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The
aninurci31
Volume 137
financial
lirontrie
New York, Saturday, July 8 1933.
Number 3550
The Financial Situation
T WAS a severe lecture which President Roost' delivered in his message on Monday to the
velt
London Monetary and Economic Conference, and it
was nothing less than a lecture. Nor did Mr. Roosevelt express himself in diplomatic language. It was
evidently his desire to rebuke the nations which felt
that they could not yield ready acquiescence to his
attitude antagonistic to the early stabilization of
the American dollar, and of the other leading European currency units, and, accordingly, he did not
choose his words but proceeded without restraint
to denounce what he considered their policy of opposition and destruction. The result is most unfortunate. A feeling of deepest resentment has grown
up against the United States and its policy, destroying all chance of that co-operation among the nations
of the world which is so essential if there is to be
even a modicum of success.
And the tone and character of the message have
wounded susceptibilities all the more because of the
President's genial personality and the pains he took
to receive in most gracious fashion the distinguished
leaders of so many of the countries only a few weeks
back, with the deep impression he then left upon
their minds that all controversies would be discussed
in a most friendly and conciliatory manner. The
President has doubtless succeeded in making it plain
that he will not allow himself to be balked in any of
his purposes, but all the evidences of fraternity and
good will have vanished, and the power to accomplish any good correspondingly diminished.
Whether the sessions are continued or not, the
chances of reaching any accord, even in minor matters, now that such a hostile atmosphere has been
created, may well be doubted.
Mr. Roosevelt begins by saying: "I would regard
it as a catastrophe, amounting to a world tragedy,
if the great conference of nations, called to bring
about a more real and permanent financial stability
and a greater prosperity to the masses of all nations, should, in advance of any serious effort to
consider these broader problems, allow itself to be
diverted by the proposal of a purely artificial and
temporary experiment affecting the monetary exchange of a few nations only." "Such action, such
diversion," he went on to say, "shows a singular
lack of proportion and a failure to remember the
larger purposes for which the Economic Conference
originally was called together." This is plain
language, to be sure, but it is also harsh in tone and
not calculated to promote a spirit of harmony and
good will.
But Mr. Roosevelt goes on with the same disregard for diplomatic niceties. Continuing in simi-
lar strain, he indulges in some more of the same
language: "I do not relish the thought that insistence on such action should be made an excuse for
continuance of the basic economic errors that underlie so much of the present world-wide depression.
The world will not long be lulled by the specious
policy of achieving a temporary and probably an
artificial stability in foreign exchange on the part
of a few large countries only. The sound internal
economic system of a nation is a greater factor in
its well being than the price of its currency in changing terms of the currencies of other nations. It is for
this reason that reduced costs of government, adequate government income, and ability to service its
government debts are all so important to ultimate
stability."
As if this were not enough of a charge of ignorance
and short-sightedness, the President goes on to say:
"So, too, old fetishes of so-called international bankers are being replaced by efforts to plan national
currencies with the objective of giving to those currencies a continuing purchasing power which does
not greatly vary in terms of the commodities and
need of modern civilization. Let me be frank in
saying that the United States seeks the kind of a
dollar which a generation hence will have the same
purchasing power and debt-paying power as the dollar value we hope to attain in the near future. That
objective means more to the good of other nations
than a fixed ratio for a month or two in terms of
the pound or franc."
Here we might inject the observation that if the
Administration expects in its process of stabilization to establish a dollar "which a generation hence
will have the same purchasing power and the debtpaying power" as the dollar it is proposed to establish, the Administration is aiming at the impossible,
since that would imply that supply and demand are
no longer to play any part in governing commodity
values.
Mr.Roosevelt makes the present aim and policy of
the United States clear and emphatic when he winds
up by saying: "Our broad purpose is permanent
stabilization of every nation's currency (What a
great task r). Gold or gold and silver can well continue to be a metallic reserve behind currencies, but
this is not the time to dissipate all reserves. When
the world works out concerted policies in the majority of nations to produce balanced budgets and
living within their means, then we can properly discuss a better distribution of the world's gold and
silver supply to act as the reserve base of national
currencies. Restoration of world trade is an important partner both in the means and in the result.
184
Financial Chronicle
July 8 1933
Here also temporary exchange fixing is not the true paratively brief, ending in triumph for the American
answer. We must rather mitigate existing embar- position.
goes to make easier the exchange of products of
One of the main difficulties in the whole matter
which one nation has and the other nation has not. appears to be that the United States does not underThe Conference was called to better and perhaps to stand or appreciate the position of the European
cure fundamental economic ills. It must not be countries who feel such deep aversion to anything
diverted from that effort."
in the nature of inflation by means of which the deIt is plain from the foregoing that Mr. Roosevelt preciation of the American dollar is to be
brought
means to insist on adherence to the present course about. Thus, in certain quarters there is
talk of a
of this country, no matter what the consequences devalorization of the French franc, and it is urgently
to the gold bloc countries. And these consequences insisted that France must be forced off the
gold
may be serious. Mr. Roosevelt rebukes the gold bloc standard in order that the devalorization may take
countries for putting stabilization first, but the New place. People who talk thus forget that France
has
York "Times," in an editorial article, asks the ques- already had devalorization, and of the
most protion, "Who put the questions of foreign exchange nounced type. Formerly the French franc
was
and currency stabilization in the forefront of the worth close to 20c.; now, because of devaloriza
tion
program for the Conference?" It then answers the in June 1928, it is worth less than 4c. when
at
query by saying: "President Roosevelt himself. It par. France has had its lesson of what inflation
was the very first item on his list when he appealed means, and its experience in that respect has been
to all governments on May 16 to help bring about of the bitterest kind. France has reduced its
old
conclusions at London 'quickly.' He then definitely currency value to a greater extent than any
other
declared 'the Conference must establish order in country excepting alone Germany. Why, then, ask
place of the present chaos by a stabilization of cur- that France should be forced off the gold standard
rencies.' It must naturally puzzle somewhat the in order that there may be further devaloriza
tion?
untutored minds of Europeans to find Mr. Roosevelt There is nothing logical or reasonable in this.
now speaking of his own proposal, less than two
If France and the gold bloc countries want to remonths ago, as among 'the fetishes of so-called inter- main on the gold standard, why should the
United
national bankers.'"
States raise any opposition tO their so doing? The
What the outcome is to be, as far as the Conference simple truth is that these gold countries fear
that
itself is concerned, remains to be seen, and it really the depreciation of the American dollar may
go to
seems to be a matter of very little consequence extreme lengths, and knowing from bitter
experiwhether the Conference undertakes to maintain a ence what the consequences of inflation are,
they are
nominal existence by seeking to continue certain determined not to embark on a new policy
of inflafunctions in order to give the semblance of life, or tion which would surely involve a
breakdown all
gives up the ghost altogether without any further around, to the detriment of the whole
world. It
ado—all this is immaterial, since the usefulness of may well be questioned, too, whether the
United
the Conference has been so seriously impaired by the States, with all its superb strength, can in a
finanbluntness with which the President assails his cial matter like this really undertake to
defy the
opponents. London advices on Thursday stated that whole world. The question appears
pertinent in
what on its face appeared to be a great American view of the way the dollar has been
slumping the
victory had been won at that day's meeting of the present week, the pound sterling yesterday
having
"bureau" of the Economic Conference in the de- risen to $4.75 and the French franc to
5.63c., on
cision "to continue the Conference at half speed which basis the dollar is worth less than
70c.
with the omission of monetary and tariff questions."
Subcommittees are to meet to decide what subjects
authorities at Washington are very actively
they can usefully proceed with, and they will report
at work putting into operation the National
to the bureau. There is also agreement with the gold Industrial Recovery Act. Representatives of all
the
countries, we are told, that although other monetary leading industries are presenting codes for
approval
questions are to be dropped for the time being, nego- of General Hugh S. Johnson, the newly-appointed
tiations on silver are to go ahead. It was added Chairman of the Industrial Administrative
Board.
that the gold countries had served notice that they The Industrial Recovery Act is the measure
which
would not attend any monetary meeting and as- President Roosevelt declared, when attaching
his
sumed no committees would be called under this signature, that history would probably record
as the
heading except those dealing with silver.
most important and far-reaching legislation ever
The subcommittees on economic subjects were to enacted by the American Congress. It certainly
meet Friday and Saturday, and report to the bureau provides for Government regulation and
control of
Monday. A subcommittee, it appears, has been set private business on a scale never before attempted
—
up to draft a resolution defining the work which the not even during the late war. Its goal is,
according
Conference should carry on while waiting for clari- to the President, "the assurance of a reasonable
fication of the currency confusion. The Associated profit to industry and living wages for labor,
with
Press accounts said that the decision had come after the elimination of the tyrannical methods and
praca furious battle, and must be considered a victory tices which have not only harassed honest business,
for Cordell Hull, American Secretary of State, who, but also contributed to the ills of labor."
One thing,
on instructions from President Roosevelt, stoutly in- however, growing out of the
existence of the new law
sisted that the conclave must continue its attempt is not, we fear, receiving the attention and scrutiny
to solve pressing world problems. The morning ses- which are absolutely needed.
sion of the Steering Committee, it is stated, lasted
The new Act suspends the operation of the Antithree hours and a half, but was unable to arrive at a Trust Law, and, as a result, if current accounts are
decision. The evening session, however, was com- to be believed, profiteering is being indulged in in
THE
Volume 137
Financial Chronicle
numberless ways and to an extent that really
amounts to actual oppression. Large dealers and
small dealers alike appear to be engaged in the practice, and the common thought seems to be how high
prices can be carried. Both at wholesale and at
retail, prices are marked up in accordance with the
dictates of greed and avarice. Granting that production costs may be increased as a result of higher
wages and higher raw material costs, the extra expense is being added on at every stage of the process
until the ultimate consumer is reached. The wholesaler allows for it, and a little more, at every step
in the manufacturing process, and the retailer is
doing the same thing as it passes through his hands.
The result is that the price to the ultimate consumer
is often doubled and trebled, especially in the case of
small articles. And the producers and manufacturers are not waiting for the codes in their respective industries to receive approval, but are acting
and have acted to raise prices in advance, knowing
that the Anti-Trust Law has been suspended in its
operation and that it will not be easy to bring any
action of law against them.
Any man who is obliged to make small purchases
in the course of his daily business will find that
he is obliged to pay a great deal more for what he
wants and needs than before. Not only that, but
if he undertakes to obtain prices for the future on
his large-scale operations, he will learn that no new
prices are being quoted, and that what is vouchsafed
is merely the one fact that the quotations will surely
be materially higher. In a general way, the reply
received is that everything depends upon the schedule of prices that may be fixed during the process
of co-ordination. In the meantime, however, prices
are being marked up in numerous ways in advance
of the formation and establishment of the general
schedules. Of course the Federal Government is
endeavoring to correct practices of that kind, but
only a few cases come to its notice.
In very flagrant cases the Federal investigator
is already making investigations, but where there is
one case that will reach the Administrative Board
there are a thousand others that will never come
under its eye, as no complaints will be made because of the trouble involved. The public prints last
week mentioned a case where the price of milk had
been raised three cents a quart. Washington advices
this week say that prosecution of persons profiteering in bread will be inaugurated by the Department
of Justice as soon as conclusive evidence of the
action is obtained. Attorney-General Cummings is
quoted as saying that he was studying complaints
by Secretary Wallace that plans had been made to
unduly increase prices. Bakers in some instances
have said that the proposed wheat processing tax
was responsible for contemplated increases. Mr.
Cummings promised action against profiteers if any
were found. Of course, wheat cases and milk cases
come under different departments of the Government, and do not come under the jurisdiction of
those administering the National Recovery Act.
But cases of the kind mentioned go to show in how
many different ways the consumer is likely to suffer
unless the Washington authorities pursue the utmost
vigilance. Every producer ought to be obliged to
file schedules indicating the advances made, not
only as a result of the general code plans, but also
the increases he has made in advance of the adoption
of the general code schedules.
185
The National Industrial Recovery Act is a most
remarkable piece of legislation. The subject is ably
discussed in an article in this week's issue of the
"New Outlook," by former Governor Alfred E.
Smith. After pointing out that absolute individual
initiative and unhampered freedom of action by individuals in the public utility field are things of
the past, he goes on to observe that it is quite another matter, however, to set up Government control
of all business. He says he has never hesitated to
recommend the extension of Government activity to
meet the needs of a growing population in an age
of industrial invention, "but this plan goes beyond
anything my imagination can follow. I may be oldfashioned, but I can't understand how it can possibly work."
The first article of the National Industrial Recovery Act, which provides for the control of business, he contends, is largely the work of the new
school of social and economic planners. "The Act
contemplates agreements governing all branches of
industry to regulate output, wages, standards and
management generally. It abrogates the Sherman
Anti-Trust Law. It will permit any kind of combinations and even the division of territory. In the
absence of agreements on the part of industrial
groups, the Administrator or Board designated by
the President will set up compulsory machinery.
The Act is labeled as a temporary emergency measuse so as to get it by the United States Supreme
Court. If its terms are carried out literally, the
tendency will undoubtedly be to cripple initiative,
legalize, and even officially encourage, monopoly,
raise prices and require higher tariffs to maintain
the new structure. In such a triumph of bureaucracy, the little man would be lost in the shuffle."
No truer words were ever written. Ex-Governor
Smith then goes on to add with telling force: "All
this is a long way from the traditional role of the
Democratic party, which has been since the days of
Jefferson the party opposed to highly centralized
Federal control, the party of individualism, State's
rights, and private initiative. Personally, I am in
favor of applying the curb to industry where necessary, but not of placing the heavy, paralyzing hand
of the Government upon all the business enterprise
of the nation. I believe in good public administration, but I know its limitations. I am in favor of
restoring conditions which make business leadership possible, rather than of looking to the Government to provide it. It may be that we have reached
a new era in which the Government must run everything, but I hope not, because I do not want to see
this land of opportunity sink to a dead level in
which we shall all be civil servants working under
political control. If that should happen, we shall
have sold our American birthright for a mess pf
communistic pottage."
EDERAL RESERVE operations in the purchase
of additional amounts of United States Government securities from week to week have at last
been effective in bringing about an increase in the
volume of Reserve credit outstanding, and it will
now become incumbent to see that the process of
inflation is kept within bounds. Previously, the
result has been that though Reserve credit was being
employed in the acquisition of additional amounts
of United States securities, this was more than offset by a diminution in the volume of Reserve credit
F
186
Financial Chronicle
outstanding in other directions. More particularly
there has been a diminution in member bank borrowing at the Reserve institutions and a reduction in
the open market purchases of bankers' acceptances,
which also constitute a form of member bank borrowing. On the present occasion, however, the figures show that with the purchase of $20,046,000 of
additional United States Government securities the
amount of Reserve credit outstanding, as measured
by the total bill and security holdings, increased
from $2,177,227,000 to $2,202,442,000. Member bank
borrowing, as reflected in the discount holdings of
the 12 Reserve banks, did further decrease, the same
as in preceding weeks, dropping from $190,981,000
to $181,803,000. Contrariwise, however, the acceptances purchased in the open market ran up from
$8,186,000 to $23,084,000, and the increase in that
item, combined with the increase in the holdings of
United States Government securities, accounts for
the substantial increase that has occurred in the
amount of the Reserve credit outstanding, as already
indicated. The New York Reserve Bank last week
reduced its buying rate for acceptances from 2% to
1%,and this brought it a supply of bills.
There has also been on the present occasion an increase in the amount of Federal Reserve notes in
circulation, after the long series of antecedent decreases, the total rising from $3,061,324,000 to
$3,115,331,000. Concurrently, there was also an increase from $120,081,000 to $124,012,000 in the
amount of Federal Reserve ban?* notes in circulation. The Federal Reserve Bank reports a total increase in money in circulation for the week of no
less than $77,000,000, and of this $57,938,000 is accounted for by the expansion in Federal Reserve
note circulation and in Federal Reserve bank note
circulation. The expansion is no doubt explained
by the holiday demand for money in connection with
observance of the Fourth of July. Gold reserves
were further increased from $3,543,765,000 to
$3,549,092,000. The reserve liability on account of
the increase in Federal Reserve note circulation was
larger than the further increase in cash reserves,
even though the liability on deposits was reduced
owing to the falling off in such deposits from $2,509,783,000 to $2,450,724,000. The result is that the
ratio of gold reserves and other cash to deposit and
Federal Reserve note liabilities combined is slightly
lower at 68.4% as against 68.8% last week. The
amount of United States securities held as part collateral for Federal Reserve notes outstanding increased during the week from $441,200,000 to $505,700,000. Brokers' loans are now expanding as a
result of the increase in speculation on the Stock
Exchange at rising prices, and this week these brokers' loans, as shown by the reporting member banks
in the New York Federal Reserve District, rose from
$764,000,000 to $858,000,000; this last compares with
only $333,000,000 twelve months ago, on July 6 1932.
July 8 1933
should be attempted inasmuch as general commodity
price levels have not yet sufficiently advanced, while
the gold standard countries insisted that there must
first be stabilization before the Monetary and Economic Conference shall take up the other problems
for solution with which it is charged. The dollar
slumped even worse than on previous occasions, the
closing gold value of the dollar at New York on that
day being 75c., with quotations at some banks as
low as 72c. Simultaneously, there were spectacular
advances in the grain and cotton markets, all the
different wheat options in Chicago selling above a
dollar a bushel and closing 3 to 4y a bushel
/
1
2
2c.
higher for the day. Cotton at one time was up $2 a
bale, and closed about $1 a bale higher. On Tues- •
day, July 4, the stock markets in this country were
closed in commemoration of Independence Day. In
the European markets, however, the dollar further
slumped badly in terms of both British sterling and
the French franc as a result of the blunt statement
issued by President Roosevelt on Monday saying
there would be no compromise on the question of
early stabilization.
On Wednesday the dollar suffered still another
bad break, but our stock market did not respond as
on Monday, realizing sales on a large scale having
caused a temporary setback. On Thursday, however, the security markets resumed their upward
course, even though the foreign exchanges developed
a greater steadiness. On Friday the dollar slumped
still further, dropping to below 70c., and this gave
a new impetus to the rise in stocks.
Speaking generally, the influences which operated
to carry prices to new high levels were the same
as those of recent previous weeks. Trade reports
showed that business activity and recovery were proceeding in all lines of trade and industry, and that
carloadings were now running far in excess of the
corresponding weeks in 1932, while the electric output for the week ending July 1 aggregated 1,655,843,000 kilowatt hours as against only 1,456,961,000
hours in the same week of 1932, showing an increase
of 13.7%, the largest yet recorded for any week
thus far. This was an indication not only that business activity was proceeding on an increasing scale,
but it meant also that the growing activity in trade
insured larger revenues to the roads, while at the
same time the returns coming in for the month of
May in numerous instances registered very decided
improvement in net even in the face, in some instances, of diminished gross revenues, carloadings
in that month not having been on the same ascending scale as has now been proving the case for the
month of June. The iron and steel trade continued
to give a good account of itself, the steel mills of
the country now being reported as engaged at 56%
of capacity compared with 53% last week. The
"Iron Age" also reported "that steel demand has
been steadily becoming more diversified. Although
considerable recent buying of steel may have been for
HE stock market this week has manifested re- stocking purposes," the "Age" stated, "it was also
newed buoyancy, with further large and gen- true that consumption was steadily gaining,in some
eral advances in prices. Monday was a gala day instances forcing buyers to make immediate use of
in that respect, prices swinging up in spectacular their inventory material."
fashion, mainly as the result of the further depreciaAll the leading commodity markets show substantion in the exchange value of the American dollar, tial gains for the week, the spot price for cotton here
due to the growing friction between the gold bloc at New York on Thursday having been marked up
countries and the United States on the point of the to 10.50c. and the price yesterday having been 10.30c.
early stabilization of the American dollar, the as against 10.15c. on Friday of last week. In the
United States insisting that no early stabilization case of grain, wheat at Chicago for the July option
T
Volume 137
Financial Chronicle
closed yesterday at 9634c. against 9034c. on Friday
/
of last week, and the September option at 993
4c.
against 931 2c. Domestic copper closed yesterday
/
at 9c. as against 8c. on Friday of last week. The
exchange value of the American dollar suffered further sharp depreciation during the week. Cable
transfers on London closed yesterday at $4.67
against $4.2778 on Friday of last week. Cable
/
transfers on Paris closed at 5.53c. against 4.94 c.
/
1
2
on Friday of last -week. Silver in London continued
to move within narrow limits, the London price
yesterday being 18 5/16 pence per ounce as against
1858 pence on Friday of last week. The spot price
/
for crude rubber here in New York closed yesterday
at 7.62c. against 6.32c. on Friday of last week. The
bond market continued its spectacular rise, especially in the case of the low-priced issues, which
moved up with great rapidity on'the improved income prospects of the properties. Of the stocks dealt
in on the New York Stock Exchange, 495 established
new high records for the year during the week, while
there were no new lows for the year. In the case of
the New York Curb Exchange the record is 190 new
highs and six new lows. Call loans on the New York
Stock Exchange again continued unaltered at 1%
throughout the week.
Trading has again been large. On the New York
Stock Exchange the sales at the half-day session on
Saturday last were 2,791,230 shares; on Monday
they were 6,715,170 shares; Tuesday was Independence Day and a holiday; on Wednesday the sales
were 5,802,400 shares; on Thursday 6,541,910 shares,
and on Friday 6,972,880 shares. On the New York
Curb Exchange the sales on Saturday last were
332,680 shares; on Monday 706,593 shares; on
Wednesday 645,490 shares; on Thursday 802,214
shares. and on FridaY 1,023,499 shares.
,
As compared with Friday of last week prices are
quite generally higher. General Electric closed yesterday at 2938 against 24 on Friday of last week; North
/
American at 3 32 against 32; Standard Gas & Elec.
4
at 20% agaist 183/; Consolidated Gas of N. Y. at
3
8
601% against 57; Pacific Gas & Electric at 30%
against 2
81%; Columbia Gas & Elec. at 26% against
3
23%; Electric Power & Light at 13% against 12;
Public Service of N. J. at 533 against 523 ; Inter4
4
national Harvester at 44 against 403 ; J. I. Case
4
Threshing Machine at 97 against 883/2; Sears, Roebuck & Co. at 443 against 391%; Montgomery
4
Ward & Co. at 281% against 253/2; Woolworth at 49
against 46; Safeway Stores at •55% against 55;
Western Union Telegraph at 6234 against 553 ;
4
American Tel. & Tel. at 1323/2 against 12738; Brook/
lyn Union Gas at 8334 against 81; American Can at
953/i against 90%; Commercial Solvents at 28%
against 291%; Shattuck & Co. at 121% against 11, and
Corn Products at 81 against 763/2.
Allied Chemical & Dye closed yesterday at 13134,
against 1151% on Friday of last week; Associated Dry
Goods at 143 , against 153/2; E. I. du Pont
%
de Nemours at 8238, against 789; National Cash
/
Register A at 21, against 211 International Nickel
4;
at 19 8, against 18%; Timken Roller Bearing at
341%, against 31; Johns-Manville at 563/2, against 51;
4
Gillette Safety Razor at 171%, against 143 ; National
Dairy Products at 24, against 233/2; Texas Gulf
Sulphur at 333%, against 313/2; American & Foreign
Power at 18, against 16%; Freeport-Texas at 38%,
against 361 8; United Gas Improvement at 233/s,
/
against 22; National Biscuit at 58, against 57%;
187
Coca-Cola at 10134, against 9534; Continental Can
at 639, against 613 ; Eastman Kodak at 84, against
4
8234; Gold Dust Corp. at 25% against 23%; Stand3,
ard Brands at 271%, against 2734; Paramount Publix
Corp. ctfs. at 234, against 11 8; Westinghouse Elec. &
/
Mfg. at 55%, against 461 ; Drug, Inc., at 5434,
4
against 60; Columbian Carbon at 67, against 62;
Reynolds Tobacco class B at 49%, against 451%;
Lorillard at 2434, against 22; Liggett & Myers
class B at 9534, against 9334, and Yellow Truck &
Coach at 71%, against 64.
1
Stocks allied to or connected with the brewing
industry have moved irregularly this week. Canada
Dry closed yesterday at 245 ,against 25% on Friday
%
of last week; Crown Cork & Seal at 59, against 6034;
Liquid Carbonic at 381 , against 38;. Mengel Co.
4
at 1234, against 111 ; National Distillers at 1021%,
%
against 97; Owens Glass at 87, against 8434, and
IT. S. Industrial Alcohol at 69, against 601%.
The steel stocks have been foremost in their
strength. United States Steel closed yesterday at 66
against 58 on Friday of last week; United States Steel
pref. at 1031 against 9734; Bethelehem Steel at
%
485 against 413 , and Vanadium at 283' against
4
%
2534. In the auto group, Auburn Auto closed yesterday at 671% against 635 on Friday of last week,
%
General Motors at 3334 against 29%, Chrysler at
%
375 against 35, Nash Motors at 243 against 203 ,
%
4
Packard Motors at 6 against 51%, Hupp Motors at
4
61% against 61 , and Hudson Motor Car at 151%
against 11%. In the rubber group, Goodyear Tire
& Rubber closed yesterday at 3934 against 36% on
Friday of last week, B. F. Goodrich at 171% against
15%,and United States Rubber at 15% against 133 .
3
4
The railroad shares in their strength surpassed
all others. Pennsylvania RR. closed yesterday at
403 against 32% on Friday of last week, Atchison
4
Topeka & Santa Fe at 783 aagainst 6734, Atlantic
4
Coast Line at 56 against 4734, Chicago Rock Island
& Pacific at 93 against 7%, New York Central at
4
571% against 43, Baltimore & Ohio at 365 against
%
271%, New Haven at 325 against 293 , Union
%
%
Pacific at 1281% against 117%, Missouri Pacific at
93 against 534, Southern Pacific at 371% against
4
3134, Missouri-Kansas-Texas at 163% against 1434,
Southern Ry. at 3034 against 253 , Chesapeake &
%
Ohio at 465 against 415 , Northern Pacific at 34%
%
%
against 24%, and Great Northern at 33 against 25.
The oil stocks continued to rise on the good outlook for the oil trade. Standard Oil of N. J. closed
yesterday at 39% against 3734 on Friday of last
week, Standard Oil of Calif. at 3934 against 363%,
Atlantic Refining at 3034 against 28%, and Texas
%
Gulf Sulphur at 338 against 3134. In the copper
group, Anaconda Copper closed yesterday at 201%
against 16% on Friday of last week, Kennecott
Copper at 245 against 201%, American Smelting &
%
Refining at 37% against 34, Phelps-Dodge at 1634
against 133 , Cerro de Pasco Copper at 29 against
4
24%, and Calumet & Hecla at 834 against 7.
on stock exchanges
the leading
PRICE trendsfinancial centers wereingenerally upEuropean
ward this week, notwithstanding a little irregularity
in all markets. Traders and investors in London,
Paris and Berlin paid less attention to the World
Monetary and Economic Conference, and more to
the growing signs of recovery from the depression,
reports said. Much significance was attached to the
pronounced strength of the American securities mar-
188
Financial Chronicle
kets, which was reflected in the international sections of the London and Paris exchanges. Even
more impressive, however, were distinct signs of
trade improvement in all the leading industrial
countries of Europe, whether on or off the gold
standard. The fact that production is advancing
and unemployment is decreasing in France and Germany,as well as in England, gives assurance that the
recovery is not due merely to monetary manipulation but to other and more fundamental influences,
and a corresponding optimism is beginning to prevail throughout Europe. The steady and consistent
improvement is at last affecting all the important
trades, and government revenues also are beginning
to mount.
The London Stock Exchange was cheerful and
active in the opening session of the week. British
funds were slightly lower, but all other sections
showed good advances. Industrial stocks were
especially active, with speculative influences an important factor, while home rail stocks also reflected
a lively demand. Anglo-American favorites moved
up despite a fall in the dollar quotation. Business
improved further in Tuesday's session, and a number of notable advances occurred in various sections
of the list. British funds remained dull, but industrial stocks enjoyed a small boom and home railway
issues also continued their advance. The international section was relatively quiet, owing to the holiday in New York. In Wednesday's dealings these
main trends were continued. British funds were
neglected, but strong buying lifted the quotations
for industrial securities and home rail stocks, while
international issues also were firm. The tendency,
Thursday, was somewhat more irregular, partly because of end-of-account profit-taking. British funds
were steady, but small losses appeared in industrial
stocks. The selling was well absorbed, however, and
the undertone was firm. Home rail stocks received
excellent support on good traffic returns. International securities weakened slightly. After early uncertainty yesterday, industrial stocks resumed their
advance. British funds were quiet.
The Paris Bourse was affected somewhat by fears
of inflation early in the week. Industrial and bank
stocks were in keen demand in the initial session,
and prices advanced sensationally in some instances,
but rentes were weak. It was noted in reports that
the market was very thin and that prices advanced
easily. Trading was extremely active, Tuesday, with
much the same tendencies apparent. Stocks surged
ahead, with speculative issues in greatest demand,
while rentes drifted slowly lower. Profit-taking developed Wednesday, and put a damper on the swift
rise in the quotations for stocks. Small net gains
were reported, however, in a majority of issues.
Rentes again receded. Trading was quieter, Thursday, with liquidation more pronounced. Stocks
were heavy, with the losses important in many issues,
but rentes gained as the funds apparently were
placed in these fixed-income obligations. Price
changes were small yesterday in an irregular session
on the Bourse.
The Berlin Boerse was uncertain as business
started, Monday, with most stocks and all bonds
sharply lower. There were a few advances in issues
that are expected to benefit from the Government's
construction program for the alleviation of unemployment, but the international currency difficulties weighed heavily on the market and declines were
July 8 1933
the rule. The opening Tuesday was again weak, for
much the same reasons, but a better tendency set in
toward the close and a part of the initial drop was
canceled. The Boerse remained sluggish, Wednesday, but a better tendency prevailed in fixed-interest
securities. Apprehension regarding inflation in
Germany were less pronounced, and a steady buying
movement appeared in bonds, but stocks receded.
The tendency was irregular, Thursday, but the undertone was better. Bond quotations were sharply
higher, while stocks manifested more resistance
to the decline, with net changes small in this
division.
ALREADY noted in previous comments in
this issue, the World Monetary and Economic
Conference at London was in a state of continuous
tension during most of the current week, with adjournment steadily under consideration, owing to
the sharp refusal of President Roosevelt, Monday,
to commit the United States Government to currency stabilization at this time. Even though the
American attitude against immediate stabilization
of the dollar in relation to other currencies had been
previously made plain, President Roosevelt's curt
statement had all the effect of a bombshell in the
gathering, because of its tone and character, as
already indicated. So severe was the reaction that
the message was followed,two days later, by a milder
and more persuasive account of American views on
stabilization, presented through the United States
delegation in London. Currency stabilization was
effectually ruled out of immediate consideration at
the Conference by these moves, with sharply adverse
effects on the American dollar in the foreign exchange market. Profound disappointment was felt
by the delegates of the European "gold bloc" countries, which include chiefly France, Belgium, Holland, Switzerland and Italy, and a protracted debate
on adjournment developed Thursday in the bureau,
or • "steering committee" of the Conference. Notwithstanding the deep gloom which prevailed in
London, it finally was decided to keep the Conference in session for the discussion of economic questions, with tariffs ruled out.
The Conference struck the stabilization snag immediately after it was convened on June 12, and the
delegates of the gold bloc countries did not allow
the currency problem to drop into the background
for a moment. The American stand on the matter
was made very clear in several statements issued at
London, after due consultation with Washington.
Great Britain preferred to adopt a neutral attitude
in the dispute, siding neither with the United States
in favor of continued instability, nor with the gold
countries in favor of immediate anchoring of the
fluctuating units. After the arrival of Assistant
Secretary of State Moley in London, last week, the
efforts to achieve some sort of agreement on currency stabilization were redoubled by the gold country delegations, and it seemed for a time that
arrangements would be made for control of the
wilder speculative fluctuations of unstable currencies through concerted action by the central banks
and banks of issue in the nations concerned.
Toward the end of last week it was indicated that
experts of the United States, Great Britain, France,
Italy, Holland, Belgium and Switzerland had drawn
up a tentative agreement for the control of such
speculative fluctuations, and that it had been sub-
/V
Volume 137
Financial Chronicle
mitted for the approval of President Roosevelt with
earnest recommendations by some of the American
leaders in London for its acceptance. Last Saturday, however, a statement was issued by the United
States delegation in London, declaring that President Roosevelt had rejected the joint proposal in its
current form, and adding that a further statement
would be made Monday elaborating the United
States policy in the monetary field.
The text of the proposed declaration, published
last Saturday, called for agreement that stability
in the international monetary field should be obtained as quickly as practicable. It held, further,
that re-establishment of gold as a measure of international exchange value should be accomplished
with recognition that the time at which each of the
countries off gold should undertake stabilization
and the time at which parity is established must be
determined by the respective governments. The intent of the gold standard countries to maintain that
standard without further impairment was expressed
in the declaration, and it was asserted that goVernments of countries not on the gold basis "take note
of the above declaration and recognize its importance without in any way prejudicing their own
future ratios to gold, and reiterate that the ultimate
objective of their currency policy is to bring back
an international standard based on gold under
proper conditions." Each Government whose currency is not on the gold standard agreed to adopt
such measures as it might deem most effective to
limit exchange speculations, and that other signa-.
tory governments undertake co-operation to the
same end, the declaration continued. The signatory
governments were to agree, moreover, to ask their
central banks to work together in limiting speculation and, at the proper time, reinaugurate an international gold standard.
The announcement by Secretary Hull last Saturday that this agreement was not acceptable to the
Washington Administration "in its present form"
rudely shattered the hopes that some "truce" could
be arranged on temporary stabilization, and the Conference thus permitted to discuss other problems.
Far more drastic, however, was the message which
President Roosevelt sent to the gathering on Monday, the provisions of which have already been
discussed in the earlier portion of this article.
communication
REACTIONS to thisamong the 66 from President Roosevelt
delegations
assembled at London ranged from bewilderment to
scornful anger. "Another American schoolmaster,"
was the scornful and general comment, according
to one report. The tone of the message was variously interpreted as "pedagogic," "lecturing" and
"pulpit preaching," and was said to have caused
more annoyance than its actual content. "The passage in the message which has been generally accepted
on this side of the ocean as a laudation of managed
currency drove the final nail in the coffin of the
hopes of the gold nations, for it convinced them
that President Roosevelt differed from them not
only on details and on procedure, but also in fundamental conception of monetary policy," a dispatch
to the Associated Press said. The message was regarded as staggering in its implications. The gold
bloc countries considered that Mr. Roosevelt had
issued a grave challenge to all they stand for in the
way of monetary policy, and an uneasy apprehension
189
prevailed that the United States had undermined
the gold standard everywhere. The first impulse
throughout the Conference was for adjournment, at
least until the smoke of the currency stabilization
battle had cleared away, and even the United States
delegation was said to feel adjournment advisable.
It was made known that Premier Colijn of Holland
would move for adjournment in a meeting of the
Steering Committee Tuesday, with a final plenary
session to be held Thursday in order to ratify this
aim. But pressure for continuing promptly was
applied, first by the American delegates under instructions from President Roosevelt, and then by the
British, and this view ultimately prevailed.
The. gold standard countries, with a few rather
anomalous additions, hastily organized for the defense of their position, when the American rejection
of the proposal for curbing speculative currency
fluctuations was received. A declaration was drawn
up and signed by representatives of France,Holland,
Italy, Poland, Switzerland and Belgium, last Monday. These governments, it read, "convinced that
maintenance of their currencies is essential to the
economic and financial restoration of the world, for
the return of credit and for the safeguarding of
social progress already accomplished, confirm their
formal will to maintain the free functioning of the
gold standard in their respective countries at the
present gold parities and within the framework of
existing monetary law, and ask their central banks
to remain in close contact in order to give this declaration the maximum effect." Czechoslovakia was
hastily added to the signatories, Wednesday, after
serious runs had developed on banks in that country
because of an impression that the lack of a Czechoslovakian signature meant virtual abandonment of
the gold standard by the country. The runs were
brought under control soon after the announcement
that the Prague Government had aligned itself with
the gold group.
The fight to keep the Conference going was
speedily organized by Secretary of State Cordell
Hull, after receipt of a message urging this course
from President Roosevelt in the early hours of Tuesday. "The President's cable to Secretary Hull was
sent very soon after receipt of an urgent message
from the Chairman of the American delegation, outlining the desperate status of the parley and asking
new instructions," a Washington dispatch to the
New York "Times" said. The time factor favored
the American contentions that much useful work can
still be done by the gatherings London reports indicated. "Sober second thought has succeeded the disappointment and anger over the tone and substance
of the President's message," a dispatch of Tuesday
to the New York "Times" remarked. "Confronted
with the consequences that may follow adjournment
and the inevitable public reaction if the Conference
throws up the sponge, few delegations wish to take
the risk of incurring them," the report added. The
Steering Committee of the Conference decided after
long deliberations, Tuesday, to wait until Thursday
before making a final decision on adjournment. An
important factor in this decision was the attitude
of the British delegation, it is said. The Dominions
were especially anxious to avoid a breakdown, and
the London Government concurred in these views,
with the result that the whole weight of Anglo-Saxon
opinion was thrown against the proposal for ad,
journment.
190
Financial Chronicle
After much intercommunication between Washington and the American delegation at London, a
statement was issued by Secretary of State Hull in
London, Wednesday, concerning the stand of the
United States in connection with the Conference.
This statement was viewed in the British capital as
an attempt to moderate the harshness of the message published Monday, and to explain and justify
the American attitude toward stabilization. After
briefly summarizing the previous message, the statement indicated that "revaluation of the dollar in
terms of American commodities is an end from
which the Government and people of the United
States cannot be diverted." In order to make this
perfectly clear, it was reiterated that Americans are
interested in American commodity prices. "What
is to be the value of the dollar in terms of foreign
currencies is not and cannot be our immediate concern," the statement continued. "The exchange
value of the dollar will ultimately depend upon the
success of other nations in raising the prices of
their own commodities in terms of their national currency, and cannot be determined in advance of our
knowledge of that fact. There is nothing in our
policy inimical to the interests of any other country,
and we are confident that no other country would
seek to embarrass us in the attainment of the economic ends required for our economic health."
It was pointed out in the statement that the depreciation and ultimate devaluation of the currencies of France, Italy and Belgium in the post-war
years occasioned no criticism from the United
States, while the drop from the gold standard by
Great Britain and the Scandinavian countries in
recent years was met by sympathetic understanding
here. Great Britain has been off the gold standard
nearly 1% years, while the United States has been
off less than three months, it was added. Nevertheless, the statement said, the United States Government gladly associates itself with a statement of
British policy, made in behalf of the Chancellor of
the Exchequer in the House of Commons, July 4,
favoring return to the gold standard as the ultimate
objective, while reserving complete liberty of action
as regards the time and parity of any such return.
"If there are countries where prices and costs are
already in actual equilibrium we do not regard it to
be the task of the Conference, as it certainly is not
the purpose of the American Government, to persuade or compel them to pursue policies contrary to
their own conception of their own interests," it was
stated. In order to'escape from present evils and
avoid their repetition in the future, the first task
is to restore prices to a level at which industry and,
above all, agriculture, can function profitably and
efficiently, while the second task is to preserve the
stability of this adjustment, once achieved, the Conference was reminded. The part which gold and
silver should play after adjustment has been secured
would seem a further subject suitable for consideration by the Conference. Finally, the need for exploration of the pressing problems confronting the
gathering was held to be as great as when the Conference met, and the advisability of further discussion was urged.
---.---QUITE as important as the statement issued in
London were indications in Washington that
President Roosevelt was preparing to embark on a
plan for a managed American currency based on the
July 8 1933
1924-1925 commodity price levels. This and other
aims of the Administration might not be realized for
two or three years, and an international stabilization treaty may not be possible in the interim,it was
maintained. "The President indicated," a dispatch
to the New York "Times" said, "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." The Administration also
was represented as believing that no feasible plan
had been advanced at London for stabilization of
world currencies. It was 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 reserves of the member banks of
the System, it was pointed out.
When the question of adjournment came up for
discussion in the meeting of the Steering Committee
of the Conference at London, Thursday morning,
earnest efforts to keep the gathering in session again
were made by American representatives and leaders
of the British Dominions. In this they were successful, but in order to meet some of the delicate requirements of the situation it was agreed to restrict the
discussions. The gold standard countries found
themselves obliged to declare that for the time being
they could not take part in any monetary discussions, obviously because any such conversations
might lead their countrymen to the conclusion that
lapses from the gold standard might occur. The
various subcommittees of the Conference were requested to meet as soon as possible to draw up a
list of questions which can be usefully studied in the
circumstances as they have developed. Although
the text of the Steering Committee's resolution contains no reference to tariffs, it was reported that discussion of tariffs and quotas had been ruled out on
the insistence of the gold standard countries, which
maintained that any agreement would be impossible
until currency stabilization had been achieved. In
deciding to continue, the Steering Committee was
influenced by an emotional plea by Secretary of
State Hull, dispatches said. Representatives of
Great Britain,the Dominions,Japan and the Scandinavian countries also urged further sessions. Finance Ministers Bonnet of France and Jung of Italy
argued for adjournment, since the basis of the Conference had been entirely changed by recent developments in the United States. Neville Chamberlain,
Chancellor of the British Exchequer, urged a compromise and suggested continued discussions on the
many problems facing the gathering.
Although the arrangement for continuance was
considered a victory for the American group, there
was not much expectation in London that any substantial results now can be attained at the Conference. "Faithful to the last to Conference technique,
the delegates avoided giving the parley a clean-cut
end, and arranged instead for its demise through
the slow process of lack of nourishment," a London
dispatch to the New York "Herald Tribune" remarked. There were predictions by a few more
optimistic observers that the gold bloc countries
might back down and eventually discuss monetary
and other questions. But on the other hand, Finance Minister Georges Bonnet announced that he
Volume 137
Financial Chronicle
was returning to Paris, next Monday, and he indicated that the other important members of the
French delegation Would follow him soon.
There were indications yesterday that the gold
standard countries intend to fight with intense
energy against any impairment of their position.
It was indicated in London that the Governors of
central banks in six gold standard countries would
meet in Paris, to-day, to work out a plan for cooperation in remaining on gold. The "gold standard
countries" named are France, Italy, Belgium, Holland, Switzerland and Poland, although the appelation clearly does not fit all of them. Some dispatches state that Czechoslovakia also will be a
member of this bloc. A gold-bloc customs union was
reported in a London dispatch to the Associated
Press to be under consideration as one means to be
employed in the fight against inflation. The Paris
meeting to-day will be attended by Leon Fraser,
President of the Bank for International Settlements, and the facilities of the bank probably will
be placed at the disposal of the gold standard countries, since its statutes require it to promote the
establishment and maintenance of the gold standard
everywhere.
191
bills in amounts of 30, 40 and 50 marks, or multiples thereof. Untransferred amortization payments, on the other hand, will be held in the conversion fund for the credit of bondholders. Regulations providing for the possible use of the latter
sums will be issued soon, it is remarked.
Dr. Schacht received foreign newspaper correspondents last Saturday, to explain the necessity
for the moratorium decree which was made effective
that day. Germany had made extraordinary efforts
to be fair to her creditors, the Reichsbank President
said, but the outside world had forced the Reich
to take her future into her own hands. In a dispatch
to the New York "Times" it was noted that he placed
the blame for the moratorium decree on the failure
of the London Monetary and Economic Conference
to deal with the debt problem, and on the "deliberate currency deprecation by Britons, Scandinavians and Americans." Germany is determined to
maintain her currency at the gold parity rate, he
reiterated. It was also emphasized that the modifications of the transfer moratorium were for six
months only. "If German exports do not obtain
freer markets than heretofore, payment of Germany's private debts will become wholly impossible," Dr. Schacht continued. "Germany's great
O THE series of modifications of the German indebtedness is, first of all, a consequence of the
moratorium decree of June 9, covering pay- senseless and vicious tribute policy which attempted
ments in foreign currencies on the external debts of to shift Germany's political debts onto the shoulders
German borrowers, has been added a further "con- of private debtors. The Young loan is a typical excession," announced on June 30, just before the ample. It is nothing more than an experiment in
decree became effective. After a protracted meeting collecting impossible tribute with the money of priwith the German Cabinet, it was indicated by Dr. vate foreign investors. Now the depreciation of forHjalmar Schacht, President of the Reichsbank, that eign currencies has further strangled Germany's expayment in foreign currencies will be permitted dur- ports, with which alone Germany can pay her debts."
ing the final six months of this year to the extent of
50% of interest or dividends due on long-term inNE of the most pronounced changes in American
debtedness or on stocks. The maximum payment
foreign policy in recent years is implied in
in that fashion in the period will be 4% interest the decision, announced at Washington last Sunor dividends, which means, a dispatch to the day, to finance, through the Reconstruction Finance
New York "Times" remarks, that Reichsbank Corporation, the sale of 60,000 to 80,000 bales of
shareholders will obtain transfer of only 331 3
/% cotton to an official agency of the Russian Soviet
instead of 50% of the bank's 12% dividend. Government, for shipment to that country. This
The 4% limitation will not occasion any reduc- transaction is expected to involve about $4,000,000,
tion in the transfer of bond interest, it is noted. which will be advanced to American exporters of the
Dr. Schacht reaffirmed, at the same time, that the staple in the form of loans for one year, bearing
Dawes 7% loan of the German Government will be interest at 5%. Such loans will be secured by notes
fully exempt from the moratorium, while the Young of the Amtorg Trading Corporation, which is owned
Plan 51 2% international loan will be exempt so far by the Soviet Government, and the notes will be
/
as interest is concerned. These arrangements sup- guaranteed unconditionally by the State Bank of
plement the agreement made early last week, where- the Soviet Union. The Russian Corporation will
under full transfer of interest on short-term loans pay 30% of the purchase price in cash at time of
under the standstill pact will be permitted.
shipment, which is to take place promptly. Under
In announcing the latest modification, Dr. the terms of the loan the cotton purchases are to
Schacht remarked that the Reichsbank "proceeds be made in the open market and not from any holdwith this regulation on the essential presuppositions ings of United States Government agencies. Jesse
that the normal development of Germany's foreign H. Jones, Chairman of the R. F. C., announced the
trade will not be interrupted from any side because arrangement after receipt of Associated Press disof the execution of the projected regulation, and patches from London, to the effect that a plan for
that the early resumption of full transfer is wholly selling American cotton to Russia was under condependent on the development of Germany's ex- sideration by Assistant Secretary of State Raymond
ports." Such international payments, he warned, Moley, and Maxim Litvinoff, Foreign Commissar of
can be made in the end only through the movement the Soviet Union. The loans had been approved by
of goods or through services. Amounts paid by Ger- President Roosevelt and Secretary of the Treasury
man creditors, but not transferred, will be kept in Woodin, Mr. Jones stated.
marks in the conversion fund, which the Reichsbank
In confirming this arrangement, Mr. Jones emphawill administer, but distinctions will be made be- sized that the transaction did not involve recogtween the various kinds of payments. To cover the nition by the United States of the Soviet Governuntransferred interest and dividend payments,there ment. Mr. Moley, in London, also denied that it
will be placed at the disposal of creditors negotiable implied recognition. That subject is political, Mr.
T
O
192
Financial Chronicle
Moley said, and he denied having authority to discuss it.
The loan by the R. F. C. to finance the sale of
American cotton to Russia was under consideration
for about a month, the question first coming up
early in June immediately after a $50,000,000 loan
to the Nanking Nationalist Government of China
was announced by the R. F. C. officials, to cover
cotton shipments to that country. A. Rosensheim,
New York representative of the Amtorg Trading
Corporation, suggested the loan to finance cotton
shipments to Russia, with the idea of developing a
"very considerable trade." After studying the matter and conferring with President Roosevelt and
Secretary Woodin, the R. F. C. directors indicated
their willingness to make the advances. It was
noted in Washington press dispatches that the
Soviet Government has scrupulously met all its
foreign engagements since 1919, and is one of the
very few governments in the world to have done so.
In a Washington report of Monday to the New
York "Times" it was remarked that seasoned observers within the Government attach much significance to the terms of the financing arranged
by the R. F. C., and accepted by the Amtorg Trading Corporation. As against the initial payment of
30% and completion of the transaction in a year,
it was recalled that in most Soviet purchases from
foreign countries little or nothing is offered in down
payment, with three years usually requested for
meeting the sum in full. "The conclusion of several
authorities on this point is that considerations of a
political nature must be a factor in Russia's willingness to comply with the American terms," the dispatch added. One point, reported in this dispatch,
is that the American exporters will be required to
guarantee repayment of the loans by the R. F. C.
to the extent of 25%. In a supplementary statement, Monday, Mr. Jones indicated that any American exporter with resources and standing satisfactory to the R. F. C. will be entitled to the loans. It
was suggested in some accounts that further loans
will be arranged to finance the sale of American
agricultural machinery and other products to
Russia.
ERMINATION of the trade conflict between
Great Britain and Soviet Russia was announced in the capitals of the two countries, last
Saturday, after a series of conferences in London
between the British Foreign Secretary, Sir John
Simon, and Foreign Commissar Maxim Litvinoff,
of Russia. The embargoes placed by both countries
on imports from the other were promptly revoked,
and negotiations were resumed for a new AngloRussian commercial treaty. Concurrently with this
announcement, and obviously as part of the arrangement, the two British engineers who were imprisoned for sabotage by a Moscow court in April were
released and given permission to return to England.
The announcements that normal trade relations between the two countries had been restored were
brief. In London dispatches it was indicated, however, that the official conferences between Sir John
Simon and M. Litvinoff were concerned chiefly with
the finding of a "face-saving formula" satisfactory
to both Governments. It was noted in Moscow reports that W. H. Thornton and W. L. MacDonald,
the two engineers, were released a few hours after
the embargoes were ended. But in London it was
July 8 1933
indicated that M. Litvinoff first had notified the
British Foreign Secretary that the appeals of the
engineers for commutation of the.
sentences had been
granted by the Executive Committee of the Soviets.
The two Britons arrived in London, Wednesday,
where they were wildly cheered by a huge crowd
assembled at the railway station. The embargoes,
which were terminated on July 1, were applied on
April 26 by the British Government on 80% of the
imports from Russia, and on the following day by
the Russian Government, which retaliated with a
complete embargo on imports from Great Britain.
Relations of the Soviet Government with other
countries also are improving rapidly. We have
already noted the arrangement for financing of
American cotton sales to Russia by an official
agency of the United States Government. In London, meanwhile, Foreign Commissar Litvinoff has
taken advantage of the presence of numerous officials of all countries by negotiating a series of nonaggression treaties with most of the important neighboring States of Russia. Agreements were signed
by M. Litvinoff, Monday, with plenipotentiaries of
Poland, Rumania, Latvia, Estonia, Turkey, Persia
and Afghanistan, providing that no excuse of a
political, military or economic nature shall justify
aggression between the signatories, as defined very
closely and clearly in the Politis report to the Security Committee of the General Disarmament Conference. On the following day similar conventions
were signed with Czechoslovakia and Jugoslavia,
while another was signed Wednesday with Lithuania. The pact with Rumania was regarded as
highly important throughout Europe, as it is believed to indicate the end of the long dispute between
Russia and Rumania regarding the sovereignty of
Bessarabia, which was carved out of Russia in the
1919 peace settlement and awarded to Rumania.
The series of arrangements effected in London occasioned the comment in an Associated Press dispatch
of July 4 that H. Litvinoff, alone among the statesmen assembled at London, had obtained something concrete out of the meetings in the British
capital.
Negotiations between the Governments of Soviet
Russia and the Japanese puppet State of Manchukuo
were instituted at Tokio, last week, for the sale to
Manchukuo of Russian interests in the Chinese
Eastern Railway, which runs across Manchuria for
nearly 1,000 miles. The Japanese ostensibly are acting in an advisory capacity in these negotiations,
but in view of their absolute control of their creature
in Manchuria, the discussions are regarded as virtually direct between Russia and Japan. Soviet
delegates at this conference submitted a memorandum, Monday, which called for transfer of ownership of the railway proper and all timber and other
concessions for a consideration of 250,000,000 gold
rubles, or about $132,600,000. Spokesmen of the
Manchukuan Government countered with an offer
of 50,000,000 Japanese yen ($13,500,000 at the prevalent exchange rate) for the entire property. Despite
the great disparity, neutral observers in Tokio were
said to believe that a compromise would be reached
in long-drawn bargaining between the officials.
Any arrangement for sale of the railway would signify an adjustment of one of the most delicate problems of the Far East, and one which has disturbed
Russian relations with Japan and China on numerous occasions in recent years.
Financial Chronicle
Volume 137
ITHDRAWAL of the United States from the
International Convention for the Abolition
of Import and Export Prohibitions and Restrictions
was announced in Washington, Wednesday, concurrently with publication of a note to the SecretaryGeneral of the League of Nations to that effect. The
American action is similar to that taken by Great
Britain on June 14, when London withdrew in order
to have a free hand at the World Monetary and Economic Conference. In the note to the Geneva authorities, it was remarked by Acting Secretary of
State Phillips that the American Government had
hoped, when the convention was signed in 1927, that
its principle would be accepted by all nations. "The
reverse has, however, been true," the note continued,
"and the withdrawal from the convention of other
nations which had adhered leads to the conclusion
that the existing convention may not be fully
adapted to present economic and commercial conditions in the world."
In a Washington dispatch to the New York
"Times" it was remarked that plans had been made
for announcement of the withdrawal by Secretary
of State Cordell Hull, in London, in the expectation
that some agreement would be reached at the London
Conference giving real strength to the purpose of
the convention. The convention stipulates, however, that notification of withdrawal must be on
hand on June 30 of any year to be effective for the
following year, and official withdrawal was accordingly made immediately after Great Britain acted
in June. The agreement was to become effective not
later than Sept. 30 1929, provided 18 countries had
ratified it by that time. Twenty countries actually
ratified the convention before the date set, but in
some cases the actions were so hedged about by conditions based on ratification by other States that it
never did go into effect. A protocol placing it in
effect among seven countries was signed Dec. 30
1929, the signatories being the United States, Great
Britain, Japan, Sweden, Denmark, Holland and
Portugal. As originally drafted, the convention
provided for removal within six months of all prohibitions and restrictions against imports or exports
by the contracting countries.
W
193
of
THE BankJuly England statement for the week
ended
5 shows a further gain in gold
holdings which of course again brings the total to a
new high mark. The amount of the increase was
£370,711 and the new high mark reached, £190,954,832. A year ago the Bank held only £136,965,018 of
bullion. As the gain in gold was attended by an
expansion of £3,648,000 in circulation, reserves fell
off £3,277,000. Public deposits rose £2,113,000 and
other deposits decreased £5,070,602. The latter consists of bankers' accounts which fell off £12,776,750
and . other accounts which increased £7,706,148.
Proportion of reserve to liability dropped to 45.57%
from 46.76% a week ago. A year ago the ratio was
33.27%. Loans on Government securities increased
£353,000 and those on other securities £19,724. The
latter consists of discounts and advances which fell
off £289,662 and securities which rose £309,386.
The rate of discount is unchanged at 2%. Below
we show the figures with comparisons for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
July 5
1933.
July 6
1932.
July 8
1931.
July 9
1930.
July 10
1929.
£
£
£
£
£
Circulation_ a
578,773,000 366,678,881 359,257,662 363,803,626 388,839,800
Public deposits
16.175,000 20,947,109 15.734,020 9,264,376 9.230.390
Other deposits
142,214,646 115,163,831 99,529,705 105,769,921 102,527.832
Bankers accounts_ 92.343,876 80,922,753 64,543,324 69,532,815 65,380,123
Other accounts... 49,870,770 34,241,078 34,986,381 36,237,106 37,167,709
Govt. securities
75,726,033 67,620,570 31,825,906 54,125,547 43,291,8.55
Other securities
28,528,858 41,238,065 34,939.855 26,176,439 39,649,422
Disot. & advances_ 16,352,931 14.991,091 7,102,368 6,265,564 16,182.431
Securities
12,175,925 26,246,974 27,837,487 19,910,875 23,466,991
Reserve notes & coin 72,182,000 45,286,137 66,553,284 52,781,828 46,871,907
Coin and bullion
190.954,832 136,965,018 165,810.946 156,585,454 155,711.707
Proportion of reserve
45.57%
to liabilities
33.27%
57.73%
45.88%
41.93%
Thank rate.
2.7...
2%,
244%
3%
M4%,
a On Nov. 29 1928 the fiduciary currency was amalgamated with Rank of England
note Issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
HE Bank of France in its statement for the week
ended June 30 records a decrease of 1,714,727
francs in gold holdings. The Bank's gold stands now
at 81,242,741,809 francs, in comparison with 82,316,793,585 francs a year ago and 56,228,692,706 francs
two years ago. Credit balances abroad, bills bought
abroad and advances against securities register increases of 49,000,000 francs, 1,000,000 francs and
99,000,000 francs while French commercial bills
discounted and creditor current accounts reveal a
loss of 629,000,000 francs and 1,776,000,000 francs
respectively. A large gain is shown in note circulation, namely, 2,117,000,000 francs. The total of
HE Bank of Japan on Monday July 3 reduced circulation is now 84,708,889,890 francs, as compared
its discount rate from 4.38 to 3.65%,the former with 82,709.569,635 francs last year and 78,609,rate having been in effect since Aug. 18 1932. The 675,165 francs the previous year. The proportion of
Java Bank on Saturday July 1, raised its rates A of gold on hand to sight liabilities stands at 77.80%,
1% to 5%. Present rates at the leading centers last year it was 76.11% and the previous year 56.47%.
are shown in the table which follows:
Below we furnish a comparison of the various items
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
for three years:
T
T
Counittl.
Austria...,
Belgium _.
.
Bulgaria...
Chile
Colombia...
Czechoziovakia____
Danzig _ .....
Denmark.
.
England_ _ _
Estonia....
Finland__
France _ _
.
Germany..
Greece
Holland
Rafe In
PreDate
Wed
atm
July 7 Eslabliskea. Rate.
5
3%
8%
414
5
Mar.23 1933
Jan. IR 1932
May 17 1932
Aug. 23 1932
Sept. 19 1932
6
2%
0%
554
6
354
4
3
2
554
5%
254
4
734
414
Jan. 25 1933
July 12 1932
June 1 1933
June 30 1932
Jan. 29 1932
May 27 1933
Oct. 9 1931
Sept. 31 1982
May 29 1933
June 28 1933
4%
5
314
254
654
6
2
5
9
334
Country.
Raiz in
Date
Wed
July7 Established.
Hungary... 414 Oct. 17 1932
ilyi Feb. 16 1933
India
Ireland.-- 3
JUne 30 1932
4
Jan. 9 1933
Italy
3.65 July 3 1933
Japan
July 1 1933
5
Java
May 5 1932
7
Lithuania
Norway.-. 354 May 23 1933
Oct. 20 1932
Poland._.. 6
Portugal -_. 6
Mar'14 1633
Apr. 7 1933
Rumania _ . 6
Feb. 21 1933
South Africa 4
6
Oct. 22 1932
Spain
June 1 1933
3
Sweden..
Jan. 22 1931
Switzerland 2
BANK OF FRANCE'S COMPARATIVE STATEMENT.
P.,stout
Mae.
Changes
for Week.
June 30 1933. July 1 1932.
July 3 1931.
5
4
814
5
4.38
4%
754
4
714
614
1
5
64
3%
254
Gold holdings
Credit baLs. abroad_
aFrench commercial
bills discounted_ —629,000,000 2,791,790,042 2,868,739,918 4,431,968,358
bBills bought abroad
+1,000,000 1,405,460,887 1,701,854,743 18,686,568,993
Adv. against secure.
+99,000,000 2,766,386,605 2,815,362,854 2,891,802,934
Note circulation_ _ _ _ +2,117,000,000 84,708,889,890 82,700,569,635 78.609,675,165
Credit current sects —1,776,000,000 19,714,850,704 25,440.387,211 20,971,382,442
Proportion of gold
on hand to sight
liabilities
—0.26%
77.80%
76.11%
56.47%
a Includes bills purchased in France. b Includes bills discounted abroad.
In London open market discounts for short bills
•on Friday were 3/@9-16%, as against /@9-16%
1
2
on Friday of last week and 9-16@/% for three
months' bills as against 3/2@9-16% on Friday of
last week. Money on call in London yesterday was
M%. At Paris the open market rate remains at
2% and in Switzerland at 13/2%.
HE Reichsbank's statement for the last quarter
of June shows a decline in gold and bullion
of 33,942,000 marks. This further loss reduces
the total of gold holdings to 188,719,000 marks.
At the corresponding period a year ago, the total of
gold was 832,209,000 marks and the year before it
was 1,421,095,000 marks. Increases appear in re-
Francs.
Francs,
Francs.
Francs.
—1,714,727 81,242,741,809 82,316,793,585 56,228,692,706
+49,000,000 2,585.823.346 4,528,521,085 6,945,695,379
—4--
T
July 8 1933
Financial Chronicle
194
serve in foreign currency of 3,478,000 marks, in bills
of exchange and checks of 235,333,000 marks, in
advances of 139,814,000 marks, in investments of
495,000 marks, in other assets of 124,949,000 marks,
in other daily maturing obligations of 19,175,000
marks and in other liabilities of 34,696,000 marks.
Notes in circulation record a gain of 282,019,000
marks, raising the total of the item to 3,650,294,000
marks. A year ago circulation aggregated 3,984,207,000 marks and the year before, 4,294,685,000
marks. Silver and other coin and notes on other
German banks show decreases of 123,293,000 marks
and 10,947,000 marks respectively. The proportoin
of gold and foreign currency to note circulation
stands 7.5% in comparison with 24.1% last year
and 40.1% the previous year. Below we furnish a
comparison of the different items for three years:
REICHSBANICS COMPARATIVE STATEMENT.
Changes
for Week.
June 30 1933. June 30 1932. June 30 1931.
-s.
Retchsmarks. Retehsmarks. Retchsmarks. Reichsmark
Assets—
—33,942,000 188,719,000 832,209,000 1,421,095,000
Gold and bullion
87,150,000 177,041,000
41.269,000
No change.
Of which depos. abroad
84,530,000 129,688,000 299,574,000
+3,478,000
Reserve in foreign curt'.
Bills of each,and checks +235,333,000 3.212,597,000 3,102,382,000 2,652,327,000
77,991,000
212,883,000 190,855,000
Silver and other coin... —123,290,000
2,318,000
2,528,000
3,315,000
—10,947.000
Notes on other Ger.bks.
+139,814.000 209,648,000 261,318,000 355,179,000
Advances
+495.000 320,685,000 364,431,000 102,765.000
Investments
+124,949,000 530,340,000 844,492,000 855,863,000
Other assets
Liabilities—
Notes in circulation.--- +282,019,000 3,650,294,000 3,984,207,000 4,294,685,000
+19,175,000 446,886,000 472,682,000 397,949,000
Other daily matur.obi*.
+34,696,000 210,850,000 703,588,000 587,149,000
Other liabilities
Propor.of gold & foreign
40.15,
24.15,
—1 5%
7.85
....,.... tr• nn. nirevIl'n
for extra choice names running from four to six
0
months and 1347 for names less known.
acceptances has
prime
demand
from
week,
THEtownvery forbutthis bankers'particularlyscarce.
good
been
the best paper is still
out of
banks,
Rates have been advanced. Rates were raised on
Friday A of 1% in both the bid and asked columns
on all maturities. The quotations of the American
Acceptance Council for bills up to and including three
months are A% bid, and A asked; for four months,
3
Y% bid and 4% asked; for five and six months,
13/8% bid and 1% asked. The bill buying rate of
the New York Reserve Bank is 1% for bills running
from 1 to 90 days, and proportionately higher for
longer maturities. The Federal Reserve banks'
holdings of acceptances rose during the week from
$8,186,000 to $23,084,000. Their holdings of acceptances for foreign correspondents has also increased during the week from $36,060,000 to $36,140,000. Open market rates for acceptances are
as follows:
DELIVERY.
Prime eligible bills
Prime eligible bills
SPOT
—180 Days— —150 Days— —120 Days—
Asked.
ltIct.
Asked.
Bid.
Bid.
Asked.
34
1
1
19
13'
—SODaVs—
Days— —30Days—
Bed.
Asked. BM.
Asked.
Bid.
Asked.
3.5
M
Si
3'
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
114% bid
114% bid
been no changes this week in the
occurred this
of the
rediscount
money
SLIGHT advancesasinanratesthe effect Yorkweek in THERE have ratesscheduleFederal Reserveinbanks.
New
departments of
several
of rates now
effect
of the recent The following is the
indirect
apparently
market,
elimination of interest payments on demand deposits
under the Glass-Steagall banking act. Substantial
withdrawals of deposits by out-of-town institutuons
are beginning to affect the market a little. Rates at
which the New York banks are lending funds to
dealers to carry bankers' bills were advanced slightly
yesterday, it was reported, and the dealers responded
with an all-round increase of A% in acceptance rates.
The official buying rate of the New York Federal
Reserve Bank is 1% for bills maturing up to 90 days
No changes have been noted in commercial paper
rates.
Call loans on the New York Stock Exchange held
at 1% all week, both for renewals and new loans.
In the outside market loans were reported done at
i% to Thursday, inclusive, but there were no
Y
offerings at a concession yesterday. A slightly
firmer tendency also was reported in time loans yesterday. Both the usual tabulations of brokers'
loan totals were made available this week, wtih sharp
increases evident as a result of the speculative enthusiasm. The comprehensive Stock Exchange figures
for the entire month of June reflected an increase
during the month of $251,876,682. The Federal
Reserve Bank of New York figures for the week to
Wednesday night showed an advance of $94,000,000.
rates on the
in detail with
1%
day to
DEALINGExchange from call loanday, week has
Stock
for
been the ruling quotation all through the
both new loans and renewals. The market for time
money has been very quiet this week with only one
or two transactions in 90-day money. Otherwise
the market has been at a standstill. Rates are
l%
nominal at Y for 30 days, 1% for 60 days to five
0
months, and 137 for six months. The market
for commercial paper has been active this week.
The supply of paper is increasing. Rates are 13/2%
for the various classes of paper at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Rank.
Barton_
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas city
Dallas
San Francisco
Rate to
Wel on
July 7.
2)4
a
334
3%
3
334
3%
3%
3
Date
EstabItthed.
Previous
Rate.
June 1 1933
May 26 1933
June 8 1933
June 10 1933
Jan. 25 1932
Nov. 14 1931
May 27 1933
June 8 1933
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
June 2 1933
3)4
3
3)5
3)4
4
3
33'
33'
4
3
4
334
has
this
STERLING exchange been fluctuated awildly senweek and has further advanced in most
due
has
mainly to the desational way. This
termination of the gold bloc countries—France, Italy,
Belgium,Holland,Switzerland and Poland—to adhere
firmly to gold, and the resolute action of the American
Government in refusing to agree to the early stabilization of the dollar. The market is in a highly
nervous state owing to the wild gyrations in exchange
and especially to the unprecedented swings in sterling
and the franc. On July 5 in consequence of President
Roosevelt's rejection of the stabilization plans brought
up at the Monetary and Economic Conference in
London the United States dollar fell in Paris and
London to the equivalent of 73.7 cents gold, in Amsterdam to 74.0 cents and in Zurich to 73.6 cents.
But this was as nothing compared with the further
break in the dollar which occurred yesterday when
sterling rose to $4.75 and the franc to 5.63 cents,
making the dollar worth less than 70 cents. The
range for sterling this week has been from 4.3134 to
/
4.743 2 for bankers' sight bills, compared with a range
of between 4.20M and 4.43 last week. The range
for cable transfers has been between 4.324 and 4.75,
4
compared with a range of between 4.203 and 4.433/i
a week ago. Of course the major events affecting
Volume 137
Financial Chronicle
the foreign exchanges this week were centered around
the developments at the London conference. These
are fully described in other columns. Actual transactions in the foreign exchange market are very light
and the wide variations in quotations from hour to
hour, representing rather the attempts of foreign exchange traders to gauge the pulse of the market than
the result of actual trading transactions. Only the
most essential transfers are effected and dealings in
commercial bills are of very small volume.
Following the announcement of the gold block
countries that the chief officers of their central banks
would meet promptly in Paris in order to formulate
effective plans for the mutual protection of their
respective currencies against speculative drives, the
market reported that there was evidence of a movement.of capital and gold to these countries, so that
on Wednesday the gold currencies in London displayed considerable strength against sterling, contrary to the usual tendency of the recent past in
favor of sterling, which had been held down only by
persistent selling of sterling by the British Exchange
Equalization Fund. There can be no doubt that at
the moment, at least, the London authorities have
not taken a technical position in the exchange market, as they are anxious to avoid any appearance of
serious conflict with the Washington administration
program for the dollar. On the other hand bankers
generally are convinced that the Bank of England and
the British Treasury will do nothing to disrupt whatever plans the gold bloc countries may adopt for the
defense of the gold standard and their own gold reserves from speculative drives. Indeed there can
be not doubt that Great Britain will actively assist
these countries in their program. To oppose their
measures would only impair the confidence which
has been so long reposed in the London market, while
a policy of cordial co-operation with the gold-bloc
countries may be expected to induce a continuance
of confidence which for some time past has caused a
great flow of foreign funds to London for purposes
of mere security.
Gold continues to flow to the London open market
from all quarters. Most of it is taken by Continental
gold hoarders, as has been the case for many months.
The Bank of England or the Exchange Equalization
Fund are also frequent buyers, sometimes openly but
frequently under cover of the phrase "tor an unknown
buyer." On Saturday last £1,250,000 bar gold was
available in the open market and was taken for Continental account at a premium of 6Md. Bars were
quoted at 122s. 41%d. On Saturday also the Bank of
England purchased £104,200 in gold bars. On Monday £100,000 of bar gold was taken for Continental
account at a premium of 10d. Bars were quoted
122s. id. The Bank of England bought £1,192 in
gold bars. On Tuesday £165,000 bar gold was taken
for Continental account at a premium of 91%d. On
Wednesday 020,000 in bars was available in the
open market, of which £250,000 was taken by an
unknown buyer (doubtless the Bank of England) and
the rest went for Continental account. Bars were
quoted 123s. 7d. The premium dropped to id. On
Thursday of £550,000 bar gold available, the bulk
was taken for Continental account and the remainder by an unknown buyer at a premium of 7d.
Gold bars were quoted 124s. ld. Yesterday, Friday,
£330,000 in bars was taken for Continental interests
at a premium of 9d. Bars were quoted 124s. 3d.
Money continues in great abundance in the London
195
market and rates show hardly any change from day
to day. Call money against bills is in supply at 1%%
A
0.
to 3 L7 Two-months' bills are quoted 3 % to %%,
%
2
three-months' bills at 1%%, four-months' bills 1/
7
4
to 9-16%, six-months' bills : % to 34%. The Bank
of England statement for the week ended July 5
shows an increase in gold holdings of -E370,711.
Since January the Bank has acquired more than
£70,000,000 in gold. Present bullion holdings stand
at £190,954,832, which compares with £136,965,018
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 5, as reported by the Federal
Reserve Bank of New York, consisted of exports of
$10,463,000, all ear-marked gold. There were no
gold imports. In tabular form the gold movement
at the Port of New York for the week ended July 5,
as reported by the Federal Reserve Bank of New
York, was as follows:
GOLD MOVEMENT AT NEW YORK, JUNE 29—JULY 5, INCL.
Exports.
Imports.
$900,000 to England.
9,563,000 to France.
None.
$10,463,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease: 810,463,000.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports
of gold but $5,996,000 was shipped to France, and
gold held ear-marked for foreign account decreased
$5,996,600. On Friday there were no imports or
exports of the metal or 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, while still at a severe discount,
is more favorable to Montreal than at any time in
many months. This is due entirely to the appreciation in sterling with respect to the dollar. On
Saturday last, Montreal funds were at a discount of
A
t%, on Monday at 7 %, on Tuesday, July 4,
8h
there was no market in New York. On Wednesday,
8%, on
Canadian exchange was at a discount of 6%
and on Friday at 53'%.
Thursday at 63/%,
Referring to day-to-day rates, sterling exchange on
4
Saturday last was firm. Bankers' sight was 4.313
@4.34%; cable transfers 4.32/@4.35. On Monday,
on President Roosevelt's repudiation of stabilization
programs the pound moved up sharply. The range
was 4.39%@4.47% for bankers' sight bills and
4.40/@4.48 for cable transfers. On Tuesday, July 4,
there was no market in New York, but abroad the
pound rose still higher. On Wednesday sterling developed further exceptional strength. Bankers' sight
/
was 4.4432@4.53; cable transfers 4.45@4.531 . On
%
Thursday sterling was strong. The range was 4.463
@4.59 for bankers' sight and 4.47@4.60 for cable
transfers. On Friday sterling further advanced in
sensational fashion; the range was 4.66@4.74Y2 for
bankers' sight and 4.663/@4.75 for cable transfers.
2
1
Closing quotations on Friday were 4.66%for demand
and 4.67 for cable transfers. Commercial sight bills
finished at 4.66; 60 day bills at 4.65; 90 day bills at
4.643 ; documents for payment (60 days) at 4.65,
4
and seven-day grain bills at 4.663I. Cotton and
grain for payment closed at 4.66.
countries is
on
alEXCHANGEaffectedthebyContinentalofinfluences exthe major
severely
sterling
in the summary
ready pointed out
196
Financial Chronicle
July 8 1933
change. All the Continental units are exceptionally to Milan dispatches the appreciation of the Italian
strong in terms of the dollar, as they have been for lire against the other gold currencies originates
several weeks, French francs keep rising in a spec- abroad due to Continental liquidation of Italian
tacular way, and since Tuesday the franc has ad- hpldings of foreign securities. There is also an invanced in terms of sterling as a result of the deter- creased demand for lire from Italians resident abroad
mined plans of the gold-bloc countries to meet in who wish to convert their foreign currencies into lire
Paris in the near future in order to formulate plans for safekeeping. The market for lire is always a
for the defense of the gold standard for these units. somewhat narrow one and any activity in trading
France is of course the leader of the gold-bloc. It has a tendency to increase the quotation. The Bank
is pointed out that by united action as a bloc they of Italy appears not to have experienced any of the
are quite likely to prove successful in defending their pressure which other central banks have had to face
units against speculative drives. Bankers• believe from time to time in the past few years. On the
that they will have cordial co-operation from the contrary the bank has been steadily strengthening
British authorities. It is probable that they will its position. Its position is further improved by
make considerable deposits of gold with the Bank reason of the fact that foreign short-term balances in
for International Settlements. It is also pointed Italy subject to sudden withdrawal are always exout that the gold bloc has every prospect of success tremely light.
because they will hold as a bloc not less than 40%
The London check rate on Paris closed on Friday
of the monetary gold of the world. They will hold at 85.00, against 86.28 on Friday of last week. In
approximately $4,650,000,000, as against $3,600,- New York sight bills on the French centre finished
000,000 held by the Federal Reserve Banks. It is on Friday at 5.523.1, against 4.943. on Friday of
/
also stated in their favor that including their foreign last week; cable transfers at 5.53, against 4.941 2
/
,
possessions they control territory larger than that and commercial sight bills at 5.49, against 4.94.
controlled by Great Britain and the United States Antwerp belgas finished at 19.74 for bankers' sight
combined, excluding the British self-governing col- bills and at 19.75 for cable transfers, against 17.64
onies, while in Europe they are the most important and 17.65. Final quotations for Berlin marks
were
factors in the trade of the Continent and are geo- 34.14 for bankers' sight bills and 34.15 for cable
graphically contiguous, consisting as they do of transfers, in comparison with 30.00 and 30.10.
France, Belgium, Holland, Switzerland, Italy, and Italian lire closed at 7.4934 for bankers' sight
bills
Poland. Poland is the only country not exactly and at 7.50 for cable transfers, against 6.6134 and
contiguous with the others. It would seem that 6.62. • Austrian schillings closed at 15.75, against
Germany and Czechoslovakia desire to participate 14.40; exchange on Czechoslovakia at 4.1734, against
in the central bank conference of the gold bloc, 3.76; on Bucharest at 0.90, against 0.83; on Poland
which is to take place in Paris to-day, but their at 15.75, against 14.40, and on Finland at 2.00,
application was rejected as they are only nominally against 1.90. Greek exchange closed at 0.8034
for
on the gold standard and are hampered by moratoria bankers' sight bills and at 0.81 for cable transfers,
and other exchange restrictions. This week the against 0.7134 and 0.72.
Bank of France shows a loss in gold holdings of
1,714,727 francs. This decrease is inconsiderable
XCHANGE on the countries neutral during the
and in all probability represents gold transferred to
war is of course completely demoralized as the
the Bank for International Settlements. The loss result of the disturbing developments noted above.
will be immediately counteracted, as the Federal Holland and Switzerland as part of the gold bloc have
Reserve Bank statement for the week ended July 5 expressed their determination to adhere to and supshows that France has withdrawn $9,563,000 gold port the gold standard. There is now much less
from its earmarked stock in New York. Yesterday anxiety on the part of these countries as to the prosthe Bank of France withdrew $5,996,600 more gold• pect of speculative drives against their units, as they
from its earmarked stock in New York. On June 30 feel their position greatly strengthened by the organithe bank's total gold holdings stood at 81,242,741,809 zation of the bloc. The increase in the Netherlands
francs, which compares with 82,316,793,585 francs bank rate on June 28 as reported here last week from
a year ago and with 28,935,000,000 francs in June 31 2 to 434% was one step taken to ensure the Am/
%
1928 when the currency was stabilized. The bank's sterdam position. The Bank of Java in the Dutch
ratio stands at 77.80% as of June 30, compared with East Indies increased its rediscount rate this week
78.06% on June 23, with 76.11% on July 1 1932 and %.% to 5%. This was due partly to the increase in
with legal requirement of 35%.
the Holand rate, but was necessitated also perhaps
German marks, while quoted exceptionally high in by an increase in the rate of the Bank of Japan on
terms of the dollar, are purely nominal. There are July 4 from 3.65%. to 4.38%. The Amsterdam
practically no operations in mark exchange owing to authorities say that if necessary to protect its gold
the restrictions imposed by the Reichsbank. The reserves, the Netherlands Bank will again increase
mark is only technically anchored to gold. The its discount rate. The American policy with respect
Reichsbank's statement of June 30 shows a reserve to monetary matters is condemned by the Dutch
ratio of only 7.5%, compared with 24.1% a year ago bankers. It seems that neither Holland nor Switzerand with the legal requirement of 40% fixed when the land have suffered any losses in gold holdings this
mark was stabilized in 1925. Total gold holdings are week and that both currencies have appreciated in
now only 188,719,000 marks, compared with 222,- terms of sterling. The Scandinavian currencies are
661,000 marks on June 23 and with 832,209,000 largely nominal, but are firm because of the strength
marks on June 30 1932. On May 30 1931 the in their allied unit, the British pound.
Reichsbank had approximately 2,390,327,000 marks
Bankers' sight on Amsterdam finished on Friday
in gold.
at 56.50, against 50.49 on Friday of last week; cable
Italian lire are firmer with respect to all currencies transfers at 56.75, against 50.50, and commercial
than has been the case for a long time. According sight bills at 56.40, against 50.00. Swiss francs
E
Volume 137
Financial Chronicle
197
in sympathy with the general advance in all the foreign exchanges resulting from the same cause. The
Bank of Japan increased its rediscount rate on July
3from 3.65% to 4.38%. At the same time the Bank
of Java increased its rediscount rate by M% to 5%.
The Indian rupee is firm owing to the enhancement
of sterling, to which the rupee is anchored at the
fized rate of is. 6d. per rupee.
Closing quotations for yen checks yesterday were
291 , against 263 on Friday of last week. Hong
/
4
Kong closed at 323/ @ 33, against 303' @ 30 11-16;
2
XCHANGE on the South American countries,
Shanghai at 293, against 273/ © 273/2; Manila at
8
while only nominally quoted as all these units
are under restrictions of government exchange control 50, against 503,; Singapore at 549, against 503;
against 3234, and Calcutta at
boards, are nevertheless exceptionally firm owing to Bombay at
the weakness in the dollar. Buenos Aires dispatches 353/2, against 32%.
assert that the drop in the dollar has been extremely
HE following table indicates the amount of gold
advantageous to Argentinian grain exporters. A disbullion in the principal European banks as of
patch from Rio de Janeiro on July 5 stated that the
July 6 1933, together with comparisons as of the
milrei is soon to be adjusted to the dollar at the rate
corresponding dates in the previous four years:
of 13.3 milreis to the dollar. On July 5 the Banco
1932.
1931.
do Brazil quoted a rate of 13.272 milreis to the dollar. Banks of- 1933.
1930.
1929.
£
£
£
£
How long these quotations will prevail is a matter of Eng1and___ 190,954,832 136,965,018 165,810,946 156,585,454
£
155.711,707
doubt. The Court of Appeals in Santiago, Chile, France a-- 649,941.934 658,534,348 449,829,541 353,359,871 293,200,445
Germanyb_
7,372,500
37,086,750
65,203,400 123.451.000
96.765.600
Spain
90,379,000
90,212,000
96,995,000
98,849,000 102,458,000
has abolished the "gold clause" in existing contracts Italy
72,332.000
61,109,000
57,519,000
56,301,000
55,434,000
Netherlands
41,451,000
35,993,000
36,398.000
by reversing the decision of a lower court. The ruling Nat.Belg'm 63,974,000 81,696,000 40,978,000 34,335,000 28,561,000
76,391,000
73,305,000
Switzerland
19,839.000
has yet to go before the Chilean Supreme Court. Sweden__ _ _ 64,199,000 89,149,000 29,417,000 23,156,000 12,968,000
12,016,000
11,445,000
13,266,000 13,490,000
7,397.000
9,551,000
9,570,000
9,591,000
If it is sustained there, holders of notes may be Denmark . 6,569,000 8,031.000 8,132,000 8,144,000 8.155,000
Norway__
6,513.000
repaid with Chilean currency on the same basis as Pray
Totalweek. 1,241,526,266 1,254,046,116 978,152,887 913,234,325 819,079,752
arpplr 1 9,1R 1SR 872 1 21104011 244 ORA 8214 24A 002 027 4an 514 719 3R6
when the loans were made.
a These are the gold holdings of the Bank of France as reported in the new form of
statement. b Gold holdings of the Bank of Germany are exclusive of gold held
Argentine paper pesos closed on Friday nominally abroad, the amount of which the present year is £2,063,450.
at 35% for bankers' sight bills, against 32.00 on Friday of last week; cable transfers at 353, against 32%. Nationalism and Internationalism Outside the
Brazilian milreis are nominally quoted 7.95 for
London Conference.
bankers' sight bills and 8.00 for cable transfers,
It has probably come as an unpleasant surprise to
against 7.95 and 8.00. Chilean.exchange is nomi- those
who imagined that the economic relations of
nally quoted 83', against 73 . Peru. is nominal at nations,
4
and to a considerable extent the political
20%, against 19.25.
relations as well, would be thrown into the meltingXCHANGE on the Far Eastern countries pre- pot at London, and that commitments and projects
Es Bents no new features of importance. Japanese would be generally suspended pending the formulayen are exceptionally firm with respect to the dollar tion of principles under which international matters,
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
particularly those relating to trade, would henceBANKS TO TREASURY I NDER TARIFF ACT OF 1922.
JULY 1 1933 TO JULY 7 1933, INCLUSIVE.
forth be regulated on a broad general basis, to find
that national interests have been made so prominent.
Noon Buying Rate for Cable Transfers in New York,
Country and Monetary
Value in United states Money.
It has been apparent from the first, however, that
Unit.
July 1. July 3. July 4. July 5. July 6. July?.
the assembled nations, while ready to consider agreeEUROPE$
S
$
$
S
$
ments of a general nature, have not at any time lost
Austria,schilling
.142500* .147550*
.153166 .152833 .157500
Belgium, belga
.178508 .181920
.188833 .187754 .197620
sight of their national interests, and that national
Bulgaria. ley
.008750* .009200*
.009350 .009500* .009850*
Czechoslovakia, krone .038125 .039320
.040242 .040037 .042420
and regional policies have continued to be pursued
Denmark, krone
192883 .197545
.201455 .200450 .211277
England, pound
sterling
notwithstanding the strenuous efforts that were be4.328928 4.412500
4.518333 4.473482 4.732708
Finland, markka_ - - - .018950 .019650
.019960 .019720 .020566
France, franc
ing made to reach, at some points, a common inter050131 .051230
.053112 .052605 .055745
Germany. reichsmark .302807 .308750
.321777 .320388 .338700
Greece, drachma
national policy. It was known, before the Confer.007237 .007415
.007578 .007631 .008070
Holland, guilder
.511153 .522250
.542280 .538954 .573636
Hungary, Pengo
.224500* .227000*
.230000 .236666* .2462504
ence met, that the various British dominions inItaly, lira
.067306 .068916
.072230 .071295 .075273
Norway, krone
216983 .222727
.226555 .225440 .236555
tended to reserve the right of independent action
Poland, zloty
144712 .145833
.151125 .152000 .157000
Portugal, escudo
.039475 .040460
.041156 .040625 .042350
rather than to follow the lead of Great Britain; the
Rumania,len
.008016 .008150
.008400 .008325 .008675
Spain, peseta
.106888 .108994
.113212 .112569 .119016
formation of an agrarian bloc, representing the
Sweden, krona
.222315 .227500 HOLT- .232500 .231400 .243272
Switzerland, franc_
.245638 .251791
.260550 .258407 .275512
DAY
grain-producing States of Central and Eastern
Yugoslavia, dinar....... .017766 .018133
.018500 .018000 .019200
ASIAEurope, had been announced, and it was obvious
ChinaCliefoo dollar
.270833 .275833
.283333 .279166 .291041
that the States of the gold bloc would have a common
liankow dollar_ ___ .270833 .275833
.283333 .278333 .291041
Shanghai dollar__ .270937 .275833
.283333 .278125 .289531
monetary policy which it might prove difficult to
Tientsin dollar
270833 .275833
.283333 .278333 .291041
Hong Hong dollar__ .300833 .306250
.315000 .310000 .324062
reconcile with the policies of countries having deIndia, rupee
.337916 .336000 .353500
.325125 .332500
Japan, yen
.279650 .278250 .291875
268750 .274375
preciated currencies. The proceedings of the ConSingapore (8.8.) doll
.521250 .517500 .543750
.500625 .513750
NORTH AMER.Canada. dollar.916093 .923750
ference have naturally reflected, to a greater or less
.933693 .930397 .950000
Cuba, peso
.999109 .999109 .999265
.999212 .990265
Mexico, peso (silver). .274966 .274966
extent, the attitudes of such individual States or
.276500 .277680 .277160
Newfoundland, doll
.930625 .927500 .946666
.913625 .921666
SOUTH AMER.groups, but a good deal of important action has gone
Argentina, Peso (gold) .732128' .755950
.781794 .779198 .802253
Brazil, milreis
.076350* .076466 .076466
.076350* .076350
on entirely outside the Conference and in some inChile. peso
I 076500* .080100
.081350* .081250 .082500
•
Uruguay, 11630
.623086* .616250* .629583
.591666* .612500
• stances in marked contrast to its underlying purpose.
Colombia. peso
.862100* .862100* .862100
.862100* .862100
•
°THERThe outstanding illustrations of independent acA ustralla, pound
'3.440000 3.520000
3.590000 3.555000 3.760000
New Zealand. pound.3.446250 3.528750
3.596250 3.561250 3.766250
tion have to do with the economic and political posiRouth AfrIrta nnitnet 4 972222 4 qtainnri
44113333 4.416668 4.68000(1
* Nominal retest firm rates not available.
tion of Russia. The speech in which M. Litvinov,
closed at 27.39 for checks and at 27.40 for cable
transfers, against 24.29 and 24.30. Copenhagen
checks finished at 21.02 and cable transfers at 21.03,
against 19.04 and 19.05. Checks on Sweden closed
at 24.25 and cable transfers at 24.26, against 22.04
and 22.05; while checks on Norway finished at 22.44
and cable transfers at 22.45, against 21.49 and 21.50.
Spanish pesetas closed at 11.85 for bankers' sight
bills and at 11.86 for cable transfers, against 10.55
and 10.56.
E
198
Financial Chronicle
early in the Conference, exposed the'need of Russia
for some billion dollars' worth of foreign goods was
not at first taken seriously by the assembled delegates, it being realized that the purchases which M.
Litvinov indicated were dependent upon a number
of concessions, principally in the matter of longterm credits, which most countries would be unable
or unwilling to grant. The announcement on June
26, however, that M. Litvinov and Sir John Simon,
British Foreign Secretary, had been discussing the
possibility of resuming commercial relations between Russia and Great Britain suggested that a
rapprochement of large importance to both countries might be near at hand. It will be recalled that
commercial relations between Russia and Great Britain were abruptly broken off by Great Britain in
April, following the trial and conviction in Russia
of a number of British engineers, employees of the
Metropolitan-Vickers Company, on charges of sabotage, espionage and conspiracy. The Soviet Government, in retaliation, imposed an embargo on
British goods on April 22, together with other commercial restrictions. Something of "face-saving"
had to be achieved by both countries, and there was
the further desire on the part of Great Britain to
insure, if possible, a better balance in the commercial exchange of the two countries, British purchases
in Russia having previously been far in excess of
Russian purchases in Great Britain.
On July 1 it was announced that the difficulty
had been amicably settled. The British embargo
was lifted, the British prisoners were released and
at once left Russia for England, and the Soviet restrictions were removed. A British communique
further announced that "arrangements will now
promptly be made to resume the Anglo-Russian trade
negotiations at the point where they were interrupted" by the arrest of the British engineers. The
negotiations, it is understood, are now in progress.
The resumption of Anglo-Russian trade relations
was followed on July 2 by the announcement at
Washington that the Reconstruction Finance Corporation, with the approval of President Roosevelt and
Secretary of the Treasury Woodin, had authorized
a loan of about $4,000,000 to American exporters to
enable them to finance the sale to Russia of from
60,000 to 80,000 bales of cotton. The loan, it was
stated, "will be for one year at 5% interest, and will
be secured by the notes of the .Amtorg Trading
Corporation, an American corporation owned by the
Russian Government, unconditionally guaranteed by
the State Bank of the U. S. S. R." The Amtorg
Corporation is to "pay 30% of the purchase price at
the time of shipment," and the loan is to be made
immediately available in order that the shipment
which are to represent purchases in open market and
not sale of government holdings, may begin this
month.
The authorization of the loan has naturally stirred
rumor to the effect that the United States was about
to extend diplomatic recognition to the Soviet Government. There appears to be no foundation for the
rumor in anything that President Roosevelt is reported to have said or intimated, and Professor Raymond Moley, who conferred with M. Litvinov in
London on July 2, was quoted on Tuesday as saying
emphatically that he "did not discuss recognition or
any subject of a political nature," and that he had
"no such authority." Recognition, as is well known,
has been withheld by previous Administrations be-
July 8 1933
cause of the refusal of the Soviet Government to
recognize the debts to the United States contracted
by former Governments during the World War, and
approval is understood to have been withheld from
proposed loans to Russia by American banks. The
absence of recognition, however, has not prevented
trade between American corporations and Russia or
the importation of Russian goods. Whether, now
that an American Government agency has authorized a loan to enable American cotton interests to
trade with a Russian agency whose repayments are
guaranteed by the Russian State Bank, diplomatic
recognition has been brought nearer, is a question
which will doubtless be answered in due time.
To these trade successes, won entirely outside the
sphere of the Economic Conference, have been added
some political agreements whose influence may turn
out to be far-reaching. On 'Monday and Tuesday
there were signed at London two conventions between Russia and Rumania, Czechoslovakia, Poland,
Yugoslavia, Latvia, Estonia, Turkey and Afghanistan which supplement the Kellogg-Briand anti-war
pact by specifically defining aggression. A similar
agreement with Lithuania was signed on Wednesday. The definition, as summarized in a dispatch
to the New York "Times," classes as an aggressor
any State that "declared war on another State; invaded by armed forces the territory of another State
even without a declaration of war; attacked by its
land, sea or air forces, even without a declaration
of war, the vessels or aircraft of another State; set
up a naval blockade of coasts or ports; supported
armed bands which organized on its territory and invaded the territory of another State; or refused, in
spite of the demand of the invaded State, to take
on its own territory all the steps in its power to
deprive the aforesaid bandits of all aid or protection." "No consideration of a political, military,
economic or any other character," it is declared,
"shall serve as an excuse or justification for aggression" as defined in the conventions.
These agreements, which may be regarded as a rejoinder to the recent four-Power pact, not only give
Russia the benefit of a non-aggression pact with all
the nations of its Western border except Finland,
but would seem also to indicate that the Rus ian
claim to Bessarabia, which has been held by Rumania since the World War, will no longer be
pressed. They represent also the fruit of friendly
offices on the part of Poland, which is reported to
have urged Rumania to enter the agreement,
and which may now, with that difference removed,
become more cordial toward the Little Entente.
The fact that Russia and France appear to be drawing nearer together gives the agreement a further
bearing upon the Tardieu scheme of a Balkan federation, primarily commercial but also inevitably political, which has recently been revived in France
and is being increasingly discussed. Germany, on
the other hand, has been left out in the cold, the only
fruit of its recent advances toward the Eastern European Powers being a commercial treaty with
Hungary.
The tariff debates which have gone on in committee at London have not prevented some of the nations
from further developing their independent policies.
The Eastern European bloc, numbering eight agricultural States, was reported by the New York
"Times" on June 26 as refusing to agree to "any convention for the abolition of trade prohibitions or
Volume 137
Financial Chronicle
import restrictions if agricultural products were
excluded, or if such abolition were conditioned by
output restrictions under the disguise of reorganization of production." On June 27 a discriminating
tax on Italian imports into France, imposed as compensation for the turnover tax on French producers,
was removed, at the same time that the Finance
Committee of the Chamber of Deputies refused to
give the Government a free hand at London in negotiating tariff reductions without the necessity of
subsequent ratification by Parliament. Japan,
which accepted the Roosevelt tariff truce only on
June 28, did so with the reservation that acceptance
did not prejudice the right to "take defensive measures against tariffs or other steps detrimental to
Japan's foreign trade," or "emergency measures
safeguarding vital national interests." A further
list of import quotas, applicable to the third quarter
of this year and all smaller than the quotas for the
preceding quarter, was announced at Paris on
June 29, and more specific regulations governing the
indication of the country of origin in the case of
imports into France were promulgated on the 30th.
Publicity was given at Ottawa on Tuesday to the
virtual conclusion of a trade agreement between
Canada and Austria under which Austria, in return
for most-favored-nation treatment, is to receive the
benefit of the Canadian intermediate tariff instead
of the general tariff as at present.
There was never much reason to suppose that the
governments which sent their delegates to London
were in a mood to abandon their national policies in
commercial matters, or even to modify them greatly
in the interest of what was earnestly talked about as
!`the general good." The tariff truce which was
agreed to for the duration of the Conference has
operated to check widespread tariff changes, but the
reservations that were made by various Powers have
made possible just such advances or modifications as
have just been indicated, and currency fluctuations
have encouraged them. The agreement that has been
vainly sought within the Conference has proved as
difficult to attain outside of it, the one outside
agreement from which most was hoped, that for a
restriction of wheat output, turning out to have in
reality some important qualifying conditions. Nationalism, on the other hand,has grown apace, and it
is in bilateral agreements, or in agreements of small
groups of States, rather than in comprehensive international programs, that removal of the obstacles
that hinder the normal course of international trade
must now, apparently, be sought. If, as reported on
Friday, tariffs as well as currency are to be excluded
from further consideration by the Conference, the
opportunities for independent national action will
be multiplied.
.
199
When one contrasts conditions prevailing at the
time of our entrance into the World War in 1917 to
those existing when the Declaration of Independence
was signed in the "State House," now Independence
Hall, at Philadelphia, the conclusion may be drawn
that the early Americans had a harder time to
finance the needs of Washington's army than did
the large population backed by great resources when
our lot was cast with the European allies.
In 1917 and 1918 the United States financed its
own needs, raising billcons of dollars for the Government by the sale of Liberty bonds chiefly to
American citizens.
There were a few well-to-do Americans in 1776,
but the mass of the scattered people were possessed
of very limited resources, acquired chiefly from husbandry as industries were few and small. Through
Lafayette, France contributed towards financing
the American army, possessing a faith in our ability
and integrity and being sympathetic toward our
cause.
Alexander Hamilton was the financier of the
American Revolution, and his ability in that line
has been an inspiration for all who in subsequent
years have had similar duties to perform, including
such a prominent citizen as Stephen Girard. William G. McAdoo, as Secretary of the Treasury during the World War, was able to rely upon the facilities of the Federal Reserve Bank System to organize
committees and conduct the work of selling bonds
throughout the country. Although the requirements
of the World War were tremendous, they were probably more easily met than were the needs to supply
much smaller amounts to prosecute the former wars
in which this country had been engaged.
The Civil War was probably the most difficult to
finance because the people were divided and in
every Northern section there were some citizens
who were known as Southern sympathizers who
were not only lukewarm, but were opposed to the
war. But when the "Boys in Blue" went marching
to the front there was tremendous enthusiasm in
the North and their fathers and brothers could do
nothing else than support with their means those
who bore the brunt of battle. During the Civil War
communities offered bounties which were paid to
volunteers who enlisted, the bounties being provided
by taxation.
The great boom in 1928 and 1929 and the subsequent depression are regarded as an aftermath of
the World War. Now that the tide has turned and
recovery seems to be well under way there are
reasons why the rebound with fair sailing should be
quicker and perhaps greater than in former similar
periods, the one obstacle in the path being the debasement and depreciation of the American dollar.
Improvements have been held in check for four
Recovery May Be Quicker Than in Former Years.
years so that little water has gone over the dam, but
In most respects conditions existing 157 years ago, a force in the mill pond
has been gradually accumuwhen this country declared its independence, con- lating and is likely to
make itself felt.
trast strangely to those of to-day, but during their
Citizens now realize more than ever their interstruggle to establish themselves as a free people dependence as both mills and
workers are idle if the
Americans encountered ill effects from a depreciated country's inhabitants have
not the means to provide
dollar. Continental money was so worthless at one for their wants. A nation is a
piece of complicated
time that it was tied to the tails of dogs allowed to machinery made up of big and
little wheels. All
run in the streets. Also during the Civil War the must operate together to function
properly. Cogs
greenbacks, when specie payments were discarded, of the larger wheels must
co-operate with those of
were greatly depreciated, and prices of all commodi- the smaller wheels and vice versa.
Co-operation is
ties soared correspondingly high.
an underlying principle of a Republic, a le-son which
200
Financial Chronicle
has been thoroughly taught by the experience of the
past four years. A spirit of conciliation is being
fostered and if it continues to prevail by Thanksgiving we may all be able to look back and realize
that we have gained much for which to be thankful.
