from June 1932. Cincinnati and
Columbus are the only oities in which June employment was still below
June 1932.
Business Conditions in Kansas City Federal Reserve
District Advanced During May-Wholesale and
Retail Trade Improved for First Time in Four
Years
-Rise in Wholesale Trade Largest in 14
Years of Record.
"Experiencing the first improvement in nearly four years,
trade at both wholesale and retail featured the advance in
Tenth (Kansas City) District business conditions in May,"
reports the Federal Reserve Bank of Kansas City in its
"Monthly Review" dated July 1. "The rise in agricultural
commodity prices," the Bank continued, "which was so
abrupt in April, although continuing in May, was less rapid."
The Bank further noted:
401
Returning confidence is also indicated by Increases in savings, net demand, and time deposits at banks during the month, and for the second consecutive month loans and discounts at 53 selected member banks increased.
Business insolvencies were less numerous than for any May since 1923, and
liabilities the smallest since 1929.
Weather conditions the fore part of June have been ideal for harvest and
haying but injurious to growing crops, and generous rains are needed immediately. Winter wheat production will be smaller than for any year since 1904,
with the outlook for other spring grains poor. A fair hay crop is in prospect,
and corn, though late, has not been injured seriously as yet.
May dollar sales of five representative wholesale lines combined were
19.5% larger than in April, the first increase for the month in four years and
the largest in 14 years of record. They were also larger than a year ago,
May being the first month in about four years to show an increase over the
corresponding month of the preceding year. Total dollar sales of 32 reporting department stores were also larger in May than in April this year or May
last year. The 4.6% increase over April was the first since 1929, and the
increase of 0.8% over May 1932 was the first for any month since May 1930.
Prices of all species of livestock and most classes of grain were higher
for the month. Of the several classes of livestock, cattle alone sold under
a year ago. Wheat prices held their own, with producers receiving 60c. per
bushel for the new crop as against 25 and 30c. a year ago. Flour closed the
month unchanged and millfeeds were somewhat lower. Butterfat was steady,
but poultry and egg prices declined to the lowest levels of record. Wool
and hides were active at higher levels. The Department of Agriculture's
index of farm purchasing power advanced 9 points between April 15 and
May 15 to 62% of pre-war, or 14 points above the low of Feb. 15. Zinc ore
and lead ore prices improved and are approximately double those in effect
this time last year. Crude oil prices, which were reduced to a flat 25e. per
barrel the first week in May, were re-established at the previous per gravity
schedule ranging from 28 to 52c. per barrel June 17.
Livestock and grain moved to market in more nearly normal volume, with
receipts of all species of livestock, except hogs, and all classes of grain,
except kafir, at the principal market centers of the District somewhat
heavier than a year ago.
The Bank reviewed wholesale and retail trade conditions
in the Tenth District as follows:
Reports from both wholesale and retail firms indicate a decided improvement in general trade conditions in this District during May. Dollar sales
of all five reporting wholesale lines were substantially above the April volume, with the total for the five lines combined showing an increase of 19.5%,
the first increase in five years and the largest in 14 years of record. Compared to May 1931, sales of dry goods increased 1.8%, groceries 7.2%, hardware 14.3%, and furniture 25.7%, with those of drugs showing a loss of
but 0.7%. Sales of the five lines combined were 7.0% larger than a year
ago, the first increase shown for any month over the corresponding month
of the preceding year since September 1929, compared to September 1928,
and the largest since April 1929, compared to April 1928. Wholesalers of
dry goods and furniture reduced their inventories 5.9 and 3.0%, respectively,
in May, and stocks of groceries were 0.9%, furniture 3.0%, and drugs 0.7%
larger on May 31 than on April 30. Stock reductions since May 31 1932,
ranging from 12.1% for groceries to 27.1% in furniture, were reported by
the various lines.
For the first time since 1929 May sales of merchandise in dollars, at 32
reporting department stores in the District, exceeded the April volume, and
not since May 1930 have sales for any month shown an increase over the
like month of the preceding year. May sales were 4.6% larger than in
April and 0.8% larger than in May 1932. Cumulative sales for the year to
June 1 were 14.7% smaller than a year ago.
Inventory changes for the month were slight, but stocks on hand May 31
this year were 20.2% lighter than on May 31 1932. Collections in May
totaled 35% of amounts outstanding April 30 as compared to 34% in April
and 33.7% in May 1932.
Review of Business Conditions in Eighth District by
Federal Reserve Bank of St. Louis
-Improvement
Continued During Latter Part of May and Early
Part of June
-Volume of Trade and Industry
During May Larger than May Last Year.
"Practically all indicators of business in the Eighth (St.
Louis) District during the past 30 days reflected a continuance of the improvement which began in mid-March and extended through April and the first half of May," states the
Federal Reserve Bank of St. Louis in its June 30 "Monthly
Review" (compiled June 23). The Bank cOntinued:
In many important lines the rate of betterment was more rapid than during the preceding 30 days. For the first time since 1929 the total volume
of trade and industry in May exceeded that of the corresponding period a
year earlier. The expansion in physical volume was accompanied by a
further strengthening in sentiment in the business community and with the
public at large. Purchasing of commodities was more diversified and on a'
larger scale, both merchants and ultimate consumers being more disposed
than heretofore to fill long deferred requirements. A notable feature in
the month's transactions was the substantial gains in advance orders booked
in many important lines. Total of advance business on books of reporting
wholesalers and manufacturers as of June 1 was the largest recorded in more
than two years. Increased purchasing generally reflected anticipation of
future needs and possibly higher prices, also, catching up on goods which
ordinarily should have been acquired earlier in the year.
Distribution of merchandise through retail channels was retarded to some
extent by unfavorable weather in May, but despite this handicap a large
volume was disposed of. Since the first of June warmer weather has stimulated demand for seasonal goods, and reports covering the first two weeks
of this month indicate a larger total than in the comparable period a year
ago. A fair volume of reordering of summer goods by retailers is reported,
notably apparel, electrical supplies, beverages, and tourist and outing supplies. In all wholesaling and jobbing lines investigated by this bank, May
sales exceeded those of the preceding month and the May aggregate In 1932.
Especially large gains in both comparisons were noted in boots and shoes,
hardware, clothing, dry goods, furniture, electrical supplies, and groceries.
Operations at iron and steel plants continued to move upward, the rate at the
middle of June being approximately 30% of estimated capacity, against 25%
in May and 15% on April 1.
The employment situation underwent further improvement, being affected
by increased activities at manufacturing plants and the absorption of many
workers in seasonal occupations. For the first time since the depression
commenced, there were scattered wage advances, in some instances affectinc
402
Financial Chronicle
large groups of workers. Through the first week of June the trend of commodity prices continued upward, with new high levels on the movement recorded by a number of important items. Agricultural products reflected
considerable strength, all the principal products of this district being
sharply higher than at the corresponding period a year ago. Crop conditions
as of June 1 were spotted, both with reference to the several productions
and locality. Planting of all spring crops, particularly corn and tobacco,
is later than usual, due to excessive rainfall in May. Since June 1, however, more seasonable weather has permitted of intensive field work, and
at the middle of the month much of the delayed planting and cultivation had
been accomplished.
As indicated by sales of department stores in the principal cities of the
district, retail trade in May was slightly smaller than in April and 3.2%
less than in May 1932; for the first five months this year the volume was
17.6% smaller than for the comparable period a year ago. Combined sales
of all wholesaling and jobbing firms reporting to this bank were 59% larger
in May than in April and 81% greater than in May 1932; cumulative sales
for these firms for the year to June 1 were 5.6% in excess of the aggregate
for the same period last year. The dollar value of building permits issued
for new construction in the five largest cities of the district in May was 12%
more than in April, but about one-fourth smaller than in May 1932; the
cumulative total for the first five months this year was smaller by 62%
than for the same period in 1932. Construction contracts let in the Eighth
District in May were 154% greater than in April and 5.6% smaller than in
May 1932; for the first five months this year there was a decrease of 31.9%
as compared with the similar period in 1932. Debits to individual accounts
in May were about one-fifth greater than in April, and the cumulative
total for the year to June 1 was only 6.4% smaller than for the first five
months of 1932, the most favorable comparison in more than two years.
Freight traffic of railroads operating in this District continued the irregularly upward trend noted during the preceding 30 days, and for the first
time in many months showed an increase over the corresponding period a
year earlier, though still considerably below the volume in 1931 and 1930.
The movement of grain, livestock and other farm products was stimulated
by the upturn in commodity prices. According to officials of the roads,
stabilization of bituminous coal shipments has been an important factor in
their business, as has, also, freight contributed directly and indirectly by
the brewing industry. For the country as a whole, loadings of revenue freight
for the 22 weeks this year, or to June 3, totaled 10,850,499 cars, against
12,100,463 cars during the comparable period in 1932, and 16,121,989 cars
in 1931. The St. Louis Terminal Railway Association, which handles interchanges for 28 connecting lines, interchanged 137,659 loads in May, which
compares with 120,673 loads in April and 131,695 loads in May 1932. During the first nine days of June the interchange amounted to 42,852 loads,
against 40,188 loads during the corresponding period in May and 38,507
loads during the first nine days of June 1932. Passenger traffic of the
reporting roads decreased 25% in May as contrasted with the same month a
year ago. Estimated tonnage of the Federal Barge Line between St. Louis
and New Orleans in May was 112,000 tons, which•compares with 82,440 tons
in April and 112,323 tons in May 1932.
Reports relative to collections during the past 30 days reflect the same
general trends as have been in effect since the end of March. Spottiness
still exists, both with reference to the several lines and different locations,
but on the whole steady improvement has taken place. In the South, where
early fruits and truck crops are important productions, a considerable volume
of liquidation has taken place, and generally through the cotton areas the
rate of payments has quickened. Jobbers and wholesalers in the large centers of distribution report June settlements fully up to expectations, and
relatively much better than a year ago. Some backwardness in collections in
the rural areas was noted, farmers being preoccupied with spring work, and
in sections affected by the floods: settlements were slow. The reopening of
additional banks has released funds which have been used to a considerable
extent in meeting debts.
Lumber Business Slowed Down During Week of July 8
Owing to Holiday Shutdowns—Orders During First
Six Months 40% Above Output.
Lumber orders at the mills during the week ended July 8
dropped 26% in volume and production declined 21% from
the previous week, in accord with the customary drop over
the Fourth, due to mill shutdowns, some of which were
for the entire week, according to telegraphic reports to
the National Lumber Manufacturers Association from
regional associations covering the operations of 647 leading
softwood and hardwood mills. The preceding week, according to more complete returns than were available for the
last release (see below), was the heaviest week in orders
since October 1930, the heaviest in production since August,
1931 and in shipments since May 1931. The Association
further reports as follows:
During the week ended July 8, production totaled 158,295,000 feet;
shipments, 184,626,000 feet and orders, 192,592,000 feet. All regions
showed orders above output, except Northern Pine, the total excess for
softwood orders over cut being 17%; for hardwoods, 53%. All regions
showed substantial increases over the corresponding week of 1932 in all
three items—production, shipments and new business—the total increase
over last year being 66% for production:85% for shipments;88% for orders.
Unfilled orders at the mills were again, as the previous week, the equivalent of 27 days average production of the reporting mills, the best "baklog" since May 1929. These order files on July 8 were 96% above those
of corresponding date of 1932. Gross stocks at softwood mills on July
were 28% less than those of a year before.
Forest products carloadings at 28,119 cars, for the first time this year
showed increase over those of corresponding week of 1931. They were
3.337 cars above similar week,:of 1931.and 12,702 cars more than during
same week of 1932.
Lumber orders reported for the week ended July 8 1933, by 420 softwood
mills totaled 163.379,000 feet. or 17% above the production of the same
mills. Shipments as reported for the same week were 151,867,000 feet, or
9% above production. Production was 139.230,000 feet.
Reports from 244 hardwood mills give new business as 29.213,000 feet,
or 53% above production. Shipments as reported for the same week
were 32,759,000 feet, or 72% above production. Production was 19,065.000 feet.
July 15 1933
Unfilled Orders.
Reports from 368 softwood mills give unfilled orders of 709,462.000
equivalent of 26 days' production. The 523
feet on July 8 1933, or tile
identical mills, hardwood and softwood, report unfilled orders as 787,008,000 feet on July 8 1933, or the equivalent of 27 days' average production, as compared with 402,286,000 feet, or the equivalent of 14 days'
average production on similar date a year ago.
Last week's production of 400 identical softwood mills was 132.701.000
feet, and a year ago it was 81.882.000 feet; shipments were respectively
148,196,000 feet and 86,732,000, and orders received 162,554,000 feet and
92,743,000. In the case of hardwoods, 178 identical mills reported production last week and a year ago 14,938,000 feet and 7,041.000; shipments
27,175,000 feet and 8,020.000;and orders 23,943,000feet and 6,243,000 feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 182 mills reporting
for the week ended July 8:
SHIPMENTS.
NEW BUSINESS. 'UNSHIPPED ORDERS.'
Feet.
Feet.
Feet. I
Domestic cargo
Coastwise and
Domestic cargo
42,906,000 delivery ____276,528,000 intercoastal__28,667,000
delivery
109,084,000 Export
Export
9,854,000 Foreign
14,876.000
117,915,000 Rail
25,150,000
Rail
27,998,000 Rail
8,688,000
Local
8,688,000
Local
503,527.000
89,446,000 Total
Total
Production for the week was 73,582,000 feet
Total
77,381,000
Southern Pine.
The Southern Pine Association reported from New Orleans that for
104 mills reporting, shipments were 9% above production. Orders were
about thesame as production and were 8% below shipments. New business
taken during the week amounted to 28,390,000 feet (previous week, 32,168,000 at 96 mills)•shipments.30.811,000feet (previous week,40,048.000),
and production, 28.388.000 feet (previous week 29,800,000). Production
was 48% and orders 48% of capacity, compared with 54% and 58% for the
Previous week. Orders on hand at the end of the week at 102 mills were
86,861,000 feet. The 102 identical mills reported an increase in production
of64%,and in new business an increase of 152%,as compared with the same
week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
110 mills reporting, shipments were 19% above production, and orders
23% above production and 3% above shipments. New business taken
during the week amounted to 41.292,000 feet (previous week 61,682.000
at 120 mills); shipments 39,976.000 feet (previous week 60.528,000), and
production 33,690.000 feet (previous week 46.445,000). Production was
25% and orders 31% ofcapacity,compared with 33% and 44% for the previous week. Orders on hand at the end of the week at 107 mills were 173.803.000 feet. The 105 identical mills reported a gain in production of
18%, and In new business a gain of 58%, as compared with the same week
a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from 7 mills as 3,146,000 feet, shipments 2,228,000 feet and new
business 2,453.000 feet. The same mills reported new business 154%
greater than for the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reported softwood production from 17 mills as 424.000
feet, shipments 1,471,000 and orders 1.798.000 feet. Orders were 21%
of capacity compared with 19% the previous week. The 14 identical mills
reported a gain of 528% in new business compared with the same week
a year ago.
Hardwood Reports,
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 227 mills as 18,434.000 feet, shipments 31.015.000 and
new business 27,011.000. Production was 40% and orders 59% of capacity,
compared with 40% and 55% the previous week. The 164 identical mills
reported production 106% greater and new business 268% greater than
for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reported hardwood production from 17 mills as 631.000
feet, shipments 1,744,000 and orders 2,202,000 feet. Orders were 37%
of capacity, compared with 57% the previous week. The 14 identical mills
reported a gain of531% in production and a gain of 570% in orders, compared with the same week last year.
We also give below the report of the National Lumber
Manufacturers Association for the week ended July 1 and
for the first six months of the current year:
Lumber orders at the mills during the week ended July 1, were 4% less
than the average of the preceding six weeks, but the almost 50 fewer mills
reporting, due to delayed reports and mid-year shutdowns, will account
for at least part of the decline, according to telegraphic reports to the
National Lumber Manufacturers Association from regional associations
covering the operations of 609 leading softwood and hardwood mills
Shipments were slightly less in this preliminary report than for two preceding weeks and production as reported by 44 fewer mills was g% less than
the week before. More complete figures, delayed because of the Fourth of
July holiday, will probably show the output equal to that of the previous
week which was the highest since September 1931. Production totaled
183,837,000 feet; shipments, 219.919,000 feet; orders. 238,167,000 feet.
For the first six months of 1933. orders were 40% above production and
shipments 20% above output. Reports of identical mills for the six months
show increase over similar period of 1932 of 5% in production; 4% in shipments and 20% in orders.
During the week ended July 1 1933, all regions showed excess of orders
over production, softwood orders being 28% above and hardwood orders,
46% above. West Coast orders made a new record of 131,950,000 feet
which was 31% above the production and more than twice the new business
booked a year ago.
Compared with corresponding week of last year, production was 82%
higher, shipments 79% higher and orders more than twice as heavy. All
regions showed gain over last year in all items.
Unfilled orders at the mills were the equivalent of 27 days' average
Production of reporting mills, which is the best record since 1929.
Forest products carloadings at 27,733 cars during the week ended June 24
were the heaviest since September 1931. They were 11,124 cars above the
same week of 1932 but 2,803 cars less than during corresponding week of
1931.
Lumber orders reported for the week ended July 1 1933, by 382 softwood
mills totaled 209,906,000 feet, or 28% above the production of the same
Financial Chronicle
Volume 137
mills. Shipments as reported for the same week were 189,509,000 feet, or
16% above production. Production was 164,522,000 feet.
Reports from 237 hardwood mills give new business as 28.261.000 feet,
or 46% above production. Shipments as reported for the same week were
30,410,000 feet, or 57% above production. Production was 19,315,000 feet.
Unfilled Orders.
Reports from 328 softwood mills give unfilled orders of 641.337,000 feet,
on July 1 1933, or the equivalent of 26 days' production. The 488 identical
mills, hardwood and softwood, report unfilled orders as 724.468,000 feet
on July 1 1933, or the equivalent of 27 days' average production, as compared with 364,073,000 feet, or the equivalent of 14 days' average production on similar date a year ago.
Last week's production of 365 identical softwood mills was 156,096,000
feet, and a year ago it was 85,713,000 feet; shipments were respectively
181,293,000 feet and 106,288,000; and orders received 202.366,000 feet and
99,989,000. In the case of hardwoods, 174 identical mills reported production last week and a year ago 15,292,000 feet and 8,655.000; shipments
24,452,000 feet and 8,890,000; and orders 23.568,000 feet and 7,631,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 182 mills reporting for
the week ended July 1:
SHIPMENTS.
NEW BUSINESS.
UNSHIPPED ORDERS
Feet.
Feet.
Feet.
Domestic cargo
Coastwide and
Domestic cargo
delivery_ _ 58,894,000 delivery _ _ _263.020,000 Intercoastal _ 44,842,000
Export
13.417,000
114,312,000 Export
20,054,000 Foreign
137,303,000
Rail
115,991,000 Rail
42,145,000 Rail
10,857,000
Local
Local
10,857,000
Total
131,950,000 Total
493,323,000
Production for the week was 100,947.000 feet.
Total
106,419,000
Southern Pine.
The Southern Pine Association reported from New Orleans that for 96
mills reporting, shipments were 34% above production, and orders 8%
above production and 20% below shipments. New business taken during
the week amounted to 32,168,000 feet, (previous week 37,014,000 at 98
mills); shipments 40,048,000 feet, (previous week 34,065,000); and production 29,800.000 feet. (previous week 26.766,000). Production was
54% and orders 58% of capacity, compared with 46% and 63% for the
previous week. Orders on hand at the end of the week at 92 mills were
85.926,000 feet. The 92 identical mills reported an increase in production
of51% and in new business a gain of49%,as compared with the same week
a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
87 mills reporting, shipments were 27% above production, and orders
37% above production and 8% above shipments. New business taken
during the week amounted to 41,378,000 feet, (previous week 66,022,000
at 121 mills); shipments 38.457.000 feet, (previous week 55,283,000); and
production 30,290.000 feet, (previous week 45.295,000). Production was
31% and orders 42% of capacity, compared with 31% and 45% for the
previous week. Orders on hand at the end of the week at 86 mills were
124,421,000 feet. The 85 identical mills reported a gain in production of
29%. and in new business a gain of 92%, as compared with the same
week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from seven mills as 3,101.000 feet, shipments 3,539,000 feet
and new business 3,450.000 feet. The same mills reported new business
279% greater than for the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported softwood production from 10 mills as 384,000
feet, shipments 1,046.000 and orders 960,000 feet. Orders were 19% of
capacity compared with 14% the previous week. The 10 identical mills
reported a gain of 232% in new business, compared with the same week
a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 227 mills as 18,769,000 feet, shipments 28,993,000 and
new business 25,679.000. Production was 40% and orders 55% of capacity,
compared with 36% and 60% the previous week. The 165 identical mills
reported production 70% greater and new business 194% greater than
for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported hardwood production from 10 mills as 546.000
feet, shipments 1,417,000 and orders 2,582.000 feet. Orders were 77%
of capacity, compared with 47% the previous week. The 10 identical mills
reported a gain of 461% in orders, compared with the same week last year.
Lumber Output During Five Weeks Ended July 1 1933
Exceeded Same Period Last Year by 48%—Shipments 60% Higher—Orders Received Were Up 92%.
We give herewith data on identical mills for the five weeks
ended July 1 1933, as reported by the National Lumber
Manufacturers' Association:
An average of 575 mills reported as follows to the National Lumber
Trade Barometer for the five weeks ended July 11933:
In 1,000 Board
Feet.
Softwoods
Hardwoods
Production.
Shipments.
1933.
1932.
Orders
1933.
1933.
1932.
776,370
64,757
522,980 926,980 800,149 1,064,246
52,965 126.704
44,342 119,117
Total lumber
Received.
1932.
572,714
48,113
841.127 567.322 1.046.097 653,114 1,190,950 620.827
Production during the five weeks ended July 1 1933 was 48% greater
than during corresponding weeks of 1932, as reported by these mills,
and 21% below the record of comparable mills for the sameperiod of 1931.
The 1933 softwood cut was 48% above that of the same weeks of 1932.
and hardwood cut was 46% above.
Shipments in the five weeks ended July 1 1933 were 60% above those of
corresponding weeks of 1932,softwoods showing gain of54% and hardwoods
of 124%.
Orders received during the five weeks ended July 1 1933 were 92% above
those of corresponding weeks of 1932 and 15% above orders for similar
weeks of 1931. Softwoods showed 86% increase and hardwoods 163%
increase as compared with similar period of 1932.
403
On July 1 1933 gross stocks as reported by 360 softwood mills were
2.474,799,000 feet, or the equivalent of 93 days' average production of
the reporting mills, compared with 3.431,485,000 feet on July 2 1932, or
the equivalent of 129 days' average production.
On July 1 1933 unfilled orders as reported by 526 mills (cutting either
softwoods or hardwoods or both) were 781,104,000 feet, or the equivalent
of 26 days' average production, as compared with 408.128,000 feet on
July 2 1932, the equivalent of 14 days' average production. The 1933
order file was therefore 91% heavier than on corresponding date of a year
ago.
Cocoa Prices on New York Cocoa Exchange at New
High Levels for Year During Week Ended July 7.
The New York Cocoa Exchange reviewed the cocoa market
for the week ended July 7 as follows:
Heavy outside investment buying continued to feature trading on the
New York Cocoa Exchange. Net advances for the week were 10 to 13 points.
On the closing day of the week (July 7) prices broke into new high ground
for the year. May deliveries sold as high as 5.52c, a pound. The market
continued to be influenced almost entirely by the gyrations of the foreign
exchange markets; advices concerning the London Economic Conference,
and the action of the other major markets. The specific developments in
the cocoa situation itself pass almost unnoticed as market factors. During
the week there was moderate selling pressure from British interests, hedging
against the Accra mid-crop. This selling was well obsorbed by new buying
interest in the market. Heavy commission house profit-taking was absorbed
by new interests entering the market.
Price of?Actual Raw Sugar Highest in Two Years on
New York Coffee & Sugar Exchange-3.55 Cents
a Pound Paid by Operators on July 7.
In reviewing the sugar market for the week ended July 7
the New York Coffee & Sugar Exchange, Inc., said:
Actual raw sugar sold at a new high for the past two years on July 7,
when operators paid 3.55 cents a pound, duty paid, for forward shipments.
Futures were 3 to 5 points higher for the Week on a broad wave of buying,
influenced by the general betterment recorded in other markets and the hopes
that constructive results may be forthcoming from the Washington Sugar
Conference and the London Economic Conference where a sub-committee on
sugar is attempting to bring order to the world sugar industry. Considerable hedge selling from Cuban interests and profit taking from commission
houses was absorbed by the new buying of futures. Refined brokers report
a good demand for refined sugar end indications are that this year will
show a sizeable increase in U. S. consumption.
United States Sugar Consumption During May Higher
—552,944 Long Tons Consumed During Month as
Compared with 488,530 Tons in May 1932.
Sugar consumption (distribution) in the United States
during May 1933 amounted to 552,944 long tons, raw sugar
value,compared with 488,530 tons consumed during May 1932.
This is an increase of 64,414 tons or 13.19%, according to a
report issued July 7 by B. W. Dyer & Company, sugar
economists and brokers. Consumption for the first five
months of 1933 amounted to 2,342,976 tons, an increase of
206,491 tons or 9.66% compared with the same period of 1932.
Canadian Crop Outlook Unfavorable According to
Bank of Montreal.
"Crops in the Prairie Provinces are entering upon the
critical period with moisture conditions unsatisfactory over
a wide area," says the Bank of Montreal in its current crop
report. "Rains on a generous scale are required to promote
growth and filling. In certain southern and central areas
drought damage has been extensive, and except in the
northern portions of the provinces light yields are indicated.
In Quebec recent rains have been beneficial to all crops
except hay, the cutting of which should soon be general.
In Ontario, while prolonged hot, dry weather adversely
affected grain crops and pastures, recent rains in most districts have been beneficial and conditions generally are
fairly satisfactory. In the Maritime Provinces crops generally are two weeks late, due to cool weather in June, but
are now making satisfactory progress. In British Columbia, with a great improvement in the weather, crops in
most districts are now ripening under very satisfactory
conditions."
Agricultural Department's Official Report on
Cereals, &c.
The Crop Reporting Board of the United States Department of Agriculture made public late Monday 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
co-operating State Boards (or Departments) of Agriculture.
This report shows that the production of winter wheat is
now placed at only 335,767,000 bushels, which compares
with the Department's estimate of 341,017,000 bushels a
month ago and with a harvest of 461,679,000 bushels in
1932, with 787,465,000 bushels harvested in 1931 and a fiveyear (1926-30) average production of 589,733,000 bushels.
The July 1 condition of winter wheat is given as 57.8% of
normal, which compares with the June 1 1933 condition of
64.0%, with the July 1 1932 condition of 64.7%, and the
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Financial Chronicle
July 1 1931 condition of 82.3%. The ten-year (1921-30)
average condition of winter wheat is 75.2%. The production of spring wheat is estimated as of July 1 to be only
159,914,000 bushels, which compares with a production of
264,604,000 bushels in 1932 and a five-year (1926-30) average production of 271,435,000 bushels. The Board characterizes the first six months of 1933 as having been less
favorable for crop production than the corresponding portion of any crop season in 50 years. The report states that
estimates indicate that even with average weather during
the remainder of the growing season, the wheat crop will
be the smallest since 1893. Corn production seems likely
to fall below 2,400,000,000 bushels, for the fourth time in 32
years. Oats production will fall below 700,000,000 bushels
for the first time since 1897. The report also states that
in the case of many crops nothing comparable with the present situation has ever been reported. We give below the
report:
The acreage planted to crops has been reduced and exceedingly low
yields are in prospect, according to the July estimates of the Crop Reporting Board of the United States Department of Agriculture. The Board
characterizes the first six months of 1933 as being less favorable for crop
production than the corresponding portion of any crop season in 50 years.
The estimates indicate that even with average weather during the remainder
of the growing season, the wheat crop will be the smallest in this country
since 1893. Corn production seems likely to fall below 2.400,000.000
bushels for the fourth time in 32 years. Oats production, which has
exceeded a billion bushels every year since 1911. seems likely to fall below
700,000,000 bushels for the first time since 1897, and hay production is
expected to be almost as low as in the drouth years of 1930 and 1931.
These crops, with cotton, for which the Board has not estimated production, cover about 300 million acres, or about 86% of the acreage of all field
crops this season.
The total acreage in crops on July 1 was between 5 and 6% below the
acreage harvested last year. The reduction was due to various causes.
including low prices and financial difficulties at planting time, the loss
of 13,183.000 acres of winter wheat sown last fall; unfavorable planting
conditions during May in the eastern corn belt as a result of continuous
wet weather; and loss of a large acreage of spring grain and flax during
June as a result of drouth and heat in the western corn belt, only a small
part of which will be salvaged as hay. The acreage for harvest will be
further reduced if the drouth is not quickly relieved in the areas that are
still dry. On the other hand, a large acreage of emergency crops could
still be planted if rain comes in time.
The crop areas of the country as a whole had only about half of the
normal rainfall during June and in the Mississippi Basin they had only
about one-third of the normal rainfall. At the same time the temperature
averaged above normal nearly everywhere and from the lower Ohio Valley,
Missouri and Kansas northward it was the hottest June on record. Many
crops suffered so severely during June that the final yield is problematical.
The reports of crop correspondents on the condition of the crops on July 1
showed new low records for that date for oats, wheat, barley, rye, flax,
potatoes, sweet potatoes, tobacco, peanuts and pastures. The condition
of hay crops was the lowest for July 1 since 1911 and the condition of corn
was the second lowest on record.
In the case of many crops nothing comparable with the present situation
has even been reported. Thus, the condition of oats was reported at 49.3%
of "normal," while the lowest condition previously reported on July 1 was
68.8 in 1911. The condition of potatoes was reported as 72.2, compared
with the previous low of 76 set in 1911. The condition of pastures was reported as 60.5, compared with 74.6 in July 1930. 73.0 in 1925,67.2 in 1911
and 69.9 in 1883. These low condition reports show the critical conditions
prevailing at the beginning of the month. Many of the crops maturing
later in the season, however, can still make considerable recovery if conditions improve.
While much depends on weather during the remainder of the season,
present indications point to a combined production of grains about 13%
below production in 1930, and a hay crop but little better than in that year.
In proportion to the numbers of livestock on farms the production of grain
Is expected to be lower than in any year since 1901. Most fruits except
possibly citrus fruits show prospects below average, and most vegetables
growing at this season have been adversely affected by the drouth.
Wheal.
The prospective production of all wheat is estimated at 495,681,000
bushels, as compared with 726,283.600 bushels produced in 1932 and the
five-year average (1926-1930) of 861,000,000 bushels.
The indicated production of 335.767,000 bushels of winter wheat is only
slightly below that indicated a month ago, but is 126.000,000 bushels less
than the 1932 production and 254,000.000 bushels less than the five-year
average. Yields are generally average or better in most of the soft winter
wheat territory but low yields and heavy loss of acreage are the rule in the
hard winter wheat and Pacific Coast regions.
Acreage for harvest of spring wheat other than durum is estimated at
15,577.000 acres, a decrease of 11.8% from that harvested last year and
about 2% below the five-year average. Sharp decreases in acreage are
shown in the principal spring wheat territory, due largely to abandonment
before July 1. The estimates of acreage for harvest relate to acreage
standing on July 1. Material increases in spring wheat acreage are shown
in the Pacific Northwest, where abandoned winter wheat acreage was resown to spring wheat.
July 1 condition of spring wheat other than durum is reported at 53.5%
of normal, as compared with 84.2% on July 1 last year. This indicates
a production of 142.338.000 bushels, which is 82,398,000 bushels less than
last year's production and 63.285 000 bushels less than the five-year average (1926-30). Prospective yields are below average in practically all
sections of the country.
Durum wheat acreage, estimated at 2,500,000 acres, is only 64.7% of
last year. There was some decrease in the sown acreage and a considerable
part of the sown acreage was abandoned before July 1. The July 1 condition of42.8% of normal indicates a production of only 17,576,000 bushels.
Corn.
A corn crop of 2,384.032,006 bushels is indicated by the condition of
70.2% of nosmal on the estimated acreage of 103,022,000 for harvest in
1933. The indicated crop is 5.1% less than the average production of the
five years 1926-1930. Since 1900 the corn crop has been smaller in only
four years, 1901. 1903, 1924 and 1930.
July 15 1933
The estimated acreage of corn in 1933 is 4.4% less than in 1932, but is
3.7% greater than the average of the five years 1926-1930. The reduction
in acreage was most pronounced in South Dakota, Iowa, Illinois and Indiana. Only a few important States show increases.
-year
The indicated yield per acre of 23.1 bushels is 11.5% below the 10
(1921-30) average of 26.1 bushels. Yields below average by five bushels
Dakota, Ohio, Indiana, Illinois, Kansas
or more are indicated in South
and Oklahoma. Yields slightly below average are indicated in such important States as Iowa. Nebraska and Missouri.
Oats.
The acreage of oats for grain in the United States on July us estimated
at 37,023,000 acres. or 89.9% of the 41,193,000 acres harvested in 1932,
and 91.6% of the 1926-30 average of 40,215,000 acres. In the East North
Central States intended sowing was not completed because of wet weather
at the time of seeding. In the Plains States considerable seeded acreage
was lost from drouth before July 1. The acreage utilized for hay and pasture was also increased by prospective low yields of grain.
-year average
The July condition is 49.3% compared with 79.3%, the 10
(1921-30). Condition is lowest in the principal oats producing States.
bushels, is 10.7 bushels below the averThe indicated yield per acre. 18.9
age yield of the 10 years, 1921-30, and lower than in any year in the period
1900-32.
Production is forecast as 698,941,000 bushels compared with 1,238,231,060 bushels in 1932 and the five-year average production (1926,30) of 1.190.000.000 bushels.
Grain Blocks.
Stocks of old wheat on farms on July 1 are estimated to be 79,605,000
bushels, as compared with 90,284,000 bushels on July 1 1932 and 37,331,000
bushels on July 1 1931. Farm stocks of corn amounted to 620,903,000
bushels on July 1 1933 compared with 523.815.000 bushels on July 11032
and 312,380.000 bushels on July 1 1931. Stocks of oats on farms are
203,261.000 bushels on July 1 1933 as against 141,487,000 bushels last year
Farm stocks of these grains are
and 168,406.000 bushels two years ago.
above average despite the fact that disappearance since April 1 has also
been considerably above average.
Barley.
Barley acreage in the United States for 1933 is 79.8% of 1932. The
acreage has been increasing in recent years, so the reduced acreage is still
93.6% of the five year average (1926-30). The greater part of the reduction is the result of losing seeded acreage by drouth before July 1 in South
Dakota, Kansas and Tesas. Seeding in California was reduced to substitute wheat.
-year average
The condition July 1 1933 is 53.2% compared with the 10
(1921-30) of 81.1. The 16.1 bushels per acre forecast by this condition
Is the lowest on record.
The production forecast, 169.951,000 bushels, is 64.5% of the average
of 1926-30 and 85.7% of the small crop of 1931.
Rye.
Rye acreage for harvest for grain is 18.3% below that harvested in 1932.
being 2.716,000 acres compared with 3.326,000 harvested a year ago and
a five-year average (1926-30) of 3,382,000 acres. A smaller proportion of
the total United States rye acreage was intended for grain for 1933 than in
1932, and drouth has reduced the acreage of rye for grain in the Northwest.
-year averThe condition of rye July 1 was 52.9% compared with the 10
age (1921-30) of 79.4%. This indicates a yield of 9.3 bushels per acre,
which is the lowest on record.
Production is forecast as 25,336,000 bushels. This is less than the production in any year in the period 1909-32, and is only 61.0% of the fiveyear average (1926-30)•
Flaxseed.
The acreage of flaxseed for harvest is estimated at 1,755.000 acres, as
compared with 2,081.000 acres harvested last year and the five-year
average (1926-30) of 2,979,000 acres. This year's acreage is the smallest
since 1923.
The condition on July 1 was 53.4% of normal as compared with the
-year average (1921-30) of 81.0%. This condition, the lowest reported
10
in the 30 years during which reports on July 1 condition of flaxseed have
been made, indicatee a production of 9,185.000 bushels, which is 2,602,000
bushels less than last year's small crop and 10,826,000 bushels less than the
five-year average (1926-30)•
Drouth and high temperatures caused serious damage to the flax crop
In the Dakotas and Montana. A considerable part of the acreage sown in
South Dakota was abandoned before July 1. In both North and South
Dakota there is a probability of considerable damage from grasshoppers.
United States rice acreage is estimated to be only 767,000 acres, which
Is 102,000 acres less than was harvested In 1932, 196,000 acres less than the
five-year average (1926-30) harvested acreage, and 70,600 acres less than
the smallest harvested acreage in any of the 14 years (1919-1932) for which
comparable figures are available. In the South (Arkansas, Louisiana and
Texas) only 661,000 acres are being grown, compared with 759,000 acres
harvested in 1932, 853,060 acres harvested in 1931, and a minimum of
746,000 acres harvested in any of the previous 12 years (1919-1930).
With a United States average July condition of 82.6% of normal, production is forecast at 33.927,000 bushels (of 45 lbs. each), compared with
39,356.000 bushels produced in 1932 and a five-year average (1926-30)
of about 43,000,000 bushels. The forecast United States production for
1933 is the smallest since 1925. Rice production in the South (Arkansas.
Louisiana and Texas) is forecast at 27.885,000 bushels for 1933, compared
with 32,316.000 bushels harvested in 1932 and a five-year average (1926-30)
of 35.239,000 bushels.
//ay.
Tame hay acreage is estimated as 54,806,000 acres, or 3.5% larger than
the 52.974,000 acres harvested in 1932. The principal increase is in the
North Central States and Mountain States. Decreases are found in most
of the South Atlantic and South Central States. Alfalfa generally has
Increased slightly, except in the Pacific Coast States. There are substantial increases in clover and timothy bay acreage in Illinois, Iowa and Missouri, but the acreage of this kind of hay is still below the five-year merap.
(1926-30) in all of the North Central States. Other tame hay acreages
show some reduction in the Southeast, and large increases in Great Plains
and Pacific /%."orthwest. Drouth in the Plains area has forced the utilization of large acreages of grains as hay.
The July 1 condition of all tame hay of 69.3% indicates a yield of 1.21
tons per acre, the same as in 1930 and in 1931.
Production of tame hay is forecast as 66,047.000 tons, compared with
69,794,000 tons in 1932. The five-year average production (1926-30)
is 72.700,000 tons. The 1933 crop is the smallest In 20 years with the exception of the drouth years of 1930 and 1931.
Wild hay acreage of 13,815.000 Is 96.8% of 19.12. The reduction is
mainly in the Northern Great Plains States.
Financial Chronicle
Volume 137
405
Pasture.
1,000 Acres,
Crop.
Aver.
1926-30 1932.
1933.
1933
Per Cl.
of
1932.
Arerage
19211930.
1932.
1,000
Bush.
23.6 523,815
10.0 90,284
12.7 141,487
1933.
Per
Cent.d
1,000
Bush.
25.0 620.903
11.0 79,605
16.4 203.261
d Per cent of previous year's crop. e Data based on corn for grain.
2.876
--_
482
341
40
225
265
726
1,238
300
40.4
11.8
39.4
69.8
12.2
2.384
336
___
___
___
___
___
30.4
___
___
-__
-__
18
142
160
496
699
170
25.3
9.2
33.9
66.0
8.9
078.1
84.5
83.7
72.9
84.5
79.0
74.1
70.5
60.5
34.2
23.8
26.0
26.0
83.8
79.6
57.6
59.8
60.2
83.2
84.5
79.8
77.0
85.8
86.9
77.8
74.9
51.7
49.1
54.9
80.7
81.6
78.3
66.1
___
79.7
78.2
67.6
56.6
51.5
57.6
72.3
72.2
63.0
62.6
79.6
84.6
11.1
169
c56.6
c22.9
c2.45
355
62.5
1,412
7.72
30.4
Acteage.
___
25.9
24.2
10.2
___
10.2
c141
c42.4
c22.0
c2.20
358
78.5
1,016
9.07
24.1
___
150
45.1
21.8
1.90
306
61.2
1,245
9.68
32.6
Condition July 1
(Per Cent)
(1,000 Acres)
Aver.
1932.
New York
191
New Jersey
48
Pennsylvania
889
Ohio
1,576
Indiana
1,436
Illinois
1,450
Michigan
691
Wisconsin
36
Minnesota
163
Iowa
229
Missouri
1,326
South Dakota
259
Nebraska
2,050
Kansas
9,252
Delaware
79
Maryland
380
Virginia
579
West Virginia
116
North Carolina_ _ _
.
376
South Carolina.._
80
Georgia
74
Kentucky
270
Tennessee
272
Alabama
6
Arkan.sas
31
Oklahoma
3,966
Texas
2,958
Montana
618
Idaho
652
Wyoming
110
Colorado
487
New Mexico
220
Arizona
29
Utah
184
Nevada
1
Washington
1,207
Oregon
751
California
593
United States
46.1
23.2
----___
___
___
___
Production.
(1,000 Bushels)
Average
Indicated
1933.
1933. 1921-30 1933. 1926-30.
1932.
210
49
862
1,781
1,508
1,537
795
29
158
211
1,220
180
2,023
5,968
75
395
550
123
391
76
67
270
267
3,916
1,008
13,335
32,308
22,976
21,750
16,584
702
3,423
3.778
14,851
4,921
24,600
106,398
908
4,940
6,253
1,276
3,572
760
703
2,835
2,584
60
248
43,626
29,580
12,360
14,996
1,100
4,383
1,320
609
80
88
85
75
76
73
79
82
81
85
74
71
76
70
88
86
82
79
s9.9
a9.6
a8.7
78
77
3 al0.7
27
2,974
1,716
587
535
68
224
198
40
190
2
604
225
664
33.635 26.802
a Yield per acre.
al0.1
a11.7
211.5
72
86
85
73
55
89
88
93
79
85
82
79
87
83
76
68
68
71
70
60
61
65
30
50
43
70
79
79
84
a9.5
a8.0
a7.0
77
74
29.0
a8.0
a9.7
a7.0
56
56
48
31
22
86
71
85
62
66
74
b75.2 b57.8
4,593
1,275
18,513
27,073
25,751
30,536
15,060
850
3,241
7,612
18,094
1,273
59,422
153,186
1,998
9,690
8,975
1,604
3,638
537
572
2,742
3,307
29
199
52,386
32,559
9,830
12,867
1,637
15,969
2,102
520
3,419
100
26,472
19,577
12,515
589.733
3,990
1,078
15,516
34,730
22,620
24,592
12,720
450
2.212
2,954
15,250
1,260
23,264
56,696
1,050
6,320
7,150
1,660
3,714
608
469
3,375
2,670
27
216
28,848
12.012
7,338
8,560
476
1,904
792
1,120
2,660
48
12.080
4,050
11,288
3,128
19
30.175
15,020
10,674
461.679
335.767
b Allowance made for condition at harvest In Southern States.
DURUM WHEAT,
Acreage.
Condition July 1
(1,000 Acres)
(Per Cent)
State.
Aver.
1932.
Minnesota
North Dakota
South Dakota
Montana
Four States
Production.
(1,000 Bushels)
Average
1933. 1923-30 1933. 1926-30.
Indicated
1932.
1933.
126
121
82
53
3,411
2,768
929
40
2,185
150
44
1,638
79
74
78
44
20
61
1,210
48,088
14,029
284
26,296
11,334
600
15,295
675
396
3.863
2.500
65.812
36-868
17.576
78.4
42.8
SPRING WHEAT(OTHER THAN DURUM).
Acreage.
(1,000 Ames)
Condition July 1
(Per Cent)
State.
1932.
Maine
New York
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Montana
Idaho
AVyoming
Colorado
New Mexico
Aver.
1933. 1923-30 1933.
90
82
86
80
75
79
79
85
a80
84
76
a77
874
82
68.5
a79
88
89
Production.
(1,000 Bushels)
Average
1926-30.
58
178
171
238
195
2,767
148
1,279
15,438
778
148
66,947
20,820
2,932
339
48,333
15,644
1932.
66
170
130
148
238
1,683
190
1,330
14,445
572
75
80,860
37,840
2,020
153
42,650
15,660
Indicated
1933.
110
140
105
78
165
708
136
1,072
10,188
360
70
37,920
3,944
3,315
60
27,639
12,771
2,668
1,342
5,027
408
1,320
2,316
2,805
2,271
434
2,204
286
17,085
3,438
250
1,900
442
14,728
5,040
330
25,528
11,424
i1n1tAA StAtpm
17 R54 15 577 e703 --la 5 205 525 99472A
a Short-time average. b Yield per acre. c All spring wheat.
149 Tift
Utah
Nevada
Washington
Oregon
,
18.0 312,380
4.3 37,331
13.2 168.406
1932.
Per
rent.d
2,512
590
66
206
271
861
1,190
264
41.6
20.0
43.0
72.7
11.5
State.
s.
16.3 349,481
7.3 59,467
12.9 144.116
1,000
Bush.
70.2
57.8
42.8
53.5
52.1
55.8
49.3
53.2
52.9
53.4
82.6
69.3
56.5
WINTER WHEAT.
woo
Bush.
1931.
Per
Cerd.d
84.9
64.7
84.2
84.2
84.2
71.8
78.1
81.6
82.2
76.4
85.7
76.7
83.2
a Short-time average. b Exc udes sweetclover and lespedeza. (Minor States
excluded.) c Includes some quantities not harvested. d Production Is the
total
iza
1,000
80.3
75.2
278.4
__
79.3
76.4
79.3
81.1
79.4
81.0
87.3
a79.0
878.7
for fresh fruit, juke and raisins.
s
Corn_e
Wheat
Oats
1930.
Per
Cent.d
Corn
bush.
Winter wheat
"
Durum wheat
"
Other spring wheat "
All spring wheat__ _ "
All wheat
"
Oats
"
Barley
Rye
"
Flaxseed
"
Rice
"
Hay, all tame
tons
Hay, wild
"
Hay, all clover and
timothy _b
"
Hay, alfalfa
"
Pasture
Beans, dry edible
100-16. bags
Peanuts
lbs.
Apples, total crop_bush.
Peaches, total crop "
Pears, total crop__ _ "
Grapesd
tons
Potatoes
bush.
Sweetpotatoes
"
Tobacco
lbs.
Sugar beets
tons
Hops
lbs.
MOOCOV=00WZOnMNWNQN
Crop.
1921-30 1932.
fedirated
July 1
1933.
torn
bush. 99,328 107,776 103,022 95.6
26.1
26.7
23.1
Winter wheat
"
38,581 33,635 26,802 79.7
14.7
13.7
12.5
Durum wheat
"
5,428 3,863 2,500 64.7
12.3
10.3
7.0
Other spring wheat "
15,925 17,654 15,577 88.2
12.9
12.7
9.1
All spring wheat__ - "
21,353 21,517 18,077 84.0
12.8
12.3
8.8
All wheat
"
59,934 55,152 44,879 81.4
14.1
13.2
11.0
Oats
"
40,215 41,193 37,023 89.9
29.6
30.1
18.9
Barley
"
11,261 13,212 10,540 79.8
22.8
22.7
16.1
Rye
"
3,382 3,326 2,716 81.7
12.6
12.1
9.3
Flaxseed
"
2,979 2,081
7.5
1,755 84.3
5.7
5.2
Rice
963
869
41.8
45.3
767 88.3
44.2
Hay, all tame
tons 54,563 52,974 54,806 103.5
1.31
1.32
1.21
Hay, wild
"
13,635 14,305 13,845 96.8
.85
.85
.64
Hay,all clover and
timothy a
"
29,223 23,438 23,750 101.3
1.16
1.11
1.09
Hay,alfalfa
"
11,214 12,501 12,761 102.1
2.14
2.08
1.90
Beans, dry edible_
lb. 1,708 1.386 1.615 116.5
669
733
629
Soybeans _ b
2,278 2,880 2,945 102.3
- -Peanuts _ b
1,402 1,932 1,643 85.0
-Cowpeas_b
1,615 2,021
1,800 89.1
-Velvet beans _ b
92
86
86 100.0
Potatoes
bush. 3,090 3,371
3,223 95.6 11- .8 10 :1
0
.
6
95.1
Sweetpotatoes
661
926
91.2
813 87.8
84.8
75.2
Tobacco
lbs. 1,830 1,422 1,741 122.4
772
714
715
Sugar beets
c759
c812 c1,029 126.7
Sorgo for sirup
170
250
242 96.8
-- Sugar cane for sirup
113
110
122 110.9
Hops
lbs.
23
1,269 1,096
22
27 124.1
1,194
a Excludes sweetclover and lespedeza. (Minor States excluded). b Grown
alone
for all purposes. c Planted acreage.
GRAIN STOCKS ON FARMS ON JULY 1.
Indicated.
age,
1933. 1926-30 1932. June 1 July 1
Per Cl. Per Cf. Per Cf.
1933. 1933.
Crop,
Yield per Acre.
Acreage.
Toted Production in Millions.
Aver-
.0.WCpCp.4-40.-40.-40 C
. 4.
4. 400910.2.%910-.
,
C...1 , 0.-.0P.0 4Rwo
2
\
,
4.• &WO G3Crt .442
0
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 and co-operating
State Boards (or Departments) of Agriculture
and Agricultural Colleges:
Condition July 1.
Average,
co'co
-ao....4wwww- wwW
w.qwwwww4..4.2wte. www ww.co-4ow
..wwwwwww.q w.
The condition of pastures on July 1 was the lowest on record for the country as a whole. With drouth conditions prevailing over almost the entire
country during June, pesture conditions dropped from 81.5%. nearly average, on June 1 to 60.5% on July 1. This compares with 79.0% on July 1
last year. 73.0% two years ago and the 1921-30 July 1 average of 83.7%•
Poor pasture conditions were general with practically all States reporting
pastures below average. Pastures were poorest in the area extending from
southeastern North Dakota south into Oklahoma and northern Texas.
The condition of beans on July I was reported at 78.2%, slightly better
than on July 1 1932 but 5.6% below the 10-year average (1921-30). This
condition indicates a production of about 10,154,001, bags of beans, which
is abou, equal to the five-year average (1926-30) production, but considerably below the apparent average annual disappearance of about 13,000.600 bags during the years 1929, 1930 and 1931.
Potatoes.
Judged by conditions reported on July 1, the 1933 crop of potatoes will
be the smallest produced since 1925 and one of the shortest crops ever
produced in this country. The production as of July 1 is forecast at
306.423,000 bushels, or about 14% short of the 1932 production, which
was close to the average crop of recent years. The reported condition on
July 1, due to heat and droutb effects upon the growing plants, was extremely low in many important States. For the United States the condition averaged 72.2%, the lowest July 1 figure since records began in the
1860's. While the condition in the late States is below average, the crop
has been delayed and subsequent weather conditions, if favorable, would
result in considerable improvement. The estimated acreage this year is
3.223,000 acres, which is 4% above the average acreage from 1926 to 1930.
hut 4% below the 1932 acreage.
Tobacco.
Tobacco in cultivation on July 1 is estimated at 1.740.700 acres, compared with 1,421,700 acres harvested in 1932. This is a net increase of
22.4% and involves increases in nearly all of the non-cigar types and decreases in all cigar types. Significant increases In acreage have occurred
in flue-cured (42%) and burley (19%). Acreage of cigar types decreased
nearly 30% compared with 1932.
The condition of tobacco on July 1 was unusually low, being reported at
62.6%. A total production of 1,244,637.000 pounds is estimated compared
with 1.015,512,000 pounds last year. Production of flue-cured is estimated
at 591,159.000 pounds, compared with 373.631,000 pounds harvested in
1932. The forecast of burley production is 366.358.000 pounds, compared
with 312,182,060 pounds harvested last year. No significant changes
are indicated in production of fire-cured. Maryland and dark air-cured
types. Production of cigar types, however, shows a decrease from 139,674.000 pounds in 1932 to an indicated total of 94.350.000 pounds.
Sugar Crops.
Sugar beet acreage has been erpanded In all importan. States, 1,029.000
acres being contracted for 1933 compared with 812,000 acres in 1932 and a
five-year average (1926-1930) of 759,060 acres. The condition of the crop
is 79.6% of normal, which indicates a production of about 9,682,000 short
tons of beets, assuming slightly more than the average difference between
-contracted- and harvested acreage. in 1932, 9.070.000 short tons were
harvested and the average crop for the five years 1926-1930 was 7.718.000
short tons.
Sugar cane acreage in Louisiana for all purposes is 213.000 acres, compared with 223.000 acres in 1932 and 184,000 acres in 1931. The condition
of this crop is reported as 80%, which indicates a production of 3.184.000
short tons of cane for all purposes, compared with 3.359,000 short tons harvested in 1932 and 2,717,000 short tons in 1931.
Combined acreage of sugar cane and sorgo for sirup in the United States
is 364,000 acres, which Is a 1% Increase over 1932.
Hops.
The 1033 hop crop is forecast at 32,596.000 pounds, compared with
24.120.000 pounds harvested in 1932 and a five-year average (1926-1930)
of 30.400,000 pounds. About 27,300 acres are expected to be harvested
in 1933, compared with 22.000 acres harvested In 1932 and a five-year
average (1926-1930) of 23,060 acres. A considerable part of the 1933 increase In acreage comes from recent plantings.
GENERAL CROP REPORT AS OF JULY 1 1933.
81
78
91
90
72
81
WHEAT,BY CLASSES.
White
(Winter &
Spring.)
Spring
Winter
Year.
Hard Red. Soft Red. Hard Red. Durum.
Total
1,000 Bu 1,000 Bu. 1,000 Bu. 1,000 Bu. 1.000 Bu 1,000 Bu.
83,475 812.573
56,307
362.353 165,760 144,678
88,453 858,911
59.191
375,454 175,259 160.554
67.632 900,219
21.266
70,290
491,529 249,502
85,781 726.831
40,813
264,933 147,742 187,562
80,083 495,681
18,853
93.374
160,084 143,287
1929
1930
1931
1932
1933.a
July 15 1933
Financial Chronicle
406
a Indicated July 1 1933.
CORN.
Condition July 1
Acreage.
(Per Cent)
(1,000 Acres)
State.
W.W
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1932.
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 Carollna
Georgia
Florida
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
Aver.
1933. 1921-30 1933.
18
14
63
38
9
51
588
163
1,268
3,330
4,268
8,101
1,365
2,206
4,750
11,020
5,755
1,432
4,450
10.218
7,509
147
564
1,495
459
2,300
1,540
3,740
666
2,699
2.839
3,095
2,342
1,893
1,198
3,189
5,308
226
50
219
1,909
252
42
21
2
40
67
104
United States_ _ _ 107,776 103,022
Production
(1,000 Bushels)
Average
1926-30.
1932.
Indicated
1933.
656
520
560
568
2,624
2,613
1,520
1,738
351
341
2,268
2,048
20,790
18,934
6.930
6,944
46,435
44,818
116,902 121,872
146,116 173,962
297,334 387,043
45,969
35,130
80,808
66.399
140,822 176,916
423.875 509,507
150,072 186.721
26,676
19.228
73,235
107,836
224,658 269,293
127,412 136,197
4,263
3,550
16,440
14,425
26,388
32,873
11,150
11,408
39.328
34,830
17,885
20,751
38,560
39,426
5,840
6.863
67.464
64,144
59.418
59,546
37,076
34,996
32,589
30,423
35,874
30,159
17,906
17,405
65,760
54,305
78,426 102,726
1,952
2,580
2,255
1.618
2,024
2,784
13,363
22,936
3,267
3,556
615
551
540
411
48
50
1,292
1.222
2,015
2,040
3,069
2.537
720
616
2.946
1,672
378
2,142
21,168
6,846
48,818
99,900
123,772
243.030
38,902
80.519
161,500
413,250
146.752
34,368
80,100
255,450
112.635
3,822
17,484
34.385
11,934
39,100
18,480
37,400
5,328
51,281
56,780
34,045
28,104
24,609
15,574
22,323
71,658
2,938
1,700
2,628
19,090
2,520
714
483
45
1,360
1,943
3,120
81
82
79
81
84
82
77
82
81
78
77
79
78
82
82
87
78
75
83
85
79
83
81
81
80
82
75
76
81
81
78
75
74
72
75
78
74
76
86
84
83
82
87
89
90
86
87
87
83
87
83
87
89
86
79
86
80
62
60
58
74
88
87
82
68
80
74
79
61
77
78
80
78
70
84
66
61
70
68
82
54
57
63
48
55
75
79
73
70
56
86
81
89
80
76
81
80.3
70.2 2,511,991 2.875,570 2.384,032
OATS.
Condition July 1
Acreage.
(Per Cod)
(1,000 Acres)
State.
1932.
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
Aver.
1933. 1921-30 1933.
90
89
125
130
87
89
6
6
79
88
61
62
78
87
5
5
88
87
2
2
79
87
9
9
68
84
872
872
82
80
43
41
70
84
944
944
45
78
1,591 1,336
35
73
1,965 1,827
42
75
4,307 4,049
52
79
1,263 1,149
70
88
2,533 2,508
52
83
4,575 4,484
45
84
6.181 • 6,243
60
74
1,809 1,719
41
81
2,112 1,794
19
76
782
2,321
27
80
2,473 2,226
1,608 1,544 a21.6 a16.0
79
80
4
4
67
82
55
57
75
79
166
166
70
82
131
138
205 a16.6 a15.0
205
350 a21.7 a19.5
389
302 618.1 1117.5
378
a13.3 212.5
7
7
63
77
122
162
69
74
99
124
79 a17.4 015.5
99
22 al9.4 a16.0
32
103 a18.8 alt3.0
114
17 a22.7 a17.0
20
1,334 1,094 a19.4 a18.0
1,049 823.8 218.0
1,749
60
82
403
403
84
88
142
148
73
90
165
141
69
84
154
141
71
77
38
40
90
89
12
13
86
91
51
54
78
92
3
3
83
83
179
166
86
86
254
223
76
83
74
89
Production
(1,000 Bushels)
Average
1926-30.
4,600
322
1,915
185
71
253
27,596
1,233
30,109
67,502
61,215
134,629
46,278
88,761
138,627
216,206
32,758
41,327
60.005
67,398
29,846
84
1,463
2,892
3,478
2,832
7,925
5,537
123
2,985
1,993
1,631
574
2,115
316
22,829
36,686
10,563
4,492
3,801
5,595
767
287
1,783
83
7,310
8,153
2,558
1932.
Indicated
1933.
4,940
4,500
234
228
1,769
2,046
145
165
68
66
279
252
21,800
27,032
1,118
1.066
24,072
24,072
45,344
28,056
31,059
58.950
161,512
76.931
34,101
24,129
88,655
67,716
89,680
164,700
219,426 118,617
34,371
24,926
44.352
21,528
5,474
75,432
74,190
24,486
34,572
24,704
104
108
1,425
1,375
3,237
3,320
3,036
2,882
3,690
3,075
7,974
6.825
5,285
6,993
88
80
2,349
1,830
1,910
1,485
1.224
1,485
512
352
1,648
1.596
300
289
19,692
24,012
18,882
41,976
7,254
10,075
4,544
5,476
3,300
2,961
3,542
3,384
722
920
372
364
1,683
1,836
114
96
8,234
8,300
7,620
8,802
1,958
1,813
41,193 37,023 b79.3 b49.3 1,189.693 1,238,231 698,941
United States_
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 in foreign countries, as reported by the Foreign Service of the Bureau of Agricultural Economics to the United
States Department of Agriculture at Washington, and given
out on July 10, is as follows:
WHEAT.
Foreign wheat production outside of Russia and China may be only
slightly less than in the past season, according to condition reports received
through the Foreign Service of the Bureau of Agricultural Economics.
Stocks of wheat. in the principal exporting countries and in several of the
Importing countries of Europe are larger than last year.
The 1933 Canadian crop conditions on June 1 indicated a larger crop
than in 1932. but the continued heat and drouth throughout the past month
have thinned the sands. An official report stated that the crop entered
the critical month of July with less than average prospects.
The European wheat crop, aside from Russia, is not expected to equal
the record harvest of last season. An increase of 90,000,000 to 95.000,000
bushels is expected in the four Danubian countries, but this increase Is
offset by the decreases expected in France, Germany, Italy and Spain.
Early season crop prospects were generally favorable. but prolonged dryness and cold weather in many countries have resulted in deterioration.
Reports from Russia are variable. A decrease of about 4.000,000
acres was reported in the winter wheat area, while the plan called for an
Increase of about 1,01)0.000 acres in the spring wheat area. According to
data published on the sewings of all spring crops, progress was more rapid
than in 1932 or in 1931. Generally favorable weather conditions have been
reported and yields may exceed those of last year, which are believed to
have been below average.
Production in the four North African countries is forecast at 104,000.000
bushels, compared with 127.000,000 bushels harvested last year. Conditions early in the season had indicated larger crops In these countries
but hot winds and drouth reduced prospects materially.
Production In India is officially estimated to be about 10.000,000 bushels
above last year, and In Japan about 9,000,000 bushels larger. Unofficial
reports for Turkey are estimating the production there to be about the same
as in 1931, when 102,000,000 bushels were harvested as compared with
69.000 000 bushels in 1932.
Although It is still early to make any definite forecast of the Southern
Hemisphere crops, reports of reduced seedings and unfavorable weather
conditions indicate a smaller harvest in Australia. In Argentina, however, conditions have been more favorable. No official estimate of the
area sown is available but no significant change from last year is expected.
FEED GRAINS.
Barley.
The area sown to barley for the 1933 harvest in 22 foreign countries
reported Is more than 3% below the acreage in those countries last year.
The production in 12 foreign countries so far reported shows a decrease of
4%. In Poland and Czechoslovakia crop conditions are slightly below
average, but in the other countries are about normal. In Canada the barley
condition is reported as 95% of the long-time average.
Oats.
The 1933 area sown to oats in 17 foreign countries Is 1% below that of
last year and the production in 10 foreign countries so far reported is
slightly below. In Poland, Czechoslovakia and Lithuania oats conditions
are somewhat below normal, and in Canada the condition of the crop is
reported as 95% of the long-time average.
Corn.
The 1933 corn acreage in eight foreign countries reported shows a decrease of 4% from that of last year. Owing to unfavorable weather conditions, however, the corn production in the six countries for which estimates have been received Is about 25% below that of 1932. Exports of
new corn from Argentina have been considerably below the shipments of
the past two years up to this date.
-PRODUCTION (ANNUAL), 19304933.
FEED GRAINS
Croy and Countries Reported in 1933.a
BarleyUnited States
Europe (6)
North Africa (4)
Asia (2)
1930.
1931.
1932.
824,476 672,398 811,896
Total above countries (13)
Estimated Northern Hemisphere total.
1,643,000 1,429.000 1,606,000
excluding Russia and China
Oats
United States
Europe (6)
North Africa (3)
Turkey
1933.
1,000 Bu. 1.000 Bu. 1,000 Bu. 1,000 Bu.
303.752 198,389 300,000 170,000
286,711 218,558 274.928 260,213
94,294
91,693 104,059 105,729
142,320 151,392 131,239 137,145
661,652
1,276,035 1,117,970 1,238.000
180,812 131,789 156,483
20,985
12,139
11,903
10,000
8.095
8,729
699.000
153,805
14,607
8,267
1,487.832 1,269,993 1,415,115
Total above countries (11)
Estimated Northern Hemisphere total.
3,487,000 3,200,000 3,569,000
China
excluding Russia and
875,679
Corn
United States
Europe (5)
Turkey
2,059,641 2,567,306 2,876,000 2,384,000
407,044 474.733 569,218 422,063
18,109
18,553
20,398
14,763
2 485,238 3,062,437 3,459,981 2,824,172
Total above countries (7)
Estimated Northern Hemisphere total,
3,080,000 3,649,000 4,098,000
excluding Russia
a Figures in parenthesis indicate the number of countries included.
War Department's Action in Awarding Contract for
Army Sugar to Japanese Firm Criticized in Philippines.
Associated Press accounts from Manila July 7 stated:
awarded
Announcement frau Washington that the War Department had
a contract for 1,875,000 pounds of sugar for the Army in the Philippines to
a Japanese firm which will supply a Java product brought criticism tccday
from Philippine producers in view of a campaign to patronize American
products.
The contract, representing three-fourths of the need of the Army for the
fiscal year, mos awarded to the Mitsui Basun Kaisha, of Tokio. Recently
a Chinese firm was awarded a contract for 625,000 pounds of Java sugar.
The latest lot was purchased at 2.70 cents a pound. The Chinese price
was 2.97 cents. Philippine bids were higher. Since it is for the Army,
Java sugar pays no duty.
Broad Advances During Week Ended July 7 Carried
Coffee Prices to Highest Levels of Year-Unusually
Heavy Trading Reported on New York Coffee &
Sugar Exchange During Week.
Following is the New York Coffee and Sugar Exchange's
weekly review of the coffee market for the week ended
July 7:
407
Financial Chronicle
Volume 137
Coffee prices scored the broadest advances of the year in a wave of buying
that carried prices to the highest levels of the year. Trading on the New
York Coffee and Sugar Exchange was unusually heavy. Santos contracts
closed 37 to 49 points higher, and Rio contracts closed 29 to 48 points higher.
One of the principal influences was the advancing milreis. The drop in the
dollar rate caused the coffee trade to buy heavily. There was also a considerable outside investment demand and heavy buying from Europe. Wall
Street came to the realization that coffee had not participated in the general
commodity advance, and there was a concerted rush to buy futures, particularly the far-off months. Although the supply outlook indicates ample
coffee from Brazil, brokers point out that there is always the possibility of
a killing frost during the next couple of months, and such a prank of nature
would alter the entire coffee picture.
Large Increase in Production of Boots, Shoes and
Slippers, Other Than Rubber, May 1933.
Statistics on the production of boots, shoes, and slippers,
other than rubber, for May 1933, as reported to the Bureau
of the Census by 1,086 factories, are presented in the following tables.
The total production of footwear in factories reporting for
May 1933, indicates an increase of 19.2% from April 1933,
and an increase of 46.4% over May 1932. Production during
January-May 1933, shows an increase of 9.4% as compared
with the same period of 1932.
TABLE 1.
-PRODUCTION OF BOOTS, SHOES. AND SLIPPERS, OTHER
THAN RUBBER, BY CLASSES: MAY AND APRIL 1933; MAY. 1932;
AND JANUARY-MAY 1933 AND 1932.
Production (Pairs).
Kind.
The well-dressed New York man also will find that he cannot clothe himself as cheaply in the autumn as he did in spring. He will not, however,
have to pay advances as sharp as those in women's coats.
Some of the leading clothing manufacturers have set prices on their fall
lines, and they are unchanged from spring. However, a few have raised
them $2 or $3 a suit and overcoat, which means that customers may have
to pay as much as $5 snore a garment.
Men's Wear to Advance.
With woolen piece goods about 40 to 50% higher, it was predicted that
further upward revision in prices would have to be made and that, on the
average, customers would have to pay 15 to 25% more than they did in the
spring.
Haberdashery also shows signs of joining the price rise. One leading shirt
manufacturer has advanced prices 50c. on some of his styles.
Stores also will ask 5 to 100. a pair more on socks, 15 to 25c, on silk
ties, and a few cents more on underwear, it was said. Shoes have been
advanced at wholesale about 10 to 50c. a pair on fall styles.
Census Report on Cotton Consumed and on Hand, &c.,
in June.
Under date of July 14 1933 the Census Bureau issued its
report showing cotton consumed in the United States, cotton
on hand, active cotton spindles and imports and exports of
cotton for the month of June 1933 and 1932. Cotton consumed amounted to 696,472 bales of lint and 81,468 bales of
linters, compared with 620,909 bales of lint and 76,084 bales
of linters in May 1933 and 322,706 bales of lint and 46,775
bales of linters in June 1932. The June cotton consumption
total of 696,472 is the largest reported for one month since
the inauguration of these reports in September 1912. It
will be seen that there is an increase over June in 1932 in
the total lint and linters combined of 408,459 bales, or
110.54%. The following is the statement:
May 1933.
April 1933.a May 1932.
32,937,205
27,630,029
22,497,048
High & low cut boots & shoes (leather), total 27,026,399
Men's:
6,047,564
Dress
2.314,586
Work
1,683,495
Boys' and youths'
11,921,921
Women's
Misses and children's
3,247,586
1,811,247
Infants'
112,180
Athletic _c
292,473
Part-leather and part-fabric
719,511
All-fabric (satin, canvas, &c.)_c
Slippers and moccasins for house wear, total_ 3,525,347
All leather
810,039
Part leather, felt, &c
2,715.308
Barefoot sandals, and all other footwear _ d - 1,261.295
23,155,187
17,682,436
4,695,466
1,521.695
1.606.635
10.726,474
2.985,383
1,619,534
99,268
132,088
577.629
2,582,633
626,786
1,955,847
1,083,224
3,931,857
1,491,821
1,111,506
7,528,235
2,468.634
1,150,383
102,594
875,808
902,168
2,381,829
434,327
1,947,502
1,052.213
JUNE REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
(Cotton In running bake, counting round as halt bales, except foreign, which Is in
-pound bales.)
500
United States
Boots, shoes and slippers, total
-May
Jan.
1933.
-May
Jan.
1932.
P. C, of
Increase b
-May
Jan.
1933-'32,
138,244,920
126,301,992
9.5
Production (Pairs).
Kind,
Boots, shoes, and slippers, total
10.4
ow cut boots & shoes(leather) total 118,216,030 107,105,374
High
Men's
18.3
20.484.945
Dresw
24,240.686
13.5
7,955.666
Work
9,030,839
10.8
6,958,002
Boys' and youths'
7,712,825
13.7
48,299,989
Wome a's
54,900,072
-8.3
15,998,453
'
Misses and children's
14,675,628
3.3
7,408,319
Infantcs'
7,655,980
512,204 -11.5
Athletic c
453,478
996,363 -44.6
-lesther and part-fabric
Part
552,325
3,432,933 -30.3
All-fabri:(satin, canvas, arc.) c
2,393,533
21.0
9,688.459
Slippers k moccasins for house wear, total_
11,726,562
55.4
1,913,588
All leaSher
2,973,157
12.6
7,774,871
Part I ather, felt. ,kc
8,753,405
7.4
4.566,659
Barefoot sandals, and all other foot.... a
.I, 002 992
a Figures revised to include data received after publication of April report. 13 A
minus sign (-) denotes decrease. c Excludes footwear with fabric uppers and
rubber soles. d In addition, factories reporting leather footwear, produced 468,849
pairs of rubber-soled footwear with fabric uppers during May and a total of 2,104.757
pairs during the period January-May 1933.
-Women's Coats
Fur Prices Rise on Average of 40%
in the Fall Expected to Be 25.to 100% Higher
than Last Year-Inflation Held Factor, Together
with Decrease in Dollar Abroad-Men's Wear Also
Will Cost More.
Raw fur prices are soaring, and women's fur coats will
have advanced in the fall from 25% to as much as 100% over
a year ago, trade authorities here said on July 7, according
to the New York "Times" of July 8,from which the following
is also taken:
Fur-trimmed cloth coats also are expected to show substantial increases
in price, owing to the rises in trimming peltries. Men's clothing also Is
likely to share in upward price rivision, and suits, ties, socks, shirts and
shoes will all cost more.
Leading retail and manufacturing furriers here said that the average advance on furs since Jan. 1 has been about 40%. As compared with the first
of the year, the price of Russian sables has gone up 100%, mink 65%, caracul 40%, white fox 65 to 75%, silver fox 35%, broadtail 60%, and Russian
ermine 40%. In the popular-price furs, Hudson seal has about doubled in
price.
Inflationary tendencies, the decrease in the value of the dollar as measured
In foreign currencies, and the brisk demand for domestic furs from Illuropean
countries were cited as making for the upswing in prices.
Cotton on Hand
June 30.
Cotton Consumed
During
Year
Ten
Months
Ended
June June 30.
(Vales). (bales).
Cotton
In Con- In Public Spindles
Active
suming
Storage
Establish- dt at Com- During
June
presses
ments
(bales). (Saks). (Number).
1933 696.472 5,535.382 1,400,804 6,318,944 25,540,504
1932 322,706 4,587,448 1,320,703 7,150,937 20,646,968
17,593,128
1932 275,832 3,794,282 1,022,638 6,688,745 15,347,908
42,412
1933 81,468 620,730 328,420
47,690
1932 46,775 599,423 309,467
--I 1933 565,644 4,603,153
Cotton-growing States
Linters
Imports of Foreign Cotton (500-1b. Bales).
11 Mos. End.June SO.
June
1932.
1933.
Total
14,097
19,011
1932.
1933.
118,4881
123,305
Exports of Domestic Cotton Excluding Linters
-See Note for Linters).
(Running Bales
11 Mos. End. June 30.
June
1933.
1932.
1933.
I
1932.
614,5611 360,205 7,727,3921 8,258,072
-Linters exported, not Included above, were 21,064 bales during June in
Note.
1933 and 6,483 bales in 1932; 166,275 bales for the 11 months ended June 30 in
1933 and 107,150 bales in 1932.
WORLD STATISTICS.
The world's production of commercial cotton, exclusive of linters, grown
Total
in 1932, as compiled from various sources was 22,771,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
the
the consumption of cotton (exclusive of linters in the United States) forThe
year ending July 31 1932. was approximately 22.896,000 bales.
total number of spinning cotton spindles, both active and idle is about
161,000,000.
Domestic Cotton Mill Activity Reached New Record
High Level in June.
Domestic cotton mill activity during June was the highest
on record, according to the New York Cotton Exchange
Service. During June, cotton mills ran at 125% of the
average operations in 1922 to 1927 inclusive as against 109 in
May, 58 in June last year, 83 two years ago, and 77 three
years ago. The June 1933 rate of cotton mill activity
surpassed the previous high record of 120 in February 1929,
and in March and June 1927. Since March of this year,
cotton mills have stepped up operations by 45% whereas they
normally decrease their running by about 11% during this
period. The Exchange Service continued on July 12:
Fine Skins Limited.
Mills in this country consumed 690,000 bales of cotton during June, as
against 621,000 bales in May, 322,000 in June lest year, 454,000 two years
"The end is not yet," one fur expert said, "for as the dollar declines further there must be a corresponding increase in the cost of imported furs.
Foreign buyers, favored by sterling and franc exchange, have purchased domestic skins very liberally."
The supply of fhie skins in the markets here was described as limited,
with cheaper pelts, however, available in fairly liberal quantities.
Foreseeing the advances which developed, many retail merchants throughout the country placed larger advance orders than usual for furs for August
sales. The consensus in the trade was that the levels to feature these events
will be lower than for some time to come. Garment manufacturers have been
paying advances of up to 40% for the popular flat furs to be used on cloth
coats for fall.
ago, and 405,000 three years ago. The previous June record consumption
was in 1927, when 660,000 bales were used. At that time general business
activity was at a high level and cotton prices were low as a result of the
bumper 1926 crop. At 690,000 bales, June cotton consumption was the
second largest on record for any month in the year, having been exceeded
only in March 1927, by a consumption of 693,000 bales. Despite the slightly
larger monthly consumption, the daily rate of consumption in March 1927,
was lower than in June of this year, since there was more working time in
March 1927, than in the past month. The daily rate of cotton mill consumption in June was 28,800 bales as against 25,100 in May, and 19,800 in March
of this year. In June last year, mills used 13,400 bales a day, two years
ago 18,900, and three years ago 17,600.
408
Financial Chronicle
Cotton Belt Has One of Driest Junes on Record,
According to New York Cotton Exchange.
The cotton growing area of this country, particularly the
western part of the belt, experienced one of the driest Junes
on record, according to the New York Cotton Exchange
Service. This dryness in June occurred in areas which have
less than usual subsoil moisture as a result of scant winter
rains, making generous rains necessary in July and August
to produce satisfactory yields of cotton per acre. The Exchange Service continued on July 10:
Average Texas rainfall in June was 0.72 inches as against 3.05 last year,
2.01 two years ago, and a normal of 3.20. In Oklahoma, June rainfall
averaged 0.38 inches as against 7.50 last year, 2.01 two years ago, and a
normal of 3.88. Very high temperatures accompanied the scant precipitation. Texas and Oklahoma cotton crops are dependent to a considerable
degree upon storage of subsoil moisture, accumulated from winter rains, as
well as rainfall during the growing season. In both Texas and Oklahoma,
winter rainfall this year was below last year and two years ago, when cotton
yields were high. When subsoil moisture from the Winter is scant, generous
rainfall is needed during the growing season to assure a good yield of
cotton.
Census Report on Cottonseed Oil Production
During June.
On July 12 the Bureau of the Census issued the following statement showing cottonseed received, crushed and on
hand, and cottonseed products manufactured, shipped out,
on hand and exported for nine months ended June 30 1933:
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS).
Received at Mills*
Crushed
Aug. 1 to June 30. Aug. 1 to June 30.
&cue.
1933.
Alabama_
Arizona_
Arkansas
California
Georgia
Louisiana
MississIDPI
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Another States
United States
1932.
1933.
1932.
On Hand at Mills
June 30.
1933.
1932.
263,820 377,764 261,526 370,125
27,683
48,358
41,339
34,588
362,608 529,503 342,829 500,959
47,792
79,356
49,474
75,308
352,744 467,877 337.053 456,295
180,638 253,827 180,250 252,322
520,024 738,688 508.177 707,617
237,254 258,195 238,936 254.120
349,492 377,088 355.293 335,018
231,634 243,425 232,432 242.021
410,390 490.424 354,355 461,122
1,434,590 1,641,510 1,505,487 1,466,004
56,967
75,866
57,346
75,502
12,388
193
27,587
3,573
25,868
2,726
36,144
2.977
34,002
1,499
65,400
104,371
36
8,308
7,068
17,353
5,248
12,961
2,157
32,152
5,082
40,865
2,309
29,530
188,665
415
4.475.636 5.581.881 4.457.746 5.237.752
316.764
352.113
• Includes seed destroyed at mills but not 300,024 tons and 24,784 tons on hand
Aug. I, nor 56,000 tons and 43,601 tons reshipped for 1933 and 932, respectively. •
COTTONSEED PRODUCTS MANUFACTURED. SHIPPED OUT AND ON
HAND.
Item.
Season.
On Hand
Aug. 1.
Produced
Aug. 1 to
June 30.
Shipped Out
Aug. 1 to
June 30.
On Hand
June 30.
Crude oil. lbs___ 1932-33 a29,523,581 1,393,617,808 1.372,663,894 063,759,258
1931-32
8.086,0711.664.841.990 1,635,893,226
51,172,306
Refined oil. lbs. 1932-33 1628,420,148 cl215.330,264
1737,848,974
1931-32 277,836,530 1,467.719,870
672,821,827
Cake and meal. 1932,33
114,656
2,018,846
1,935,600
197,902
tons
1931-32
146,888
2,359,994
2,371,366
135,516
Hulls. tons
1932-33
162,773
1,269,968
1,352,183
80,558
1931-32
47,723
1,481,982
1,349,928
179,777
Linters. running 1932-33
235,521
711,597
834,954
112,164
bales
1931-32
175,904
777,923
859,865
257,846
Hull fiber. 500- 1932-33
4,138
18,303
19,167
3,274
lb. bales
3,564
1931-32
33,091
32,421
4,234
Grabbing, motes
dm, 500-1b. - 1932-33.
15,250
- 27,122
36.131
6,241
bake
12,475
1931-32
30,887
26,658
16,704
4, Includes 4.182,006 and 10,263,309 pounds held by refining and manufacturing
establishments and 7,235,770 and 14,436,230 pounds in transit to refiners and consumers Aug. 1 1932 and June 30 1933. respectively.
I Includes 4,652,177 and 3,013,403 pounds held by refiners, brokers, agents and
warehousemen at places other than refineries and manufacturing establishments,
and 5,598,691 and 2.771,715 pounds In transit to manufacturers of lard substitute,
oleomargarine, soap, dic., Aug. 1 1932 and June 30 1933, respectively.
C Produced from 1,323,775,333 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR TEN MONTHS ENDING
MAY 31.
Item1933.
1932.
011, crude, pounds
32,676,801
30,794,609
011, refined, pounds
8,138,762
6,414,196
Cake and meal, tons of 2,000 pounds
149,272
205,749
Linters, running bales
145,211
100,667
Petroleum and Its Products- American Petroleum
Institute Presents Industry's Code at Washington
-Reduction of Crude Prices Clarifies Market
Status-Roosevelt Stops Inter-State Shipment of
"Hot" Oil.
The code of the petroleum industry, as prepared under
the auspices of the American Petroleum Institute, was
presented to General Hugh S. Johnson, Administrator of
the National Industrial Recovery Act, at Washington on
Thursday of this week. Public hearings on the code are
to be held beginning on Monday July 24.
The Governors of all oil producing States are to be invited
to attend these hearings and participate in the discussion
of the code sections, so that the interests of both the States
and the industry may be carefully covered. Representatives
of all State enforcement units are also urged to attend, so
that possible conflict between Federal and State enforcement units may be prevented.
It is expected that the oil code hearings will assume as
much, or more, importance than the cotton-textile code,
the first to be made effective. This is due to the fact that
July 15 1933
a great natural resource is being considered, and its proper
conduct in keeping with public policies of the Government
itself must be considered, as well as the industry's internal
management. Every Federal department having contact
with oil; every oil State; all major and independent companies, and the various classifications of labor affected, will
be represented at the hearing.
President Roosevelt this week took prompt action in
complying with the request of the Texas Railroad Commission and issued a Presidential order banning the shipment in inter-State or foreign commerce of any illegally
produced oil. This oil has become known in the industry
as "hot" oil, and its production in East Texas was held
directly responsible for the collapse of the crude price structure this spring.
In asking for the President's immediate action halting
shipment of such "hot" oil, the Railroad Commission wired:
"Prevention of shipment of illegal oil and elimination of
excess storage of crude will go far toward a solution of the
oil problem. Your order at this time prohibiting interState and foreign shipment of oil illegally produced or
withdrawn from storage will greatly assist in bringing all
elements of the industry in accord. The situation in Tnxits
is steadily improving. The Railroad Commission of Texas
is now getting the unqualified support of the greater part
of the industry."
It is especially significant that President Roosevelt designated "petroleum and petroleum products," thus making it
impossible for illegal producers to refine their"hot"oil within
State lines and then ship the products wherever they chose,
to the detriment of all legal producers. The tremendous
importance of the President's action can be visualized when
it is realized that absolute enforcement of present production
schedules would mean that output would be less than demand.
Up until now, State enforcement bodies have been forced to
consider the illegal output of their States when considering
the limitations to be put upon wells flowing legally.
The Texas Railroad Commission, immediately upon receiving official notification of the President having signed
the order, adopted a new State order to the effect that its
orders prohibiting shipments of illegally-produced or illegallywithdrawn (from storage) oil "shall hereafter apply to all
shipments of oil offered or tendered to any railroad, common
carrier transporting oil, from the East Texas field, whether
the oil shall be billed for intra-state, interstate, coast-wise,
or foreign shipments."
It is further pointed out that the restriction of stored oil
to the needs of a limited period will constitute a definite
step toward the meeting of market demand. The market
demand factor is no longer prohibited by the Texas law as
a consideration in oil production but it has not as yet actually
been used in this regard. Major companies have in the past
repeatedly been charged with filling their large storage to
capacity, while oil was at extremely low prices, and selling
the stored commodity later at top prices. This practice
will be eradicated by the limitation to be placed on the
amount of oil to be stored. At the present time there is
approximately 3,600,000 barrels of oil stored in East Texas
which is being withdrawn at the rate of approximately
200,000 barrels a day.
It appeared yesterday as though the price situation in,
mid-continent and Texas crudes would be settled before the
code hearings begin next week. There have been, for the
past week or ten days, three sets of crude prices, with the
group headed by Continental Oil posting a top of 850.,
and other groups, including the majors, posting down to
60c. top. Continental has now reduced its schedule 10c.,
making a 75c. top, meeting the price of Magnolia. Now
the majors can adjust their postings so that a uniform top
of 75c. can be observed.
On July 13 the Ohio Oil Co., which had previously posted
a 33c. advance on central western crudes, with the exception
of Lima, which was raised 30c., revised its schedules by
posting a 10c. reduction. This made the prices 95c. for
Lima; 90c. for Princeton and Illinois; and 85c. for Western
Kentucky.
Pennsylvania crude has maintained its strength, and indications are that further advances are to be expected. However, it is possible that such action will be postponed until
the question of the petroleum code has been thrashed out
at Washington. This is the subject which is now holding
the close attention of all factors throughout the industry.
Price changes follow:
July H.
-Consolidated Oil, White Eagle 011 3s Refining, and Empire
Oil reduce price schedules for mid-continent crude 10c. a barrel, thus
Volume 137
Financial Chronicle
meeting the 75c. top posted by Magnolia Petroleum, subsidiary of Standard Oil Co. of New York. This compares with 62c. top of Stanolind Crude
Oil Purchasing Co., subsidiary of Standard of Indiana, and Carter Oil Co..
subsidiary of Standard of New Jersey.
July 13.
-Ohio Oil Co. reduces crude prices 10c., making new postings
as follows: Lima,95c.; Illinois and Princeton,90c.; Western Kentucky,85c.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$ .61
Bradford, Pa
$1.70 Eldorado, Ark.. 40
.75
Corning,Pa
.80 Rusk, Tex., 40 and over
.50
Wyo.,40 and over
Illinois
.90 Salt Creek,
.52
Western Kentucky
.85 Darst Creek
Mid-Cont.. Okla.,40 and above__ .62-.75 Midland District, Mich
.80
Hutchinson,Tex.,40 and over
.83 Sunburst, Mont
Spindietop, Tex., 40 and over
.75 Santa Fe Springs,Calif.,40and over 1.14
.96
Huntington, Calif.. 26
Winkler, Tex
.75
1.82
Smackover. Ark., 24 and over
.30 PetroLta, Canada
REFINED PRODUCTS
-PRICES CONTINUE UPWARD TREND
AS CRUDE STRUCTURES NEAR COMPROMISE AT 75c.
FUEL OILS STRONG
-FURTHER ADVANCES IN ENTIRE
LIST EXPECTED AS ALL COMMODITY PRICES MOVE UPWARD.
Rising prices in practically all commodities in different
parts of the country are being reflected in the petroleum
products market, where prices are on an upward turn, and
a strong undertone continues unabated.
The partial settlement of the crude price situation in midContinent, where at this time last week four different sets
of prices were being posted, is hailed as one of the factors
responsible for the marked betterment in refined price
structures.
Standard of Indiana this week raised all grades of gasoline
Me. a gallon, and Standard of Ohio posted the same increase
throughout its territory. A shortage of cargo lots of gasoline
is reported from the Gulf Coast, sellers apparently holding
to their available stocks in anticipation of higher prices. It
was reported here Thursday that about 1,000 cars of low
octane gasoline had been sold in East Texas the earlier part
of the week at prices ranging from 3Yic. to 3Mc., as against
3c. to 33c. at the close of last week.
The prohibiting of the shipment of refined products made
from "hot oil" in the order issued by President Roosevelt
this week will have a very beneficial effect on all markets,
it is held here. The "hot oil" products, offered at prices
always under the regular market, have been an undermining
influence for the past year. With this menace eliminated,
refiners are prepared to adhere firmly to posted prices and
to observe the new rule in business "sell at a profit or do
not sell."
The local fuel oil market assumed a new buoyancy this
week, and grade C, bunker, was in good demand at the
current price of 85c. a barrel, in bulk at refineries. Diesel
was also moving in good volume against contracts, with the
price of $1.75 a barrel well maintained. Kerosene, while
not in very active demand, holds firmly within a close range
of Sc. to 53c. a gallon for 41-43 water white in bulk at
refineries.
An advance of %c. a gallon in Pennsylvania bright stock,
25 pour test, brings this item to 233c. It is believed that a
further advance will be made in 25 pour test, and that a
price of 25c. may be anticipated in the near future.
Price changes follow:
July 10.
-Standard 011 Co. of Indiana posts 4c. advance in tank wagon
and service station gasoline prices on all grades, effective July 11. thus
meeting advances made in their territory by other companies on July 1.
New prices are 14.1 for third grade; 15.6 for regular, and 18.1 for premium.
July 11.
-Pennsylvania bright stock, 25 pour test., advanced 4c. a
gallon to new price of 233ic.
July 12.
-Standard Oil Co. of Ohio advances all grades of gasoline 4c. a
gallon throughout its territory, effective July 13. New prices for the
company's three grades are i7 %c.. 15c., and 13%c. exclusive of taxes of
,
4c. State and 1 %c. Federal
Prices also subject to discount of 2c. for cash.
Gasoline. Service Station, Tax Included.
New York
New Orleans
$ 183
n.19
$ 182 Cleveland
Atlanta
.195 Philadelphia
136
19% Denver
Baltimore
156 San Francisco:
203 Detroit
Boston
Third grade
151
175
182 Houston
Buffalo
Above 65 octane-- .195
189 Jacksonville .
..... 20
Premium
Chicago
14
229
165 Kansas City
Cincinnati
• .19
159 St. Louis
145
Minneapolis
Less 2 cents cash discount.
Kerosene. 41-43 Water White, Tank Car. F.O.B. Refinery.
New YorkChicago
$ 0214-.034 New Orleans.ex_ ___11.034
Tulsa
.044-.034
(Bayonne) - -$.05-.054 Los Ang..ex__ .044-.06
.
North Texas
03
Fuel Oil. F.O.B. Refinery or Terminal.
Gulf Coast C
$ .70
N. Y.(Bayonne)California 27 plus D
5.75-1.00 Chicago 18-22 D .424-.50
Bunker C
$ .85
.70 Philadelphia C
.85
Diesel 28-30 D....._ 1.75 New Orleans C
Gas Oil, F.O.B. Refinery or Terminal.
Tulsa
$014
N. Y.(Bayonne)Chicago5.014
28 plus a o__Lo3u-.04
32-36 G 0
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
Chicago
$ 05-.054
N. Y.(Bayonne)
N. Y.(Ba cone)
Standard 011, N.J.
Shell Eastern Pet_ $.0590 New Orleans. ex_ .04-.044
Arkansas
04-.044
Motor, U. 8-3.06
New York
California
.05-.07
Stand. Oil, N. Y. .0615
Colonial-Beacon.- 06
0590 Los Angeles. ex .044-.07
Tide Water 011 Co .06
z Texas
OS
Gulf ports
05-.054
Richfield 011 (Cal.) .0625
Gulf
Tulsa
05-.0514
.06
Warner-Quin. Co_ .06
Republic 011
Pennsylvania
.05ti
x Richfield "Golden." z"Fire Chief." $.0615.
409
President Roosevelt Issues Executive Order Forbidding
Inter-State Shipment of Petroleum Produced or
Withdrawn from Storage in Violation of State
-Stop Expected to Curb OverConservation Laws
production-Leaders of Industry Praise Action.
An Executive Order by President Roosevelt, prohibiting
the shipment in inter-State commerce of petroleum produced
or withdrawn from storage in violation of State conservation laws, was issued on July 12 under the authority granted
the President by the National Industrial Recovery Act. The
order, which is expected to have an important influence in
curbing overproduction of oil, applies also to shipments in
foreign commerce, and is along the lines of recommendations
made by the Governors' Oil Conference which met in Washington several weeks ago. Secretary of the Interior Ickes
estimated on July 12 that 500,000 barrels of oil had been
Shipped daily over State lines in violation of State quota
allotments, and described the order as the initial step by the
Government to support State legislation to control excess
petroleum production. Texas and Oklahoma were cited by
Mr. Ickes as two States which had tried to regulate output,
but he said that oil in excess of established quotas had been
shipped out of both States. The penalties for violation of
the order are $1,030 fine or imprisonment for six months, or
both. The Executive Order read:
By virtue of the authority vested in me by the Act of Congress entitled
"An Act to Encourage National industrial Recovery, to Foster Fair Competition and to Provide for the Construction of Certain Useful Public Works
and for Other Purposes," approved June 16 1933 (Public No. 67, 73d Congress), the transportation in inter-State and foreign commerce of petroleum
and the products thereof produced or withdrawn from storage in excess of
the amount permitted to be produced or withdrawn from storage by any
State law or valid regulation or order prescribed thereunder, by any board,
commission, officer or other duly authorized agency of a State, is hereby
prohibited.
The opinion of leaders of the industry on the President's
Order was quoted, in part, as follows by the New York
"Times" on July 13:
The Roosevelt order is generally considered in the oil industry as the
first tangible step by the Federal Government toward correcting overproduction.
If authorities in the various States now reduce the allowable output to
current demand it is believed that this move will go a long way toward
bringing about price stability.
"President Roosevelt's order," said H. F. Sinclair, Chairman of the
Executive Committee of the Consolidated Oil Corporation, "will help to
correct one of the greatest evils with which the industry has had to deal
the traffic in illegally produced oil.
"It should have an immediate effect on stabilizing crude oil prices. Of
course, many other things remain to be done before we oan rest on our
oars, but the President's order will be helpful."
Leaders of the oil industry for some time have been recommending such
action by the Government. They endeavored to get such a bill through
Congress at its last session, but the most that could be accomplished was
the clause in the Recovery Act permitting the President to take such action.
One defect in the decree, it was asserted in some quarters here yesterday,
was that the movement of refined products made from illegally produced oil
was not included. A majority of the illegally produced oil, it was said,
was processed in the States where produced and generally along with legally
produced oil.
May Crude Oil Production Increased Sharply, Due
Primarily From a Material Gain in the East Texas
Field-Highest Daily Output Recorded Since
-Inventories of All Oils Higher.
October 1929
According to reports received by the Bureau of Mines,
Department of Commerce, the production of crude petroleum
in the United States during May 1933, totaled 84,747,000
barrels, or a daily average of 2,734,000 barrels. This represents an increase of 557,000 barrels over the daily average
of the previous month and is the highest daily output
recorded since October 1929. The Bureau goes on to report:
The gain in output in May resulted primarily from a material increase
In the East Texas field, where operations had been suspended during most
of April. The daily average output for the East Texas field in May was
890,000 barrels, compared with 349,000 barrels in April. A number of other
fields showed increased production in May, the most important being
Conroe, where the daily average output rose from 43,000 barrels in April
to 78,000 barrels in May, and Oklahoma City, which rose from 104,000 to
135.000 barrels daily. Production in Kansas declined after several months
of uninterrupted increases. In general, field activity in the East Texas
and Conroe fields continued at about the same level as in April, with an
average of three oil wells completed per day in East Texas and two per
day at Conroe, but the average for the rest of the country decreased.
The gain in output was only partially offset by an increase in crude runs
so that stocks increased materially. This contrasted with April, when heavy
withdrawals were made from stocks. Stocks of refinable crude on May 31
totaled 343,588,000 barrels, or more than 7,000.000 barrels higher than the
total for May 1.
Daily average crude runs continued to rise, being 2,398,000 barrels
against 2.294,000 barrels in April. Most of the gain was recorded in domestic crude, although runs of foreign crude also rose considerably.
The percentage yield of gasoline rose to 44.2%, a high mark for the year,
with the result that the production of motor fuel showed a substantial gain
over April. The indicated domestic demand for motor fuel totaled 33,999.000 barrels, or 6% above a year ago, but exports were only 2,129,000
barrels, or less than half of the total for May 1932. The total demand for
May 1933, was 36,128,000 barrels, or nearly 500,000 less than a year ago.
Stocks of motor fuel on May 31 totaled 59,033,000 barrels, of which nearly
4,000.000 barrels was natural gasoline. This figure indicates that stocks
410
Financial Chronicle
of motor fuel declined 661,000 barrels in May 1933, a relatively better
showing than in May 1932, when a small increase was recorded. The
statistics of kerosene showed little change, but the domestic demand for
gas oil and fuel oil showed the usual seasonal decline. The indicated domestic demand for lubricants continued its rapid increase from the low of
January.
The refinery data of this report were compiled from refineries with an
aggregate daily recorded crude oil capacity of 3,463,110 barrels. These
refineries operated during May at 69% of their capacity, given above,
compared with a ratio of 67% for April.
SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke, and asphalt In thousands of barrels of 42 U. S. gallons.)
May
1933.
April
1933.
May
1932.
84,747
2.734
2,776
105
87,628
2.827
65,313
2,177
2,674
89
68,076
2,269
68,523
2,210
3,079
95
71,697
2,313
350,389
2,320
13,640
465
364,494
2,414
332,797
2,189
15,869
544
349,210
2,297
2,206
653
90,487
2,919
2,910
1,354
72,340
2,411
5,089
2,874
79,660
2,570
14,119
6,303
384,916
2,549
24,375
18,671
392,256
2,581
9,555
b4,449
1,525
10,093
4,577
80,932
2,611
76,789
2,560
78,135
2,520
374,823
2,482
387,679
2,551
2,678
5,499
72,755
2,347
2,939
6,732
67,118
2,237
2,942
8,891
66,302
2,139
11,577
28,445
334,801
2,217
11,388
36,636
339,655
2,235
480
32
174
197
62
304,866 296,983 325,302
38,722 39,516 42,737
343,588 336,499 368,039
3,966
3,590
4,270
250,648 248,558 264,891
304,866
38,722
343,588
3,966
250,648
325,302
42,737
368,039
4,270
264,891
Total stocks all oils
598,202 588.647 637,200
Days' supply
229
230
253
Bunker oil (included above in domestic demand)
2.726
2,826
3,242
598,202
241
637,200
250
13,845
16,344
July 15 1933
average daily output of 2,152,550 barrels for the week ended
July 9 1932.
Stocks of motor fuel at all points fell off 266,000 barrels
during the week ended July 8 1933, or from 52,434,000 barrels
at July 1 to 52,168,000 barrels at July 8 1933, and compares
with a decline of 883,000 barrels in the previous week.
Reports received for the week ended July 8 1933 from
refining companies controlling 92.2% of the 3,576,800
barrel estimated daily potential refining capacity of the
United States, indicate that 2,345,000 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, 29,050,000 barrels of gasoline and 127,024,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit
and in pipe lines, amounted to 19,598,000 barrels. Cracked
gasoline production by companies owning 95.1% of the
potential charging capacity of all cracking units, averaged
477,000 barrels daily during the week.
The report for the week ended July 8 1933 follows in detail:
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
'
Increase in stocks, all oils_ _
Demand
Total demand, all oils
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand all oils
Daily average
Excess of daily average domestic
production over domestic demand
Stocks (End of Month)
Crude petroleum:
East of California
California_c
Total refinable crude
Natural gasoline_d
Refined products_c
Jan.
-May Jan.
-May
1933.
1932.
a Based upon production of coke reported to Coal Division by those by-product
coke plants that recover benzol products. b Decrease. c California heavy crude and
residual fuel included under refined products. d Includes motor blends held at
natural gasoline plants.
PRODUCTION OF CRUDE PETROLEUM BY STATES AND PRINCIPAL
FIELDS.
(Thousands of barrels of 42 U.S. gallons.)
May 1933.
Total.
Arkansas
California:
Kettleman Hills
Long Beach
Santa Fe Springs
Rest of State
Total California_
Colorado
Illinois
Indiana:
Southwestern
Northeastern
Total Indiana
Kansas
Kentucky
Louisiana:
Gulf Coast
Rest of State
Total Louisiana_ _ _..
Michigan
Montana
New Mexico
New York
Ohio-Central es Eastern
Northwestern
Total Ohio
Oklahoma-Okla. City
Seminole
Rest of State
Total Oklahoma_ _ _ _
Pennsylvania
Tennessee
Texas:
Gulf Coast
West Texas
East Texas
Rest of State
Total Texas
West Virginia
Wyoming-Salt Creek
Rest of State
Total Wyoming.._ _
April 1933.
DailyAo.
Total. DailyAo.
Jan.May
1933.
Jan.
May
1932.
975
31
956
32
4,644
5,005
1,920
2,271
1,669
8,958
14,818
84
313
62
73
54
289
478
3
10
1,797
2,211
1,618
8,637
14,263
71
284
60
74
54
287
475
3
9
8,969
10,495
7,962
42,637
70,063
404
1,471
9,097
12,288
9,953
45,487
76,825
545
2,180
2
____
2
107
12
50
1
51
3,564
350
2
____
2
119
12
244
5
249
16,207
1,867
349
14
363
14,386
2.497
1,238
761
1,999
527
174
1,098
223
259
82
341
4,179
3.105
6,005
13,289
1,045
40
25
65
17
5
35
7
8
3
11
135
100
194
429
34
1,238
865
2,103
464
159
1,092
245
264
79
343
3,102
3,062
5,796
11,960
992
41
29
70
15
5
36
8
9
3
12
104
102
193
399
33
5,559
4,165
9,724
2,260
797
5,392
1,233
1,323
400
1,723
20,913
16,030
29.297
66,240
4,924
1
4,636
4,094
8,730
2,410
1,068
5,652
1,530
1,498
452
1,950
16,409
19,013
31,288
66,710
5,318
3
5,721
5,000
27.591
6,608
44,920
313
596
310
906
184
162
890
213
1,449
10
19
10
29
4,613
4,911
10,487
7,235
27.226
288
564
339
902
154
164
349
241
908
9
19
11
30
22,297
24,422
76,510
33,852
157,081
1,443
3.025
1.641
4,666
15.869
27,403
50,777
36,080
130,129
1,656
3,493
2,347
5,840
84,747
U.S. total
51
1
52
3,307
363
2,734
65,313
2,177
350,389
332,797
NUMBER OF WELLS COMPLETED IN THE UNITED STATES. a
May
May
April
Jan.
-May
Jan.
-May
1933.
1933.
1
1932.
1933.
1932.
011
Gas
Dry
444
60
282
472
48
257
•
1
964
77
271
2,526
319
1,401
3,637
476
1,249
Total
1,312
777
786
4.246
5.362
a From "011 de Gas Journal" and California office of the American Petroleum Institute.
Crude Oil Production During Week Ended July 8 1933
Off 5,800 Barrels Per Day-Inventories Again
Lower.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
July 8 1933 was 2,596,250 barrels, compared with 2,602,050
barrels per day during the preceding week, a daily average of
2,580,950 barrels for the four weeks ended July 8 and an
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures In Barrels.)
Week
Ended
July 8
1933.
Oklahoma
KalL988
Panhandle Texas
North Texas
West central Texas
West Texas
East central Texas
East Texas
Conroe
Southwest Texas
North Louisiana
Arkansas
Coastal Texas (not including Conroe).
Coastal Louisiana
Eastern (not including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Week
Ended
July 1
1933.
Average
4 Weeks
Ended
July 8
1933.
Week
Ended
July 9
1932.
573,600
131,550
49,050
49,500
21,550
162,200
58,450
548,050
65,600
49,400
26,550
31,500
123,500
42,600
86.600
16,500
26,550
7,750
2,550
37,400
485,800
613,250
116,300
50,150
48,750
20,050
157,500
58,300
542,200
64,400
51.650
25,250
30,250
120.200
41,950
94,950
16,650
30,050
7,700
2,350
35,950
474,200
531,100
115,800
46,150
47,950
19,850
158,250
58.450
611,300
63,300
50,600
25,350
30.600
119,050
41,400
90,300
15,950
29,000
7,350
2,400
36,300
480,500
424,100
95,600
51,250
50,300
24,650
178,600
56,550
335,950
50
54,250
28,700
34.150
119,100
29,700
100,500
19,650
36,600
7,350
2,900
36,000
466,600
Total
2,596,250 2,602,050 2,580,950 2.152.550
Note.
-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED JULY 8 1933.
(Figures in barrels of 42 gallons each.)
Daily Refining Capacity
of Plants.
District.
Reporting.
Potential
Rate.
East coast
Appalachian _
.
Ind., Ill., Ky......
Okla., Kan., Mo.
Inland Texas
Texas Gulf
Louisiana Gulf
North La -Ark..
Rocky Mountain
California
582.000
150,800
436,600
454.600
271,800
507,500
162,000
82,600
80,700
848,200
Total.
%
582,000 100.0
139,700 92.6
425.000 97.3
372,000 81.8
158.500 58.3
497,500 98.0
162,000 100.0
76,500 92.6
63,600 78.8
821,800 96.9
Crude Runs
to Stilts.
aMolor
%Fuel
Daily Oper- Stocks,
Average. cued.
439,000
86,000
351,000
253,000
86,000
438.000
144,000
40,000
40,000
468,000
Gas and
Fuel Oil
Stocks.
75.4 15,184,000 7,329,000
61.6 2,007,000
965.000
82.6 7,271,000 4,322,000
68.0 4,248,000 3,637,000
54.3 1,263,000 2,054,000
88.0 6,190,000 6,635,000
88.9 1,195,000 2,023,000
52.3
265,000
504.000
62.9 1,064,000
731,000
56.9 13,481,000 98.824,000
Totals week:
July 8 1933_ _ _ 3,576,800 3,298,600 92.2 2,345,000 71.1 52,168,000 127,024,000
July 1 1933_-- 3,576,800 3,298.600 92.2 2,345,000 71.1 52,434,000 126,500,000
a Below are set out estimates of total motor fuel stocks on U. S. Bureau of
Mines
basis for week of July 8 compared with certain June 1932 Bureau figures:
A. P. L. estimate on B. of M. basis, week July 8 1933_b
54,170,000 barrels
U.S. B. of M. motor fuel stocks, July 1 1932
61,558,000 barrels
U. B. B. of M. motor fuel stocks. July 31 1932
62,181,000 barrels
b Estimated to permit comparison with A. P. I. Economics report, which is on
Bureau of Mines basis.
c Includes 29,050,000 barrels at refineries, 19,598,000 bulk terminals, in
transit
and pipe lines, and 3,520,000 barrels of other motor fuel stocks.
Crude Oil Prices in Mid-Continent Oil Field Adjusted
Further by Several Companies.
Several companies have posted new prices for crude oil in
the Mid-Continent area in addition to those noted in our
issue of July 8, page 216. In addition to the increases made
on July 7 by the Sun Oil Co. and the White Eagle Oil Corp.,
noted in our issue of July 8, the Magnolia Petroleum Co.
posted a new schedule at the same time carrying a top price
of 75 cents per barrel. With regard to the new schedule, the
Houston "Post" of July 8 said:
The Magnolia company's new postings, which were effective at 7
a. m.,
July 7, was different from the schedule posted by the Continental 011
Co.,
carrying a top of 85 cents a barrel, or that of the Carter 011 Co.,
subsidiary
of the Standard Oil Co. of N. J., N. hich had a top of 62 cents a barrel.
New postings ofthe Magnolia Co.carried a flat price of 75 cents per
barrel
for the East Te.zas field, meeting the price posted by the Sinclair-Prairie
Oil Marketing Co., which was met by the Empire 011 & Gas Co. The
Sun
Oil Co. also met the 75
-cent price for East Teaxs July 7.
The paper quoted also reported the following changes made
by several companies:
The Stannlind Crude Oil Purchasing Co., subsidiary of the Standard
011 Co. of Indiana,announced that it would meet the price scale of tho Carter
011 Co., with a 62-cent top, at 7 a. m. July 8, while the Texas Co. likewise
announced that it would meet the 62
-cent top in Oklahoma and Kansas.
No postings were announced by the Texas Co. for East Texas or the Gulf
Coast.
The Skelly Oil Co. late July 7 announced that it would meet the price
scale of the Continental Oil Co. for Oklahoma and Kansas, which carries
a top of 85 cents a barrel, effective / a. m. July 8.
In reporting that the oil companies that recently established a top price of 85 cents a barrel for Kansas, Oklahoma
and north and north central Texas crude oil, had reduced
their price to a top of 75 cents a barrel on July 11, the New
York "Times" of July 12 said:
This lowers the price co the level established by the Magnolia Petroleum
Co., a subsidiary of the Socony-Vacuum Corp., which made an advance
of 23 cents a barrel instead of 33 cents as initiated by the Continental Oil
Co. and followed by several others.
As a result only two different price schedules prevail in the Mid-Continent
area instead of three. The companies that made an advance of only 10
cents a barrel to a top of 62 cents include the Standard Oil companies of
New Jersey and Indiana, the Texas Corp.,the Shell Union Oil Corp. and the
Tide Water Oil Co. This group is composed of the largest purchasers of
crude oil in the Mid-Continent.
Slab Zinc Shipments in June Exceeded Production
Shipments
-Unfilled
1930
May
Highest Since
Orders Increase-Inventories Lower.
Shipments of slab zinc in June 1933 were the highest since
May, 1930, amounting to 36,737 short tons, according to
the Amelican Zinc Institute, Inc. This compares with
27,543 tons shipped in May, 1933, and 14,971 tons in June,
1932. Of the total for June, 1933, only 44 tons were for
export, as against 20 tons in the corresponding month last
year and none in May of the current year.
Production in June amounted to 24,027 short tons, compared with 21,730 tons in the preceding month and 16,423
tons in the same period in 1932. Unfilled orders at June 30
were 27,142 tons, as against 21,056 tons a month earlier
and 16,116 tons a year ago. Inventories totaled 123,924
tons,compared with 136,634 tons at May 31 1933 and 134,027
tons at June 30 1932.
During the six months ended June 30 1933 output
amounted to 129,205 short tons, as against 121,996 tons in
the corresponding period last year, while shipments totaled
130,137 tons as compared with 117,811 tons in the first six
months of 1932.
The Institute's statement follows:
SLAB ZINC STATISTICS (ALL GRADES).
(Tons of 2,000 Pounds.)
Produced
During
Period.
1929.
Total for year. 631,601
Monthly aver- 52,633
1930.
Total for year 504.463
Monthly aver_ 42,039
1931.
Total for year 300.738
Monthly aver_ 25,062
1932.
January
22,471
February
21,474
March
22,448
April
20,575
May
18,605
June
16,423
July
14,716
August
13,611
September
13,260
October
15,217
November
16.078
December ....... 18,653
Retorts Average
aShip- Operatg Retorts
pod for End of During
Export. Period. Period.
Unfilled
Orders,
End of
Pero d.
6,352
529
57.999
68.491
18,585
143,618
196
16
31,240
47,769
26,651
314,514
26.210
129,842
41
3
19,875
23,680
23,099
23,099
18,273
26.166
22,404
21,851
22,603
18,032
18,050
14,971
12,841
16,360
20.638
19,152
15,970
15,745
129,909
129,532
129.477
132,020
132.575
134.027
135,902
133,153
125,775
121.840
121,948
124,856
31
0
0
0
0
20
0
39
20
20
20
20
22,044
21.752
22.016
20,796
20.850
18.742
18.295
14,514
14,915
17,369
19,753
21.023
21,001
20,629
21,078
19,469
20,172
19.670
17,552
15.067
13,809
15,901
17.990
20,372
24,232
23,118
23,712
20.821
19.837
16,116
16.949
18.017
16.028
10.333
8,640
8,478
170
14
19,339
18,560
17.190
40
0
0
45
0
44
22.660
23,389
22,375
22,405
23.569
24,404
21.970
22,500
21,683
21,526
22.154
22,590
6,313
8,562
8.581
18,072
21.056
27,142
Shipped
During
Period.
Mock at
End of
Period.
602,601
50,217
75,430
436,275
36,356
Total for yr. ,
1 213.531 b218,517
Monthly aver. b17,794 b18,214
1933.
January
February
March
AprU
May
June
Total 6 MCIA
411
Financial Chronicle
Volume 137
19,828
20,076
22,095
21,449
21.730
24,027
15,040
15,280
16,156
19,381
27,543
36.737
120 900
1•in ,Q,
129,644
134,440
140,379
142,447
136,634
123,924
190
a Export shipments are Included in total shipments.
Natural Gasoline Production Higher in May-Inventories Continue to Increase.
According to the United States Bureau of Mines, Department of Commerce, the production of natural gasoline in
May, 1933, reflected the removal of restrictions on crude
production in the East Texas and Oklahoma City fields and
increased for the first month since January. The daily
average output for the month was 3,760,000 gallons, compared with 3,740,000 gallons in April. Production in East
Texas rose to 1,900,000 gallons, a new high for the field.
Daily average production in the Oklahoma City field increased 19% in May, but the Panhandle and Kettleman
Hills fields showed little change from April. Stocks con-
tinued to increase and totaled 38,884,000 gallons on May 31,
compared with 34,167,000 gallons on hand May 1. The
Bureau's statement also shows:
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF, GALLONS).
Stocks End of Mo.
Production.
May,
1933.
April,
1933.
Jan.
May,
1933.
Jan.
May,
1932.
May,
1933.
April,
1933.
Total
Daily average
Total(thousands of bbls.)Daily average
5,300 28,200 33,400
3,300
3,600
700
27.100 140,000 169,500
2,100 10,000 11,700
28,500 142,400 151,100
3,200 16,600 21,800
6,500
8.700
1,400
4.400 23,100 24,900
39,600 202,500 242,100
7,723
775
14,987
1,111
9,389
1,151
120
1,091
2,537
7,719
803
10,780
836
8,774
1,062
164
1,132
2,897
116,600 112,300 572,900 666,500
4,380
3,740
3,790
3,760
Appalachian
Illinois, Kentucky,Indiana
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
38,884
34,167
15,869
104
926
814
4,200
600
28.900
1,700
30,300
3,200
1,300
4,600
41,800
2,776
90
2,674
89
13,640
90
Copper, Lead, Zinc and Silver Advance-Tin is
Unsettled on Erratic Exchange.
"Metal and Mineral Markets" for July 13 1933 reports
that trading in major non-ferrous metals continued at a
fairly lively pace during the first half of the week, but slackened in the last three days, largely because of nervousness
over the action of the securities markets and the wide fluctuations in the dollar, as measured in terms of foreign currencies. Prices moved upward, new highs for the movement
being established in copper, lead, zinc, tin and silver. Sales
volume, taking the industry as a whole, was good, with
marked activity in zinc for both prompt and forward shipment. The zinc statistics for June were highly favorable,
shipments to consumers mounting to 36,737 tons, which
compares with 12,841 tons last July, the low for the depFession. In minor metals, higher prices were named for
bismuth, antimony, and quicksilver. The same publics,
tion says:
Copper Sells at 9c.
Demand for copper was not so active as in the preceding week, but sufficient business was booked to strengthen values further and raise the price
to 9c. per lb., Connecticut basis, the highest level since July 1931. The
uplift in copper WM followed by a general advance in copper products.
Fabricators report that business is holding at a good rate, and, in several
instances, material sold so far this month accounts for a larger tonnage than
that disposed of during the entire month of June. Wire mills are increasing
operations, though chiefly to build up inventories, according to operators.
The domestic market opened the week at 8.50c., delivered. On Friday
sales were reported at both 8.75c. and 9c., with all of Saturday's business
at 9c. Since Monday, however, the market had to absorb a fair quantity
of material offered by second-hands,and this resulted in halting the upward
tendency, at least for the present. The pressure to sell applied only to
prompt
-shipment copper. Futures were firmly maintained in all directions.
Nearly all inquiry was for last-quarter metal.
The European market,in terms of United States currency, also advanced.
Foreign buying was in fair volume, with sentiment in influential quarters
bullish on the strength of developments here.
Though the Administration expects quick action on the industry's code
of practice, the committee representing copper producers has been making
slow progress because of the many complications that enter into the situation. Few in the industry expect action on the code this month.
During the second quarter of 1933 Boleo, operating in Mexico, produced
2.090 metric tons of copper, against 2,250 tons in the first quarter.
Lead Moves Up to 4.50C., N. Y.
The tempo of quotation advances was speeded up in the lead market
last week, two upward revisions in the price structure of the metal being
made during the seven-day period. The first, on Friday. established the
price at 4.40c., New York,the contract settling basis of the American Smelting & Refining Company on that day. The second advance came on Monday, when the Smelting company announced 4.50c., New York, as its contract settling basis, and sales were made in the West at 4.35c. A good
demand prevailed most of the week, total sales being well above an average
week's business and but slightly below the total for the preceding seven-day
period. In the last two days, however, as the differential between the
foreign and domestic market narrowed, trading activity tapered off somewhat, buyers apparently deciding to wait until a more definite trend is evident abroad before replacing metal sold out of recently acquired stocks.
Corroders were the principal buyers last week, with foil and mixed-metal
interests also purchasing fair tonnages. Battery manufacturers are said to
report a steady and increasing outlet for their products, not only to automobile interests but also to the makers of various types ofindustriallighting
equipment,such as that for farm lighting plants.
Total sales of lead for July shipment, according to statistics circulating in
the industry, exceed 39.000 tons. This total, which is larger than that for
any month since July, 1931, is indicative of the recent trend on the part of
buyers to accumulate metal. Sales for August shipments totaLabout
19,000 tons.
Zinc Sharply Higher.
Buying of zinc was active, sales for the week exceeding 10.000 tons. Galvanizers were interested in obtaining large supplies for delivery over the
remainder of the year, and, with ore in a tight position, prices were advanced
almost daily. The low for the week was 4.60c., last Thursday, and the
high was 4.95c. on Monday. The average for the last three days, however,
was 4.85c., St. Louis. on Prime Western. The statistics for June (page 1)
were highly encouraging, stocks being reduced to the extent of 12,710 tons.
At the meeting of the cartel in Brussels. July 11, the agreement was prolonged, although the terms, not yet made public, will probably be modified.
Final ratification of the agreement is expected soon.
- Correction.
-St. Louis zinc July 1, was 4.50(4)4.60, making the average
for the day 4.55c on Prime Western. The average for the,week ended July
5 was given correctly in the July 6 issue at 4.515c.
412
Financial Chronicle
Littk Trading in Tin.
Trading in the domestic tin market was on a comparatively small scale
throughout last week, with inquiry diminishing to almost negligible proportions yesterday,despite the somewhat steadier character ofsterling exchange.
The erratic fluctuations ofsterling and the high levels that it touched during
the week were largely responsible for the reticence of buyers to enter the
market. With immediate consumer demands fairly well filled, no substantial improvement in domestic activity in the metal seems probable until
sterling exchange exhibits a more stable tendency than has prevailed recently.
Chinese 99% tin was quoted as follows: July 6th, 44.50c.; 7th, 46.00c.:
8th. 45.00c.: 10th. 45.25c.; 11th, 44.25c.; 12th,45.375c
Steel
59% of Capacity-Pig Iron
Again Increased.
New business in iron and steel has shown an expected
recession, following the heavy specifying that marked the
close of the second quarter, but pressure for shipments is
unrelaxed and ingot production has made a further gain,
rising from 56 to 59% of capacity reports the "Iron Age' of
July 13. Output at Pittsburgh has increased from 45 to
49%, the Chicago rate has advanced from 57 to 60%, the
Valley average has gone up from 55 to 65%, and Buffalo
operations from 60 to 62%. The "Age- further goes on to say:
Production Rises to
and Steel Scrap
Blast furnaces lighted include one steel company stack and one merchant
unit in the Birmingham district and a steel works stack at Buffalo. Among
furnaces scheduled to go into blast before the end of the month are one
stack each at Buffalo. Cleveland and Toledo.
The Steel corporation's gain of 176,956 tons in unfilled orders in June
undoubtedly reflected the heavy releases that flowed in at the end of last
quarter. While many buyers may have anticipated their requirements
further ahead than usual, it is unlikely that the amount of speculative
tonnage ordered was excessive. Certainly steel going to the automobile
industry is passing almost into immediate consumption and the same may
be said of tin plate shipped to the can companies. Jobbers, in some cases,
have been prevented from building up their inventories by unsatisfactory
credit standing, and railroads have continued to purchase relatively unimportant tonnages. It is possible that considerable steel pipe has been stocked
by both mills and jobbers, and reinforcing bar distributers have accumulated some steel. Structural steel fabricators, however, have not departed
noticeably from their usual practice of covering their requirements for
specific projects.
Even if the present lull in new purchases should continue, tonnage booked
by the mills for July shipment is sufficient to maintain production at an
undiminished rate through this month and part of August. But a renewed
flow ofspecifications is assured before the close of July. Delay in announcing
third quarter quotations, especially on bars, plates and shapes, forced
mills to protect their larger customers through July at preferential prices.
The elimination of such concessions under the third quarter contract prices
announced last week will no doubt result in releases this month-end similar
to those which marked the closing days of June.
Shipments to the motor car industry are undiminished, although Detroit
Is concerned both on account of a relaxation in demand for higher-priced
cars and the aggressive efforts of union labor to organize automobile workers.
Tin plate mills are booked into September at capacity. The brewing industry continues to take a comparatively large tonnage of steel for building
extensions, tanks, barrels and beer cases. Structural steel awards, at
27.225 tons, were the third largest of the year. but included a single letting of
15,000 tons. Plate lettings totaled 7,660 tons.
Substantial progress is being made in the completion of the steel industry's
code, with the possibility that it may be ready for submission to the National
Industrial Recovery Administration this week. A subsidiary code, that of
pig iron producers, is being developed at a conference now in session at
Chicago.
The pig iron trade, like the steel industry, has finally announced prices
covering the full third quarter, after temporarily considering a month-tomonth basis of quoting. New prices put into effect at Chicago represent an
increase of $1 a ton. Advances of an equal amount have just been announced by producers in northern Ohio, Eastern Pennsylvania, New
England, the South and at Buffalo.
Other primary materials have increased in price. Furnace coke at Connellsville, which advanced 25c. a ton late in June, has again risen 25c.,
this time to $2.25 a ton. Scrap is advancing generally. Higher prices at
Pittsburgh. Philadelphia and Chicago have riased the "Iron Age" composite
price for heavy melting steel from $10.54 to $10.88 a gross ton. The pig
Iron composite, by virtue of the advance that has been put into effect at
Chicago, has risen from $15.01 to $15.17 a gross ton. The "Iron Age"
composite for finished steel is unchanged, although a number of products
which are not constituents of the average are higher than a week ago.
Commercial seamless boiler tubes, both cold-drawn and hot-rolled, have
been advanced $8 to $1 a ton. Most makers of cold-rolled strip have now
joined in the recent advance of$5 a ton to 2.25c. a lb.. Pittsburgh or Cleveland. An upward price revision on manufacturers' wire may be made
before the end of the month. An early advance on tin plate is also a possibility.
July 111933. 1.9730. a Lb.
Based on steel bars, beams, tank plates.
One week ago
1.9730.
wire, rails, black pipe and sheets.
One month ago
These products make 85% of the
1.892o
One year ago
1.976c. United States output.
Low.
High.
1933
1.867o. Apr. PI
1 973e. Jul, 5
1932
1.9260. Feb. 2
1.9770. Oct. 4
1931
1.945c. Dec. 29
2.037e, Jan. 13
1930
2.018c. Dec. 9
2 273c. Jan. 7
1929
2.283c. Oct. 29
2.3170. Apr. 2
1928
2.2170. July 17
2.286e. Dec. 11
1927
2.212e. Nov. 1
2.4020. Jan 4
P19 Iron.
July 11 1933.815.17 a Gross Ten.
Based on average of basic iron at Valley
One week ago
$15.01 furnace foundry Pons at Chicago,
One month ago
Philadelphia, Buffalo, Valley and Blr15.01
One year ago
mingham.
13.76
Low
High.
$13.56 Jan. 3
1933
$15.17 July 11
13.56 Dec. 6
1932
14.81 Jan. 5
15.79 Dec. 15
1931
15.90 Jan. 6
15.90 Dec. 16
1930
18.21 Jan. 7
18.21 Dec. 17
1929
18.71 May 14
17.04 July 24
1928
18.59 Nov. 27
17.54 Nov. 1
1927
19.71 Jan. 4
Steel Scrap.
July 11 1933, $10.88 a Gross Ton. I Based on No. 1 heavy melting steel
quotations at Pittsburgh, Philadelphia
One week ago
$10.54
9.92 and Chicago.
One month ago
6.42
One year ago
July 15 1933
High.
$10.88 July 11
8.50 Jan. 12
11.33 Jan. 6
15.00 Feb. 18
17.58 Jan. 29
16.50 Dec. 31
15.25 Jan. 11
1933
1932
1931
1930
1929
1928
1927
Low.
$6.75 Jan. 3
6.42 July 5
7.62 Dec. 29
11.25 Dec. 9
14.08 Dec. 3
13.08 July 2
13.08 Nov.22
Specifications against contracts entered prior to recent
price advances and in anticipation of an Aug. 1 deadline
on preferential prices for heavy finished products appear to
insure a July output of steel at approximately the current
rate, which was 55% last week and will be at least 56%
this week, states the magazine "Steel" in its July 10 issue.
"Steel" further reports as follows:
Fresh ordering, however, shows a tendency to ease off, as the incentive
to cover has been largely removed. Thus far the automotive and tin
plate industries have borne the brunt of the rise. Tin plate promises to
remain at its present peak well into the fall, but automotive specifications
may taper this month in anticipation of a let
-down in assemblies in August.
Thus, the issue of steel production in late July and August probably will
rest with the railroads and the building industry. Present indications
point to improvement in railroad orders, and structural tonnage will
undoubtedly gain when the public works program gets under way and the
threat of higher prices matures projects held in abeyance.
Rail releases on orders placed a year or two ago are supporting mill
operations at Chicago; track accessory releases are fairly heavy. and car
equipment work is more active. The Brazilian Government has placed
38,000 tons ofrails and track fastenings with the United States Steel Corp.
Structural awards for the week increased to 25,406 tons, including 15,500
tons for a New York Central RR. viaduct in New York. The Pennsylvania RR.'s plans for proceeding with its electrification program may release 30,000 tons of shapes and result in additional new purchases of shapes
and reinforcing bars.
Another surge of activity has developed in scrap, which usually is barometric, carrying prices up 50 cents to $1 a ton in most districts; the general
average being the highest since April, 1931. Raw material requirements
continue strong, with six more blast furnaces lighted in the first week of
July,following the gain of 29 last month.
Steelworks operations gained in the majority of districts last week; up
25 points to 75% at Birmingham; 4 points to 90 at Wheeling, W. Va.:
3 points to 63 at Youngstown; 3 to 56 at Chicago;6 to 54 at Buffalo; 12 to
83 in New England; 35 point to 40 in eastern Pennsylvania. Cleveland
,
remained at 82, Pittsburgh at 46, and Detroit at 38.
Daily average steel ingot production in June rose 34% to 99,904 growl
tons,largest since April, 1931. Calculated total output for the month was
2,597,517 tons, bringing production for the first half year to 8,989,192 tons.
or 1,291,982 tons over the period last year.
Progress toward a single price basis, one of the objects of the steel industry, is indicated by a limitation to Aug. 1 on preferential prices to largo
buyers of plates, shapes and bars; and thereafter 1.60c., Pittsburgh, is
expected to apply on all orders for the remainder of the third quarter.
Price advances continue to spread, with wire products up $5 a ton, and
Increases in wire rods and manufacturers' wire expected shortly. Steel
pipe has been increased $8 to $7 a ton. Relaying rails are up $2 to $3 a
ton. Spiegeleisen has been advanced $3 a ton, following the rise of $10
to $14 a ton in ferromanganese.
"Steel's" iron and steel composite this week is up 48 cents to $29.67; the
finished steel composite has advanced 20 cents to $47.50; and the scrap
composite is up 37 cents to $10.16.
Steel ingot production for the week ended July 10 is placed
at about 5332% of capacity, according to the "Wall Street
Journal" of July 12. This compares with 52% in the previous
week, and a little over 50% two weeks ago. The "Journal"
adds:
Independent steel companies are placed at a shade over 61%, against
60% in the preceding week and 58% two weeks ago. U.S. Steel is estimated
at 431%,compared with 42% in the week before and a little under 40%
two weeks ago.
Thefollowing table gives the percentage of production in the corresponding
week of previous years. together with the approximate changes from the
week immediately preceding:
Induattv.
U. S. Steel.
31 -1
57 -2
93 -1
71 -1
6634-1
1932
1931
1930
1929
1928
1927
31
63
96
75
69
Independents.
I
-13.
-1
-1
-1
-1
31
52
90
68
64
-.1
-2
-1
-1
-1
I Not computed.
Large Increase Reported in Steel Backlog.
Unfilled tonnage on the books of subsidiaries of United
States Steel Corp. increased 176,856 tons during June and
at the end of the month amounted to 2,106,671 tons as compared with 1,929,815 tons at the end of May. The bookings
at June 30 1932 were 2,034,768 tons, a decrease of 142,394
tons during that month. We show below the monthly
figures since Jan. 1928. Figures for earlier periods appeared
in the "Chronicle" of April 14 1928, Page 2243.
UNFILLED ORDERS OF SUBSIDIARIES OF U.S. STEEL CORPORATION
End of
Month.
January --February -.
March
April
May
June
July
August
September.
October
November
.
DPIPT11)114
1933.
1932.
1931.
1930,
1929.
1928.
1.898,644
1,854,200
1,841,002
1.864.574
1.929,815
2,103,671
2.648,150
2.545.629
2,472.413
2.326,926
2,177,162
2,034.768
1.966.302
1,969,595
1,985.090
1,997,040
1.968.301
1 eas 140
4.132.351
3,965,194
3,995,330
3,897,729
3.620,452
3.479,323
3,404.816
3,169.457
2,144,833
3.119.432
3,933.891
2.735.353
4,468.710
4,479,748
4.570,653
4.354.220
4,059,227
3,968,064
4,022.055
3,580,204
3,424,338
3.481.763
3.639,636
3.943.596
4,109.487
4,144,341
4,410,718
4.427,763
4,304,167
4.256.910
4,088,177
3.658,211
3,902,581
4.086,562
4,125.345
4.417.193
4.275,947
4.398,189
4,335,206
3,872,133
3,416,820
3.637,002
3,570,929
3,624.043
3,698,368
3.751.037
3,643,002
3.975.710
Anthracite Shipments Showed a
June 1933.
Sharp
Increase in
Shipments of anthracite for the month of June, 1933, as
reported to the Anthracite Institute, Primos, Pa., amounted
to 3,512,382 net tons. This is an increase, as compared
with shipments during the preceding month of May, of
1,004,585 net tons, or 40.06%, and when compared with
June 1932 shows an increase of 1,285,531 net tons, or 57.73%.
Shipments by originating carriers (in net tons) are as
follows:
Month ofReading Company
Lehigh Valley RR
Central RR. of New Jersey
Del. Lack. & Western RR
Delaware & Hudson RR. Corp
Pennsylvania RR
Erie RR
N. Y. Ontario & Western Ry
Lehigh & New England RR
Total
413
Financial Chronicle
Volume 137
June 1933. May 1933. June 1932.
438,024
584,336
780,965
330,829
373,458
544,634
187,095
169,032
285,449
245,131
278,305
468,457
241,013
291,808
400.766
273,195
238,716
302,990
265,331
269,112
386,824
143.622
177,871
195,716
102.611
125,159
146,581
May 1932
652,890
380,682
196,743
325,005
353,089
347,432
307,849
218,940
138,039
2,226,851
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
June 24
1933.d
2,507,797
Weekly Bituminous Coal Production Close to 6,500,000
Ton Mark-Anthracite Output More Than Double
That of a Year Ago.
According to the United States Bureau of Mines, Department of Commerce, production of coal increased sharply
during the week ended July 1 1933. The total output of
bituminous coal during that period amounted to 6,450,000
net tons, a gain of 460,000 tons, or 7.7%,over the preceding
week, and of 2,380,000 tons over the corresponding period
of 1932. Anthracite production in Pennsylvania during
the week ended July 1 1933 is estimated at 1,137,000 net
tons, an increase of 122,000 tons, or 12%, over the previous
week, and more than double the output in the same week of
1932.
For the calendar year to July 1 1933 there weie produced
145,937,000 net tons of bituminous coal and 22,538,000 tons
of anthracite, as against 143,673,000 tons of bituminous
coal and 23,918,000 tons of anthracite during the calendar
year to July 2 1932. The Bureau's statement follows:
July 2
1932.
1933.
1932.
1929.
Bitum. coal: a
Weekly total 6,450,000 5,990,000 4,070,000 145,937,000 143,673,000 259,573.000
946.000
932,000 1,681,000
Daily aver_ _ 1,075,000 998,000 678,000
Pa. anthra.: b
Weekly total 1,137.000 1,015,000 561,000 22,538,000 23,918,000 35,733,000
156,800
234,300
147,700
93,500
Daily aver_ _ 189,500 169,200
Beehive coke:
399,900 3,372,700
9,400
405,600
10,700
13,200
Weekly total
2,600
2,563
21.620
1,783
1,567
2,200
Daily aver__
a Includes lignite, coal made into coke, local sales, colliery fuel. b Includes Sullivan County, washery coal, and dredge coal, local sales, and colliery fuel. c Subject
to revision. d Revised.
2,900,669
3,512,382
Calendar Year to Date.
Week Ended.
July 1
1933.c
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).
Week Ended.
Month.
June 24
1933.
June 17
1933.
June 25
1932.
June 18
1932.
June.
June 27
1923,
1931. Average.a
387,000
157,000 151,000 115,000 104,000 231.000
Alabama
70,000
24,000
15,000 36,000
20,000 15,000
Arkansas and Okla
47,000
71,000
47,000
175,000
42,000
Colorado
48,000
Illinois
468,000 454,000 157,000 136,000 649,000 1,243,000
416.000
190,000 188,000 181,000 153,000 228,000
Indiana
51,000
56,000
51,000
88,000
44,000
Iowa
38,000
79,000
73,000 128,000
72,000
Kansas & Missouri
66,000
53,000
661,000
Kentucky-Eastern _ 585,000 530.000 411,000 354,000 627,000
183,000
84,000 163,000 143,000 127,000
Western
87.000
47,000
15.000
34.000
16,000
20,000
20,000
Maryland
1,000
2,000
2,000
12,000
Michigan
2,000
1,000
38,000
32,000
26,000
26,000
25,000
Montana
24,000
51,000
18,000
New Mexico
27,000
16,000
16,000 16,000
10,000
17,000
11,000
14,000
North Dakota
12,000
14,000
85,000 355,000
888,000
Ohio
328,000 331,000 101,000
Pennsylvania (bit.)_ 1,784,000 1,636,000 1,142,000 1,244,000 1,802,000 3,613.000
113,000
69,000
47,000
Tennessee
50,000
59,000
64,000
21,000
13,000
11,000
Texas
15,000
14,000
13,000
21,000
17.000
89,000
Utah
15,000
16,000
24,000
240.000
Virginia
117,000 125,000 184,000
188,000 177,000
44,000
27,000
23,000
Washington
25,000
17,000
18,000
West Virginia:
b Southern
1,461,000 1,354,000 1,039,000 976.000 1,595.000 1,380,000
c Northern
856,000
342.000 358.000 305,000 317,000 478,000
104.000
70,000
45,000
Wyoming
61,000
51,000
48,000
5,000
Other States
3,000
2,000
2,000
1,000
1,000
Total bitum. coal_ 5,990,000 5,674,000 4,155,000 4,048,000 6,823,000 10,866,000
Penna. anthracite_ -. 1,014,000 825,000 602,000 573,000 1,264,000 1,956,000
Total coal
7,004,000 6,499,000 4,757,000 4,621,000 8,087,000 12,822,000
a Average weekly rate for entire month. b Includes operations on the N.&W.:
C.& O.; Virginian; K. ,k M., and B. C.& G. c Rest of State, incl. Panhandle.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended July 12, as reported by
the Federal Reserve banks, was $2,230,000,000, an increase
of $5,000,000 compared with the preceding week and a
decrease of $187,000,000 compared with the corresponding
week in 1932. After noting these facts, the Federal Reserve Board proceeds as follows:
On July 12 total Reserve bank credit amounted to $2,201,000,000, a
decrease of 85,000,000 for the week. This decrease corresponds with a
decrease of 885,000,000 in money in circulation, offset in part by increases
of 6.50.000,000 in member bank reserve balances and $6,000.000 in unexpended capital funds, non-member deposits, &c., and a decrease of $25,000,000 in Treasury currency, adjusted.
Bills discounted decreased $10,000,000 at the Federal Reserve Bank of
San Francisco and $14,000,000 at all Federal Reserve banks. The System's holdings of bills bought in open market declined 810,000,000, while
holdings of Treasury certificates and bills increased 812,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statemmt of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the
different items, was published in the May 31 1930 issue of
the "Chronicle," on page 3797.
The statement in full for the week ended July 12, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 449 and 450.
Beginning with the statement of March 15 1933, new
items were included, as follows:
1. "Federal Reserve bank notes in actual circulation," representing the
amount of such notes issued under the provisions of paragraph 6 of Section
18 of the Federal Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund-Federal Reserve bank notes." representing the
amount deposited with the Treasurer of the United States for the redemption of such notes.
3. "Special deposits-member banks" and "Special deposits
-nonmember banks," representing the amount of segregated deposits received
from member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve bank notes outstanding, held by Federal Reserve banks,
and in actual circulation and the amount of collateral pledged against
outstanding Federal Reserve bank notes.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
July 12 1933 were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
July 12 1933.
$
168,000,000
13,000,000
2,007,000,000
13,000,000
Increase (-I-) or Decrease (-)
Since
July 5 1933. July 13 1932.
$
-14,000,000 -348,000,000
-49,000,000
-10,000,000
+12,000,000 +186,000,000
-5,000,000
+7,000,000
TOTAL RES'VE BANK CREDIT__2.201,000,000 -5,000,000
Monetary gold stock
4319,000,000
+1,000,000
Treasury currency adjusted
1,930,000,000 -25,000,000
Money In circulation
Member bank reserve balances
5,667,000,000 -85,000,000
Unexpended capital funds, non-mem-2,269,000,000 +50,000,000
ber deposits, &c
+6,000,000
514,000,000
-216,000,000
+387 000 000
. .
+163.000,000
-47,000,000
+254,000,000
+127,000,000
Returns of Member Banks in New York City and
-Brokers' Loans.
Chicago
Beginning with the returns for June 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and for the same week, instead
of waiting until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows an increase of $97,000,000, the total of these
loans on July 12 1933 standing at $955,000,000, as compared
with $331,000,000 on July 27 1932, the low record for all
time since these loans have been first compiled in 1917.
Loans "for own account" increased from •$784,000,000 to
$846,000,000, and loans "for account of out-of-town banks"
increased from $64,000,000 to $101,000,000, but loans "for
account of others" decreased from $10,000,000 to $8,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 12 1933. July 5 1933. July 13 1932.
Loans and Investments-total
6 932,000,000 6,937,000,000 6,391,000,000
Loans-total
3 503,000,000 3,454,000,000 3,606,000,000
On securities
All other
1,894,000,000 1,847,000,000 1,650,000,000
1 609,000,000 1,607,000,000 1,956,000,000
414
Financial Chronicle
July 12 1933. July 5 1933. July 13 1932.
Investments—total
3,429,000,000 3,483,000,000 2,785,000,000
U.S. Government securities
Other securities
2,354,000,000 2,409,000,000 1,831,000,000
1,075,000,000 1,074,000,000 954,000,000
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
742,000,000
40,000,000
703,000,000
42,000,000
728,000,000
40,000,000
5,420,000,000 5,374,000,000 4,916,000,000
782,000,000 785,000.000 764,000,000
43,000,000
265,000,000 278,000,000
Due from banks
76,000,000
73,000,000
85,000,000
Due to banks
1,226,000,000 1,265,000,000 1,081,000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to grokers & dealers;
For own account
846,000,000 784.000,000 317,000,000
For account of out-of-town banks...
20,000,000
101,000,000
64,000,000
For account of others
8,000.000
8,000,000
10,000,000
Total
955,000,000
On demand
On time
858,000,000
345,000,000
723,000,000 643,000,000 248,000,000
97,000,000
232,000,000 215,000,000
Chicago.
1,276,000,000 1,257,000,000 1,267,000,000
Loans and investments—total
Loans—total
689,000,000
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash In vault
Net demand depots
Time deposits
Government deposits
Due from banks
Due to banks
341,000,000
329,000,000
587,000,000
515,000,000
363,000,000
389,000,000
374,000.000
213,000,000
252,000,000
31,000,000
1,006,000,000
357,000,000
43,000,000
186,000,000
266,000,000
Investments—total
670,000,000 878,000,000
342,000,000
347,000,000
587,000,000
On securities
All other
377,000,000
210,000,000
232,000,000
34,000,000
969,000,000
363,000.000
44,000,000
190,000,000
267,000,000
221,000,000
168,000,000
159,000,000
21,000,000
794,000,000
337,000,000
9,000.000
162,000,000
224,000,000
Borrowings from Federal Reserve Bank_
7,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
The Federal Reserve Board resumed on May 15 the
publication of its weekly condition statement of reporting
member banks in leading cities, which had been discontinued
after the report issued on March 6, giving the figures for
March 1. The present statement covers banks in 90 leading
cities instead of in 101 leading cities as formerly, and shows
figures as of Wednesday July 5, with comparisons for
June 28 1933 and July 6 1932.
As is known, the publication of the returns for the New
York and Chicago member banks was never interrupted.
These are given out on Thursday, simultaneously with the
figures for the Reserve banks themselves and cover the
same week,instead of being held until the following Monday,
before which time the statistics covering the entire body of
reporting member banks in 90 cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on July 5.
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on July 5 shows increases for the week of
$21,000.000 in loans and investments and $86,000,000 in time deposits,
and decreases of $99,000.000 in net demand deposits and $96,000,000 in
reserve balances with Federal Reserve banks.
Loans on securities increased $54,000,000 at reporting member banks
in the New York district, $6.000,000 in the San Francisco district and
863,000.000 at all reporting member banks. "All other" loans increased
$12,000,000 in the Chicago district and $15,000,000 at all reporting banks.
Holdings of United States Government securities declined $27,000.000 in
the New York district. $10,000.000 in the Boston district and $51,000,000
at all reporting member banks. Holdings of other securities declined
89.000.000 In the San Francisco district and $6,000,000 at all reporting
banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $31,000.000 on July 5, the principal change for the week
being an increase of $10,000,000 at the Federal Reserve Bank of San
Francisco.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of E802,000.000 and net demand, time, and Government deposits of 8801,000,000 on July 5, compared
with $793,000,000 and $773,000,000, respectively, on June 28.
A summary of the principal assets and liabilities of the reporting member
banks,in 90 leading cities, that are included in the statement, together with
changes for the week and the year ended July 5 1933,foilows:
Increase 1+) or Decrease (—)
Olnce
June 28 1933.
July 6 1932.
July 5 1933.
5
$
+21,000.000 +262,000,00
Loans and investments—total__ __16,686,000,000
Loans—total
8,530,000.000
+78,000,000 —1,076,000,000
On securities
All other
Investments—total
3,811,000,000
4,719,000,000
8,156.000,000
+63,000,000 —266,000,000
+15,000.000 —810,000,000
—57,000,000 +1,338,000,000
5,203,000,000
2,953,000.000
1,601,000,000
203,000,000
10,642,000,000
4,492,000,000
604,000,000
1,229,000,000
2,846,000,000
31,000,000
—51,000,000 +1,261,000,000
+77,000,000
—8,000,000
—96,000,000 +207,000,000
+1,000,000
+7,000,000
—99,000,000 +583,000,000
+86,000,000
+11.000,000
—29,000,000 +424,000,000
+34,000,000 +250,000,000
+92,000,000 +387,000,000
+5.000,000 —407,000,000
U.S. Government securities
Other securities
Reserve with F. R. banks
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
July 15 1933
J. P. Morgan Sails-for Europe.
J. P. Morgan sailed on the White Star liner Olympic on
July 12 for a vacation in England and Scotland. He will
go to the latter country for his usual grouse and partridge
shooting. He plans to return some time in the Fall, said
the "Times" of July 13, which added:
The financier was met by a group of financial reporters when he went
aboard by the lower gangway. Ile had not been named in the passenger
list. He greeted the newspaper men affably and invited them to the suite
in which he has made about thirty voyages, but declined to discuss finance.
"I really need a holiday, although I may look well," he said, waving his
hand at two cases of books,including recent novels, most of them detective
stories.
President Roosevelt Praised by Leaders of Three
Parties in British Parliament—Neville Chamberlain
Predicts Recovery of Dollar by Autumn—Primary
British Policy Said to Be Raising of Price Levels—
Views on World Monetary and Economic Con-ference.
Neville Chamberlain, British Chancellor of the Exchequer,
told the Hone of Commons on July 10 that, in his opinion,
the recent violent fluctuations in the value of the dollar
would probably be eliminated by Autumn and that its decline
is not the result of any intrinsic weakness, but "an unnatural,
artificial prenomenon" produced principally by speculation.
Mr. Chamberlain added that members of Parliament should
not be misled by the "temporarily disturbing situation," and
he warned that it would be dangerous for Great Britain to
allow the pound to follow the dollar downward. At the same
time, he stated, raising of wholesale commodity prices is a
"primary objective of British policy," and in this Great
Britain has the support of the Dominions. He said that he
did not consider it possible to achieve this end by monetary
action alone, "although certain monetary factors must be
present as indispensable and as preliminary to raising the
price level."
During the course of the debate in Parliament on July 10,
leaders of all three parties expressed their sympathy with
the policy of President Roosevelt and their hope that his
recovery program would succeed. Among those who praised
the President were Winston Churchill, former Chancellor
of the Exchequer; George Lansbury, leader of the Labor
party; Sir Robert Horne, also former Chancellor of the Exchequer; Sir Edward Grigg, former Governor of Kenya, and
Leopold Amery, former Dominions Secretary. Mr. Churchill
asked that Great Britain follow the United States, although
"at a safe distance," in easing the burden of debt. Sir Herbert
Samuel, Liberal leader, said that President Roosevelt's experiment was the "largest, most vigorous and most significant economic experiment yet tried in any country with the
exception of Soviet Russia." A description of Mr. Chamberlain's address, as given in London advices to the New York
"Times" on July 10, follows:
Mr. Chamberlain began by reminding the Commons that as late as May 16
President Roosevelt had favored early meeting of the Conference and had
insisted that it reach decisions quickly.
Amid cheers from the House, he quoted the passage from the President's
peace message, saying the "Conference must establish order in place of the
present chaos by stabilization of currencies." He then described how the
Conference had tried to follow the President's wishes—how it had decided
to split into two main commissions, which, in turn, divided into sub'
commissions, and how all these groups had actually been at work in the
second week.
Prime Minister Was Hopeful.
"Until the end of that month the Prime Minister saw no reason why the
work of the Conference should not be finished, as he had originally expected
It to be, by the end of July," the Chancellor declared. But now, he said,
the monetary crisis had brought some of the work of the Conference to a
"temporary halt." He went on:
"As to the desirability of some permanent stabilization, I do not think
there can have been any difference of opinion among the delegates. The
quotation I have already read shows what an important place it took in
Mr. Roosevelt's mind only a short time ago.
"Indeed, it was obvious to everybody that it was impossible to conceive
of a complete return to normal functioning in the trade and commerce of
the world unless there could be an international monetary standard acceptable to, and accepted by, all the nations of the world. But some of the
countries represented at the Conference, particularly those on the gold
standard, went further than the question of ultimate stabilization. They
felt it would be extremely difficult for them to be discussing a good many
of the subjects on the agenda at a time when the strongest currency in the
world was in a condition of instability and undergoing repeatedly perhaps,
even violent changes from day to day."
Tariff Truce Is Cited.
Mr. Chamberlain then reminded his hearers that the United States had
initiated the tariff truce before the Conference and had pushed it until
fifty-nine nations had accepted it. But the gold countries, he said, "also
felt that if a truce was required for tariffs, equally a truce was required as
to the movement of exchanges during the period of the Conference in order
that the Conference might pursue its deliberations in the proper atmosphere
of calm and tranquillity of mind."
Mr. Chamberlain proceeded to describe the American rejection of all attempts at stabilization culminating with Mr. Roosevelt's July 4 message.
"I do not think it would serve any useful purpose for me to make any
comment On the matter or manner of that statement," said the Chancellor,
Volume 137
Financial Chronicle
"but there is no doubt its effect not only upon the delegations of the gold
countries but upon the public opinion in those countries WRS very profound
and very disturbing."
From this, Mr. Chamberlain said, had arisen the present struggle between
the gold and non-gold countries over continuance or adjournment of the
Conference.
Cleavage Still Exists.
"There is still this cleavage of opinion," he went on, "but I hope, although at present we have not been able to come to an agreement, that notwithstanding that we shall still find means of bridging the difficulties which
divide us and may arrive in the course of the next day or so at some measure
of agreement between the two sides of this controversy. Looking back over
the course of events one cannot help feeling that if we had known beforehand what was going to happen that might have made some difference to
our view as to calling the Conference at the time when it was called. I
do not think we could have foreseen beforehand that events would have
taken this turn."
The Chancellor continued:
"There is no use attempting to deny that as matters have turned out
the work of the Conference has received a very serious check; I hope it is
only a check. There is no doubt whatever that, in any case, it will continue to carry on the discussions upon certain very important lines of
thought.
"The whole question, for example, of regulations of production and
marketing is unaffected by the instability of exchanges. A very considerable amount of agreement has already been arrived at.
Further Talks Planned.
"A number of primary products have been scheduled for further discussion, and if in fact it is found possible among producing countries in the
case of those various commodities to arrive at some agreement among themselves, then that will be a very solid basis for presuming that we can raise
the prices of those commodities to a satisfactory level and retain those
prices when they have been reached.
"Then again, we need not fear, whatever happens, that the efforts which
have been made to bring all those countries together will have been in
vain. We have charted the ground; we have identified the problems; we
have already come to a very considerable measure of understanding among
ourselves as to the way in which they have got to be tackled.
"Even if some part of them cannot, at the moment, be brought to a conclusion, yet the situation is so fluidly and obviously temporary in its nature
that it may well be it may change again for the better, even in the course
of the next few weeks.
"Therefore, I would say to the House that we need not too readily assume
that this check has dealt a mortal blow at the chances of coming to an
agreement upon these vital world problems. We ourselves still remain of
the opinion we have held all along, that is, that the chief troubles from
which the world is suffering to-day are international in their origin and
can only be solved by international action and agreement.
Isolation Is Questioned.
"The thought that any country can be sufficient unto itself and can solve
Its own problems without reference to what is happening in the rest of
the world is, I am sure, one which will not bear the light of experience. It
must be doomed to disappointment. While for the moment some of those
rather abstruse and difficult questions we have set ourselves to face cannot
be subject to agreement, nevertheless there seems to be still a great deal of
work for the Conference to do in laying down the general lines on which
some permanent settlement can ultimately be arrived at.
"If we can, for instance, agree upon the conditions under which a return
to the gold standard or an international monetary standard will be possible,
then we shall have done a work which probably could not have been done
If this Conference had not been called, but which will greatly facilitate
return to normal conditions at a little later stage."
Speaking of the British goal of raising prices, Mr. Chamberlain continued:
"But the more you examine the problem, the more you come back to
this central fact, that at bottom the whole trouble is the lack of confidence.
It is only restoration of confidence which will enable us to obtain full
benefit from the various measures we have taken to bring about the raising
of the price level, and all our efforts must be devoted to restoration and
building up of that confidence.
"The depreciation of the dollar has undoubtedly brought into operation
a very disturbing factor, but one must remember that depreciation is, to
a vely large extent, an unnatural and artificial phenomenon.
"It IS nct based upon intrinsic economic and financial factors. It is
chiefly a requi. c. s7+eculation which began in continental circles and which
has been followed up •.y American speculation, too."
,
Change Is Forecast.
"In the opinion of a good many competent experts, the conditions and
facts are such that it is quite possible we may see a reversal of this process
In the autumn, when various factors begin to work in the opposite direction.
"Therefore, it seems to me that at this time what we have got to do is
keep our heads and not allow ourselves to be rushed by this temporarily
disturbing factor into arriving at any hasty, ill-considered or rash conclusion. Things may not turn out as they seem at the moment. We may
presently find very material alteration in the situation.
"Let us, therefore, keep clearly before us what we have in mind as our
own objective. Let us preserve, as we are preserving, the closest and friendliest contact with the representatives of all the countries who have come to
this Conference. Let us not despair even now of arriving at results of
solid, substantial and practical value from the deliberations of this Conference, and let us be sure that, as time goes on, we do not miss any opportunity
which may present itself to us to bring once more together, I do not say
all the nations present at the Conference to-day, but the principal
nations
of the world in agreement as to the best means of making progress."
World Monetary and Economic Conference—Steering
Committee Votes to Continue Parley, But Agenda
Is Limited—U, S. Delegation Announces Federal
Reserve Disapproval of Discussion of Future Central Bank Policy—British Reject Public Works
Program—Conference May Recess on July 27—
Secretary Hull's Statement.
The developments of the past week, in so far as they
affected the World Monetary and Economic Conference at
London, offered little in the way of substantial encouragement to those who still hoped that valuable accomplishments
415
would result from the sessions. The conference did not
adjourn, however, but after a statement by Secretary of
State Hull and conferences by the various committees, the
Steering Committee decided that it could proceed with the
discussion of a revised agenda. The few topics included on
that agenda were believed to offer little incentive to dispute,
and thus the indications were that the conference might inch
its way along until late in July. Nevertheless the last few
days witnessed a still further limitation, for on July 12 the
United States delegation announced that the Federal Reserve
authorities in Washington did not consider that the present
was an opportune time in which to discuss future policies of
central banks, while on July 13 the British rejected plans
for international co-ordination of public works as a means
of relieving unemployment. At a meeting of the Steering
Committee yesterday (July 14) it was tentatively decided
to recess the conference on July 27. According to the plans
outlined, all committees will present their complete reports
on July 21, and the Steering Committee will meet again on
July 25. The final plenary session of the conference will be
held two days later on the 27th, and it is expected that the
vote to recess at that time will be a mere formality. Such
a vote will probably stress that only a recess is intended and
that the conference will be resumed at a future date. Action
of this character would permit continuation of the tariff
truce which was set for the duration of the conference.
On July 8 Secretary of State Hull made public a statement
in which he emphasized the necessity for the continuance of
the conference and outlined the subjects with which it could
deal "under existing conditions." Among these he included
price levels, credit policy, prohibitions and restrictions interfering with the free flow of international trade, and "countless other war-breeding trade practices and methods." Declaring that adjournment of the conference at this time would
constitute a betrayal of the responsibility laid upon the
delegates, Secretary Hull said that it was only necessary
"to summon fresh resolution to surmount the immediate
obstacle and approach our task with deeper understanding
of our respective viewpoints. . . .To let the opportunity
for advancing the common good be lost because we are
unable to rise above transitory perplexities would rightly
earn for us the condemnation of history." Secretary Hull's
statement contained little that was not known to all who
were officially attending the conference, but it was obviously
a further effort to smooth over past differences with the
gold bloc and erect another foundation for constructive
action on problems other than those of a monetary nature.
The fact that Mr. Hull listed price levels first among the
subjects which he said the conference might well consider
was regarded as somewhat significant in view of the drift
among some of the delegations toward the American project
of raising the level of commodity prices. The text of Secretary Hull's statement, issued on July 8, follows:
I gather from comments in the newspapers that what is desired is a recital
of some of the questions which are capable of consideration under existing
conditions.
I would list for example: Price levels, credit policy, innumerable prohibitions and restrictions strangling mutually profitable trade transactions,
retaliation and countless other war-breeding trade practices and methods
We cannot pretend we have exhausted the resources of statesmanship
when we have not yet even superfielallt examined these problems, all of
which are listed on the agenda.
All those who believe in international amity must rejoice in the decision
of the bureau, which is also the steering committee, to have the economic
conference go forward.
I have conferred with leaders of many delegations and I am confident
that the majority of the delegates of the sixty-six nations represented at the
conference will heartily support that decision.
We have assembled here from every corner of the earth to deal with
fundamental problems contained in the agenda. We would betray the
responsibility laid upon us were we to adjourn the conference in the face of
the first troublesome issues which beset our paths
We all know that the difficulties are great. We have known that from
the outset. We need only to summon fresh resolution to surmount the
immediate obstacle and approach our task with deeper understanding of our
respective viewpoints.
Every nation will benefit if we succeed, standing united in a war against
the common enemy of universal economic prostration.
No greater opportunity could be presented to statesmanship than confronts this conference. To let the opportunity for advancing the common
good be lost because we are unable to rise above transitory perplexities would
rightly earn for us the condemnation of history.
On the same day (July 8) the French delegation formally
proposed that the conference create a special sub-committee
of its Economic Commission for the study of public works.
Hitherto the Economic Commission had proceeded on the
assumption that public works should be considered by the
monetary committee, and the French proposal to give the
subject special attention by assigning a separate body to
investigate the matter was interpreted in some quarters as
an indication that the French were adopting the United
416
Financial Chronicle
States viewpoint that the conference might do much in the
economic field without awaiting stabilization of currencies.
The French resolution read:
Considering the interest in productive public works calculated to reduce
unemployment, to stimulate economic activity and to increase buying, and
that other measures may be contemplated to serve the same ends,the Economic Commission recommends the constitution of a sub-committee on public
works and other measures susceptible of relieving unemployment.
On Monday, July 10, the Steering Committee met to hear
reports from the various sub-committees, and this session
had been anticipated as likely to reach a definite decision
as to the fate of the confer nee. No final decision was formulated, however, although it was generally agreed that any
plan to proceed with the conference should be a unanimous
one. At a meeting of he conference Steering Committee
on July 11 the report of the drafting committee of the
Monetary and Financial Commission was unanimously
adopted. The report adopted by the Steering Committee
provided:
(1)That the sub-commission dealing with measures ofimmediate financial
reconstruction shall "proceed in the first instance to discussion of the
subject of indebtedness:" (2) that the commission dealing with permanent
financial measures shall consider the resolution adopted by its sub-committee
advocating co-operation of central banks and the creation of Central Banks
in countries where they do not now exist,and shall through sub-committees
examine the silver question and "any other subject on the agenda which
by general agreement may be considered suitable for discussion.
Although this decision insured a continuation of the conference sessions, a number of the delegates prepared to return
to their homes, leaving the discussions in the hands of a few
experts.
Another setback to the hopes of most of delegates to the
conference was administered on July 12, when Senator Key
Pittman of the United States told the Technical Committee
of the sub-commission on the Re-establishment of a Permanent International Monetary Standard that the Federal
Reserve authorities believed the present an unsuitable time
in which to formulate regulations for future conduct of central banks. A set of such rules had been agreed on several
days earlier, and the assent of the United States delegation
had been assumed, subject to approval by the Federal Reserve authorities in Washington. When, however, Senator
Pittman announced that the Federal Reserve authorities
did not believe that the future policy of central banks should
be discussed at present, it was almost unanimously regarded
as a blow further limiting the already restricted list of topics
which might be dealt with. Senator Pittman later explained
that the decision by Washington on the central bank question
was chiefly attributable to the fact that the proposals had
been changed materially since George L. Harrison, Governor
of the Federal Reserve Bank of New York, and Oliver M.
W. Sprague, Treasury Adviser, considered them in London
before returning to the United States. The proposals had
originally been drafted under the chairmanship of Leon
Fraser, American Chairman of the Bank for International
Settlements, and had outlined principles that should govern
central bank policy after the gold standard should again
generally be established. They had stated, according to a
London dispatch to the New York "Times" on July 12:
"Central Banks should endeavor to adapt their measures of credit
regulation, as far as their domestic position permits, to any tendency
toward undue change in the state of general business activity. Expansion
of general business activity of a kind which clearly cannot be permanently
maintained should lead Central Banks to introduce a bias toward credit
restriction. On the other hand, an undue decline in the general business
activity in the world at large should lead them to introduce a bias toward
relaxation.
"In pursuing such a policy Central Banks will have done what is in their
power to reduce fluctuations in business activity and thereby also undue
fluctuations in the purchasing power of gold."
Other provisions prescribed that Central Banks should act internationally
as well as domestically to insure the proper working of the gold standard.
with the World Bank as a co-ordinating agency, and declared:
"Gold movements, so far as they seem to be of a more permanent
character should normally not be prevented from making their influence
felt both in the country losing the gold and the country receiving the gold."
Regarding the position of the Federal Reserve Board
Associated Press accounts from London July 13 had the
following to say:
New life was injected into the drowsy World Economic Conference to-day
by James M. Cox of Ohio who convinced his colleagues of the steering committee that the parley could usefully continue despite refusal of the Federal
Reserve Board to consider co-operation of Central Banks.
In a fighting speech which one delegate said "curled the hair" of the
leaders of the conference, Mr. Cox gave a clear exposition of American
difficulties and induced the Committee to agree to keep working at the
problems of silver and commercial indebtedness
Prominent gold bloc delegates had taken the position that the Federal
Reserve Board's veto on discussion of Central Bank co-operation had
effectively put an end to all discussion of monetary matters.
There was an expectation to-day that Central Bank co-operation might
be dealt with by eliminating features of the resolution which were objectionable to the Federal, Reserve authorities.
At yesterday's meeting (July 14) of the conference, the
monetary sub-commission adopted the following resolution
July 15 1933
regarding the establishment of Central Banks in countries
where they do not exist.
"The conference considers it essential in order to provide an international
gold standard with the necessary mechanism for satisfactory working, that
independent Central Banks with the requisite power and freedom to carry
out an appropriate currency and credit policy should be created in such
developed countries as have not at present an adequate central banking
institution."
The sub-commission also approved the following resolution
regarding the desirability of closer co-operation between
Central Banks:
"The conference wishes to reaffirm the declarations of previous conferences with regard to the great utility of close and continuous co-operation
between central banks. The Bank for International Settlements should
play an increasingly important part, not only by improving contact but
also as an instrument for common action."
At the meeting of the conference steering committee on
July 13, James M. Cox of the United States gave an address
which explained certain difficulties from an American viewpoint, and which induced the committee to continue discussion of problems of silver and commercial indebtedness.
On the same day the American delegation presented a resolution to the economic commission prescribing shorter hours
of work and wage increases proportionate to the rise in price
levels. The most important event of the July 13 session of
the conference, however, was a declaration to the economic
commission by Walter Runciman, President of the British
Board of Trade, in which he stated that England could not
and would not join in further experiments for an internationally co-ordinated program of public works to increase
employment. Such a project had been sponsored by the
United States, and British rejection seemed to assure its
complete defeat, especially after the economic commission
approved a suggestion to postpone further consideration of
this subject. Mr. Runciman said that Great Britain had
tried such a program in the past, and had been forced to
judge it an absolute failure, so far as effective relief of unemployment was concerned. Two resolutions were introduced
at the conference on July 13 by the United States delegation.
The first of these dealt with the question of working hours
and wages, while the second represented a substitute resolution on the rehabilitation of silver. They read as follows:
Resolution on Hours and Wages.
Representatives of the powers participating in this conference, considering
that unemployment and consequent great distress are now prevalent
throughout the world, considering that existence of this situation is one of
the gravest problems with which governments are confronted at present,
Declare that they view with favor lessened hours of labor and a rising
scale of wages which should increase in proporiton to the augmentation of
productivity.
Resolution on Silver Question.
Be it resolved:
governments parties to this conference shall prevent
First—That all
further debasement of their silver coinage or melting of their silver coinage,
except for reissue.
Second—That all governments parties to this conference shall remonetize
their coinage up to a fineness of at least 800-1,000, as and when consistent
with their respective national budget problems.
Third—That all governments parties to this conference shall substitute
silver coins for low-value paper currency as expeditiously as the budgetary
conditions of each country will permit.
Fourth—That in consonance with the declared aim of the conference to
eliminate or reduce trade barriers, governments parties to this conference
who now have import duties on silver shall consider under what conditions
this obtsacle to free importation of silver can best be reduced or removed,
and that governments parties to this conference not now having import
duties on silver shall as far as possible retain the present freedom from
import duties and shall in no case impose such duties beyond the extent
and limit that is maintained by any of the large producing or consuming
silver countries, namely, Bolivia, Canada, China, the United States, India,
Mexico, l'eru or Spain.
Fifth—That the respective governments parties to this conference shall
recommend to their Central Banks that they consult together with other
Central Banks and consider the advisability of carrying a portion of their
legal reserves in silver for use as currency cover or in international settlements.
Sixth—That all governments parties to this conference, except the governments of India and Spain, agree that they will not sell any silver from
demonetized coins prior to Jan. 11938. and that as regards India and Spain,
whose governments at present hold large stocks of silver which they may
deem it advisable to sell, efforts shall be made to conclude an agreement
between these governments and governments of countries which are large
producers of sliver whereby the maximum of such sales will be determined
and their amount be substantially offset by purchases of silver by governments of silver-producin3 countries for use for currency purposes either for
coinage or for currency reserves or for retention during the period of such
agreements.
L. McHenry Howe, Secretary to President Roosevelt,
Predicts Early Recess of London Conference to
Permit Committees to Work on Reports—In Radio
Address He Asserts President's Anti-Stabilization
Message Was in Line with Views of Experts and
With Conference Agenda—Remarks on Gold
Standard.
An adjournment for several weeks by the full World
Monetary and Economic Conference to permit committees
to draft preliminary reports on the topics agreed upon for
discussion was predicted on July 9 by Louis McHenry Howe,
Volume 137
Financial Chronicle
Secretary to President Roosevelt, in a radio address, conducted in the form of an interview by A. Walter Trumbull
and broadcast over the network of the National Broadcasting
Co. Mr. Howe said that the President's message of July 3,
rejecting an agreement for temporary stabilization of currencies and exchanges, followed the recommendations of experts
who laid the groundwork for the conference. The message
was prompted, he said, by cablegrams relayed to the cruiser
Indianapolis (on which the President was returning to
Washington after his vacation in Atlantic waters), that
"convinced the President more and more that it was time
for him to put the position of our country beyond question."
Both President Roosevelt and the spokesman of the British
Government in Parliament, Mr. Howe added, used "almost
the identical language of the conference agenda in asserting
that the time and conditions of returning to an international
monetary standard were decisions which rested with each
nation individually." Mr. Howe's address was further
reported as follows in a Washington dispatch to the New
York "Times" on July 9:
"It is clear to me," Mr. Howe said in response to a question by his
interviewer. "that you and perhaps most people do not quite understand
that that was no new new decision, but was merely adhering to a decision
made months ago, and was in fact In line with the policy pointed out by
the committee of experts who drew up the program for this Conference
way back in the last months of President Hoover's Administration.
"I suppose it has all been forgotten that this whole Conference started
in 1932 by a meeting of a commission of experts appointed by the governments of Germany, Belgium, Great Britain, China, France, India, Italy
and Japan, in addition to the United States, to which President Hoover
had sent Edmund E. Day, Director of Social Science, Rockefeller Foundation: John H. Williams, Professor of Economics at Harvard University
and Norman Davis, acting as general counselor.
"The Idea was to consider the possibilities of a general get-together
meeting of all the nations to make common cause In the fight against worldwide depression. This Committee studied over all the different elements
which contributed to this depression and prepared a report of some 36
pages which has been reprinted by the United States Department of Commerce and has been widely circulated in this country."
Mr. Ilowe was asked if the report "had anything to say about the gold
standard."
Statement a., to Gold Standard.
"Yes," he replied. "when this Committee came to take up a return to
the gold standard as one of the subjects of the meeting, they carefully
put in this as their conclusions on the matter, their report reading:
"'Each government must, of course, remain free to decide when and
under what conditions it could adopt such a standard, and we do not suggest that this can or should be done without the most careful preparation.
There are a great number of economic as well as financial conditions which
must be fulfilled before the restoration of an international gold standard
can be a practical possibility.'
"And in another place the report said:
"'The time when it will be possible for a particular country to return
to the gold standard and the exchange parity at which such a return can
safely be made will necessarily depend on the conditions in that country
as well as those abroad, and these questions can only be determined by the
proper authorities in each country separately.'
"This, of course, is almost the identical language employed by both
the President in his message and the spokesman of the British Government
in Parliament. It was not a new decision, but a firm and positive declaration of our intention to abide by the original program to which we had
already tacitly agreed,"
Mr. Howe said that "there are plenty of subjects" for the Economic
Conference and its committees still to consider. The agenda of the Conference, he remarked, covered monetary and credit policies, methods of
raising prices, the resumption of movement of capital, international indebtedness, restrictions on international trade and organization of production and trade.
Return from London Monetary and Economic Conference of Prof. 0. M. W. Sprague, Financial
Adviser to United States Government—Favors
Recess of Parley—Situation Not Ripe for Results—
Raymond Moley Assistant Secretary of State Also
Returns.
Raymond Moley, Assistant Secretary of State, and Prof.
0. M. W. Sprague, financial and economic adviser to the
United States Government returned to this country from
London on July 13 on the steamer Manhattan of the United
States Lines. They were participants in the Monetary and
Economic Conference in London, and both, it was noted in
the New York "Times" of July 14 were relatively noncommital as to the conference and its possibilities of ultimate
success, but (said the paper quoted)"Dr.Sprague was a fountain of information compared to Professor Moley."
Assistant Secretary Moley declined to enlarge upon a
prepared statement which he issued as follows:
I have been on the water for a week, together with my associate, Herbert
Bayard Swope, who accompanied me at the President's request, and our
knowledge of the recent developments in London is less than yours here
Concerning my stay lit London, where I was for lust a week, I shall report
with Mr. Swope at once to the State Department and, of course, to the
President.
According to the "Times" Dr. Sprague appeared on deck
some time before Prof. Moley arrived and with his back to
the rail did his best to answer inquiries.
From that paper we quote as follows Prof. Sprague's
comments:
417
lie did not seem sanguine as to the success of the conference and said
he thought a three-month recess, leaving sub-committees to explore possible
grounds for agreement, was the most logical course to pursue.
"Clearly the situation is not at the moment ripe for satisfactory results."
he said.
Internal Program Vital.
When asked as to the possibilities of currency stabilization to check
the erratic course of the dollar Dr. Sprague said:
"Until we are more certain of internal developments here it will be difficult to reach arrangements with other countries. The internal program
takes precedence over anything else."
He was asked why it had not been foreseen that nothing could be accomplished at the conference because of domestic problems and said:
"It would have been more than any one could humanly expect that all
the consequences of the complex program'here could be anticipated. Just
consider what has happened since larch 4 Would any one expect that all
the results of these complicated measures could have been foreseen? Our
position might be described as that of a sailboat in a fog."
Decries Price Disparity.
There may be enough world interest left to revive the conference, he said,
assuming that there is some evidence that the present improvement will
continue.
"When we are assured that increased production will be acsompanied
by increased consumption, we will be able to look ahead," he said. "The
general increase in prices is desirable, but it is also important that the
existing disparity in prices is not increased. For instance, if the farmer's
prices for his products are increased 40%, and what he buys increases 60%.
the disparity in prices would still exist. It is desirable that the prices of
things which have fallen the most be raised the most, and that those which
have fallen less increase in price more slowly.
"Steel is a good example. Between 1928 and 1933 it decreased in volume
60% and in price 15%. I should say that under our existing program it
would not be just to raise the price until volume has increased to 80%."
"You offer no solution for over-production and under-consumption?
Would you leave it in the hands of Providence," he was asked.
"Is it in the hands of Providence or those who are handling the National
Recovery Act," he retorted, smiling.
The subject of the stock market roused Dr. Sprague's ire.
"There is too much interest in this country in stock prices," he said.
"It would be much more intelligent to speculate on horse racing. There
money only changes hands. But unintelligent speculation in securities
inevitably brings about an unhappy economic repercussion."
Dr. Sprague was asked if he thought the gold-bloc countries could maintain their hold on the gold standard despite the fluctuations of the dollar.
"It is passible, if they are determined to, but"
--he started to say, when
somebody asked him if it were true that he was about to resign.
"I can only answer that in terms of the scripture." he said. "
'He who
puts his hand to the plow must not turn back.'"
Moley Affable But Vague.
Mr. Moley seemed torn between a desire to be affable and the necessity
of saying nothing, and to all questions he either said: "I have no opinion
on that,""1 do not know,""I cannot answer that." or just a plain "No."...
The reason for his trip abroad, he said, had been explained by the President before he left, and he had no other explanation. He was more communicative on the subject of Russia than anything else, but said he had not
discussed recognition or loans to Soviet Russia with Maxim Litvinoff,
Soviet Foreign Commissar, and that his conversation had not only been
brief but entirely social.
Meeting of Governors of Central Banks of Gold Standard Countries—Adoption Reported of Limited
Pool Plan—Six Nations Reach Accord to Maintain
Standard in Face of Speculation.
What is described as means to assure "integral" maintenance of the gold standard" were discussed and agreed on
at a meeting of the Governors of the Central Banks of France,
Italy, Holland, Switzerland, Belgium, Luxemburg, Poland
and Czechoslovakia, held at Paris on July 8 at the office of
Governor Moret at the Bank of France.
' A Paris account July 8 to the New York "Times" went
on to say:
What these means will be was not disclosed, but it is understood they
do not go as far as pooling of gold resources for mutual defense. There
seems, however, to have been a limited agreement in this direction for
maintenance against speculation of exchange at gold parity of the first six
countries mentioned.
Poland and Czechoslovakia did not enter into this agreement, but it is
expected they will do so later.
Leon Fraser, the American President of the Bank for International
Settlements, was present at the meeting.
Agreement Is Noted.
In an official communique, issued after the meeting, it was stated "the
exchange of views has finished in complete agreement on means of giving
full practical efficacy to the declarations of the governments in favor of the
integral maintenance of the gold standard at present parity, and Central
Banks will put into immediate application the technical arrangements
agreed on at this meeting.
It is understood the same group of Central Bank Governors will consult
again when they attend the meeting of the World Bank at Basle on July 24.
It is to be noted that the Bank Governors base their action on the attitude
taken by their respective Governments during the London Economic Conference discussions, but in some cases there is not that full accord between
the political and financial authorities in each country which would assure
that there might not later be differences of opinion.
Already in France the question has been raised as to whether the Bank
of France or the Government have been the real spokesman for French policy
at London
To-day's resolution and the establishment of means for mutual defense
marks, however, the constitution of a definite gold group which will undoubtedly be able to maintain its position for a considerable time against
any onslaught by speculators.
At the same time, it is fully realized, and is emphasized in to-day's newspapers, that final success must depend on public administration of finance
and balancing of income and expenditures.
Germany is Free to Join.
It is significant that all the countries which have thus declared once more
for fidelity to the gold standard are members of Continental Europe. and
although Germany was not represented at to-day's meeting that country
418
Financial Chronicle
still technically belongs to the gold group, and if she desires can adhere
to the agreement.
As for the American situation, Le Temps describes it to-night as a "state
of expectation of nobody knows what kind of miracle."
Yesterday's meeting of the Conference Commission in London and its
vote on questions to be considered has provoked severe criticism here.
It is expected that the Finance Minister, Georges Bonnet, and most
of the French delegation, will return to Paris Tuesday. regardless of any
further developments and will visit London only when such questions as
debts are on the agenda.
It is especially the so-called about-face of the British on gold that is being
criticized here. Only a few of the more obscure newspapers, which are less
under governmental or financial influence, question whether it is desirable
for France to take the leadership of a group of isolationists in a world which
bas to such a large extent abandoned gold.
An item with regard to the Paris meeting appeared in our
issue of July 8, P. 223.
Governor Black of Federal Reserve Board Sees No
Reason For Participating in "Academic" Situation
as Propsed in Central Bank Resolution at World
Monetary and Economic Conference in London—
Only Four or Five Countries on Gold Standard.
According to Associated Press advices from Washington
Governor Black of the Federal Reserve Board explained
on July 12 that the Board saw no reason for participating
in "a purely academic" situation in the central bank resolution as proposed at the World Monetary and Economic
Conference at London. The Washington Associated Press
advices, July 12, added:
He said the Board's position concerning the central bank co-operation
proposal had been made known in a letter written by himself. He did
not disclose to whom the letter had been written, but presumably it was
addressed to James P. Warburg of the United States delegation, who
made inquiry of the Board.
"The resolution," said Mr. Black, "is a purely academic discussion
and talked about the gold standard on a pre-war basis.
"I can see no reason to participate in such an academic situation when
we are not on the gold standard and only five or six countries are on the
gold standard."
London "Economist" Urges Recess of World Monetary
and Economic Conference to Allow Committees
to Do Exploratory Work.
The World Monetary and Economic Conference should
declare a recess while leaving a certain number of its component committees to carry on during the Summer whatever
exploratory work may be feasible, according to "The
Economist," as quoted in a London dispatch of July 8 to
the New York "Times." Such a decision is hardly avoidable
in the circumstances in which the conference finds itself,
the article declared, and then continued:
The real need for adjournment, it is stated, lies in the fundamental
Irreconcilability of the American monetary policy with the only basis on
which it has as hitherto been assumed re-establishment of an international
monetary standard could proceed.
The field for useful study by the conference is considerable, says "The
Economist," but as far as decisions of major importance are concerned,
this week's statement and restatement of the American policy have destroyed
the ground on which the conference can work.
"Though the conference in its present form can go no farther." says
"The Economist." "that does not mean that international co-operation
is at an end or that we need to revert to economic anarchy. The situation
to
-day demands that a fresh study be made of facts as they are and that
a broad monetary plan based thereon be presented, with such results as
emerge from the committees which continue to sit on certain aspects of
he economic problem, to a subsequent meeting of the conference."
Ambassador Norman H. Davis Delays Return to Europe
Until September.
Norman H. Davis, United States Ambassador at Large
and head of the American delegation to the Arms Conference, who was scheduled to sail for Europe on July 5
on the liner Washington, canceled Fis reservations. It was
said that the cancellation was caused by pressing personal
affairs and that Mr. Davis would take advantage of the
delay to visit President Roosevelt in Washington. Later
it was announced that Mr. Davis would remain in the
United States until September, when the Assembly of the
League of Nations will meet.
Trade Treaty in Force—Expires
May 12 1934.
The Canadian-French trade treaty, signed by both countries on May 12, as noted in our issue of May 27, page 3628,
and which was approved by the Canadian Parliament on
May 23, was proclaimed effective June 10. The treaty
expires on May 12 1934 unless renewed by tacit consent of
the signatory countries. Advices from Ottawa, June 9,
by the Canadian Press, said in part:
Canadian-French
Since the old trade agreement expired a year ago, the two countries
have been applying their respective general tariffs to each other's products
and the result has been that the Canadian domestic exports to France largely
on that account have dropped from $17,954.000 during the fiscal year
1931-32 to $12,730,000, during 1932-33, or over 29%, while the imports
• • .
from France declined from $13,570,000 to $7,713,000. or over 43%•
Canada's most important export to France for many years has been
value in 1931-32 when the old agreement was operating
wheat. The
July 15 1933
was $12,75R,000 whereas in 1932-33, during nine and a half months of
which the general tariff governed the imports into France, the value was
$8.901,000. Under the new agreement Canada is accorded the minimum
tariff of 80 francs per 100 kilograms, which, at par, of exchange is about
85 cents per bushel, compared with a general tariff of 160 francs or about
$1.70 per bushel. It should be noted, however, that exchange quotations
vary constantly, altering at the same time the amount of duty paid, if
computed in Canadian currency. • • •
Trade Treaty Between Canada and Austria in Effect.
The new Canadian-Austria trade agreement, which was
completed recently, became effective July 10. It was stated
in Associated Press advices from Ottawa,July 10, that before
the war the trade between the two countries was considerable
and it is expected that the new pact will bring back a substantial exchange of goods.
Canadian-South African Trade Accord Effective.
The trade agreement between Canada and South Africa,
negotiated at the Imperial Economic Conference on Aug. 20
1932, as noted in our issue of Aug. 27, page 1404, became
effective June 30. Canadian Press advices from Ottawa
said that the agreement was approved by the Canadian
Government last fall, but the South African Assembly was
not then in session and proclamation of the treaty was
delayed.
Premier Daladier of France Pledges Defense of France—
Balanced Budget Promised With Adjournment of
Parliament—Later to Convene in October to
Reorganize Country's Finances—Hopes to Improve
Relations With Italy, Britain and United States.
Speaking at a banquet given in his honor by the Radical
Socialist party of Apt in Vaucluse, Premier Daladier of
France, at Paris, July 9, defined his policy as "a considered
and unshakable determination to spare France from the dangers of violence and experiments." In a message from Paris
to the New York "Times," it was stated that although he did
not say so in so many words, the inference, which escaped
nobody, was that the violence he referred to meant menaces
from other nations and dangers within, and that the experiments he hoped to avoid were economic, such as are being
tested in the United States, and political, such as Chancellor
Hitler is pursuing across the Rhine. The account to the
"Times" went on to say:
France's great merit, the Premier declared, was that "in the midst of a
period when the world had become unbalanced and in the midst of improvised remedies she had remained calm, reflecting serenely before rushing
into perhaps disastrous action."
Says Cairn Shows Strength,
"Wisdom and prudence," said the Premier, "will exclude neither energy
nor daring. France's calm is not a sign of passiveness but rather a sign of
strength. And if we avoid experiments and refuse lightly to undertake illconsidered adventures we must at the same time not ignore the right opportunities to act and accomplish."
Premier Daladier touched upon foreign policies only in general terms.
He announced a desire to improve relations with the United States and with
Italy and to maintain a close relationship with Great Britain. The passage
concerning the United States was brief and contained the only direct reference toward the debts question.
"We are working," he said, "to tighten the esteemed bonds with the
United States. M. Herriot's trip to Washington afforded useful contacts
and brought the Government valuable information. And if on one specific
point differences have risen between France and the United States, we are
seeking to remove theta."
Most of his speech was a review of the Government's accomplishments in
foreign and domestic fields.
With greatest force he repeated the declaration before Parliament yesterday of his determination to defend the franc and not permit the slightest
assault on the national currency.
"To this end," he said, "we will convene Parliament early in October
and, assuming full responsibility, will ask that body to finish the work so
well begun by establishing finances on a completely sound basis."
Stresses Disarmament Policy,
Concerning disarmament, the Premier said France's policy had been made
"clear."
"We are ready to participate simultaneously in disarmament, but France
desires assurance that disarmament will not be a trap," he continued.
"Therefore, she asks that it be subject to the strictest control over the manufacture and private trade in army and apply also to all military formations.
If all nations have, like France, a desire to disarm and will also accept
control, world peace will be considerably reinforced."
This has already been done to an appreciable extent by the four-Power
pact, M. Daladier said, adding that France intended to continue cordial conversations "with the great neighboring nation which initiated the project and
from whom France too long has been separated by misunderstandings."
In a passage referring to Russia, he lauded Edouard Herriot, former Premier, for concluding a non-aggression pact with the Soviet Union.
"Since signing that pact," he said, "we have proceeded to exchange military attaches with the Russian Government and useful conversations of an
economic order have been opened with the prospect of excellent results for
both nations."
The Premier took evident pride in reviewing the record of the accomplishments of his Government. He pictured the grave situation existing when
he took office and at this point sharply attacked his opponents of the Right
for their responsibility in creating the serious financial condition he found
in the Treasury. Then he enumerated the measures he adopted and the
improvement achieved both in the Treasury and other departments of the
Government since February.
Volume 137
Financial Chronicle
"Parliament's voluntary discipline," he concluded, "decisively refutes the
contention that a democratic nation cannot cope with the rapid evolution
of modern events and that the unsettled conditions now prevailing require a
dictatorial regime."
Concluding its work by voting a number of measures, the
French Parliament adjourned on July 8, assuring the life of
the present Cabinet at least until it reconvenes in October.
Parliament disbands, leaving wide powers for directing
both internal and external policies in the hands of Premier
Daladier, who left Paris to-night for the town of Apt . . .
We quote from Paris advices, July 8, to the New York
"Times," which went on to say:
The Premier had the satisfaction of adjourning the Parliament after success in every essential legislative proposal his Government made, excepting
only his effort to achieve a balanced budget.
This one omission afforded the subject of an incident in the Senate to-day,
when Joseph Caillaux, chairman of the Finance Commission, exacted a
promise from the Premier "that the flow of public expenditures would be
checked in October."
"Necessary measures will be proposed as soon as Parliament reassembles,"
M. Daladier promised. "We would not be forgiven for wanting firmness
when our national currency is at stake."
Premier Daladier took occasion in answering his Senatorial critics, to take
a fling at managed currencies. He said:
"I think—and the Government is unanimous on this point—that it would
be madness to seek in inflationary measures, or in any measure of monetary
manipulation, provisonal and precarious means of action which would, perhaps, assure any Government some days of tranquility, but would soon lead to
the country's ruin."
Later, in citng the present strong positon of the Treasury, he announced
that the Government would repay half of a Z30,000,000 loan contracted in
London by the end of the month.
With this definite promise from the Premier for a balanced budget next
year, Parliament rapidly voted the remaining measures before it. Among
these was the plan for reorganization of the French railways through Government co-operation with the companies, the program for reorganization
of the French Line, the wheat bill, which fixes a minimum price and
regulates importations, and the wine bill, which gives partial satisfaction
to colonial growers in Algeria and
Tunis.
As to external affairs, the Government retains almost a free hand on
the
question of quotas and a compensatory surtax to counterbalanced depreciated foreign moneys and in the negotiation of new commercial agreements
.
All things considered, the Government closed the session as strong as
when
it opened.
French Mint Has Profit Despite Nation's Deficit.
Special correspondence from Paris June 30 published in
the New York "Times" of July 9 said:
Although the French budget this year was voted in deficit there is
one
department of the Government which will not contribute to
it. This is the
National mint, which estimates that
its services will bring in a profit of
over 1,000,000,000 francs.
The mint works not only for the
French State, but it takes orders from
the French colonies and protectorat
es. It also conducts a profitable business in the designing and executing
of medals for official commemorations
of events, but which are
often designed solely for sale to the public.
The medals of the French mint are
famous over the world for their artistic
value, and a large number of art'Ats
are employed in the different departments of the mint.
French
Regain 400,694,000 Francs From
Where Capital is Tied Up.
Countries
A wireless message from Paris July 8 from the
New York
"Times" said:
Arrangements that France has made with various countries
where French
capital has been tied up bemuse of
exchange restrictions have permitted the
recovery of 400,694,000 francs
during the last fifteen months the Ministry
of Commerce announced to-day.
Most of the arrangements
provide that the proceeds of French imports
from the countries involved shall
be blocked here and ultimately turned over
to the French exporters, to
whom the money cannot be paid because of
transfer difficulties.
Paris Budget Minister Sees Failure of London
and Economic Conference—Balanced Monetary
Finances
Urged to Protect Franc.
A large part of French opinion and the French
press continues to regret continuation of the London Economi
c Conference, said a wireless message July 9 to the New
York
"Times," from which the following is also taken:
Budget Minister Lamoureux, speaking
to-day at Moulins, referred to the
conference as if it had been adjourned.
"More than ever," said M. Lamoureux
in an official statement concerning plans for next year's budget,
"after the failure of the conference in
London it will be indispensab
le completely to reorganize and balance our
finances if we desire to maintain the stability
of the franc."
The "Journal des Debate" declares
the continuance of the conference exposes France to serious dangers
and criticizes Premier Daladier for allowing
the French delegation to remain
there.
"Georges Bonnet," says the newspaper, "is defending
French rights and
doctrines, but in remaining in London has exposed himself
to constant attacks. After subtle manoeuvres there
is another monetary battle.
"MacDonald is joining by circuitous bypaths the trail of
President Roosevelt. Secretary Hull, emboldene
d by British support, appears to be preparing an inflationist offensive.
M. Daladier promises us a heroic defense, but
in allowing the London
conference to continue he is leaving himself open
to constantly recurring assaults."
In "Le Temps" Frederic Jenny, financial
expert, declares:
"Pending the re-establishment of international
monetary order the conference remains without a purpose
and the efforts of the United States and
Britain to permit the conference
to continue will change nothing.
"In fact, the greater part of Europe
has refused to participate or allow
Itself to be dragged into the
way which America has chosen. The nations
419
of Europe have suffered too much already by monetary experiments to ignore
the depths to which that route inevitably leads.
"Between America and Europe stands Britain, but the British frankly do
not wish to adopt Roosevelt's policy. Britain knows how dangerous the
American experiment can be. Logically Britain, to avoid the dangers, should
range herself with the gold-standard countries. Her decision after the failure
of the conference is the most important question remaining."
Paris Controlled Rents to Be Dropped in 1939.
From Paris July 8 a copyright message to the New York
"Evening Post" said:
Controlled rents, which still remain over in Paris from war times
for the
less expensive kinds of apartments, are destined to disappear in 1939.
But
meanwhile the Chamber of Deputies, on account of the economic
crisis, has
suspended the 1933 increase of 15%. The arrangement had been
that the
landlords were authorized to add 15% each year to the 1914
rental, calculated in francs, which were then worth five times as much as the
franc
is worth to-day. Where the landlords have made up their losses
from these
controlled rents is the excess charge against tenants, principally
foreigners,
outside the benefits of the old leases made when the 20-cent franc
prevailed.
French people are long-livers, and do survive to enjoy their legal
benefits.
In one district not far from Bordeaux, there are no fewer than
380 couples
who have been married fifty years and more.
Statement By American Issuing Houses on Interest
and Amortization Payments on German External
Loans—Reichsbank to Pay 50% of Interest in Cash
and Remainder in Reichsmark Cheque on Conversion Bank—Dawes and Young Loans Excepted.
The German Reichsbank will maintain a market at about
50 cents on the dollar for the scrip paid in interest to bondholders on German bonds, it was disclosed on July 12,
it
was noted in the New York "Journal of Commerce"
of
July 13, which likewise noted:
With the exception of the Dawes and Young loans, on
which coupons
are to be paid in full, interest will be paid 60% cash and
50% in checks
against the Reichsbank. These terms were made known
by John Foster
Dulles.
A statement in behalf of the American group of
issuing
houses which sponsored various issues of German
bonds,
who delegated Mr. Dulles to represent them at the
Berlin
debt discussions in June (and to which reference was
made
in these columns June 24, page 4375) was made public
as
follows in New York on July 12:
The group of American houses which issued German dollar
bonds have
been continuing interchanges of views with the German
authorities concerning the application of the Transfer Moratorium Law
of June
This law contemplated, as from July 11933. a virtually complete 9 1933.
cessation
of dollar interest and amortization payments on German
external bonds
and was the subject of formal protest by the group in the interest
of American bondholders.
These houses are now advised of the provisional regime
which the German
authorities have determined upon as generally applicable
to publicly held
external German bonds (exclusive of Dawes Loan and Young
Loan bonds)
for the six months' period July 1 to December 31 1933 as
follows:
1. Amortization.
(a) Where the loan agreement provides that the debtor
amortization by the surrender of bonds for cancellation, may effect the
amortization will
be continued by such surrender of bonds, the German authorities
that the acquisition of the bonds needed to meet such amortizati assuming
ons during
the current six months can be carried through.
(b) Where the loan agreement provides for the deposit of a
sinking fund agent or other similar agent and the fund is to be fund with a
used by the
agent for the retirement of bonds, through purchase or
redemption. the
Reichsbank will set aside the foreign exchange required, but
tion payments will not now be made in foreign exchange.the amortizapayments will be made has not been determined. MeanwhileWhen such
,
foreign exchange fund is not being used for the actual retirement since this
transfer of interest will be maintained on all the bonds outstandiof bonds,
ng to the
extent hereinafter set forth.
2. Interest
Against surrender of maturing coupons, 50% of the interest
evidenced
thereby (but not to exceed a rate of 4% per annum on
paid in foreign exchange (dollars. etc.) and the remainder capital) will be
will be paid in
the form of a Reichsbank cheque on the Conversion Bank.
The amount
in Reichsmarks covered by the cheque will be determined
current Berlin official rates of exchange. The form of theon the basis of
cheque is now
under discussion. The Reichsbank has declared that it
much as possible to the maintenance of a market for will contribute as
strictions will be placed upon the use to which holders the cheques. Reput the Reichsmarks deposited with the Conversio of the cheques may
n
of such restrictions have not been offitially formulate Bank. The details
that these Reichsmarks will be available only for sale d, but it is probable
at a discount for the purpose of increasing Germany's to German exporters
foreign trade.
It is expected that the foregoing regime for the
handling of interest and
amortization will become operative in the course
of the next few weeks.
The President of the Reichsbank, Dr. Schaacht,
has expressed the hope
that at the end of the six months' period to
which the foregoing regime
applies, it may be possible for the Reichsbank to
permit transfer of interest
payments in full. Ile has also pointed out that the
six months'arrangement
above described is promised on the "assumpti
on that,thf3 normal develop.
/
ment of German foreign trade will not from
any side be hampered by interferences, since the carrying through of the
planned arrangement as well as
the early resumption of complete transfer
is wholly dependent upon the
scope given to German exports."
The American group of issue houses have
avoided any acceptance of the
above announced decision of the German
authorities, either: so far as the
issue houses themselves are concerned or on
behalf of any bondholder.
Plan Affects 81,000.000,000 of Bonds Issued
in United States.
The announcement affects approxima
tely 81,000,000,000 of German
bonds issued in the United States.
The German Moratorium program was
first/presentecrat debt discussions
held at the Reichsbank the latter part
of May and early/June and attended
in the interest of American bondholde
rs by Mr. John Foster Dulles.
The original German program called for
a complete suspension of interest
and sinking fund payments on external
bonds. It was intended thatiall
available foreign exchange should be
diverted from'the.bondholders to the
Reichsbank to build its reserves up to a
very substantial figure. This
would have involved no dollar payment
on dollar bonds for an indefinite
time, perhaps running into several years.
The foregoing program was strongly
argued against aethe'llerling debt
discussions by Mr. Dulles and on his
return the Americna group sent,
Financial Chronicle
420
through him, a formal cable of protest to Dr. Schacht. This cable was
published in the press on June 211933.
The protests and subsequent interchanges of views have brought about
a very important change in the German position;
(a) As regards the duration of the interruption, the hope is expressed
that this will be limited to six months:
(b) As regards interest during the six months' period, 50% will be paid
in dollars and the balance in Reichsmarks for which a dollar market will
be made, so that coupon holders should be able immediately to get substantially more than 50% in dollars for their coupon;
(c) As regards Sinking Fund this will continue wherever it can be effected
by the debtor buying bonds in the market and surrendering them. This
is the case with most of the German issues. In other cases,foreign exchange
will be reserved by the Reichsbank.
Drawing for Redemption of Portion of Bonds of Credit
Consortium for Public Works of Italy.
•
J. P. Morgan & Co., as fiscal agents, are notifying holders
of Consorzio di Credito per le Opere Pubbliche (Credit
Consortium for Public Works, of Italy) external loan sinking
fund 7% secured gold bonds that $240,000 principal amount
of series A bonds, due March 1 1937, and $134,000 principal amount of series B bonds, due March 1 1947, have
been drawn by lot for redemption on Sept. 1 1933 out of
sinking fund moneys at their principal amount. Payment
of the drawn bonds will be made upon presentation and
surrender at the offices of the bankers on and after the
redemption date, after which all interest on such bonds
will cease.
Market Value of Bonds Listed on the New York Stock
Exchange-Figures for July 1 1933.
The following announcement was issued on July 10 by
the New York Stock Exchange showing the total market
value and the average price of all listed bonds on the Exchange:
$40,877,As of July 1 1933 there were 1,553 bond issues. aggregating
524,112 par value, listed on the New York Stock Exchange, with a total
market value of $33,917,221.869.
This compares with 1,547 bond issues aggregating $40,844,422,268 par value listed on the Exchange June 1, with
a total market value of $32,997,675,932.
In the following table listed bonds are classified by governmental and industrial groups, with the aggregate market
value and average price for each.
Market Price.
$15,368,162,035
4,269,792,860
7,367,211,061
3,334,423,421
2,232.824,144
1,344.808,348
$33,917,221,869
U.S. Government
Foreign government
Railroad industry (17. R.)
Utilities (U. S.)
Industrial (U. S.)
Foreign companies
All bonds
Average
Price,
$102.10
71.27
69.02
88.68
71.89
58.63
$82.97
The following table, compiled by us, shows the total
market value and the total average price of bonds listed on
the Exchange for each month since Jan. 11932:
Market
Value.
1932Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
$37,848,488,806
38,371,920,619
39,347,050,100
39,794,349,770
38,896,630,468
36,856,628,280
37,353,339,937
38,615,339,620
40,072,839,336
40,132,203,281
$72.29
73.45
75.31
76.12
74.49
70.62
71.71
74.27
77.27
77.50
Market
Value.
Average
Price,
1932
Nov. 1
Dec. 1
$39.517,006,993
38,095,183,063
$76.38
73.91
1933
Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
$31,918,066,155
32,456,657,292
30,758,171,007
30,554,431,090
31,354,026,137
32,997,675,932
33.917,221,869
$77.27
78.83
74.89
74.51
76.57
80.79
82.97
Average
Price.
Mexican Government Fails to Deposit $5,000,000 With
International Committee of Bankers Due July 1.
In making known the failure of the Mexican Government
to deposit by July 1 the sum of $5,000,000, the International
Committee of Bankers on Mexico had the following to say
in a statement dated July 11:
that the
The Committee's circular of the 21st June 1932, explained
the Committee
Mexican Government had undertaken to deposit with
the sum of $5,000,000.
in New York City, on or before the 1st July 1933,
United States gold. This deposit has not been made.
in the New York
An accounting action was instituted in August 1932
the hands of the Committee
Courts with a view to settling how the funds in
has asserted in this
should be distributed. The Mexican Government
and has as a sovereign
action its interest in the fund held by the Committee
by American courts. It is
State obJecc.ed to having its interest dealt with
New York will give
expected that the Appellate Court of the State of
the Committee will
its decision in the autumn of this year, whereupon
it in the interests of the dedetermine what action whould be taken by
notice of its decision.
positing bonds and will publish
A year ago (June 25 1932) we published the June 21
1932 circular of the International Committee. With reference to this week's announcement of the Committee, the
New York "Herald Tribune" of July 12, said:
of funds on
The Committee has between $6,000,000 and $7,000,000
Mexican bonds, but it is
hand which might be distributed to holders of
should be distributed.
held back until the court decides how the funds
in the case now in
Not all of the funds on hand, however, are concerned
the courts.
being tried in he courts the Mexican
On a case rather similar to that now
the funds now held
Government intervened, holding that it was interested in
July 15 1933
by the Committee and that Ii view of this interest the case is not one to be
tried in American courts. That the outcome of this case is the one thing
that is holding up the payment of the funds on hand was indicated In a letter sent to bondholders under date of June 21 1932, by Vernon Monroe.
Secretary of the American section of the Committee.
Delayed by Conflicting Claims.
"The Committee had prepared definite plans for making a distributon
to depositors under the deposit agreement dated July 1 1922, out of the
balances in its hands available for such purpose," he stated in that letter.
"but has been delayed in putting such plans into effect by reason of conflicting claims as to how such distribution should be made."
There is outstanding and in default about $260.000,000 of Mexican
Government debt and about $200,000,000 of accrued and unpaid interest.
The Mexican Government, through the International Committee, has paid
some $35.000,000 to holders of these bonds. In addition, there Is about
$200,000.000 of defaulted Mexican Railway debt and a substantial amount
of accrued interest. The Committee represents the railway debt also.
Thomas W. Lamont, of J. P. Morgan & Co., is Chairman of the American Section of the International Committee of Bankers on Mexico.
Text of Agreement Reached by New York Stock
Exchange and Allied Chemical & Dye Corp.
As noted in our issue of July 8, page 235 the New York
Stock Exchange and the Allied Chemical & Dye Corp. announced (July 7) that the agreement reached between the
President of the corporation and the Committee on Stock
List of the Exchange had been approved by the directors of
the corporation and the Governing Committee of the Exchange. The agreement provides in substance that the
future annual reports of the corporation will show that the
property account and marketable securities are carried at
cost. The basis used in determining the value of inventories
will be indicated. The amount of the corporation's investments in United States Government securities, taken at
market value, will be separately stated. The market value
of marketable securities held by the corporation and listed
on the New York Stock Exchange or New York Curb Exchange will be shown. The reserves, if any, provided to cover
the difference between the value at which investments are
carried on the balance sheet and the market value thereof,
will be stated.
The corporation will shortly issue a statement to stockholders advising them of the number of shares of its common
stock and its preferred stock in its treasury on June 30 1933,
together with the value at which such stocks are carried
upon its books.
The text of the agreement signed by Orlando F. Weber,
President of the Allied Chemical & Dye Corp. follows:
In consideration of the Governing Committee of the New York Stock
Exchange accepting this agreement as a full compliance with the requirements of its resolution adopted on May 24 1933, Allied Chemical di Dye
Corp. (hereinafter called the "corporation"), agrees with the Exchange as
follows:
First; The corporation agrees that within ten (10) days from the date
hereof it will make a public statement showing the number of shares of its
common stock and of its preferred stock held by it or for its account on
June 30 1933, and also the value at which the same are carried upon its
books.
Second: The corporation agrees that in all future annual reports to its
stockholders it will show either in the body of the financial statements or
in notes at the foot thereof:
(1) that its property account is carried at cost ;
(2) that its marketable securities are carried at cost;
(3) the basis used in determining the value of its inventory;
(4) as a separate item, the amount of its investment in United States
Government securities ;
(5) as a separate item, the amount of its investment in marketable securities which are listed on the New York Stock Exchange or the New York Curb
Exchange;
(6) the market value of its investment in United States Government
securities;
(7) the market value of its investment in marketable securities listed on
the New York Stock Exchange or on the New York Curb Exchange;
(8) the amount of any reserves provided to cover the difference between
the value at which its investments are carried in its balance sheet and the
market value thereof;
(9) that the item of "further surplus" contained in its balance sheet
consists of a specified amount of earnings accrued to the corporation since
Its organization and a specified amount of earnings accrued to its constituent
companies prior to the corporation's organization ;
(10) the number of shares of the common stock and of the preferred
stock of the corporation held in its treasury and the cost value of each of
such stocks;
(11) that any dividends payable in respect of stock of the corporation
held in its treasury have not been included in the income account of the
corporation;
(12) as a separate item and distinct from operating income, the amount
of interest and dividends and any other material items of non-operating
income;
(13) as a separate item, the amount of any material non-recurring items
of income.
Third: The corporation agrees that no material items of income or profit
shall be credited to any reserve account without being first credited to the
income account or the surplus account, as the case way be, and then shown
as a deduction from such income or surplus account when appropriated to
•
a reserve account.
Fourth: The corporation agrees that in the text of the President's letter
be a statement of the gross
accompanying future annual reports, there shall
amount in dollars of all retirements from plant account entered on the books
Volume 137
Financial Chronicle
of the corporation during the period covered by the accompanying annual
statement and if any material part of such retirements from plant account
shall have been occasioned by the actual sale of property the amount of
such retirements shall be separately stated.
Fifth: The corporation agrees that it will not change its existing policy
In regard to depreciation and/or obsolescence without notice to the Exchange and stockholders. Said existing policy is as follows:
Depreciation Is computed by applying uniform rates, ranging generally from
3 to 33 1-3%, to the cost of property. Such rates are based on engineering estimates of the probable physical life of the property and,In addition,take Into account
factors affecting the economic life of the property, such as the probable life of the
Plant as a whole, the substitution of a new process or product which might necessitate the discontinuance or abandonment of property, &c. Depreciation Is charged
against the cost of operation.
Extraordinary charges for obsolescence or abandonment, which provide for
virtually complete amortization of the remaining plant value,are made when events
which have taken place or are expected to take place make it, in the judgment of
the management, uneconomic for a plant to operate under normal conditions.
Retirements of property are deducted as they occur both from the plant account
and from the reserve for depreciation and obsolescence.
The agreements herein with regard to the information to be contained in
the financial statements of the corporation or in the letter of the president
accompanying such financial statements shall apply to all future financial
statements, but nothing herein contained shall be construed to require the
corporation to restate and publish in the form herein provided for future
financial statements any of its reports published prior to the date hereof.
IN WITNESS WHEREOF, the corporation has caused this agreement to
be signed by its president and its corporate seal to be hereunto affixed and
attested by its secretary this 6th day of July 1933.
Globe & Rutgers Fire Insurance Co. Applies to Court
for Writ to Regain Property Now Held by State—
President Jamison Asserts Company Is Solvent to
Extent of $10,000,000.
The Globe & Rutgers Fire Insurance Co. applied in the
New York Supreme Court on July 10 for an order to permit
it to regain possession of its property, now held by the State
Superintendent of Insurance in rehabilitation proceedings,
and to resume business, on the ground that it is solvent to
the extent of $10,000,000. The application is directed against
George S. Van Schaick, Superintendent of Insurance; his
special counsel, Basil O'Connor, and Attorney General Bennett. It is based chiefly on the petition of Edward J. Jamison, President and a director of the company, and is pursuant to resolutions and a statement of policy made by the
directors of the company on July 5. The New York "Times"
of July 11 had the following regarding the matter:
Mr. Jamison asserts that the plea is made because the "causes and conditions" leading to the order of Supreme Court Justice Glennon putting
the company in the hands of Superintendent Van Schaick for rehabilitation
"have been removed, and because this company is in a sound position
to
resume the management and control of its own affairs, and is entitled to do
so as a matter of law."
Mr. Jamison refers to the previous sound condition of the company,
and says that after Dec. 31 last the value of its securities decreased
and
there was a run on its cash through a demand
for return premiums. In
the first three weeks in March, Mr. Van Schaick indicated that some
way
should be found to raise $6,000,000 of new capital. The company then
consented to a rehabilitation order.
Large Increase in Assets.
The petition states that on March 24 last the market value of its securities in its portfolio was $19,970,000 for stocks and bonds which had
cost $73.848,000. The company's liabilities "then temporarily exceeded
its assets." Mr. Jamison says that "since March 24 the situation has
wholly changed and the company has become amply solvent to the extent
of about $10,000,000 on the basis of the market values for its security
portfolio."
A statement by S. Carlton Kingston, consulting accountant of the company, shows that the company a capital of $2,000,000 is intact and that it
has a surplus of $5,213,496. An estimate of the cash requirements needed
In order to enable the company to meet its obligations as they mature was
made, Mr. Jamison states. The estimate showed a total of $4,045,516.
which includes $2.773,972 for losses already adjusted, calculated as of
June 25; $357,189 for the estimated amount of return premiums now payable, it being recognized that $1,000,000 in addition may become payable
In 30 days; estimated current expenses interest on borrowed money, estimated operating expenses for a month aftEr the reopening and the expense
of rehabilitation.
To meet these demands Mr. Jamison says the company on July 3 had
$1,604,903 in cash, with $180,000 immediately recoverable from other
companies in cash, or by way of offsets, while large sales of securities are
being made daily. The officers will liquidate more securities in order to
maintain cash balances at all times to meet obligations and maintain a
reasonable cash reserve, he stated.
Three Classes of Assets.
Mr. Jamison said there were virtually only three classes of liabilities—
losses, return premiums and a $10,000,000 Reconstruction Finance Corpora •
tion loan. There are 458,615 policies on which claims for return premiums
may be made, but of this number 313,272 are for lees than $10. 119,530
are for less than $50, 12,522 are between $50 and $100, and 13.253 are
above the latter sum. He said nothing was now due and payable on the
Reconstruction Finance Corporation loan, while there would be a substantial period over which to pay a large part of the $14,800,000 set as reserves
for losses and return premiums.
Mr. Jamison said the only other liability was a reserve for unearned premiums, for which the figure of $4.137,355 had been set. He said the cash
liability with respect to these had been found by expeklence to be about
60%. Concerning a probable increase in the value of the company's securities, Mr. Jamison said:
"It is the consensus of the best opinion in the financial world that the
values of securities will be higher in the last months of 1933 and in 1934.
so that the value of the securities available to the company should be
greater."
Mr. Jamison said the representatives of the Insurance Department in
discussing the company's reopening merely had been requiring the company
to have on hand at all times sufficient cash to pay its obligations as they
mature, together with sufficient liquid assets to meet further obligations.
"The plan outlined above clearly shows that the company upon reopening will be in such financial condition," said Mr. Jamison
421
Formation of Trust Company and Mortgage Loan Company by Mutual Savings Banks of New York State—
$150,000,000 Made Available by Reconstruction
Finance Corporation—Federal Reserve Bank of
New York Ready to Extend Added Facilities Up to
$100,000,000—Move Designed to Lift Restrictions
on Savings Banks and Ease Attitude Toward
Borrowers on Mortgages.
Development of the plans of the mutual savings banks in
New York State to form a trust company, and in addition,
a mortgage loan company, were announced on July 7. These
plans, for the establishment of a trust company from which
savings banks in the State might borrow money if necessary,
and the creation of the mortgage company which would buy
mortgages from savings banks until the mortgage market
returns to more normal conditions, were announced under
date of June 22, and an item on the matter appeared in these
columns July 8, page 239. The issuance of a charter for the
Savings Banks Trust Company (the name which the new
trust institution bears) was made known under date of July
7. This step, it is stated, beging the first in a program designed to lift restrictions on savings banks. The other
newly-formed organization is to be known as the Institutional Securities Corporation. The Savings Banks Trust
Company is capitalized at $107,500,000 and the Reconstruction Finance Corporation has authorized the purchase of
$50,000,000 capital notes of the institution; 125 savings
banks in the state have agreed to provide $57,500,000 in
stock and capital debentures. Altogether the Reconstruction Finance Corporation will make available $150,000,000 to
the savings banks on the State, having authorized $100,000,000 loans on mortgages to the Institutional Securities Corporation. It is also announced that the Federal Reserve
Bank of New York has indicated its willingness to extend
facilities up to $100,000,000. Superintendent Broderick
states that "while it is not estimated that the facilities of
either the Federal Reserve Bank or the Reconstruction
Finance Corporation are needed by the mutual savings banks,
for some years the savings banks have endeavored to realize
the project of creating means for making their own market
for mortgages and to have virtually a Central Reserve Bank,
both of which are now made possible through the co-operation
of the Federal Reserve Bank and the Reconstruction Finance
Corporation."
After conference on July 7 with Governor Herbert H.
Lehman of the State of New York, the State Superintendent
of Banks,Joseph A. Broderick,issued the following statement
regarding the creation of the new institutions:
"The New York Banking Board to-day authorized the charter of Savings
Banks Trust Company as the first step in a program designed to lift restrictions on savings banks.
"Savings Banks Trust Company is capitalized at $107,500,000. of which
on final approval of detail the Reconstruction Finance Corporation will take
up to $50,000,000 in capital notes; and 125 savings banks have agreed to
provide up to M7,500,000 in stock and capital debentures. The Federal
Reserve Bank of New York has indicated its willingness to extend facilities
up to S100,000,000. The 3rganization meeting of Savings Banks Trust Company took place at the New York State Banking Department at two o'clock
this afternoon. At the same time organization papers were signed for a
mortgage company named Institutional Securities Corporation which will
handle, purchase and dear mortgages held by mutual savings banks in New
York,furnishing a ready market for mortgages, the Reconstruction Finance
Corporation having agreed to offer credit facilities up to approximately
S100,000,000 to this institution should such facilities be desired.
"Savings Banks Trust Company and Institutional Securities Corporation
have both been formed under the auspices of the Association of Mutual Savings Banks of the State of New York with the approval of the Banking Board
and the Superintenden. of Banks of New York State, and under the advice
of Governor Black of the Federal Reserve Board and Mr.Jesse Jones, Chairman of the Reconstruction Finance Corporation.
"While t is not estanated that the facilities of either ti.e Federal Reserve
Bank or of the Reconstruction Finance Corporation are needed by the
mutual savings banks, for.ome years the savings banks have endeavored to
realize the project of creating means for making their own market for mortgages and to have virtually a Central Reserve Bank. both of which are now
made possible through the co-operation of the Federal Reserve Bank and the
Reconstruction Finance Corporation. The mutual savings banks, thereby,
for the first time in their history have access to the resources of the Federal
Government."
On July 7 Jesse H. Jones, Chairman of the Reconstruction
Finance Corporation, issued the following statement:
For the purpose of assisting the mutual savings banks of New York State
to grant extensions and continue a generous attitude towards their borrowers
on mortgages and, at the same time, to lift or ease restrictions on withdrawals, the Reconstruction Finance Corporation has to-day authorized the
purchase of $50,000,000 capital notes in the Savings Banks Trust Company
of New York. The mutual savings banks of New 1 ork State have subscribed
$5.000,000 in common clock and $50,000,000 in capital notes, junior to the
capital notes subscribed for by the Reconstruction Finance Corporation.
The Directors of the Reconstruction Finance Corporation to-day also
authorized loans on mortgages to the Institutional Securities Corporation, a
mortgage loan company, in a final aggregate of :It100,000,000. The Institutional Securities Corporation will have a capital of $10,000.000,subscribed
by the more than 125 mutual savings banks of New York State.
In this manner, the Reconstruction Finance Corporation will make available $150,000,000 to the mutual savings banks of New York State, $100,000,000 in loans to the mortgage company, to be secured by mortgages, and
S50.000,000 in capital notes. The loans will be at 43% interest. The
Financial Chronicle
422
capital notes. being in effect preferred stock, will draw 5% cumulative payable when earned. These capital notes will mature ten years after date.
Mr. A. A. Berle, Jr., represented the Reconstruction Finance Corporation in working out the details of the transaction with the mutual savings
banks.
From the New York "Times" of July 8, we take the following:
Will Not Deal with Public.
The new companies will have no dealings with the public. Their clients
will consist exclusively of their shareholders, the savings banks. As Visualized by the savings bankers who sponsored it, the trust company will
operate like any other State chartered bank except that it will do no trust
business, despite its name, and will receive deposits and make loans exclusively to savings banks.
The need for the central mortgage institution has resulted from conditions
in the mortgage marka; which have rendered frozen the assets of a large
part of savings bank funds. With funds obtained from the Reconstruction
Finance Corporation, the Institutional Securities Corporation will be able
to create a market for first-class mortgages so that a savings bank, wishing
to turn over some mortgage holdings to obtain funds for additional operations may sell mortgages to the company,Just as in ordinary times it would
sell them to other banks, institutions or individuals.
Subscriptions to stock of the new institutions by savings banks are
expected to be made in proportion to deposits. To set up the plan, special
rulings were required from the State Banking Board permitting savings
banks to subscribe to the capital. . . .
Bankers' View of Working Plan.
Bankers explained yesterday that the new trust company would be in
position to avail itself of the rediscounting facilities of the Federal Reserve
Bank and borrow funds from the Reconstruction Finance Corporation.
it was stated the mortgage company could buy from savings banks
mortgages which they bold, as liquidation of some of these mortgages
became necessary. It could obtain additional funds by borrowing irom
the Reconstruction Finance Corporation on the mortgages purchased.
The savings banks in the State have deposits in excess of $5.250,000,000.
Through the functioning of the new companies the restrictions on deposit
withdrawals, which have been in effect since the the banking holiday, are
expected to be removed. The restrictions limit withdrawals in any one week
to $250 for each depositor except in special circumstances.
Temporary Officers.
Henry R. Kinsey, President of the Savings Banks Association of the
State of New York, announced last night the temporary officers of the
newly created trust company and said the formation of the new bank is in
no sense an emergency measure but something that could be utilized permanently.
The temporary officers who are to serve only until a permanent organization can be effected are: Andrew Mills Jr., President; David H. Lanman,
Vice-President; Lewis Gawtry, Secretary, and Cornelius R. Agnew,
Treasurer.
"The creation of this trust company and mortgage company constitutes
the final fruit of efforts begun as long ago as 1925 by the savings banks of
this State to work out the most effective arrangement whereby they might
legally co-operate with one another," said Mr. Kinsey. "All previous
plans, including the so-called central fund savings bank discussed last
year, involved only our own institutions, but this plan has the advantage of
giving us also a convenient and effectual connection with the agencies of the
Federal Government."
Former
Governor Alfred E. Smith Elected to Board
New York Life Insurance Company.
of
Alfred E. Smith, former Governor of New York, was
elected July 12 to the Board of Directors of the New York
Life Insurance Company, it was announced by Thomas A.
Buckner, President of the Company, following a meeting
of the directors. Governor Smith succeeds George M. Reynolds, Chicago banker, who resigned from the Board because
of ill health. Governor Smith will also be a member of the
Company's Agency Committee. Commenting upon his
election, Governor Smith said:
"Service on the Board of Directors of a great life insurance company is a
distinct public service. For that reason I am willing to give of my time to
serve as a member on the Board of the New York life. In fact, I welcome
the opportunity. Certainly no better advice can be given the average
man than to take steps to create an emergency fund, safeguard his family's
future, and at the same time provide for his own sunset days. As a practical
philosophy, life insurance and annuities are doing a great deal to make the
lives of the American people safe and secure."
Mr. Buckner, in a public statement following the Board
meeting, had the following to say:
"Governor Smith's acceptance of membership on the Directorate of the
New York Life is a generous act of public service. It is renewed evidence
of his devotion to the interests and welfare of the people. The holders of
2,800,000 policies, averaging a little over $2,600 each, and the millions of
women and children who are their chief beneficiaries, will have in Governor
Smith a wise and faithful protector of their interests. The New York Life
is grateful to Governor Smith for accepting this trust and counts itself
fortunate that he has become a member of our Board of Directors."
Time Within Which Reports of Affiliates May Be
Filed by National Banks and State Reserve Member
Banks Extended to Aug. 14—Call Issued Under
Banking Act (Glass-Steagall) of 1933—Member
Banks Also Asked for Information as to Interest
on Savings Accounts.
It was announced on July 11 that J. F. T. O'Connor,
Comptroller of the Currency, and the Federal Reserve
Board have extended until Aug. 14 the time within which
National banks and State Federal Reserve member banks
may file reports of their affiliates. Associated Press advices
from Washington on the date indicated (July 11) said:
The two banking governing bodies called for a report from the two
classes of banks in the National Bank call of July 7, but found that many
difficulties had arisen in respect to furnishing and publishing reports of
July 15 1933
affiliates of the banks. The report when filed must show the condition
of the affiliates on June 30.
Tne call for reports on affiliates was issued under the National Banking
Act of 1933.
Mr. O'Connor, in a statement, said:
"Due to the many practical and technical questions raised with respect
to the furnishing and publication of reports of affiliates of National and
State member banks, the Federal Reserve Board and the Comptroller of
the Currency have extended until Aug. 14 1933 the time within which
National banks and State member banks, respectively, may file with the
Comptroller and Federal Reserve Banks, respectively, reports of their
affiliates called for on July 7, pursuant to the Banking Act of 1933, and
such reports need not be published until they have been filed.
"Time within which banks must file their own reports has not been extended. Both reports of banks and reports of their affiliates must show
condition as of June 30 1933."
Stating that inquiries into the relationships between
Federal Reserve member banks and their affiliates and inta
the interest rates being paid by member banks on savings
deposits have been started by the Federal Reserve Board,
the "United States News" of July 8 also said:
Regular Call Issued.
The inquiry into the affiliates and interest rates of Federal Reserve
member banks came as part of the regular bank call issued by the Comptroller of the Currency and the Federal Reserve Board on July 7, asking
for condition reports as of June 30. Information about interest rates
on savings accounts is for the purpose of guiding the Board in the regulation of such rates, a duty imposed by the Glass-Steagall Banking Act.
The call for condition reports on affiliates also is mandatory under the
new law.
All facts concerning the affiliate which reflect on the condition of the
bank must be reported. Forms for the new statement have been made
up by the Federal Reserve Board and forwarded to the Reserve banks
for mailing to member banks.
If the Board is not satisfied with the reports, it may send its own examiners into the member banks to make a survey of any bank and its
affiliates. Although the Board has the right to extend the time for filing
reports on affiliates, it does not contemplate any blanket extension on
this first call.
The new report and examination provisions are intended to control
the action of bank affiliates until their abolition under the Banking Act
on June 16 1934.
Reference to the National Bank call of July 7 appeared
in our issue of July 8, page 241.
June 30 Call for Bank Statements in New York State
Omitted by State Superintendent Broderick—
Banking Institutions Voluntarily Issue Statements.
There will be no New York State call for bank statements
as of the end of June, according to authentic information
in the financial district, according to the New York "Evening
Post" of July 11, from which we also quote:
The State law provides for not less than three calls a year, but emergency
legislation empowers the Banking Board to suspend virtually any of the
ordinary legislative requirements of banks chartered here.
The Banking Board, it is understood, has decided to make use of the
power thus granted it to suspend the usual mid-year call at this time.
Similar action was taken by the authorities at the end of March, when
there was likewise an omission by the Comptroller of the Currency of
the usual call for statements of condition of National banks.
The rise in bond prices, the improvement in business and the work
of rehabilitation that has been in proms since the bank holiday early
in March was believed to have improved the banking situation in this
State sufficiently to lead the Banking Board to consider it wise to call for
the usual statement at this time, the more so since the Conptroller has
Issued a call for the statements of National banks. Hence the omission
of the call has occasioned surprise in banking circles.
All the larger State banks in this city have voluntarily issued and published their usual statement of condition as of June 30.
Glass-Steagall Banking Act Aids Minority Stockholders in Banks—Cumulative Voting Opens Way
for Many Changes Among Company Directors—
Handicap Seen on Proxies—Possible Effect in
Case of National City Bank.
A provision of the new banking Act that has received
little notice, but that, according to the New York "Times"
of July 9, is likely to produce some interesting developments
in the banking world, is the one that gives bank stockholders
the right to cumulate their votes for directors. The "Times"
observes:
Under this provision, Section 5,144, a shareholder has the right to vote
the number of shares held by him for as many persons as there are directors
to be elected, or to cumulate his shares by giving to one candidate as many
votes as the number of directors multiplied by the number of his shares.
or to distribute them on the same principle among as many candidates as
he thinks fit.
This means that a minority shareholder will be able to obtain a voice
In the management of his company. In the case of a bank having 1,550,500
shares outstanding and 20 directors the holder of 50,000 shares could vote
his holdings 20 times over for a single director, thus piling up a vote equal
to the entire capitalization.
An outstanding.example of possible striking results of the now provision
Is in the case of the National City Bank. Due to the merger of the Bank
of America, National Association, with the National City in 1930, the
Transamerica Corporation, controlled by A. P. Glannint, San Francisco
banker, holds about 9% of the shares of the National City Bank.
Giannini Likely to Make ldove
Although Transamerica has held this large minority interest for 23 years,
it has not attempted to obtain representation on the National City board.
It. is considered fairly certain, however, that at the next annual election of
directors Mr. Glannini or his representatives will be on hand to claim a
place or perhaps more than one place on the directorate.
The National City has outstanding 6,200,000 shams, and the Transamerica holdings come to somewhat less than 600,000 shares. There are
Volume 137
Financial Chronicle
21 directors on the bank's board. Multiplying the number of directors by
the number of shares held by Transamerica yields 12,600,000 votes, or
more than double the number of shares outstanding.
Mr. Giannini could split this vote between two directors and still vote
for each one an amount exceeding the total number of shares. In the
circumstances it appears certain that the Transamerica Corporation, if it
desires, could gain at least two places on the National City board.
1 The management of a bank could scarcely defeat an attempt by a large
minority shareholder to elect a director, even if it should desire to do so.
Ordinarily the management of any bank or corporation obtains a sufficient
number of proxies to give it a handsome majority for carrying out the routine
business of the annual election of directors. The management, however,
would be unable to bunch its votes.
It would have to distribute them evenly among the members of its official
ticket or run the risk of losing all of its candidates. Furthermore, the
holders of the official proxies would, for the most part,.have no way of
knowing against which candidate the minority holder intended to concentrate his voting power.
Chances tor Minority Holders.
It is possible that in many local banks are large minority stockholders
who have no representation but who will take advantage of the new law
to obtain places on the boards for themselves or their representatives. The
annual elections in January may bring out eases similar to that of the
National City.
One effect of the nevt provision, it is believed, will be a tendency to accelerate the movement toward smaller boards of directors. Under the cumulative voting plan the larger the board the larger the vote that a minority
stockholder could control for his own candidate. In the case of a board
of 25 members a stockholder with a 4% interest could swing a vote equal
to the entire capitalization, but if the board consisted of 50 members the
same results could be achieved by the holder of a 2% interest, and it is
quite possible that a holder of little more than 1% interest might be able
to elect a director of his own choosing.
New Offering of $75,000,000 or Thereabouts of 91-Day
Treasury Bills—To Be Dated July 19 1933.
Tenders to a new offering of 91-day Treasury bills to the
amount of $75,000,000 or thereabouts were invited on July
12 by Dean G. Acheson, Acting Secretary of the Treasury.
The bills, which will be used to retire an issue of $75,188,000
maturing on July 19, will be dated July 19 and will mature
Oct. 18 1933. On the maturity date the face amount will
be payable without interest. The bills will be sold on a
discount basis to the highest bidders. The tenders to the
offering will be received at the Federal Reserve banks, or
the branches thereof, up to 2 p. m., Eastern standard time,
Monday, July 17. Tenders will not be received at the
Treasury Department, Washington. In part, Acting Secretary Acheson's announcement said:
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 he 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 17 1933,
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on the following morning. The Secretary of the Treasury expressly reserves the right
to relett 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 Resderve banks in cash or other immediately available funds
on July 19 1933.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or
ether 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.
Tenders of $220,281,000 Received to Offering of $75,000,000 or Thereabouts of 91
-Day Treasury Bills
Dated July 12—$75,453,000 Accepted at Average
Rate of 0.36%.
Tenders totaling $220,281,000 were received to the offering of $75,000,000 or thereabouts of 91-day Treasury bills
dated July 12 1933, of which $75,453,000 was accepted,
Dean G. Acheson, Acting Secretary of the Treasury, announced on July 10. The offering, to which tenders were
invited by the Acting Secretary on July 5, as noted in our
issue of July 8, page 243, was sold at the Federal Reserve
banks or the branches thereof, up to 2 p. m.,Eastern standard
time, Monday, July 10. The bills were sold at an average
rate on a bank discount basis of 0.36%, which compares
with previous rates of 0.28% (bills dated July 5); 0.27%
(bills dated June 28) and 0.24% (bills dated June 21).
Following is Acting Secretary Acheson's announcement as
reported in Washington °dykes, July 10, to the New York
"Herald Tribune" of June 11:
Dean G. Acheson, Acting Secretary of the Treasury, announced to-day
(July 10) that the tenders for 115,000,000. or thereabouts, of 91-day Treas-
423
ury bills, dated July 12, which were opened to-day at the Federal Reserve
banks, amounted to $220,281,000, of which $75,453,000 was accepted.
The accepted bids ranged in price from 99.937, equivalent to a rate of
about 0.25% per annum, to 99.897, equivalent to a rate of about 0.11%
per annum, on a bank account discount. basis. The average price of
Treasury bills to be issued is 99.909 and the average rate is about 0.36%
per annum on a bank discount basis.
W. A. Julian Succeeds W. 0. Woods as‘Treasurer of
United States—Takes Over Record Amount of
Money and Securities.
Transfer of the largest amount of money and securities
ever made by a government official was completed on July
7, when Walter 0. Woods, former Treasurer of the United
States, turned over to his successor, W. A. Julian, a total
of $19,347,366,089. To this sum the amount of 51 2-3 cents
was meticulously added, said Associated Press accounts from
Washington, which (July 7) added:
Mr. Julian, named as Treasurer by President Roosevelt, gave his predecessor an itemized receipt for the amount, which was the largest that any
incoming Treasurer of the United States has ever receipted.
The exactness with which the committee handled the transfer of the
funds from one Treasurer to another was shown in its listing of the twothirds of a cent shown in the receipts. It was necessitated by an old Tennessee bond which has remained in the Treasury since before President Harrison's term of office.
The largest item in the receipts wasfor $16,776,306,720.27 2-3, which WWI
for securities the Government holds from foreign Nations for war debts.
securities from banks to guarantee Government deposits and securitiesfrom
banks to back currency.
The new Treasurer receipted $25,067,360 of gold certificates, $10.838.340 of gold and 847.369,932 of silver. The immensity of the job of
counting all of the money in the Treasury was shown by the silver total
alone. The metal weighed 1,400 tons and is actually only one-tenth of the
sliver that the Government has. The remainder of it is in mints and the
sub-Treasury.
Another large item on the receipt was $2,409,032,000 of reserve currency.
which is held In the Treasury.
President Roosevelt Requests Professors Rogers and
Warren to Study Co-ordination of Government
Expenditures Under Recovery Program and
Economy Campaign.
President Roosevelt has requested Professors James H.
Rogers of Yale University and George Warren of Cornell
University to make a special study of Government financing
and the balancing of the Federal budget, according to an
announcement from Washington on July 10. Professors
Rogers and Warren are expected to conduct a survey of
Government financing under Director of the Budget Lewis
Douglas, with a view to co-ordinating the vast expenditures
for the industrial recovery program with the Government
economy campaign. News dispatches said that the professors were recommended to the President by Secretary
of Commerce Roper and Secretary of Agriculture Wallace.
It was also reported that the President wishes a study of
methods of converting the outstanding indebtedness of the
United States to a lower interest basis. The activities of
Professors Warren and Rogers are of an unofficial character,
however, and they have no public status, it was indicated
at the Department of Commerce on July 12.
Departments of Agriculture and Interior Announce
Cuts in Personnel—Economy Move Results in
Dropping 753 from Payrolls.
Additional cuts in Government personnel were announced
on July 3, when the Department of Agriculture made public
a retrenchment program calling for the removal of 656 employees from its rolls, and the Interior Department announced that 97 persons would be dropped by July 15. On the
same day the Industrial Recovery Administration stated
that, for the present, its staff would be limited to 130 persons
with salaries ranging from $1,400 to $6,000 a year, including
the case of General Hugh S. Johnson, the Administrator,
whose annual salary will be $6,000. Details of the Federal
cuts in official payrolls, as given in a Washington dispatch
of July 3 to the New York "Herald Tribune," follow:
The Department of Agriculture personnel retrenchment program, as announced to-day, calls for the removal of 656 employees from its rolls, including 167 in Washington and 489 in the field. Of these, it was said, 24
will be placed in the new Agricultural Adjustment Administration, which,
like other emergency organizations, was removed from the Civil Service requirements by Congress.
In addition to the separations from the permanent rolls in this department, it was learned, payless furloughs will be applied extensively to cut expenditures further, particularly in the Market News Service, where approximately 300 furloughs of 60 days have been applied. These furloughs in effect, are dismissals.
As the figures were given out at the department, it was emphasized they
represented only a start, and the opinion was expressed that the "wringing
out" process would be in effect for perhaps three months. A rough estimate
at the department places the amount which must be saved on personnel at
$8,000,000.
The figures given out to-day include employees going out under the 80.
year clause, married workers and those who are dropped outright.
The Interior Department announced that 97 persons would be dropped
by July 15, principally from the 30-year and married classes. Other
424
Financial Chronicle
separations, however, are in prospect over the next three or four months, as
are furloughs, and there also will be strict adherence to the policy of not
filling vacancies.
The Department said that the largest group affected was in the Geological
Survey, where 74 persons have been notified their services will end on
July 13. Of these, 30 are eligible for retirement; 15 are being dropped
under the marital status law and 23 are going out because of the elimination of their work on an efficiency basis. There are four who have asked
for optional retirement. Fifty are in the professional and sub-professional
group. The remainder are in the clerical and custodial service.
NO.
General
Will Get $6,000, Highest Wage for
Industry Control Group.
The following, from Washington, is from the "Wall Street
Journal" of July 11:
Johnson
Maximum salaries in the Industry Control Administration will be $6,000
annually, it was decided at a meeting of the Cabinet Board for Industry
Control. Exceptions may be made, with Board approval, in the case of
technical experts who may be employed.
General Johnson, however, requested no exception in his case.
Part time experts hired by the control organization will be paid $25 a day,
with subsistence allowance of $5 a day, for a period not exceeding 30 days.
Foreign and domestic commerce district offices will be used by the Control Administration, which will pay for the extra work it causes. This will
avoid some of the curtailment of work of these offices hitherto contemplated
because of budget restrictions of the Commerce Department, it was stated.
Executive Council to Stimulate Recovery Program
Created by President Roosevelt—New Body, Composed of All Cabinet Members and All Administrators to Meet Each Week to Co-ordinate Action—
F. C. Walker Appointed Secretary of Council.
A "supreme council" to co-ordinate the activities and to
direct the policies of the administration's recovery program
was created by President Roosevelt on July 11, and the
first meeting of the Council was held on that day, with future
meetings scheduled for each Tuesday, replacing the regular
weekly Cabinet meetings. The new Council includes all
Cabinet members as well as the administrators of the various
special Federal agencies set up by Congress. Frank C.
Walker, Treasurer of the Democratic National Committee,
was appointed Secretary and Co-ordinator for the Executive
Council, and his duties will be to see that the economic
agencies function harmoniously in accordance with a definite
program formulated by the council. In addition to the
Cabinet members and Mr. Walker, the members of the
Council are:
Lewis W. Douglas, Director of the Budget.
Jesse H. Jones, Chairman of Reconstruction Finance Corporation.
Hugh S. Johnson, Administrator of Industrial Recovery Act.
George Peek, Administrator of Agricultural Adjustment.
Henry Morgenthau Jr.. Governor of Farm Credit Administration.
William F.Stevenson, Chairman of Board of the Home Loan Corporation.
Harry L. Hopkins, Federal Relief Administrator.
Arthur E. Morgan, Chairman of Board of Tennessee Valley Authority.
Joseph B. Eastman, Federal Railroad Co-ordinator.
Robert Fechner, Director of Civilian Construction Corps.
In announcing the formation of the Council on July 11,
Marvin H. McIntyre, Assistant Secretary to President
Roosevelt, said:
During the summar and in order to co-ordinate the organization and
work of the new governmental agencies, the Tuesday Cabinet meeting will
be replaced by a meeting of the following: (Here are listed the officials
named above).
From time to time others will be invited to take part. Meetings will be
held in the executive office, and for the sake of brevity will be known as
the council meeting.
In order to provide for the orderly presentation of business and to coordinate inter-agency problems between the various departments and
agencies, the President has asked Mr. Frank C. Walker to act as Executive
Secretary of this temporary Council.
In describing the initial Council meeting on July 11,
Washington advices of that date to the New York "Times"
said, in part:
President Roosevelt sat at the head of the Cabinet table with the new
Council, and for an hour and forty-five minutes; heard the troubles of the
different agencies and suggestions for improving the machinery.
His chief advice to the Council was to act sanely and promptly in putting
Into effect the acts which seek to restore prosperity and regulate industry.
Frequently he sounded a note of irritation as the administrators reported
their difficulties and hostile moves by industrial leaders.
The meeting was chiefly to get a preliminary survey of the field, with
the idea of eliminating overlapping functions. The President is represented
as displeased with the delay of the major industries in perfecting codes of
fair competition.