July 8 1933
absent trustees there must be ratification by all the
trustees at a meeting held within 10 days.
In case of banks, trust companies and National
banks, stockholders shall have the right to vote at
a regular or special meeting upon the proposed
merger and a majority of the outstanding shares
New Pennsylvania Statute Restricting and must assent to the merger before it may become
effective. In case of savings banks a majority vote
Regulating Mergers of State Banks.
Experience of the past three years has revealed of the trustees in favor of the merger must be
that many defects existed. in State banking laws. obtained.
The Department of Banking shall make a thorough
As one of the oldest of the Commonwealths, Pennantiquated and not study of the proposed merger and report within 30
sylvania found many of its laws
well adapted to control a situation so acute as de- days to the Department of State if the name of the
veloped in the unusual crisis arising out of the long new institution is likely to deceive the public, and
depression. It is doubtful if any State, with the to indicate the purposes of the new institution, its
exception of Michigan, suffered by reason of bank place of business, name and other details. The Defailures in the past three years as did the Keystone partment of State is given final authority to approve
State, and as a consequence the members of the or disapprove of the proposed merger, its decision
Pennsylvania Legislature, which recently adjourned, being conclusive. The new institution shall be
devoted a great deal of their time to the drafting of responsible for all the liabilities and obligations of
two bills designed to cure the faults of the old bank- the merged companies. Earnings available for diviing laws in order to strengthen the surviving institu- dends or interest shall go to the new company.
Provision is also made for the purchase of shares
tions and to prevent a recurrence of bank failures
as greatly shook the confidence of its citizens of either old company by any stockholder who does
such
not wish to take an interest in the new corporation,
since 1929.
Two separate Acts were enacted, one being known appraisers to fix a value of the shares if there is a
as the Banking Code and the other as the Depart- disagreement. Care is also taken to guard the interment of Banking Code, each of which became ests of estates and of those entitled to trust funds.
The whole subject appears to have been very
effective on July 3. Together, they greatly
of Banking thoroughly and effectively covered with a view of
strengthen the hands of the Secretary
and impose upon him very strict duties as to super- preventing hereafter such a debacle as was recently
vision. They also enlarge his authority. An at- experienced in many States.
tempt is made to free bank examiners from any ties
Silver in the World's Monetary System.
which might tend to make them lenient or neglectful
Prompted by the prominence lately assumed by
of their duties, but the Banking Code Act does not
discussions of world currency, the United
apply either to small loan corporations or to private silver in
States Department of Commerce has prepared an
bankers provided they have conducted business conwhich shows the position of the
tinuously from a date not less than seven years prior elaborate study
metal in the world's monetary systems.
to June 19 1911. This exempts such long established
The study reveals that there is very little inclinaprivate bankers as Drexel & Co. and Brown Brothers
tion abroad to use silver in other than a subsidiary
and Harriman.
few countries have silver as their
The Secretary is given much discretion in han- capacity. Very
standard of value, namely, 'China, Hong Kong,
dling not only banks but building and loan associaEven China now legally impedes
tions in the interest of depositors and other credi- Macao and Tibet.
the free movement of silver in certain forms into and
tors. Fifty-eight pages are devoted to minute inSeveral other countries rely on
structions which shall govern the action of the Sec- out of the country.
silver as their chief medium of exchange, but do
retary, covering a long list of contingencies. If he
standard of value, having adopted
deviates, however,from some of the prescribed paths not make it their
some other form of gold standard de jure or de facto.
he may find himself traveling a very rocky road.
and Persia come under this cateThe second Act includes 161 pages with no less British East India
to an impression held by some perthan 1,603 sections covering the entire field of banks gory. Contrary
these two countries, nor Australia,
and trust companies, one of the most important of sons, neither
New Zealand, Mexico or any other Latin American
which is mergers which, when not properly supersilver as a standard of value.
vised in recent years, have been the cause of great country employ
In spIte of the distinctly subordinate position
losses to depositors and shareholders. This feature
holds in the monetary systems of most
of the new statute has been given such careful atten- which silver
countries, it is indicated that all countries require
tion in an effort to prevent a repetition of the ills
-denomination coins, a purpose for which
which arose during the past three years that it is various low
the metal is peculiarly suited. It is durable, attracwell worthy of the careful attention of legislators of
tive, and easily recognizable. Moreover, it is neither
other States.
and Na- too rare nor too plentiful for the purpose, and it
Mergers of State banks, trust companies
to the technical processes of
tional banks are provided for, but savings banks are lends itself readily
excepted. No merger or consolidation can be minting.
FREE SILVER LIMITED IN CERTAIN COUNTRIES.
effected without the proposition being submitted to
Since in every country there is normally a certain
vote of the stockholders of the institutions cona
minimum demand for currency as a medium of excerned and their approval thus obtained.
Any two or more savings banks located in the change, it is possible within that limit to vary the
same city, borough or township may be merged with character of the money, whether metal or paper,
the approval of the merger plan by the trustees of with the utmost freedom. Such stock of money may
the institutions concerned, but after due notice to consist in whole or part of commodity money, or it
Volume 137
Financial Chronicle
may be entirely fiduciary. Within this limit nations
may safely substitute copper for nickel, nickel for
silver, or silver for gold-secured paper without
affecting the price level. Only recently this principle was resorted to in Germany, France, Colombia,
Cuba, Mexico, Poland and Spain, as a device to improve the gold ratio. The same principle made safe
the substitution in many countries of base metal
coins or small notes for silver during the World
War scarcity of the metal. Countries which did
this were, for example, the Netherlands, Japan,
Straits Settlements, France, Belgium and Greece.
From this it does not follow that there is no limit
to the amount of silver coin which may be issued.
Experience in the United States proves that when
coins become too cumbersome a more convenient
medium of exchange is demanded. Also, in Germany, where large quantities of five-mark silver
pieces were lately put in circulation, there has
arisen much complaint of the inconvenience occasioned by the forced acceptance of the heavy coins,
and steps are now being taken to substitute smaller
coins. It appears that in modern countries accustomed to the use of bank notes and checks, there is a
practical limit to the amount of metal which may
be put into circulation.
In certain less-advanced countries, on the other
hand, a large part of the population shows a distinct preference for silver rather than paper currency. Particularly is this the case in the backward
countries of Africa and Asia, and occasionally in
tropical countries, where paper money is in danger
of destruction by insects. Countries in these categories are those of the Arabian peninsula, Afghanistan, Algeria, Anglo-Egyptian Sudan, India, Ceylon, China, Eritrea, Iraq, Mexico, Persia and Syria.
In several countries there are no coins in active
circulation. Among these are Albania, Argentina,
Belgian Congo, Belgium, Denmark, Finland, Paraguay and Turkey. For a number of years prior to
the latter part of March 1933 no silver had circulated in France, and practically none in any French
colony except French Indo-China and Pondicherry.
The recent issuance of silver by the French Government will undoubtedly be followed by the circulation of the new coins in the colonies where the coinage system of France applies. Turkey is also expected to issue silver coins at an early date.
CHANGES IN FINENESS
-SALES OF DEMONETIZED SILVER.
The amount of silver in monetary use in a country
is naturally affected by a change in the fineness of
the silver coins. The widespread lowering of the
fineness of coins after the World War and the large
sales of demonetized silver which followed are frequently alluded to. The more important changes in
this respect were designed to prevent melting of
the coins by the public. Again, the fineness of the
silver coins may be altered in order to make the
silver currency more popular. It seems very likely
that such a change may soon be made in German
coinage, where in March a plan was reported under
consideration to alter the five-mark coin and withdraw the one-mark silver piece. Under the proposal all the existing five-mark silver pieces would
be withdrawn from circulation and, in their place,
there would be issued five-mark coins smaller in
size but with the same silver content.
From 1919 to 1932, inclusive, it is estimated no
less than 541,000,000 fine ounces of silver obtained
from demonetized coin have been sold on the world
201
market. The principal single source of this silver
since 1927 has been British India. Important
amounts have been sold by the United Kingdom,
French Indo-China, France, Siam, Belgium, the
Union of Soviet Socialist Republics, Mexico and
Egypt. The following statement shows the estimated sales of demonetized silver from 1920 to 1932,
inclusive, according to country of origin:
(Millions of Fine Ounces.)
Other
United
European
Kingdom. Countries.
1920
1921
1922
1923
1924
192.5
1926
1927
1928
1929
1930
1931
1932
Total
____
6.5
24.5
25.0
2.0
7.0
.7
1.2
5.5
10.0
____
____
____
81.9
British
India.
27.0
____
30.0
____
19.0
____
20.0
__-_
18.0
__-_
23.0
____
7.0_ ___
8.0
9.2
32.0
22.5
10.0
35.0
22.0
29.5
__
35.0
11.i)
24.0
227.6
155.2
French
IndoChina.
Other
Total AU
Countries. Countries.
____
____
27.0
____36.5
-43.0
-- ----_-_20.0
_-_
____
30.0
____
____
7.7
____
____
18.4
60.0
12
.0
____
67.0
20.0__
71.5
6.4
27.4
68.5
10.0
1.0
48.6
48.4
28.4
541.2
Regarding sales of demonetized silver, countries
which may sell such silver in the near future include
British India, British West Africa, Esthonia, Germany, Guatemala, Netherlands, Siam and the Union
of Soviet Socialist Republics.
In contrast with the above, Czechoslovakia and
Turkey are likely to use silver for coinage in the
near future, and it has been recommended in Argentina that some silver be employed in its currency
system. Coinage programs involving silver are now
under way for China, Czechoslovakia, France, Iraq,
New Zealand, Persia, Poland, Portugal and Jugoslavia. Silver coinage programs for Germany,
French Indo-China, Panama, Colombia, Cuba and
Danzig were recently completed.
TIIIRTY-YEAR NET CONSUMPTION IN COINAGE.
During the 30-year period from 1900 to 1929 the
largest net consumption of silver in coinage was that
of British India, 863,400,000 fine ounces, followed
by the United States, 236,000,000 ounces. These two
countries absorbed over half the total for the 15
selected countries tabulated below. Russia and
Mexico followed with approximately 150,000,000
fine ounces each. Then came, in order, Germany,
Japan, French Indo-China, and Austria and Hungary considered as a unit.
The consumption of silver for coinage purposes
by the 15 countries was subject to considerable variation from year to year. In the United States, for
example, net coinage of silver was heaviest in 19001904, and during the years of Pittman Act purchases, from 1920 to 1926. British India's coinage
demand, also, was irregular, varying with economic
conditions is that country. Apart from the unusually heavy demand 497,000.000 ounces during the
war and post-war period 1916-1920, the heaviest
net coinage consumption in India took place in the
years 1903-1907, when 233,000,000 fine ounces were
coined by the mints. Since 1922 there has been a
net annual return of silver from circulation.
Russia's coinage between 1900 and 1929 was very
irregular. The heaviest consumption by the mint
occurred in 1904, 1915-1916, and 1924-1925. Mexico
coined substantial amounts in 1900-1901, 1903, and
1920-1924. Germany's net consumption was largest
in the years 1924-1926, and Japan's in 1917, when
the large amount of 67,200,000 fine ounces (net) was
consumed.
During the five-year period 1927-1931 the average
annual net consumption by the selected countries
was in some cases larger than the annual average
Financial Chronicle
202
for the period 1900-1929. In others, however, a "net
consumption" had been displayed by a "net withdrawal from circulation," as the accompanying
statement reveals. Thus, whereas British India's
net consumption averaged almost 29,000,000 fine
ocunes per annum in the 30-year period, analysis
of the five-year period ended 1931 shows an average
return from circulation of 24,000,000 ounces per
annum, with the return in the depression year 1931
reaching almost 40,000,000 ounces. In the United
States annual net consumption averaged close to
8,000,000 ounces from 1900 to 1929; from 1927 to
1931 the average was only 1,640,000 ounces; and
during both 1930 and 1931 there were net withdrawals from circulation totaling 4,600,000 ounces.
The Soviet's consumption showed a small decline
in the five-year period 1927-31, while latterly the
Government has been withdrawing silver coin for
exportation. An unofficial estimate puts sales of
demonetized silver by the Union of Soviet Socialist
Republics in 1932 at 11,600,000 fine ounces. Mexico's statistics show an average net withdrawal from
circulation amounting to 560,000 ounces in 19271931. The average was slightly smaller than the net
withdrawal in the year 1931 alone. Germany's large
net consumption for coinage during 1931, 18,000,000
ounces, made the five-year average 8,340,000 ounces,
compared with one of 4,530,000 ounces during the
30 years ended 1929. Japan showed average net
withdrawals of 180,000 fine ounces during the more
recent period; the United Kingdom, 5,180,000
ounces; France, 4,460,000 ounces, and Italy,
1,120,000 ounces. It is noteworthy that in 1931
the United Kingdom showed a net consumption of
5,300,000 ounces and France 7,800,000 ounces in
contrast to withdrawals from circulation in the
years immediately preceding. The most marked
increase was in the case of Germany.
A comparison of the 1927-1931 figures with those
for 1900-1929 shows increases in the annual average
net consumption in the cases of only three countries,
Germany, Persia and the Netherlands. A similar
comparison of 1900-1929 with the year 1931 shows
increased net consumption in only Germany, United
Kingdom and France.
The following statement shows a comparison of
average net consumption of silver for coinage, by
selected countries, during recent periods and during 1931:
(In Million of Fine Ounces.)
Country.
British India
United States
Russia
Mexico
Germany
Japan
French Indo-China
Austria and Ilungary_
United Kingdom
Persia
France
Netherlands
Australia
Canada
Italy
Net Consumption in 1931
Average Net ConNet Consumption in Coinsumption Per Annum. (Subject to Revision). (a)
age1900-1929. 1900-1929. 1927-31(a)
863.4
236.0
151.7
150.4
135.9
132.4
119.0
120.6
75.9
46.3
25.2
18.4
15.0
14.3
7.1
28.78
7.87
5.06
5.01
4.53
4.41
3.97
4.02
2.53
1.54
.84
.61
.50
.48
.24
2,111.6
70.39
-23.98
1.64
4.66
-.56
8.34
-.18
2.76
3.68
-5.18
3.42
-4.46
2.14
.26
-39.6
18.0
-3.8
.9
5.3
7.8
-5.5
-1.12
-8.58
-22.1
(a) The minus sign indicates net withdrawal of coin from circulation.
Total
As having a bearing on the attitude of the various
countries toward silver, the following list sets forth
the leading producing countries, with the amount
of their estimated mine production in millions of
fine ounces in 1932. These countries produced
80.6% of the world total:
Mexico
United States
Canada
Australia
Peru
69.3 British India(Burma)
24.8
16.5
Total,6 countries
6.5
6.3
Total, world
6.0
129.4
160.6
July 8 1933
The Course of the Bond Market.
bk With many bonds selling at new high prices for the year,
the averages show a definite upward trend this week, after
previous hesitation and consolidating of gains. The railroad issues as a group gained the most, stimulated by reports
of greatly improved carloadings and earnings. Strength in
railroad bonds was accompanied by marked gains in railroad
stock prices. Increasing evidence has appeared of an inflationary policy to be followed by the Government in order to
raise the general price level, perhaps to that of 1924-25, although the exact level aimed at has been variously stated.
As this will involve considerably more depreciation in the
value of the dollar than has already taken place, the stock
and bond markets are responding to these prospects of revaluation with almost daily upward revisions in price levels.
Money ineirculation rose $77,000,000 this week, incidental
to holiday demands and first of the month requirements.
The Federal Reserve Banks bought an additional $20,000,000
of U. S. Government securities. While such support continues, U. S. Government bond prices may be expected to
remain firm, as they did this week. Brokers' loans, at
$858,000,000, were at the highest level since Oct. 28 1931.
Call money remained at 1% and New York interest rates
showed a tendency to ease off slightly.
Railroad bonds have been almost uniformly strong this
week. The very highest grade issues advanced only moderately, but in the medium grade and second grade classifications gains have been spectacular-New York Central 43/2s,
2013 have risen 663/i to 733/8, Wabash 2nd 5s, 1939 from 53
to 65, and Erie 5s, 1967 from 553/ to 65. Large advances
have also been recorded for defaulted bonds-Missouri
Pacific 4s, 1975 from 18 to 233/3, Wisconsin Central 4s, 1949
from 183/i to 25,and St. Louis-San Francisco 4%s,1978 from
18 to 26. Railroad developments also were highly stimulating and favorable, continued gains in carloadings to a level
25% or more above that prevailing last year indicating large
increases in June earnings.
Utility bonds the present week have been generally up,
with second grade and speculative issues leading the way.
High grades showed only fractional movements, for instance, Cincinnati Gas & Electric 4s, 1968, which gained
X point for the week. The largest gains have been made by
such issues as the following: International Telephone &
Telegraph 43's, 1952, which went from 473/i to 493', and
the 5s, 1955,from 493/ to 533,Interborough Rapid Transit,
4
5s, 1966, which went from'62% to 673 , Electric Power &
Light 5s, 2030, which went from 45 to 513 ,and American
4
Power & Light 6s, 2016, which went from 65 to 70 during the
week.
Further gains have been scored by most groups of industrial bonds, or prices msintained close to previously established highs. As before, speculative issues have moved over
wide ranges and with less regularity. Crude oil price
advances brought gains in the oil group. Shell Union 5s
1947, ran up 454 points to 83%, Texas Corporation 5s, 1944
gaining 2X to 96, a new high for the year. Steal. continued
to do well and tire and rubber issues have remained near
their highs. National Dairy 53js, 1948, made up for previous sluggishness, gaining 33" points to 94 on batter dairy
products prices. Paramount issues have been a strong feature in the "flat" class. United Drug 5s, 1953 again exhibited irregularity, losing about one point for the week.
The foreign bond list has maintained, in general, the gains
made earlier in the week. The defaulted government bond
group, however, failed to continue its advances, the Brazilians, Chileans, Hungarians, etc., closing on July 7 at approximately the same levels as on June 30. The higher grade
issues, on the other hand, made some headway, the British,
French and Japanese issues scoring noticeable advances.
The French loans have been strongest in this group, advancing an average of 14 points, while Dutch East Indies issues
have gained 7 points.
Moody's computed bond prices and bond yield averages
are given in the tables below:
Financial Chronicle
Volume 137
1933
Daily
Averages.
7
6
5
4
3
1
Weekly
June 30
23
16
9
2
May 26
19
12
5
Apr. 28
21
14
13
7
1
Mar.24
17
3
Feb. 24
17
10
3
Jan 27
20
13
July
6
AU
120
Domes
120 Dalmatia by BMWAaa.
90.41 106.25
90.00 106.07
89.59 105.89
89.45 106.07
89.17 105.89
88.90
87.96
86.77
86.64
85.87
85.10
84.10
82.74
79.68
77.11
74.87
105.72
105.54
105.20
104.16
103.82
103.99
103.32
102.30
09.36
99.68
97.78
75.81
74.48
74.77
77.88
79.11
74.67
78.77
81.80
83.23
82.38
83.11
82.99
83.85
81.88
90.41
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
105.64
104.85
108.25
97.47
103.99
85.61
Au.
97.62
97.31
97.16
Stock
97.16
96.85
96.54
95.33
93.85
94.43
93.99
93.20
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
97.62
82.99
89.72
71.38
A
Baa.
203
MOODY'S BOND YIELD AVERAGES.t
(Based on Individual Closing Prices.)
MOODY'S BOND PRICES.*
(Based mg Average Yields).
120 DOMAniel
by Groups.
1111.
86.91 75.40 90.97
86.12 75.19 90.55
85.61 74.57 89.59
Excha nge Clo sod.
85.74 74.05 89.31
85.61 73.65 89.04
85.35 73.35 88.90
84.60 72.06 87.17
83.60 70.43 85.61
83.48 70.15 86.12
82.87 68.94 85.61
81.78 68.04 84.47
80.72 66.98 83.35
79.34 65.62 81.66
76.87 62.56 78.55
74.46 58.32 74.38
72.16 55.73 71.38
Blobs age Clo sad.
73.95 54.80 71.09
72.65 53.28 70.82
72.85 53.88 71.38
75.82 57.24 73.65
77.33 58.52 74.57
72.08 54.18 69.59
78.25 57.98 73.15
79.45 60.60 75.50
81.54 62.48 77.77
80.49 61.34 76.25
81.18 62.95 76.25
81.07 63.11 75.09
81.90 64.31 75.71
79.34 61.56 71.96
88.91 75.40 90.97
71.87 53.16 69.59
78.5.5 67.86 78.99
54.43 37.94 47.58
P. U. Indus.
84.72
84.35
84.47
95.93
95.63
95.18
84.47
84.22
AU
1933
120
DaVy
Domes
Averages. tie.
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
76.85
80.60
83.85
85.99
85.99
87.58
88.23
89.17
88.23
89.31
71.96
87.69
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
87.58
86.38
95.93
78.44
85.61
62.09
Baa.
120 Domestics
by Groups.
HR.
40
ForP. U. Indus. signs.
Weekly
June 30._
23_ _
16_ _
May 26-19_ _
12__
Apr. 28__
21__
14_
13._
Mar.24.
17-Feb. 24.17_
10
Jan. 27-13._
a__
Aaa..
Act.
A.
5.39
5.42
5.45
4.38
4.39
4.40
4.90
4.92
4.93
5.46
5.48
July 7__
95.18
95.03
83.85
83.23
82.50
81.90
81.18
80.84
80.14
79.11
75.92
74.05
72.08
120 Domestics by Ratings.
4.39
4.40
4.93
4.95
5.65
5.71
5.76
Stock
5.74
5.75
6.63
5.35
5.82
5.38
6.65
5.85
5.45
6.71
5.84
Excha nge Clo sed.
5.47
6.76
5.84
5.49
5.86
6.80
5.50
5.57
5.66
5.67
5.73
5.79
5.87
5.98
6.24
6.47
6.70
4.41
4.42
4.44
4.50
4.52
4.51
4.55
4.61
4.79
4.77
4.89
4.97
5.05
5.15
5.11
5.14
5.19
5.26
5.38
5.62
5.77
5.93
6.61
6.72
6.69
6.40
6.29
6.70
8.32
6.10
5.94
8.81
5.95
6.96
5.89
6.07
5.39
6.75
5 99
8 74
4.75
4.76
4.78
4.65
4.61
4.81
4.57
4.48
4.40
4.43
4.42
4.45
4.42
4.46
4.38
4.91
4 51
575
5.73
5.79
5.76
5.58
5.48
5.76
5.47
5.38
5.28
5.24
5.25
5 29
5.28
5.37
4.90
5.96
5 44
7.03
5.77
5.83
5.91
5.92
5.97
6.06
6.15
6.27
6.51
6.72
6.95
Stook
6.77
6.90
6.88
6.59
6.45
6.96
6.55
6.26
6.08
6.17
6.11
6.12
6.05
6.27
5.65
6.98
6 34
9.23
5.50
6.83
5.63
6.96
7.13
5.75
7.16
5.71
7.29
5.75
7.39
5.84
7.51
5.93
7.67
6.07
6.34
8.05
6.73
8.63
7.03
9.02
Excha age Clo
9.17
7.06
9.42
7.11
9.32
7.03
6.80
8.79
6.71
8.60
7.22
9.27
6.85
8.68
8.31
6.82
6.41
8.08
8.21 6.55
666
8.00
6.66
7.98
6.60
7.83
6.97
8.18
5.35
6.63
7.22
9.44
7 41
6 30
12.96 10.49
5.01
5.03
5.06
9.32
9.44
9.49
5.06
5.07
9.53
9.53
4.89
5.94
6.00
5.06
6.11
6.14
6.20
6.29
6.58
6.76
6.96
5.09
5.13
5.23
5.26
5.34
5.40
5.47
6.59
5.81
6.93
6.10
9.65
9.51
9.68
9.78
9.62
9.66
10.08
10.07
9.89
1028
10.58
6.70
6.84
8.83
8.38
8.17
6.54
6.18
5.89
5.72
5.72
5.80
5.55
548
5.55
5.47
6.97
5 59
7.86
6.05
6.22
6.20
8.03
5.98
8.35
5.95
580
5.70
5.76
6.69
5.67
5.60
5 69
5.01
8.35
5 75
8.11
10.83
11.010.811
10.76
10.73
11.19
11.u6
111.40
10.04
10.20
9.88
9.85
9.62
9.118
9.32
11 19
9 86
15.83
High 1933
Low 1933
Low 1933
High 1933
High 1932
Low 1932
Low 1932
High 193
Year Ago
Yr. Ago
July 7 1932
62.87 90.69 74.67 58.80 43.46 55.04 69.31
65.71 July 7'3
9.13
7.25
7.66 12.43
8.56 11.42
8.01
6.70
5.37
1 Two Years Ago
2 Yrs.Ag
July 8 1931
89.86 106.42 99.20 87.69 71.67 87.96 96.23 85.74 July 8'3
7.24
4.99
5.74
5.57
5.59
5.43
4.37
4.80
7.00
• Note.
-These prices are computed from average yield on the basis of one "Ideal- bond 4,(% eoupon. maturing In St years) and do not purport to show either
average level or the average movement of actual price quotations. They merely serve to Illustrate In more comprehensive way the relative levels and the relative
the
movement of yield averages, the latter being the truer picture of the bond market.
t 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 prises
ty months back to 1928. refer to the "Chronicle- of Feb 8 1932. page 907.
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME.
Friday Night, July 7, 1933.
There has been a huge increase in industrial activity.
Operations at the end of June were at the highest levels seen
in two years. The output of steel and coal show further increases and the consumption of electricity is larger. Unemployment shows a marked decrease and wages have been
advanced in many instances. No halt in the business upswing is yet in sight. The expansion is substantial and sustained. Retail sales this week, while not as large as in the
previous week, show a good volume in view of the cool wet
weather in many sections and the Independence Day holiday,
The increase in employment is not expected to have much
effect on retail sales until late in the summer, or early fall.
Department store sales in some instances are 20 to 25%
larger than in the same period last year.
Shoes, furniture, household furnishings and jewelry have
been in the beat demand. And buying of electrical appliances has been on a large scale. An advance in the fur market
has resulted in some special sales of fur coats purchased by
stores before the rise and the saving is being passed to
customers. There was an increase in the sales of men's
clothing, especially of sport-wear. The demand for straw
hats fell off owing to the cooler weather of late but that for
shoes was still of good volume. Wholesale trade was affected
somewhat unfavorably by the holiday but is more buoyant
than it has been in two years. Shipments of merchandise
are being made as soon as they arrive from manufacturers
and in many cases wholesalers are unable to fill orders.
There was a good demand for furniture even at the higher
prices, but manufacturers were not willing to specify delivery
beyond August.
The feature of the wholesale market has been the buying
for forward delivery. This is something which has not been
experienced for several years past. The determination of
the Administration to keep industry moving even at this
period of the year when there is usually a lull has tended
not only to maintain present levels but in many cases to
increase operations. Shoe manufacturers are now operating
at 60% to 75% of capacity. The lumber output is increasing
and prices are firm. Steel production in the Pittsburgh
district during the second quarter was about double that of
he first period. At Chicago the rate was 55%.
Cotton advanced 14 to 16 points for the week under good
buying, influenced by President Roosevelt's rejection of
proposals to stabilize currency and his evident desire to
stick to his price-raising program in this country. All the
grain markets are sharply higher than a week ago owing
to the drouth and high temperatures in the principal growing
districts. The most outstanding gains were in wheat, corn
and barley, and in most cases prices are the highest since
August 1930. Flour was selling at $5.95 for spring patents,
as against $4 at this time last year. Beans, butter, lard,
lambs and tallow are also higher. The growing activity in
trade is reflected in the production of electricity by the
electric light and power industry of the United States. For
the week ended July 1 the production of electricity was
1,655,843,000 kwh., as compared with 1,598,136,000 kwh.
in the week ended June 24 and with 1,456,961,000 kwh. in
the cbrresponding week a year ago. This is the ninth consecutive week that the production of electricity has been
larger than the corresponding week a year ago, and the
percentage of increase in these nine weeks has been steadily
increasing, the increase in the week ended July 1 having
been 13.7%, compared with 10.9% the previous week
and with 0.5% for the week ended May 6, when the production of electricity first began to exceed that of a year ago.
The weather over the week-end changed considerably for
the better. Temperatures dropped and rain fell in many
sections particularly in the Missouri and Mississippi Valleys.
Many places, however, need moisture badly and in other
sections the rain came too late to be of much help. The latter
part of the week temperatures again became high with rainfall scattered and light. Corn and cotton have not been hurt
as yet although rain is badly needed in many localities.
Wheat and oats have suffered from heat and drouth and the
damage cannot be determined at this time, but the Government report on grains that is to be issued on Monday is expected to show a falling off in production in the case of many
of the crops.
Canada has suffered along with the United States, a report
issued by the Dominion Bureau of Statistics on Tuesday
said that "Western grain crops entered the critical month
of July with less than average prospects." The same report
also stated that"Damage has been most severe in the regions
where wheat production is most specialized, namely Southern
Manitoba, Southeastern, Southwestern and West Central
Saskatchewan, and Southern and Central Alberta." The
report added that much of the early sown wheat is now headed
with both heads and straw short. The grasshopper scourge
is still serious and damage is continuing.
204
Financial Chronicle
To-day it was 68 to 86 degrees here and clear. The forecast
was for fair and slightly warmer weather. Overnight Boston
was 70 to 90 degrees; Baltimore, 72 to 88; Pittsburgh, 62 to
84; Portland, Me., 70 to 88; Chicago, 72 to 90; Cincinnati,
60 to 86; Cleveland, 70 to 82; Detroit, 72 to 86; Louisville,
68 to 90; Milwaukee, 74 to 90; Dallas, 76 to 90; Savannah,
68 to 84; Kansas City, 76 to 90; St. Paul, 74 to 92; Oklahoma
City, 76 to 86; St. Louis, 74 to 92; Denver, 66 to 88; Salt
Lake City, 66 to 86; Los Angeles, 58 to 76; San Francisco,
52 to 64; Seattle, 54 to 76; Montreal, 64 to 86; and Winnipeg, 56 to 72.
Freight Car Loadings in Third Quarter of 1933 Estimated at 10% Above Actual Loadings in Third
Quarter 1932
-First Increase Estimated Since
Fourth Quarter of 1929.
Freight car loadings in the third quarter of 1933 will be
approximately 10% above actual loading in the same quarter
in 1932, according to estimates just compiled by the 13
Shippers' Regional Advisory Boards and made public
to-day (July 5).
This estimate, which is the first to show an increase in
any quarter since the fourth quarter of 1929, is based on
reports received from approximately 20,000 shippers as the
result of a questionnaire sent to them by the Boards, says
the American Railway Association, which continued:
Of the 13 Shippers' Regional Advisory Boards, the territories of which
cover the entire United States, 12 reported an increase in the estimated
car loadings for the third quarter of this year compared with the same
Period in 1932, and only one, the Trans-Missouri-Kansas Board, reported
a decrease due to reduction in the grain crop in that territory.
Each of the 13 Shippers' Advisory Boards prepares car-loading estimates
covering 29 principal commodities, which constitute over 90% of the total
carload traffic. The tabulation below shows the total loadings for each
district for the third quarter of 1932, the estimated loadings for the third
quarter of 1933 and the percentage of increase or decrease:
July 8 1933
Railroad Revenue Freight Loadings Again Higher.
The first 14 major carriers to report for the seven days
ended July 1 1933 loaded 250,384 cars of revenue freight,
compared with 241,737 cars in the preceding week and 196,466 cars in the corresponding period last year. With the
exception of the Atchison, Topeka & Santa Fe Ry., the Chicago, Rock Island & Pacific Ry. and the Missouri-KansasTexas Lines, all these road0 showed increases over the week
ended June 24 1933.
For the month of June 1933 five carriers reported that
loadings on their lines amounted to 379,400 cars, compared
with 343,513 cars in the previous month and 318,331 cars
in the same month in 1932.
Comparative tables follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cara.)
Loaded on Lines.
Weeks Ended.
Atchison Topeka & Santa Fe--- Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul dc Pac. Ry
Chicago & North Western RY -Chicago Rock Island & Pea. Ry_.
Gulf Coast Lines & subsidiaries_ _
International Great North. RR
Missouri-Kansas-Texas Lines---Missouri Pacific RR
New York Central Lines
Pennsylvania System
Pere Marquette Ry
Wabash Ry
Shippers' Advisory Board.
Allegheny
Atlantic States
Central West
Great Lakes
Mid-West
New England
Northwest
Ohio Valley
Pacific Coast
Pacific Northwest
Southeast
Southwest
Trans-Missouri-Kansas
456,098
437,561
165,364
219,129
570,861
82,450
195,138
493,560
173,954
121,439
332,921
294,311
298,982
533,441
461,356
178,398
284,500
611,813
85,809
262,779
554,743
185,494
131,927
356,523
304,011
273,283
17.0
6.4
7.9
29.8
7.2
4.1
34.7
12.4
6.6
8.6
7.1
3.3
a8.6
4,224,077
3,841,768
b10.0
Total
a Decrease. b Increase.
Of the 29 commodities covered in the forecast,it is anticipated that 23
will show an increase in loadings in the third quarter of 1933 compared with
the same period in 1932. They are: Flour, meal and other mills products;
cotton; cottonseed and products, except oil; citrus; other fresh fruits; fresh
vegetables other than potatoes; live stock; poultry and dairy products;
coal and coke; ore and concentrates; salt; lumber and lumber products;
sugar, syrup and molasses; iron and steel; machinery and boilers; brick and
clay products; lime and plaster; agricultural implements and vehicles other
than automobiles; automobiles, trucks and parts; fertilizers; paper, paperboard and prepared roofing; chemicals and explosives, and canned goods,
which includes all canned food products.
The six commodities for which reductions are estimated are: All grain,
hay, straw and alfalfa; potatoes; gravel, sand and stone; petroleum and
Petroleum products, and cement.
Of the commodities for which increases are estimated in the third quarter,
compared with the same period last year, those showing the largest increases
are: Ore and concentrates with 92.5%; automobiles, trucks and parts with
49.1%; iron and steel with 47.1%; cotton with 45.5%; machinery and
boilers, 22.9%, and coal and coke, 11.7%.
The estimated car loadings for the third quarter of 1933, together with
the actual car loadings for the same period in 1932 and the percentage of
increase or decrease for each of the 29 commodities included in the forecast
of the Shippers' Advisory Boards, are shown as follows:
TOTAL ALL REPORTING DISTRICTS.
Carkadings.
Advisory Board Classification.
Item No.
Commodity.
1 Grain, all
2 Flour, meal and other mill products
3 Hay,straw and alfalfa
4 Cotton
5 Cottonseed & products, except oil
6 Citrus fruits
7 Other fresh fruits
8 Potatoes
9 Other fresh vegetables
10 Live stock
11 Poultry and dairy products
12 Coal and Coke
13 Ore and concentrates
14 Gravel, sand and stone
15 Salt
16 Lumber and forest products
17 Petroleum and petroleum products_
18 Sugar, syrup and molasses
19 Iron and steel
20 Machinery and boilers
21 Cement
22 Brick.and clay products
23 Lime and plaster
24 Agricultural Implements & vehicles
Other than automobiles
25 Automobiles, trucks and parts
26 Fertilizers, an kinds
27 Paper, paperboard and prepared
roofing
28 Chemicals and explosives
29 Canned goods-all canned food
products (includes catsup, Jams,
jellies, olives, pickles. Preserves,
&c.)
Total all commodities listed
Actual
1932.
296,263
175,889
22,724
35,990
21,425
18,830
93,596
39,568
49,082
204,920
28,923
1,230,322
87,785
326,822
26,293
228,249
433,682
35,190
125,363
13,458
112,704
38,191
21,297
Estimated
1933.
289,609
182,572
22,094
52,369
22.638
20,881
93,683
37,263
49,819
212,581
29,241
1,374,788
169,015
314,195
26,838
268,163
432,611
38,309
184,471
16,636
105,409
44,312
23,840
Estimated
Per Cent
Incese 1+)or
Decrease(-).
-2.2
+3.8
-2.8
+45.5
+5.7
+10.9
+.1
-5.8
-4-1.5
+3.7
+1.1
+Ill
+92.5
-3.9
+2.1
+17.5
+8.9
+47.1
+22.9
-6.5
+16.0
+11.9
3,928
36,242
25,018
4,817
54,048
28,715
+22.6
+49.1
+14.8
61,633
11,742
69,736
13,020
+13.1
+10.9
36,639
42,514
+16.0
3,841,768
4,224,077
+10.0
20,185
22,120
14,839
18,396
15,658
13,880
1,957
4,297
4,846
14,515
45,891
63,406
5,099
5,295
20,389
21,125
14,061
18,316
14,954
14,015
1,766
4,128
4,846
13,640
43,941
60,624
4,944
4,989
18,494 4,284 3,886 3,194
14,365 8,867 8,730 5,244
12,245 5,735 6,183 4,299
14,445 6,917 6,431 4,991
12,898 8,325 8,011 6,305
12,842 8,539 8,381 7,960
1,784 1,049
847
992
1,598 1,541 1,494 1,475
4,192 2,392 2,369 1,896
11,639 7,284 7,778 5,006
33,291 69,076 57,290 40,646
49,708 38,613 36,889 27,647
3,714
5,251 7,103 7,392 6,167
250,384 241,737 196,466 159,725155,681 115,822
Total
Actual Loadings Estimated Loadings Per Cent
1933.
Increase.
1932.
Rec'd from Connections.
July 1 June 24 July 2 July 1 June 24 July 2
1933. 1933. 1932. 1933. 1933. 1932.
*Not available.
Loaded on Lines.
Months of
Atchison Topeka & Santa Fe- -Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago & North Western RyNorfolk & Western Fey
Rec'd from Connections.
June
1933.
May
1933.
June
1932.
June
1933.
May
1933.
84,311
94,499
61,178
64,985
74,427
76,377
84,687
59,095
60,167
63,187
83,539
71,490
54,889
56,708
51,705
16,977
36,854
25,199
33,848
17,602
17,790 .14,549
33,434 23,750
24,401 20,422
33,110 27,184
15,510 12,988
Juno
1932.
379,400 343,513 318,331 130,480 124,245 98,893
Total
*Not available.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cara.)
1Veelcs Ended.
St. Louis-San Francisco Ry
July 1
1933.
June 24
1933.
July 2
1932.
12,724
13,182
9,920
Loading of revenue freight for the latest full week-that is,
-totaled 604,668 cars,
for the week ended on June 24
according to figures compiled by the American Railway
Association. This was an increase of 16,737 cars above the
preceding week, and an increase of 105,675 ears above the
same week in 1932 but a decrease of 154,695 cars under the
same week in 1931. Loading of all commodities for the
week of June 24 increased over the preceding week this year,
and all commodities except merchandise less than carload
lot freight increased over the same week in 1932. Details
for the latest full week follow:
Miscellaneous freight loading for the week of June 24 totaled 231,966
cars, an increase of 2,450 cars above the preceding week, and an increase of
41,963 cars above the corresponding week in 1932, but a decrease of 65,870
cars under the same week in 1931.
Loading of merchandise less than carload lot freight totaled 169.902
cars, an increase of 1,372 cars above the preceding week, but 4,465 cars
below the corresponding week last year and 46,158 cars under the same
week two years ago.
Grain and grain products loading for the week totaled 38,341 cars, an
increase of 194 cars above the preceding week, and 10,731 cars above the
corresponding week last year. but 3,528 cars below the same week in 1931.
In the western districts alone, grain and grain products loading for the week
ended June 24 totaled 26,994 cars, an increase of 8,561 cars above the same
week last year.
Forest products loading totaled 27,733 cars, 2.213 cars above the preceding week, and 11.124 cars above the same week in 1932. but 2,803 cars
below the corresponding week in 1931.
Ore loading amounted to 13.532 cars, an increase of 1,266 cars above
the week before, and an increase of 8 959 cars above the corresponding week
In 1932, but 16.620 cars below the same week in 1931.
Coal loading amounted to 102.015 cars, an increase of 8,411 cars above
the preceding week, and an increase of 33,760 cars above the corresponding
week in 1932, but a decrease of 17,040 cars below the same week in 1931.
Coke loading amounted to 5,646 cars, 748 cars above the preceding week,
2.698 cars above the same week last year. and 567 cars above the same week
two years ago.
Live stock loading amounted to 15.533 cars, an increase of 83 cars above
the preceding week, and an Increase of 905 cars above the same week last
year. but 3.243 cars under the same week two years ago. In the western
districts alone, loading of live stock for the week ended on June 24 totaled
11.409 cars, an increase of 398 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 but all districts reported reductions
compared with the same week in 1931.
Loading of revenue freight in 1933 compared with the two previous
years follows:
1933.
1932.,
1,910,496
1,957,981
1,841,202
2,504,745
2,127,841
508,234
564,546
587,931
604,668
2,266,771
2,243,221
2,280,837
2,774,134
2,088,088
447.412
501,685
518,398
498,993
2,873,211
2,834,119
2,936,928
3,757,863
2,958,784
761,084
732,409
739,094
759,363
12.607,644
13,619,539
18,352,855
Four weeks in January
Four weeks in February
Four weeks in March
Five weeks in April
Four weeks in May
Week ended June 3
Week ended June 10
Week ended June 17
Week ended June 24
Total
205
Financial Chronicle
Volume 137
1931.
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended June 24. 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
-that is, are for the week ended
those of the general totals
June 17. During the latter period a total of only N roads
showed decreases as compared with the corresponding week
last year. Among the most important carriers showing
increases over a year ago were the Pennsylvania System, the
Baltimore & Ohio RR., the Southern Ry. System, the New
York Central RR., Chesapeake & Ohio Ry., the Chicago
Milwaukee St. Paul & Pacific Ry., the Illinois Central
System, the Louisville & Nashville RR., the Norfolk &
Western Ry. and the Chicago & North Western Ry.
-WEEK ENDED JUNE 17.
CONNECTIONS(NUMBER OF CARS)
REVENUE FREIGHT LOADED AND RECEIVED FROM
Total Loads Received
from Connections.
Total &WSW
Freight Loaded.
Railroads.
Total
Group B:
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh Az New England
.
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pitts. Shawmut& Northern
Total
Group C:
Ann Arbor
Chicago Ind. & 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 & West Virginia _. _
Wabash
Wheeling & Lake Erie
Total
1932.
1931.
1933.
911
2,688
7.852
1,002
2,829
10,827
668
1,377
2,663
6,942
641
2,683
10,198
614
890
3,288
9,637
755
3,538
14,217
632
222
4,748
9,421
2,437
1.798
11,216
991
285
4,359
8,937
2,444
2.199
9,872
1,044
26,777
25,118
32,957
30,833
29,140
4,666
8,613
11,898
147
1,245
7,832
1,946
19,681
1,652
389
351
4,128
7,343
10,659
192
1,119
6.687
863
17,040
1,606
430
371
6,696
10,781
13,477
212
1.832
8,520
1,576
25,715
2,216
417
400
6.374
5,451
13,290
1,686
853
6,414
93
26.728
2,040
29
189
5.641
4.887
11,434
1,417
708
6,044
68
22,132
1,920
53
239
58,420
50,438
71,842
63,147
54,543
488
1,424
7,976
25
283
368
1,414
3.692
6,951
3,510
4,434
4,860
5,507
1,352
4,903
3,452
467
1,323
7,332
26
293
163
1,965
2,623
6,181
2.899
3,720
4,590
2,863
1,007
5,218
2,367
616
1.950
9,056
43
472
271
1,721
4,150
7,638
4.941
5,723
5,722
6,052
334
6.451
3,333
907
1,737
10,770
53
106
1.813
700
5,574
7,654
205
7.911
3,858
4.128
791
7.159
3,054
930
1,565
8.735
44
100
1,243
913
4,672
6.671
186
6,913
3,133
3.215
622
7,177
2,019
50,619
43,037
57,473
56,420
118,593
162,272
150,400
25,776
2,286
153
5.255
838
229
47
977
57,527
11,803
6,989
34
2,776
24,144
1,366
98
5,847
3
125
80
1,106
51,682
9,907
2,655
33
2,361
33,471
4,208
157
8,249
236
118
1,449
73,317
15,012
6,791
44
3.389
12,758
1,438
3
9,352
27
20
23
2,098
35,263
14,224
1,827
114.490
99.407
146,440
19,962
17,114
752
2,981
15,045
12,241
944
2,285
23,445
18,890
1.252
3,353
8,499
4,036
1,281
505
5,706
3,112
1,127
424
40,809
30,515
46,940
14,321
10,369
8,125
921
463
163
40
2,716
556
406
6,409
19,252
171
8,336
762
430
87
52
2,622
407
289
5,309
15,867
156
11,601
1,190
561
147
55
3.747
509
418
8,878
22,817
179
4,102
1,405
838
386
68
894
859
3,457
2,763
11,285
581
3,163
919
611
250
61
883
528
3,308
2,128
3.238
584
39.222
34.817
50,102
26,638
20,673
Allegheny DistrictBaltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek Az Gauley
Central RR. of New Jersey.--Cornwall
Cumberland & Pennsylvania - _
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup A:
Atlantic Coast Line
Clinchfield
Charleston Az Western Carolina
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. Az Potom
Seaboard Air Line
Southern System
Winston-Salem Southbound
Total
3,680
81,313
Group B:
Alabama Tenn.& Northern....
Atlanta Birmington & Coast--West.RR.of Ala
Atl.& W.P.
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia Az Florida
Gulf Mobile Az Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah....
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louis
New Orleans-Great Northern
Tennessee Central
68,231
1932.
1931.
278
680
711
3.767
•189
360
671
377
778
17,208
17,055
139
171
1,761
2,756
611
283
262
549
525
2,766
183
406
638
256
647
16.368
12,875
105
109
1,650
2,275
491
306
246
769
638
4,139
343
482
1,181
428
808
22,816
20,479
131
151
2,050
2,966
910
598
1933.
179
523
1,051
2,222
198
259
1,267
321
835
8,471
3,757
230
243
1,416
2,270
358
508
1932.
132
411
842
1,876
206
387
960
251
675
6,966
2,947
224
225
934
1,661
237
379
47,795
40,411
59,135
24,108
19,313
Grand total Southern District
87,017
75,228
109,237
50,746
39,986
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw.St. Paul& Pacific
Chic. St. Paul Minn.& Omaha_
Duluth Missabe & Northern
Duluth South Shore Az Atlantic_
Elgin Joliet & Eastern
Pt. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St. LOUIS
Minn.St. Paul& S. S. Marie
Northern Pacific
Spokane Portland & Seattle
709
15,159
2,197
17,759
3,573
3,997
651
4,471
335
9,491
485
1,917
5.015
8,275
950
1,372
13,548
2,223
15,024
3,129
550
543
3,289
284
7,399
525
1,796
3,775
7,126
1,207
1,554
22,996
3,062
22,401
4,215
11,666
1,391
4,651
393
12,864
673
2,809
5,764
9,373
1.033
1,554
7,654
2,292
6,515
2,910
52
291
4,452
164
2.004
345
1.166
1,732
2,080
1,051
1,241
6,529
2.200
5,778
2,447
106
374
2,915
127
2,034
363
1,021
2,061
1,997
896
74,984
61,790
104,845
34,262
30,089
20,093
2,927
165
13,920
12,680
2,089
561
1,372
224
1,123
515
66
14,806
303
385
9,882
146
1,249
21,138
3,537
121
13.249
12,089
2,085
762
1.308
194
1,153
511
250
15,577
206
270
9,841
178
1,122
23,139
3,550
193
18,643
16,412
2,563
956
1,883
179
1,248
. 734
143
22,592
425
302
12,875
139
1,448
3,877
1,744
27
5,784
5,911
1,795
851
1,863
12
924
253
20
3,335
277
1,011
6,208
4
1,273
3.666
1,708
4
.5,152
6,314
1,706
732
1,483
17
825
273
5
2,917
190
812
5,583
7
985
82,496
83,591
107,424
35,169
32,379
176
112
159
1,567
240
136
150
2,202
4,iii
114
1,738
1,364
249
542
74
5,006
13,651
61
174
8,419
2,230
139
122
151
2,413
___
2,016
217
1.959
1,263
89
608
41
5,243
12,497
46
67
8,422
2,181
4,iii
556
2,141
1,866
173
694
62
5,418
16,691
42
199
9.732
3,167
3,318
314
161
836
___ _
1,488
895
1,361
616
635
154
244
2,323
7,501
16
125
3,406
1,771
2,610
281
101
1,048
_ _ __
1,727
766
1.405
1,000
354
314
243
2,351
6,769
H
64
3,242
1,839
5,:iii
4,623
2,180
19
5,i2:1
3,989
1,965
22
ti,ilii
4,892
2,424
43
2,6ii5
3,900
2,126
37
2:863
3,611
1,521
4(
52.319
49,274
61.936
33,867
32,111
Total
Total
Central Western District
Atch. Top. & Banta Fe System_
Alton
48,138 Bingham & Garfield
Chicago Burlington & Quincy
131,821 Chicago Rock Island & Pacific.
- Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western11,411 Denver & Salt Lake
572 Fort Worth & Denver City
3 Northwestern Pacific
8,412 Peoria & Pekin Union
33 Southern Pacific (Pacific)
13 St. Joseph dr Grand Island....
14 Toledo Peoria & Western
2,325 Union Pacific System
29,186 Utah
12,670 Western Pacific
1,009
Total
2,578
Grand total Eastern District... 135,816
Total Loads Received
from Connections.
1933.
1932.
1933.
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N.H.At Hartford...
Rutland
Total Revenue
Freight Loaded.
Railroads.
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
7 Houston & Brazos Valley_ _
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri Az North Arkansas._ _ Missouri-Kansas-Texas Lines
Missouri Pacific
Natchez Az Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. 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
x Estimated. y Included In Gulf Coast Lines. * Previous week's figures.
Moody's Daily Index of Staple Commodity Prices
Advances Steadily Into New High Ground.
The week in review witnessed a steady advance in average
prices of the principal raw commodities, Moody's Daily
Index of Staple Commodity Prices setting new high figures
in over two years on four successive business days beginning
with Monday. The close was at the top, 135.4, an advance
of 6.8 points for the week and of 72% from the low point
of the year. As recent discussions concerning stabilization
of the dollar have made frequent mention of the 1924-25-26
price level, it may be interesting to note that the Index,
based on the annual average prices for these years, and excluding rubber because of the abnormal prices under the
Stevenson restriction scheme, was 243.2, 255.7, and 230.5,
respectively.
All but two of the 15 staples included in the Index advanced in price during the week, hogs and sugar closing
unchanged. Advances of 7c. a bushel in wheat, 11c. a
bushel in corn, and 1.3c. a pound in rubber were the most
important, but copper, steel scrap, hides, cotton, silk,
206
Financial Chronicle
122.7
121.4
79.8
103.9
79.3
135.4
78.7
Wholesale Commodity Price Index of National Fertilizer
Association Again Showed Large Gain for Week
Ended July 1.
Wholesale commodity prices showed another large gain
according to the index of the National Fertili2er Association.
This advanced 11 points during the week ended July 1 and
brought the index number up to 63.8 (the three year average
1926-1928 equals 100), hitting a new high record for 1933.
The index is now 30 points higher than a month ago and 31
points higher than a year ago. Continuing, the Association
said under date of July 3:
Of the 14 major groups in the index seven groups were higher during
the latest week, one group was lower and six groups showed no change.
The advancing groups were foods,fuel,including petroleum and its products,
grain, feeds and livestock, textiles, metals, fats and oils, and fertilizer
materials. With the exception of the metals group, all of the groups showed
substantial gains. The miscellaneous commodities group declined.
Fifty-three commodities advanced during the latest week and 14 commodities declined. During the preceding week there were 55 advances
and only nine declines, and two weeks ago there were 53 advances and
27 declines. Important commodities that advanced were cotton, cotton
brown sheeting, cotton yarns, wool, burlap, lard, butter, all vegetable oils,
eggs, raw sugar, flour, potatoes, beans, all grains and practically all feedstuffs, finished steel, silver bars, rosin, petroleum, gasoline, kerosene,
rubber, cottonseed meal and calcium cyanamid. Among the commodities
that declines were ham, pork, applies, cattle, hogs, sheep, tin, coke, calfskin and coffee.
The index number and comparative weights for each of the 14 groups
listed in the index are shown in the table below.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-192100).
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Latest
Week
July 1
1933.
All groups combined
Month
Ago.
64.9
52.6
48.3
58.6
63.0
84.4
72.2
74.2
75.4
51.8
87.9
64.1
65.7
90.1
61.2
48.5
49.8
55.6
61.9
84.4
71.9
73.4
75.2
50.4
87.2
64.6
65.9
90.2
Year
Ago.
--.--59.6
67.6
44.8
40.1
59.4
87.7
72.0
70.9
78.3
35.9
87.6
87.3
71.9
92.1
63.8
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
Preceding
Week.
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
Group.
62.7
60.8
60.7
National City Bank of New York Finds Unbroken
Expansion in Business Improvement in Past Three
Months
-Rise Exceeds All Previous Records.
"The upward movement of business has continued during
June without interruption" says the National City Bank of
New York in its July 1 Monthly Review. The Bank notes
that "at this time of the year business men usually expect a
summer recession to be well under way, but this rise is so
vigorous that seasonal restraining influences thus far have
had no effect."
The Bank observes that "over the three months since the
improvement began industrial activity shows an unbroken
expansion," continuing it says in part:
With the exception of construction work and lines particularly dependent
upon construction and equipment, operations are generally the highest in
about two years, and in some industries, notably the textiles, it is necessary
to go back into the boom period to find the comparison. The following
table gives the record of steel mill operations, car loadings, and electric
power production, three of the recognized measures of business activity,
since the middle of March. The figures show the steady rise both from week
to week and by comparison with the corresponding weeks one year ago:
Steel Mill Operations.
Week Ended
Mar. 18
Mar.25
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 8
May 13
May 20
May 27
June 3
June 10
June 17
June 24
. 1
0-
The railroad movement of miscellaneous and less than carload freight
showed a further advance, after seasonal adjustment, in continuation of the
upward movement of the previous two and one-half months which is indicated in the accompanying diagram. [This we omit
-Ed.]. The total
increase in the car loadings index from the low point in March, amounting
to nearly one-third, was the largest in the past four years, and brought the
level of the index to the highest point since the early part of 1932. Department store sales in the Metropolitan area of New York were only 1% lower
than in the corresponding period a year ago, which is the most favorable
year to year comparison in two years. After allowance for the decline in
retail prices during the past year, the volume of sales was probably larger
than a year ago.
Increases both before and after seasonal adjustment were reported also
in some of the other measures of trade and general business activity, including the production of electric power and retail sales of automobiles.
The June increases followed moderate gains in a number of lines during
May, which are indicated in the following table.
Car Loadings.
Elec. Pow. Producer:.
(Adjusted for seasonal variations,for usual year-to-year growth and where necessary
for price changes.)
1932
1933
1933
May. March. April.
Primary Distribution
Car loadings, merchandise and miscellaneous____
Car loadings. other
Exports
Imports
Waterways traffic
Wholesale trade
50
42
52
60
34
76
Distribution to Consumer
Department store sales. Second District
Chain grocery sales
Other chain store sales
Mail order house sales
Advertising
Gasoline consumption
Passenger automobile registrations
76
77
78
75
59
73
31
63
57
79
55
56
73
69r
63
132
31
83
54
iVE4i; W=.01CONQQFIFI
:
.400W OloAN,100..TOO
Per Cent
Each Group
Bears to the
Total Index.
New York Federal Reserve Bank's Indexes of Business
Activity-Level of Index at Highest Point Since
Early Part of 1932.
According to the Federal Reserve Bank of New York "continued improvement in business activity during the first
half of June is reflected in currently available data." In
presenting in its July 1 "Monthly Review" its indexes of
business activity the Bank added:
General Business Activity
Bank debits, outside of New York City
Bank debits, New York City
Velocity of bank deposits, outside of N.Y.CityVelocity of bank deposits, New York city
Shares sold on New York Stock Exchange
Life insurance paid for
Electric power
Employment in the United States
Business failures
Building contracts
New corporations formed in New York State
Real Estate transfers
1933
May.
00,PCAW.Poi.
128.6 2 weeks ago, June 23
129.9 Month ago, June 7
132.4 Year ago. July 9
1932i High, Sept. 6
Low, Dec. 31
132.9
134.6 1933 High, July 7
135.4 wok Low, Feb. 4
52
51
42
49
42
85
73
60
75
72
50
68
27p
72
60
71
66
51
55
53
72
52
125
67
64r
59
85
11
71
37
_
55
48
43p
57p
__
_
.
57
53
73
52
231
64
66r
62
84
15
85
..
itip
General price level*
132
124
127
184
Composite index of wages*
170p
1719
Cost of living*
138
127
128
P Preliminary. r Revised. •1913 sverage=100. a Data not available.
F
Fri.
June 30
Sat. July I
Mon. July 3
Tues. July 4 Holiday.
Wed. July 5
Thurs. July 6
July 7
Fri.
and trade are generating purchasing power at an encouraging rate. The
industries are giving more employment and in many cases at better wages.
From April to May there was an increase of 5% in factory employment and
of 11% in payrolls, according to the Department of Labor, and these
figures contrast with the usual seasonal movement, which is downward.
During June further increases undoubtedly have occurred, and according
to published estimates by the American Federation of Labor more than
1.600,000 workers have been re-employed since the end of March.
Moreover, the changes affecting the various classes of the population
have been on the whole in the direction of a better business equilibrium, due
to the agricultural improvement. The farmer is gaining not only because
the prices of his products are better, but because they have advanced more
than the prices of the things he buys. According to the latest price index
numbers of the Bureau of Labor Statistics the farm products group was up
30% from the low and the foods group 14%, while all other groups combined
were only 3% higher. Between March and May the ratio of the prices the
farmer receives to the prices he pays rose from 50 to 62% of the pre-war
average, according to the Department of Agriculture's calculations, and
doubtless it has risen further since. The figure shows that there is still a
long way to go, but this is the most encouraging movement since the depression began toward establishing a more equitable price relationship that
will restore trade between the farm and industrial populations.
Impressed by these gains, business men are looking forward to the second
half
-year with confidence. They recognize the elements of confusion in
the economic situation and the untried character of the program under
which they are operating; and doubtless these uncertainties will continue
to restrict capital investment and the undertaking of projects for the future.
As relater to current operations, however, the chief consideration is that
the turn has been made, both in business volume and prices, and forward
buying is again the favored policy.
.2.414.91=0.=
W.,01WO,W=
wool tops, lead, coffee, silver and cocoa also showed sizeable
gains.
The movement of the Index number during the week,
with comparisons, is as follows:
July 8 1933
% of
% Change Thousand % Change Million % Change
Capacity. from 1932.
Cars. from 1932. Kwh. from 1932
15
14
15
163i
19..
23
25
29
31
35
38
41
44
47
50
A.3
-40.0
-44.0
-31.8
-25.0
-7.1
+2.2
+8.6
+20.8
+29.1
+40.0
+58.3
+74.2
+120.0
+161.1
+212.5
-I- 2.5.1 n
450
476
495
487
494
493
.536
524
531
532
541
508
565
588
-23.1
-15.1
-9.2
-10.6
-12.8
-12.3
-3.3
-1.8
+2.6
+3.1
+3.8
+13.5
+12.5
+13.4
1,375
1,410
1,402
1,399
1,410
1,431
1,428
1,436
1,468
1,483
1,494
1,462
1,542
1.578
1.598
-10.6
-6.9
-5.3
-4.5
-4.8
-2.6
-1.8
+0.5
+2.1
+3.3
+4.8
+5.9
+7.4
+9.5
+10.9
Rise Exceeds All Previous Records.
This is the most impressive showing of business recovery ever made in a
comparable period in this country. Of course these increases in production
"Annalist" Weekly Wholesale Price Index Advanced
1.7 Points During Week of July 3
-Reflects Higher
Prices for Grains, Petroleum and Gasoline, Finished Steel, and Dairy Products.
With a gain of 1.7 points for the week, the "Annalist"
weekly index of wholesale commodity Prices advanced to
99.7 on July 3 from 98.0 (revised) June 27, and now stands
barely under the 1913 average of 100.0. The "Annalist"
continued:
Higher prices for wheat and the other grains, for the petroleum group,
for finished steel, and for dairy products were chiefly responsible for the
rise. The advance of the index was, however, much more than offset
by the drop in the dollar to 75.6 cents from 79.1, as a result of which the
index on a gold basis fell 1.9 points to 75.6.
Financial Chronicle
Volume 137
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
Unadjusted for Seasonal Variation. 1913=100.
July 3 1933. June 27 1933.
July 51932.
Farm products
a88.9
90.9
69.6
Food products
94.3
102.5
101.6
Textile products
a105.2
65.8
.106.2
Fuels
107.2
143.9
111.9
Metals
95.7
102.5
100.0
Building materials
107.2
107.0
107.0
Chemicals
96.2
95.0
96.2
Miscellaneous
79.6
81.2
81.1
All commodities
91.1
99.7
a98.0
All commodities on cold basis C
75.6
a77.5
• Preliminary. a Revised. I Based on exchange quotations for France. Switzerland, Holland and Belgium.
Corresponding Period
13.7%.
The production of electr.eity by the electric light and power
industry of the United States continues to increase, amounting to 1,655,843,000 kwh. during the week ended July 1
1933, according to the Edison Electric Institute. This was
the ninth successive week that production exceeded that
of the same period last year, and compares with 1,598,136,000 kwh. in the week ended June 24 1933 and with
1,456,961,000 kwh. in the week ended July 2 1932.
Electric output in the New England region during the
week ended July 1 1933 was 20.9% over that for a year ago,
the Middle Atlantic region showed a gain of 11.1%, the
Central Industrial region an increase of 17.6%, the Southern
States region an advance of 17.1% and the Pacific Coast
region a decrease of 0.3%. The Institute's statement follows:
Output of Electricity Exceeds
Last Year by
PER CENT CHANGES.
Week Ended
July 1 1933.
Major Geographic DivisionsNew England
Middle Atlantic
Central Industrial
Southern States
Pacific Coast
Week Ended
Week Ended
24 1933 June 17 1933.
June
+20.9
+11.1
+17.8
+17.1
+19.2
+8.9
+13.9
+13.8
+18.2
+7.0
+11.9
+13.6
-1.4
Total United States
+10.9
+9.5
+13.7
Nate.
--Specific 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 change-3 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:
Week of-
1933.
Week of-
1932.
1Vezk of-
1931.
1933
Under
1932.
Jan. 14 1,495,116.000 Jan. 16 1,602,482.000 Jan. 17 1,716,822,000 6.7%
Jan. 21 1.484389,000 Jan. 23 1,598.201,000 Jan. 24 1,712,786,000 7.1%
Jan. 28 1,489,636,000 Jan. 30 1,588,967.000 Jan. 31 1,687360,000 7-5%
Feb. 4 1354,913,000 Feb. 6 1,588,853,000 Feb. 7 1,679,016,000 8.4%
Feb. 11 1,482,509,000 Feb. 13 1.578.817.000 Feb. 14 1,683,712,000 6.1%
Feb. 18 1,469,732300 Feb. 20 1345459 00 Feb. 21 1,680329,000 4.9%
3
Feb. 25 1,425.511,000 Feb. 27 1,512358,000 Feb. 28 1.633.353,000 5.7%
Mar. 4 1,422,875,000 Mar. 5 1,519 679 000 Mar. 7 1,884,125.000 6.4%
Mar. 11 1,390,607,000 Mar. 12 1,538452300 Mar. 14 1,876,422,000 9.6%
'
Mar. 18 1,375,207,000 Mar. 19 1,537,747 00 Mar. 21 1,682337,000 10.6%
3
Mar.25 1,409,655,000 Mar.26 1,514,553 000 Mar. 28 1,689,407,000 8.9%
Apr. 1 1.402,142,000 Apr. 2 1,480,208300 Apr. 4 1,679,764,000 5.3%
Apr. 8 1,399,387,000 Apr. 9 1,485,076300 Apr. 11 1.647.078,000 4.5%
Apr. 15 1,409,603.000 Apr. 16 1.480.738,000 Apr. 18 1,641,253300 4.8%
Apr. 22 1,431,095,000 Apr. 23 1,489 810000 Apr. 25 1,675.570,000 2.6%
Apr. 29 1,427,960.000 Apr, 30 1,454305300 May 2 1,844,437300 18%
May 6 1,435,707,000 May 7 1,429,032300 May 9 1,637,296300 a0.5%
May 13 1,488,035,000 May 14 1,436,928300 May 16 1.654,303300 a2.2%
May 20 1,483,090,000 May 21 1,435,711 000 May 23 1,644.783,000 a3.3%
May 27 1,493,923,000 May 28 1,425,151300 May 30 1,601,833,000 a4.8%
June 3 1,461,488,000 June 4 1,381,452,000 June 6 1,593.662300 a5.8%
June 10 1,541,713,000 June 11 1.435,471,000 June 13 1,621,451,000 a7.4%
June 17 1,578.101,000 June 18 1,44153,000 June 20 1,609331,000 29.5%
June 24 1398.136,000 June 25 1,440,541,000 June 27 1,634,935,000 *10.9%
July 1 1,655,843,000 July 2 1,458,961300 July 4 1.607,238,000 *13.7%
July 8
July 9 1 241 720 non Jalv 11 1.603.713.000
a Increase over 1932.
DATA FOR RECENT MONTHS.
65.1 for the week ended June 24, showing an increase of
approximately 1.8%. The Bureau further said:
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 ended June 3, 10, 17, 24, and July 1 1933:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF JUNE 3
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF
JUNE 3. 10, 17, 24 AND JULY 1 1933. 1926=100.
Week Ended
June 3. June 10. June 17. June 24. July 1.
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drags
Housefurnishing goods
Miscellaneous
1933.
1932.
1931.
January
February -March
April
May
June
July
August
September October
November December.
6380.897,000
5,835,263,000
6,182,281,000
6324,855.000
7,011,736,000
6,494,091,000
6.771384,000
6,294,302,000
6319,554,000
6,130,077,000
8,112,175,000
6,310,667,000
6,317,733,000
6,633,865,000
6,507,804,000
6,638,424,000
7,435,782,000
6,678315,000
7,370,687.000
7,184,514,000
7,180,210,000
7,070.729,000
7,288,576.000
7,166,086,000
7,099,421,000
7,331,380.000
6,971,644,000
7,288,025,000
1930.
1933
Under
1932.
8,021,749,000 7.6%
7,086,788,000 10.1%
7,580,335.000 8.7%
7,416391.000 4.3%
7,494,807,000
7.239397300
___
7,363,730.000
__ _7,391,196,000
7337.106,000
7,718,787.000
7,270,112,000
7.568,601.000
____
Total
77.4.42 11200083.083.969.00089,467.099.000
Note.
-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are based
nn about 70%.
Wholesale Price Index of U. S. Department of Labor
Increased During Week Ended July 1.
The Bureau of Labor Statistics of the U. S. Department
of Labor announces that its index number of wholesale prices
for the week ended July 1 stands at 66.3 as compared with
63.8
53.2
81.0
79.9
57.5
61.1
78.2
71.8
73.2
71.9
59.2
64.0
52.5
61.0
80.9
58.7
60.8
78.7
72.9
73.8
72.4
59.5
64.5
52.8
61.0
82.8
60.2
81.4
78.9
73.4
73.8
72.8
60.6
65.1
53.2
61.4
8.3.5
61.5
63.6
78.9
74.2
73.6
72.8
61.1
66.3
56.9
62.6
83.3
62.2
64.3
79.2
75.9
73.5
73.2
62.1
Trend of Business in Hotels During May According to
Horwath & Horwath-Total Sales Declined 15%
as Compared With May 1932-Chicago Benefitting
By World's Fair.
In their survey of business in hotels during May, Horwath
& Horwath state that "total sales declined 15% from May
1932; room sales, 16%, and restaurant sales 13%. The
occupancy was 51%,compared with 53% a year ago,and the
average room rate shows a decline of 13%." Horwath &
Horwath continued:
The decrease in total sales-only 15%- is the smallest since September
1930. All groups except Philadelphia had smaller decreases than usual, and
the improvement was especially marked in New York and Chicago. The
latter city is benefitting from the World's Fair. but in the case of the other
groups it is regular business that is stemming the downward trend.
Augmented by beer, restaurant sales are now picking up a little faster
than room sales, whereas through most of the depression, they showed the
sharper decreases. In the States where beer is legal, the sales of it amounted
to 8% of the food sales, practically the same ratio as in April, the first
month of legal beer.
The upward trend of occupancy is the best proof of improvement in the
industry. For the first time on record, May showed a higher occupancy
than April
-an advance of three points in contrast with an average decline
of three points for the last six years. Nearly 40% of all hotels reporting sold
more rooms than in the corresponding month of last year, but continued
rate-cutting more than offset the gains in occupancy.
While the general improvement was the most marked in a long time,some
of the individual groups indicate that business is still spotty.
DECREASES IN SALES FROM THREE YEARS AGO
Nor,
New York
Chicago
Philadelphia_ _ _
Washington
Cleveland
Detroit
CsAlfornia
All other reports_
Tet1.01
Dec.
Jan.
Feb.
Mar.
Apr.
May.
%
52.6
53.4
52.1
44.2
50.5
54.7
48.9
49.1
%
%
52.6
54.4
54.4
43.5
52.0
39.3
48.3
47.4
50.7
54.6
53.3
44.3
50.7
48.4
51.5
49.1
%
51.4
50.8
53.7
40.1
53.8
59.3
55.8
49.7
'
c'-o
53.7
58.8
60.0
56.3
58.7
60.0
57.5
55.3
e"'
o
53.5
50.9
53.4
45.6
53.2
60.8
55.2
52.3
%
49.5
41.9
52.7
38.8
52.6
50.9
54.4
51.2
All 9
411 0
All 1
All 11
AA 1
Al A
40 1
Horwath & Horwath also issued the following analysis:
TREND OF BUSINESS IN HOTELS IN MAY 1933, COMPARED WITH
MAY 1932.
Sales.
Analysis by elites in
Which Horwath
Percent ofInc.(+)or Dec.(-)
Horwath Offices
Are Located.
Ibtal.
Rooms. Restauet.
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Texas
All others reporting
Total
Month of-
207
Occupancy.
May
1933.
May
1932.
Room t Rate
Percent of
Inc.(+)
Dec. (-)
-10
-1
-25
-12
-20
-27
-20
-12
-17
-13
-6
-29
-11
-24
-30
-18
-11
-18
+8
-21
-12
-18
-24
-20
-13
46
53
36
51
52
48
50
54
51
46
54
43
52
58
53
52
54
56
-18
-5
-15
-9
-16
-23
-15
-11
-10
-15
-16
-13
51
53
-13
Substantial Increase Noted in Level of General Business Activity in New England During May Over
April by Federal Reserve Bank of Boston-Level
Highest Since October 1932.
The Boston Federal Reserve Bank in its July 1 "Monthly
Review" states that "the level of general business activity
in New England during May increased substantially from
April, and was higher than in any month since October 1932,
after allowances for customary seasonal changes had been
made." We further quote the Bank as noting:
The fact that industrial activity for the entire country increased between
April and May indicated that the improvement was not confined to any
particular section, but was general throughout the nation. The available
fragmentary data for June point to a continuance of the advancing rate of
Industrial activity.
Within New England practically all the major lines of industry improved
between April and May, and retail distribution, as represented by department store sales, life insurance sales, and new automobile sales, likewise
shared in more favorable comparisons with the data for a year ago. Activity in the textile and boot and shoe industries in this district during
Financial Chronicle
208
May increased from April with greater rapidity than in other lines, and
the building industry improved but slightly.
The amount of raw cotton consumed in New England mills during May
was 90,453 bales, as compared with 68.336 bales in April, and 35,102 bales
in May 1932. In May 1931, the amount was 89,161 bales, and in May
1930, it was 88.389 bales. Wool consumption in this district during May
was about 27,800,000 pounds, the largest amount in any May since 1923.
This compares with a volume of 16,900,000 pounds in April and 7,580,000
pounds in May 1932. Silk machinery during May was reported considerably
more active than in April.
Boot and shoe production in May in New England was nearly 20%
larger than in April, and about 40% ahead of the corresponding month
last year. During the first five months of 1933 the cumulative volume was
about 4% larger than in the similar period last year.
A seasonally adjusted index of new residential building contracts awarded
in this district, representing the volume in square feet, increased in May
to 17.2% of the 1923-24-25 average as a base, which compares with 22.2%
in May last year and 13.9% in April 1933. A similar index for the volume
of commercial and industrial contracts awarded increased in May to 12.2%
from 11.2% in April. In May 1932, this index was 12.9% •
The Massachusetts Department of Labor and Industries reported an
increase of 4.0% in the number of workers employed in manufacturing
establishments during May over April, and aggregate payrolls increased
10.9% between these months.
A reduction of more than 33% took place during May in the number of
commercial failures in New England from the number reported In May
1932, while the total liabilities decreased about 21%.
Monthly
Production of Electricity
Record.
Breaks Three-year
According to the Department of Interior, Geological
Survey, electric energy production in May 1933 was 5%
greater than in the corresponding period in 1932. This is
the first time this has been true in three years. Beginning
with May 1930 each succeeding month has shown a smaller
production of electricity than the same month of the preceding year until May of 1933. During the latter month
production of electricity for public use in the United States
amounted to 6,964,251,000 kwh., compared with 6,461,056,000 kwh.in April 1933 and 6,659,750,000 kwh.in May 1932.
The increase in May 1933 ranged from 3% in the Mountain
and West North Central States, to 10% in the New England
States and 16% in the South Atlantic States. The Pacific
States showed a decrease of 4%. The "Survey" further
reports as follows:
Another encouraging sign was seen in the fact that production of electrical energy for public use normally decreases from April to May about
2%. This year it increased 4%. Reports for June indicate a continued
increase, but complete figures are not yet available.
Production of electricity through utilization of water power last month
was 48%% of the total, the highest proportion ever attained.
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE
UNITED STATES (IN KILOWATT-HOURS).
Total by Fuels and Water Power.
March.
May.
April.
Change in Output
from Previous Year.
April.
May.
448,027,000 443,361,000 473,681,000 -6% +10%
New England
+5%
Middle Atlantic_ _ _ _ 1,868,451,000 1,706,367,000 1,807,228,000 -5%
+4%
1,416,707,000 1,424,711,000 1,522,195,000 -5%
East North Central_
+3%
West North Central_ 445,320,000 408,639,000 457.547.000 -5%
832,663,000 814,517,000 910,314,000 -2% +16%
South Atlantic
+3%
East South Central_ 269,335,000 249,033,000 288,370,000 -11%
+6%
West South Central_ 312,455,000 314,933.000 347,921,000 -3%
+3%
204,012.000 200,137,000 214,457,000 -2%
Mountain
-4%
876,566,000 899,358,000 942,538,000 -6%
Pacific
+5%
_ 6,673,536,000 6,461.056,000 6,964,251.000 -5%
Total for U.S.
The average dal y production of electricity for public use in May was
224,700.000 kwh., more than 4% greater than in April. The normal
change from April to May is a decrease of about 2%.
For the first time in 37 months the monthly production of electricity in
the current month was greater than in the same month in the preceding year
The production of electricity in April 1930 was 2% greater than in April
1929, but for each succeeding month since April 1930, the production has
been less than that of the same month in the preceding year until May
of this year, when the production was 5% greater than in May 1932. The
percentages above show that there was an increase, as compared with the
monthly figures of a year ago, in all sections of the country except the
Pacific States, which show a decrease of 4%. These figures indicate
marked increase in the demand for electricity in May. Reports from
other sources indicate that the demand has continued to increase in June.
The production of electricity by the use of water power in May was
about 48%% of the total, which is the highest percentage ever reached
by water power.
TOTAL MONTIILY PRODUCTION OF ELECTRICITY FOR PUBLIC USE.
1932.a
1933.
Kilowatt Hours Kilowatt Hours
.
January ___ 7,567,081,000 6,932,499,000
February__ 7,023,473,000 6,285,704,000
7,323,020,000 6,673,536,000
March
6,790,119,000 6,461,056,000
April
6,659,750,000 6,9(14,251,000
May
6,562,547,000
June
6,546,995,000
July
6,764,166,000
August
6,752,091,000
September
October _ .... 7,073,149,000
November_. 6,952,085,000
December.__ 7,148,606,000
Produced by
Water Power.
1933
Under
1932.
1932
Under
1931.
1932.
1933.
8%
68%
,
97
5%,
5%
5%
b5%
7%
11%
13%
13%
16%
11%
10%
9%
6%
8%
41%
42%
7
42°
*
46%
45%
41°7
0
414
38'7
36%
38%
41%
39%
43%
42%
45%
48%
48%
-------
41%
9.4%
53 153 082 MO
Tntftl
a Revised. b Based on average daily production. c Increase over 1932.
Consumption of bituminous coal by the electric public utilities increased
from 1,973,035 tons in April to 2.092,928 tons in May, a gain of 6.1%.
Anthracite consumption, on the other hand, fell off, amounting to 100.981
tons, a decrease of 1,161 tons, or 1.1%. The total consumption of coal
July 8 1933
by the utility power plants in May was 2,193,909 tons, an increase of 5.7%
over April.
Stocks of coal continued to decline in May. On June 1 bituminous stocks
stood at 4,392,195 tons, while reserves of hard coal were reported at 1,122,985 tons, a total of 5,155,180 tons. In comparison with a month ago.
this is a decrease of 78,952 tons, or 1.4%.
At the rate of consumption prevailing in May, the stocks of bituminous
coal in the hands of the public utilities on June 1 were sufficient to last
65 days, and the hard coal stocks were sufficient to last 345 days.
The quantities given in the tables are based on the operation of all power
plants, producing 10,000 kwh. or more per month, engaged in generating
electricity for public use, including central stations, both commercial and
municipal, electric railway plants, plants operated by steam railroads
generating electricity for traction. Bureau of Reclammation plants, public
works plants and that part of the output of manufacturing plants which
Is sold. The output of central stations, electric railway and public works
plants represents about 98% of the total of all types of plants. The output
as published by the Edison Electric Institute and the "Electrical World"
includes the output of central stations only. Reports are received from
plants representing over 95% of the total capacity. The output of those
plants which do not submit reports is estimated: therefore, the figures of
output and fuel consumption as reported in the accompanying tables
are on a 100% basis.
The Coal Division, Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports.]
Business Conditions in Philadelphia Federal Reserve
-Large Increases Shown in Industrial
District
-Commodity Prices Higher-EmployOperations
ment and Payrolls Show Increases.
In its July 1 "Business Review" the Federal Reserve Bank
of Philadelphia states that "business continues active and
commodity prices have risen steadily, surpassing those of
last year. Industrial operations show large additional increases," according to the Bank, "so that the current level
is substantially higher than the record low point reached
in March." Continuing, the Bank said:
Output of manufactures in May registered further exceptional gains
which were more than well sustained in June: the total May volume exceeded that of last year for the first time in many months. Production
of bituminous coal increased, while that of anthracite decreased from April
to May, but in June both showed an upward tendency. While the volume
of construction continues at very low levels with respect to other years,
there has been a considerable increase during May and early June both in
contract awards and in building operations generally. Freight car loadings
and wholesale trade have shown considerable increases: while sales at retail
decreased in May from unusually high volume of April, some improvement
has occurred in June. collections generally showed additional increases
during May. Commercial failures declined sharply and for the year to date
were appreciably smaller than last year both in number and in the amount
of liabilities.
Industrial employment and payrolls have shown marked increases. In
Pennsylvania, industrial employment since March has risen nearly 5% and
payrolls over 7%. according to our indexes comprising 12 manufacturing
and non-manufacturing industries and services. The largest gains in the
month occurred in manufacturing, quarrying, and non-metallic mining,
while the largest decreases took place in anthracite mining and in public
utilities.
Manufacturing.
Demand for manufactured products in this District has been exceptionally
active for this time of the year. Sales generally have shown additional
gains, so that the volume sold by many important lines since early April
has exceeded that of last year. The majority of reports show that unfilled
orders have been steadily on the increase, and about the middle of June
they were on the whole appreciably larger than a year ago.
Wholesale prices of manufactures have increased sharply in this District
as in the country in the past three months, and they continue strong,
surpassing last year's levels in most instances. The extent of price increases, however, shows considerable variation not only as between individual commodities but also as between the major groups of commodities.
Since the third week of April, when this country declared an embargo on
gold, the most pronounced increases occurred in quotations for farm products, foods, hides and leather, and textile products. Prices of these commodities as well as those of building materials and chemicals and drugs
in the third week of June were also appreciably higher than a year ago,
while quotations for metal products, house furnishing and miscellaneous
goods were lower than last year, although the spread is growing narrower,
t .
stg to od n nise e ingote pas tcal fao h e
owinoas af vanchs d tds attlosvo m c ris s
, which have been diminishing
steadily in the past three years, do not show any signs of accumulation; on
the contrary, there has been a further reduction since April, so that the
majority of plants report smaller volumes than a month and a year ago.
In the case of raw materials, current purchases by local manufacturers have
increased,reflecting partly advance in prices and partly more active demand
for factory products. Compared with a year ago, Inventories of raw
smaller in most instances.
materials still appear to be
Factory employment in this District showed further gains of over 5%
and payrolls more than 12% from April to May. These gains were unusual
since ordinarily beginning with April factory operations reflect gradual
seasonal recessions. Working time, as measured by the number of employee-hours worked in Pennsylvania during May, increased almost 16%
over April, all manufacturing groups sharing in this exceptional upturn.
Since March, when productive activity reached the lowest level in the past
11 years, employment in Pennsylvania has risen almost 7% and payrolls
19%. It is estimated on the basis of these changes that the number of
wage earners in Pennsylvania factories in the two months following the
banking crisis was Increased by almost 37,000 so that in May approximately
596.000 factory wage earners were employed, drawing an average weekly
payroll of over $8,900,000 or about $1,400,000 a week more than in March.
Factory production showed an extraordinary increase for two successive
months. This Bank's index of output of manufactures, which takes into
account the number of working days and seasonal changes, rose to 62.3%
of the 1923-25 average as compared with 57 in April and 55 in May last year.
Compared with a record low level in March of this year, the volume of
factory output increased about 19% and In the country the gain amounted
close to 25%. Production in the first five months, however, was roughly
10% smaller than in the same period last year. In early June, productive
activity continued the upward movement.
Exceptionally large additional increases in output occurred in most of
the manufacturing groups, the sharpest percentage gains taking place in
the fabrication of metal products, and in the manufacture of textile and
tobacco products, building materials, and radio and musical instruments.
All groups except those comprising transportation equipment, foods, and
paper and printing showed noticeable gains over a year ago, so that the
index number measuring production of 11 important groups combined was
15% higher in May this year than last, and, barring September, was the
highest of any month since February 1932.
The continuance of unusual gains during May was widespread with
respect to individual industries. Of the 31 important manufacturing
lines only two registered decreases, while the majority of the others had
increases despite the fact that ordinarily they record seasonal decreases.
Compared with a year ago indexes for 20 individual lines were higher,
while in 11 cases they were lower. Several lines, manufacturing such
products as silk and wool goods, hosiery, underwear, and shoes, reported
larger volumes of output in the first five months this year than last.
Industrial consumption of coal, gas, oil, and coke for fuel purposes showed
marked increases from April to May. The use of electrical energy also
increased by about the usual estimated percentage, when computed on the
basis of working days. The output of electric power in this District
showed a gain of almost 3%, which was contrary to the normal seasonal
tendency. The decline in the sale of electricity for lighting purposes and
for power to municipalities, street cars and railroads was not entirely offset
by the increased consumption by industry and miscellaneous users combined,
so that actual sales for all purposes were nearly 2% smaller in May than
April; but compared with a year ago they were over 2% larger.
Continued Expansion Reported in Trade and Industry
in Cleveland Federal Reserve District During Late
May and First Three Weeks of June-Improvement
Noted in Employment During Period-Continued
Improvement in Tire and Rubber Industry.
"The upward movement in trade and industry reported last
month continued in late May and the first three weeks of
June," we learn from the July 1 "Monthly Business Review"
of the Federal Reserve Bank of Cleveland, "and the gain
from the low level of March to the present time has been
sharper than for any period of equal length on record, both
in the Fourth (Cleveland) District and in the entire country." The "Review" also said:
With much of the recent advance coupled with the automobile and in
turn the steel industry, operations in this section have advanced at a morerapid-than-average rate and in late June were higher than since 1931.
Although in some sections closed banks were an element hindering expansion, the upward movement continued generally, despite this retarding
factor.
The following table shows the April-to-May percentage change in various
business indicators of importance to this section compared with the ten-year
average April-to-May change. In most of the principal lines the monthto-month comparison in 1933 was very much more favorable than the average of past years.
Fourth District
Unless Otherwise Specified.
Percentage Change Ten-Year Average
Percentage Change
April-Mee
April-May.
1933.
+5.8
Bank debts
+1.3
Postal receipts
-2.9
Department store sales
+33.6
Building contracts awarded
+42.1
Pig iron production a
+48.9
Steel ingot production•
+20.8
Autmobile production a
+22.7
Coal production
+107.6
Cement production
+8.9
Shoe production
+53.3
Tire production b
a United States. b United States, March to April.
-5.5
-5.5
-3.8
+4.8
+1.7
-0.3
+1.2
+3.4
+40.4
+2.8
+6.3
Electric power production has increased sharply recently and the weekto-week comparison in the central industrial region, of which this district
is a very important part, with the same period of 1932 shows the progress
made since the banking holiday. In the week ended April 1 electric power
production in this section was 8.1% below the same week last year. By
the third week of June power production had advanced until it was 11.9%
ahead of the same period of 1932. and was higher than in the latter part of
1931. Increased industrial activity was largely responsible for the upturn,
for household consumption usually declines at this time of year.
Employment improved in May and the first three weeks of June, according to reports received from all parts of the District, and some wage cuts
have been restored, and payrolls increased as a result of this and longer
hours worked. While distinct gains have been made, considerable unemployment still exists, compared with preceding years.
In the steel industry local plants have been operating at better-thanaverage rates for several weeks. Tin plate production is at capacity levels
and output in the latest week was at 80% in Cleveland,52% at Youngstown
and at about 41% at Pittsburgh. Tire companies experienced the best
business in months. May rubber consumption being greater than since 1929.
Most all local companies have enjoyed a spurt in sales. Clothing producers have a larger volume of orders for fall goods than for several seasons.
Sales of both flat glass and containers were up sharply. May coal production was 30% ahead of a year ago and automobile production was 18%
greater in May than in the same month of 1932. Shoe production
was up 51% from last year and cement manufactured in this section was
36% above May 1932.
Agricultural conditions were just about average, but the season was
somewhat retarded by adverse weather conditions. The increase in the
price of farm products was encouraging to those having crops in average
or better-than-average condition.
Wholesale and retail trade conditions in the Cleveland
District were reviewed as follows:
Retail.
Department stores in leading cities of the Fourth District reported dollar
sales in May 3.8% below the corresponding month of 1932. Four of the
reporting cities showed slight gains from a year ago. This is quite a favorable showing, for, because of the reduction in prices from a year ago (notwithstanding the recent increase), dollar volume comparisons are somewhat distorted by this fact. According to "Fairchild's," retail prices in
May recorded the first advance since 1929. The increase was 1.4%, but
on June 1 prices were still 8.4% below the corresponding date a year ago.
Current prices are 25% lower than in 1931 and 40% below the peak of 1929.
All principal groups showed gains in May except musical instruments.
209
Financial Chronicle
Volume 137
Sales in the first five months of the year were 17% smaller than in the
same period of 1932.
Some restocking of depleted department store shelves occurred in May,
the dollar value of stock increasing 2.2%, part of which represented advancing prices. After allowing for seasonal changes, the index of stocks
was up about 2%, the first advance in over two years.
Retail sales, in proportion to the stocks carried, have been much larger
so far this year than in 1932. In May the stock turnover rate was .35
against .27 last year and in the four months February-to-May, the rate
was 1.20 compared with 1.09 in the corresponding period of 1932.
In the individual departments sizeable gains in sales were recorded in
cotton and woolen dress goods, silks, linens, domestics, silverware, and all
types of home furnishings. Increases in raw material prices no doubt were
factors contributing to the increased buying. It is interesting to note
that nearly all the gains occurred in departments handling articles for the
home. Furniture sales at 44 reporting stores were 13.7% larger in May
than a year ago. Wearing apparel store sales were 19% smaller in May
than in the same month of 1932. Chain grocery sales improved in May.
Wholesale.
A spurt in wholesale buying in all reporting lines occurred in May and
sales of dry goods and groceries were 16.7% and 4.5% respectively, above
a year ago. The increase from April to May in the former was 26% and
in the latter 14% ,both considerably more than seasonal. Hardware sales
increased 14.5% in May, but were still 4% below May 1932, and drug
sales were up to 8.7% from April, but off 9.3% from last year.
With regard to the rubber and tire industry, the "Review" said:
The tire and rubber industry continued to expand in late May and early
June, according to reports received from major producers in this section,
though figures relating to operations for the period are not complete.
Current tire production is paralleled to some extent by crude rubber
consumption which in May was up 70% from April, and 44% above a
year ago. There are indications that June consumption was about 7%
greater than in June 1932, when tire factories were unusually busy prior
to enactment of the Federal tax on tire sales.
At 44,580 tons, rubber consumption in May was higher than since the
same month of 1929, was well in excess of imports in the period, which
totaled 27,556 tons. Inventories consequently were reduced, but on May
31. at 364,459 tons, they were still slightly above a year ago. In the first
five months of 1933 imports of crude rubber totaled 124.879 tons, a reduction of 28% from the same period of 1932.
Employment at rubber factories increased over 10% from April to May,
according to the United States Department of Labor, whereas in most years
there is little change in the period. At 17 Ohio concerns the increase from
mid-April to mid-May was 7.2%, but, according to the Ohio State Bureau
of Business Research, the number employed on the latest date was still
4.4% below a year ago and only 61.3% of the 1926 monthly average. This
rather conflicts with the reports of capacity operations emanating from tire
centers recently, but no doubt is explained in part by the fact that plant
capacities change, particularly when operations are curtailed and machinery becomes more or less obsolete.
Final figures on April operations, as compiled by the Rubber Manufacturers Association, show that production in the period was up 53.3% from
March, but was 16.5% below April 1932. Shipments increased 74.7%
in April and were off only 1.2% from last year. Stocks of manufactured
tires dropped 7.1% in the month and on May 1 they were down 31.2%
from the same date in 1932.
The second increase in tire prices occurred on June 7, advances ranging
from 7M to 10% on tires and amounting to 15% on tubes. This was necessary in part because of the sharp increase in raw material prices, crude
rubber advancing about 120% from the year's low to date, the latest quotation being 5.75 cents a pound for No. 1 smoked sheets. Raw cotton in
late June was 10 cents a pound, compared with the year's low of about
five cents. Wages generally were advanced 10% in mid-June as one of the
pay reductions made earlier this 3ear was restored.
Following the enactment of the National Industrial Recovery Act, tire
manufacturers have already taken steps to conform with the terms of the
new legislation and to stabilize conditions so far as possible in the manufacturing and selling branches of the industry.
Midwest Distribution of Automobiles According to
Federal Reserve Bank of Chicago-Continued
-New Orders Booked
Expansion Noted During May
by Furniture Manufacturers Showed Additional
Gain During Month-Shipments Also Higher.
In its June 30 "Business Conditions Report" the Federal
Reserve Bank of Chicago states that "distribution of automobiles in the Middle West continued to show expansion in
May." The bank noteci that "substantial gains reported
by retail dealers and distributors brought the aggregate
number of new cars sold to levels well above those of the
corresponding month in 1932." Continuing, the bank said:
Although there was again a slight increase in stocks carried, the number
of cars on hand at the end of May was much smaller than a year ago at the
same time. May trends in used-car sales and stocks followed closely those
in new cars, but sales totaled below those of last May. Twenty-seven
Identical dealers reporting on deferred payment sales showed a ratio of
such sales to their total retail sales of 43%, which compares with 45%
in April and 46% a year ago.
MIDWEST DISTRIBUTION OF AUTOM013ILE8.
Changes In May 1933 from previous months.
Per Cent Change from
Companies Included
Apr. 1933. May 1932. Apr. 1933 May 1932.
New cars:
Wholesale
Number sold
Value
Retail
Number sold
Value
On hand May 31
Number
Value
Used cars:
Number sold
Salable on hand
Number
Value
+33.5
+29.6
+38.3
+1.7
18
18
14
14
+27.5
+27.6
+15.9
+17.5
63
63
37
37
+5.7
+5.1
-28.8
-46.7
64
64
37
37
+26.3
-6.5
63
37
+4.4
+0.7
-17.8
--48.0
63
63
37
37
Financial Chronicle
210
The bank reported the following on orders booked by furniture manufacturers:
New orders and shipments of furniture manufacturers reporting to this
bank continued to gain in May, increasing in the aggregate 28 and 21%.
respectively, over the April totals, which effected a rise in each of the
indexes to a point higher than any attained since early last fall-these gains
as well as those of last month being, for the most part, contrary to the seasonal trend in furniture operations. Furthermore, both orders and shipments gained in the year-to-year comparison, 53 and 12%. respectively.
which increases are the first to be made in that comparison since October
-with the sole exception of orders booked in June 1931 when, owing
1929
to the pushing ahead by one month of the semi-annual furniture showing.
new orders reached a peak in June instead of July as is usual. Unfilled
orders also gained in both the monthly and yearly comparisons by 28 and
43%,respectively, and stood at the close of May in a ratio of63% to current
orders, or the same as a month previous. The rate of operations maintained during May approximated 38% of capacity, comparing with a ratio
of 30% in April and 42% in May a year ago.
Wholesale Trade Conditions in Chicago Federal
Reserve District Showed Improvement During
May-Department Store Sales Also Increased.
Notable improvement was made during May in wholesale
trade conditions of the Seventh (Chicago) District, following
April trends which for the most part showed betterment.
Not only were the substantial sales gains recorded in all
reporting groups over the preceding month either contrary
to trend or greater than seasonal, but most comparisons
with the corresponding month of 1932 were more favorable
than had been shown in the year-to-year comparison since
the fall of 1929 when the downward trend in activity began.
The Federal Reserve of Chicago, in noting the foregoing in
its "Business Conditions Report" of June 30, continued:
In the monthly comparison sales expansion amounted to 10% in drugs,
30% in shoes, 32% in dry goods and 52% in electrical supplies, as against
recessions in the average for May of 3, 5, 3 and 2%, respectively: while
the gains of 14% in groceries and 37% in hardware compared with seasonal
increases of only 2 and 1%. The gains recorded over May last year in
hardware, dry goods,shoes and electrical supplies were the first experienced
in the year-ago comparison since the fall of 1929. Electrical supply firms
located in Chicago were chiefly responsible for the heavy increase recorded
in that group. Despite the improvement recorded in May, conditions
prevailing in the early months of the year caused cumulative sales for the
five months' period to fall considerably short of those in the same period
od 1932, grocery sales totaling 14% smaller, electrical supplies 19%, drugs
23%. hardware 22%, shoes 13% and dry goods 20% less. Further indications of improvement in May can be noted in the status of collections.
considerable reduction in the ratios of accounts to current sales and only
slight increases or small declines during May in accounts outstanding relative to the heavy gains in sales giving evidence of betterment in the item.
WHOLESALE TRADE IN MAY 1933.
Per Cent Change
From Same Month last year.
Commodity.
Na
Saks.
Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical supplies
Stocks.
-3.6
+4.7
+11.2
-16.1
+8.4
+20.1
-13.1
-21.8
-28.1
-20.7
-30.7
-20.2
Ratio of
Acas. Outstanaing to
ColAccts. Outstanding. kctions. Net Sales.
--3.3
-12.7
-16.8
--7.3
-44.7
+14.5
-12.6
-13.6
-16.1
-14.5
-17.9
-19.5
113.5
213.1
268.4
247.4
209.7
187.5
The increase of 10% in May department store sales, as compared with
the preceding month, not only was in contrast to a decline of 1% in the 19231932 average for the period, but was the largest gain to be shown in that
month during any of those years. As a consequence, the dollar volume of
sales totaled only 2%% less than in May last year, which was the smallest
decline in the year-ago comparison since April 1930. when a slight gain
was recorded over a year previous. As may be noted in the table. Indianapolis and the total for stores in smaller cities showed increased sales over
the corresponding month of 1932, but declines in Milwaukee and Detroit
were sufficiently large to offset these gains. Chicago recording practically
no change in volume. In the monthly comparison Detroit stores experienced the greatest expansion with a gain of 16% over April, Chicago showed
an increase of 12% and Indianapolis one of only 2%, while Milwaukee
sales were smaller by about %. The dollar volume of trade by stores
in smaller cities totaled 6% larger in May than in April. Inasmuch as there
was two-thirds of a trading day more in May than in April and one more
trading day than in May last year, average daily sales increased only 7%
over a month previous and were 6% smaller than a year ago. That collections are improving is indicated in their ratio to accounts outstanding at
the end of April, which was 323 % this May as against 29%% in May
1932. The rate of stock turnover continued in May to be more rapid than
a year ago.
DEPARTMENT STORE TRADE IN MAY 1933.
Marked Increases Noted in Employment and Payrolls
in Chicago Federal Reserve District During May
Over April by Chicago Federal Reserve Bank
Industrial Conditions Improved Throughout
District.
"An improvement in industrial conditions throughout
the Seventh (Chicago) District was evident in May, both
employment and payrolls showing marked increases over
the preceding month," according to the June 30 "Business
Conditions Report" of the Federal Reserve Bank of Chicago.
"Employment at reporting establishments increased 4% in
volume," the "Report" noted, "thereby returning to the
level held previous to the March decline. Payroll figures
reflected a more extensive rise in industrial activity, a gain
of 13% added to the April rise of 6%, bringing wage payments to a volume above that of any previous month since
July 1932." We quote further from the "Report" as follows:
All principal manufacturing industry groups shared in the expansion of
employment and payrolls, with total increases amounting to 5%% in the
former and 164% in the latter item. The gains in these industries during
the past two months compare with average decreases of about 1%% each
in employment and payrolls for these months during the six years 1924
to 1929 inclusive. Practically all metal-using industries as well as the primary production of iron and steel increased working forces and wage payments in May, the net gains in these items amounting to 5% and 193 %.
respectively. Employment and payrolls of this group are now larger than
at any time since last June, but have not yet attained the level that preceded the sharp decreases of last July.
Vehicles increased working forces 7% and payrolls 24% in May,the latter
gain reflecting a return to more normal time schedules than has prevailed
for some time. Increased production of automobiles stimulated the rubber
goods industry, and this group enlarged its employment volume 3% and its
payrolls as much as 3034 %• Lumber industries showed an unusual amount
of activity with employment 934% and wage payments nearly 21% larger
than in the preceding month. All leather manufacturing industries increased operations materially, the group showing gains of 5% in employment and 16% in payrolls. Other important increases reported for May
were those of the food products group, stone-clay-glass products and the
textile industries. More moderate increases were reported by the chemicals and the paper and printing industries.