He insisted, however, that the problems were so large in the industrial
field that it would be unwise at this time to employ the licensing features
of the Industrial Recovery Law to force industry into agreement. But this
club will be used in due time if the administration is convinced the delays
are deliberate and intended to retard the recovery program.
The President told the Council that production was proceeding faster
than employment, and that this situation must be overcome, or there
might be a slump in production in the fall months and a reduction in employment. The picture he and others painted was none too rosy, but
throughout the meeting ran the feeling that the program was practical and
must be put to a test quickly.
The public works building program was considered at the meeting, the
conclusion being to the effect that only those projects that offered employment almost immediately would be approved now. Secretary Ickes left
recommendations with the President, who is expected to announce his
approval to-morrow.
The immediate public works schedule calls for Federal construction
amounting to $200,000.000, and a second program will be submitted later
July 15 1933
for work to be started early in 1934. The administration is determined
that money should aot be wasted in construction, and that possible bond
issues to finance the construction shall be kept as low as possible.
President Roosevelt instructed Mr. Walker to make a quick survey of
the entire administration economic program, prepare an agenda and recommend where improvements could be made in the machinery.
Decision to form the Council was reached when the President found
there was a lack of co-ordination between the different agencies and difficulties had arisen between Cabinet officials and administrators. There
appeared to be misunderstandings in certain quarters and unnecessary
delays. Through meeting with the Council every Tuesday, the President
is expected to conserve his time and to avoid the night conferences which
he has frequently been obliged to hold with heads of the various agencies.
Tentative Personnel of Committees and Subcommittees
Created as Result of Formation of Business
Advisory and Planning Council for Department
Co-operation
of Commerce
of
Business with
Government, Purpose of Council.
The titles and tentative personnel of the various committees and subcommittees created as a result of the formation of the Business Advisory and Planning Council for
the Department of Commerce on June 26 was made public
on July 5 by the Department. In announcing the list the
Department said:
As definite acceptances have not been received from all of the members
of the committees it is necessary to consider the list tentative at this time,
except the Chairman, all of whom have accepted.
Mr. Henry H. Heimann, who was appointed Permanent Secretary of
the General Council Conunittee, arrived in the Department to-day. Ile
expects to be here for several weeks to perfect the organization and the
functions of the Committee.
Concisely, the broad purpose of the Council is to bring business into
the closest possible co-operation with Government for the two-fold purpose of first giving the taxpayers the best Departmental service for their
money in the form of information of assured public value, and secondly,
In proving a sense of direction to business, more particularly in considering
long-range problems to be faced if the industry of this country is to be
put back on a sound footing and started forward once more along the
pathway of a reasonably assured progress.
The list follows:
Officers of the Business Advisory and Planning Council for the Department
of Commerce.
Gerard Swope, Permanent Chairman; President, General Electric Co.,
New York, N. Y.
Col. John H. Fahey, Executive Vice-Chairman; Publisher, Worcester
"Post," Worcester, Mass.
Gen. R. E. Wood, Vice-Chairman; President, Sears, Roebuck & Co..
Chicago, In.
Henry H. Heimann, Permanent Secretary; Executive Manager, National
Association of Credit Men, New York, N. Y.
Executive Committee.
Gerard Swope, Permanent Chairman; President, General Electric Co..
New York, N. Y.
Col. John H. Fahey. Executive Vice-Chairman; Publisher, Worcester
"Post," Worcester, Mass.
Gen. R. E. Wood, Vice-Chairman; President, Sears, Roebuck & Co..
Chicago, Ill.
Henry H. Heimann, Permanent Secretary; Executive Manager, National
Association of Credit Men, New York, N. Y.
Henry I. Harriman, Pres., U. S. Chamber of Commerce, Washington,
D. C.
Edmond C. Van fleet, Pres., General Service Corp., Colorado Springs,
Colo.
Austin Finch, Pres., Thomasville Chair Co., Thomasville. N. C.
Frederick 13. Gardner, Ex-Governor of Missouri, St. Louis, Mo.
Committee on Decentralization of Industry.
W. A. Julian, Chairman; (Treasurer of United States, Washington,
D. G.), Shoe Manufacturing, Cincinnati, Ohio,
H. P. Kendall, Vice-Chairman; Pros., Kendall Co., Boston, Mass.
F. B. Davis Jr., Pres., United States Rubber Co., New York, N. Y.
Ralph E. Flanders, Pres., Jones & Lamson Machine Co., Springfield, Vt.
de Lancey Kountze, Chairman, Devoe & Reynolds Co., Inc., New
'York, N.Y.
Morris E. Leeds, Pres., Leeds & Northrup, Philadelphia. Pa.
George II. Mead, Pres., Mead Corp., Dayton, Ohio.
M. L. Wilson, Bozeman, Mont.
Frank Rand, International Shoe Co., St. Louis, Mo.
Committee on International Trade Relations.
Alfred P. Sloan Jr., Chairman; Pres., General Motors Corp., New
Ycsir. N. Y.
Thomas J. Watson, Pres., International Business Machines Corp.,
New York, N.Y.
Fred I. Kent, Federal Reserve Bank. New . ork, N. Y.
1
Alexander Legge, Pres., International Harvester Co., Chicago.
Myron C. Taylor, Chairman. U. S. Steel Corp.. New York, N. Y.
Walter C. Teagle, Pres., Standard Oil Co. of N. J.. New York. N. Y.
Committee on Business Ethics, Unfair Competition, Standardization and
Elimination of Wastes of Distribution.
Lew Hahn, Chairman; Pres., National Retail Dry Goods Association,
New York, N. Y.
A. Lincoln Filene, Chairman of Board, William Filene's Sons Co.,
Boston, Mass.
Lionel J. Noah, Pres., American Woolen Co., New York, N. Y.
Clay Williams, Pres., Reynolds Tobacco Co., Winston-Salem, N. C.
J. L. Johnson, Pres., Lambert Pharmacal Co., New York, N. Y.
Committee on Statistical Reporting and Uniform Accounting for Industry.
Walter S. Gifford, Chairman; Pres., American Tel. & Tel. Co., New
York, N. Y.
•
W. A. Harriman, Chairman, Union Pacific RR. Co., New York, N.'Y.
Pierre du Pont, Chairman, E. I. du Pont de Nemours & Co., Wilmington, Del,
Melvin A. Traylor, Pres., First National Bank of Chicago, Chicago, Ill.
Committee on General Economic Research.
Gerard Swope, Permanent Chairman; Pres., General Electric Co.,
New York, N. Y.
Volume 137
Financial Chronicle
Col. John H. Fahey, Executive Vice-Chairman; Publisher, Worcester
"Post," Worcester, Mass.
Gen. R.E. Wood, Vice-Chairman; Pres., Sears, Roebuck & Co., Chicago,
Henry H. Heimann, Permanent Secretary; Executive Manager, National
Association of Credit Men, New York, N. Y.
Henry I. Harriman, Pres., U. S. Chamber of Commerce, Washington,
D. C.
Edmond C. Van Diest, Pres., General Service Corp., Colorado Springs,
Colo.
Austin Finch, Pres.. Thomasville Chair Co., Thomasville, N. C.
Frederick D. Gardner, Ex-Governor of Missouri, St. Louis. Mo.
Committee on Departmental Problems.
John H. Fahey, General Chairman; Publisher. Worcester "Post,"
Worcester, Mass.
Subcommittee on the Foreign Service of the Department.
Col. Edward N. Hurley, Chairman; Chicago, 111.
Jas. A. Farrell, New York, N. Y.
Jas. D. Mooney, Pres., American Manufacturers Export Association,
New York, N. Y.
Subcommittee on the Work of the Department in Making Domestic Commerce
Surveys.
Henry S. Dennison, Chairman; Pres., Dennison Mfg. Co., Framingham,
Mass.
William T. Kemper, Chairman of Board. National Bank of Commerce,
Kansas City, Mo.
Fred J. Lingham, Pres., Federal Mill, Inc. (Pres., Millers' National
Federation), Lockport, N. Y.
R. M. Weyerhaeuser, Weyerhaeuser Forest Froducts Co., First National
Bank Bldg., St. Paul, Minn.
Prof. Joseph H. Willits, Dean, Wharton School of Finance & Commerce,
University of Pennsylvania, Philadelphia, Pa.
Subcommittee on Fees for Departmental Services.
Robert L. Lund, Chairman; Vice-Pres. & General Mgr., Lambert
Pharmacal Co., St. Louis, Mo.
Sidney J. Weinberg, Goldman Sachs Co., New York, N. Y.
Thomas H. McInnerny, Pres., National Dairy Products Corp., New
York, N. Y.
James II. Rand Jr., Pres., Remington Rand, Inc.. New York, N. Y.
Subcommittee on the Reporting and Publication Policy of the Department.
Including Questionnaires.
Dr. C. K. Leith, Chairman; Professor of Geology, University of Wisconsin, Madison, Wis.
E. T. Stannard, Pres., Kennecott Copper Co., New York, N. Y.
M. L. Benedum, 13enedum Trees Bldg., Pittsburgh, Pa.
Frank A. Chase Named Director of Field Service for
Federal Home Loan Bank Board—Will Supervise
Organization of Federal Savings and Loan Associations.
The appointment of Frank A. Chase of Miami, Florida, as
Director of Field Service for the Federal Home Loan Bank
Board was announced on July 5. Mr. Chase will direct the
organization in the field of Federal Savings and Loan Associations which will be set up under the Home Owners
Loan Corporation, as provided for in the Home Owners' Loan
Act, recently passed by Congress. A statement bearing on
the activities of Mr. Chase says:
Mr. Chase has had long experience in building and loan association work.
Sometime between 1895 and 1900 he became a director of the Provident
Building and Loan Association, Spokane, Wash., and a few years later,
Secretary-Manager of the Spokane Building and Loan Society. In 1913, as
President of the Washington State League of Savings and Loan Associations,
he secured enactment of an up-to-date building and loan law. From 1915
to 1919, as a member of the State Senate of Washington, Mr. Chase handled
complete revision of State banking laws.
During 1921 and 1922, Mr. Chase was in charge of community development work as head of the Building and Loan Department of the Southwestern Lumbermen's Association in Missouri, Kansas, Oklahoma and
Arkansas, in co-operation with supervising officials and building and loan
leagues of those States. Scores of local mutual associations were organized.
Demand for extension of this service led to the organization of the American
Savings, Building and Loan Institute in September 1922, of which Mr.
Chase W81 Educational Director and later as collaborator with Dr. Horace
F. Clark, co-author of its basic text book, which is the Standard Building
and Loan textbook. This work was financed mainly by the National Lumber
Manufacturers Association, Southern Pine Association and the Southwestern
Lumbermen's Association.
During 1922-26, Mr. Chase was engaged in intensive field work and advisory service to building and loan associations in many states, as representative of the Institute. Since 1926 he has reorganized a large building
and loan company in Miami, Florida, which has suffered tremendous uninsured hurricane losses, and in the spring of 1930, he conducted a National
Home Finance Survey for the National Lumber Manufacturers Association
with the co-operation of other National trade organizations.
Mr. Chase's first connection with the Federal Home Loan Bank system
was as Director of the Federal Home Loan Bank at Winston-Salem, N. C.,
to which office he was appointed in October 1932, and reappointed in
January 1933.
State Managers Named for Home Owners' Loan
Corporation.
The Federal Home Loan Bank Board at Washington announced on July 8 the appointment of six State managers
and other State officials for the Home Owners Loan Corporation.
State managers named were:
Florida—James R. Stockton of Jacksonville, headquarters there.
Idaho—C. C. Wilburn of Jerome, headquarters at Boise City.
New Mexico--E. C. Robertson of Albuquerque, headquarters there.
Utah—F. F. Fowles of Ogden, headquarters to be announced later.
West Virginia—Walter V. Ross of Bluefield, headquarters at Charleston.
Tennessee—C. H. Litterer of Natdiville, headquarters there.
425
Other appointments included:
Leo Kuhlman, Assistant Manager, at the Detroit main office.
W. C. Crawford, Manager of the Kansas City branch.
John Atterbury, Manager of the Moberly (Mo.) branch.
Daniel J. Mahoney Named Manager of Reconstruction
Finance Corporation Loan Agency in New York—
Succeeds S. S. Hathaway.
The appointment of Daniel J. Mahoney, Manager of the
Bronx branch of the National City Bank, as Manager of the
Reconstruction Finance Corporation Loan Agency in New
York, was announced on July 7 by Jesse H. Jones, Chairman
of the Reconstruction Finance .Corporation. Mr. Mahoney
succeeds Stewart S. Hathaway who is to be associated in a
managerial capacity with the Institutional Securities Corporation just formed by the savings banks of New York State.
Albert S. Goss, Land Bank Commissioner, Comments
on Farm Mortgage Act of 1933.
Albert S. Goss who was made Land Bank Commissioner
on July 1 in the Farm Credit Administration to succeed Paul
Bestor, in commenting upon the Farm Mortgage Act of 1933,
said:
Congress determined that loans by the Federal Land Banks should be
based upon normal values, thus indicating the intent to preserve the system
as a long-term rather than a short-term loan system. It is logical, therefore, that appraisals should not follow the fluctuations of the land market
to extremely low or to extremely high levels. In other words, the system
should be built upon stability. Nowhere in the Act is there any hint that
the System should make unsound loans. It is recognized that the funds for
Land Bank loans must come from the investing public and loans must be
made on a sound basis. All through the Act, however, the purpose is apparent that the utmost service should be rendered in bringing credit relief.
Congress provided for reduction in interest rates by the banks, funds for
granting extensions to worthy borrowers and, through the banks' and the
Commissioner's loans, for refinancing farm indebtedness at a low rate of
interest and for a longer period than is now granted on most loans which
will be replaced. In carrying out the purposes of the Act, every employee
of the Farm Loan System is expected to devote his best thought to working
out a sound basis upon which loans may be closed, where credit is needed.
The appointment of Mr. Goss was announced in our issue
of June 24, page 4384.
Nationwide Drive to Bring Building and Loan Associations into Unified Program, in Furtherance of
President Roosevelt's Home Financing Plans.
A nation-wide drive to bring building and loan associations
into a unified prograna to assure the success of the Roosevelt
home financing plans was brought under way on July 8. The
United States Building and Loan League, national trade
association of these 11,442 local home financing units, has
appointed some 200 key men in as many localities to present
the program and enlist the support of associations not hitherto individually affiliated with the central organization,
according to Ward B. Whitlock, of Springfield, Ill., President
of the League. When the League holds its forty-first annual
convention in Chicago, Sept. 13, 14 and 15, awards will be
made to the individuals among the key men who succeed in
bringing the largest number of building and loan units into
the organization. Under date of July 8 Mr. Whitlock said:
Leaders in the building and loan business see that the ambitiouAome
financing program now being undertaken by the Administration can be successful only if unprecedented unity of purpose exists among the associations
which are given the job of carrying out that program. . . .
We want unified action among the associations in the extensive use of
Federal Home Loan Bank funds, a second part of the program which the Administration is determined to push. And thirdly, our associations must make
common cause in their co-operation with the "red cross" portion of the
mortgage program, the relief of home-borrowers now in distress.
Associations have been attempting to do many of these things in their
own individual way, but to-day it is evident that the best results can be
obtained only if there is some measure of regimentation. Co-operation is
the financial fundamental on which these home financing institutions are
organized, co-operation between borrowers and savers. Therefore, their
natural fitness in the new co-operative scheme of things gives this campaign a stimulus which is definitely encouraging. There are building and
loan associations which are saying to-day: "It's a fine thing to see the
entire spirit of our industrial and business life patterned after the old cooperative idea of our associations, looking to the mutual interests of all
concerned."
Vincent J. Dailey Named Manager of New York Office
of Federal Home Owners Loan Corporation.
The Federal Home Loan Bank Board announced on July 14
the appointment of Vincent J. Dailey of New York as
Manager of the New York office of the Federal Home
Owners' Loan Corporation.
Twenty-six States Pledge Co-operation With Federal
Relief Board in Aiding Employment—State and
County Boards Planned to Speed Work.
Labor and relief officials of 26 States, meeting at Washington on July 9, pledged their co-operation with the new
United States Employment Service in order to effect swift
actionItoward the checking:of unemployment. The meeting
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Financial Chronicle
had been called by W.Frank Persons, Director of the Federal
Employment Service, and Harry L. Hopkins, Federal
Emergency Relief Administrator. Plans have been made,
it was said, to form a State employment council in each
State, with county committees composed of representatives
of labor, members of local relief committees, and several
other citizens. The announcement of the Labor Department
regarding the organization plan adopted on July 9 continued:
Co-operation of the Federal Relief Administration In helping to set up
re-employment agencies in the States under the direction of the United
States Employment Service of the Department of Labor was pledged by
Harry L. Hopkins, Federal Relief Administrator, to-day. The meeting was
attended by labor and employment officials from 26 States and many State
relief administrators.
It was pointed out that only through the co-operation of such an established and wide-flung organization as the Federal Relief Administration
could the re-employment agencies be set up quickly, economically and
efficiently to meet immediate needs.
It was emphasized that the re-employment agencies to be established
so that men can be put back to work will be separate and distinct from the
relief organizations, and that local labor for public works projects "appropriately to be secured through employment services should, so far as
possible, be selected from lists of qualified workers submitted by local
agencies designated by the United States Employment Service.
Emergency Relief Administration Granted $51,531,731
Up to June 30.
The Emergency Relief Administration from the date of
its organization in May until June 30 has made grants totaling
$51,531,731, according to an announcement on July 5 by
Harry L. Hopkins, Administrator of the $500,000,000 fund
created by Congress to alleviate unemployment. Of this
total New York received $6,532,282, being second to Illinois,
which was granted $7,434,663. Other States that have
received over $1,000,000 were:
California, $3,444,000; Kentucky, $1,080,000; Louisiana,
$1,378,000; Massachusetts, $2,000,000; Michigan, $3,968,000; New Jersey, $1,295,000; North Carolina, $1,073,000;
Ohio, $1,919,000; Pennsylvania, $4,547,000; Texas, $2,275,000, and West Virginia, $1,605,000.
On July 5 the Relief Administration granted Ohio an
additional advance of $1,295,309, bringing that State's total
up to $3,214,569, and increasing the total amount so fax
granted from the fund to $53,580,294.
H. L. Hopkins, Emergency Relief Administrator, Warns
States Will Not Receive Federal Relief Funds
Unless They Also Aid Themselves—Says Local
Taxes Are Not "Sacred" and Can Be Employed
to Help Destitute.
__States which have ignored President Roosevelt's recent
declaration that State and local units must bear a reasonable share of reliefi;work:within their/borders-are likely to
receive a "rude shock in the very near future," Harry L.
Hopkins, Federal Emergency Relief Administrator, told
State relief executive who met in Washington on July 10.
Mr. Hopkins asserted that "there is nothing sacred about
some State taxes," and no reason why a part of State revenues should not be used to relieve those who are destitute."
Mr. Hopkins ,told the conference of State relief executives that he was greatly encouraged by the recent action of
numerous States to provide a fair share of the cost of their
unemployment relief loads. He mentioned specifically
Illinois, Michigan, and Ohio, and said he looked hopefully
toward the success of pending action in Texas and other
States which have proposed to raise unemployment relief
funds through bonds or taxes. Administrator Hopkins, on
the other hand, scored what he termed "a few recalcitrant
States that want to sit down and let the Federal Government pay 100% of the cost of unemployment relief within
their borders." He want on to say:
Apparently a few States did not believe the President recently when
he pointed out that it is essential for States and local units of government
to finance a reasonable share of their emergency relief work.
Some States are due for a rude shock in the very near future, if they do
not come through with action. There have got to be some special sessions
of State legislatures. The Federal Emergency Relief Administration means
business, and we are not going to string along with these situations. I am
beginning to doubt very much if there is a State in the country which cannot
do something in the way of funds for unemployment relief. We see numerous instances in which States have been providing funds for roads and other
purposes and continuing to do so. Yet they plead that they have no funds
for their hungry people.
There is nothing sacred about some of these State taxes, gasoline taxes
for instance, and no reason why in many cases these revenues should not
be applied to feeding the sufferers from unemployment. It is not the
intention of the Federal Emergency Relief Administration to carry 100%
of relief costs where State and local resources can still be tapped.
Administrator Hopkins pointed out to the State relief
executives that they have the power to withhold Federal
funds from counties or cities within their State if they feel
the communities are not -trying to provide locally a fair
share of their own relief costs. These and other points of
July 15 1933
relief administration were the subject of an all-day confer
once at the Mayflower Hotel. The State executives had
previously attended a joint meeting'Sunday, July 9, with
State representatives of the U. S. Employment Service to
work out co-operation between the administrative organizations of relief and re-employment.
Secretary Ickes Promises Swift Action on Public Works
Projects—Says Funds Will Not Be "Dissipated"
and Explains Loans Will Not Be Made to Local
Governments Until They Show Balanced Budgets.
Secretary of the Interior Ickes, in assuming control of
the $3,300,000,000 public works program on July 10, issued
a statement in which he promised that the employment
program will not be curtailed until gains in industry and
employment are consolidated. He declared, however, that
"the determining factor in awarding allotments must be
work and not push," and said that the funds of the public
works administration "will not be dissipated on a first come,
first served basis." Mr. Ickes said that the objective
immediately ahead was a swift translation of the administration plan into action that would occupy millions who are
now unemployed. The Public Works Advisory Board has
agreed, he explained, that projects allotted money from
the fund must entail no recurring public expense for maintenance. His statement follows:
Recent gratifying gains in industry and employment do not justify
curtailment or slowing up of the employment program until those gains
are secured and consolidated. When conditions justify, expenditure for
public works will be ended promptly.
Carrying out the injunction of the President and the will of Congress to
return men to work speedily, public works projects for which allotments
may be made are now receiving intensive study.
The determining factor in awarding allotments must be merit and
not push.
To-day the public works administration is deluged by a vast number of
demands which do not qualify under the intent of the Act or the policy of
the Administration. The worthy are being separated from the unworthy.
The nation is assured its funds will not be dissipated on a first-come,
first-served basis. Projects for which loans are sought must be backed
with facts and specifications able to stand the strict examination they will
receive.
The criterion for allotments will be work,' and public benefit. Who
makes the request, and when, will not govern. All possible safeguards will
be invoked to protect the public money.
The Public Works Advisory Board is in full agreement that projects
allotted money must entail no recurring public expense for maintenance.
Ability to complete a project without further aid must be established to
secure an allotment.
Supplemental requests for aid will be compared with the original pledge
to complete the work and continual piece-meal drains on the funds will
be blocked.
Projects approved must establish lasting social usefulness in addition
to offering employment to a large number of men during construction.
So many such plans have been received and so many more are in sight
that financing any projects which are mere work-makers, giving no lasting
benefit upon completion, is impossible.
Loans to local governmental bodies where ordinary current expenditures
are not being brought within prudently estimated revenues will not be
forthcoming. The Government expects its loans to be repaid.
Federal projects now contemplated for regional allotments offer an
administrative short cut to getting public money into action for the benefit
of the citizens. These plans have been carefully considered and perfected
for a long period.
Federal machinery is already in existence which permits fair allotments
under reasonable safeguards. Communities benefitting care little whether
title to the work thus created is in their national or their local government.
Shortly machinery for distribution to non-Federal projects will be set up
permitting allotments with strict protection for the funds granted.
Many technical problems are arising and difficult decisions must be
made. No political pressure or appeal will influence those making the
decisions.
Executive Committee of Drug Institute of America
Urges That in Codes Under National Industrial
Recovery Act Retailers and Wholesalers Be Given
Equal Protection With Manufacturers Against
Price Cutting Below Cost of Products—Membership of Institute.
The Executive Committee of the Drug Institute of
America, Inc., which represents a national membership from
all divisions of the drug industry, announced on July 7
that it had taken a stand that retailers and wholesalers
should be given, in codes of fair competition sanctioned
under the National Industrial Recovery Act, equal protection with manufacturers against price cutting below the
actual cost of their products. In stating this position, the
Committee urged that the costs upon which retailers and
wholesalers will be permitted to base their prices include
rent, wages, taxes and other overhead items in addition
to the invoice prices paid to the manufacturer, just as manufacturers' production costs include all of these expenses.
It was also stated that steps have been taken by the
Institute to make immediate representations on this point
to Washington and it was announced that a complete code
would not be submitted to the various branches of the
drug industry for their approval until the Institute was
confident that trade terms would not be applied differently
Volume 137
vinancial Chronicle
to different branches of industry. Dr. William E. Weiss
is Chairman of the Executive Committee of the Institute,
which issued the statement.
The formation of the Drug Institute of America, Inc.,
through which all divisions of this $2,000,000,000 industry
decided to unite in an effort to maintain fair wages and to
end destructive competition, was announced on May 29.
Supported at the outset, it was stated, by leading manufacturers, distibutors and retailers in the field, it planned
to strive for the objectives outlined by President Roosevelt
in his industrial recovery program and in his recent address
before the Chamber of Commerce of the United States.
The announcement of May 29 said.
Patterned somewhat along the lines of the American Iron & Steel Institute and the American Petroleum Institute, the new organization for the
drug industry will pledge its members to work together and with the Government and other public agencies for their common good. Within the
limitations of the new laws, its aims will include the maintenance of a
high standard of products, control of output to prevent overproduction,
maintenance of fair profits and fair wages, elimination of unfair competition
and demoralization of prices and protection of the public in purchasing
drug products. It will endeavor to follow the President's suggestion for
a "partnership in planning."
Appointment of a directing counsel, who will have the chief direction
of the policy of the Institute, under its council representative of the entire
Industry, and who will be invested with broad powers to carry out its
program, will be announced shortly. Incorporation papers have been filed
in Albany and temporary executive offices have been opened at 80 Broadway, New York.
As acting managing director of the Institute, the board of directors
has elected Wheeler Sammons. Mr. Sammons was formerly President of
the Associated Stores Co., formerly President of the A. W. Shaw Co.
and a former Vice-President of the McGraw-Hill Co. He was at one time
associated with Wm. Filene's Sons Co. of Boston. He was graduated
from Harvard in 1912 and is the author of several books on industrial
subjects.
The membership of the Institute Will be drawn from the following
divisions of the industry:
1. Manufacturers of pharmaceutical, drug and chemical products.
2. Manufacturers of trade-marked medicinal products.
3. Manufacturers of toilet articles.
4. Manufacturers of cosmetics.
5. Manufacturers of other products, generally distributed through the
drug trade.
6. Service wholesalers dealing in products generally handled by drug
stores.
7. Mutual and other wholesalers dealing in products generally handled
by drug stores.
8. Chain retail drug stores.
9. Independent drug stores.
10. Other retail outlets handling products in the drug, toilet or cosmetic fields.
11. Officers and employees of trade associations connected with the drug
industry.
12. Deans and members of faculties of colleges of pharmacy, and officers
of pharmaceutical associations,
members of learned, scientific, public
or professional organizations. and
The board of directors will include 20 representatives of the various
divisions of membership, eight elected from the membership at large and
one from outside the active membership. A partial list of the directors,
so far selected, follows:
Directors-at-Large.
S. Bayard Colgate, President Colgate-Palmolive-Peet Co., Chicago, III.
G. M. Gibbs, President Peoples Drug Co., Washington, D. C.
R. W. Johnson, President Johnson & Johnson, New Brunswick, N.J.
Fred C. Michaels, President McKesson-Langley, Michaels Drug Co.,
San Francisco, Calif.
Harry Miller, retail druggist. New Rochelle, N. Y.
Carleton H. Palmer, President E. R. Squibb & Sons, New York, N. Y.
G. A. Pfeiffer, President Wm. R. Warner Co., New York, N. Y.
Carl Weeks, President Armand Co., Dos Moines, Iowa.
Wheeler Sammons, Acting Managing Director of the Institute.
Directors Representing Various Divisions of the Drug Industry.
George Merck, President Merck & Co.. ahway, N. J.;
Charles J. Lynn, Vice-President and deneral Manager Eli Lilly & Co.,
Indianapolis, Ind.
Dr. Wm. E. Weiss, Vice-President and General Manager Drug, Inc.,
New York, N. Y.
A. H. Beardsley, President Miles Laboratories, Inc., Elkhart, Ind.
J. L. Johnston, President Lambert Co., St. Louis, Mo.
Edw. S. Plant, President Lehn & Fink, Inc., New York, N. Y.
Northam Warren, President Northam Warren, Inc., New York, N. Y.
Ralph Aronson, President Bourjois, Inc., New York, N. Y.
Ross Treseder, Vice-President Coca Cola Co., Atlanta, Ga.
J. T. Woodside, President The Western Co., Chicago Ill.
A. Kiefer Mayer, Vice-President Kiefer-Stewart Drug Co., Indianapolis, Ind.
George Doerr, President McKesson-Minneapolis Drug Co., Minneapolis, Minn.
Harry Krupp, President Philadelphia Wholesale Drug Co., Philadelphia, Pa.
F. T ROOM, President Mutual Drug
Cleveland, Ohio.
C. R. Walgreen, President Walgreen Co.. Chicago, Ill,
Co.,
G. M. Gales, President Louis K. Liggett Co., New York, N. Y.
Thomas Roach, retail druggist, Oklahoma City, Okla.
John W. Dargavel, retail druggist, Minneapolis, Minn.
An executive committee of the board of directors will be composed of:
John W. Dargavel
Carleton IT. Palmer
R. W.Johnson
G. M. Gales
Edw. S. Plant
A. Kiefer Mayer
Charles J. Lynn
Dr. Wm. E. Weiss
Harry Miller
In addition to the board of directors, there will be a council composed
of the 29 directors and at least 30 additional members to be elected by them
with due regard to geographical and type of business diversification.
The Institute will seek to enlist the support of the American Medical
Association and women's clubs throughout the country in its efforts to maintain high standards of output and to protect purchasers against substitution
and other evils. It will also co-operate in the maintenance of fait wages
throughout the industry, so that unfair competition and excessive price
cutting cannot be conducted at the expense of workers in the drug field.
The organization of the Institute will include 10 standing committees,
the most important of which will be a committee on merchandising trends,
channels and statistics. Through the functioning of this committee the
Institute will have nationwide facilities for collecting data on sales, prices
and production. The activities of this committee will provide the basis
for remedying practices which are regarded as detrimental to the industry
at large.
Other important committees will be those on welfare work, on census of
distribution and census of manufacturers, on public health, on public
relations and legislation and on research and accounting.
427
It was stated on June 26 that the work of drafting the
code of competition was proceeding under the direction of
a committee headed by Edward Plaut, President of Lehn &
Fink, Inc.
President Roosevelt Names Secretary of Interior Ickes
as Public Works Administrator, Succeeding Col.
D. H. Sawyer.
Secretary of the Interior Harold R. Ickes was appointed
by President Roosevelt on July 8 as permanent Public Works
Administrator, to succeed Colonel Donald H. Sawyer, who
has been serving temporarily in the post. Secretary Ickes
has been the virtual director of the public works policy as
it has developed thus far, and his appointment by executive
order was generally interpreted as a declaration in favor of a
measured public building effort "to amount to not more than
$1,000,000,000 in the first year, in addition to $638,000,000
already allocated for highways and the navy." The New
York "Herald Tribune," from which we quote, added that the
initial phase of public work will probably be a list of $300,000,000 to $400,000,000 in Federal projects. It was anticipated that Colonel Sawyer would be retained in an executive
capacity under the Cabinet Advisory Board.
"Nira" Used as Designation for National Industrial
Itridli
Recovery Act.
Anew word, "Nira," composed of the first letters of
Industrial Recovery Act, made its appearance here
National discussions of thelaw carried on by
last NWerin numerous trade associations. The New York "Times" of July 2, in
observing this said:
Many business men attending meetings at which industrial trade groups
labored to develop codes of fair competition under the new law were bewildered by frequent references to what "Niro." would sanction or prohibit.
Trade group executives, who say they are carrying most of the burden
of drafting the industrial codes and directing discussion of the programs,
explain that they found the full title of the new Act too lengthy for use and
ntroduced the abbreviated word in order to save time.
Contractors Will Be Held to "Legitimate Profit" Under
$3,300,000,000 Public Works Program—Secretary
Ickes Says Primary Purpose Is to Create. Employment, and Money Must Not Be Wasted—Outlines
Features of Federal Plans in Radio Talk.
Prospective contractors who receive awards under the $3,300,000,000 public works program will be restricted to a
"legitimate profit," according to Harold L. Ickes, Secretary
of the Interior, in an address broadcast on July 2. Secretary
Ickes declared that the primary purpose of the entire project
is to increase employment, and he said that it would be "improper to allow the money of the people to be expended recklessly and extravagantly merely on the plea that it was being spent to make work. The more money that is wasted the
less there will be to spend on labor. Our concern is the employment of as much labor as possible within the limits of
the appropriation of Congress." He then continued, according to Washington advices to the New York "Times" on
July 2:
"To protect the interests of labor we will do everything possible to hold
contractors down to a legitimate profit. We will seek to safeguard all public
works undertaken by us from corruption or graft. We will see to it that
works are carefully inspected during their progress so that the taxpayers of
the United States who are so generously contributing this vast fund for the
common good may be assured that every dollar spent represents a dollar of
value."
The President, said Secretary Ickes, is considering the naming of a Federal Administrator of Public Works for each State, to qualify for which
appointment a man would have to be "an outstanding citizen." Such a man,
said Secretary Ickes, "must be free from connections with any individual or
firm that might embarrass him in the faithful performance of his duty."
Proposed projects under the public works program would be subject to
a double check, requiring first, the approval of the State Administrator and
second, by the Federal Administrator, who "may turn down a State or local
project even if approved by the State board," Mr. Ickes continued.
He said that all proposed projects would have to meet certain tests which
would include the following:
"(1) The project should be socially desirable. In other words, it must
contribute something of value to the community and not be merely a makeshift to supply work.
"(2) No work should be constructed which would require for its maintenance or operation an additional outlay by the Federal Government.
"(3) Projects which can be entered upon at once and completed quickly
should have the preference.
"(4) Projects that are located in or near the center of unemployment are
entitled to especial consideration.
"(5) Projects which are integrated with other projects into a significant
plan should be preferred."
Regulations for Employment.
principles had been laid down by the Public Works Board, said
Secretary Ickes, with special reference to workmen employed on the projects, these being as follows:
"(1) Opportunity for employment shall be equitably distributed among
qualified workers who are unemployed. It is not intended that the public
works should merely provide a change from one good job to another.
"(2) Opportunities for employment shall be distributed geographically as
widely and as equitably as practicable.
Other
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Financial Chronicle
"(3) Workers who are qualified shall be entitled to whatever legal preference they may have, as for instance ex-service men with dependents, citizens
oi the area or State within which the work is to be done, &c.
"(4) Excessive migration of labor in quest of work should be avoided.
"(5) Local labor should, so far as possible, be selected from lists of qualified workers submitted by local employment agencies designated by the
United States Employment Service."
"The act provides," Mr. Ickes said, "that so far as practicable and feasible, no individual directly employed on any public work covered by the
act shall be permitted to work more than thirty hours in any one week, and
that all employees shall be paid just and reasonable wages sufficient to provide for the hours of labor as limited, a standard of living in decency and
comfort."
President Roosevelt's Appeal to Cotton Growers to
Join Administration's Acreage Reduction Program
as "Patriotic Duty."
On July 8 President Roosevelt appealed to cotton growers
of the country to join in the Administration's acreage reduction program as a "patriotic duty." The appeal was
embodied in a letter addressed by the President to Secretary
of Agriculture Wallace,*who broadcast it in a speech from
Washington. The message from the President said:
"My dear Mr. Secretary:
"I want you to make it very clear that I attach the greatest possible importance to the cotton adjustment campaign. It is our first major attack
on the agricultural depression.
"I know that foi the past two weeks the representatives of the farm
adjustment administration have been presenting to the 2,000.000 producers
of cotton the hard facts of supply and demand, but the real question is, are
the cotton growers ready to recognize these facts and seize their opportunity.
"I myself am one of those who as a planter of cotton has suffered from
the absurdediy low prices of the past few years. What I am concerned
about, and what every other cotton grower ought to think about, Is the
price of cotton next year if cotton acreage is not reduced.
"There are two reasons why every cotton grower should go along ffith
the Government's national responsibility. The first is the patriotic duty
of making the plan a success for the benefit of the whole country; and the
second is the personal advantage to every cotton grower in helping as an
individual to reduce an oversupply of cotton and thereby obtaining a
better price for what he grows.
"The responsibility rests on the individual grower, and I believe that we
can get substantial unity among our more than 2,000,000 cotton producers
for this program of a planned and orderly harvest.
"Very sincerely yours,
FRANKLIN D. ROOSEVELT."
Administration's Cotton Acreage Reduction Campaign Successfully Concluded According to Secretary Wallace—Action of Growers Will Reduce This
Year's Crop by About 3,500,000 Bales—Processing
Tax of 4.2 Cents Effective Aug. 1.
Following the close at mid-night July 13 of the Administration's cotton acreage reduction campaign, it was announced yesterday (July 14) that the efforts toward curtailment had been successful, and that processing taxes would
be levied on the staple and on competing products, including
rayon. Associated Press accounts from Washington (July 14)
reported:
Secretary Wallace said that enough growers had agreed to cut their
acreage to reduce this year's potential crop by about 3,500,000 bales. The
tentative goal had been set at 3.000,000.
The processing tax of 4.2 cents a pound on cotton goes into effect Aug. 1.
Levied to pay farmers cash benefits for reducing their acreage, it will be
collected from the manufacturer on the amount of cotton he converts into
finished materials.
The tax rates for the competing products, which may include silk and
wool, will be determined in advance of Aug. 1 at hearings to be conducted
shortly on the date the tax becomes effective.
The processing tax on cotton is estimated to yield about $120,000,000
Mr. Wallace said that in contracts from growers so far received from the
16 cotton States farmers have offered to take out of production more than
9,000,000 acres. This figure may exceed 10.000,000 acres when all reports
are in, he said, adding that several weeks will be required to tabulate contracts and that the first acceptances of growers' individual contracts may
be made by next Wednesday.
He cautioned growers not to plow up any of the acreage offered until
their contracts have been formally accepted.
He expects that at least $100.000,000 will be paid to cotton farmers in
the 16 States during the next six weeks in return for their agreements to
reduce their acreage from 25 to 50% •
George N. Peek. Chief Adminstrator, said the acreage offered so far
tabulated has been higher than the average yield of the cotton region of
one-third of a bale to the acre. About 60% of the growers showed a preference for the payment method under which they were given cash payments
together with an option on Government-held cotton equal to the estimated
production of the land they offered to take out of production.
Administrators said that 2,000,000 bales available for this purpose will
be used to give growers options.
The other 40% of the growers preferred cash payments in proportion to
the estimated yield of the land they agreed to plow up. Adminstrators
estimated the average payment for each acre of cotton destroyed would be
39.50.
Industry Warned Government Dictation Is Inevitable
Unless Speedy Action Is Taken Under Recovery
Act—D. R. Richberg, Counsel of N. I. R. A., Says
Law Is a Challenge that Must Be Met Within 60
Days by Both Industry and Labor.
American industry was warned on July 6 by Donald It.
Richberg, General Counsel of the National Recovery Administration, that it must act quickly under the provisions of the
National Industrial Recovery Act to increase employment
July 15 1933
and to raise mass purchasing power. If industry itself fails
to take advantage of this opportunity, Mr. Richberg said, it
must expect to witness political control of private industry.
which would be tantamount to Government dictation. Mr.
Richberg spoke before a gathering of more than 1,000 business men at a luncheon arranged by the Merchants' Association of New York City. at the Hotel Astor, and his address
was broadcast over a nation-wide radio hook-up.
The Industrial Recovery Act is a challenge to industry and
labor that must be met within 60 days, Mr. Richberg declared. adding that if either group fails to meet the challenge
it will be indicted "for incompetence by the suffering millions who are now giving to industrial leadership one more
chance—perhaps the last—to justify its authority." After
finishing his formal address, Mr. Richberg answered questions from the floor. He said that his formal remarks "were
approved as a statement of the policy of the Administration,"
but that his replies to questions rested on his own authority.
In replying to questions as to the constitutionality of the
Act, Mr. Richberg said that the Supreme Court has held repeatedly that the Constitution does not authorize a minority
veto upon a code of business morality approved by the overwhelming majority of the people. He added that the Recovery Administration expects to operate far inside the
boundaries of constitutional power.
Henry I. Harriman, President of the Chamber of Commerce of the United States, also spoke at the luncheon, and
traced the history of the Industrial Recovery Act and of the
various causes that had prompted it. He remarked that the
efforts of the Roosevelt Administration program are being
felt in this country, and said he believed that "the corner has
been turned. The economic improvement has all the earmarks of permanency." The text of Mr. Richberg's address
before the meeting of the Merchants' Association follows:
The question is frequently asked, sometimes in hope, sometimes In fear,
often in frank skepticism: "What is the National Recovery Administration
trying to do?" At the outset of an effort to answer in part that question,
let me state some of the things that we are not trying to do:
We are not trying to establish public management of private business.
We are not trying to fix prices or wages by governmental orders.
We are not trying to unionize labor by Federal command.
On the other hand, we are not seeking merely to encourage a brief business boom without any effort to control the forces of eventual disintegration,
which brought about the depression—and which, if uncontrolled, still menace
the security of the American people. In a word, we are not trying to revive
the "Follies of 1929."
Some stubborn minds may yet have learned no lesson from the World War,
from the following years of intoxicated expansion of credit, and from the
later years of deadly payment of our debts. But to most people has come
some realization of the fact that an era has ended, that new occasions now
Impose new duties, and that a new generation cannot rely wholly on the
wisdom of its fathers.
Objects of National Industrial Recovery Act.
The objects of the National Industrial Recovery Act are well understood
and universally approved. They are: To put more people to work; to give
them more buying power; to insure just rewards for both capital and labor
In sound business enterprises, by eliminating unfair competition. To accomplish these high purposes the National Recovery Administration is being
organized in Washington as a machinery of co-operation between industries
and the Government.
The success of this Administration will not depend upon transforming
private business into a public utility service under public control. That is
not the design of the law or of those who have been chosen to administer it.
The success of this great adventure will depend largely on the ability of the
managers of private business to accept a new opportunity for self-government
in industry. They can now substitute enlightened co-operation in promoting
the general welfare, for a cannibalistic struggle to survive by eating their
own flesh and blood.
If this adventure should fail, it will not be a failure of government; it
will be the failure of an industrial system which the Industrial Recovery Act
seeks to improve in order that its values may be preserved. It will mean,
either that the system is fundamentally unsound, or that the present managers of private industry are incapable of operating it successfully.
Law a Challenge to Industry and Labor.
In his statement of June 16, the President said that this law is a challenge.
to industry and to labor. That challenge must be met in the next 60 days.
If the organized groups of either management or labor fail to meet that
challenge, they will be indicted for incompetence by the suffering millions
who are now giving to industrial leadership one more chance—perhaps the
last—to justify its authority.
This is no time for men who have positions of power and large influence
in shaping the policies of commercial, financial or labor organizations, to
hold back, either to placate hesitant minorities or to serve selfish special
Interests. The forces of the depression have not been conquered merely by a
rise in commodity prices or in the market quotations of stocks and bonds.
We have still millions of men and women out of work; we are spending millions of dollars every day to keep these unemployed masses and their dependents from starvation.
In this great emergency—when the whole power of the Federal Government is being exerted to give business men an opportunity to organize for a
united drive to re-employ the workers and to pay wages sufficient to provide
a market for industrial and agricultural products; when protection against
the unfair competition of overworked, underpaid labor is assured; when the
legality of co-operative action is assured—there can be no honorable excuse
for the slacker who wastes these precious moments with doubting and debate
—who palsies the national purpose with legalistic arguments and appeals
to prejudice.
Volume 137
Financial Chronicle
No Change of Any Provision of Constitution Attempted in the Act.
As the legal adviser of the National Recovery Administration, let me
indicate in a brief space the futility of a debate over questions of constitutional law in this critical situation.
First, there is no change of any provision of the Constitution attempted
in this law. Therefore, all the time-honored constitutional rights of the
individual remain unmodified by this law.
Second, there exists no constitutional right to do anything which is forbidden by this law. There is no constitutional right to compete unfairly,
and there is no business competition which is more unfair or more harmful
to all the people than the competition of low wages and long hours, which
the National Recovery Act seeks particularly to eliminate.
The welfare of all the people and the prosperity of all business is undermined by such competition, out of which only a small minority can make a
temporary profit. If the Constitution protected the right of a few to profit
in such a manner at the expense of all the people, it would be a charter of
anarchy and not a bulwark of law and order. In truth, the Supreme Court
has repeatedly held that the Constitution does not authorize any such minority veto upon a code of business morality approved by the overwhelming
majority of the people.
Third, if any man fears that, in the establishment of a law of fair competition, he may be deprived of some constitutionally protected freedom of
action, his present course should be clear. Let him first join with his fellows in writing the rules of the game before protesting that he is sure the
rules will be unfair. Let him then try to play the game according to the
rules, which may be a novel but perhaps an educational experience for many
who have been accustomed to dignify lawless self-assertion and disregard
for the rights of others, with such noble words as "individualism" and
"liberty."
Finally, constitutional rights are not invaded by proclamations, or statements of public policy, or even by grants of extraordinary power to meet
extraordinary needs. They are invaded only by the exercise of force to take
from a man a liberty or a property right, of Which be may not be lawfully
deprived. Let me say now, and emphatically, that the National Recovery
Administration expects to operate so far inside the boundaries of constitutional power that judicial determination, even of borderline cases, will not
be necessary. But, if the learned members of my profession (in which two
opinions can always be obtained) feel at any time that the Administration
has erred, the courts, zealous to protect liberty and property, are always
open—and they are the final arbiters of what may or may not be lawfully
done. Why bring that up now?
Returning to the question propounded at the outset—let me summarize
what the National Recovery Administration is trying to do to-day.
Establishment of Codes By Industries.
Every substantial industry in the country is being urged to prepare and
to submit promptly a basic code of fair competition. This code should provide for such a shortening of the hours of labor as will bring about the immediate re-employment of the number of men normally attached to the industry.
This code should establish minimum wages for the hours of work as limited,
so that a decent living may be assured to the humblest worker. This code
should contain also the mandatory provisions of Section 7a of the Act. Protecting the rights of self-organization and collective bargaining for all
employees.
This basic code may contain other provisions regarded by the sponsors as
essential to eliminate unfair practices and to increase the stability and
security of sound enterprises operating in conformity with the code. But it
is highly desirable to avoid submitting immediately those comprehensive
codes which will deal eventually in greater detail with trade practices and
competitive methods and relations. Speed and mass action are essential to
meet the far-reaching needs of the immediate future.
We cannot wait to hold adequate hearings upon complicated codes concerned with the intimate problems of particular industries. The ability of
each industry to increase employment, to add to its payrolls, depends in large
measure upon concerted action. There must be a united attack of all industries upon low wages and long hours, a simultaneous rise of purchasing power
all along the line. The new buying power created by the increased payrolls
of each industry will help to absorb the products of all the others.
Faced by this demand for speed, we must follow the President's policy
of doing the that thing first.
The recent public hearings on the code submitted by the cotton textile
industry have helped to make plain the method and objectives of the Administration. A basic code, simple in form and comparatively brief, was presented; and in it was laid the groundwork for a future more comprehensive
code. The schedule of maximum hours of work for men and for machines,
and the schedule of minimum wages, did not provide precedents for any
other industry. But the method of arriving at these schedules was sig.
nitleant.
Here is an industry which has been historically operating long hours on a
low-wage level. Naturally, low prices for its products have followed upon
the competition in low operating costs. Any revolutionary increase in costs
would require a revolutionary increase in prices, with drastic and uncertain
consequences to an industry markedly competitive within itself and with
other industries. All these factors had to be weighed by the industrial
representatives assisted by the impartial services of our Government agency.
Textile Operators' Code.
In the end, a brief basic code drafted by the textile operators offered four
changes in industrial practice which are of startling consequence: (1) Abolition of child labor, (2) substantial reduction of hours of labor in this
Industry to two shifts of 40 hours per week,(3) increase of minimum wages
to the purchasing power level of wages for the longer hours of 1929,(4) limitation of machine hours to 80 hours per week, checking overproduction, eliminating the "graveyard" shift at night, and giving to rural enterprises some
protection against excessive operations in the urban mills.
The Administrator, who may suggest further revisions, has not yet recommended this code to the President, whose approval must be finally obtained.
But it should be very clear that the code to be ultimately adopted will not
be in any sense the product of a dictatorship. It will represent the uncoerced desire of this industry to govern itself wisely and in the public interest.
Enough has been accomplished already, in thus dealing with one industrial
problem of exceptional difficulty, to demonstrate both that this job can be
done and that it should be done. If the cotton textile code were approved as
written, it would mark a great forward step in this industry.
Guided by its experience with this first code, the National Recovery Administration can assure other industries of early and practically simultaneous
action. Several separate public hearings can be conducted at once—now
that our procedure has been established and found serviceable. Consolidated hearings may well be held upon codes affecting related industries.
But all that can be done depends right now upon the whole-hearted cooperative 'efforts of the industries themselves. The Administration cannot
429
and should nut undertake to prepare codes. Our tield of service is definitely
limited until a code is brought in. We should not be expected to arbitrate
differences or to seek to bring about the adoption of a code in such a manner
as to commit the Administration to approval of its provisions before the
opportunity has been given for public criticism and expression of the views
of the various affected interests.
Above all things, the letter and spirit of the law lays down the function
of the Government; and it is not that of a dictator or controller of industrial
policies; not even that of an arbitrator between parties in conflict. It is
the purpose of the Administration, iirst, to aid the representatives of a
single industry to achieve the immediate objective of all industry—to put
people back to work at decent wages and reasonable hours; second, to coordinate the programs of the various industries for the accomplishment of
this common objective; third, to protect and promote the general welfare in
all phases of this industrial self-government; and, fourth, to maintain such a
supervision over the future use of those co-operative powers which may now
be exercised for the benefit of industry as will make sure that those powers
will not be abused but will be utilized in a manner consistent with the public
interest.
It may be observed that this ambitious effort to encourage the intelligent
planning of industrial activities calls for the collection and analysis of economic data both by trade and industrial groups and by the Recovery Administration. This utilization of scientifically gathered and organized information as the basis for business policies, this intrusion of trained and impartial
economists into the councils of business, may be viewed with alarm by many
sturdy and self-sufficient business men. "Book learning" is sometimes the
scorn of those who would protect their self-assurance from the disturbing
knowledge that their favorite ideas have been tried and found wanting many
times and in many places.
Doubtless there are hundreds, perhaps thousands, of manufacturers, merchants and distributers who will be a bit uneasy at the thought of conferring
in trade associations and in Government offices with men who have actually
spent years reading in libraries, or even writing books, and trying to devise
ways and means to substitute careful planning for reckless guessing in the
guidance of industrial operations. Even a cold-blooded advocate of a planned
economy should sympathize deeply with a business genius whose momentous
decisions have heretofore been based on reasoning akin to throwing the dire .
or tossing a coin, and who is now asked to abandon this stimulating exercise
of individual initiative and to resort to the study of mystic charts and tables
prepared by some educated pencil-pusher.
Nor should we ignore the agony of the hard-headed manager who has
stood on his head successfully all his life, viewing the supreme achievement
of a business enterprise as a reduction in the payroll coupled with an increased output, who has not felt the slightest responsibility for maintaining
mass purchasing power, and who is now suddenly asked to stand on his feet
and, when no longer looking at the world upside down, to observe that
employees are really customers and that the supreme achievement of a business enterprise may be to pay out as much money as possible in wages without producing more goods than the market will absorb.
Adjustment of Habits and Prejudices of Lifetime Requirement of National
, Emergency.
We must all recognize and sympathize with the profound difficulty of adjusting the habits and prejudices of a lifetime to the requirements of a
national emergency. The times demand not only courage and sacrifice but
also intelligent action based on an understanding that the causes of the
depression lie "not in our stars but in ourselves."
The National Industrial Recovery Act was written in the confident belief
that the great majority of business men are ready to take intelligent action,
to accept their responsibilities courageously, and to co-operate with their
fellows and with their Government in accomplishing the purposes of this law.
One of the primary purposes of the law is to avoid any necessity for
Government control of business; to encourage private initiative; to rely
on self-discipline; to put faith in voluntary, collective agreements as the
means of fixing and stabilizing human relations in and between units of
industry. It will be only the failure of our industrial leadership to accept
its great opportunity for self-service, combined with public service, which
may bring into play and make necessary the exercise of those reserved powers
of government which are described as dictatorial, but which are in fact only
powers of self-preservation.
If my brethren of the bar will read again certain opinions of the Supreme
Court, they will find there written down that the supreme law of government, as of the individual, is the low of self-preservation. A government
sworn to protect and to defend the Constitution cannot permit that Constitution to be used as a shield for the enemies of constitutional government.
The constitutional right of individual liberty cannot be made a shield of
anarchy. The constitutional right of private property cannot be made a
shield of tyranny and oppression.
In the fourth year of the worst depression of our history we came upon a
day when every bank had to close its doors, when more than 12,000,000
willing workers were seeking in vain to earn a livelihood, when the Federal,
State and private agencies were being forced to borrow hundreds of millions
of dollars to keep one-third of our population from starvation. We came
upon a day when not only the continuance of our social-economic system,
but the N ery existence of our Government depended upon united and immediate action to stem the forces of the depression before the onrushing hour of
economic collapse and political chaos should arrive. The American people
might well go down upon their knees and thank God that in that dreadful
day there came into power the man who alone could save them—the Man of
Action.
Can it be thought that our bitter lesson has been so soon forgotten'? Can
It be thought that in a brief pause in the storm, when the sun is breaking
through the heavy clouds and the wind is dying down, the American people
are foolish enough to trust themselves once more to the guidance of men
who have no plan, no program for the general welfare, no understanding of
the obligations to the common good that arise out of power to control the
industries of the nation?
Urges Manager of Industry to Fulfill Responsibilities.
The answer to this question is written plain in the universal support of
the President's program of economic recovery. There is no choice presented
to American business between intelligently planned and controlled industrial
operations and a return to the gold-plated anarchy that masqueraded as
"rugged individualism." There is only the choice presented between private
and public election of the directors of industry. If the privately-elected
boards of directors and the privately-chosen managers of industry undertake
their task and fulfill their responsibility, they will end all talk of dictatorships and governmental control of business. But if they hold back and waste
these precious hours, if they take counsel with prejudice and doubt, if they
fumble their great opportunity, they may suddenly find that it has gone
forever.
Financial Chronicle
430
It is not my faith that the managers of industry should be chosen by
popular ballot. No man to my knowledge who had an active part in drafting
the National Recovery Act, or will play an active part in its administration,
Is seeking the political socialization of industry. But unless industry is
sufficiently socialized by its private owners and managers so that great
essential industries are operated under public obligations appropriate to the
public interest in them-the advance of political control over private industry
is inevitable.
The great adventure of the Recovery Act lies in this effort to find a
democratic and a truly American solution of the problem that has produced dictatorships in at least three great nations since the World War.
In this great adventure the Administration has invited, and will seek to
merit, the confidence and co-operation of leaders of industry and of every
phase of American life. We have no panaceas that must be accepted, no
patent medicines that must be swallowed, no rigid theories that must be
adopted. We have only the earnest desire to carry forward the program of
the President in the light of his vision and under his guidance, to the end
that the institutions of democratic control may be preserved in government
and in business-each in its separate sphere-and each in co-operation with
the other.
I
Washington Administration Reported to Plan a
Managed Domestic Currency Based on 1924-25
Price Levels-Stabilization Accord Not Regarded
as Probable for Two or Three Years
-Gold to Be
Retained in United States.
President Roosevelt is said to be considering a plan for a
managed domestic currency, based on 1924-25 commodity
price levels, as well as a vigorous prosecution of his domestic
recovery program,according to apparently well-authenticated
newspaper reports from Washington on July 5. These
reports further declared that the Administration is prepared
to embark upon a nationalistic program to raise the level
. of commodity prices, to reduce unemployment and to develop
Latin-American and Russian markets for American surplus
goods. It was also stated that an international stabilization
treaty might not be possible for two or three years. This
viewpoint of the Administration's projected course of action
was outlined in a Washington dispatch of July 5 to the
New York "Times," from which we quote in part:
The Administration holds that there is a wide difference between some
Continental countries and the United States as to the necessity for stabilizing
world currencies. These gold-bloc countries are demanding, it is said,
stabilization of a current rate of exchange to deal effectively with economics
in their own countries. The United States, on the other hand, hopes to
see currency stabilization effected in the international field after price
levels have ben stabilized in each country.
The Administration contends that after each country has stabilized
its own currency within its domestic purchasing power international
exchange rates will automatically reach a stable basis and then some
agreement might be effected.
The European gold bloc, the Administration believes, is concerned
solely with the temporary exchange value of their own currencies and
to effect this seeks to force the United States to enter into a plan not on the
agenda of the World Economic Conference.
Their proposition that the 'united States, with other countries, should
set up a special fund to control exchange fluctuations is emphatically
opposed by the President. He is opposed to the program, it was indicated,
because it would compel the United States to permit a large withdrawal
of gold from this country and let down the bars on the export of gold.
The President indicated that foreign countries and the United States
differed as to how gold should be used. Many foreign countries at the
London Conference urged that it should be used as a medium of international exchange, while the United States holds that it should continue
as a collateral behind paper currency. United States delegates at the
Conference supported a view that gold should exist only as bullion and
be kept within a nation as a permanent collateral behind national currencies.
The Administration is of the opinion that no feasible plan had been
advanced at London for stabilization of world currencies. It is held that
Federal Reserve banks cannot enter the market and buy dollars to prevent
wide fluctuation. Under the law they cannot speculate in foreign exchange
because they are custodians of the revenues of the members of the Reserve
System.
The President cannot understand why some European countries are
so eager to force the United States into a currency agreement before this
country can adjust its domestic values and chart its course back to stability.
It was recalled by the President that Great Britain had been off the
gold standard a year and 10 months, and that France was off for several
years. This country has been off the gold standard only three months
and the Administration intends to study the currency situation before
making any international agreements, hoping our recovery programs will
bring about an adjustment of the purchasing power of the dollar that
will lead to stabilization.
Some Administration advisers had suggested that the price levels of
1926 be adopted in working out a managed currency. The President,
however, feels that these are too high and that the purchasing value of
the dollar should be based upon the 1924 and 1925 commodity levels,
which were slightly lower.
John H. Rand Jr., Chairman of the Committee for the Nation, was
one who urged that the dollar's value be fixed at the 1926 price level.
To bring this about, he said, a cut of 42.8% in the gold content of the
dollar would be necessary.
President's Course Defended.
In justification of the President's attitude on temporary stabilization,
it was noted in informed quarters that, while he had advocated stabilization as one of the important matters the Conference must settle, he
had not at any time suggested that it should come first or be of a temporary character. It has been his attitude all along, it was said, that
economic stability in all major countries must come first.
It was also noted that President Roosevelt had no part in the initiation
of the Economic Conference, it having been planned before he assumed
office. It was remarked privately from the start that unless each power
represented at the Conference was prepared to make sacrifices to the
common good, little would come of the parley.
a The entire domestic recovery program, it was remarked, was essentially of a nationalistic tinge, and could fit into an international picture
only if other governments pursued similar courses. That this was not
July 15 1933
to be the case became apparent to observers here early in the Conference.
War debts, taboo from this country's point of view as an integral part of
the agenda, were injected as an issue on the first day and, following that,
there was an urgent demand by gold standard countries that the United
States stabilize its currency at once in terms of European monies.
It was evident that President Roosevelt. having inherited the economic
conference, proposed to do everything in his power to get it off to an auspicious start, in the hope that foreign countries would drop nationalistic
rivalries. This did not take place, according to the President's supporters,
who insist that the United States, above all other countries, entered the
conference with an open mind, prepared to agree to anything that did
not make it a victim.
Emergency currency stabilization, in their opinion, fell into this latter
category. All gains achieved to date by the domestic recovery program
would have been lost, they said. If the Conference was to be wrecked by a
firm stand by this country on that one question, they believed the President
was willing to accept responsibility.
With reference to the reported intention of the President
to raise prices to the 1924-25 level, the New York "Times"
on July 6 printed the following table, giving the range of
prices for those years and the quotations on July 5 1933,
for a number of basic commodities:
PROPOSED PRICE BASIS OF DOLLAR.
1924.
1925.
High.
Wheat
Corn
Rye
Oats
Flour
Coffee
Sugar
Butter
Eggs
Lard
Pork
Beet
Iron
steel
Lead
Tin
Copper
Pilateloth
Cotton
Low.
52.0134
1.5434
1.4134
.70
9.55
.2534
.09
.55
.62
17.60
35.00
23.00
25.25
40.00
10.1254
59.00
14.90
.08
35.70
31.19
.9834
.7334
.5434
6.45
.1034
.064
.3634
.23
10.65
24.00
18.00
21.25
35.50
7.00
39.75
12.20
.0634
22.15
High.
Low.
$23434
51.48
.9434
1.5234
.8434
1.8334
.71
.47
10.25
7.50
.2434
.1634
.0634
.051
.37
.5234
.68
.2734
18.40 i 14.50
41.50
34.00
30.00
20.00
25.00
21.75
40.00
33.50
10.85
7.70
64.50
50.00
15.00
13.25
.07
.06
26.05
19.15
Yesterday's
Closing
Price.
51.1534
.743i
.9234
.55
6.15
.0734
.046
.2534
.1534
6.90
19.00
11.76
16.34
26.00
4.30
46.50
8.50
.0634
10.25
*Unavailable; range was $26.50 to $19.00.
On the basis of 1926 as 51.000 (or normal), the purchasing power o the dollar in
1924 was $1.019 and in 1925 30.966, or an average of 30.9925, whereas in 1930
It was $1.159, according to the Bureau of Labor Statistics.
Creation of Institute of Real Estate Management'by
National Association of Real Estate Boards
Farm Lands Institute Created.
The National Association of Real Estate Boardsan-nounced:on June 29 that executive details were being completed for the new Institute of Real Estate Management
brought into being at the Association's annual convention
recently held in Chicago. The Association says:
The new Institute, authorized by the board of directors at the request of
the property management division of the Association, after more than a
year of discussion, is formed to establish a more accurate knowledge of the
factors which affect the income-Producing power of improved real estate,
and to foster efficiency in management methods. It plans to collect data
on the operation of various types of properties on such a basis that costs
and returns may be compared between like properties in various cities or
in the same city. To this end it intends to set up for its members units
which they will be asked to employ in recording of their own experience
with specific properties. This will make possible a factual study on a
national scale.
The new body will be a clearing house of management experience. It
looks toward the establishment of a code of ethics and standards of practice
for real estate management.
Findings to Be Open to Use of All Realtors.
Findings of the new Institute, which will take the place of the Association's property management division, will be open to the use of all real
estate boards in the Association's membership and to all realtors.
Aimed to Safeguard Clients.
The new Institute in its by-laws sets up certain clear and effective standards of practice in real estate management to which all applicants for
membership must subscribe. It requires: (1) a detailed initial inspection
of the methods of business employment by the managers and management,
agencies applying for membership, with particular relation to the safeguarding of the client's interest, and (2) subsequent periodical audits and inspections to insure that the managers or management agencies are living
Up to membership requirements. The Institute will have full disciplinary
power over its membership.
Changes in Ownership of Large Properties Emphasize Need of Competent
Management.
Formation of such an institute at the present time is especially important
in view of the fact that tremendous changes in real estate ownership have
been taking place. New owners are in many cases absentee owners.
Financial and other institutions have come into the possession of large
blocks of real estate in cities over the country for the management of which
they have no adequate present equipment. The business judgment of the
efficient and experienced manager is as real a factor as the brick and mortar
of the building or its steel and concrete in determining income return from
Improved properties.
Follows Plan of Appraisal Institute.
Tho new Institute of Real Estate Management is constituted to accomplish in its own field a work similar to that which is now being done in
the field of real estate appraisal by the American Institute of Real Estate
Appraisal of the National Association of Real Estate Boards, established
one year ago, at the Cincinnati convention of the Association. Membership in the latter institute is limited to persons who have passed a very
exacting examination as to their professional experience and their understanding of appraisal principles and methods.
Officers of the Association's new Institute of Real Estate Management,
who take office at once, are as follows:
Volume 137
Financial Chronicle
President: Kenneth Cotton Brown, Chicago, Ill.; Vice-President, L. V.
DuBois, Cincinnati, Ohio.
Governing Council.—Term expiring Dec. 31 1936: Delbert S. Wenzlick,
St. Louis, MO.; Henry N. Lorish, Chicago, Ill.; J. B. Gillespie, Nashville.
Tenn. Term expiring Dec. 31 1935: Kenneth Cotton Brown,Chicago, Ill.;
L. V. DuBois, Cincinnati, Ohio; Howard E. Haynie, Chicago, Ill. Term
expiring Dec. 31 1934: W. C. Fiedler, Newark. N. J.; Kenneth S. Keyes,
Miami, Fla.; A. S. Kirk, Des Moines. Iowa.
Farm Lands Institute Created.
A new institute of Farm Land Brokers and Farm Managers of the National Association of Real Estate Boards was also created at the Chicago
meeting. The new body takes the place of the Association's farm lands
and country estates division, and is set up to carry on in a more extensive
way the work of the division.
By revision of its by-laws the Association's Home builders and subdividers division prepared itself for more active and efficient work. The
division, as reorganized, will be known as the land developers and home
builders division.
Formation of the new Institute of Farm Land Brokers and Farm Managers
reorganization of the land developers and home builders division were
authorized by the Association's board of directors.
Europe's Judgment of United States Unfair, Ambassador Jesse I. Straus Declares in Paris—Asks
Better Appreciation of President Roosevelt's
Efforts.
European criticism of the United States was termed unfair and ill-advised by Jesse I. Straus, American Ambassador
to France, in an address on July 4 at the Independence Day
dinner of the American Chamber of Commerce at Paris. Mr.
Straus vigorously defended the American economic policy,
aid suggested the cultivation of a better spirit of appreciation in Europe of President Roosevelt's efforts for recovery.
His address was reported, in part as follows, in a Paris dispatch to the New York "Herald Tribune":
Ambassador Straus denied that there was in America any lack of sympathy
'for world problems. He pointed out that the United States, having an unemployment situation worse than that in any other country, had the right to
expect understanding from abroad. He made a significant reference to the
unfairness with which "the daily press of some nations" has treated every
American move. He declared that whether internationalism or nationalism
prevailed in the immediate future depended largely upon the European
nations, which, he said, "are almost unitedly evidencing a failure to understand us."
A paradox between sentiment and fact, the Ambassador remarked, developed a half-century ago, at about the time when France presented to the
United States the Statue of Liberty.
"The two countries," he said, "commemorating the liberty of the person
and of conscience, proceeded to put restrictions on freedom of trade, when
the embargo which France declared on pigs was promptly countered in
America by an embargo on pictures."
Stressing the spontaneous generosity which catastrophes abroad always
have aroused in America, Ambassador Straus said that the unemployment
situation in America, and the growth of indebtedness and taxation, made it
not unreasonable of Americans to expect foreign sympathy.
"We are ready and willing," he said, "to negotiate mutually advantageous
arrangements and are trying to help establish such international relations
as will enable others, as well as ourselves, to thrive. No one-sided contract
ever leads to contentment, and we are ready to give in exchange for what we
believe our due.
Puts Future Up to Europe.
"However, when we read in the daily press of some nations whose friendship we desire, and who should be our friends, that we are grasping, that we
are selfish, that we are pursuing a course which is unfavorable to world peace
and to a solution of world problems, then I think it is time for us to argue
the unfairness of such pronouncements."
"The policy of the Administration," Mr. Straus went on, "would appear
to be to lower tariffs and make exchanges of commodities freer and easier.
Whether the nations of the world are going to take the international viewpoint in fact, and not only in theory—for we must all float or sink together—
or whether we are on the eve of a more nationalistic and more isolationist
era, depends, I think, not so much on the United States as on the concert
of European nations, who, if it is correctly reported from London, are
almost unitedly evidencing a failure to understand us."
Ambassador Straus summed up his address in the words: "All this is a
plea for some action on the part of the European nations with respect to
America that will make the American people feel that their youthful zeal in
a good cause and their joy in sacrifice have not been all in vain."
New York State Insurance Department Issues Letter
in Response to Inquiries on Attitude to Subject
of Foreclosures by Companies Under its Jurisdiction—Policy of Department to Seek to Conserve
Property.
George S. Van Schaick, New York State Superintendent of
Insurance, in a statement issued July 10 said that "so many
inquiries have been made as to the attitude of this Department (New York State Insurance Department) toward the
subject of foreclosures by companies under its jurisdiction
that I am making public a letter directed to title and mortgage guaranty companies under the jurisdiction of this Department and now operating under restrictions. It sets
forth the position of the Department." Superintendent
Van Schaick continued:
The plight of mortgagors and the shrinkage of real estate values have
caused much hardship and distress among the holders of guaranteed mortgages and participation certificates. The security behind these investments
should be conserved but there is no necessity for undue harshness and every
effort is being made to prevent it. It is not only humane but in accord with
good business to extend time to trustworthy debtors who are temporarily
embarrassed. On the other hand it is undoubtedly true that many mortgagors who are well able to fulfill their obligations are taking advantage of
431
present conditions to avoid them. Such a situation must not be permitted
to exist.
It is the policy of the Insurance Department to use every effort at its command not only to have every property conserved and worked out for the
benefit of certificate holders but at the same time to do so with due regard
to the distress of deserving debtors.
The letter, dated July 8, follows:
To Title and Mortgage Guaranty Companies Under the Jurisdiction of This
Department and Operating Under Restrictions:
Heretofore in the public interest restrictions upon the transaction of the
business of title and mortgage guaranty companies have been issued.
These were temporary in character and have served as a basis of operation
until a permanent plan could be formulated. It is expected that announcement of such plan or plans will be made within the current month. Every
effort of the Department is being made to expedite the formation of such
plans. In the meantime it is necessary that certain misunderstandings
relative to the restrictons be cleared.
1. The duty of your company to preserve the security back of the obligations guaranteed by you remains in full force and effect. You are a trustee
for the holders of the securities sold by you. Everything within reason
should be done to fulfill your obligation as such trustee. The restriction
under which you are operating are for the benefit of the holders of your
guaranties, not for their detriment. The basic reason for the restrictions
was not only to prevent preferences as between creditors of the various
companies but to adequately preserve and protect the rights of such creditors.
2. This does not mean that you are to indulge in harsh and unreasonable action as to foreclosures or otherwise. This Department has repeatedly
advised the companies under its jurisdiction to use the utmost consideration possible in handling the plight of home owners and other property
owners. A sympathetic approach to each problem is consistent with proper
conservation of the property involved. The worthy case can be distinguished from the unworthy if close attention is given to each case. If a
particular case is one where Federal or other relief is reasonably probable
it is not only humane but good business to afford a period of grace sufficient
to obtain the help which is in sight. Decisions as to leniency to debtors
should be passed upon by responsible officers of your corporation and not
delegated.
3. Every consideration should be shown and extended to the unfortunate holders of participation certificates or guaranteed mortgages who
seek information as to why they are not receiving the full amounts called
for by their contracts. The situation which called for the restrictions has
fallen with grave severity upon people who in many cases are subjected to
extreme hardship. A full fair disclosure of every bit of information available as to the security back of the guaranties and certificates should be made
to those interested therein. There should be the closest co-operation
between your company and the New York Guaranteed Mortgage Protection Corporation which was formed pursuant to legislative authority for
the protection of certificate holders. Much of the grief and distress of the
general public can be alleviated by a proper and sympathetic attitude toward
people who have been unfortunate enough to have made investments that
have shrunk in value. Failure to give complete information needlessly
increases the uncertainty and distress.
4. All reorganization plans which have been submitted are receiving
careful study and analysis. A fundamental and basic plan is being formulated. This Department will not approve or sponsor any reorganization
plan unless it has for its fundamental purpose the greatest protection possible for the holders of guaranties.
This letter should be read at the next ensuing meeting of the Board of
Directors of your company and your employees should be specifically
instructed in accordance herewith.
Yours very truly,
GEORGE S. VAN SCHAICK
Superintendent of Insurance.
New York, N. Y., July 8 1933.
Joseph B. Eastman, Co-ordinator of Transportation,
Appoints 15 Assistants to Direct Co-ordination
and Study Railroad Economies—Recovery of
Traffic Lost to Trucks and Other Forms of Transportation One of Chief Aims of Government,
Statement Indicates.
Joseph B. Eastman, Federal Co-ordinator of Transportation, has as one of his principal aims the recovery by the
railroads of traffic lost to motor trucks and other competmg
transportation agencies, it was disclosed on July 10 in a
statement, in which he announced the appointment of 15
assistants to direct the work of co-ordination in the three
principal divisions of the Nation and to study potential
operating economies and methods of increasing operating
efficiency. The same statement noted a meeting scheduled
for July 14 by Mr. Eastman with the three regional coordinating committees to discuss other phases of the railroad problem.
Plans of the Co-ordinator's office, as given in an official
statement dated July 10, follow:
The Emergency Railroad Transportation Act, 1933, contemplates that
the railroads and the Federal Co-ordinator of Transportation will work
together in searching out economies in railroad operation and management
which are practicable and desirable and have not yet been realized. It is
directed particularly at whatever wastes are caused by lack of effective
co-operation of the railroads with each other, and in the expectation that
the Federal Co-ordinator can bring about greater unity of purpose and
action.
The railroad activities will center in the three Regional Co-ordinating
Committees, composed of executives in the East, West and South, and
under the Act it is the duty of the Federal Co-ordinator in the first instance
to work with these committees, although he has ultimate power to act
Independently.
So far as the Co-ordinator's own organization is concerned, he will deal
with certain matters through units or sections located at Washington.
One of these units will be called the Section of Freight Service. It will deal
with the modernization of freight service to meet the changed conditions
brought about by the competition with the railroads of motor trucks and
other transportation agencies. Especially it will deal with the methods
of handling less-than-carload freight, including the utilization of containers,
demountable truck bodies, and similar new types of equipment, reduction
N
432
Financial Chronicle
in weight of equipment, the problem presented by the car-forwarding
companies, the relation of the Railway Express Agency to the situation,
store-door delivery, and the use of motor trucks as auxiliaries to or substitutes for rail service, particularly in terminal areas,
It is probable that a similar unit will be created to deal with passenger
service and its improvement, or that the two will be combined under one
head.
Another unit will be called the Section of Purchases. It will deal with
such matters as the standardization of materials and supplies, and also
equipment, and with simplified practice and improvement in purchasing
methods generally,
A further unit will be called the Section of Car Pooling. It will consider
whether it is feasible and desirable to extend the principle of pooling to all
or any kind of equipment, and will also consider other means of reducing
empty-car mileage or improving car-repair practices, including the question of car rentals,
Questions relating to allowances, direct or indirect, to shippers for various
services, and also those relating to so-called accessorial services which the
railroads perform, and to the charges therefor, will be dealt with chiefly
through the Bureau of Service of the Commission.
There are various other matters which will be handled centrally as the
work of the Co-ordinator develops,
In addition to this central organization, however, the Co-ordinator will
have regional organizations paralleling the carriers' Regional Co-ordinating
Committees. At the head of each will be a regional director with much
experience in railroad operation, and under him there may be specialists
In particular phases of operation,such as repair of equipment, maintenance
of way, and terminal operations, and also certain district representatives,
more especially in the western region. Associated with him will be a man
experienced in the traffic problems of shippers, who will supply this point
of view to the organization and provide a point of contact for shippers.
It will be the duty of these regional subdivisions of the Co-ordinator's
organization to maintain contact with the carriers' Regional Co-ordinating
Committees, to help the Co-ordinator select matters to refer to those cornmittees for study, and to check up for him the adequacy and reliability of
the investigations which are conducted by or through those committees.
At times the regional directors may find it necessary to conduct certain
investigations on their own account, and in such instances it is expected
that arrangements can be made to supplement their forces, when necessary,
through employees of the carriers loaned temporarily for detailed work.
The matters for investigation which will fall within the province of
these regional directors of the Co-ordinator will include the unification
of terminal operations, the joint use of shops and various other facilities,
the pooling of train service, and the elimination of uneconomical routes.
These are, of course, illustrations, not intended to exhause the possibilities.
Besides that part of his organization, above described, which will deal
with possible economies in railroad management and operation, the Coordinator will have a separate staff to help him with the research necessary
in arriving at the recommendations for further legislation of a more permanent character which it will be his duty to submit through the Commission
to the President and to Congress, for the purpose of improving transportation conditions generally throughout the country. In this connection he
is to consider the "ability, financial or otherwise, of the carriers to improve
their properties and furnish service and charge rates which will promote the
commerce and industry of the country and including, also, the stability of
railroad labor employment and other improvement of railroad labor conditions and relations." The study preliminary to arriving at recommendations will, among other things, go into the problem of railroad unification,
railroad reorganizations, the conditions likely to surround railroad credit
in the future, the relation of the Government to the industry, the regulation of other transportation agencies. possible changes in the regulation of
railroads, the proper co-ordination of all of the transportation agencies,
and the control and improvement of labor conditions and relations.
Under the law, the Co-ordinator, it may be well to point out again, must
in the first instance work with the carriers' committees. He cannot issue
orders until matters have been referred to them and they have either made
recommendations or have failed to act. Under the law, also, he will be
restricted in issuing orders, at least under present conditions, by the limitation in the Act with respect to reductions in the number of railroad employees.
On Friday. July 14, the Co-ordinator will confer at Washington with the
three Regional Co-ordinating Committees of the carriers.
The following men have agreed to accept service in the Coordinators
organization:
Director. Section of Freight Service, .J. R. Turney, St. Louis, Mo.
Director. Section of Car Pooling. 0. C. Castle, Houston, Tex.
Director. Section of Purchases, R. L. Lockwood, Washington. D. C.
Eastern Regional Director, H. J. German, Pittsburgh. Pa.
Western Regional Director, V. V. Boatner, Chicago, Ill.
Southern Regional Director, C. E. Weaver, Savannah, Ga.
Eastern Traffic Assistant, W. H. Chandler, New York, N. Y.
Western Traffic Assistant, C. E Hochstedler, Chicago, Ill.
Southern Traffic Assistant, M. M.Caskie, Mobile, Ala.
Executive and Legal Assistant, J. W. Carmalt, Washington, D. C.
Executive Assistant, J. L. Rogers, Washington, D. C.
Research Staff, 0, S. Beyer, Washington, D. C.
Research Staff. Leslie Craven, Durham, N. C.
Research Staff, W. B. Poland, New York. N. Y.
Research Staff, F. W. Powell, Washington. D. C.
This does not complete the organization, and other announcements will
later be made. Employment on the staff of the Co-ordinator is temporary
in character, because the life of the Emergency Railroad Transportation
year.
Act. 1933, is limited to one year, with a possible extension for a second
for
Much of the research work with a view to legislation will be carried on
an even shorter period of time.
July 15 1933
The clause of the transportation law which allowed the
Government to recapture these earnings was repealed at the
extra session of Congress. It originally had been enacted
on the theory that the money collected from the prosperous
roads should be used to aid weaker rail lines. The New
York "Times" July 14 states:
The 20 cases dismissed July 13 included some in which the roads had
Paid large sums into the treasury for this purpose. The money was to be
invested by the Treasury and retained for loans to the weak roads. The
recapture provision was difficult for the Commission to enforce and had
resulted in copious litigation. For several years the Commission had
urged Congress to repeal it.
About 100 railroads paid into the Treasury $10,679,086, all except a
few thousand dollars being paid under protest. A few small roads did not
protest, the sums being so small as to make litigation too expensive.
The money was invested by the Treasury and up to the time of repeal
had earned $2,557,613 in interest, bringing the total of the fund to 813.
277.598.
This fund, plus the interest, is now being divided by the Treasury among
the roads which paid it in.
Only one case ever reached final decision by the courts. In this one
instance—the St. Louis & 0 Fallon case—the Commission was reversed
by the United States Supreme Court because of errors in making valuations.
Twelve years after the law was passed the Richmond Fredericksburg &
Potomac RR. was ordered to pay 11696,705, the second case to be finally
decided by the Commission. The road made no move to pay, however.
The Commission notified the Comptroller General and he directed the
Post Office Department to withhold payment to the road for hauling
the malls until the money had been collected. This case never was finally
passed upon by the courts.
The cases dismissed July 13 are:
$2,942
Rich. Fred.& Potomac RR.Co_3696,705 Indiana Northern Ry
•
8,241 Blytheville, Leach. dr Ark.South
Wyandotte 'terminal RR
6,744
,949 Washington Run RR
Tuckerton RR
800,000
2,064 Blinds Terminal Co
Central Ry. of Arkansas
574,639
Ironton RR
•
011 Fields Short Line RR
42,642
Brimstone RR.dr Canal Co
•
Lake Tera inal RR
•
Utah Ry
R.J. Darnell,lessee ot the Bates2,624
St. Joseph Belt Ry
*
vine Southwestern RR
39,729
17,532 Nevada Northern Ry
Hannibal Connecting RR
*
Jonesboro, Lake City & E. RR. 42,450 Roscoe Snyder & Pacific Ry
Prescott & Northwestern RR_ _ _
•Amount not given.
—4,—
G. Lonsdale of Mercantile-Commerce Bank &
Trust Co., of St. Louis, One of Three Bankers
Named by A. B. A. to Participate in Conference
on Railway Legislation in Chicago Melvin A.
Traylor and Lewis L. Strauss Others Named.
John G. Lonsdale, Chairman of the board of the Mercantile-Commerce Bank & Trust Co., St. Louis, Mo., and
co-receiver of the St. Louis-San Francisco Ry., is one of
three bankers appointed by the American Bankers Association to sit in a conference on proposed railway legislation to be held in Chicago July 18 and 19. The other
members of the bankers' group are Melvin A. Traylor,
President of the First National Bank in Chicago, and
Lewis L. Strauss, of Kuhn, Loeb & Co., New York City.
The conference, which is being sponsored by the Railway
Business Association, will be made up of representatives
from about 25 prominent associations which are interested
in transportation problems. It will be the purpose of the
meeting to lay the groundwork for new legislation affecting
railroads which is expected to take form when Congress
reconvenes in next session.
Mr. Lonsdale, in addition to his banking experience, has
served in various capacities in railroad matters, having
been Chairman of a special committee of the American
Bankers Association which in 1926 made a study of transportation problems and presented an extensive report at
the annual meeting of the Association.
John
Plan of Farm Credit Administration to Aid Closed
Banks in Wisconsin Extended to Illinois and
Iowa—Action Taken to Relieve Banking Situation
and Help Farmers by Refinancing Mortgages in
Banks Closed and Restricted-326 Banks Outside
Chicago in Receivership Hold $7,711,000 Farm
Mortgages—Progress in Wisconsin.
Illinois has been selected as the second State in which the
Federal Land Bank system will undertake to relieve the
banking situation and at the same time bring help to farmer
to assist borrowers by refinancing mortgages held by closed and reWilliam C. Chandler, one of those appointed
Henry Morgenthau Jr., Governor of the Farm
Mr. Eastman, has been granted a leave of absence by the stricted banks,
on July 10. On that date
for which he has been • Credit Administration, announced
Merchants Association of New York,
the Farm Credit Administration said:
acting as manager of the traffic bureau, it was announceg
The announcement was made after Governor Morgenthau had conferred
on July 11. Mr. Chandler is expected to resume his post with two representatives of Edward J. Barrett, Auditor of Public Accounts
duties with of the State of Illinois, sent to Washington after telephone conferences bewith the association on the completion of his
tween Mr. Iforgenthau and Governor Horner of Illinois. The Illinois offithe government.
cials were William Bain, Chief Banking Examiner, and Emmett J. McRecapture 0-der Vacated by Inter-State Commerce
Commission—Provides Excess Rail Earnings Shall
Cease to be Payable.
The Inter-State Commerce Commission struck from its
docket on July 13 a score of cases which had been brought
against railroads in an effort to recapture half of the earnings above 6% the roads had piled up in prosperous years.
S. Goss, Land Bank Com•
Carthy, attorney for the State Auditor. Albert
missioner, and Wood Netherland, President of the Federal Land Bank of
St. Louis, were also present at the conference.
As was done in Wisconsin. the first State where general refinancing of
farm mortgages in closed banks has been undertaken by the Farm Credit
Administration, a branch office will be established at Springfield under the
direction of a Vice-President of the St. Louis Bank, and an augmented force
of land appraisers will be brought into the State to carry on the work of
appraising lands covered by bank claims.
Volume 137
Financial Chronicle
The Springfield branch office will be established next Monday, July 17.
Governor Morgenthau estimated that it would require from three to six
months to complete the work of appraisal and examination of titles incident to the purchase of the farm paper in the closed Illinois banks which
is found eligible for Land Bank loans.
Figures presented by Mr. Bain showed that 326 banks outside Chicago
are in receivership and that these banks hold $7,711,000 of farm mortgages.
Fifty other State banks "down State" which have not been in position to
open since the banking moratorium hold $4,2M,000 in farm mortgages. In
addition, it was explained, the closed State banks hold several millions more
of farm notes capable of being converted into mortgage obligations.
In a telephone conversation with Governor Morgenthau to-day, Governor
Horner approved the general plan of carrying forward an intensive campaign for refinancing the mortgages held by the banks through the Federal
Land Bank system. Mr. Barrett's representatives pledged the full cooperation of the State Auditor's office in making the plan effective.
The temporary office of the Farm Credit Administration in Springfield
will be housed in State office space.
The work in Wisconsin has been financed by a special loan of $35,000,000
by the Reconstruction Finance Corporation on the security of bonds in an
equal amount of the new Land Bank issue, the interest on which is guaranteed by the Treasury. Governor Morgenthau has made an application to
the Reconstruction Finance Corporation for $25,000,000 for Illinois refinancing on a similar basis.
"The plan of refinancing mortgages held by closed banks, which we
are now extending to Illinois, has two objects," Mr. Morgenthau said today. "The first is to relieve the serious banking situation in important
agricultural States and thus to contribute to buying power and the prosperity of all elements in the population, including the farmer. The second
is to give the farmers who are indebted to these banks a chance to refund
their indebtedness, reduce the principal of their obligations as well as the
burden of their payments and put themselves in a position where they will
have a reasonably good chance to pay out."
Iowa was added on 'July 11 to the list of States in which
the Farm Credit Administration will undertake an immediate
campaign to refund farm mortgages held by closed and restricted banks with the object of reducing farm indebtedness
and thawing out "frozen" credit situations in rural regions.
Announcement to this effect was made July 11 by the Farm
Credit Administration, which further announced:
D. W. Bates, Superintendent of Banks of Iowa, was in conference to-day
with Governor Henry Morgenthau Jr., and other officials of the Farm Credit
Administration, and Governor Clyde L. Herring of Iowa was drawn into
the conference by telephone communication. D. P. Hogan, President of
the Federal Land Bank of Omaha, and Bert Waddell, agent of the Land Bank
Commissioner at Omaha, were also present.
It was agreed that a branch office of the Omaha Land Bank and the
Farm Credit Administration would be set up in the State Capitol at Des
Moines next week and, with the assistance of the field and office staffs of
the State Banking Department, examination and appraisal of the farm paper
in the files of the closed and restricted Iowa banks would be begun at once.
The understanding is that the Omaha Land Bank will offer to purchase for
cash all the farm mortgages found to be eligible for Land Bank loans at
prices based on the appraised value of the farms. Where the purchase
is made at less than the face amount of the mortgage, the borrower will
gain the benefit of the reduction and he will also benefit immediately by
reduced interest charges.
Mr. Bates reported that the 738 Iowa State banks that are either in receiverrhip or operating under some form of restriction hold $35,715,000 in
farm first mortgages. The liquidation of these, he said, would have an important effect on the banking situation in the State and would contribute
greatly to rural recovery.
The Farm Credit Administration announced on July 8 that
word received from the State banking officials of Wisconsin
and the Land Bank appraisers concerning the progress of
the work of appraising farms upon which mortgages are held
by Wisconsin banks which are either closed or operating
under restrictions, was so encouraging that p'ans had been
laid to extend this sort of activity into several oner States,
possibly even to the extent of one State in each of the 12
Federal Land Bank districts. Appraisals of farms in Wisconsin are now being made at the rate of approximately 100
per day and the number of appraisers placed in the field has
been greatly increased since the work was started June 19.
In part the Farm Credit Administration on July 8 continued:
On about this date (June 19) Henry Morgenthau Jr., Governor of the
Farm Credit Administration, announced that Wisconsin would be used as
a testing ground to determine to what extent the Farm Credit Administration can be of benefit to both farmers and depositors in rural banks by
purchasing the mortgages on farms held by these institutions thus putting
them in a more liquid condition. These mortgages may be taken over on
the basis of what is due on them providing this amount does not exceed the
loan value of the property as determined under the terms of the Federal
Farm Loan Act which limits the loan to one-half of the appraised, normal
value of the land plus one-fifth of the permanent, insured improvements, or
they may be scaled down to come within this amount.
Representatives of the Farm Credit Administration have been working
at top speed to complete appraisals as rapidly as possible. Thia has
meant
the training of a number of appraisers and the coordination of the
activitieb
of the Administration, the State Banking Department and the
local banks.
The proposal to refinance outstanding mortgages held by these
banks is
now being expedited by the action of their officers explaining to the
farmers
just what the refinancing contemplates and how they may obtain new longterm loans at low rates of interest from the Federal Land
Bank of St
Paul. Where a scale-down in the amount of the debt is necessary, the Stars
Banking Department and the banks are said to be showing a splendid cooperative spirit.
•
Commenting upon these activities, Governor Schmedeman of Wisconsin
said: "Much has been accomplished within a short
time. There is the
fullest co-operation between the Farm Credit Administration
and State
officials. I feel sure that funds to be released on farm
mortgages together
with other relief, will go a long way toward
rehabilitation."
433
The plans to aid closed Wisconsin banks thrpugh the refinancing of farm mortgages were referred to in these
columns June 24, page 4383, and July 1. page 56.
Further Developments in One-Man Grand Jury Investigation of Closing of Michigan Banks—Donald
N. Sweeny, ex-President of First National BankDetroit, Insists Institution Is Able to Reopen,Says
Federal Action Made Bank Insolvent—Leo M. Butzel, Attorney for First National Bank-Detroit, Testifies Reconstruction Finance Corporation Agreed
to Assist First National Bank-Detroit, and Guardian National Bank of Commerce with Proviso
that the Loans Must Be Approved by Ogden Mills,
Former Secretary of the Treasury, and William H.
Woodin, Secretary Under Present Administration.
Treasury officials and agents will not be required to
testify at the one-man Grand Jury inquiry into the closing
of Michigan banks now being conducted by Judge Harry B.
Keidan of the Detroit Federal Court in that city. In indicating this, Washington advices on July 9 to the New York
"Journal of Commerce" went on to say:
Acting Secretary of the Treasury Acheson so informed Judge Keidan in
a letter which made an explanation of the Treasury's position. Nor will
records of the Treasury relating to the Detroit situation be turned over to
the courts.
U. S. Conducts Probe.
Mr. Acheson pointed out that the Department of Justice is making a
thorough investigation of the Michigan and Detroit banking situation and
that if the facts justify appropriate action will be taken and all the facts
placed before Judge Keidan.
More than 2,000 national banks are in the hands of Conservators and
receivers, according to the letter, which declared that the scattering of
Treasury personnel and records in court inquiries would hamper efficiency.
Judge Keidan had asked the Treasury to require Secretary Woodin,
Chairman Jesse Jones of the Reconstruction Finance Corporation Board,
John J. McKee and C. A. Miller of the staff of the Comptroller of the Currency,former Secretary of the Treasury Ogden L. Mills and former Undersecretary Arthur A. Ballantine to appear before him and give testimony
as to their knowledge of the Detroit banking situation.
However, Mr. Acheson replied that Secretary Woodin is ill in New York
and unable to appear in Detroit. The other officials and former officials
named were described as not being within the jurisdiction of the Treasury.
Donald N. Sweeny, former President of the First
National Bank-Detroit, testifying before Judge Keidan in
the bank inquiry on Monday, July 10, maintained that there
is no justification for the failure of the Federal Government
to permit the First National Bank-Detroit to reopen in view
of what it has done for other banks. Advices to the New
York "Times,"reporting Mr.Sweeny's testimony and that of
Leo M. Butzel, Attorney for the First National BankDetroit (from which we have quoted above) continuing said:
While the bank's liquidity was low, he admitted, he insisted its assets
were good.
"If the government would allow the reopening of the bank at once,"
he raid, "its condition would be better than it was in February, because of
the improvement in business and security values. There is no doubt of the
ability of the bank to reopen, and no question in my mind of its ability
eventually to pay depositors in full."
0. C. Thomas, receiver for the First National. announced to-day that
of the $11,000,000 Catholic diocese loans which Alfred P. Leyburn, government bank examiner, threw out as "worthless" the new National Bank of
Detroit, backed by the Government, had about approximately $5,000,000
for which it paid 100 cents on the dollar.
Leo. M. Butzel of counsel for the First National testified that on the
day before the bank holiday was called by Governor Comstock, its directors
gave unqualified assurance that the First National was in excellent condition, saying they could have in 24 to 48 hours $200,000,000 to $250.CC0.000
of cash, a sum equal to 60% of the bank's total deposit liability.
A letter inviting George W. Davison, Chairman of the Board of the
Central Hanover Bank & Trust Co. of New York, to appear as a voluntary
witness was mailed to-day.
Former President Sweeny of the First National BankDetroit, also testified before the one-man Grand Jury on
Friday of last week, July 7. An account of his testimony
at that time, as contained in a Detroit dispatch to the
"Times," is as follows:
Donald N. Sweeny, former President of the First National, testified that
Conservators were appointed for the two national banks on March 12 by
F G. Await, then Acting Comptroller of the Currency, as an abrupt ending
to a hearing in Washington on a plan to reopen both banks.
He and four other Detrolters who represented the two banks were conferring with Mr. Await after being refused a conference with Secretary
Woodin, he said. As the reopening plan was being explained to Mr. Await.
the Acting Comptroller was called from the meeting by Secretary Woodin,
Mr. Sweeny testified.
"Ile was gone 30 or 45 minutes," he continued. "When he came back.
without speaking to us, he wordered the clerk:
"
'Make out commissions for Paul C. Keyes and B. C. Schram as Conservators of the Detroit banks. Send telegrams to that effect to Wilson W.
Mills and Dr. Fred T. Murphy, Chairmen of the Boards of the two banks.'
"Await then turned to us and said:
"'Well, Conservators have been appointed for your banks. I have
been instructed to appoint them. You had better go back home and get
busy.'
"Await did not say what we were to get busy on."
Detroit advices to the "Wall Street Journal" giving an
account of Mr. Sweeny's ar.d Mr. Butzel's testimony on
July 10, contained the following:
A write-down of $140,000,000 in values of the First National Bank assets
by Federal bank examiners made the bank insolvent. Donald N. Sweeny
ormer President, told the grand jury.
The write-down included $26,840.000 in mortgages, reducing the total
to $130.000,000, he said. This was done in March, when the Reconstruction Finance Corporation was making an appraisal of assets for a proposed
loan, he asserted.
Leo M. Butzel, attorney for the First National. testified that on Feb. 22
the Reconstruction Finance Corporation had agreed to loan the First
National $100,000,000 and the Guardian National $35,000,000 with the
proviso that the loans must be approved by Ogden Mills, former Secretary
of the Treasury, and William H. Woodin, Secretary under the new Administration.
He said that a few days later the loan was cut down to $54,000,000 for
the First National and $20,000,000 for the Guardian. No explanation
was given for the change in amount of loans.
Federal officials rejected as worthless collateral for a Reconstruction
Finance Corporation loan, Catholic loans of $11.000,000 in the First National Bank which were secured by diocese of Michigan assets worth between
$50,000,000 and $100,000,000, George W. Brennan, former director, told
the Grand Jury.
Responsibility for the Michigan bank holiday declared
last February was placed upon the Federal Administration
by Howard P. Parshall, Vice-President of the Commonwealth-Commercial State Bank of Detroit, in testifying
before the Grand Jury on July 13. Detroit advices on
that day to the "Wall Street Journal," in noting this, went
on to say:
Mr. Parshall said he thought the Administration felt the banking situation all over the country was had, and "they didn't know how to cure it,
so they started their plan in Detroit." He said he knew Wall Street
urged that it be started here, that New York bankers were at the conference and urged it.
He said his bank not only never agreed to the Michigan holiday, but
that its officers felt they had been practically deceived by Federal officials
here at the conference.
He said 99 banks in Michigan could reopen 100% to-day if reserves
in the two closed banks were released.
According to a subsequent dispatch by the United Press
from Detroit, the one-man Grand Jury conducted by Judge
Keidan was adjourned Thursday (July 13) for a week at
the request of Edsel Ford, Clifford B. Longley and Emory W.
Clark, who announced that "negotiations for the reorganization of the two closed national banks had been renewed
in Washington."
Suspension of Holidays and Opening of Banks for
Business.
Since the publication in our issue of July 8(page 262) with
regard to the banking situation in the various States, the
following further action is recorded:
ILLINOIS.
The Belleville Savings Bank of Belleville, Ill., the only
bank in Belleville to remain closed since the National banking
holiday last March, on July 8 announced through its directors that plans have been completed for its reopening within
30 days. Four of the present directors of the bank,including
Richard Hilgard, Cashier, have resigned and a meeting of
the stockholders will be held July 19 to fill these vacancies,
after which the Board will choose new officers. The St. Louis
"Globe-Democrat" of July 9,from which the above information is obtained, went on to say:
The plan for reorganization, approved by the Federal and State governments, calls for stockholders to contribute an additional $50 per share.
Book value of a share used to be $300. Depositors will waive 30% of
deposits temporarily. They will receive non-interest bearing notes pledging
complete payment for the amount waived when the financial condition of
the bank permits.
The bank has obtained a $150,000 loan from the Reconstruction Finance
Corporation. The Board of Directors stated only a few depositors have
not signed necessary waivers. These, it is said, will sign within the next
month, whereupon the license to open will be issued.
The bank is capitalized at $300.000. Its deposits as listed in the last
statement in December were $3,250,000.
Four Cook County, Ill., banks, which have remained unopened since the March bank holiday, have been taken
over by Edward J. Barrett, State Auditor of Illinois for final
liquidation, according to Chicago advices on July 10 to the
"Wall Street Journal." The banks to be liquidated are:
Madison-Kedzie Trust & Savings Bank and Belmont-Shieffield Trust & Savings Bank (both of Chicago), State Bank
of Blue Island at Blue Island and the State Bank of Palatine.
The First National Bank of East St. Louis, Ill., which
has been closed since March 4 last, submitted a plan for
re-opening the institution to its stockholders, depositors and
general creditors on July 5 and asked them to signify their
consent. The St. Louis "Globe-Democrat" of July 6, from
which this is learnt, after stating that the bank will be allowed
to open on an unrestricted basis when the conditions set
are met, according to assurance by the Comptroller of the
Currency, continuing said:
The plan of reopening provides for the surrender of their stock certicapital stock
ficates by the present shareholders and the reduction of the
capital structure
from $400,000 to $200,000. This being done, a new
surplus,
of $250.000, consisting of $200,000 common stock and $50,000
be new funds.
is to be provided, of which at least $170,000 is required to
their claims against
The unsecured depositors are asked to waive 50% of
be paid off pro
the bank, amounting to a total of $1,820,783 They will
are collected.
rata as the assets of the bank which are not now available
July 15 1933
Financial Chronicle
434
McLean and H.
These assets will be assigned to A. C. Johnson, N.
Grady Vim, as a committee of trustees for collection. Each depositor
will be issued a "participation certificate."
The Illinois State Trust Co.. an affiliated institution, will take over
the bank's indebtedness to the Reconstruction Finance Corporation. The
Reconstruction Finance Corporation will lend the trust company $200,000
on the First National Building, a six-story office building enlarged and
remodeled at a cost of $800,000 in 1928. The trustees for the creditors
will receive a second mortgage for $200,000.
The plan will be put into effect as soon after July 20 as the requisite
consents of stockholders, depositors and other creditors shall have been
obtained. It will be come effective and binding on all parties when stockholders representing ownership of two-thirds of the bank's capital stock
shall have signed surrender agreements and when unsecured depositors and
other general creditors representing 75% in amount of the bank's unsecured liabilities shall have signed the waiver agreement.
The surrender of the present stock will add $888.677 to the available
assets, divided as follows: Common stock. $400,000; surplus, $400,000:
undivided profits as of May 11, 1933. $7,400; reserve for interest and
taxes. $81,277.
The stock of the Illinois Trust Co will be assigned to the trustees for
the depositors. The stock is of $50,000 par value, and carries with it all the
assets of the corporation, of a book value of $416,155.
The other assets to be assigned to the trustees include: Notes receivable,
slow. $1,139,290; doubtful. $227,581; loss, $269,362; notes receivable
of Illinois State Trust Co.. $182.488.
In making public the plan, A. C. Johnson, President of the bank, declared: "The First National Bank, when re-opened under the plan. will
be an exceptionally strong financial institution, and one in which the entire
community will be interested, and, in our opinion, will receive unqualified
support."
Guy Hitt, member of the Board of the St. Louis Federal Reserve Bank,
is acting as conservator of the bank during the reorganization.
That Edward J. Barrett, State Auditor of Illinois, had
authorized the re-opening of the Du Page Trust Co. at Glen
Ellyn, Ill., and the State Bank of West Point at West Point,
Ill., on an unrestricted basis, was reported in Chicago
advices to the "Wall Street Journal" on July 10.
MARYLAND.
State Bank Commissioner, John J. Ghinger, of Maryland
on July 6 approved a plan for the reorganization of the Commonwealth Bank of Baltimore with deposits of approximately
$3,000,000, after similar action had been taken by the Board
of Directors of the institution, according to the Baltimore
"Sun" of July 7, from which we also take the following:
On operation of the plan, it is proposed that 20% of all deposits of more
than $10 be made free to depositors for withdrawal without restrictions.
Deposits of $10 or less will be paid in full.
Each depositor also is to receive tO% of his funds in new stock of the
bank. This stock will be issued to him at a price of $18.67 a share of $10
par value, representing a total par value of $300,000. The premium over
par is to be applied in the amount of $200,000 to surplus and the balance to
undivided profits.
The remaining 60% of each deposit is to be represented by certificates
of beneficial interest to be issued to depositors by a newly formed corporation, to which will be transferred all assets of the bank which have been
written down or written off. As these assets are liquidated by the corporation the proceeds will be distributed to the holders of the beneficial interest
certificates.
The new corporation will have a capital consisting of 6.000 shares of $1
par value. This stock is to be issued to the present stockholders of the
bank in exchange share for share for their present holdings.
The plan contemplates that all loans, securities and other assets of the
bank be reappraised and that all writedowns and write-offs be made with
the approval of the State Bank Commissioner. The par value of the bank's
stock is to be reduced from $50 to $10 a share.
Bernard J. Barrett, President of the bank, said It is intended to make
every effort to have the institution admitted as a member of the Federal
Reserve System and that it is confidently believed there will be no difficulty
in complying with the requirements governing such admission.
Since the bank has been closed, he said, the intervening time has been
used to good advantage in realizing on the assets of the bank, liquidating
Its secured loans and putting the institution in such shape that it can be
reorganized in a manner which, in the judgment of the Board, insures its
continuance as a sound institution.
Mr. Barrett pointed out that the bank has paid off all itsioans and will
reopen on (=summation of the plan with no indebtedness whatever except
the Beard of
to depositors. It is intended later to make several changes in
Directors, he said.
The reorganized Mercantile Bank of Baltimore, Md.,
reopened on a 100% basis on July 12 under the title of the
Carrollton Bank of Baltimore. The reopening made available to depositors immediately 50% of their old deposits in
cash, the balance being given them in certificates of beneficial interest, "subsequently redeemable in cash." The
Baltimore "Sun" of July 12, from which the above information is obtained, also said:
The bank, according to an announcement bearing Mr. Ghingher's (Stale
Commissioner of Banks for Maryland) approval, reopens with three new
directors and a new cashier. Charles 0. Eleffner, who heretofore has been
connected with Mr. Ghingther's staff as conservator for the Mercantile
Bank, C,P. Triplett, the former cashier, becomes Vice-President. James
P. Healy continues as President.
The bank's announcement follows:
"The reorganization plan of the Mercantile Bank of Baltimore in now
operative, and the bank has been able to reach a satisfactory liquid position
for by
without the necessity of the sale of $300,000 of debentures called
the plan, which would have had priority over the certificates of beneficial
interest representing deferred deposits.
"The stockholders have met and, among other things, have authorized
par
the change of name to the Carroliton Bank of Baltimore. reduced the
of
value of the stock from $25 to $10 a share and increased the number
directors from nine to twelve. . . •
Mr C.
"The stockholders also created the office of Chairman of the Board,
has
P. Triplett will become Vice-President and the Bank Commissioner
employees, Mr. Charles 0. Rieffner, the conagreed to release one of his
Financial Chronicle
Volume 137
servator of the bank during the holidays, who will become the Cashier of
the bank. The board took no action on filling the office of Chairman of
the Board. . . .
Benjamin H. Brewster Jr., a director of the Union Trust
Co. of Baltimore, Md. (now in course of reorganization),
was appointed President of the institution on July 11 to fill
the vacancy caused by the recent resignation of John M.
Dennis. In noting Mr. Brewster's appointment, the
Baltimore "Sun" of July 12 went on to say:
Mr. Brewster has been serving as Chairman of the reorganization committee of the trust company and has been active in the work of drafting
the plan presented recently to depositors and stockholders.
He is President of the Baugh & Sons Co., fertilizer manufacturers, the
Baugh Chemical Co., and other affiliated companies. He has been a
director of the Union Trust Co. since that bank absorbed the Farmers'
& Merchants' National Bank about three years ago.
It was announced that Mr. Brewster would serve without pay, and
that he would occupy the Presidency of the trust company only until
"another outstanding man with thorough banking experience can be
selected for the Presidency." . . .
Another development of the day was the filing of an application for a
charter by the Civic Certificates Corp. by Mr. Brewster, W. Graham
Boyce. Executive Vice-President of the trust company, and Walter H.
Buck, counsel.
This new company will issue the certificates of beneficial interest to
, depositors, as outlined in the plan of reorganization.
Officials of the trust company said it probably would be a week or 10
days before the reorganization plan could be put in operation, due to
formalities connected with application to obtain Federal Reserve membership and mechanical details to be completed.
The Stevensville Bank of Maryland at Stevensville,
Queen Anne's County, Md., has reopened on a 100% basis,
following acceptance of a reorganization plan, .according
to an announcement by State Bank Commissioner John
J. Ghingher, of Maryland. Baltimore advices to the
"Wall Street Journal' on July 10, from which this is learnt,
'
added:
Under the plan, depositors will receive 75% of their deposits, the other
25% being set up into a guaranty fund.
MASSACHUSETTS.
Arthur Guy, State Bank Commissioner for Massachusetts,
announced July 6 that the plan for reorganization of the
Central Trust Co., of Cambridge, Mass., would become
effective July 17. The Boston "Transcript" of July 7,
from which this is learnt, quoted Mr. Guy as saying:
At that time ,July 17) the new County Bank & Trust Co., formed as
part of the plan, will open for business. Depositors in the savings department of the closed Central Trust Co. will receive a credit of 50% of the
deposits on the books of the new trust company and depositors of the
commercial department will receive a credit of 25% •
The total amount of money which will be released to deposits of the
Central Trust Co. at this time sill be approximately 83,700,000. against
which the new bank will take over certain assets of the old bank. The
remaining assets, not taken over, will be liquidated by the Bank Commissioner for the benefit of depositors of the Central Trust Co.. and additional payments to depositors will depend upon the amounts realized
from the liquidation of these assets.
The new County Bank & Trust Co. will conduct its business from the
quarters formerly accupied by the Central Trust Co. in Central Square,
Cambridge, and also the branch at East Cambridge. The new trust
company, in which the Shawmut Association will have the controlling
interest, will be open for all forms of banking business. The affiliation
with the National Shawmut Bank should give the new institution a competent and conservative management.
The Central Trust Co., of Cambridge, was taken over
by the Massachusetts Banking Department in May 1932.
Our last reference to its affairs appeared in the "Chronicle"
of April 29 last, page 2909.
MICHIGAN.
That the Allegan State Bank of• Allegan, Mich., would
reopen on July 5 after having been closed since the banking
holiday, was indicated in a dispatch by the Associated Press
from Allegan on July 4, which went on to say:
Fifteen per cent, of deposits will be released to depositors immediately
and 35% in time certificates, which may be liquidated one each year for
five years.
The remaining 50% will be liquidated as rapidly as possible.
On July 13 action by the Reconstruction Finance Corporation and the Comptroller of the Currency, coupled
with the organization of a new National bank in Detroit
by the Ford interests, opened the way for solution of the
bank troubles in that city. The Reconstruction Finance
Corporation (we quote from Washington advices to the
New York "Times," from which the foregoing is also obtained) will make additional loans aggregating about
$75,000,000 to the receivers of Detroit's two closed banks
-the Guardian National Bank of Commerce and the First
National Bank, Detroit. The loans will provide for distributions to the 800,000 depositors who have had nearly
$300,000,000 tied up in the two closed banks.
Chairman Jones of the Reconstruction Finance Corporation and Comptroller of the Currency O'Connor announced (we quote from the same dispatch) that Edsel Ford
and associates were organizing the Manufacturers' National
Bank in Detroit, with capital structure of $5,250,000,
435
which amount had been nearly all subscribed. The new
bank is planned to take over the assets and obligations of
the Guardian Union group, of which the Guardian National
was the largest unit.
It will be in addition to the National Bank of Detroit,
in which, Mr. Jones stated, Alfred P. Sloan Jr. and Donaldson Brown subscribed $12,500,000 for General Motors
and later offered this stock to the public at cost and interest.
The dispatch mentioned, continuing, said:
The Reconstruction Finance Corporation loans to the two closed banks
will not serve to open them now, but will give depositors in the Guardian
National an additional distribution of 20% and those in the First National
15%.
In a long statement Mr. Jones asserted that examination of the two
banks showed "that neither can be reopened or reorganized to pay depositors 100%."
An outline of Mr. Jones' statement, as contained in the
dispatch, follows:
"Before the bank holiday, ordered by the Governor's proclamation on
Feb. 14, the directors and officials of the Reconstruction Finance Corporation made every effort to prevent a bank collapse in Detroit." said
Mr. Jones in his statement for the Reconstruction Finance Corporation.
"They offered to make loans to these banks to the extent authorized
bylaw.
•
"After the nationwide bank holiday, the Reconstruction Finance Corporation granted large loans to the conservators of these banks, and caused
the Organization of the National Bank of Detroit. This was for the purpose, not only of providing Detroit with banking facilities, but to make
available to the depositors of these two banks a substantial amount of
their deposits. In this manner more than $130,000,000 was released to
the depositors, and Detroit given a sound bank.
"With a view to being of further assistance to these depositors with
as little delay as possible, the directors of the Reconstruction Finance
Corporation are prepared, upon the request of the Comptroller of the
Currency, to authorize loans to receivers of each of these banks in very
substantial amounts. This, in part, is made possible by recovery in
values, and after a re-examination of the securities now held by the receivers."
The Reconstruction Finance Corporation, Mr. Jones continued, was
willing to lend the receiver of the Guardian National $20,000,000 to
$25,000,000, thus allowing a new 20% to depositors and leaving the re°elver enough cash to meet other liabilities. Collateral of $30,000,000
to $37,000.000 must be furnished.
"This would leave the receiver with assets of a more or less uncertain
nature, aggregating in face amount approximately $40,000,000," he said.
"These assets and the equity in Reconstruction Finance Corporation
collateral might be used as the nucleus of a reorganization."
Mr. Jones spoke also of a possible reorganization of the First National,
and said that "to assist in this respect" and to make the "largest amount
possible" available to depositors. the Reconstruction Finance Corporation
would lend $50,000.000 upon collateral of $120,000.000. The collateral
would secure not only the $50,000,000, but also about $35,000,000 which
the First National had already borrowed. Mr. Jones later said that
loans of about $4,500.000 had been previously made to the Ghardian.
Aside from the collateral required for the loan,the First National receiver
would have remaining assets of $150,000.000 in property and securities of
"uncertain or undetermined" value, the statement continued.
"In a possible reorganization of the First National Bank, additional
funds may be provided by the stockholders that would enable a larger
distribution to depositors than the 15%." Mr. Jones said. "At all events
the depositors of these two banks will have had made available approximately 60% of their original deposits, and for the balance due them will
have recourse to the assets still remaining with the receiver including the
equity in Reconstruction Finance Corporation collateral and the stockholders' liability.
New Action Is Described.
Describing participation of Messrs. Sloan and Brown for General Motors
in the National Bank of Detroit, Mr. Jones continued:
"Mr. Ford and others were invited at that time to take a part of this
stock, but with the exception of Mr. Walter Chrysler, they felt that they
could be of more help in other ways, and did not directly participate.
"However, the Ford interests, with others, are organizing another new
national bank with a paid-in capital and surplus of $5,250,000. The stock
is all being underwritten by the Fords and others in Detroit, and there will
be no preferred stock.
'"The 20% payment to Guardian National Bank of Commerce depositors
will be made through this new bank. And it also plans to take over and
assume the deposits in full of the Highland Park State Bank and the Peoples
Wayne County Bank of Highland Park, the Guardian Bank of Dearborn
and the Dearborn State Bank of Dearborn.
"This gives Detroit another large, substantial bank, and again demonstrates the practicability of co-operation between the government and
industry in the general welfare. It should also be understood that there
Is not the slightest conflict between any of the big undustrialists in the
organization of this new bank and the National Bank of Detroit.
"The Ford interests, General Motors and Mr. Chrysler have all made
it clear that they have no desire to engage in the banking business. They
have made these investments for the sole and only purpose of giving to
Detroit proper banking facilities and to release as much as possible of the
deposits in closed banks."
To allow for the new banking plans in Detroit to be worked
out, the Comptroller of the Currency, J. F. T. O'Connor, has
postponed until July 31 the assessment of the respective
stockholders of the Guardian National Bank of Commerce
and the First National Bank-Detroit. In a statement, contained in Washington advices to the New York "Journal of
Commerce" on July 13, Mr. O'Connor said:
"Representations have been made to me by Detroit interests that a good
faith effort is being made to organize a new national bank for Detroit with
a capital of substantially $5,000,000 and that most of the amount has been
subscribed and that subscriptions will be closed in a day or two, to further
aid the depositors of the closed banks: also that a committee headed by Edsel
Ford will discuss plans to alleviate Detroit conditions through the new bank.
Because of these plans request is made to delay the stockholder assessment in
both banks.
"In view of all the facts presented to this office, I have decided to again
postpone the assessment in both banks until July 31."
436
Financial Chronicle
A reorganization plan for the Detroit Trust Co., Detroit,
Mich., calling for continued operations purely as a trust and
fiduciary institution, with the eventual payment in full of
claims of depositors and creditors, has been prepared by Harry
J. Fox,its conservator, and approved by Governor Comstock
of Michigan and the State Banking Department. As outlined in the "Wall Street Journal" of July 13 in a Detroit
dispatch, the plan is as follows:
The plan provides for a new company with a minimum capital of
$1,500,000. consisting of at least 3500,000 of common stock as working
capital paid in cash by directors and stockholders. The remaining $1,000,000 is to be divided into $2,000,000 of preferred stock and S':',000,000
surplus, represented by sound assets or the company, selected by the conservator with approval of the State Banking Department.
All creditors of the company as of Feb. 11 1933 will have the right to
subscribe to preferred stock within 30 days after the plan becomes effective.
to the extent of 25% of their claims at the rate of $40 a share, divided into
$20 par value for capital and $20 to be credited to surplus. Amount subscribed wilt be deducted trom respective creditors' claims and non-interestbearing, transferable trust certificates issued for the balance.
The prefrred stock will be retireable within five years, from one-half of
the net earnings of the company, and will be non-assessable, carry 5%
cumulative dividend, have full voting rights, be preferred over the common
stock as to dividends and assets on liquidation, and be convertible into
common stock At the option of the holder.
The common stock will be non-assessable and will draw no dividends
until preferred stock is retired and all creditors are paid in full.
The plan contemplates a 100% assessment of stockholders of the Detroit
Trust Co., stock of which is practically all owned by the Detroit Bankers
Co. Stockholders will have 30 days from the effective date of the plan to
voluntarily pay the levy which will apply towards common stock of the
new company.
After providing for the $4,000,000 capital from assets there will remain
assets with a book value of approximately $36,000,000 to be placed in a
trust fund for the benefit of the remaining obligations to depositors and
creditors of approximately $26,000,000. The fund will be further augmented by proceeds of the stockholders' assessment not voluntarily paid
within the time limit and by net earnings of the company which are not
used to retire the preferred stock.
It is contemplated that through the agency of the liorne Loan Bank
payment of the deposits to a considerable amount will be hastened.
We learn from the Detroit "Free Press" of July 9 that
George E. Paul, conservator in charge of the Michigan Industrial Bank of Detroit, Mich., on July 8 mailed notices
to the 3,000 depositors of the institution of an additional
payment of 25%. Mr. Paul's announcement read in part:
"The State Banking Department has to-day (July 8) authorized me as
Conservator of the Michigan Industrial Bank to make available for withdrawal, by depositors in this Bank, an additional 25% of all net deposits
In the Bank. The amount of the net deposits will be determined by deducting the depositors' liability, either direct or indirect, if any, to the
Bank from the amount such depositor has on deposit. This will involve
the releasing of cash to the depositors of the Bank in the amount of approximately n00,000.
"This money has not been realized, to any extent, by borrowing on the
assets of the Bank from any source but has been realized from an orderly
liquidation of part, of the Bank's assets from Mar. 24, the date upon which
I took over the assets of the Bank as conservator to the present date, a
period of approximately three and one-half months."
The directors of the Reconstruction Finance Corporation
have authorized the purchase of $200,000 preferred stock in
'the National Bank of Jackson, Mich., a new bank to succeed
the Union and Peoples National Bank, Jackson. The preferred stock authorization is contingent upon subscription
of common stock by those interested in the new bank.
A plan for reopening the Dansard State Bank of Monroe,
Mich., was approved on July 7 by Arthur Rathbun, Len awee
County Circuit Judge, according to a Monroe dispatch on
that date appearing in the Detroit "Free Press," which
went on to say:
Moratorium agreements have been signed by 72% of the depositors.
The bank closed Aug. 27 1931, and has been in the hands of a receiver
since November 1931.
According to Monroe, Mich., advices on July 6,printed in
the Detroit "Free Press," Herman J. McGill, conservator
of the First National Bank of Monroe received word July 6
from Washington that his plans for reopening the institution
had been approved. It provides that 50% is to be paid on
reopening and the balance from the "frozen" assets within
two years. A 100% stock assessment is to be made. The
dispatch added:
The day for reopening has not been set. The bank, with exception of
handling of trust funds, has been closed since Mar. 6.
MISSISSIPPI.
The new Britton-Koontz National Bank in Natchez,
Natchez., Miss., for which a charter was granted by the
Comptroller of the Currency on July 1, opened for business
on July 3. The new bank, which succeeds the Britton &
Koontz National Bank, begins with a capital of $125,000.
A. B. Learned, banker and business man of Natchez, heads
the institution. Advices from Natchez to the Now Orleans
"Times-Picayune," reporting the opening, furthermore said
in part:
One hundred and ninety stockholders of the new bank recently subscribed
money for the opening of the bank.
G. L. Woolley, conservator for the Britton and Koontz National Bank,
has been named as receiver for the old bank and also took up his new duties
July 15 1933
Monday (July 3). W.H. Berdon was recently named Vice-President of the
new bank, and C. B. Richardson will serve as cashier. . . .
Reopening of the Silver Creek State Bank at Silver Creek,
Miss., a small institution, was noted as follows in the Jackson
"News" of July 9:
"After-holiday" reopening of Mississippi's 204th State bank of the 216
closing under the nation-wide March order was announced Saturday afternoon (July 8) at the State Banking Department. The institution was the
Silver Creek State bank, Silver Creek, capitalized at $10,000.
Supt. J. S. Love, of the Department, said license was granted after
the bank complied in full with regulations governing reopening.
MISSOURI.
According to the St. Louis "Globe-Democrat" of July 8,
notice of the appointment of the St. Louis County Bank,
Clayton, Mo., as special Deputy Commissioner to liquidate
the Midland Savings Bank at Wellston (St. Louis County)
and the Brentwood Bank of St. Louis, was filed with the
Recorder of Deeds at Clayton on July 7.
Both banks which are to be liquidated closed at the inception of the banking holiday, March 4, and have not since
re-opened. The appointment was made by 0. H. Moberly,
State Finance Commissioner for Missouri, it was stated.
The Farmers'&Merchants'Bank of Ethel, Macon County,
Mo., closed since the national banking holiday, re-opened
July 8 on a restricted basis,according to an announcement by
the State Finance Department of Missouri. Associated Press
advices from Jefferson City,reporting this, furthermore said:
Withdrawals will be limited to 5%. The bank went on a moratorium
a few days before the National banking holiday.
That the re-organized American Exchange National Bank
of St. Louis, Mo., would re-open for business on July 12,
without restrictions on withdrawals, was indicated in the
St. Louis "Globe-Democrat" of July 7. The bank, its President Edmond Koeln, announced, would immediately make
available to depositors 80% of the unsecured deposits in the
old institution, and the remaining 20% would eventually
be paid in full upon complete liquidation of the former institution. The paper mentioned continuing said in part:
School savings deposits will be paid in full when the new bank opens, the
President's statement promises. Directors have personally subscribed a
cash fund to make up the '20% remaining balance on those accounts in the
old bank.
Total deposits of the new American Exchange National Bank, including
postal savings funds, will be more than $1,000,000. Deposits of the old
bank aggregated about $1,297,000 prior to closing. The bank will open
without bills payable.
Capital stock will be $200,000 and surplus $33,333 all paid in. The
capital stock of the old bank was $300,000. Stock now consists of 10,000
shares of $20 par, of which slightly more than half are common and the
rest 6% cumulative preferred. . . .
Assets taken over by the new bank from the old have been appraised by
the Government, states Koeln, under standards prescribed since the GlassSteagall Bill became law. Bonds were taken over at present market values.
Officers of the new American Exchange National, all of whom were connected with the old bank, are besides Koeln: Oliver G. Chapman, VicePresident; Paul F. Zacher, Vice-President and Cashier, and Orville E. Ohl,
Assistant Cashier. Zacher will be executive officer in charge of the bank.
Koeln is City Collector, having held the office 24 years. During the nine
years he was President of the old bank, he drew no salary and will draw none
from the new bank.
Armin Pfisterer, Cashier of the old American Exchange National and
then Government conservator, will remain as Government agent in charge
of assets of the old institution. These assets are being liquidated to pay
the remaining 20% of deposit balances. Koeln said liquidation may not
be rapid.
The American Exchange National Bank will be the sixth outlying bank
in St. Louis to re-open under Government license after reorganization. . . .
NEW JERSEY.
Announcement was made July 6 by the First National
Bank of Washington, Washington, N. J., that William S.
Rittenhouse, Chairman of the Board, had relinquished the
post and resigned as a director. He had been connected
with the bank since 1890, when he became Cashier. He
was elected Vice-President 20 years later and became
Presiden't in 1920. Dr. C. B. Smith was elected President
in 1926 and Mr. Rittenhouse became Chairman of the
Board. In reporting the foregoing, advices from Washington to the Newark "News" furthermore said:
The bank, which has been in the hands of Iloward Jefferson, Conservator,
since March 18, has completed a plan of reorganization and it is expected
that a license will be granted to reopen July 15 on an unrestricted basis.
The resignation of Mr. Rittenhouse reduces the number of directors to
seven, there being two vacancies. It is thought stockholders will increase
the number at an election to be held soon.
NEW YORK STATE.
Two New York State banks, the First National Bank in
Callicoon and 'the Lyons National Bank at Lyons, on July
12, received licenses to resume full banking operations,
according to notice by George L. Harrison, Governor of
the Federal Reserve Bank of New York, to banking institutions in the Second Federal Reserve District. Clifford
Couch,former attorney for the Westchester County National
Bank of Peekskill, N. Y., was named President of the
bank on July 12, according to a dispatch from that place-
Financial Chronicle
Volume 137
to the New York "Herald Tribune." This bank was reorganized recently after it had been closed for 11 weeks
after the National banking holiday.
Officers of the Westchester Trust Co., Yonkers, N. Y.,
which has been operating on a restricted basis, announced
July 8 that they were ready to submit to the Federal Reserve a plan for organization of a new institution to be
known as the Westchester Trust Co., of Yonkers, whose
$300,000 stock would be held by the stockholders of the
present bank and which would have a surplus of $300,000.
Advices to the New York "Herald Tribune" on July 8,
from which the foregoing is taken, also said:
The new institution would take over the assets of the old one and release
at once 50% of the $6,000,000 on deposit. The depositors in the old
bank would receive the balance in Robinson-Act certificates, redeemable
as a market was found for assets of the old bank.
Richard Edie is President of the Westchester Trust Co., and William J.
Wallin is its counsel.
OHIO.
Sidney B. Congdon, who has been acting as liquidator of
the Guardian Trust Co. of Cleveland, the liquid assets of
which together with those of the Union Trust Co. of Cleveland have been taken over by the National City Bank of
Cleveland, on July 8 was made President of the enlarged
National City Bank, and assumed his new duties on July 11.
C. B. Reynolds, who has been acting President of the institution since the death of H. V. Shulters last year, has resumed the office of Vice-President. Associated Press
advices from Cleveland on July 8, reporting Mr. Congdon's
election, continuing said:
Congdon was formerly Vice-President of the Bank of Pittsburgh, Pa.,
and early in the depression was made Secretary and Treasurer of the National Credit Association in Pittsburgh and Western Pennsylvania. He
became chief of the examining division of the Reconstruction Finance
Corporation when it was organized in March, 1932, and in December was
made Manager of the Cleveland Loan Agency of the R. F. C.
After the bank holiday, Congdon was made a conservator of the Guardian
Trust Co. and later liquidator.
OREGON.
We learn from the Portland "Oregonian" of July 4 that
unrestricted deposits of the First State bank of Reedsport,
Ore., have been taken over by the Coos Bay National bank
of Marshfield, Ore., and the Reedsport institution turned
over to A. A. Schramm, State Superintendent of Banks,
for liquidation. The bank has been operating on a 5% restricted basis since the moratorium. Restricted deposits,it
was announced, totaled $35,000. Small current deposits were
given as cause for liquidation. C. N. C. Johnson was President.
PENNSYLVANIA.
Erie, Pa., advices on July 9 to the Cleveland "Plain
Dealer," stated that the Erie Trust Co., the Bank of Erie
Trust Co., American State Bank and the Bank of Wesleyville, four Greater Erie financial institutions which have been
operating on a restricted basis since the Federal bank holiday,
were taking steps which they expected would permit them to
reopen Sept. 1 on an unrestricted basis, in accordance with
a statement by Dr. William D. Gordon, State Secretary of
Banking for Pennsylvania.
Secretary Gordon, it was furthermore stated, asked for an
immediate report on the condition of the four restricted banks
in the Erie area and at the same time announced that institutions unable to submit an acceptable reorganization plan
by Sept. 1 would be taken over by the State for liquidation.
TENNESSEE.
With reference to the affairs of the closed Chattanooga
National Bank of Chattanooga, Tenn., advices from that
city on July 9 contained the following:
Only the subscription of $200,000 to-night (July 9)stood between Chattanoogans and the release of more than $4,000,000 now tied up in the closed
Chattanooga National Bank. A subscription committee headed by Carter
Lupton of Chattanooga is ready to begin canvassing to-morrow, and little
trouble is expected in reaching the required quota.
A proposition presented by the Reconstruction Finance Corporation
(July 8) through Z. C. Patten, conservator, stipulates that the corporation
will accept Chattanooga national securities for the release of the deposits
and will subscribe $400.000 in stock in the proposed new commercial
national if local investors will subscribe an equal amount of the stock.
The tentative incorporators of the new bank, of which Mr. Patten is
slated to be President, subscribed $200,000 at a meeting yesterday. They
are looking to the public for the remainder.
In the meantime the affairs of the old First National and its successor,
the Chattanooga National,(which opened Jan. 3 last), aro tangled in a series
of suits by holders of participating certificates issued on real mortgages
held by the First National's subsidiary, the First Securitics Co.
The certificate holders allege that the best mortgages of the securities
company were used to furnish security to the finance corporation for loans
which permitted the founding of the Chattanooga National Bank and that
only the less desirable and practically uncollectible mortgages were left
for the certificate holders.
A large number of charitable organizations have endowment and current
funds In these mortgages. In the Chattanooga National Bank the University of Chattanooga has 1713,000 in endowment tied up and bearing no
Interest.
437
Later advices from Chattanooga to the "Times," July 11.
gave further information regarding the bank's affairs as
follows:
Charges of illegal procedure in connection with the transaction leading
up to the closing of the First National Bank of Chattanooga and the taking
over of its assets by the new Chattanooga National Bank, now also defunct.
were repeated in a third suit against the bank and its affiliate, the First
Securities Co., filed to-day in Chancery Court.
The first suit filed some time ago was in behalf of one A. I. Shinbaum
and alleged that the bank had jockeyed its real estate mortgage pool so
that the plaintiff's participation certificates were worthless.
A suit backing up Mr. Shinbaum's charges were filed Saturday in behalf
of many certificate holders, who alleged that the organization of the Chattanooga National Bank was "fraudulent and made in contemplation of
Insolvency" on the part of the First National.
To-day's suit was filed In behalf of a minor, Roberta Agnes Figgins, in
connection with the First National's handling of her portion of her father's
estate valued at about $ ,000.
Supporting the Shinba m litigation, it asks that the assets of the Chattanooga National Bank, the First National Bank and the First Securities
Co. be pooled and be divided among the creditors.
TEXAS.
The directors of the Reconstruction Finance Corporation
have authorized the purchase. of $100,000 preferred stock in
the Citizens' National Bank in Abilene, Tex., a new bank
formed to succeed the Citizens' National Bank of Abilene,
Tex. The preferred stock authorization is contingent upon
the subscription of a similar amount of common stock by
those interested in the new bank.
WEST VIRGINIA.
The directors of the Reconstruction Finance Corporation
have authorized the purchase of $200,000 preferred stock in
the West National Bank, Fairmont, W. Va., a new bank to
succeed the National Bank of Fairmont.
The preferred stock authorization is contingent upon the
subscription of an equal amount of common stock by those
interested in the organization of the new hank.
Additional List of Banks Licensed to Resume Operations in Second (New York) Federal Reserve
District.
The Federal Reserve Bank of New York issued the following list on July 12, supplementing its statement of June 28
(noted in our issue of July 1, page 77), showing additional
banking institutions in the Second (New York) District
which have been licensed to resume full banking operations:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1254, July 12 1933)•
MEMBER BANKS.
NEW YORK STATE.
Callicoon—First National Bank in Calliccoon.
Lyons—The Lyons National Bank.
NEW JERSEY.
Pompton Lakes—The First National Bank & Trust Co. of Pompton Lakes,
GEORGE L. HARRISON, Gorernor.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were completed July 7 for the sale of three
memberships on the Commodity Exchange, Inc. as follows:
Alfred Boedtker, extra, to William A. Overton, for another,
at $3,800;Jean Wagner,extra, to Louis J. Cohen,for another,
at $3,950; and Charles Slaughter, extra, to Louis J. Cohen,
for another, at $3,950. On July 10 arrangements were made
for the sale of two memberships at $4,000. Sales were
arranged July 11 as follows: Henri D'Erceville to J. Chester
Cuppia, for another, at $3,950; Simon Allen to Robert Johnson, for another, at $3,950; William Henry Trotter to Fred
B. Peterson, for another, at $4,000; Albert Schadegg, extra.
membership, to Julius B. Baer, for another, at $4,000;
Joseph Gerli, extra membership, to B. N. Jackson, for
another, also at $4,000. On July 12 arrangements were
completed for the sale of five memberships as follows: John
F. Bailey, at auction, to Robert G. Johnson, for another, at
$4,000; E. G. Howes to E. H. Muir, for another, at $4,100;
Henry J. Gwalter to F. J. McKendrew, for another, at
$4,150; W. Leslie Harriss, extra, to John L. Julian, for
another, at $4,250, and Frederick K. Nieschlag, extra, to
Ange S. Arbib, for another, at $4,250, and on July 13
Henry Sehniewind, Jr., sold his membership to Joseph
Klingenstein, for another, for $4,700.
Arrangements were completed July 5 for the sale of a
membership in The Chicago Stock Exchange for $9,000, unchanged from the last previous sale.
A Chicago Board of Trade membership sold late July 10 at
$11,900, up $250, on July 11 a membership sold for $12,000
and on July 13 a sale took place in the morning at $14,000
and later in the day one sold for $14,500.
438
Financial Chronicle
Action on the proposed merger arranged between the
County Trust Co. of New York and the Lawyers' Trust Co.,
also of this city, will be taken at a meeting of the stockholders
of the first named institution to be held on July 27. The
proposed merger was referred to in our issue of July 8, p. 264.
It will be effected under the name of the Lawyers' County
Trust Co. The merged company will have its principal
offices at 160 Broadway,now the main offices of the Lawyers'
Trust. The County Trust had had its principal offices in the
Empire State. Building. The merger was approved on
July 11 by Joseph A. Broderick, State Superintendent of
Banks. The following is from the New York "Journal of
Commerce" of July 12:
The consolidated company will retain the same capital structure as
that of the County Trust Co. at present. Total resources of the merged
institution will approximate $3,,000,000.
Smith to Head Board.
It is contemplated that the principal officers of the merged institution will
be alfred E. Smith, Chairman of the Board, [County Trust] and One R.
Kelly, President.
"The merged institution will have no connection with any mortgage or
title guarantee company," according to Mr. Kelly.
Six directors of the Lawyers Trust Co. will be elected to the board of
the merged bank, namely: Lucius H. Beers, Philip S. Dean. Albert W.
Haigh, Charles F. Noyes, Walter E. Sachs and Henry R. Barrett. The
other directors of the merged institution, formerly of the County Trust
Ce., will be: Vincent Astor, John J. Broderick, PeLer J. Carey, Howard S.
Cullman, William H. English, Albert T. Johnston, Edward J. Kelly, One
R. Kelly, William F. Kenny, Ralph W.Long, Daniel J. Mooney. Kenneth
O'Brien, Stuart B. Plante, Aaron Rabinowitz, John J. Raskob, Daniel L.
Reardon, Louis F. Rothschild. Parry D. Saylor, Alfred E. Smith.
From the "Wall Street Journal" of July 10 we take the
following:
County Trust Co.. in its statement of condition as of June 30, last, has
set up a "special reserve account" of $572,881, representing the full amount
of appreciation in the market value of its securities since adoption of the
policy in April to carry such securities at actual market prices.
"Instead of showing this amount as a profit." states the bank, "the
directors believe that for the time being and until it is generally felt that
world financial and economic conditions are again stabilized on some normal
basis, it Is more in keeping with sound and constructive banking practice
to carry this appreciation in a special reserve account. Any subsequent
depreciation in the market value of these securities will, of course, be
charged against this special reserve account."
Deposits showed an increase at $19,217,399 on June 30 and compared
with $18,372,828 on Apr. 13. Surplus and undivided profits stood at
$1,225.837, a small gain from the $1,214,937 reported as of the earlier date.
The customers of the Trust Department of the closed
Harriman National Bank & Trust Co. of New York are to
be paid in full as soon as the trusts and agencies can be
liquidated and turned over to successors, it was learned on
inquiry at the offices of the Harriman National Bank and
Trust Co. July 7. This procedure has been sanctioned by
the Comptroller of the Currency, said an announcement
issued in the matter, which also stated:
This information will be of real advantage to many who were dependent
on income of trust estates of which the Harriman National Bank and Trust
Co. acted as trustee.
At the time of the closing of the Harriman National Bank and Trust Co..
there were nearly 200 trust accounts, aggregating some $30,000,000 in
value, in charge of the Harriman National Bank and Trust Co. acting in
various trust and agency capacities. Although the Harriman National
Bank & Trust Co. has not been permitted to perform any banking business
have not yet received any paysince Its closing, and its banking depositors
ment, the Trust Department under the direction of Lawrence N. Woodward,
Trust Officer, has continued to function with a full staff. Already a number
remaining
of trusts have been finally liquidated with full payment and the
trusts are in process of full liquidation as fast as the successors can qualify.
Herbert I. Foster, formerly a partner of Paine, Webber &
Co., New York, died on July 12 following an illness of seven
months. He was 57 years old. Mr.Foster was also a former
member of the Governing Committee of the New York Stock
Exchange to which he was elected in 1929. He entered the
employ of Paine, Webber & Co.in 1898 and became a member
of the firm several years ago. Due to his ill-health he retired
as a partner and also from the Governing Committee of the
Stock Exchange early this year. Mr. Foster acquired a seat
on the Exchange in February, 1928.
The directors of the Midland Bank, Ltd., London, have
announced an interim dividend for the half year ended June
30last at the rate of 16% per annum,less income tax, payable
to-day, July 15.
Willard T. Carleton, President of the Boston Safe Deposit
& Trust Co. of Boston, Mass., died suddenly on July 12 on
board the United Fruit Company steamship "Petan" while
the ship was entering the harbor at Kingston, Jamaica. Mr.
Carleton, whose home was in Winchester, Mass, sailed from
New York a week previously on a seventeen-day Costa Rican
cruise. The deceased banker was born in Island Pond, Vt.,
on May 9 1879 and studied in the public schools. Going to
Boston in 1906, he took a minor position in the bank, becoming Vice-President in 1920 and President in January 1932.
July 15 1933
Among many other interests, Mr. Carleton at the time of
his death was a director of the Bay State Mortgage Co., the
Boston 'Chamber of Commerce, Ditson Distributers, Inc., the
Edison Electric Illuminating Company of Brockton, Hollingsworth & Whitney Co. and the Railway & Light Securities Co.
Starting Thursday of this week, July 13, checks in payment of an initial dividend of 50% on all claims against the
New Jersey National Bank & Trust Co. of Newark, N. J.,
which were made before or on June 10 1933, are being distributed by C. P. Rogers, receiver of the institution, according to Newark advices on July 12 to the New York "Times."
The New Jersey National Bank & Trust Co. closed its doors
on June 10 1932, as noted in our issue of June 18 1932, page
4439. Our last reference to its affairs appeared in the
"Chronicle" of Aug. 13 1932, page 1109.
Concerning the affairs of the defunct Chesapeake Bank of
Baltimore, Md., which closed Dec. 9 1930 the Baltimore
"Sun" of July 2 carried the following:
Checks aggregating $402,624.30 will be mailed to depositors and creditors
of the defunct Chesapeake Bank on July 10, according to a report filed in
the Circuit Court No. 2, which has jurisdiction over the money.
The payment represents 10% of the total debts of the bank and will be
the second dividend paid by the receiver, John J. Ghingher, Bank Commissioner for Maryland, since the institution closed December 9 1930.
A 22 5% payment was made approximately one year after the institution closed its doors. An auditor's report showed that there are 24,850
creditors of the bank. All will receive checks, it was indicated.
According to court records, the receiver will have remaining in his hands
$6,654.99, in addition to $161,106.14 deposited in banks operating on a
restricted basis.
In addition, the receiver has certain securities and mortgages yet undisposed of, so it is thought that a third dividend payment will be made.
Herbert Levy is counsel for Mr. Ghingher in the Chesapeake Bank case.
He has been paid $50,000 under Court order for his services. Of this amount
$19,000 has been for expenses connected with settling up the estate, he
said.
Two branch offices were opened recently by the Central
United National Bank of Cleveland, Ohio—the Kenmore
office on July 1 and the Doan office on July 3. In announcing the proposed opening of the latter office on July 2, C. E.
Sullivan, Chairman of the Board of the Central United National Bank, announced the promotion of J. H. Cole from
Cashier of the institution to a Vice-President in charge of
the Doan branch, and the advancement of W.E. Caldwell Jr.,
from an Assistant Cashier to Cashier. Mr. Caldwell was assigned to executive duties at the main office, 308 Euclid
Avenue. The Cleveland "Plain Dealer" of July 2,from which
the above information is obtained, furthermore said in part:
Following graduation from Wittenberg College, in 1912, Mr. Cole joined
the Central National Bank. He served two years in the United States Army
with the A. R. F. and returned to the bank in 1919. In 1926 he was promoted from Comptroller to Cashier.
Mr. Caldwell also has been with the bank since 1914, followed shortly by
his enlistment in the United States Army with the A. E. F. He returned to the
bank in 1919 and, with the exception of a leave of absence when he attended Harvard Graduates School of Business Administration, he has worked
in the banking department specializing in credit studies.
Concerning the affairs of the defunct Postal Station State
Bank of Indianapolis, Ind., 'which failed the latter part of
October 1930, the Indianapolis "News" of July ,6 carried the
following:
Announcement of distribution of a cash payment amounting to 5% of the
general claims against the Postal Station State Bank (Indianapolis) to depositors and creditors of the bank was made July 8 by Raymond D. Brown,
receiver.
The 5% distribution brought the total distribution to 45%. Dividends
totaling 40% on the general claims had been made previously. The distribution was ordered by Judge Clarence E. Weir, of Superior Court, Room 4.
Assets totaling $152,274.54 on their face values remain to be liquidated to
pay the balance of $187,447.67 due depositors, Brown said in a letter accompanying the dividend checks.
"The real value of these assets, however, le questionable," he said.
Cash receipts since appointment of a receiver in November 1930, have
totaled $176,959.08, he said. These receipts include earnings of the receiver of $13,496.93 and income from the liquidation of assets.
Cash disbursements have totaled $159,432.78, including the receiver's expenses of $11,322.85 and the first dividend of $122,090.04 to depositors.
Another larger disbursement was the payment of $15,040.48 on Court order
to redeem pledged collateral.
Money available to pay the recent 5% dividend totaled $17,520.30, according to the report.
In its issue of July 8, the Chicago "News" stated that another 10% distribution ,to depositors of the Congress Trust
& Savings Bank of Chicago, involving $81,500, would be made
July 10, according to an announcement by Clement A. Nance,
receiver for the institution. The paper mentioned went on
to say:
The bank closed on June 28 1932, and the liquidation operations since
then have resulted in the payment, including the present distribution, of
45% to depositors. On April 25 last a payment of 10% was made prior to
which checks for 25% of deposits had been distributed.
Mr. Nance was named receiver for the bank on July 13 1932.
Volume 137
That a 10% dividend was to be paid about July 10 to depositors of the Hubbard Woods Trust & Savings Bank of
Winnetka, Ill., according to an announcement by Edward J.
Barrett, State Auditor of Illinois, on July 5, was reported in
the Chicago "Tribune" of July 6, which went on to say:
The distribution authorized aggregates $18,215. A previous dividend of
10% was paid depositors. The bank closed in February last year.
A dispatch by the Associated Press from Lincoln, Neb., on
July 5 stated that depositors of the failed Farmers' State
Bank of Stapleton, Neb. had received a 10% dividend,
amounting to $7,075, through the Nebraska State Banking
Department on that day. Previously they had received 35%,
It was said.
K.
Omer K. Benedict, a Vice-President of the First National
Bank & Trust Co. of Tulsa, Okla., and formerly Managing
Editor of the Tulsa "World," died in that city on July 10.
Mr. Benedict was 59 years of age.
A Tulsa, Okla.,dispatch on June 30 by the Associated l'ress
stated that the Exchange Trust Co. of Tulsa, which had been
doing an exclusive trust business, was placed in the hands
of the Oklahoma State Banking Department on that day by
its directors. The advices added:
Savings deposits were transferred to the Exchange National Bank of
Tulsa, parent institution of the trust company.
A charter was issued on July 6 last by the Comptroller of
the Currency to the American Exchange National Bank in
St. Louis, St. Louis, Mo., successor to the American Exchange
National Bank of St. Louis. The new institution has a
capital of $200,000 consisting of $92,500 preferred and $107,500 common stock. It is headed by Edmond Koeln with Paul
F. Zacher as Cashier.
Effective July 1 1933, the First National Bank of Bolivar,
Mo., capitalized at $25,000, was placed in voluntary liquidation. The institution was taken over by the Polk County
Bank of Bolivar.
Russell E. Mooney of Jackson, Tenn., for the past ten years
a National bank examiner, was elected a Vice-President and
a director of the National Bank of Commerce in Memphis,
Tenn., at a meeting of the directors on July 5, according to
the Memphis "Appeal" of July 7. Mr. Mooney, who will be
In charge of the bank's credit department, will assume his
new duties on July 20. He began his banking career, the
paper mentioned said, when 18 years old in a Jackson bank.
After five years he resigned to become a national bank examiner, and for the past 10 years has been continuously engaged in this work. Mr. Mooney is well known to Memphis
bankers as an examiner of National banks in the Eighth Federal Reserve District, which includes St. Louis, Louisville
and Memphis. W. R. King heads the National Bank of Commerce in Memphis.
The George D. Warthen National Bank of Sandersville,
Sandersville, Ga., capitalized at $50.000, was granted a
charter by the Comptroller of the Currency on July 6.
C. Findlay Irwin is President and II. S. Harrell, Cashier, of
the new bank, which represents a conversion of the George
D. Warthen Bank of Sandersville.
4
-- -That a charter was granted by the State Superintendent
of Banks for Alabama on June 29 to the Comercial Bank
of Andalusia, Ala., and the new bank would open for business on July 1, was reported in the Montgomery "Advertiser"
of June 30, which added:
The new bank has a capital of $50,000 and a surplus of $10,000. W. W.
Beall is President and W. H. Beall Vice-President and Cashier.
Joe McCarroll became Executive Vice-President of the
Citizens' National Bank of Danville, Ky., on July 1 last, according to an announcement by the institution on June 29,
reported in Danville advices to the Louisville "CourierJournal," which went on to say:
Mr. McCarron is to come to Danville from Hopkinsville where he has
been in the banking business for the last twenty-five years. For many years
he was treasurer of the Christian County Board of Education, was secretary
and treasurer of the Pearl City Building and Loan Association and secretary of the Christian County Bond Commission.
Effective July 3 1933, the First National Bank of Memphis,
Tex., and the Hall County National Bank of that place,
capitalized at $100,000 and $50,000, respectively, were consolidated under the title of The First National Bank of
439
Financial Chronicle
Memphis. The new organization is capitalized at $100,000
with surplus of $20,000.
Establishment of a branch of the Bank of America National Trust & Savings Association (head office San Francisco, Calif.), at Loomis, Calif., was announced by Will F.
Morrish, President of the Bank of America, on June 29, according to the San Francisco "Chronicle" of June 30, which
went on to say:
lie (Mr. Morrish) said that approval for the bank had been given after
petitions from the citizens of Loomis had been carefully studied. The
branch will open some time early in July.
Court approval of the sale of the Loomis property of the defunct California Trust and Savings Bank to the Bank of America made it possible
for the early installation of the Loomis branch, Morrish said.
Directors of the Union Bank & Trust Co. of Los Angeles,
Calif., on June 29 advanced W. C. Neary from Assistant
Cashier to an Assistant Vice-President of the institution, and
declared a quarterly dividend of $1.25 a share, payable to
stockholders of record on June 24, according to the Los
Angeles "Times" of June 30, which also had the following to
say regarding Mr. Neary's banking career.
The new Assistant Vice-President . . . joined the Union Bank as
Manager of its foreign exchange department in 1920. Before coming to
the bank Mr. Neary was Foreign Exchange Manager for the American Savings Bank of Seattle, Wash., and was for eight years with the Canadian
Bank of Commerce in various branches of the Dominion. He is also President of the Los Angeles Banks' School Savings Association.
Earnings of the Crocker First National Bank and the
Crocker First Federal Trust Co. of San Francisco, Calif., in
the past six months were sufficient to cover the regular semiannual dividend which, since Dec. 31 1927, has been paid at
the annual rate of $14 a share. Resources of the two institutions, as of June 30 last, totaled $125,242,103.
The Comptroller of the Currency on July 3 granted a
charter to the First National Bank of Shelton, Shelton, Wash.
The new institution, which represents a conversion of the
State Bank of Shelton, is capitalized at $50,000. Mark E.
Reed is President and Louis Weinel, Cashier, of the new
bank.
—
On July 5 1933, a charter was granted by the Comptroller
of the Currency to the Colville Valley National Bank of Colville, Wash., with a capital of $50,000. The new bank is a conversion of the Colville Valley Bank. Fred W. Dickey and
P. E. Schroeder, are President and Cashier, respectively, of
the new institution.
—4_-_
The statement of condition of Barclays Bank Limited of
London as at June 30 1933 shows total deposits of £379,395,573, an increase of more than 137,000,000 since June 30,
a year ago, and total resources of £410,823,268 as compared
with £372,912,733 at that time, according to cable advices received July 10 at the representative's office of the bank here.
Cash items are as follows: Cash in hand and with the Bank
of England, £44,517,285; Balances with other British banks
and Cheques in course of collection, £10,527,703; Money at
call and short notice, £18,757,300. Total investments of the
bank amount to £90,780,282, of which 195,945,768 are securities of. or guaranteed by, the British Government. This represents an increase in investment account of approximately
£28,000,000. Total bills discounted are reported as £61,132,163, and total advances, £156,595,965.
Barclays Bank Limited, prominent amongst the Big Five
English banks, has maintained the dividends paid for many
years past, namely, 10% on the "A" Shares and 14% on the
"B" and "C" Shares.
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 61
4% on the £1 shares for the same period. The
dividends (less income tax) will be payable on Aug. L
The bank's statement of condition as of June 30 1933 ghows
total assets of £350,733,564 of which the principal items are:
Advances to customers and other accounts, £110,543,936; investments, £85,902,204; bills discounted, £50,441,907; coin
bank and currency notes and balances with the Bank of
England, £32,245,692; liabilities of customers for acceptances, endorsements, etc., as per contra, £29.228,754, and
money at call and short notice, £17,633,397. On the liabilities
side of the statement, current, deposit and other accounts
are given at £304,670,141, and liabilities for acceptances, endorsements, etc., as per contra, at £29,228,754. The bank's
paid-up capital is £9,320,157, and its reserve fund £7,500,000.
440
Financial Chronicle
July 15 1933
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The spectacular movements of the "wet" stocks was again
Mining stocks, specialties and the so-called wet issues the outstanding feature of the trading on Wednesday, and
were the outstanding features of the stock market this while the transactions in the general list were not particularly
week. Trading was fairly buoyant though, at times, the noteworthy during the early dealings, there was a decided
volume of sales diminished as the dealings slowed up. On upturn as the day progressed and many of the oil shares,
Thursday the transactions were particularly heavy, 7,451,370 steel stocks and public utilities joined in the advance. Promshares changing hands, while approximately 180 issues broke inent in the upswing were such individual issues as Air
into new high ground for the year. Railroad shares have Reduction, 134 points to 9834; American Metals, 23 points
%
attracted considerable speculative attention and there has to 213/3; American Sugar Refining, 534 points to 6934;
been a good demand for rubber issues. Steel stocks have Anchor Cap, 33% points to 26%; Auburn Auto, 10% points
moved slowly forward, especially the smaller organizations to 7834; Bon Ami,4 points to 70; Celanese Corp., 3% points
which have been consistently strong throughout the week. to 543/3; J. I. Case, 434 points to 9734; Commercial Solvents,
4
Unfilled orders of the United States Steel Corp. show an 434 points to 36; Crucible Steel, 334 points to 323 ; Interincrease of 176,966 tons as of June 30, indicating the largest national Business Machine, 334 points to 13834; Mathieson
upturn of any month since January 1931. There have been Alkali, 4 points to 3634; National Distillers, 4 points to 114;
occasional periods of irregularity and a moderate amount New York & Harlem, 2 points to 151; Norfolk & Western,
of profit-taking appeared from time to time but, as noted 2 points to 82; Union Bag & Paper Co., 4 points to 48;
8
above, the market continued to move ahead despite the United States Industrial Alcohol, 3% points to 863/; West
realizing. Call money renewed at 1% on Monday and Penn. Electric, 2 points to 70; Western Union Telegraph,
continued unchanged at that rate on each and every day 93/3 points to 63; and Woolworth, 1 point to 49.
The market was buoyant and higher on Thursday, the
of the week.
Following an early setback due to profit taking, the turnover reaching 7,451,376 shares. The leaders included
market turned sharply upward during the second hour on many prominent stooks, such as American Can, United
Saturday. The advance was under the leadership of the States Steel and General Motors, all of which broke into
metal stocks, particularly the gold mining shares which were new high ground for the year. The wet issues were again
turned over in large volume at higher prices. Dome Mines remarkable for their advances and kept moving steadily
was especially strong and broke through 35 to a new high, upward during most of the day. Rubber stocks also were
followed by Alaska Juneau and McIntyre Mining shares. strong and there was a brisk demand for the utilities and
There were some exceptions to the opening downturn. specialties, gains in the latter group ranging up to 16 or
General Electric, for instance, was boosted up to its top for more points. Some liquidation was apparent, and while
the current recovery and Woolworth, which was pushed this had some effect on certain groups, most of the active
through 50 for the first time. On the other hand, several stocks moved forward with little or no hesitation. The
popular stocks like J. I. Case, Allied Chemical & Dye, best gains for the day were recorded by Air Reduction,
American Can and United Aircraft showed early losses. 2 points to 10034; American Beet Sugar, 334 points to 4134;
The changes at the close were very narrow, and aside from Amer. Tel. & Tel., 23/3 points to 13294; Armour Ill. pref.,
the mining stocks, were largely on the side of the decline. 83/3 points to 81; Commercial Solvents, 43/3 points to 403/3;
Among the losses for the day were Allied Chemical & Dye Crucible Steel, 2 points to 54; Eastman Kodak, 2 points to
35% points to 72; Union Pacific, 33/3
I34 points to 130; Atchison, 23 points to 76; Central RR. of 8534; Peoples Gas,
4
points to 1283/3; United States Rubber pref., 634 points to
N. J., 2 points to 116; Delaware & Hudson, 234 points to
6734; General Mills, 234 points to 64; General Railway Signal, 35; United States Steel pref., 2% points to 1033/3; Western
2 points to 4634; Glidden pref., 234 points to 823/; Illinois Union Telegraph, 23/3 points to 7134; Wilson & Co. pref.,
2
4
Central, 1% points to 413/8; Rock Island, 2 points to 16, and 434 points to 663 , and Worthington Pump pref. A, 2'94
points to 4794•
American Type Founders pref., 10 points to 26.
The stock market was somewhat irregular during the mornStocks moved irregularly lower on Monday, and while
ing trading on Friday due to profit taking, but as the day
there was a modest rally during the noon hour, the trend
progressed, the trend was again upward under the guidance
was again downward and a goodly part of the gains were of Packard and International Tel. & Tel., both of which
erased before the close of the market. The volume of trading were in sharp demand at improving prices. There were a
was fairly large during the fore part of the day,but diminished number of special issues that were unusually strong, paras the session progressed. Public utilities attracted con- ticularly in the metal group. Other outstanding strong
Dye, Industrial Rayon, and
siderable speculative attention during the rally and so did spots were Allied Chemical & for the day
Canadian Pacific. The gains
included among
the specialties like J. I. Case and a few others. The volume others, American Can pref. 3 points to 129; Armour Ill.
of sales was comparatively small arid the price changes were pref., 7% points to 86%; Industrial Rayon, 59/3 points to 73;
not particularly noteworthy. Some of the gains were Ameri- International Harvester, 234 points to 1183/3; National
5
can Commercial Alcohol 33/3 points to 44%, American Hide Lead pref. A, 2 points to 124; Norfolk & Western pref. (4),
& Leather pref. 234 points to 503/8, American Steel Foundry 2 points to 84; Pittsburgh Coal, 3 points to 21; Union Bag &
Paper, 5 points to 55, and Wheeling & Lake
points
pref. 3 points to 85, Commercial Solvents 2 points to 30, to 24. The market was steady at the close. Erie, 3
Detroit Edison 2 points to 883/3, General Baking pref. 23/3
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
points to 1073/3, National Distillers 334 points to 1063/3,
DAILY, WEEKLY AND YEARLY
National Lead pref. A 2 points to 125, Utah Copper 3 points
Railroad
State,
LInUed
Stocks,
Total
to 72, West Penn Electric 2 points to 72 and United States
stages
Week Ended
Bond
Number of and Miscell. Municipal &
For'n Bonds.
Bonds.
July 14 1933.
Bonds.
Sales.
Shares.
Industrial Alcohol 7 points to 7434.
37,489,000 32,336,000
3,007,560
5704,000 $10,529,000
Except for the strength of the so-called "wet" stocks, Saturday
3,430,000
4,837,475 12,118,000
Monday
1,418,200 16,966,200
12,794,000
3,537,000
5,237,225
610,000 16,941,000
the market was comparatively quiet during the forenoon on Tuesday
3,710,000
5;185,410 13,125,000
Wednesday
835,500 17,670,500
Tuesday but improved later in the day. The steel shares, Thursday __
3,223,000
7,451,370 16,810,000
809,100 20,932,100
3,840,000
5,226,020 13,367,000
738,000 17,945,000
especially the smaller organizations like the Youngstown Friday
Total
lA 945.060 375.703,000 320,076,000 85.204.800 3100 983.800
Sheet & Tube, were somewhat higher, but the usual speculative favorites, such as American Can, Amer. Tel. & Tel.
Week Ended July 14.
Jan. 1 o July 14.
Sales at
New York Stock
and. a few others, were somewhat inclined to lag behind.
1932.
1933.
1933.
1932.
Exchange.
The strong stocks included the rubbers and specialties and
4,318,317
-No,of shares_
30,945,060
Stocks
400,627,779
184,398,784
a number of modest gains were recorded at the close of the
Bonds.
85,204,800 311,788,950
Government bonds_ _
day. National Distillers was particularly active and ad- State & foreign bonds__ 20,076,000 19,124,000 3270,881,000 $421,462,050
423,547,500
427,454,500
799,721,000
vanced about 9 points at its top for the day. United States Railroad & misc. bonds 75,703,000 27,304,000 1,215,085,009
358,216,950 $1,909,514,400 $1,648,637,550
$100,983,800
Total
Industrial Alcohol gained 8 points to 8234 and Owens Ill.
Glass improved 134 points to 8934. Other gains recorded
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
at the close of the session were Air Reduction, 23/3 points
to 97; American Hide & Leather pref., 1% points to 5234;
Philadelphia.
Baltimore.
Boston.
Associated Oil, 4 points to 34; Beech-Nut Packing, 234 points
Week Ended
July 14 1933.
Shares. Bond Sates. Shares. Bond Rates. Shares, Bond Sales
to 6834; Celanese Corp., 2 points to 51; Colorado Southern,
54,267
$16,000
3,184
55,309
$13,000
4 points to 48; General Printers Ink pref (6), 234 points to Saturday
63,868
3,000
13,000
3,434
Monday
84,588
7,000
52,793
6,000
2,000
2,561
1,000
65,036
683/8; Ingersoll-Rand, 2 points to 68; International Silver, Tuesday
51,915
1,000
15,000
2,969
64,603
27,000
Wednesday
7 points to 423/3; Reading Co., 2 points to 60; Reynolds Thursday
89,890
5,000
6,500
2,911
86,564
13,000
15,740
4,000
4,532
14,081
6,000
Spring, 234 points to 1538; Studebaker pref., 6 points to 35; Friday
/
339,000 328,473
$32,500
Total
370,181
19,591
367,000
Union Pacific, 334 points to 1283/3; White Motor, 2 points
to 263/8, and Youngstown Sheet & Steel, 33/3 points to 35. Prey. wk. revised_ I 388,616 314,100 354,657 339.500 20,635 $52,500
Volume 137
Financial Chronicle
THE CURB EXCHANGE.
The feature of the curb market trading this week was the
spectacular gains made by the so-called "wet" stocks, which
have been in increasing demand at steadily rising prices.
Industrial shares continued in good demand, particularly
on Tuesday, when this group displayed considerable buoyancy. Public utilities were moderately active and gradually
improved as the week progressed. There were some indications of irregularity from time to time and frequent
periods of profit-taking, but the latter was, as a,rule, readily
absorbed. One of the features of the trading on Saturday
was the upward surge of Pioneer Gold, which moved up a
point or more and was followed by other prominent mining
stocks like Newmont, Lake Shore, Premier, Wright-Hargreave, Hollinger and Tech Hughes. Public utilities, with
the possible exception of American Gas & Electric, held
close to their previous finals. Oil shares made very little
progress; stocks like Standard Oil of Indiana, International
Petroleum and Gulf Oil of Pennsylvania showing little or
no change. Investment trusts showed slight losses. Price
movements were somewhat uncertain on Monday, alternate
periods of advance and recession occurring during the
greater part of the session. Public utilities were in increased
demand at higher prices and advances ranging up to 2 or more
points were scattered through the group. The whisky stocks
were especially active, particularly Hiram Walker, which
jumped ahead about 23 points. Electric Bond & Share
gained 2 points and American Gas & Electric registered a
similar advance.
The liquor shares were again the chief feature of the curb
trading on Tuesday as spectacular gains continued to pile
up all through the group. The buoyancy in these stocks
soon extended to other parts of the market, and while the
improvement was spotty in public utilities, most of the other
groups showed substantial gains on the day. Jones &
Laughlin, for instance, added 10 points to its 12-point gain
of the previous day. United Shoe and Singer Mfg. Co. were
also strong and moved substantially higher. This was true
also-of Parker Rust Proof and Great Atlantic & Pacific Tea
Co. Mining stocks were slow and little progress was made
in the oil shares. The trend of the curb market continued
upward in Wednesday, and while considerable selling was
in evidence as the session opened, it was quickly absorbed
by the buoyancy of the "wet" shares, as stocks moved
forward. Hiram Walker, Distillers, Ltd. and Canadian
Industrial Alcohol, were the strong stocks and all registered
sharp advances. Jones & Laughlin was again active and
made further additions to its previous gains. Oil issues
were in demand and moved briskly forward under the
guidance of Humble Oil, which was up around 5 points at its
top for the day. Dow Chemical was also conspicuous in
the trading as it soared upward 13 or more points to a new
high at 78 before reacting. Public utilities were steady and
moved within a comparatively narrow range. Electric Bond
& Share gained about a point, while American Gas & Elec.
and Commonwealth Edison were moderately higher. Speculative attention was again directed toward the liquor stocks
on Thursday and issues like Hiram Walker moved briskly
forward, the gains ranging up to 7 or more points. General
Tire & Rubber also moved forward on heavy trading and
Aluminum Co. of America joined in the forward movement
with an advance of more than 2 points. Public utility
shares showed good gains, particularly Electric Bond &
Share and American Gas & Elec., both of which were higher
at the close. Oil stocks responded favorably to the Presidential intervention in the oil industry, Gulf Oil of Pa.,
Imperial Oil, Standard Oil of Ind. and Humble Oil & .Refining registering substantial gains for the day.
Trading on the Curb Exchange continued active on Friday
as stocks resumed their advance under the guidance of the
liquor shares which continued their record breaking gains.
Hiram Walker, Canadian Industrial Alcohol and Distillers
were higher on the day and United Molasses opened on a large
block of shares at 5 but dipped to 43/i later in the session.
Public utilities were under pressure a good part of the day
but a majority of the industrials showed improvement,
particularly Aluminum Co. of America, the Swift issues and
Jones & Laughlin. Sugar stocks also were in demand at
higher prices, but oil shares and mining issues moved within
441
a narrow range. The changes for the week were largely on
the side of the' decline, the recessions including among others
Aluminum Co. of America, 88% to 84, American Gas &
5
Electric, 453/i to 44%; American Laundry Machine, 183/i to
%
17%; American Superpower, 73 to 73j; Associated Gas et•
Electric A, 23/i to 2; Atlas Corp., 173/i to 163/8; Brazil
Traction & Light, 183/i to 17; Central. States Electric, 3%
3
%
to 3%; Creole Petroleum, 75 to 73.'; Gulf Oil of Pennsyl5
3
vania, 61% to 59%; Hudson Bay Mining, 9% to 8%;
Humble Oil, 843 to 823.; International Petroleum, 19% to
%
%
18; New Jersey Zinc, 58 to 57; Pennroad Corp., 55 to 53';
3
Pennsylvania Water & Power Co., 553/ to 533/; Singer
Manufacturing Co., 1743 to 173; United Gas Corp., 538 to
%
5
53'; United Light & Power A, 73/i to 7%, and General
Alloys, px, to 23/3.
A complete record of Curb Exchange transactions for the
week will be found on page 469.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
July 14 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
$138,000 $3.326.000
107,000 5,550,000
97,000 6,200,000
136,000 5,025,000
169,000 7,664,000
111,000 5,983,000
6,503,569 $31,698,000 $1,292,000
$758,000 $33,748,000
Jan. I to Juty 14.
Week Ended July 14.
Sales at
New York Curb
Exchange.
1933.
1932.
1933.
-No,of shares_
Stocks
6,503,569
395,685
Bonds.
Domestic
$31,698,000 $14,725,000
Foreign government
897,000
1,292,000
Foreign corporate
758,000
1,098,000
Total
Total.
$200,000
257,000
191,000
192,000
284,000
168,000
488,580 *2,988,000
774,148 5,186,000
858,985 . 5,912,000
1,004,547 4,697,000
1,933,809 7,211,000
1,443,500 5,704,000
$33,748,000 S16,720,000
1932.
59,469,192
25,079.783
$516,001,000
25,143,000
24,472,000
2388,985,100
16,570,000
39,032,000
$565,616,000
$444,587,100
COURSE OF BANK CLEARINGS.
Bank clearings continue to show substantial gain, reflecting the improvement in trade. This is the sixth week in
succession that our • bank clearings totals have registered
a gain, when compared with a year ago. Seven of the largest
cities out of twelve report increases as compared with a year
ago. Preliminary figures compiled by us, based upon telegraphic advices from the chief cities of the country, indicate
that for the week ended to-day (Saturday, July 15) bank
exchanges for all the cities of the United States from which
it is possible to obtain weekly returns will be 24.8% above
those for the corresponding week last year. Our preliminary
total stands at $5,712,508,960, against $4,578,982,989 for
the same week in 1932. At this center there is a gain for
the give days ended Friday of 157.7%. Our comparative
summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending July 15.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1933.
1932.
Per
Cent.
$3,126,309,185 81,213,391,242 +157.7
153,379,192 +28.1
196,525,293
-5.7
212,000,000
200,000,000
141,000,000 +31.9
186,000,000
+1.2
59,271,061
59,991,481
46,900.000 +20.7
56,600,000
+6.7
80,563.000
85,947,000
No longer will re port clearings
+9.4
63,223,867
69,172,873
50,679,422 -25.0
37,995,249
56,124,799 -15.0
47,717,559
44,705,496 -20.4
35,601,590
21,626,028 -12.4
18,945,000
Twelve cities, five days
Other cities, five days
$4,120,805,230
556,285,570
$3,142,864,107
497,448,320
+31.1
+111
3
Total all cities. five days
All cities, one day
$4,677,090,800
1,035,418,160
$3,640,312,427
938,670,562
+28.5
+10.3
000020
-I-9A 0
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish ,them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below we are able to give final and complete
results for the week previous, the week ended July 8. For
that week there is an increase of 28.5%, the aggregate of
clearings for the whole country being $5,237,263,782, against
$4,075,200,212 in the same week in 1932. Outside of this
city the increase is only 2.2%, the bank clearings at this
center recording a gain of 45.1%. All of the Federal Reserve
districts contributed to the increase, except the Philadelphia,
Cleveland, Richmond and San Francisco Districts. We
group the cities according to the Federal Reserve districts
Financial Chronicle
SUMMARY OF BANK CLEARINGS.
Week Ended Jule,8 1933.
1932.
1933.
Inc.or
Dec.
1930.
1931.
Federal Reserve plats.
lit Roston
12 cities
2nd New York 12 "
3rd Philadelphia 9 "
5th Cleveland__. 5 "
6th Richmond
6 "
6th Atlanta.. _ ..._10 "
7th Chicago.
.18"
8th St. Louis
4 "
9th Minneapolis 7 "
1066 Kansaseity 9 "
11th Dallas
5 "
12th San Fran 13 "
3
3
$
$
%
523,696,317
433,855,756
190,587,855 +20.9
230,431,067
3,722,706,357 2,590,818,551 +43.7 5,674,157,223 6,873,028,797
550,771,815
448,745,572
268,637,804 -3.4
259,394,526
380,523,709
318,684,818
176,249,340 -7.6
162,806,463
214,288.389
146,384.611
94,429,394 -22.0
73,699,125
69,487,544 +18.2
82,146,004
124,763,529
154,233, 9
97
934,178,738
611,170,865
274,872,868 +1.3
278,309,105
127,420,20
71,869,05 +12.8
81,054,982
171,715,972
114,342,928
97,270,074
66.091,79 +12.5
74,336,783
235,698,446
150.856,252
90,581,947
88,804,42 +4.4
48,821,965
56,350,972
32,780,268
31,090,46 +5.4
314,049,539
272.760,873
154,305,12 -3.4
149,017,215
Total
110 cniee
Outside N. Y. City
5,237,263,782 4,075,200,212 +29.5
1,608,953,508 1,574,908,500 +2.2
Canasta
29 nitfor
An? R77 140
8,454,891,829 10,492,849,569
2,931,478,917 3,777,847,607
070 ROA am .1.449
07.4 994 500
410 425 999
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended July 8.
Clearings at
1933.
First Federal
Maine-Bangor__
Portland
Mass.
-Boston _
Fall River--Lowell
New BedfordSpringf
__
Worcester
Conn.
-Hartford
New Haven_
It.1.-Providenc
Total(12 cities)
1932.
Inc. or
Dec.
$
$
%
Reserve Dist rict-Boston549,223 ,
446,241 +23.1
1,552,306
2,025,139 -23.3
198,605,249 162,899,293 +21.9
554,390
+4.3
531,682
294,743
273,713 +7.7
583,721
538,245 +4.7
3,118,171
3,440,431 -9.4
1,382,118
1.932,358 -28.5
10,456,935
7,176,254 +45.7
4,138,390
3,657,400 +13.2
8,793,800
7,158,600 +22.8
424,221
508,499 -16.6
230,431,067
190,587,855 +20.9
Second Fede at Reserve D lstrict-New
N. Y.
11,981,350
4,824,924
-Albany-Binghamton_ 796,898
877,939
Buffalo
23,069,187
22,189,216
Elmira
651,710
686,434
Jamestown._ _
346,709
584,437
New York_ _ _ 3,628,310,274 2,500,291,712
7,630.992
Rochester
7,587,386
3,702,127
Syracuse
3,888.155
Conn.-Stamford
2,325,082
2,759,850
N. J.-Montclaix
428,158
508,609
14,357,309
Newark
19.308,154
29,108,781
Northern N. J.
27,315,735
1931.
$
1930.
$
830,190
3,873,269
384,758,550
1,082,512
530,482
817,006
4.564,354
3,627,974
12,191,130
8,083,158
12,923,000
774,131
783,882
3,610,934
471,730,194
1,004,051
591,488
991,694
4,221,567
4,055,353
12,733,291
8,153,670
15,081,000
739,393
433,855,758
523,696,317
York-+148.3
7,928,482
8,933,981
1,325,925
-9.3
1,388,853
+4.0
40,657,905
48,458,070
-5.1
1,213,010
955,307
1,212,066
998,822
-40.7
+45.1 5,523,412,912 8,715,201,962
+0.6
11,741,851
11,696,288
6,097,400
-4.7
6,377,638
3,550,564
-15.8
3,779,287
868,383
-15.9
914,136
33,932,738
-25.6
33,484,772
42,433,231
+6.6
42.826,459
Total(12 cities) 3.722,708,357 2,590,818,551 +43.7 5,874,157,223 6,873,028,797
Third Federal Reserve Dist rict- Philad elphi a
Pa.
-Altoona_ _
351,650
331,956
+5.9
Bethlehem _ -b
b
Chester
408,809
361,578 + 12.5
Lancaster
739,935
1,087,926 -30.7
249,000,000 257,000,000 -3.1
Philadelphia__
Reading
1,772,911 -7.1
1,647,410
Scranton
1,908,220
2.321,798 -17.8
1,647,036
Wilkes-Barre- _
2,085,034 -20.2
York
1,222,468
1,135,601
+7.6
N.J.- Camden_
2,471,000
2,581,000 -4.3
Total(9 cities).
259,394,528
268,637,804
-3.4
628,144
b
948,320
2,336,403
424,000,000
3,138,188
4,581,083
3,449,730
1,883,698
7,780,000
1.291,619
b
1,057,068
2,319,447
524,000,000
3,449,979
4,744,973
3,265,999
2,215,730
8,427,000
448,745,572
1933.
176,249,340
-7.6
318,684,818
380,523,709
Fifth Federal Reserve Dist rict-Richm ondW. Va.-Butte°
83,224
302,181 -72.5
2,429,000
2,975,762 -18.4
Va.-Norfolk__ _
21,208.066
Richmond
22,441,051 -5.5
S.C. Charlesto
749,181
673.533 +11.2
Md.-Baltlmore _
36,657,969
50,309,086 -27.1
D. C.-Wash'to
12,573,685
17,727,781 -29.1
651,025
3,729,925
34,001,015
2,052,492
79,474,147
26,478,007
1,038,155
4,825,769
51,738,000
2,971,000
123,057,464
30,858,001
94,429,394 -22.0
146,384,611
214,288,389
Sixth Federal Reserve Dist rict-Atian t aTenn.
3.410,927
-Knoxville
1.282,936 +170.1
Nashville
9,64.5,972
7,835,928 +23.1
Ga.-Atlanta._ 28,700,000
22,800,000 +25.9
Augusta
1,187,317
617,092 +92.4
Macon
511,189
525,221 -2.7
Fla.-Jack'ville_
10,087,000
6,608,786 +52.6
Ala.-Birm'ham _
8,845,548
7,513.132 +15.1
Mobile
1,027,902
742,629 +38.4
Miss.
-Jackson_ _
b
b
Vicksburg
121,072
101,425 +19.4
La.-NewOrleans
18,809,099
21,480,417 -12.4
3,742,440
12,996,793
37,715,544
1,333,343
835,501
11,550,689
13,602,500
1,408,370
b
187,815
41,410,734
3,141.096
25,854,162
48,964,816
1,320,402
1,541,995
11,755,372
17,628,508
1,790,125
b
217,080
41,990,641
124,783,529
Inc. Or
Dec.
1931.
Total(18 citi 5)
278,309,101.
274,828,868
+1.3
611,170,885
1930.
5
b
871,118
148,360,503
5,010,087
3,646,000
3,315,374
25,203,000
2,981,691
5,754,059
34,919,382
3,197,311
7,872,485
5,699,293
b
1,880,427
674,130,367
1,163,808
4,714,648
3,128,988
2,530,199
934,178,738
Eighth Federa I Reserve Dis trict-St. Lo Ws
a
Ind.-Evansvil e_
a
a
a
Mo.-St. Louis __
48,300,000 +8.9
52,600,000
90,100,000 119,400,000
15,995.612 +10.5
17,676,876
-Louisville __
KY.
34,929,084
24,379,973
7,111,787 +46.7
Tenn.-Memp ils
10,432,048
16,217,083
12,026,354
111.--Jacksonvi1le
a
aa
461,653 -25.1
Quincy
346,000
1,169,755
9
113,984
Total(4 clti I).
81,054,922
71,869,052 +12.8
127,420,291
171,715,922
Ninth Fede al Reserve Die trict-Minn capons2,758,001
Minn.
2,858,228
+3.6
4,178,751
-Duluth _
3,420,430
48,087,544 +15.3
53,148,847
Minneapolis_ __
78,486,888
68,573,933
13,285.468 +8.3
14,127,213
St. Paul_
__
23,608,983
21,191,010
1.592.822 -4.0
N. D.
1,529,891
-Fargo.
2,108,096
2,027,379
S. D.-Aberdeen_
546,983 -17.1
453,499
834,458
1,037,193
280,060 -3.1
271,278
Mont.-13111ing
632,915
838,831 .
1,540.941 +26.5
1,949,829
Helena
2.584,033
4,292,104
Total (7 citi )..
74,336,783
66,091,797 +12.5
97,270,074
114,342,928
Tenth Fede al Reserve Dis trict-Kans as City174,327 -60.5
Neb.-}remon
68,935
292,073
b
Hastings_ __ _ _
b
is
2,100,717 -2.2
2,054,080
Lincoln
__
3,313,550
18,610,840 +6.0
19,724,784
Omaha
36,039,437
2,112,385 -13.4
Kan.
1,828,274
2,647,150
-Topeka __
4,312,640 -24.4
3,261,395
Wichita_ _ _ _.
_
6,309,594
55,627,840 +7.8
59,946,109
Mo.-Kan. Cit y_
95,331,782
2,186,005 +18.4
2,588,789
St. Joseph..
3,733,756
748,418 -6.5
Colo.
700,111
1,086,847
-Col. Spiill.
931,249 -56.0
Pueblo
409,490
2,102,063
318,954
b
3,572,944
42,302,153
3,995,493
10,392,564
137,109,244
4,629,690
1,297,812
2,079,592
Total(9 citi )_
90,581,947
86,804,421
+4.4
150.858.252
205,698,446
-Da HasEleventh F le ral Reserve District
683,669 +7.8
Texas-AustIn_ _
736,940
21,723.513 +6.3
23,102,335
Dallas
5,302,918 -8.2
4,973,899
Ft. Worth_ ._
1,497,000 +8.1
1,619,000
Galveston
_
1,883,365 +24.7
La.-Shrevepo i
2,348,094
_
1,685,234
34,914,293
8.427,843
2,256,000
3,438,705
1,484,071
37,022,392
9,461,228
4,007,000
4,376,281
48,821,965
56.350.972
Total(5 cities)_
32,780,268
31,090,465
+5.4
Twelfth Fe le ral Reserve District-Sa n Fran deco20,244,347 -11.2
Wash.
17,971,031
-Seattle __
33,978,308
4,897,000 -17.3
_
4,048,000
Spokane..._.
10,473,000
449,443 -36.8
Yakima
284,258
742,758
Ore.
15,088,172 +6.9
16,125,013
-Portland _
30.001,969
Utah-Salt L CIt.
7,996,413 +5.3
8,421,591
15,578,743
2,847,718 -2.8
Calif.-Long 13 a.
2,768,038
6,270,283
Los Angeles_ _ No longer w ill report clea rings.
2,820,584 -5.8
2,656,924
Pasadena. _ _ _.
5,259,176
8,896.923 -59.0
2,828,315
Sacramento.._
8,826,887
San Diego
No longer w Ill report clea rings.
87,812,342 +1.5 151,548,749
89,108,614
San Francisc 31,694,135 -5.9
1,593,725
San Jose_ _ - _ _
4,073,188
1.272,755 -15.4
1,076,332
Santa Barbar,s.
2,089,203
829,704
853,563 -2.8
Santa Monies
1,871,933
1,431,728 -8.7
1,307,700
Stockton_
__
2,046,700
41,132,140
11,714,000
1,040,126
34,831,684
16,985,038
7,917,982
5,013.586
7,543,288
177,331,992
3.870,934
2,429,248
2,508,121
1,933,400
Total(13 citi 5) 149,017,215 154,305,121 -3.4 272,760,873 314,049,539
Grand total (1 10
5,237,263,782 4,075.200.212 +28.5 8,454,891,829 10492849,589
cities)
Outside New Yo rk 1,608,953,508 1,574,908,500
+2.2 2,931,478,917 3,777.847.607
iVeek Ended July 6.
fearing., at
1933.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Mbose Jaw
Brantford
Fort Willham
New Westminster
Medicine Rat...
Peterborough_ _ -Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
112,426,961
135,628,571
93,152,779
15,495,342
4,520,754
4,820,990
2,608,608
.5,187,944
6,016,024
1,935,052
833,231
2,919,318
4,082,826
3,478,868
439,646
435,990
1,431,530
1,218,749
1,101,588
823,040
493,948
299,672
719,218
752,849
921,474
2,579,814
275,168
578,827
995,327
590,285
508,288
828,702
Total(32 cities)
182,808,483
is
b
60,844,625
128,911,427
17,083,800
1,473,977
is
172,209,880
1932.
8
$
$
%
Seventh Feder al Reserve D istrict-Chl cago-Mich.
b
-Adrian __
13
is
Ann Arbor_
513,203
445,919 +15.1
788,719
52,009,839 -29.6 112,370,314
36,597,910
Detroit
Grand Rap! 432,177,421 -58.9
895,719
4,731.024
1,371,084 -57.9
Lansing
577,289
__
3,072,995
Ind.
-Ft. Waylie
988,923 -53.7
448,604
1,768,105
13,374,000 -25.7
9,933,000
Indianapolis.. _ _
22,964,000
1,057,421 -59.3
South Bend_ __
430,205
1,287,033
Terre Haute_
3,218,858 -7.4
2,979,886
5,813,720
Wis.-Mliwau .ee
14,979,854 -15.7
12,622,73(,
28,422,154
706,846 -66.3
la.-Ced. Rap Ids
238,05C
2,936,173
Des Moines_ __
4,891,559 +11.4
5,450,881
7,693,849
2,274,766
Sioux City _ _
2,108,582 +7.9
4,374,772
is
b
aterloo
b
318,931
811,185 -80.7
Ill.-Bloomington
1,416,842
172,444,596 +16.8 404,813,557
Chicago- _ - _ _ 201,155,531
446,259 +35.0
802,61m
Decatur_ _ ___
1,017,039
2,040,764 -5.1
1,935,87.
Peoria
3,388,049
487,148 +11.2
541,83Rockford_ _
1,873,930
1,290,830 -38.6
Springfield._ _ _
792,259
2,460,790
550,771,815
Fourth Fede al Reserve D istrict-Ciev eland-Ohio-Akron._
b
b
b
Canton
b
b
is
38,252,389
Cincinnati
+0.5
36,068,907
56,767,368
43,001,307
Cleveland
80,577,661 -29.0 108,975,017
8,802,600
Columbus
13,254,700
6,203.000 +9.7
Mansfield
821,140
873,388 -8.0
1,320,445
Youngstown_
is
b
is
Pa.
75,929,027
-Pittsburgh
72,526,388
+4.7 138,367,288
Total(5 cities)
Week Ended July 8.
Clearings at
-
407,877,359
1932.
Inc.or
Dec.
II ++111-14-11- 11 1+++11 1++++_„i
+1 1
in which they are located and from this it appears that in
the New York Reserve District, including this city, the
totals show an expansion of 43.7% and in the Boston Reserve
District of 20.9%, but in the Philadelphia Reserve District
there is a decrease of 3.4%. The Cleveland Reserve District
suffers a loss of 7.6% and the Richmond Reserve District of
22.0%, while the Atlanta Reserve District enjoys a gain of
18.2%. In the Chicago Reserve District the increase is
1.3%, in the St. Louis Reserve Distnct 12.8% and in the
Minneapolis Reserve District, 12.5%. In the Kansas City
Reserve District the totals are larger by 4.4% and in the
Dallas Reserve District by 5.4%, but in the San Francisco
Reserve District the totals show a decline of 3.4%.
In the following we furnish a summary of Federal Reserve
districts:
July 15 1933
1931,
1930.
.m.4w6
1
..wo.woow-am t.-ow.-cowt4.00.w.m bzwa.e, ,
boi,06;/..666Wboi4C4614.26Co66b;..MC414
442
$
115,118,030
101.694,900
54,380,488
20,234,745
.072.363
7
7,689,621
4,348,049
5,873,231
8,045,934
2,758,852
2,446,865
3,392,639
4,976,628
4,521,338
520,734
481,789
2,045.934
1,151,255
1,385.912
895,787
757,901
382,239
945,962
818,811
1,149,892
3,515,081
445,828
954,164
998,340
649,156
552,243
818,229
$
138,184,353
119.768,752
54,975,174
20,792,306
7,680,603
7,489,875
4,701,803
6,299,810
8,533,417
2,600,229
3,479,272
3,488,380
6,112,611
6,074,155
588,577
581,439
2,525,398
1,318,62
5
1,585,776
937,797
1,003,287
435,157
1,109,158
1,190,552
1,146,127
4,514,532
475,421
1,128,891
1,132,538
829,791
821,705
1,224,318
279,690,900 +45.8
353,994,500
410,485.829
$
85,991,050
77,812,105
50,941,234
13,818,576
4,583,727
5,987,977
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
287,137
754,019
736,744
784,652
2,848,643
307,112
578,180
872,102
474,029
492,451
515,999
154,203,997
Total(8 cities).
Total(10 cities)
73,899,125
82,148,0041
69,487,544 +18.2
a No clearings available. is Clearing House not functioning at present.
Volume 137
Financial Chronicle
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 8 July 10
1933.
1933.
Francs. Francs.
Bank of France
13,200
Banque de Paris et Pays Bas_
1,730
Banque d'Union Paris!eerie_
404
Canadian Pacific
355
Canal de Suez
20,120
Cie Distr d'Electricitie
2,770
Cie Generale d'Electricitie
2,370
Citroen B
538
Comptoir Nationale d'Escompte
1,160
Coty Inc
260
Courrleres
376
Credit Commercial de France
870
Credit Fourier de France
5,030
Credit Lyonnais
2,390
Distribution d'Electricitie la Par
2,780
Eaux Lyonnais
3,010
Energle Electrique du Nord_ _
765
Energie Electrioue du Littoral
1,072
Galeries Lafayette
94
Gas in Bon
1,200
Kuhlmann
680
L'Alf lAquide
HoII860
Lyon (P. L M.)
day
1,020
Mines de Courrleres
380
Mines des Lens
480
Nord Hy
1,520
()Melina Ity
952
Paris, France
1,090
Pathe Capital
79
Pechiney
1,330
Rentes 3%
68.10
Rentes 5% 1920
107.40
Rentes 4% 1917
77.80
Rentea 44% 1932 A
84.20
Royal Dutch
1,830
Saint Gobaln C & C
1,411
Schneider & Cie
1,635
Societe Andre Citroen
540
Societe Flancalse Ford
91
Societe Generale Fonder°
150
Societe Lyonnais°
3,000
Societe Maraellaise
580
Suez
20,100
Tubize Artificial Silk pref
202
Union d'ElectrIeltie
960
Union des Mines
220
Wagon-Ms
99
July 11
1933.
Francs.
12,800
1,670
301
342
19,445
2,710
2,350
534
1,140
250
361
851
4,980
2,300
2,700
2,940
758
1,040
93
July 12
1933.
Francs.
12,700
1,690
390
347
19,490
2,730
2,345
543
1,160
260
367
858
5,020
2,330
2,730
2,940
758
1,024
94
-666
660
810
840
981
998
370
360
450
460
1,510 1,470
930
930
1,080
1,080
79
78
1,320
1,290
68.20 67.80
108.10 107.10
77.30
77.90
84.30 84.20
1,810
1,780
1,380
1,360
1,620
1,577
540
530
84
87
148
144
2,925
2,940
578
580
19,500 19,500
194
193
950
920
210
94
93
July 13 July 14
1933.
1933.
Francs. Francs.
12,900
1.710
393
351
19,680
2,780
2,360
564
1,170
280
377
862
5,030
2,330
2,780
2,980
780
1,042
94
1,130
670
850 Holl980 day
370
470
1,460
944
1,090
79
1,330
67.30
107.20
77.20
84.20
1,850
1,400
1,610
560
85
150
3,000
578
19.700
200
960
210
96
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
July
S.
Relchsbank (12%)
Berliner liandels-Ge8ellschaft (5%)
Cornmers und Privat Bank k. 0
Deutsche Bank und Disconto-Geselischaft.Dresdner Bank
Deutsche Reichsbahn (Ger ityal pref(7%)
Allgemelne Elektrizitaets Gesell (A E G) -Berliner Kraft u Licht GO%)
Dessauer Gas (7%)
HoliGeefuerel (5%)
day
Hamburg Elektr-Werke (834%)
Siemens di Haiske(7%)
JO Farbenindustrie (7%)
Salzdetfurth (74 %)
Itheinische Braunkohle (10%)
Deutsche Erdoel (4%)
Mannesmann Roehren
Hapag
Norddeutscher Lloyd
July
10.
143
91
g0
1
45
100
23
104
107
81
98
151
129
161
203
114
60
14
15
July July July July
14.
12.
13.
11.
Per Cent of Par
147
144
146
143
91
91
91
91
21 45 27
g7 2,7 45
45
45
100
22
104
107
81
96
152
131
162
209
113
60
14
15
99
22
104
107
81
96
153
131
163
212
114
60
15
16
99
21
104
108
81
97
152
131
162
211
114
60
16
17
99
1052
107
82
98
155
133
163
210
115
62
16
17
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of July 14
1933:
Bid
Ash,
Rid
Ask,
Anhalt 7s to 1946
24
Hungarian Discount & Ex28
Argentine 5%, 1945, $100
3212 341
.
change Bank is, 196..3
pieces
8712
Hungarian Defaulted Coup 1 60
Antioquirt 8%, 1946____
72
1'4312 2512 Hungarian Bat Bk 748,'32 168
Austrian Defaulted Coupons 70
35
39
Kohoiyt 6%e, 1943
Bank of Colombia, 7%,'47 32
55
Land M Bk, Warsaw 81.41 50
Bank of Colombia. 7%. 48 32
33:2 Leipzig Oland Pr. 6 48,'46 61
65
'
Bavaria 64a to 1945
..... 34
29
38 Leipzig Trade Fair 7s, 1953 27
Bavarian Palatinate Cons.
Luneberg Power Light &
Cit. 7% to 1945
48
51
f 19
22
Water 7%, 1948
Bogota (Colombia) 64,'47 I 2212 24
52
Mannheim it l'alat 75, 1941 48
liolovia 6%. 194
30
33
0
12 Munich 75 to 1945
19
Buenos Aires Scrip
28
Mimic Bk,!lessen, 78 to '45 24
1 25
Brandenburg Elec. 6s, 1953 58
Municipal Gas dr Flee Corp
62
Brazil Funding 6%,'31-51 44
46
Recklinghausen, is, 1947 3012 3412
British Hungarian Bank
Nassau Landbank 64s,'38 6012 6312
648, 1962
4212 4412 Net Central Sating)) Ilk of
Brown Coal Intl. Corp.
46
linage., 74s, 1962__. 1 44
648, 1053
National Hungarian & Ind
60
57
Call (Colorable) 7%, 1947 1 17
46
1812
Mtge. 7%. 1948_ ___ 1 44
Callao (Peru) 74%, 1944 18
12 Oberpfalz Elec 7%. 1946_. 27
32
Ceara (Brazil) 8%, 1947.. 18
12 Oldenburg-Free State 7%
Columbia Script
24
28
25
to 1945_
Costa Rica Script
126
Porto Alegre 7%. 1968_
28
24
City Savings Bank, BudaProtestant Church (Ger38
pest. 75, 1953
34
38
40
many) 76 1946
.
Deutsche ilk 6% '32 uriat'd 1 64
70
Pros Bit Westphalia fle, '33 160
Dortmund Mun Util 611,'48 3612 - ; Prov.13k Westphalia 6%'36 40
50
3!;
1
Dulsberg 7% to 1945
'36 48
Rhine West ph'a Elect 7%
50
15
18
Duesseldorf 7. to 1945
27
24 Rio de JaD011%) 8%, 1833... 1 25
19
East Prusetan l'r. 6s, 1953. 48
56
50 Rom Cath Church 648,'4(1 52
European Mortgage & InC Church Welfare 78, '46 38 2 4011
,
vestment 74s, 1966.... 161
77
64 Saarbrueeken 51 ilk 6s, '47 75
}reach Govt. 54s, 1937._ 117
1 2012 221z
Salvador 7%. 19.17
French Nat. Mall 148. 611, 52 115
1-16- Santa Catharine (Brazil)
19 4 2034
,
Frankfurt 7s to 1945
26
8%. 1947
22
("entrap All. Cable 7a, 1945 54,
13
1412
2 5612 Santander (Colom) 7s, 1948
(..erman Building St LandSao Paulo (Brazil) 68 1047 1 1)02 20
bank 64%, 1948
'32 40
32 Saxon Public Works 5%,
30
Haiti 6% 1953
1367 Saxon State Mtge 9s, 1947 58
57
Hamb-Am 1-1ne 64e to '40 68
255
72 Slam & Halake deb 6e. 2930 1235
44
47
Hanover Harz Water Wks
Stettin l'ub Util 75, 1948_
6%. 1957
29
30 Tucuman City 7s. 1951___ 1 27
27
Housing & Real Imp78,'46 36r2 3912 Tucuman Prov. 75, 1950._
33
35
Hungarian Cent Slut 7e '37 3712 3912 Veeten Else Ry 7., 1947_
17
20
33
Wurtenherg is to 1945 .
37
Flat price.
443
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Thurs.,
Tues.,
Sat.,
Wed.,
Mon.,
July 12.
July 10.
July 13.
July 11.
July 8.
Sliver, per oz.._ 18 1-16d. 174d.
17 15-16d. 18 7-16d. 184d.
Gold, p.fine oz. 124s.50. 1248.6d. 124s.10d. 124s.9d. 124.9.1d.
Consols, 24%
714
71%
70%
71%
70%
British 34%W. L
98
98
98%
98%
98%
British 4%109%
1960-90
109%
109%
109%
109%
French Rentes
(in Paris)3% In. Holiday.
68.20
67.80
68.10
67.70
French War L'n
(in Paris)5%
107.40
1920 amort
107.20
108.10
Holiday.
107.10
Fri.,
July 14.
18 11-16d.
124s.2d.
71%
98
100%
Holiday.
HoRday.
The price of silver in New York on the same days has been:
Silver In N. Y.,
per oz. (eta.)
374
37
3734
3834
40%
3934
TornmercialandWisceilattemsBenTs
Breadstuffs Figures Brought from Page 620.
-All
the statements below, regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at
-
Flour.
Oats.
Corn.
Wheat.
Rye.
Barley.
0b43.196I55. bush. 60 lbsibush. 56 lbs.bush.32 lbs. bush.4 Whs. bush.561bs
583,000
Chicago
183,0001 3,395,000
9,000
268,000
114,000
129,000
641,000
793,000
1,216,006
Minneapolis
420,000
Duluth
65,000
505,000
177,000
497,000
105,000
13,000
19,011
Milwaukee...
2,000
674,000
345,000
Toledo
147,000
4,000
120,000
60,000
1,000
Detroit
3,000
18,000
12,000
23,000
6,000
Indianapolis
72,000
399,000
178,000
St. Louis
758,
181,000 1,023,006
210,000
4,000
17,000
425,
Peoria
7,006
47,000
92,00CI
43,000
539,
18,000 2,891,000
Kansas City..
70,000
Omaha
618,000
596,000
249,000
St. Joseph_
371,000,
514,000
54,000
Wichita
615,000
13,000
7,000
Sioux City
15.000
1,000
30,000
41,000
2,213,000 1,307,000
Buffalo
353,000
255,000
85,000
Total wk.1933
Same wk.1932
Same wk.1931
533,000 9,893,000
354,000 9,987,000
397,000 20,732,000
9,873,0001
1,700,0001
2,963,0001
2,801,000
949,000
882,000
580,000 1,319,000
358,000
155,000
244,000
84,000
Since Aug.11932
18,923,000343,894,006230,630,000 99,976,00017,846,00052,847,000
19,6.54.000311.843.000123.395,000 69,764,000 8,196,00031,744,000
1931
20,043,000 445,463,000 197,040,000 104,598,000 20.727,00047,357.000
1930
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, July 8, follow:
Receipts at-
Flour.
Corn.
Wheat.
Oats.
Rye.
Barley.
bbls.1961bs.bush. 60 lbs.lbush. 56 lbs ush. 32 lbs. bush.481bs.bush.56Ibs.
117,000
4,01)0
12,000
New York_
Philadelphia _
8,
5,000
65,000
32,000
1
69,000
13,000
12,000
Baltimore....
2,000:
1,000
Norfolk
I
30,000
12,000
72,000
39,000
New Orleans•
27,000
Galveston____
17,0001
130,000 1,289,000
47,000
27,000
Montreal
I
1,000
21,000
Boston
2,000
Halifax
I
151,000
89,000
19,006
354,000 1,414,000
27,000
Total wk.1933
Since Jan.V33 8,032,000 39,516,000 2,582,000 2,336,000 132,0001 393,000
94,000
Week 1932_
651,0001
184,000
395,000
300,000 4,011,000
Since Jan.1'32 8,628,000 72,070,000 2.600,000 4,834,000 8,253.000 3.850.000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, July 8 1933, are shown in the annexed
statement:
Exports fromNew York
Norfolk
New Orleans
Galveston
Montreal
Halifax
Wheat.
Oats.
Rye.
152,835
55000
CURRENT
Barley.
Barrels. Bushels. Bushels. Bushels.
6,835
1,000
1,000
12,000
130,000
47,000
17,000
27,000
2,000
1,289,000
Total week 1933... 1,605,000
it 994 non
RAnno wpak 1059
Flour.
Corn.
Bushels. Bushels.
316,000
47,000
17,000
01 789
4311041
(159(10(1
27,000
non
393
NOTICES.
-Wm. C. Orton & Co., 43 Exchange Place, New York, have issue
comparative analysis of fire insurance stocks and a special analysis
of Franklin Fire Insurance Co.
-Hemphill, Noyes & Co., members of the New York Stock Exchange.
announce that Ralph Stoepel has been appointed co-manager with Howard
Bennett of their Detroit office.
-A. A. Greenman, Inc., have been organized to conduct a general
securI ies business with offices at First National Bank Building, St. Paul,
minnt
-Stroud & Co., Inc.. of New York and Philadelphia, announce Walter C.
Brown has joined their organization and will be in charge of the New York
office.
-Bristol & Willet announce that Frank Bulkley and Charles L.'Wieland
have become associated with them in their trading department.
-Phelps, Fenn & Co., 39 Broadway, Now York, have prepared a list
of state and municipal bonds which they offer for investment.
-Weingarten & Co., 29 Broadway, New York, have prepared a list of
twenty-five speculative railroad, utility and industrial bonds.
-The Manufacturers Trust Co. is registrar for 5,000,000 shares Nicola
Mines & Metals, Ltd., non-personal liability stock.
-James Talcott. Inc., has been appointed factor for Draper Bros. Co.,
Canton, Mass., manufacturers of woolens.
-Hardy & Co., of New York, announce that Joseph Andrews Jr. Is
now associated with them.
-Blyth & Co., Inc., have Issued a list of municiapl bonds yielding from
1.50% to 5.50%.
444
Financial Chronicle
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, July 8 to July 14, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Stocks-
*
Allen Industries corn
*
Apex Electrical Mfg
City Ice dr Fuel
*
10
Clark, Fred G corn
Cleve-Cliffs Iron pref__ •
Cleve Elec III6% pref _ _100
Cleve Railway corn _ _100
100
Ctfs dep
*
Cleve Un Styds corn
Cleve Worsted Mills com_*
eon melon Steel vtg _ _100
Non-voting corn
100
Cliffs Corp v t c
*
Dow Chemical com
*
Elec Controller & Mfg com*
Ferry Cap & Set Screw_ __*
Firestone T & R 6% pf 100
Foote
-Burt corn
*
*
Fostoria Pressed
Steel_Gen T & R 6% pf ser A100
*
Geometric Stamping
Goodyear T & Rub com__*
Greif Bros Coop cl A
*
10
Halle Bros Co
Hanna M A $7 cum pref_ _*
*
Indla Tire & Rub corn_
*
Jaeger Machine corn
Kelley bid L & Tr com_*
Lamson Sessions
*
*
Medusa Cement
Mohawk Rubber corn_ _ 5
100
Preferred
Murray Ohio Mfg corn_*
Myers, F E & Bro pref _100
National Carbon pref_ _100
National Refining corn_ _25
Preferred
100
National Tile corn
*
50
National Tool corn
Nestle-LeMur cl A
*
*
Ohio Brass B
*
Packer Corp com
Patterson Sargent
*
3
Peerless Motor corn
*
Republic Stamp & En_
Selberling Rubber com_ _ _*
*
Selby Shoe corn
Sherwin-Williams com_ _25
AA preferred
100
Standard Tex Prod corn_ *
*
B preferred
Thompson Products Inc..*
Trumbull-CIfffs Furn p1100
Van Dorn Iron Wks corn_ _*
*
Welberger Drug
234
%
107
12
11
22
20
4
434
20
114
8234
15%
634
7
135
8
55
334
1836
54
96
154
234
Range Since Jan. 1.
High.
Low.
6 June
100
1
Jan
10
4
Feb
7
July
170
934 Apr 24 June
ti
%
130
4 Jan
4 June
24
24
12 22
May 24 June
142 954 Mar 110
Jan
1063 107
%
Apr 48
July
45
48
80 32
252 29
Apr 4934 July
45
4934
May 12
July
12
12
20
8
355
4
Jan
15 June
11
12
610
July
14
22
334 Jan 22
10
22
24 Feb 22
July
508
16
163
34 Feb
19
July
19
1,125 30
Jan 78
July
60
78
25 10
Feb 2134 July
20
2136
25
14 Jan
5 June
4
4
70 47% Apr 7434 June
7136 724
6
Apr
9
Jan
75
64 7
7% June
1,884
3% July
374 6%
Feb 80
July
50 29
7934 80
1
June
4
July
2
4
1,170
39
434
255 1034 Feb 434 July
Mar 21
July
20
21
151
8
40
4
Mar 114 July
1134 11%
72 48
Apr 834 July
8034 834
4
200
14 Apr
234 Jan
4
7 June
24 Apr
7
7
• 70
346
634 Apr 1534 July
1234 15%
275
634 674
174 Feb
674 July
17
30
6
Feb 17
July
17
1
Mar
7 June
5
447
534
10
145
5 May 1434 June
10
July
3
May 10
10
10
.76
2
Apr
64 73,4'
500
73,4 July
Mar 135
July
125 110
133 135
July
292
3
Apr
9
8
83%
May 58
55
35 30
58
July
400
1
Jan
44 June
33,4 34
2
July
2
July
2
2
50
3 June
2
650
34 Apr
23.4
210
5% Jan 20
July
1836 19
7
Apr
30
2
Feb
534 534
May
25
934 Jan 20
1836 1834
41.4
14 June
670
83.4 July
834
799 223% Apr 53
July
5034 53
7 June
5
935
1
Mar
536
Jan 2034 June
20
160 10
20
815 134 • Feb 43
42
43
July
94
440 70
Mar 96
96
July
1
1
100
4 June
2 June
3
3
50
3
July
3
July
460
64 Feb
153.1 July
1634 154
25 60
Jan 80
Jan
60
60
24 234
295
134 Mar
434 July
9
9
25
7
Feb
9 June
4
4
7
7
2234 2334
•No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, July 8 to July 14, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Stocks-
Allegheny Steel
*
22
22
100
Aluminum Goods Mfg_ *
144 144
25
Arkansas Nat Gas
3
3
3
100
10
4
Preferred
4
68
• 204
Armstrong Cork Co
15
2134 7,757
* 1534
Blaw-Knox Co
1,813
1434 15%
9% 11
1,700
Clark(DL)Candy Co_ _ _* 10
*
25% 2736 3,078
Columbia Gas & Elec_
4
4
4
200
Crandall McK & fiend_ *
10
250
Devonian 011
8
834
100
Donohoe's class A
*
5
5
*
8
7
8
200
Duff Norton Mfg
8
8
8% 3,210
Duquesne Brewing A _ _ _ _5
5
175
Common
634
634 636
10
Follansbee Bros pref_ .A00
3236 324
Fort Pittsburgh Brewbut_l
23,4
234 234 2,911
4,425
23
25
Harbison Walker Refrac__* 24
70
Koppers Gas & Coke p1100 65
6434 65
Lone Star Gas
* 11
105
% 114 12,700
McKinney Mfg
•
214 24
60
Mesta Machine Co
960
5 1934
1834 1934
Natl Fireproofing pref.. _50
.
80
8
8
83,4
Phoenix 011
12c
1,400
25
110
Pittsburgh Brewing
1,685
50
6
54' 6%
Preferred
445
50
337,4 35
Pittsburgh Forging Co__ *
4
485
434
Pittsburgh Plate Glass_ _25 364 3634 3634
200
Pittsb Screw & Bolt Corp * 11
5,478
1036 1134
300
Pittsb Steel Foundry_ _100
836 9
Plymouth Oil Co
230
5
16
1634
Renner Co
1
2%
23,4 24 3,298
170
Ruud Mfg
*
11
11
San Toy Mining
50
Sc
6c
10,000
1
1,175
Shamrock 011 & Gas
2%
*
274
23,4
United Engine dr Fdry _ _ _* 2034
710
1934 214
Victor Brewing Co
1%
1%
144 25,863
1
715
Westinghouse Air Brake •
3334 35
23
Westinghouse El & M1g_50
544 554
Western Public Serv v t c *
84 9
2,001
9
200
Worthington Ball Bearg B*
234 25
%
Unlisted
Central Tube
*
General Motors Corp__ 10
Gulf 011 Corp
25
Lone Star Gas6% pf _100
Penroad Corp v t c
Pennsylvania RR
50
Radio Corp of America
*
Mlitiad qtafa.
RI.A.11
,n,,
Range Since Jan. 1.
Low.
5%
734
1
2%
5
4
3
94
4
7
5
7
63,4
636
10
6,4
45
3
1
7
2
Sc
5
10
14
13
14
734
634
134
6
if
1
10
14
1274
1914
47.4
2%
2
6
1 %
%
2
14
25c
10
40
44
393,4
1136
10
1734
2%
12
6c
234
24
13,4
3534
5534
10
236
June
Mar
July
June
June
July
June
June
June
Mar
May
June
June
July
July
May
June
Mar
June
July
June
June
July
July
June
July
11
33%
61
913.4
6
4036
124
July
July
July
June
July
July
June
1%
11
3174
61
88
5
3
37%
104
11
5
33%
61
88
57,4
404
124
60
1,844
100
102
344
1,813
5,510
11
97,4
2634
55
1
137,4
714
July
Feb
Jan
Apr
Apr
Feb
May
AR De
11
High.
Apr
Apr
Feb
Apr
July
Feb
May
Mar
July
Apr
July
July
July
July
Mar
Jan
Feb
Mar
Mar
June
Feb
Apr
May
Jan
Mar
Jan
Mar
Feb
June
Feb
May
Mar
Feb
Feb
Feb
July
Jan
Feb
Mar
July
RAU
.1 RAS
9.2 *.c
MTh
2
July
1 54 July
June
June
2 4 July
1 4 June
1
July
2 % July
July
June
July
July
4 July
%
RA 44 .1.11V
•No par value.
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital,
-The First National Bank jn Cannon Falls, Cannon
June 24
Falls, Minn
$60,000
President, Cliff W.Gress: Cashier, Algot W.Swanson.
Conversion of the Citizens State Bank of Cannon Falls,
Minn,
Capital.
160,000
June 27
-The First National Bank of Galena. Galena, Ill
President, S. J. Hughlett; Cashier, R. V. Stephan.
Will succeed the Galena National Bank and the Mercha 9 9 ational Bank of Galena, Charter Nos. 3279
andnt7 N
s .
June 27
-The Peoples National Bank of Lakewood,Lakewood,0_ 200.000
President, J. A. Meicher; Cashier, M. E. Reinker.
400,000
June 28
-First National Bank at Portland, Portland, Me
Cashier, Everett M. Holden.
Will succeed the First National Bank of Portland,
Charter No. 221.
100,000
June 28
-First National Bank in Marion, Marion, Ind
President, Rome T. Calendar; Cashier, Danl C. Miller.
Will succeed the First National Bank of Marion,
Charter No. 4189.
June 30-The FirstvuakeIC
Liberty L le Hounty National Bank at Libertyville,
June
June
June
July
July
July
July
July
President, G. G. Hoskins; Cashier, F. J. Wright.
Will succeed the First Lairs County National Bank of
Libertyville, Charter No. 6514.
30
-The First National Bank of Conway, Conway, Ark_ _ _
Capital stock consists of $25,000 preferred stock and
$25,000 common stock.
President, R. W. Robins; Cashier, H. C. Couch Jr.
30
-The First National Bank of Columbia, Columbia, S. C_
President,Thomas J. Robertson; Cashier,Burnell Sloan.
Will succeed the National Loan & Exchange Bank of
Columbia. No. 6871.
30
-First National Bank & Trust Co. in Asheville, Asheville, N. C
Capital stock consists of $150,000 preferred and
$150,000 common stock.
President, Burnham S. Colburn; Cashier, Wm. M.
Redwood.
Will succeed First National Bank & Trust Co. of
Asheville, Charter No. 12244.
1-Britton & Koontz National Bank in Natchez, Natchez,
Miss
President, A. B. Learned; Cashier, C. B. Richardson.
3
-The First National Bank of Shelton, Shelton, Wash.. _
President, Mark E. Reed; Cashier, Louis Weinel.
Conversion of State Bank of Shelton, Wash,
Valley National Bank of Colville, Colville,
5
-The
Wash
President. Fred W. Dickey; Cashier, P. F. Schroeder.
Conversion of Colville Valley Bank, Colville, Wash.
6
-The Geo. D. Warthen National Bank of Sandersville,
Sandersville, Ga
President, C. Findlay Irwin; Cashier, R. S. Harrell.
Conversion of Geo. 13. Warthen Bank, Sandersville, Ga.
6
-The American Exchange National Bank in St. Louis,
St. Louis, Mo
Capital stock consists of $92,500 preferred stock and
$107,500 common stock.
President, Edmond Koeln; Cashier, Paul F. Zacher.
Will succeed the American Exchange National Bank of
St. Louis, Mo., Charter No. 12506.
50,000
50,000
200,000
300,000
100,000
$50,000
50
50,000
50,000
200,000
VOLUNTARY LIQUIDATIONS.
June 26
3,000,000
-The First National Bank of Houston. Tex
Effective June 21 1933. Liquidating agent. 0. W.
Jackson, care of the liquidating bank.
Succeeded by First National Bank in Houston, Charter
No. 13683.
June 28
-The First National Bank of Colfax, Iowa
50,000
Effective June 24 1933. Liquidating agent, J. H.
Cairns. Colfax, Iowa.
Succeeded by the First National Bank in Colfax, Iowa,
Charter No. 13686.
July 3
25,060
-The First National Bank of Bolivar, Mo
Effective July 11933. Liquidating agent, C. W. Viles,
Boliver, Mo.
Absorbed by Polk County Bank of Boliver, Mo.
CONSOLIDATION.
July 3
100,000
-The First National Bank of Memphis, Tex
The Hall County National Bank of Memphis, Tex_ _ _ _
50,000
Consolidated under the Act of Nov. 7 1918, as amended
Feb. 25 1927 and June 16 1933. under the charter and
title of "The First National Bank of Memphis," No.
6107, with capital stock of $100,000 and surplus of
$20,000.
BRANCH AUTHORIZED UNDER ACT OF FEB. 25 1927.
July 6
-The First National Bank & Trust Co. of Bridgeport,
Conn.
Location of branch: 1194 Stratford Ave., Bridgeport,
% July
3
July 15 1933
Conn.; certificate No. 850A.
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares.
Stocks.
1,ill First National Bank, Kenmore, N. Y., par $25
$ per Share'
10
40 Rye National Bank ___ _ ___ -- - - - - ---- - 20
22 First Nat. Bank & Trust Co. of ---- Chester, N. Y
-- -_50
600 Panther Lumber Co.(W. Va.), par 5100
$15101
BondsPer Cent.
$1,000 North American Cement Corp.(Del.)634% series A,due Sept. 1 1940.._ 26
Sundry notes aggregating approximately $13,660.62
$20 lot
By R. L. Day & Co., Boston:
Shares.
Stocks.
$ per Share.
25 Amoskeag Manufacturing Co. common
10
5 Sanford Mills-- _ --- _ ----324
4 Oliver Building Trust, par 3100
14
25 Turner Tanning Machine Co., par $10
24
100 International Match part. pref., par 335; 100 Kreuger & Toll, par $5.38;
100 E. H. Rollins dr Sons 634% pref., par $100; 100 Cumberland Share
Corp. clam A; 150 Cumberland Share Corp. class 13
$7 lot
3 Central Maine Power Co. $6 pref., par $100
5 Denholm dr McKay Co. preferred, par $100
103,4
8 Quincy Market Cold Storage & Warehouse Co. common, Dar $100
4
BondsPer Cent.
$1,000 The Bellevue Trust, Inc., 68, Oct. 1940, registered ctf. of deposit- _.5% flat
52,500 Federal Home Mortgage Co. 1st coll. Sept. 1943 series A. W. ctf. of
deposit, coup. Sept. 1931 dr sub. on; $1,000 Federal Home Mortgage Co.
1st mtge. coll. 514e, May 1941, series B, coup. May 1933 dr sub. on, guaranteed by National Surety Co
$180 lot
By Barnes & Lofland, Philadelphia:
Shares.
Stocks.
$ per
30 Central Penn National Bank, par $10
10 Philadelphia National Bank, par $20
2 Philadelphia National Bank, par $20
40 Ninth Bank & Trust Co., par $10
20 Pennsylvania Co. for Ins. on Lives dc Granting Annuities, Par $10
6 Fidelity Philadelphia Trust Co., par $100
30 Girard Trust Co., par $10
30 Girard Trust Co., par $10
25 Manufacturers' Casualty Insurance Co
Share.
27
564
56%
12%
30
338
81
803,4
1134
Financial Chronicle
Volume 137
445
By A. J. Wright & Co., Buffalo:
Shares.
Stocks.
20 Zenda Gold Mines
5 Angel International Corp
$ per Share.
$0.33
$0.25
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.
When
Per
Cent. Payable.
Books Closed
Days Inclustre.
Railroads (Steam).
Cleve. CM. Chicago & St. Louis (s.
-a.)_ _
$5 July 31 Holders of rec. July 21
Preferred
$151 July 31 Holders of rec. July 21
Hudson & Manhattan, 5% pref. (s-a)
5255 Aug. 15 Holders of rec. Aug. 1
Kan. City, St. Louis & Chic.,6% pt.(qu) 155% Aug. 1 Holders of rec. July 19
Michigan Central
25c July 31 Holders of rec. July 21
Mine Hill & Schuylkill Haven
$1.55 Aug. 1 Holders of rec. July 15
Northern RR. of N. H. (quar.)
$155 July 31 Holders of rec. July 7
Shamokin Valley & Pottsville (s.-a.)
$1.56 Aug. 1 Holders of rec. July 15
Virginian fly., pref. (guar.)
5155 Aug. 1 Holders of rec. July 15
Public Utilities.
Associated Telephone Co., pref. (quar.)_ 37%c
Atlantic City Electric, $6 pref. (quar.)
$155
Central Arizona Lt. & Pow., $7 pret.(qu) $104'
$6 preference (guar.)
$155
City Water of Chattanooga,6% pt.(qu.) 155%
Concord Gay, 7% pref. (guar.)
134%
Consolidated Traction Co. of N.J.—Co mmon d
Cumberland County Pow & Light
6% preferred (guar.)
$155
Davenport Water,6% pref. (quar.)___ - 5155
Eastern States Gas (guar.)
1255c
European EI.Corp.,Ltd.,com.A & B (qu)
10c
Houston Lighting & Power,7% pret.(qu) $114
$6 preferred (guar.)
$134
Idaho Power, 7% pref. (guar.)
$114
$6 preferred (guar.)
$155
Kokomo Water Works,6% pref. (qu.)_ _
155%
Lone Star Gas Corp., 655% pref. (guar.) 31.63
Louisiana Pow.& Lt. Co.,$6 pref.(qu.)
$155
Lowell Elec. Light (guar.)
900
Mass.Power & Light Assn., pr et.(qu.)
50c
Monmouth Cons. Water,7% pref. (qu.)_ 134%
Mutual Telep. (Hawaii) (monthly)
8c
Potomac Edison Co., 7% pref.(quar.)
144%
6% preferred (guar.)
155%
Princeton Water Co., N. J.(quar.)
75c
Public Service Co.of Colo., 7% pt.(me.) 58 1-3c
6% preferred (monthly)
50e
5% preferred (monthly)
41 2-3e
Rhode Island Pub. Serv., ser. A (411.) - $1
Preferred (guar.)
50c
Sierra Pacific Elec. Co., pref. (quar.)
$155
Tennessee Public Service, 56 pf. (quar.)_
$155
Texas Power & Lt. Co., 7% pt.(quar.)
134%
$6 preferred (guar.)
5155
Twin States Gas & El. Co., 7% pt. (qu.) 5144
Aug. 1 Holders of rec. July
Aug. 1 Holders of rec. July
Aug. I Holders of rec. July
Aug. 1 Holders of rec. July
Aug. 1 Holders of rec. July
Aug. 15 Holders of rec. July
ividend action deferred.
15
13
14
14
20
31
Aug. 1 Holders of rec. July 15
Aug. 1 Holders of rec. July 20
July 15 Holders of rec. July 1
Aug. 15 Holders of rec. July 25
Holders of rec. July 15
Aug.
Holders of rec. July 15
Aug.
Holders of roe. July 15
Aug.
Holders of rec. July 15
Aug.
Holders of rec. July 20
Aug.
Holders of rec. July 15
Aug.
Holders of rec. July 15
Aug.
July I 'folders of rec. June 26
July 15 Holders of rec. June 29
Aug. 15 Holders of rec. Aug. 1
July 20 Holders of rec. July 20
[folders of rec. July 20
Aug.
Holders of rec. July 20
Aug.
Holders of rec. July 20
Aug.
Holders of rec. July 15
Aug.
Holders of rec. July 15
Aug.
Holders of rec. July 15
Aug.
Holders of rec. July 15
Aug.
Holders of rec. July 15
Aug.
Holders of rec. July 20
Aug.
Holders of rec. July 17
Aug.
Holders of rec. July 15
Aug.
Holders of rec. July 15
Aug.
Holders of rec. June 15
July
Bank and Trust Companies.
Amsterdam City Nat. Bank (N.Y.)(qu) 5355 July 31 Holders of rec. July 15
Mutual Trust Co. (8.-a.)
I% July 15 [folders of rec. July 14
Westchester Trust Co.—Dividend °mitt ed
Fire Insurance Companies.
Franklin Fire ins. (quar.)
25c Aug
I Holders of rec. July 20
Aliscellaneous.
Adams
-Millis Corp., corn.(quar.)
260
Preferred (quar.)
5154
Administered Fund
1 lc
Allegheny Steel Co., pref. (guar.)
5144
American Art Works,6% pref.(quar.)
$155
American Investors, $3 pref. (guar.)
_
75e
American Securities Shares
3c
Anheuser Busch
SI
Atlantic Finance & Diset., 7% pf.(.s.-a.)35c
Basle Insurance Shares, sec. C
6c
Bouriols, Inc., pref. (guar.)
6854c
Brandon Corp., 7% pref.
65355
British South Attica Co.—
Amer. dep. rec. (Interim.)
Broadway Dept. Stores, 7% lot pref(qu)
750
13rookmine Investors (guar.)
Sc
Bullock Fund, Ltd
I5c
Bunte Bros., 7% pref.—Dividend action deferre
Canadian Dredge & Dock Co., Ltd.
7% preferred (guar.)
115%
Canadian Investan't Fund Ltd., ord. ohs.
4c
Special shares
4e
Capital Management Corp.(guar.)
15c
Central Illinois Security Corp., pref (qu)
15c
Century Ribbon Mills,Inc., pref. (qu.)_ _
8131
Century Shares Trust (s.-a.)
35e
Chartered Investors, $5 pref. (quar.)_ _
$154
Claflin Warren Fund
51.44
Extra
Si
Consolidated Cigar, prior pref. (quar.)
$ h
7% preferred (guar.)
$134
Continental Can Co., Inc. corn. (quar.)_
50c
Courtaulds, Ltd., corn. Interim
155%
Dividend Shares, Inc
16c _
Dominion Scottish Investments,
pf _
25e
Duplan Silk Corp., (s.-a.)
50c
Eastern Bond & Share, ser. 11 (guar •)25c
Exchange Buffet Corp. (guar.)
634c
Federal Knitting Mills Co.(guar.)
6254c
Felin (J. J.)& Co., Inc., corn.
$5
Preferred (quar.)
$114
Fenton United Cleaning & Dyeing
7% preferred (guar.)
114%
Fidelity Fund, Inc. (guar.)
50e
Extra
50c
Globe Discount & Finance, corn. (qu.)_ - 12540
Hartford TIMM Inc.. Prof. (guar
75c
Hawaiian Sugar Co. (monthly)
20e
Humberstone Shoe (guar.)
50c
Interallied Investing, class A (s -a.)
35e
Interallied Investing Corp. (s-a)
35c
Klein (1). Emil)(guar.)
25e
Preferred (guar.)
S114
Kroger Grocery & Baking (guar.)
250
1st preferred (guar.)
$155
2d preferred (guar.)
$144
Lawbeck Corp., $6 pref. (guar.)
$155
Lehigh & Wilkes-Barre Coal of N.J.(qu.)
52
Manufacturers Casualty Inc. (quar.)_
3755c
McIntyre Porcupine Mines, Ltd. (qu.),..
r25c
Bonus
r12550
Extra
11254c
Aug 1 Holders of roe. July 21
Aug 1 Holders of rec. July 21
July 15 Holders of rec. July 10
Sept. 1 Holders of rec. Aug. 15
July 15 Holders of rec. June 30
Aug. 15 Holders of roe. July 31
July 15 Holders of rec. July 15
July 15 Holders of rec. July 7
July 15 Holders of roe. June 30
July 15
Aug 15 Holders of rec. Aug. I
July 1 Holders of rec. July 1
Aug
Aug.
July
Aug.
d.
17 Holders
1 Holders
15 Holders
1 Holders
of
of
of
of
rec. July 7
rec. July 18
rec. July 7
rec. July 15
Holders of roe. July 21
Aug
Holders of rec. July 15
Aug.
holders of rec. July 15
Aug
Holders of rec. July 20
Aug.
Holders of rec. July 20
Aug.
Holders of rec. Aug. 19
Sept.
Holders of rec. July 12
Aug.
Holders of rec. Aug. 1
Sept.
July 10 Holders of rec. July 3
July 10 Holders of rec. July 3
Aug. 1 Holders of rec. July 21
Sept. I Holders of rec. Aug. 15
Aug. 15 Holders of rec. July 25a
Aug. 1 Holders of rec. July 15
Aug. 1 Holders of rec. July 20
Aug. 15 Holders of rec. Aug. 3
Aug. 1 Holders of rec. July 8
July 31 Holders of rec. July 22
Aug. 1 Holders of rec. July 15
July 15 Holders of rec. July 10
July 15 Holders of rec. July 10
July 15
Aug. 1 Holders of rec. July 15
Aug. I Holders of rec. July 15
July 15 Holders of rec. July 1
Aug. 15 Holders of roe. Aug. 1
July 15 Holders of rec. July 10
Aug. 1 Holders of rec. July 12
July 15 Holders of rec. July 10
July 15 Holders of rec. July 10
Oct. 1 Holders of rec. Sept. 20
Aug. 1 Holders of rec. July 20
Sept. 1 Holders of rec. Aug. 10
Sept.30 Holders of rec. Sept. 20
Nov. 1 Holders of rec. Oct. 20
Aug. 1 Holders of rec. July 10
July 20 Holders of rec. July 10
Aug. 1 Holders of rec. July 15
Name of Company.
Per
Cent.
Payable.
Books Closed
Days Inclusive.
Miscellaneow (Concluded).
MelNeel Marble,6% 1st pref. (quar.)_ _ _ 1.55% July 15 Holders of rec. July 8
Midwest Oil Co. (guar.)
3c July 15 Holders of rec. June 30
Quarterly
30e July 15 Holders of rec. June 30
Preferred
Sc July 15 Holders of rec. June 30
Moody's Investors Service, pref. (qu.)
75c Aug. 15 Holders of rec. Aug. 1
Mtge. Corp.of Nova Scotia (guar.)
$1.% Aug. 1
Nash Motors Co.(guar.)
260 Aug. 1 Holders of rec. July 20
Neon Products of W.Canada,5% p1.
75e Aug. 1 Holders of rec. July 15
(qu)
New Amsterdam Casualty (s-a)
60c Aug. 1 Holders of rec. July 24
Newberry (J. J.) Co., 7% pref.(quar.)_ _
$114 Sept. 1 Holders of rec. Aug. 16
Nicholson File Co., corn. (guar.)
30e July I Holders of rec. June 20
No:querns Chemical, corn
Si July 7 Holders of rec. July 6
Oahu Sugar Co., Ltd.(monthly)
Sc July 15 Holders of rec. July 6
()noires Sugar Co.(monthly)
20c July 20 Holders of rec. July 10
Pacific Finance Corp., pref. A (quar.)__ _
20c Aug. 1 Holders of rec. July 15
Preferred C (guar.)
16 54c Aug. 1 Holders of rec. July 15
Preferred D (guar.)
1734e Aug. 1 Holders of rec. July 15
Pacific Mutual Life Ins. Co.(guar.) - _
500 July 10 Holders of rec. June 20
Package Machinery, 1st pref. (quar.)_ _ _
$134 Aug. 1 Holders of rec. July 20
Participations in Selected Std. Oils, reg_ _
13c Aug. 1 Holders of rec. June 30
Prentice (G. E.) Mfg.(guar.)
Si July 15 Holders of rec. July I
Process Corp. (guar.)
Sc Aug. 1 Holders of rec. July 21
Pullman, Inc. (guar.)
76e Aug. 15 Holders of rec. July 24
Queen City Pet. Prod. Co., 7% pref.(qu) 134% July 14 Holders of rec. July 1
Reed (C. A.) Co. (guar.)
50c Aug. 1 Holders of rec. July 21
Republic Supply Co., corn. (guar.)
25e Oct. 5 Holders of rec. Oct. 2
Riverside Cement Co.,56 lot pref.
.(qu.)_
$155 Aug. 1 Holders of rec. July 15
Riverside Cement
$6, lot prof. (qu.) 5155 Aug. 1 Holders of rec. July 15
Rose's 5-10-25c. Stores, 7% pref.(guar.) $144 Aug. 1
St. Lawrence Flour Mills Co., Ltd.—
Common (guar.)
3755e Aug. I Holders of rec. July 20
Preferred (guar.)
SIJi Aug. 1 Holders of rec. July 20
Scotten Dillon Co. (guar.)
30e Aug. 14 Holders of rec. Aug. 4
Securities (N. Y.), corn.—Dividend pass ed.
Shell Trans. & Trading Co., ord.Amshs.
87e July 20 Holders of rec. July 21
Spicer Mfg., pref. A.(quar.)
75c July 15 Holders of rec. July 3
Squibb (KR.)& Son.$6 1st pref.(guar.) $155 Aug. I Holders of rec. July 25
Quarterly
25e Aug. 1 Holders of rec. July 25
3e Aug. 1 Holders of rec. July 15
Sterling Pacific Oil
Swift International
Si Aug. 15 Holders of rec. July 15
25e Aug. 10 Holders of rec. July 20
Union Oil of Calif.(guar.)
90.2e July 15 Holders of rec. June 30
United Investment Shares,Inc., ser. A
$1.4924 July 15 Holders of rec. June 20
Series C
653 Aug. 1 Holders of rec. July 22
U. S. & Foreign Security, 1st pref
Western Pipe & Steel, 7% pref. (s.-a.)
350 July 15 Holders of rec. June 30
Wolverine Tube, 7% pref. (s.-a.)
$334 Sept. 1 Holders of rec. Aug. 15
7% preferred (guar.)
Si 54 Dec. 1 Holders of rec. NOV. 15
Woolworth (F. W.) Co. (guar.)
60e Sept. 1 Holders of rec. 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.
Aame of company•
Per
When
Share, Payable.
Railroads (Steam).
Albany & -.usquenanim (s a)
,
5455
Atchison Topeka & Santa Fe, prof
5155
Atlanta .v Charlotte Air Line (8-a)
$455
$2.125
Boston & Providence (guar.)
Canada Southern (s-a)
$155
Cleveland & Pittsburgh. guar (guar.).- 87340
Special guaranteed (guar-)
500
Guaranteed (guar.)
87340
Special guaranteed (guar.)
50e
Conn.& Passumpsic Rivers,6% pt.(s.
-a.)
$3
Delaware (s -a.)
$1
155%
East Penna., 6% gtd. (s.-a.)
Erie & Pittsburgh 7% guaranteed (quar.) 87340
7% guaranteed (guar.)
87340
Guaranteed betterment (guar.)
800
Guaranteed betterment (guar.)
800
Georgia P.R. & Banking (guar.)
5214
Little Schuylkill Navigation (3.-a.)
$1.10
Louisville Bend.& St. L.5% Pt. (s-a)255%
Common (s-a)
54
Mahoning Coal,corn.(quar.)
5651
Massawippl Valley (s.-a.)
$3
Norfolk & Western, common (quar.)_
$2
Adjustment preferred
$1
North Carolina (s.
355
-a.)
North Central (0.-a.)
$2
North. RR. of New Jar. 4% gtd. (guar.) 51
4% guaranteed (guar.)
SI
$134
Peterborough (s.-a.)
Pitts. Bess. & Lake Erie corn.
75c
6% preferred (guar.)
155%
Pitts. Cinn. & St. Louis (s.
-a.)
$255
Pittsburgh Fort Wayne & Chicago Mu.) 134%
7% preferred (guar.)
134%
134%
Quarterly
7% preferred (guar.)
134%
Pittsburgh & Lake Erie
5134
Pittsburgh Youngstown & Ashtabula
144%
7% preferred (guar.)
7% preferred (guar.)
134%
Reading Co., cool (guar.)
250
tat preferred (guar.)
50e
50e
2d preferred (Soar.)
2d preferred (guar.)
500
United N. J. P.R.& Canal Co. (quar.)..
$255
West Jersey & Seashore, corn. (s.
$155
-a.)
8% special guaranteed (s.
15.5%
-a.)
Public Utilities.
Alabama Power Co.,$5 Prof.(guar.).
American Cities Pow. & Lt. A (quar.)..
Amer. Dist. Teleg., corn.(guar.)
Preferred (guar.)
American Cask Elec.,6% pref. (quar.)_
Amer. Light A Traction Co., corn. (qu.)
Preferred (quar.)
American Telep. & Teleg. Co.(quar.).,.
Amer. Water Works & Elec. Co., Inc.—
Common (guar.)
Androscoggin Elect., 6% pref. (guar.)._
Bangor Hydro-Electric (guar.)
Bell Telephone Co of Canada (quar.) Bell Telep. of Pa. 6 55% pref. (guar.)
Bridgeport Hydraulic Co. (guar.)
Brit. Col. Pew.. el. A. (guar.)
Brockton Gas Light (guar.)
Brooklyn Borough Gas,(guar.)
Brooklyn Manhattan Transit, pref.(qu.)
Calgary Powder Co., Ltd., pref.(guar.).
California Oregon Pow. Co.7% pt.(qu.)
6% preferred (guar.)
6% preferred,series 1927(guar.)
Canada Northern Power Corp., Ltd.—
Common (guar.)
7% preferred (guar.)
Canadian Fairbanks Morse, prof.(guar.)
Canadian Light & Power (s.-a.)
Central Iludson Gas & Elec.. corn. (qu.)
Central Illinois P. Serv. Co., Ltd.—
$6 &6% preferred (guar.)
Central Power Co..7% pref.(guar.) _ _
6% preferred (guar.)
5154
s75e
Si
$114
155%
50e
155%
$254
Books Closed
Days Inclusive.
Jan. 1 Holders of rec. Dec. 15
Aug. 1 Holders of rec. June Ma
Sept. 1 Holders of rec. Aug. 20
Oct. 1 Holders of rec. Sept. 20a
Aug. 1 Holders of rec. June 30
Sept. 1 Holders or ree. Aug. 10
Sept. 1 Holders oh rec. Aug. 10
Dec. ',Hoidens of rec. Nov. 10
Dee. I Holders of rec. Nov. 10
Aug. I Holders of rec. July 1
Jan 134 'folders of rec. Dec. 15
July 18 Holders of rec. July 8
Sept. 10 Holders of rec. Aug. 31
Dee. 10 Holders of rec. Nov. 30
Sept. 1 Holders of rec. Aug. 31
Dec. 1 Holders of ree. Nov.30
July 15 Holders of rec. July 1
July 15 'folders of rec. June 16
Aug. 15 Holders of rec. Aug. 1
Aug. 15 Holders of rec. Aug. 1
Aug. I Holders of rec. July 17
Aug. 1 Holders of rec. July II
Sept. 19 Holders of rec. Aug. 31
Aug. 19 Holders of rec. July 31
Aug. I Holders of rec. July 20
July 15 Holders of rec. June 30
Sept. I Holders of roe. Aug. 21
Dec. I Holders of rec. Nov. 21)
Oct. 2 Holders of rec. Sept. 25
Oct. 1 elders of roe. Sept. 15
Dec. 1 olders of rec. Nov. 15
July 20 Holders of roe.. July 10
Oct. 1 'folders of rec. Sept. 9
Oct. 3 Holders of roe. Sept. 9
Jan.2'34 Holders of roe. Dec. 9
Jan.4'34 Holders or roe. Dec. 9
Aug. 1 Holders of rec. June 30
Sept. 1 Holders ot rec. Aug. 21
Dee. I Holders of roe. Nov.20
Aug. 10 Holders of rec. July 13
Sept. 14 Holders of rec. Aug. 24
July 13 Holders of rec. June 22
Oct. 12 Holders of rec. Sept. 21
Oct. 10 Holders of rec. Sept.20
Jan 134 Holders of rec. Dee. 15
Dee. I Holders of rec. Nov. 15
Aug. 1 Holders of
Aug. 1 Holders of
July 15 Holders of
July 15 Holders of
Aug. I Holders of
Aug. I Holders of
Aug. 1 Holders of
July 15 Holders of
rec. July
rec. July
rec. June
rec. June
rec. July
roe .July
rec. July
rec. June
15
5
15
15
8
14
14
200
Aug. 1 Holders of rec. July 7
Aug. 1 Holders of rec. July 25
Aug. 1 Holders of rec. July 10
July 15 Holders of rec. June 23
July 15 Holders of rec. June 20
July 15 Holders of rec. June 30
July 15 Holders of rec. June 30
July 15 Holders of rec. July 1
$1 1.4 July 15 Holders of fec. July 1
$13.4 July 15 Holders of rec. July 1
134%5134 Aug. 1 Holders of rec. July 15
July 15 Holders of rec. June 30
% July 15 Holders of rec. June 30
155% July 15 Holders of rec. June 30
25e.