Of the four major non-manufacturing industry groups included in the
survey, only one-the building and contracting industries-showed a rise
in employment volume, with both this group and public utilities showing
larger payrolls. The expansion in the building and contracting group
was unusually large even for this season-23% in employment and 42%
in payrolls. General building contributed the greater share of these increases, although road building continued to show increasing activity.
Wholesale and retail trade showed a slight reaction after the large increase
of the preceding month, and the coal mining industry curtailed operations
extensively. The combined effect of these changes in the non-manufacturing groups was a net loss of a fraction of 1% in employment and a net
gain of 4%% in payrolls.
-SEVENTH FEDERAL RESERVE
EMPLOYMENT AND EARNINGS
DISTRICT.
Week of May 15 1933.
Industrial Croup.
Metals and products_ a
Vehicles
Textiles and products
Food and products
Stone, clay and glass
Wood products
Chemical products
Leather products
Rubber products.b
Paper and printing
Total manufac'g, 10 groups
Per Cent Change
May 1933
from
May 1932.
Locality.
P.C.Change
5 Months
1933 from
Same Per.
1932.
Ratio of May
Collections
to Accounts
Outstanding
End of April.
Net
Sales.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Seventh District
Stocks End
of Month.
Net
Sales.
1933.
1932.
-0.1
-10.3
+4.9
-3.5
+0.3
-9.2
-41.3 '
-17.5
-14.2
-28.1
-13.3
-29.1
-13.0
-19.0
-17.1
31.6
34.9
38.6
32.0
28.8
24.7
30.7
36.8
33.0
28.5
-19.5
-18.1
32.5
29.5
-2.5
Greater than seasonal expansion was recorded in the retail shoe trade
during May. an increase of 9% over April in sales of reporting dealers and
department stores comparing with one of only 2% in the 1926-1932 average
for May. The volume failed by 6% to equal that of May last year, while
sales in the five months of 1933 totaled 17% smaller than in the corresponding months of 1932.
The gain of 45% over April in May retail furniture trade not only was
in contrast to a recession of 1% in the 1927-1932 average for the month.
July 8 1933
but was sufficiently large to effect an increase of 17% in the dollar sales
volume over the same month ,of last year. It represented the fourth
consecutive monthly gain in sales. Instalment sales by dealers showed
even greater improvement in the year-ago comparison than did total sales,
being 30% larger.
Sales data for 13 chains reporting to this bank showed a recession of 1%
In the aggregate for May from the preceding month and a decline of an
equal amount from a year ago. Inasmuch as the 2,502 stores operated
by these chains during the month were 2% less in number than last May,
average sales per store totaled approximately 2% heavier than at that time.
In the monthly comparison aggregate sales of drug, shoe, cigar, men's
clothing and musical instrument chains exceeded those for April, while
-cent store chains had smaller sales. The dollar
grocery and 5
-and-10
volume sold by grocery, cigar and musical instrument chains totaled greater
than a year ago, but other groups recorded declines in this comparison.
Merchandising_ c
Public utilities
Coal mining
Construction
No. of Number
of
ReportWage
ing
Firms. Earners.
Earnings.
296
109,347
146,861
28,711
91,545
5,218
20,082
13,313
16.600
5,312
38,070
31,866,000
3,562,000
334,000
1,250,000
96,000
234,000
284,000
248,000
136,000
815,000
2,247
445.059
198
75
18
332
30,708
76,494
2,021
7.653
715
156
131
344
140
269
112
76
Per Cent Changes
from April 15.
Wage
EarnEarners, ings.
+5.6
+0.9
+2.3
+6.6
+1.0
+9.5
+1.0
+5.3
+3.2
+1.2
+19.4
+23.9
+4.9
+8.6
+9.4
+20.7
+1.8
+15.8
+30.4
+3.6
$8,825,000
+5.5
+16.5
571,000
2,185,000
33,000
166,000
-2.4
-0.5
-19.8
+22.9
-0.2
+4.6
-31.1
+42.0
-0.2
623 116,876 t2,955,000
+4.5
Total non-manufac., 4 groups
+4.2 +13.3
2,870 561,935 $11,780,000
Total, 14 groups
a Other than vehicles. b Michigan and Wisconsin. c Illinois and Wisconsin.
Review of Industrial Situation in Illinois by Industry
During May by Illinois Department of Labor
Increases Noted in Employment and Payrolls.
"Employment in Illinois increased 2.4% and payrolls increased 8.0% from April to May," says Howard B. Myers,
Chief of the Division of Statistics & Research of the Illinois
Department of Labor, "according to reports received from
1,610 manufacturing and non-manufacturing establishments
in Illinois. These establishments," continued Mr. Myers
Volume 137
1
inancial Chronicle
in his review of the industrial situation in the State, by industry, "employed 272,802 wage-earners in May, and paid
out weekly a total of $5,555,528 in wages." In his review,
issued June 19, Mr. Myers further said:
Increases of 3.7% in employment and 10.9% in payrolls were shown by
1,069 reporting manufacturing establishments of the Stato, employing in
May 169,548 wage-earners and disbursing weekly a total of $3.035,707
In wages.
Increases of .4 of 1% in employment and 4.6% in payrolls were shown
during the period by 541 reporting non-manufacturing establishments in
the trade, services, public utilities, coal mining and building and contracting industries of the State. The 541 non-manufacturing establishments employed 103,254 wage-earners in May, and paid out $2,519,821
weekly in wages.
Nominal man-hours, reported by 1.059 manufacturing and non-manufacturing establsihments, increased 5.8% from April to May. In 714
reporting manufacturing plants nominal man-hours increased 7.6%, and
in 345 reporting non-manufacturing establishments such hours increased
.9 of 1%.
The gains reported for all industries in May 1933, were the largest
shown for any single month since May 1922. For the manufacturing
industries, the month's gains were the largest shown by the records of the
Department of Labor, which extend back to 1922. As shown by the index
series, employment in all reporting industries in May 1933, was 4.8%
below the May 1932. level, while payrolls were 10.7% below those of a
year ago. Manufacturing employment in May 1933, was 6.3% below that
of a year ago, and payrolls were 10.3% below May 1932. For the combined non-manufacturing industries employment in May 1933, was 2.4%
and payrolls were 10.6% below the levels for the same month of 1932.
Male workers experienced larger percentage gains in employment and
payrolls than did female workers. For males, employment increased 3.2%
payrolls increased 8.2% in all industries combined,compared with increases
of .1 of 1% and 5.9%, respectively, for females. In the manufacturing
industries, the employment of males increased 4.0% and total wage payments to males increased 11.0%; while the employment of females gained
2.1% and their total wage payments gained 8.7%. Employment increased
1.3% and payrolls increased 3.8% for male workers in non-manufacturing
industries; the employment of females in these industries decreased 2.2%
while total wage payments to females increased 3.7%•
The manufacturing industries were mainly responsible for the May
employment and payroll gains. Eight of the nine main manufacturing
groups increased payrolls, and seven also increased employment.
The stone, clay and glass group increased employment 5.7% and payrolls 17.0%. The miscellaneous stone and mineral, and the glass industries
contributed heavily to these gains, and the brick, tile and pottery industry
increased payrolls. Reporting lime, cement and plaster establishments
sharply decreased both employment and total wage payments, largely as
a result of the controversy over cement prices for State contracts. Employment and payroll levels in the miscelleanous stone and mineral, and
the glass industries were higher than those for May 1932.
The metals. machinery and conveyances group of industries increased
employment 2.8% and payrolls 15.1% from April to May. Nine of the 13
industries of the group increased both employment and payrolls. The fact
that payrolls gained considerably more than employment in each of these
industries indicates rather general increases in operating schedules. The
Iron and steel industry added 3.8% more workers, and disbursed 29.0%
more in wages. Three industries-cars and locomotives, machinery and
watches and jewelry-decreased both employment and payrolls; the agricultural implements industry reduced employment but increased total
wage payments. In the agricultural implements industry both employment
and payrolls for May 1933, were above the levels of a year ago.
Sharp increases of 11.2% in employment and 20.7% in payrolls were
reported for the wood products group. All industries in the group shared
In the employment gains, and all but pianos and musical instruments increased payrolls. The pianos and musical instruments and miscellaneous
wood products industries showed employment and payroll levels above
those of a year ago.
The furs and leather goods group reported increases of 3.3% in employment and 17.5% in payrolls for May,thereby offsetting to a large extent the
losses experienced in April. All industries in the group shared in the May
gains. The large boot and shoe industry increased its employment volume
1.2% and its wage payments 16.8%. The leather and miscellaneous
leather goods industries report employment and payrolls above the May
1932 levels.
Increases of 6.7% in employment and 15.1% in payrolls were reported
for the chemicals, oils and paints group. All industries in the group shared
in the payroll galn, and all but drugs and chemicals also increased employment. Both employment and payrolls in the miscellaneous chemicals
classification were higher than in May a Year ago.
The printing and paper goods group reduced employment 1.4% but increased payrolls 1.8%. Job printing and lithographing and engraving
showed employment and payroll decreases; other industries of the group
increased both items.
The textiles group increased employment 5.8% and payrolls 17.8%
from April to May. All industries shared in the gains. The group as a
whole, and each industry of the group except cotton and woolen goods,
reported employment and payroll levels above those of May 1932.
Decreases of 1.5% in employment and 7.8% in payrolls were reported
for the clothing and millinery group. These losses were in accordance with
the usual seasonal movement. The employment losses were contributed
by the men's clothing and women's hat industries, while the other industries
reported moderate gains. Payroll losses were more general, with only the
men's shirts and furnishings and women's underwear industries showing
increases. The group as a whole, and the men's clothing, overalls and work
clothes, women's clothing and women's hat industries reported employment and payrolls for May higher than in May 1932.
The food, beverages and tobacco group showed gains of 7.0% in employment and 9.3% in payrolls. Most of the industries of the group increased
both employment and payrolls. The tobacco and manufactured ice industries decreased both items, and the bread and bakery products industries
barely maintained employment while increasing payrolls. Employment
and payrolls for the group as a whole, and for the miscellaneous groceries,
confectionery and beverages industries, were above the levels of a year ago.
The combined non-manufacturing industries showed gains of .4 of 1%
In employment and 4.6% in payrolls between April and May. The trade
group held most of the sharp gains reported in April, decreasing employment 1.5% from April to May,but increasing total wage payments .8 of 1%.
Reporting retail stores reduced their employment volume 5.0%; all other
Industries maintained or increased employment. Payroll decreases were
reported by retail trade, wholesale groceries and milk distributing concerns.
while other industries increased wage payments. The services group added
5.8% more workers and paid out 4.8% more wages in May than in April.
Hotels and restaurants contributed most of these gains, although laundering, cleaning and dyeing establishments also reported increases.
211
The public utilities group increased employment .2 of 1% and increased
Payrolls 4.9%. All utility industries increased payrolls: employment
gains by water, gas, light and power, and railway car repair establishments
slightly more than offset losses in telephone and street railway companies.
Coal mine operations continued to decrease sharply in accordance with
the seasonal movement. Reporting coal mines of the State employed 13.5%
fewer workers in May than in April, and paid out 18.6% less in wages
Coal mining activity, however, is far above that of a year ago, due largely
to the suspension of operations last spring following the failure to renew
union agreements in the industry.
Reporting building and contracting firms showed sharp gains in May,
increasing employment 31.7% and payrolls 51.5%. The gains were caused
by the building construction industry. Road construction and miscellaneous contracting reduced both working forces and wage payments. Reporting building and road construction firms were considerably more active
this May than they were a year ago.
Eleven establishments reported wage reductions in May, affecting 327
workers, or .1 of 1% of the total number of workers employed by all reportng establishments. The wage cuts ranged from 8.0% to 33.3%. but the
typical reduction was 10.0%. One wage increase was reported, amounting to 10.0% and affecting 32 employees.
Weekly earnings for May for both sexes combined averaged $20.36 for all
reporting industries; $22.54 for males and $12.81 for females. For the
manufacturing industries weekly earnings averaged $17.90-$20.28 for
males and $10.77 for females; for the non-manufacturing industries they
averaged $24.40-$23.03 for males and $15.21 for females.
Flour Output for Year Ended June 30 1933 was 4.9%
Below Previous Twelve Months
-June Production
6.2% Higher Than That of a Year Ago.
General Mills, Inc., in presenting its summary of flour
milling activities from figures representing approximately
90% of all flour mills in the principal flour-producing centres
of the United States, reports that production of flour
amounted to 5,342,066 barrels, an increase of 6.2% over the
corresponding period last year when output totaled 5,029,422
barrels. Production in May 1933 was 5,802,085 barrels.
During the year ended June 30 1933 there were produced a
total of 66,993,983 barrels of flour, a decline of 4.9% as
compared with 70,503,799 barrels produced during the 12
months ended June 30 1932. The summary of General
Mills, Inc., follows:
PRODUCTION OF FLOUR (Number of Barrels).
Month of
June 1933.
Northwest
Southwest
Lake Central & Southern
Pacific Coast
Grand total
Month of
June 1932.
1,389,020
1,836,689
1,793,390
322,967
1,267,423
1,753,562
1,772,829
235,608
16,517,812
23,880,015
22,997,396
3,598,760
18,478,449
24,631,572
22,827.625
4,566,153
5,342,066
5.029.422
66.993.983
70.503.799
12 Mos. End, 12Mos.End.
June 30 '33. June 30 '32.
Receivers Reported Named for Wheat Farming Company of Kansas.
The following from Kansas City, Mo., June 9, is from
the Chicago "Tribune":
Receivers for the Wheat Farming Co., one of the largest concerns of its
kind in America, were appointed to-day by Federal Judge John C. Pollock
in Kansas City, Kan. No allegation was made by the complainants of
insolvency. On the contrary, the allegations by the applicants set up that
the company has assets in excess of $2,000,000, while its liabilities are less
than $300,000.
The applicants, in coming under the Court's protection, pleaded that a
receivership would conserve the holdings of the company and would prevent
numerous lawsuits that eventually would arise out of the distressed times.
In 1931 the Wheat Farming Co. produced more than one million bushels
of wheat. It operates more than 70,000 acres of western Kansas lands.
The receivers will continue the program of scientific farming.
John S. Bird of Hays. Kan., who has served as President of the company
since its organization a few years ago, was named as one receiver and C. B.
White, former deputy clerk in the United States District Court here, was
named as the other.
Soviet Russia Tightens Grip on Farmers
-Extension
of Control to All Collective Farms
-Decree Affecting Grain Deliveries.
Associated Press accounts June 16 from Moscow said:
The Communist Party tightened its grip on Soviet agriculture to-day
by decreeing through its central committee the immediate extension of
control by its "political sections" to all collective farms.
Since January, 2.776 political sections, comprised of small groups of
party members, have been functioning in State farms and tractor stations
in what amounts to a widespread organization by vigilantes. The chief
activities of these groups have been to perfect discipline, weed out dissident
elements and generally improve production. Great successes are claimed
for their operations
Hitherto the political sections have wielded a powerful influence over
a majority of the collective farms because of their control over all tractor
stations serving these farms.
Now the party is going a step further by ordering the creation of party
"productive cells" in every collective farm to be composed of Communists
or.candidates for membership in the party. These will be answerable
directly to the political sections.
The cells will be even closer to the peasantry than the political sections. They will be expected to keep collective farmers imbued with the
idea of socialized agriculture, thus spurring production.
The present collectivized area of Russia embraces about 80% of the land
and 60 to 70% of the peasantry. The present number of party members
functioning in political sections is 10.139, and this probably will be tripled
or quadrupled when the productive cells are organized.
Further Associated Press accounts came from Moscow
June 21:
212
Financial Chronicle
With every prospect for an excellent harvest in 1933. even to the extent
of a possible exportable surplus, the Soviet authorities to-day put teeth
Into the quota system outlined in January.
Josef V. Stalin, head of the Communist Party, and President V. M.
Molotov issued a decree suspending the permission granted last year to
collective farms and individual peasants to engage in open market transactions in grain and bread. The suspension remains effective until they
have completed the required grain deliveries to the Government.
The decree warns every one to adhere rigidly to the Government's plan
and to exert the most strenuous efforts to fulfill deliveries at the earliest
possible moment under penalty of being tried for criminal neglect.
Official reports published to-day revealed that the 1933 sowing campaign
has been fulfilled 95.4%, and asserted that the increase over last year was
6.4%.
According to these figures, the State farms have fulfilled the plan 104.8%,
the collective farms 99.4% and individual peasants 75.5%.
This year's harvest is estimated at 85,000,000 metric tons (of 2,204
pounds),compared with approximately 70,000,000 in 1932. As the nation's
requirements are approximately 80.000,000, fulfillment of the estimates
would provide a 5,600,000 exportable surplus.
Soviet Russia Forbids Sales of Grain Till Tax Is Paid—
Government Aims to Get Its Full Share Before
Farmers Market Quotas.
Copyright advices June 21 from Moscow to the New
York "Herald Tribune" said:
Stringent measures to assure the success of Government grain collections under the fixed tax system, which replaces the unsuccessful requisition plan, were announced to-day in a decree signed by Josef V. Stalin,
leader of the Communist Party, and Viacheslav M. Molotov, Chairman
of the Council of People's Commissars.
Suspension of all domestic grain sales on the open market from the
beginning of the harvest to the completion of the Government collections
is provided. July 1 is the date fixed for the cessation of sales in the principal grain-growing areas, including the Ukraine, the lower Volga and the
north Caucasus. This measure is intended to prevent collectives and
individual peasants from disposing of the bulk of their grain on the market
before paying their grain taxes.
Although enthusiastic reports on crop conditions in some sections are
being received, this correspondent knows from experience that it is best
to wait before making predictions as to the harvest. Much depends on
whether the peasants' morale, shaken in recent years by the excessive
grain requisitions and bad food conditions, will turn out to have improved.
Observers are studying the functioning of both the new fixed tax system, which is intended to stimulate the desire of the peasant to produce,
and the equally new "political sections," which have been installed in
the tractor centers and State farms to supervise agricultural operations.
With a view to preventing local authorities from stripping the villages
of grain, as they have done in certain areas in the past in order to make a
good showing, provision is made in to-day's decree that collections shall not
exceed the amounts called for under the tax system.
International Sugar Conference in London.
An International Sugar Conference opened June 26, in
London, that city having finally been selected as the place
for the meeting instead of Brussels, which had at first been
named. According to a London cablegram to the New
York "Journal of Commerce" definite steps were taken on
June 28 to regulate production of sugar refining throughout
the world. The cablegram continued:
Senhor Damata of Portugal was named to head a committee to draft
a program. It has before it recommendations of the International Sugar
Council, which is said to parallel in many respects proposals submitted
recently by Cuba.
-year moratorium on construction of
Terms of this measure embrace a 10
new refineries, no increase in the production capacity of present plants, no
grants of additional subsidies to producers, limitation of sugar tariffs to
not above 70%.
In order to make the plan effective it will be necessary to get general approval of the project.
Britain for a time threatened to put obstacles in the way of the program
when Sir Philip Cunliffe-Lister raised objection to the subsidy and tariff
features. British sugar, grown within the Empire, enjoys a subsidy.
However, Sir Philip favored limitation of production.
Under date of June 30 Associated Press accounts from
London stated:
The United Kingdom formally opposed the Cuban sugar truce proposals
to-day with a memorandum suggesting further limitation of production,
both in nations participating in the Chadbourne restrictions plan and in
nations not affiliated with that plan. The British program contained
five points:
1. For countries which produce some sugar but import most of their
requirements: An undertaking to limit home production.
2. For countries which produce substantially enough for their own
consumption but do not normally export: An undertaking not to expand production beyond needs of the home market and not to export.
3. For non-Chadbourne exporting countries: An undertaking not to
increase exports above the present level.
4. For Chadbourne countries: An undertaking to continue the terms
of the Chadbourne agreement.
5. For non-sugar producing countries: An undertaking not to stimulate the beginning of artificial production.
Destruction of Brazilian Coffee Trees to Curb Overproduction Urged by Groups of Producers—Proposal Calls for Payment by Government of Three
Cents for Each Stalk Destroyed.
According to United Press advices from Rio de Janeiro
July 1 to the New York "Herald Tribune" suggestions that
eoffee trees be destroyed in an effort to curb overproduction
of coffee in Brazil have been made to the Brazilian National
coffee Department by a group of Muriahe producers. The
advices continued:
Instead of burning the excess as the Government is now doing, the group
proposes that 1,300,000,000 coffee trees be uprooted.
July 8 1933
For each destoyed stalk the owner would receive from the Government
500 reis, or about three cents. Only the oldest trees are mature. The crop
reduction would be about 10,000,000 bags out of a total of 25.000,000 bags,
the present average production. It would be comparatively easy to find a
market for 15.000,000 bags, it is contended.
To destroy more than a billion trees and pay 500 reis for each tree destroyed would cost the Government, according to the figures compiled,
650.000 contos of refs or approximately $48,000,000. Under the present
system it is estimated that the Government must burn 10,000,000 bags
annually, representing the overproduction at a cost of 70 milreis a bag, or
a total of 700,000 conies.
Killing the old trees, it is asserted, would not only solve the problem of
excess coffee, but of quality as well, insuring a high standard, as older
plants are inferior to the newer ones. The Muriahe coffee center group
recommends that the scheme be effected through the establishment of
agents in each town.
Thus far there has been no inkllng as to the attitude of the Government
toward the new suggestion. It was presented to Dr. Armando Vidal, director of the National Coffee Department.
Cuba Lists Sugar Output.
The following from Havana, June 27, is from the New
York "Evening Post":
Cuban Department of Agriculture reports the close of Cuba's grinding
sugar crop season with a production of 1,994.663 long tons of sugar from
the six provinces. Production during the 1931-32 season amounted to
2,602,864 tons, according to Willett & Gray.
Distribution of the six provinces, in long tons, follows: Pinar del Rio,
73,165; Havana, 175,428; Matanzas, 218,642; Santa Clara, 387,722;
Camaguey, 602,080; Oriente. 537,626.
Coffee Consumption in United States Increased Sharply
Since Legalization of Beer According to New York
Coffee & Sugar Exchange.
Consumption of coffee in the United States, as measured
by deliveries, shows a sharp increase since the legalization
of beer, according to statistics released by the New York
Coffee & Sugar Exchange. Approximate deliveries for the
second quarter of 1933 are 3,135,000 bags compared with
2,844,000 for the second quarter of 1932. Opinion is divided as to whether the increase in deliveries means an
actual increase in coffee drinking or whether coffee merchants are taking in extra heavy supplies in fear of the
possibilities of an inflation price rise for coffee. In an announcement released to-day (July 1) the Exchange continued:
The 193344 coffee crop year starts to-day (July 1) with indications of a
plentiful supply of coffee for the world. The present outlook is for a total
world production for 1933-34 of about 40,000,000 bags. The Brazilian
crop is estimated at about 30,000,000 bags but the National Coffee Department has announced that only 60% of the crop, or about 18,000,000
bags will be released to the world's markets. The balance, which is called
the "sacrifice quota," will be purchased from the planters by the National
Coffee Department at 30 milreis, or about $2.40 cents a bag and then
retained by the department for destruction or any other disposition decided on.
Countries other than Brazil are expected to produce another 10,000,000
bags, of which Colombia's share will be about 3,200,000 bags.
A normal consumption for the world for the 193344 season would be
about 25,000,000 bags.
World coffee stocks to-day, including some 18,000,000 bags in Brazilian
interior warehouses, amount to about 24,000,000 bags compared with
31,682,689 bags on July 1 1932.
Although the last few months have been good, the world consumption
Shows a decrease for the past year. Preliminary figures show U. S. conEurop
.5 er: shobags lm pardropith
ev 0 00O ws aco m ed w in
0
sumption for the 1932-33 crop yesr te .
be o 1
h lW
11.297,000 bags in 1931-32.
consumption with the 1932-33 total of 10,400.000 bags comparing with
11,541,000 for 1931-32. Coffee price fluctuations for the past crop year
have been great with a high of 15H cents a pound for Santos 4s in September
1932 (during the Brazilian revolution) and a low of 8N, cents in March 1933.
United States Coffee Importers Lose Brazilian Bonus.
From the New York "Herald Tribune" we take the following (United Press) from Rio de Janeiro, July 2:
Suspension of the 10% bonus for United States coffee importers until
further notice was announced by the Government to-day.
In the New York "Journal of Commerce" of July 3 it was
stated that on all business declared up to the close on Friday
(June 30) the bonus is guaranteed, private cables to the
trade on Saturday reported. The "Journal of Commerce"
added:
Presumably action by Brazil was taken because of the many protests
registered by the coffee trade in the United States.
Suspension of Export Taxes on Coffee in Mexico.
United Press advices as follows from Mexico City, July 2
are taken from the New York "Herald Tribune":
Suspension of export taxes on coffee, providing certain conditions regarding packing are carried out,was announced by the Treasury Department
to-day.
From the "Wall Street Journal" of July 5 we take the
following from Mexico City:
The Director General of Customs has officially announced that export
taxes on shelled coffee have been suspended for the period from July 1 to
October 31. The state government of Yucatan has listed the restrictions
on henequen acreage which have been in effect since Dec. 19 1932. The
decree of 1932 ordered henequen cultivation be restricted to 20% of the
1929 acreage.
Financial Chronicle
British Restrictions on Meat Importations Force Chileans to Slaughter 225,000 Sheep.
Advices (Associated Press) from Magallanes, Chile:
June 26 were published as follows in the New York "Times",
British restrictions on meat importations have forced Chilean ranchers
to slaughter 225,000 sheep, from which the only marketable product they
obtained was tallow.
Ordinarily almost all the sheep raised in this region are exported to
England. Meat importations into the United Kingdom from non-empire
sources were restricted in the Ottawa trade agreements.
Wool Consumption Increased Due to Rising Prices
According to U. S. Department of Agriculture.
Rising prices for raw wool and semi-manufactured products, active trading, and increased manufacturing activity
have been reported from the principal wool manufacturing
countries for May and the first half of June,says the Bureau
of Agricultural Economics, U. S. Department of Agriculture,
in its current report on world wool prospects. Under date of
July 1 the Bureau continued:
The increased buying and rapid advance in wool prices which began in
the domestic market the latter part of April continued with only brief interruptions during May and June. Prices of strictly combing territory
wools, scoured basis, on the Boston market the third week of June were
60 to 80% higher than the March 1933 low point, and 90 to 120% higher
than in July 1932.
Wool consumption by United States manufacturers reporting in April
was 12% higher than in March,and 50% greater than in April 1932. Further
improvement is reported in textile mill activity during May and June.
The Bureau says that developments in the domestic industry in the near future will depend in part upon the working of the new Industrial Recovery Act and on measures
designed to increase consumer purchasing power. Consumer
replacement needs for clothing and other textiles are "undoubtedly large," the Bureau believes.
Consumption of Domestic Wool During May Nearly
Three Times as Much as in May Last Year.
The total consumption of wool exclusive of carpet wool
during May was 50,685,000 grease weight pounds, compared
with 30,720,000 in April and 17,179,000 in May last year,
the New York Wool Top Exchange announced on June 30.
The total in five months ending with May was 186,626,000
pounds compared with 143,085,000 in the same period last
season. These estimates cover all mills in the country and
are based on the report of the Bureau of Census covering
a portion of the industry.
Duty on Cotton Velveteens Decreased by Presidential
Proclamation Effective July 24 1933.
The Tariff Commission announces that the President has
issued a proclamation decreasing the present duty of 623'
per centum ad valorem on cotton velveteens to 44 per centum
ad valorem on twill-back cotton velveteens and to 31
per centum ad valorem on plain-back cotton velveteens.
The changes in duty become effective on July 24 1933. An
announcement issued by the Commission on June 27 continued:
The Commission submitted a report to President Hoover on cotton
velveteens and velvets on Nov. 30 1932. With respect to cotton velvets
other than upholstery velvets he approved the findings and proclaimed an
increase in duty to 70 Per centum ad valorem. With respect to velveteens,
he returned the report with a letter on Dec. 14 1932. requesting that the
subject be reviewed because of recent changes in international trade as a
result of currency depreciation in certain countries.
The Commission accordingly has conducted an investigation with respect
to conditions subsequent to the period covered by its original report
and
finds that recent conditions have not been such as to permit any new cost
comparison. The Commission's supplemental report shows that during
the years 1929 and 1930, to which the original cost comparison related,
there were both a large domestic production of cotton velveteens and a
large importation. The principal competing country at that time was
Germany. Since the period covered by the investigation, the domestic
production of cotton velveteens has greatly declined and imports
have
almost entirely ceased. This situation appears to be due to three causes:
The general reduction in demand resulting from business depression, accumulation of large stocks, and a change in styles by reason of which the
demand for velveteens has fallen more than that for most other textiles.
In 1932 the domestic production of cotton velveteens amounted to 1,136,971 square yards and imports to only 3.884 square yards. The production
in 1932 was about 18% in quantity of the production in 1929; the imports
in 1932 were less than 1% of estimated imports in 1929.
Cotton velveteens are made in mills which are primarily producers of
corduroys. The domestic production of finished velveteens is confined
almost wholly to the States of Rhode Island, Massachusetts, and New York,
and to four mills, three of which weave, cut, and finish, and one of which
cuts and finishes only. With the exception of 1930, plain-back velveteens
have predominated in domestic production; imports have been almost
exclusively twill-back velveteens.
The letter of the President on Dec. 14 1932. requesting a review because
of changed International trade conditions, referred to the effect of currency
depreciation on costs. In 1932 the imports were chiefly from the United
Kingdom, the currency of which is depreciated, but the imports were
insignificant in quantity. The currency of Germany, which was the
principal competing country during the years covered by the cost comparison, has not In recent years been depreciated with reference to the
dollar.
213
Raw Silk Imports and Deliveries to American Mills
Continued to Increase During June 1933
-Inventories Again Decline.
According to the Silk Association of America, Inc.,imports
of raw silk continued to increase during the month of June
1933, amounting in that period to 47,435 bales, as compared
with 44,238 bales in May 1923 and 31,355 bales in June 1932.
Approximate deliveries to American mills in June 1933
totaled 53,627 bales, as against 47,151 bales in the preceding
month and 37,466 bales in the corresponding period last year.
Raw silk stocks at warehouses on June 30 were 33,933
bales, as compared with 40,125 bales a month earlier and
53,048 bales a year ago. The Association reports as follows:
RAW SILK IN STORAGE.
(As reported by the principal public warehouses in New York City and Hoboken.)
EuroAU
Figures in Balespeen.
Japan.
Other.
Total.
In storage June 1 1933
2,600
35,913
1,612
40,125
Imports, month of June 1933.:
4,171
41,577
1,687
47,435
Total available during June 1933
In storage July 1 1933_z
6,771
1,512
77,490
31,080
3,299
1,341
87,560
33,933
5,259
SUMMARY.
46,410
1,958
53,627
Approx. deliveres to American mills during
June 1933_y
Imports During the Month.z
1933.
January
February
March
April
May
June
July
August
September
October
November
December
Total
Average monthly_ _
1932.
1931.
53,114
23,377
22,289
41,134
44,238
47,435
52,238
53,574
38,866
30,953
34,233
31,355
313,055
61,412
56,859
58,775
47,422
45,453
'8=-4.p.ow4.o.w04.4
I000 C."0;g.Vm14..W14.,
Volume 137
231,587
38.598
547,195
45.600
605,919
50.493
Approximate Delireries
to Anterican MUls.y
Storage at End of Month.z
1933.
1932.
1931.
69,747
60,459
43,814
43,038
40,125
33,933
62,905
70,570
62,675
57,849
59.159
53,048
50,721
52,228
49,393
54.465
57,932
62,837
51,814
45,399
47,407
35,497
32,688
37,352
29,921
41,878
36.099
49,921
67.275
69,460
48.519
57.815
45.393
Approximate Amount of Japan
MX in Transit at Close
of Month.
1933.
January
February
March
April
May
June
July
August
September
October
November
December
1932.
1931.
1933.
1932.
1931.
46,204
32,665
38,934
41,910
47,151
53,627
58,793
45,909
46.761
35,779
32,923
37,466
38,382
59,905
59,694
53,703
43,955
40,548
55,910
54,242
55,383
41,356
45,073
42,161
44,746
46,454
53,819
56,668
50,645
48,432
25,700
28,100
39,100
40,200
42,300
41,500
48,500
31,000
28,800
34,800
30,800
31,100
42,200
43,400
42,800
44,700
50,200
51,400
37,700
37,700
21,300
24,800
36,900
33,400
41,600
40,500
53,200
59,700
50,800
53,900
Total
260,491 553,818 594,889
Monthly average43,415
46,151
49,574
36,150
40,058
40,958
Covered by European manifests Nos 26 to 29 inclusive. Asiatic manifests Nos.
101 to 125 inclusive. y Includes re-exports. z Includes 750 bales held at terminals
at end of month. Stocks at warehouses include Commodity Exchange, Inc. certified
stocks, 870 bales.
Increase Reported by New York Cotton Exchange in
World Consumption of All Kinds of Cotton During
May-Consumption Largest in Any Month Since
January 1930.
World consumption of all kinds of cotton during May
was the largest in any month since January 1930, according
to the New York Cotton Exchange Service. During May
world spinners used approximately 2,212,000 bales of all
growths of cotton as against 2,032,000 during April, 1,854,000
during May last year, 1,900,000 two years ago, 2,005,000
three years ago and 2,209,000 four years ago. Under date
of July 3 the Exchange continued:
During the 10 months of this season from August through May, the
world consumed 20,401,000 bales of all kinds of cotton,as against 19,457,000
during the corresponding portion of last season, 18,638.000 two seasons
ago. 21,391,000 three seasons ago and 21,665,000 four seasons ago. Consumption increased 8.9% from April to May this year, as against an average
decrease of 2.6% from April to May in the five years from 1928 to 1932.
The increase in world consumption of all kinds of cotton from April to May
was almost entirely due to the sharply increased use of the American staple,
which in turn was largely due to the rapid acceleration of domestic
cotton
mill activity.
Petroleum and Its Products
-New Midcontinent Crude
Price Advances Posted-Pennsylvania Also Higher
-Ames Warns of Possible Friction in Direct
Federal Control of Industry-Oklahoma Increases
Allowables for July.
Continental Oil Company on Thursday, July 6, took the
initiative in increasing crude prices and posted and advance
of 33c. a barrel on mid-continent, making their new price
range from 61c. a barrel on oil below 29 degrees gravity to
85c. on 40 gravity and above. This advance was immediateby met by Sinclair-Prairie Oil Marketing Co., subsidiary of
Consolidated Oil Corporation. The interest of the industry
is now centered on other major producers who usually lead
the way in such advances, including Humble Oil, Texas
Company, Shell Petroleum, and Stanolind. In some circles
214
Financial Chronicle
the belief is expressed that an advance ranging up to a top
of 75c. a barrel may be posted, but doubt that the full 33c.
advance will be met by all purchasers at this time.
Producers in the affected area hail the Continental action
as an important step toward the $1 per barrel mark. It is
emphasized that all of the recent advances which have moved
crude from a low of 10c. a barrel to the present prices in a
comparatively short period of several months, have been
made prior to the adoption and enforcement of the new
code, as prepared under the regulations of the National
Industrial Recovery Act.
On the same day, July 6, the South Penn Oil Co. advanced
all grades of Pennsylvania crude 10c. a barrel except the
Bradford and Allegheny districts, where the advance was 13c.
a barrel. The new prices bring Southwest Pennsylvania
Pipeline to $1.37; Eureka, $1.32; Buckeye, $1.17; Corning,
80c.; Bradford and Allegheny, $1.70.
A warning as to the ill-effects of possible conflict between
Federal and State petroleum administrative groups was
sounded this week by C. B. Ames, Chairman of the Board of
the Texas Company. Mr. Ames holds that "if the national
Administration merely approves agreements within the in-dustry relating to production, the question still arises as to
whether these agreements violate the State and anti-trust
-the greatest oil producing
laws, particularly those of Texas
state. Every effort should be made to avoid constitutional
conflict between the Federal Government and the States in
respect to this fundamental factor.
"This conflict," he continues, "can be avoided through
co-operation between the Federal and State governments.
The code which has been prepared by the industry presents
a sound program from an economic standpoint, but recognizing the limitations of governmental power involved, it recommends co-operation between the Federal and State governments. If the national administration will invite and procure 100% co-operation with such enforcement agencies as
the Railroad Commission of Texas, and the Corporation
Commissions of Oklahoma and Kansas, this constitutional
difficulty will be removed. To illustrate the point: If the
national administration and the Railroad Commission of
Texas will agree upon the amount of production which
should be allocated to Texas, and adopt an identical program
for the control of this production, the constitutional difficulty is removed because the control, if valid either under
state or Federal law,is valid as a whole, and in this way both
State and Federal agencies will unite in an effort to enforce
the precise program upon which they have agreed."
Mr. Ames also finds cause for discussion in the collective
bargaining feature of the Recovery Act. He says in this
respect: "The industry is concerned by the emphasis whihe
is being placed upon employment and wages by the national
administrator in codes dealing with other industries heretofore presented. The Recovery Act emphasises collective
bargaining, but the administrator apparently is urging
industries which present codes to agree with him on matters
affecting labor instead of agreeing with the employees of
such industries." Reviewing the wording of the paragraph
in the code regarding collective bargaining, he says: "Before
employers and employees have had an opportunity to reach
an agreement by collective bargaining, it is obviously inconsistent with the Act for the national administrator to
insist that an industry accept prescribed conditions relating
to labor. Such a course is inconsistent with mutual agreements between employers and employees relating to these
subjects. Rules prescribed by the administrator in this
manner may be unsatisfactory both to employers and employees and may prevent, instead of promote, collective
bargaining."
Allowable production in Oklahoma for the month of July
has been established and went into effect at 7 a. m. July 1.
The next hearing, to determine allowables for all prorated
fields during August and September, will be held on July
20. The July allowable provides for 220,550 barrels daily
from Oklahoma City field, an increase of 25,000 barrels
daily over the latter part of June; 140,000 barrels from Class
B wells of the Breater Seminole area, an increase of 2,000
barrels; and 2,500 barrels from the Fish pool.
The higher prices posted in Texas and Mid-continent
have thus far evoked no comment from majors, other than
a 10c. advance posted in Kansas and Oklahoma by the
Carter Oil Co., a subsidiary of Standard of New Jersey,
and Stanolind, subsidiary of Standard of Indiana. On
July 6, Carter posted this advance, makign its new schedule
range from 30c. a barrel for oil below 25 gravity, with a 2c.
July 8 1933
advance for each higher degree, up to 62c. for 40 gravity
and above. This compares with postings of 61c. on below
29 gravity to 85c. for 40 and above made by Continental,
Sinclair-Prairie, Phillips Petroleum, Barnsdall and Pure Oil.
However, in announcing the 100. advance, Carter Oil made
it plain that it was not to be construed sti ictly as a market
advance, but more as a recognition and adjustment of freight
differentials between those two states and Texas. The Carter
statement follows: "In its new postings, the Carter Oil Co.
seeks to reflect the geographical advantage of Oklahoma and
Kansas production in relation to its natural markets over the
production of more distant sources of supply such as Texas
and Louisiana. So long as the production of Oklahoma and
Kansas does not exceed the requirement of refineries located
within those states and to the north and east, it should command a higher price than the crude oil which must move
through Oklahoma and Kansas on its way to the markets.
The ability of the company to maintain such a differential
policy must depend, of course, upon conditions of supply and
demand and upon the general competitive situation."
The production at Conroe Field, Texas, was increased
more than 20% under a new order which went into affect
at 7 a. m. yesterday, July 7. The Railroad Commission now
permits a maximum production of 174 barrels per well, thus
allowing the field 72,685 barrels daily as against 60,000 barrels heretofore.
Price changes follow:
July b.
-Ohio Oil Co. posts advance of 33c. a barrel in Illinois. Princeton,
and Western Kentucky crudes, and 30c. a barrel in Lima crude.
July 6.
-South Penn Oil Co. posts 10c. advance in all grades of Pennsylvania crude except Bradford and Allegheny districts, which are advanced
a barrel. .New prices: Southwest Pennsylvania Pipeline,$1.37; Eureka,
13c.
$1.32; Buckeye, $1.17: Corning, 80c.; Bradford and Allegheny, $1.70.
July 6.
-Continental 011 Co. posts advance of 33c. a barrel in midcontinent crude oil. The new prices range from 61c. a barrel on oil below
29 degrees gravity to 85c. on 40 gravity and above. The advance was met
by Sinclair-Prairie 011 Marketing Co.; Pure 011 Co.,Phillips Petroleum,and
Barnsdell.
July 6.
-Carter 011 Co.,subsidiary of Standard of New Jersey, posts 10c.
advance in Oklahoma and Kansas crudes, announcing the advance as a
readjustment of freight differentials compared with Texas crude.
July 6.
-Stoll 011 Co. posts 15c. increase in Hart County, Kentucky,
crude, making new price $1 a barrel.
July 6.
-Sinclair-Prairie Oil Marketing Co. posts 27c. advance in Gray
County, Texas Panhandle, crude, and 22c. a barrel increase in Carson and
Hutchinson Counties. New prices are: Gray County, 49c. on below 29
gravity to 73c. on 40 gravity and above; Carson and Hutchinson Counties,
39e. for below 29 gravity to 63c. for 40 gravity and above.
July 7.-Stanolind, purchasing subsidiary of Standard of Indiana, meets
Carter 10c. advance in Kansas and Oklahoma, and also extends same advance to North and Central Texas.
July 7.
-White Eagle,subsidiary of Socony-Vacuum, meets 33c. advance
Posted by Continental on July 6.
July 7.
-Magnolia advances Oklahoma. North and Central Texas crude
23c. a barrel, making price range from 43c. for below 25 gravity, with 2c.
differential per gravity point up to 71c. for 40 and above. East Texas was
Posted at 75c. a barrel.
July 7.
-Sun Oil Co. posts price of 75c. for East Texas crude.
Prices of Typical Crudes per Barrel at Well..
(Ail gravities where A. P. I. degrees are not shown.)
81.70 Eldorado, Ark., 40
Bradford, Pa
.52
.80 Rusk, Tex., 40 and over
Corning,Pa
.75
1.00 Salt Creek, Wyo., 40 and over
Iliinoia
.50
1.15 Darst Creek
Western Kentucky
.52
83 M n lanst. m r n t,
Mid-Cont.. Okla..40 and above- .52-:65 suldburd DIstoiet Mkt
.48
Hutchinson. Tex..40 and over
.75 Santa Pe Springs, Cant..40 and over .87
wi ndietop,e
Spink ler, T1;ex., 40 and over
.75 Huntington. Calif., 28
.87
.30 Petrolla. Canada
1.75
Smackover. Ark.. 24 and over
-BUNKER FUEL AND DIESEL OIL ADREFINED PRODUCTS
-GASOLINE CONTINUES STRONG-HOLLIDAY,
VANCES
SOHIO HEAD,POINTS OUT NEED OF HIGHER MOTOR FUEL
PRICES.
The long-expected advance in Grade C bunker fuel oil,
as well as in Diesel, was made this week. On Thursday
July 6 bunker was advanced 100. to 85o. a barrel, and
Diesel 10c. to $1.75 a barrel. This is a result of the mounting
crude prices, and some factors in the local trade believe that
further advances will be posted, as the current 10c. increase
will not absorb the advances being made in crude.
W. T. Holliday, President of Standard Oil Co. of Ohio,
points out the need for higher gasoline prices in a statement
released this week, in which he says in part: "Although
gasoline prices have been falling steadily since 1921, oil
company wages in Ohio were at peak levels in 1932, and
have declined but little since. The Government supposedly
is trying to get things back to the level of 1926. To put
wages of this company back to that level would be to lower
them, because they actually are higher now than they were
then. Gasoline prices, however, are far below the 1926 level.
They would have to rise 9c. a gallon, or about 72%, to get
back where they were seven years ago.
"While there is no likelihood of any such drastic advance
of gasoline prices, some further increases are necessary if
the oil industry is to be brought out of the period of loss of
the last three or four years. Even with the recent rise,
gasoline prices are still below the average of 1932. Wage
Volume 137
Financial Chronicle
advances in the oil industryimayinotibe as spectacular as in
other lines because spectacular wage reductions of from 40%
to 60%, reported by many industries, did not take place in
the oil industry. Standard Oil Co. of Ohio has had only one
horizontal wage cut during the depression and that was
on Jan. 1 1933, when salaries and wages below $150 a month
were reduced 5% and salaries and wages above $150 were
reduced 10%."
On Saturday July 1 Standard of Indiana posted a
advance in gasoline prices throughout its territory, as
compared with the 10. advance posted by Shell last week.
Other majors posted the full increase.
Water white kerosene is in a stronger position locally as
a result of the advancing markets in other refined products,
but there has been little change in the demand situation.
This is the off-season for sales, and little real movement is
expected until fall.
Pennsylvania lubricants have been firm and in good
demand, but no price adjustments were reported this week.
Price changes follow:
July I.—Standard Oil Co. of Indiana posts lac. advance In service
station and tank wagon gasoline of premium and regular grades. No
change was made in third grade price.
July 6.—Grade C, bunker fuel oil, advanced 10c. a barrel to new price
of 85c., New York harbor. Diesel oil also advanced 10c. a barrel, to
new price of $1.75, New York harbor.
Gasoline, Service Station, Tel Included.
New York
$ 14
New Orleans
8 18
Cleveland.3.18
Atlanta
135
19H Denver
18A
Baltimore
193 Detroit
San Francisco:
12
Boston
17,5
151
Third grade
18
Houston
Buffalo
Above 65 octane__ .195
187 Jacksonville
20
Chicago
Premium
229
156 Kansas City
14
Cincinnati
145
St. Louis
• .18
13
Minneapolis
• Less 2 cents cash discount.
Kerosene, 41-43 Water White, Tank Car* F.O.B. Refinery.
New York—
New Orleans,ex--.3.0135
Chicago
(Bayonne).8.043l-.05H I Los Ana.,ex,.$ °211-..06 1 Tulsa
0435-.0 14
.04 - 03
North Texas
03
Fuel Oil, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)-Gulf COMIC
8 .65
California 27 plus D
Bunker C
-22D .421i-.50
Chicago l8
$ .85
Diesel 28-30 D._ _ _ 1.761 New Orleans C $.75-1..611Philadelphia C
.70
Gas 011, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)—
Chicago—.Tulsa
3.01H
I
I
28 plus 0 0._$.03H-.041 32-36 G 0
$ 01% 1
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots. F.O.B. Refinery.
N. Y.(Bayonne)—
3.05-.0514
Chicago
N. Y.(Ba onne)—
Standard Oil, N.J.—
-3.0590 New Orleans.ea- .04-.04H
Shell Eastern Pet
-04-.04H
Motor, U. S_--$.06
Arkansas
New York
Stand. 011, N. Y_ .0615
California
08-.07
Colonial-Beacon.- .06
Tide Water Oil Co .0575
0590 Los Angeles, ex_ 04H-.07
z Texas
RIchneld Oil (Cal.) .0625
05-.05H
0575 gulf ports
Gulf
Y.arner-Quin. Co- .06
Tulsa.08-.05%
Republic On----- -06
Pennsylvania_ __
.05H
Richfield "Golden." a "Fire Chief," 5.0615.
Independent Oil Marketing Group Organized to Fight
Proposed Petroleum Code—Statement Says It
Would Cause Large Rise in Gasoline Prices.
The proposed code of fair competition for the petroleum
industry would result in an "unlimited" increase in gasoline
prices, according to a statement issued on July 1 by Sterling
Mutz, an attorney of Lincoln, Neb., who announced a nationwide campaign by independent oil men against final adoption of the code. Tile statement said that a group of independents had organized as the Independent and Individually
Branded Petroleum Marketers' Association of America, and
that 75 concerns selling 500,000,000 gallons of oil products
annually compose the organization. Mr. Mutz said that
statements that the code was a victory for small oil dealers
could be characterized only as "fraud."
Petroleum Code Under National Industrial Recovery
Act Approved by Directors of American Petroleum
Institute.
Members of the boards of directors of the American Petroleum Institute, in session in New York, on June 29, approved
the code of fair competition for tile petroleum industry
drafted by representatives of executive boards of more than
100 producing, refining and marketing associations for recoimnendation to the National Recovery Administration. The
code was drafted at a meeting in Chicago, in June, as was
indicated in our issue of July 1, page 67. Approval by directors of the Petroleum Institute was expressed in a resolution
expressly providing that the action should not be "construed
to prevent any member of the American Petroleum Institute,
so desiring, from exercising the right to take exception to or
suggest modification of the articles or section" before the
hearing. The Institute states that though it is thought
likely that the hearing for the oil industry will be held in
Washington, no information has been given out regarding
the date. Organizations in both the field of producing and
marketing were compiling information to be presented with
the code at the hearing.
In the resolution of approval tile directors of the American
Petroleum Institute gave indorsement to a rule in support of
215
the lease and agency method of marketing. In the marketing
conference at Chicago participating representatives had been
unable to agree, and two proposed rules on the lease and
agency subject had been recorded with the view of submitting them for decision after the hearing. The resolution likewise contained a section calling on the proposed National
Emergency Committee, when set up, to co-operate fully in
combating tax evasion in the petroleum industry. The code
provides for such a committee, to be composed of 54 members
representing both the producing,and marketing branches of
the industry.
Two resolutions adopted in the Chicago conferences and
attached to the code were given the indorsement of the directors of the American Petroleum Institute, and both were
adopted. One of these resolutions declares in favor of a
licensing system for the petroleum industry, and the other
would restrict imports of petroleum products. The resolutions follow:
Licensing.
Be it resolved, It is the sense of this meeting that price-cutting and
other activities now exist in the petroleum industry which make it essential
to license the business of producing, transporting, refining and marketing
petroleum and its products.
In order to make this code effective and to effectuate the policy of
Title I of the National Industrial Recovery Act, we, therefore, request that
the President call a hearing upon such public notice thereof as he shall
specify, in order to determine whether or not it be essential to license the
above-named subdivisions of the petroleum industry, in order to make effective this code and to e.fectuate the policy of Title I of the National Industrial Recovery Act, and we further request that such hearing be held at the
same time and the same place as the hearing on this code.
imports.
Reaoh ed, That the importation of crude petroleum and the products
thereof in large quantities is hereby declared to be unfair competition injuriously affecting inter-State commerce. Therefore, the President is requested
to limit the imports of crude petroleum and the products thereof to an
amount not exceeding the average daily imports into the United States during
the last six months of 1932, such imports to be allocated to the various
persons desiring to import such petroleum and the products thereof in such
equitable manner as the President may determine.
Thirty-eight directors of the Institute attended the meeting in the Roosevelt Hotel, in New York City, and nearly all
of the others were represented by proxy. Directors present
were: Axtell J. Byles, President; H. R. Gallagher, D. J.
Moran, W. T. Holliday, Vice-Presidents; RiChard Airey, C. B.
Ames, C. E. Arnott, Amos L. Beaty, F. R. Coates, Henry M.
Dawes, 0. D. Donnell, J. Frank Drake, W. S. Parish, W. S.
Fitzpatrick, Jacob France, F. B. Fretter, John A. Geismar,
S. A. Guiberson, Benjamin F. Harris, W. M. Irish, Roy B.
Jones, H.T. Klein, F. A. Leovy,L. L. Marcell, E. W. Marland,
J. Edgar Pew, J. Howard Pew, Herbert L. Pratt, Wallace E.1
Pratt, E. B. Reeser, E. G. Seubert, E. W. Sinclair; H. F. Sinclair, W. G. Skelly, Robert W. Stewart. R. G. A. van der
Woude. J. C. Van Eck, along with W. It. Boyd Jr., Executive
Vice-President, and Lacey Walker, Secretary and Assistant
Treasurer. Oothers attending the session were: W. C. Yeager, H. J. Muller, W. C. Burns, H. R. Lamb, L. L. Stephens.
Charles H. Osmond, E. L. Shea, C. L. Jones. H. F. Glair.
J. W. Curry, D. L. Frawley, W. D. Locuks, W. F. Corwin.
Harry Freuauff, Daniel T. Pierce, John B. Bomar, Warren
Sinsheimer, R. B. Brown, Charles S. Jones, T.H.A.Tideman.
W. G. Violett.
Crude Oil Production Gains—Inventories Continue
to Decline.
The American Petroleum Institute estimates that the daily
average gross crude oil production for the week ended
July 1 1933 was 2,602,050 barrels, compared with 2,513,600
barrels per day during the preceding week, a daily average
of 2,609,200 barrels for the four weeks ended July 1 and
an average daily output of 2,104,800 barrels for the week
ended July 2 1932.
Stocks of motor fuel at all points declined 883,000
barrels, or from 53,317,000 barrels at June 24 to 52,434,000
barrels at July 1 1933 and compares with a falling off of
262,000 barrels in the previous week.
Reports received for the week ended July 1 1933 from
refining companies controlling 92.2% of the 3,546.800-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
29,103,000 barrels of gasoline and 126,500,000 barrels of
gas and fuel oil. Gasoline at bulk terminals, in transit and
in pipe lines amounted to 19,866,000 barrels. Cracked
gasoline production by companies owning 95.1% of the
potential charging capacity of all cracking units, averaged
452,000 barrels daily during the week.
Financial Chronicle
216
The report for the week ended July 1 1933 follows in
detail:
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures In Barrels.)
Week
Ended
July 1
1933.
Week
Ended
June 24
1933.
Average
4 Weeks
Ended
July 1
1933.
Week
Ended
July 2
1932.
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
530,650
110,400
42,900
47,050
19,250
156,900
58,600
565.250
60,250
50,850
24,500
30,300
116,000
40,500
88,200
15,200
29,250
6,650
2,400
36,000
482,500
501,450
109,550
44,650
47,300
18,950
157.350
58,450
683,500
63,200
50,750
25,050
30,200
117,500
41,000
91,550
15,750
29,950
6,800
2,400
36,000
477,850
386,950
97,100
54,250
50,250
24,550
179,600
56,400
328,900
100
52,400
30,200
34,100
119,250
31,850
107,800
17,900
35,200
7,200
2,850
36,000
451,950
'
Oklahoma
Kansas
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
2.602.050 2.513.600 2.609.200 2.104.800
Total
Note.
-The figures Indicated above do not include any estimate of any oil which
mightliave been surreptitiously produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED JULY 1 1933.
(Figures In barrels of 42 gallons each.)
Reporting.
Potential
Rate.
East coast
Appalachian...._
Ind., III., Ky._
Okla., Kan., Mo.
Inland Texas__
Texas Gulf
Louisiana Gulf_
-Ark_
North La.
Rocky Mountain
California
582,000
150,800
436,600
454,600
271,800
507,500
132,000
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
132,000100.0
76,500 92.6
63,600 78.8
821,800 96.9
Crude Runs
to Stills.
%
Daily OyerAverage. Wed.
480,000
95,000
372,000
250,000
81,000
410,000
118,000
42,000
36,000
461,000
c.ptcocov,moocom
pm.cw.-4-4ww
Daily Refining Capacity
of Plants.
Maria.
aMotor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
15,140,000 7,326,000
945,000
1,949,000
7,296,000 4,111,000
4,308,000 3,470,000
1,350,000 2,131,000
5,925,000 6,511,000
1,369,000 2,186,000
240,000
507,000
728,000
1,101,000
13,556,000 98,585,000
Totals week:
July 1 1933. 3,546,800 3,268,600 92.2 2,345,000 71.7 c52434000 126,500,000
June 24 1933_ 3,546,800 3,268,600 92.2 2,362,000 72.3 53.317,000 126.058,000
a Below are set out estimates of total motor fuel stocks on U. S. Bureau of Mines
basis for week of July 1 compared with certain June 932 Bureau figures:
54,390,000 barrels
A. P. I. estimate on B.of M.basis, week July 1 1933.1,
61,558,000 barrels
U. S. B. of M. motor fuel stocks, July 1 1932
62,181,000 barrels
U. S. B. of M. motor fuel stocks, July 31 1932
b Estimated to permit comparison with A. P. I. Economies report, which is On
Bureau of Mines basis.
c Includes 29,103,000 barrels at refineries, 19,866,000 bulk terminals, in transit
and pipe lines, and 3,465,000 barrels of other motor fuel stocks.
Oil Code Will Conserve Large Investments in that
Industry, According to T. S. Hose Review.
Secret practices and secret prices which have in the past
undermined the crude oil price structure should be eliminated
under the code of fair competition drawn by the leaders of
the oil industry in keeping with the spirit of the National Industrial Recovery Act, it is pointed out in the T. S. Hose
review of the petroleum situation: The review says:
The code agrees that the sale of crude petroleum below the actual cost of
production is contrary to the policy of national conservation expressed in the
National Industrial Recovery Act, and it provides that every producer will
be currently required to post publicly the price offered and to report monthly
under oath as to quantity purchased, by whom transported, from whom purchased, and the price paid. If secret prices other than those posted are paid,
the tact will be reported to the United States Government officials in charge
of the Recovery Act, and the violator will be dealt with under this law.
The value of the properties affected is in the neighborhood of $1,000,000,000. The cost of producing a barrel of crude as last determined by the
United States Bureau of Mines is $1.10. The existing posted price is 50c.
The estimated amount of crude that should be produced per day to allow a
liberal withdrawal from storage is 2,000,000 barrels. A price increase of
60e. a barrel would mean $1,200,000 a day to the industry. It is not expected
that the price of crude will immediately advance to $1.10 or more, but
frequent small advances may be expected to an ultimately higher figure.
This is not the important factor. The gratifying fact to thousands of
operators and hundreds of thousands of stockholders is that their properties
are to be saved and their investments made secure.
Mid-Continent Crude Oil Prices Advanced by Several
Companies-Increase of 25 Cents a Barrel Made
in East Texas Field.
Crude oil prices in the Mid-continent area, which includes
Oklahoma, Kansas and North and North Central Texas,
were advanced 33 cents a barrel on July 5 by two leading
companies. The initial action was taken by the Continental
Oil Co. and was immediately followed by the Sinclair-Prairie
Oil Marketing Co., a subsidiary of the Consolidated Oil
Corporation. The new prices range from 61 cents on oil
below 29 gravity with a 2 cent differential up to 85 cents
for 40 gravity and above. The Phillips Petroleum, Barnsdell
and Pure Oil companies also met these prices. The SinclairPrairie Co. in addition increased prices in the East Texas
field 25 cents a barrel to 75 cents.
July 8 1933
The Carter Oil Co., a subsidiary of the Standard Oil Co.
of New Jersey, on July 6 advanced prices for crude oil in
Kansas and Oklahoma 10 cents a barrel. The company's
new schedule ranges from 30 cents a barrel for oil below 25
gravity, with a 2 cent advance for each higher degree of
gravity, to 62 cents for 60 gravity and above. The Carter
Co. in making the advance explained that it represented the
freight advantage that crude oil in Oklahoma and Kansas
had in the interior markets over the equivalent crude oils in
Texas. For this reason, the new postings by Carter are
considered more of a freight readjustment than an increase
in price.
From the "Wall Street Journal" of last night (July 7)
we take the following:
Sun Oil Co. has advanced its quotation for East Texas crude oil to 75
cents a barrel, meeting the advances of the Consolidated Oil Corp. interests.
White Eagle Oil Corp., subsidiary of Socony-Vacuum Corp., has met
-cent crude oil price advance initiated by ConIn Kansas the recent 33
tinental Oil Co
Crude'Oil Prices in Texas Panhandle
Field Increased.
The Sinclair-Prairie Oil Marketing Co., a subsidiary of
the Consolidated Oil Corporation, and the Phillips Petroleum
Co. have advanced Gray County crude oil 27 cents a barrel
and Carson and Hutchinson. County crude 22 cents. All
are in Texas Panhandle. The new prices, as noted in advices
from Tulsa, Okla., to the "Wall Street Journal" of July 6,are:
In Gray County the new prices range from 49 cents on below 29 gravity
-cent differential for each
to 73 cents on 40 gravity and above, with a 2
Intermediate gravity. In Carson and Hutchinson counties the new price
-cent rise for
schedule ranges from 39 cents for below 29 gravity, with a 2
each degree of gravity to 63 cents on 40 gravity and above.
Ohio Oil Co. Increases Crude Oil Prices
in Several Fields.
The price of Somerset crude oil has been increased 33
cents a barrel to 95 cents by the Ohio Oil Co. we learn from
Associated Press advices from Owensboro, Ky., July 6.
The 95 cent quotation is the nearest to the dollar mark
since November 1932, when it was $1.05. Associated Press
advices from Findlay, Ohio, July 5 said:
Crude oil prices posted by the Ohio Oil Co. in the Central West field
reached the dollar mark to-day as the company announced increases varying from 30 to 33 cents.
The new prices are: Lima, $1.05; Illinois, $1; Princeton, $1, and Western
Kentucky, 95 cents.
Pennsylvania Crude Oil Advanced.
Announcement was made on July 5 by the Tide Water
Oil Co. of an increase of 13 cents to $1.70 a barrel for Bradford-Allegany field crude oil, we learn from Associated Press
advices from Bradford, Pa. Quotations of other Pennsylvania grade oil were increased 10 cents a barrel.
Bunker Fuel Oil and Diesel Oil Increased 10 Cents a
Barrel by Standard Oil Co. of New Jersey.
On July 5 the Standard Oil Co. of New Jersey raised the
prices of bunker fuel oil and diesel oil 10 cents a barrel.
Bunker fuel oil is now 85 cents a barrel at New York harbor,
Norfolk, Baltimore and Boston;80 cents at Charleston, S. C.,
and 70 cents at Gulf Coast ports. Diesel oil is $1.75 at New
York, Boston, Baltimore, Norfolk and Charleston and $1.60
at Baton Rouge and New Orleans, La.
Cent a Gallon by
Price of Gasoline Advanced
Standard Oil Co. of Indiana.
Effective 7 a. m., July 1, the Standard Oil Co. of Indiana,
advanced the service-station and tank-wagon prices of its
premium and regular grades of gasoline 3 cent a gallon.
The company made no change in the price of its third-grade
gasoline. It was announced that the advance was made on
account of the strengthening of the refinery or wholesale
market for premium and regular grades of gasoline.
Oklahoma Corporation Commission Sets Allowables
for July.
The Oklahoma Corporation Commission on June 30 issued
an order fixing the current allowables of prorated oil pools
for July. We quote from an Oklahoma City dispatch to
the New York "Journal of Commerce" regarding the details
of the Commission order:
The Wilcox sar d zone of Capital field was given 160,000 a day, or 16.5%
of the four-hour potential recently made; Simpson zone 60.000 a day, or
36%, and fault line zone 555 barrels, or 36%. Class B (Simpson field)
140.000 a day, same as June; Tatum 10,500 a day, same as June, and
Fish 2,500 a day.
The application of several firms to open up certain wildcat pools will be
heard July 13.
Volume .137
Increases Gasoline Revenues.
fund provided by the State Legislature to
enforce the collection of gasoline taxes has resulted in increased gasoline revenues in Texas, while sales as reflected
by tax collections have been decreasing in other States,
according to a survey made by George Sheppard, Comptroller
of that State; An announcement July 1 by the American
Petroleum Institute says:
New Texas Law
A $300,000
Under the new Texas law. 8 district offices have been opened in various
key cities of the State and others are in prospect. On the basis of his investigations, Mr. Sheppard has estimated that Texas was losing about 10%
of its gasoline tax because of various forms of evasion. For the month
of April collections in Texas increased about 1%, while collections in the
United States declined 5%.
A more convincing manifestation of the results of rigid enforcement was
revealed in the East Texas refining area where about 20 refineries are in
operation. Before the new law went into effect, collections were reported
on 2,826,847 gallons of gasoline for the month of February. In March
the enforcement group became active and collections in that district were
on 4,011,227 gallons, and in April collections were reported on 5,534,313
gallons.
Major Non-Ferrous Metals Advance on Favorable
-Demand Good.
Business News
"Metal and Mineral Markets" for July 6 says that though
developments at the London Economic Conference left
traders in metals somewhat bewildered, news on the trend
of business in this country continued favorable, and prices
again moved upward. Producers report progress in reference to the codes of practice that are being drawn up, which
also had a strengthening,influence on quotations. Copper
was the most active of the metals, and the price touched
83/20. Lead sold in good volume, and with London higher
the market was raised 10 points yesterday. Prime Western
zinc sold at 4.60c., St. Louis, a new high for the movement.
Straits tin was up on the fall in the dollar. Speculative
activity was responsible for the advance in silver. Effective July 3 both platinum and palladium were advanced
by leading interests. "Metal and Mineral Markets"
weighted index of non-ferrous metal prices for June was
64.15, against 57.35 a month previous, and the low for the
depression of 44.77 last July. The same publication adds:
Copper Sells at SW.
Demand in the domestic copper market last week reflected, in a very
definite manner, the recent improvement that has characterized general
business of the country. Total sales for the seven-day period exceeded
12,000 tons, and prices advanced from 8c., delivered Connecticut, at
the opening of the week, to 8;.5c. at yesterday's close. Undoubtedly,
the prospects of inflation were responsible to a substantial degree for
the marked interest in the metal, but on the other hand, the betterment
In the industrial outlook for the country, and tangible evidence of increased business activity, were equally important factors in bringing about
the week's pronounced trading activity in the metal. Fabricating interests, for instance, report not only a continuation of the substantial
improvement in specifications but also a decided pick-up in the amount
of new business booked. The first advance in prices came on Monday,
when a small lot sold at 8.125c. and a good order was booked on the basis
of 8.25c. Yesterday, following the holiday on Tuesday, some sizable
business was closed at the 8c. level, but all other sales were made at Sc..
with shipments extending into the fourth quarter.
Sales abroad were also in good volume and at advanced prices. The
upward trend in foreign markets was said to be indicative of betterment
there in underlying business conditions, but also to reflect speculative
interest in the metal that has resulted from the wide and numerous fluctuations in exchange rates. Prices during the seven-day period ranged
from 7.75e. to 8.55c., c.i.f.
Fabricators announced an advance in copper and brass products late
yesterday; phosphor bronze was raised .Uc. and all other products were
advanced 34c.
Total deliveries of copper for consumption in the various countries
outside of the United States and Canada averaged about 64.000 long tons
monthly in the first four months of the current year. This compares
with a monthly average of 59,570 tons for 1932, according to figures compiled by the American Bureau of Metal Statistics.
Lead Advanced to 4.30c., New York.
The price of lead was advanced 10 points yesterday, establishing the
market at 4.30c., New York, and 4.15c., St. Louis. The New York
quotation of 4.30c. is also the contract basis of the American Smelting
& Refining Co. Continued active domestic buying of lead and a higher
market in London inspired the uplift in quotations. Producers and consumers were impressed with the character of the news from Washington
in connection with establishing a higher level for commodity prices. Consumption of lead is definitely on a higher plane.
Sales oflead for the week that ended yesterday totaled close to 6,000 tons,
a figure well above the average. Sales of lead made for June shipment,
according to information circulated among producers. totaled 27,600 tons;
but of even more interest to the trade is the knowledge that more than
37,000 tons of lead have been purchased up to the present time for shipment
to consumers during July.
Good Sales of Zinc.
The recent good buying of zinc continued last week, with prices improving moderately. Although interest in the metal prevailed to a fair
degree throughout the seven-day period, inquiry diminished somewhat
over the holiday on Tuesday. The bulk of the business for the week was
booked at 4.504., St. Louis, but early in the period a round lot for fourthquarter shipment sold on the basis of 4.60c., and on Monday some near-by
business was booked at the same level. Yesterday, 4.60c. was again
quoted in several directions, but the volume of business transacted was
comparatively small.
Negotiations are now under way to prolong the present agreement
of the members of the Zinc Cartel until the end of October, according
to advices from Brussels to the Department of Commerce. The present
agreement limits production of zinc by the foreign group to 45% of capacity, with a fine imposed on production in excess of the established
quotas. The agreement now in force expires in July. Prolongation of
the plan is expected to present no difficulties.
217
'inancial Chronicle
Tin Moves Higher.
Trading in tin was less active. Prices moved upward largely because
dollar, the market settling yesterday at 47c. per pound
of the decline in the
for prompt Straits. Latest news from abroad indicates that production
is likely to hold at the 33li% rate until further notice. On the other
hand, the Pool will probably start disposing of some of its holdings, but
in a manner calculated to cause little disturbance to the market.
Chinese 99% tin was quoted as follows: June 29, 42.375c.; June 30,
42.25c.; July 1, 42.75c.; July 3, 44c.; July 4, holiday; July 5, 44.50c.
United States deliveries of tin during June amounted to 6,145 long tons,
against 4,835 tons in May and 3.540 tons in June last year, according to
the Commodity Exchange. Deliveries in June were the largest since
April 1931. Tinplate producers consumed 3,020 tons during June, against
2,260 tons in May and 1,460 tons in April, the American Bureau of Metal
Statistics reports. The sharp increase in the use of tin in tinplate in this
country is associated with the largest production of tinplate in any month
on record with the exception of May 1929, the Bureau points out.
The world's visible supply of tin at the end of June was estimated at
39.964 long tons, against 41,883 tons a month previous and 48,945 tons
year ago.
a
Rapid Increase in Production of Steel Ingots.
The American Iron & Steel Institute in its latest report of
steel ingot production places the output of all companies in
June at 2,697,517 tons which compares with 2,001,991 tons
in May; 1,362,856 tons in April and only 909,886 tons in
March. In June, 1932 the output was only 912,757 tons.
Mills are now operating at rate of 45.96% of capacity while
only a few months ago in March the rate was no more than
15.50%. The approximate daily output for the 26 working
days in June was 99,904 tons as compared with 77,148 tons in
May which had 27 working days. In June, 1932 in which
month there were 26 working days the daily output averaged
35,106 tons. Below we show the figures for each month since
Jan., 1932.
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1932 TO JUNE
1933
-GROSS TONS.
Reported for 1932 by companies which made 93.71% of the Open-hearth and
Bessemer Steel Ingot Product on in that year and for 1933 by companies
which made 96.57%.
Months.
1932.
Jan
Feb
Mar
Apr
May
June
6 mos_ _
July
Aug
Sept
Oct
Nov
Dec
Total.
1933.
Jan
Feb
Mar
Apr
May
June
OpenHearth.
Calculated No.of
Monthly
Monthly 1Vork
Output
Bessemer. Companies Output AU fog
Reporting. Companies. Days.
*1,484,991
*1,481,253
*1,433,337
*1,259,629
*1,125,243
912,757
1,230,907
1,230,970
1,149,193
1,036,163
950,838
755,068
160,633
157,067
193,944
144,197
103,593
100,249
1,391,540
1,388,037
1,343,137
1,180,360
1,054,431
855,317
6,353,139
859,683
7,212,822
653,039
696,122
804,470
885,773
838,419
724,917
102,916
97,323
124,970
132,876
128,844
81,932
*806,722
755,955
*846,730
793,445
*991,858
929,440
1,018,649 *1,087,058
967,263 *1,032,221
806,849 *861,034
26
25
27
26
26
26
7,697,210 156
25
27
26
26
26
26
10,955,879 1,528,544 12,484,423 *13,322,833 312
885,743
922,806
784 168
1,180,893
1,716,482
2,211,657
109,000
126,781
94,509
135,217
216,841
296,765
994,743 *1,030,075
1,049,587 *1,086,867
*909,886
878,677
1,316,110 *1,362,856
1,933,323 2,001,991
2,508,422 2,597,517
26
24
27
25
27
26
Approx. Per
Cent.
Dally
Output Opera
AU Cos fitts.x
*57,115
*59,250
*53,087
*48,447
*43.279
35,106
*26.41
*27.40
*24.55
n2.40
*20.01
16.23
49,341
22.82
*32,269
*31,360
*38.148
*41,810
*39,701
*33,117
*14.92
*14.50
*17.64
*19.33
*18.36
*15.31
*42,701 *19.75
*39,618
*45,286
*33,699
554,514
74,148
99,904
*18.23
*20.83
*15.50
*25.08
34.11
45.96
57.995 26.68
7.701.749
979.113 8.680.862 8.989.192 155
x The figures of "per cent of operation" in 1932 are based on the annual capacity
as of Dec. 31 1931 of 67,473,630 gross tons for Bessemer and Open-hearth steel ingots.
and in 1933 on the annual capacity as of Dec. 31 1932 of 67,386.130 gross tons.
'Revised.
6 mos__
Pig Iron Daily Output Up 47.3% in June.
June production of coke pig iron totaled 1,265,007 gross
tons against 887,252 tons in May, according to the "Iron
Age" of July 6. The June daily rate, at 42,166 tons, increased 47.3% over the May average of 28,621 tons a day.
The daily rate in June was the highest since July 1931,
which was 47,201 tons. The output for the first six months
of this year was 4,441,003 tons, against 5,168,814 tons for
the corresponding period last year. The "Age" further
states:
There were 90 furnaces in operation on July 1, making iron at the rate of
51,675 tons daily, compared with 63 on June 1 with a daily operating rate
of 33,160 tons. Tvt enty-seven furnaces were blown in and none taken off
blast. The Steel Corporation blew in 14, independent steel companies
put in 12 and the subsidiary of a large manufacturer of household equipment lighted one furnace.
Among the furnaces blown in are the following:
Company.
Name of Furnace.
Tonawanda Iron Corp.
Niagara
Bethlehem Steel Co.
Lackawanna
Bethlehem Steel Co.
Three Cambria
Bethlehem Steel Co.
Sparrows Point
Jones & Laughlin Steel Corp.
Aliquippa
Youngstown Sheet & Tube Co.
Campbell
National Steel Ccrp.
Zug
Wheeling Steel Ccrp.
Riverside
Republic Steel Ccrp.
United
Sloss-Sheffield Steel & Iron Co.
City No. 1
Inland Steel Co.
Madeline
Carnegie Steel Co.
Two Carrie
Carnegie Steel Co.
Two Duquesne
Carnegie Steel Co.
Two Edgar Thomson
Carnegie Steel Co.
One Ohio
National Tube Co.
One Monongahela
National Tube Co.
One Lorain
Illinois Steel Co.
Two South Chicago
Illinois Steel Co.
One Gary
Tennessee Coal, Iron & RR. Co.
One Ensley
One Fairfield
Tennessee Coal, Iran & RR. Co.
218
Financial Chronicle
The Earlston furnace of the Everett
-Saxton Co., Philadelphia, and the
Ironton furnace of the Marting Iron SE Steel Co., Ironton, Ohio, are being
dismantled, which reduces the total number of available furnaces in the
country to 281.
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE.
(Gross Tons.)
Pig Iron. a
1933.
Ferromanganese. y
1932.
1933.
1932.
January
February
March
April
May
June
568,785
554,330
542,011
623,618
887,252
1,265,007
972,784
964,280
967,235
852.897
783,554
628.064
8,810
8,591
4,783
5,857
5,948
13.074
11,250
4,010
4,900
481
5,219
7,702
Half year
July
August
September
October
November
December
4,441,003
5,168,814
572,296
530.576
592,589
644,808
631,280
546,080
47,063
33,562
2,299
3,414
2,212
2,302
5,746
7,807
Year
8,686.443
57,342
These totals do not Include charcoal pig iron. The 1931 production of this
iron was 46,213 gross tons. y Included in pig iron figures.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
Steel
MerWorks. chants.* Total.
1932 (Ctmcl.)
April
23,143
May
20,618
June
14,845
July
15,132
August
14,045
September
16,540
October
16,514
November
16,607
December
13,941
1933
15,746
January
February
16,935
March
15,072
25,124 6.256 31,380 April
18,879
25.000 7.251 33,251 May
25,492
24,044 7.157 31,201 June
38.078
•Includes pig iron made for the market by steel companies.
45,883
49,018
54,975
53,878
51.113
43,413
35,189
31,739
29.979
30,797
31,024
24,847
9,416
11,332
11,481
13,439
13,212
11,209
12,012
9,569
8,985
7,051
5,758
6.778
55,299
60,950
65,556
67,317
64.325
54,621
47,201
41,308
38,964
37,848
36,782
31,625
.4.14.babam
b.-MWOo'ce 'colzOWIDcog
lowo.-oo
..0wwww -4co
4.o.owocovw-4
1931January
February
March
April
May
June
July
August
September
October
November
December
1932January
February
March
MerStee'
Works. chants.* Total.
28,430
25,276
20,935
18,461
17,115
19,753
20,800
21,042
17,615
18,348
19,798
17,484
20,787
28,621
42.166
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1928
-GROSS TONS.
1928.
January
February
March
April
May
June
First six months_
July
August
September
October
November
December
12 mos. average
92,573
100,004
103.215
106,183
105,931
102,733
101,783
99,091
101.180
102,077
108,832
110,084
108,705
103,382 1
1929.
1930.
111,044
114,507
119,822
122,087
125,745
123,908
119,564
122,100
121,151
116,585
115,745
106,047
91,513
115,851
91,209
101,390
104,715
106,062
104,283
97,804
100,891
85,146
81,417
75,890
69,831
62,237
53,732
86.025
1931.
1932.
1933.
55,299
60,950
65,556
67,317
64,325
54,621
61,356
47,201
41,308
38,964
37,848
36,782
31,625
50,069
31,380
33,251
31,201
28,430
25,276
20,935
28,412
18,461
17,115
19,753
20,800
21,042
17,615
23,772
18,348
19,798
17,484
20,787
28.621
42,166
24,536
Steel Output Again Higher-Operations Now at 66%
of Capacity-Prices Being Adjusted.
Assured of sustained operations through this month by
heavy specifications against expiring second quarter contracts, the steel industry is readjusting its prices in conformity with expected changes in operating costs, says the
"Iron Age" of July 6. All of the changes thus far made
have been conservative and in consonance with the expressed policy of the National Industrial Recovery Administration, adds the "Age," which further reports as follows:
Previous prices on bars, plates, shapes and semi-finished steel were reestablished for the third quarter. Wire prices likewise were reaffirmed,
although quotations on nails, long excessively low, were marked up $5 a
ton. Hot
-rolled strip and sheets are being quoted at prices originally
announced for this quarter, but subsequently withdrawn. These quotations represent increases of $1 a ton on hot strip and $3 a ton on sheets.
Advances in pipe, ranging from zero up to $7 a ton for the base sizes, merely
partially restore sharp reductions made a few months ago. An increase of
$5 a ton on cold-rolled strip is a change that has been sorely needed to bring
prices in line with production outlays. Among minor products, track
spikes have been raised $5 a ton for July shipment, but prices on tie plates
have been reaffirmed.
The same caution that has characterized the steel industry's attitude
toward prices is manifest in the careful manner in which it is preparing a
code. Chief executives of leading companies have given codification their
undivided attention for several weeks, but final approval must be given
in a general meeting of the entire industry and no call for such a conference
has yet been made.
Meanwhil3 steel output continues to mount. Although the holiday
interrupted operations in various finishing departments, notably tin plate
mills, steel ingot production did not suffer materially and now stands at
56% of capacity, compared with 53% a week ago. At Chicago operations
rose to 57% from 55%, at Buffalo to 60% from 48%, in the ClevelandLorain area to 74% from 71%,in the Wheeling district to 90% from 85%,
in eastern Pennsylvania to 40% from 35% and in the South to 79% from
54%.
The blowing in of two additional blast furnaces in the Pittsburgh district
indicates that the sharp upswing in pig iron production, manifest in June,
has not yet spent its force. Last month there was a net gain of 27 active
stacks, and the 90 furnaces in operation on July 1 were making 51,675
tons daily as compared with 63 on June 1 operating at a rate of 33,160 tons
a day. The month's production was 1,265,007 tons, or 42,166 tons a day,
compared with 887,252 tons, or 28,621 tons daily, in May, an increase
of a daily basis of 47.3%. The daily average in June was the highest
price since July 1931.
Pressure for steel on the part of automobile manufacturers is increasing.
Certain steel companies which have been operating full on motor car business
are now losing orders because they cannot meet deliveries specified by users.
July 8 1933
Motor car output in June is estimated to have totaled 250,000 units, and
there is a strong possibility that July production will be fully as large.
Steel demand is steadily becoming more diversified. Although considerable recent buying of steel may have been for stocking purposes, it is
also true that consumption is steadily gaining, in some instances forcing
buyers to make immediate use of their inventory material.
Fabricated steel awards, at 6,850 tons, are the smallest with one exception since the middle of May. Of projected Government undertakings
perhaps the Navy program will get away first. Bids will be taken from
private yards on 21 vessels July 26 and orders for 16 vessels will be allotted
among Government yards. Los Angeles has placed orders for 7,746 tons
of cast iron pipe.
Advances in heavy melting scrap at Chicago and Philadelphia have
caused the "Iron Age" composite for scrap to rise to $10.54 a gross ton
from $10.08. Higher prices on pipe, sheets and strip have raised the "Iron
Age" composite for finished steel to 1.073c. a pound from 1.904c. The
pig iron composite is unchanged at $15.01 a gross ton.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
July 5 1933. 1.9730. a Lb.
Based on steel bars, beams, tank plates.
One week ago
1.904e. wire, rails, black pipe and sheets.
One month ago
1.8920. These products make 85% of the
One year ago
.1.9760. United States output.
High.
Loto.
1933
1.973c. July 5
1.867c. Apr. 18
1932
1.977c. Oct. 4
1.9260. Feb. 2
1931
2.037c. Jan. 13
1.945c. Dec. 29
1930
2.273c. Jan. 7
2.0180. Dec. 9
1929
2.317c. Apr. 2
2.283c, Oct. 29
1928
2 2860. Dec. 11
2.217c. July 17
1927
2 4020. Jan 4
2.212c. Nov. 1
Pig Iron.
July 5 1933, $15.01 a Gross Ton.
Based on average of baste iron at Valley
One week ago
furnace foundry irons at Chicago.
$15.01
One month ago
15.01
Philadelphia, Buffalo. Valley and BlrOne year ago
13.76
.
mIngham.
High.
Low
1933
315.01 May 29
$13.56 Jan. 3
1932
14.81 Jan. 5
13.58 Dec. 8
1931
15.90 Jan. 6
15.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov. 27
17.04 July 24
1927
19.71 Jan, 4
17.54 Nov. 1
Steel Scrap.
July 5 1933. $10.54 a Gross Ton. !Based on No. 1 heavy melting steel
One week ago
$10.08 quotations at Pittsburgh, Philadelphia
One month ago
9.92 and Chicago.
One year ago
6.42
High.
Low.
1933
$10.54 July 5
$6.75 Jan. 3
1932
8.50 Jan. 12
6.42 July 5
1931
11.33 Jan. 6
7.62 Dec. 29
1030
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov. 22
Twenty-eight blast furnace stacks were lighted in June
the greatest gain for any month since October 1922
making 89 active and lifting the daily rate of pig iron production to 42,500 gross tons, according to the preliminary
report of the magazine "Steel" of Cleveland on July 3,
which further states:
This daily average was the highest since July 1931 and gave June a
total of 1,261.600 tons, compared with 892,326 tons in May and 626,015
tons last June. In no month since August 1931 has so much pig iron
been produced.
Of this net gain of 28 in active stacks, making a total of 51 restored to
service in the past three months, all but one was at steelworks, supporting
the rapid improvement in steel ingot activity from 47% in the first week
of June to 54% last week.
This rise of three points in the steel rate last week was largely due to
the advance of six points in eastern Pennsylvania to 393i%,five points at
Pittsburgh to 46%, and three points at Chicago to 53%. Cleveland also
rose three points to 82%. Wheeling two points to 86.
While Birmingham remained stationary at 50% last week and Buffalo
at 48, advances of 25 and six points respectively are scheduled for this
week, insuring a further increase in the National steel rate this week,
probably to above 55%. New England steelworks, which slipped back
10 points last week, are expected to recover 12 points and go to 83%.
Market reports for all districts and all products note expanding demand
In most cases, occasionally a stationary condition, but nowhere a decline.
Due to the expiration of second quarter contracts Friday, specifications
were issued against practically every pound remaining, this alone assuring
a brisk first half of July and upsetting the seasonal trend.
Price policies of manufacturers of the heavy finished products differ widely
from makers of fiat rolled products as the third quarter opens. Carnegie
Steel Co. probably has set the pace for the former by opening its books
for the third quarter on an unchanged basis from the second quarter.
Republic Steel Corp. took the lead in advancing cold-rolled strip $5
a ton over the second quarter to 2.25c. Pittsburgh-Cleveland, and 2.45c.
Worcester, for the third quarter. Weirton Steel Co. has advanced hotrolled strip $3 over the second quarter level by announcing a base of 1.65c.
Pittsburgh for the third quarter.
Last week sheet producers put so-called interim prices in effect, to
apply against July specifications for shipment at mills' convenience by
Aug. 15; in most sheet classifications this is an advance of $3. Railroad
spikes are up $5 to 2.40c. Pittsburgh. By-product coke quotations have
been increased 25 to 50 cents a ton. Ferromanganese has been advanced.
Requirements of the automotive industry appear to have reached their
peak in June; July and August, while seasonally strong, may develop a
slight easiness, for one reason because of a probable vacation by Ford next
month.
Supplying an offset, railroad demands are slowly expanding, Tennessee
Coal, Iron & Railroad Co. having booked 4,100 tons of rails for the St.
Louis & San Francisco, reopens its rail mill next week; Edgar Thompson
rail mill of the Carnegie Steel Co. will resume shortly. The Algoma rail
mill will roll 30,000 tons for the Canadian National,
Seaboard Air Line has placed 480,000 tie plates; Chesapeake & Ohio
1,000 tons of fastenings. Some Eastern lines are quietly placing steel for
equipment repairs. Pan-American Petroleum & Transport Co. has
placed 7.000 tons of plates with Chicago Bridge & Iron Works for a refinery project in Texas.
Tin plate specifications continue heavy. some mills being virtually out
of the market the remainder of the year, but hot weather has caused Pittsburgh district mills to curtail production five points.
Higher prices on sheets and strip have lifted the iron and steel composite
of "Steel" 36 cents to 229.19 this week; the finished steel composite 80
Financial Chronicle
Steel ingot production for the week ended July 3 is placed
at approximately 52% of capacity, according to the "Wall
Street Journal" of July 5. This compares with about 50%
in the week before and 473/2% two weeks ago. The "Journal" adds:
U. S. Steel is estimated at 42%, against a little under 40% in the previous week and 38% two weeks ago. Independents are credited with a
rate of 60%, compared with 58% in the preceding week and 55% two
weeks ago.
The following table gives the percentage of production for the corresponding week of previous years with the approximate changes from the week
Immediately preceding:
Industry.
U. S. Steel.
32 -1yi
59 -5
94 -1
72
34
1932
.
1931
1930
1929
1928
1927
323§-134
64 -5
97 -1
75 -1
70 -4
F17 t4.
1...4
Independents.
32-1
54-5
91-1
69
-Ai
65-3
* Not computed.
Weekly Bituminous Coal Output Reaches 6,000,000-Ton
Mark-Anthracite Production Highest in Present
Coal Year.
According to the United States Bureau of Mines, Department of Commerce, a further gain in coal production was
reported for the week ended June 24 1933. During this
period a total of 6,000,000 net tons of bituminous coal and
1,014,000 tons of anthracite were produced, according to
estimates. This compares with 5,674,000 tons of bituminous
coal and 825,000 tons of anthracite in the preceding week and
4,155,000 tons of bituminous coal and 602,000 tons of anthracite in the corresponding period last year. This was also
the first time in any week since February that output reached
the 6,000,000-ton mark.
For the calendar year to June 24 1933 production was estimated at 139,497,000 net tons of bituminous coal and 21,400,000 tons of anthracite, as against 139,603,000 tons of
bituminous coal and 23,357,000 tons of anthracite during
the calendar year to June 25 1932. The Bureau's statement
follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Calendar Year to Date
'reek Ended
June 24
1933.c
June 17
1933.d
June 25
1932.
1933.
1932.
1929.
Bitum. coal: a
Weekly total 6,000,000 5,674,000 4,155,000 139,497,000 139,603.000 249,925,000
Daily aver__ 1,000,000 946,000 693,000
943,000 1,684,000
941,000
Pa. anthra.: b
Weekly total 1,014,000 825,000 602,000 21,400.
000 23,357,000 34,381,000
Daily aver__ 169,000 137.500 100,300
234,700
159,400
146,100
Beehive coke:
Weekly total
390,500 3,216,500
394,200
12,500
12,400
9,600
Daily aver__
2,603
21,443
2,628
2,083
2007
1 600
a includes lignite, coa made in o 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.
ESTIMATED WEEKLY PRODUCTION OF COAL,BY STATES(NET TONS).
Week Ended
§§§§§§§§§§§§§§§§§§§§§§§§§
wwwmwmo.o.
Ceco
,Uaba ma
Arica ass and Oklahoma
Colo Ado
Illino S
India ia
Iowa.
Kanesis and Missouri
Kent Itkr Eastern
Weitern
Mary land
Mich gan
Monti
ins
New Mexico
North Dakota
Ohio
Pence ylvania (bituminous)
Tenn 6800
Texas
Utah
Virginila
Wash ington
West Virginia-Southern_a
No •thern_b
Nyo ling
Other States
June 17
1933.
0314
State.
June 10
1933.
June 18
1932.
-..
June 20
1931.
143,000
104,000
221,000
18,000
15,000
35,000
52,000
47,000
64,000
444,000
136,000
817,000
153,000
163,000
220,000
51,000
39,000
49,000
79,000
60,000
72,000
533,000
354,000
608,000
80,000
143,000
122,000
15.000
21.000
30,000
1,000
2,000
- ,000
26,000
20,000
30,000
18,000
18,000
28,000
10,000
10,000
17,000
85,000
345.000
365,000
1,570.000 1,244,000 1,777,000
47,000
54,000
73,000
14,000
11,000
10,000
21,000
23.000
20,000
169,000
125,000
184,000
14,000
23,000
27,000
1.260,000
976,000 1,576,000
330,000
317,000
488,000
45,000
52,000
68,000
1,000
2,000
2,000
To al bituminous coal
Penn ylvania anthracite
5,674,000 5,435,000 4,048,000 6,705,000
825.000
735,000
573,000
951,000
_
To al coal
a 499..000 6.170,000 4,621,000 7.656.000
a Includes operations on the N.& W.;C.& 0.; Vigrinian; K.& M.,and B.C & G.
b Rest of State, including Panhandle.
Industrial Stocks and Consumption-Bituminous.
The draft on industrial reserves which has been an important factor
influencing the soft coal market during the past six months continued into
May, but at a much slower pace. On June 1 industrial stocks stood at
17.756,000 tons, a decrease of 0.7% in comparison with a month ago.
Industrial consumption of bituminous coal rose from 17,073,000 tons in
April to 18,014.000 tons in May,an increase of 5.5%. Except for consumption of beehive coke ovens, which remained approximately the same as in
the previous month, all important consuming groups contributed to the
rise. The most substantial increases were reported by the cement mills,
steel works and by-product coke ovens.
May 1933
(Prelim.)
April 1933
(Revised)
Per Cent
of Change.
-0.6
+1.7
+8.5
+11.8
-6.8
-0.4
-4.8
§§§§§§Y
cents to $48.30, while the steelworks scrap composite has moved up nine
cents to $9.79.
219
INDUSTRIAL CONSUMPTION AND STOCKS OF BITUMINOUS COAL IN
THE UNITED STATES.
18=14:2,74
Volume 137
Net Tons.
4,446,000
2,921,000
707,000
203,000
399,000
5,240,000
3,970,000
Total industrial stocks
17,756,000
17,886,000
-0.7
Industrial consumption by:
Electric power utilities_a
By-product coke ovens_b
Beehive coke ovens b
Steel and rolling mills_b
Cement mills_b
Coal gas retorts_b
Other industrial_c
Railroad fuel_d
2,105,000
2,780,000
74,000
775,000
273,000
197,000
6,150,000
5,660.000
1,973,000
2,395,000
74,000
648.000
191,000
196,000
6,020,000
5.576,000
+6.7
+16.1
+19.6
+42.9
+0.5
+2.2
+1.5
18,014,000
17,073,000
+5.5
187,000
116,000
164,000
73,000
+14.0
+58.9
Stocks, end of month, at:
Electric power utilities_a
By-Product coke ovetut_b
Steel and rolling mills_b
Cement mills_b
Coal gas retorts_b
Other industrial_c
Railroad 1uel_d
Total industrial consumption
Additional known consumption:
Coal mine fuel
Bunker fuel, foreign trade
Days' Supply Days' Supply
Days supply on hand at:
Electric power utilities
By-product coke ovens
Steel and rolling mills
Cement mills
Coal gas retorts
Other industrial
Railroad fuel
65
33
31
26
59
26
21
days
days
days
days
days
days
days
31 days
Total industrial
68
37
33
32
61
26
21
days
days
days
days
days
days
days
-4.4
-10.8
-6.1
-18.8
-3.3
31 days
a Collected by the U. S. Geological Survey. b Collected by U. S Bureau of
Mines. c Estimate based on reports collected jointly by the National Association
of Purchasing Agents and the U. S. Bureau of Mines from a selected list of 2,000
representative manufacturing plants. d Collected by the American Railway Association from all Class I roads, which consume 96% of all railway fuel: figures given
also allow for smaller roads.
Production of Bituminous Coal and Anthracite Gained
in June.
According to the United States Bureau of Mines, Department of Commerce, preliminary estimates show that during
the mcnth of June 1933 there were produced a total of
24.870,000 net tons of bituminous coal and 3,905,000 tons
of anthracite, as compared with 22,488,000 tons of bituminous coal and 2,967,000 tons of anthracite in the previous
month and 17,749,000 tons of bituminous coal and 2,550,000
tons of anthracite in the corresponding period in 1932.
Average production of bituminous coal during June 1933 per
working day amounted to 957,000 tons, as against 852,000
tons in May 1933 and 683,000 tons in June 1932. The
Bureau's statement follows:
Total for
Month.
(Net Tons).
June 1933(Preliminary)
Bituminous coal
Anthracite
Beehive coke
May 1933 (Revised)
Bituminous coal
Anthracite
Beehive coke
June 1932
Bituminous coal
Anthracite
Beehive coke
Cal. Year to
Average Per
No. of
Working Working Day. End of June.
(Net Tons).
(Net Tons).
Days.
24,870,000
3,905,000
49,800
26
26
26
957,000
150,200
1,917
22,488,000
2,967,000
47,300
26.4
26
27
852,000
114,100
1,752
17,749,000
2,550,000
41,200
26
26
26
683,000
98,100
1,585
144,760,000
22,364,000
403,400
144,588,000
24,162,000
403,300
Note.
-All current estimates will later be adjusted to agree wi h the results of
the complete canvass of production made at the end of the calendar year:
Ironworkers' Union Ousts Five New Jersey Labor
Leaders for Alleged Misuse of Powers- Said to
Mark Start of Campaign to Purge Ranks of
Organized Labor.
A trial which was interpreted as the beginning of a campaign by organized labor to purge its ranks was concluded
at St. Louis on June 23, when the General Executive Board
of the International Association of Bridge, Structural and
Ornamental Iron Workers found five New Jersey labor
leaders guilty of alleged misuse of their powers and removed
them from membership in the union. The men who were
removed were:
T.M.Brandle. business agent of the Jersey City local of the Iron Workers
Union, President of the New Jersey State Building Trades Council. President of the Jersey City Building Trade Council and a powerful figure in
New Jersey bolitics.
John Delaney and Harry Newman, officers of the Jersey City Iron
Workers local.
Thomas J. Sherlock. business agent of the Newark local.
Thomas J. Kelly. business agent of the Perth Amboy local.
The St. Louis correspondent of the New York "Times"
described the decision as follows on June 23:
Paul .1. Morrin of St. Louis. general President of the International.stated
the organization is determined to "go the limit to correct any such abuses
and give our full co-operation to the American Federation of Labor in any
action it may take."
Morrin personally filed the charges against the men. In the trial here
Thursday he disqualified himself as presiding member of the general executive board so that he might take the floor and conduct the prosecution.
assisted by a local committee from New Jersey.
220
Financial Chronicle
lie declined to specify the charges against the men, but said they involved
numerous acts considered prejudicial to the best interests of the union and
were the outcome of a thorough investigation.
The ousted leaders have the right to appeal to the general executive
council, consisting of the international general officers, and, failing there.
to take their case to the floor of the international convention, which holds
Its next session in 1936.
"In these cases," stated Morrin, "we moved immediately upon receipt
of bona fide signed charges."
July 8 1933
"Not only in this instance but in any others throughout the country we
will move to eliminate any racketeering situation, affecting any of our
members, which is called to our attention in the proper manner, and we will
go the limit in co-operating with the American Federation of Labor in any
campaign against racketeering in the ranks of organized labor.
"We further will give full co-operation to the Federal Government in
bringing about successful enforcement of the National Industrial Recovery
Act, and will back Administrator Johnson and his assistant, Edward F.
McGrady,in any efforts they may make to drive the racketeer out oflabor."
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ending July 5, as reported by
the Federal Reserve banks, was $2,225,000,000, an increase
of .$29,000,000 compared with the preceding week and a
decrease of $152,000,000 compared with the corresponding
week in 1932. After noting these facts, the Federal Reserve
Board proceeds as follows:
On July 5 total reserve bank credit amounted to 82,206,000,000, an increase of $24,000,000 for the week. This increase corresponds with an
Increase of$77,000,000 in money in circulation and a decrease of$24,000,000
in Treasury currency, adjusted, offset in part by decreases of $67,000.000
In member bank reserve balances and $9,000,000 in unexpended capital
funds, non-member deposits, &c.
Bills discounted increased $10,000,000 at the Federal Reserve Bank of
San Francisco, and decreased $9,000,000 at Cleveland, $3,000,000 each
at New York and Philadelphia and $9,000,000 at all Federal Reserve banks.
The System's holdings of bills bought in open market increased $15,000,000
and of Treasury certificates and bills $28.000,000. while holdings of United
States Treasury notes declined $8,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
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 "Chroni^le" on page 3797.
The statement in full for the week ended July 5, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 277 and 278.
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 wpek and the year ending
July 5 1933, were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
July 5 1933.
$
182,000,000
23,000,000
1 995.000,000
6,000,000
Increase (+) or Decrease(—)
Since
July 6 1932.
June 28 1933.
$
$
—9,000,000 —318.000,000
+15,000,000
—54.000,000
+20,000,000 +194,000,000
—24,000,000
—1,000,000
TOTAL RES'VE BANK CREDIT 2.206.000,000 +24.000,000
Monetary gold stock
4 318,000,000
Treasury currency adjusted
1 955,000,000 —24,000,000
—202,000,000
+396,000,000
+162,000,000
Money In circulation
5,752.000.000 +77,000.000
2 219.000,000 —87,000,000
Member bank reserve balances
Unexpended capital funds, non-mem508.000,000 —9,000,000
ber deposits, Ac
—23,000,000
+256,000,000
+123,000,000
Returns of Member Banks in New York City and
Chicago—Brokers' Loans.