51(4
37350
tr$1Y§
155%
40e
tr.roe
38c
200
134%
$114
50c
200
July 25 Holders of
July 15 Holders of
July 15 Holders of
July 15 Holders of
Aug. 1 Holders of
rec. June
roe. June
rec. June
rec. June
rec. June
30
30
30
30
30
500. July 15 Holders of rec. June 20
8755c July 15 Holders of rec. June 30
75e July 15 Holders of rec. June 30
446
Financial Chronicle
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Continued).
Central Kansas Pow., 7% pref. (quart % July 15 Holders of rec. June 30
7% preferred (quart
1)4% Oct. 15 Holders of rec. Sept. 30
7% preferred (guar.)
134 % 1-15-34 Holders of rec. Dec 31
6% preferred (guar.)
134% July 15 Holders of rec. June 30
8% preferred (quart
114% Oct. 15 Holders of rec. Sept. 30
8% preferred (guar.)
14% 1-15-34 Holders of rec. Dec. 31
Chesapeake & Potomac Telep. Co.—
Preferred (quart
5114 July 15 Holders of rec. June 30
Cincinnati Newport & Covington Light
514 July 15 Holders of rec. June 30
& Traction Co. (quart
$44 preferred (guar.)
51.125 July 15 [folders of rec. June 30
Cleveland Elec. Illuminating Co.
6% preferred (guar.)
$14 Sept. 1 Holders of rec. Aug. 15
Clinton Water Works, 7% pref. (quart
% July 15 Holders of rec. July 1
Columbia Gas & Elec. Co.,corn.(guar.)_
J200 Aug. 15 Holders of rec. July 20
5% cony. preferred (guar.)
134% Aug. 15 Holders of rec. July 20
6% preferred (quart
14% Aug. 15 Holders of rec. July 20
5% preferred (guar.)
lx% Aug. 15 Holders of rec. July 20
Columbus Fty. Pow. Lt. pf.(au.)
.&
$194 Aug. 1 Holders of rec. July 15
Commonwealth Edison Co.(guar.)
51 Aug. 1 Holders of rec. July 15
Commonwealth Telep.,6% pref. (rm.)._ 14% July 1' Holders of rec. June 30
Commonwealth Utilities pref. C (queer.).. $144 Sept. I Holders or rec. Aug 15
Concord Electric (quart
700 July 15 Holders of rec. July 1
6% preferred (guar.)
$1 34 July 15 Holders of rec. July 1
Consolidated Gas Co. of N Y. pref.(qu.) $1 34 Aug. 1 Holders of rec. June 30
Consolidated Traction of N. J.(s.
-a.)
$2 July 15 Holders of rec. June 20
Consumers Power Co., $5 pref. (quart - $14 Oct. 2 Holders of rec. Sept. 15
6% preferred (guar.)
514 Oct. 2 Holders of rec. Sept 15
6.6% preferred (quart
$1.65 Oct. 2 Holders of rec. Sept. 15
7% preferred (guar.)
$141 Oct. 2 Holders of rec. Sept. 15
6% preferred (monthly)
50c Aug. 1 Holders of rec. July 15
6% preferred (monthly)
50c Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
50c Oct. 2 [folders of rec. Sept. 15
6.5% preferred (monthly)
55c Aug. 1 Holders of rec. July 15
6.6% preferred (monthly)
55c Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
55c Oct. 2 Holders of rec. Sept. 15
Dayton Power dr Lt. Co.,6% p1. (mo.)50c Aug. 1 Holders of rec. July 20
Detroit Edison Co., cap. stock (queer.).... 51
July 1.5 Holders of rec. June 30
Diamond State Tel. Co.,64% pl.(gut_ 194 % July 15 Holders of reo June 20
Duquesne Light Co 5% 1st pref. (guar.) 1 4% July 15 [folders of rec June 15
Edison Elec. Ilium. Co. of Boston (triu.)_
$254 Aug. 1 [folders of rec. July 10
El Paso Elec.(Del.), 7% pref. A (uu.)-- 134% July 15 Flolders of rec. June 30
$6 preferred B (quart
$14 July 15 Holders of rec. June 30
Electric Bond & Share Co. $6 pref. (qu.) $1 34 Aug.
Holders of rec. July 8
$5 preferred (queer.).
514 Aug.
Holders of rec. July 8
Electric Power Associates, Inc—
Class A and common
10c Aug.
Holders of rec. July 15
Elizabeth & Trenton RR. (s.-a.)
$1
Oct.
Holders of rec. Sept. 20
5% preferred
$14 Oct.
Holders of rec. Sept. 20
Empire & Bay State Teleg 4% gtd.(out $1
Holders of reo. Aug. 21
Sept.
4% guaranteed (quar.)
lieu.
SI
Holders of reo. Nov. 20
Escanaba Pow.& Tram 6% pref.(au).., 13.4% Aug.
Holders of reo. July 27
6% preferred (quart
13.4% Nov.
Holders of reo. Oct. 27
6% preferred (guar.)
% 2 1-34 Holders of rec Jan. 27
Exeter dr Hampton Elec. Co.(quart _
$24 July 15 Holders of rec. July 1
Fairmount Park & Ifadd. Pass. Ry.(s-a.) $14 Aug. 5 Holders of rec. July 25
Federal St. dr Pleasant Valley Pass.fly _ 6240 Aug. 25 Holders of rec. Aug. 20
Fitchburg Gas dr Elect. Co.(guar.)
69c July 15 [folders of rec. July 1
Greenfield Gas Light Co.. 6% pref (qu.)
75c Aug. 1 Holders of rec. July 15
Harrisburg Gas, pref.(guar.)
5134 July 15 Holders of rec. June 30
Hartford Elec. Light corn.(quart
6814c Aug. 1 Holders of rec. July 15
Honolulu Gas Co.(monthly)
15c July 19 Holders of rec. July 15
Illinois Northern Utilities
6% preferred (queer.)
114% Aug. I Holders of rec. July 15
$7 prior preferred (guar.)
$114 Aug. 1 Holders of rec. July 15
Internat. Hydro-Elec. System. pr. (qu.) 873.4c July 15 Holders of rec. June 27
International Utilities Corp.. $7 pf.
$144 Aug. 1 [folders of rec. July I5a
$34 preferred (guar.)
87340 Aug. 1 Holders of rec. July 15a
43140 July 15 [folders of rec. July la
$144 preferred (queer.)
Joplin Water Works Co.. 6% pref. (qu.)
% July 15 Holders of rec. July 1
Kentucky Utilities Co., 6% pf. (gut__
% July 15 Holders of rec. June 26
Lexington Telep., 614% pref. (quar.)_
114% July 15 Holders of rec. June 30
Lincoln Telep. & Teleg. 6% pref.(guar.) 14% Aug. 10 Holders of rec. July 31
5% special preferred (guar.)
114% Aug. 10 Holders of rec. July 31
Lorain Telep. Co.,6% pref.(monthly)_ _
50c Aug. 1
6% preferred (monthly)
50c Sept. 1
Los Angeles Gas dr Elec. 6% pf.(guar.) _ 14% Aug. 15 Holders of rec. July 31
Maine Gas Co.'s, corn.(quart
35c July 15 Holders of rec. July 1
Massachusetts Lighting 8% pref.(guar.)
2% July 15 Holders of rec. June 30
14% July 15 Holders of rec. June 30
6% preferred (guar.)
Mass. Utilities Assoc., pref. (guar.) _ _
624c July 15 Holders of rec. June 30
Milwaukee Elec. fly. & Lt.,6% Dr.(qu.) 14% July 31 Holders of rec. July 20
Missouri River-Sioux City Bridge Co.—
Preferred (quart
$14 July 15 Holders of rec. June 30
Mohawk-Hudson Pow.,$7, 1st pf.(qu.) _ $134 Aug. 1 Holders of rec. July 15
Monongahela Valley Water Co.
7% preferred (quart
14% July 15 [folders of rec. July 1
Montana Power, $6 pref. (quar.)
$134 Aug. 1 Holders of rec. July 10
Montreal Lt., Ht. & Pow. Consol.(qu.) tr38c July 31 Holders of rec. June 30
Montreal Telegraph (quart
80c July 15 Holders of rec. June 30
Montreal Tramways (queer.)
$2 July 15 Holders of rec. July 7
Mountain States Tel. & Tel.(quart--- $2
July 15 Holders of rec. June 30
National Pow. dr Light Co., $6 pref.(qu) $14 Aug. 1 Holders of rec. July 8
Nevada-California Elec. Corp., pref.___
$1 Aug. 1 Holders of rec. June 30
New Bedford Gas & Edison Lt. (quar.).
750 July 15 Holders of rec. June 30
NewBrunswick Telep. (quart
1240 July 15 Holders of rec. June 30
New York Telep Co., pref. (quart
5134 July 15 Holders of reo June 20
North American Edison Co pref. (qu.), $14 Sept. 1 [folders of rec. Aug. 15
Northern New York Utilities, Inc.,
7% 1st preferred (quart
134% Aug. 1 Holders of rec. July 10
Northern Ontario Power Co., Ltd.—
Common (quart
60c July 25 Holders of rec. June 30
6% preferred (quart
14% July 25 Holders of rec. June 30
Northern States Power Co. of Del.—
Common (guar.)
1% Aug. 1 Holders of rec. June 30
7% preferred (quart
114% July 20 [folders of rec. June 30
6% preferred (guar.)
34% July 2(1 Holders of rec. June 30
Ohio Public Service Co.,7% pref.(ino.)_ 58 1-3c Aug. 1 Holders of rec. July 15
6% preferred (monthly)
50c Aug. 1 Holders of rec. July 15
41 2-3c Aug. I Holders of rec. July 15
5% preferred (monthly)
Pacific Gas & Elec. Co.. corn. (guar.)._
50c July 15 Holders of rec. June 3()
Pacific Lighting Corp.,corn.(quart _ _ _
750 Aug. 15 [folders of rec. July 20
$6 preferred (guar.)
514 July 15 Holders of rec. June 30
Pacific Tel.& Tel., pref.(quart
$14 July 15 Holders of rec. June 30
Peninsular Telep. Co.. 7% Pref. “luart
% Aug. 15 Holders of rec. Aug. 5
7% preferred (guar.1
134% Nov. 15 Holders of rec. Nov. 5
7% preferred iqueer.)
114% 2-15-34 Holders of rec. 2-5-34
Pennsylvania Pow. Co.. $6.60 pref.(qu.)
55c Aug. 1 Holders of rec. July 20
$6.60 preferred (guar.)
55c Sept. 1 Holders of rec. Aug. 21
$6 preferred (quart
$114 Sept. 1 Holders of rec. Aug. 21
Peoples Gas Light & Coke Co. (guar.)._
51 July 17 Holders of rec. July 3
Philadelphia Co corn. (guar.)
25c. July 25 Holders of rec. July 1
5% preferred (s.-a.)
25c. Sept. 1 [folders of rec. Aug. 10
Philadelphia Elec. Co., $5 pref. (guar.) 5134 Aug. I Holders of rec. July 10
Philadelphia Elec. Pow.Co..8% pf(1.(qu)
50c Oct. 1 Holders of rec. Sept. 5
Phila.Suburban Water Co., pref. (guar.) $1 4 Sept. 1 Holders of rec. Aug. I2a
Power Corp of Ca n.,Ltd..6% pref.(qu.) 14% July 15 Holders of rec. June 30
6% second preferred (queer.)
75c July 15 [folders of rec. June 30
Public Service of Indiana. 7% pref.(qu.) $114 July 15 [folders of rec. June 30
6% preferred (quart
51.4 July 15 holders of rec. June 30
Public Service Corp. of N. J., corn.(qu.)
70c Sept. 30 Holders of rec. Sept.
8% preferred (guar.)
$2 Sept. 30 Holders of rec. Sept.
7% preferred (guar.)
5114 Sept. 30 Holders of rec. Sept.
$14 Sept. 30 Holders of rec. Sept.
$5 preferred (queer,)
6% preferred (monthly)
50c July 31 Holders of rec. July
6% preferred (monthly)
50c Aug. 31 [folders of rec. Aug.
6% preferred (monthly)
50c Sept. 30 Holders of rec. Sept.
Public Service of No. fil.. no par (quart
50c Aug. 1 Holders of reo. July 15
$100 par (guar.)
50o Aug. 1 Holders of rec. July 15
6% preferred (guar.)
$1 34 Aug. 1 Holders of rec. July 15
7% preferred (quar.)
5134 Aug. 1 Holders of rec. July 15
Name of Company.
July 15 1933
When
Per
Share. Payable.
Books Closed
Days inclusive.
Public Utilities (Concluded).
Rockland Light & Power (guar.)
20c Aug. 1 Holders of rec. JUIY 15
San Diego Consolidated Gas & Elec. Co.
Preferred (guar.)
134% July 15 Holders of rec. June 30
Shenango Valley Water Co.6% pf.(qu.) 134% Sept. 1 Holders of tea. Aug. 20
134% Dec. 1 Holders of rec. Nov. 20
6% preferred (guar.)
South Pitts. Water Co.,5% pref. (s.-a.)- 134% Aug. 19 Holders of rec. Aug. 10
IX % July 15 Holders of rem July 1
7% Preferred (guar.)
14% July 15 Holders of rem July 1
6% preferred (quart
So. Calif. Edison Co., Ltd., com.(gut
2% Aug. 15 Holders of rec. July 20
2% July 15 Holders of rec. June 20
Original preferred (guar.)
114% July 15 Holders of rec. June 20
54% series C preferred (guar.)
Southern Calif. Gas,6% pt. & pf. A(qu.) 374c July 15 Holders of rec. Juno 30
So. Calif. Gas Corp.. 564 pref.(guar.)- - 194% Aug. 31 'folders of rec. July 31
Sou. Canada Pow. Co., Ltd.. corn.(flu.).
25c Aug. 15 Holders of rec. July 31
Sou. Counties Gas of Calif., 6% pf.(qu.) 134% July 15 Holders of rec. June 30
6% preferred (guar.)
134% July 15 Holders of rec. June 20
Southern New England Telep. CO.(qM.). 514 July 15 [folders of rec. June 30
50c July 15 Holders of rec. July 1
Springfield Gas Light (guar.)
Stamford Gas & Electric (quar.)
$214 July 15 Holders of rem June 30
$4 July 25 Holders of rec. June 30
Standard Gas & Elec. Co. $6 Pt (quar.).
$154 July 25 Holders of rec. June 30
$7 preferred (quart
Standard Pow.& Lt. Corp. pt. (queer.). 5134 Aug. 1 [folders of rec. July 150
Suburban Elec. Securities, 1st pref.(qu.) $113 Aug. 1 Holders of rec. July 15
Syracuse Ltg. Co., Inc.,8% pref. (guar.)
2% Aug. 15 Holders of rec. July 31
134% Aug. 15 Holders of rem July 31
64% preferred (quar.)
6% preferred (guar
1.4% Aug. la Holders of rem July 31
Toledo Edison Co., 7% pref. (monthly). 58 1-30. Aug. I [folders of rec. July 15
500 Aug. 1 Holders of rec. July 15
6% preferred (monthly)
5% peferred monthly
41 2-3c. Aug. 1 [folders of rec. July 16
United Gas dr Electric Co.,5% p1(5.
-eel 24% July 15 Holders of rec. June 30
300 Sept. 30 Holders of rec. Aug. 31
United Gas Improvement (quart
Preferred (guar.)
$194 Sept. 30 Holders of rec. Aug. 31
14% Aug. 15 Holders of rec. July 20
West Penn Elec., 6% pref. (guar.)
% Aug. 15 Holders of rec. July 20
7% preferred (guar.)
West Penn Power Co.,6% prof. (guar.). 514 Aug. 1 Holders of rec. July 5
7% preferred (guar.)
5134 Aug. 1 Holders of rec. July 5
100. July 15 Holders of rec. June 15
Western Public Service Co
Wichita Water Co.. 7% pref.(quart...- 134% Jelly 15 Holders of rec. July 1
Wisconsin Gas & Elec..6% pref.(quart _ 114% July 15 Holders of rec. June 30
$14 July 31
Wisconsin Telephone Co., corn. (guar.)
Bank and Trust Companies.
Corn Exchange Bank & Trust Co. (qu.)
75c
Fire Insurance Companies.
250
American Alliance Ins.(quart
54
Boston Ins. Co. (s a.)
25c
Excess Ins. Co.,corn. (Initial)
250
Great American Insurance Co. (quar.)__
51
Insurance Co. of No. Amer.(s -a )
100
Richmond Insurance Co. of New York__
25c
Rochester-American Ins.(quart
Standard Fire Ins. Co.(N. J.)(quart -- 3740
Aug. 1 Holders of rec. July 19
July 15 Holders of rec. July
Oct. 2 Holders of rec. Sept
July 15 Holders of rem June
July 15 [folders of rec. July
July 15 Holders of rec. June
Aug. 1 Holders of rec. July
July 15 Holders of rec. July
July 24 Holders of rec. July
7
20
30
7
30
11
7
17
Miscellaneous.
Abraham & Straus. Inc., pref. (quart —
$134 Aug. 1 Holders of rec. July 15
Sc Aug. 1 Holders of rec. July 19
Affiliated Products, Inc. (monthlY)- - -75c July 15 Holders of rec. June 30
Air Reduction Corp (quart
2c July 15 Holders of rec. June 30
Ajax 011 & Gas (guar.)
15c Aug. 1 Holders of reo Jelly 10
Alaska Juneau Gold Mining (quart
Allied Chemical & Dye Corp., corn.(qu.) $134 Aug. 1 Holders of rec. July II
60c Sept. 30 Holders of rec. Sept. 15
Aluminum Mfg.. Inc.. corn.(guar.)
60c Dee. 31 Holders of reo. Dee. 15
Common (guar.)
$134 Sept. 30 Holders of rec. Sept. 15
Preferred (guar.)
$134 Dec 31 Holders of rec. Deo. 15
Preferred (guar )
50c July 31 holders of rec. July 15
Amerada Corp.,capital stock (queer.)....
2c July 15 Holders of rec. June 30
American Bankstocks Corp. (guar.)...
$1 Aug. 15 Holders of rem July 2541
American Can Co.. corn. (quar.)
American Envelope Co. 7% pt. (quar.)_. 144% Sept. 1 Holders of rec. Aug. 26
% Dee. I Holders of rec. Nov.25
7% preferred (quart _
25c July 15 Holders of rec. June 30
Amer. Equities Co.,corn.(Initial)
250 Oct. 1 Holders of rec. Sept. 16
American hardware (guar.)
250 1-1-34 Holders of rec. Deo. 16
Quarterly
250 Aug. 1 Holders of rec. July 1 la
American Home Products (monthly)...American Hosiery Co.(quart
--- 37 40 Sept. 1 Hoidens of rec. Aug. 24
American Ice Co. pref.(quart
511.4 July 25 Holders of roe July 7
50c Aug. 1 Holders of rec. July 20
American Investment Co. of Ill. (guar.)
200 July 15 Holders of rec. July 5
American Leaders(guar.)
5.00.5 July 15 Holders of rec. July 5
Extra
200 Aug. 1 Holders of rec. July 15
American Mach. & Fdy. Co., corn. (qu.)
25e July 15 Holders of rec. July 5
American News Co., Inc., corn.(hi.-mo.)
500 Aug. 15 [folders of rec. July 31
American Re- Insurance Co.(guar.)
60c Aug. 1 Holders of rec. July 15
American Shipbuilding (quart
50o Oct. 1 Holders of rec. Sept. 15
American Stores Co. (guar.)
500 Dec. 1 Holders of rec. Nov. 15
Extra
50c Jan 134 Holders of rec. Dec. 15
Quarterly
3% Aug. 18 [folders of rec. June 30
Angio-Arner. Corp. of So. Africa,6% pf.
Anglo-Persian Oil—
=74% Aug. 7 Holders of rec. June 30
American dep. rec. ord. reg
noni% July 31 Holders of rec. July 1
Ordinary register
tro4% July 30
1st preferred reg. (s.
-a.)
no434% July 30
2d preferred reg. (s.-a.)
Sc Oct. 1 Holders of rec. Sept. 15
Angostura-Wup'm'n,initial(quart
Archer-Daniels-Midland Co., pref. (qu.) 5134 Aug. 1 Holders of rec. July 21
350 Aug. 1 Holders of rec. July 20
Asbestos Mfg.Co.,7% pref.(guar.)--- 8c July 15
Associated Standard 011stocks,
$2 July 15 holders of rec. July 5
Atlantic Safe Deposit (guar.)
$14 Aug. 1 Holders of roc. July 20
Atlas Powder Co., pref. (guar.)
250 Aug. 1 Holders of rec. July 14
Austin. Nichols & Co., Inc.. prior A (qu.)
Baldwin Co.,6% pref. (guar.)
$134 July 15 Holders of rec. June 30
144% Sept. 1 Holders of rec. Aug. 15
Bamberger (L.) & Co.,64% of.(gut
Sc July 20 Holders of rec. June 30
Bandini Petroleum (monthly)
$194 /et. 1 Holders of roe. 60.1)1. 26
Barber(W.Ht. Pref• (queer.)
Bayuk Cigar Inc., 7% 1st pref. (quart - 194% July 15 Holders of rec. Juno 30
514 Aug. 1 Holders of rem July 15
Beatty Bros., 1st pref. (guar.)
31 Aug. 1 Holders of rec. July 15
Belding Cortice111. Ltd., corn.(guar.) _
Beneficial Indus. Loan Corp.. com.(qu.) 3134e July 30 [folders of rec. July 15
874c July 30 Holders of rec. July 15
Preferred, series A (quart
3734e Aug. 15 Holders of rec. Aug. 11
Bloch Bros. Tobacco (quart
374o Nov. 15 !folders of rec. Nov. 11
Quarterly
514 Sept. 30 Holders of rec. Sept. 25
Preferred (guar.)
$14 Dee. 31 Holden; of ref. Dec. 25
Preferred (quart
Bloomingdale Bros., pref. (guar.)
$194 Aug. 1 Holders of rec. July 20
luly 31 Holders of rem July 15
Bon And Co., clam A (quart - • - - - -- $1
25e Jan. 12 Holders of ree. Jan. 12
Bornot. Inc., OW A ----- --- Brantford Cordage Co..l.td.,Ist pt.(qu.) fr50c July 15 Holders of rec. June 20
Broadway & Newport Bdge.,5% pf.(qu.) 1 % Aug. I ifolders of rec. June 30
$24 Aug. 1 Holders of rec. June 30
Quarterly
(le July 15
13rookmire Investors(quart
Brown Shoe Co., pref. (quar.)
134% Aug. 1 Holders of rec. July 20
75c Sept. 15 Holders of rec. Aug. 25
Buckeye Pipe Line Co. (guar.)
SI
let. I Holders of roe. Sept. 15
Burger Bros., /4% pref. (quar.)
75c July 15 Holders of rec. July 10
Buywell Food Markets, 7% pref
500 Aug. 1 Holders of rec. July 14
Byers (A. M.) Co., preferred
40c Oct. 1 Holders of rem Sept. 15
Calamba Sugar Estates, coin. (quar.)
35e Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
% July 15 Holders of rec. June 30
Calaveras Cement, 7% prof. (guar.)
Campo Corp., 64% pref. (quart
513-4 Aug. 1 Holders of roc. July 15
15o July 18 [folders of rec. June 30
Canada Bud Breweries. ltd.. corn. (qu.)
250 July 15 Holders of rec. July 1
Canads Dry Ginger Ale. Inc. (guar.)__150 Aug. 1 Holders of rec. July 20
Canadian Bronze Co., Ltd., corn. (qu.).
% Aug. 1 !folders of rec. July 20
Preferred (guar.)
50o Aug. 15 !folders of rec. July 31
Canadian Converters, Ltd., corn. (guar.)
74o July 15 Holders of rec. June 20
Canadian Gen. Investments, reg. (qu.)- 7140 July 15
Coupon (guar)
Canadian Indust., Ltd.. 7% pref. (qu.)- 1714% July 15 [folders of rec. Juno 30
8740 July 31 !folders of rec. June 30
ChM A and B (quart
Carnation Co.. 7% pref.(guar.)
$14 )ct. 1
1-1-34
7% preferred (guar.)
5134
87 4e. Jan,. 31 Holders of roe hill 14
Cartier, [no.. 7% peer
Central Aguirre Associates
e57 Aug. 15 [folders of rec. Aug. I
0
Financial Chronicle
Volume 137
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days /schist:1i.
Miscellaneous (Continued).
Centrifugal l'IPe Line Corp.oap.stk.(qu.)
10o. Aug. 15 Holders of rec. Aug. 6
Capital stock (guar.)
lue. Nov. 15 Holders of roe. Nov. 6
Cincinnati Postal Temlnal & Realty Co.
Preferred (guar.)
14% July 15 Holders of rec. July 6
City Baking, pref. (guar.)
$14 Aug. I Holders of rec. July 25
Clorox Chemical Co.,cl. A (guar.)
500 Oct. 1 Holders of rec. Sept. 20
Quarterly
50c Jan 1'34 Holders of rec. Dec. 20
Cluett, Peabody & Co., Inc., corn. (qu.)
25c Aug. 1 Holders of rec. July 21
Collins Co. (guar.)
50c July 15 Holders of rec. June 28
Compania Swift Internacional (s.-a.)._
$1 Aug. 15 Holders of rec. July 15
Confederation Life Assoc. (guar.)
Si Sept.30 Holders of rec. Sept. 25
Quarterly
$1 Dec. 31 Holders of rec. Dec. 25
Consolidated Car Heating (quar.)
$115 July 15 Holders of rec. June 30
Extra
July 15 Holders of rec. June 30
$2
Consolidated Chemical Indus., Inc.
Class A panic. pref. (guar.)
37%c Aug. 1 Holders of rec. July 15
Consolidated Oil Corp., pref.(quar.)
$2
Aug. 15 Holders of rec. Aug. 1
Consolidated Royalty Oil Co.(quay.). __
Sc July 25 Holders of rec. July 15
Coon (W: B.) Co., 7% pref. (quar.)___
$14 Aug. 1 Holders of rec. July 15
Corn Products Refining, corn. (quar.)__
75c July 20 Holders of rec. July 3
Preferred (guar.)
$14 July 15 Holders of rec. July 3
Cottrell(C. B.) dr Sons Co.
6% preferred (guar.)
14% Oct. 1
6% preferred (guar.)
14% 1-1-'34
Crowell Publishing, 7% pref.
355% Aug. 1 Holders of rec. July 24
Crum & Forster (guar.)
100. July 15 Holders of roe. July 5
Cudahy Packing, coin.(guar.)
6254e July 15 Holders of roe. July 5
Cumulative Trust Shares
9.2c July 15
Cuneo Press, Inc., common (quar.)
300 Aug. 1 Holders of rec. July 20
615% preferred (guar.)
14% Sept. 15 Holders of rec. Sept. 1
Curtiss-Wright Export,0% pref. (guar.) 154% July 15 Holders of rec. June 30
Daggafontein Mines, Ltd., ord
13.6d. Aug. 18 Holders of rec. June 30
Deposited Ins. Shares, class A
65.1c Aug. 1 Holders of rec. June 30
Detroit River Tunnel (s. a.)
$4 July 15 Holders of rec. July 10
Devonian ()II Co. (guar.)
150 July 20 Holders of rec. June 30
Dome Mines, Ltd. (guar.)
250 July 20 Holders of rec. June 30
Extra
25e July 20 Holders of rec. June 30
Dominion Textile Co., Ltd.. pref. (qu.) 0114 Juiy 15 Holders of rec. June 30
E.1. dul'ont de Nemours & Co.
Debenture stock (guar.)._ _
_____
$155 July 25 Holders of rec. July 10
Eastern Theatres Ltd., 7% pref.(s.-a.)__
$315 July 31 Holders of rec. June 30
Ely & Walker Dry G'ds Co., let pf.(qu.) 5334 July 15 Holders of rec. July 3
2d preferred (guar.)
$3 July 15 Holders of rec. July 3
Eureka Pipe Line Co
$1 Aug. 1 Holders of rec. July 15
Faultless Rubber Co., corn. (quar.)__ _
50e Oct. I Holders of rec. Sept. 15
Folio (J. J.) (s -a.)
July 15 Holders of rec. July 10
$5
7% preferred (guar.)
514 July 1 Holders of rec. July 10
Fibreboard Products, pref. (guar.)
Holders of rec. July 15
$135 Aug.
Finance Co. of A iner.(Balt.),7%pf.(gu.) 434c July 1 Holders of rec. July 5
7% preferred class A (guar.)
840 July 1 Holders of rec. July 5
Class A & B (guar.)
100 July 1 Holders of rec. July 5
Firemen's Fund Ins.(guar.)
75e July 1 holders of rec. July 5
Firestone Tire & Rubber Co., corn. (qu.)
10e July 2 Holders of rec. July 5
Freeport Texas,6% Prof.(quar.)
Holders of rec. July 14
14% Aug.
General Cigar Co., corn.(guar.)
Holders of rec. July 17
Aug.
$1
Preferred (guar.)
Holders of rec. Aug. 23
$114 Sept.
Preferred (guar.)
Holders of rec. Nov. 24
$134 Dee.
General Electric Co .com.(guar.)
100 July 2 Holders of rec. June 300
special (quar.)
150 July 2 Holders of rec. June 300
General Elec. Co. of Gt. Brit., ord. reg._ ric8% July 2 Holders of rec. June 27
Amer. dep. rec, for ord. reg
rtc8% July 2 Holders of rec. June 27
General Mills, corn. (quay.)
Holders of rec. July 150
75e Aug.
General Motors Corp . $5 pref. (guar.)Holders of rec. July 10
$134 Aug.
General Stockyards Corp., corn. (guar.)
Holders of rec. July 14a
500 Aug.
$6 preferred (guar.)
Holders of rec. July 140
$14 Aug.
Gold Dust Corp , corn. (guar.)
holders of rec. July 10
30e Aug.
Gotham Silk Hosiery Co., pref. (guar.)- $14 Aug.
Holders of rec. July 12
Gottfried Baking Co., Inc., el. A (guar.)
750. Oct.
Holders of rec. Sept. 20
Preferred (guar.)
lyi% Clot.
Holders of rec. Sept. 20
Preferred (guar.)
14% Jn.2 '3 Holders of rec. Dec.
Government Gold Mines Areas, Ltd., reg 60% Aug. I Holders of rec. June 20
30
American deposits received
Holders of rec. June 30
60% Sept.
Grace (W R.) & Co.. 6% pref. (s.-a.)-3% Dec. 2 Holders of rec. Dee. 27
Great Lakes Engineering Works
Holders of rec. July 25
50 Aug.
Group No. I oil Corp. (quar.)
5100 July I Holders of rec. July 3
Guarantee Co. of North Amer.(quar.)_
$1 % July 1 Holders of rec. June 30
hall (C. M.) Lamp Co
10c July 2 Holders of rec. July 15
Hamilton Woolen
July 1 Holders of rec. June
$2
Handley-Page, Ltd., Amer. dep. rec___.. rw10% July 2 Holders of rec. June 30
27
Haorilbal Bridge Co., corn. (guar.)
July 2 Holders of rec. July 10
$2
Quarterly
Oct. 2 Holders of rec. Oct. .0
$2
Harbauer Co., 7% prof.(guar.)
Holders of rec. Sept. 21
14% Oct.
7% preferred (guar.)
14% 1-1-34 Holders of rec. Dee. 21
Harbison-Walker Refractories, pref.(qu.) $155 July 2 Holders of rec.
July 10
Hardesty (R.), 7% pref. (guar.)
% Sept.
Holders of roe. Aug. 15
7% preferred (guar.)
Holders of res. Nov. 15
14% Dec.
Hawaiian Sugar (monthly)
20e July 1 Holders of rec. July 10
Hercules Powder Co.. Prof. (quar.)._
$14 Aug 1 Holders of rec. Aug. 4
Hershey Chocolate Corp., coin. (guar.)75e Aug. 1 Holders of rec. July 25
Convertible preference (quar.)
$1 Aug. 1 Ifolders of rec. July 25
Hibbard, Spencer, Bartlett & Co. (ino.)
10c July 2 Holders of rec. July 21
Monthly
roc Aug. 2 Holders of rec. Aug. 18
Monthly
10c Sept. 2 Holders of rec. Sept. 22
Hollinger Consolidated Gold Mines
Monthly
5c July 1 Holders of rec. June 30
Holly Development Co. (guar.)
lc July 1 Holders of rec. June 30
Hernestake Mining Co. (monthly)
75e July 2 Holders of roe. July 20
Horn dr Harden (N. Y.) coin. (quar.)
Holders of rec. July 11
50c Aug.
Preferred (quar.)
Holders of rec. Aug. 11
$13 Sept.
.1
Household Finance, corn. A & B (guar.) _
750 July 1 Holders of rec. June 30a
Preferred (guar.)
$1.05 July 1 Holders of rec. June 30a
Howe Sound Co.(guar.)
10c July 1 Holders of rec. June 30
Hutchins Investing Corp. (quar.)
173.4e July 1 Holders of rec. July 10
Idaho-Maryland Consul. Mines
2e July I Holders of rec. July 1
Incorporated Investors (5.-a.)
25 July I Holders of rec. Juno 20
Industrial Cotton Mills. 7% prof. (guar.)
Holders of rec.
% AUg.
Internat. Business Mach. Corp. (guar.) $115 Oct. I Holders of rec. July 20
Sept.22
Interim. Cigar Mach. Co., corn. (guar.) 374c Aug.
Holders of rec. July 15
luternational Harvester Co ,cona. (su.)I5e July 1 Holders of roe. June 20
International Nickel of Can.(quar.)_
$r 4 Aug.
Holders of rec. July 3
International Printing Ink Corp
Preferred (guar.)
Holders of rec. July 15
8134 Aug.
International Shoe, Prof. (quar.)
[folders of rec. July 15
Aug.
500
Preferred (monthly)
Sept.
Holders of rec. Aug. 15
50c
Preferred (monthly)
Holders of rec. Sept. 15
Oct.
50o
Preferred (monthly)
Nov. [folders of rec. Oct. 15
500
Preferred (monthly)
Dec.
Holders of rec. Nov. 15
50e
International Tea Stores, ord. reg.
Holders of rec. July 8
ste18% Aug.
Amer. dep. rec. ord. reg
Holders of rec. July 7
xia18% Aug.
Interstate Hosiery Mills Co
400 Aug. 1 Holders of rec. Aug. 1
Intertype Corp. 1st pref. (s.-a.)
Oct.
Holders of rec. Sept. 15
$2
Investment Foundation, Ltd., pref.(cith)
38c July 1 Holders of rec. June 30
Preferred
1112e July 1 Holders of rec. June 30
Jewel Tea Co.,coin (guar.)
75c July 1 Holders of rec. June 30
Julian & Kokenge
50e July 1 Holders of rec. July 1
Kekaha Sugar (monthly)
Holders of rec. July 25
be Aug.
Keystone Steel dr Wire, 7% ()ref
Holders of rec. July 15
/454 Aug.
Kidder Participation, Inc., No. 1 (s.-a.)
650 July 1 Holders of rec. June 20
Number 2 (s.
-a.)
60e July 1 Holders of rec. June 20
Number 3 (s.
-a.)
50c July 1 Holders of rec. June 20
Kidder Peabody Acceptance Corp.
Class A & 11
$14 July 1 Holders of rec. June 20a
Kress (8. II.) & Co., corn.(guar.)
Holders of rec. July 20
25e Aug.
Special preferred (guar.)
Holders of rec. July 20
15e Aug.
Kroger Grocery & Baking, 7% pt. (qu.) 134% Aug.
Holders of rec. July 20
Landers Frary & Clark (guar.)
37550 Sept. 30
Quarterly
37550 Dec. 3
Lane Bryant, Inc., 7% pref.(guar.).- 14% Aug.
Holders of rec. July 15
Laogendorf United Bakeries cl. A
250 July 1 Holders of rec. June 30
Lazarus(F.& R.)&Co..655% Pf.(qu.).. 14% Aug.
Holders of rec. July 20
Leslie-California Salt Co., com. (guar.).
350 Sept. 1 Holders of rec. Sept. 1
Name of Company.
447
Per
1Vhen
Cent. Payable.
Books Closed
Days Inclusite.
Miscellaneous (Cont(nued).
Lincoln National Life Ins. Co.cap. stock
60c. Aug. 1 Holders of rec. July 26
Capital stock
70c. Nov. 1 Holders of rec. Oct. 26
Link-Belt Co., common
10c Sept. 1 Holders of rec. Aug. 15
64% Preferred (quar.)
14% Oct. 1 Holders of roe. Sept. 15
Loblaw Groceterias, el. A & 13 (quar.)20c Sept. I Holders of rec. Aug. 12
Loew's Boston Theatre (guar.)
I5c Aug. 1 Holders of rec. July 19
Loew's, Inc., $655 preferred (quar.)-- - $14 Aug. 15 Holders of rec. July 31
Loose Wiles Biscuit Co., corn. (quar.)50c Aug. 1 Holders of rec. July 180
Preferred (guar.)
$114 Oct. 1 Holders of rec. Sept. 18a
Lord & Taylor, 2nd preferred (quar.)......
$2 Aug. 1 Holders of me. July 17
Lucky Tiger Comb. Gold MM.(qu.)- - Sc July 20 Holders of rec. July 10
Lunkenheimer Co., pref.(guar.)
2 Holders of rec. Sept 23
$14 Oct
MacAndrews & Forbes Co., corn.(guar.)
40c July 15 Holders of rec. June 30a
Preferred (quar.)
14% July 15 Holders of rec. June 30a
Macy (R. H.) de Co., common (quar.)
500 Aug. 15 Holders of rec. July 21
Magnin (I.) .t Co., 6% pref. (quar.)..
% Aug. 16 Holders of reo. Aug. 6
6% preferred (quar.)
135% Nov. 16 Holders of roe. Nov. 6
May Dept. Store Co. (guar.)
25e Sept. 1 Holders of rec. Aug. 15
McCall Corp., corn. (guar.)
5Pc Aug. 1 Holders of rec. July 15
alcClatchy Newspaper, 7% ore.(guar.) 434e Sept. I Holders of rec. Sept. 1
prefrred (guar.)
434c Dec. 1 Holders of rec. Dec. 1
McColl Frontenac Oil Co., Ltd., pf. (qu) $14 July 15 Holders of rec. June 30
McGolrick Bond de Mtge., pref. (s-a)_ _
$34 July 16 Holders of rec. July 5
Melville Shoe Corp corn.(quar.)
30e Aug. 1 Holders of rec. July 14
1st preferred (quay.)
$14 Aug. 1 Holders of rec. July 14
2d preferred (guar.)
7150 Aug. 1 Holders of rec. July 14
Mercantile Amer. fifty Co.,6% pf.(Qu.) 115% July 15 Holders of rec. July 15
Metal di Thermit Corp.. corn.(guar.)._ _
Aug. 1 [folders of rec. July 20
$1
Metropolitan Storage Warehouse (guar.)
75c Aug. 1 Holders of rec. July 20
Mohawk Investing Cor. (quar.)
25e July 15 Holders of rec. June 30
Mohawk Min. Co. cap. stk. (liquidate)
$5 July 20 Holders of rec. June 24
Moore (t1 m.) Dry Goods Co. (guar.) -- $134 Oct. I
Quarterly
51% 1-1-'34
Morris, Philip & Co., Ltd.(qow.)
25c July 15 Holders of rec. July 1
Morris 6o. & 100. to $1 Sta., 7% pt.(go.) 134% Oct. 1
7% preferred (quar.)
1St % 1-2-34
Morris Plan Ins. Soc. (guar.)
$1
Sept. 1 Holders of rec. Aug. 25
Quarterly
Dee. 1 Holders of rec. Nov. 24
$I
Nat. Bearing Metals Corp., 7% pf.(gu.) 14% Aug. 1 Holders of rec. July 15
7% preferred
651 Aug. 1 Holders of rec. July 15
National Biscuit Co. common (quar.)__ _
be July 15 Holders of rec. June 164
Preferred (quar.)
134% Aug. 31 Holders of rec. Aug. 15
National carbon co..8% pref. (guar.).
52 Aug. 1 Iholders of roe. July 20
National Fuel Gas Co.(quar.)
25c July 15 Holders of rec. June 30
National Lead Co . pref. ii (guar.)._
$155 Aug
I [folders at rec. JoIS 21
National Shares Corp.(Del.), pt. A.(qu) 434c July 20 Holders of rec. June 30
National Tea Co., pref. (guar.)
134e Aug. 1 Holders of roe. July 14
New England Grain Prod., A prof (gal. $145 July 15 Holders of rec. July I
New Era Consolidated, Ltd., ord
434 Aug. 18 Holders of rec. June 30
New Jersey Zinc, corn.(guar.)
50c Aug. 10 Holders of rec. July 20
New York & Hond. Ros. Sing.(quar.)._
25c July 29 Holders of roe. July 18
Extra
3715c July 29 Holders of roe. July IR
N. Y. Merchandise Co., coin. (quar.)_ _
25c Aug. 1 Holders of rec. July 20
Preferred (guar.)
$14 Aug. 1 Holders of rec. July 20
Newberry (J. J.) Realty Co.
14% Aug. 1 [folders of rec. July 17
634% series A pref. (quar.)
6% series B preferred (guar.)
155% Aug. 1 Holders of rec. July 17
Niagara Snare Corp. of Md.Class A $6 preferred (quar.)
$1 55 Oct. I Holders of rec. Sept. 15
Class A $6 preferred (guar.)
$14 Jan2'34 Holders of tee Dec. 16
Nineteen Hundred Corp., class A (Qum.)
500. Aug. 15 Holders of rec. Aug. 1
Class A (guar.)
600. Nov. 15 Holders of rec. Nov. 1
North Amer. Trust Shares, 1955
6c July 15
1956
5.8c July 15
No. Boston Lighting Prop.,6% pf.(qu.)
75c July 15 Ilolders of rec. July 6
Quarterly
July 15 Holders of rec. July 6
$1
Northam Warren Corp., pref. (quar.)....
750 Sept. I Holders of rec. Aug. 15
Preferred (quar.)
75c Dec. 1 Holders of rec. Nov. 15
Norwich Pharrnacal Co.(guar.)
$1 Oct. I Holders of rec. Sept. 20
Onomea Sugar (monthly)
20e July 20 Holders of rec. July 10
Otis Elevator Co., corn. (guar.)
15e July 15 Holders of rec. June 30
Preferred (guar.)
$134 July 15 Holders of rec. June 30
Outlet Co., common (oust.)
50c Aug. 1 Holders of rec. July 20
1st preferred (guar.)
814 Aug. 1 Holders of rec. July 20
2nd preferred (guar.)
$115 Aug. 1 Holders of rec. July 20
Penman's, Ltd., (quar.)
750 Aug. 15 Holders of rec. Aug. 5
Preferred (guar.)
$134 Aug. 1 Holders of rec. July 21
Pennsylvania Salt Mfg. Co. (quar.)......_
75c July 15 Holders of rec. June 30
Phila. Insulated Wire Co.(s-a)
50o Aug. I Holders of rec. July 15
Pigsty Wiggly, Ltd.(Can.),7% pt.(s-a)- 314% July 15 Holders of rec. June 30
Plymouth Cordage (guar.)
r$1.18 July 20 Holders of rec. June 30
Premier Shares, Inc., (0.-a.)
15o July 15 Holders of rec. June 30
Procter & Gamble Co., common (quar.)_ 3755c Aug. 15 Holders of rec. July 25
8% preferred (guar.)
2% July 15 Holders of rec June 23
Prudential Investors, $6 pref. (quar.)- -$115 July 15 Holders of rec. June 30
Quaker Oats (guar./
July 15 Holders of rec. July 1
SI
Preferred (guar.)
$155 Aug. 31 Holders of rec. Aug. 1
Quaker Oats Co.,corn.(guar.)
July 15 Holders of rec. July I
$1
Quarterly Income Shares, Inc
Sc Aug. 1 Holders of rec. July 15
Rand Mines, Ltd., ordinary (s.-a.)3s. 3d.
Raymond Concrete Pile Co. (quar.).._
75c Aug. 1 Holders of rec. July 20
Reserve Investment Corp., 7% pref. _
$1
July 25 Holders of me. July 10
Reserve Resources
75c July 15 Holders of rec. July 10
Roos Bros., Inc., 614% Prof
/18140 Aug. 1 Holders of rec. July 15
Ruud Mfg. new common (guar.)
250 Sept. 15 Holders of rec. Sept. 5
St. Croix Paper (guar.)
50c July 15 Holders of rec. July 5
Salt Creek Producers Association
20e Aug. 1 Holders of rec. July 15
San Carlos Milling (monthly)
200
July 15 Holders of rec. July 6
Savannah Sugar Refg. Corp., corn. (au.) $115 Aug. 1 Holders of rec. July 15
Common (quar.)
$155 Nov. 1 Holders of rec. Oct. 14
Preferred (guar.)
14% Aug. 1 Holders of rec. July 15
Preferred (guar.)
14% Nov. 1 Holders of rec. Oct. 14
Scott Paper Co.,soy. A pref. (quar.)....,.. 514 Aug. 1 Holders of rec. July 17
Series 11 preferred (guar.)
$155 Aug. 1 Holders of rec. Ally 17
Seeman Bros.. Inc., corn. (guar.)
625ic Aug. 1 Holders of rec. July 15
Selected Managements, Tr. Sirs
July 15 Holders of rec. June 30
5.9e
Sharpe & Dohme, pref. A (guar.)
50c Aug. 1 Holders of rec. July 14
Preferred A
h$1 Aug. 1 Holders of rec. July 14
Messier (W. A.) Pen, pref. (guar.)
July 20 Holders of rec. June 30
$2
Preferred (guar.)
$2
Oct. 20 Holders of rec. Sept. 30
Sioux City Stkyds.. $6 pf. (guar.)
37%0. Aug. 15 Holders of rec Aug. 15
511 preferred (guar.)
37150. Nov. 15 Holders of rec. Nov. 15
Solvay Amer. Invest., pref.(guar.)
$14 Aug. 15 Holders of rec. July 15Southern Acia & Sulphur Co., Inc..
(qar.)
Common
50c. Sept. 15 Holders of roe. Sept. 10
Southland Royalty Co., corn.(guar.)- -Sc July 15 (folders of rec. July 1
Spicer Mfg. Corp., preference (guar.)._
75c July 15 Holders of rec. July 3
Spring Mines, Ltd., reg
4s.6d July 18 Holders of rec. June 30
Standard(Mot Ohio $5 pref. (quar.)....... $lyi July 15 Holders of rec. June 30
Stanley Works,6% pref. (quay.)
37550 Aug. 15 Holders of rec. July 31
State Street Investment Corp. (gust.)....
400 July 15 Holders of rec. June 30
Steel Co.of Canada(glum)
30c Aug. I Holders of rec. July 7
Preferred (quar.)
434c Aug. 1 Holders of rec. July 7
Sun Oil Co., coin. (guar.)
25e Sept. 15 Holders of rec. Aug. 25Common (quar.)
250 Dee. 15 Holders of rec. Nov. 25
Preferred (guar.)
14% Sept. I Holders of rec. Aug. 10
Preferred (guar.)
14% Dec. 1 Holders of rec. Nov. 10
Super-Corp. of Amer. Tr. Shs.. ser. AA_ .052c July 15
Series BB
.048e July 15
Superheater Co. (quar.)
1240 July 15 Holders of rec. July 5
Supervised Shares, Inc.(guar.)
1.60 July 15 Holders of rec. June 30
Taeony-Palmyra Bridge. 755% Pf• (qu.) 14% Aug. 1 Holders or rec. July 15
Teck Hughes Gold Mines, Ltd.(guar.) _
15c Aug. 1 Holders of rec. July 13
Telautograph Corp.(Ouar.)
25c Aug. 1 Holders of rec. July 14
Tenon Oil& Land Co.(guar.)
150 July 18 Holders of rec. July 3
Thatcher Mfg. Co., pref. (guar.)
90e Aug. 15 Holders of rec. July 31
Timken Roller Bearing Co.(guar.)
15c Sept. 5 Holders of rec. Aug. 18
Tobacco & Allied Stocks, Inc. (Initial)_ _
50c July 15 Holders of rec. July 6
Toronto Elevators. Ltd., 7% pref. (go.) 14% July 15 Holders of rec. July 3
Trustee Standard Invest. Stores, soy. C _
5.4c Aug. 1
Series D
5.2c Aug. 1
Financial Chronicle
448
Per
When
Cent. Payable.
Name of Company.
Miscellaneous (Concluded).
Tuckett Tobacco Co.. Ltd.. prof.(au )-- 513(
United Biscuit Co.of Amer., pref.(qu.)_ $13
United Fruit Co.. cap. stock (quer.)
-500
United Milk Crate Corp., cl A.(quar.)- 50c
Class A (quar.)
50c
United Secure.. Ltd., corn.(guar.)
50c
U.S. Pipe & Foundry Co.. coin.(quar.). 12544.
Common (guar.)
12)44.
Common (guar.)
12(40.
lit preferred (quay.)
30c.
1st preferred (quay.)
300.
1st preferred (quay.)
30c.
United States Smelting, Refg.& Mining250
preferred (quar.)
87544
10o
United Verde Extension Min. Co.(qu.)Universal Leaf Tobacco Co., COM.
500
(MO$1
Extra
Universal Trust Shares
6c
4.685c
Universal Trust Shares_
vulcan Detinning Co., pref.(quar.)
136%
Preferred (quar.)
1,1%
25c
Waigreen Co., corn.(quay.)
is
West Springs, Ltd., ord. reg
51M
Western Grocers. Ltd., pref.(quar.)
250
Westinghouse Air Brake Co.(quar.)---30c
Westmoreland. Inc. (guar.)
10e
White (S. S.) Dental Mfg.(quar.)
$4
Wichita Union Stockyards,8% pt.(s.
-a.)
$154
Winstead Hosiery Co.
(quar.)
$I
Quarterly
h17 Mc
Wisconsin Holding, A (quar.)
Series A (quar.)
17Me
Wiser 011(guar.)
25o
25o
Quarterly.
Worcester Salt Co.,6% pref. (guar.).
%
250
Wrigley(Wm )Jr CO (monthly)
$134
Wyatt Metal & Boiler Works (quar.)
Books Closed
Days Inclusive.
July 15 1933
CLEAK/NU HOUSE
STATEMENT OF AILMBERS OF THE NEW Yon
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JULY 8 1933.
and Net Demand
Deposits,
Undivided
A scrape.
Profits.
*Surplus
July 15 Holders of rec. June 30
Aug. 1 Holders of rec. July 15
July 15 Holders of rec. June 220
Sept. 1 Holders of rec. Aug. 15
Dec. 1 Holders of roe. Nov. 15
July 15 Holders of rec. June 30
July 20 Holders of fee. June 30
Oct. 20 Holders of roe. Sept.30
1-20-34 Holders of rec. Dec. 30
July 20 Holders of rec. June ao
Oct. 20 Holders of rec. Sept.30
1-20-34 Holders of rec. Dee. 30
July 15 Holders of rec. July 3
July 15 Holders of rec. July 3
Aug. 1 Holders of ree. July 3
Aug. 1 Holders of rec. July 19
Aug. 1 Holders of rec. July 19
July 15 Holders of ree.•June 30
July 15 Holders of rec. June 30
July 20 Holders of roe. July 76
Oct. 20 Holders of rec. Oct. 6a
Aug. 1 Holders of rec. July 15
July 18 Holders of roe. June 30
July 15 Holders of rec. June 30
July 31 Holders of rec. June 30
Oct. 1 Holders of reo. Sept. 15
Aug. 1 Holders of rec. June 14
July 15 Holders of rec. July 10
Aug. 1 Holders of rec. July 15
Nov. 1 Holders of roe. Oct. 15
Sept. 15 Holders of rec. Sept. 1
Sept. 15 Holders of rec. Sept. 1
Oct. 2 Holders of roe. Sept. 12
Jan2'34 Holders of roe. Dee. 12
Aug. 15 Holders of roc Aug. 8
Aug. 1 Holders of roe. July 20
Oct. 1
t The New York Stook Exchange has ruled that stock will not be quoted exdividend on this date and not until further notice.
Toe New York Curb Escallop's* Association has ruled that stock will not be
Quoted ex dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction * Payable in stock.
I Payable in Common stock. p Payable I n scrip. S On account of accumulated
dividends. !Payable in preferred stook.
m Amer. Cities Power & Lt. Corp. pay 1-3201 I eh. of class B stock or cash at the
option of the holder. The corporation must receive notice within 10 days after
holders of record date to receive cash
n Dividend of Commercla. Investment Trust Is at the rate of 1-52 of 1 Ms. of
com. stock per sti. of cony. pref., opt,seder, of 1929, or in cash, at the option of the
holder.
o Unilever, Ltd.: the amount of silver will be fixed according to the rate of sterlingguilder exchange on April 28.
p Blue Ridge Corp. declared a die. at the rate of 1-32d of one share of the common
stock of the corporation for each share of such preference stock, or, at the option of
such holders (providing written notice thereof Is received by the corporation on or
before May 15 1933) at the rate of 750. per share In cash.
r In the case of non-residents of Canada a deduction of a tax of 5% of the
amount of such dividend will be made.
S American Cities Power & Light Corp.. optional div. of 1-32 of 1 shares of
class B stock or at holders option, 75 cents cash.
1 Payable In Canadian funds.
is Payable In United States funds.
A unit.
w Lees deduction for expenses of depositary.
s Less tax.
it A deduction has been made for expenses.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now make only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
•Capital.
Clearing House
Members.
$
$
S
$
.TV.dve.
6,000,000
20,000,000
124,000,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
148,000,000
500,000
25,000.000
10,000,000
10,000,000
3,000,000
12,500,000
7,000,000
8,250,000
85,285,000
9,413,500
31,931,700
247,755,000
55,695,500 a820,675,000
46,856,300
253,513,000
177,266,300 5872,009,000
20,297,500
199,263,000
61,112,500
487,296,000
17,535,800
177,165,000
73,105,000
317,380,000
62.863,100
314,412,000
4,546,600
23,700,000
58,704,600 c1,147,768,000
3,105,400
45,379.000
62,519,500 d498,279.000
10,521,100
25,519,000
5,272,800
44,376,000
1,804,800
7,954,000
21,694,500
191,683,000
7,732,200
43,785,000
40,089,000
4.518,800
017 104n0n
flank of N. Y.& Tr. Co_
Bank of Manhattan Co_.
National City Bank____
Chemical Bk.& Tr Co__
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Han. Bk.& Tr. Co
Corn Exch Bk. Tr Co
First National Bank—.
Irving Trust Co
Continental Bk. & Tr Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar. & Trust Co
Marine Midland Tr. Co.
Lawyers Trust Co
New York Trust Co
Com'i Nat Bk.& Tr Co_
Public Nat. Bk. de Tr.Co
720 407
Ann
Time
Deposits.
Avera0e.
A 042 954 nnn
9,168,000
33,332,000
163,895,000
26,352,000
56,711,000
95,297,000
54,700,000
20,332,000
28,662,000
54,181,000
1,567,000
92,196,000
3,082,000
64,596,000
241,000
4,058,000
1,604,000
16,807,000
2,302,000
29,352,000
702 dqc (inn
'As per official reports: National, June 30 1933; State, June 30 1933; trust
companies, June 30 1933.
Includes deposits In foreign branches as follows: a 5198,014,000; b $56,976,000;
C $75,746,000; d $30,183,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended July 7:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. JULY 7 1933.
NATIONAL AND STATE BANKS—AVERAGE FIGURES
lies. Dep., Dep Other
N. V. and Banks and
Elsewhere. Trust Cos.
Loans,
Disc. and , Cash.
Investments.
$
19,199,700
2,612,598
Manhattan—
Grace National
Trade
Brooklyn—
.
Peoples National_ __
$
101,700
97,244
$
1,557,900
492,881
5.350,000
96,000
328,000
Gross
Deposits.
i
$
1,945,700 18,207,900
330,124 2,807,855
47.000
4.960.000
TRUST COMPANIES—AVERAGE FIGURES
Loans.
Disc. and
Investmenu.
Manhattan-County
Empire
Federation
Fiduciary
Fulton
United States
Brooklyn—
Brooklyn
Ulnae nn.n.v
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Cash.
Gross
Deposits.
S
$
$
17,890,200 "3,018,100 1.486.700
57,676,600 "3,013,500 8,316,300
438,050
45,976
5,955,125
'436,168
301,966
9,279,945
823,100
17,938,600 '2,264,600
71,425,033 6,498,900 19,877,117
$
$
18.916,900
2,622,600 61,111,700
646.854 5,559,688
479,192 8,819,913
566,600 16,989,900
70,228,315
3,072,000 19,824,000
1.482.411 6.703.788
96,000 97,500,000
9d gnu 021;
89,502,000
103
99 770
* Includes amount with Federal Reserve as follows: County, $2,695,900'
Empire, $2,033,100; Fulton, 52,141,500; Fiduciary, $215,057.
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 12 1933, in
comparison with the previous week and the corresponding date last year:
July 12 1933. July 5 1933. July 13 1932.
Gold with Federal Reserve Agent
Gold redemption fund with U.S.Treas'y_
602,706,000
8.630,000
599.706,000
8,057,000
Gold held exclusively agst. F.R. notes_
611,336,000
607,763,000
Gold settlement fund with F. R. Board__
Gold and gold certificates held by bank__
143,447,000
107,362,000
143,600,000
106,783.000
Resources(Concluded)—
426,952,000 Due from foreign banks (see note)
14,316,000 F. R. notes of other banks
Uncollected Items
441,268,000 Bank premises
All other resources
99,794,000
195,357,000
Total resources
862,145,000
858,146,000
86,370,000
76,764,000
948,515,000
934,914,000
12 1933. July 5 1933. July 13 1932.
$
1,601,000
1,003,000
1,372,000
5,011,000
4,323,000
5,212,000
107,923,000
90,352,000 100.077,000
12,818,000
14,817,000
12,818,000
24,815,000
26,882,000
24,237.000
July
736,419,000
Resources—
Total gold reserves
3,500,000
3,500,000
21,386.000
32,437,000
21,512,000
33,244.000
Liabilities—
76,087,000 F. R. notes in actual circulation
F. R. bank notes in actual circulation— 812,506,000 Depoelts—Member bank—reserve evil.Government
Foreign bank (see note)
Special deposits—Member bank
63,048,000
Non-member bank
40,005,000
Other deposits;
Total bills discounted
53,823,000
54.756,000
103,053,000
1311s bought In open market
U. 13. Government securities'
Bonds
Treasury notes
Certificates and bills
7.403,000
17,385,000
180,755,000
262,844,000
310,542,000
181,386,000
264,108,000
307,807,000
754,141,000
1,587,000
753.301,000
1.712.000
816,954,000
827,154.000
Other cash"
Total gold reserves and other cash
Redemption fund—F. R.bank notes
Bills discounted:
Secured by U.S. Govt. obligations__
Other bills discounted
Total U. S. Government securities-Other securities (see nolo)
Total bills and securities (see note).—
Total deposits
Deferred availability items
26,655,000 Capital paid in
Surplus
185,755,000 All other liabilities
101,112,000
408,913,000
Total nobilities
695,780,000 Ratio of total gold reserves & other cash"
4.345,000
to deposit and F. R. note liabilities
combined
Contingent liability on bills purchased
829,833.000
for foreign correspondents
1,920,449,000 1,899,559,000 1,790,129,000
597,258,000
656.009,000
50,460,000
912,879,000
25,224,000
5,541,000
5,734,000
1,231,000
12,078,000
672,285,000
57,122,000
872,943,000
32,108,000
4,844,0(10
5,542,000
1,321,000
15,249,000
9112,687,000
99,890,000
58,535,000
85,058,000
7,810,000
932,007,000 951,440,000
94,738,000
811,986,000
59,179,000
58,535,000
75.077,000
85,058,000
12.437,000
7,566,000
902,731,000
23,524,000
3,037,000
22,148.000
1,920,449,000 1,899,559.000 1,790,129.000
58.6%
11,871,000
58.3%
12,249,000
51
21,751,000
•"Other cash" dem not include F R. notes or a banks own F It. &tab notes
NOTE.—Beginning with the statement of Oct. 17 1925, two new items were added In order to sttew separately the amount of balances held abroad and amounts
was changed
due to foreign oorreepondents. In addition, the caption "All other earnings assets." Previously made up of Federal Intermediate Credit Bank debentures, of the total
so "other securities," and me caption, "Total earnings assets" to -Total bille and deOarltiei... Tne latter term was S Wood as a more accurate description
ismioa (.1 all it of toe iraJetal Reserve tot. yams It was stated are We mill items included
or the discount acceptances and securities acquired under hisproMslout
therein.
Financial Chronicle
Volume 137
449
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, July 13. and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we prese.,t. the results for the System
as a whole in comparison with the figures for the seven preceding weeksand with those of the corresponding week last year. The
second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 12 1933.
July 12 1933. July 5 1933. June 28 1933. June 21 1933. June 14 1933. June 7 1933 May 31 1933 M 4V 24 1933. July 13 1932.
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U. S. Treas
$
$
S
3
$
*
$
3
$
2,785,711,000 2,767,366,000 2,809,201,000 2,756,903,000 2,816,469,000 2,787,074,000 2,813.639,000 2,832.714.000 1,929.862,000
44,068,000
45,524,000
44,317,000
42,906,000
43,643,000
44.250.000
44.353,000
46,338,000
62,864.000
Gold held exclusively agst. F. R. notes 2,829,354,000 2,811,683,000 2,853,269,000 2,801,153,000 2,859,375.000 2,832,598,000 2.857.992,000 2.879.052.000 1,992,726,000
Gold settlement fund with F R. Board
508,904.000 527,701,000 485,550.000 534.924,000 427,674.000 436,613.000 409,834.000 359,4(14,000 260.356.000
DoId and gold certificates held by banks- 207,584,000 209,708,000 204,946.000 197,131.000 245,741,000 252.774,000 252,072.000 260,718,000 335,015,000
Total gold reserves
Reserves other than gold
Other cash.
3.545,842,000 3,549,092,000 3,543,765,000 3.533.208,000 3.532,790,000 3,521.985.000 3.519.898,000 3.499.234.000 2,588,097,000
,I
a
a
a
a
a
a
a
278,061,000 255,459,000 290,507,000 287,060,000 293,254,000 290,192,000 286.770,000 308.706,000 276,612,000
Total gold reserves and other cash
3,823,903,000 3,804,551,000 3,834.272,000 3.820,268,000 3,826,044,000 3.812,177,000 3,806,668,000 3.807.940,000 2,864.709,000
a
Non-reserve cash
a
a
a
a
a
a
a
Redemption fund-F. R.. bank notes --8.014,000
6,242.000
7,392,000
7,392,000
7,242,000
6.242,000
7,242,000
8,014,000
Bills discounted:
Secured by U. S. Govt. Obligations45,144,000
43,335.000
55,553,000
64,472,000 201,921,000
47,477,000
55.335,0005 66,014.000
39,450,000
Other bills discounted
128,416,000 138,468,000 145,837,000 174,579,000 198,209,000 221,330.0005 235.960.000 247.693,000 313,649,000
Total bills discounted
Bills bought In open market
U.S. Government eecurItles Bonds
Treasury notes
Special Treasury certificates
Other certificates and bills
Total U. S. Government securities
Other securities
Foreign loans on gold
167,866,000
13,194,000
440,776,000
697,484,000
181,803,000
23,034,000
440,779,000
697,514.000
190,981,000
8.186,000
440,836,000
705,047.000
222,056,000
8,827.000
441,030,000
693,482,000
253,762,000
10.200,000
441.188,000
683,509,000
276,665,000
11.411.000
441,103,000
675.532,000
301,974,000
19.862.000
441.071,000
656.593.000
312.165.000
42.662,000
430.606,000
629,583.000
868,973,000
856,965.000
829,329,000
820,162,000
807.747.000
794,968,000
791,914.000
801,523.000 1.140,728,000
515,570.000
61,621,000
413,927.000
266,477,000
2,007,233,000 1,995,258,000 1.975.212,000 1.954.674,000 1,932,444,000 1.911,603,000 1889.578.000 1.861,712,000 1,821.132,000
5.935.000
5.388.000
2.848,000
2,297,000
2,923,000
5.029,000
3,624,000
4.823.000
2,157,000
Total bills and securities
2,190,450,000 2,202,442,0002.177,227,000 2,188,480,000 2,200.030,000 2.204.708.0002,216.237,000 2.221.925,000 2.404,258,000
Gold held abroad
Due from foreign banks
3,729,000
3,729,000
3,835,000
3.810,000
3,832,000
3.815.000
3,693•000
3,958,000
2.709,000
Federal Reserve notes of other banks-- 16,411,000
17.921.000
21,471,000
19,282.000
15,416,000
18,848,000
15,143,000
15.150.000
000
17,014,
Uncollected items
410,386,000 357,321,000 340,469,000 379,017,000 407,388,000 334.699,000 316,047.000 316,172,000 376.672,000
Bank premises
54,312,000
54.255,000
54,312.000
54,366.000
54,312,000
54,255,000
54,312.000
58,114,000
54,367,000
All other resources
49,300.000
47.146,000
50.193.000
51.163,000
52,603,000
50.951,000
48,020.000
47,175.000
50,951,00C
Total resources
6,559,043,000 6.497,002,000 6.484,005,000 6,525,726,000 6.570.299.000 6.485,530.000 6,466.427.000 6.475,194.000 5,768,787,000
LIABILITIES,
F. R. notes In actual circulation
3,115.331,000 3,061,324,000 3,090,286,000 3,118,379,000 3,163.689,000 3,203,102,000 3.221.429.000 2,835,750,000
3 067 062 ...
F. It. bank notes in actual circulation _ _" 000 124,012,000 120,081,000 1 17 774 000 113, 64
84.211.000
2 .000 104,884.000
96,280,000
. .
'
Deposits-Member banks--reserve acc't- 115,853,00o 2,218,912,000 2,286,207,000 2,205,302.000 2,281,378,000 2,203,889,000 2,166,721,000 2,194,390.000 014.604.000
- 2,268,728,000
37.668,000 2
'
55,029,000 129,527,000
Government
32.173,000
46.422,000
72,328,000
•
•
59,150,000
83,821,000
Foreign banks
15,867,000
20,286,000
15,984,000
8,410,000
10,088,000
42,208.000
7,848.000
9 862,000
.
15 041,000
Special deposits: Member bank
81.904,000
76.356.000
90.942.000
83.449,000
78,696,000
77.196,000
83.637.000
'
81,743,000
17.641.000
18,789,000
18,334,000
19,314,000
18.059,000
18,671,000
19,585,000
_
Non-member bank_
22997 000
Other deposits
53,114,000
45.347.000
43,833,000
44.732,000
43,010,000
45,180,000
51.082.000
33,236,000
49.487'000
Total deposits
2,450,724,000 2.509,783,000 2,486,760,000 2,481,003.000 2.432.615,000 2,393,773,000 2,392,817,000 2 116 852
2,521,817,000 357,504,000 339,652,000 377,793,000 399,701.000 328,902,000 318,082.000 322,322.000-" •000
Deferred availability items
.
403,886.000 146,796,000 146,744,000 6147,665.000 147,563,000 150,052,000 150,271,000 150,287,000 367,055,000
Capital paid in
146,360,000 278,599,000 278,599,000 278.599,000 278,599,000 278,599,000 278.599,000 278.599.000 154,757,000
Surphm
278,599,000
All other liabilities
,
25,529.000 259.421,000
27,822,000 626,849,000
26.789,000
31,790.000
26.320,000
24,030:000
34,932,000
25,466,000
Total liabilities
6,497,002,000 6,484,005.000 6.525,726.000 6.570.299.000 6.485,530,000 6.466,427,000 6.475,194,000
6.559.04-, u„,
5,768,787,000
Ratio of gold reserve to deposits and
'
r-F. It. note liabilities combined
63.3%
62.8%
62.3%
63.6%
63.0%
62.9%
63.7%
52.0%
63.4%
Ratio of total reserve to deposits and
.
F. It. note liabilities combined
Ratio of total gold reserves & other cash to
57.8%
68.4%
deposit & F.R. note liabilities combined
68.5%
68.8%
68.1%
68.3%
67.8%
68.4%
68.0%
Contingent liability on bills purchased
68,541,000
35,761,000
for foreign correspondents
36,770,000
36,948,000
36,060,000
35,436,000
35,031,000
35,731,000
36,140,000
Maturity Distribution of 111113 and
Short-Term Securities
1-15 days bills discounted
18-30 days bills discounted
31-60 days bills discounted
dl-90 days bills
discounted
Over 90 days bills discounted
$
$
3
$
3
3
$
3
$
122,581,000
13,149,000
13,147,000
15•776•000
3,214,000
127,542,000
12,614,000
14,870,000
23,274,000
3,503,000
136,381,000
18,677,000
14,555.000
18,468,000
4,900,000
146,300,000
14,036.000
35,965,000
20.653,000
5,102,000
167.914,000
17,844,000
46,819,000
15,639,000
5.546,000
181,962,000
20,062.000
48.089,000
21,039,000
51.513.000
192,071,000
24,148,000
41,687,000
36,416,000
7.652,000
195,699,000
22.195,000
26,813,000
61,411,000
6,047,000
360,919,000
34.475,000
55.700.000
42,977.000
21,499,000
167,866,000
6,578,000
1,880,000
„•0 0
3•063 °
1.
684,000
181,803,000
15,769,000
1,731,000
1,942,000
3,642,000
190,981,000
1,370,000
1,552,000
2,697.000
2,567,000
222,056,000
4,336,000
894.000
1.431,000
2,166,000
253,762,000
4,708.000
1,314,000
1.333,000
2.845,000
276.665,000
3,960,000
3,504,000
724,000
3.222,000
.
1,000
301,974.000
12,479,000
5,239,000
842,000
1.302,000
312.165,000
33,563.000
3,677.000
3.870,030
1 552 000
. .
515,570,000
28,002,000
5.552,000
11,670,000
16,397,000
Total bills bought In open market.13,194.000
1-15 days U. S. certificates and bills.40,825,000
18-30 days U. S. certificates and bilis_
15,205,000
31-60 days U. S. certificates and bills.-- '167,445,000
81-00 days U. S. certificates and bills-- 293,689,000
Over 90 days certificates and hills
351,809,000
23,084,000
34,325,000
43,100,000
150,446.000
277,326,000
351.768.000
8,186,000
41.613,000
46,025,000
108,495,000
284,562,000
348.634,000
8.827,000
35,113,000
34,325.000
138,844.000
269,576.000
342.304,000
10,200,000
131,975.000
40.738.000
53.227,000
159.796,000
422,011,000
11.411,000
107.725,000
28.988.000
76,550,000
158,896,000
422,809.000
19.862.000
127,625,000
37,500,000
61,288,000
111.646,000
433.855,000
42.662,000
71,450,000
97.775,000
62.638,000
141.796.000
427.864.000
61,621,000
83,625,000
79,150,000
194,042,000
308,361,000
475,550,000
Total U. S. certificates and bills
1-15 days municipal warrants
18-30 days municipal warrants
31-80 (lays municipal warrants
81-90 (lays municipal warrants
Over 90 days municipal warrants
856,965,000
2,177,000
10,000
38,000
22,000
50,000
829.329,000
2.727,000
10,000
820,162,000
2.803,000
10,000
38,000
72,000
794,968,000
4.906,000
25,000
10,000
38,000
50,000
791.914,000
4,738,000
25,000
10,000
38,000
73.000
807,747,000
3,501,000
2.5,000
10,000
38,000
50,000
801.523,000 1,140,728.000
5.733,000
5,174.000
157,000
127,000
25.000
35,000
10,006
10,000
50.000
--5.935,000
5,366,000
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought in open market_
31-60 days bilis bought in open market
81-90 days bills bought in open market
Over 90 days bills bought in open market
868,973,000
2,037,000
10,000
38,000
22,000
50,000
50.000
Total municipal warrants
2,157,001)
2,297.000
2,848.000
2,923,000
3,624,000
4,823,000
5.029,000
Federal Reserve Notes-Issued to F. It. Bank by F. R. Agent._ 3,348,580,000 3,361,556,000 3,327,308,000 3,362,087,000 3,380,077,000 3,419,635,000 3,430,872,000 3.471.471.000 3,073.262,000
Held by Federal Reserve Bank
281,518.000 246,225,000 265,984,000 271,801,000 261.696,060 255,946,000 233.770,000 250,042,000 237,512,000
In actual circulation
3,067,062.000 3,115,331,000 3.061.324.0003,090.286,000 3,118,379,000 3,163.689,0003.203.102.000 3,221,429.000 2 835
. .750 000
.
--_
Collateral Field by Accent as Security
for Notes Issued to Bank
By gold and gold certificates
1,519,776.000 1.518,931,000 1,523.286,000 1,528,968,000 1,478,034,000 1.468.639.000 1.466,704.000 1.457,279,000 964.997,000
Gold fund-Federal Reserve Board
1,265,935,000 1,248,435.000 1,285,935,000 1,227,935,000 1.338,435,000 1,318,435.000 1,346,935.000 1.375.435.000 964,865,000
By eligible paper
105,105,000 119,420.000 115,779,000 126,141.000 150.570,000 162,422,000 190,397.000 217.780.000 520,397,000
U. S. Government securities
499,200,000 505,700.000 441,200,000 504,200,000 467,900,000 505,900,000 480,900,000 471,900,000 639,900,000
"Pntal
noon win non, 50., 21120 non A 'inn 141"1 Ann,.12, 044 nnn 5 404 n0n nnn 0 m ,nn nnn,
AC. 0.10 Ann - 599 571 nnn A Ass 14o nnfl
c
•"Other cash" does not Include Federal Reserve notes or a Bank's own Federal Reserve bank notes. a Now Included in "other cash."
b Revised.
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF EACII OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 12 1933
Two Ciphers (00) omitted.
Federal Reserve Bank ofBoston. New York. Mita, Cleveland. Richmond At/ante. Chtcayo. St. Louts. Montan. Kan.Ctly. Douai
Total.
San /eras.
$
RESOURCES.
$
30111 with Fed. Res. Agents... _ 2,785.711.0 242,989,0
lold redm.fund with U.S.Treas.
43,643,0 4,738,0
$
3
$
$
$
602,706,0 188,000,0 222,770.0 128,835,0 98,550,0
8,630,0 4,077,0 5,276,0
949.0 2,426,0
$
$
$
$
$
$
766,922,0 129,289,0 67,779,0 104,290,0 26,318,0 207,263,0
4,205,0 1,116,0 1,914,0
1,641,0
1,222,0 7,449,0
Gold held excl. eget. F.R.notes 2,829,354,0 247.727,0
)old settlem't fund with F.R.Bd 508,904,0 33,380,0
lold dr gold ctfs. held by banks_ 207,564,0 21,746,0
611,336,0 192,077.0 228,046,0 129,784,0 100,976,0
143,447.0 13,730,0 53,422,0 23,527,0 9,004,0
107,362,0 14,321,0 4.435,0 4,711,0 3,748,0
771,127,0 130,405,0 69,693,0 105,931,0 27,540.0 214,712,0
117,881,0 26,916,0 21,653,0 28,237,0 13,164,0 24.543,0
5,669,0
800,0
333,0 12,502,0 5,399,0 26.558,0
Totatunla
rwanrosa
5 ftAn 040 n 5n5 an/ n
209
1A6 n
9911
190 n 20A 002 n 1,52 099 nliq 790 n
sau 077 n 150 191 n
411 070 Alan 070 A
40 1119010S 2120
Financial Chronicle
450
July 15 1933
Weekly Return of the Federal Reserve Board (Concluded).
Boston.
Total.
Two Ciphers (00) omitted.
$
278,061,0
RESOURCES (Concluded)Other.aush•
New York.
19,744,0
Total gold reservesshother cub 3,823,903,0 322,597,0
Redem.fund-P.R.bank notes_
8,014,0 1,000,9
Bills discounted:
See. by U.S. Govt.obligations
39,450,0 2,019,0
128,416,0 6,191,0
Other Mlle discounted
Total bills discounted
Bills bought In open market...
U. S. Government securities:
Donde
Treasury note.
Special Treasury certificates
OertifIcates and bills
167,866,0
13,194.0
Cleveland. Richmond Atlanta.
$
22,869,0
86,370,0 26,465,0
21,386,0 5,358,0
32,437,0 28,222,0
Chicago. St. Louis. Mtnneap. Kan.City. Dallas. San Fres.
35,731,0 12,712,0
14,695,0 14,305,0
948,515.0 246,593.0 308,772.0 172,717,0 128,033,0
314,0
3,500.0
350,0
150.0
$
4,502,0 10,528,0
8,926,0 21,214,0
930,408,0 170,835.0 96,181,0 157,198,0 55.029,0 287,027,0
100,0
100,0
2,000,0
50,0
200,0
250,0
3,048,0 1,937,0
7,603,0 11,793,0
265,0
7,898,0
1,204,0
11,246,0
478,0
1,806,0
121,0
4,646,0
886,0
7,384,0
342,0
3,219,0
2,426,0
5.971,0
53,823,0 33,580,0 10,651,0 13,730,0
750,0
7,403,0
702,0
276,0
8,210.0
522,0
440.776,0 21,722,0
697,484,0 41,953,0
Ph(la.
8,163,0
248,0
12,450,0
929,0
2,284,0
207,0
4,767,0
140,0
8,250,0
206,0
3,581,0
308,0
8,397,0
1,505,0
180,755,0 29,675.0 34,358,0 10,834,0 10,439,0
262,844,0 52,539,0 68,579,0 21,622,0 20,820.0
67,309,0 14,307,0 16,786,0 11,909,0 17,270,0 25,412,0
94,432,0 27,556,0 18,473,0 23,432.0 14,512.0 50.722,0
868,973,0 49,775,0
310,542,0 62,335,0 81,364,0 25,652,0 24,702,0
154,780,0 32,694,0 21,925,0 27,805,0 17,218,0 60,181,0
Total U.S.Govt.securities_ 2,007,233,0 113,450,0
Other securities
2,157,0
BIM discounted for, or with
(-),other F. R. banks
754,141,0 144,549,0 184,301,0 58,108,0 55,961,0
1,587,0
510,0
316,521,0 74.557,0 57,184,0 63,146,0 49,000,0 136,315,0
10.0
50,0
2,190,450,0 122,182,0
286,0
3,958,0
17,014,0
330,0
410,386,0 48,684,0
54,387,0 3,280,0
720,0
50,951,0
816,954,0 179,389,0 195,654,0 72,114,0 64,372,0
411,0
1,601,0
369,0
145,0
131,0
340,0 1,408,0
4,323,0
982,0 1,286,0
107,923,0 32,015,0 40,181,0 34,668,0 10,475,0
12,818,0 3,448.0 6,929,0 3,238,0 2,422,0
24,815,0 3,711,0 5,265,0 3,941,0 4,777,0
329,950.0 77,048,0 62,101,0 71,602,0 52,867,0 146,217,0
12,0
18,0
508,0
108,0
261,0
108,0
3,092,0 1,599,0
967,0 1,289,0
297,0 1,461,0
50,188,0 16,618,0 11,093,0 24,585,0 14,108,0 19,848,0
3,285,0 1,747,0 3,559,0 1,792,0 4,244,0
7,605,0
672,0 1,534,0
1,923,0
882,0 1,482,0 1,229,0
Total Mk and securities
Due from foreign banks
Fed, Res. notee of other banke
Uncollected Items
Bank Premiere
All other resources
6,559,043,0 499,079,0 1,920,449,0 466,221,0 558,568,0 287,805,0 211,846,0 1,325,674,0 270,173,0 173.735,0 259,273,0 125,883,0 460,537,0
Total resources
LIABILITIES.
LB.notes In actual circulation_ 3,067,062,0 224,684.0
P.R.bank notes In act'l eircurn 115,853.0 12,615,0
Depoelta:
Member bank-reserve account 2,268,728,0 164,018,0
Government
83,821,0 8,008,0
Foreign bank
15,041,0 1,041,0
Special
81,743,0 3,562,0
-Member bank
22,997,0
Non-member bank
Other deposit.
49,487,0 4,817,0
656,009.0 240,170,0 305,873,0 139.983,0 118,327,0
50,460,0 6,150,0 5,197,0
2,493,0
779,395,0 138,892.0 90,474,0 112,260,0 35,111,0 225,884,0
362,0 1,155,0
30,371,0
976,0 1,831,0 4,243,0
912,879,0 127,347,0 143,732,0 76,354,0 54,239,0
25.224,0 3,763,0 9,493,0 4,608,0 1,621,0
5,541,0 1,498,0 1,412.0
556,0
499,0
5,734,0 9,085.0 6,061,0 4,892,0 3,074,0
1,231,0 1,979,0
139,0 3,254,0
228,0
12,078,0
234,0 3,624,0 5,617,0 3.030,0
356,789,0 73,952,0 50,479,0 96,459,0 56,673,0 155,827,0
3,668.0 8,681,0 4,717,0 5,033,0 1,734,0 7,271,0
485,0
328,0
1,854.0
414,0
999,0
414,0
32;189,0 3,689,0 1,596,0 5,976,0
331,0 5,554,0
876,0
7,645,0 6,723,0
163,0
759,0
6,805,0 3,347,0 2,058,0
323,0 1,197,0 6,557,0
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
962,687,0 143,906,0 164,461,0 95,281,0 62,691,0
99,890,0 30,160,0 39,678,0 34,294,0 9,879,0
58,535,0 15,807,0 12,515,0 5,341,0 4,879,0
85,058,0 29,242,0 28,294,0 11,616,0 10,544,0
7,810,0
786,0 2,550,0 1,290,0 2,833,0
408,730,0 96.877,0 60,054,0 108,368,0 60,349,0 176,967,0
50,244,0 18,818,0 10,940,0 24,578,0 15,163,0 21,563,0
13,070,0 4,027,0 2,866,0 4,251,0 3,888,0 10,558,0
39,497,0 10,186,0 7,019,0 8,263,0 8,719,0 19,701,0
4,367,0 1,011,0 1,227,0
579.0
822,0 1,621,0
2 521,817,0 181,446,0
403,886,0 48,681,0
146,360,0 10,623,0
278,599,0 20,460,0
25,486,0
570,0
Total liabilities
6 559,043,0 499,079,0 1,920,449,0 466,221,0 558,568,0 287,805,0 211.646,0 1,325,674,0 270,173,0 173,735,0 259,273,0 125,883,0 480,537,0
Memoranda.
Ratio of total gold reserves and
other cash° to deposit & F. R.
note ilabilitiee combined
Contingent liability on bills purchased for tor'n correspondents
68.4
79.4
58.6
64.2
65.6
73.4
70.7
78.3
72.5
63.9
71.3
57.6
71.2
35,761,0
2,619,0
11,871,0
3,767,0
3,551,0
1,399,0
1.255.0
4,663,0
1,220,0
825.0
1,040,0
1,040,0
2,511,0
•-Other cash" does not Include Federal Reserve notes or a Bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Boston. New York.
TWO Ciphers (00) omitted.
$
$
Federal Reserve notes:
Issued to F.R.1311. by F.E.Agt. 3,348,580,0 243,734,0
Held by Fed'I Reserve Bank, 281,518,0 19,050,0
In actual circulation
3,01)7,062,0 224,684,0
Collateral held by Agent ae security for notes Issued to bks:
1,519.776,0 71,972,0
Gold and gold certificates
Gold fund-F.R. Board
1,265,935,0 171,017,0
Eligible paper
105,105,0 8,185,0
U. S. Government eecuritles
499,200,0
l'AtalonlintAral
7 non niA A 9C1 17A n
Phila.
s
Cleveland. Richmond Attanta.
$
$
$
Chicago.
St. Louis. Minneap. Kan.Cils. Dallas. San Fran.
$
750,119,0 256,269,0 320,245,0 147,212,0 141,096,0
94,110,0 16,099,0 14,372,0 7,229,0 22,769,0
$
$
5
$
814,230,0 149,914,0 94,198,0 122,032.0 37,413,0 272,120,0
34,835,0 11,022,0 3,722,0 9,772,0 2,302,0 46,236,0
658.009,0 240.170,0 305,873,0 139.983,0 118,327.0
779,395,0 138,892,0 90,474,0 112,260,0 35,111,0225.884,0
523,606,0
79,100,0
39,349,0
109,000,0
438,922,0 42,589,0 30,279,0 21,490,0 18,818,0 96,500,0
328,000,0 86,700,0 37,500,0 82,800,0 7,500,0 110,763,0
5,548,0 1,349,0 2,688,0 3,316,0 3,366,0 6,678,0
50,000,0 20,000,0 25,200,0 17,000,0 9,000,0 67,000,0
1299 MIA n Inn Rag 0 25.887.0 124 AAR A 22 505 noon 1-141 n
$
5
97,450,9 107,270,0 49,330.0 21,550,0
90,550,0 115,500,0 79,505,0 77,000,0
14.449,0 8,818.0 7,203,0 4,158,0
55,000,0 90.000,0 15,000,0 42,000,0
7A1 ACK n 9c7 LAO A 791 coon 1K1 A74 Al..,non
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Two Ciphers (ow omitted
Federal Reserve bank notes:
Issued to F. R. *3k. (outstdg.)
Held by Fell Reserve Bank_
$
Boston. New York
$
Philo
$
Cleveland Richmond Atlanta.
$
$
$
Total collateral
64.274,0
13,814,0
6,880,0
730,0
7,680,0
2,483,0
115,853,0 12,615,0
50,460,0
6,150,0
2,825.0
164,274,0 20,000,0
167,099,0 20,000,0
In actual circulation
Collat.pledged agst.outst. note,:
Discounted & purchased Mils_
U.S. Government securities__
141,814,0 14,280,0
25,961,0 1,665,0
$
Chicago. SS. Louis. Minnsap. Kan.City. Dallas. salt Frail.
$
$
$
S
$
$
2,920.0
427,0
33,500,0
3,129,0
480,0
118,0
1,220,0
65,0
1,000,0
24,0
4,580,0
2.749,0
5,000,0
757.0
5,197,0
2,493,0
30,371,0
362,0
1,155,0
978,0
1,831,0
4,243,0
64,274,0
1,723,0
8.000,0 10,000,0
40,000,0
280,0
5,000,0
2,000,0
1,000,0
114,0
6,000,0
5,000,0
64,274,0
8,000,0 11,723.0
708,0
3,000,0
_
3,708.0
40,000,0
5,280,0
2,000,0
1,000,0
6,114,0
5,000,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the, principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Diecussions," immediately preceding which
we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude -Acceptances of other banks and bills of exchange or drafts sold with endorsement" and Include
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were Included with loans,
of the banks included mortgages in investments. Lonna gemmed by U. S. Government obligations are no longer shown separately, only the total of loans on and some
securities
being given. Furthermore. borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U.S. obligations and those secured
paper, only a lump total being given. The number of reporting banks formerly covered 101 leading cities, but was reduced to 90 eitlex after the declaration of by columerelal
bank noildays
or moratorla early in March 1933. Pubilcatton of the weekly returns for the reduced number of cities was omitted in the weeks from March I to May 10, but a summary
of them is to be found in the Federal Reserve Bulletin The figures below are stated In round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JULY 5 1933 (In millions of dollars).
Federal Re•ffal DistrictLoans and Investments-total
Loans-total
On securities.
All other
Investrnents-tetal
17 8. Government securitiee
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Ang7noring Irnm P R Rank
BOOM, New York
Total
$
16,686
_
8,530
$
1,183
3,811
4,719
Phila.
Cleveland. Richmond Atlanta, Chicago. St. Louis. Afinneap. Ran.City, Dallas. San Fran.
S
7,871
4
1,015
$
1,108
659
3,988
520
476
249
410
2,088
1,920 •
256
264
235
241
$
315
$
1,553
172
178
60
112
58
118
322
$
$
I
464
317
846
223
173
405
441
90
133
48
125
$
'
s
363
$
1,670
215
204
878
57
158
61
143
224
654
505
8,156
524
3,883
495
632
150
139
707
241
144
290
159
792
5,203
2,953
331
193
2,567
1,316
249
248
421
211
104
46
91
48
451
256
140
101
81
63
183
107
106
53
1,601
203
10,642
4,492
604
1,329
123
17
720
397
45
150
747
53
5,757
1,204
302
136
82
11
581
287
57
109
80
16
562
406
31
66
29
11
179
131
5
65
22
5
143
132
17
271
43
1,143
484
51
43
7
272
160
10
25
5
180
131
4
61
12
352
164
10
33
8
210
127
22
2,848
174
1.328
165
12
148
2
83
81
242
334
72
93
479
313
ki
85
15
543
869
50
21
as
2I
76
•
129
77
172
I
89
_
137
81
152
te
Volume 137
Financial Chronicle
Tnnijorcialø
J rxlnirlL'
Maturity.
PUBLISHED WEEKLY
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of CO.
Wall Street, Friday Night, July 14 1933.
Railroad and Miscellaneous Stocks.—The Review of the
Stock Market is given this week on page 440.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow.
STOCKS.
Week Ending July 14.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Iliyhest.
Railroads—
Par. Shares. $ Per share. $ per share. $ per share.$ per share.
Duluth S S & AtI___100 2,500 2 July 8 2% July 10
35 Feb 234 July
Preferred
100 2,200 2 July 8 335 July 10
35 Feb! 335 July
Hudson & Manh pf.100
600 40 July 13 42 July 14 2735 Apr 43 June
Int Rys of Cent Am__.
50 6% July 12 6% July 12 134 Mar 635 June
Preferred
100
90 1734 July 8 1934 July 11 435 Apr 193.4 July
Market St fly
100 1,290 2 July 12 235 July 14
35 Feb 334 July
Preferred
100
Jani 435 June
20 4 July 8 4 July 8 1
2d preferred
100
20 3% July 10 3% July 10
35 Febi 335 June
Morris di Essex
50
30 63 July 11 63 July 11 4935 Apr 63 June
New On Tex & Mex 100
60 23 July 11 30 July 13 9
Feb 30
July
Norfolk & West pfd_100
July
May 84
60 82 July 12 84 July 14 74
Pacific Coast lit p1_100
195 Feb 10
100 935 July 12 10 July 1
July
2d preferred
100
Feb 7
130 5 July 8 7 July 10 1
July
Phila Rapid Transit_50 2,660 3% July 8 595 July 12 2 June 535 July
Preferred
50
280 535 July 8 10 July 1
5 June 10
July
Pgh Ft Wayne & Chi—
Preferred
100
10 142 July 12 142 July 12 34
Apr 143
Jan
Pgh McKeesp di Ygh 50
10 4634 July 11 4695 July 11 4635 July 49
May
Renssel'r & Saratoga100
10 104 July 11 104 July 11 97
May 108
June
Texas & Pacific_
100
400 43 July 10 43 July 10 15
Apr 43
July
Vksb'g Shreve & l'ac100
10 60 July 10 60 July 10 60
July
July 60
Wheel'g & L Erie pt_100
July 13 24 July 14 11
20 21
Feb 24
July
Indus. & Miscell.—
Ant Coal Cool N J__2
30 25 July 14 27 July 14 21
AM Mach & Mets ctts.
900 4 July 8 4 July 8j
94
Amer Radiator di Stan
Sanitary pret__10
30110 July 10 112 July 14 8155
Art Metal Construct.1
300 73.4 July 12 995 July 8 335
Austin Nichols prior A
100 28 July 10 28 July 10 13
Burns Bros cl A ctfs__•
100 235 July 14 235 July 14
31
Class 1.1
300 235 July 10 331 July 14 1
Preferred
100
100 835 July 12 934 July 14 135
City Stores class A.__• 2,310 6 July 14 835 July 11 135
• 9,700 135 July 8 2 July 10
Certificates
35
Class A ctts
1,120 4% July 10 5 July 12 234
Coca-Cola Internat'l _•
00200 July 12200 July 12 180
Columbia G&E pt B 100
50 70 July 12 70 July 12 40
Comm Cred prof(7).25
160 23 July 12 2335 July 11 1834
Consol Cigar prior prof
x-warrants
100
50 5034 July 10 3654 July 13 3835
Preferred
_100
10 60 July 14 60 July 14 33
Crown W'ruotte let pt.*
(7)...20 50 July 14 5035 July 14 17
Cushin Sons p1(7%) 100
20 95 July 13 95 July 13 74
Deere & Co
• 80,000 4335 July 12 46% July 10 4031
Devoe & Reynolds
1st preferred_ _100
100 9035 July 12 93 July 13 79%
Fairbanks Co pf cirri 100
70 5 July 11 555 July 14 231
Conunon ctfs
25
300 135 July 13 191 July 14 1
Filene's (Wm) Sons Co
634% Prot
50 90 July 12 90 July 12 81
100
Gen Baking Co pret
64010595 July 10 108 July 11 99%
Gen Gas di Mee cl B.
780 235 July 8 2% July 8
35
Guantanaino Sug p1100
10 30 July 11 30 July 11 5
Hayes Body roe
Hazel-Atlas Co
25
KCL&P 1st pf ser B •
Kresge Dept Stores_....•
Laclede Gas
_100
Preferred
100
Martin-Parry Corp_ _•
Milw El fly & L pt_100
Moto-Meter & E rts_
Omnibus Corp pref_100
Pao Tel & Tel Prof...100
Panhandle P & R p1100
Peoples Drug Stores...*
635% cony prof 100
Penn Coal & Coke.....50
Pierce-Arrow Co pt 100
Prairie Oil & Gas_ ___25
Revere Cop& Br pf_100
Shell Transp & Trad...£2
United Amer Bosch__ •1
United Dyewood p1,. 100
U Tobacco prof.. _ _ 100
Union Pipe & Had pf100
Utah Copper
10.
Vain Cl & C 5% p1100
Vulcan Detinning p1100
Wheeling Steel prof _100
• No par value.
43,350
31 July 10
ri July 8 %
23,600 79 July 10 84% July 13 77%
40103 July 14 106 July 8 100
7901 535 July 14 635 July 10 1
60 71 July 14 72 July 12 50
30 5934 July 11 5955 July 11 3735
35
100 235 July 12 235 July 12
10 65 July 10 65 July 10 65
34 July 8
35
26,700
34 July8
200 80 July 10 80 July 10 64
30 109 July 12 109 July 12 10135
20! 1534 July 12 1535 July 12 5%
400 29h July 13 32 July 13 1054
90 83 July 10 87 July 11 65
91
19,300 8 July 8 935 July 14
120 1031 July 12 1034 July 12 4
200 15 July 13 15 July 13 535
90 4934 July 8! 52 July 8 7
450 24% July 11 2495 July 14 1135
600 935 July 10 13 July 13 3
60 50 July 14! 5235 July 14 2731
10 12831 July 13 12834 July 13 125
60 18 July 12 18 July 12 4
30 69 July 8! 72 July 10 35
10 35 July 14 35 July 14 30
10 100 July 11 100 July 11 57
400 6531 July 8 67 Jolly 13 15
July
June 27
Feb 5% June
Apr 112
Feb 995
Feb 28
Jan 3
May 334
Jan 13
Jan 835
Mat 2
June 5
June 200
May 74%
Mar 2434
July
July
July
June
June
June
July
July
June
July
June
June
62
60
50%
95
49
June
July
July
July
July
Apr
Apr
May
Mar
June
451
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, July 14.
July
Jan 93
Apr 635 June
May 2% June
Apr 90
Mar 168
Apr 235
Feb 34
July
June
July
June
35
JUI3
June 8595
June 110
734
Ma
May 80
Apr 61
Jan 3
July 65
44
June
Jan 81
May 110
Jan 20
Jan 32
Apr 87
Feb 995
Apr 19
Apr 1535
Feb 52
Mar 2435
Mari
13
Jan 5235
Mar 13034
Apr 18
Mar,' 83
June! 35
Feb 100
Feb, 67
July
July
Jan
June
June
Jan
May
July
June
June
Jan
June
July
July
July
June
July
July
July
July
July
Mar
July
June
July
May
July
Dee. 15 1933_ _ _
Mar. 15 1934___
Sept.15 1933...
Aug. 11934..
Feb. 11938...
Dee. 15 1936_
Apr. 15 1936_
Asked.
Rate.
31%
31%
135 %
235%
235%
295%
214%
100'82
1001,2
100",,
101015
100"ss
101'582
101"n
Afalurtts.
Int.
Rate.
100 22
,
100 1
,
100582
1012131
1001on
1011wn
102vn
June 15 1938.,.,.,.
May 2 1934,...
June 15 1935..,.
Apr. 15 1937._
Aug. 1 1936._ _
Sept 15 1937....
Aug. 15 1933___
Dec 111951 _
295%
3%
3%
3%
".4%
351%
4%
eg.
Bid.
Asked.
1001522
102 18
,
103"42
101",,
1021.22
1020%,
101"s,
102's,
103012,
10111s,
1030,,
10201,2
100012,
int
U. S. Treasury Bills—Friday, July 14.
Rates quoted are for discount at purchase.
Bid.
July 19 1933
July 26 1933
Aug. 2 1933
Aug. 9 1933
Aug. 16 1933
Aug. 23 1933
Asked.
0.35%
0.35%
0.35%
0.35%
0.35%
0.35%
0.15%
0.15%
0.15%
0.15%
0 15%
0.15%
Bid.
Asked.
0.35%
0 35%
0.35%
0.35%
0.35%
0.35%
Aug. 30 1933
Sept. 6 1933
Sept. 20 1933
Sept. 27 1933
Oct. 4 1933
Oct. 11 1933
0.15%
0.20%
0 20%
0.20%
0.20%
0.25%
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in
Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. July 8 July 10 July 11 July 12 July 13 July 14
First Liberty Loan
High 102,522 102,522 102.82 102,522 102,, 102"22
s2
314% bOnclo of 1932-47-- LOw- 1021522 102nn 1021122 102.82 1023 10222.
22
(First 330)_
Close 10211,2 102",2 1021',2 1021",, 10216,2 10211,2
Total sales in $1,000
_
24
38
31
23
29
17
units_Converted 4% bonds of High
{Close
Total sales in $1,000 units_ __
____
Converted 431% bonder!'Igh 1021 2
,
Of 1932-47 (First 434,3(1.0w,. 102
(Close 102 22
,
Total sales In $1,000 unifs__.
56
Second converted 414%(High
- - -bonds of 1932-47 (First Low_
____
Second 4410
lCloee
Total sales in $1,000 units
-- Fourth Liberty Loan
High 10211,2
431% bonds of 1933-38_ Low. 102.st
(Fourth 434s)
Close 10211,2
Total sales in $1,000 units __87
Treasury
{High 1100,2
434s, 1947-52
Low 10910,2
Close 10911,2
Total sales in $1.000 units ___
28
High 10601,2
43, 1944-1954
Low_ 106' ”
,
Close 1060',2
Total sales In $1,000 units,.,..
121
{High 105
335s, 1946-1956
Low. 104,522
Close 105
Total sales in $1 000 units..,.
-32
.
Hig
102"s2
$9.5s, 1943-1947
Low. 10210,2
Close 10210,2
Total sales In $1.000 WIGS-61
1HIgh 992,2
3s, 1951-1955
Low. 99
Close 99
Total sates Is $1,000 units__
61
Illgh 10204,2
395s, 1940-1943
Low_ 10210,2
Close 10211,,
Total sales in $1,000 units..._
120
High 10201,2
334,, 1941-43
Low. 1023
12
Close 1021022
Total sales in $1.000 unlit.3
High 1001,2
335s, 1946-1949
low 100,
22
Close 100022
Total sales in $1,000 units...
109
---- _ -__-_
____
____
102 22 102 82 102 22 102582 1025n
,
,
,
1021,2 1021,2 1021,2 1021,1 1021,2
102522 102582 102522 102522 102522
48
65
16
22
46
- -- - -- -------—
'
------___---_-_.
---10211,2
1023
22
1021en
89
110
109.22
10911,2
13
10601,2
1061022
10611.2
181
10411,2
104 42
,
10421,2
62
102,,
::
102",,
10212n
505
991,2
981",,
985122
146
1020012
10200,2
102",,
57
102",
102 82
,
1023
:
113
1001,2
22
100,
100 82
,
158
---10210,2
102"it
10210,2
58
1101,,
110
1103n
4
106,522
1061332
10601,2
136
105
104552
10410
,
57
102",
102",
102",
3
99'n
991,2
995,2
9
102",
102",
102.2
15
102",
102 82
,
102 22
,
3
100"82
100 22
,
1001022
143
---10210,2
102.22
1025022
105
1101,2
110 82
,
1105n
22
1063
82
106 22
"
106",,
89
1051,2
1045,82
1050,2
127
1021432
10212,2
1021',2
16
99582
99112
99522
190
10210,2
10201,2
1023
22
33
102,52:
102.22
1023
22
27
10001,2
100382
1000 82
186
--la2"n
102"22
1021082
96
110 ,,
,
110
110
53
1063
::
1060321
106 0182
137
1050,1
1041582
10411,2
219
102.22
10201
,
1023
:
13
99522
99
991:2
103
10212
,
10201
,
1023
8
5
10204
,
10231
102.:
15
100",
10031
100.51
192
---10211c
102":.
102"21
104
1101,2
109.21
110'n
51
106002
106'32
1063
1
20;
104",
10438
10121
,
,
102",
1020i,
10232
1
991,,
99
99121
88
102",
102",
1023
'3
1
10201
,
1023
2
102100
1
100031
10032
100"32
15
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 4316
10111,2 to 1012
"n
29 4th 43123
1 Tress 334s 1943-47
10201,2 to 10211,2
1023 to 1023
22
,2
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were
4.7731 @4.7934
for checks and 4.78(414.7934 for cables. Commercial on banks, sight.
4.7734. 60 days, 4.7634. 90 days, 4.763.4, and documents for payment 60
days, 4.77. Cotton for payment, 4.783.4.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.60©
5.63 for short. Amsterdam bankers' guilders were 57.80©58.10.
Exchange for Paris on London, 85.25, week's range, 85.25 francs high
and 84.84 francs low.
The week's range for exchange rates follows:
Sterling, Actual—
Checks. .
Cables.
High for the week
4.83
4.8334
Low for the week
4.64
4.65
Paris Bankers' Franc.s—
High for the week
5.6834
5.69
Low for the week
5.4951
5.49%
Germany Bankers' Viarks—
High for the week
34.73
34.75
Low for the week
33.50
33.51
Amsterdam Bankers' Guilders—
High for the week
58.56
58.60
Low for the week
56.50
56.60
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 441.
A complete record of Curb Exchange transactions for the
week will be found on page 469.
452
July 15 1933
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
kV' FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
July 8.
Monday
July 10.
Tuesday
July 11.
Wednesday
July 12.
Thusrday
July 13.
Friday
July 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Lowest.
lohest.
----per share 3 per share
Railroads
Par
per share $ per share
Per share $ per share $ per share $ per share S per share $ per share Shares.
753
4 73
8018July 7
Jan
177 June 94
8
757 7712 74i2
8
73
77
753
4 7518 79
7514 7712 56,200 Atch Topeka & Santa Fe__100 3458 Feb 25
72i2 7212 7212 7212 7212 2,100
4June 3
Jan
Preferred
100 50 Apr 3 793
35 July 86
723 723
4
4 7212 72,2 72
7212 72
8July 7
93 May 44 Sept
4
543 5512 53
5512 10.600 Atlantic Coast Line RR_ 100 1612 Feb 25 573
8
55
5312 5512 5412 55
55
5714 54
8July 7
100
814 Feb 27 377
8
3414 357
35
3618 130,500 Baltimore & Ohio
8 335 35
8
35 18 37
33 June 213 Jan
4
8 3418 35,
4 3314 353
912 Apr 5 3914 July7
100
Preferred
6 June 4112 Jan
345 36% 3412 3512 10,100
343 3614 3412 35
4
8
38, 36,
9
2 3512 37
50 20 Jan 5 40 July 8
912 June 3534 Aug
39
8 1,300 Bangor & Aroostook
393 40
4
387 39
8
3712 371, *36
37
39
383 387
4
190
Preferred
100 68% Jan 4 100 July 14
50 June 91 Sept
98 100
95
95
95
95
947 95
8
96
96
963 97
4
100
4 July
2412 2312 2412 2412 25
6 Apr 19 30 July 1
193 Sept
4
1,800 Boston & Maine
25
2612 2412 2412 2412 241, 23
312 Nfar 29
93
8June 8
27 July
8
8 812 1,300 Brooklyn dr Queens Tr_No par
1014 Mar
8
8
4 *714 812 *73
3
73
4 74
8
8 12 *712 83
4
Preferred
2314 June 58 Mar
*523 5912 57
59
*5712 59
100
No par 353 Apr 19 x59 June 15
8
5934 *5612 59
57
*57
*57
4
1118 June 5014 Mar
40
43.800 Bklrn Nfanh Transit _ __No par 213 Feb 25 41t4 July 12
383 393
4
8 3818 3914 383 41
393 4114 3912 4012 39
8
8
3112 June 783 Mar
80
300
$8 Preferred series A _No par 61 Mar 2 8312June 13
8
797 797 *79
8
8
80
80
*7812 80
*7812 80
*7812 80
442.4111v 10
12 Jan 11
218 Aug
8
3
3 12
118 2
17
8 214 39.200 Brunswick Ter & Ry SeeNo par
27
8 33
33
8 4
, Apr
2
414
32
,
8July 7
712 Apr 3 207
26
714 May 205 Mar
8
8
1914 193
8
1912 2014
8 185 1912 a1814 1914 1912 20,
2 1914 203 166,600 Canadian Pacific
39 July 70
Caro Clinch & Ohio stud. _100 5014 Apr 4 75 July 6
Feb
87
*78
87
87
•78
*76
98
*76
80
*76
80
*77
25 June 101 Sept
400 Central RR of New Jersey_ 100 38 Apr 4 122 July 6
115 1173 *111 117
4
*105 118
116 116 *108 116
25 24% Feb 28 48 July 7
93 July 3112 Jan
4
8
4
8 4518 463
457 4612 453 46% 45
8
8
463
8 4614 47% 453 463 138,900 Chesapeake & Ohio
12 July
July 10
100
618 618
1.900 Chic & East Ill Ry Co
33 Aug
4
57
8 6
12 Apr 18
7
7
3
53
4 54
8
614 73
72 8
,
12 May
12 Apr 5
812July 10
100
6
6
2,600
6 Aug
7
7
714
714
74
,
8
814
7
6% Preferred
814 812
718July 8
138 Apr 6
114 June
612 63 20,600 Chicago Great Western
4
100
612 6 8
,
53 Aug
8
8
618 612
63
8 67
7
Vs
63
4 718
212 Apr 5 147
8July 6
212 May
133 16,300
4
Preferred
100
123 133
4
1512 Jan
14
143
8 1312 1414
127 1414
8
4 1318 1418 13
73 July 14
4
1 A ur 6
3 June
4
7
7 12
718
73 32,300 Chic MIlw St P & Pao_ _No par
4
412 Aug
718 712
7
7 14
6% 7
7
7 14
lii Feb 28 1338July 14
118 May
8
100
8
4 1218 133 104,200
Preferred
8 Aug
1138 1218 1118 115
8 1014 1112 1012 113
4 115 123
114 Apr 5 16 July 7
2 May
1412 Aug
1358 1414
1412 153
8 1412 1512 85,000 Chicago fic North Western _100
147 15% 141 4 15
8
1314 15
4July 6
4 Dec 31
2 Apr 5 343
31
3212 3,300
100
Jan
Preferred
297 3114 3012 301
3014 321
8
3012 32i2 3112 32
112 May
2 Apr 6 1018July 7
163 Jan
8
8
812
812 83 16,700 Chicago Rock 1st & Paolflo_100
4
912 10
812 9
914 07
.9
8
312 Apr 10 1912July 7
1512 5,000
314 Dee 2712 Jan
100
15
7% preferred
14
15
1414 16
16
1414 157
1714 1614 163
4
8
8
27 April 15 July 7
2 May
100
1214 4,600
2412 Jan
12
12% 12
1318 137
8 123 1338 1112 1212 1134 12
8
6% Preferred
1514 Feb 24 51 July 13
412 June 2912 Sept
100
*48
455 Colorado & Southern
51
51
40
43
4778 50
50
40
40
42
48
8 Mar 30 Sept
100 1212 Apr 10 37 July 14
8
330
4% 1st preferred
03018 37
35
3612 353 37
35
35
*3018 3712 *3018 35
100 10 Mar 2 25 June 2
5 Mar 18 Sept
*3314 42
4% 2d preferred
40
*30
40
*3318 42
*2418 40
40
*30
*30
114 Feb 24 1058June 12
I
Dec
1112 Jan
8
75
8 8 4 6,100 Consol RR of Cuba pref._ 100
,
8
8,
84 9
,
8 812
714 8
77
8 812
212 Jan 6 16 June 7
218 Dec 20 Aug
110 Cuba RR 6% pref
100
8 13
13
1414 1378 137
*1212 133
4 13
8 1338 1478 *1314 143
3
109 3758 Feb 25 93 4July 7
32 July 9212 Sept
87
8912 883 933
4
8 8814 9034 22,600 Delaware & Hudson
88
8714 90
87
8812 91
812 illne 457 Sept
8
8 4034 42% 4134 443
8
433
4218 4312 4112 43 4 41
4 415 4334 109,600 Delaware Lack & Western_50 1714 Feb 25 46 July 6
,
2 Feb 28 1912July 7
112 May
18
900 Deny & Rio Or \Vest Pref.- 100
9 Jan
1712 1712 1818 18
1818 *16
1812 18 2 1738 1812 18
,
33 Apr 4 2214July 6
4
2 May
2018 2138 23,200 Erie
100
1134 Sept
1912 22
2018 2012 20
,
2012 1918 2018 1812 19 4
412 Apr 4 2912July 5
23 May
8
100
27
2512 263
First preferred
157 Aug
8
8 5.900
2612 2514 2618 26
2712 28,
4 25
8 2714 273
212 Apr 4 21 July 3
2 May
1(112 Aug
18
19
19
18
1,000
Second preferred
100
*17
19
19
20 20
*1812 1912 19
4July 7
43 Apr 5 333
8
512 May 25
100
Jan
2912 3114 303 323
8
8 3018 3138 33,300 Great Northern pref
303 317
8
3212
8
3112 3238 31
13 Mar 31
4
1112July 7
2 May
*9
1134 11
200 Gulf Mobile & Northern..100
If) Sept
12
1112 *1012 113
4
*1012 12
*1012 113 *11
4
2112 2212 2218 2212 2212 23
212 Mar 31 23 July 14
212 Dee 1513 Sept
100
800
Preferred
2238 2112 22
*20
2212 *21
5
8June 3
23
4June 8
2
214
2
2
3,000 Havana Electric Ry Co .Vo par
14 Oct
138 Oct
23
8 212
178 2
17
8
17
8
17
8
17
8
8 May 303 Jan
1538 1614 153 1618 3,600 Hudson 4c Mantattaa
8
100 1112 Feb 27 19 June 13
16
17
4
163 167
8
8
167 17
8
17
17
8i2 Apr 5 4412July 7
43 June 2478 Sept
4
4312 4012 4212 48,300 Illinois Central
100
39
8 38i2 42
4112 41
41
4178 397 407
8
52
52
320
*4814 51
*4814 51
6% prof series A
100 16 NIar 31 52 July 14
9'8 July 33 Sept
50
55
50
.51
•50
51
1518 June 45 Aug
250
100 31 Mar 3 5612July 14
5512 *5612 5714 5612 5612
Leased lines
5412 5412 55
63
*50
*54, 63
4
412 Apr 18 32 July 7
31
307 31
8
4 May 1412 Jan
28
28
530
28
RR Sec etfs series A.1000
28
2912 28
29
29
28
214 June 143 Mar
418 Feb 27 1014June 19
8
83
8 93
4
93 10
8
918 912
87
8 93
4
83
4 918 19,100 Interboro Rapid Tran v t 0.100
9
93
8
612 Feb 27 22* July 13
100
214 June 1514 Sept
227,3 15.200 Kansas City Southern
227
8 22
8 2038 2112 2012 2138 21
2012 21,
8 2038 21,
6 June 2514 Sept
8 30
100 x12 Mar 31 3284 July13
2812 293
323
3012 3,800
Preferred
4 30
*28
*2712 2912 2812 29
301
.
4July 5
83 Feb 24 273
8
5 June 2914 Sept
8
50
8
2414 2614 2434 253
4 2618 273
4 255 267 38,500 Lehigh Valley
2512 2612 2514 26
6412 6412 6612 6414 65
7, May 3814 Sept
2
6,900 Louisville & Nashville__ _100 21 14 Jan 3 6714July 7
653 66,
4
4 6412 6412 6312 6512 62
4N1ay 23
9 Sept 483 Mat
*2018 25
30 Manhattan Ity 7% guar...100 12 Mar 16 243
24
*2018 25
8
24
24
•2018 25
2314 2314 24
4 June 2034 Mar
8
4 Jan 3 17 July 12
16
167
8
8 1514 17
8 155 1612 27,900 Mann Ity Co mod 5% guar.100
15
1514 15
153
8 147 157
8 June 9
1% Mar 3
218 Dec
8
8
8
8
*7
10
500 Market St Ity prior pref.-100
9 Jan
8
8
*8
97
8 *83
3 97
8
214July 7
18 Jan 23
18 Jan
17
8 2
178 2
17
8 2
14,700 Minneapolis & Si Louis_ _100
3 Aug
8
17
8 2
13
4 2
17
8 2
12 Dec
II Mar 20
57
8July 8
51, 57
2
43 Sept
8
6
512
53
8 53
8 2,600 Minn St Paul & SS Marie_ 100
,
514 57
s *5
5 2 5 2 *5
,
812July 8
3 May
4
6 Sept
7% preferred
100
32 Apr 11
77
8 8,
4
8% 83
8 *818 812 1,000
818 814
814 8%
77
8 812
4 Apr 10 1412June
5 Dec 2012 Sept
8
4
870
4% leased line ctfs
100
*115 1278 115 113 *1018 1178
8
12
1114 1412 1112 1342 12
114 May
53 Jan 3 1718July 7
4
8
13 Sept
8
8 1478 1512 1518 1618 1518 157 33,300 Mo-Kan-Texas RR .---No Par
8
1618 1612 153 163
8 147 157
100 1112 Jan 3 3714July 7
35
343
8 3412 36
Preferred series A
3 4 June 24 Sept
,
33
9,500
34% 34
34
35
8 34
35% 363
101 1July 8
118 Apr 1
1 12 May
100
Jan
11
812 9
83
4 87 19,200 Missouri Pacific
8
712 83
4
83
8 914
812 912
1014
912,
1514 July 7
158 Apr 1
212 May 26
100
Jan
Cony preferred
8 1234 137
8 1214 1314 24,300
131, 14
1212 133
8 12
1312 1214 127
13 Jan 5 57 July 7
*45
55
230 Nashville Chatt & St Louis 10
712 May
56
5412 57
307 Sept
8
52
*50
50
51
50
55
55
18 Mar 16
312June 27
27
8 3
25
8 27
8
1,360 Nat Rys of Ilex lot 4% pf_ 100
212 23
4
14 May
7 Sept
s
8 3
27
212 212
212 23
4
18 Jan 3
13
8June 8
118
114
1
118 15,100
7 Sept
8
2d preferred
100
1 18
1
1
14
1
1+1 Feb
1
1
18
1
1
83 June 365 Jan
4
8
100 14 Feb 25 5312July 7
8
4
57% 543 56% 237,200 New York Central
4
4 523 54% 55
55% 523 553
5514 56,
2 54
8July 7
218 Jan 25 253
112 May
213
8 8.100 N Y Chic dr St Louts Co.-- 100
207
8 20% 22% 20
93 Sept
4
2214 2138 2214 20
24
243
4 21
31 July 7
238 Apr 11
2 June 15% Jan
7.200
Preferred series A
100
8
8 267 2738 2712 2914 2714 29
287
27
2938 30
2914 27
4June 13
8214 May 12712 Aug
150 152
390 N Y dr Harlem
50 100 Mar 31 1583
150 155
151 151
149 149
149 149
150 153
39,800 N Y N H & Hartford
6 May 315 Jan
4
100 1118 Feb 27 3414July 7
8
8 3112 33
3278 3114 3234 3012 3238 313 337
3218 3338 32
117 July 783 Jan
8
1,900
Cony preferred
100 18 Apr 4 56 July 6
4
5112 52
52
513 523
8
4 5212 53
54
52
53
52
54
73 Jan 4 15 July 7
8
1312 14
9,500 N Y Ontario & Western_ 100
35 July
8
4
1318 1318 133 1414
153 Sept
4
133 1414 1312 14
4
1312 1414
Is Mar 15
18 Dec
I
Feb
218 2% 1,300 N Y Railways uref
No pa'
312July 7
238
238 21.8
218
218
214
23
8 23
8
214
21 L
32 Sept
4
12 Apr 4
312 412 7,300 Norfolk Southern
14 Dec
4
414
100
'o July 10
438 43
4
4 14
438 478
4
4
33
4 4,
167 16912 2,600 Norfolk & Western
57 June 135 Sept
100 11112 Mar 2 177 July 7
172 173
1693 1703 16814 168
,1 16812 170
177
4
4
17412
8July 7
50,700 Northern Pact no
908 Apr 5 347
512 May
l(10
253 Sept
8
,
327
8 3014 321 1 2912 31,2 3114 33 8 3012 32
323 3418 31
8
7 July 11
Jan 25
500 Pacific Coast
I Mar
512
63
4 67
8
100
312 Sept
514
8
57
8 67
8
4 678 *518 67
67
8 7
612 June 233 Jail
50 1334 Jan 3 42I4July 7
8
39
4014 3512 393 103,900 Pennsylvania
40
4
3712 38 8
,
3058 4012 3814 3912 37
is Feb 17
9 July 11
838 818 1,500 Peoria & Eastern
8 May
8
100
53i Sept
712 9
812 812
*714 814
*8
812 *612 8
36
1,900 Pere Marquette
37 Mar 3 37 July 13
8
134 June
36
18 Aug
100
3514 37
343 353
34
36
4
35
353
4 3384 35
4
437
8
500
Prior preferred
5 Jan 3 4412July 7
*41
312 June 26 Aug
43
100
*42
41
437 *42
8
4414 4412 4112 41,2 41
*34
300
412 Feb 28 3812July 7
2:2 June 24 Aug
36
3912
Preferred
100
35
35
353 353
4
37
4 36
8
383 *35
*37
612 Apr 19 353
200 Pittsburgh & West Virginia 100
4July 7
6 Dec 2112 Aug
3412 *30
*30
3412 3414 3414 3412 3412
*30
3812
*30
35
1,600 Reading
59,
4
*5612 5912 X60
6112 58
50 2312 Apr 5 6212July 6
,
9 1 June 5214 Sept
58
5812 5738 60
58
60
Jan
387
8
300
181 preferred
*33
15 July 33
37
37
50 25 Apr 25 38 July 12
33
3612 37
*33
387 *33
8
387 *33
8
38 Sept
36
1.500
2r1 preferred
15 Slay
3614 36
50 2312 Mar 31 37 July 6
363
4 3614 3614 3614 3514 36
36
*33
37
100 Rutland RR 7% pref
*16
17
17
6 Jan 6 1812July 3
3 May
1412 Sept
100
18 2 *1612 1812 17
,
1812 *15
*17
1812 *15
93
78 Jan 30
8July 7
8
67
8 718 24.200 St Louis-San Francisco_ _ _100
3 May
2
63 Jan
6.4 7%
612 7 8
3
618 714
7
8
84 9
,
1s1 preferred
91 4July 8
I Apr 17
I May
93 Jan
4
7
712 10,800
100
718 8
73
4 8
67
8 814
8
83
4
9
914
900 St Louis Southwestern_
514 Mar 15 22 July 14
203 22
8
3 May
8
I00
137 Sept
203 21
8
1712 20
173
4
*1612 183 *16
8
173 *15
4
2812
8July 7
*27
35
Preferred
8% Dec 2012 Jan
*21
100 12 June 7 253
*1814 25
34
*1814 35
*18
*17
35
212 90,100 Seaboard Air Line
14 Jan 3
3 July 7
214
18 Jan
1 Sept
23
8 212
8
No par
21. 23
4
23
8 23
212 23
4
212 2 4
3
33
8 312 8,600
38 N1ar 25
47
8July 7
Preferred
14 Jan
100
1% Sept
37
8 4
312 37
8
318 4
418 412
4
414
3612 115,600 Southern Pacific Co
35
4July 7
612 June 3758 Jan
100 11 18 Feb 25 383
8
4
3612 373
8 3512 3612 3418 363
4 343 3534 353 3712
8
313 97,700 Southern Railway
418 ar 2 32'4 July 13
212 May 1812 Sept
100
283 3012 3012 32,
8
4 30
4
2918 3014 2812 2912 273 30
14,100
4
Preferred
572 Jan 3 40 4July 13
3
3 July 233 Sept
_100
38
403
4 3814 40
8 357 38
8
8 3512 363
3712 38
3612 367
200
*39
393
4
Mobile & Ohio stk tr ctfs 100
312 June 25 Feb
8 Jan 5 401 1July 10
3
*39 4 42
4
4
*393 4014 4014 4014 393 393 *3914 44
4
14 Mar
4[8 Feb 25 12%June 3
37 May
8
oi2 10,2 10
9 8 97
7
8 •812 912 1,500 Third Avenue
100
1012
9
9,2
9
,2 9,2
II. Dec
412 June
*312 4
112 Jan 10
43
4June 8
4 1,500 Twin City Rapid Trans No Par
33
4 33
312 4
*33
4 4
3% 414
3 4 33
3
4
300
Preferred
7 June 2412 Jan
8 1112 12
57 Apr 19 15 June 8
8
100
14
14
14
12
1312 1312 1312 1312 •1218 135
275 July 9412 Feb
8
12614 1293 12514 12734 19,900 Union Pacific,
4
100 6114 Apr 5 132 July 7
12638 128
124 12612 125 12812 12312 126
715 Aug
8
Preferred
40 May
.
100 56 Apr 6 7512July 12
7414 7512 7512 7512 7512 7512 1,000
74
7412 741, 75
75
74
.
78 June
414 Aug
65
8 63
4 8.200 Wabash
02 Jan 4
612 7
100
712July 10
63
8 612
7
712
612 67
8
63
4 718
Jan
6
1 June
Preferred A
9
9 14 5,100
978July 7
1 18 Apr 6
812 912
100
85
8 83
4
93
8 934
4
9
012
9 2 93
,
113 Betir
8
1534 57,100 Western Maryland
1 12 May
15
4
100
4 Feb 27 16 July 13
143 16
8
133 1412 1418 1412 1338 1514 1414 1514
1114 Sept
2 May
19
1,500
2d preferred
19
19
558 Jan 12 1912July 7
19
100
*1738 19
*1712 19
18
19
19
*18
12 June
43 Aug
4
712 812
712 812 5,600 Western Pacific
912July 3
I Apr 22
812 912
100
8
8,
4
8
81.2 91 1
7
8
3 May
4
87 Aug
9,400
Preferred
178 Mar 2 16 July 8
1312 14, *1312 15
2
100
1412 1534 13
1414 1314 14
1312 16
3918
*35
123 13
4
70
70
3918 3918
1212 13
0812 703
4
Industrial & Miscellaneous
43
200 Abraham & Straus
*38
No par
43
*38
43
3912 3912 *38
121 1 127 44,900 Adams Express
8
No par
1214 13,i
12
123
4 12 . 1238
320
Preferred
100
*703 73
8
,
*70 8 73
71
71
*705 73
8
•Bid and asked prices, no sales on this day. a Optional sale. s Sold 15 days. z Ex-dividend.
Ex-rIght9.
1318 Feb 23
3 Feb 28
39 Apr 11
3912July II
1314July 7
71 June 20
10 June
152 May
22 June
243 Aug
8
912 Sept
73 Sept
New York Stock Record-Continued-Page 2
453
FAT FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
IIIGII AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
July 8.
Monday
July 10.
Tuesday
July 11.
Wednesday
July 12.
Thursday
July 13.
Friday
July 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
$ per share $ per share S er share $ per share $ per share $ per share Shares. Indus. & StIscell. (Con.) tar
18i. 19
19
1918 1918 2112 20
215
8 2012 21% 203 213 17,400 Adams Mills
8
8
No par
103 1014 1012 1014
4
103 1038 103 1038 1014 1012 1014 1012 4.100 Address !quitter Corp No par
8
8
8
918
838 83
812 9
4
818 85
8
73
8 8
812 812
No par
6.100 Advance RumelY
9
9 14
9
93
8
9
93
8
918 914
9
8
9 18
918 93 10,000 Affiliated Products Inc_No par
93
94
923 917
8
8 93
9834 9614 9912 981g 10314 9914 1013 24,900 Air Reduction Inc
Vu par
4
3% 3 8
,
314 3%
33
8 33
8
3
3 18
23
4 33
8 •3
314 2,300 Air Way Elea Appliance No par
2258 2478 x2314 243
4 22
233
8 2212 2318 223 2312 213 2314 87.700 Alaska Juneau Hold Min_.10
4
4
.5
6
614 612
612 7
7 18 9
9
93
8
812 8 2 3,600 A P W Paper Co
,
No par
718 738
71s 712
4
7
7 12
67
No par
8 718
714 73 121,100 Allegheny Corp
67
8 818
1918 201 1
19
193
8 1814 20
1814 21
19
1918
19
Pref A with 830 warr___100
1912 9,100
.1812 20
18i2 1812 173 20
4
1818 1812 1818 1814 173 1812 1,400
4
Pref A with $40 warr___100
1818 1818 1814 1914
19
20
1912 1.900
1812 183
8
Pref A without warr._ .100
4 1814 187 019
2112 22
2112 2178 2178 25
22
*2112 22
22
2112 22
610 Ailegbeny Steel Co
No par
130 13218 129 131 412512 129
12412 128
127 12912 12712 13412 42,300 Allied Chernlcal & Dye_No par
120 12012 120 12112 *120 12114 12114 1213 12014 1213 1225 1225
8 2,300
8
8
4
Preferred
100
24
2638 2418 2512 2312 247
8 2312' 243
255 48,400 Allis-Chalmers Mfg____No par
8
8 24
4 3414 253
22
22
22
227
8 21
22
2014 22
2214 4,100 Alpha Portland Cement No par
2218 22, 22
.63
4 7
7
7 14
67
8 812
81g 83
8
73
4 812 18,100 Amalgam Leather Co. _No par
814 87
8
31
31
30
31
317 33
8
34
33 14 34
35
3612 3612 2.500
7% preferred
100
8 3812 39
1
392 397
38
39
39
4014 3912 4018 x3812 40
Vo par
7,900 Amerada Corp
23
24
223 2312 22
4
23
23
281
14 2634 2734
2434 2678 19,400 Amer Aerie Chem (Del) No par
2718 283
8 263 213
8
4 2618 27
9,400 American Bank Note
28
2614 2614 2612 2812 27
10
.4618 4812 *4614 4812 46
4614 46
Preferred
483
8
46
150
*463 4812 .46
4
50
55
8 57
8
55
57
8
51
8 652
5i.
8 578
7
812
778
814 33,090 American Beet Sugar__No par
34
34
34
36
34 - 3414 31
42
38
423
4 40
1,920
100
38
7% preferred
40 40 ' 40
4014 3912 393
3914 3712 383
4 38
4 363 3712 4.300 Am Brake Shoe At Fdy _No p sr
4
102 102 .103 105
103 103 .1007 102 .10078 102
8
Preferred
100
10018 1008
70
93
9412 93
9538 9218 9478 913 9378 9312 9712 9212 953 101,200 American Can
8
4
25
*125 1333 .125 1333 .120 129
4
4
129 129
Preferred
1283 1283 126 126
4
10J
300
4
34
3412 32
3312 31
3012 33
27,200 American Car & Fdy_ __No par
4 323 35
34
4
3212 343
56
56
55
553
4 54
Preferred
1,500
5112 53
54
531, 5318 54
54
8
100
123 13
4
1212 13
13
14
123 1378 3,500 American Chain..
4
1314 133
13
No par
4 13
.25
37
25
25
.2412 37
3112
.28
.253 37
37
8
100
100
*26
7% preferred
4812 4812 49
4912 .50
50
493 5014 5014 51
No par
3,800 American Chicle
51
51
4
518 518
518 518
5
5
.478 5
600 Amer Colortype Co
47
8
5
10
47
8 5
4012 4118 4114 4458 433 53
8
5114 6614 6812 801
7212 7912 212,100 Am Comm'l Alcohol Corp 20
5
518 518
514
5
6
58
8 53
4
518 518
518 514 6.200 Amer Encaustle TilIng_No par
1212 121.2 123 1234 .11 12 1219 1112 1112 .12
8
1,300 Amer European See's__No par
8
1278 117 1178
173 1918 173 183
17% 1838
4
4
4
1918 186,100 Amer & Forti Power___No par
173 1812 18
1914
8
18
*36
363
4 36
37
36
373
8 35
5,500
Preferred
No par
3512 3514 3678 3512 36
223 233
4
4 2318 2414 2314 2438 2212 2212 23
233 2412 10.600
s
2d preferred
25
No par
28
283
4 283 32
8
30
313
8 293 31
$6 preferred_ _
8 4.600
No par
4
31
31 12 3014 313
1712 1812 1712 1812 1712 183
8 1758 1912 a1978 2114 2012 21
34,200 Amer Hawaiian S S Co. _10
1338 137
8 14
1478 1418 1478 1412 1472 145 15
8
8
1314 137 10,800 Ames Hide & Leather_No par
4412 48
481 52
8
5114 5338 5212 5112 55
100
Preferred.
547 13.200.
8
5712 53
393 403
4
8 3912 4014 3918 401
3834 39
.
3818 39, x38
3813 6 300 Amer Home Products_No par
2
14
1412 133 1414
8
137 141
8
No par
1378 1414 14
37,100 American Ice
1512 16
17
56
56
.5214 55 .52
100
55
.51
6% non-cum pre?
55
700
53
5618 •53
55
1314 133
4
1314 1334
13
131
123 14
4
4
1318 133 39,800 Amer Internet Corp....No par
133 1414
8
134 2
13
4
178
178
2
178 2
9,400 Am L France& Foamite.Vo par
178 2
178
2
714
714
63
4 718
7
100
7
Preferred
250
4
614 7
63
4 63
.65
8 73
8
36
363
4 3438 3612 321, 3410 3214 3318 33
8 3112 3412 14,700 American Locomotive...No par
343
•6212 643
4 6212 9212 5912 501
100
Preferred
59
4 57
59
800
58
58
583
2114 213
4 21
2112 2012 207
14,495 Amer Mach & Fdry Co.No par
8
8 2014 207
8 2012 213 r2018 21
700 Amer elan & Metals_No par
5
8 558 *5
*511
5
53
512 *5,
4 53
5
4
514
5
1914 207
8 19
2012 1914 20
22
85.800 Amer Metal Co Ltd. __No par
1914 21 12 2218 2314 21
67
67
70
70 .67
6% Couv preferred
100
70 .67
6812 6812 6812 6812 1,200
70
29
3012 293 293 .2738 29
8
8
240 Amer News Co the_ ._No par
2714 28
273 273
29
8
8 29
1512 1618 157 1812 17
8
177
8 163 173
1914 188,900 Amer Power & Light__No par
18
4
4 173 1918
8
3812 3912 3912 3978 3914 397
4018 4018 6,900
$6 preferred ___.__No par
8 383 39,
4
2 3918 41
3112 3212 3212 34
33
$5 preferred
No par
3412 3478 7,800
34
323 3312 3418 35
4
1778 183
8 1734 1814
173 173
8
4
16i. 1712 1718 1818 1718 18
97,30 Ara Rod & Stand San'y No par
27
28
273 307
8
8 393 317
8
25
8 2918 3018 28
2918 2614 27fg 308,400 American Rolling 51111
.
4314 4312 427 4514 4412 441. 44
8
8
8
4734 461 473 13,90 American Safety Razor No pa
46
47
614
7.800 American Seating v t c_No par
6
612
53
612 7
6 4 6
*5
63
8 718
62
'
23
8 212
211
212
214 212
23
8 218 22.100 Amer Ship & Comm___Ne par
212
214
214
212
32
32
311s 3112 31
580 Amer Shipbuilding Co.No par
3118 30
30
31
x2812 2978
29
363 393
4
8 3712 39
3612 3772 3658 377
3912 3712 39 104,900 Amer SrneltIng ds Retg_No par
6 38
82
83
83
8412 8114 8114 82
Preferred
1,600
100
8212 8212 8212 8212 83
7214 7214 .70
7212 .69
72
2d preferred 6% cum
7212 .64
100
200
7214 7014 7014 .65
.47
4778 47
473
4 4734 4734 47
8 1,300 American Snuff
4 4712 477
47
25
4714 473
___ .10814 --- *10814
2
Preferred
100
10
__ 10812 10812 .10814 __ _ .1083
2412 2514 24
•1081425
8
25
233 -- 8 2318 25
8 247
2312 243 26,800 Amer Stee iFoundries_No par
24 .8212 8312 8212 85
85
85
823 85 .8214 83
2
Preferred
82
300
82
100
.4614 4778 4712 4712 47
47
No par
4512 4612. 2.700 Amencan Stores
47
4658 4714 47
6512 6614 6412 6512 6312 6514 63
8
100
6812 717 33,200 Amer Sugar Refining
8
6934 697 74
•105 112 *110 112 .10978 112
Preferred
900
112 11218
100
1097 I09744 .110 112
8
15
1512 15
151 1
147 1512 4,400 Am Sumatra Tobacco_No par
8
15'i
15
15
15
15
15
130 4 133
3
13014 13312 130 1323 1283 1307 13012 1343 130 13314 154.000 Amer Teel) & Teleg
4
100
8
8
8
8 3 88 2 86
8,
,
873
4 8612 8714 86
8712 88
7,100 Amertcan Tobacco
8712 88
25
87
9112 017
8 903 91
2
8934 913
903 927 26,800
4
Common elms B_
8
25
4 8912 9112 9118 93
117 117
117 117
117 118
300
119 119 *11712 120
Preferred
117 117
100
.20
24 .20
23
22
20
19
22
*20
900 Am Type Founders____No par
20
223
4 20
053 36
8
34
34
4
4 1,350
3312 343 343
Preferred
3312 3312 33
100
3512 33
3914 4014 3918 4112 3812 403
8
8 405 4314 3018 417 64,800 Am Water Wks & Elec_No par
8 3814 403
333 343
8
4 34
3514 3312 343
8 3312 3512 20,400
8 33
333
4 3414 355
Common vol tr etts_No par
747 75
8
76
76
7518 .7218 79
.72
60
074
1st preferred
79
79
.72
No par
153 16,
8
3 15% 16
4 1518 155 25,700 American Woolen
8
15
8 1518 153
8
153
4 147 153
No par
59
60
5858 60's57'! 583
8
5918 573 5912 10,40
5834 573 583
58
Preferred
10
8
8
5712
4
35
8 33
8
358 37
8
35
8 33
27
8 338 2,100 Am Writing Paper ctts-Vo pa
8
314
312
23
4 3
1314 143
4 137 14
1412 1312 1312
8
630
Preferred certificates No par
14
14
*133 1412 14
4
9
97
8
912 103
97 107
8
8
97 10 8
8
8
91. 1014
,
9
9 78 32,500 Amer Zinc Lead & SInelt____I
61
61
63
63
64
.60
6318
633 633
60
4
4
Preferred
25
4 63 - 633 *60
197
2 213
8 203 2118
8
193 2012 325,100 Anaconda Copper Mining...50
4
2114
1978 2012 1918 2014 20
151.1 151 s
15
15
15
15
15
900 Anaconda Wtre & CableNo pa
15
1514 1514 1514 1514
227 227
8
8 2218 2278 2214 24
2912 3112 80,800 Anchor Cap
2212 2678 2814 32
Vo par
.803 81
8
81
81
85
87
81
*8212 85
25
81
$8.50 cony preferred.No par
81
81
•1212 1314
1212 1212 *1212 1314 *12
12
1314 , 12
'300 Andes Copper Mining _ _No par
1212 *12
2712 28
275 28
8
4
27
273 2814 6,100 Archer Daniels Nlial'cl_No par
4
8 273 28
2734 2612 277
•107 115 .107
__ •107
.107
7% preferred
_ .10718
_ •107
100
84
8518 86 - - 3- 863 - -.
87 4
4 8 34
0
ii 86 -88 8834 8934 5,200 Armour de Co Well pref...100
8614 618
68
3
63
8
7
8
618 63
63
4 73 241,300 Armour of Illinoia class A..2
4
612 67
4
614 638
312 33
4
37
8 4
37
8
Vs
378 418
37
8 4
418 5 108,700
Class B.
25
71
733
723 75
8234 93 123.800
4
7314 81
72
7438 72
Preferred
737
100
5
53
8
43
512 634 20,800 Arnold ConsmbleCorp_No pa
4 58
3
518 53
,
518
5
5 12
518
.812 87
8
85
8 85
8
8
812
83
4
8
8 •
83
260 Artlooln Corp
8
8
818 87
No par
37
8 4
4
4
33
8 3s;;
37
8 4
37
8 4
2.900 Aasoelated Apparel Ind No pa
3! 334
1412 1512 143 1514
8
s 16
1412 1518 1412 1518 1514 163
173 25.100 Associated Do Goods.,
8
I
050
5614 *50
55
55
5518
4
•48
543 55
500
55
55
6% 1st preferred
*50
tOO
*43
4812 .43
4812 .42481. 48
*42
48
4812 48
48
300
7% 2d preferred
10
*2812 4918 .2812 ____
3514 3512 3512
35
32
180 Associated 011
34 - .2712 36
26
02314 25
*2312 25 .2312 25
25
*2514 30
25
100 All 0 & WI SS LInes__No par
.2312 25
.25
28
25
25
8
4
2112 2412 2412 2412 243 2612 243 3212 2.800
Preferred
IOU
30 303
8 293 3018 283 297
8
8
4
4
8 2914 3114 305 3112 2912 303 47.000 Atlantic Refining
25
.3412 36
.3538 357
8 35"2 36
35
35
3612 35
3418 353
4 2,700 Atlas Powder
No Par
8012 8012 803 8018 8012 81
8
160
8012 8014 .8012 81
100
*8
012 83
Preferred
812
812
814
81.
*Vs
832
812
812
812
3,000 Atlas Tack Corp
812
38
3
914
No par
6614 68
66
8414 75
77
68 - 6518 71
7912 170,200 Auburn Autornobile
6712 79
No par
618 618
6
61 1
618 614
4 8,800 Austin Nichols
6
6 i1 618
,
73
63
4
No par
8 63
1234 133
8
1278 1314
143 155 363,300 Aviation Corp of Del (The)..5
4
8
123.4 1418
1334 141.2 1412 16
163 17
8
1534 1612 1514 16
8 1512 167 142,600 Baldwin Loco Works. _No par
1512 163
8
1514 16
42
43
4118 4312 39
40
41
4312 5,700
3912 40
41.
39
Preferred
100
.86
9.5
9518 .05 111
.86
95
91
91
91
*86
30 Bamberger (L) & Co pret_.100
91
5
5
5
43
8 5
5
5
4
5
620 Barker Brothers
5
47
8 5
Ni' par
.20
25 .19
26
24
24 .19
.19
23
*19
25 .19
615' cony preferred ___10(
,
1
1014' 1012 1014 II
10
103 77,800 Barnsdal Corp
4
8 1018 11
1014 1012 10
107
.5
4712 49
49
5014 So% 5212 4012 5014 17,000 Bayuk Clean Inc
5034 4918 5078 49
No pa,
090
*85
90
9978 .
00 100
90
997
8
98
1011
090
60
98 .90
lot preferred
2512 257
8 2518 2512 251g 2512 24.38 26
251 2618 2514 261
:
: 7.800 Beatrice CraamerY
50
.837 85
8
*8378 85
*8418 85
871
*8412 8712 *8412 8712 085
.
Preferred
100
66
6612 6614 6612 673 6812 6814 6814 .67
6812 6712 673
4 1,600 Beech-Nut Packing Co
21
4
11 12 11114
11
10
113
Ills 26,300 Belding Hemlnway Co_ No par
8 103 1114 103 107
4
4
8 1012 103
8
883 887
4
8 8834 89
8 8912 9018 8818 Ws 873 8812 8978 897
3,400 Belgian Nat Rys part pref__
4
•Illd and asked prices. no bales on thiss day
a Optional sale
4 Ex-dIvIdene. r
PER SHARE
Range Since Jan I.
On basis of 100 share lots.
Ex -rights.
e
Cash sale.
S per share
8 Apr 7
518 Apr 15
let Feb 21
7127d y 26
4712 Feb 25
12 Feb 28
11, Jan 14
8
1 Jay 5
78 Apr 4
I Apr 5
118 Apr 17
114 Mar 30
5 Mar 30
703 Feb 27
4
115 Apr 21
6 Feb 27
4
53 Jan 10
ss Feb 21
5 Feb 23
1812 Mar 2
714 Mar 1
8 Mar 2
34 Apr 7
I
Jan 30
23 Jan 5
4
918 Mar 3
80 Mar 28
4912 Feb 25
112 Feu 27
618 Jan 23
15 Feb 28
l's Mar 31
312Mar I
34 Mar 2
2 Feb 23
13 Feb 27
1 Jan 5
37 Apr 1
8
37 Feb 27
8
714 Apr 4
43 Apr 4
8
614 Apr 4
41s Jan 5
212 Mar 2
1312 Feb 14
2912 Mar 1
33 Feb 24
4
25 Feb 15
414 Feb 27
14 Apr 21
114 Jan 3
57 Jan 3
8
173 Jan 3
4
834 Feb 27
I Jan 27
318 Feb 24
512 Jan 4
17 Jan 20
4
Feb 27
97 Apr 5
8
9 Apr 1
458 Feb 27
53 Mar 2
4
2018 Apr
78 Mar 20
12 Apr 8
111251a1' 3
103 Feb 25
4
31 Jan 10
2012 Jan 2
3212 Jan 10
10218 Jan 9
43 Feb 28
8
373 Mar 28
8
30 Feb 27
211: Jan 19
80 Jan 19
6 Jan 13
8612 Apr 18
49 Feb 23
5034 Feb 25
4Mar 1
1023
438 Apr 10
10 Apr 6
101 Apr 7
2
912 Apr 4
35 Mar 24
312Mar 2
22 8 Feb 16
1
38 Feb 8
3 Feb 17
4
214 Feb 28
20 Feb 21
5 Feb 28
418 Jan 6
8 Jan 20
6212 Jan 11
25 Feb 7
8
93 Mar 3
4
95 Feb 23
41 Jan 3
1111 Feb 28
3 Feb 20
4
7 Feb 27
118 Jan 19
2 Mar 27
se Apr 17
312 Feb 20
18 Feb 23
15 Jan 19
83 Mar 24
4
411 Mar 22
412 April
123 Feb 28
8
9 Feb 14
60 Apr 5
112 Feb 27
3114 Feb 28
7 Feb 2
2
512 Feb 27
312 Apr 12
912 Apr 4
8814 Feb 28
3 Jan 4
8
518 Apr 1.
3 Mar 2
314 Jan e
27 Jan 18
7 Mar 2
45 Feb 24
45 Jan 5
312 Feb 20
6214 Apr 7
Highest.
PER SHARE
Range for Precious
Year 1932,
Lowest.
Highest.
$ per share $ per share $ per share
215 July 12
8
12 June 303 Mgr
8
1212June 19
812 Dec
14 Sept
938July 7
114 June
478 Aug
113
4May 1
414 May
1612 Mar
10314July 7
6312 Sept,
307 July
8
4 May 23
12 June
312 Sept
8June 8
247
734June
1858 Jail
8Jul3 13
93
7 Dec
8
4 Ma •
814July 7
hi May
33 Sent
8
217
8July 7
ki May
814 Sept
21 July 7
3 June
8
a
Sep.
20 July 7
3 June
4
St Sent
25 July 11
5 May 15 Sept
135 July 7
4212June 8814 Sept
1223
8July 14
9612 Apr 120 Dec
263
8July 8
4 June 153 S.pt
8
2314July 5
412 July
10 Sin
87
8June 13
14 Apr
21g rept
4 Dec
3612June 14
10 Mar
4114July 3
12
Jan 223 Sept
4
273
4JUlY 13
312 June
1512 Sept
2812July 13
5 May 2212 Sept
497
8June 2
28 June 47 Feb
8'2 July 13
14 Apr
27 Aug
8
4July 13
1
423
Apr
93 Aug
4
612 June
4212July 7
177 Sept
8
103 July 11
40 July 90 Feb
9712July 13
295 June 737e Mar
8
4June 12
9312 June 129 Mar
1333
3612June 30
17 Sept
318 June
15 Dec 50 Aug
42uly 3
593
14 July 11
17 Apr
8
714 Sept
7 June 28
25 July 10
Jan
5114July 7
18 June 38 Nov
618June 7
2 July
814 Sept
11 May
8012July 13
27 Sept
34 Dec
6 June 20
5
Jan
13 July 3
23 Apr
4
1534 Sept
195
8Juue 12
2 May
15 Sept
5 May 3812 Jan
447
8June 13
2714June 12
234 May
2114 Aug
3538June 13
33 June 33
4
Jan
2114July 13
3 May
612 Aug
16 June 6
1 May
67 Sept
8
5712June 13
47 May 27 Sept
8
42125lay 31
25 June 5138 Mar
33 Dec 2138 Mar
1712June 29
8
577
8June 29
35 Dec 68 Mar
1518July 3
212June 12 Sept
14 Jan
312June 28
Si Aug
1 July
12 June 28
414 Aug
33 July
3918July 3
8
1514 Aug
63 July 7
1718 Dec 49 Sept
223
8July 3
712 June 2214 Jan
6 June 2
1 June
33 Mar
4
112 Jun
2314July 13
914 Aug
72 June 20
612 June 32 Aug
Jan
33
14 July
3012July 8
197
8July 13
3 June
1714 Sept
41 July 13
1514 June 58
Jan
35 July 13
493 Jan
4
10 July
19 July 7
1214 Sept
318 Jun
8July 11
3 May
317
1812 Sept
133 Jun
47-18 July13
8
42914 Mar
3 Juoe
4
33 Sept
4
7'8 July13
412June 20
7 Sept
2
18 Apr
363
4June 19
10 June 2518 Jan
3912July 13
518 May 2714 Sept
22 June 85
Jan
84'!July 10
73 July 6
15 July 55 Feb
483
4
213 June 3612 Aug
8July 7
Jan 106 Sept
90
108'2 July12
27 July 7
3 May 1518 Sept
34 July 80 Feb
85 July 10
4
477
8July 7
20 May 363 Mar
13 June 3914 Jan
74 July 13
11218July 7
45 May 90 Aug
4June 2
23 Apr
4
1014 Aug
163
1343
4July 13
693 July 13718 Feb
4
4
4012 June 863 Mar
8July 1
907
3
44 June 89 4 Mar
4July 7
913
9514June 11812 Oct
119 July 13
Jan
4 June 25
25 July 5
Jan
37 July 7
1012 July 70
4314 July 13
11 May 3412 Mar
11 May 31 Mar
sJune 12
357
26 June 75 Jan
80 June 13
13
17 July 5
8May
10 Sept
5
1512 Jan 3918 Sept
611
1, May
214 Aug
418June 27
4July 8
8 Aug
2 July
143
114 Slay
101s July 10
67 Sept
8
10 June 35 Aug
634 July 11
3 June 1938 Sept
213
8July 8
3 Apr 15 Sept
1512June 8
514 Slay
32 July 13
1712 Mar
40 Slay 75 Sept
88 June 12
9 Sept
13 Slay
1412June 3
8
29 June 29
1512 Sept
7 Apr
85 AP 10014 Oct
10218June 12
24 Slay 61 Aug
893
4July 14
234 Sept
%Jun
73
4June 6
2 Sept
38 June
5 July 14
31215,1a
93 July 14
157 Aug
8
358 Aug
I May
634July 14
3
13 Dec5 4 Sent
8
912June 24
ba June
3 Aug
514June 6
3 SlaY
173
8July 14
11 Sept
4
183 Dec 42 Sept
56 July 3
1212 Dec
35 Mar
48 July 12
1612 Aug
612 July
3512July 14
438 Dee 1214 Aug
25 July 13
534 Dee
1512 Jan
3212July 14
8
85 Feb 217 Sept
317
8
8July 7
3918July 5
7 Dec 2512 Feb
8112July 3
4512June 7913 Jan
378 Aug
I July
914July 14
8414 July 13
283 May 1613 Jan
4
4
8 June 24
17 Sept
8
12 Feb
112June
16 July 13
878 Dec
173
8July 7
2 May 12 AUg
45 July 3
8 May 3718 Aug
62 July 99 Feb
9518July 13
714June 20
312 Aug
12 Apr
2218June 22
7 Dec 30 Jan
11 July 7
7 Sept
338 June
5212July 13
2 Dec 13 Feb
100 July 10
Jan
30 Dec 59
27 June 29
1012 Nov 4313 Jan
Jan
85 May 25
62 Der 95
7012June 27
4
2914 May 453 Dec
1212July 0
83A Sept
25 Jan
8
9018July 10
8
573 June 823 Dec
8
New York Stock Record-Continued-Page 3
454
July 15 1933
fAr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING
HICH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
July 8.
Monday
July 10.
$ per share
1912 208
8
2912 303
47% 48
8014 8012
29
8
143 153
4
20
•17
51
513
4
71
.64
36
3618
2014 21
312 4
12
13
*17
1718
83 8312
.51
5212
4
1518 153
4
111 113
1618 1714
Sales
for
Lite
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share
1912 20
287 30
8
4618 473
4
8118
80
2812 2812
145 153
8
*145 20
8
4912 5012
.64
71
3514 3612
20
2018
318 358
1218 1314
17
17
8214 847
8
5212
*51
153
4
15
11 18 1218
17
16
*6014 66
83
83
4
33
3312
514 512
41
418
1034 1112
19
1912
4
5 4 53
3
*755 714
•1814 20
214
214
38 4
57
8 6
31 18 3112
90
•74
2812 29%
17
8
17
8
8'2 614
103 11
4
237 243
8
8
3012 31
•113 117
4
8
*3012 33
97
95
81
.80
27
2814
52
50
412 5
33
4 4
1012 1012
30 4 31
3
87
8 9
90
*80
8
2918 317
612 612
30
.2.5
8
233 237
8
•6914 70
•127 17
8
483 501 1
4
93 11
4
2212 23
14
14
27% 2818
914 912
197 197
8
363 373
4
8
318 318
124 14
26
26
*9512 _
10012 101 4
- 1
*46
4612
1912 197
*84, 8518
4
1818 1878
1012 1012
1614 17
664 6712
217 2178
26's 2655
.8012 81
13% 13t2
3318 33%
23
23
85
85
3912 407
93
93
277 283
8
4
434 514
.523 54
4
10 4
3
.8
19% 20
16
16
14% 148
57
*52
43
4 5
8
11% 123
59 4 60 4
3
3
8
8
933 933
412 412
a1412 1518
09912 106%
8
212 25
8,
8 8,
2
35* 37
8
153
15
238
2%
61
61
6212 637
153 16%
4
3412 3555
-I8F4 188
7914 801,
;
•135 1357
7
738
35
373
8
117 143
8
5914
58
3712
*36
8
Gs, 67
287s
28
*4912 50
27
8 3
812 9,4
59
*50
8
537 5412
2618 2612
593
•59
4
312 33
65
8
61 1
1912 20
8,2 812
Tuesday
July 11.
Wednesday
July 12.
Thursday 1
July 13.
Friday
July 14.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots
Lowest.
Highest.
$ per share $ per share $ per share $ per share Shares Indus. Sc Miceli. (Con.) Par $ per share $ Per share
1918 1978
54,100 Bendlx Aviation
183 193
4
5
8
6% Feb 27 207gJuly 7
19Is 2012 1914 20
28
2914 283 2914 2918 304 30
No par
4
9 Mar 2 313
8July 7
30% 8,100 Beet & Co
4574 47
1018 Mai' 2 49I4July 7
45 8 467a 4614 48 8 455s 4714 91,600 Bethlehem Steel Corp No par
3
,
791 80
79
4
7912 773 793
7918 79
8 4,900
100 2514 Feb 28 82 July 3
7% preferred
*2512 2612 *26% 27
618 Apr 5 2912June 30
*2514 26
260 Bigelow-Sanf Carpet Inc No par
4
1412 15
1418 147
4
8 143 1512 1518 153 10,900 Blaw-Knox Co
4
312 Feb 28 163
4Ju0e 20
No par
.1458 18
*15
18
*15
Bloomingdale Brothers_No par
18
1712 .15
638 Feb 28 Mauna 28
50
5014 48
912Mar 2 5412July 6
49
4814 504 19,000 Bohn Aluminum & 13r_No par
5018 515
.66
*65
71
71
70,8 70 70
*65
100 Bon Anal clam A
No par 52 Feb 23 74 June 13
35% 363
34,400 Borden Co (The)
8 35% 3614 353 3618 3518 37
4
25 18 Feb 27 3712July 3
20
2012 193 20
21,200 Borg warner Corn
512 Feb 28 2158July 5
1912 2018 1918 20
8
10
35
8 318
412July 5
1.700 Botany Cons Mills class A50
3 Apr 17
8
33
4 33
4
4
312 33
318 37
4 1214 13
1214 123
121 1 13
1214 13
51,000 Bekaa Manufacturing_No par
2 8 Feb 21 133
5
4June 9
17
17
17
17
1712 *1712 18
17
5,400 Briggs & Stratton
7% Feb 28 1712July 13
No par
8214 85
854 8412 851 5,900 Brooklyn Union Gas
No par 6312 Apr 5 8812June 12
8312 85
85
51
.51
51
52
52
5212 2.400 Brown Shoe Co
5218 52
4July 6
No par 2812Mar 3 523
1518 154 153 1614 15
14
153
15 Mar 3 1812June 20
4
1518 7,600 Bruns-Balke-Collender.No par
1118 117
1112 11
1118 11
8 11
1118 9,700 Bucyrus-Erie Co
2 Feb 27 1278June 20
10
1512 16
4
Preferred
1518 1618 3,500
4
1518 1614 15% 153
6
23 Feb 23 195
8June 20
64
64
64
66
64
64
64
*64
64
7% preferred
64
280
100 2012 Mar 31 72 June 26
8
9
8July 3
No par
818 812
97
3 Apr 15
4
814 9
73
8% 814
4 812 63,600 Budd (E CD Mfg
3312 32
8 303 31
33
7% preferred
3 Mar 16 35 July 3
3014 307
520
8
100
8
3212 3114 317
47u 5 4
518 5%
1 Feb 8
53
4July 5
,
4% 5 8 20,000 Budd Wheel
No Par
512 5,2
,
48 5
414 412 *414 455 *414 43
412 412
418 455
5 June 29
%Mar 2
900 Bulova Watch
No par
4
1114
8 103 1034 107 107
1034 1155 5.600 Bullard CO
1012 113
8
8 II
212 Feb 17 1314July 3
8
No par
18% 1912 185 1938 1818 1914 184 204 195 203 76,700 Burroughs Add Mach. No par
8
8
8
618 Feb 14 207
8July 3
53
a534 614
6
8 June 8
1 Apr 1
No par
618 6 4 *5 4 6
538 57
,
1,900 Bush Term
3
8
8
912June 1
1 Apr 3
900
812 812
100
Debenture
8
938 93
9
3
912
7 4 812
2012
230 Bush Term Elldge gu pref 100
712 Apr 26 2312 Jan 6
19$4 197
8 1914 20 *1614 2012 .1614 2012 *18
212
212 212
211
238 212
27
8June 2
218 23
214 214
8 3,800 Butte & Superior Mlning___10
1 Feb 10
4
414June 2
35
31z 33
8 33
4 8,800 Butte Copper et ziao_____ _5
4
12 Mar 31
318 33
334 37
33
4 4
47
57
555 538
6
53
4 2,000 Butterick Co
6
6
712June 13
114 Apr 10
No par
518 55*
812 Feb 25 353
3012 333
4 3218 3455 37,900 Byers Co (A M)
32
8 3118 3212 3218 353
4July 13
31
No par
27612 77
77
50
75
77
Preferred
77
75
76% 76% .75
100 3018 Mar 2 77 July 13
73 Mar 2 3112July 7
8,300 California
2918 3114 2912 30
283
2812 2912 2818 2914 28
__No par
10
2
14 Jan 19
17
17
2
18 218 26,500 Callahan Zlna-Lead
Packing_14
8 2
17
214June 5
8
17
8
838 34,600 Calumet & Ueda, Com Cop_26
8
9313.1une 2
2 Feb 7
855 834
812 814
4 94
,
83
855
1238 5,300 Campbell W & C Fdy_ _No par
103 1118 10
4
1014 107
11
2 Feb 28 1238July 14
11
105 11
8
3
8 27
4July 13
237 2512 2434 2655 25 4 267
283
8
4 2618 2814 56.600 Canada Dry Ginger Ale
712 Feb 25 283
5
313
9,200 Cannon Mills
3218 3412 3212 33
3012 3018 31
3012 31
No par 14 Feb 2 3412July 13
1117 11.38 113
4 113 1212 117 12
3,370 Capital Adminis el A...No par
8
4
412 Feb 24 1212July 13
1155 1134 .ia
3112 3418 3412 3512 34
31
35
30% 30
635
30
Preferred A
50 2518 Jan 18 3512 July 13
9538 983
977
4 9612 10012 9512 9955 111,600 Case (J I) Co
3
933 97 8 94
4
4July 7
100 3012 Feb 27 1003
81
8112 81
81
8018 79
8118 81 18
80
83
Preferred certificates
710
100 41 Feb 27 83 June 13
5'2 Mar 2 293
4 2714 2814 263 278 263 2712 33,900 Caterpillar Tractor__ ._No par
2712 283
2718 29
4July 7
8
54 179,300 Celanoie Corp of Am__No par
53
8 50
52
8 5234 56
533
418 Feb 27 5855July 3
48
497
48
412 514 *43
412 514 *412 5
5 8July 3
7
12 Mar 15
800 Celotex Corp
4 514 .47
No par
9 5%
43
8July 5
33
312 4
4 4
3% 418
6,400
sa Feb 4
33
4 37
Certificates
34 4
3
No par
4 1012 117
1012 113
1214 1214 1214 117 117
8 11
4July 5
450
8
Preferred
8
112 Jan 5 123
100
29% 3014 2914 317
294 30
14 Jan 3 3518July 13
3512 20,600 Central Aguirre AssoNo par
33
357
32
8
9
712 8
812
3,400 Century Ribbon Milts_No par
2 Apr 19
93
4June 20
*8
855 83
9%
9
90 .85
90
90 .80
*85
*80
90
90 .85
Preferred
100 52 Feb 27 95 June 20
3112 30
32% 3314 3518 34% 373* 157.000 Cerro de Pasco Copper_No par
8
57 Jan 4 35's July 13
8 30
8
303 317
6
614 612
6
63
8 612
614 4,700 Certain-Teed Producta_No par
6 12
7%July 3
4
612 63
1 Jan 9
*25
30
30
*25
*25
30 .25
30
.23
30
4 Mar 27 25 June 12
100
7% preferred
2212 24
23
8
2312 227 2318 2212 23
2212 2314 7.900 City Ice & Fuel
718 Mar 3 25 June 29
No par
69
6912 69 6912 6818 69
69
6814 6914 69
Preferred
680
100 45 Apr 7 70 June 29
.1455 17
•143 17
8
.15% 17
200 Checker Cab Mfg Corp
17
*1412 17
17
712 Mar 23 20% Jan 18
5
4618 473
48
46
48
49
15,700 Chesapeake Corp
48
48
50% 47
8
No par 1,7 Jan 3 52I2July 7
1112 July 10
8 10
1012 22,600 Chicago Pneumat Tool_No par
8
1012 1018 10% 10
218 Mar 31
1012 1112 10, 107
2212 2212 217 217
8
22
8 22
2114 213
4 2112 21% 1,200
Cony preferred
512 Feb 28 2514June 20
No par
15
13i4 1312 1,100 Chicago Yellow Cab
1312 1312 1314 13(2 14
618 Jan 4 2238May 31
131 131
No par
2712 2912 273 29
2712 28
4
23,200 Chickasha Cotton 011
2718 28,
8 2514 27
5 Mar 2 29I2July 11
10
8
814 814 4,200 Childs Co
814 812
8 4 87
,
9
9 12
2 Feb 28 1018July 5
88 914
No par
210 Chile Copper Co
197 197 *1512 20
*1512 1912 1912 20
o
8
20
20
6 Apr 4 20 July 5
25
47 3618 341 3714 363 3818 368 3712 154.500 Chrysler Corp
4.
72 Mar 3 333
4
4Ju1y 6
35 4 367
5
3
8 3
312
358July 7
% Feb 28
25
3
8 318
3
314
312
25
8 27 34,700 City Stores
314
8
No par
1312 1312 .11
1318
14
1312 1312 11% 12
14
480 Clark Equipment
5 Mar 24 1414June 22
No par
2634 2718 2,000 Cluett Peabody & Co_ _No par 10 Jan 27 29 45:ay 31
2512 26
26
3
2512 2512 26
25 4 26
3
9512 9512 *90
,
•90
50
9512 9712 *95 2
Preferred
100 90 Jan 4 100 June 2
,
8July 14
3
100 4 10314 10314 101 2 103 104% 13,100 Coca-Cola Co (The)Na par 7312 Jan 3 1045
,
101 102
101 102
46
47
4618 47 .4614 47
47
*46
46
4714
Class A
1.100
No par 44 Apr 19 4712June 1
1914 1934 12,00 Colgate-Palmol1ve-Peet No par
20
1912 19
1914 193
191, 20
8 19
7 Mar 30 22 June 2
08414 85
8
8518 *8414 87
600
.84 - 8518 843 8438 85
6% preferred
100 49 Apr 3 8518July 12
1755 1714 1912 18
3 Apr 4 1912July 13
1712 1838 1634 1734 17
No par
1014 23,200 Collins & Aikman
*83 12
*10
8
12
12
9
9
*9
500 Colonial Beacon 011 Co_No par
,
1 10
1018
514May 10 12 Jan 4
4
8 15
312 Apr 4 175sJuly 7
1518 1718 153 1612 153 167
16
43,300 Colorado Fuel & Iron_ _No par
157 17
8
6612 6812 64
6612 26,700 Columbian Carbon v to No par 2318 Feb 27 7112July 3
68
664 634 6612 63
64
23
24
2312 24
658 Mar 27 24 July 11
23
4 227 24
2158 223
23% 5,400 Columb Plot Corp v t o_No par
8
8
2714 241,200 Columbht Gas & Elee-No par
8 2614 278 26
2758July 13
8 255 263
9 Mar 31
3 2712 2512 265
25
31 815
8 1,400
81
8012 80(2 81
8155 813
100 59 Mar 2 83 June 12
Preferred seriesA
s 8114 8112 80
1314
133
8 13
1314 138 133 14% 18.400 Commercial Credit_ _ _No par
4 Feb 27 1518June 20
1314 13
13
36
3,500
3314 3314 3318 3314 3312 34% 35
Class A
50 16 Feb 27 36 July 14
33
32
02318 25
23
*2314 25
23
23
120
25 18% Mar 21 24 June 6
Preferred B
2318 23
23
8518
570
8514 85
*85
85% 85
85
853
4 85
*85
63.% first preferred_- _100 70 Star 24 8514July ii
4 383 3912 383 393 27,300 Comm Invest Trust_No par 18 Mar 3 4312July 3
8
8
384 40% 3812 393
38% 40
1,500
9112 9112 *917 92
Cony preferred
9312 9212 9314 8955 917
No par 84 Jan 4 9778 Jan 31
93
4
313 3614 3712 4212 4012 4312 822,400 Commercial Solvents_ _No par
9 Feb 25 4312July 14
2812 317
2818 30
5
5
5 14 285,600 Commonwith & Sou._ _No par
5 12
514
5
512
618June 12
13 Apr 1
8
a5
518 555
4.300
5412 5518 5411 55
26 preferred series_ _ _No par 21 Apr 4 60I2June 7
54
5
4
5314 547
56
5
4
9
9
*914 1014
1034 *718 9
3 Apr 4 11 June 13
.6
100 Conde Nast Publio'ne_No par
9
.6
8 2012 2112 63,100 Congoleum-Nairn Ino_No par
2238 July 10
73 Jan 31
8
4
198 223
% 2055 213* 203 217
8 203 22
153 16
1512 1512 16
8 15
1,000 Congress Cigar
.1412 15
612 Feb 24 18 June 7
1412 153
No par
1414 1412 2,400 Consolidated Cigar
4June 7
15
15
1412 15
15
312 Apr 6 193
No pa
15
15
1412
55
55
55
110
55
55
55
Prior preferred
57
*52
.52
100 31 Apr 5 65 June 3
57
47
47
43
8 5
53t5fay 29
6,700 Consol Film Indus
43
4 5
5
514
1% Jan 4
5
1
5
1212 13,300
12
143
8
4 1218 13
4
4May 29
127 1338 1218 123
57 Mar 21
1214 13'4
Preferred
No par
6258 236,700 Consolidated Gas Co_ _ _No pa
6338 61
62
40 Apr 3 6418June 13
4 61
s
595* 613
593 6218 60
9514 4,000
9418 9412 95
Preferred
No par ago Apr 24 99 Jan 3
938 04
932 933 94
933*
412 412
414 412
414 412 4,200 Coneol Laundries Corp_No par
Apr 17
51t Jan 10
438 41
412 455
15% 1412 1518 1418 147 163,900 Consul 011 Corp
8 14
4
141 4 145
5 Mat 3 153 July 6
1438 147
No par
10
10512 105
8% preferred
100 9512 Mar 1 105 July 14
*9912 10618 *101 10618 *102 105 *10212 105
8
212 27 89.200 Consolidated Textile_ _ _No par
8
314July 5
14 Mar 1
4 27
8
23
23
24 3
3
27
23* 3
82, 812
814
812
8
8
8
15,400 Container Corp class A
95 10
812 9%
Ds Jan 10 10 June 12
20
33
Class II
4
4 18 16,000
4
412June 12
312 33
4
No par
33* 33
% Feb 15
312 33
1614 (6's 33,900 Continental Bak class A No par
17
16
1814 July 11
1612 17
1734 1612 1814
3 Mar 1
15
is Jan 5
4 3 133,100
318
23
3
33
8
312July 11
3
Class II
312
3
238 314
No par
61% 61%
1,300
*6112 64
63
6312 63
63
Preferred
100 36 Jan 3 64 July 10
60 8 64
3
8
8
4 615 6355 26,100 Continental Can Inc
20 3514 Feb 23 643 July 13
g
623 6314 6112 6314 6012 6212 613 643
5
1518 1512 12,70 Cont'l Diamond Fibre
8 1514 16
311 Feb 25 1718July 7
1518 1512 147 153
153 16
8
3314 335* 34,900 Continental Insurance. _ _2.5
101211Dtr 28 3612July 7
347
8 3318 35
33
.
8
8 327 35
331 1 347
312 4
43.300 Continental Motors_ _No par
4 June 8
1 Mar 27
178 1858 117,100 Continental 011 of Del_No pa
47 Mar 3 1912July 7
1 2
.
1.14 -81. 19
- .1- -58
-I1i8 -18 - is -18 4 -iiTs 824 8014 82
26,000 Corn Products Refining_ _25 4538 Feb 25 8312July 7
8 8018 825* 81
7938 8114 7818 807
140
1357 13578 .13514 l307e
4
8
Preferred
100 117(2 Mar 15 1453 Jan 21
8
1357 1357 .135 135% 135 135
713J8,ne 13
63
4 67 10,000 Coty Inc
8
4
65* 67
612 63
612 67,3
No par a2 Star 24
67
s 7
37% 82,100 Cream of Wheat ctfs- _No par 23 Feb 25 39I2July 10
35
38
3912 37
383
4 3618 3718 3614 377
1112 12
10,200 Crosley Radio Corp_ _ _No pa
1214 1214
1214
214 Star 28 14%June 8
8 12
12% 127
123 14
4
60
633 46,800 Crown Cork & Seal_ No par
1114 Feb 27 65 July 13
601z 593 65
8 58
8 574 607
5712 593
3812 3,600
$2.70 preferred
No par 2412 Feb 27 3812 July 14
3612 3612 3612 3612 3612 3718 3755 36
3612
718 8 112,300 Crown Zellerback v t c_No pa7
4
8I4July 11
714 73
712 7 4
712 855
612 8
3
1 Apr 10
3414 22,600 Crucible Steel of Amer1ca...10G
3314 3355 34% 32
9 Mar 2 348 July 13
2812 273 3112 30
26
4
1,600
4July 14
533 5512 5614 56(4
4
100 16 Feb 27 56,
53
Preferred
52
4912 51
4912 .5412
3
24,100 Cuba Co(Thal
II Feb 21
4 3
43
8June 7
23
No par
278 318
VS 3
28
8
7
212 27
2
934 37,500 Cuban-American Sugar_ ......1
88
918
918 10
83
93
4
1% Jan 16 1112May 29
812 93
9
551
59
20
55
*50
55
Preferred
551 4 5514 55
59
*51
100 10 Jan 9 68 June 5
4
4 533 571 19,200 Cudahy Packing
4
523 553
54
53
541 1 5514 54
54
14
60 20 Feb 21 5955June 8
26
2,700 Curtis Pub Co (The)_ _ _No pa
612 Mar 3 3214June 12
2412 2512 2512 2614 26
26
2614 24
26
5 505
59
50
900
Preferred
.5812 5812 59
581, 59
No par 30 Feb 23 66 June 12
5712 58
4
43
8
4
438
438July 12
lis Feb 23
4
4't 270.700 Curtiss-Wright
; 41 1
35
I
8
355 37
73
4
73 46,000
7
Class A
5 July 13
2 Mar 30
7,
s 8
65
8
1
4
Vs
8 63
63
75*
4
3.100 Cutler-Hammer Ino___No par
193 21
4% Jan 5 21 July 14
20% •1912 20
19 4 1055 19% 201,
20
77
77
814 834 :1,100 Davega Stores Corp
4July 14
818 81 1
83
818 81s
2
5
13 Feb 23
78 8
• 1510 al a eased urtee« au .4.tld un 11114 (lay. °Optimum Sale.
Z ... •Ilvilend
e Ca,) sale.
p Ex-rtghta.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share
41 May
182 Jan
53 June 247 Feb
4
8
714 June 29% Sept
18l July 74
Jan
612 Dec 1512 Aug
35 June 10 Aug
8
6% June 14
Feb
473 June 2214 Jan
31 June 55 Nov
20 July 4318 Mar
33 May
1414 SePr
1 14 Sept
14 Apr
278 June 11 34 Mat
4 May
1012 Jan
46 June 8912 Mar
23 July 36 Feb
412 Sept
118 July
112 June
714 Sept
212 May 101s Sept
35 June 80 Sept
39 Sept
12 Apr
311 July
14
Jan
5 May
8
412 Jan
118 Apr
313 Jan
2% May
8 Sept
614 June 1314 Aug
3 Dec 21% Mar
7 Dec 65 Mar
1214 July 85
Jan
12 July
17 Sept
*
12 Apr
2 Sept
I% June
555 Sept
7 May 245* Sept
3514 May 69 Sept
414 June 19 Sept
18 June
118 Sept
DI Slay
77 Sept
8
212 June
914 Aug
6 June 15 Sept
1018 June 23% Sept
218 Apr
912 Sept
19 June 32 Aug
163 June 653 Sept
4
4
30 May 75 Jan
43 June 15
8
Jan
114 June 1218 Sept
7 Aug
8
33 Jan
8
58 Dec
214 Feb
118 Dec
712 Mar
73 June 20(2 Sept
8
23 June
8
614 Jan
55 1)ec 85
Jan
312 June 1512 Sept
3 Dec
8
3% Feb
45 Dec 185, Aug
8
11
Oct 2812 Feb
4355 Nov 68 Jan
1612 Aug 3018 Sept
47 June .203 Sent
8
4
1 May
684 Jan
2% June 1214 Sept
6 Dec 14 Mar
5 June 1212 Sept
112 June
8 Sept
5 Dec 16 Sept
5 June 21% Sept
218 Jan
14 July
314 July
844 Jan
10 Apr 22 Mar
90 June 96 Feb
6812 Dee 120 Mar
41% July 50 Mar
1014 Doc 3112 Mar
65 June 95 Mar
23 May 107 Mar
4
8
9 Jan
1212 Oct
27 July
8
147 Sept
8
1312 May 417 Mar
4% may 147 Au 8
414 June 21 Sept
40 Apr 797 Aug
8
37 June 11 Mar
*
118 July 28 Sept
1012June 21 Sept
40 June 75 Nov
107 June 2778 Mar
8
5512 June 82 Nov
312 May 13% Sept
15 June
8
518 Aug
2718 June 6812 Mar
5 May 12 Sept
1312June
1214 Sept
4 May
11 Sept
355 Dec 24% Jan
17 June 60 Mar
1 June
538 Jan
23 June 1134 Mar
4
3112 June 6544 Mar
7212 J une 9918 Dee
4 Dee 107 Jan
8
4 June
9 Aug
79 Feb 101 Sept
14 Mar
13 Aug
8
%June
212 Feb
118 Jan
14 May
27 Slay
8
8 Sept
12 Apr
13 Aug
8
247
8June 473 Mar
4
17% June 41 Mar
1
Apr
812 Sept
63 May 2514 Aug
4
3% Sept
5 May
8
35
8June
93 Sept
245 July 553 Sept
8
9912June 140
Oct
73 Sept
112 May
1312 June 2612 Oct
214 May
7% Sept
217 May 237 Deo
1738 June 3012 Nov
12 June
3 Aug
6 May 3314 Jan
14 Der 4978 Jan
%June
312 Sept
37g Aug
3 May
8
312 May 26 Aug
20 May 3512 Mar
7 June 31
Jan
37% Dec 86
Jan
Is May
3,4 Sept
444 Sept
Ill Mar
355 May
12 Sept
214 Oct
73 Sept
4
New York Stock Record-Continued-Page 4
455
qr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH -.AGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
July 8.
Monday
July 10.
Tuesday
July 11.
Wednesday
July 12.
Thursday
Jtay 13.
Frklay
July 14.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
on basis or 100-shars lots.
. h ,,
,
Lowest.
$ per share $ Per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscell. (Con.) Par $ per share
112May 20
*418 414
414 414 *43
*44 5
/
1
50 Debenham Securities
*414 5
8 5
•
414 5
1/ Feb 24
/
1
4
20
8
17
17
1612 173
8 167 17
1612 163
4 1611 1612 3,600 Deere & Co pref
1612 17
100 48 Apr 3
1,500 Detroit Edison
88
88
89 89
90
9112 *88
90 .88
8712 8712 89
•24
25
*23
*22
25
600 Devoe & Raynolds A__No par 10 Mar 1
4
4
*20
25
20 2012 223 223
25
No par 1712 Feb 28
2712 19,800 Diamond Match
8
264 27 4 263 2714 26
/
1
3
/
1
2634 25 8 2712 274 2812 27
5
25261 Feb 27
8
1,500
30
30
30
30
*2914 30
Participating preferred
30
8 30
297 297
8
4
8 298 297
No par 12 Feb 28
4
4
3
33
353
2 3314 34 2 3272 3418 33
323 3312 313 323 79,600 Dome Mines Ltd
8
34
5,300 Dominion Stores Ltd No par 10% Feb 27
23
7 25
24
23 8 247
5
/ 2414 24
1
4
8 2418 25
24
24
/ 23
1
4
8 1618 1612 164 173
4
163 178
4
4 163 1738 47,200 Douglas Aircraft Co Ins No par 1014 Feb 11
/
1
163* 167
8 1612 17
6 Feb 27
/
1
4
400 Dresser(SR)Mfg cony A No par
*15
16
•15
*15
16
1518 1512 *1212 15
15
16
15
218 Mar 1
Convertible class B _ _No par
*914 10
9% 912 11,700
912 912 *94 9 4
912 912
912 912
3
10 29 Mar 31
54
5512 110,100 Drug Inc
4
8
5714 543 58
5
52 8 543* 528 53% 5218 53 8 052
5
7 Apr 10
a
934 1012 10
1018 4,300 Dunhill International_No par
812 1014
10
10
10
1014 10
10
912 Apr 22
22
23
23
No par
2212 2012 22
22
2232 2212 2212 2312 2434 4,800 Duplan Silk
170 Duquesne Light 1st pref__100 90 May 4
3
*98
993
4 9912 99 4 *993 100
*99 4 100
3
*99 100
/
1
4
4
*993 100
4
118 Mar 30
88, 914
914 914
814 8% 8,400 Eastern Rolling MilLs_No par
812 93
812 9
4
9
/ 9
1
4
/
1
4
,
3
8314 84
834 8512 813 84
/
1
4
863
4 8612 89 4 24,900 Eastman Kodak 41 7 .1) _No par 46 Apr 4
8112 83 4 82
8
6% cum preferred
100 110 May 2
*11812 125 *11812 125 *119 125 *119 125 *119 125 *119 125
34 Mar 2
No par
/ 1414 147 27,300 Eaton Mfg Co
1
4
5
1314 137
127 1412 137 1414 137 14
k 13 8 14
80 4 8214 7914 8138 7838 807
3
80% 8418 7912 82'z 162,800 E I du Pont de Nemours____20 3218 Mar 2
8
8 78 4 817
6% non-voting deb
100 9712 Apr 20
500
•11314 1163 *11112 11612 *112 11612 *11112 116
115 115
4
115 11512
37
37
58 Feb 4
37
No par
4
338 54 39,600 Eitingon Schlld
8
334 378
33
8 37
358 37
4 Mar 29
2284 2,500
2012 201 •1912 20
632% cony 1st prof_ -100
2018 2038 *19
1838 1853 20
20
5 10 Apr 4
247 2552 2412 2538 24
2
79,100 Else Auto-Idte (The)
8
25
24
247
8 25
27'2 253 27
85
100 7814 Mar 29
Preferred
130
*8612 87
86' 87
87'2
871
87
8712 8712 *85
87
7lg
1 Jan 3
3
7
68 7'2 36,300 Electric Boat
63
4 7%
68 7%
6% 714
634 75
3% 378
1 Feb 14
33
314 37
3 8 418 76,200 Else & Mm Ind Am shares-5
3
/ 35
1
4
338 338
338
31s Feb 27
1312 15
14
1338 14
1458 1358 1414 137 1514 138 1438 158,200 Electric Power dr Light No Par
712 Apr 4
327 332
8
No par
3214 33
Preferred
3112 3,100
31
31
33
31
*29
31
31
614 Apr 5
265 2684 263 283
8
$6 preferred
No par
265
8 4,900
4
8 263 28
263 2684 27
4
4
288 26
No par 21 Feb 16
5212 13,800 Elea Storage Battery
503 5112 51
4
54
51
5212 538 517 5213 52
52%
ls Jan 4
2% 214
2
19,800 Elk Horn Coal Corp_ No par
214
212 3
212 284
238 3
218 284
33
35
% Apr 29
35
50
314
6% part preferred
37
8 45* 8,900
4
314 4
358 4
/
1
4
32
50 26 Feb 27
4,300 Endlcott-Jolanson Corp
5914 607
6014 607
611
61
6012 615
5912 597
s
8 605 61
100 107 Feb 17
*116 117 2 116 116
Preferred
100
)
11712 1171 *11712 118
11712 118 *11712 120
4 Feb 23
II% 117
6,500 Engineers Public Serv_No par
12
135* 127 13
3
1214 1284 1214 1311 123 13
1512 Apr 7
4034 40
54 41
$5 cony preferred____No par
700
41
404
41
41
41'3 40
*41
42 2 41
)
15 Apr 4
*42
No par
457 *42
$552 preferred
' 200
447 *42
*4314 45
42
42
*42
45
45
*45
50
$6 preferred
No par 2012 Apr 19
200
49
*46
*46
50
*46
4
48
46
4614 *463 48
612 Mar 27
123 13
4
125 127s 123 12
8
8 1214 1212 10.900 Equitable Office Bldg_No par
8
8g 1214 1254 121 125
3 Apr 4
17
18
163 1814 1714 18'8 1612 1712 158 1684 1512 1614 17,900 Eureka Vacuum Clean_No par
4
%Mar 1
57
5
57
3,700 Evans Products Co
54 6
3
53
4 6%
614 6'2
6
6
6
6 18
*10
107 *10
80 Exchange Buffet Corp_No par 10 Jan 4
11
*10
11
10
*10
10
10 4 10
10
3
134 154
5
aMay 17
25
2
500 Fairbanks Co
218
218
2
2
214 21
21i
2
*2
*5
77
.45
77
1 Feb 23
o512 77
100
Preferred
*512 77
*512 78
s53* 77
212 Mar 23
10
1018 10
1014 10
1,500 Fairbanks Morse & Co_No par
9
9
10
10
10
10
10
100 10 Feb 25
*36
Preferred
371 *36
3713 3712 3713 397 40
60
371 *36
37'2 36
5 Jan 26
8
Fashion Park Assoc____No par
3 Feb 23
100
7% preferred
_
42 Apr 6
4
15
;ilia 1278 -1212 li "Hi,
.
1,750
"ii- Ili; _ - - Federal Light az Tree
38 Apr 20
No par
Preferred
58
58
30
*58
r _ 58
58
*5912 r- *5912 63
*5912 --*60 88
Federal Mln & Smelt Co_100 15 Mar 31
*60 WO
75
*60
*50
75 .50
90 *60 911
2 Mar15
4
11
111 10 4 113
/
4
3
3
103 10 4 13,900 Federal Motor 'Pruck_No par
s
8 1014 1118 103 11
4 103 113
4
4
4
/ 412
1
4
8 Feb 27
4
43* 45
8
438 44
53 4 418 1,700 Federal Screw Works No par
414 . 3
4
414 414
484
I% Feb 25
5
538
51
5
512 8.100 Federal Water Serv A_ _No par
512
538
518 532
5
2
257 257
712 Feb 27
8 257 263
4 26
2.900 Federated Dept Stores_No par
27
•25
26
26
2512 2512 26
33 '3414 3314 34
3
7,500 Fidel Phen Fire Ins N Y__2.50 1014 Mar 27
33
341
33
343* 334 34
334 34
/
1
918 Apr 4
2414 2472 2438 2514 244 263
2612 2884 103,300 Firestone Tire & Rubber_ __10
4
2 25 8 2712 263 29
3
100 42 Mar 3
Preferred series A
7238 725* 7112 723
1,600
8 7112 72
7112 7112 73
7312 724 73
603 607
4
68) 6814 6714 681
4
National Stores_No par 43 Mar 3
673
4 4,300 First
683
4 65
68
6812 68
*154 17
/
1
74 Feb 7
17
400 Florsheim Shoe class A_No par
17
17
17
16
*16
*1512 17
*1512 16
100 80 Apr 19
*9014 94
*90
/ 94
1
4
6% preferred
*90
/ 94 •
1
4
*904 94
9014 94
*904 94
/
1
*171 18
/
4
212 Feb 28
No par
17
17
1712 1712 2,400 Follansbee Bros
1678 1754 167 1714 1714 18
s
612 Apr 19
*1314 15
•I338 15
900 Food Machinery Corp_No par
*15
155*
15
8
5
15's 1514 15 8 157 16
22
23
412 Feb 28
No par
213 2212 203 217
2112 19,700 Foster-Wheeler
4
8
4 205
3
2012 2112 20 4 213
2 Feb 27
1814 185
4 1812 187
No par
205 18.400 Foundation Co
8
1714 18
173 1814 183s 205* 19
4
• 2412 251
1
244 25
/
1
1338 Mar 1
2414 2518 4,300 Fourth Nat Invest w w
25
24
2314 2412 24
241
5 Mar 29
4
312 35*
338 43
No par
414 58,200 Fox Film class A
48
4
4
418 42
414 458
414
4
%
•40
12 Jan 24
45
*43
45
Fkln Simon & Co Inc 7% nil®
*40
45
*40
45
45
*40
*40
45
16, Feb 28
8
3818 387
k 3612 38 4 37
10
/ 4014 38,400 Freeport Texas Co
1
4
40
41% 38
3
4
363 41
38
*123 _-__ 123 126
100 97 Apr 19
6% cony preferred
____ *127 .._-300
123 123 *130 _ __ *131
24
25
9 Jan 9
*24
Fuller(G A) prior pref_No par
28
. ___
- •19
8
*1838 _
_ •183
8 -_ _ •183
*13
20
4 Jan 19
No par
15
$6 2d prof
370
1412 -- 153
4
15
-16
16
16 *1.W
15 15
4% 4%
37
4% *37
1 Feb 27
4
414 2,400 Gabriel Co (The) el A No par
44
4
4
41 *37
/
4
1814 20
612 Jan 20
No pot
1918 1912 •18
490 Gamewesi Co (The)
19
1912 218
1912 1912 20
19
10 4 107
5
8 1012 107
25 Feb 28
8
-No par
104 105 13,600 Gen Amer Investors
/
1
8
8
9 4 1014 105t 11
3
9 4 1012
3
84% 8412 8412 8412 *80
Preferred
No par 42 Feb 23
300
*80
8012
81
*80
83
84
83
4078 4114 4018 405* 395 42
/
1
4
5 13 Feb 28
,
40% 4112 41% 425 38,000 Gen Amer Trans Corp
403 411
8
8
2158 21
21
4 8 Mar 3
3
215
8 2038 21% 203 217
No par
2112 21.000 General Asphalt
8
215 2218 21
8
5 13 Jan 3
19
195* 51,900 General Baking
194 1938 1914 207
8 20 207
19 4 2018 1912 197
5
98 10
10
1012 10
24 Feb 6
5
20,800 General Bronze
105* 10
1014
10
912 10
1014
14 Mar 31
/
1
No par
812 87
5
94 93
914 9 4
3
a 9,500 General Cable
812 8 8
8
4
812 85
85
8 9
18
19
214 Feb 27
18
Class A
No par
1,800
*16
17
18
*17
18
17
17% 1718 17
35
354 34
612 Mar 30
100
1,400
*26
35
7% cum preferred
35
35
/ 3412 3512 35
1
4
*32
35
43
434 4212 4312 4212 43
No par 29 Jan 3
7,900 General Cigar Inc
4212 4314 4312 4412 4314 441
109 109 *109 10934 109 109 *109 112 *109 112 *1094 112
7% preferred
100 100 Mar 15
200
285 3014 291s 30's 2814 2914 2712 287
8
107 Apr 26
8
No par
285 2912 283* 30 385,600 General Electric
8
4
12
12
113 117
8 8,700
Special
10 1118 Apr 20
1134 12
117 12
8
1134 117k
1178 12
No par 21 Feb 24
377
365 3738 3612 3714 39,200 O'nert41 Foods
8
3812 3
9 03
712 384 3714 388
365
/
1
21
214
tkg Apr 1
2
214 29,900 Gen !GSA & Etta:, A___ _No par
24 25*
/
1
8
218 23
238
214
2
25*
14
1412 14
3% Apr 3
Cony pro! series A No par
•14
15
15
310
*14
14
5134 1434 143 15
4
1678 •16
7 Apr 20
•16
No par
16
$7 pref class A
17
/ 16
1
4
90
167
17
/ 1784 *16
1
4
16
16
5 Apr 6
*16
*16
Ig
*16
19
No par
*16
19
19
$8 prof clans A
19
*16
*164 19
5 40% 39
2414 Jan 9
*3914 40 54014___ *40
100 Gen Rai Edison Else Corp__
/ 3912
1
4
.3912 401s *39
64
No par 3512 Mar 3
4
65
6314 6514 3823 6412 12,000 General Mile
6314 6512 6284 64
63
62
1024 10214 10118 1013 10012 101
100 9212Mar 28
1,000
/
4
Preferred
8
101 101 *10112 102 •1011 102
10 10 Feb 27
8
3212 331s 3214 33% 32
/ 3312 3212 333 430,900 General Motors Corp
1
4
4 32
313 323
4
33
9214 924 39212 9212 9112 92
$5 preferred
No par 6512 Mar 3
2,300
9212 9214 9312 9312 94
92
*1638 1612
51512 17 .1512 17
15% 15% .1632 17
512 Jan 9
200 Gen Outdoor Adv A
5
.15% 17
No par
712 742 1.200
8
212 Mar I
Common
81s
No par
8
/ 814 *8
1
4
8
814
8
71 773
/
4
34 Mn 4
14
1412
'1412 147 *1412 15
70 Genera,Printing Ink_ _No par
*1412 15
*1412 15
15
15
*6214 70
65
65 '
562% 70
$6 preferred
No par 31 Mar It
60
*6214 70
70
6218 6218 •62
2 Apr 6
63
4 718 13.800 Gen Public Service
738
No par
64 7
8
65* 7 4
67s
3
6
/ 74
1
4
6 8 738
5
44
4612 48
467
8 4.900 Gen Ftallway Signal_ No par 131, Jan 3
48
4312 46
444 45
/
1
45
4512 44
3 Feb 16
8
I
34 312 24,500 Gen Realty & Utilities
35* 35*
312 33
4
312 3 8
38 312
33
8 3%
5
2012 *16
2012 2012 20
2038
512 Jan 19
$6 preferred
No par
600
20
*19
2012 1912 20 .19
, 3,500 General Refractories_ __No par
181
4 18
185 19
8
212 Feb 27
19
17% 1712 183
1918 1712 1812 17
on% 42
*3812 39
38
70 Gen Steel Castings prof No par
93 Feb 17
2
*38% 40
3812 38
*3812 39
38
4
/
1
1612 1714 1612 1714 164 17%
9 Anr 20
/
1
4
/
1
1612 17% 164 1714 165 173 100.800 Gillette Safety Razor_No par
Cony preferred
1,700
2
No par 47 4 Apr 19
*57
60
57
56
59
5714 571 59
57
57
/
4
574 57
614 612 7.600 Gimble Brothers
8
6 4 Vs
2
6 s 67
At Feb 9
No par
5
8
612 65*
614 612
81/4 65
31
32
31
Preferred
800
31
514 Mar 1
31
*3014 35
*3014 33
100
31
32
32
1672 14,000 Glidden Co (The)
4 16
163
3 4 Mar 2
2
No par
1612 1512 1618 157 1612 164
16
1612 16
86
Prior preferred
160
100 48 Apr 22
8212 8212 .83
8412 844 86
82
8412 82
8212 82
145* 155* 135,900 Gabel (Adolf)
3 Feb 16
No par
4 145 16
115s 1214 115 12
8
1114 1414 1322 143
2512 257 x25
12 Fob 27
2512 24% 257
24 4 2614 25% 274 255* 2612 50,600 Gold Dust Corp v t a. No par
3
$6 cony preferred-No par 100 Jan 18
*104__ *104
_ *105 110%'105 11018
_4_ 4
.*105
'105
8 1838 20 159,600 Goodrich Co (B F)
3 Mar 2
8
No par
173
4
1612 1
714 16% - 8 165* 17% -- - 177 207
173
1W
59
9 Fob 2g
Preferred
5614 63
58
100
605* 6,600
5812 5812 5512 5512 55% 53% *55
425s 44 119.000 Goodyear Tire & Rubb_No par
9 Feb 27
/
1
4
4112 411g 447
391 40'8 3814 392
40
4 3734 42
4
1st preferred
2,000
7818 793 *7812 79
4
No par 273 Mar 2
78
*7914 8014 7812 7812 78
784 78
75 Apr 4
1512 1512 1718 23,600 Gotham 911k Hose
15
No par
145* 1514 1454 153
8 1412 15
8 145* 153
*66
75
Preferred
75
100 41 Apr 3
•66
75
*6734 75
.66
*673 75
4
*673 75
4
47
51 163,200 Graham -Paige Motors
54
5
47
47
I Apr 3
I
538
47
8 518
514
1
48* 5
4
1414 147 15,600 Granby Cons M sin & Pr__100
37 Mar 2
144 1514
15
14
/ 15% 1412 155* 14% 145* 14
1
4
.
97
5
3 8 Mar 2
7,000 Grand Union Co tr etts.No pa
914 97
91s
9% 978
95g 974
912 9 s
7
95
8 978
35
35 .34
• 347 35
No POT 2212 Apr 5
600
35
Cony prof series
36
3512 3512 3534 36 .35
8
llis Mar 24
800 Granite Clty Steel
30
3012 297 3014
No par
30
*2712 31
30
30
304 305* 30
15 Feb 28
/
1
4
343
8 3.100 Grant (W T)
/
4
No par
35
35 4 3612 341 3514 34
3
35
36
355 36
8
35
514 Feb 27
15
155 45,600 CH Nor Iron Ore Prop No Par
8
15 4 16
3
•
14
/ 1612 157 1612 1514 16
1
4
/ 1538 16
1
4
s
3534 33% 368 191,600 Great Western Sugar-No par
Vs Jan 19
8
294 304 2912 305s 2912 307
2 295 33% 34
100 7212 Jan 3
140
s
4
Preferred
s
1054 1053 1055 1055
10578 10572 10412 105
*105 106 *105 106
37
22 Mar 3
No par
414 131,400 Gr1gsby-Grunow
334 45,
3
8
338
34
378
34 35*
34
3
2
4
yi -1214 121- -Hz, -1-3-1-
• ilid ar i asked urines no sales on this day. a °Minna? 4ale
r iii 4.v. .11
/ :-.;
--14 4/
.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
2 per snare $ per share $ per share
5 June 12
1 June
21 Dec
183
8June 22
614 June 1514 Jan
9112Ju1y 10
54 July 122 JaD
2454 July 7
7 May
DA Oct
2912July 7
12 Apr 191s Sent
30 July 7
20 May 262 Dor
/
1
4
4
7 Jan
/
1
4
353
8July 8
12% Dec
t114 June 1812 Sept
25 July 8
18 June 8
6 June 185 Sept
8
18 June 12
5 July 23 Feb
15 Dec 121 Feb
8
10 4June 2
3
23 May 67 Nit,
6312June 29
ty Dar
105
Rh Sow
8May 29
512 June 15 Sept
283
8June 30
10218June 13
87 May 10138 Nov
611 Sept
1 June
10 July 3
3514 July 87 4 Jan
893
4July 14
2
Oct
99 Jan 125
130 Mar 20
3 June
15 June 9
9 2 Sept
7
22 July 50 4 Feb
8July 7
3
847
117 July 7
8034 June 10518 Aug
514 July14
218 Sept
%June
12 Jan
/
1
4
214 May
23 June 12
3
852 June 32 4 Mal
2712July 13
61 June 10014 Fe!
88 Jan 5
212 Jan
814July 3
'z June
4 Jan
%June
4's July 14
2 4 July
3
153*June 13
16 Sept
10 4 July 64 Jan
3
3612June 12
8% July 5512 Jan
323
4June 13
1238 June 3314 Mar
54 July 10
8 AID
4
4 June 19
la Jan
6 June 7
1 Sept
18 Jan
371 Sept
/
4
16 July
8July 11
615
98 May 115 Nov
118 July 13
4 June 25 Feb
143
4June 12
51
Feb
16 July
47 June 13
18 July
57 Mar
8June 12
497
25 June 613 Mar
4
55 June 13
1012 Dec 19 Jan
133
8July 7
714 Mar
2 June
1814July 7
2 Sept
/
1
4
12 May
712June 28
114 Jan
/
1
4 Jan
1012June 7
9
8
134 Sept
1 Sept
28June 8
5
4 Aug
1 June
814June 13
214 Dec
618 Aug
111
/
4June 2
3
42 June 3
10 Dee 47 4 Mar
•Ju'
17 Sept
8
3 June 8
7 8 Jan
7
14 July
11 June 2
814 be. 22 Jan
1412June 12
b4 Mar
30 June
58 July 8
13 June 35 Sept
75 June 10
35 Feb
113 ma)
4July 10
113
/ May
1
4
4 8July 7
7
23* Aug
3
214 Dec 10 8 Mar
4June 12
63
3
612 June 15 4 Sept
27 July 14
27 Jan
/
1
4
6 May
36 July 6
2
1012 June 187 Aug
29 July 13
45 July 68 Aug
75 June 7
35 July 5412 Dec
70 4July 7
8
10 Feb
4 Apr
/
1
4
18 July 5
63 July 99 Nov
97 Jan 10
814 Sept
2 June
19 June 7
3 May 1014 Feb
/
1
4
16 July 13
157 Sept
3 May
23 July 7
74 Aug
1 July
2178June 19
1014 June 223 Sept
2614June 13
57 Aug
1 July
478June 6
15 Oct 7212 Jan
49 June 12
8
10 May z285 Nov
415
8July 13
127 June 7
Oct
- May 218
26
31 June 13
3 June 32 Feb
23 June 13
3% Sept
14 June
4
/
1
4June 28
512 Dec 17 Jan
20 June 1
512 Sept
%June
12 June 20
26 June 71 Sept
85 July 7
8
912 June 35 4 Mar
42581uly 14
/
4
4
43 June 151 Jan
2212July 7
1012 June 198* Mar
2078July 10
5 Aug
1012July 7
Is June
5 Sept
4 May
1112June 9
1112 Sept
112 May
23 June 9
3
34 June 25 4 Sept
46 June 9
2
20 June 383 Mar
4
481 June 23
75 June 106 Dec
112 Jan 25
812 May 2618 Jan
3Q14 July 8
117 Sept
8
10 8 July
5
1218June 20
19 8 May 4012 Mar
5
39 July
2 4 Feb
3
2 8June
7
% July
3 June 2444 Jan
1612June
54 July 30 Aug
1812June 2
514 July 40 Feb
20 June 1
18.8 Apr 25 Mar
3912July 1
28 May 4812 Sept
71 June 2
76 July 9612 Dec
104 June
7% June 2438 Jan
3312July 1
5614 July 8714 Mar
94 July 1
9 Feb
4 June
24 June 1
4 Jan
2 Nov
52
1018June 1
14 Jan
212 July
17 June 1
2712 Jesse 60 Feb
66 June 22
718 Aug
1 May
8
/
1
4June 12
8
64 July 285 Jan
4912July 6
24 Sept
458.1une 24
/ May
1
4
/
1
4
5 June 16 Sept
22
/
1
4June 26
15 June
4
19 4July 5
3
153* Sept
8 mar 27 Aug
3912July 14
10 8 Jan 2414 Mar
3
204 Jan 11
45 June 7212 Aug
75 Jan 9
%June
3 4 Aug
2
Mauna 27
Jan
33 July 7
63 Dec 31
s
3
3 a June 10 8 Sept
2June 22
173
35 Apr 76 Sept
86 July 14
22,, May
8 Aug
16 July 13
3
84 May 20 8 Sept
2714 July 13
70 July 10112 Dec
104 June 12
123 Sept
8
214 May
sJuly 13
207
7 May 3314 Sept
63 July 13
512 May 2934 Aug
447
8July 13
19 4 June 694 Aug
4
8014July 6
714 Jan 308 Sept
1712.1une 12
4
50.4 Jan 70% Oct
73 July 3
1 May
S's July 12
4 3 Jan
5
2 g June
3
155,June 13
115s Sept
1058June 26
314 June
9 4 Mar
3
22 June 3514 Mar
363
8July 3
3058July 11
6 June 17 Sent
/
1
4
363
8July 7
1412 May 3014 Mar
163
5 June 1314 Jan
4July 11
12 Aug
314 Apr
3632July 14
106 May 31
48 June 83 Aug
12 Apr
22 Sept
4
43
8July 13
New York Stock Record-Continued-Page 5
456
July 15 1933
la" FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST,
SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
July 8.
Monday
July 10.
Tuesday
July 11.
Wednesday
July 12.
Thursday
July 13.
$ per share 8 per share 8 per share $ per share $ per share
3
3
212 3
25
8 31
35
3
31
4 44
31s
.31
34
33
33
33
36
33
344 343 38
*60
60 - 60
61
60
6112 6178 62' 62
62
*22
24
24
24
24
2414 2434 24 4 24
3
2518
28
28
2814 2814 28
28
28
2814 28
28
7
83
8 83
4
84 8 8
5
77
7
814
7 4 84
3
814
357 358 35
8
37
34
34
34
34 8 3512 35
3
7e
9
85
918
8 9
85
8 83
4
812 812
812 812
*63
8 7
*612 83
4 *612 7
7
7
*73
4 84
*35
36 .35
36
*35
36
*35
36 .25
36
8012 81
8012 8012 8012 8212 *8112 8212 8212 83
2214 2412 2418 2518 234 251. 234 2414 2414 2514
_ _ _ _ ____
Friday
July 14.
$ per share
334 4
36
36
62 62
*2312 25
*28
2814
73
4 818
3512 35 4
3
812 853
8
9
*25
35
8314
80
234 25
____ ____
Sales
for
the
Week.
Shares.
16,600
2,700
170
1,300
140
57,500
1,400
2.800
400
'
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range ,901C4 Jan. 1
On basis of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Indus.& Miguel!. (Con.) Par $ per share g per share $ per share $ per share
Guantanamo Sugar_ ,,No par
438May 29
la Jan 23
4 Mar
1 Sept
Gulf States Steel
No par
Pa Feb 27 38 July 13
212 June 2118 Sept
Preferred
100
1614 Jan 16 64 June 12
12 July 40 Oct
Hackensack Water
25 15 Mar 18 25I8July 13
15 May
23 Jan
7% Preferred class A
25 25 Apr 8 287 Jan 12
8
19 May
28 Apr
Hahn Dept Stores
No par
912July 6
14 Fob 28
5 July
8
414 Aug
Preferred
100
9 Apr 1 3812July 6
718 July 28 Aug
Hall Printing
_10
31 Feb 27 1012July 7
.
31y July
1118 Jan
Hamilton Watch Co...No par
212 Apr 5
9 July 14
2 June 12 Feb
Preferred
100 15 Feb 11 30 June 8
20 Oct 30 Mar
400 Hanna(M A.) Co $7 pt-Vo par
4512 Jan 4 8314July 14
33 May 70 Jan
31,600 Harbison-Walk Refrao_No par
t..4 Feb 25 2512July 11
7 May
18 Sept
Hartman Corp class 13-No par
Is AP1 3
'
13
4June 6
4 Dec
2 Sept
Class A
Is Mar 18
No par
214June 6
3 June
8
4 Mar
43 - -1
1
.
a
1 .
8
1
14
1
8
566 Hat Corp of America Cl A__1
'43
4 44
4 -4-72
7 Mar 16
8
712June 21
4 Dec
3 Aug
*25
25
28
25
*21
4
28
*21
25
*21
25
*21
25
20
63% preferred
100
518 Apr 5 30 June 21
5 Aug 20 Sept
2 4 27
3
8
25
8 27
8
21
8 23
4
28 2 4
3
3
23
4 23
2 8 23
5
4
4 8,300 Hayes Body Corp
No par
*4 Feb 27
314May 31
14 June
34 Sept
*93
993
4 94
94
9914 994 993 100
100 101
99
99
1,000 Helms ((1 W)
25 694 Jan 16 101 July 13
50 June 813 Sept
8
•16
173 .1212 15
4
15
16
*12
1618 1618 1618 *15
1512
900 Hercules motors
No par
3 Mar 20 17 July 6
43 June
4
811 Jan
5614 5614 5512 57
55
5512 54
55
54
3,900 Hercules Powder
55
55
56
No par 15 Feb 27 63 July 1
13 8 Aug 2912 Sept
7
*106 10614 10614 10718 a106 10714 10614 107 *107 10712 *107 10712
220
87 cum preferred
100 85 Apr 5 10714 July 11
7012 June 95
Jan
58
58
58
*5614 58
57
57
58
66
68
6612 683
8 1,600 Hershey Chocolate-- __No par 3518 Mar 29 58 8July 5
7
4312 July 83 Mar
*83
843
8 8312 84
817 823
8
4 8112 83
8314 8314 8214 8212 1,100
Cony preferred
No par 64% Apr 5 85I8June 8
57 June 83 Mar
84 93
814 9
814 93
2
84 853
83
8 8%
814 83 18,000 Holland Furnace
8
No par
34 Jan 4 1012June 20
314 Dec 1212 Aug
87
8 9
853 83
4
812 812
814 812
838 812
814 918 4,800 Hollander & Sons (A) No par
214 Mar 2 10i2June 7
2 4 Dec 10% Mar
3
239 250 245 250 245 245 *230 245
2357 2357 235 236
8
2,000 Homestake Mining
8
100 145 Jan 16 250 June 8 110 Feb 163 Deo
1212 124 *1253 1212 1212 1212 125 123 *12
8
4
123
8 123, 14
1,100 Houdaille-Hershey cl A No par
8
418 Apr 7 15 June 8
6 Dec
712 Nov
58 54
5
54 58
3
3
7
512 5 4
55
3
8 54
53
8
3
8 57
55
8
8 63 22,800
Class B
1 Mar 2
No par
63
4June 9
1 May
412 Slept
.4818 491. 4912 4912 *484 49% 4818 4818 *474 494 *484 49
300 Household Finance part pf.50 433
4Nfay 16 5114 Jan 12
424 June 5718 Jan
343 3511 3412 3514 34
4
343
4 333 3712 36
4
3718 3514 3612 17,100 Elowton 011 of Tex temotte100
814 Mar 13 3712July 7
8 4May 2814 Sept
3
64 74
612 67
8
614 612
612 78
67
8 718
63
4 7
25,100
Voting trust ctfs new--25
17 Feb 28
8
73
8July 7
118 May
538 Sept
25
2618 247 26
2512 24
25
25
25
267
8 26
2714 18,000 Howe Sound v to
25
54 Jan 3 27'., July 14
47 Dec 1612 Jan
8
143 1512 148 1518 14
4
15
4
133 15
147 1614 15
8
153 58,400 Hudson Motor Car-„No par
4
3 Feb 28 1614July 13
2 s May 114 Jan
7
57
614 63
8
73
6
614
7
612 7
67
714 73 94.500 Hunt, Motor Car Corp
4
15 Mar 3
10
8
73
4July 13
14 May
_
__
538 Jan
__ __
_
_ __ _
_
_
Indian Motooycie
14 Mar 16
No par
2a8June 6
53 June
218 Sept
i
3 4 14 .33. 1
3
.3.
4
ii4 14
31
i
1
5
14 i.a5ii Indian Refining
3412June21
118 Apr 11
10
1 Apr
234 Nov
6612 6812 664 6718 6512 69
67
685
8 6753 68% 6814 76
54,900 Industrial Rayon
No par 24 Apr 4 76 July 14
718June 40 Sept
66
6712 66
667
8 65
67
69
68
68
72
7012 70
11,400 Ingersoll Rand
No par 1914 Feb 27 763
4June 12
143 Apr 447 Sept
4
8
44
44
4412 4412 43
4312 41
4212 4212 4312 43
4412 4,500 Inland Steel
No par 12 Feb 27 457
sJuly 7
10 June 277 Sept
8
83
4 912
9
94
85
8 9
9
83
83
4 9
814 84 14,200 Inspiration Cons Copper_ _20
2 Feb 25
9I2June 2
1
4May
73 Sept
4
34 314
314
314 314
353
314 34
314
314
314
314 1,200 Insuranshares Ctfs Ino.No par
14 Mar 29
37 j e 10
0ua 8
nn
314 u
1June
312 Jall
87
414 412
412 412
34 412
4
4
418 43
8
418 414 3.100 Insuranehares Corp of Del..-1
1% Apr 5
412
July
Sept
3
3
33
3 8 34
,
318 34
314
4
3
14,000 Intercont'l Rubber._ No par
353 4
%Mar 21
4 July 13
14 Apr
318 Aug
1053 1012 1038 103
4 1014 1012 1014 1118 1118 12
1118 1153 19,900 Interlake Iron
No par
12 July 13
218 Mar 1
1% July
714 Sept
353 37
3 8 34
33
5
37
8
312 33
4
312 338
4,600 Internet Agricul
33
8 338
No pa
418July 5
7 Feb 17
8
14 Apr
34 Aug
20 20
21
*18
*1812 20
18
19 .18
19
1912 193
600
Prior preferred
4
100
5 Jan 3 2214July 5
3 4 Apr 15 Aug
3
8
1387 13914 13712 140
4
1343 13612 134 13814 139 141
4,600 Int Business Machlnee_No par 754 Feb 28 142 July 14
139 4 142
3
5212 July 117 Mar
984 1018
97 10
94 10
914 97
94 97
97
9
8 9,300 Internet Carriers Ltd
1
2 8 Jan 16 107
7
8July 7
114 May
54 Jan
3612 373
4 363 37% 37
4
3712 36
367
8 364 3814 37
373 10,900 International Cement-No par
4
618Mar 2 3918July 7
S5
sJune 1834 Jan
4212 4378 4212 4414 4212 44
424 433
8 4318 443
4238 44
92,300 Intenlat Harvester---No par
135 Feb 28 45 July 6
8
10 8 July 3418 Aug
3
•116_ 11618 11618 *116
_ __ *118
_ *118
_ . 11812 11812
20
Preferred
100 80 Jan 6 11812July 14
683 JIM 108
4
Jan
1014 1- 8 103 1118 193 11
05
8
4
10 li
tots if', 1014 103 28,500 Int Hydro-El Sys el A_No par
4
212 Apr 4 1112July 13
25eJune 115 Mar
57
8
54 6
3
6
612
6
64 64
614 6 8
3
5 4 1318 5,400 Int Mercantile Marine_No par
3
114 Jan 4
°Wane 20
'eJune
414 Aug
19
2012 194 204 183 1938 19
4
2053 2014 207
8 1914 2018 299,200 lot Nickel of Canada--No par
ilia Feb 27 207 July 13
3
312 May 124 Sept
*104 107 *105 107 *104 109
104 104
105 105
104 104
400
Preferred
100 72 Jan 11 105 July 13
60 June 86 Mar
19
20
19
21
19
213
4 19
204 1912 2014 20
2014
970 Internal Paper 7% pref.-l00
212 Jan 4 213
4/167 11
13
8June 12 Sept
97
634 8
9
10
94
818 912
8
8 8 812
3
814 12,300 Inter Pap & Pow el A-No par
12 Apr 21
10 July 10
12 June
43 Aug
8
318 418 a514 5 4
3
47
8 512
412 5
412 5
8 14,700
58 July 10
4
Class B
14 Apr 1
No par
14 May
2 Aug
212 2 8
3
27
s
8 33
318 4
312 4
312 3 8
7
33
; 3513 37,100
Class C
4 Jan 6
No par
4 July 11
14 Apr
112 Sept
1712 197
8 2012 2138 2012 2212 21
22
2014 2118 20
2012 17,700
Preferred
100
2 Apr 6 2212 July 11
18 Dec 123 Sept
4
8
1114 1114 12
12
12
12
113 12
4
1218 1218 12
12
1,200 Int Printing Ink Corp-No par
13 July 3
34 Feb28
3 Dec
858 Mar
*65
70
*65
70
70
*65
*6214 70
*6214 70
*603 70
4
Preferred
100 35 Apr 18 70 June 26 x243 Jan 45 Nov
4
2512 2512 2512 2612 2 8 2 4 2
57
68
2
64 2618 2612 2514 2611 4,500 International Salt
6
4
133 Mar 28 273
4July 5
No par
9 4 June 234 Feb
3
52
514 53
527
8 5112 5214 5118 5212 515 53
8
50
513 11,800 International Shoe_ _ _No par 2453 Jan 3 54 July 6
4
204 July 443e Jan
8
35
36
34
3612 3438 424 43
47
483 52
4
513 58
4
40,500 Internattonal Sliver
WO
934 Feb 25 58 July 14
712 July 26 Sept
61
61
63% 64
61
6512 6612 70
66
6812 6712 illy 2,770
7% preferred
100 2412Mar 2 71l July 14
26 May 65 Feb
1953 20 a19
2053 19
193
4 183 20
19 4 203
3
4 19% 213 641,900 Inter Telep & Tele;__No par
54 Feb 28 213
4July 14
2% May 154 Sept
818 812
74 814
7% 814
8
712 818
8 14
5,600 Interstate Dept Stores_No par
712 8
lii Mar 2
8 8July 7
7
112May 11
Jan
36
34
3838 373 393
36
4
4 3834 403
8 39
3912 383 39
8
2,170
Preferred
12 Apr 7 40s July 12
100
18 June 5212 Jan
11
11
11
11
1012 1012 1014 1014 .938 1014 10
1014 1,300 Intertype Corp
No par
17 Jan 24 1114July 7
212 Dec
7 Apr
*2914 29 4 2912 30
3
294 297
29
2912 29
304 30 4 313
4 5,000 Island Creek Coal
3
II Feb 27 313
1
4July 14
1014 Apr 2012 Aug
437 443
4038 4134 42
413 43
4
4214 41
4218 41
42
3,700 Jewel Tea Inc
No par 23 Feb 27 45 July 7
1518 May 35 Feb
3 55
5234 545
53
5412 557
5214 5412 54
5714 5312 56
60,800 Johns-Manville
No par 124 Mar 2 5812July 6
10 May 333 Sept
8
*103 1044 10414 106
106 10618 10412 10412 .99 8 103
7
*99 8 103
7
270
Preferred
100 42 Apr 5 10614July 11
45 July 993 Jan
4
8312 83
83
83
83
8412 85 85
*8612 91
84
84
330 Jones & Laugh Steel pref 100 35 Feb 1 85 July 12
30 July 84 Jan
814 83
8
818 814
8
8
77
8 8
712 73
4
7 8 712 2,400 Kaufmann Dept Stores $12.50
3
23 Mar 15
8
93
3Julle 9
3 May
914 Mar
185
18
4
173 183
8 1712 181s 1714 173
4 17
177 1812 15,300 Kayser (J) & Co
18
8
6% Feb27 1912July 5
25
43 July 1438 Sept
4
•
4
4 14
37
8 412
37
414 412
43
4
518 553 58,800 Kelly-Springfleld Tire
412 618
%Mar 2
6
618July 13
_._ ____
_:__ ____
•*20
25
243
4 2412 2434 24
24
24
24
28
26
26
2,500
6% Prer
No par
6 Feb 28 3118June 2
__-. *612 8
*612 78
*612 7 4 *612 7
3
63
4 63
200 KeiseyHayesWheelconv.cLA 1
714 714
2 Feb 27
8 May 12
*54 6
*54 6
*518 57
8 *518 6
*518 6
*518 6
Class B
2 Mar 27
1
4June 26
133
4
114 118 1114 113 a1034 1112 11
1238
1134 121
1114 1'2
61.700 Helvinator Corp
No par
34 Feb 28 1212July 7 . 4 may 163; Feb
21
65
*62
73
73
*60
62
62
65
*60
65
*60
65
30 Kendall Co pt pf ger A No par 30 Jan 10 73 July 8
17 July 38 Feb
2418 252 243 2512 23 8 2412 23
5
5
8
2414 24
s 2318 2418 262,300 Kennecott Copper
247
74 Feb 28 2558July 8
8
No par
475J100 194 Sept
•244 251 *24 2514 *23 25 2218 2212 2214 221 2118 22
1,100 Klmberley-Clark
No par
7
6 8 Apr 8 2538July 7
64 Dee 1912 Jan
57
6
614
64
6
54 6
3
512 g's
64
55
4 5.200 Kinney Co
8 53
No par
1 Apr 3
614June 7
12 Apr
5 Sept
*2512 30 *2512 30
*2512 33
28
*28
28
297 297
30
s
45 Feb 14 30 July 7
200
8
Preferred
No par
3 June 19 Aug
1534 1678 1614 1678 1578 1638 1534 163s 16 161 157s 1638 51,700 Kresge(5 8)Co
612mar 2 167
10
8July 8
653 July 19 Jan
100 1003 *9912 100
8
100 100 *10012 108 *10012 106
'10038 10
6
190
7% preferred
100 88 Apr 4 105 June 14
88 May 110 Mar
40
401 *40
4314 433 4414 43 4312 3,600 Kress 13 H)& Co
4012 411 1 4234 42
4
No par 27 Jan 17 444 July 13
18 June 37 Jan
344 343
3414 35
8 3412 3518 3434 3512 33 4 3512 27,800 Kroger Gra) & Bak-No par 1412 Feb2) 3538July 11
337 355
3
,
10 May 187 Mar
2
38
3853 3712 3814 3712 3818 3718 383
8 38
3812 3712 3818 15,100 Lambert Co (The)----No par 2218 Mar 2 4014June 13
25 May 563 Jan
4
*718 10
718 718
7
*7
71
93
8 *7
94 *7
912
120 Lane Bryant
No par
3 Feb 8 1012June 28
2 May
75 Aug
8
97 1014 10
9
9
918 93
912 1014
1112 1014 1114 27,700 Lee Rubber & Tire-6
3114 Mar 2 11 12July 13
13 Apr
4
84 Sept
24 4 25
3
244 243
2412 247
233 24
4
233
23 4 23
23
8 2,000 Lehigh Portland Cement_.50
3
57 Jan 5 27 June 20
3 8 Apr 11 Aug
5
85
*75
75
75
*75
85
*75
•75
85
85
*75
85
50
7% preferred
100 34 Feb 9 75 June 7
40 Dee 76
Jan
514
5
5 '' 5l4
44 51
434 5
5
512
514 638 23,100 Lehigh Valley Coal___No pa.
1 Jan 13
618July 14
I May
43 Aqui
4
93 101
10
10
10
10
9 4 10
3
10
5,100
10% 10% 12
Preferred
50
212 Apr 10 12 June 10
14 July
1112 Aug
7718 781
7618 771
7512 761z 76
7878 773 7812 755 7814 13.800 Lehman Corp (The)._ _No par 374 Feb 28 794JulY 7
4
8
go%„Noe 517s Sept
2178 223
8 22
221 1 22
22
213 2214 2214 223
4
8 7,500 Lebo & Fink Prod Co
4 2214 223
6 14 Feb 27 234June 6
6 May 2414 Mar
3012 311
s 30
3018 307
313
3212 3053 32 141,800 Libby Owens Ford Glass No par
3014 314 31
4 4 Mar 1 3312July 5
3
A May
938 Sept
94 9412 *92
94
924 921
9212 93
92
9312 9212 93
1,200 Liggett & Myers Tobacoo-26 49 Feb 16 9512July 6
3214 June 654 Oct
943 9512 9312 9412 93
4
9212 9312 93
94
943
8
8 9372 943 12,100
Settee B
25 4914 Feb 16 9738July 6
344 May 6714 Sept
•137 138
137 137 *134 137 *134 137
1363 1363 137 137
4
300
4
Preferred
100 121 Mar 22 137 July 7 100 May 132
Oct
19
1912 183' 1914 1814 19
8
1912 187 1912 5,300 Lily Tulip Cup Corp-No par 13 Apr 6 2112May 16
1814 194 10
14 June 21 Mar
28
2714 278
2814 28
4 28
29
20
28
28
29
27
4,009 Lima L000mot Works_ _No par 10 Jan 17 313
4July 3
812 Apr 193 Aug
8
*1514 18
18
18
1812 18
16
1,900 LInk Belt Co
1614 1612 173
4
4 173 18
634 Apr 17 193
No par
4Ju1y 5
6IIJ,lne 14 Mar
377 3814 3612 3812 3712 4114 391 1 42
417 463
s
4 43
453 62,900 [Auld Carbonic
4
No par 1014 Feb 25 463
4J11ly 13
9 May 22 Mar
243 2518 2418 273
8
4 2618 273
51,600 Loew's Incorporated-No par
8
4 257 2712 2612 273
27
8 26
84 Mar 22 2733 July 10
1314 May 373 Sept
4
70
70
713 713
4
8
8
4 717 717 *71
717
8 723 73
74
1,000
73
4
Preferred
No par 35 Apr 4 74 July 14
89 July 80 Sept
4
4
418
4
8
338 4
3 4 3% 16,200 Loft Incorporated
3
35
338 37
8 4
No par
13* Feb 24
414June 8
17 June
8
5 Sept
37
37
378 37
4
4
514
4
418 5
434 514
19,700 Long Bell Lumber A.
12 Feb 28
512June 19
-No par
14 May
2 8 Aug
7
40 4012 3912 413
413 4212 4118 42
4 4012 42
10,800 Loose-Wilee Biscuit
42
41
25 194 Feb 27 4212July 12
1618 July 3638 Feb
•117 120 *117 118 *117 1173 118 118 *117 118 *117 118
4
220
7% 1s1 preferred
100 11312May 0 120 Jan 14
96 July 118 Oct
24
247
8
8 233 245
8 2312 24
233 2414 24
8
245 33.500 Lorillard (P) Co
245
8 24
8
3
No par 10 8 Feb le 2514July 6
9 May 183 Sept
8
10518 10518 *10212 _- *103 10512 *1024 10412 *10212 10412 .103 10412
20
7% preferred
100 871s Feb 23 105'8 July8
734 Jan 10818 Sept
318
3
3
3
314
4
3
318
353 33 15,600 LoUlslana
334 4
4
Oil4
4 July 12
Ola Jan 6
12 Jan
No pa
2 July
2012 2012 22
19
187
1712 1712 *18
8 19
233 233
24
100
4
4
100
Preferred
Its Feb 24 24 July 13
3 Dec 18
Jan
2212 23
23
24
3 23
23
233
8
8 227 227
227 234 4,000 Louisville Gas dc El A_No par 13 8 Apr 8 253
24
s
7
4June 13
84 June 23% Mar
18
183
4 184 183
8,400 Ludlum Steel
4 1814 2018 183 195
1912 1812 19
19
s
4 Feb 251 20I8July 11 . Ili Jan 1188 Sept
I
56
56
*55
58
*54
55
55
58
, 200
*56
58 .54
Cony preferred
58
142 Mar 28 58 July 7
8
No par
64 Jan 26 Sept
27
1 28
2812 284 *2714 2712 2714 2712 2712 2712 2712 27'z 1,100 Mat:Andrews & Forbes
94 Feb 16 283
10
4July 7
912 Aug
1514 Feb
443 45 4 43 8 44
3
3
4
42
4212 437
4312 4212 447
28,000 Meek Truett. Inc
413 43
4
No par 134 Feb 27 463
8July 7
10 June 2853 Sept
627 64
s
6212 63
6214 6,800 Macy (R H) Co Ina
6112 63
4 6118 6212 61
6112 623
No par 244 Feb 25 65 4Juiy 7
17 June 6012 Jan
3
44 5
3
412 5
8 1,500 Madison fin Gard•t e_Aro par
5
5
412 47
44 51s
43
4 514
13 Mar 30
7 June 26
8
218 Jan
412 Sept
177 194 177 18
8
17% 177
8 167 1712 173 18
6,700 Magma Copper
173 177
4
4
8
614 Mar 2 194 July 8
No par
44 Apr
1334 Sept
45
4 4 47
3
2
43
4
2 43
44 47
414
4
44 a4
4
4,900 MallInson (11 RI & Co-No par
514June 29
7 Feb 18
$
4 Jan
4 Sept
25 •20
25
25
*20
25
*20
25
*20
25
*20
25
10
7% preferred
4July 6
100
3 Feb 10 263
4 Aug 104 Sept
*3
38e 1,300 Manatl Sugar
3
34
312
3
3
3
3
318 33
3
8
IOC
14 Jan 4 4 June 6
la Mar
214 Sept
612 612
612 63
4
6 4 67
3
*6
714
520
Preferred
714 71
2
612 714
Ion
is Jan 6 918.1une 6
14 Apr
314 Sept
*714 812 .718 8
7
7
140 Mandel Bros
8
*7
*7
8
718 714
118 Jan 3
978June 10
No par
1 Dec
453 Sept
167 17
*16 4 17
8
3
167 194 1914 20
8
8 2014 2114 23.700 Manhattan Shirt
1912 207
25
512 Apr 1 2114July 14
34 June
9 Aug
27
8 28
27
27
7
8 3
3
6,500 Maracaibo 011 Explor_No par
34
3
34 4
33
4 4
4 June 12
4 Jan 13
3s June
14 Aug
gas 934
91
8 954
93 10
8
953 10
978 103
'
8
23.800 Marine Midland Mem .. _.10
97 s 10
511 Mar 31
1111 Jan 9
6I2June 145s Aug
•Phi and &pawl mitten no outlor on tale 451'. a Oatlanal sale • Cash sale • Anal IS Inv. 1 Ft8-41,1der4. r Ex-rlaht2.
New York Stock Record-Continued-Page 6
457
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH PAGE PRECEDING
•
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT,
Saturday
July 8.
Monday
July 10.
Tuesday
July 11.
Wednesday
July 12.
Thursday
July 13.
Friday
July 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Ja,. 1
On baits of 100
-share tots.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
Highest.
Lowest.
$ per share $ per share 5 Per share $ Per share $ per share $ per share Shares. Indus. &1111acell. (Con.) Par $ per share $ per share $ Per share $ per share
.1814 185
8 18
6 Feb 27 2014June 3
No par
18
17
17
1812 1712 1818 1,600 Marlin-Rockwell
177 18
8
18
53 Slay
4
133 Sent
4
14May 5
Marmon Motor Car__ _No par
218June 6
312 Sept
13 API'
7 1713
414 Jan 30 183
17
177
8 17
1712 1612 1710 ----16
173 16,200 Marshall Field & Co_ _No par
8June 3
4
17
3 July
1312 Jan
14
Feb 27 3838July 13
3212 3312 3212 3314 3134 3318 323 368 37
383
8 3512 377 42,100 al athleson Alkali WorksNo par
4
9 June 20% Mar
95 Feb 24 32 July 5
3,800 May Department Stores___25
3
313
8 3012 31
3014 3012 30 4 3114 30 4 315
3
8 308 3112 31
Jan
912 June 20
118 Apr 10
No pat
7
73
4
712 812
75
812July 10
8 814
712 812
73
4 814 22.800 Maytag Co
818 812
1 July
6 Aug
318 Apr 4
12
Preferred
No par
1214 13
13
137 *13
8
13
137
1312 1312 1318 1318 1.200
14
8July 10
3 Apr
101 Sept
:
437 437
15 Apr 5 437o July 13
03818 44
par
42
Prior preferred
No
42
.3812 42
90
39
40
40 40
2218 Dee 3514 Jan
28
No par 13 Mar 3 30 June 29
2812 2814 2812 28
2812 2878 :2712 2812 3.900 McCall Corn
29
2818 285
10 May 21
Jan
33
3 Apr 15
8
358 4
358 334
3138 4
33 11,400 McCrory Stores class A No par
4
8
47
8June 8
3 8 37
5
312 37
612 Dec 16 Apr
43
43
4% 412
Class B
No par
414 414
114 Jan 13
7,200
4
35
4 14
8 4%
312 4
6 Jan 5
5 Dec 19
Jan
212 Mar 17 21 Jan 9
3,300
Cony preferred
1612 1412 15
100
15
15
1434 1514 15
1412 15
143* 15
20 Dec 62 Feb
73
713*
3 Apr 4
73
S18June 12
712
7
714
7
73
712 712 2,800 McGraw-Hill Pub Co_No par
7
4
712
21: May
712 Jan
3
44.000 McIntyre Procupine Minee5 18 Mar16 33 8June 12
3114 3314 317 3318 30 4 3214 3112 3212 3114 3212 3112 32
3
13 May 2158 Dec
8912 90
8714 90
87
54 90
8614 863
4 8512 861 2 8612 92
28 June 6214 Feb
% 6,300 MeKeesPort Tin Plate_No par 4418 Jan 4 02 July 13
5
134 Mar 2 1312July 3
10
103
4 10
1012
8
4 105 1112. 121,900 McKesson & Robbins
912 10% 1014 11
11 18 113
110 June
612 Sept
50
35 Mar 3 25 July 1
8
Cony pref serles A
233 12,800
8
207
1912 2018 20
22
20
21% 20% 213
4 2212 23
3% May 23 Feb
218 214
2
14 Feb 24
212
No par
July 11
23
8 33
3
212 3 112.500 McLellan Stores
3%
23
4 318
3 July
8
4 Mar
1512 17
163 1814
218 Jan 16 2278July 11
4
8% cony pref ser A
8
100
5
173 227
4
177 19 8 177 188 1,750
8
8 193 21
4
7 Dec 36 Mar
82214 23
2218 28 2218 22% .22
83 Feb 27 225
4
57o par
22
300 Melville Shoe
222
23
23 .22
8July 7
77 Dec 18
8
Jan
1178 123
1212 13
I
28.000 Mengel Co (The)
2 Mar 1
4
1218 13
13 July 8
115 121 1
8
1218 13
12
1214
1 July
5 Aug
46
7% preferred
46
230
45 45
100 22 Jan 28 4612June 29
45
43 43
44
43 43
448 45
20 May 38
Jan
8 19
1914 193
1918 187 187
5
7 Feb 24 2014June 28
4 1918 1938 2,500 Mesta Machine Co
8
8 1818 1814 1818 183
514 May
1913 Jan
*1712 20
Metro-Goldwyn Pict pref__27
*1712 20
1312 Mar 1 2014June 7
20
*18
*1712 1912 819
20 .183 20
4
14 June 2214 Jan
838 12,000 Sliami Copper
13* Mar 3
8% 878
8
814 83*
93
5
4June 2
818 812
812 9
814 8%
614 Sept
l's June
3% Mar 2 16 July 7
1514 16
143 153
4
4
8 1412 1518
1514 153 45.200 Mid-Continent Petrol__No par
143* 1512 1514 157
3% Apr
8% Sept
167 173
8
8 17
3 Mar 2 173
171.1
4 4.900 Midland Steel Prod- __No par
1612 163
163* 1712 167 173
4JulY 7
8 1612 17
8
2 June 123 Sept
8
68
8% cum lot pref
63
100 26 Mar 3 70 June 9
69
865
200
68
*65
68
70 .65
68
68
*65
25 June 65 Sept
1,030 MInn-Honeywell Regu.No par
*2514 26
*2518 26
13 Apr 4 27 July 13
26
26
27
2518 254
11 June 2312 Jan
253* 253* 25
412 43
4
438 43*
re Feb 3
47
414 4%
5July 7
418 43*
418 412 29,200 Minn Moline Pow Impl No par
414 412
%June
3% Aug
2418 2418 020
Preferred
No par
243
4 3,6011
8 Feb 7 273
2412 21
4June 13
21
2312 2312 2414 2412 24
4 Dec 143* Aug
1812 1918 1814 1834 18
7 Jan 23 2114 July13
1812 1812 193
512 June 14 Sept
4 2012 2118 28,100 Mohawk Carpet Mills_No par
8 1913 21,
563 58
4
5712 5818 57
623
4 623 6414 7,500 Monsanto Chem Wks._No par 25 Mar 3 6414 July 14
4
59
57
5612 58
4
133* May 303 Mar
2718 28
263 2734 2634 2712 2612 2814 2712 2814 2612 2712 201,300 Mont Ward & Co loo No par
85* Feb 25 287
4
8July 7
312 May
1612 Sept
*50
No par 25 Jan 6 56 July 3
52
*50
52
523 5412 2,700 Morrel (J) & Co
4
53
*49
51
51
50
*50
20 May
3514 Mar
112
112 21.800 Mother Lode Coalltion_No par
1%
13*
138
18 Jan 9
112
218June 22
138
112
138
112
18 May
13
1 12
3 Aug
4
414 July13
2% 25
8
212 234
14 Jan 5
37
8 418 135,900 Moto Meter Gauge&Eq No par
4 414
234 312
33
314 3 4
3
114 Sept
14 Apr
734 Mar 1
30
31
3212July 1
30
31
4
2912 3014 2912 303
4 293 30% 2014 2918 7,200 Motor Product* Corp No par
7 8 June 293 Sept
3
8
97 113* 1012 11-3* 10 4 107
115
No par
4
1 13 Mar 1
8
8July 10
8
8
8 103 103 30,900 Motor Wheel
9
54 97
8 105 107
3
2 June
63* Sept
No par
112 Mar 21
3,400 Mullins Mfg Co
83
4 83
9
4
9
9
812 87
9
8
83
4 9
1014June 8
812 9
2 June 133 Jan
8
120
21 18 21% .2118 22 .22
Cony preferred
2214
5 Mar 21
22
No par
25 June 9
23
22
22
2312 22
5 June 2712 Sept '
*1514 173 *16
4
5 Mar 30 183
800 Munsingwear Inc_ _ _... No par
8June 27
178
7 Aug
16
16
1518 Sept
1738
16% 163* 16,2 1612
16
1038 1078 1014 1012 10
10
43,100 Murray Corp of Amer
158 Feb 25 11I4July 7
97 Mar
4 108* 1114 1012 11
1.012 1014 103
218 July
*1712 10
No par
8 Jan 25 2012 July 10
2017 1934 20
71 June 19 Feb
4
4 2,300 Myers F & E Bros
19
193 193
1012 1914 20
*19
25
No par
2618 2614 27
2614 79,400 Nash Motors Co
11 18 Apr 12 27 July 10
2612 25
3 May
2578 267
8 2512 2614 253*
19% Sept
10
118 Feb 28
7
73
714
7
714 6.100 National Acme
4July 7
7
718 *63
114 May
4 7
6% 7
514 Sept
65* 7
3.400 National Hellas Hess pref..IGO
114 Jan 27
8
1- %June 6
8
8% 812
8
8
83* 84
18 Slay
814
81.