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 waitmg 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 tin member banks, which latter will not be available unitthe coming Monday. The New York City statement, of
course, also includes the broken' loans of reporting member
banks. The grand aggregate of brokers loans the present
week shows an increase of $94,000,000, the total of these
loans on July 5 1933 standing at 58,000,000 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 $699,000,000 to
$784,000,000, loans "for account of out-of-town banks"
increased from $56,000,000 to $64,000,000 and loans "for
account of others" from $9,000,000 to $10,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 5 1933. June 28 1933. July 6 1932.
$
Loans and Investments—total
6,937,000,000 6,913,000,000 6,420,000,000
3 454,000,000 3,400,000,000 3,564,000,000
Loans—total
1,847,000,000 1,791,000,000 1,647,000,000
1,607,000,000 1,609,000,000 1,917,000.000
3 483,000,000 3,513,000,000 2,856,000,000
On securities
All other
Investments—total
2409,000,000 2,438,000.000 1,001,000,000
1 074,000,000 1,075,000,000 955,000,000
U. S. Government securities
Other securities
743 000 000
0:
2 000:
Reserve with Federal Reserve Bank
Cash in vault
789000
3 :000:0 00
8 000
688:000 2
42 000 0
:
Net demand deposits
Time deposits
Government deposits
5 374,000,000 5,428,000,000 4,885,000,000
785,000,000 749,000,000 762,000,000
278,000,000 290,000,000
71,000,000
Due from banks
Due to banks
85,000,000
76,000,000
77,000,000
1,265,000,000 1,248,000,000 1,051,000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers;
784,000,000
For own account
64,000,000
For account of out-of-town banks_
10,000,000
For account of others
699.000,000
56,000,000
9,000,000
305,000,000
19,000,000
9,000,000
858,000,000
764,000,000
333,000,000
Total
On demand
On time
Loans and investments—total
643,000,000 558,000,000 235,000,000
215,000,000 206,000,000
98,000,000
Chicago.
1 257,000,000 1.247,000,000 1,268,000,000
670,000,000
656,000,000
881,000,000
341,000.000
329,000,000
339,000,000
317,000,000
522,000,000
359,000,000
587,000,000
591,000,000
387,000,000
377,000,000
210,000,000
383,000,000
208,000,000
219,000.000
168,000,000
Reserve with Federal Reserve
Cash in vault
232,000,000
34,000,000
232,000,000
30,000,000
143,000,000
28,000,000
Net demand deposits
Time deposits
Government deposits
969,000,000
363,000,000
44,000,000
958,000,000
355,000,000
45,000,000
776,000,000
341,000,000
14,000,000
Due from banks
Due to banks
190,000,000
267,000.000
218,000,000
264,000,000
166,000,000
234,000,000
Loans—total
On securities
All other
Investments—total
1/. S. Government securities
Other securities
BOITOWitIg8 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 June 28, with comparisons for
June 21 1933 and June 29 1932.
Licensed member banks formerly included in the condition
statement of reporting member banks in 101 leading cities,
but not now included in the weekly statement, had total
loans and investments of $793,000,000 and net demand,
time and Government deposits of $773,000.000 on June 28,
compared with $779,000,000 and $743,000,000, respectively,
on June 21.
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.
1
Financial Chronicle
Volume 137
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 June 28:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on June 28 shows decreases for the
week of $140,000,000 in loans and investments, $82,000,000 in net demand
deposits, and $24,000,000 in borrowings from Federal Reserve banks, and
increases of $70,000,000 in time deposits and $70,000,000 in reserve balances
with Federal Reserve banks.
Loans on securities declined $23,000.000 at reporting member banks
in the New York dis.;rict and $21,000,000 at all reporting member banks.
"All other" loans declined $34,000,000 in the New York district. $28,000.000
in the San Francisco district and $27,000,000 at all reporting banks, and
increased $9.000,000 each in the Boston and Minneapolis districts and
$8,000,000 in the Chicago district.
Holdings of United States Government securities declined $54,000.000
in the New York district. $12,000,000 in the Chicago district and $53,000.000 at all reporting member banks. Holdings of other securities declined $32,000,000 in the New York district and $39,000.000 at all reporting
banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $26,000,000 on June 28, the principal change for the
week being a decrease of $20,000,000 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 $793,000,000 and net demand, time, and Government deposits of $773,000.000 on June 28, compared with $779,000,000 and $743.000,000, respectively, on June 21.
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 June 28 1933. follows:
Increase (-I-) or Decrease (—)
Since
June 28 1933. June 21 1933. June 29 1932.
$
+20,000.000
Loans and investments—total_ _ _16,665,000,000 —140,000,000
Loans—total
On securities
All other
Investments—total
U.S. Government securities,
.
Other securities
R
Reserves with F. It. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
8,452,000,000
3.748,000,000
4,704,000,000
. .
—48 000 00 —1,296,000,000
—21,000,000 —.437,000,000
—27.000,000 —859,000,000
8,213,000,000
—92,000.000 +1,316,000,000
5,254,000,000
2,959,000,000
—53.000,000 +1.261,000,000
+55,000,000
—39,000,000
A
+70,000,000 +225,000,000
—15,000,000
+7.000,000
1,697,000,000
196,000,000
10,741,000,000
4,406.000,000
633,000,000
—82,000.000
+70,000,000
+567,000.000
—75,000,000
+325,000,000
1,295,000,000
2,754,000,000
—69,000,000
—65,000,000
+227,000,000
+358,000,000
26,000,000
—24,000,000
—100.000.000
Otto H. Kahn Sails for Europe.
Otto H. Kahn,senior partner in Kuhn, Loeb & Co., sailed
for Europe on July 5 with Mrs. Kahn on the Aquitaxia.
They will go first to London, but according to the New
York "Times" Mr. Kahn said that his trip had nothing to
do with the World Economic Conference or with business.
He was quoted in the same paper as saying:
I am going purely for a rest and for my health, and expect to be away
two months. Mrs. Kahn was going anyway to-night and I have been
able to get away at the last minute and join her.
Report That Dr. 0. M. W. Sprague Will Resign as
Adviser to Treasury Department Denied.
Under date of July 3, Associated Press advices from London stated:
Dr. 0. M. W. Sprague, adviser to the United States Treasury Department, denied vigorously this afternoon a report that he was intending to
resign and had canceled a reservation to sail Thursday on the Manhattan
en route to Washington. De declared he had never thought of such a
thing and had just completed arrangements for sailing.
"What is it that occurs in the Holy Writ about keeping the hand to the
plow? Well, anyway, that is what I intend to do," he said.
World Monetary and Economic Conference—Adjournment Threatened as President Roosevelt Rejected
Joint Proposals for Temporary Currency Stabilization and Exchange Control—Steering Committee
Votes to Continue after United States Delegation
Insisted Other Matters Demand Attention—"Gold
Bloc" Decides to Abstain from Monetary Discussions "for Time Being"—Statements of President
Roosevelt and Secretary Hull.
The World Monetary and Economic Conference, meeting
at London, appeared to be on the verge of adjournment
several times during the past week, and a final decision to
recess the parley—at least until the fall—was only averted
at the eleventh hour when on July 5 the United States delegation issued a statement explaining in detail the attitude
taken by this Government toward the questions before the
conference, and amplifying an earlier statement by President
Roosevelt, in which he had outlined in positive terms the refusal of this Nation to discuss at the present time any plans
for temporary stabilization of currencies or exchange. On
the following day (July 6) the Steering Committee of the
conference held two meetings, at which it was reported that
221
the French and other members of the "gold bloc" first demanded adjournment of the conference, but finally yielded
when the United States delegation, headed by Secretary of
State Hull, showed a united front in favor of continuing the
parley. The Americans were aided in their stand by the
Canadian delegates and by the intervention of Prime Minister
MacDonald of Great Britain, who for several days has exerted his greatest efforts to hold the conference together.
The result of these sessions of the Steering Committee
was the issuance of an official communique on July 6, in
which the Committee stated its firm intention "to proceed
with the work of the conference to the utmost possible extent
and as rapidly as possible." It was added, however, that the
"countries on the gold standard find themselves obliged to
declare that for the time being it is impossible for them to
take part in any discussion on monetary questions." The
Committee thereupon announced its unanimous agreement to
ask conference subcommittees to meet and submit a list of
questions which can be studied under these circumstances.
After these subcommittees have reported, the Steering Committee will meet again to outline further arrangements for
the continuance of the conference. This meeting will probably be held on Monday, July 10. The final decision was
generally regarded as a victory for President Roosevelt, in
that he had taken a definite stand in refusing to discuss
temporary currency stabilization at this time, and yet had,
through the United States delegation, prevented the conference from the adjournment which threatened almost constantly during the first four days of the week. On the other
hand, the smaller nations at the conference were also understood to be against adjournment. The two most important
questions to be decided in the near future would now appear
to be: (1) the approach to be taken toward the monetary
problem, since the gold-standard nations have announced
their intention of not taking part in monetary discussions
"for the time being," and (2) to what other subjects the
conference will devote its attention. That silver is likely
to be one of the subjects on the agenda was indicated in informal comment by delegates after the Steering Committee
had announced its decision.
At a meeting of the sub-committee on immediate monetary questions yesterday (July 7), the committee voted
25 to 15 to continue to discuss monetary problems. This
decision will be reported to the Steering Committee on July
10 for confirmation or reversal.
The conference suffered the first setback that seriously
appeared to threaten its continued existence when, on July 3,
Secretary of State Cordell Hull made public a message from
President Roosevelt which contained a categorical refusal
of proposals that the United States join with Great Britain
and the gold-standard nations in measures to effect a temporary stabilization of currencies and to check wild gyrations in the exchange markets. The agreement between the
foreign nations, concluded on June 30, declared as a principle
that a return to the gold standard should be made as soon
as possible and that speculation in exchange should be
checked. Representatives of the United States, attached to
the official conference delegation at London, had participated
in framing the proposals, and it was therefore generally
believed that they would meet with the approval of the President. On July 1, however, the United States delegation made
public a statement which said that the President had rejected the joint proposal "in its present form." Although
this in itself was regarded as a blow to the hopes of the socalled "gold bloc," headed by France, it was nevertheless at
first thought that if the proposals were modified they might
be accepted by President Roosevelt.
On July 3, however, Secretary Hull issued a statement by
the President, and remarked in doing so that he made it
public in his "capacity as Secretary of State, and not as
Chairman of the American delegation, since the delegation
has at no time had jurisdiction over this subject, which is
purely a Treasury matter." President Roosevelt, in his
message, termed the stabilization proposals "a purely artificial and temporary experiment affecting the monetary exchange of a few nations only." His words might have been
interpreted as a rebuke when he said that "such action and
such diversion shows a singular lack of proportion and
failure to remember the larger purposes for which the World
Economic Conference was originally called together." Later
in his message the President declared that "the United States
seeks the kind of a dollar which, a generation hence, will
have the same purchasing and debt-paying power as the
dollar value we hope to attain in the near future. That ob-
222
Financial Chronicle
jective means more to the good of other nations than a fixed
ratio for a month or two in terms of the pound or franc."
His final words were regarded as placing an end to all hopes
of agreement on stabilization proposals before proceeding
with other work of the conference, •for in concluding the
President declared: "Restoration of world trade is an important partner. . . . Here also temporary exchange fixing is not the true answer. We must rather mitigate existing embargoes to make easier the exchange of products
which one nation has and another nation has not. The conference was called to better or perhaps to cure fundamental
economic ills. It must not be diverted from that effort."
Immediately after the President's message was made
public, the work of the conference was virtually suspended.
At a meeting of the Steering Committee on July 4 it was
decided to adjourn the conference until Thursday, July 6,
in the hope that some arrangements could be made in the
meantime that would enable the delegates to continue their
negotiations. On July 4 it was reported from Washington
that President Roosevelt had sent an urgent cable to Secretary Hull, instructing the American delegates to do all in
their power to prevent adjournment of the conference until
important items on the agenda had been dealt with.
The remarks of Secretary of State Hull, in making public
Mr. Roosevelt's message to the conference on July 3, were
as follows:
I have this morning received the following communication from the
President of the United States, setting forth the position of our Government
relative to the suggested international currency measure proposals.
I am making this public in my capacity as Secretary of State, and not
as Chairman of the American delegation, since the delegation has at no
time had jurisdiction over this subject, which is purely a Treasury matter.
PRESIDENT ROOSEVELT'S STATEMENT.
The teat of Preeident Roosevelt's message follows:
I would regard it as a catastrophe amounting to a world tragedy if the
great conference of nations, called to bring about a more real and permanent
financial stability and a greater prosperity to the masses of all nations,
should, in advance of any serious effort to consider these broader problems,
allow itself to be diverted by the proposal of a purely artificial and temporary
experiment affecting the monetary exchange of a few nations only.
Such action, such diversion, shows a singular lack of proportion and a
failure to remember the larger purposes for which the economic conference
originally was called together.
I do not relish the thought that insistence on such action should be made
an excuse for continuance of the basic economic errors that underlie so much
of the present world-wide depression.
The world will not long be lulled by the specious fallacy of achieving
a temporary and probably an artificial stability in foreign exchange on
the part of a few large countries only.
The sound internal economic system of a nation is a greater factor in
Its well-being than the price of its currency in changing terms of the
currencies of other nations.
It is for this reason that reduced costs of government, adequate government income, and ability to service its government debts are all so important to ultimate stability.
So, too, old fetishes of so-called international bankers are being replaced
by efforts to plan national currencies with the objective of giving to those
currencies a continuing purchasing power which does not greatly vary in
terms of the commodities and need of modern civilization.
Let me be frank in saying that the United States seeks the kind of dollar
which a generation hence will have the same purchasing power and debt.
paying power as the dollar value we hope to attain in the near future. That
objective means more to the good of other nations than a fixed ratio for a
month or two in terms of the pound or franc.
Our broad purpose is permanent stabilization of every nation's currency.
Gold or gold and silver can well continue to be a metallic reserve behind
currencies, but this is not the time to dissipate gold reserves. When the
world works out concerted policies in the majority of nations to produce
balanced budgets and living within their means, then we can properly discuss
a better distribution of the world's gold and silver supply to act as a reserve base of national currencies.
Restoration of world trade is an important partner both in the means
and in the result. Here also temporary exchange fixing is not the true
answer. We must rather mitigate existing embargoes to make easier the
exchange of products of which one nation has and the other nation has not.
The conference was called to better and perhaps to cure fundamental
economic ills. It must not be diverted from that effort.
After the receipt of President Roosevelt's message, a joint
statement was issued, signed by the representatives of the
"gold bloc" at the conference—France, Holland, Italy, Poland, Switzerland and Belgium. This consisted in a declaration that these countries were determined to maintain the
gold standard, and would ask the close co-operation of their
Central Banks for that purpose. The joint declaration read
as follows:
The undersigned governments, convinced that maintenance of their
currencies is essential to the economic and financial restoration of the
world, for the return of credit and for the safeguarding of social progress
already accomplished, confirm their fornial will to maintain the free functioning of the gold standard in their respective countries at the present gold
parities and within the framework of existing monetary laws, and ask their
central banks to remain in close contact in order to give to this declaration
the maximum effect.
Some hope of preventing adjournment was generated on
July 5, when the United States delegation transmitted to
the Secretary-General of the conference a statement discussing in greater detail the stand of the United States in
July 8 1933
connection with the conference, and in particular the reasons
why this Government would refuse to consider stabilization
questions at this time. The statement concluded with an
argument for the continuation of the conference, when it
said: "We conceive, theiefore, that the great problems which
justify the assembling of nations are as present to-day and
as deserving of exploration as was the case a few weeks
ago; and we find it difficult to conceive that the view which
it has been our obvious duty to take on the minor issues of
temporary stabilization can in any way diminish the advisability of such discussion." The text of the statement, which
was circulated among the various delegations, follows:
STATEMENT OF UNITED STATES' STAND AT CONFERENCE.
The President has made it clear that he saw no utility at the present
time in temporary stabilization between currencies of countries whose needs
and policies are not necessarily the same.
Such stabilization would be artificial and unreal and might hamper individual countries in realizing policies essential to Their domestic problems.
He urged the conference to seek consideration of its fundamental tasks
of facilitating policies by the different nations directed, not to temporary
expedients but to mitigating and, if possible, remedying the harassing evils
of the present economic situation.
In the hope that the United States may be of help to the conference, to
whose success and friendly co-operation the President continues to attach
the greatest importance, it may be useful that we should develop this
thought somewhat more fully.
Revaluation of the dollar in terms of American commodities is an end
from which the Government and people of the United States cannot be
diverted.
We wish to make this perfectly clear. We are interested in American
commodity prices. What is to be the value of the dollar in terms of
foreign currencies is not and cannot be our immediate concern.
The exchange value of the dollar will ultimately depend upon the success
of other nations in raising the prices of their own commodities in terms
of their National money, and cannot be determined in advance of our
knowledge of such fact.
There is nothing in our policy inimical to the interests of any other
country and we are confident that no other country would seek to embarrass us in the attainment of the economic ends required for our economic
health.
When the currencies of those great nations of the Continent of Europe—
France, Italy and Belgium—depreciated over a period of years, there was
no criticism from us, nor did we criticize their ultimate devaluation.
And when Great Britain and the Scandinavian countries went off the
gold standard there was only sympathetic understanding in the United
States.
Great Britain has been off the gold standard for nearly a year and threequarters, and the United States has been off for less than three months.
Nevertheless we are glad to be able to associate ourselves with the statement of British policy made yesterday, July 4, in the House of Commons
by the Financial Secretary to the Treasury when, speaking in the name of
the Chancellor of the Exchequer, he said:
"My right honorable friend has on a number of occasions expressed the
view of his Majesty's Government that although a return to the gold standard might be our ultimate objective when proper conditions were assured,
we must reserve complete liberty to choose both our own time and parity.
He does not think he can usefully add anything to that statement now."
If there are countries where prices and costs are already in actual
equilibrium we do not regard it to be the task of the conference, as it certainly is not the purpose of the American Government to persuade or cornnel them to pursue policies contrary to their own conception of their own
interests.
It is not sufficient to escape from present evils, but it is our duty to
consider together how to avoid a recurrence in the future.
The first task is to restore prices to a level at which industry and above
all, agriculture, can function profitably and efficiently.
The second task is to preserve the stability of this adjustment, once
achieved.
The part which gold and silver should play after adjustment has been
secured would seem a further subject suitable for consideration by the conference.
We conceive, therefore, that the great problems which justify the assembling of nations are as present to-day and as deserving of exploration as
was the case a few weeks ago; and we find it difficult to conceive that the
view which it has been our obvious duty to take on the minor issues of temporary stabilization can in any way diminish the advisability of such discussion.
STEERING COMMITTEE VOTES TO CONTINUE.
At the meeting of the conference Steering Committee on
July 6, it was finally unanimously decided to continue the
conference, as we have previously noted. The text of the
communique issued on that date by the Committee follows:
Whereas the bureau (Steering Committee) is firmly determined to proceed with the work of the conference to the utmost possible extent and as
rapidly as possible, and
Whereas, on account of the circumstances which recently have arisen, the
countries on the gold standard find themselves obliged to declare that for
the time being it is impossible for them to take part in any discussion on
monetary questions,
The bureau agrees unanimously:
1. To request each subcommittee to meet as soon as possible and draw
up a list of questions which can under these circumstances usefully be
studied by it.
2. To meet as soon as the reports of the subcommittees are received in
order to make recommendations as to the arrangements which it should make
for further business of the conference.
The original proposal by Great Britain and the so-called
"gold-standard" nations, formulated by their representatives
at the World Monetary and Economic Conference, and declaring as a principle that a return to the gold standard
should be made as soon as practicable and that speculation
in exchange should be checked, was rejected by President
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Financial Chronicle
Roosevelt on July 1. The agreement was concluded on June
30, as noted in our issue of July 1, page 42. It was immediately forwarded to Washington, and the general opinion
among the various delegations to the conference was that it
would meet with the President's approval. On July 1, however, the United States delegation to tte conference made
public at its headquarters the following statement:
The President has informed the Secretary of State that he has rejected
the joint proposal in its present form and the Secretary of State will make
a statement Monday elaborating the United States policy in the monetary
field.
Rejection of the agreement was received with dismay by
those attending the conference, and it was freely predicted
that adjournment was the most likely prospect, in view of
the apparent unwillingness of the United States to co-operate
In the restoration of monetary stability at this time.
The text of the monetary proposal which was formulated
on June 30 by the representatives of Great Britain, France,
Italy, Holland, Switzerland, Belgium, Germany and Poland
and rejected by President Roosevelt read as follows, according to Associated Press advices from London:
DECLARATION, in which nations on the gold standard and those not on
that standard join:
It is agreed that stability in the international monetary field should be
obtained as quickly as practicable, and the common interest of all concerned is recognized;
That re-establishment of gold as a measure of international exchange
value should be accomplished with recognition that the time at which each
of the countries off gold could undertake stabilization and the time at which
parity is established must be determined by the respective Governments.
It is reasserted by Governments, the currencies of which are on the gold
standard, that it is their intent to maintain the free working of that standard
at current gold parities and in conformity to their respective monetary laws,
believing that maintenance of existing gold parities is in the interest of
world recovery.
Governments subscribing to this declaration whose currencies are not on
the gold standard take note of the above declaration and recognize its importance without in any way prejudicing their own future ratios to gold,
and reiterate that the ultimate objective of their currency policy is to
bring back an international standard based on gold under proper conditions.
Each Government whose currency is not on the gold standard agrees to
adopt such measures as it may deem most effective to limit exchange speculations, and other signatory Governments undertake co-operation to the same
end.
Each of the Governments' signatory hereto agrees to ask its Central Bank
to work together with the Central Banks of other Governments which sign
this declaration in limiting speculation and, at the proper time, reinaugurating an international gold standard.
Arms Parley Adjourns Until Oct. 16 to Permit Arthur
Henderson to Attempt Solution of Deadlocks
During Recess.
The steering committee of the disarmament conference,
meeting at Geneva on June 27, decided to recommend to
the conference that it adjourn until Oct. 16 in order to
extend the period during which the President of the conference, Arthur Henderson, has been authorized to negotiate
solutions of various conflicting proposals. On June 29 the
recommendations for adjournment were submitted to the
General Commission, which approved adjournment as
specified. Among the questions listed as still to be negotiated by Mr. Henderson are the following:
Non-recourse to force, definitions of aggression, supervision and control
of sanctions, bombing aviation, abolition of aggressive army weapons as
suggested by President Roosevelt, the size of tanks and artillery, trained
reserve, budgetary limitation and the manufacture and traffic in arms.
Right to Debates on Money Upheld—British Say Ban
on Question by Gold Bloc Does Not Bar Discussion
by Others.
Under date of July 6, a London wireless message to the
New York "Times" said:
The British view of to-day's Economic Conference development, as
outlined by the delegation's spokesman, is that continuation is assured
and there is no reason why monetary questions should not be considered
by those countries that wish to do so.
He pointed out that the passage in the communique dealing with the
unwillingness of the gold standard countries to participate in discussions
of monetary questions was purely a unilateral declaration which was not
confirmed by the Conference Bureau. He said it was probable monetary
as well as economic subjects would be considered.
The Bureau, the British leader said, would not be limited in any way
by the reports that subcommittees were to present by Monday on the subjects they thought could be usefully discussed. If the subcommittees
decided against discussion on any subject the Bureau could reverse the
decision, he asserted.
Whether the Conference is still to be a plenary conference, or whether
it is to be reduced or rearranged, it is abundantly clear, in the opinion of
the London "Times," that there are a number of problems which, despite
fluctuating exchanges, are still susceptible of firm conclusions.
Some of these conclusions, the "Times" says, might have to be provisional and wait for their application on some regulation of the international
exchanges. It continues:
"But they may be none the less useful, and it is quite open to question
whether President Roosevelt's advice that each country should first set its
own house in order, might not be followed in the sense that future discussions should lie for the present between groups of countries by either
their geographical situation or their trading interests."
The "Daily Telegraph" says that among the hopes shattered is that
the Conference would find means to curb those excesses of economic na-
223
tionalism which, at the opening session, were denounced with so much
eloquence by the principal American delegaie.
President Roosevelt's Message to London Monetary and
Economic Conference Said to Have Been Written
Independent of Aid of Advisers.
Washington advices July 3 to the New York "Times" said:
It was generally understood here to-day that President Roosevelt had
conceived and written his message to the London Economic Conference
without outside assistance, other than that afforded by his constant radio
communication with London and with the State Department.
The only advisers with the President aboard the cruiser Indianapolis
were two of his secretaries, Louis McHenry Howe and Marvin McIntyre.
Report That Governors of Central Banks of Gold
Standard Nations Will Meet in Paris To-day (July 8)
To Perfect Plans to Protect Currencies.
The Governors of the Central Banks of gold-standard
nations, with their experts, will meet in Paris to-day (July 8)
to perfect a workable arrangement for defending currencies. Associated Press accounts from London July 4 added:
The experts met to-day and considered two means of giving effect to
yesterday's formal declaration of their intention to protect their currencies.
First, central banks would buy currencies from any gold-bloc country
when the exchange value of that country falls below a certain level.
Second, each country would attempt to halt speculation in exchange by
requesting proof on the part of a purchaser that he needed the exchange
for commercial purposes.
From Paris July 4 Associated Press advices stated that
the expectation was held that the chiefs of the six European
"gold bloc" countries would meet here soon to consider
moves in the currency situation. Continuing, the cablegram
said:
It was understood that Governors of the Banks of issue of Holland,
France, Italy, Switzerland, Belgium and Poland had agreed to confer,
possibly on Saturday. Officials of the Bank of France, however, declared
such a move was neither likely nor necessary.
International Committee Against Repudiation of Gold
Clause Formed at Basle, Switzerland.
Associated Press accounts from Basle, Switzerland, July 4,
said:
An international committee against repudiation of the gold caluse was
founded here to-day by representatives of Dutch, Belgian, French and
Swiss holders of gold securities. The purpose of the organization is to protect the members' interests from the results of "repudiation of the gold
clause by many debtors."
Uruguay Halts Gold Payments.
Advices July 4 from Montevideo, Uruguay (Associated
Press), stated:
-day that it would no longer pay
The Uruguayan government decided to
interest on its foreign debt in gold but in Uruguayan currency in Montevideo at the exchange rate of the day of payment.
German Would Cut Gold in Currencies—Editor of Die
Bank Insists on Stabilization at Once to Restore
Prosperity.
From Berlin July 1 ad-vices to the New York "Times" said:
Herr Lansburgh, Editor of Die Bank, who holds that the present antagonism between gold and paper currencies is disastrous, advocates that
all countries without exception agree uniformly to expand credit circulation. The effect, he contends, would be to advance prices everywhere
sufficiently to restore prosperity to producers and to reduce uniformly the
gold contents of all currencies, thereby restoring their former exchange
relations.
Herr Lansburgh, however, insists on immediate restabilization at reduced gold values and considers further that the so-called gold exchange
cover should be eliminated from the reserves of the central banks and that
metal gold reserves should be obligatory.
Neville Chamberlain, Chancellor of British Exchequer,
Doubts Early Stabilization—Believes It Possible,
However, to Check Currency Fluctuations.
Neville Chamberlain, Chancellor of the British Exchequer,
expressed the belief in an address on July 1 that it was
impossible "to obtain stabilization just yet" in touching upon
the monetary problem. Associated Press advices from
Northwich, England, July 1, further reported:
"But at least it would be possible for all countries concerned to stop
speculation, which adds to our difficulties by increasing fluctuation either
up or down," he added.
Mr. Chamberlain said he was not trying to drive hard bargains, but
rather to introduce a spirit of good-will.
Attacking economic nationalism, he told of troubles in the United
States, which "cannot expect to remain prosperous if the rest of the world
is depressed."
Ile paid tribute to President Roosevelt for co-operation in avoiding
a British war debt default, and found getting "around that awkward
corner" a good augury for "a final settlement upon which we probably
will be entering next autumn."
Currency Truce Urged by London "Times"—Suggests
Accord Like That on Tariffs.
Under the heading "Towards a Compromise," the London
"Times" on July 1 had the following to say, according to
a London cablegram to the New York "Times":
"For the success of the conference it is plainly desirable to contrive
some equivalent in respect to currency to the tariff truce to which all the
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Financial Chronicle
principal governments subscribed on President Roosevelt's initiative.
Calm consideration of the thousand and one complex problems which have
to be solved is quite impossible while wide and rapid fluctuations in exchanges dislocate the world markets and make every government anxious
lest the plungings of the dollar should imperil the stability of its own
currency.
"The terms of such a truce must, of course, be sufficiently elastic not
to hamper unduly the efforts of America or any country which may follow
the American example to meet its own urgent difficulties by raising internal prices. That is vital from the American point of view. Another
condition equally important is that the truce must contain nothing committing the governments in regard to their future currency policy, which
must depend on the chtent to which the conference succeeds in removing
the causes, economic as well as monetary, responsible for the breakdown
of the gold standard.
Remarking that "unfortunately, though perhaps inevitably," the rise
in prices in the United States has been accompanied by feverish speculation
in currency e(change as well as in the commodity and share markets, which
must be causing anxiety to the Washington Administration, the "Times"
adds:
"Unless the speculators' activities are restrained they may well imperil
the gains of the past two months in America and, indeed, take out of
Mr. Roosevelt's hands control of the movement he initiated."
The London "Times" city editor icorresponding to financial editor on
American newspapers., recording the growing belief in financial quarters
that the conference will be able eventually to overcome the obstacles
delaying it, says the past half year has been one of exceptional difficulty
-earning standfor the money market and probably the worst from a profit
point ever e perienced by British banks in modern times.
"The persistence of tendencies which have been in eNidence in the past
few years brought about conditions under which the return from advances
of short money and bills reached the lowest levels on record. A bank rate
of 2% throughout the period was the average charge on advances, appreciably below the minimum rate of 5% nominally quoted by leading
banks."
The British index number of wholesale prices, however, shows a rise
of nearly 2% following an increase of 23.4.% in May. The chief movement again is in cereals and other primary commodities. The rise is much
less marked than in the United States, but the explanation of the bigger
rise in dollar prices is the fall in the gold value of the dollar.
British Dominions at International Monetary and
Economic Conference Protest Against Link to
Gold—Urge Prime Minister and Chancellor of
Exchequer to Try to Raise Prices.
Representatives of the British Dominions threw their
weight solidly against linking the pound with European
gold currencies in an interview with Prime Minister MacDonald and Neville Chamberlain, Chancellor of the Exchequer, on June 30, it was indicated on that date in a
London wireless message to the New York "Times", which
went on to say:
General Jan Christiaan Smuts of South Africa, Prime Minister G. W.
Forbes of New Zealand and Stanley M. Bruce of Australia all reminded
Mr. Chamberlain that Britain had declared at Ottawa and since in favor
of a policy of price raising. They declared their opposition to Britain's
participation in a gold bloc in the present circumstances and called on
the Chancellor of the Exchequer to make good his policy of restoring
the price level.
General Smuts is understood to have warned that to tie up the pound
with European gold currencies now, before Mr. Chamberlain had an
opportunity to put his plans into effect, would be fatal.
The British Dominions are mainly agricultural, so their governments,
like that of the United States, have had to take into consideration a strong
part of public opinion which favors controlled inflation. With the exception of South Africa they export wheat and other primary products
in competition with the United States, so they do not face the prospect
of competitive devaluation of the United States dollar with equanimity.
Canada is in a specially difficult position because the exchange rate
for her currency, for reasons that are not at all logical, has followed the
United States dollar in its downward course, maintaining, however, the
10% discount that has existed ever since Canada formally deserted the gold
standard. If the Canadian dollar continued to fall with the United States
currency it would be difficult to carry out the Ottawa agreements if the
pound were stabilized.
World Monetary and Economic Conference—French
Propose International Agreement on Shipping,
with Joint Operation of Lines—Suggestion Fails
to Meet with Approval by American Shipping
Interests, Who Declare Plan Would Be Destructive
to Our Merchant Marine.
A proposal to rationalize shipping by means of an international agreement limiting the construction of merchant
Ships and regulating their speed was offered to the World
Monetary and Economic Conference at London, on June 29,
by the French delegation. The proposal was referred to a
subcommittee appointed to consider all forms of government
aid to shipping. First comments on the plan by American
Shipping men indicated disapproval of its chief features. A
statement issued by the American Steamship Owners' Association on June 30 said that American shipping interests
were willing to discuss with other nations any stabilization
plan that was not aimed at the destruction of the American
merchant marine and that would concede to the United
States a merchant fleet in proportion to her importance as a
world Power. The French plan; however, the statement continued, fails to view the position of the United States in its
true light as a producer of traffic and as a nation obligated
to protect itself from foreign aggression.
An outline of the French proposal, as contained in a London cable to the New York "Journal of Commerce," on
June 29, follows:
July 8 1933
The plan proposes unified operation of all steamship lines in similar trades
with joint accounts covering all operating receipts and expenditures, thus
going a step beyond the scope of the existing conferences which have jurisdiction only over rates to be charged by member lines.
Under the French plan vessels would continue to operate under national
flags, but sailing, would be so controlled as to eliminate any duplication of
sailings or too close spacing of sailings. In a resolution introducing the
proposal it was pointed out that the excessive competition between nations
and companies, especially in the trans-Atlantic trade, has endangered the
budgets of both shipowners and governments.
Accordingly, it was suggested that the economic conference recommend
that the various national governments invite shipowners to negotiate international agreements for operation of the principal ocean services under multilateral agreements which would provide •for restriction of future ship construction, with the right of supervision of the agreements reserved by the
various governments.
Joint operation is recommended as the best method of reciprocal control
providing for the maintenance of national flags on the various trade routes
and determining sailing frequencies, tonnage, speed and comfort of ships.
The reference to comfort of ships is assumed to have been based on the
controversy over the improvement of accommodations of cabin ships in competition with the three-class lines.
The statement by the American Steamship Owners' Association, previously referred to, discussed the French proposal
for control of bookings of passengers without regard for the
nationality of the ship lines, and then remarked:
A very nice arrangement wherein they supply all of the ships and we
furnish the passengers. In the Atlantic Conference we have one line of the
17 represented. That one line carries about 6% of the total traffic. American travelers, however, are the backbone of the conference business.
Our people constitute about 70% of all North Atlantic travel. Even
more important is the fact that we pay 85% of all the fares and that Americans occupy 95% of all first-class cabins in the trade. Lately there has
been a pronounced trend toward American flag vessels. That trend would
be neatly nipped in the bud if passengers could be booked blind for whatever vessels happened to be leaving that day. It is a 16-to-1 shot that an
American vessel would not be represented.
The Association also maintained that the shipbuilding policy of the United
States had been relatively unimportant as a cause of the overtonnaging of
world trade, which the French proposal seeks to remedy.
"It is significant," it said, "that the French refer to the 'ruinous competition in tonnage and speed of ships that have been built by the nations.
This is a struggle in which we can by no stretch of the imagination be
involved. Since 1926 Great Britain, Germany, France and Italy have
placed in service no less than 18 great liners. All of these vessels are above
25,000 tons, and all have a speed of 21 knots or over. Nine of them exceed
40,000 tons. The United States has not built a single ship of this class."
United States Policy at World Monetary and Economic
Conference Defended by Senator Couzens—In
Radio Interview He Says Raising of Price Level Is
of Paramount Importance—Declares American
Interests Are Adequately Protected.
A defense of the policy adopted by the United States delegation to the World Monetary and Economic Conference was
made on July 2 by Senator James Couzens of Michigan, a
member of the delegation. In a radio broadcast from London, Senator Couzens, who was interviewed by William
Hard, said that the raising of the price level in the United
States was viewed as of paramount importance, and that the
progress made by this country "disturbs some of the other
countries." Further details of his remarks, as reported by
the New York "Times," on July 3, follow:
"To-morrow the Monetary and Economic Conference will have been in
session three weeks," said Senator Couzens, as heard here. "Many speeches
have been made and resolutions introduced, but nothing definite has been
agreed upon. There is a wide difference of opinion between countries still
maintaining the gold standard and those countries which are off the gold
standard. The differences at the moment seem impossible to reconcile because of the unique position held by my own country."
"The outstanding purpose expressed by nearly all speakers," he declared,
"has been the raising of the price level so that better wages could be paid
and to give relief to debtors.
"Our country on its own initiative has made much progress in this direction, and this disturbs some of the other countries. Some are unwilling,
perhaps some are unable to follow our example. But I believe that is much
more in example than in the making of treaties and the passing of resolutions, some of which may be only pious wishes with no action contemplated. . . •
"From my observations to date, I am convinced that our President is
fully alert to prevent an international agreement that may seem temporarily
helpful but which in the long run would prove disastrous to our own
domestic program, and in turn disastrous to world recovery. Nothing
succeeds like success, and so it is of the utmost importance that nothing be
done which will in the slightest degree impair our own recovery. By our
example we can help the rest of the world. .
"There is a fundamental difference in our present governmental policy
from any other that I know of, and that is we are building it up from the
bottom rather than trying to do it from the top. Measures adopted by governments, including our own, in the past, have tried to bring about recovery
by simply making credits easier, by authorizing the issuance of snore money,
but providing no means of getting it out among the people through employment and wage increases.
"The trouble with the Conference, as I see it, is nearly all governments
are trying to stick to the old methods. They are deflating to balance budgets, but providing no measure to energize industry or in any way give the
people adequate purchasing power.
"The American delegates, through resolutions, speeches and contacts with
delegates from other nations, are urging with all possible force the adoption
by other countries of a public works program. The League of Nations has
recently published a report specifically pointing out public works programs
that might be adopted in whole or in part by other countries.
"The future of the Conference is indefinite, but I am in a position to assure
my countrymen that their delegates to the Conference are keeping their eye
on the welfare of the United States, and to rest assured that the delegates
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Financial Chronicle
will enter into no agreement or approve of no resolution which will have the
slightest bad effect on our own domestic recovery."
Senator Joseph T. Robinson Warns London Conference
Must Succeed—Tells Rotary International that
Disagreement Would Mean More Intense Economic
Warfare.
A warning that should the World Monetary and Economic
Conference end in failure, "the economic war now being
waged will become fiercer and more disastrous" was voiced
on June 30 by Senator Joseph T. Robinson of Arkansas, in
an address before the convention of Rotary International at
Boston. "International commerce will probably continue to
diminish and the depression may be prolonged indefinitely,"
the Senator said, in outlining the probable outcome if success
Is not attained at London. He was further reported as follows, in an Associated Press Boston dispatch:
"Conflicts of national interest cannot be completely reconciled, but they
may be so far harmonized that fair tariff and currency arrangements may
be negotiated—arrangements calculated and designed to end the present economic war and revive business among nations.
"Given the co-operation and support of public opinion which the importance of its undertaking warrants, the results of the Conference still may
not be entirely satisfactory and reassuring. Denied that co-operation, hopeless failure seems inevitable."
Speaking of the spread of Socialism and Communism, the Senator saw the
preventive for its increase, not in "the suppression of free speech" but "in
the repeal of laws and in the overthrow of systems which deny equality of
opportunity to citizens or subjects."
The Arkansas Senator looked for "stabilization of tariffs on a basis of
mutual interest and good will with fair regard to comparative prevailing
production coats and living conditions in contracting countries."
He made a plea for the stabilization of currency.
"In common parlance," he said, "the purchasing power of the American
dollar had become too great.
"It must be stabilized, but this cannot well be done until commodity
prices have been brought to a more consistent level nor unless foreign currencies be fairly and concurrently stabilized."
Paris Will Defend Franc, Says Finance Minister Bonnet
French Delegate Recalls Governor Strong's Views
on Gold Standard.
France has her currency; she will keep it and she has the
means to defend it. Get that clear!" said Finance Minister
Georges Bonnet of France on arriving in London on July 3
for the meeting of the steering committee of the Monetary
and Economic conference July 4. A wireless message from
London July 3 to the New York "Times" from which we
quote went on to say:
M. Bonnet refused to predict what would happen to the conference, but
he said the day's events were "very amusing" and inquired about the
reaction in London to President Roosevelt's message.
Earlier in the day a spokesman for the French delegates denied they
had tried to involve the Americans in a currency declaration, asserting
that the British had insisted upon it. The French had endeavored to-day,
the spokesman said, to induce the British to issue a statement of their
position on the currency issue, but after consulting the representatives of
the Dominions they had declined.
Claims to See Inconsistency.
The French called President Roosevelt's statement inconsistent with the
agenda of the conference, which was prepared by experts of all the leading
nations, including the United States.
[Cordell Hull said in making the Roosevelt message public in London
that he did so, not as a delegate to the conference, but as Secretary of
State.]
"President Roosevelt denies the conference the right to discuss the first
and principal item on its agenda," was another French comment; but it
was insisted that France was not bolting the conference.
"We are willing to wait and see what happers—perhaps wait and pay."
said Charles Rust, Vice-Governor of the Bank of France.
A French delegate recalled that at the time of the Basle meeting, former
'Governor Strong of the Federal Reserve Bank urged France to hold fast
to the gold standard; and he contrasted this advice with the official American attitude to-day.
But the keynote the French delegates sounded to their press to-night
was that there was to be no irritation on their side: that it was necessary
to examine the situation closely with great coolness and try to gain time
to think things over.
Attitude In French Chamber of Deputies Toward
President Roosevelt's Statement to London Conference on Currencies—Paris Gasps at Message.
From its Paris correspondent July 3 the New York "Times"
reported the following:
President Roosevelt's statement to the London Conference was read in
Paris this afternoon with a kind of gasping wonder. In the Chamber of
Deputies, representatives of all parties seized on the afternoon editions of
the newspapers and, after reading the text once, read it twice and then
said they would have to study it before they could venture any opinions.
On the Bourse, the message caused a bull market in French and foreign
Industrial securities and bank issues. Suez rose 600 francs and Bank of
France gained 340 francs. French rentes, with the prospect of a new issue
of 2.000,000,000 or 3,000,000,000 francs in Treasury bonds within the next
few days, sagged for a time.
It was a speculators' market such as there has not been for some time,
and there was evidence that the first result of Mr. Roosevelt's declaration
would be to put new heart into the bull crowd at the expense of the investor
In government securities.
The tone of the message at first caused outspoken resentment here.
Then it was argued that Mr. Roosevelt, as a practical politician, was
writing for the benefit of the Western farmer, and, with his references to
debts, balanced budgets,and international bankers, swimming with tha
225
tide of popular feeling in the United States and perhaps especially with
that opinion which is just now definitely nationalistic.
Some remarked caustically on the President's intimation that his aim
was the ultimate stability of all currencies, while his action. as they interpreted it, would, if continued for long, produce the complete devalorization of all currencies, including those which still have some anchor to
Windward in gold, and result in chaos.
Credit is given President Roosevelt for having the further steps toward
realization of his ideas well mapped out. His danger is seen by Frenchmen
in the experience France has had of the defeat of Presidential plans and
promises by other forces in the United States. What Woodrow Wilson
proposed was never carried through. What Herbert Hoover proposed
and did has had no further consequence, in French eyes, than the embitterment of the relations between France and the United States, because of
failure to solve the resulting complications.
And so Mr. Roosevelt's next move is going to be eagerly awaited here.
The question is, How long is it going to take for the dollar to reach the desired level and for prices to come back to the 1926 mean?
If that depends on the President. the French hope it may be quickly.
At the same time it is fully realized that the President is not adventuring
on these high seas of monetary theory without good precaution. When
England abandoned the gold standard it had only its credit to support the
pound. The United States has an excellent life-belt in its enormous gold
reserve. The risks being taken are not, therefore, particularly great for the
United States.
But they are considered to involve desperately dangerous conditions
for all the countries without massive gold reserves and without great resources.
Pertinaz Calls It "Insolent."
"Mr. Roosevelt's declaration might almost be qualified as insolent,"
writes Pertinax in the Echo de Paris. "The aggressiveness which animates
the Presidential document is shown by the attacks directed at France.
"Mr. Roosevelt goes so far as to denounce the French budgetary deficit.
We did not know he was so rigorously correct in matters of public finance.
Has not he preached the utmost expenditures by the State in order to raise
prices? This trait is revealing. It demonstrates that the President composed his message during a crisis of ill humor.
"The conclusion of the incident is that the gold standard countries, if
they really wish to save the present parity of their currencies, ought to
retire from the London conference as soon as possible. It would not
be enough to let the conference die of languor. It must be closed."
The Petit Journal reaches the same conclusion, saying:
"It is permitted to ask oneself now how the London conference can do
an afficacious job in the midst of a general dance of currencies."
Firm Money Asked by Charles Rist of Bank of France—
In Radio Address Says Trade Is Hurt by Fluctuations, Not by Scarcity of Gold—Pledges Aid of
Paris.
Charles Rist, Honorary Vice-Governor of the Bank of
France and acting head of the French delegation at the
International Monetary and Economic Conference at London in the absence of Georges Bonnet, was interviewed by
William Hard in a radio broadcast to the United States
July 2 over the National Broadcasting Co. network. A
cablegram from London to the New York "Times" reported
as follows what he had to say:
Asked what France would contribute to stabilization, Mr. Rist replied:
"She is ready to continue allowing gold to leave the country whenever
it is needed for international commerce. France to-day is the one country
where, without difficulty, one may procure gold, though all other countries
have placed an embargo on this metal. France definitely has decided to
continue this policy, which is the only one that has ever given confidence in
a currency."
Asked if the gold standard is still a feasible system in contemporary circumstances, he said, "Unhesitatingly, yes."
Mr. Rist broadcast after a meeting with representatives of other gold
countries to-night. The broadcasting company explained that Mr. Rist
preferred not to talk to-night in view of recent developments, but did so
because he had promised a week ago that he would.
In publishing the above the "Times" said:
M. Rist's Remarks as Heard Here.
In M. Rist's broadcast remarks, as taken down in New York last night,
the demand of France for the stabilization of the currencies of the world
as a prerequisite to economic recovery was emphasized.
"France . . . well understands the reasons which have forced
certain countries to suspend this free exportation," he said, "but she is
convinced that this suspension is only momentary and that the one system
which has animated international commerce through the centuries still
remains the system of the future."
M. Rist saw no validity in the argument that the supply of gold has
become insufficient for payments. He said that production of gold was
greater in 1932 than in any preceding year, and expressed doubt that the
world had undergone such a transformation that a gold production which
was more than sufficient in 1913 to satisfy exchange requirements had become too small for these requirements to-day.
"The stoppage of commerce in a great part of the world is due to nothing
but monetary causes." he declared. "The economic conference of London
is like a watchmaker to whom one has entrusted the failing commerce of
the world. Every one is anxious to see if it cannot be improved, but even
that will be useless if the conference does not succeed in injecting into the
world the indispensable lubricant, which is stable international currency
based on gold."
London City Press Criticizes Roosevelt--"Financial
Times" and "Financial News" Hit at Bar to Stabilization—"Daily Mail" Lauds Him.
From London July 3a cablegram to the New York "Times"
stated:
•
That President Roosevelt's negative action in regard to stabilization, if
persisted in, will shake the Economic Conference badly, if it does not cause
its complete collapse, is the opinion expressed to-day by the "Financial
Times."
"Whatever may be said for the American action in the sphere of money
and prices," the paper adds, "it is essentially isolationist in character.
Its end cannot be foreseen, and until the present phase is passed and prices
226
Financial Chronicle
are settled no other nation will feel that conditions exist on which it can
either revalue its currency or return to gold."
The "Financial News," under the heading "End the Conference," says:
"(President) Roosevelt's rejection of a proposal which cost the representatives of the seven Powers such sweat and agony and which apparently was
agreed to by the whole United States delegation and Mr. Moley, has its
ironic aspect, but it is perhaps as well. For on the matter of currency
stabilization a compromise is not really possible. The United States is
bent on a course of inflation and exchange depreciation."
The "Daily Mail," however, applauds President Roosevelt for being
determined, saying that "so far he alone has produced a consistent policy
designed to cope with the depression. Whether that policy is right or wrong,
he is justified in adhering to it."
President Lebrun of France Warns Against Artificial
Measures for Currency Devaluation—Stable Currencies Needed—Efforts at Tariff Adjustments with
Fluctuating Currencies "Pure Utopianism."
President Albert Lebrun in an address on July 2 at Besancon, in southeastern France, indirectly criticized President
Roosevelt's monetary policies and offered, on behalf of
France, a "counsel of wisdom," based on trial and experience.
We quote from Associated Press advices from Paris July 2,
which went on to say:
A special wire kept the President, at Besancon for the dedication of a
national clockmaking school, in touch to-day with Paris, where Finance
Minister Georges Bonnet, with Clement Moret, Governor of the Bank
of France, at his elbow, reported developments at the Economic Conference in London.
President Lebrun, without mentioning specifically either Mr.Roosevelt or
the United States, said that the world should "attack courageously" the real
cause of trouble, "instead of abandoning itself to easy solutions whose ill
effects or uselessness have been proved by experience."
He reiterated the French advocacy of control of production through international agreements. A rise in prices, he said, would then follow
naturally, while it was not certain that it would be achieved, and especially
was not certain that it would last, as a result of "these artificial measures
for currency devaluation,credit inflation and excessive international credits
which some propose, but scarcely can be recommended by recent experience."
It is "manifest," M. Lebrun said, that stable currencies are "imperiously
needed," for "to talk of tariff adjustments when currencies are fluctuating
is pure utopianism."
"Nations with stable exchange cannot accept such proposals," he added.
Former Premier Herriot of France Pleads for Amity
with United States—Denies President Roosevelt
Broke Faith in His Attitude Against Stabilization
Now—However President's Note Wes "Aggravating
and Brutal."
The following from Paris, July 6, is from the New York
"Times":
Raising his voice almost alone among his countrymen, Edouard Herriot,
former Premier, in this morning's "L'Ere Nouvelle" pleads for a better
understanding of President Roosevelt's stand regarding monetary stabilization and the London Conference.
While asserting that the President's message contained harsh words
for France, M. Herriot denies it represents a change in Mr. Roosevelt's
attitude since M. Herriot's visit to Washington. The French statesman
points out that the communique issued April 28, the message of May 16
and July 3 declaration all merely called for restoration of a normal financial
and monetary situation at the proper time. The quarrel should be about
the date, not the goal, he says.
While admitting that the tone of President Roosevelt's last message
was "aggravating and brutal," M. Herriot condemns the sharp criticism
of the press here and puts a number of questions to his own countrymen:
"Is it not true that we ourselves have had our monetary crisis and that
the United States at that time did nothing to molest us? Is it not true
that Britain devaluated the pound and took severe measures afterward
without our indulging in a campaign against her?
"Was there not much truth in what Ambassador Straus of the United
States said on Independence Day that American sufferings are not fully
understood abroad?
"I do not know just what Mr. Roosevelt's last message represents,
but I do know this: For many months a formidable misunderstanding has
separated us from the United States. It has recently been aggravated.
Those who seek to accentuate it even more, to excite public opinion, to put
national feelings against each other, are committing a veritable ciime
ag St peace."
President Roosevelt's Gold Suspension and Inflation
Proposals Denounced by Edmund Platt and H.
Parker Willis at Institute of Public Affairs—Depreciated Dollar "Unwise"—Inflation "Unnecessary"—"Real Recovery" Better Based on "Sound"
Finance, Assert Speakers—"Money Theorists"
Scored—Bank Act and Stock Exchange Invgstigation Discussed.
President Roosevelt's suspension of gold payments and
the inflation features of his industrial recovery program
were denounced by Edmund Platt, Vice-Pre lident of the
Marine Midland Corporation of New York, and Dr. H.
Parker Willis, financial expert, of Columbia University, at
the opening session on July 3 at Charlottesville, Va., of the
Institute of Public Affairs at the University of Virginia,
according to a dispatch to the New York "Times". In an
attack on the monetary policy of the administration, Dr.
Willis scored as "the result of hysteria" ourdeparture from
the gold standard, which Mr. Platt, more dispassionately
declared to have been at no time either necessary or justifiable. Both deplored as unsound and increasingly unwisl
July 8 1933
"our experiment with a depreciated dollar," which Dr.
Willis said "has convicted us of uncertainty and indecision,
involving among other evils the 'practical sabotage of the
World Economic Conference.'" The account to the "Times"
went on to say:
They agreed in advocating restoration of "our own official authentic
standard of value" as "the best way out of our present embarrassments."
In a discussion of the banking situation and banking problems before
the round table on money banking and the financial situation in the United
States, Mr. Platt, who is a former Vice-Governor of the Federal Reserve
Board,said that in his judgment the closing of the banks by the administration was a mistake, placing an overemphasis on currency and on gold.
"It would have been better," he said "to permit the clearing house
banks of New York,for instance, to continue the use of checks with clearing
house certificates for settlement of balances among themselves, and if
necessary using scrip for smaller denominations of circulating currency for
a few weeks."
Inflation "Unwise, tInnecessary."
The "inflationary projects" of the administration he held to be "unnecessary and unwise" while admitting their "considerable effects on prices
of commodities and of securities, as well as on the banking outlook."
"They certainly gave speculation a great boost," Mr. Platt commented.
"Wall Street has been makings real killing, and so has the group ofspeculators in Europe known as the 'Balkan gang,' and it is still going on.
"One can only hope that the real improvement in business which has
taken place may be maintained and even steadily increased without resort
to the currency inflation scheme or to the further wholesale purchase of
government securities by the Federal Reserve Banks."
Mr.Platt critized the "monetary theorists," who he said are "determined
to use the Federal Reserve System to prove their theories."
"And just now they are in the saddle," he said. "The very existence of
its gold pool furnishes a target at which to shoot. The theorists apparently
want to get their hands on this gold, revalue it in terms of debased dollars
and use the surplus thus created—steal it, I might say—for payment of
Government debt or for public works, or for purchase of unnumbered
billions of Government securities.
"I am not naturally a pessimist, and I have faith enough in President
Roosevelt, who has been a personal friend of mine for many years, to
believe that somehow we shall come through, but I am certainly apprehensive."
Mr. Platt said that, as evidenced by the charts of the Federal Reserve
Board,recovery was beginning in July of last year, and according to Colonel
Leonard Ayres of the Cleveland Trust Co., actually had begun in the Spring
of 1932.
Bank Reform Delay Is Critized.
"I believe," Mr. Platt declared, "that one is entitled to say, without
any shade or part of partisanship that if 1932 had not happened to be a
Presidential year the recovery begun then might have continued without
any serious interruption so that we might have been about where we are
to-day.
"Personally, I feel that the recovery then beginning would have continued, barring the election, if the Glass Banking Reform Bill had been
enacted before the adjournment of Congress last Summer in the form in
which it was reported from the Senate Banking and Currency Committee
in May.
"Banking then would have had a fair chance of playing its normal role
in recovery and I believe we should have been spared the collapse of early
March, the failure of the Federal Reserve System, the suspension of gold
payments, the depreciation in the purchasing price of the dollar abroad,
and should still have been able to use without blushing the expression
'as sound as a dollar' which we can no longer do."
Mr. Platt characterized as "one of the glaring inconsistencies of the
efforts to pull the country out of depression" the conduct of the recent
Senate investigation of J. P. Morgan & Co.
"Sound, reasonably successful banking," he said, "is universally admitted to be a prime necessity for recovery, but while recovery legislation
was being frantically rushed through Congress, an investigation was carried
on by a Senate committee ostensibly with relation to the Stock Exchange
and its methods but in charge of a clever prosecuring attorney from New
York who knows nothing of economics and whose purpose appeared to be
to discredit all bankers and to make things appear wrong that are not
wrong.
Morgan Inquiry a "Disgrace."
"Senator Carter Glass rightly termed the conduct of that investigation
a 'circus,' and it was all of that, and more. It was a disgrace to the Senate.
Much useful information could have been obtained from the members of
the banking firm of J. P. Morgan & Co., about international movements
of gold and of capital, about English and French banking methods and traditions and difficulties by comparison with our own, about the mechanisms
of the money markets at home and abroad—but all of this would have
made no headlines, would have bored the audience which came to see a
show, and was quite beyond the grasp of the prosecuting attorney or of
the majority of the committee.
"The so-called revelations of the investigation may have been a factor
in the passage of the Glass bill, but by the false emphasis given to certain
matters items were forced into the bill which were unnecessary and tend
ot to strengthen banking but to add to its difficulties."
The branch banking section of the new act, though much curtailed and
limited by comparison with the section as reported in May 1932 represents
a "considerable gain for sound banking," Mr. Platt said, though "its
effectiveness depends in most States on the future action of State Legislatures."
The "complete abdication of Congress" in the present emergency was
criticized by Ray Tucker, Washington correspondent of Collier's Weekly,
in a press symposium held to-night, in which several members of the press
gallery at the Capitol participated.
—
British Speculators Cautious on Silver—Rise Held
More Likely Than Drop, However, in View of
Stabilization Plan.
From London June 17 advices to the New York "Times"
said:
Silver interests naturally are deeply interested in Britain's debt payment
settlement and gratified by America's acceptance of silver in payment at
a price considerably in advance of the current quotation.
The absence of any marked rise in consequence of this arrangement is
explained by the fact that the British Government already had bought
the necessary silver from the Indian Government and the 20,000.000
ounces required constituted a mere fraction of the Indian Government's
total stocks.
Volume 137
Financial Chronicle
Very divergent views are held as to the future of silver and speculators
are approaching the situation with great caution. Nevertheless, it is felt
that the price of silver is much more likely to rise than decline because it
certainly looks as though an international agreement to stabilize silver at a
higher level will be achieved.
Salvador to Coin Silver—Minting of 5,000,000 Colones
Authorized Incident to Economic Condition.
Under date of June 15 a cablegram from San Salvador
to the New York "Times" said:
Congress has authorized the President to arrange for the coinage of
5.000,000 colones in silver coins, containing 25 grams of silver as an emergency measure on account of the critical economic situation.
The farmersare expected to benefit, as the money will be made available
to an institution provided by a special law to protect agriculture.
[The colon is worth 50 cents, United States currency, at par.]
Second Anniversary of New York Silver Futures Market
—Exchange Issues Reference Book on Silver
Market.
The Metal Trade Division of Commodity Exchange,
Inc., observed on June 15, the second anniversary of the
establishment of the silver futures market in New York.
It is pointed out that the establishment of this market on
June 15 1931 marked the beginning of a shift in trading
interest from the old trading center in London to New York.
To-day trading in silver futures in New York exceeds that
of London, according to members of the trade. The most
important consuming countries are China and India. Bombay and Shanghai are other important markets.
The
demand for authoritative information on the silver market
has prompted the Exchange to issue a reference book on the
subject. As a result, the "Silver Market Dictionary," prepared by Herbert M. Bratter of Washington will be published shortly. The announcement by the Exchange
June 15 said:
The contract unit for future delivery ofsilver is 25,000 ounces of bar silver
(2% more or less) in usual large commercial bars only. Silver may be delivered on the Commodity Exchange,Inc., silver contract from any warehouse
or vault in the Borough of Manhattan, City of New York, licensed and
(or) designated by the Exchange specifically for the storage of silver and
may not be delivered except from such warehouse or vault. Each contract
shall be delivered from a single warehouse or vault. Only whole bars may
be delivered. Quotations are in cents and hundredths of a cent per ounce.
The minimum fluctuation of one-hundredth of a cent on one contract is
equivalent to $2.50. A fluctuation of one cent on one contract is equivalent
to $250. Trades during any one day are not permitted to be made at prices
varying more than 3c. per ounce above or below the previous closing price
and the price range during any one day is limited to 3c. Contracts are
traded in for delivery in the current and 11 subsequent calendar months.
•
United States-Britain Pool Urged for Remonetizing
Silver—J. F. Darling of Midland Bank Proposes
Ratio of 20 to 1 with Gold.
A plan for tieing silver and gold together as a currency
basis—in a proportion of 20 to 1—is being urged (according
to Associated Press advices from London June 10) by J. F.
Darling, a director of the Midland Bank. Mr. Darling,
who has been urging the remonetization of silver for many
years, has just returned from America, where he presented
the whom° to legislators and others in Washington. The
.
advices, as given in the New York "Herald Tribune" continued:
Leadership on the silver question, he believes, must come from the
United States and he looks to the World Economic Conference opening
here next Monday for action.
He recommends in his plan on which he has been working for the last six
months, the establishment of a system of symetallism as distinct from
bimetallism. It could begin, he says, with the formation by the United
States and Great Britain of a pool of 25,000,000 ounces of gold and 500.000.000 ounces of silver, each country contributing equally. Assuming a fourdollar parity, the initial American share would represent $500,000,000 and
that of Britain E125,000,000.
Settlements between the two countries would then be effected by transfers in units of one ounce of gold plus 20 ounces of silver in the ledger of the
pool, without any necessity of moving bullion.
A transfer charge, slightly less than the cost of shipping bullion, would
more than cover the cost of operating the pool, he figures. Other countries
could be admitted to membership, according to the plan.
Silver Revival Urged by A. J. Pani, Mexican Delegate
to World Monetary and Economic Conference.
Alberto J. Pani, head of the Mexican delegation to the
World Monetary and Economic Conference, advocated the
rehabilitation of silver in a speech in London on June 15
before the conference to which (said Associated Press accounts) the United States delegates listened with great
attention. Senor Pani is quoted as saying:
The rehabilitation of silver and the stabilization of its price is a question
which is of interest to all silver-producing countries and to those holding
large silver stocks on account of their monetary circulation being or having
been based upon silver, and also to those countries that, while on the gold
standard, are nevertheless interested in the rehabilitation of silver to establish their international trade.
Mexico, being the principal silver-producing country in the world,
earnestly advocates such rehabilitation.
227
The Assoicated Press accounts said:
United States delegates present when the speech was delivered, who
listened to it with great intentness, included Secretary of State Hull,
Representative Sam D. McReynolds, Ralph W. Morrison and Senator Key
Pittman. Senator Pittman, a specialist in silver, especially followed
the speech closely.
Possibilities of Increased Use of Silver Revealed in
Department of Commerce Survey—Silver Coinage
in Various Countries Limited—Countries in Which
There Are No Silver Coins in Active Circulation.
In a recent announcement of the Department of Commerce at Washington it was stated that considerable quantities of silver might be employed as subsidiary currency
throughout the world under existing laws, according to a
study by Herbert M. Bratter of the Department's Finance
and Investment Division. The Department's announcement, issued under date of May 8, said:
While a considerable number of countries have limited by law the amount
of silver which may be issued, not all such countries have in circulation all
the silver legally issuable. Thus, if necessary, a certain amount of additional silver could be put into circulation.
In still other countries, where there is no legal limit, more silver may be
Issued without formality. The general practice, however, is to issue
coins only as public demand for subsidiary money requires.
Countries and colonies where, it is believed, the use of silver coin may
be increased without new legislation number approximately 59. It should
be borne in mind that the law is not always definite on this point and that
it is frequently a matter of opinion whether new legislation would be necessary. In a few cases exact information is not on band.
Subsidiary silver coinage in various countries is limited either according
to the discretion of the Treasury or currency board, or by specific restriction
In the currency law. In the United States, United Kingdom and most
other countries, silver is minted only upon demand for such coin. The
law places no limit on the amount of subsidiary currency which may be
issued.
On the other hand,various countries specifically limit by law the amount
of subsidiary coin which may be issued. The limit may be so-and-so much
Pe capita,or it may be a gross figure. Insome cases thelaw specifies how
much coin of each metal may be issued. In other cases the proportion of
silver coin to total subsidiary coin is subject to variation at the discretion
of the mint or treasury authorities. Germany, for example, limited the
amount of silver coin to 30 reichsmarks per capita. Latvia limited the
silver issue to 30 late per capita; Lithuania limited its silver coinage to
6 has per capita, and Poland, the total of silver, nickel and copper to
320,000,000 zlote, of which 140,000,000 zlote were to be of silver.
A third group of countries issues silver coin irregularly, in amounts and
denominations specified each time by separate enactment. Thus, France
in 1928 passed a law authorizing the issuance within a certain time of
3,000,000,000 francs in silver 10- and 20
-franc coins, details of the law
being subsequently amended. In Italy the legal authorization for silver
coinage specifies the amount of each denomination which may be put into
circulation.
In some countries, particularly colonies, new issues of silver coin cannot
be made without authorization from abroad. Greece. for example, requires the approval of the International Financial Commission established
before the World War to protect foreign loans made to Greece.
Nearly all countries have at one time or another passed special legislation
or the issuance of commemorative coins. Such issues may fall within the
limits defined in the law, or they may be authorized in addition to the
coinage previously provided.
Since in every country there is normally a certain minimum demand for
currency as a medium of exchange, within the limit it is possible to van'
the character of the money, whether metal or paper, with the utmost freedom. Such stock of money may consist in whole or part of commodity
money, or it may be entirely fiduciary. Within this limit nations may
safely substitute copper for nickel, nickel for silver, or silver for gold-secured
paper without affecting the price level. Recently, as this study shows,
this principle has been resorted to in Germany, France, Colombia, Mexico,
Poland and Spain. as a device to improve the gold ratio. The same principle made safe the substitution in many countries of base metal coins or
small notes for silver during the world-war scarcity of the metal. Countries
which did this were, for example, the Netherlands, Japan, Straits Settioments, France, Belgium and Greece.
From this it does not follow that there is no other limits to the amount
ofsilver coin which may be issued. Experience of the United States proves,
in the case of the standard silver dollar and the silver certificates, that
when coins become too cumbersome a more convenient medium of exchange
is demanded. Similarly in Germany, where large quantities of 5
-mark
silver pieces were lately put in circulation, there has arisen much complaint of the inconvenience occasioned by the forced acceptance of the heavy
coins and steps are now being taken to substitute smaller coins. Thus it
appears that in modern countries accustomed to the use of banknotes and
checks, there is a practical limit to the amount of metal which may be put
into circulation.
In certain less advanced countries, on the other hand, a large part of
the population shows a distinct preference for silver rather than paper
currency. Particularly is this the case in the backward countries of Africa
and Asia, and occasionally in tropical countries where paper money is in
danger of destruction by insects. Countries in these categories are those
of the Arabian Peninsula, Afghanistan, Algeria, AngleEgyptian Sudan,
British (and other) India, Ceylon, China (with some local exceptions),
Eritrea, Iraq, Mexico, Netherland East Indies, Persia and Syria.
In several countries there is no silver coin in active circulation. Among
these countries are Albania, Argentina, Belgian Congo, Belgium. Finland,
Paraguay and Turkey. Until the latter part of March 1933, for a period
of a number of years, no silver had circulated in France and practically
none in any French colony other than French Indo-China and Pondicherry.
The recent issuance of silver by the French Government will undoubtedly
be followed by the circulation of the new coins in the colonies where the
coinage system of France applies. Turkey is expected soon to issue silver
MIDS.
Great Britain and Soviet Union Renew Trade Relations
—Two Imprisoned Engineers Are Freed—Britons
and Russians Both Lift Embargoes—Negotiations
for Commercial Agreement to Be Resumed.—
Trade relations between Great Britain and the Soviet
Union were officially renewed on July 1, following the re-
228
Financial Chronicle
lease by the Soviet authorities of Leslie C. Thornton and
William MacDonald, two British subjects who had been
convicted of espionage and imprisoned in Moscow. Simultaneously with the release of the two men they were advised
that they were "free to leave Russia," while a Soviet communique of July 1 stated that "on the proposal of the Britist
Government the negotiations for a trade agreement, broken
off in March, will be resumed." On the same day in London
the announcement was officially made that the British embargo on the importation of Russian goods, which had been
imposed in retaliation for the imprisonment of the two men,
was lifted, and that the Russian Commissar for Foreign
Trade had canceled the counter-embargo against British imports. This announcement was issued after a series of meetings between Sir John Simon, British Foreign Secretary, and
Maxim Litvinoff, Soviet Foreign Commissar. The official
statement read as follows:
The Soviet Embassy has informed the Secretary of State for Foreign
Affairs that the petitions of L. C. Thornton and William MacDonald, who
were sentenced April last to imprisonment of three and two years, respectively, came before the presidium of the Executive Committee of the
Soviet Union to-day and that the sentences have both been commuted, so
that both men are free to leave Soviet territory immediately.
At the same time the Commissar for Foreign Trade has canceled the
counter-embargo against British imports. -Arrangements will now promptly
be made to resume the Anglo-Soviet trade negotiations at the point where
they were interrupted in consequence of the arrest of the MetropolitanVickers engineers.
abstract of the Past history of the case was cabled
as follows by the London correspondent of the New York
"Times" on July 1:
Britain imposed an embargo on Russian goods in retaliation for the imprisonment of the two engineers and declared that she would not remove
It until they had been freed. The prisoners were freed almost at the same
time as the British embargo was removed, the two hours difference in time
between Moscow and London making it possible for Sir John to satisfy himself that the order for their release actually had been signed before the
proclamation lifting the embargo was issued.
The words used in dismissing the two prisoners also had to be carefully
chosen. It was announced by the Soviet Government that Thornton and
MacDonald had had their sentences "commuted" and were "free" to leave
Russia.
The negotiations for a new Anglo-Russian trade agreement will be opened
next week. Russia had been selling more goods to Britain than she had
bought, and the British want more balance in the trade.
Break Followed Trial.
Trade relations between Great Britain and Soviet Russia were broken off
following the trial of six British engineers of the Metropolitan-Vickers
Electrical Company on charges of espionage, wrecking, bribery and conspiracy.
The British engineers had been indicted in Moscow along with two Russian
employes of the Metropolitan-Vickers company and ten Soviet technicians.
It was charged that the Britons had laid plans to wreck the power and
munitions plants of Russia in case of war.
The trial both of the British and Russians was begun on April 12 before
Judge Ulrich. A sensation was caused by the plea of guilty entered by
William MacDonald. The other Britons indicted were Leslie C. Thornton,
chief construction engineer of Metropolitan-Vickers company; Allan Monkhouse, director for that company in Russia; John Cushny, Charles Nordwall
and A. W. Gregory, also employed by the company.
Gregory was exonerated by Prosecutor Andrey Y. Vishinsky. Thornton
repudiated a deposition in which he confessed bribery and espionage. He
asserted the confession had been wrung from him. Monlahouse, Cushny and
Nordwall were convicted and ordered to leave the country.
The Soviet Union retaliated against the British embargo on April 22 by
ordering the prohibition of any purchases in Great Britain and other restrictive measures.
Soviet Union Signs Peace Pact with Seven Neighboring
Nations—Defines Aggression and Outlaws Its Use.
A pact between the Soviet Union and seven neighboring
-countries, defining aggression, was signed at the Soviet Embassy in London on July 3 by representatives of Afghanistan,
Estonia, Latvia, Persia, Poland, Rumania and Turkey. The
preamble to the pact states that the signatories agree that
the Briand-Kellogg anti-war pact prohibits aggression, but
that they consider it advisable to define aggression in as
precise a manner as possible pending universal adoption of
such a definition. An .abstract of the four principal articles
to the pact, as cabled from London to the New York "Times,"
f
- ollows:
First, each party undertakes to accept in its mutual relations with the
others the definition of aggression as set forth in the Politis report. [Nicolas
Politis of Greece is rapporteur of the World Disarmament Conference security
committee.]
Article II provides that in consequence of the foregoing an aggressor in
An international conflict shall be recognized as a State which shall have
committee one of the following actions:
Declared war on another State; invaded by armed forces the territory of
another State even without a declaration of war; attacked by its land, sea
or air forces, even without a declaration of war, the vessels or aircraft of
another State; set up a naval blockage of coasts or ports; supported armed
bands which organized on its territory and invaded the territory of another
State; or refused, despite the demand of the invaded State, to take on its
own territory all the steps in its power to deprive the aforesaid bandits of
all aid or protection.
Article III says that no consideration of a political, military, economic
or any other character shall serve as an excuse or justification for aggres.sion as provided under Article II. Article IV deals with the ratification of
July 8 1933
the instruments, which are to be deposited by each State with the Soviet
Government.
Statement of Bank for International Settlements for
June 30—Cash on Hand Totals 6,052,552.98 Swiss
Gold Francs, Compared with 6,961,642.37 on
May 31.
Associated Press advices from Basle, Switzerland, July 4
to the New York "Times" of July 5 said:
Following Is the balance statement of the Bank for International Settlements
giving .1.3 condition as of June 30 in Swiss gold francs at par, 19.3 cents:
ASSETS.
May.
June.
I. Cash on hand and on current account with
6,961,642.37
6,052,552.98
banks
35,766,773.85 43,896,539.79
II. Sight funds at interest
III. RedIscountable bills and acceptances:
1. Commercial bills and bankers' accept238,174,787.01
. . .
ances
168,302,835.09 167,320,275.98
2. Treasury bills
400,442,540.78 405,495,062.99
Total
IV. Time funds at Interest not exceeding three
113.214,279.69 110,731,797.59
months
V. Sundry bills and investments:
1. Maturing within three months:
30,276,539.93 35,572,769.80
(a) Treasury bills
35,658,169.38 47.777,030.37
(b) Sundry investments
2. Between three and six months:
13,654,125.85 " 8,300,312.95
(a) Treasury bills
71,238,917.47 59,539,816.26
(b) Sundry investments
594,808.79
593,738.09
3. Over six months
151,421,490.72 151,784,738.17
Total
1,695,715.19
5,499,702.80
VI. Other assets
712,397,340.82 720,565,496.10
Total assets
LIABILITIES
125,000,000.00 125,000,000.00
I. Paid-up capital
II. Reserves:
2,021,691.48
2,021,691.48
1. Legal reserve fund
3,894,823.45
3,894,823.45
2. Dividend reserve fund
7.789,646.89
7,789,646.89
3. General reserve fund
Total
III. Long-term deposits:
1. Annuity trust account
2. German Government deposit
3. French Government guarantee fund
Total
IV. Short-term and sight deposits:
1. Central banks for their own accounts:
(a) Not exceeding three months
(b) Sight
13,706,161.82
13,706,161.82
152,898,750.00 152,623,750.00
76.449,375.00 76,311,875.00
53.791,673.49 56,917,710.16
283,139,798.49 285,853,335.16
129,206,661.58 139,599,410.93
93,453,538.40 95,527,788.91
222,660,199.98 235,127,199.84
Total
2. Central banks for the account of others:
11,687,031.81 10,188,886.79
Sight
3. Other depositors:
3,043,794.71
6,567,153.84
Sight
V. Profits:
7,335,000.00
7,335,000.00
Six per cent shareholders dividend
2,410,505.79
2,410,505.79
Participation long-term depositors
Total
VI. Miscellaneous items
Total liabilities
9,745,505.79
43,414,850.22
9,745,505.79
34,377,252.86
712,397,340.82 720.565,496.10
German Transfer Moratorium Goes Into Effect—
Technical Details Yet to Be Settled—Terms of
Moratorium Eased—Dr. Schacht Reports Debtors
Will be Given 50% Better Deal Than Originally—
Dawes Loan Exempted—Interest But Not Amortization and Transfer Charges on Young Loan Will
be Met.
Germany's partial transfer moratorium on her foreign debt
service decreed on June 9, but since modified by Dr. Hjalmar
Schacht, head of the Reichsbank, became effective July 1.
Thereunder, said a wireless message July 1, froin Berlin to
the New York "Times" Germany is expected to pay her
foreign creditors about 350,000,000 marks in foreign exchange during the second half of this year and to retain
another 350,000,000 marks at the Reichsbank, which will
hold them at the disposal of creditors under conditions still
to be determined. It was added that these conditions and
other technical details of the transfer moratorium will be
settled soon at conferences between the Reichsbank and the
sub-committee of creditors appointed during the recent creditors' conference in Berlin. Under date of June 30 Berlin
advices to the "Times" said:
Final provisions for Germany's partial transfer moratorium on her foreign
debt, effective July 1, were announced to-day by Dr. Hialmar Schacht.
President of the Reichsbank, following a conference with the Cabinet.
The announcement implements the agreement reached between Dr.
Schacht and Germany's creditors at recent negotiations in London. It
reveals that the creditors have been able to improve the original moratorium
law of June 9 by more than 50% •
As amended by Dr. Schacht,the moratorium law now provides as follows:
The Dawes loan of 1924 is exempted from the law completely. Germany
will pay both interest and amortization charges thereon In full.
The Young loan of 1920 is exempted only in part. Germany will pay
Interest thereon in full but not transfer and amortization charges.
On all other payment due for Interest on long-term bonds or for dividends.
Germany will permit the transfer of 50% of the amount due, but not above
a maximum of 4% in each individual case.
Both these "concessions" are relative, however, to payments due up to
the end of this year. Dr. Schacht attaches this warning to his announcement:
"The Reichsbank proceeds with this regulation on tho essential presuppositions that the normal development of Germany's foreign trade will
not be interrupted from any side because of the e eecution of the projected
regulation and that the early resumption offull transfer is wholly dependent
on the development of Germany's exports. In the end, these international
payments can be made only through the movement of goods or through
services."
Volume 137
Financial Chronicle
Those amounts due by German debtors but not transferred will be paid
in marks into a conversion fund administered under the direction of the
Reichsbank. They will be kept at the disposal of the creditors, with this
distinction between the various kinds of payments:
Untransferred interest and dividend payments to the conversion fund will
put at the disposal of creditors negotiable bills to the amount of 30, 40 and
50 marks or multiples thereof. Untransferred amortization payments will
be held by the conversion fund for the credit bondholders, but additional
regulatons providing for their possible use will be issued soon.
Incident to the transfer moratorium, Dr. Schacht on July 1
received newspaper correspondents to explain this drastic
step further. The "Times" advices of that date from Berlin
continued:
He said Germany had made extraordinary efforts to be fair to her creditors, and has gone the limit in meeting their wishes, but the outside world
had forced Germany to take her future into her own hands.
Debt Problem Stressed.
He put all the blame for the moratorium on the failure of the London
Economic Conference to deal with the debt problem and on the "deliberate
currency depreciation by Britons, Scandinavians and Americans.
Germany, he said, was determined to maintain her currency at the gold
parity rate, and after recalling that the ameliorations granted in the transfer
moratorium were for only six months,repeated his frequent warning:
"If German exports do not obtain freer markets than heretofore, payment
of Germany's private debts will become wholly impossible.
"Germany's great indebtedness is, first of all, a consequence of the senseless and vicious tribute policy which attempted to shift Germany's political
debts onto the shoulders of private debtors," he continued. "The Young
loan is a typical example. It is nothing more than an experiment in collecting impossible tribute with the money of private foreign investors."
Depreciation Assailed.
"Now, the depreciation of foreign currencies has further strangled Germany's exports, with which alone Germany can pay her debts," he declared.
"It is absurd for those countries that are Germany's greatest creditors continuously to damage Germany's exports through their exchange dumping
while the gold countries, which are Germany's best customers, must look
on while payments on their loans are made impossible. But Germany abstains from discriminating among her creditors in the hope that common
sense may still triumph in international economy."
Dr. Schacht explained that with the negotiable bills which the conversion
fund is to issue against the retained interest payments, the foreign holder
of the 6% German bond,for instance, would receive 3% in foreign exchange
and another 3% in negotiable mark bills, which, even if sold at a discount
of 50%, would still give him a total return of 4%%—of course, only at the
current rate of exchange.
The purposes for which this scrip may be used, however, is still to be
determined.
From the New York "Times" of July 4 we take the fol.—
lowing:
Holders of German Bonds.
Advices from Berlin published yesterday morning indicating that the
German financial community believed that about 50% of the interest
could be paid on all German issues, with the reminder that this ought to
please foreign bondholders, did not cause any great rejoicing here. For
one thing, payment of the bond service by German corporations to a
conversion fund would place foreign bondholders in a position to sustain
losses should the German mark depreciate. Curiously enough, yesterday
It was the German Government loans on which the interest is to be continued which declined in the face of higher quotations on German loans
generally.
German Debt Plan Explained in Great Britain—Full
Service of Dawes Loan and Interest on Young
Loan Held Assured.
To remove "certain misapprehensions" in connection with
German debt transfers a British committee has issued (it
was indicated in London advices July 5 to the New York
"Times") the following explanation on the authority of the
Reichsbank:
"Firstly, full service of the Dawes loan and full interest on the Young
loan will be exempted from the provisions of the German debt transfer
Postponement law of June 9 1933, and will in consequence continue to
be made in accordance with the terms of the respective contracts in exactly the same manner as he etofore.
.
"Secondly, full interest on the German tranche of the Young loan will
also be transferred to foreign holders of bonds of this tranche.
"Thirdly, the sinking fund of the Young loan will be paid for the time
being in reichsmarks, in accordance with the law of June 9.
-year sinking fund gold
"Fourthly, the Potash Syndicate of Germany 25
loan is not affected by the law of June 9, as foreign exchange for this loan
Is collected at the source by the paying agents by virtue of a special provision to this effect in the loan contract."
German Debt Pact Seen as Favoring Holders—Berlin
Thinks 50% Transfer of Interest Can be Maintained.
Financial circles in Berlin characterize the settlement on
payment of German bonds negotiated at London as relatively
favorable to the foreign bondholders. Indicating this a wireless message from Berlin July 1 to the New York "Times"
continued:
It is believed that on the basis of the trade balance and services of recent
months, a 50% transfer of interest certainly can be maintained, leaving a
moderate surplus of exchange for the replenishment of the Reichsbank's
reserve.
Dr. Schacht's refusal to concede the transfer of the Young loan amortization liability is considered unnecessary. It originated in his demonstrable
Opposition to the whole Young Plan. The condition that transfer shall in
no case exceed 4% on the nominal holdings of foreigners will not affect
the bonds. It means that Reichsbank shareholders will get a transfer of
only 33% instead of 50% of the bank's 12% dividend.
The solution of issuing negotiable certificates for the untransferable part
of interest payments involves in effect a reduction in the interest rate.
because Dr. Schacht admits these certificates will be negotiable at around
50% of their nominal value.
229
It is an unsatisfactory consideration that no change has been made in
clause of the Moratorium Law of June 9, under which debtor corporations
which paid their bond interest in reichsmarks to a conversion fund, will be
definitely relieved from their contract liability to pay in gold. This condition means bondholders will bear exchange loss should Germany depreciate
her mark.
The transfer moratorium was referred to in our issue of
June 24, p. 4375.
President von Hindenburg Intervenes in Dispute Between Prussian Authorities and Protestant Church
—In Letter to Chancellor Hitler Asks that Justice
Be Done to All Parties in Controversy—Hitler
Announces Negotiations Will Be Conducted.
President von Hindenburg of Germany intervened in the
controversy between the Protestant church in Germany and
the Prussian authorities when, on June 30, he sent to Chancellor Hitler a letter expressing his confidence that the Chancellor would see justice done to all the parties involved in
the controversy. The text of the letter was made public
shortly after Chancellor Hitler and the President had conferred, and Herr Hitler immediately announced that he had
commissioned Dr. Wilhelm Frick, Reich Minister of the Interior,"to initiate negotiations in the spirit of the President's
letter." The text of the letter from President von Hindenburg, as transmitted by the Berlin correspondent of the New
York "Times," follows:
Highly Esteemed Herr Reich Chancellor:
The conflicts in the Evangelical Church and the divergencies that have
developed between the Prussian State Government and the headship of the
Evangelical churches in Prussia fill me with grave concern both as an
Evangelical Christian and as Chief Executive of the Reich.
Numerous telegrams and letters addressed to me Eelow that the Evangelical
Christians of Germany are deeply stirred by these conflicts and by anxiety
for the inner freedom of the church. From the continuance, let alone the
exacerbation, of these conditions the gravest damage must result to our
people and fatherland, as well as injury to national unity. I therefore feel
myself obligated to God and my conscience to do everything in my power
to avert such damage.
From my discussion of these questions with you yesterday I know that you,
Herr Reich Chancellor, have the fullest understanding of these anxieties and
are prepared to co-operate toward reconciling these oppositions.
I am most confident that your statesmanlike farsightedness will succeed,
through negotiations between the two opposing orientations in the Evangelical Church as well as with the representatives of the Prussian churches on
one side and the organs of the Prussian Government on the other, in restoring
peace in the Evangelical Church and on this basis will bring about the desired
union of the various State churches.
With friendly greetings, yours,
VON HINDENBURG.
Bonds of City of Heidelberg (Germany) Dealt in
"Flat" on New York Stock Exchange.
With regard to the non-payment of interest on bonds of
City of Heidelberg, Germany, Ashbel Green, Secretary of
the New York Stock Exchange, issued the following announcement:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
July 1 1933.
Notice having been received that the interest due July 1 1933 on City of
Heidelberg External 25
-Year 7i% Sinking Fund Gold Bonds, due 1950.
Is not being paid:
The Committee on Securities rules that beginning July 1 1933 and until
further notice the said debentures shall be dealt in "Flat" and to be s
delivery must carry the July 1 1933 and subsequent coupons.
The Committee further rules that in settlement of all contracts in said
bonds made heretofore on which interest ordinarily would be computed
beyond June 30 1933 interest shall cease on June 30 1933.
Moratorium Plan Denied by Poles—London Delegation
to Monetary and Economic Conference Insists
Warsaw Will Pay Debts and Stay on Gold.
The Polish delegation to the World Monetary and Economic Conference issued a denial on June 23 of intimations
that Poland has decided to declare a transfer moratorium
on its foreign debt service if the economic conference fails
and the denial is emphatic. A London cablegram (June 23)
to the New York "Times" from which we quote, continued:
Dr. Leon Baranski, who is the Bank of Poland's Vice-Chairman as well
as the leading Polish financial delegate, added that Poland is determined to
maintain the gold staniard and fulfill debt obligations, although "we are
like an unarmed passer-by in a street
-bombing affair in this dollar-pound
controversy and stabilization delay."
It appears obvious that the smaller Eastern and Central European
countries are suffering most from the monetary uncertainty. They are
unable to go off the gold stanard, fearing a complete breakdown in their
monetary and financial systems, yet they suffer by staying on it. Most of
them went through inflation in the first tumultuous post-war years, when
Government printing offices supplied funds to cover budget deficits, costs
of building new armies and excessive expenditures by untrained, inexperienced young bureaucrats. They know what it means. Poland had two
inflations before it stabilized the zloty with the aid of American loans.
The term "controlled inflation" is incomprehensible to thse countries.
Once released, they have observed, the inflation snowball runs to the
tragic end of a paper-money avalanche, burying a country's entire resources.
Poland and its agricultural neighbors therefore are convinced they cannot
afford to go off gold, because for them the cure would be more dangerous
to their economic systems than the present strict deflation with low commodity prices, diminished consumption, and heroic budgetary economiles.
The instability of the world's chief currencies, however, deepens the
deflation in the smaller countries. In Poland nearly $50,000,000 in dollar
230
Financial Chronicle
notes has been in circulation, the dollar serving as a compelmentary CUTrency, especially for long-term credits, insurance, &c. It is calculated that
three-quarters of what is left in the country has been converted into gold.
Dollar hoarding has changed into gold hoarding, with the effect that gold
imports hamper the import of foreign goods.
The United States, perhaps, is not directly affected by this but reduced
exports to Eastern Europe from the Western industrial countries eventually
will reduce the exports of the United States to Europe with damaging effect
on the policy of increased prices. The consuming capacity of these countries, with their combined population of 80.000,000 cannot be neglected, in
the opinion of experts here.
Instability also prevents long-term investments on account of the monetary risks, according to the same opinion, thus rendering impossible any
Increase in demands for commodities or any tendency toward firmer prices.
Stabilization, ending the uncertainty in the small agricultural countries,
would permit, it is argued, the extension of credits, raise bond prices and
contribute to general economic revival.
Dutch End Bullion Issue—Exports of Bulk Gold Bring
Temporary Ban.
A copyright cablegram from Amsterdam, June 26, is
taken as follows from the New York "Herald Tribune":
New rules have been made by the Netherlands Bank to the effect that
gold will, in the future, be issued only in the form of coin, although it is
understood that this rule is intended to be of temporary character only.
During the last week, owing to the high rate of exchange of Belgian and
French francs, considerable sums in gold have left Amsterdam bound for
Brussels and Paris, the greater part, however, going to the Belgian capital.
These payments evidently took place before the new rule came into operation as the reduction in coin reserve from last week is only a matter of 120
florins while that in bar gold is from 733,941,318 florings to 713,215,133.
Silver reserves have increased by approximately 700,000 florins. Current
account credits have fallen nearly 6,000,000. Bank notes in circulation
have dropped from 942,162,970 florins to 926,497.570, so that coverage is,
respectively, in gold 98.5% (last week it was 88.3), and in gold and silver
combined 90.1% (last week 90.7).
Holland to Retain Gold as Standard.
Amsterdam advices, June 30, are quoted as follows from
the New York "Times":
Heavy speculation against the guilder caused a renewal of rumors concerning a possible departure of Holland from the gold standard, but the
Government and the management of the Netherlands Bank declared
most decidedly that they had no intention of abandoning gold.
As a proof of this, the bank rate was increased to 43i% and discounts
on promissory notes to 5%,and a further increase will be made if necessary.
There were 767,000,000 guilders of gold in the central bank this week,
compared with 837,000,000 guilders on May 29 and 980,000.000 guilders
on June 27 1932. The rise in the Dutch bank rate was confirmation
of the intention of Holland to maintain the gold standard, and it is the
usual means of frightening foreign speculation.
London "Times" Prints a Gold Supplement—Holds
Debts and High Tariffs Prevent Stability of Any
Monetary Standard.
Reporting that the London "Times" was issuing a special
gold supplement of 28 pages on June 20 in which gold is
considered from such varied points of view as the monetary
romantic, economic and utilitarian, a wireless message,
June 19 from London to the New York "Times" said:
Professor Lionel C. Robbins of The University of London, one of many
contributors to a gold symposium, observes that while it may be possible
theoretically to maintain stable exchanges without gold, the convenience
of gold reserves as a technicla instrument of exchange regulation is so great
that the world is unlikely to dispense with it.
The London "Times" comments:
"Unfortunately, in the post-war decade this ingenious and delicate
monetary system has been distorted, with grave consequences to every
Country of the world. But the fault lies not with the gold standard as
such, but rather with the economic misuse to which it has been subjected
on account of reparations, war debts, prohibitive tariffs and ill-judged,
spasmodic capital movements. So long as these abuses are permitted to
continue it is idle to seek the stability of any monetary standard, whether
gold, bimetallic or paper.
"Nor is there any real justification for the view that the disastrous fall
of prices in the present depression is really due to a dearth of gold, though
there is little doubt that the maldistribution of the world's gold resources
due to hoarding on the part of central banks has been a major factor both
as an originating cause and a morbid symptom. There Is plenty of gold
to-day to support a much higher price level than at present."
Nothing in the nature of the gold standard, as such, caused it to be
either obsolete or unworkable, the "Times" concludes, adding that a return
to the gold standard will not be to the gold standard of post-war years.
Professor Theodor E. Gregory of the University of London writes:
"The conference is called upon to face the issue of whether the gold
standard can be restored again, and if so, upon what conditions. In
some respects the outlook is more depressing than ever before since nationalism has made giant strides in the last decade and the requirements
of international trade and finance, which demand the restoration of gold,
are more contemptuously treated by politicians, and even by certain circles
of economists, than at any time since the era of absolutism in the 15th and
16th centuries."
Gold Formerly Sent from Canada to United States
Now Exported to Great Britain.
Canadian Press advices from Ottawa, June 18, said:
A report by the Dominion Bureau of Statistics says that for a long time
prior to May not an ounce of Canadian gold bullion had been going to the
United Kingdom, hte entire export having been sent to the United States.
Last month, however, the situation was reversed, $8,717,606 being sent to
the United Kingdom and only $119.983 to the United States. In the 12
months ended with May 344.479.411 was exported to the United States.
Export of gold-bearing quartz to the United States in May was valued
at 3188.655, but none went to the United Kingdom. The 12 months'
aggregate to the former country was $3,662,233 and to Great Britain only
Export of all gold in May was valued at 19,026,244, against $2,828,377
In April and $5.275,102 in May 1932.
July 8 1933
Drop in Transvaal Gold—Every Month This Year
Shows Decrease from 1932.
The Transvaal's gold output in May was 944,604 ounces,
against 895,097 in April and 965,644 a year ago. We quote
from London advices, June 17 to the New York "Times",
which also said:
The aggregate production for four months was 4,637,166 ounces, against
4,726,271 in the corresponding period last year.
Every month this year has shown a decline from last year, the decrease
being due to treatment of lower-grade ore.
Gold Mining Companies at Denver Reported as Awaiting
Higher Metal Price.
Under date of June 25 the New York "Journal of Commerce" published the following from Denver:
It is reported here that gold mining companies are carrying more of the
yellow metal as inventories than at any time in the history of the State.
The retention of the metal is due to a well fixed belief that the Treasury
will be forced to pay a premium over the statutory price of $20.67 an ounce.
It is pointed out that Canada is paying a premium to balance the discount
of her dollar at New York, and that the United States will have to pay approximately the same premium to balance the discount others an Paris. 144
This tendency to hold the metal is indicated by the figures on deposits
released by the United States Mint here. For the month of May deposits
with the Federal agency were only 5% greater than in the corresponding
month, 1932. This compares with an increase of 17% in the monthlof
April and of 33% in the month of March. The increase for the full fivemonth period has amounted to 24%. Unofficial, but well informed.
estimates place the actual increase in gold production throughout Colorado
at between 35 and 40%, indicating an expected production for the current
year of about $9,000,000 at the present price of$20.67 an ounce.
Sr
Gold Mines May Close if Export Ban Continues—Producers seek Right to Sell at Premium
Abroad.
Advices as follows frcm San Francisco, June 27 appeared
in the New York "Herald Tribune":
California
The closing down of numerous large gold mines in California will become
necessary unless gold producers are permitted to export newly-mined gold,
for which they would receive a premium over the price paid by the United
States Government. Such is the gist of a wire sent to United States Senator Hiram Johnson of California. by George W. Storr, President of the
California Mining Association.
"Increased costs with fixed selling price is Imposing overwhelming hardships upon the industry," the wire said in part. "In order to avoid discontinuance of operations permission to export such gold is imperative."
During 1932 California produced 311,649.000 in gold, or about one-quarter of the total output of the United States and its possessions. Nearly
8.000 "panners." recruited from the ranks of the unemployed of the state.
Produced nearly 3500,000 worth of gold with crude equipment.
Estonia Decides to Go Off Gold—Crown Will Be
Devalued 35% to Level With Swedish Currency.
Associated Press advices from Tallinn, Estonia, June 28
were published as follows in the New York "Evening Post":
Estonia is to abandon the gold standard, Premier Tounesson announced
to-day. The Estonia crown will be placed by the Government at a level
with the Swedish crown, a devaluation of 35%.
After debating throughout the night, Parliament passed a vote of confidence in the Government, 47 to 45.
Advices from Reval (Estonia) June 28 to the New York
"Times" said:
Several Cabinet Ministers urged the necessity of devaluation, because
the present monetary policy had threatened to ruin industries and agriculture and to spell disaster for banking. They argued it was better to follow
the American example. Already Estonian industrial output has decreased
by 47% since 1928 and exports have shown a catastrophal decline.
Baron Rothschild Resigns as President of Austrian
Creditanstalt—Dr. Wiedenhoffer Elected His Successor.
Vienna advices June 28 to the New York "Times" stated:
Baron Louis Rothschild, whose family for generations has been connected with the Austrian Creditanstalt, resigned after 25 years as President
of the Bank. at to-day's annual general meeting. Dr. Emanuel Wiedenhotter, former Finance Minister, was elected to fill his place.
German Budget Approved by Hitler Cabinet.
Under date of June 28, Associated Press advices from
Berlin stated:
The new German budget, approved by the Hitler Cabinet yesterday,
has not been published in the newspapers, but some of the figures were
obtained to-day. The estimates for the fiscal year 1933-34 are balanced
at 5,900,000.000 marks [currently about $1.746.000.0001.
The Ministry of Defense shows a current expenditure of 584,000,000
marks and a non-recurrent expenditure of 87,000,000. The newly created
Aviation Ministry requires 78,500,000 marks, including the non-recurrent
amount of 4,600,000 marks.
The Ministry of Finance estimate shows receipts totaling 5,353,000,000
marks, of which 5.220.000,000 are expected to be derived from customs
and taxes. The Ministry of Propaganda requires 14,000,000 marks.
Conversion Rate for Payment of Import Duties Again
Increased by Austria.
Advices as follows were issued June 27 by the United
States Department of Commerce:
The Austrian Government has just increased the conversion rate of the
gold crown from 1.80 to 1.83 paper schillings, according to a report from
Commercial Attache Gardner Richardson, Vienna, to the Commerce
Department.
Volume 137
Financial Chronicle
Inasmuch as Austrian import duties are stated in gold crowns and payable
In paper schillings, this increase in the conversion rate is equivalent to an
increase of 1 2-3% in all import duties.
It is stated that the measure was taken to provide additional Government revenue.
Survey of Italian Trade and Industry—Financial and
Monetary Situation.
The June 1 Business and Financial Report, issued by the
Association of Italian Corporations has come to us from
Romolo Angelone, Commercial Attache of the Italian
Embassy. We quote in part from the report as follows:
The Financial and Monetary Situation.
Following on an exhaustive and critical study of the economic situation
in its several aspects, the report of the Budget Committee of the House
on the Finance Bill for 1933-34 concludes: "In several sectors of our
economy the downward trend has been checked and we note a tendency to
improve, while the behavior of the lira on world markets confirms the
adequacy of our reserves of all kinds. Not only can we calmly await
those decisive international agreements which cannot be long deferred but
we may now consider as hmninent the hoped for return of more favorable
possibilities. Alien as we are to easy optimism and unjustified forecasts,
we conclude our task with the positive conviction that, so far as Italy
is concerned, the bottom of the depression has been touched and has now
been passed."
The impression conveyed by these words is confirmed by the budget
speech of Finance Minister Jung.
Neither the report nor the speech attempt to minimise the gravity of
the depression nor its reactions on national finance. The facts are squarely
faced and plainly stated: the receipts for the current financial year will fall
short of estimates by 773 million lire, of which 565 million are due to reduced receipts from the customs' duty on wheat, a loss to the revenue but
a gain to the balance of payments; expenses will exceed estimates by 1,820
million lire of which 833 million accounted for by interest on the debt,
650 million by the railway deficit, 278 million by the assistance to agriculture
and industry demanded by crisis conditions, and 100 million by supplementary budget appropriations. The deficit for the current financial year will
therefore approximate 4,000 million lire. For 1933-34 the deficit is estimated at 3,088 million. "In giving you these figures" Minister Jung went
on to say "I fully realize what it will cost to wipe out this deficit, I bear
in mind the demands it will entail, and they cause me no undue anxiety
because: (1) the settlement of arrears is duly provided for—the increase of
1.350 million lire in this item appearing in the accounts for 1931-32 being
due only to the fact that credits of 1,250 million lire for public works in
relief of unemployment and of over 100 million for the Genoa-Serravale
autostrade, were entered just at the close of that financial year; (2) the
floating debt, which on 30th April last stood at 8,389 million lire, no longer
consists of those Treasury bills which afford so sound a means of meeting
temporary needs but so dangerous a one when used to meet longer dated
liabilities. "We made the experiment once, we paid the price, we shall
never make it again." The sources to which recourse is now made entail
no such danger; (3) The Treasury cash balance with the Bank of Italy
stood at 1.811 million lire on 20th May;(4) above all the budget of international payments balances with a favorable margin, as ts shown by the
fact that notwithstanding the insolvency of many foreign purchasers of
Italian exports and the obstacles hindering the transfer of valuta, the Central
Bank's reserves have remained constant throughout the current financial
year. For all these reasons the future can be faced with confidence.