77
8 8
6 Sept
10 3112 Feb 25 605
5712 5812 57
4 583 5917 5812 595* 571 535* 41,600 National Illscult
583* 575* 593
8
8June 28
8
2014 July 467 Mar
800
•13578 137
7% cum prof
100 118 Mar 3 1387 Jan 10 101 May 14214 Oct
1343 1357 135 135
4
13612 13612 137 137 *136 140
2058 2114 20
8
211
2117 2018 21
513 Mar 2 2212.July 13
20
203 22's 207 213* 53,200 Nat Cash Register A__ _No par
8
z614 Dec 183 Sept
4
2312 2418 2312 24
:
No par 101 Feb 27 25 June 29
8
8 238* 247 112.000 Nat Dairy Prod
143
8June 313* Mar
2312 24
23% 243* 234 243
218
214
Is Mar 15
218 214
17
8 4,800 Nat Department Stores No par
2I2June 26
214 214
18 2's
2% Aug
178 218
'4 June
Preferred
120
618 618
100
114 Feb 23 10 June 6
712 712 *6,
*6% 7
114 Dec 10 Aug
8
7
7
7'2 *618 71
10112 10314 1023 107
4
13 June 2714 Aug
3
11153 1153 293,900 National Distil ProdNo par 167 Feb 15 119 July 13
10414 11417 11012 116 4 114 119
,
•
$2.50 preferred
40 24 Feb 8 115 June 28
110 *_
1081
2018 May 3212 Feb
__
_--& Stamping_No pa
.121. 153 .15
5 Feb 2 1614July 7
100 Nat Enam
4
4
33 July
8
8111 Sept
% 153
16
*15- -- -- *13- -1- -1512 15% *14
I6
6
National Lead
100 4314 Feb 23 124 July 6
.120 - 125 *120 125 *110 125 .110 124 .111 124 .120 124
Jau
45 July 92
Preferred A
1014 101 Mar 1 125 July 10
123 123
500
124 124
125 125 •122 127 .122 124
87 July 125 Mar
122 122
•101 108, *100 108 *101 108 8101 103
300
Preferred B
100 75 Feb 23 10814July 13
4
108 10814 .104 108
61 July 105
Jan
183 1878
8
1835 197
67 Apr 1
8
2012July 13
4
2012 1918 2018 76,100 National Pow & Lt____No pa
65 June 203 Sept
8
8
183* 1912 19
8 183 193
533 547
18,300 National Steel Corp_ __No par 15 Feb 27 5518July 7
53
533
4 521 1 53
54
1312 JUIY 333* Sept
52
4 53
533
4 5212 533
*23
24
50
4 Apr 6 2S5
4,700 National Supply of Del
23
8June 12
24
23 8 2212 2312 2218 245* 22
5
221 23
:
313 June 13 Sept
Preferred
53
100 17 Feb 23 6014June 3
54
*50
230
5412 *50
50
*50
533
4 50
1312 May 39% Aug
52
52
54
47
4% 5
10
114May 3
8% Jan 6
612
412 July 19% Aug
618 638
63
53* 614 20,100 National Surety
64 6%
* 718
2134 213
No par
4 2114 22
612 Jan 4 26 July 13
2412 2512 75,200 National Tea Co
312 May
10% Aug
2112 23
243 26
4
2218 247
*11
No pa
1112 01012 11
Vs Jan 16 1218June 26
100 Nehiner Bros
*912 10
113 Apr
512 Jan
1012 1012 *912 11
.912 11
• Nevada Consol Copper_No par
4 Feb 28 1138June 2
212 May 1014 Sept
____
103* 11
138Mar 29 113
1014 103
4July 5
107 14,100 Newport Industries
8
D2Jun
4sePt
,
1018 10 4 1012 10
4 1018 10% 10
33
.2112 2212 21
No par
618 Apr 4 2312July 7
22
1912 1912 3.200 N Y Air Brake
414 Jun
14% Sept
21
21
20
21
1812 20
100
5 Apr 25 117
920 New York Dock
9
8June 23
912
9
918 9
318 Dec 10 Sept
*9
%
914 10
918 912
914 912
•163 - 7 *.•
IR%
17
Preferred
100
612 Mar 30 22 June 23
390
1612 1712
4
20 Apr 30 Aug
1712 *163 1712 1612 163
181 2 17
4
2
No par
2%
33 Aug
le Apr 3
2
23
17 53,100 NY Investors Inc
4June 12
2%
13
',June
13
134 2
4 2
Is 2
1618 1612 1558 163* 15% 1614
1% Jan 4 183
12.200 NY Shipbldg Corn Part ink_ _I
4June 19
158 Dec
614 Feb
155 1618 1614 173* 1614 17
A00 31 Jan 9 90 June 19
7% preferred
40
.
7814 843 .78
4
20 June 57 Mar
81
827 848 "78% 843
4
*78
*7814 82
85
*86
No par 80 alar 24 101 Jan 9
943
4 9412943* 90 90
170 NY Steam 56 pret
90
00
Oct
70 Slay 100
90
90
90
90
108 108
No par a9314 Apr 25 110 Jan 11
108 108
Si lot preferred
8
320
90 June 1091e Mar
102 10612 10214 10214 102 102 *103 1067
3234 3134 32
31
Ltd
No par 1738 Jan 14 327
8
3114 315 31,50C Noranda Min
8July 10
2l3 Sept
8
13 4 Ma
3
-4 327
% 3118 3112 3118 3112 3114 32
333 3412 34
4
15% Apr 4 36". July13
8
4314 Sept
36
134 Jun
34
3535 3334 34% 3412 3612 348 353 203,200 North American Co....,.No par
*4412 45
Preferred
50 32 Feb 28 46 Jan 12
4411 45
1,200
433*
2513 July 248 Sept
4414 4418 445* 43
4418 4418 a43
75
75
8 8
6
I Feb 27
712 8
77
8I2June 13
778 812
1% Ma
85* 103.000 North Amer Aviation
65* Dee
8
712 8
075
*733 743
4
4 75
700 No Amer Edison pref__No par 43 Apr 19 79 July 13
7934
79
75
49 July 88 Sept
2
*733 7412 741- 7422 78
4
•53
8 8
8
5 May 18 10 June 7
300 North German Lloyd
*6
8
8
Jan
25 June
8
*7
8
.7
8
8
53
..,..., 3 513
Northwestern Telegraph _ _ _50 263 Apr 27 43 June 5
37
4
*35
37
15 June 33 Aug
*35
*3312 37
*3318 37
- 301 37
.. 1
*3358 37
47
53
33*
34
,
558July 13
lis Feb 23
5% 37.100 Norwalk Tire & Rubber No par
438
212 Aug
312 33*
3 Feb
4
414
4
312 41 1
45 Feb 27 175
1618 167
157 163* 153 16
157 165 84.200 Ohio Oil Co
No par
8
8
Jan
8July 6
1618 17
11 Aug
5
4
1512 161
778 818
712 77 33,900 Oliver Farm Equip_ _No par
12 Apr
73
4 812
83
4July 7
4 Aug
118 Feb 27
75* 8
73
4
83
8
7,
2 818
*2612 2914 •24
Preferred A
No par
400
27
3
8
1014 Aug
212 May
277 27% 2612 2712
3% Feb 28 30 4June 0
27
"24
295* *26
43 Mar
7
735
6% 7
15 Mar 2
112 Jan
7 8July 7
5
4
63 12,300 Omnibus Corp(The)vtc No par
678 714
6
67
63* 718
714
13
1312 133 1312 123 133 8 1213 1318 13
97 Jan
3,300 Oppenhelm Coll & Co No par
13
13
212 Feb 28 15 June 2
1314
3 June
4
8
Orpheum Circuit Inc pref.,100
7 June 0
138 Jan 311
314 June 15 Sept
---- -___ __-- -a
231No par 1018 Feb 27 2412.1une 20
2 ;- -2•
214 23
8
9 May 22% Jan
2212 233
4 2238 2318 227 2312 :22i2 - 8 27,000 Otis Elevator
•10312 1041: *104 10412 a102 104
:
Preferred
100 9312 Apr 5 10412July 6
560
90 May 106 Nov
10414 1041 "10412 110
10312 104
814 83
814
1_
8
8
8 14 32.500 Otis Steel
8
No par
81
9,1..lune 13
114 Mar 1
114 May
818 83
914 Sept
4
4
19
19
181: 191
183
4 1812 183
Prior preferred
100
4 2,000
214 Feb 28 21%June 13
18
3
318 May 20 Sept
18 • 1934 *1834 19
8512 8612 86
4 9114 9312 63,500 Owens-Illinois Glass Co. _25 3112 Mar 3 9634July 13
963
8834 87
93
8912 9378 92
12 June 4214 Nov
297 3117 30
307 313
8
4 31
318* 33.200 Pacific Gas & Electric
25 20 Apr 7 32 July 12
305* 313
8
167 June 37 Feb
3018 32
307
3718 18,200 Pacific Ltir Corp
4 36
No par 2514 Mar 31 43% Jan 11
4 355 363* 353 3614 3612 373
8
35,2 363
20 4 June 4712 Aug
3
4
35% 353
26
26
2714 2814 27
1,700 Pacific Mills
100
6 Feb 21 29 July 5
3% May
2512 27 2 2712 2518 26
27
,
14 Aug
25
200 Pacific Telep ,fg Teleg
9411 943* 9212 943
4
94
100 65 Mar 3 913
4July 14
94
93
93
91% 911* *9112 94
68 June 104% Mar
53
4 6
8
6% 67 418,800 Packard Motor Car_ _ _No par
6
6 14
53
4 6
67
8July 14
1% Mar 24
58 6
5
112 July
55
8 57
514 Jan
*1312 14
14
*113 135
4
14
600 Pan-Amer Petr & Trans new ,5
14
8 June 2 14 July 10
1312 1312 1314 1314 .12
2812 2914 283 2912 2812 31
3214 38.800 Park-Tilford Inc
324 31
4
30
N. par
3
6 Jan 20 323 July 13
293 31
2 Apr 10 Sept
23
218
1.400 Parmelee Transporta'n_No par
218
23
23* 23
212
4
214
212
%Mar 21
Jan
4
23
3 July 1
8 23
2
8 *214
14 June
3
318
23
2% 2.500 Panhandle Prod ,Ic Ret_No par
278
3
3
3,, Apr 1/..
3
27
234
3
414June 21
27
is Dec
13* Jan
2
218
2
218
214
178 218 51,600 Paramount Publix ctts. ____10
2
218 214
23
23,,
18 Ail 5
212June 6
234 31 1
3
4
3 2 37 86,500 Park Utah C M
,
31
: 33
314
318 4
1
2 Sept
114 Jan 9
4 Apr
.8
4 July 11
33* 37
15
8
17
13
8 212
8 218 79.600 Pattie Exchange
17
No par
218
14 Jan 4
214
'.,Slay
17e
212
114 Aug
213
212July 10
2
78
714
20.600
65 Feb
714
Preferred class A_ __.No par
834
758 8
8
63
9
4 812
114 Jan 25
83
4
9 July 11
8
114 June
1814 1912 183* 191 1
195* 2078 69,200 Patin° Mines & Enterpr No par
1814 1834
318 July
53 Jan 16 2114July 13
8
1814 1912 1912 2114
912 Sept
43
8 412
87 158,600 Peerless Motor Car
45 Apr
1314
534
8
43
8 434
75*
43
8 5
3
14 Feb 16
735
87 July 14
*
3 June
4
5118 52
*505 5112 51
5734 56
577
8 8,300 Penick & Ford
8
55
No par 22512 Feb 27 577
523 56
8
16 June 3234 Star
8July 14
55
4512 4614 4512 4634 45
451 1 4634 4514 4618 14,700 Penney (.1 C)
No par
4534 443 457
1914 Mar 2 47 July 7
4
13 May 34% Mar
*104
_ •10312
Preferred
•10414 _ __ •10414
_ *10414 _ _ - *1131%
60 June 91 Star
100 90 Jan 4 105I2June 19
ti7
10,100 Penn-Dixie Cement__ _No par
814 75* 8
835 _- 8
i•11.
73
73
4 8
4 8
912-lune 19
4 8
% Jan 25
73 _- 213 Aug
It Apr
.31
32
26
Preferred series A
27
*30
29
700
28
35 - *28
27
100
30
8 Sept
4% Mar 2 32 July 5
27
3 Nov
6812 6912 6818 7012 683 6912 68
71
8,300 People's0 L & C
6912 69% 7212 70
Jan
_100 413 Apt 18 78 Jan 9
8
39 July 121
•1234 14
1,200 Pet Milk
1312 1312 1312 14
13
(Ch1c)_. par
No
4
612 Feb 2 1514June 8
13
1212 Jan
123 123
4
5 Der
13
13
135 1414
8
14,600 Petroleum Corp of Am_No par
4
1312 14
1312 14
143
14% 14
1318 1:37s
43* Jan 3 15 July 3
13
73 Sept
8
24 May
16
Phelps-Dodge Corp
17
8
163* 153* 165 69,200
37 June 115 Sepr
16
25
16% 167
412 Jan 4 17 July 8
1512 16
8 1512 161 1
8
.35
38
100 Pbiladelphia Co 6% pref
3518 3518
*35
38
38
50 25 Apr 11
38 .35
*35
38 .35
36 July 7
18 June 41 Mar
62
56 preferred
62
400
4 60
62
613 .
Na Oar 47 May 12 62 July 8
62 .60
613 613 .60
4
4
•60
48 June 76 Sent
62
77 Sept
73
S18 912 82,000 Phila & Read C & I_ ._ _No par
83
8
7118 8
8
212 Feb 27
73* 73
818
912July 14
2 June
4
712 8
133* 133* •13% 14
1312 133
4 1.800 Phillip Morris & Co Ltd- __ -10
4 134 14
131. 13%
8June 7
8 Feb 23 147
13 Aug
7 June
133* 133
.9
11
200 Phillips Jones Corp_......No par
91 10
:
•712 912 .71; 91, .73
.81 10
.
4 912
3 Feb ft
10 July 13
31: Apr
123 Sept
4
8 1612 1714 67.800 Phillips Petroleum
1678 17 8
16% 173
No par
5
43 Jan 4
4
17 8July 12
7
1612 17%
1618 17
16
1631
2 June
818 Sept
•10
230 Phoenix Hosiery
*9
10
10
89
0
5
1 52 Star IS 127
1012
8June 7
9
1111:.
918 Aug
918 10
2 Nov
*9
57
05
9
.5
•514 8
8
*5
8
112 Apr 18
400 Pierce-Arrow class A__No par
514
*5
62
,
10 June 26
Jan
9
1 14 June
15* 20,500 Pierce 011 Corp
15
8
112
14 Jan
13
25
8
11..
1%
112
13
13*
8
112
l,, July12
14 Jan 3
13
34 Sept
15*
127 1278
12
1,600
Preferred
100
37 Feb 27 1314July 12
123 123 .1212 123; 1212 1314 *1212 1312 12
9 Aug
4
4
312 Jan
212 23*
5* Jan 23
214
No par
238 15,100 Pierce Petroleum
214
212
214
%may
212
214
23
4June 21
212
212
214
15* Sept
2513 2512 2512 267
93 Feb 24 267
2614 2512 2534 7,200 Pillsbury Flour Mills
8
No par
8June 7
263
8 2512 2635 25
26
93* Dec 2212 Jan
.5814 5912 593 60
5734 573
4
600 Pirelli Co of Italy Amer shares 333 Apr 4 60 July 10
*573 53
8
8
4
4
*5812 6018 *573* 59
21 June 313 Star
•17% 18
*16
18
22
6,000 Pittsburgh Coal of Pa
18
100
1 Feb 25 22 July 14
18
18
18
115 Sept
8
3 May
183* 18
18
•45
Inn 17 Jan22 48 July 14
45
4534 4612 48
300
Preferred
4514 4511 *45
4
Jan
17 1)e,' 40
453 *45
*45
46
is
1
a le:x .110(1.n,
Oitt,011s41 elall•
•Hal and ,*i7 Mien.. net einlo.4 on MI. et.•
(114A0 sale
o FIx rights.
New York Stock Record-Continued-Page 7
458
t_23
-FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED
IN THIS
July 15 1933
AST. SEE SEVENTH PAGE PRECEDING
-
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
July 8.
Monday
July 10.
Tuesday
July 11.
Wednesday
July 12.
Thursday
July 13.
Frklay
July 14.
Sales
far
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscell.
(Con.) Par $ per share $ per share
103 1112 103 1138 11
2
4
113
8 1034 11
1078 1112 1034 1114 14,200 Pittsburgh Screw & Boit,No par
4JulY 6
158 Feb 15 113
3512 37
35
3512 35
36
3612 3612 36
36
180 Pitts Steel 7% ma pref. _ .100 104 Jan 6 3834May 26
354 35 2
,
312 3 4
33
8
311
*34 3
4
3
37
8 412 *414 43
4
414 612 4,500 Pitts Term Coal Corp__No par
612 July 14
12 Feb 8
*11
8 12
127
13
13
1312 1412 15
14
15
16
1812
350
6% preferred
4 Jan 18 18's July 14
100
512 512
5 2 51z
,
54 512
514 512
512
512 2,200 Pittsburgh United
512 512
4 Feb 6
26
638June 3
61(2 62
60 614 *6112 65
6218 6218 6214 6214 613 614
8
150
Preferred
100 15 Feb 27 62I4July 13
44
4
4
*44 5
4
4
41, 5
53* 54
4 4.000 Pittston Co (The)
512 63
No par
38 Apr 1
7 June 19
1612 167
8 16
163
4 16
1612 15s 17
1614 167
8 153 1612 29.900 Plymouth 011 Co
4
5
63 Feb 24 1738July 7
4
123 1314 12
4
1312 103 12
8
107 11
8
1114 1112 1114 1214 4,600 Poor & Co class B
No par
124 Apr 3 133
4July 7
*614 67
8
612 612
55
8 54
3
614
53
4 612
718
612 63
4 2.800 Porto RIO-Am Tob al A_No par
8 June 6
13 Mar 23
8
3
3
27
8 318
3
3
3
318
314 33
8
Class B
312 312 5.500
4 May 17
62 Feb 27
No par
28
29
274 297
8 2714 283
8 28
32
3014 33
30
3178 43,500 Postal Tel & Cable 7% pref 100
4 Feb 27 40 4June 7
3
.2112 23
*2012 22
*21
22
*21
22 .21
22
22
021
Prairie Pipe Line
7 Mar 22 22 July 6
25
44 41 1
418 43
8
3 4 418
3
4
44
418 43
15,400 Pressed Steel Car
2
44 5
No par
11 Jan 21
512J une 8
*1312 143 *13
4
15
*1312 1431
1338 15 2 *1212 15
,
*14
1512
800
Preferred
3 Jan 27 18 June 7
100
4312 4418 4334 4414 434 437
8 43
44
437 45
443 46
8
19,600 Pro:ter 4 0..nable
1938 Feb 28 50 Apr 20
No par
*10112 102
102 102
1013 102
4
102 102
102 102
102 102
330
5% pro? (ser of Feb 1 '29)100 97 Apr 18 10412 Jan 12
218 214
218 214
2
214
218 212
212 212
2
238 4,100 Producers & Refiner Clorp__50
27
14 Jan 3
4June 21
97
8 97
,s *512 9
*7
74
3
7 4 8'2
3
973 *73 10
9
4
160
Preferred
3 Feb 2 13 June 21
50
53
543
8 523 5612 53
4
5412 5212 53 4 533 55 4 523 54
3
4
4
38,100 Pub Ser Corp of N .1_ __No par 3314 Apr 4 5718June 13
3
*813 83
4
*813 827
4
8 813 813
4
4 813 82
4
82
823 85
82
8
1,100
15 preferred
No par 68 Apr 18 8812 Jan 31
967 9712 .967 977 *967 974 *967 98
8
8
8
8
8
*967 98
8
*967 974
8
200
6% Preferred
100 80 Apr 4 10138 Jan 24
*108 110
108 108 *10712 110 *108 110
10918 10918 *1094 110
200
7% Preferred
100 914 Apr 17 11212 Ian 2
*11812 125 .11812 125 *120 125
120 120 *11812 125 *119 125
100
8% preferred
__100 107 Apr 25 125 Jan 9
*96
973
4 9712 9758 9712 9712 97 4 974 •98
,
9712
700 Pub Ser El & rfas of $5_No par 8912May 3 0312 Jan 11
9712 .98
567 58
8
544 563
4 52
5412 513 5612 5518 567
4
8 5455'z 50,500 Pullman Inc
No par
812 Jan 4 5858July 7
10
934 1014
1058
93 108
4
93 1014 10
8
97 104 62,600 Pure 011 (The)
104
8
8July 7
No par
212 Mar 2 107
5914 5914 59
5914 59
59
50
59
58
60 603
61
4
390
8% cony preferred
100 30 Star 3 02 Jan 12
22
21
2118 247
8 223 253
4
8 233 2412 234 2412 23
8
2414 38,900 Purity Bakerlee
8July 11
54 Feb 24 253
No par
113 1214 113 1218 11
8
8
113 al03 1114 107 1112 107 113 976,200 Radio Corp of Amer_ No par
8
8
8
8
8
3 Feb 23 1214 July 8
35
3612 3612 373
4 364 363
4 364 3612 .36
3714 *36
3812 2,800
Preferred
50 1314 Feb 28 40 May 31
2514 27
26
27
243 2614 2418 2514 2412 25Is 244 25
8
41,700
Preferred B
612 Feb 28 27 July 8
No par
42
4 514
438 434
412 514
43
8 47
8
438 5
43
8 43 84 200 Radio-Keith-Orph
4
53
01*11e 8
No par
1 Mar 31
173 18
4
1714 1818 1712 18
1714 173
4 1712 183
8 1712 1814 5,900 Raybestos Manhattan_No Par
4July 3
5 Feb 23 183
164 17
,
1514 1612 1514 1612 16
1612 17
1614 16
173
8 6,600 Real Silk Hosiery
8June 12
512 Feb 27 207
10
.51
55
60
55
*51
60
60
*50
*50
60
*55
60
10
Preferred
100 25 Jan 4 60 May 16
*218 212
214 212
212 2 4
3
212 24
23
8 23
4
23
4 23
4 2,300 Reis(Rebt)& Co
3 June 22
14 Jan 3
No par
15
15
1412 143
1478 15
4 1414 1414 14
1812 1518 1614
960
lot preferred
118 Jan 3 1812June 22
100
912 97
8
93
8 97
8
94 104 10
8 1012 11
103
1018 11
70,000 Remington-Rand
212 Feb 23 11 July 13
1
343 343
4
4 343 343
4
4 35
37
3512 36
354 3612 363 37
4
2,200
1st preferred
712 Feb 27 37 July 11
100
34
34
343
34
8 33
347
8 34
3412 32
35(4 34
34
910
2d preferred
100
8 Feb 27 3514July 13
44 5
47
8 518
4 8 54
7
518 6
512 6
512 54 71.500 Reo Motor Car
658June 7
14 Feb 28
5
203 213
8
8 2038 213
2012 2238 22
8 2018 22
23
214 223 217,800 Republic Steel Corp_ __No par
4
4 Feb 27 23 July 1:
49
51
50
5012 49
5212 493 54
4
527 54 2 50
5414 19,800
8
,
6% Cony preferred
9 Feb 28 5412July 13
100
11
11
103 103 al0
11
4
*10
4
1114 .10
11
*10
11
500 Revere Copper & Brass_No par
14 Jan 10 12 June 2
*2018 22 .20
22
•18
22
*20
22
*20
22
*20
22
Class A
214 Mar 2 25 June 2
No par
20(2 21
2014 207
8 201s 204 2018 204 20
2012 20
2012 19,000 Reynolds Metal Co
6 Feb 27 2112June 27
No par
13
1314 1314
13
133 1512 15
4
153
4 1412 154 13
133 13,600 Reynolds Spring
4
14 Feb 28 153
4July 12
No par
493 497
8
8
8 483 493
4 483 4912 483 494 494 5012 4912 5012 73,000 Reynolds(R J) Tob class 13_10 2612 Jan 3 5012JulY 7
8
8
*60
61
61
61
61
61
*60
61
60 60
60
6012
300
4
Class A
10 60 Jan' 623 Jan 21
__ ____ ____ ____ ____ ____ ____ ____ ____
3 June 8
Richfield 011 of Callf___No par
14 Feb 21
*14
1512 *14
143
*13
4 1412 1412 *14
15
1512 .14
16
100 Ritter Dental Mfg
No par
612 Feb 25 16341une 29
84 91 4
914 93
8
83
9
93
1 958
4
9
83
93
8 87
8
8 5,900 Rossla Insurance Co
5
2 Apr 8 1073 lune 8
343 35
8
3412 343
3338 337
8 3312 34
8 344 354 354 3538 6,100 Royal Dutch Co (NT Y shares) 173 Mar 2 354July 14
8
2614 2712 2614 2714 2618 267
8 26
263
8 2614 2714 263 263 24,200 St Joseph Lead
8
4
618 Feb 27 2712July 8
10
8 54
563
; 5418 557
55
5512 5418 56
55
5712 56
5712 20,900 Safeway Stores
4June 29
No par 28 Mar 3 573
95
*93
92
a92
59212 05
*93
9412 94
9412 93
93
270
6% preferred
100 72 Apr 5 9412July 13
103 103
102 103
10112 10212 101 1023 10112 1024
102 102
3
100 i..014 Feb 15 103 July 10
460
7% preferred
3
4 1018 1018
*1018 1012 10 4 103
938 1018 10
94 93
1012
8 1.200 Savage Arms Corp_No par
214 Apr 3 12 July 1
87
814 1014
8 914
812 914
914 10
9
93
8
83
8 914 57,100 Schulte Retail Stores__ '.'o par
%Mar 3 1014July 11
8
31
4 307 34
3412 3312 353
3112 313
4 31
35
3118 314
700
4July 12
Preferred
318 Apr 25 353
_100
39
39
397 397
8 3918 40
8
3814 39
39 4 40
3
40
4112
360 Scott Paper Co
No par 28 Jan 24 4112July 14
32
3012 3112 3012 33
3138 3238 3118 3134 20,900 Seaboard Oil Co of Del_No par 15 Feb 13 337
3212 313 32
8
8July 7
*312 44
418 418
412 412 *4
438
412 43
4
43 July 13
4
4
418
700 Seagrove Corp
I's Feb 25
No par
4312 447
8 4212 444 4212 4414 4238 443
4 437 443
8
4 423 4418 78,200 Sears. Roebuck at Co No par 1212 Feb 25 463
4
8July 7
412 412
418 414
412 41,
414 414
414 412
4
4
1,300 Second Nat Investors
5 June 7
114 Feb 28
1
45
45
48 - 45
45
*45
45 45
*44
48
46
46
400
Preferred
1 24 Feb 24 48 July 6
23
212 238
8 28
4
212 23
3
238 258
23
8 23
8
23
s 212 14,200 Seneca Copper
34June 2
18 Mar 28
No par
44 5
47
8 54
44 54
5
5 14
5
47
514
8 54 42,400 Serve] Inc
1
Its Feb 4
8June 7
53
1214 1314 1212 1314
1214 13
12
123g
1218 1284 117 1238 29,300 Shattuck (l 0)
8
534 Apr 8 1314 July 8
,
No par
1012 107
8 10 4 104 1014 1 114 104 104 1012 1112 1114 12
,
6,400 Sharon Steel Hoop
14 Feb 23 12 July 14
No par
7
521 74
4
73
8 73
Vs 712
73
s 712
74 73
4
3
714 7 8 10,500 Sharpe & 1N:dime
838June 28
212 Feb 27
No par
41
*4012 413
41
417 417 *394 4012
4 4012 41
42
8
*41
8
800
Cony preferred set A_No par 2114 Mar 2 414July 13
8
1012 1114 li318 103
9 4 1014
3
9 8 107
7
8 103 11
8
10
103 78,400 Shell Union 011
8
34 Feb 17 114July 7
No par
604 5914 603
4 59
5918 593 593
a60
4
4 5912 593
4 59
593
8 2,700
Cony preferred
100 2812 Mar 28 61 July 7
223 23 4 2212 233
8
4 2218 233
3
4 22
233
8 23
2312 2212 2312 43.000 Shomons Co
44 Feb 28 24 July 7
No par
Ills 1112 1112 12
1112 12
113 12
4
1114 113
4 1112 1134 7,900 Strums Petroleum
8June 2
44 Feb 28 123
10
9
914
9
8
914 93
958
014 012
978June 2
014 012
85
8 014 3,600 Skelly 01. Co
3 Feb 20
25
*43
50 50
51
50
4614 4614 50
50
50
50
400
*48
Preferred
100 22 Feb 28 50 July 11
29
28
29
31
*2612 30
29
28
34
35
34
35
1,600 Sloss-Sheff Steel k Iron100
7 Jan 3 35 July 14
8
343 347
347 347
8 3312 34
8 3312 37
4
3914 40
3912 40
980
7% preferred
814 Feb 7 40 July 13
100
734 8,
,
8
1
843
714 8!2
3
8'
4 83
913 93
4
8t2 914 43,600 Snider Packing Corp_ _No par
9 4July 13
3
3 51 tr 31
8
1438 15 - 1414 143
1414 143
4 1418 147
4
8 143 151g
4
1412 1518 163,100 Socony Vacuum Corp
(1 Mar 23 1512July 7
25
89
80
90
89
*88
90
89
89
89
90
*88
90
1,700 Solvay Am Invt Tr pref_100 58 Feb 25 92 July 3
353
343 3514 345 35 8 34
8 343 3754 383 42
4
3
4
8
3912 437 54,200 So Porto Rico Su r_ __No Par
8
4
s
1573 Jan 12 437 July 14
*124 133 *124 133 *124 133 *12712 133
13112 13112 130 132
40
Preferred
100 112 Jan 4 132 July 14
25t2 26
26
263
2512 253
4 26
4 2518 2614 2514 26
2612 23,400 Southern Calif Edison
25 1712 Apr 7 28 Jan 11
•5
64 *5
64 *5
4 *5
634 .5
63
612 *5
612
73
Southern Dairies cl B_ _No par
4June 10
114 Feb 28
912 912 10
*94 07
1112 1112 117
8 .012 97
8 *912 10
8
800 Spalding (AG)& Bros_No par
4 Jan 18 114July 14
.46
_ _ *60 _ __ *46
95
60
*46
60
*46
55
55
30
Ist preferred
100 2518 Star 28 61 June 27
•10
*10
14
-15
15
*10
*10
15 .10
*10
15
15
Spang Chalfaut&Co I
par
412 Feb 18 15 June 3
47
*45
47
*45
47
*45
*45
*45
47
*45
47
47
Preferred
100 1712 Feb 9 50 June 13
67
8 718
64 7
612 64
612 63
4
4
614 63
63 12,700 Sparks WIthington„ __No pa
8
6
8 June 12
Its Feb 28
4
*3
*3
4
*3
4
*23
4 3 4 *23
3
300 Spear & Co
4 33
33
4 4
4
512June 20
13 Jan 10
No par
204 21
194 191 i
4,700 spencer Kellogg & Sons No pa
1912 194 21
1938 195
8 19
19
1914
74 Apr 10 21 July 13
618 63
6
8
6 14
6
8
614 63
63
4
612 7
4
612 63 105,500 Sperry Corp (The) v t c
21851ay 3
1
7 June 27
•1314 143 *1314 143
8
3 1314 1314 *134 143 *13
8
1418 *13
133
4
100 Spicer Mfg Co
5 Jan 3 16 June 12
No pt.r
28
29
*28
28
271s 2712 2812 2812 2812 2812 2812 2812
140
Cony preferred A.__No Par 114 Star 21
3212.1nne 12
93 1014
8
912 97
114 1012 1114
8 10
11
5,500 Splegel-May-Stern Co_No par
11.12 107 11
8
4July I()
1 Feb 28 113
263 273
8
263 27
8
4 2612 2812 a273 2934 2912 3012 284 3018 765,300 Standard Brands
4
4
No par 133 Mar 2 3012July 13
121 121 *120 122
120 120
120 120 WO 122
120 120
500
Preferred
No par 12(1 July 11 124 , ,aY 4
74
73
8
83
3 71.1
63
8 7
7
73
8
67
8 78
718 712 5,100 Stand Comm Tobacco_No par
3
9 June 12
I .h..n 3
4
8 193 2012 193 217
8
4
193 20 4 197 2112 193 207
8 29
4
8
3
21
60,000 Standard Om & El Co_ No par
518 Mar 31
2212June 13
22
224 217 2212 2114 2238 22
21
22
8
8 217 2212 14,800
227
8
852 Apr 3 2578June 13
Preferred
No Pa
*47
477 59
47
2
47
47
50
48
4714 50
47
50
1,200
$6 cum prior pref
17 Apr 4 61 June 13
No pa
.564 57
57
557
58
58
5612 5718 *5618 57
57
59
1,700
$7 cum prior pref
No 'ar 20 Apr 4 66 June 13
28 28
23
3
8 27
8
25s 23
3
8
25
8 27
23
4 27
8
8 27
8
8 4,500 Stand Investing Corp_ _No par
23
8June 2
13 Mar 31
27
*99 4 101
3
101 101
1003 10118 10112 10112 *101 1017 *101 1014
8
8
500 Standard 011 Export pret__100 9212 Mar 3 102 June 8
39
3
3814 3912 54,300 Standard 011ot Calif_ No par
397
8 3858 39 4 3818 3014 3814 4018 394 40
1913 Mar 3 4018July 12
*2212 2312 2238 223
8 2212 2212 23
2414 *2214 24 .224 23
1,200 Standard 00 of Kansas____10 123 AM 4 264May 31
4
393 4018 387 40
3
4118 394 40 127,000 Standard 011 of New Jersey_25 223 Mar 3 41 18 July 13
8
383 3912 391s 4012 40
8
4
4,92 104 *912 1018
4
4
4
812 012 .83 101s 5914 03
934 93
1.000 Starrett Co (The) L13...No par
4
4 Feb 16 1112June 14
3
34
314 31 i
358 358
3
318 3,000 Sterling Securttles til A_No pa
3
,
314 3 3
318 3 8
37
8June 13
it Jan II
, 618 812
7
7 18
614 61
614 652
63
s 67
4June 13
8
Vs 5,000
612
73
112 Feb 10
Preferred
No pa
53512 38
36
36
37 - 354 3512 *3514 3612 *35
*35
36
400
Convertible preferred__..50 20 Mar 2 3614 July 3
814 83
8
838
8
74 81 1
84
84 21,700 Stewart-Warner Corp
8
8
83
8
8
038.11ine 7
212 Feb 24
10
17
18
1714 1812 17:4 184
173 1818 173 191 1
No pa,
8
8
18
54, Feb 27 1914July 13
1873 78.700 Stone & Webster
72
4 814
7'
74 84 95,700 Studebaker Corp (The) No par
2 8
63
8 712
618 612
8
618 63
112Mar 211
8June 6
83
2914 2914 29
30
30
35
363
35
4 3512 3714 363 37
4
780
Preferred
9 Apr 3 384.1une 5
100
47
4714 467 47
8
48
4712 4712 4512 46
4612 4518 47
2,200 Sun 011
(5 Feb 25 48 July 7
No pa
*100 1001 4 10014 10014 100 100
100 100
100 10014 1004 10014
480
l'referred
100 89 Mar 16 10014July 5
2314 *2112 23
*22
20
20
21
2112 22
21
•20
214 1.000 Superheater Co Me)...No par
712 Feb 17 2312July 7
412
4
338 4
37
8 414 50,900 Superior 011
37
8 4
34 4
3
8
312 37
412July 13
No Pa
3 Jan 4
4
183 1938 1812 195
4
174 19
8 183 207
213 74,500 Superior Steel
4
8
8 20
s 2012 223
8July 13
2 Feb 28 223
100
73
73
8 77
8
7
8
758 8
8
84 94
812
914 5,000 Sweets Cool Amer (Tha)_ __50
9
914Jurie 13
I Mar 22
23
8 2s
212 212
3
12 1,300 Symington Co
212 212
212 212
214 214
2
214
3 June 7
4 Apr 6
No par
412 413
412 44
43
8
4
4
4
414 414
44
414 2.400
Class A
514July 3
14 Apt 11
No par
1512 16
154 16,
4 2,800 Telautograptt Corp
4
4 153 153
8 1512 1618 1514 1512 154 153
164July 7
84 Feb I/
No pa
614 612
618 63
3
57
8 6
57e 61s
6
6
6
618 3,600 Tennessee Corp
0111,e 2
63
13 Feb 28
8
No pa
2718 28
2614 2718 2618 267
4
8 26
2712 2714 2814 2612 273 58,700 Texas Corp (The)
8
5.5 10 Feb 2* 283 July 7
14
8 33
3318 3213 331
331.3 337
8 3112 333
33,000 Texas Gulf Sulphur...
2
; 333 345s 3314 34
.No par
1514 Feb 20 314July 13
53
8 54
53
54 6
2 6
54 6
57
8 6
57
8 614 32,000 Tex m Pacific Coal A011____10
612May 29
13 Star 3
8
1014
10
93 1014
4
93 104
4
934 103
8 10
1014 1014 103 27,600 Texas Pacific Land Trust._ __1
3
11'*June12
34 Mar 31
• Hid Rod ..k.N. or1ros, no sales on thl, as•
I
a Optional sale
r Rx-aiviaAorl
y Ex-rights
c Cash sale
PER SHARE
Range for Previous
Year 1932.
Lowest.
H ig hest.
$ per share $ per share
2 Apr
472 Aug
9i2 June 243 Sept
4
1,2 July
212 Aug
5 Dec 1212 Mar
4 Dec
34 sept
14 May
44 Sept
12 1)ec
3 Sept
83 Nov
8
1212 Sept
112 May
64 Sept
114 May
63 Sept
8
4 May
234 Aug
13 July
4
1712 Sept
54 June 124 Sept
3 June
4
4 Aug
238 June 17 Sept
197 June 423 Jan
8
4
81 July 10312 Dec
4 May
15 Mar
8
I May
934 Mar
.
28 July 60 Mar
62 June 007 Sept
8
7112June 10218 Aug
92I Slay114 Mar
100 July 1304 Mar
83 June 10312 Dec
1012 June 28 Sept
27 June
8
64 Aug
50 Jan 80 Aug
43 May 154 Mar
8
212 May 1312 Sept
10 June 327 Jan
8
33 May 233 Sept
8
8
112 June
73 Sept
4
43 July z123 Aug
8
4
218 July
812 Sept
7 June 30 Sept
112 Sept
4 Apr
el Dec
74 Sept
I May
712 Aug
4 June 29 Aug
5 June 3112 Aug
112 Apr
34 Sept
172 June 137 Sept
8
5 June 287 Sept
8
1 July
614 Sept
2 1)ec 1213 Aug
53 July
8
117 Sept
8
3 Feb 127 Sept
8
264 June 4014 Jan
84 May
7118June
14 June
13 July
8
4 July 12
Oct
112 May
912 Aug
1213 Apr 233 Sept
4
43 July
8
173 Sept
4
3018 July 5914 Mar
60 May 110
Oct
69 June 99
Oct
114 July
73 Feb
8
4 Dec
4
Jan
5 Oct 30 Jan
18 May 42 Feb
63 Apr 203 Dec
8
s
1
Apr
234 Jan
9 8June 3738 Jan
7
12 July
3 Aug
21I4June 3618 Aug
Is May
1 Aug
112 June
53 Jan
8
5 May 123 Star
4
112 July
734 Sept
17 June
8
7 Sept
1112 July 3014 Jan
212 Apr
83 Sept
4
18 May 6514 Sept
23
4June 133 Sept
8
314 Apr
74 Aug
212 Feb
52 Sept
4
12
Jan 334 Sept
33
4June
1934 Sept
8 July 2912 Sept
178 Dec
712 Sept
514 Stay 1214 Sept
35 June 87 Sept
412 Apr 184 Sept
864 May 11212 Der
1534 June 323 Feb
4
14 May
3 Feb
413 July 12 Jan
25 Dec 95 Jan
954 Mar
83 Star
4
15 Nov 4812 Jan
1 May
5 Sept
12 July
134 Apr
8 May 11 Sept
- -nee
i
4
87 Sept
912 June 18 Sept
3 May
8
5 Aug
83
,June 174 Aug
110 June 123 1)ec
I's July
2 Jan
73 June 3414 Mar
8
914 Jun
41 14 Jan
21 July 6212 Aug
28 June 75
Jan
4 Jose
214 Aug
281 June 1004 Dec
1518 Jun
317 Sept
8
7 Apr 164 Aug
197 Apr 373 Sept
8
8
3 July
834 Sept
le May
214 Sept
53 Jul
4 Sept
1312 Jun
26 Aug
178 May
812 SePt
43 J,Ily
8
73 Sept
8
213 May
1314 Sept
30 Nov1047 Mar
8
243 Apr 394 Oct
4
68 July 92 Dee
7 June 1414 Sept
14 Jan
2 Sept
214 May
914 Sept
14 July
II
Jan
1 Sept
14 Star
I2 May
2 4 Aug
,
6 July
133 Mar
4
1 May
43 Sept
8
914 June 1814 Sept
12 July
2634 Feb
112 Apr
4 Aug
213 June
84 Sept
,
I
I
I
,
1
New York Stock vcord-Concluded-Page 8
459
re' FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE EIGHTH PAGE PRECEDING
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
July 8.
Monday
July 10.
Tuesday
July 11.
Wednesday
July 12.
Thursday
July 13.
Friday
July 14.
Sales
for
the
Week.
$ per Share $ per share $ per share $ per share S per share S per share Shares.
165 163
165 1718
8
8
4 16
1734 17
1712 1718 19 4 1818 1914 15.200
3
.4012 42
*4078 42
42 42
42
42
*4014 427 •42
428
200
•1114 12 .11
12
11
11
*1012 1112 1012 1012 *1012 11
200
*70
.70 80
80
70
70 .70
80 .70
*70
10
80
80
87
98
,
814 918
83
8 83
4
8
88 83
57,600
8% 1014
913 10
1912 1912 19% 197 •1812 20
8
*19
1958 1912 21
21
21
1,100
1214
123 1234 .1218 1212 12
12
8
1214 1214 1214
12
1212 2,200
15
1514
15
153
4 1514 1578 1512 1618 15 8 16
,
1514 157
8 8,500
714 712
7'4
73
4
7 8 712
,
7
3
73
4
714 7 4 33,300
714 8
.2212 25
*227 24 .22
2412 .22
2234 223 223 *223 24
4
4
4
100
10
103
8
97 1018
8
93 10
4
9 8 10
5
86.700
93 10
4
912 10
54
5312 5312 53
53
53
51
53
5112 53
1,500
5114 52 •
.17
27 .17
30
_ •17
35
*17
38
35 .17
70
*6512 70
*65
*6512 6£i12 .65
*1712- 70 .6512 70
•67
69
67
8 71,
6% 714
7
68 7%
74 16,100
714
710
7
7
4g 315s 3333 313 33,
323 347
4
311 s 33
'
4
8 333 3514 3314 3412 93,400
4
73
4 8
74 8
3
73
4 77
85
73
8 9%
4 87
812 8% 305,400
1114
1114 1311
11
1212 1312 124 143
4 15
17
15
% 16%38,700
8 4 812
,
71
77
8 812
818 83
8
818 812
818 27,700
73
4 814
73
72
•71
73
743 75 .733 747
4
747 75 .733 76
4
4
700
3812 37 .3612 37
3612 3734 37
37% 373 12.600
38
37
38
3
318
3
318
23* 318
318
318 314
418 10.000
318 312
11
115
8 1114 117
8 117 1212 113 1214
4
12
1233 1112 1214 82.700
433 4%
412 434
43
8 434
414 43
4
412 4 8 3,700
412 43
,
38
3814 373 38
3633 3812 3618 37
4,000
38
37
3918 •37
3812 393
4 38
3912 39
44
4734 50
43
48
50
5512 44,100
434 45
433 45
4338 447
433 45 4 443 46
4414 451 71,000
8
3
4
22'8 224 22
2278 22
2212 2118 2218 221s 227
2212 22,700
8 22
201 2012 197 2012 193 21
8
4
21
2118 203 2112 2014 2014 4,500
4
3712 3312 37% 3818 384 387
8 375u 383
4014 421* 370.700
4 393 43
.61
65 .8014 627
8 6112 6112 62
6418 1,600
6312 64
62
63
263 2718 26
*
2738 2633 2733 2614 2718 26
27
2533 2633 50,100
•105 110 .10712 110 .10712 110 *10712 110 *10712 110 1110 110
60
2512 26
253 2614 25
8
29
4 28
40.700
2533 2514 2712 2812 293
13
13'8 1414
133*
1318 1358 127g 1318 133 1414
1314 14 385,700
s
3912 40
383 397
377 3814 373 3833 3712 3814 37
13,000
4
39
*412 614
5
5
5 14 51 i
412
5
412
412 514
5
490
5
5'2
514 512
512 63
678 8 8 38,100
,
4
4
Vs 63
57
8 612
6212 63 4
3
6114 62 4
3
608 81% 597 6114 6212 641s 6112 623 19.300
4
8
2318 24
2312 2412 23
237
8 223 2314 2314 25
2314 24 115,400
4
95 95
.915 95
8
95
95
.9433 95
4
9514 953 9514
1.000
95
312 312 .33
412
47
414
412
518
1 300
454 43
5
512
4
147 15
1412 15
1412 17
17
15% 1733 10,600
153 165
8 16
.83
86
*83
86
*83
85 .83
*83
10
85
85
_
85
612
64
3
65
8 67
8
61g 67
514 _-6
10,100
8
614 61
6
68
5
*61
85 .62
85 .62
85
85 .62
85 .62
85 •62
47
48
4734 483
47
483
4 4718 471. 48
4,900
4933 477 49
28
28
2812 32
3012 3012 31
31
31
•3112 32
110
31
212 2 4
3
212 23
318 333
8
3
314 24.500
28 3
,
278 314
20. 2012 1914 2058 193* 2012 1912 2014 20
8
1912 2014 21,400
21 1 1
1714 1712 17% 1712 1718 1714 17
4 2,700
4 1612 163
16% 163
17
*31 2 5
*312 412 *318 5
.318 5
*3
.212 5
5
138
138
114
112
112
138
15 11.100
8
8
17
8
112 15
133 13
4
.2718 28
26
27
26
2712 263 271
2614 26
263
26
4
4.700
1718 173
167 17
8
1533 16
a15
157
8 6,500
8 1512 1512 1514 157
*7612 783 *7612 784 7612 7612 7812 7812 79
4
823
80% 80
4 1,500
52
5312 513 5312 52
8
5224 5014 507
5,700
5112 5012 52
s 50
11614 11614 .1181g 118
11618 11618 .11612 119
11812 119 .11612 120
150
101s 1014
10
10
93 10
4
10
1014 .9% 1014 1014 1114 3.800
6712 69
883 7512 73
4
8
85
8414 9014 865 9233 8418 91 200.000
13
1358 134 133
4 127 14
8
133 1414 135/3 1412 133* 14
20,100
2112 2214 22
2214 21
223 2312 21.600
4
25
2318 215 2412 24
8
073
74
74
74
.73
78
78 .73
78
100
.73
78 .73
13
1314
1212 1318 1212 123
4
4 1218 1314 1218 123 11,400
4 12
123
143 1518 145 1512 1414 15%
4
8
8 1814 1912 264,600
1412 1518 1518 195
2914 2958 2812 287
28% 30
34
2812 2914 29 4 39
374 31,800
3
55
8
'2 583* 555 5712 54
571 1 5412 563
* 59
37,600
65
4 58
607
54
54
54
545
8 54
54
55
5412 55
55
1,100
*5412 55
6412 66
6414 65% 6312 653
66% 633 653 273,800
8 6312 65'8 65
4
4
10212 1033 1013 10212 101 103
4
8
10118 1013 10218 10312 102 10312 8,300
4
853 86
87
4
87
8
85
8612 853 86
855
8 847 8512 86
2.000
8
718
712
714 77
8
712 73
712
4
714 814
714
53.300
712 8
17
13
4
134
17g
13
4 17
13
4
15
114
8
178
8
13
4
114 7.800
•15
2518 .15
2118 *15
2518 .2012 2518 •2012 2518 •2012 25 8
,
277 2812 28
28% 2712 3112 295 31
30
3214 79.500
30% 32
8
9
918
8
87
8
814 812
733 85
8 3,260
814 812
712 714
35
35
35
35
35
35
35
35
35
.32
35 .32
150
43
433 43
8 47
414 45
8
44 414
8
418 412 8,200
4
43
213 22
4
22
22
1912 203
2113 2033 211 4 4,500
21
21
4 20
625 821 .61
8
63
.8114 6212 .6012 6212 8012 61
6012 6012
400
.82
83
83
83
*82
83
83
83
83
*82
83 83
90
.6112 6212 82
637
62 62
0314
633* 61
690
5812 603
4 62
1012 11
3
1014 1014
10
10
0912 9
10
10
91 2 912 2.400
73
3
67
83
8
4 74
7
712 7,300
7
% 712
714
712
7
7%
•167 1712 1712 1912 19
8
20
1914 197 •1718 1914 1718 1718 2,600
43
43
414
47
43
47
53*
5
412 43 31.400
4
614
512
40
40
3912 4112 42
8 42
43
44
447
8 43
4333 437
7.900
812 7
0612 8
712 77 255,300
75
8 812
73
4 8
7 4 814
3
•IS
21
21
22 .2017 231. .2012 227
20
600
2012 2012 .18
3% 3%
318 418 .334 4 4
8
3
314 33
4
314 2,300
183
1812 195
13
8 18% 19
19
1814 183
4
21 18 31,300
4 183 193
2818 28,3 2714 29
5 1,610
2712 2712 2718 2712 27
2733 2714 317
1612 163
1614 1633 16
153
1612 1514 153
1514 1512 15
7,600
7
8
712 8
7
734
67
8 8
712 73
7
712 10,000
214
214
2
238
2
312
23
21 2 23 21.550
2's 3
4
33
3
2612 267
283* 273* 263 273
30
31
4
8 2912 31
26,000
2718 287
.5812 5912 59
59
59% 593
5914 5914 59
5912 597
59
8 2,000
603 6273 60
8
73 149,800
623* 598 617
7018 7512 70
8 597 691
345 35,
4 34
343
33
3312 3412
3312 7,400
3312 34
3312 34
5333 56% 53
547
515 54
8
4
8 5414 565
5218 543
8 5434 583 153,800
.90
9212 92
921 .90
9212 9212 93
90 •90
9212 90
140
12
13,4
1
12
1238 1114 127
12
12, 12
8 4,600
12
1114 1114
21
21
*2014
_
21
.... •21
21
•2I
.21
__
300
67 - 67
67
68
70 68
.
70
7
0
. 160
70 - 70
68
70 72
•7112 72
73 4 •73
3
75
753
4 75
7218 74
75
737
400
6312 6312 6335 65
65
67
6712 6712 .6812 89
68
8912
300
3
*10414 108 •105 106
108 10818
8
1053 107
104 105
170
105 106
9512 9512 .95
9612 9614 961 1 9612 97 .97
98
97
97
130
1014 1014
10
10
10
113 *1012 1112 10% 10% 104 1014 2,000
4
3
318 333
3
312 4
314 433
312 37
312 37
8 8,600
1933
185 19
19
8
1818 187
2012 197 1933 5,400
3
4 19
183
8 18
3335 3335 34
3
414 34
3318 3314
345
8 3333 3318 3312 34
1,700
•2418 2618 24% 2418 2412 2618 263 2638 2812 2612 2412 2412
490
8
.30
317
3314 5,200
30
307
31
32
3212 3312 3314 3412 32
31
31
37
8 414
37g
4
33
4 37
8
9.000
33
312 312
4 412
93
91
*8
*912 10
9
.8
1012 *912 10
9
08
1,000
47
43
47
43
45
47
41
47
43
4%
4%
5
5,000
2612 2612 .2512 28
.2614 28 .27
300
28
•26
612 2612
28
2
9l8 Hy% 10
10:8 49,900
918
1 4
0
91
8 93
4
918 9 4
3
913 9%
4
1814 1918 175 1833 18% 2033 193 21
1814 1912 181 1978
4
34.000
8
6212 64
62
663
4 68
19,800
70
6112 84
6212 63
63
61
8
8 48
4918 507g 485 497
493
8 4418 4914 483* 50
4814 5014 48,100
3612 3714 36
36
38
39
38
10,100
37
3712 38
353 373
50 .4712 50 .4712 4912 4714 4714 46
50
46
49
600
49
5433 4412 433 43% *44
45 45
44
4412 44
4
45
300
•44
21
23
20
2212 2212 .20
20
2112 *20
140
•I812 21
2112
040 503* 493 5014 50
4
4
5018 50
51
51
51
51
51
2,000
22
22
700
8
22
8
22
2133 21% 22
22 ,
213 213 *2112 25
2
75
73
8
7
738
678 7%
7%
4
738
4
718
714
73 66,900
73
41
42 .3212 41
.33
41
*3212 41
41
120
4012 40% 40
1812 173 1814 18
18 8 18
,
1833 1712 1814 6,300
18
1712 174
353 109,400
4
8 312 3618 333 35% 3412 3612 34
4
313 32% 3114 323
2
218 214
218
238
214
21 4
23
8 •214
212 2.500
214
214
77
8 812
500
73
4 818 67,600
7% 8
73
Fl
75
8
8
812
•591
and asked or1cee, no sales an
,
MI. 1.
I .11111.111.1 4v10
4 11C1
,
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Strata Jan. 1
On basis of 100 share lots.
.
Highest.
Lowest.
PAR SHARE
Range or Previous
Year 1932.
Lowest.
Highest.
Indus. 84 Miscell.(Cowl.) Par $ per share $ per share $ per share $ per share
Thatcher Mfg
., Feb 15
No par
4June 1
193
2 Apr
10 Nov
83.60 cony pref
No par
4312June 2
271* Feb n
2214 Am' 32 Dee
iv. par
The Fair
1222Ju1'e 1
212 Dec
814 Sept
233 Mar 31
7% preferred
100 3) Fen 28 70 July 5
38 July 85
Jan
Thermold Co
I Feb 28 1014July 13
No par
%June
4
Sept
Third Nat Investors
21 July 13
1
171. fle.r
10 Mar 1
10 May
Thompson (J Eti
25
1512June 2
63 Mar 18
4
712 Nov
1534 Mar
Thompson Products IncNo par
538 Jan 6 16183111Y 12
2% June 10 Feb
Thompson-Starrett Co_No par
912June 19
12 NI ar 3
214 Aug
3 June
S
$3.50 oum pref
No par 12 Jan 10 30 June 11)
12 June 1712 Sept
Tidewater Assoc Oil__.No par
318 Jan 13 103
4July 7
2 Apr
55 Sept
8
Preferred
100 2312 Apr 6 55 July 3
20 Feb 60 Sept
Tide Water 011
No par
914 Apr 20 16 June 5
5 June 10 Aug
Preferred
100 45 Feb 2 68 July 6
30 Feb 62 Sept
Timken Detroit Axle
10
I% Mar 22
814Jurie 20
2 July
6 Sept
3
,
Timken Roller Bearing_No par
133 Feb 23 3512July 7
4
73 July 23 Jan
4
Transamerica Corp._ .No pa
258 Mar 2
912July 13
718 Sept
218 Jan
Transue & WHIlams St'l No par
17 July 13
214 July
27 Mar 21
8
812 Sept
Tri-Continental Corp_ _No par
234 Feb 27
112 May
4July 7
83
512 Sept
6% preferred
No par 41 Apr 8 x75 May 16
42
Jan 72 Sept
Trier, Products Corp .No par 2018 Feb 25 38 July 12
1938Nlay 3112 Mar
Truax Truer Coal
No par
8July 14
43
14 May
12 Apr 4
318 Jan
Truscon Steel
2 Mar 3 123
4June 12
10
2 Apr
714 Aug
12 may
Uleu & Co
3 Jan 16
4
No par
3ig Aug
614June 19
Under Elliott Fisher Co No par
9,4 Feb 24 3912July 7
738 July
2438 Sept
Union Bag & Pap Corp_No pa
512 Jan 13 5512July 14
51! June 115 Aug
8
Union Carbide & Ca.rb_No par
4
3638 Mar
193 Feb 24 4638July 14
1513 May
Union 011 California
812 Mar 2 2338July 7
25
8 July
153n Sept
Union Tank Car
2234.1une 2
No par
1012 Feb 21
113 June 1914 Jan
4
United Aircraft & Tran_No par
1612 Mar 2 43 July 13
612 May 3433 Sept
66 June 13
SO 5112 Mar 1
58 Dee
3014 May
'% Pre? aeries A
United Biscuit
8July 10
100 1312 Feb 24 273
2812 Mar
11 July
Preferred
100 92 May 2 x110 July 14
75 July 103 Mar
United Carbon
633 June 18 Sept
104 Feb 2
293
4July 13
No par
United Corp
1412June 13
312 June 14 Sept
47 Mar 31
8
No par
Preferred ___ _ _ . _ _ No par 247 Apr 1
8
8June 13
407
20 June 3933 Sept
United Dyewood Corp.. .100
8Ju1'e 21
% Apr
34 Feb 17
67
.
318 Sept
United Electric Coal__ _No par
8%July 14
1 Mar 31
21* July
67 Aug
8
United Fruit
No par 2314 Jan 3 6513July 7
1014 June 3252 Aug
United Gas Improve_ _No par
25 July 13
914 June 22 Sept
14 Mar 31
.
Preferred
70 June 99 Dec
No par 85 May 1 100 Jan 9
United Paperboard
12 Dec
34 Aug
5'2 July 13
111 Jan 23
100
33 June 1178 Sept
United Piece Dye Wks_No par
3% Mar 3 175
8July 14
6 St% preferred
100 50 Apr 19 85 July 13
6412 June 9312 Jan
4
United Stores class A _ _No par
3 Feb 28
714July 6
114 May
3 Jan
Preferred class A _ _ _ _No par 45 Mar 21
5518June 29
27
Jan 4814 Mar
Universal Leaf tobacco No par 2112 Apr I
50 July 3
11 May 31 Sept
Universal Pictures 1st pH 100 10 Apr 24 35 June 13
10% Dec 50 Jan
Universal Pipe & Rad__No par
14 Apr 4
218 Aug
12 Apr
33* July 13
U S Nye dr Foundry
818 Mar 1
20
2218July 5
714 June 181s Sept
1st preferred
125k Apr 10 19 May 26
1112 June 16% Aug
No par
U S Distill) Corp
518 Dec
2 Feb 23
6 June 13
2 June
No pat
U S Express
2113June 8
100
114 Sept
14 Jan
3* Jan 30
US Freight
7 Feb 16 2958July 7
312May 15 4 Sept
No par
3
US dr Foreign Secur-...No par
814 Sept
313 Feb 23 l74 July 8
13* June
Preferred
26 June 84 Sept
No par 3612 Mar 28 824July 14
U S Gypsum
1012June 27 Sept
20 18 Feb 25 5312July 8
7% preferred
847 June 105 Oct
100 10114 Jan 9 119 July 13
U El Hoff Nisei) Corp_ _No par
6 Sept
I% Apr 3 117
8June 8
114 Apr
US Industrial Alcohol_No par
1312 Feb 28 9258July 13
134 June 364 Sept
US Leather v t ia
16 June S
No par
714 Sept
114 May
233 Star I
Class A v t 0
44 Feb 25 25 July 13
314 June 16 Sept
No par
Prior preferred v t o
4414 June 70% Sept
100 30 Feb 23 74 July 10
U S Realty & Impt_ __ _No pa
113 Sept
4
2 June
212 Feb 28 1412July 7
U S Rubber
14 June 1014 Aug
No par
2% Feb 27 1958July 13
1st preferred
512 Feb 23 39 July 13
3
318 June 20 4 Aug
100
U S Smelting Ref & Min
10 June 22% Aug
60 1312 Jan 3 65 July 14
Preferred
8
31 July 457 Aug
_ 50 394 .11113 4 56 June 8
U S Steel Corp
2114 June 521* Feb
4July 13
108
233 Mar 2 863
Preferred.
5112June 113 Feb
100 53 Mar 2 10412July 7
US Tobacco
55 June 66 Apr
No par 59 Jan 9 88 June 28
Utilities Pow & Lt A ...No par
178 Apr 18
8June 13
8
112 May 103 Jan
87
Vadsco Sales
4 Mar
1 18 Sept
8June 7
No par
2,
33 Jan 6
Jan
Preferred
293 Mar 20
12 June 20
100 1518 Jan 11
Vanadium Corp of Am_No par
758 Mar 2 32'4 July 14
514 May 23% Sept
Van Itaalte Co Inc
7 Feb
2 Dec
No pa
11s8M ay 5 10 July t,
7.7 lot pret stamped.-- _100 1478Ntay 11 35 June 26
534 July 5
Virania-Carolitia Chem No par
12 Mar
233 Aug
33 Feb 23
33 Mar 2 24 July 7
6% preferred
1114 Aug
318 Feb
100
5
7% preferred
20 Apr 69 Nov
6258 July 8
8
100 353 Mar 31
Virginia El & Pow $6 pf No par 8514 Apr 17 855 Jan 26
60 June 90 Sept
8
Vulcan Dettnning
714 July 34% Aug
8June 8
100 1214 Feb 2.5 677
718May
Waldorf System
19 Jan
55 Slur 29 12 July 5
No par
43 Aug
1A'alworth CO
34 June
838June 27
7 Apr 5
8
No par
Ward Baking class A No par
214 May 1014 Jan
218 Mar 16 20 July 11
Class 0
25 Jan
8
8July 10
34May
No par
55
33 Apr 13
Preferred
8July 11
12 May 4012 Mar
100 1112 Apr 17 447
Warner Bros Pictures-- _____ 5
%June
412 Sept
812July 11
1 Feb 25
83.85 cony pref
4 June 20 Feb
No par
414 Feb 7 22 July 10
Warner Quiniand
12May
214 Aug
8June 10
No par
5 Mar 21
8
47
Warren Bros
No par
83 Sept
212 Feb 25 2238June 19
8
114 May
Convertible pref.-No par
712 Feb 14 355
2 June 1712 Jan
8June 17
Warren Fdy & Pipe
No par
1414 Sept
5 Feb 20 173
4June 3
714 May
Webster Elsenlohr
No par
2 Jan
I Jan 16
8 July 8
1s May
Wells Fargo & Co
18 Apr 11
1
13 Sept
312June 9
8
14 July
Wesson Oil& Snowdrift No par
7 Mar 3 31 July 13
818 July 20 Sept
Cow/ preferred
No par 40 Mar 3 597 July 14
423 July 6812 Sept
4
Western Union Telegraph_ 100 174 Feb 25 8414June 7
123 June 50 Feb
8
Westtnith'se Air Brake_No par 11% Jan 3 355
8July 7
1818 Sept
914 Apr
Westinghouse El & Mfg__ _ _50 191* Feb 25 583
4July 14
1533 June 4312 Sept
1st preferred
50 6012 Feb 2 93 July 14
5212 June 82 Sept
Weston Else Instrurn't_No par
914 Feb
1314July is
212 Apr
312 Feb 27
Class A
No par
10 Mar 31
1314 Apr 19 Jan
21 July 8
West Penn Eiec Clam A _No par 30 Apr 22 713 June 14
SO Sept
25 May
Preferred
22 June 76
4June 14
Jan
100 37 Apr 4 773
8% preferred
100 3312 Apr 6 692 July 14
20 June 70 Jan
West Penn Power pref_ -100 92 Apr 13 1103 Jan 19
80 June III
Oct
8
6% preferred
100 81 Apr 3 101 Jan II
,
6612 June 101 4 Mar
West Dairy Prod Cl A__No par
1612 Ntar
212 Apr 5 113
312 Nov
4June 12
Class B v t 0
No par
1 June
4.33 Star
7 Mar 31
8
414June 12
Westvaco Chlorine ProdNo par
3 June 1233 Mar
5 Mar 3 2012July 13
WheelIng Steel Corp-No par
5 June 15 Sept
712 Jan 4 35 July 3
White Motor.
_50 14 Jan 25 2612July 13
8
87 June 2714 Sept
White Rock kiln Spr et? No par
2512 Mar
1 138 Apr 1
353
11 July
8July 3
White Sewing Ntachine_No par
12 hill 20
4July 6
214 Aug
43
l4 Apr
Cony preferred
No par
11s Jan 14
2% Sept
1012July 6
% Apr
Wilcox 011 & Gas
5
2 Mar 2
512June 2
23 May
4
814 Aug
Wilcox-Rich ci A conv_No par
IS Mar 1
2612July 8
1312 June 2012 Mar
WILson & Co Inc.
No par
ra Jan 3 11' June 7
4
%June
13 Mar
Class A
No par
4 Jan 3 22 June 6
15 May
8
47s Sept
Preferred
100 19 Mar 2 70 July 14
11 June 31 Mar
Woolworth (F W)Co
10 2518 Apr 8 5078July 8
22 June 4533 Mar
Worthington P & M
100
4 Mar 2 397
8July 7
5 May '24 Sept
Preferred A
100 14 Mar 15 51 June 7
1412 June 41
Jan
Preferred li
101
14 Feb 2s 47 June 6
12 May 31 Sept
Wright Aeronautical...No par
37 Apr
6 Apr 5 24 Ntsy 27
1812 Sept
Wrigley (Wm/ Jr (Dell _No par 3418 Fel) 2/4 51 July 7
2514June
57
Jan
Yale & Towne Mfg Co
25
7 Jan 20 2212J1,ne 14
15 Sept
612 July
Yellow Truck & Coach el &1O
73 Sept
2% Mar 2
73
4July 7
13 June
8
Preferred.
100 18 Mar 2 42 July 10
12 May 4018 Sept
Young Spring & Wlre. _No par
312 Mar 341 1612Juiy 11
3 June
1174 Sept
,
Youngstown Sheet & T _No par
711 Feb 25 3612July 13
4 May
2712 Sept
Zenith Ftadlo Corp ....No par
12 Feb 27
2445lay 31
Jan
2
12 May
Zontte Products Corp
1
Aso Feb 2
,
817.july 8
Flor
0 * 'Jar
7
.
v Et-rtrints 5 Es warrants
Seven days I Ex divid.nd
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
460
On Jan 1 1909 the Exchange method of gusting bonds was changed and prices are now "and interest"-except for
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 14.
zt
Price
Friday
July 14.
Week's
Range or
Last Sale.
'
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 14.
113
OSZOnSe
and defaulted bonds.
Price
Friday
July 14.
Week'S
Range or
Last Sale.
Range
Singe
Jan. 1.
Bid
Ask Low
Mob No. Low
High
High
Low
a57
4212 a57
Dominican Rep Cast Ad 530'42 M 8 a56 Sale 55
55
53
54
171 992
3518 54
.331032633
1st ser 534s of 1926
4
56
6 a3414 56
0
101 1022.33
5
ln exfer6 34i :1916 A 0 56 Sale a523
fund 5 1 s
6 ; 1%940
39
45
4012
4012
2
M N
270 99.132103
4
/
371 6512
d
Dresden (City)
8
1217 266
8
93 1217
1011632102
..1947 J J 11912 Sale 11618
Dutch East Indies esti Os.
12612 Sale 120
286
130
9314 130
-year external 6.9
40
1962 M
122 Sale 121
12314 21
536 10011
.n
.1031
9134 12311
30
-year ext 534s____Mar 1953 M
4
1
/ 123
171
181 103113111.n
4
/
921 123
4
/
30-year esti 5 Sis____Nov 1953 M N 121 Sale 120
7
853 99,1331071.0 El Salvador (Republic) 89 A_1948 J .
64
26
1 4114 63 8 64 June'33
53 June'33
430 981.3310512n
J J 4114 53
4
1
/ 55
32
Certificates of deposit
59
50
605 97.421022,n Estonia (Republic of) 7s ___1967 J J 4934 Sale 4914
4212 55
31
701 931.23 99.32 Finland (Republic) ext Os_..1945 Ni S 7412 Sale 7112
7412
5812 7412
79 Sale 783
4
79
12
214 98 1022.32
5918 79
External sinking fund 7s__1950 M
4
4
1
/ 707
8 a7312 49
178 962132102213
57 a7312
4
/
External sink fund 1330-1956 Ni S 703 73
8
683 Sale 6718
68
20
956 954331001 '32
54
69
External sink fund 5348-1958 F A
6718
6718
3
4
1
/ 70
55
Finnish Mun Loan 63-i8 A-.1954 A 0 0714 74
4
4
1
/ 16
70
55
4
1
/
70
External 63 series 13.___1954 A 0 703 Sale 6714
State & City-See note below.
-Is
4
/
311 22
4
973 Feb'33
4
2218 61
073 973 Frankfort (City of) s f 6348_ _1953 M N 30 Sale 2712
4
N Y City 434s
May 1957 M N
French RepublIc esti 734s, _1941 J D 138 Sale 3512 14118 312 118 14118
4
1
/ 14034 131 all 212 14014
137 Sale 33
External 7s 01 1924
Foreign Govt. & Municipals.
3612 15
1718 3612 German Government Interna-919
4
/
34,1 Sale 34
1
Agile Mtge Bank of 68
4
821
48
4
/
9
3412
1718 r3512
8
3514 6414
tional 35-yr 5345 of 1930..1965 J D 473 Sale 441
4
1:7
Sinking fund Os A_ _Apr 15 F18A 1 3318 353 33
7312 325
7
75
_ 74
1
/
75
63
8614
53
German Republic esti 78._ _1949 A 0 72 Sale 68
Akershus (Dept) ext &L.__ 1963 M N 754
1312 15
4
1
/
1312 Sale 12
1
/
144 German Prov & Communal I3ks
7
Antionula (Dept) coil 75 A....1945 J J
3212 Sale 30
3212 13
1312 34
4
/
1312 Sale 111
4
263 551s
4
/
(Cons Agric Loan) 6318 A _1958 J
61 1412
Externalsf7sserii
1945J J
52 Sale 4914
5214
14
3
64
4
/
111
45
4
113
638 14
Graz (Municipality) 85
1 1314 14
1945
External s f 78 ser C
4
1
/ 11212 1844 1011 11212
19
14
1412 Gt Brit &Ire(U K of) 534s..19377 F r4 11118 Sale 110
6
4
/
51 N1 A
1
. 14 Sale 12
1945
External s f 78 ger D
11014 June'33
F A
26
13
1012
14
6
10514 11014
1957 A 0 1312 14
Registered
External t 78 1st ger
tiai2 Sale al0112 10514 139 012 10514
3
10
3
10 4
14
15
5
t4% fund loan £ opt 1960.1990 MN
External sec s f 7s 2d ser 1957 A 0 11
1338 43
458 1312 Greater Prague-See "Prague"
4
1
/
External sec s f 7s 3d ser 1957 A 0 13 Sale 1012
24 Sale 24
2412
4 eta
83
7814 32
71
78 Sale a7512
2818
Greek Government leer 75_1964 54 N
5s 1958
Antwerp (City) external
2058 Sale 203
8
2214 24
39
72
72
41
1484 23
4
Sinking fund sec Os
Argentine Govt Pub Wks 68_1960 A 0 72 Sale af343
70 Sale 6914
7014
11
F
1af8
68
8
(State)bll 6
783
9 A
rHaiti6(61trgepti c)131 6s series A.
8
Argentine Nation (Govt of)
37
A 0 37 Sale 3314
36 02614 59
87
71
41
1
/
71
D 71 Sale 644
Sink funds 65 of June 1925-1959
4
30
7112 69
15
23 80
4012 7112 Heidelberg (German) eat' 7 349 10 J J 30 Sale 253
'5
19 5
1959 A 0 7112 Sale 6412
Esti a f Os of Oct 1925
68
123 a4018 72
72
6912 13
3
7118 Sale 64 8
6912
47
Heisingfors (City) ext 634s_ _1906 A 0 6512 69
I957 m
External sf6s series A
31
9
72
86 a4034 72
4
1
/ 31
15
Hungarian Munic Loan 7345 1945 J J 2934 Sale 2718
External 68 series 13_ _Dec 1958 J D 71 Sale 6412
23 June'33
77
71
4
/
4
1
/ 71
201 23
40
1960 MN 71 Sale 6414
Unmatured coups attached__ JJ 25
Esti 5 f 6s of May 1926
2912 Sale 2718
2 4 55
93
4
1
/ 71 a401 691
69
1
/
4
/
4
/
4
19
4
293
External a 1 7s (coup).- _ _1946 J J
Externals I Os (State RY)_1960 M S 693 Sale 644
1612 May'33
71
150
4
71 Sale 643
1612 1612
4014 71
Unmatured Coups attached_ J
Esti (is Sanitary Works.,1981 F A
8
347
034 June'33
18
70
65
70
34
24
41
70
Hungarian Land M Inst 7)48 '61 M N
Esti 68 pub wks May 1927 1961 M N 68
_ _ 3512
3712
4
47
60
8
583
1
/
234 3712
38
60
Sinking fund 734s eer B...1961 MN
1962 F A 6112 64
Public Works esti 5348
1
/
341/4- - 37
4
1
/
6
8912 78
8
8
38,
4
1
/ 8912 Hungary (KIngd of) s f 7Sia_1944 F A 384 47
3114 45
49
4
1
/
1945 M S 80 Sale 875
Argentine Treasury Os £
4
a9012
92
821. Sale 7818
8212 354
4
/
761 92
7114 8312 Irish Free State esti of 5s
1960 M N 00
30-yr 5s___July 15 1955
Australia
4
1
/
9714 386 a85,1 101
D 95 Sale a8514
8217 329
Italy (Kingdom of) esti 78_1951 J
7214 83
External Soot 1927__SePt 1957 M S 82 Sale 7818
9012 Sale 8934
9012
3
4
1
/ 250
77
I956 M N 7714 Sale 7414
4
893 101
6818 79
Italian Cred Consortium is A'37 M
External g 4318 of 1928
4
853 8812 82
8334 14
51
90
90 Sale 8718
82
8512 05
1947 M
97
External sec 81 is ser B
Austrian (Govt) of 713
8612 121 a7212 9512
8612 Sale a7212
17 a49
58
4
1
/ Italian Public Utility esti 79.1952 J
84
J
D 55 Sale 54
57
19
Internal sinking fund 713_1913
88
228
42
18
4
4
1
/ 69
33
,
45 4 88
Japanese Govt 30-yr s f 46_1954 F A 88 Sale 8212
Bevel-la (Free State) 634s__ _1945 F A 393 Sale 3912
7612 Sale 7312
77
160
N
9212 49
8812 10212
Extl oinking fund 5I4e.__ _1965 M
1949 Ai S 9114 Sale 8812
3512 77
Belgium 25-yr esti 63513
9018 107
87
98
Jugoslavia (State Mtge Bank)
1955
1 90 Sale 8712
.
External s f 68
27
20
9812 72
9812 Sale 9612
27
12
1
/
944 10812
Secured of g 75
1957 A 0 27 Sale 2514
1965
-year of 7s
External 30
40 Sale 3934
40
2
9612 60
di
34
9312 10712 Leipzig (Germany) s f 78_1947 F A
1956 54 N 9612 Sale 9412
Stabilization loan is
3
4
/
491 6012
Lower Austria (Prov) 7348..1950 J D 5714 597 5714 June'33 _ _ _ _
Bergen (Norwel)135
85 0101 135
85
10
82
87
85
Lyons (City of) 15
65
-year 68 1934 MN 131 Sale 130
Esti sink funds 5e_ _Oct 15 1919 A 0 84
135
59 al0114 135
83 June'33
89
33
63
Marseilles(City of) 15-yr 68_1934 MN 132 Sale 130
External sinking fund 68_1960 M S 85
4
1
/
14 Sale 13
4
1
/
15
69
34
8
19
2612 60
5
7 8 15
Medellin (Colombia) 6348
(Germany) ef 6345.__1950 A 0 34 Sale 315
Berlin
1954 J 1:1
4
1
/ 5 June'33 _ _ _ _
5
2
3418 40
4
/
341 Sale 31
2418 57
Mexican Irrig Asstng 4348_1943 MN
4
/
21 5
External s f 68___June 15 1958
26 Ape30 _ _ _ _
8
4
1
/ 21
23
26
Mexico (US) esti 5s of 1899 £ '46 Q
15
Bogota (City) esti 5 t 8s....1945 A 0 233 Sale 2218
8
97
4
1
/
9
4
/
111 62
5 -5i; 1014
4
133
4
/
111 Sale
4
1945 ---914
Assenting 5s of 1899
Bolivia (Republic of) extl 8/4.1947 M N
4
__
8
it 57 June'33
1112 60
818
1112 Sale
312 1214
Assenting 5s large
8
s 57
57
External secured 78 (Jlat).1958
6
2
6
1112 223
3
4
1
/ 12 4
8
1969 M
1112 Sale
,
,
24 8
Assenting 45 of 1904___.._
External s f 7s (fiat)
5 June'33
135
46 010114 135
5
5
Assenting 4s of 1910_ _
Bordeaux (City of) 15-yr 68_1934 54 N 131 Sale 130
514 612 7
7
46
3914 72
8 8
25
1658 42
Assenting 48 of 1910 large
- --Brazil (U Sot) external 8s 1941 J D 3812 Sale 37
8
63 Sale
614
8 20
67
3512 180
,
24 8
4
1
/ 38
15
Assenting 45 of 1910 small......
External of 6345 of 1926._1957 A 0 3512 Sale 34
•
4
353 100
T
143 573
Trees 6s of'13 assent (large)'33 i--J
4
4
Externals! 8348 of 1927_ _1957 A 0 3512 Sale 34
8 34
327
8
1952 J D 31 Sale 30
1211 333
Small
is (Central Sty)
8312 Sale 74
84
216
55
4
1
/
13
52
60
74 • 90
45
7212 Milan (City. Italy) esti 6318 1952 A -1
Bremen (State of) esti 75_1935 54 S 47
70
12
69
4
/
1957 M S 681 72
4
/
641 7312 Minas Geraes (State) Brazil
Brisbane (City) 8 f 56
33 Sale 30
33
49533 F A
32
71
13
71 Sale 70
1938 M
8
637 7212
a f 6348
fund gold Es
External
Sinking
33 Sale 30
33
42
7
77
75
80
77
Ext sec 034s series A
1959 50 S
-year s lis
7018 78,2
20
3712 35
36
3514
1
/
344
4
8
11
343
62
5j
1952 J
4
/
1
1 11
7112
_ 19
33,6 1
82514
3143,/
2418 341 Montevideo (City of) 78
Budapest (City) esti 5 f 631 9 J D 3278
2612 _ _ 26
26
2
4 33
593
4
1
/
8
617
37
External 5 f Os series A.__1959 54 N
Buenos Aires(City) 63-6s2 B 1955 J J 59 Sale 5418
gale
7914
4
/
751
3
4
/
1960 A 0 5518 _ _ _ _ 51
7914 50
4
/
371 541 New So Wales (State) esti 58 1957 F A
4
/
7112 81
511
External of Os ser C-2
78 Sale 75
5012
2
4
/
4
,
79, 128
4
/
341 53
Apr 1958 a
External f 5s
External s 05 tier C-3_ _1960 A 0 531 ___ _ 5012
4
38
1
/
23
4
63 F A
3518 _ _ _ _ 344
38
2 33
95,
8112 9512
19 5 1 D 9512 Sale 033
Norway 20-year ext 65
16
Buenos Aires (Prov) esti 69_1901 M
4
4
4018 61
113 F A 953 Sale 9312
3912 Sale 3314
4 37
053
8118 953
4
2012 4018
20
-year external Oss
Stpd (Sep 1 '33 coup on)1001 M
1
/
94
8
8
119 a8012 94
4
1961 F A 393 Sale 351*
4
393
5
9) A O
8
30
9 2 J D 934 Sale 91,
-year external (321
175 3931
External s f 63is
4
923 Sale 9018
93
44 07412 93
4 37
403
40
21
40 4
-year s 554s
Stpd (Aug I '33 coup on)1961 F A 40 Sale 34
3
4
M S 913 Sale 8812
92
2112 14
9- 0741 1 82
6
2
7 ,1 9
14
2318
External s f Os.. Mar 15
Bulgaria (Kingdom) a f 7s_ _1967 .1 J 2114 Sale 20
56 Sale 8512
86
17 a2112 2712
24
2314 Sale 2314
Municipal Bank esti s Os.19)17
Stabil'n s I 734s_Nov 15 1968 5.1 N
_
8512
8518
2 all
8512
Municipal Bank esti f 58_1970 J D 8518
8
327 Sale 2812
4
/
321
1718
6
17 Sale 16
4
1
/
10
25
11 r20
5211
Nuremburg (City) esti 68__ _1952 F A
(Aldan Dept of(Colombia)7(.45'48 J J
8
70
4
1
/ 259
89
4
27
70,
35
79
1953 M S 70 Sale 667
1
/
8131 Oriental Devel guar 6s
Canada (Dom'n of) 30-yr 48_1960 A 0 8712 Sale a864
68
6414
6512 24
10218 290
1958 NI N 66
4
/
1952 M
1011 Sale 9958
4
/
31 12 (36%
901 10218
Esti deb 530
6s
8
90
1936 F A 10014 Sale 9912 1003 180
10
80
90
4
/
931 1004 0810 (CRY) 30
1
/
-year e 1 6s...._1955 M N 90 Sale 38
4348
70
7
69
J 7014 75
1954
09
86
Carlsbad (City) 5 1 88
93
a94
1714
8
4
/
4
81 1812 Panama (Rep) esti 5349_1953 J I) 95 101
5
85 1023
Cauca Val (Dept) Colom 734s 46 A 0 1512 Sale 1512
38 Sale 3 /
38
4
31
1814 46
26
Esti f 58 ser A__May 15 1963M N
Central Agile Bank (Germany)
8
15
80
55
13
4
1
/ 1513
6
3914 75
Pernambuco (State of) esti 75 '47 M S 1414 Sale 137
Farm Loan 81713...Sept 15 1950 M 8 55 Sale 51
15
4
/
411 91
,
13 2
1512
1512 10
1959 54 S 13
Peru (Rep of) external 7s
4
/
aS
3212 67
Farm Loan e 6s_July 151961) J J 411 Sale 3712
1012 Sale
4
/
31 1134
,
94
3
10 4 65
4112 141
4
/
3212 6678
Nat Loan esti a I es 1st ger 196)) J D
Farm Loan f 6s_Oct 15 196C. A 0 4112 Sale 391
8
3
4
1
/ 113
1
/
104 45
45
4
/
4
91
91 a38
Nat loan esti efOs 26 ser_1961 A 0 103 Sale
Farm Loan ile tier A Apr 15 1938 A 0 45 Sale 43
7512
62
1512 68
5218 62
29
Poland (Rep of) gold 63_ _1940 A 0 60 Sale 60
1942 M N
1512 Sale 14
4
1
/ 21
5
Chile (Ree)-Esti s f 78_
4
/
69
145s 198
124
5114 69
1
/
17
5
onloan g 7: 1 060
SEta.febifInizaallth8 nsf 8 2: 947 A 0 681 Sale 66
External sinking fund (is_ _1900 A 0 144 Sale 1212
• J 6912 Sale 673
4
70
141
93
70
4
/
41 171 1
8
1412 Sale 123
106 059
fund
Ext sinking fund 6s__Feb 1961 F A
28
4
/
41 171 Porto Alegre (City of) 88-1961 J D 28 Sale 2012
4
/
9te 28
17
141 130
8
143 Sale 1234
Jan 1961 J J
4
/
Ity ref ext f 68
30 Sale 27
4
1
/
30
1412 62
22
17
4
83 30
6
Esti guar sink fund 7349 196) J J
Ext sinking fund 6g.. Sept 1961 M S 1412 Sale 13
78
77
1412 65
78
as.
2
77,
1714 Prugsie (Creator Cfe )7:46ii. .61 M N
3
u
7714 93
5
e 1
sfa
ter ltr. s 1952
External sinking fund 6s_ .1962 M S 1412 Sale 1212
131 S 41 Sale 353
8
41
1412 74
1
75
637
17
28
5
1412 Sale 1231
External sinking fund 68_ _1963 M N
41 Sale 34
41
1314 41
8
112
123
15
External a (36
1714
4
/
271 6125
1957 J D
1318
Chile Mtge Ilk 634s June 30
,
74
g 98 Sale 06
98
)V A
17
1
36
12
98
88
912 20
Queensland (State) exti f 75 19 A
4s
/
S f 61 of 1926_.June 30 1961 J D 17 Sale 1512
8612 Sale 833
8612
14
4
49
87
78
25
-year external 68
612 161z
Apr 30 1961A 0 14 Sale 1218
Cluarsf6s
4
1
/ 45
40
4312 17
15
27
Mt 43
4
/
3712 71 14
61 1638 Rhine-Main-Danube 7e A__
1962 M N
15 Sale 1214
Guar a f 614
30
11
Rio Grande do Sul extls 818_1916 A 0 30. Sale 28
1
/
4
1
/
52
9
284
12
413 13
1960 5.1 S 105 Sale
8
26
Chilean Cons Muni° 78
4
/
818 291
4
2914 101
25
12 r25
External sinking fund Os_ _1968 1 1) 2914 Sale 2814
Chinese (Hukuang Ry) 5s1951 i D 25 Sale 2412
29 Sale 28
2912 36
4
/
291
88
9
81
External e f 78 of 1920_ .1966 M N
- 88 July'33
4
1
/
Christlanis (Oslo) 20-yr s f as '54 M S 88
2912 10
814 30
33
5
2618 57
4
1
/
External slis munic loan.1967 i D 2912 Sale 2818
Cologne(City)Germany 63491950 SI 8 33 Sale 3012
8
25
25
9
4014 143
1614 40
4
1
/ Rio de Janeiro 25
-year of 88.1246 A 0 243 Sale 24
30
Jan 1961 J J 4014 Sale 37
Colombia (Rep) 00
1053 F A
2412 Sale 2314
25
1622 4114
403 126
8
8
64 25
Externals f 6 Sis
36
8
Est s f 633 of 1928_._0c5 1961 A 0 403 Sale 363
A
19 m 0 8414 Sale 7812
8434 60
7812 92 8
___ 34
7
4
1
/ 35 June'33
1 818 35
Rome (City) esti 0348
Colombia Mtge Bank 6348 of 1947 A 0
N 10112 Sale 955
5
8
8
4
1
/ 35 July'33
10212 35 a881* 1045
s
34
193 35
Rotterdam (City) esti 6s_ _ .12642
Sinking fund 7s of 1926_ _1946 St N -30
41 Sale 393
1
/
344
4'
41
4
/
32
181 036
8
8
8
345 345
Roumania 1e5n1onor 101 7s 1959 F A
6
Sinking fund is of 1927_1947 F A 30
4 8
i ( 6)
e
4
/
1 581 62 5734 5734 3 50 721
1953 1_ 2
4
/
34
70
59
1952 i D 70 Sale 6718
7312 SIutr rueck (
Copenhagen (City) Se
23 Sale 23
24
23
2
1018 24
1953 M N 65
4
1
/ San Paulo(City)s f 8s__Mar 1952 M N
67
8
67
665
58
1
/
664
-year g 4 31a
35
22 Sale 22
2318 21
71 2315
4
/
4
2014 34
103 22
External of 614s of 1927..1957 81 N
Cordoba (City) esti of 7e__ A957 F A 2014 Sale 1714
4
1
/
28 Sale 2514
1418 31
31
37
San Paulo (State) coal Of So.1938 J
22
8
37
4
/
241 37
37
External f is.... _ Nov 15 1937 54 N
4
253 Sale 233
33
4
1
/ 238
2554 60
1
/
244 4312
43 June'33
External sec e f 831
4312 50
Cordoba (Prov) Argentina 781942 J J
4
/
2522 58 0110, 2512
25 Sale 241
:
Exv.rnal ;f 713 Water L'n_19 1 11
195: S
External f 68
Costa Rica (Republic)
2378 Sale 23
4
/
91 2511
2514 80
4
1
/ 30
28
23
7
28 Sale 2741
713 Nov 1 1932 coupon on.1951 MN
7018 Sale 6834
7012 30
50' 7012
2012
14
3
19
2012
23
Secured 5 1 75
20
7s May 1 1938 coupon on _1951
20
()8 5,':
4
/
124 20,
‘
4
9812
47
5
4
91
8
973 9812
7814 1181 Santa Fe (Prov Arg Rep) 713:1F12 .11 1 0 26 Sale 22
Cuba (Republic) 580? 1904 1944
5214 Sale 5114
5214 31
3912 773
07914 9314 Saxon Pub Wks(Germany) 78'45 F A
4
87 June'33
8612 92
External 5s of 1914 ser A 1949 F A
41 Sale 37
4
1
/
41
32
14
82
8
82
Gen ref guar 6348
62
691s
1940 F A 82 Sale 7818
External loan 430
N
JD 0812 Sale 68
6812 13
7412
52
8312 Sale 8212
8312 11 a6312 8312 Saxon State Mtge hist 78_1945 M
1951
Sinking fund 5348 Jan 15 1953 J J
6512 68
68
92
6914 77
32
Sinking fund g 634,..Dec 1946 J D 6512 Sale 65
4
69,
Public wits 534s June 30 1945 J D 67 Sale 6418
2414 Sale 21
2414 120
4
1
/ 2412
13
Serbs Croats At Slovenes 8s 1962 M N
Cundlnamarca (Dept) Colombia
21 Sale 1912
2134 53
4
/
1212 211
4
/
171 39
101s 19,4
External sec is ser B
External e f 650
1959 54 N
171 1 Sale 16
4712 Sale a45
50
22
74)
40
9112 17
8612 9914 Sheela (Prov of) exti 78
Czechoelovakia (Rep of) 88_1051 A 0 9112 Sale 8912
3414 29
3118 Sale 31
4
/
4
/
851 981 Silesian Landowners Assn 6s.1942*7
3014 5111
9
.
8 13
905
1
Sinking fund tle ser Ii
1952 A 0 a903 Sale 8612
8
119 July'33
155
100 120
75
4
1
/
90
-year esti 6s._1942 1J 89 Sale a8612
923 Solseons (City of) exit Os_ _1936 131 N 12318
Denmark 20
4
48 4
48
- , 48
45
5712
69
External gold 534s
877 Styria (Prov) external 71_..1946 F A _ _
4
1
/ 91
87
1055 F A 87 Sale 853
8
8
4
1
/
4218 May'33
4218 4218
4
1
/ 144
77
External g 4 148__Apr 15 1962 A 0 76 Sale 7518
5814 771
4
/
Unmatured coups attached__ F A
9878
9412 171
88
Sweden external loan 5)48..1954 MN 1412 Sale 0112
Deutsche ilk Am part ett fls_1932
142
85 Switzerland Govt esti 5348_1046 A 0 142 Sale 131
60
301 3111225 142
601. 20
Stamped extrl to Sept 1 1935._.
6012
70
60
Matured Bends us page 435
r( ash sale a Deferred dellve y
t Accrued Interest Vayanle at exenange race of 11.46(15 • 1.0014 under Ust of
NOTE.-Stato and City Seeuritles.-Saleri of State and C117 securit ee °Cele very rarely on the New York Stock Exchange Lid usually only at long intervals, dealings ho
such securities beine almost entlrely at private sale over the counter. 13Id and Asked quotatIone, however, by active dealers to these aecurithis win be tumid 0/4 a aup.e.
(meet Page under the general head nf QuotatIona for Unlisted Securities .•
High
Bif
Ask Low
ment
U S G
First Liberty Loan
4
/
ID 1022232 Sale al021.32102212
314% of 1932-47
• D 10116n -- 021632J'ne33
Cony 4% of 1932-47
,
• D 102232 Sale 012,32102 32
Cony 434% of 1932-47
02 June'33
J D 1012.32
26 cony 434% of 193247
Fourth Liberty Loan
AO 1022.32 Sale 0221321023332
-4% of 1933-38
41
,110 n
,
1947-1952 AO 110232 Sale 09242
Treasury 432s
,
1944-1954 J O 1061332 Sale 06 32 100",,
Treasury 45
1946-1956 MS 1042232 Sale 042132105232
Treasury 31
433
/
4
/
1943-1947• D 1022.32 Sale 021121022.32
Treasury 3348
Treasury 3a__ _Sept 15 1951-1955 MS 99232 Sale 982332 99.32
Treasury 3348 June 15 1940-1943 in 1021232 Sale 021532102 363,
Treasury 334s Mar 15 1941-1943 MS 1021532 Sale 02232 10216a,
'31 1001632
Treasury 3315 June 15 1946-1949 in 1001132 Sale
NO.
AZ
July 15 1933
New York Bond Record-Continued-Page 2
.. v;
Week's
Range
Price
BONDS
k
Friday
Range or
g.
N. Y. STOCK EXCHANGE h h
"2
8ffic4
Jan. 1.
rows
Last Salo.
2
-14". July 14.
Week Ended July 14.
High
High No Low
Ask Low
BM
!Foreign Govt. & Municipal,.
8214
86
8018 18
/
1
1955 F A
7838 Sale 764
Sydney (City) at 548
3318 65
32
65
Taiwan Elm Pow a 1 5345_1971 2 J 64 Sale 63
28
62
4
62
Tokyo City 511 loan of 1912_1952 M S 62 Sale 60
3312 69
-6812 60
External at 548 guar
1905 A 0 8818 Sale 6412
8
1612
1412 June'33 ---1418 17
Tolima (Dept of) esti 76-1947 M N
61
7514
4
Trondhjem (City) let 545_1957 M N 74
80 a723 June'33 ____
4514 6212
8
Upper Austria (Prov) 7a
1945 i D 5112 537 55 June'33__
414 r513
7
42'a
4112
Externals f 6445-June 15 1957 1 D ____ 57
4114 11
2112 42
Uruguay (Republic) ext1 88 1946 F A 41 Sale 41
1518 40
3812 91
Externals f 68
1960 M N 3414 Sale a33
/
1
164 3912
24
35
St 68- ---May 1 1964 M N 3412 Sale 3312
External
94 100
41
98
Venetian Prov Mtge Bank 75 '52 A 0 9612 995 95
8
55
681
/
4
5
58
Vienna (City of) exti a t 654_1952 M N 57 Sale a55
8
5038 a5112
512
Unmatured coupons attached_ MN --------51
85
46
80
46
Warsaw (City) external 78_1958 F A 45 Sale 42
357 74
6912 39
Yokohama (City) WI 63-1961 J 0 6912 Sale 6612
Railroad
9412
75
1
944
Ala Gt Sou let cone A be
1943 2 D 9412 Sale 9412
80
60
3
80
let cons 46 ser B
80
88
1943 J 17 80
78
87
36
85
Alb & Susq let guar .348_ _1946 A 0 8518 87
8412
654
85
Alleg & West 1st gu 45
1998 A 0 7518 ____ 6512 June'33 ____
9814
89
1
97
Alleg Val gen guar g 4s
1942 M S 97 Sale 97
2212 38
5
38
37
Ann Arbor 1st g 45___july 1995 Q J 35
39
8234 97
346
96
Atoll Top & S Fe
-Gen g 48_1995 A 0 9514 Sale 9458
8912 9112
_
A 0__ __ 90 June'33 -___
Registered
76
8812
6
8812
Adjustment gold 45__July 1995 Nov 87
8812 87
Stamped
July 1995 MN 89 Sale 85
8912 85 07518 8912
83
/ 85
1
4
19
85
Registered
8
M N 8312 ____ 837
73
84
2
Cony gold 4s of 1909____1955 2 D 83
834
/
1
____ 8314
85
72
34
85
Cony 4, of 1905
8
1958J D 8212 Sale a817
80 8
3
73
Cony g 48 issue of 1910
_ 82
80 Mar'33 ____
1960 J D
100 679 102
Cony deb 434s
.
1948 2 D 102 Sale 10012 102
73
85
4 43
Rocky Mtn Div let 45.. _1965 J J 831 Sale 83
833
/
4
97
89
1
9512
Trans
-Con Short L let 48_1958 J J 953 9714 9512
4
874 99
5
Cal-Aria let & ref 434s 4_1982 M S 9812 Sale 9812
9812
AU Knoxv & Nor 1st g 6a 1946 J 13 100 10312 10312 Feb.31 --:::
9
0
75
10 -,==-- All & Char! A L 1st 44,A 1944 J . 75
90
921s 90
1
6712 95
17
let 30
95
-year 5s series B
1944 J 2 93 Sale 93
05
754
June'33 ____
Atlantic City let cons 4s. _J951 2 1 67
____ 74
91
66
75
91
All Coast Line 1st cons 4s July'52 M S 9012 Sale 8958
51
8018
General unified 444s A _ _ _1964 J D 79 Sale 78
8018 122
/
1
4
8
45
717
L & N coll gold 4s.. _Oct 1952 MN 71 Sale 687
711 133
/
4
8
134 472
4
473
4 67
8
All & Dan 1st g 45
/
1
4
1948 2 i 47 Sale 447
4318
8
2d 45
434 11
/
1
40
1948 J J 40
50
20, 4912
Atl .4 Yad 1st guar 48
4912 13
44
53
1949 A 0 45
81
Austin As N W let gu g 5s-1941 J J ____ 85
75
81 June'33 ----
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 14.
r..
E.3
Prue
1.... t
2: a.
Friday
July 14.
4
El_
CIO
70
132
/.-1988 2 2 694 Sale 66
01110 R I as PRY gen 44
6412 Sept'32 _
J J.
Registered
i,
3814 , i
Refundlng gold 45
1934 A o -iics gie- 3512
38
135
Secured 44e series A
1952 M S 3712 Sale 35
1960 M N 2834 Sale 23
28
560
Cony g 445
80 June'33 ---Ch St L & NO 5.1__June 15 1951 .1 D 8112 85
J D ____ ____ 6412 May'32
Registered
Gold 3445
June 15 1231 1 D 4712 _--- 8512 May'32
66 12 12
Memphis Div 1st g 4s____1951 J D 6612 Sale 66
72
Chic T H & So East 1st 56_1960 J 1
43
3 68 Sale 65
Inc gu be
134
54
Dec 1 1960 M 0 53 Sale 4912
Chic Un Sta'n let gu 434s A-1963 J 2 101 Sale 10014
10114 42
105
3
1st be aeries B
1963 J 1 105 Sale 105
22
102
Guaranteed g 55
1944 1 0 1014 102 10014
11312 21
1st guar 6445 series C
19631 1 113 Sale 113
76
Chic & West Ind con 4s
76
1952 J 2 7512 Sale 74
92
1st ref 54s series A
16
1962 M S 92 Sale 87
Choc Okla & Gulf cons 5.4_1952 M N
5 / ---- 50 May'33 ---8
1
4
Cin H & D 2d gold
__ _1937 J 1 885e _--_ 88 June'33 ____
921 -_- 92 June'33 ---C St L & C let g 4a__Aug2 1936 Q E
44eRegistered
'
August 2 1936 Q F ----- ----97
Jan'33 ---Cln Lab As Nor let con gu 48_1942 MN
.4 _-- 83
On Union Term let 448_2020 2 J 9912 Sale 9912 100
8
4
105
/
1
let rntge 5e aeries B
89
2020J 1 1044 Sale 1033
105
174
let mtge g 5s series C
1957 MN 105 sale 104
Clearfield & Mali 1st gu 58_1943 1 J
761e r.,-- 72 May'33 --..
82
80
86
lb
Cleve On Chi & St L gen 4s_1993 2 D 8218 D 65
1993 2 ,
86
99
Apr'33 ---General 58 series B
77
1
77
90
Ref & impt Os ear C
1941 2 2 77
8114 15
1
Ref dr'mat 59 ser D
1963 J . 81 Sale 81
76
86
76 Sale 7312
Ref & impt 434s set E
1977 1 J
89 June'33 ____
95
93
Cairo Div 1st gold 4s
1939 1
7318 June'33 __78
73
Cin W & M Div let g 48_1991 J J
1
76
St L Div 1st coil tr g 45
1990 MN ..___ 80 '76
76 Dec'33 ___
95
Spr & Col Div let g 4a
1940 NI S 93
76
76 Sale 76
i
W W Val Div let g 4s_ -- _1940 J
-.
a Deferred delivery
Week's
Range or
Last Sale.
Range
Sines
Jan. 1.
816
High
High No. Low
Ask Low
C & E III Ry (new co) gen 55_1951 M N
1812 Sale 1812
3 .4 20
5
121
20
98
Chicago & Erie let gold 58_1982 M N a98 Sale 9618
15 08614 98
8
Chicago Great West let 4.1_1959 M S 497 Sale 4713
20
50
443
50
Chic Ind & Louisa ref 88____1947.7 J 6012 ____ 60
2
60
28
60
Refunding gold lis
44
44
____ 44 May'33 ____
1947 J J 55
Refunding 48 series C
55 Sale 55
1947 J J
33
4
55
55
47
let & gen 54 series A
1966 M N 46 Sale 45
9
47
8
1st as gen 6s series B_May 1966 J 1 52 Sale 497
8
12
52
17
52
Chic Ind & Sou 50
7612_ - 78 June'33 ____
-year 4s 1956 J J
8112 78
Chic LS as East let 44_
- -12
01969 2 D 100. 101 102 June'33 ____
94la 102
Chi M & St P gen 4s ser A 1989 J J 6912 Sale 6712
7012 75
38
71
Gen g 345 ser B___May 1989 J J 60
57 June'33 __-65
35
6012
75 Sale 72
Gen 434s ser C
75
May 1989 J J
40
62
75
Can 448 ser E
75
May 1989.7 1 75 Sale 7218
40
75
83
Gen 434s ser F
38
76
26
76
May 1989 J .2 76 Sale 7312
Chic MIlw St P as Pee be A__1975 F A
53 1764
11
5218 Sale 46
53
8
Cony adj bs
27 2632
314 27
Jan 1 2000 A 0 2612 Sale 205
Chic & No West gen g 345_1987 MN 564 Sale 56
14
59
34
62
/
1
4 Aug'32 __
/
1
4
Q F ____ 64
Registered
-30-___ _
6912 d7
6914 6714
1947 M N 68
General 45.
89 2
-168
Stpd 48 non-p Fed Inc tax '87 MN 6612 68
6812 10
36
8812
____ 72
age 448 stpd Fed Inc tax_1987 MN
72
47
7
74
72
777
8 49
773 Sale 75
8
Gen ba stpd Fed Inc tax___1987 M N
40
777
s
9012 61
15
-year secured g 648_1936 M S 8912 Sale 84
437a 9012
56
151 ref g be
30
lb
58
May 2037 J D 51 Sale 5034
8
4712 142
1st & ref 434s stpd May 2037 J 13 453 Sale 437
4
15
4712
48
127
1st & ref 44s ser C May 2037 J 121 4512 Sale 4518
15
48
902
/
1
44
4t2 4412
Cony 445 aeries A
1949 M N 41 Sale 384
91
74
209
Bait as Ohio 1st g 45-July 1948 A 0 90 Sale 8912
91
80
72
Registered
July 1948 Q J --------75 May'33 •
20
-year cony 434s
.
1933 M 8
334 75
Refund & gen be series A_1995 J D 75 Sale 73
96
75
/
1
4
let gold bs
/ 141 a7918 97
1
4
97
July 1948 A 0 973 Sale 9612
4
Ref & gen Os series C____1995 J 0 813 Sale 80
874 83
813 163
4
4
6118 87
/
1
4
877
8 57
P L E & W Va Sys ref 4s__1941 MN 87 Sale 8512
/
1
4
8512
Southw Div let 55
55
8512 65
/
1
4
1950 J 1 8512 Sale 83
454 72
Tol as Cin Div let ref 4s A_1959 J J 7012 Sale 69
7012 27
Ref & gen be aeries D
344 75
64
75
2000 M_ B 74 Sale 72
254 67
Cony 444e
717
66
1960 r A a6412 Sale 5312
9812
Bangor & Aroostook let 58_1943 2 J 9812 Sale 9512
88
9812 44
77
Con ref 4s
65
/ ___ 7612 June'33 -.-.
1
4
1951 J 2 78
--_
Battle Crk & Stur let gu 39_1989 2 D 6018 ____ 61
Feb'31 -___ ..,__
Beech Creek let gu g 4a
92
80 6
92
88
1
1936 J . 92 Sale
92
2d guar g be
92
1
92
1
1936J . 92 Sale 92
Beech Crk ext 1st g 34s
71
71
71 May'33 ---1951 A. 0 6012 75
Belvidere Del cons gu 348_1943 r. J 86
_Big Sandy let 4s guar
8714 974 C C C & I gen cons g 63_1934 2 .1
923
1944 3 D 9212 - 8 90 June'33 ___
Clev Lor 6: W con 1st g 5s 1933 A 0
Boston & Maine 1st 55 A C_1967 M S 83 Sale 777
83
53
lld
8
83
let M 5e series 11
544 8312 Cleveland & Mahon Val g 58 1938 1 1
8312 57
1955 M N 8312 Sale 78
let g 445 ser JJ
Clev & Mar 1st gu g 448_1935 M N
75
48
18
75
1961 A 0 75 Sale 7312
Boston & NY Air Line 1st 401965 F A 68 Sale 65
Clev & P gen gu 44s ser B 1942 A 0
5412 68
12
68
/
1
4
Series B 3445
1942 A 0
Bruns & West let gu g 45_1938 J 1 80__ 843 Mar'33 ---4
4
843 843
4
Series A 44s
1942 2 2
Buff Rosh as Pitta gen g 56_1937 M S 9312 - 85 09112
2
91
91
5
9
Series C 344s
8
Consol 434e
1948 MN
333 675
8
6758 46
1957 M N 64
664 66
/
1
1950 A F
Burl C R & Nor lat at coil 58_1934 A 0 65 Sale 617
Series D 334s
65
45
24
65
8
1977 F A
Gen 434s ser A
Canada Sou eons gu 65 A
3
9554 19
787g. 95 4 Cleve Sho Lino 1st gu 445_1961 A 0
/
1
4
4
1962 A 0 953 Sale 93
4
Canadian Nat guar 448
794 955 Cleve Union Term 1st 5448_1972 A 0
953
4 63
941
/
4
6
1954 M 8 9
518 9
30
let s f 58 aeries B
1973 A 0
-year gold guar 4 4s..- _1957 2 J 954 Sale a94I2
63
793 96
8
96
1st et guar 4448 series C 1977 A 0
Guaranteed gold 434s. _ _1968 J D 9514 Sale 95
79 4 9558
3
955 172
8
J D
Guaranteed g be
136 a8412 102
102
July 1989 J 1 10114 Sale 10018
Guaranteed g 58
84 1015 Colo & South ref & ext 448_1935 M N
8
1015 133
8
Oct 1969 A 0 al0114 Sale 10018
General mtge 4348 ser A 1980 MN
Guaranteed g ba
/
4
/
1
/
1
1970 F A 101 Sale 1004 1014 62 a8418 1011
Guar gold 448__June lb 1955 J D 99 Sale 9818
1948 A 0
2
8074 99' Col & H V 1st ext g 45
9912 149
1955 F A
Guar g 434e
80
9614 Col & Tol let ext 45
9614 83
/
1
1956 F A a954 Sale a95'2
Guar g 44a
9612 118
795 9812 Conn & Possum My lst 48_1943 A 0
4
Sale 9534
Sept 1951 M 5 96
Canadian North deb a f 7a__1940 J 13 1037 Sale 10212 1037 156
8
985 104% Consol RY non-cony deb 4s 1954 2 2
4
8
25
-year a f deb 645
Non-cony deb 48
1955 1 J
1073
8 77
944 10738
8
1946.7 1 1073 Sale 10614
90 10014
10-yr gold 44s___Feb lb 1935 J J 100 10012 9914
Non-cony deb 45
1955 A 0
10014 24
Canadian Pao Ry 4% deb stock
Non-cony deb 414
49 r70
298
1956 i J
r70
r70 Sale 6712
Coll tr 4248
82
112 a55
1942 1 0
82
Cuba Nor Ry let 534s
/
1
Sale 784
1946 M S 8114
ts equip tr etre
-year ba g 1952 3 1
8012 9612 Cuba RR let 50
9612 63
8
1944 J 2 953 Sale 95
Coll tr g bs
let ref 745 aeries A
584 9012
9012 48
1936 J 13
Dec 1 1954 J D 9012 Sale a88
534 793
4
1st lien &ref Esser B
Collateral trust 43'4s
793
4 97
1936 J 0
4
19811J .0 7912 Sale 763
Car Cent let cons g 48
15
19
__ 19 June'33 --1949 1 J 28
80 100
Del as Hudson let & ref 4a 1943 MN
Caro Clinch &0 1st 30-yr 58.19381 D 9812 100
98 June'33 _ _
1st & cons g 6s Her A_Deo 15'52 2 D 94 Sale 94
55
68 88
1935 A 0
ii
95
Cart .0 Ad let gu g 48
Gold 5145
60
Feb'33
1937 M N
58
60
1981 .1 D 6512 75
D RR & Bridge lat gu g 45_1936 F A
24
60
14
60
Cent Branch U P 1st g 4s 1944 1 D 5712 Sale 5712
Central of Ga let g 5a_-Nov 1945 F A 6012 64
5712
..
/
2
57'2
1936 .. J
8
2
6212 Den &-11 G let eons g 411
Consol gold be
9 4 411
7
4118 114
Consol gold 44a
/
4
1936 r J
1946 MN 39 Sale 38
3
28
28
Den & Ito West gen 55 Aug 1955 F A
28
Ref & gee 5448 series 11_1959 A 0 2312 Sale 2312
212 2734
2714 52
Ref & Rapt be ser B__Apr 1978 A 0
4
Ref & gen 5 aeries C
,
1959 A 0 23 Sale 203
Chatt Div pur money 248.1951 1 D 32 Sale 32
Dee M ds Ft D let gu 41L-1935
15
33
10
33
/
1
4
1 J
35
Mac & Nor Div let g 55_1946 1 .1 ____ 49
35
35 June'33 ---Certificates] of deposit
_ Des Plaines Val lest gen 410_1947 M S
.
Mid Ga & AtI Div peg m be 47 1 3 25
__ _ 10212 Nov 31 __
35
35
2431' Det & Mao let lien g 45
4 __-'
Mobile Div let g 51
1955J 0
1946 1 J 35
Second gold 48
1996J D
55
70
5
Detroit River Tunnel 4345-1961 MN
6912
Cent New Engi let gu 4a___1961 1 J 68
/ 6912
1
4
69
Dul Missabe & Nor gen 5s-1941 2 J
5
62
25
62
Cent RR & Bkg of Oa coil 55.1937 M N 8312 65 60
82 10112 Dui & Iron Range let 6s___1937 0
10112 48
Central of N J gen g 58._1987 2.8 2 101 Sale 100
•
83 96
Dul Sou Shore & Atl g 51...A937. .1
18
Registered
96
951
/
4
1
1987 (1 1 95.
753 79
4
/ East Ry Munn Not Div let 45'48 A 0
1
4
4
General 4s
793 June'33 ____
1987 .1 J 8314 88
6318 87
243
87
East T Vs & Gs Div let 58_1956 M N
Cent Pac let ref gu g 48-1949 F A 863 Sale 8414
4
Elgin Joliet & East let g 155-1941 M N
Registered
4
/ Jan'33 ---1
4
___ 78
783 785
4
F
1 a84
El Paso & SW led be
80
80
Through Short L let gu 48_1954 A 0 80Ir 85
80
A1965 A 0
45
795 Erie & Pitts g gu 34e ear B 1940 J 1
8
/ 132
1
4
79
Guaranteed g 55
8
1980 F A a777 Sale 7614
Series C 345
Cbarleaton & Beall let 7e..1938 J J 9814 ____ Ill June'31 __ _ _ _ _
1940.7 1
- 14 Erie RR let cons ta prior-1996 1 J
/ 10612 86 010038 107
1
4
Ches As 01110 let eon g 55-.1939 MN 1061 Sale 105
g
/
4
103 June'33 - _- 10118 104
Regletered
Registered
1996J J
1989 M N
875 10414
8
let consol gen Bea g 49
1996 1 J
8 91
General gold 445
1992 M S 103 Sale 10212 1035
Registered
1996 J .1
9012 92
92 May'33 _--Registered
.M S
Penn con trust gold 48..
9412 114
944
Ref & impt 4%g
1951 F A
1993 A 0 9412 Sale 93
79
9414
60-year cony 45 aeries A 1953 A 0
9414 108
/
1
Ref & imp% 4 34s ear 8_1995 2 J 94 Sale 924
Series B
1953 A 0
90
98
98 June'33 __Craig Valley let 55__May 1940 J J 99 100
Gen cony 4s series 13
81
81
1953 A 0
Potts Creek Branch let 48_1946 J J 8634 _ __ 81 June'33 ---843 97
Ref & impt Ec of 1927____1967 M N
4
It & A Div let con g 48_1989 J J 9714 - 96 June'33 ---Rat & impt be ot 19301975 A 0
83
88
/
1
4
,
2d consol gold 45_ .. _1989 J J 87
/ . _ 87 July'33 ____
1
4
93
Erie &Jersey let e f 6e----1955 1 1
93
Warm Spring V let g 55_1941 M El 99 102
93 May'33 -__
Genesee° River lit if 03-1937 3 3
54
96
54
30
Chic & Alton RR ref g 3s__1949 A 0 54 Sale 50
89
91
Fla Cent & Pen let cone g Sa 1943 1 2
8912 85
4
Chic Burl & Q-III Inv 345_1949 J .1 894 Sale 873
_ Florida East Coast let 4341-1955 1 D
Registered
J 1 ---- ----84 Dec'32 __iii_
96
%
iii; iii2
let & ref be sedate A
1974 51 S
Illinole Division 45
1949.5 J 9612 Sale 96
Ce3311104033 of deposit
931g
/
1
93
.
78
91
General 48
1958 M S 9212 Sale 914
Fonda Johns &Glov let 414s 1952 -,92
92
MN
68
7
let & ref 41.4. ear B
913 Sale 91
4
1977 F A
(Amended) let cons 4 45.-1982 MN
4
7614 983
let & ref 5s ger A
/
1
4
983
4 26
983 97
4
1971 F A 98
FOr3 S3 U 03 Co let g 4242_1941 2 J
4
573 June'33 ___33 ,
Chicago & East III let 88-1934 A 0 55
79
Fresh sal",
461
•Look under list nr Matured Bends On nage 465
60
70
To"
Ii1812 38
6
28
72
80
ii 412
36
72
1434 55
91 102
95 108
9234 103
10318 114
59
/ 76
1
4
6612 92
50
50
85
8818
92
We
82
83
93 1007
4
9612 1054
9814 1054
72
72
68
82
85
8828
49
77
47
8114
87
77
85
89
80
75
66
80
fire
'7-8
101
1
101 Sale 101
4
4
1
983
4
983 9914 983
8518 -- -- 8014 June'33 _-_97 June'33 ____
9612 100
9812 _--- 98 June'33 ---____ ____ 86
Jan'33 _--1003 ---- 10012 10012
5
4
90
3
8614 ---- 90
--------83
Oct'32 ____
--------81
Oct'32
83
8512 19
8534 87
90
46
885 Sale 8412
8
/
1
4
8212 54
8212 Sale 80
77
101
773 7412
4
76
90 June'33
8812 93
933 108
4
/
1
4
93 Sale 9218
121
74
74 Sale 73
__-_ 97 • 97
10
95
9118 ___- 9014 June'33 ---73-.-. 77 Jane'33 ---/
1
4
555 5812 52 June'33 ---8
51
____ 4912 June'33 ---____ 4612 Sept'32
51
5018 ____ 51 June'33 ---4
/ 82
1
4
/
1
364 Sale 363 , 38
40
39
38 Sale 37
41
16
4
4
373 Sale 373
12
8
34
34 Sale 293
9612 10134
95
98
/
1
4
80'4 8014
97
99
9814 98
88
86
96 10012
84
90
__
-- ---70
8512
6012 90
8312
54
4914 773
4
8612 91
6718 9 4
43
47
74
8111s 97
90
92
77
n
38
52
/
1
4
40
51
8414
87
196
983
96
4 13
50
9412
96
9214 Dee'32
62
/
1
4
6512 216
66
6612 19
4612
50
446
129
57
51
67 4 87
5
91
98 s
7
96
79
-.
-.
87 Sale
4
9612 983
9528 Sale
9314
6412 Sale
6612 Sale
49 Sale
/
1
4
57 Sale
49
/
1
4
10
lb
15
11
a28l2
27
84
11
bl
41
415
4
41
34
- ;
651
6612
50
57
4 312 June'33 ---328 93
I
34
62 June'33 ____
45
62
6312 75
2
38
33
39
38 Sale 38
1
30
25
30 Sale 30
30
75
8712 924 85 June'33 -- -86
102 June'33 ---- 10112 10314
103
99 1057
8
2
10312 1- -512 10312 10312
0
5
37
/2
33
55
37
36
86 June'33 --89
90
84
8912
7
85 95
95
95
9412 97
1
96
787 9612
96
9612 98
4
Feb'33 _--61
72
61
_-_- 61
___ __ _
85
/ ____ 86 Aug'32 _-_1
4
/
1
851 ...--- 884 Feb'33 _--- - 2 WI s
4
883
-7
8412 10
84 Sale 84
67I3 85
_ _
.
___ 5712 June'32 _
HI gate 68
1di
74
id. - - -18 7
4
---- ----57 June'33
41
57
99
9
100
99
9918
1
99
644
68
6212 66
3012 68
33
65 Sale 63
26
67
805 67
s
51
____ 40 Mar'33 ____
40
4015
65 Sale 63
2014 6612
6612 389
65 Sale 63
204 68
489
66
100 10054 9912 101
81 101
19
10014 Sale 98
10014 22
76 10014
30
/ ____ 25 June'33 __
1
4
16
25
61
__ _ _ 62
62
2
3412 62
19 Sale 1812 ' 213 245
4
3
213
4
17
1812 18
21
2
69
21
614 June'33 _
612 10
312 97
8
4
/ 5
1
4
/ 5
1
4
24 6
5
/
1
4
53
4
60
____ 87 Nov32 _ ___
'
____ __-- -.
New
462
DONDS
N. Y STOCK EXCHANGE
Week Ended July 14.
21
Prue
at
riaw,
July 14.
York
WAsk's
Range or
Lass 8414.
Bond Record-Continued-Page 3
Range
Since
Jan. 1.
sc
.tsk Law
Bid
High No. law
High
1
97
97
88
W & Den C let g 6 Hs_1(011 J o 98 100 97
21
90
5414 90
Crete Elk & Mo Val ist 66_1933 40 87 Bale 87
Galy Ilona & fiend let 58._ _1933 A 0
26 June'33
5% 26
Ga & Ala Ry let cons 55 Oct 1945 J J 2612 33
Ga Caro & Nor lat gu g be 1929
33
23 June'33
25
18
Extendas at 6% to July 1 1934 J J 25
4
50
2313 50
Georgla Midland lat 3s____1946 * 0 4612 51
4412
Jan'31
100
Gouv & Oswegatchie let 5s_ .1942 in
6
96
9612
84
Grit & I ext 1st gu g 4548_ _1941 J J 96 Sale 94
118
3
96 4 105
Grand Trunk of Can deb 78.1940 40 104 Bale 10212 104
101% 32
3
93 4 1013
4
l6-yearef8e
1936 MS 10112 Bale 101
Grays Point Term let 56._ --1947 JD 48 -- 96 Nov'30
4514 8814
4
8
877 394
Great Northern genie ear A.1936 J J 863 Sale 85
8412 84(4
4 55
843
1363 84%
4
let & ref 418s riffles A
1981 J J 85
7612 78
8312 June'33
84
66
_
Stud (without Jiy 113 coup)
7712 Sale 7512
77% 51
39
773
General 5145 series B
1952 I .1
4
7512 48
75 Sale 73
4012 751x
General 53 series C
1973 J J
68% Sale 68
4 4.5
683
37
General 450 series D_1976 J
4
683
8
s 6813 Sale 6612
693 137
8
693
34
General 4343 aeries E
1977
- 29
2
30
30
29
Green Bay & West deb Oda A _ Feb 32
10
314 10
5
10 June'33
Feb
Debentures ctfs B
- 90 Aug'32
Greenbrier Ry let gu 43._ _1940 MN 80
2213 68
68
Gulf Mob & Nor let 53.4e B 1950 40 6014 62 67
12
62
23
62
let mtge 53 series C
1950 A0 60 Sale 57
55
4213 45
45 June'33
Gulf &S I 1st ref & ter 5aFeb 1952 ii 41
41
55
4014 4014
404 June'33
Stamped (July 1 '33 coupon on) J
z
Flocking Val let cons g 4343.1999
Housatonic Ry cons g
_ _1937 MN
II & 'r C let g 58 int guar .1937 .1 1
Houston Belt & l'ertu let 58.1937 J 1
find & Nianhat let 53 ear A_1957 FA
Adjustment Income 5s Feb 19.57 A ()
99 100
99 12 46
99
8418 90
80 June'33
3
90%
90% Sale 90%
8314 9934 100 June'33
8412 Sale 84
4 78
853
54 Sale 5314
5412 145
84 100
80
75
8512 90%
78 100
72
88%
3918 591
4
81% May'33
79 Feo'33
72 May'33
73 Mar'30
73
7514 43
70%
7212 28
55 June'33
6712 36
3
64 8
81 July'33 ____
90
9212 44
6512
6912 251
65 May'33
62 June'33
58 Apr'33
62 July'33 ____
58 May'33
70
10
70
58% Nov'32
5
83 i
83
1
7012
7314 110
4 24
683
66
80 Dec'31
80
80
1
50
7
54
96
96
10,
85 May'33 ---1
53 I 103
47
1914
23% 368
42
47 I 105'
42
4718 40
61) June'33
3
61 18
61
5314 13
5012
7813 82
7812 793
4
72
72
Illinois Central let gold 4a__1951 J J 8218
86
80
let gold 3135
1951 Ji
Extended 181 gold 354s
1951 A 0
let gold 3s sterling
1951 MS
Collateral trust old 4a.... 1952 A (1 7514 Bale
N a7218 Bale
Refunding 45
1955
Purchased lines 3%a
1952 J
Collateral trust gold 4s___1953 M N 06612 Sale
.1955 M N 8212 104
Refunding 5e
9212 Bale
J
I5-year secured 834e g_
411-year 434.
Aug 1 1966 FA 6912 Sale
Cairo Bridge gold 48. __ _19511 J o
Litchfield Div 181 gold 33.1951 ii 6314
Loutav
& Term g 334, 1953 J J 6414 -Omaha Illy let gold 35._ _1951 FA 6214 ---Bt Lou). Div & Term g 38.1951 ii
Gold 3148
1951 ii
Springfield Div 1st g 3133_1951 .1 .1 6112 75
Western Linea let if 4s...l951 FA
ill Cent arid Chic St L & NO
73 Bale
Joint let ref 68 aeries A
1963 J
4
let & ref 4348 series C
1963 Jo 683 Bale
8
Ind Bloom & West let ext 43 194(1 AG 80 .927
Ind III & Iowa let g es
1950 J J 7713
Ind & Louisville let gu 43__1956 ii 51 Bale
Ind Union Ry gen 5.ear A__1965 J J 9612 9914
9612 -Gen & ref 53 series B
1945 J
lot & Girt Nor let 68 ear A..1952 J J 5014 Bale
Adjustment 65 sec A_July 1952 A0 21 Sale
1st fa series B
1956 Ji 46 Sale
ist g fis aeries C
1956 J J 4678 Sale
60
hot Rya Cent Amer lot 53 B 1972 MN 55
let Coll trust 6% g notes_1941 MN 6014 68
56
let °len & ref 654s
1947 FA 50
1938
Iowa Central let gold 53
9 Bale
J D
Certificates of deposit
514 Bale
1st& ref g 4s
1951 MS
James Frank & Clear let 48 1959• D
1938 J
Kai A & 0 R lot gu g 58
Kau & Ni let gu g 43
1990 A 0
K C Ft S & M Ity ref g 43_1938 A0
A0
Certificates of deposit
Kan City Sou let gold 3s___1950 * 0
Ref & impt 511
Apr 1950 J J
Kansas City Term let 48_1960 J J
Kentucky Central gold 46_1987 J J
Kentucky & Ind Term 4543.1961 J
1961 ii
Stamped
Plain
1941 J
72
78%
59
5712
65
3
75 4
3
93 4
87
50
9
4
3
9 4 22
164
6
73
72
5
03 Mar'31
4
913 72 May'33
Bale 56
59
36
57
4
---- 55
Bale 6213
6512 121
Sale 73
3
75 4 84
Bale 93
4
943 114
90
4
5
a86 8
85
80 84 Aug'31
75 June'33
89 Apr.30
Sale
5
88
85
Lake Erie & West let g 58
-1937 J J 881s
75
87
1911 j
64 June'33
2r1 gold be
85
8313 Bale 8312
21
Lake Sh & Mich So g 314s-1997 J
_
1997 J I)
8
767 June'33
Registered
69
71
Lehigh & N Y let gu g 43 .1945 MS 66
68
47
80
4
80
3
79 4
Leh Val Harbor Term gu 53 1954 F A 70
81 Bale 8014
81
5
Lel) Val NY ist gu g 4143..1940 J
127
61
Lehigh Val (Pa) cons g 43_2.1003 MN 59 Sale 567
8
MN
45 June'33
Registered
82
81
General cons 414s
2003 MN 62 Sale 5812
3
4 16
673
General cone 58
2003 MN 65 8 Bale 65 8
3
Leh V Term Ry let gu g 58._1911 40 9514 98
96 June'33
Lea & East let 50-yr 5s gu_1965 A
9318 99 90 June'33
Little Miami gen 4s series A_1913. MN
9112 May'33
Long Dock corsrol g 63
9712
9712
1935 40 99 100
Long Island
General gold 48
1938 in 0312 9814 9814 June'33
1
9218
Unified gold 4s
1949 MS 9213
- 9218
7
10114
Debenture gold Si
1934 • D 101% 10112 10118
7
-year p m deb Si
20
1937 MN 9718 99
97 12
97
94
53
Guar ref gold 4s
1949 MS 9312 Bale 91
Louisiana & Ark letS,eerA l969 ii 53 Bale 51
313
55
3
82
Louis &Jeff ledge Co gd g 45 1945 MS 78 Sale 78
10312
Louisville & Nashville 63_ 1937 MN 10312 Bale 103
8
1940 J J 963 Bale 094 4
Unified gold 45
3
4 61
963
8
.11
Registered
82 Apr'33
9612 50
let refund 634e series A..2003 * 0 9612 Sale 93
921
2003 A (4 9213 Sale 883
38
let & ref 133 series B
4
1st & ref 4348 Berle. C
2003 * 0 88 Bale 845
8
8818 96
1941 * 0 10114 Bale 100
Gold 5s
10012 78
Paducah & Mem Div 48_1946 FA
65 June'33
71
St Louis 141v 2d gold 33 1980 MS 56% 63
3
59
5812
Mob & Monti let g 4 543_1945 M
85 June'33
2
7212
South Ry joint Monou 48_1962
7212 Sale 7078
1
All Knoxv & CI° Div 43_1955 MN 89
90
90
90
1934 j
8
Mahon Coal RR let S.
7
8
1007 Sale 100 8 1007
Manila RR (South Llnes) its 1939 MN 49 4 59
3
5414
3414
let ext 43
4
52
1959 MN 45
80
51
5
86
Manitoba S W Colonisen 53 1934 .1 I) 8612 97 a8518
Man
14 & N W ist 3143_1941 J J
Feb'33
47
Max Internet let 44 asstd....1977 MS
2 Sept'32
Michigan Central Detroit & Bay
City Air Line 48
1940 J J 86
98 Aug'31
90
Jack Lana & Bag 314s____1951 MS
79 May'26
let gold 31411._
1952 MS 8613
8612 June'33 _
Ref dr impt 434s sex C___1979 J J
75 June'33
Mid of N J 1st ext 5s •
1940 A 0 70
73 June'33
75
Mil & Nor 1st ext 410(1880)1934 • D 6218 -- 65 July'33 ___
Cons ext 410 (18841 ____1934 J I) 62
70
2
75
70
Mil Spar & N W lat gu 43._1947 M
6214 15
6214 Bale 60
r Cash salts. a Deferred del very. • Look under iler of Mati..141
50
4.5
55
40
6218
6018
30
50%
68
68
58
53
62
7514
"
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 14.
4E
July 15 1933
Price
Friday
14.
/WV
aid
& State LIne let 3145.1941 1
Minn & St Loula 1st cons 63_1934
1934 MN
Ctrs of deposit
5
let & refunding gold 48-.1949 MS
512
Ref & ext 50-yr 58 ear A 19412 Q F
5
Q F
Certificates of deposit
M Strait:38M cong 4sintgu '38 J J 45
1st cons 58
1938 J J 36
let cons 59 gu as to Int
1938 J J 50
8
1946 J J 3215
let & re( 6s series A
a30
1949 M
-year 5548
25
1978 J J 6512
1st ref 540 set B
let Chicago Term e I 43_1941 MN 90
Mississippi Central let 58._1949 J J 7718
Weeks
Ask Lou
40
Sale
8
7
Sale
44
Sale
4
363
Bale
7014
Bale
8438
konge
Since
Jan. I.
-1140 He Loa
Hies
Jan'33
441
50
ROMOO Or
Lair Nue.
t•
a.
614 June'33
Olt 118
412
612
11
12
314
4%
8
45
4718 48
36
3614
5
5112 65
4934
30 July'33
31
29
36
68
7014 22
90
90
3
82 June'33
3113 Bale 2712
32
54
1959 ▪ J
Mo-111 RR let 53 eer A
88
30
Mo Kan & Tex let gold 48..1990 J D 88 Bale a8612
8714 65
Mo-K-T RR pr lien be eer A.1962• J 08714 Bale 85
7212 70
70
7212 24
40
1962 J J
-year 43 series B
57
8
777 77
7712
2
Prior lien 4543 ear D - 1978• J
6212 41
Cum adjust 53 ear A_Jan 1987 A0 62 Bale 60
4112 Sale 4112
4312 61
Mo Pac 1st & ref 58 ser A...1945 FA
2414 744
1975 MB 23 Sale 2112
General 4.
43
493
1977 MS 41 Bale 4014
let & ref 5s series F
4114 Sale 41
4
423 186
let & ref be ear 0
1978 36 N
23
718
Cony gold 5410
1949 MN 02012 Sale 20
41 Bale 4034
4312 122
19841 A0
lstretg6seerleeH
4312 541
04
1981 FA 41 Sale 4 3
Ist & ref 5s ser I
70
70
Mo Pac 3d 7,ext at 4% July 193R MN
1
46 June'3391
Mob & Iiir prior lien g 514....1945 J J 61
40 May'33
90
J 57
Small
8
597 53 Aug'32
J J 52
let M gold 4s
1945
5412 47 June'33
J J 40
Small
__ 28 Mar'33
28
Mobile & Oblo gen gold 46..1938 M
29 Sale 2312
29
45
Nlongomcry Div 1st g 53_1947 FA
2138 29
Ref & impt 410
1077 MS 2012 Sale 20
2214 Sale 21
25
22
1938 M
Sec 5% notes
8
7438
1
Mob & Mal let ItU gold 43_1091 MS 7334 7534 743
_ 90 June'33
86
1937 J
Mont C 1st gu 13s
82 Vi 92
Jan'33
1937 J
1s1 guar gold 53
8012 83
Morris & Ease: let gu 8l4n 2000 Jo 79% Bale 7812
78
9114 79 June'33
1955
Constr NI 51 ear A
7812 Bale 7613
8
797 216
1955 MN
Constr M 414s ear B
7312
5618
6712
81
9212
6912
1L48
ug5. ser A__197ii F A
85
Nallls&S1a 3
b ehat1l 11
1937 r A
J
62
Nat RP of liet pr lien 414s 1957
63%
Assent 'ash war ret No. 4 on
6
62
Guar 48 Apr '14 coupon _1977 151412
Assent rash war rrt No Son ---70
Nat RR Mex pr lien 4 Sis Oct '26
Assent cash war rct No 4 on
A6
83
66
lat consold 45
5
Assent cash war rct No. 19 1
4 oo
3
387 7314 Naugatuck RR let g 4s____1954 iiii
37
68% New England RR cons 53_1945 3 1
Como! guar 4,
1945 1 1
80
75
NJ Junction RR guar let 43.1986 F A
27
5478 NO & NE 1st ref & impt 4143 A'52 1 3
85
96
New Orleans Term let 4a
1953 1 1
90
85
N 0 Tex & Mex n-c Inc 581935A 0
054 A 0
1814 53
let Sc serfes B
1056 F A
25
3
let tis serLis C
me F A
47
18
lat 410 series D
113
47%
lat 550 series A
1954 A 0
3314 go
N & C Bdge gen guar 4 Sic _1945 3 1
6118 NYB&MBlatcong641-1935A 0
37
25
55
NY Cent RR cony deb 66_1935 M N
me F A
04
2
Conan!43 series A
6
1
Ref & impt 414s series A_ _2013 A 0
Ref h impt 58 sertes C....2013 A 0
73
60
N Y Cent & Ned Riv M 314s 1997 3 /
1997 3 3
Registered
"tio 76
Debenture gold 4.
3134 59%
1
1942 1 30
-year debenture 43
32
57
Ref & impt 4 543 ser A
2013 ---67%
048
Lake Shore Coll gold 3143-1998 F A
47
3
75 4
Registered
9434
83
8 NA
Mich Cent coil gold 3143-19998M A
119934 FF
7414 a81338
1998 F A
N Y Chicarr L 1st g 43__ I937 A 0
Regi
et
67 - - 71
Ref uz ee. 3serles A 1974 A r
Ref ding54 c
i
1978 M S
3-Yr 6% gold notes
A
58
88
5
N Y Connect 1st go 4148 A_193 0 111
1953
69
55
1953
1
7134 85
N Y Erie let ext gold 413 1947 MN
7213 77
N Y Greenw L gu g 51_1946 MN
7012 N Y & Harlem gold 31418-2000 MN
40
79% 80
NY Lack & W ref 4143 B___1973 MN
59% 81
NY & Long Branch gen 45-1941 MS
25
61
N Y & N IE Bost Term 4s___1939 AO
28
45
NY NH&H n-c deb 4a___1947 M
3214 62
Non-cony debenture 3143_1947 M
68
33
Non-cony debenture 3148_1954 A0
89
96
Nou-cony debenture 4e _1955 J J
79
91
Non-cony debenture 43._1956 MN
1954 J J
Cony debenture 3143
1948 J J
90I 101
Cony debenture 63
J J
Registered
9512 98 4
3
isen AO
Collateral trust se
82
9218
1967 MN
Debenture 4,
97 101%
let & ref 414s ear of 1927__1967 JO
90 100
Harlem R & Pt Chem let Di 1954 MN
94
76
20
561a N YO&W ref g 411June_-__1992 MS
70
82
1955• D
General 43
96% r10312 N Y Providence & Boston 4s 1942 A 0
4
81% 968 NY & Putnam let con gu 43_1993 A0
J
77
86
4
N V 803 & West lit ref 63_1937 FA
13611 9612
1937
2d gold 4 3.4e
6311 9212
1940 P A
General gold fa
1943 MN
9
5 % 8818
Terminal let gold 5e
87 10012 N Y W Ches & B 1st ser I 4 J4i1 '46 J J
58
70
43
59
Nord Ry ext sink fund 6348 1951) A0
i(5
82
Norfolk South let & ref 455.1961 FA
7212 Norfolk & South let gold 53.1941 MN
40
75
90
Nor! & West RR impt&ext es '34 FA
A0
N& W ay lat cense 4a__ _1904 40
9514 101%
1964
Registered
a4938 5414
Div, let lien & gen g 43_1944 J J
50
62
1941 Jo
Porah C & C joint es
86
70
North Cent gen & ref 5. A__1974 MS
47
47
1974 MS
Gen & ref 414s ear A
North Ohio let guar g 5s___1945 40
North Pacific prior lien 43_1997 Q
Q
Registered
Gen lien rY & Id g 34.1an 2047 Q F
-io 1812
•F
.
Registered
Jan 2047
61
75
Ref & 1199t 4143 series A._2047 j j
40
73
Ref & inapt 13a series B____2047 j j
65
50
Ref & Rapt 68 series C____2047 I 1
70
70
Ref & ImPt 53 series D.___2047 J J
3412 6214 Nor Ry of Calif guar g fa1938 A0
Bends on •isize 465
4
II
ha
112
24
16
2812
912
a812
7%
813
11
452
48
3614
5112
30
37
3134
7014
90
66
90
86
16
6812
59
5118
55
a3213
1812
7
18
1813
3
Ix%
1814
50%
46
3
367
32
88
88
73
7712
8212
44
2412
44
4412
24
44
4414
7311
46
60
47
28
741
414
414
62
89
90
7018
2
677
60
60
r72
20
2138
25
74%
sae.
92
8012
79
79%
1
8212
- 8212
8212
60
93l
94
94
8
85
18 July'28
312 Bale
4
312
30 -lie 'V
4
123 July'31 ___
338 312 3
312 13 1 ?434
1
1
312 Bale
312
1 5
4,
312
22 Apr'28
_
3 Bale
3
3 , 33
_ 7112 Nov'32
83
68 Mar'33
6868
79 Nov'32
92 Nov'30
66% 85
___ 6312
65
23 "ao- a77
7058
21
67
65
t A 7013
35
80
70
35
3
20
35
3312 Sale 31
34
1613 3513
44
3112
34
30
34
4
183 34
32
34
3114
30
36
4
163 36
11
34 Bale 34
3612 140
17
3812
92
91 June'33
85
80
91
3 1017
8
1017 Sale 1017
8
98 1017
8
s
84
so
94
90 Sale
83 Bale
7112 Sale
4
783 Bale
8234 Bale
8812
0112
8178
84
70
8
737
7713
4
793
8134
83
7712 June'33
91 Sale 893
4
9112
87
83
83
70%
7118 Sale 6912
74
7514 78% 7478 June'33
68 .Sale 68
69
75
76 '78
75
____ 69
57 Apr'33
85
8518 88
86
6212 Bale 5812
6212
6312
5212 Sale 48
55 Bale 49
59
96 Bale 947
8
96
10212 Sale 100 4 10212
3
a88 Bale 86
088
6311 June'33
6312 76
8512 ---- 86
86
85 June'33
76 June'33
6514
9512 July'29
___ 69
70
69
65
7050 May'33
8
(323
56 June'33
0712 Sale 6714
6012
70 Sale 6718
70
60 Sale 60
60
4
913 Sale 9018
8
927
80 May'33
93
91
91
92
65
6412 Bale 62
74 Bale 7218
7414
8
895 907 897
8
8
90
67
8
597
81
72
62
30
48
63
5814
114
811
75111
240
129
439
35
230
13
2
23
127
457
371
25
221
6
10
_
2
_
34
13
8
57
12
48
138
413
Sale
Bale
8
637
67
158
5712
60
59
85 Nov'32
/8
75
75
2
62
65
63
8
4
543 4112 June'33
5114 49
4913
2
98
64
Jan'33
Sale 57
60
100
Sale 1093
4
115
128
44
9111
5713 84
3412 73%
39 7984
6884 53
7713
9112
83
74
75
69
75
70
60
84
34%
611
68
66
57
68
14
12
514
87
94
86
51%
84
85
76
88
6212
5313
5912
97
10213
89
6313
98
85
70
45
44
44
48
45
43
57
80
59
34%
45
8214
70
50
6713
6912
70
80
93%
80
92
65
76
90
57
601 87
,
60
43
64
Yr
33
1613
64
31
6414
4112
4912
84
60
234
4
983 115
2714 3014 25
8
283
6
283
8
3
10012 -- 10214 June'33
101% 1041
.
8
993 Sale 0312
4 95
093
117 10U12
9418 Jan'33 -104% 94%
l00' Sale 100 10013 53 93% 10111
0
9812
99
11
"It 9914
99 June'33
99
99
85 Aug'32
__. 3812
17
35
3811
3812
7
73
8712 Bale 0883
88% 162
4
8812
81 July'33
74es 3211
18
4
613 133
6134 Sale" 5914
62
5513 Jan'33
55% 651s
77
77
60
75
7814 18
7814
88 Sale 88
90
162' 80
90
8118 821 79
8118 32
6918 81%
82 Sale 79
82
36
6614 82
9514 Oct'31
New York Bond Record—Continued—Page 4
BONDS
N. 1 STOCK EXCHANGE
,
Week Ended July 14.
t4
t
"n.
Price
Friday
July 14.
549
Og & L Chant let gu g 411-1948 J
a58
Ohio Concerting Ry let 4s__1913 M S
Ohio River RR let a 50.-1916 J I) 85
General gold 58._
1937 A 0
Oregon RR & Nay corn g 48.1946 1 D
9514
Ore Short Line lot eons g 58 199 J 1 10314
Guar etpd cone 55
1946 J
106
1961 J J
Ore-Wash RR & Nan 4R
4
873
Week',
Ratite or
Last Sale,
90
4
893
85 June'33
87 Sept'32
111
111 Sale 10812
4
4518 -- 453 July'33
8
911
:
91 Sale 897
100 June'33
9813 100
100 Sale 99
8
9912
9912 987
97
10414
104 Sale 10312
93
91 Sale 91
8
100 8
100 Sale 977
,
1047
8
3
1047 Sale 104
9312
9312 Sale 92
86,
8412 Sale 8318
4
90
89 Sale 8712
66
66 Sale 65
133
8
8
127 Sale 1134
835 - -- 8312 June'33
8
7518
713 Sale 7134
4
581s ---- 57 June'33
68 Sale 65 2
,
68
100
100 Sale 99
10219
4
10012 1023 100
9214 _ - -- 8514 June'33
35 Sale 3212
35
P C C & St L go 4 44 A____)940 A 0
14erles B 414s guar
1912 A 0
Series C 4 4s guar
1942 NI N
Series D 41 guar
1945 NI N
Series E 4444 guar gold.. _l949 F A
Series F 44 guar gold
1953 J D
Series G 4s guar.
1957 Ni N
Series Fl cons guar 4e __ 1960 F A
Series 1 eons guar 4 48. _ .1963 F A
Series J cone, guar 4 48
1964 M N
General M Sc series A
1970 1 I)
Gen intge guar 5 ser B 1975 A (1
Gen 4, series C .
-4.
1977 J 1
Pitts McK & Y 29 go 8e
1934 J 1
l'Itt9 Sh & L E lot g 5s
1940 A 0
let consol gold 58
1943
PItts Va & Char let is
1913 NI N
Pitts & W Va lot 445 ser A_1958 JD
let NI 4445 series 11
1958 AO
lot NI 4 45 Relies C
1960 AO
['Otte Y & Ash let 4s set' A 1948 J
let gen Sc series 11
1962 FA
Providence Secur deb 45.__1957 MN
Providence Term let 48
1956 MS
101
1001s
101 June'33
a997 June'33
973
4
973
4
851y Oct'32
9418 ---- 9178 Dec'32
92 May'33
Apr'32
80
9614 ---- 96 May'33
96 June'33
9618 -96' Sale 9414
8
9615
_ - 95
9612
91
91
89
90
9578- 10014 ____ 10014 June'33
- 10014 June'33
1003
4
---- 100 Ntar'33
-_-- 90 Nov'32
75
07
_--- 697
3
697
/1
685
8
683 Sale 66
3
7018
6914 7212 6818
95
-_-- 95
95
---- 90 July'32
____ 713 July'31
8
39
_--- 80 June'33
76
Reading Co Jersey Cen roll 4s '51 AO
(len & ret 434e aeries A ___1997 1 3
(len & ref 4 4s aeries II..19147
J
Rensselaer & Saratoga 6e___1941 MN
Rich & Merch let g 4s
1948 NI N
RIchm Term Ity 1st an 58..1952 • J
12.10 Grande June let gu 5s_ _1939 JO
Rio Grande Sou let gold 49 1919 J
Guar 45 (Jan 1922 coupon) '40
/
Rio Grande West 1st gold Is .1939
3
let con & coil trust -IS A 1949 AO
R I Ark & LOU19 1st 4145
1934 MS
Rot-Canada ill fru g 411
J
)99
Rutland let con 41.4s
1941 J J
893 Sale
4
8418 88
_
10234
-- -Sale
8612 Sale
93 Sale
9214 Sale
--38
___997 _--s
80
___-
8612
85
91
93
913
4
92'1
Oct'30
113
40
40
9912 June'32
80
80
1 June'3:1
_
712 Apr'2
28Y
85
85 1
85
:
623 65
8
60
623
387i
36 Sale 34
55
59
5512
551.
61
51
5814 64
St Joe & Grand NO 1st 431_1917 J
9018 93
St lawr & Adr let g Sc
1996 J
75
65
2d gold 68
1996 AO
80
70
St Louie Iron Nit & Sotithern—
Riv
Cl Dly let a 4s
1933 M N
St 1. Peor & N W id t gu 58.1948
8 Sale
St L-San Fran pr lien 45 4_1950 J J 627 Sale
29
CertIncates of deposit
27,2 Sale
Prior lien 55 series It
1950 ii 27 4 307
8
,
Certificate" of depostt ______
273 Sale
4
Con 51 4148 series A
19744 MS 2614 Sale
Certlfs ot deposit stamped
25 Sale
ill L S W let a 4s bond ctfs_1989 51 N
70
07
28 g 43 Inc bond ate Nov _ _1981)
85114 Sale
let terminal & unifying 58.1952 J J
553 Sale
4
Gen & ref g 55 ger A
1990 J J
60 Sale
St Paul & K C Sh L let 4148_1941 FA
St P dt
1st con g 48_1968 J I)
ER Paul E Or 'Frk let 410_1947 J J
St Paul Minn & Manitoba
44 ctfs of deposit •
1933
65 ctfs of deposit
1933
44e ctts of deposit
1933
Mont est let gull) 45 —1937 J I)
Pacific ext all 48 (sterling), 1940
J
St Paul Un Den let A ref 6
8_1972
J
561s Sale
75, 90
4
46
1013
8
1017
s
1015
8
90
80
1013
4
873
4
89
61 June'3
70 June'3.
•
Price
Friday
July 14.
Weeks
Range or
bast Sale.
Rance
Since
Jan. 1.
6ii8
-56- ii67s
29
240
150
14
29
151
153
6
7
30
49
561
48
75 June'33
50 June'33
49
---- 101 JuIy'3
8
-- 997 June'3
90
Sale 86
85 June'33
85
102
102 10012
•
a Deferred delivery
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 14.
filth
Rld
Ask Lott
5811 HIo h
85
High No Low
95 Sale 913
58, Southern Ry 1st cons g 58_1994 J
4
8
55
9618
96 8 157
,
J
____ 90
Registered
85
85
1
89
Devel & gen 48 series A___I956 A 0 59 Sale 56
593 326
4
85
Devel & gen fls
1956 Al) 79 Sale 7112
79
105
20
79
Devel & gen 6 45
1956 A() 83 Sale 75
96,
2
83
95
Mem Div 1st g 5s.
105
87
1998
1
76
2
773
4
4977s 57 4
210
773
4
8374
7
St Louts Div let g 48 _ _1911
107
J
76
7412 80
74
10
36
76
89
F.ast Tenn reorg lien g 56_1938 Ni S
9012 100
SO Junc'33
_
60
20
814
5,2
Nloblie & Ohio eon tr 48. _1938 NI S 60
65
58
5912 20
7312 90
1
12
Sale 2212
Spokane Intermit 191 g 5s_ _1955
27
27
24
18
30
75
85
Staten Island Ity let 4 14s .191:4 1 I)
60 Ntay'32
Sunbury & Lewiston Is' 45.1936 J
97 Nov'31
-1
32 a9612 11
46
36
55
Tenn Cent let Rs A or B__ .1947 A (4 52 Sale 52
13
25
5518
9112 Fenn Assn 01St L 1st g 414s 1939 S O 1013
35
71
10214
4
96 10214
4
-- 10214
1st cons gold 58
953 100
4
.
9112 10212
10212 20
1944 FA 10212 103 102
Gen refund e f g 45
91 100314
40
68
8514
85 Sale 8414
66
1 953 J J
1 4
85,
4
90 100,2 Texarkana & Ft S let 5145 A 1950 FA
39
8312 26
8312 Sale 8014
59
83 2
,
9412 103
Tex & N 0 con gold 58
42
61 June'33
60
1943• 1
65
7313 93
132
100
29
2000 1 I) 993 Sale 9912
Texas & Pac 1st gold 5s
857 100
41
8
8
78 1005
151
95 Mar'29
2(1Inc55(Mar28cpon)Dec2000 Mar
95 l047
Gen & ref 5s eeries II
94
5
75
23
4212 75
1977 A 0 75 Sale 72
73
76313
Gen & ref 5e series C
52
9313
70
4314 763
1979 A 0 7413 Sale 71
8
56
8614
245
Gen & ref beseriee D
7412
74 Sale 7118
11
19811 J
43
741z
9012 Tex Pac-Mo Par Ter 5148 A 1964 NI S
65
80
_
68
63 June'33
71
50
63
9112 Sale 9112
Tol & Ohio Cent let all 58-1935 J 1
66
13
30
9112
10
86
9112
134 133
103
Western Div let g 5s
8
80
91
1935 S o 9112
- 91 June'33
88
693 8312
4
General gold 55
85 July'33 ____
85
73
85
34
693 67
4
2834 7518 Tol St LA W 50-year g 43
6914
27
44
69
70
1935
11 9
5(
9618 Apr'31
58
Tol W V & 0gu 45 ser C
28
1942 NI S
68
Feb'33 ____ -80- 1154
44
28
80
Toronto Hain & Isuff let g 49 1936 1 II 645 84
3
34
4
99 4 256
Union Par 1st RR & Id gr 45 1947 J / 99% Sale a983
3
94 101
903 10072
4
3 .9 _96
9378 9918
53
93 10212
95 June'33
Registered
Sale 9014
88
92
let lien & ref 4s
76 a78
81
9312
June 20418 NI S
35
94
Gold 414s
159
67 075
19
95
93 Sale 92
1967 J
10514
let lien & ref 58
51
95 105114
June 200x NI S 104 Sale 104
4
1 0 88314 Sale 85
8812 57 a593 aS912
40
41 a933 102
-year gold 45
4
94 101 12 U N J RR & Can gen 4s__ 144 MS 10013 Sale 997
8
10012 17
96 004
19
948
9934 a9973 Vandalla cons g 4s series A__1955 F
Apr'33
85
85
---- 85
Coons f 4s series II
5 a9418 973
4
85- - 85 June'33
35
85
1957 NI N
5
Vera Cruz & P mat 4 48
5
5
138 5
5 gale
1933 J
N
Virginia Midland gen be _
95 June'33
80 145
_1936
92
92 13 Va & Southwest let gu 514_2003 1 3 80
_
- 80 June'33
613 10
3811 6914
let cons 5a
Wi 6314
AO 66
6914
10
917 - - -13 Virginian Ity let 55 series A _I952 MN lookt Sale 985
3 9
8
1003
4 75
81 100 4
8
196s
3
9412 9812
let mtge 414s eerles B___ A962
N
9214
12
9214 Sale 90
78
9214
8
713
9618
7613 96,2 Wabash rut let gold be
8338 42
26
43
81 Sale 81
1939 MN
85
91
211 gold bs
24
139
6718
31
1939 FA 6514 Sale 65
33
6718
9958 100 4
Deb 68 series B registered 1939
9818 Nlay'29
.1
,
3712 Apr'33 -- -17T2 WI;
74
let oen 50-year g term 45_1955 1 J
45
100 102
82
De. & Chic Et let 54_ _1941
J
100 10012
624 Feb'33
70
623
4
62
Dee Moines Div 1st g 45_1939 1 3 4618 66
35
35 June'33
35
Omaha Div let g 3 414._ 194 I A0 46 Sale 41
1
24
46
2712 46
6118
Toledo & Chic Inv g 16..1911 MS
11
30
55 May'33
155
41
534 32
7018 Wabash Ry ref & gen 548A 1975 MS 29 Sale 2618
32
27
156
30
32
Ref&gen 5e(Feb.
95
113
1
95
613 32
32 coup)11 '76 P A
28 Sale 261.
Ref & gen 414a aeries C
32
4
330
197)1 40 2734, Sale 26
32
Ref & gen 5s scrim 0
438 32
32
210
19811 A 0 2712 Sale 2618
Warren let ref gu g 344e_ __ _2000 FA
50
60
---- 50 Feb'33
80 80
M ---Washington lent let gold 48 19424
52
Feb'33
a513 62
4
10
90 June'33
87
8612 Wash Term let gu 334s...,.1945 FA
91
66
94
let 40-year guar 48
1
94
50
1945 FA
753 93
9213 95
4
74
157
53
74
73 Sale 68
3
9214 Western Maryland let 48
1952 AO
78
84
88
52
1 84 Sale 7818
84
let & ref 648 series A
1977
J 10212 Sale 1013
33
9914 103
4
40
1023
West N VA Pa 1st g 5e_1937
4
2
38
2
85
87
General gold Se
7938 87
95
1943 A 0 89
9713 9912
8
557 201
Western Par 1st 5e ser A
8
2
2012 557
1916 MS 527 Sale 5278
63
80
s
West Shore 1st 431 guar
J
85 Sale 8112
23411
1
67
85
85
73
J
13
6414 77
77
73
Registered
2361
73
80
83
Wheel & L E ref 43.4s ser A_19(16 NI S 81
85
10
8312 June'33
56
8312
6518
Refunding 54 series B
37
2512 62 4
6212 Apr'33
6212 80
3
1966 NI S
1
1818 337
85
126
8
RR let consol Se
194 Ni S 8412 -- 85
70
85
1834 45
8
1
423
3
2
355 5512 Wilk & East let gu g 5a
3
1942 3 I) 423 Sale 4238
1
39
Will & SF let gold Sc
85
61
85 June'33
0
85
1938
83
90
90
Winston-Salem S II let 45._1960 J
5
763 90
4
90
Ms Cent 50-yr let gen 45 I949J 1
16
70
90
27
61
26 Sale 2412
4
83 27
64
643
4
Sup &
6
213
1818 Sale
8
19
1818
div & term let 48'36 M N
2112
68
854 Sept'31
Wor & Conn East let 4 4s._194 1 J
70
65
30
29
31
30
281
261
70
5218
56,
4
54
6113
25
2334
297
3
2612
23 2
,
23
6614
50
553
3
4712
S A & Ar Pass let all a 4s___1943 J J
743
4
7412 Sale 7112
Santa Fe Pres & Phen 1st 58.1942 NI S 95 100
95
93
Say Fla & West let g 6s___1931 A 0 100 Sale 993
10014
4
let gold 58
1931 4 0 9934 100 100
100
Scioto V & N E 1st gli 43_1999 11 N
96 June'33
4
Seaboard Air Line let g 4s MC A 0 963 100
•
•
Gold 45 litiimped
1950 A 0
Certlfe of depoelt stamped__ A 0 2118 23
22
•
, 22
2
Adjustment be
Oct 1919 F A
113
4
9
9 Sale
Refunding 4s
1959 A 0
•
Certificates of deposit..........
14
13
13
11
let & cons Os series A
1945 4
1634
15 Sale 1414
Certificates of deposit
1714
4
13, Sale 12
AtI & Birm 30-yr 1st g 4s 1933 Fvf
•
Seaboard All Fla let all 6s A 1935
CertifIcaWa of deposit
A 0
7 Sale
64
,
73
8
Series II
1935
Certificates of deposit
712 July'33
F A
64
,
S
So & No Ala cons gu g 54.__1936 F A 10018 Sale 10018
10018
Gen cons guar 50-year 69_1963 A 0 91344
-- 90 June'33
So Pac coil 4s(Cent Pac coil).49 J D 69 Sale a66
7012
let 434e (Oregon Lines) A 1977 M 14 75 Sale 7412
76,
4
20-year cony ba
90
1934 J D 90
9213 90
Gold 4)4e_
1908 M S 693 Sale 67
693
4
4
Gold 44e with warrants_ 1969 M N
6712 Sale 664
68
Gold 444s
674 Sale 6434
1981 M N
6712
San Fran Term let 4a
1950 A o 8712 89
88
86
So l'ac of Cal let con gu g be 1937 NI N
10134 ---- 10113 June'33
So Pac Coast let gu g 48
96
1937 3 J
Jan'30
So Pac RR 1st ref 48
1955 J J
8312
83 Sale 7912
Stamped (Federal tax) __ _1955 J J
9213 May'30
r Cqqh sales
Range
Since
Jan. 1.
High No. Lou
1sk Low
Sale a58
9
5814
3811
97 Mar'32
80
95
86 May'33
70
85 May'33
96
16
95
3418
96
99
10
1047
3
105 10434
100
10513 June'33
8
75
88
Sale 867
122
Par RR of Nto let ext g 4s__1938 FA
29 extended gold 5s
1938 J J
Paducah & Ills lets f g 44s 1955 J
Par14-Orleans 12R ext 5 14s. _1968 MS
Paulleta Ry let ref e 1 75. _1942 M
Pa Ohio& Det let & ref 4 48 A '77 A (1
Pennsylvania RR cons g 48_1943 MN
Consul gold 4e_
1948 MN
45 sterl stud dollar May 1 1948 MN
Consol sinking fund 4 45.1960 F A
General 4 45 series A
1965 J I)
General 55 series B
1968 J
15-year secured 64e
1936 FA
40-year secured gold 58.-1964 M N
Deb g 4 145
1974 A ()
General 444s ser
1041 A (
Peoria & Eastern let cons 48_1910 A 18
Income 4s
April 1994 Apr
Peoria & Pekin Un 1st 548_1971 F A
Pere Marquette 1st ser A 58_1956 J
let is aeries II
1956 J 1
let g 4143 series C
1980 MS
Phila Bait & Wash let g 45_1943 NI N
General be eerie': Ii
1971 FA
General g 4444 series C_ ..1977 1
PhIllppine ity 1st 311-yr eI 48 '37 J
102
101
997
8
4
973
312
,
463
2
18
50
1
4
2
59
80
297
94
152
2
84
118
2
90
132
258
27
223
2813
8
84
10
94
3
a63
8
Sit
49
3338
19
12
tis
30
29
33
30
2912
2612
70
5218
56,
4
56
INDUSTRIALS.
•
Ahltibl Power & Paper let Se 1953 1 D
Abraham & Strata deb 548_1943
With warrants
:359968
a_le
IA 0 a598534 _al_ a94
Adams Express coil tr g 45__1948 M S
Sale 73
Adriatic Elec Co esti 7s....1952 A 0
S98
Albany Perfor Wrap Pap (is 1948 * 0
Allegany Corp roll tr Se.. 1944 FA
Coll AL cony 55
1949 J
Coll & cony 5s
1951 AG
Allis-Chalmers Nlfg deb 58 1937 MN
594676 S e•
Alpine-Montan Steel let 718_1955 MS 53328118 • e 611'12
Salee 5 :
9941
a28
70
45
5618 Amer Beet Sug cony deb 68.1935 FA
8W2 American Chain deb 5 1 65_1933 A (3
Amer Cyanamid deb 5a____1942 A0
50
Am et Foreign Pow deb 55_2030 MS
1003 101
4
American Ice s I deb 5e____1953 3D
993 997 Amer I 0 Chem cony 5145 1949 MN
4
4
Am Internal Corp cony 534s 1919 J J
75
90
Amer Mach & Fdy e f 68____1939 * 0
70
83
Amer Metal 64% notes. _ 1934 * 0
89 102
Am klm & It 1st 30-yr 5s tier A '47 AO
Amer Sue Ref 5-year 6s____1937
J
64
743 Am Telep dr Teleg cony 45__1938 M
4
82
95
30
-year roll It ba
1946 JO
95 1(1014
35-year a I deb be
1960 1
4 100
20
-year e f 548
1943 • N
90
98
Cony deb 44s
1939 J
Debenture be
1965 FA
Am Type Found deb 6s__1940 S O
3
2314 Am Wat Wks & El con tr 58.1934 AG
12 1131
Deb g Os series A
1975 NI N
•
2
1412 Am Writing Paper let g 6s 1947 J J
234 1712 Anglo-Chilean Nitrate 78._1915 MN
13 18
4
Ark & Stem Bridge Sr Ter 58,1964 MS
Armour & Co (III) 1st 4148_1939 • D
Armour & Coot Del 5 4s
1943"3
1
814 Armstrong Cork cony deb 58_1940 1 I)
Associated Oil 6% g notes 1935 MS
I
712 Atlanta Gas L let 55
1917 J
9912 10018 Atl Gulf & W I SS coll Ic be 1959 J J
75
90
Atlantic Refining deb 5s._ 1937 J J
40
7012 Baldwin Loco Works 1st 5s_ _1940
N
53
7614 ilatavian Pet:guar deb 4 48.1942
J
6714 91
Belding-Ilemlnway 68
J
1936
3814 693 Bell Telep of Pa 55 series B 1948 1 .1
4
37,4 68 2
let & ref be Renee C
,
19614 A0
3614 6713 Beneficial Indus Loan deb 69 1946 MM
CON SS
Berlin City Elec Code!,6440 1951
0
9718 102
Deb sinklng fund 6145____1959 FA
Debenture 6/2
1955 AO
Berlin F.lec El & Underg 64819541 A0
Beth Steel let & ref 55 guar A '42 MN
30
-year p m & Impt If 58_1936 J
Si)
•Look .Inder list of vlatured Sends
Dug. 4115
72
75
9012
5514
71
8712
8418
10312
9312
9818
10514
10312
106
105
8
1077
115,2
105
62
97
8214
91
Sale
Sale
Sale
Sale
104
Sale
Sale
Sale
-- -Sale
Sale
Sale
Sale
Sale
6512
Sale
Sale
56
11
Sale
Sale
8
90,
89
9114
103
9614
60
10313
103
100
887
s
4
1063
108
8612
63
537
3
4812
41
101
993
8
71
•
893
4
54
69
85
84
10312
8934
97
1043
4
1027
s
10512
10414
107 2
,
11312
104
62
9414
787
3
•
21
95
2
73
993
s 92
32
56
279
68
5912 200
443 529
4
75
92
6
5118
80
95
5312 73
92 riC6
2413 56
2512 69
61912 GO
5
49
65
92
051
62
711
2614 7214
•
7012 9434
235 5812
8
52
72
04
88
6611 8653
10214 105,
9412
60
78
984
1023 1053
8
4
09613 1031
:
100 10713
93 10713
9912 109,4
99 119
9212 10714
36
6512
7418 97
49
8214
90
5(314
711
88
851
104
941
981
1051
1031
1063
3
105
1081
119
105
651
97
821
354
223
133
33
7
218
130
37
16
51
145
204
124
258
88
88
83
23
56
51
818
11
Apr'33
85
Sale 88
911
Sale 88
90
Sale 9114
911
Sale 103
103
4
- - -. 983 Feb'33
Sale 5712
6018
8
11335
3
Sale 1023
Sale 9814
103
Sale a957
8
100
90 June'33
91
Sale 1063
10814
4
108, 10712
2
10812
Sale 8514
8612
Sale 53
63
Sale 4812
54
Sale 44
4812
Sale a33
41
Sale 100
10212
Sale 99 4
,
993
4
126
150
152
121
4
12
57
87
6
128
31
21
26
67
140
28
73
56
1.56
82114
213
80
77
7118
65
10112
983
4
35
97
7918
90,
4
83
101
10011
75
3512
3514
a3414
a28
71
79
56
13
85
91,
4
90
9114
10358
983
4
6018
10353
103
100
92
111
111%
89
704
69 2
,
641
:
637
.
102,
2
100
New York Bond Record - Continued—Page 5
464
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 14.
Price
Friday
July 14.
t
Week's
Range or
Last Sale.
3:1(a
HMI+ No. Low
Ask Low
8
_
20 June'33
5
24
26
24
24
22
418
2012 11
1614 Sale 1614
High
211
2712
2012
4
2
1
6512
4
1003
IOU
8414
57
412
11
10
7512
108
108
96
60
Bid
1950 MS
Bing & Bing deb 6 40
Botany Cons Mills 634s_ ...._1934 AG
A0
Certificates of deposit
Bowman-Bilt Hotels 1st 7s__1934
Stipp as to pay of $435 IA red_ _ MS
B'way de 7th Ave let cons 58_1943 J D
J
Certificates of deposit
Brooklyn City RR 1st 5s___1941 J J
Bklyn Edison Inc gen 55 A_1919 J J
1952 J J
Gen mtge 55 series E
1968 J
Bklyn-Manh 13. T see 65
Bklyn Qu Co & Sub COD gtd 5541 MN
1911 J J
1st 58 stamped
1950 FA
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 55_1945 MN
1st lien & ref 65 series A I947 MN
1936 J J
Cony deb g 530
1950 J D
Debenture gold 58
1957 MN
1st lien & ref series B
Buff Gen El 440 series B._1981 FA
1952 AG
Bush Terminal 1st 45
1955 1 J
CO11901 ba
Bush Term !Wigs 55 gu tax ex '30 AO
1945 NI N
By-Prod Coke 1st 540 A
412 MaY'33
11
912
26
Sale
8
10
Sale
9
Sale 70
4 26
703
28
107
Sale 10638
Sale 106
10714 41
330
95
Sale 9312
60 May'33
59
50 Nov'32
8412 26
83'2 Sale 83
3
110
8
10912 110 1097
5
11418 ---- a11418 al1418
33
____ 185 158 Feb.
17
102
101% Sale 10112
10612 Sale 106
10612 18
10218 55
8
1017 Sale 10114
47
4712 4812 June'33
33
24
23 Sale 21
4918 31
4918 Sale 46%
5
7212
70
70
66
10
10
7012
106%
8
1063
95
55
8
1053
90
9412
09812
Sale 105
92
9014
97
92
Sale a98
8
1053
9214
,
94 2
9812
13
47
31
16
75
87
101% 112
4
1043 11718
158 158
93 105
9778r-1073
4
9712 105'2
42
6712
3314
5
6412
19
74%
37
100
62%
a81
a83
106%
9212
9412
9812
Cal0& E Corp unf & re /55_1937 MN
1940 J J
Cal Pack cony deb 53
Cal Petroleum cony deb a f 5s '39 F A
1938 M N
Cony deb s f g 540
Camaguey Sugar etre of deposit
4
14 1314
12
12
11
1212
1942
for 1st 75
10% 26,4
1
2614
30
2614
Canada SS L 1st & gen 6s 1941 A 0 27
1 102 108
106
10612 10712 106
Cent Dist Tel 1st 30-yr 55_ _1943 J
15 100 107
106
10512 Sale 10512
Cent Hudson 0 & E 55_Jan 1957 M
50
75
50
63
8
Cent III Elec & Gas 1st 5s 1951 F A 625 Sale 6114
7o11 101 18
6
MN 10118 Sale 10012 10118
Central Steel lutest Ss__ _1941
26
5712
5512 42
Certain-teed Prod 540 A__ A948 M 8 55 Sale 54
6312 108
107 1119
8
Chesap Corp cony 5s May 15 '47 M N 10412 Sale 1023
97 1057
4
1043
8
4 20
Ch G L& Coke 1st gu g 55_1937 J J 1043 Sale 10314
Chicago Railways Ist 5s stpd
•
F A
part. Pd
Sept I 1932 20%
25
5512 40
8
5512
_____ 1943 A 0 5512 Sale 523
Childs Ca deb bs _
7112 183
27
7112
1947 .1 J 69 Sale 69
Chile Copper Co deb Ss
90 100
8 84
973
97 Sale 9612
1968 A 0
Chi 0 Bs E 1st NI 4s A
38
38
38 Apr'33
1940 1 J
Clearfield Bit Coal 1st 45
45
1949 J J
Small series B
67
65 Sale 62
6612 97 a32
1938 J
Colon 011 cony deb 6s
36
8 21
647
67
60 Sale 585
8
Colo Fuel di Ir Co gen 5 f 68_1943
1912 5410
54 Sale 46%
5412 476
F A
Col Indus 1st dr coil 5s gu__ _1934
66
86% 161
;
893
Columbia 0& E deb 55 May 1952 M N 8612 Sale 8512
6812 89
8 53
867
Apr 15 1952 A 0 86 Sale 86
Debenture 58
217
66% 87%
86
4
Jan 15 1961 J J 853 Sale 84
Debenture 5s
84 al00
20
95
4
Columbus By P& L 1st 410 1957 J J 95 Sale 933
9712 106
1023
4 17
Secured cony g 540_ _ ._ _1942 A 0 al02 Sale 102
Commercial Credit s f 6s A __1934 51 N
Coll tr sf 544% notes.__ _1935 J J
Comm'l Invest Tr deb 540.1949 F A
Computing-Tab-Ree 5 f 65_ _1941 J J
Conn fly & L 1st & ref g 4 40 1951 J J
1951 ./ J
Stamped guar 454s
Consolidated Hydro-Elec Works
of Upper Wuertemberg 75.1956 J J
Cons Coal of Md 1st & ref 58_1950 J D
Consol Gas(NY)deb 510 1945 F A
1951 .1 D
Debenture 440
J
1957
Debenture bs
Consumers Gas of Chic gu bs 1936 J D
Consumers Power 1st 55 C...1952 NI N
1946 J
Container Corp 1st 63
-year deb 5s with warr _1943 1 D
15
Copenhagen Telep 55-Feb 15 1954 F A
Corn Prod Refg 1st 25-yr s 1 55'31 M N
Crown Cork dr Seal e f as_ 1947 J 0
Crown Williamette Paper 65_1951 J J
Crown Zellerbach deb Sow w 1940 M S
J
1950
Cuban Cane Prod deb 6s
J
1937
Cumb T & T 1st & gen 5s
Del Power & Light 1st 440_1971 J .1
1969 J J
1st dr ref 4445
1969 J .1
1st mortgage 440
Den Gas & El L 1st dr ref s f 5s 'Si M N
Stamped as to Penne tax 1951 M N
1943 A 0
Detroit Edison 5s ser A
D
1955
Gen dr ref 51 series 13
1962 F A
Gen & ref 54 series C
Gen & ref 4345 series D_ _1961 F A
1952 A 0
Gen & ref 58 series E
1940 M N
Dodge Bros cony deb 6s
Dold (Jacob) Pack 1st Is.... _1942 NI N
1942 J .1
Donner Steel 1st ref 75
Duke-Price Pow 1st 6s ser A _1966 M N
Duquesne Light 1st 4 Ss A _ _1967 A 0
1st 7.1 g 440 series
__ _1957 M S
101
3
Sale 100 4
99
100
4
99,
Sale 10112 10212
4
1063
4
10712 1063
95 June'33
4
983 Sale 984
983
101
99
4
1013
10612
Gannett Co deb Is ser A _ _ _1943 FA
D
Gas& El of Berg Co,
11LA g 5619"4.
Gelsenkirehen Mining fki. __ _1934 M
Gen Amer Investors deb 58 A1952 FA
Gen Baking deb s f 5 SiR____1940 A t)
J
Gen Cable lot 5 I 540 A ____I947
Gen Electric deb g 330_ _ __1942 JA
Gen Elec (Germany) 7s Jan 1545 .1 .1
f deb 640
1940 Jo
20-year a f deb 68
1948 MN
I
Gen Petrol 1st s f 58
1940 , A
Gen Pub Serv deb 540
1939 Ji
Gen Steel Cast 540 with warr '49
Gen Theatres Equip deb 6s 1940 A 0
Certificates of deposit
Good Hope Steel dr Ir sec 75_1945 A 0
Goodrich (B F)Co 1st 640_1947 J J
Cone deb is
1945
Goodyear Tire dr Rubb lit 591957 MN
Gotham Silk hosiery deb 65_1936 J D
194() F A
Gould Coupler biL t 68
Ot Corot El Pow (Japan) 75.1944 F A
1950 J
let .4 gen 5 f640
Gulf States Steel deb 5448_ _ _1942 J D
•rash sales
Deterred del very
97
96
9534
104
97
9.5
10314
100
104%
10818
10112
10112
40
2614
10512
99
103%
1011
104%
7518
a5612
3
a75 4
103
98%
86
4
0743
Sale 3818
Sale 23
Sale 105,
4
Sale 973
4
Sale 10314
102
Sale 104
Sale 7215
Sale 5218
Sale 075 4
3
10312 103
Sale 985
8
Sale 8512
Sale 73
•
10514 Sale 105
3
41
3012 66
6% 283,
4 76
283
93
9812 10714
106
139
8712 1017
99
8
93 10512
133
104
4
8
1027
4
97 1053
97 107
1043
4 14
7518
35
7518 38
4
163 57%
5718 50
7618 21 065
76:8
4 101 10412
10312
79
99%
2 32
99,
13
56
87
87
36
7514 26
751 1
•
10514 26 100 107
10112 Sale 101
94% 963 9412
4
102
101%
95
8
9812 927
94
94
93
8
1017 Sale 100%
102 Sale 102
3
100 4 Sale 100 4
3
96 Sale 9512
10114 Sale 100
3
9412 Sale 93 4
75
89
89
85
81 Sale 78
10412 Sale 1033
4
10618 Sale 1043
4
1013
4 27
94% 10
14
102
95
10
3
94
18
101%
102
14
101
96
67
10114 54
9512 101
11
7714
1
89
8112 212
10419 90
10
10614
East Cuba Sug 15-yr a f g 740'37 NI S
10318
8
J 1023 Sale 10214
Ed El Ill Ilklyn 1st cons 45_1939
11012 11212 110% June'33
Ed Elec(N Y) 1st cons g 53.1995 J
47
El Pow Corp (Germany) 6448 '50 MS 47 Sale 42
46
1st sinking fund 640_ .....1953 At) 43 Sale 4012
Ernesto Breda Co lot NI 79_ _1954
75
75 Sale 7512
With stock purchase warrants FA
Federal Light & 'rr 1st 5s_1942 MS
1st lien s f Os stamped_ ___1942 MS
1942 MS
1st lien 65 stamped
30-year deb 63 8erles B
1954 Jo
i939 JD
Federated Metals 5 f 7s
1946 J J
Fiat deb s f g 78
1931 Si $
Fisk Rubber 1st a 183
FramerIcan Ind Dev 20-yr7 40'42 J J
1942 MN
Francisco Sug 191 5 f 710
17
9
84
1
70
69
74%
6014
9511
97%
75
72
Sale
__
99
99
75
70
69
7012
7418
7418
6912 June'33
90 July'33
99
9712
07
50
98
Sale
4
943
50
75 Sale 75
105
10414
46% a45
8312 Sale 8312
10112 Sale 10114
4
733 Sale 73
100 10218 100
3718 _ _ _ _ 36
41 Sale 35
3712 Sale a32
8
4
1033 1043 10234
8714 Sale 8718
a82 Sale 78
98
50
6
60
47
95
1043
35
33
•
10412
120
683
4
68
15
72
21
5
1
75
63
723
65
8
66
7712
48
6912
99
81
6131003
8
•
94 102
1012 5018
7
2
22
76
II
105
19
a45
18
85
10214 329
38
74
11
10014
40
30
8 27
427
86
39
8 24
1043
10
8714
51
a82
518 Sale
42 Sale
93 Sale
73 Sale
901. Sale
83
86%
73
6
41.
30
42
38
57
93
90
.
731 292
4
693
911 1 263
4
893
85 June'33
7138 Sale
6512 Sale
801 1 Sale
3
65 4
63
75
8
713
66
8014
94 10212
4
893 99
9512 102
88 100
88 r963
4
85% 103%
86% 103
84% 10312
75 100
84 103
3
70 4 96
7714
65
57
90
811.
43
9718 105;
3
96 107
21
31
40
82
66
80
103 105
a15
75
85
76
97 10212
7512
36
96 10214
2914 6212
2812 5712
25
557
8
101 105
7138 87,L
47 aS2
•
6
1
8518
37
(13
62
a3312 731.
68
913
4
7412 87
Illinois Bell Telephone 55_1956 J D
1940 AG
Illinois Steel deb 430
Ilseder Steel Corp mtge 65 1948 FA
Ind Nat Gas & 011 ref 5s_
1936 MN
Inland Steel 18t 440
1978 AO
lstSIsi4j4eserl3
1981 FA
Interboro Rap Tran let 55...1966 'Ii
10
1932 AO
-year 65
Certificates of deposit
10
-year cony 7% notes___1932 MS
Certificates of deposit
14
1951 1111Interlake Iron 1st 5.5 18
lot Agric Corp 1st & coll tr 55
Stamped extended to 1942_ _ _ _ MN
tot Cement cony deb 58_ _ _1948 MN
Internal Hydro El deb 6s....1944 AG
Inter Mere Marine 51 65. ..1941 A0
Internal Paper 5s ser A & 8_1947 .1
Ref s f Is series A
1955 MS
.▪
)
Jut Telep dr Teleg deb g 440 1952
Cony deb 440
1939 J J
Debs 5s
1955 FA
Investors Equity deb 58 A 1947 J D
Deb 58 sec B with warr...1948 AG
Without warrants
1948 AO
K C Pow & Lt 1st 440ser 13.1957• J
lst M 440
1961 FA
Kansas Gas & Electric 410- 1980 J
Karstadt (Rudolph) 1st 65_1943 SIN
Certificates of deposit
Keith (II. F.) Corp. 1st Is._ _1946 MS
Kelly-Springfield Tire Is...1942 AO
Kendall Co 540 with warr__1948 MS
Keystone Telep Co 1st 5s_ __I935 J J
Kings County El L & P Ea__1937 AO
Purchase money Os
1997 AO
Kings County Elev 1st g 45-1919 P A
1954 .1 1
Kings Co Lighting 1st 5s
1
First and ref 640
1954
Kinney(OR)&Co 744% notes'36 J O
J I)
Kresge Found'n Coll tr
.1936
Kreuger dc Toll class A yds of dep
for see s I g 531
1959 MS
Lackawanna Steel let 53 A 1950 MS
1934 AG
Laclede G-I. ref & ext 5s
Coll & ref 540 series C
1953 FA
C011 A ref 534s series D....196)) FA
LaMar° Nitrate Co Ltd Is._1954 I .1
Lehigh C & Nays f 440 A...1954 1 .1
Coils sink fund 440 ser C.1901 • J
Lehigh Valley Coal 1st 55_1931 FA
1st & ref s f 55
1941 FA
lst & ref f 5s
1954 FA
1st & ref f bs
1964 FA
1st & ref s f bs
1974 FA
J
Secured 6% gold notes_ 1938
Liggett & Myers Tobacco 713_1944 AO
Se
1951 P A
Loew's Inc deb s f 138
1941 AO
1952 JO
Lombard Elec 7s ser A
1944 A0
Lorillard (P) Co deb 75
58
1951 FA
Louisville Gas & El(Ky) 56_1952 SIN
Lower Austria Hydro El Pow—
1944 P A
Istat630
Price
Friday
July 14.
107 Sale 10612 107% 41
103 Sale 103
103% 62
3638 39
37
35
27
97 100
8
947 June'33
89
90
8812 89
38
8812 Sale 87,
4 44
883
4
70 Sale 67
992
70
•
29
3219 28
6
3012
*
7212 Sale 71
7212 24
64
63
65
18
6514
5912 Sale
83 Sale
52 Sale
5012 Sale
8
647 Sale
4712 Sale
52 Sale
65 Sale
5812 Sale
8818 Sale
8
877
89% 89
52
82
507
8
4912
62
4512
49
61
5212
8614
8612
8612
5912
8312
5312
5112
66
49
5212
6512
5812
90
90
8812
12
63
282
57
63
97
212
689
533
45
6
19
10212 Sale 10214
103
4 1023
10214 Sale 1013
4
8912 Sale 8512
90
1714 Sale 1618
1734
1578 Sale 137
8
16
5212
.52 Sale 49
62 Sale 57
6214
7518 Sale 75
7612
7112 Sale 7012
7112
105 108 10514
10514
125
125
77 Sale 7514
77
102 10512 102 June'33
110% 114 110 June'33
95 Sale 95
95
8212
4
8212 Sale 76,
26
60
25
15
34
21
58
10
3
2
2
6
_
1512 Sale
9434 9812
9512 Sale
64 Sale
63% Sale
8
al03 Sale
90 Sale
60
75
45
4914
66 Sale
50 Sale
4518 65
45 Sale
12534
108
a8I
80
4
1123
103
4
1023
Sale
112
Sale
Sale
Sale
Sale
Sale
45
Sale
1
20
1003 1077
8
8
95 104
4
263 5812
8
047 9712
90
66
65
89
70
47
•
14
3012
52
32
7212
70
38%
a50
2414
029%
39
10
1712
2018
18
75
80
75
5912
84
53 4
3
5212
66
49
8
537
6512
5812
90
90
8812
9612 10412
96 105 4
3
95
72
1378 4114
13% 183
4
2912 5212
32
4
62,
55
8
767
6478 7112
101 108
115% 135
6812 7713
99 10512
110 114%
9514
a42
304 82%
1414
16
16
10
39
97i2 39
9412
75
97%
94
95 4 66
3
7918 98
62%
65
73
48
6734
63%
4
623
12
487a 6612
11
Oli
242 1314
192
90
90
7712 90
1
88 June'33
89
78
997 May'33
9978 997
8
64
66
66
45
13
4018
50
20
8
51)
41
43
15
1612 43
39
45
45
22
10
73
73
73
67
1
125
126
33 117% l2612
110
110
2 102 11012
81
3
83 4 21
48
,
84 2
7412
4 40
803
7412 90,
4
111
112%
17 010212 11412
0234
103
90 103
17
02
10234 53
9414 10612
4412
45
3
42
53
51
21% 62
38
McCrory Stores Corp deb 54041 JO 50 Sale 4812
63
2312 6512
308
50
McKesson & Robbins deb 534s' MN 6112 Sale 605s
Maned Sugar Islet 710___1942 AG
2712 34 June'33
23
Certificates of deposit
312 35
•
Stamped Oct 1931 coupon 1942 AO
23 June'33
30
18
3
2712
Certificates of deposit
7
43i2 10
4312
29
hlanhat Ity (N Y)cons g 45..1990 AG 43 Sale 39
4113 44
36 June'33
2238 3812
Certificates of deposit
3312 128
17% 3312
2d 44,
2013 5-13 3312 Sale 30
4
893 8944
Manila Elec RR dr Lt if 5s_ _1953 MS 7114 873 8941 Nlar'33
Mfrs Tr Co ctfs of partic in
75 July'33
75
50
_
75
40
A I Namm & Son 1st 65_ I943 J
57
58
07
2514 59
1
Marlon Steam Shovel 8165_ _1947 AG 57
75 Sale 75
7512 16
3
757
57
Market St fly 75 ser A _April 1940 Q J
8
65
65
30
38
Mead Corp 1st()swat, warr_ 1945 MN 65 Sale 627
32 87 112
Nlerldionale Elec let 75 A _ _1957 A0 112 Sale 10312 112
897
8
3
J 90 4 97
90
2
Metr Ed let & ref 55 ser C 1953
8412 13
7112 90
let g 44(s series I)
1968 MS 8412 Sale 82
A (1 78 Sale 7612
78
18
6518 79
Metrop Wat Sew & Dr 5 445_1950
1812 May'33
4
163 30
1812
11
Met West Side El(Chic)4s._1938 FA
D 3712 ____ 39
40
.
(171
30
4
Mlag Mill Mach 1st s f 75.__1956
9914 137
991 1
80
Midvale St & 0 colt tr s 1 Os 1936 MS 9914 Sale 98
86
86
13411w El fly A Lt 1st Os B
63
33
1961 JO 86 Sale 82
8412 13
8412
02
1st mtge 58
1971 .5.3 8412 Sale 81
9112 32
2
91,
110
Montana Power let 5a A_
1943 J J 9112 Sale 8812
8
73
73
46
Deb 5.9 series A
19
1962 1 1) 73 Sale 647
Montecatint Min & Agile—
.1 88 Sale 88
88
Deb g is
5 08714 9818
1937
9312 9112 June'33
,
78 a 91 12
Montreal Tram 1st & ref 55 1941 J J 92
a7.111
,
Gen & ref sf58 series A 1955 AO 75 4 - - - 7414
5914 a741 1
1
68% 74%
,
74%
Gen & ref 5 1 5seer l)_...1955 AG 75 4 ---- 74%
2
63 June'33
4
573 63
Gen & ref 8 f 440 ser C..1955 AO
663 May'33
4
4
663 6654
Gen de ref 5 f 58 ser D
1955 AO 7514 85
9012 54
9012
78
Morris & Co 1st s f 4 40.-1939 J J 90 Sale 8914
AO
40% Dee'32
Mortgage-Bond Co 45 ser 2 1966
94
27 "69" -1;4
1934 Jo 94 Sale 90
Murray Body 1st 610
N 1005 106
00 June'33
8
94% 107%
Mutual Fuel Gas 1st cue 5s-1917
98
85 June'33
Mut Un Tel gtd 6s et at 5% 1941 MN 81
85
75
Namm (A I) & Son._See Mfrs Tr
Nas.sau Klee go g 4s stud-- -1951
Nat Acme 1st a f 68
1942
Nat Dairy Prod deb 6445
194>t
Nat Steel lot coil 55
1956 A
Newark Consul Gas cons 55.1948
Newberry (JJ) Co 5 si% notes '4)) A
New Eng Tel & Tel Evi A....1952
lstg 4145 series B
1961
NJ Pow & Light 1st 430_ 1960 A
New On Pub Serv let 55 A _ _1952 A
First & ref 5s series ti....11455
N Y Dock let gold 45
1951
1932 A
Serial 5% notes
N Y Edison lot & ref 634o A _1941 A
1st lien dr ref 55 aeries B
1944 A
1st lien & ref 55 series
37% 71%
1951 A
N Y (lDA El Lt II & Pow g 54 1948
66
31
Purchase money gold 45_ ..1949, F
801,
42
•Loot under Ifni of Matured Bonds On
1
:,g
Range
Week's
4313
Range or
Since
Last Sale.
Jan. 1,
--111013 No. Low
Ask Low
Bid
WA
8
31
97
.• 1 97 Sale 967,
92% 98%
Hackensack Water 1st 45_ _1952
35
29
19
61
Hansa SS Lines 65 with ware.193)4 1 0 3414 Sale 34
Harpen MIning 68 with stk porch
5312 29
Ms
39
war for corn stock of Am she '49 J J 5312 Sale 5114
3714 40
FA
3312 June'33
3312
18
Havana Elec consol g
13
67
NI S 13 Sale 1034
,
3 4 13
Deb 540 series of 1928_ _1951
28
28
8
127 28
1
Hoe(R)& Co 1st 640 ser A.1934 A0
30
8
177 :30
8
Holland-Amer Line 6s (flat)-1947 MN 30 Sale 29
70
8
47
70
38
Houston Oil sink fund 540_ _1940 MN 697 Sale 69
492
60
2712 60
Hudson Coal 1st s f 5s ser A_1962 JD 5714 Sale 4414
6 10138 10814
10514
MN 105 Sale 105
1949
Iludson Co Gas 1st g 55
5 66 100% 10412
1033
Humble Oil& Refining 55_ ._1937 AO 103% Sale 10314
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 14.
Ranee
Since
Jan. 1.
July 15 1933
V 44(5.
57 Sale
80
65
94 Sale
94 Sale
10512 Sale
8512 90
8
1077 Sale
103 Sale
85% 861s
62 Sale
0 6218 Sale
A
59% Sale
461, Sale
11212 Sale
106% 106%
0 1063 Sale
4
4
1103 Sale
A 10112 Sale
A
0
55:8
57
59
6114 May'33
_
93
95
362
93
94
256
0514
10512
6
8314
8512 13
8
065
8 45
1077
0212 103:8 50
8418
8612 17
58
44
62
57
6218 40
59%
601., 22
4512
47
17
11%
4 24
1123
0618
4 25
1063
06%
4 37
1063
10
111
26
01
10112 50
Si
63
7714
69
10212
65
100
9612
76
4312
4414
45
26
106%
10114
MI
101%
89314
5912
61 14
115
95
lo7
8512
111%
107%
95
6412
h412
63
47
115
1
/
1084
10814
112%
103
New York Bond Record-Concluded-Page 6
BONDS
N. Y. 9T0CK EXCHANGE
Week Ended July 14.
t
NY LE&W Coal &RR 6998'42 MN
NYLE&W Dock & Imp be '43 J J
N Y Rys Corp Inc 135.. _Jan 1965 Apr
Prior lien Os series A
1965 .1 J
N Y & Richm Gas 1st 618 A _ _1951 MN
N Y State Rye let cons 459e A '62
Certificates of deposit
NI N
50-yr 1st cons 699e ser 11._1962
Certificates of deposit
N Y Steam 68 ser A
1947 PIV/4
1st mortgage 5s
1951 MN
181 M 55
1956 MN
N Y Telco let & gen 81490.1939 MN
N Y Trap Rock let Os
1946 JO
Niag Lock &0 Pow 1st 55 A.1955 AO
Niagara Share deb 599s._ _ _1950 MN
Norddeutsche Lloyd 20-yr 8168'47 M N
Nor Amer Cern deb 6396 A..!940 NI S
North Amer Co deb bs
1961 FA
No Am Edison deb bs ser A_1957 MS
Deb 599s ser 11___Aug 15 1963 FA
Deb 58 series C__ _Nov 15 1969 MN
Nor Ohio 'Frac & Light 65..1947 MS
Nor States Pow 25-yr bs A 1941 AO
1st & ref 5-yr 6s ser 13_ ...1941 AO
North W T lst fd g 499a gtel.1934 .1.1
Norweg Hydro-El Nit 599s_ _1957 NI N
Ohio Public Service 7998 A...1946 AO
let & ref 75 series 14
1947 FA
Old lien Coal 1st Os
1944 FA
Ontario Power N F 1st 58_1943 FA
Ontario Transmission 1st 58_1945 MN
Oslo Gas et El Wks esti 5-9..1963 MS
Otis Steel 1st Al (Ss ser A
194I MS
Pacific Coast Co 1st g 5s_ _ _ _1946
Pacific Gas & Eigen & ref 55 A '42 .1 .1
Pee Pub Serv 5% notes_ _ _ _1936 MS
Pacific Tel & Tel 1st bs
1937 J J
Ref mtge bs series A
1952 MN
Pan-Am t'etCo(of Cal)conv 68'40 J O
Certificates of deposit
Paramount-Wway let 5998_ _1951 J .1
Certificates of deposit
Paramount-Fern's
-Leaky 63_1947 JO
Certificates of deposit
Paramount Publlx Corp 699s 1950 FA
Certificates of deposit
Park-Lex 1st leasehold 634e 1953
Certificates of deposit
Parmelee Trans deb 6s
1944 AO
Pat & Passaic0& El cons be 1949 MS
Pathe Each deb 7s with warr 1937 MN
Pa Co gu 399e coil ti A reg.1937 NI S
Guar 319s coil trust ser 11_1941 FA
Otter 399s trust ctfs C _ _1942 JO
Guar 3998 trust ctfs I). _ _1944 JD
Guar 4s ser E trust etre...1952 MN
Secured gold 448
1963 NI N
Penn-Dixie Cement 1st 68 A 1941 NI S
Pennsylvania P & L 1st 4958 1981 A0
Peop Gas I. & C 1st cons 63_1943 AO
Refunding gold 5s
1947 NI S
Registered
St S
PhIla Co sec bs series A. __1967 J D
Piffle Elec Co 1st & ref 4348_1967 NI N
151 & ref 48
1971 FA
Phila & Reading C & I ref bs 1973 .1
Cony deb Bs__
1949 MS
Phillips Petrol deb 5348_ ._A939 J I
Pillsbury F1'r Mills 20-yr 03_1943 AO
Pirelli Co (Italy) cony 75..A952 MN
Pocah Con Collieries let et 6s '57 J J
Port Arthur Can & Dk 68 A.1953 FA
let m (is series 13
1953 FA
Port Gen Elec 1st 499s ser C 1960 NI S
Portland Gen Elec 1st 5.9_.1935 J J
l'orto Rican Am Tob cony 65 1942
J
Postal Teieg & Cable roll 68.1953 J J
Pressed Steel Car cony g 68_1933 .1 .1
Pub Serv El & G 1st & ref 4998'67 J O
let & ref 4995
1970 FA
let & ref 4s
1971 A0
Pure 011sf 599% notes
_1937 IP A
f 599% notes
1940 MS
Purity Bakeries s f deb Ea_ _1948 .1 .7
Price
Friday
July 14.
r Cash sales
a Deferred delivery
Range
Since
Jan, 1.
1C 1ti.
BONDS
N. Y. STOCK EXCH &NOE
Week Ended July 14.
tss
z
465
Price
Friday
July 14.
Ask Low
High No, Low
High
75
75
7.5 Nlay'33
92
100 June'31
3
8 8
569
8
7 Sale
5
32
603
583 603 5812
4
4
603
4
4 16
98% 10514
3
102
101 102 102
Rid
70
312
412
_._
21
210612 107
102 Sale
101 Sale
10418 Sale
6512 Sale
103 Sale
70
69
4214 Sale
32
28
84 Sale
8118
84 Sale
80 Sale
100 Sale
1013 Sale
4
10518 106
9312 100
797 Sale
3
34
38
344 Sale
26
Sale
26 Sale
63 27
4
29
Sale
Sale
95
Sale
Sale
sale
Sale
60
Sale
Sale
Sale
_
87.
861 1
60
75
4912
98%
303
8
42
102
100%
10318
82
9878
10618
106%
10318
104
9712
91
84,_
8
8
75
73
78
80
743
4
3412
76
103
90
68
268
101
63
136
156
13
_
--50
Sale
60
Sale
Sale
Sale
69
Sale
Sale
99,2
373
4
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
90 105
86 104
14
35
931t, 103
897 10014
8
84
69
912 4412
23
35
9914 1063
4
6018 8812
101 1073
4
10012 1083
4
•
25
33%
25
39
32
35
412 '271s
1012 26
53 27
4
712 26
/874
823
8
8412
923
4
7534
9612
114
10712
"fi" Vcr
134
8
32
509
97 105 2
,
90 100
48
74
32% 6512
6718 90 4
,
95 107
a99% 101
60
69
60
72
71
71
434 70 4
3
94 10118
18
52
1618 5612
37
28
78
52
50
5
97 1063
4
9714 105%
0014 10012
683 91
4
6312 ss
65
85,
2
1
223
5
-
4
5
94
112
143
3
2
67
10
4
15
93
107
37
30
41
37
88
Ask
Sale
Sale
Sale
•
Week's
Range or
Last Sale.
Low
74,2
104 2
,
9912
Sale 38
Sale 383
4
112 1101s
Vanadium Corp of Am cony 58'41 A0
Vertientes Sugar 1st ref 78..1942
Certificates of deposit
-.Victor Fuel 1st s ISa
19552 J
Va Elec & Pow cony 5348_1942 NI S
Va Iron Coal & Coke Isle 5s 1949 M
Va Ry & Pow Ist & ref 5s_ _ _1934 J J
Walworth deb 63.9s with warr '35 A 0
A 0
Without warrants
1st sinking fund (is ser A._1945 A 0
Warner Bros Pict deb 6s_ __1939 NI S
Warner Co 1st Os with warr 1944 A 0
A 0
Without warrants
Warner-Quinlan Co deb 6s__1939 M 8
Warner Sugar Refin 1st 78_1941 J D
Warren Bros Co deb Os
1941 M
Wash Water Powers I 58_1939 J J
Westchester Ltg 5s stpd gtd_1950 J D
West Penn Power ser A 53_1946 M
1st Ss series E
1963 M 8
1st sec 55 series G
1956 J D
Western Electric deb 5a _ _ _1914 A 0
Western Union cell trust 59_1938 J J
Funding & real eat g 490.1950 MN
15-year 83.58
1936 F A
25
-year gold 58
1951 J D
30-year As
1960 M
Westphalia Un El Power 68_1953 /
Wheeling Steel Corp 1st 5998 1948.1
1st & ref 4999 series B_ _1953 A 0
White Sew Mach 65 with wart '36
J
Without warrants
J
Panic f deb Os
1940 MN
Wickwire Spencer St'l 1st 79_1935
Ctf dep Chase Nat Bank____
Ts(Nov 1927 coupon) Jan 1935
Ctf dep Chase Nat Bank_ _ _ _ MN
Willys-Overland at 699s.„.1933 M S
Wilson & Co let 1 68 __ _1941 A 0
Youngstown Sheet & Tubebe '78.1 .1
A1st mtge s 5s ser
1970 A 0
Range
Since
Jan. 1.
4614 541
45
13
2
110 8
,
High
81
105
100
20% 4614
38% 45
103 11012
7
3
20
350
57
150
9
157
10
97
50
72
7714
36
20%
83
89
41
10414
76
10014
97
5414
33
944
102
7214
167
30
10212
1512
3912
15
8
637
60
64
10514
4214
8314
15
6312
6214
22
29
3
9
3712 7418
10412 37
103%
102
103
15
20 May'33
106
1064 14
10012 1007
3
8
9412
9512 44
101
10214 48
63
69% 140
20 June'33
a663
4
75
212
8518 June'33
2818
3218 89
34
2818
32
2712
3214 59
94 10411
100 105
14% 20
994 10618
4
9811 1004
75
9512
9512 10214
711!
43
2214
14
29% 75
75
88
2612 6014
3512 60
2412 694
9834
99% 12
2612
2918
6
4118
44
34
71
717
8 29
76
79
43
100 May'33
108 1053
8
105%
2
Sale 373
4
40
246
Sale 3414
36
204
253 June'33
8
93 100
14
32
10
30
664
5212 75%
5713 79
100 105
99% 108 4
,
134 41
12
37
143
s 35%
7318 75
10414 Sale
10212 103 4
,
2014 - - -106 Sale
4
1003 102
94 4 Sale
,
10214 Sale
69 Sale
25
21
7112 Sale
8411 90
3218 Sale
4
303 Sale
32 Sale
9938
'2918
44
71
4
773
104
10612
39
4
343
M
4,
2
High NO Low
7614
59
7
105
130 100
100
137
8814
Tenn Coal Iron & RR gen 58_1951 J J 10414 Sale 104
10414
Tenn Copp & Chem deb 6813 1944 M S 6718 80
74
74
Tenn Elec Pow 1st Gs
86
1947 J D 86 Sale 834
Texas Corp cony deb 5s._ 1944 A 0 9612 Sale 9512
97
Third Ave Ry 1st ref 48
54 Sale 5212
5414
1960 .1 .1
Acli Inc be tax-ex N Y_Jan 1960 A 0 32% Sale 3118
327
8
Third Ave RR 1st g 55
9412
1937 J .1 9412 Sale 92
Tobacco Prods (N J) 6958_2022 MN 9914 Sale 9812
997
Toho Elec Power 1st 70_1955 M S 6212 65
7112
7214
Tokyo Elec Light Co Ltd
64
1st Os dollar series
1953 J D 63 Sale 6012
Trenton G & El 1st g 5a
1949 MS 104 4 - - - - 103 June'33
,
Truax-Traer Coal cony 634s.1943 MN 41 Sale a36
4214
Trumbull Steel 1st s I 6e_
8314
1940 MN 82% Sale 8012
Twenty-third St Ry ref 5E1_1962'.1 23
15 May'33
Tyrol Hydro-Elec Pow 790.1955 MN
54
8
537 Sale 537
8
Guar sec 8 f 7s
5812 June'33
1952 FA
-_
1
1
23
23
88
1
37
60 Dee'32
S
30
2312
67%
98% 28
743 166
4
70
2
90,
4
9
0'4
11
73
70
30
84%
86
33 2
,
39'2 66
102
30%
.36
88%
6
59,
2
26
45
41
441, 128
39
127
45
8
383
10714
113%
874
8712
45 June'33
Apr'33
48
50 May'33
863
8
90
41
40
43
40
40 June'33
41 18
40
55
55
90
8712
87%
83
8212
87 2
,
64
62
75
75
497
8
46%
983
4
9812
30 4
,
3018
42
36
10312
10112
101
10012
10312
10318
83
82
8
987
98
1053
s 10614
107
1064
113 2
98 109
90 1044
90 104
9811 106
387 671 1
8
94% 105
72
63
2818 60
1018 30
60
89
64
87
6l% 89%
8
57
847
88 107%
9018 104%
98 1064
93
86
6314 gl
11
1
10
48
23
Sale 26
5112 10
51
53
103 10412 June'33
8978 June'33
1013
4 15
Sale 100%
,
- - - a57 2 May'33
9714 145
Sale wit
,
38
8
333
4
37
11212 Sale
8712
79
40- 483 51
4
61
60 Sale
40
41
41
102
102
9718
89
8612
84
1
Bid
Southern Colo Power 68 A__1947 ii 7614
Stand 01101 NJ deb be Dec 15'46 FA 105
Stand 011 of N Y deb 43.58.1951 J D 100
Stevens Hotel 181 68 series A_1945
Studebaker Corp 6% g notes 1942 J O 45
Certificates of deposit
44
31:i Syracuse Ltg Co 1st g 55_1951
D 1097
8
Ujigawa Elec Power sO 7e___1945 MS
Union Elec Lt At Pr (1510)Gen mtge gold 58
1957 A0
Un E LA P (111) let g 599s A 1964 J J
Union Elev Ity (Chic) bs
1945 AO
Union Oil 30-yr (is A.
.May 1942 FA
1st lien s f 59 ser C...Feb 1935 AO
Deb 55 with warr____Apr 1946 J D
United Biscuit of Am deb 68_1942 SIN
United Drug Co (Del) 58...1953 MO
United Rye St L late 4s
1934 J J
US Rubber hat & ref 55 Fier A 1947 J .1
United SS Co 15
-year 6s..
1937 M N
Un Steel Works Corp 699e A _1951 J D
Sec f 6%a series C
1951 J D
Sink fund deb 6958eer A._1947 J J
United Steel Wks of BurbachEsch-Dudelange s 1 78... _1951 AO
Universal Pipe & Rad deb 65 1936 J D
Unterelbe Power & Light 68_1953 AO
Utah Lt & Trac 1st & ref 58_1944 AO
Utah Power & Light let 5s 11414 FA
Utica Elec L & P 1st s f g 58_1950 ii
18
aS
Utica Gas & Elec ref & ext 5s1957 5.1
634 35
Util Power & Light 599s
1947'3D
101 106 4
,
Deb bs with warrants
1959 FA
4712 78
Deb 5s without warr,,
.1959 FA
24
15
81
10
2
18
32
57
25
20
29
3812
6
37
3712 24
32
__
35 June'33
2718 182
25
4
26
25 •
342
27
2478
9
26
25
13
13
1212 15
35
34 Sale 32
_ _ _ 104 July'33
77
75
1041277
80
87 Nov'31
7514 May'33
81% -73 May'33
8112
8112
8412
841,
82
4
923
9312 Sale 9112
3
75 4
71 Sale 71
8
9'27
9212 Sale 9134
110
108 112 110
1038
8
1037 Sale 10114
Oct'32
- 96
8
877
87% Sale 86
10412
10414 Sale 10314
96
8
967 Sale 957
74
a74 Sale 6412
6512
65 Sale 57
903
4
88 Sale 8712
106
1051x Sale 105
8
1003 101 al0018Jun'33
663 June'33
4
73
60
72
72
82
72
71 May'33
80
72
67 Sale 654
6818
98
98 Sale 96
497
8
497 Sale 44
5612
56 Sale 49
1023 10318
4
104 Sale
97% Sale
8914 92
8714 Sale
.
841 Sale
15
2 June'33
107
10712 11
101
4 19
1023
10112 26
100
118
105
1037
8
6318
6714 48
66
103
10218
30
69
6718
4 61
423
4012
10
30
29
803
4
84
81
8118
8018
58
84
79
69
80
.76
9812 10112 10
48
102
8
1007
10412 10512 13
_
93 June'33
27
7834
797
10114
101 Sale 10014
9812
9614 9812 98
34
2812 Sale 1938
103
10012 103 103
- - a9718 a9712
98
84
84 Sale 8214
4312
43 Sale 40
3312 5412 3212 June'33
10512
105 Sale 10434
8014
79 Sale 79
10614
1053 10618 10514
4
10612 Sale 10512 106%
Radlo-Keith-Orpheum part paid
ctfe for deb 6s & com stk 1937 NI N
2718
Debenture gold (is
1941 J D
Remington Arms 1st s f 65_ _1937 MN 67%
Rem Rand deb 53.58 with war '47 MN
74
Repub I & S 10-30-yr bs s 1 1940 AO 90 4
,
Ref & gen 599e series A..1953 J J
73
Revere Cop & Brass 65 ser A 1918 NI S 8512
Itheinelbe Union a f 7s
3912
1946 .1 .1
Rhine-Ruhr Water series 6..1953 .1.1 3312
Rhine-Westphalia El Pr 78_ _1950 NI N
_
Direct mtge Os
1952 MN 4i12
Cons NI 68 of 1928
1953 FA 4412
Con NI 65 of 1930 with warr '55 AO 45
Richfield 011 of Calif 6s
1944 MN
Certificates of &omit%
MN a27
Rims Steel 1st s f 78
1955 FA
48
!tech 0& El gen NI 5195 ger C '48 NI S 101
Gen mtge 4998 serles D...1977 MS
Gen rota° 6a series 4'
1962 MS 101's
Rock & Pitts C & I p m 5.9 1946 MN 83
Royal Dutch 48 with war
1945 AO 97
Ruhr Chemical S f Os
1948 At) 3612
St Joseph Lead deb 5998.._ _ _1941 MN
St Jos ity Lt lit & Pr 1s1 54_1937 NI N
St I. Rocky Mt & P58 etpd.1955 J J
St Paul City Cable cons be_ _1937 ii
Guaranteed bs
1937 J J
San Antonio Pub eery 1st Os 1952 .1.1
Schuleo Co guar 699s
1946 J J
Stamped (July 1933 coup ow
Guar ef 6998 scrim B.___1946 ;Co
Stamped
Sharon Steel 110098 1 5958...1948 FA
Sheol Pipe Lines f deb 58.....1952 NI N
Shell Union Oils f deb
_1947 MN
Deb be with warrants__ __1949 AO
Shinyetati El Pow let 699e_ _1952 JO
Siemens & Halske s f 7s..._ 1935 .1 .1
Debenture 516 99s_
__ _1951 NI S
Sierra & San Fran l'ower 58.1940 F A
Sileela Elec Corp s I 6998_ _1946 FA
Silesian-Am Corp coil tr 78_1941
A
Sinclair Cons Oil 15-yr 7s...1937
S
1st Ilen 6 WI series 11
1938 ID
Sinclair Pipe Line a f 53
1942 AO
Skelly 011 deb 599s
1939 M
Solvay Am Invest 6s ser A...1942 MS
South Bell Tel & Tel let si 5e '41 .1 .1
S'west Bell 'l'ei 1st dc ref 56_1954 FA
Week's
Range or
Last Sale,
73
7418
Sale
Sale
Sale
Sale
Sale
7212 Sale
673
4
73%
56
34% 73%
16 Sale 1412
1612
20 June'33
214
104 105 10318
10312
6018
6018
604 65
101% Sale 100
102
20
35
39% 35
25 June'33
23
33
40 Sale 39
43
41%
3712 Sale 3714
25
27
27
2612 Sale 2618
2612
38
3318 37 2 37
,
8
1057 107 1057
8
106
69 Sale 6312
713
8
10412 10512 105 June'33
109
107% 110 10714
10512 106 10512 105%
1063 Sale 106
8
106%
105% 106 1053
4
106
100 Sale 997
8
101
01 Sale 854
91
8218 89 a7612
804
8
987 Sale 9312 100
86 Sale 7912
86
86% sale
4
8812
4
363 Sale 28
363
4
84
82
82
84
7218 Sale 7112
7214
45 June'33
48
48
444 _ _ _- 50
50
16
112 1718
10% 20
95 105%
473 60,
8
8
9712 103
35
10
16% 25
812 43
413:
12
10
27
12% 2612
1312 3814
10212 108
30
75 4
,
10012 106
102 11012
10018 108
10014 10912
991 107
:
81 102
91
52
371: 804
55 100
36% 86
363 8612
4
2312 674
52
84
41% 73 s
7
027
45
2212 48
2214 .50
12 July'33
918 12
812 30
58 10018
10 Sale
9
10
01114 743
4
58 Sale 5314
58
55
90:4
98 Sale 975
8
99
30
75
82
31 Sale 7918
4934 56
81
81 Sale 79
2812 6618
2212 6712
a42
77
31
7012
303 7014
4
(Negotiability Impaired by Maturity)
32
70
•
19i2 32
MATURED BONDS.
PTIC4
Week's
3712 51 12 N. Y. STOCK EXCHANGE
Friday
Range or
Week Ended July 14.
9612 107
July 14.
Last Sale.
897 99 4
8
3
------ 96 10514 Foreign Govt. 8, Municipals.
Bid
Ask Low
High
05712 a57l2 Mexico Trees 6.9 assent large '33
J
Small
.1 .1
83
971 1
1114 June'33
1333 62
4
9
9
Railroad.
81 11318 Bait dr Ohio cony 499s
1933 M
100 Sale 97
100
Gail. lions & fiend 1st 5a
79
,
93
1933 * 0 8518 93
84 June'33
Norfolk South 1st & ref 58 A.1961 FA
30% 45
14% Sale 144
16
42
St Louis Iron Mt & Southern
51
50
Ely & G DI• 1st g 4s
55
1933 MN 60 Sale 59
61
7414 92
Seaboard Mr Line 1st g 48_195u * 0 24
26
284 26
25
Gold 48 stamped
50
24
1950 AO 23
2112
2112
2012 50
Refunding 4:
1950 A0 13% Sale 13
16
Atl & Bina 30-yr 1st g 4s_ _1933 NI S 2114 28
'28
50
28 June'33
40
Ws
16
Industrials
56
60
Abitibi Pow & Paper 1st 58__1953 ID 3014 Sale 2912
90
317
8
65
8712 American Chain deb s fis__ _1933 A 0 75
85
75 July'33
6312 8712 Chic Rya 5s stpd 20% part paid., FA 64
67
63 June'33
Cuban Cane Prod deb (Ie.__ _19.51)".1 10 Sale
23
65
O's
103
4
East Cuba Sug 15-yr 51 g7993'37 MS 2218 Sale 1812
731 96
.
24
461 1 824 Flak Rubber lets f 85
1941 MS a79 Sale 7418 a79
Gen Theatres Equip deb 68_1940 * 0
91% 102
4%
7 Sale
7
261 x 594 Gould Coupler 1st 51 6s
1940 FA
1812 Sale 1612
20
431s Interboro Rap 'Fran (1s
32
1932 A0 33 Sale 28
3312
10
-year 7% notes
9014 10312
1932 MS 7412 Sale 71
741x
Nlanati Sugar 1st 51 734s._1942 A0 2318 2712 2418
8812 102
2418
Sumac' On 1931 coupon....1942 A 0 18
9912 1033
4
2712 2978
'297
8
Pan-Am Pet Co (Cal) cony (is '40 J
59% 8:1
3518 Sale 3518
39%
87
9912 Pressed Steel Car cony g 5e .1933 J J
53 Sale 523
4
55
Richfield Oil of Calif 6s
99 107
1944 MN
27
28
274
28 2
,
100 10712 Stevens Hotels series A
1946 .1
2514 Sale 2514
2812
7
1
64
2
69
955
3
4
33
9
64
29
4
11
7
50
128
13
142
41
109
120
16
36
_
1
5
118 12
23
13
44
83
55
7
2
35
84
52
52%
1018
79%
9912
82
8112
Matured Bonds
a Optional sale. July 6. 51.000 at 3018. • Gook owlet list or Matursd Bonds nn this hags
4,53
Range
Stuce
Jan, I.
No. Low
High
,
34 11 4
4
3% 1012
30
26
66
142
4
1
73
97
864
96
29
180
22
110
94
1
1
23
17
35
13
67 100
8478
55
212 16
35% 61
17s 26%
54 2612
16%
6
31
1034
38
49
3
4
2%
45
3212
75
63
103
4
24
a79
4%
12
5112
5
2
251s
3514
21
10
20
3312
7412
34
29%
61/4
(.9
323
4
2812
Financial Chronicle
466
July 15 1933
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, July 8 to July 14, both inelusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
RailroadBoston & Albany
100 121
1174 121
Roston Elevated
100 634 62
64
Boston & MaineCI A Int pfd atm! -100
294
25
Class C 1st pret stpd_100
30
30
Class 1/ 1st pref atpd.100 45
474
45
Prior pref atpd
1110 56
52
57
ProvIdence_100 13.54 1354 1354
Boston &
East Muss Si. Ry• com 100
234
2
lot preferred
100
10
10
Preferred B
100
6
6
4
Adjustment
100
4
4
Slaine Central
13
11
100
Preferred
100
25
27
NYN Haven& Hartford100
3134 32%
Northern RR
79
79
Norwich & Worcester
Preferred
100 104
100 104
Old Colony RR
100 91
91
93
Pennsylvania RR
50 38% 364 404
72
867
Range .Stnce Jan. 1.
Low.
High.
Jan 121
80
5334 May 70
Feb 294
200
0
Apr 30
8
16
50 144 Jan 49
Fel
17
57
210
34 12834 Apr 138
Jaa
234
63 20e
10
14 Jan
94
4 Jan
8
261
Apr
4
17c
51
3% Apr
13
160
65 15
May 31
368 II 34 Mar 3334
Apr 80
82 74
July
'et)
July
July
July
July
June
July
July
July
June
July
July
July
June
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Castle & Co (AM)com_10
Cent Cold Stge Co com_20
Central III PS pref
•
Cent-111 seeurCommon
1
Convertible preferred..
•
Central Pul, derv Corp A,?
Central Pub URIClass A
•
Cent 13 W UM
-
5
254
111
7
Range Since Jan. 1.
Low.
164 17
5
5
244 2534
100
50
250
734 Apr
4
Jan
144 May
131
7
A
14
74
A
350
300
50
4 Mar
Feb
5
4 Mar
34
31
1,050
4% 20,800
2
22
254
690
21
16
770
14
34
980
3
2
350
14 14
200
4 Feb
1
84
5
A
114
1
Feb
Feb
Mar
Jan
Feb
June
High.
20 June
July
5
33% Jag'
2
8
1
June
June
June
1
June
May
Common. 3%
Prior lien preferred..
_...•
June
•
Preferred.
May
A
Chic City & Con Rys corn'
May
Participation preferred_.
May
3
Panic pref ctfs of deP--•
May
Chicago Corp
•
73,600
Common
44
4% 5
1
Feb
June
5
3411 9,000 1214 Apr 34% July
30
Preferred _
. _ _.• 3034
114 6,650
7
CM Flexible Shaft com_5 114
34 May
114 July
22
19
19,150 1.1% June 22
Chicago Mall Order eom.5 19%
July
chi A, N w Rv corn . i(Wi 15
134 154 8,800
1% Apr
16
July
64
64
20 594 Jan 674 July
Chicago Towel cony pref'
Chicago Yellow Cab cap._• 1234
1,800
1234 144
6
Apr
22
May
117 78
July Cities Service Co corn...•
May 104
434
44 44 20,500
2
Feb
6% May
Mar 93
216 7.1
July
34
Cluo Aluminum Uten Co •
850
4
34
4 Feb
134 May
2,716 10
Feb 424 July Commonwealth Edison MC
73
5,340 50
70% 67
Jai.
Mar 82
234 24
Community Tel cum part.
100
234
14 May
434 May
Miscellaneous4. on.umer• Co
Am Continental Corp corn.
634
531 64
575
Feb
04 July
3
14
35
1,000
Common
34 Apr
5
14 May
A
25
Amer Pneu Service
Di, 234
24 July
500 25o Mar
5
5
20
7% cumul pref
1
100
May
May
5
5
Preferred
54
Apr
50
6% July Construct Mat'I $34 pf_'
205
1
3
3
100
31 Mar
3
July
1st preferred
50
74 Feb 25
95
June Continental Steel corn__•
25
25
10%
10
400
6
Apr
12
May
4 mer Tel & Tel
100 132
12834 1344 5,095 86% Apr 1344 July
40
40
40 40 June 40 June
Preferred
100
Amositeag Mfg Co
3,925
134 Mar
10,
10%
9
5
104 July Cord Corp
1131 15% 153,550
6 1434
44 Jan 154 July
1 21c
Andes Petroleum
7,100
19e 22c
Apr 33c June Crane Co
Sc
Bigelow Sanford Carpet_
462
26
2534 27
Feb 30 June
6
814 114 7,750
3
Common
Feb
114 July
25 104
Preferred
100
52 28
73
Feb 75 June
65
59
700 15
51
1011 57
Preferred
Feb 59
July
Boston Personal l'rop Trust
310
Mar
14
7
July Curtis Mfg Co corn
134 14
80
734
734
4
Mar
5
731 July
Blown Co6% corn pref _ 100
SO
1234 134
14 Jan
1334 July Dayton Rubb Mfg A corn..
614 7
1,507
1
.lati
7
July
East Gas & Fuel Assn234 4
190
Decker (Alf) & Cohn corn• .
I
May
4
July
Common
1014 114
280
34 Apr
June Be Stets Inc pref w w__.• 134 134 1334
12
1134
60
414 Jan
July
15
100 624 60
6% cum pref
63
569 3.5% Apr 64
June Dexter Co (The) corn....5
7
834
430
2
8
Jan
84 July
44% prior preferred 100 66% 65
Apr 69
300 54
67
Dec Flee Honsehold Pill Corp 5 12
13
12
1,350
3
Eel, 134 June
Eaatern Steamship
July Fitz Simons & Connell D'k
164
17
Jan
- 15Ines
295
5
Economy Grocery Stores.' 23
1,105 11% Feb 24
1834 24
July
12
200
11
& Dredge Co corn
431 Feb
• 12
12
May
Edison Flee Blum
100 1664 1624 167
629 133
Jan Gardner Denver Co coin.•
Mar 153
12
1311
11
734 May
July
12
Employers Group
Jan
5
9
104 June General Candy Corp A _ _ _5
580
814 9
314 434
414
120
24 Jan
414 July
General Capital Corp,
27
264 27
265 134 Mar 27
July General Houiehold UtlI___
184 234 9,000 184 July 2334 July
2034
Gilchrist Corp
10
14 May
June Godchaux Sugar al u....• 1134
64 64
7
64 12
4,700
Mar
12
July
Gillette Safety Razor
164 1734
935 Apr 204 Jan Goldbratt Bros Inc corn..' 244 24% 25%
2,380
950 10
Mar
274 Julie
25
Fell 2515 July Great Lakes Aircraft Cl A.
115 12
2534
II Ygrade Sylvania I.amP Co 25
2,050
IN
I
Fel,
2
14
June
International Hydro Eleo__
499
24 Apr
10% II%
11% July Great I.akes D & D.._.• 17
1734
2.800
16
614 Feb 20
May
SIMS Utliltle8 Assoc v t e__ __ __
214 24
395
%
315 June Greyhound Corp com____•
134 Apr
A
134 22,400
34 May
234 Slay
Merganthaier Linotype 100 30% 27
288 154 Fell 3415 June (Rigsby Grunow Co com.•
303-6
3
4
34 Apr
43-6 65,050
4% July
335 34
New Engl Pub Service__ _ ___
834 9
1,500
34 Mar
4
13 Ma
73
i
Jan Hall Printing common...10
8%
934 July
New Eng Tel & Te1-100 1004 94 1014
1,042 67
June 1014 July Harnischfeger Corp cons_ -•
10
50
10
24 Mar
1014 June
Pacific Mills
100 2.54
2,915
25
28
534 Mar 294 July Hart Carter cone pref._•
64 7
334 Jan
2
00
814 June
Ry Light & Securs Co
13
13
25
Mar 14
8
July Hart Schaf & Marx corn100
28
27
5
5
May
July
28
Reece Buttonhole Mach_ 10
84
105
435 Jan
915 June
834 834
23
20
800 12
Hormel & Co cornmon....• 23
Fer, 23
July
.3hawinut Assn tr Ws._.
94 104
1.481
• 10
83i Jai
54 614
103-6 July
3,150
Horniallle-liershey ci B__•
1
6
Feb
634 Jura.
Stone & Webster
.•
174 1934
2,852
534 Feb
1934 July
1,300
34 Mar
• 134 12% 14
Class A
1434 June
Swift & Co
2435
3,825
20
25 24
7
Feb244 July
150
734
631
314 Jan
694
Illinois Brick Co cap___25
8
May
Torrington Co
394 22
• 364 3534 37
Apr 40 June
62
62
20 5335 Apr 664 Feb
Illinois Nor Util pref__100
Union Twist Drill
5 12
1214
12
175
Mar
6
124 June
100
15
15
6 i4 Apr
li.dep Prieuni Tool v t c..•
June
16
United Founders cora_ _ _ _•
234
234 3
5,569
31 Apr
3
July
834 835
350
3
Iron Fireman Mfg v t c__-•
Fel,
815 July
2,616 33
56
52
Jan 56
25 55
U Shoe Mach Corp
1,550
104 1234
July Jefferson Electric com___• 12
3(4 Mar
124 July
Preferred
25
3114 32
174 304 Jan
323-4 June
2731 29
97(1
4
Kalamazoo Stove corn __.• 29
Fel, 374 June
Venezuela Mexican 011_ _ 10
231
1%
234
230 250 Mar
231 July
24
10(1
24
174 Mar 274 June
Katz Drug Co cofli mon._ 1 ______
Waldorf System Inc
934 1034
175
534 Fel
134 June Kellogg Switchboard com10
50
515 534
31 Apr
7
May
Waltham Watch pref__100 17
17
17
934 Feb1835 June Ken Rad rub, & 1. eom 4•
34
50
3
3
3
14 F b
,
41-4 Julie
Warren Bros Co_ _ .. .-.• 204
1834 2114
2,917
244 Feb
2234 June Kentucky CBI jr cum pf_50 22
204 22
50
64 May 25
May
Warren(SD)& Co com_ *
5
10
5
4
May
711 June Keystone St a Wire coin.• 15
1,750
164
4
14
M..r
In% July
144 1634 13,100 1436 July 164 July
Kingsbury Brew Co cap__1 1434
MiningLibby !McNeill & Libby
Calumet & Reda
8
8
25
412
14 Feb
94 July
9)',
714 8,000
634
134 Feb
634
Common.
10
734 June
Copper Range
1,937
25
IA Apr
531
531 7
7
200
July Lincoln Printing Co corn.• ____-134
14
1
Jun
24 May
Island Creek Coal
2934 2934
Jan 2934 July
100
300 14
414
700
4
114 Feb
415
Lindsay Likht Co corn _10
44 July
4 Jan
25
24 3
3
609
Isle Royal Copper
July Undsay Nuns Pub $2 pref.
34 4%
200
2
Jan
0% All'
Mohawk Mining
8%
8
25
250
7 June
134 Feb
8
84
750
114 Feb
Lion 011 Ref common___•
8
84 July
Nipissing Mines
334
455 85c
5
311
Jan
231
314 July
6 364 31
384 17,950
8
Lynch Corti corn
Feb 3834 July
North Butte
2.50 86c
85c 95c
4,313 200
Jan
•
5
13i June McGraw Flee Corn
1,200
114 A or
436 535
June
6
134
14
170 40c
Old Dominion Co
Ap
25
14 June McQuay-Norris Mfg corn • 434 434 4314
10 2331 Feb 434 July
55
9% Jan
Pond Creek Pocohontas Co
1611
1634 1694
1754 June McWilliams Dredg com„. --i-__
1414
14
250
7
Jan
•
164 May
334 44 2,440 30c
Quincy Mining
334
Feb415 June Marshall Field common_ •
25
1634 1734 6,350
631
44 Feb
Julie
IS
5
IN
480 310
Utah Apex Mining
13-6
Jan
1% June Meadows Mfg Co com__-* -----100
A
A
Si Jan
134 June
Utah Metal & Tunnel_....1
95c
90c
134 22,280 250
Jan
135 July
23-4
100
Mer & Mfrs See A (awn __. _ ___.21i
215 June
34 May
Slickelberry's Food ProdBonds1
64
6
64 1,750
24 Feb
Common
734 June
Amoakeag Mfg Co 611_1948
6634 $16,000 31
64
Feb 664 July
A
y
8,050
4 Jan
Middle West Util new...
•
35
34 May
Brown Co 5158
44
5,000 17
42
Mar 45
1940
June
•
1
114
300
4 Feb
$6 cony pre( A
34 May
I Chic Jet Rys Stk Yds 4s '40 894 89% 894
5,000 82
May 91
Feb
Midland United
5s
1940
984 9834
May 984 Feb
1,000 93
111, 14 1,800
•
34 Slay
Common
111
254 June
E Mass St RR ser A 4349'48
38
384 0,000 24
MA July
Jan
600
4 Apr
235
24 234
Convertible preferred..
54 June
Series D 6s
1948
40
5,000 29
Apr 40
40
July
Midland Utilities CU
44 5
150
'No par value. z Ex-dividend.
3
Fe!,
7% prior Ilen
100
June
8
131
I%
10
1
Preferred 7% A
Jan
4
May
100
Modine Mfg Co corn
350
Chicago Stock Exchange.
64 Apr
-Record of transactions at.,4 14 15
1534 Jrnie
• 14,,
8
8%
90
1% Jan
June
10
Chicago Stock Exchange, July 8 to July 14, both in- Slosser Leather Corp corn •
7
450
9
Muskegon Motor Spec A.•
134 Apr
9
July
9
50
8
8
331 Mar 10
elusive, compiled from official sales lists:
Nachman Springt'd corn. •
June
100
31
4
Natl Flee Pow A corn____.
34 Feb
June
I
U
Friday
Sales
134 234 6,000
10
4 Ma
Nati Leather corn
24
3
May
Last Week's Range for
Range Since Jan. 1.
134
134
70
Natl Rep Inv Tr cony pf_*
34 Mar
114 July
Sale
Week.
of Prices.
214 24
500
Nat'l Sec Invest Co com_l
4 Mar
234 June
StocksPar. Price. Low. High, Shares.
Low_
High.
2134 2254
400 10
Natl Standard corn
• 2134
Feb 25 June
3 ju„,
A May
14 1,500
Natl Union Radio corn
135
14
1
Abbott Laboratories corn.'
3931
37
400 214 Jan 3931 July
2634 294 2,800
94 Mar 29% July
Noblitt-Sparks Ind corn..
• 2935
Acme Steel Co cap stk._25 3734 3735 3934
7
Feb 394 July
200 10
74
250
North Amer Car com___.•
24 Apr
7
8
may
Adams (J D) Mfg corn_ •
44 554
40
1014
10
July
1134 June No Amer Lt & Pow corn."
1.050
4
14 Apr
714 June
Adams Royalty corn
Feb
435 July
100
•
1
43-4 4
1,000
5
Northwest Bancorp corn_ _•
93
Fel
934 94
,
June
14
Allied Products Corp Cl A.• 18
400
9
9
19
May
18
2435 June Ontario Mfg Co corn
4
100
4
Feb 11
June
•
Altorfer Bros conv pref..' 1034
110
8
June l'arker Pen Co corn
May
15
8
8
50
915 1035
3
Apr
10
81-4 May
American Pub Serv pref 100
84 934
30
8
24 Apr
100
94
1334 June Penn Gas & Elec A corn_ •
5
May
10 June
Amer-Yvette Co Inc coin 1
26
4 June Perfect Circle (Tne) Co_ •
50
A Mar
25
250 16
11
4
Jau 27% June
Asbestos Mfg Co corn__ I
44
4
2,250
234 334
3,100
43.1
73-5 June Pines WInterfront com___5
2
1
Ay
Feb315 June
34
450
Assoc Tel & Tel234 3
Potter Co (The) corn____.
214
% May
314 June
Class A
May
27
315 July Prima Co common
4,750 10
25
2
50
*
314
2% 314
• 25
Feb2815 June
Associates Invest Co com.• 45
Mar 47
334 4
300 31
July l'rocess Corp corn
45
800
47
1
Ap
634 May
•
Assofi Tel UtilPublic Service of Nor III
Common
14 June
•
34 Apr
3431 42% 5,000 10
31 4,100
4
Common
Apr48
Jan
• z42
$6 cony pref A
110
41 May
235
234
42
435 Jan
1,450 16
214
34
•
Apr 47
Common
Jan
100 x42
Backstay Belt Co com-- •
100
34 May
July
74
6
210 374 Ai,r 85
6
6
8.' preferred.
1
66
Jai.
Ps
Bastian Blenalug Co cora.• 12
7,000
1531 June
Feu
3
40 40
Apr 95
77: preferred
754 80
113', 13
Jan
100
Semitic Aviation corn....' 1934
654 Feb 2034 July Quaker Oats Uo184 2014 8,800
Bergho'f Brewing Co-__1 154
May
184 June
700 63
1334 1514 25,650 12
136 141
Common
Feb141
July
• 141
Blnks Mfg CIA cony pref•
Apr
1
300 106
214 4
8
230
June
4
114 116
Preferred
Apr ill
100 115
Jan
Borg-Warner Corp corn, 10 194 19% 203-4 15,000
134
134 1,400
5% Feb 2134 July Railroad Shares corn
4 Jar
2
Juno
7% preferred
Jan 92
200 1534 JaIl 27
July Rath l'acking Co Com...10 25
100
20 70
92
254
92
25
May
Brach & Sons(EJ) corn..'
10 June Raytheon Mfg6% pf v t c _5
150
331 Apr
1,450
5
5 June
8
8
8
6
696 June
Brown Fence & Wire200
331 4
134 May
Reliance Internal Corp A_•
4
434 June
Class A
1,300
•
44 Feb
1034 June Reliance Mfg Co
7% 8
Class B
•
Jan
3% 335
434 May
200
1,100
1
1734
6
Common
16
Feb
1814 June
10
Bruce Co (E L) corn
• 15%
434 Jan
15
174 June Ryerson & Sons Inc corn.'
850
1834 1931
550
7% Mar 20
16
May
10
5%
Butler Brothers
634 June Sangamo Electric Co_
535 534
6,900
100
5
834
11-4 Feb
Jan
SA
•
834 June
1.4
Canal Const Co cony pref*
215
334 June Seaboard Util -Mama _ •
1,951
I% Apr
235
20
1-4 at .r
134 'lay
34
1
5
27
21
4
34
24
Financial Chronicle
234
20
25
8
24
13-4
1934
78
42
50
25
2,000
9
250
26
5,200
3
2134 14,500
290
80
10
42
20
43.4
17
31
1134
4734
12
Apr
Feb
Mar
Jan
Feb
Feb
Feb
2834
1034
27
3
2135
80
45
June
June
June
July
July.
June
June
1%
431
1334
134 1%
431
4
1334
12
250
200
500
7
4%
234
2%
goo
100
950
3,500
4
5%
3034
23
12
134
13%
234
534
83-4
2%
Bonds
Chi City & Con Ry 5s _1927 1934
Chic City Rys re ctts_1927
Chicago Railwayslst mtge 5s ctfs of dep '27
58 series A
1927
58 series 13
1927 11
Grigsby-Grunow 68..1936 4134
Metrop West Side El 4838
208 So La Salle St Bldg
534s
1958 3934
• No par value. z Ex-d vidend
5%
6%
43.4
2%
2%
1931 1931 31.
000
3,000
5834 59
63
20
1031
3634
18
2,000
64
2134 3,000
1134 14,000
4134 6,000
1,000
18
39% 3934
1,000
31 Mar
1
Mar
Apr
4
2% June
6 June
1434 Jun(
3
134
31,
3
4
Apr
June
Jan
Mar
10
Jar
434 July
331 July
234 Mal
11
42
Jan
Mar
1934
July
July
59
4834
11
434
3631
Mar
Jan
Mar
July
Apr
64
23
11%
4134
1834
izx
1834 Feb
July
May
July
Ju13
Jilill
3934 July
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, July 8 to July 14, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices
Par. Price. Low. High. Shares.
Abitibi Pr & Paper corn..*
2%
6% preferred
100
Alberta Pacific Grain A_ •
Preferred
100
Beatty Bros corn
• 15
Bell Telephone
100 116
Blue Ribbon Corp cora_ *
6%% preferred
50
Brantford Cordage 1st pf 25
13razillan T,L & Pr com• 1734
13 C Packers com
4%
*
Preferred
100
B C Power, A
5 27
13eauharnois
*
Brewers & Distillers
• 3.35
Building Products, A
*
Burt(F N) Co corn
25 37%
Canada Bread cony
*
8
1st preferred
100
Canada Cement com
• 10
Preferred
• 45
Can Steamship pref __ _ _100
Can Wire & Cable, A_
•
Canadian Canners com___*
1034
Cony pref
5 1234
18t pref
100
Canadian Car & Fdy corn....
9%
Preferred
25
Can Dredg & Dock corn...* 21
Can General Elee prof_ -50
Can Industrial Alcohol, A • 2234
B
• 23
Canadian 011 corn
* 1734
Preferred
100
Canadian Pacific Ry __ _ _25 21
Cockshutt Plow corn
* 1234
Conduits Co corn
•
Consolidated Bakeries,..* 1234
Consolidated Industries...*
3%
Cons Mining & Smelting 25 137
Consumers Gas
100
Cosmos Imp Mills corn_ _ _*
934
Dominion Stores corn....' 26
Eastern Steel Prod corn_ *
Easy Washing Mach corn.'
334
Eastern Steel pref
Fanny Farmer corn
*
Ford Cool Canada, A.__ _* 1534
General Steel Wares com_•
5
Goodyear T & R pref.-100
Gypsum, Lime & Alabast_.
6%
Hamilton Cottons pref._30
Ham Un Theatres corn_ _25
3
Hinde & Dauche Paper__ _•
7
Internet Milling 1st pf_100
International Nickel corn.* 20.60
Int Utilities, A
* 1234
B
*
Kelyinator of Can com
*
7
Lake of Woods Mill corn..'
Laura Secord Candy corn.* 45
Loblaw Groceterias, A.- _... 20
B
• 1834
Maple Leaf Milling corn..'
9%
Massey-Herds corn
934
*
Monarch Knitting pref.