After reminding the House that the Government had the courage to cut
down by 578 million lire the expenditure on defence services, thus setting
an example and showing where the effort at economy should begin, the
Minister continued: "I can assure the House that we appreciate fully the
need of balancing the budget and that all our efforts converge toward that
end which will be achieved as soon as conditions allow. But we must
remember that the Nation has needs which cannot be neglected and while
viewing expenses in their economic aspect and sparing no effort to reduce
them to a strict minimum, we must not disregard the importance of the
results secured by the expenditure made."
The key to Italy's financial policies Is to be found, he said, in the unbounded confidence the nation places in its Government,a confidence which
will not be used to monopolize savings but to safeguard and direct them
towards those forms of investment which best serve national interests.
And hero the Minister noted that the country's new savings, if wisely
used, are adequate to meet both the needs of the national budget and the
others consequent on the settlement and readjustment ofsectors of economic
activity in which the Government has intervened, not to support given
Industries or banks, but to protect national interests at stake, the assistance
being given exclusively, he noted, out of now savings and never out of the
currency.
The Government's attitude toward all speculative activities was emphasized In the address delivered by the Minister on 22nd May at the general
meeting of the Banking Association. The banking organization, he said,
should respect whole-heartedly the view adopted by the Government that,
under present circumstances, all forms of speculation are unsound and
must be repressed. . . .
On monetary policies the Minister was no loss explicit. After noting
that a gold cover to the note circulation standing at 60.76%, and at 49.04%
to all sight liabilities provides the technical basis required for ensuring a
sound currency, he said that, this being so, the will of the Duce that the
currency should be and should remain sound would be carried out to the
letter. "I had the honor of stating this to the President of the United
States when he enquired of me into Italy's attitude on two of the questions
the U. S. deem of pre-eminent importance for the World Economic Conference—monetary stabilization and the return of all currencies to a common
standard which the U. S. cannot conceive of as other than gold. I replied
that Italy had no need to stabilise, as she had already stabilised on 21st
Dec. 1927. and had maintained, and intended to maintain, that stabilization unaltered; and that Italy had no need to return to a gold parity because
In 1927 she had placed her currency on a gold basis. I added that whatever
other countries might do, Italy would not deviate from the policies laid
down by the Duce, and that instead of considering recourse to empyrical
and ultimately ineffectual means for adjusting internal to world prices.
she would continue to make use of an instrument thoroughly tested out
during the past ten years, I. e, her guild or corporative organization."
Exchange Rulings Said to Have Been Forced on
Jugoslavia by Action of Neighbors.
United Press advices from Belgrade June 17 stated:
Strict
Although Jugoslavia was one of the last to do so, she was finally forced,
by action of her neighbors, to establish strict financial and foreign exchange
regulations, and to adopt stringent restrictions of imports when markets
231
abroad for her agricultural products decreased. Protective industrial
tariffs also were raised against the well organized industry of Czechoslovakia
and other European countries. These methods were necessary to guarantee
a favorable balance of trade and protect the currency, which still is on
the gold standard.
Nevertheless the crisis in the world agricultural markets has been a heavy
blow to Jugoslavia, where 35% of the population are dependent on agriculture. Therefore Jugoslavia hopes for some solid and lasting agreement
which will stabilize the agricultural market and permit her to sell her
farm products.
Senator Norris and U. S. Board of Trade Urge Recog-.
nition of Soviet Russia as Aid to Economic Recovery—Senator Lists Purchases Russia Would Make
in American Markets—Trade Board Says Peace
Treaty Constituted Virtual Recognition.
Renewed pressure for recognition of the Soviet Government by the United States was exerted on June 24, when
statements were issued by the United States Board of Trade
and by Senator Norris of Nebraska, urging that the action
be taken as an aid to economic recovery. Senator Norris
said he had learned that Russia wished to buy in the United
States $10,000,000 of meat products, 1,000,000 bales of cotton
and $400,000,000 of machinery. These purchases would be
paid for, he said, partly in kind and partly in cash, although
the Soviets "must have several years" to complete the
transaction. Senator Norris added:
She proposes to ship us products of which we import a large proportion
of what we use. She proposes to ship these products, sell them here and
apply the proceeds to her debt.
Her purchase of meats, cotton and machinery would not only raise the
price of hogs and cotton to a remunerative figure, but it would give employment to thousands of unemployed Americans and business to manufacturing
concerns.
What is the objection to this proposed deal?
We do not like her f6rm of government. We disagree with her on religion. Our people are shocked at the easy manner in which divorces can be
obtained in Russia. For these and similar reasons, we refuse to trust her,
or to have any official relations with her.
What are the facts?
Since the Soviet Russian Government was organized she has never defaulted upon the payment of a single obligation. She has met every debt
contracted, according to the terms of the contract, and has paid in full,
with interest. All of our other allies, in the aggregate, owe us billions of
dollars, and, with the exception of one small nation, every one of them bas,
either in whole or in part, repudiated the obligation.
Ever since the war we have been trying to get ride of our agricultural
surplus. Russia wants to buy it. We refuse to sell to her. We compel Our
farmers to struggle along, producing the food we eat and the clothes we
wear at a financial logs to ourselves.
How long will we continue to hide our heads in the sand?
The United States Board of Trade is headed by Charles W.
Hunt, formerly Ohairman of the Federal Trade Commission.
Its Executive Committee adopted a resolution which read,
in part, as follows:
The United States Board of Trade desires to call the attention of the
country to the fact that the Coolidge administration fully and legally recognized the Union of Soviet Socialist Republics in a solemn treaty. This
treaty, commonly called the Briand-Kellogg pact for the outlawry of war,
was signed and ratified, first by the Soviet Government and second by the
United States of America, and later by many other Governments, and is
now deposited as a binding international covenant with the Secretary of
State in Washington.
Although this recognition accords to the Soviet Government all legal
rights in our courts, still two previous administrations, while seeking to
maintain our rights under the treaty, have sought to avoid the plain import
of such recognition. This is a duplicity beneath the dignity of any government and we therefore request President Roosevelt to correct this anomalous
situation by the restoration of full diplomatic relations with the Soviet Government.
Brazil Lowers Milreis Rate,
United Press advices from Rio De Janeiro (Brazil), July 7,
were published as follows in the New York "World-Telegram":
Brazil lowered the official rate for dollars to 13 milreis 170 refs to-day.
The official rate for the last year was 13 milreis 300 reis until two days
ago, when for the first time it was lowered to 13 milreis 270 rein.
On July 5 Rio De Janeiro (Brazil), advices to the New
York "Times," stated:
The milreis Is to be adjusted to the dollar soon at a rate of 13.3 milreis
to the dollar, it was reported here to-day in official circles. The Banco
do Brazil quoted a rate of 13.272 milreis to the dollar at closing time here
to-day. The officials of the Bank, however, refused to give any information as to their future plans.
Brazil Thaws U. S. Credits—"Bootleg" Exchange Operations Halted as Decreens Signed.
From the New York "Herald Tribune" we take the
following (United Press) from Rio De Janeiro (Brazil),
July 2:
A few hours after President Getulio Vargas signed a decree authorizing
an exchange arrangement "unfreezing" United States credits here, Finance
Minister Oswaldo Aranha announced that the Government would eliminate
all "black bourse" or bootleg exchange operations.
"I tolerated the Bourse," Aranha told the Commission for Economic
Studies to-day,"but it has now fulfilled its mission. I will give it a death
blow."
American and other foreign importers here, who have been seriously
handicapped in marketing purchases in their home countries because of
their inability to remit money abroad, will now be afforded some relief by
President Vargas's latest decree.
Financial Chronicle
232
The following from Rio De Janeiro (Brazil), July 6, is
from the New York "Times":
Up to June 30, the final date for making declarations under the recently
negotiated plan for thawing dollar accounts in Brazil, only 160,000 contos
had been declared by United States firms wishing to transfer their money.
according to the newspaper "A Noite."
[At the recent quotations 160,000 contos would be equivalent of $12,000.000,although the decline ofthe dollar has sent thisfigure up,fluctuating
from day to day.]
According to reports here the amount of frozen dollar deposits totals
around $24,000,000. "A Nolte" attributes the comparatively small
-amount declared, after months of agitation for "defreezing." to the fact
that United States firms established here had decided to employ the money
In Brazil because of inflation prospects at home.
Brazil Said to Have Obtained London Loan—Rothschild's Credit Will be Used to Thaw Up to £3,000,000
Deposits.
From Rio De Janeiro (Brazil), June 27, the New York
"Times" reported the following:
Announcement was made to-day that a credit had been negotiated with
Rothschilds of London, for the thawing out of £2,000,000 to £3,000,000
frozen in bank deposits here, due to exchange control. The terms are
similar to those of the American credit, which begins operation on June 30.
The British credit is effective July 15.
Swarms of British and American business men fill the Banco do Brazil
every business day now, filing affidavits showing the amount of their
frozen funds, which must be registered not later than the dates shown to
obtain coverage.
Government of Salvador, South America, First Nation
to Resume Cash Payment on Defaulted Bonds.
The announcement of resumption of cash interest payment by the Government of El Salvador on its dollar bonds
sold in this country and on the sterling issue held in England,
is noteworthy in that this is th3 first instance, it is stated,
during the present economic depression, where a country
which had suspended it tetest payments on a foreign loan
has resumed debt service. Salvador is the smallest ccuntry
in South America and the only one not recognized by the
United States. An announcemer t issued June 26 said:
The Government of El Salvador defaulted on the interest due on July 1
1932, on the series B sterling 6% issue held in England and on the series
7% dollar bonds largely held in the United States. Interest was, however,
paid on the series A 8% dollar bonds. All issues were secured by a first
lien on customs revenues.
The suspension of debt service was, in large part, caused by the effect of
the low price of coffee on the economic condition of the country and further
aggravated by a revolution followed by a communistic uprising, the quelling
of which severely taxed the resources of the Government. These political
disturbances were largely the result of the economic depression.
One year ago a bondholders' protective committee was formed, consisting of J. Lawrence Gilson, Chairman; R. W. Hebard, Fred Lavis,
F. J. Lisman, Rafael Rodezno and Montgomery Schuyler, counsel being
Guggenheimer & Untermyer and Hornblower, Miller. Miller & Boston.
The task of the committee was made increasingly difficult during the
year as defaults by governments and corporations increased and numerous
moratoria were declared. The fact that the present Government of El
Salvador had not been officially recognized by the United States Government also accentuated an already difficult situation.
The present Government of El Salvador headed by General Maximilian°
Martinez, sent a representative to the United States in the summer of 1932
to examine; with the bondholders' committee, ways and means of resuming
debt service.
A provisional agreement was reached in September by which the Government agreed to remit 20% of custom collections for loan service In April 1
1933, the bondholders' committee sent Fred Lavis to Salvador with authority to enter into a definitive agreement with the Government. On May 5
a new agreement was signed which was later ratified by the Salvador
Congress and the bondholders' committee.
This agreement provides for full coupon payments for the A and B bonds
and one-half payment on the C bonds, all sinking fund payments to be
suspended for a period of two years. Interest bearing scrip is to be issued
for unpaid coupons on B and 0 issues. The agreement, which is to cover
the period Jan. 11933 to Dec. 311934, in no way impairs the rights of the
bondholders in accordance with the original loan contract of 1922.
Rulings on Bonds of Republic of El Salvador by New
York Stock Exchange.
The New York Stock Exchange, through its Secretary,
Ashbel Green, issued the following statement on June 22:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
June 22 1933.
Notice having been received that the interest due July 1 1933, on the
certificates of deposit representing customs first lien 8% sinking fund gold
bonds. series A, due 1948, of Republic of El Salvador will be paid on said
date, less protective committee expenses amounting to $6 per $1,000 principal amount.
The Committee on Securities rules that beginning July 1 1933, and
until further notice the said certificates of deposit shall be dealt in "flat."
That beginning the said date the certificates of deposit may be dealt in
as follows:
"July 1 1933. Interest paid"
"July 1 1933, interest unpaid:" and
That beginning July 17 1933, the certificates of deposit may be dealt in
only as follows:
"July 1 1933, interest paid."
ASHBEL GREEN, Secretary.
Notice of
Minister Jaramillo of Colombian GovernOffer for Payment of Interest on External
Debts.
In an item in our issue of July 1 (page 49), reference was
_made to the notice of Esteban Jaramillo, Colombian Minister
July 8 1933
of Finance and Public Credit, offering cash and scrip in payment of interest coupons due and unpaid or shortly to mature
on two of the Republic's external sinking fund gold loans
and four of the Agricultural Mortgage Bank loans. The Republic offers the holders one-third in cash and scrip certificates for the balance of the face amounts due, in United
States currency. The scrip certificates are to mature Oct. 1
1937. They will not bear Interest, but the Republic will in
each of the years ending Oct. 1 1934 to Oct. 1 1937, inclusive,
retire by purchase one-fourth of the total amount of scrip
certificates issued, "if obtainable at prices at or below par."
The certificates will be callable at any time for redemption
at par as a whole, on not less than 20 days' published notice.
Similar provisions will be made for the payment of coupons
on the Republic's sterling and franc bonds and the sterling
loan of the Agricultural Mortgage Bank, guaranteed by the
Republic. It is announced that the coupons involved are as
follows:
Republic of Colombia 6% external sinking fund gold bonds dated July 1
1927—coupons due July 1 1933 and Jan. 1 1934.
Republic of Colombia 6% external sinking fund gold bonds of 1928,
dated April 1 1928—coupons due Oct. 1 1933.
Agricultural Mortgage Bank 7% sinking fund gold bonds, dated April 1
1926—coupons due April 1 and Oct. 1 1983.
Agricultural Mortgage Bank 6% singing fund gold bonds dated April 15
1928—coupons due April 15 and Oct. 15 1933.
Agricultural Mortgage Bank 7% sinking fund gold bonds dated Jan. 15
1927—coupons due July 15 1938; and the
Agricultural Mortgage Bank 6% sinking fund gold bonds dated Aug. 1
1927—coupons due Aug. 1 1933.
The "extraordinary and unavoidable expenses for national
defense imposed upon it by the invasion of its territory
which gave rise to the recent conflict with Peru" are given
as the reason for the cash and scrip offer. It is pointed out
that a full year's interest on the Republic's external bonds
Issued or guaranteed by it is some 6,000,000 pesos, whereas
defense expenditures to date, since the trouble with Peru
began, have aggregated about 14,000 000 pesos. The adoption of the proposal of the League of Nations for the settlement of the dispute with Peru enables the Republic now to
offer the partial cash payment outlined, the Minister says.
Bonds of Republic of Colombia Shall Be "Flat" New
, York Stock Exchange Rules.
6
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following announcement on June 28:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
June 28 1933
Referring to the offer of the Republic to make partial payment of onethird in cash and the balance in scrip on account of the interest due July 1
1933. and Jan. 11934, on Republic of Colombia 6% external sinking fund
gold bonds. due 1961:
The Committee on Securities rules that beginning July 11933, the said
bonds may be dealt in as follows:
"with July 11933. and subsequent coupons attached"
"with Jan. 11934.and subsequent coupons attached,"
That scrip received in partial payment of coupons shall not be deliverable
with the bonds:
That bids and offers shall be considered as being for bonds "with July 1
1933, and subsequent coupons attached" unless otherwise specified at the
time of transaction; also
That transactions in the bonds shall be "flat."
The Committee further rules that in settlement of all contracts in said
bonds made prior to July 1 1933, on which interest ordinarily would be
computed beyond June 30 1933, interest shall cease on June 30 1933.
ASHBEL GREEN, Secretary,
Additional Rulings Issued by New York Stock Exchange
on Bonds of Agricultural Mortgage Bank, of Colombia—Transactions in Bonds Shall Be "Flat."
The following announcement was issued on June 28 by
Ashbel Green, Secretary of the New York Stock Exchange:
NEW YORK STOCK EXCHANGE
Committee on Securities.
June 28 1933
Referring to the ruling of the Committee on Securities dated April 15
1933, regarding non-payment of interest duo April 15 1933, on Agricultural
-year 6% sinking fund gold
Mortgage Bank, of Colombia guaranteed 20
bonds,issue of April 1928, due 1998:
make partial payment of one-third in cash and
In view of the offer to
the balance in scrip on account of the Interest duo April 16 1933. and Oct. 15
1933:
The Committee on Securities further rules that beginning June 30 1933,
the said bonds may be dealt in as follows:
"with April 15 1933. and subsequent coupons attached"
"with Oct. 15 1933. and subsequent coupons attached:"
That scrip received in partial payment of coupons shall not be deliverable
with the bonds;
That bids and offers shall be considered as being for bonds "with April 15
1933, and subsequent coupons attached" unless otherwise specified at the
time of transaction; also
That transactions in the bonds shall be "flat."
ASHBEL GREEN, Seeretary.
The Committee's ruling of April 15 was noted in our issue
of April 22, page 2699.
Financial Chronicle
Volume 137
Republic of Costa Rica Proposes Funding of Bond
Interest Coupons.
The Republic of Costa Rica is inviting holders of its 5%
gold refunding bonds of 1911 to surrender all of the interest
coupons appurtenant to those bonds falling due July 1 1933
to July 1 1936, and to receive in exchange sterling funding
bonds of the Republic in denominations of £20 and £100 and
fractional certificates for amounts of less than £20 for the
aggregate face amount of the coupons deposited. An announcement in the matter issued June 30 says:
The sterling funding bonds carry interest from July 1 1933 at the rate of
5% per annum, and have attached coupons payable half-yearly in sterling
in London at Hambros Bank, Ltd., or in dollars in New York at the head
office of the National City Bank. The interest is only payable after delivery
of the sterling funding bonds in exchange for fractional certificates. The
Republic is defraying all bankers' charges which may be incurred incident
to the surrender of the coupons to the National City Bank and has arranged
that similar charges for delivery of sterling funding bonds or fractional certificates will be at the rate of 50c. each, to be borne by the depositors.
The Republic points out that the plan for the funding of the interest
coupons on the 1911 bonds was in lieu of suspending payments completely
due to the existing unfavorable economic and finanWal conditions in the
Republic.
The plan was announced by J. Rafael Oreamuno, representative of the Republic of Costa Rica.
Funds Available for Payment of July 1 Coupons on
Bonds of City of Saarbruecken.
Ames, Emerich & Co., announce the receipt of funds to
pay in full coupons maturing July 1 1933, on the City of
Saarbruecken 6% sinking fund gold bonds due Jan. 1 1933.
The sinking fund instalment of July 1 1933 amounting to
$36,000 par value bonds has been retired through purchase
in the open market.
Portion of Land Mortgage Bonds of Warsaw (Poland)
Drawn for Redemption.
John E. Sloane & Co. have been advised by the Land Mortgage Bank of Warsaw that $57,450 of the Land Mortgage
Bank of Warsaw 8% dollar bonds, due in 1941, guaranteed
by the Polish Government, were retired In June of this year.
The numbers of these bonds, which were bought in the market, as well as numbers of bonds previously drawn but not
yet presented, can be inspected at their office.
-
Nicaragua Reported to Have Discontinued
Foreign Exchange Sales.
From the New York "Times" of July 1 we take the follow-
ing from Managua, June 30:
The National Bank of Nicaragua discontinued selling foreign exchange
on European countries to-day because of the great fluctuation in currencies.
The general manager announced it was not feasible at present to attempt
to sell the Nicaraguan coffee crop because of the instability of exchange.
Nicaragua Redeems $50,000 Bonds.
Irving A. Lindberg, High Commissioner and Collector
General of Customs, announced that $50,000 of Nicaraguan
1918 bonds were redeemed at par at public drawing on
July 5, it was stated in a cablegram from Managua to the
New York "Times."
Nicaragua Seeks Loan—Finance Minister to Meet
Bank's Directors in New York.
Managua advices, June 27, to the New York "Times" said:
Dr. Salvador Guerrero Montalvan, Minister of Finance and President of
the High Commission, left for New York to-day by airplane to discuss with
the directors of the National Bank of Nicaragua the feasibility of a loan
of $1,500,000 to the Government. While the National Bank of Nicaragua
is owned by the Government, it is incorporated in the United States and its
offices and directorate are in New York. The board consists of nine
directors, four of whom are Americans, William H. Schubert, Howard J.
Rogers, both Vice-Presidents of the Bank of the Manhattan Company; Dr.
Constantine E. McGuire and H. C. Sonne. The five Nicaragua directors
reside in New York.
Hans Snare, manager of the bank accompanied the Minister of Finance.
10% Charge on Checks Approved in Nicaragua—Move
to Protect Gold Reserves.
The following from Managua, Nicaragua, June 29 is from
the New York "Times":
A tax of 10% on all checks or drafts to pay for travel, whether on business or pleasure, is authorized in an act approved by Congress to-day.
Remittances for merchandise purchased abroad would not be subject to
the new tax. Its object is to prevent unnecessary traveling and to conserve
gold resources.
Nicaragua to Issue More Currency to Meet Budget
Deficits and for Loans to Coffee Growers.
In Managua, Nicaragua advices June 19 to the New York
"Times" it was stated that the Nicaraguan Congress has
passed a law granting the President power to negotiate a
loan from the National Bank of Nicaragua for the emergency
issue of 1,500,000 cordobas to meet the budget deficit, and
233
for loans to coffee growers. It is believed (says the message
to the "Times") that the additional currency will stimulate
domestic trade.
Proposed Issue of Japanese Government Bonds—
Purchases of Gold on Basis of Yen-Sterling Exchange Rates.
The Japanese Government will offer an additional issue
of 4% bonds in July, according to a radiogram received in
the Department of Commerce June 29 from its Tokyo
office. The Department on June 30 further announced:
The budget estimate for the fiscal year beginning in March 1934 has
been placed tentatively at 2,300,000,000 yen, or approximately the same
budget for this fiscal year. The estimate is subject to revision.
Some upward revision in taxes is anticipated for next year. and in addition it is believed in Tokyo financial circles that bonds totaling 1,000,000,000 yen may be sold.
The Japanese Government is now purchasing gold on the basis of the
yen-sterling exchange rate.
as the
Japan Favors New Taxes to Balance Budget.
The Japanese Minister of Finance is reported as favoring
increased taxes in addition to bond issues to meet the present
budget deficit. This is indicated in a radiogram to the
Commerce Department's Regional Division from Commercial Attache H. A. Butts, Tokyo, according to the
Department, which on June 14 said:
Lower dollar and higher yen values are reflected in trade inquiries and
new business, Mr. Butts reported. Yen exchange advanced to $0.261
on June 12, the highest level since the spring of 1932. Domestic commodity prices, however, have been little affected, although slightly higher
during May. The share market remains firm.
Cocoon prices are considered higher than the present value of silk warwants, and may tend to decline, it is believed in local silk circles. At
the present rate, returns to farmers are profitable.
R. J. Grant, Former Director of United States Mint,
Takes Charge of New China Central Mint.
An announcement June 24 by the United States Department of commerce said:
Robert J. Grant, former director of the United States mint, has arrived
In China and assumed direction of the New China Central mint in Shanghai,
according to a radiogram to the Commerce Department Friday (June 23)
from Commercial Attache Julean Arnold, Shanghai.
The new mint is expected to begin distribution of the new standard silver
dollar on July 1. The new money is to replace other exchange media.
Listing of Securities Containing Gold Clause Barred
by New York Stock Exchange—Ruling Applies to
Bonds or Other Obligations Issued Since June 5.
Notice was issued to members of the New York Stock Exchange on July 5, advising them that the Committee on
Stock List has amended its requirements as a result of the
enactment by Congress of the resolution repealing the gold
clause in public and private contracts. As a result the
Exchange will bar from listing privileges bonds or other
obligations incurred subsequent to June 5 1933 if the obligation contains the word "gold." The notice of the Exchange
was issued as follows, by Secretary Green:
NEW YORK.STOCK EXCHANGE.
July 5 1933.
To the Members:
the approval, on June 5 1933, of Public Resolution No. 10 of
In view of
the 73rd Congress, relating to obligations purporting to be payable in gold
and to the discharge thereof upon payment, dollar for dollar, in any coin or
currency which at the time of payment is legal tender for public and private
debts, the Committee on Stock List has amended its requirements in the
following particulars:
New Issues of Bonds.
(1) No bond or other obligation incurred subsequent to June 5 1933.
except as hereinafter provided,will be listed if the title or designation thereof
contains the word "gold."
(2) No bond or other obligation incurred subsequent to June 5 1933,
except as hereinafter provided, will be listed if expressed to be payable,
either absolutely or in the event of any change in the existing laws of the
United States or upon any other condition or contingency, in gold or a particular kind ofcoin or currency of the United States or in an amount of money
of the United States measured by gold or by a particular kind of coin or
currency of the United States.
Additional Issues of Bonds or Other Obligations, Under Mortgages or Deeds
or Indentures of Trust Executed Prior to June 5 1933.
No bond or other obligation forming a part of an additional issue under a
so-called open mortgage or under a deed or indenture of trust executed
prior to June 5 1933. which contains any provision requiring the payment
thereof in gold or a particular kind of coin or currency of the United States
or in an amount of money of the United States measured by gold or by a
particular kind of coin or currency of the United States will be listed unless
there is prominently imprinted upon the face thereof, by a blank note company approved by the Committee on Stock List, a notice reading substantially as follows:
"The provision that the principal of and interest on the within bond is
payable in gold coin of the United States of America of the standard of
weight and fineness existing on the ____ day of
was included therein
in compliance with the terms of the within described indenture (mortgage)
which was executed prior to the approval on June 5 1933, of Public Resolution No. 10 of the 73rd Congress. 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 a
the time of payment is legal tender for public and private debts.'"
Financial Chronicle
234
If the title of such bond or other obligation contains the word "gold."
the above notice shall likewise be prominently imprinted upon the panel of
the bond or other obligation
In the case of coupon bonds a similar notice, or a summary thereof, or a
reference thereto,shall be imprinted on each coupon.
Exchange of Bonds and Issuance of Duplicate Bonds.
The Committee is advised by counsel that said Public Resolution does not
prevent:
(1) the exchange of bonds or other obligations of different denomination
for bonds or other obligations of the same issue issued prior to June 5 1933;
(2) the issuance of duplicate bonds or other obligations in place of bonds
or other obligations of the same issue issued prior to June 5 1933, which
have been mutilated, lost or destroyed:
0111(3) the exchange of coupon bonds for registered bonds of the same issue
Issued prior to June 5 1933, or registered bonds for coupon bonds of the same
Issue issued prior to said date, or for other registered bonds representing
such coupon or registered bonds.
No stamp or other notice should be placed on loonds so exchanged or
issued.
ASHBEL GREEN, Secretary.
The Congressional resolution repealing the gold clause
was given in our issue of June 10, page 4008.
Increaseof $251,876,682 in Outstanding Brokers' Loans
of
on New York Stock Exchange During June-June
30 Total of $780,386,120 Compares With $528,509,438
May 31-Largest Figure Reported Since Oct. 31
1931.
Outstanding brokers' loans on the New York Stock Exchange increased for the third consecutive month during
June; the total on June 30 was reported at $780,386,120,
compared with $528,509,438, May 31. The latter figure
represents an increase of $206,017,250 over the April 29
total of $322,492,188. The June 30 figure is the highest
reported since Oct. 31 1931 at which time the total was
$796,268,768. In the June 30 statement demand loans are
shown as $582,691,556, compared with $398,148,452, May
31, while time loans on June 30 are reported as $197,694,564
against $130,360,986, May 31. The Exchange made public
the June 30 figures as follows on June 5:
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried in New York as of the close of business June 30
1933. aggregated $780,386,120.
The detailed tabulation follows:
Demand Loans. Time Loans.
(1) Net borrowings on collateral from New York
8498,085,082 $196,210,064
banks or trust companies
(2) Net borrowings on collateral from private
bankers, brokers, foreign bank agencies or
84,606,474
1,484,500
others In the city of New York
$582,691,556 $197,694,564
Combined total of time and demands loans. $780,386,120.
The scope of the above compilation is exactly the same as
report issued by the Exchange a month ago.
in
the loan
Below we give a compilation of the figures since January
1931:
1931-
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 29
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1932
Jan. 30
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1933
Jan. 31
Feb. 28
Mar. 31
Apr. 29
May 31
June 30
Demand Loans.
$1,365,582,515
Time Loans.
$354,762,803
1,505.251.689
1,629,863,494
1,389,163,124
1.173.508,350
1,102,285,060
1,041,142,201
1,069,280,033
802,153,879
615,515,068
599.919,108
502,329,542
334,604,369
278,947,000
261,965,000
261,175,300
289,039,862
302,950,553
284,787,325
242,254,000
180,753,700
130,232,800
84,830.271
Total Loans.
$1,720,345.318
1,839,756,058
1,908,810,494
1,651,128,124
1,434,683,650
1,391,324,922
1,344,092,754
1,354,067,350
1,044,407,879
796,268,768
730.151,908
587,159,813
452,706,542
482,043,758
496,577,059
341,003,662
246,937,972
189,343,845
189,754,643
263,516,020
269,793,583
201.817,599
213,737,258
226,452,358
59,311.400
42,620,000
36,526.000
38,013.000
53,459,250
54,230,450
51,845,300
68,183.300
110,008,000
122,884,600
123.875,300
120,352,300
512,017,942
524.663,758
533,103,059
379,015,662
300,397,222
243,574.295
241,599,943
331.699,320
379.801,583
324,702,199
337,612,558
346.804,658
255.285,758
222.501,556
207,601,081
207,385,202
398,148,452
582.691,556
104,055,300
137,455,500
103,360.500
115,106,986
130,360,986
197,694,564
359,341,058
359,957,056
310,961,581
322,492.188
528,509,438
780,386,120
In our issue of April 8, page 2336, we gave the monthly
figures back to January 1926.
Market Value of Listed Stocks on New York Stock
Exchange July 1 $36,348,747,926, Compared with
$32,473,061,395 June 1-Classification of Listed
Stocks.
As of July 11933, there were 1,207 stock issues aggregating
1,285,081,423 shares listed on the New York Stock Exchange,
with a total market value of $36,348,747,926.
This compares with 1,217 stock issues aggregating 1,293,876,237 shares listed on the Exchange June 1, with a total
market value of $32,473,061,395, and with 1,221 stock issues
aggregating 1,293,545,655 shares with a total market value
of $26,815,110,054 on May 1. In making public the July 1
figures on July 6 the Exchange said:
As of July 1 1933, New York Stock Exchange member borrowings on
security collateral amounted to $780,386,120. The ratio of security loans
to market values of all listed stocks on this date was therefore 2.15%.
July 8 1933
As of June 1 1933 New York Stock Exchange member borrowings on
security collateral amounted to $528,509,438. The ratio of security loans
to market values of all listed stocks on that date was therefore 1.63%•
In the following table, listed stocks are classified by leading
industrial groups, with the aggregate market value and
average price for each:
July 1 1933.
Market
Value.
Autos and accessories
Financial
Chemicals
Building
Electrical equipment manufacturing
Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railways and equipments
Steel, iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable, tel. & radio).
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous business
Leather and boots
Tobacco
Garments
U. S. companies operating abroad.
Foreign companies (Incl. Cuba & Can.)
All listed stocks
2,193.319,040
946,007,987
3,396,080,507
332,409,087
968,841,871
2,618,346,883
285,874,301
435,677,582
111,427,036
51,789,048
1,107,443,638
1,094,931,852
3,603,979.681
230,151,630
1,768,829,698
4,193,398,315
1,674,106,080
251,062,023
2,481,317,379
1,759,293,335
2,842.875,041
170,762,136
218,833.681
282,404,503
16,042,472
34,034,563
74,116,337
263,814,393
1,487,836,870
17,681,152
733,349,583
702,710,222
Aver.
Price.
21.30
17.76
48,37
21.37
23.70
36.92
28.27
35.39
6.94
10.34
23.00
19.70
19.81
13.70
29.16
36.46
42.58
22.49
35.83
17.95
75.61
16.80
11.33
26.56
7.67
10.09
16.53
38.27
57.37
13.60
22.17
18.97
June 11933.
Market
Value,
1.849,193,700
866,970,949
3.052,434,289
273,291,690
901,764,228
2,336,000,805
271,274,055
351.013,318
98,613,082
43,797,020
994,495,311
1,110,791.167
3,219,986,995
180,053,928
1.537,110,054
3,741,341,365
1,490,397,313
189,471,617
2,232,891,124.
1,475,236,180
2,629,108,145
159,669.430
208,365,974
240,591,136
12.778,662
19,649,623
67,464,752
264,313,870
1,430,059,270
15,045,589
629.853,859
578,032,895
Aver.
Price.
17.50
16.25
43.93
17.57
22.06
32.98
26.92
31.25
6.20
8.74
20.54
18.43
17.50
10.72
24.85
32.51
37.87
17.14
32.25
15.06
69.93
15.71
10.85
22.63
6.11
5.82
15.05
38.34
55.14
11.57
19.07
15.60
36,348,747.926 28.29 32,473,061,395 25.10
New York Stock Exchange Proposes New Method of
Segregating Wholly-Owned and Excess Margin
Securities.
On June 30 the Committee on Business Conduct of the
New York Stock Exchange submitted to members a memorandum describing a new method of segregating whollyowned and excess margin securities. The letter accompanying the memorandum (signed by Aghbel Green, Secretary of
the Exchange) said:
The Committee believes that the new method described in the memorandum
will tend to give increased protection to customers by facilitating the segregation of their securities and by avoiding delays incident to the specific
identification of securities. Any firms adopting the new method of segregation should notify the Committee on Business Conduct.
The memorandum follows:
NEW YORK STOCK EXCHANGE.
Committee on Business Conduct.
Re: Segregation of IVholly-Owned and Excess Margin Stocks.
I. In the general practice of brokerage offices, instructions for the segregation of customers' securities originate in the margin department and are
carried out by the cashier. In the case of "free" (fully paid) and excess
margin stocks, the cashier places the stock certificates in a separate box and
annexes to each certificate if small linen or paper tab giving the name of
the specific customer as owner. If a customer having "free" securities buys
stock on margin or has a margin account which needs additional margin,
the margin clerk directs the cashier to transfer from the box containing
customers' "free" and excess margin securities the certificates that are
required as margin. These certificates are then placed in the box of the
firm containing "usable securities," that is, securities which the firm may
use as margin. In case a less amount of stock is required as margin or if
the balance of a customer's margin account is paid in full, the margin department directs the cashier to release the shares from the box containing the
firm's "usable securities" and they are returned to the box containing the
customers' "free" and excess margin securities.
II. In the case of out-of-town branch offices of brokerage houses, and in
the case of their correspondents, the present system under which "free" and
excess margin shares are identified and allotted to the particular customer
Involves the daily report by telegraph to out-of-town branches and correspondents of the numbers of the specific certificates segregated.
(In the case of bankruptcy of Stock Exchange firms, customers able to
Identify their stock certificates by number have been able to reclaim them,
but customers whose shares have been fully paid for but whose certificates
have not been specifically identified have in some cases been treated as
general creditors.)
III. The proposed card plan of identifying the segregated stocks will
comprise:
(1) A "requisition card" indicating the name of the person for whom the
shares have been segregated, the number of shares, the tame of the corporation and two spaces to be filled in by
(a) The margin clerk who orders it, and
(b) The security clerk who accomplishes the segregation.
(2) A "removal card" will provide for the removal of shares from segregation giving the name of the owner and the shares to be released. It will
be initialed by the margin clerk who orders the removal of the shares and
also by the security clerk who releases them.
A "summary card" will be headed with the name of the stock, and will
show the total quantity of the shares segregated, the number of wholly.
owned and excess margin shares belonging to customers, and also the balance of segregated shares.
Under tile new plan, the margin department will as heretofore give directions to the cashier to place in the box containing the customers' "free" and
excess margin shares the shares which are not required to finance the
customer's indebtedness. The margin clerk will also fill out and initial the
"requisition card" proposed under the new plan which will direct the security
clerk to segregate (by placing in the "free" and excess margin box) the
shares allotted to the specific customer on the requisition card. The security
Volume 137
Financial Chronicle
clerk will initial the card after he has placed the stock certificates in the
box containing the "free" and excess margin shares.
If after this segregation is accomplished the margin department determines to order the removal of any "free" or excess margin shares from the
segregated securities, the margin department will make out and initial the
"removal card" directing the security clerk to remove certain shares from
segregation. After the security clerk has removed the shares he will initial
the "removal card."
Thus it is proposed to treat all 100-share certificates of the same stock in
the box of segregated "free" and excess margin shares as the equivalent of
every other 100-share certificate (or as "fungible") and the cards will control
and identify the shares and will be the evidence of title on behalf of the
persons whose names are on the cards.
The security clerk will be completely responsible for the box containing
the segregated shares and must at all times have sufficient shares to cover
all amounts called for by the cards.
The "summary card" will enable brokers to determine from day to day
the total number of shares segregated. The daily entries of amounts will be
Initialed by the security clerk.
The "requisition," "removal" and "summary" cards must be kept for a
period running back to the date of the firm's last answer to the Stock Exchange Financial Questionnaire but at least six months in any event.
IV. lithe above described method of segregation is used, all securities
segregated must be registered either in the firm name, the name of one of
Its nominees, or "street" names. No securities registered in the names of
customers may be put into the segregated box. The consent of customers
to the transfer of their "free" or excess margin securities should be secured
in writing. In the case of any customer refusing to give such consent, his
"free" or excess margin securities must be identified and segregated in
the manner heretofore used.
Note.—The above plan would not apply to securities not of a "fungible"
nature, such, for example, as callable bonds or securities in safe-keeping
received from customers without any authority to transfer. Such securities
would require separate identification and segregation, as heretofore.
Allied Chemical & Dye Corp. Agrees to Give More Data
—Joins with New York Stock Exchange in Detailing
Agreement to Retain Listing.
The New York Stock Exchange and the Allied Chemical
& Dye Corp. announced July 7 the terms of the agreement
under which'the Exchange will retain the Allied Chemical
issues on its stock list. Allied Chemical has agreed to meet
the Exchange's demands for more details in its income account and balance sheet, including the number of its own
shares it has acquired, the value at which they are carried on
the books; the amount of interest and dividends received,and
other non-operating income; the market value of investments
in marketable securities listed on the Stock Exchange or on
the Curb Exchange, and the amount of any material nonrecurring items of income.
For more than three years the Exchange had attempted to
induce Allied Chemical to issue these additional details in its
annual reports. In May the governing committee of the Exchange announced that the company's issues would be
stricken from the list on Aug.23 unless the company met the
requirements.
The text of the agreement, together with the statement of
the New York Stock Exchange, will be given in this publication another week.
Commodity Exchange, Inc. Opens in Combined Quarters—Brief Addresses Made by Exchange Officers
and Richard Whitney, President of New York
Stock Exchange—Governor Lehman Sends Message.
The Commodity Exchange, Inc.,formed as a result of the
merger of the National Raw Silk Exchange, Inc., the National Metal Exchange, Inc., the Rubber Exchange, Inc.
and the New York Hide Exchange, Inc., opened in its new
and combined quarters at 81 Broad St. on June 5. The
opening was preceded by brief addresses by Exchange
officers and by Richard Whitney, President of the New
York Stock Exchange. Trading in silver began promptly at
10 a. m. The first sale was made at 37.73 cents for July
silver by Edwin Troetchell of Reddy & Co. to Clarence
Lovatt.
Jerome Chester Cuppia, Vice-President of the Exchange,
opened the ceremonies with a short address in which he said:
Intelligent, energetic and untiring effort throughout a long period during
which there arose many seemingly insurmountable obstacles has marked
the accomplishment of the man it is my pleasure to present
---Jerome Lewin%
first President of Commodity Exchange. Inc. The institution has yet to
make history, but its opportunity for usefulness is obvious. The individual
certainly has made history in the working out of a commercial enterprise
of which those of us who have been privileged to work wish him are decidedly
proud.
President Lewine said that "in merging the four markets
into one we are but taking the first step in preparation for a
period of greater activity, of greater opportunity and of
wider service to commerce and industry." He continued:
I welcome you in behalf of Commodity Exchange. to the opening of a
growing market. It is a growing market because the commodities traded
in on this floor have experienced an extraordinary growth in their use in
the past and because, with a return to normal business, that growth,
momentarily interrupted, must continue. The eye, when it looks on the
Exchange floor, sees its physical structure and its most active market as
it is—a great nerve center of business. Commodity Exchange to-day takes
rank as one of the foremost commodity exchanges of the world. On this
235
floor will converge influences which arise in such remote parts as the East
Indies, Japan and Straits Settlement, our Western plains and those of the
Argentine, the mining districts of this Continent and of South Bmerica.
The facilities here offered have a value at every state of the business cycle
for those who would make the intelligent anticipation of the day an immediate accomplishment.
The thanks of the Exchange must go to those who devoted their time
and thought to this work of building. In this conjunction, I would like to
mention the names of a few of those members who have done such excellent
and unselfish work: J. Chester Cuppia, Floyd Y. Keeler, John L. Julian,
Harold L. Bache, Charles Slaughter, William E. Bruyn, Paollno Gerli.
Charles Muller, Frank W. Lovett, Edward L. McKendrew, I. Henry
Hirsch, Addison B. Hall, Irving J. Louis and Martin H. Wehncke. Even
with all their efforts we could not have accomplished the desired merger
without the untiring and intelligent assistance and guidance of our able
counsel. Julius B. Baer. I tender my thanks to these members and to Mr.
Baer for their co-operation in bringing about this merger.
Mr. Whitney, speaking extemporaneously, told the
assembled members and guests that the Commodity Exchange could rely upon the complete co-operation and advice
of the New York Stock Exchange, that it filled a definite
need in the field of business and that the two exchanges would
be happy to work together in behalf of "decent business."
He felicitated the Commodity Exchange membership on
their achievement of a consolidated market and declared
the present a most propitious time for the opening of the
new market.
Governor Herbert H. Lehman, in a letter to Mr. Cuppia
prior to the opening said:
Readily accessible and soundly administered marketing facilities for
commodities are necessary for the maintenance and development of the
trade and commerce of our nation. I believe therefore that the co-ordinated
marketing facilities which the new Commodity Exchange will provide will
fill a necessary function in our business life.
I wish the Exchange and its members a full measure of success in their
new home.
A previous reference to the Exchange was noted in our
issue of June 24, page 4377.
Philadelphia Stock Exchange Expels Henry W. Martini.
The Philadelphia Stock Exchange on June 29 announced
that Henry W. Martini had been expelled from membership
in the Exchange. Mr. Martini was suspended for insolvency on June 14.
Election of Officers of Chicago Stock Clearing Corp.—
Morton D. Cahn Appointed President.
Morton D. Cahn was appointed President of the Chicago
Stock Clearing Corp. at the annual meeting of stockholders
and directors of the corporation held June 20. M. J.
O'Brien was appointed Vice-President; Martin E. Nelson,
Secretary and Treasurer, and Robert T. Sundelius, Assistant
Treasurer. Advices from Chicago said that the following
directors were elected for the ensuing year:
Morton D. Cahn, Paul H. Davis. Robert J. Fischer, Warren A. Lamson,
Arthur F. Lindley, Leeds Mitchell, M. J. O'Brien and R. Arthur Wood.
The following were appointed members of the executive
committee:
Morton D. Cahn, Chairman; M. J. O'Brien and Paul H. Davis.
New York City Bank Stocks Declined During June.
After reaching levels close to the 1933 highs established
in early January, New York City bank stocks turned downward in June, Hoit, Rose & Troster report. The weighted
average of 17 leading issues opened June 1 at 48.89, the low
for the month,reached the month's high of 60.85 on June 12
and closed June 30 at 51.82, a net gain on the month of
about 6%. Calculated on closing bid prices, the range for
the month was as follows:
BANK STOCK RANGE JUNE 1933.
Moszlh's Low
June 1.
Chemical
City
Commercial National
Corn Exchange
Empire Trust
First National
Guaranty Trust
Irving Trust
Manhattan
Manufacturers Trust
New York Trust
Public National
Waltrhfail avepsera
1933 Range.
High, Jan. 10
Low. April 5
Close
June 30.
6134
120
129
2434
1634
3734
2934
142
5834
20
1370
292
1934
2234
1634
8834
2734
Bankers Trust
Brooklyn Trust
Central Hanover
Chase National
Continental
Month's High
June 12.
7234
148
150
3554
1934
43
41
148
69
2534
1560
346
253-4
3634
2234
10534
3454
6134
132
137
28
AR RO
62.19
36.53
RA RR
1932 Range.
High, Sept. 7
Bear market low, May 31
isg
88
3334
132
5934
2134
1400
298
2054
3034
1834
9234
2634
al 59
70.76
31.34
Insurance Stocks Increased in June to 1933 High.
Despite a tendency to fluctuate within a narrow range,
insurance stocks in the New York City market reached their
highest levels of 1933 during June, Hoit, Rose & Troster
Financial Chronicle
236
report. The weighted average of 20 leading issues reached
the new 1933 high of 33.96 on June 19. The list closed on
June 30 at 33.87, only slightly below the new high. Based
on daily closing bid prices, the range for the month was
as follows:
INSURANCE STOCK RANGE JUNE 1933.
Month's Low New 1933 High
June 19.
June 15.
Aetna Casualty dc Surety
Aetna (Fire)
Aetna Life
Continental Casualty
Firemen's (Newark)
Great American Insurance
Halifax Fire
Hanover Fire
Harmonia Fire
Hartford Fire
Hartford Steam Boiler
Home Insurance
National Casualty
National Fire
National Liberty
Providence-Washington
Phoenix Insurance
Travelers
U.S. Fire
Westchester Fire
49
3311;
1834
1034
514
1534
13
28
1234
4234
45
1834
514
4634
434
2136
4934
358
2534
1834
Waloheeel evocemo
1933 Range.
High, June 19
Low, April 1
22 14
33.98
19.90
50
Close
June 30.
3336
18
1034
5I4
17
1334
281.4
13
4234
45
1936
sy,,
4634
534
2234
6034
408
2634
20
4934
3334
181.4
1134
536
1834
1214
2534
1236
43
45
1934
534
4514
5
22
52
410
21334
1934
33.96
33.87
1932 Range.
High, March 8
Bear market low, July 11
35.32
12.62
Congressional Committees to Conduct Dozen Inquiries
During Recess—Study of Federal Tax Laws Proposed—Investigation into Receivership Proceedings in Federal Courts.
Following its adjournment on June 16, Congress set in
motion a dozen investigations to be carried on during the
coming months, most notable that in which the wfhole
structure of Federal tax law is to be restudied. Associated
Press advices from Washington reported that this inquiry
will be undertaken by the Ways and Means Committee, which
will seek out ways of redistributing the tax load. The Associated Press accounts added:
It will not get really under way until November, ready to report to the
January session.
The Wall Street investigation will go on, with the Senate Banking Committee on June 26 delving deeper into private banking, tackling affairs of
Kuhn, Loeb and Company first.
The same day a Senate judiciary sub-committee will resume hearings in
New York on delay in the prosecution of Joseph W. Harriman, New York
banker, accused of falsifying records.
Within a few weeks a special Senate Committee will go down to Louisiana
to resume its consideration of the contest against the election of Senator
Overton (D., La.), in which Senator Long (D., La.) has been a prominent
figure.
A Commerce sub-committee of the Senate is beginning work immediately
under Senator Copeland (D., N. Y.) to investigate racketeering in the big
cities, with particular reference to inter-state operations.
Another Senate Committee, headed by Wagner (D., N. Y.), will meet
within a day or two to plan inquiring into labor conditions on the Mississippi flood control project.
Another, charged with an investigation of bankruptcy and receivership
proceedings in Federal Courts, has decided to postpone its work until the
fall, meeting in Los Angeles October 11.
The House Judiciary Committee will delve into bankruptcy and receivership practices of the Federal Courts, while other groups will go into operation of the civil service laws and study more about postal receipts, air mail
and ocean mail subsidies.
99% of Bills Introduced Failed of Congress Passage.
Under date of June 16 Associated Press advices from
Washington said:
Congress's batting average for bills passed during the special session was
just 1%.
Eighty.one of the approximately 8,100 bills introduced were passed by
both branches. Thirty-five of that number originated in the Senate.
Both branches also passed ten joint resolutions.
About 2,000 bills went into the Senate hopper, while 6,000 were introduced by Representatives.
New Company Organized to Service Mortgages and
Real Property Underlying Various Bond Issues
Guaranteed by National Surety Co.
State Superintendent of Insurance George S. Van Schaick,
as Rehabilitator of the National Surety Co., announced
June 30 that the National Realty Management Co., Inc. has
been organized to service mortgages and real property underlying various bond issues guaranteed by the National Surety
Co. This servicing company is practically a successor to the
Greyling Realty Corp., now in receivership, which was
awned by the National Surety Co. and handled such servicing operations for it. A notice issued by the New York
State Insurance Department further states:
The new corporation was formed as the result of conferences between the
Rehabilitator and the various trustees holding mortgages guaranteed by the
National Surety Co. The corporation is jointly controlled by the Rehabilitator and by an Executive Committee of the trustees. Under the plan
the trustees are to pay for the servicing of mortgages and the Rehabilitator
or the receivers of various subsidiary companies holding titles are to pay
for the servicing of properties.
July 8 1933
Servicing contracts have been executed by a number of the trustees, including all of those holding the largest number of mortgages. Other contracts
are now being negotiated.
The consummation of this plan for conducting servicing operations through
one agency is considered by the Rehabilitator to be an achievement of great
significance to the bondholders. It conserves for them the full protection
of the tangible security underlying the bonds in which they have invested.
Without such a servicing corporation, disintegration of common and unified
control over these mortgages and properties would have resulted. Efforts
being made towards a reorganization of the mortgage bond situation, therefore, would have been affected adversely.
The operations of the National Realty Management Co., Inc., should be
conducted at considerably less expense than would be possible under other
servicing methods. In addition, this plan should avert loss of rental collections, interest, amortization payments, &c., which would decrease the security
available to bondholders.
Favorable comment upon the organization of the servicing corporation is
made by a group headed by Carl H. Berets, President of C. H. Berets & Co.,
New York City, in a letter to dealers interested in mortgage bonds guaranteed by the National Surety Co. The dealers were advised by that group
that "the organization of this company removes the danger of decentralization of control over the servicing, with its great dangers of probable loss of
collections during the period of change from a central organization to many
separate organizations, and of increased cost incident to the creation and
setting up of new machinery."
The Berets group urged the dealers to assist the committee of Insurance
Commissioners, which is acting as a protective committee for bondholders, in
obtaining authorization agreements from bondholders. Support of security
dealers, it was stated, will obviate any necessity for the creation of additional
private committees which must make a charge for their representation.
Louisiana "Blue Sky"Statute Upheld by State Supreme
Court—Conviction of J. V. Brandon of Mississippi
who Sold Stock in Louisiana Affirmed.
The following is from the New Orleans "Times Picayune"
of June 25:
Constitutionality of Louisiana's "blue sky" law was upheld by the State
Supreme Court Saturday [June 241, when it refused to grant writs sought
by J. V. Brandon, Mississippi securities dealer, who recently was convicted in Calcasieu parish of selling stock without registering as a dealer
with the Louisiana Securities Commission. He was sentenced to serve 60
days in the parish jail.
Attacking the Securities Law, Act 177 of 1920, as a restriction upon
inter-State commerce, Mr. Brandon applied to the high court for relief.
He was granted liberty on a $100 bond pending the outcome of his appeal.
Legitimate Exercise.
In refusing the writs the high court held that the "blue sky" law is a
"legitimate exercise of the police power by the State to prevent fraud in
the sale of securities in the State by domestic and foreign investment
companies. Without the supervision and regulation provided in the act
as to such sales, any investment company, domestic or foreign, could flood
the State with worthless securities and thereby defraud the public with
impunity.
"The regulations of the act apply equally to domestic and foreign investment companies, and do not in a proper constitutional sense, impose any
direct and substantial burden upon inter-State commerce, nor contravene
the due process clause of the 14th Amendment of the Federal Constitution.
Conviction Valid.
"Act 177 of 1920 is therefore constitutional, and the conviction and sentence of relator (Brandon) thereunder is legal and valid."
Refusal to grant the writs was signed by Chief Justice Charles A. O'Niell
and Associate Justices John R. Land, Winston Overton and Wynne G.
Rogers.
Kansas Supreme Court Holds Corporations Have No
Authority to Operate Farms in State—Also Rules
Public Utility Corporations May Engage in Merchandising Business—Court Refuses to Wreck
Farming Corporations by Immediate Ouster but
They Must Quit Business.
The Kansas Supreme Court ruled on June 10 that corporations have no authority to operate farms in Kansas,
and also that public utility corporations may engage in
merchandising business. In indicating this, the Topeka
"Capital" of June 11 added:
Although it declared that the Wheat Farming Co. of Hays and the
Siedd Farm Corp. of Lyons must be dissolved and forfeit their charters,
the Court refused to wreck the two concerns by issuing an immediate writ
of ouster. This would force their extensive land holdings upon the market
during the present economic depression, with resultant loss to stockholders.
"We are of the opinion," said the Court, "that, under the evidence
it would be justifiable that a complete forfeiture of the charter of each
corporation be ordered and decreed, but are likewise of the opinion that
it is not necessary or expedient that, at this time, such an order and the
decree be entered."
However, the Court directed that the companies arrange their affairs
and dispose of their real estate and dissolve the corporations.
The ouster suit against the farming corporations was brought by Roland
Boynton, Attorney-General. The Wheat Farming Co. was placed In
the hands of a receiver by the Federal Court at Kansas City, Friday.
The two farming corporations were organized several years ago under
charters granted by the State Charter Board to operate farms for "the
encouragement of agriculture and horticulture." They were to be profitsharing corporations intending to operate large areas of land and by mass
production secure profits ordinary farmers could not obtain. Violent
protests were heard in numerous counties. The 1931 Legislature heard
the assaults upon farming corporations and passed a law prohibiting
such corporations. The Attorney-General was directed to oust those
corporations already in operation.
W. A. Smith, Associate Justice, who was Attorney-General when the
ouster suit was started, did not sit in the case.
From the same paper we also quote as follows:
That the law prohibiting public utility corporations from selling appliances for their utilities is unconstitutional in that its provisions violates
the Fourteenth Amendment to the Federal Constitution, was held by
Volume 137
Financial Chronicle
the Supreme Court in knocking out the law enacted by the 1931 Legislature.
The decision was in a test case brought by the Capital Gas & Electric
Co., and appealed from the Shawnee County District Court. The lower
court upheld the law, but the decision of the Supreme Court permits the
utilities to again enter the merchandising field.
p, Ten public utility corporations were involved in the case, which ends
a long fight relative to merchandising of appliances. The fight has been
carried on in both Kansas and Missouri. The latter State did not enact
a law similar to that passed by the Kansas Legislature.
The Court held that there was evidence to show that 80 to 90% of the
gas appliances and fixtures were sold by the utility companies and that
they sold and installed safe and standard equipment at fair and reasonable
prices and at a fair profit. The long-term contracts permitted customers
to enjoy the use of modern equipment and campaigns of the companies
went far in increasing demand for their service.
The Court held these activities were regular, legitimate and under the
constitutional rights of the corporations to do business. Justice William
Easton Hutchinson wrote the opinion, with Justices Harvey and Dawson
dissenting.
•
Governor Comstock of Michigan Signs Bill Providing
for Two-Year Moratorium on Land Contract
Foreclosures.
Under date of June 13 Associated Press accounts from
Lansing, Mich., were published as follows in the Detroit
"Free Press":
Governor Comstock to-day signed the Schroeder Bill setting up machinery for a two-year moratorium on land contract foreclosures. The
measure is a companion act to one permitting a moratorium until 1935
on mortgage foreclosures.
Under the new act, which is immediately effective, a person may petition
the Court for a continuance of land contract foreclosure proceedings until
March 1 1935. The power with the Court is discretionary. If the continuance is granted the Court is required to make arrangements for collection of rentals, taxes, insurance, &c. A clause in the act extends the
time required for giving notices before eviction from 30 to 90 days.
The two foreclosure bills complete legislative action for relief for thousands of property owners and others purchasing homes threatened with
eviction or loss of their property through foreclosure.
New Michigan Mortgage Law Held Unconstitutional.
From the Detroit "Free Press" we take the following
from Marshall, Mich., June 16:
Judge Blaine W. Hatch handed down two decisions this afternoon,
in both of which he held the Bischoff-Munshaw law, providing for a virtual
moratorium on mortgage foreclosures until July 1 1935 unconstitutional.
Judge Hatch heard the cases of Joseph and Gertrude Lutz against the
Central National Bank and Burton Clayman against Elmer and Nellie
Putman, of Marshall.
Arkansas Mortgage Act Declared Unconstitutional by
State Supreme Court.
Little Rock adviees to the "Wall Street Journal" of
June 21 stated that the Arkansas Supreme Court has declared unconstitutional the anti-deficiency judgment or
mortgage moratorium act as impairing the obligation of
contracts, thus removing the necessity of a special legislative session for its repeal. The dispatch added:
Governor Futrell last week conferred with Federal Administrator
Morgenthau, at Washington, and assured him that should the Act be held
constitutional a session for its repeal would be called.
The Governor decided not to visit New York for conferences with representatives of Arkansas bondholders and has returned home.
Plan for Nation-Wide Definition of Marine Insurance
Underwriting Powers Approved by New York
State Superintendent of Insurance for Use by
Companies Licensed in State—Plan Recently
Adopted by National Convention of Insurance
Commissioners.
George S. Van Schaick, Superintendent of Insurance of
the State of New York, announced on June 22 that he has
approved the nation-wide definition of marine insurance
underwriting powers adopted by the National Convention of
Insurance Commissioners at its meeting in Chicago June 1-3
for use by companies licensed in the State of New York.
The new ruling is based upon the New York ruling of
Sept. 30 1932, but modifies the earlier definition in several
respects. The Superintendent's announcement continued:
The amended ruling holds that certain insurance on instrumentalities of
transportation and communication, such as bridges and tunnels, may be
Issued by marine offices. Piers, wharves, docks and slips may not be
Insured under marine policies unless certain specified coverages are excluded. Dry docks and marine railways may be insured against all risks
by marine offices.
Minor amendments were made in the rules on Tourists' Floaters, Fine
Arts Floaters and Jewelers' Block Policies.
The rules on Equipment Floaters were amended by separating equipment
from other miscellaneous articles. Equipment may be covered as in the
previous ruling, but other articles of a mobile or floating nature, while
not subject to location restrictions, must be itemized and valued.
Under the new ruling Instalment Sales and Leased Property may now
be insured by marine offices to cover the interest of the purchaser or lessee
until the interest of the seller or lessor ceases. Leased property that is
not of a mobile character may not be so insured.
The ruling specifically prohibits the issuance of "Householders' Comprehensive Policies" or their equivalent.
The adoption by the National Convention of Insurance Commissioners of
a standard basis of interpretation for the uniform marine insurance law
approved by that Convention in 1922 should serve to eliminate the consid-
237
erable confusion that has developed during the intervening years concerning the meaning of the Act.
The co-operation of fire, marine and casualty underwriters is necessary,
however, if most beneficial results are to be attained. It is gratifying that
these underwriters are preparing to embark upon a joint program of supervision of underwriting practices designed to carry out the spirit and meaning of the definition adopted by the Convention. An interpretive note to
which they have agreed is collateral to the new ruling. This provides that
the rating of fire hazards on certain merchandise in storage may be determinative of the risk classification. Where the fire insurance premium
equals or exceeds the marine charge the risk will be considered ineligible
for marine rating.
The New York Insurance Department considers that successful administration and supervision of the standard definition by the insurance business
will constitute substantial progress in the matter of self-regulation, with
the necessity for only general overseeing by State supervisory officials.
Price Disequilibrium and Indebtedness a National and
International Problem—Address of Dr. W. H.
Coates Before International Chamber of Commerce at Vienna—Views on United States Measure
in Behalf of Farmers.
An address delivered on May 30 before the Congress of
International Chamber of Commerce at Vienna by Dr.
W. H. Coates, LL.B., B.Sc., British delegate to the Conference, was briefly referred to in these columns June 3,
page 3824. Dr. Coates spoke on "The Maladjustment of
Prices and Its Influence on International Indebtedness,"
and in the extract from his remarks, which we gave, we
quoted from Associated Press accounts; Dr. Coates' views
therein were made to appear to be confined to inter-Governmental or war debts. Dr. Coates, in furnishing us with a
copy of his address, points out that his views related to
indebtedness in general, both public and private, international and Nation. His address in full follows:
A continuance of the depression is clear evidence that its fundamentals
have not yet been touched. The centre Iles in the great fall in prices,
especially when contrasted with the relatively aggravated burden of past
Indebtedness consequent upon the contractual permanence of debt in terms
of money. Many look for remedy in the recovery of the old price level
brought about by monetary action. The Council of the Chamber rejects
that view. Prices of great international staples have fallen because supply
and demand are out of harmony. This harmony must be restored. When
supplies are excessive they must be restricted. Monetary action will not
remedy the disequilibrium between the prices of primary and manufactured commodities. The old price level will not be restored and there is
no alternative but the adjustment of the monetary amount of all debt
obligations. New machinery is necessary for this purpose to mediate
between debtors and creditors.
Our Congress at Washington in 1931 was preceded by 18 months of depression. At that Congress I pressed upon our leaders the argument that
the three major problems of the depression were:
(a) The great fall in the price level as measured in gold;
(b) The adjustment of the cost structure in industry to the new price
equilibrium which was being established; and,
(c) The problem of a fresh distribution of the product of industry between those who had fixed claims and variable claims, respectively, upon
that product.
That 18 months was too short a period to permit of the recognition of the
crucial importance of these three points.
Between Washington and Vienna stretch two years—two years offurther
depression. In that time matters have gone from bad to worse. Prices
have continued to fall, defaults and bankruptcies have increased in number,
industrial production has shrunk still more, international trade has not
ceased to contract, unemployment has grown persistently. National
budgets have shown deficits, heavier taxation has been imposed, the financial soundness of banking systems, railway systems, insurance systems,
has become steadily endangered, the obstacles to international trade in
the form of rising protective duties, additional restrictions upon exchange,
quotas for the volume of imports, and even prohibitions of imports, have
multiplied at every turn, and last, but not least, the international monetary
system has been wrecked.
What a tale it all is. Despite all that has been written, despite all the
speeches that have been made, all the reports of experts, commissions
and conferences, still the depression is with us. Is not this clear evidence
that as yet we have not touched the fundamentals of the problem?
My subject this morning is the general aspect of the fall in prices, the
burden of indebtedness and the lack of economic equilibrium in the production of many commodities. I say now, as I said in Washington two
years ago, that until these fundamental problems are solved the depression
will not even begin to lift.
The centre of the depression lies in the question of prices. Price in the
economic system is the index of well-being or of ill. A continuous fall in
prices moving at different rates for agricultural and manufactured products
throws every economic harmony out of balance. Many contend that the
remedy for the great fall in the price of primary commodities which has
now persisted for some years lies In monetary action. The Council of the
International Chamber has rejected that view. We hold that a rise in
prices or an adjustment of disequilibria in prices of different classes of
goods cannot be brought about by measures of a purely monetary nature.
The corollary of this view is that the fall and disequilibrium in prices has not
been brought about solely by monetary causes.
Why then do prices fall? The answer is to be found in the general law
of demand, which states that the larger the quantity of supply which is
offered for sale, the lower must be the price which it will fetch. In many
great international staples of the world's commerce an excessive volume
of supply is being produced, largely due to causes which can be traced back
to the World War. For the rest, these causes are to be found in the bounty
of nature and in the great improvements in productive capacity which
have sprung from the progress ofscience, notably in engineering,in biology
in chemistry and in other related fields. These staples, the supply of which
is notably out of harmony with their ordered place in the total scale of demand,include wheat,sugar ,wool, copper,rubber, wood pulp,zinc, tin and
many others. For some of these commodities even a great lowering of
price does not largely increase the demand. The excessive supplies of certain staple goods which have been placed upon the world's markets have
therefore contributed in a special degree to the great fall in the prices of
primary and agricultural commodities.
238
Financial Chronicle
July
8 1933
As I have said, the Council of the International Chamber places no faith
was sacred it was the contract of reparations but we all know that wisdom
n monetary means of raising these prices. What then remains? The
has prevailed over that sanctity. In this more disseminated sphere of
only remedy is to be found in the ordinary economic law of supply and
International debts—aye, and even National debts—the same wisdom must
demand. When supplies are in excess, and by that excess are producing
be called upon to loose the bonds which at present shackle trade and inabnormal falls in prices, then the appropriate remedy is to check and excise
dustry, both National and international. This International Chamber
the excessive supplies. Unfortunately, that is a remedy which it is much
has recognized that necessity by its recommendation that there should be
more easy to describe than to put into force. Even in the National sphere.
established by international agreement some new economic organism,
co-operative restriction of supplies of primary commodities is a very diffieither in one part, or, as is more likely, in a number of parts, by means of
cult problem. But when it is carried into the international field it becomes
which the contact between debtors and creditors may be increased and the
infinitely more complex and more difficult. Yet in my view that remedy
adjustment of debts facilitated. I would therefore emphasize with all the
must sooner or later be attempted. In respect of one or two of the comforce at my command the necessity of following the recommendation
modities which I have mentioned, action has already been taken. In
of the Preparatory Committee ofthe World Economic Conference when that
some cases it is showing signs of success. In others the schemes now in
Committee wrote:
force are working under difficulties, mainly because the hardships they
"In order to facilitate, where necessary, direct agreements between
debtors and creditors, a list of persons of recognized standing and comInvolve in particular countries not unnaturally provoke severe opposition
petence might be drawn up whose mediation would be open to the parties
to their continuance. For many staple commodities there cannot, in the
concerned."
nature of the case, be large-scale producers. Thousands of individual proTo this I would add but one amendment. It would be to delete the
ducers contribute to the total supply. Their organization is a matter
words"where necessary." In my view it is necessary that such adjustments
which raises every kind of controversy. As yet governments, the only
should be made in practically all cases. These words appear to limit the
central authority with the power to impose their will upon all these thousands
necessity of such adjustments to cases where, notwithstanding the deof units, hesitate in face of the task in front of them. Only too often the
parture of equity, it may still be possible to squeeze out the letter of the
remedy has been sought in the creation of government organizations, not to
bond.
operate upon the sources of supply, but to take surplus supplies off the
In the United States there is a growing recognition of the fundamental
market and hold them in the vain hope that sooner or later a shortage of
Importance of this trinity of troubles, which has culminated, first in the
supplies will permit these frozen stocks to be liquidated at a reasonable
banking crisis, and now in driving that great country off the gold standard.
price. These hopes forget the international aspect of the problem. They
The Farm Relief bill aims at increasing the price of the principal primary
forget that in many debtor countries producers are attempting to relieve
commodities. Power is to be given to the Secretary of Agriculture to
their difficulties not by restricting their production but by still increasing
fix reasonable prices for these commodities, based largely upon pre-war
it. During the last cereal year the acreage of wheat under cultivation in
values. That the farmers may receive enhanced prices, additional taxes
Canada was increased by 1,000,000 acres and there was a similar increase
are to be collected from all manufacturers who first apply some process
in acreage in Australia. In the United States the acreage actually sown
of manufacture to these primary commodities. The moneys so obtained
has increased by over 1,500.000 acres, though the crop is much smaller
are to be re-distributed to the farmers in return for undertaking to restrict
because of adverse conditions. These facts show the necessity not only
the volume of their production. At the same time, relief is proposed In
of National action but of international action.
respect of the farmer's mortgage and other debt obligations. New moneys
Unfortunately, these primary and agricultural commodities are largely
are to be raised IV governmental authority out of which existing mortgages
produced by the countries which are known as "debtor countries." That
are to be repaid the sums lent by them upon the security of the farms.
Is to say, they are countries for the development of which large sums of
But the total is not to be repaid. The amount of the mortgagors' obligation
money have been raised upon the international money market, carrying
is to be reduced to the value at present to be placed upon the mortgage.
the ordinary obligations of an annual payment of interest and some annual
In most cases it may be assumed that this will lie between 50% and 80%
payment toward redemption or repayment of the loan. What is the
of the face value. The new obligations to be issued will carry a much
consequence? As the prices of these commodities have fallen, the total
lower rate of interest in consonance with modern conditions, so that the
volume of money due to the producing countries in respect of exports has
farmer will receive relief in two respects. The amount of his principal
fallen within the last few years by something like 50%. Consider for a
debt will be reduced and a further reduction will be secured through the
moment the effect of such a fall in the volume of money brought in by
lower rate of interest on the new finance. Here is at least a first attempt
their sale upon the balance of payments of the countries concerned. While
to get to the bottom of the internal financial crisis in the United States.
the amount of money secured by the sale of exports has shrunk in this drastic
It is a lesson to which the world may well pay great attention. It is true
manner, what has happened to the volume of these countries' debt obthat it is only National in scope and that for a country which still exports
ligations? In truth it may be broadly said that little, if anything, has
many primary commodities it will be ineffectual in so far as no international
happened to them. They have remained practically where they were.
action is taken.
The amount of money to be paid in interest and on account of the prinThe United States of America is, however, thus recognizing the fundacipal of the debt has remained almost the same. In other words, debtor
mentals of the depression—first, the necessity of a downward adjustment
countries have had to find the same amount of money for their obligations,
of debt obligations, secondly, a more equitable relation between the prices
though their receipts for their products have been cut in half. Imagine
of agricultural and manufactured goods, and,
thirdly, the necessity of
for yourself the difficulties in which any one of us would find himself if his
eradicating excessive agricultural supplies.
personal obligations were unchanged but half his income disappeared.
In this world depression in which we stand—in which we have stood now
The sancity of contract, the responsibility of borrowers, the desire to do
for nearly four years—it is no use tinkering with the fundamentals of the
one's utmost, the prospect that at some day one may want to borrow again,
problem. Just as in cases of illness sometimes the treatment of the physihave all reinforced a debtor's determination to shrink from no effort in
cian is necessary, but in others, where the evil is more deeply rooted in the
meeting his obligations.In the main,the debtor countries have followed this
physical organism, the knife of the surgeon is essential, so here in this
course. Faced with rigid money obligations,the debtor countries have only
trouble which has now afflicted the world so long, as a result of which some
been able to operate upon their international balance of payment by restrict30,000,000 workers still stand idle, we must no longer hesitate between
ing their current purchases. They have been forced drastically to reduce
the letter of the law and the equity of its performance. Prices cannot be
their imports. They have used all the new barriers to international trade
raised except by economic action. The march of science has precluded,
with which we are at present so familiar. It is difficult to blame a debtor
and will preclude, prices rising even under normal economic conditions,
country, anxious to meet its obligations, for steps of this kind. Rather
to the level which obtained some four or five years ago.
should we give them credit for the effort they have made. But they have
In those circumstances there Is no escape from the necessity of adjustment
gone further through the medium of exchange restrictions. In many cases
between the debtor and the creditor. No monetary action can cure an
the governments themselves of these debtor countries have foreign obeconomic lack of balance between supply and demand. Realities must be
ligations to meet. So they have seized upon the foreign exchange becoming
dealt with by international agreements to bring supply into proper relation
available through current trade and diverted it from its normal function
with demand. Industrial costs which lie at the root of Industrial prices
of paying for current imports. They have applied this foreign exchange
must continue to be adjusted. till. combined with action in respect ofsupplies
Instead to payment of these debt obligations. Even then, the efforts to
of primary commodities, that balance of equitable exchange between them
meet these obligations have been fruitless in some cases, so that default
which is the foundation of all trade is once more restored. Until these
has been inevitable.
steps are taken, efforts to release the currents of trade, efforts to restore
This conflict between current prices and debt obligations is not only
men to work, efforts to re-shape the international monetary mechanism
an international problem. It is also a National problem. You may think
of the world will one and all prove abortive. Let us hesitate no longer,
that as an International Chamber, we are not concerned with that aspect
let us act.
of the matter. To do so would be a mistake. Just as the disharmony
between prices and debt obligations has constricted international trade
Extent to Which Rise in Prices in Commodities Has
so that disharmony as a National problem has constricted National trade.
Corresponded to Change in Value of Dollar Abroad
That phenomenon is plainest in the great Republic of the United States.
There, in a country of 120,000.000 inhabitants, where there are no internal
Indicated by Federal Reserve Board in Reviewing
barriers to trade, where there is no shortage of gold or of credit, where there
Banking Conditions During May—Nearly All
18 no problem of paying international debts, all the symptoms of the deCurrency Withdrawn Prior to Closing of Banks
pression are to be found in full measure. The disharmony between debts
Returned to Federal Reserve Banks—Additional
and prices has wrecked the whole banking system of that country.
Banks Licensed to Resume.
Now. the National problem reacts upon the international problem,
because when internal trade is shrinking and unemployment is rising there
Charts to show the extent to which the rise in prices in the
is a natural impetus given to further restrictions ofimports. It is plausibly
United States in certain commodities has corresponded to
argued that all goods can be made at home and that to increase internal
the change in the value of the dollar abroad as well as to the
employment, restrictions should be placed upon imports, even when they
are coming from debtor countries anxious within the limits of their powers
changes in world prices are presented in the June number of
to meet their debt obligations. Again,the great fall in the prices of primary
the "Bulletin" issued by the Federal Reserve Board. Accommodities in international markets has its reflex action in National
cording to the Board the American prices have advanced
markets through similar measures of agricultural protection. To avoid a
like fall of prices in National markets, protective duties are imposed or
somewhat more rapidly than British prices, even after
restrictions placed upon the import of these staple commodities until the
allowing for differences due to depreciation in the exchange
National price rises far above the world price. Wherever you turn, you
cannot avoid this disharmony between prices and the old burden of debts
value of the dollar. At the end of May, says the Board,
remaining unchanged in terms of money.
American prices of six commodities averaged 60% higher
Internationally reliance has so far been placed upon negotiations between
than in February. One-half of the rise, the Board indicates,
debtors and creditors. Can this be enough? Such negotiations only
arise in cases where the debtor is in difficulties and finds it impossible
corresponded to a rise in the British or world prices of these
to meet his obligations. If this is to be the only method followed, then
commodities, and the other half represented a decline in the
we may assuredly look for a continuance of the crisis. It is true that as the
exchange value of the dollar as compared with the pound
pressure of the depression grows, more and more of these negotiations will
take place, but admittedly they will always be upon the footing of exsterling. A part represented price advances in the American
tracting the utmost from the debtor. In my view, a wider and more
market in excess of both the advance in British prices and
statesmanlike attitude is required. There is much truth in the ideal of a
the depreciation of the dollar in the exchange market. The
sanctity of contract but I would plead even a greater truth, namely, the
sanctity of equity. When the fundamentals of the bargain have been
commodities discussed were cotton, lard, silver, copper, tin
so radically changed, can one reject the equity of adjustment by adhering
and rubber.
strictly to the maxim that all contracts are sacred
In another sphere,
The opening of additional banks is reported. At the end of
with which at the moment I am not concerned, that doctrine has at least
had to give way under the force of circumstances. If ever a contract
May, 5,536 member banks having on Dec. 31, their last
Financial Chronicle
Volume 137
reporting date, deposits of $26,360,394,000, had been
licensed to resume operations. Not licensed to operate were
1,163 member banks, with deposits on Dec. 31 of $1,856,427,000. We give herewith what the Board has to say in its
review of bankings conditions in May:
Return Flow of Currency and Gold.
During May there was a further inflow of currency to the Federal Reserve
banks, which brought the total return of currency since March 4 to $1,670.000,000. This return flow compares with total withdrawals of $1,840.000.000
between Feb. 1 and March 4, so that total money in circulation at the end
of May was $170,000,000 larger than at the end of January. A part of this
Increase may reflect the recent growth in the volume of business activity
with a consequent increase in the demand for currency for pay rolls and for
retail trade. It would appear, therefore, that all or nearly all of the currency
withdrawn during the period prior to the closing of the banks has been
returned to the Federal Reserve banks.
The country's stock of monetary gold showed little change during May,
while the gold reserves of the Federal Reserve banks increased by $125,000,000 between April 26 and May 31 1933. Of this amount $75,000,000
represented gold returned from circulation and $50,000,000 gold deposited
with the Federal Reserve banks by the Treasury. By the end of May, gold
coin and certificates officially recorded as outside the Treasury and the
Federal Reserve banks were reduced to $605,000,000, the lowest amount
since 1922. In this total is included a considerable volume of gold coin and
gold certificates that have been lost or destroyed, as well as gold coin
exported without a record and gold certificates held abroad.
Funds made available to member banks during May through the return
flow of currency, together with the proceeds of $55,000,000 of United States
Government securities purchased by the Federal Reserve banks in the open
market, were used in repayment of borrowing at the Federal Reserve banks
and in a reduction of the reserve banks' holdings of acceptances. The
reserve banks' portfolio of open-market bills declined by $155,000,000
during the month and their holdings of discounts by $85,000,000. Member
bank reserve balances at the end of May were about $325,000,000 in excess
of legal reserve requirements.
Reporting Member Banks.
Publication of weekly statistics showing the movement of loans, investments, deposits, and other items on the statements of member banks in
leading cities was resumed by the Federal Reserve Board during May.
The figures published currently at the present time include reports from
member banks in 99 leading cities, compared with 101 cities included in
previous reports. In the cities included in the weekly statement practically
all the previously reporting banks have been re-opened under license; and
present reports include about 90% of the banking resources covered by the
earlier statistics.
At the reporting banks, total loans and investments increased by $525,000.000 between March 1 and May 31, more than three-fourths of the
Increase being at member banks in New York City. This increase reflected
a growth of $315,000.000 in holdings of United States Government securities
and of $220.000.000 in loans other than security loans, while loans on securities declined slightly, notwithstanding an increase of about $200,000.000
in loans to brokers and dealers in securities. The increase in loans may have
reflected in large part the purchase of acceptances by the reporting banks.
Money Rates.
Money rates declined somewhat further during May, and at the end of
the month were close to the low levels prevailing before the banking crisis
The table shows that in the open market in New York quotations on prime
commercial paper had dropped by the week ending June 3 to 2%, as compared with a range of 1 X to 1X % in the week ending Jan. 28, while quotations on prime 90
-day bankers' acceptances had again dropped to a range of
three-eighths to one-half per cent, compared with one-fourth percent
during the earlier period. Call loans to brokers, in which there has been the
greatest increase during the banking crisis, were quoted at 1% at the end
of May, as compared with 4.75% during the week ending March 18.
OPEN-MARKET RATES IN NEW YORK CITY.
Week Ending—
Jan. 28. March 18. June 3.
Prevailing rate on:
Primo commercial paper, 4-6 months
Prime bankers' acceptances, 90 days
Average rate on call loans
13i-1X
1.00
4-4%
23-3
4.75
2
Si-35
1.00
Rates at most of the Reserve banks on discounts for and advances to
member banks under sections 13 and 13a of the Federal Reserve Act have
been reduced recently. On May 26 the rate at the Federal Reserve Bank of
New York was reduced from 3 to 2% %;on May 27 the rate at Chicago. on
June 1 the rate at Boston. on June 2 the rate at San Francisco, on June 8
the rates at Philadelphia and St. Louis,and on June 10 the rate at Cleveland
were reduced from 33-5 to 3%•
Customer Rates.
Changes during recent years in rates charged by banks in leading cities
to their own customers are shown on the chart (this we omit.—Ed.l. which
compares the average rate charged customers in New York City with a
weighted average of customers' rates in eight other northern and eastern
cities, and 27 southern and western cities. The influence of the recent
banking crisis on customers' rates was confined for the most part to the
northeastern sections of the country, where rates rose sharply in February
and March, both in New York City and In other leading northern and
eastern cities. In southern and western cities, on the other hand, where
movements of customers' rates are usually on a smaller scale, there was
relatively little change in the level of these rates which remained within
the general range that has prevailed in these cities since the autumn of
1931. The chart also shows that the passing of the banking crisis was
accompanied by a decline in customers' rates in the northeastern sections
of the country and that in May these rates were back to the levels which
prevailed in the autumn of 1932.
Commodity Prices and the Foreign Exchanges.
Prices of many commodities that are freely traded in in the organized
exchanges and quickly respond to changes in business and financial conditions have advanced rapidly in American markets since the early part of
April. This advance has corresponded both to the decline in the exchange
value of the dollar which has occurred during this period and to a rise in the
world price level of these commodities.
Changes in the exchange value of the dollar in relation to the British pound
are shown in the upper section of the chart, which compares fluctuations in
the Paris quotations of British pounds and United States dollars. The
comparison is made in terms of the French franc, the most important
currency now on a gold basis, and shows percentage changes in the quota-
239
tions since February of this year The chart indicates that the quotation
of the dollar has fallen by about 15% during this period in terms of the
French franc, whereas the British pound has declined by 2% during the
same period.
The extent to which the rise in the prices of certain commodities in this
country has corresponded on the one hand to the change in the value of the
dollar abroad and on the other hand to changes in world prices is shown
in the lower section of the chart. Each of the three lines in this section
represents a simple index of fluctuations since Feb. 1 in daily prices of six
basic materials—cotton, lard, silver, copper, tin and rubber. The lower
line is an index of the prices of these six international commodities, in the
British market in terms of the pound sterling and shows that on the average
the prices of these commodities have advanced in Great Britain during the
period by somewhat more than 30%. Inasmuch as the pound sterling was
relatively stable in terms of gold currencies during this period, this advance
reflects almost entirely a rise in the world price of these commodities. The
middle line shows an index of these British prices converted into dollars
at the current rate of exchange each day. This index should closely parallel
the index of American prices for these international commodities shown in
the upper line. The chart shows that these two indexes have actually
fluctuated very closely together throughout the period, but since the
first of March the index of American prices has been consistently higher than
the comparable British index. It appears, therefore, that American prices
have advanced somewhat more rapidly than British prices even after allowance has been made for differences due to depreciation in the exchange value
of the dollar. At the end of May, American prices of these six commodities
averaged about 60% higher than in February. Of this rise of 60 Points In
the index, about one-half appears to correspond to a rise in the British of
world prices of these commodities. Of the other half of the advance, a part
corresponded to the decline in the exchange value of the dollar as compared with the pound sterling, and a part represented price advances in the
American market in excess both of the advance in British prices and of the
depreciation of the dollar in the exchange market.
Plans of Savings Banks in New York State for Establishment of Trust Company—Mortgage Loan
Company Also Proposed to Buy Mortgages from
Savings Banks—New Organizations Would Afford
Contact with Facilities of Reserve System and
Reconstruction Finance Corporation.
Plans for the establishment of a trust company from which
savings bankers in New York State might borrow money
when necessary, and a mortgage loan company which would
buy mortgages from savings banks until the mortgage market
returns to more normal conditions, were announced on
June 22 by the Savings Banks Association of the State of
New York. The proposals were discussed at a meeting of the
bankers in New York City on June 21. Subject to the
approval of the State Banking Board and to the enactment
of enabling legislation, the plan will become effective after
approval by a sufficient number of boards of trustees of
savings banks of the State. Through this program, it was
indicated, the banks expect to make available to themsieves the facilities of the Federal Reserve System and the
Reconstruction Finance Corporation. The following is the
statement issued by the Association:
Representatives of the savings banks of this State have endorsed a plan
which, if approved by a large majority of their respective boards of trustees
as well as by the banking board, will lead to the establishment of a trust
company owned by them.
The plan to create this trust company is the outgrowth of years of thought
and effort directed towards the creation of a medium for the conservative
pooling of cash which could benefit the savings banks in the State.
The present plan differs only as to form from previous thoughts on the
subject. It has, however, the additional value of giving access, if need be,to
the rediscount privileges of the Federal Reserve Bank as well as of the
Reconstruction Finance Corporation to which the savings banks as a whole
have had no suitable access up to this time.
In addition to this long contemplated development, a new feature is
being added to take the place of the free mortgage market which existed
in the past and which will doubtless be restored as conditions continue to
improve.
A mortgage loan company has been proposed which will be able to buy
mortgages from savings banks whose present lenient attitude toward
mortgagors has largely eliminated payments on account of principal which
normally has served as a means of replenishing cash balances. In short,the
mortgage company, which will be in a position to borrow from the Reconstruction Finance Corporation, will serve as medium for the evening up of
the flow of cash in and out of the various savings banks until such time as
more normal mortgage market conditions are re-established.
The announcing of this plan has been postponed until the improvement of
conditions made it seem desirable for the savings banks to take this step.
At the meeting on June 21, Henry R. Kinsey, President
of the State Association, discussed the Banking Act of 1933
and other Federal legislation, such as the Federal Home
Owners Loan Act, which affects depositors of bavings banks.
In his comments, Mr. Kinsey said:
Since the new provisions do not come into effect until the beginning of next
year, unless an earlier date is decided upon by President Roosevelt, I feel
sure that savings bankers in this State will want to take plenty of time to
determine what action their institutions individually will take. We should
weigh carefully the advantages and disadvantages to our depositors of the
provisions for deposit insurance and for membership by our banks in the
Federal Reserve System.
It is an open question as to whether the advantages of a Federal Reserve
connection might not be secured more conveniently and effectively through
some co-operative mechanism than through individual bank membership.
This question is now under consideration by a special committee and will
be submitted in due time to the member banks.
I believe that after our general discussion of all such matters to-day, our
member banks can deal with them comprehensively and decide what action
will be of most be, it to their depositors. When we recall that approxiief
mately half the population of this State hold accounts in our savings banks,
it Is apparent that the decision we make is of the utmost importance.
240
Financial Chronicle
Plans to Establish Central Bank For Exporters Under
Edge Act With View to Developing Foreign Trade,
Particularly in South America—Move by American
Manufacturers Export Association—Reconstruction Finance Corporation Agrees to Consider
Applications for Loans From Proposed Institution
—Would Act to Free Frozen Credits.
Announcement was made June 18 by the Reconstruction
Finance Corporation that the Board of Directors of the
Corporation has agreed to consider applications for loans
from a $5,000,000 Edge Act Bank which the American
Manufacturers Export Association, composed of some of the
largest manufacturers in the United States, plans to establish
with a view to developing foreign trade, more particularly in
South America. The Corporation's announcement said:
According to the terms of a resolution adopted by the directors "the
Corporation is sympathetic toward any movement designed to promote an
increase of American exports on a sound credit basis" and "will give consideration, as an when presented, to applications from the proposed Edge
Act Bank that the Corporation accept bills drawn upon it arising out of
transactions involving the exportation of agricultural and other products."
The resolution further specifies that "the Corporation cannot make a
commitment as to the total amount of bills which it will accept * * * as
each offering will have to be considered upon its own merits and from the
standpoint of the collateral and credit responsibility supporting the particular offering."
According to statements made by the proponents of the Edge Act Bank
in conferences with Judge Wilson McCarthy,Director ofthe Reconstruction
Finance Corporation, American export trade at the present time is handicapped through frozen credits in South America and Central Europe on
account of exchange control restrictions which various governments have
imposed.
The representatives of the American Manufacturers Export Association in
their conferences here expressed the belief that by united action through the
organization of an Edge Act Bank, rather than through individual action,
they would have greater success in their efforts to make available larger
quantities of dollar exchange.
Other arguments advanced in favor of the proposal were that it would
enable exporters to inmase their business; meet the steps which England
and France already have taken to solve the frozen credit situation; and provide a means of financing which the large United States banks, formerly
engaged in this business, are not now disposed to offer.
The negotiations with the Reconstruction Finance Corporation were
conducted, on behalf of the American Manufacturers Export Association,
by E. V. Finch, President of the United States Alkali Export Association;
Fred Benke, General Motors Export Corp.; J. J. Doran, Parke
-Davis Co.,
and F. T. Cole, General Manager of the American Manufacturers Export
Association.
In its announcement dated June 23 the American Manufacturers Export Association stated that the directors had
that day authorized "the appointment of a committee to
organize a central bank for foreign trade under the Federal
Reserve Act." The Association's announcement continued:
The primary function of this bank will be to assist in liquidating frozen
funds and to supplement the existing banking facilities through the granting
of longer term credits than are now available. It will, in this connection,
have access to the acceptance facilities of the Reconstruction Finance
Corporation.
James D. Mooney, President of the American Manufacturers Export
Association is expected to announce the personnel of the organization
committee within a few days. The Association will co-operate closely with
the proposed bank, but without direct financial responsibility for its
activities. All organizations interested in foreign trade are being invited
to participate.
Secretary of State Cordell Hull, who is in London, has been notified by
cable of the action taken by the association, inasmuch as it is the expectation of the association that the creation of the proposed bank, having
access to the acceptance facilities of the Reconstruction Finance Corporation
and intended primarily to assist in liquidating accounts blocked in foreign
banks, will materially simplify the problems of foreign central banks in
removing exchange control restrictions affecting the payment of drafts for
current shipments.
The directors of the Reconstruction Finance Corporation have assurred
the association of their most sympathetic co-operation with the new bank
upon its organization.
The Board of Directors of the American Manufacturers Export Association to-day adopted the following resolution:
Whereas, the Board of Directors after having received the report of the
Association's committee on the Reconstruction Finance Corporation and
the resolution passed by the Board of Directors of the Reconstruction
Finance Corporation on June 15 1933, is convinced that a useful purpose
will be served by an Edge Act Bank, whose primary function will be to
assist in liquidating frozen funds and extending long-term export credits,
and to act as a central bank for exporters with access to the acceptance
facilities of the Reconstruction Finance Corporation.
Now, Therefore Be It Resolved, That the Board of Directors request Its
President to appoint a committee of not loss than nine or more than 15 to
proceed to organize a banking corporation under Section 25a (The Edge
Act) of the Federal Reserve Act with due despatch, and that said organization committee in inviting export interests to participate in the organization
of such a bank acts with the approval of this Association.
Be It Further Resolved, That the Association may establish a comprehensive arrangement with the proposed bank and maintain close contact with it
through a special committee of the Association for the purpose of furthering
the best interests of America's foreign trade, but not to involve the Association financially or normally in the conduct of the bank beyond sympathec co-operation consistent with their respective constitutions.
Branch Banking Problem as Affected by Glass Measure
—B. M. Anderson of Chase National Bank Finds
Deposit Insurance Provisions Necessitate Modification of Views Respecting Desirability of Extension of Branch Banking.
According to Benjamin M. Anderson Jr., Ph.D., Economist of the Chase National Bank of the City of New York,
"the Glass bill, with its deposit guarantee provisions, has
undoubtedly necessitated a great modification of views with
respect to the desirability and even the necessity of a very
widespread extension of branch banking in the United
July 8 1933
States." Speaking before the New York State Bankers
Association at Lake George, N. Y. on June 26 Dr. Anderson,
said:
It can be urged with great force that,if the banks in the financial centers
are to be responsible for the deposits of banks all over the country, they
should also be responsible for management and policies, and this consideration would involve a very wide-spread application of branch banking indeed.
On the other hand,the desirability of preserving local financial independence
in a country as great as ours is very real. Moreover, it is certain that a
sudden,sweeping transformation of our system would involve a great many
difficulties and undesirable consequences.
Dr. Anderson likewise said:
The question of nationwide branch banking does not immediately arise.
however. Inasmuch as the Glass bill does not permit it. The important
change that the Glass bill makes in existing law, with respect to branch
banking, is to permit National banks to do, in a given State, what State
institutions may do, and the immediate question is as to what State policy
should allow. The urgent question here relates to the rather numerous
small institutions which, though they have survived the catastrophe of the
past four years and are solvent to-day, still find themselves with capital
funds reduced, and with prestige impaired. I think there is widespread
agreement that State legislation during the coming months, in many States,
should concern itself with just this problem, particularly in view of the
uncertainty as to how many of these institutions will be able to qualify
after Jan. 1, next, for admission to the deposit guarantee system provided
for in the Glass bill, and as to what their status in the future will be if they
are not so admitted.
I do not think that one uniform type of legislation will do for all the
States. In some States, it is probably desirable that there should be
immediate provision for Statewide branch banking. It is possible that there
are some States, where banking capital is very scarce, which might even
be well advised to consider the admission of branches from strong institutions from other States. What I have to say here, however, relates to
what is desirable in the State of New York.
In New York State, we have, of course, the immense financial resources
of New York City and, outside New York City, we have a number of very
strong financial centers, particularly in the region stretching across the
State from Albany to Buffalo. What should we do in New York? I am
of the opinion that it would not be desirable, in the immediate future
certainly, to have the great banks of New York City engage in a competitive
-managed banks of the large
struggle for the purchase of the large, well
cities of the State outside New York City. On the other hand, I think it
very desirable that the great banks of New York City and the great banks
in other important cities in New York should be empowered and encouraged
to reach out into smaller places, under the supervision of the State banking
authorities and the office of the Comptroller of the Currency, and to take
under the protection of their adequate capital an important number of
solvent but weaker banks in smaller places. This should be done under
terms and conditions approved by the Comptroller or the State Banking
Department, with due consideration for local interests, as well as
for the interests of the banks in the financial centers. I should not wish the
legislation to permit the establishment of new branches in competition with
existing institutions in the smaller places, as this would aggravate the
difficulties of the situation rather than help them, the only exception
being that, If a community has no bank at all, a branch of a bank in a great
city might well be placed there. Instead, therefore, of a statute in New
York providing for unqualified Statewide branch banking, I should think
that the legislation might take the following form: We should permit
banks of certain minimum capital to establish branches in any part of the
State, in cities of a certain maximum population, the maximum being set
low enough to prevent a competition of New York City banks for control of
other important financial centers in the State.
I think it would be desirable to permit banks of a smaller, but still substantial, capitalization to take over, as branches, other banks within their
own county or within two adjoining counties. The very small bank in
very small communities, established in the horse and buggy days, which
has lost a great deal of its business and of its importance as a result of the
coming of the automobile, which has already lost much of its business to
the county seat banks, would be much better off if made a branch of a
strong county seat bank. In not a few cases the community would be
better off if its one small bank were absorbed by the county seat bank, its
assets and liabilities transferred to the county seat and the office closed
entirely. And there are other cases still where it might remain open one
or two days a week for receiving deposits and for making cash disbursements for local convenience, with, however, the main body of its business
transferred to the main office in the county seat.
I present these ideas as suggestions, rather than as definite proposals.
The whole subject of branch banking must be considered anew in view of
the new legislation at Washington.
Number of States Reported Planning to Pass StateWide Branch Banking Legislation Under Terms
of Glass-Steagall Act Limiting Branch Banking by
National Banks to States Permitting Branch
Banking Operations.
A number of States are planning to pass State-wide
branch banking legislation in view of the enactment of the
Glass-Steagall Banking Act, under which branch banking by
National banks is limited to States authorizing branch
banking operations. Washington advices June 14 to the
Boston "Herald" reporting the move by States toward branch
banking legislation.
State-wide branch banking is authorized by law in the following nine
States:
Arizona, California, Delaware. Maryland, North Carolina, Rhode
Island, South Carolina, Vermont and Virginia.
"Agencies" in Vermont.
In Vermont there is no provision relative to branches, but State-wide
.
establishment of bank "agencies" is permitted.
At present in 25 States branch banking in some form or other is permitted.
Eighteen States prohibit branch banking, while five States have no legislation on the subject.
The Glass-Steagall bill in Section 23, paragraph 0,says:
"A National banking association may with the approval of the Comptroller of the Currency, establish and operate new branches: (1) Within
the limits of the city, town or village in which said association is situated,
if such establishment and operation are at the time expressly authorized
to State banks by the law of the State in question; and (2) at any point
within the State in which said association is situated, if such establishment
Volume 137
Financial Chronicle
and operation are at the time authorized to State banks by the statute
law of the State in question by language specifically granting such authority
affirmatively and not merely by implication or recognition, and subject to
the restrictions as to location imposed by the law of the State on State
banks."
Sixteen States now permit branch banking within limited areas, and, according to officials, National branch banking will be permitted similarly in
those areas under the new legislation, with the possibible exception of
Kentucky, where State branch banking is done under court decisions.
These 16 States are:
Georgia, Indiana, Iowa, Kentucky, Louisiana, Maine, Massachusetts,
Michigan, Mississippi, Montana, New Jersey, New York, Ohio, Pennsylvania. Tennessee and Wisconsin.
States prohibiting branch banking follow:
Alabama, Arkansas, Colorado, Connecticut, Florida, Idaho, Illinois,
Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, Oregon.
Texas. Utah, Washington and West Virginia.
No legislation or other enactment relative to branch banking exists in
the following States:
New Hampshire, North Dakota, Oklahoma, South Dakota and Wyoming.
The Comptroller of the Currency has the power to authorize the establishment of bank "offices" in the district of Columbia.
241
Sound Money.
If it were possible to fix a measure of commoditiesin something that could
be mathematically maintained, as is true for instance with the standard
yard, which by being held in vacuum is protected even from the fluctuations of the expansion and contraction which follow changes in temperature,
it would be simple to describe sound money. However, the mind of man
has not yet been able to conceive or even to visualize such a price measure.
It is true that a mathematical statement has been provided under which
23.22 grains of pure gold represent one dollar and that various multiples
or divisions of such numbers of grains of pure gold represent the quantity
in each of the gold standard units of other countries. This arrangement
does represent positiveness as to one side of the equation but it does not
fix the other side as is true with the standard yard measure which, when
applied to any commodity or condition where measurementis desired,always
reaches to the same point.
The equivalent of one dollar or any other unit in any commodity cannot
be fixed and could not be fixed even if it were possible, which it is not, to
actually stabilize, in so far as desire is concerned, a given number of grains
of fine gold. Granting for the moment, to enable better undertsanding,
that there was such a thing as the fixation of desire for 23.22 grains of fine
gold for one dollar, the opposite side of the equation, as applied to each and
every commodity or a combination of commodities in manufactured form
vary at different times individually or all together.
National Bank Call Issued—First the Current Year— or otherwise, wouldas expressed in dollars under such circumstances, would
The value of wheat,
Call Does Not Apply to Banks Under Conservators go up or down based upon the supply of wheat and the demand for wheat
or Receivers.
regardless of the movement in price of any other single commodity. If,
The first call for conditions of National banks since the therefore, we would try and measure the dollar as to its value in wheat we
would find that our ability to do so would be represented by zero as, regardbank holiday of last February and March, was issued less of the motion of prices of any and all other commodities, the supply of
July 7 by the Comptroller of the Currency, asking for reports wheat and the exercised demand for wheat would determine its price.