.100
Moore Corp corn
*
Nu
A
100
Muirheads Cafeterias com *
3
National Sewer Pipe
18
Ont Equit Life 10% pd _100 11
Orange Crush com
•
page-Hersey Tubes com • 6734
Photo Engravers & Elec * 1534
Pressed Metals corn
* 2434
Riverside Silk Mills, A _ _*
.
Range Since Jan, 1.
Low.
2
2% 3,870 16
1
50
8
8
3%
45
8% 9
250 20
35
35
13
40
15
334
1,526 80
110 116%
1
4% 434
50
20 II)
2034 2034
2134 22
10 18
7%
82,706
1534 19
431 534
400
1
1834 1834
6
25
295 1434
27
28
50
7
7
7
1.90
3.85 456,980 550
35 1034
20
20
415 20
36
3834
4,105
1%
9
8
10 40
75
75
234
934 1034 8.929
431 13
41
45
2%
25
6% 6%
20 26
30
30
1,975
23.4
9
1034
3
1134 1234 4,018
2 46
80
80
3
9% 1134 3,030
934
40
1834 1934
2034 2234 2,698 10
158 51
60
57
13-4
93-4 26 139,543
31
10,483
25
8
634
16% 2034 4,679
118 79
92
97
9
19% 2134 7,351
3%
1,670
1134 1334
1
50
5
5
2
2,396
11% 13
%
610
14 4
2,184 54
135 140
76 170
184% 188
140
2
9
93
1,075 12%
2334 26
8
70
13
14
1
3,985
4
2
10 75
75
75
834
103
13
15
6
1334 1534 21,933
534
5
4
365
60 80
105 106
134
734 5,446
6
4
20
12
10
175
134
3
3
7
370
23
73
52 98
105 105
19.50 22.00 46.362 8.15
534
100
13
12
65
134
3% 3%
43i
7
1,975
34
5
10
1734 1734
90 36
43
45%
19.415 1034
15% 20
1,635 1034
1434 1834
3
845
8
10
2%
934 1034 9,78
160 20
50
40
1,475
5
1634 174
11 65
100 100
34
125
1% 4
240 14
18
17
5
50
11
10
%
25
134
1%
720 40
66
08
8
230
15% 16%
1,835
8
2234 26
7
75
18
1834
High.
Mar
23-4
Jan 10
Mar 10
Apr 3534
Jan 15
Apr 116%
Apr
6
Feb 20%
Jan 22
Mar 19
Apr
6
Jan 20
Apr 28
July
7
Jan 3.85
Apr 21
Feb 38%
Mar
934
Mar 7634
Feb 1034
Apr 45
Mar
934
May 30
Mar 1034
Apr 12%
Apr 80
Apr 1134
Apr 20
Mar 2234
Mar 60
Mar 26
Mar 25
Apr 2034
May 97
Apr 2134
Feb
1534
May
5
Jan 13%
Apr
4
Mar 140
Jan 188
AD
9%
Feb 26
July
14
June
4
July 75
Jan
15
Apr 15%
Mar
6%
Apr 106
Feb
734
Apr 1334
May
3
Mar
8
Jan 105
Mar 22.25
Mar 13%
May
3.34
Mar
7
Mar 18
Jan 4534
Apr 20
Mar 1834
May 11
Mar 1134
Apr 50
Mar 1731
Apr 100
Feb
4
Apr 18
May 11
May
2%
Apr 68
Apr 1634
Apr 26
Mar 1834
July
July
July
July
July
July
June
July
July
July
July
June
July
July
July
July
July
July
July
July
July
May
July
July
July
July
July
July
July
July
July
July
July
Jul3
Jul
Jun
Jul
Jul
Jul V
Jul
Jul
Jul
Jul
Ju
Jul
Jul
Jul
Jul
Junle
Jul
JunIC
Jul
Jul
Jul
Jul
Jul
Jul
JutSe
Ju[y
Ju ly
Ju ly
Ju ly
Ju[yr
Ju ly
Ju IC
Ju ly
Jully
July
July
Jully
Jully
July
Ju.
ly
July
July
July
Bank
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
100
100
100
6
53
16
16
166
170
185
21834
277
182
215
Loan and Trust
Canada Permanent_ _ _ _100 157
Huron & Erie Mortgage 100
National Trust
100 180
166
170
183
214
276
180
205
174
175
185
21834
277
183
215
155
90
180
157
90
180
159
122
41
62
13
115
54
Mar
Apr
Jan
Feb
Mar
Mar
May
Mar
Mar
Feb
Mar
May
Apr
120
124
123
151
228
12334
152
Apr
Apr
Apr
Apr
Apr
Apr
Apr
28 120
10 77
1
High.
45
1334
13%
32%
34
12
7%
58%
17
17
49
85
934
Ally
Ally
July
July
July
June
July
Ally
Ally
July
Ally
July
July
175
175
185
220
277
183
215
JulyJuly
Ally
Ally
Ally
Ally
July
May 165
May 102
June
Jan
*No par value.
Toronto Curb.
-Record of transactions at the Toronto
Curb, July 8 to July 14, both inclusive, compiled from
official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
par. price. Low. High. Shares.
Beath & Son(W D)A_
*
Bissell Co (T E) corn....'
Brewing Corp corn
834
*
Preferred
• 17
Canada Bud Brew corn...* 14%
Canada Malting Co
* 36%
Canada Vinegars corn_ _ * 2334
Canadian Wineries
•
934
Can Wire Bound Boxes A _*
9
Cosgrave Export Brew_ _10
734
Distillers Corp Seagrams_* 3234
Dominion Bridge
• 30
Dom Motors of Canada_10
3%
Dom Pow & Trans stubs_..*
1%
Dom Tar & Chem com_ •
Preferred
ioo
Dufferin Pay & Cr St pf 100
Goodyear Tire & Rub com• 108
Hamilton Bridge corn....'
9%
Honey Dew corn
•
Preferred
• 13
Imperial Tobacco ord
5 11
Montreal L H da P Cons_ _* 41
National Breweries com *
National Steel Car Corp..' 1734
Ogilvie common
*
*
Ontario Sliknit corn
Power Corp of Can corn..'
a
Rogers Majestic
Robert Simpson pref ___100
Robinson Cons Cone
•
Service Stations corn A...'
)0
Preferred
Shawinigan Wat & Pow_ ..•
•
Stand Pay & Mat corn
Stop & Shop
Tamblyns Ltd(G)pret100
Toronto Elevators corn.._
Waterloo Mfg A
*
Oil
•
British American Oil
Crown Dominion 011 Co_ _*
Imperial 011 Ltd
•
International Petroleum...*
l'afcColl Frontenac 011 com*
Preferred
100
5
North Star OH corn
Preferred
5
•
Prairie Cities 011A
Supertest Petroleum ord •
Preferred A
100
1434
3
12
9
20%
25
534
1534
6
15
19
1334
78
3
4
3
Range Since Jan. 1.
Low.
High.
3
234
34
31
534
1434
13%
13.4
334
1%
4
1434
1
4
1
10
5
40
234
%
5
7
2634
16%
534
Feb
7
June
5
Jan
934
Mar 19
Apr 18
Mar 40
Jan 25
Jan
934
Mar
9
Jan
8
Feb 3534
Feb 33
Apr
4%
Mar
2
Apr5
Apr 25
Jan 25
Mar 11434
Apr 1134
Ma
2%
Mar 15
Feb 11
Apr 42
Mar 283.4
Mar 1835
July
July
July
July
July
July
May
July
July
July
July
July
July
Apr
July
July
July
July
July
July
June
July
July
July
July
175
4
6
%
4634
5
2%
16
9%
31
6
82
12%
134
June 195
June
7%
Jan 1534
Mar
4
Mar 85
Jan
123-4
Apr 11
Apr 45%
Feb 2131
Apr
6
June
8
Apr 100
Feb 27
Feb
8
July
June
July
July
July
July
July
July
July
July
Jilile
June
May
June
7%
1%
731
loi
7%
54%
%
131
34
11%
93
Jan
Apr
Apr
Mar
Mar
Apr
Apr
Apr
Apr
Mar
Jan
July
July
July
July
July
June
July
July
June
July
July
w
May
May
May
June
June
July
June
July
June
July
July
July
July
June
June
June
...4w....
mar
4
5%
8
2
134
5%
3234
2434
1534
6%
134
5234
2334
234
3%
7
Low.
6
4
1
1434
25
1
234
4
934
4
1634
67
5
;1.4.101010I1010W-4
. ta
W.4.04VW0.4W4..4WW000 0
WO.. Wtobo
0
00.4000WW000000100000000.WWOW
Mar
Mar
Jan
May
May
Apr
Feb
Feb
Mar
Jan
Feb
Maar
Feb
Jan
Feb
.ww
34
34
334
34
%
34
1234
7
6%
2
yi
18
634
34
%
134
wb.ls.w
300
500
650
1,500
850
11,550
13,300
70,500
1,800
50
leo
900
20,300
2,050
2,000
1,800
o.w
X
,,i
434
2834
20
12
6%
1%
50
2134
134
234
531
2%
4
534
X
%
534
32
24%
1234
6%
13-4
5234
2334
2
234
6
234
4
13
32
45
194
1334
615
1334 20,880
32%
910
34
70
9
10
5,795
7.%
58% 131,149
21,347
17
1,660
17
49
3,730
85
125
20
9N
.4..0.W101'10.4 .WOM
000W0.400WWOOWO
July
6% July
134 May
60 June
4134 July
zn
38
9
1231
30
33
9
6
33%
15
12
41
82
94
o w..1 Wco.Wolo
Mar
May
Jan
Feb
July
45
Range Since Jan. 1.
.10WWW4.....W10
0000WOW.4W0.4
1%
4
34
42
4134
Simpson's Limited pref _100
Standard Chemical corn
Stand Steel Cons corn....'
Steel Co of Canada com__•
Preferred
25
Tip Top Tailors corn
Union Natural Gas corn..'
Walkers, Hiram, com
*
Preferred
West Canada Flour Mills.*
Weston, Ltd., Geo., corn
Preferred
100
Winnipeg Electric pref_100
X
380
20
550
90
30
4634 July
X
.%
50
41%
234 234
634 6%
rg
1
51
46
4134 41%
1334 Feb
XX X
1,800
XX
4234 4434
X
4334
X X
High.
X X
Low.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
XXXAX
dears. Roebuck & Co Com •
Signode Steel Strap
Common
•
Singer Steel Castings com•
Southern Union Gas corn.*
So'west G & E Co 7% pt100
St Louis Nati Stkyds cap.*
Standard Dredge
Common
•
Convertible preferred _ _*
Storkline Fur cony pfd__23
Studebaker M Ord el A_ •
Common
•
Super Maid Corp corn...'
Swift international
16
Swift & Co
26
Thompson (J R) com--.25
United Gas Corp com_ __I
United Ptrs & Pubs com_•
U 8 Gypsum
20
U 8 Rad & Tel com
•
Utah Radio Prod corn___•
Util & had Corp
•
Convertible preferred_.'
Viking Pump Co
Preferred
*
Vortex Cup Co corn
•
Class A
*
Wahl Co corn
•
Walgreen Co common._•
Ward (Montan & Co el A.'
Waukesha Motor Co com_•
Wayne Pump Co
Common
•
Convertible preferred _ _*
Wieboldi Stores Inc com _ _•
Wisconsin Bank Shares
Common (new)
•
Wolverine Portl Cem cap10
Yates-Amer Mach pt pf_ •
Zenith Radio Corp corn..'
Range Since Jan. 1.
.
.
.. ..... ... ...... . ...... .... .. .....
...0........ ......00.0. .................0.4
Friday
sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
467
.
.
W.
.4... . NW
.4.
W
.
*.WOON.004.C44..N000.44.N.400W.00
W4.0WWW0WWW
t0WWWWWW&WW
Volume 137
16
6%
1535
20%
14%
80
3
4
3%
2234
99
• No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, July 8 to July 14, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
American Stores
• 4534 4534 47%
300 30
Feb 477-4 July
Bell Tel Cool Pa pref__100
113% 113%
175 106*4 Mar 11434 Jan
Budd (GE) Mfg Co
•
8
8
9% July
8% 2,700
X Mar
Budd Wheel Co
•
534 534
1,400
34 Mar
5% July
Cambria Iron
50
34
35
40 33
Apr 35
July
Camden Fire Insuriance__5 13% 13% 1434
1434 July
Apr
9
700
Central Airport
•
100
234 2%
% Apr
2% July
Electric Storage BatterY100
617 21% Feb 5334 July
5034 5334
Fire Association
10
July
Mar 38
3534 38
706 18
Horn & Hardart(Phila)cm•
95
May 99
98
90 82
Jan
Horn & Hardart(N Y)cm •
245 25
200 1734 Jan 25% June
%
Insurance Co of N A __ __le
Mar 4534 July
45
44
700 25
Lehigh Coal & Navigation• 13
12H 1334 4,100
534 Mar 1334 July
Lehigh Valley
50
24% 27% 1,545
834 Feb 2731 July
Mitten Bank See Corp_ _25
1%
34
1,200
134
34 Feb
1% June
Preferred
25
2%
1% 2%
2% July
1,800
."/4 Feb
Pennroad Corp v to
•
534
5
6
48,400
1% Mar
63.4 July
Pennsylvania RR
50
3734 4034 13,300 134 Jan 4034 July
Penna Salt Mfg
50 43% 4334 439-4
250 25% Mar 46
May
Phila Electric ot Pa 85 pf_• 9934 z9934 100%
Apr 103% Jar
360 93
Phi's Electric Power pref 25
31% 3134
700 2834 Apr 33
Jan
Phila Insulated wire
•
22
22
10 19% Feb22 .71111(
Phila. Rapid Transit _ _ _ _50
5
334 6
3,700
July
1% Mar
6
7% preferred
50
9
534 9%
1,350
Feb97-4 July
3
Phila & Rd Coal .it Iron...*
7% 831
352
2% Feb8% July
Philadelphia Traction...50 2034
19
2031
750 15
Mar 23% June
Reliance Insurance
10
6% 634
110
3% Apr
631 July
Shreve El Dorado Pipe L __ __ __ _ _
534 5%
700
Jan
1
.
54 JILM
Tacony-Palmyra Bridge__• 2434
23
243%
70 1834 June 3094 Jar
Tonopah-Belmont Devel_l
"54 3,000
31
34
Taa May
"la Jan
Tonopah Mining
*sr
1
31
1
2,600
4 Jan
1% Ale
Union Traction
50
634 734
7%
2,300
3% Mar 1234 Jar
united Gas Impt nom _ _• 2334 23
24% 33,500 14
Mar 24% July
Preferred
•
95
95%
300 86
May 9934 Jar
Warner Co
334
"
334
3
700
1
may
4 Juni
Westmoreland Inc
• 13
10
13
200
5
Feb 11
July
Financial Chronicle
468
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Westmoreland Coal
•
W Jersey & Seashore RR 50
7% 9%
55
55
150
65
Range Since Jan. 1.
Low.
Mar
May
4
40
BondsElec & Peoples tr ctfs 4s'4519%530,500 15
Phlla Elec Pow Co 555s '72
103
• No par value. x Ex-div dend.
High.
9% July
Jan
55
Apr 23% June
Feb
May 108
11,000
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, July 8 to July 14, both inclusive, compiled from official sales lists:
Stocks-
OM,
I nauy
.
Lass Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
Appalachian Corp
400 400
• 40c
Arundel Corporation
• 303', 30% 33
Atlantic Coast L(Conn)50 47
45
47
Baltimore Tube com _100
4% 4%
Black & Decker corn
7%
*
751 855
Preferred
25 12%
12% 12%
Ches & PotTel of Balt pf100 115
113% 115
Comm Cred Corp 6%70
1st preferred
100 85
85
85
Consol Gas EL & Power_• 67
65% 67
6% pref ser D
100
1003's 1063'à
555% pref w I ser E__100 101% 101% 102
5% preferred
1110 99
99
99
Eastern Rolling Mill
*
955 9%
Emerson Bromo Seitz A__• 28
29
23
Fidelity & Guar Fire_ ___10 12% 12% 12%
Fidelity & Deposit
50 38% 38% 3935
Finance Service corn Cl A 10
3
3
Preferred
5
5
10
5
635 7%
Houston 011 pret
100
7
Feb 50c
Apr 33
Apr 47
5%
Jan
Feb
8%
May 1251
Apr 116%
June
July
July
July
July
July
Feb
Mar 85
16 70
Apr 70
275 43
2 103% Apr 110%
Apr 107
25 97
220 91% Apr 102
9%
135 Feb
105
1.100 15% Apr 29
455 Mar 15
77
279 15
Mar 3955
256 June
30
4%
85
455 May
5
2% Mar
650
7%
June
June
Feb
Jan
Jan
July
July
June
July
Apr
Jan
July
Mfrs Finance corn v t___25
2d preferred
25
Maryland Casualty Co_ __2
Merch dr Miners Transp__•
MononW Penn I.97% p125
Mt Vern-Woodb Millspf100
New Amsterdam Cas___10
Nothern Central
50
Penna Water & Power___•
Silica Gel Corp corn
•
U £3 Fidelity & Guar____10
Western Md Dairy pret
Bonds
Jamison Cold Stor Door
1937
Co 6558
Macon Dublin & Say 5%'47
Mo Pac Ry 1st 58 (flat) '81
tin Ry & El fd 58 flat_ 1936
1st 68 (flat)
1940
Income is (flat)
1949
1st 48
Waah TAAlt b An as (flAtl '41
334
33
17
34
15%
55
555
43
12%
3
6e
135
2,439
9%
647 13%
30
1
4.350
1
5
80
112 112
75c
3%
3%
33
1656
3355
15
7234
55
50C
5
75
750
3%
4
34
17
35
1551
72%
5635
50c
5%
75
12
40
1,720
231
180
220
1,126
6
225
400
4,545
10
400
2
1%
1955
10
9%
7
6335
40
500
1%
60
Mar
Mar
Mar
Jan
Feb
Mar
Apr
Apr
Mar
July
Mar
May
1
3%
5
34%
17%
35
1735
75
60
500
7
75
Feb
July
June
July
July
July
Jan
June
Jar
July
June
June
85
43
42
3
12
1
12
2%
85
$1,000
43
1,000
42
4.000
3,000
3
12% 5,000
155 6,000
1255 32.000
15.000
3
85
22
42
2
855
35
854
2%
July
May
July
Jan
Apr
Apr
Apr
Feb
85
43
42
3
1455
1%
14%
3%
July
July
July
Mal
June
Fel
Juno
AP
• No par value.
Pittsburgh Stock Exchange.
-See page 444.
Cleveland Stock Exchange.
-See pago 444.
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, July 8 to July 14, both
inclusive, compiled from official sales lists:
Stocks-
t naay
JUL.
Last Week's Range for
of Prices.
Sale
Week,
Par. Price. Low. High. Shares.
Aluminum Industries....'
Amer Laundry Mae h___20
•
Amer Products corn
Amer Rolling Mill com__25
Thermos Bottle A •
Amer
Preferred
50
•
Burger Bros
•
Churngold Corp
CM Gas & Elec pref___100
CM Street Ry
50
Cin & Sub Bell Tel
50
CM Tobacco Warehouse__
Gin Union Stock Yards_ •
CM Union Term pret__100
City Ice & Fuel
•
Cohen (Dan) Co
•
Crosley Radio A
*
Dow Drug corn
•
Eagle-Picher Lead
20
Early & Daniel corn
•
Formica Insulation
•
17%
3
27
3%
7
82
631
635
11
11%
7%
20
Gibson Art corn
"
Gruen Watch corn
"
Preferred
100
Hatfield-Campbell
•
40 10
Kahn panic A
• 35
Kroger corn
100
Lazarus preferred
Nall Record Pump
•
Procter & Gamble new._ _• 45
100 100
8% preferred
1130
5% preferred
Pure 011 6% preferred. 100
Rapid Electrotype
*
Richardson corn
•
United Mill Crate A
*
U S Playing Card
10
US Print & Litho com__ _•
Preferred
50
U S Shoe corn
•
a
53,4
10
'Iv
1256
17%
3
26%
331
20
1
6%
82
6
74%
6
1756
86
23
11
11%
5
7
20
18
1355
18%
3
3055
4
21%
1
7
83
7
753,4
6%
22
88
23
11
14%
63,4
73,4
20
19
12
3
10
3
10
3451
95
4
4351
158
101
12%
3
10
3
10
35
95
4
45
160
101%
4455
16%
1255
19%
25%
5
935
55
in
44%
17
13%
19%
27
555
10
51
1131
538
1,164
40
1,079
12
34
25
60
434
780
204
50
22
20
20
25
1,415
582
1,705
4
115
Range Since Jan. 1.
Low.
Mar
Mar
Apr
Feb
Apr
May
Feb
Feb
Apr
May
May
16
19
33,4
30%
4
2135
235
8
93
9
7556
June
July
Juno
July
May
July
June
June
Jan
May
July
1755
83
1031
655
23,4
1%
235
12
5
Mar
May
Mar
Apr
Mar
Apr
Feb
Jan
Jan
22
88
25
11%
15
6%
7%
20
27%
July
July
June
June
June
July
June
July
June
Apr 14
Mar
5
Apr 15
June
3
Mar 12
Feb 35
Apr 95
June
4
Mar 45
Apr 160
May 103%
June
June
June
July
Feb
July
July
July
July
July
Juno
734
55
20
134
5
25
10
2
150 10
438 15%
11 85
25
2
345 19%
17 150
8 9755
20
111
100
29
420
192
24
550
55
High.
3
634
2
6%
11,4
14
1
%
70%
435
573-4
20
Apr
13
May
4
Jan
Apr
15
9
Mar
Apr
1
3
Apr
31 June
234 Jan
48
18%
13%
23
27%
6
10
155
1234
Jar
June
July
June
July
June
June
June
June
• No par value.
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, July 8 to July 14, both inclusive, compiled from official sales iists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Brown Shoe corn
• 52
Preferred
100 117
Chicago Ry Equip com__25
52
51
117 118
255
234
Range Since Jan. 1.
Low.
75 29
23 109
1
10
High.
Apr 52
July
Jan 118
July
May
455 May
July 15 1933
Friday
sates
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Como Mills corn
•
Curtis Mfg corn
5
Ely & Walker com
25
1st preferred
100
Hamilton-Brown Shoecm 25
Hussmann-Ligonier corn.*
International Shoe com_ •
Preferred
100
Laclede Steel corn
20
NIcQuay-Norris corn
•
Meyer Blanke corn
*
Moloney Electric, A
*
Mo PortI'd Cement com _25
1256
9
9%
15
95
4%
5
4
50%
110
19
44
154
13
12% 12%
12%
10
15
95
5
4
52
11055
19
44
151
17
13
Natl Bearing Metals pfd100
80
National Candy coin
1955
* siyi
1st preferred
100
100 100
•
3
Pickrel Walnut corn
3
Rice-Stlx Dry Goods com _•
851
8%
90
1st preferred
100
20 preferred
70
100
Scullin Steel preferred____*
3
3
28
Southern Acid & Sulph cm*
Southwest Bell Tel pref 100 117
117
12
Stlx, Baer & Fuller corn- •
Wagner Electric com_ _ _ _15 12
12
80
2156
100
3
9
90
70
3
28
117
12
12%
Bonds
Unitorl n.• da
1034
20-
21
Range Since Jan. 1.
Low.
High•
Juno
10
834 Mar 13
454 Apr 10
185
July
10
6
June
Mar 18
July
25 67
Mar 95
555
2% Feb
July
5
1
125
Feb
456 June
19 26
Mar 52
July
56 102% Jan 11255 June
Jan
9
July
10
19
45 24% Mar 44
July
10
155 Feb
134 July
May 17
6
July
20
343
4% Feb 13% June
70 80
1,275
551
8 85
275
3
380
3
20 70
15 50
215 1.00
55 15
81 109%
100
5%
757
455
56.000
July 80
Mar 2135
Apr 100
July
3
Feb
10
Feb 90
Apr 70
Apr
43-1
May 29
Apr 117%
Feb 12%
Apr 1234
1% Apr
21
July
July
July
July
June
July
July
June
June
July
June
July
July
• No par value.
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, July 8 to July 14,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
22
Alaska Juneau
22
10%
Anglo Cal Natl Elk S F256
2%
Assoc Ins Fund
655
Atlas Imp Diesel Engine ABank of California
150
160
6
Bond & Share Ltd
5
Byron Jackson
556
534
19
Calamba Sugar corn
19
17%
7% preferred
18%
Calif Copper
Si
%
9
Calif Cotton Mills
10
Calif Ore Power 7% prof ...... 77
Calif Packing
2855
29%
Calif West tits Life Ins cap 23% 22
21%
Voting plan
23
Caterpillar
26% 2634
20
Clorox Chemical
70
Coast Cos G & E 6% 1st pf
27
Cons Chem Indus A
27
224
Crocker First Nati Bank_
OM
Crown Zellerbach v t c
7%
37
Preferred A
30
3955 37
Preferred B
Emporium Capwell Corp
Firemans Fund Indemnity
Firemans Fund Insurance_
First Natl Corp of Portland
Food Mach Corp
Foster & Kleiser
Galland Mere Laundry...
Gen Paint A
B
Golden State Ltd
Range Since Jan. 1.
Low.
High.
2,470 1151 Jan 24%
24%
3,345
10%
855 May 20
2% 3,200
35 Apr
355
656
945
2
Feb
7
160
110 101
Feb 160
555
1,295
1% Feb
5%
1
631 5,496
Mar
651
20
1,130
8
Mar 22%
1855
660 11
Mar 2855
7,006
55 Jan
.44
%
10
575
51 Jan 17%
77
15 74
May 85
31% 5,737
854 Mar 31%
23%
390 13
Apr 313.4
23
105 15 June 31
2855 8,694
534 Feb 2935
20
221 13
May 2155
71
50 57
May 79
2734 1,267 11
Mar 28
224
5 186
Apr 224
8
27,901
1
Feb
8
4334
1,173
751 Mar 4355
43
624
7
Mar 43
July
Jan
July
July
July
July
July
June
June
June
June
Jar
July
Jar
Jar
July
Juno
Jar
July
July
July
July
July
6%
22
5556
16
14
235
33
5
13,4
955
64 1,150
23
117
59
260
16
5
1651 13,723
140
234
235
35
6
365
234
605
1051
7,078
234
1234
3435
1055
5%
1
2035
3%
31
335
Feb
Apr
Mar
Apr
Jan
Jan
Mar
May
May
Apr
6%
25
69
16
16%
2%
35
6
254
6%
June
Jul
July
July
July
Jun
95
1034
434
255
1034
4351
30
15%
44
955
0
14
6
51
263'1
9254
6
1
254
1155
4651
3055
16
4735
10
9
14%
635
51
2635
9534
1091
455
690
810
1,013
285
1,525
230
30
10
735
200
150
440
255
4,053
3,560
55
435
27%
18
83,4
30
6
251
455
355
51
11%
8355
534
1
Mar
Apr
Jan
Apr
Feb
Mar
Apr
Mar
Feb
June
June
Feb
May
June
June
3%
1155
4634
30%
16%
4735
10
9
1434
6%
54
27
9854
1034
455
Jun(
July
July
July
July
July
July
July
July
July
Jun(
July
Jar
July
July
Magnavox Ltd
51
Magnin & Co
7
747-4
6% Preferred
Natomas Co
4255
No Amer by corn
6% Preferred
555% preferred
8%
No Amer Oil Cons
Occidental Insurance
1834
Oliver United Filters A__ ......
.
11
31
634
7434
3951
6
2554
24
83,4
1856
855
3%
14
7
74%
46
8
28
2451
934
19
8%
4
6.080
725
10
4,854
75
45
3
5
3.477
95
376
1.945
55
355
00
15
2
11
756
355
8%
3%
35
Mar
Feb
Feb
Feb
Feb
Mar
Apr
Apr
May
Jan
Feb
1
7
74%
46
8
28
25
954
19
9%
5
Jun(
July
Jun(
July
July
July
JUI3
July
Jul)
Jun(
June
534 6
Paauhau Sugar
32
30
Pacific Gas
31
555% preferred
213,4 21%
2134
3555 3755
Pacific Lighting Corp
3634
90
6% preferred
89
90
151
Pacific Pub Serv non-voting
2
23-4
Non-voting preferred...
514 6
551
Pacific Tel
9433 91% 9456
6% preferred
109% 10854 11034
Paraffine Co*
27% 27
2834
Pig'n Whistle prof
51
55
31
15
Rainier Pulp & Paper
15
Roos Bros
655 655
634
1055
Shell Union 011
1135
10
Preferred
59% 5954 60
60
60
Sherman Clay prior prat
60
65
65
Sierra Pacific Elec 6% prof
15
Socony Vacuum
15
15
3654
3451 3734
Southern Pacific
Sou Sac Golden Gate A
8%
8
83
-4
555
555 5%
B
Spring Valley Water
734
734
385.5
3835 40
Standard 011 ot Calif
170
9.276
2,464
2,446
250
3.58
6,952
436
210
1,795
890
235
192
2,963
70
55
15
735
6,735
1,046
205
65
7,141
334
2034
1934
2534
77
%
2
67
9955
8%
55
6
2
4
3855
50
53
69,4
1134
431
433
2%
20
Apr
6
Apr 32
Mar 2351
Mar 43
May 9335
Mar
234
Apr
0
Apr 943,6
Apr 11034
Feb 29
Feb
1
16
Jan
635
Jan
Feb
1155
Jan 60
Apr 61
Apr 65
Feb
15
Feb 3834
Jan
834
May
651
Apr
8
Feb40
May
July
Jar
Jar
Jam
Jun,
Jun,
Jul:
Jul:
Jul:
Jai
Jul;
Jun
Jul;
Jul;
Ma
Ju
Ju
Ju
Ju
Jun0
Ju
Ju
Telephone Investment_
30
30
85 22%
355
955 1051 3,248
Tidewater Associated Oil -----455 24
54
6% preferred
52
52
8% 751 9 131,517 4%
Transamerica Corp
7,331
Union 011 of Calif
955
2134 21% 2234
Union Sugar
4
2,800
53-1
53
13,4
18
18
7% preferred
18
10 11%
United Aircraft
4,335 17
3734 42
4151
Wells Fargo Bank UT.... 210
54 166
210 215
\Vest Amer Fin Co 8% pt_
400
A
55
54
31
Western Pipe & Steel Co ...... 13A 1434
1,716
5%
Yellow Chreker Pah A
320
251 2%
1%
Apr 31
Feb1035
Apr 5434
Mar
9
Feb 2351
Mar
531
Apr 18
Feb 42
Apr 215
June
A
Feb 1534
251
Feb
Fe
Ju
Ju
Ju
Ju
Ju
Ju
Ju
Ju
Mn
Jul
Jul
Haiku Pine Ltd
Halle Bros
Hawaiian C & 9 Ltd
Home F & 61 Ins
Honolulu 011 Ltd
Honolulu Plantation
Hutch Sugar Plant
Investors Assoc
Langendorf United Bak A.
B
Leighton Ind B
Leslie Calif Salt
Los Ang G & E Corp prof..
Lyons Magnus Inc A
B
634
23
59
1534
255
35
6
251
935
4634
16
47%
14
may
July
July
July
Financial Chronicle
Volume 137
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, July 8 to July 14,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Alaska Juneau
Barnsdall Corp A
5
Boise Chica Oil A
10
Broadway Dept St pref.
_100
Byron Jackson
California Bank
25
California Packing Corp_ _•
Chrysler Corp
•
Citizens Nati Bank
20
Claude Neon Elee Prod...°
Consolidated 011 Corp_ ___
Douglas Aircraft Co., Inc_•
Globe Grain & Mill com 25
Goodyr Tex Mills pref-100
Hancock Oil corn A
•
Internatl Re-insur Corp.10
Los Ang Gas & Elec pref100
Los Ang Invest Co
10
(I) Mangnin Si Co corn_ •
Mortgage Guarantee Co100
Pacific Clay Products Co_*
Pacific Finance Corp com10
Pacific Gas & Elee corn. _25
6% 1st preferred
25
531% 1st preferred_ _25
Pacific Lighting corn
•
Pacific Mut Life Insur_ _10
l'acifIc Western 011 Corp.*
Republic Pet Co Ltd_ _ _ _10
Seaboard Natl Bank_ _25
Sec First Nati Bk of L A _25
Shell Union'MCorp corn_•
Signal Oil & Gas A
*
So Calif Edison Ltd com_25
Original preferred_
_25
7% preferred A
25
6% preferred B
25
531% preferred C. _25
Southern Pacific Co_ _ _100
Standard Oil of Calif _ _ _ _ •
Superior 011 preferred_ _25
Taylor Milling Corp
•
Title Ins & Trust Co
_25
Transamerica Corp
•
Union Oil of Calif
25
• No par value.
5
1134
11
95
3%
634
1034
2431
37
304
634
334
40
25%
26
23
3534
38%
9%
834
21%
High.
100
10
4,100
400
228
400
Apr
Mar
Jan
Apr
Feb
July
Apr
Mar
Mar
Jan
Jan
Jan
Mar
Feb
Feb
June
Apr
Jan
24%
104
531
45
634
38
28%
38%
38
11%
15%
17%
12
91
12.4
9
98
53-4
July
July
July
Feb
July
Jan
July
July
Jan
May
July
June
July
June
July
Jan
Jan
June
500
6%
230
15
1,200
634
3,300
1031
200
3034
50
0
2434
2134
100
37
300
1,950
3034
74 1,600
34 1,800
50
15
1,850
404
300
11%
300
6
264 4,600
150
3531
900
26
1,400
23
1,200
20%
1,800
37
4,000
40
25
100
10
700
30
50
37,300
9
224 7,800
634
8
124
4
20
21%
204
25%
19
234
14
15
35
4%
131
17%
30
22%
19%
17%
11%
20
25
4
20
4%
9%
July
Feb
Feb
Mar
Apr
Apr
May
Mar
Mar
Mar
Feb
July
Mar
Ma
Ma
Apr
May
Apr
Apr
Apr
Fe
Fe
Jun
Jan
Apr
Apr
Feb
6%
23
634
1134
30%
2534
22%
43
30%
7%
3%
27
45%
11%
6
2731
404
27%
2434
22%
38%
40
25
10
30
9
23
July
June
July
July
Jan
Jan
Feb
Jan
July
June
June
Jan
Jan
July
July
Jan
Jan
Feb
Jan
Jan
July
July
June
June
June
July
July
244
10%
531
44
6
3131
28%
36
33
1134
14%
1731
12
90
1231
2
9534
334
6%
1234
6
10
30
2431
21%
25
654
3%
15
3934
10%
5
2531
35
254
22%
2031
3434
38
25
94
30
74
214
Low.
14
3%
14
3331
1
31%
134
9%
26
6
531
114
6
60%
334
34
82%
1
24
10%
44
42
6
31%
2831
36
324
10
14
17
12
90
11
2
9134
334
3.534
Range Since Jan. 1.
200
100
7,000
90
300
50
400
100
100
3,400
300
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, July 8 to July 19,
both inclusive, compiled from sales lists:
Stocks
-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Admiralty Alaska
Aetna Brewing
Allied Brewing
Altar Consol Mine
American Republics
Andes Petroleum
Bagdad Copper
Bancamerica Blair
1
1
1
1
9c
234
8%
2%
2% 24
250 25c
550 60c
434 4%
9c
234
634
2
8
2
55c
431
2,000
3,800
3,150
300
200
500
3,000
700
Range Since Jan. I.
Low.
Sc
24
6
134
131
Sc
15c
1%
High.
Mar
July
July
June
June
Jan
Jan
Mar
19c
3
II%
231
3%
32c
60c
434
Feb
June
June
July
June
June
July
July
469
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price, Lazo, High. Shares.
Barry Hollinger
1
Beverages
2
Black Hawk Cons Mine_ _1
Brewers & Dist v t c
Continental Shares
•
Croft Brewing
1
Davison Chemical
Detroit & Can Tunnel_ •
Eagle Bird Mine
1
El Canada Mines Units_ _ _
Eldorado Gold
1
Elizabeth Brewing
1
Fads Radio
1
Falconbrbige Nickel
Falstaff Brewing
1
Fashion Park Assoc
Fidello Brewing
1
Flock Brewing
2
Fuel Oil Motors
10
Fuhrmann & Schmidt_ _ _ _1
General Electronics
1
Golden Cycle
10
Hartman A
•
231
51c
3%
250
131
3%
6
5.40
3
231
1434
431
3%
22c
331
4
250
H Rubinstein prof
Hooven Auto Type
1
Huron Holding ctfs dep ._1
Internatl Mining w I
1
Warrants w
Internatl Rustless Iron_..1
Jetter Brewing
1
Kildun Stirring
1
Kingsbury Breweries_ _
1
Lock Nut
1
Maeassa Mines
1
*
Marmon Motor
Nevada Cons Copper_
*
•
Newton Steel
Paramount Publix
10
Paterson Brewing
1
Petroleum Conversion_ _1
Pittsburgh Brewing
*
Polymet Mfg
1
Punta Alegre
1
Railways new
Reno Gold
1
Retail Stores
5
Rhodesian Select Tr__ 5 sh
Richfield Oil
Rossville Ale
5.50
Preferred
25
Schenley Diet w I
5
Shortwave & Tel
1
1
SLscoe Gold Mines
•
Standard Brewing
1
Sylvanite Gold
1
United Cigar
Preferred
100
5
United Drug w 1
1
Utah Metals
*
Van Camp Packing
25
Preferred
Van Sweringen
1
Victor Brew
Wayside Cons Gold_ _50c
Western Television
1
Preferred
Willys-Overland
5
Preferred
100
Wing Aero
10
Zenda Gold
1
38c
21c
4
15
60c
30c
731
334
74
4
11
935
4
27
27
38
25c
45e
4
17c
4
134
34
3%
50c
3
42c
Range Since Jan. 1,
Low.
High.
134
14c
500
2%
1,000
10,500
51c
331 472,600
4,100
25.0
22,300
2
131 4,700
1,000
lie
1,300
34
2,400
6
5.40
200
4,100
3
234 9,300
100
4.00
15% 8,600
200
134
4% 12,300
331 2,300
8,500
24e
34 6,800
4
2,300
300
16
1,500
450
5,900
30c
150
74
1,000
34
9
00
124 3,000
431 2,800
27e 28,50
10
234
431 8,500
3,100
1734
1%
1,700
7c
24
40c
14
10c
134
150
10e
2.20
431
1.30
234
2
2.80
7
134
4
3
10c
1
234
831
26c
250
234
38c
lac
1054
334
10e
234
1.00
1454
1%
56c
30c
12%
434
1%
334
34
64
334
11
234
2.25
94
24
%
15
2034
37
25e
1.51
4
1.20
36c
4
9.4
1.05
15c
250
34
134
40c
34
3
36c
3
150
30c
4,500
69c
5,800
50c
100
124
7,000
10%
2% 40,100
3% 2,900
700
%
100
734
28,500
4
100
11
4,100
3
900
2.50
200
934
2,500
3
34 10,300
13,300
31
2,375
3134
2,600
38
450
600
100
1.51
2,800
431
1.25
800
50c 33,200
30
431
30
114
500
1.05
14,400
20c
2,800
450
134 8,800
1% 2,300
3,000
51c
31 3,300
3% 26,100
50e 30,700
200
331
150
200
1,500
42e
Jan
19e
26c June
94 June
2
May
12c Mar
334 June
Apr
38c
634 June
2
May
July
11
34 Apr
1.45 May
6% Feb
Jan
1
31 June
Jan
1
331 Jan
37
July
Apr
15c
1.01 Mar
34 May
1.04 May
Feb
6c
July
4
934 July
350 Feb
12c June
250 June
12c June
134 June
28c June
34 Apr
Jan
2
6c Mar
July
3
6c May
Jan
Sc
14c
24
40c
131
10c
1%
131
lie
334
534
5.40
234
4.00
14
134
4
3
20c
1
334
13%
26c
25e
74
38e
35
103.6
334
21c
234
334
15
Apr
July
July
July
Feb
June
May
Jan
Feb
June
Feb
May
Jan
May
May
July
June
July
Jan
July
Jan
Mar
June
June
Mar
July
Apr
July
July
Feb
July
Mar
July
May
Feb
July
July
July
him ay
July
2
24 June
20c June
3% July
July
6
.5.40 July
4% June
331 May
4.00 July
2034 May
134 July
634 June
534 June
Feb
28c
34 July
May
4
July
16
31 June
35e June
74 July
334 May
..ig June
1231 July
4% July
38e June
234 July
4.50 June
1731 July
1% June
17c
231
51c
334
74c June
4 June
1231 July
10% July
24 July
5 June
134 Feb
834 June
July
4
July
11
334 Jan
2.50 July
934 July
July
3
June
1
July
31
3134 July
38
July
3.4 June
1.60 Apr
531 May
1.45 June
31 June
4% May
July
13
1.05 July
34 June
31 June
134 July
Arne
2
51c JULY
June
1
734 June
34 June
May
5
34 Jan
48c June
* No par value.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (July 8 1933) and ending the present Friday,(July 14, 1933). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Sales
Friday
Last 1Veek's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Week Ended July 14.
Stocks-
Indus. 8c Miscellaneous.
Acme Wire v t c
25
Adams-Mills Corp
7% preferred
100
Aero Supply Mfg el B._ _ •
234
Ainsworth Mfg corn
10
9
Air Investors COM V t 0-..•
3
Convertible preferred_•
1531
Warrants
4
Alabama Gt Southern_ __50
l'referred
50 61
Alliance Investment
•
331
Allied Internt'l Investing_•
91%
Allied Mills Inc
•
Alumlnum Co common_ • 84
6% preference
100 7534
Aluminum Ltd
Common
•
6% preferred
100
Series C warrants
Series D warrants
Amer Beverage Corp_ _6
2
American Book Co__ -100
American Capital Corp
Common el 11
•
134
$3 preferred
•
American Corp corn
•
Amer Cyanamid
Class B non-vot
• 134
Amer Dept Stores Corp_.•
I%
Amer Equities corn
1
334
Amer Founders Corp_ __ _1
2
1st 7% Pref bur 11
50 1734
1st 6% pref ser D
50 163-4
Amer Hard Rubber. _100
I
American Investors
534
Warrants
131
Amer laundry Mactiine_20 18
Amer Maize Products__ "
American Meter Co
• 20
Amer Pneumatic Serv _ _ _ _•
2
Amer Pota.sh Si Chemical.*
334
5
Amer Thread prof
Anchor Post Fence
234
•
Arcturus Radio Tube ...I
24
Armstrong Cork corn
• 1931
Art Metal Works
331
6
Assoc Elee Industries'' '
Range Since Jan. 1.
Low.
High.
13
1354
5,000
234 Mar
76
23.4
831
3
1534
4
4934
61
334
%
734
83
75
7734
231
9
331
1531
4
5434
61
33.4
4
1131
89
7734
75
900
300
1,300
200
500
250
10
00
1,3
300
8,900
6,000
7,000
Apr
60
4 Feb
13-4 Feb
% Jan
534 Mar
4 Jan
8
Jan
174 Feb
231 June
31 June
Apr
3
2734 Feb
37
Mar
5134
65
2234
2431
23.4
42
52
65
2434
2434
331
42
200
100
1,050
99
4,300
10
13
20
2
2
1%
34
1%
1
154
14
'IS
%
600
400
6,000
13
134
334
131
17%
16%
16
04
14
1734
29
1434
2
1234
334
234
13.4
1434
34
A R/
3re Jan
434 Jan
4 June
334
34
231
%
8
9
10
2
*ts
64
1534
5
1
8
231
4
34
414
4
Feb
Jan
Jan
Apr
Apr
May
June
AM
Mar
Feb
Feb
May
June
Apr
Apr
Feb
Feb
Mar
Mar
Sinn
214
An
9
80
434
1034
331
17
1
55
61
3.34
34
1134
9534
7731
June
June
June
June
June
June
July
July
July
June
July
June
July
Ma
5354 June
Feb 65
July
Apt2434 July
Apr 243-8 July
Mar
54 Mal
Mar 53
May
1434 42,200
14 1,800
34 2,400
231 7,300
250
19
12'
1734
60
16
534 2,500
700
134
750
1834
50
29
250
20
100
2
150
1654
331
800
234 6,900
234 5,100
17,600
22
1,100
334
S
1554 July
131 Juni
1534 July
34 Jun
1531
134
4%
234
2034
20
16
6
13-4
1834
29
20
3
1634
331
234
234
22
4%
Jun
Jun a
Jun
Jun
Jun
Jun
Jun
Jun
Jun
Jul
Jun
Jul.
Jul.
Jul
Jul
Jun
Jul
JulI
.
Ma
T,,1
Friday
antes
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Assoc Rayon corn
•
Atlantic Coast Fisheries_ •
•
Atlas Plywood Corp
Atlas Corp corn
•
$3 preference A
•
Warrants
Automatle-Vot NIach _
•
Anton Fisher Tob cl A _ _10
Bellanca Aircraft v t c _ _ _1
Beneficial Indus L01112---•
Ilickfords Ille
.
s
Black Si Decker corn
Bliss(E %V) Co
•
Blue Ridge Corp
Common
1
6% opt cony pref
•
Botany Consol Mills
•
Bourjoris Inc
•
Brill Corp class B
•
Brill° Manufacturing_
•
British Amer Tobacco Ltd
Amer deposit rcts bearer_
Amer dep rets reg__ _ _10s
British Celanese LtdAm dep rcts reg shs
Brown Co 6% pref
100
Burco Inc warrants
Burma CorporationAm dep rcts for reg shs
Butler Brothers
_ _10
Cable Radio Tube v t0._•
new.Can Indust Alcohol A....5
Class B non-voting...•
Carman Si Co corn A
*
•
Carnation Co
Carrier Corp
•
Celanese Corp Of America
7% 1st panic pref. 100
7% prior preferred_ _100
Celluloid Corp corn
15
•
$7 preferred
Centrifugal Pipe CorP•
•
Charts Corp corn
1
Chicago Corp corn
Convertible preferred_ •
Childs Co pref
100
C:ty Auto Stamping Co..•
•
Clark(D L)Co
.-..----- ,..--- .. ...
i
--
234
8
2634
2631
331
331
54
34
214
21
1334
1
154
534
33
234
14
2531
1%
:834
4
234
1
531
231
634
1854
434
10
334
65
4
14
74
8
534
June
May
June
June
May
June
June
June
July
June
June
July
July
34 434 17,700
31
3431 3,500
134
1,200
134
,
434
534 1.100
2%
300
334
300
8
8
13.4
213.4
4
231
4
634
Mar
Mar
June
May
Jan
Feb
434
3734
134
534
435
114
June
June
July
July
July
Apr
26
2631
263-4 2631
Mar
16
164 Jan
2,200
43.4
200
234
400
6
1834 41,200
1,200
4234
84 14,100
3
1,800
62
25
1,800
4
1331
1,300
200
634
400
8
500
534
900
500
34
23,300
4
35-4
1331 1334
25
%
34
300
263-4 JulY
2634 July
illo raw
il
1
431 JIM(
Apr
May 1431 July
3
31 May
4 June
334
54
31
9
734
6
16
1234
134
134
34
2%
8
.5
534
4
1,700
331
2.30
6
800
31
2434 193,800
2454 39,000
6
10
300
1634
15
11,600
104 108
8334 84
13
12
26
26
431 434
1031
10
103.4
434 4%
31
32
2831 30
1334
1331 1334
9% 10
1.
..,
It,
1 7,
84
12
High.
Lou..
Apr
Jan
Apr
Apr
Mar
Feb
Jan
Feb
May
Apr
May
May
Feb
434
23.4
534
534
16%
17
4034
4034
8
834
231
62
334
4
x1234 x12
634
g
734
4
534
431
4
34
14
Range Since Jan.].
675
675
700
25
1,700
200
2,000
100
110
100
200
.1 QIII1
27
51
2
20
24
634
4
1331
634
5
94
IA
Feb
9
4
334
631
34
24%
2431
6
18
17
July
June
June
July
July
Fel
May
JuIS
Apr 110
Apr8634
Apr1631
32
Slay
Jan
44
June 1235
44
Mar
Mar 32
Mar 30
May
18
10
July
Jul3
May
June
Slay
Jul)
Jul)
July
July
July
Juni
July
Inni
Feb
Jan
May
July
Apr
Mar
Feb
A nr
0
Financial Chronicle
470
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
•
Cities Service common.• 21%
Preferred
•
Prefered B
2%
Preferred BB
•
Cleveland Tractor
•
Club Aluminum Uteri_
Colts' Patent Fire Arms_25
•
Columbia Pictures
Consolidated Aircraft_ • 11
Como] Automatic Merch•
Common v t c
11
•
Consol Retail Store
Consol Theatres v t c__ •
•
Cooper-Bessemer
83 pref class A w w__ •
5 14%
Cord Corp
1
Corroon & Reynolds
•
86 preferred A
Courtlauds Ltd
914
Amer dep rcts ord___-£1
214
Cramp(Wm)& Sons _ _..1.00
25
Crane Co coin
100
Preferred
Crocker Wheeler Elec....'
7%
Crown Cork Internal A...•
Crown Zellerbach Corp
Preferred series B
•
Cuneo Press corn
Davenport Hosiery Mills.*
Helsel Wemmer-Gilbert _10
71,
.
Detroit Aircraft Corp
Distillers Corp Seagrams_. 31%
•
Doehler Die-Casting
72
Dow Chemical
10 174
Driver-Harris Co
74
Dublier Condenser corn __1
Duvet Texas Sulphur-Eastern UM Invest A__ •
Easy Wash Mach el
1%
•
Eisler Electric Corp
1 510%
Else Power Assoc com
1 z1014
Class A
Electric Shareholding
7%
•
Common
II 66 cony pref with warr.•
Emerson's Bromo-Seltzer
•
Class A common
•
Class B corn
-0 Air & Tool_
•
Ex-Cell
Fairchild Aviation new. 1
Fajardo Sugar Co_ _ _ A00 80
Fanny Farm Candy Shona*
•
Fansteel Prod Co
8
F E D Corporation
• 12%
Ferro Enamel Corp
Flat Amer dep rts
Film Inspect Machine_ _
36
First National Stores
7% 1st preferred_ _100
1
Flak Rubber Corp
$6 Preferred
100 46
514
,
•
Flintokote Co el A
Ford Motor Co Ltd
Amer dep rots ord reg-81
Ford Motor of Can CIA..' 14%
• 21
Class 11
Ford Motor of France
Amer dep rcts
Foremost Dairy Prods.....'
Cony preferred
•
Foundation Company
Foreign shares
•
Franklin (H
Mfg
•
Garlock Packing
General Alloys Co
814
General Aviation Corp...!
Gen Elec Ltd Am den rots • 10%
3%
Gen Rayon A stock
•
Gen Theatres Equipment
•
$3 cony preferred
General Tire dr Rubber__25 99%
6% preferred series A 100 82
Gilbert(A C) corn
23%
Glen Alden Coal
2
7
Globe Underwriters
Godchaux Sugars cl A _ _ _ _* 20
1114
Class B
74
1
Gold Seal Electrical
Gorham Mfg corn v t c . 24%
Gray Telep Pay Station_ _• 17%
Gt All & Pac TeaNon-vol corn stook
-• 168
7% 1st preferred__ -100
Great Northern Paner_25 25%
Greenfield Tap & Die....'
1
Greyhound Corp corn....'
Grocery Stores Prod via 25e
Guardian Investors
1%
1
Hall(C M)Lamp Co_ _ _•
0%
Handley Page Ltd
Am dep rcts pref
88
Happiness Candy Storm...
34
6%
•
Hazeltine Corp
•
Helena Rubenstein
10 14%
Heyden Chemical
Heywood Wakefield__ _25
Hires(CE)class A
Horn(A C)Co corn
Hoes dr Hardart corn
_• 24%
7% preferred
100
3
Huyier's of Delaware____1
7% pref stamped_ _100
Hydro Else Secures_ •
7%
Upgrade Food Prod new_ _a
ygrade Sylvania
• 25
Imperial Chemical Indus
7
Am dep rcts ord reg_.£1
Imperial Tobacco of Can_5
113BUYInee Coot No Am_10 44
Internal Cigar Mach_
•
•
Intl Hold & Invest
International Products...'
Intl Safety Razor
•
Class B
Interstate Equities Corp.1
$3 cum pre ser A
60 20%
Interstate Hosiery Mills_ •
Irving Air Chute new_ _I
6%
1%
Jonas & Naumburg corn..'
•
$3 cony pref
Jones & Laughlin Steel_ 100 70
Klein (Emil) Co corn
• 10%
•
Kleinert Rubber
Kreuger Brewing
1 21%
Lakey Foundry dr Mach..
•
1%
1
Lefcourt Realty corn
3
•
Preferred
Lehigh Coal & Navigation. 12%
Lerner Str Cern•
Common
Libby-McNell & Libby_ 10
6%
414
21
2%
19%
5%
36
17%
23%
9%
4% 119,400
1,700
22%
500
2%
10
19%
700
6
100
%
18%
200
100
23%
11
15,400
16
1
1
94
20
11%
2%
17
1,900
3
4
,
900
2%
400
14
400
10%
200
20%
15% 102,600
2,100
3%
500
19
9% 10% 18,600
2% 3,300
2
900
11%
11
225
59%
58
10% 7,700
6,500
7%
37%
15%
12%
714
36
19%
4%
60
17%
14
2%
1%
3%
1%
9
9%
25
100
100
100
11,500
34% 377,600
4%
300
7,800
78
300
20
500
1
2% 1,700
20
1%
4%
500
1% 2,300
11
2,400
10% 3,500
37%
15%
12%
73-6
9
7
56% 57
2,000
200
24%
23
25
25
1,200
5% 9,300
250
80
11
100
41
,
600
8
100
12% 3,300
100
16%
500
15
Range Since Jan. 1.
High.
Low.
z2
10%
1
5
1%
%
8
8%
1
Feb
Mar
Apr
Apr
Mar
May
Jan
Feb
Mar
May
May
June
May
July
June
19
July
23% July
11
July
6%
30
3%
25
Mar
Feb
34 Anr
Mar
1-4
2%
2%
11
22%
154
3%
19
June
June
June
July
July
July
July
July
Mar
July
Mar
July
Feb
Jan
10%
2%
11%
59%
11
9%
July
July
July
July
July
July
lir Jan
Its Jan
June
1
6
2
43-6
52
234
234
15%
9%
6
5
14
15%
1%
80
3%
*is
%
%
1%
34
37%
15%
12%
7%
iiis
34%
5
78
26%
1%
234
2%
5%
1%
12%
11%
2% Ma
Apr
35
9% June
59% June
May
Apr
Apr
June
Jan
June
Feb
Mar
Feb
Feb
Feb
Apr
Jan
Apr
Apr
234 Apr
Mar
June
Feb
Jun
Ma
Jun
Apr
Ma
Jun
Mar
Jun
July
June
June
July
June
July
June
July
July
June
May
June
June
June
June
June
24%
23
5%
5%
80
11
4%
8
13%
16%
14,
July
July
July
July
July
July
July
May
June
July
June
60 108% Ma 115
114 11414
3,4 Apr
6% 9% 51,500
914
2,900 18
40% 47
Jan 47
5% 614
800
134 Fe
July
July
July
June
24%
23
514
,
3%,
70%
11
3%
8
11%
16%
%
5% 6% 29,800
12% 14% 14,800
75
21
20
4%
%
1%
4%
1
2
700
1,300
700
22
17
1%
2%
22
10
1%
3%
10%
9
%
2% Fe
4% Fe
9% Feb
63-4 July
14% July
June
26
Mar
3
% May
1
May
43-6 July
13,4 May
3 June
4% 414
200
1%
400
1%
14%
200
14
3
10,800
814 9% 5,000
10% 10%
1,900
234 3% 6,100
2%
34
4
%
2%
614
31
10,400
3,42
400
100
71,800
600
800
22,400
23,900
6,900
850
34
23
51
1%
6%
4
19
2%
34
6
814
%
"14
88 104%
86
76
214 2%
19% 24%
6% 7
19
20%
6% 12%
.
"re
%
22% 25
17% 17%
Mar
Jan
Mar
Mar
Jan
Jan
May
4%
1%
14%
47-6
10
10%
10
June
June
July
July
June
July
June
Feb
% June
Apr 10411 July
July
May 86
Feb
215 June
Apr 24% July
Feb
7
July
July 20% July
Apr 12% July
1% June
Jan
July
Jan 25
Apr 20% Feb
Feb 181% May
37 128
168 175
Jan
80 118
Mar 124
120% 122
July
600 11
24% 26
AD
26
July
100
114 Apr
6
6
6
34,700
%
2% May
1 Jun
34 Jan
3 June
214 1,100
2
1% June
1,500
1% 1%
34 June
7% June
1% Mar
100
6% 6%
2
%
614
1%
14%
6
22
1%
25%
95
4
38
9%
7%
25
200
1,800
300
600
300
50
150
100
925
20
700
650
100
4,800
300
% Apr
% Mar
134 Mar
% Mar
Apr
8
2% June
Apr
17
1% June
17% Jan
Feb
85
July
3
20 June
314 Mar
2% Mar
Feb
13
2
%
6%
1%
17
6
22
1%
25%
95
4
38
9%
9
27
July
June
July
June
June
July
July
July
June
July
July
July
July
July
June
7
7
10% 10%
43% 45
24
24
2% 2%
2% 2%
50
1,600
2,300
100
10
200
4%
6%
25
15
114
May
Feb
Mar
Mar
Apr
Feb
7
10%
45%
27%
2%
4
July
July
July
June
July
June
2%
114
%
9
7%
1%
834 83.4
80
50
10%
734 9
19% 22
1%
115
,
314
3
915
7
1214 13%
100
7,000
1,200
100
1,000
1,000
100
1,140
300
500
10,700
1,900
900
1,300
10,700
Ma
Jan
Apr
Jan
Apt
Fe
Feb
Jan
July
Apr
July
Jan
May
July
Apr
234
1%
24
15%
8%
2%
8%
80
1014
9%
23%
134
334
9%
14
June
July
June
July
May
June
July
July
July
June
June
May
July
July
June
11% 1114
6% 7%
100
5.400
1%
34
6%
1%
14%
6
21%
1%
24
92%
3
34%
9%
6%
24%
2%
19% 21
15% 15%
34
11
2
19
9%
2
20
14
,
%
2
5%
Jan
4
1% Feb
11% July
8% June
July 15 1933
Sales
Friday
Last TVeek's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Louisiana Land dc Explor_•
Ludlow Mfg Assoc
5
Lynch Corp
Marion Steam Shovel- •
2
Maryland Casualty
•
Massey-Harris Ltd
1
Mavis Bottling Cl A
McCord Had & Mfg B .
.
Mead Johnson & Co corn•
Mercantile Stores
Merritt Chapman dr Scott'
614% A preferred-100
Mesabi Iron Co
10
Michigan Sugar
10
Preferred
Midlay Royalty Corp
$2 cony pref
Midvale Co
Minn-Honey Reg pref._100
Mississippi River Fuel
Warrants
Mock Judson VoehrInger_*
Moodys Investors Service
•
Panic preferred
Montgomery Ward & Co
•
Class A
Moore Drop Forging A_ *
Mortgage Bk of Columbia
American shares
•
Nat American Co
•
National Aviation
1
Nail Hellas Hess com
•
Nat Bond dr Share
Natl Dairy Prod pref A.100
..1
Nat Investors common.
New 534% Preferred
1
Warrants
National Leather corn...*
Nat Rubber Math.
1
Nat Service common
Nat Securities Invest_ -1
Nat Steel warrants
National Sugar Refining-'
•
Nat Tile Co corn
Nat Toll Bridge A corn_ •
1
Nat! Union Radio
•
Nehl Corp
5
Nelson (Herman)
Nestle Le Mur Cl A
Newberry (J J) Co
100
7% preferred
New Mexico & Ariz Land.]
New York Auction
New York Merchandise_ *
New York Shipbuilding
1
Founders shares
Niagara Share of Md o113_15
•
-Pond
Niles-Bement
Nitrate Corp of Chile
Ctfs for ord B shares- •
Noma Electric Corp
•
Norwich Pharmacal
Novadel-Agene Corp-- •
114
376
9%
1
5%
59%
3
36
2%
4%
2714
63-4
1% 1% 4,500
30
a82 a82
34% 38
900
2,000
6% 7
200
3% 3%
8% 10% 13,300
.
7
4 1% 13,600
3% 5% 5,000
59% 60%
500
17
200
17
2% 3% 6,400
19% 20
300
200
%
%
% 7,600
1% 27
4
4%
1,600
11%
4%
38%
95
46%
1%
7
2%
5%
41
4
17%
1%
1214
7
15
134
5
Oilstocks Ltd
Outboard Motors Cl 13-*
*
Overseas Securities
1
4
Pacific East Corp
Pan-American Airways_10 52
* 26
Parke. Davis & Co
10
Parker Pen corn
• 62
Parker Rust
-Proof
55-4
Pennroad Corn new vs 0.1
100 7534
Pepperell Mfg
3%
10
Phillip Morris Inc
Philip Morris Consol cl A25 __Phoenix Securities
1
25-4
Common
$3 eonv pref ser A___10 22%
Pie Bakeries corn v t c _ _.•--Pierce Governor Co
5
*
Pines Winterfront
Pitney-Bowes Postage
m eter
3ti
•
Pittsburgh & Lake Erle_50 82
Plttsburgs Par Glass-.25 36
potrero huglate
I
2%
•
Pratt & Lambert Co
-* ---Prentice Hall
234
Propper McCallum Hos_.•
• 10
Prudential Investors
$6 preferred
Pub Util Holding corn
34
•
Without warrants
1-4
Warrants
634
S3 cum preferred
10
Pyrene Mfg corn
-•
Quaker Oats corn
100
6% preferred
-----Railroad Shares Corp - -•
Railway dc ULU Invest CIA' -----Rainbow Lumin Prod•
Clas A
Class 11 com
Reeves (Daniel) tom
. 25%
•
Reliable Stores Corp
•
4
Reliance International....'
•
Reliance Management.-34
Republic Gas common....'
12
Reybarn Co
134
Reynolds Investing
Richmond Radiator
•
7% cony preferred
•
Roosevelt Field Inc
1
!
Roasts International
• 11 34Royal
Typewriter
100
Ruberold Co
Safety Car Heat&Light 100 --7%
10
St Regis Paper oom
7% preferred
Schulte Real Estate
100 5"
*
i
&evil' Mfg Co
25
Seaboard Util Shares new 1
1
Securities Corp general__*
• z3814
Seeman Bros
Segal Lock dr Hardware...'
1%
5%
•
Seiberling Rubber
Selby Shoe corn
Selected Industries'no-.
334
1
Common
$534 prior stock
25
6536
Allotment certificates_ _ _
Selfridge Provincial Stores
Amer dep rcts
Ll
.16
Sentry Safety Control__ __•
• 14%
Beton Leather Co
Shenandoah Corp.-.
Common
4%
1
$3 cony pref
Sherwin Williams corn...2
25 455i
22
6% preferred A A. _ 100 9514
ai
•
---2%
Low.
sis
45
34%
34
1%
6%
36
1
38%
8
14
,
13
14
%
4
High.
Apr
234
Feb z53
July 38
8%
Feb
Apr
5
June 10%
134
Jan
Feb
5%
Feb 69
Feb
1734
Jan
3%
June 20
Il
May
May
2%
435
,
July
May
July
July
June
JUDI)
July
June
July
May
July
July
July
May
June
July
5
5
2714 29%
71%
70
200
300
20
334 May
11
Mar
69
Apr
Feb
6
2914 July
71% July
3
6%
400
100
134 Jan
4% June
July
3
614 June
2%
6%
23% 23%
7914
Range Since Jan. 1.
100
14
550
100
46% Feb
6% May
Feb
79
12
80
12
2%
%
9%
4%
37%
94
3%
46%
1%
134
3%
1
1%
9
39
3%
7-6
1%
1%
6%
2%
16
80
1%
3%
17%
2%
100
1% Feb
600
.%
% Jan
11%
7,300
4% Apr
4% 21,000
34 Jan
39
800 z20
Feb
95
550 76% Feb
3% 4,600
1
Feb
46%
100 24
Apr
1% 2,800
14 Apr
2% 7,000
% Feb
5% 6,200
Mar
1% 3,700
14 Mar
1%
200
19g July
,
9%
900
14 Feb
42% 4,400 22% Feb
4%
800
3 June
% 1,000
% June
1%
800
% Jan
1%
100
1
Apr
6%
100
2% Mar
2%
200
% Apr
18% 1,100 10
Apr
80
50 65
May
1% 2,500
34 Jan
315
,
100
1
Mar
18
200 12
May
11% 12%
6% 8
14
15%
1,500
3,600
1,700
1% Jan
3
Apr
434 Apr
2514 July
81
15
June
June
3
134
11%
4%
39
95
4
48
234
334
5%
2%
1%
14%
4234
43(
II
2%
1%
6%
2%
19
80
134
3%
18
Jan
June
July
July
July
July
June
July
June
May
July
May
July
June
Alb
,
June
June
June
July
July
July
May
June
June
July
July
1434 June
June
9
17% June
71 131,000
Si
114
1%
500
75
50
75
48
50
600
'is
15
75
34%
Jan
Mar
July
Feb
1-4 June
Jan
July
75
53% June
200
7%
114
200
4%
500
4% 12,100
5214 7,700
27
7,000
8
200
64
5,250
6
80,300
200
77%
4
2,200
100
20%
3
34
%
134
20
1234
3%
20%
1%
2634
134
15
Feb
Jan
Apr
Apr
Feb
Mar
May
Mar
Mar
Feb
Feb
Mar
7%
6%
5
4%
52%
2734
8
64
634
7836
4%
24
July
June
June
June
July
June
July
July
July
JUIY
July
June
% 10,200
2% 27
22% 23%
900
4
300
314
100
334
3
3
100
ill
934
14
13.4
3
Mar
Feb
Jan
Apr
June
334
2334
5
6%
3
June
July
June
June
July
2
28
13
Si
10
10
%
3
57
Feb
Mar
Feb
Mar
Jan
Apr
May
Feb
Mar
514
82
39%
2%
2134
18
3%
1034
79
June
July
July
July
July
July
July
July
July
% 1
12,600
ii Feb
1
'ts 21,900
34
Tal Jan
Tos
400
6
6%
134 Mar
734
4% 4%
10
2
May
5%
138 139
4
64
Mar 139
11434 115
800 109
Mar 115
2,200
114 1%
34 Mar
174
wo
14
14
% June
3
June
Apr
June
June
July
Feb
June
June
7%
1%
414
3
45%
25%
714
51%
5
74
314
20%
31(
75
36
1%
21%
18
2%
9
78
4%
82
38%
2%
21%
18
3
1014
79
2,600
350
2,950
5,300
100
50
1,100
5,400
100
400
%
34
300
14
%
2334 25% 11,000
10
314 3%
60
3% 4%
40
2% 2%
34 % 3,400
2% 234 2,200
1% 18,900
13-4
101)
%
14
ui
10
53.4
2
3% 4,100
1
1%
8,300
1114 113.6
200
3514 3514
100
225
66
74
634 8% 103,400
420
49
52%
600
1
114
300
2134 2214
900
7% 87
%
1
3,200
74
450
34 23834
2,20
1% 1%
5% 2,100
5
20
20%
20
31 Apr
1% June
34 Feb
34 July
15% Jan 25% July
14 Apr
5 June
134 Feb
4% June
3 June
34 May
34 Feb
34 June
34 Apr
3 June
34 Mar
14 July
% July
34 Apr
1% Feb
614 June
3% July
}4 Jan
1% June
54 Mar
5% Mar 12% June
15% Feb 3534 July
July
1634 Feb 80
1% Mar 834 July
12% Ma
56 June
34 May
2% May
9% Fe
24
May
136 June
% Apr
Apr
2
June
10
26
Jan z3814 July
134 June
15 Jan
134 Apr
7 June
9% Apr 2034 June
3% 3%
62
61
67
63
8,800
700
1,100
3.4 Feb
33
Mar
26% Mar
436 June
62
July
87
July
1% 1%
9
,
'Is
114 14%
300
2,100
3,400
% Mar
34 Jan
134 Apr
134 July
44 June
14% July
4
4%
21% 26%
45
41
92% 96
2,300
1,500
3,07
180
I%
12%
1234
50
Feb
May
Mar
May
6
26%
45
96
June
July
July
July
Financial Chronicle
Volume 137
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Singer Mfg
100 173
260
170 174
Smith (A 0) Corp
750
•
47% 5134
Southern Corp common_ •
100
2% 2%
Spanish & Gen Corp
Amer dep rcts
El
%
%
51 6,100
Stahl-Meyer corn
•
9% 1056
GOO
Standard Investing Corp
$534 cum cony pret____• 267.4 24
500
28
Starrett Corporation new 1
6,200
134 2
134
6% pret new
3% 4%
1,900
10
4
•
3
Stein Cosmetics corn
7,400
2
3
Stein & Co corn
734 835
200
•
634% preferred
10
80
80
100
Stetson (John 13)
175
19
18
• 18
Stinnes(Hugo) Corp
100
1%
1%
Stutz Motor Car
15% 18%
3,200
• 1834
Sullivan Machinery
150
11% 12%
•
Sun Investing corn
4% 4%
500
*
$3 cony preferred
200
35% 35%
Swift & Co
25 23
19% 24% 94,300
Swift Internacional
15 304 28
31% 13,000
._s
Taggart Corp common.
500
434
4% 4%
Tastyeast Inc class A__....•
% 2% 152,500
2%
Technicolor Inc corn
834 9% 7,000
•
87-4
Thermoid Co 7% pref _ _100 3014 30
600
30%
Tobacco Products Export-•
131 1%
700
134
Todd Shipyards
300
26% 27
• 27
Tranecont Air Trans
3,600
5% 6
534
Trans Lux Pict Screen
Common
2% 331 9,00
I
3%
TM-Continental warrants__
3% 434 2,800
334
Tubize Chatillon Corp_ 1 22
8,200
20% 24
Class A
1,200
1 3734 36% 3834
Tung-Sol Lamp Wks
•
6% 7% 1,700
634
$3 cony preferred
17
100
17
*
Union Tobacco Co
2,500
•
3-4
34
%
United A ireraft&Transport
6% pret A x-warr_ _50
50
49
50
500
United Carr Fastener coin •
5% 6
United Chemicals Inc
$3 cum & part prof__ __• 203-4
300
1934 20%
United Dry Docks
5,300
•
23.4
234 3
United Founders
2% 3 124,200
1
27,4
United Milk l'rod corn _ _ _*
125
y,
6
6
$3 preferred
25
,
* 2234 22% 2234
United Molasses Co
Am dep rots ord ref __El
534 777,200
3
434
United Profit Sharing..•
1%
1%
100
134
United Shoe Mach e01n_25 55
55%
725
53
l'referred
30
31
31
25
United Stores Corp v t 0_.•
134 3,000
134
1%
United Wall Paper Fac__•
1,200
334
334
US Dairy Prod B corn___•
1% 2%
600
234
US Finishing coin
7%
400
6
•
U El Foil class li
8% 1034 5,100
1
8%
U S dr Internatl Secur---.•
2% 3% 6,000
1st prof with warr
66
4,400
55
• 60
U 8 Lines Inc pref
1% 2,200
1%
134
' •
US Playing Card corn...10 24% 24% 27%
200
U 13 Radiator Corp
3%
400
3
•
7% preferred
10%
10
100
100
US Radio & Tele com___• 203.4 20% 2234
500
US Rub Reclaiming com.•
3
3,100
2
3
Utility Equities common.•
3% 3% 1,700
334
Priority stock
175
48
44
• 48
Utility dc Indus Corp
2% 2%
30
•
0
234
Cony preferred
•
534 6% 1,100
Vortex Cup Co
550
*
8% 6%
Waco Aircraft Co
• II% 11% 12%
1,00
0
Wahl Co
134 3)4,
700
•
234
Walgreen common
6,400
1834 21
• x2()
Hiram Walker-Gooderham
& Worts Ltd corn
31% 56 359,500
• 51
Cumulative prof
16% 12,700
• 1534 15
Watson (John Warren) •
Si
1% 12,000
I%
Wayne Pump Co
134 1%
300
•
1%
Convertible preferred *
200
4% 5
5
Western Air Express __.10
300
14
14%
Western Auto Supply
Class A common
100
21
21
•
West Cartridge 6% prof 100
25
67% 67%
Western Maryland Railway
7% 1st preferred. _100
10
57
57
Western Tablet & Station
Common v t c
400
8
9%
•
West Va Coal & Coke___*
70
134
Williams(R C)&Co
8,000
12% 16
• 143-4
Vii-low Cafeterias new 1
600
2;
,
4 234
29-4
Wolverine Portld Cern __10
100
414 434
Woolworth (F W) Ltd
Amer dep rail for ord she
19% 4,500
1934
1934
Youngstown Sheet & Tube
534% preferred
,
10
60
60
100
Public Utilities
Alabama Power $7 pref__• 47
20
47
47
Ara Cities Pow dt Lt
Cony class A
700
33%
25 3335 32
New class 11
534 5% 10,100
1
555
Amer Conimon'Ith Power
Class A common
•
Si
34 6,400
3-4
Common class B
314
34 8,700
•
A inDist Tel NJ pref _ _ _ 100 98 Si 98
100
9834
Amer & Foreign Pow warr_
4,100
11% 13
12%
Amer Gas & Elec corn. • 44% 44
4734 31,600
Preferred
• 8834 85
1,000
89
Amer I. & Tr coin
2434 2634 9,700
25 z25%
6% preferred
200
22
22
25
Am Superpower Corp oom•
7
834 165,200
755
let preferred
300
75
•
7535
Preferred
• 40%
4134 1,200
40
Arkansas P & I. $7 prof. * 40
10
40
40
Anew, Gay & EleoNew common
2
2% 2,400
2
.1
Class A new
1% 2% 12,700
1
2
$5 preferred
1,390
•
7% 9
Warrants
17,500
3.4
3.4
Assoc Telep Util com____•
14,2C0
34
31
Brazilian Tr L & P ord._ _• 17
1534 17% 16,600
Buff Nies & East Pow_ _25 19% 19% 19%
1,000
.55 1st preferred
100
8234 8235
•
Cables & Wireleea
Am dep retn A ord shs_i
1%
ill 1% 13,200
Am dep rcts B ord shs_.£1
3,4 10,700
34
Am dep rcts prof shs
434
314 434 2,700
Cent Bud 0 & Nvtc. _•
300
13% 1434
Cent & So'west UMCommon
•
3%
3% 434 8,500
$7 prior lien prof
160
25
24
$7 preferred
10
18
18
Cent Staten Elea new 0Orn I
3% 4% 23,400
3%
7% preferred
300
100
2214 24
prof without warr100
10
1534 15%
Cony prof opt set'20_100
5
18% 18%
Cities Serv P & L $6 pt.*
50
17
17
Cleve Elea Ilium oorn____• 34% 34% 35%
500
Columbia Gas & EiecCony 5% pret
.2,400
100 13031 127% 136
Commonwealth Edison_ 100 71
6634 7331 3,300
Common & Southern Corp_
Warrants
Ili
,
1
29,300
Range Since Jan. 1.
Low.
High.
Mar 1753-4 July
90
113,4 Feb 5234 June
% Jan
2% May
1ir Jan
234 Apr
% June
June
14
6
54
/is
51
434
70
834
%
854
454
134
21
7
1234
55
34
254
5
34
103-4
2%
Feb
Apr
Apr
Feb
May
Jan
Feb
Apr
Feb
Mar
Feb
Feb
Feb
Feb
Apr
Apr
Feb
Feb
Jan
Feb
Jan
28
2%
6
3
9
80
20
134
lb%
123-4
5
3531
243.4
3234
534
2%
1035
31
134
283-4
655
July
June
June
July
June
Mar
July
June
July
July
June
July
July
June
June
July
May
June
June
June
May
155
%
2
834
134
71,
,,
lie
Mar
Apr
Apr
Mar
Jan
Jan
May
334
45-4
2814
,
4634
934
22
54
June
July
June
June
June
June
June
4434 July
1% Feb
July
50
63-4 July
7
34
SS
I%
183.4
Jan
Mar
Apr
June
Apr
2034
33,4
3
634
2234
June
June
July
July
July
155
%
3034
3034
%
%
1
34
234
1734
34
8
134
93-4
1834
%
1%
25
1
155
834
10
134
1154
Feb
5%
Mar
2%
Mar 55%
Mar 32
Jan
2
Jan
314
234
Feb
Feb
7%
1134
Apr
Jan
33
Mar 65
Jan
154
Mar 28
May
334
June
1034
June 2234
May
3
454
Apr
Apr 5056
Feb355
734
Apr
Jul
934
May
1334
May
3%
Feb 21
July
June
July
June
June
July
June
July
June
July
July
June
July
June
June
July
July
June
June
June
June
July
June
July
July
355
734
%
34
1
1134
Feb
Feb
Jan
Mar
Mar
Feb
July
June
July
May
June
Apr
934
533,4
40
6
%
4
%
3
Jan
Apr
May
Apr
June
Mar
May
June
56
1634
1%
2%
6
1534
21
July
67% July
60
934
134
16
2%
455
July
July
July
July
June
July
1134
Jan
1934 July
25
Apr
60
July
37
Apr
653,4
Jan
253,4 Feb
3
Feb
3634 June
634 June
ill
118
8434
254
1734
693,4
12
18
234
52
15
35
Mar
Mar
May
Apr
Mar
Apr
Apr
Apr
Mar
Apr
Apr
Apr
%
%
9834
1355
50
9114
2634
22
934
7514
50
40
1%
1%
3
la
%
6
1534
7.5
May
July
May
Apr
Mar
Feb
June
Apr
3% June
234 July
1055 June
% June
134 Jun
1734 July
2234 Jan
9234 Jan
11is
hi
234
1055
Apr
Feb
Feb
Apr
I%
%
4%
15
July
July
July
June
1
814
8
154
12
6
7
934
2034
Mar
Mar
Jan
Feb
Jan
API'
Jan
Mar
Mar
43-4
273.4
18
454
24
18
22
26
37
July
June
June
June
July
June
June
Slay
July
68
50
June
June
July
June
June
Jan
June
July
June
June
June
July
Apr 136
July
ApI 8254 Jan
st• Ayr
i % June
471
Priaay
Sates
Last Week's Range
for
Public Utilities
Sale
Week.
of Prices.
(Concluded)
Par. Price. Low. 1108. Shares.
Community P & I. 1st pf_*
Community Wat Serv new!
Comic.' E LAP Balt corn•
Conti G ar, E 7% pr pf 100
Duke Power Co
10
East Gas & Fuel Assoc--•
6% preferred
100
East States Pow coin B__•
$7 pref series A
$6 prof series B
East Util Assoc com
•
Cony stock
•
EdLson El III of Bost _ _ _100
Elect Bond & Share com-15
35 cumul preferred....
$6 preferred
•
Electric Pwr & Lt 2d pf A •
Option warrants
Empire Dist El 6% pref100
Empire Gas dz Fuel
7% preferred
100
Empire l'ower part stk_ •
European Electrto Corp
10
Class A
Option warrants
Florida P & L $7 pref._ •
Gen Gas & El $6 prof B.
Gen Pub Serv $6 pref.. •
Gen Pub Util $7 pref__ •
Georgia Pow $6 prof
•
Gulf Sts Util 85.50 pref
*
Hamilton Gas corn v t c_ _1
Hartford Elec Light___25
IllinoIs P & I. $6 pref-___•
Indianapolis Pow & Lt
100
634% cum prof
Internet Hydro-Elec$3.50 cony preferred._.
•
Internet' UtilityClaes 13
1
Warrants
Interstate l'ow $7 Pref..
Italian Superpower A__•
Warrants
Long Island Lag
Common
•
7% preferred
100
Marconi Internet Marine
Commun Am dep rcts_ £1
Marconi Wind T of Can..
Slass Util Assoc v t c
•
Memphis Nat Gas new__5
Middle Won Util oom--•
$6 cony pref son A
•
Miss River Pow wet_ __100
Mohawk &II Pow 1st prof*
Mountain States T &T_100
Mounen Sts Pow 7% 0100
National P OC L $6 pref--•
New England Pow Assn
56 preferred
•
New Engl Pub Sony
$6 prior lien
•
$7 prior lien prof
•
N Y Pow & Lt 7% pref_100
$6 preferred
NY & Richmond Gas Co
6% preferred
100
NY Steam Corp com___.•
NYTeieb654%pneL.lOd
Niagara Hud Pow
Common
15
Class A opt warrant____
Class B opt warr
Nor Amer Lt & Power_ __50
$6 preferred
•
Nor Am Util Sec corn
•
Nor N YUtil 7% pre(_ _100
Nor States Pow corn A_100
Ohio Power 67 prof _ _ _100
Oklahoma Nat Gas past 100
Pacific 0& E 6% lat p125
534% 1st prof
25
Pacific Ltg $.6 prof
•
Pa Gas & Elec class A
•
Pa Water & Power
l'ub Seri, of N 111 corn__ •
Common
160
6% preferred
100
Puget Sound P & L$5 preferred
•
$O preferred
•
•
HY & Light Seeur emu_
dbawInIgan %Vat & Pow..•
Sou Calif Edison
25
6% Preis& 13
534% preferred C
5% orig prof
25
Southern Colo Pow Cl A.25
Southern Nat Gas corn._
So'west Lt & Pow $6 Pref.*
Standard Pr & Lt corn•
Preferred
•
Swiss Amer Elea prof
•
Tampa Electric Co
Union Gas of Canada_ _•
United Corp warrants
United Gas Corp corn new!
Pret non-voting
•
Option warrants
United Lt & Pow coin A..•
Common class B
•
$6 cony 1st prof
•
US Elec Pow with wart- _1
Warrants
Util Pow & Lt corn
•
Class 11 v t c
•
7% preferred
100
Former Standard 011
Subsidiaries
Buckeye l'ipe Line
50
Chesebrough Mfg
25
Eureka Pipe Line
100
Humble 011 & Ref
25
imperial 011(Can) eouo--•
•
Registered
Indiana Pipe Line
10
National Transit _ _12
.50
N Y Transit
5
Northern Pipe Line
10
Ohio Oil Co 6% pre/ __100
South Penn 011
25
Southern Pipe Mile
10
Sou'west Pa Pipe Line 50
Standard 011 (tndlana) 25
Standard 011 (KY)
10
Standard 011 (Nob)
25
Standard 011 (Ohio) corn 25
11%
1%
68
11%
63
4%
25
2534
6
37%
55%
6334
2034
734
1%
14
10
1%
66
62%
74
11
61
3%
25
23
2214
4%
161
36
553-4
62
2434
734
19
Low,
High.
June
11%
July
13
150 10
2% June
1% 1,000
% May
68% 3,400 43% Apr 7055 June
63
100 3634 May 66 June
July
76
225 38% Apr 76
1234 June
4
11%
Mar
400
63
May 63 1July
250 39
4% 6,000
154 Mar
4% Julie
25
May 30 June
50 16
June
24
Slay 24
350 15
25%
550 13;4 Apr 2534 July
6% July
154 Apr
6% 4,200
163%
20 132% Slay 17434 Jan
Feb 41% June
4014 389,800 10
57
700 22% Apr 59% June
June
Apr 66
65
3,900 25
June
4% Feb 29
2534
200
1)4 Feb
3,4 July
1,400
935
21
Mar 21
6
July
175
2034 2055
11% 11%
5%
%
25
13%
55
5%
5634
50
Range Since Jan. 1.
50
100
8
12,200
155 18,600
25%
750
15
950
59%
290
100
5%
56%
12
50
25
71
% Apr
6% Mar
214
%
12
3
18%
4%
43%
50
Mar
Apr
Mar
Apr
Mar
July
Apr
July
25 June
15% June
8
134
33%
15
59%
5%
70%
50
July
July
Jan
July
July
July
Jan
July
% June
July
59
34% Jan
247-4
3%
234
15
72%
600
32
950
14 Jan
48% Mar
18% Apr
65% 70
27
150
53
Ma
75
2334 26
1,925
11
AD
26% June
Fe
Fe
Mar
Feb
Ma
334
%
23%
3
1
Ma
Apr
June
16
8234 Feb
35
%
59
59
29
24
3
3% 13,300
500
34
34
16
1731
70
2% 2% 1,800
300
34
34
14% 15%
7234 7734
7%
214
2%
6
5%
34
M
1%
89
80
106
17%
6634 6634
334
9,300
230
7%
400
334 125,300
2%
600
7,700
6
34 8,900
2
300
89
40
80
5
106
2
20%
4
69%
450
14
34
5%
54
;4'
10
59
7%
556 Jan
% Ayr
374
14 May
335
254 Feb
111%
Jan
%
% Apr
3%
Apr 89
75
May 85
68
8034 Apr 106
July 20%
16
34
Apr 72%
Slay
June
June
June
June
June
July
July
June
May
May
June
June
Feb
June
July
June
5834
5534 5934
860
2634 Apt
59% July
30
2734
3034
93
81
31%
30%
93
81
190
110
25
25
19%
2234
77
7034
Feb
Feb
AP
May
31% July
32% June
Jan
99
86% Jan
93
67% 6734
4054 4034 41
119
11634 119
133-4
134
13
70
48
85
7%
24
21%
89%
53%
42
z40
26%
1734
20%
23
43
30%
6
5
5%
42%
1%
7%
11
3434
1%
2%
82%
14%
8%
5%
20
39%
33
19
3956
6734 July
50 674 Jul
Jan
Fe
45
300 35
July
250 109% Apr 119
12% 14% 35,460
134 1% 2,600
3%
200
535 554
300
1234 13%
100
1% 1%
200
70
70
25
48
5334 2,700
855
7s
134
2
7%
3-4
68
23%
Mar
AD
Slay
AP
Mar
Mar
Ma
AD
16%
2
5
8
13%
1%
70
5334
Jan
June
June
June
June
June
Apr
July
23%
21%
89
9
53%
35
35
70
85
7%
24%
22
8934
0
55%
42
z40
70
60
550
4,800
1,400
150
10
300
400
400
50
75
4%
21%
19%
78
6
39
22
34
70
May
Jan
Apr
Mar
Slay
Jan
AIR
Apr
July
July
85
734
25%
2334
94
9
60
4334
42
70
July
July
Jan
Jan
Jan
June
Mar
Jan
Jan
July
2634
17%
13%
18
26%
19%
1334
20%
250
160
25
3,500
Apr
12
8
Mar
5% Apr
Feb
28
21%
1454
16%
June
June
June
June
2234
20%
34
4%
34
3434
11%
48
40
29%
6
4%
534
4134
134
7%
10%
33%
1%
Si
234
5
22
23
21
36
414
%
34%
12
50
43
3034
7%
5%
654
45
1%
8%
11
36%
1%
1,300
1,000
275
100
9,600
25
200
200
300
1,300
1,100
5,400
124,600
2,900
18,900
47,900
200
6,600
11,100
5,
400
334 28,800
634
700
23%
200
18%
1756
3256
2
Lis
30
33,4
16
18%
195.5
1%
1%
134
13
%
2
2%
8%
1%
34
%
2
5%
May
Mar
June
June
Mar
June
May
Apr
Mar
Apr
Apr
Mar
Feb
Feb
Feb
Mar
Feb
Apr
June
Apr
Apr
Mar
Apr
2451 Feb
22% Jan
July
36
6% June
June
1
June
35
1655 June
July
30
July
43
June
32
7% July
634 June
6% July
Ally
45
1;4 June
9% June
12% June
41% June
1% June
% June
356 June
8% June
2734 June
37
200
37
115 115
50
35 x40
300
84% 6,500
78
13% 14% 14,200
14% 14%
600
200
6% 6%
8% 9%
700
4
4%
800
5
1,300
5%
85
85
10
2134 1,900
20
5% 5%
200
3434 39%
250
32% 33% 23,600
18
19% 15,500
19
GOO
20%
37
39%
1,800
25
71
20
40
654
63,4
3%
5%
3
4%
70%
11
2%
24%
17
8%
11
1534
Jan 13931 June
Apr
15 June
Mar x40
July
Mar 88
June
Mar 14% July
Apr 14% July
Feb
June
8
Apr 10
May
Feb
4% July
Apr
6% June
Apr 87
June
Fen 2234 July
Apr
6
Slay
Ma
July
39
Mar 33% July
Mar 19% July
Apr 2014 July
Ma
July
41
85
Financial Chronicle
472
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Other Oil Stocks-Par. Price. Low. High. Shares.
Amer Maracaibo Co
1
Arkansas Nat Gas corn. _•
•
Common class A
Preferred
100
Carib Syndicate
25c
Colon 011 Corp corn
•
Columbia Oil& Gas vtc •
Consol Royalty 011 Co_ _10
Coeden 011 Co
Common
•
Ctrs of deposit
Creole Petroleum new._ _5
Crown Cent Petro 1 com__•
1)arby Petroleum corn _ __•
Derby 011 & Ref corn
•
Gulf MCorp of Penns_ _25
Indian Ter ilium 011
Non-voting class A...-.
International Petroleum_•
Kirby Petroleum
Leonard Oil Develop_ __25
Lion 011 Refining
Lone Star Gas Corp
•
Stich G118 & 011 Corp_ _ _ _•
Middle States PetrolClassA v t c
•
ClassByte
Mountain & Gulf 011
1
Mountain Producers_ _ _10
National Fuel Gas
•
New Bradford 011 Co...25
Nor European Oil corn_ _ _•
Pacific Western 011
•
Pantepec 011 of Venez___•
Petroleum Corp of Amer
Stock purchase warr_ _
Producers Royalty
1
Pure 011 Co 6% pref___100
Reiter Foster 011
•
Richfield ()II pref
25
Root Refining Co
New cony prior pref. 10
Ryan Consol Petrol
•
Salt Creek Consol OIL...10
Salt Creek Prod Assn_ _ _10
Southland Royalty Co_ 5
Sunray ()II
5
Texon 011 dz Land Co.._.
Venezuela Petrol
5
Woodley Petroluem
1
Mining
Bunker hill& Sullivan_ _10
Vot trust Ws
10
Dwane Sl'Kubwa Copper
American shares
Chlef Consul Mining Co_ _1
CO11801 Copper M Ines_ _ _5
Cresson Consol G M
1
Curd Mexican Mining_ _50c
Evans Wallower Lead corn•
Falcon Lead Alines
1
Goldfield Consol Mines.10
Herbs Mining Co
25
flollinger COMO G M_.6
Bud Bay Min &
Internet Mining Corp_ _ _ A
Warrants
Iron Cap Copper Co_ ___10
Kerr Lake Mines
4
Kirkland Lake G Si Ltd_l
Lake Shore Mines Ltd. _ _I
Stifling Corp of Can
New Jersey zine
25
Newmont Mining Corp_10
NiplasIng Mines_ _ ______ 5
Ohio Copper Co
1
Pioneer Gold Mines Ltd_ _1
Premier Gold Mining__--1
itoan Antelope Copper _ _
St Anthony Gold Mines...1
Shattuck Denn Mining.
..5
Silver King Coalition_
5
So Amer Gold & Plat
5
Standard Silver Lead
_1
Teck-Hughes Mines
1
Tonopah Belmont Devel_ 1
United Verde Extension 500
'Na ker MIning
1
Wenden Copper Mlning....1
Wright-Hargreaves Ltd_.
•
Yukon Gold Co
5
234
2%
211
3%
7%
335
255
5
751
151
6
59
534
18
134
1
11
5
14
331
45
734
6%
83/4
134
751
241
62
June
June
July
July
June
June
July
300
555 541
17% 19% 20,100
1,200
155
154
1
31.700
1,500
8
8%
10% 114 4,400
800
5
53,4
14
88%
%
34
131,
44
1
Apr
Feb
Jan
Apr
Apr
Apr
Feb
7
19%
2
14
94
114
551
June
July
June
June
July
June
July
2,100
1,300
8,300
3,90
1,400
800
8,800
800
32,800
%
4
3(..
234
10
55
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Ma
3
55 Ma
4
135
151
84
20
1%
51
735
24
June
June
July
June
May
June
Feb
July
July
he 13,300
2,100
460
434 4514
131 11,700
34
134 3,200
In Jan
11$ Ma;
Apr
21
54 A Fr
11 Jan
131
45%
14
231
31
June
June
July
July
June
7
23,4
3;4 May
% i.eb
Feb
3
Feb
351 Feb
31 Jan
6% Apr
4 Jan
135 Mar
7
4
1
931
64
14
134
155
3%
July
June
June
June
June
June
May
June
July
13,4
134
64
164 1734
155 1%
7,
51
651 7
15 251
4
64
255
74
x755
5
1
9%
1
211
600
900
1,700
2,000
8
54 5,000
13,4 4,900
si 1.200
134 13,500
3% 3,700
4135 47%
4155 45
251
655
44
651
tall
7
741
814 911
9
10
104 10%
3% 4
111 2
3,4
394 41%
251 251
5655 59
4355 48
24 355
3.4
124 1451
14
151
26
24
51
41
354 435
541 6
235 235
51
6
614
he
15
4% 551
155 131
51
6
6%
111
blonds
Alabama Power Co
1st & ref As
82
1946 86
let dr ref 55
1951
784 7551
lot & ref 55
1956 784 7745
lot dc ref 5s
196)1
72
1st & ref 448
1967 694 6655
Aluminum Coat deb 511'52 95% 9555
Aluminum Ltd deb 65_1948 76
73
Amer & Com'wealths Pow
Cony deb 68
255
355
1940
555s
3
3
1953
Amer Comm Pow 5358__53
8
Amer & Continental 5.8 '43
80
Am El Pow Corp deb 65'57 334 3134
Amer (1 & El deb 155_ _2028 854 83%
Am Gas & Pow deb 65_1939 4135 3855
Secured deb 55
1953 3551 32
Am Pow & Lt deb 6s..2016 704 69
Am Radial deb 44s_ _ 1947
100
Am Roll Mill deb 58..1948 77
75
4 h % notes_ _Nov 1933 10151 9555
.
Amer Seating cony 68_1936 50
4851
Appalachian El Pr 58_1956 89
89
10345
Appalachian Power 59_1941
81
Deb fis
2024
Arkansas Pr & Lt 5s_ 1958 80
77
Associated Elm 450_ _ 1953 40
3831
Associated Gas & El Co
Cony deb 5458
2055
1938 22
Registered
19
Cony deb 455s
1948 2035 1954
Cony deb 445s
1949 1934
1755
Cony deb 58
1950 20)5
1851
Deb 56
1851
1968 20
Registered
is%
1935
Cony deb 5355
1977 2235 21
Assoc Rayon 58
4855
1950
Assoc T & T deb 535s A '55 46
41
Atom° Telep 1411 5358_1944 16%
164
Atlas Plywood 5355_ _ _1943
51
Baldwin Loco Wks 545'33 106% 100
Ctfs o 'deposit
10655 9954
Balt & Ohio 58 our F._1996 7211 71
Bell Telep of Canada
1st 51 56 series A _ __1955 9835 98
1st 51 be series B_ _1967 98% 98
1980 9831 9854
let Si SnserC
3%
134
39%
24
57
43%
211
7
124
1%
2551
3,4
3%
July
June
June
June
July
July
June
May
Feb
Jan
May
Feb
Feb
Mar
Mar
1%
)1
111
51
7%
9%
9%
10%
3%
111
2%
555
4
4%
7%
4
235
2;4
34
154
44
)4
234
)4
24
31
7,4
57%
5
1
Mar
Feb
Mar
Feb
31 Feb
31 Feb
54 Apr
Jan
1
200
5% 6
4% 555 6.400
8
19,800
7
155 12,100
74
1,000
5% 655
800
24 235
6155 7,600
59
2%
7
High.
he
14
81
2
1
6
17
1%
.16
31
9,
45%
115
134
Low.
193,500
2,400
13,300
800
178.300
20,700
6,300
300
1
2%
2%
355
4
351
2
254
33.4
2
24
351
355
354
754
3%
251
235
Range Since Jan. 1.
86
794
79
73
6955
9655
76
275
200
1455
15
Jan
Apr
474 July
July
45
34
31
34
14
h
34
14
14
231
54
24
104
3%
41
Jan
Mar
Apr
Jeri
Jan
Feb
Apr
Jan
Feb
Jan
Jan
July
July
Jai
Jan
Jan
Mar
Apr
Ma
Ma
Jan
Jan
Jan
AD
Ma
Jan
Feb
Jan
Mar
Feb
Feb
Feb
Mar
Jan
Jan
Jan
Feb
1%
4
231
)4
1%
154
hei
Die
845
9%
9%
104
4
211
1%
3.4
41%
23.1
60%
48
335
)1
15
155
2631
)4
445
64
2)1
55
6%
4
6
141
he
645
1
1,900
300
3,500
16,600
20,900
1,700
30,300
3,900
1,600
10,500
35,100
500
700
400
200
1,900
9,600
1,300
1,600
16,700
17,300
34,100
49,200
67,800
5,400
10,800
3.300
300
12,900
7,700
44,200
200
5,400
900
6,100
78,30
2,00
25%
155
26%
1155
21,00
31,00
3,000
8,00
88,00
44,000
40,00
75
6635
01
5815
54
80
4735
35
14
34
he
734
11$
74
234
31
he
334
%
14
45
•is
3%
14
June
June
June
June
June
June
June
July
June
July
July
July
July
June
June
Feb
July
June
July
July
July
June
June
June
July
June
June
June
July
Apr
June
June
June
June
June
June
June
Apr 100)4 Jan
Apr 97
Jan
Apr 95
Jan
8911 Jan
AP
Apr 8155 Jan
Apr 99
Jan
Mar 80 June
434 June
54 Apr
355 14,000
14 June
8
Jan
8,00
3
Ma
3
e8
Jan
2,00
8
Apr 85
May
12,000 64
80
34% 94,000 al2)1 Apr 34% July
AD
Jan
92
85% 189,000 69
Apr 42
July
42
60,000 13
Apr 36
July
36 144,000 11
72% 108,000 324 Apr 7234 July
AD 10041 July
100% 66,000 83
Apr 81
July
81 140,000 33
Apr 105
July
1055. 953,000 45
AD
July
51
5035 61,000 22
8955 29,000 714 Apr 9734 Jan
Apr 105
10431
Feb
3,000 94
Apr 8551
eb
814 7.000 63
AP
9044 Jan
80 104,000 62
4031 237,000 25)4 Apr 4735 Jan
Mar 26
Mar 254
Mar 27
Mar 26%
Mar 28
Mar 27
Slay 25
Mar 354
Apr 52
Feb 4755
Mar 244
Mar 53
Apr 108
Apr 10735
Feb 73
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
June
July
July
July
Feb 10054
87
85% Apr 100
Mar 1004
87
Jan
Jar.
Jan
2231 102,000 13
1,000 1255
19
2035 9,000 1254
19% 500,000 11%
20% 373,000 134
2051 559,000 13
19% 3,000 814
25,000 16
23
5,000 33
51
474 130,000 15
5
1714 160,000
5155 5,000 27
108 646,000 60
10755 1531000 4855
95,000 32
73
9931 76,000
83,000
99
9854 24,000
Bonds (Continued)
-
July 15 1933
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Price. Low. High.
Range Since Jan. 1.
High.
Low.
91
Binghamton L 11 & P 5s '46
91
2,000 85
Apr
69% 71
17,000 58% Slay
Birmingham Elec 4548 1968
Birmingham Gas 58_ __1959 62
25,000 40
65
62
Feb
Boston Consol Gas 53_1947
1044 105
17,000 9951 Apr
Broad River Pwr 5sA_1954 4234 404 43
22,000 2734 Apr
Buffalo Gen Elm 5s_..1939
10651 10651 2,000 101
Feb
Canadian Nat fly 7s..1935 10255 102 10255 24,000 98
Apr
Canada Northern Pr 58 '53
77
7755 12,000 59
Mar
Canadian Pao Ry 68_1942 111
110% 11355 383,000 7054 Mar
Capital Admin 5s. _ _ _1953
80
80
With warrants
1,000 87
Apr
80
78
12,000 6751 Apr
Without warrants
79
Carolina Pr & Lt 55_1956 7651
7255 77 121,000 54
Apr
99
Caterpinar Tractor 55_1935
98
25,000 88
Mar
9651 9931 91,000 86% Mar
Cedar Rapids M & P 53'53 99
Cent Ariz Lt & Pwr 55_1960 88
8651 88
5,000 77% Apr
Cent German Power
40
40
part ctfs 68
1,000 37
1934 40
June
Cent III Light 50
1034 105
7,060 98% June
1943
Central III Pub Service
6931 76
58 series E
1956 76
25,000 52
Apr
1st & ref 448 ser F..1967 6831 6355 69% 87,060 48% Apr
21,000 52
70% 76
58 series0
1968 76
Apr
6855 6,000 48
4455 series H
1981 6855 66
AD
914 94
14,000 85
Cent Maine Pow 5s D 1955 94
May
444s series E
8534 85)5 10,000 8154 may
1957
Cent Ohio L & P 5s_ __1950 71
71
6,000 53% Apr
72
Cent Power baser D_ _1957 72
72
70
9,000 49
Apr
Cent Pow & Lt lot 53.1956 6354 59
6451 120,060 42
Apr
Cent Pub Ser., 534s. _ _ 1949
11,000
With warrants
334 311
3.4 Jail
Without warrants
3% 311 13,000
37'
1.
4 „Jai
53 156,000 274 Apt
Cent States Elea 58._ _1948 53
50
Deb 555s Sept 15 1954
Without warrants _
534 5231 53)5 3,000 27
Apr
With warrants
5355 5135 53% 259,000 28
Apr
Cent States P de L 555$1 '53 4851 4155 4955 209,000 2354 Apt
79
Chic Dist E ec Gen 4358 '70 79
77
36,000 5835 Apr
Deb 548
1935 89% 83% 8911 42,000 74
Apr
Chic Junction Rys & Union
1,000 9334 May
984 984
Stockyards 55
1940
Chic Pneu Tool 5455_'42 6355 63% 64
3,000 234 Jan
624 65
Chic Rye be We
26,000 47
1927 65
Mar
6031 624 7,000 4155 May
Cincinnati St Ry 548.1952 61
,
65 series B
15,000 484 Apr
1955 64)5 6255 65
Cities Service 58
1968 4155 4055 4145 31,000 24% Mar
Cony deb 53
1950 414 4155 4255 561,060 24% Mar
Cities Service Gas 5555 '42 61% 60% 6135 86,000 42
Feb
76
14,00
Cities fiery Gas Pipe L '43 7555 74
54
Jan
40% 42 156,000 25
Cities Sett P & L 535s 1952 41
,
Apr
4151 4251 54,00
555s
1949 42
254 Apr
Cleve Elec Ill 1st 58 1939
58 serles A
1954
Is series It
1961
Commers und Privat
Bank 555s
1937
Commonwealth Edison
1st M 55 series A
1953
let 51 be series 11.-1954
1st 4558 series C._ _ 1956
let 54 4558 aeries 0 1957
1960
434s series F
let M 48 series F._ _1981
555s aeries 0
1982
Com'wealth Subsid 5558'48
Community Pr & Lt 1957
Connecticut Light & Power
5 45s series It
1054
435s series C
1058
5s series D
1962
Conn River Pow bs A 1952
Consol G, EL & P434* 35
Consol Gas El Lt &P (Haiti
41 s series G
4
1969
4558 series It
1970
lot nets f 45
1981
Consol Gas (Bait CIty)
Gen mtge 435s
1954
Consol Gas Utll
& coil 6s ser A...1943
Deb 6348 with warr 1943
Consumers Pow 4;is- -1958
1st & ref 5s
1936
Cont'l Gas & El 53_ _ _1958
Continental 011 5%14-.1937
Cosgrove Sleben Coal
1945
6358
Crane Co 5s_ _ _ _ A ug 1 1940
Crucible Steel deb 55_1940
Cuban Telep 7349- -- _1941
Cudahy Pack deb 8448 1937
Sinking fund bs_
_1946
Cumber 'd Co P&L 445'5'.
Dallas Pow & Lt 8s A 1949
5s series C
1952
Dayton Pow & Lt 55 1941
Del Elec l'ower 543_1959
Denver Gm & Elec 58_1949
Derby Gas & Elec 58_1946
Det City Gm as set A 1947
55 lot series 11
1950
Detroit d‘ Intl Bridge
75
1952
7s ctfs of dep
1952
654e
Aug 1 1952
Dixie Gulf Gas 6558 1937
With warrants
Duke l'ower 434s....1967
Jan
Jail
July
Ja
102
80
66
105
484
107%
10235
7754
113%
Jan
June
July
July
80
80
77
99
9931
934
July
July
July
July
July
Apr
64%
105
Jan
Jan
79%
734
78
73
101
9311
78
75
67
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jan
ibl
June
6
44 Mar
July
53
5334 July
June
54
493,4 July
8434 Jan
Jan
e94
9834
6531
65
65
65
46
4555
61%
784
434
4335
July
July
July
June
June
May
May
July
June
June
June
105 106
25,000 114 Mar el 0735 May
1065% 1064 10731 6,000 1024 An 16551 Jan
10735 1074 107)5 13,000 102
Jan
Apr 110
5054
4655 513.4 94,000
464 June
68%
Jan
10315 10354 103% 36,000 89135 Apr 10634 Jan
10334 10351 10455 22,000 92
Apr 1054 Jan
954 94% 9555 21,000 88335 Apr 10254 Jan
96
24,000 8335 Apr 1014 Jan
94
96
9434 9355 94% 27,000 82
Jan
Apr 101
8651 8555 8735 183.000 7435 Apt 934 Jan
10451 10355 10431 92,000 95
Apr 106)1 Jan
7734 8555 163,000 57
85
Apr 8654 Jan
55 101,000 3631 Apr 5751 June
5451 50
1084 1084
10155 10255
10654 105 1064
9851 9755 9855
10234 102% 103
1.000 10234 Mar 11055 Jan
14,000 9731 May 105% Feb
11,000 9751 Slay 107)5 Feb
72,000 89
Jan
May 100
19,000 99% Mar 10435 Feb
10435 10515 20,000
102% 1034 27,000
9634 98
89,000
98
Jan
Apr 106
9534 May 107% Jan
89
May 99% July
10535 10535
103
97
97%
464 44
114
13
1014 100
10454
105
62% 6151
100
9
104
8755 90
89
684 78
78
80
78
80
974 100
100
1044 10435 10435
89
86
87
104% 1054
100% 101
105 105%
105
8434
8441 84
10031 101
101
74
72
74
95
9455 94
8216 85
85
3
211
93
_ ____
1,000
4835 67,00
21
13
33,00
4
101% 96,000 9035
10551 43,000 100
63 231,000 37
10015 88,000 92
3
3
14 251
811 8%
4,000
735
18,000 65
49,000 25
8,000 55)5
122,000 87
13,000 994
41,000 724
7.000 100
12,000 98%
40,000 99
38,000 60
11,000 9615
28,000 60
52,000 75
9,000 68
3,000
5.000
2,000
9134 93
34,000
100 1014 3,000
Apr 107%
June
Apr
Apr
Apr
Mar
Mar
Apr
Apr
Slay
Apt
Apr
Apr
May
Ma
Ma
14 Ma
15 Jan
3
Mar
70
88
96
96
4.000 90
Eastern Util Assoc 55_1935 96
Eastern Utilltle8 Invest
1855 20
37,000
58 with warrants...1954 19
931
Edison Elm 111 (Boston)
2-year bs
1934 10255 1024 10235 62,000 99%
954
72,00
5% notes
1935 1024 10251 103
514 54% 363,000 21
Elec Power & Light 58.203
0 53
74
1,000 67
74
Elmira Wat Lt & RR Is '56 74
5855 61
54,000 37
Empire Dist El 58..... _ 1952 61
51
126,00
49
28%
Empire Oil& Ref 53581942 51
Ercole Mareill Elm Isarg714 14,000 63
654e with warr
1953 7154 70
95
4,000 88
Erie Lighting Is
94
1067
European Else 6455_..1965
51,000 60
1,V1thout warrants
7034 73
73
38
37
7,000 23
European Mtge Inv 7s C'67
724 58,000 48
Fairbanks Morse deb 5a.'42 7155
71
1,000 24
41% 41%
Farmers Nat Mtge 70_1963
Federal Water Serv 6 355'54 42
394 43 105,000 18
Finland Residential Mtge
6555 26,000 38
Banks 6s
1981 6531 60
89% 93,000 68
88
Firestone Cot Mills 58.'48 89
40,000 71
92
Firestone Tire & Rub 58'42 914 91
46,000 37
Fisk Rubber 54s
5855 63
1931 62
66,000 44
Fla Power Corp 545.1979 74
7155 74
Florida Power & Lt .55 1954 684 6855 70 167,000 48
5841 70,000 3555
Gary El & Gas 5s ser A 1934 .5651
55
88,000 59%
Gatineau Power 1st 55 1956 79% 7654 80
49,000 39
72
Deb gold OP June 15 1941
69
72
Deb 6s series B _ _ 1941 6935 68
6915 27,000 39
4
General Brow,. ae - P1411
734 13.000 54,3
70
Jan
Jan 4855 July
Apr 13
July
Apr 1044 Jail
Jan
Mar 106
Apr 6554 June
Mar 10014 July
11
92
78
80
100
105
9112
108%
10351
1063‘
8554
1023i
7444
9855
91
454 June
3 June
941 June
Apr 93
Jan 102
May
Feb
July
June
July
July
July
June
Feb
Jan
Feb
Jan
June
Jan
Jan
Jan
Jan
9854
23
July
June
Jan
Jan
Apr 10344 Jan
Apr 10331 Jan
Apr 544 July
May 88
Jan
Apr 61
July
Apr 5251 May
June 76%
Slay 104
Feb
Jan
Mar
Apr
Apr
Ma
AD
73
38
724
4134
43
July
July
July
July
July
Jar,
Ma
Apr
Ma
Apr
Ma
Ma
Apr
Ma
ala
Aor
6555 July
8955 July
9234 June
63 June
July
74
7054 July
.
Jai.
72
80
July
July
72
July
70
73,6 July
Financial Chronicle
Volume 137
Bonds (Continued)
Gen Motors Accept Corp
5% serial notes_ _ _ _1934
5% serial notes
1934
5% serial notes_ _1936
Gen Pub Util 6345 A.1956
2-yr cony 6348
1933
General Rayon 8s ser A1948
General Vending Os w '37
Gen Wat Wks & El 5s 1943
Georgia Power ref 58..1987
Georgia Pow & Lt 58..1978
Gesture] deb (4
1953
Without warrants
Gillette Safety Razor bs'40
Glen Alden Coal 4s_-_1965
Glidden Co 54s
1935
Gobel (Adolf) 648..._ 1935
With warrants
Grand(F & W)Prop 6s1948
Certificates of deposit
Grand Trunk fly 6348 1938
Grand Trunk West 48-1950
Great Nor l'ow 5s____1935
Great Western Power 58'46
Guantanamo & West 6s '58
Guardian Investors 55 1948
Gulf 011 of Pa 58
1937
53
1947
5....1956
Gulf States um 5
448 series B
1961
Haugeniusek Water 58_1938
Is series A
1977
Hall Printing 5%e.__.1947
Hamburg Electric 78_1935
Hamburg El & Und 5148'38
Hanna (M A) 6s
1934
Hood Rubber 73
19341
53.45
1936
Houston Gulf Gas
6(4e with warr__1943
1st (is
1943
Hous I. & P 1st 448 E 1981
1st & ref 44sser 13.1978
58 series A
1953
liudson Bay M & S 58_1935
Hung-Ital Bk 748_
1963
I lyd Pow Niag Falls 58 '50
ygrade Food Products
Os series A
1949
Os series B
1949
Idaho Power 53
1947
[nimbi Central RR 434s'34
Northern MI158...1957
ill Pow & L 1st Os ear A '53
let & ref 54s ser B.1954
1st & ref User C._ _ 1956
I deb 548._ May 1957
Independent Oit&Gas 65'39
Indiana Electric Corp
Os series A
1947
634s series B
1053
38 series C
1951
Indiana Hydro-Elec bs '58
Indiana & Mich El let & ref bs
1956
56
1957
Indiana Service 65_ _1963
1st & ref bs
1950
Indianapolis Gas 56 A.1952
Ind'poll5 P& LSae.er A '57
IntercontInents Pow 681948
With warrants
International Power Bee
Secured 634a ear C_ _ 1955
7eeerieeF
1957
75 series F
1952
International Salt 58._1951
International Sec 5&_1947
Interstate Ir & steel 5348'46
Interstate Power 58_ _ _1957
Debenture Gs
1952
Interstate Public Service
(3a series D
1956
4 4s serlea F
1056
Invest Co of Am 58_ _1947
ithout warrants
Iowa
-Nab L & P 58-__1957
fis ;aria
1961
Iowa Pow & Lt 434s. _1958
Iowa Pub Serv 68___.1957
Iowa fly & Lt 5345_ _ _1945
isartso Ilydro-Elect 74 1952
lssotta Franshini 78_..1942
Italian Superpower of Del
Debs Os without war '63
Jacksonville Gall fe_..1942
Jamaica Water Sup 5411'55
Jersey C P & L 6813_1947
434s series C
1961
Jones Laughlin Steel Is '39
Kansas Gas & Mee 63_2022
Kansas Power 5s
1947
Kansas Power & Light1957
55 series li
Kentucky Utilities Co
1st St be
1961
646 aeries D
1948
545 series F
1955
Sc series I
1969
Kimberly-Clark 5s_ _1943
Koppers U & C deb 58 1947
Sink fund deb 630.1950
Kresge(88) Co 5s__ _1945
certificates of deposit__
Laclede Gan 548
1935
Larutan Gas 64s_
i935
Lehigh Pow Seoul 681_2026
.
Leonard Tietz 73Ss_ _ _1948
Lexington Utilities 58_1952
Libby MeN & Libby Sc '42
Lone Star Gas 5s
1942
Long Island I.tg 6s_ __1945
Loa Angeles Gas & Elea
55
1939
54s aeries I
1949
let & con 58
1961
'3 (is
1042
Louisiana Pow & Lt Sc 1957
Louisville & E 434s C '61
Manitoba PowerS 48.1951
Mansfield Min & Smelt
74 with warrants_ _1941
Mass Gus Co
Sink fund deb 68.-1955
54s
1946
McCord Bad & Mfg
(is with warrants__ .1943
Memphis Power & Lt 5e'48
Metropolitan Edison
4a series E
1971
55 series F
1982
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price Low. High.
102
102 102
10334 1034 1034
103% 103%
364 334 3631
40 a4534
36
42
36
6%
6
564 584
58
78% 773.4 7834
694 6534 7014
44
96
64
87
9%
102
67%
103%
46
10134
1014
78
10235
72
604
10134
85%
46
57%
94%
95
764
9731
7634
724
68
57
7934
724
67
101
41
904
6
7,000 100% Mar 10334 June
16,000 100% Mar 10331 July
5,000 100
Mar 104% July
82,000 12
Mar 38 June
15,000 1714 Mar 474 June
2,000 20
Mar 60 June
5,000
2
May
64 July
40,000 38
Mar 80
May
166,000 60
Apr 90% Jan
53,000 40
Apr 70% July
June 694 Jan
Apr 102
Feb
Apr 64
July
Apr 934 June
834 9331 252,000
9% 9% 4,000
4,000
934 10
16,000
100 102
66
67% 20,000
9934 99% 11,000
10234 1034 12,000
12,000
34% 36
46
46% 9,000
10034 10134 64,000
99% 1014 52,000
784 40,000
76
16,000
76
74
102 1024 34,000
17,000
9834 99
6934 72% 51.000
2,000
75
73
44,000
573.4 61
1014 1014 18,000
12,000
78
75
65% 654 1,000
.55
7
8
94
50
89
93
124
2634
92
92
50
53
96
9034
49
624
43
92
44
31%
Apr
Apr
Mar
Apr
Apr
Apr
May
Jan
Apr
Apr
Ma
Apr
Apr
Mar
AP
Mar
AP
AP
Jan
Fe
Ma
93%
12
104
102
6934
101
1064
36
50
1014
10114
82
7634
102%
9934
7214
86%
72%
10134
78
6534
July
Jan
Feb
July
June
Jan
Jan
July
June
July
July
Jan
June
July
July
July
Jan
Jan
July
July
July
46
573-4
949-4
95
100%
109%
514
1093-4
20,000
9,000
19,000
15,000
21,000
81,000
6,000
2,000
214
31%
7934
784
88
77
354
994
Mar 46
Mar 60
Apr 9634
Apr 964
May 104
Mar 109%
Feb 5134
Apr 10731
July
June
Jan
Jan
Jan
July
July
Jan
63%
63
61
60
97
97
73% 7634
964 98
7531 77%
694 74
6534 70%
60
55
100 100
6,000
7,000
1,000
139,000
13,000
60,000
97.000
91,000
40,000
22,000
41
40
854
33
85
52
50
4534
38
844
Apr 65 June
Apr 61
June
May 102% Jan
Apr 763( July
May 100% Feb
Apr 774 July
Apr 74
July
Apr 71
Jan
Apr 604 Jan
June
Mar 100
7934 26,000
7,000
82
73% 9,000
17,000
74
57
62
49%
49
Apr 91
Feb
91
Jan
AP
Apr z7834 Jan
76
May
Jan
3,000
51.000
32,000
88,000
11,000
110,000
80
94
1234
14
65
7334
Apr 99
Jan
May 105
Jan
Apr 404 July
Apr 414 July
Apr 83% Jan
954 Jan
AP
42
5234
9234
93
100
104
5134
105
7731
804
714
71
93
994
39
39
7631
8734
6
93
101
4034
414
78
90%
635 19,000
I%
Jan
10
June
8,000
58,000
24,000
4,000
9,000
7,000
168,000
67,000
74
74
70
74%
40
21
3814
2034
July
July
May
Mar
Mar
Apr
Apr
Apr
91
96
90
87
60
674
64
534
Feb
Jan
Jan
July
June
June
July
July
7034 48,000
6431 68,000
464 Apr
45
Ain
784
72
Jan
Jan
8,000
75
58,000
80
4,000
80%
87% 8,000
22,000
81
2,000
85
36,000
76
78% 3,000
63
63
634
74
80%
75
71
63
Mar
Apr
May
May
Apr
May
Apr
Jan
75
8414
844
92%
834
92
884
804
Feb
Jan
Jan
Jan
Jan
Feb
Feb
June
624
5034
703-4
6334
68
63
7434
794
8031
74
78
784
87
7934
85
72%
784
85
74
78%
41,00
374
84,000 304
15,000 98
8,000 86
50,000 80%
6,000 101
3,000 69
5,000 65
5735
4534
101
99
00
90% 9014
103%
78
764
8u4
85
594
4734
1014
99
91
10334
8034
76%
884
5,000
73%
90
82
7434
87
76
83
94
86%
76
94
82
29%
71%
74
02
91
76
91
82
76
90
774
80
05
88
80
95
84
294
74
76
92
9334
27,000
13,000
1,000
63,000
10,000
38,000
13,000
4,000
6,000
36,000
19,000
74,000
2,000
12,000
75.000
5,000
9,000
104%
102%
99
104
8635 85%
954
484 42
105
10251
094
104
86%
964
48%
5834
4731
753-4
904
7534
84
944
86%
80
823.4
2934
754
92
9234
994
a53
84
0134
10
100
High.
31%
89
45
75
77
85
824
86%
60
63
64
533i
60
Low.
454 28,000
9,000
96
64 410,000
6,000
93
404
95
594
9234
74
74
74
88%
584
614
57%
46%
85
82%
Range Since Jan. 1.
053
77
86
46
100
71
May
65
67
56
52
72
70
72
77
6614
47
584
56
25
584
464
84
80
Mar 774
Apr 93
Apr 82
Apr 7734
Apr 90
Apr 7934
Mar 85
Apr 96
Mar 90
Mar 80
Jan 95
Apr 884
June 684
Apr 74
Mar 77
May 97
Apr 100
90
June
June
Feb
June
June
July
Jan
July
Jan
Jan
July
July
Jan
Jan
July
June
Mar
Jan
4,000 1004 Mar 1064 Jan
1,000 984 May 106% Jan
25,000 91% May 103% Jan
1,000 100
Star 105
July
28,000 734 May 9444 Jan
15,000 894 May 102
Feb
82,000 20
Apr 4814 July
3,000
82% 844 65,000
9034 91% 27,000
40
08
624 June
AP
Apr 51
Jan
May 102
Jan
Apr 1014 Jan
Mar 9631 Jan
Apr 104
June
Apr 854 Jan
May 80
Feb
15,000
24,000
16,000
78
8934 46.000
47
Apr
54
714 Apr9431
Apr 99
75
84 A p
May
81
68
79
Ap
Ap
46
103
Feb
Jan
Jan
July
Jan
86
Jan
9714 Fels
Bonds (Continued)
Middle States Pet 64s 45
Middle West Utilities
5s ctfs of deposit...1932
58 etre of deposit_..1933
Is Ws of deposit.. __1934
55 ctts of deposit...1935
Milwaukee Gas Lt 4348 '67
Minneap Gas Lt 4348_1950
Minn Gen Elec Is____1934
Minn P.8 L 4348
1978
Is
1955
Mississippi Pow Is...
_1955
Miss Pow dr Lt 5s_ _ 1957
Silas River Fuel ris 1944
Without warrants
With warrants
Mies River Pow 1st 58_1951
Missouri Pow & Lt 545'55
Missouri Public Serv Sc '47
Monon West Penn Pub Ber
let Hen & ref 54s B 1953
Mont-Dak Pow 534s_ _ _'34
Montreal L H & P
& ref be ear A_ _ _ 1951
5a aeries B
1970
Munson 88 Line 848_1937
With warrants
Narragansett Elea 58 A '57
68 serles B
1957
Nat Pow & Lt 6s A._ _2026
Deb 5s series B....2030
Nat Public Service 55 1978
Certificates of deposit...
National Tea 513
1935
Nebraska Power 68 A.2022
let M 44s
1981
Nehiner Bros Realty 60 '48
Nevada-Callf Elea 58.1956
New Amsterdam Gas 55'48
N E Gas & El Assn 65_1947
Cony deb 58
1948
Cony deb be
1950
New Eng Pow Assn 58.1948
Debenture 54s_ _1954
New On Pub Seri 4348 '35
,
68 series A
1949
NY & Foreign Inv 54 '48
With warrants
NY Penni' & Ohio 448'35
N Y P&L Corp let 4448'87
N Y State &E 434s.1980
54a
1962
N Y & Weetch'r Ltg 4s 2004
Registered
Debenture 58
1954
Niagara Falls Pow 611_1950
58 seriee A
1959
Nippon Elec Pow 6431953
No American Lt & Pow
58
1934
5% serial notes
1935
5% serial notes
1938
54a series A
1958
Nor Cont Util 534s. _.1948
Nor Indiana 0.8 E 68_1952
Northern Indiana P 81st & ref 58 ser C_ 1966
58 series D
1969
4148(series E
1970
Nor Ohio Pow & Lt 548'51
Nor Ohio Tr & Lt 55_ _1956
No States Pr 54% n01116.40
Refunding 44e._ _1961
North'n Texas Util 75 1935
N'western Moe 6s_ _ _1935
N'weetern Pub Serv 561957
Ogden Gas 5s
1945
Ohio Edison let Sc.
1960
Ohio Power let 58 B...1952
181 .8 ref 448 ser D 1958
Ohio Publto Service Coils series C
1953
let & ref Sc ser D.
.1954
54s series E
1961
Okla Gas & Elea 58-1950
6s deb series A
1940
Okla Pow & Water 58.194/3
Osgood Co 6s w w
_1938
Oswego Falls 88
1941
Pacific Gas & El Cohn 65 series B
1941
1st & ref 58 ser C_ _ _ 1952
bs series D
1956
1st & ref 44s E.._ _1957
tat & ref 43.4c F.._.1960
Pac Investing 55
1948
Pao Pow & Light 5s. _ _1955
Pacific Western 0116 448 '43
With warrants
Palmer Corp of La 8s.1938
Penn Cent L& P 4148 1977
5s
1979
Penn Electr.c 45
1971
Penn Ohio Edge ser A withou war? 60
Deb 5
series B...1959
Penn-Ohio P & L 5140 1954
Penn Power 58
1956
Penn Pub Serv Os C J947
Penn Telep 58 series C.1960
Penn W at & Pow 5s. .1940
Peoples Gas 15.8 Coke
43.4% serial notes_ _1934
4 Li% serial notes_ _1935
40 series 13
1981
as aeries C
1957
Peoples Lt & Pvrr 58..1979
473
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
37
57
1,000
Range Since Jan. 1.
Low.
27% Mar
High.
60
July
14%
144
14%
144
13
1231
1234
13
100%
8331
10231
76%
8034
6234 60
72% 72
15
14%
14%
1431
10134
8331
1023.4
77%
824
63
7334
38,000
34
93,000
3%
41,000
3%
42,000
44
28,000 91
2,000 724
16,000 100
13,000 57
19,000 66
23,000 44
30,000 50
Mar 15
14%
Mar
Mar 144
Mar 1434
Apr 1023.4
Apr 90
Mar 10334
Apr 81
Apr 87
Apr 734
Apr 83
90
9234
10334
9134 9031
53
55
92
94%
104
9134
584
21,000
30,000
10,000
3,000
26,000
79
79
98
79
3734
July
Feb 92
Mar 94% July
May 105% Jan
Apr 9234 Feb
Jan
Apr 65
July
July
July
July
Jan
Jan
Feb
Jan
Jan
Jan
Jan
72
47%
68% 72
47,000
47% 4831 12,000
48
27
Apr
Apr
994
9934
9731 101
73,000
9831 100% 67,000
84
82
Feb 97g July
Feb loog July
25
13% 31
89,000
10134
101
81%
684
82,000
10,000
10,000
70,000
1934
20%
19
98% 97
98%
92
92
91
10034 10034 101
494 49
50
68% 6734 76
99
95
5734 55% 58
554 57%
57
544 574
044 6714
67
69% 71%
71
59% 524 ao
40
3634 40%
135,000
33,000
3,000
12,000
26,000
122,000
5,000
104,000
88,000
168,000
128,000
105,000
183,000
50,000
100
100
81
6734 67
wog
100
8
Feb
75
72
9831
03
91%
86
73
31
944 May 1034
Apr el03
96
50
Mar 85
41
Mar 74
11%
8334
80
88
17
4734
89
37
384
3734
35%
40
40
254
Jan
June
July
Jan
Jan
Jan
Jan
Apr 234 Jan
Jan 9834 July
Apr 964 Jan
May 10231 July
July
Apr 50
Apr 7831 July
Apr 10234 Jan
Apr 594 June
Jan
Apr 60
Apr 69% Jan
Mar 884 June
Mar 7234 June
Jan
Apr 65
Apr 494 Jan
614 603.4 61% 3,000 60
May
98
95
98
51,000 88
Apr
93% 95 217,000 82
95
Apr
7831 77
7934 85,000 684 Apr
8
0
9
90
:
8934 10 : 102
29,000 80
Apr
9134 92
6.000 82
An
891i 894 3,000 8944 July
102
14,000 9834 Jun
1034i 06
106% 106 104% 11,000 1014 Mar
6,000 964 May
65
65
63
17,000 3534 Feb
454
404
76
50
784
08
99
9114
105
974
8934
105
1084
106
65
Star
July
Jan
Jan
Jan
Jan
July
Feb
Jan
Jan
July
July
Feb
Jan
July
July
Feb
99
90%
88
45
39
9134
9931 23,000
91
2,000
88
2,000
4734 55,000
424 43,000
91%
1,000
864
74
68
214
22
7834
Apr 994
Apr 92
May 91
Apr 4731
424
Ma
May 102%
74
744
7034
973-6
89%
90
90%
99
86
67
75
754
72
98%
91
93
9234
994
86
7331
594
59
54
80
77
70
70
8331
774
55
Apr 904 Feb
Feb
Apr 91
Apr 85% Jan
API' 10344 Jan
May 1004 Jan
July
Mar 93
Apr 974 Jan
June 99% Ally
Jan
June 93
Jan
APT 75
25,000
14,000
31,000
30.000
8,000
30,000
57,000
12,000
1,000
42,000
95
9735 3,000
924 89% 924 73,000
1014 101% 103
47,000
9734 9634 98
70,000
Apr 10134 Feb
85
73
Jan
Apr 98
904 May 104% Jan
Apr 994 Jan
81
75
64
70
7034
63
35
254
30
Apr
Mar
Apr
Apr
Mar
Mar
May
AP
1094 108% 1094 21,000 101
105
10431 1054 48,000 98%
103
103 1034 13,000 944
9774 97
98
73,000 8644
98
7
98
54,000 88
754 81
80
11,000 64
6936 654 0935 130,000 48
Ma
AP
May
Apr
Mar
Apr
Apr
1124 Jan
10634 Jan
10534 Jan
10114 Jan
10134 Jan
July
81
7114 Jan
57% Apr
704 Apr
Apr
00
May
76
6114 Apr
July
81
July
91
8014 Feb
Feb
90
7414 Jan
82
8531
63
48%
81
764
70
85
79
814
85
78%
594
40
464
7531
01
73%
81%
69
89
81
82
8634
79%
63
40
49%
81
49.000
91
2,000
76% 60,000
83
7,000
724 15,000
75
75
75%
6834 68
69
984 97% 9814
101
10014 101
90
92
90
92% 93
106
105 106
100% 100%
100%
87
854
101% 101%
4
534
2,000
7,000
19,000
47,000
8,000
327,000
3,000
16,000
9534
8914
90
914
794
63
40
53
Jan
Jan
Jan
Jan
July
July
July
Feb
15,000
17,000
25,000
15,000
5,000
4,000
19,000
53
45
85
96
81
90
994
Apr
Apr
May
Mar
Apr
Star
Apr
10034 11,00
1004 2,000
87
3,000
102
51,000
6
58,000
974
9634
66
974
zyi
Mar 100% Feb
Mar 10031 July
Apr 93% Jan
AP 106(4 Jan
834 May
AP
Phil* Electric Co 58_1966
10934 110
Philo, Elea Pow 5448..1972 10634 1064 107
Phil!' Rap Transit 6s._1902 53
53
53
1'hila Suburban Counties
Gas A; Elec 445_ .1957
10431 104%
Mara Suburb Water 58 '55 102
102
102
Piedmont Hydro El Co
1st & ref 644s al A.-1960 70
6834 70
Piedmont & Nor 5e. _ _I954 7934 77
794
Pittsburgh Coal Os. _ _1949
94% 954
Pittsburgh Steel 68...1948 80
79
80
Pomerania Elea Bs__ _ _1953 38
3834
35
Poor .8 Co Ce
1939 87
8134 87
Portland Gas & Coke 5s '40 94
94
91
Potomac Edison ba E.1958 88
8534 88
43.4sseriesF
1961
8434
81
Potomac Mee Power 5s '36
103% 104
Power Corp(Can)4
63
63
B'59 63
Power Corp of N Y8348 series A
1942 9435 94
944
5145
1947 6315 62
64
82
754
10331
104
100
9731
108
Jan
Jan
Feb
Feb
Jan
Feb
Jan
30,000 1024 Mar 110% Jan
Feb
47,000 10144 Mar 108
1,00
4334 May 604 Jan
2,000
1,000
9514 May 10434
95% Max 1044
29,000 65
46,000 604
3,000 82
16,000 634
10,000 28
31,000 41
4,000 82
39,000 74
9,000 85
10.000 102
1,000 28
24,000
5,000
Jan 7631
Apr 82
954
AD
Feb 81
May 594
87
An
May 100
Apr 89%
May 884
Apr Dm%
Apr 63
804 May
52
Apr
Jan
Jan
Jan
June
July
June
Jan
July
Jan
Jan
Jan
Fen
July
9934 Feb
64
July
Financial Chronicle
474
Bonds (Continued)
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Price. Low. Ilion.
Power Securities Corp
58% 67
1949 67
6s Amer series
104% 10534
Procter & Gamble 434s '47 105
60
63
Prussian Elea deb 65..1954
9115 93
Pub Serv (N H)4356 B1957 93
112 112
Pub Serv of N J pet ctfs
Pub Serv of Nor Illinois
1956
85
86
1st & ref 5s
85% 8531
1966
5.8 series C
78
78
434s series D
1978
1st & ref 454s ser E_ 1980 7955 79% 80
80
tat & ref 454s ser F_1981 7939 78
1937 97% 97% 98
6398 series 0
1952 9331 93% 93%
6%a series H
Pub Sep" of Oklahoma
68% 73
1961
68 series C
1957 76% 7131 7635
58 series D
73
66
Pub Serv Sub 534s A_1949 70
65% 6754
Puget Sound P& L 5555 '49 66
69%
1950 64% 63
lst & ref 5s ser C
61
59
lot & ref 434s sec D_1950 61
96
1968 96
88
Quebec Power 55
Queens Borough G & E7551
1952 75% 73
53ds series A
92% 9211
1958
Ref 415s
Reliance Management
65
65
5s with warrants_ _ _1954
Republic Gas
1945 2134 2135 2195
Os
21% 23
Os ctts of deposit... 1945 22
42
Rochester Cent Pow 5s '53 40% 39
Rochester fly & Lt 50_1954 10.534 10435 10595
40% 44
Ruhr Gas Corp 6M.._1953 44
Ruhr Housing 6158_ 1958 32% 2634 32%
Ryerson (Jos T) & Sons
95
95
1943
58
Safe Harbor Wat Pr 4555'79
St Louis Gas & Coke (is '47
San Antonio Pub Serv 58'58
San Joaquin L & P1952
Os series B
Sande Fails 55 A
1955
Saxon Pub Works 65_.1937
Schulte Real Estate 68 1935
With warrants
Without warrants
Scripps (E U) deb 515s '43
Seattle Lighting 55...._1949
Serve! Inc 5s
1948
Shawinigan W & P4348'67
1968
434s series B
1970
lat &series C
1st 4345 series D
1970
Sheffield Steel 534s.__1948
Sheridan Wyo Coal 65_1947
South Carolina I'wr 5.s 1957
Southeast P & L 60_ _2025
Without warrants
Sou Calif Edison 55___1951
1952
Refunding ba
Refunding bs June 1 1954
1939
Gen & ref be
Sou Calif Gas Co 4158_1961
5.14s series B
1952
Sou Calif Gas Corp 68_1937
1957
5s
Sou Counties Gas 4598 '68
Sou Indiana G & El 5555'57
Sou Indiana fly 45_1951
Southern Natural Gas 6544
Unstamped
Stamped
S'west Assoc Tele') 58_1961
Southwest Dairy Prod
6345 with warrants _1938
Southwest0& E 55 A.1957
1957
55 series B
Sou'west Lt & Pow 55.1957
Sou'west Nat Gas 65 1945
So'west Pow & Lt 6s2022
S'west Pub Serv 65 A.1945
1942
Staley Mfg Co 68
Stand Gas & Elec 65 1935
Conv 68
1935
1951
Debenture 68
Debenture tis,Dec 11966
Stand Investing 5158_1939
5s without warr
1937
Stand Pow &Lt65-- _1957
Stand Telep 5155
1943
Stinnes (Hugo) Corp
7s without warr Oct 1 '36
7s without warr
1946
Sun Oil deb 64s
1939
5`;; notes
1934
Sun line Line 55
1940
Super Power 01 111 4155.'68
1st 4958
1970
lot 69
1961
Swift & Co 1st me 158_1944
6% notes
1940
Syracuse Lighting
5.3 series B
1957
Tennessee Elec Pow 581956
Tennessee Pub Serv Ss 1970
Terni Hydro Eiee 6%s 1963
Texas Cities Gm 55_1948
Texas Elea Service 56_1960
Texas Gas UN/ 6s____1945
Texas Power .4 Lt 55_1956
1937
58
2022
Debenture es
Thermold Co 6s
1934
th warrant.
Tide Water Power 58.1979
Toledo Edison bs
1962
Twin City Rap Tr 645 '52
Ulm] Co stab 68
1944
Union Elea Lt & Power
4145
1957
5s series 13
1967
Un Gulf Corp tat_July 1'50
United Elea (NJ)4.5..1949
Un'ted Rice Perv7s 1956
United Industrial 63481941
let 65
1946
United Lt &Pow 65...._1975
1st 545- ___April 1 1959
Deb a 640
1974
U S Rubber
1933
3
-Year6% notes
3
-year 68
1936
615% serial notes 1934
615% serial notes_ 1935
614% serial notes...1938
614% serial not.. 1937
634% a.rial norm...1938
634% serialnotes_ 1939
655% serial notes
1940
101
1135
17
16%
71
4755
70
76%
76%
82)9
77
83
43
71
72
103
102%
10214 102%
105%
894
101%
894 88%
95% 9551
87
10434 1035£
60%
735
103%
103%
103%
106%
70
73
103
6834
Low.
High.
25,000
5,000
- -8,000
12,000
39,000
99,000
19,000
66
61
60
61
60%
80%
75%
Apr 100% Jan
Jan
Apr 98
Apr 9054 Jan
Apr 91% Jan
Jan
Apr 93
Apr 107% Jan
Apr 100
Feb
12,000
30,000
67,000
86,000
32,000
80,000
22,000
524
54
42
47
45%
40
71
Apr
Apr
Apt
Apr
Apr
Mar
Apr
3,00
10,00
7551 July 87
8815 May 100
Jan
Jan
68
June
3,000
55
6,000 14
53,00
13
29,000 25
4,000 100
19,00
3314
18,000 23%
1,00
1015
90
9551
8851
104%
62
10,000
1,000
15,000
36,000
6,000
108,000
75,000
89.000
115,000
6,000
8,000
15,000
Feb
7844 Feb
7715 Jan
8059 Jan
67% Jan
Jan
66
Jan
63
July
96
24% June
Apr
Apr 2459 June
Jan
Mar 48
Mar losq Feb
Jan
June 67
May 6051 Jan
8015 Mar
74,000 go
99% 101
11% 13% 35,000
7
17,000 :115
82
80
11%
1615
68
44%
67
71%
7034
79
71
83
41%
6855
47
70
7655
76%
8255
76%
Since Jan. 1.
July
Apr 67
23,000 44
32,000 98% may 105% Feb
Jan
11,000 4344 Apr 70
Apr 95% Jan
25,000 65
Jan
5,000 103% Apr 119
1,000
1004 1004
10334 103 103% 10,000
40
39 n4259 21,000
17
1615
Raises
95
July
Apr 102
Apr 1634
May 83%
Jan
Jan
Jan
92% May 107
9744 Mar 105
38 June 67%
Jan
Jan
Jan
8
7
6544
30
4919
49
50
57
48%
65
23
48
Ma
Apr
Apr
Apr
Jan
Apr
Apr
Mar
Mar
Apr
Feb
Apr
17
16%
72%
50%
70
7654
76%
82%
77
83
43
71
July
July
Feb
Jan
July
July
July
July
July
July
July
July
146,000 474
44,000 94
23,000 94%
5,000 94
14,000 101
21,000 79
1,000 94
18,000 72
1,000 85
2,000 75
2,000 98
27,000 34
Mar
May
Apr
May
Feb
Apr
May
May
Apr
May
Apr
Apr
8214
1054
1054
105%
105
95
103
90
99%
9254
105%
62
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
Jan
Jan
July
67
67
53
76,000
70
69% 8,000
1,000
53
7
74%
73
71
36%
6759
71
86%
7439
74
57%
57%
75
73
53%
1851
7
7635
7519
72
38
68%
71
88
75%
76%
60
60
75
73
55%
19
Apr
39
39% Apr
Mar
35
July
70
6914 July
Jan
56
1,000
56,000
19,000
26,000
25,000
22,000
1,000
16,000
134,000
159,000
110,000
63,000
1,000
2,000
152,000
11,000
4%
60
52
5044
26
32
5544
89%
35
35
2814
284
63
61
2634
10
June
Apr
Apr
May
Mar
Apr
Apr
Mar
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
7
82%
82
72%
43
6835
7159
88
754
7634
62
an
75
73
59
32%
July
Jan
Jan
June
May
July
July
July
July
July
June
June
July
July
June
Jan
14,000
33% 35
3431 28,000
32
34
102% 101% 102% 54,000
101% 101% 101% 30,000
30,000
98% 100
100
78% 47,000
78% 74
77% 18,000
7755 74
89% 13,000
89
89
10511 104 105% 18,000
100
98% 10011 197,000
30%
29
99%
99
9531
59
80
7634
9695
87
July
July
Apr
Feb
June
MaY
Apr
May
Apr
Mar
85
59%
1024
101%
100
84
834
935
%
105%
100%
Jan
Jan
Jan
July
Feb
Jan
Jan
Jan
July
July
96
Mar 106%
Jan
63
70
69
46
68
1134
70
90
66
May 95%
Apr 94
Jan 81%
Feb 5815'
Apr go
Feb 32
Apr 92
Apr 104
Apr 82%
Jan
Jan
Feb
July
Jan
July
Jan
Jan
Jan
76
7539
71
37)9
71
75
75
59
59%
75
55
10214 102% 10251
3,000
84%
30%
8611
100
78
75
82%
65
5611
79%
27%
85
98%
78
7994
84
72
58%
84%
32
86%
100
78
37,000
10,000
46,000
19,000
62,000
31,000
50,000
70,000
1,000
64
6655
9555
32%
41
55
65
93%
29%
37%
65
6715
9555
32%
43
19,000
30,000
140,000
119,000
94,000
26% Apr
4415 Apr
80% Apr
Apr
20
16
Jan
9855 9754 9859
103% 104
104
101% 100% 102
101% 10135 101%
7415
7455 67
5251
5014 50
51%
5159 50
56%
5611 52
7751 81
77%
5351 60
77,000
5,000
103,000
6,000
42,000
46,000
19,000
126,000
9,000
59,000
87%
92%
96
95
67
35
35%
27%
54%
294
78%
84
72
100
92%
9559
86
7615
78
7531 68
6959
72
68
74
6734
100
93%
98
87%
80
7554
7415
75
74
12,000
6,000
8,000
59,000
14,000
21,000
15,000
13,000
24,000
July
65
July
69
Jan
994 Jan
34% May
July
43
Apr 09%
Apr 106
Apr 103
Mar 103
July 8351
May 66
May 88
Apr 60
Mar 82
Apr 60
Jan
Jan
Feb
Jan
Feb
Jan
Jan
June
July
July
Apr :110
68
92 June 9435
5059 Apr 98
2915 Feb 87%
Feb 80
27
Apr 78
25
Feb 78
27
Feb 76
27
Feb 76
25
May
June
July
July
June
June
June
June
June
Bonds (Concluded)
On Lt & fly 544s
1952
1952
(Is series A
1973
65 seriet A
lltah Pow & Lt65 A 2022
Utica Gas& Elec 5s E _1952
5s series D
1956
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low, High.
5834
8251
5451
63%
57
82%
51q
63%
101%
101
61
105,000
83% 22,000
5431 13,000
65
9,000
10211 9,000
101
6,000
a6034 a6014
Valvoline Oil 7s
1937
Vamma Water Pow 5145'57
88
88
14
Van Camp Packing 65_1948
15
V. EtO & Power 5a
99 100
1956 100
Va Public Sera 54s A 1946 7154 6915 7255
1st ref bs ser B
1950 6951 66
6954
1946 6751 6251 6714
65
Waldorf-Astoria Corp-1295 1454
7a with warrants...,1954
8
8
Certificates of deposit_ __
Ward Baking Co(is__ _1937
935£ 94%
8594 8815
Wash Gas Light 5s
1958 88
88% 8859
Wash fly & El 4s
1951
Wash Water Power 5s_ 1960
95% 9751
West Penn Elec 55. _2030
65
67
West Penn Pwr 4s II...1961 97% 9735 9835
West Texas Utll 55 A _1957 6151 56
6151
Western Newspaper Union
33%
Cony deb 6s
1944 3355 30
Western United Gas & Elea
let 514s ser A
1955 84% 83% 8554
Wisconsin Elec Pow 5s1954 10231 10151 102%
8451 8554
Wise-Minn Lt & Pow 58'44
76
Wisc Pow & Lt 58E1956
77
77
75
58 series F
1958
86% 8631
Yadkin River Pow 55.1941
88
88
York Rys 5s
1937
Foreign Government
And Municipalities
Agri(' Mtge Bk (Colombia)
7s
1946
75
1947
Baden is
1951
Buenos Aires (Prov)1947
7158
1947
7358 Stamped
Vs
1952
78 stamped
1952
Cauca Valley 7s
1948
Cent Bk of German State &
Prov Banks 81 B
1951
tis series A
1952
Danish 515s
1955
58
lo53
Danzig l'ort & Waterways
25
-year 6148
1952
German Cons Mtmlo 75.'47
Secured 68
1947
Hanover (City) 75_1939
Hanover (Pros') 634s.._1949
Indus Mtge Bk (Finland)
1s1 mega coIls f 7s 1944
Lima 6%s
1958
Ctfs of deposit
Maranhao 78
1958
Medellin (Colombia) 78 '51
Mendoza 7148
1951
Mtge Bk of Bogota 75_1947
Issue of May1927
Issue of October 1927_
Mtge 13k of Chlle 68..1931
Mtge 13k Denmark 55.1972
Parana 7s
Rio de Janeiro 644s
Russian Govt
644a
6448 aertilleaces
5%s
514a certifIcates._
Saar Basin 78
Santa Fe 7s
Santiago 7s
78
1958
1959
1919
1919
1921
1921
1935
1945
1949
1961
2955
36
35
37
38
29% 29%
37
3631
3751
37
3531
15 1933
Range Since Jan. 1,
Low.
High.
3159 Apr 61
64
Apr 83%
2514 Apr 55
45
Apr 65
92
Feb 10255
9455 June 10359
July
July
June
July
Jan
Jan
1,000
5,000
13,000
73,000
24,000
16,000
14,000
53
68
1034
89
57
64
43
Feb z55
Jan 88
Feb
2459
May 101
May 77
Apr 7144
Apr 67%
July
July
May
Jan
Jan
Jan
July
11,000
2,000
9,000
109,000
1,000
48,000
16,000
32,000
140,000
5
24
904
78
82!.4,
87
44%
93
35%
Mar 14% July
Feb
10 May
Jan
Apr 97
Mar 9444 Feb
May 91
Jan
Apr 10234 Jan
June
May 71
May 101
Jan
Apr 62
June
22,000 :21
40,000
4,000
5,000
10,000
9,000
2,000
8,000
3,000
2000,
2,000
40
11,000
9119 29,000
37
2,000
37
12,000
1355
1134 13% 13,000
5655
53
32%
7359
6551
56% 41,000
3415 11,000
76
11,000
65% 3,000
ft4
97
70
6215
59
75
78
Feb
35
June
Apr 8914 Feb
Mar 103
Jan
Feb
Apr 91
May 89
Jan
May 8951 Jan
May 89
Jan
Apr 92
Jan
1714 Apr
16
Mar
28 June
July
37
38
July
5735 Jan
2559
34
2951
2939
Jan
May
May
May
40
4139
37
38
July
July
June
July
7
Mar
15
June
36% May
28
June
58
Mar
57
Jan
Jan
66
Jan
55
7655 Juno
68
May
40
40
90
39
3414 40
35% 40
5,000
108,000
153,000
37
May
26% June
26
May
Jan
54
62% Jan
6144 Jan
3355
5159 56
33% 35
30,000
47,000
5155 July
28
May
Mar
61
5444 Jan
81% 89
9
r10 r10
18
18
16
15
3051 34
14,000
3,000
1,000
3,000
19,000
31,000
59
4
3
639
1055
17
34
35
13
75
5,00
22,000
23,000
2,00
1895 Feb
20
Mar
8
Apr
5759 Apr
89
34
3415
13
2051
731
6;9
7
2555
34
3354
12
7455
1235 1335 26,000
18
20% 21,000
7%
6
sq
6
101
19%
10
10
899
7%
8
711
101
2515
1259
10
37,000
366,000
52,000
165,00
1,000
10,000
3,00
3,000
5
7
2
144
2
14
97
13
4
44
Mar 89
Feb
9%
May r10
Jan 20
Mar 21
Mar 34
Jan
Jan
34%
35
15%
9614
July
June
July
June
June
July
June
July
June
June
1654 June
20% July
Apr
815
Mar
7%
Mar
859
Apr
715
Apr 102
Apr 26
Mar
1355
Jan
1234
July
July
July
July
Apr
May
June
June
• No par value. a Deferred delivery. 00 d Certificates of deposit. cons Consolidated. cum Cumulative. cony Convertible. e See note below. is Mortgage. is Sold under the rule. n-v Non-voting stock. r Sold for cash. vie Voting
trust oentileaces.
w w With warrants,
w i When tanned.
a Ex-dividend.
I ze Without warrants.
I See alphabetical list below for "Deferred delivery" sales affecting the aaaaa
tor the year:
American Manufacturing. pref., Feb. 7, 30 at 4344,
Arkansas Natural Gas, corn.. class A, March 16,400 at 4.
Associated Gas & Elec. 56 1968, registered, Mar. 29. $1,000 at 13
Beneficial Industrial Loan corn, April 19. 200 at 8.
Central States EieVrie 58 1948, Aprll 7, $16,000 at 2734
Cities Service, corn., April 13, 100 at 134.
Commonwealth Edison 58, series A. 1953, April 24, 85,000 at 91.
Commonwealth Edison 434s, series C 1956, April 24, $2,000 at 83.
General Bronze Corp. 65, 1940, April 10. $7,000 at 43.
Godchaux Sugar 714s, 1941, July 5, $2,000 at 100.
Indiana Electric bs, aeries C. 1951. Feb. 1, $7,000 at 80.
International Petroleum, Feb. 2, 200 at 844•
Jersey Central I'ow & Light 54% pref., May 29, 25 at 58.
Lefcourt Realty Corp., pref. Apr' 4. 100 at 214
Ludlow Mfg. Associates, July 11, 30 at 82.
Niagara-Hudson Power class B option warrants March 21. 10.
Peoples Light & Power 55. 1979, April 18. 82,000 at 15.
Prudential Investors $6 pref., June 20, 100 at 79.
San Antonio Public Service 58, 1958, Slay 3.51,000 at 64.
Syracuse Lighting 534s, 1954, Feb. I. $1,000 at 10934.
Union American Investment 5s w. w. 1948, April 12. 81.000 at 72
United States Rubber 68, 1933, May 19, 58,000 at 10034•
Valvoline Oil 7s, 1937, July 10, $1,000 at 6034.
Western Newspaper Union 68, 1944, Starch 16, 81,000 at 21.
e See alphabetical list below for "Under the rule" sales affecting the range for
the year.
Associated Telephone $1.50 preferred. Feb. 9. 100 at 1915.
American Community Power 535s, 1953, June 16, $1,000 at 10.
Chicago District Electric 54s, 1953, Feb. 2, 37,000 at 9544.
Cleveland Electric Illuminating 55 1939, June I, 51.000 at 10734.
Crown Central Petroleum corn.. April 24. 67 at 1.
Narragansett Electric Is. series B. 1957. Jan. 17. 31,000 at 104.
New York & Westchester I.tg 5s 1954. Mar. 27,85.000 m 10644.
Southwestern Public Service 6s, A. 1945. Feb. 14, 31.000 at 70.
Tennessee Public Service 58. 1970. Jan. 13,81,000 at 964.
475
Financial Chronicle
Volume 137
Quotations for Unlisted Securities-Friday July 14
Public Utility Bonds.
Port of New York Authority Bonds.
Bid
Ask
Bid
Ask
Bayonne Bridge 45 series C
Arthur Kill Bridges 430
J&J 3 65.50 5.00
1938-53
series A 1933-48
M&S 67.00 6.50
Inland Terminal 430 ser D
!VMS 07.00 6.50
1938-60
Geo. Washington 'Bridge
0series B 1938-50_ _ _J&D 05.20 4.90 Holland Tunnel 43i a series E
M&S 64.50 4.30
1933-80
430 ser B 1939-63_ _M11 &N 65.20 4 90
U. S. Insular Bonds.
Philippine Government
-Bid Ask
48 1934
97 100
as 1946
91
92
410 Oct 1959
91
92
430 July 1952
92
91
5s April 1955
94 100
5e Feb 1952
94 100
530 Aug 1941
101 103
Hawaii 430 Oct 1956
97 100
Bid Ask
98
95
Honolulu 58
US Panama 3s June 1 1961_ 10212 10312
9912 10012
28 Aug 51936
9912 10012
28 Nov 1 1938
Govt of Puerto Rico
92 100
430 July 1958
98 102
58 July 1948
Federal Land Bank Bonds.
Bid
4s 1957 optional 1937.M&N 90
is 1958 optional 1938.M&N 90
410 1958 opt 1938____J&J 91
430 1957 opt 1937____J&I 91
430 1958 opt 1938_1513LN 91
5s 1941 optional 1931.1M&N 98
430 1933 opt 1932___J&D 101
Ask
91
91
92
92
92
99
10112
1942
1943
1953
1955
1956
1953
1954
opt 1932__M&N
opt 1933____J&J
opt 1933__J&J
opt 1935.--J&J
opt 1938____J&1
opt
opt 1934____J&J
Bid
95
95
9314
9314
93 4
,
95
95
Ask
96
96
94 4
,
94 4
,
94 4
,
96
96
Bid
4(.0
4)0
430
430
430
430
450
Ask
New York State Bonds.
Bid Ask
Canal & Highway58 Jan & Mar 1933 to 1936 03.00
bs Jan & Mar 1936 to 1945 63.40
Os Jan & Mar 1946 to 1971 63.70
World War 13onue-43ts April 1933 to I939__
43iii April 1040t0 1949_
Institution Building
45 Sept 1933 to 1940
Highway Imp 430 Sept '63 11612 11912
48 Sept 1941 to 1976
Canal Imp 430 Jan I964__ _ 11612 11912 Highway Improvement
Can Imp High 430 1985_ 11112
4s Mar & Sept 1958 to '67
Barge CT 4).s Jan 1945 _ _ _ 10612
Canal Imp 4s J & J '00 to'87
Barge C T 4s Jan 1942 to'46
03.00
63.50
03.25
63.40
Bid
Bid Ask
813
4
a3s May 1935
8912 9012 a404s June 1974
813
4
43 3.48 May 1954
7612 a430 Feb 15 1978
75
813
4
a330 Nov 1954
a410 Jan 1977
7612
75
813
4
048 Nov 1955 & 1958
791g a43I8 Nov 15 1978
77
813
4
04s 1A1 & N 1957 to 1959.... 7912 81 a404s March 1981
86
ate May 1077
& N 1957
8012 0430
79
86
a4s Oct 1980
8012 a4145 July 1987
79
86
c4148 Feb 15 1933 to 1940
06.50 8.26 a430 Dec 15 1974
86
at 30 March 1960
8012 813 a450 Dec 1 1979
4
04345 Sept 1960
813 8212
4
96
30 March l982& 1984._
Jan 25 1935
813 8211 a88
4
96
a430 April 1966
813 8212 a88 Jan 25 1936
4
98
a448 April 15 1972
813 8212 065 Jan 25 1937
4
a Interchangeable. S Basis. o Registered coupon (serial). dCoupon.
Ask
8212
8212
8212
8212
8212
87
87
87
87
9714
97 4
,
9714
New York Bank Stocks.
Par Bid
Par Bid
Ask
25
7
Bank of Manhattan Co__20 323 34 4 Lafayette National
4
,
ao 30
Bank of Yorktown
Nat Bronx Bank
100 19
Exchange
25 17
National
Bensonhurat Natl
34
100 25
7
Chase
20 3314 35 4 Nat Safety Bank & Tr__ _25
,
Citizens Bank of liklyn.100
95
25
City (National)
20 3714 3914 Penn Exchange
100
Conun'l Nat Bank & Tr.100 146 156 Peoples National
Public Nat Bank & Tr.. 25
Fifth Avenue
100 1185 1235
First National of N Y
100 1505 1555 Sterling Nat Bank & Tr-25 1414
41
Flatbush National
Textile Bank
100 35
_
100 18
Fort Greene
1(10
25 Trade Bank
12
Washington Nat Bank...100
Grace National Bank_100
200
((Masher° Nat Bank_ _ _100 18
Yorkville(Nat Bank 00-100 30
.
58
Ask
10
35
20
10
9
80
3512
1714
45
23
4
40
Trust Companies.
Bid Ask
142
390 400
12
10
68,4 7014
10
13
137 143
county
Empire
Fulton
Guaranty
Irving Trust
Kings County
Par
25
20
100
100
10
100
Bid
Ask
373 393
4
4
2214 2414
260 290
333 338
,
213 23 4
4
1900 2000
20 1938
Central IIanover
20 14412 14812 !Manufacturers
25 97
Chemical Bank & Trust 10 4012 4212 New York
Clinton Trust
50 45
55 Title Guarantee & Trust_20 27
Colonial Trust
100 12
15
20 60
Underwriters Trust
Cont Bit &Trust
10 1812 18
100 1610
Corn Exch Ilk & Trust__ _20 613 6334 United States
4
2118
100
29
70
1660
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
Dividend
Par in Dollars.
Alabama & Vicksburg (III Cent)
Albany di Susquehanna (Delaware & Iludson).100
Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central)
50
Beaton & Albany (New York Central)
100
Boston & Providence (New Haven)
100
Canada Southern (New York Central)
100
care Clinchtleld & Ohio(LA N A CL)4%0.-100
601:1 5% stamped
C0161
100
Chic Cleve Cine & St Louts pref(N Y Cent).,.100
Cleveland & Pittsburgh (Pennsylvania)
50
Betterrnan stock
50
Delaware (Pennsylvania)
(leorgia RR & Banking (1,& N, A 0 L)
100
Lackawanna RR of N J (Del Lack & Western).100
%Midget) Central (New York Central)
100
Morris & Essex (Del Lack & Western)
ao
New York Lackawanna & Western(D LA W)-1°
9
Northern Central (Pennsylvania)
60
Ad Colony (N Y N 11 & Mulford)
100
60
. alwelio & Syracuse (Del Lack & Western)
pittsburgh Bess & Lake Erie(US Steel)
Preferred
100
Pittsburgh Fort Wayne &Chicago(Penn)
100
Preferred
Rensselaer & Saratoga (Delaware & Hudson)
..100
-1t Louis liridge let pref (Terminal RID
100
2nd preferred
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal henna)
100
Valley (Delaware Lackawanna & Western)
100
Vicksburg Shreveport & Pacific (III cent)
Preferred.
60
Warren RR of NJ (Del Lack & Western)
West Jersey & Sea Shore (Penn)
• No par value
4 lash reported market.
85
6.00
188
11.00
75
6.00
28
2.00
117
8.75
135
8.50
45
3.00
72
4.00
78
5.00
68
5.00
62
3.60
37
2.00
32
2.00
145
10.00
61
4.00
600
60.00
62
3.875
80
5.00
72
4.00
90
7.00
57
4.50
26
1.50
55
3.00
115
7.00
141
7.00
105
6.90
105
6.00
53
3.00
105
3.00
200
10.00
78
5.00
58
5.00
58
5.00
42
3.50
53
3.00
• 1/244.10^41.
Ask.
175
80
31
122
15
76
82
75
85
41
30
155
64
65
84
76
95
62
ao
125
145
110
110
110
205
85
65
65
48
IS
Px•counon.
Bid
Ask
58 Newp N & Ham 55 '44.J&J 8512
N Y Wat Ser 5s 1951_M&N 7314
--Oklahoma Gas(is 1940_ _ _ _ 7812
5114 Old Dom Pow 5s_May 15'61 6112
52 2 Parr Shoals P 5s 1952_ _ Adz0 55
,
23 Peoples LA P550 1941 J&J 4114
48 Roanoke W W As 1950_J&J
5912
8112 United Wat Gas & E 58 1941 8012
55 2 Western P S 610 196(l.FAA 57
,
Wheeling Electric 5s 194L... 101
Asa
89
7512
83
6312
44
63
59
--
Public Utility Stocks.
Par
Arizona Power pref____100
Assoc Gas & El °rig pref.._•
•
$8.50 preferred
$7 preferred
•
Atlantic City Elec $8 pref..
Bangor Hydro-El 7% ph.100
Broad River Pow pf____100
Cent Ark Pub Serv pref..100
Cent Maine Pow 6% pf _100
Cent Pub Serv Corp pref..•
Consumers Pow 5% pref..*
100
0% Preferred
100
6.60% preferred
Dallas Pow & Lt 7% pref 100
Derby Gas & Elec $7 prof..'
Essex-Hudson Gas
100
Foreign Lt & Pow units_ _
Gas & Eiec of 13ergen.......100
Hudson County Gas_
100
Idaho Power 6% pref
•
7% preferred__ _
100
Inland Pow & Lt pref__100
Jamaica Water Supply pf_50
10812 113
10812 113
10812 113
New York City Bonds.
Par
Banca Comm Itallana Tr100
Bank of New York & Tr.100
Bank of Sicily Trust
20
Rankers..
10
Bronx County
20
Brooklyn
100
Bid
Amer BPS 530 1948_M&N 54
Atlanta 0 L fia 1947 __J&D 9 ,
52
Central Gas & Elec1st lien coil tr 6 '8J&D 47.4
4
let lien coil tr 88'48_M&S 4512
Fed P 8 let 88 1947___J&D 1912
Federated ULU 510'57 M&S 43
III Wat Ser 1st 55 1952_J&J 7712
Iowa So Util 530 1950.J&J
5212
Louls Light 1st bs 1953 _ A &O 101
Bid
34
,
6';
Par Bid Ask
13
2
Kansas City Pub Serv pref •
Kansas Gas & El 7% ph 100 76
773
4
04
Kings Co Ltg 7% pref___100 90
Metro Edison $7 pref B__• 71
64
6% preferred ser C
• 60
Mississippi P & L $6 pref . 41
45
91
Miss River Power pref..100 87
Mo Public Serv pref..... 100
83
4 94
,
6012 8312
Nassau & Suffolk Ltg ph 100
9912
Newark Consol Gas___
96
8812
New Jersey Pow & Lt $8 pt• 65
NY Ss Queens E LAP 01100 loo
Pacific Northwest P
10
6% preferred
100
Prior preferred
100 10
12
Philadelphia Co $5 pret_50 5312 5812
Somerset Un Md Lt...._ 100 72
78
South Jersey Gas& Elec..100 147 155
Tenn Elec Pow 6% pref.100 .50
5212
United GA E(NJ) pref 100 461 50 2
,
Wash Ry & Elec com
100 285
___
5% preferred
100 851
Western Power 7% pref..100 80
Ask
30
5
812
612
9
96
94
95
:::
30
49
_
61
64 2
7112 114
723 7438
8
87 8812
8914 91
95 99
54
58
146 152
4414 4712
9512 99
146 152
74
71
_
82
2
181- 51
-2
Investment Trusts.
Par Bid Ask
714 ___
Low Priced Shares
Major Shares Corp
Vs
-Mass Investors Trust
20 2321.98
4314 4412
Mohawk Investment Corp _
Mutual Invest Trust "new" 1.25 1.37
25
27
National filuiwmut Bank __ _
National Wide Securities Co 401 4.11
4
Voting trust certificates... 1114 113
33s 378
N Y Bank & Trust Shares....
8214 85,
2
No Amer Bond trust ctla___
200
-No Amer Trust Shares
276 300
Series 1955
2.76 300
Series 1956
Northern Securities
100 57
Par Bid Ark
1 17.45 18.60
Administered Fund
Amer Bankstocks Corp '1.29 1.47
20
Amer Brit & Coot $8 pref • 17
1.74 1.91
Amer Business Shares
8
43
8 47
Amer Composite Tr Shares_
6
5
Amer & Continental corn
Am Founders Corp 6% ph 50 1712 21
7% preferred
ao 1712 21
11
6
Amer & General Steel
I! 2
•
Class El com
42
32
$3 preferred..
3
2
Amer Insuranatocks Corp..
512 6
Assoc Standard 011 Shares....
43
4
414
Bancamerica-Blair CorpBancshares, Ltd
50c
Participat Mg shares
14
Bankers Nat Invest's Corp • 10
214
2
Bancsiellia Corp
3.72
Basic Industry Shares
.90 1.15
British Type Invest A___1
,
15 4 16 4
,
Bullock
812 --011 Shares Inc units
2
Old Colony Inv Tr corn___•
7
Old Colony Trust Assoc Sh •
17
Pacific Southern Invest ph.... 14
212 5
Claes A
8
4 112
Class B
14
Petrol & Trad'g Corp ci A.• 11
1 58 1 70
4
25 4 273 Quarterly Inc Shares
3
cti2 212 Representative Trust Shares 10 45 10.99
3
4
1814 193 Royalties Management.....
4
Central Nat Corp class A__
Class B
Century Trust Shares
•
Chain& Gen Equities
6
Chartered Investors corn...'
• 62
Preferred
4114
Chelsea Exchange Corp A__
III
IS
Class B
2.43
Corporate Trust Shares
2.35
Berles AA
2.35
Accumulative series
2.63 2.5)
Series AA mod
2.63 2.70
Series ACC mod
Crum & Foster Ins Shame
Common B
10 1412 1612
100 75
7% Preferred
18
Crum & Foster Ins com...• 16
82
8% preferred
455
Cumulative Trust Share's_
Deposited Bank Shs Ger A.._ 2.70 3.00
3 24 3.60
Deposited Insur 8115 A
915
Diversified Tristee She B.._
3.5' 3.85
57
8 63
8
1.38 1.48
Dividend Shares
3.15 3 50
Equity Trust Shares A
57.39 81.84
Fidelity Fund Inc
• 1 23 1.41
First Commonstock Corp...
4 22
Five-year Fixed Tr Shares_
9.72
Fixed Trust Shares A
• 8.33
,
4 4 54
,
Fundamental Tr Shares A....
412 5
Shares B
Fundamental Investors Inc. 2.36 2.56
48
8 5
General Investors Trust _..•
914 13
Guardian Invest pre: w war
Oude-Winmill'Fred Corp....
• 40
450 55e
Her,' Holding Corp
Incorporated Investors..
..• 19 22 20.88
2.40 2.67
Independence Tr Shares
8
Indus & Power Security..__• 145 1618
1.46 1.61
V t C units
Internal Security Corp(Am)
23
100 19
804% preferred
23
6% preferred
100 19
212
1
Investment Cool America.
4
7% preferred
812 103
100
2
1
Investment Fund of N J__
53
8 6
Investment Trust of N Y.
•
Investors Trustee Shams_ _ _
Second Internet Bee cl A_.•
Class B common
•
60
6% preferred
Securities Corp Gen $8 Df •
Selected A er Shares Inc._
,
Selected American Shares__
Selected Cumulative She......
Selected Income Shares_
Selected Man Trustees She..
Shawmut Association corn..•
•
Spencer Trask Fund
Standard Amer Trust Shares
•
State Street Inv Corp
Super Corp of Am Tr Shs A
AA
BB
Supervised Shares
Trust Fund Shares
Trust Shares of A merIca__ _
Trustee Stand Investment C
Trustee Standard 01.1 She A
Trustee Amer Bank She A
Series B
Trusteed N Y Bank Shares_
20th Century oda series
Series B
Two-year Trust Shares
United Bank Trust
United Fixed Shares ate Y
United Insurance Trust.
U B & British International
•
Preferred
U S Elea Lt & Pow Shares A
Voting trust etre
Un N Y Bank Trust Ca.....
Un Ins Tr Shs sex F
U B Shams ser H
Universal Trust Shares_
2
5
12 2
19
23
a29
1.45 1.54
3 03 3.09
7 65 8.05
4.08 4.63
7
754
912 9 1
,
17
1.73
4
3.35 3.65
70.76 76.34
331
2 32 2.62
346
2 33 2 53
6 30 6.80
6 30 6 80
1 62 1 75
334
314
2.44
2 38
53g
5
2.47
1.12
1 50
210
300
173
8
414
33
4
275
2 70
43
8
212
212
53
8
312
33
s
12
163
4
3 35
1.18
414
212
58
3
3 34
16
17 4
,
3 45
1.27
47
8
31a
_
122
I 70
.
340
187
8
3 40
Telephone and Telegraph Stocks.
Par Bid
100_
Cuban Telephone
3
i
100 - .
7% Preferred
Empire & Bay State Tel 100 37
100 2412
Franklin Teleg $2 50
lot Ocean Feteg 6%...--10? (
, 8012
17
Lincoln Tel & Tel 7%
New York Mutual Tel__100 1212
par Bid
001
Northw Bell Tel pf 1
314%10 10414 14352
0
Pac & All Teleg US 1 %_ _25 10
1412
100
...: Porto Rico Telephone__ _100
96
r Roch Telep $8 50 1st Pt.100 94
1212 17
76112 So & Atl Teleg $1.25.....25
.
Tr] States Tel & Tel $13.. _• 75
--- Wisconsin Teiep 7% pref100 105 107
Ask
40
Sugar Stocks.
Par Bid
100
Fajardo Sugar
•
Haitian Corp Amer
Sugar Estates Oriente pf 100
1,
•
,.004
.• lel
'41•
• 1•••
Ask
75 Savannah Sugar Ref
7% preferred
114
United Porto Rican
Preferred
!
Par Bea
Ask
• 85
__
100 8712 92
12
1'
341
212
476
Financial Chronicle
July 15 1933
Quotations for Unlisted Securities-Friday July 14-Concluded
Chain Store Stocks.
Par Bid
Ask
Bohack (II C) com
• 2514 274
7% preferred
100 85
93
Butler (James)COM
100
1
212
Preferred
100
3 4 814
3
Diamond Shoe pref
100 52
Edison Bros Stores pref _100 5412 63
Fan Farmer Candy Sh pf__• 2014 24
Fishman (M HI Stores____•
4
9
Preferred
100 50
70
Kobacker Stores pref
100 2012 26
Lord dr Taylor
100 100
...._
1st preferred 6%
100 79
Sec preferred 8%
100 79
___
Aeronautical Stocks.
Par Bid
Ask
Melville Shoe pref
100 8312 88
Miller (I) & Sons pref_ _100 11
MockJuda&Voehringerpf 100 441
92
Murphy (S C)8% pref_100 88 2- Nat Shirt Shops (Del)
•
7
8 218
100 1712 25
Preferred
Newberry (J J) 7% pref____ 83 90
N Y Merchandise let pf _100 74
•
414
Piggly.Wiggly Corp
Reeves(Daniel) pref.._.... 100 109
__
Rogers Peet Co com____100 25
Schiff Co pref
loo 88 ii
17
Silver (Isaac) & Bros pf_ 100 10
Par Bid
Alexander Indus 8% pf _100
AI/talon Sec Corp (N E)__•
1
Central Airport
•
Kinner Airplane & Mot__ .1
Ask
Par Bid
Ask
10 Southern Air Transport___•
2
6
3 Swallow Airplane
•
2
United Aircraft Transport
1, 2
Preferred x warr
53
49
4 78 Warner Aircraft Engine_ _ _•
3
4
1 18
Insurance Companies.
Par tria
Ask
Par Bid Aa
,
Aetna Casualty & Surety_10 51 4 53 4 Home
, ,
6 2138 227
8
A
10 3414 3614 Home Fire Security
10
3
a Fire
2 4 33
4
Aetna Life
10 23% 2538 Homestead Fire
10 113 1314
4
Agricultural
25 4414 4914 Hudson Insurance
58_
10
American Alliance
10 153 173 Importers & Exp of N Y 25 14, 1 4
4
8 618
American Colony
412 612 Knickerbocker
10
5
63
838
American Equitable
Lincoln Fire
17
6 14
5
33
4 43
4
American Home
Lloyds in of Amer
20
714
'2% 37
Industrial Stocks.
American of Newark---234
1 2 512
87
8 97 Maryland Casualty
2
3
34 373 Mass Bonding & Ins
American
4
5
26 203 23
4
Par Bid
Par Bid
Ask American Re-insurance .10 34
Ask
8
- 10 133 153 Merchants Fire Assur comb0 248 28 4
8
,
Alpha Portl Cement pf__100 75
__ Macfadden Publiclis Pf---• 115 1. 4 American Reserve
5
'
26 318 333 March & Mfrs Fire Newark 5
Surety
6
8
100 42 4512 Merck Corp $8 pref
American Book $4
1011 98 10112
utomobile
4
10 218 233 Missouri States Life
4
10
4% 61s
22
Bliss(E W)1st pref
100 17
8
__ - National Licorice com
50
HBaanitikmersoreaAmer
2ti
33
4 43
4
2d pref B
10
....._ 19
212 ___ National Paper & Type_100
,
Shippers
25 29% 39 4 National Casualty
10
614 8 4
,
Bohn Refrigerator p1.. 100 15
New Haven Clock pref 100 -10
25
20
Boston_
100 439 484 National Fire
10 473 493
4
Bon Ami Co B corn
_
___ New Jersey Worsted pf_100 40
• 30
National Liberty
2
512 612
• 23 27
Brunsw-Balke-Col pref__100 5612 ___ Ohio Leather
-Carolina
10 158 175 National Union Fire
20 453 493
4
4
___ City of New
Burden Iron pref
100 _. 2212 Okonite Co $7 pref
100 11
New Amsterdam Cas
York
100 127 137
5 1538 173
4
Publication Corp corn
• 12
nsoud cted ir era nity 18
nectia ut
Connecticut G de ml Llfe_:_ 0 387 14 New Brunswick Fire
7
1a
1 18
4
10 16
18
Canadian Celanese cora_ • 2312 2612
100 7412 --$7 1st preferred
_-New England Fire
10
978 147
Preferred
iI50 99 105
n
Continental Casualty-- __10 13% 15% New Hampshire Fire
10 353 38
4
Carnation Co corn
• 1514 17 Rivendde Silk Mills
• 1S12 1
8
10 123 153 New Jersey
20 1378 157
• 101
:
_ Cosmopolitan
Preferred $7
100 8114 __- Rockwood & Co
5 315 418 New York Fire
95 125
10
Chestnut & Smith corn_._• _ __
Preferred
no 40 E6 Excess
2
Eagle
Northern
914 1014
5
12.50 45% 5084
Preferred
100
412 10 Rolls-Royce of America-• ____
1
Fede
ral
,
10 56 8 60% North River
2.50 17 8 19 8
,
,
Color Pictures Inc
2. 312 Roxy Theatres unit% 154
1,
4
Fidelity & Deposit of Md_20 373 393 Northwestern National_ _25 7412 791
4
:
Columbia Baking corn____•
Common
12 __
,,
6
.
618 718 Pacific Fire
/ Firemen's
1
4
26 2912 3912
• ---- ,
let preferred
Preferred A
•
2
V ',
,
Franklin Fire
5 177 19% Phoenix
10 573 593
4
4
•
118 ___ Ruberold Co
2d preferred
100 3512 37'2
Preferred Accident
General Alliance
•
614 814
5 133 153
4
4
Congoleum-Nairn $7 Pi 100 10014 103
,
Georgia Home
13 Provtdence-Washington _10 267 28%
9
10
8
25 Splitdorf Beth Elec• -Crowell Pub Co $1 corn
• 23
-- 'Glens Falls Fire
5 2918 3138 Rochester American
26
30
90 Standard Textile Pro._..100
__
100 84
$7 preferred
100
212 ._.-.. Globe & Republic
13 St Paul Fire & Marine
6 10
25 11212 11712
Cla A
Class
Globe & Rutgers Flre___25 5812 8812 Security New Haven.
...10 2414 2614
Class B
100
1
De Forest Phonofilm Corp-12 114
Great American
1914 Southern Fire
10 174
25
9
11
_ Stetson (J B) Co pref
Doehier Die Cast pref
_25 1712 2-1-• 2512
412 612 Springfield Fire & Marine 25 79
Great Amer Indemnity_ -_5
84
- -12
Preferred $50 par
•
1412 19 Taylor Milling Corp
8
11
,
133 15 4 Stuyveeant
4
26
714 9 4
11
: ___ Halifax Fire
,
Dry-Ice Holding Corp----• ---- 6 Taylor Wharton Ir&St corn •
100
7
_
Hamilton Fire
60 38 83 Sun Life Assurance
100 510 560
Preferred
8
10 28% 307 Travelers
10f, 434 449
Eiseman Magneto com____• _ . 4 Tenn Products Corp pref _50
112 -4-18 Hanover Fire
Harmonla
1618 1818 U 9 Fidelity & Guar Co___2
10
514 614
Preferred
100
-8
-% 15 TubiseChatilion eu pf
100 55
_
- Hertford Fire
4
10 473 4939 U S Fire
4 3338 3538
60
Gen Fireproofing $7 pf 100 50
, Hartford Steam Boller...10 4814 5114 Westchester Fire
18
8 28
.2.50 2238 2438
Graton & Knight corn
912 Unexcelled Mfg. Co
8
•
100 40
45 Walker Dishwasher com___•
Preferred
2
3
22 White Rock Min SpringHerring-Hall-Mary Safe.100 18
Realty, Surety and Mortgage Companies.
$7 1st preferred
100
100 8112 _
5
4 2
Howe Scale
$10 2d pref
100
100 150_
5
912
Preferred
Par Bid Ask
Par Rid
Ask
1i
: i
100
4 Woodward Iron
Industrial Accept com___•
_
- _
912 Lawyers Title & Guar_100 10 4 213
Bond & Mortgage Guar_ _20
8
,
4
100 24I2 27 Worcester Salt
Preferred
100 48
Lawyers Mortgage
53
30
Empire Title & Guar_100
20
6
712
412 612 Young (J S) Co com
Locomotive Firebox Co....•
National Title Guaranty 100
100 55
--- Guaranty Title& Mortgage.
50 80
3
5
13
4 318
Macfadden Public'ns com_5
7% preferred
100 81
--- Home Title Insurance-25
414 6'. V Y Title & Mtge
10
33
4 43
4
20
15
International Germanic Ltd
New York Real Estate Securities Exchange
Bonds and Stocks.
Industrial and Railroad Bonds.
Adams Express 48 '47_J&D
American Meter 68 1946...
Amer Tobacco 45 1951 F&A
Am Type Fdrs 68 1937 M&N
Debenture 6s 1939_ _M&N
Am Wire Fab 78 '42__Al&S
Bid
67
7918
963
4
49
45
5212
Bear Mountain-Hudson
River Bridge 75 1953 A&O
Chicago Stock Yds 58.1961
Congo' Coal 45411 1934 M&N
Consol Mach Tool 78..1942
Consol Tobacco 401951....
7414
6212
2012
883
4
9312
5812
Equit Office Bldg 58 1952_
Haytian Corp 82 1938
6124
64
Hoboken Ferry 681945
International Salt 5s__1951 84
Journal of Comm 6;0.1937 55
Kane City Pub Sore (113 1951 23
Loew's New Brd PropJ&D 6912
68 1945
Ask 1
Bid
Ask
72 'Merchants Refit/ 68 1937... 85
__
___ N 0 Or No RR be '55.F&A 12414 27,-4
981: N Y & Bob Ferr 53'46 J&D 59
55 N Y Shipbdg 55 1940_1'0,4N 75:
60 Piedmont & Nor Ry 58_1954 7912 if%
6212 Pierce Butler & P 6 hs 1942 4112 412
Prudence Co Guar Coll
4814 50
s>.1961
784
_. Realty Assoc Sec 68'37-160 2612 32
25 61 Broadway 53.4e '50_A&O 57
___
-12
1112 90 Indiana Ry 48 1951.F&A 60 63
- Stand Text Pr Sj4e'4251.65 15
21
Struthers Wells Titusville34
6112
44
63-45 1943
1534
84
___ Tol Term RR 43'4s'57_1M&N 80
Ward Baking 1st Gs _ _ _ _1937 9212 94,2
86
65 Witherbee Sherman 65 1944
85
8
Certificates of deposit_ _
25
Woodward Iron 581952_1&J ,
3012 --74
Chicago Bank Stocks.
Par Bid I Ask
___
Amer Nat!tank &Trust_100 90
Central Republic
100
2141 3
Continental III Bk & Tr_100 87
90
First National
Harrla Trust &Savings
Northern Trust Co
Par
100
100
100
Ask
Bid
143 147
220 235
420 440
Bid
Active Issues.
BondsAlbany Metropolitan Con)
1938
6.4s
Brisbane Indus Prop 68_1937
13'way Barclay Bldg 66_1941
Central Zone Bldg 6s 1041
Chrysler Bldg 68
1948
Colonial Hall Ants Ws
Cranleigh (The) 6s____1937
Crossways Apts Bldg ctfs
Drake (The) 6s
1939
Eastern Ambassador Hotels
certificates
18-20 E 41st St Bldg 68_1940
80 Fifth Ave Bldg tis___1940
Equitable Office Bldg be '52
502 Park Ave Bldg ctts158
_ _
40 Wall St Bldg 68
424) St & Lexington Ave
1945
Bldg 614s
Fox Theatre & Office Bldg
1041
63.4s
1949
Fuller Bldg 5.Iis
Granada (The)
Certificates
Harding Court Apts etts
Harriman Bldg Corp 68_1951
Hotel Lexington 6s____1943
Hotel St George 54s__1943
Lefeourt State Bldg 6354 '43
,
Lincoln Bldg Certificates___
Active Issues.
Ask
Bonds (Concluded)Loewe Theatre & Realty
68
1812 21
1947
18 Mortgage Bond (N Y)53.s.
16
28 New Weston Hotel Annex
26
68
37
34
1940
57 N Y Athletic Club 68_1946
54
17
___ Oliver Cromwell Hotel
___
Certificates
20
18 165 Wway Bldg 53-4s...1951
15
25 One Park Ave Bldg 68.1939
23
Pennsylvania Bldg ctfs_ _ _
1943
13 Postum Bldg Ois
11
23 Prudence Co 51's
21
1961
32 Roxy Theatre 6gs
28
1940
59 62 Savoy Plaza Corp 6s Ms__
Madison A ve d
Nct8edanB
Bldg 'r
83
10
ct 0
4
.
55 Sherry
13
hotel
10 E 40th St Bldg 6s...1940
30 Textile Bldg 68
26
1958
301 E 38th St Bldg ctfs____
1941
1811 20 2 Park Ave Bldg 68
40 2124-34 13way Bldg ctfs__.
35
1812
16
16
10
Stocks
15__ Beaux Arts Apt Inc units__
60 City & Suburban lIonies_
57
French (F F) Investing____
22
19
Preferred
29
27
French (F F) Operators
25
22
Units
42
40
Bid
Ask
-
5014 52
38
36
20
28
24
2912
16
68
57
18
67
48
14
1712
28 4
10
,
18
61
24
39
27
46
12
28
-30
49
15
_.-22
.,-50
16
20
i6-
11
13
4
52
,
I% 212
9
7
55
65
Bid
8.00
8.60
6.50
6.50
12.00
12.00
12.00
12.00
12.00
5.50
510
5 50
4.50
5.00
4.50
5.25
6.50
4.75
13.00
5.75
5.75
12.00
12.00
6.60
4.50
Ask
5.50
7.00
5.50
5.50
8.40
8.50
8.50
8.50
8.55
5.00
5.00
500
3.00
4.50
3.50
4.50
5.75
4.25
8.50
6 25
6 26
8.00
8.00
5.50
3.50
Other Over-the-Counter Securities-Friday July 14
Railroad Equipments.
Short Term Securities.
Allia-Chal Mfg 55 May 1937
Amer Metal 53.40 1934_ A&O
Amer Wat Wks 681934 A&O
Bid
913
4
9112
96
Ask
Bid
Ask
92 Mag Pet 43.4s Feb 15 '34-'35 101
___
93 Union 011 ba 1935_-__F&A 100% -_
9614
Water Bonds.
Bid
Ask
87 EluntIon W 15161'54__M&S 93
lst m 681964 ser B__M&S 80
87
78
58 1962
76
80 Joplin W W 58'57 ser AM&S 78
Kokomo W W be 1958.1&D 77
99 Monm Con W 1st 58'56 J&D 78
97
_ Monon Val W 5;is '50.J&J 82
89
___ Mehra W W 181 68'57..M&N 85
89
77
79 St Joseph \Vat be 1941..A&O 91
871: 8912 South Pitts Water Co-F&A 98
1st 58 1955
90 94
1st & ref As '60 ser A.J&J 90
90 94
let & ref 5s'60 aer B.J&J 90
85
90 Terre H'te WW 68'49A J&D 95
85
90
1st m As 1956 sec B. J&D 85
7512
84 86 Texarkana W lat 5e '58 F&A
77
Wichita Wat let 65 '49 M&S 93
80
.F&A 8112
94
96
lat m 5e '58 aer
B.77
let in 5a 1960 ser C_M&N 8111
Bid
Alton Water As 1956..A&O 85
Ark Wat lot 58 A 1956 _A&O 85
Ashtabula W W Si'58_A&O 73
Atlantic Co Wat te '8851.65 78
Birm WW 1st 51Se A•54A&O
let m 58 195. ter B__J&D
lot 58 1957 series C__F&A
Butler Water Si 1957__A&O
City of Newcastle Was 56'41
City W (Chat) 58 B '54 J&D
1st 58 1957 series C_M&N
Commonwealth Water-F&A
let 58 1956 B
let m be 1957 ser C._ F&A
Davenport W Is 1961_J&J
ES L& lot W 56'42_ _J&J
let m tie 1942 ser 13__J&J
151 512 1980 ser D___F&A
-
Ask
_ _
83
80
7912
78
80
85
87
93
--93
93
97
___
7612
85
85
Atlantic Coast Line 65
Equipment 6.14s
Baltimore .6 Ohio 6s
Equipment 4.I4s & So...Buff Roch & Pitts equip 68_
Canadian Pacific 4.30 & 65
Central RR of NJ 88
Chesapeake & Ohio Ss
Equipment (She
Equipment 6s
Chicago & North West 8s
Equipment 6>.4e
Chic RI dr Pao 43.4e &.5sEquipment 68
Colorado & Southern es__
Delaware & Hudson 65
Erie 41s 58
Equipment (is
Great Northern (is
Equipment 5a
Hocki
Hocking Valley 58
Vall
Equipment 88
Illinois Central 43.0 & 5a_ _
Equipment Ile
Equipment 7s & 634s....
Bid
6.25
6 00
.
5.50
5.50
7.50
6.25
5.50
4.75
4.75
4.75
10.00
10.00
12.00
12.00
6.00
5.00
9.00
9.00
5.75
5.75
5.25
5.50
5.50
5.50
5.50
Ask
5.25
5.00
5 00
5.00
6.00
5.50
4.50
4.25
4.25
4.25
8.00
8.00
8.50
8.50
5.00
4.25
7.50
7.50
5.00
5.00
4.75
4.75
5.00
5.00
5.00
Kanawha & Michigan ea.__
Kansas City Southern 16y4e_
Louisville & Nashville 65.-Equipment Otis
Minn SIP & S9 M 43.4s & 5s
Equipment 6SO & 711-__
Missouri Pacific 83.4s
DWI/Mein tie
Mobile & °blobs
New York Central 4148 .65.
Equipment 138
Equipment 78
Norfolk .6 Western 414e..._
Northern Pacific 74
Pacific Fruit Express 711.-Pennsylvania RR equip As..
Pittsburgh .6 Lake Erie 53.4s
Reading Co 4 SO & 58
St Louis & San Fran 5s
Southern Pacific Co 43.4s...
Equipment 75
Southern Ry 450 .655
Equipment fle
Toledo A Ohio Central 6s....
Union Pacific 75
• No par value. 4 Last reported market.
e Defaulted. s Ex-dividend.
Volume 137
Financial Chronicle
477
Current Earnings—Monthly, Quarterly, Halt Yearly
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, qua.terly or half-yearly, that have appeared the present week. It covers all classes of corporate entities, whether rail
roads, public utilities, industrial concerns or any other class and character of enterprise or undertaking. It is all
Inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to hand the present week.
It includes also those given in our issue of July 8, July 1 and some of those given in our issue of June 24. The
object of this index is to supplement the information contained in our "Monthly Earnings Record," which has
been enlarged so as to embrace quarterly and semi-annual statements as well as monthly reports. The "Monthly
Earnings Record" was absolutely complete up to the date of issue, June 23, embracing every monthly, semiannual and quarterly report which was available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The
figures in most cases are merely for a month later, but there are also not a few instances of additions to the
list, representing companies which had not yet made up their returns when the June number of the "Monthly
Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week,furnishing a reference to every
return that has appeared since the last preceding number of the "Monthly Earnings Record." The latter is
complete in and by itself, and for most persons will answer all purposes. But to those persons who are desirous
of seeing the record brought down to date every week, this further and supplementary index in the "Chronicle"
will furnish an invaluable addition. The "Chronicle" index in conjunction with the "Monthly Earnings Record"
will enable any one at a glance to find the very latest figures of current earnings and income,furnishing a cumulative record brought down to date each and every week—an absolutely unique service. A further valuable feature
Is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings Record," there is a reference
line showing by date and page number the issue of the "Chronicle" where the latest complete annual report
of the company was published.
Isms of Chronicle
Issue of Chronicle
Name of Compane—
Whoa Published. Page
Name of Compare—
When Published. Page
Acadia Sugar Refining Co., Ltd_ _July I__ 137 Burns ar Co., Ltd
.
July 15_ 494
Acetol Products Co., Inc
July 15_ 494
July 1. 138 (F. N.) Burt Co.. Ltd
Acme Glove Works. Ltd
July 15_ 494
July I_ 138 Colombo Sugar Estate
Aetna Rubber Co
June 24..4462 California Water Service Co
July I__ 128
Aeolian-Skinner Organ Co
July I__ 122
July I_ 138 Cambria & Indiana
Ajax 011 & Gas Co., Ltd
July 15_ 494
July E 138 Canada Bud Breweries,Ltd
Akron Canton & Youngstown
July E.. 121 Canada Foundries & Forging,s,Ltd June 24-4464
Alabama Great Southern RR
July 1._ 125 Canada Iron Foundries, Ltd
June 24..4464
Alabama Power Co
July 1_ 128 Canada Northern Power Corp., Ltd_July 8_ 307
Alabama Water Service Co
July 8— 317
July 8- 307 Canada Wire & Cable Co., Ltd
Alaska Juneau Gold Mining CO
July 8__ 318
July 8- 307 Canadian Canners, Ltd
Alton RR
July 8_ 306 Canadian Celanese, Ltd
July 8_ 318
Alton 8c Southern
Canadian Consolidated Felt Co.,Ltdluly 8.. 318
June 24..4443
Aluminum Industries, Inc
July 8_ 307 Canadian Cottons, Ltd
July 8-- 318
American Aggregates Corp
July 15._ 491 Canadian Converters Co., Ltd
June 24..4464
American Car & Foundry Co
July 1_ 132 Canadian Fairbanks Morse & Co.,
American European Securities Co .July 15._ 479
Ltd
July L.- 142
American Factors, Ltd
July I._ 139 Canadian Industries, Ltd
July I__ 142
American Furniture Mart Bldg. Co_July 15_ 479 Canadian National Rys
July 1_- 126
American Gas & Electric Co
July 8-- " Canadian Nat'l Lines in New Engi'd_July 1_ 122
3
American Hawaiian SS. Co
July 15_ 479 Canadian Pacific Lines in Maine.
--July 8__ 306
American Investment Co.of III
July 1.— 139 Canadian Pacific Lines in Vermont.July 8._ 306
American Investors, Inc
July 8_ 307 Canadian Pacific Ry
July I__ 127
American Lime & Stone Co
July 1_ 139 Canadian Wineries, Ltd
July
American Manufacturing Co
July I__ 140 Cannon Mills Co
July I__ 142
American Products Co
July L. 128 Carthage Mills, Inc
July 8__ 318
American Ship & Commerce Corp
July 8__ 307 Celluloid Corp
June 24._4465
American Tel. & Tel. Co
July 8.._ 307 Capital Administration Co., Ltd_
July I5__ 480
American Toll Bridge Co
July I__ 140 Celtic Knitting Co., Ltd
June 24__4464
American Water Works & Elec. Co July I._ 128 Central of Georgia
July L. 122
Allman) Mining Co
July I._ 140 Central Illinois Electric & Gas Co..
.July 15._ 480
Anglo Norwegian Holdings, Ltd...
.June 24__4462 Central Indiana Gas Co
July 15._ 480
Ann Arbor RR
July 1— 121 Central RR.of New Jersey
July I__ 122
Argo Oil Co
July 15_ 492 Central States Power & Light Co.
..June 24_4458
Asbestos Corp., Ltd
July I__ 140 Central States Utilities Corp
June 24..4458
Associated Electric Co
July 15_ 487 Central Vermont
July I__ 122
Associated Telephone Co.,Ltd
July 15_ 487 Chain Belt Co
June 24..4465
Atchison Top.& Santa Fe Ry SysteinJuly 1— 121 (H.) Channon Co
June 24.A465
Atchison Topeka & Santa Fe
July I__ 126 Charts Corp
July L. 143
Atlanta Gas Light Co
July 15_ 479 Charleston & Western Carolina
July 1__ 122
Atlanta & West Point
July 1_ 121 Chesapeake & Ohio
June 24_4443
Atlantic City
July L._ 121 Chester Water Service Co
July 1._ 128
Atlantic Coast Line RR
July I_ 121 Chicago Burlington & Quincy
July L. 122
Atlantic Gulf & W.Indies SS.Lines_ _July 1 _ 128 Chicago & Eastern Illinois
.
July I__ 122
Atlanta Birmingham & Coast
July 1_ 121 Chicago & Erie
July I__ 123
Austin Nichols & Co
July I_ 140 Chicago Great Western
July I_ 122
Automatic Washer Co
Chicago & Illinois Midland
July I_ 141
July I__ 122
Backstay Welt Co
July 1_ 141 Chic. Indianapolis & Louisville_
-July 1_ 122
Balaban & Katz Corp
June 24..4463 Chic. Milw. St. Paul & Pacific
July 1_ 122
Baldwin Co
July 1_ 141 Chicago Nipple mfg. Co
July 1_ 143
Baltimore & Ohio RR.Co
July 15_ 483 Claude Neon Gen't Advertising, Ltd_July 1_. 143
Baltimore & Ohio Chic. Term
Chicago Corp
July L._ 121
July 15. 480
(Joseph) Bancroft & Sons Co
July I__ 141 Chicago & North Western
July 1_ 122
Bangor & Aroostook RR
July I__ 126 Chicago River & Indiana
July 1_ 122
Barcelona Traction, Light & Power
Chicago Rock Island & Gulf
July 8_ 306
co., Ltd
July 15_ 484 Chicago Rock Island & Pacific Ry—July 1_ 127
Barker Bros. Corp
July 15._ 479 Chic. St. P. Minn.& Omaha Ry
July I_ 122
Baton Rouge Electric Co
July 8_ 307 Chicago Yellow Cab Co., Inc
July 8_ 308
Bearings Co. of America
July I_ 125
July 1_ 141 Cin. N. Orleans & Tex. Pac. Ry
Beaumont Sour Lake & Western_ _ _July 1_ 124 Cincinnati Union Stock Yard Co---July 8_ 319
Belt Ry. of Chicago
July 15_ 495
July 1. 121 City Investing Co
Bessemer & Lake Erie
July I_ 121 Cleveland Worsted Mills Co
July 15_ 495
Benjamin Electric Mfg. Co
July I_ 141 Clinchfield
July 1_ 122
Bing & Bing, Inc
July 15. 479 Collins & Atkisson Corp
July L._ 129
Colorado & Southern
Birtman Electric Co
July 15_ 493
July 1... 122
Boston Elevated Ry
July 1_ 128 Columbus & Greenville
July 1_ 122
Boston & Maine RR
July E 126 Commercial Credit Co
July 1_ 129
Boston Personal Property Trust— July I__ 138 Commonwealth & Southern Corp.
..July 1_ 129
Bower Roller Bearing Co
July 15_ 493 Community Power & Light Co
July 8_ 308
Conenaugh & Black Lick
Bowman Biltmore Hotels Corp
June 24-4445
June 24..4443
(E. J.) Brach & Sons
July 1_ 142 Connecticut Electric Service Co- -July 1_ 129
Brazilian Traction Lt.& Pr.Co.,Ltd _July 1. 133 Consolidated Gas Electric Light &
Power Co., of Batt
(C.) Brewer & Co., Ltd
...July 15_ 493
July 1__ 129
Brewing Corp. of Canada. Ltd
June 24..4463 Consolidated Laundries Corp
July 15_ 480
British Columbia Power Corp., Ltd _July 8__ 307 Consolidated Mining & Smelting Co.
of Canada, Ltd
Broad Street Investing Co., Inc_ _ _ _July 15._ 480
June 24_4465
Brooklyn Eastern Dist. Term
July 1_ 122 Consolidated Retail Stores,Inc
June 24_4466
Bullocks, Inc
.,..June 24..4464 Consumers Power Co
July L. 129
Continental Gas & Electric Corp_ July 15.. 480
Bunker Hill & Sullivan Mining &
Concentrating Co
July 1_ 128 Continental Motors Corp
July I. 129
Burlington & Rock Island
July 1_ 122 Cookeville Co., Ltd
July 15_ 496
Issue of Chronicle
Name of Company—
When Pubitshed. Pao.
Coos Bay Lumber Co
July 1._ 144
Corroon & Reynolds Corp
July 15_ 496
Craddoch-Terry Co
July IS__ 496
Cream of Wheat Corp
July 15_ 480
Cuban Telephone Co
June 24..4458
Davega Stores Corp
June 24_4466
Delaware & Hudson
July 1— 122
Delaware Lackawanna & Western..
.July I__ 122
(The) Den.& Rio Gde Western RR_July I__ 127
Denver & Salt Lake
July 8_ 306
Derby Gas & Electric Corp
June 24_4459
Detroit Edison Co
July 15_ 480
Detroit & Mackinac
July 1._ 122
Detroit Steel Products Co
July 15_ 496
Detroit Terminal
July I— 122
Detroit Toledo & Ironton
July 1.... 122
Detroit & Toledo Shore Line
July 1_ 123
Diamond Electrical mfg. Co., Ltd_ July 15— 496
Dictograph Products Co
July 1— 145
Dictaphone Corp
July 1... 145
Driver Harris Co
July I_ 145
Doehler Die Casting Co
June 24...4467
Dominion Engineering Works,Ltd_July 15... 497
Dominion Rubber Co., Ltd
July 15_ 497
Dominion Tar & Chemical Co., Ltd_July 15— 490
Douglas Aircraft Co., Inc
July 15_ 478
Dow Chemical Co
July 8— 319
July I__ 123
Duluth Missabe & Northern
Duluth South Shore & Atlantic Ryauly 8_ 306
Duluth Winnipeg & Pacific
July 1._ 123
July 15_ 480
Duquesne Light Co
July I__ 129
Eastern Mass. Street Ry
Eastern mfg. Co
June 24._4467
Eastern Steamship Lines, Inc
July 8_ 308
Eastern Utilities Associates
June 24__4445
Eaton Mfg. Co
July 15_ 481
Economic Investment Trust, Ltd_ July 1__ 146
80 John St. Corp
July I__ 146
Edmonton Street Ry
June 24..4445
Eisler Electric Corp
July I__ 146
Electric Ferries, Inc
July I._ 147
Electrical Securities Corp
July 1_. 146
Elgin Joliet & Eastern
July 1_ 123
Electric Household Utilities Corp
June 24__4467
Elk Horn Coal Corp
July 15_ 497
El Paso Electric Co
July 8_ 308
Erasco Derrick & Equipment Co....July 1_ 146
Endicott Johnson Corp
July L. 129
Engineers Public Service Co
July I__ 129
Erie RR
July I_ 123
Erie System
June 24..4444
Essex Co
July I_ 147
Fall River Gas Works Co
June 24..4446
Fairchild Aviation Corp
June 24__4467
Falstaff Brewing Corp
July I._ 129
Ferro Enamel Corp
July 15_ 480
Fads Radio & Electric Corn
July 1_ 147
Federal Bake Shops,Inc
July 1_ 147
Fidelio Brewery, Inc
July 1_ 130
First Chrold Corp
July IS__ 481
FlIntkote Co
July 1_. 148
Florida East Coast
July I._ 123
F1orsheim Shoe Co
June 24__4446
Fonda Johnstown &Gloversville RR _July 1._ 127
Ford Motor Co
July 8__ 319
Fort Smith & Western
July I__ 123
Fort Worth & Denver City
July L. 122
Fort Worth & Rio Grande
July I_ 125
Fourth National Investors Corp_ —July 8-- 308
Fox Film Corp
July 1_ 129
(H. H.) Franklin mfg. Co
June 24..4468
Fyr Fyter Co
July IS__ 481
Fuller Brush Co
June 24__4468
Galveston Wharf
June 24_4443
Gardner Denver Co
July I_ 148
Gatineau Power Co
July 8__ 308
General Alloys Co
July 8_ 308
General American Investors Co.. IncJuly 8__ 308
General Aviation Corp
June 24..4463
General Box Corp
July 1.. 148
General Electric Co., Ltd
July I5_- 498
Financial Chronicle
478
July 15 1933
Issue of Chronicle
Issue of Chronicle
Dm of CMMalt
Name of CompanyName of CompanyWhen Published. Pace
MUM of Companth-When Published. Page.
When Published. Page.
July 15__ 503 Richmond Radiator Co.,New York_ _June 24..4475
General Parts Corp
July 1
149 Material Service Corp
July 8-. 326 Ritter Dental Mfg. Co.. Inc
General Public Service Corp
June 24..4475
July 15__ 481 Matson Navigation Co
Roanoke Gas Light Co
Georgia RR
July 15._ 482
July I__ 123 Merchants & Miners Transportation Co
July 8.. 326 Rochester & Lake Ontario Water
Georgia & Florida
July 1__ 127
Service Co
July 15__ 503
Tilly 8._ 310
Georgia Power Co
July L. 130 Merck & Co.,Inc
July 15._ 503 Roos Bros., Inc
Georgia Southern & Florida Ry
June 24..4475
July 1_ 125 Merck Corp
July 8._ 326 Rutland RR
German General Electric Co
July IS__ 479
July 8__ 320 Mercury Mills, Ltd
July 15._ 488 St. Croix Paper Co
Godchaux Sugars, Inc
June 24..4475
July 1__ 149 Metropolitan Edison Co
Gorham mfg. Co
July 1.... 126
July L._ 130 St. Joseph & Grand Island
July 8__ 308 Mexican Light & Power Co
Grand Trunk Western
July 1- 124
June 24..4459 St. Louis Brownsville.& Mexico
July L._ 123 Mexican Tel. & Tel. Co
Great Lakes Aircraft Co
July L._ 130 St. Louis San Francisco
July I__ 125
July 1._ 149 Mexico Tramways Co
Great Northern
July 1__ 123 Michigan Associated Telephone Co_ _July l5_. 488 St. Louis San Francisco of Texas_ _ _July 1_ 125
Greater London & Counties Tr, Ltd _June 24...4459 Michigan Steel Tube Products Co_ July 15__ 503 Sacramento Northern Ry
July 1__ 137
June 24._4447 San Antonio Uvalde & Gulf
Green Bay & Western
July L. 125
July 1._ 123 Middle West Utilities Co
July I__ 124 San Diego & Arizona Eastern
Gruen Watch Co
June 24..4470 Midland Valley
July 1__ 125
July 8._ 326 San Diego Consol'd Gas & Elec. Co_ _July I__ 131
Gulf Coast Lines
July 1
127 Mining Corp. of Canada, Ltd
July I__ 124 Savannah Electric & Power Co
Gulf Colorado & Santa Fe
July 8__ 310
July 8.. 306 Minneapolis & St. Louis
Gulf Mobile & Northern
July 1..... 124 Scranton Spring Brook Water SerJuly L._ 123 Minn.St.Paul & S.S.Marie
vice Co
July I__ 124
Gulf Power Co
July 1._ 131
July 15__ 481 Mississippi Central
July 15_ 481 Seaboard Air Line
July 1__ 125
Gulf & Ship Island
July 1_. 123 Mississippi Power Co
Gulf States Utilities Co
July 15__ 482
July 1__ 124 Seattle Gas Co
July 8._ 308 Missouri Illinois
Second Investors Corp
Missouri-Kansas-Texas Lines
July 15__ 507
July 1._ 127
Hagerstown Light & Heat Co. of
July 8_ 307 Second National Investors Corp
July 8__ 310
Washington County
July 15._ 481 Missouri & North Arkansas Ry
July 1_ 124 Securities Corporation General
July 15._ 508
Hat Corp. of America
July L._ 130 Missouri Pacific
July 8_ 326 Selby Shoe Co
Havana Docks Corp
...June 24..4443 Monarch Knitting Co., Ltd
July L. 157
July I__ 124 Selected Industries, Inc
Havana Electric Railway Co
July 15._ 488 Monongahela
July 15._ 482
July I__ 136 Shawmut Bank Investment Trust......June 24..4446
Haverhill Gas Light Co
June 24.._4446 Montana Power Co
June 24...4443 Sierra Pacific Electric Co
Hayes Wheels & Forgings, Ltd
July I__ 149 Montour RR
June 24...4446
July 8_ 326 Soo Line System
July 1__ 128
Hazeltine Corp
July I__ 150 Montreal Cottons, Ltd
.July 8__ 327 South Bay Consolidated Water Co July 8_ 310
(R.) Hoe & Co
June 24__4470 Morse Twlst Drill & Machine Co...
July 15._ 482
Holeproof Hosiery Co
July L._ 150 Moto Meter Gauge & Equip't Corp_ _July 1_ 130 South Carolina Power Co
July 15_ 481 Southern Ry
Home Dairy Co
July 1__ 125
July IS__ 499 Motor Transit Co
..July it__ 327 Southern Bell Tel. & Tel. Co
Honolulu Rapid Transit Co., Ltd
July L._ 130 Mt. Vernon-Woodberry Mills, Inc.
July 1__ 131
July 15_ 481 Southern Colorado Power Co
Hoskins mfg.Co
July 15__ 481 Mullins Mtg. Co
July 15__ 482
Southern Pacific
July 15_ 503
Hudson Bay Mng.& Smltg. Co..Ltd _July 8__ 321 Murray Ohio Mfg. Co
July I__ 125
July 15. 504 Southern Pacific SS. Lines
Hudson & Manhattan RR
June 24..4446 Muskegon Motor Specialties Co
July 1_. 125
July 8__ 327 Southwestern Associated Telephone
Hygrade Sylvania Corp
July 8_ 321 Nashawena Mills
Co.(Del.)
July 1_ 124
July 15._ 489
Hyler s of Del.,Inc
July I__ 150 Nash. Chatt.& St. Louis
July 15_ 481 Spencer Trask Fund,Inc
Illinois Bell Telephone
July 8_ 309 Nash Motors Co
June 24_4476
July 15_ 504 Spokane International
July 8__ 307
Illinois Central System
July 1__ 123 National Rubber Machinery Co
July 8_ 327 Spokane Portland & Seattle
Illinois Central RR
July 1.. 123 National Tile Co
July I__ 125
July 8_ 327 (A. E.) Staley sm. Co
Illinois Commercial Telephone Co July 15__ 488 Neild Manufacturing Corp
July 8__ 328
July I__ 131
Illinois Terminal
July I__ 123 (The) Nevada-California Elec. Co_ _July 1_ 130 Standard Gas & Electric Co
July I_ 124 Standard Oil Export Corp
Illinois Water Service Co
July 1__ 158
July 8- " Nevada Northern
3
July 8__ 329
Indiana Associated Telephone Corp_July 15.. 488 New Britain Machine Co
July I__ 154 Stanley Works
Indiana Harbor Belt RR
July 15_ 479 Newburgh & South Shore
July 1_ 124 Staten Island Rapid Transit
July 1__ 125
June 24..4459 New England Gas & Electric Assn_ _July 8_ 309 Sterling Coal Co., Ltd
June 24__4476
Indianapolis Power & Light Co
July 8_ 321 New Jersey & New York
Industrial Acceptance Corp
July 1_ 133 Studebaker Corp
July 15._ 482
July 8_ 327 Subway Terminal Corp
Industrial Rayon Corp
July 15_ 481 Newmarket Mfg. Co
July 15__ 508
Interborough Rapid Transit Co___ _July 8__ 308 New Orleans Great Northern
July IL_ 307 Suncook Mills
July 15__ 509
Interlake Steamship Co
July 1_ 151 N. Orleans & North Eastern RR_ _July L. 125 Sundstrand Machine Tool Co
July 15__ 509
International Coal & Coke,Ltd
July 8_ 322 New Orleans Texas & Mexico
July 1_ 124 Super Maid Corp
July 15__ 509
International Great Northern
July 1_ 123 Newport Electric Corp
June 24..4460 Taggart Corp
July 8_ 330
International Hydro Electric SystemJuly 1_ 130 N. Y. Central Electric Corp
July 8._ 309 Tampa Electric Co
June 24__4446
International Paper & Power Co.._July 1__ 130 (The) New York Central RR
July 15...479 Taylor Milling Corp
July 15_ 509
New York Chicago & St. Louis
International Power & Paper Co. of
July I__ 124 Tennessee Central
July I__ 125
July 15...500 New York Connecting
Newfoundland, Ltd
July I__ 124 (The)Tennessee Electric Power Co July L._ 131
International Rys. of Central Amer_July 8__ 307 N.Y.& Honduras Rosario Mining Co.July 15._ 504 Terminal RR. Assn. of St. Louis__ July 1__ 125
July 8_ 309 New York Merchandise Co
International Shoe Co
July 15_ 505 Texarkana & Fort Smith
July 1_ 123
June 24_A459 N.Y. New Haven & Hartford RR_ _July 1_. 127 Texas Mexican
Interstate Power Co
July I__ 126
July 15_ 488 New York Ontario & Western Fly_ _July I__ 127 Texas & New Orleans
Interstate Telephone Co
July I__ 125
Investment Bond & Share Corp__ _July 8__ 323 New York Railways Corporation...
.July 8._ 309 Texas & Pacific Ry
July 1__ 128
July 8_ 323 New York Susquehanna & Western July I__ 124 Third Avenue Ry. System
Investors Corp
July 1_ 131
July 15. 500 New York Telephone Co
Investors Syndicate
July L. 130 Third National Investors Corp
July 15__ 482
July 15_ 481 New York Water Service Corp
Johns-Manville Corp
July 8__ 309 Thompson's Spa., Inc
July 8_ 330
Kansas City Southern
July 1_ 123 N. Y. Westchester & Boston Ay_
_July 1__ 127 Thompson Starret Co., Inc
June 24..4477
July 1_ 123 Nipissing Mines Co., Ltd
Kansas Oklahoma & Gulf
July 15__ 504 Toledo Peoria & Western
July 1._ 126
July 8._ 323 Norfolk Southern
Katz Drug Co
July 1__ 124 Toledo Terminal
126
July 1
Kellogg Switchboard & Supply Co June 24__4471 Norfolk & Western
July 1__ 128 Trans Lux Daylight Picture Screen
Kendall Co
July 8__ 324 North American Refractories Co_ _July 15_ 505
Juno 24.A477
Truax Traer Coal Co
July 8._ 324 Northern Alabama Ry
Ken Red Tube & Lamp Corp
July I__ 125
June 24__4477
Keystone Watch Case Corp
July 8_ 323 Northern Pacific
July I__ 124 Tri-Continental Corp
July 15.... 483
(The) Key West Electric Co
July 8_ 309 Northern States Power Co.,Del
July 15__ 481 Tuckett Tobacco Co., Ltd
June 24__4478
July L._ 151 Northwestern Pacific
Kingsport Press, Inc
July I__ 124 Union Oil Co. of Cal
July 15__ 483
Kinner Airplane & Motor Corp., LtdJuly 8._ 324 Ohio Associated Telephone Co
July 15_ 489 Union RR
July 1._ 126
Kirby Petroleum Co
July 1_ 151 Ohio Edison Co
July 1__ 130 Union Pacific
July 1__ 126
July 1._ 151 Ohio Water Service Co
Knapp Monarch Co
July 8__ 309 Union Sugar Co
July I__ 159
July 15__ 501 Oil Stocks, Ltd
(B. B. & R.) Knight Corp
July 8._ 309 United Fruit Co
July 15.. 482
July 15__ 501 Oklahoma City Ada-Atoka Ry
Knott Corp
July L._ 124 United Gas Corp
June 24..4446
July 15._ 501 Oregon Short Line
Kobacker Stores, Inc
July 1._ 126 United Light & Power Co
July 15__ 483
Koloa Sugar Co
July 1... 151 Oregon Washington RR.& Nay. Co.Jully 1__ 126 United Light & Railways Co
July 15._ 483
July 8__ 309 Oregon Wash'ton Water Service Co_July 1_ 130 United Milk Crate Corp
Kroger Grocery & Baking Co
July 8__ 330
July IL_ 307 (The) Orange & Rockland Elec. Co_July 8_ 309 United Paperboard Co
Lake Superior Ishpeming RR
June 24_4478
July 1_ 152 Pacific Greyhound Corp
La Salle Extension University
June 24._4474 United Rys. 8c Electric Co
June 24..4461
July I__ 123 Pacific Telephone & Telegraph Co _July 15._ 481 United States Cold Storage Co
Lake Terminal
July 8_ 330
July 15._ 501 Package Machinery Co
Lamson & Sessions Co
July 15._ 505 U. S. Industrial Alcohol Corp
July 15._ 483
U.S. Smeit'g Ref'g &
Co
July 1._ 152 Panhandle & Santa Fe
Leath & Co
July 1_
July 1_ 131
July 1_ 123 Parker Pen Co
Lehigh & Hudson River
July 15__ 505 Universal Pipe & Radiator Co
July 8__ 310
Universal Products Co., Inc
July I__ 123 Pennsylvania
Lehigh & New England
July L._ 125
July 8__ 331
July 15__ 481 Pennsylvania Electric Co
Lehigh Portland Cement Co
July 15._ 482 Utah Light & Traction Co
July 15_ 490
July I__ 123 Pennsylvania RR. Regional System_July I__ 127 Utah Power & Light Co
Lehigh Valley
July 15__ 490
RR
July 8__ 325 Pennsylvania Telephone Corp
Lehman Corp
July 15_ 489 Utah
July I__ 126
July L. 152 Peoria & Pekin Union
Leland Electric Co
July 1.,_ 125 Utilities Power & Light Corp
June 24_4452
July L._ 152 Pere Marquette Ry
Lincoln Printing Co
July 8__ 331
June 24_4445 Venezuelan Petroleum Co
July I__ 153 Philadelphia Co
Lincoln Stores, Inc
July 8._ 310
June 24_4446 Virginia Electric & Power Co
(C. W.) Lindsay & Co., Ltd
July I._ 152 Philadelphia Co
July 1.. 126
July 15__ 482 Virginian
Lindsay Light Co
July 15._ 481 (The) Philippine Ry
July 8__ 307 Wabash Railway
July 1.. 126
Line Material Co
July L._ 152 Pines Winterfront Co
July I.. 156 Ward Baking Corp
July 1_ 131
Lion Oil Refining Co
July 1-- 130 (The)Pittsburgh & Lake Erie RR_ July 15.._ 479 (S. D.) Warren Co
July 8... 331
London Canadian Investment Corp_July 15._ 501 Pittsburgh Screw & Bolt Corp
July 8__ 331
July 15_ 482 (John) Warren Watson Co
Long Island
July 1.. 159
July L._ 125 Pittsburgh & Shawmut
July I__ 125 Washburn Wire Co
Wesson Oil & Snowdrift Co
Los Angeles & Salt Lake
July 8.. 310
July 1- 126 Pittsburgh Shawmut & Northern
July I__ 125
Western Maryland Ry
Louisiana & Arkansas
July I__ 123 Pittsburgh & Suburban Water SerJuly 1... 128
Louisiana Arkansas & Texas
vice Co
July 1__ 131 Western New York Water Co
July 8._ 310
July I__ 123
Louisville & Nashville
July L.. 126
July I__ 124 Pittsburgh & West Virginia
July 1__ 125 Western Pacific_
Ludlow Manufacturing Associates July 15.. 502 Ponce Electric Co
July 13 383
5
:: 410
July 8-- " Western Union Telegraph Co
3
(The) Western Public Service Co..Porto Rico Telephone Co
Lynch Corp
July 1_
June 24__4460
y
of Alabama
Lyons-Magnus, Inc
12
0
July 15__ 482 Western
8 316
1:: Ry.
July 1__ 153 Postal Telegraph Cable Co
McColl-Frontenac 011 Co., Ltd
July 8._ 325 Public Service Corp. of N. J
June 24_4446 West Virginian Water Service Co....J3uullyy
Wheeling & Lake Erie
McCord Radiator & Mfg.Co
July 1._ 126
June 24..4472 Public Utility Holding Corp. of
America
McGraw Electric Co
July 8__ 310 (William) Whiteley, Ltd
June 24...4478
July 15_ 502
Madison Square Garden Corp
July 8
309 Wichita Falls & Southern
July I._ 126
July IL_ 325 Puget Sound Power & Light Co
Maine Central RR
July 15.. 482 Wilson Lines, Inc
July 15._ 511
July L._ 127 (The) Pullman Co
Manhattan Shirt Co
July 8._ 309 Railway Express Agency,Inc
July 1__ 131 Wieboldt Stores, Inc
June 24_4478
Holding Corp
co
Manning Bowman & Co
July 8._ 325 Reading Company
July 1__ 125 Wisnsin
July 1__ 160
160
Margay Oil Corp
June 24..4474 Woods Mfg. Co., Ltd
July
July 15_ 502 Remington Rand. Inc
Market Street Railway
July L. 156 Yazoo & Mississippi Valley
June 24__4446 Richmond Brothers Co
160
23
Master Tire & Rubber Co
July
uy
July 15_ 502 Richm`d Fredericksburgh & PotomacJuly I__ 125 Zenith Radio Corp
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
NameCanadian National
Canadian Pacific
Georgia & Florida
Minneapolis dc St Louis
Southern
St Louis Southwestern
Western Maryland
Period
Covered.
1st wit of July
1st wk of July
4th wk of June
1st wk of July
1st wk of July
1st wk of JUIY
1st wk of July
Precious Inc.(+) Or
Current
Year.Year.
Dec..(-).
$
$
+46,144
2,848,863
2,895,007
2,220,000
+96,000
2,316,000
-1,117
36,670
35,550
124,317
+4,983
129,300
1,488,724 +632,677
2,121,401
239.800
190,823
+48,927
154,106
+77,522
231,628
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
The include all the Class I roads in the country.
Orme Earnings.
iforsa.
1932.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
$
274.976,249
266.892.520
289,633,741
267,473,938
254,382.711
245.860,615
237,462,789
251.761.038
284,724,582
298,076,110
253,223.409
245,751.231
1933.
228.889,421
185,897,862
219,857,600
227,300,543
257,963,036
1931.
365.532.091
336,183,295
375.617.147
369.123.100
368,417.190
369.133,884
376.314.314
363.778,572
364.385,728
362,551.904
304.829.968
288,205.766
1932.
274,890,197
231,978.621
288,880.547
267,480,682
254,378,672
Longa of RPM.
Ise. (+) or
Dee.(-).
90,545,842
-69,289,775
85,983.406
101,649,162
-114,034,479
-123,273.269
138,851,525
-112,017,534
79.661,146
64,475,794
-51,606,559
-42,454,535
-46,000.776
-46,080,759
69,022,941
40,180,139
+3.584,364
1932.
1931.
244,248
242,312
241,996
241,876
241,995
242,179
242,228
242.208
242.292
242,031
241,971
241,806
1933
241,881
241,189
240,911
241,680
241,484
Miles
242.865
240,943
241,974
241,992
242.163
242,527
242.221
242.217
242.143
242.024
242,027
241,950
1932.
241,991
241,467
241,489
242,160
242,143
479
Financial Chronicle
Volume 137
(The) Pittsburgh & Lake Erie Railroad Co.
be.(+)or Dee.(-).
Net Earnings.
Month.
$
45.940,885
57.375,537
67,670,702
56.263,320
47,429.240
47,008.035
48.125,932
62,540,800
83,092,939
98,338,295
63,966,101
57,854,695
1933.
45.603.287
41,460,593
43,100,029
52,585,047
74,844.410
January
February
March
April
May
June
July
August
September
October
November
December
January
u.mary
March
April
May
Per Coat
1931.
Amount.
$
72,023,230
88,078,525
84,706,410
79.185,676
81,052.518
89.688,856
96,983,455
95.070,808
92,153,547
101,914,716
66,854.615
53,482,600
1932.
45,964,987
56,187,604
68,356,042
56,261,840
47,416,270
$
-28,082.545
-8,702,988
-17,035,708
-22,922.356
-33,623.278
-42.680,821
-50,857,523
-32.530,008
-9,060.808
-3,578,421
-2.888,514
+4.372,095
-38.24
-13.11
-20.18
-28.97
-41.41
-47.58
-52.43
-34.12
-9.83
-3.51
-4.32
+8.17
-361,700
-14,727,011
-25,256,013
-3,676,793
+27,428,140
Month of May- -5 Mos. End. May 311932.
1933.
1932.
1933.
Railway oper. revenues_ 21,125,365 $1,005,591 $4,617,513 $5,378,393
950,275 4,190,268 4,893,817
915,669
Railway oper. expenses_
$484,575
8427.245
855.315
Net rev,from ry.oper. $209,695
449.975
408,064
91,758
95,396
Railway tax accruals__ _
9
33
Uncollect. ry. revenues_
626,430
551,323
113.267
106,866
Equip. & it. fac. rents *
-0.70
-26.21
-36.95
-6.54
+57.85
1932.
(As filed with Transit Commission)
Companies
Brooklyn & Queens
Mar '33 1,501,943
Mar '32 1,696,510
9 months ended Mar '33 13,388,880
Mar '32 15,282,091
Brooklyn Bus Corp
Mar '33
268,231
Mar '32
287,303
9 months ended Mar '33 2,386.636
Mar '32 1,971,191
Eighth ct, Ninth Aves
Mar '33
62,308
(Receiver)
81,092
Mar '32
9 months ended Mar '33
581,604
725,225
Mar '32
Fifth Avenue Coach..
..Mar '33
293,928
Mar '32
390,380
9 months ended Mar '33 3,000,603
Mar '32 3,902,355
Interboro Rapid Transit
Subway Division
Mar '33 4,081,675
Mar '32 4,518,874
9 months ended Mar '33 34,191,594
Mar '32 37,721,283
Elevated Division..._Mar '33 1,129,272
Mar '32 1,340,618
9 months ended Mar '33 10.325,181
Mar '32 12,282,046
Hudson & Manhattan.
529,292
.Mar '33
623,616
Mar '32
9 months ended Mar '33 4,707,014
Mar '32 5,551,430
Manhattan & Queens _Mar '33
35,050
37,456
Mar '32
9 months ended Mar '33
317,490
357,920
Mar '32
NY & Queens County Mar '33
48,729
(Receiver)
Mar '32
68,088
9 months ended Mar '33
445,198
591,292
Mar '32
New York Railways_ _ _Mar '33
422,540
423,849
Mar '32
9 months ended Mar '33 3,604,790
Mar '32 3,963,700
N Y Rapid Transit
Mar '33 2,679,096
Mar '32 2,888,402
9 months ended Mar '33 23,906,708
Mar '32 25,728,426
South Brooklyn Ry Co_ _Mar '33
69,688
72,798
Mar '32
9 months ended Mar '33
673,402
Mar '32
755,587
Steinways Railways_ _ _ Mar '33
46,315
(Receiver)
56,996
Mar '32
9 months ended Mar '33
416,965
511,947
Mar '32
Surface Transportation _Mar '33
162,461
177,415
Mar '32
9 months ended Mar '33 1,501,910
Mar '32 1,628,257
Third Ave Ry System_ _Mar '33
905,376
Mar '32 1,045,868
9 months ended Mar '33 8,251,215
Mar '32 9,730,421
Deductions Net Corp.
Gross
Income. from Income. Income.
366,829
389,527
3,274,232
3,290,639
29,098
34,791
267,077
265,489
-6,346
2,030
-59,369
20,889
8,795
50,313
300,964
629,346
1,835,272
1,989,656
12,920,977
14,859,484
68.469
24,314
240,623
915,788
340,993
420,912
3,299,018
3,950.634
7,213
5,473
70,187
49,980
2,240
9,139
48,646
81,169
71.769
55,215
618,952
605,983
962,675
980,709
8,918,287
9,027,570
23,981
20,075
228,816
249,185
5,910
5,415
47,785
29,121
30.466
40,466
245,583
340,536
228,275
250,439
2,013,112
2,298,569
159,058
174,946
1,474,631
1,503,357
12,907
16,950
129,301
152,779
7,295
7,403
94,482
91,188
525
739
5,461
6,293
207,771
214,581
1,799,601
1,787,282
16,191
17,840
137,776
112,709
-13,640
-5,373
-153,849
-70,299
8,270
49,574
295,503
623,053
1,239,069
596,204
299,829
1,669.827
10,013,934 2,907,044
2,670.853
12,188,631
463,261 -394,792
461.842-437,528
4,225,346 -3,984,723
4,178,587 -3,262,799
314,631
26,362
106.650
314,261
472,640
2,826,378
989,292
2.961,342
-3,001
10,214
10,339
-4.866
91,853
-21,665
93,639
-43,659
-311
2,552
23,539
-14,400
61,664
-13,018
215,421 -134,251
172,157 -100,388
175,918 -120,703
1,559,068 -940,116
1.581,685 -975,702
589,598
373,077
395,162
585,547
3,625,288
5,292,999
5,238.279 3,789,291
12,424
11,557
11,719
8,356
97,518
131,298
143,441
105,743
5,741
169
6,019
-604
53,585
-5,800
52,934
-22,713
24,823
5,642
29,265
11,200
4,456
241,127
252,622
87,914
212,505
15,770
219,819
30,619
1,930,733
82,379
1.984,816
313,752
Net rev,from ry.operRailway tax accruals.-Uncollect. ry. revenuesEquip.& .facility rents
Net ry. oper. income..
Misc.& non-oper.Inc_ _ _
Month of May- -5 Mos. End. May 311933.
1932.
1932.
1933.
$580,775 $2,877,434 $3,171,498
$638,096
389,242 1,771.627 2,179,524
358,026
$191,532 $1,105,807
$991,973
$280,069
224,323
47,652
213,334
53,674
29
140
47,259
234,824
242.050
44,069
$536,447
8646.630
$96,621
$182,325
15.075
4,166
26,399
2.868
Gross income
I)oduc'ns from gross inc_
$185,193
42.466
$100.787
42,919
$661,705
212,670
$76,824
57,561
$570,471
274,974
$661,021
291,694
Gross income
Deduc'ns from gross inc.
$275,758
106,581
$134,385
88,123
$845,445
470,462
$952,715
477.806
$474.908
8374,983
$46.262
8169,176
Net income
* Credit balance.
report in Financial Chronicle May 27 '33, p. 3712
Last complete annual
I"
Rutland Railroad Co.
Month of May- -5 Mos. End. May 311932.
1933.
1932.
)933.
6333,077 $1,303,768 $1.649,610
$304.298
1,426,306
275,320 1.215,469
255,504
699
$88,299
99,309
191
54,110
2223,304
108,060
528
15.788
$36.926
6,972
$42,907
30,765
$130,504
36.593
$43,899
36,309
$73,673
177.981
$167,097
182,846
Netrev.from ry.oper.
Railway tax accruals_ _ _
Uncollect. ry. revenues_
Equip.& jt. fedi rents*
$48,793
19,945
13
10,206
$57,757
21,530
Net ry. oper. income_
Misc.& non-oper.income
$39,041
5,275
Gross income
Deduc'nsfrom gross inc-
$44,317
35,430
$15,749
$104.307
$7.590
$8,886
Net income
* Credit balance.
Last complete annual report in Financial Chronicle May 13 '33, p. 3335
INDUSTRIAL AND MISCELLANEOUS CO's.
•
American European Securities Co.
1932.
$375.965
28.232
1931.
$431.484
23,847
1930.
$442,743
24,317
$240,185
9,061
76.262
$404,197
12,119
94,139
8455.331
13,155
100.673
8467.060
38,054
102.392
3154,862
528,280
8297.938
1.014,304
8341.503
90,391
$326,615
prof.5,890
5.057
320,053
$251.113
150,000
$332,505
150.0110
6 Mos.End.June 30
Cash diva, received
Int. received or accruedDividends received in
securs. of other cos
1933.
8182.778
43.626
Total income
Raps.,incl. miscell. taxes
Int. paid or accrued---Net income
Net loss from sec. sold..
Profitfrom co.'s own
bonds retired
b13.781
det$368.361 def$396,313
Total income
25,000
Pref.stk.div.requiremls
$182.505
$101.113
def$368,361 def$421.313
Balance
354.500
354.500
354,500
354,500
Cora, shares outstanding
Nil
$0.51
Nil
$0.28
Earnings per share
b Distribution by General Electric Co. of Radio Corp. of America
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.
rirLast complete annual report in Financial Chronicle Jan. 14 '33, p. 32C
American Furniture Mart Building Corp.
Earnings for 5 Months Ended May 31 1933.
$88,475
Net loss after expenses, depreciation, taxes,int.& other charges
complete annual report in Financial Chronicle July 1 '33, p. 139
Ea"Last
American Hawaiian Steamship Co.
1932.
1933.
4 Months Ended April 30but before deprec___ $128.168 loss$459,898
Oper. profits after all
Mar. 25 '33, p. 2071
SgrLast complete annual report in Financial Chronicle
Atlanta Gas Light Co.
-Month of May- -5 Mos. End. May 311932.
1933.
1932.
1933.
8189,009 82.204,554 82,295.579
$185,919
Indiana Harbor Belt Railroad Co.
Railway oper. revenues..
Railway oper. expenses-
$221,165
54.593
Railway oper. revenues_
Railway oper. expenses_
New York City Street Railways.
Operating
Income.
Net ry. oper. income_
Misc.& non.-oper. bac__
$562,846
214,706
$449,035
Net income
$57.868
6348,139
$142,726
lairLast complete annual report in Financial Chronicle June 3 '33, p. 3900
Gross revenues
Operating ExpensesOpmatton
Maintenance
Uncollectible accounts..
General taxes
112.240
1,218
904
6,931
Total epee. expenses_
$121,294
Net earnings
Interest & other income
charges (net)
864.624
855.716
8659.493
2636.159
38.381
33,988
364,469
378,069
$26,243
1.900
8,970
$21,728
1,020
10,394
$295.024
17,469
151,274
$258.090
18,012
166.798
Net inc. before prowls.
for Fed, income tax
and retirements-
Prov. for Fed. inc. tax..
Prov, for retirements...
117,394
2,811
2,840
10,245
1.381,078
28.663
22,543
112,774
1,472,945
45,289
15,671
125,513
$133,293 81,545.060 81,659.419
$184,811
$168,743
$11,414
$10.871
Total deductions
73,279
126,280
10.313
15,371
Net income
Chronicle April 29 1933, p.
larLast complete annual report in Financial
2972 and April 22 1933, p. 795.
(The) New York Central RR.
(Including All Leased Lines.)
Month of May- -5 Mos.End. May 311933.
1932.
19:32.
• 1933.
Railway oper. revenues_623,253,327 $23,899,067 8105.846562 8130,070332
Railway oper. expenses_ 16,179,108 20,080.239 79,546,395 102,824,325
Netrev.from ry.oper. $7,074,219 $3,818,827 $26,300,167 $27,246,006
Railway tax accruals_ _ _ 2,433,659 2,681,031 12,150,738 13,411.159
8,138
37.825
52,603
Uncollect. ry. revenues_
16,959
1,356,539 6,003,056 6,488,990
Equip.& it.facility rents 1.330,475
Net ry. oper. Income.. $3,293,124 def$226,882 $8,108,546 27,293.253
1.426,387 9.280,190 10,619,008
Misc.& non-oper.income 1.938.619
Gross income
$5,231,744 $1,199,505 $17,388.737 $17,912,262
Deduc'nsfrom gross Inc_ 5,126,035 5,163,302 25.359,246 25,895,386
Net Income
$105,708df$3.963.796 $7,970,509 $7,983,124
reLast complete annual report in Financial Chronicle June 3 '33, p. 3398
Barker Bros. Corp.
(And Subsidiaries)
Period End. June 30- 1933-3 Mos.-1932. -1933-6 Mos.-1932.
$1,750.188 $1,892,480 $3,122,779 34,170,712
Netsales
1.860,486 2,103,285 3,480,213 4,476.777
Costs & expenses
Operating loss
Other income (net)
$110,298
3.093
$210,805
loss3,966
$357.434
11,986
$306,065
6.346
$299.719
$107,205
$214,771
$345,448
Net loss
112S"Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1379
Bing & Bing, Inc.
(And Subsidiaries)
1932.
1933.
3 Months Ended March 31$120,242,
_ $207.556
Netloss after depreciation,amortiz.,interest,
'33, p. 3725-tarLast complete annual report in Financial Chronitle May 27
480
Financial Chronicle
Broad Street Investing Co., Inc.
July 15 1933
Consolidated Laundries Corp.
6 Mos.End.June 30Interest earned
Cash divs. on stocks
Income from investments
Prof. real, on secs. sold_
1933.
37.482
46,408
1932.
$13.852
44,691
Total income
Deductions
Prov. for Fed. inc. tax
$53.891
16,134
$58,545 def$145.802
17,104
13,504
$82.593
7,414
5.231
Profit from operations
Other income
$71,216
25.364
$342.456
33.803
$490,957
40,728
$529,901
35.984
Net income for period_
Dividends paid
$37,756
38,902
$41,439 1oss$159,306
53,726
56.298
$69,948
55,273
Total income
Interest charges
Federal income tax(est.)
$96,581
94,427
3376.260
101.759
33,945
$531,685
113,159
51,184
3565.885
128,605
50,624
Deficit
31.146
$12,287
$215,604 sur$14,675
Note -Loss on sale of securities for the six months ended June 30 1933
amounted to $33,486, compared with loss of $203,854 in 1932.
Last complete annual report in Financial Chronicle Jan. 21 '33, p. 496
ICW-
Net profit
Preferred dividends_ _ _ _
Common dividends
$2.153
8,817
$240,556
17.703
195,686
$367,342
20.342
201.823
$386.656
24,994
1931.
$11,352
48,747
1oss205,901
1930.
$18,042
29,841
10.329
24.380
Capital Administration Co., Ltd.
- 8 Mos. End. Jtine 30
Interest on °owls
Dividends
Profits realized on sale of
securities
1933.
$77,330
81.560
See x
See x
See x
282,370
Total income
Int. on 5% debs
Amortization of discount
and exp. on debs
Compensation - Broad
St. Management Corp
General expense
Service fee
Taxes
Prov. for Fed. inc. taxes
$158.890
85,425
$123.870
87,833
$198,691
98,567
3498,968
125,000
3.909
4,039
12,153
16.397
6,310
12.800
12,289
4,607
Net inc. for the period
Preferred dividends_
334,696
65.100
$2.302
32,625
1932.
$56.957
66,913
1931.
$53,656
145.034
1930.
369.542
147.056
4,516
5,720
21,143
21.521
28,447
20,760
$52,944
102.375
8297,200
90,000
21,839
Deficit
349.431 sur$207,200
330,323
330.404
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, 31.648.045 in 1932 and $632,663 in 1931.
10 Last complete annual report in Financial Chronicle Jan. 21 '33, p. 497
-
Central Illinois Electric & Gas Co.
-Month of May- -5 Mos. End. May 311932.
1933.
1933.
1932.
$315,499
$330,997 $3,913,980 $4,500,832
Gross revenues
Operating Expenses
Operation
Maintenance
Uncollectible accouts
General taxes
122,813
14.281
12,974
24.263
Total oper. expenses_
Net earnings
Interest & other income
charges (net)
Net Inc. before provis.
for Fed. inc. tax &
retirements__ _ _ _
Prov. for Fed. inc. tax__
Prov. for retirements___
$174.333
141,166
133,147
14.806
6,634
27.974
1,491.874
173.970
204.200
308.790
1.706,201
226,714
65.965
323,573
$182,562 $2.178,835 $2,322,454
148,434
1,735,145
2.178,377
76.764
77,284
$64,401
2,175
44.625
$71,150
1,708
52.169
925,053
926,177
3810.092 31.252.200
32,423
93,738
569,628
629,621
$46.801
$602,052
$53.878
$723,359
Total deductions
17.272
17,600
208,040
528,840
Net income
la'Last complete annual report in Financial Chronicle Apr. 8 '33, p. 2419
Central Indiana Gas Co.
Gross revenues
Operating Expenses
Operation
Maintenance
TJncollectible accounts
General taxes
-Month of May- -5 Mos. End. May 311932.
1933.
1933.
1932.
$117,655 31.183.192 31,602,968
$113,617
70,484
2.311
1.128
7,609
70.076
3.009
1,181
9,048
$81,533
32,084
$83,315
34,339
24,835
24,826
297,739
289,344
Net inc. before provis.
for Fed. income tax
and retirements
Prov. for Fed. inc. tax _
Prov. for retirements
$7.248
5,334
$9.512
465
4,335
333,831
1,775
76.977
$140,190
9,946
109,415
Total deductions
Net income
35.334
1.914
$4,801
4.710
$75,201
109.032
$119,361
20.828
Total oper. expenses_
Net earnings
Interent & other income
charges (net)
768,377
31.270
26,685
92,951
1.011.379
46,473
12,272
103.307
8919,284 81,173,433
263,908
429,534
(And Subsidiaries)
June 1733. June 1832. June 20'31. June 1430.
32,931.150 33,908.912 $4,542,249 34,664.081
3,252,375
2,613.460
3,717,847
3,814,753
246,474
314,081
333,445
319.427
24 Weeks EndedNet sales
Cost ofsales
Depreciation
Balance,surplus
def$6,664
$27,167
3145,177
3361,661
Shares common stock outstanding(no par)
400,000
403.885
404,013
401.385
Earnings per share
Nil
$0.55
30.86
$0.90
10"Last complete annual report in Financial Chronicle Feb. 18 '33, p. 1206
Continental Gas & Electric Corp.
(And Subsidiaries)
12 Months Ended May 311933.
1932.
Gross operating earnings of subsidiary companies
(after eliminating inter-company transfers)- ---330,130,283 330,004.706
Operating expenses
11.134,892 11,270,763
Maintenance,charged to operation
1,431,926
1.720.591
Taxes, general and income
3,099,599
2,380.803
Depreciation
4.132,584
3.861.771
Net earnings from oper, of subidiary companies_310,331,281 $10,770.777
Non-operating income of subsidiary companies- _
597.841
935,878
Total income of subsidiary companies
310,929,122 $11.706,655
Subsidiary Companies
Interest on bonds, notes. &c
3,952,004
3.077,022
Amortization of bond and stock discount & expense
347,282
323,839
Dividends on preferred stocks
1.069,686
1,058.799
Balance
$5,560,149 $7,246,994
Proportion of earn, attributable to min. corn. stk..
12,128
14,319
Equity of Continental Gas & Electric Corp. in
earnings of subsidiary companies
35.548,021 $7,232,676
Earnings of Continental Gas & Electric Corp
36,693
44,845
Balance
35.583,714 37,277,521
Expenses of Continental Gas & Electric Corp_ _ _ _
135,059
149,864
Gross inc. of Continental Gas St Electric Corp- $5.448,655 $7,127.657
Holding Company Deductions
Interest on debentures
2,600,000 2.600,000
Other interest
1.601
Amortization of debt discount & expense
164,172
161
42
9
5
Balance available for dividends
Dividends on prior preference stock
$2.682.882 $4.312.352
1.320,053
1,320,053
Balance available for common stock dividends- $1.362,829 $2,992,299
Earnings per share
$6.35
$13.95
ri"Last complete annual report in Financial Chronicle April 15 '33, p.9604
Detroit Edison Co.
(And Subsidiary Utility Companies)
12 Months Ended June 301933.
1932.
Total electric revenue
539.176,342 $44.179,425
Steam revenue
1,782,045
1,886,839
Gas revenue
403,192
452,731
Miscellaneous revenue
2,203
Dr3,481
Total operating revenue
$41.363,782 $46,515,514
Non-operating revenue
167,211
43.419
Total revenue
$41,530,993 $46,558,934
Operating & non-operating expenses
29,333.892 31,554,161
Interest on funded & unfunded debt
6.395,163 5,828,607
Amortization of debt discount & expense
198,907
191,552
Miscellaneous deductions
30,269
48,231
Net income
$5,572,762 $8.936,383
IG 'Last complete annual report in Financial Chronicle Jan. 21 '33, p. 484
Douglas Aircraft Co., Inc.
6 Months Ended May 311933.
1932.
1931.
Net prof. after deprec. Fed. taxes,&c 3137,906
$135,572
$410.681
Shares corn, stock outstdg. (no par)364.435
343.304
342.403
Earnings per share
$0.37
$0.39
$1.20
1126 Last complete annual report in Financial Chronicle April 8 '33, p. 2431
-
Chicago Corp.
Duquesne Light Co.
Earnings for Six Months Ended June 30 1933.
Interest received
Cash dividends received
$233,377
246,649
12 Months Ended May 31Gross earnings
Operating expenses, maintenance and taxes
1933.
1932.
$23,930,695 $26,793,089
8,483,307
9,196,191
Total income
General & administrative expenses
Registrar & transfer agents' fees
Taxes
$480,026
85.305
27.199
40,000
Net earnings
Other income-net
$15.447,388 $17,596,898
983.725
1,022,109
Net income from interest & dividends
Previous undistributed income
3327.521
50,505
PTotal surplus paid
Preferred dividends
8378.026
369,895
Net earnings including other income
Rent of leased properties
Interest charges-net
Amortization of debt discount and expense
Other charges
Appropriation for retirement reserve
$16,431,113 318,619,007
178,614
180,989
3,174,362
2,946,889
167,390
148,533
721
721
1,914,456
2,143,447
$8,131
Balance
Capital Surplus Account Six Months Ended June 30 1933.
31.234,288
Balance at Dec. 31 1932
Surp. arising from acquis. of the co.'s cony, preference stock
36.675
at,less than stated value
Balance at June 30 193331,270,963
Investment Reserve Account Six Months Ended June 30 1933.
31.331,146
Balance at Dec. 31 1932
229,510
Net loss on sale of securities
23.835
Write-down of securities
31.077.802
Balance at June 30 1933
The income account reflects only cash income from interest and divireceived and expenses of operation. Profits and (or) losses on the
dends
disposition of securities, together with valuation and other adjustments.
are carried directly to the investment reserve account.
WLast complete annual report in Financial Chronict Mar. 18 '33, p. 1890
Cream of Wheat Corp.
(And Subsidiary)
1933-6 Mos.-1932.
Period End.June 30- 1933-3 Mos.-1932.
income after charges
Net
8535.188
$667.213
$264,170
and Federal taxes.... $220,292
garnings per share on
600.000 shares 'capital
$0.89
$1.11
$0 44
$0.36
stock (no par)
'Last complete annual report in Financial Chronicle April 8 '33, 13. 2430
Net income
$10,995.570 $13,198,426
laPLast complete annual report in Financial Chronicle May 13 '33, p. 3331
Ferro Enamel Corp.
(And Subsidiary)
Earnings for Four Months Ended April 30 1933.
Sales
Quantity discounts
Cost of sales
$273,449
4.239
187,882
Gross profit from sales
Commissions earned
$81,327
3.007
Total gross profit
Commercial expenses
Other expenses (net)
Federal income tax (estimated)
$84,335
69,502
2,154
2.200
Net profit
Previous surplus
Credit adjustments
$10,479
102.016
333
Total surplus
Preferred dividends
Debit adjustments
$112.829
3.232
5,870
Balance, April 30 1933
$103,727
r4"Last complete annual report in Financial Chronicle July 1 '33, p. 148
481
Financial Chronicle
Volume 137
Industrial Rayon Corp.
Eaton Manufacturing Co.
(And Subsidiaries)
1933-6 Mos.-1932.
Period End. June 30- 1933-3 Mus.-1932.
Consol. net profit after
$31,253 loss$15,957
taxes, lot deprec.. &c $268,432 loss$12,680
Earns. per sh. on 646.238
Nil
$0.04
Nil
shs. corn. stk. (no par)
$0.41
tarLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1893
First Chrold Corp.
-Month--- --6 Mos.3120,115
$28.519
10.501
10.501
Period Ended June 30 1933Realized profits
Unrealized profits
$39.020
3.902
27
8,537
Gross profits
Management fee reserves
Expenses
Tax reserve
$130,616
13,062
1.081
19,651
$96.822
$26,554
Net after reserves
larLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1724
(And Subsidiaries)
1932.
1933.
6 Mos.End. June 30$535.281
Profit from operations__ $1,122.388
250,000
Royal.offinishffl invent.
310,664
393.558
Allowance for depreen__
3,143
6.536
Interest charges
Bond ci!scount
Adjust. of U. S. Govt.
27,140
securities to par
95,200
Prov. for Fed.inc. tax
Net prof. (subject to
adjust, upon detail
audit as of end of
fiscal year)
Dividends paid
1930.
1931.
5480.997 $1,437,893
393,731
10,403
12,000
132,600
$64,862
289,998
$686,242loss$114,813
217,498
222,150
382.818
12.124
10,299
$900,052
$900,052
$464,092 def$332,311 def$225,136
Balance.surplus
Shs. corn, stock out199,851
145.000
144,599
199,939
standing (no par)_ _ _ _
$0.44
$4.50
Nil
$3.43
Earnings per share
garLast complete annual report in Financial Chronicle Jan. 28 '33, p. 669
Fyr Fyter Co.
Earnings for Six Months Ended June 30 1933.
Gross sales ________________________________________________ 3153,682
11,804
and allowances
Returns
19.009
Commissions
80,990
Cost of sales
74,113
Selling and administrative expenses
$32,234
Net loss on sales
4,492
Other income
$27,742
1,085
Balance, deficit
Miscellaneous deductions
Surplus _________________________________________________ $28,827
.
W Last complete annual report in Financial Chronicle Apr.8'33, p. 2433
General Public Service Corp.
6 Mos.End.June 30Cash dive. on stocks_ __ _
Int. on bonds, notes and
cash
Profit on sale of securities after allowance for
Federal taxes
1933.
$125.201
1932.
$258.626
1931.
$3337,855
106,454
55,849
35,979
402,481
1,709,506
Total income
Expenses
Taxes (other than Federal taxes)
Interest and amortization
$231,655
35,764
$349,138
49.165
2,765
172,572
3,274
214.323
Net income
Divs.: Prof. stock 56_
Pref. stock $5.50_ _ _ _
Common stock in stock
$20.554
$82.376
Lindsay Light Co.
1933-6 Mos.-1932.
Period Ended June 30- 1933-3 Mos.1932.
Net income after charges
$30,157
$11.827
$5,093
$7,716
and taxes
Earns, per sh. on 60,000
$0.06
$0.03
$0.38
$0.07
shs.com.stk. (par $10)
12'Last complete annual report in Financial Chronicle Feb. 4 '33, p. 854
1930.
$512,117
90.512
Lehigh Portland Cement Co.
1932.
1931.
1933.
12 Months Ended June 303484,020pr$1,631,440
Net loss after deprec., Fed. taxes, Sze $1,937,427
Earns, per sh. on 450,348 shs. corn.
Nil
$0.46
Nil
stock (no par)
10'Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1562
$796,185 $2,257,603
74,134
67.134
2,706
380.739
1,624
417.573
$3345,606 51,764.273
73,917
73.920
770
770
189,397
Mississippi Power Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of May- -12 Mos.End. May 311932.
1932.
1933.
1933.
$219,171
5240.193 $2,847,122 $3,223,208
Gross earnings
Oper. exps, incl. taxes &
2,112,589
173,372 1.906.416
155,282
maint
$63,888
Gross income
Fixed charges
568,204
20,553
Security Profit Surplus:
Balance, beginning of period
Net profit on sale of securities
Net profit on debentures reacquired and cancelled
$82,376
$88.758
Total surplus
$82,376
def$4,631
80,157 loss$592,319
530.990
$164,284
Surplus (earned) end of period
$21,048
Lt7"East complete annual report in Financial Chronicle, Jan. 21 '33, p. 486.
$940,705 $1,110,618
706.788
750,643
$233,917
73,200
267,556
Balance
* Deficit.
$359.975
73,200
269,395
*5106,839
Net income
Provision for retirement reserve
Dividends on first preferred stock
$270,916 31,500,188
$82,376
Balance
$20,554
Comparative Surplus Statement Six Months Ended June 30.
$50.439
Surplus (Paid, in) June 30, 1932
Surplus (Earned)
-Income Surplus:
Balance, beginning of period
Net income as above
$66,821
$17.380
Motor Transit Co.
6 Mos. End.
-Month of JuneJune 30
1932.
1933.
1933.
$335.724
561,492
550,049
182,564
29,440
32,578
47,590
11,087
7,366
Gross earnings
Operation
Maintenance
Balance
Retirement accruals
Taxes
Net operating revenue
Interest and amortization
$13,241
10.331
5,123
$17.826
$105,570
41,335
27,997
$336,237
4,999
52.213
936
$31,237
53.149
Balance
-Interest charges on bonds not included in above figures.
Note.
Gulf Power Co.
(A Subsidiary of The Commonwealth 8c Southern Corp.)
-12 Mos. End. Map 31
-Month of May1932.
1933.
1932.
1933.
$832,285
$992,402
$71,602
Gross earnings
$68,353
Opor. exp., incl. taxes &
583,215
508,601
43,844
maint
42,866
$25,487
Not Income
Provision for retirement reserve
Dividends on first preferred stock
Balance
$409,186
167,627
$145,652
30,000
67,127
327.757
$3323,683
178,030
$241,559
30.176
67.732
$48,525
Gross income
Fixed charges
$143.649
Hagerstown Light & Heat Co. of Washington County.
Gross revenues
Operating expenses:
Operation
Maintenance
Uncollectible sects__ _
General taxes
Total oper. expenses_ _
Net earnings
Int. & other inc. chrgs.
(not)
Net inc. before prov.
for Fed. inc. tax &
retirements
Prov. for Fed. inc. tax
Prov. for retirements_ _ _
Month of May-- -5 Mos. End. May 319: .
032
: .
.
$168,438
$200,062
$15,673
$12,951
$87,682
$94,338
$7,668
$7,131
7,637
5,567
384
521
5,794
2,514
157
250
10,287
13,089
1,050
955
$111,403
5115.510
$9,260
$8,858
57,035
6,412
84,552
4,092
1,364
1,417
16.842
14,897
$4,995
331
1.309
$40,192
3.098
15,400
$69,654
6,392
14,888
51.368
1,359
Total deductions
Net income
82,727
168
1,200
$1,640
3,354
$18,498
21,693
$21,281
48,372
Hoskins Manufacturing Co.
3 Months Ended March 31
Net income after charges
Earns, per share on 120.050 shares stock
1933.
$3,711
$0.03
1932.
$29.741
$0.25
Johns-Manville Corp.
1933-6 Mos.-1932.
1933-3 Mos.-1932.
Per. End. June 30$4,871,343 $5,129,625 58,179.149 59.733,817
Sales
Mfg. cost selling and
5,278,570
8,161.080 10,325,563
adrninist. expenses _ 4,344,581
879,664
453,325
923,130
434,558
Deproc. and depletion
$602,270prof$861,595 $1,514,878
Net loss
$92,205
Earns, per sh. on 750.000
def$1.50
dof$0.98
def$2.37
$0.05
abs. corn. stk.(no par)
a'Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1561
Mullins Manufacturing Corp.
Period End. June 30- 1933-3 Mos.-1932. 1933--6 Mos.-1932.
Net loss after deprec..
515,270 4174,357 prof$1,353
447,888
taxes & other chargesx No provision has been made for any possible losses in connection with
the accounts of Willys-Overland Co. and Studebaker Corp.
125"Last complete annual report in Financial Chronicle May 13 '33, p. 3358
Nash Motors Co.
Period End. May 31- 1933-3 Mos.-1932. 1933-6 Mos.-1932.
Net loss after deprec.,
taxes, &c
$279,605prof$534,208
5145,469prof$322,281
Earns, per sh. on 2,730,000 abs. cap. stk. (no
Nil
Nil
$33.11
$0.19
par)
rarLast complete annual report in Financial Chronicle Feb. 4 '33, p. 856
Northern States Power Co. (Del.).
(And Subsidiaries)
12 Months Ended May 31Gross earnings
Operating expenses. maintenance & taxes
1932.
1933.
$31,306.767 333,662,714
16,013,831 16,246.853
Net earnings
Other income
$15,292.937 $17.415,861
114.882
90,613
Net earnings including other income
515.383,5.50 517,530,743
Interest charges-net
5,772,874
5,718,501
186.488
180,000
Amortization of debt discount and expense
25.237
Minority interest in not inc. of subsid. company
35,348
Appropriation for retirement reserve
2,900,000
2,900.000
Net income
56,488.839 $8,707.005
CV-Last complete annual report in Financial Chronicle May 13 '33, p. 3332
Pacific Telephone & Telegraph Co.
-Month of May- -5 Mos. End. May 311932.
1932.
1933.
1933.
Operating revenues
$4.253,946 84.757.818 520.930,798 824.129,496
46.100
50.000
Uncollectible oper. rev._
231,473
237.500
Operating revenues___ $4,300,046 84.807,818 $21,162,271 $24,366.996
3,063.374
3.274.087 14.608.817 16,988,053
Operating expenses
Net open revenues__ - $1,236,672 $1,533,731 $6,553,454 57,378,943
Rent from lease of oper.
70
property
352
466.523
523,803
Operating taxes
2,422.896
2,521,504
$770,219 $1.009,928 $4.130,910 54.857,439
Net open income_
"Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1547
482
Financial Chronicle
July 15 1933
Pennsylvania Electric Co.
Roanoke Gas Light Co.
12 Months Ended March 31Total operating revenues
Operating expenses
Maintenance
Prov. for retirement, renewals & replacements
Taxes
1932.
1933.
57.062.580 $8,144,501
3,254,429 3,920,739
427.155
374.685
379,561
344.108
367,307
348.291
Operating income
Other income
$2,741,066 $3.049,740
813.028 1.035.981
1 Gross income
Interest on funded debt
Interest on gold notes
Interest on unfunded debt
Amortization of debt discount & expense
Interest during construction (credit)
$3,554,093 54.085.721
$1.478,657 $1,431.381
318.339
245.676
57,672
201.581
123,057
88,854
36.802
2,774
Net income
$1,435,233 $2.298.940
CNLast complete annual report in Financial Chronicle June 17 '33, p. 4267
Month of May- -5 Mos. End. May 311932.
1933.
1932.
1933.
$35.511
$37.657
5429.674
$491,553
Gross revenues
Operating Expenses
Operation
Maintenance
Uncollectible accounts
General taxes
$14.232
1.429
170
2.089
Net income before provision for Federal income tax & retiremts
Prov.for Fed.inc. tax
Provision for retirements
Total deductions
Net income
Philadelphia Co.
(And Subsidiaries)
12 Months Ended May 31Gross earnings
Operating expenses, maintenance & taxes
1932.
1933.
$44,256,028 $52.199.493
23.383,555 26,909.512
Net earnings
Other income-net
$20.872.473 $25,289,981
1.494,817
1.406,687
Net earnings including other income
Rent of leased properties
Interest charges-net
Contractual guarantee
Amortization of debt discount and expense
Other charges
Appropriation for retirement & depletion reserve
$22.367.290 $26,696.667
1.735,983
1.717.633
6.676.534 6.507,523
69,260
70.263
387,129
367.251
119,970
Cr17.130
6.222,340 6.460,662
Net income
$7,174,424 $11,572,116
la'Last complete annual report in Financial Chronicle May 20 '33, p. 3527
Pittsburgh Screw & Bolt Corp.
6 Mos.End.June 30-Gross profit on sales____
Admin.& selling exps_.-
1932.
$128,828
320.737
1931.
1930.
$687,394 $2,172,868
518,923
617.684
Operating profit
Other Income
loss$53.461 loss$191,909
43.072
58.677
$168.471 $1.555,184
77.410
264,273
Total income
Other deductions
Depreciation
Interest
Federal income tax
$5,216 log4148.837
37,864
22.976
155,144
154.533
106,196
107,580
$245.881 $1,819.457
63.649
47.220
155.164
244,278
107.920
108.097
170,383
1933.
$219,325
272.786
Net loss
$293.988
$433.926
$80.852 x$1,249.479
Shs. of cap. stk.(no par) 1,500,000
1,500.000
1.500.000 1.500.000
Earnings per share
Nil
Nil
Nil
$0.83
x Profit.
Income account for quarter ended June 30 1933 follows: Gross profit on
sales. $172,163; expenses. $136,752; operating profit. $35.411; other income.
$17.177; profit, $52,588: miscellaneous deductions, $12.152; depreciation,
$77,573; Interest. $52.926: net loss, $90,063.
Ilar'Last complete annual report in Financial Chronicle Mar. 25 '93, p.2084
5447.961
1,048.990
6.189.226
301,065
$517.953
1.158.498
7.529.631
344,332
Total teleg. & cable
operating expenses- 51,600,302 $1,842,734 $7,987,242 $9,550,415
Net tel. & cable op. revs. $269.458
$11.583
5336,661
3103.619
Uncollectible oper. revs_
20.000
15,000
90.000
62.500
45,500
Taxes assign. to oper___
50,000
227.500
250,000
Operating income--- 5203.958 def$53.417
$19,161 def3208,881
Non-operating income786
5,047
11,553
25.954
$204,744 def$48,369
Gross income
$30.713 defS182,927
Deduc. from gross inc
217.308
213,585
1.080,080
1.069,817
Net deficit
$8,841
$2,711,022 13.558.077 514.226.454 S19,554,582
1,492,868 1,813.010 7.735.999 9,438,620
34,321
33.338
170.858
175.891
1.285.970
1.633.953 6,520.955 8.994,036
227,327 1.090.692 1.201,124
205,598
• Total expenses
$3.017.776 $3,708,613 515,518.506 319.809.673
Net revenue (def.)
150.536
306.754
1,292.051
255.090
Auxiliary Operations
Total revenues
64,911
63.144
313,156
389.315
Total expenses
61.942
69,773
338.583
343.506
Operating Income (loss) 5446.456
52.969 def$25,427
1,317,478
147.566
188,211
717.180
545.809
209.281
951.622
$335,778 52,034,659 $1,160.903
$223,366
5268,186
8,384
8.045
104,016
104,311
59.205
738
2,493
312,170
836
2.874
$118.899
310.341
33.362
$163,874
$15,227
35.925
$3.711
$8.459
543,703
$75,195
551.153
$112,721
Month of Ma
-5 Mos.End. May 311932.
1933.
1933.
1932.
$146,514
$171,793 31.881.154 52.191,481
Gross revenues
Operating Expenses
Operation
Maintenance
Incollectible accounts
General taxes
$64.650
6,604
4.443
17.932
Total oper. expenses
Net earnings
Int. and other income
charges (net)
$93.631
552,883
56.165
Net inc. before provision for retirements. def$3,282
Provision for retirements
(automotive eq. only)
494
$85,874
4,613
3.492
17.281
$921,349 51,010.320
69,782
66,915
76,796
29,334
215.769
192.902
5111.261 $1.283,698 51.299.472
360.532
3597.456
3892,008
56.817
677,502
670.798
$3,714 def$80.046
645
Selected Industries, Inc.
1933.
$146,005
1932.
5149,130
1931.
5176.935
646.428
5,175
963,085
56.093
1,089.692
3,578
Total income
General expenses
Service fee
Taxes
$797.609 $1,168,309 31,270,206
68.766
53.655
213,936
71.847
73.251
31.717
5.735
7.283
26,728
Net income
Divs. on 55.50 cum.prior
stock
$643,975 $1,021,960 $1,017,269
1,105.978
1,106.374
$221,209
6.522
9.135
Net income
def$3.777
33.068 def$86,599
3212,074
UPLast complete annual report in Financial Chronicle Mar. 25 '93, p. 2070
South Carolina Power Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of May
- -12 Mos.End. May 311933.
1932.
1933.
1932.
Gross earnings
$180,533
5162.944 $2,133,305 $2,328,602
Oper. caps.,incl. taxes &
maint
91,374
87,301
1,115,948
1,250,715
Gross Income
$89,159
$75,642 51.017.356 31,077,887
Fixed charges
648.490
718,209
Net income
$368.865
$359,677
Provision for retirement reserve
120.000
120,000
Dividends on first preferred stock
171,311
145.343
Balance
577,554
$94,333
OPLast complete annual report in Financial Chronicle May 13'33, p. 9345
12 Months Ended May 31Gross earnings
Operating expenses, maintenance and taxes
1933.
1932.
51.700.570 52.016,837
914.770 1,064.136
Net earnings
Other income
3785.799
243
$952,702
556
Net earnings including other income
Interest charges
-net
Appropriation for retirement reserve
5786.043
434,355
116,256
5953,258
433,835
11.427
Net income
$235,433
$507,996
a"Last complete annual report in Financial Chronicle May 13 '39, p. 330
Studebaker Corp.
icEarnings for 3 Months Ended March 31 1933.
Net sales__ --------------------------------------------- $7,228,860
Loss from sales
Depreciation----------------------------------------------------------------------------------- 1329,067
327,788
Repairs and replacements
189,458
Interest paid (net)
200,284
52.046.597
1.022.845
86,764
---------------------------------------------- $3,156,206
Net legs
x Includes Rockne Motors Corp. and operations of principal companies
Prior to receivership.
The corporation reports an operating profit for the month of May of
548.913 after expenses and non-recurring charges of $123,259 but before
depreciation, interest, &c. This compares with an operating profit in
April of 520,028 after non-recurring charge of $13.000.
l'
Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2058
Third National Investors Corp.
6 Mos.End. June 301933.
1932.
1931.
Profit realized on sale of
securitiesa
Int. on call loans, &c___
$8,220
$J,797
$12,737
Interest on bonds
Cash dividends
93,652
123,738
157,842
$264,578
9,941
1.324
167,578
Total income
Management fee
Miscellaneous expenses_
New York State tax......
Federal income tax
Net profit
Common dividends
1930.
$101,873
16,114
11.327
6,280
$141,535
16,675
8.726
$170,579
27,821
10.851
3,427
$443.421
38,557
16,793
316
19,872
568.151
66,910
1116,134
110,000
3128.479
121,000
5361.883
220,000
Balance, surplus
6 Months Ended June 30
Interest income
Dividends (excl. divs, on corp's ovrn
stock held)
Miscellaneous income
1,660.134
Deficit
5642,865
584.414
5462.003
rirLast complete annual report in Financial Chronicle Jan. 21 '33, P. 607
$206.759
$222,915
PrI4r;ii---------opi
------------- -----------------------------7
Proportionate share of loss of Pierce-Arrow Motor Car
-Month of May- -5 Mos. End. May 311932.
1933.
1933.
1932.
Sleeping Car Operations
Berth revenue
$2,321,423 53,009,857 511.873.215 516.481,058
Seat revenue
266.992
357,809 1,433.776 2,102.774
Charter of cars
69,401
45,823
369.102
272.314
Miscellaneous revenue
1,340
166
330
3.495
Car mileage revenue_ ..- _
184,058
120.394
826.486
1,031.947
Contract revenue
-Dr
64,189
43.777
179.669
433.795
Net revenue
def$6,628
Total net revenue (def.).
313.383
Taxes accrued
133,072
$17.442
520,215
$265,677 $1.049,367 31.252,744
(The) Pullman Co.
Total revenues
Maintenance of cars_ _
All other maintenance
Conducting car oper
General expenses
317,921
$17,589
Southern Colorado Power Co.
(Includes Land Lines Only)
-Month of May- -5 Mos End, May 311932.
1933.
1933.
1932.
Teleg. & cable op. revs_ $1,869,760 $1,854,317 58.323,902 $9.654.033
$99,015
229.812
1,448.685
65,221
$171,935
22.326
4.283
24,821
Seattle Gas Co.
Postal Telegraph-Cable Co.
Repairs
$91.887
All other maintenance
208,694
Conducting operations
1,242,682
Gen. & miscell. expenses
57.039
5155.741
18.687
7,520
24.809
$3.231
55,973
Total operating expsNet earnings
Int. and other income
charges (net)
$13,907
1.310
185
2,038
$1,241
36.134
$7,479
5141,883
Excess of cost over market value ofsecurities at Doc.31 1932_ _ - $3,234.227
Excess of cost over market value ofsecurities at Juno 30 1933--- 1.887.152
Decrease in unrealized loss
51.347,075
Excess of cost over market value of treas. stock JUDO 30 1933....
162,835
x Loss realized on sale of securities, based on average cost. was $95,531
in 1933; $1.408.901 in 1932, and $76,335 in 1931.
UrLast complete annual report in Financial Chronicle Jan. 7 '33, p. 171
United Fruit Co.
6 Months Ended June 301933.
1932.
xNet profit before Federal taxes
55,073,000 y$3,735,000
x Approximate figures. y Figures are after giving effect to the depreciation adjustment called for by the revaluation of property and are therefore
directly comparable with the 1933 figures.
12i"Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1369
Financial Chronicle
Volume 137
Tr -Continental Corp.
6 Mos.End.June 30-•
1933.
1932.
1931.
1930.
Interest earned
$329,104
$224,867
$331.517
$577.525
Dividends
737,796 1,025.025 1.005.855
541,721
Profit on syndicate partic
3.862
120.844
29.736
x Profit on sale of secs
3,039,992
Miscellaneous income_
1,534
79,969
39.370
14.555
Managem't & service fees
85,045
39.467
86.571
Total income
$961.266 $1,088,603 $1.505,714 $4.758,771
Taxes
37.764
35.740
122,362
9.632
Expenses
214,656
277,781
254.496
250.837
Interest on 5% debs__ -181,349
Net profit
$527,497
$801,189 $1,219,137 $4,381.912
Pref. dividends declared1.012.439
782.376
1,300,950
844.026
x Loss on sale of securities for the first six months of 1933 amounted
to $1.817,362; 1932. $4,761.077.
rarLast complete annual report in Financial Chronicle Jan. 21 33, p. 485
Union Oil Co. of California.
6 Mos. End. June 30-1931.
1932.
1933.
1930
Sales
$24.200,000 $28.600.000 $33,000.000 $44,500,000
Profit after Federal taxes,
interest, &c
3.400.000 5.100,000 5,500.000 11.400,000
Deprec'n,depletion, &c_ 3.200.000 3.600.000 3,600.000 6,250,000
Net profit
$200,000 $1,500,000 $1,900,000 55.150.000
Earns. per sh. on 4,386.070888. cap. stk. (par
$25)
$0.43
5.118
$0.05
$0.34
For the quarter ended June 30, last, net profit. including $1,350,000
non-recurring profit from sale of the company's one-half interest in the
Union Atlantic Co.. was $1,300,000. Excluding the non-recurring profit,
the loss amounted to $50.000.
igrLast complete annual report in Financial Chronicle Feb. 18 '33, p. 1195
United Light & Power CO.
(And Subsidiaries)
12 Months Ended May 311933.
1932.
Gross operating earnings of subsidiary & controlled
companies (after eliminating inter-co. transfers)$72,768,349 $80,469,412
Operating expenses
31,293,633 34,140,314
Maintenance,charged to operation
3,959,046 4,488.436
Taxes, general and income
8.057.907 7,650,934
Depreciation
6,942,673 x8.365,869
Net earns,from oper,ofsubsid.& controlled cos422,515.091 $25,823,859
Non-oper. income of subsid. & controlled cos
1,765,799 3,615.952
Total income of subsid. & controlled cos
$24,280,890 $29,439,812
Subsidiary and controlled companies
Interest on bonds, notes, &c
11,575.703 10,915,854
Amortization of bond & stock discount & expense
740,717
775,957
Dividends on preferred stocks
4.258,972 4.452.364
Balance
$7,705,498 513,295,637
Proportion of earnings, attributable to minority
common stock
2,336,916 3,383.938
Equity of United Light & Power Co. in earnings
of subsidiary and controlled companies
$5,368.582 $9.911,699
Earnings of United Light & Power Co
69,044
35,002
Balance _ '
_________________ 55,403.585 $9,980,743
Expenses of United Light _______ ___
123.632
173.447
Gross income of United Light & Power Co
$5,230,138 59,857,112
Holding company deductions
Interest on funded debt
2,306,694 2,866.998
Other interest
157.472
7,466
Amortization of bond discount and expense_ _
262.894
323.011
Balance available for dividends
$2,503,078 $6,659,637
$6 cumulative convertible let pref. dividends
z3,600,000 y3,600,000
Balance available for common stock dividends_df$1,096,922
$3,059,637
Earnings per share
def$0.32
$0.88
x Adjusted. y Including $600,000 accrued but not declared. x Accrued
but not declared.
l'
Last complete annual report in Financial Chronicle April 15'33, p.2599
United Light & Railways CO.
(And Subsidiaries)
12 Months Ended May 311933.
1932.
Gross operating earnings of subsid. & controlled
cos. (after eliminating inter-co. transfers)
$64,986,679 570.444.610
27,606.613 29,505,438
ljaintenance,charged to operation
3,488,343 3.903,204
Taxes, general and income
7,916,709 7.313,438
Depreciation
6,127.981 x7.481,555
Net earns,from over, ofsubsid.& controlled cos.$19,847.034 522,240.975
Non-oper.inc. of subsid. & controlled cos
1.717.245 2.815,322
Total income of subsid. & controlled
821.564,279 $25,056,296
Subsidiary and controlled companies cos
Interest on bonds, notes, &c
10.239.716 9.623,891
Amortization of bond & stock discount & expense
684,342
667,552
Dividends on preferred stocks
3.027.634 3.203,081
Balance
$7,612,587 $11.561,773
Proportion of earnings, attributable to minority
common stock
2.343.713 3,388,115
Equity of United Light & Railways Co. in earnings of subsidiary & controlled companies
$5,268,875 $8,173,657
Earnings of United Light & Railways Co
17.734
448.728
Balance
$5,286,609 58,622.385
Expenses of United Light & Railways Co
78.670
37.437
Gross income of United Light & Railways Co $5,207,938 $8,584,948
Holding company deductions
Interest on 544% debentures, duo 1952
1.375,000 1,375,000
Other interest
37,350
80.116
Amortization of debenture discount and expense
69.875
122.077
Balance available for dividends
$3,125,713 $7,007.756
Prior preferred stock dividends
7% prior preferred-let series
276,071
298,919
616% prior preferred-series of 1925
347,887
373.696
6% prior preferred-series of 1928
626.673
583.250
Balance available for common stock dividends__ 52.475.082 55,751,890
x Adjusted.
'Last complete annual report in Financial Chronicle April 1533. p. 2610
U. S. Industrial Alcohol Co.
(And Subsidiaries)
Earnings for 5 Months Ended May 31 1933.
Net sales
Cost of sales
General and selling expense
Deductions from income
Operating income
Miscellaneous income
Net earnings
Previous surplus
$3.298,774
2,554,199
488,934
94.138
$161,503
53.215
$214.718
4,003,415
Total surplus
$4,218,133
Earnings per share on 373,846 shares common stock
$0.57
r'Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1736
483
Western Union Telegraph Co., Inc.
-Month of ifay--- -5 Mos. End. lay 311933.
1932.
1933.
1932.
Teleg. & cable op. revs- 87.299,551 57.059.706 531.958.827 $36,236.959
Repairs
$421,045
$503,937 52.198.278 82.609,867
All other maintenance
713.737
854.451
3,496.443 4.198.523
Conducting operations
3.920.757 4.550.068 19.175,839 23.017.702
Gen.& miscell. exps
289,136
374.877
1.519,471
1.977,192
Total teleg. & cable
operating expenses- $5,344,675 86.283.333 526.390,032 531.803.283
Net tel.& cable op.revs_ $1,954.875
5776.373 55.568.794 $4.433,676
Uncollectible oper. revs_
51.597
31.768
224.212
163,066
Taxes assign. to oper__
289,834
292.667
1.449.167
1.463.333
Operating Income.,,,,. $1,613,444
$451.938 53.895.415 82,807,277
Non-oper. income
100.861
103.126
1.821.257
695.238
Gross income
$1,714.305
8555.064 85,716.672 83.502.514
Deduc. from gross inc
707,531
721.456 3.543.123 3.599.689
Net income
51.006.774 def$166.392 52.173.549 def$97,175
ta'Last complete annual report in Financial Chronicle Apr. 1 '38, p. 2280
FINANCIAL REPORTS.
(The) Baltimore & Ohio Railroad Co.
(106th Annual Report
-Year Ended Dec. 31 1932.)
Daniel Willard, President, states in part:
Mileage -The directly operated mileage was increased by
of the lines of railroad of the Buffalo Rochester & Pittsburgh the addition
Buffalo & Susquehanna RR. Corp., operated as integral parts Ry. and the
of company
throughout the entire year.
Equipment.
-Company's equipment on Dec. 31 1932, consisted of
2,674 locomotives, 1,833 passenger train cars, 203 marine equipment units.
115,930 freight train cars, 3,812 units of service equipment and 93 miscelaneous units.
Operations for the Year.
-At the beginning of the year conditions
such as to encourage the hope that the world-wide depression, whichwere
had
been growing progressively worse since 1929. had been arrested, and
that some measure of recovery from the business stagnation might be anticipated. This and the voluntary reduction of 10% in wages, effective
Feb. 1 1932, caused more liberal expenditures for maintenance during
first six months of the year than would have otherwise been the case. the
The
promise of recovery, however, was soon dissipated and trade and industry
continued to decline to new low levels in the later periods of the year.
With the consequent further shrinkage in the revenues of company,
the
efforts to economize were increased and further reduction in
of employees became imperative. Notwithstanding these the number
efforts the
company failed by $6.334,978.44 to earn its fixed charges. This was after
a charge of $4,455,524 on account of depreciation, so that the actual cash
deficit in income for the year was but $1,879.454.
As the operations for 1932 include the Buffalo Rochester &
Ry.and the Buffalo & Susquehanna RR.for the entire year, thePittsburgh
statement
of operations for the year 1931 have been restated to include the operations
of those companies in order to afford a more accurate comparison. Briefly
stated, these accounts show:
Operating revenues
Operating expenses
Net operating revenues
Ratio ofexpenses to revenues
Taxes, equip, and joint facility rents, &c
1932.
1931.
5125.882,823 5172.753,428
91,654,935 132,104.525
$34.227,888 $40.648,903
72,81%
76.47%
12,254,490 12.896,505
Netoperating income
$21,973,397 $27.752,398
Other incomefrom interest,dividends,rents,&c.,
less miscellaneous charges
5,087,589
8,169.823
Inc. avail,for int,and other fixed charges_ _ $27,060,987 535,922,221
Interest and other fixed charges
33,395,965 32,494,559
Netdeficit
$6,334,978 Pf$3.427,661
Compared with 1931. freight revenue decreased $39,137,371, or
while the tons of revenue freight carried decreased 22.850,453 26.95%.
tons, or
29.61%, and revenue tons one mile decreased 4,093,807,834, or 27.60%.
The decrease in passenger revenue
compared with 1931. together with a was $4.832,105, or 31.807, when
decrease of 1,734,382,
in number of passengers carried, and a decrease of 105,416,799.or 31.38%.
or 19.75%,
In number of revenue passengers carried one mile.
operating revenues, including mail, express and miscellaneous,
All other
decreased $2,901,129. or 23.47%.
The total decrease in all operating revenues was $46,870,605, or 27.13%,
as compared with the year 1931.
Expenditures for maintenance of way and structures were $4,948.539.
or 32.427, and for maintenance of equipment $13,365,184,
less than last year. Total maintenance expenditures for the or 37.62%,
year aggregated 832,474,994 and constituted 35.43% of all operating expenses and
absorbed 25.80 cents of every dollar of operating revenues. Notwithstanding the marked reduction in expenditures, the property was maintained in a manner ample to afford safe and adequate transportation service.
Transportation expenses decreased $18,584,624, or 28.62%.
with the previous year. The ratio of these expenses to total compared
revenues was 36.82% in 1932 and 37.58% in 1931, reflecting operating
a saving
because of lower cost of moving traffic of $963,642. Train miles decreased
5,093,812 miles. or 14.70%, and locomotive miles decreased 9.773.348
miles, or 18.12%.
All other expenses of operation, principally of administrative and traffic
character, decreased 83.551,240, or 21.67%.
Total operating expenses decreased 540.449,589, or 30.62%, compared
with the decrease in total railway revenues of 27.13% when compared with
1931. The ratio of total operating expenses to total operating revenues
was 72.81% in 1932,compared with 76.47% in 1931, representing a
in the conduct of the company's business of $4,607.659, or in othersaving
words
had the 1931 operating ratio obtained in 1932, operating expenses would
have been that much more.
Notwithstanding general economic conditions and the severe decline in
the company's earnings, railway tax accruals, an uncontrellable
aggregated 88.905,018 in 1932 and were $350,682 or 3.79%, lessexpense,
than in
1931. Rclatively. however, taxes were greater
1932 than in 1931, as
Is apparent from the fact that after the payment in all operating expenses,
of
26.02 cents of each remaining dollar of revenue went for
compared with 22.77 cents in 1931 and 18.45 cents in taxes in 1932 as
interesting to note here that during the last 12 years, 1921 1929. It may be
the total charges for taxes aggregated a little more thanto 1932,inclusive,
8123,000,000, or
an average per year of about $10,250,00C, and exceeded by
$2.852.000
the total dividends paid to stockholders during the same
period.
Funded Debt. &c.
-During the year the outstanding obligations were
reduced $57,546,350 as follows:
Mortgage and other bonds
56,659,650
Equipment notes
7,886,700
Unsecured notes
35.000.000
Secured notes
The following ($61,401,405) new obligations were incurred: 8.000,000
2-year secured gold notes
517.500,000
Loans from Reconstruction Finance Corporation
38.8.5.000
Other secured loans
4.900,000
Miscellaneous
176.404
Net increase in indebtedness
$3.855.054
Included in the items causing this increase in indebtedness is a loan for
$2.000.00C from the Railroad Credit Corporation to wnich company had
advanced during the year $2,977,737 under the Marshalling and
Distributing Plan.
Financial Chronicle
484
-These bonds outstandinain the principal
% Convertible Bonds.
amount of $63,250,000 matured on March 11933. Because of the unusual
conditions, and the consequent reduced prices at which all securities were
selling in the market, it became clear that the company could not hope
to meet the maturity through the sale of the refunding and general mortgage
bonds. Fortunately an alternative offered,and after negotiations extending
over a considerable period, an arrangement was effected on Nov. 15 1932.
whereby, with the approval of the I.-S. C. Commission,the Reconstruction
Finance Corporation authorized a loan to the company sufficient to enable
it to pay 50% of the maturity in cash with the provision that the holders
of the bonds receiving tills 50% accept the company's refunding and general
mortgage 5% bonds for the remaining 50%. As an inducement to prompt
acceptance, the company offered to assenting holders of the maturing
bonds an immediate payment of 10% in cash, for which purpose an advance
of $6.325,000 was secured on its authorized loan from the Reconstruction
Finance Corporation, which advance is included in loans and bills payable
outstanding at the end of the year.
The undertaking on the part of the Reconstruction Finance Corporation
to make the loan was with the condition that substantially all of the convertible bondholders accept the proposal, and as evidence of the general
acceptance of the plan, it might be pointed out that up to the present
time (June 211933) $62,244,000 of the bonds, or 98.41%, have been presented assenting to the proposal, with additional bonds assenting from
time to time.
Buffalo Rochester & Pittsburgh Ry. and Buffalo & Susquehanna RR. Corp.
Company now owns 99.82% of the capital stock of the Buffalo Rochester
& Pittsburgh Ry.,and 99.909w of the capital stock of the Buffalo & Susquehanna RR. Corp., and effective from Jan. 1 1932, the properties of both
these companies have been operated as integral parts of the B. & 0., in
accordance with the agreements dated Dec. 15 1931, approved by the
I.
-S. C. Commission.
-During the year the company acquired additional
Reading Company.
shares of Reading Co. capital stock consisting of 1,400 shares of first
preferred stock, 6,500 shares of second preferred stock and 3,200 shares of
common stock, and took over from the New York Transit & Terminal
wholly owned subsidiary, all the Reading Co.stock that had been acquire
Co.,a
through that company, so that company's investment in Reading Co. is
now carried in its entirety in company's accounts and consists of 235,065
shares of first preferred stock, 345,600 shares of second preferred stock
and 600,800 shares ofcommon stock,a total of 1,181.465 shares, being about
42.21% of the total Reading Co. stock outstanding, at the total cost of
$71.240.603.
INCOME ACCOUNT YEARS ENDED DEC. 31.
19301929
7
19317
19327Zt
- 5.577
5,568
5,556
*Aver. miles operated__
6,309
Ry. Oper. Revenues$
Freight
106,060,060 131,177,796 173,706,337 205,489,402
Passenger
10,362,683 14,801,546 18,567,622 22,138,626
3,227,926 3,139,125 3,353,729 4,678,364
Mall
Express
1,800,567 2,751,822 3,811,357 5.056,399
Other transport. revenue 1,873,845 2,190,844 2,791,859 3,200,510
Miscellaneous revenues- 2,557,716 3,613,494 4,429,533 4.855.474
Total ry.oper.revs_..125,882,823 158,474,628 206,660,435 245,418,776
=
Railway Oper. Expenses
Mahn.of way & struc__ 10,317,522 13,524,048 22,442,388 29,418,140
Maint. of equipment-- 22,157,472 31,542,647 41.693,160 51,765,468
Traffic
4,734,047 5.887,545 6,269,933 5.948,432
Transportation
46,343,123 59,443,637 72,500,106 82,958,813
1,301,420 1,773,296 2,142.666 2,291,918
Miscell.operations
7,153,929 7,790,757 8,145.896 8,250,057
General
62,794
51,769
352,577
17,490
Transp. for invest (Cr.)_
Total ry. oper. exps__ 91.654,935 119,944,440 153,142.375 180,570,035
Net rev,from ry. oper-- 34,227,888 38,530,187 53,518,061 64,848.742
Ratio of oper. exps. to
73.58%
74.10%
75.69%
72.81%
_operating revenues_ _ *Other Oper. Charges
Railway tax accruals--- 8.905,018 8,893,647 10,326.669 11,965.798
Cr33,099
28,766
Cr26,370
50,537
Uncollectible ry.revs..-Equip.rents(net debit)- 1,883,256 1,981,352 2,059,983 2,326,997
854,028 1,404.936
fad.rents(net debits) 1,415,679 1,450,707
Jt.
Total oth. oper. chrgs 12,254,490 12.299,336 13,269,447 15,664,632
Net ry.oper.income- -- 21,973,398 26,230,851 40,248,613 49,184,110
Other Income
132,842
136,461
136,724
137.851
Inc.from lease of road__
664,476
689,156
690,805
677,057
Miscell.rent income_ _ -234,182
215,299
162,898
210,377
Misc.non-op. phys.prop
773,113
873,527
145,478
119.315
Sep.oper. prop.(profit)2,465.043 5,257,963 5,372,291 2.566,820
Dividendsincome
Inc. from fund. securs- 1,800,460 1,688,987 1,690,302 1,685,769
Inc.from unfund.securs.
966,204 2,169,082 2,127,368
957,566
and accounts
Inc.from sinking & other
190,195
43,829
201,398
Dr29,063
reserve funds
53,069
53.712
51.742
57,241
MiaCell.income
Total othesincome-- 6,578,829 9,118,957 11,243,924 8.427,835
28,552,227 35.349,808 51,492,537 57,611,945
Grossincome
.
Deducts.fr. Gross Inc.
594,610
593,472
470,054
846,511
Rent for leased roads-- _
308,114
280,477
296,774
273,154
Miscellaneous rents
294,900
310,932
433,736
374,042
Miscell.tax accruals_ _
407,356
503,292
753,269
Sept oper.prop.(loss)- _ 1,008,401
.
30,667,374 28,107,977 27,946,177 25,547.216
Int.on funded debt_ --335,740 1,574,616
Int.on unfunded debt_ - 1,608,927 1,388.753
117,223
98.678
96,267
108,796
Miscell.income charges_
Total deductions from
34,887,205 31,546,830 30,068,767 28,844,037
gross income
def6,334,978 3,802.978 21,423,770 28,767.908
Netincome
2,354,528 2,354.528 2,354,528
Preferred divs.(4%)....
8,970.341 17,940,687 15.367,783
Common dividends
(635%)
(7%)
(334%)
Rate
1,128,555 11,045,596
Balance,surplus_ _ __def6.334,978 df7,521,891
Shares of common stock
outstanding(par $100) 2,562,954 2,562,954 2,562 954 2,562,954
$10.31
$.44
Nil
$0.57
Earns,per sh.on corn.... _
* Excludes passenger trackage rights between Phila. and New York.
GENERAL BALANCE SHEET DEC. 31.
1931.
1932.
Assets3
$
Investments in:
298,106,137 295,583,880
Road
270,813,497 268,311,188
Equipment
Subsidiary cos. open as constituent
413,930,049 347,795,495
parts of the companies
Miscell. physical properties held for
8,257,323
5,776,788
transportation purposes
Perpetual leaseholds-capitalized (per
3,713,200
10,463,200
contra)
Inv. in sub. & affil. cos. gently operated:
1930.
$
293,861,627
269,231,029
341,811,160
9,895,292
3,713,200
July 15 1933
Pledged. Unpledged.
Stocks
42,484,127
839.499.480 32,984,647
Bonds
38,125,941
1
38.125,940
16,857,174
Miscellaneous 1,020,367 15,836,807
Investment in other misc. phys. prop--4,662,247
Investment in sinking funds
5,127
Deposits in lieu of mtgd. prop. sold
55,865
Investments in other companies:
Unpledged.
Pledged.
92,211,422
Stocks
689,987,003 62,224,419
Bonds
812,437
917,892
105,455
1,791,667
Miscellaneous
1 1,791,666
Cash
8,688.798
Special deposits
1,021,058
Loans and bills receivable
106,073
Traffic and car service balance receivable
2,078,596
Net balances reedy,from agts. & conduo
1,916,715
7,150,278
Miscellaneous accounts receivable
13,437,327
Materials and supplies
Interest & dividends receivable
38,802
Rents receivable
19,882
Other current assets
212.383
Deferred assets
4,226,118
467,227
Unadjusted debits
65.074,012
37,056,441
16,934,303
4,646,558
5,043
37,153
36,415,873
37.056,441
16,564,741
4,609,484
3,746
616,358
88.071.007
817.929
1,773,264
13,118,598
1,495,827
94,411
2,528,488
2,223,578
7,258,861
15,081,656
65,990
31,933
141.613
3,260,769
2,758,027
86,795,960
328,679
24,257.835
18,512,871
1,400,863
64.253
3,384,928
3.035,795
9,735.962
15,187,376
30,972
21,037
101,824
3,134,169
2,361,667
1,235,564,391 1,186,136,546 1,182,133,135
Total Held Sp or
for Co. Outstanding.
Issued.
Liabilities$
$
$
$
$
6,752 256,295,348 256,295,348 256,295.434
Common stock _256,302,100
58,863,182
Preferred stock_ 60,000,000 1,136,838
58,863,162
58,863,162
Pr'132 on cap.stk 3,355,721
3,355,721
3,355,721
Equip.oblig'ns_ 50,313,300
50,313,300
57,044,800
64,296,500
Mtge. bonds_606,704,050 81,972,850 524,731,200 347,939,850 347,978,850
Coll. tr. bonds_ 68,437,500 12,452,300
55,985,200
55,985,200
Misc.obiig'ns.. _ 63,614,000
63,614,000 135,482,196 135,655,496
Misc.obliglis of
44,210,700
.subs h
& mic__.45,210,700 1,000,000
Dayton
RR. Co.:
2,396,950
Corn. stock__ 2,401,950
5,000
2,396,950
2,396,950
Prof. stock_
1,211,250
1,211,250
1,211,250
1,211,250
1st mtg.irds.. 2,728,000
Home Ave. Ry.
99,750
250
Co. cap. stk.
100,000
99,750
99,750
Allegheny di
West. RR.Co:
3,200,000
Capital stk 3,200.000
2.000,000
Mtg. b'ds 2,000,000
Clearlleld & Mahoning RR.Co:
900.000
Capital stk
900,000
650,000
Mtg. b.
ds.
650,000
43,000,000
Loans and bills payable
23,000,000
2,288,899
2,295,030
Traffic & car service balances payable
3,311,553
6 107:631
1:321 783
Audited accounts and wages payable
6 380.'966
3,602 371
2,26414
1 224 2
Miscellaneous accounts payable
2,255,403
2,165,582
Interest matured unpaid
2,196,327
89,483
194:658
31 3 0
151,664
Dividends matured unpaid
26,250
Funded debt matured unpaid
50
5 8 632
8 :485
2
4
73
Dnmatured dividends declared
5,032 6
On:8
7,126,387
6,264,770
5,836.020
ac
Unmatured interest accrued
46,051
Unmatured rents accrued
1,393,602
1,346,793
1,3441458
26, 63
Other current liabilities
1,810,530
1,744,034
3,395,448
Liability for provident funds
366,603
7,740,476
Other deferred liabilities
8,090,040
1,970,362
2,887.217
3,731.779
Tax liability
3,714.824
3,461,985
3,507,893
Insurance reserve
83.676.159
79,700,506
75,317,566
Accrued depreciation-equipment
2,688,770
3,396,471
Other unadjusted credits
3,587,970
13,690.217
Inter-co. non-negotiable accounts
335.127
313,043
Sinking fund reserves
27,452,694
27,329,546
2 62
0 5
Addlis to prop. through Inc. 4r surplus_ 27,530,434
Premium on sale of common stock
67.'304 221
3 3 94
66'4
74,219,840
82,256,027
Profit and loss, balance
Total
1,235,564,391 1,186,136,546 1,182,133,135
Total
The following securities bear the endorsement of the B. & 0. RR. Co.
viz. Kentucky & Indiana Terminal RR. Co.
jointly with other companies,
-V.137, p. 134.
Barcelona Traction, Light & Power Co., Ltd.
(18th Annual Report-Year Ended Dec. 31 1932.)
INCOME ACCOUNT FOR CALENDAR YEARS (CO. AND SUBS.).
1931.
1932.
1930.
1929.
$2,943,319 $3,228,074 $4,596,951 $4,832,369
Total receipts
Gen.adm.& reorg.exp.,
183,603
151,276
194,965
150,212
incl. fees and taxes-48,667
48.667
48,667
48,666
Int.on 7%pr.lien A's.._
807,341
808,541
982,014
969,306
Int.on 6 % pr.lien bds
384.415
412,269
425,340
395,458
Int.on6 45-yr. bonds_
209,002
246,961
321,100
246.961
Int. on 1st mtge. bonds_
400,000
400,000
300,000
General reserve account_
692,819 2,015,472
Preferred dividends899,427 1,942,479
143,625
Common dividends
$910,291
$160,934
$745,940
$240,311
Balance, surplus
CONSOLIDATED BALANCE SHEET DEC. 31.
1931.
1931.
1932.
1932.
$
Assets
Capital stock-- 39,555,900 39,555,900
Capital expendi115,166,546 116,172,049 She.of controlled
ture acct
COB
10,232
9,749
Sinking fund In724,288 Funded debt.-- 71,647,899 70,887,297
889,264
vestments
Bd.coupons outDebtors & debit
534,472
494.778
1,764,378 1,941,582 standing
balance
Divs. unclaimed
18,505
9,599
Materls in store
dr In transit- 1,063,069 1,183,225 Bonds drawn or
called for reBritish Govt.se142,427 demptiort but
curities
2,391,941 1,632,436 not yet reCash
deemed
370,879
361,661
Temporary adv
secured
1,003,750
Credit's & accts
payable
1,955,550 3,495.843
Revenue accts.- 2,015,233 1,105,169
Reserve for taxes
& other contingeneles_.
4,124,830 4,113,944
General reserve
account
1,100,000
700,000
Total
121,275,198 110 453 429
. .
-V. 135, p. 458.
Total
121,275,198 121,795,986
General, Corporate and Investment News
STEAM RAILROADS.
-Class I railroads on
Surplus Freight Cars in Good Repair Again Decline.
June 14 had 522,785 surplus freight cars in good repair and immediately
available for service, the car service division of the American Railway
Association announced. This was a decrease of 29,996 cars compared with
May 31,at which time there were 552,781 surplus freight cars.
Surplus coal cars on June 14 totaled 188,906, a decrease of 14,722 cars
below the previous period, while surplus box cars totaled 268,648. a decrease of 12,806 cars compared with May 31.
Reports also showed 30,517 surplus stock cars, a decrease of 343 compared
Volume 137
Financial Chronicle
with May 31, while surplus refrigerator cars totaled 10.991, a decrease of
1,919 for the same period.
Matters Covered in the "Chronicle" of July 8.-(a) Carriers of nation
divided into three groups by co-ordinator Eastman under emergency railroad transportation act--Co-ordinating committees selected, p. 256; (b)
I.
-S. C. Commission will repay $13,277.598 to 100 short lines
-To reimburse rails for recapture-United States Steel roads get $6,305,684. p. 257:
(e) Rail loan policy altered by Reconstruction Finance Corp.
-To base
advances on earning capacity and public interest of works, p. 257: (d)
Monthly report of Railroad Credit Corp.
-Period in which loans could be
made by corporation terminated May 31-Activities since limited to
liquidation-First distribution to participating carriers July 15
-Revenues
from emergency freight rates, p. 257.
Chesapeake Beach Ry.-Loan Refused.
-
The Reconstruction Finance Corporation has declined to make a loan
of $425,000 to the company for the purpose of establishing a ferry service
across Chesapeake Bay.
-V. 136, p. 1371.
Chesapeake Corp.
-Reduces Bank Loans Through Sale of
200,000 Shares of Chesapeake & Ohio Ry.The corporation, holding company controlling the Chesapeake & Ohio
Ry., has disposed of slightly more than 200,000 shares of common stock.
The corporation realized slightly in excess of $9.000,000 from the stock sold,
and this has been applied to reducing the corporation's bank loans.
At the end of 1932, the Chesapeake Corp. held 4.066,508 shares of
Chesapeake & Ohio common. The sales of C. & 0. which the corporation
has made in the past two months have reduced its holdings to roughly
3,870.000 shares. The corporation's bank loans are now down to in the
neighborhood of $22,000,000, compared with $31,750,000 at the close of
1932. ("Wall Street Journal") -V.
137, p. 134.
Chicago & North Western Ry.-Bonds Strickenfrom List.
The 5% sinking fund debenture bonds due May 1 1933 have been stricken
from the New York Stock Exchange list.-\. 137, p. 311.
Chicago Rock Island & Pacific Ry.-Protective Committees Formed to Map Own Reorganization Plan.
-Five
independent protective committees have been formed to
safeguard the interests of holders of more than $270,000,000
face amount of bonds of the company and owned and
leased lines outstanding in the hands of the public. This
action follows a petition filed on June 7 last by the Rock
Island under the amended Bankruptcy Act, stating its
inability to meet maturing debts and its desire to effect
a plan of reorganization. A joint announcement issued by
the committees calls attention to the need for co-operation
on the part of all bondholders. The statement says:
The chairman of the railway company, which is now in bankruptcy
under the amended Act has announced the appointment of readjustment
managers to prepare a plan of reorganization. Any such plan prepared
under the auspices of the railway company and by its nominees will represent
merely the debtor's view of the treatment to be accorded to its bondholders
and other creditors. Nothing in the new procedure relieves bondholders
from the need of studying their situation, formulating or adopting a plan
and presenting their case before the I.-S. C. Commission and the court.
Nothing in the new procedure can assure an equitable readjustment between
the debtor and its creditors unless the creditors are organized, represented
and heard. Immediate co-operative action by the bondholders is therefore
necessary and must be supported by a sufficient percentage of bonds to
take action under the trust indentures and under the new law. Such
co-operative action can be taken through the committees named below.
The organization of these committees, which is being announced te-day,
was undertaken some time ago by the institutions represented thereon
and other holders of large amounts of the bonds with the belief that concerted action was absolutely essential for the protection of the interests of
all bondholders.
Necessity for the formation of the committees at this
time was further emphasized by Dwight S. Beebe, V.-Pres.
& Financial Mgr. of the Mutual Life Insurance Co. of
New York, and Chairman of the committee formed to represent the road's 1st & ref. mtge. and secured series A bonds,
who pointed out that almost half the road's mortgage
indebtedness outstanding in the hands of the public matures
early next year, while default has already occurred on the
gen. mtge. bonds secured by first lien on a large part of the
road.
The bonds, for which the several committees are prepared to act and of which deposits are being sought on some
issues in advance of the preparation of a reorganization plan,
include:
(1) Chicago Rock Island & Pacific Ry. general mortgage 4% gold bonds.
due Jan. 1 1988.
(2) Burlington Cedar Rapids & Northern Ry. consol. 1st mortgage 5%
bonds,due April 11934.
(3) Chicago Rock Island and Pacific By. 1st & ref. mtge. 4% gold bonds,
due April 1 1934.
(4) Chicago Rock Island & Pacific By.secured 4M % gold bonds,series A,
due Sept. 11952.
(5) St. Paul & Kansas City Short Line RR. 1st mtge. 4).6% bonds.
due Feb. 11941.
(6) Rock Island Arkansas & Louisiana RR. 1st mtge. 43i% bonds, due
March 1 1934.
(7) Chicago Rock Island & Pacific By. 30-year 4H% convertible gold
bonds. due May 1 1960.
All committees, which in each case represent substantial
amounts of bonds, will serve without compensation.
Following are the personnel of the committees and the
amounts of bonds of each issue outstanding:
Chicago Rock Island and Pacific Ry. general mortgage 4% gold bonds,
due Jan. 1 1988 461,581,000 outstanding).
-Leon 0. -Fisher, -Vice-Pres. of
Equitable Life Assurance Society, chairman; Robert Dechert, counsel of
Penn Mutual Life Insurance Co., Philadelphia: Stacy B. Lloyd, Vice-Pres..
Philadelphia Saving Fund Society; James Lee Loomis, Pres. of Connecticut
Mutual Life Insurance Co., Hartford, Conn., and Robert H. Stenhouse.
Trem., Bowery Savings Bank, New York. Depositary, Bankers Trust
Co., New York; Secretary, Edward W. Bourne, 120 Broadway; Counsel.
Alexander & Green, 120 Broadway.
Burlington Cedar Rapids & Northern Ry. consolidated 1st mtge. 5% bonds,
due April 1 1934 ($11.000,000 outstanding).-Alited H. Meyers, Asst.
Treas., New York Life Insurance Co., chairman; Milo W. Wilder Jr.,
Treas., Mutual Benefit Life Insurance Co., Newark, N. J.: Sterling
Pierson, Gen. Solicitor, Equitable Life Assurance Society, New York;
Fred P. Hayward, 2nd Vice-Pres. & Treas., John Hancock Mutual Life
Insurance Co., Boston; Howard Greene, Northwestern Mutual Life Insurance Co., Milwaukee, Wis.', Wm. J. Lum., Treas., Dime Savings Bank,
Wallingford, Conn., and Edwin S. Hunt. Treas., Waterbury Savings
Bank, Waterbury, Conn. Depositary, New York rrrust Co.. 100 Broadway; Secretary, Robert 0. Hardy, 15 Broad St., New York; Counsel,
Hornblower, miller, Miller & Boston.
Chicago Rock Island & Pacific Ry. 1st & ref. mtge. 4% gold bonds. due
April 1 1934 ($104,470,000 outstanding) and Chicago Rock Island & Pacific
Ry. secured 4%% gold bonds, series A, due Sept. 1 1952 ($40,000,000 outstanding).
-Dwight S. Beebe, Vice-Pres. & Financial Mena or, Mutual
Life Insurance Co. of New York, chairman; Merrel P. Callaway, VicePres. of the Guaranty Trust Co. of New York; Harry C. Hagerty, Asst.
Treas., Metropolitan Life Insurance Co. of New York, Dewitt Millhauser
of Speyer St Co.; John W. Stedman, Vice-Pres. in charge of investments,
the Prudential Insurance Co. of America; Harold Stone, Pres., Onondaga
County Savings Bank, reptesenting National Association of Mutual Say-
485
ings Banks, and Frederick W. Walker, Vice-Pres. of Northwestern Mutual
Life Insurance Co.
Depositaries for the 1st Sz ref. bonds.
-Central Hanover Bank & Trust
Co., 70 Broadway, and Harris Trust & Savings Bank, Chicago.
Depositaries for the secured 43i% bonds.
-City Bank Farmers Trust
Co., 22 William St., New York, and Continental Illinois National Bank &
Trust Co., Chicago.
Secretary, L. T. D. Lyons, 31 Nassau St., New York; Counsel, Root,
Clark, Buckner and Ballantine.
Chicago Rock Island & Pacific Ru. 30
-year 4 % cone, gold bonds, due
May 1 1960 ($32,228,000 outstanding).
-Ralph Wolf of Speyer & Co.,
chairman; Pierpont V. Davis, Vice-Pres. of City Company of New York.
Inc.; George N. Lindsay, New York: A. F. Lafrentz, Pres. of American
Surety Co. of New York, and Steele Mitchell, Vice-Pres. of Adams Express
Co. Secretary C. W. McConaughy, 14 Wall St. Counsel, Cadwalader,
Wickersham & Taft, The committee proposes to call for deposit of bonds
'
in due course.
St. Paul & Kansas City Short Line RR. 1st mtge. 43.4% bonds, due Feb. 1
1941 ($10,000.000 outstanding) and Rock Island Arkansas & Louisiana RR.
1st mtge. 4 y% bonds, due March 1 1934 ($11,000,000 outstanding).
l
-James
G. Blaine, Pres., Marine Midland Trust Co. of New York, chairman;
Frank M. Gordon, Vice-Pres., First Union Trust & Savings Bank. Chicago;
William V. Griffin, Brady Security & Realty Corp., New York: R. G.
Page, Vice-Pres. Bankers Trust Co., New York and James R. Trowbridge,
Pres., Franklin'
Savings Bank in the City of New York. Depositaries,
Bankers Trust Co. of New York and First National Bank of Chicago.
Secretary. Archer W. Bachman, 16 Wall St. Counsel, White & Case.
Accord Predicted-Hayden Says Reorganization Group Is
Working with the Bond Committees.
Charles Hayden, chairman of the board,said July 11 that the reorganization committee which the management recently appointed was working in
harmony with five protective committees formed by bondholders affected
by the railway's bankruptcy action. The bondholders had announced that
they considered Mr. Hayden's committee as representing "merely the
debtors." The adjustment managers named by Mr. Hayden comprise
Chase National Bank, Dillon, Read & Co. and Hayden, Stone & Co.
Mr. Hayden is quoted as follows:
"Those interests (referring to the membership of this committee) hold
large amounts of Rock Island common and preferred stock and they therefore are largely representative of its ownership. This is as it should be.
Formation of bondholders, conunittees was, of course, a necessary step.
"It is up to the readjustment committee to determine what money may
be raised to finance a reorganization. Obviously, this should be done
before bondholders are asked for an extension or for any other step in
furtherance of a reorganization. Since the management will want to have
the results for the best months of the year in hand before devising a basis
for reorganization, we may not offer a plan to the bondholders suntll
December."
Rock Island June Income.
-Charles Hayden, Chairman
of the board, states:
While actual figures for the month of June are not yet available, careful
estimates Indicate that the net income after interest and other fixed charges
will show a surplus for the month of June of about $200,000 as compared
with the deficit for June 1932 of $828,645, or an improvement of approximately $1,028,000. This is the first month since October 1931 when we
have fully earned our entire fixed charges. On the basis of an estimated
balance of net income for June of $200,000, the deficit for fixed charges for
the six months' period will be approximately $5,600,000 as against approximately $5,400,000 for the same period in 1932. At this time, however,
earnings are increasing and prospects are very encouraging, which is quite
the reverse of last year's situation.
Panel of Nine Selected.
The I.
-S. C. Commission has selected a panel of nine from which the
Federal Court may designate a trustee to operate the!nal incident to its reorganization under the new bankruptcy laws. They are: J. E.Gorman,President: Rush Butler, Walter Fisher Jr.. Joseph B. Flemming, Cornelius
Lynde, Amos C. Miller and Charles M. Thomson, all of Chicago; John
G. Lonsdale, St. Louis, and Wayland W. Magee, Omaha.
-V. 137, p.311.
Galveston Houston 8c Henderson RR.
-Plan Operative.
The refunding plan recently modified to conform to legislation prohibiting the incurring of obligations expressly payable in gold, has been declared
operative as of July 15, according to a notice being sent to holders of certificates of deposit for the 1st mtge. 5% gold bonds due 1933. As against
less than 1% of the bonds withdrawn within the time limit fixed by the
company, the management reported additional deposits in that period
sufficient to give it more than 94% of all the bonds, thereby placing the
company in a position to comply with the conditions of the loan from the
Reconstruction Finance Corporation.
Holders of certificates of deposit, upon the surrender thereof to Central
Hanover Bank & Trust Co., 70 Broadway, N. Y. City, depositary, on
and after July 15, will be entitled to payment of cash (including interest
to July 15 1933) and to delivery of first lien & refunding mtge. bonds,
series A,in the amounts and otherwise as provided by the plan as modified.
First mtge. bonds may be deposited under the plan as modified until
further notice.
At the suggestion of the I.
-S. 0. Commission and the Reconstruction
Finance Corporation, bondholders are advised that their approval (referred to in letter of June 24 1933) involves only such amendment of approvals previously given as is necessary to permit the modified plan to be
consummated -V.137. p. 134.
Missouri-Kansas-Texas RR.
-Refrigerator Car Operations
Taken Over by General American Transportation Corp.
-See
latter under 'Industrial" below.
-V. 136, p. 4454.
Missouri Pacific RR.
-June Traffic Up 18%.
Increased loading of wheat, corn, cotton, lumber and coal and an increase in receipts from connections resulted in an 18% increase in traffic
on the Missouri Pacific Lines in June compared with the same month a
year ago, according to the monthly statement issued by President L. W.
Baldwin. This increase, which amounted to 17.8%. was recorded in spite
of the fact that the number of merchandise or package cars handled showed
a decrease from 18.307 a year ago to 6,577 in June this year.
Total local loadings and receipts from connections were 90,763 cars,
which is an increase of 13,556 over the same month in 1932. This total is
divided, 58,877 cars of revenue freight loaded locally and 31.886 received
from connections. This is an increase for the month of 7,468 cars loaded
locally and 6,088 received from connections.
June traffic was 6.5% greater than May this year, the increase in local
loadings being 5,903 in June as compared with the previous month.
Texas subsidiaries of the Missouri Pacific, especially the InternationalGreat Northern, reported an increase from 14,674 in June last year to a
total of 25,747 this year. Gulf Coast Lines, which includes the San Antonio Uvalde & Gulf, showed a decrease in local loadings and receipts from
connections, the total this year being 11,157 compared with 14,469 a year
ago.
"The business increase appears to be general throughout the entire Missouri Pacific territory," Mr. Baldwin said. He added that local loadings
and receipts from connections on the Texas & Pacific totaled 34,117 in
June, compared with 29,762 in the same month last year on that railroad,
and combined total on the Denver & Rio Grande NN'estern ,in which railroad the Missouri Pacific owns a half interest, was 13,155 this year compared with 11.192 in June 1932.
Traffic increases in recent weeks have brought the total carloads of revenue business handled on the Missouri Pacific for the year to date to 474,257.
of which 309,238 were loaded locally.
Ruling on Selection of Trustees.
The appointment of trustees under the amended bankruptcy law is not
mandatory and is discretionary with Federal judges, according to an
opinion by the U. S. Circuit Court of Appeals at St. Louis in the case of
R. W. Landsdown and other shippers who claimed excessive charges against
the road and sought a writ of mandamus to compel Federal Judge Faris
to appoint trustees for the road. Application for the writ was dismissed.
The opinion was written by Judge Stone and concurred in by Judges
Gardner and,Sanborn.-V. 137. D. 312, 134.
New Orleans Great Northern RR.
-Sale Confirmed.
-
H. A. Niiskimin, Secretary of the bondholders' protective committee,
in a letter dated July 10 to the holders of certificates of deposit for the
first mtge. 5% 50
-year gold bonds states:
Financial Chronicle
486
on June 29
The company's properties were offered for sale at foreclosure representa1933. There were no bids other than that of the committee's
-the amount of the "upset price" fixed in the
tives, who bid $989,760
master assigned
foreclosure decree. The bid was accepted by the specialand the sale was
to the new company (New Orleans Great Northern Ry.), to the approval
confirmed by the Court on July 5 1933, subject, however,
-S.
of the I. 01. Commission.
Commission
-S.
Applications were filed by the new company with the I. 0. heretofore
ln March and it had been assumed that its approval would have has not
The Commission, however,
been granted by the Commission.
it is possible
as yet acted, and, due to questions raised by recent legislation,
As was
that there may be some delay in obtaining the necessary authority.
will be dated as of
stated in our letter of June 5 1933, the new securities interest from that
bear
July 1 1933 and the new first mortgage bonds willwill not suffer any loss
date. Consequently, the depositing bondholders
the new
ofincome due to delay in completing the reorganization and issuingas possisecurities. In any event, the new securities will be issued as soon
ble following approval by the Commission.
prohibiting
Due to the adoption by Congress of the public resolution bonds will
mtge.
the issuance of obligations payable in gold, the new first
bonds."
not be payable in gold and will not be designated "gold
Chairman, members
The compensation of the committee (including its
and Secretary) has been fixed at a total of $10.000.
s
Lease to Gulf Mobile Opposed-Commission Examiner
Object to Financing Proposal for New Orleans Line-Favor
Acquisition.
-S. C.
I.
of the
An adverse report has been made to the finance division
Mobile & Northern Ry. for
Commission on the application of the Gulfproperties of the New Orleans
of the
authority to acquire control, by lease,
Great Northern Ry.
the new company
Application by the New Orleans Great Northern Ry., A; $4.124,000 of
-year bonds,series
to issue $5,367,000 of first mortgage 50 common stock should be denied,
debentures, and $824,800 of
5% income
ed.
Examiners Thomas F. Sullivan and G. M.Eddy,recommend new company,
of the
The main objection to the proposed capitalizationbonds to stock is disfind, is In the fact that the ratio ofplan is the cumulative
the examiners
proportionate. Another objection to the proposed
asserted would make
interest to be paid on the income debentures which it is
to pay interest
further financing difficult in case income were insufficient
on these bonds.
tentative conclusions
examiners' report, which is in the nature of that consideration of
The
which the Commission may accept or reject, hold
that public convenience and
the facts of the record justifies the conclusion company of the properties
railway
necessity require the acquisition by the Mobile & Northern of Louisiana.
of the railroad company and of the Gulf
"that while the proposed
"It appears, however," the report continues,
railway company would be considercapitalization and fixed charges of the company, and past earnings of the
ably less than those of the railroad support the proposed issue, the ratio
properties appear to be sufficient to
is more than 11 to 1,which
of bonds to stock in the proposed capitalization
principles ofsoundfinancing."
is disproportionate and not in accord with the
-V. 137, p. 134.
-Listing of Certifs. of Deposit.
Southern RR.
Norfolk
listing of certificates
The New York Stock Exchange has authorized the -year 5% gold bonds
50
of deposit, representing $11,604,000 1st & ref. mtge. be issued by Central
These certificates of deposit will
due Feb. 1 1961.
Hanover Bank & Trust Co., depositary.
Income Account Six Months Ended June 30 1932. $2,260,620
Total railway operating revenues
2,059,625
Total railway operating expenses
259,167
Railway tax accruals
3,022
Uncollectible railway revenues
$61,194
Railway operating deficit
9.645
Other operating income
$51,549
Total operating deficit
93,847
Deduction from operating income
$145,397
railway operating deficit
Net
81,861
Total non-operating income
$63,535
Gross deficit
500,018
Deductions from gross income
$563,553
Net deficit
General Balance Sheet June 30 1932.
Liabilities
Assets
$16,000,000
$39,629,673 Capital stock
Investments
15,654,400
91,849 Funded debt
Cash
290,000
57,525 Loans and bills payable
Special deposits
128,170
27,654 Traffic & car service bal. pay.
Loans & bills receivable
270,067
21,501 Audited accts.& wages pay'le
TIMM & car service bal. rec.
31,262
Miscellaneous accts. payable_
from
Net balance receivable
57,525
46,083 Interest matured unpaid_ _
agents and conductors_ _
88
96,354 Dividends matured unpaid..
s accounts reedy
Miscellaneou
263,501
287,770 Unmatured interest accrued
Material and supplies
7,000
accrued__ -21,186 Unmatured rents
Int. & div. receivable
22,103
111,633 Deterred liabilities
Deferred assets
2,765,690
979,721 Unadjusted credits
Unadjusted debits
237,505
Add.to prop. thru inc.& surp
7,867
Sinking fund reserves
5,635,771
Profit and loss
Total
-V.136, p. 3714.
$41,370,953
Total
$41,370,953
Kentucky Ry.-Abandonment.-
Ohio &
permitting the
-S. C. Commission on June 27 issued a certificate
The I.
Ry. to abandon, as to interOhio & Kentucky Ry. and the Caney Valley
commerce, their entire lines of railroad in Breathitt,
State and foreign
Wolfe and Morgan counties, Kentucky. extends from Jackson to Cannel
The railroad of the Ohio & Kentucky
Morgan counties, Ky. The
City. 25.78 miles, all in Breathitt, Wolfe and
Cannel City to Licking River,
railroad of the Caney Valley extends from The only points of connection
Morgan County, Ky.
12.81 miles, all in
Ohio & Kentucky Junction, about
with other railroads are Jackson andpoints the Ohio & Kentucky railroad
which
two miles north of Jackson, at Nashville RR.
connects with the Louisville &
since Dec.2 1925. Prior
The Ohio & Kentucky has been in receivership the Caney Valley, under
railroad of
to the receivership it operated the have been operated by Guy W.Leslie,
lease, and since then both companies Since 1925 to and including 1932 the
receiver of the Ohio & Kentucky.
a net income, and in the years
receiver has been unable to earn in any year
1933 railway operating expenses
1931 and 1932 and the first three months of Court having jurisdiction of the
operating revenues. The
exceeded railway
authorizing the receiver to
receivership on April 1 1933 issued an order the railroads of both comof
apply for permission to abandon operation
-V.136, p. 655.
panies.
-Offers Delaware & Raritan Canal
Pennsylvania RR.
Jersey as Free Gift.to State of New
Canal, after over 100 years of existence, was
The
, Delaware & Raritangift to the State of New Jersey. This was done
a free
offered on July 11 as
Atterbury, President of the Pennby a letter addressed by General W. W.Chairman of the Joint Committee
sylvania RR., to Senator Dryden Kuser, at the last session to inquire into
of the New Jersey Legislature, appointed of its acquisition by the State.
the status of the canal and the advisability
Raritan Canal in 1871,
The Pennsylvania RR. leased the Delaware &
properties of the United New
together with the railroad lines and other Pennsylvania obtained direct
Co., by which the
Jersey Railroad & Canal
Atterbury's letter to Senator
access to the Port of New York. General
Kuser says:
New
the property of the Unitedlessee Jersey
"The Pennsylvania RR.,lessee of
in the
that it has as
Railroad & Canal Co., will relinquish the rights will request the United
& Raritan Canal, and
property of the Delaware
the canal,its locks, structures,
New Jersey Railroad & Canal Co. to convey
a nominal consideration,
water rights, &c., to the State of New Jersey for
subject to the following provisions:
Jersey RR. & Canal Co.
"1. The Pennsylvania RR., the United New
to cross and reams the canal
and their subsidiaries shall retain the right
July 15 1933
and to use any of its property not required for canal purposes, for the development of their railroads, including the construction of sidings and spurs
for the development of industry and business; the State to agree that otherwise the property will not be used for railroad purposes.
2. The State as the owner to assume and relieve the Pennsylvania RR,
all
and the United New Jersey RR.& Canal Co. and their subsidiaries, ofthe
obligations of any nature in connection with the property, other than the
Pennsylvania RR.'s rental payment obligations under or arising out of
lease of June 30 1871.
"3. Nothing herein expressed or implied shall prevent the lessee or lessor,
under the lease of June 30 1871,from making such use of the canal property
as they, or either one of them, may desire until such time as a conveyance
of the canal property is actually made to the State of New Jersey."
A further reservation directs attention to the fact that the Pennsylvania
RR, and the United New Jersey RR. & Canal Co. have already offered to
present to the City of New Brunswick a short portion of the canal, within
the city limits, for sanitary sewage disposal purposes.
Owing to the decline in traffic, which has reached very low proportions
In recent years, the Delaware & Raritan Canal was not opened at the usual
time this spring,following the annual winter closing. The canal is 44 miles
In length. It extends from Bordentown, on the Delaware River, to tidewater on the Raritan River, at New Brunswick, passing close to Princeton
and through Bound Brook. The canal was chartered in 1830 and completed in 1834.
Repays $9,000,000 Additional on R. F. C. $27,500,000 Loan.
The company has repaid another $9,000,000 of its $27,500,000 loan
from the Reconstruction Finance Corp. This brings the total ofrepayments
by the company to $18,500,000. The road borrowed $27,500,000 last year
and
to be used in extending electrification of the line between New Yorkpaid
Washington. The repayments started on July 1, when 35,000,000 was 312.
-V.137, p.
to the Corporation. On July 5 another $4,500,000 was paid.
-Extends DePittsburgh Shawmut & Northern RR.
posits.
The time for deposit of securities under the proposed reorganization
has been extended to Aug. 1. The securities are the company's first 5s
6.
aed refuy ng p 656.
sne also .ind 13 4s.and the Central New York & Western RR. first 5s.
St. Louis-San Francisco Ry.-Filing of Claims.
Mr. E. N. Brown. Chairman of the readjustment managers under the
plan for the readjustment of the capital, stated that there is apparently
some misunderstanding by the holders of the company's bonds in connection with the filing or evidencing of their claims under the readjustment
no
plan. He stated that, under the order of Court entered June 5 1933,the
are deposited under
13ondholder of Frisco, whether or not his bonds in the
proceedings under
plan, is required to file any claims with the Court
Section 77 of the Bankruptcy Act. The trustees are required to file claims
on behalf of all bondholders before Sept. 5 1933. Bondholders who desire
to be heard by the Court on any matter may be required to present their
bonds to the Court when they ask to be heard. After a reorganization
plan is heard by the Court. bondholders who have not deposited their bonds
will be required to present their bonds in order to participate in the plan.
-V. 137, p. 313.
Seaboard Air Line Ry.-To Pay Small Claims at Once.
Payment of priority claims against the road to the amount of $1,365.000.
District Court at Norfolk,
ordered by Judge Luther B. Way in the U. S.stated by T. A. Mathews,
will be begun at once by the receivers, it was
Treasurer for the receivers.
In all cases of claims of less than $5,000 which have thus been approved
by the court, Judge Way ordered the receivers to pay them in full. There
are approximately 1,000 such claims.
The receivers were ordered to pay $5,000 to each priority creditor who
half a claim in excess of $5,000 and less than $10,000. In addition,
Judge Way ordered the receivers to pay 50% of amounts due to creditors
with claims of more than $10,000. The amounts cover principal, but not
interest.
The payments ordered made were to creditors whose priority claims have
been approved by the special master and the court. Many others are
to be filed from time to time and some are pending before the court and
some before the special master. An order also was entered authorizing
the company.
orders were
small improvements to properties offor the filing of Otherdocuments in
certain
entered allowing the extension of time
-V.137. p. 313. 135.
the receivership proceedings
-Favorable Outlook.
Southern Pacific Co.
Vice-Chairman Paul Shoup states:
"Our freight traffic for the next three months so far as it can be measured
by data now available will show an increase. The trend of passenger business is also for the better as compared with losses sustained during the last
few months.
"Loaded cars handled during June were substantially the same as during
last June. Due to expense savings, net operating income will compare
May this year.
quite favorably with June 1932, and also withthe farther
Southwest yields
"Business along the Pacific Coast and in
the East and is correspondingly slower in reto depressions later than in
covery. There are, however, now signs of substantial progress in many
is later
industries in these sections. The Imperial Valley cantaloupe cropwill not
last
in maturity and less in quantity than that year, so that movement
all the marketable melons will
be so great, tnough it appears now crops generally are
later in maturing
be shipped. The vegetable and melon
than last year and with respect to the immediate future, less in quantity.
however, been a marked increase in the movement of lumber.
"There has,
commodiautomobiles, manufactured articles generally, and miscellaneous
and
increased
ties. In some sections there is ansummer." movement of petroleum
-V. 136, p. 3904.
during last
in others it is less than
-Canal Offered to
United New Jersey RR. 8c Canal Co.
-See Pennsylvania RR. above.
New Jersey as Free Gift.
V. 132, p. 4755.
Wabash Ry.-Equipment Trust Deposits 90%. issues have
of equipment trust
certificate
About 90% of the holders 4082) for
A. K.
assented to a plan (V. 136. p. receivers, extending their maturities,
announced July 10. Since the
Atkinson, Treasurer for the
to impound
consent of holders of at least 25% of the securities is required means that
announceme
equipment covered by their indentures, theable to take nt
not be
legal action to
minorities who may not deposit will
payments.
enforce maturity
issue of 1920 is the only one for which assents
The equipment trust
Mr.
have not been received in respect to extension of maturity dates.
among
Atkinson said that extension agreements were being circulated
holders of these certificates.
in
The plan provides for a three-year extension of certificates maturing
of the 1920 notes maturing in 1934
1933 and 1934 and for a like extension
sufficient deand 1935. Mr. Atkinson said the receivers hoped to obtain make possible
and
posits to declare the plan operative on Aug. 1 Slay thus to 137, 1 . 135.
on
20.-V.
3
interest payments under a court order Issued
PUBLIC UTILITIES.
July 8.(a) Output of electricity
Matters Covered in the "Chronicle" of
exceeds corresponding period last year by 13.7%, P. 207: (b) Monthly
208,
electricity breaks three-year record, p.
production of
--Output.
n Water Works & Electric Co., Inc.
America
for the
Output of electric energy of the company's electric properties of 38%
k.w.h., an increase
week ended July 8 1933, totaled 32,910,000 corresponding week of 1932,
k.w.h. for the
over the output of 23,813,000 output of electric energy for the last four
Comparative table of weekly
years follows:
1932.
1930.
1931.
1933.
Week Ended34,638,000 26,230,000 32,116,000 34.755,000
June 17
35,408,000 25,942,000 31,107,000 34,893,000
June 24
36,295,000 26,174,000 29,745,000 34,705,000
July 1
32,910,000 23,813,000 32,143,000 30,243,000
July 8
137. p. 313, 135.
-V.
1
Volume 137
Financial Chronicle
Associated Electric Co.(& Subs.).
-Earnings.
-Years Ended Dec. 31Total operating revenues
Operating expenses
Maintenance
Pros-. for retire., renewals & replacements
Taxes
Operating income
Other income
1932.
1931.
$20,227,469 $26,245,120
8,699,729 12,581,977
1,623,515
1,311,360
1,263,602
1,889,858
1.084.522
1,156,084
$7,868,254 $8,993,685
588.658
805,066
Gross income
$8,456,912 $9,798,751
Subsidiary companies deductions
Interest on funded and unfunded debt
1,827,873
1.828,257
Dividend on preferred stock
166
Credit for interest during construction
Cr53,847 Cr516,353
Income applic. to stocks ofsub. cos, held by pub.
8,358
627
Balance
86,682,093 $8.478,489
Associated Electric Co. deductionsInt. on funded & unfunded debt (ircl. in 1931,
$262,703 charged to surplus in report for that
year)
3,702.957 3,773,276
Balance ofincome
Common dividends
$2,979,135 $4,705.213
2,953,000
2,275.000
Balance
$26,135 $2,430,213
Note.
-No charge is included in the above statement for debt discount
and expense. which has been deducted from capital surplus or corporate
surplus. The amount on an amortization basis would be $440.248 for 1932
and $491,260 for 1931.
Consolidated Balance Sheet Dec. 31.
1932.
b1931.
1932.
b1931.
Assets$
Liabilities$
$
$
x Plants, props.,
y Assoc. El. Co.
franchises, &c.162,777,762 158,807,862 common stock 35,1100,000 35,000,000
Investments _ _ 6,045,739 12,658,657 Cap.stk. of subs
969,207
512,867
Depos. to pay.
38,586
Due to stkhldrs.
mat. bond int.
51,894
113,000 6,140,806
41,062 Advances
Cash
1,132,941
703,037 Notes & bonds of
Special deposits_
17,311
subs.maturing
Sink. Id. deposit
9,104,000
61,451
within 1 year.
109,162
Notes receivable
53,048
26,148 Bonds maturing
Accts.receivable 2,192,736 2,598,798
90,500
during 1933._
Int. receivable
18,520
160,500 Cony. g. notes
Mall. & supplies
989,912 1,140,229
due within 1Prepayments.
127,859
862,000
112,415
year
Bats. in closed
321,000
520,895
Notes payable
banks
32,771
Maturing bond
Est.asserted Fed.
51,894
41,062
interest
inc. tax being
Funded debt_ _ _111,518.100 103,371,000
contested
594,607
624,437
600,000 Accts. payable_
MIscell. unad .
Accr. taxes, Int.
debits
198,030
382,298 & dividends__ 2,712,900 2,705,308
549,476
549,943
Consumers' deps
13,627,530 12,265,773
Reserves
7,477,322 6,277,928
Surplus
Total
173,699,975 177,340,167
173,699,975 177,340,167
Total
x Stated at reproduction cost plus subsequent net additions at cost.
y 650,000 shares no par value. b After giving effect to reduction of stated
capital by certificate filed June 3 1932 and the disposition of the investment
in American Utilities Co. and Southern Ice & Utilities Co.
-V. 135, ro• 4383
Associated Gas & Electric Co.
-Adjustment Opposed.
-
A motion for a temporary injunction to restrain the company from
making a rearrangement of its capital structure was filed in the New York
Supreme Court,July 10 by Mrs. Elizabeth E. Rabenold as owner of$165,000
of debenture bonds. She charges the proposed arrangement is unfair in
that it proposes to give new debentures in exchange for old in a manner
which will give certain present holders priority over the others.
Protective Committee Opposes Plan.
-
The protective conunittee for the debenture holders (W. A. Nash,
Chairman) has issued a notice criticizing the "plan of rearrangement of
debt capital" as proposed by the company and urges debenture holders
to deposit their debentures with the committee.
The members of the committee are: W. A. Nash, Chairman, Rex R.
Thompson, Ambrose W. Benkert and E. G. Diefenbach. Counsel are
Battle, Levy, Van Tine & Fowler, Now York and Poland & Davis, Boston,
Mass.; John II. Galloway, Jr.. sec., 20 Broad St., New York; Roger R.
Phillips, asst. sec., 27 State St., Boston. Depositary: Commercial National Bank & Trust Co., 56 Wall St., New York. Co-Depositary: National Rockland Bank, 30 Congress St., Boston.
Capital Revision Plan Held Legal.
-
The company's plan of rearrangement of capitalization is within the
corporate powers of the company and does not violate any of the provisions
of the indentures of the company, according to the legal opinion given
the company by the law firms of Travis, Brownback & Paxson and Hornblower, Miller, Miller & Boston.
The latter firm stated that it had examined the certificates of incorporation, by-laws and corporate proceedings of the parent company and its
subsidiary, Associated Gas & Electric Corp., and the corporate proceedings
of Associated Gas & Electric Securities Co., Inc., and Associated Gas &
Electric Securities Corp., Inc. The
is declared to be authorized,
adopted and approved properly, with plan option permissible under the
each
indentures.
The opinion of Travis, 13rownback & Paxson expressed similar sentiments regarding the plan. The latter firm has been active in Associated
Gas & Electric affairs and is familiar with all details of the plan, it was
stated.
Electric Output Up 17.6%.-
A gain of 17.6% in net output of electricity over the corresponding
period of last year was reported to-day by the Associated System for the
week ended July 1. Every one of the 24 operating groups participated
in this improvement with the result that the aggregate production, excluding
sales to other utilities, amounted to 52.957,503 units (kwh), an increase of
7,918.985 units, equal to 17.6% •
Revised domestic rates already in effect in some portions of the territory
served and the prospect of other reductions soon to become effective
coupled with the fact that the bulk of the increased demand for service has
emanated from industrial sources. (sold at the lowest rates and producing
the least revenue) were pointed to in the statement for publication as factors
to be considered in conjunction with the improved demand for electricity.
The majority of gas operating units continued to report smaller demand
than a year ago. The Systems sendout during the week ended July 1,
totaled 265,322,000 cubic feet, a decrease of 10.939,300 cubic feet, or 4%.V. 137. p.313.
Associated Telephone Co., Ltd.
-Earnings.
-
Years Ended Dec. 311932.
1931.
Total gross earnings
$2,846,831 $2,657,352
Operating expenses
603,486
556,040
Maintenance_________________________________
447.755
402,332
State and local taxes
} 276,987{
183.138
Federal income taxes
Interest on funded debt
425,000
365:833
General interest
4,960
21.388
Amortization of debt discount and expense
25,844
24.030
Interest charged to construction
Cr6,250
Cr10,757
Provisiou for depreciation
511,987
405,004
Surplus net income
Surplus balance, Dec. 31 1930
Adjustment of toll billing period
Miscellaneous credits
Total surplus
Preferred dividends
Common dividends
Surplus, Dec. 31 1931
$557,064
637.588
44
$659.650
439,438
13,716
$1,194,696 $1.112.804
159,468
159.468
327,564
315,748
$707,664
$637.588
Balance Sheet Dec. 31.
1932.
1931.
1932.
Assets
Tel. plant, equip.,
$1.50 corn. Pt. stk. 2,445,176
die
15,470,325 13,573,916 c Common stock__ 3,344,200
Invest. in & adv.
1st mtge. 5% gold
to sub. cos
297,271
bonds
8,500.000
Miseell.investm't_
10,100
Notes payable_
Debt disc. & exp.
Deferred liabilities
32,675
in process of
Accounts payable_ 160.291
amortization.- - 832,472
806,921 Accrued taxes____ 246,593
Prepaid insurance,
Accrued interest__ 141,667
taxes,&e
29,788
23,828 Aecr. pt. stk. dive.
26,578
Misc.def.& unad .
Serv. billed in adv.
81,720
Items
33,185
15,202 Misc. curr. nabs__
3,139
Cash in closed bks.
9,905
Res.for deprec'n__ 1,733,777
Due fr. aff11. cos_
a1,788,975 Capital surplus___ 317,601
Cash
325,198 Earned surplus___ 707,664
359,333
Employees' work.
funds
5,222
7,060
b Accts. and notes
receivable
193,891
278,090
TJnbilled tolls
73,680
Mats.& supplies
413,552
355,695
487
1931.,
2,445,176
3,344,200
8.000,000
500,000
40,654
207,629
225,459
139,703
26,578
68,608
2,052
1,224,925
299,956
637,588
Total
17,741,079 17,162,530
Total
17,741.079 17,162,530
a As of Jan. 1 1932 the company acquired the properties and'other
net assets of the Ontario & Upland l'elephone Co., Pomona Valley'Telephone & Telegraph; Union and Home Telephone & felegraph Co. of Chino
for a net consideration (after eliminating (inter-company notes, &c.) of
$914,239, which amount has since been applied against amounts due from
other affiliated companies. b After reserves to $34,213 in 1932 (1931
$24.800). c Represented by 136,485 no par shares.
-V. 136. p. 4456- A
Beauharnois Power Corp., Ltd.
-President Elected.
-
J. S. Norris, President of Montreal Light, Heat & Power Consolidated,
has been elected President and Chairman of the board of the Beauharnois
Power Corp., Ltd., and of its subsidiary, the Beauharnois Light, Heat &
Power Co., Ltd. The Presidency of the Beauharnois corporation has been
vacant for some time
-V. 136, p. 3156.
Bleecker Street & Fulton Ferry RR.
-Purchase of
Overdue Coupons.
-The committee acting under the Crosstown Railways bondholders' protective agreement dated Feb. 111931. on July 12 announced that arrangements have been completed for payment of certain interest coupons on
three security issues deposited in accordance with the protective agreement.
The City Bank Farmers Trust Co.. depositary for the committee under
this arrangement, has been authorized by the New York Railawys Corp.
to purchase the following coupons in so far as such coupons have not been
heretofore purchased and (or) paid:
(1) Bleecker Street & Fulton Ferry RR. let mtge. 4% bonds due jan.q.
1950, coupons dated July 1 1931, Jan. 1 and July 1 1932 and Jan. 1 and
July 1 1933, at face amount.
(2) Twenty-Third Street By. impt. & ref. mtge. 50
-year 5% bonds due
Jan. 1 1962, July 1 1931 coupons,face amount, and Jan. 1 and July 1 1932
and Jan. 1 1933 coupons at 60% of face amount.
(3) Thirty-Fourth Street Crosstown Ry. 1st mtge. 5% bonds due Apr. 1
1996, April 1 1931 coupons at face amount; Oct. 1 1931 and Apr. 1 and
Oct. 1 1932 coupons at 65% of face amount.
Holders of these three issues of bonds who have not deposited the same
under the protective agreement and desire to avail themeslves of this offer
are requested to deposit the bonds to which the above specified coupons
appertain with the City Bank Farmers Trust Co. Registerrd holders of
certificates of deposit heretofore issued are advised that they may receive
such amounts with respect to the specified coupons to which they may be
entitled by presenting their certificates of deposit to the depositary. WPM
This offer to purchase does not apply to coupons of maturities subsequent
to those specified.
The committee consists of E. C. Delafield, Chairman; William Carnegie
Ewen. Henry N. Flynt, Harry C. Hagerty, Harold Palagano and William
W. Watson, with John W. Cornwell, Jr., 2 Wall St., acting as Secretary.
and City Bank Farmers Trust Co. as depositary.
-V. 134. p. 1021.
Chicago North Shore & Milwaukee RR.
-Protective
Committee to Represent Bonds.
A protective committee to represent the holders of 1st mtge. bonds and
1st & ref. mtge. bonds of the company was recently organized.
Most of the committee members, bides being security holders of that
company, are said to be residents of the larger towns through which the
road passes.
The first meeting of the committee was held on June 30 at which the
following members were present: Edwin L. Lobdell of Chicago, Investment
Banker; Philetus W. Gates, Evanston, Ill.; E. J. Gittens of Racine. Chairman of the Board of J. I. Case Co.; Fred, A. Preston of Lake Forest, Ill..
V.-Pres. of Poor & Co., railway supplies; George W. Rosetter of Highland
Park. Ill., Certified Public Accountant and Pres. of the Chicago Association
of Commerce; Edward A. Bacon of Milwaukee, corporation executive and
specializing in financial reorganization. Two other members of the committee, Percy B. Eckhart, lawyer of Kenilworth, Ill., and Charles W. Lobdell of Hubbard Woods. Ill., have agreed to act upon the committee.
The attorney for the committee was instructed to prepare the necessary
deposit agreement for the bondholders, and it is contemplated that within a
short time the committee will be completely organized and efforts will go
will go forward to bring about the deposit of the bonds of the company.
Nearly 60% of the 1st mtge. bonds outstanding are deposited with the
trustee under the 1st & refunding mortgage bond indenture.
-V. 136. P.
4265.
Columbus Delaware & Marion Electric Co.
-Bond Int.
Interest on the 1st mtge. & ref. 5% and 6% bonds as well as sinking fund
payments which were due on Jan. 1 last, but were not made at that time
have been made. The payments were made out of cash accumulated from
operations by receivers.
-V. 136, p. 4458.
Continental Gas & Electric Corp.
-Earnings.
--
For income statement for 12 months ended May 31 see "Earnings Department" on a preceding page.
-V. 136, P. 4085.
Detroit Edison Co.
-Earnings.
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
-V. 136, p. 4265.
Duquesne Light Co.
-Earnings.
-
For income statement for 12 months ended May 31 see "Earnings Department" on a preceding page.
-V. 136, p. 4459.
Electric Bond & Share Co.
-Affiliates' Output Gains.
-
The highest percentage gains since the upward trend in electric output
started this year have been recorded by three affiliates of this company
for the week ended July 6 as follows:
1933.
1932.
Kwh.
Kwh.
Increase.
American Power & Light Co
74,521,000 63,245,000
17.8%
Electric Power & LAght Corp
34,560.000 30.597,000
13.0%
National Power & Light Co
60,203,000 46,562,000
29.3%
-V. 136, p. 3720.
Electric Public Utilities Co.
-Deposit Date Extended.
-
Robert W. Rea, Chairman of the committee representing holders of
15
-year 6% secured gold bonds, series of June 1 1927, due June 1 1942,
announced July 6 that the time limit for deposit of the bonds under the
plan of re-organization, which has been declared operative, has been extended to July 25 1933.-V. 137, P. 314.
European Electric Corp., Ltd.
-Larger Distributions.
-
A quarterly dividend of 10 cents per share has been declared on the class
A and class B common stocks, par $10, payable Aug. 15 to holders of
record July 25. This compares with 7)4 cents per share paid each quarter
from Feb. 15 1932 to and incl. May 15 1933 and with 15 cents per share
previously.
-V. 136, p. 2605.
Financial Chronicle
488
-Interest.
Lackawanna & Wyoming Valley RR.
Havana Electric Railway Co.
-Earnings.
Net revenue from operation
Non-operating revenue
1931.
1932.
$2.257,886 $3.169,107
2.364,075 3,100,954
$68,153
loss$106,189
3.487
1,922
Gross corporate income
Interest & other charges
Provision for depreciation reserve
1084104,267
631.530
96,000
Years Ended Dec. 31Gross operating revenue
Operating expenses, including taxes
,
$71,640
626.642
96.000
11111
$651,002
$831,797
Balance Sheet Dec. 31 1932.
Liabilities
Assets$5,000,000
xProperties
$24,590,972 6% preferred stock
7,953,830
20,462 yCommon stock
Cash
11,909.450
Funded debt
receivable_ ___
9.615
Accounts
579,664
Materials & supplies_ _- _
457.546 Accounts payable
98,273
Accts. payable-current
Spec. deposit to pay int.
696,736
r on funded debt
2,661 Int. on funded debt
27,614
Accrued taxes
Special fund to repay
61,689
58.679 Deposits, &c
empl. deposits
257,833
Res, for depreciation_ _ _
Insur., taxes. Stc.. Paid
24.378
in advance
47.688
Misc. assets & def. debits
1,373,090
Deficit
$26,585,090
Total
$26,585,090
Total
x After reserves created out of capital surplus at date of acquisition
of $2,187,320. y Represented by 200,000 shares of no par value.
V. 135, p. 3856.
Net loss
--Earnings.
Illinois Commercial Telephone Co.
Calendar yearsOperating revenues
Non-operating revenues
Total gross earnings
Operation expense
Maintenance expense
Taxes
Net earnings before depreciation
Net interest deductions
Surplus net income before depreciation
Prov.for deprec. as determined by company
1931.
1932.
$1,889,476 $2.136,143
2,271
1.770
11.891,246 12,138.414
900.687
848,692
325,269
296,454
96,000
103,201
$816,457
$642,399
321,208
321,759
$321,140
149.637
$495.248
146.773
Balance ofincome after depreciation
Surplus balance Jan. 1
$171,503
245.658
$348,474
243.600
Total surplus
Dividends on preferred stock
Dividends on common stock
Prov. for loss on investments
$417,162
116,847
30,309
32,063
$592,075
103,942
242,474
Surplus balance Dec. 31
1237.944
$245,658
Balance Sheet Dec. 31.
1931.
1932.
$
$
AssetsTel.. plant, equip13,712,184 13,727.630
ment, &c
Inv.In etks.& bds.
of other cos., as35,775
8,382
sociations, &c...
Cash sink.funds &
2,333
1,869
other spec. deps.
Debt dlect. & exp.
In process of
428,308
410,430
amortization__ _
Prepd.accts. dz def.
80,472
55,928
charges
3,823
Due fr. atilt. cos
87,000
Borrowed secure
94,398
140.243
Caleb
19.508
24,164
Empl. wkg.funds_
3,150
Notes teceivable I :46,378f
57,193
I
Accounts receivle _ 1
Due tr. subsc. to
46,185
9,184
pre/. stock
159.820
Mats.& supplies_ - 145,702
14,554,464 14,745,601
Total
-V. 135. p. 1488.
1931.
1932.
$
LtabfUrs-$6 preferred stock.. 2,032,699 1,800,298
Common stock.. 4,849,480 4.849,480
5,750.000 5.750,000
Funded debt
259,389
Due to still.cos-- 251,603
4,824
Deferred liabilities
Liab. for borrowed
87,000
securities
Notes pay., coll.
with borrowed
50,000
secs, per contra54,815
75,504
Accts. payable__ 95,916
95,833
Accrued interest112,201
114,073
Accrued taxes_
26,473
30,915
Accr. pt. stk. dive.
13,717
17,026
Mace.. curr.!labs.
1,118,562 1,376,652
Reserves
237,944
245,658
Surplus
14,554,464 14,745,601
Total
$1,218,568
350.030
186,473
139,238
Provision for depreciation, as determined by company
Net earnings
Net interest deductions
$542,827
185,798
184.750
Balance ofincome
Dividends on preferred stock
Dividends on common stock
$172,279
74,434
91,350
$6.495
Balance
51,336,668
11,890.000
3,685 Common stock
3,134,800
233,046 Funded debt
4,171
Due to affiliated companies._
45,852
231.863 Accounts payable
66,692
46.276 Accrued interest
145,225
3,197 Accrued State and local taxes_
8,787
208.956 Accr. preferred stock dividends
14,175
3,432 Common stock dividends pay1,627
20,674 Misc, current liabilities
1,133,234
Reserves
6,494
113,585 Surplus
29,865
87,787,724
Total
-V.135, p. 1489.
it Represented by 63,000 shares.
-Earnings.
Interstate Telephone Co.
Years Ended Dec. 31Gross earnings
Operation expenses
Maintenance expense
Taxes
1931.
$831,055
279,215
119,137
57.935
Net earnings before depreciation
Interest on funded debt
General interest
Amortization of debt discount and expense
Interest during construction
1310.200
100,000
1.234
7,840
Cr.18
1374.767
69,444
36.610
5.847
Cr.352
Surplus net income before depreciation •
Provision for depreciation as determined by comp'y
1201.144
85,449
$263,219
83.030
Balance ofincome aft r depreciation
Dividends on preferred stock
Dividends on common stock
1180.188
$115.695
41,667
59,274
57,500 Not Report.
----Earnings.
Metropolitan Edison Corp.(& Subs.).
1931.
1932.
Years Ended Dec.31$16,025,033 117.007,587
Total operating revenues
5,078,570 5,788,667
Operating expenses
1,086,084
1,268,981
Maintenance
-renewals & replacements 2,572,047 2,644,075
Provision for retirement
725.273
854,030
Taxes
$6.251,403 $6.763,486
953.840
1,583,058
Operating income
Other income
$7.834.461 17.717,327
Gross income
2,605,719 2,300,027
Interest on funded & unfunded debt
836,751
806.172
Dividends on preferred stocks
Income applicable to common stock of subsidiary
96,051
103,796
company held by the public
Cr.21,634 Cr.89,543
Credit for interest during construction
Balance
Interest on funded and unfunded debt
$4,348.152 14,566.295
2,938,221 3,186.898
Balance of income
Common dividends
$1,409,930 $1,379,397
1.492,000 1.438,211
158,814
$82.070
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
Liabilitiesi
$
Assets$
i
Fixed capital_ _124,598,559 131,992,722 Common stock- 22,000,000 30,000,000
Deficit
Sub. cos.' pref.
Invest. affil. cos.:
dr corn,stack. 14,962,877
Stocks (incl.
1,812,000 Advances
- 7,812,000
subscrip.)
23,401,497 18,892,600 Funded debt... 80,117,100
Bonds
2,503 Due to stkhldrs. 20,583,974
8,683
Other invest
Mat. int. pay.185,385
Spec. depos. for
80,986 Notes payable__ 1,785,000
sink. fds., d‘c_
68,608
Adv. from FISpec. depos. for
nanee Co.
197,146
201.501
185,385
mat. interest
465,338
659,717
623.355 Accts. payable_
Cash
8,165 Divs.declared..
13,077
Notes receivable
2,587,324 Taxes accrued-475,598
Accts.receivable 1,761,847
301,968 Interest accrued' 1,176,3571
365,141
Int. receivable_ _
739,934 Misc. accruals_ _1
621,768
& supp86,008 Cons., eery. &
65,906
Prepayments
.
line deposit _
35.106
678,878
174,392
Misc.unadJ.deb.
Contingliab. on
Contra, to cont.
notes receiv.
liab. for notes
discounted_
10,147
10,147
rec. discount.
Contrib. for ext.
65,217
Bal. In closed
Retire.(replace..
9,168
banks
renew.) of fix.
Est. assert. Fed.
cap.-deprec..
Inc taxes being
&c
382,178
13,785,792
contested..
Est.assert. Fed.
income taxes
being contest.
Res. for taxes
prior years
Other reserves
571,171
Surplus
2,691,562
159,755.895 157,741,991
Total
14,928,096
17,243,709
76,700.200
197,146
371,500
723,123
219,056
347,187
1,125,424
46,241
630,483
11,702,246
382,176
550,000
828,334
1,749,071
159,755,895 157.741,991
def$1,079
Michigan Associated Telephone Co. Earnings.
Income Account for Year Ended Dec. 31 1932.
Gross earnings
Operation expenses
Maintenance
State and local taxes
1987,047
329,323
158,032
127.099
Net earnings---------------------------------------------$372,593
125.000
Interest on funded debt
3,124
General interest
9.155
Amortization of debt discount and =Dense
Cr.952
Interest charged to construction
81.510
Provision for depreciation as determined by company
1154.755
Previous surplus
Balance
409.806
Total surplus--------------------------------------------$564,558
.89,330
Dividends on preferred stock
358.286
Dividends on common stock
Assets
368
Telephone plant, equip.. &c-56.368.
1,922
Miscellaneous investments_ - 818
Special deposits
Debt discount & expense in
258,629
Process of amortization_ _ _ _
84,285
Prepaid accts. ,s, der. charges_
119
Due from affiliated cos
101.832
Cash
12,045
Working funds
26,695
x Notes & accts. receivable
Receivable from subscriptions.
6,335
preferred stock
207.287
Materials and supplies
Total
1932.
1707.829
246.642
88.901
62.085
Surplus
-V.136. P. 4266.
--Merger.
Louisville Hydro-Electric Co.
-V.126, p. 1195.
See Louisville Gas & Electric Co.(Ky.) above.
Deficit--------------------------------------------------5116,940
Balance Sheet Dec. 31 1932.
Balance Sheet Dec.31 1932.
MOM:fesAssets
Telephone, plant, equip., &c.56.893,146 t S8 preferred stock
37,787.724
Louisville Gas & Electric Co. (Ky.).-Acquisitions.-
The directors have authorized this company to purchase all the capital
stock of Kentucky Pipe Line Co. and the Louisvil e Hydro-Electric Co.
This forms the second step in the program of unifying and simplifying the
corporate set-up of the Louisville Gas & Electric Co. (Del.) and its sub-V.132.
sidiaries. Other consolidations are contemplated in the near future.
P. 3713.
Total
Income Accountfor Year Ended Dec.31 1932.
Total gross earnings
Operating expenses
Maintenance
State and local taxes
Total
The company has announced that a majority of holders of Its 5% 1st
mortgage bonds have expressed a willingness to accept $10 for each $25
coupon in full payment of interest due on Aug. 1 on the issue. The company
-V. 131. P. 936.
had said the interest payment would not be fully earned.
-V. 136, p. 658.
-Earnings.
Indiana Associated Telephone Corp.
Miscellaneous investments_ __
Depreciation fund
Debt discount and expense in
process of amortization....
Prepaid accts. & def. chargesDue from affiliated companies_
Cash
Working funds
Rec.from subscrlp.to pref.stk _
Construe. & operat. matis. dz
supplies
Accounts receivable
July 15 1933
$138,521
87,066,335
Liabilities
Preferred stock
51,504,700
Common stock
1,718,400
Funded debt
2.500,000
Deferred liabilities
1,380
Due to affiliated companies _ _ _
2.443
Accounts payable
25,411
Accrued interest
31.250
Accrued taxes
132,479
Accr, pref. stock dividends...
14,913
Com.stock dividends payable
12,888
Service billed In advance
7,736
MLecell. current liabilities__
1,407
Reserves
996,388
Surplus
116,940
Total
S7,066,335
x After reserve for uncollectible notes and accounts $7.343.-V. 133, P.
2267.
-Over 71% of Notes Deposited.
Middle West Utilities Co.
It is stated that more than 71% of the 5% serial notes have been deposited
with the noteholders' committee, headed by Charles S. Dewey. This
amounts to about $28,500,000 face value of the $40,000,000 of notes outstanding. As the receivers hold a little less than 88,000,000 face value
of these notes, there are now less than $4,000,000 undeposited. The deposit
• agreement now provides that the maximum amount which may be charged
against each note is 134% of par or $15 per note.
Ultimate Reorganization Seen.
Prospects of an ultimate reorganization, in which pref. stock will participate, are more encouraging, according to letter sent holders of company's
pref. stock by stockholders' protective committee, headed by C. Frederick
Childs. Difficulty in raising new capital at present is sufficient reason,
in the opinion of the committee, for making immediate reorganization
undesirable. The committee states that necessary steps have been taken,
which it is believed will insure continuance of receivership until reorganization can be effected. The latter also urges the deposit of stock with the
committee.
-V. 136. p. 314.
Financial Chronicle
Volume 137
Montana Power Co.
-Tenders.
--
The Guaranty Trust Co., trustee. 140 Broadway. N. Y.
-City, will. until
10 a. m. on July 24, receive bids for the sale to it of let and ref. mtge.
sinking fund gold bonds, series A. 5% due July 1 1943, to an amount
sufficient to exhaust $123,612 at prices not exceeding 105 and Int.-V.
137, p. 136.
Nashville R.& Light Co.
-Tenders.
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City. will
until 10 a.m. July 31 receive bids for the sale to it of ref. & ext. mtge.
50-year 5% gold bonds duo July I 1958 to an amount sufficient to exhaust
$64,566, at not exceeding that price at which the bonds so purchased. If
held to maturity, will yield an interest return of 4 J. % per annum. Bonds
accepted are to be delivered on Aug. 4, on which date Interest on such bonds
will cease.
-V. 135. P. 466.
New York Telephone Co.
-To Issue Additional Stock.
The company has been authorized by the New York P. S. Commission
to issue not to exceed $50,000,000 of additional capital stock, par $100.
within a period not later than Sept. 1 1933, and to apply the proceeds to
the payment and discharge of a like amount of Indebtedness owing to the
American Telephone & Telegraph Co.
The additional stock is to be sold for cash to the latter company.
This is an interim order on the company's petition for authority to issue
$109.741.300 capital stock to be sold to the American Telephone & Telegraph
Co. at par. Borrowings of the New York Telephone Co.from the American
Telephone & Telegraph Co., which owns all its common shares, amounted
to $102,950,000 at the close of 1932 and $105,950.000 at the end of 1931.
Of the $109,741,300 which would have been the proceeds from the sale
of the entire issue for which authority is requested, $105,950,000 would be
used in payment and discharge for the Dec. 31 1931. indebtedness owed
to the American Telephone & Telegraph Co. and $3.791.340 would be used
-year
for the redemption of $3,610,800 principal amount of ref. mtge. 20
6% gold bonds,series A, at 105. Total funded debt of the company at the
end of 1932 was $62,440,510, and was $60,836,070 at the close of 1931.
The interim order entered by the Commission was intended to grant
partial relief. Examination of the books, accounts and property of the
company Is still being conducted by the engineering and accounting divisions of the Commission.
In its report, the Commission summarizes the former transactions of the
company, and states that its proposal to issue $109,741.300 par amount of
common stock will be used as follows: $36,781,946 in discharge of obligations incurred for fixed capital purposes, and $72,959,314 in discharge of
obligations incurred or to be incurred in connection with the redemption
and retirement of $69,059,900 principal amount of funded debt. The
redemption involves payment of an aggregate premium of 53.899,494.V.137, p. 315.
,
Northern States Power Co. (Del.).
-Earnings.
F. For income statement for 12 months ended May 31 see "Earnings:Department" on a preceding page.
-V. 136. p. 4460.
Ohio Associated Telephone Co.
-Earnings.
Income Account for Year Ended Dec. 311932.
Gross earnings ___________________________________________
Operation expenses--------------------------------------State and local taxes ______________________________________
Maintenance.........................................
____________________________________
Net earnings _
Interest on funded debt
General interest __
Amortization of debt discount
aid expense
.
Interest charged to construction
Provision for depreciation
Balance of income
Dividends on preferred stock
Dividends on common stock
$699.104
231,750
58.242
141.439
$267.673
106.200
8,564
2,100
Cr.520
82,713
$68,615
42.361
21,271
Balance
$4,983
Balance Sheet Dec. 31 1932.
AssetsLiabilities
Telephone plant, equip., &c_$3,773,535 7% preferred stock
$327,940
Pref. stk. disc. In process of
Reserve for exchange for 55
amortization
shares of the common stock
12.926
Miscellaneous investment_
of the Tuscarawas County
1,050
1,100
Special deposits
Telephone Co
1,542
309,400
Debt disc. & expense in process
6% preferred stock
of amortization
13,400
59,889 Subscribed by unissued
Prepaid accounts & deferred
690,212
y Common stock
234,886
charges
86,754 Premium on capital stock _ _ _ _
Due from affiliated cos
1,770,000
215 Funded debt
163,868
Cash
7,120 Due to MM. companies
Working funds
31,886
10,769 Accounts payable
62,618
x Accounts receivable
11,548 Accrued taxes
Receivable from subscriptions
2,138
Accr. preferred stock dividends
to preferred stock
7,369
7,720 Miscellaneous current liabiltles
Materials and supplies
383,868
77,054 Reserves
51,439
Surplus
Total
$4,050,122
Total
x After reserve for uncollectible accounts of $11,548.
170,169 shares of no par value.
-V. 136, p. 4267.
$4,050,122
y Represented by
Pennsylvania Electric Co.
-Plans Extension of Note
Maturity.
Holders of $957,000 outstanding 6%% cony, gold notes, due on Aug. 1,
have been asked to extend the maturity date for 11 months to July 1 1934,
under an extension agreement to be entered into between the company,
with the Chase National Bank as authenticating agent, and the holders
of the extended notes, which will continue to bear interest at the same rate.
The notes, totaling $5,225,000, were issued last year and $4,268,000
have since been reacquired and canceled. The request is based on prevailing financial conditions and lack of a ready market for bonds, which
has prevented the company from providing funds to meet the Aug. 1 ma,turity date.
The right to exchange the notes for 1st & ref. gold bonds, series H,5%,
due in 1962, at $1,200 principal amount of bonds for each $1,000 principal
amount of notes, will continue until June 1 1934, or ten days prior to redemption. In addition, the extended notes will be secured by the pledge
of bonds of the foregoing issue and series on the basis of $1,500 principal
amount of bonds for each $1,000 principal amount of notes.
Earnings.
For income statement for 12 months ended March 31 see "Earnings Department" on a preceding page.
-V. 136, P. 4267.
-Earnings.
Pennsylvania Telephone Corp.
Calendar YearsOperating revenue
Non-operating revenue
1932.
1931.
$2,244,300 $2.496.600
27,258
9.216
Total gross earnings
Operation expense
Maintenance expense
Taxes
$2,271,558 $2,505,816
652.344
694,514
315,089
335,920
84,940
83,566
Net earnings before depreciation
Interest and other deductions
Provision for depreciation
31.219.184 $1,391.815
277.920
272,405
351,900
244.627
Balance of income
Previous surplus
Total surplus
Preferred stock dividends
Common stock dividends
Sundry direct item
Surplus balance, Doc.31
5589.364
1,821,223
$874.782
1.195.872
$2.410.588 $2,070.654
102,134
99.477
849,574
149,954
Cr.3.000
$1,461.880 $1,821,223
489
Balance Sheet Dec. 31.
1932.
1931.
Assets$
LiabilUies$
Tel. plant, equip.,
6% preferred stock
&.c
11,674,894 11,739,500 Common stock _ _ _
Inv. in other cos_ _ 251,908
93,752 Funded debt
Due to MM. cos__
Miscellaneous Inv_
68,313
Cash sink. funds &
Misc. def. Habil_ _
2,145 Accounts payable_
other spec. dep_
Accrued interest__
Unamortized debt
400,635 Accrued taxes_ _ __
disc. & expense_ 385,134
Misc. curr. Habil_
Prepaid accts. &
46,054
51,215 Corn, stock divs.
deferred charges
5,864
320,798
payable
Due from MM.cos.
122,042
130,379 Reserves
Cash
2,945 Capital surplus_
Employ. work.fds.
3,715
49,390
61,494 Surplus
Accounts reedy
Rec.from subscrip.
8,504
28,114
to preferred stk.
173,690
Materials & supp_ 125,676
12,741,495 13,004,671
Total
--V. 136. p. 4086.
Total
1932.
s
1931.
s
1.752.400 1,739.700
2,500,000 2,500,000
5,200,000 5,191.000
814
46,447
2,613
114.033
57,323
35,833
35,720
104,475
96,141
662
115
1,571,397 1,466,468
47,917
1,461,880 1,821,223
12,741,495 13,004,671
Philadelphia City Passenger Ry.-Div. Correction.
The directors recently declared a dividend of 81.87% per share (not
87% cents per share as previously reported) on the common stock, par $50
payable July 10 to holders of record June 28. This compares with semiannual dividends of $3.75 per share paid to and incl. Jan. 10 1933. It
had also been erroneously stated last week that the company had previously
-V. 137, P. 315.
paid quarterly dividends of $3.75 per share on this issue.
-Earnings.
Philadelphia Co.
For income statement for 12 months ended May 31 see "Earnings Department" on a preceding page.
-V. 136, P. 3097.
Philadelphia Gas Works Co.
-Reduces Rates.
At a meeting of the Philadelphia Gas Commission on July 10 it was
announced by Samuel M. Vauclain, Chairman, that the Commission
had accepted and approved the recommendation of the Philadelphia
Gas Works Co. for a reduction in the price of gas used for heating.
The new rate will become effective Sept. 1 next. Gas consumed for
cooking, water heating and other incidental purposes by customers heating
their homes with gas will be included in this schedule, and it is estimated
that the reduction will mean a saving of $106,000 a year to this class of
customers.
The new rates per 1,000 cubic feet will be for the first 2.000 cubic feet
per month, 90 cents; for the next 3,000 cubic feet per month, 85 cents;
for the next 15.000 cubic feet per month, 75 cents; for all consumption
over 20,000 cubic feet per month, 50 cents.
The minimum annual bill under this schedule will be $100, as compared
with the present annual minimum of $175. Under the present schedule,
the charge for gas above a consumption of 20,000 cubic feet per month is
65 cents per 1,000 cubic feet. (Philadelphia "Financial Journal")
-V.
135, p. 2832.
Southern Colorado Power Co.
-Earnings.
For income statement for 12 months ended May 31 see "Earnings Department" on a preceding page.
-V. 136, p 4461.
Southwestern Associated Telephone Co. (Del.).
Consolidated Income Account for Year Ended Dec. 31 1932.
Gross earnings
5981.782
Operation expenses
421,858
Maintenance
147.565
Taxes
67.710
Net earnings
It terest on funded debt
General interest
Amortization of debt discount and expense
Interest charged to construction
Minority common stockholders interest in net income
Provision for depreciation
Balance of income
Dividends on preferred stock
Dividends on common stock
$344.649
162.500
4.137
12,622
Cr497
12.265
72.263
$81.360
68.657
21.000
Deficit
$8.297
Consolidated Balance Sheet Dec. 31 1932.
Liabilities
AssetsTelep. plant, equipment, &c__$7,557,602 $6 preferred stock
$1,394,810
Subscr. for but unissued
2,680
Miscellaneous investments_ __
11,668
Y Common stock
Cash sinking funds & other
2,246,000
6,954 Minority int. in corn, stock &
special deposits
surplus of subs
228,122
Debt discount & expense in
356,556 1st mtge. 5% gold bonds
process of amortization
3,250,000
18,232 Deferred liabilities
4,150
Prepaid accts. & def. chgs_
5,590 Due to affiliated companies_ _ _ 105,903
Due from affiliated companies_
100,382 Notes payable
2,500
Cash
42,852 Accounts payable
Working funds
40,348
55,506 Accrued interest
40,637
U. S. Govt. securities
74,996 Accrued taxes
x Notes & accts. receivable
58,045
7,414 Service billed In advance
Reedy,from subsc. to pt. stk_
8.419
248,646 Miscell. current liabilities _ __ _
Materials and supplies
1,310
Reserves
757,391
Surplus
328,106
Total
$8,477,410
Total
$8,477,410
After reserve for uncollectible notes and accounts of $16,739. y Repre-V.132, p. 3338.
sented by 42.000 shares of no par value.
Staten Island Edison Corp. May Appeal from Appellate Division Ruling.
In the recent review by certiorari of the decision of the Public Service
Commission upon the application of the corporation to issue long-term
bonds to refund the remaining amount of its outstanding short-term notes,
the majority of the Appellate Division decided against the company but
handed down no opinion. While no opinion was handed down to support
the decision of the majority of the Court, a dissenting opinion was written
as follows:
"Heffernan, J., dissents on the ground that the proposed bond issue in
this case is reasonably required for refunding purposes, and that the expenditure to be refunded as a capital is distinct from an operating or income
charge. The debt which petitioner owes constitutes a lawful obligation.
That being so it must be paid either in cash or by refunding bonds. In
my judgment the Public Service Commission has misconstrued its
authority."
The officers of the company stated that in view of the dissenting opinion
and the advice of Counsel steps would in all probability be taken to obtain
a review of the case by the Court of Appeals.
-V. 137, P. 315.
Thirty-Fourth Street Crosstown
Overdue Coupons.
-
Ry.-Purchase of
See Bleecker Street & Fulton Ferry RR. above.
-V. 133, p. 2268.
Toho Electric Power Co., Ltd. (Toho Denryoku
Kabushiki Kaisha).-Bonds Called.
The company on Sept. 15 next will redeem $275,000 of 1st. mtge.(Kansai
division) sinking fund 7% gold bonds, series A, due March 15 1955. at 100
and int. Payment will be made at the Guaranty Trust Co., 140 Broadway,
N. Y. City, or at the option of the bearer at the latter's office at 32 Lombard
St., London, E. C. 3, England.
-V. 136, p. 4087.
Twenty-Third Street Ry.-Purchase of Overdue Coupons.
See Bleecker Street & Fulton Ferry RR. above.
-V. 133. p. 2268.
United Light & Power Co.
-Earnings.
For income statement for 12 months ended May 31 see "Earnings Department" on a preceding page.
-V. 136, p. 4087.
Financial Chronicle
490
July 15 1933
- equally with the 5% debentures due 1959 which are outstandUnion Electric Co. (Union d'Electricite), (Paris).
ing in the amount of $36,000,000. A circular shows:
Removed from List.
The New York Curb Exchange has removed from unlisted trading privileges the Guaranty Trust Co. of New York American depositary receipts
for "0" bearer shares (par 250 francs).
-Electric Output.
United Gas Improvement Co.
1932.
1933.
Week Ended July 8Electric output of U. G.I. system cos.(kwh.)---- 61,812,974 53.600,783
-V. 136, p. 3909.
-Earnings.
United Light & Rys. Co.
For income statement for 12 months ended May 31 see "Earnings De-V. 136. p. 4088.
partment" on a preceding page.
-Income Account.
Utah Light & Traction Co.
1929.
1930.
1931.
Calendar Years1932.
Oper. rev, of transportation dept
$1,042,888 $1,306.062 $1,536,010 81,721,147
Oper. exps., incl. taxes,
1,330,047
1.187,327
1,075,027
of transportation dept.
952,944
Net rev, from oper. of
transportation dept__
Other income
$89.944
980.684
$230.135
850,897
$391,100
634,921
$348,683
732,134
Gross corporate Inc_ $1,070,628 $1,081,032 $1,080,817 $1,026,021
804,465
759.94.
759,945
Int. on long-term debt__
759,945
237.072
336,388
336,615
326,228
Other int. & deductions_
$15,516
$15,516
$15,528
$15,544
Deficit
Comparative Balance Sheet Dec. 31.
1932.
1931.
1932.
$
IdabilUiesAssets$
$
1,150,875
Plant & Invests.....23,547,580 23,618,527 Capital stock
14,358,300
60,422 Long term debt
58,954
Cash
75,604 Notes &loans pay. 5,080,798
72,660
Accts.receivab'e
50,630
208,761 Accounts payable.
Materials & SUPpl- 120,834
3,054 Accrued accounts. 1,546,393
7.273
Prepayments
Matured in),. long
4.091
MLsc. current assets
61,024
term debt
Trust funds & spec.
62,444 Matured long-term
62.879
deposits
1,000
debt
1,400
Redemption funds
Accrued int, long
Unamortized debt
term debt
73,569
58.025
disc. & expense_
Redemption acct.
Sundry credits....
122,088
Reserves
1,559,188
Surplus
23,930,297 24,103,784
Total
-V. 134, p. 3984.
1931.
$
1,150,875
14.358,300
5,281,595
43.649
1,472,436
5,173
56,040
1,400
29,031
103,379
1,801,902
23,930,297 24,103,784
Total
-Annual Report.Utah Power & Light Co.
Net revs, from oper- _ $5,001,104 $5,599.660 $6,157.169 $6,420.690
632,632
730,267
849,750
980,065
Rent for leased property
$4,021.039 $4.749.910 35,426.902 $5,788.058
368.623
530.540
499.851
398,049
Gross corp. income__ _ $4,419,088 $5,249,761 $5.957,442 $6,156.681
1,939.850
2.139,850 2.108,187
Int. on long term debt__ 2,139,850
221,295
218.903
193,149
191.024
Other int. & deductions$2.088,214 32.916.762 $3,630,352 $3,995,536
Balance
1,647,982
1.724.097
1.752.773
Divs,on preferred stock.. 1,704,392
Balance
Retirement (deprec.) res.
appropriation
$373,822 $1,163,989 $1.906.255 $2,347.554
300,000
500,000
700.000
700,000
3663.989 31.206.255 31.647.554
373.822
Balance
Comparative Consolidated Statement of Income (Inter-co. Items Eliminated).
[Utah Power & Light Co. and Subsidiaries.)
1929.
1930.
1931.
1932.
Years Ended Dec. 31$10,447,840 311.749.241 $12.555.946 $13,232,134
Operating revenues
6,420,397
6.050.094
5,919,446
5,356.792
Oper. exp., incl. taxes
Net revs, from oper- $5,091,048 $5,829.795 36,505,852
211,523
179.894
87.907
Other income
36.811,737
149,404
Gross corporate Inc__ - $5,178.955 36.009.689 36.717.375 $6,961,141
2.744,300
2,868,113
Int. on long term debt__ 2.899.780 2.899,780
236.821
234.428
208,677
206.566
Other int. & deductions_
$2,072,609 $2,901,232 $3.614,834 $3,980,020
Balance
1.647.982
1,724,097
1.752,773
Divs,on preferred stock_ 1.704,392
Balance
Retirement (deprec.) res.
appropriation
3368.217 31,148,459 31.890.737 $2,332,038
300,000
$68.217
Balance
Consolidated Balance Sheet Dec.
1931.
1932.
Assets
Plant,leaseholds
& investments119,521.828 97,289.565
855,819
Cash
1.098,194
52,847 5,376,843
Notes & l'ns rec.
Accts.receivable 2,336.032 4,271,004
811,888
Malls & suppl_
821.253
22,564
51,193
Prepayments
19,389
Misc.curr. assets
41.788
98,393
Special deposits_
Guaranty - Utah
Lt. & Trac.
13,872,000
Co. bonds_
Reacq. cap. stk.
787.113
held for resale
10,500
Redemp. funds..
Unamort. debt
,697,490
disc. & exp.__ 2,582,083
693
Sundry debits__
Total
127,368,999 125,240,465
x Represented by:
$7 preferred stock
$6 preferred stock
Common stock
-V.136, p. 2070.
500.000
700.000
127,368.999 125,249,465
Dec. 311931. Dec. 311930.
210,564 shs. 210.564 shs.
46,708 shs.
46,708 shs.
3,000,000 shs. 3,000,000 shs.
-Debentures Offered.Utilities Power & Light Corp.
Hammons & Co., Inc., New York, are offering $1,000,000
-year gold debentures, due June 1 1947 (price upon
53% 20
application). The offering does not represent new financing
on the part of the company. These debentures are part of
an issue outstanding in the amount of $14,000,000 and rank
Total net Inc. before deb. int.. amortization. deprec.. inc.
38.757.109
taxes, &c
5,115.150
Provision for depreciation & Income taxes
Total net income before debenture interest, amortization, &c.. $3,641.959
2,570,000
Total annual Interest requirements on all debentures
-Earnings of oth the Canadian and British properties are Included
Note.
at par of exchan (34.8665 per E sterling and $1 per Canadian dollar).
British subsidiaries, for the year ended Dec. 31 1932 is
The gross of t
-V. 136. p. 4452.
equal to ab ) 40% of consolidated gross.
-Helps Customers Save
Wes ern Union Telegraph Co.
by Eliminating Superfluous Words, &c., in Messages.
The company, It is understood, makes a regular practice of studying
the accounts of its customers and shows them how they can reduce the
amount of their next month's bill, and get just as effective results. Large
commercial establishments throughout the country are said to have asked
the company to have communication exports make analyses, free of charge.
of the problems of their companies along such lines. Hundreds of dollars
are thus saved by eliminating superfluous words in messages without
sacrificing results.-V. 136, p. 3346.
-To Be Sold July 21.
Wheeling Traction Co.
The sale of the properties, under a Federal Court receivership, has been
set for July 21, by an order entered by udge Baker. Judge Nesbitt.
special commissioner, will conduct the sale. The most recent sale date
-V. 135, p. 3358.
was Feb. 4 last.
-Sub. Co. Defaults.
Winnipeg Electric Co.
See Winnipeg Selkirk & Lake Winnipeg Ry.-V. 136, p. 4089.
Winnipeg Selkirk & Lake Winnipeg Ry.-Unable to
Meet Maturing Issue. of Winnipeg Electric
to
Co., was unable
The company, subsidiary
gold
pay the $400,000 5% 1st mort:age these bonds, which matured
bonds are guaranteed by
The principal and Interest on
July 2.
Winnipeg Electric Co. Bonds to the value of $50,000 are in the hands
of the public, and the remaining $350,000 is held by the British Empire
Trust Co. as security for an issue of an equivalent amount of Winnipeg
Electric 6% refunding mortgage bonds.
700,000
$648,459 31.190.737 $1,632,038
31 (Company and Subsidiaries).
1931.
1932.
LIabilitiesstock _ 55,732,123 55,712,123
300
Cap.stk. of sub..
Long term debt 56,720,417 42,347,000
452,487
426,190
Divs. declared
Notes & loans
240,000
payable
455,636
527.368
Accts. payable_
4,583
Contract pay'le_
Matured long
1,000
term debt
495,972
431,590
Customers' dep's
1,589,327 1,595,581
Accrued accts
Guaranty - Utah
Lt. & T ac.
13,872,000
Co. bonds.
Mat. Int, long
41,788
98,537
term debt_..._
10,500
Redemption acct
20,000
Sundry credits_
6,613,450 6,285,488
Reserves
5,226,113 3,740,887
Surplus
Total
$21.704,661 $21,698,430
Net earnings-before fixed charges
Int. & diva, on outstanding bonds & pref. stocks of subsidiary
& controlled cos.. amortization, earns, prior to acquisition,
12,164,810
net income accruing to minority interests, &c
-before deprec. & income taxes
39.533,620
Net Inc. of oper. cos.
Other net inc. of Utilities Power & Light Corp. & its non-utility
subsidiary companies before depreciation & income taxes_ -_ def776.511
[Incl. Utah Power & Light Co. and Western Colorado Power Co.]
(Inter-company items eliminated.)
1929.
1930.
1931.
1932.
Calendar Years$9.595,320 $10,643.615 $11,233,433 311.743.132
Operating revenues
5.322.442
5.076,264
5,043.955
4,594,216
Oper. exp., incl. taxes
Balance
Other Income
-Corporation controls an extensive group of public
Business & Properties.
utility properties which supply electric light and power, manufactured and
natural gas, water and 'or other utility services in various sections of the
United States. Canada and Great Britain. The territory in which the
subsidiary companies operate comprises 1.080 communities which have
an aggregate population in excess of 6.000,000.
The distribution of consolidated gross revenue on the basis of 1932
earnings was as follows: 75.1% from the sale of electric energy, 16.4%
from the sale of manufactured gas. 3.8% from the sale of natural gas and
the remainder from miscellaneous sources.
-The American properties which are located
American Utility Properties.
principally In the United States operate in 14 States and in three Provinces
of Canada. The principal domestic utility groups In this system are
the following:
Laclede Gas Light Co.
Indianapolis Power & Light Co.
Laclede Power & Light Co.
Central States Utilities Corp.
Interstate Power Co.
Derby Gas & Electric Corp.
Newport Electric Corp.
The physical properties consist of steam and hydro-electric generating
stations with an installed capacity of 298,805 k.w. and gas plants with a
combined daily capacity of 63,520.000 cu. ft. The gas reserves of the
natural gas properties have been conservatively estimated at 165.000,000,000 cu. ft.
-Greater London & Counties Trust Ltd., a
British Utility Properties.
wholly owned subsidiary of Utilities Power & Light Corp. controls through
stock ownership a group of electric power and light properties In Great
Britain and has substantial interests in others. The subsidiary companies
under the authority of Acts of Parliament furnish electricity without
competition in three large areas adjacent to the city of London. This
territory has a population in excess of 4,000,000. The Greater London &
Counties Trust Ltd. also owns a substantial interest in one of the largest
statutory companies supplying electricity in the metropolitan and suburban
area of London. The aggregate gross revenue of this corporation for the
year ended Dec. 31 1932, at par of exchange ($4.8665 per E sterling),
amount to more than 319,090.856.
The principal utility groups in this division of the system are: Edmundsons' Electricity Corp., Ltd., Bedfordshire, Cambridgeshire & Huntingdonshire Electricity Co., Reading Electric Supply Co., Ltd., Shropshire, -Worcestershire & Staffordshire Electric Power Co.
The following financial statements appear as part of the "Annual Report"
for the year 1932 of Utilities Power & Light Corp.
Consolidated Earnings Year Ended Dec. 31.
1931.
1932.
$51.574.143 $48,729,530
Gross revenue
Oper. exp.. maint.& taxes (excl. ofincome taxes)._ 29,869.482 27.031.100
INDUSTRIAL AND MISCELLANEOUS.
Price of Refined Sugar Adranced.-California & Hawaiian and Pennsylvania Sugar Refineries have advanced the price of refined sugar 10 points
to 4.70 cents a pound. "Wall Street Journal" July 11, p. 11.
-American Smelting Sz Refining Co. has adPrice of Lead Advanced.
vanced its price of lead to 4.50 cents a pound, New York, from 4.40.
"Wall Street Journal" July 10, p. 1.
Matters Covered in the "Chronicle" of July 8.-(a) Steel output again
higher-Operations now at 56% of capacity-Prices being adjusted p. 219:
(6) Allied Chemical & Dye Corp. agrees to give more data-Joins with
New York Stock Exchange in detailing agreement to retain listing, p. 235:
(c) Loans by Reconstruction Finance Corp. to American exporters to finance cotton shipment to Soviet Russia-Loans to be secured by notes of
Amtorg Trading Corp., p. 255.
-Stork Offered.
A. B. C. Brewing Corp., St. Louis.
Pfaff & Hughel, Inc., Chicago, are offering 110,000 shares
of common stock (price at market).
Stock is listed on Chicago Curb Exchange. Price to be paid by the bankers and to be received by the company for these shares is $6.37 A per share.
Certain stockholders have subjected 40.000 of their shares to an agreement
by which, if and when the bankers complete their contract, the bankers
have an option to purchase 15,000 of said 40.000 shares at $6 per share and
the balance of 25.000 shares are to be deliverAedutivoltrihzoeudt. cost to the bankers.
Outstanding.
Capitalization
300.000 shs.
250,000 she.
Common stock
Registrar: Trust Co. of Chicago. Transfer Agent: First Union Trust
& Savings Bank, Chicago.
Data from Letter of A. D. Plamondon, President, Dated July 6.
history -On June 27 1933, corporation, a Delaware corporation, was
formed to take over the plant and physical equipment formerly owned and
St. Louis, Mo.,and the "A. B. C.
operated by the American Brewing Co. in of the trade
marks formerly used
Bohemian Style" trade mark, being one
by that company. In 1904 the American Brewing Co. (organized In 1890)
Independent Brewing Co., a syndicate operating seven
became a part of the
breweries in the Greater St. Louis area. This brewing plant was operated
as a part of the above-mentioned syndicate in the manufacture and sale of
beer until prohibition and thereafter until 1928 in the manufacture and sale
of near beer (cereal beverage) at which time the plant was shut down.
Volume 137
The plant and equipment consists of a complete unit. The plant includes
a bottling department, stock house, boiler room, refrigerating plant, a
-barrel capacity brewing kettle and several storage
brew house with a 320
plants and,according to Ford, Bacon & Davis, has an annual capacity after
completion of rehabilitation as planned of substantially 200,000 barrels.
This is after allowing for seasonal variation in production and sales. It
is thought that with the contemplated improvements an operating schedule
can readily be adopted to increase the annual capacity to at least 250,000
barrels.
Purpose.
-To provide funds for the acquisition of brewery inventorY,
rehabilitation of brewing and bottling machinery, to provide working capital and, in the discretion of the directors, to retire the mortgage indebtedness. In this connection in accoradnce with the estimate of Ford, Bacon
& Davis, Inc., $317.000 has been reserved for rehabilitation of and additions to plant and equipment. Working capital will be augmented by any
savings from such estimate on account of any saving in cost or eliminations
which may be effected by the management.
Management.
-The management will be in the hands of the President of
the company, A. D.Plamondon. In 1887 Mr.Plamondon's father secured
the American rights to the French patent covering the Saladin Pneumatic
System of malting and from 1888 to the advent of prohibition the A.
Plamondon Mfg. Co. was active in the construction of some of the largest
malt houses in the country. In 1892 A. D. Plamondon built his own malt
house, known as the Chicago Pnuematic Malting Co., and operated it until
1897 when it was sold to the American Malting Co. In January 1933.
Mr. Plamondon was made President of the Board of Commissioners of
Lincoln Park, Chicago, Ill. Henry B. Wellencotter has been secured as
brewmaster. Mr. Wellencotter was connected in the capacity of brewmaster with the St. Louis Brewing Association from 1912 until that company ceased operations in December 1928, brewing "Hyde Park Beer."
Officers and Directors,
-A. D. Plamondon (Pres.), W. M. Collins,
George W. Griffiths, Walter S. Aagaard, Lawrence J. O'Toole (Vice-Pres.).
A. D. Plamondon Jr. (Sec.).
Pro Forma Balance Sheet June 30 1933.
[Giving effect to (1) proposed acquisition of a brewery plant for 140,000
shares of capital stock and a 5
-year note for $185,000, and (2) proposed
sale of 110,000 shares of capital stock to bankers.]
Assets
-.
Liabilities
x Proceeds from sale of stock__ $384,250 Current liabilities
$52,000
Properties
185,000
972,914 6% note payable
y Proceeds from sale of stock
250,000
317,000 Capital stock (par $1)
1,237,164
Organization expenses (estd.)50.000 Paid-in surplus
$1,724,164
Total
Total
$1,724,164
x Less $317,000 reserved for rehabilitation of and additions to plant
and equipment. y Reserved for rehabilitation and additions required to
be made (as estimated by Ford, Bacon & Davis).
Adams-Millis Corp.
-Resumes Dividend.
The directors on July 11 declared a dividend of 25 cents per share on the
common stock, no par value, payable Aug. 1 to holders of record July 21.
This compares with quarterly distributions of 50 cents per share made on
this issue from Nov. 1 1928 to and incl. Feb. 1 1933,the May 1 1933 dividend
having been omitted.
-V. 136, p. 2612.
Administered Fund, Inc.
-Dividend.
-
The directors have authorized a distribution of 11 cents a share, less the
new 5% Federal tax, which makes an amount of 10.45 cents a share, payable
July 15 to holders of record July 10.-V. 132, p. 3887.
Allied Chemical & Dye Corp.
-Text of Agreement with
New York Stock Exchange.
-See full details under "Current
Events and Discussions' on a preceding page.
New Practice Described to Stockholders-Holdings of Own
Shares Made Known.
-President Orlando F. Weber, in a
letter to the stockholders dated July 10, advises them of the
accord reached with the New York Stock Exchange as to
the details to be included in the company's future published
reports. In concluding his letter, President Weber says:
Po On June 30 1933 the company held 187,189 shares of its common stock
which are carried upon its books at cost amounting to $25.837,300; the
market value at close of business July 8 1933 was $24,334,570. On the
same date the company held 47,309 shares of its preferred stock which are
carried upon its books at cost amounting to $5,640,485; the market value
at close of business July 8 1933 was $5,700,735.
At Dec. 31 1932 the company's U. S. Government and other marketable
securities stated at cost of n2,404,341 had a market value of approximately
$28,000,000 less than cost. At the close of business July 8 1933 the market
value was approximately $2,400,000 less than cost. In 1931, in view of
the extraordinary economic conditions then prevailing, $40,000,000 was
transferred from surplus to contingency reserves principally for the protection of the company's U.S. Government and other marketable securities.
There is accordingly now available $37,600,000 of that reserve for release
to surplus or for transfer to some other reserve.
Stockholders' Committee Not to Force Meeting-Still Asks
Change in Board.
Plans for a special meeting of stockholders, scheduled for Aug 10, have
been canceled by the committee of holders headed by 0. W. Nidhols, it is
disclosed in a letter sent to stock owners, July 9. The committee, which
aimed to replace one-fourth of the company's directorate, stated that
settlement of the controversy over the company's statements with the
New York Stock Exchange by Orlando F. Weber, President, eliminated
"the emergency calling for stockholders' action in the interval between
regular annual meetings."
Intimation that efforts to elect directors independent of management
influences would be made at the next annual meeting was given in the
letter, which was signed by Mr. Nichols as Chairman, Gordon Auchincloss,
E. Roland Harriman, Grayson M. Murphy.J. C.Traphagen and Francis
-P.
M. Weld. The letter follows:
"The management of your company has finally agreed to make adequate
reports to stockholders. This affords stockholders essential safeguards
heretofore lacking and eliminates the imminent threat of the stock being
stricken from the Stock Exchange list. This committee has thus achieved
those essential objectives which called for immediate action.
"The outcome is one which neither individual stockholders' appeals nor
Stock Exchange persuasion had been able to accomplish over a period of
years. It was, indeed, only on the day when this committee first had in
hand proxies for the requisite one-third of the stock that Mr. Weber finally
acceded to the requirements of the Stock Exchange. During the preceding
days he had seen a steadily increasing number of those who had formerly
supported him enlist themselves in support of the program of this committee. Stockholders had quickly sensed the lack of reality in Mr. Weber's
cry of 'foreign domination' and had recognized the real issue.
"As Mr. Weber has now agreed to furnish stockholders with informative
reports and the stock of the company will not be stricken from the list on
Aug. 23, the immediate danger is past. However, we remain of the opinion, originally expressed, that the board of directors as now constituted is
inadequate. The small
element on the board should be augmented by the addition of new directors of standing, to the end that the
company will have a board which, while giving wholeheated support to
the management on operating problems, will nevertheless have the independence to protect the interests of shareholders when idiosyncrasies of
management menace their welfare, With such a board, there would have
been no question as to the right a stockholders to receive adequate company reports. Only such a board can insure against the recurrence of situations requiring action by the shareholders themselves, or by some institution-like the New York Stock Exchange
-on their behall'.
"Reconstruction of the board as an immediate measure was proposed for
Aug. 10 only to assure that, prior to Aug. 22 (the date fixed for striking the
stock from the list), Mr. Weber would be overruled in his insistence on
secrecy. Now that be has given in to the pressure of this prospective
action by stockholders, there no longer exists the emergency which called for
stockholders' action in the interval between regular annual meetings when
the selection of directors is normally dealt with. Accordingly, we have
determined not to exercise the power which the stockholders have given us
to call a special meeting on Aug. 10.
"To those stockholders who have supported us, we express our appreciation. It is difficult, in a company of great size, to prevent control of
corporate affairs from drifting completely out of the hands of stockholders.
491
Financial Chronicle
The present experience shows a reassuring capacity ofstockholders to arouse
-V. 137, p. 316.
themselves for their own protection."
-Investment Trust Average
Allied Distributors, Inc.
Up 15.3%.
Investment trust securities registered a sharp advance during the week
ended July 7, resulting in the average, as compiled by Allied-Distributors,
Inc., establishing a new high record for the year to date. The average for
the common stocks of the five leading management trusts, influenced by
the leverage factor, stood at 23.99 as of July 7, compared with the average
of 20.81 on June 30, an advance of 15.37 for the week. The low for the
current year to date was 8.22 on March 31.
The average of the non-leverage stocks stood at 16.8.5 as of the close July 7,
The
compared with 15.47 at the close on June 30, an advance of
8.9%.
average of the mutual funds closed at 11.86, compared with 11.34 on
June 30, an advance of 4.6%.-V. 137. p. 316. 139.
-Income Account
American Aggregates Corp.
(& Subs.).
for Year Ended Dec. 31 1932.
Net sales (after deducting allowances,trade and cash disc., &c.)
Cost of sales
$903,791
1,171,010
Gross loss on sales
Loss from allied operations
Selling, administrative & general expenses
$267.219
5,685
239.253
Net loss, before int. earned, misc. inc.-net, & int charges....
Interest earned & miscellaneous income
$512,157
87.231
Net loss, before interest charges
Interest charges
$424,926
99,661
Net loss
Previous surplus
$524,587
787,144
$262.557
Balance, Dec.31 1932
Consolidated Balance Sheet Dec. 31 1932.
Liabilities
Assets
$42,852 Real est.,purch.contr.due 1933 $11,818
Cash
40,000
75,147 Notes payable due 1933
U.S.Govt obligations
84.433
6,345 Accounts payable
Municipal bonds
9,992
Accounts & notes receivable- 163,172 Res.for Federal income tax_ _
118,891 Accr.taxes,lot., royalties, &c_ 105.164
Inventories
53,911
17,911 Prem.on mtge.notes.rec., &c.
Prepaid Insurance, taxes, &c
167,5.57
600,000 Deferred liabilities
Mortgage notes receivable
21,933 15-yr.6% sink.id.gold debs 1,017.600
Accrued interest thereon
1,785,100
Investments, advances, &c__. 401,107 7% pref. stock
x2,469,387
y4,599,080 Common stock
Plant & equipment
245.448
206,429 Capital surplus
Deferred charges
262,557
Earned surplus
Total
$6,252,866
Total
x Represented by 187,727 shares (no par).
$2,219,983.-V. 136, p. 3165.
$6,252,866
y After depreciation of
-Initial Dividend.
American Associated Dealers, Inc.
An initial dividend of 1.2 cents per share was recently declared o the
Trusteed American Bank Shares, Series B, registered or coupon, payable
July 2 1933. The distribution on the registered shares was made to holders of record June 30. Dividends on these shares are payable quarterly
-V. 133. p. 644.
In varying amounts.
-Listing of AdAmerican Commercial Alcohol 'Corp.
ditional Common Stock-Acquisition of Noxon, Inc.
The New York Stock Exchange has authorized the listing of 15,000
additional shares of common stock (par $20) on official notice of issuance,
in exchange for 2,700 shares of 67 cumul. preferred stock (par $100).
and 3,900 shares of common stook no par), of Noxon, Inc., making the
total amount applied for 262,761 shares.
At a meeting held June 15 1933 the directors authorized the issuance
of 15,000 shares ofcommon stock in exchange for 2,700 shares of6% cumul.
preferred stock and 3,900 shares of common (no par) stock of Noxon, Inc.
(Md.). The total authorized capitalization of Noxon, Inc., is 3,000
shares of 6% cumul. pref. stock and 6,000 shares of common stock. The
2.700 shares of preferred stock is all the issued and outstanding. All
the 6,000 shares of common stock have been issued, 3.900 shares to the
company as stated above, and 2,100 shares to other interests.
Noxon, Inc., was organized June 19 1933 and has acquired certain valuable formulae, processes, &c., for the manufacture of a certain cleaner
pollsh, floor waxes, and a household insecticide, heretofore manufactured
and sold for many years under the trade name of "Noxon," and also certain machinery, equipment, materials and other assets required for the
manufacture of said products on an adequate commercial scale. Noxon,
Inc., has furthermore contracted with the company to purchase all of its
requirements for the manufacture of its products, which consist of alcohol,
solvents, &c., so far as they are manufactured or handled by the company, at prevailing market prices, for a period of 10 years. The company
has also acquired as a part of above transactions, exclusive rights to certain
formulae and processes for the manufacture of new agricultural and horticultural plant sprays, which the company believes can be manufactured
and sold on a profitable basis. These sprays consist of about 85% of
alcohol.
Stock Increase.
The stockholders will vote July 21 on increasing the authorized common
-V. 137, p. 316.
stock, par $20, to 500,000 shares from 375,000 shares.
-Earnings.
American European Securities Co.
For Income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
G. C. Fetherston, Secretary, says:
"Based on market values of June 30 1933 the appraised net assets available for the common stock, after allowing for all known liabilities of the
company and the preferred stock outstanding at its liquidating value,
including accumulated and unpaid dividends, amounted to $1,616,746.
or $4.56 per share on 354,500 common shares outstanding.
"During the six months ended June 30 1933, $17,000 collateral trust
-year sinking fund 5% gold bonds were purchased and retired, reducing
30
the amount of such bonds outstanding to $3,040,000."-V. 136. p. 2612.
-Changes in Personnel.- _
American Fork & Hoe Co.
Following the stockholders' meeting held last week at which the board
of directors was reduced to 11 from 29 members, George B. Durell was
elected Chairman. A. F. Fifield will succeed Mr. Durell as President
-V. 134, p. 4326.
-Earnings.
American Furniture Mart Building Corp.
For income statement for 5 months ended May 31 1933 see "Earnings
Department" on a preceding page.
-V. 137, p. 139.
-Earnings.
American Hawaiian Steamship Co.
For income statement for 4 months ended April 30 see "Earnings De-V. 136, p. 4271.
partment" on a preceding page.
-Offer Extended.
American Investors, Inc.
-V. 137, p. 316.
See Atlas Corp. below.
-Refunding Plan-To Increase
American Rolling Mill Co.
Capital.
The directors have decided upon a plan of conversion of the 4%% notes
due Nov. 1 next, of which approximately $13,900,000 are outstanding.
New 5% convertible notes will be offered present noteholders with
privilege of converting each new $1,000 note into 40 shares of common
stock, par value of which is $25 a share. According to ipresent plans toe
new 5% notes will be callable at 103 in 1934. at 102% in 1935 at 102 in
1936, at 101;4 in 1937 and at 101 in 1938.
Conversion of the new 5% notes into common stock can be made at
any time during the life of the notes.
The new issue will be made in compliance with the new Federal Security
Act.
A stockholders' meeting will be called for Aug. 21 to consider an increase
of 500.000 common shares and to waive their pre-emptive rights to these
Financial Chronicle
492
shares. While 559,720 shares will be required for the conversion, there
is now authorised, but unissued, 291,078 shares, so tnat the proposed
increase, if authorized, will leave some 200.000 shares unissued.
-V. 137,
p. 316.
American Surety Co.
--New Vice-President.
John F. Clark, who has been General Manager of the company's Newark
(N. J.) division for 35 years will retire from that position and become
Resident Vice-President in Newark. He will be succeeded on Aug. 1 by
Herbert N. Hutchinson.
-V. 136, p. 3165.
American Tobacco Co.
-Settlement Made in Stock and
Bonus Cases.
Three suits brought against the company seeking to annul the stock allotment authorized in 1930. to limit bonus payments and to recover stock
Issued under earlier stock allotment plans have been settled between the
company and the plaintiffs. Judge Francis G. Caffey in the U. S. District
Court for the Southern District of New York, Vice-Chancellor Fallon in
the Chancery Court in New Jersey and Judge Bernard Shientag of the Supreme Court of New York have dismissed the suits brought before them.
Under settlement of the suit against the stock allotment plan of 1930
the issuance of 27,500 shares, including practically all of the shares allotted
to the directors, is rescinded.
The bonus plan is changed to provide that in 1933 the company must
first earn $13,000.000 net profit, instead of approximately $11,000,000 as
heretofore and that officers shall share 10%,, of earnings in excess of this
amount. For 1934 the minimum net profit lbefore bonus is set at $14.250,000 and for 1935 and the years subsequent thereto the minimum shall be
$15.500,1100.
If in 1935, or in any year subsequent thereto, the net profits shall exceed
$32,500,000. only 9 Y of such excess shall be distributed as bonus until
,o
profits reach $35.000.000. Between $35,000,000 and $37,500,000 the bonus
shall be 8% of the excess. between $37,500.000 and $40,000,000 the bonus
shall be 7% of such excess. Between $40.000.000 and $42,500,000 the
0
bonus shall be 6% of the excess and for any amount exceeding $43,500,000
the bonds shall be 5% of the excess.
As part of the settlement it is agreed that in the case of any future allotments of stock under the plan of 1930, any such allotment shall be made
only after It has been submitted in advance to a meeting of stockholders and
approved by resolution upon disclosure of full details of the price at which
the stock is to be allotted and the amounts of such allotment to individual
directors, if any, and to other employees.
It is also agreed by a resolution of directors that as a policy controlling
any possible future issue of stock under the plan of 1930. "in advising or
submitting to stockholders any such future issues of certain remaining shares,
subject to allotment under said plan, due regard will be given by directors
to all elements bearing on the price to be fixed, including current market
value, any reasonable possibility of fluctuations therein, motives and purposes of the allotment and the other considerations set forth in the plan."
The third suit involved earlier plans. including a stock allotment plan of
1929. That plan, involving distribution of 90,000 shares, has now been
cancelled and the stockholders at their annual meeting on April 5, having
approved and confirmed the acts of the directors in connection therewith,
this suit, as part of the general settlement, has been withdrawn.
Richard Reid Rogers, who brought the suit,states that the interests which
-V. 136, p. 3911.
he represents remain stockholders of the company.
Anglo American Corp. of South Africa, Ltd.
-Earns.
The following are the results of operations for the month of June 1933:
-South African Currency
Tons
Total
Milled. Revenue. Costs.
Profit.
114,000
Brakpan Mines, Ltd
56.000
Daggafontein Mines, Ltd
Spring Mines, Ltd
84.500
West Springs, Ltd
86.000
-Revenue has been calculated on the
Note.
V. 137. p. 316. 140.
213,290 115.182
98,108
120,968
70,819
50,149
218.496
87.496 131,000
106,307
68,465 37.842
basis of £6 per ounce fine.
-
-Offers to Purchase CornArcher-Daniels-Midland Co.
mander-Larabee Bonds and Notes.
-V. 136, p. 4463.
See Commander-Larabee Corp. below.
-Earnings.
Argo Oil Co.
Calendar YearsCrude oil sales
Gas sales
Gasollne sales
Miscellaneous income
1932
$199.002
12,263
5.229
57,645
1931.
$162,527
15,926
5,880
3.445
1930.
$364,161
5,752
11,153
3.477
Total operating income
Operating expenses
$274,141
118,920
$187,779
119,956
S384,543
174,047
Net operating profit
Other income
$155,221
$67,823
49,940
$210,497
88,126
Total income
Other expenses
Depreciation
Depletion
$155,221
124,592
107,740
62,470
$117,763
59,688
169,085
133,945
$298,623
85,526
296,005
163,967
Net loss for year
$139,584
$344,955
$246,877
Consolidated Balance Sheet Dec. 31.
1931
Liabilities-1932.
1932.
Assets
1931.
$85,983 Accounts payable- $15,629
$58,070
$15,811
Cash
825,384 Notes payable__ 800,000
Marketable secure. 314,295
32,911 Accrued taxes_
Accts.receivable...
25,034
5,942
15,329 Deferred liabilities 834,024
Notes receivable
8,854
4,752
7,143
4,721 Reserve for taxes &
Accrd. Int. receiv.
188,724 contingencies___
Mails & supplies_ 147,245
3,885
39,414
Invest, in stocks of
Capital stock
7,074,240 7,074.240
478,832 Deficit
other companies 2,142,304
4,106,648 4,138,389
x Fixed assets....._ 1,378,014 1,538,088
58,037
Deterred assets_._ 141,050
54,220,910 33.003,790 Total
Total
$4,220,910 $3,003.790
-V. 135, p. 1657.
x After depreciation and depletion.
-Readjustment Plan.Armour & Co. (Ill.).
The directors have approved a plan for readjusting and simplifying the
capital structure of the company, and a special meeting of stockholders
has been called for Aug. 22 to act on the proposal. A single class of capital
stock is proposed, which will be exchanged for the present three classes of
stock outstanding-preferred and two issues of common stock. In addition, stock purchase warrants will be issued to holders of class A and class
B stock.
If approved, the present 572,313 shares of pref. stock will be represented
by 4,292,348}i shares of new stock: the present 2,000,000 shares of class
A stock by 333,333 1-3 shares of new stock and the present 2,000,000
shares of class B stock by 166,666 2-3 shares of new stock. There will
thus be initially issued 4,792.348 shares of new capital stock in exchange
for the present outstanding shares.
In addition, 5,000,000 shares of the new capital stock will be reserved
against the exercise of stock purchase warrants to be issued to holders of
class A and class B common stocks, and the remaining 207,652 shares of
the authorized number will be reserved for issuance from time to time
for the corporate purposes of the company. The plan contemplates an
authorized capital stock of 10,000,000 shares of $10 par value a share.
Earnings of the company,including subsidiaries,for the first seven months
of the current fiscal year-Oct. 29 1932 to June 3 1933 amounted to $5,617,562 after interest, depreciation and taxes. After deduction of dividend requirements for the period on the pref. stock of Armour & Co.
(Delaware), a subsidiary, the balance amounted to $3,313,542. In the
previous year a deficit resulted.
Giving effect to the reductions in charges against income which would
be made possible by the adoption of the plan, and assuming the complete
exchange of existing stocks for the new capital stock, such balance of
earnings for the foregoing period, after deduction of dividend required
menta on the pref.stock of Armour &Co.of Delaware, would have amounted
to approximately $4,696,402. This would have been equivalent to about
98 cents a share for the seven months on the 4,792,348 shares of new capital
stock to be initially outstanding.
July 15 1933
The letter to stockholders says in substance:
"While no forecasts can be made as to future results, it would appear
that a continuance of present business conditions in the packing industry,
with the added benefit of the reduction in the present required charges,
should in due course make possible the payment of dividends on the new
capital stock.
"The management believes that the best interests of all the shareholders
will be served by a substantial reduction not only of the nominal capital
of the corporation but also of the book values of the properties, and a
corresponding reduction of the annual depreciation charge. Specifically,
it is contemplated that the company will reduce the values at which its
fixed properties and certain of its investments and other assets are carried
on its books by approximately $80,000,000.
"Such readjustment of book values would make possible a reduction
of approximately $2,300,000 in annual depreciation and other charges
against earnings, correspondingly improving net results, and enhancing
the prospects of the company being able to distribute portions of its net
earnings to stockholders in the form of dividends."
The letter calls attention to the improvement in the financial condition
of the company over the past 10 years. During the period 118,500,000
of funded debt and $16,500,000 of pref. stocks of the company and its
subsidiaries have been purchased and retired. At the same time, the
ratio of current assets to current liabilities has been increased ..,m less
than 2 to 1 to more than 6.5 to 1.
As of June 3 last working capital stood at more than $108,000,000.
Cash and 13. S. Treasury certificates aggregated more than $31,500,000.
a sum $12,000,000 in excess of all current liabilities.
Armour & Co. requires no new working capital, the present amount
being considered "entirely adequate to provide for the requirements of
its business."
For the fiscal year 1933 the company expects that the total volume of
Armour's business on a tonnage basis, exclusive of that of its fertilizer
subsidiary, will be within 6% of that for 1930, while actual operating
expenses to date are fully 30% lower than during the corresponding period
of 1930.
In its balance sheet the company lists investment stocks, bonds and
advances at $19,317,477, which includes $9,103,300 par value of its own
securities which are carried at cost of $5,747,046. The segregation of
these holdings is as follows, taking par values: $2,529,400 of Delaware
% bonds; $812,000 of Morris 4%%
534% bonds; $1,800,00 of Illinois
bonds; $3,900,900 of Delaware prof. stock and $61,000 of Illinois pref.
stock.
The exchange of shares, under the plan of recapitalization,
will be on the following basis:
Preferred Stock-For each share of pref. stock and for the accrued and
unpaid dividends thereon, seven and a half shares of new stock will be
issued;
Class A Stock-For each six shares of Class A stock, one share of new
capital stock and nine stock purchase warrants. In other words, each
share of class A stock will entitle the holder to receive one-sixth of a share
of the new capital stock and in addition, one and a half stock purchase
warrants.
Class 13 Stock-For each 12 shares of class B stock, one share of new
capital stock and 12 stock purchase warrants. In other words, each
share of class B stock will entitle the holder to receive one-twelth of a
share of new capital stock and in addition one stock purchase warrant.
The warrants to be issued to class A and class B stockholders will entitle
holders to purchase. for each warrant, at any time on or before Nov. 1
-V. 136, p. 4463.
1938. one share of new capital stock at $12.50 a share.
•
Associated Breweries of Canada, Ltd., Calgary,
-President
-Increases Investments in United States.
Canada.
E. G. Sick, June 30, stated:
In our letter to the shareholders dated April 12, we advised concerning
the American brewery investments then made. Since that time circumstances have arisen making for the advisability of adding to our interests
in the United States.
The company has now entered into commitments providing for a total
outlay in American breweries of about $400,000, U.S.funds. This amount
is distributed over six plants and particularly embraces a large interest
in a substantial brewery now being constructed in Seattle. Wash., by the
Century Brewing Association. In addition very substantial sums have
been invested in these various enterprises by friends of your company.
All investments have been made on a basis thought to be attractive and
the result should be reflected in earnings at no very distant period.
At a later date in the year, the directors propose to consider dividends
on the common stock in the light of the summer's business.
See also V. 136. P. 3166.
-Removed from List.
Associated Simmons Hardware Co.
The New York Curb Exchange has removed Mom unlisted trading privileges the 10
-year 634% secured gold notes due July 1 1933.-V. 137.P. 317.
-Extends Exchange Offers.
Atlas Corp.
President Floyd B.Odium in letters, dated July 12,sent to stockholders of
American Investors, Inc. Reliance International Corp. and Securities'
Allied Corp. renewed the recent offers made to the stockholders of these
companies to accept tenders of the shares of these companies in exchange
for shares of Atlas Corp.
At the same time, Atlas Corp. notified the stockholders of Niue Ridge
Corp., Shenandoah Corp. and the Pacific Eastern Corp. (formerly known
as the Goldman Sachs Trading Corp.), that it will accept tenders of their
shares in exchange for shares of Atlas Corp.
The close of business on July 25 1933 is the last day on which the tenders
of the shares of all these companies will be accepted by Atlas Corp.
The terms on which the shares of the various companies can be tendered
are as follows:
-(a) For each share of $3 cum. pref. stock of
American Investors, Inc.
American Investors, Inc., one share of Atlas cum. $3 pref. stock, series A;
(b) for each sha:e of common stock of American Investors. Inc., one-third
of a share of Atlas common stock: (c) for each outstanding option warrant
of American Investors, Inc. one-fifth of an option warrant of Atlas Corp.
(in the form heretofore issued), each full share option warrant giving the
holder the right, unlimited as to time, to purchase from Atlas Corp. for a
price of $25, one share of Atlas common stock.
-For each share of Reliance class "A" corn.
Reliance International Corp.
stock one-quarter of a share of Atlas common stock.
-For each share of non-voting Securities-Allied
Corp.
Securities-Allied
common stock one share of Atlas common stock, and one-fifth of an option
warrant (in the form heretofore issued), each option warrant giving the
holder the right, unlimited as to time, to purchase from Atlas Corp., for a
price of $25, one share of Atlas common stock.
-(a) For each share of cum. optional $3 cony, preference
Blue Ridge Corp.
stock, series of 1029. of Blue Ridge Corp. two shares of Atlas common stock'
(b) for each share of Blue Ridge common stock, one-quarter of a share of
Atlas common stock.
Shenandoah Corp.
-(a) For each share of cum. optional $3 cony. pref.
stock, series of 1929. of Shenandoah Corp., 1% shares of Atlas common
stock; (b) for each share of Shenandoah common stock, five-tenths of an
option warrant of Atlas Corp. (in the form heretofore issued), each option
warrant giving the holder the right, unlimited as to time, to purchase from
Atlas Corp.. for a price of $25. one share of Atlas common stock.
-For each
PacificZastern Corp. (formerly Goldman Sachs Trading Corp.)
siock of Pacific Eastern capital stock one-quarter of a share of Atlas corn.
atare
t .
In lieu of fractional shares, Atlas Corp. will deliver non-dividend bearing
scrip exchangeable on or before April 30 1934 on the basis therein provided
in Intergral amounts for full shares without cost. After that date, scrip
not so exchanged will entitle the holder thereof to cash, as therein provided.
-V. 136, p. 4463.
-Subsidiary Buys New Planes.
Aviation Corp.(Del.).
-
Twenty-three new super-speed transport planes have been purchased
by American Airways. Inc., a subsidiary, to be in operation by Aug. 1
on the company's nation-wide system, L. B. Manning, Chairman of the
board, announced on July 9. The last eight of these planes will have a
speed of 220 miles an hour. The new equipment represents an investment
of more than $800,000.
plac was not stated on what route these new super-speed planes will be
Ited
In making the announcement, Mr. Manning said: "Passenger traffic on
American Airways has increased so rapidly in the last two months, that
although we have a fleet of 126 planes in operation it has been Impossible
Financial Chronicle
Volume 137
to take care of the traffic. Even the running of extra sections at frequent
intervals has not been adequate, and many passengers have been turned
away because of lack of space. This new equipment we hope will relieve
the situation temporarily."
American Airways carried 14,405 revenue passengers in June, a new
high total for any one month, according to Mr. Manning. The previous
high month was in August 1932, when 10,532 passengers were carried.
Mr. Manning predicted that air travel in the United States in 1933 will
set a record far in advance of any previous year.
-V. 136, p. 4271.
Bank Savings Life Insurance Co., Kansas City, Mo.New Control.
Purchase of control of the company, Topeka, Kan., by J. N. Mitchell of
St. Louis and Charles E. McCrae of Kansas City, Mo., has been announced
according to the Chicago "Journal of Commerce," which further states:
"In this connection, suit has been filed in the U. S. District Court at
Topeka against Commissioner Charles E. Hobbs of Kansas, charging that
he has refused to renew the company's license and that since March 1,'has
unfairly and unreasonably harrassed the company by frequent and needless
examinations, thereby putting the company to great expense.'
"The Bank Savings Life, originally known as the Bank Saviigs National
Life, was formed in 1908 and began business Jan. 5 1909. In 1921 it reinsured the business of the Bankers Life Insurance Co. of Olathe. Kan..
taking over about $2,500,000 of insurance. At the close of last year the
company reported assets of $5,315,422, capital of $200,000, surplus of
$127,849 and insurance in force totaling $31.920.872.
"The deal whereby Mitchell and McCrae got control of the Bank Savings
is said to involve 1.164 shares of stock owned by the National Bank of
Topeka, Merchants National Bank of Topeka and the Lawrence National
Bank. However, details of the purchase price have not been made public.
"Mr. Mitchell will succeed F. C. Kaths as President but John S. Dean,
counsel for the the company, will continue as chairman of the board. New
directors will include J. N. Mitchell, C. E. McCrae, A. 0. Runkal of St.
Louis and W. L. Cunningham of Arkansas City, Kan. Headquarters will
continue in Topeka.
"The Bank Savings Life does business in Arkansas, California, Illinois,
Kansas, Missouri, New Mexico, Ohio. Pennsylvania, Oklahoma and Texas."
Barker Bros. Corp.
-Earnings.
-
For income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.
H.E.Bennett,President, states that the entire loss for the second quarter
of this year was sustained in the months of April and May and that operations were in the black in June.
Current assets as of June 30 last, including $536,270 cash, amounted to
$5,174,171 and current liabilities were $487,074. This compares with
$523.939 cash,current assets of$5,263.814 and current liabilities of$462,517
on March 31 1933.-V. 136, p. 3912, 2801.
Belvedere Hotel Co., Baltimore.
-Protective Committee.
The July 1 1933 coupon was not paid on the general mortgage 6% bonds
due July 1942. A protective committee has been formed by Howard R.
Taylor(Howard R.Taylor & Co.) and 0. Gorden Daly(Owen Daly & Co.),
Baltimore, with the Safe Deposit & Trust Co. as depositary.
Beverages, Inc.
-President Reports Progress.-
Henry S. Thompson, President, has addressed the following letter to
stockholders:
"Company has now been in operation for a little over six months and
pursuant to a policy of keeping its stockholders informed as to its progress,
the following information is given.
"The company has invested the proceeds from the sale of its stock only
in commodities or in shares in commodity companies which are listed on the
exchanges. Some sales have been made and profits taken. On the total
amount of capital available for investment the company had gained up to
July 1 24.4 cents a share on realized profits and 46.6 cents a share on unrealized profits.
"The management has felt that with the prospect for repeal of the
Eighteenth Amendment some of the well established hard liquor industries
would undoubtedly show great improvement in their earnings and acting
on this belief it has bought shares in some of the leading companies. These
have already shown a very satisfactory profit."
Stock Listed on New York Produce Exchange.
-
The New York Produce Exchange has admitted to dealing units, consisting of one share of capital stock $2 par value and warrant to purchase at
any time one-half share of capital stock at $3 per share.
-V.136.P. 2801.
Bibb Manufacturing Co.
-Pays Regular Dividend.
The stockholders on July 1 received the following communication from
Treasurer A. A. Drake, Jr.:
"The enclosed check covers dividend of 75 cents per share on the number
of shares of common stock standing in your name,tuts dividend having been
declared by the directors on June 23 1933.
"Under the terms of National Industrial Recovery Act. effective June 16
1933,corporations are required to deduct and withhold 5% of all dividends
declared after that date,and until the act shall be changed or expire. Under
the resolution of tne board, however, the dividend of July 1 1933, is being
paid without deducting and retaining the Federal excise tax of 5% thereon,
and such tax will be pain by the company and not out of said dividend.V. 136. p.3167.
Bing & Bing, Inc.
-Earnings.
-
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136, p. 3725.
Birtman Electric Co.
-Earnings.
Calendar YearsOper. profit before depreciation
Provision for depreciation
1932.
$65,695
63.263
1931.
$114,805
68,062
Operating profit
Other income incl, purchase discount
$2,432
9,957
$46.743
38,740
$165.688
48,969
Total income
Other deductions incl, sales discount
and Federal taxes
$12,389
$85,483
$214.657
18,376
29,391
43.360
def$5,987
68,415
$56.092
116.421
$171.297
164,793
Net profit to surplus
Dividends
Deficit
Assets
Cash
Marketable sec. &
accrued interest
Trade accept, and
accts. receiv_ _ _
Inventories
Other assets
Patents,licensea,&c
x1.4., bldg. &equip
Prepaid expenses_
1930.
$60,329
$74.402
sur$6,504
Consolidated Balance Sheet Dec. 31.
1932.
1931.
$319,353 $300,846 Current liabilities_ $57,307
$53,641
79,575
Preferred stock...
80,475
Common stock... 621,635
11,549
627,000
1,011,048 1,124,093
Surplus
92,383
151,401
334,959
359,988
1,583
21,006
25,000
25,000
970,495 1,021,577
14,243
5,372
Total
$1,769,765 $1,885,210
$1,769,765 $1,885,210 Total
x Less allowance for depreciation of $577,928 in 1932 ($492,269 i
1931).-V. 135, P. 1658.
Blue Ridge Corp.
-Offer Extended.
See Atlas Corp. above.
-V. 136, p. 3349.
(H. C.) Bohack Co.
-Sales.
Period End.July 1Sales
-V.136. p. 3912.
-1932. 1933-22 Wks.
-1932
1933-5 Wks.
$2,848.480 $3.077,677 $12.555.094 $14,142,665
Bonwit, Teller & Co.
-New Financing Proposed.
A plan has been perfected providing $250.000 additional capital for the
business of this company, it was announced on July 13 by Paul J. Bonwit,
Chairman of the board. The new capital, he said, will facilitate expansion
due to better general business condition. The additional capital, Mr.
Bonwit added, is to be provided subject to confirmation of the plan of
capitalization and approval by stockholders at a meeting to be held in the
near future.
493
The Manufacturers Trust Co. has been appointed registrar for 63,500
shares of pref. stock, no par, and 375,000 shares of common stock, no
par.
-V. 132. p. 3717.
Bower Roller Bearing Co.
-Earnings.
Calendar YearsNet profit after all chgs.,
including taxes
Dividends paid
1932.
1931.
1930.
1929.
$159,957
107,865
$231,190
239.701
$442,915
119,851
$240.986
$240,986
$52.092
def$8,511
$323.064
239.701
239.701
239,701
239.701
$1.01
$1.84
$0.66
$0.96
Balance Sheet Dec. 31.
1931.
1931.
Liabilities1932.
1932.
$64,710
$147,395
$11,076 Accts. payable... $72,314
Has,for taxes,com138,750
missions, &c___
52,207
95,582
211 yCapital stock__ 1,198,206 1,198,206
803,286
751,195
111,701
82,809 Surplus
341
634,890
647,677
Balance
Shs.cap.stk.out.(no par)
Earnings per share
Assets
Cash
U. S. Gov. Treas.
notes
Accrued intearned
Accts. receivable...
Notes receivable_ _
Inventories
xR1,estate, bldgs.,
1,194,966 1,195,707
Sze
9,253
11,835
Patents, less depr_
27,808
21,287
Dere'red charges_ _
$2,126,013 $2,109,692
Total
Total
$2,126,013 $2,109,692
x After depreciation of $404,830 in 1932 ($317,959 in 1931)• y Represented by 239,701 no par shares.
-V. 135. p. 2179.
Brentano's, Inc.-Sale.Brentano's, Inc. the international book-selling firm, passed into the
hands of Adolph Keoch, of Chicago, one of the largest book dealers in the
country, at a bankruptcy sale June 7.-V. 136. p. 2614.
-Earnings.
(C.) Brewer & Co., Ltd.
Calendar YearsGross earnings
Expenses& losses
Net income
Dividends
1929.
1931.
1930.
1932.
$1.302.768 $1.486.889 $1.581.894 $1,762.663
336,763
341,230
370.639
325.088
$977,680 $1.116,250 $1.240,663 $1.425.901
1.198,750
1,040,000
960,000
960.000
Balance.surplus
-V. 135, P. 4563
.
$17.680
$156,250
$200,663
$227,151
-Receiver
Broad-Ohio Apartments, Columbus, Ohio.
Named.
Upon application of the Ohio National Bank as trustee for let mtge.
leasehold bondholders. Common Pleas Judge Cecil J. Randall.at Columbus.
O., June 30. appointed Herbert S. Peterson, as receiver.
-Semi
-Annual Report.
Broad Street Investing Co., Inc.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
The company reports as of June 30 net assets equal to $20.14 a share of
capital stock outstanding in the hands of the public. The net asset value
of the capital stock on March 31 was $13.08 a share. The portfolio of
Apthe company was substantially unchanged during the quarter./
proximately 38% of its investments were in bonds and preferred stocks
and 62% in common stocks.
Statement of Surplus June 30.
1932.
1933.
Capital surplus:
$1,555,712 $2,436,498
Balance. Dec. 31
Excess of cost over stated value of cap. stock
25,531
repurchased and held by co. at Dec. 31 1931
4
Adjust, arising from reduct. in shares of cap.
133
stock res. for exch. of York Shares Corp.stock
Total
Loss on sale of securities to Dec. 31 1931
$1,555,578 $2,462,029
349.167
$1,555,578 $2,112.862
Adjusted balance, Dec. 31
Excess of cash received over stated value of 1,034
11,419
additional shares of capital stock issued
Total
Loss on sale of securities
$1.555,578 82,124.282
203,854
33.488
Balance
Income distribution account:
Balance. Dec. 31 (deficit)
Net income, as per statement
$1,522,093 $1.920,428
Balance
Dividends on common stock
def$12,258 sUrP$8.011
53.727
38.902
50,014
37.756
33,428
41,439
$45,715
$51,160
Deficit
$1,470,933 $1.874.712
Total surplus
The unrealized appreciation of investments on June 30 1933 was $54,591.
as compared with an unrealized depreciation of $455.789 on Dec. 31 1932.
Balance Sheet June 30.
1933.
1932.
Liabilities1933.
1932.
Assets$26,039
$110,536 $174,036 Divs. payable_ ... $19,233
Cash
y40,164 Reserve for cont.
U. S. Gov,securs_ x25,686
172,920
121,072
231,375 taxes, &c
Corp.own stk. held 127,335
17,651 Due for security
16,205
Int.& div rev_ _ _
26,039 loaned against
Spec.depos.for diva
19,233
cash
8,600
Invest. at cost_ _ _ _x1,833,598 y2,176,161
591,755
Common stock... z512,750
Earned surplus _ _ _ 1,470,933 1,874,712
$2,132,588 $2.665,427
Total
$2,132,588 $2,665,427 Tots'
x Market value of these items was $54,591 in excess of cost. y Market
-V. 136.
value, $1.034,356. z Represented by 102,550 no par shares.
p.2802.
Brunswick Terminal & Railway Securities Co.
Receivership Asked.
Appointment of a receiver for the company was asked in a suit flied
July 12 in the New York Supreme Court by George H. Fox, attorney, on
behalf of stockholders headed by Elbridge Smith,owner of 100 shares. The
complaint declares the company is in default for office rent and taxes, that
Its gross income for 1932 was $4,156, against expenses of $85,161. and that
its remaining assets are "not in excess of $100.000•"
The complaint names the following officers and directors and asks that
the court declare them individualy responsible for the losses claimed to have
been incurred: George W. Steele, George W. Steele Jr., Samuel C. Steinhardt, Windham S. Phinney, John_Graubard and William T. Matthews.
-V. 136. p. 3912.
Bullock Fund, Inc.
-13
-Cent Dividend.
A dividend of 13 cents per share has been declared, payable Aug. 1 to
holders of record of July 15. This compares with 15 cents per share paid on
May 1 last, 18 cents per share on Feb. 1 1933 and 20 cents per share in each
of the three preceding quarters
.-V. 136, p.2614.
Bulolo Gold Dredging Ltd.
-June Output.
Production of Bulolo Gold Dredging, Ltd., during June totaled 489.300
cubic yards, with recovery of gold valued at $168.987 in gold dollars, it is
announced. Since commencement of dredging the company's production
has totaled 5,599.900 cubic yards, with gold recovery valued at 81,646.656
in gold dollars.
Monthly figures since the beginning of this year follow:
Gold Dols. Cubic Yds.
Gold Dols. CubicYds.
489,100
423,800 1Apr11
January
$124.877
8153.270
490.500
159.692
500,100 May
February _
167.117
537,900 June
489,300
March
148,898
168,987
-V. 137. p. 317.
Financial Chronicle
494
Bunker Hill & Sullivan Mining & Concentrating
-Voting Trust Ends
-New President.
-
Co.
Dissolution of the voting trust was announced on July 12. New stock is
available for voting trust certificates. The trust was formed and managed
by a group including F. W. Bradley, deceased; Stanley A. Easton, William
Houghtelthg, C. R.Johnson and D..J. Murphy. Some time ago the expiration date of the trust was extended to July 1 1934, but this action has been
rescinded.
Stanley A. Easton. of Kellogg, Idaho, has been elected President, succeeding F. W. Bradley, deceased.
-V. 137. p. 142.
Bunte Bros., Chicago.
-Preferred Dividend Deferred.
The directors have voted to defer action on the quarterly dividend due
Aug. 1 on the 7% cum. prof. stock, par $100. The last regular quarterly
payment of
% was made on this issue on May 1 1933.-V. 136, p.4273.
Burns & Co., Ltd.
-Earnings.
Calendar Years1932.
Oper. prof. before deprecloss$46,698
Other income and divs__
143,171
1931.
$86,365
212,924
1930.
1929.
$411.982 $1,042.359
404,648
275,568
$96,473
290,362
$299,287
297.219
$687.532 $1,447,007
281,335
30.000
457.433
533.193
885,975
646.218
Net income
loss$651,323 loss$531,124
Divs.on pref.shares- _ _
$1,557
312,531
$489,454
416,250
def$651.323 det$531,124 det$310,974
Balance Sheet Dec. 31.
$73,204
Total income
Depreciation
Income tax (estimated)..
Int. on funded & other
indebtedness (net).....
Balance,surplus
1932.
1931.
Assets
-$
Cash on hand and
In transit
$102.540 $157,169
Customers'accts.&
bills rec., &c..
1,134,761 1,388,070
Inventories
1,320,021 1,935,118
Proportion of adv.
to subs. not In
access of the net
current assets of
such companies_ 214,008
140,8,51
Ames & agree, for
sale receivable.,_
7.818
7,660
Cash in hands of
sink. Id. trustees
88
289
Prepaid expenses
173,264
129,110
Inv. In & adv. to
subsidiaries_ _x1,597,666 1,405,786
Other inv. (valued
at cost)
407,395
476,168
Fixed assets
11,773,954 12,074,823
1932.
Liabilities
Due to banks (see.) 720,762
Trade bills dr accts.
150,096
payable
16,734
Wages accrued__ _
Bond int. accrued_
Due to sub. co......
Due to dirctors,
shareholders &
employees- on
45,371
deposit
Dom. dr Prov.
taxes-eat
13,807
Mtgs. & agreem'ts
for sale on real
estate,&c
139,961
1st mtge.534s, due
7,205.120
1948
Gen. res. avail,for
depreciation__ _ _ 2,261,768
Other reserves..
35,847
6% cum.red. pref. 6,904,300
Pref. management
shares
3
Common shares...
(119,997 shs.)-- 119,997
Capital surplus- -- 241,379
Operating deficit
1,187,784
1931.
1,469,596
226,177
31,171
91,209
53,203
19,979
153,778
6,800,900
2,126,445
38,241
6,904,300
a
119,997
240,659
516,461
Total
16.687.361 17.759,197 Total
16,687,361 17,759,197
x 9,995 shares in Palm Dairies. Ltd., cost $1,000,000 are hypothecated
as security for guarantee of the bonds of that company.
-V. 135, p. 3360.
(F. N.) Burt Co., Ltd.
-Earnings.
Calendar Years
-1932.
Profitsfor year
$420,316
Res. for depreciation...-192,730
Written off patents
23,979
Res.for Federal taxes
-24,000
1931.
$532.182
188,776
23,599
• 33,000
1930.
$592.560
188,529
23,222
34,000
1929.
$785,288
195,028
25,726
61,000
$288,788
4,587
322,137
$348,809
4,799
321,774
$503,534
5,394
374,224
Balance,surplus
def398,912 def$39,938
Profit & loss surplus.... 1.047,999
1,146,910
Balance Sheet Dec. 31.
$20,238
1,186,848
$123,917
1,166,612
Net profits
Pref. dividends
Common dividends
$179,607
4,328
274,191
Assets1931.
1932.
Cash
$522,495 $504,242
Receivables
265,298
258,332
Balance sale price
50,000
Paper cup dept.
Marketable securs
16,915
45,410
Inventories
662,413
747.863
Inv. In other cos
362,563
362,562
a Land, bldgs.,&c. 2,013,015 2,042,323
Patents
72,354
54,829
Good-will
1
1
52,687
Prepaid expenses_
56,433
Total
$3,978,710 $4,111,029
Liabilities1932.
1931.
Accounts payable- $87,596
$97,037
Dividends payable
65,601
81,721
Res. for Fed. taxes
27,515
35,359
7% pref. stock.._ _
61,400
82,300
Common stock_ _ 2,688,600 2,687,700
Surplus
1,047,999 1,146,910
Statement of Surplus June 30.
Capital Surplus.
1932.
1933.
Balance, Dec. 31
$1,148,005 $4,552,355
Divs. on pref. stk. charged to cap,surplus in 1931_
169,200
Our. Arising from reduc in par value of pref. stock_ 1.736,000
Total
Loss on sale of securities to Dec. 31 1931
$2,884,004 $4,721,555
1,819,439
Adjusted balance, Dec. 31
$2,884,004 $2,902,116
Arising from retire. of6% cum. pref. stk., series A
2,888
Arising from retirement of 5% debentures
57,820
Total
Loss on sale of securities
$2,884,004 $2,962,823
1,648,045
206,108
Balance
$2,677,896 $1,314,778
Income Distribution Account
Balance, deficit Dec. 31
218,778
441,518
Divs. on pref.stk, charged to cap,surplus in 1931..
169,200
Adjusted balance, Dec. 31
Net income, as per statement
Dividend on preferred stock
$441,516
Cr.34,896
65,100
$387,978
Cr.2,302
32,625
Deficit
$418,300
$471,922
Total
896,478
2,205.975
The unrealized appreciation of investments on June 30 1933 was $229,822
as compared with an unrealized depreciation of $1,227,411 on Dec.31 1932.
Balance Sheet June 30.
1932.
Liabilities1932.
1933.
Assets1933.
$133,289 $2,278,506 Pref. div. payable_
5293
Cash
b U. S. Govt. sec_ 411,350 1,053,391 Interest accrued... 2247,146
14,250
Due for sec. perch.
51,917
33,787
31,054 Reserve for exp.,
taxes, &c
39,215
31,172
22.807
5% gold deb.,ser.A 3,417,000 3,420,000
Spec. deposits for
293 Preferred stock _
434,000 2,170,000
32,908
dividends
b Invest, at cost 5,779,146 3,420,619 c Class A stock... 143,405
143,405
74,013 d Class 13 stock....
66,130
2,400
2,400
Deferred charges
Preferred stk. div.
reserve fund_ .._
175,539
.
175,539
Capital surplus.... 2,677,896 1,314,778
Deficit
418,300
471,921
Receivable for sec.
sold
Int. & div. reedy..
67,601
Total
$6,490,425 $6,897,091
$6,490,425 $6,897,091
Total
a Includes dividends payable. b Market value was $1,830,497 less than
cost in 1932 and $229,822 in excess of cost in 1933. e Represented by
143.405 shares of $1 par in 1933 and no par shares in 1932. d Represented
-V. 136, P. 4092.
by 240,000 no par shares.
-Earnings.
Canada Bud Breweries, Ltd.
Calendar YearsNet trading profit
Miscellaneous revenue received
1932.
8200,014
4,365
1931.
8328,438
5,696
Total income
Interest & exchange, bad debts,&c
Net profit before deprec. & Dominion inc. tax....
Previous surplus
8204.379
6,514
$334,133
7.574
$197,868
140,199
$326,559
57,169
Total surplus
Sundry adjustments applicable to previous years._
Dividends paid on capital stock
Transferred to reserve for depreciation
Provision for Dominion income tax
$338.065
2.769
150.000
25,000
14,500
$383.728
2,156
150.000
65,355
26,018
8145,796
8140,199
Surplus Dec. 31
Balance Sheet December 31.
1931.
LIatsUUtcs-1932.
1932.
Assets$63,878 Bank cheques out.
$38,326
Cash
$4,549
68,297 Bank bills payable
71,849
Accounts receiv'le_
38,000
Accts. pay. & seer.
Employees' share
liabilities
3,230
85,187
purchaa. account
216,387 Dividends Payable
209,929
37,500
Inventory
1,450 Res. for Dominion
1,450
Stocks & bonds
Income tax
14,500
Land, bidgs.,mach.
1,080,894 1,058,975 Mtge. dr Int. pay-8,548
dr equipment
58,787 Depreciation res
97,530
181,505
Investments
150,000 Bad debts reserves
150,000
1,560
Licenses, &o
5,574 Foreign exchange_
5,961
2,044
Deterred charges
x Capital stock..... 990,000
Surplus
145,796
Spec. res. re licenses, &c
150,000
Total
$1,659,169 $1,623,347
Total
1931.
$11,893
99,699
37,500
26,018
8,755
156,896
2,387
990,000
140,199
150,000
$1,859,169 $1,623,347
-V. 136. ro. 2248.
x Represented by 150.000 no par shares.
Total
-Regular Dividend.Capital Management Corp.
$3,978,710 $4,111,029
a After reserve for depreciation of$2,131,112 in 1932($1.964,065 in 1931).
-V.136, p. 4273.
Calamba Sugar Estates.
-Earnings.
Years End. Sept. 301932.
1931.
1930.
1929.
Gross income
$2,175,467 $2,199,271 $2,296,105 82,654,273
Interest expenses, &c_.... 1.559.088 1,532,294
1,630,150
1.821,674
Net income
$616,380
$866,977 $ 665,956
$832,599
Preferred dividends- _ _ _
140,000
140,000
140,000
140,000
Common dividends
400,000
400,000
400.000
400,000
Balance, surplus
$76,380
8126,977
$125,956
$292,599
Balance Sheet Sept. 30.
Assets
1932.
Liabilities1932.
1931.
Cash
$798,622 8532,836 Notes payable
-$40,000
Notes receivable... 101,967
133,291 Drafts payable...... $80,000
125,000
Accts.receivable_ 871,409
880,143 Accounts payable.
43,572
40,330
Inventories
89,542
149.875 Salaries and wages
Investments
1,070,048 1,172,048
2,826
payable
9,219
Secured loans.....170,098
236,830 Accrued interest
5,688
6,938
Future years'oper.
16,050
68,721
111,975 Accrued taxes_ _
18,397
x Lands, buildings,
Depository credit_
16,778
43,791
equipment,&c 4,317,068 4,408,811 Deferred credits_
27,517
Organization exp. 116,271
133,394 1st mtge.6% sink.
Unexpired Maur_ _
14,126
10,522 fund bonds
455,000
597,000
Miami]. suspense_
12,824
8,016 Preferred shares_ 2,000,000 2,000,000
Prepaid interest..
11,037 Surplus
4,985,647 4,909,267
Misc. def'd items_
2,380
1,163
Total
Total
$7,633,078 $7,789,941
57,633,078 $7,789,941
x After depreciation of $2,216,162 in 1932 (82,059,868 in 1931).-V.
135, p. 990.
Capital Administration Co., Ltd.
-Earnings.
For income statement for six months ended June 30 see "Earnings Department" on a preceding page.
p Company reports as of June 30 net assets equal to $1,914.54 per $1,000
of outstanding debentures, $72 a share of preferred stock and $6.43 a share
of class A stock. Net assets on March 31 were equal to $1,391.70 per
$1,000 of debentures and $30.83 a share of preferred stock.
During the second quarter the company added to its portfolio securities
which, according to the report, "seemed in a position to appreciate substantially with a recovery in businw." Purchases included common
stocks, and also bonds and preferred issues largely in the lower priced
groups. On June 30 approximately 9% of the company's assets were held
July 15 1933
in cash or its equivalent and government securities, with 45% invested
in bonds or preferred stocks and 46% in common stocks.
PR
The directors have declared the regular quarterly dividend of 15 cents per
share on the capital stock, par $10, payable Aug. 1 to holders of record
July 20, without deduction of the Federal tax of 5%.
Distributions of 15 cents per share were also made on this issue on Feb. 1
-Y.136, p. 332.
and May 1 last.
-Loses Suit.
Celotex Co.
The U. S. District Court of Appeals in Philadelphia has reversed the
U. S. District Court of Delaware in its dismissal of the suit by Masonite
Corp., against the Celotex Co. and ruled that Celotex Co. had infringed
patent owned by Masonite for production of "hard board" from waste
products of saw mills. The Court decided Celotex's "hard panel board"
-V. 138, p. 3541.
Infringed Masonite's "presdwood" product.
-Stocks to Go Off List.- I"
Central Coal & Coke Co.
.19
The common stock and the 5% cum. pref. stock, both of $100 par value,
will be stricken from the list of the New York Stock Exchange on July 21.
-V. 132. p. 855.
-Earnings.
Chicago Corp.
For income statement for six months ended June 30 1933 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
June 30'33. Dec. 31 '32.
June 30'33. Dec. 31 '32.
Liabilities
$
Assets$
989,566 4,531,466 Accounts payable_
Cash
227,941
93,278
100,000 Res. for Fed, tax
U. S. Govt. occur_ 1,615,156
prior years
Municipal bonds__ 100,000
145,000
145,000
Res.for other taxes
Short-term secure.
65,983
612,577 Invest. reserve__ 1,077,082
and notes
a Cony. preference
Investle-at book
d21,483,499e17,885,988 stock
18,374,150 18,558,160
value
b Common stock 3,337,507 3,337,507
Accrued int. and
declared diva__
Due from brokers
184,592
266,013 Capital surplus... 1,270,962 1,234,288
157,369 Undistributed inc.
8,131
60.305
Total
24,372,813 23,663,391
24,372,813 23,553,391
Total
a Represented by 734,966 (742,326 in December 1932) no par shares.
b Shares of $1 par value. c Bonds (quoted market value $4.416.000).
84.305,977; stocks (quoted market value $11,797,000). 811,611,032: other
Investments (market value not readily determinable)
-notes receivable,
$2.375,928; equity stocks, non-trading syndicate participations, &c., 8924,174; total. $19,217,111; investment reserve, $1,331,146. d As follows:
bonds (quoted market value 84,874,332). $3,841,388; stocks, (quoted
market value $24,578,204, including 5525,400 based on estimates), $15,170,999; other investments market value not readily determinable; notes
receivable $2,103,680 and non-trading syndicate participations, &a., $367,431.-V. 136, p. 3350.
495
Financial Chronicle
Volume 137
Certain-teed Products Corp.
-Sale of Subsidiary.
-V.136, P.3168.
See Mathieson Alkali Works (Inc.) below.
-Removed from List.
Chain Store Products Corp.
The Chicago Stock Exchange has approved the removal from the list of
.-V. 135. p. 3361.
60,000 shares preferred stock (no par)
Chapman Valve Mfg. Co.
-Expansion.
The company on July 13 announced that it had acquired rights and
licenses to manufacture and sell all products heretofore made by the Automatic Cone Valve Co. of Mattoon, Ill. The latter's equipment has been
delivered to the Chapman plant at Indian Orchard, Mass. Working forces
will be increased it is stated.
-V. 134, p. 4666.
Chrysler Corp.
-Car Sales Continue to Increase.
Sales of the Chrysler Corp. to dealers and distributers in the first six
months of this year about equaled the total sales for the full year of 1932.
it was announced on July 13. By July 11 the sales for this year were
4% larger than the number of cars shipped last year.
In the first six months of 1933 a total of 217,614 passenger cars and
trucks were built and shipped by Plymouth, Dodge, De Soto and Chrysler
divisions of the corporation. This compares with a total of 222,512 units
in the whole of 1932.
Breaking all records for the eighth consecutive week,sales of De Soto and
Plymouth cars by De Soto dealers reached 3,058 during the week ended
July 1. an increase of 158.7% over the corresponding period in 1932. according to Byron Foy. President of the De Soto Motor Co.
Retail sales of De Soto cars for the week ended July 1 totaled 555 units,
an increase of 18.1% over the previous week. This was the best week for
De Soto retail sales since June last year.
"At the same time, unfilled orders on hand with our national dealer
organization were 218.7% greater than the same week of last year," Mr.
Foy said.
"The week ended July 1 also established a new record for factory shipments to our dealers, with a total of 4,108 cars. This was exactly 10 times
the number of automobiles shipped to De Soto dealers during the like period
of 1932.
"Used car sales also are far ahead. For this period used car sales by
our dealers were the best in our history'2,743 used cars were sold by De Soto
dealers that week, an increase of 53.5% over the like week a year ago.'
Sues of Plymouth cars for the week ended July I again hit a new high
with a total of 7,515, according to B. E. Hutchinson. Chairman of the
Plymouth Motor Corp. This was 10.1% greater than the previous week
and 166.3% over the same week a year ago. It marked the eleventh consecutive week of Plymouth sales increases and the seventh consecutive week
that Plymouth has broken all previous sales records.
Dodge Bros. dealers' retail sales during the holiday-shortened week ended
July 8 totaled 4,506 vehicles, a 293.2% increase over the same week of 1932.
Of this number 2,070 were Dodge passenger cars, 1,870 Plymouth sixes and
the rest Dodge commercial cars and trucks.
-V. 137, p. 318.
City Ice & Fuel
Cleveland.-Invited by Bondholders
of Detroit City Service to Aid Reorganization.
Co.,
The company has been asked by the bondholders' committee of the
Detroit City Service Co. (see below) to participate in a new company being
formed to acquire the old company's projoerty to be auctioned July 31.
The City Ice will receive all the class IS voting stock and will furnish
$250,000 working capital receiving in exchange 4% promissory notes.
The City Ice will also pay the reorganization committee $75,000 in cash and
sufficient cash to pay off non-depositing bondholders at a rate to not exceed
25 cents on the dollar. Holders of 1st mtge. bonds will receive $500 of
1st mtge. bonds and five shares of new class A stock for each $1,000 bond
-V. 137. p. 143.
held.
City Investing Co.
-Earnings.
Years Ended April
30-1931.
Total income
$868,489 $4,558,093
$731:119
189.472
342,643
Exp. & ordinary tax,.._
299,757
140,141
Deprec.& interest
127,610
145,155
657.600
Federal tax
45,900
32.100
x429.384
Mtge. receivable. &c_
1930.
$786,339
209,939
185,686
33,600
Net profit
Preferred dividends,.__
Common dividends
$357.114
22,463
449,985
$254.407
19,719
319,932
$352,835 $3,141,492
21,344
19.859
449,995
399,902
$115,334
Deficit
$66,926 sur$2670156
$85.244
Shy. com,stock outstand60,000
80.000
ing (par $100)
80,000
80.000
$5.57
$3.90
Earnings per share
$4.16
$2.93
x Mortgage receivable, instalment and interest on prior mortgage.
interest thereon, and taxes, less amount recovered through receiver, charged
off upon acquisition of property at foreclosure sale.
Balance Sheet April 30.
1933.
1933.
1932.
Assets
$
Liabilities$
5
x Equities in real
Prefered stock...... 1,000,000
estate, property,
Common stock_ -- 8,000,000
dic
2,508
1,709,078 1,368,097 Accounts payableFurn. & fixtures
4,240 State franchise tax
13,343
Mortgages recelv_ 8,500,687 8,966,523
payable
Notes receivable.._ 204,000
Federal income tax
64,000
U. S. Treas. ctfs._ 203,313
payable
Treas. pref. stock_ 732,863
732,863 Accruals & rent de83,759
Cash
posits
905,759 1,215,037
City of New York
Conting. reserve_ 2,000,000
securities
1,501,568 1,500,000 Funds rec. as mtge. a61,040
Accts.receivable.9,377
17,375 Res. for Fed. in833,200
Accrued int., rec.. 155,948
come tax
249,207
1,872,105
Deferred charges
7,361
9,637 Surplus
1932.
1,000,000
8,000,000
4,224
55,267
93,950
84,802
1,865,100
2,959,638
13,929,956 14.062,980
Total
Total
13,929,956 14,062,980
x After depreciation. a In possession, to be disbursed for interest on
prior lien and real estate taxes.
4274.
-V. 136. v.
--Obituary.
Claude Neon Elec. Products Corp., Ltd.
President l'aul D. Howse died in Los Angeles. Calif., on July 11.-V.
136, p. 4274.
-Earnings.
Cleveland Worsted Mills Co.
Calendar YearsGross income from sales..
Int. earned & other inc.
1932.
$97.502
12,382
Total income
Selling. general & admin.
exp., & other charges
against income
Interest charges
Maintenance & repairs..
Reduc. of inven. value_
Allowance for deprec_ _
$109,884
1930.
1931.
$306,303 loss$97,821
26,879
14,150
1929.
$560,388
34.391
$320,453
der$70,942
$594,778
265,008
1.771
416,077
28,795
652,949
158.355
519,897
148.289
141,661
194,217
217.064
a950.445
461,436
463.278
Net loss
$678,347
$341,483 $2,294.127
$351,110
a To the lower of cost or market.
Condensed Balance Sheet Dec. 31.
1932.
1931.
LiabilitiesAssets
1932.
1931.
$225,000
Cash
$105,158 $210,182 Notes payable_
b Cust'rs' notes,
$14.770
Accounts payable_ 207,910
trade accept. &
Deposit and credit
30,734
22,206
balances
accts. receiv_
496,802
459,311
Merchandise inven 1,312,646 1,021,168 Unpaid salaries &
27.279
7,778
a Plants & equip
1,989,709 4,082,109
wages
42,755
45,805
Prepaid expenses_
12,943
20,298 Accrued taxes_
2,000.000 2,000,000
Capital stock
1,411,207 3,693,979
Surplus
$3,936,356 $5,793,087
Total
$3,036,356 $5,793,067 Total
a After allowances for depreciation, obsolescence, &c. of $1,242,346 in
1932 (1931, $4,510,563). la After deducting reserves for doubtful, dis-V. 135, p. 1496.
counts, &c.
-Bond Sale Approved.
Commander-Larabee Corp.
The protective committee for the first-mortgage bonds (Karl H. Behr,
Chairman) has announced that it has approved an offer of the Archer-year sinking fund gold
Daniels-Midland Co. to buy all 1st mtge. 6% 15
-year 7% secured sinking fund gold notes deposited with the
bonds and 10
committee, at a price of $600 flat for each $1,000 principal amount of the
bonds and $300 flat for each $1,000 principal amount of the notes for
delivery not later than July 29.
The offer is subject to certain conditions, among which is the assent of
at least 80% of the deposited bonds and notes to the purchase, although
-Midland reserves the right to accept a lesser amount.
Archer-Daniels
Holders of certificates of deposit have 15 days in which to withdraw their
securities from the protective agreement. Those who fail to withdraw
-V. 136,
during that period Will be deemed to have assented to the sale.
p. 4274.
Commercial Solvents
Common Stock.
Corp.
-Listing of Additional
The New York Stock Exchange has authorized the listing of 106,000 additional shares of common stock (no par value) on official notice of issuance
in exchange for properties of Ressville Alcohol & Chemical Corp., making
the total amount applied for 2,638,230 shares.
Under date of June 28 1933 the corporation executed a contract with
Rossville Alcohol & Chemical Corp. (Del.). which provides, among other
things that the corporation, either directly or through stock ownership,
acquire certain properties from Rossville in consideration of issuance to
Rossville, as fully paid and non-assessable, of 105.000 shares of common
stock. Directors on June 28 1933, adopted resolutions ratifying execution
of that contract by the corporation and authorizing performance of it by
the corporation. (For further details see Roseville Alcohol & Chemical
Corp. in V. 137, 1)• 156.)
Consolidated Balance Sheet.
Mar.31'33. Dec.31'32.
Mar.31'33. Dee.31'32. LiabilitiesAssets$46,503
$2,014,752 $1,784,827 Accounts payable.. $52,832
Cstsh
757,083 Accrued royalties,
U. S. Gov. secure_ 754,847
274,034
wages, Int., &c_ 178.401
464,191
454,142
Accts.receivable
14.780
9,149 Reserves
19,111
Acct.. Int. receiv_
3,187,228 3,206,463 Common stock 5,796,435 5,796,435
Inventories
Earned surplus
3,583,132 3,358.374
Land, buildings &
1
17,325
equipment
1
1
Goodw.11 dr patents
2,426,801 2,424,924
Investments
106,971
66,074
Adv. on gr. contr
476,741
447,253
Corn. stk. of corp
244,994
238,046
Deferred Charges
$9,625.580 $9 475.347
Total
$W25.580 $9,475,347 Total
x Represented by 2,530,277 no par shares in 17,15=1 ircrip equivalent
j1931, 2.530,255 shares no par and scrip equivalent to
to 2,910 shares.
-V.137, p. 144.
2,932 shares).
-Earnings.
Consolidated Laundries Corp.
For income statement for six months ended June 17 see "Earnings Department" on a preceding page.
Comparative Consolidated Balance Sheet
Liabilities-- June 17'33. June 18'32.
June 17'33. June 18'32
P"Assets$29,473
$550,814 $634,657 Notes payable...._ $22,105
Cash
474,965 Accts. payable and
363,462
a Receivable
358,325
327,405
accrued
856,332
839,144
Inventories
47.845
15,992
138,164 Fed. Income tax
Prepaid charges__ 136,738
468,811 1st mtge. bonds of
364,420
Other assets
subs, due within
b Land,bldgs.,ma74,000
75,00Q
One year
chinery & deliv'y
5,574.465 5,991,813 Purch money mtge
equipment
payable within 1
300,000
Purch. route serv_ 300.000
240,423
312,423
year
Good will..
106,747
Dividends payable
Long term debts.... 2,623,961 3,012,642
Res.for coining. &
185,310
Fed, income tax d66,067
490,720
487,920
Preferred stock
c Common stock... 3,154,401 3,185.030
Earned surplus...... 1,013,849 1,164,148
$8,129,043 $8,864,745
$8 129.043 $8,864,745 Total
Total
-After reserve
.
- -TTeserve $62.874 in 1933 and $76S08=)32. S
1 Afte
for depreciation of $3,716.084 in 1933 and $3,458,233 in 1932. a Repre
sented by 400 000 no par shares in 1933 and 403,884 in 1932. d Reserve
-V.136,p. 4093.
for contingencies only.
-Regular Dividend, &c.
Continental Can Co., Inc.
The directors have declared the regular quarterly dividend of 50 cents
per share on the capital stock. payable Aug. 15 to holders of record July 25.
The company reports continued improvement in sales with a steady
uptrend since the first of April. During the first six months of the current
year the company consumed about 20% more tin plate than in the same
period last year. Tin plate used by the company in June was 34% greater
than that consumed in June 1932, indicating a higher rate of improvement
-V. 136. p. 2803.
in recent months.
The Sinclair Refining Co. has ordered 4.000,000 cans from the Continental Can Co. to be used in furtherance of Sinclair's plan to market all
lubricants in factory-sealed cans, it is stated -V. 136. p. 2803.
-Swift Estate Sued by
Corporation Securities Co.
Trustee for $37,308,000, Alleging Fraud.=claim,has been filird7rS7rHoward, trustee in bankruptcy for the
company.'against the estate of Edward F. Swift, formerly a director of
that company, in the aggregate amount of $37,308,646.
The claim is based on certain alleged fraudulent actions of officers and
directors of the company, and indicates the nature of the recovery suits
which likely will be filed later against surviving directors and officers.
Claim against Mr. Swift's estate was filed just within the statutory limit
-V. 136.p. 4093.
for filing such claims.
-Suspension of Trading in
Continental Motors Corp.
Shares Terminated.
The Governing Conunitte of the New York Stock Exchange on July 12
announced that the suspension of trading in shares of the corporation will
be terminated and the stock readmitted to trading on the morning of July 14
1933. The announcement further states:
"The Committee felt that, in certain particulars, a circular used in connection with the sale of a part of its authorized but unissued stock was
objectionable. The management of the corporation has recognized the
views of the Committee and has agreed to send to stockholders a communication which the Committee recognizes as eliminating the features
of the offering circular to which objection had been made. The Committe
on Stock List assumes no responsibility for this communication to stockholders, other than above stated."
On June 14 1933, trading in the stock was suspended because the Committee on Stock List of the New York Stock Exchange objected to a circular
issued in connection with the sale of additional stock by the corporation.
The circular letter now being sent to stockholders (dated July 12) and
signed by Pres. W. R. Angell,affords the following:
yOutstanding
Authorized.
Capitalization2,448.652 shs.
3,000,000 shs.
Common stock (no par)u
A special meeting ofstockholders has been called (adjourned to Aug. 9)
among other things, to increase the authorized number ofshares to 5,000,000
and to change the stock from shares without par value to shares of the par
value of $1 each. y Outstanding July 6 1933.
-In order to manufacture and
Need of Additional Working Capital.
distribute the anticipated schedule of automobiles for 1934. as well as to
expected increase in volume of business in motors, Dive° trucks
care for the
airplane engines, and for other operations of the corporation, additional
working capital is necessary. The management is actively engaged at the
present time in consideration of the most desirable method ofendeavoring
to raise such additional working capital. The recent passage of the Federal
Securities Act has created new and serious problems for corporations
requiring additional financing. If the additional working capital is not
raised, the operations of your corporation may be seriously affected, but
the management has every hope that the plans upon which is it now working
will be successful in raising the desired funds.
Financial Chronicle
496
Consolidated Pro Forma Balance Sheet as at May 31 1933.
'After giving effect to (1) increase of authorized number of shares to
5,000,000. (2) change of stock from shares without par value to shares of
par value of $1 each, (3) reduction of capital to an amount equal to $1
for each share outstanding, (4) write-down of the stated value of goodwill
from $5,908,316 to $1, and (5) charge of operating deficit to capital surplus
created by such reduction.1
JAaMIUfesAssets
Cash on hand & on deposit__ _ $230,374
CurrentMarketable securities
6233,340 Notes& trade accept. payable $310,470
Accrued int, on investments__
39,539 Accts. payable Incl. accrued
275,787
Customers'notes & accts. rec. e420,651
payrolls
292,104
Inventory
d1,535,189 Accrued local taxes,&c
78,669
Other assets
e376,064 Res, for contingencies, &c__.
2,324,547
Permanent assets
f11,242,508 a Capita stock (41 par)
11,631,023
Goodwill
1 Capital surplus
Deferred assets
835,933
$14,912,599
Total
$14,912,599
Total
a On July 6 1933, 2,448,652 shares were outstanding, 124,105 shares
having been sold for cash since May 31 1933. b At market prices Oct. 31
1932. c After allowance for doubtful accounts of$332,160. d After allowance for obsolete and excess materials amounting to $738,408. a Includes
11,900 shares of treasury stock (at cost of 21,900 shares held on April 30
1933, less proceeds from sale of 10,000 shares),530,115. f After deducting
Continental Shares, Inc -Second Auction Held
.
Another large portion of company's portfolio, was auctioned July 13 in
Cleveland to satisfy certain loans made by banking institutions of that city
to the company. Last minute efforts to prevent the sale through a court
injunction failed.
The securities were pledged for loans totaling $11,956,300, a large part
of which were owed to the Cleveland Trust and the Union Trust Co. of
Cleveland. This is the second important action in which the securities of
this trust has figured.
On June 11, last, the Chase Bank sold for $23.240,000, a long list of
securities pledged as security for a loan of $27,000,000. Attempts to
prevent the auction were unsuccessful in the first case also.
The Cleveland Trust Co., after bidding $40 a share for 38 blocks of 5.000
each of the Goodyear Tire & Rubber, offered $8,170,000 for the lot of
190.000 shares of this stock, or $42 a share. This was in excess of the
$7,558,187 loan made a group of banks for which the Cleveland Trust Co.
Was trustee, and the remaining collateral for this loan was not offered.
These included 28,584 more shares of Goodyear, 92.000 shares of Cliffs
Corp., 32.000 shares of Republic Steel and 8,000 shares of Youngstown
Sheet and Tube. These shares will revert to Continental it was said.
Collateral posted for a $3.978.080 loan made by a group of banks headed
by the Union Trust Co. brought $3.443,013, or about $550,000 less than
the loan. These included 149,000 shares of Cliffs Corp.. 5,000 shares of
B. F. Goodrich Co., 3,000 Goodyear, 1,117 shares of stock a the Huntington National Bank of Columbus, 10,000 Sherwin-Williams, 5.000 Republic
Steel and 4.500 shares of MacLaren Power & Paper Co.
All of the shares excepting 4,500 of the MacLaren Power & Paper Co.
stock, which went to James K. Miller for $12,525, were bid in by liquidators
for the Union Trust Co.
-V. 137, p. 144
..-Corroon & Reynolds Corp.-Earnings, &c.-
[Including wholly owned subsidiaries.]
Calendar Years1932.
1931.
1930.
1929.
$2,585,314 $2,866,256 54.591.471 $44.778,447
2,493,398 2.664,630 3.312.532 3,049,034
Prov.for Fed.Income tax
38,784
107.754
Loss on sales of invest425,962
54.194
148,010 xCr.675,811
Investments)
Expenses
Net inc. from oper___def$334,046
5147,432 y$1.092,144 $2,297,471
Capital stock and paid-In
surplus
9,725,590 31,042,017 31,041,017 31,037,017
1,229,981
Earned surplus, forward 1,025.186
886,892
Difference between cost
of treasury & book val
167.699
Amount incl. in paid-in
surplus as at Feb. 18
1929
Dr.904,009
Adjust. of inc. tax prov.
for prior year
23.364
Total surplus
810.416,730 $32,587,130 $33,043,418 $32,430,479
Dividends on pref. stock
z352,227
697,420
506,570
Reserve for contingencies
75,000
Additional Fed, income
8.442
tax for prior years_ _ _ _
Write down of invest. at
Dec. 31 1932
Excess, of book val. of
870,154
167,699
treasury stock
Excess of book values of
Invest, over value at
which stated in balance
sheet
Total
21,484,125 18.014,798
13,382,688 15,696,970
9,460.565
(Incl. Wholly Owned Subsidaries).
1932.
1931.
Liabilities$
$
Notes payable___ 555,000
875,000
Due to insurance
companies,&c__ 2,889,950 3,529,445
Accts. pay., accr.
expenses, &o_ _
298,780
224,426
Loans against cash
surr. value of ins,
policy on lives of
officers
47,000
Minority interest
in pref. stock of
subsidiary
193,522
195,322
Res, for conting_ _
75,000
75,000
y Capital stock
9,370,435 10,750,776
Total
13,382,688 15,696,969
x Less 3181,580 in 1932 (3142.921 in 1931) for depreciation. y Represented by 114,130 shares preferred stock and 787,310 shares common stock
both of no par value.
-V.136. p.3727.
Cooksville Co., Ltd.(& Wholly Owned Subs.).
-Earns.
Calendar YearsDepreciation
Res,for bad debts
1930.
5218.637
48.983
51.667
80,000
116,851
$36.479
16,000
1932.
loss$53,230
42,330
1931.
$135,463
50,000
x Operating profit
Interest on loans
$86,969
16.000
$193,326
16.000
$20,479
741,171
$70,969
670.201
$177,326
492,874
1929.
y$310.178
15.000
Net profit
Preferred dividends_
Balance,surplus
Previous surplus
def$110,560
def$110,560
761,650
Profit and loss bal
$741,170
$651,090
$761,650
x After provision for income tax. y After interest on loans.
Total
$3,514,108 $3,702,234
-Earnings.
-Cream of Wheat Corp.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 136, p. 2803.
-Off List.
Cosden Oil Co. (Del.).
The New York Curb Exchange has removed from the list the preferred
stock (par $100). Company has been succeeded by the Cosden Cal Corp.
(per plan in V. 134, p. 2154).-V. 136, p. 4466.
-Earnings.
Craddock-Terry Co.
Years Ended Nov.30Coat of goods sold
1932.
1931.
19.717,122 $11,653,663
8,604,722 9.836,647
1,666.969 2,023,684
750,657
Loss from operation
Other income
$1.305,225
61,869
$206,667
48,610
$1.243.356
114,530
$158,057
96,518
491,959
Net sales
Total deficit
Interest paid
Other deductions
Extraordinary expenses & chargeoffs
605,793
Loss for the year
Previous surplus
$1.963,679
935,764
Total deficit
$746,533
1,845,009
$1.027.916sur$1,098476
110,007
Dividends paid
Net deficit
Discount on treasury stock purchase
Discount on class C preferred stock
Dep. on appreciation
$1,027,916 sur$988.469
Cr.3,650
Cr.9.714
Cr.2,335
115.931
58,690
3,469
317,719
Deficit Nov. 30
-V. 132, p. 4596.
51,455,321 sur$935,764
Sundry adjustment in respect of prior years
Adjust, of deprec. & apprec. for prior years
-Larger Distribution.
Cumulative Shares Corp.
-
Distributors Group, Inc., sponsors, on July 10 announced the declaration
of a semi-annual distribution of 9.2 cents per share on the Cumulative
Trust Shares, payable July 15 1933. This compares with 7.8 cents per share
paid on Jan. 16 1933 and 12 cents per share on July 15 1932.-V. 134.
P. 4500.
-Shipments Gain.
Cutler-Hammer, Inc.
Quarters Ended June 30Shipments
-V. 136, p. 2617.
1933.
$850,325
1932.
$585,480
-Plan of Reorganization.
Detroit City Service Co.
-
Pursuant to the final decree offoreclosure date for the sale of the properties
securing the 1st mtge. 635% sinking fund gold bonds series A, has been
,
set for July 31 1933.
This bondholders' committee has, in the meantime, formulated and
presents a plan ofreorganization which Its members unanimously recommend
and which it believes should receive the unanimous support of all of the
first mortgage bondholders.
The plan provides for the formation of a new corporation which will
acquire and operate all, or substantially all, of the operating physical properties of the old company and in addition may acquire, in the discretion of
the committee, certain non-operating real estate and other assets of the old
company.
Upon the consummation of the plan, the depositing bondholders will
receive for each $1,000 principal amount of bonds, with a proportionately
smaller amount for $500 and $100 denominations
-year bonds of the successor corporation;
(a) $500 of new let mtge. 4% 15
and
(b) Five shares of class A common stock (non-voting) or the successor
corporation which, until the maturity or redemption of the new bonds,
will be represented by non-detachable warrants;
This makes a total of $2,113,300 principal amount of new bonds and 21,133 shares of class A common stock to be exchanged if all present bonds are
deposited with the committee.
Balance at Dec.31--- 59.370,435 $10,750,776 $14,256,199 $22.463,344
Earns, per share on 787,310 shares of common
Nil
Nil
stock (no par)
$0.50
$2.27
x After deducting $83,527 for provision for Federal income tax thereon.
adjustments applicable to prior years. x Including
Includes $164.742 of
10.284 on minority stock of subsidiary company.
Consolidated Balance Sheet Dec. 31
1932.
1931.
Assets$
g
906.822 1,374,743
Cash
166,994
Notes and loans rec 387,013
Investments
4,281,587 5,641,086
Due from lnsur.
companies, &c_ _ 2,357,925 2,883,981
44,726
28,059
Sundry accts. rec _
23,486
Adv.to off. dr empl
75,229
Adv. to empl. for
10,525
purchase of etk _
13.740
Cash surr. value of
'Deur. policies on
9,789
74,310
lives of officers_
Prepaid insurance,
24,635
22,788
taxes, .Src
Furniture, fixtures
196,052 1225,768
and leasehold_ _ _
Good-will
4,037,500 4,037,500
Treasury stock_ _ _ 1,101,260 1,154,138
Total
$3,514,108 $3,702,234
-V. 135, p. 633.
Selling, administrative & general expenses
Lost accounts and collection costs
depreciation of $11,075,684.-V. 137, p. 144.
Gross earn. (excl. profits
or losses on sales of
AssetsCash
Accts. receivable
Inventories
Prepaid
Investments, &c
Fixed assets
Equipment
July 15 1933
General Balance Shed Dec. 31.
1931.
Liabilities1931.
1932.
1932.
12,895 Accounts payable_ $72,227 $216,293
1,953
127,183
310,460 Loans
626,500
699,000
133,291
214,395 Mortgage
91,791
97,790
20,716
26,250 Preferred stock_ _ _ 400,000
400,000
106,064 Common stock_ _ _ 1,600,000 1,600,000
989,527
2,231,560 3,017,990 Surplus
761,651
651,090
14,179
9,878
$670,200
All of the 63.399shares of class B common stock (voting) of the successor
corporation will be acquired by City Ice & Fuel Co. of Cleveland, Ohio.
The City Ice & Fuel Co., in addition to its other agvements, has agreed
to underwrite the payments to non-depositing bondholders and for any
such payments will receive the new first mortgage bonds and class A common stock to which such non-depositors would be entitled if they had elected
to participate in the plan. The City Ice & Fuel Co. has also agreed to
furnished to the successor corporation up to $250,000 as and when required
by it from time to time for use as worldng capital, receiving notes in exchange for such advances.
No provision is made in the plan for any other class of securities of
Detroit City Service Co. other than its first mortgage bonds,
The City Ice & Fuel Co. is obligated to proceed under the plan if the
committee represents not less than 85% of the principal amount of bonds
outstanding.
The bondholders' committee consists of Donald A.Henderson, chairman.
Charles P. Bullard, G. S. G ipatr ck, H. C. House, and H. R. Partridge.
R. W. Wilson. Secretary, 35 Wall St., N. Y. City. Equitable Trust Co.
of New York, depesitary.-V. 136, p. 665.
Detroit Steel Products Co. (& Subs.).
-Balance Shed
Dec. 31.1931.
1932.
AssetsCash
$321,384 $258,918
241,512
Marketable secur_
58,209
Notes and trade
16,147
5,222
aacept. receiv
915,664
Customers'accts._ 552,919
887,428
582,833
Inventories
279,118
Other assets
191,763
Land,bldgs.,mach.
& equiv., &c.-- 2,817,618 2,989,771
1
1
Patents & contr.__
Unexpired Ina. premiums, prep'd
78,142
88,997
taxes, int., drc
1932.
1931.
Notes and trade
acceptance pay _ $700,000 $750.000
Accounts payable_
154,502
136,793
Accr. corn. & exp.
23,899
14,492
Land contract pay.
105,296
55,296
Uneomprd orders.
5,677
12,407
Employees' special
compensation_ _
139,264
190,389
x Capital stock and
surplus
3,647,425 4,430,207
$408,947 $5,666,700
Total
Total
$4,598,947 $5,666,700
x Represented by 196,357 no par shares In 1932 (196,540 In 1931).
-V.135, p. 1498.
Diamond
Electrical Mfg. Co., Ltd. Earnings.
--
Years EndedDec. 31 '32. Dec. 26 '31. Dec. 2730. Dec. 31 '29
Netincome after deduct.
$41,815
taxes & depreciation__ loss$49,240
$117,203
$179,051
Gain on pref. shs.retired
Sur.at begin. of period__
Grosssurplus
Preferred dividends_ _ _ _
Common dividends
Def.moving exp.writ.off
Adj. of Fed. Inc. tax, &c _
Sur. at end of period_ _
2,142
164,935
178,359
145.938
72,919
$115,695
$222,316
26,954
36,384
20.996
$263.141
36.533
48,750
$251,970
36,972
52,080
Cr502
16,980
$164,935
$178,359
$145,938
6,637
$82,106
Volume
Financial Chronicle
137
Assets-
Comparative Balance Sheet.
Dec. 31 '32. Dec.26'31. Liabilities-
Current assets.-- $378,998
Invest. (Texas)._
18,747
Property deprec.- 275,433
Deferred charges._
4,969
$378,943
18,860
288,016
13,546
Total
$678.144
-V.135. p. 4564.
$699,365
Dec.31'32. Dec.28'31.
Current liabilities_
Acct. with affil. co.
Mtge. note pay_ _ _
Res. for conting_
Preferred stock_ _ _
Corn. stk.(no par)
Surplus
Total
$8,822
28,527
25,000
513,400
20,289
82,106
$20,516
Dr55,776
35,000
1.000
513.400
20,289
164,938
$678,144
$699,365
Discount Corp. of N. Y.
-Balance Sheet June 30.1933
1932.
1932.
1933.
Assets-
$
Liabilities
-
Acceptances _ -- 62,621,955 51,312,597 Capital stock _ __ 5,000,000
U.S. Govt. see_108,905,852 144,876,789 Surplus
5,000,000
Interest receiv.
Undiv. profits_ 2,357,061
accrued
510,457
187,229
467,301 Unearned disct_
Cash & due from
337,170
Reserves
banks
3.056,610 4,580,361 Loans payable &
Sundry debits acdue to banks
crued
30,545
38,916
customers_ _114,640,479
Accepts, re-disc.
and sold with
endorsement _ 23,295,591
U.S. Govt.secs.
re-pur. agree24.300,000
ments
7,889
Sundry credits
Total
175,125,419 201,275,964
175.125.419
Total
5,000,000
4,000,000
1,804,423
147,206
244,330
96,695,500
18,698
201,275,964
1932.1930.
$557.253
$931741
168,
$178,517
50,306
160,000
155,155
44,263
1929.
$924,143
205,652
11.257
18.435
43,613
1,322.670
$353,640
1,469,030
compensation insur_
Net income
9.000
$709.490
1,259,540
Previoussurplus
loss$67,326
1,247,670
Total surplus
Dividends
$1.180,344 $1,322,670 $1,822,670 $1,969,030
500.000
75,000
500.000
Surplus atend of year. $1,180,344 $1,247,670 $1.322.670 $1.469.030
Balance Sheet Dec. 31.
Assets1932,
1932.
Liabilities1931.
1931.
x Real est.. Plant
3' Capital stook---$2,900,050 $2,900,050
mach.& equip.-$4,271o43 $3,080,780 Capital surplus... 1,642,117
953,907
Cash
125,266
341.241 Res.for conting- -- 250,000
250,000
Victory & other
Res. for conting.
b bonds
1,711,968 1,638,422
liability
250,000
Call loans
409,451
673,766 Res. for workAcct.& bills rec.__ 213,618
177,050
men's comp.Ins.
9,000
9.000
Dep. on tenders
5,068
729,500
6,527 Funded debt
Work in progress.,_
54,573
124,637 Accts. payable_ _ _ 762,958 1,049,538
Inventories
80,255
96,863 Surplus
1,180,344 1,247,670
Sinking fund cash_
837
Other investments 133.326
Investments in &
i adv. to assoc.
cos
393,809
474,640
prepaid insurance
St taxes
43,335
46,240
Die.on sale of bds.
31.426
Total
$7,473,969 $6,660,165
Total
$7,473,969 $6,660,165
x After depreciation of$2,038,449in 1932($1,579.524 in 1931) y Repre.
sented by 125,000 shares (no par)
.-Y. 135, p. 473.
Douglas Aircraft Co., Inc.
-Earnings.
-
For income statement for six months ended May 31 see "Earnings
Department" on a preceding page.
-V. 136, p. 4467.
-Units' Stocks on Produce Exchange.
Drug, Inc.
-
The ..ecurities market on the New York Produce Exchange has admitted
to dealing, all on a "when issued" basis: Sterling Products, Inc., capital
$10 par; United Drug Co., capital $5 par; Bristol Myers Co.. capital $5
par Vick Chemical Co., capital $5 par; Life Savers, Inc., capital $5 par.
-V. 137. p. 145.
Dominion Rubber Co., Ltd.(& Subs.).
-Earnings.
--
Calendar Years1932.
1931.
1930.
1929.
$8,320,972 $12,903,744 $18,208,042 $20,130,677
saleNt
7,708.231 12,015.751 17.998,097 19,202.113
x Cost of goods sold
556,000
Interest on bonds
556,000
556,000
556,000
Other interest
30,597
531,504
994,606
Prov, for deprec. & obsol
37,000
45,821
Adjust. of inventories
79,853
39,935
Expenses of idle plants
Losses on disposal of
16.978
property,&c
Balance
Previous surplus
Adjustments
loss$591.61610885765,346los4346,055 prof$341,067
4,661,559 5,640,945 6,665,793 6,218,168
Dr.464.754
$4,069,943 $4,875,598 35,854.984 $6,5130,135
P'Total surplus
210,000
210,000
210,000
Preferred dividends.
210,000
Div. to minority share4,039
4,039
4,039
holders of subsidiaries_
33,855,905 $4.661,559 $5,640,945 36.350,135
Balance
x Including selling and general expenses, provisions for bad debts,
taxes and contingencies.