If we would measure the price of
the dollar the same conat the close of business on June 30. Associated Press ac- ditions would exist. The price for copper againstgo up while the price for
copper might
counts from Washington yesterday (July 7) stated:
while wheat was going up,
wheat was going down, or copper might go down
or either might remain stationary while the other was moving,or they might
The last call was issued for the quarter ended December 31 1932, but
go together. If new discoveries in copper resulted in the mining of more
since then many banks have ceased to operate and some still are under the
copper than could be used or was wanted the price of copper would go down
control of conservators.
The call issued by J. F. T. O'Connor does not include those banks operateven though the price of wheat might be going up or down, or remain stationary. Copper, therefore, as a measure of the dollar would be zero and
ing under the direction of the conservators or receivers.
The emergency bank law provides a conservator has all authority that
copper and wheat as measured against each other and the dollar, in so far
Is conferred on a receiver and therefore they make reports to the Compas determination ofthe value ofthesupposedly stabilized dollar is concerned,
would be zero and so we might go on with each individual commodity, with
troller twice monthly and are not permitted to do an unrestricted banking
business.
each individual structure of every character and we would find that supply
The analysis of the reports which will be received from the banks is
and demand measured its price as expressed in doolars and that its measuring
awaited in financial circles. It usually is issued about a month after the
value of the dollar was zero. The same condition would be true as between
each of any two commodities and therefore as between each of any several
call date.
commodities or their combinations.
In the Washington "Post" of July 4, it was stated:
How then are we justified in adding together say 784 of these zeros and
Restricted banking institutions here and elsewhere will not be required
in calling them something of value by turning them around into the motion
to publish their statements of condition in newspapers following the next
of the dollar? A constant dispersion in prices goes on day in and day out.
call for these by the office of the Comptroller of the Currency,it was underSome articles go up in price and some down in price and some remain stastood yesterday. Their statements will be for the information of the foretionary for a time. This dispersion is caused by the relative movement of
going office alone.
supply and demand in each commodity, or article, or structure and the
Procedure with regard to a call for statements of condition by banks,
measurement is never determined by the pure relation of the prices of
now imminent, has been the subject of considerable speculation on the
commodities to each other nor would a movable dollar affect such
part of bankers throughout the country for the past several days.
relationship. . . .
There has been wide discussion as to how the office of the Comptroller of
Changing movements in psychology from hope to fear or vice versa often
the Currency will proceed with the customary second quarterly call, usually
cause minor changes in cyclical trends that some times act to inaugurate a
made during the first week of July for statements of condition as at the close
major turn in the business curve. When it is realized that the mental
of business June 30.
attitudes of men determine their activities and that such activities are
Deal With Conditions.
evidenced in greater or less desire or willingness to buy, it is very easy to
The coming call will deal with conditions entirely unprecedented in that
understand how commodity prices would move up and down individually
it will be the first to be issued following the national banking holiday of
and in concert,although in varying degrees, even if prices could be measured
last March. The first of three calls made mandatory each year by banking
in a money of absolute stability. There is no motor in a money and regardlaws, was issued Jan. 5 1933. This was for statements of condition as at
less of what that money may be it is the activity of human beings in carryclose of business Dec. 31 1932.
ing on their operations in connection with it which determines the trend of
The 34 banking institutions then in operation here responded to this
prices. After we have recognized this truism we can safely accept the
call. Since then, President Roosevelt declared the national banking holifurther fact that the character of a monetary system does affect the facility
day at the expiration of which 13 local banks failed to receive licenses to do
with which human activity is carried on.
100% banking business. One of the latter has since become a branch of an
If the money is unsound it inevitably leads to disaster as men, in trying
unrestricted bank. Eight are merging to form a new national bank. Two
to protect themselves from it, aggravate the menace that lies within it
are seeking to reopen as national banks and two have not yet made known
through their indivudal and combined activities and particuarly through
their plans. A fourteenth institution has gone into a receivership since the
the exercise of political forces. On the other hand if a monetary system is
foregoing date.
sound it provides very certain brakes upon exaggreated curves whether they
Although the Treasury Department has not made public its plans regardmay be up or down. For instance, with a sound gold standard, as the uping the da ly expected call for the second quarter of 1933, it is believed
curve approaches the largest possible expansion, it inevitably has a slowing
that while all 32 licensed and unlicensed banks of Washington will be asked
down influence which ultimately turns the curve before serious national
to file statements of condition with the office of the Comptroller of the Curharm develops unless there is false stimulation. On the falling curve the
rency, the conservators of the 12 unlicensed banks will not be required to
greater ease in money through its accumulation without investment, propublish these in newspapers of general circulation. The latter provision
vides a sure means for recovery as soon as markets created through neceswill be applicable only to the 20 licensed banks of the District,it is expected.
sity appear, except again, that such force would be nullified for a time if
taxation were made too burdensome with abnormal unemployment re"Sound Money "Analyzed by F. J. Kent, Foreign suiting from it and if loan operations were too widespread and were as a
Reserve Bank of whole too large during the higher part of the preceding rising curve. Or
Exchange Supervisor at Federal
New York—Idea that Changes in Gold Content again,if the impatience of the people because of the hardships which attend
Would Regulate Prices Declared "Fallacious in the lowering curve result in their tampering with a sound money, such
tampering may result in greatly deepening the
furnish
Principle and Menace If Put into Effect"—Gold a temporary means of recovery that will have depression or it mayat great
to be paid for later
Holdings of Central Banks.
cost. However, this phase of the sitaution represents a departure from
Speaking on "Sound Money" in Chicago on June 16 at sound money and cannot become active while it prevails.
the annual convention of the American Institute of Banking, in Now what is sound money? Sound money is a measure of commodities
something in which the people have continuing confidence that in itself
Fred I. Kent declared that "the thought that changes in the isfixed and constant in quantity in the nominal measure,that carries within
gold content in a money would regulate prices is fallacious It such elasticity as to outstanding amounts as will satisfactorily meet
the business requirements of the
fall, that
in principle and a menace if put into effect." Mr. Kent is provides a ceiling to its powers nation in their normal rise and ascending
of expansion that will stop an
a director of the Bankers Trust Co. of New York and For- curve of accelerated business activity with the least possible harm, that
eign Exchange Supervisor attached to the Federal Reserve will contract sufficiently to reduce the tax of carrying it during a descending
curve of business and that will
from the lower part of
Bank of New York, and it was observed in the Chicago the curve to make possible theexpand sufficientlybusiness structure when
rebuilding of the
proposed reduction in the deflation has reached a normal low.
"Tribune" that "his criticism of the
The reserve
in
gold content of the dollar came as something of a surprise continue to begold standard as the United States is such a money and will
just as long
it is not tampered with and the quantity
because of his connection with the Roosevelt Administra- of gold in the unit of measure remains the same. The moment that uncertainty arises as to this one fixed element in a money a flight from the
tion."
money develops. This
of two
Mr. Kent asserted that "if we are looking for a fool-proof ment in things directly flight may take onetransfer forms, either investor indirectly, or a
into foreign
expect to find it by The pressure of flight from a money is so great that no country, menus.
business system, we certainly cannot
through
any laws or regulations, has ever been able to prevent it entirely when the
freeing our monetary system from all automatic restraint urge has developed.
such as is contained in a fixed quantity amount of gold in the
The thought that changes in the gold content in a money would regulate
dollar, and let it float around in the atmosphere subject to prices is fallacious in principle and a menace if put into effect. If more
wheat is produced than is desired the price of wheat would go down relabuffetings of the cross-currents of the varying mentalities tively regardless of any change in
the gold content of the
the
of men who might be in control of the political forces that opposite effect would take place if the demand exceeded thedollar and The
supply.
are ever in evidence." In part, Mr. Kent spoke as follows: same condition would be true of each and every other commodity and the
242
Financial Chronicle
July 8 1933
has increased by 10% and the total amount of trade carried out by money
dispersion of prices would continue. On the:other side the actual change
transactions has decreased over 50% and at the same time that total interIn money value would affect everything quoted in it equally and the harm
national trade and commerce has decreased 60%? Statements have been
done would be without equivalent benefit in readjusting unfortunate spreads
made that hoarding has taken up the slack, but the gold figures represent
in prices between individual commodities say those that are agricultural and
gold actually in the Central Banks in addition to any that might have been
those that are industrial.
hoarded. Again, if the people will engage in hoarding it is this act of men
An element of great uncertainty, however, would be introduced into
that causes the friction and not any question as to what constitutes the
trading and into the making of loans that would be too complicated to be
number of grains of gold in a dollar.
comprehensible even to the most astute mathematician if the one and only
We also hear a great deal about the so-called maldistribution of gold.
fixed point in a sound money and the one and only fixed point that is possible
What does this mean? Only one thing—that those countries which have
when prices must be determined by supply and demand, and supply and
too little gold to meet their needs have been buying more from other counkaleidoscopic world.
demand represent the exercised activities of men in a
tries than they could pay for in goods or services. If all the gold in the
is destroyed. The fixed base upon which every individual unknowingly
Central Banks was re-divided among all the nations in exact proportion as
leans in carrying on his every business operation would be eliminated and
to the amount of production in each nation and the peoples of many couneconomic chaos would take its place.
tries continued buying from other nations more than they could pay for,
changed following a national
When the gold content of a money has been
the maldistribution of gold, which would have to be used to make up the
catastrophe that is beyond control and the people realize that the new
differences against the debtor nations, would soon be in effect again. It
quantity of gold is determined.upon as the national monetary unit and made
Is perfectly plain therefore that the maldbstribution of gold has nothing
absolute, the harm may not be as great, provided such catastrophe repreto do with the situation but that the cause for such maldistribution, that
sents some character of destruction following war. When, however, the
is, nations living beyond their means, is at fault. There is no way that
harships of a depression lead to an impatience which dmands relief through
nations can live beyond their means without approaching bankruptcy
depletion of the gold content of the national unit with its positive and certain
any more than is true with individuals, but the world does not seem to have
injury to an important part bf the population,it carries within it a shadow of
found this out,
dishonesty and destroys the integrity of the monetary unit. Any attempt
lys,What might have been a mere normal movement of the business curve
humanly measure such a change in a monetary unit with the hope of
to
during the years immediately preceding 1929 and a normal turn in 1929,if It
finding a common denominator of fairness to a population would be futile.
had happened to come at the time which it did, was turned into a deep deIf the thought were sound it would mean an attempt to fix a point at which
,
pression because of the methods undertaken by governments in Europe
some fair division ofthe
the losses and gains ofthose affected would represent
both neutral and otherwise, following the war to protect the unemployed
day by all classes of individuals in
burden. But as loans are made every
with the best intent no doubt but with disastrous effects from which the world
varying amounts that run with varying times to maturity, there is no matheis suffering to-day. The unemployed were given buying power which was
matical nor even instinctive way to move back to any particular point in an
taken from the balance of the people instead of governments having acted
accepting it as
ascending or desending curve of business and be justified in
to enable the reconstruction of industry and the employment of men. The
representing a commodity price index value that would measure the moment
weight of this buying power was evidenced in increased taxation to which
of the average of outstanding obligations. Again how can there be fairwas added in governmental budgets other large sums for social services
ness In deliberately causing losses to some of the poeple and gains to others
due to the demands of restless idle men, all of which acted to increase uneven if the average did represent an exact division.
employment. At the same time while this false buying power was In existsuch a point in the curve of business
If it were possible, however, to find
ence it carried an apparent stimulation of demand upon other nations for
Progression, its selection would not carry fairness nor if it were recognized
goods which the idle men could have produced. This false stimulation of
as being the common denominator point could it be done without destroying
Industry in other countries, particularly in the United States, could only
the integrity of the national money. Why should the wage earner, the
be carried on while those who were reaping the supposed profits leaned
salary earner, the man who has intelligently saved from his income to invest
them to the buying countries to pay for their imports and to enable the
for his future welfare and that of his family, or to accumulate savings accontinuation of the unwise distribution of buying power.
counts or insurance protection for the same purpose, be penalized because
A seeming prosperity, honeycombed with unsound practices, was thereby
those who made unfortunate loans succeed through agitators in making a
built up during tbe years of 1919 to 1929 inclusive and the world had to reap
borrower who undertakes a conspecious plea for unfair relief? It is the
what it had sown. Governments, national, State and municipal, corporatract to pay and it is therefore the duty of the borrower to measure his
tions and indivudals were induced to over-borrow by this false stimulation
ability to pay from every point of view before he assumes the obligation,
and the excessive taxation created under high commodity prices became
When an individual borrows during an accelerated price movement in
unbearable taxation with lowering commodity prices. To-day this taxation
order that he may buy land which he hopes to sell at a profit, or stocks
is continuing in spite of all the efforts that are being made to stop it and If
which he hopes to sell at a profit, or commodities which be hopes to sell at
it Is carried too far progressive unemployment may easily develop from it.
a profit, or businesses or structures which he hopes to sell at a profit before
Again, if we in the United States should enter into any extended dole
the break he has no right to ask for relief except to carry him over an
system we would undoubtedly fasten the depression upon the world for an
emergency that may have so developed as to destroy his ability to meet
indeterminate time.
his obligation.
Unfortunately in the United States the pressure of hardship has developed
Borrowing for ordinary business purposes, including the manufacture and
a demand for changes in our monetary system that our lawmakers cannot
sale of goods, probably averages altogether as to time something under 90
ignore. The fact that every attempt to carry on a managed currency has
days. Where longer periods are involved and in many cases where the
failed is not appreciated by the masses. The word ''inflation" carries to
time is short, that is under 90 days, business operations are so carried on as
every individual a picture of a people, each and all of whom have plenty
to enable hedges that offer protection from changes in commodity prices
of money. It is a fascinating thought but it leaps into being without the
that may take effect during the period. It is essential to the borrower for
preliminaries of figuring out how people are going to obtain all this money.
business purposes to be operating under a sound money for otherwise there
There are just two ways in which it can be obtained by the people; one is
uncertainties over which he has no control that
is_added to his normal risk
for them to earn it in which case the depression would be over and the
make any business superhazardous. Operating in an unsound money for
other is to have it given to them in which case it must be paid for.
legitimate business purposes becomes Increasingly difficult as time moves
The building up of industry so that it may be earned is th6 only sat and
on and the protection offered by hedging becomes too expensive or even
monetary unit such as that repreeffective way to provide men with money. Inflation that means the disimpossible if there is no fixed value in a
tribution of gifts may carry a temporary stimulation to business but it
sented by the amount ofgold in a dollar from which to measure transactions.
will be followed by the activity of the inevitable forces of destruction which
The inevitable movement of prices aside from any questions of dispersion
have been the aftermath of all such attempts to meet financial problems
due to the changing psychology of a people is ordinarily a sufficiently slow
throughout history. The fact, however. that our lawnakers have had such
process to allow industry to carry on with a profit even if prices are falling
an insistent and tremendous pressure put upon them to undertake inflation
provided the operators measure daily the progress of business events and
In some form or another has made it necessary for the protection of the people
consider constantly the motion and relative position of commodity prices.
and the protection of our lawmakers for the President of the United States
No business can be properly run without such consideration and it is imto have the full power to regulate questions having to do with our money
possible to visualize any system that might be devised by man that would
placed In his hands. Thus lodged with the President, who has several
enable those engaged in carrying on the world's commerce and industry to
times declared himself as being in favor of sound money, this power can
do so without the application of intelligence.
be held without exercise while opportunity is given for industry to proceed
If we are looking for a fool-proof business system we certainly cannot
toward recovery and develop a momentum that will result in general reexpect tofind It by freeing our monetary system from all automatic restraint
employment. By this process of legislation our people are protected from
such as is contained in a fixed quantity amount of gold in the dollar and let
themselves as there is no question but that the agitation for inflation will
it float around in the atmosphere subject to the buffetings of the crossgrow less and less as recovery advances and unemployment decreases until
currents of the varying mentalities of men who might be in control and of
It will lose its force entirely. Then we may find ourselves once more enthe political forces that are ever in evidence. The fluctuations in a sound
joying a normal life and still living under a sound money. In this lies the
money that are due to the positive effects of supply and demand that in
hope not only of our own people but of the world.
turn. Insofar as a general movement of all commodities are concerned, ara
No President in the history of our country has ever gathered into his
usually determined by the mass psychology of the people, do not act to
hands such vast powers. Some of these powers have potentialities for great
prevent the development of industry and commerce even though they may
good but many have potentialities for great harm. The powers for good
temporarily curtail or accelerate trade. Witness for instance the large
were desired to aid in reconstruction and those powers which if exercised
number of business organizations which have a history of profitable enat all or carelessly might bring disaster were required by the President in
deavor that extends over periods of both prosperity and depression for
order to bring them within control and prevent a harassed people from
generations back. The principal difficulties that arise from such fluctuaforcing its Congress to pass unfortunate legislation that might be harmful
tions in prices are made by those who speculate and who buy land, buildings,
for generations.
businesses, stocks or who make any other character of investment on a
The future only will determine how wisely these powers may have been
margin basis. The urge to carry out such operations seems to be greater
Utilized and in the meantime we must stand by the President in our groat
when the business cycle is approaching its high point and when the danger
ergency and give him the opportunity to make effective the powers for
is greatest.
and hold inactive or nullify the powers for harm that have been placed
But are we justified in brushing aside the one fixed point upon which all
s care.
industry and trade, whether domestic or foreign, depends for its
to operate intelligently for the purpose of trying to protect the speculatoi::•
who borrowed high on the up-curve, either with the hope of lotting go to
vernor Roy A. Young of Boston Federal Reserve
someone else before the break or because he was foolishly intrigued with the
•
Bank on Glass-Steagall Banking Act—Praises
Idea that he was living in a new era?
The constant criticism of the gold standard that has been carried on I
Pro. ision Prohibiting Member Banks from Lending
most every country in the last two years is merely an effort to lift from the
to Directors, Officers and Employees.
shoulders of men the mistakes which they have made and shift them upon
The new Federal banking act "will tighten up on lending
an inanimate thing. The absurdity of such attempts can be shown in
many ways but very few references to the facts ought to satisfy any one
all along the line," Governor Roy A. Young, of the Federal
truly interested in understanding the situation.
Reserve Bank of Boston, told the Now England Council at
In 1929 the Central Banks of the world held in round figures $10.800,000,its 29th quarterly meeting at York Harbor, Maine, on
000 of gold. This amount of gold proved to be a sufficient reserve to provide
for a tremendous trade and the great expansion of credit that the business
June 23. Associated Press accounts quoted Governor
and financial operations of the time required. In 1933 the amount of
Young as follows:
gold held by the Central Banks of the world, again in round figures, was
The two sections of the measure which prohibit member banks from
$11,900,000,000 and it has been estimated that the trade of the world,
which prevailed
loaning money to directors, officers or employees and permitting the
internal and external, is considerably under 50% of that
Federal Reserve Board to remove men in those positions for cause, received
can pressure from a supposed lack in quantity of gold to
in 1929. How
his praise.
meet our present needs be rightfully claimed when the total amount of gold
Financial Chronicle
Volume 137
"Many of our banking difficulties came because of this," he said, in
discussing the ban on borrowing from the bank with which the men are
connected.
"It would have been helpful the past 10 or 15 years to have had a law
permitting the Federal Reserve Board to remove directors, officers and
employees of member banks for unsound banking practices and other
similar causes," he said, adding that the Board had always had that power
over the 12 Federal Reserve Banks.
Twelve Federal Land Banks Made 4,169 Loans Aggregating $14,633,997 in First Five Months of this
Year-Compares with 2,692 Loans for $10,514,000
-Reduced Interest Rate.
in Same Period of 1932
The Farm Credit Administration announced on June 22
that the 12 Federal Land banks made 4,169 loans for an
amount aggregating $14,633,997 during the first five months
of this year, compared to 2,692 loans for $10,514,000 during
the same period in 1932. Loans are being made in increasing numbers by the banks, according to the Farm
Credit Administration, which states that during May loans
totaled 901 for an aggregate of $3,139,549, compared with
634 loans made in May last year for a total of $2,441,100.
The Farm Credit Administration's announcement respecting loans of the Federal Land banks also said:
One of the principal reasons for the increase in the demand for loans
from these banks is attributed to the passage, early in May, of the Emergency Farm Mortgage Act of 1933. It temporarily reduces the rate
of interest on Land Bank loans. Interest maturing during the five years
commencing July 111933, in connection with loans made through National
farm loan associations, will be charged at the rate of only 4 A % an average
reduction of approximately 1%. The same rate will be charged during
the same period on outstanding loans made through agents or purchased
from Joint Stock Land banks, as well as on new loans made through
National farm loan associations prior to May 12 1935. On direct loans
and loans made through branch banks the rate will be 5% during the
same period.
A further inducement to borrowers which is probably responsible in a
large degree for the increased number of applications received, is the
provision in the new Act whereby no payment on the principal portion
of any instalment will be required during the same five-year period if
the borrower is not in default with respect to any other provision of his
mortgage.
The total loans in force on May 31 this year numbered 339,324, the
.
unmatured principal of which was $1,102,890,767
The attached table shows the number and amount of loans for the fivemonth period Jan. 1 to May 31 for each bank for the last five years.
NUMBER AND AMOUNT OF LOANS CLOSED FROM JAN. 1 TO MAY 31
OF EACH YEAR FROM 1929 TO 1933 INCLUSIVE.
(From reports of the banks to the Land Bank Commissioner)
Number of Loans Closed from Jan. 110 May 31.
Federal Land Bank of
1929.
1930.
1931.
1933.
1932.
Springfield
Baltimore
Columbia
Louisville
New Orleans
St. Louis
St. Paul
Omaha
Wichita
Houston
Berkeley
Spokane
Total
355
141
90
514
7
295
338
1,257
225
403
143
401
363
241
160
813
564
403
383
604
588
1,228
176
506
244
307
220
452
1,282
366
379
691
491
884
174
379
511
680
475
1,155
1,272
1,053
401
992
580
1,634
261
635
5,869
9,649
6,029
2,692
Amount of Loans Closed from Jan. I to May 31.
4,169
Federal Land Bank of
1933.
Springfield
Baltimore
Columbia
Louisville
New Orleans
St. Louis
St. l'aul
Omaha
Wichita
Houston
Berkeley
Spokane
431
216
12
132
46
2
247
510
222
632
68
174
1932.
1931.
$1,059,400 $1,507,000 $1,226,300
782,700
652,100
403,900
346,900
169,200
17.800
1,338,600
360,800 2,373,700
1,222,000
20,600
163,400
1,347,304
13,500 2,476,000
1,139.900
785,400 1,648,800
4,554,800 2,461,500 3,746,300
628,600
762,100 1,961,700
1,506,200 2.888,900 5,074,500
896,900
992,200
314,700
1,473,293
586,800 2,136,400
1930.
1929.
$842,400 $1,863,000
1,020,200 1,945,800
433,000
877.500
1,308,300 3,640,800
2,283,400 2,370,900
2,254,200 6,815,900
1,466,700 1,662,900
5,015,500 7,424,600
1,943,000 2,062,200
3,521,700 5,283,000
730,300 1,132,200
1,388,200 2,533,900
Total
$14,633,997 $10,514,000 $23,892,200 $22,206,900 $37,612,700
Note.
-In addition to new loans, the figures on loans closed include loans purchased, loans refinancing other Federal Land Bank loans and purchase money
mortgages approved as collateral for bonds. From Jan. 1 to May 31 1933 new
loans, exclusive of other loans lust mentioned, totaled 3,915 in number and $13,730,731 In amount. New loans cannot be segregated for prior years.
243
offer their bonds for cancellation. To do so would be to prefer certain
bondholders and to leave the slower and less desirable assets as security
for the remaining bonds, upon which dividends in liquidation might be
long deferred and separated by wide intervals of time.
"The Bank, therefore, has decided, if tenders of its bonds are received
at prices justified by the present situation and future prospects of the
bank, to apply its cash and United States securities readily convertible
into cash to the retirement of its bonds."
As of June 30 1933, the Bank had total assets of $9.395,671. The cash
position is $125,110, and holdings of United States Government bonds
amount to $779,750.
Debentures of Federal
Sale of $36,000,000 2
Intermediate Credit Banks.
Public offering of a new issue of $35,000,000 Federal
Intermediate Credit banks 2M% collateral trust debentures,
dated July 15 1933 and due in six, nine and 12 months, was
announced July 6 by Charles R. Dunn, Fiscal Agent. The
closing of the books was announced the same day, the issue
it is stated having been sold. The debentures are eligible
collateral for 15 day loans, by member banks, at the Federal
Reserve banks under an act of Congress approved May 19
1932. All issues of debentures must be secured by at least
a like face amount of cash or obligations discounted or purchased or representing loans made in accordance with the
provisions of the act. The entire capital of the 12 Federal
Intermediate Credit banks was subscribed for by the United
States Treasury. The debentures are priced on application.
New Offering of 91-Day Treasury Bills to Amount of
$76,000,000 or Thereabouts-To Be Dated July 12
1933.
Acting Secretary of the Treasury Dean G. Acheson on
July 5 invited tenders to a new offering of $75,000,000 or
thereabouts of 91-day Treasury bills. The tenders will be
received at the Federal Reserve banks, or the branches
thereof, up to 2 p.m., Eastern Standard time, Monday,
July 10 1933. They will not be received at the Treasury
Department, Wash. The bills, which will be sold on a
discount basis to the highest bidders, will be dated July 12
and will mature Oct. 11 1933, and on the maturity date the
face amount will be payable without interest. They will
be issued in bearer form only, and in amounts or denominations of $1,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value). The bills will be used to meet an issue of
$75,733,000 maturing on July 12. The Acting Secretary's
announcement, in part, said:
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit of
10% of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour for receipt of tenders on July 10 1933.
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on the following morning. The Secretary of the Treasury expressly reserves the right
to reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final. Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve banks in cash or other immediately available funds on
July 12 1933.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
Kentucky Joint Stock Land Bank Invites Holders to
Submit Tenders for Sale to It of Holdings.
The Kentucky Joint Stock Land Bank this week invited
holders of its bonds to submit tenders for the sale to it of
such bonds. The bank has authorized the Harris Trust and
Savings Bank of Chicago to act as its agent to open sealed
tenders at 10 a. in., July 15. The holders are asked to
stipulate the percentage of par at which they offer to sell
their holdings. The right is reserved to reject any and all
bids.
From the New York "Times" of July 4, we quote:
United States Treasury Closes Year with Deficit of
-Public Debt at $22,539,000,000 Com$1,786,000,000
pared with $19,487,000,000 June 30 1932.
The Federal Government closed its fiscal year ending June
30 1933 with a deficit of $1,786,000,000 according to Acting
Secretary of the Treasury Dean G. Acheson, the figures, he
said, comparing with a deficit of $2,880,000,000 for 1932.
He also stated that the fiscal year closed with a total gross
public debt of $22,539,000,000, as compared with $19,487,-an increase of $3,052,000,000. The
000,000 on June 30 1932
statement of Acting Secretary Acheson in regard to the condition of the Treasury was given as follows in a Washington
dispatch June 1 to the New York "Herald Tribune":
In a statement to bondholders it is pointed out that under the terms
of the Emergency Farm Mortgage Act of 1933, Joint Stock Land Banks
are required to liquidate. As of June 30 1933, the Kentucky Joint Stock
Land Bank had $7,481,830 net of mortgage loans outstanding, of which
$2,524,367, or 33.74%, had delinquent instalments.
"The present situation of the Bank as revealed from these circumstances
has influenced tho management to give its consideration to a plan
equidation," according to the statement. "It would, obviously, be unfair
for the Bank to allocate its prime assets to the payment of bonds selected
by it without giving an opportunity to all its bondholders known to it to
The Treasury closed the fiscal year 1933 with a deficit of $1,786.000,000,
compared with a deficit of $2,880,000,000 for 1932. This year's deficit again
reflected the effect of the depression on government receipts and expenditures. While there has been improvement in business conditions during
recent months, government revenues for the fiscal year 1933 were not materially affected. The 1933 expenditures included about $461.000,000 of
public debt retirements, mainly for the sinking fund, the deficit, exclusive
of such retirements, amounting to $1,325,000,000. This deficit of $1,325,000,000. together with net payments on account of advances made to the
Reconstruction Finance Corporation of $1,277,000,000, an excess of ex-
244
Financial Chronicle
penditures on trust fund account of $5,000,000 and the increase of $445.000,000 in the generalfund balance,resulted in an increase of$3,052,000,000
in the gross public debt.
Receipts Gain $74,000,000.
Receipts in 1933, exclusive of trust funds, were' $2,080,000,000, or only
$74,000,000 larger than in 1932, notwithstanding new and increased taxes
and the receipt of nearly $99,000,000 from foreign governments following
a year in which all payments on intergovernmental debts had been postponed. Expenditures, exclusive of trust funds, aggregated $3,866,000,000.
or $1,020,000,000 less than in the preceding year. The difference reflects
reductions in expenditures for government salaries, certain public works, the
agricultural marketing fund, refunds of receipts, the adjusted service certificate fund and the postal deficiency, and also the fact that in 1932 expenditures included certain non-recurring items, such as capital stock of the
Reconstruction Finance Corporation and Federal Land Banks. The only
items of expenditure showing material increase were service of the public
debt and distribution of wheat and cotton for relief.
July 8 1933
The Government put a "double budget" system into effect to-day under
which the regular, general expenses of Federal departments will be segregated from expenditures listed as extraordinary.
Under the latter heading will come the moneys spent for carrying on
the various organizations set up for the recovery program, including the
operations of the organizations financed from bond issues. These, although
they would bring about an increase in the public debt, would not affect
the Government's regular budget.
The normal expenses of Government will be listed as usual.
Under the system, the Government will endeavor to balance its ordinary
budget and keep its general expenditures in step with its receipts during
the fiscal year. This heading will cover all ordinary expenses of operating
the Government in its regular business.
The plan was decided upon some time ago. President Roosevelt, in his
efforts to balance the budget, has said that he did not consider that extraordinary expenses should be placed in the same category with the regular
and normal costs of Government departments.
Some time ago he was described as feeling that, just as war-time expenditures are funded over a long period, so should those of a peace-time
emergency. Thus the expenses of his recovery drive would not be placed
under the head of current operations.
Working on the plan for weeks, Dean Acheson, Under-Secretary of the
Treasury, and Lewis W. Douglas, director of the budget, have just completed the task.
President Roosevelt's announcement recently that the change would be
made brought criticism from some Republican members of Congress.
The new bookkeeping methods, put into effect as the 1934 fiscal year
starts,prevented the issuance to-day ofthe Treasury's usual daily statement,
pending final determination of the form of the balance sheet.
The statement, issued for every business day in the year, details all expenditures and receipts of the Government. It is planned to change the
form so that it will not only give all of the information contained in the
old
statement regarding the general expenditures of the Government but also
will show receipts and expenditures of the extraordinary operations of the
Government.
Income Tax Total Off Sharply.
Income tax receipts totaled $746,000,000, which was $311,000,000, less
than for the fiscal year 1932,notwithstanding the heavier income taxes effective during the last half of 1933. This is striking evidence of the effect
which the depression has had on one of the main sources of the government's
revenue. The amount of income taxes received during the last six months
of the fiscal year 1933 was about $39,000,000 less than for the corresponding
period in the fiscal year 1932, although much higher rates were in effect
in the 1933 period.
Miscellaneous internal revenue receipts totaled $858,000,000, or $355,000,000 more than for 1932, the increase being due to the new and increased
taxes imposed by the revenue act of 1932 and the act of March 22 1933.
Receipts from customs duties were $251,000,000, as compared with $328,000,000 in 1932, a decline of $77,000,000. Customs receipts are another
source of government revenue which has been materially affected by the
depression. The decline reflects a continued decrease in the volume and
value of imports.
Miscellaneous receipts other than internal revenue amounted to $225,Regarding the revised form of the Treasury statement we
000,000 or $108,000,000 more than in 1932. The increase is due to the fact
that approximately $99,000,000 was received during the year from foreign
quote the following from Washington July 6 to the New York
governments, whereas payments from foreign governments due during the
"Times":
fiscal year 1932 were postponed pursuant to the joint resolution of Dec 23
1931; and that interest in the amount of approximately $24,000,000 was
The principal changes from the previous form are the consolidation of
received from the Reconstruction Finance Corporation on account of adreceipts and expenditures on account of general and special funds; the
vances made by the Secretary of the Treasury. These amounts were offset
segregation of general and emergency expenditures for the fiscal year 1934,
In part by a decrease of $14,000,000 in repayments of agricultural loans
and the segregation from departmental costs of expenditures relating to
made by the Secretary of Agriculture.
national defense, veterans' administration, public works construction by
the Treasury Department and rivers and harbors work.
Expenditures Are Cut.
"Expenditures for public highways construction and the Boulder Canyon
Total expenditures for 1933. exclusive of trust funds, were $3,866,000,000
project during the fiscal year 1934 will appear only under the Federal
as compared with $4,880,000,000 for 1932, a decrease of $1,020,000.000.
emergency administration of public works," Mr. Acheson said.
Preliminary information now available concerning the details of expen"The only change in the statement of receipts, aside from the consolidaditures for 1933 shows the following principal items of decrease: For Retion of general and special funds, is the addition of a new item to cover the
construction Finance Corporation capital stock,$500,000.000;for additional
processing tax on farm products under the Agricultural Adjustment Act
Federal Land Bank capital stock, $125,000,000; for the Treasury Departof 1933."
ment, $21,000,000, largely representing a reduction in expenditures under
New Issue Adds to Debt.
the settlement of war claims act of 1928;for the War Department,$31,000.The deficit for the first day of the fiscal year was $80,709,217, with
000, principally a reduction in construction work; for the Department of
an
excess of expenditures under trust funds of $1,286,660. The Treasury
Agriculture, $68,000,000, largely on account of reduced outlays for good
showed a cash balance of $869,618,180. which was an increase of
roads;for refunds ofreceipts.$30,000.000;for postal deficiency,$86.000,000;
$7,412,960.
over the day before.
for the Veterans' Administration, $119,000,000, due to a reduction of $100,In the future the daily statement will carry the daily outstanding public
000,000 in the credit to the adjusted service certificate fund and to expendebt, which for July 1 was given as $22,625,508,076, an increase for the
ditures on account of military and naval insurance and military and naval
day of $86,835,516. The increase was due to the issuance of
compensation: for the Shipping Board, $23,000,000 on account of reduced
$50,000,000
in certificates of indebtedness of the adjusted service certificate
expenditures from the construction loan fund.
fund
series, $20,000,000 in Treasury notes of the civil service retirement fund,
There was a decrease in all general departmental expenditures on account
$17.052.940 in postal savings bonds and a small issue of Treasury notes of
of reduction in salaries of government employees. While definite informathe civil service retirement fund.
tion as to the savings on this account can not be ascertained at this time, it
No change was made in the comparative analysis of public debt receipts
is indicated in preliminary information that it will amount to approximately
and expenditures. For the first day of the year the receipts, or new issues,
$100,000,000.
amounted to $87,504,940. The retirements amounted to $669,423, inFarm Relief Fund Gain
cluding scattered securities.
The only major items of increase in expenditures were $90,000,000 on acThe statement, as usual, carried a summary of securities held in trust
count of interest on the public debt, $49,000,000 on account of public debt
by the Treasurer of the United States for national banks. To secure the
retirements and $34,000,000 for distribution of wheat and cotton for relief.
circulation of national bank notes the Treasurer held $856,394,230 in United
The fiscal year 1933 closed with a total gross public debt of $22,539,000.States securities. To secure deposits of public moneys. $50,776,715 was
000, as compared with $19,487,000,000 on June 30 1932, or an increase of
held. .
$3,052,000,000. Public debt retirements of $461,000,000 were made, as
Total expenditures, including those of emergency character, were $85,required by law, although this reduction was more than offset by Treasury
073,334, against $162,031,098 the year before. This year total expenditures
borrowings. The net balance in the general fund was $862.000,000 on June
and the excess of expenditures, or the deficit, included expenditures by the
30 1933. or $445,000,000 more than at the end of the preceding fiscal year.
Reconstruction Finance Corporation, whereas last year the R. F. C.
The average annual rate of interest on the outstanding interest-bearing
expenditures were carried as an individual item. Reconstruction Finance
debt on June 30 1933, was 3.35%, as compared with an average rate of
expenditures for the day were $8.412,118.
3.50% on June 30 1932, due to the fact that the Treasury was able to sell
Other emergency expenditures included $111,617 for Federal Emergency
Its securities at much reduced rates, although the public debt increased by
Administration of Public Works, $1,540 for administration for industrial
over $3,000,000,000 during the last fiscal year. Total interest payments
recovery and $765,944 for administration of emergency conservation
during the year were $689.000,000, as compared with $599,000,000 for the
work. . . .
year 1932.
"The new form of statement will show in a separate group the emergency
expenditures under the President's recovery program,"
Federal Government's "Double Budget" System— listing the various bureaus and administrations set up Mr. Acheson said,
under the program.
Emergency Expenditures Under President Roose"Emergency expenditures for the fiscal year 1933 (except Reconstruction
velt's Recovery Program Segregated in Daily Finance Corporation) are included in 'general' expenditures, the classification of which emergency expenditures on a daily Treasury statement
Treasury Statement.
basis
A "double budget" system was put into effect by the fiscal is not available for comparison with emergency expenditures for the
year 1934.
Federal Government with the issuance on July 6 of the daily
"Therefore, neither the totals of general expenditures nor the totals of
emergency expenditures for the two fiscal years are comparable."
Treasury statement for July 1.
The financial statement for July 1, the beginning of the
first complete fiscal year under the Roosevelt Administration
segregated the "ordinary general expenditures" for government operation from the "emergency" of "extraordinary"
expenditures under various relief acts passed by the last
Congress. The Treasury said:
"The new form of the statement will show in a separate group the emergency expenditures under the President's recovery program."
Associated Press accounts from Washington July 6 said:
These reports are to be included in the statement on the first and fifteenth
of each month.
Under the emergency section there was listed to-day as having been
spent on July 1 for the Federal emergency administration of public works
a total of $111.617. for industrial recovery $1,540, conservation work
$765.944 and Reconstruction Finance Corporation $8,412,118.
On July 5 the Associated Press dispatches from Washington
describing the new system stated
President Roosevelt Returns to Washington From His
Vacation on July 4—Holds Cabinet Meeting on
Board Cruiser Indianapolis.
Bringing his vacation to an end, President Roosevelt on
July 1 sailed for Washington aboard the cruiser Indianapolis, which he boarded at Campobello Island, New Brunswick, after he had concluded a sailing trip from Massachusetts. The cruiser arrived at Annapolis on July 3, and the
President remained on board until the following day, leaving for Washington after members of his cabinet had conferred with him on the vessel. Mr. Roosevelt motored from
Annapolis to Washington, arriving at the White House on
the evening of July 4, after he had been absent on his vacation for more than two weeks.
Volume 137
Financial Chronicle
Those. who conferred with the President on board the
Indianapolis on July 3 included Secretary of Interior Ickes,
Secretary of Agriculture Wallace, Secretary of the Navy
Swanson, Secretary of War Dern, Attorney-General Cummings and Assistant Secretary of the Navy Roosevelt. The
conference, according to newspaper reports, was confined
almost solely to the domestic recovery program, with the
progress of farm relief, industrial control and public works
programs outlined to the President in detail.
President Endorses Plan to Build 32 Additional War
Vessels at Cost of $238,000,000 Within Three Years
—Secretary Swanson Says Expenditure Will Be
Made from Public Works Fund-85% of Money
to Be Spent on Labor.
A new naval building program costing $238,000,000, with
32 war vessels to be constructed within three years, has been
approved by President Roosevelt, according to an announcement by Secretary of the Navy Swanson on June 15. This
sum will be appropriated out of the $3,300,000,000 expenditure for public works authorized by the National Industrial
Recovery Act, Mr. Swanson said. Additional details of the
plan follow, as contained in Washington advices to the New
York "Times" on June 15:
"It is a start toward a treaty navy," he declared. "We are
going to
construct these 32 ships as quickly as we can. It is a program
to put
labor to work and labor will get more from shipbuilding than
anything
else. Eighty-five per cent, of the money spent on building American
warships goes for labor."
Mr. Swanson added that $46,000,000 would
be spent the first year, $105,000,000 or snore the second year, and the remainder in the third
year. These
32 new war vessels will be in
addition to the 17 already being built under
authorizations and appropriations given prior to enactment of the
industry bill.
Details of the 32 vessels planned are:
Type—
Air carriers
Light cruisers
Destroyers
Destroyers
Gunboats
Submarines
No.
2
4
4
16
2
4
Total
Displacement.
of Each.
Dtsplacemaa.
(Tons).
(Tons).
15,000
30,000
10,000
40,000
1,850
7,400
1,500
24,000
2,000
4,500
1,400
5,300
Total
32
111,000
Plan to Open Bids July 1.
"It requires about 42 months
to construct a cruiser," Mr. Swanson said.
"The same is true of aircraft
carriers. But we hope to cut this down some
and build all these vessels within
36 months.
"The limit we can build is
measured by the capacity of the yards. We
think we can build to the fullest
public and private yards
for two years. We are anxious capacity of both
to spend all we can in the first year and
$48,000,000 is what we have figured
for that period."
"How many of these new
vessels will be actually laid down this year?"
Mr. Swanson was asked.
"All of them," he replied.
"How soon will their constructi
on begin?"
"We can start in the navy
yards
the yards will have
to begin assembling the material at once. Of course,
and the ships to be built in private yards
will have to be advertised.
We hope to open bids by July 1 for the latter.
The awards of contracts will
be made as soon after that as I can see my way
clear to do it.
"We hope to get it all well
on the bids and whether they started by Aug. 1. It depends a great deal
are reasonable."
Secretary Swanson was asked
Naval Treaty this new program how near to the limits fixed by the London
would bring the American navy.
"That is a question," he
replied. "Some of these new vessels are replacements and some are additions.
But it is a start toward a treaty navy. At
the time that I was at the
London Naval Conference the American navy was
about 60% short of the
displacement necessary to bring it up to treaty
strength."
Sees "Many Thousands" Hired.
Secretary Swanson said that
building of the 82 new vessels would employ
"many thousands of men"
directly and "many more thousands" indirectly.
"The steel industry, the
railroads and allied lines throughout the length
and breadth of the land will
of necessity benefit," he went on.
"I know of no more
effective and praiseworthy way of giving our industrial life that country-wide
stimulus which it so sorely needs than by devoting a portion of the
money and energy which is to be used for
public
construction to this vital arm
of our national defense.
"The construction
contemplated is not excessive. The cost is moderate,
but it is sufficient to start
the hum of activity in our shipbuilding industry,
which is an important
national asset. It means, moreover, the commencement of a program to give us
vessels of a type and fitness which we require
if this country is to be in
to which they are entitled position to maintain for its citizens the rights
along the water arteries of the world."
President Roosevelt in Executi Order
ve
Federal Pay Cut Until End of Continues 15%
1933—Reduction
Was Originally Ordered on April 1.
The 15% reduction in the salaries
of all employees of the
Federal Government was extended until Dec.
31 1933 by
an order issued on July 5
by President Roosevelt, under the
authority granted him by the Economy Act.
The 15%
cut, which was based on index figures
for the cost of living,
has been effective since April 1. All employe
es of the Government are included in the order except the
President and
members of the judiciary. President Roosevelt,
according
to Washington dispatches, has been
voluntarily returning
15% of his salary to the Treasury The
.
order said that the
index of the cost of living for the first
six months of 1933
245
was 130.2, compared with 171 for the base period, the six
months ended June 30 1928. The text of the Executive
order follows: '
"Pursuant to the authority vested in me by Sections 2 and 3, Title 2,
of the Act entitled "An Act to Maintain the Credit of the United States
Government," approved March 20 1933, I hereby announce:
First, that the index figures of the cost of living are:
(a) 171.0 for the six months period ended June 30 1928. the base Period.
and
(b) 130.2 for the six months period ended June 30 1933:
Second, that the cost -living index for the six months period ended
-of
June 30 1933 is 23.9 per centum lower than the cost
-of-living index for
the base period: and
Third, that this per centum being in excess of the maximum per centum
prescribed by Section 3 (b), the percentage of reduction applicable under
Section 2 (b), in determining the compensation of officers and employees
to be paid during the period from July 1 1933 to Dec. 31 1933, inclusive.
is 15 per centum.
Twenty
-One Commerce Department Offices Abroad Are
Closed on June 30 as Economy Move—Secretary
Roper Announces Cut of 100 in Foreign Personnel
of 168—Posts Left Without Agents to Be Covered
by Nearest Representatives.
In furthering the Government's program of economy, the
Department of Commerce on June 30 closed 21 of the 5a
offices it maintains abroad and will recall to the United
States 100 of the present foreign staff of 168, according to
an announcement by Secretary Roper on June 14. He said
that the personnel separations will date from July 31. Mr.
Roper said:
Most of the offices thus closed are located in the less important countries
from an exporting standpoint. The territories which they now serve will
be served from the nearest Department of Commerce office located at an
important capital. At the offices which are retained the staff is in many
instances being reduced.
The separation of these officials from the service in no way reflects
on their abilities or the character of the services which they have rendered.
It is hoped that it may be possible to find employment for many of the
men being recalled.
Under the policy of broad and impartial service to American trade and
industry, special efforts will be made to maintain at every high standard
the quality and effectiveness of the departments' facilities for the extension
of American foreign trade.
These offices are to be closed:
EUROPE—Belgrade. Berne, Bucharest, Budapest. Helsingfors. Lisbon,
Oslo and Riga.
LATIN AMERICA—Caracas, Guatemala, Montevideo, San Juan and
San Paulo.
FAR EAST—Bangkok, Hongkong, Mukden and Wellington.
CANADA—Montreal, Toronto and Vancouver.
AFRICA—Accra.
Further details of the announcement, as given in a Wash-,
ington dispatch to the New York "Times" on June 14,
follow:
Secretary Roper made public the results of a questionnaire sent to a
large number of business firms throughout the country showing that they
made considerable use of Department of Commerce facilities abroad as
well as in this country.
However, only 43% of the replies answered "yes" to the question,"Does
Your export busines require continuance of the Department of Commerce
services?"
Sixty-four per cent said that they would be willing to pay an amount
commensurate with the cost of these services.
A majority of the replies said that Commerce Department representatives abroad were more helpful and efficient than consular officials of
offices in foreign countries.
Weather Bureau Plans to Close 23 Stations to Reduce
Expenditures.
Twenty-three Weather Bureau observation stations out•
of about 200 maintained will be closed under tentative plans
drawn by the Department of Agriculture to reduce its
expenditures. Associated Press advices from Washington
July 1, reporting this, added:
Their closing is necessitated by an order given the Bureau to keep its
expenditures during this fiscal year below $2,909,000. Its appropriation
was $3,725,000.
The stations to be closed, in virtually every instance. it was learned,
will be in the smaller centers. In some cases observers will be retired
and in others transferred to other work.
Upturn Delayed by Reconstruction Finance Corpora-.
tion "Dole," According to Henry Ford—Wages,.
Not Charity, Needed, Manufacturer Says on
Anniversary of Company.
The following (Associated Press) from Detroit, June 16,
Is from the New York "Herald Tribune":
The shortest cut to the restoration of economic balance, Henry Ford
said
in an interview to-day, is the elimination of the "dole system,"
and one of
the quickest ways to eliminate the dole, he added, is
to "get rid of the
Reconstruction Finance Corporation."
"Recovery," Mr. Ford said, "can come only up through
the people, not
down through financial or political schemes. We
must put work everywhere—not the kind of work that pays a dole but a wage
with a margin."
"The It. F. C.," he said, "is nothing more than a systematiz
ed dole. It
doesn't relieve anybody, and as long as it continues
to function as the distributor of the dole we cannot look to it for lasting improveme
nt in economic
conditions.
"All I am saying is that the system of making money
out of money and
not being able to do anything without money is
a wrong system, and is in,
process of disappearing right now. There are a
few more schemes we must
246
Financial Chronicle
try before we shall be fully disillusioned and ready to start right, and when
we are through the country will find itself in its right senses again."
"My opposition to the dole," Mr. Ford went on, "is not the money it
costs—that is a minor !natter. It is the insult which the most efficient
country in the world hands to men who want to work."
Mr. Ford said he was working on a plan that in effect would mean "sending work and wages direct to the people."
Has New Wage Plan.
"I am working out a plan," he said, "whereby every Ford dealer will have
a part in Ford manufacture. There is no reason why every one of our 9,000
dealerships should only sell and service cars. We could make it possible for
them to hire men to work on small parts. This would be sending work and
wages direct to the people of every community."
Regarding the payment of war debts, Mr. Ford said neither collection nor
cancellation was of any consequence, "so far as the plain people of the
nations are concerned."
"The people of neither the creditor nor debtor nations will get any real
benefit either way," he said. "The World War was paid •for, dearly paid
for, in cash and in every other way, long ago. Every shot fired in the war
was paid for. The debts are 'velvet'; they are the last rake-off. If we don't
forget them, our children
The same paper published the following (United Press),
June 16, from Dearborn:
The industrial recovery program advocated by President Roosevelt conforms in general with the program Henry Ford has had in operation for
years, Ford said to-day, on the thirtieth anniversary of his motor company.
The industrialist pointed out that his company pioneered the eight-hour day,
the five-day week, and the minimum wage.
"There's just one rule for industrialists," he said. "Make the best quality
of goods possible at the lowest possible costs, and pay the highest possible
wages. Wages must be right before anything else in this country can be
right."
Present economic ills would not be as great as they are if industrialists
had been willing to increase wages during the last 30 years, Ford asserted.
He said he hoped the Government would be able to help in the future.
1,819 American Branch Plants Abroad Employ 460,000
Foreign Workers—Secretary Roper, in Report to
Senate, Blames "Tariff Pressure" from Canada and
Great Britain as Chief Cause of Migration.
American branch plants located abroad at the end of
1932 numbered 1,819. They were operated by 711 American
companies and employed a total of 450,000 foreign workers,
according to a report transmitted to the Senate by Secretary
of Commerce Roper, who is quoted as declaring that increasing "tariff pressure" from Canada and Great Britain
is primarily responsible for the continued migration of
American industry to foreign countries. An abstract of the
report, as given in Washington advices to the New York
"Times" on June 21, follows:
Prepared under the direction of Louis Domeratsky, Chief of the Division
of Regional Information of the Bureau of Foreign and Domestic Commerce,
the report gives the results of an intensive investigation of the branch
factory movement from its beginning in 1860.
It was directed by a resolution introduced by the late Senator Walsh
with a view to determining the extent to which foreign trade and domestic
employment was being displaced by the operation of branch factories and
other commercial undertakings of American companies abroad.
The report includes an introduction by Mr. Domeratsky„ a statistical
analysis of the branch factory movement to the present, and a separate
volume giving the names of American companies with foreign establishments,
the amount of their investment, the number of their foreign units, the
number of foreign workers employed, and related data.
The latter volume will not be made public, the information in it having
been obtained by the Commerce Department with this understanding.
$460,989,113 Plants in Canada.
On the question of displacement of United States exports and domestic
labor by the branch plants' operation, the report was inconclusive. It
pointed out, however, that there was no justification for the assumption
that if the branch plants did not exist, United States exports to the countries
in which they are situated would be correspondingly increased.
"Both as regards branch factories proper as well as the investments
In raw material group." says the report, "most of the developments have
taken place during the present century, with a considerable acceleration
in numbers, at least, during the post-war period and with a surprisingly
slight decline, considering the domestic situation during the depression.
"This continued development in late years is to be attributed chiefly
to the tariff pressure exerted primarily by Canada, but also to some
extent by Great Britain, and is especially significant as an indication of
the influence of tariff policies in forcing the establishment of industrial
plants during a period characterized by excess of industrial capacity."
Of the total investment by United States companies in foreign branch
activities. $1,033,259.808 VMS devoted at the end of 1932 to manufacturing
Operations and $1,144.433.436 to raw material producton and so-called
special classes, such as meat packing, newsprint, &c.
The greater part of the manufacturing investment, $460,989,113, was
In plants situated in Canada.
,Latin-America had the largest American investment in raw material
and so-called special classes production. 8587,125,732. There was also
$373.587.947 invested in Canadian branches of American concerns engaged
in raw material production.
The number of Canadian branches of American concerns of all kinds
was placed at 903. of which 806 were engaged in manufacturing. The
latter provided employment for 69.374 workers, while the 97 branches
classified under the heading "raw materials and special classes" provided
work for 13,387.
The report said that figures on employment provided by the American
establishments abroad "should not be interpreted as representing the
amount of potential American labor displaced."
Distribution of Investments.
The distribution of the total investment by American companies in
foreign branch manufacturing plants according to commodities they
produce was shown in the report as follows:
July 8 1933
No. of
No. of
• Foreign
Foreign
Commodities.
investment. Natal,.
Investment. Estab.
Commodities.
38
16 Pampa and valves__ $16,503,539
59,307,327
Abrasives
6 Railway equipment
1,214,879
Aircraft & engines
14
76 (incl. rolling stock) 26,228,354
Automotive vehicles 217,296,045
Tin containers (incl.
Parts& accessories
petroleum tins)___
3.137,302
55
38
20,317.214
for
5 Tools and machine
Cement
tools
17
3,961,106
Clay products and 31,883,5831
io Wire and wire manuglass
20
factures
4,178,434
Chemicals—
76 Other refined & fabDrugs and explosives 38,617,399
12 ricated copper,
4,050,700
Dyes and explosives_
8
brass and bronze. 10,138.461
27
330,248
Compressed gases_ _
24
21,188,528
48 Iron and steel
Paints and varnishes 17,913,574
16
59 Lead and graphite.
12,276,531
Soaps and toiletries_
7
1.401,036
45 Miscellaneous
17,275,410
Other chemicals__ __
Motion pictures_
7
2,510,000
Electrical apparatus—
15 Petroleum, refined
1,949,010
Household appliances
elsewhere than at
14
9,076,388
Batteries (all kinds)._
61
source
133,237,849
Radios & phono41
37,704,746
31 Rubber manufrs____
21,017,145
I graphs
6
2,239,231
32 Silverware
56,712,546
Telephones
Specialities—
54
Other
48,506.250
Buttons & fasteners.
7
910,004
Foodstuffs—
2,481,129
7
11 Dental supplies_ _ _
8,825,396
Candy & confections
8,491,544
26
30 Furniture
1,617,037
Fish and sea food
12
1,841,953
5 Office supplies
8,244,524
Canned goods
42 Optical and photoMilk Ctc egg products 11,056,991
18
14 graphic goods__ __ 31,329,534
4,177.200
Beverages
Printed and lithoCereal products and
6
1,718,893
20 graphed matter__
22,216,338
crackers
5
7,028,153
30 Safety razors
24,763.337
Other
Sporting goods
1,866,530
7
Leather—
6
1,395,250
3 Watches and clocks_
Shoes
Teazles—
679,3981 13
es
Shoe parts & polish}
1
718,074i
}
4 Yarns
Other leather
4
Knit goods
Machinery—
11
Hosiery
5,748,154
Agricultural and im1,244,597
11
10 Corsets & brassieres_
11,723,922
plements
Piece goods (except
Conveying and eleprimary rayon)—_
578.693
18
7,876,207
vating
9
2,712.411
6 Clothing
1,718,558
Mining
Felt and blankets_
3,231,392
5
Office machines(addSurgical dressings.-6
1,921,305
ing, calculating,
Ribbons, labels.
and
duplicating
braids, webbing
18
11,594,270
typewriters)
11
2,295,303
(incl. auto trim)._
Printing and printing
2,255,000
4
10 Other
4,785,248
equipment
6
1,000,000
4 Tobacco, manufact'd
1.438,072
Road-making
Wood and paper—
3
Sewing
} 5,026,017
Lumber and manuSpraying
3,826,739
35
factures
Wood & metal work31
4 Paper(not newsprint) 7,910.949
1,779,012
ing
33 Cork woducts and
6.928,151
Other
14
7,006,341
linoleum
Metal products—
18
3,325,855
28 Miscellaneous
8,934,781
Hardware
Heating and ventil44
18,022,292
ating equipment__
Measuring instrum'is
$1.033,259,808 1,520
Total
13
842,427
(scales,meters,&c)
E. R. Stettinius, Jr., Appointed To Industry Board
Post.
Edward R. Stettinius, Jr., Vice-President of General
Motors Corporation, was appointed on July 5 by Gen.
Hugh S. Johnson, Administrator of the National Industrial
Recovery Act, to be liaison officer for the Industrial Advisory Board with the Administration according to Washington advices July 5 to the New York "Journal of Commerce"
which also said:
Mr. Stettinius was in active charge of the share-the-work movement for
the Second Federal Reserve District. He will make his headquarters in
Washington, occupying an office in the Department of Commerce building,
and will devote all of his time to assisting the control administration.
The Industrial Advisory Board, representative of the industry of the
country, was recently appointed by Secretary of Commerce Roper to
advise with the Government on the administration of the law.
President Roosevelt Issues Executive Order Conferring
on Secretary of Agriculture Wallace Powers Under
National Industrial Recovery Act Pertaining to
Agricultural Products— Rates of Pay and Hours
of Employment Excepted.
On June 30 there was made public an Executive Order of
President Roosevelt dated June 26 under which the President
delegates to Secretary of Agriculture Wallace powers of the
National Industrial Recovery Act (except as to rates of pay
and hours of employment) with respect to trades and industries engaged in the handling of all foods and foodstuffs.
At the press conference on June 30 the following statement
bearing on the Executive Order was issued:
Administrator George N. Peek and Administrator Hugh S. Johnson stated
that the President's Executive Order will facilitate the closest co-operation
between the Agricultural Adjustment and the National Industrial Recovery
Administrations.
They said that in accordance with the Executive Order and to assure
uniformity, the provisions of the National Industrial Recovery Act relating
to codes of fair competition will be applicable to all industries, including
those covered by the Agricultural Adjustment Act.
As to those trades referred to in the Executive Order, codes of fair competition will be worked out by the Agricultural Adjustment Administration
with approval of the Secretary of Agriculture, except that theme portions of
suds codes relating to hours of labor, rates of pay and other conditions of
employment will be formulated in collaboration with the National Recovery
Administration. All such codes of fair competition will be subject to approval by the President.
This does not mean that marketing agreements will not be made and, if
necessary, licenses issued by the Agricultural Adjustment Administration
under Section 8 of the Agricultural Adjustment Act, with respect to those
industries which are covered by the Section.
Co-operation between the two Administrators is also assured because of a
long standing personal relationship and a former official relationship when
both were members of the War Industries Board.
The following is the Executive Order signed by President
Roosevelt after a series of conferences among George N.
Volume 137
Financial Chronicle
247
Peek, Administrator, and Charles J. Brand,Co-administrator
of the Agricultural Adjustment Act, and General Hugh S.
Johnson, Administrator, and Donald Richberg, Counsel, of
the National Recovery Administration:
on July 17. An abstract of the principal testimony at the
hearing on June 28, as contained, in part, in Washington advices of that date to the New York "Journal of Commerce,"
follows:
EXECUTIVE ORDER.
Pursuant to the authority vested in me by Title I of the National Industrial Recovery Act, approved June 16 1933, I hereby delegate to the
Secretary of Agriculture all the functions and powers (other than the determination and administration of provisions relating to hours of labor,
rates of pay, and other conditions of employment) vested in me by said
Title I of said Act with respect to trades, industries or subdivisions thereof
engaged principally in the handling of milk and its products, tobacco and
its products, and all foods and foodstuffs, subject to the requirements of
Title I of said Act, but reserving to me the power to approve or disapprove
of the provisions of any code of fair competition entered into in accordance
with Title I of said Act. This Order is to remain in effect until revoked
by me.
(Signed)
FRANKLIN D. ROOSEVELT.
June 26 1933.
Prefacing his remarks with a statement that "this cotton goods code I.
bound to influence others, coming first, as it does, before all industries,"
William Green, President, American Federation of Labor, revealed that
organized labor will strive to have wages in all codes based upon the 1926
price level.
He told the Administration that an $11 minimum weekly wage for textile
Workers was not a "bare subsistence wage," and said if prices returned to
the 1926 level the wage should be $17.48 a week. The textile code under
consideration proposes a minimum of $11 for Northern mills and $10 for the
South, with a 40-hour week of two shifts.
From a Washington account June 30 to the New York
"Times" we take the following:
Johnson Explains Ruling.
Under the President's Order, no agreements filed with the Agricultural
Adjustment Administration will be approved until they have been thoroughly
scrutinized by the Recovery Administration, Mr. Peek said. He explained
that a deputy administrator from either organization would sit in conferences or hearings wherever proceedings before one affected the interests of
the other.
Asked concerning the refusal of the Recovery Administration to sanction
price fixing in industrial codes presented to it while the same thing was
being approved by the Adjustment Administration, General Johnson said:
"I have not said there won't be price advances in the industries filing
codes for our consideration, but I have advised against price fixing for the
present. We don't want price fixing in codes, but that doesn't mean that
prices will remain crystallized. Industries are being permitted to agree
among themselves not to sell below cost.
"We are governed by a direct mandate against monopolies and extortionate
prices to the public and it's up to us to see to it that the mandate is carried
out. If there is any price-fixing that leads to monopoly, it is going to be
stopped. If we see even a tendency toward monopoly or extortion, we will
have to step in and prevent it."
Cotton,Textile Code Ready for Submission to President
Roosevelt —Hearings on Measure Required Only
One Week
-40
-hour Week and $12 and $13 Minimum
Weekly Wage Specified—ChildALabor Prohibited—
Statement by William Green of American Fedoratiork.of Labor.
After only one week's series of hearings before the National
Recovery Administration at Washington, the code of fair
competition for the cotton textile industry was completed
and ready for submission to President Roosevelt for his approval by July 3. The original code, as formulated by leaders
in the industry, was given in our issue of June 24, pages
4386 and 4387, while the initial hearings were described in
our issue of July 1, page 63. As finally agreed upon by the
representatives of the manufacturers, labor and of the
general consuming public, the code contained several alterations in the original text. Notable among these was a clause
specifically prohibiting the employment of children under 16
years of age. The minimum wage provisions of the code,
which had originally been set at $10 weekly for Southern
mills and $11 for Northern mills, were voluntarily raised by
the manufacturers to $12 and $13. After the hearings on
the cotton textile code had been ended, the Recovery Administration said that no industry will be asked to re-employ
much more than its normal pre-depression employment, and
also emphasized the fact that the specific provisions of a 40
hour week and $12 and $13 minimum wage for the cotton
textile industry cannot be regarded in any measure as a
precedent for other industries.
A description of testimony at the first hearing on the textile code was given in our last issue. At the second hearing
on the proposed cotton textile code, held on June 28,
the
principal testimony was given by representatives of labor
organizations, while on the preceding day the chief witnesses
were spokesmen for the textile manufacturers. The labor
leaders who spoke on June 28 were practically unanimous in
declaring that the 40
-hour week and the minimum weekly
wage scale of $10 and $11, specified by the proposed code,
would fail to relieve unemployment conditions, and in asking both shorter hours and a higher minimum wage rate.
The 36-hour week and a minimum wage of $14 or $15 were
suggested as equitable by these witnesses. At the same hearing T. M. Marchant, representing Southern cotton manufacturers, advocated the specific inclusion in the code of a
clause prohibiting child labor. The proposed clause would
state that "the employment of minors under 16 years of age
be not permitted during the emergency." Meanwhile officials
of the Recovery Administration indicated informally that so
much progress was being made in work on the textile code
that it was hoped that the code itself might be made effective
Green Outlines Stand.
"First of all," Green said, "I want to make it clear that I am appearing
here in a helpful and co-operative spirit and not by any means in a critical
attitude. I think investigation will show little difference in the hours of
operation in New England under this code, but they will be changed very
considerably in Southern States.
"We must take up the slack in employment. In my opinion to do this
we should strike bodily at the situation, because as General Hugh Johnson,
Industrial administrator, has said, this is experimental and can be revised.
"I believe that the present slack in employment can best be picked up by
a six-hour day and a five-day week, and in my opinion such an adjustment
is necessary if this industry is to do its part.
"I want to make clear that in this proposal for a six-hour day and a
five-day week I do not suggest restriction in the number of hours mill
machinery may be operated."
As to minimum rate of pay, he declared that he was not sure that $11
would change the present rate paid in New England.
"I should think that the minimum rates of pay should be somewhere between $14 and $16 a week if we are to increase the purchasing power of
labor," Mr. Green asserted.
Gives Employment Views.
The labor leader estimated that a 40-hour week in the textile industry
would mean employment for 69,700 workers, a 32-hour week 175,300 workers,
and a 30-hour week 210,510 workers.
He felt also that wage rates should be provided for the various classes of
labor. If the standard of wages is going to be based on the wages of unskilled workers then unskilled workers should be clearly defined, he said.
Mr. Green said he was in hearty accord with the statement yesterday of
Senator Byrnes (Dem., S. C.) on the "stretchout" system of employment.
General Johnson questioned Green as to spreading of employment by reducing working hours to thirty a week.
The administrator asked if there was room in the textile industry for
about 210,510 skilled workers.
Green replied that he was not certain as to this but "the problem is so
big that we have got to start out in a big way to drain these pools of unemployment."
He also declared that he was not fundamentally opposed to the regulation
of the hours of machine operations if the Administrator found it necessary,
though he believed that such operations would be regulated in the codes of
fair competition.
McMahon Backs Green.
Labor's united front on a shorter work week and a higher minimum
wage than are set out in the pending code was revealed early
in the proceedings to-day when Thomas F. McMahon, President of the United Textile
Workers of America, concentrated on a $14 week minimum
wage. McMahon advocated that hours of labor in the industry be restricted to 35
and
that there be no differential in the minimum wage accorded for Northern
and Southern mills.
The labor leader for the textile workers had been reported
in agreement with the industry in the drafting of its code providing
for minimum
wages of $11 a week for Northern mills, $10 a week for Southern
mills, and
a 40-hour week with machinery operation restricted to two shifts daily.
Abolition of child labor in cotton mills by specific prohibitory provisions
In the pending code of fair competition for the textile industry
was proposed
by T. M. Marchant, representing Southern cotton
manufacturers, at the
outset of the hearing.
Indsurtry Is Congratulated.
General Johnson congratulated the industry on its proposal,
responding
to a suggestion made by the Administrator yesterday.
George A. Sloan,
President, Cotton Textile Institute, and Mr. Marchant,
spokesman for the
manufacturers, asked as "a matter of the utmost importance"
that they be
permitted to report on overnight action of their committee.
While believing
that the new minimum wage would practically
end child labor, George A.
Sloan, and Mr. Marchant proposed the inclusion of
a specific clause "that
the employment of minors under 16 years of
age be not permitted during
the emergency."
Deputy Administrator Allen called the proposal
"a grand way to approach this partnership deal." Johnson
welcomed the "absolute, definite"
action of the code makers.
Allen issued a warning against any attempt to
portray the hearings "as a
fight between capital and labor," and denied
there has been any "spirit of
animosity or fight."
Confined to Hours, Wages.
The proceedings to-day were confined to
consideration of clause No. 2 of
the textile code, which deals with hours of
work and wages.
F. C. Dumaine of Amoakeag Manufacturin
g Co.
peared as one of the textile spokesmen who differed of New Hampshire apwith the code prepared
by a majority of the industry and
presented to the Administration yesterday by Mr. Sloan on behalf of the
drafting committee for textile interests.
"I believe there should be one National
work scale of 48-hours," Mr.
Dumaine said, while agreeing with general
features of the code.
Russell E. Watson of Johnson & Johnson,
a corporation engaged in the
production of surgical supplies at New
Brunswick, N. J., spoke for his concern and its two subsidiaries, the
Chicopee Manufacturing Corporation of
Gainesville, Ga., and the Chicopee
Manufaci-rii.g Co. of rthicopee Falls,
Mass.
The Georgia mill has 59,000 spindles
and 1,475 locin , and employs 670
people, while the Massachusetts mill
has 47,000 spinclen 980 looms and
employs 650 people.
Urges Fair Competition.
"We favor," Watson said, "the
adoption of the code of fair competition
as submitted to the Administration
for the cotton textile industry in all
its
particulars except:
248
Financial Chronicle
per week
"We take the position that the proposed minimum wage of $11
sections for
for the Northern section and $10 per week for the Southern
minimum
forty hours of labor is substantially too low. We insist that a
and
wage of $15 per week should be established for the Northern section
$14 per week for the Southern section.
the Administrator
"We will acquiesce in any length of working shift which
operation of
finds to be in the public interest, without any limitation in the
machinery. We also take the position that all employes should receive the
minimum wage, except the learners during apprenticeship."
The second major objection named by Watson was against any limitation
on the operation of machinery, which the code proposes to put at two shifts
of 40 hours each. He explained his Georgia plant was working 144 hours
per week on two and one-half shifts a day and the Massachusetts plant two
6-hour shifts and one 12-hour shift, five days a week.
Watson was subjected to the first real cross-examination by the Administrators so far in the proceedings.
Henry B. Kendall, of Boston, President of the Kendall Co., with mills in
South Carolina, insisted "cleaners and outside hands" should not be excluded
from the minimum wage limitation.
"As regards the night shift," he said, "for a number of years I have
been fighting for the elimination of women and minors from the night shift.
It seems to me that we should do this now.
"Some years ago operators of 80% of the spindles were willing to eliminate women and minors from the evening shift, but the incorrigible 20%
blocked it," he continued.
Sees 80% Willing.
"I believe the 80% still are willing to do this and it seems to me we are
not settling this matter rightly until we face this situation courageously
and frankly and end it for all time."
General Johnson indicated that no exemptions would be made for specific
plants, if by so doing the plan for more employment would be defeated.
Following the hearing, General Johnson announced the appointment of
Walter 0. Teagle, Chairman of the Board of the Standard Oil Co. of New
Jersey, to be Chairman of the Industrial Advisory Board. Three additional
members of the Industrial Advisory Board named at the same time are:
John B. Elliott, Jameson Petroleum Co., Los Angeles, Calif.; Henry H.
Heimann, Executive Manager, National Association of Credit Men, New York
City, and David R. Coker, Hartsville, S. C., President of Cokers Pedigreed
Seed Co.
On the third day of the hearings, June 29, the principal
witnesses were women, representing either the consuming
class or labor groups. Among the speakers were Mrs. Lucy
R. Mason, General Secretary of the Consumers League; Miss
Margaret Wieseman, Executive Secretary of the Consumers
League of Massachusetts, and Miss Maud Younger, Chairman of the Congressional Committee of the National Women's
Party. Most of the testimony of these women was in protest
against the minimum wage rate stipulated in the bill, which
was described as too low. They also contended that women
should be placed on an equality with men, so far as wages
and working 'hours were concerned.
The principal development at the hearing on June 30 was
the proposal to the Industrial Recovery Administration by
the committee of textile manufacturers that the minimum
wage stipulations in the tentative code be changed to $12
weekly for workers in Southern mills and $13 for workers in
Northern factories. The code originally provided for $10
-hour week was
in the South and $11 in the North. The 40
undhanged after the previous day's conferences. An outline
of the new proposals, as contained in Associated Press Washington advices, follows:
The statement of the operators was read at the hearing by George A.
Sloan, head of the Textile Institute and Chairman of the Manufacturers'
Committee.
The revised code would leave the 40-hour work week unchanged.
Gen. Johnson congratulated the textile operators for the "patriotic spirit"
in which they led the way under the Recovery Act.
Dr. Alexander Sachs, the Chief Economist of the Administration, told
Gen. Johnson that a study had shown that the $12 and $13 minimum wage
would restore the workers to the purchasing power existent before the
depression and would take care of the increased cost in living which is expected to come.
Mr. Sachs also corroborated a statement by Gen. Johnson that the 40hour week would absorb some 100,000 workers.
July 8 1933
approval of marketing agreements or industrial codes by the Agricultural
Adjustment and Industrial Recovery Administrations.
Statements by Peek and Wallace.
"This Administration has pledged protection of the consumer from the
very beginning," Mr. Peek said. "We do not believe there is any justification for some of the bread price increases that have been reported. Let
me again call attention to the fact that in Kansas City from the 1909-13
period to 1932, while wheat prices fell more than 50%, bread prices rose
10%. This increase of bread prices in time of falling wheat prices shows
why we must be on guard against pyramiding in a period of rising wheat
prices. This is no time to increase the profit on bread."
Secretary Wallace's statement follows:
"So far as the Agricultural Adjustment Act is concerned, it is not interpreted by this Department as affording any exemption from the anti-trust
laws until industries come under the Act in the regular market with the
marketing agreements. Concerted action by business men to fix prices or
take other steps which would have been illegal under the anti-trust Acts
are still illegal until proposed steps in that direction have been formally
approved by the Department as marketing agreements or industry codes.
Marketing and price agreements made on the part of farmers' co-operative
marketing associations, such as the fluid-milk markets, are exempt from
anti-trust action under the Capper-Volstead Act, and therefore are not
covered by this statement.
Anti-Trust Laws Still Hold.
"The Department has received reports of concerted advances made or
to be made in the price of bread in several localities. In line with the usual
governmental practice where apparent instances of law violation are reported, the Department is turning over to the Department of Justice the
complaints that it has received as to actual or prospective price advances
In other areas so that the Justice Department may take such action as it
finds necessary.
"The Agricultural Adjustment Act did not repeal the anti-trust laws.
It did suspend those laws only under specific conditions, as follows:
1. Presentation of a marketing agreement by the concerns in an industry.
2. Public bearings on such proposed agreement by the Secretary.
3. Formal approval of the agreement as modified to meet the Secretary's
requirements and accepted by the concerns affected.
4. Signing of the agreement by the Secretary in the form approved.
"These steps have not yet been completed by any industry. Until they
are completed,the anti-trust laws remain In full effect, as far as that industry
is concerned."
The Iowa Bakers' Association, asserting that recent advances in wheat prices and the Federal processing tax made
an increase in bread prices necessary, on June 30 (according
to Associated Press accounts from Des Moines) that the
price of a pound loaf of bread would be increased July 5
from five to eight cents. At the same time it was stated
that the price for the 1M-pound loaf would be raised from
10 cents to 12. In the Des Moines press advices June 30
J. A. Powers, Des Moines baker and Vice-President of the
Association, was quoted as saying:
Flour that cost us $3 a barrel three weeks ago now cost $5 a barrel. When
the $1.50 a barrel processing tax is added,it will mean that the cost of flour
to the bakers has more than doubled. The real price advance will take
care of only the boost in flour costs. When the American Bakers' Association adopts its fair practice code embodying new working hours and
wages, it may be necessary to further increase the retail price of bread.
Under date of July 3 a dispatch (Associated Press) from,
Cedar Rapids said:
Proposed increases in the price of bread in Iowa, scheduled to go into
effect Wednesday, will be withheld until further notice, John F. Curren of
Cedar Rapids, President of the Iowa Bakers Association, said to-day.
Mr. Currell said he had been in communiciation with the National
Bakers Association in Washington and that suspension of the slated increasein this State was to "straighten out the situation."
He said he understood that Henry Stude, President of the American
Bakers Association, had conferred with Henry Wallace, Secretary of
Agriculture, on the question.
From Washington July 5 the New York "Times" reported
the following:
Bakers Heed Warning.
The Secretary announced that in reply to his telegram of July I, calling
on the Iowa Bakers Association to present justification for the reported
intention to increase from 5 to 8 cents the cost of a pound loaf of bread.
the President of the association had disclosed that he would attempt to seethat advances are kept within the actual increase in costs and had given.
assurance of full co-operation with the Agricultural Adjustment
Administration.
In response to inquiries from baking firms who said they could absorb
the tax and asked whether they would be within their rights in refusing to.
join other bakers in raising prices, Secretary Wallace replied that no legal
compulsion existed to increase prices.
Increase in Bread Prices Incident to Advance in Wheat
Prices and Processing Tax—Action in Iowa Delayed—Secretary of Agriculture Wallace Seeks
On July 1 Secretary Wallace warned Iowa bakers who
Investigation Under Anti-Trust Laws.
planned to increase the price of bread from. five to eight
Complaints against what is termed unwarranted increases cents a pound loaf, effective July 5, that "the anti-trust
of from two to three cents a loaf in bread prices in various laws are still in effect." Associated Press advices from,
parts of the country were turned over to the Department of Washington July 1 continued:
Justice for investigation on July 5 by Secretary of AgriSecretary Wallace, disturbed by reports that bakers intended using the
on
culture Wallace, following warnings by the Agricultural order levying a 30-cent per bushel processing tax sentwheat effective at
his warning in a
midnight, July 8, as one reason for the increase,
Adjustment Administration, repeated July 5 by George N. telegram to the Iowa Bakers Association, which announced the prospective
Peek, Chief Administrator, that "this is no time to increase Increase at Des Moines yesterday.
Mr. Wallace's message, directed to J. A. Powers, Vice-President of the
the profit on bread." A dispatch from Washington to the
association at Des Moines, said:
New York "Times" from which we quote, added that
The press to-day reports that your Association is announcing a price
pound loaf, effective July 5.
Mr.Peek reaffirmed that the Administration would put into advance on bread from 5 cents to 8 cents atlmt the anti-trust laws are still
call your attention to the fact
operation that provision of the Agricultural Adjustment Act in May I and any concerted advance in price by members of your associaeffect
tion is subject to prosecution under such laws?
protecting consumers against inordinate price increases.
In addition. the Department of Agriculture is prepared to use powers
and by
The Washington advices July 5 to the "Times" continued: conferred on it by the Agricultural Adjustment Act prevent the President
Recovery Act to
unreasonable
At the same time. Secretary Wallace reminded all processors of wheat
products that "concerted action by business men" to fix prices or take any
other action which is illegal under the anti-trust law is still illegal and continues so to be until the restrictions have been formally waived through
under the National Industrial
advance in retail prices.
The recent advance of wheat prices plus the processing tax, when it is
levied, would increase your cost approximately one and one-third cents a
pound loaf. Under these conditions, what is the justification for your
proposed advance of three cents?
Volume 137
Financial Chronicle
On July 3 Associated Press advices from Springfield,
Ill., stated:
Bakers here to-day announced, effective Wednesday [July 51, that the
price of bread would be advanced 1% cents on 12-ounce loaves and 1 cent
on pound loaves. The advance, they said, was made necessary by taxes
under the Federal Recovery Act and increasing commodity prices for flour
and lard. The advance also will affect central Illinois towns served by
Springfield bakers.
From Chicago July 6 Associated Press advices were reported as follows:
Bread prices for Chicago and down-State areas served by bakeries here
will be increased. effective Monday [July 101. Twelve
-ounce loaves will
soup 1 cent.
An item from Pittsburgh appeared as follows in the "Wall
Street Journal" of July 6:
The price of 12-ounce loaf of bread has been advanced 1 cent to 6 cents
In western Pennsylvania. The one-pound loaf remains at 10 cents and a new
one and a half pound loaf will be put on the market shortly to sell for 12 cents.
A dispatch July 5 from Indianapolis had the following
to say:
The price of bread, both wholesale and retail, was raised 1 cent a loaf
In Indianapolis to-night. Bakeries raised the one-pound loaf from 5 to
6 cents and 13 pound loaves from 7% to 8% cents.
Chain stores increased to 6 cents for 1-pound loaves and 8 and 9 cents
for 1%-pound.
An increase to 15 cents from 10 cents for two-pound
twin loaves of bread manufactured by four large wholesale
bakeries of the Twin Cities was announced on July 2, it
was made known in Associated Press advices from St. Paul
July 2, which added:
The wholesale price was increased 3 cents to 12 cents. John S. Brant,
President of the Associated Bakers of St. Paul, said the increases were
decided on as a move to offset recent boosts of from 20 to 50% in the costs
of bread ingredients and to standardize as much as possible wholesale
bread prices preparatory to adoption of a national code by the baking industry under the Industrial Recovery Act.
Under date of July 6 Associated Press advices from
Valley City, N. Dak., stated:
North Dakota bakers adopted a code of ethics to-day to prevent "unfair and cutthroat" business and set the minimum retail price for &standard
loaf of bread at 12 cents, effective Monday.
On June 30 a San Francisco dispatch to the New York
"Times" said:
Despite news from Washington to-day that the Federal Farm Administration would investigate an increase in bread prices proposed for Iowa,
the California Bakers' Association announced to-day that the price of bread
here and in other California cities where the company has a monopoly
would be raised. The amount of the rise and the date it will be put into
effect will be decided Wednesday.
Secretary of
Wallace May Label Bread
with the Tax.
Secretary Wallace, in an effort to prevent consumer
resentment against the Farm Relief Act, has indicated
a decision to employ "to the limit" the powers provided
him to ward off "unreasonable" increases of retail prices
in the wake of new processing taxes. This was indicated in
Associated Press advices from Washington July 2, from
which we also quote:
Agriculture
This was made known to-day in high Agriculture Department quarters.
and administrators looked for an initial test to follow imposition of the tax
of 30 cents a bushel on wheat, effective at midnight July 8.
One plan under consideration would result in thelabeling ofevery product
manufactured from wheat to show the exact amount of the tax that could
be passed on to the consumer. Thus a pound loaf of white bread may in
the near future carry a label reading:
"The processing tax on wheat added .483 of a cent to the cost of this
article."
The Bureau of Internal Revenue has sent out forms for the enforcement
of flour tax provisions, requiring returns from approximately 35,000 bakers,
between 400,000 and 500,000 retailers and about 4,000 millers.
"Retail dealers," the Internal Revenue Bureau said to-day, "will not
be required to pay taxes on separate retail stocks of flour, macaroni, breakfast foods. &c., which are sold to consumers within thirty days from July 9
1933. but all retail stocks held on July 9 1933 which are still on hand at the
end of thirty days from that date are taxable in the hands of the retailer."
Flour Prices Rise on Pacific Coast.
The following (Associated Press) from San Francisco
June 30 is from the New York "Herald Tribune":
Flour prices went up again to-day, millers here announcing first grade
family flour would sell at $6.30 a barrel, effective to-day--a rise of 40 cents.
few days ago there was an advance of 20 cents.
New Flour Tax Law—Retailers, Bakers and Millers
Must File Returns on All Stocks on Hand.
Retailers, bakers and millers must file returns with the
Bureau of Internal Revenue on stocks of flour and preparations made chiefly from wheat—bread, crackers, macaroni,
spaghetti and noodles—Charles W. Anderson of the Revenue
Bureau said on July 3 in calling attention to the wheat processing tax, effective July 9. The New York "Times" of
July 4, noting this, added:
Mr. Anderson pointed out that all flour owned by bakers, hotels, restaurants and others who bake for sale any products whose ingredients of chief
value is processed from wheat is taxable. Retail dealers will not be required
to pay tax on separate retail stocks of flours, macaroni, breakfast foods.
249
bread, &c., which are sold to consumers within thirty days from July 1
1933. Mr. Anderson said, but all retail stocks held on July 9 1933 which are
still on hand at the end of thirty days from that date are taxable in the
hands of the retailer.
Tentative Plans For Processing Tax on Corn and Hogs
Drafted By Farm Administrators-20% Acreage
Reduction in Corn Land Proposed.
Farm administrators at Washington have drafted tentative
plans calling for a processing tax on hogs by October 1 to
provide up to $150,000,000 to finance application of the
Agricultural Adjustment Act to corn and swine.
The plans will not take final form until after a National
Conference of Corn and Hog Producers and their represent atives which Secretary of Agriculture Wallace has suggested
be held in the corn belt in mid-July to obtain a crass-sactionof sentiment regarding the employment of the act to the two
related products that have suffered from low prices in recent
years.
With regard to the proposed conference a statement issued
July 1 by the Departmant of Agriculture said:
A national conference at which producer representatives could be heard,
on various suggested plans for adjusting corn and hog production, such as
corn land leasing, hog allotments and bonuses for light hogs to reduce
tonnage this year, would expedite the development of a practicable cornhog program under the Agricultural Adjustment Administration,
Secretary Wallace reports that Iowa already has set up a corn-hog
producers' organization to help develop a national adjustment program.
The initial steps were taken at Des Moines on June 16 at a meeting attended
by two producer representatives from each of the State-wide general farm
organizations and commodity organizations. In addition, 25 leading farmers, without definite organization affiliations, were present. A small
committee was selected to represent corn-hog growers of Iowa in future
negotiation at conferences and hearings on the corn-hog situation.
Some sentiment for setting up similar producer committees in the other
corn-hog States as a preliminary to the probable development of a general
conference in the Middle West,has been reported to Administration officials.
It is suggested that representation by States at such a regional conference
be based on the rank of the several States in production of corn and hogs.
A 20,000,000 acre reduction of the nation's corn land
through a processing tax on livestock was suggested to the
Mid-West at Kansas City on June 28 by Secretary Wallace
as a means of averting over-production in beef-cattle and
hogs, which be described as imminent. Associated Press advices from Kansas City quoted Secretary WAllace as follows:
"I'm telling you," the Secretary asserted, "there'll be a definite oversupply of fat cattle in several years and a tariff won't help you. If we have
two normal corn crops, we'll have an oversupply of hogs, too. The foreign
market has been lost. We are dependent on domestic consumption."
Mr. Wallace, describing himself as a "corn and hog man" from Iowa,
arrived from Des Moines by train, unaccompanied and packing his own
handbag: addressed a meeting of agriculturists and business men here.
conferred with Professor M. L. Wilson, Federal Wheat Administrator, and
took a plane for Salina, Kan., to speak before a large farm gathering.
"If 20,000,000 acres of corn were taken out of production," he said, "it
would mean corn prices would rise, and the average feeder makes more
money when the price of corn is high than when it is down. High prices
would not bring in the inexperienced feeder.
"I think you will conclude that if 20,000,000 acres of the 100,000,000 now
In production were taken out, it would be definitely favorable for the
livestock man."
The surplus acreage arises. the Secretary said, because there now are
11.000.000 less horses and mules in the country than twenty years ago.
feeding methods have conserved corn, and "we consume, for human purposes, 100,000.000 bushels less than we did twenty-five years ago." The
market for this 20,000,000 acres of production thus has been lost definitely,
the Secretary asserted.
The trouble, he said, was in the method of taking the corn land out of
use. He suggested, as the most practical method, a processing tax on
livestock, to be paid as a bonus to farmers abandoning acres which, he
suggested, should be seeded in blue grass.
"We can put a compensation tax on beef, poultry, fish or any such
products to take corn land out of use, inevitably reducing the quantity of
livestock. I suggest that the livestock men should think about this."
Despite the urgency of wheat and cotton adjustments, said Secretary
Wallace, being a corn-hog man myself, I'm convinced the corn and hog
problem is the most serious, and more important than any other."
"We don't propose to force our plans on any one except after the plans
have arisen from the industry involved," the Secretary asserted, suggesting
the corn and hog men in the Mid-West meet,thresh over the problem and
possibly appoint delegates to a corn-hog meeting to formulate a plan for
the entire corn-hog producing area of the country.
As an alternative to reducing corn acreage, the Secretary said corn alcohol
could be used with gasoline as a motor fuel, Ile said this plan, although
approved by the packing industry, was opposed by petroleum interests.
Asked about the skyrocketing prices of wheat, Secretary Wallace expressed the opinion that "the speculators have gone wild." :
On July 4 Associated Press accounts from Wasoington
stated:
A substantial reduction in hog production could be brought about, administrators believe, by reducing the average weight of hogs sent to market
by 50 pounds or more, thus cutting down supplies of lard and other products which have met increased tariff resistance in export movements on
which packers have long depended for an important outlet for their product.
The processing tax would be collected at packing plants. At least
$150,000.000 in revenue would be required to carry out a comprehensive
acreage reduction plan. About 9% of the corn grown is used in plants
manufacturing human food, starch, alcohol and other materials. A levy
on this type of processing might also be provided.
Meanwhile, negotiations for a trade agreement among packers are being
continued. Earlier administrators held some hope that an agreement of
this kind might be all that would be necessary to curtail production of
hogs, if packers would agree to a price scale calling for higher prices for
medium weight swine. Confidence that an agreement could be drafted
which would achieve the aim of the act, however,. has faded la recent weeks
250
Financial Chronicle
Program for Control of Credit Under National Industrial Recovery Bill Offered by National Association
of Credit Men Through H. H. Heimann.
The importance of credit and its place in industrial recovery was the key-note of the convention program of the
National Association of Credit Men at Milwaukee this week.
Henry H. Heimann, Executive Manager of the Association,
declared in advance of the meeting in pointing out that the
credit problem provides a "common denominator" for all industries and therefore should be a means for co-ordinating
the various groups. The National Association of Credit Men,
through Mr. Heimann has offered a program for the control
of credit under the Industrial Recovery Bill. Mr. Heimann
declared that unfair competition in business has not been
wholly confined to merchandise or prices and that in the last
four years unfair credit practices "played a major part in
bringing about chaotic conditions in industry." The program
offered by Mr. Heimann, covered three main points:
1. Immediately after an industry makes application under the Industrial
Recovery Bill, a conference of the leading credit executives should be called.
This conference should consider credit codes, practices and terms that are
most constructive to the industry and when and if the industry agrees upon
these policies, they should be incorporated as a part of the industrial control.
2. A uniform method of taking care of liquidations and insolvencies in
a business-like way without bringing distress merchandise into open competition should be adopted.
3. An availability to all possible sources of credit information so as to
keep down credit losses to a minimum should be one of the ideals and objectives.
"Business to-day is being seriously hampered from a credit
point of view, either from too much leniency or too much excess of credit resulting from faulty credit appraisal," said
Mr. Heimann, who continued:
"There should be a standard of credit terms in every industry. These
should not only be enforced but the penalty of the Industrial Recovery Act
should be applicable in cases of violation.
"There should also be a predetermination of a withdrawal of credit upon
the failure of compliance with the terms of contract—care being exercised,
however, that in its application this policy is made general and effective
upon all without discrimination of any kind. A policy of cash or C. 0. D.
sales only, where the contract is not adhered to may be justified."
Mr. Heimann also suggested certain standards of requirements for collection agencies, an unrelenting policy of bringing to justice perpetrators of commercial frauds, a breakdown of the industry into credit groups in certain areas for
the purpose of better local credit control and facilities for
nation-wide exchange of credit information. Mr. Heimann
concluded by declaring that any effort to bring about production and price control will be unsuccessful without adequate co-ordinated credit control. During the week the
association offered its services to Government officials to
supervise or assist in ironing out industrial credit problems
and to sponsor any programs looking toward the betterment
of credit conditions.
Daniel C. Roper,the Secretary of Commerce, was a speaker
at the Convention. Mrs. Nellie Tayloe Ross, former Governor of Wyoming, Vice-Chairman of the Democratic National Committee, and newly appointed Director of the U. S.
Mint addressed the credit executives on Wednesday, June 21,
preceding Secretary Roper who was slated to appear at the
Thursday (June 22) session. Mrs. Ross spoke on "The
Drama of Government" She was the first featured woman
speaker to address the credit men in the 38 years of their
existence as an association.
Emergency Bank Legislation Passed by Congress and
New York Legislature Most Drastic and Important
Banking Legislation in Many Generations, According to Willis H. Sargent of New York State
Assembly Committee on Banks—Predicts Early
Enactment in New York of Provision Separating
Affiliates from Banks.
"The emergency banking legislation passed by Congress
and the State Legislature since the banking holiday has
undoubtedly been the most drastic and important legislation
affecting banking institutions in many generations,", said
Assemblyman Willis H. Sargent, Chairman of the Assembly
Banking Committee, in an address before the New York
State Bankers Association Convention at Lake George on
June 27. Assemblyman Sargent's remarks are summarized
as follows:
The emergency powers granted to both the President over National banking institutions and to the Governor in regard to State banking institutions
make each a supreme dictator over the banks coming within their respective
jurisdictions. The need for such legislation was altogether too apparent
and arose from conditions probably never entirely equaled and with few
similar previous financial periods to serve as a comparison. Both Federal
and State legislation have accomplished the immediate purpose for which
they were intended and the question to which the thoughtful student of
banking affairs is now directing his attention is the ultimate effect which
this emergency legislation will have upon permanent banking structures.
To one who has been conversant with the trend of legislation In New York
State during the past few years and has seen many important measures
hay 8 1933
evolved as a result of departmental recommendations or those of legislative
provisions of the new Glass-Steagall bill just enacted by
Congress are by no means strange and unfamiliar. The enforced separation
of affiliates from commercial banks has been one of the cardinal policies of
the State Banking Department for a number of years. Likewise, the power
now vested in the Federal Reserve Bank to remove officers or directors
guilty of violation of banking laws or of rules and regulations promulgated
pursuant thereto, has been the subject of much controversy in New York
State.
Similar bills affecting State institutions were passed by the New York
State Assembly this year but were defeated in the State Senate. They
were reforms which will soon become a part of the statutes of this State,
as they have now become a part of the Federal banking law.
The new Glass-Steagall bill, as well as the Bank Conservation Att,
passed earlier this year by Congress.is very intimately connected with State
banks not alone because of the great number of State banks which are members of the Federal Reserve, but because either directly or with almost equal
force indirectly, the provisions of these bills are of extraordinary Importance and in many instances vital to those State banks which are not members of the Federal Reserve. One has only to consider the all important
provisions of a deposit guarantee and insurance to appreciate that in a State
where National and State banks having membership in the Federal Reserve
System, and non-member State banks, exist side by side, there must be,
and there is in fact, a general condition from which no bank or class of banks
can possibly extricate itself however strong may be the desire.
. What is going to happen to those State banks who do not join the Federal
Reserve and cannot avail themselves of the provisions of law applicable
to insurance and deposit guarantee? Are their depositors going to be as
ready and desirous of depositing their funds in those banks on the theory
that their earning capacity is greater because they have no insurance or
guarantee premium to pay, although the risk attached to such a deposit is
greater? Even apart from this deposit insurance and guarantee, what will
be the future of the approximately two hundred non-member State banks
in this State which have deposits of approximately six hundred and fifty
million dollars if there is a continuation of a policy which grants privileges
and safeguards to member banks but denies equal protection to those who
are not members. Will the result be either the enforced membership In
the Federal Reserve Bank of a large portion of these State institutions or
the ultimate liquidation of many institutions which may be unable to secure
such membership, which is becoming more difficult each day?
These are questions which are not alone National in their scope but also
affect the State and its institutions in a most intimate fashion. The
outcome upon the State institutions and their depositors and creditors will In
turn Inevitably affect the general banking situation, including the National
banking institutions and the State banks which are members of the Federal
Reserve System, for to-day the State and even the Nation is beginning to
look upon the banking world as so intimately connected in its component
parts that all classes of reputable banking institutions will either stand or
fall together.
It behooves all of us, therefore, to try to forecast the future as best we
may, with an optimism which appears to be somewhat more warranted
than In the recent past but also with a foresight and mature judgment which
takes Into consideration the fact that the banking world Is going through
to-day a period of exceptional and unprecedented change.
committees, the
Rules Issued By Federal Trade Commission Governing
Issues of Securities Under Federal Securities Act.
On July 6 the Federal Trade Commiaion approved the
rules, regulations and forms for the administration of the
Federal Securities Act, the text of which as passed by Congreba
and signed by President Roosevelt on May 27, was given in
our issue of June 3, page 3786. In making public the regale,tions on July 6 the Commission said:
In approving the rules the Commission had regard for the public interest
and for the protection of investors, but endeavored to place no undue
burden either upon general business or upon honest and reputable investment dealers.
The Act prohibits the filing of a statement prior to July 7 and requires
that it be on file at least 20 days before a security may be sold under the
Act. Realizing that many issuing companies distantly situated from
Washington have been unable to obtain forms and prepare the statements
required on July 7, the Commission promulgated a rule providing that such
companies might file in such form as they might reasonably consider to be
in compliance with the Act, "provided that an amendment to such registration statement shall be filed at least 10 days prior to the effective date,
In the required form prescribed by the Commission and shall contain full.
accurate and complete Information in respect of each item thereof."
Registration statements as received, with all information contained
therein, will be available for public inspection at the Commission's offices
In Washington. Photostatic or typewritten copies will be furnished at a
nominal sum per page.
-to
Registration statements and all other papers required therewith are
.
be filed In triplicate, the date on which they are actually received te he
the date of the filing thereof.
.
The maximum aggregate price at which securities are proposed t0 be
offered is to be stated,and payment is to be made of registration fee of 1-100
price, the fee not to be less than $25.
of I% based upon such
'
Five copies of the form of advertising prospectus proposed to be issued
with reference to a security shall be filed along with the registration statement. The Commission is to be notified of the price and date to be inserted
In the prospectus prior to the date of the public offering.
Radio Broadcasts Must Be Submitted in Writing in Advance.
Where a prospectus consists of a radio broadcast It shall be reduced to
writing, five copies of which shall be filed with the Commission at least
five days before the matter is to be broadcast or otherwise issued to_the
public.
There shall be inserted in a conspicuous part of advertising prospectuses,
a statement the language of which is prescribed by the Commission,showing
that "neither the fact that such registration has been filed with the Commission, nor the issuance of this prospectus under the rules or regulations
prescribed,shall bedeemed 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."
Rules and Regulations Apply Only to Title I of the Act.
The rules and regulations as approved to-day apply only to Title rof
the act which provides for regulation of securities, particularly the registration thereof. No reference is made to Title II, the "Corporation of Foreign
Bondholders Act. 1933," which is not to take effect until the President finds
Volume 137
Financial Chronicle
"that its taking effect is in the public interest and by proclamation so
declares." The effective date is July 27.
The Commission desires to point out that most of the rules and regulations are explicitly required by the Securities Act. In some matters the
Commission has discretion, and the rules and regulations in relation thereto
are experimental pending actual working experience with the new Securities Act, and will be subject to revision from time to time as experience
proves the advisability of changes.
A. A. Berle Jr., Economic Adviser to President Roosevelt, Proposes Investment Bankers' "Committee
of Public Safety"—B. C. Moody Points Out Difficulties Involved in Plan.
As a means of restoring public confidence in the nation's
investment banking machinery and its products of securities,
a "Committee of Public Safety" conducted by investment
bankers under private auspices, rather than the setting up
of a governmental agency, is proposed by A. A. Berle Jr.
one of President's Roosevelt's economic advisors, in the July
issue of the American Bankers Association Journal. The
Berle plan calls for a group "to scrutinize every investment
banking transaction of any public significance from the
angle of the general public" and also prepared to take the
responsibility of publicly opposing any transaction it did
not approve. In the same issue of the Journal Bertram 0.
Moody, Vice-President of the First National Bank, Amherst,
Massachusetts, analizes the Berle plan and points out
practical difficulties in it. The main feature of the plan as
stated by Mr. Berle is as follows:
It seems to me that it would not be difficult for the investment bankers
themselves to form a Committee of Public Safety. This group, properly
organized, properly represented, ought to scrutinize every investment
banking transaction of any peblic significance,from the angle of the general
public; and should undertake the responsibility of seeing that it is worthy
of the confidence of the American investor. That it could be effective, no
one doubts. A flotation which had no business to exist, or a reorganization
which ought not to be supported by the investor, simply could not take
place if any responsible group were prepared to take the responsibility of
saying to the public that the issue should not be subscribed, that the bonds
should not be deposited, that the plan of reorganization was not fair.