1,978,759
93,750
322,309
4,214.052
276,292
1,073,582
2,900.750
594,202
1,900,538
464,162
4,214,052
293,580
1,176,139
3,488,674
434,517
1931.
8
379,999
39,000
10,600,000
95,004
3,000.000
2,805,500
57,700
4,661,559
Total
20,735,392 21,638,763
Total
20,735,392 21,638.763
x After depreciation. y Represented by 112,220 shares (no par).
-V.135. p.634.
Dominion Tar & Chemical Co. Ltd.(& Subs.).-
Balance
Preferred dividends
Dominion Engineering Works, Ltd.
-Earnings.
-
35,168
Inventories
Marketable onus_
Investments
Good-will
Prepaid
Accts.receivable
Loans receivable
Cash
.
$
260,670
Accrued interest__
39,000
Funded debt
10,600.000
Conting. reserve
116,616
Preferred stock
3,000,000
y Common stock
2,805,500
Min. int, in subs
57,700
Surplus
3,855,905
20,501,985
Distributors Group, Inc., one of the largest sponsors of unincorporated
investment trusts, filed with the Federal Trade Commission in Washington
(July 7) registration statements under the Securities Act of 1933. registering
the various trusts which the organization sponsors, namely:
North American Bond Trust CM. !North American Trust Shares 1956.
North American Trusts Shares 19554 Cumulative Trust Shares.
Distributors Group. Inc. is believed to be the first of the larger investment trust sponsoring organizations to file such information with the
Commission.
The registration will permit the uninterrupted sale of these various
trusts on and after July 27. when the new Securities Act becomes effective.
The registration statements, which go into every possible detail covering
the set-up of the trusts, are exceptionally complete. containing 25 closely
typewritten pages of information.
John S. Myers, Chairman of Distributors Group. Inc., issued the following statement in connection with the announcement of the filing of the
statements with the Commission:
"The registration statements filed to-day should become effective on
July 27, the day the Act becomes operative, permitting the continuous distribution without interruption of the trusts we sponsor. In view of the Past
policies of Distributors Group, Inc., in completely revealing to investors
all material details of its trusts, it should be unnecessary to state that we
are entirely in accord with the expressed policies of the legislation as a
constructive step in the distribution of securities."-V.136. P. 1206.
Exp. in connection with
.
72,863,822
Distributors Group, Inc.
-Files Registration Statements
Giving Details of Its Various Trusts with the Federal Trade
Commission.
-
management trust_ __ _
Expenditures on develop.
research
Reserve for workmen's
.
Assets-111Forwrs• $
$
Liabilitiesx ProDerty,
-ace___ 9,281,715 9,667,100 Accounts payable_
Earningsfor Cal. Years- 1932.
1941.
1930.
1929.
$529.150 $1,279.761 31.681.683 11.552.001
Depreciation
116.360
500.828
500,380
382.190
Debenture interest
320,239
326,837
286.331
6219.616
Prov. for exchange and
prem.paid on deb.coup
34,539
39,183
-V. 136, p. 2617.
Calendar YearsProfits after inc. tax.,&c
Res. for deprec., &c_ -__
497
Consolidated Balance Sheet Dec. 31.
a Net earnings
$53,370
106,192
$417,557
353,424
$894,972
356,728
$950,195
294.125
Balance
Tax provision
def$52,822
20.625
$64.133
58,613
3538.244
74,000
3656.070
84.391
Balance
To contingent reserve_ _
def$73,447
$5,520
$464,244
$571.679
20,000
Net profit
c Deduct reserves
def$73 A47
7.835
$5,520
2.567
$464,244
24,875
$551,679
Surplus
Previous balance
def$81,282
994,000
$2,953
991,047
$439,369
551,677
$551.679
Profit and loss balance $912,718
$994.000
$991,046
3551,679
a After all operating, management and selling expenses, exclusive of
earnings applicable to minority share interests. b For 11 months. c Reserves provided by subsidiary companies.
Comparative Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
AssetsI Liabilities
$
Inventories
1,785,644 1,603,444 Accounts payable_ 289,018
414,752
Accts. receivable
639,455 1,021,852 Bank
overdrafts
Cash
252,114
lesa cash on hand
Prepaid insurance.
351
& in banks
35,740
25,597
Invest. in oo's own
176,552
194,652
Deb. int. accrued_
88.126
debentures
5,863
34,879
Pref. div. payable_
Cash in hands of
5,280,000 5,394,000
Debentures
449,159
trustee for sinkMinority interest_ 389,406
log fund
1,239
51,980
40,531
573 Pref.sinking fund_
53,605
53,605
Properties
10,714,439 10,802.553 General reserve_ __
Preferred stock__ 5,370,000 5,395,400
681,906
Common stock-x__ 681,906
888,578
994,000
Surplus
Profit arising from
24,138
red,of co's dabs_
V
Total
13,211,396 13.706,132
13,211,396 13,708,132
Total
x Represented by 272,500 shares (no par value).
-V.135, p. 134.
Dunhill International, Inc.
-To Change Capital.
The committee on secur:ties of the New York Stock Exchange has received notice from this corporation of a proposed change in the authorized
capital stock from 20,000 shares of pref. stork and 200.000 shares of common stock of no par value to 160.000 shares of common stock, par $1 per
share, each present share of common stock to be exchangeable for one new
share.
-V. 136. p. 3643.
-Payrolls Increase.
Eaton Mfg. Co., Cleveland.
Factory payrolls of this company in June showed an expansion of nearly
200% over March, and of 35% over June 1932, according to company
officials.
-month average for 1932 as 100,
The company's payroll index, with the 12
stood at 150 in June, against 131 in May,and at the highest point since the
spring of 1931. Approximately 3,000 employees are on the payrolls at
the present time. The company manufactures a large variety of auto
parts, and has plants in Cleveland and Massillon, Ohio, and in Detroit.
Battle Creek, Marshall. Saginaw and Vassar, Mch.
Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 136. p. 2804.
Elk Horn Coal Corp.
-Earnings.
Earnings for 21 Months Ending April 30 1933
Coal sales and other operations
Royalties
Interest
Dividends
Discount earned
Gain on sales of capital assets
Miscellaneous
82,367.517
108,055
41,608
20,889
41.484
1,695
183.553
5,522
Pr Total income
Production cost
Operating, selling & general expenses
Workmen's compensation
Taxes &insurance
Interest
$2,770,325
$1,804.912
511.573
12,139
106,193
21,622
Oil&gas
$313,884
Net income
The above figures do not take into consideration interest on bonds and
debentures, depreciation and depletion, except interest on receiver's certificates and bonds mentioned below.
All taxes and insurance have been paid, amounting to $106,193, the
property has been well maintained, interest and sinking fund charges of
$26.732 have been paid on $258,000 underlying Mineral Fuel Co. bonds.
More than $158.000 was spent on maintenance, of which $138,945 was
charged to operations.
-V. 135. p. 3914.
-8750,000 Damage Suit.
Endicott Johnson Corp.
Irving L. Keith of flaverhill, Mass., has brought a $750.000 suit in
Suffolk (Mass.) Superior Court against the corporation to recover for
alleged breaches of leases of cementing machines, patent of which plaintiff
owns. The plaintiff in a declaration containing 50 counts covering 109
pages says that from 1919 on. he leased to the defendants various cementing
machines and alleges the defendant failed to keep a full accounting of the
quantity of adhesives not furnished by the plaintiff during each calendar
month; that it failed to pay $I a pound as a royalty to the plaintiff on all
adhesives used in the machines; that it allowed some of the machines to be
lost or destroyed and it has not run the machines to full capacity of its
-V. 137. p. 147.3eas..-m.
factory (Boston "News Bureau").
-Rights.
Equity Corp.
A syndicate which has purchased 150.000shares ofcommon stock from the
company for $1.25 per share, is offering the privilege to all common stockholders of this corporation of record July 18 1933 to purchase pro rata
these shares at the same price of $1.25 per share, i.e.. in the ratio of one
additional share for each 14 shares held, it is announced.
The syndicate Is also extending the same privilege to such of the shareholders of its controlled investment companies, including the Yosemite
Holding Corp., Allied General Corp., Chain & General Equities, Inc., and
Interstate Equities Corp., as may tender their shares to the Equity Corp.
on or before July 18 1933, based upon the number of shares of Equity
common stock issuable in exchange for the shares of these comes so tendered.
498
Financial Chronicle
The syndicate is under the management of Bernard Peyton, and includes
officers and directors of the Equity Corp. and its controlled companies
and others associated with the Equity group.
-V. 137, P. 319.
Exchange Buffet Corp.
-June Sales.
Sales for Month and Two Months Ended June 30.
1933
-Month-1932
Decreased 1933-2 Mos.-1932
$295,586
$361.626
$728,126
$56.0401$588,326
-V. 136, P. 4277.
Decrease.
$139,800
Ferro Enamel Corp.(& Subs.).
-Earnings.
-
July 15 1933
Foltis-Fischer Corp.
-Chartered.
Edward J. Flynn, Secretary of State of New York. has granted a charter
to the Foltis-Fischer Corp., N. Y. City, to do a restaurant business. It
has a capital of 31.001.000, consisting of 10,000 shares of preferred stock
at $100 each and 1,000 shares of common stock at $1 each. The subscribers,
all of 2 Rector St., N. Y. City, and each of whom takes one share of stock,
are 0.0. Fallon, L. B.Baldwin and H.E. Roos. The directors are Kenneth
R. Gregory, Robert L. Cookingham and Henry W.Parke, all of 120 Broadway. N. Y. City.
-V.136. D. 3728.
Fourth & Market Realty Co., San Francisco.
-
For income statement for 4 months ended April 30 see "Earnings Department" on a preceding page.
Comparative Consolidated Balance Sheet.
AssetsApr.3033. Dec. 31'32.
Apr.30'33. Dec. 31'32.
LiabilitiesCash
•
$4,425
$16,018 Notes payable_ ___
829,173
$5,964
U. S. Treas. etre__
154,001
172,259 Accts. & accrued
Cash value life ins_
1,338
1,205
75,637
items payable__
53,285
Notes & accts. rec. 146,461
17,367
26,294
84,303 Notes rec. discount
Mdse. Inventories_
64,540 Deferred accts._ _ _
114,964
75,486
142,964
Accts. rec. dr inv.
29,150
Other liabilities_ _
in sub. cos
94,020 Preferred stock_ _ _
131,896
86,550
127,193
Deferred charges to
117,939
Common stock_ __
121,943
operations
194,935
15,812
18,484 Capital surplus_ __
204,994
Funds depos. for
103,726
Operating surplus_
102,016
pref. stk. dive
1,650
Plant & equip, less
depreciation_
254,480
245,013
Sundry receivable_
66,151
66,006
Patents
15,441
15,797
In a letter to holders of the 1st mtge. 6% serial gold bonds, dated Jan. 1
1927, H. P. Franklin, Secretary of the bondholders committee has advised
holders that $984,000 of the total outstanding $1,260,000 bonds have
been deposited with the Anglo California National Bank, depositary under
a reorganization plan.
Under the plan, bondholders agree to waive all maturities until 1942,
but interest payment will be continued.
W. D. Lux, Crocker First Federal Trust Co.; Frank Campbell, Wells'
Fargo Bank & Union Trust Co.; Charles McLean of the Anglo California
National Bank, composed the committee for the bondholders.
-V. 124.
P. 1075.
Flatiron Building Corp.
-Foreclosure Sale.
The Equitable Life Assurance Society, plaintiff in the foreclosure of a
-story Flatiron Building at 5th Ave. and 22d St.,
$1.238.727 lien on the 22
bought in the property on a bid of $100,000 on June 30. This was the
only bid. Back taxes amounted to $139.000. Edwin J. McDonald,
auctioneer, conducted the sale.
-V. 136. P. 1724.
(H. H.) Franklin Mfg. Co.
-Extends Time.
Total
$820,143
-V. 137. p. 148.
$779,298
Total
$820,143
$779,298
Fidel Association of New York, Inc.
-New Business
Gains.
The corporation reports new business of $2,881.000 for the first six months
of 1933 compared with $1,602,000 in the last six months of 1932, a gain
of more than 79%. The Association is a subsidiary of the Fidelity Investment Association of Wheeling, W. Va., and was organized under the New
York State laws to sell annuity contracts based on investment in bonds.
The New York company began operations in July 1932.
Bonds added to the company's portfolio since Jan. 1 1933 follow:
American Radiator Co. deb. 4Y2S, 1947; American Telephone & Telegraph Co. deb. 5s, 1965; Atchison Topeka & Santa Fe Ry. gen. 4s, 1995:
Chesapeake & Ohio Ry. ref. & imp. B 430, 1995; Chesapeake & Ohio Ry.,
Rich. & Alle. div. 1st cons. 4s, 1989; Chicago Burlington & Quincy, Ill.
div. 536s, 1949; City of Boston, Mass. reg. 45, 1950; Consolidated Gas
Elec. Lt. & Power of Balt. 1st & ref. 4s, 1981: Crown Cork & Seal Co. 1st
sink. fund 6s, 1947; General Banking Co. sink, fund deb. 536s, 1940;
Gulf 011 Corp. of Pa. sink, fund deb. 5s, 1947; Inland Steel Co. 1st sink.
fund B 430, 1981: Kresge (S. S.) Co. 1st sink. fund 58,1945; Lincoln
Telephone & Telegraph 1st 436s. 1961; Louisville & Nashville RR. unif.
48, 1940; National Steel Corp. 1st coll, sink. fund 5s, 1956; New York
Power & Light 1st 436s, 1967; New York Steam Corp. 1st 5s, 1956: Norfolk
Terminal Ry. 1st 4s, 1961; Norfolk & Western Ry. 1st cons. 4s. 1996:
Pacific Gas & Electric 1st & ref. 436s. 1960; Pennsylvania Co.secured 4 3Is,
1963; Philadelphia Electric Co. 1st & ref. 4s. 1971: Providence Gas Co.
1st mtge. G. B. ser. B 45, 1963; Rochester Telephone Co. 1st & ref. C
436s, 1953; San Joaquin Light & Power Co. unif. & ref. 5s, 1957; Shell
Union 011 Corp. deb. 5s, 1949; Standard 011 Co. of New York deb. 436s,
1951; Texas Corp. cony. deb. 5s, 1944; Tobacco Products Corp. coll. deb
6365, 2022; Union Pacific RR. 1st 4s, 1947; Virginian Railway 1st A 5s.
1962, and Union Electric Light & Power gen. 436s, 1957.-V. 136. p. 2804.
Fidelity Fund, Inc.
-Assets Increase.
Total assets of this corporation increased 105% or from $1,135,951 to
$2.331,041 during the past three months, according to their quarterly
report dated June 30. Both of these figures are arrived at by taking
securities at their cost price.
Not only have total assets increased, but the fund realized a profit during
the period of $107,762 from the sale of investments. The market value of
securities held on June 30 was $2,321,112, as compared with a cost of
$1,945,360, a gain of 19.3%•
The number of shares now outstanding is 47,701, compared with 25,024
three months ago.
Extra Dividend.
The directors have declared an extra dividend of 50 cents per share and a
regular quarterly dividend of 50 cents per share, both payable Aug. 1 1933
to holders of record July 15 1933. Total disbursement of $2.15 since
Jan. 1 this year is the highest for any similar period since the Fund's inception.
An extra distribution of 15 cents per share was made on Feb. 1 1933 and
on Nov. 1 1933, while on Aug. 1 1930 an extra of 10 cents per share was paid.
-V. 137, p. 319.
-Earnings.
First Chrold Corp.
For income statement for month and 6 months ended June 30 1933, see
"Earnings Department" on a preceding page.
Comparative Balance Sheet.
LiabilitiesAssetsJ'ne 30'33. Dec. 3132.
J'ne 30'33. Dec. 31'32.
Cash
$601,544 $462,412 Capital stock
a$418,848 b$387,093
Speculative long
Undivided profits_ c164,606
79,233
positions at
Surplus from sale
market
3,302
of treasury stock
13,983
3,624
28,608
Investment long
Res. for managepositions at
13,061
ment fee
market
33,208 Reserve for Federal
Income taxes, e‘c
2,936
19,651
21
Accrued expenses_
Speculative short
26,015
positions at mkt.
Total
Total
$630,152 $498,923
$630,152 $498,923
a 4.157 no par shares. b 3,842 no par shares. c Includes unrealized
profits in joint accounts of 310,501.-V. 136, p. 4096.
First Insuranstocks Corp.
-Dividend Paying Agent.
The Continental Bank & Trust Co. has been appointed transfer agent
and dividend-paying agent for 500,000 shares of capital stock.
Fisk Rubber Co.
-Collateral Released.
The following notice has been received by the New York Stock Exchange
from the Chase National Bank, under date of June 23 1933. pertaining to
the Fisk Rubber Co., 1st mtge. 20
-year 8% sinking fund gold bonds,
due Sept. 1 1941:
"As trustee under the above described mortgage, we would advise that
pursuant to the terms of a final decree dated Feb. 11 1933 (of foreclosure
and sale) of the Fisk Rubber Co.
,given by the U. S. District Court for the
District of Massachusetts and more particularly by the provisions of an
order confirming sale dated April 4 1933, given by the same Court, we released from under the at rementioned mortgage and delivered, or caused
to be delivered, on June 9 1933 the following shares of stock which comprised the collateral which we were holding as security under said mortgage: 1,000 shares of Federal Rubber Co. capital stock, par $100; 200 shares
of Ninigret Co. common stock, par $5; 1,157 shares of Acushnet Process
Co. pref. stock, par $100: 837 shares of Acushnet Process Co., common
stock, no par value; 501) shares of Badger Rubber Works common stock
Par $100; 600 shares of Federal Rubber Mfg. Co. com, stock. par $100:
1,000 shares of Fisk Rubber Co. of New York capital stock, par $100; 1,000
shares of Fisk Tire Export Co., Inc., capital stock, no par value; 11 shares
of Fisk Tire Fabric Co., common stock, no par value: 2,250 shares of Number 1767 Broadway Co., Inc., pref, stock, par $100; 13,800 shares of Number 1767 Broadway CO., Inc., common stock, par $100. and 10 shares of
William A. Slater Mills, Inc.,common stock no par value."
-V. 137. p. 148.
-Trustee.
522 West End Avenue Apartment Building.
The Continental Bank & Trust Co. has been appointed trustee and
fiscal agent for $631,000 of 10
-year cum. income sinking fund mortgage
bonds. V. 135, p. 3530.
-
The stockholders have received from the reorganization committee a
letter stating that the period for depositing common and preferred shares
under the recently announced plan for refinancing the company and readjusting its capital structure, had been extended to Aug. 1 from July 1.
The banks carrying the company's notes have agreed to the extension.
-V. 136, p. 4468.
-Estimated Earnings-Sales.
Freeport Texas Co.
President Langbourne M. Williams, Jr., July 10 stated:
"Although final statements have not been prepared, net income after
all charges, including Federal taxes and allowance for pref. dividends,
amounted to approximately $1.30 per share on the common stock for the
first six months of 1933. This compares with earnings of $1.45 per share
without deduction for dividends on pref. stock, which was not outstanding
in the first six months of 1932. Beginning with the month of June, sales
of sulphur began to show a sharp and substantial improvement and shipments already scheduled for July 1933 represent an increase of approximately 80% over shipments actually made in July 1932.
"There has also been an improvement in the manganese industry. The
price of ferro manganese has advanced from $61 a ton to $82 a ton in the
last few months, representing an advance of over 34%, and the CubanAmerican Manganese Co., a subsidiary, has contracted for Its entire thirdquarter production of manganese ore at an increase in price over previous
sales.
"Construction of the new sulphur plant of the Freeport Sulphur Co. at
Grande Ecaille, La., is proceeding at a rapid rate and it is expected that
this plant will be in production by the end of the year."
-V.136. p. 2804.
-Earnings.
Fyr-Fyter Co.
For income statement for 6 months ended June 30 1933 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet,
LiabilitiesAssetsJune 30'33. Dec. 31'32
June 30'33. Dec.31 '32
a Capital stock_ __ $443,500 $443,500
lildgs., machinery,
e euipment,do__ $365,231 $363,960 Res. for depreo _ _ _
tq nm
118,737
111,358
10,718 Surplus
12,703
Patents
133,427
160,826
1 Accounts payable_
Good-will
1
11,315
11,383
49,215 Accruals, Arc
49,215
Treasury stock_ _ _
2,822
3,119
11,098 Reserve for doubt10,327
Deferred charges
ful accounts_.
83,576
71,013
Cash
7,660
7,500
47,824
47,824
Se
Wes
83,723
81,397
Notes tzres
eia a
iccts. rec.
87,670
Inventories
79,750
Total
$717,462 $737,686
Total
$717,462 $737,686
x Represented by 20.000 shares class A stock and 40,000 shares class B
-V. 136, p. 2618.
stock, all of no par value.
Gelsenkirchen Mining Corp.(Gelsenkirchener Bergswerke Aktiengesellschaft), Germany.
-Offers Bond Ex-change in Connection with Proposed Merger.
The corporation has announced an offer of exchange to the holders of
six-year 6% secured notes in connection with a proposed merger of the
company with the United Steel Works Corp. These notes are due March
1 1934.
Under the terms of this offer holders of each $1,000 principal amount of
the notes, residing outside of Germany, will be entitled to receive $100 in
-year 65' 1st & gen. mtge. bonds,
cash and $900 principal amount of 10
series A, due Sept. 1 1943. of Essen Coal Mining Corp., a new company
which will be organized to acquire the mines, coal reserves and certain other
assets of the Gelsenkirchen Mining Corp.
The Geisenkirchen Mining Corp. has under consideration plans for a
merger with the United Steel Works Corp., Phoenix Corp. and Var der
Zypen & Wissener Corp. After such merger is consummated the name
of the merged company is to be changed to that of the United Steel Works
Corp.
The new Essen Coal Mining Corp. will have a capital of Rm. 70,000,000
and will issue $12,150,000 principal amount of its 10-year 6% 1st & gen.
mtge. bonds to the Gelsenkirchen Mining Corp. These will be used, to
the extent required, for delivery to holders of its notes who accept the
funding offer, which is conditioned upon the acceptance by July 25, or
such later date as may be fixed by the company, by the holders of at least
80% of the notes, unless a lesser percentage is later determined. The offer
is subject to the approval of the company's stockholders.
In the event that the offer is declared operative, the company will surrender 31,500.000 of the notes owned by it for cancellation.
The Gelsenkirchen Mining Corp.. in making the offer of exchange,
announces that i has obtained the necessary permission of the German
foreign exchangeo authorities for the payment of the $100 with respect to
each $1,000 notes, held by non-residents of Germany who accept this offer
Such permission is not affected by the law of June 9 1933.-V. 136, p. 3171.
General Electric Co., Ltd. (England).
-Earnings.
1933.
Year. End. Mar. 31£1,012,740
Gross profit
171,927
Debenture interest
233,291
Depreciation
4.355
Directors'remunerat'n
32,014
Pension fund
1932.
£1,057,657
204,661
236,953
4,495
30,000
1931.
£1,122,607
209,448
241,676
4,575
34,310
1930.
£1,179,607
207,951
224,694
4,575
27,182
£571,152
252.000
180,291
137.750
£581,548
252,000
180,291
130,000
£632,001
252,000
225.364
132,922
£714,605
252,000
315.510
130.000
£1,111
.C19,257
£21,715
£17,095
Net profit
Preferred dividends _ _ _ _
Ordinary dividends
Reserves
Surplus
-V. 136, p. 2077.
-June Sales Exceed Those of
General Motors Corp.
Previous Month.
-An official statement shows:
June sales of General Motors cars to consumers in the United States
totaled 101,827. as against 85,969 in May, and 56.987 in June a year ago.
This is the first time on record when General Motors sales to consumers
for June have been higher than for May.
June sales of General Motors cars to dealers in the United States totaled
99,956, as against 85,980 in May, and 46,148 in June a year ago.
June sales of General Motors cars to dealers in the United States and
Canada, together with shipments overseas, totaled 113,701, as against
98,205 in May, and 52,561 in June a year ago.
Financial Chronicle
Volume 137
January
February
March
April
May
June
July
August
September
October
November
December
Total
January
February
March
April
May
June
July
August
September
October
November
December
Total
Total Sales to
January
February
March
April
May
June
July
August
September
October
November
December
Sales to Consumers in
1933.
50,653
42,280
47,436
71,599
85,969
101,827
United States.
1931.
1932.
47,942
61,566
68.976
46,855
101,339
48,717
135,663
81,573
122.717
63,500
103,303
56,987
85.054
32.849
69,876
37,230
51,740
34,694
49,042
26,941
34,673
12,780
53.588
19.992
1930.
74,167
88,742
123,781
142.004
131,817
97,318
80,147
86,426
75,805
57,757
41,757
57,989
937,537
1,057,710
1931.
76,681
80.373
98,943
132,629
136,778
100,270
78.723
62,667
47,895
21,305
23,716
68,650
1930.
94,458
110,904
118,081
132,365
136,169
87,595
70,716
76,140
69,901
22,924
48.155
68,252
510,060
Sales to Dealers in United States.
1932.
1933.
65,382
72,274
52,539
50,212
48,383
45,098
69,029
74.242
60,270
85,980
46,148
99,956
31,096
24,151
23,545
5,810
2,405
44,101
Dealers in
928,630
1,035,660
472,859
United States and Canada Plus Overseas Shipments.
1931.
1930.
1932.
1933.
106,509
89,349
74,710
82.117
126,196
96.003
62,850
59,614
119,195
135,930
59,696
58,018
154,252
150,661
78.359
86,967
153,730
147,483
66.739
98,205
97,440
111,668
52,561
113,701
87,449
79,976
36,872
70,078
85.610
30,419
58,122
78,792
30,117
28,253
25,975
10,924
57.257
29,359
5.781
79,529
80,008
53,942
Total
1,074,709
1,174,115
562,970
Unit sales of Chevrolet, Pontiac, Oldsmobile, Buick, LaSalle and Cadillac
passenger and commercial cars are included in the above figures.
Export shipments of cars and trucks from General Motors plants in the
United States and Canada during the month of June were 127% greater
than in the corresponding month last year. During January and February
1933, a considerable shortcoming under 1932 was in evidence, but since
March the progress made has been so great that shipments for the first six
months of the year have attained a cumulative figure 45% in excess of 1932.
Wholesale and retail sales in the foreign markets of these American-made
products are showing corresponding strength to justify the shipments made.
In the sales abroad of its foreign-source products, General Motors is
also running well ahead of the business done a year ago, with both the
English Vauxhall and Bedford and the German Opel and Blitz displaying
unusual strength since March, chiefly in their respective countries of
manufacture.
General Motors Fleet Sales Increased in June.
-
C. E. Dawson, President of the General Motors Fleet Sales Corp., Detroit. Mich. the General Motors subsidiary organized to serve large fleet
users), reports that June deliveries of General Motors passenger cars and
trucks to large fleet users exceeds any month in over three years.
Retail Sales of Buick Cars Higher in June.
-
Retail sales by Buick dealers in June broke the earlier high record established in May and in addition marked a gain of more than 14%, over June
19p2, according to W.F. Hufstader, Sales Manager of the Buick Motor Co.
"Our sales record in June," said Mr. Hufstader, "distinctly reversed the
usual trend at this season of the year. Ordinarily we look for the beginning of a seasonal drop by the end of June, but this year this has not developed. On the contrary, our sales by 10
-day periods were progressively
larger. The second period was more than 27% ahead of the first and the
third showed the astonishing gain of more than 49% over the first."
Pontiac's Sales in June Increased Over May.-
Pontiac's June sales showed a gain of more than 1,000 cars over May.
according to It. K. White, Sales Manager.
"The June sales curb rose steadily from the first 10-day period of the
month," he said. "Total for the second 10-day period was better than
the first period and the third 10-day period was nearly 96% above the first.
"It is probable, from the way orders continue to come in, that our July
operations may come close to June."
Frigidaire Corp. Launches Comprehensive Program.
-
The most comprehensive mid-season business program in its history
will be launched July 15 by Frigidaire Corp., refrigeration and air-conditioning subsidiary of the General Motors Corp. it was announced on
July 10 by E. G. Diechler, President and General Manager.
The program will be participared in by 15,000 dealers and salesmen from
coast to coast and will include a large national advertising campaign in more
than 500 daily newsPaPers.
Eight groups of Frigidaire executives now are conducting meetings in
,53 major cities to place the plans for the business campaign before district
staffs, dealers and salesmen, according to the announcement.
"The fact that our household business increased 42% in May over the
same month last year, and 48% in June over June 1932," Mr. Biechler said.
"convinces us the usual summer buying slump can be overcome by proper
,
effort by our sales organization backed up with advertising and promotion.
Cadillac and La Salle Sales Continue to Rise.
-The "Wall
Street Journal" July 10 had the following:
Sales of Cadillac and La Salle cars for the last 10 days of June continued
their upward trend, both over the last 10 days of June last year, and the
second 10 days of June this year.
Sales w,ere 5
8% greater for the last 10 days of June than for the like
period last year, and 77% greater than for the second 10 days of this June.
he total June sales this year were 9% greater than May and 8% better
than June of 1932.
The June total also was greater than for any single month since May of
last year.
Production schedules have been revised upward for the next three months
based on definite dealer commitments from the field.
"Both orders and reports from the field give us definite indications that
July will undoubtedly be from 20 to 25% better than the same month
last year," said John 40, Chick, General Sales Manager,"and we have every
reason to believe that August as well as July will be above normal for
three months at least for the last two or three years."
-V. 137. p. 148.
General American Transportation Corp.
-Takes Over
Refrigerator Car Operations of Missouri-Kansas-Texas RR.
The corporation has taken over the refrigerator car operations of the
Missouri-Kansas-Texas RR., it was announced on July 14. In future the
entire refrigerator requirements of the "Katy" will be supplied exclusively
by the General American.
According to the announcement made by Lester N. Selig, President of
the General American Transportation Corp., this will add 3,188 miles to the
General American's refrigerator service, bringing the total territory served
to 31,684 miles.
The General American Corp. now operates all the refrigerator cars of the
Chicago Milwaukee St. PaulRock Island, Erie, Chicago Great Western,
Soo Line, Minneapolis & Si.t Louis, and several other railroads.
"This is another step in General American's creation of a refrigerator car
pool to service railroads in the Middle and Southwest," said Mr. Selig.
"Such a pool always makes available sufficient cars for every railroad's
peak refrigerator traffic, which varies seasonally on different roads. Through
499
specialization in the operation and repair of refrigerator cars mutual
economies are effected."
Receives Tank Car Order.
The corporation has received from the Ethyl Corp. an order for 12
special tank cars, six of which will be of 6,000-gallon capacity and six of
3,000-gallon capacity. The cars will haul the fluid from the Ethyl Corp.'s
plant at Wilmington, Del., to oil refineries in various parts of the United
States.
-V. 137. p. 148.
-Earnings.
General Public Service Corp.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 136. p. 3728.
-Removed from List.
General Refractories Co.
The New York Curb Exchange has removed from unlisted trading
privileges the certificates of deposit for 2-year 5% notes due March 11933.
-V. 137, p. 320.
-Admitted to List.
Gipps Brewing Corp.
The Chicago Curb Exchange has admitted to the list 140,000 shares
of $1 par, class A common stock.
-Shipments, &c.
Graham-Paige Motors Corp.
1933.
1932.
Three Months Ended June 30Shipments
3.560 cars. 3,004 cars
Charles W. Matheson has been appointed Vice-President in charge of
distribution. A. I. Philip was made Vice-President and General Sales
-V.137, p.321.
Manager and will direct sales and merchandising activities.
Grand Union Co.
-Store Sales.
-1932.
Period End.July 1- 1933-4 Weeks
-1932. 1933-26 Weeks
Stores sales
$2,224.050 $2,400,243 $13,094,518 $15,240.568
Sales for the four weeks ended July 1 1933 showed an increase of 13.8%
over those for the four weeks ended March 4 1933. Weekly sales since
the latter date have also shown a steady increase. As compared with last
year, the decrease in sales for the four weeks ended July 1 1933 of 7.34%
compares with a decrease of.10.2% in the previous five weeks, 12.7% in
the four weeks prior to that period, and 17.7% in the four weeks immediately preceding. The decrease of 14.1%, for the 26 weeks ended July 1
compares with a decrease of 18% in the 13 weeks ended April 1.
1933.
1932.
Decrease. •
$2,382,936 $3,006,906 20.00
5 weeks ended Feb. 4
1,952,713
2.292.347 14.80
4 weeks ended Mar. 4
1,896,844
2.305,311
4 weeks ended Apr. 1
17.70
2,325,180 12.70
4 weeks ended Apr. 29
2,023,863
2,614.112
2,910.581 10.20
5 weeks ended June 3
2,224,050 2,400,243
7.34
4 weeks ended July 1
7,636,004 10.10
6.862,025
13 weeks ended July 1
6,232.493
7,604.564 18.00 0
13 weeks ended Apr. 1
13,094,518 15,240,568 14.10%
26 weeks ended July 1
-V. 136, p. 4097.
Great Atlantic & Pacific Tea Co.-5a1e8.1933-Sates-1932. 1933-Tonnage Sales -1932.
495,192
520,262
Five weeks end. Apr. 1_ _ _$74,981,144 $88,923,239
405,660
422,714
Four weeks end. Apr. 29_ 61,055,824 72.368,706
437.775
397,498
Four weeks end. May 27_ _ 61.524,707 72.447,440
531.082
507,361
Five weeks end. July 1_ _ _ 79,503,203 86,061,988
Total
-V. 136, p. 4097.
$277,064,878$319,801,373
1,805.711
1.911,833
-Plans Reorganization.
Greyhound Corp.
Charles F. Curley, of Wilmington. Del., on July 13 was appointed by
Chancellor Josiah O. Wolcott as special master to call a meeting of the
holders of common stock and of participating preference stock as of Aug. 8.
The appointment was made upon a petition of the corporation stating that
it wished the Court to direct the holding of a meeting so that a plan of reornization can be submitted to those two classes of stockholders.
The reorganization plan provides that holders of participating preference
stock surrender stocks together with right to all dividends and arrearages
and for each share shall receive five shares of common stock. It also was
provided that common stockholders surrender their stock and for each
twenty shares they shall receive one share.
The corporation states that reorganization is necessary to permit present
impairment of the corporation's credit and permit it to raise additional
capital to retire within a few years obligations of nearly $6,000,000 and to
purchase minority interests in its affiliated companies at advantageous
prices.
-V. 136, 13. 4097.
Home Dairy Co., Saginaw, Mich.
-Earnings.
Calendar Years1932.
1931.
Sales
$1,427,431 $1.998,732
Cost ofgoods sold
831,998
1.244.987
Store, general and administrative expenses
542,506
677.592
Operating profit
Other deductions (net)
Provision for Federal income tax
$52,926
13.939
5,639
$76,144
14,096
8.159
Net profit
Previous surplus
$33,348
156,791
$53.887
152,154
Total surplus
Dividends on class A stock
Dividends on class B stock
9190.139
11.250
9205,041
45,000
4,250
Earned surplus, Dec. 31
9178,889
9156.791
AssetsCash on hand & on
deposit
Customers'accts
Inventory
Land, bidgs., machinery & equip.
Misc. utensils_ _ _ _
Other assets
Improve, to leased
property
Prep'd exp.& supp.
Balance Sheet Dec. 31.
1932.
1931.
LiabilitiesAccts. pay., incl.
$31,755
accrued expenses
3,718
4,727 Notes payable_
46,184
56,500 Divs, pay. on class
A stock
1,012,364 1,064,654 Federal inc. tax
38,107
38,107 Res. for Conting_
31,982
32,934 Long term lndebt.
:Capital stock_ _ _
28,563
33,950 Paid-in surplus__ _
21,691
29,770 Earned surplus_ ...
1932.
1931.
$45,014
$90.574
35,446
5,793
193
67,000
650,050
267,930
178,889
11,250
8,162
72,000
650.050
267,930
156,791
Total
$1,214,675 $1,292,397
$1,214,675 $1,292,397
Total
Note.
-Cumulative dividends on the class A non-par value stock of $1.50
a share aggregating $33,750 had not been declared or paid at Dec. 311932.
x Represented by 22,500 shares class A stock and 85,000 shares class B
stock, both of no par value.
-V. 135, p. 473.
Hayes Body Corp.
-Listing of Additional Capital Stock.
The New York Stock Exchange has authorized the listing on and after
July 13 of 152,000 shares of capital stock, on official notice of issuance and
payment in full pursuant to terms of offer to stockholders and, 10,000 shares,
on official notice of issuance and payment in full upon exercise of option
rights, making the total amount applied for 479,249 shares.
Stockholders of record July 3, are given the right to subscribe for additional stock at the rate of one additional share for each 2 1-10 shares held
at $2.50 per share, payable in full on or before July 24 at the office of
Manufacturers Trust Co., 55 Broad St., N. Y. City. The maximum
number of shares issuable upon the exercise of such subscription rights is
150,855. To the extent that the stock is not subscribed for by the stockholders, it may be necessary for the directors to raise funds by selling the
remaining shares in such manner and on such terms as may be considered
desirable.
The balance of the shares are to be issued. on official notice of issuance,
upon exercise of the following option: 10,000 shares-exercisable at any
time on or before March 1 1934 at the price of $1.50 per share.
The proceeds of shares so disposed of will be used to provide additional
working capital for the corporation.
500
Financial Chronicle
Comparative Balance Sheet.
AssetsMar. 31'33.Dec. 31'32. Liabilities- Mar. 31'33. Dec. 31'32.
Cash
$17,177
811,231 Notes payable__ _ _ $70,823 $103,370
Accts. receivable
79,660
142,368 Accounts payable_ 240,488
137,485
Inventories
225,144
35,846
26,224
179,387 ccrued liabilities_
Life insurance_ _ _
.
8,030
481,366
8,030 Res.for losses, &c. 480,598
Customers' rec. of
Y Capital stock_ __ 2,498,253 2,498,253
questionable curCapital surplus_ __ 2,341,314 2,341,314
rent collectibility 478,084
461,430 Deficit from oper_ 2,204,331 2,105,581
Investments
409,321
409,321
x Plant & equip_
2,220,507 2,263,317
Patents
1
1
Deferred charges
15,449
16,970
Total
$3,453,371 $3,492,054
$3,453,371 $3,492,054
Total
x After depreciation of$1,263,180, March 31 1933(Dec.31 1932,$1,207.
864). y Represented by 316,784 shares of no par value.
-V. 137, P. 149.
Home Indemnity Co.
-Violations Cited.
-
Attorney General John J. Bennett Jr. has been asked by New York
State Superintendent of Insurance George S. Van Schaick to bring an
action for a penalty against the company for willful violations of Sections
141 and 141-13 of the New York State Insurance Law in underwriting six
general liability insurance policies, one automobile liability and property
damage policy and one surety bond.
In addition to these willful violations the company was found to have
been careless in its underwriting practices in a manner tending to cause
improper ratings. Superintendent Van Schaick has directed the company
to exercise greater care in underwriting its business in the future and has
warned it that continuance of such negligent practices will be deemed
indicative of willful intent to violate its filed manual rates in any subsequent examination or investigation by the State Insurance Department.
Hoskins Manufacturing Co.
-Earnings.
-
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
-V. 136, p. 4280.
Imperial Oil, Ltd.
-Acquisition by Subsidiary Approved.
The stockholders of the Mayland Oil Co., Ltd., approved the sale of the
assets of that company to the Royalite Oil Qo., a subsidiary of the Imperial
Oil, Ltd., on the basis of one Royalite sharg in exchange for each 12 May
land shares held.
-V.137, p. 150, 321.
Industrial Rayon Corp.
-Earnings:
-
For income statement for six months enued June 30 see "Earnings
Department" on a preceding page
136, p. 4100.
Inter-City Western Bakeries, Ltd., Montreal.
-Committee Formed.
Interest due May 1 on the 634% 1st mtge. bonds was not paid, and in
order to protect the bondholders a committee has been formed. The committee consists of Hugh Mackay of Montreal. chairman; W. D. Glendenning, C. A. of Riddell, Stead, Graham & Hutchison of Toronto; J. M.
Speirs of Winnipeg; M. A. Thomson of Nesbitt, Thomson & Co., Ltd.,
Montreal; W. R. Aird, General Manager of Eastern Dairies, Montreal; and
W. C. Pitfield.
Bondholders are being circularized to deposit their bonds in favor of the
committee with Montreal Trust Co.
Inter-City Western is a wholly-owned subsidiary of Lake of the Woods
Milling Co.
-V. 135, p. 2662.
International Business Machines Corp.
-To Retire All
Outstanding Bonds.
The corporation has arranged to retire on or before Jan. 1 1934, all
its remaining bonds, due in 1941, leaving it without bank loans, funded
debt or pref. stock. President Thomas J. Watson announced on July 12.
The directors have authorized the deposit with the Guaranty Trust Co.,
trustee, of 81.067,040 to pay off at prices not exceeding 105 and int., the
remaining $988.000 par value of the 67 bonds which were part of the original
$7,000,000 issue of the Computing-Tabulating-Recording Co. See also
V. 137, p. 322.
International Match Corp.
-Claims Reduced.
-
July 15 1933
International Rustless
ganization.-
International Shoe Co.
-Balance Sheet May 31.1932.
d1933.
Assetsa Land, bldg., machin.,equip.,&c.25,527,132 27,108,252
Cash
U.S. Govt. secur_e7 6 354 15'573'745
11,226 547
5:
Brokers coll. loan1,700,000
In cenirecelvable--11,716,293 13,288,349
Acy ts ores
i
16,569,432 20,872,299
Emp. notes me- 896,430 7,800,281
Co.'s own stock
b349,728 5,840,325
368,407
Deterred charges
301,592
340,214
Inv. in other cos 6,329,126
Total
50,473,090 46,646,219
-V. 136. p. 4471, 4281, 3729.
Net revenue
Interest on 1st mortgage bonds
Debenture & other interest
Depreciation & depletion
Bond discount
$2,481,543 82,923,253 83.073,596
243,300
243.300
243,300
1.254.740
1,415,331
1,324,451
629,942
626,342
737,554
3.648
3.649
3,649
Balance added to surplus
Surplus beginning
$349,913
3,152.417
$2,853,519 $3,073,596
69,734
$634,630
2,517,786
$764,641
1,753.145
Surplus end
1932.
$
10,000,000
70,000,000
1,020,496
179,640
1,165,000
50,000
408,187
10,068,749
Interstate Department Stores, Inc.
-June Sales.
-
International Power & Paper Co. of Newfoundland,
Ltd.
-Earnings for Calendar Years.
-
$1,936,541
545,003
d1933.
Liabilities6% cum, pref. stk. 4,657,500
c Common stock _ _50,250,000
Accounts payable 1,557,533
Officers & employ.
balance & depos. 169,186
Res.for Inc. taxes_ 1,055,000
Res. on divs, for
preferred stock.
23,287
Insurance reserve_ 420,347
Earned surplus_ _22,436,981
Total
80,569,834 92,892,072
Total
80,669,834 92,892,072
a After depreciation. b Consists of 12,679 common shares at cost.
c Represented by 3.350.000 no-par shares. d After giving effect to redemption as of June 1 1933, of 53.425 shares of 6% cumulative preferred
stock. e After deducting $4,258,952 appropriated to complete redemption
of 53,425 shares of preferred stock.
-V.137, p. 323.
1932.
Assets$
Cash
2,513,413
Bonds & securities 5,126,539
First mtge.loans_
First liens on real
estate
33,581,203
Loans on certif.._ 4,028,674
Real estate
4,905,836
Real estate cont.
of sale
Accts. receivable_
Furniture & fixture
65,649
Other assets
251,778
Opening income
Net profit on exchange
Corp.
-Proposed Reor-
The stockholders will vote July 19 on changing the name of the company
to Rustless Iron & Steel Corp., on decreasing the authorized capital stock,
consisting of 5,000 pref. shares of $100 par value and 5,000,000 shares of
$1 Par value, to 200,000 shares of common stock of no par value, and on
changing 4,000,_000 common shares now outstanding to 200,000 shares of
no par value. This will be effected by consolidating outstanding shares of
common stock so that the holders will be entitled to new common shares
at the ratio of one new share for each 20 shares held.
Another special meeting, to be held on July 20, will have for its purpose
obtaining the approval of the stockholders to an increase in the authorized
capital stock from 200.000 no-par shares to 1,000.000 no-par shares.
The purpose of these changes is to effect a reorganization of the company,
Which is in immediate need of funds to provide working capital, additional
manufacturing facilities and to meet its past due obligations, according to
a letter to stockholders signed by Secretary J. 0. Downey.
The largest creditors are Payson & Co., Inc., with which the company
entered into an agreement for reorganization on June 28 1933. This agreement will be submitted to stockholders for their approval at the special
meeting on July 19. If the increase in new no-par common shares is
approved, transferable purchase Warrants will be issued to the stockholders
entitled to full shares of new common stock entitling them to purchase on
or before Sept. 15 three additional common shares for each common shares
held at the price of $2.50 per share.
"The corporation will realize $1,500,000 if the entire offering of 600,000
shares is paid for in cash by stockholders," Mr. Downey says. "Of the
600,000 shares offered to stockholders, Payson & Co., Inc., have agreed to
purchase up to 400.000 shares of such stock not purchased by stockholders
at the rate of $2.25 per share, payable by the transfer to the corporation
of a corresponding amount of the guaranteed debt of the subsidiary company held by them.
"As a further consideration for this undertaking Payson & Co., Inc., are
to receive an option for three years from Sept. 15 1933 to purchase 50,000
additional shares of new common stock at $2.50 per share, and Rustless
Iron Corp. of America is to give a release to the parties under the February
1930 agreement."
In February 1930, the Rustless Iron Corp. of America, a subsidiary,
authorized the issue of $1,500.000 of 6% notes, and an agreement was
entered into with four large stockholders of the company,including Payson
& Co., Inc., whereby they agreed to purchase the notes on demand of the
subsidiary. Payson & Co., Inc., took all the commitments in September
1931.
This company now holds 81,012,178, principal amount of the subsidiary's
notes now outstanding, which matured on March 1 1933, and bear interest
accumulations from Sept. 1 1932.
Grata profits on sales for the year ended on Feb. 28 1933 amounted to
$145,629 after depreciation, and net earnings after expenses were $33,648.
Net loss after charges amounted to $96.705. Current assets on Feb. 28
were $303.111,including $9,154 cash,and current liabilities were $1,164.635.
including 31,043,430 notes and accrued interest thereon.
-V. 133. p. 1935.
Claims against the corporation by rival Kreuger interests, which totaled
about $1,200,000,000 as originally filed last October, have now been
reduced to approximately $9,000,000, it was revealed July 10 at a hearing
before Referee Oscar W. Ehrhorn.
Furthermore, James N. Rosenberg, counsel for the Irving Trust Co.,
trustee in bankruptcy for International Match, made it clear that the
trustee did not recognize the validity of the remaining $9,000,000 in claims
which are the net amount asked for by the American trustee in bankruptcy
for Kreuger & Toll Co. A hearing has been set for July 27 to argue these
remaining claims.
At the hearing on July 10 Referee Ehrhorn expunged and disallowed
claims of $464.445,330 by Swedish liquidators for Kreuger & Toll, $165.000,000 by Dutch Kreuger & Toll and $5,000,000 by the administrators of
the estate of Ivar Kreuger. Notice of withdrawal of these claims had been
given July 7. In addition, counsel for Finance Gesellschaft announced his
Intention to withdraw that firm's claim for $6,000,000.
In April, a claim of $50,000,000 by Swedish Match Co. (originally
8112,000.000) was disallowed by Referee Ehrhorn. An appeal was taken
to Federal Judge Coxe, who on July 11 filed an opinion affirming the order
of Referee Ehrhorn.
Aside from the above claims, the only claims against International Match
approximate $100,000,000, including about $98,000,000 in outstanding
securities.
-V. 136, p. 4100.
1932.
1931.
1930.
Gross sales
$7,074,429 89,493,192 $8,822,995
Cost of sales & expenses, after deducting miscellaneous income
5,137,888
6.639,673
5,749,399
Iron
Sales for Month and Five Months Ended June 30.
Decrease.I 1933-5 Mos.-1932.
1933
-Month-1932
Decrease.
8144,012 186,779,796 $7,928,533 81.148,737
31,657,375 81.801,387
Note -Sales include company's own departments and exclude groceries
and leased departments.
-V. 136, p. 4281.
Investors Syndicate, Minneapolis.-Bal. Sheet Dec. 31.
1931.
1932.
Liabilities$
$
712,572 Certificates cash
4,156,841
surr. values__ __36,077,984
34,310,119 Cont. liability res. 6,829,410
Accr. liab, not due 246,334
Other cure, nab__ _ 111,403
3,094,410 Mortgages sold_,. _ 974,011
2,453,881 Certificate reserve 4,793,598
Capital & surplus_ 1,440,350
1,222,329
591,017
72,175
32,873
Total
1931.
$
32,983,025
6,388,866
277,942
373,274
430,433
4,690,578
1,502,100
50,473,090 46,646,219
Island Creek Coal Co.
-Production.
-
Coal Output (Tons)January
February
March
April
May
June
-V. 136, p. 4281.
1933.
279,116
292,116
249,143
215,856
315.919
334,352
1932.
285,245
274,145
327.707
244,243
246,172
224,635
1931.
375,078
285,901
323,220
300,349
336,262
372.228
Jefferson Auto Mutual Casualty Insurance Corp.
Dividend to Creditors.
An order has been entered in the Supreme Court, New York County.
authorizing George S. Van Schaick, Superintendent of Insurance of the
State of New York, as liquidator of the above corporation, to pay? it first
dividend of 15% to creditors, it was announced on July 13. Additional
dividend payments will be made by the liquidator as the remaining assets
in his hands are turned into cash.
The Superintendent of Insurance took over the Jefferson corporation
for liquidation on Dec. 24 1931, and the liquidation bureau has procured
adjudication of all claims filed against the company, which was engaged
exclusively in the taxicab insurance field.
During the period of approximately a year and a half since the entry of
the liquidation order the Insurance Department has procured final adjudication by the Supreme Court of the 4,268 claims filed in this proceeding.
83,502,329 $3,152,417 $2,517,786
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1932.
1931.
AssetsLiabilities$
$
$
Fixed assets
40,428,114 41,275,382 Funded debt
24,097,258 24,233,755
Woods improv. &
Bank loan secured 2,970,000 3,800,000
equipment
413,837
Accounts payable_ 309,588
453,457
Investments
10,000 Accrued interest_ 442,410
10,000
444,763
Cash
70,104
255,264 Due Intl. Paper Co 1,128,620 1,769,115
Accts. receivable
1,733,834 1,279,669 Deprec. on plants
Notes receivable_ _ 249,036
& properties _ _ _ 2,360,555 1,976,337
Inventories & adDeprec. on woods
vances for woods
improvements &
operations
4,949,343 6,096,377 equipment
294,313
Def. assets & exp_ 562,869
692,593 Deplet. timberlds. 736,191
644.877
Sinking fund In
_
Other reserves_ _ . 317,455
284,680
hands of trustees
2,837
5% preference shs_10,122,320 10,122,320
Common shares_ _ 2,433,250 2,433,250
Special debenture
res, under company's charter.. 2,500,000 2,500,000
Earned surplus_ _ _ 1,002,329
652,417
For income statement for three and six months ended Juno 30, see
"Earnings Department" on a preceding page.
-V. 136. P. 2622.
Total
48,419,976 49,609,284
-V.134, p.4333.
President G. W. Mason on July 12 announced that the employees of this
corporation have been given an increase in compensation averaging 10%,
Total
48,419,976 49,609,284
Jewel Tea Co., Inc.
-Sales.
-
Period End. June 17- 1933-4 Weeks
-1932.
-1932. 1933-24 Weeks
Sales
8802.143
$861,416 $4,600,859 $5,292,910
Avge, no. ofsales routes..
1.344
1,336
1,347
1,336
Sales of the 87 stores of Jewel Food Stores, Inc., a subsidiary, for the
four weeks ending June 17 1933. were 8269.557. Sales of the Jewel Food
Stores, Inc. for the 24 weeks ending June 17 1933, with an average of 86
stores were $1.788,448.-V. 136. p. 4100.
Johns-Manville Corp.
-Earnings.
-
Kelvinator Corp.
-Raises Wages 10%.
-
..
(D. Emil) Klein Co., Inc.
-Larger Distribution.
A dividend of 25 cents per share has been declared on the common stock,
no par value, payable Oct. 1 to holders of record Sept. 20. A distribution
of 123i cents per share was made on July 1 last, compared with 25 cents
per share each quarter from July 1 1930 to and incl. April 1 1933.-V. 136.
p. 2806.
(B. B. & R.) Knight Corp.
-Earnings.
Calendar Years1932.
xNet loss of B. B. & R.
Knight Corp
$452,361
Net profit of Knight
Finance Corp
loss8,413
Net loss of Fruit of the
Loom Mills, Inc
24,284
Net loss of Fruit of the
Loom Mills, Ltd
Balance. deficit
$485,059
Loss on cap, assets sold
or scrapped
47,721
Write-down of values of
sundry stocks
12,575
Maint. of idle plants_ _ _
8,521
Cap.surp. adjust,for yr.
Prev.cap.stk.& cap.surp. 4,893,927
1931.
1930.
1929.
$227,963
$876,980
loss12,896
2,614
66.052
y801,774
47,596
54,586
22,807
2,793
$311,263
$931,746
$1,137,886
Cr4,655
7,979,680
Cr1,793
6,846,449
Knott Corp.(& Subs.).
-Earnings.
1931.
1930.
1932.
$5,145,453 $6,909,687 $6.719,410
5,874,917
6,127.149
4,978,226
Operating income
Interest earned
Miscellaneous income
$167,227
Total income
Depreciation
Bad accounts written off
Provision for Federal income tax_
Prov. for N. Y. State franchise tax_ _
$171,138
244.318
97,098
3,911
$782.537
6,030
4,206
$844,493
17,164
3,308
$792,773
463,554
82,365
28,647
$864.965
261,352
51,424
61,596
9.000
Profit for year
$218,207
loss$179,279
Shs. common stock outstand.(no par)
166.075
165,117
Earnings per share
$1.28
Nil
Consolidated Balance Shed Dec. 31.
1932.
1932.
1931.
Assets$
Liabilities
$
Cash
148,426
167,971 Notes& loans pay.. 319,420
Notes & loans rec.
16,724
62,074 Accounts payable.. 223,419
Accts.receivable
68,146
236,544
305,219 Real est. taxes pay
Inventories
19,803
242.074
23,729 Accruals
Investments
26,929
156,005
190,837 Tenants' dens., das
Equity in prop. in
85,850
6% notes payable_
hands of trustees 1,599,662
Notes pay., due
Deposits(rents,&c)
26,589
61,274
after 1 year.......457,018
Fixed assets
9,308,275 16,043,807 Mortgages payable 5,511,833
Subscrs. receivable
5,967
56,479
71,646 Reserves
Deferred charges
65,266
114,696 Pref,stocks of sub.
90,000
cos
x Common stock_ 3.678.081
824,014
Surplus
$490,592
167,729
$2.89
1931.
584,061
311,074
290,940
31,393
169,500
236,969
9.236,967
1,258,707
90,000
3,716.356
1,115,285
Total
11,583,263 17,041,253
Total
11,583,263 17,041,253
x Represented by 165,117 no par shares in 1932 and 166,075 In 1931.
-V. 136, p. 3548.
Kobacker Stores, Inc.(& Subs.).
-Earnings.
-
Years End. Jan. 31Net income
Prov. for Fed. taxes.... _
Prov.for deprec.& amort.
1931.
$133.800
16,500
1930.
$381,978
42,000
$117,300
101,850
$339,978
105,000
Balance,surplus
$15,450
def$132,993 def$188.814
Earns. per sh. 00 83,243
shs.com. stk. (no par)
Nil$0.18
Nil
-V. 136, p. 1384.
$234.978
1933.
$24,703
1932.
$43,335
157,695
134,999
def$132.993
_
def$91,663
97,151
$2.82
(S. S.) Kresge Co.
-June Sales.
-
1933
-June
--1932.
Decrease.
Increased 1933-6 Mos.-1932.
$10,304,867 $10,040.743
$264,1241354,726,072 $58,745,896 $4,019,824
At the end of June the company had 675 American and 43 Canadian
stores, or a total of 718 stores in operation, against a total of 718 stores
at the end of June 1932.-V. 136, p. 4100.
Lamson & Sessions Co.(& Subs.).
-Earnings.
-
C1 d Y
Operating profit
loss$453,g16 loss$263,046
'
Allow,for depreciation
208,307
157,146
Other charges,incl. int_ _
47.356
70,378
Federal taxes paid and
provided for
-June Sales.
(S. H.) Kress & Co.
-June
-1932.
1933
$4.830,253 $4,877,093
-V. 136, p. 4100.
-June
1933
-1932.
$1,168,089 $1,126,069
-V. 136. P. 4281.
45,525
5,916.496
Total
$6,191,595 $6,713,584
$6,191,595 $6,713,584
Total
-V. 134, P. 3832.
x Represented by 274,269 shares of no par value.
Decrease.
Decrease. l 1933-6 Mos.-1932.
$46,8401$26,470,149 $29.176,236 $2,706,087
-June Sales.
Lane Bryant, Inc.
111,904
Total
$8,617,372 $9,400,233
Total
$8,617,372 $9,400,233
x After deducting $1,162,434 reserve for depreciation in 1932 and $1.022,398 in 1931. y After deducting $18,193, reserve for bad debts in
1932 and $14,457 in 1931. z Represented by 69,130 shares of no par
value pref. stock, 11,791 shares of no par value class A common stock.
26,974 shares of no par value class B common stock, 5,000 shares of no
par value class 0 common stock.
-V. 134, P. 4167.
Calendar YearsGross earnings from operation
Operating expenses
Condensed amsolidated Balance Shed Dec. 31.
1931.
1932.
Liabilities-1931.
1932.
Assets$600,000 $400,000
Cash
$108,821
$44.366 Notes payable_ _
86,494
60,468
62,094 Accounts payable_
Market. securities
37,484
44,089
Accrued accounts_
Notes & accounts
16,639
282,454 Dividends payable
192,708
receivable
30.000
22,500
755,518 1,054,233 Land contract pay.
Inventory
1st mtge.6% bds_ 386,000
386,000
Miscell.receivables
46,650
67,178 Res.for anticipated
and investments
348,546
losses, &c
Land, buildings,
5,236
6 259
8 44
Res.for conting_ _ _ 3003
mach'y, equip950.800
ment,drc
5,071,977 5,179,094 7% preferred stock 950,800
3,794,636 3,794,636
15,922
24,165 x Common stock
Prepaid expenses__
651,144
def30,196
Surplus
$402,164
Capital stock & capital
surplus Dec.31_ _
$4,340.051 $5,447,803 $5.916,496 $6,846,449
x Includes depreciation of $145,163 in 1932: $140,215 in 1931 and $174,545 in 1930 and $205,387 in 1929, and loss on disposal of plant assets of
$80.418 in 1930 and $139.847 in 1929. y Including settlement of Kelsey
Wilton Textile Corp. suit of $725.000 in addition to legal expenses.
Consolidated Balance Sheet Dec. 31.
Assets1932.
1931.
1932.
1931.
:Plant
$3,923,158 $4,133,136 z Capital stock _ __$8,061,314 $8,061,314
Cash
199,000
990,000
66,828
266,740 Notes payable_ ___
y Notes & accts.rec
45,518
820,738 Accounts payable
Due fr. Wm.Iselin
74,257
71,993
& accrued exps_
& Co., Inc
22,415
19,406
89,809
Reserves for taxes.
Inventories
1,014,942 1,228,968 Reserves for comPatentrights
8,883
5,000
mitment
10,000
Sundry stks.& bds
254,511
2f,040
33,615 Capital surplus_ _ 254,511
Deferred charges....
29,177
39,014
Good-will, trademarks, &o
1
1
Deficit
3,421,898 2,868,021
Net profit
Preferred dividends_
501
Financial Chronicle
Volume 137
effective July 1. All factory employees and those on salary as well are
affected, both in the United States and in leading cities in other countries
-V. 137, P. 323, 151.
of the world.
Decrease.
$833,234
Imcreased 1933-6 Mos.-1932.
$42,0201$5,677,338 $6,510,572
-Earnings.
Lehigh Portland Cement Co.
For income statement for 12 months ended June 30 see "Earnings Depart-V. 136, p. 3731.
ment" on a preceding page.
-Reorganization.
(Fred. T.) Ley & Co., Inc.
C. H.Berets of 0.11. Berets & Co., Inc., New York. and Fred H..Mason
of F. H. Mason & Co., Chicago, are co-operating with the company in a
plan of reorganization with respect to correcting a default on the principal
and interest due July 5 1933 on the Ley notes.
The company which is said to be one of the largest construction companies
in the country, found itself unable to most the serial maturity and interest
on its notes due July 5 1933, due to decreased activities in construction
in the past few years. The notes, however, are secured by collateral
deposited with the Guaranty Trust Co.
The plan as contemplated, Mr. Berets says, provides for a liquidation
of the collateral and distribution of cash in the hands of the trustee to the
assenting noteholders. He further points out that the public works program
initiated by the Administration should provide the company with business
sufficient to enable it to carry on and once again resume its former place
in the industry.
-V. 136, p. 2623.
-To ComLincoln Building (Lincoln 42d St. Corp.).
plete Plan.
The protective committee under the deposit agreement dated Dec. 1
1931 for certificates of interest in the 1st mtge. 55i% sinking fund gold
loan, announces that, having been the successful bidder at the auction sale
in the foreclosure proceedings, it will proceed imniediately with the consummation of the reorganization plan dated May 5 1933 (V. 136, p. 3357).
To this end the committee will cause the books for the transfer of certificates
of deposit to be permanently closed for transfer at the close of business
July 24 1933.
Charles F. Batchelder is chairman of the committee of which Dudley C.
Smith, 60 Cedar Street, New York, is Secretary and the Chase National
Bank of the City of New York, deposlt3ry.
Certificates of deposit should be outstanding at the close of business
July 24 1933 in the same name or names in which the owner desires the
income bonds and voting trust certificates to be issued to him under the
plan. Transfer of certificates of deposit can only be made at the office of the
Chase National Bank, 11 Broad Street, New York.
The building,said to have represented an investment of about $27.000.000
when it was opened three years ago, was sold July 11 in a foreclosure auction
to the first mortgage bondholders' committee on a bid of $4,750,000.V. 137, p. 152.
-Earnings.
Lindsay Light Co.
For income statement for three and six months ended June 30 see "Earn-V. 136, p. 2623.
ings Department" on a preceding page.
Lion Oil Refining Co.
-Shipments Break Five-Year Record.
Shipments of refined products of this company for June were the largest
in five years. Col. T. H. Barton, President, reported on July 10. June
Shipments this year totaled 1,155 cars, compared with 992 for the same
month last year. 896 in 1931, 1,005 in 1930 and 1,044 in 1929.
"It now looks as if our July shipments will considerably exceed June,"
Col. Barton said. "We have disposed of practically all our asphalt production for this year and we will have to decline a very sizeable business
En this line."
-V. 137, p. 153.
London Canadian Investment Corp.
-Earnings.
Earnings for the Year Ended Dec. 31 1932.
Income from investments
Proceeds of stock dividends received and sold
Total
Interest paid & accrued on debentures
Interest on loans & carrying charges
Management expenses
Provincial and municipal taxes
Trustee, registrar & transfer agents' fees
Miscellaneous expenses
Exchange paid on United States funds
Dominion, British and other income taxes
4303.242
4.305
$307.547
4211.275
37.888
10,431
601
1.959
1,672
42,233
4.00
Net loss for year
Previous surplus
Revenue surplus, Dec. 31 1932
x Includes interest of $5,691 on corporation's gold debentures
%, 1948, repurchased during year and canceled as of Dec.
Balance Sheet Dec. 31 1932.
Assets
LiabilitiesCash & call loans
$27,410 Int. accr. on 4)i% debs
x Bonds & stocks at cost, less
Accounts payable
discount on corporation's
Demand loans (sec.)
gold debentures repurchased
Res for exch.on demand loans
& investment reserve
10,551,891 Amounts payaJle on Dom.of
Accounts receivable
1,728
Can, bonds purchased for
Accrued interest on bonds_ _ _
33,419
delivery January 1933_ _
Gold debentures
5% cum, pref. shares
y Common shares
Revenue surplus
$2,951
215,079
$212,128
series A,
31 1932.
$16,723
1,250
735,750
95,648
93,450
4,459,500
4,000,000
1,000,000
212,128
158,934
Total
$10,614,448
510,614,448
Total
x On the basis of market quotations in the case of quoted securities and
of prices considered fair by the directors in the case of securities not curr ently quoted, the value of the securities owned by the corporation at the
close of the year was $3,596,649. y Represented by 350,000 no par shares.
-V. 133. p. 3638.
$681.340
651,144
$519,610
1.267,633
$84,110 $1,260,219
2,247,469
1.919,863
Luce Furniture Shops, Grand Rapids, Mich.
-Reorganization Plan.
-
Total surplus
def$30,196
Dividends paid
Prem. on pref.stock purchased & other adjust_
Provision for anticipated
losses, &c
Reduction of res for liaUnity insurance
$748,023
96,880
$2.163.359 $3,180,081
464,648
909,748
Surplus Dec. 31
def$30,196
Earns, per share on common stock (no par)__
Nil
$651,144 $1,267,634
A plan of reorganization has been agreed upon between the protective
committee and Kroehler Manufacturing Co. After consideration of all
factors, the protective committee strongly recommends that bondholders
who have not deposited their bonds under the protective agreement do so
Immediately and thus join in the plan. July 23 1933 has been set as the
final date for deposit of bonds with the protective committee under the
plan, after which date the committee may in its sole discretion receive or
refuse further deposits under the plan. Unless at least 90% of the bonds
be deposited, the plan may not be consummated.
-Henry G. Lodge, Chairman, (E. 11. Rollins &
Protective Committee.
Sons, Inc.), Chicago: C. Hoogesteger (Mid-West Securities Co.), Grand
Rapids; James B. Van Vleck (Central Republic Co.), Chicago. Office:
Net loss
Previous surplus
1930.
1929.
$353,210 $1,745.139
340,468
306,929
96.851
19,058
22,864
449,845
Cr18,769
Nil
Nil
$2,247,469
$4.31
502
Financial Chronicle
231 South La Salle St., Chicago. Depositary, Grand Rapids Trust
Co., Grand Rapids; sub-depositary, Central Republic Trust Co., Chicago.
Committee counsel, Knappen, Uhl, Bryant & Snow, Grand Rapids.
In a letter dated July 3 the committee states in part:
On March 3 1933, a petition for the appointment of a receiver was filed
with the U.S. District Court for the Western District of Michigan, Southern
Division, in equity. On March 10 1933, certain creditors filed a petition
praying that company be adjudged an inv,oluntary bankrupt, and on June
9 1933, the company was adjudged bankrupt.
Declining business has made it difficult to reconcile different views as
to whether the business should be liquidated or continued, and, if continued, what securities should be received by the holders of its obligations
under a plan of reorganization.
Fortunately, the general improvement in business which recently set in
has led the Kroehler management to express as its opinion that there is
reason to believe that the operation of the business under a new corporation
may be conducted successfully and that reasonable efforts should be made
to that end. The committee has, therefore, approved a plan of reorganization. In approving the plan, the committee has given careful consideration,
first, to the probable unsatisfactory realization in case of liquidation of the
business, and second, the substantial decrease in property values, particularly manufacturing plants, as a result of the depression, and third,
to the necessity of having good management in charge of the affairs of the
company proposed to be foremed if it is to have any chance of success.
To reflect the conditions prevailing at the present time the principal
amount of bonds, although secured by the same property, will be reduced
509'. Furthermore, since it will be necessary to restore company to a
profitable basis before any income should be paid out to security holders,
the bonds will be income bonds. Nevertheless, it is arranged in the plan
whereby if the new company is successful, it will be possible under the
participating features of the plan to have a higher income than called for
by the coupon rate (6%) of the proposed new bonds.
In order to avoid the possibilities of a small percentage of bondholders
forcing abandonment of the plan through failure to deposit with the committee thereunder. Kroehler Manufacturing Co. has agreed to underwrite
the new bonds to be issued to an extent, however, not exceeding 109' of
all the new bonds to be issued and outstanding in the first instance. While
the right is reserved to underwrite further of the new bonds, there is no
certainty that this will be exercised.
Digest of the Reorganization plan.
r New Company.
-A new corporation is to be organized for the purpose of
taking over the property and business of Luce Furniture Shops after the
same have been sold., free of liens (except taxes), under order of the U. S.
District Court. New corporation is to continue the operation of the business
and to make reasonable efforts towards its success and to continue such
operation so long as in its judgment it may be conducted successfully.
Exchange of Securities.
-Depositing bondholders will receive in exchange
for the present bonds, non-cumulative participating income bonds issued
by the new company in principal amount equal to one-half of the principal
amount of bonds which are now held.
New Bonds.
-New bonds will bear coupons entitling the holder to receive
interest at the rate of 6% per annum, interest to be non-cumulative but
payable annually to the extent earned. In addition to this, the bonds
will participate, after the common stock shall have received 109' in dividends,in the earnings not appropriated for retirement of bonds to the extent
of 50% up to an amount equal to 4% on the maximum amount of bonds
at any time outstanding.
Should at any time during the next five years directors believe that it
would be to the best interest of the bondholders to preserve earnings which
would otherwise be paid out for the payment of interest on the bonds,
such cash payments may not be made, but in lieu thereof, the corporation
will issue an equal amount of its five year notes pro rata to the bondholders.
The new bonds will be authorized In an amount of $100,000 in excess
of that to be issued in exchange for outstanding bonds; such additional
bonds not to be issued in whole or in part unless capital equal in principal
amount thereto be supplied through the common stock either as outside
capital or as earned surplus capitalized.
The bonds will be secured in the first instance by a mortgage on the same
property now covered by the present trust indenture.
The bonds will mature 30 years after date and will be callable at 200%
of par. In case of liquidation or foreclosure, the bonds will have first
claim and lien on the assets of the company upon which the bonds are
secured up to 200% of the bonds then outstanding, in lieu of right to a
deficiency decree. The trust indenture will also contain appropriate provisions for the vesting of title to all the fixed assets of the new corporation
in the bondholders or their authorized trustee without the necessity for
foreclosure or other proceedings and the new corporation will waive any
and all equity of redemption which it might otherwise have in such property.
A conditional sinking fund will be provided for the retirement of bonds
through the deposit of cash annually with the trustee for the purpose of
buying bonds in the open market at the best price obtainable.
191d Stocks.
-All of the preferred and common stock of the old company
will be wiped out.
Trade Obligations.
---New company will assume and agree to pay all current trade obligations of Luce Furniture Shops due and owing as of the
date of the filing of the petition in bankruptcy March 10 1933, together
with all other current trade obligations incurred in operation down to the
date of conveyance of the assets to the new corporation.
Claim of Kroehler Manufacturing Co.
-The Kroehler Co. as the holder of
a claim against Luce Furniture Shops in the amount of $328,328 or thereabouts, for which it claims security on the personal property of the company, is to accept for such claim, common capital stock of the new corporation to the amount of not to exceed $240,000 and for the balance of its
claim the unsecured promissory notes of the new corporation not exceeding
$130,000. Interest on the promissory notes will be payable only out of
net income to the extent earned up to 6% before depreciation. Such notes
will be payable one-fifth thereof each year for a period of five years but,
so long as the company is operated as a going concern, only to the extent
that net earnings are sufficient therefor.
-V. 136, 13• 1728.
Ludlow Mfg. Associates(& Subs.).
-Earnings.
Calendar Years1930.
1931.
1932.
1929.
Total sales billed
$8,757,000 $11.007,000 $13,756.121 $22,624,458
Net earnings
z loss400,832
x116,977
2,583,215
y98,694
x In arriving at this figure no allowances have been made for taxes to be
paid in 1931 on business done in 1930. Taxes were paid, however, during
the year on business done in 1929, and have been included in expenses
for that period. y Net earnings after taxes, depreciation, charge offs on
inventories in the United States, current assets in foreign countries on
account of depreciated exchanges, doubtful accounts and including additional taxes levied by the United States Government on income for the years
1928 and 1929, amounting to $50,000. z After taxes, depreciation, inventory markdowns and allowances for doubtful accounts.
Comparative Consolidated Balance Sheet.
AssetsDec.31 '33. Jan. 2 '32. Dec.31 '30. Dec.31 '29.
Real estate & machinery
less depreciation
$9,200,250 $14,743,983 $15,284,412 $15,907.036
L. M. A, shs. held for
employees
20,273
18.388
Prepaid items
195.783
192,324
232,480
146,806
Investments
4,814,867
7,025,608 4.949,779
6.984.649
Interest accrued
20,538
40,654
57,349
Other assets
74,815
4,971
Cash
2,230,848
2.380,747
2,144,971
2,459,782
Notes & bills receivable..
890,277
1,111,252
558,584
389,055
Stock & mdse. accounts_ 4.016.843
8,155,205
5.179,051
9,481.838
Total
$23,239.687 $29,957,969 $31,548,896 $33,948.408
Liabilities
$111,015
Accounts payable
$143.098
$233,188
$232,808
Reserve for pensions__ _ _
187.872
170,192
188,177
222,200
x Res. for shareholders_ _ 22,784.679 29,554,592 31,215.928 33,889,218
Total
523.239,687 $29,957,989 $31,546.898 $33,948,408
180,889
186,400
x Outstand.shs.(no par)_
179.143
178,771
-V. 135. p. 4393.
Ludlum Steel Co.
-Stock Option Granted.
The New York Stock Exchange received the following notice from the
company, under date of June 27 1933:
"The directors of the Ludlum Steel Co. at a meeting held on June 19
1.333 granted a two-year option to II. G. Batcheller, President of the company. to purchase 5,000 shares of the common stock at the cost to the
July 15 1933
company, thecompany having previously acquired 5,000 shares purchased in the 'open market."
-V. 137, p. 325.
McCord Radiator & Mfg. Co.
-Shipments Higher.
The company reports dollar volume of shipments during June was
$533,000, compared with 5461,874 in May and $267,035 in June 1932.
The volume for the second quarter of this year also exceeded that of any
previous quarter since 1930. a Detroit dispatch states.
-V. 136, p. 4472,
McGraw Electric Co.(& Subs.).
-Earnings.
Calendar Years1932.
1931.
1930.
Net sales after deduct, returns, allow.
and cash discounts
$1,882,429 $3,092.257 $3.990,101
Cost of
salesI 1,9713,860{ 1,787.798
2,298,888
Selling expenses
832,801
986.813
Administrative expenses
300,122
341,852
Net profit from operations
Other income
1°683294430
25,307
$171,736
43,195
$3382.588
114,770
Total profit
1°66289,124
Develop. tie patent expense written off
Provision for Federal income taxes-- -
$214,932
5477,338
18,955
55.000
Net profit
28,000
loss$2139,124
$405,383
$188,932
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
$438,770 $339,608 Accounts payable_ $43,526
$78,055
324,679 Wages, salaries &
60,123
404,444
214,489
CO111111'128, accr'd
2,746
11,000
536,594 State & local taxes
307,700
accrued
9,470
10,847
32,814 Provision for Fedi
25,398
inc. taxes seer_ _
40,359
86,715
43,536 Res. for conting
10,432
50,000
y Capital stock., _ _ 2,917,430 2,968,750
Surplus, paid in_
7,284
31,390
823,550
Earned surplus_
213,210
14.421
Assets
Cash
Mktable secure_ _ _
Notes & accts. rec.
Inventories
Prepaid insurance,
taxes, &c
Officers'& employ.
notes & Recta_ _ _
Stks. & bonds on
hand
Cash surr. value of
life insurance_ __
x Land, bldge., ma734.988
chinery & equip_ 351,468
pats., &c 1,830,230 1,709,282
45,904
34,630
Dev.& invest. exp.
Total
$3,094,922 $4,172,128
Total
83,094,922 84,172,128
x After depreciation of $464.552 in 1932 and ;506,318 in 1931. y Reprecommon stock (no par).
sented by 250,000 shares of
-V. 136. p. 4282.
-Extra Distributions.
McIntyre Porcupine Mines, Ltd.
-
The directors have declared a bonus of 12M cents per share and an
extra dividend of 123 cents per share, in addition to the regular quarterly
dividend of 25 cents per share, all payable in United States funds and free
of all taxes on Sept. 1 to holders of record Aug. 1. Like amounts were
paid on June 1 last.
An extra distribution of 12M cents per share was made on March 1 of
this year.
-V. 136, p. 4101.
-Balance Sheet May 31.-Manhattan Shirt Co.
1932.
1933.
Assets$
$
a Land, buildings,
$635,979 $861,022
mach., &c
993.811
Accts. & notes rec_ 749,639
65,375
23,275
Investments
Mtges.de real est
86,800
421,498
Market. securities 1,013,787
922,964
761,351
Cash
1,280,970 1,659,088
Inventories
Trademarks, good5,000,000 5,000,000
will, Sic
325,300
b L.om. stock bal. 320,916
28,104
30,897
Deferred charges
1933.
1932.
Liabilities$
$
Common stock &
scrip
5,689,747 6,423,812
Meta,&c., payable
18,365
22,985
Tax reserve, Arc--.
18,181
19,369
Reserve for canting 100,000
100.000
Earned surplus_ _ 3,435,5281
.
Cap'tal surplus_ _ _ 845,7951 3,708,998
Total
9,903,614 10,275,182
Total......
9,903,614 10,275,162
Cen
=. b a
=1=Lue on common stoCk
Aftir deiiieciation and Obioles-purchased for sale to officers and subscribed for by them.
-V.137. p. 325.
-Earnings.
-Margay Oil Corp.
Calendar YearsNo. of bbls. of crude oil
produced
Gross income
Operating expenses
General expenses
1932.
1931.
1930.
1929.
431,468
5402,402
68,734
69,552
555,722
$333.773
54,792
85.528
212,198
$280.267
83,821
83.158
441,077
$840.726
161,015
83.307
Net profit from oper-Income credits (net)
$284.116
Dr94,062
5213,452
Dr170.367
$113,289
Dr128.27)
$398,403
38,314
Total income
Reserve for deprec. &
depletion,&c
$170,053
Net inc. for the year..Surplus, Jan. 1
Cap, expend, previously
charged off reinstated-
125,469
$43,085 def$14,981
271,286
$434,718
126,852
229,309
$44,584 def$228,180 def$141.833
108,197
334,378
588.529
$205,408
882,636
221.842
Gross surplus
Dividends
$3372.424
149.758
$108.197
5448,696
112,318
$888,044
299.518
Surplus, Dec. 31---Earns, per sh. on 149.758
shs. outstand.(no par)
-V. 138. p. 1563.
5222,888
1108,197
5334,378
$588,529
$0.30
Nil
Nil
$1.37
(& Subs.).
Master Tire & Rubber Corp.
-Earnings.
Calendar YearsIncome from sales
Cost of sales and expenses
1932.
1931.
$3,311.625 $3,749,128
3,124,199 3,387,401
P
III.Net income from operation6
Depreciation
$ 7
2
1.1.12
Provision for bad debts
65,792
Cash discount on sales
39.509
Interest paid
59,139
Miscellaneous
8.689
Write-down of inventory to cost or market
$381,727
114,995
48,338
42.181
11,279
34,514
Net profit for year
loss$95.588
$110,420
Consolidated Balance Sheet Dec. 31.
1931.
Liabilities
Assets 1932.
1932.
1931.
Cash
$89,043 $127,836 Notes pay.-banks $203,883 $120,918
Other notes pay _ _ 113,046
a Accts.ree.& notes
Trade accept. pay., 139,996
& trade accept.
514,508 Accts. pay -trade
591,332
receivable
6,787 credits
12,627
Accts. rec.-other
218,640
259,171
413,401 Accts. pay.
-other
787,520
Inventories
79,730
15,540
155,810 Accr. wages. taxes,
Investments
89.263
59,772
bPermanent assets 1,655,580 1,509,094 int. & other exp.
42,661
Long-time indebtOther assets
10,659
edness
80,251
238,450
32,541
161,155
Deferred assets__
Reserves
100,000
Pat., copyrights &
25,000
130,764 Preferred stock_ _-d1.288,400 d1.393,800
good-will
c Common stock &
surplus
d826,646 d920,307
Total
$3,268,665 $2,938,554
$3,288,565 $2,938,554
Total
a After reserve for loss in collection of $75,000 in 1932 and $94,273 in
1931. b After reserve for depreciation of $1.689,993 in 1932 and $981,892
in 1931. c Represented by 89.225 no par shares in 1932 and 89.147 in
1931. d Includes stock reserved for exchange by minority stockholders
-V. 135, p. 3533.
of former subsidiaries.
Financial Chronicle
Volume 137
Massachusetts Investors Trust.
-Increases Holdings.
The following .changes have been made in the portfolio of this trust
since July 1:
Total Now
Bought.
CompanyOwned.
3,000 she. R. H. Macy
6,000 shs.
-Roebuck
5,000 shs. Sears
5,000 shs.
1,200 shs. Liggett & Myers
8,000 shs
1,500 shs. Eastman Kodak
5,000 shs.
3.000 Bias. General Motors
18,000 shs.
Sold.
5.000 shs. du Pont
5,000 shs.
2,800 she. Commercial Solvents
5,000 she.
The trust continues to keep well invested, with cash on hand of approximately 8350,000 to $450,000. or about 2% of the assets.
-V.137, p. 153.
Material Service Corp.(& Subs.).
-Earnings.
Calendar Years1932.
1930.
1929.
1931.
Sales
82.943.721 $5,648,315 17,571,465 $9,202.813
Cost ofsales. Incl. depre.} 2,906,819
5,346,235
7,266.425
8,734,819
Federal taxes
40.000
50.000
Net income
$265,040
$302,080
$36.902
$417,994
Earn, per sh. on 125,000
shs.(no par)
$2.12
82.41
$0.30
$3.34
Consolidated Balance Sheet Dec. 31.
Assets1932.
1932.
1931.
1931.
LiabilitiesCurrent assets..-$1,327,053 $1,501,784 Current liabilities_ $769,272 $809,103
Fixed assets
2,024,374 2,544,230 x Capital stock
1,250,000 1,250,000
Other assets
1,152,437
866,833 1,049,029
775,315 Capital surplus_ _ _
Good-wi'l
1
1 Profit & loss surp_ 1,422,761 1,407,364
Pur. money obllg_
39,500
25,000
Minority interest.
25,000
341,333
6% notes
170,000
1st mtge. bonds
Other notes pay_
100,000
Total
$4,503,865 $4.821,330
84,503,866 84,821,330
Total
x Represented by 125,000 shares of common stock, par 610.-V. 134.
p. 3833.
Mathieson Alkali Works, Inc.
-Acquisition.
-
The company has acquired the mines, plants and properties of the
Beaver Products Co. of Virginia, a subsidiary of Certain-teed Products
Corp., through the purchase of all of the outstanding bonds of the Beaver
company.
The gypsum properties acquired, formerly the old Southern Gypsum
Co., are contiguous to the Saltville, Va., works of the Mathieson company
and will be operated as the gypsum department of the latter.
It is understood that refuse of the gypsum mines will be utilized by
Mathieson in the production of a new product that will be manufactured
at the Saltville works, details of which are not yet available.
-V. 136,
p. 2807.
Maverick Mills of East Boston, Mass.
-Earnings.
-Calendar Years1932.
1931.
Net profit after deprec., bond interest & taxes___
82,258
$42,425
Balance Sheet Dec. 31.
Assets1932.
1931.
1932.
Liabilities1931.
Plant
$500
$1,780,357 $1,757,621 Preferred stock ..- $600
Cash,accts. rec.__
500,000
124,554
500,000
249,826 Common stock._ _
Inventories
1,050,000 1,050,000
183,076
298,042 Bonds
Investml, sinking
49,282
Accounts payable_
67,488
fund
1,704,596 1,403,142 Depreciation res._ 1,410,359 1,310,359
150.000
Special reserve... 150,000
632,442
630,184
Surplus
Total
$3,792,583 $3,708,631
-V. 135. P. 1834.
Total
53,792.583 83,708,631
Mengel Co.
-Unfilled Orders Gain.
-
As ofUnfilled orders
-V. 137, p. 153.
Mercantile Stores Co., Inc.
-President Elected.
Merck & Co., Inc.(& Subs.).
-Earnings.
-
Calendar Years
Operating profit
Depreciation
Rentals
Taxes
Other deuctions
$1,145,228
130,532
123,117
120,902
39.647
Operating income
Rent income
Other income
$731.029
15.381
60,201
$508,528
17.551
46.766
$533,608
17,133
48,927
Gross income
Interest on bonds
Normal amortiz. of bond discount_ -Other deductions
Federal and Canadian income taxes- Net income
Surplus credits
surplus charges
$806.612
24.000
4,645
112.483
83.412
$572.864
42.000
8,129
66,249
48,367
8599,668
67.500
15.065
40,353
50,544
$582,072
41,787
65,012
$408,119
54.975
84,479
8426.206
198,032
191,548
Balance
Surplus Jan. 1
$558,848
638,238
$378,615
679.623
$432,690
666.934
1930.
$949,715 $1,031,594
130.994
174,050
137,047
145.680
123,173
131,470
49.974
46,786
81,197,086 $1,058,238 81,099,624
420,000
420,000
420,000
Surplus Dec. 31
8638,238
$679.624
8777,086
Consolidated Balance Sheet Dec. 31.
Assets1932.
1932,
Liabilities1931.
1931.
Cash
$1,645,314 $1,657,714 Accounts payable_ $197,621 $219,237
Accts.& notes rec. 929,086
811,449 Due to aftII. cos.
Can. Gov. bonds. 112,295
81,159
& for joint accts. 109,629
Adv.to affil. cos.&
94,208
Accruals
77,771
for joint accts._
14,470
11,544 1st mtge.6% serial
Accrued int. rec..
300,000
1,251
800,000
gold bonds
Inventories
213,658
2,625,213 3,143,593 Reserves
308,922
Investments
347,731
303,833 a Capital stock- 4,000,000 4,000,000
Land, bldg., maCapital surplus... 1,750.000 1,750,000
chinery & equip. 1,679,064 1.585,627 Earned surplus.
777,086
638,238
Deferred charges._
86,876
161,585
Goodwill, trade
marks
2
2
Total
87,442,202 87,875,348
Total
$7,442,202 $7,675,348
a Reprerented by 100.000 shares (no par).
-V. 136. P. 2807.
Michigan Steel Tube Products Co.
-Earnings.
Calendar YearsNet loss before provision for depreciation
Provision for depreciation
1932.
8160.005
75,537
1931.
$8.723
105,390
P Net loss for year ended Dec.31
Dividends
$235.542
$114.113
40.000
$235,542
594,154
616
Dr204,190
8154.113
749.316
1,050
8153,804
3594,154
$11
III8
I' Deficit
Previous surplus
Adjustments prior years (Dr.)
Write down of fixed assets
Balance Dec.31
Balance Sheet Dec. 31.
Assets
Liabilities1932.
1931.
Cash & ctfs.of dep.
$24,215 Accounts payable.
$6,598
Notes rec.-tradel
55,759
1 279 Pay rolls and sunAcc'ts receivable.'
dry accruals_ __
152,072
Mun. bonds & acNotes payable____
crued interest _
51,947
51,947 Local taxes
Inventories
141,347
180,094 x Common stock__
Cash surr. val. of
Earned surplus_ _ _
life insurance _ _
9,906
11,738
Property & plant_ y528,175
774,984
484
Patents
1
Deterred charges_
28,422
38,689
1932.
$60,601
1931.
527.778
8,952
70,000
29,110
500,000
153,805
10,255
500,000
594,154
Total
Total
$822,468 $1,132,187
5822,468 $1,132,187
x Represented by 100.000 shares (no par value). y After depreciation of
8320.130.-V. 135, p. 142.
Merck Corp.
-Annual Statement.
Calendar Years1932.
1931.
Dividends received
$275,192
$275,192
Interest received
1,177
536
Miscellaneous
1.051
1930.
$275,192
1.745
1.543
1929.
$158,353
22.499
2,007
Total income
Expenses
Accts. receiv. written off
8275,728
4,502
339
8277,420
3,908
$278,480
6.895
8182.858
8.981
Net profit for year.... _
Previous surplus
Unrequired port. of res.
for contingency
$270.887
370,348
8273,512
365,989
$271,585
363,804
$173,877
325,451
247
Total surplus
$635,389
$639,748
$499,329
$641.235
Divs,on preferred stock_
269.400
269.400
135.800
269,400
Surplus Dec.31
$370.348
8363,529
$371,835
$365.989
Comparative Balance Sheet Dec. 31.
1932.
Liabilities1931.
Assets1931.
1932.
81.392
Cash
$8,039 Accounts payable_
$2,200
$10,284
CtLs. of deposit...
250
30,000
300
30,000 Accr. expenses pay
Investments
3,929,002 3,929,001 Preferred stock__ 3,395,000 3,395,000
a Common stock__ 200,000
200,000
Surplus
370,348
371,835
Total
Total
$3,969,286 $3,967,040
$3,969,286 $3,967,040
a Represented by 40.000 shares of no par value.
Note.
-Unpaid cumulative dividends on preferred stock on Dec. 31 1932
amounted to 34%.-V. 134, p. 4168.
-Reduces Quarterly Payments:
Midwest Oil Co.
-
The directors recently declared quarterly dividends of 5 cents per share
on the pref. stock. par 61, 3 cents per share on the common stock. par $1.
and 30 cents per share on the common stock, par 810, all payable July 15
to holders of record June 30. This compares with previous quarterly distributions of 6% on the pref. stock and 4% on the common shares.
-V.136.
p. 2437.
-50,000 Shares Retired
Mohawk Carpet Mills, Inc.
Sales Up.
The corporation announces that it has retired 50,000 shares of its common
stock, bought at the market. This transaction has reduced its capitalization by $1,000,000. Evidence of improving conditions in the carpet
industry is indicated by an increase of about 600% in Mohawk sales during
the past four months and also by two price advances.
A contributing factor in earnings during the second half of the year is
expected by the company to result from its large inventory of wool, purchased at prices about 25% of current market prices for the same grades.
-V. 137, p. 326.
Monmouth Title & Guaranty Co.
-Sale.
-
June 30'33. June 7 '33. June 30'32.
$948,229
$1,050,000
$768.000
Colonel L. S. Plant has been elected President to fill a vrcancy which
had been open for about two years. lie had been Vice-President in charge
of merchandising. No successor as Vice-President was named.
-V. 136,
p. 4283.
Total surplus
Ethidends paid
503
It is reported that a new company is being organized to take over and
operate the company.
The property which has been in liquidation since Dec. 1931, has been
sold at public auction for $16,500 to Irving Feist of Feist & Feist, realty
brokers, of Newark, N. J. subject to acceptance by Colonel William H.
Kelly, State Banking Conimissioner.
it comprised assets formerly listed at a book value of 8805.000 when
the firm was solvent and Included card index files and contents consisting
of deeds, judgments, mortgages, taxes and title maps and blueprints.
besides furniture and office equipment.
-V. 136. P. 856.
Monsanto Chemical Co. (Del.).
-Listing of Additional
Common Stock.
The New York Stock Exchange has authorized the listing of 3.000 additional shares of common stock (par $10) upon official notice of issuance in
connection with the purchase of property by the company authorized by
the directors at a meeting held on June 12 1933. making the total amount
applied for 432,000 shares.
-V. 136. p. 3719.
-Pays
-Changes Capital
Montreal Finance Corp., Ltd.
Dividend.
The stockholders on June 29 approved a compromise or arrangement
which provides as follows:
The arrears of dividends on the cum. partic. pref. stock as now existing
are waived and canceled, and the corporation Is relieved of any liability
to pay any further dividend with respect to the period terminating on
Dec. 31 1932.
To take effect as from Jan. 11933, the 8% cum. partic. pref. stock shall
be changed and converted into 6% cum. partic. pref. stock.
As from Jan. 11933, if for any financial year or any half of any financial
year, after the 6% dividend on the cum. partic. pref. stock has been paid
or declared, all further dividends shall be declared and paid as follows:
(a) an additional dividend of 50 cents per share for a one-year period or
25 cents per share for one-half
-year period on the cum. partic. pref. stock;
(b) any surplus remaining available for dividends shall then be divided in
the proportion of three-fifths to the holders of no par value stock and twofifths to the holders of cum. panic. pref. stock, share and share alike.
A dividend of 3% on the paid-up pref. stock for the half
-year ended
June 30 1933 was declared at a meeting of directors held on June 27 1933
and checks were mailed to shareholders on July 10 1933.-V. 133, p. 4338.
Mortgage Insurance Corp., Los Angeles.
-Over 86% of
Certificate Holders Approve Plan.
Holders of approximately 86% of certificates of the outstanding issues
have already assented to the amendments of the trust agreements requested
by the corporation. In several of the issues the trustee has executed the
supplemental trust agreements, and funds are now available to pay the
coupons due on these issues. In other issues the trustees are awaiting the
execution of further assents.
All holders who have not as yet executed and returned to the trustees
the assents are urged to communicate with the corporation immediately.
Mortgage Insurance Corp. with offices at 609 South Grand Ave., Los
Angleles, is one of the largest mortgage insurance companies on the Pacific
Coast and is controlled by Security Housing Corp.
-V. 136, P. 1730.
Mullins Mfg. Corp.
-Earnings.
For Income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.
-V. 136, la• 3733.
Murray Ohio Mfg. Co.
-Earnings.
Calendar YearsManufacturing profit before deducting deprec_ -Depreciation
Selling, general, admin. and delivery expense_ _ -Other deductions
1932.
$200.338
27,153
195.702
58.982
1931.
$306,024
65.914
214,295
21,573
Net profit
d ef.;31.499
Previous surplus
450.874
Net recovery on prior years' Federal 111C01110 taxes_
84,242
436.190
10.441
Profit and loss surplus Dec. 31
$369.375
6450.873
Financial Chronicle
504
July
Assets-1932.
Cash
$113,863
Customers' accts.
receivable
223,280
168,279
Inventory
17,332
Other assets
Permanent assets.. 710,836
Contracts, processes, &c
250,000
Deferred charges
7,861
1931.
Liabilities$161,369 Accts. pay,for purchases,exps.,&c.
241,363 Customers' depos_
209,974 Accrued
23,639 10-yr. 6
debs_
841,992 x Common stockCapital surplus
250,000 Profit & loss surp50,249
1932.
1931.
$59,891
1,595
17,591
743,000
300,000
$50,451
6,737
17,526
753,000
300,000
200,000
450,873
369,375
$1,491,452 $1,778,589
Total
$1,491,452 $1,778,589
Total
x Represented by 60.000 shams of no par value.
-V. 136, p. 41
Muskegon Motor Specialties Co.(& Subs.).
-Earnings.
Gross profit
Sell. & administration expenses
1932.
$159,504
58,240
1931.
$425.910
81.599
1930.
$462.293
105,040
Operation profit
Other income
$101,265
10,193
$344,311
14.712
$357,253
7,627
Total income
Idle property, expenses, &c
Depreciation
Federal tax
$111,458
22,248
257.011
$359,023
27.813
248.227
18,300
$364,880
$64,684
120,050
$181,765
130.091
245.759
$65,366
Deficit for year
$217,802
Nil
$1.08
Earnings per share on class A stock
Consolidated Balance Sheet Dec. 31.
$194,085
$3.00
Calendar Years-
Net income
Class A dividends
Common dividends
loss$167.802'
50,000
169,115
14.000
1932.
1931.
LiabilitiesAssets1932.
1931.
880,809 Current liabilities_ 8185,432 $119,356
Cash
$57,799
249,279 a Capital stock_ __ 2,205,405 2,205,130
U. S. Gov. secure_ 270,271
5,000
Accts. receivable_
40,186
50,156 Conting. reserve_ _
31,561
136,479 Other reserves_
Inventories
127,319
314
Fixed assets
b1,779,833 1,923,166 Minor. interest
c1173,094
159,954
38,959 Surplus
Investments
59,743
Deferred charges_
14,151
10,905
Total
82,349,303 $2,489,754
Total
82,349,303 82,489,754
a Represented by 60,000 class A and 225,000 (224,975 in 1931) common
shares, all of no par value. b After depreciation reserve of $1,537,738.V. 135, p 999.
-The directors on
Nash Motors Co.
-Resumes Dividend.
July 7 declared a dividend of 25 cents per share on the common
stock, no par value, payable Aug. 1 to holders of record
July 20. In the previous quarter the company omitted the
-cent dividend which had been in effect for three quarters.
25
Distributions of 50 cents per share were made on Feb. 1
and May 2 1932 and on Nov. 2 1931, compared with 161 per
share each quarter from Aug. 1 1930 to and incl. Aug. 11931.
C. W. Nash, Chairman of the board, in commenting upon
the dividend payment,said that"the improvement in business
conditions throughout the country is so pronounced and our
plans for future operations are so comprehensive that the
declaration of a dividend seemed advisable and justified at
this time."
Quarterly Earnings.
-For income statement for three and six months
ended May 31 see "Earnings Department" on a preceding page.
Cash and marketable securities as of May 31 1933, amounted to $31,800,265 comparing with $31,503,668 on Feb. 28 last and $33,428,970 on
May 31 1932.-V. 136,P. 4473.
National Cash Register Co.
-Increases Wages.
Effective July 10 this company increased wages of all employees, except
-V.
executives, 10%. About 5,000 will be benefited by the advance.
137. p.327.
National Distillers Products Corp.-Pref. Stock Called.
All of the outstanding shares of pref. stock have been called for redemption on Aug. 15 next at $40 per share and diva., or a total of $40.32 per share
Payment will be made at the Bankers Trust Co., 16 Wall St., N.Y. City.
V. 137, p. 327.
-Verdict in Mail Fraud Case.
National Diversified Co.
The nine defendants in the mail fraud case against Otto E. Goebel,
motion picture producer, and eight others connected with the National
Diversified Co., which sold about $3,000,000 worth of stock to prominent
persons on the ground that the company was to make religious films, were
found guilty July 7 by a Federal jury which has listened to evidence for
206 days.
All the defendants were found guilty on all of the 72 counts in each
Indictment. including one for conspiracy. The counts were based on the
fact that the stock in the company was sold on false representations.
Judge Woolsey imposed the following sentences on the defendants:
Otto E. Goebel, five years on each mail fraud count and two years on
the conspiracy count, the sentences to run concurrently; fines of $1,000
on each mail fraud count and $10,000 on the conspiracy count, a total
of $41,000.
Irene C. Flautt, four years on each mail fraud count and two years on
the conspiracy count, the sentences to run concurrently; fine of $41.000.
Elizabeth C. Flautt, for whom the jury had recommended leniency, one
year and a day on each mail fraud count and one year on the conspiracy
charge, the sentences to run concurrently; no fine.
Jerome D. Klein and James F. Cassidy, promoters, the same sentences
and fines as Irene C. Flautt.
Franklin Johnson, Robert J. Patterson, John Elder and Bernard J.
Flynn, stock salesmen for the company, sentences of two years each and
fines of $41,000 apiece.
-Earnings.
National Rubber Machinery Co.
Calendar Years1932.
x Operating profit
los437,255
55,931
Depreciation
Int. & other deductions93,195
Federal income tax
24.567
Non-operating charges
loss$210,949
Net profit
264.526
Previous surplus
Refund of prior yrs.taxes
4,937
Cancell.of pr. yr.'s depr_
285,170
3,000
Contingency reserve..
Total surplus
$346,684
Dividends
Unamortized disct. and
premium paid on bds.
retired
Fed. tax paid at source_
Organ. exps. charged off
Adj. prior yrs. royalties_
6,800
Capital surplus arising
out of reduct. of capital stock
Cr.206,782
1931.
$301.741
148.940
92,100
5,404
17.456
Assets
1932.
1931.
Cash and Liberty
bonds
$104,001 $160,553
Accts. rec. (net)
410,195
303,432
164,918
Inventories
124,198
Investments
96,460
95,806
Land, bldg., mach.
and equipment_ 1,197,171 1,985,032
34,827
Deferred charges
7,405
Liabilities
1932.
1931.
Notes payable_ _ _ _
$90,000 $125,000
Accounts payable_
30,132
35,569
Accr,taxes, wages,
&c
25,579
43,074
x Capital stock_ __ 1,134,200 2,389,253
Earned surplus_ _
. 339,883
264,526
Capital surplus
206,782
Total
81,832,014 $2,851,985
81,832,014 $2,851,985
Total
x Represented by 113,420 shares (no par).
-V. 135, p. 1835.
-New Company to Service Mortgages
National Surety Co.
and Real Property Underlying Various Guaranteed Bond
Issues.
-See last week's "Chronicle," p. 236.
C. Prevost Boyce, Chairman of the protective committee formed for the
protection of holders of mortgage bonds, mortgage participation certificates
and other real estate securities guaranteed by National Surety Co. in a
letter to the security holders states that John G. Gredler, formerly of the
Irving Trust Co. of New York, has been made President of the National
Realty Management Co., Inc., formed at the instance of the committee.
The directors of the company are Henry R. Johnston. Vice-Free,, Manufacturers Trust Co. in charge of Trust Department: Charles W. Hoff
Vice-Pres., Union Trust Co. of Maryland; E. M. Allen, former President.
National Surety Co.; R. A. Brennen, New York State Deputy Insurance
Commissioner; Aaron Rabinowitz, Co-receiver, Greyling Realty Corp.,
and Mr. Boyce of Stein Bros. & Boyce.
In connection with the election of Mr. Gredler, the letter states: "The
committee will co-operate with the trustees, the New York Insurance
-Wrests,so long and only so long as it believes
Commissioner and any other I
the rights of the bondholders are best protected by such co-operation; it
will not hesitate, however, to pursue any independent remedies or take any
independent action which it may deem necessary for the protection of your
interests.
"The committee is continuing to do everything in its power to protect
your interests and proposes among other things to continue its original
objectives."
The committee adds that "the deposit of your bonds will not commit you
In advance to any plan of reorganization; any depositor may withdraw his
bonds after the announcement of the plan of reorganization or readjustment
-1.
under the terms of the deposit agreement.'' 1 137, p. 154,
-Offers to Resume.
Naumkeag Steam Cotton Co.
-
In an open letter to employees, this company announced terms under
-hour week, present hourly and
which it would resume operations viz., a 40
piece rates increased 20% to provide 48-hours' pay for 40-hours' work;
minimum wage whether on time or piece, $13 a week.
The mill plans to continue its research work. The company also states
that it anticipates the necessity of running a second shift of some size.
possibly up to half the size of the first shift. Should the second shift be
needed, it is expected that it will require all present employees and additional employees, the presumption being that it will have to keep on
married women employees.
The management is prepared to open the gates promptly upon the
acceptance of these conditions by a substantial number of employees.
The management expects employees to step up from 20 to 24 looms. It
says competitors have been operating from 30 to 40 looms. Company also
states that it pays the highest wages in the cotton textile industry, 20%
to 30% higher than some northern competitors and 40% to 50% higher
than southern competitors. ("Boston News Bureau ").-V. 137, p. 154.
-Dividend Decreased.
New Amsterdam Casualty Co.
-
The directors have declared a semi-annual dividend of 60 cents per share
on the capital stock, payable Aug. 1 to holders of record July 24. This
compares with 75 cents per share paid on Feb. 1 last and with a quarterly
Payment of 50 cents per share made on Aug. 1 1932.
The stockholders on July 6 voted to decrease the par value of the capital
stock to $5 from $10, the difference of $2,250,000 resulting therefrom to be
transferred from capital account to surplus and contingency reserve.
The stockholders then voted to increase the authorized capital stock
by 50,000 shares to 500,000 shares, of which 450,000 shares are outstanding.
p. 154.
-June Sales.
(J. J.) Newberry Co., Inc.
See also V. 137,
1.933-June-1932.
$2,900,299 32,594,330
-V. 136, p. 4102.
Increase. J 1933-6 Mos.-1932,
3305,8991314,326,781 $14.290,499
Increase.
$336,282
New York & Honduras Rosario Mining Co.
-Earnings.
1931.
1932.
Calendar Years1930.
1929.
$1,274.040 $1,322,186 $1,247,011 $1,414,857
Operating income
970,439
916,654
Operating expenses, &c_
919,499
872,757
$405,531
3303,601
$495,358
Net profit
$374,254
111,313
134,805
128,687
Other income
121.958
$414,914
$540.336
$624,045
Total income
$496,212
75.190
89,353
19,892
14,990
Miscellaneous expenses21,776
14.622
Res, for depletion, &c.. _
19,562
13.552
29.657
18,304
37,297
Federal income tax
34.220
$306,797
280,859
Net income
Dividends
Surplus
Shares capital stock outstanding (par $10) .
_Earns.per sh.on cap.stk.
$399.550
375.001
$25,938
$24,549
$58,449
$47,294
188.983
200.000
$1.62
$1.99
Balance Sheet Dec. 31.
200,000
$2.16
200,000
$2.73
$433,449
375.000
$547,294
500,000
1931.
Liabilities
1932.
Assets1932.
1931.
Current assets_ _- _$2,728,330 $2,747,206 Current liabilities_ 864,384 $114,839
44,757 Res.
-insurance _ _
41,776
Other assets
137,060
148,724
Res.
-dive, pay'le.
Permanent assets,
71,985
47,245
419,621 Reserve-Sabana
less depreciation 428,398
Grande - Bond's
Mines, real estate
Mining Co. adv.
and concessions
32,174
30,791
Capital stock
less: depletion of
1,889,830 1,919,580
862,503 Surplus
856,587
mines
2,057,745 2,014,419
215,971
183,628
Deferred charges
Total
$4,238,721 $4,290,059
Total
84,238,721 54,290,059
1930.
$284,919
146,990
108.093
11,844
51,516
1929.
$777,392
142,558
120,022
54,098
Note.
-For the purpose of compar son, the current assets as of Dec. 31
1931, have been adjusted for treasury stock held at that date in the cost
value of $89,096, and capital stock, dividends payable and surplus with
-V. 136. P. 4285.
relative adjustments.
$37,839 loss$33,524
241,859
428,561
$460.715
276,620
Calendar YearsTotal income
Expenses
$279,698
$395,037
141,775
$737,335
220,330
15,172
11,404
79,347
217
8,881
-Earnings.
Nipissing Mines Co., Ltd.
Net income
Dividends
Surplus Dec.31
$241,859
$428,561
$264,526
$546.666
Earns. per sh. on 113,420
Nil
shares capital stock__ _
$4.06
Nil
$0.33
x After deducting cost of goods sold, selling and administrative expenses.
15 1933
Consolidated Balance Sheet Dec. 31.
Condensed Balance Sheet Dec. 31.
1932.
$10,000
8.351
1931.
$105,000.
14,270
1930.
$3370,000
16,056
1929.
$390,000
27,747
$1,649
390,730
90,000
v353.944
360,000
$362,253
360,000
$1,649
$730 def$6,056
Balance, surplus
$2,253
4,964
3,316
Prof.& losssuno• Dec.31
2,586
8.643
Nipissing Mining Co., Ltd.
Earnings of
1931.
1932.
1930.
Calendar Years1929.
'
$635,407
$791.900 $1,236,514 $1,545.829
Gross
131.002
321,961
Net loss after tax & chgs.
15,613 prof.180,009
10.000
105,000
Dividends
370,000
390.000
Deficit
-V. 134, p. 4169.
$3331,961
3236.002
3385,613
3209.991
North American Creameries, Inc.
-Removedfrom List.
-
The Chicago Stock Exchange has removed from the list the 40,000
.-V. 136, p. 1732.
shares class A common stock (no par)
Financial Chronicle
Volume 137
New York Merchandise Co., Inc.
-Earnings.
-Calendar YearsProfit from operations__
Other income
1932.
$229,386
1931.
$183,981
1930.
$198,576
1929.
$343,014
86,138
Total income
Res. for Fed,income tax
$229,386
30,786
$183,981
21,374
$198,576
19,692
$429.152
44,500
Net profit
Div. on 7% pref. stock_
$198,599
19,919
$162,607
27,192
$178,884
38,939
$384,652
48,458
$178,681
$135,414
$139,945
$336,194
Net profit applicable
to common stock-- _ _
Shares of common stock
(no par) outstanding_
Earns.per sh on com.stk.
Assets-.
Cash
Accts. receivable
Notes & trade accept. receivable.
Life ins. policiescash sure. value.
Securities
Due from empl's
Duefrom affil Co.
Divs. receivable_ _
Inventory
Stock of MM. cos_
Furn. & fixtures._
Mch.-deprec. val
Patents
Prep'd ins. & exp_
Treasury stock. - -
72.909
72,909
75,537
72,909
$1.92
$2.45
$4.45
$1.86
Balance Sheet Dec. 31.
1932.
1931,
1931.
1932.
LiabilUies$352,326 $321,791 1st pref. 7% cum.
$210,100 $259,400
902,228 1,001,631
stock
83,200
43,200
2d pref. 7% cum
374,124
a1,059
143,031 b Common stock_ 374,124
Accept, under corn
24,320
273,065
86,853
22,200
letters of credit_
59,577
67,223
77,041 0th. liab. & accr-50,551
34,875
4,008
2,263
6,641 Due to employees_
73,247
Res. for disc. on
8,500
3,000
8,000
3,000 accts. receivable
990,196 1,016,499 Surplus
1,829,522 1,715,224
142,752
125,252
14,683
18,343
9,374
5,000
5,000
10,000
12,772
9,019
250
4,250
Total
$2,621,286 $2,768,071
$2,621,285 $2,768,071
Total
a Trade acceptances only. b Represented by 72,909 shares no par stock.
-V. 134, P. 1595.
North American Refractories Co.(& Subs.).
-Earns.
Income Account Year Ended Dec. 31 1932.
Net loss from operations
Provision for depletion
Provision for depreciation
Interest on funded debt
Deficit for the year
Consolidated Balance Sheet Dec. 31 1932.
Assets
LiabtlUiesCash
$73,993 Notes payable
Notes & accounts receivable_
106,681 Accounts payable (incl. taxes
Inventories
and accrued items)
818,987
Value of life insurance
35,175 Salaries & wages payable_ _
Cash on deposit with sinking
Funded debt
fund agents
% debentures_
4,653 Int. on
Investments
Reserve for self-insurance_ _ _
Clay,ganister,& coal reserves 1,815,246 6Si 7 cum. conv. pref.stock_
Plant property, less deprec__ 3,378,061 Common stock
Mferred charges
179,460 Deficit
$156,124
8,434
290,808
190.497
$645,863
$74,000
53,205
16,495
3,039,700
68,478
7,149
1,813,800
x2,120.561
779,394
Total
$6,413,993
$6,413,993
Total
Note.
-Quarterly dividends due Oct. 1 1930, and subsequent thereto on
the 614%, cum., cony., pref. stock, amounting to 1634%, have not been
declared.
x Represented by 58,516 shares of class A and 72,501 shares of class B
stock.
-V. 131. p. 125.
North American Trust Shares.
-Larger Distributions.
-
Distributors Group Inc., on July 10 announced that the semi-annual
distribution payable July 15 on the North American Trust Shares, 1955
(maximum cumulation type) will amount to 6 cents per trust share. This
compares with 5.2 cents per share paid on Jan. 15 last and 7.4 cents per
share on July 15 1932.
The semi-annual distribution on the North American Trust Shares, 1956
(maximum distribution type), also payable July 15 1933, will amount to
5.8 cents per trust share, as against 5.4 cents per share six months ago and
7.6 cents per share on July 15 1932.
Holders of North American Trust Shares, 1956, are extended the right
to invest all or part of the July 15 1933 distribution in additional trust
shares at a discount of 5 cents per trust share below the current offering
price, such rights expiring Aug. 1 1933.
The City Bank Farmers Trust Co., as trustee, will distribute on July 15
1933 to bearers of coupon No. 4 appertaining to North American Trust
Shares, 1955. the sum of6 cents per trust share, and to the bearers of coupon
No. 4 appertaining to North American Trust Shares. 1956, the sum of
5.8 cents per trust share. The amount so to be distributed is in each case
for the period ending June 30 1933 and is classified as follows:
SourceNags 1956.
Nets 1955.
Regular cash dividends
$.0474000000 $.0474000060
Sales of stock dividends
.0116295290 .0103101000
Int. credited on currently distributable funds
.0000553590 .0000622850
Carry-over from preceding distribution
.0009829160 .0019586685
Total
$.0600678040 $.0597310535
Deduct: Legal fees
0000217750
.0000205250
Carry-over (minor tractions not practicable
to distribute on this distribution date)____ .0000460290 .0017105285
Total deductions
$.0000678040 $.0017310535
Total to be distributed
$.0600000000 $.0580000000
-V. 137,p. 154.
(The) Noxzema Chemical Co.
-$1 Distribution.
A dividend of $1 joer share was recently declared on the no par common
stock. payable July 7 to holders of record July 6.
This compares with $2.50 per share paid on Jan. 10 last and $1 per share
on July 11 1932.-V. 135. p. 4395.
Ohmer Fare Register Co.
-Sales Higher.
The company reported June cash register sales 73% above those of
June 1932, and 57% greater than for any previous month in its history.
The new register, introduced for beer business, accounted for half the
June volume.
Sales of fare registers, taximeters and other Ohmer products are increasing steadily although not so spectacularly as cash registers, President
John F. Ohmer stated.
-V. 136, p. 1732.
. Pacific Eastern Corp.
-Offer Extended.
See Atlas Corp. above.
-V. 136, p. 4473.
Package Machinery Co.
-Earnings.
-
Calendar Years1932.
1931.
Net loss after taxes and charges
$61,429 pf$374,639
General Balance Sheet Dec. 311932.
Assets
Liabilities
Cash
$100,622 Accounts payable (trade) _ _ _ $44,128
Bonds (market)
150,000
51,413 Notes payable
Accts. and notes receivable
2,959
320,616 Accounts payable others
Matls. finished parts (work in
Accrued expenses
5,000
process)
427.877 Reserve liabilities
11,691
Royalties
6,740 7% cumulative pref. stock.. _ 334,600
Prepaid expenses
12,455 Common stock
1,823,300
Investments
188,083
108,850 Surplus
Treasury stock (at par)
87,950 Sinking fund reserve
9,279
x Plant and equipment
440,984
y Pats., Pats, pending and
good-will
1,011,534
Total
$2,569,041
x After depreciation of $355,030.
v. 136, p. 4473.
Total
$2,569,041
y After depreciation of $18,754.-
505
Oliver Farm Equipment Co.
-Complies with Request of
Massachusetts Authorities.
Subsequent to receiving notice from the Securities Division of Department of Public Utilit'es of Massachusetts that sale of securit'es of the company had been disbarred in that State, due to failure of the company to
supply required corporate information, company has furnished the Securities Division with the required data. A letter of transmittal to the Commission states that failure to give the information by the specified date
resulted from the assumption that the fact it was not selling its securities,
made filing the data unnecessary and also points out that its stock has long
been outstanding and listed on the New York Stock Exchange.
--V. 137.
P. 155.
Paducah (Ky.) Cooperage Co.
-Stock Offered.
-Link,
Gorman & Co., Inc., Chicago, and Chas. E. Lewis & Co.,
Minneapolis, are offering 150,000 shares of common stock
(price at market).
The 155,000 shares of common stock were purchased by Charles E.
Lewis & Co. and associates: 100,000 shares from the company at a cost to
the bankers of $100,000, plus the expense of the bankers, attorneys' fees,
advertising and commissions, and 55,000 shares from former stockholders of the company at a cost of $55,000 to the bankers, plus the expense
of the bankers, attorneys' fees, advertising and commissions. There is also
running to the bankers an option on 50,000 shares of stock from other of
its stockholders, the option running to Feb. 6 1934. at a price of $1 Per
share.
Stock listed on the Chicago Curb Exchange. Transfer agent, First
Union Trust & Savings Bank, of Chicago. Registrar, City National Bank
& Trust Co., of Chicago.
CapitalizationAuthorized. To Be Outstanding.
Capital stock ($1 par)
250,000 she.
250,000 shs.
Data from Letter of Hollis Johnson, President of the Company.
History and Business.
-Company was incorporated in Kentucky in 1902.
Continuously since that time, it has been manufacturing tight barrels and
kegs as well as staves and headings which it has been recently marketing
under the trademark "Padco." Company has through the years enjoyed
a large export business principally to the wine trade of South America
and Cuba, and in a smaller way to several European countries, as well as
supplying large quantities of tight barrels to the domestic trade such as
the packing, preserving, malt and other syrup, soap, vinegar and pickling
Industries. Company is at this time expecting a large increase in its bourbon
barrel business as well as in beer barrels.
Company owns a modern cooperage manufacturing plant, and 17 acres
of real estate upon which it is located, within the city limits of Paducah.
Ky.,and with adequate river frontage for the handling of raw materials and
finished products by river.
-For the last five years and five months ended May 31 1933,
Earnings.
company s gross sales as shown by the audit report of Humphrey Robinson
& Co., averaged $517,214 per annum. During this period, company incurred net losses in the years 1928, 1931, 1932 and for the first five months
of the current year of $7,223. $7,127, $18,632 and $14,110 respectively
while in 1929 and 1930 the net profits so shown were $26,443 and $5,156.
Losses in these periods largely represent inventory depreciation.
Officers, Directors and Stock Ownership.
-The names and addresses of all
principal owners of the capital stock of the company are: Hollis Johnson,
Pres, and director, Paducah, Ky.. 15.625 shares: Luther Travis Smith,
Vice-Pres, and director, Jamestown, Tenn.. 31,666 shares; J. H. Johnson,
director, Cookeville, Tenn., 9,946 shares; T. S. Waller, director, Paducah.
Ky., 2,945 shares: J. T. Johnson, director, Paducah, KY., 9,896 shares:
T. W. Threlkeld, Sec. and Treas., Paducah, Ky., no stock.
Purpose.
-With the proceeds from the sale of 100,000 shares of common
stock, the company will retire its outstanding obligations and provide itself
with working capital to take care of its increasing business.
Pro Forma Balance Sheet
-May 31 1933.
(Giving effect to the sale of 100,000 shares.)
AssetsLiabilities
$32,920 Accrued expenses
$2,645
Cash
18,626 Capital stock
250,000
Trade accounts receivable....
11,703 Capital surplus
47,544
Notts receivable
70,106
Inventories
701
Advances on purchases
1,076
Life insurance-cash value_ _ _
4,624
Prepaid expenses
745
Unlisted investment stocks...
159,688
Fixed assets
Total
$300,189
Total
$300.189
-Removed from List.
Paepcke Corp.
The Chicago Stock Exchange has removed from the list the 20,000 shares
.-V. 133, p. 1300.
7% cumulative preferred stock ($100 par)
Parker Pen Co.(& Subs.).
-Earnings.
Calendar Years1932.
1929.
1931.
1930.
Gross profits on sales_ _ _ $1,192,948 $2,404,416 $3,659,065 $4,508,844
Selling, general and adm.
3,198,474
expenses
1,754.775
3,054.924
2,629,730
Net profits from operloss$561,827 loss$225,314
Other inc., less rnisce I.
charges
22.754
62,587
$604,141
$1,310,369
27,916
57,588
loss$539,073 loss$162,727
Total profits
Interest paid
3,915
Provision for inc. taxes
Liauldat'g loss on Parker
A. G
30.805
$632,057 $1,367,957
Consol, net profits.. _loss$542,988 loss$193,532
Preferred dividends.
Common dividends
239,368
$537,028 $1,183,542
194
496.576
487,321
95,029
184,415
Balance, surplus
def$542,988 def$432,899
$686,772
$49.707
Capital stock (par $10)189,544
195.292
191,494
190,044
Earnings per share
Nil
Nil
$6.06
$2.80
Consolidated Balance Sheet Dec. 31.
Assets1932.
1931.
Liabilities1931.
1932.
Cash
$136,575 $231,709 Accounts payable. $90,885 $120,045
Receivables
930,067 1,476,958 Notes payable_
161,528
Inventories
540,142
632,307 Accrued liabilities_
45,737
49,606
Value life insur
69,092
61,074 Fed, tax provision
21,424
y Plant equipment 665,864
708,292 Commercial paper
80,000
Pats., good-will,&c 447,469
426,781 x Capital stock_ _ _ 1,895,440 2,000,000
Treasury stock
323,998 Surplus
828,662 1,613,930
Due from foreign
subs, in process
of liquidation...
10,959
Leaseh'd improve.,
32,566
& sund. def. chg.
Miscell. assets_ _ _
3,200
2,000
Prepayments
104,768
103,414
Total
$2,940,704 83,966,533
Total
$2 940,704 $3,966,533
x Represented by shares of $10 par value. y After depreciation of
$471,500 in 1932 and $427,376 in 1931.-V. 136, P. 3359.
Peerless Motor Car Corp.
-Treasury Stock Sold.
-
Watson & White announce that all the 178,150 shares of treasury stock
has been sold.
Incorporates Brewing Company.
The Peerless Motor Car Corp. has incorporated a wholly-owned subsidiary, the Brewing Corp. of America, which will have the right to manufacture all the Brewing Corp. of Canada brands in the United States,
according to an announcement made by E.P. Taylor, President of the latter
concern.
This follows the recent announcement by the Peerless Motor Car Corp.
of its definite entry into the brewing industry and its association with the
Brewing Corp. of Canada. the latter owning the controlling interest in
Carling's Breweries, Ltd. The Canadian company will have representation
Financial Chronicle
506
on the boards of both American concerns and will take an active part in the
management. The Brewing Corp. of Canada will in turn receive a substantial interest in the American companies. The principal plant will be located
in Cleveland, Mr. Taylor says, and an active campaign for business in the
United States has been planned.
The Peerless corporation has obtained the exclusive rights to Carlings
beer and ale in this country. The Peerless company has not manufactured
automobiles since the end of 1931.
A substantial interest in Peerless is reported to have been acquired by
-V.137, p. 155.
the Stock Exchange firm of Redmond & Co.
-June Sales Up.
(J. C.) Penney Co., Inc.
Increase.
-June
--1932.
Increase. I 1933-6 Mos.-I932.
1933
E14.617.389 $12,024,971 $2,592,418 471,018,888 $69.280,242 $1,738,646
-V.136, p. 4103.
Pennsylvania Co.for Insurances on Lives & Granting
Annuities.
-Balance Sheet June 30.1930.
1931.
1932.
Assets1933.
Cash and amount on
deposit with Federal
443,353,382 $13,915,990 $24,513,027 $13,414,906
Reserve Bank
2,660,040 10,119,859 7,974,488
Clearing House exchange
Due from banks and
items in process of
23,520.009 25,610,437 39,967,808
See x
collection
Loans upon collateral__ _ 74,779,066 90,173,406 101,812,604 122,767,627
Investment securities__ - 76,736,065 68.705,744 96,338,510 38,422.827
14,504.372 18,232.600 24,014,924 23,323.711
Commercial paper
Reserve fund for the protection of "cash bal9,454,488 6,640.841
7,455,963
ance in trust accounts" 5,342,676
Furniture, fixtures and
1,234,739
vaults
2.324.776
1,784,136
Miscellaneous assets_ - 4,818,568 2,276,735
1,145,854
1,800,679
1,603,612
1.516,912
Interest accrued
4,461,226
2.815,500
2,254,880 4.021,364
Bank buildings
Customers' liability account letters of credit
issued and acceptances
3,064,784
3,927,099
384.643
281,244
executed
$223,587,166 *232950,109 *303836,986 063097,862
Total
Liabilities
8,400,000
8,232,400
8.400,000
8,400,000
Capital
17,000,000 27,000,000 34,000,000 37.000.000
Surplus
1,118,3523,325,621
2,248,191
1.680,955
Undivided profits
8,441.903
1,000,000
Reserve for contingencies 9.313,108
617,430
630,000
630,000
336,000
Reserved for dividends_
721,366
661.366
1781,366
Reserved for building__ _ 1
629,127
499,413
1331,470
and exps_ 11,175,622
Res. for taxes
Treasury checks & Clearing House due bills
1,915,532
3.191,965
820.684
outstanding
588,879
648,591
391,588
352,533
Interest payable depos
331,291
115,080
195.893
154,423
Miscellaneous liabilitiesLetters of credit and acceptance executed for
3.927,099
384,643
3,065,016
281,244
customers
184,893,281 184,535,024 248,573,474 206,532,196
Deposits
$223,587,166 $232950,109 E303836,989 *263097,862
Total
-V. 136. D. 2441.
x Includes amounts due from banks.
-Sale of 500,000 Shares of
Pick Barth Holding Corp.
Goldman Sachs Trading Corp. Stock Delayed.
The sale of 501.050 shares of stock owned by the Pick Barth Holding
Corp. which was fixed for July 11 has been adjourned until July 31 by
Charles W. Cullen, referee in bankruptcy. Application for adjournment
of the sale was made by counsel for various creditors. Representatives
of the Atlas Corp. and the trustee in bankruptcy protested against an
adjournment. A hearing will be held July 21 to determine whether the
order for the sale will be vacated. Counsel for a group of creditors contend that a forced sale of the stock will result in great loss to creditors.
Other assets scheduled to be sold included the following,:
(a) 1,000 shares (entire capital stock) of Alden Corp. and note of Alden
Corp. in amount of $16,781.
(b) 1,000 shares (entire capital stock) of Dunrnar Corp. and a judgment,
in so far as the same remains unsatisfied, in the amount of $10,385, obtained against Dunmar Corp. in the New York Supreme Court by N. Peter
Rathvon, trustee.
(c) 1,000 shares (entire capital stock) of Marden Corp. and note of
Marden Corp. in the amount of $22,287.
(d) 1,000 shares (entire beneficial interest) in the Alpicko Realty Trust.
together with promissory note of Alpicko Realty Trust, In the amount
Of $132,084.
(e) 4,500 shares of the cumulative preferred stock of Albert Pick Corp..
Par $5.
f) 485 shares of the capital stock of Manufacturers Trust Co.
a) 5.285 shares of the capital stock of Huron Hodling Corp.
h) 914 shares of the capital stock of National Liberty Insurance Co.
1) $500 6% 1st mtge. sinking fund gold bonds of the John Van Co.
V. 136, p. 2626.
1
-Balance Sheet Dec. 31.Pilgrim Mills.
1932.
Assetsbldgs., mach $670,917
Cotton cloth stk.
in proc.& suppl_ 155,884
106,951
Cash & accts. rec_
9,750
Prepaid Insurance_
Miami'. securities_
5,360
Liabilities-1932.
1931.
1931.
$698,400 Capital stock
$1,002,000 $1,050,000
Accounts payable.
6,897
4,363
def60,035
17,629
260,420 Surplus
94,307
13,505
5,360
Total
$948,862 $1,071,992
Total
$948,862 $1,071,992
x After reserve for depreciation of $754,434 in 1932 and $723,630 in
1931.-V. 135,P. 1836.
-Earnings.
-Pittsburgh Screw & Bolt Corp.
For income statement for three and six months ended June 30 see "Earn-V. 136. D• 3359.
ings Department" on a preceding page.
Balance Sheet June 30.
1933.
1932.
1933.
1932.
$
Assets$
dCapital stock__ 1,500,000 1,500,000
aLand, buildings,
3,848,000 3,912,000
mach.,equip...11c 8,477,813 8,764,238 Funded debt
118,950
53,093
36,904 Accounts payable_ 208,225
bPatents
17,636
17,930
509,433
580,807 Accrued interest
Cash
80,933
89,510
334,122 Accrued taxes_
Accts. & notes rec. 448,756
Paid-in surplus... 8,518,706 8,518,706
Bal. of deposits In
110,214 sur538,159
Deficit
28,896
closed banks...
Invests. in market
2,418,157 2,457,190
securities
1,244,428 1,648,283
Inventories
Invest. In corp.'s
828,232
common stock_ c838,415
45,499
Deferred charges
44,295
14,063,286 14,605,255
Total
Total
14,063,286 14,695,255
a After depreciation. b After amortization. c Consists of 66,147 shares.
d Represented by 1,500,000 no par shares.
-V. 136. 1,• 3359.
-Coal Out
Pond Creek Pocahontas Co.
ofCoal mined (no. of tons)
-V. 136. p.4286.
June 1933.
135,574
May 1933. June 1932.
159,104
100,670
-Receivership.
Public Indemnity Co.
Leon M. Bazile and Hiram M. Smith were named receivers recently by
Judge Julien Gunn In City Circuit Court at Richmond, Va. in response to
a petition from Harry M. Smith Jr., who says the company owes him a
legal fee.
Leon M. Bazile and H. M. Bandy already have been named receivers for
the International Reinsurance Corporation, of which the Public Indemnity
Co. is a subsidiary.
--V. 136. p. 674.
July 15 1933
Pullman, Inc.
-New Director.
Sewell L. Avery, President and Chairman of Montgomery Ward & Co.,
and President of United States Gypsum Co., has been elected a director
to succeed George M. Reynolds.
-V. 136, p. 3176.
Realty Associates Securities Coip.-Bankruptcy Receivers Named.
The corporation with offices at 162 Remsen Street, Brooklyn, filed a
petition in bankruptcy in Federal Court July 10. The petition said the
assets of the company were approximately $10,000,000 and the liabilities
$12.500,000.
Judge Robert A. Inch appointed Frank Fox, President of the Realty
Associates, Inc., the parent organization, and Fred L. Gross of 32 Court St..
Brooklyn, receivers in a joint bond of $100,000.
The petition said that the corporation owes debts it was unable to pay
in full and asked the appointment of receivers.
The corporation owns and operates a number of large apartment houses
in Brooklyn. It is the owner of first mortgages in excess of *4,000,000
and second mortgages of more than $5,500.000 face value, according to
the petition It also has assets consisting of cash, marketable securities,
real estate and contracts for the sale of real estate.
The main liabilities consist of three bond issues: $3.357,000 maturing in
July 1937, $4,100,000 maturing in 1939 and $5,000.000 maturing in 1943.
The bonds, according to the petition, were sold to the general public in
denominations of $100. $500 and $1,000.
"It is impossible." the petition added, "for the petitioner to give an
accurate list of creditors and bondholders at the present time. It is the
intention of the bankrupt to take steps to ascertain the names of all bondholders and creditors and to effect a composition. The petitioners will
file full schedules of liabilities and assets within 10 days.'
Frank Fox, President, in a notice to the bondholders
July 10, said:
A voluntary petition in bankruptcy has been filed by this company.
This course is intended for your benefit so that all will receive fair and equal
treatment, with no possible preference to any one.
The purpose is to present and speedily put into effect a plan of readjustment which will be for the best interests of the bondholders. The plan
contemplates a cash payment on account to all bondholders within a very
short time, and new bonds for the balance of their investment.
We urge you not to be alarmed because of the bankruptcy proceeding.
It is but a step to effectuate a reorganization equitable to all.
It is our opinion that the present market price does not represent the
true value of your bonds and that the Court's protection of your properties
pending adjustment should make your investment safer than before.
Officers of this company have consistently advised inquirers not to sell
their bonds at present levels. These statements are of course only expressions of our opinion and best judgment and not a guarantee as to the course
the market prices may take.
We believe that if the plan we have in mind goes into effect those who
continue to hold their bonds will receive much more than any one who may
sell them now.
The plan will be presented to you as soon as details are worked out and
we think you will find it fair and acceptable.
Protective Committee Formed.
A committee for bondholders has been formed. On the committee are:
William Kennedy Jr., Treas, of the William Kennedy Construction Co. and
former president of the Brooklyn Chamber of Commerce' Otto E. Reimer,
Trustee of Fulton Savings Bank, Brooklyn; Hartwell P. Morse of Chlttenden, Phelps & Co.of Binghamton, N. Y.; Frederick M. Risley of Elizabeth,
N. J. formerly Vice-Pres. of Huntoon Ice Co., N. Y. City. Dr. Isaac
Smith of Brooklyn; Harry Lindenbaum, Pres. of the Lenox-Bedford Co.,
.
builders, and President of the Eastern Parkway Hospital. Michael Sullivan of Brooklyn.
Henry S. Parker of 36 West 44th St. New York, is Secretary of the
'
committee. Colby, Brown & Pollack are counsel.
-V. 136, P. 3261.
-Offer Extended.
Reliance International Corp.
-V. 136, p. 4475.
See Atlas Corp. above.
-June Bookings Up 25%
Remington Rand, Inc.
New Directors.
President James H. Rand, Jr., at the annual meeting held on July 11.
stated that although reports were not complete, the company would show
a profit in June. "Bookings in June were up 25% over those of June 1932,
and May this year. He said that this was the first time in three years
that the company had had two consecutive months in which bookings had
exceeded the like months in the previous year.
Mr. Rand reported that during_the past three years the company's foreign
business has shown a profit. The advance of the pound to a level near
parity has enabled those who manufacture in the United States and market
abroad to compete on a more favorable basis.
Edwin C. Jameson and Richard Erechsler have been elected directors.
-V. 136, p. 4474.
succeeding Gayer Dominick and William S. James.
-Resumes Dividend, &c.
Republic Supply Co. of Calif.
The directors recently declared a dividend of 12Si cents per share on the
capital stock, no par value, payable July 5 to holders of record July 1.
Quarterly distributions of like amount were made on Jan. 15 and April 15
1932; none since.
The directors also declared a dividend of 25 cents per share, payable
Oct. 5 1933 to holders of record Oct. 2.-V. 134, p.4172.
Reynolds Spring Co.-"Bonnyware" Sales Picking Up.
President Charles G. Munn on July 12 stated that the "Bonnyware"
division of the company, which is its specialty line of household and gift
articles for premium and retail trade, is experiencing a decided pick-up
in sales and earnings, and that two large-scale orders, one for 250,000
articles and another for 100,000. have just been closed with two nationally
known cosmetic manufacturers who will use the articles in connection
with extensive merchandising campaigns. Another large scale order with
a nationally known flour miller, calling for 100,000 pieces, has been closed
and delivery is being carried forward. The chain and variety store systems
are again coming back into the market for considerable volume of mer-V. 137, p. 328, 156.
chandise, he said.
-July Interest Payments.
Richmond Hotels, Inc.
The holders of the 6% and 65i% bonds are advised by Thomas Gresham,
President, that arrangements have been made with the Bank of Commerce
& Trusts to act as the agent of this company in making payment of the
coupons at their main banking office, Ninth and Main Streets, Richmond,
Va. These coupons will be paid, if presented at that Bank on or at any
time after July 5 1933.
-Stock Offered.-Hoaglund,
Rock Island Brewing Co.
Allum & Tunney, Inc. New York and Chicago, are offering
(at the market) 110,000 shares of partic. preferred stock.
Other brokers offering the stock are: G.W.Thompson & Co.; Schimberg:
Trahan & Co., Inc.; Kent, Grace & Co.; Patterson, Copeland & Kendall.
Inc.
Participating preference stock Is entitled to full voting priviliges and is
non-callable, preferred as to cumulative dividends at rate of 64c. per share
per annum and to assets at rate of $6.50 Per share and divs. Participates
fully with the common stock on a share for share basis in any further dividend distributions after the common stock has received dividends at rate
of 64c. per share per annum. Cumulative dividends will accrue from
July 1 1933, Payable 0.4.
Data From Letter of Cherter A. Mitchel, President of Company.
Authorized. Outstanding.
Capitalization110,000 shs. 11u,000 shs.
Participating preference stock ($5 par)
55,000 shs.
55,000 sits.
Common stock ($5 par)
-Company, an Illinois corporation, successors to an
History <3. Business.
Illinois corporation of same name, will engage in the production and sate
of legalized beer in its plant at Rock Island Ill. Business was founded in
1851. From a small beginning, both plant and equipment have been
steadily increased to meet the demand for its production. During the
prohibition era pure malt syrup and near-beer were manufactured and sold.
Prior to prohibition the products of the company were sold throughout the
States of Illinois, Iowa, Wisconsin, Missouri and Nebraska.
The brewery is now equipped with tw o 200 bbl. brew kettles, 26.000 bbl.
of storage, and an exceptionally large and modern bottling plant. Upon
Financial Chronicle
Volume 137
completion of certain minor improvements and additions to the storage
capacity, the brewery will be equipped to produce on a conservative basis
of determining capacity approximately 250.000 to 300,000 barrels per
annum.
-During the six-year period from 1911 to 1916, earnings from
Earnings.
these properties averaged approximately $200.000 per annum, with sales
of approximately 100.000 barrels per annum, as follows:
1911
$151,358
5171,46111914
1912
179,548
142,710 1915
241,532
1913
296.586 1916
It is estimated by independent engineers, based on the sale of 250,000
barrels per annum, that net profits under existing conditions should be
not less than $750,000, or over 10 times preference dividend requirements
of 64c. per share. This amount is equivalent to $4.50 per share on the
total number of participating preference shares and common stock shares
outstanding.
Purpose.
-To provide for additional storage capacity, minor repairs.
working capital and as part payment, together with the 55,000 shares of
common stock to be outstanding, for the acquisition of the property.
Management.
-The following officers, directors and stockholders and
their holdings are as follows: Chester A. Mitchel, Rock Island, Pres. and
director, 10,100 she.; H. F. Busch, Rock Island, V.-Pres., 8,233 shs.•
Hans Busch, Chicago, 10,000 shs.; Charles J. Venn, Rock Island, 5,00d
abs.; Henry L. Venn, 5,000 shs.; Henry G. Dinet, Chicago 8,233 shs.;
James J. Redding, Chicago, 8,233 shs.; Gustave A. Tessler, hock Island,
Gen. Mgr.. 100 alas.; William Wengert, Rock Island, traffic mgr., 100 shs.;
W. K. Hoaglan, New York, Director, 1 sh., and Bernard Meyer, Rock Island, Sec. & Treas.
The entire issue of participating preference stock (110,000 shs.) which
will vote equally with the common stock, has been sold to the bankers at
$5 per share, in addition to which the bankers will pay certain expenses
Incident to the public offering.
Pro Forma Balance Sheet June 28 1933.
Assets
$16,900
Cash
$111,500 Current liabilities
Plant property
550,000
526,900 Partic, preference stock
Proposed expenditures
275,000
188,500 Common stock
Organization expenses (est.)
15,000
Total
$841,900
Total
$841,900
Ryan Car Co.
-Removed from List.
The Chicago Stock Exchange has removed from the list the 160.000
shares common stock (no par)
.-V. 134, p. 3292.
-Foreclosure.
Santa Cruz Hotel Corp. (of Calif.).
Foreclosure proceedings are being instituted on the Palomar Hotel,
Santa Cruz. owned by the corporation, according to an announcement by
the bondholders' protective committee for the Santa Cruz Hotel Corp.
63% first mortgage serial gold bonds. The committee anticipates that
reorganization of the company a affairs will be satisfactorily completed in
-V. 128. p. 575.
the near future.
Schenley Distillers Corp.
-Applications
-Stock Offered.
for the purchase of 230,000 shares of capital stock on behalf
of the corporation are being received by Lehman Brothers,
New York. Price, $15 per share.
Presently to be
Outstanding.
Capitalization.Authorized.
Capital stock (par $5)
$1.500,000 shares. 1,050.000 shares.
The transfer agent for the Capital Stock of the corporation will be The
Commercial National Bank and Trust Company of New York, and the
registrar will be Manufacturers Trust Company, New York, N. Y.
Listing.
-The Corporation will make application to list shares on the
New York Curb Exchange.
The prospectus, signed by Lewis S. Rosenstiel, Chairman,
and Harold Jacobi, President, affords the following:
Business.
-Corporation is a holding company whose subsidiaries are engaged principally in the business of distilling, purchasing and warehousing
rye and bourbon whiskies and other distilled spirits, and the sale and distribution of these products to the wholesale and retail trade. Corporation's
subsidiaries also engage in other incidental and related activities, such as
the importation from foreign countries of beers and wines, the production of
cattle feeds as a by-product, and the distribution of these products in the
United States. The activities are conducted in accordance with Federal
and State laws and under Federal and State permit systems.
The business is carried on by its wholly-owned subsidiary, Schenley
Products Co., Inc. (N. J.), and the latter's subsidiaries. Two of the subsidiaries own distillers for the manufactur eof whiskey, which are in active
operation.
Schenley Distillers Corp. was incorp on July 11 1933. and has acquired
in exchange for 820,000 shares of its own capital stock all the outstanding
capital stock (except directors' qualifying shares) of Schenley Products Co.,
Inc. The latter company,incorporated in New Jersey in 1920. owns all the
outstanding stock (except directors' qualifying shares) of its subsidiaries.
Activities.-Schenley Products Co., Inc., has, since its organization In
1920, together with its subsidiaries, acquired various stocks of whiskies and
other distilled spirits and concentrated these stocks, together with those
distilled by its own companies, at the warehouses of Joseph S. Finch & Co.
(Fa.) at Schenley. Pa., and the Geo. T. Stagg Co.(Ky.) at Frankfort, Ky.
Since 1930 distilling operations have been carried on at the plants of these
two companies. These companies are subsidiaries of Schenley Products Co.,
Inc. and operate their Warehouses under Federal Government permits
issued in their respective names. Schenley Products Co. Inc., and several
ofits subsidiaries distribute whiskies and other spirits throughout the United
States, where permitted bylaw, to wholesale and retail druggists, including
chain drug stores, and to manufacturers, doctors, dentists and hospitals
having Federal basic permits to purchase such liquors. For convenience.
stocks are also carried at six distributing points in various parts of the
country.
Joseph S. Finch & Co., which was incorp. in 1916 to take over a business
of the same name begun many years before, operates the distillery and warehouse properties owned by it at Schenley, Pa. In 1924 Schenley Products
'
Co., Inc., acquired all the capital stock of Joseph S. Finch & Co. The
Geo. T. Stagg Co. which operates a distillery and warehouse property
owned by it at Frankfort, Ky., was organized in 1887. All its capital stock
was acquired by Schenley Products Co., Inc., in 1929.
Distilleries.
-The Joseph S. Finch & Co. (Schenley, Pa.) plant has at
present a mashing capacity of approximately 1,578 bushels of grain per day,
equivalent to a production of about 6,700 gallons ot rye whiskey. The
space in these bonded warehouses permits the storage of approximately
81,000 barrels. This distillery is now being expanded both as to productive
capacity and storage facilities, with construction well under way.
The Geo. T. Stagg Co.(Frankfort, Ky.) plant now has a mashing capacity
of approximately 1,000 bushels of grain per day, equivalent to a production
of about 4,200 gallons per day of rye whiskey or 4,600 gallons per day of
bourbon whiskey.
The space in the bonded warehouses permits the storage of approximately 50,000 barrels.
-American Appraisal Co. reports that the value of the folAppraisals.
lowing property of Joseph S. Finch & Co. which includes the distillery at
going concern, based upon
Schenley. Pa., as of May 31 1933. to a land. $22,300; buildings, cost of
$427.700;
reproduction new, less depreciation, was:
machinery and equipment, $201,700: railroad siding, automobile., and
dwellings. $20,850; a total of $672,550.
following property of The
The American Appraisal Co. also valued the the
basis, including
Frankfort,
Geo. T. Stagg Co., on the Battlebuilding's, $295,600; distillery atand
machinery
equipfollows: land, $7,500;
Ky., as
dwellings. $8,100; a total of
ment. $118,600; automobiles and Products Co., Inc., acquired$429800.
on July 10
Recent Acguisitions.-Schenley
of
1933, for $760,000 all the outstanding capital stock to Jas. E. Pepper & Co..
acquire the stocks of
Inc, (Del.). This purchase was made primarily
and other spirits owned by the Pepper company. In connection
whiskey
the Pepper company,
with the acquisition of the shares of stock ofsubsidiary, for $90,000Schenley
Products Co., Inc., also acquired, through a had been used by thethe land
Pepper
and buildings near Lexington. Ky. which
over
company. On the same date Scher:ley Products Co., Inc., took were title
then
inventory and other assets of the Pepper company, which
to the
transferred to a now subsidiary. The Pepper company's inventory on date
acquisition included approximately 6,496 barrels and 2.225 cases of
of
whiskey, gin, brandy,and other spirits, substantially all of which is in bond.
507
The Lawrenceburg, Ind., property acquired since May 31 1933, by The
Old Quaker Co., a subsidiary of Schenley Products Co., Inc., Is located
22 miles from Cincinnati, Ohio. It has not been in operation as a distillery
since the advent of prohibition and contains little equipment of use. The
property was acquired from the receiver of Greendale Mills, Inc., for a consideration of $35,000. It is estimated that the expenses of the acquhAtion
will be approximately $2,500.
Officers and Directors.
-The officers and directors include the following:
Lewis S. Rosenstiel, Chairman, N. Y. City: Harold Jacobi, President,
N. Y. City' Lester E. Jacobi. Vice-President and Treasurer, Cincinnati, 0.;
Sidney L. Hellman, Louisville, Ky.; Theodore C. Wiehe; A. 0. CushnY,
Secretary, N. Y. City.
It is expected that H. W. Chadbourne, W. H. Coverdale, Louis S. Levy
and Joseph A. Thomas,all of New York, will become directors.
Purpose of Issue.
-This offering is made for the purpose of securing funds
to provide for the expansion of the business of Schenley Products Co., Inc.,
and subsidiaries, and for other corporate purposes. To the extent necessary, the proceeds will be applied to repay bank loans, the greater part of
which were obtained since May 31 1933, primarily for the purpose of increasing the distilling and warehousing facilities of the Finch distillery at
Schenley, Pa., and of acquiring Jas. E. Pepper & Co.. Inc., and the land
and buildings used by it.
Pro Forma Consolidated Balance Sheet, May 31, 1933.
Assets
Liabilities
Cash in banks & on hand
$3,167,371 Note payable to bank
$ 100,000
Notes & accounts receivable _ 1760,801 Accounts payable
353,783
Future grain contracts at cost
113,406 Accrued liabilities
26,848
Inventories
3,747,529 Balance of 1932 Fed. Taxes
14,116
Value of life Insurance policy
22,834 Res.for Fed,and capital stock
aUnamortlzed balance of down
tax
45,000
payment and advances__
220,393 Bal. owing on future grain
Account receivable assigned
contracts, per contra
102,408
to company
40,408 dLiability in respect of pref.
stock
Prepaid insurance, etc
33,971
75,400
Plant & property, at cost_ _ _ _ c404,514 Purchase money obligations of
Organization expenses
Sub
100,000
289,264
Brands, trade-marks, goodLiability to foreign supplier
will, &c
1
assumed
40,408
Reserves
81,580
Capital stock
5,250,000
e Capital surplus
2,332,422
Total
$8,611,228
Total
$8,611,228
a On contracts relating to purchase of approximately 65,000 cases of
"Old Overholt" and "Large" whiskey for future delivery. b After reserves
of$110,000. c After depreciation of $96,066. d Of Schenley Products Co.,
Inc., called for redemption but not surrendered at May 311933. e Representing excess of assets to be acquired and cash to be received over par
value of stock to be issued therefor.
Notes.
-This pro forma balance sheet does not give effect to certain acquisitions since May 31 1933, and to the expansion program at the Finch
plant at Schenley, Pa., now in progress, nor to the borrowing by Schenley
Products Co., Inc., since that date of $1,000,000. It is contemplated that
out of the proceeds of the present offering, this borrowing, as well as the
note payable to bank for $100,000, shown above, will be paid and cash
reduced accordingly.
Consolidated Statement of Income Schenley Products Co., Inc., and Subs.
Year End. Year End. 9 Mos. End.
PeriodAug. 31'31 Aug.31 '32 May 31 '33
Sales, less allowances, cash disc., etc-- $4,634,800 $3,373,118 $2,184,097
Cost of goods sold
2.911,584 1.991.578 1,246.567
Gross profit on sales
$1.723,215 $1,381,540
$937.529
Storage etc., operating income
79.195
41,212
75,607
Together
$1,802,410 $1,457,148
$978,742
Distillery plant expense
87,383
68,193
63,338
Selling, general & administrative exexpense
960,677
943,341
657.934
Other charges
84.239
83,773
125,715
Balance
$670,575
$361.374
$131,753
Interest & misc. income
23.024
17.531
10,560
Together
3693,600
3378,905
$142,313
Federal income & capital stock taxes,
paid or eat
84,296
53.748
45,000
Profit
5609,303
5325.156
$97,313
Commissions,&c.-Corporation has entered into a contract whereby
Lehman Brothers, for their services to the corporation and for agreeing to
find purchasers for the 230.000 shares now being offered, will receive from
the corporation a commission of $2 per share. This commission is to cover
all expenses incurred by Lehman Brothers, including legal and other fees,
advertising, printing of prospectuses. etc. Out of this commission also,
Lehman Brothers will allow to other security dealers a concession of 75 cents
per share on any shares of this offering sold to them.
The estimated expenses to be borne by the corporation in connection with
its organization, the acquisition of the capital stock of Schenley Products
Co., Inc., and the sale of the shares being offered. in addition to the commission described above, are the following: expenses of organization and of
the issue, printing, engraving, and exchange of securities, including Federal
original issue taxes, 525.000: legal fees, $50,000: auditors' and accountants'
fees, 310.000: appraisers' fees, $2.000: miscellaneous expenses, $13,000.
The estimated net proceeds to be derived by the corporation from the
securities being offered for sale are $2,890,000.
No option for the purchase of stock or other securities have been or are
to be granted or created by the corporation in connection with this offering
of shares. The principal stockholders of the corporation have personally
granted to Lehman Brothers options to acquire on or before July 1 1935.
all or any part of 100,000 shares of stock of the corporation from their own
holdings, at a price of $15 per share on or before July 1 1934, or at a price
of $17 per share thereafter and on or before July 1 1935.
Second Investors Corp., Providence, R.I.
-Report.
Calenda r YearsTotal inc)me
Taxes
Interest on notes payable
Other interest p lid
Auditing
Stationery and printing
Miscellaneous
1932.
xloss$53,646
4.140
10,691
Net profit
Prior preferred dividends
Preferred dividends
1930
$128.259
12,341
721
10,197
1931.
$61.436
5,569
4,044
636
1.136
806
9,032
def$79,736
69.291
6,076
$40,210
71,655
24,302
5104.552
71,215
36,453
1,062
1,011
490
9.142
Deficit after dividends
5155,102
$55,747
$3,115
x As follows: Income from interest and dividends, $132,411; security
losses. $186,057; net loss, $53,646.
Condensed Balance Sheet Dec. 31.
Assets1932.
1931.
Liabilities1932.
1931.
• Bonds
$577,969 $587,911 $3 convertible prior
• Preferred stocks_ 680.189
preferred
8607,500 $607,500
662.597
* Common stock &
$1.50 converitible
warrants
1,167,007 1,463,144
preferred
121,500
121,500
Cash in bank
40,849
27,025 Common stk. (84,a Treas. stock_ __ _
49,294
300 shs. $1 par)
26,284
Int. & diva. accr.
and paid-in Burp. 338,776
338,776
but not due__
25,989
28,043 Earned surplus
59,472
14,846
Deferred charges
4,573 Capital surplus_ _ 1,228,423 1,430,700
4,573
27 Accrued expenses_
Prepaid expense_ _
146
152
150
Reserve for taxes
4,117
5,250
Reserve for dive_
6,075
5,882
Notes payable_ _ _ _ 180,000
275,000
$2,546,015 $2,799,605
Total
Total
52,546,015 $2,799,605
NMe.-There are outstanding 120,000 option warrants,each such warrant
conferring upon the holder thereof the right to purchase at any time a
shore of common stock for $11.50.
* Cost of securities as shown above. $2,425.165; market value. Dec. 31
1932, 51,318,728.
a Includes 1,674 shares prior preferred stock in 1932 (772 shares in
1931).-V. 134. p. 3995.
Financial Chronicle
508
Schiff Co.
-June Sales Higher.Period End.July 1Sales
-V.136. 9.4104.
1933-26 Wks
.-1932.
1933-5 Wks.
-1932.
$1,132.182 $1,044,506 $4,307,162 $4,484,049
Schulte Retail Stores Corp.
-To Raise Cigarette Prices.The corporation on July 11 announced that it would raise the price of
the popular brands of cigarettes 10%. effective July 17. The corn pony
has been selling the cigarettes at retail for 10 cents a package, whereas
most of its competitors have been charging 11 cents a package or two
packages for 21 cents.
-V. 136. p. 4287.
Securities-Allied Corp.
-Offer Extended.See Atlas Corp. above.
-V.136, p. 4287.
-Earnings.Securities Corporation General.
Calendar YearsIncomefrom:
Int. Ss divs. on invest_
Int.on loans & bk.dep
1932.
1931.
1930.
1929.
$145,034
787
$285,796
3,583
$365,383
3,355
$258,197
5,218
Total
Profit on sales of secur
$145,820
160,233
$289,379
247,833
$368,738
274,032
$263,415
978,389
Total gross income_ - _
Interest on loans payable
Taxes,salaries & gen.exp
Fed. inc. tax (est.)
$306,054
17,455
49,00
$537,212
54,860
47,673
17,149
4642,770 $1,241,804
86,551
59,686
31,6E9
56,566
21,980
97.948
Netincome
$239,470
Credit balance at beginning of pericd
2,856,502
Surplus arising from reduction of 272,500 shs.
of corn. stk. to basis of
declared val. of 50c.
per share
1,226.250
Miscellaneous credits_
$417,531
2,847,621
$504,537 $1,025,636
3,830,115
3,112.332
29.088
Total
$4,322,222 $3,265,151 $4,363,740 $4,137,967
Approp.for stated val. of
$5 per share on new
1,346.050
13,600
common stock
2,850
Res. for anticip. loss of
200,790
bds. dep. as guarantee
Transferred to gen. res.. _ 1,226,250
6,228
24,178
Miscellaneous debits_ - 62.226
61,070
61.082
61,085
Divs.paid: Pref.stock_ _
245,250
109,000
109.000
27.250
Common stock
S. end of period.. $2,998,559 42,856,502 $2,847,621 $3,830,115
at
Comparative Balance Shed Dec. 31.
1930.
1929.
1932.
1931.
AssetsInvest, at cost: Stocks__ $5,231,018 $5,899,170 $6,309,108 $5,418,138
200,790
200,790
276,540
Bonds
45.231,018 $6,099,960 $6,509,898 $5,694,678
Less reserve for anticipated loss of bonds
dep. as guarantee__
200.790
45,231,018 85,899,170 $6,509,898 $5,694,678
230,442
136,060
244,435
114,916
Cash
5,189
Cash in closed bank...,..
1,651
24,177
24,177
Accounts receivable_ _
1,778
3,465
1,458
Accrued int. receivable_
890
741
810
1,008
Prepaid insurance
864,387
3,677
Treasury stock at cost
Total
45,352,271 46,042,690 $6,767,187 $6,831,886
Liabilities
$830.000 $1,530,000
$975,000
Collateral loans payable_
$200,000
General reserve
1,038,157
Liability on account of
22,234
stocksloaned
Amount due on securities
15,770
63,080
purchased
2,046
85
1.090
Accounts payable
23,327
98,324
17,148
Fed.inc. tax (est.)
Cap. stock outstand1,864,277
x1,115,555 2,338,955 2,326,188
ing-stated value
2.856,501
2,847.620 3,830,114
2,998.559
Surplus_ y
45,352,271 $(9,042,690 $6,767,187 $6,831,886
Total
-None reported.
Contingent liabilities
x Represented by: 2,327.05 shares of cumulative preferred stock $7
series of no par value; 7,466 shares of cumulative preferred stock $6 series
of no par value; 271,950 shares of common stock of no par value; 46 shares
of common stock (old stock) of no par value; 9 shares of common stock
(old stock) of $100 par value. y Charter provides that no dividends shall
be paid or set apart upon the common stock unless there is sufficient surplus
-V. 135.
to pay three years' dividends on outstanding preferred stock.
p.2843.
-Dividend on
Shell Transport & Trading Co., Ltd.
"American Shares."
The Chase National Bank of New York, as successor depositary of certain ordinary shares of this company, announces the receipt of a dividend
on these shares of Is. 6d. per ordinary share, par value of el each. The
equivalent distributable to holders of "American shares" amounts to 67
cents for each "American share." This dividend will be distributed on
July 28 to registered holders of "American shares" of record July 21.
A distribution of is. 6d. per ordinary share (equivalent to 53 cents per
"American share") was made on July 22 1932. No payment was made
in January 1932 or 1933.-V. 137. p. 328.
-Earnings.
Selected Industries, Inc.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
The report shows net assets of $38.333,683, compared with $22.785,945
on March 31, an increase of approximately 68% in the quarter. The net
assets on June 30 were equal to $95.31 a share of prior stock, compared with
$56.66 a share on March 31. These values assume retirement of the
corporation's holding of its own prior stock.
Estimating the effect upon the value of the company's portfolio of
changes in market prices of securities since June 30, the management
stated that net assets at the close of business July 8, on the same basis,
were approximately $41,135,000, equal to about $102 a share of prior stock,
and $2 a share of convertible stock.
Selected Industries receives investment service from Tr -Continental
Corp. and, like Tr -Continental Corp., pursued during the second quarter
the policy of adding to its portfolio stocks in a position to appreciate substantially with recovery of business. Purchases included common stocks,
and also bonds and preferred stocks largely in the lower priced groups.
On June 30, cash or its equivalent and Government securities amounted
to approximately 5% of the assets, as compared with 11% on March 31,
while approximately 71% was invested in common stocks as against 65%
three months earlier. Bond and preferred stock investments were 24%
of assets at both the beginning and end of the quarter.
Statement of Surplus June 30 1933.
$28,521,619
Surplus, Dec. 31 1932
108
Arising from conversion ofconvertible stock into common stock_
Total
Loss on sale of securities
$28.521,727
2,155,496
Balance
Net income, as per statement
$26,366,232
643,976
Total
Dividends on $5.50 cumulative prior stock
$27,010,207
1,105,978
$25,904,229
Surplus, June 30 1933
-The unrealized depreciation of investments on June 30 1933
Note.
was $14,867,057 less than on Dec. 31 1932.
July 15 1933
Balance Sheet June 30.
1933.
1932.
1933.
Assets
Cash
1,445,017 4,347,978 Reserve for expenses, tax., &c_
Invests, at cost- .x38,737,294 41,003,092
82.181
173,902 Dividends payable 601,493
Short-term notes_
Corp.own stk. held 1,320,886 1,317,271 Due from secure.
3,406 loaned agst. cash 437,600
Rec.forsec.sold,&e,
432,216 Duefrom securities
Int. & dive. rec.__ 376,614
purchased
74,388
Special depos. for
600,060 Due Tri-Contendivs. (contra)
801,493
ental Corp
375,605
85.50 curn, prior
stock
10,761,975
Cum. cony. stock_ 2,124,950
Common stock
2,118,883
Surplus
25,904,229
1932.
$
58,082
600,060
559,000
12,519
10,781,975
2,126,515
2,117,944
31,641,831
Total
42,481,306 47,877,927
Total
42,481,306 47,877,926
x Investments (incl. syndicate participations) owned on March 31 1931.
are carried at the lower of cost or market at that date. Subsequent purchases are carried at cost. The market value of investments on June 30
1933 was $1,255,468 less than the amount shown above, the value of
investments not readily marketable having been determined by appraisal
by the corporation.
-V. 136, p. 3361.
-Offer Extended.Shenandoah Corp.
-V. 136. p. 3554.
See Atlas Corp. above.
Siemens & Halske A. G., Berlin.
-Removed from List.-
The New York Curb Exchange has removed from unlisted trading
privileges the Guaranty Trust Co. of New York American depositary receipts for common stock (par value 700 Rm.)-V. 137, p. 328.
Sofina (Societe Financiere de Transports et d'Enterprises Industrielles (Sofina) Societe Anonyme).-Removed from List.The New York Curb Exchange has removed from unlisted trading
privileges the Guaranty Trust Co. of New York American depositary
receipts for ordinary bearer shares.
-Reduction in Capital.Southern Dairies, Inc.
The stockholders on July 5 voted to reduce the authorized class B stock
-V. 137. p. 157.
to 235,000 shares from 500,000 shares.
-Net Asset Value Higher.Spencer Trask Fund, Inc.
The net asset value per share of Spencer Trask Fund, Inc., on June 30
1933 was $15.88, an increase of 123% over the asset value of $7.12 on June
30 a year ago and 84% above the value of $8.62 on March 31 1933. The
net asset value per share on July 8 1933 was $17.16.
Total net assets on June 30 1933, were $6,031.329, an increase of $3,803,557 over June 30 1932, and $2,846,213 over March 31 1933. There
were outstanding 379,858 shares on June 30 1933, compared with 369,851
on March 31 1933, and 313,039 on June 30 1932.
During the 12 months ended June 30 1933, dividends amounting to Om
cents per share were distributed.
The security holdings of the Fund on June 30 1933, constituted 95.21%
of the total net assets and consisted entirely of common stocks. Cash,
call loans and other current assets (net), amounting to $289,040, or
4.79% of the total, accounted for the balance of the assets.
The portfolio on June 30 1933, was as follows:
Shares.
Company
Shares.
Company
3,700 Illinois Central RR.
1,800 Air Reduction Co., Inc.
3,600 Inter. Nickel Co. of Can., Ltd.
5,000 Allied Chemical & Dye Corp.
900 Louisville dr Nashville RR.
4,000 American Can Co.
9,000 American Cyanamid Co.. Cl. B. 12,000 Montgomery Ward dc Co.
x920 North American Co.
14,672 American Gas dr Electric CO.
3,500 Northern Pacific RY.
3,500 American Steel Foundries.
900 Public Service Corp. of N. I.
4,500 American Superpower Corp.
3,600 Pullman Inc.
900 Bankers Trust Co., New York.
5,000 Purity Bakeries Corp.
3,600 Borden Co.
2,500 Safeway Stores Inc.
500 J. I. Case Co.
3,500 Socony-Vacuum Corp.
4,000 Chesapeake & Ohio Ry.
2,500 Southern Pacific Co.
15,100 Chrysler Corp.
5,400 Standard Oil Co.(N. J.)
1,400 Consol. Gas Co. Of New York.
3,000 Del. Lackwanna dr West RR. Co. 5,000 Texas Gulf Sulphur Co.
5,400 Union Carbide & Carbon Corp.
1,000 Drug Inc.
2,500 Union Pacific RR.
4,000 Electric Bond & Share Co.
`
9,000 United Corp.
10,000 General Motors Corp.
2,000 United States steel Corp.
2,500 Gold Dust Corp.
2,500 F. W. Woolworth Co
4,000 Great Northern RY•
x Includes stock dividend payable July 1 1933.-V. 136, p. 4476.
-Report.
Standard Investing Corp.
The corporation reports that preliminary figures as of June 30 1933 show
an asset coverage for its debentures of approximately $1,168 per $1,000
debenture, based on market quotations for its holdings, and a similarly
indicated asset value of approximately $20 per share on its preferred stock.
The audited semi-annual statement is in process of preparation and will be
-V. 136, p. 676.
made public as soon as completed.
-Stock Offered.
Steuben Beer Taverns, Inc.
-J, Arthur
Warner & Co., New York, are offering 149,000 shares of
per share. Stock is offered as a
common stock at $5
speculation.
Authorized.
CapitalizationOutstanding.
1,000,000 shs.
Common stock (par value $1)
400,000 shs.
100,000 shs,
Preferred stock (par value $5)
53,000 she.
Transfer Agent, Continental Bank & Trust Co. of New York. Registrar,
Empire Trust Co., New York.
Data from Letter of S. Adler, President, Dated July 5.
Company
.-A Delaware corporation, is one of the largest single retail
distributors of draught beer in the United States. During April 1933, its
various operating units sold more than 500,000 glasses of beer. For that
month the corporation's gross volume of business was $144,239 and its net
profit, before taxes, for the month was $22,201.
Company is now operating six taverns and a commissary, and has under
Construction three additional units which are expected to double the corporation's capacity for business. Company will then be operating in the
States of NewYork, New Jersey and Pennsylvania.
Purpose.
-This financing is designed to permit the opening of additional
taverns and it is contemplated that upon its completion company will
establish approximately 16 additional taverns. The next units to be opened
will probably be established in Washington, D. C., Delaware, Maryland,
Pennsylvania, New York, and Massachusetts.
-Sale.
--(S. W.) Straus Investing Corp.
Judge John P. Nields in the U. S. District Court at Wilmington, Del..
on July 8 signed an order granting Lambert J. Foulk and Morgan S. Kaufman, receivers, authority to sell a bond and a third unrecorded mortgage,
each in the principal amount of $1,000,000. executed by the Regent Estates.
Inc., of New York to evidence and secure advances made by the Straus
company to Regent in the principal amount of $781_,158, together with the
personal guaranty of Irwin S. Chanin and Henry I. Chanin, executed as
a further security.
The mortgage i a third mortgage on the Doelger property covering the
entire block between Fifty-fifth and Fifty-sixth streets and First Avenue
and Sutton Place In New York City
.
The receivers also were granted authority to sell 100 shares of the Regent
company's stock now in their hands. The sale will be held in Wilmington
August 15, and will be subject to confirmation August 18.-V. 135,9. 1735.
-Earnings.Subway Terminal Corp.
Income Account for Year Ended Dec. 31 1932.
Income
Expense
Interest
Other charges,including depreciation, &c
Net loss
$498,563
249,786
192,453
128,900
$72,576
Financial Chronicle
Volume 137
Balance Sheet Dec. 31 1932.
Assets
I Liabilities
Cash
$32,590 Accounts payable
Notes ec accounts receivable
77,969 Notes payable
1st mtge.6Si% bonds
5,000 Accrued Interest
x Fixed assets
4,412,083 1st mtge. seriel 6348
Deferred charges
77,722 3 year 7% notes
Deferred credits
Capital stock
Capital stock assessments_
Deficit
Total
-V. 133, p. 4173.
$4,605,363
$6,577
578,800
38.195
2,148,000
148,000
12,469
1,861,200
372.490
560,369
$4,605,363
Total
Studebaker Corp.
-Earnings.-
• For income statement for 3 months ended March 31 1933 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet March 181933.
AssetsLiabilUiesdCash
$1,177,816 a Bank loans-unsecured___ $3,850,567
Cash in closed banks,less res..
147,807 Bank loans -partly secured441,355
Marketable investments_ _
542,900
9,302 Other loans-secured
Sight drafts outstanding
256,819 Accounts payable-trade_ _ _ _ 1,532,953
c Accounts & notes receivable
529,101
381,231 Other accounts payable
Other account & notes reedy1,417,375
559,558 Accrued expenses
Inventories
4,583,088 Reserve for material commit
Due from employee on stock
244,319
ment cancellations (esVd)..
purchase contracts
14,861,050
169,185 6% gold notes, due 1942
Mutual insurance deposit_ _ _
5,808,200
174,159 7% preferred stock
Other non-current receivables
49,285,740
e Common stock
& investments, less reserves
10,066,091
362,581 Capital surplus
Investments In and advances
4,809,793
b Earned surplus
to subsidiary companies
not consolidated (net)
United Truck Corp. (holding stk of The White
Motor Co.)
30,599,093
The I lerce-Arrow Motor
Car Co
4,304,124
Rockne Motors Corp
481,026
The Citizens Homes Co_
407,642
Other subsidiaries
300,046
d Plants and equipment
49.280,093
Prepaid exps. & deferred chgs
195,871
Trade name. goodwill &
patent rights
1
Total
$93,389,444
$93,389,444
Total
a $547,900 of this cash was impounded after March 18th and applied
on unsecured bank loans. b Earned surplus is restricted for prltection
of preferred stock and is not available for dividends on common stock.
c After reserves of $15,146. d After depreciation of $18,438.884. e Represented by 2,464,287 no par shares.
-V. 137. p. 329.
Suncook Mills.
-Earnings
Years Ended
Net receipts
Expenses
Dec. 31 '32. Dec. 26 '31.
32.560,979 $3,109,923
3.097,103
2.556,172
Manufacturing profit before charges
Other income
$4,807
6,650
Total income
Depreciation, miscellaneous charges, &c
Net loss carried to surplus
$12,820
2,972
$11,457
138.577
$15.792
122,236
$127,130
$106,445
Balance Sheet.
AssetsDec.31'32. Dec.26'31.
Dec.31'32. Dec.26'31.
LiabilitiesCash & receivables $395,324 $591,267 Accounts payable_ $298,158
$95,849
Inventories
577,071
501,582 Notes & adv. pay_ 541,604
845,023
Deferred charges._
11,917
22,519 Preferred stock__ 360,000
360,000
Capital assets_ _ _ 3,153,088 3,156,707 Common stock__ 850,000
.
850,000
Res. for deprec___ 1,611,947 1,518,380
Surplus
475,693
602,822
Total
$4,137,401 $4,272,075
84,137,401 $4,272,075
Total
-V. 133, p. 139.
Sundstrand Machine Tool Co.
-Earnings.
--
Calendar YearsNet loss before depreciation
Provision for depreciation
1932.
$102,071
52.342
1931.
1930.
$21,804 prof$71,500
102,148
89.980
Net loss for the year
$30,648
$111,784
$154,413
Balance Sheet Dec. 31.
Assets
1932.
1933.
1932.
1931.
Liabilities
Cash
$87,650
$2,769
$2,272
$45,154 Notes payable____
Receivables
29,431
8,347
192,482 Accounts PayableInventories
169,563
230,128 Accruals-payroll,
Investments
22,570
9,733
15,182
taxes & other_
Other assets
1,822
40,777 Iles. for contingPlant ProPerties
524,067
3,075
3,075
encies
937,389
Patents(less amort) 21,114
431.250 1.546,052
24,989 x Capital stock_
Prepaid wipe.
414,416 def97.905
Surplus
supplies
5,025
4,103
Total
8861.243 81.475,023
8881,243 $1,475,023
Total
x Represented by 86,250 shares of no par value. The stated value of
the stock was reduced to $5 per share during 1932 from $17.90 per share,
creating a surplus of $1,112,802 from which deficits and other charges of
$698,386 were deducted, leaving a surplus of $414,416.-V. 135. p. 1007.
Super Maid Corp.(& Subs.).
-Earnings.
-
Calendar Years
et sales
Cost ofsales
SeMns& admin.expenses
Int. & discount paid_
Other expenses (net)__ _
Federal income taxes_
1929.
1930.
1932.
1931.
$855,901 31,695.739 32,982,754 $5,783,774
1.30:3,434
1.048.646
1,848.915
773,418
1,814,973
2,621,442
1,155.271
364,777
25,325
48.723
7,408
Cr28,088
73,800
46.500
Net loss
$234,778pf$1.218,194
$515,587
$310,382
Shs. cap. stk. outstand.
(no par)
145,697
150,000
145,697
145,507
Earnings per share
Nil
Nil
$8.12
Nil
Consolidated Balance Sheet Dec. 31.
Assets1932.
1931.
1932.
Liabilities1931.
x Fixed assets._ - $728,572 $702,537 y espial stock---$1,494,208181,494,208
.
def371,0041
Cash
25,773
45,241 Surplus
Investments
76,107
87,144
396
396 Accts. dc notes pay
Notes & accts. rec
525
63,060
558,338 Accrued expenses.
Accts. rec., officers
1,533
7,137
Accr. wages & sals.
& employees.. _ 132,702
19,542
13,400
Tax reserve (est.).
Inventories (cost). 196,987
240.104 Res. for loss on
Prepaid expenses_
4,318
11,266
14,080
lease
465
Cash val. Insur_ _ _
943
59,798
49,269 Comm'ns payable_
81,221,377 $1,607,152
Total
Total
$1,221,377 $1,607,152
x Depreciation deducted was $214,412 in 1932(1931 1172.973). y Represented by 145,507 shares of no par value in 1932 (1931, 145,697 shares of
no par value.
-V. 135, p. 1007.
-Quarterly Report.
Supervised Shares, Inc.
Investments of the company, based on market value as of June 30 1933,
amounted to $3,389,137, which was $637,815 in excess of cost, according
to the quarterly report for the three months ended June 30. The liquidating
value of the capital stock of the company, which consisted of 2,289.825
shares outstanding at the end of the period, was $1.48 per share as compared with 99 cents per share on March 31.
509
"During the period under review," says a letter to stockholders,"we have
witnessed one of the most impressive business recoveries ever made in this
country in a comparable period of time. Funds of the company have been
kept invested in a carefully selected and well diversified list of common
stocks.
"The company has realized a net profit of $50,224 on securities sold
during the period. In accordance with the present policy of the board of
directors, as previously announced, this amount was not taken into consideration in determining the distribution of $.016 per share payable
July 15 1933."-V. 136, p. 4476.
Swift & Co.
-Court Speeds Sale of Stock in Libby.
-
In the government's effort to enforce the packers' consent decree, the
Supreme Court of the District of Columbia has appointed J. Bruce Kremer,
Butte, Mont., attorney, to take over the shares of stock owned by Swift
& Co. in Libby, McNeill & Libby. whose par value exceeds 320.000.000.
The appointment was announced by the Justice Department which said
Mr. Kremer would begin at once to seek purchasers of the stock, which
represents control of the Libby company.
The District of Columbia Court recently denied an application by Swift
& Co. for a further extension of time to comply with the provisions of the
consent decree requiring several packing companies to discontinue dealing
in groceries and other lines unrelated to the meat packing industry and from
owning any interest in concerns engaged in those lines.
A one year extension of time was given to the Swift and Armour companies, following the derision of the United States Supreme Court in
May 1932,sustaining the consent decree which was signed in February 1920.
Armour 43c Co. has reported to the Attorney General the final disposition
of all interests required by the consent decree, the Department of Justice
said, and Swift & Co. has done likewise, except for the Libby, McNeill
& Libby stock. A year ago Swift & Co. was required to transfer to a
trustee all shares of the capital stock of Public Stockyards Companies
which it owns and which it must dispose of under the consent decree. The
departmeat said Harry S. New, of Washington, who was named as trustee,
is seeking purchasers of the Stockyards stocks.
-V. 137, p. 158.
Tanganyika Concessions, Ltd.
-Removed from List.
-
The New York Curb Exchange has removed from unlisted trading rrivileges the Guaranty Trust Co. of New York American depositary receipt
for ordinary registered shares (Par •CD.
Taylor-Colquitt Co.
-Dividend Again Decreased.
A quarterly dividend of 1234 cents per share was recently declared on the
common stock. no par value,•payable July 1 to holders of record June 15.
A distribution of 25 cents per share was made on this issue on March 31 last,
and one of 40 cents per share on Dec. 31 1932.-V.136, p.2811.
Taylor Milling Corp.
-Earnings.
Calendar Years1932.
1931.
1930.
1929.
Net sales
$2,747.553 $3,437,923 $5,609,572 $6,627,716
Net profit after deprec.
& Federal taxes
loss8,337
82.420
441,494
507.806
Earns. per sh. on 100,000
shs. com.stk.(no par)
Nil
80.82
$4.41
$5.07
Consolidated Balance Sheet Dec. 31.
1931.
1932.
AssetsLiabilities1931.
1932.
$212,544 $111,610 Accounts payable_ $44,001
Cash
$62,360
Municipal bonds
33,203
Fed. Income tax__
6,347
15,700
Notes receivable
50.271 Accrued salaries__
10.417
3,223
24,175
272.450 Dividends payable
:Accts.receivable_ 211,652
25,000
599,518 zCapital stock_ _ 1,613,481 1,613,481
Inventories
468.460
Land, buildings,
Surplus
278,326
331,664
989,323 y1,014,705
equip., &c
23,827
Deferred charges
19,689
$1,945,377 $2,072,381
Total
Total
$1,945,377 $2,072,381
x After deducting reserves for losses of $33,820 in 1932 (1931, $29,841)
y After deducting reserves for depreciation of $223,290 in 1932 (1931.
$156,089). z Represented by 100,000 shs.of no par value.
-V.135, p.4048.
-June Sales Higher.
Thermoid Co.
Sales of this company and wholly owned subsidiaries for the month of
June showed an increase of 31% over May 1933 and showed an increase
of 60% over the same mnnth in 1932. Sales of the 95% owned subsidiary,
the Southern Asbestos Co.,showed an increase of about 20% during June
over May 1933 and showed an increase of over 40% for the same month in
1932.
"Our business with the automotive industry has usually tapered off during
the month of July." observed President R. J. Stokes. but "this year the
demand has been well sustained and business at the moment is very satisfactory and looks up for the months of July and August, which is contraseasonal."
-V. 136. p. 4287.
Third National Investors Corp.-Earnings.
For income statement for six months ended June 30 see "Earnings
Department" on a preceding page.
Change in Net Assets for Six Months Ended June 33 1933.
To.al
.
Per Share.
Net assets, at market Dec. 31 1932
$4,323.887
$19.65
Decre..se for period, before dividends:
Net income
68,151
0.31
Loss on sa.le of securities
0.51
113.531
Decrease in unrealized loss
1,347,075
6.12
Excess ofcost over market value of treas.stock _ _ _ _
162.835
0.74
Deduct dividends on common stock
$1.138,860
66.910
•
$5.18
0.30
Increase for period,after dividends
$1.071.949
$4.88
Netassets,at market June 30 1933
5.395,836
24.53
Balance Sheet June 30.
1932
1933
AssetsLiabilities1933
1932.
Securities owned_ 204,257,075 $7,228,651 Accrued expenses.
$1,550
$2.100
1,220,646 Prey. for Fed. exU. S. Govt. oblig_
Cash
125,300
205,067
else tax
4,325
Corn. stk. of Third
Prey. for N. Y.
Nat. by. Corp_ 995,166
State taxes
6,500
220
Dep. In closed bk.
3.700
Prey. for Federal
Divs. receivable__
26,970
39,054
tax
13,981
b Common stock_ 220,000
220.000
.10,148,502 10.148,502
Capital surplus.
Security deficit... 4,991,795)1111685,385
Income surplus....
19,1291
Total
$5,408,211 $8,699,418
Total
$5,408,211 $8,699,418
a At market, the cost being $6,144,227 (1932 figures are at cost, the
market value being $1,882,950.) b Authorized, 400,000 $1 par shares (no
par shares in 1932): outstanding, 220,000 shares: 130,000 shares are reserved for exercise of purchase warrants entitling the holders to purchase
common stock at $60 per snare until March 1 1934: and thereafter at $2
more per share per annum until March 1 1939 when the warrants expire.
V. 136. p. 4287.
Tide Water Associated Transport Corp.
-Call.
Holders of 1st lien 10-year Marine Equipment, 5% sinking fund gold
bonds have been notified that the Chase National Bank of the City of
New York, trustee, has drawn by lot for redemption on Aug. 15 1933 out
of sinking fund moneys,$31,000 principal amount of these bonds at 101%%
of the face value tnereof. The bonds designated for redemption will be
redeemed and paid at either the City Bank Farmers Trust Co., 22 William
St., or the Chase National Bank of the City of New York, 11 Broad St.
Interest on these bonds shall cease to accrue on and after Aug. 15 1933.
-V. 136, p. 4477.
Transue & Williams Steel Forging Corp.
-Listing of
Additional Capital Stock.
The New York Stock Exchange has authorized the listing of 35,500
additional shares of capital stock on official notice of issuance, making the
total amount authorized to be listed 135.500 shares.
The purpose of issue of the 35.500 shares is (1) to sell presently for cash
at $10 per share net to the company 3,000 shares thereof; (2) to give to the
purchaser of such 3,000 shares two options, namely, one to purchase 2,000
Financial Chronicle
510
additional shares at $10 per share net cash to the company and one to
purchase 20,000 additional shares at $11 per share net cash to the company,
both options being good for 60 days from the date upon which the additional
stock now applied forts admitted to the list of the New York Stock Exchange
on official notice of issuance; (3) to issue and deliver 3.000 shares thereof
in exchange for and in consideration of 9,000 shares of the common capital
stock of Electric Steam Sterilizing Co. (Del.), whose business involves
substantial manufacturing and sales benefits to the products of this company, such acquisition being to induce and promote relations which will
benefit and expand the business of the company; and (4) to give options
to the four principal executive officers of the company in varying amounts
to purchase the aggregate number of 7,500 shares of the company's stock
at $15 per share net cash to the company, good until July 1 1935.
The company has made capital expenditures during 1930, 1931, 1932
and the first five months of 1933 of approximately $131.000. and the
purpose of the issue of the 25,000 shares first above mentioned to be sold
or optioned is in part to reimburse the treasury for these capital expenditures
and in part to provide additional working capital which the company
anticipates will be required.
-V. 136, p. 2629.
Tr -Continental Corp.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Net assets on June 30 were $4-.426,863, according to the report. This
value. which is before daducting funded debt and which assumes retirement
of the corporation's holdings of its own pref stock, compares with the net
assets of $27,208,378 on March 31 on the same basis, and is an increase of
approximately 54% in the three months. During the quarter the corporation sold an additional $400,000 of its own debentures and invested the
proceeds.
Net assets on June 30 calculated as above were equal to $5,592.12 per
$1.000 of outstanding debentures, $133.59 a share of pref. stock and $3.60
a share of common stock. Thus the assets behind the pref. stock showed an
Increase of about 74% from the value of $76.77 a share reported as of March
31. On March 31 the common stock lacked $2.49 a share of having any
liquidating value.
Estimating the effect upon the value of the company's portfolio of
changes in market prices of securities since June 30, the management stated
that net assets at the close of business July 8, on the same basis, were approximately $45,235,000, equal to about $5,960 per $1,000 of debentures.
$144 a share of pref. and $4.75 a share of common.
In his letter to stockholders, Earle Bailie, chairman of the board says
that during the second quarter the corporation "continued its policy of
investing cash in securities which seemed in position to apprecaite substantially with a recovery of business, as well as substituting such securities for
Others held in portfolio which are less rseponsive to changes in the general
level of business." Purchases included not only common stocks, but also
bonds and pref. stocks largely in the lower priced groups.
On June 30, cash or its equivalent and Government securities amounted
to approximately 8% of the assets, as compared with 16% on March 31,
holdings of bonds and pref. stocks were 31% of assets as compared with 33%
on March 31, and holdings of common stocks were 61% as compared with
51%.
Statement of Surplus and Undistributed 'Net Income June 30.
1933.
1932.
$39,191,051 $46,088.421
Surplus, Dec.31
46,533
99,008
Arising from common stock issued
Arising from repurchase of Investors Equity
735
Co., Inc.5% gold debentures
$39,237,584 $46,188,165
1,817,362
4,761,077
20,000
Total
Loss on sale of securities
Transfer to reserve for contingencies
$37,400,222 $41,427.088
Balance
Undistributed Net Income from Oct. 30 1931.
def$192,281
527,497
782.376
Balance, Dec. 31
Net income for six months
Preferred dividends
$61,088
801,189
844,026
$36,953,061 $41,445,339
Total surplus
Balance Sheet June 30.
1932.
Liabilities$
1933.
Assets$
$1,210,882
Cash
II.S.Govt.secur b 1,801,831
Short term adv_
Corp. own pref.
1,825,352
stock held-d
Reedy. from Selected Ind., Inc. 375,605
Inv.(incl.synclicate
panic.) at cost 650,275,738
Spec. dep. for divs. 515,670
Receivable for se70,160
curities sold__
Interest .4 dive.
493,256
receivable, .443
$6,814,141
1,634,280
994,363
1,528,424
45.591,739
451,645
16,915
1933.
1932.
$
$
Res. for exp. .fx tax 250,526
51,876
Dividends payable 8556,128
451,645
Due for sec. loaned
against cash___ - 645,000
465,500
Int. accr. on 5%
See a
40,464
gold debs
Due for sec. porch.
81,769
7,586,900 5,126,900
Funded debt
Part, in syndicates 751,209
6% cum. pref. stk. 7,396,350 7,396,350
Common stock-c_ 2,429,318 2,326,318
36,953,061 41.445,340
Surplus
354,653
Total
56,568,494 57,386,163
56,568,494 57,386,163
Total
a Includes accrued interest. b The market value of investments and
210,113,414 less than cost,
U. S. Govt. securities on June 30 1933 was
the value of investments not readily marketable having been determined
by appraisal by the corporation. c Represented by 2.429,318 (2,326,318
-V. 136.
in 1932) no par shares. d 35,062 (29,362 in 1932) shares at cost.
p. 2811.
-Plan Operative.
Tyler Bldg. (19 John St. Corp.).
The protective committee for the 1st mtge. 6% sinking fund gold loan.
due Oct. 1 1953, announces that it has declared operative the plan for the
reorganization of the property. Holders of the certificates who have not
heretofore deposited with the committee may do so until the close of business on July 10 1933, and by so doing may share in the benefits of the plan.
The committee is composed of Birger L. Johnson, Chairman, Stephen G.
Duncan and Dutro Plumb. Howard Peterson, 120 Broadway, is Secretary
for the committee for which New York Trust Co. is depositary and Chap.
man, Snider, Duke and Radebaugh, Counsel. See also V. 137, p.330.
-Earnings.
Union Oil Co. of California.
For income statement for three and six months ended June 30 see "Earnings Department" on a preceding page.
Sales volume in the first six months of this year amounted to 13,700,000
barrels, against 14.700,000 barrels in first half of 1932.
"As the result of improved conditions now prevailing current operations
are being carried on at a profit," according to L. P. St. Clair, President.
Current assets as of June 30 1933. including $15,400,000 cash resources,
amounted to $48,500,000 and current liabilities were $5,150,000. This
compares with cash resources of $13,600.000. current assets of $50,500.000
and current liabilities of $5.300,000 on June 30 1932.-V. 137, p. 159.
-New Pres., &c.
United Aircraft & Transport Corp.
Philip G. Johnson,former President of the Boeing Airplane Co., has been
elected President of the above corporation, succeeding Frederick B. Rentschler, who has been elected Vice-Chairman of the board, a new office.
Mr. Rentschler, who has been President of the corporation since its
caption, will continue his active leadershop in matters of policy and general
administration, while Mr. Johnson will take over the executive direction
of operation, it was said.
-V. 137. p. 159.
-Exchange Offer Extended.
United Chemicals, Inc.
Pursuant to application dated May 29 1933. the Committee on Stock
List of the New Yok Stock Exchange authorized modification of the terms
of authorization for listing of remainder of 102,000 shares pursuant to an
offer made by United Chemicals, Inc.for exchange of one share of Westvaco
Chlorine Products Corp. common stock for one share of United pref. stock
outstanding for the period ending July 8 1933,"with the privilege of extending said right of exchange to Sept. 8 1933.
On the above authorization, the officers of United Chemicals, Inc. have
extended this exchange to and including July 25 1933.-V. 136, p. 3363.
United Fruit Co.
-Earnings.
--
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
July 15 1933
The company's cash balance including government securities on June 30
1933 was $31,500,000 as compared with $22,300,000 at end of June last
year.
-V.136, p. 3363.
-Plan
United Merchants & Manufacturers, Inc.
Effective.
The company has successfully obtained the consent of the owners of
$941,000 of its outstanding notes and accounts bearing interest at 6% to
exchange the same for $941,000 preferred 5% stock of the company,cumulative after Aug. 1 1936.
Arrangements have also been concluded for a sinking fund to redeem
the stock, as contemplated by the plan of readjustment adopted by the
stockholders June 1 1933 (V. 136. P. 3737)•
Upon their exchange for the preferred stock, these notes and accounts
Will be immediately canceled.
The present holders of the notes and accounts have also agreed to accept
voting trust certificates for 4.000 shares of the new common stock of the
company in full satisfaction of all accrued and unpaid interest on the notes
and accounts now amounting to over $150,000.
A special meeting ofstockholders will be held July 21 1933 for the Purpose
of further amending the certificate of incorporation of the company to
permit the creation of this preferred stock and to make it available for
this exchange.
-V. 137. p. 159.
United States & Foreign Securities Corp.
-Accumulated
Dividend etc.
A dividend of $3 per share has been declared on the $6 1st pref. stock,
no par value, on account of accumulations, payable Aug. 1 to holders of
record July 22. This will leave accruals on this issue of $4.50 per share.
The company on June 10 last made a distribution of $1.50 per share on the
1st pre. stock on account of accumulations, which at that time amounted
to $7.50 per share.
Net assets of this corporation on June 30 1933 were approximately
$30,900,000, compared with 223.300,000 on Dec. 31 1932 and $19,400,000
on June 30 1932. The value of its net assets is based on market quotations
or nominal value (El) in the absence thereof and a valuation of $1 for
93,700 shares of second preferred and 1.987.653 shares of common stock
of United States & International Securities Corp.
After allowing for expenditures for the purchase of 1st pref. stock for
retirement, the increase in the value of net assets on June 30 1933, compared with Dec. 31 1932 amounts to approximately 34%.
The net asset value of the corporation's holdings as of June 30 1933 Was
equivalent to approximately $146 per share on 211,590 shares of 1st pref.
stock and, after allowing for accumulated dividends on 1st and 2nd pref.
stocks, was equivalent to approximately $2.70 per share on 1,000,000
shares of common stock. At the end of 1932 the asset value of the 1st
pref. stock was approximately $109 on 214,010 shares and as of June 30
-V. 136, p. 3738.
1932 was $87 on 221,160 shares.
-Listing of Additional
U. S. Industrial Alcohol Co.
Common Stock.
The New York Stock Exchange has authorized the listing of 30.000
additional shares of common stock (without par value) on official notice
of issuance and payment in full, making the total amount applied for
403,846 shares.
The company proposes to issue upon due authority of the board of directors up to 15,000 shares of capital stock, on account of the purchase of
shares of stock of the Penn-Mar-Kentucky. Inc.. a corporation to be incorporated in Delaware, which latter company is to be owned jointly by
the U. S. Industrial Alcohol Co. and the National Distillers Products Corp.
The Penn-Mar-Kentucky Inc. is to own and (or) lease plants for the
production of spirits for blending purposes.
The company proposes to issue upon due authority of the board of
directors up to 15,000 shares of its capital stock on account of the purchase
of the properties of or majority interests in other companies for which
It is now negotiating and which may be acquired prior to Dec. 31 1933.
The 30,000 shares will be capitalized on the books of this company at
the actual value of the properties acquired thereby.
Earnings-For income statement for 5 months ended May 31 see "Earnings Department" on a preceding page.
Comparative Consolidated Balance Sheet,
May 31'33. Dec. 3132.
Liabilities$
$
Map 3133. Dec. 3132
$
$
Cash on hand and
1,052,651 1,342,935
in banks
Accts. & notes rec.
-less reserve_ _ 1,695,268 1,400,222
Merchandise. acc_ 5,275,419 5,342,392
Plant & equipml,
1 29,115,544
at cost
Investmls.outside
1,316,051 1,416,051
cos., at cost
Prop, purchasedsubseq. to Dec.
43,140
311932
Assets in liquidat'n 1,144,672 1,144,672
Prepaid insurance,
140,466
398.413
taxes, &c
Assets-
33029 5,619 39,902,286
10
:
Total
-V. 136. 13
Accounts payable. 456,607
942,721
MLscell. accruals.- 658,181
252,179
Res. for deprec-__ 104,236 29,115,543
Res. for conting__ 1,750,000 1,750,000
Res.for ship rep'ra
99,967
Capital
3,738,460 3,738,460
Earned surplus
4,218,133 4,003,414
Total
10,925,619 39,902,286
United States & International Securities Corp.
-Reports 54% Gain in Net Assets.
Net assets of the corporation, based on market quotations on June 30
1933 totaled approximately $25,600,000, compared with $17,200,000 on
Dec. 31 1932, and $13,580,000 on June 30 1932. Due to inability to
transfer reichsmarks into dollars, a credit of $620,000 to Berlin City Electric Co. has not been included in the net assets of June 30 1933.
The asset value per share offirst preferred stock on June 30 1933 amounted
to approximately $93 on 273,840 shares outstanding. This compares
With an asset value of approximately $60 per share on 283,490 shares
outstanding on Dec. 31 1932, and an asset value of approximately $45 per
share on 300,890 shares outstanding on June 30 1932.
In addition to the first preferred stock, the company has outstanding
100,000 shares second preferred stock and 2,485.543 shares common stock.
After allowing for money expended for the purchase of preferred stock
for retirement, the increase in the value of net assets as compared with
the end of last year amounted to approximately 54%.-V. 136, p. 508.
United States Printing & Lithograph Co.(& Subs.).
-Unfilled Orders.
Steel Corp.
United States
See under "Indications of Business Activities" on a preceding page.
Common Stockholders Decrease.
Holders ofcommon stock of this corporation on June 1 numbered 189.569,
against 192.868 on March 18 last, the record date for the annual meeting.
This also compares with 192,384 on March 1 last, 190,024 on June 30 1932
and 156,239 on June 30 1931. On June 301930.there were 129,626 common
stockholders and at the end of June 1929, number was 105,612.
The number of holders of pref. Stock in May entitled to the dividend was
63,517, against 63,549 on March 18 last, 63,199 in February, 62,259 last
-V. 136.
November. 61,655 in August 1932, and 60,407 in May last year
P. 4289.
-Production.
United Verde Extension Mining Co.
1931.
1932.
Copper Output(lbs.) 1933.
3,014,232 3,043,930 2,824,696
January
3,031,459 3,221,198
2.710.020
February
3.013,188 3,049,976 3,236,882
March
2,977,420 3,019,072 3,074,758
April
3,006.300 3,020,100 3,369,080
May
2,673,788 3,007,702 3,284,984
June
a
3,008.902
July
a
3,038,998
August
a
2,969,622
September
a
2,909,008
October
2,913,886 2,784,000
November
2,908,322 2,917,000
December
-V. 136, p. 4108.
a Operations suspended.
1930.
4,447,540
3,737,914
3,362,598
4,094,740
4,013,796
3,580.772
3,898,170
4,028,442
3,771,274
3,404,000
3,800,000
2,473,000
1929.
4,675,640
4,047,610
5,207,946
5,364,570
5,465,350
5,020,000
4.470,336
4,593,462
5,140,000
6,038,000
4,776,000
4,742,000
Financial Chronicle
Volume 137
United
Steel
Works
Corp.,
Germany.
-Proposed
Merger.
See Gelsenkirchen Mining Co. above.
-V. 137. P. 159.
Universal Pictures Corp.-7'o Make New Films.
During the 1933-34 season the corporation will produce 42 feature
films, it is announced.
-V. 133. P. 1940.
511
Bank, it has modified the plan and agreement of reorganization, dated
April 30 1932.
It is provided that holders of class A,B and C stock of the new company
shall not be entitled to vote and all rights shall be vested in the preferred
stock; that the new company shall not mortgage, sell or convey all or
substantially all of its property without the consent of at least two-thirds
of its outstanding class A stock, and that the entire capital stock of the
sales corporation shall be delivered to the new company instead_of to the
bank.
-V. 136. p. 3924.
Van Camp Packing Co., Inc.
-Sale of Assets.
Carl Wilde, Federal Court Referee In Bankruptcy, at Indianapolis
July 7, prepared orders for confirmation of the sale of remaining tangible
assets of the an Camp products,packing and oil companies in Indianapolis,
Louisville and Baltimore.
The orders confirmed the sale of the plants and inventories of the Van
Camp Co. at Louisville to the Glidden Co. of New York for $200,000.
The old of $253,000 made by the Northeastern Realty Co., Inc., for the
Van Camp Pompeilan Olive Oil Co. of Baltimore was also approved.
Stokely Brothers & Co. of Louisville last month acquired the operating
rights, trade names and inventories of the Van Camp Products Co., and
on July 1 the same firm acquired all Indiana properties of the Van Camp
Packing Co. The two deals involved a consideration of $437,000.
Trustees of the Van Camp Products Co. have expressed the belief that
through the sale of its assets they will be able to pay creditors in full.
The Van Camp Packing Co., however is described as "hopelessly insolvent."
The various Van Camp companies were placed in receivership last
-V. 137, p. 159.
January.
Vertientes Sugar Co.
-Auction Due July 28 at Havana.
The National City Bank has instituted foreclosure proceedings under
which all the properties of the company will be offered for sale at auction
In Havana on July 28. There are outstanding $10,200,000 first mortgage
7% oonds on which interest has been defaulted since June 1 1932. The
bank is trustee for the issue and the total amount of its claim is $11,049.084.
Propaties of the company are appraised at 815,546,900.
Thomas L. Chadbourne is chairman for the protective committee for
the bonds. The committee it is stated is working on a plan of reorganization which will probably mean purchase of the properties at auction by
the committee on behalf of the bondholders.
-V. 137. P. 159.
Vesta Battery Corp.
-Removed from List.
The New York Curb Exchange has removed from unlisted trading privileges the common stock (par $10).-V. 132, p. 4081.
Vickers, Ltd.
-Removed from List.
The New York Curb Exchange has removed from unlisted trading privileges the Guaranty Trust Co. of New York American depositary receipts
for ordinary registered shares (par value 6 shillings 8 pence).
-V. 136.
p. 1906.
'Walgreen Co.
-June Sales Higher.
1933
-June
-1932.
$3,982,912 83.823.184
-V.136. p.4109.
1933-6 Mos.-1932. Decrease.
Increase.
3159.728 921,404,612 823,480.181 82,075,509
Wesson Oil & Snowdrift Co., Inc.-Bal. Sheet May 31.1933.
Assets
y Real est., plant,
equip., &c., lees
depreciation_ _10,388,064
Inv. At adv. to affiliated companies 171,528
U.S. Govt. Lib.bds
80,000
Invest. In cos. own
cony. pref. stock 200,263
Cash in banks in
liquidation
574,733
Cos.common stock
held for employ- 162,985
Ctfs. of deposit
100,000
Cash
3,377,200
Inventories
17,178.632
Accts.& bills roc_ 1,936,459
investmls 457,430
Loans & advances. 527,184
Insur, fund invest. 596,894
Prepaid expenses'.
68.851
1932.
9,801,560
180,112
1,772,888
4,242,943
500,000
4,386,704
14,978,609
3,436,540
195,509
685,861
504,294
98,249
1933.
Liabilities-x Capital stock __ _20,571.786
-seen. reserve_ _ 426,745
MI
Accounts payable_ 1.211,092
Preferred dividends
295,899
payable
Common dividends
payable
75,000
Sub. cos. purch.
money notes pay 212,000
Reserve for Federal tax
244,450
Reserve for insurance & conting _ 701,519
Paid in surplus... 3,200,000
Capital surplus._ _ 5,886,868
Earned surplus_ - 2,974,841
1932.
28,509.465
416,286
1,007,148
319,833
150,000
288,435
520,917
3,200,000
5,203,439
3,149,543
Total
35,800,003 40,763,087
35,800,003 40.783.087
Total
x Represented by 300,000 shares (400.000 in 1932) $4 convertible pref.
stock and 600.000 shares no par corrunon stock. y After reserve for depreciation of 87,822.375 in 1933 and $7,374,419 in 1932.-V. 137, p. 332.
Western Auto Supply Co., ansas City, Mo.-Sales.-
-June
1933
-1932.
1933-6 Mos.-1932.
Increase.
31.380,000 31,153,000 1 $227,000l$5,398,000 84.798.000
-V.136, p.3556.
Increase
5600.000
Wheat Farming Co. of Kansas.
-Receivership.
see last week's "Chronicle" page 211.
Wilson Lines, Inc.(& Subs.).
-Earnings.
-
Years Ended Mar.31Gross income from all
sources (incl. equity in
earnings of sub. co.)-Maintenance
Traffic and advertisingOperation of vesselsOperation of terminals
Insurance
Rents,salaries. taxes. &c
Interest on funded debt..
Int. on unfunded debt
1933.
1931.
y1932.
1930.
$711,079
39,646
61,352
249,207
136,411
33,993
59,571
49.431
10.128
8922.492
49.668
70,578
320,971
x145,316
35,274
62,979
53,340
12,659
$921,910
55,234
70.790
321.613
121,234
28,746
63,725
52,995
9,192
$71,340
Balance available for
dividends & deprec_
Dividends on pref. stock
Prov. for depreciation
Prov. for Fed. inc. taxes
$873,128
48.136
78,274
296,448
121.520
29,922
63.671
51,387
9,540
$.74.227
62,300
54,238
8171,707
62,300
58.002
3198,381
53.725
50.544
2.900
55,924
Balance, surplus
851,405
$57,689
$15,415
991.211
x 1931 results principally arise from acquisition of the Bush Line and
represent temporary increase. Present total monthly expenses are lower
than those for 1930. y After adjustment of subsidiary company depredation.
General Balance Sheet March 31.
1933.
LiabilitiesAssets1932.
1933.
1932.
Floating equip....-$1,307,830 31,304,345 Preferred stock., $890,000 3890.000
37,500
Land
594,296
594,296 x Common stock.37,500
805,300
Terminal property 455,190
450,168 Funded debt
839,400
175.750
Investments
895,352 Due to subs
695,752
174.750
30,000
Cash
20,145 Loans pay., banks
12,124
40.000
24,157
34,324
44,828
Notes & accts. rec.
48,457 Accts.& wages Par
Materials & supple.
14,629 Depredation res-11.475
Surplus
Prep'd rents, taxes,
insurance, &c._
11,049 Burp. arising from
15,261
9.396
apprais. of assets 349,533
387.522
7,424
tined). debit items
72:11 illgt
;
$3.143,984 $3,147,838
Total
33.143,984 13,147,838
Total
-V. 135, p. 1009.
x Represented by 37,500 no par shares.
-Sales.
Winn 8c Lovett Grocery Co.
Period End.July 1Sales
-V.136, p.3364.
-1932.
1933-5 Wks.
$457.109
$449.363
1933-26 Wks.
-1932.
$2,336,211 32.556.756
-Change in Reorganization
Witherbee, Sherman & Co.
Plan.
The reorganization committee, headed by D. C. Borden, announced
July 1 that with the approval of the bondholders' protective committee,
the note and stockholders' protective committee and the National City
CURRENT NOTICES.
Whitlock, Smith & Co., members of the Detroit Stock!Exchange, are
announcing the opening of offices at 1446 Penobscot Building, Detiort,
for the purpose of transacting a general securities badness.. They report
complete facilities available for handling both trading and Investment
accounts,
addition, they wili conduct i general bond business.
- -General partners in the firm are C. C. Whitlock, Hal H. Smith and
Samuel Hague. All three were active or prominent in the affairs of W.E.
Reilly & Co. until recently when that firm retired from business. Whitlock is -a; Certified Public Accountant, with much experience in handling
business and investment problems. For the pastfive years he has; been'a
member of W. E. Reilly & CoZand served as a major executive of the
form. Prior to that he was long associated with Mr. Smith in othercarTacities. Smith is widely known as an attorney and financier. He is:a member
of the nationally known law firm of Beaumont, Smith & Harris. of Detroit.
Hague has been for 10 years in the the securities business in Detroit: the
last five years on the floor of the Detroit Stock Exchange for W. E. Rein*
& Co. Hague will be the floor member of the new firm. JohnE: Dunn
will act as cashier and office manager.
Complete and accurate statistical services, covering all marlietill_ e
available to clients of the firm.
-Hartley Rogers & Co. are extending their activities to the East by
opening an office at 14 Wall Street, under the management of William 0.
Faulkner and Vincent Gowen. This firm:" established several years ago
and now having offices in L043 Angeles, San Francisco and Seattle, are
establishing the New York office because so great a volume of business has
developed in Pacific Coast securities that
,the firm!ell it would be advantageous te those with
-whom ttielad-beeii doing business im_the east_ta
open an office in New York.
The New York office will do an active trading business in all securities;
will conduct an arbitrage business in Pacific Coast securities;and will hanffe
business in eastern securities developed on the Pacific Coast. Ralph Siegfried, who will be associated with Mr. Faulkner and Mr. Gowen in the New
York office, will specialize in Pacific Coast securities.
Hartley Rogers & Co., in addition to their trading activities on the Pacific
Coast, have maintained for many years a large retail department. The
New York office will be connected through fast wire service with the firm's
office in Los Angeles, San Francisco and Seattle.
Announcement is made that G. E. Hendee, formerly with Kidder.
Peabody & Co., is now associated with Madison & Co., Inc., of New
York City, as manager of their municipal bond department. The organization was formed on June 1 by James B. Madison. former member
of the Federal Farm Board, Washington, D. C.. and former president
of the Virginian Joint Stock Land Bank, Charleston, W. Va. The firm
specializes in Joint Stock Land banks and tax-exempt securities. It was
also announced that William Snow, former examiner with the Federal
Farm Loan Board at Washington, is also now associated with the organization.
Others to join the company are William Connora, formerly with R. S.
Dickson & Co., who will be associated with the municipal trading department; Clarence B. Kilmer Jr., who will be the Albany representative;
F. P. Jeer, the new representative in Philadelphia, also Alex J. Higher,
Edward Coyle and Samuel Cornwall are now affiliated with the sales
department.
-A pamphlet is being issued by John Nuveen & Co.. municipal bond
dealers of Chicago, in response to a question which was raised in bond
circles when the recently adjourned Congress was considering a proposal
to tax municipal bonds. An effort is made in the pamphlet to carefully
outline the present and future status of these bonds, discussing the basis
of their present exemption, and outlining the effect of possible future
legislation. Quotations from legal dicta have been used to make the
treatise, although virtually a summary, as complete and comprehensive
as possible. The following is a summary of the conclusions reached in the
pamphlet: 1. Municipal bonds are "tax-exempt" because of a fundamentally implied restriction of the United States Constitution. 2. They
may only be made taxable by an amendment to the Constitution, and 3.
Such an amendment will not be retroactive.
-Theodore L. Bailey. advertising and publicity manager of Otis & Co.
from 1920 to 1931, has been reappointed to that position, according to
-day. After leaving Otis & Co. in 1931. Mr. Bailey
announcement made to
was associated with the Advertising Department of The Bystander, Cleveland weekly magazine, and later served as assistant to the President of
Chautauqua Institution, Chautauqua, N. Y., devoting his time to special
budgetary and financial matters.
Eastman, Dillon & Co., members of the New York Stock Exchange.
announce that Patrick F. Buckley has been admitted as a general partner
In the firm. Mr. Buckley will be resident partner in the Chicago office,
where he was formerly resident manager. This firm also announces
the opening of a new uptown New York office at 254 Park Ave., under
the management of James W. Bloat.
Lord, Abbott & Co., Inc., New York, announce the formation of an
affiliated company, Lord, Abbett & Co., Inc., of Illinois, located at 120
South La Salle Street. Chicago. The new firm will be under the management of B. M. Kirsteln, Vice-President.
Engel & Co.. Members of the New York Steck Exchange with offices
at 120 Broadway, this city, announce the opening of a branch office in
Far Rockaway, Long Island, under the co-management of Willard S.
Appel and James H. Chapin.
Abbott, Hoppin & Co., members of the New York Stock and other
principal Exchanges, announces its admission to membership in the New
York Cotton Exchange through the election of Hugh E. Paine, a partner
In the firm.
--Spalding, Tucker & Co.. Members of the New York Stock Exchange
announce the opening of an uptown Now York branch office in the Wilson
Building, 1270 Broadway, under the management of Fred. W. Kuhlman.
-Harry Parker. until recently with Ogden, Friedman & Company, has
become reassociated with the Atlantic Investing Corporation of New York
as Manager of their Trading Department.
-Billings, Olcott & Co.. Members New York Stock Exchange, announce
the opening of a branch office at 171 West 57th Street, this city, under the
management of Joseph H. Willson.
Financial Chronicle
512
July 15 1933
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-METALS
--DRY GOODS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Friday Night, July 14 1933
COFFEE futures on the 10th inst. advanced sharply under
heavy buying by Wall Street and Brazilian and European
interests, stimulated by a further drop in the dollar. Final
prices were 12 to 29 points higher on Santos contracts with
sales of 44,000 bags and 11 to 21 points higher on Rio with
sales of 29,000 bags. Cost and freight offers were moderate
but prices were firmer; Santos 4s were 8.50 to 8.55c. Spot
was quiet but steady with Santos 4s 9 to Mo., and Rio 7s
7340. On the 11th inst. Santos futures ended unchanged to
3 points lower and Rio 1 point lower to 6 points higher.
Trading was active, sales being 42,000 bags of Santos and
22,500 bags of Rio. The principal buyers were trade and
Brazilian interests while the selling came chiefly from Wall
Street. Cost and freight offers were irregular. Some shippers asked 10 points lower while others put their prices up
I 10 points. Some were unchanged. Santos 4s prompt delivery were quoted at 8.50 to 8.75e. Spot coffee was quiet
with Santos 4s 9% to 9/c.• Rio 7s, 7%e.; Victoria 7-8s, 7Xe.
On the 12th inst. futures declined 7 to 14 points after nearly
six days of successive advances. Sales were 20,000 bags of
Santos and 8,000 bags of Rio. Spot business was small with
Santos 4s held at 9 to Mc., Rio 7s 73.c. and Victoria 7-8s
nic. Maracaibo, Trujillo, 93's to 103.4c.; fair to good
Cucuta, 11 to 113'c.; washed, 12 to 12%c.• prime to choice,
11 to 120.; Colombian, Ocana, 9U to 103ic.• Bucaramanga
113
natural, 10% to lie.; washed, 113 to '%c.; Honda,
Tolima, and Giradot, 103.I to 10%c.; Medellin, 11 to 113.4c.;
4
Armenia, 103 to lie.; Mexican washed, 9% to lle.• Liberian, Surinam, 8% to 8Vic.; East India, Ankola, ' to
18
25c.; Mandheling, 18 to 25e. Robusta washed,8%c.;natura,
83e. Cost and freight offers were generally unchanged
with Santos 4s prompt shipment quoted at 8.50 to 8.75c.
There were some offers, however, at 8.25c. On the 13th
inst. futures advanced 31 to 43 points on the Santos contract
on sales of 65,000 bags and 17 to 40 points on Rio on sales
of 40,000 bags. There was good buying by the trade and
Brazilian interests. Trading was active. Cost and freights
were more active and 25 points higher; prompt Santos 4s,
8.50 to 8.90e.; Victoria 8s, 7.20e. Spot coffee was in better
demand and firmer; Santos 4s, 9).4 to 9%c.; Rio 7s, 7%c.;
Victoria 7-8s, 73.1c. To-day futures closed irregular with
Santos contract 4 points lower to 5 points higher and Rio
2 points lower to 3 points higher. At one time prices were
3 to 10 points higher on buying said to be for European
interests on the theory that the Brazilian milreis will show
further improvement. Final prices show a rise for the week
of 20 to 40 points. Rio coffee prices closed as follows:
Spot (unofficial)
July
September
December
7%@
6.200nom. I March
6.22181nom.lMay
6.420
6.600
6.640
Santos coffee prices closed as follows:
Spot (unofficial)
July
September
I December
9%1
8.52 nom. I March
8.63 nom.I May
8.710nom.
8.830 8.i- 8
-3
COCOA to-day ended 9 to 3 points higher with sales of
278 lots. Warehouse stocks were 771,078 bags against
725,945 a month ago and 541,436 last year. Sept. closed at
4.910. Oct. at 5e., Dec. at 5.18c., Jan. at 5.26c., March
at 5.41e. and May at 5.54c. Final prices are 5 to 14 points
higher for the week.
SUGAR futures on the 10th inst. closed 1 to 3 points
higher. A better demand for refined and expectations of
favorable action at Washington stimulated buying. Sales
were 17,550 tons. Cuban interests were operating on both
sides of the market but sold on balance. Raws were rather
quiet and unchanged at 3.50e. delivered. A sale of 4,000
tons Philippines for October-November shipment was reported at 3.55c. Refined withdrawals were good and there
was a better inquiry for resale sugar, and prices were unchanged at 4.60c. On the 11th inst. futures closed 4 to 6
points higher under heavy buying by the trade against sales
of raws and some new outside demand. Sales totaled 57,950
tons. All eyes are on the Washington conference and many
regard the outlook as very favorable. Some 40,000 to 50,000
bags of Puerto Ricos, Philippines and Cubas sold at 3.55 to
3.60c., the latter price being a new high for the year. The
entire stock of sugar held in Norfolk is reported to have been
liquidated, and 15,000 tons he'd here in warehouses are said
to have been sold to a refiner. Several refiners advanced
granulated to 4.70c. but others adhered to the old level of
4.60e. Exports from Cuba since Jan. 1 to July 8 totaled
1,073,179 long tons raw sugar against 1,356,975 tons in the
sale period last year, a decrease of 283,796 tons or approximately 26%. To the United States there were shipped
707,797 tons against 889,790 tons last year, a decrease of
181,993 tons; to other destinations, principally Europe, the
exports totalled 365,382 tons, a decrease of 101,803 tons
compared with last year. Stocks in Cuba on July 8th totaled
2,511,168 tops, against 2,895,256 tons on the same day last
year. On the 12th inst. futures registered new highs and
closed 3 to 4 points net nigher on sales of 81,350 tons.
Profit taking resulted because of the failure of the advance
in refined to become general in the early trading and caused
some weakness. However, buying by Wall Street and some
new speculative buying on favorable reports from Washington brought about a recovery and prices ended at near the
best of the day. Raw sugar reached 3.65c., the highest
price seen in three years. Sales were 61,000 bas of Cuba
late July and early August shipment,2,000 tons of Philippines
for Sept.-Oct. shipment and 3,000 tons for late July and midAugust arrival at 3.65e. Futures on the 13th inst. closed 1
to 2 points lower after being up to new highs for the season.
Profit taking was heavy and there was considerable liquida,
tion and selling by commission houses encouraged by the
report of a sale here of full duty sugar and a sale of British
refined at 4.25e. laid down in New York. Sales were 89,250
.
tons. Raw sugar was active and steady at 3.67c. Refined
was advanced to 4.70e. According to the Sugar Institute
consumption for the first five months of 1933 is 7.71%
ahead of 1932. The total for this period amounts to 2,112,516 long tons against 1,961,293 in 1932. The increase during
May was 69,321 long tons from 445,452 in 1932 to 514,773
this year. Foreign and insular refined imports were about
the same as last year or 56,533 tons. To-day prices ended
at a decline of 3 to 4 points. Raws were in less demand
but prices were steady at 3.670. A decline in London prices
had affected the market her!) to some extent. Final prices,
however, are 4 to 5 points higher than a week ago.
Sugar prices closed as ollows:
Spot (unoffici,J)
July
September
December
I January
1.650
1.54 Bid I March
1.55 __I May
i.63@1.64 1
1.6401.65
1.680 _
1
LARD futures on the 8th inst. advanced 15 to 27 points,
with grain sharply higher. On the 10th inst. futures closed
20 to 35 points higher on buying for speculative account
on the belief that something will be done to raise hogs and
hog products. Liverpool lard was 3d. to 6d. higher. Export clearances were 431,394 lbs. to London, Antwerp and
Bremen. On the 11th inst. closed 30 to 45 points higher
under heavy buying by commission houses. Liverpool was
3d. to 9d. higher. Hogs advanced 10 to 25c. Exports of
lard totaled 581,725 lbs. to Liverpool, London, Copenhagen and Oslo. Cash prime lard was 8.10 to 8.20e.,
refined to Continent, Sc.; South American, 71 6 to 7%o.
/
5
On the 12th inst. prices ended 15 to 20 points lower. The
Soiling was heavy and stop loss
market was overbought.
orders were caught. Hog prices on the other hand were
15 to 25c. higher. According to the Department of Agriculture livestock producers in the principal producing States
from Ohio westward to the Pacific coast are facing one of
the most threatening feed situations in many years. Futures
on the 13th inst. advanced early on a good outside demand
but reacted when wheat declined and the ending was 10 to
15 points lower. Packers were selling. Hogs were 10 to
15 i. lower. To-day futures closed 2.to 10 points higher
,
in sympathy with the strength of grain. Final prices are
65 to 67 points higher for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Wed. Thurs.
Sat.
Fri.
7.82
July
7.82
8.15
September
7.95
7.50
7.8ô
7.92
7.92
8.30
October
8.15
7.65
8.05
8.07
_8.55
December
8.40
8.30
8.40
Season's High and When Made. I Season's Low and When Made.
July
July 12 1933 I July
3.92
7.12
Feb. 21 1933
September..__ _8.22
July 12 19331 September---4.02
3
2 9 peeem r
October
July 12 19 3 1 Octo beb
4.57
7,
1.45
er- _ _ _8.20
December _ _ _
July 12 1933
PORK steady; mess $19.; family $18.50; fat backs $15.
to $16.25. Beef firm; Mess nominal; packet nominal; family
$12 to $12.75; extra India mess nominal. Cut meats steady;
%
pickled hams 4 to 6 lbs. 55 c.;6 to 8 lbs. 6N3c.; 8 to 10 lbs.
5H 14 to 20 lbs. 12c.; 22 to 24 lbs. 103/2c.; pickled bellies
ic.;
6 to 10 lbs. 103.c.; 10 to 12 lbs. WO.; bellies, clear, dry
salted, boxed, N. Y. 14 to 20 lbs. 8%c. Butter, creamery,
firsts to premium marks and higher score than extras 21% to
253 c. Cheese, flats 15% to 273/2c. Eggs, mixed, checks
4
to special packs 113/i to 203'e.
OILS.
-Linseed was firmer at 10.4c. for tank cars, and
11.00. for carlots. The Government estimated the flaxseed
production at 9,200,000 bushels which is lower than expected.
It compares with 11,800,000 last year. The condition was
put at 53.4% against 76.4 last year and 81 the 10-year average (1921-1930). The acreaged is only 84.3 of last year.
COTTONSEED OIL sales to-day including switches, 88
contracts. Crude S.E. 134 under July nominal. Prices
closed as follows:
Financial Chronicle
Volume 137
Spot
July
August
September
October
6.80 BId1November
6.84 6.94 1 December
6.90 6.98 1 January
6.93 6.981February
7.05(57.06 1
7 1017.20
7 18 7.21
7.20 7.35
COCOANUT, Manila, coast tanks 23/c. to 3c.; tanks,
8
New York, spot 33.c.; corn, crude tanks, f.o.b. Western
mills 6% to 63'2c. China wood, N. Y. drums, carlots, delivered 9% to 934c.; tanks spot 8.6 to 8.8c.; Pacific Coast
tanks 8.4e. Olive, denatured, Greek 75 to 80c., Spanish
75 to 850.; shipment carlots Greek 74 to 75c., Soya bean,
tank cars, f.o.b. Western mills 7.5e., edible olive $1.60 to
$1.90. Lard, prime 10e., extra strained winter 83'c. Cod,
Newfoundland, nominal. Turpentine 50 to Mc. Rosin
$5.40 to $5.75.
PETROLEUM.
-The usual summary and tables of prices
customarily appearing here will be found on an earlier page
in our department of "Business Indications," in the article
entitled "Petroleum and Its Products."
RUBBER continued active on the 8th inst. although
prices declined 17 to 26 points. Sales were 5,050 tops.
A good business was reported for standard grades with
factories buying on a fair scale. Standard ribs declined M
to 754e. and latex was off M to 83 c. Sept. closed at
%
7.58c., Oct. at 7.70c., Dec. at 7.93 to 7.95e., Jan. at 8.020.,
March at 8.20e. and May at 8.48c. There was some weekend selling and profit taking. On the 10th inst. futures
closed unchanged to 18 points lower with sales of 6,050 tons.
London was quiet and 3-16d. off, and Singapore was down
5-32d. July closed at 7.33c., Sept. at 7.58c., Dec. at 7.90
to 7.950., Jan. at 7.99c., March at 8.18c., April at 8.24c.,
and May at 8.30c. Futures on the 11th inst. opened 3 to
8 points lower but by the close of the day strengthened considerably, closing 7 to 18 points higher in active trading.
Sales were 8,470 tons. Spot plantation smoked ribbed
sheets were 1-16c. higher, though demand was quiet. Sept.
closed at 7.65 to 7.70c., Dec. at 8.05c., Jan. at 8.10c.,
March at 8.25 to 8.29e., and May at 8.48e. On the 12th
inst. in heavy trading prices advanced 60 to 66 points after
sales of 10,620 long tons. Further constructive news regarding restriction of production by British and the Dutlh,
the firmness of other markets and further talk of tire price
advances stimulated buying. July closed at Sc., Sept. at
8.30c., Dec. at 8.69 to 8.75e., ,Tan. at 8.75c., March at
8.90 to 8.98c., and May at 9.10e. The outside market
was more active and about %e. higher. Plantation ribbed
smoked sheets was 78e., with offered prices Mc. higher.
On the 13th inst. futures rose 46 to 57 points and trading
reached a new high record of 16,510 tons. The outside
market was
to %c. higher and active. July closed at
8.60e., Sept. at 8.85c., Oct. at 8.95c., Dee.at9.15 to 9.19c.,
Jan. at 9.25e., March at 9.45e., and May at 9.67e. To-day
prices ended 10 to 33 points higher after sales of 1,313 tons.
I'avgrable news from abroad regarding restriction was the
bracing factor. Final prices are 115 to 120 points higher
for the week.
HIDES on the 8th inst. were less active and declined 10
to 20 points. Sales were 880,000 lbs. Sentiment was better
owing to the activity in the leather industry and the better
demand for the finished article. Spot business was quiet.
Sept. closed at 13.10 to 13.25e., Dec. at 13.25e., March at
13.55 to 13.58e. and June at 13.75e. Packer native steers
and butt brands were quoted at 13e. and Colorados and
Chicago light native cows 12%c. New York City calf skins
9-12s were $2.50; 7-9s, $1.90 and 5-7s, $1.60. Futures on
the 10th inst. advanced 5 to 10 points on sales of 760,000 lbs
Early prices were weak. Spot hides were quiet and unchanged. Sept. closed at 13.15 to 13.350., Dec. at 13.30c.,
March at 13.60 to 13.65e. and June at 13.85c. to 13.90e.
On the 11th inst. after opening at a decline of 5 to 15 points
prices rallied and ended 13 to 30 points higher on the active
positions. A better spot situation caused some new long
buying. Sales were 2,440,000 lbs. Tanners are showing
more interest in spot hides but actual business was small.
There was a better demand for New York City calf skins.
Sept. closed at 13.30 to 13.40e., Dec. at 13.60e., March at
13.90c. and June at 14.10e. On the 12th inst. prices advanced 20 to 35 points owing to the strength of securities
and commodity markets. Sales were 2,360,000 lbs. Sentiment has improved. The spot situation is more promising
and prices were firm. Packer native steers and butt brands,
13c.; Colorados, 124e.; Chicago light native cows, 1234c.;
New York City calf skins, 9-12s, 2.50e.; 7-9s, 1.90c.; 7s,
1.60e. On the 13th inst. futures followed the trend of other
commodities and ended 15 to 25 points higher after sales of
3,640,000 lbs. Spot hides were in fair demand with prices
unchanged. Sept. closed at 13.75 to 13.90e. Dec.at 14.05c.,
March at 14.30e and June at 14.60c. To-day futures closed
25 points lower to 5 points higher. At one time prices were
5 to 25 points higher and established new high records for
the year. Stocks are low. Final prices show a rise on December for the week of 70 points. Dec. ended at 14.10c.,
March at 14.40 to 14.50e. and June at 14.75 to 14.90e.
OCEAN FREIGHTS have been rather slow.
CHARTERS.
-Booked,3 loads, New York-Italy, 7c.. Grain bookings,
2 loads, Montreal to Rotterdam, Sc.; 1 load Montreal to Marseilles or
Genoa, 8Sic. Coal, Hampton Roads-Rosario, 9s. 9d., Aug. 10-20. Time,
round trip West Indies $1.0734. Trip across, done in London, fr. Cuba
to Liverpool, 12s. 9d.; ?Juba to Marseilles, July loading, 13s. 6d.
COAL.
-The retail demand for anthracite was rather slow
and no considerable change is looked for until the end of the
513
month or until the Government's program under the National
Industrial Act is consummated. In the Chicago district
new business has fallen off but owing to the unfilled orders
on hand operations will continue at a fairly high rate. There
was a sharp increase in production according to the United
States Bureau of Mines. The output of bituminous was
estimated at 6,450,000 tons an increase of 460,000 tons or
7.7% over the preceding week and 238,000 tons over the same
week last year. Anthracite production in Pennsylvania last
week was 1,137,000 tons an increase of 122,000 tons or 12%
over the preceding week and more than double that of the
same week last year. Beehive coke production was estimated
at 13,200 tons last week.
SILVER futures on the 8th inst. advanced 35 to 39 points
on sales of 2,275,000 ounces. July closed at 37.550., Sept. at
37.95e., Dec. at 38.74e. and March at 39.48c. On the 10th
inst. futures after early firmness declined and ended 3 to 12
points lower on sales of 4,750,000 tons. Bar silver was off
3-164. at London to 173id. but was %c. higher hereat37%e.
The price at New York is now back to the high point of the
year. July closed at 37.50c., August at
September
at 37.85e. October at 38.10c., November37.67c.,
at 38.35e. December at 38.60c., January at 38.90c., March at 39.4e., April
'
at 39.70e. and May at 39.95e. On the 11th inst. bar silver
advanced %c. to 37%e. a new high for the year on the news
from London that India has promised to sell only a certain
amount of silver each year while silver producing countries
have promised to store a certain amount of silver in vaults
as backing for currency. The London bar price rose 1-16d.
to 17 15-16d. Futures here were 64 to 80 points higher on
sales of 11,175,000 ounces on good buying by commission
houses. July closed at 38.250., September at 38.500.,
October at 38.78e. December 39.37 to 39.40c., January
39.50e. and March 40.10c. to 40.150. On the 12th inst.
'
futures closed 55 to 72 points higher with sales of 7,275,000
ounces. Favorable news from abroad caused good buying
and covering of shorts. Bar silver rose %e. to 38510. the
highest price since May 1930. London was higher at
18 7-16d. July closed at 38.850., August at 39c. September
at 39.20 to 39.24c., October 39.50c., November 39.750.,
December 40c., January 40.25e. and March 40.75e. On
the 13th inst, futures rose 150 to 200 points on good buying
by houses with European connections owing to reports that
good progress was being made at the World Economic Conference to stabilize the price. July closed at 40.450. September at 40.75c., December 41.70e. and March 42.60C. It
was the most extensive bull market thus far this year. Sales
were 12,500,000 ounces. The bar price rose 1%c. to 40Me.
a new high since May 1930, while London was up 3-16d. to
/
1858d. To-day the market ended 20 to 52 points lower on
general liquidation and a weaker technical position. Final
prices however show a rise for the week of 270 to 305 points,
July closing at 40.250., September at 40.30 to 40.40e. December at 41.30c. March at 42.14c. and May at 42.70c.
The bar price at London was 1-16d. higher at 18 11-16d.
COPPER was up to 9e. early in the week for domestic
delivery and 9.20 to 9.27c. e. i. f. European ports. Demand
was small for domestic account. London on the 10th inst.
was lower on standard but electrolytic was higher. The price
of copper abroad later declined to 8.85 to 9c. Prices were
unchanged in the domestic market, but some second hand
metal was appearing at &Mc. Later prices abroad ranged
from 9 to 9.150., an advance of 15 points over Wednesday.
3
TIN declined %c. to 47/i to 47 2e. for Straits under the
influence of a sharp decline in London on the 10th inst.
Demand was small. English refined was 465 e. Stocks in
%
warehouses of the United Kingdom decreased 462 tons last
week to 20,996 tons. Later prices advanced to 47e. for
Straits tin and English refined was 463.e. London was
higher on the 12th inst.
LEAD was $2 higher at $4.50 New York and 4.35e. East
St. Louis on the 10th inst. Demand was good, especially for
August delivery. London was lower on the 10th inst.
ZINC rose $3 to 4.85c. East St. Louis on the 10th
which is a new high for the year. Zinc concentrates inst.
raised $2.50 on Saturday to $32.50. Production of were
concentrates last week was 2,400 to 2,500 while sales were 1,400
to 1,500.
STEEL was advanced $8 a ton on sheets by local jobbers.
It was claimed that prices were out of line with mill prices
and the margin of profit had been too small. Blue annealed
sheets Nos. 10 and 8 gauge are now $3 per 100 lbs.,
$2.60 formerly; black sheets No. 24 gauge $3.65, against
$3.25; galvanized sheets No.24 gauge,$4;long ternes against
$4.50 per 100 lbs. Local retailers reported a good No.24,
demand,
with orders showing an increase over those for June.
PIG IRON has been in small demand. Most of
the
quiries are for carlot quantities. Eastern Pennsylvania iniron
was called $15.50 furnace and Buffalo $14.50 to
in the New York district last week were the $15. Sales
several weeks. But the July 4th week is usually smallest in
an
one. Ferromanganese was $82 for car lots or larger inactive
and $89
to $92 for less than car lots. Later prices were advanced
$1
for third quarter shipment. Buffalo iron is now
approximately $16 furnace for shipment outside the district. Production is still being speeded up. In the Birmingham district
another furnace was blown in, making nine in the
and another will blow in at Thomas next week.district,
More
Financial Chronicle
514
furnaces are to be put in this month at Toledo, Buffalo and
Cleveland.
WOOL has been in fair demand and firmer. In London
on July 10 offerings were 9,297 bales. Home and Continent
were good buyers. America bought a fair quantity. Merinos
and crossbreds firmer. Details:
V" Sydney. 577 bales: scoured merinos, 1534 to 1934d.; greasy, 1134 to
Mid. Queensland. 1.137 bales: scoured merinos, 21 to 2530.; greasy
1131 to 154d. Victoria, 403 bales: scoured merinos, 20 to 22d.; greasy,
nito 1830.; scoured crossbreds, 13 to 19d. Falklands, 212 bales: greasy
crossbreth. 7 to 1034d. New Zealand, 2,638 bales: scoured merinos, 18 to
23304 greasy merinos, 1131 to 1234d.; scoured crossbreds. 11 to 20d.;
greasy. 4 j to 1330. Falklands, 212 bales: greasy crossbreds. 7 to 1030.
Puntas. Patagonia, 4.270 bales: greasy. 934 to 1130.; greasy crossbreds,
7 to 1534d. New Zealand slipe ranged from 534c1. to 1430., the latter
price for halfbred lambs.
In London on July 11 offerings were 12,181 bales of English
specially classed washed and greasy crossbred, all of which
sold, best washed realizing 13Md. and greasy 103jd. Colonial
wools met brisk sale to Yorkshire and the Continent on
recent firm basis of values. Details:
Sydney. 629 bales: scoured merinos, 1434 to 1734d. Queensland. 910
bales:scoured merinos, 113i to 1430.; greasy, 1830. to 2534d. Victoria.
820 bales:scoured merinos, 10 to 154. South Australia, 280 bales:scoured
merinos, 14 to 17d. New Zealand, 6,066 bales: greasy merinos. 1934 to
ur
2534d.; scoured crossbreds. 53i to 133.4d.; greasy crossbreds, 83i to 173.4d.
Cape, 574 bales: scoured merinos, 7 to 13d.; greasy. 12 to 19d. Victoria,
greasy combback ranged from 1030. to 1734d. New Zealand slipe ranged
from 6d. to 16d., latter for halfbred lambs.
In London on July 12 offerings were 12,000 bales, mostly
New Zealand and South American crossbreds. Yorkshire
took the former and the Continent bought the latter. Details:
Sydney, 671 bales: greasy merinos. 1436 to 1834d. Queensland. 837
bales;scoured merinos, 24 to 26d.; greasy. 11 to 17d. Victoria. 352 bales:
scoured merinos, 17 to 256.;scoured crossbreds. 11 to 19d. New Zealand
6,933 bales:scoured merinos, 1934 to 2430.; greasy,8 to 19d.; greasy crossbreds, 5 to 14d. Puntas, Patagonia, 3,086 ba'es: greasy crossbreds. 834
to 13 fid. New Zealand slipe ranged from 7d. to 14d., the latter for half
bred lambs.
In London on July 13 offerings were 9,850 bales with Yorkshire and the Continent brisk buyers. Prices firm except on
slipe and coarse greasy crossbreds, which were slightly easier.
Details:
Sydney. 908 bales:scoured merinos, 15 to 2234; greasy. 1334 to 1634d.
Queensland, 872 bales: scoured merinos, 21 to 26d., greasy. 1354 to 1534d.
Victoria, 1,520 bales: greasy merinos, 12 to 20d. South Australia. 627
bales: scoured merinos, 1934 to 2330. West Australia. 294 bales: greasy
merinos, 1134 to 13 3id. New Zealand, 5,504 bales: scoured merinos. 1934
to 24304 greasy, 1234 to 1330.; scoured crossbreds, 8 to 23d.; greasy,
534 to 1430. Cape. 120 bales: scoured merinos. 23d. Victoria, greasy
comeback sold at 14d. to 17d. New Zealand aline ranged from 6d. to 166.,
latter halfbred lambs. Most of the Cape offerings were withdrawn at
firm limits.
WOOL TOPS futures to-day ended unchanged to 13
points higher with Oct. 99.8c. and Dec. 100.0c.
SILK futures on the 8th inst. closed 3 to 6c. lower in a
quiet market. Sales fell to 780 bales. There was some
week-end evening up and profit taking. July closed at
$2.21 to $2.24, Aug. at $2.18, Sept. at $2.16,Oct.and Nov.,
$2.15 to $2.17; Dec., $2.17; Jan., $2.15 to $2.16 and Feb.,
$2.15. Futures on the 10th inst. ended 2c. lower to lc.
higher in an uninteresting market. Japanese markets were
lower. July closed at $2.21 to $2.24, Aug. at $2.19, Sept.
and Oct., $2.15 to $2.16; Nov., $2.16; Dec., $2.15 to $2.16,
and Jan. and Feb., $2.15. On the 11th inst. it was another
quiet affair with prices ending lc. lower to lc. higher after
sales of 890 bales. July closed at $2.22 to $2.24, Aug. at
$2.18 to $2.20, Sept., Oct., Nov., and Dec., $2.15 to $2.16;
Jan., $2.16, and Feb., $2.15 to $2.17. On the 12th inst.
a bearish report on the spring crop of Japanese cocoons
and weaker cables resulted in a decline here of 1 to 4c.
after sales of 1,950 bales. July closed at $2.19 to $2.22,
Aug. at $2.13 to $2.16, Sept., $2.11 to $2.13; Oct. and
Nov., $2.13 to $2.14; Dec., Jan., and Feb., $2.12 to $2.14.