This means instituting a group of bankers who quite frankly undertake
to be their brothers' keepers. But when it is realized that the reputation
of their brothers is in the last analysis their own reputation, that their own
life and death interests are bound up in the transactions of every member
of their guild, it is plain that they have a quite definite personal interest,
as well as a legitimate public interest, which must be served.
To a considerable extent, the Listing Committee of the New York Stock
Exchange has assumed this responsibility with respect to listed securities:
perhaps the healtiest sign in American finance has been the willingness of
that committee to carry that responsibility steadily forward.
A committee of this kind would merely carry forward the work many
reputable banking houses have been doing for themselves. Only, it must
make available to the public the conclusions which these houses reach and
act upon to protect themselves and their private clients. It is well known
that certain of the bond houses, after studying the matter, declined to
participate, for example, in certain foreign loans when offered participation;
studied and turned down the less reputable public utility financing.
The assumption, however, that the duty of a house is done when it
merely declines to associate itself with an improper flotation, reorganization
or transaction, leaving the public at the mercy of houses of lower standards,
seems wholly unwarranted. A word from any of those houses not merely
that they would decline to be associated with, but that they would actively
oppose the flotation, would have ended the incident then and there.
Of this proposal Mr. Moody says:
There can be no doubt of the need for restoring confidence in Investment
banking. However, a committee, such as is proposed by Mr. Berle would
have such definite limitations that its practical usefulness would fall far
short of the author's hopes.
With the bulk of nationally known security houses inactive, it would
be difficult to form a committee with sufficient standing to be an important
factor. Such a committee would have no difficulty in approving highest
grade issues (which need no approval) nor disapproving those of a frankly
suspicious character. It would have great difficulty in passing on the
mass of securities between these extremes, because the final determination
of their investment value would always rest In the future.
Such a committee would be able to state that circulars describing new
Issues gave a truthful picture. Beyond that it could not go. No stamp
of approval can be of any permanent value becaus'e the quality of the
security itself is constantly changing. Nor could it be given intelligently
without regard to the financial circumstances of the buyer. What may be
proper for a business man to buy might well be unsuitable for a widow's
investment.
The rate of return is the truest index of investment quality. The wise
know it and the foolish will always be attracted by a high return. It is
doubtful that any laws or committees will ever be able to prevent certain
people from making foolish investments. It is more doubtful that any
committee could pass on new offerings with a degree of intelligence high
enough to beget confidence in its decisions.
The problem is much deeper than Mr. Berle indicates. The failure of
the present system of bond distribution was no accident nor was it due to
the depression. It may have been hastened by it. Many bond houses
have gone out of the picture because they could not distribute good bonds
at a profit and accordingly sold lower grade securities, with the same
results that inevitably follow the selling of doubtful merchandise. They
lost their customers. Part of the blame may be laid at their doors, a large
part to conditions over which they had no control.
Analysis of Federal Securities Act of 1933 by Counsel
for Investment Bankers'Association of America.
An analysis of the new Federal Securities Act of 1933,
signed by President Roosevelt on May 27, has been prepared by Paul V. Keyser, Committee Counsel of the Investment Bankers' Association of America in Washington, D. C.
In distributing to members under date of May 31, copies
251
of the analysis, Alden H. Little, Executive Vice-President
of the Association said:
It should be realized that opinion may differ in analyzing a new law and
Mr. Keyser's analysis is submitted solely for the purpose of aiding in an
understanding of the law and the manner in which certain sections have,a
bearing on or affect other sections.
The analysis does not purport to serve as a guide in the day to day
operations of members. In due course and from time to time it is presumed
that the Federal Trade Commission will issue rules and regulations under
the law and in the meantime each member should finally rely on the advice
of its own attorneys as to its daily operations.
The analysis follows:
PAUL V. KEYSER,
Attorney and Counsellor at Law,
1010. Vermont Ave., Washington, D. O.
May 31 1933.
Frank M.Gordon, President,
Investment Bankers' Association of America,
33 South Clark St.. Chicago, Ill,
Dear Mr. President:
In accordance with your request, I have prepared the following analysis
of the new Federal Securities Act.
In this general summary it is impossible to foresee and to definitely
cover every possible situation that may arise in the application of the
Act to specific cases, and necessarily many such questions will have to be
answered in a specific way as they arise.
The question of whether the Act is unconstitutional is not considered
herein.
Every dealer should study the new Act with great care. In making
such study it is important to always keep in mind that each part must be
read In the light of all other portions of the Act in order to get the correct meaning. In this connection it may be noted that the definitions
are extremely important affecting as they do the language used throughout
the Act.
The Act went into effect as a law on May 27 when It was signed by
the President, but the registration requirement will not be operative until
60 days thereafter (see Section 3(a) (1)) and the prospectus requirement
to the effect that every buyer must be given a prospectus conforming to
the requirements of Section 10 applies only In respect of securities required
to be registered under Section 5.
Section 1. Title.
This section provides a short title for the Act, namely. "Securities
Act of 1933."
Section 2. Definitions.
Paragraph (1) defines the term "security" in broad terms inclusive of
all types of instruments falling within the ordinary commercial concept
of a security.
Paragraph (2) defines "person" in terms sufficiently broad to Include
all individuals and all forms of commercial organizations that may issue
securities, as well as governments and governmental units, although subsequent sections of the bill exempt certain securities issued by certain
governmental bodies. The term "trust" is defined to include the type
of organization commonly known as a "business trust" or a "Massachusetts
trust" but excludes non-commercial trusts and testamentary trusts.
Paragraph (3) defines the term "sale" broadly to include every attempt
or offer to dispose of a security "for value." From the definition of sale,
however, is excluded preliminary negotiations or agreements between an
issuer and an underwriter. Underwriting agreements can thus be entered
into prior to the date of the filing of the registration statement. The
exception, however, is carefully restricted to the agreement between the
Issuer and the underwriter. Distribution of the security to dealers must
be postponed until the registration statement becomes effective, which
is the expiration of the 20
-days' waiting period after the filing of the registration statement—see section 8 (a). In this connection, it should be
carefully noted that the definition of "sale" includes "an offer to buy"
which means that dealers must not send to underwriters offers to buy
prior to the date upon which the registration statement becomes effective.
The definition of "sale" does not include exchange, and therefore an
exchange of an instrument for another instrument which merely evidences
the same right embodied in the original instrument, is probably excluded
from the Act, but if there were a difference in the securities exchanged it
is probable the security surrendered would be considered a valuable consideration within the meaning of the definition of sale with the resultant
effect that such exchange would amount to a sale within such definition.
This paragraph also exempts from the definition of "sale" the giving to
a purchaser, at the time of the sale, a right to convert or a warrant to
subscribe, when neither of those rights is immediately exercisable. This
means that it will be uncessary to register the security to be delivered upon
the exercise of the right prior to the time that such security is to be offered
to the public.
Paragraph (4) defines the term "Issuer" to include both the actual Issuer
of the security and also any guarantor, which means that in the case of
guaranteed securities, registration statements must be filed both by the
issuer and by the guarantor. In case of issues of special character such
as certificates of deposit, voting trust certificates, collateral trust certificates, certificates or shares in unincorporated investment trusts or of the
fixed, restricted management, or unit type, the term "issuer" is defined as
referring to the depositor or manager. In case of equipment trust certificates, the term "issuer" refers to the person by whom the equipment is
to be used.
In case of securities of the special character mentioned In the
preceding
paragraph, and including interim or other receipts for securities, and
like
securities, it should be noted that there is a special provision contained in
the last paragraph of Schedule A which authorizes the
Federal Trade
Commission to fix by regulation the character of information to
be included in the registration statement to be filed in relation to
such securities
both as regards the actual issuer of the securities and (or) the
person acting
as depositor or manager.
Paragraph (5) defines the term "Commission" as meaning
the Federal
Trade Commission, which body Is given the principal duty of
administering the new law.
Paragraph (6) is self-explanatory.
Paragraph (7) defines "inter-State Commerce" to include
foreign commerce and transactions in securities within the District of
Columbia.
Paragraph (8) defines "registration statement" to include any amendment
and any report, document or memorandum accompanying
the registration
statement or incorporated therein by reference.
Paragraph (9) defines the term "write" or "written" to include printed,
lithographed or any means of graphic communication.
Paragraph (10) defines "prospectus" to include any written
or radio
communication offering a security for sale. Read in connection
with
section 10 this means that all such communications relating to securities
required by section 5 to be registered must provide the buyer with
a sub-
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Financial Chronicle
stantial replica of the information included in the registration statement.
The definition of "prospectus" does not apply to communications not
purporting to offer a security for sale,although all such character of communications must comply with the special requirements of section 17(b).
Since no underwriter is lawfully permitted to make a sale prior to the effective date of the registration statement, the organization of a selling group
must be postponed until the effective date of the registration statement,
but prior to that date it will be possible for underwriters to send communications to dealers generally giving information regarding the security
by marking such communication in such manner as to indicate that no
offers to buy shall be sent or can be accepted until the ,ffective date of
the registration statement. The definition of "prospectus" contains two
exceptions, as follows: The first allows dealers, after they have furnished a
prospective purchaser with the required prospectus, to communicate further
as they may deem desirable. The second exception permits the ordinary
type of broker and dealer advertising where the advertisement merely lists
securities and gives prices but such advertisements must state where the
detailed prospectus in respect of each security can be obtained.
The definition of "prospectus" does not include oral communications by
telephone, but such communications come within the scope of various
sections of the Act, namely, Section 5(a) (1), Section 12, Section 17 and
Section 20.
Paragraph (11) defines the term "underwriter." This definition is important. In general it refers to persons in direct contractual relationship
with the issuer, but it includes persons who participate in any underwriting transaction or who have a direct or indirect participation in such a
transaction. The test is one of participation in the underwriting
undertaking. The definition does not include a dealer whose interest
is limited to a commission from the underwriter not in excess of the usual
or customary sellers' or distributors' commission. The last sentence of
this definition means that for the purpose of determining who is an "underwriter" within the meaning of this paragraph, the term "issuer" shall
Include not only the issuer but also all affiliates and subsidiaries of the
Issuer and persons controlling the issuer. The intention here is to accomplish two results. The first is to require disclosure of any underwriting
commission, which, instead of being paid direct to the underwriter by the
Issuer, may be paid through a subsidiary or affiliate of the issuer to the
underwriter. The second purpose is to make the law apply to special cases
which amount to a new distribution of an outstanding issue. For example, all the outstanding stock of a particular corporation may be owned
by one individual or by a select group of individuals. If such persons
should want to dispose of their holdings to the public after the law becomes
effective, any dealer acting on their behalf would be deemed to be an
underwriter and the public distribution of such holdings would be subject
to all the requirements of the Act in respect of new securities. The concept of control as expressed by this language is not limited to 51% of the
voting power but is broadly defined to permit the Act to apply wherever
the fact of control actually obtains.
Paragraph (12) defines the term "dealer" to include not only the ordinary
dealer but also the broker.
Section 3. Exempted Securities.
The classes of securities listed in this section are in general exempt from
the Act, except as otherwise expressly provided. Certain subsequent
sections expressly provide that the exemptions given by section 3 do not
apply in their entirety to such sections. The principal such exceptions
are those stated in sections 12 and 17. The effect of section 12 is particuarly important to dealers and should be carefully noted.
Paragraph (1) exempts securities which prior to 60 days after the enactment of the Act have either been sold or isposed of by the issuer or
have been bona fide offered to the public. From the exemption is excluded,
however, cases which amount to a new distribution of an outstanding issue,
as has been mentioned above in connection with the definition of "underwriter."
Paragraph (2) exempts United States, State and municipal bonds and
bonds of certain other governmental bodies and units. The exemption
applies to a security either issued or guaranteed by the Government or a
government unit mentioned in the exemption, The exemption includes
'such securities as county, town or municipal obligations as well as school
district, drainage district, and levee district and other similar bonds.
Securities issued by a public instrumentality of one or more State or territory exercising an essential governmental function, such as the Port
Authority of New York, are included within the exemption, as are also
Included securities of instrumentalities of the Government of the United
States, as well as securities issued by a National bank or Federal Reserve
bank or by any institution organized under the laws of any State or territory the business of which is substantially confined to banking and is
supervised by the State or Territorial banking commission or similar official.
Paragraph (3) exempts short-term commercial paper arising out of
current transactions and which has a maturity not exceeding nine months.
The exemption includes renewals of such paper where the maturity is likewise limited.
Paragraph (4) exempts securities of certain religious, charitable and
lather institutions of a non-commercial character.
Paragraph (5) exempts the securities of certain building and loan associations and similar institutions.
Paragraph (6) exempts all securities issued by railroads and other
common carriers subject to the provisions of section 20a of the Inter-State
Commerce Act.
Paragraph (7) exempts certificates issued by a receiver or by a trustee
In bankruptcy with the approval of the court.
Paragraph (8) exempts insurance or endowment policies or annuity
contracts.
Subsection (b) gives general authority to the Commission to make additional exemptions. The general power of the Commission, however, is
1Dnited by the requirement that it shall not extend to any issue where the
aggregate amount exceeds $100.000.
&Mon 4. Exempted Transactions.
This section exempts certain transactions from the provisions of section 5.
Section 5 of the Act is the section which requires the registration of securities as a condition precedent to offering them for sale or transportation
In inter-State commerce and which section also requires that after the
effective date of the registration statement all prospectuses relating to such
sucurities must conform to the requirements of the Act.
Paragraph (1) exempts all transactions except by an issuer, underwriter
or dealer. It exempts transactions by an issuer unless made by or through
an underwriter and hence issuers may sell directly to particular persons
and such sales will not be subject to the Act unless they assume the character
of a public offering. Transactions by an underwriter are not exempted.
Transactions by a dealer within one year after the public offering of a
security are not exempt but transactions by a dealer after such year are
exempt. After an underwriter has ceased to exercise any underwriting
functions and therefore has ceased to be an underwriter, such underwriter is thereafter subject only to such restrictions as are applicable
to him in the capacity of a dealer. In computing the period of one year
July 8 1933
after which a dealer's transaction becomes exempt, there is to be excluded
from such computation any time during which a stop-order issued under
Section 8 is in effect.
Paragraph (2) exempts the ordinary brokerage transactions executed
upon customers orders on any exchange or in the open or counter markets.
The exemption does not include the solicitation of such orders.
It should be noted that this exemption of brokerage transactions continues notwithstanding the issuance of a stop-order under section 8. At
the same time it should be noted that the restrictions on transactions of
issuers, underwriters and dealers imposed by paragraph (1) of this section
are apparently not qualified by the exemption of brokerage transactions
provided for in paragraph (2).
Paragraph (3) exempts the mere exchange with its security holders of
one form of security for another by an issuer where no commission or other
remuneration is paid. Just what may be the meaning of this language,
in view of the prior exemption of transactions by issuers as provided in
paragraph (1) of this section, is not clear. This exemption also includes
the issuance of securities to the existing security holders or the existing
creditors of a corporation in connection with a bona fide reorganization where
the reorganization is under the supervision of a court.
rSection 5. Prohibitions Relatineto Inter-State Commerce and the Mails.
-.
This section means that after this Act takes effect, securities, unless
exempt under section 3 or unless sold in a transaction exempt under section 4,
may be lawfully sold and offered for sale or transported for delivery after
sale through the mails, or through the use of any instrumentality of interState or foreign communication or transportation, only upon the following
conditions:
(1) If a registration statement setting forth the prescribed information
has been filed with the Federal Trade Commission.
(2) If such registration statement has remained on file for not less than
20 days, subject to public inspection, or for such longer period as required
under section 8.
(3) If no stop-order has been issued by the Federal Trade Commission
or if issued has ceased to be effective.
(4) If the buyer is given a required prospectus which is a substantial
replica of the information included in the registration statement.
In connection with the use of the mails it should be noted that the Act
applies to any use of the mails, regardless of whether or not a State border
Is crossed, the only exception being the limited exception provided In
subsection (c) of this section which applies to a sale of a security where the
Issue of which it is a part is sold only to persons resident within a single
State, where the issuer is a resident and doing business within such State.
It should also be noted that paragraph (1) of subsection (a) of this section
Includes an "offer to buy." Hence dealers should not, prior to the effective
date of the registration statement, send offers to buy to underwriters,
as explained above in connection with the definition of "sale."
Oral communications by telephone are within the scope of subsection (a)
but not of subsection (b), which means that after a registration statement
is in effect sales may be made by telephone provided delivery of the security
is accompanied or proceded by a required prospectus if such delivery is by
use of the mails or in inter-State commerce.
Section 6. Registration of Securities and Signing of Registration Statement.
Registration of a security so as to permit its sale by the use of the mails
or instruments of inter-State and foreign commerce is to be accomplished
by filing a registration statement in triplicate with the Federal Trade Commission. Such registration statement must be signed by the issuer, its
principal executive, financial and accounting officers, and by a majority of
the board of directors and in case the issuer is a foreign or territorial person
by its duly authorized representative In the United States, except that
In case of a foreign government or political subdivision thereof, it need be
signed only by the American underwriter. At the time of the filing of the
registration statement, the applicant must pay a fee of 1-100th of 1% of
the maximum aggregate price at which such securities are to be offered,
but in no case less than 825.
The information contained or filed with the registration statement Is to
be available to the public under such regulations as the Commission may
prescribe and copies thereof are to be furnished to anyone who applies
therefor at a reasonable charge to be fixed by the Commission,
No registration may be filed within 40 days after the enactment of
the Act.
PrSection 7, Information Required in the Registration Statement.
This section provides generally that registration statements shall contain the information and be accompanied by the documents specified by
certainschedules annexed to this law designated as Schedules A and B.
Schedule A applies in the case of all issues of securities other than securities
issued by a foreign government or political subdivision thereof which
latter class of securities is referred to by Schedule B.
The character of information required by these schedules is most detailed
and the schedules themselves should be carefully studied.
le This section also authorizes the Federal Trade Commission to provide
by rules and regulations for certain exceptions where the specifications
of the schedule would be inapplicable and to add to such specifications
where additional information or documents are deemed necessary or appropriate in ,the public interest.
Section 8. Effective Date of Registration Statement.
WThe registration statement does not become effective until 20 days
after filing. In other words, the time when the sale of securities may
lawfully commence is postponed for 20 days after the filing of the registration statement. This time may be enlarged under certain conditions as
stated in this section.
This section provides for the issuance of stop-orders by the Federal
Trade Commission, the effect of which stop-order is to suspend the effectiveness of the registration statement. Such stop-order may be Issued
-day wait period or thereafter.
either before the expiration of the 20
In connection with its power to issue stop-orders, the Commission is
complete examinations in order to determine
given broad authority to make
whether the stop-order should be issued.
The grounds on which stop-orders may be issued are:
H
(l t a registration is on its face incomplete or inaccurate in any materia
respect,
(2) If the registration statement includes any untrue statement of a
material fact or omits to state any material fact required to be stated
therein or necessarx to make the statement therein not misleading.
Section 9. Court Review of Orders of Federal Trade Commission.
This section provides for the judicial review of any order of the Commission at the Instance of any person aggrieved. Such review may be had
In the appropriate Circuit Court of Appeals or in the Court of Appeals of
the District of Columbia. Such review extends only to questions of law
and is on the basis of the record made before the Commission and of the
facts as found by the Commission.
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Financial Chronicle
Section 10. Information Required in Prospects.
If a prospectus is used before the end of 13 months after the effective
date of the registration statement, such a prospectus must contain the
same Information contained in the registration statement except the documents accompanying the registration statement need not be included.
If a prospectus is used more than 13 months after the effective date of the
registration statement the information contained in such a prospectus must
be of a date not more than 12 months prior to such use, but there may be
omitted from such a prospectus any of the statements that would otherwise
be required which the Commission may by rules and regulations designate
as not being necessary or appropriate in the public interest, and such a
prospectus shall also include any other information the Commission may require, and to this end the Commission is given power to classify such prospectuses according to the nature and circumstances of their use and to
prescribe as to each class the contents which may be appropriate in the public
Interest.
Copies of all radio broadcasts are required to be filed with the Commission under such rules and regulations as it shall prescribe, and the Commission may also by rules and regulations require the filing with it of other
forms of prospectuses.
Section 11. Civil Liabilities in Respect of Registration Statement.
If any statement in a registration statement is untrue in a material respect
or if a registration statement omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading,
every purchaser of a security to which such registration statement relates
(unless it can be shown that at the time of such purchase such purchaser
had knowledge of such untruth or such omission) is given the right to bring
an action against not only theissuer,but all directors of the issuer,its officers
signing the registration statement and its experts and the underwriters
sponsoring the issue.
Such suit may be brought at any time within 10 years subject to
the limitations of section 13.
The privilege of suing is extended to every purchaser regardless of whether
he made his purchase on the faith of the registration statement or not and
regardless of whether he made his purchase in an inter-State transaction
or in an intra-State transaction.
The amount recoverable in any such suit may not exceed the price at
which the security was offered to the public but within this limitation such
suit may be either (1) to recover the consideration paid for such securities
with interest thereon, less the amount of any income received thereon,
upon the tender of the sacurity, or (2) for damages if the person suing no
longer owns the security.
The damages that may be recovered in such action are not limited to those
arising and sustained as the direct consequence of the error or omission
complained of, but it would appear it is intended by the Act that such
damages include depreciation in value the result of general market conditions
or changes in economic conditions generally. This is a point which undoubtedly will require judicial interpretation to snake certain. Until judicially
determined the risk must be recognized.
Sub-section (b) of this section states certain grounds of defense under
which any persion liable under this section, other than the issuer, may avoid
such liability provided he can sustain the required burden of proof. These
grounds of possible defense should be carefully studied in connection with
the provisions of sub-section (c). How the courts will construe subsection (c) is uncertain. It will have to wait judicial decision.
The liabilities created by section 11 are joint and several, and therefore
every person liable under section 11 may be personally and severally liable
for the entire amount of the issue. For example, a dealer taking a participation in the underwriting undertaking, even though limited to a 1% interest, would be liable as an underwriter for 100% of the issue under the
liabilities created by section 11. In other words he would be liable to every
purchaser—not simply to his own clients.
Section 12.—Civil Liabilities Arising in Connection with Prospectuses and
Communications.
This section is one of the important sections of the Act to dealers. The
section divides itself into two paragraphs.
The first paragraph provides that the basis of liability shall be the sale
of a security in violation of section 5. Section 5 is subject to the exemptions
allowed by sections 3 and 4 and under section 5 the requirement that the
seller must furnish the buyer with a prospectus conforming with the requirements of sections 10 and with such regulations in regard thereto as the
Federal Trade Commission may prescribe under sections 7 and 19 and
Schedule A, applies only in respect of a security required to be registered.
In those cases where under section 5 a prospectus must be used which
meets the requirements of section 10 and the regulations of the Commission,
the dealer must take great care to see that the prospectus contains the
same statements made in the registration statement which under section 10
must be in the prospectus. Also since section 10 makes different require
meats as to the form of the prospectus dependent upon whether the prospectus is used before or after 13 months after the effective date of the registration statement, the dealer must also take care with reference to this
point.
The second paragraph of section 12 makes the basis ofliability any untrue
statement of a material fact or omission to state a material fact necessary
in order to make the statements, in the light of the circumstances under
which they were made, not misleading (the purchaser not knowing of such
untruth or omission). Under this paragraph the untruth or omission complained of may be made either in a prospectus or in an oral statement, but
the sale to which such prospectus or statement relates must have been
made in the inter-State commerce or by the mails..
Under paragraph (2) of section 12 no security is exempt. It covers old
securities as well as new securities. The only exception is the class of
securities described in paragraph (2) of sub-section (a) of section 3. which
exemption includes, amongst others, United States. State and municipal
bonds.
No person is exempt from the liability created by paragraph (2) of sec
tiers 12, except a person selling a security exempt by section 3 (a)
(2).
In connection with paragraph (2) of section 12 the question may arise
whether in respect of every sale that is subject to this paragraph the seller
must furnish the buyer with a prospectus conforming with the requirements of section 10 and the regulations of the Federal Trade Commission.
The construction which the writer puts upon paragraph (2) of section 12
is that this paragraph does not have this effect. In his opinion this paragraph must be road in the light of section 5 as well as section 10 and that
reading this paragraph and these sections together, they justify the conclusion that the use of such a prospectus is mandatory only in respect of
securities which must be registered under section 5 and section 5 is subject
to the exemptions allowed both in sections 3 and 4.
Under section 12 a further question and a difficult question may arise
with respect to what may be the dealers' responsibility in respect of statemerits contained in a prospectus relating to a security required by section 5
to be registered wherein such prospectus is based on statements in the registration statement. Under section 11 the dealer, as distinguished from tin
253
underwriter, is not responsible for the registration statement, but the question may occur under section 12 whether that section has the indirect effect
of subjecting the dealer to what amounts to practically the same responsibility assuming that there is an error or an omission in the registration
statement which would be a basis of liability under section 11.
The question is to what extent a dealer, acting in good faith, is justified
In relying upon the registration statement, to support the prospectus4or
whether he is under obligation and duty to make an independent investigation to the extent that by the exercise of reasonable care he could have
known of any untruth or omission complained of.
What view of this question may finally be adopted by the courts is
uncertain but until judicially determined, every dealer should recognize
the risk and consider that in replying upon registration statements tosupport prospectuses he acts at his peril.
Under section 12, unlike under section 11, the liability of the person
selling extends only to the person purchasing such security from him.
In cases of sales of securities which do not have to be registered under
section 5,such sales may be made without the use of a required prospectus
in the form prescribed by section 10, but in any such case, if any representation is made by the seller, unless it is a sale of a security exempted under
section 3(a) (2). then section 12 requires not only that such representation
shall be true but that the seller shall also state all facts within his knowedge
or which he might learn by a reasonable investigation which would materially affect any representation made or which are nerosp.ary in order to make
the representations made, in the light of the circumstances under which
they are made, not misleading. In such cases, the seller must choose between making no representation whatever or else assuming the risk of
correct and complete disclosure.
Section 13. Limitations on Actions.
The provisions of this section fix the time within which suit must be
brought to enforce the liabilities created by sections 11 and 12. There
would seem to be no difficulty with reference to the meaning of the provisions, but it should be noted under this section that the liabilities in
question may extend to a period of 10 years after the date the security was
offered to the public.
Section 14. Contrary Stipulations Void.
This means that no purchaser can waive any of the rights given him by
the Act and any such waiver is void.
Section 15. Liahilities of Controlling Persons.
The provisions of this section are doubtless intended to reach any effort
to avoid personal liabilities under section 11 and 12 by setting up a corporation with a limited capital to act in the capacity of underwriter or dealer.
Section 16. Additional Remedies.
This means that none of the rights and remedies which purchasers have
at common law are in any way diminished by the additional rights and
remedies created by the Act.
Section 17. Fraudulent Inter-State Transactions.
Sub-section (a) of this section makes unlawful the acts decsribed therein
in connection with the sale of any security in inter-State commerce or by
use of the mails. Paragraphs (1) and (3) of this sub-section clearly relate
to cases of fraud, but paragraph (2) may have an application beyond
fraud as explained in connection with the comment on similar language in
section 12, and as regards this paragraph there is no exemption of any
security or of any person. The penalty for a violation of section 17 is the
criminal penalty prescribed in section 24.
Sub-section (b) of this section is particularly designed to meet the evils
of the "tipster sheet" as well as articles in newspapers or periodicals that
purport to give impartial and disinterested opinions on securities but which
opinions in realty are bought and paid for.
Sub-section (c) provides that the exemptions allowed in section 3 of
the Act do not apply to this section.
Section 18. State Control of Securities.
This section means that nothing in the Act shall be construed as intended
to supersede the State security laws.
Section 19. Special Powers of Commission.
Sub-section (a) gives the Federal Trade Commission full power to make,
amend, and rescind such rules and regulations as may be necessary to
carry out the provisions of the Act including the rules and regulations governing registration statements and prospectuses for the various classes of
securities and issuers and defining accounting and trade terms used in the
Act. The Commission further is given the authority to prescribe the forms
in which the required information shall be set forth and the methods to be
followed in the preparation of accounts.
Sub-section (b) empowers the Commission, or officers designated by it,
for purposes of investigations under the Act, to subpoena witnesses, examine
them under oath, and require the production of books, papers and documents.
Section 20. Injunctions and Prospecution of Offenses.
By the provisions of this section the Commission is empowered, either
upon complaint or upon its own initiative, to make investigations to determine whether the provisions of the Act or of any rule and regulation prescribed under authority of the Act have been or are about to be violated,
and if it appears to the Commission that any person is engaging or is about
to enage in practices which constitute or will constitute such violation it
may. in its discretion, bring suit in the appropriate District Court of the
United States, United States court of any Territory, or the Supreme Court
of the District of Columbia to enjoin the continuance of such acts or practices.
The Commission may transmit to the Attorney-General any evidence
of criminal acts and the Attorney-General may institute the appropriate
criminal proceedings.
Section 21-11earings by Commission.
By this section it is provided that all hearings held by the Federal Trade
Commission or by any officer or officers of the Commission designated by
it, in connection with the enforcement of this Act, shall be public.
Section 22—Jurisdiction of Offenses and Suits.
This section provides what courts shall have jurisdiction of offenses and
violations of the Act and of the rules and regulations promulgated by the
Commission in respect thereof, and of suits brought to enforce civil liabilities created by the Act. In connection with civil suits it should be particularly noted that any such suit brought in a State court may not be
removed to a Federal court. This will undoubtedly lead to confusion and
conflict in decisions under this Act rendered by the courts in different parts
of the country.
Section 23—Unlawful Representations.
The effect of this section is to make it unlawful to represent that any
act or non-act of the Federal Trade Commission in respect of a registration
statement amounts to an approval of the security by the Commission.
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Financial Chronicle
Section 24—Penalties.
This section provides a criminal penalty of $5,000 fine or imprisonment
for not more than 5 years, or both, for any violation of the provisions of the
Act or of the rules and regulations promulgated by the Commission in pursuance thereof or for any willful untrue statement in a registration statement or the omission to state any material fact required to be stated therein
or necessary to make any statement therein not misleading.
Section 25—Jurisdiction of Other Government Agencies Over Securities.
This section is intended to preserve the existing and future authority of
other supervisory units of the Government of the United States,
Section 26—Separability of Provisions.
This section provides that If any part of the Act shall be held invalid by
the courts other parts of the Act shall not be affected by such decision.
Schedules A and B.
Schedules A and B state the details of the information required to be
contained in registration statements. The schedules should be carefully
studied in their entirety. There should be particularly noted the final
paragraph of Schedule A which authorizes the Commission to make rules
and regulations concerning the information to be submitted both by the
Issuer and by the person acting as depositor or manager in case of certificates of deposit, voting trust certificates, collateral trust certificates, certificates of interest or shares in unincorporated investment trusts, equipment trust certificates, interim or other receipts for securities, and like
securities.
Title II—Corporation of Foreign Bondholders.
Title II of the Act which embraces sections 201 and 212 inclusive provides
for the creation of a corporation to be known as the "Corporation of Foreign
Security Holders" for the protecting, servicing and advancing of the interests of holders of foreign securities in default.
Title II is not to take effect until the President finds that its taking
effect is in the public interest and by proclamation so declares.
The provisions of this title would not seem to raise any question of immediate difficulty, and it therefore seems unnecessary to analyze them in
detail, but it is recommended they be read with care.
Respectfully submitted,
(Signed) PAUL V. KEYSER, Committee Counsel,
INVESTMENT BANKERS ASSOCIATION OF AMERICA.
Outlook Under Operation of New Securities Act of 1933
—Views of Paul V. Keyser of Investment Bankers
Association of America—Sees Question Raised as to
Whether Adequate Private Capital Will Be Found
to Carry Out Financing of Business Enterprises.
Paul V. Keyser, committee counsel of the Investment
Bankers Association of America, in an address delivered at
Hartford, Conn., on June 27 before the annual meeting of
the Eastern group of the National Association of Securities
Commissioners, explained at considerable length his views
as to what the outlook may be under the operation of the
"New Securities Act of 1933," "unless," as he put it, "the
law is changed." "Frankly," said Mr. Keyser in his address, "I believe the fact must be recognized that Section 11
of the Securities Act raises a serious question as to whether
under this Act it will be possible to find adequate private
capital to undertake carrying out the necessary and essential
financing of the larger business enterprises of the country.
If not, and unless the law is changed, the results will be disastrous to the industry of the country and to every person
interested in the welfare of the company, whether an employee, aistockholder or a bondholder." Mr. Keyser continued:
The obligations which this Act undertakes to impose upon underwriters
are very great and it seems to me not unreasonable to expect that responsible
private bankers may hesitate to accept the hazards of those obligations—
hazards that by the greatest of care can not definitely be determined in
advance of the event.
If the larger private bankers hesitate to accept the liabilities of acting as
sponsoring underwriters, then the question occurs whether the issuing
company can directly utilize the services of the smaller dealers of the
country to distribute its securities to the public. Here again a serious
problem occurs since under the technical provisions of the Act each and
every one of such dealers, even if acting simply on a commission basis,
would individually become liable to all the obligations of an underwriter
under this Act.
It may well be doubted whether such dealers would be willing to pledge
their individual fortunes to such an unknown liability. Under the new
Glass Banking Act banks may no longer act as underwriters or distributors
of such securities, and the question is still how could the general business
of the country procure the necessary investment funds from the public.
This question awaits an answer under this Act.
The Act gives the Federal Trade Commission very broad power to make
regulations with respect to registration statements and prospectuses involving new issues of securities.
The success of the law will be measurably affected by the wisdom of
its administration. The character of the regulations and the reasonableness
of requirements quite as much as the terms of the law itself will determine
whether the Act will result in a serious stoppage of honest business or else
will let it go ahead.
At the present time, the matter of these regulations is under consideration
by the Federal Trade Commission. The regulations have not yet been
issued and it is impossible therefore to comment on them but I would like to
suggest that it would seem that to insure reasonable procedure with the
least interference to honest business such regulations and forms, when issued
by the Federal Trade Commission, ought to classify registration statements
and prospectuses as to the character of the security as well as to the character
of the industry. Such classification will facilitate full and adequate disclosure of the essential facts appropriate to each class of industry and security
and the omission of irrelevant details even though essential to some other
class.
If every issuer desiring to register securities must include in its registration statement and prospectus all the data which would have to be
covered if the same registration statement contemplated all classes of
securities and all classes of industries, the result will also be confusing to
Investors, who will fail to discriminate between the relevent and irrelevant
July 8 1933
data. Both the registration statement and the prospectus should be along
lines adapted to help the average man on the street to a fair understanding
of the facts relating to his investment.
If the regulations go to unnecessary and unreasonable length in point
of immaterial details the result may be to make the mechanics of compliance so burdensome that it may result in excessive cost, serious delays
and a danger of possible defaults in maturing issues needing refinancing.
I therefore express the personal hope that when these forms and regulations shall be issued by the Federal Trade Commission they will give
recognition to these considerations.
In connection with new securities and prospectuses, a very interesting
and difficult question arises with respect to what may be the responsibility
of a person selling a now security through the use of a prospectus in respect
of statements contained in the prospectus wherein such prospectus is based
on statements in the registration statement.
The question is this: To what extent is such person, acting in good faith,
justified in relying upon the registration statement to support the prospectus
or is he under obligation to make an independent investigation to the
extent that by the exercise of reasonable care he could hav, known of any
untrue or misleading omission. My personal judgment, and this is no more
than an opinion, is that Congress did not intend to impose upon say 100
dealers the responsibility and the duty of making 100 separate, individual,
duplicating investigations of the situation that had already been covered
by the registration statement.
In other words, Congress has provided by this law that the issuing company,its principal officers, all of its directors and all of its experts, accountants, engineers and lawyers passing on legal questions and all underwriters
sponsoring the issue shall be responsible for the registration statement and
all facts contained therein.
It seems to me unreasonable to hold that every individual dealer who
wants to sell part of the same issue shall be required to make an individual
and separate investigation or be chargeable with liability merely by reason
of failure to do so. The cost of the investigation might far exceed his total
profit on the samll proportion of the issue such dealer would handle and
moreover the law itself requires that the prospectus shall contain tho same
statements as are contained in the registration statement. In view of that
mandate, it would seem that it was intended to permit the user of the
prospectus to rely upon the registration statement, to support the same
statements in the prospectus.
Tax Law Changes Under National Industrial Recovery
Act—Analysis Issued by Merchants Association of
New York—Readjustment of Capitalization of
Corporations it is Stated May Be Found Desirable
After Study of Excess Profits Tax.
Corporations may find it desirable to readjust their
capitalizations after a study of the provisions of the National
Industrial Recovery Act relating to the excess-profits tax,
according to an analysis of the tax provisions of the Act
which has been published in the form of a pamphlet by the
Merchants' Association of New York under the title of
"New Taxes and Tax Law Changes under the National
Industrial Recovery Act." The author of the pamphlet is
Laurence Arnold Tanzer, Chairman of the Association's
Committee on Taxation and Public Revenue. The foreword carries the warning that "every corporation should
within the immediate future restudy its balance sheet with
reference to the requirements of the capital stock tax and
the excess-profits tax and may find itself compelled to
reconsider its entire corporate structure in the light of recent
tax legislation."
Mr. Tanzer points out that "a revolutionary change is
made by the Act in creating a system of capital and income
taxes on corporations supplementing and checking each
other. This is done by means of a new capital stock tax and
a new excess-profits tax so related to each other that liability
to excess-profits tax increases as the capital stock tax
diminishes and vice versa."
Citing a specific example Mr. Tanzer points out that a
corporation with a declared capital of $5,600,000 and a net
income of $1,000,000 would pay taxes under the new Act
of $20,600, whereby if the corporation had patents or other
intangible or written down assets having a fair value of
$2,400,000 and the declared value of the capital stock should
be increased to $8,000,000 the taxes would be only $8,000.
An even more extreme illustration was cited as that of
building or construction business which had a very low
capitalization of $100,000 and a net income of $500,000.
If it should turn out that the fair capital value by capitalizing earnings power could be placed at $4,000,000 the tax
would be only $4,000, instead of $24,475. Mr. Tanzer
points out:
The Act contains a new and drastic provision by which the first return
filed by a corporation under the Act is not subject to amendment, and is
binding for subsequent years, excepting as affected by subsequent increases
In capital and surplus, or by distributions and deficits. Thus the preparation of the first return acquires extraordinary importance.
The Act provides that the value for the first year shall be the value, as
declared by the corporation in its first return. This language, read together
with the prohibition against subsequent amendments, and with the provision penalizing by a high excess-profits tax a corporation understating the
value of its capital stock, has given rise to the suggestion that a corporation is at liberty to set any value it pleases. That, however, cannot be so.
The Act authorizes the Commissioner to make regulations prescribing the
information to be contained in the return. Obviously the corporation in the
foregoing illustration would not be permitted to reduce its taxes by $12,600
by increasing its capital by $2,400,000 without some reasonable basis in
fact. Nor could a corporation without an income, and willing to take the
risk of future excess-profits taxes, expect to be permitted to avoid capital
stock tax also by cutting its declared capital value below reasonable limits.
Volume 137
New York Community Trust Completes First 10 Years
of Operation—Volume of Distribution Increased
From $20 in 1923 to $197,140 in 1932.
Representatives of 15 New York, Brooklyn and Westchester banks and trust companies, meeting as the Trustees'
Committee of the New York Community Trust, June 23, in
the Broad Street Club, completed the initial 10 years' operation of the trust, created in 1923 to administer charitable
funds, we learn from an announcement issued by Ralph
Hayes, Director of the Trust, which continued:
The addition of the Fulton Trust Co. to the list of eligible trustees of
funds of the Trust was voted, with E. P. Rogers, President, designated to
represent it on the Committee.
Thomas Williams, Chairman of the Distribution Committee, disclosed that
appropriations from the Trust's charitable funds in the past decade had risen
to $1,035,932. The yearly volume of distribution grew from $20 in the
organization's first year to $197,140 last year. The Trust is now ranked
among the "20 largest American foundations" in the tabulation annually
prepared by the Twentieth Century Fund.
The Committee reviewed and approved the administrative terms of five
funds aggregating $71,000, added to the Trust since the Committee's previous meeting. One will naming the Trust was found unproductive because
of estate shrinkage. Another fund was declined because of mandatory restrictions attached to it. The conditions of 19 additional funds, either
eventually assured or now under negotiation, were examined.
The County Trust Co. of White Plains was named successor-trustee of
trust funds of the Westchester Foundation and the Community Trust now
held by the Westchester Title & Trust Co., which is discontinuing its trust
department.
H. P. Callaway, Vice-President of the Guaranty Trust Co., presided at
the meeting in the absence of Winthrop W. Aldrich, who was re-elected
Chairman of the Committee. Other bank officials present included: J. Bryson Aird, Bank of the Manhattan; Brenton Welling, Bankers' Trust; B. A.
Morton, Central Hanover; Jos. N. Babcock, Chase National; Barret Montfort, Chemical Bank; Wm. A. Duncan City Bank Farmers; F. W. Doty,
Commercial National; Calvert Brewer, Corn Exchange; Edward Streetor,
Fifth Avenue Bank; H. R. Johnston, Manufacturers' Trust; Alfred C. Loede,
Marine Midland; Thee. A. Foster, Title Guarantee ; Chaster A. Allen, Kings
County Trust; Allen N. Stainback, County Trust Co. of White Plains, and
Ralph Hayes, Director of the Community Trust.
Illinois Supreme Court Rules State Auditor Is Proper
Officer to Appoint Receivers for Closed Banks.
The Illinois Supreme Court on June 15 upheld the right
of the State Auditor to appoint receivers for closed banks.
In its decision said the Chicago "Tribune" the Court overruled Circuit Judge Edward D. Shurtleff of Waukegan, who
had held that in appointing receivers the State Auditor was
usurping a judicial function. The "Tribune" also said:
In a unanimous decision the Supreme Court held the auditor is merely
exercising an administrative function in appointing receivers which is
granted him by the State Constitution. The opinion of the Court was
written by Justice Frank K. Dunn.
The Chicago "Tribune" of June 15, in stating that the
decision holds valid the appointment of all the receivers
named by the State Auditor and their subsequent transactions which had been called into question by Judge Shurtleff's decision added:
Under the decision State Auditor Barrett is not only permitted to reinstate William L. O'Connell as Receiver for the Lake County State Bank
but he may be made receiver for all State banks under liquidation.
Barrett originally named O'Connell, but on objection of a depositor Judge
bhurtleff ordered O'Connell's removal and named Clendenning, holding that
the State Auditor had no right to name receivers. Barrett then brought
mandamus suit which the Supreme Court upheld to-day.
At the time ,
,uditor Barrett asked for the resignations of all the State
bank receivers in Cook County named by his predecessor it was stated that
O'Connell had been chosen to be the eventual receiver of all the banks with
deputies in the various institutions.
Opinion of Court.
The opinion of the Court says:
"Under our decisions and in consonance with the well-settled rule recognized in
Other jurisdictions, courts of equity are without Jurisdiction In the absence of a
statute conferring It, or to dissolve a corporation or to wind up Its affairs and seri uesj
irate it property or to appoint a receiver for.the collection of its assets, the settle-
255
Financial Chronicle
The balance sheet is the key to the situation. But the balance sheet
frequently requires adjustment. Adequate allowance must be made for
depreciation or obsolescence or other reductions in value, and excessive
allowances for those purposes must be corrected. Assets not included in the
balance sheet, or carried at norminal values, can be included at proper
values. This may apply particularly to good will, patents and other
Intangible assets.
The extent to which an insufficiently capitalized corporation may find
itself penalized by the excess-profits tax is clear from the foregoing illustrations. There may be cases in which corporations may find it advisable to
Increase their capital in order to meet this situation.
The relative proportions of stocks and bonds to be issued in organizing
or reorganizing a corporation depend on many factors, not the least of
which is liability to tax. Some of the features of the Industrial Recovery
Act, more particularly the heavy burdens resulting from the corporation
Income tax, the excess-profits tax, and the new dividend tax, with the possible threat of the penal tax on surplus accumulations hovering in the
background, are calculated to direct attention to the advantages of raising
new capital by bond issues rather than by stock issues. There may even
be occasion for considering in certain cases the reorganization of existing
corporate structures along similar lines. Whether any such change will be
of advantage will of course depend upon the particular circumstances of
the Individual case. All that can be attempted here is to call attention to
the factors mentioned above, indicating the desirability of re-examining
existing corporate structures with a view to adjustimg them to the requirements of the times.
ment of its business, the payment of Its debts and the distribution of its property.
A decree purporting granting such relief is void.
"In this case there was no attempt to state any fraud as the basis for the appointment of a receiver, the taking possession of the bank's assets and the settlement
of its business. The case stated either in the auditor's bill or the Intervening petitions
did not belong to the class of eases of which Jurisdiction has been taken sometimes,
by some courts on the ground of fraud. The case presented to the court for its
decision was not of the class of cases of which a court of equity has Jurisdiction and
the decree of the Circuit Court was therefore void. Since the decree is void for
want of Jurisdiction, the petition for mandamus presents no constitutional question
for our consideration."
Justice Heard Concurs.
In a special concurring opinion, Justice Oscar A. Heard says:
"I am of opinion that Section 11 of the Banking Act Is constitutional and valid,
and that this section gave to the auditor of public accounts, and to him,alone, power
and authority to appoint a receiver for the bank In question for the purpose of reorganization or liquidation through receivership at the time In question. The
only time when that Circuit Court has power to appoint a receiver for the bank is
When it shall have gone into liquidation. Under the provisions of the Act the court
may then appoint a receiver in a suit In equity in the matter of a creditor's bill
brought by a creditor, in behalf of himself and all other creditors of the bank, against
the shareholders thereof for the purpose of enforcing the individual liability of the
shareholders. This being true the Circuit Court had no power to entertain the
Intervening petition and to remove the receiver appointed by the auditor of public
accounts."
Barrett to Push Plans.
Auditor Barrett, learning of the decision of the Supreme Court, issued the
following statement:
"I will immediately put into effect my plans for consolidation of receiverships.
which will save the depositors of the closed banks many thousands of dollars. This
plan has naturally been held in abeyance because of the erroneous construction of
the law by the lower courts.
"In many cases where the expense of receivership has been excessive, the service
of receivers will be dispensed with, and a consolidation effected, resulting In savings
on clerical hire, rent, attorneys' fees and other expenses."
Loans by Reconstruction Finance Corporation to
American Exporters to Finance Cotton Shipment
to Soviet Russia—Loans to be Secured by Notes of
Amtorg Trading Corporation.
Arrangements for loans of from $3,000,000 to $4,000,000
by the Reconstruction Finance Corporation to finance the
sale of 60,000 to 80,000 bales of cotton for shipment to
Soviet Russia were announced in press accounts from Washington on July 2. Under date of July 3 the Reconstruction
Finance Corporation had the following to say regarding the
proposed loans:
Following newspapn. and news service reports from London that Mr.
Raymond Moley had discussed the sale of cotton to Russia with Maxim
Litvinoff, to be financed by the United States Government, upon inquiry
by the news services and several newspaper representatives. Mr. Jones
announced to-night that with the approval of the President and Secretary
Woodin, the Directors of the Reconstruction Finance Corporation had
agreed to make loans to American exporters to finance the sale of 60.000
to 80,000 bales of surplus cotton for shipment to Russia.
The loans to the exporters will be for one year at 5% interest, and will
be secured by the notes of Amtorg Trading Corporation, an American
corporation owned by Russia,• unconditionally guaranteed by the State
Bank of U. S. S. R.
Amtorg Trading Corporation will pay 30% of the purchase price in
cash, and expects to ship a large part of the cotton in the month of July.
These loans will be made to any American exporter with resources and
of standing satisfactory to the Reconstruction Finance Corporation, from
whom Amtorg Trading Corporation may purchase said cotton.
Under the terms of the loan (said a Washington dispatch
July 2 to the New York "Times"), the cotton purchases are
to be made in the open market from surplus cotton and not
from any holdings of the Government agencies. This provision, it is noted, was included also in the agreement to
extend the loan for shipments of cotton to China. In
stating that the announcement of Jesse H. Jones, Chairman
of the Reconstruction Finance Corporation was made
following a conference on July 2 of Assistant Secretary of
State, Raymond Moley with Maxim Litvinoff, Soviet
Foreign Commissar, in London. The Washington advices
on that date to the "Times" said that Mr. Moley was reported as saying that the sale of American cotton would be
financed by this Government but that the transaction did
not involve recognition of the Soviet Government.
From the same dispatch we also quote:
Another Move Expected.
This action by the Reconstruction Finance Corporation is expected to
lead to efforts to obtain the authorization of another loan to the Amtorg
Trading Corporation, with which to purchase agricultural implements in
the United States. There are also indications that copper and wheat
purchases may be involved later.
The loan involving sales to Russia is the first of the kind to have received
the sanction of any United States Government since the World War period.
Presidents Coolidge and Hoover maintained a policy of non-recognition
and even refused to countenance loans through American banking institutions when the Government's advice was sought.
Republican administrations stoutly opposed recognition of Russia because she defaulted on her war debts and repudiated private debts. Senator Borah as Chairman of the Senate Foreign Relations Committee In
the last two administrations, urged the resumption of diplomatic relations
with Russia.
It is understood most of the cotton will be sold to Russia by Anderson,
Clayton It Co. of Tex. and George H. McFadden & Co. of Philadelphia.
The National Government of China received a loan of $50,000,000 early
in June from the R. F. C. to purchase American cotton and wheat, chiefly
cotton. This loan was guaranteed by special taxes. Soon thereafter it
became known that the Amtorg Corporation, through its representative in
New York, A. Rosenshelm, was seeking a loan
At a conference here with the R. F. C. Directors at that time the whole
situation was surveyed and Mr. Rosensheim then suggested that a loan
of approximately $3,000,000 be made to Amtorg to finance shipment of
70,000 bales of cotton to the Soviet Union
256
Financial Chronicle
The suggestion thrown out by the representatives of the Soviet trading
company, it is understood, was that if this Government would permit
loans by the R. F. C. a very considerable trade would result.
The attitude of the R. F. C. was that of willingness to make loans under
the section of the law permitting such advances to aid in the export of
American farm products, if the action received the approval of the White
House and State Department.
Representative Hamilton Fish, Jr. Opposed to Arrangements of Reconstruction Finance Corpora'
tion with Amtorg Trading Corporation for Cotton
Shipment to Soviet Russia.
Opposition to the action of the Democratic administration
in sanctioning a Reconstruction Finance Corporation loan
to be secured by notes of the Amtorg Trading Corporation,
Soviet business agency in this country, was voiced on by
Representative Hamilton Fish, Jr., on July 3, according to
the New York "Evening Post," which added:
While Representative Fish and Government officials were preparing to
take sides in what may be one of the bitterest controversies yet entered into
by the Administration, three Soviet inspectors were hurrying from New
York to New Orleans to pick up the first consignment of cotton purchased
by funds advanced by the R. F. C.
In denouncing the act of the R. F. C., Representative Fish said:
"If it Is true that the loans are secured only by Amtorg notes I think
that the procedure is inexcusable. improper and probably not legal. It
would be the same as sending the money to the Russian Government.
The Russians owe us millions and I see no reason why they should not
make some arrangement to pay these obligations before our Government's
funds are again risked.
On Road to Moscow."
"I would not object if the money were lent to reliable American firms
dealing with Russia, provided these firms assumed a proper share
for
of the risk. These tactics on the part of the It. F. C. show just how far
the Administration is willing to go along the road to Moscow on the advice
of those who now surround President Rosseveit.
"I am in no way opposed to trade with Russia. If they have an Amtorg
with us we should also have one with them, but I am very much opposed
to the lending of money with no security other than that of the Russian
Government. And our investigation showed conclusively that the Soviet
Government and the Amtorg were the same."
The inspectors en route from New Iork to New Orleans are from the
Moscow offices of the Russian agriculture authority, according to a spokesman for George H. McFadden & Bro., cotton exporters, with offices at
68 Beaver Street.
The McFadden company is one of the firms handling part of the crop
under the R. F. C. arrangement whereby the loans are secured by Amtorg
notes.
Although no formal statement was forthcoming from the offices of the
Amtorg Trading Corp. at 621 Fifth Avenue, it was learned that A. Y.
Rosensheim, President of Amtorg, was ready to press for additional arrangements with the R. F. C. if authorized to do so by Moscow. Mr.
Rosensheim is acting in the absence of Peter A. Bogdanov,Chairman of the
board of Amtorg, who is on vacation.
J. J. Lavin Becomes Pacific Coast Representative of
Chinese Government Agency Which is to Purchase
Wheat Under ProvisiOns of Reconstruction Finance Corporation Loan.
It was announced on June 29 that J. J. Lavin has accepted
the position of Pacific Coast representative of the Chinese
Government Agency which will purchase 15,000,000 bushels
of wheat or its equivalent under the provisions of the Reconstruction Finance Corporation loan arranged for that purpose. He resigned as President of the Rocky Mountain
Elevator Company of Great Falls, Mont., to accept this new
position. Mr. Lavin is said to have been identified with the
grain and flour business on the Pacific Coast, having represented various large grain buying interests during the period
of the World War and having since been associated with
leading grain interests of the Pacific Northwest.
United States Recognition of Soviet Union Again
Rumored as Impending—Assistant Secretary of
State Moley Denies He Gave Official Assurance at
Meeting with Foreign Commissar Litvinoff.
Rumors of impending United States recognition of the
Soviet Union were again revived recently as a result of the
action of the Reconstruction Finance Corporation in guaranteeing a loan estimated at more than $3,000,000 to finance
Soviet purchases of cotton from the United States, while
in London Assistant Secretary of State Raymond Moley
and Maxim Litvinoff, Soviet Foreign Commissar, held
several conferences. These meetings between Mr. Moley
and M.Litvinoff prompted a report on July 3 that Mr. Moley
had assured M.Litvinoff that United States recognition could
be expected in the near future. On the following day,
however, Mr. Moley denied that he had given any such
assurance.
Cash Advances of $2,636,046,740 Made by Reconstruction Finance Corporation From Feb. 2 1932
to June 26 1933—$570,762,971 Repaid—Banks
Borrow $1,157,699,964 During Period of Which
$444,683,424 Has Been Repaid.
From Feb. 2 1932 and up to the close of business June 26
tile Reconstruction Finance Corporation has made
1933,
July 8 1933
cash advances totaling $2,636,046,740.11 of which $570,762,971.96 has been repaid, we learn from a report issued
by the Corporation on July 2. Advances to banks totaled
$1,157,699,964.84. Of this amount $444,683,424.86, or
38%, has been repaid. The Corporation has disbursed
$39,570,000 in cash to aid in organizing or reorganizing
banks under terms it agreed to following the passage of the
Emergency Banking Act. The full report follows:
The Federal Government has made cash advances of $2,636,046,740.11,
through the Reconstruction Finance Corporation since that agency began
operation on Feb. 2 1932. according to information made available to-day
(July 2) by the Corporation. Repayments amounting to $570,762,971.96
have been received.
Cash advances were as follows (figures as of close of business, June 26.
unless otherwise indicated):
By the Secretary of the Agriculture to farmers for crop
loans in 1932 from funds furnished him by the R. F. C.. $64,204,503.06
By the Secretary of Agriculture for crop loans in 1933(to
June 24)
55,974,321.41
By the Reconstruction Finance Corporation:
To the Secretary of the Treasury for purchase of Home
Loan Bank stock
42,070,000.00
To the Secretary of the Treasury for purchase of Home
Owners' Loan Corporation stock
1,000.000.00
To the Farm Loan Commissioner to make loans to
Joint Stock Land banks and to farmers under the
Emergency Farm Mortgage Act of 1933
2,000.000.00
To the following classes of borrowers under Section 5
of the Reconstruction Finance Corperation Act:
Banks and trust companies
$1.157.699,964.84
Railroads
372,778.401.51
Mortgage loan companies
133.845,962.68
Building and loan associations-- 108,215.251.74
Insurance companies
83.799,859.95
Federal Land banks
21,300,000 00
Livestock credit corporations_ _ _
12,139.530.78
Federal Intermed. Credit banks_
9.250.000.00
Joint Stock Land banks_
7.924.598.31
Agricultural credit corporations4,296,934.14
Credit unions
565,148.70
$1,911,815.652.70
To aid in organization or reorganization of banks and
trust companies through purchase of preferred stock
or capital note and debentures
,
30,485,000.00
To aid in organization or reorganization of banks and
trust companies through loans secured by preferred
stock
9.085,000.00
To States, Territories and political subdivisions of
States for relief purposes under the Emergency
Reliefand Construction Act of 1932
298,539.848.77
To States for relief purposes under Federal Emergency
Relief Act of 1933 upon certificates from Federal
Emergency Relief Administrator
33,960,076.00
To aid in financing self-liquidating construction projects that will provide employment (under Section
201 (a) ), including $642,845.00 for repair and reconstruction of buildings damaged by earthquake,
fire and tornado
30,031.231.41
To finance carrying and orderly marketing of agricultural commodities and livestock produced in the
United States,(under Section 201 (d) of the Emergency Relief and Construction Act of 1932)
3.577,106.76
By regional agricultural credit corporations created
and financed by the Reconstruction Finance Corporation under Section 201 (e) of the Emergency
Relief and Construction Act of 1932(up to June 23)
153,304,000.00
Repayments.
Repayments were as follows (figures as of close of business June 26, unless
otherwise indicated):
By farmers on 1932 crop loans (to June 24)
$21,353,316.85
By farmers on 1933 crop !cans (to June 24)
283.057.16
By borrowers under Section 5 of the R. F. C. Act.:
Banks
$444.683,424.86
Railroads
20,544.050.31
Building and loan associations
25,614,825.02
Mortgage loan companies
20,225,713.17
Insurance companies
9.362,499.05
Federal Intermediate Credit banks9.250,000.00
Livestock Credit corporations
7,742,773.24
Agricultural Credit corporations_ _ _
2,124.493.95
Joint Stock Land banks
172,276.54
Credit unions
15,788.00
$539.735.844.14
By borrowers on self-liouidating projects
22,000.00
By borrowers for relief purposes
466,145.00
By borrowers to finance carrying and orderly marketing
ofagricultural commodities (under Section 201 (d))877,042.08
By borrowers from regional agricultural credit corporations(up to May 26)
8,025,566.73
Excluding advances required by law to be made: (1) to the Secretary of
Agriculture for crop loans:(2) to the Secretary of the Treasury for purchase
ofstock of the Home Loan Bank and the Home Owners' Loan Corporation:
(3) to the Farm Loan Commissioner for loans to joint stock land banks and
farmers: and (4) to States and Territories for relief purposes upon certificates
from the Federal Emergency Relief Administrator, the Corporation has
authorized loans and other advances of funds totaling 83,919,827,619.72,
since it began operations. Of this, $240,643,944.96 was withdrawn or
canceled and $394.408,060.41 is still at the disposal of the borrowers.
Banks were the largest class of borrowers. Loans authorized to 6,246
of them aggregated $1,383,932,333.88. Of this amount, $164,371,321.24
was canceled or withdrawn, $61,861,047.80 remained to the credit of the
borrowers and 51,157.699,964.84 was disbursed in cash, of which $444,683,424.86. or 38%,has been repaid. Last month at this time repayments were
3434% of disbursements.
Since passage of the Emergency Banking Act, the Corporation has agreed
to purchase $33,433,000 of preferred stock or capital notes and debentures
to aid in organizing or reorganizing banks and to make loans for that
purpose aggregating $11.585,000 secured by preferred stocks. 839.570,000
In cash has been disbursed under these authorizations. In addition to these
agreements, the Corporation has made conditional agreements to subscribe for $18,345.000 of preferred stock or capital notes and debentures
and to loan $4,798,000 upon preferred stock. Disbursement of funds on
these conditional agreements is awaiting compliance with the conditions.
Carriers of Nation Divided Into Three Groups by
Co-ordinator Eastman Under Emergency Railroad Transportation Act—Co-ordinating Committees Selected.
Joseph B. Eastman, as Federal Co-ordinator of Transportation, issued his first order on June 21, pursuant to the
provisions of the Emergency Railroad Transportation Act,
1933, dividing the carriers of the Nation into three groups
Volume 137
Financial Chronicle
for the purpose of setting up regional co-ordination committees. Class I, II and III carriers are divided into
Eastern, Southern and Western groups, together with switching and terminal companies. Electric railroads are also
embraced in each group. The miles of road operated by each
line within the three groups are set out in tabular form in the
groupings. This mileage is given as of Dec. 31 1932.
In accordance with the provision of the Railroad Act,
which provides that upon division of the carriers regional
co-ordinating committees for each group shall be created,
each committee to consist of five regional members to be
designated by the carriers and two special members representing the Co-ordinator, the following committees have
been elected by the various groups:
Eastern Regional Co-ordinating Committee.
William W. Atterbury, President of the Pennsylvania RR.
John J. Bernet, President of the Chesapeake & Ohio Ry.
John J. Pelley, President of the New Iork, New Haven & Hartford RR.
Daniel Willard, President of the Baltimore & Ohio RR.
Frederick E. Williamson, President of the New York Central RR.
The Eastern Railroad Co-ordinating Committee has elected M. C. Kennedy, now Chief Railroad Examiner for the Reconstruction Finance Corporation, as Executive Secretary.
Southern Regional Co-ordinating Committee.
W. R. Cole, President of Louisville & Nashville RR.
Fairfax Harrison, President of Southern By.
L. A. Downs, President of Illinois Central RR.
George B. Elliott, President of Atlantic Coast Line RR.
L. R. Powell,former President, now receiver for Seaboard Air Line Ry.
Western Regional Co-ordinating Committee.
Carl Gray, President of the Union Pacific RR.
Samuel T. Bledsoe, President of the Atchison. Topeka az Santa Fe By.
Ralph Budd, President of the Chicago, Burlington & Quincy RR.
H. A. Scandrett, President of the Chicago, Milwaukee, St. Paul &
Pacific RR.
Hale Holden, Chairman of the executive committee of the Southern
Pacific Co.
These regional committees will be charged with the problem of improving the operating position of the carriers in
their respective territories, sucu as elimination of wasteful
practices in the section.
Rail Loan Policy Altered by Reconstruction Finance
Corporation—To Base Advances on Earning Capacity and Public Interest of Works.
An important change in the loan policy of the Reconstruction Finance Corporation in connection with credit extension to railroads was announced June 27 by officials of the
Government Credit Agency, according to a Washington
dispatch to the New York "Evening Post", which continues:
Hereafter, carriers which are earning fixed charges will be eligible for
loans from the Corporation, in contrast to past performance when the
collateral security was the prime factor in the determination of the roads'
eligibility for credit.
From now on, however, instead of concentrating on the amount of collateral which the carriers seeking a loan may have available, the Reconstruction Finance Corporation will be willing to make such loans to railroads
which have earned their charges, provided such advances are deemed in
the public interest, officials of the Reconstruction Finance Corporation
said to-day.
No general ruling will be laid down in this respect, however, but each
road will be judged on its individual merits. The move is regarded as a
victory for the carrier managements, who consistently have argued that the
availability of collateral is not a proper criterion by which to determine
whether an advance to a carrier should be approved.
The Corporation would look favorably upon a loan application, it was
said, if the proceeds were to be used for refunding or for capital improvements, if the carrier despite its ability to cover charges, was unable to
secure funds in the usual sources.
Inter-State Commerce Commission Will Repay $13,277,598 to 100 Short Lines—To Reimburse Rails for
Recapture—United States Steel Roads Get $6,305,684.
The "Wall Street Journal" of June 13 had the following:
About 100 short line railroads will be reimbursed for $10,679,086 of
excess income payments made to the Inter-State Commerce Commission.
These repayments will be made upon a basis which will give each carrier
an amount bearing the same ratio to the total of the fund that the sum of
its payments bears to the aggregate amount.
The $2,557.613 of interest which has accrued upon the aggregate payments
will be distributed among the carriers upon the basis of the average rate of
earnings on the investment of the moneys in the fund and the differences
in dates of payment by such carriers. The Secretary of the Treasury will
determine the average rate of earnings on these funds.
Virtually all of the payments into the recapture fund were made by short
lines. Three roads owned by the United States Steel Corp. made the
heaviest payments, including $5,808,257 by the Duluth. Missabe & Northern, $442,280 by the Bessemer az Lake Erie, and $55,000 by the Elgin,
Joliet & Eastern. or a total of $6,305,684.
Other payments into this fund which were more than $100,000 included
the following:
$574,639
,
Chicago d Illinois Midland RI.--$199,220 I Ironton RR
Cornwall RR.(owned by BethI Philadelphia, Bethlehem de New
lehem Steel Corp.)
England RR
152,191
117,091
Dayton-Goose reek Ry
183,127 Port Huron de Detroit RR
190,001
Detroit,Toledo de Ironton IV_ _ _ 230,4621 Richmond, Fredericksburg az
Genessee de Wyoming By
194,920
4 6.1071 Potomac RR
Illinois Terminal Ry
800,0001 Unity IlYs
141,849
The $13,277,598 involved in the general railroad equipment fund from
these payments as of Jan. I 1932, consisted of $10,678,086 of excess earnings. $38,837 for interest on overdue payments, $2,557,613 for interest
257
from investment of the funds in Government obligations, and $2.062 for
interest from bank balances.
Recapture Repeal Lifts Debt Burden Off Roads.
While only relatively small amounts of money were paid to the Government through recapture of railroad earnings during the life of the law, and
therefore only small amounts will be returned to the roads, the repeal of the
recapture clause of the Transportation Act is highly important to a number
of roads which have owed large amounts to the Government. It frees
them from this liability. Among the roads released and the amounts
they owned are:
Chesapeake et Ohio
$18,774,904.Pere Marquette
$820.512
Hocking Valley
2,555,558 , Virginian
4,825,241
Norfolk dr Western
15,849,344 Western Maryland
1,064,894
Monthly Report of Railroad Credit Corporation—
Period in Which Loans Could Be Made by Corporation Terminated May 31—Activities Since Limited
to Liquidation—First Distribution to Participating Carriers July 16—Revenues from Emergency
Freight Rates.
The Railroad Credit Corporation announced on July 4 that
net revenues derived from the emergency (freight) rates
granted by the Inter-State Commerce Commission under Ex
Parte 103 and received by the roads participating in the
Marshalling and Distributing Plan administered by the Railroad Credit Corporation, amounted to $74,744,279 in the 15
months ended on March 31 1933 that the plan was in operation. This information was contained in the monthly report
of the Corporation to the Commission, in which it was also
stated that the period in which loans could be made by the
Corporation terminated May 31 1933. Regarding the net
revenues from the emergency rates, and the participating
carriers, the announcement issued July 4 by the Credit Corporation said:
The carriers participating in the plan included all eligible Class I railroads, with one exception. Those Class I roads which were in receivership
were not eligible to participate.
For the 15 months' period which terminated on March 31 1933, the railroads paid to the Railroad Credit Corporation revenues derived from the
emergency rates, and from these revenues loans were made by the Corporation
to prevent defaults in fixed interest obligations. Beginning on April 1 1933,
however, the railroads are retaining such revenue and are to continue to do
80 until Sept. 30 1933, when the emergency rates terminate.
Of the $74,744,279 received in the 15 months' period, the Railroad Credit
Corporation made loans amounting to $73,091,368, of which $1,472,339 has
been repaid. This leaves outstanding loans amounting to $72,219,029.
The Credit Corporation's announcement continued:
The period in which loans could be made by the Railroad Credit Corporation terminated on May 31 1933, and its activities after that date are limited
to liquidation. As borrowing roads repay their loans to the Railroad Credit
Corporation, this money will be distributed from time to time to member
lines. The first distribution to the participating carriers will be made on
July 15 1933, at which time they will receive 4% of the amounts they have
paid into the Corporation. Further repayments to the participating carriers
will depend on receipts from liquidation.
In a letter addressed to the chief executives of the participating qarriers
and accompanying the report, E. G. Buckland, President of the Railroad
Credit Corporation, said:
At meeting held on June 30 the Board of Directors authorized a distribution
to the participating carriers of 4% of their respective earnings contributed, or due
to be contributed, to the fund created by the Marshalling and Distributing Plan.
1931, as adjusted in accordance with the conditions of paragraph 14 of said Plan.
This distribution will be made on July 15 1933 based on the fund of record June 30
1933, and will be made in cash to carriers which are not indebted to the fund for
loans or otherwise, and by credits on the obligations of other carriers.
THE RAILROAD CREDIT CORPORATION REPORT TO INTER-STATE
COMMERCE COMMISSION AND PARTICIPATING CARRIERS AS
OF JUNE 30 1933.
Net Change During
Balance
Assets—
June 1933. June 30 1933.
Investment in affiliated companies—Loans made-- 4159,999.21 $72,219,029.01
Cash
820,981.43 1,399,825.60
Petty cash fund
26.00
Special deposit—Reserved for taxes, dec
*961.39 1,503,575.00
Miscellaneous accounts receivable—Due from contributing carriers
14,146.80
259,061.94
Interest receivable
.60,886.53
394,235.35
Unadjusted debits
17,560.41
174,333.37
Expenses of administration—Jan. 1 to June 30 1933,
inclusive
70,071.41
11,924.25
Total
$642.765.76 $76,020,156.68
Liabilities—
Non-negotiable debt to affiliated companies—Net
reported rate increases under Ex Paste 103
a$427,154.54 574,744.279.58
Unadjusted credits
17,560.41
424,251.94
Income from funded securities—Interest accrued on
loans to carriers
186,391.93
772,825.25
Income from unfunded securities and accounts—
Interest on bank balances, dec
11,658.91
77,599.91
Capital stock
1,200.00
Total
• Denotes decrease.
a
Reported
Lemes tax refunds
$642.765.76 576.020.156.68
Period.
June 1933.
2765.998.67 275,425,099.02
338,844.16
680,819.44
Net
$427,154.51 674.744,279.58
Correct:
Washington. D. C., July 1 1933.
No. 16.
E. R. WOODSON, Comptroller.
In its issue of July 1, the New York "Times" said:
The Railroad Credit Corporation authorized yesterday its first refunding
of sums contributed to its treasury from the proceeds of the freight surcharges that took effect on Jan. 2 1932. This was the initial step in returning to the railroads the moneys they earned from the surcharges and pooled
with the Corporation for loans to needy roads.
The disbursement took the form of a distribution, payable on July 15,
equal to 4% of the amounts earned from the surcharges by each railroad par-
258
Financial Chronicle
ticipating in the pool. The sum of the distribution was $3,000,000, of which,
however, only $1,200,000 will be paid in cash.
E. G. Buckland, President of the Corporation and Chairman of the New
York New Haven & Hartford RR., explained that 60% of the railroads which
contributed to the pool also were borrowers from it. In accordance with the
rules under which the pool was administered, these railroads will not receive
their 4% distribution in cash but in the form of a credit on the amounts
they owe the pool. The amount of credit apportioned the borrowers was
about $1,800,000.
Mr. Buckland said that it was not expected that the Corporation would
meet on the question of further distribution until September.
The surcharge proceeds were collected from Jan. 2 1932 to March 1933.
On the latter date the surcharges were extended until this fall, but with
the railroads that earned them being permitted to retain them. Consequently, the Railroad Credit Corporation then changed from a lending to a
collecting agency.
Developments in One-Man Grand Jury Investigation
of Closing of Michigan Banks—Michigan Bank
Holiday in February Last Called "Get Ford" Plot—
Guardian Detroit Union Group, Inc., Receiver
Says Closed Guardian National Bank of Commerce
Can Pay 85 Cents on the Dollar—Receiver for
Detroit Bankers' Co. Declares Closed First National
Bank-Detroit Solvent—General Counsel for First
National Bank-Detroit Also Testifies First National
Bank-Detroit Solvent—President Roosevelt Instructs Reconstruction Finance Corporation to
Solve Banking Situation in Detroit.
A long-standing plot of Wall Street to "get" Henry Ford
was directly responsible for the Michigan bank holiday,
Herbert R. Wilkin, former General Manager of the Guardian
Detroit Union Group, Inc., charged on Monday of last week,
June 26, while testifying at the one-man Grand Jury inquiry
into the closing of Michigan banks now being conducted in
Detroit by Judge Harry B. Keidan. Mr. Wilkin, who was
on the witness stand throughout the entire day, alleged that
the reason for closing the two National banks in Detroit (the
Guardian National Bank of Commerce and the First National
Bank-Detroit) was,in his opinion,for the purpose of"getting"
Henry Ford. He also charged that the new National Bank
of Detroit was a child of and controlled by Wall Street, and
that the new bank had been planned before the State bank
holiday and long before the two old banks were closed. We
quote further from Detroit advices to the New York "Herald
Tribune" on June 26, as follows:
Wilkin went into exhaustive detail as to his knowledge of conditions leading up to the closing of the Guardian National Bank of Commerce, which
with the First National Bank-Detroit did not reopen after the Michigan
bank holiday.
"It simply was a plot by Wall Street to get Henry Ford," Wilkin said.
"Wall Street believed that by tying up Ford's working capital he would
have to deal with them or go broke. But they were sadly fooled."
"George W. Davison, President of the Central Hanover Bank & Trust
Co.of New York was the first man to spring the idea that the two old banks
be closed to give way to one new bank. Upon his arrival in Detroit on
the morning of Feb. 14 (16) two days after the banks closed, a group of
Detrolters was told by Davison that Detroit must have one new bank.
After hearing him the Detroit bankers left the meeting with the idea that
through Davison Wall Street was trying to control the credit of the whole
State of Michigan."
Wilkin's testimony embraced such charges as:
1. A charge of "collusion" between Federal Bank Examiners and R.Perry
Shorts, director of the New National Bank of Detroit to force down the
price of the Second National Bank of Saginaw so shorts and others could
buy it back at a "steal price."
2. He said he had been informed by a bank officer that Mrs. James
Couzens, wife of the Senator, withdrew the bulk of her account in the
Guardian National Bank of Commerce the day before the holiday.
3. Wilkin told how the Second National Bank in Houston, Tex., hometown of Jesse Jones, director of the Reconstruction Finance Corporation—
took out $165,000 less than two weeks before the holiday, and after, Wilkin
said, Jones had been apprised of the fact that the Guardian group was
seeking a $47,000,000 loan from the Government.
4. Wilkin accused Jones of overselling a stock in Michigan that had been
validated by the State Securities Commission for $100,000. According to
Wilkin, Jones sold $2,000,000 worth of stock here in the Houston Properties
Corporation, of which he was President. Continuing his attack on Jones,
he said the Reconstruction Finance Corporation director was connected
with the Prudence Corporation of New York, which received a $30,000,000
Reconstruction Finance Corporation loan.
"The new National Bank of Detroit is controlled by General Motors which
is recognized as a Wall Street company," Wilkin said.
Wilkin told of the "smart money" transactions which preceded the closing of the banks. The Second National Bank of Houston made its first
withdrawal of $100,000 on Feb. 6, he testified. This was a day after
Clifford B. Longley, President of the Union Guardian Trust Co. and
Ernest C. Kanzler, Chairman of the board of the Guardian Group, Inc.,
arrived in Washington to negotiate a loan from the Reconstruction Finance
Corporation. Two days later, Wilkin said, he learned of another withdrawal by this same bank of $40,000.
He said he learned that Mrs. James Couzens had virtually closed out her
account with the Guardian National Bank of Commerce on Feb. 10, the
day preceding the closing. This check was cleared on Feb. 15, and the
witness said he considered its clearance and others of a similar nature
aggregating $4,000,000 to be Illegal.
"They didn't know what Ford had in reserve," Within said. "They
learned somehow that he had tremendous deposits in Detroit, about 865,000,000. They thought his cash was low and that by tying up the banks
they could cripple him; that he would have to go to Wall Street for help.
I think they were wrong in their figuring.
"I believe Ford sensed the situation early in the banking holiday," continued the witness. "I believe that is what prompted the Fords to propose
July 8 1933
to organize and provide the capital for two new banks. As another indication of the Wall Street domination it might be pointed out that the failure
of the Central-Hanover Bank of New York to carry through its pledged
loan of $20,000,000 to the First National Bank did cause the failure of the
plan."
In Washington to-day (June 26), Jesse H. Jones, Chairman of the Reconstruction Finance Corporation Board, denied any interest in the Prudence
Corporation of New York and the Second National Bank of Houston.
rl
Mayor Frank Couzens issued the following statement in part to-night;
"Mrs. Couzens is in England, accompanying Senator James Couzens, who.
Is a delegate to the World Economic Conference.
"I do not know what was behind Mr.Wilkin's statement. However.I de
know that during the time my father's family was living in Washington'certain funds collected from coupons were deposited in the National Bank of'
Commerce. From these deposits money was transferred monthly to the
Riggs National Bank in Washington for the purpose of paying the household
expenses and other commitments of the family while it was residing in Washington.
"The Detroit Trust Co. was used to collect moneys from coupons and
each month the collected funds were transferred through the National
Bank of Commerce to the Riggs National Bank In Washington. This had
been the custom over a period of several years.
"Certainly no funds were transferred from the National Bank of Commerce or any other bank with any knowledge that a banking holiday would
take place."
A New York "Times" dispatch from Detroit on June 27,
in reporting the proceedings at Judge Keidan's investigation
on that date, after stating that Mr. Wilkin (former General
Manager of the Guardian Detroit Union Group, Inc.) had
again charged that the closing of the two largest banks in
Detroit was a plot by "Wall Street and the Morgan group" to
"get Henry Ford" through collusion with Federal officials,
went on to say:
Former Governor Groesbeck, who is receiver for the Guardian group,
told the Grand Jury that the Guardian National Bank can and should pay
its depositors 85 cents on the dollar. They have been paid 40%.
He added that it is the duty and responsibility of the Federal Government either immediately to reopen the Guardian and First National Banks
on the basis of their old organizations, or to pay the depositors the money
which belongs to them and itself hold the assets until they can be realized on.
The former Governor stated that the depositors In the Guardian Bank,
in addition to the payments made, have assets still to pay 40 or 45%. He
challenged "any Federal Officer who knows anything about the local situation to bring his appraisals before the grand jury, submit them to critical
examination and disprove his statement.
"It is time the depositors of these banks realize that this money belongs
to them. It is not Government property and the Govornoemt has no right
to it," he added.
"The two National banks here," he continued, "are directly under the
supervision of the Comptroller of the Currency. When It became necessary
for the local banks to apply for a comparatively small loan from the Reconstruction Finance Corporation, every one seemingly got dizzy. No Federal
officer with full authority to act was sent here to take command.
"Consequently, the whole situation began to drift until, and finally
fellows like Leyburn and McKee and others appealed in desperation to the
Governor of the State for a bank holiday."
Alfred P. Leyburn was chief examiner for this Federal Reserve District,
John K. McKee is chief examiner for the Reconstruction Finance Corporation.
Detroit bankers, assured a half-hour after Governor Comstock proclaimed the closing of Michigan banks that the holiday was only temporary and that all the institutions would be reopened, finally learned
they had been given the "run-around" by Government officials, Mr. Wilkin
testified on resuming the stand.
Every plan advanced by the Government during the period between
the closing of the banks and the appointment of receivers was "a stall to
gain time until it could attain the end offorming a new bank," he declared.
The same dispatch contained the following:
It was learned authoritatively to-day (June 27) that the Reconstruction
Finance Corporation had been asked for another loan by the receivers of
the two closed National banks. The application was made at the direction
of J. F. T. O'Connor, Comptroller of the Currency.
Whether the loan is for reorganizing the First National Bank-Detroit
and the Guardian National Bank of Commerce or to enable a further
dividend payment to depositors could not be learned.
The telegraphic order from the Comptroller did not mention any specific
amount to be applied for. The Finance Corporation loaned $40,000,000
to the banks on their quick assets, to complete the original 40% distribution to depositors.
A reappraisal of the assets of the two banks requested by the Comptroller
Is now in progress.
A Detroit dispatch to the "Times" on June 28 stated that
in
testifying on that day at Judge Keidan's banking investigation, William F.Connolly,receiver for the Detroit Bankers'
Co., said that the First National Bank-Detroit can reopen
within 24 hours and pay 100% to depositors if permitted by
the Federal Government. The dispatch went on to say:
Mr. Connolly's statement was that the First National Bank can and
should be reopened immediately immediately.
"It could not only pay its depositors 100%, but it could be made a very
profitable investment for the Federal Government," he said.
"The Federal Government has apparently forgotten that the State of
Michigan has been a splendid mulch cow in the matter of Federal income
tax revenue, having paid within the last ten years the tidy sum of approximately $2.000,000,000 In income taxes." Mr. Connolly continued.
"If these two great banks are not reopened, the resultant losses to depositors and stockholders and estates will be such that income tax revenue
will be greatly reduced. In thousands of cases it will be eliminated entirely.
By opening the old banks the Government would assure to itself Income-tax
revenue far beyond what it would have to invest in the banks to reopen
them."
Former Governor Groesbeck, receiver for the Guardian National Bank
of Commerce, stated yesterday that the bank can pay 85% to depositors
and should be reopened.
Mr. Connolly expressed a belief that the real object in closing the two
National banks was to squeeze Henry Ford to the vanishing point, but,
he added,"the getting" of Ford was but a detail of a great nationwide plan
to eliminate thousands of banks and establish a chain bank system.
Volume 137
Financial Chronicle
Mr. Connolly testified that nothing had been found in the affairs of the
Detroit Bankers Co. indicating that the solvency of its largest subsidiary,
the First National Bank-Detroit, had ever been questioned by the Treasury
Department or the Comptroller of the Currency.
"Banks that are solvent are not carried as assets worth $51,000.000."
he added.
The witness read the minutes of a meeting of large depositors held March
11. The minutes said Wilson W. Mills, Chairman of the First National
Bank-Detroit, told the directors that at a previous meeting of depositors
John K. McKee, representing the Reconstruction Finance Corporation,
presented a plan "which has the approval of the Secretary of the Treasury,"
under which a now bank was to be organized with $20,000,000 of its capital
subscribed by the corporation and $5,000,000 by Detroit interests.
Mr. Connolly said he understood all the $5,000,000 was raised within
forty-eight hours except a part reserved for the Ford Motor Co. in the
hope it would come in.
"Do you think McKee was exceeding his authority in presenting this
plan as coming from Washington?" Connolly was asked.
"No. I think the plan came from Washington, but the R. F. C. then
changed his mind," he replied.
"I think they put McKee out on a limb and sawed it off."
Mr. Connolly said that on the same night the depositors met, the Comptroller of the Currency sent word to the conservators to take charge of the
banks.
In a formal statement to-day Charles S. Mott, Vice-President of the
General Motors Corp., and a director of the Guardian National Bank of
Commerce, explained the transfer of 30,000 shares of Guardian Group stock
he made to Harry S. Covington, former Executive Vice-President of the
Guardian Bank, on Dec. 14.
"The sale was made in good faith and for a valuable consideration,"
Mr. Mott said.
He has been subpoenaed to appear before the Grand Jury.
On June 29 Patrick H. O'Brien, Attorney-General of
Michigan, appealed to President Roosevelt for a personal
interview at which he hopes to place before the Chief Executive reasons why he believes the two closed national banks
in Detroit—the First National Bank-Detroit, and the
Guardian National Bank of Commerce—should be reopened.
Associated Press advices from Detroit on the date named,
in noting the above, continuing said:
Decision to make the appeal was reached by Mr. O'Brien after he had
failed to obtain from the Federal receivers of the two banks the testimony
he sought before the one-man Grand Jury now conducting hearings into
the closings. The receivers refused to be sworn in after they had been
subpoenaed to appear before the jury to-day (June 29). Their attorneys
said the jury has no jurisdiction in the matter of national banks.
Testifying on Wednesday of this week, July 5, at the resumption of the Grand Jury inquiry, Thomas G. Long,
attorney for the closed First National Bank-Detroit, stated
that Arthur P. Leyburn, former chief examiner for the
Seventh Federal Reserve District, had informed the directors
on Mar. 10, nearly a month after the banking holiday was
declared by Governor Comstock of Michigan, that the institution was solvent. Detroit advices on July 5 to the
New York "Times," authority for the above, continued as
follows:
On that date, affirmed the witness, directors were drafting a plan to
reopen the bank. Mr. Leyburn was asked to state the attitude of the
Comptroller of the Currency and if the bank was still solvent.
His reply, according to the witness, was:
"The First National Bank is not insolvent. The Comptroller has not
said It was insolvent. Don't even mention the word "insolvency.'"
The reason given by the Treasury Department for not reopening the
First National and Guardian National has been that the Federal examinations, made under Mr. Leyburn's direction, had shown both to be insolvent.
Mr. Long also testified that a plan for reopening the two banks, subpaitted to Washington in March, was balked by the objections of the
Chrysler and General Motors interests. The plan had been unanimously
approved by the directors and the large depositors excepting the two mentioned.
"If Washington had approved the plan the banks could have reopened,"
the witness added.
General Motors and its subsidiaries had deposits in the First National
Bank at the time of its closing amounting approximately to $7,750,000.
and the Chrysler Corporation $2,275,187.
Asked what he considered responsible for the attitude of these two
depositors, Mr. Long said:
"They played by themselves all the way along. They were off by themselves and they kept that way. I don't know why unless they were in
closer touch with Washington and knew what would be acceptable there.
May be they had the attitude you find in many New Yorkers—that any
one from New York knew more about the situation than any Detrotters
could."
The witness averred that on Monday, Feb. 27, a committee of directors
called on Henry Ford to ascertain if he would not lend $20,000,000 to
offset a loan denied in New York. The committee was told he would
not furnish the additional money.
"Do you know the real reason why the Central Hanover Bank would
not loan the 220,000,000," Mr. Long was asked.
"No, but you can connect the sequence of events." he replied. "The
Ford plan was acted upon at 6 p. m. and the final turndown on the New
Iork loan was very prompt in coming. But,of course, the Central Hanover
had had it under consideration for some time."
"That turndown stopped the Ford plan unless Ford would loan the
$20.000.000, too?"
"Yee."
"Do you think the turndown was made deliberately to stop the Ford
plan?"
"I did think that the fact that Ford was organizing two banks didn't
appeal to New York as a reason for helping the plan along."
Mr. Long asserted that at a meeting of depositors on March 20 representatives of General Motors and the Chrysler Corporation raised so
many objections to the proposals presented that the meeting broke up.
The witness insisted there had been nothing to lead him to believe the
bank was in any way shaky or precarious before the Michigan bank holiday
and that it was "certainly sound" from anything he saw or heard. The
question of its condition had never been raised and "there was no idea
259
that the bank would remain closed" when the holiday was proclaimed.
The only persons who could tell why the First National remained closed,
the witness added, were Mr. Leyburn and F. G. Await, former Acting
Comptroller of the Currency.
A resolution asking President Roosevelt to direct Federal agencies to
cooperate in a program to reopen the two banks was informally passed
by the Common Council to-day (July 5).
The Detroit "Free Press" of Thursday, July 6, stated in
a dispatch from Washington that President Roosevelt had
instructed the Reconstruction Finance Corporation to solve
the banking situation in Detroit. It added that the way
would be paved at a meeting to be held the following afternoon (July 7) in Washington for the re-establishment of
credit facilities throughout Michigan. Associated Press advices from Detroit on Thursday, July 6, authority for the
above, continuing said:
"Out of this session, which will be devoted entirely to the Michigan
situation," the "Free Press"says,"a definite agreement for organization of
new banks in Detroit, or for the reopening of the closed First National
Bank and the Guardian National Bank of Commerce, is expected to
emerge."
The R. F. C. board,the"Free Press" dispatch says, will determine "the
amount of money to be extended to relieve more than 1.000,000 depositors
in closed national banks of the State."
This decision, the paper continues, will be based upon a re-appraisal of
the assets of the two large national banks of Detroit. completed late to-day
by Howard J. Stoddard, chief examiner for the R. F. C., who left Detroit
immediately for Washington.
The new banks are expected to be owned by Detroit men, according to
the "Free Press."
Meanwhile, a Grand Jury inquiry into the causes for the closing of the
two banks continued before Circuit Judge Harry B. Keidan. Thomas G.
Long, general counsel for the First National, testified, as have numerous
previous witnesses, that the two banks could reopen with Government aid,
pay 100 cents on the dollar to depositors and, aided by the upward trend in
prices, return a good part of their investment to stockholders.
Senate Inquiry Into Affairs of Kuhn, Loeb & Co.—
Otto H. Kahn on Financing of Pennroad Company.
At the tearing into the affairs of the Kuhn, Loeb & Co.,
before the Senate Banking and Currency Committee, on
June 30, Otto H. Kahn, senior partner of the firm, detailed
the financial organization of the Pennroad Corp., Pennsylvania Mt. Co. With reference to Mr. Kahn's testimony we
quote as follows what the Washington correspondent of the
New York "Journal of Commerce" had to say:
Financing of the Pennroad Co. was accomplished by the sale of
5,800,000 voting trust certificates, most of them going to Pennsylvania RR.
stockholders at $15 per share, on advice of Kuhn, Loeb & Co., committee
counsel Ferdinand Pecora developed through Mr. Kahn.
Tells of Option Given.
At the time of organization, Kuhn-Loeb purchased 217,000 of the certificates at $15 and was given as contingent compensation for their aid
four blocks of options on the certificates of 125,000 each which would allow
purchase at $16, $17, $18 and $19 a share, respectively.
The only fee received from the holding company by the banking firm was
$1,512,500 for underwriting a subsequent issue of its securities, according
to Mr. Kahn. By exercising the options at $16 and $17 on 250,000 of the
certificates the banking firm realized a profit of $2,701,000, he stated.
In addition to these amounts the firm made $797,000 from the sale of
the 217,000 certificates it took up on organization of the holding company after giving back 15,000 certhicates and then $391,000 from managing
the syndicate that floated the issue.
Later in negotiating the purchase of stock in the Canton Co., Baltimore,
Md., terminal and certain shares of the New York New Haven & Hartford,
Huhn, Loeb received commissions of $377,397 on the first transaction and
about $40,000 on the latter deal, Mr. Kahn testified.
$5,840,000 Profit Revealed.
The witness replied affirmatively to Mr. Pecora's estimate that the total
amount received by the banking house on Pennroad financial operations
was about $5,840,000.
He pointed out that the banking firm's services saved the corporation
about $8,700,000 through its financial advice, "considerably more than was
made through exercise of the option warrants which were of 'no tangible
value when turned over as compensation.'"
Mr. Kahn said the 125,000 warrants at $16 were exercised when the
market for the certificates was $28.75 and the other 123,000 exercised
when quotations were $29,75. He declared that the $18 and $19 warrants
were "utter waste."
The Pennroad Co. :ealized $133,000,000 from the sale of its issues, Mr.
Pecora developed. He then asked if it would be true to say that the loss
on the certificates to investors was about $100,000,000.
The witness held that that was impossible to determine because it
was
not known at what price the holders sold the certificates. The
Committee
counsel then revised his remarks to state that there Was a
market shrinkage of about $106,000,000 in the value of the stock now.
Deal Made Wills Taplia.
Explaining the transaction by which the Pennroad Corp.
purchased
222,000 shares of Pittsburgh & West Virginia common
stock, 73% of the
total outstanding, at $170 per share when the market
price was $140, Mr.
Lee stated that the deal was made direct with the
Taplin interests because
of the fear that purchase on the open market
would boost the stock's price.
He agreed with Mr. Pecora, however, that an
open market acquisition of
the stock might also have led to a Imp in
quotations because of the size
of the transaction.
The holding company President also admitted
a loan of $1,950,000 to
Mr. Taplin, which was repaid through the
Pittsburgh & West Virginia
transaction.
Because he declared that A. J. County,
Pennroad Vice-President and
director, initiated the deal with the Taplin
interests, the Committee decided
to subpoena the latter.
A list of 43 persons to whom Mr. Lee
promised Pennroad certificates
not taken by Pennsylvania stockholders was
introduced.
.
Financial Chronicle
260
Senate Inquiry Into Affairs of Kuhn, Loeb & Co.—
Profits of Firm in 1927-31 Period And Issues Defaulted as Reported by Ferdinand Pecora—Profits
Through Pool Operations.
Numerous exhibits were introduced by Ferdinand Pecora,
counsel for the Senate Banking and Currency Committee,
which Otto H. Kahn is said to have identified as having
been furnished by Kuhn, Loeb & Co., at the conclusion of
his examination before the Committee on June 30. From
the Washington account, June 30, to the New York "Times"
we take the following:
Among these was one showing the details of all stock and bond issues-foreign, railroad and domestic—of over $250,000 which Kuhn, Loeb & Co.
originated and managed in the five-year period 1927-1931.
A recapitulation of these issues showing their number, year, amount
.and total net profits of the originating group follows:
BONDS.
Net Profits.
Amount.
Year,
No. of Issues—
$431,271,000 $3,705,831.17
1927
20
1.945,336.68
252.582,000
1928
12
1.905,559.44
295.541,000
1929
10
2,708,838.33
351,097,000
1930
10
1,794,346.69
307,011,000
1931
12
$1,637,502,000 $12,143,912.33
Total
STOCKS.
No. of Issues
1
-4
.1
Year.
1927
1928
1929
Shares.
632,425
1.647,576
3,025,000
Net Profits.
$252,970.00
1,166,206.99
1,512,812.50
5,305,001 $2,931,989.49
Bond and Debenture Defaults Listed.
Another of the exhibits listed all bond or debenture issues, foreign or
•domestic, of which Kuhn, Loeb & Co. or any of its agencies was the syndicate manager and which issues have been or are now in default:
Date of
Amount
Default.
Issued.'
$28,175,000 Chicago Milwaukee & Puget Sound RR.Co. 1st gold 4%,
July 1 1925
due Jan. 1 1949
43,089,000 Chicago Milwaukee & St.Paul Ry.gen.& ref. 43-i%,due
Apr. 1 1925
"A", due Jan. 1 2014
11,831,515 Chicago Milwaukee & St. Paul Ry.Co., European loan of
1910, 4% 15-year gold bonds, due June 1 1925 (princiJune 1 1925
pal and interest)
24,000,000 National Rys.of Mexico prior lien 41i% sinking fund gold
July 1 1914
bonds, due July 1 1967
-year 6% secured gold bonds,
26,730,000 National Rys. of Mexico 2
Dec. 1 1914
due June 1 1915
20,000,000 Mortgage Bank of Chile guar. sinking fund 6%% /fold
Dec. 31 1931
bonds, due June 30 1957
18,330,000 Mortgage Bank of Chile guar. sinking fund 6%% gold
Dec. 31 1931
bonds of 1926, due June 30 1961
-year 6% agricultural gold
10,000.000 Mortgage Bank of Chile guar.5
Dec. 31 1931
notes of 1926 due Dec. 31 1931 (prin. and int.)
_20,000,000 Mortgage Bank of Chile guar.sinking fund 6% gold bonds
Dec. 31 1931
of 1928, due April 30 1961
of Chile guar.sinking fund 6% gold bonds
_20,000.000 Mortgage BankMay 1 1962
Nov. 1 1931
of 1929. due
16,000,000 Paramount Famous Lasky Corp. 20-year 6% sinking
fund gold bonds—Dec. 1 1947
15,000,000 Paramount Publix Corp. 20-year 514% sinking fund gold
Feb. 1 1933
bonds, due Aug. 1 1950
17,867,000 Wabash Ry. Co., ref. & gen. mtge. 41-i% gold bonds,
Apr. 1 1932
series "C", due April 1 1978
.15,000,000 Wabash Ry. Co., ref. & gen. mtge.5% gold bonds,series
Apr. 1 1932
"D", due April 1 1980
10,000,000 Central of Georgia Ry. Co., ref. & gen. mtge. 5% gold
Apr. 1 1933
bonds. series "C", due April 1 1959
25,000,000 Missouri Pacific RR.Co. 1st & ref. mtge.5% gold bonds,
Apr. 1 1983
series "H", due April -11980
Total
It was also stated in an account, June 30, from Washington to the same paper that profits from stock and bond
Issues floated through Kuhn, Loeb & Co., and through pool
.operations in which that firm or its agencies participated,
amounted to more than $20,000,000 from 1927-1931, according to evidence submitted to the Senate Committee. Continuing, this account Said:
More than $18,000,000 of the total amount went to the original Kuhn,
Loeb group. The remainder went to two other groups assisting in the
various stock and bond flotations handled through Kuhn, Loeb & Co., an
intermediate group and a selling group.
This revelation came at the conclusion of the examination this afternoon
•of Otto Kahn, senior partner of Kuhn, Loeb & Co., relative to the creation
of the Pennroad Corp. as a holding company for the Pennsylvania RR. It
did not come from the lips of Mr. Kahn himself, or any of his partners in
oral testimony, but through close examination of a long string of exhibits
introduced by Ferdinand Pecora, counsel for the Committee, just before
Mr. Kahn left the witness stand.
It took shape in a number of replies to questionnaires that Mr. Pecora
had submitted to Kuhn, Loeb & Co. some weeks ago.
These exhibits included a number of huge tabular statements, showing
the amount of participation of the -firm and its intermediate and selling
groups in foreign, domestic or railroad stock or bond issues originating or
-managed by Kuhn. Loeb & Co., from 1927 to 1931, and their respective
net profits.
It also included similar data for stock and bond issues managed by others
for Kuhn, Loeb & Co. with the profits of all three underwriting or selling
groups, as well as lists of all stocks, joint accounts or syndicates in which
Kuhn, Loeb & Co. or any of its agencies or representatives participated, with
the names of the securities involved and other detailed information.
Firm's Assets Cut in 1932.
Earlier in the day Mr. Kahn, at the request of the Committee, supplied
it with the balance sheet of Kuhn, Loeb & Co. for 1932, showing that its
assets had been cut almost in half since Dec. 31 1931. This balance sheet
-gave the assets as $34,266,405.10 on Dec. 31 1932, as compared with $66,974,843 exactly one year before.
Despite this drop in assets, partners of the firm pointed out, after the
introduction of the 1932 balance sheet, that the real liabilities, consisting
of deposits and accounts payable, amounted to slightly more than $18,700,000, and that the quick assets of the firm in cash, call loans secured by
4Government bonds, United States Treasury bills, certificates and notes, &c.,
were nearly double that amount.
The large net profits of the Kuhn, Loeb group during the five-year (19271931) period were not quickly apparent and were developed only after closer
.examination of the hugh statistical exhibits by Senators and others.
July 8 1933
Exhibit 9-B showed that the total net profits from 73 bond issues of over
$250,000 during the five-year period, which Kuhn, Loeb & Co. originated
and managed, was $13,373,480.58. Of this the net profits of the original
Kuhn, Loeb group were $12,143,912.33 ; the intermediate group's share,
$420,618 76, and the selling group's share, $808,949.49. The amount of
these 73 bond issues was $1,637,502,000.
The same exhibit showed that 5,305,001 shares of stock, in six separate
Issues, were originated and managed by Kuhn, Loeb & Co., and that the total
net profits were $3,259,982.76. Of this the Kuhn, Loeb originating group's
share was $2,931,989.49 and the intermediate group's share $327,998.27,
there being no selling group profit.