On the 13th inst. futures ended 4 to 6c. higher after sales
of 2,510 bales. Japanese markets were firm. July closed
at $2.24 to $2.25, Aug. at $2.18 to $2.21, Sept. at $2.17
to $2.19, Oct. and Nov., $2.18 to $2.19; Dec., $2.17 to
$2.18;Jan.,$2.18 to $2.19 and Feb.,$2.17 to $2.18. To-day
prices ended unchanged to 3 points lower under general
liquidation. July closed at $2.22 to $2.25, Aug. at $2.17
to $2.18, Sept. and Oct., $2.16 to $2.18; Nov., $2.15 to
$2.16; Dec., $2.17 and Jan. and Feb., $2.16. Sales were
189 lots.
COTTON
Friday Night, July 14 1933.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below.
For the week ending this evening the total receipts have
reached 82,935 bales, against 80,277 bales last week and
75,954 bales the previous week, making the total receipts
since Aug. 1 1932 8,644,649 bales, against 9,665,197 bales
for the same period of 1932, showing a decrease since Aug. 1
1932 of 1,020,548 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Galveston
2,201 1,820 3.880 2,032
Texas City
,
Houston
-§5i f,i§il 2",5ii 1.,igi
1,113 1,195 1.749 1.302
Corpus Christi
New Orleans.._ - 1,737 1,945 4,618 2.408
312
451
Mobile
586 2,460
------------246
Pensacola
____
Jacksonville
865 1.297
Savannah
371 1,756
Brunswick_
231
171
258
Charleston
759
____
____
____
Lake Charles_ __ ____
198
182
68
Wilmington
49
32
49
150
200
Norfolk
Baltimore
Totals this week_
7.948 11.138 14.278
Thurs.
1,470
____
622
1.759
1.891
1.945
1,965
___
766
____
278
---27
118
___
Fri.
Total.
285
2,086
9,109
3,094
2,743
3.696
---1,093
861
660
2,913
1,588
75
754
428
11,688
2,086
15,749
10,212
15.342
9.450
2,211
1,093
5,916
660
4,610
1.588
599
1.303
428
9,345 10,841 29,385 82.935
July 15 1933
The following table shows the week's total receipts, the
total since Aug. 1 1932 and stocks to-night, compared with
last year:
Stock.
1931-32.
1932-33.
Receipts to
July 14.
This Since Aug This Since Aug
Week. 1 1932. Week. 1 1931.
Galveston
Texas City
Houston_ _ -...
Corpus Christi.._
Beaumont
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles_ _ _ _
Wilmington
Norfolk
Newport News__ _
New York
Boston
Baltimore
Philadelphia
1933.
1932.
11,688 2.012.595 5,970 2,279,292 491,181 513,577
16.897
14,758
2.086 248,175 1.303 246.16'
15.749 2.848.433 5,650 3,179,066 1.249,970 1,130,495
385 429,88,
10,212 315.747
47,535
69.269
27.331
31.600
18,498
15,342 1,942,431 13,711 2,082,035 798,951 957,802
606
9,450 346,872 2,238 514,994 113.814 164,402
20
78,133
2,211 139,874
15.633
136
12,049
27,899
1.093
17,139
4,209
891 337,795 109,129 217.571
5.916 174,990
37,661
43,410
660
213 134.865
4.610 211,503
97.219
49,663
127 138,316
49,158
65.440
1,588 179.600
101
56.753
53.750
8,117
18.689
599
305
59.271
65,775
1,303
46,468
29,606
8,689
____
174,358 204,041
933
14,865
17.674
245
25,476
17.800
428
2.688
2,013
77
5,389
05
no GRA 5 644 640 12 CI MR 107 .1 osn aaa q
Tntalm
A n1 a eta
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1932-33. 1931-32. 1930-31. 1929-30. 1928-29. 1927-28.
5.970
1.842
1,271
11 688
5,475
7,200
2,316
5,650
1.83:
15,749
2,814
2,495
5,208
13,711
4,284
15 342
5,572
1,892
1,406
2,238
203
945'
125
543
2,529
2,524
891
5.916
1,529
1,082
66 ,
213
2,143
1.882
4,1O
129
1,028
87
101
599
85
67
408
305
208
1,303
707
573
Galveston_ __ _
Houston
New Orleans_
Mobile
Savannah....
Brunswick_ _ _
Charleston...
Wilmington_ _
Norfolk
Newport News
All others__
17.618
2.216
237
913
783
1,235
Total this wk.82,935
31,295
16,170
13,098
13,203
19,932
5 644 MO a.RR.S.107 8.464.476 RAM 11:17 0(197 cl n a
Since Ana 1
al A 040
The exports for the we* ending this evening reach a
total of 167,861 bales, of which 36,176 were to Great Britain,
11,518 to France, 17,794 to Germany, 8,346 to Italy, nil to
Russia, 83,248 to Japan and China, and 10,779 to other
destinations. In the corresponding week last year total
exports were 85,703 bales. For the season to date aggregate
exports have been 8,052,111 bales, against 8,400,082 bales
in the same period of the previous season. Below are the
exports for the week.
Exported to
Week Ended
GerJuly 14 1933.
Great
Exportsfrom
- Britain. Prance. many.
Galveston
Houston
New Orleans....
Lake Charles
Mobile
Pensacola
Panama City...
Savannah
Brunswick
Charleston
Norfolk
New York
Los Angeles....
3:15i
Total 1932
Total 1931
Galveston_ _ _
Houston....
Corp. Christi
Texas City_
Beaumont...
El Paso
New Orleans_
Lake Charles
Mobile
Jacksonville.
Pensacola...
Panama City
Savannah
Brunswick_
Charleston..
Wilmington _
Norfolk
Gulfport....
New York...
Boston
Philadelphia_
Los Angeles_
San Francisco
Seattle
Total.
6,550
16,246
53,517
10,111
8.346
83,248 10,779 187,861
5,820 14,615 10.822
1,905 4,595 5,912
25.587 5.674 85,703
50,022 19,485 85,627
1,363
2.231
7,039
885
2.155
6:iii
1,442
604
2,000
660
2,816
1,850
3,313
1,461
7,234
2,650
3,608
11
23,785
3,708
From
u .1 1932to
July 14 1933.
BOOMfrom-
Japan&
Russia. China. Other.
1,796
3:aii
36,176 11,518 17,794
Total
Total
8,606
4,257
1,898
Italy
3,025
3,335
2,050
138
794
460
29,673
64,627
22,840
7,177
11,185
5,215
1,965
9,234
660
5,465
-Loa 2,350
3,608
477 3,862
Exported to
GreatI
Britain. 'Frame
-I
Gee
Japan &'
many. I Italy. Russia China, I Other.1 Total.
274,397 225.717 273,770 199,088 _ _- 630,605333,83211,946,409
282,242365.264 573,193279,099 ---- 548.465430,4242,478.687
80,4141 42,865 295,318
41,373 64,278 47.535 18,853 __-_
11,084 24,430 171.410
48.329 21,433 63.138 2.996 -_.665
4,787
4,345
13,102
1.689i 1,616
15,372
15,372
351,955 133,433 378,95522419 -_-_ 378,494 169,427 1,636,883
34,154 18,921 145,884
10.854 38.857 32,424 10,874 ____
45,493 22,253 358,841
92,347 17,354 157,286 24,108 ____
3,910 1,336 ---_
7,800
____
24 24,542
11,672
64,175 2,197 ___
181
5,366 3,919 111,299
35,461
10,657 .
____
17,098
6,441
17,307 6,928 251,648
140,330 2,430 76.092 8,471 -_-_
-___ ____
19,378
5,700 1,702 37,479
____
10,699
87,735
____ 134,521
---- -._
2,000 11,427 235,683
6,208 24,050 ___
2,250 32,508
136 ____
10,814
229 1,043 39,985
25,856 1.907
506 100606
7,827 -___ ____
300 1,13i
43,205
52
33,895
320 4,335
---- ---75
4,782
52
223
200
23
___ ____ 113,850 9,957 143.021
11,986
368
6,860
50
100 -- 39,172 5,851
47,686
2,513 ---5
---- ---435
440
1,465,029 873,065 1,878,706796,592
____ 1,929,648 1111071 8,052,111
Potal 1932 _ _ 1,317,358 476,499 1,621,169684,499 ____ 3,310,90110005968,400,082
Total 1931
1.083.253936.175 1.702.697487,8U 29,279 1,608,962 784.2676.632.467
-It has never been our practice to include in the
NOTE.
-Exports to Canada.
above table reports of cotton shipments to Canada. the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow In coming to hand. In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of May the exports to the Dominion the present season
have been 14,385 bales. In the corresponding month of the preceding season the
exports were 20,906 bales. For the ten months ended May 31 1933 there were
162,309 bales exported, as against 176,852 bales for the ten months of 1831-32.
Financial Chronicle
Volume 137
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 14 at-
Great
Other
GerBritain. France. many. Foreign
Galveston
New Orleans
Savannah
4.500
5,224
----
Mobile
Norfolk
Other ports *
2.000
5,296
Total 1933
17.020
Total 1932
10,039
Total 19315.559
•Estimated.
Coastwise.
Total.
Leaving
Stock.
4,000 8,500 30.000 2.000 49,000 442,181
1,671 4,639 16.816 7.960 36.310 762,641
--------------------109.129
____
49,663
--------5,000 -- 10.296 103,518
1,000 10.000 56,000 1,000 70,000 1.578,511
6,671 23,139 107.816 10.960 165,606 3.075.249
3,531 9,365 58,033 1,350 82.3183,411.045
3,494 4,988 31,809 2.519 48.369 2,791.106
COTTON advanced sharply during the week on the belief
that the Government will be successful in its plan to reduce
the acreage. The Government report last Saturday, showing over 40,000,000 acres planted, had little effect on prices.
Pre-bureau selling made for a stronger technical position.
On the 8th inst. the prices declined early 7 to 13 points, but
recovered later and wound up with a net gain of 5 to 11
points. The market here as well as at New Orleans closed
10 minutes before the acreage report and could not reflect
it until Monday. Chicago, the only market open to reflect
the immediate effects of the Government's 40,798,000-acre
report, declined 12 to 23 points when trading was resumed
at 12:15 p. m., but quickly recovered thereafter, and made
gains over the previous close of 1 to 7 points, only to close
irregular 13 points lower to 1 point higher. The Government put the acreage at 40,798,000 against 36,542,000 a year
ago, or an increase of 11.6%. It is 4.3% more than in 1931,
but 11.3% less than the record acreage of 45,972,000 in 1925,
and 1.5% less than the five-year average from 1928 to 1932.
Oklahoma shows an increase of 30% over last year, and
Texas 16%. North Carolina increased 5%; South Carolina,
Georgia, Alabama, Louisiana and Arkansas 6%; Tennessee
10%, and Mississippi 1%. The report was a little above
expectations, but it must be remembered that it does not
take into consideration such acreage as may be leased to
the Government and withdrawn from production. The Government expects that a total of at least 10,000,000 acres will
be withdrawn.
On the 10th inst., instead of opening 30 to 40 points lower,
as some had expected, the market swung swiftly upward
and ended 49 to 52 points higher. Secretary Wallace's statement that pledges had been signed for the abandonment of
5,566,169 acres, and President Roosevelt's appeal to farmers
to join as a "patriotic duty" in the acreage reduction plan
more than offset the Government's estimate on Saturday
of an increase of 11.6% in the acreage. New highs for the
movement were reac' hed. The trade and Liverpool were good
buyers, and there was considerable covering of shorts. The
Continent also bought. The South, New Orleans and local
traders were early sellers. The weather map showed rains
in the Central belt and some showers in Georgia, but the
drouth area of the Southwest got no rain and no immediate
change in weather conditions was indicated. The market
was pretty well sold out after the heavy liquidation of last
week over the acreage report, and this, together with the
strength of wheat and a further decline in the dollar, contributed to the advance.
On the 11th inst. the market ended 1 to 10 points lower,
after making new high records for the season earlier in the
day on the strength of grain and favorable private reports
Which revived confidence in the success of the Government
plan to remove 10,000,000 acres of the 40,798,000 acres
planted to cotton. Trading fell off somewhat. Selling increased on the bulge, and the dollar was a little stronger.
The weather was still dry in Texas and Oklahoma, with
high temperatures prevailing, but this was offset in a measure by a forecast for cooler weather and thunder showers
in the Panhandle of Texas. Good rains fell east of the
Mississippi. Liverpool bought on the reaction, and spot and
trade interests were buying. The South and New Orleans
were sellers.
On the 12th inst. prices shot upward $5 in heavy trading
from the early lows. The ending was 83 to 89 points. Contributing factors in the rise were Washington advices indicating success of the Government's plan to cut the acreage
10,030,000; continued drouth in Texas; the weakness of the
dollar, and an estimate by the New York Cotton Exchange
Service making the June consumption 690,000 bales. Early
advices from Washington concerning the acreage were discouraging, and resulted in heavy liquidation and profit-
515
taking, wrhich carried prices down 11 to 15 points. The
South, Wall Street and commission houses sold. But the
market took the offerings very well. The trade, the West,
New Orleans, Liverpool and the Continent were buyers.
The weather was still hot and dry in Texas. The strength
of wheat, securities and foreign exchange were also favorable factors.
On the 13th inst. prices, after fluctuating irregularly most
of the day, wound up at a net decline of 14 to 17 points.
Buying by Wall Street and New Orleans, on predictions that
the cotton acreage canvass would be a success, sent prices
to new highs for the movement, but prices reacted on reports of showers in parts of Texas and prospects for more.
Official reports, however, showed continued high temperatures, with 100 to 114 degrees, at 27 out of 35 stations in
Texas. Selling increased on the bulges. The South and
foreign interests were conspicuous sellers.
To-day prices advanced 14 to 21 points on heavy buying
influenced by advices from Washington indicating success
of the acreage reduction plan and the report of the Census
Bureau which placed the consumption in June at 696,000
bales against 621,000 in May and 323,000 in June last year.
This is the largest consumption in a single month in the
history of the Census Bureau. Worth Street advanced leading constructions / to 6%c. for 381-inch 64x60 print
1c.
2
/
2
cloths and 8%c. for 38
-inch 80
-square. The South, spot interests and New Orleans sold early. Buyers included Wall
Street, Liverpool and local traders. Domestic spinners were
also purchasing. Final prices show a rise for the week of
127 to 132 points. Spot cotton ended at 11.60c. for middling,
an advance since last week of 130 points.
Staple Premiums
60% of average of
six markets Quoting
for deliveries on
July 20 1933.
1-Inch &
15-16
Inch.
longer.
Differences between grades established
for deliveries on contract July 20 1933
are the average quotations of the .ten
markets designated by the Secretary of
Agriculture.
.25
.25
.25
.25
.25
Middling Fair
White
.83 on
Strict Good Middling-- do
51
Good Middling
do
40
Strict Middling
do
26
Middling
do
Beals
Strict. Low Middling
.21
do
30 off
Low Middling
.19
do
69
*Strict Good Ordinary
do
97
*Good Ordinary
do
1.33
Good Middling
Extra White
.40 on
Strict Middling
do do
26
Middling
do do
Even
Strict Low Middling_ do do
30 off
Low Middling
do do
59
.09
.25
Good Middling
Spotted
.25 on
.09
.25
Strict Middling
do
Even
.21
.08
Middling
do
29 off
*Strict Low kliddling--- do
56
•Low Middling
do
.93
Strict Good Middling...Yellow Tinged
.21
.09
Even
.21
.09
flood Middling
do do
22 off
.21
09
Strict Middling
do do
.39
*Middling
do do
.58
*Strict Low Middling__
do do
*Low Middling
do do
1.24
.08
Good Middling
.20
Light Yellow Stained.. .34 off
•Strict Middling
do - 60
do do
*Middling
do do
do - .91
.08
.19
Good Middling
Yellow Stained
54 off
•StrIct Middling
do do
92
okilddiing
do do
1 28
.21
08
Good Middling
.Gray
22 off
.21
.08
Strict Middling
do
43
*Middling
do
87
*Good Middling
Blue Stained
60 off
*Strict Middling
do do
93
*Middling
do do
1 28
• wet deliverable on future contracts.
.09
.09
49
.09
.09
.08
.08
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
July 8 to July 14Middling upland
Sat. Mon. Tues. Wei. Thurs. Fri.
10.75 10.65 11.55 11.40 11.60
11.00
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
July 14 for each of the past 32 years have been as follows:
1933
1932
1931
1930
1929
1928
1927
1926
11.63c.1 1925
5.70c.11924
9.10c.11923
13.10c.11922
18.25c.11921
22.00c.11920
17.75c.11919
18.85c.11918
24.95c.11917
31.30c. 1916
28.008.11915
22.650.11914
12.45c.11913
42.008.11912
36.60c.11911
32.808.11910
13.050.
11.108.
12.85c.
10.908.
10.408.
11.15c.
12.208.
9.44c.
27.65c.'1909
12.95c.11908
9.30c. 1907
13.250.11906
12.308.11905
12.50c.11904
14.25c.11903
16.008.11902
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Contr't. Total.
Saturday- - Quiet,5 pta. dec---- Barely steady......
Monday --- Steady, 50 pta. adv.. Firm
Tuesday
Barely steady......
Quiet. 10 pta. dee_
Wednesday- Firm,90 pta. adv.
Strong
Thursday _- Quiet, 15 pts. dec___ Barely steady._
650
Friday
Quiet. 20 pta. adv _ _ Barely steady
_ .
5
.
Total week_
Since Aug. 1
-856
2,300
"goo
2.300
650
650 2.800 3.450
98.161 269,000 307.701
Financial Chronicle
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
July 8.
Monday,
July 10,
Tuesday, Wednesday, Thursday,
July 11.
July 13.
July 12.
Range__ 10.02-10.20 10.26-10.60 10.47-10.64
Closing_ 10.10n
10.60
10.50n
Aug.
Range _ _
Closing. 10.14n
10.65n
10.62n
Sept.
Range..
-10.53-10.53
Closing_ 10.30n
10.79n
10.73n
10.48-10.78 11.35-11.43 11.28-11.50
11.38n
11.2315
11.4411.404
11.60n
11.34n
11.51n
11.44n
11.48-11.48
11.58n
Range_ _ 10.35-10.52 10.53-10.93 10.79-10.98 10.72-11.74 11.46-11.85 11.44-11.82
Closing. 10.40-10.41 10.89-10.90 10.83-10.84 11.70-11.74 11.54-11.56 11.68-11.70
Nov.
Range _ _
Closing. 10.48n
11.64n
10.97n
11.80n
11.78n
10.92n
Dec.
Range.. 10.50-10.69 10.70-11.10 10.96-11.15 10.87-11.92 11.67-12.00 11.60-12.00
Closing.. 10.56-10.59 11.05-11.07 11.01-11.02 11.90-11.92 11.73-11.75 11.88-11.89
Jan.
(1934)
Range__ 10.57-10.75 10.78-11.18 11.04-11.24 11.96-11.95 11.75-12.14 11.72-12.06
Closing_ 10.62-10.63 11.14-11.15 11.11 11.79-11.80 11.97-11.98
11.95F'eb..
Range_ _
Closing_ 10.71n
12.04n
11.22n
11.18n
11.87n
12.02n
tint.
Range.. 10.73-10.90 10.93-11.32 11.21-11.40 11.13-12.10 11.90-12.23 11.82-12.21
Closing. 10.7911.96-11.97 12.1211.30-- 11.25-11.26 12.10
April
Range_ _
Cloning. I0.85n
11.36n
12.19n
11.33n
12.30n
12.17n
Stay
Range... 10.86-11.06 11.10-11.46 11.37-11.55 1.30-12.25 12.04-12.30 11.96-12.36
Closing_ 10.9212.10-12.11 12.2711.42-11.44 11 4212.25June
Range._
Closing _
n Nominal.
Range of future prices at New York for week ending
July 19 1933 and since trading began on each option:
Option for
-
Range for Week.
July 1933_ 10.02
Aug. 1933..
Sept. 1933._ 10.53
Oct. 1933_ 10.35
Nov. 1933
Dec. 1933._ 10.50
Jan. 1934_ 10.57
Feb. 1934
Mar. 1934.. 10.73
Apr. 1934
May 1934.. 10.86
July
July
July
July
July
July
July
Range Since Beginning of Option.
8 11.50 July 14 5.75 Dec. 8 1932 11.50 July 14 1933
6.00 Dec. 3 1932 10.40 June 28 1933
10 11.48 July 14 6.07 Dec. 8 1932 11.48 July 14 1933
8 11.85 July 13 5.93 Dec. '8 1932 11.85 July 13 1933
6.50 Feb. 21 1933 8.97 May 16 1933
8 12.00 July 13 6.30 Feb. 6 1933 12.00 July 13 1933
8 12.14 July 13 6.35 Feb. 6 1933 12.14 July 13 1933
6.62 Feb. 24 1933 8.18 Apr. 29 1933
8 12.23 July 13 6.84 Mar.28 1933 12.23 July 13 1933
8.91 May 22 1933 9.80 May 27 1933
8 12.36 July 14 9.47 May 26 1933 12.36 July 14 1933
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
July 14Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
1933.
bales- 690.000
1932.
590,000
1931.
793.000
1930.
697,000
106,000
168.000
190,000
118,000
796,000
758,000
983,000
815,000
515,000
199,000
21,000
83,000
85,000
323,000
167.000
20,000
95,000
69,000
376,000
311,000
9,000
106,000
46,000
290,000
173,000
9.000
73,000
23.000
903,000
674,000
848.000
568.000
1,699,000 1.432.000 1,831.000 1,383,000
Total European stocks
India cotton afloat for Europe
111.000
50,000
66,000 127,000
American cotton afloat for Europe 328,000 173,000 100,000 132,000
Egypt,Brazil,&c.,afl't for Europe 98,000 104,000
92,000
86,000
Stock in Alexandria, Egypt
345,000 523,000 630,000 486.000
Stock in Bombay, India
877,000 834,000 831,000 1,094,000
Stock in U. S. ports
3,240.855 3,493,363 2,839,475 1,583,266
Stock in U. S. interior towns..
1,283,311 1,388,864 833,586 599,179
U.S. exports to-day
55,952
5,718
20,349
Total visible supply
8.038.118 8.018,576 7,228,779 5,490,445
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
371,000 273,000 379,000 252.000
Manchester stock
47,000
73,000
63,000 100,000
Continental stock
829,000 620,000 740,000 448,000
American afloat for Europe
328,000 173,000 100,000 132,000
U. S. port stocks
3,240,8.55 3,493.363 2,839,475 1,583,266
U. S. Interior stocks
1.283,311 1,388,864 833,586 599,179
U. S. exports to-day
5,718
20,349
55,952
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
6,171,118 6.068,576 4,970,779 3,061,445
319,000
317,000
414,000
43,000
74,000
111.000
98,000
345,000
877,000
68.000
54,000
50,000
104,000
523.000
834,000
117,000
71,000
108,000 120,000
66,000 127,000
92.000
86,000
630,000 486,000
831.000 1,094,000
445,000
1,867,000 1,950.000 2,258,000 2,429,000
6,171,118 6,068,576 4,970.779 3.061,445
Total visible supply
8,038.118 8,018.576 7.228,779 5,490.445
Middling uplands, Liverpool
5.17d.
7.68d.
4.66d.
6.33d.
Middling uplands, New York
9.30c. 13.40c.
5.85c.
. 11.60c.
Egypt,good Sokol, Liverpool
8.85d. 13.50d.
7.80d.
9.18d.
Peruvian, rough good, Liverpool.
Broach, fine. Liverpool
4.29d.
4.27d.
5.30d.
5.52d.
Tinnevelly, good, Liverpool
4.94d.
4.40d.
6.70d.
6.03d.
Continental imports for past week have been 103,000 bales.
The above figures for 1933 show a decrease from last
week of 163,387 bales, a gain of 19,542 over 1932, an
increase of 809,339 bales over 1931,and a gain of 2,547,673
bales over 1930.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Friday,
July 14.
July (1933)
July 15 1933
MovemmU to July 14 1933.
Towns.
Movement to July 15 1932.
Receipts,
Ship- Stocks
meats. July
14.
Week. Season. Week.
Receipts.
Week. , Season.
Ala.,BIrming'm
600 43,089
697 7,817
34 76,069
Eufaula
852 6,269
969
15,655
-_-_1 12,801
Montgomery.
349
41,413 1,143 37,356
104
39,544
Selma
61,701 2,206 29,848
48 89,442
528
Ark.,Blytheville
392 190,611 1,182 19,172
2 120,141
Forest City
12
23,5751
571 11,308
---I 33,921
Helena
967 23,981
74
70,1361
___78,238
Hope
348
58,521
8 59,584
777 10,016
Jonesboro_ _ _
226
21,128
3 21,179
1
2,380
LittleRock„
429 45,630
164 192,695
479 163,471
Newport_ _
29
63 50,916
8,553
--_ _1 48,588
Pine Bluff
42 179,979
1,132 136,053 1,104 28,246
Walnut Ridge
54 3,773
213 66.807
71 47,142
Ca., Albany
1,596
3,085
____
215 3,212
5,316
Athens
35 40,019
560 45,360
840
29,841
Atlanta
12 85,837
1,284 235,579 4,317 215,311
Augusta.... 4,419 157,403 5,094 95,635
118 187,687
Columbus... 1,000
480 12,201
33,734
----1 58,780
Macon
275 33,259
22,526
213
---33,086
Rome
15
13,366
750 11,907
25
14,759
La., Shreveport
82,395 3,583 32,418
132 113,237
458
21 198,335
Miss.,Clarksdale
729 137,957 1,897 18,249
Columbus...
265
16,823
5 23,040
655 5,323
Greenwood
7 170,869
440 138,01: 2,202 40,761
Jackson
9 44,348
387 18,812
39,266
782
Natchez
527 3,808
9,02
15
---12,748
Vicksburg _ _ _
____
250 37,924 1,194 7,289
41,246
Yazoo City
278 9,609
43 32,498
49 47,344
Mo., St. Louis_ 4,027 188,128 4,027
5
733 149,350
N.C.,Greensb'ro
227 19,447
29,940
180 22.020
2
Oklahoma
15 towns._ 2,049 742,995 4,434 22,133
356 622,290
S.C., Greenville 2,795 178,541 3,973 95,897
688 173,147
Tenn.,Memphis 34,3382,101,72 41,778323,148 4,8562,072,322
145
Texas, Abilene_
___
91,036
.-----I 56 3
. 55
304 1,457
Austin
24,685
___
207
28,579
Brenham...
692 2,397
487
18,770
8 20,024
132 145,979
939 10,490
Dallas
204 102,112
33
55,06:
172 2,911
Paris
31 98,019
,
66
obstown
398
6,839
._ _ 313
31,144
San Antonio_
9
20 1,098
12,791
280
17,926
177 12,894
Texarkana _ _
48,11
271
50 65,766
Waco
77,842
702 3,388
414
40 82,614
Ship- Stocks
ments. July
Week. 15.
855 10,747
____ 6,124
754 51,778
63 45,128
580 30,525
62 14,934
--_ 35,587
173 8,549
177 1,482
926 44,887
158 10.773
836 37,967
197 4,752
____ 3,409
180 40,975
2,884158,638
92, 95,524
____ 22,790
139 37,485
25 11,111
6 68,418
3,400 65,255
702 6,785
676 67,434
251 20,264
-_ 4,313
____ 10,252
141 15,522
733
796
73 20,903
1,308 33,203
2,453
,
8,228285 803
:
---257
____ 2,165
192 4,492
872 11.578
334 3895
R409
4
____
562
147 8,052
162 6,242
Total, 56 towns 63,1645,609,100 90,3861283311 7,9015,661,509 28,6151388864
* Includes the combined totals of 15 towns In Oklahoma.
The above total shows that the interior stocks have
decreased during the week 27,145 bales and are to-night
105,553 bales less than at the same period last year. The
receipts at all the towns have been 55,263 bales more than
the same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1932-33-SInce
Week. Aug. 1.
h
4,027
h
July 14ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
-1931-32-Since
Week. Aug. 1.
733
55
h
h
h
- iiii
3,245
3,200
11.515
h
7,340
h
Overland to N. Y., Boston, &c_ _ _ 428
289
Between Interior towns
6.450
Inland, &c.,from South
h
h
In
245
146
1,437
h
h
In
263
3,507
3,718
Total gross overland
Deduct Shipments
-
Total to be deducted
7,167
h
1,828
Leaving total net overland *
4,348
h
5,512
* Including movement by rail to Canada. h We withhold the totals
since Aug. 1 so as to allow proper adjustment at the end of the crop year.
-1932-33
-1931-32
Since
/n Sight and Spinners'
Since
Week. Aug. 1.
Takings.
Week, Aug. I.
82.935
h
Receipts at ports to July 14
31,295
h
h
4,348
Net overland to July 14
5.512
h
h
Southern consumption to July 14-100.000
70,000
h
187,283
Total marketed
*27,145
Excess of Southern mill takings
over consumption to July 1_ _ - - ------
106,807
*20,308
Interior stocks in excess
160,138
Came into sight during week
Total in sight July 14
h
h
h
86.499
h
North.spinn's takings to July 14_ 23.364
7,541
In
* Decrease. In We withhold the totals since Aug. 1 go as to allow of
of the crop year.
proper adjustments at the end
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ende
July 14.
14.
Closing Quotations for Middling cotton
Saturday. Monday. Tuesday.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Montgomery..
.
Augusta
Memphis
Houston
Little Rock_ -.
Dallas
Fort Worth__ _ _
10.10
10.15
10.00
10.10
10.25
9.80
10.15
10.15
10.15
10.15
9.85
10.60
10.63
10.50
10.60
10.75
10.30
10.65
10.65
10.65
10.64
10.35
9.A5
10.35
10.55
10.63
10.45
10.53
10.65
10.25
10.59
10.60
10.60
10.58
10.30
10.30
weaway. Thursd'y.
11.45
11.46
11.30
11.38
11.55
10.90
11.47
11.45
11.50
11.46
11.15
11.15
11.30
11.40
11.00
11.20
11.35
10.75
11.30
11.30
11.35
11.29
11.00
11.00
Friday.
11.45
11.55
11.23
11.34
11.48
10.90
11.34
11.30
11.50
11.43
11.15
11.15
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Financial Chronicle
Volume 137
Saturday,
July 8.
Monday,
July 10.
Tuesday, Wednesday, Thursday,
July 13.
July 11.
July 12.
Fri y,
Jail 14.
July (1933) 10.00 Bid. 10.5310.51 Bid. 11.34 Bid. 11.31 Bid. 11.41 Bid.
August_ _September
October .._ 10.32-10.33 10.85-10.86 10.80-10.81 11.61-11.65 11.56-11.57 11.61-11.70
November
December_ 10.45-10.47 11.0310.98-10.99 11.81-11.83 11.72-11.74 11.9!
Jan.(1934) 10.52 Bid. 11.10 Bid. 11.05 Bid. 11.88 Bid. 11.79
February March_ _ _ _ 10.7011.23 Bid. 11.2112.04 -- 11.95 Bid. 12.01 Bid.
April
May
10.84
11.37 Bid. 11.34 Bid. 12.18 -- 12.08 Bid. 12.21
June
Tone
Steady.
Spot
Steady.
St( ady.
Steady.
Steady.
Steady.
listmly MAI,
atanflly
110.e.h. of.A., Vows/
QM',
fitsaladv
Rama
NEW YORK COTTON EXCHANGE ELECTS NEW
MEMBER.
-Thomas C. O'Keefe of New York was elected
to membership in the New York Cotton Exchange on July 13.
Mr. O'Keefe is a partner in the firm of Toby & Kirk, doing
a general commission business, and is also a member of
the New York Stock Exchange.
CENSUS REPORT ON COTTONSEED OIL PRODUCTION DURING JUNE.
-Persons interested in this report
will find it in the department headed "Indications of Business Activity" on earlier pages.
CENSUS REPORT ON COTTON CONSUMED AND
ON HAND, &c., IN JUNE.
-This report, issued on
July 14 by the Census Bureau, will be found in an earlier
part of our paper in the department headed "Indications
of Business Activity."
.A GRICULTURAL DEPARTMENT'S REPORT ON
COTTON ACREAGE.
-The Agricultural Department at
Washington on July 8 issued its report on cotton acreage as
of July 1. This 'wort estimates the acreage of cotton in
cultivation in the United States on July 1 as estimated by
the Crop Reporting Board to be 40,798,000 acres, which is
11.6% more than the acreage on July 1 1932 and 4.3%
more than in 1931. The present acreage is 16.3% less than
the record of 48,730,000 acres planted in 1926, and is 1.5%
less than the five-year (1928-32) acreage. This report does
not take into consideration account of any reduction in
acreage that may be made by farmers under the cotton
program of the Agricultural Adjustment Administration.
The acreage of cotton in cultivation in the United States on July 1 is
estimated by the Crop Reporting; Board to be 40,798,000 acres, which is
11.6% more than the acreage on July 1 1932 and 4.3% more than in 1931.
The acreage as estimated is 16.3% less than the record acreage of 48.730,000
acres planted in 1926, and is 1.5% less than the five-year average from
1928 to 1932.
This estimate of planted acreage relates, as in the past, to the acreage
In cultivation on July 1. Obviously it does not take into account any
reduction in acreage that may be made by farmers under the cotton program of the Agricultural Adjustment Administration. The Secretary has
not yet determined to take acreage out of cultivation. If acreage reduction
Is made the amount thereof will be announced in the future.
All States show increases over the acreage in cultivation July 1 1932. The
greatest increases in the major States are shown in Oklahoma and Texas,
with 30% and 16%, respectively. Increases over 1932 in other States
are estimated as follows: North Carolina. 5%; South Carolina, Georgia.
Alabama, Louisiana, and Arkansas, 6%; Tennessee, 10%; and Mississippi,
1'7/he acreage of Pima Egyptian long-staple cotton in Arizona is estimated
at 27,000 acres compared with 22.000 acres in 1932.
No report on probable production will be made by the Board until
August.
The Crop Reporting Board of the United States Department of Agitculture, from the reports and data furnished by crop correspondents field
statisticians, co-operating State boards (or departments) of Agriculture
and agricultural colleges, makes the following estimate of cotton acreage
in cultivation July 1 1933.
ESTIMATE OF COTTON ACREAGE BY STATES.
State.
Area in Cultivation.
10-Yr. Avge.
Abandonment
July 11933.
1923-1932. July 1 1932.
Per Cent.
Acres.
P. C. of 1932
Acres.
1.7
1.2
2.1
2.5
4.1
3.4
1.8
1.4
1.6
1.8
3.2
3.7
2.4
7.2
0.8
1.7
3.2
71,000
1,261,000
1,678,000
2,705.000
107,000
410,000
1,081,000
3,081,000
3,897,000
1,702,000
13.592.000
3,171,000
3,436,000
114,000
114,000
124,000
18,000
110
105
106
106
114
110
108
106
101
106
116
130
106
102
120
179
107
78,000
1,324,000
1,779,000
2,867.000
122,000
451,000
1,167,000
3,245,000
3,936,000
1,804,000
15,767.000
4,122,000
3,642.000
116.000
137.000
222,000
19,000
Virginia
North Carolina
South Carolina
Georgia
Florida
Missouri
Tennessee
Alabama
Mississippi
Loutilana
Texas
Oklahoma
Arkansas
New Mexico
Arizona_a
California
All other
United States
111.6
40,798.000
36,542.000
2.6
Lower Calif. (old Mexico)_b
200
27,000
54.000
0.9
Including Pima Egyptian long-staple cotton estimated at 27,000 acres this
year compared with 22,000 acres in cultivation July 1 1932. b Not included in
California figures nor In United States total.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that the weather during
the week has been favorable in many parts of the belt where
lower temperatures were accompanied by showers. In
other sections temperatures were extremely high and rainfall lacking.
Texas.
-Progress of early cotton in this State is still
favorable in most sections. In the southern portion there
has been some harm by excessive rains and there has been
some damage locally in the west due to the contmued drouth.
Memphis, Tenn.
-Cotton is progressing and blooming
freely.
Galveston, Tex
Amarillo, Tex
Austin, Tex
Abilene, Tex
Brenham, Tex
Brownsville, Tex
Corus 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
Gainesville, Fla
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Tampa, Fla
Savannah, Ga
Athens, Ga
Atlanta, Ga
Augusta, Ga
Columbus, Ga
Macon, Ga
Thomasville. Ga
Charleston, S. C
Greenwood, S.
Columbia, S. C
Conway, S.0
Asheville, N.0
Charlotte, N. C
Newborn, N. C
Raleigh, N. C
Weldon, N. C
Wilmington, N.0
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tenn
517
Rain, Rainfall.
Thermometer
2 days 0.70 in. high 92 low 76 mean 84
high 104 low 76 mean 90
dry
1 day 0.04 in. high 98 low 72 mean 85
dry
high 104 low 74 mean 89
high 106 low 74 mean 90
dry
dry
high 106 low 70 mean 78
high 110 low 70 mean 90
dry
1 day 0.98 in. high 104 low 70 mean 87
1 day 0.62 in. high 108 low 72 mean 90
2 days 0.60 in. high 98 low 72 mean 85
. high 102 low 72 mean 87
1
y
.
1 day 1.10 in. high 106 low 70 mean RS
2 days 0.03 in. high 102 low 72 mean 87
1 day 0.06 in. high 104 low 72 mean 88
high 108 low 72 mean 90
dry
1 day 0.04 in. high 104 low 74 mean 89
1 day 0.08 in. high 103 low 73 mean 88
1 day 0.08 in. high 104 low 74 mean 89
high 94 low 72 mean 83
dry
2 days 0.56 in. high 93 low 70 mean 82
4 days 1.91 in high 99 low 73 mean 86
5 days 0.51 in. high 93 low 68 mean 81
2 days 0.84 in. high 94 low 74 mean 83
1 day 0.78 in. high 104 low 74 mean 89
2 days 1.37 in. high 96 low 68 mean 82
2 days 2.34 in. high 94 low 68 mean 81
2 days 1.10 in. high 92 low 74 mean 83
2 days 1.94 in. high 96 low 71 mean 84
3 days 1.14 in. high 92 low 66 mean 89
2 days 0.58 in. high 94 low 86 mean 90
4 days 1.12 in. high 93 low 71 mean 82
5 days 2.24 in. high 94 low 70 mean 84
4 days 2.94 in. high 88 low 76 mean 82
3 days 1.13 in. high 94 low 72 mean 83
4 days 6.06 in. high 90 low 70 mean 80
6 days 2.90 in. high 94 low 69 mean 82
2 days 0.50 in. high 100 low 64 mean 82
2 days 0.58 in. high 92 low 68 mean 80
2 days 0.04 in. high 96 low 68 mean 82
3 days 0.89 in. high 99 low 71 mean 85
2 days 2.36 in. high 92 low 68 mean 80
2 days 1.06 in. high 94 low 70 mean 82
4 days 2.76 in. high 89 low 69 mean 78
2 days 0.23 in, high 94 low 64 mean 79
2 days 0.20 in. high 94 low 66 mean 85
4 days 0.81 in. high 96 low 60 mean 78
2 days 0.20 in. high 86 low 58 mean 72
2 days 0.68 in. high 92 low 64 mean 77
2 days 0.28 in. high 96 low 66 mean 81
1 day 0.40 in. high 96 low 56 mean 76
2 days 1.91 in. high 98 low 58 mean 78
3 days 1.34 in, high 90 low 60 mean 75
1.46 in. high 92 low 73 mean 80
1 day
3 days 0.44 in. high 90 low 66 mean 78
3 days 1.96 in. high 94 low 70 mean 82
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 10, in full below:
TEXAS.
WEST TEXAS.
-We had light showers the first of the week,
Abilene (Taylor County).
which were not beneficial. We need a good rain. The more it rains from
now on the better for the cotton, All we need to insure a crop is plenty of
rain from now on.
-Cotton is still making fair progress, considerHaskell (Haskell County).
ing the dry weather. Scattered showers over the county the past few days
but of no special benefit. Need good rain over entire county. Fields
are clean.
-Have had no relief from drouth this week;
Stamford (Jones County).
a few very light showers have fallen in very small spots; conditions are
critical but with good rains from now on we could make a fair crop of cotton.
NORTH TEXAS.
Gainesville (Cooke County) -Torrid heat wave past three weeks has
checked growtl, but no serious damage so far. Farmers signing to plow
up at least one-fourth.
.-Received good rain over a large portion
Honey Grove (Fannin County)
of our territory during the past week, which was very beneficial to the
cotton crop in this section. Cotton is now looking fine,squaring and blooming nicely. Have heard no complaints of any insects of any kind.
-The cotton crop in this section is holding up
Sherman (Grayson County).
fairly well although rain is badly needed. The old cotton is looking good,
but the late planting is deteriorating rapidly, and unless we get rain soon
the crop will be very short in this section. The planters will destroy
around 20% of the acreage.
CENTRAL TEXAS.
Brenham (Washington County).
-Crop in this section deteriorating account of excessive heat and prolonged dry weather. Hill cotton blooming
on top and shedding. Good soaking rain needed. Bottoms doing better
and giving promise of good yield. Grasshoppers doing considerable damage in creek and river lands, but no other insects in evidence. Hard to say
how much cotton will be plowed up in this county, but course of market
in next few days will determine this largely, after to-day's (July 8) Government report on acreage.
Cameron (Milam County).
-Past week unfavorable; too hot and dry;
cotton beginning to shed. Need two-inch rain. Plant small and blooming on top.
SOUTH TEXAS.
Gonzales tGonzales County).
-Cotton beginning to shed this section due
to dry weather and showers. A good rain right now would help, but showers we have had last three days are no help. Believe Gonzales County will
reach her quota under Government acreage plan. Bought first bale 1933
crop ginned here July 6, which is earlier than usual. With dry weather,
movement will be under way in about two weeks.
ARKANSAS.
Ashdown (Little River County).
-Entirely too dry for rapid growth; no
rain since May 29. Early planted acreage amounting to about 25% of,
our acreage, is of fair size, good tap root, well formed and fruiting nicely,
and will give us an early movement. Balance of our acreage too small.
Weevil are plentiful. Farmers in this county have about signed up their
quota to the Government.
Conway (Faulkner County).
-We have had another week without rain
and cotton is Just about at a standstill. The plant is very small: some boll
Rain. Rainfall. -Thermometer
weevil in earliest cotton but no damage yet. Farmers will plow up 25%
in. high 89 low 80 moan 85
0.35
1 day
high 102 low 74 mean 88. to 35% of crop.
dry
high 104 low 74 mean 89
dry
Magnolia (Columbia County).
-Excessive heat and dry weather has
high 108 low 74 mean 91
dry
stopped growth of cotton in this territory; plants small and blooming in
high 100 low 72 mean 86
dry
top. No rain except local showers in past three weeks. Looks now to
3 days 0.77 in. high 90 low 76 mean 83
518
Financial Chronicle
be a very light crop in prospect. Unless we have general rains in the next
few days corn crop will be almost a total failure. Farmers responding to
acreage reduction proposition and will pass the allotment of 25,800 acres
for this county next few day
OKLAHOMA.
Hugo (Choctaw County).
-Scattered showers past week favorable where
they fell. Other parts too dry; need general rain. Plants mostly too small.
Weevil damage slight but increasing. Acreage destruction quotas run
from one-third to one-halfof desired amount,with final outcome doubtful.
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.
1933.
1932. 1931.
Apr.
14- 56,769 62.04
21 80,344 76,159
28-- 92,386 86,624
May
5-- 90.027 53,102
12- 101,074 62,170
19_ 118,296 87,536
26-- 79,657 54,9671
June
2__ 88.978 64,258
9.._ 86,064 30,5911
16-- 72,682 24,7831
23_ 60,353 40,7931
30-- 75,954 4-4.758
July
7_ _ 80.277 34,435
14__ 82,935 31,295
Stocks at Interior Towns.
1933.
1932.
To Liverpool
155.617 ---- 206,152 9,000 136,409
To Manchester,&c
6.000 125,801 ---_ 149,364 -_-_ 123,267
To Continent and India.. 13,000 483,533 4,000 576,457 16.000 576,320
To America
2,000 39,622 ---_ 46,886 ____ 21.222
Totalexports
21.000 804,573 4.000 978.839 25.000 857.218
Note.
-A cantar is 99 lbs. Egyptian ba es weigh about 750 pounds.
This statement shows that the receipts for the week ended July 12 were
1,000 canters and the foreign shipments 21,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
yarns is steady and in cloths is quiet. Demand for India
is poor. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
1933.
Receiptsfrom Plantations
31,2681,709.661 1,684,1351.112,593
27,481 1,672,791 1.622,896 1,091,370
20,516 1,624,351 1,588,105 1,060,746
18,911 1,566,959 1,554,722 1,037,599
60,65 6,407 6.731
64,204 20,931 6,268
69,856 2,745
Nil
22.275 21,584
Nil
20,902 1,521,226 1,526,1801,009,2311
18,8001.478,2081,497,915 973,071
16,9771,442,027 1,476,605 943,151
21,1341.392,603 1,450,054 910.874
17,602 1,343,684 1.430,563 877,605
43,245
43,046
36,501
10,929
27,035
35.716
2,326
3.473
14.242
25.367
Nil
Nil
Nil
Nil
NU
13,1521,310.456 1,409,172 854,340 47,049 13,044
16,170 1,283,311 1,388,864 833,586 55,790 10,987
Nil
Nil
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1932 are 8,445,139 bales;
in 1931-32 were 10,190,781 bales and in 1930-31 were 8,857,662
bales. (2) That, although the receipts at the outports the
past week were 82,935 bales, the actual movement from
plantations was 55,790 bales, stock at interior towns
having decreased 27,145 bales during the week. Last year
receipts from the plantations for the week were 10,987
bales and for 1931 they were nil bales.
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (Bales)-
1931. 1933. I 1932. 1931.
52,1191,806,8961,781,096l,213.990 24,435 30,304 1.264
33,372 1,772.6951,747,767 1,175,730 46,143 42,830
Nil
37.7291.739,038 1.710,830 1,136,594 58,729 49.687 37.195
July 15 1933
328 Cop
Twist.
il.
April
14....
21.--28.'lay5-12-19....
26_
June
2....
9._
16....
22....
80-Judy-7....
14____
1932.
834 L41. Shirt- Cotton
ings. Comma hitddrg 328 Cop
to Finest.
UPrds
Twist.
S. d.
S. il.
8)/0 934 8 3 40 8 6
81442 954 8 3 40 86
8544410 8 3 00 8 6
d.
d.
6.
67 834614 844
5.30 83443 93t
3.63 83414 8,4
834 Lbs. Shirt- Cotton
ings, Common Acideg
to Finest.
Elprd4
8. d.
8. d.
d.
1 0
1 10
1 40
4
4
4
5.00
4.93
4.82
8%4410
91401001
93/0104/
9 421054
83
85
83
85
44 8 6
40 9 0
40 9 0
40 9 0
5.89
6.19
5.96
6.07
8 00
7340
7340
79444
91.1
934
iiM
9%
0
0
0
0
0
44
40
40
8
3
2
2
4.88
4.38
4.53
4.45
931401044
93418109/
934181054
93/01054
954010%
87
87
87
87
87
40 9 2
09 1
18 9 1
00 9 1
0 91
6.37
6.12
6.18
6.18
6.38
V.I.@
7418
74@
7110
75/44
SU
84
814
934
954
0
0
0
0
1
40
40
40
40
40
3
3
3
3
4
4.10
409
4.31
4.41
4.65
9,40410% 8 7 40 9 1
914 az,1014 8 7 0 9 1
6.40
6.33
8di0 9%
8 @II 911
1 40
1 0
4
4
4.87
CAR
-Shipments in detail:
SHIPPING NEWS.
Bales.
-Tyne Bridge,2,415
GALVESTON-To Barcelona-July 6
2,415
-Tyne Bridge, 1.796
-July 8
To Genoa
1.796
-West Cobalt,4,842
To Liverpool
-July 8
4,842
-West Cobalt,3,764
-July 8
To Manchester
3,764
-Delaware,437
To Copenhagen-July 10
437
-Delaware, 173
To Gdynia-July 10
173
To Japan-July 10--Slemmestad, 1,630_July 7
-Selma City,
11 707 July 11-Oregon Meru, 1,930
15.267
To China-July 10-Slemmestad,979
979
WORLD'S SUPPLY AND TAKINGS OF COTTON.
-July 7-Magmerlc,4,879
SAVANNAH
-To Liverpool
4,879
The following brief but comprehensive statement indicates
To Manchester
-July 7-Magmeric,2,355
2,355
at a glance the world's supply of cotton for the week and
To Bremen-July 11-Shickshinny, 2,000
2.000
LOS ANGELES
-To Liverpool
-1r 3 Memphis City, 11
since Aug. 1 for the last two seasons from all sources from
11
874,• President Monroe,
To Japan--July 3-Chichibu
which statistics are obtainable; also the takings or amounts
-Montreal Maru, 1,200
1,300- _July 8
gone out of sight for the like period:
To India-July 8-Kwansal Maru, 477
34
'47
37
7
-New Westminster City, 14,100
HOUSTON-To Japan-July 7
14,100
To Bremen-Jul 13-Ditmar Keel, 2.155
2,155
Cotton Takings,
1932-33.
1931-32.
-Tugela, 1,363
To Dunkirk-July 13
1,363
Week and Season.
-New Westminster City, 10,600
To China
-July 7
10,600
Week.
Season.
Week.
Season.
-Tugela,300
To Oslo-July 13
300
To Gothenburg-July 13-Tu ela. 575
575
Visible supply July 7
h
8,201,505
8,097.344
h
To Liverpool
-July 12-Georgie,3.454
Visible supply Aug. 1
h
h
To Japan-July 11-Queen City, 21,028-- _July 12-Slem- 3454
'
American in sight to July 14_ _
160,138
h
86,499
h
_
--mestad, 6,168
Bombay receipts to July 13- _
27.196
53.000
h
20,000
h
To Manhcester-July ---ueorgie, 803
---803
Other India ship'ts to July 13_
23,000
h
h
2,000
To China-July12-Slemmestad, 1,621
1.621
Alexandria receipts to July 12
h
200
200
h
To Gdynia-July 11-Delaware,327---July 13-Tugela,849
1,176
h
Other supply to July 12 *b
9,000
7,000
h
-Delaware, 263- __July 13-Tugela,
To Copenhagen-July 11
1,021
h
Total supply
1.284
8,446,843
8.213,043
h
Deduct
NEW ORLEANS
-To Leghorn-July 7-Meanticut,250
250
h
8,038,118
h
Visible supply July 14
8,018.576
To Genoa-July 7-Meanticut, 750
750
To Naples
-July 7-Meanticut,250
250
h
h
408,725
194,467
Total takings to July 14 *__- _
To Trieste-July 7-Meanticut, 100
100
h
-Tugela, 1,450
324,525
176,267
h
Of which American
To Gdynia-July 7
1,450
h
84,200
18,200
h
-Tugela, 250
Of which other
To Gothenburg-July 7
250
-San Mateo,950.. 1,300
-Tugela,350..-Jul/ 7
To Dunkirk-July 7
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
To Antwerp-July 6-Westwald.100.._ uly 7-SanMateo,200
300
h We withhold the totals since Aug. 1 so as to allow proper adjust-San Mateo, 931
To Havre-July 7
931
ments at end of crop year.
To Japan-July 8-Slemmestad, 7,261
7,261
Estimated.
To China-July 8-Slemmestad, 2,850
2,8550
0
To San Salvador-July 5-Tivives, 50
INDIA COTTON MOVEMENT FROM ALL PORTS.
To Liverpool
-July 7-Induna, 1,898
1.898
To Genoa
-July 7-Induna, 5,200
5,200
1931-32.
-33.
1930-31.
1932
2,627
CHARLESTON-To Liverpool-July 8-Magmeric, 2,627
July 13
To Manchester-July 8--Magmeric, 23
23
Since
Since
Since
Receipts at
To Bremen-July 7-Shickshinny. 2,800
2,800
Week. I Aug. 1. Week. Aug. 1. Week. Aug. 1.
To Hamburg
-July 7--Shickshlnny. 15
15
NORFOLK
-To Rotterdam-(?)-Binnendijk, 500
500
53,00012,608,000 20,000 2,043,000 37,00013,357,000
Bombay
To Bremen-(fl-City of Newport News, 1,860
1,850
-Laconia, 3.608
NEW YORK
-To Liverpool-July 7
3.608
Since Aug. 1.
For the Week.
PENSACOLA-To Rotterdam-July 11-Topa Topa, 100
100
Exports
-West Madaket, 1,168
To Liverpool-July 12
Ccnut- Japan &
1.168
frontGreat Cont- 'Japan&
Great
-West Madaket, 2,145
To Manchester
-July 12
Total,
China. I
2.145
ritain. nest.
Total. Britain. nest.
-City of Alma, 1,356
To Bremen-July 12
1,356
To Ghent
-City of Alma, 200
-July 12
200
Bombay
1
SAINT ANDREWS
--To Hamburg-July 11-Topa Topa. 8686
1932
-33.. 4,000 17,0001 1,000 22,000 60,000 314,00011,143,0001,517,000
,
To Rotterdam-July 11-Topa Topa, 160
160
1931-32._ 3,000 3,000 21,000 27,000 22,000 145,000 880,0001,047,000
-West Madaket, 1,327_ 1,327
PANAMA CITY
-To Liverpool-July 12
1930-31._
4,000 20,000 24,000 123,000 662,0001,826,0002,611,000
-West Madaket, 134
To Manchester
-July 12
134
Other India--City of Alma, 504
To Bremen-July 12
504
540.000
1932
-33.. 3,000 20,000
23,000 123,000 417,000
-Ulysses,5,789___,juiy 11
LAKE OHARLES--To Havre-July 6
3
78,000
2,000
2,000 101,000 277,000
1931-32..
6,739
West Chatala, 950
2,000 150,000 477,000
627,000
1930-31._
2,000
To Dunkirk-July 11-West Chatala, 300
300
To Ghent
138
-July 11-West Chatala. 138
Total all-660
BRUNSWICK-To Bremen-July 13-Shickshinny, 660
1932-33_ 7,000 37,0001 1,000 45,000 183,000 731,000 l,143,0002,057,000
-July 1-Director, 1.477
MOBILE
1,477
-To Liverpool
1931-32.. 3,000 5,000 21,000 29,000 123,000 422,000 880,0001,425.000
To Manchester
-July 1-Director,1,125_ __June 30
-Hastings,
1930-31._
6,000 20,000 26,000 273,000 1,139,0001,826,0003,238,000
1,661
536
10:-Xn
-anous,-----To Bremen-June .
6,269
According to the foregoing, Bombay appears to show an
To Hamburg-June 30-Antinous, 99
99
increase compared with last year in the week's receipts of
To Rotterdam-June 30-Antinous, 494
494
To Ghent
-June 30-Antinous, 300
300
33,000 bales. Exports from all India ports record an increase
-Maiden Creek, 885
To Havre-Jaly 3
885
of 16,000 bales during the week, and since Aug. 1 show an
increase of 632,000 bales.
Total
167,861
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
July 12.
Receipts (Canlars)This week
Since Aug. 1
1932-33.
1931-32.
1930-31.
1,000
4,937.207
1,000
6,860,215
110,000
7,399,727
LIVERPOOL-Sales, stocks, &o., for past week:
June 23. June 30.
July 7. July 12.
50,000
50,000
51,000 53,000
678.000 678,000 685,000 690,000
357.000 360,000 365,000 371,000
74,000
55,000
61,000 57,000
42,000
36,000
35,000 34,000
189,000 187,000 186,000 193,000
96,000
89,000
97,000 101,000
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:
Forwarded
Total stocks
Of which American
Total imports
()tuition American
Amount afloat
Of wqdch American
Financial Chronicle
Volume 137
Spot.
Saturday.
Market, 1 A fair
business
12:15
doing.
P. M.
Monday,
Tuesday, Wednesday, Thursday,
Friday,
Quiet.
A large
business
doing.
Quiet.
Good
Inquiry,
A fair
business
doing.
Mid.Uprds
6.15d.
6.15d.
6.01d.
6.21d.
6.336.
6.45d.
Futures. Quiet but Steady,
Steady, Quiet but
Quiet,
Steady,
Market
steady, wa- 1 to 2 pts 31 to 33 pts 3 to 4 pta. 26 to 31 pts st'dy, 4 to
opened ch'ged to 2 advance, advance, advance. advance. 7 pts. dec.
pis. dec.
Market, Quiet, un- Barely stdy Quiet but Quiet but Barely stdy Steady,
4
. oh'ged to 2 12 to 16 pts st'dy, 20 to st'dy, 1 to 20 to 24 pts 1 pt deo. to
P.M.
pts. dec.
decline. 24 pis adv 2 pts. adv. advance. 3 pts. adv.
Prices of futures at Liverpool for each day are given below:
•
Sat.
Fri.
Thurs.
Wed.
Tues.
Mon.
July 8
12.15 12.30 12.15 4.0012.15 4.0012.15 4.0012.15 4.0012.15 4.00
to
July 14. p. m.p. m.p.in. p. m.p. m.p. m.p. m.p. m.p. m. p. m.p. m.p. m.
New Contract. d.
July (1933)-----October
Jan.(1934)
_ _
March
May
July
October
December
Jan.(1935)
__ March
May
_
d.
5.87
5.89
5.93
5.96
5.99
5.7,:s
d.d.
5.71
5.7.
5.79
5.83
5.87
5.78
5.82
5.86
5.90
d.
5.90
5.96
6.01
6.05
6.09
6.05__ _ 5,93.,. _
d.
5.91
5.97
6.02
6.06
6.10
v
5.96
6.02
6.06
6.10
6.14
d.
5.93
5.99
6.04
6.08
6.11
d.
6.2
6.27
6.31
6.3
6.38
d.31
6.1
6.22
6.27
6.31
6.35
d.
6.08
6.16
6.21
6.25
6.29
d.
6.16
6.23
6.28
6.32
6.35
6.16_.. - 6.17__ -- 6.41__ __ 6.41
6.09 _ __ 5,97_. 6.21__ __ 6.22,_. -.:_ __ 6.46
- __ 6.5q... __ 6.49
6.12... __ 6.1, __ __ 6.24,.
6.15 __ __ 6.03 __ __ 6.27 __ _- 6.29-_ 6.531__ __ 6.52
--6.26
BREADSTUFFS
Friday Night, July 14 1933.
FLOUR was marked up roughly $1.50 per barrel. All
spot quotations were listed with tax included. Seminolas
were up 15c. and family grades 10c. The new high prices
restricted business. Later patents advanced another Sc.,
and macaroni flour 10c. Still later there was a decline of
Sc. on bakers' patents and Seminola was off 10c. Family
was firm.
WHEAT, under the influence of very bullish crop reports
by this Government and Canada, advanced and established
new highs almost daily. The Government report on the crop
in this country showed the smallest crop in about 40 years.
On the 8th inst., after some early weakness, prices rallied
and ended 2 to 2%c. higher. Selling on the rains in the
American Northwest caused the initial setback, but higher
sterling, the strength of Winnipeg, and rising temperatures
in the Northwest counted for more than anything else.
On the 10th inst. prices again established new highs for
the season and ended 1% to 1%c. higher on expectations
of a bullish Government crop report and sharply higher
sterling exchange. Good rains in the Canadian West and
American Northwest caused general selling and some easiness early, but good buying was encountered on the decline
and prices moved upward nearly 3c. from the early lows.
Cash demand, however, was slow. The Government estimate
was fully up to the most bullish predictions. It put the
winter wheat yield at 335,767,000 bushels. This is only
slightly below that of a month ago, but is 126,000,000 bushels
less than the 1932 production and 254,000,000 bushels less
than the five-year average. The acreage for harvest of
spring wheat other than durum was estimated at 15,577,000
acres, a decrease of 11.8% from that harvested last year
and about 2% below the five-year average. The condition
on July 1 of spring wheat, other than durum, was put at
53.5% of normal against 84.2% on July 1 last year, indicating a production of 142,338,000 bushels, or 82,398,000
bushels less than last year and 63,285,000 bushels below the
five-year average (1926 to 1930). Durum wheat acreage
was estimated at 2,500,000 acres, or only 64.7% of last year.
The condition as of July 1 was placed at 42.8%, indicating
a crop of only 17,576,000 bushels. Stocks of old wheat on
farms on July 1 were estimated at 79,605,000 bushels against
90,284,000 bushels on July 1 1932 and 37,331,000 bushels on
July 1 1931.
On the 11th inst. prices closed 3% to 4c. higher, owing
to the bullish Government report. The estimate on the
yield was much smaller than private forecasts last week
and stimulated heavy buying in one of the most active markets of the bull movement. All the bearish factors such as
easier securities and cotton and reports of good rains in
Western Canada and the American Northwest got little or
no attention. Winnipeg ended 414 to 4%c. higher, owing to
the expectation of a bullish Canadian report on condition
and acreage to be issued the following day. On the 12th
inst. prices, after some early reaction, advanced and made
new highs for the season on a good demand based on a very
bullish Canadian Government crop report, which put the
condition of spring wheat in the three Western Provinces
at 77% of normal against 99% a year ago. There was a
good outside demand, and buying by Eastern interests and
commission houses was large. On the 13th inst. prices closed
% to 1%c. lower, on general liquidation and selling by commission houses on the belief that the recent advance was
too sharp. Buying was less aggressive. At one time the
market was fractionally higher on buying induced by a rise
in sterling and stronger securities.
To-day prices ended 3 to 31 c. higher on good buying by
,
Eastern interests and commission houses on damage reports
from Canada and expectations of very bullish private reports on the Canadian crop. Early weakness was the result
of liquidation influenced partly by cooler weather in the
Northwest and scattered showers and partly by a slow
519
foreign demand and less favorable news from London. Final
prices are 10% to 11%c. higher for the week.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues, Wed. Thurs. Fri.
No. 2 red
6
117% 118% 122% 123% 123% 126%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
99 100% 104
September
101% 103% 107
108% 107% 110%
December
104% 105% 109% 111
110 113%
May
108% 1c9% 113% 1146% 113% 118
Season's High and When Made.
Season's Low and When Made.
July
July 14 1933 July
108%
43%
Dec. 28 1932
September - _111
July 14 1933 September .._45%
Jan. 3 1933
December-114
July 14 1933 December
6834
Apr 28 1933
May
118
July 14 1933IMay
June 26 1933
94
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
83% 88
886%
October
84% 86% 90% 90% 904 93
December
86% 886% 92% 92% 92% 95
May
90% 92% 96% 96%
96
99
INDIAN CORN advanced partly in sympathy with wheat
but also partly because of the very bullish Government report which indicated the smallest crop in many years. Private reports have been. equally as bullish, and the weather
has been unfavorable over almost the entire belt. On the
8th inst. prices, like those for other grain, declined at first
but rallied later and ended %c. lower to %c. higher. It was
cooler and rains fell over the belt. On the 10th inst. prices
ended 1% to 1%c. higher, owing to the strength of other
grain and reports of heavy damage by chinch bugs. Rains
fell over most of the belt, but were ignored.
The condition of the corn crop was estimated at 70.2% of
normal, indicating a crop of 2,384,032,000 bushels. The
acreage was put at 10,302,200, or 4.4% less than last year,
but is 3.7% greater than the five-year average from 1926-30.
The indicated yield per acre of 23.1 bushels is 11.5% below
the 10-year average (1921-1930) of 26.1 bushels. Stocks on
farms amounted to 620,903,000 bushels on July 1 against
525,815,000 bushels on July 1 1932 and 312,380,000 bushels
on July 1 1931.
On the 11th inst. prices followed those for rye and wheat
upward, and ended 2% to 2%c. higher. At one time prices
were 314 to 3%c. higher, but a good deal of profit-taking
and hedge selling was encountered on the advance, and
prices receded slightly. Offerings, however, were pretty
well absorbed. On the 12th inst. prices ended unchanged
to %c. lower. The strength of wheat helped corn. Towards
the close profit-taking and other selling owing to rains in
Iowa caused some easiness. On the 13th inst. prices followed corn for the most part, and after some advance at
one time on buying by commission houses declined and ended
% to 1%c. lower. Scattered rains over the belt caused
selling.
To
-day prices ended 114 to 114c. higher, being dominated
largely by the action of wheat. Rain is badly needed.
Heavy receipts and liberal country bookings influenced the
early weakness. Final prices are 314 to 4%c. higher than
a week ago.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
7450 76% 80% 80
79
80%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
60
61% 64% 64% 63% 64
September
64
65% 68% 68% 66% 68
December
686% 69
72
72% 71
72
May
7334 74% 77
77% 7631 77
Season's High and When Made.
Season's Low and When Made.
July
64g
July 13 1933'July
25
Feb. 28 1933
September _ _ _67
July 7 1933'September __ _26%
Feb. 28 1933
December_ .._ _73
July 13 1933 December___ _38%
'
Apr. 28 1933
May
78%
July 13 1933 1 May
July 1 1933
68%
OATS advanced on prospects of the shortest crop in above
40 years and reports of importation of Canadian oats into
New England States. On the 8th inst. prices followed the
trend of other grain, declining early only to rally, and ended
1 to %c. higher. The acreage of oats was estimated at
4
37,023,000, or 89.9% of the 41,193,000 acres harvested in
1932 and 91.6% of the 1926-1930 average of 40,215,000 acres.
The condition was placed at 49.3%, compared with 79.3%
the 10
-year average (1921-1930). The indicated yield per
acre of 18.9 bushels is 10.7 bushels below the 10
-year average
(1921-1930), and lower than in any year in the period from
1900 to 1932. Production was forecast as 698,941,000 bushels
against 1.238,231,000 bushels in 1932 and a five-year average of 1,190,000,000 bushels. Stocks on farms were 203,261,000 bushels on July 1 against 141,487,000 bushels last
year and 168,406,000 bushels two years ago.
On the 11th inst. prices advanced in sympathy with other
grain and ended % to 114c. higher. On the 12th inst. prices,
/
after an early decline, rallied with wheat and rye, but realizing late in the day caused another recession and prices
ended 1 to 1 2c. lower. Some 500,000 bushels of Canadian
4
/
oats are reported to have been worked to New England
States. On the 13th inst prices closed % to %c. off, in
sympathy with other grain. Commission houses bought on
recessions. To-day prices closed unchanged to %c. higher.
in sympathy with the rise in other grain. Final prices
are % to 1%c. higher than a week ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon. Tues.
Wed.
Thurs.
Fri.
No. 2 white
54-55 55-56 56-57 57-58 56;6-57% 57-58
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs, Fri.
July
45% 46% 47% 476% 4634 467%
September
467% 47% 457% 47%
47%
December
487% 494 503 49% 47% 49%
4
4934
May
52% 52% 5334 536% 53
53%
520
Financial Chronicle
Season's High and When Mode. I Season's Low and When Made.
July
484
July 12 1933 1 July
Mar. 3 1933
16
September __A934
July 3 1933 September _ _ _1634
Feb. 28 1933
December_ _ _ _51%
July 3 1933'December__..253
May 22 1933
4
May
July 3 1933 May
5534
54%
July 3 1933
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July_
.231 4234 4034 424
;31134 01834 ,
October
404 41
4334 4334 4234 4.s34
RYE took the lead this week, and advanced sharply on
prospects of the smallest crop in about 40 years, and an
unusually large demand. On the 8th inst. rye ended 1% to
1%c. higher on a good demand from commission houses.
On the 10th inst. prices closed 7% to 7%c. higher on heavy
buying induced by prospects of a crop well under domestic
requirements and the smallness of stocks in bakers' and
millers' hands. Barley advanced in sympathy with other
grain.
On the 11th inst. rye led other grain markets upward and
ended 8% to 82 higher on heavy outside buying inspired
/
1c.
by the bullish Government crop report and the general belief that the process tax on wheat will result in a broader
demand for rye. Shortly after the opening prices crossed $1
for the first time in several years. On the 12th inst. there
was another sharp advance, prices being up 5c. in the early
trading. New high records were recorded. Reports that
the crop in this country is so small that imports will be
necessary to meet domestic needs was the principal bullish
factor. Some profit-taking late in the day caused a recession and prices ended 3 to 31hc. higher.
On the 13th inst., after early firmness, prices declined
owing to selling by those wto thought the advance had gone
far enough for the present and ended % to %c.lower. Much
talk was heard of importing rye from Canada. To-day
prices closed % to %c. higher, in response to the advance
in wheat. Final prices show an advance for the week of
/s
191 to 20%c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
7834 8534 9434 98
July
___
96
8
September
81% 8934 974 10034 10034 10034
December
8534 9334 102
1054 1044 1044
Season's High and When Made.
Season's Low and When Made
July 12 1933 July31
July---------9834
Dec.Deo. 28 1932
July 12 1933 September -414
September - Aryl
Apr. 1 1933
Decembeir.-10734
July 13 19331Tharember _ _S5
May 5 1933
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
6834 714 7934 8034 8134 814
July
71
October
7334 8234 83% 8434 85
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
5934 607
September
4 64
6534 6434 65
December
6234 6434 674 6834 6834 '69
PRICES OF BARLEY FUTURES IN WINNIPEG.
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Fri.
463/ 4734 5034 5134 5234 5234
July
4954 4934 53
October
5434 544 55.4
Closing quotations were as follows:
GRAIN
• Oats, New York
Wheat, New
No.2 red, c.i.f., domestic___l 2634
No. 2 white
57-58
Manitoba No. 1,f.o.b. N.Y- 98
No. 3 white
55-56
Rye,No.2.f.o.b.bond N.Y_ 874
Chicago, No. 2
Corn, New York96
8034 Barley
No.2 yellow, all rail
80
N. Y.,47% lbs. malting_
No.3 yellow,all rail
7734
Chicago, cash
55-76
FLOUR.
Spring pats., high protein $7.954-.41 City mills
$9.60410.30
7.75- 8.09 Rye flour patents
Spring ;patents
6.91- 7.25
7.25- 7.60 Seminola. bbl., Nos. 1-3 8.90- 9.30
Clears, first spring
6.51- 7.40 Oats goods
Soft winter straights
2.70
Hard winter straights- 7.30- 7.89 Corn flour
1.95- 2.05
7.80- 8.10 Barley goods
Hard winter patents
Coarse
7.20- 7.55
2.35
Bard winter clears
Fancy pearl.Nos.2.45c7 4.00- 4.50
Fancy Minneap. patents_ 9.65-10.30
For other tables usually given here see page 443.
The destination of these exports for the week and since
July 1 1933 is as below:
Flour.
Exports for Week
and Since
July 1 to-
Week
July 8
1933.
Since
July 1
1933.
Wheat.
Week
July 8
1933.
Barrels. Barrels.
Bushels.
449,000
United Kingdom.111,000
111,000
Continent
17,000 1,142,000
17.000
3,000
So.& Cent. Amer_
20,000
20,000
West Indies
4,000
11,000
Other countries- 4,000
Total 1933
T....11022
152.835
51 750
152,000 1,605,000
51 750 :I 924 non
Corn.
Since
July 1
1933.
Week
July 8
1933.
Bushels. Bushels.
449,000
1,142,000
3,000
Since
July I
1933.
Bushels.
11,000
1,605,000
3.924.000
33.000
33.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, July 8, were as follows:
United States
Boston
New York
"
afloat
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
afloat
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
GRAIN STOCKS.
Rye,
Oats,
Barley,
Corn,
Wheat,
bush.
bush.
bush.
bush,
bush.
6,000
1,000
59,000
210.000
95,000
87,000
23,000
9,000
7,000
2,000
71.000
134,000
2,000
14,000
2,000
10,000
169,000
2,000
84,000
117,000
10:000
399,000
4,000
501,000
74,000
64,000
5,693,000
1,933.000
5,151,000
695.000
2,000
3,430.000 2,500,000
80,000
235.000
35,000
36,961,000 2,210.000
129,000
13,000
9,610,000 6,504,000 2,001,000
4,000
307.000
8.000
611,000
906,000
44,000
238,000
12,000
3,299,000 3,334,000
892,000
215,000 2,095,000
23,000
378,000
1,000
5,529,000 14,225,000 4,251,000 3.677,000 1,210.000
207,000
60,000
504.000
518,000
65,000
697,000
2,277,000 3,290,000 1,376.000
25,175,000 1,796,000 11,721.000 3,454,000 7,237,000
16,954,000 3.005,000 4,353,000 2,070,000 1,442,000
18,000
110,000
28,000
52,000
18,000
July 15
1933
Corn,
Wheat,
Oats,
Rye,
Barley,
United Statesbush,
bush,
bush,
bush.
bush.
Buffalo
5,407,000 8,041,000 1,341,000
971,000
885.000
afloat
220,000
On Canal
19,000
47,000
124,000
Total July 8 1933
123,657,000 49,387,000 28,298,000 10,735,000 11,731,000
Total July 11933
122,710,000 46,140,000 27,564,000 10,574,000 11,693,000
Total July 9 1933
163,050,000 14,034,000 9,611,000 9,089,000 1,896.000
Note.
-Bonded grain not included above: Wheat, New York, 712,000
New York afloat, 365,000; Buffalo, 1.718,000; Buffalo afloat, 624,000; bushels:
Duluth,
45,000; Erie, 1,667,000; on Lakes, 1,007,000; Canal, 890,000. total, 7,028,000
bushels, against
bushels in 1932.
Corn,
Wheat,
Oats,
Rye,
Barley,
Canadianbush.
bush.
bush,
bush.
bush.
Montreal
6,987,000
482,000
702,000
477,000
Ft. William & Pt. Arthur 60,824,000
2,294,000 3,054,000 2,194,000
Other Canadian
37,378,000
2,023,000
474,000
877,000
Total July 8 1933_ _ 105,189,000
4,799,000 4,230:006 3,548,000
Total July 1 1933
102.507,000 •
4,537,000 3,946,000 3,319,000
Total July 9 1932
68,361,000
2,385,000 5,047,000 1,738,000
Summary
American
123,657,000 49,387,000 28,298,000 10,735,000 11,731,000
Canadian
105,189,000
4,799,000 4,230,000 3,548,000
Total July 8.1933
228,846,000 49,387,000 33,097,000 14,965,000 15,279,000
Total July 1 1933
225,217,000 46,140,000 32,101,000 14,520,000 15,012,000
Total July 9 1932
231,420,000 14,034,000 11,996,000 14,136,000 3,624,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, July 7, and since July 1 1933 and July 1
1932, are shown in the following:
Wheat.
Exports.
Since
July 7
1933.
Week
July 1
1933.
Corn.
Since
July 1
1932.
Since
July 7
1933.
Week
July 1
1933.
Since
July 1
1932.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
4,317,000 4,317,000 5,807,0
6,000
6,000
32,000
16,000 1,131,000 1,131,000
Se
468,000
1,973,
3,922,
Argentina. __ 3,922,
5,068,000 5,068,000 7,732,000
Australia ___ 1,478,000 1,478,000 1,894,000
India
664,
0th. countr's 240,111
240,
85,005
85,lii
383,000
Total
6,290,
9.957,000 9,957,000 10,354,
6,290,000 8,615,000
BNiartekoh
AGRICULTURAL DEPARTMENT'S REPORT ON
-The report of the Department of AgriCEREALS, &c.
culture showing the condition of the cereal crops on July 1,
as issued on the 10th inst., will be found in an earlier part
of this issue in the department entitled "Indications of
Business Activity."
WEATHER REPORT FOR THE WEEK ENDED
JULY 12.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended July 12, follows:
mostly
fair weather, except lomily in the
The first part of the week had
extreme South and in the Northwest. On the morning of the 7th good
showers were reported over a considerable area of the Northwest, with
lower temperatures there, but with somewhat warmer weather throughout
the central and eastern portions of the country. After the middle of the
week there were heavy rains in the middle Mississippi and extreme lower
portions of the Ohio and Missouri Valleys; Springfield, Mo., reported
3.30 inches for the 24 hours ending 8 a.m., July 9. The latter part of the
period had good rains in Mississippi and some adjoining sections, but
elsewhere showers were light and scattered, with high temperatures prevailing in the trans-Mississippi States.
Chart I shows that the temperature for the week, as a whole, averaged
somewhat below normal from the Potomac and Ohio Rivers southward,
and near normal from these streams northward. In the area between the
Mississippi River and Rocky Mountains another warm week w.s experienced, with considerable sections having mean temperatures ranging from
6 degrees to 10 degrees above normal. West of the Rocky Mountains
somewhat more than normal warmth prevailed. Maximum temperatures
were again high in the trans-Mississippi States from Texas northward to
the Dakotas where most first-order stations reported extremes ranging from
100 degrees to 104 degrees. The highest reported for the week was 112
degrees at Phoenix, Ariz., on the 8th. The dotted lines on Chart I inclose
the areas from which maximum temperatures exceeding 95 degrees were
reported.
Chart II shows that substantial to heavy rains occurred in many localities
of the lower Ohio, middle Mississippi, and lower Missouri Valleys; also in
Mississippi and Alabama., much of Florida, extreme southern Texas, and
in most of the northern Great Plains. Showers in these areas were fairly
well distributed, but at the same time a good many places were missed and
drouthy conditions continue. They were mostly light and scattered in
the Atlantic area, the upper Ohio Valley, the Lake region, and the South..
west. The States most benefited by rains since the first of July include the
central-northern group between the Lake region and Rocky Mountains.
the central Mississippi and Ohio Valleys, Tennessee, Alabama and Mississippi, and the central Great Plains. The Carolinas, Georgia, Louisiana,
Texas. and Oklahoma have had only about one half or slightly more than
normal rainfall since the first of the month.
While the rainfall of the week was still of a local character, showers
were more widely distributed and substantial in amount than for several
preceding weeks. The northern Great Plains were fairly well covered,
and late small grain crops were helped locally to some extent, but in most
places the rain was too light or crops were too far gone for the moisture
to be of material benefit. Wherever substantial rains fell (see Chart II)
pastures are reviving and all growing vegetation responding rapidly to the
Improved mositure conditions. In some Interior sections gardens are being
renlsnted.
Many areas remain dry and the greater portion of the country east of
the Rocky Mountains is still needing rain, while most other sections where
recent showers have occurred are only temporarily reileved, because of
the general dryness of the soil that had resulted from the previous month
deficient rainfall. In the Atlantic States rather favorable growing weather
was experienced from northern Virginia and Maryland northward, but
moisture is still insufficient in most sections to the southward, especially in
Piedmont districts. Rain is badly needed in the Southwest; Oklahoma is
experiencing one of the severest drouths of record.
In the central Rocky Mountains and Great Basin, irrigated crops are
doing well, but there is insufficient moisture for dry farming operations,
especially for small grains. In southern Rocky Mountoin sections the
range shows improvement, while conditions continue largely favorable in
the north Pacific area. Farm work made satisfactory nrogress, with winter
wheat harvest mostly completed, except in some of the later northern
districts.
-Winter wheat harvest is nearing completion northSMALL GRAINS.
ward to the northern Ohio Valley, Iowa, and parts of Nebraska: much
threshing has been done in practically all parts. Cutting has begun in
Montana and the Pacific Northwest.
In the spring wheat region the rains in South Dakota came too late to
be of much benefit, except in a few small areas, while in North Dakota
deterioration continued, although local sections were improved by showers.
In the eastern part of the belt condition is very poor to only poor; in Montana spring wheat continued to deteriorate, with considerable gr in drying
,
up without heading and some being cut for hay. In the Pacific Northwest local showers were beneficial and most grains withstood two rather
deterioration in dry localities.
hot days, but there was some
Oat harvest has extended northward to northern Iowa and threshing
is progressing; cutting continues in the Ohio Valley, but the crop is short
and some is not worth gathering. In Minnesota oats are heading out
very short, with many fields plowed under and some cut for hay. Rice
is in satisfactory condition in California and Arkansas, but the crop needs
rain in Louisiana.
Volume 137
Financial Chronicle
CORN.—As a result of showers during the past two weeks, the corn
crop shows improvement in many areas of the belt, though some sections
are still dry and, in most places, rains have been sufficient to give only
temporary relief. In much of the Southwest, damaging drouthy conditions have been intensified by high temperatures and continued lack
of rain.
In the Ohio Valley the progress of corn during the past week was mostly
fair to very good, with a good many places showing improvement, though
in other important sections the crop is extremely variable; in Illinois some
corn is tasseling, while some of the late-planted is just coming up. In
northeastern MissoUri, and from eastern Kansas northward showers made
a favorable week, while in Iowa, except in dry or late areas, progress was
mostly fair and even very good in favored localities; acute dryness continues in many west-central, central and south-central Iowa counties.
Oklahoma and Texas continue too dry. In Oklahoma corn is nearly a
complete failure in the western half of the State and on uplands of other
parts, while in south-central Kansas much is damaged beyond recovery.
COTTON.—Warm weather, with only light, scattered showers, prevailed in the western Cotton Belt, but moderately low temperatures,
with better distributed moisture, were the rule in the eastern half. In
the cotton-growing sections of Texas and Oklahoma drouthy conditions
remain largely unabated, with a combination of unfavorably high temperatures. In Texas progress of the early crop is still favorable in most
sections, but there was some harm by excessive rains in more southern
districts, and by drouth locally in the west; late cotton needs rain badly,
with some deterioration reported in the northeast. In Oklahoma cotton
is withstanding the heat and drouth remarkably well; plants are making
slow growth, but the general condition is still fair to good, notwithstanding
one of the severest drouths of record.
In the central States of the belt showers during the last few days were
helpful in many places, but considerable areas are still unfavorably dry,
including much of Louisiana and southern and western Arkansas. In
Georgia local showers were helpful and progress of cotton was mostly good,
while in South Carolina plants continue to fruit well. Much of the Piedmont in North Carolina is unfavorably dry and growth was poor to only
fair, but was fairly good in the eastern portion of the State.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Near-normal temperatures; light rains. Dry
conditions seriously affecting tobacco, corn, meadows and pastures. Cotton excellent and early corn tasseling. Most truck over State fair to good.
Harvesting potatoes well along. Peanuts good and being cultivated.
North Carolina—Raleigh: Sufficient rainfall over most of Coastal Plain
and in mountain region and some showers generally at close of week, but
large areas, mostly in Piedmont, reported suffering from drouth, where
tobacco, truck, corn and pastures poor. Much upland corn damaged
beyond recovery. Progress of cotton poor to fair in Piedmont, but fairly
good to very good on Coastal Plain.
South Carohna.—Columbia: Very dry, with abundant sunshine; temperatures rather low early in week, followed by recurring heat. Tobacco
curing continues. Small grain threshing practically finished. Corn,
sweet potatoes, truck and other crops fair, but need rain. Cotton condition and progress generally very good, with satisfactory squaring and
blooming. Some plowing for late corn and forage.
Georgia—Atlanta: Cool at beginning, but warm latter part. Scattered
showers at beginning with light to moderate rains at close. Further
moisture needed generally. Progress of cotton continues good generally;
condition mostly good to excellent; fruiting good in most places. Corn
suffered from dryness nearly everywhere, but late mostly good progress.
Sweet potatoes and peanuts fairly good advance, but need rain. Truck,
most minor crops and pastures little progress, except where sufficient
moisture.
Florida.—Jacksonville: Cotton condition good and improving; progress
very good. Corn and sweet potatoes improving. Truck fair. Ground
in south being prepared for fall planting. Ranges good. Citrus good;
new fruit fair size.
Alabama.—Montgomery: Mostly cool, especially at beginning; local.
light to heavy showers last two days. Still too dry in some northern sections. Nearly all crops now growing nicely where there were recent rains.
Cotton mostly fair to good condition and progress good; some complaints
of cool nights.
MississinM.—Vicksburg: Generally moderate temperatures. Moderate
to heavy rains last two days practically throughout, making progress and
growth of cotton and late planted corn fairly good. Previous long-continued drouth in west and many central localities makes condition of
early planted corn very poor to only fair. Progress of gardens and truck
mostly fair with pastures reviving.
Louisiana—New Orleans: Moderate rains locally in north and west
beneficial to cotton, but large areas still dry; generous showers in southeast. Progress of cotton fair in most sections, though poor locally in
north and west; condition ranges from poor to good, but mostly fair;fruiting
fairly well. Progress and condition of corn very good in southeast; late
improved where rainfall sufficient, but early badly damaged in north and
west. Moisture adequate for cane, but rice needs more.
Texas.—Houston: About normal temperatures on coast; warm elsewhere and hot in extreme northwest. Heavy rains in some northwestern
districts and along coast, excessive in extreme south, but elsewhere light
and widely scattered. Early cotton made favorable progress in most sections, but damaged by excessive rains in extreme south and dryness in some
western localities; late-planted needs moisture badly, and some deterioration reported in northeast. Early corn generally fair condition, but lateplanted firing badly in dry sections. Ranges need rain, but cattle continue
fair to good.
Oklahoma.—Oklahoma City: Hot, with only local showers at a few
stations. Abundant rain badly needed. Drouth one of worst of record.
Cotton withstanding dryness remarkably well and making slow growth;
condition fair to good. Corn nearly a complete failure in west and on
uplands of remainder; poorest outlook since 1918. Good progress in
threshing and completed in many localities. Broomcorn, gardens, and
minor crops deteriorated. Pastures very poor and stock water scarce in
many localities.
Arkansas.—Little Rock: Progress of cotton very good in northeastern
quarter of State and fairly good in most other portions, but rain badly
needed in west and south; crop small and growing slowly, but strong and
healthy; blooming nicely and setting bolls rapidly. Corn very poor in
many western and southern portions; fair to very good elsewhere. Truck
badly damaged, especially beans and tomatoes. Apples damaged in some
localities.
Tennessee.—Nashville: Moderate to heavy rains Sunday and Monday
ended drouth over most of State. Progress of corn poor until rains; condition variable, but probably will improve rapidly. Progress of cotton
fair; moisture beneficial; blooming begun. Tobacco blooming low and
firing; condition mostly fair, but probably will improve now. Truck and
vegetables showed further deterioration.
Kentucky.—Louisville: Seasonal temperatures and moderate to heavy
rains in west brought relief to driest district. Some early corn was tasseling
without shoots and tobacco continued to die; rain in time for most corn.
but crop needs more, especially in east; condition and progress averages
fair, with marked improvement in west. Favorable for haying and threshing. Pastures badly dried; new growth starting, but much more rain
needed to restore them.
THE DRY GOODS TRADE
New York, Friday Night, July 14 1933.
Although favored by generally fair weather, retail trade
following the holiday did little more than hold its own.
Most attention was given to clearances of summer merchandise which evoked a slight improvement in consumers' interest. Something of a disappointment was supplied by the
official figures relating to the value of last month's department store sales. They were approximately 4% below June
1932, which compares with a decline of only 2% in May.
While this poor showing rims been explained away by allusions to earlier anticipation by customers of their hotweather requirements, there is little doubt that it tends
to confirm the fears of those who had their misgivings as
521
to the still crippled buying power of the great mass of consumers. It is true that the results of the chain stores during
June made a better stowing, but this will hardly dispose
of the belief that a further substantial improvement in
employment and incomes is required in order to provide a
solid fundation for satisfactory retail distribution, particularly if and as the inevitable higher price demands are being
put into effect.
The approval of the Cotton industry code by President
Roosevelt was the outstanding event in the primary markets. Selling agents expressed the opinion that they could
now operate with confidence and that mills were in a
position to figure costs accurately. Nevertheless, markets
were unable to rid themselves of a feeling of uncertainty
as to what the near future bolds in store, particularly
whether the accumulation of higher-priced merchandise in
wholesalers' and retailers' hands can profitably be passed
on to the ultimate consumer after low-priced inventories
have been exhausted. On this point obviously the question
hinges whether the boom-like revival Which has permeated
all branches of the textile industry can be expected to carry
further now that working and operating conditions have
been or will be provided with a new set of basic rules.
Trading in silk gray goods decreased materially, but prices
were firm and merchandise scarce. Satins, fine failles and
heavy sheers are leading in cutter demand. Transparent
velvets have advanced from $1.75 to $2.12%. Broad silk
manufacturers point out that recent price advances have
barely covered the increased cost of raw silk, and that the
industry will be confronted with much higher labor costs
when the Recovery Act becomes effective. With the larger
rayon producers sold up through September, and with plans
afoot for making part allotments to customers, rumors are
again ripe dealing with further price advances. A number
of smaller weavers and knitters is said to offer payment of
a premium for immediate deliveries of yarn and further
negotiations for the purchase of foreign yarns are believed
to be on foot.
DOMESTIC COTTON GOODS.—While right after the approval of the cotton code by the President cloth markets
were quiet as buyers and sellers alike appeared to be waiting to see how the code is going to affect prices and supply
and demand, a new burst of strength surged over the market
when on Wednesday the price of raw cotton registered a
90
-point rise after it was announced by Secretary Wallace
that the acreage reduction plan will go through. Following
a fairly active trade in second-hand gray cloths, most
sellers withdrew offerings after prices on most constructions had been marked up considerably. Fine yarn cloth
markets were moderately active, with broad inquiry for
some fancy goods and fairly steady trading in standard
constructions. Bleached muslins were raised 4 to % of
a cent a yard. Turkish towels were moved up 15 cents
a dozen. There was improved inquiry for drills and some
twills. Cotton mill activity during June was the highest
on record. Closing quotations in print cloths were as
follows: 39 inch 80s, 8% to 9c., 38% inch 60x48s. Be.,
38% inch 64x60s, 6% to 673c., 39 inch 68x72s, 7%c., 39
,(
indh 72x76s, 8%c.
WOOLEN GOODS.—Activity in men's piece goods was
restrictetd by the reluctance of mills to name quotations for
delivery during the period when the provisions of the
Recovery Act will be operative. On the other hand, mills
are running at capacity to fill orders booked in the last
few months. The great question is whether the large
quantities being produced now, will be readily absorbed
and fears have already been expressed that some firms
will reject merchandise on some pretext if prices decline
or if a ready market does not exist at the time of delivery.
While a fair amount of re-orders on men's Summer wear
was received, the volume is beginning to drop off sharply
as buyers are placing main stress on Fall clothing. The
volume of the latter in many instances is from 20 to 50%
ahead of last year. As a protection against rising prices,
stores are making every effort to get as much Fall merchandise on their shelves as possible. In women's wear
goods for which the season started 6 weeks later than the
men's wear division, selling agents are still busy booking
orders, at the same time paring down the amount of merchandise to be allowed each customer. All types of lightweight fabrics are staring in the demand. If business
in wool fabrics should slow down in the next few months,
it is likely that a few mills will turn to cotton mixtures
which can be made to fit into the buying plan of the lowpriced dress manufacturers.
FOREIGN DRY GOODS.—Although the spring-summer
season in linens is virtually at an end, re-orders continue
to arrive in good volume with most importers practically
cleared of stocks. Retailers report chief demand for dark
colors and white. The market in household linens continues to feel the effect of the heavy demand for dress
goods. Influenced by the renewed sharp spurt in sterling,
burlap prices experienced another upward movement although reports from India stated that the Department of
Agriculture has estimated jute sowings at about 15%
ahead of last year. Shipments to North America last
month totaled 49.7 million yards as compared with 93.4
million yards in the previous month. Domestically light
weights are quoted at 5.40c., heavies at 6.75c.
Financial Chronicle
522
July 15 1933
State and City Department
NEWS ITEMS
Arkansas.—State Supreme Court Upholds Validity of
$146,000,000 Road Bond Refunding Act.—The State Highway
Bond Refunding Act of 1933, known as the Ellis Bill, under
which the State seeks to refund all forms of its road indebtedness amounting to about $146,000,000, was declared constitutional by the State Supreme Court on July 10. The
decision was handed down in a suit brought by 0. E. Tapley,
a Pulaski County resident and holder of a State highway
bond, to restrain the State Bond Refunding Board from refunding old road district obligations by the issuance of
State bonds, on the ground that such action was unconstitutional—V. 137, p. 349. A Little Rock dispatch to the
New York "Herald Tribune" of June 11 reported as follows
on the decision:
"The Ellis measure providing for refunding all of the $146,000,000 highway indebtedness of Arkansas, was held valid by the Arkansas Supreme
Court to-day when it sustained the right of the State Refunding Board
to proceed with the refunding of road improvement district bonds assumed
by the State in 1927.
"The suit, instituted in Pulaski Chancery Court by 0. E. Tapley as the
holder of a State highway bond, sought to prevent the exchange of State
for district obligations. In the lower court Mr. Tapley was denied an
injunction and the chancellor's ruling was affirmed by the appellate body.
"Objection to refunding of the district bonds was based on the allegation
that it was in violation of a section of the Arkansas constitution which
prohibits the State from lending its credit, but the Supreme Court cited
several cases in which similar contentions had been overruled.
"In 1927 the State undertook payment of principal and interest of more
than $64.000,000 in bonds of road improvement districts. Since then it has
reduced the unpaid principal to about $46.000.000, but has issued $91,500.000 in State highway and toll bridge bonds. Income frcm gasoline
tax and automobile license fees is insufficient to meet the payments due
on both district and State bonds.
"The refunding program applies not only to State and road district
bonds assumed in 1927, but also to warrants and claims outstanding Feb.
1 1933. Interest on the new bonds, for which old obligations are to be
extended is fixed at 3%•
Governor Decides to Proceed with Bond Refunding.—In connection with the above report on the court ruling we give
the following Little Rock dispatch to the "Wall Street
Journal" of July 11 regarding the decision of Governor
Futrell to proceed with the road bond refunding:
Following decision of the Arkansas Supreme Court Monday holding the
Ellis Refunding Act constitutional, the State Refunding Board decided to
go ahead with the exchange of refunding bonds. Governor Futrell appealed
to bondholders to deposit their securities. It is expected the first of the
refunding bonds will be issued 10 or 15 days hence.
Refunding bonds, however, will not be issued for toll bridge bonds until
the Circuit Court of Appeals reaches a decision on appeal from bistrict Judge
Martineau's ruling in the De Valh3 Bluff Bridge case: Governor Futrell
said this appeal would decide the fate of the refunding program as applying
to toll bridge bonds.
Recently Judge Martineau granted petition of the New York Trust Co.
for receivership of De Valls Bluff Bridge and ordered its revenue impounded
to meet charges on $484,000 bonds of White River Bridge Corp., from
which the State purchased the bridge three years ago. While the Supreme
Court decision sustained the validity of the Ellis Act with respect to State
highway and road district bonds, Judge Martineau's decision sets a precedent which could be followed should holders of $7,000,000 toll bridge bonds
bring action similar to that of the New York Trust Co. The State has
nine toll bridges against which bonds are outstanding. The Ellis bill
contemplated that all highway revenue, including toll collections, should
be impounded to meet principal and interest of the proposed $146.000,000
refunding issue.
Although the only question involved was whether the State might refund
-year 3% bonds, the Supreme
road district bonds through issuance of 25
Court went further and held the Ellis Act "is not in violation of our Constitution and is therefore a valid enactment." The case reached the
Supreme Court on appeal of 0. E. Tapley, holder of a State highway
full-faith-and-credit bond, from chancery court, at Little Rock, which
denied an injunction to prevent the State Refunding Board from proceeding
with refunding plans. Tapley contended the State could not assume
road district obligations.
Detroit, Michigan.—$290,000,000 Refunding Operation
Launched.—On July 14 the Bondholders' Refunding Committee made public details of the proposed debt readjustment
and at the same time issued a call for the deposit of all bonds
covered by the refunding plan, thus putting into operation
a refunding program involving approximately $290,000,000
of the funded and other indebtedness of this city. This
plan is discussed in greater detail on a subsequent page of
this section. (The official advertisement of this refunding
operation appears on page XIV of this issue.)
Michigan.—New Pension Law for Aged to Become Effective
on Oct. 17.—Because of the need for clarification of a number
of confusing sections in the old-age pension law passed by
the Legislature on June 15 (V. 136, p. 4488) a court action
may be sought, according to the Detroit "Free-Press" of
July 9. It is stated that the law will not become effective
until Oct. 17 because no emergency clause was affixed to it
• by the Legislature, although it specifically provides that all
adult citizens in the State be registered by Oct. 1 in order
that the $2 annual head tax can be assessed against them.
The newspaper account of the situation reads as follows:
The State plans to make no effort to enforce any provisions of the Old
Age Pension Law until it becomes effective Oct. 17. despite conflicting
provisions to the contrary, it was announced to-day by W. S. Carpenter,
Welfare Director.
The measure contains a number of confusing sections. It specifically
states that every resident between the ages of 21 and 70 years must register
by Oct. 1. The Legislature failed, however, to give the bill immediate
effect, so it does not become law until Oct. 17. Carpenter said he plans
to have the necessary books and records printed for distribution to county
clerks about Oct. 1, so that registrations may be begun as soon as the Act
becomes operative.
Confusion on Registration.
The measure specifically provides in another section that the $2 head
must be paid by March 1 of next year. Judson E. Richardson, Assistant
tax
Attorney-General,said that in view of the failure to give the Act immediate
effect and its provision that registrations must be completed by Oct. 1
In any year. it would appear registrations could not be demanded this year.
The other provisions specifically requiring payment of a head tax at
the same time 1933 taxes are paid—that is, by next March 1—however,
Is in conflict. A court ruling might be necessary to determ ne whether the
law is operative this year, according to Richardson, and whether registrations can be enforced before Oct. 11934.
Indigents Not Exempted.
The Act exempts inmates of State and municipal institutions from payment of the head tax. It does not exempt indigent persons between the
ages of 21 and 70. Richardson held that under the law those on welfare
lists and so forth technically must pay. He declared, however, the Pension
Bureau to be set up in the Welfare Department has power to make rules
and may instruct county clerks, without direct legal authority, however,
not to attempt to collect from indigents.
Whether court action will be instituted to clarify the law has not been
made known. Gov. Comstock hopes to have the Legislature, in its special
session early next year. amend the Act so that counties must pay parts
of the cost and possibly to eliminate the head tax.
New York City.—Governor Lehman Requested By City to
Call Special Legislative Session to Increase Sales Tax and
Stock Transfer Tax.—A resolution was passed by the Board
of Estimate on July 13 requesting Governor Herbert H.
Lehman to call a special session of the Legislature and a
report was sanctioned proposing 1% increases in the present
sales and stock transfer taxes to provide for New York City
an estimated $41,000,000 with whickit hopes to take care
of its unemployment relief problem. The resolution and
the financial recommendations of the Comptroller accompanying the request to Governor Lehman were submitted
by Deputy Comptroller Prial in the absence of Comptroller
Berry, who is on vacation. The resolution was approved in
a preliminary conference in the Mayor's office and was later
approved by the Board of Estimate. The report of Comptroller Berry declared that the city has only $371,334 on
hand with which to meet a work relief payroll of $1,500,000
on July 17, and the resolution contained a brief preamble
which charged that New York City had been discriminated
against in the State's present tax system and that the new
State taxes tended only to "enlarge the inequality of the tax
system in its relation to New York City." The resolution
was dispatched to the Governor by messenger on July 13.
Press dispatches from Albany on that day quoted the
Governor as prepared to take the resolution 'underlimmediate advisement" as soon as he receives it.
The new revenue proposals were contained in two recommendations. The first provides that the State sales tax law
be amended by increasing the rate from 1 to 2%, also providing that the revenue derived from this additional 1% be
distributed among the localities of the State in the ratio of
their population. This division was asked on the ground
that "as the sales tax is a consumption tax, it is equitable to
distribute the proceeds on a per capita basis." The other
recommendation was an amendment to the State tax on
transfer of stock and other corporate certificates. This 1%
tax would be doubled, all proceeds resulting from the increase to be distributed to the various local governments in
proportion to the amount collected in each locality. The
city would have all revenues from the two tax increases
segragated solely for home and work relief and for the
liquidation of the floating debts which the city has incurred
in raising funds to carry on its present program.
Board of Estimate Draws Up Schedule of Proposed Public
Works.—Almost immediately after the passage of the above
resolution, the Board of Estimate turned to the Federal
Government for further assistance, drawing up a schedule
of proposed public works totaling $94,058,023 for submission
to the National Industrial Recovery Board. We quote as
follows from the New York "Sun" of July 13, regarding
these proposed city projects:
The Board of Estimate approved to-day two schedules of public work
proposals for submission to the National Industrial Recovery Board for its
approval and financing. Schedule A lists sums to he allocated to various
departments for Immediate work, and is the board's preferred list. Schedule
13 includes ape ific recommendations for projects the board holds less
pressing. It is to be submitted if the National industrial Recovery Board
responds favorably to the first list. The schedules follow:
Schedule A.
Amount.
Department—
Department—
Amount.
Board of Transportation_ _ _. $19,993,500 Correction
$792,500
Board of Water Supply
1,000,000 Parks, Manhattan
500,000
Gas & electricity, water supp- 2,259,000 Parks, Brooklyn
150,000
Docks
3,255.000 Parks, Bronx
130,000
Hospitals
6,956,510 Police
64,500
Education
4,058,552 Fire
129.800
Borough assessments
15,000.000 Plant and Structures
1,000,000
Sanitation
22,586,000 Higher education
146,700
President, Manhattan
3,560,000
7,113,337 Health
President, Brooklyn
1,615,000 Public libraries
37,500
President, Bronx
2,489,500 Public Welfare
110,000
President, Queens
728,624
President Richmond
894,058,023
404,000 Total
Schedule B.
Rapid transit tunnel, Staten Island to Brooklyn
$40,000,000
Boardwalk between South Beach and Miller Field, S. I
2,000,000
Development of Marine Park, Great Kills, Staten Island
2.000,000
Development of Marine Park, Brooklyn
20,000,000
Hendrik Hudson Memorial Bridge over Harlem River
10,000,000
Total
$74,000,000
The following is an official copy of the resolution adopted
by the Board of Estimate on July 13:
Whereas, the requirements for work and home relief in New York City
exceed the provisions that can be made under existing conditions, and
realizing that new sources of revenue are essential to the maintenance
of the relief measures now being carried on, the Board of Estimate and
Apportionment petitions the Governor of the State of New York to call
an extraordinary session of the Legislature for the purpose of enacting
revenue bills that will provide the funds required during the term of the
emergency.
To meet this emergency the Legislature of 1933 enacted a bill authorizing
the issue of certificates of indebtedness running from one to 10 years, the
proceeds to be used for work and home relief.
Financial Chronicle
Volume 137
This action of the Legislature was a recognition of the fact that municipalities could not provide In their budgets for these extraordinary
expenses.
In order to sell certificates of indebtedness beyond the sum of $30,000,000
now outstanding, the city must find revenues other than those flowing
from a direct tax on real estate.
The Board of Estimate and Apportionment calls attention to the discrimination against the city of New York in the distribution of money
raised by the special State taxes. While 43 counties of the State have
returned to them a larger sum of money than is collected from them, the
special taxes collected in New York City exceed by $73,300,000 the contributions made by the State to the city. As the city of New York will
receive no part of the revenues from the special taxes enacted at the 1933
Session, except the beer tax, the Board of Estimate and Apportionment
feels amply justified in asking the Legislature to end this discrimination.
Resolved, that it is the sense of the Board of Estimate and Apportionment that the Governor be requested to call a special Session of toe Legislature to enact emergency laws to meet the conditions herein described,
these taxes to cease when the Legislature declares the emergency to be
ended. The proceeds of the tax laws recommended for enactment will
be pledged exclusively for home and work relief, and for no other purpose.
New York State.
-Revenues in Fiscal Year Top Original
Estimates by $3,000,000.
-In reporting the revenues and
expenditures of New York State for the fiscal year ended
June 30, Governor Herbert H. Lehman declared on July 9
that for the current fiscal year the budget will be in actual
balance. His prediction was based partly on the receipt of
higher revenues than had been counted upon together with
a cutting down in expenditures, but mostly on provision of
additional revenue. "I am confident," he said, "unless
unforeseen contingencies or demands should arise, that by
the end of the present fiscal year we will have an actual and
real balanced budget." The State's actual revenue receipts
for the fiscal year were $223,619,434.63, almost $3,000,000
more than the budget estimate. Accompanying his statement on the finances of the State, Governor Lehman issued
the following schedule on July 9, showing how the State's
revenue receipts compared with budget estimates for the
fiscal year ended June 30 1933:
Budget
Estimates.
$2,500,786
Actual
Receipts.
$2.104,495
Per Cent.
Realized.
84.15
17,000,000
27,000,000
29,000,000
32,000,000
24.000,000
1,250,000
34.500,000
37.000,000
2,000,000
1,400,000
19.607,324
25,952,766
24,879,284
34.004,792
31,570,729
1,055,044
29.879,889
36,935,890
1,774,294
989,673
115.34
96.12
85.79
106.26
131.54
84.40
86.61
99.82
88.71
70.69
$205,150,000
13,000,000
Total revenue
$220,650,786
Cents are omitted in the table.
$206,649,690
14.865,247
100.73
114.35
$223,619,434
101.35
Sources
General property tax
Special taxes:
Corporation. Article 9A
Corporation, Article 9
Personal income
Estate
Stock transfer
Mortgage
Motor vehicle
Motor fuel
Insurance premiums
Organizations, banks,&c
Total special taxes
Other receipts
Oklahoma.
-Legislature Passes Income and Sales Tax
Bills.
-Bills calling for a modified net income tax and a 1%
general sales tax, with emergency clauses to put them into
effect immediately, were passed by large majorities in the
State Legislature on June 30. The bills were forwarded to
Governor Murray who has threatened to veto them. It was
indicated that both houses would poll sufficient votes to pass
the two bills over the Governor's veto, if he made good his
threats. These are the two major bills on a tax program
designed to yield new revenues to the State. The net income
tax bill and sales tax bill are summarized as follows in the
Oklahoma City "Daily Oklahoman" of July 1:
Senate action in releasing the income tax came as a surprise, as senators
agreed Thursday to hold it until the sales tax bill became law. However.
Hardin Ballard, anti-administration Senator, made the motion that released it. He said House members had assured the Senate there were
sufficient votes to pass the sales tax bill over the Governor's veto.
If the problem goes through to enact the sales tax measure into law, it will
become effective immediately. A
be imposed on all retail
sales of goods, wares, merchandise,tax of 1% will
amusements, athletic tickets and public
utility services.
Raw farm products and sales on which there already are special taxes,
such as gasoline, are exempt.
Schools to Get Revenue.
Revenue derived from the measures will be distributed 50% to common
schools on a per capita basis to reduce ad valorem taxes, 30% to retire outstanding school warrants, 17% for weak schools and 3% for expense of
collection.
The net income tax bill will apply to this year income, but payments
will not be due until next March
It provides a rate of 1 to 6%. Instead of the iresent rate of 2 to 5, and
in place of the 1 to 10% rate wanted by the Governor. It affords 20%
allowance for depletion of oil and mineral properties, instead of 27%%
allowance in the present law and the cost depletion wanted by the Governor.
It raises exemptions from $750 for the single person and $1,500 for married, to $1,000 and $2,000. respectively. It lowers the exemption for a
dependent from $750 to $500.
Other Changes Made.
Provision is contained for taxing incomes from securities, other than
Federal securities. Various other changes are made, but the principal fight
was waged over the depletion clause and the rates.
BOND PROPOSALS AND NEGOTIATIONS
AKRON, Summit County, Ohio.
-PONDS NOT SOLD.
-The various
issues of 5% coupon or registered specirl assessment improvement bonds
aggregating $733,594.25 which were offered on July 10-V. 137, p. 349
failed of sal-, as no bids wire obtained.
-A $10,000 issue
-NOTE SALE.
ALBEMARLE,Stanly County, N. C.
of 6% notes is reported to have been purchased recently by a local investor, at par. Dated July 3 1933. Due on Sept. 1 1933.
AMBRIDGE SCHOOL DISTRICT, B
County, Pa.-rONDS
NOT SOLD.
-No bids were obtained at the offering on July 10 of $100,000
not to exceed 6% interest coupon school bonds, to mature $10,000 annually
on Aug. 1 from 1934 to 1943 incl-y. 136, p. 4489.
-OBTAINS $40,000 LOAN.
AMESBURY, Essex County, Mass.
The town has borrowed $40,000 from the State Emergency Finance Board
in accordance with the provisions of an Act signed by Governor Ely on
March 1 1933, "enabling cities and towns to borrow from the Commonwealth in amounts equivalent to tax titles held by them on properties of
delinquent taxpayers."
-V. 136, p. 1747.
-BOND OFFERING
ANDERSON COUNTY (P. 0. Garnett), Kan.
-Sealed bids will be received until 10:30 a.m. on July 17, by W. B. Yerkes,
County Clerk, for the purchase of a $29,500 issue of 5% coupon funding
bonds. Denoms. $1,000 and $500. Dated Aug. 1 1933. Due on Aug.
as follows: $6.000 1935 to 1938. and $5,500 in 1939. Interest payable F.& A.
A certified check for 2% of the bid is required.
523
ATLANTIC BEACH, Duval County, Fla.
-BOND ELECTION.
-It Is .
reported that an election will be held on Aug. 8 in order to have the voters
pass on the proposed issuance of $125.000 in seawall bonds. The bonds
would bear 6% interest and mature in 20 years. The enabling act, permitting the calling of an election to vote on the proposed issue, was passed
by the 1933 Legislature.
ATLANTA, Fulton County, Ca.
-TAX ASSESSMENTS CUT BY
-In line with Governor Talmadge's cut of 20% in the State
$40,000,000.
ad valorem tax rate on July 5-V. 137, p. 352
-this city announced on
the following day that $40,000,000 had been slashed from the tax assessments for 1934. We quote in part as follows from the Atlanta "Constitution" of July 7:
"Wholesale reduction in local city and county taxes, offering taxpayers
relief similar to that given Wednesday by Governor Talmadge wean he
cut the State ad valorem rate 20%, were made public Thursday as the
City of Atlanta announced the slash of an additional $40,000,000 in city
tax assessments for 1934, and Fulton, De Kalb and Decatur authorities
drew attention to tneir policy of lessening the tax burden.
"As a result of the Atlanta tax assessment reduction, the city's revenue
will be cut by about $600,000 for the year and will force the total slashes
in assessments to about $115.000,000 since Mayor James L. Key took
office. Atlantans will save $600,000 in taxes during the year, which.
supplemented by the $25C,OCO Governor Talmadge struck from the State
taxes, will make an aggregate saving of $850,000.
"Atlanta assessments therefore will have been reduced from about
$400,000,000 in 1929 to $285,000,000 for 1934. Receipts of the municipality thus will have been slashed about $1.500,000 during the period."
-BOND ISSUANCE
BANNOCK COUNTY (P. 0. Pocatello), Ida.
UPHELD.
-It is stated by our Western correspondent that a recent
District Court decision has validated the issuance of $345,000 In 6% warrant
funding bonds.
-REJECTS PROPOSED TAX
BAYONNE, Hudson County, N. J.
-Acting upon the recommendation of Mayor
RELIEF MEASURES.
Lucius F. Donohoe,the City Commission on July 6 rejected two resolutions
which provided for the cancellation of all interest charges on unpaid taxes
and assessments and permitted the payment of all delinquent taxes over a
period of five years. In a statement to the Commission. the Mayor
vigorously protested against the measures, pointing out that the immediate
effect of their adoption "would mean the destruction of the credit of the
City." Commenting on the fact that authority for the action proposed
in the resolutions has been conferred through legislative enactments, be
said that it is not necessary for toe City to avail itself of such authority.
inasmuch as it is financially sound. He added that "for this reason we are
able to meet our payrolls, bills and other obligations when due, and there
Is no occasion for undermining our financial position."
-BOND OFFERING.
BEAVER COUNTY (P. 0. Beaver), Pa.
Sealed bids will be received by the Board of County Commissioners until
1 p. m. (Eastern standard time) on July 17 for the purchase of $300,000
4 or 4% coupon bonds. Denom. $1,000. Due $30,000 nnually on
Sept. 1 from 1934 to 1943 incl. Interest is payable in May and September.
A certified check for $2,000. nayable to the order of the Commissioners,
must accompany each proposal.
-J. S. Rippel &
-NOTE SALE.
BELLEVILLE. Essex County, N. J.
Co.. of Newark, have purchased an issue of $60,000 6% deficiency notes
at par, due on May 31 1934. Proceeds of the sale, together with $29,000
originally on hand, will be used to meet a maturity of $89,000 in similar
notes, according to Director Williams of the Department of Revenue and
Finance.
-The issue of
-BONDS NOT SOLD.
BERWYN, Cook County, 111.
$200,000 5% funding bonds offered on June 27-V. 136. 13• 4490 was
not sold, as no bids were obtained. Dated Dec. 1 1932 and due serially
on Dec. 1 as follows: $10,000 from 1938 to 1942 incl. and $15.000 from
1943 to 1952 incl.
-WARRANT ISSUBEXAR COUNTY (P. 0. San Antonio), Tex.
-It is reported that the proposed issuance of
ANCE CONTEMPLATED.
$100,000 in emergency warrants may supersede a proposal recently ad-way
vanced to issue $350,000 in bonds with which to buy necessary rights-of
for highway projects in the county. It was tentatively decided on July 6
that, if found practicable and legal, it would be the better plan to iSStle
the warrants. It was stated by County Judge Frost Woodhull he had been
advised that the court had the authority to do so.
-BONDS AUTHORIZED.
BRAINERD, Crow Wing County, Minn.
-The City Council is reported to have authorized the issuance of $3,500 ill
relief bonds.
-PROPOSED POND ISSCE
BRIDGEPORT.Fairfield County,Conn.
-The City Council plans to offer for sale an Issue of $150,000 sewer construction bonds.
-TEMPORARY LOAN.
BRISTOL COUNTY (P.O. Taunton), Mass.
-The $200,000 revenue-anticipation note issue offered on July 11-V. 137.
C. Durfee Trust Co. of Fall River at
-was awarded to the B. M.
p. 349
1.95% discount basis. Dated July 13 1933 and due on Nov. 23 1933.
The Fall River National Bank named a rate of 2.23%, while the Second
National Bank of Boston bid 2.37%.
BROAD TOWNSHIP SCHOOL DISTRICT (P. 0. Defiance), Bed-The Pennsylvania Department
-BONDS APPROVED.
ford County,Pa.
of Internal Affairs has approved of the issuance of $18,000 school building
construction bonds.
-BOND DETAILS-The $50,500
BUHL, St. Louis County, Minn.
issue of refunding bonds that was purchased by the State Investment
-was sold at par and matures as follows: $24,500
Board-V. 137, p. 349
in 1938. and $26.000 in 1939.
-BOND REFUNDING
BURLINGTON, Alamance County, N. C.
APPROVED.
-The Board of Aldermen is said to have approved a plan on
$670.000 in bonds. (This report supplements the preJune 26 to refund
liminary notice given in V. 137, P• 350.)
-Jackson &
-BOND SALE.
CAMBRIDGE, Middlesex County, Mass.
Curtis, of Boston, were the successful bidders for an Issue of $50,000 sewer
construction bonds, paying a price of 100.155 for 351s. Bonds mature
serially and are being offered for general investment at prices to yield
from 3.50 to 3.70%. Bids obtained at the sale were as follows:
Rate Bid
Int. Rate
Bidder33% ®
100.155
Jackson & Curtis (Purchasers)
354%
100.10
Whiting, Weeks & Knowles
101.50
4%
First of Boston Corp.
100.33
4%
City Company of Massachusetts
CARROLL COUNTY (P. 0. Westminster), Md.-ADDITIONAL
INFORMATION.
-In connection with the report in V. 137. P. 350 of the
purchase by a group of Carroll County banks of 5200,000 4.34% coupon
bonds at 102.21. a basis of about 4%, we learn that the Institutions concerned in the transaction are as follows: Union National Bank of Westminster, First National Bank, Westminster Deposit & Trust Co., and the
Westminster Savings Bank. all of Westminster: also the Manchester Bank,
First National Bank of Mount Airy. Hempstead Bank, Union Bridge
Banking & Trust Co. and the New Windsor State Bank. The bonds are
dated May 1 1933 and will mature $25.000 annually on Jan. 1 from 1935
to 1942, inclusive.
-We
-PONDS NOT SOLD.
CASSIA COUNTY (P. 0. Burley), Ida.
are informed by B. F. Wilson, County Clerk, that the $135,000 issue of
coupon funding bonds was not sold to Lauren W. Gibbs of Salt Lake City.
as reported in V. 137, p. 175. He states that nothing definite has been
determined as to when they will be sold.
-POND SALE.
CHAMPAIGN COUNTY (P. 0. Urbana), Ohio.
The Clerk of the Board of County Commissioners reports that the Sinking
Fund Trustees have purchased an issue of $14,800 work relief bonds.
CHENOA TOWNSHIP (P. 0. Bloomington), McLean County, III.
-Messrs. Hall, Martin. Hoose & Depew, attorneys for
-BOND SALE.
the Township, advise that the issue of $55,000 5 % road bonds offered on
July 7 was accepted at par by various contractors in payment for work
completed. No competitive bids for the bonds were submitted. Issue
is to mature serially from 1935 to 1943 incl. Legality approved by Holland
M. Cassidy of Chicago.
-BONDS AUTH0RI7ED.CHEVIOT, Hamilton County, Ohio.
The City Council has adopted an ordinance providing for the issuance of •
$2,000 5% judgment payment bonds, to mature in five years.
524
Financial Chronicle
.
CHICAGO, Cook County, Ill.—WARRANT CALL.—R. B. Upham,
City Comptroller, has called for payment on or before July 14, variously
described tax anticipation warrants. A similar call has been made by
J. B. McCahey, President of the Board of Education, covering sundry
school warrants.
$40,000,000 BOND ISSUE BILL SIGNED.—Governor Homer on July 11
, signed a bill authorizing the issuance of $40,000,000 school bonds without
a referendum, the proceeds to be used to finance payrolls and other operating expenses of the Board of Education of the City during the remainder
of 1933. James B. McCahey, President of the Board, announced that
Mayor Kelly of Chicago Is to confer with Washington officials relative to
the proposed sale of the issue to the Federal Government. The amount
included in the legislation was originally given as 350,000,000.—V. 136,
P. 3939. The bonds are to bear interest at 5% and mature serially from
1936 to 1953 inclusive.
ADDITIONAL BOND BILL SIGNED.—The Governor also signed
Senate Bill 687, which provides for the issuance of school bonds to refund
tax warrants that have been long outstanding, due to the non-collection of
taxes. The "Chicago Trinune" of June 12 commented on the purpose and
necessity of the measure as follows: In 1928 and 1929 the Board issued
tax warrants up to 75% of the tax levies in order to finance the schools.
The reappraisal reduced the assessed value of property to such an extent
that the taxes collected in all probability will not be sufficient to meet the
outstanding principal and accrued interest on the warrants. The outstanding warrants greatly impair the credit of the Board and damage the
marketability of other warrants.
CHICAGO SANITARY DISTRICT, Cook County, III.—TO PAY
$1,111,800 ON DEFAULTED BOND PRINCIPAL.—Trustee Ross A.
Woodhull. Chairman of the Finance Committee, announced on July 6
that payment would be made of $1,111,800 on defaulted maturities of Dist.
bonds. The bonds involved came due in January and July 1932. Mr.
Woodhull said that the payment would be the first made on defaulted bond
principal, although unpaid interest charges have been fully cleared up on
various occasions.
CHICAGO WEST PARK DISTRICT,Cook County. IIL—$6,050,000
BONDS AUTHOuIZED.—Governor Horner on July 7 signed Senate Bill
No.761, which authorizes the rark District to issue 86,050,000 bonds without the approval of the voters
CHILLICOTHE, Ross County, Ohio.—BONDS AUTHORI7ED.—
An ordinance was adopted by the City Council on June 27 approving of
an issue of $10,000 5Y1% storm sewer construction bonds, dated July 2
1933 and due $400 annually on Jan. 2 from 1935 to 1959 inci
CHISHOLM INDEPENDENT SCHOOL DISTRICT NO. 40 (P. 0.
Chisholm), St. Louis County, Minn.—BONDS NOT SOLD.—It is stated
the Clerk of the Board of Education that the $250.000 issue of 451%
school bonds voted on May 22—V. 136, p. 3939—has not been disposed of
as yet, negotiations are pending. Due $25,000 from 1938 to 1947, incl.
CLEVELAND, Cuyahoga County, Ohio.—SUBMITS $23,3C2,728
PUBLIC WORKS PROGRAM—Mayor Miller announced on July 1 that
complete details regarding a program of public works projects, estimated
to cost $23,302,728, had been submitted for consideration of the Federal
Emergency Administration of Public Works. The city has asked that
the Federal Government finance the program by making an outright grant
of$11,942,310, with the balance to be received as a loan.
CLEVELAND,Liberty County,Tex.—PROPOSED INCORPORATION.
—It is reported that the city proposes to incorporate in order that it may
obtain a loan of 3100.000 for sewerage and water system construction.
CLEVELAND, Cuyahoga County, Ohio.—BONDS NOT SOLD.—
Ray L. Lamb, Director of Finance, reports that no bids were obtained
at the offering on July 13 of $458,000 6% coupon or registered bonds,
consisting of $390,000 property portion street improvement issues and
$68,000 final judgment bonds.—V. 137, p. 350.
CLINTON, Essex County, Mass.—BORROWS $19,000 FROM THE
STATE.—The town has obtained a loan of $19,000 from the State Emercy FinanceBoard in accordance with the provisions of an Act signed
Governor Ely on March 1 1933, which enables cities and towns to
borrow from the Commonwealth in amounts equivalent to tax titles held
by them on properties of delinquent taxpayers.—V. 136, P. 1747.
COAL GROVE, Lawrence County, Ohio.—BOND OFFERING.—
R. A. Gregory, Village Clerk, will receive sealed bids until 12 m. on July
19 for the purchase of $62,000 water distribution system construction
bonds. Denom. $1,000. On March 1 1933 the Reconstruction Finance
Corporation announced that it had agreed to purchase such an issue.
—V. 136, p. 1594.
COLUMBUS, Franklin County, Ohio.—BOND OFFERING.—
Samuel J. Willis, City Clerk, will receive sealed bids until 1.00 p. m.
(Eastern Standard time) on Aug. 3 for the purchase of $284,200 44%
coupon or registered bonds, divided as follows:
$250,000 sewerage and sewage disposal fund No. 5 bonds. Due $10.000
on Feb 1 from 1935 to 1959. incl.
and ground maintenance and impt. bonds. Due
20,000 public blinding
$2,000 on Feb. 1 from 1935 to 1944, incl.
10,000 Olentangy Boulevard land acquisition fund bonds. Due $1,000
on Feb. 1 from 1935 to 1944, incl.
4.200 Holton Park extension fund bonds. Due Feb. 1, as followEs
$1,200 in 1935 and $1,000 from 1938 to 1938, incl.
Each issue is dated Aug. 15 1933. Principal and interest (F. Sr A.)
are payable at the agency of the city of Columbus in New York city.
Bids for the bonds to bear interest at a rate other than 4 % expressed
in a multiple of X of 1%, will also be considered. A certified check for
1% of the bonds bid for, payable to the order of the City Treasurer, must
accompany each proposal. Transcripts of proceedings will be furnished
successful bidders and sufficient time allowed within 15 days from the time
of bid award for the examination of such transcript by bidder's attorney,
and bids may be made subject to approval of same.
CONNECTICUT, State of (P. 0. Hartford).—FEDERAL EMERGENCY RELIEF ADMINISTRATION GRANT.—The following announcement of a grant to this State was made by the Relief Administration
on July 6:
"Additional grant of $19,467 was made to-day to Connecticut by Harry
L. Hopkins, Federal Emergency Relief Adminstrator, under authority
vented him by subsection (b) of Section 4 of the Federal Emergency
Relief Act of 1933.
"Mr. Hopkins announced that this grant is based upon the reported
public relief expenditures from all sources in Connecticut during the first
three months of the present year. Previously, the Federal Emergency
Relief Administrator has granted $838,528 to Connecticut, making a total
of $857,995 granted to Connecticut to date.
"To date, the allotments to all States, for which the governors have
submitted up-to-date data covering relief expenditures, aggregate $61,479,297."
CORVALLIS, Benton County, Ore.—BOND ELECTION.—It Is
reported that an election will be held on July 17 in order to vote on the
proposed issuance of $300,000 in school building bonds. It is said that if
the issue carries, an R. F. C.loan will be sought.
DANBURY, Fairfield County, Conn.—BOND SALE.—George B.
Gibbons & Co., Inc. and Roosevelt & Son, both of New York, jointly
purchased an issue of $305,000 534% coupon (registerable as to principal)
sewer and highway refunding bonds at a price of par. Dated July 1 1933.
Denom. $1,000. Due serially on July 1 as follows: $21,000 from 1934
to 1938 incl., and $20.000 from 1939 to 1948 incl. Prin, and int. (J. & J.)
are payable at the Chase National Bank of New York. Legality to be
approved by Reed, Hoyt & Washburn of New York. Public re-offering
of the bonds is being made at prices to yield 4% for the 1934 maturity;
1935, 4.25%; 1936, 4.50%; 19:37, 4.75%; 1938, 4.90%, and 5% for the
maturities from 1939 to 1948 incl. The bonds, which are said to be legal
investment for savings banks and trust funds in New York, Massachusetts,
Connecticut. and other States, are also reported to be direct obligations
of the city, payable from unlimited ad valorem taxes levied against all the
taxable property therein.
Financial Statement (as Officially Reported).
Taxable grand list, 1932
$28,154,585
bonded debt, including this issue
Total
1,431,000
Less water bonds, $551,000; sinking funds, $52,188
803,188
by
tr
Net bonded debt
$827,812
July 15 1933
Population, 1930 U. S. Census, 22,261.
The above financial statement does not include the debt of any political
subdivisions which have the power to levy taxes within the City of Danbury.
The city officially reports that as of July 1 1933 it has collected
of the 1929-30 tax levy, 95.7% of the 1930-31 tax levy, and 83% 96.3%
of the
1931-32 tax levy. The 1932-33 tax levy, due Nov. 1 1932, is now in
Process of collection.
COVINGTON, Kenton County, Ky.—BOND ISSUANCE CONTEMPLATED.—It is reported that the city is palnning to either secure a
loan from the Reconstruction Finance Corporation or to issue $150,000 in
bonds for sewer construction.
DAYTONA BEACH, Volusia County, Fla.—MAYOR REFUSES TO
SIGN BONDS.—Mayor Edward H. Armstrong has refused to affix his
signature to the $153,000 refunding bonds, despite an order of the State
Supreme Court, directing him to do so—V. 137. p. 351. Mayor Armstrong
is reported to object to refunding the city's bonds at par, saying that bondholders should accept refunding bonds only to the present market value of
the bonds.
DELAWARE RIVER JOINT COMMISSION (P.O. Camden), N. J.—
DEFER CONSIDERATION OF $41,000,000 BOND FINANCING.—At a
special meeting on July 7 the Bridge Commission voted to postpone consideration of the proposed $41,000,000 bond financing for two weeks.
Announcement had been made last week that the matter would be given
an immediate hearing. Approximately $31,000,000 of the issue would be
used to pay the proportionate investments In the Delaware River Bridge,
connecting Philadelphia, Pa. and Camden, N. J. of the States of Pennsylvania and New Jersey and the City of Philadelphia Pa. The balance
of $10,000,000 is to be issued to the Reconstruction Finance Corporation
as collateral for a loan of $7,500,000 to finance the construction of a highspeed transit line across the structure. Incidentally, the City of Philadelphia, through Mayor Moore, has reiterated its refusal to accept 44%
Joint Commission bonds in payment of the $9,500,000 advanced by the city
during the construction of the bridge.
DETROIT, Wayne County, Mich.—REFUNDING PROGRAM INVOLVING $290.000,000 BONDS AND NOTES LAUNCHED.—The
Bondholders' Refunding Committee, headed by B. A. Tompkins, VicePresident of the Bankers Trust Co. of New York, officially announced on
July 14 complete details regarding the scheduled refunding of $290,000,000
of the city's outstanding bonds and notes. The program, which has been
accepted by the City Administration, is incorporated in a letter being sent
to all of the known bondholders and is also available, together with any
further information desired, to all other holders of the obligations involved.
Co-incident with announcement of the launching of the program, the
committee has also issued a call for the deposit of all bonds covered by the
refunding plan. Referring to the necessity of the refinancing, the committee points out that, with the exception of interest paid on street railway
bonds, the city, from Feb. 1 1933 to June 30 1933. has not met any bond
Principal or interest charges which came due in that period. In urging acceptance of the refunding plan, the committee points out that only through
prompt deposit by the bondholders can it quickly be consummated and
the bonds of the City thus returned to an interest paying basis. The following institutions will act for the committee in receiving the bonds: Bankers
Trust Co., New York;Chase National Bank, New York;City Bank Farmers
Trust Co., New York: Detroit Trust Co., Detroit, and the Michigan Trust
Co., Grand Rapids. The official announcement With regard to the refunding plan and the call for the deposit of bonds with the committee appears on
page XIV of this issue.
The principal features of the refunding plan have been set forth as follows:
1 Toe ladder of a bond, other than a bond issued fc.r w..tor or street
railway purposes, maturing at any time on or before June 30 1913, will
receive a new bond of the same principal amount, dated as of the interest
payment date next preceding June 30 1933, maturing 30 years from its
date, redeemable at the option of the city on any interest payment date
at par and accurued interest, and bearing interest at the same rate now
borne by the bonds surrendered, except that the city will reserve the right
to pay one-third of the interest maturing thereon during the first two years
from its date with refunding bonds of the character describer. in paragraph
below.
2 The bolder of a bond, other than a bond issued for water or street
railway purposes, maturing after June 30 1943, will receive a new bond
of the same principal amount, dated as of the interest payment date next
preceding June 30 1933, maturing on the same date or dates and identical
In all respects with the bonds to be refunded, except that the city will
reserve the rignt to pay one-third of the interest maturing thereon during
the first two years from its date with refunding bonds of the character
described In paragraph 8 below.
3 The holder of bond anticipation notes issued in anticipation of the
sale of bonds, other than water bonds and street railway bonds, will receive
refunding bonds dated June 30 1933, maturing Aug 1 1962. redeemable
at the option of the city on any interest payment date at par and accrued
interest, bearing interest at the rate of 434% per annum, payable Feb. 1
1934 and semi-annually thereafter, except that the city shall reserve the
right to pay one-third of the interest maturing on such bonds prior to
Aug 1 1935 with refunding bonds of the character described in paragraph
6 below.
4 The holder of notes issued in anticipation of the collection of taxes
and (or) revenues of the city, will receive refunding bonds dated June 30
1933, maturing Aug. 1 1952. redeemable at the option of the city on any
interest payment date at par and accrued interest, bearing interest at the
rate of434% per annum, payable Feb. 1 1934 and semi-annually thereafter,
except that the city will reserve the right to pay one-third of the interest
maturing on said bonds prior to Aug. 1 1935 with reforming bonds of the
character described in paragraph 6 below.
5. In payment of interest upon the aforesaid bonds and notes due and
unpaid prior to July 1 1933, the holder thereof will receive a registered
bond of a principal amount equal to the amount of such unpaid interest.
dated June 30 1933, maturing Aug. 1 1962, redeemable at the option of
the city on any interest payment date at par and accrued interest, bearing
interest payable Feb. 1 1934 and semi-annually thereafter, at the rate of
3% per annum to Feb. 1 1935 and thereafter to maturity at the rate of
3Y{% per annum.
6. In the event that the city elects to pay one-third of the interest
maturing in the first two years upon the refunding bonds described in
paragraphs 1, 2. 3 and 4 hereof, in refunding bonds, the holder of such
bonds will receive a registered bond for the amount of such interest not
paid in cash, dated as of the date of maturity of the interest to be refunded,
maturing Aug. 1 1962, redeemable at the option of the city on any interest
payment date at par and accrued interest, 'bearing interest payable Aug. 1
1934 and annually thereafter, at the rate of 3% per annum to Aug. 1 1935,
and thereafter to maturity at the rate of 351% Per annum.
Water Bonds.
7. Only water bonds maturing on or before Juno 30 1940 will be refunded.
The holder of a bond maturing within that period will receive a new bond
of the same principal amount, dated as of the interest payment data next
preceding June 30 1933, maturing 30 years from its date, redeemable at
the option of the city on any interest payment date at par and accrued
Interest, and bearing interest at the same rate borne by the bonds to be
refunded thereby.
Holders of water bonds maturing subsequent to June 30 1940 should
not deposit their bonds with the committee, but should detach and forward
coupons maturing prior to July 1 1933 only, in order that they may receive
registered refunding bonds in lieu thereof, as provided in paragraph 9.
Water Bond Anticipation Notes.
8. The holders of water bond anticipation notes will receive refunding
bonds of the same principal amount, dated June 30 1933, maturing Aug. 1
1962, bearing interest at the rate of 44% per annum, payable Feb. 1 1934
and semi-annually thereafter, and redeemable at the option of the city on
any interest payment date at par and accrued interest.
9. In payment of the interest on all outstanding water bonds and water
bond anticipation notes due and unpaid yorior to June 30 1933, the holders
thereof will receive a registered bond of a principal amount equal to the
amount of such unpaid interest, dated June 30 1933, maturing Aug. 1
1962. redeemable at the option of the city on any interest payment date at
par and accrued interest, and bearing interest payable Feb. 1 1934 and
semi-annually thereafter at the rate of 44% per annum.
Street Railway Bonds.
10. Only street railway bonds maturing on or before June 30 1935 will be
refunded. The holder of a street railway bond maturing within that period,
will receive a new bond of the same principal amount, dated as of the
interest payment date of said bonds next succeeding Feb. 14 1933, and
Volume 137
Financial Chronicle
maturing 15 years thereafter, redeemable at the option of the city on any
interest payment date at par and accrued interest, and bearing interest
at the same rate now borne by the bonds surrendered. Holders of street
railway bonds maturing subsequent to June 30 1935 should not deposit
their bonds or coupons, as their bonds are undisturbed by the refunding
plan.
July 1 Water Bond Interest Paid.
Along with the announcement of the refunding plan, the City Controller
advises that coupons due July 1 1933 on the city's water bonds will be paid
upon presentation either at Bankers Trust Co., New York, or at the Commonwealth-Commercial State Bank in Detroit. The city has continuously
maintained interest payments on its street railway bonds and in providing
for the payment of the July 1 coupons on its water bonds, the city inaugurates at this time, full interest on its water debt as stipulated in the
plan. Water bond coupons which matured in the period between Feb. 1
and June 30 1933 will be refunded with new bonds under the plan.
DOUGLAS COUNTY (P. 0. Omaha), Neb.-JULY 1 BOND INTEREST PAID.
-The following report on the payment of July 1 interest maturities is taken from the Omaha "Bee" of JulY 7:
"Interest payments on all county bonds due July 1 have been met,according to County Treasurer Otto Bauman. Collection of taxes between June 27
and July 1 totaled $960,669 he said.
"Payments aggregating $373.405 have included $55,210 on city bonds,
including $21,867 for street improvement securities; $115,470 interest on
water bonds; $25,925 interest on Omaha school district bonds; $71,225 gas
plant bond interest; $105,575 interest on county bonds, including courthouse, highway and county hospital. Sixty thousand dollars of old South
Omaha school building bonds of 1913 were retired."
DOVER, Strafford County, N. H.
-The $138,000
-BOND SALE.
coupon funding bonds offered on July 13-V. 137, p 351-were awarded as
4s to the Strafford Savings Bank of Dover, at a price of 101.09, a basis of
about 4.10%. Dated June 15 1933 and due on Dec. 15 as follows: $8,000
from 1934 to 1945 incl. and $7,000 from 1946 to 1951 incl. Bids obtained
at the sale were as follows:
BidderInt. Rate.
Rate Bid.
Strafford Savings Bank (purchaser)
101.09
43i 7_0
E. H. Rollins & Sons (offered same bid as above)_ - 4 Yt
101.09
Estabrook & Co
101.05
4 V, o
Brown Bros. Harriman & Co
100.55
4H
Halsey, Stuart & Co
100.25
43'(%
Arthur Perry & Co
1P0.39
4)4%
Payne, Webber & Co
4H%
101.363
ELMIRA, Chemung County, N. Y.
-The $200.000
-BOND SALE.
coupon or registered welfare bonds offered on July 10-V. 137, p. 176
were awarded as 33Is to the Chemical Bank & Trust Co. of New York
,
at par plus a premium of $420, equal to 100.21, a basis of about 3.70%.
Dated April 1 1933 and due $40,000 annually on April 1 from 1935 to 1939.
incl. The bonds, which are stated to be legal investment for savings
banks and trust funds in New York State, are being offered for public
investment at prices to yield 2.75% for the 1935 maturity; 1936, 3.25%;
1937, 3.50%; 1938, 3.60%, and 3.70% for the bonds due in 1939. The
following is a list of the bids received at the sale:
BidderInt. Rate.
Prem.
Chemical Bank & Trust Co.
$420.00
(purchaser)72
.
_
Stranahan, Harris & Co
4.10%
438.10
Rutter & Co
4.20%
324.00
Manufacturers & Traders Trust Co.and Adams, McEntee
& Co., jointly
4.40%
292.00
J. & W.Seligman & Co
4.25%
302.00
Halsey,Stuart & Co
4 7
50.00
.10
Hemphill,Noyes & Co.and E. H.Rollins Sr Sons,jointly-4.10
307.00
Phelps, Fenn & Co
4.20
401.00
Graham, Parsons & Co. and Jackson & Curtis, Inc.,
jointly_ _ _____ _4.50%
118.00
First of BO;ton ____
4.00%
498.00
First National Bank & Trust Co
418.00
N. W.Harris & Co., Inc
4.25%
345.00
FANWOOD, Union County, N. J.
-PROPOSED B0.1013 SALE.Mayor C. W. Slocum states that the borough is awaiting further improvement in the market in anticipation of the sale of $120.000 sewer installation
bonds which was authorized on May 24.
FLORIDA.
BY
TEN
-BOND RETIREMENT ACT INVOKED
COUNTIES.
-Only 10 of Florida's 67 counties have authorized the State
Board of Administration to buy their bonds outright with their share of
the revenue from the three cents of the State's seven cent tax per gallon
on gasoline. Authority for such action was voted by the recent Legislature
in the so-called Kanner bill. The measure, which was sponsored by the
Administration, provided the counties might direct the State Board to buy
their bonds at the best prices obtainable rather than follow the previous
practice of using the gasoline tax revenue to meet the interest and principal
payments
-V. 136, p. 3937.
FLORIDA, State of (P. 0. Tallahasee).-IMPROVED FISCAL
STATUS SHOWN FOR 1933.
-The following report is taken from a
Tallahassee dispatch to the Jacksonville "Times
-Union" of July 7,regarding
the present financial condition of the State:
"The Comptroller's office to-day reported the State did better during
the first six months of 1933 than during the same period in 1932.
"During the first half of this year general revenue receipts amounted
to $2,870,936.67 and disbursements $2,969,186.40, leaving a deficit of
$98,249.73. During the same period in 1932 general revenue receipts
amounted to 32,930,496.71, and disbursements $3,408,358.63, leaving a
deficit of $477,861.92. Much of the 1932 deficit was made up by transferring money from other funds, but no transfers have been made this
year to the general revenue fund, Comptroller J. M. Lee said. The
Comptroller added he expected the present deficit to be overcome in a
short time by receipt of various forms of tax collections.
GRANT BY THE FEDERAL RELIEF ADMINISTRATION.
-The
following announcement of an additional grant to this State was made public
by the Federal Emergency Relief Administrator on July 12:
"Harry L. Hopkins, Federal Emergency Relief Administrator, to-day
made an additional grant of $478.575 to Florida for unemployment relief.
"This allotment is a partial reimbursement on the matching basis of one
Federal dollar for three of public expenditure within the State from all
sources for unemployment relief during the second quarter of this year.
On the first quarter basis Florida has previously received 3534,457, and
$140,000 on the second quarter basis, making $1,153,032 the total given
Florida to date.
"Up to now, total grants to the States and Territories by the Federai
Emergency Relief Administrator aggregate $68,259,075."
FORT LEE, Bergen County, N. J.
-ASKS FOR CONTROL OF AFFAIRS.
-The Borough Council is reported to have adopted a resolution
recently asking that its affairs be placed under the control of the Municipal
Finance Commission of the State, in the belief that such action would be
"for the best interests of taxpayers and bondholders." The resolution,
it is said, stated that the borough has been forced to default on its bond
principal and interest charges due to the tying up of municipal funds and
the deposits of taxpayers in five or six banks in the immediate vicinity
which have been closed. These bank clos'ngs have so reduced tax collections as to render them insufficient to meet both normal operating expenses
and debt service payments. The fiscal control is desirable and necessary,
the resolution further states, as under authority of Chapter 340 of the Public
Laws of 1033, the Municipal Finance Commission is empowered to refinance
the obligations of those municipalities which come under its province,
thereby adjusting the expenses of a municipality to its ability to discharge
them.
REQUEST FOR CONTROL GRANTED.
-The Municipal Finance Commission of the State on July 5 agreed to accept control of the affairs of the
Borough in accordance with the above-mentioned resolution.
-The 175,000
-BOND SALE.
FREEPORT, Nassau County, N. Y.
coupon or registered sewer bonds offered on July 12-V. 137, P. 176
were awarded as 5.20s to Phelps, Fenn & Co. of New York, at a price of
100.455, a basis of about 5.15%. Dated May 1 1932 and due $5,000
annually on May 1 from 1937 to 1951, incl. In reporting the offering of
the issue the amount was inadvertently published as being $73.000. The
bankers are re-offering the bonds for general investment at prices to yield
from 4.60 to 4.90%, according to maturity.
FREEPORT, Nassau County, N.Y.-BOND OFFERING.-Howard E.
Pearsall, Village Clerk, will receive sealed bids until 8.15 p. m. (daylight
saving time), on July 26, for the purchase of $185,000 not to exceed 6%
interest coupon or registered bonds, divided as follows:
525
$136,000 series D sewer bonds. Due July 1, as follows: $6,000 from 1934
to 1937, incl., and $7,000 from 1938 to 1953, incl.
30,000 series J street improvement bonds. Due July 1, as follows:
32,000 from 1934 to 1943, incl., and $1,000 from 1944 to 1953.
incl.
19,000 series A sidewalk bonds. Due July 1, as follows: $2,000 from
1934 to 1942, incl., and $1,000 in 1943.
Each issue is dated July 1 1933. Denom. $1,000. Bidder to name a
single interest rate for all of the bonds, expressed in a multiple of X' or
1-10th of 1%. Principal and interest (J. & J.) are payable at the Citizens
National Bank, Freeport. A certified check for $3,000, payable to the
order of the village, must accompany each proposal. The approving
opinion of Clay, Dillon St Vandewater of New York, will be furnished
the successful bidder.
GAASTRA, Iron County, Mich.
-BONDS VOTED.
-At an election
held on July 6 a proposal to issue $15,000 4% water bonds was approved
by a vote of 86 to 42.-V. 136, p. 4307. The bonds are to mature $1,000
annually.
GARDEN GROVE UNION HIGH SCHOOL DISTRICT (P. 0.
Santa Ana), Orange County, Calif.
-BONDS NOTSOLD.
-The $22,000
Issue of 5% semi-ann. refunding bonds offered on July 3-V. 136. p. 4493
-was not sold as no bids were received. The County Clerk states that the
sale was continued to 11 a. m. on July 11. Dated July 1 1933. Due
$2,000 from 1938 to 1948 incl.
GARFIELD HEIGHTS, Mahoning County, Ohio.
-BOND OFFERING.
-E. H. Malone, City Auditor, will receive sealed bids until 12 m. on
July 21 for the purchase of $4,582.12 5% coupon Sewer District No. 3
impt bonds. Dated Oct. 1 1932. Due Sept. 1 as follows: $532.12 in
1934 and $450 from 1935 to 1943 incl. Int. is payable in M.& S. Bids for
the bonds to bear int. at a rate other than 5%, expressed in a multiple of
34 of 1%, will also be considered. A certified check for 2% of the bonds,
payable to the order of the City Treasurer, must accompany each proposal.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
-BOND OFFERING.
Ethel L. Thrasher, Clerk of the Board of County Commissioners, will
rireive sealed bids until 1 p.m. (eastern standard time) on July 31 for the
purchase of $19,900 6% poor relief bonds. Dated July 1 1933. Due
March 1 as follows: $3,500, 1934: $3,800, 1935; $4,000, 1936; $4,200.
1937, and $4,400 in 1938. Interest is payable in M. & S. Bids for the
bonds to bear interest at a rate other then 6%, expressed in a multiple of
H of 1%. will also be considered. A certified check for 5% of the bonds
bid for, payable to the order of the County Treasurer, must accompany
each proposal.
GLENDO SCHOOL DISTRICT (P. 0. Glendo), Platte County,
Wyo.-CORRECTION.-It is stated by the District Clerk that $7.500
school bonds have not been voted recently, as tentatively reported in
V. 137, p. 352.
GOLDEN GATE BRIDGE AND HIGHWAY DISTRICT (P. 0.
San Francisco), Calif.
-BONDS OFFERED FOR GENERAL INVESTMENT.
-Public offering was made on July 13 of a new issue of $3,000,000
coupon or registered Series B 4 14% bonds, by a syndicate composed of
Blyth & Co.. Inc., the Bankamerica Co. of San Francisco, Dean Witter
& Co.. and Weeden & Co., Inc., at prices to yield from 4.75 to 5%,according to maturity. Denom. $1,000. Dated July 1 1933. Due on July 1 as
follows: $15,000, 1942 to 1946: $30,000, 1947 to 1951; 175,000, 1952 to
1956: $105,000, 1957 to 1961; $135,000, 1962 to 1966, and $240,000. 1967
to 1971, all incl. Prin. and int. (J. & J.) payable in lawful money of the
United States at the Bank of America, N.T. & S.A. San Francisco and at
the Manufacturers Trust Co. in New York City. Legality to be approved
by Orrick. Palmer & Dahlquist of San Francisco, and Masslich & Mitchell
of New York City.
(These bonds ire part of the $29.000,000 issue, the sale of which was
arranged on April 27-V. 136, p. 3015. The above syndicate agreed to
take an notion on the rem,ining 326.CC0,000 to be sold as needed.)
The district was organized to construct and operate a toll bridge to span
the Golden Gate at the entrance to San Francisco Bay. The total authorized
debt of the district is $35,000,000, of which $9,000,000 is outstanding,
including the present issue. Additional bonds are to be sold from time to
time as the work of construction progresses. The district comprises six
counties with an assessed valuation of $850,035.592, of which San Francisco,
city and county,is the most important with an assessed valuation of $737.969,562.
William P. Filmer. President of the district, in a letter to the bankers,
said:
annual cash expenditures of the district, upon completion of the
bridge, for all operating expenses and for bond service, have been estimated
by the officers of the district at $2,000,000 per annum for the first five
years of operation, increasing to a maximum of $3,800,000 in 1968. It is
hoped that the revenue of the district will meet its expenditures without the
necessity of exercising taxing powers. On the basis of the present assessed
values of the district, a tax rate of 10 cents per $100 amounts to a levy of
approximately $850,000."
-BOND ELECTION.
GONZALES COUNTY (P. 0. Gonzales), Tex.
-It is reported that an election will be held on Aug. 12 to submit to the
voters a proposal to issue $14,000 in road bonds.
-It is
GRANTS PASS, Josephine County, Ore.-I30ND ELECTION.
reported that an election will be held on July 21 in order to vote on the
proposed issuance of $75.000 in sewage disposal plant bonds. It is said
that the bonds will be offered to the Reconstruction Finance Corporation
for purchase if they are voted.
GRASSLAND SCHOOL DISTRICT No. 42 (P. 0. Minot), Ward
County, N. Dak.-CERTIFICATE OFFERING.
-It is reported that
bids were received until 2 p. m. on July 15 by Mrs. H. A. Abrahamson,
District Clerk, for the purchase of an issue of $1,000 certificates of indebtedness. Int. rate not to exceed 7% payable semi-annually.,Due
in two years. Par bids were required.
GREENFIELD, Highland County, Oh io.-BONDS AUTHORIZED.
-The Village Council has adopted a resolution authorizing the issuance of
$2,800
% storm sewer construction bonds, to be dated Sept. 15 1933
and mature $350 semi-annually on March 15 and Sept. 15 from 1934 to
1937. incl. Principal and interest (M. & S. 15) are payable at the State
Treasurer's office in Columbus.
GUILFORD COUNTY (P.O. Greensboro), N. C.
-BOND DISPOSAL
REPORT.
-It was announced on July 6 by George L. Stansbury, Chairman
of the Board of County Commissioners, that about one-half of an issue of
$180,000 funding and refunding bonds had been sold and there are good
prospects that the rema ider will be sold. It is noted that these bonds
are being sold outright and are not among those being exchanged for
securities which have matured.
HARDIN COUNTY (P. 0. Kenton), 0.
-BONDED DEBT SHARPLY
REDUCED.
-County Auditor P. C. Lingrel announced on July 5 that the
bonded debt of the county amounts to $26,039, which is not due until 1935
and against which there is a sinking fund of $42,498.98. In 1927. when
Mr. Lingrel assumed office, the indebtedness was $1,083,622.19, it is said.
It was further stated that an additional 20% reduction has been made in
the real estate valuations. A reduction of 10% was made in 1930 and
one of 18% in 1931, according to report.
HARTFORD COUNTY METROPOLITAN DISTRICT (P. 0. Hartford), Conn.
-Sealed bids addressed to A. D
-BOND OFFERING.
Johnson, District Treasurer, will be received until July 27 for the purchase
of $1,000,000 district bonds, dated Aug. 1 1933 and to mature in from
1 to 40 years.
HARMONY SCHOOL DISTRICT (P. 0. Bellingham), Whatcom
-It is reported that the voters
County, Wash.
-BONDS DEFEATED.
recently rejected a proposal to issue $10,000 in school bonds by a wide
margin.
-GRANT BY FEDERAL EMERGENCY REHAWAII, Territory of.
-The following announcement was issued by
LIEF ADMINISTRATION.
the Relief Administrator, on July 13. regarding a loan made to the above
Territory:
"Harry L. Ilopkins, Federal Emergency Relief Administrator, to-day
made an additional grant of $33,701 to Ilawaii for unemployment relief.
"This allotment is an additional reimbursement on the matching basis
of one Federal dollar for three of public expenditure within the Territory
from all sources for unemployment relief during the first quarter of this
year. On this basis, Hawaii has previously received $44,540, making $78,241
toe total given Hawaii to date.
526
Financial Chronicle
Tidy
15 1933
"Up to now, total grants to the States and Territories by the Federal
6%, expressed in a multiple of ),‘ of 1%, will also be considered. A cerEmergency Relief Administrator aggregate $68,747,742.
tified check for 2% of the amount of the bonds, payable to the order of the
County Commissioners, must accompany each proposal.
HEMPFIELD TOWNSHIP SCHOOL DISTRICT (P. 0. Hunkers).
Westmoreland County, Pa.
-BONDS NOT SOLD.
-No bids were obJERSEY CITY, Hudson County, N. J.
-TO REFUND BONDS
tained at the offering on July 10 of $63,000 5% school bonds, dated July 1
MATURING IN REMAINDER OF 1933.
-Coincident with the announce1933.-V. 136, p 4493. Due serially on Jan. 1 from 1936 to 1943 incl.;
ment on July 10 that the City Commission had voted a flat salary reduction
optional Jan. 1 1935.
of 40% for all of the 5.000 city employees receiving more than $1,000
BONDS SOLD LATER.
-The issue was subsequently purchased at par
annually, Director of Revenue and Finance, William B. Quinn, who is
and accrued interest by the Public School Employees' Retirement Board.
Acting Mayor in the absence of Mayor Frank Hague stated that as a
further move to conserve the city's cash "the Commission has decided to
HENRY COUNTY (P. 0. Napoleon), Ohio.
-BOND OFFERING.
- refund all principal payments on the public debt
coming due during the
Lester A. McClure, County Auditor, will receive sealed bids until
remainder of this year. When a bond falls due the bondholder will be
2 p. m.(Eastern standard time) on July 24 for the purchase of $17,000J3_%
paid his interest and will take a new bond instead of cash payment. In a
poor relief bonds. Dated July 1 1933. Due March 1 as follows: $3.000.
prepared statement, Mr. Quinn pointed out that the municipality's cash
1934; $3,200, 1935: $3.400. 1936; $3.600, 1937, and $3,800 in 1938. Prin.
position has been seriously impaired as a result of increasing tax delinand int. M. & S.) are payable at the County Treasurer's office. Bids for
quencies and the inability of the city to obtain further assistance from the
the bonds to bear int. at a rate other than 6%, expressed in a multiple of
banks. The "Herald Tribune" of July 11 reproduced the Acting Mayor's
M of 1%. will also be considered. A certified check for 5% of the issue,
statement in part as follows:
payable to the order of the County Treasurer, must accompany each
"Jersey City's cash position has been seriously impaired by the mounting
proposal.
tax delinquencies of the last two years. This situation has been further
HIDALGO COUNTY ROAD DISTRICT NO. 1 (P. 0. Edinburg)
aggravated by the complete collapse of municipal credit source since the
Tex.
-BONDS DECLARED INVALID.
bank holiday was declared last March 4. Prior to that date, the New York
-The following is a copy of a
dispatch from Austin to the "Wall Street Journal" of July 13:
bond market steadily absorbed all bonds of Jersey City issued to fill the gap
"The Commissioners' Court of Hidalgo County has adopted a resolution
left by tax delinquencies.
"When that avenue for borrowing was closed by the general freezing of
repudiating an issue of 14,000,000 county road bonds voted in November
1927. The resolution asserts the bonds are invalid, that there was fraud
credit throughout the United States, the full burden of taking care of the
in their issuance, sale and delivery, and t..st payment of principal and incurrent financing of the city-that is, lending money to the city in order to
terest shall be refused. Proceeds from the sale were used for constructing
make up for overdue taxes-fell entirely upon the local banks. It is
county highways.
obvious that they could not carry that burden to an unlimited extent.
"Road District No. 1 issued approximately $4,000,000 54s Nov. 12
"The local bankers have advised us that they have reached their limit
1927, due serially, The assessed valuation of all property in 1932 amounted
and find themselves unable to lend the city any more money under any
to $16,466,384. Tax rate per $1,000 was $17.50. Total bonded debt July 31
condition for the rest of this year.
1932, was $3,922,000, the unredeemed portion of this issue. Taxes levied
"The city officials have therefore been faced with several possible courses
for 1933 totaled $288,162."
of action necessarily brought about by this freezing of credit.
"Ifsalary payments were continued in full, the latter months of this year
HILLSIDE TOWNSHIP, N. J.
-TAX COLLECTIONS SHOW DEwould be payless months.
-Tax Collector Charles T. Woodruff has reported to Township
CREASE.
"In order to conserve all cash possible, the Commission has decided to
Clerk Howard J. Bloy that during the first half of 1933 tax collections
refund all principal payments on the public debt coming due during the
amounted to $285.180.32, or 28.521 of the $999.745.13 levy for the entire
remainder of this year. When a bond falls due the bondholder will be paid
year. This compares with receipts of $322,682.59 during the corresponding
his interest and will take a new bond instead of cash payment. Such
period last year, which represented 29.22% of the $1,104,019.99 levy in
transactions are now commonplace and will in no way impair the credit of
1932. All tax payments made this year totaled $582,011.41 and imthe city.
provement assessment payments were $113,015.59; taxes collected In the
"The Conunission has ordered that in addition to the reductions in effect
same period in 1932 were $605.814.06 and assessments $179,637.97. June
since the first of the year, all expenses must be drastically reduced wherever
collections were: 1933, taxes. $173,510.08: assessments, $24,115.43;
possible, in order further to conserve the city's cash."
1932, taxes, $203.585.55; assessments, $39,306.12.
KENTUCKY, State of (P. 0. Frankfort).
HOI3GOOD, Halifax County, N. C.
-OUTSTANDING
-NOTE SALE.
-A $300 issue of
-The following report on the present
WARRANTS TOTAL $17.000.000.
revenue anticipation notes is stated to have been purchased on June 29
warrant indebtedness of the State is taken from the Louisville "Courierby the Planters Bank & Trust Co. of Rocky Mount as 6s at par. Dated
Journal" of July 7:
June 28 1933. Due on Sept. 26 1933. (This report corrects the tentative
"Kentucky began its new fiscal year on July 1 with more than $17,notice of a $3,000 sale, given in V. 137. p. 353.)
000.000 worth of outstanding warrants against the general, school and road
HUDSON, Summit County, Ohio.
funds and with approximately $3,400,000 in cash to the credit of various
-BONDS NOT SOLD.
-No bids
were obtained at the offering on July 12 of 3254,000 6% special assessment
governmental units, according to a statement released to-day at the office
Improvement bonds, dated Apr. 1 1933 and due serially on Oct. 1 from 1934
of J. Dan Talbott, State Auditor.
to 1948 incl.-V. 137, p. 176.
"The figures revealed that there were outstanding against the general
expenditure fund $15,197,005.42 in interest-bearing warrants. Other outHUGHES COUNTY (P.O. Pierre), S. Dak.-BONDSVOTED,-At the
standing warrants included $538.50 against the school fund and $1,868,election held on July 3-V. 136. p. 4493
-the proposal to issue $10,000
572.11 against the road fund.
(not $40,000) in court house bonds was approved by a wide margin. The
"Balances in the various funds were:
county is said to have about $60,000 in a court house fund, and expects to
"General expense fund. $3385,287.78; minor funds, $1.238,773.86; comobtain $30,000 from the Reconstruction Finance Corporation under the
mon school fund, $224,824.57; highway bridge fund, $211.803.90; Uninew public works program, making it necessary to issue only $10,000 of
versity of Kentucky, $8,797.82; highway bridge sinking fund, $290,536.65;
bonds.
Eastern Normal School and Teachers' College, $3,063.92; Western Normal
ILLINOIS (State 00.-81,000,000 BONDS PUBLICLY OFFERED.
School and Teachers College, $3,457,85; Murray Normal School $2,The issue of $1,000.000 4% coupon waterway bonds, dated Jan. 1 1920
626.21; Morehead Normal School, $2,626.21; sinking fend, 828,09
the State road fund, $1.000,589.93."
and due on Jan. 1 1940, awarded on July 5 at a price of 100.55, a baste of
about 3.90%-V. 137. p. 353
-was offered for public investment on the
KING COUNTY SCHOOL DISTRICT NO. 189 (P. 0. Seattle),
following day, at 101%, to yield 3.75%, by a group composed of Kelley.
Wash.
-The $15,000 issue of school bonds offered for sale
-BOND SALE.
Richardson & Co., Stone & Webster and Blodget. Inc., and the First of
-was purchased by the State of Washington as
on July 8-V. 137, p. 177
Michigan Corp., all of Chicago. The bonds are described as being legal
5s at par, according to the County Treasurer. Due in from 2 to 15 years
investment for savings banks and trust funds in New York, Massachusetts,
from date.
Connecticut, Illinois and other States. They are further said to be direct
and general obligations of the State, payable as to both prin. and int. from
-BOND OFFERING.
KITTANNING, Armstrong County, Pa.
-J, E.
unlimited ad valorem taxes.
Wolfe, Borough Secretary, will receive sealed bids until 8 p. m. (Eastern
ILLINOIS, State of (P. 0. Springfield).
Standard Time) on July 31 for the purchase of $15,000
% coupon
-GRANT BY FEDERAL
Library Building construction bonds. Dated July 1 1933, Denom,$1,000.
EMERGENCY RELIEF ADMINISTRATION.
-The following announceDue $1,000 annually on July 1 from 1934 to 1948 incl. Principal and
ment of a grant to this State was made public by the Relief Adminsitrator
interest (J. & J.) are payable in Kittanning. A certified check for $300
on July 6:
must accompany each proposal. Bonds are being issued under authority
"A grant of 33,500.000 was made to-day to Illinois by Harry L. Hopkins,
of Chapter P. L. 65, Laws of 1874.
Federal Emergency Relief Administrator, under authority granted him by
subsection (b)of Section 4 of the Federal Emergency Relief Act of 1933.
KNOX COUNTY (P. 0. Rockland), Me.
-BOND OFFERING.
"Mr. Hopkins announced that this initial grant is based upon the parIrving L. Bray, County Treasurer, will receive sealed bids until 10 a.m.
tially reported public relief expenditures from all sources in Illinois during
(standard time on July 18, for the purchase of $25,000 4 % highway
the second quarter of the present year. Previously, the Federal Emergency
bridge bonds. Dated July 1 1933. Denom. $1,000. Due on July 1 an
Relief Administrator granted $7,434,663 to Illinois based on first quarter
follows: $1,000 from 1934 to 1948, incl. and $2.000 from 1949 to 1953,incl.
expenditures, making a total of $10,934.663 granted to date.
Principal and interest (J. & J.) are payable at the Canal National Bank of
"To date, the allotments to all States, for which the governors have
Portland. The bonds, it is said, are exempt from taxation in Maine and
submitted up-to-date date covering relief expenditures, aggregate $61,479.from all Federal Income Tax and will be certified as to genuineness by the
297."
aforementioned bank. Bids must be for all of the bonds. Legal opinion
of Cook, Hutchinson, Pierce & Connell, of Portland, will be furnished the
INDIANA, State of (P. 0. Indianapolis).
-FEDERAL EMERGENCY
successful bidder.
RELIEF ADMINISTRATOR GRANTS FUNDS.
-On July 12 the Relief
Debt Statement.
Administrator issued the following announcement of a grant made to this
State:
Assessed valuation for 1932
$20,167,245.00
"Harry L. Hopkins, Federal Emergency Relief Administrator, to-day
Liabilities
made an additional grant of $1,035,050 to Indiana for unemployment
Bonded indebtedness, bridge bond
43,500.00
relief.
Handley Bridge, Fish Bridge, South
Loans account of
"This is a partial allotment on the matching basis of one Federal dollar
i saoe_n_
rurr
this
________ ______ Union_________________________ ______ ______________ _
for three of public expenditure within the State from all sources for unem25,000.00
ployment relief during the first quarter of this year. On this basis, Indiana
Temporary loans
9.500.00
has previously received $387,365 making $1,422,415 the total given Indiana
to date.
$78,000.00
"Up to now, total grants to all States and Territories by the Federal
Total-res-----------------------------------------Resour ---Emergency Relief Administrator aggregate $68,259,075."
County tax for current tax year 1933
$48.000.00
Balance due on county taxes for tax year 1932
INDIANAPOLIS SCHOOL DISTRICT, Marion County, Ind.Cash on hand July 1 1933
1588 55
: 4..3 5
7225
TEMPORARY LOAN.
-The $100,000 issue of notes offered on July 11-was awarded as 6s, at a price of par, to a group composed
V. 137._p. 353
Total---------------------------------------------$72,009.90
of the Union Trust Co.. Indiana Trust Co.Fletcher Trust Co. Indiana
National Bank and the Merchants National Bank, AB of Indianapolis.
Note.
-The above statement does not include an issue of $25.000
%
Notes are to mature on Nov. 18 1933.
bridge bonds, dated July 1 1933. P creedsofissue now Offered are to be
oustaidingnoteissued on account of the
iginpamenof
dyBrgetlsh
Warrenpridge,anlatlon
IOWA,State of (P.O. Des Moines).
-GRANT BYFEDERAL RELIEF
South
ADMINISTRATION.
-The granting of relief funds to this State was anBridge.
nounced as follows by the Relief Administration on July 7:
Population of Knox County, 1930 census, about 27.000.
"Additional grant of $510,594 was made to-day to Iowa by Harry L.
Hopkins, Federal Emergency Relief Administrator, under authority granted
-BOND REFUNDING PLAN
KNOXVILLE, Knox County, Tenn.
him by subsection (b) of Section 4 of the Federal Emergency Relief Act of
LARGELY ACCEPTED -It is announced by City Manager Bass that
1933.
more than 90% of the holders of the city's bonds, maturing in 1933 and
"Mr. Hopkins announced that this grant is based upon the reported
within the next eight years, have accepted a refunding proposition. It is
public relief expenditures from all sources in Iowa during the first three
believed that this will lighten the tax rate, about 37% of city revenue now
months of the present year. Previously, the Federal Emergency Relief
going for debt service.
Administrator has granted $189,193 to Iowa. To-day's grant completes
Iowa's allotment for the first quarter, making a total of $699,787 for the
-BOND ELECTION.
LA GRANDE, Union County, Ore.
-An
period.
election will be held on July 21, according to report, to vote on the proposed
"To date, the allotments to all States, for which the governors have subissuance of $257,852.67 in pipe line and power plant bonds. Interest rate
mitted up-to-date data covering relief expenditures, aggregate $62,179,619."
is not to exceed 5%. Due in 20 years. It is said that the present plan is to
have the R. F. 0. purchase 70% of the bonds, and finance the remaining
IRONTON, Lawrence County, Ohio.
-BOND OFFERING.
-C. C.
30% of the cost through an outright grant of Federal money.
Crance, City Auditor, will receive sealed bids until 12 m. on July 26, for
the purchase of $67,473.90 6° refunding bonds. Dated Sept. 1 1933. Due
-PLAN $1,500,000 BOND
LAKEWOOD, Cuyahoga County, Ohio.
7
Nov. 1 as follows: $7,973.90 in 1934; $6,500 from 1935 to 1939, incl. and
ISSUE.
-Robert C. Curren, Law Director, has been directed to prepare
$7,000 from 1940 to 1943, incl. Principal and interest (M. & N.) are
legislation providing for the issuance of $1,500,000 water pumping station
payable at the First National Bank of Ironton. Bids for the bonds to bear
construction bonds. It has not been decided as to whether the city adinterest at a rate other than 6%, expressed in a multiple of ki of 1%, will
ministration will issue the,bonds on its own initiative or submit the proposal
also be considered. A certified check for $674.74, payable to the order of
for popular consideration at the general election in November. The project
the city, must accompany each proposal.
is expected to be financed by the Federal Government under the provisions
of the National Industrial Recovery Act.
JEFFERSON COUNTY (P. 0. Steubenville), Ohio.
-BOND OFFER-Stella M. Campbell, Clerk of the Board of County Commissioners,
ING.
LANE COUNTY SCHOOL DISTRICT NO. 188 (P. 0. Eugene),
will receive sealed bids until 10 a. m. on Aug. 1 for the purchase of $6,100
Ore.
-BOND OFFERING..Sealed bids will be received until 7:45 13. m.
6% coupon poor relief bonds. Dated June 1 1933. Due March 1 as
on July 17, by J. S. Moriarty, District Clerk, for the purchase of a $7,500
folllows: $1.100 in 1934 and 1935: $1,200, 1936; $1.300 in 1937, and $1.400
issue of refunding bonds. Interest rate is not to exceed 5%, payable
in 1938. Principal and interest M. & S.) are payable at the County
J. & D. Denoms. $500 and $1,000. Due on Dec. 15 as follows: $500 in
Treasurer's office. Bids for the bonds to bear interest at a rate other than
1934 and $1,000, 1935 to 1941 incl.
Veume 137
Financial Chronicle
LIBERTY UNION FREE SCHOOL DISTRICT NO.1(P.O.Liberty),
Sullivan County, N. Y.
-BOND SALE.
-The $5,000 5% coupon Playground-Athletic Center bonds offered on July 5-V. 136, P. 4494
-were
awarded to Gardner LeRoy, of Liberty, at par plus a premium of $75,
equal to 101.50, a basis of about 4.63%. Dated July 15 1933 and due
$500 annually on July 15 from 1934 to 1943 incl.
LINCOLN, Lancaster County, Neb.-LIST OF BIDDERS.
-The
following is an official list of the bids received on June 24 for the three issues
of bonds, aggregating $280,508, awarded at that time to the State of
Nebraska, as 4s at par.
-V. 137, p. 177:
BidderIssue. Interest. Premium.
Continental Co
$8.00
1$5,830
14g
1
1 7,820
Continental Co. and U. S. National Co
2.828.69
266.858
4(
Continental Co. and U. S. National Co
4.15
266,858
Baum, Bernheimer Co
1 403.67
266,858
43
4
133,000
First Trust Co. and Omaha National Co___ 133,858
1287.00
4)
7,820
4I
454
,
5830
* The Board of Commissioners for Educational Lands and Funds of the State of
Nebraska
4
All
Lincoln Liberty Life
17,820
J4 g
15,830
352.00
{266.858145(
A. C. Allyn & Co
5
7,820
5.830
5
Wachob, Bender Co
11305.00
All
4)i
Burns, Potter & Co.and Northern Trust Co.c
454
.33,429
t870.00
4Y),
133,429
Ware Hall & Co., Stifel, Nicolaus & Co. an
Stern Bros. & Co
2,165.00
266,858
43
Ware Hall & Co., Stifel, Nicolaus & Co. and
Stern Bros. & Co
f 7,820
14
1 5,830
Commerce Trust Co
10.15
All
g
* Bid of State of Nebraska accepted.
LINDEN, Union County, N. J.
-The $42,000 coupon
-BOND SALE.
or registered school bonds offered on July 5-V. 137, p. 177
-were awarded
as 5s to Van Deventer, Spear SD CO. Inc., of Newark, at a price of 99, a
basis of about 5.13%. Dated Marchl 1932 and due on March 1 as follows:
$1,000 in 1940; $7,000 from 1941 to 1945 incl., and $2,000 from 1946 to
1948 incl.
LINN COUNTY (P. 0. Cedar Rapids), Iowa.
-BOND DETAILS.
The $126,000 issue of poor funding bonds that was purchased by the
Merchants National Bank of Cedar Rapids, as 5s
-V. 137, la• I77 was
awarded at par. Denom. $1,000. Coupon bonds dated July 1 1933. Due
from 1936 to 1941. Interest payable M. & N.
McCULLOCH COUNTY (P. 0. Brady), Tex.
-PROPOSED BOND
ISSUE.
-It is reported that an election has been proposed for July 31 in
order to vote on a $48,000 issue of road bonds and to secure rights-of
-way
on highways, thereby participating in $1,000,000 Federal highway funds.
Due in not more than 10 years. It is planned to dispose of the bonds to
the rt. F. 0., according to report.
MAINE, State of (P. 0. Augusta).
-FUNDS GRANTED BY FEDERAL EMERGENCY RELIEF ADMINISTRATION.
-The following announcement of the granting of funds to this State was issued by the Administration on July 8:
"Harry L. Hopkins, Federal Emergency Relief Administrator, to-day
made an additional grant of $16,505 to Maine for unemployment relief.
'This allotment is on the matching basis of one Federal dollar for three of
public expenditure within the State from all sources for unemployment
relief during the first quarter of this year. On the first quarter basis, Maine
has previously received $385,366, making $401,871 the total given Maine
to date.
Up to now, total grants to the States by the Federal Emergency Relief
Administrator aggregate $63.780,106."
• •rs
MAMARONECK (Village of) Westchester County, N. Y.
-TEMPORARY LOAN.
-Fred H. Bull, Village Treasurer, stated on July 12 that
a loan of $125,000 at 5M % interest had been obtained from the Manufacturers Trust Co. of New York in anticipation of tax collections. Money
will be used for current operating purposes.
MARION COUNTY (P. 0. Indianapolis), Ind.
-NOTES UNSOLD.
Charles A. Grossart, County Auditor, reports that no bids were obtained
at the offering on July 5 of $650,000 not to exceed 5% interest notes, to
mature on Dec. 1 1933.-V. 137, p. 4,494. Mr. Grossart attributed the
lack of offers to the limit of 5% interest placed on the issue, pointing out
that previous loans of similar nature bore a 6% rate. Inasmuch as the
County was depending on sale of the notes to finance itself pending tax collections in the Fall, it is expected that another resolution will be adopted
Increasing the interest rate to 6%. The offering consisted of $350,000 temporary loan notes and $300,000 sinking fund notes, all dated July 1 1933.
MARYLAND (State of).
-REQUESTS BIDSFOR $7.881,000 CERTIFICATE ISSUES.
-John M. Dennis, State Treasurer, wi I receive sealed
bids until 12 m. on Aug. 9 for the purchase of $7,881,000 4% coupon
(registerable as to principal) certificate issues, divided as follows:
$7,000,000 certificates of indebtedness, known as the "emergency relief
and unemp oyment loan of 1933," issued in accordance with
,
Chapter 254 of the Acts of 1933. Due serially on Aug. 15 as
follows: $337,000, 1934: 8352,000. 1935; $368,000, 1936;
$384,000, 1937; $402,000, 1938: $420.000, 1939; $438,000,
1940; $458,000, 1941; $479,000. 1942; $500,000, 1943; $523.000,
1944; $547,000, 1945 $571,000, 1946; 8597,000, 1947, and
$624,000 in 1948.
881,000 certificates of indebtedness,'mown as the "general bond Issue
of 1933," issued in accordance with Chapter 311 of the Acts of
1933. Due serially on Aug.15 as follows: $52,000, 1936;$54.000,
1937; $56,000, 1938; 858.000, 1939; $61,000, 1940; $64,000,
1941; $67,000, 1942; 870.000, 1943; $73,000. 1944: 876,000,
1945; 880,000, 1946: $83,000, 1947 and $87,000 in 1948.
Each issue is dated Aug. 15 1933. The certificates, it is said, are exempt
from the Federal income tax and from State, county and municipal taxation
in Maryland. Interest is payable semi-annually on Feb. 15 and Aug. 15.
Proposals must be accompanied by a certified check for 5% of the issues
bid for, payable to the order of the State Treasurer. With regard to the
legality of the loans the official notice of sale says: "It is one of the terms
of this offering that the bonds when issued will be the legal and valid
binding obligations of the State. The opinion of the Attorney-General of
Maryland to this effect will be delivered to the successful bidder. Bidders
may, if they wish, make the legality and validity of the bonds one of the
terms of the bid by making the bid "subject to legality" or using any
equivalent form of expression, but without leaving this question to the
decision of the bidders or their counsel. All bids conditioned upon the approval of bidders or counsel, whether named or unnamed, will be treated as
conditional bids and rejected, unless the condition is waived by the bidder
to the satisfaction of the Board before the opening of the bid.
MARYLAND,State of (P. 0. Annapolis).
-FEDERAL EMERGENCY
RELIEF ADMINISTRATION GRANTS FUNDS.
-On July 13 the following announcement was issued by the Relief Administrator, regarding a
loan made to this State:
"Harry L. Hopkins, Federal Emergency Relief Administrator, to-day
made an additional grant of $454,966 to Maryland for unemployment
relief.
"This allotment is an additional reimbursement on the matching basis
of one Federal dollar for three of public expenditure within the State from
all sources for unemployment relief during the first quarter of this year.
On this basis. Maryland has previously received 85,798 making $460,764
the total given Maryland to date.
"Up to now, total grants to the States and Territories by the Federal
Emergency Relief Administrator aggregate $68,747,742."
MASON, Ingham County, Mich.
-BOND EXCHANGE APPROVED.
-George E. Kellogg, City Clerk, advises that the State Pulnic Debt Commission has authorized the exchange of $15,000 454% refunding bonds,
dated June 1 1933 and to mature from 1940 to 1946, Incl., on the basis
of par, less accrued interest, for maturing obligations. The refunding
bonds will be in demons. of $500 and payable as to principal and interest
In Mason.
527
MASSACHUSETTS (State of).
-$2,753,200 NOTES SOLD.
-Charles
F. Hurley, State Treasurer, made award on July 12 of $2,753,200 Metropolitan District notes to the National Shawmut Bank of Boston, at par
plus a premium of $1.25 for the issue to bear interest at 0.61%. Notes are
dated duly 14 1933 and will mature on Nov. 21 1933. Bids submitted at the
sale were as follows:
Premium.
Int. Rate.
BidderNational Shawmut Bank (purchaser)
$1.25
0.61
First National Bank of Boston
0.69
13.00
Bankers Trust Co
___ _
0.74 0
Halsey, Stuart & Co., Inc
0.74%
Salomon Bros. & Hutzler
31.6171
0.88%
0.94
10.00
Guaranty Co. of New York
MEDFORD, Jackson County, Ore.
-CITY CHARTER AMENDED.
At a special election held on July 1 the voters approved a bill for amending
the city charter to provide for the issuance and exchange of refunding
bonds to care for the city indebtedness. It is said that outstanding bonds
will not be due until beginning Jan. 1 1934, but the city will start calling
them in soon and will prepare the new bonds for exchange.
MERAMEC SCHOOL DISTRICT NO. 1 (P. 0. Clayton) St. Louis
County, Mo.-BOND SALE.
-A $2,500 issue of 6% school bonds is
reported to have been purchased recently by E. A. Gessler & Son of St.
Louis. Dated July 1 1933. Legality approved by Benj. II. Charles of
St. Louis.
MERCED IRRIGATION DISTRICT(P.O. Merced), Calif.-JULY1
-The San Francisco "Chronicle"
BOND PAYMENTS DEFAULTED.
of July 1 reported as follows on an additional default in bond payments
oy this district on that day:
"Representatives of Merced Irrigation District bondholders stood in
the semi-annual "bread line" before the district door last night and to-day,
bent upon reserving priority in payment of bond interest which falls due
Saturday. But the picketers were doomed to disappointments, for there
won't even be any "crumbs" to-naotrow.
"W. J. Grady, Assessor-Collector, announced to-day that not one cent
of the $477,000 bond interest instalment due July 1 could be paid, for
not even last January's bond charges have been met as yet. The irrigation
district has $125,000 in its bond fund from payment of 1932-33 taxes by
local farmers the past few weeks. It will be apportioned to-morrow, 95%
to overdue January 1 bond interest and 5% to overdue bond principal,
Mr. Grady said.
"After that $175,000 still wiil remain unpaid on the January interest
Instalment of $477,000 and $40,000 unpaid on the first $60.000 block of
-and the bond fund again will be "broke."
bonds which matured at that time
"Fortunately, no further bonds will mature Saturday, but the M I. D.
will default not only opon the entire $477.000 in bond interest due then,
but also upon $58.000 due in Crocker-Huffman Company water contracts
with local ranchers. The water contracts provided for the payment of
rebates to landowners who were in the old Crocker-Huffman water system
which preceded the vast irrigation district."
.-The $300,000
-BOND SALE
MERIDEN,New Haven County, Conn.
-were
series D coupon refunding bonds offerea on July 12-V. 137, p. 353
awarded as 350 to Estabrook & Co. of Boston, and Putnam & Co., of
'
Hartford, jointly, at a price of 100.45, a basis of about 3.34%. Dated
June 1 1933 and due $60,000 on June 1 from 1934 to 1938 incl.
-GRANT BY FEDERAL
MINNESOTA, State of (P. 0. St. Paul).
-The Relief Administrator
EMERGENCY RELIEF ADMINISTRATOR.
July 12 the following announcement of a grant to this State:
rat& public on
'Harry L. Hopkins, Federal Emergency Relief Administrator, to-day
made an additional grant of 8281,075 to Minnesota for unemployment relief.
"This allotment is an additional reimbursement on the matching basis of
all
one Federal dollar for three of public expenditure within the State from On
sources for unemployment relief during the first quarter of this year.
this basis. Minnesota has previously received $491,011, making $772,086
the total given Minnesota to date.
"Up to now, total grants to the States and Territories by the Federal
Emergency Relief Administrator aggregate $68,259,075."
-REPORT ON DECREASE
MINNESOTA, State of (P. 0. St. Paul).
-The following is taken from a St. Paul dispatch to
IN STATE FUNDS.
the "Wall Street Journal" of July 10:
"The State of Minnesota ended its fiscal year June 30 with a balance in
all funds of $10,183,902. or $17,630,164 less than at the same time a year
ago, according to Julius A. Schmahl, State Treasurer.
"The greatest decline is in the funds of the State highway department.
which a year ago had a balance of $15,107,038, due to the proceeds of a
$10,000,000 bond issue, as compared with a balance of $970,097 this year.
Mr. Schmaln added that the tax returns from the counties are coming
slower this year than they did a year ago."
-RURAL CREDIT BUREAU
MINNESOTA, State of (P.O. St. Paul).
ABOLISHED.
-One of the most important of the measures which went
Into effect in this State on July 1 is that involving the Rural Credit Bureau.
The Bureau at that time ceased its operations as a lending agency and went
into the hands of a conservator, Theodore H. Arens. Its task now will
be to liquidate the 864,000,000 business, by gradual sale of the 3.000 farms
held by the State, and their operation while the State remains in possession.
-Two new taxes enacted by the last
NEW TAXES GO INTO EFFECT.
Legislature went into effect on July 1, one on chain stores and the other
on oleomargarine. The chain store tax probably will be contested in the
courts, but meanwhile chain stores are,required to file reports on business
conducted. This tax is a combination of license fee, which all firms operating more than one store must pay, and a gross sales tax on total volume of
business, with the sales of one store exempted. The oleomargarine_taxjs
10 cents a pound.
-BOND SALE NOT CONMINNESOTA, State of (P. 0. St. Paul).
SUMMATED.
-As bearing on the report given in V. 137. P. 354, of the
court order issued by the County District Court restraining the sale of the
88.000,000 issue of 4 3 % rural credit bonds, we quote as follows from the
July 8 issue of the "Commercial West":
"The proposed issue of $8,000,000 worth of Minnesota Rural Credit
Bonds, is held up until the courts convene in October. That is the latest
phase of a situation that has been more or less perplexing to investment
houses of the Twin Cities. For one thing, few, if any, Twin City houses
knew of the offering until a few minutes before it was made. Notwithstanding that fact, the representative of a Des Moines house was on the
job, stating he represented New York and Chicago interests as well as
himself.
"Events followed rapidly after he was awarded the issue. State Treasurer
Julius Schmahl refused to accept payment, a restraining order was issued
stopping the sale and the whole matter will be threshed out next fall in the
courts. If this issue doesn't go over, it bars further offerings because
July 1 a conservator was named for the Bureau to wind up its affairs and
no offerings can be made after that date."
-ADDITIONAL BOND
MISSISSIPPI, State of (P. 0. Jackson).
SALE.
-The following report on the exercise of the option recently given
-V. 137, p. 354.
to a local banking syndicate on hospital and deficit bonds
is taken from a Jackson dispatch to the "Wall Street Journal" of July 12:
"Syndicate of New Orleans and Mississippi banks purchased $200,000
Mississippi bonds Tuesday, increasing to $1,440,000 the total of bonds
marketed during the past few weeks by the State bond Commission. Syndicate still holds options on $1,000,000 deficit bonds and $788,000 hospital
bonds but by agreement remaining options will not be exercised until the
commission has completed negotiations at Washington for emergency funds,
Governor Connor !lasing requested delay when the public works bill was
pass ISSISSIPPI, State of (P. 0. Jackson).
Med"
.
-GRANT BY FEDEI
M
-The following announceEMERGENCY RELIEF ADMINISTRATION.
ment was made public by the above Federal relief body on July 8 regarding
a grant made to this State:
"Harry L. Hopkins, Federal Emergency Relief Administrator, to-day
made an additional grant of $183,560 to Mississippi for unemployment relief.
"This allotment is on the matching basis of one Federal dollar for three
of Public expenditure from all sources within the State during the first
three months of this year. Previously. Mississippi has been given $568,097
on the first quarter basis, making the final total for that period $751,657.
"Up to now, total grads to the States by the Federal Emergency Relief
Administrator aggregate $63,780,106."
I 4
MOFFAT COUNTY (P. 0. Craig), Colo.
-WARRANTS CALLED.
It is reported that the County Treasurer called for payment at his office
on May 23 and June 2, various county general fund, county poor fund and
school district warrants.
528
Financial Chronicle
July 15 1933
MONROE COUNTY (P. 0. Rochester), N. Y.
ment of their railroads, including the construction of sidings and spurs for
-AUTHORIZES
the development of industry and business; the State to agree that otherwise
6199,000 LOAN TO PROVIDE FOR MATURING TOWN OBLIGATIONS.
-The County Treasurer has been authorized to borrow $199,000 on notes
the property will not be used for railroad purposes.
In anticipation of 1933 taxes, to be dated July 15 1933 and mature in six
"2. The State as the owner to assume and relieve the Pennsylvania
months. The proceeds will be advanced on the basis of $124,000 and
RR. Co. and the United New Jersey RR.& Canal Co. and their subsidiaries
of all obligations of any nature in connection with the property, other than
875,000 to the towns of Irondequoit and Greece, respectively, in order
that they may meet maturing obligations. Advances, it is said, were dethe Pennsylvania RR. Co.'s rental payment obligations under or arising
manded on the strength of the Court of Appeals decision in the case of the
out of the lease of June 30 1871, from making such use of the canal propTown of Amherst against Erie County for unpaid taxes in the Towns.
erty as they, or either one of them. may desire until such time as a conveySums are to be repaid with 6% int. if the courts decide the Amherst ruling
ance of the canal property is actually made to the State of New Jersey."
Is not binding on Monroe County. (V. 136, P. 520. 1231.).
NEWTON FALLS EXEMPTED VILLAGE SCHOOL DISTRICT
MONTANA, State of (P. 0. Helena).
-TAX COLLECTIONS DE(P. 0. Newton Falls), Trumbull County, Ohio.--LOND EXCHANGE.
CREASE -Second half tax collection returns from 17 counties of the
-The issue of $17,500 6% refunding bonds for which no bids were obtained
State show a decrease of 14% in comparison with returns for the same
on April 20-V.136, p.3018
-has since been given in exchange for maturing
period last year, according to James Brett, State Treasurer. It is said
obligations. Dated April 1 1933 and due semi-annually on April 1 and
that the returns from the 17 counties totaled $182,117.17, compared with
Oct. 1 from 1934 to 1942 incl.
$195,560 a year ago.
NEW YORK, State of (P. 0. Albany).
-GRANT BY FEDERAL
MOON TOWNSHIP SCHOOL DISTRICT (P. 0. Brodhead Road, EMERGENCY RELIEF ADMINISTRATION -On July 6 the following anR. F. D., Coraopolis), Allegheny County, Pa.
-BOND SALE.
-The
nouncement of P cr- nt to this State was made public by the Relief Ad815.000 coupon school bonds offered on July 6-V. 136. p. 4495
-were
ministration at Washington.
awarded as 53-6s to Glover & MacGregor, Inc., of Pittsburgh, at par plus
"Additional grant of.A,377,898 was made to-day to New York State by
a premium of -$12.50, equal to 100.08, a basis of about 5.49%. Dated
Harry L. Hopkins, Federal Emergency Relief Administrator, under auAug. 1 1933 and due $3,000 on Aug. 1 from 1939 to 1943 incl. The acthority granted him by subsection (b) of Section 4 of the Federal Emergency
cepted bid was the only one received.
Relief Act of 1933.
"Mr. Hopkins announced that this grant is based upon the reported
MORGANTON,Burke County, N. C.
-NOTE SALE.
-An $8,000 issue
public relief expenditures from all Sollref3S in New York during toe first
of6% notes is reported to have been purchased at par by the First National
three months of the present year. Previously, the Feleral Emergency
Bank of Morganton.
Relief Administrator has granted $6,532,282 to New York, making the
total granted to date to New York $10,910,180.
MOUNT PLEASANT INDEPENDENT SCHOOL DISTRICT (P. 0.
"To date, the allotments to all States, for which the governors have
Mount Pleasant) Henry County, Iowa.
-BOND SALE NOT CONsubmitted up-to-day data covering relief expenditures, aggregate $61,479SUMMA TED -It is stated by the Superintendent of Schools that an
297."
$8,300 issue of school refunding bonds is ready for delivery, but Geo. M.
Bechtel & Co. of Davenport, through whom these bonds are being handled,
NORFOLK COUNTY (P. 0. Dedham), Mass.
-TEMPORARY LOAN.
have not, up to this date, completed the transaction.
The $60,000 Tuberculosis Hospital maintenance note issue offered on
-was awarded to Baldwin & Co. of Boston, at 1.45%
July 11-V.137, p. 354
-TO VOTE ON BOND
MUSKEGON, Muskegon County, Mich.
discount basis. Dated July 11 1933 and payable on April 6 1934 at the
PROPOSALS.
-At the special charter amendment election to be held on
First National Bank of Boston. Bids for the loan were as follows:
July 25 the voters will pass on three major construction projects to be
financed through the issuance of bonds. They include a $650.000 issue
Bidder
Discount Basis
for the purpose of making repairs and enlarging the present water filtration
Baldwin & Co.(purchaser)
1.45
plant system; the construction of a sewage disposal plant to cost 8500.000.
National Shawmut Bank
1.62
and the expenditure of $150,000 to remodel the Hackley School Building.
National Mount Wollaston Bank, Quincy
2.19
Funds to finance the improvements are proposed to be obtained from
Dedham National Bank
2.21
the 83,300,000,000 Federal public works appropriation, in accordance
NORTH ADAMS, Berkshire County, Mass.
-OBTAINS LOAN.
With the provisions of the National Industrial Recovery Act.
The city has borrowed $110,000 in anticipation of 1933 tax collections
-INTEREST RATE ON FEDERAL
NEWARK, Essex County, N. J.
from the Merchants National Bank of Boston. Of the total, $100,000
-Mayor Ellenstein has been advised that the ReconLOAN REDUCED.
will be applied to the payment of an issue of that amount which matures
struction Finance Corporation, acting on his request, has-decided that the
shortly, while the balance of $10.000 will be used for the payment of munirate of interest on the $2,850.000 which the R. F. C. has agreed to loan the
cipal salaries and other current expenses.
City to complete its municipal railway, will be 43-5%, instead of 5% as
NORTHAMPTON,Hampshire County, Mass.
-TEMPORARYLOAN.
originally announced. The Corporation will accept bonds of the City as
The First of Boston Corp. purchased on July 13 a $100,000 revenue
collateral for the loan. In appealing for the lower rate, the Mayor pointed
anticipation loan at 3.98% discount basis. Due on Nov. 22 1933.
out that the municipality had affected the sale of long-term bonds in
February. 1933 at an interest rate of 43A %. Notice of the intention of the
NORWALK FIRST TAXING DISTRICT, Fairfield County, Conn.
Corporation to finance the project was made on June 21.-V. 137, p.4,495. BOND SALE.
-The 8140,000 coupon water bonds offered on July 12V. 137, p. 354
-were awarded as 431s to Charles W. Scranton & Co. of
NEWBERG SCHOOL DISTRICT(P.O. Newberg), Yamhill County,
New Haven. at a price of 101 40. a basis of about 4.10%. Dated July 1
-It is reported that an election will be held
-BOND ELECTION.
Ore.
1933 and due on July 1 as follows: $7,000 from 1935 to 1946, incl. and
on July 15 in order to have the voters pass on the proposed issuance of
66,000 from 1947 to 1953, inclusive.
$50,000 in grade school bonds.
OGDENS3URG, St. Lawrence County, N.Y.
-BOND SALE.
-BONDS OFFERED.-The $4,356,000 3 %
NEW HAMPSHIRE (State of).
W. H. Owen, City Clerk, received sealed bids until 5 p. m. on July 14 for
-were awarded to a syndicate
bonds offered on July 13-V. 137, p. 354
the purchase of $110,000 not to exceed 6% interest coupon general municipal
composed of Halsey, Stuart & Co., Inc., Chemical Bank & Trust Co.,
Denom.$1,000. Due $11,000 annually
bonds of 1933. Dated July 1 1933.
Ladenburg. Thalmann & Co., Phelps, Fenn & Co., Kean, Taylor & Co.,
on July 1 from 1934 to 1943 incl. Bidder to name a single rate for all of
Arthur Perry & Co., Inc., Jackson & Curtis, G. M.P. Murphy & Co. and
the bonds, expressed in a multiple of 4' of 1%. Interest payable in J. 8s J.
Stranahan, Harris & Co., Inc., at a price of 101.82, a basis of about 3.23%•
A certified check for 2% of the bonds bid for, payable to the order of the
The bonds, issued for various State purposes, are available in coupon form
City Treasurer, must accompany each proposal. The approving opinion
and are fully registerable. Dated July 1 1933 and due on July 1 as follows:
of Thomson, Wood & Hoffman, of New York, will be furnished the suc$64,000, 1935: 5300.000, 1936: 8430.000, 1937; $530,000, 1938; $500,000.
cessful bidder.
1939; $300,000 in 1940 and 1941; $432,000, 1942: 8400.000 in 1943 and
1944; 8100,000 from 1945 to 1947 incl. and $200,000 in 1948 and 1949.
OWYHEE COUNTY(P.0.Silver City), Idaho.
-BONDS CALLED.
-The successful banking group made
BONDS PUBLICLY OFFERED.
It is stated by the County Auditor that funds will be in the Chase National
public offering cf tbe issue en July 14 at prices to yield 1.75% for the 1935
Bank of New York City, to pay all 5% road and bridge bonds, dated July 1
maturity; 1936, 2.25%; 1937, 2.60%; 1938, 2.90%; 1939,3%; 1940, 3.109';
1919, and interest on due date. July 1 1933.
1941, 3.15%; 1942, 3.20%, and 3.25% for the maturities from 1943 to 1949
incl. The securities are stated to be legal investment for savings banks in
PACIFIC COUNTY CONSOLIDATED SCHOOL DISTRICT No.
the States of New York, Massachusetts and New Hampshire and to con-FOND DETAILS.
125 (P. 0. South Bend), Wash.
-The $16,000
stitute general obligations of the State, payable from taxes to be levied
issue of5% refunding bonds that was purchased by the State of Washington
against all taxable property therein without limitation as to rate or amount.
-was sold at par. Coupon bends dated Juno 1 1933.
V. 136, p. 4128
Immediate re-sale of the issue is assured, as subscriptions received prior to
Due in from 2 to 10 years from date. Denom. $100.
the formal offering were in excess of $3,500,000, according to report. Five
separate banking groups competed at the sale, the unsuccessful offers being
PAGE COUNTY DRAINAGE DISTRICT NO. 26 (P. 0. Clarinda).
as follows:
lowa.-BOND SALE POSTFCNEL.-It is stated by the County Auditor
Rate Bid.
Bidderthat the $6,692.80 issue of drainage bonds scheduled for sale on July 6Chase National Bank; First of Boston Corp • Northern Trust Co.;
V. 137, p. 355
-was not offered at that time due to faulty publication and
th
Kidder,Peabody & Co.; Roosevelt & Son;4:1y- & Co.,Inc.; R.H.
the bonds will not be offered for sale until July 20.
Moulton & Co.; Hemphill, Noyes & Co.; Whiting, Weeks &
PELHA'M MANOR, Westchester County, N. Y.
Lee, Higginson Corp
-BOND SALE.
-The
Knowles and the
101.219
$18,000 coupon or registered series No. 51 refunding bonds offered on
•Lehman Bros., Bancamerica-Blair Corp.; R. W.Pressprich & Co.;.
-were awarded as 4 Vs, at a price of par, to Adolph
July 10-V. 137, p. 179
F.S. Moseley & Co.; E. H. Rollins & Sons; E. H. Rollins & Sons;
Lewisohn & Sons of New York. The only other bid was an offer of 100.93
Wertheim & Co.; Foster & Co.; Laurence Marks & Co.; Newton,
for 5;5s, submitted by Phelps. Fenn & Co. of New York. The bonds are
Abbe & Co.; Wilmerding & Co.; Washburn, Frost & Co. and
dated July 15 1933 and will mature $1,000 annually on July 15 from 1935
101.111
Stern Bros. & Co
to 1952 incl.
Bankers Trust Co.; Estabrook & Co.; Edward B. Smith & Co.;
Wallace & Co.; the Mercantile-Commerce Co. and the Wells
PLEASA NTVILLE, Westchester County, N. Y.
-BOND SALE.Dickey Co100,839 The $60,000 coupon Or registered public improvement bonds offered on
City Company of New York; N. W. Harris Co., Inc.; It. L. Day &
-were awarded as 5.408 to A. C. Allyn & Co. of
July 11-V. 137, P. 179
Co.; Stone & Webster and Blodget, Inc.; L. F. Rothschild & Co.;
New York, at par plus a premium of $48.76, equal to 100.08, a basis of
Graham, Parsons & Co. and Eldredge & Co
100.349
about 5.49%. Dated July 1 1933 and due on July 1 as follows,
* This group submitted an alternative offer of par for $1,974,000 of the
1935 to 1937 incl.; $4,000 from 1938 to 1947 incl.; $3,000 in519 0 and
0 4 om
08fr
bonds as 334s, and $2,382,000 as 3kis.
$1,000 in 1949 and 1950.
Assessed valuation oftaxable real property
$14,452,245
NEW HAMPSHIRE, State of (P. 0. Concord).-FE,DERAL EMERAssessed valuation ofspecial franchise
362,835
-The following
GENCY RELIEF ADMINISTRATOR GRANTS FUNDS.
announcement of a grant to this State was issued by the Relief Administrator
Total assessed valuation ________________________________ $14,815,080
on July 12:
Actual valuation,estimated18,000,000
"Harry L. Hopkins, Federal Emergency Relief Administrator, to-day
There is also exempt real estate assessed valuation totaling
granted $231,416 to New Hampshire for unemployment relief.
Debt.
"This is an initial allotment on the matching basis of one Federal dollar
Total bonded indebtedness, incl. this issue
for three of public expenditure within the State from all sources for
$1,290,890
Water debt Included above
unemployment relief during the first quarter of this year.
$199,860
Street and sewer assessment bonds,included above_ ___ 45,000
"Up to now, total grants to all States and Territories by the Federal
244,860
Emergency Relief Administrator aggregate $68,259,075."
Net bonded Indebtedness
$1,046,030
NEW HAVEN, New Haven County, Conn.
-PROPOSES EARLY
Floating debt:
-The City is desirous of making immediate
REGEMP7'ION OF NOTES.
Tax note against 1932 and prior levies
$48,000
payment of $700,000 outstanding notes which no not mature until SeptemTax anticipation of 1933levy
,000
ber 1933. Leavitt, Edwards & Co., of New York, were the original pur- $119,000
chasers of $500,000 of that amount, while the balance of $200,000 is held
Population: 1920 Federal census, 3,590; 1930 Federal census, 4,558;
by the United Ihuninating Co., of New Haven. An effort to effect such
1933 estimated, 4,700.
prior redemption has already been made by City Comptroller G. H. BretTax Data.
Muer. The city on July 5 made payment of 61,506.000 notes held by the
Uncollected at End
Uncollected as of
Cnaso National Bans of New Yors. This was made possible through tne
of Year of Levy.
YearTax Levg.
June 15 1933.
-V. 137, p. 178. Retiresale on June 23 of a2,250,000 long term bonds.
$192,552.55
$17,196.94
1929
All years prior
ment of the $700,0et notes currently mentioned will reduce the floating
217.750.00
21,678.41
1930
to 1933
inoebtedness of the city to $1,825,000. It is said.
241.659.20
34.792.63
1931
Total
210,669.00
61,501.87
1932
$62,818.98
-DELAWARE AND RARITAN CANAL
NEW JERSEY (State of).
(In process ofcollect.)
256,300.88
1933
OFFERED AS GIFT.
-The Delaware and Raritan Canal. extending fortyTotal uncollected taxes outstanding June 15 1933, $62,818.98.
four miles from Bordentown, N. J. on the Delaware River to tidewater on
The fiscal year dates are March 1 to Feb. 28.
the Raritan River at New Brunswick, N. J., was offered on July 11 as a
Taxes are billed as of June 1 and become delinquent July 16 on first half
free gift to the State. The offer was made by General W. W. Atterbury,
and on second half six months later.
President of the Pennsylvania RR., in a letter to State Senator Dryden
Kuser, Chairman of the joint committee appointed at the last recent session
-BONDS CALLED.
PONCA CITY, Kay County, Okla.
-It Is stated
of the State Legislature to inquire into the advisability of acquisition of
by Ray G. Paris, City Treasurer, that the following bonds are called for
the Canal by the State. The New York "Times" of July 12, after noting
payment at the fiscal agency of the State, the Manufacturers Trust Co. in
the foregoing, continued as follows:
New York: On Aug. 1-Nos. 30 and 31 of water works extension bends,
"Leased in 1871 by the Pennsylvania RR., together with the lines and
issue of April 1 1919; No.67 of water works extension, issue of Sept. 2 1919;
property of the United New Jersey RR. & Coal Co., the canal has been in
No. 18 of auditorium bonds, issue of Nov.7 1916; No.3 of sewer extension,
constant but increasingly reduced operation since that time. The canal
Issue of April 1 1919. and Nos. 1 to 5 of storm sewer extension, ISS1.10 of
was chartered in 1830 and completed in 1834. The offer to the State was
Nov. 11920. On Sept. 1-No.21 of water works extension bonds, issue of
made subject to the following provisions:
Sept. 1 1918.
"1. The Pennsylvania RR. Co., the United New Jersey RR.& Canal Co.
and their subsidiaries shall retain the right to cross and recross the canal and
PORTAGE COUNTY (P.O. Ravenna), Ohio.
-BONDS NOTSOLD.use any of its property not required for canal purposes, for the developto
H. I. Linton, Clerk of the Board of County Commissioners, reports that
Volume 137
Financial Chronicle
no bids were obtained at the offering on July 10 of $54,000 6% bonds,
including $30,000 poor relief and $24,000 road impt. issues
-V.137, p. 180.
Dated July 1 1933 and due serially from 1934 to 1938 incl. The road bond
issue is now being offered at private sale.
PORTLAND, Multnomah County, Ore.
-It is
-BOND ELECTION.
reported by Geo. R. Funk, City Auditor, that an election will be held on
July 21 in order to vote on the proposed
of $6,000.000 in sewage
disposal plant bonds. (This confirms the tentative report given in V. 136,
p. 4311.)
PORT OF NEWPORT (P. 0. Newport), Lincoln County, Ore.BOND SALE.
-A $5,000 issue of refunding bonds is reported to have been
purchased by the State Treasurer at a recent meeting.
PUERTO RICO, Territory of (P. 0. San Juan).
-GRANT BY
FEDERAL EMERGENCY RELIEF ADMINISTRATION.
-The following
announcement of a grant to this State was made public by the Relief Administrator on July 12:
"Harry L. Hopkins, Federal Emergency Relief Administrator, to-day
made an additional grant of $45,472 to Puerto Rico for unemployment
relief.
"This allotment is on the matching basis of one Federal dollar for three
of public expenditure within the Territory from all sources for unemployment relief during the first quarter of this year.
"Up to now, total grants to the States and Territories by the Federal
Emergency Relief Administrator aggregate $68,259,075."
PULASKI COUNTY (P. 0. Somerset), Ky.-TAX RATE REDUCED.
-The 1933 ad valorem tax for county and school purposes will be $1.40 on
$100, a reduction of Scents per $100 under previous years. The reduction
is stated to be due to the fact that the County Board of Education asked
for a 70-cent tax instead of 75 cents. The poll tax assessed for county
purposes will remain at $1.00.
RICHMOND, Henrico County, Va.-BOND ISSUANCE AUTHOR-It is reported that the Board of Aldermen has concurred in an
IZED.
ordinance authorizing a $300,000 bond issue to be taken over by the sinking fund commissioners to cover short-term loans necessary for public
improvements.
ROCKFORD, Winnebago County, Ill.
-PLAN SPECIAL BOND
ELECTION.
-Mayer Henry C. Bloom has asked the City Council to call
a special election at which to again submit the proposal calling for the
Issuance of $450,000 sewer construction bonds, which was defeated at
an election held on June 5-V. 136, p. 4311. It is also planned to secure
approval of $235,000 revenue bonds, which would be used as collateral
security to obtain another Federal loan to finance a water works impt.
project.
ROME, Oneida County, N. Y.
-The $152,383.33
-BOND SALE.
coupon or registered bonds offered on July 7-V.137, p. 180
-were awarded
as 43s to the Manufacturers & Traders Trust Co. of Buffalo, at par plus
a premium of $106.67, equal to 100.07, a basis of about 4.23%. The
sale consisted of:
$86,550.00 public welfare bonds. Dated May 1 1933. One bond for
$550, others for $1,000. Due May 1 as follows: $8,550 in
1934; $8,000 from 1935 to 1937 incl., and $9,000 from 1938 to
1943 incl. Int is payable in May and November.
41,833.33 refunding bonds. Dated May 1 1933. One bond for $1,033.33,
others for $1,000 and $200. Due May 1 as follows: $4,200
from 1934 to 1942 incl., and $4,033.33 in 1943. Int. payable
on May 1.
24,000.00 assessment bonds. Dated April 1 1933. Denom. $1,000.
Due $6,000 on April 1 from 1934 to 1937 incl. Int. payable
on April I.
The following is an offic.al list of the bids received at the sale:
Bidder
Amount Bid.
Tht. Rate
Manufacturers & Traders Trust Co. (purchaser)--4 X%
$152,490.00
Phelps, Fenn & Co
41%
0
152,764.29
Halsey, Stuart & Co
152,533.33
George B. Gibbons & Co
• 44..90
152,627.14
A.C. Allyn & Co
152,474.76
5%
ROSEBURG, Douglas County, Ore.
-CORRECTION.
-We are now
informed that the election to vote on the proposed issuance oftrunk sewer and
disposal plant bonds in an amount not to exceed $100.000, will be held
on July 31, not on July 28, as reported in V. 137, p. 180.
RUTLAND, Rutland County, Vt.-BOND OFFERING.
-Sealed bids
addressed to the City Clerk will be received until 2 p.m.(Eastern standard
time) on July 21 for the purchase of $60,000 refunding bonds. Dated
Aug. 1 1933. Due $6,000 annually from 1934 to 1943, inclusive. Bidder
to name the rate of interest,expressed in a multiple of X of 1%. This issue
of bonds was approved at an election held on March 6-V. 136,P. 2103.
SALEM, Columbiana County, Ohio.
-Karl
-BOND OFFERING.
Webster, City Auditor, will receive sealed bids until 12 M. on Aug. 1 for
the purchase of $60,800 6% refunding bonds. Dated April 1 1933. Due
Oct. as follows: $5,800, 1934; $6,000 from 1935 to 1942 incl. and $7.000
in 1943. Interest is payable in A. & 0. Bids for the bonds to bear interest
at a rate other than 67, expressed in a multiple of X of 1%, will also be
considered. A Certified
for $500, payable to the order of the City.
must accompany each proposal. The approving opinion of Squire, Sanders
& Dempsey, of Cleveland will be furnished the successful bidder. Starting
at 12 m. on Aug. 1 the City will also receive competitive bids for the issue
at public auction.
SALT LAKE CITY SCHOOL DISTRICT (P. 0. Salt Lake City)
Utah.
-BOND SALE.
-The $325,000 issue of 4% semi-ann. refunding
bonds offered for sale on July 11-V. 137, p• 355
the
First National Bank of Chicago, at a discount of --was Puequal to by
$10,693, rchased 96.70.
basis of about 4.25%. Dated Aug. 1 1933. Due in 20 years.
a
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. San
Antonio), Boxer County, Tex.
-TEMPORARY BORROWING.
-The city
Is reported to have borrowed from the First National Bank, and the Alamo
National Bank, both of San Antonio, the sum of $117,200 to meet overdue
payrolls and to pay current operating expenses.
SAN FRANCISCO (City and County), Calif.
-BONDS DEFEATED
-At the special election held on June 27-V. 137, p. 180
-the propos&
to issue $3,000,000 in coupon or registered school house bonds of 1933
was defeated, the project falling by 7,387 votes to reach the two-thirds
total necessary for passage, according to the San Francisco "Chronicle"
of July 2. The total vote on the bonds was 130.473. (This report supplements the earlier returns given in V. 137. p. 180.)
SARATOGA SPRINGS AUTHORITY, N. Y.
-BOND PURCHASE
AGREEMENT BY RECONSTRUCTION FINANCE CORPORATION.
The folio sing announcment of a self-liquidating loan granted to this
authority, was made public by the It. F. C. on June 24:
"A loan of $3,200.000 was granted to the Saratoga Springs Authority
to-day by the Corporation for the purpose of constructing an additional
bath house, sanitarium, administration building, outdoor pool and gymnasium, and water bottling works in connection with the New York State
Saratoga Springs Health Reservation. Under the terms of the self-liquidating loans, the Corporation agreed to buy $3,200.000 in revenue bonds of
the Saratoga Springs Authority to be repaid sner a period running from
1938 to 1954. The payment the first year rill be $75,000 and range to
$265.000 in the final year of the loan.
"Income for repayment of the loan will be derived from therapeutic
baths, admission to the spring water drink hall, medical tests, swimming
pool and gymnasium, and from the sale of medicinal mineral waters. It
is the opinion of the Engineers' Advisory Board that ample profit will be
earned each year during the life of the loan, and that there will be a cumulative surplus in excess of $1,800,000 in 1954, the year the loan is to be
completely repaid.
"An average of 1,200 men will be employed directly upon the work 30
hours for a period of 24 months. Approximately $1.200.000 will be required
for the purchase of building materials.
"The State of New York has already spent S5,500,000 on this project.
and the $3,200.000 for the proposed building program will complete the
project as planned under careful study by the Baruch Commission. The
development consists of 1,100 acres of land adjacent to the City of Saratoga
Springs, N. Y., and on which there have already been constructed the
Lincoln and Washington bathing units, the partially Completedadministration building and laboratory, and the old bottling plant.
"The Saratoga Springs resort has been in operation since 1800, and was
taken over in 1910 by the State of New
In 1929. the Governor of
York.
the State of New York appointed the Baruch Commission to study spas
529
throughout Europe and to report upon the feasibility of making Saratoga
Springs one of the outstanding spas of the world. The Commission found
that the waters of Saratoga Springs are equal, if not superior, to any other
waters for the treatment of cardiac diseases. The State of New York
then proceeded with the construction of the spa in accordance .•dth carefully
developed plans.
"The Engineers' Advisory Board finds that the revenues which the
applicant may reasonably be expected to receive from the various services
and from the sale of bottled water will be sufficient to make the project
self-supporting and financially solvent and return the construction cost
thereof within a period of not more than 20 years."
SHERIDAN COMMUNITY HIGH SCHOOL DISTRICT (P. 0.
Howe) Sheridan County, Kan.
-BOND OFFERING.
-Sealed bids will
be received by the Secretary of the Board of Trustees, until 10 a. m. on
July 17, for the purchase of an issue of $10.998.69 4 % refunding bonds.
Denom.$1,000; one for $998.69. Dated July 1 1933. Due from Aug. 1
1935 to 1945 incl. Prin. and int.(F. & A.) payable at the office of the State
Treasurer in Topeka. The approving opinion of Elcock & Martin of
Wichita, will be furnished to purchaser. A certified check for 2% of the bid,
payable to the District Treasurer, is required.
SILVER BOW COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Butte),
Mont.
-BOND OFFERING.
-Bids will be received until 8 p.m. on Aug.8
by Margaret N. Leary, District Clerk, for the purchase of a $22.308.34
issue of school funding bonds. Interest rate is not to exceed 6%. payable
J. & J. Dated July 1 1933. Amortization bonds will be the first choice and
serial bonds the second. Said bonds will not be sold for less than par and
accrued interest. Bidders to name the rate of interest. If amortisation
bonds are sold and issued, the entire issue may be put into one single bond
or divided into several bonds, as the said Board of Trustees may determine
upon at the time of sale, both principal and interest to be payable in semiannual installments during a period of five years from the date of issue.
If serial bonds are issued and sold, they will be in the amount of $1,000
each, except the last bond, which will be in the amount of $308.34: the
sum of $4,400 of the said serial bonds will become payable on July 1 1934.
and a like amount of bonds on the same day each year thereafter until
all of such bonds are paid, except that the last installment will be in the
amount of $4.708.34. A certified check for $2,230, payable to the Clerk,
must accompany the bid.
-PROPOSED BOND ISSUE.
SILVERTON, Marion County, Ore.
We are informed by the City Clerk that on July 21 the voters will be asked
to pass judgment on a proposal to have the City Council enter into an
agreement with the Government and later issue $50,000 in bonds for a
sewage disposal plant if the proposition is approved.
-GRANT BY FEDSOUTH CAROLINA, State of.(P. 0. Columbia).
ERAL EMERGENCY RELIEF ADMINISTRATION.
-On July 11 the
Relief Administrator issued the following announcement of a grant to this
State:
"South Carolina to-day was granted $630.751 for unemployment relief
by Harry L. Hopkins, Federal Emergency Relief Administrator.
"This allotment is In initial reimbursement for the public relief expenditures in South Carolina during the second quarter of this year and is computed on the matching basis of one Federal dollar for three of public expenditure. On the basis of first quarter expenditures. South Carolina
has previously been given $813,707, making $1,444,458 the total received
by South Carolina to date.
.
"Up to now, the total grants to all States and territories by the Federal
Emergency Relief Administrator aggregate $66,068,009."
-GRANT BY FEDERAL
SOUTH DAKOTA, State of (P. 0. Pierre).
-The following announceEMERGENCY RELIEF ADMINISTRATION.
ment of a grant to this State was made public by the Relief Administrator
on July 12:
"Harry L. Hopkins, Federal Emergency Relief Administrator, to-day
made an additional grant of $119.478 to South Dakota for unemployment
relief. This partial allotment is on the matching basis of one Federal dollar
for three of public expenditure within the State from all sources for unemployment relief during the first quarter of this year. On the first quarter
basis, South Dakota has previously received $137.715, making $257,193
the total given South Dakota to date. Up to now, total grants to all States
and Territories by the Federa Emergency Re ief Administrator aggregate
$68,259.075."
SOUTH EUCLID LYNDHURST VILLAGE SCHOOL DISTRICT
-BONDS NOT SOLD.
(P. 0. South Euclid), Cuyahoga Codnty, Ohio.
Paul H. Prasse, Clerk of the Board of Education, reports that no bids
were obtained at the offering on July 11 of $5,000 not to exceed 6%, refunding bonds, to be dated June 1 1933 and mature $500 annually on Oct.
1 from 1934 to 1943 incl.-V. 137. p. 181.
SPENCER SCHOOL DISTRICT NO. 46 (P. 0. Kenaston), Ward
-It is reported diat bids
N. Dak.-CERTIFICATE OFFERING.
will be received until 2 p. m. on July 18 by H. C. Grote, District Clerk, for
the purchase of an issue of $1,500 certificates of indebtedness. Interest
rate is not to exceed 7%, payable semi-annually. Due in two years.
No bid for less than par will be considered. A certified check for 5% must
accompany the bid.
SPINK COUNTY INDEPENDENT SCHOOL DISTRICT No. 24
(P. 0. Mellette), S. Dak.-BOND SALE.
-The $6,000 issue of coupon
semi-annual funding bonds offered for sale on May 6-V. 136..p. 3944was purchased by the State of South Dakota, as 5s, at par.
ue in 10
years and optional in 5 years.
SPOKANE COUNTY SCHOOL DISTRICT No. 102(P.O.Spokane),
Wash.
-BOND DETAILS.-Tne $10,000 issue of school bonds tnat was
-is
purchased by the State of Washington. as 58 at par-V. 137, p. 355
dated July 11933. Coupon bones maturing serially, optional after 1 year.
Interest payable July 1.
-BONDS AUTHORIZED.
STEWART COUNTY (P.O. Dover), Tenn.
On July 3 the County Court is said to have authorized a bond issue to
care for all outstanding indebtedness. Arrangements for the bonds are to
be made immediately, according to report.
-PROSTRATFORD (P. 0. Stratford), Fairfield County, Conn.
POSED SALE POSTPONED.
-William H. Shea, Director of Finance, announced on July 7 tnat the proposed sale of S75,00k coupon relief bonds.
watch was scheduled to take place on July 14-V. 137, p. 181-nas been
postponed. Issue is to be dated July 15 1933 and mature $10,000 annually
on July 15 from 1934 to 1940 incl. and $5.000 Jan. 15 1941. Interest rate
optional with the bidder.
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
-BOND OFFERING.
Sealed bids addressed to Ellis T. Terry, County Treasurer, will be
received until 4 p. m. (eastern standard time) on July 19 for the purchase
of $822,000 not to exceed 6% interest coupon or registered bonds and
certificates of indebtedness, oivided as follows:
$553.000 series of 1933 parkway bonds. Due July 1 as follows:
$20,00( from 1934 to 1943 incl.; $32,000, 1944 and 1945;
834,000, 1946; $37.000 from 1947 to 1949 incl. and
$36,000 from 1950 to 1953 incl.
134,000 series of 1933 highway bonds. Due July 1 as follows:
$5,000 from 1934 to 1943 incl.; $8,000 from 1944 to 1949 incl.
and S9,000 from 1950 to 1953 incl.
72.000 certificates of indebtedness for veterans' relief. Due July 11936.
63.000 series of 1933 dredging bonds. Due July 1 as follows:
$5.000 from 1934 to 1945 incl. and $3,000 in 1946.
Each issue is dated July 1 1933. Denom. $1,000. Bidder to name a
single rate of interest for both the bonds and certificates of indebtdness,
expressed in a multiple of 4 or 1-10th of 1%. Principal and interest
(J. & J.) are payable in lawful money of the United States at the County
Treasurer's office. A certified check for $17,000. payable to the order of
the County, must accompany each proposal. The approving opinion of
C d yer.illon & Vandewater of New York, will be furnished the successful
bilad , D
-BOND SALE.
-Associated
TENNESSEE, State of (P. 0. Nashville).
Press dispatches from Nashville on July 11 reported that the State sold
on that day $10.000.000 of ten-year 6% bonds at par to a syndicate of
more than 200 Tennessee bankers and brokers, set up by the Tennessee
Bankers' Association after efforts to market the issue in the East had failed
see V. 136, p. 4313. Proceeds of the sale will be used to wipe out a
$10,000,000 deficit, approximately $8,739.000 of which is accounted for
by State-aid school obligations to counties, normal schools and the University of Tennessee. The issue is to be retired with the proceeds of one cent
of Tennessee's seven-cent gasoline tax.
'?';
53O-
Financial Chronicle
TOLEDO, Lucas County, Ohio.
-TO RENEW BOND REFUNDING
APPLICATION.
-Following receipt of the account of the city's final tax
settlement for collections during the first half of 1933. Carl Tillman, Acting
Director of Finance, announced on July 4 that application for permission
to issue $1,178,000 of refunding bonds would be renewed before the State
Bureau of Inspection. The Toledo "Blade" of July 5 commented on the
situation as follows:
"The tax settlement shows that the city received $687,518.59 for debt
service the first half of this year and $1,776,000 for all purposes. The city
between the present and the end of the year must meet $2,884,522 in bond
and interest payments to avoid default, $245.395 in August, $1,183,476 in
September, $428,237 in October, $704,211 in November, and $343,203 in
December.
"Director O'Connor said the city will attempt to meet the August bond
and interest payments with current revenues and tax funds. The refunders
will be used to meet the large payment in September, Director O'Connor
said.
"The city recently obtained names of owners of bonds that mature this
year and will ask the holders to co-operate in the refunding program in an
effort to prevent the city defaulting. In event the refunding program is
approved by the State Bureau of Inspection, authority to issue the bonds
will be asked of Council."
TORRANCE,Los Angeles County,Calif.
-BONDS AUTHORIZED
.It is reported that on June 21 the City Council authorized the City Clerk
to issue the $400.000 in
% water system bonds that were involved in
litigation for some time
-V. 136, p. 2104.
TUCKAHOE, Westchester County, N. Y.
-CERTIFICATE SALE.
An issue of $4,200 5% certificates of indebtedness, due Oct. 1 1933, has
been sold locally as follows: $2,700 to Raymond Jackson and 51,500 to
Helen P. Thompson.
TWO RIVERS, Manitowoc County, Wis.-BONDS NOT SOLD.The $96,000 issue of4%% semi-annual refunding bonds offered on July 7V. 137, p. 181-was not sold as the only bid received was rejected. The
tender was submitted by John Nuveen 8z Co. of Chicago, who asked for a
30
-day option on all the bonds at 95. Due from April 1 1937 to 1948.
UNION (P.O. Endicott), Broome County, N.Y.
-BOND OFFERING.
-Walter P. Thomson, Town Supervisor, will receive sealed bids until 2
p. m. (eastern standard time) on July 26 for the purchase of $96.607.09
not to exceed 6% interest coupon or registered general bonds. Dated Aug.
1 1933. One bond for $607.0E1, others for $1,000. Due Feb. 1 as follows:
$16,607.1'9 in 1934 and 520,000 from 1935 to 1938 incl. Bidder to name
a single rate of interest for all of the bonds, expressed in a multiple of Y4
or 1-10th of 1%. Principal and interest (F. & A.) are payable in lawful
money of the United States at the Worker's Trust Co., Johnson City, or
at the Marine Midland Trust Co. New York, at holder's option. A certified check for $2,000, payable to the order of the Town Supervisor, must
'
accompany each proposal. The approving opinion of Clay, Dillon &
Vandewater of New York will be furnished the successful bidder.
VALLEY STREAM, Nassau County, N. Y.
-BOND SALE.
-The
598.000 coupon or registered public improvement bonds offered on July 12-were awarded as 5.205 to Phelps, Fenn & Co.of New York,
V. 137, p. 356
at a price of 100.155, a basis of about 5.18%. Dated July 1 1933 and due
on July 1 as follows: $8,000 in 1935; $10,000 from 1936 to 1938 incl. and
$5,000 from 1939 to 1950 incl. Public re-offering of the bonds is being
made at prices to yield from 4.25 to 4.90%, according to maturity.
A bid of 100.28 for the issue at 5.40% interest was submitted by Halsey,
Stuart & Co of New York
WASHINGTON, State of (P. 0. Olympia).
-BOND OFFERING.
Sealed bids will be received until 10 a.m. (Pacific daylight saving time) on
July 18, by D. Harold Smith. Secretary of the State Finance Committee.
for the purchase of a $10,000,000 issue of coupon or registered general
obligation bonds of 1933. Interest rate is not to exceed 5%, payable
J. Sc J. Denom. $1,000. Dated July 1 1933. Said bonds shall be payable
beginning with the second year after date of issue and shall (as nearly as
practicable) mature in such amounts as will, together with the interest on
the entire series outstanding, be met with an equal annual tax levy for the
payment of said bonds and interest, not exceeding 20 years. Prin. and int.
payable at the office of the State Treasurer. Said bonds are to be issued
pursuant to an act of the Legislature of the State, known as Chapter 65 of
-V. 136, P. 4139. A certified check for 5% of the
the 1933 Session Laws.
bonds bid for, payable to the State Treasurer, is required.
The following information is furnished in connection with the above
described bond offering:
"This issue of Washington bonds has been authorized in a special enactment of the Legislature, and the people of the State will not vote upon them
despite a provision of the State constitution that no debt may be contracted
without the consent of the people. Under the State constitution, debt
may be contracted without an approving vote only in the event of a threat
of insurrection, and the State Legislature declared that such an emergency
actually exists. The State Supreme Court was asked to pass upon the issues
involved, and approved the action of the Legislature by a vote of 5 to 3
on June 5. All legal phases of the bond flotation thus are clear.
"The $10,000,000 bond issue is to be serviced primarily from the gasoline
sales tax. It is provided that four-tenths of 1% of the gasoline tax proceeds
will be applied to the debt service. If the sum realized is insufficient, a
general property tax will be levied in an amount sufficient to make up the
deficit.
"No bonds have been sold by the State in more than six years. The
last issue consisted of a 51,700,000 flotation of capitol building 430, due
1947, which were purchased by the Spokane & Eastern Trust Co., of
Spokane, on March 7 1927."
WASHINGTON COUNTY (P. 0. Washington), Pa.
-BOND SALE
CANCELED.
-The sale on July 3 of $350,000 4 % funding bonds to
Leach Bros., Inc. of Philadelphia. at 105.30, a basis of about 4.03%,
report of which appeared in-V. 137. P. 356, has been canceled, "due to
developments along different lines of financing," reports John G. Hall,
Chief Clerk. The bankers had made public offering of the bonds, dated
July 15 1933 and to mature serially from 1943 to 1953, Incl., at prices to
yield 3.85%.
WAYNE COUNTY (P. 0. Wooster), Ohio.
-LIST OF BIDS.
-The
issue of $19,000 poor relief bonds awarded on July 6 as 5s to the Wayne
County National Bank of Wooster at a price of 100.30, a basis of about
4.87%-V. 137, p. 356
-was bit' for as follows:
Int. Rate. Premium.
BidderWayne County National Bank (Purchaser)
$57.00
5%
Ryan, Sutherland & Co
%
19.00
Mitchell, Herrick & Co
4.37
5%
Asset, Goetz & Moerlein, Inc
6%
76.00
Provident Savings Bank & Trust Co
5.70
531%
Seasongood & Mayer
6
8.00
Braun, Bosworth & Co
33.00
531%
WESTMINISTER, Carroll County, Md.-NO ELECTION HELD.
George H. Caple, Town Clerk and Collector, states that the proposed vote
on an issue of $200,000 water non-s. scheduled to take place on July 3-was not held. It had been decided to hold another general
V. 136, p. 4499
meeting on the proposition before a new date is set.
-TO HOLD TAX SALE.
WEST NEW YORK, Hudson County, N. J.
-In an effort to hasten the collection of past due taxes, for the purpose
of meeting its obligations, Tax Collector James B. Corbett has announced
that a tax sale will be held on Sept. 1 1933. The total of taxes outstanding
at present is over $3.000,000, of which $1,841,338.82 is due on account of
the 1933 levy; $878,603.33 for 1932; $339,838.95 for 1931; $98,670.29 for
1930, and $25,938.55 for 1929 and previous years.
WEST VIRGINIA, State of (P. 0. Charleston).
-GRANT BY
FEDERAL EMERGENCY RELIEF ADMINISTRATION.
-The following
announcement of a grant to this State was made public by the Relief
Administrator on July 11:
"Harry L. Hopkins, Federal Emergency Relief Administrator, today
made an additional grant of $1,657,152 to West Virginia for unemployment
relief.
"This allotment is an initial reimbursement on the matching basis of
one Federal dollar for three of public expenditure within the State from all
sources for unemployment relief during the second quarter of this year.
On the first quarter basis West Virginia has previously received $1,605,867
making $3.263,019 the total given West Virginia to date.
"Up to now.itotal grants to the States and Territories by the Federal
Emergency Relief Administrator ag,regate $66,068,009."
WHITEVILLE, Columbus County, N.C.
-ADDITIONAL DETAILS.
-The $6,000 issue of revenue anticipation notes that was purchased re'
•
July 15 1933
cently by the Waccamaw Bank & Trust Co. of Whiteville, at 6%-V.137,
-is dated July 1 1933, and matures in three months.
P. 356
WILKINSBURG, Allegheny. County, Pa.
-AUTHORIZES PAYMENT OF BANK LOANS.
-The Borough Council adopted an ordinance
on July 10 authorizing the payment of $50,200 owed to the Peoples-Pittsburgh Trust Co., Pittsburgh, and $37,466 due to the closed First National
Bank of Wilkinsburg. through the issuance of 587,666 in demand notes
and certificates of indebtedness of the Borough.
WILLSBORO,Pa.
-BOND SALE
.-J R. Crosetta, Borough Secretary,
.
reports that the issue of $11,000 funding bonds approved during May by
the Pennsylvania Department of Internal Affairs has been sold locally,
at par.
WOODBRIDGE TOWNSHIP (P. 0. Woodbridge), Middlesex
County, N. J.
-BONDS NOT SOLD.
-No bids were obtained at the
offering on July 10 of $1,318,000 coupon or registered bonds, comprising
five separate issues.
-V. 137, p. 182. Rate of interest was optional with
the bidder and limited to 6%.
WORTH COUNTY (P. 0. Northwood), Iowa.
-BONDS OFFERED.
Both sealed and open bids were received at 1:30 p. m. on July 15, by
Louis Nostrom, County Treasurer, for the purchase of a $10,000 issue
of funding bonds. Interest rate not to exceed 57, payable J. & J. Dated
July 1 1933. Due $1.000 from July 1 1935 to 1944 incl. Prin. and int.
payable at the office of the County Treasurer.
WYANDOTTE COUNTY (P. 0. Kansas City), Kan.
-BOND
-An emergency bond issue of $96,000 to assist
ISSUANCE APPROVED.
in giving unemployment and poor relief this fall and winter was decided
upon July 8 by the County Board of Commissioners.
YATES TOWNSHIP (P. 0. Bloomington), McLean County, Ill.
BOND,SALE.
-Hall, Martin, Hoose & Depew, attorneys for the township.
advise that the issue of 539,000
% road bonds offered on July 7 was
accepted, at par, by various contractors in payment for work completed.
No competitive bids for the bonds were submitted. Issue is to mature
serially from 1935 to 1943 incl. Legality approved by Holland M. Cassidy
of Chicago.
YOUNGSTOWN, Mahoning County, Ohio.
-NOTE SALE.
-The
BancOhio Securities Corp. of Columbus, has purchased at a price of par
an issue of $200,000 6% tax anticipation notes.
CANADA, its Provinces and Municipalities
CALVERT TOWNSHIP, Ont.-BOND OFFERING.
-Sealed bids
addressed to the Board of Trustees will be received until July 20 for the
purchase of $8,000 57 Separate School Section No. 4 30
-year bonds,
guaranteed by the Province of Ontario, according to Rev. Father A. Pelletier, Secretary-Treasurer, Iroquois Falls, Ont.
DRUMMONDVILLE, Que.-BOND OFFERING.
-Joseph Maier.
Secretary-Treasurer, will receive sealed bids until 8 p. m. on July 18 for
the purchase of $78,000 5;i% Inapt. bonds, dated July 1 1933 and due
annually on July 1 from 1934 to 1943 incl.
-$3,500,000 BONDS SUBSCRIBED FOR.
MANITOBA (Province of).
% bonds. due July 11958. which was placed
-The issue of $3,500,000
on the market in Canada last week by the Royal Bank of Canada and
associates, priced at 93.50, to yield over 6%-V. 137, p. 356
-was fully
subscribed for, according to announcement on July 13.
-DEFICIT FORECAST FOR
NEWFOUNDLAND (Government °D.
-Prime Minister F. C. Alderdice, in presenting his
CURRENT YEAR.
budget to the Legislature for the fiscal year 1933-1934, forecast a deficit of
$2,145,267 in operating costs during the period. The Premier, it is said.
estimated expenditures of $10,964,605 during the year beginning July 1
and foresaw revenue in amount of $8,145,267.
ONTARIO (Province of).
-$1.000.000 GUARANTEED RAILWAY
BONDS OFFERED.
-A syndicate composed of A. E. Ames & Co.; Wood.
Gundy & Co.; Dominion Securities Corp.; Canadian Bank of Commerce,
and Royal Bank of Canada, made public offering on July 7 of $1,000,000
% coupon (registerable as to principal), direct obligation bonds of the
Sandwich, Windsor & Amherstburg Ry. Co., stated to be unconditionally
guaranteed as to principal and interest by the Province of Ontario, the
guarantee being endorsed on each bond. The offering price to investors
was 9831 and accrued interest, or a yield basis of 4.707. Bonds are
dated June 1 1933 and mature on June 1 1943. Denom. $1,000. Prin.
and int. (J. & D.) are payable in lawful money of Canada at the principal
office of the Bank of Montreal or the Canadian Bank of Commerce in
Montreal, Toronto, Windsor, Winnipeg or Vancouver, at holder's option.
Proceeds of the loan are to be used to repay bank loans and for other corporate purposes. Legality of Issue approved by Long & Daly of Toronto.
In connection with the offering, the bankers state:"Effective July 31 1931,
and pursuant to the Sandwich, Windsor & Amherstburg Railway Act. 1930.
the Hydro-Electric Power Commission of Ontario conveyed the assets and
undertaking of the railway to Sandwich, Windsor & Amherstburg Ry. Co.,
but continues to operate the railway on behalf of the company by virtue
of an operating agreement substantially in the form appearing in the said
Act.'
PELEE ISLAND TOWNSHIP, Ont.-APPLICATION FOR BOARD
OF CONTROL REJECTED.-ApplleatIon of the township to have its
affairs placed under the supervision of a Board of Control, made on the
recommendation of H. L. Cummings of the Ontario Municipal Board,
was turned down by the other two members of the board at a hearing
on the petition on June 23,according to the "Monetary Times" of Toronto
of June 30, which referred to the reason for the action as follows:
"Mr. McKeown (Chairman of the Control Board) suggested that the
municipality could come to some agreement with the bondholders. The
debt might be refinanced through special legislation without the assistance
of a Control Board, he suggested, pointing out that the bondholders would
probably be only too glad to make an agreement with the municipality
faced with a Control Board as the only other alternative."
ST. BENOIT JOSEPH LABRE, Que.-PAYS JULY 1 INTEREST
CHARGES.
-The Quebec Municipal Commission has announced that the
village was able to pay all July 1 1933 interest charges on its bonds and
notes outstanding, reports the July 7 issue of the "Monetary Times" of
Toronto. The municipality is in default on its obligations and its affairs are
being handled by the Commission, it is said.
SAINT JOHN, N. B.
-BOND SALE.
-A group composed of W. C.
Pitfield & Co., Irving Brennan St Co. and Johnston & Ward, recently was
awarded an issue of $171,000
% bonds, due in from 15 to 40 years, at
a price of 95.588, a basis of about 4.80%. Other bids submitted were as
follows:
Bidder
Rate Bid
Wood, Gundy & Co., the Bank of Nova Scotia and the Eastern
Securities Co., jointly
94.077
'I'. M. Bell & Co
93.78
A. E. Ames & Co. and the Royal Bank of Canada, jointly
93.18
Nesbitt, Thomson & Co
89.957
SIOUX LOOKOUT, Ont.-$18,000 BONDS FOR SALE.
-The town
desires to sell an issue of $18,000 improvement bonds, according to report.
VAL BARRETTE, Que.-DECLARED IN DEFAULT.
-The Quebec
Municipal Commission announced that it would file a petition on July 11
with a judge of the Superior Court for the District of Montcalm, at Mont
Laurier,for the purpose of having the municipality of Val Barrette declared
in default,according to the July 7issue of the"Monetary Times"of Toronto.
-A. E. Ames & Co. of Toronto
WATERLOO, Ont.-BOND SALE.
were the successful bidders at a recent sale of $6,294
% 10
-year and
$5.626 5% 20
bonds, paying a price of 101.56, the not int. cost of
-year
the financing to the Town being about 5.35%. Bids received were as
follows:
BidderBidderRate Bid.
Rate
A. E. Ames & Co. (pun10. H. Burgess & Co
101.07
chaser)
101.551Dyment, Anderson & Co_ _ ..l00.68
J. L. Graham & Co
101.397 1 R. L. MacKay & Co
97.68
@FedFRASER