Rail Issues Near $200,000,000.
Another huge table, labeled 9-B, gave similar statistics for stock and bond
Issues managed by others for Kuhn, Loeb & Co. during the same five-year
period. From this table it appeared that there were 52 foreign, domestic and
railroad issues amounting to $180,927,063, plus 400,000 pounds sterling.
The total net profits on these bond issues, for all three groups, were
$2,194,007.12, of which the share of the original group was $1,518,084.62,
that of the intermediate underwriting group $366,733.70, and that of the
selling group $309,178.80.
This same exhibit gave similar data for three domestic issues of 170,000
shares of stock. On this the total net profits were $319,562.96 for all three
groups, of which the original group's share was $269,602.84, that of the
intermediate group $36,085.12, and of the selling group, $13,875.
A third exhibit, covering stocks, pools, joint accounts or syndicates in
which Kuhn, Loeb & Co. or any of its agencies or representatives participated, showed the profit, compensation or commission received, without
footing the total.
This was because, in addition to the dollars shown in the column of profits,
there were option warrants listed as compensation, for which there was no
corresponding statement of dollar value. To the extent that dollar values
were stated in this third table, the profits listed amounted to $1,348,323.67.
This brought the total for all three groups of participants in the underwritings or in the pools up to the grand total of $20,495,457.09, exclusive of
the option warrants. Of this about $18,211,812.95 was interpreted as being
the share of the original Kuhn, Loeb group.
Adds to Banking Philosophy,
Before being excused as a witness Mr. Kahn had testified that the profits
to the firm of Kuhn, Loeb & Co. in connection with its handling of the
Pennroad financing for the Pennsylvania RR. was considerably more than
$5,000,000.
Toward the end of his testimony he again gave the Committee, in response
to questions, more of his banking philosophy.
Ile told the Committee that "we were all sinners" during the "mania of
1929," and expressed a hope that the country had learned its lesson.
"I hope and believe," he' said, "that those things will not occur in our
generation again. But I do not mean to say that the policeman should not
be around the corner, and, if we indulge again in practices that are socially,
economically and from the point of the country undesirable, I think the
policeman ought to be ready to step in.
"I think he is, now, under the laws as they are."
At the conclusion of his testimony, Mr. Kahn was thanked by Chairman
Fletcher for the "courteous assistance" the witness and members of his firm
had accorded agents of the Committee seeking information from its files.
Items bearing on Mr. Kahn's testimony before the Committee appeared in these columns July 1, pages 71-75.
Senate Inquiry Into Affairs of Kuhn, Loeb & Co.—
Connections of Partners—List of Banking and
Other Concerns in Which They Were Interested
in 1927-31.
A list of banks and trust companies of which any partner
or representative of Kuhn, Loeb & Co. was a director or
officer during the period 1927 to 1931, inclusive, was submitted on June 30 to the Senate Banking and Currency Committee inquiring into Stock Exchange trading. In a Washington dispatch, to the New York "Times," the list was given
as follows:
The Manhattan Co.—Felix M. Warburg, 1930.31.
Chase National Bank of New York.—Otto H. Kahn (a), 1930-31.
Chemical Bank & Trust Co.—Mortimer L. Schiff, 1930-31; John H.
Schiff, 1931,
Equitable Trust Co. of New York.—Otto H. Kahn (a), 1927-28-29-30-31.
International Acceptance Bank.—Felix M. Warburg, 1927-81.
United States Mortgage & Trust Co.—Mortimer L. Schiff, 1927-29.
(a)—Resigned Aug. 5 1931.
Another exhibit introduced listed all corporations of which any partner
or representative of Kuhn, Loeb & Co. was a director or officer during the
1927-31 period, as follows:
Mortimer L. Schiff.—American & Continental Corp, American Railway
Express Co., Chemical National Association, Chemical Safe Deposit Co., Los
Angeles & Salt Lake RR., Pacific Oil Co., Railway Express Agency, Inc.;
United States Safe Deposit Co., Western Union Telegraph Co. (Executive
Committee).
Otto II. Kahn.—American International Corp., Equitable Corp. of New
York, Los Angeles & Salt Lags RR.
Felix M. Warburg.—Bond & Mortgage Guarantee Co., the Manhattan Co.,
Staten Island Rapid Transit Railway Co.
Lewis L. Strauss.—Central Leather Co., Chicago Pneumatic Tool Co.,
Fleischman Morris & Co., Hanstra Corp., International Gear Co., Susquehanna & New York RR., United States Leather Co., United States Rubber Co.
John M. Schiff.—Chemical National Co., Inc., later Chemical Securities
Corp.; Western Union Telegroph Co. (Executive Committee).
Sir William Wiseman.—Famous Players Canadian Corp., Mexican Central
Railways Co., Ltd.; Mexican National Construction Co., Missouri-KansasTexas RR. Co., National RR. Co. of Mexico, National Railways of Mexico,
Paramount Publix Corp., United States Rubber Co., European Merchant
Banking Co., Ltd., London, England.
Jerome J. Hanauer.—IIanstra Corp., President Hudson & Manhattan RR.
Co., Indiana & Illinois Coal Corp., Mexican Central Railways Co., Ltd.;
Mexican National Construction Co., Mid-Continent Petroleum Corp., National
RR. Co. of Mexico., National Railways of Mexico, Westinghouse Acceptance
Corp., Westinghouse Electric International Co., Westinghouse Electric & Mfg.
Co., Yazoo & Mississippi Valley RR. Co.
Volume 137
Financial Chronicle
George W. Bovenizer.-James Loeb dr Co., Transportation Indemnity Co.,
Transportation Insurance Co. of New York.
Gilbert W. Kahn.
-Paramount Publix Corp.
Gordon Leither.-European Merchant Banking Co., Ltd., London England;
American Investment & General Trust Co., Ltd.; English & Caledonian Investment Co., Ltd.; Foreign, American & General Investments Trust Co.,
Ltd.; Foreign & Colonial Investment Trust Co., Ltd.; London Border &
General Trust, Ltd.; London Prudential Investment Trust, Ltd.; National
Mutual Life Assurance Society, Scottish Stockholders' Investment Trust,
Ltd.; Southern Stockholders' Investment Trust, Ltd.; Stockholders' Investment Trust, Ltd.; Underground Electric Railways Co. of London, Ltd., all
of London, England.
Northwood Finance & Realty Corp.
-Mortimer L. Schiff, President; John
M. Schiff (President 1931); Felix M. Warburg, George W. Bovenizer, Frederick M. Warburg.
Provident Loan Society.
-Mortimer L. Schiff, President and Trustee (Executive Committee);'John M. Schiff, Trustee.
Senate Inquiry Into Affairs of Kuhn, Loeb & Co.
Details of Sale of Pennroad Corporation Told to
Committee By Frank E. Taplin and A. J. County.
Defense of the organization of the Pennroad Corporation,
holding company for the Pennsylvania RR., and the general
principles upon which such organizations are founded was
offered at the hearing in Washington on July 6 before
Senate Banking and Currency Committee by A. J. County,
Director of both the railroad and the holding corporation.
The Washington correspondent of the New York "Journal
of Commerce" reporting this stated that Frank E. Taplin,
Cleveland, Ohio, coal operator, who sold a majority Df the
shares of the Pittsburgh & West Virginia to Pennroad; H.
H. Lee, President of the holding Company, and Mr. County
were called to the stand. The account in the paper quoted
went on to say:
Mr. County contended that holding companies should not be put to
harsh criticism because of the trying and depressed times the country has
been through. Mr. County was the last witness before the Committee
hearings were adjourned until next October. Chairman Fletcher of the
Committee announced that, while the Committee would recess at the call
of the Chairman, no public hearings were contemplated until October 3.
Rivalry Is Revealed.
Rivalry of the Pennsylvania and other large Eastern RRs, for acquisition of the Pittsburgh & West Virginia road, a small but strong carrier
in the Pennsylvania and Ohio coal districts, was revealed before the Committee during examination of the setup of the Pennroad Corporation.
Dreams of a fifth major Eastern trunk line, in which the Pittsburgh &
West Virginia would be a strategic link, were outlined by Mr. Taplin.
The system which was to contain in addition the Western Maryland,
Lehigh Valley, Wheeling & Lake Erie and the Wabash, and provide service
from Baltimore to the Mississippi, through Eastern coal fields, was decided
against by the Interstate Commerce Commission when it grouped Eastern
roads into four main trunk lines, he explained.
Mr. Taplin declared that he obtained control of 222,930 shares of the
Pittsburgh & West Virginia, about 73% of the total stock, which was sold
to Pennroad for $37,893,100, at $30 per share above the then market
price of $140.
Defends Pennroad Purchase.
Mr. County defended the Pennroad purchase. He said that the Pennsylvania had considered acquisition of the Pittsburgh & West Virginia
since 1923, when holders were asking $400 to $500 per share. Contending
that it is a "very valuable property," he said that purchase was again
considered in 1926 as the Taplln interests had so improved and extended
the property as to make It of essential value to the Pennsylvania.
A syndicate formed by Mr. Taplin acquired 190,000 shares of the road
and when they were sold realized a profit of 312,807.500, the Cleveland
financier stated. His immediate family and his North American Coal
Corporation received a profit of about $11,500,000 on 97.953 shares.
The large financial operation was conducted by word of mouth, both Mr.
Taplin and Mr. County admitted. The Pittsburgh & West Virginia stock
was placed on the Pennroad Corporation books in Mr. Taplin's name and
the sale agreement provided that he might subsequently repurchase it.
Explains $1,950,000 Loan.
Explaining a loan of $1,950,000 made to Taplin by the Pennroad, the
witness stated that it was for the purporse of maintaining control his
groups had acquired of the Wheeling dr Lake Erie after a fight with the
Van Sweringens.
He said that in 1929 Clarence Reynolds, member of the group holding
32,500 shares, said that he was going to sell to the Van Sweringens. Mr.
Taplin contended that he had to buy the Reynolds block at a total price
of $3.900,000, half in cash.
While he admitted that he "knew the Pennsylvania did not want the
Van Sweringens to get control of the Wheeling & Lake Erie," he insisted
that the loan was not predicated upon an agreement to sell either that
road or the Pittsburgh & West Virginia to the Pennsylvania.
James McDonnell, New York City broker, acted as intermediary in the
sale of Pittsburgh & West Virginia to Pennroad, it was said. Mr. Taplin
explained that it required from $10,000,000 to $12,000,000 to buy up Pittsburgh & West Virginia stock not owned outright by his group, and this
sum was put up by Mr. McDonnell until Pennroad took the stock over.
01 Mr. McDonnell "was not paid a nickel" for the risk, but his firm sold
3,000 shares of the stock to Pennroad at a profit, according to Mr. Taplin.
"When legislative restrictions are lifted," Mr.County stated in defending
the Pennroad organization, "we will have a consolidated Pennsylvania
system from the Atlantic to the Mississippi and from the Great Lakes to
the Potomac."
Senate Inquiry into Affairs of Kuhn, Loeb & Co.
-List
of Officers of Banks and Corporations to Whom
Individual Loans Were Extended by Banking Firm.
A list of 10 officers of banks and corporations to whom
individual loans were extended by Kuhn, Loeb & Co. from
1927 to 1931 was placed in the records of the Senate Banking
Committee on June 30, it was stated in Associated Press
261
accounts from Washington June 30, which gave the list as
follows:
The list included:
Henry H. Lee, President of the Pennroad Corp.
William J. Morris, Vice-President of the Youngstown Sheet & Tube,
John W.Platten, President of the United States Mortgage & Trust Co.,
New York.
H. Hobart Porter, director of the same.
Samuel Rea, former President of the Pennsylvania RR.
Walter N. Rothschild, director of the Title Guaranty & Trust Co..
New York,
Charles B. Seger, director of the National Bank of Commerce in New
York.
E. R. Tatnall, director of the Franklin Fuel Co.. Philadelphia.
William H. Williams, director of the United States Mortgage & Trust Co.
Adolph Zukor, President of the Paramount
-Lasky Corp.
-Famous
Senate Inquiry into Affairs of Kuhn, Loeb & Co.
Balance Sheet of Firm as of Dec. 31 1932.
Otto H. Kahn, senior partner of Kuhn, Loeb & Co., sub-
mitted to the Senate Banking and Currency Committee
on June 30, at its request, the balance sheet of that firm on
Dec. 31 1932. The balance sheet is taken as follows from
the Washington advices to the New York "Times":
Assets.
Cash
$3,600,996.62
Call loans secured by United States Government bonds_ _ _ _ 1.000,000.00
All other loans
2,279.772.85
Accounts receivable
1,076.009.17
United States Treasury bills, certificates and notes
18,739.404.34
State and municipal bonds
3.945,804.93
Other bonds and stocks
3,624.417.19
Total
$34,266,405.10
Liabilities.
Capital
Deposits
Accounts payable
Total
217.500.000.00
15,210,248.09
1,556.157.01
$34,266,405.10
The balance sheet of the firm at the end of each calendar
year from 1927 to 1931 was given in our issue of July 1.
page 75.
Senate Committee Inquiry into Affairs of Kuhn, Loeb
-"Preferred List" on Pennroad Stock Sub& Co.
mitted by H. H. Lee, President of Corporation.
H. H. Lee of Philadelphia, President of the Pennroad
Corp., submitted to the Senate Banking and Currency
Committee on June 30 a "special" list of persons to whom
(said the Washington advices to the New York "Times')
he promised 23,963 Pennroad voting trust certificates at
$15 each, not taken by Pennsylvania RR. stockholders.
The list as given in the "Times" follows:
Leslie G. Knapp, 50.
Milton D. Reinhold, 38.
Thomas S. Hopkins, 50.
George H. Stewart Jr., 75.
R. R. Steele. 200.
Arthur C. Dorrance. 150.
Drexel & Co.. 6.000.
Frank K. Houston, 250.
Mark Willcox, 75.
J. William Hardt, 50.
Philadelphia National Co., 3,000.
Charles Francis Clement, 400.
Douglas R. Warfield, 50.
Frank A. Bedford, 75.
Evan Randolph, 150.
John L. Burns, 100.
Harry Frank, 500.
C. M. Keys, 250.
Bernard F. Weedock, 500.
John T. Dorrance, 6,000.
Joseph Wayne Jr., 300.
William I. Schaffer, 250.
C. A. Buck, 250.
John M. Gross. 250.
Quincy Bent, 250.
Robert E. McMath. 250.
H. E. Lewis, 1,200.
Eugene G. Grace, 1.200.
F. A. Shick. 250.
Mary E. Conner, 50.
Felix P. Eysmans. 50;
L. H. Wheeler. 50.
Thomas J. Purcell, 50.
Elbert H. Heckel, 50.
Oliver P. Merriman, 50.
Patrick J. Hyland, 50.
Dewaldt J. Hicks, 600.
George C. Asplund, 75.
Roy F. Buchman, 50.
Alan M. Scaife, 500.
Edward B. Clarke, 50.
Howard H. Johnson, 75.
Paul Henderson, 100.
Senate Inquiry into Affairs of Kuhn, Loeb &
Loans to Stock Brokerage Firms in Five-Year
Period from 1927 to 1931.
Evidence that Kuhn, Loeb & Co.lent more than $88,000,000
to 175 stock brokerage firms in the five-year period from
1927 to 1931 was made public by the Senate Banking and
Currency Committee on July 5, according to Associated Press
advices from Washington on that day, which said:
The evidence was contained in an exhibit submitted last week at the request of Ferdinand Pecora, the Committee counsel, who has been endeavoring to find out all sources of loans for stock market purposes up to and immediately following the 1929 crash.
The exhibit, covering the years 1927 to 1931, inclusive, also listed nine
loans to a total of more than $70,000,000 by the New York private banking
house to foreign and domestic corporations in which the collateral
pledged
consisted of securities in the issuance of which Kuhn, Loeb & Co.
participated. . . .
The nine Kuhn, Loeb & Co. loans, aggregating more
than $73,000,000 in
which the banking firm participated in issuing the
securities pledged as
collateral, were made to seven corporations as follows:
Fujimoto Securities Corporation of Japan, $1,000,000; United
States Rubber Company,
$1,400,000; the Pennsylvania Company, subsidiary
of the Pennsylvania
Railroad, $62,500,000; Delaware & Hudson Company,
$113,743; Lenox
Corporation, $841,199; the Wellington Finance
Corporation, three loans
totaling $5,754,821, and Adolf Zukor, $2,423,022.
Financial Chronicle
262
Suspension of Holidays and Opening of Banks for
Business.
Since the publication in our issue of July 1 (page 75) with
regard to the banking situation in the various States, the
following further action is recorded:
ILLINOIS.
A. C. Johnson, President of the First National Bank of
East St. Louis, Ill., which has been closed since the bank
holiday in March, announced on June 30 that the Treasury
Department at Washington had approved plans for the
reorganization of the institution and appointed a conservator
to prepare it for reopening. The St. Louis "Globe-Democrat"
of July 1,from which the above is learnt, continued as follows:
The conservator is Guy Hitt of Zeigler, Ill., a member of the St. Louis
Federal Reserve Board. Johnson said he expected the bank will be open
on an unrestricted basis within thirty days. Under the reorganization
plan depositors waive 50% of their deposits, receiving an equal value in
participating certificates in other assets of the bank.
The most recent statement of the bank showed capital of $400,000;
surplus, $492,621; deposits, $4,601,351, and total resources of $7,170,569.
INDIANA.
Frank C. Bopp, Vice-President of the Indianapolis Joint
Stock Land Bank, Indianapolis, Ind., on June 29 was
appointed by the United States Treasury conservator of the
Fletcher American National of Indianapolis, which has not
reopened since the National bank holiday in March. Its
failure to resume business has affected, it is said, more than
300 other Indiana banks. Indianapolis advices to the
Chicago "Tribune" on June 29, authority for the above,
continuing said:
Fletcher American officials to-night (June 29) insisted that the appointment of the conservator would not impede the plan for reorganization of
the institution into the American National Bank with assistance of the
Reconstruction Finance Corporation. The plan involves sale of new common stock amounting to 81,800,000. J. B. Trimple, Chairman of the
reorganization committee, announced to-night that 95,400 of the 100.000
shares of the new stock have been subscribed.
When Fletcher American failed to reopen deposits amounting to approximately $21,000,000 were "frozen." Depositors have agreed to waive half
of their deposits. The Reconstruction Finance Corporation agreed to
purchase $1,800,000 of preferred stock and to lend the new institution
81,200,000.
The Board of Directors of the Reconstruction Finance
Corporation has authorized the purchase of $250,000 preferred stock in the Marion National Bank, of Marion, Ind.,
a new bank. The preferred stock authorization is contingent
upon the subscription of common stock by those interested
in the new bank.
LOUISIANA.
At a meeting of depositors of the Merchants' & Farmers'
Bank of Natchitoches, La., held June 27, it was agreed to
accept a plan formulated by the directors for the reorganization of the institution, according to advices from that place
on the date named to the New Orleans "Times-Picayune,"
which went on to say:
Under the plan the bank will be reorganized with a capital stock and
surplus of $83,000 to be provided by the depositors.
It is planned that the depositors receive certificates of deposits for onehalf their deposits payable on or before five years. The other 50% will be
used in capital and surplus. Public funds and trust funds will not be
affected by this plan.
The bank was forced on a 5% basis five weeks ago because of "frozen"
deposits in two reserve banks.
A committee composed of C. L. Krieger, R.L. Ropp and J. II. Blanchard
was appointed to represent the depositors in the organization of the now
bank.
The first published statement issued by The Hibernia
National Bank in New Orleans, New Orleans, La., successor
to The Hibernia Bank & Trust Co., since its opening day,
May 22 1933, shows deposits of $19,595,461:82, which is
a gain of $5,000,000, or 38%, in six weeks. In announcing
this A.P.Imahorn,President of the institution goes on to say:
Furthermore, the liquidity of the institution is indicated by the fact that
It holds in actual cash and government bonds an amount equal to 75%
of its deposit liability. The major portion of the remaining assets consist
of short-term municipal bonds and high class liquid commercial loans.
The institution is concentrating very largely on commercial banking and
is devoting particular attention to the current banking needs of industry
and commerce, thus substantially contributing to re-employment and industrial recovery in the New Orleans area.
In its statement of condition as of June 30, the new
Hibernia National Bank in Now Orleans shows total resources of $23,643,017, of which cash on hand, duo from
banks and with U. S. Treasury, amount to $9,044,941. The
combined capital, surplus and undivided profits aggregate
$2,940,000. Other chief officers besides Mr. Imahorn are
R. S. Hecht, Chairman of the Board; A. P. Howard, Chairman of the Executive Committee, and ,J. H. Kopper,
Executive Vice-President.
MAINE.
That the First National Bank at Portland, Portland, Me.,
successor to the closed First N ttional Bank of that city,
would open the next day, July 1, was reported in Associated
Press advices from Portland on June 30. The new bank is
July 8 1933
capitalized at $400,000 with surplus of $100,000, and its
opening immediately made available 50% of the deposits of
the old bank, or approximately $3,000,000, in the form of an
initial dividend. A Portland dispatch by the Associated
Press on June 29 stated that the following officers had been
chosen for the new organization. Clifton W. Davis of
Portland, Chairman of the board; Frederick H. Turnbull of
Cambridge, Mass.,President, and John B.Payson of Boston,
Executive Vice-President. In regard to Mr. Turnbull, the
President, the advices had the following to say:
Turnbull formerly was connected with the National City Bank of New
York, the Harvard Trust Co. of Cambridge, and the Webster & Atlas National Bank of Boston.
On July 3, the new National Bank of Commerce of Portland, Me., was to open its doors for business and begin the
distribution of $7,000,000 to depositors of the closed Fidelity
Trust and Casco Mercantile Trust companies of that city,
according to advices by the Associated Press from Portland
on June 30, which went on to say:
The distribution, going to about 100,000 depositors, will represent an
initial dividend of 20%.
The funds for the Casco Mercantile & Fidelity distributions were provided
by Reconstruction Finance Corporation loans secured by the good assets
of the closed banks.
MARYLAND.
The Sparks State Bank at Sparks, Md., was authorized
to resume business on a 100% withdrawal basis, effective
July 1, according to Baltimore advices to the "Wall Street
Journal" on that date. The institution has total resources
of approximately 8300,000 it was said.
A plan for reorganization of the Hopkins Place Savings
Bank, of Baltimore, Md., has been sent to depositors. The
plan, which has received the approval of the State Bank
Commissioner of Maryland, provides for payment in full of
all deposits under $25, Christmas Savings accounts, the
Baltimore Relief Campaign and fiduciary accounts. Other
depositors will receive 65% of their deposits, when the bank
reopens in full, and will receive additional payments at
six-month intervals. Baltimore advices to the "Wall Street
Journal," July 6, reporting this, furthermore said:
The reorganized institution will resume business with assets totaling
approximately $12,998,854. Liabilities will include a guaranty fund of
31.200.000, slightly more than 10% of deposits.
The institution has been operating on a ft% withdrawal basis since
the end of the bank holiday.
MASSACHUSETTS.
Directors of the Recon.struction Finance Corporation have
authorized the purchase of $300,000 preferred stock in the
reorganization of the Berkshire Trust Co. of Pittsfield, Mass.
The preferred stock authorization is contingent upon subscription of common stock by those interested in the reorganization.
MICHIGAN.
According to Associated Press advices from Grand Rapids,
Mich., on June 30, Joseph H. Brewer, President of the
Grand Rapids National Bank, announced on that day that
a new institution to be known as the National Bank of
Grand Rapids would be organized to take the place of the
old institution and would begin operations on Aug. 1. The
Grand Rapids National Bank has been operating on a
limited basis, it was stated. We quote further from the
dispatch as follows:
Brewer and John K. Burch, a director of the bank, who Friday morning
(June 30) was appointed interim conservator, both said the plan had been
approved by the Federal Reserve Bank at Chicago, the Detroit office of
the Reconstruction Finance Corporation and the Comptroller of the Currency.
The plan as announced by Brower and Burch calls for the release of
50% of the $12,000.000 now on deposit in the National Bank. Depositors
will be asked to subscribe $500,000 towards the $750,000 capitalization
of the new bank through the purchase of common stock. The Recons ruction Finance Corporation, they said, has promised to provide $250,000 to
complete the capitalization.
The new plan would mean complete divorcement of the bank from
the Guardian Detroit Union Group, Inc., which now owns about 97%
of the capital stock
Officers of two Hillsdale, Mich., banks, the Hillsdale
Savings Bank and the First State Savings Bank, have
announced plans for the consolidation of the institutions.
The resulting institution will have resources of $1,600,000,
less 35% of slow assets. and will have a capital of $165,000,
representing the combined capital of both banks. Hillsdale
advices on Juno 25, printed in the Detroit "Free Press",
reporting the above, continued as follows:
Sixty-five per cent of all deposits will be made available for normal
business, the highest per cent allowed any reorganized bank in Michigan.
Stockholders are to be assessed 100%. the final levy as assured by the
recently enacted State Banking Laws. They have the alternative of turning In their stock for sale to purchasers.
No aid will be asked of the Reconstruction Finance Corporation, carrying
out a record of both banks in never having been borrowers at any time in
their long history. The new institution will be a member of the Federal
Reserve and eligible to Government guarantee under the terms of the
Glass-Steagall Banking Act.
The directors of the Reconstruction Finance Corporation
on June 30 authorized the purchase of $200,000 preferred
stock in the Community National Bank, of Pontiac, Mich.,
a new bank to succeed the First National Bank of Pontiac,
Mich. The preferred stock authorization is contingent upon
the subscription of an equal amount of common stock by
those interested in the new bank.
As of Jane 30 the Board of Directors of the Reconstruction
Finance Corporation has authorized the purchase of $500,000
preferred stock in the reorganization of the First National
Savings & Trust Co. of Port Huron, Mich. The preferred
stock authorization is contingent upon subscription of common stock by those interested in the reorganization.
The First State Savings Bank of Morenci. Mich., was reopened last week with time certificates being issued for the
$379,000 of its deposits, according to advices from Morenci
under date of July 1, from which we quote further as follows:
iliOne-fifth of the certificates will be payable each year for five years,
beginning June 26 1934.
Jacob Meister and Clyde Smith were assigned as trustees to liquidate
40% of the bank's assets and to collect the 100% cash assessment from
stockholders. C. F. Buck, Ira Metcalf and A. V. Foster of Toledo resigned
as directors.
The new officers are A. C. LaRowe, President; A. A. Thompson, VicePresident and General Manager; Ira Metcalf, Cashier; Arnold Webster,
Assistant Cashier.
MINNESOTA.
The reopening of two Minnesota banks, the First State
Bank of Stewart and the State Bank of Lismore, was announced on July 1 by Elmer A. Benson, State Commi.sioner
of Banks for Minnesota, according to the Minneapolis
"Journal" of July 2.
Mr. Benson also announced. it was said, that the State
Bank of Annandale and the Citizens' State Bank of Annandale had merged under the title of the Annandale State Bank.
MISSOURI.
That an attempt to reorganize the Laclede Trust Co. of
St. Louis, Mo., which closed Jan. 16 last, has been abandoned upon advice of the State Finance Commissioner for
Missouri is learnt from the following taken from the St.
Louis "Globe-Democrat" of June 28:
Hopes of a depositors' committee for reorganization of the closed Laclede
Trust Co. have been abandoned, it was announced by Samuel I. Sievers,
attorney, following a meeting yesterday (June 27).
Sievers said B. T. Mattingly, attorney for the trust company, advised
the committee the State Finance Commissioner had informed him the filing
of the trust company's inventory with the Recorder of Deeds "precluded any
further consideration by him of an attempt of the committee to reorganize
the bank."
"The depositors' committee," stated Sievers, "on Mattingly's recommendation, after careful and due consideration, recommended that the
attempt to reorganize the trust company be abandoned; that all possible
co-operation be given to the liquidating agent in charge, and his attorney,
so that the work of liquidation might be facilitated.
"The committee further recommended that all depositors of the Laclede
Trust Co. file their claims without further delay; that it is to the best interests of the depositors that their claims be filed immediately so that the
cost of liquidation may be held to the minimum. Since all claims must be
filed before Sept. 12 1933. depositors are in danger of losing their claims if
they neglect to file proper proof with the agent in charge before that date."
NEW JERSEY.
That the First National Bank of Washington, N. J., will
probably reopen on an unrestricted basis is indicated in the
following dispatch from that pla,co on June 30 to the Newark
"News":
Through work of the depositors' committee yesterday (Juno 29) the
necessary amount to insure reopening of First National Bank was subscribed
and at 6 p. m. the thermometer on the bank window registered pledges of
more than 100%.
About $15,000 remained to raise the total of $600,000 In preferred stock
after a mass meeting Wednesday evening. Raymond Cohen was one of the
most successful of the committee,turning in $6,000. J. E.O'Neill,a member
of the committee, subscribed $600, which, with Chester Bryan's request
for the last $1,200, put the plan over.
According to the plan. 50% of the deposits of $3,274,000 will be available
to the depositors at the reopening of the bank. The other 50% is divided,
,
3jJ % ins liquidation corporation and 183i % in preferred stock.
Howard M. Jefferson, the conservator, will report to the Comptroller
of the Currency and ask for a license to reopen the bank on an unrestricted
basis. It is believed the reopening will be between July 10 and 15.
The fire whistle and bell was used to mark the success of the drive.
NEW YORK STATE.
Frank Xavier,former publisher of the Yonkers"Herald,"
has accepted the Presidency of the new First National Bank
in Yonkers, Yonkers, N. Y., which has been formed with
the approval of the United States Treasury Department out
of the old First National Bank & Trust Co. of that place,
which has been operating on a restricted basis in the hands
of a Federal conservator since the bank holiday in March.
The old institution has 28,000 depositors, whose accounts
have been tied up for months. Mr. Xavier accepted the
Presidency of the new bank at the instance of Samuel
Untermyer, who broke a life-long precedent and agreed to
become a member of the Board of Directors of the new
institution. A Yonkers dispatch on July 6, appearing in
263
Financial Chronicle
Volume 137
the New York "Herald Tribune," from which we have
quoted above, also said:
In accepting the Presidency, Mr. Xavier wrote Joseph Leohr, Mayor of
Yonkers, Chairman of the depositors organization committee, that he
would take the office on two conditions, that Mr. Untermyer become a
director and that the depositors indicate their approval by wholehearted
subscription to stock in the new bank.
In a letter to Mr. Xavier, Mr. Untermyer said:
"I think since you are willing to make this sacrifice you are entirely
within your right in calling upon me for a similar sacrifice. I have always
refused to be a director of a bank or trust company and have urged my
sons to a like course. But conditions here are exceptional. There are too
many people involved who need protection to Justify any one in turning
his back upon them."
Mr. Untermyer has been working with the depositors committee without
pay.
OHIO.
A plan for a now institution to take over the good assets
of the Farmers' National Bank of Bryan, Ohio, with a
contemplated initial payment to depositors of 40%, was
approved by Judge George P. Hahn in the Federal Court
on June 30, according to the Toledo "Blade" of that date,
which continued in part as follows:
The old bank, with capital of $200,000,failed to receive a license to reopen
since the appointment of A. L. Gebhart as conservator last March.
E. C. Clevenger, Chairman of a depositors' committee, informed the
Court that it is impossible to obtain funds to reopen the old bank, and that
public sentiment in Bryan favors the new one.
Mr. Gebhart said the new bank plan has been approved by the Comptroller of Currency. It provides for retirement of the old bank currency,
sale of sufficient assets to pay all secured claims, taking over of bills receivable at their face value, plus interest, and listing of banking house and
fixtures at S25.000.
The new bank will have $60,000 capital in common stock of $100 par
value, $15,000 in surplus, and $15,000 in preferred stock.
The payment to depositors will be paid through a loan from ReconstrucFinance Corporation. They have already received 5% of their deposits.
The Dime Savings Bank of Canton, Ohio, which closed
in October 1931 and reopened in February of the present year,
on July 1 was to release $400,000 to holders of its certificates
of deposit, according to an announcement by Charles W.
Kreig, President of the institution, on June 28. Canton
advices to the Cleveland "Plain Dealer," in reporting this,
went on to say:
The amount represents 10% of the value of the certificates, together
with interest. Conditions are so encouraging, bank officers said, that they
decided to advance payment a month ahead of the date due.
"This payment," Kreig said, "is made possible largely by the sweeping
upturn in business and industrial employment. We note a universal feeling
of optimism. The attitude of defeat has disappeared almost entirely and
in its place we find a new spirit of determination."
When the Dime Bank reopened Feb. 14 it released $575,000. This
action means putting $1,000,000 into circulation in a little more than
four months.
We learn from Lima, Ohio, advices on Juno 26 to the
Cleveland "Plain Dealer," that a new bank is being organized in Lima to replace the defunct Lima First American
Trust Co. Details are being arranged and officials anticipate
that the new institution will open for business on or about
July 10. The dispatch furthermore said:
Announcement of the plan was made by George B. Quatman, Chairman
of the First American depositors' committee, who estimated capitalization
at $225.000. Depositors of the Lima First American have subscribed to
$125,000 and $100,000 will be contributed by the Reconstruction Finance
Corporation.
A committee will go to Cleveland this week to confer with Reconstruction
Finance Corporation officials about an executive officer to take active
charge of operations.
That plans are under way looking towards the consolidation of the Home Savings & Banking Co. of Willard, Ohio,
and the Commercial Banking Co.of that place, both of which
have been operating under restrictions, is indicated in the
following dispatch from Willard on June 30, appearing in
the Toledo "Blade":
State banking officials were here Thursday to inspect plans for merging
the Home Savings & Banking Co. and the Cominercial Banking Co. here
into the proposed Willard United bank. . . .
New capital of $90,000 has been subscribed and 95% of the depositors
have waived immediate claim to 40% of their deposits.
Stockholders of the proposed new bank have elected John E. Wise,
Bellevue. President, and 0. J. Landefield, R. C. Brown, H. L. Tracy,
Willard R. Richards John Feichtner and A. J. Drury as directors.
PENNSYLVANIA.
A plan to reorganize the Turtle Creek Savings & Trust Co.
of Turtle Creek, Pa., which would free about $1,000,000 in
deposits, has been sent to Harrisburg, Pa., with the approval
of J. D. Swigart, Chief Deputy State Secretary of Banking,
according to an announcement on June 30. The Pittsburgh
"Post Gazette" of July 1, from which this is learnt, furthermore said:
Action was awaited by officials of the institution, who said approval
was uncertain since the arrangement would "freeze," temporarily, a larger
amount in deposits than Banking Secretary Dr. William D. Gordon was
understood to favor.
When closed, the bank had deposits of $1,461.000, with capital of $125,000. It was burdened with some slow assets, having taken over the First
National Bank of Turtle Creek in 1931, but its capital was not impaired.
The new plan calls for sale of $75.000 in common stock to raise the
capitalization to $200,000. It would have a total of 8760.000 in cash,
Government and other bonds and $240.000 in other assets, raising the
total to $1,263,000. Depositors would be asked to relinquish their claims
Financial Chronicle
264
to immediate payment of $461,000. A trusteeship would be set up with
slow assets appraised at $526,000 to guarantee payment of the $461,000.
With liquidation, the rest of the deposits would be paid. Assets securing
the deferred deposits would be in addition to the $1,263,000 in the reopened
Institution. New officers would be elected.
SOUTH CAROLINA.
The First National Bank of Columbia, Columbia, S. C.,
successor to the National Loan & Exchange Bank of that
city,opened for business on July 1,according to the Columbia
"State" of July 2. The new institution is capitalized at
$200,000 and is headed by Thomas J. Robertson (former
President of the National Loan & Exchange Bank). Burnell
Sloan is Cashier. We quote from the paper mentioned as
follows:
The bank, located in the building of the National Loan and Exchange,
Main and Washington Streets, is the first national bank to open in Columbia since the national bank holiday declared last March and patrons generally expressed gratification at seeing the new institution getting away to
so promising a start. The President, Thomas J. Robertson, was naturally
pleased at the confidence shown in the institution in the way of deposits.
No figures were available last night as to the actual amount of new deposits
nor as to the number of new accounts.
TENNESSEE.
That sale of stock in a new bank at Humboldt, Tenn.,
representing a reorganization of the Merchants' State Bank
of that place, had been completed, was reported in advices
from Humboldt on June 27, printed in the Memphis"Appeal"
which said:
Sale of new stock in the new Merchants' State Bank of Humboldt has
been completed.
George E. McDearmon, Assistant Cashier of the old institution, was
appointed agent and acted under the instructions of D. D. Robertson,
State Superintendent of Banks for Tennessee, in handling the affairs of the
reorganization. He reports that 200 stockholders are participating In the
6.465 shares that were sold for $15 per share, with $10 of the purchase
price going to the capital stock of the new institution, and $5 being applied
on a paid-in surplus fund, which makes $96,975 of new stock sold. With
this tied on to the stock of the old institution, the capital stock and paid in
surplus of the newly organized bank will be $107,325.
lilt A meeting of the stockholders of the bank will be called within the next
few days to elect new directors, who in turn will name officers.
The probable reopening by Aug. 1 next of the East
Tennessee National Bank of Knoxville, Tenn., which closed
in January of the present year, tieing up deposits of more than
$9,000,000,is indicated in the following dispatch by the Associated Press from Knoxville on June 29:
Trustees of the East Tennessee National Bank reopening plan announced
to-day (June 29) that they are ready to turn over to Receiver F'. P. Boone,
notes for approximately 17,000 shares of stock, considerably more than the
minimum required for the reopening of the bank.
Additional shares, for which notes and collateral have been promised
and are now being prepared, will bring the total to 90% of the $2,000,000
stock outstanding from the old bank, they said.
This announcement, together with the signatures representing more
than 75% of the deposits, now in the hands of the receiver, practically
assures the reopening of the bank by Aug. 1, the trustees indicated.
Upon reopening of the bank an immediate dividend, estimated by the
trustees at from 14 to is% will be paid.
The East Tennessee National Bank, Knoxville's largest, was placed in
receivership Jan. 19 last.
The trustees of the reopening plan are Cecil H. Baker, Charlton Karns
and M.0. Cowan of Knoxville.
WISCONSIN.
A 50% stock assessment has been voted against stockholders of the Tippecanoe State Bank, Milwaukee, Wis.,
which failed to open after the March holiday, according to
the Milwaukee "Sentinel" of June 28. Directors also voted
to change the name to the Bay View State Bank and take
over the quarters of the closed St. Francis Bank at 441 E.
Lincoln Avenue, it was stated.
ITEMS ABOUT• BANKS, TRUST COMPANIES, &C.
The transfer of a New York Stock Exchange membership
was arranged for July 5 at $230,000, unchanged from the
previous transaction on June 20th.
Arrangements were complet- ed July 7 for the sale of five
memberships on Commodity Exchange, Inc., as follows:
Carlos Falk to Newton Henry Kutner,for another, at $3,500;
Leon Regray,extra, to Jerome Lewine for another, at $3,600;
Andre Paulye, extra, to John L. Julian, for another, at
$3,700; Gustav Reinhart to I. Henry Hirsch, for another, at
$3,700; Sydney E. Wolff to Jerome Bijur, for another, at
$3,650.
A membership on the Chic- ago Stock Exchange was sold
July 5 for $9,000, unchanged from last previous sale.
Arrangements were completed July 1 for the sale of a
Chicago Curb Exchange membership for $2,000, up $100
from the last sale.
Negotiations are pending for a merger of the County
Trust Co. and the Lawyers Trust Co., both of New York;
One R. Kelly, President of the former institution, in con-
July 8 1933
firming reports of this issued the following statement on
July 7:
It is true that a merger of the Lawyers Trust Co. Into the County Trust
Co. of New York is being considered. While I am willing to confirm this
fact, the details of the proposed merger cannot be made public until they
have been determined and approved by the directors of the two banks
and our stockholders. Obviously, the proposed consolidation of these two
institutions is a logical one, which would result in bringing together established offices in uptown Manhattan, Wall Street and Brooklyn. We have
a main office in the Empire State Building and a branch office at 14th
Street and Eighth Ave. The Lawyers Trust Co. have a main office at 180
Broadway, and branch offices on 41st Street, Manhattan, and 44 Court
Street, Brooklyn.
Harvey D. Gibson, President of Manufacturers Trust Co,
of New York, gave a luncheon July 6 at the Hotel New
advisory boards
-7;f the
Yorker lo the member
irManhattan, Brooklyn, Bronx and Queens.
The Bank for Savings in the City of New York, chartered
in 1819, celebrated the 114th anniversary of its opening
-liad 2017523 dePositeirs
- -bitik
- -On Jan. 1
Ju1y 37
--1933 the
771111 "deposits of $198,639,791.73."-DeWitt Clinton was an
original director of _ the bank and Philip Irgire, an eirly
aayor of New York, was the first President. Thrbink
-claims toThe the oldesrMutual Savings Banli in the State
of New York.
The Central Hanover Bank & Trust Co., New York, has
announced that five members of the Board of Trustees have
resigned. The institution is said to be the first member of
the Federal Reserve in New York City to report a reduction
in its Board of Trustees in accordance with the provisions
of the Banking Act of 1933 which limits such Boards to from
5 to 25 members. Following the resignation of the five
trustees, Clarence Dillon, of Dillon, Read & Co.; Ernest
Iselin, of A. Iselin & Co.; Frederick Strauss, of J. & W. Seligman & Co.; John Y. G. Walker, of Walker Bros., and Francis
M. Weld, of White, Weld & Co., the institution's Board now
consists of 25 members.
The statement of the Chase National Bank of New York
as of June 30 1933 was made public July 3. It showed an
increase of more than $100,000,000 in deposits over March 31,
when the previous statement was issued. The deposits are
given as $1,408,337,000 as compared with $1,306,745,000 on
March 31. Resources total $1,727,182,000 as compared with
$1,777,727,000, Cash in bank's vaults and on deposit with
the Federal Reserve Bank and other banks stand at $357,374,000 against $289,489,000; investments in United States
Government securities are reported as $207,955,000. Contrasting with $179.904,000; securities maturing within two years
are shown as $134,709000 as compared with $134,113,000;
other bonds and securities, including stock in the Federal
Reserve Bank, amounted to $114,295,000 as compared with
$123.598,000. Loans and discounts, $779,755,000 at the latest
date as compared with $905,532,000. Undivided profits of
$8,704,000 on June 30 compared with $13,199,000. The statement published this week reflected the adjustment in the
surplus that was made at the Directors' meeting on May 24
last, when a reduction from $100,000,000 to $50,000,000 was
authorized. The total capital funds of the Chase as of June
30 were shown to be $208,704,000.
The statement of the Guaranty Trust Company of New
York for June 30 1933, showed deposits of $1,087,621,195 including outstanding checks, compared with $952,543,091 on
• March 31 1933 and $1,038,778,217 on December 31 1932.
Capital, surplus and undivided profits on June 30 1933, were
$267,266,270, compared with $271,299,854 on March 31 1933,
and $271,233,494 on December 31 1932, the company having
added $5.000,000 to its reserves by transfer from undivided
profits in May 1933.
--•-A comparison of the Statement of Condition of the Manufacturers Trust Co. of this city on June 30 1933, with that
of March 31 1933,shows total deposits of $368,460,994, a gain
of $50,539,487. Holdings of cash and U. S. Government
securities were $75,558,731 and $94,631,937, respectively,
showing increases of $20,384,785 in cash, and $27,731,414 in
Government bonds over March 31 last.
The Sterling National Bank & Trust Company of New
York in its statement of condition as of June 30 1933, shows
deposits of $14,707,876, the highest at any time it is said
since the bank was founded on May 7 1929, and an increase
of $4,489,365 or approximately 44% over the $10,218,510 reported on March 31 1933. On December 31 1932, deposits
amounted to $10,646,994. Total resources on June 30 1933
Volume 137
Financial Chronicle
established a new high record for the bank at $18,966,271,
compared with $13,651,090 on March 31 1933, and $14,032,736
on December 31 1932. Cash on hand and due frombanks
totaled $2,657,960 as against $2,114,585 on March 31 1933
and $2,623,413 on December 31 1932; investments in United
States Government Bonds and certificates amounted to $9,377,955,compared with $4,659,030 and $5,073,482 respectively.
Surplus and undivided profits on June 30th amounted to
$1,004,917 compared with $1,002,800 on March 31 1933 and
$1,017,359 on December 31 1932. Capital remains unchanged
at $1,500,000.
The Harlem Savings Bank of New York City has moved
Its office at 161st Street and Amsterdam Avenue to Broadway and 157th Street.
The Federation Bank and Trust Company of New York in
its statement of conditions as of June 30, shows deposits of
$5,555,300. Capital and surplus is $1,500,000 and undivided
profits are reported as $38,782. Cash on hand is stated as
$1,137,828 and holdings of U. S. Government securities
$85,000.
The statement of condition of the Empire Trust Company
of New York City at the close of business June 301933, shows
deposits of $67,336,270.13 compared with a deposit total of
$50,048,595.35 on March 31—an increase of $17,287,674.78.
Capital, surplus and undivided profits as of June 30 were
$8,569,167.06 compared with $8,536,339.35 as of March 31
showing an increase after payment of the quarterly dividend
of $75,000 of $32,827.71.
We learn from the Albany "Knickerbocker Press" of June
30, that the Mechanics' Savings Bank of Cohoes, N. Y. and
the Cohoes Savings Bank are to merge. The plan, which
calls for a pooling of assets and deposits, was announced on
June 29 in a joint statement by George H. McDowell, President of the lCohoes Savings, and James S. Clute, the Mechanics' Savings Bank President. The approval of the State
Banking Department has been received. The paper mentioned added:
The combined institutions will be known as the Cohoes Savings Bank and
will conduct its business at Remsen and Seneca Streets.
Mr. McDowell will continue as head of the new bank. Mr. Clute and
George W. Humphreys, present Mechanics Savings Bank Treasurer, will be
trustees.
Colonel Webster Knight, President of the Phenix National
Bank and the Peoples' Savings Bank of Providence,R.I.,and
former head of the B. B. & R. Knight Co., cotton manufacturers,died of a heart attack at his summer home at Alton
Bay, N. H., on June 30. The deceased banker, who was 78
years of age, was born in Providence. He was graduated
from Brown University in 1876, and became head of the
cotton manufacturing company in 1912, on the death of his
father, Robert Knight. At the time of his death in addition
to his banking interests he was a Director of the Providence
Gas Co. and the Providence Mutual Fire Insurance Co. and
President of the Homeopathic Hospital. He had been a trustee of Brown University since 1924. For many years he was
active in the Rhode Island National Guard.
Mark Bryan 3rd, for the last three years connected with
the Trust Department of the Central Hanover Bank & Trust
Co. of New York City, has become director of advertising
and new business with the Passaic National Bank & Trust
Co. of Passaic, N. J., according to an announcement made
by that organization, one of the leading banking institutions
In the State. Prior to his tenure of service with the Central
Hanover, Mr. Byron was Assistant Director of the Bankers'
Trust Co. In Manhattan.
Advance payments aggregating $1,042,388 to depositors of
nine closed Pennsylvania banks were announced on July 5
by Dr. William D. Gordon, State Secretary of Banking for
Pennsylvania. The names of the institutions, amount of
dividend, date of payment, etc., as given in the Philadelphia
"Ledger" of July 6, follow:
The 4,709 depositors of the Girard Avenue Title & Trust Co. (Philadelphia), will receive a payment of 714%, amounting to $179,594, on July
12. This will bring total payments so far made to depositors up to 17%%.
A payment of 7%%, or $29,693, will be made to depositors of the Plaza
Trust Co. (Philadelphia), on July 10. It will bring the total disbursements
by that institution up to 20%.
A 71
/
2
% payment, or $161,821, will be made on July 18 to the 9,601
depositors of the Lansdowne Bank & Trust Co., Lansdowne, bringing the
total payments of that Institution up to 15%.
The Drexel Hill Title & Trust Co., Drexel Hill, will pay 71%, or $36,/
2
035, on July 18 to 3,115 depositors. A payment of 15% has been made on
the deposit accounts of this bank.
265
A payment of 744%, or $38,006, will be made July 24 to the 3,678 depositors of the Ridge Avenue Deposit Bank, Allentown. This is the first
disbursement on account of that institution's deposit liability.
Payments to depositors will be made on account of the following banks
in the immediate future:
Federal Title & Trust Co., Beaver Falls, 10%, or $45,887.
Merchants' Savings Bank, Pittsburgh, 5%, or $32,725.
Monongahela City Trust Co., Monongahela City, 7%, or $80,203.
Washington Trust Co., Washington, 10%, or $438,424.
This disbursement by the Washington Trust Co. will bring the total deposit liability distribution up to 40%, that of Monongahela City Trust Co.
up to 40%, and that of the Merchants' Savings Bank up to 33%.
We learn from the Pittsburgh "Post Gazette" of July 1
that depositors of the Brotherhood Savings & Trust Co.,
which closed more than five years ago after Charles E. Knapp
disappeared with $320,000 of the bank's funds, will receive
their fourth and final payment under a notice of distribution filed by Dr. William D.Gordon,State Secretary of Banking, on June 30. The paper mentioned went on to say:
The final payment will be 3%, but it will raise the total paid to almost
98 cents on the dollar. The notice filed by Dr. Gordon gives undiscovered
creditors 30 days to file exceptions.
Of the $320,000 taken by Knapp, $290,000 was found buried in the rear
of the garage of Edward Goodfellow, Perrysville. Knapp and Goodfellow
were sentenced to 18 months in jail.
—•—__
The First Lake County National Bank at Libertyville, Ill.,
was chartered by the Comptroller of the Currency on June 30.
The new bank, which is capitalized at $50,000, succeeds The
First Lake County National Bank of Libertyville. G. G.
Hoskins is President and F. J. Wright, Cashier of the institution.
The Comptroller of the Currency on June 26 granted a
charter to the First National Bank of Galena, Ill. The new
bank, which is capitalized at $160,000, succeeds The Galena
National Bank and the Merchants' National Bank of Galena.
S. J. Hughlett and R. V. Stephan, are President and Cashier,
respectively, of the new organization.
Consolidation of the Northwestern National Bank of
Minneapolis, Minn., and the Minnesota Loan & Trust Co. of
that City, into one institution, the name of which is to be
determined later, was approved June 30 by the respective
directors of the two institutions, subject to ratification by
the stockholders at meetings to be held later. It also was
proposed that if and when the consolidation is effected, E. W.
Decker, President of the Northwestern National Bank, will
become Chairman of the Board of the consolidated institution; W. A. Durst, now President of the Minnesota Loan &
Trust Co., Chairman of the Executive Committee, and Theodore Wold, Vice-President of the Northwestern National,
President. The Minneapolis "Journal" of June 30, from
which the above information is obtained, continuing said in
part:
All of the present Vice-Presidents and other officers of the Northwestern
National are to remain in their present positions and in addition the following officers of the Minnesota Loan & Trust will assume positions as follows
in the consolidated institution; Henry D. Thrall, C. V. Smith and D. R.
West, Vice-Presidents; J. W. Groves, Assistant Vice-President, and J. R.
Byers and F. F. Burgi, Assistant Cashiers.
Officers of the trust department of the consolidated institution, which
will be under the direction of Mr. Smith, will be: F. J. Mulcahy, Secretary; M. K. Mark and C. E. Drake, Trust Officers and Assistant Secretaries;
G. V. Fait, Assistant Secretary; R. N. Gesme, Assistant Trust Officer, and
J. Burns Allen, Assistant Secretary.
All employees of the trust company are to be taken into the combined
company. The physical changes will consist of bringing the banking department of the trust company to the main banking floor of the Northwestern National and the consolidation of the savings departments into that
of the bank which is on the ground floor of the Northwestern Bank building at Sixth and Marquette. The apace which has been occupied by the trust
company on the ground floor will be vacated.
Meetings of the stockholders of the two institutions to approve the action
of their directors will be called as soon as possible and it is expected that
action will be taken in a few weeks.
The action is in line with the new banking plans incorporated in the
Glass-Steagall Banking Act. . . .
Both institutions are among the oldest financial bodies in the city. The
Northwestern National was organized in 1872 and the trust company in
1883. The two became affiliated in 1910.
Mr. Decker has been associated with the Northwestern National since
1887. He became Cashier of the bank in 1910 and its President in 1912.
Mr. Durst associated himself with the trust company in 1888 and has
been President of the institution for many years.
Mr. Wold, who will become President of the consolidated association, has
been with the Northwestern National as Vice-President since 1919, at which
time he went with the bank from the Federal Reserve Bank of Minneapolis,
of which he had been Governor.
With the exception of five directors of the trust company, the rest of
its Board are all members of the Board of the Northwestern National.
Mr. Decker said a name had not been decided upon. There is a possibility,
it is bnderstood, that the combined institution may operate without change
in title as the Northwestern National Bank.
A charter was issued by the Comptroller of the Currency
m June 24 for the First National Bank in Cannon Falls,
Cannon Falls, Minn. The new institution, which represents
266
Financial Chronicle
a conversion of The Citizens' State Bank of Cannon Falls,
is capitalized at $60,000. Cliff W. Gress is President and
Algot W. Swanson, Cashier, of the new organization.
Announcement was made on last week by Harry E. Hallenbeck, receiver for the First National Bank of Harvey, Ill.,
that a 5% dividend was ready for distribution to the depositors of the institution, according to the Chicago "News"
of June 28, which added:
Total dividends returned under the direction of Mr. Hallenbeck now
amount to 31-2/3% since the bank closed Jan. 2 1932.
Effective June 24 1933, the First National Bank of Colfax,
Iowa, capitalized at $50,000, was placed in voluntary liquidation. The institution was succeeded by the First National
Bank in Colfax.
On June 26th the First National Bank of York, Neb.,
assumed the assets and liabilities of the City National Bank
of that place, without interruption to business or delay to
depositors, according to a dispatch by the Associated Press
from York on the date named, which continued as follows:
The City National was organized 40 years ago. C. N. Beaver was
President and J. E. Shrigley Cashier. They will continue to conduct the
affairs of the City Trust Co.
The combined deposits total $1,250,000. The First National is now the
only bank In York.
On June 30 1933, the Comp-troller of the Currency issued
a charter to the First National Bank of Conway, Ark. The
Institution is capitalized at $50,000 consisting of $25,000 preferred and $25,000 common stock. R. W. Robins heads the
new bank with H. C. Couch Jr., as Cashier.
Liquidation of the Union & Planters Co., the investment
affiliate of the Union Planters National Bank & Trust Co.
of Memphis, Tenn., and the opening on June 30 of a new
bond department of the bank were announced on June 29
by Vance J. Alexander, President of the bank. The Memphis "Apear of June 30,in reporting the foregoing, also said:
The change in set-up is in compliance with the Banking Act passed by
the last Congress which called for the separation of banking institutions
and their investment affiliates within 12 months.
The new bond department vrill handle only those securities which qualify
for investment of national banks under the new banking act. The personnel
of the liquidated company will take over the bond department with Milton
Revill, Vice-President of the bank, in charge; Howard Ross, former Secretary of the liquidated company. as Assistant Manager, and Elbert Land
and James Lancaster as salesmen. . . .
—4--A charter was issued on June 30 last by the Comptroller
of the Currency for the First National Bank & Trust Co. in
Asheville, Asheville, N. C. The new organization, which
succeeds the First National Bank & Trust Co. of Asheville,
is capitalized at $300,000 consisting of $150,000 preferred and
$150,000 common stock. Burnham S. Colburn heads the new
bank and William M. Redwood is Cashier.
On July 1 1933, the Comptroller of the Currency issued a
charter for the Britton & Koontz National Bank in Natchez,
Natchez, Miss., with capital of $100,000. A. B. Learned is
President of the new bank and C. B. Richardson, Cashier.
Effective June 21, the Firs- t National Bank of Houston,
Tex., was placed in voluntary liquidation. The institution,
which was capitalized at $3,000,000, is succeeded by the First
National Bank in Houston.
• New highs in commercial and savings deposits and in total
resources and an increasingly high degree of liquidity are
shown in the June 30th statement of Wells Fargo Bank &
Union Trust Co. of San Francisco, Calif. Commercial deposits totaled $93,180,555, an increase of $10,775,928 or 13%
over a year ago. Savings deposits totaling $69,496,123 were
$5,578,441 or 9% higher than on June 30 1932. Total deposits,
including public funds, were $167,206,647, an increase of $16,574,679 or 11% over the same period a year ago.
The liquidity ratio—cash, U. S. Bonds, notes and certificates and other marketable bonds as compared to total deposits—amounted to 71% as against 69.5% on Dec. 31 1932
and 69% on June 30 1932. Undivided profits show continued
moderate increases totaling $55,917 over June 30 1932.
Dividends,to be paid during the year 1933 by the Bank of
America National Trust & Savings Association (head office
San Francisco, Calif.), were covered by a substantial margin
In the first six months of operations, the statement of condition as of June 30 1933 disclosed. The Bank of Amerien National Trust & Savings Association and its State affiliate,
the Bank of America, earned, during the half year period,
July 8 1933
$4,449,000 before depreciation and sundry deductions. The
statement continues:
After all realized losses and also estimated losses based on depression
price levels were written off, an additional $5,591,000 was appropriated to
cover any possible future charge-offs. After providing for the quarterly
dividend of $775,000 declared in June and for depreciation, contingencies,
etc., there remained $2,229,000 as a net addition to undivided profits for
the period, bringing the total as of June 30 1933 to $12,817,000. The dividends recently declared were at the annual rate of $3,100,000 thus resuming
regular payments which were made on an uninterrupted basis for the 27
years of the bank's existence preceding Oct. 1 1931.
The bank's statement as of June 30 1933 showed that all rediscounts and
bills payable have been entirely eliminated. When the present management
resumed control of the institution sixteen months ago, the total amount of
the bank's borrowing was $146,455,000.
Despite the adverse business and banking conditions which preceded the
National bank moratorium, deposits of the Bank of America showed a
gain of $17,700,000 during the past six months, bringing the total as of
June 30 1933, to $767,413,000. During the same period the Bank of
America augmented its cash and holdings of United States Government
obligations by $22,100,000, bringing the total as of June 30 1933 to $269,700,000 and its investments in loans and discounts were reduced by
$17,000,000.
Directors of the German American Savings Bank of Los
Angeles, Calif., have deemed it advisable to pay all deposits
in full at this time and retire from business, according to
Los Angeles advices on July 5 to the "Wall Street Journal,"
which added:
Its deposits, exclusive of public funds, are about $1,200,000, the Los
Angeles Clearing House states.
Frank 0. Bates, heretofore a Vice-President of the old
American National Bank of Portland, Ore. (just recently acquired by the First National Bank of Portland) will remain
with the First National Bank of Portland, according to an
announcement made June 24. Mr. Bates will have charge of
the new business of the Sixth and Morrison branch of the
consolidated bank and later may conduct his operations from
the head office. The Portland "Oregonian" of June 25, from
whiCh this is learnt, furthermore said:
Mr. Bates is one of the best known bankers of the city. He has been th
the Sixth and Morrison location more than 18 years and knew virtually
every customer of the American National. In 1915 be joined the Northwestern National as Assistant Cashier. Later he was made Cashier and remained with them until they retired from business in 1927, when he went
to the Lumberman's Trust Co. bank as Vice-President. When that institution was merged with the Portland National and the American National bank
formed, he went with them in the same capacity and has remained
since.
That two Seattle, Wash., National banks, the First National and the National Bank of Commerce, will each establish brandies in Centralia, Wash., in the near future, is indicated in the following appearing in the Portland "Oregonian" of June 22:
After being without a bank since early in December, Centralia, Wash.,
now has prospects for two financial institutions. It was learned yesterday
that First National and National Bank of Commerce, both of Seattle, have
filed applications in Washington, D. C., for permits to ettablish branches in
Centralia. M. A. Arnold, President of First National, stated operations
would be started by his branch as soon as a charter was issued and Andrew
Price, President, National Bank of Commerce, made a similar promise.
The Board of Directors of Barclays Bank, Dominion,
Colonial and Overseas (head office London) has declared,
out of the profits for the half-year ended March 31 1933,
interim dividends at the rate of 8% per annum on the cumu2
1
/
lative preference shares and at the rate of 4 % per annum
on the "A" and "B" shares, subject in each case to the deduction of income tax, after making allowance for relief in
respect of Dominion income tax. The interim dividends will
be payable on and after July 17 to shareholders registered in
the books of the company on the night of June 30.
In its statement for the six months ended March 31 1933,
the institution shows total resources of £82,162,286 of which
the principal items were: Total investments, £22.318,292;
advances to customers and other accounts, £20,325,035; cash
in hand and with bankers, and gold bullion, £15,284,909, and
bills discounted £14,095,401. On the debit side of the statement, current deposit and other accounts (including reserve
for income tax and contingencies and balance of profit and
loss) are shown at 171,380,355, and acceptances and other liabilities on account of customers at £3,408,238. The institution has a paid-up capital of £4,975,500 and a reserve fund
of £1,650,000. Frederick Cranford Goodenough is Chairman
of the Board of Directors and Sir John Caulcutt, General
Manager.
Barclays Bank Limited, London, has declared the usu a
dividend for the period Jan. 1 to June 30 1933, according to
cable advices received at the representative's office of the
bank here this week. The dividends payable are 10% per
annum on the'A shares and 14% per annum on the B and C
shares. These rates have been maintained for many years.
Volume 137
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been buoyant and higher during the
greater part of the present week. There have been occasional
setbacks, due to profit taking, but prices, on the whole, are
above the preceding week. On Monday, the trading was
particularly heavy as large blocks of stocks changed hands,
International Tel. & Tel. recording a sale of 10,000 shares in
one lot. United States Steel has been in sharp demand and
crossed 62 on that day. The buoyancy extended to all parts
of the list, especially the specialties, rails, oils and industrials
which attracted a large amount of speculative attention. The
gains, at times, ranged up to 10 or more points and the
tickers were unable to keep the pace. Call money renewed
at 1% on Monday and continued unchanged at that rate
throughout the week.
Stocks pushed ahead to new tops during the abbreviated
session on Saturday, and as the volume of sales increased,
the tickers were left far behind the transactions on the floor.
One of the spectacular features of the trading was the
strength of Allied Chemical & Dye, which shot upward
about 14 points to 12934, following the announcement that
the differences between the management and the Stock
Exchange governors had been settled and that the stock
would not be removed from trading. Railroad shares were
in sharp demand throughout the day and moved briskly
forward under the guidance of Lehigh Valley which surged
upward 3 points to 263/2, followed by Pennsylvania, Lackawanna, New York Central, New Haven and Baltimore &
Ohio, all of which set new tops for the year. Railway equipment shares also were strong,stocks like Baldwin Locomotive,
American Locomotive and Pullman reaching new high ground
for the present movement. Industrial issues were steady but
moved more slowly, American Can advancing around 4 points
and General Electric showing substantial gains. Tobacco
stocks were strong and somewhat higher and General Motors
worked into new high ground. The outstanding changes
were on the side of the advance and included such active
/
issues as Air Reduction, 23/i points to 933 s; American Car &
Foundry pref., 8 points to 56; Central RR. of N. J., 143/2
points to 103; Columbian Carbon, 3 points to 65; Illinois
Central pref., 4 points to 44; Liggett & Myers pref. (7),
4 points to 135; Norfolk & Western, 234 points to 1613/;
2
Union Pacific, 35% points to 121, and Reading Company,
234 points to 5634•
Prices again spurted upward on Monday, huge blocks of
stocks changing hands as the buoyancy extended to all parts
of the list. One particularly noteworthy sale was a block of
10,000 shares of International Tel.& Tel. Co. The advances
ranged up to 7 or more points and the turnover was exceedingly heavy. The principal gains included such active stocks
as Allied Chemical & Dye 43% points to 1333 , American
%
Steel Foundry pref. 10 points to 80, Atchison 43/3 points to
73, Auburn Auto 33/8 points to 693/8, Baltimore & Ohio 434
points to 323/2, Bethlehem Steel 33/2 points to 46, Brooklyn
3
Union Gas 33/3 points to 843/2, J. I. Case Co. 4% points to
9534, Central RR. of N. J. 6 points to 109, Columbian
Carbon 43/3 points to 69%, Consolidated Gas 23/3 points to
603 , Deere & Company 43/2 points to 473/2, Detroit Edison
%
23,4 points to 8934, Delaware & Hudson 83/2 points to 91,
Eastman Kodak pref. (6) 4 points to 125, International
Harvester pref. (7) 43/3 points to 116, New York Central 73%
points to 51%, Norfolk & Western (8) 63% points to 168,
4
Pennsylvania Railroad 33% points to 363 , Reading Company 534 points to 62, Republic Steel pref. 3 points to 4734,
Texas Pacific Railway 4 points to 41, Union Bag & Paper 534
points to 38, Union Pacific 103 points to 1313 , United
4
4
States Steel pref. 334 points to 1013/3, Western Union Telegraph 35% points to 623/2, Wheeling Steel 53/2 points to 35
and United Dye pref. 5 points to 55.
The New York Stock Exchange, the Curb Market and all
of the commodity markets were closed on Tuesday in observance of Independence Day.
The market turned moderately reactionary on Wednesday
following the buoyancy of the two previous sessions, and
while there were occasional exceptions to the downward
trend, most of the active stocks slipped backward until the
final hour when a brisk rally canceled a part of the early
losses. Heavy and persistent selling was in evidence during
the morning, but this was gradually absorbed after midsession. At the close, a few individual stocks showed
moderate gains though the changes, on the whole, were not
particularly noteworthy at any time. Among the stocks
closing on the side of the advance were Allegheny Corp.
pref. 3 points to 15, Allied Chemical & Dye 43/2 points to
267
Financial Chronicle
12934, American Metals pref. 33% points to 64, American
Smelting (2) pref. 5 points to 65, Atlantic Coast Line 33%
points to 53, Chesapeake Corp. (2) 534 points to 4834,
Illinois Central 3 points to 39, Industrial Rayon 334 points
to 693/3, National Distillers 334 points to 1033% and Ward
Baking pref. 2 points to 4034.
The market was somewhat weak during the first hour on
Thursday but soon turned upward under the leadership of
the railroad shares which showed gains ranging up to 4 or
more points. The strong stocks included New York Central,
Union Pacific, Lackawanna, Northern Pacific, Baltimore &
Ohio, Southern Pacific and several other trading favorites.
As the day progressed heavy buying spread to the agricultural
and merchandising stocks, most of the popular issues in the
group showing moderate gains. Tobacco shares were
stronger following rumors of an increase in cigarette prices
to take place in the near future. The day's advances
included among others, American Smelting (2) pref., 8
points to 73; California Packing, 43% points to 303/3; J. I.
Case Co., 43 points to 89; Central RR. of N. J., 12 points
4
3
to 122; Colorado Fuel & Iron pref., 434 points to 49%;
Diamond Match,4Yi points to 283%; Electric Storage Battery,
4 points to 51; General Railway Signal, 332 points to 493/3;
4
Louisville & Nashville, 33 points to 65; National Lead,
4 points to 124; Northern Pacific, 434 points to 333/3; Pittsburgh & West Virginia, 3 points to 32, and Worthington
Pump prof. (A), 2 points to 49.
Trading was unusually heavy on Friday, though the price
range was extremely narrow and most of the gains of the
forenoon were canceled later in the day by profit taking.
Toward the end of the session, however, the trend was
again upward, and while some small gains were recorded,
most of the leaders showed little change at the close. In the
opening hour, the railroad stocks were the leaders and large
blocks of shares changed hands at moderate overnight
gains. Coppers also were higher, being stimulated by the
further advance in the price of the metal. Some of the
leaders of the industrial group were active and broke into
new high ground for the movement. J. I. Case was particularly strong and crossed par during the morning trading.
The gains for the day included among others, Allis Chalmers,
23% points to 253%; American Ice pref., 43/3 points to 56;
American Smelting pref., 4 points to 84; Celanese pref.,
23/3 points to 523%; General Electric, 33/2 points to 293%;
Ludlum Steel pref., 4 points to 59; Pittsburgh & West Va.,
334 Points to 3534; Union Bag & Paper, 2 points to 40;
United States Steel, 2 points to 66; Westinghouse, 53% points
to 553%,and Sun Oil (1)2% points to 4794. The market was
strong at the close.'
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY, WEEKLY AND YEARLY.
Week Ended
July 7 1933.
State.
Railroad
Stocks,
Number of and Miscell. Municipal &
Poen Bonds.
Bonds.
Shares.
2,791,230
6,715,170
Tntal
$7,133,000
13,598,000
5,802,400
6,541,910
6,972,880
Saturday
Monday
Tuesday
Wednesday _
Thursday
Friday
15,868,000
18,799,000
20,549,000
31,350,000
2,685,000
Holiday.
3,492,000
3,304,000
4,186,000
OR R9R son 57S 547(51(1 515 n17 000
Total
59,157,500
17,538,000
833,500
852,100
1,814.000
20,193,500
22,955,100
26,549,000
55.429.100 596.393.100
1932.
1932.
1933.
28,823,590
2,845,139
369,682,719
180,080,467
$5,429,100
15,017,000
75,947,000
58,556.500
19,999,000
17,672,500
$265,676,200
403,471,500
1,139,382,900
$409,673,100
408,330,500
772,417,000
1933.
Stocks
-No,of shares_
Bonds.
Government bonds_ __
State & foreign bonds_
Railroad ez misc. bonds
5674,500
1,255,000
Jan. 1 o July 7.
Week Ended July 7.
Sales at
New York Stock
Exchange.
Total
Bond
Sales.
United
States
Bonds.
896,393,100 $46,228,000 $1,808,530,600 81,590,420,600
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
July 7 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
P1ey. wk. revised_
Philadelphia.
Baltimore.
Shores. Bond Bates. Shares. Bond Sates. Shares. Bond Sales
38,089
$1,000
90,753
Hon day
76,781
8,000
84,298
1,100
21,045
3,000
31,233
54,000
74,650
Boll day
75,094
3,000
85,157
11,500
30,640
3,131
Ifol day
Holl day
23,500
7,496
5,003
10,000
5,015
19,000
310,966
813,100
296,7741
$18,500
20,645
552,500
346,547
822,500
247,132
558,900
10,841
536,000
THE CURB EXCHANGE.
Curb stocks moved upward in brisk trading during most
of the present week. There was a moderate setback on
Wednesday when market movements were somewhat
irregular and unsettled due to profit taking, but the trend
was again upward on Thursday and substantial gains were
recorded all along the line. Public utilities, oil stocks and
mining shares moved briskly forward, and there was some
gains among the industrial shares, Short covering was apparent during the early part of the week and a number of
large blocks of stocks changed hands at advancing prices.
268
Financial Chronicle
On Saturday, public utilities were the strong feature as they
moved forward under the leadership of Electric Bond &
Share which advanced about 3 points and remained there
during most of the session. American Gas & Electric was
higher following the publication of the earnings report for
the year ended May 31. Oil stocks, metal shares, specialties
and miscellaneous industrials were all moderately strong at
advancing prices. Gold mining stocks were higher and oil
shares showed improvement, especially Humble Oil, which
advanced 23' points to 85. Some realizing was apparent
1
from time to time, but this made little impression on the
upward trend of the market. The curb list followed the
upswing of the big board on Monday and a long list of stocks
sold at new tops for the movement. Practically every group
participated in the general bouyancy, though the sharpest
advances took place in stocks of limited supply. The outstanding feature in the trading was the strength of the industrials like Aluminum Co. of America, Singer Mfg. Co.,
National Can and Mead Johnson. Electric Bond & Share
sold in large blocks at higher prices and American Gas &
Electric, Commonwealth Edison and other power shares were
also in good demand. Quaker Oats common, on a small
turnover, advanced about 14 points at its top for the day.
Considerable selling was in evidence, but this was generally
absorbed without special effort. Oil stocks were strong
during the morning trading, but lost part of their gains on
profit taking in the afternoon. Mining shares were moderately firm and investment issues were slightly higher.
On Tuesday the Curb Exchange, the stock market and
commodity markets were closed in observance of Independence Day. Irregularity, due to profit-taking, was
apparent on the resumption of business after the holiday,
many of the leading issues in the oil stocks, industrials and
utilities being in large supply. The trend of prices was
generally downward, though there were some modest gains
in a few special issues that offset the losses among the
more active shares. The weak stocks included Electric
Bond & Share, which dropped 13 points to 363'; Consolidated Gas of Baltimore slipped back over 2 points, and
National Power & Light pref. declined more than 2 points.
Oil shares turned weak shortly after the opening, Humble
Oil dipping 1% points to 84. Curb stocks again moved
forward on Thursday and sharp gains were scored by many
popular speculative issues. The advance was under the
leadership of the public utilities and oils, the strength in
these groups being due largely to special trade developments.
particularly the action of the East Texas producers in advancing crude oil 25c. a barrel following the increase of 33c.
by the Mid-Continent. Consolidated Gas of Baltimore
jumped about 2 points and Electric Bond & Share moved
up to 383/s. Industrials were mixed, Axton Fisher going up
a
about a point to 623/, while Kreuger Brewery slipped back
over a point to 203'. Mining shares were generally higher.
Trading opened fairly brisk on Friday, but slowed up later
in the day as profit taking increased and much of the early
gains were erased. In the final hour, there was a modest
rally which helped some of the stocks to come back, but the
greater part of the list was off on the day. Some of the more
popular issues like Aluminum Co. of America lost their early
advances, but again moved forward toward the close. In the
utility group, Electric Bond & Share lost all of its gains and
was 13/i points below its previous final. Oil share and
mining issues were moderately strong and investment trust
were fairly firm. The changes for the week were generally
on the side of the advance and included among others,
Aluminum Co. of America, 86 to 88; American Gas & Electric, 44 to 453 ; American Laundry Machine, 153 to 173 ;
4
,
'
American Light & Traction, 223' to 243'; American Superpower, 63/i to 732; Atlas Corp., 173 to 183i; Central States
%
Electric, 33 to 4; Cities Service, 43/i to 438; Commonwealth
4
Edison, 653" to 67%; Cord Corp., 113/i to 12; Creole Petroleum, 73/i to 73; Duke Power,66 to 6634; Electric Bond &
%
Share, 353/i to 38; Ford of Canada A, 123 to 13; Gulf Oil
of Pennsylvania, 5834 to 62; Hudson Bay Mining, 634 to 9;
Humble Oil, 833.4 to 85; International Petroleum, 17% to 18;
New Jersey Zinc, 5634 to 583 ; New York Tel., pref., 116 to
%
to 11734; Niagara Hudson Power, 12% to 13%; Pennroad;
Corp., 35% to 6; Singer Manufacturing Co., 150 to 1753/i
A.0.Smith,50 to 513 ;Standard Oil of Indiana, 3134 to 33;
%
Teck Hughes, 534 to 6; United Founders, 234 to 24; United
4
Gas Corp., 434 to 53 ; United Light & Power A,634 to 73/8;
United Shoe Machinery, 49% to 5334 and Utility Power,
2% to 2%.
A complete record of Curb Exchange transactions for the
week will be found on page 297.
July 8 1933
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
July 7 1933.
Stocks
(Number
of
Shares).
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
332,680 $1,991,000
706,593 3,589,000
Holt day
645,490 4,432,000
802,214 4,987,000
1,023,499 6,336,000
Total
$111,000
701,000
506,000
739,000
577,000
3,510,476 821,335,000 $2 634,000
Sales at
New York Curb
Exchange.
Week Ended July 7.
1933.
Total.
6168,000 $2,270,000
96,000 4,386,000
Boll day
343,000 5,281,000
172,000 5,898,000
157,000 7.070,000
6936,000 $24,905,000
Jan. 1 to July 7.
1932.
1933.
1932.
321,365
52,965,623
24,684,098
1.8,075,000
1,112,000
1,350,000
$484,303,000
23,851,000
23,714,000
$374,260,100
15,673,000
37,934.000
$24,905,000 $10,537,000
$531,868.000
6427,867,100
Stocks
-No. of shares_
3,510,476
Bonds.
Domestic
$21,335,000
Foreign government_ _
2,634,000
Foreign corporate
936,000
Total
Course of Bank Clearings.
Bank clearings continue to reflect the improvement in
trade and show larger totals. This is the fifth week in
succession that our bank clearings totals have registered
a gain, when compared with a year ago. The present week
the increase is substantial, but is due in part to the fact that
the July 1 payments this year were cleared in this week,
while last year the July 1 checks went through the clearing
houses the previous week. 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 8) bank exchanges
for all the cities of the United States from which it is possible
to obtain weekly returns will be 31.2% above those for the
corresponding week last year. Our preliminary total stands
at $5,346,423,938, against $4,075,200,212 for the same week
in 1932. At this center there is a gain for the five days
ended Friday of 51.2%. Our comparative summary for the
week follows:
Clearings-Returns by Telegraph.
Week Ending July 8.
1933.
1932.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St.Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2.965,415,585 $1,960,683,939
163,278,990
138,448,712
205,000,000
214,000.000
156,000,000
132,000,000
49,640,672
45,563,713
53,600,000
40,500,000
73,448,000
72,788,000
No longer will re port clearings.
60,910,866
59.698,831
31,644,369
42,771,528
35,412,849
49,046.277
29,534,805
41,227,766
15,495,000
26,302,172
+2.0
-26.0
-27.8
-28.4
-41.1
Twelve cities,5 days
Other cities,5 days
53.839,381,136
615,972,144
82,823,080,938
436.600,865
+36.0
+41.1
Total all cities, 5 days
All cities, 1 day
$4,455,353,280
891,070,658
$3,257,681,803
817,518,409
+36.8
+9.0
IA 24R 492 022
CA 072 onn 010
_1_01 0
+51.2
+17.9
-4.2
+18.2
+8.9
+32.3
+0.9
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 1.
For that week there is an increase of 2.6%, the aggregate of
clearings for the whole country being $5,543,767,278, against
$5,405,196,420 in the same week in 1932. Outside of this
city there is a decrease of 12.9%, the bank clearings at this
center recording a gain of 11.5%. The Boston, St. Louis,
Minneapolis and Dallas Reserve districts also have increases
but these districts, even though showing substantial gains,
were unable to offset the losses in the other districts, which
accounts for the loss outside of New York City. We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show a
gain of 10.7%, but in the Boston Reserve District the totals
show a loss of 19.8% and in the Philadelphia Reserve District of 14.0%. In the Cleveland Reserve District the totals
suffer a decline of 14.4%, in the Richmond Reserve District
of 29.8% and in the Atlanta Reserve District of 10.2%.
The Chicago Reserve District has a decrease of 16.3%, but
the St. Louis Reserve District has an increase of 4.4%, and
the Minneapolis Reserve District of 10.1%. In the Kansas
City Reserve District the totals are smaller by 3.4%, and
in the San Francisco Reserve District 6.8%, but in the
Dallas Reserve District the totals are larger by 0.7%.
Financial Chronicle
Volume 137
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended July 1 1933.
1933.
1932.
Inc.or
Dec.
Federal Reserve Dists.
$
let Boston ..__12 cities
238,596,673
2nd New York__12 "
3,922,064,523
3rd Philadelpla 9 279,208,192
4th Cleveland__ 5 "
175,242,372
5th Richmond _ 6 "
80,493,560
6th Atlanta_ __ _10 "
74,965,826
7th Chicago ___18 ..
311,533,719
8th St. LouIa.__ 4 "
88,518,439
9th Minneapolis 7 "
87,018,304
10th KansasCity 9 "
93,082,282
11th Dallas
5 "
32,293,140
12th Ban Fran_.13 "
160,750,248
$
297,439,158
3,543,487,256
324,585,472
204,756,137
114,633,470
83,523,336
372,114,742
84,780,028
79,061,410
96,331,474
32,063,743
172,420,194
Total
110 cities
Outside N. Y. City
5,543,767,278
1,721,240,632
5,405,196,420 +2.6
1,977,220,224 -12.9
lg-a 11. Rog
1931.
olg gon 7og -1.-R0 a
Canada
32 cities
Month of June.
June
1932.
June
1931.
Inc.or
Dec.
i 490 A9_5 R10
t nal 040 401 -l-222
1.420.157.538
1.74521557?
We append another table showing the clearings by Federal
Reserve districts for the six months for each year back
to 1930:
53 Months
1933.
$
5,105,654,976
78,355,674,974
6,452,554,183
4,028,842,541
1,928,139,032
1.869,383,611
6,029,879,210
2,017,349,279
1,599,071,250
2,462,377,126
1,348,121,665
3,773,771,312
Federal Reserve DIsts.
lat Boston ____14 Cities
2nd New York__13 "
3rd Philadelpla 13 "
4th Cleveland_ _14 "
5th Richmond. 9 "
6th Atlanta__-_16 "
7th Chicago ___25 "
8th St. Louis__ 7 "
9th Vinneapolls13 "
10th ansasCity 14 "
11th Dallas
10 "
12th San Fran 22 "
6 Months Inc.or 6 Montns
Dec.
1931.
1932.
$
6,624,177,738
88,821,929,140
7,646,359,259
5,434,508,796
2,850,135,788
2,458,155,328
9,746,958,563
2445775.389
1,844,133,205
3,270,716,354
1,619,134,056
4,916,851,661
ti
months
1930.
S
$
%
-22.9 11,122,872,048 13,555,150,110
-11.8 153,686,083,624 194,306,522,813
-15.6 11,194,743,318 15,084,873.106
-25.9 8,485,363.982 10,580,430,543
-32.3 3,801,854,949 4,756,132,828
-24.0 3,397,248,975 4,450,847,859
-38.1 17,352,382,456 23,270,912,485
-17.6 3,458,924.346 4,841.255,272
-13.3 2,535,673.228 2028,811,527
-24.7 4,559,248,153 6,048,859,578
-16.7 2,262.062,544 2,733,257,954
-23.2 7.036,753,305 9,118.085,411
Total
170 cities 114,970,819,159 137,679,835,277 -16.5 228.903,211,928 291,775,140,616
Outside N. Y. City
38,784,505,223 51,557,573,287 -24.8 78,826,465,008 101,877,360,242
Canada
32 class
ems on,aR0
g so, lin nal 4-3.5
1933.
1932.
176,718.570
$761,926,500
372,796,500
399,841,100
$377,195,900 $255,775,800 $1,712.137,500 $1,534,564,100
Total bonds
The volume of transactions in share properties on the
New York Stock Exchange for the month of June for the
years 1930 to 1933 is indicated in the following:
1933.
No. Shares.
•
1931.
1932.
1930.
No. Shares. No. Shares. No. Shares.
42,423,343
64,181.836
65,658,034
18,718,292
19,314,200
20,096,557
34,362,383
31,716,267
33,031,499
First quarter
58,129,049
99,110,149 172,343,252 226,694.430
Month of April
May
June
52,896,596
104,213,954
125,619,530
31,470,516
23,136,913
23,000,594
Second quarter
282,730,080
77,608,023 159,650,208 265,974,280
Six months
340.859.129 176.718.572 331,993.460 492,668,710
Month of January
February
March
62.308,290
67,834,100
96,552,040
54,346,836 111,041,000
46,659,525 78,340,030
58,643,847 76,593,250
The following compilation covers the clearings by months
since Jan. 1 1933 and 1932:
MONTHLY CLEARINGS.
Clearings Outside New York.
Clearings, Total AU.
Month.
1932.
1933.
%
1932.
1933.
%
$
$
$
$
20,141,759,034 26,447,984,113 -23.8 7,495,834,009 9,763,649.984 -23.2
Jan
Feb_ _ _ 18,394,473,930 21,333,355,246 -13.8 6.230,757,132 8,114,829,518 -23.2
Mar _ _ 16,457,395,180 24,486,131,521 -32.8 5,001,069,914 8,876,687,161 -43.7
1st cm_ 54,993,628,144 72,267,470,880 -23.9 18,727,661.055 26,755,166,663 -30.0
Apr... 16,703,083,774 22,826,372,573 -26.8 5,914,260,763 8,857,550,480-33.2
May.. 19,996,745,772 20,667,501,203 -3.2 6,689,801,527 7,928,232,424 -15.6
June_ _ 23,277,361,469 21,918,490,621 +6.2 7,452,781,878 8,019,848,008 -7.0
2d au_ 59,977,191,015 65,412,364,397 -00.0 20,056,844,168 24,805,630,912 -19.1
6 mos. 114070819 159 137679835277 -16.5 38,784,505,223 51,560,797,575 -24.8
June
1930.
Total
170 cities 23.277,361,469 21,912490,621 +6.2 39,246,521,381 50,243,613,551
Outside N. Y. City
7,452,781,878 8,016,623,720 -7.0 13,186,310,259 17,094,893,213
32 cities
1932.
340,859,129
Stock, number of shares_ 155,619,530 23,000,594
Bonds.
Railroad & miscell. bonds $276,280,000 $122,480,200 $1,063,435,900
388,454,500
State, foreign, &c., bonds 77,623,000 67,001,000
23,292,900 66,294,600
260,247,000
U.S. Government bonds_
49.R 568.922
Federal Reserve Dists.
$
$
$
$
%
1st Boston ____14 cities 1,038,559,533
943,381,567 +10.1 1,906,579,671 2,231,369,545
2nd New York__13 " 16,231,014,303 14,334,142,431 +13.2 26,692,124,014 33,884,376,220
3rd Philadelpla 13 "
1,126,715,752 1,163,413 421 -3.2 1,960,125,389 2,595,355,313
4th Cleveland__14 "
846,182,730 -8.4 1,387,191,844 1.760,339,634
775,155,130
5th Richmond 9 "
644,267 791
345,662,203
791,245,875
464,248,597 -25 5
6th Atlanta_ _ __16 "
537,203,232
334,070,108
686,054.299
358,854,436 -6.9
7th Chicago ___25 "
1,260,109,548 1,562,865,3E5 -19.4 2,814,415,861 3,794,767,849
8th St. Louis__ 7 "
576,977,627
796,832,585
386,581,050 +4.3
403,237,394
9th Minneapolis13 "
452,838,776
359,076 576
567,733,959
323,537,218 +11.0
10th KansasCity 14 "
760,084,774
980,295,140
533,193,532 -14.7
454,746,270
11th Dallas
10 ••
• 242,220,411
361,178,428
411,486,433
248,971,826 -1.5
12th San Fran_ _22 "
755,118,448 -6.5 1,153,232,974 1,743,756,699
705,799,231
Canada
1933.
8,781,065,135 11,117,054,685
2,789,593,636 3,787,997.836
901 704 FR5
Six Months.
Description.
$
558,609.760
7,516,516,351
561,592,648
456,783,940
153,267,938
123,078,316
911,536,735
167,906,917
109,561,688
171,873,900
57,765,739
327,960,713
We also furnish to-day a summary of the clearings for the
month of June. For that month there is an increase for
the entire body of clearing houses of 6.2%, the 1933 aggregate of clearings being $23,277,361,469 and the 1932 aggregate $21,918,490,621. This is the first time since November
1929 that our monthly tabulations have shown an increase
over the preceding year. In the New York Reserve District
the increase is 13.2%, and in the Boston Reserve District
10.1%, but in the Philadelphia Reserve District the totals
show a decline of 3.2%. The Cleveland Reserve District
suffers a loss of 8.4%, the Richmond Reserve District of
25.5%, and the Atlanta Reserve District of 6.9%. The
Chicago Reserve District suffers a diminution of 19.4%, but
the St. Louis Reserve District enjoys an increase of 4.3%,
and the Minneapolis Reserve District of 11.0%. In the
Kansas City Reserve District the loss is 14.7%,in the Dallas
Reserve District of 1.5%, and in the San Francisco Reserve
District of 6.5%.
We also furnish to-day a summary of the clearings for the
month of June:
June
1933.
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for June and the six months of 1933 and 1932 are given
below:
1930.
S
%
435,035,159
-19.8
+10.7 6,151,574,983
477,276,962
-14.0
297,087,970
-14.4
-29.8
141,256,607
107,837,546
-10.2
-16.3
559,131,930
113.519,457
+4.4
82,683,967
+10.1
121,778,416
-3.4
46,048,171
+0.7
247,833,967
-6.8
269
8.780.093.381 10.158 847 610
The course of bank clearings at leading cities of the country
for the month of June and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to June 30-June
1930.
1931.
1932.
1933. 1932. 1931. 1930. 1933.
(000,0008
$
$
$
$
$
$
omitted.)
$
$
15,825 13,902 26,060 33,149 76,186 86,122 150,077 189,898
New York
11.112 15,126
4,417,
990 1,795 2,481
Chicago
888
9,922 12,053
5,721
4,432
804 1,708 1,991
Boston
906
7,189 10,399 14,157
6,142
Philadelphia
1,070 1,087 1,831 2.239
3,231
2,470
1,658
1,340
544
267
416
St. Louis
272
4,628
3,648
2,223
1,760
772
586
Pittsburgh
343
353
5,078
3,746
2.148
2,685
785
599
399
408
San Francisco
2,452
2,004
1,497
956
242
336
387
Baltimore
171
1,687
1,493
1,104
858
240
278
Cincinnati
175
161
3,199
2,298
1,679
1,303
380
518
278
Kansas City
259
3.457
2,711
1,763
1,127
463
576
274
Cleveland
209
1,626
1,980
1,202
1,066
292
334
217
Minneapolis
247
1,083
1.219
720
404
174
104
181
New Orleans
67
3,486
4,628
1,819
609
715
300
580
Detroit
193
1,006
594
464
424
166
74
98
Louisville
81
1,117
918
595
438
175
149
Omaha
92
90
365
226
292
181
58
34
48
Providence
39
788
628
261
435
128
103
79
Milwaukee
50
1,355
1,033
695
571
172
226
110
Buffalo
112
607
529
396
334
104
68
90
St. Paul
65
841
492
637
365
112
132
81
Denver
40
332
449
566
229
91
52
73
40
Indianapolis
883
1.136
681
187
578
104
112
148
Richmond
502
273
327
72
227
37
52
44
Memphis
828
1,036
454
607
141
171
85
99
Seattle
367
457
206
247
60
74
39
39
Salt Lake CRY---218
302
416
47
65
194
39
35
Hartford
Total
Other cities
21,848 20,303 36,760 46,532 107,210 127,257 213,852 272,985
7,761 10,423 15,051 18,790
1,429 1,615 2,487 3,712
23,277 21,918 39,247 50,244 114,971 137,680 228,903 291.776
Totalall
Outside New York_ 7,453 8,017 13,186 17,095 38,785 51,558 78,826 101,877
We now add our detailed statement showing the figures
for each city separately for June and since Jan. 1 for two
years and for the week ended July 1 for four years:
CLEARINGS FOR JUNE, SINCE JANUARY 1, AND FOR WEEK ENDING JULY 1.
6 Months Ended June 30.
Month of June.
Week Ended July 1.
Clearings at-1933.
$
-41
1932.
Inc. or
Dec.
$
%
First Federal Rese rye District- Boston
Me -Bangor
2,103,092
1,944,016
9,287,577
Portland
4,735,358
Mass.
804,223,506
-Boston
906,316,619
Fall River
3,060.971
2,462,376
1,556,243
Holyoke
1,523,978
1,319,329
Lowell
1,307,813
2,372,272
New Bedford
2,391.843
13,953,064
12,675,154
Springfield
9,298,036
Worcester
5,796,344
34,509,295
Conn.
-Hartford
39,332,033
20,951,263
New Haven
15,261,785
5,027,500
Waterbury
4,689,700
33,965,400
R. I.
-Providence_
38,500,000
N. 00.
1,754,019
-Manchester_ _
1,622,514
Total(14 cities)
1,038,559,533
1933.
$
1932.
Inc. or
Dec.
1933.
1932.
Inc. OT
Dec.
1931.
$
%
$
$
%
a
-7.6
-49.0
+12.7
-19.6
-2.1
-0.9
+0.8
-9.2
-37.7
+14.0
-27.2
-6.7
+13.4
7.5
9,620,633
30,316,352
4,432,143,716
13,835,692
8,031,315
6,563,478
12.404,550
66,770,213
31,293,341
194,277,392
86.454,895
22,649,500
181,047,500
10,246,399
11,682,648
58.943,205
5,720.996,480
19,181,407
10,694,919
8,180,117
16,509,257
86,849,366
57,591,258
218,144,331
146,808,212
30,247,100
226,368,200
11,981,238
-17.7
-48.6
-22.5
-27.9
-24.9
-19.8
-24.9
-23.1
-45.7
-10.9
-41.1
-25.1
-20.0
-14.5
544,253
1,192,631
209,881.069
519,217
943,381.567 +10.1
5,105,654,976
6,624,177,738 -22.9
548,684 -0.8
2,477,003 -51.9
264,000,000 -20.5
585,703 -11.4
1930.
$
834,561
3.475,216
383,679,062
920,657
680,187
4,182,928
503,173,479
955,841
328,633
452,273
2,558,163
1,144,578
8,812,949
3,508,746
317,905
504,821
3,420,000
2,095,180
9,033,552
5,004,910
+3.4
-10.4
-25.2
-45.4
-2.4
-29.9
406,644
2,315,479
4,827,697
2,957.946
14,265,387
7,880,768
446,602
1,092,244
5,386,650
3,733,767
18,372,186
8.578,747
9,260,000
394,161
8,771,900
+5.6
680,310 -42.1
12,575,700
896,042
10,974,500
1,032.629
238,596,673
297,439,158 -19.8
435,035,159
558,609,760
Financial Chronicle
270
July 8 1933
Mg AKIN 08-((ontInue4.)
6 Months Ended June 30.
Month of J18724.
Week Ended July 1.
Clearings al
1933.
1932.
Inc. or
I Dec.
Second Federal Re serve District -New York
20,426,878
34,513,776
-Albany
N. Y.
3,324.920
3.594.410
Binghamton
110,415.197
111,713,685
Buffalo
2,543,299
3,329.045
Elmira
1,532,243
2,770,541
Jamestown
15,824,579,591 13,901,866,901
New York
30,462.102
28,754,315
Rochester
15,366.113
15,852,881
Syracuse
15,168,065
11,507,433
-Stamford_
Conn.
2,726,379
-Montclair _ __ _
2.157,729
24. J.
74,734,363
102,069.520
Newark
119,634,048
115,886,809
Northern N. J
6,582.722
3.643.769
Oranges
Total(13cities)___
1932.
217,862,016
143,442,202 +51.9
+69.0
19.739,692
22,051,159 -10.5
+8.1
571,277,622
694,927,022 -17.8
+1.2
14,575,055
-23.6
20,833,616 -30.0
9,227,088
-44.7
16,060,631 -42 5
+13.8 76,186,313.936 86,122,261,990 -11.5
150.632,355
197,127,687 -23.6
-5.6
81,515,183
102,737,808 -20.7
+3.2
60,858,035
-24.1
72,145,664 -15.6
9,985,307
-20.9
14.627,379 -31.7
401,609,765
611,565,425 -34.3
-26.8
611,430,861
-3.1
768,275.088 -20.4
20,648.059
-44.6
35,873,469 -42.4
1933.
1932.
$
$
9,505,289
*10,555,787
911,786
831,753
32,167,491
27,327.613
1,364,832
608,391
781,868
319,881
3.822,526,646 3,427,976,196
8,989,699
8.122,337
4,772,188
3,375,122
2,368.282
2,178,747
1,274,215
603,696
22,973,606
15,953,053
30,401,804
29,661,497
Inc. or
Dec.
1931.
1930.
$
$
%
+11.1
8.609,264
7.593,440
1,900,969
-8.8
1,573,525
57,977,162
-15.0
46,973,880
1,377,444
-55.4
1,344,307
-59.1
969,448
1,481,696
+11.5 5,991,471,499 7,329,056,849
-9.6
13,688,949
17,984,930
-29.3
6,504,148
8,135,162
-8.0
3,669,629
4,827,966
-52.6
998,130
1.046,503
-30.6
37,039.081
30,137,842
-2.4
46,634,362
48,095,189
16,231,014,303 14,334,142.431 +13.2 78,355,674,974 88,821,929,140 -11.8 3,922,064,523 3,543,487,256 +10.7 6,151,574,983 7,516,516,391
Third Federal Res erve District -Philladelph I a1,724.029 --21.3
Pa.-AlUmua
1,357,654
2,357,000
Bethlehem
1,624.194
1,198.414
Chester
10,375,420 -32.6
6,995,031
Harrisburg
4.872,054 -38.4
3,002,869
Lancaster
Lebanon
1,379.187 -1.4
1,359,200
2.191,146 +0.3
2,197,420
Norristown
Philadelphia
1,070,000,000 1.087,900,000 -1 6
9,547,108 -53.7
4.423,628
Reading
9,777,803 -24.1
7,421.198
Scranton
7,479,318 +6.4
7.955.475
Wilkes-Barre
5,017,072 -11.0
4.464,973
York
No longer will report clearing s
.
24.2.
-Camden
19,169,000 -14.8
10.334.900
Trenton
Total(13 cities)....._
1933.
Inc. or
Dec.
1.126,710,762 1,163,413,421
6,054,794
4,124.475
6.259.553
41,696,589
17.774,288
7.192,839
9,860,661
6,142.000,000
27.789,534
46.833,469
37,270,215
22,902,466
12,362,999
15,152,237
11,390,130
64,723.089
32,029,871
9,306,521
11,907.551
7,191,200,000
62,424,069
65,069,239
46,544,970
31,706,583
-51.0
-72.8
-45.0
-35.6
-44.5
-22.7
-17.2
-14.6
-55.5
-28.0
-19.9
-27.8
292,628
b
343,847
354,234 -17.4
is
b
487,483 -29.5
564,766
b
1,016,145
1,423,603
b
1,370,072
719,543
1,096,474 -34.4
2,278,483
1,849,074
453,000,000
3,131,465
4,263,518
3.024,221
1,651,594
533,000,000
3,965,361
4,998,310
4,475,044
1,797,819
264,000,000
943,381
1,260.698
*1,547,230
1,048,865
309,000,000
2,646,662
2,466,111
2,128.795
1,262,412
-14.6
-64.4
-48.9
-27.3
-16.9
82,795,300
92,542,000 -10.5
9,052,000
4,541,000 +99.3
5,435,000
5,224,000
-3.2
6,452,554,183
7,646,359,259 -15.6
279,208,192
324,585,472 -14.0
477,276,962
561,592,648
11,232,000 -65.5
1,103,643.853
1.763,178,728
207,228,400
12,267,652
3,540,082
19.477,757
-36.1
-21.5
-29.8
-52.2
+1.0
b
b
36,061,684
46,315,009
7,094,500
b
b
b
b
43,507,813 -17.1
66,158,338 -30.0
7.245,700 -2.1
_
b
b
50,456,393
100,190,228
11,092,900
b
b
65,323,555
135,064,016
15,070,700
Fourth Federal Re serve District -Cleveland 1,869,000
b
Ohio-Akron
b
4,022,465
Canton
175,035,407
160.868,708
Cincinnati
274,371,207
208,808,819
Cleveland
31,644,200
30,372,600
Columbui
2,016.714
1,764,573
Hamilton
486.922
267,943
Lorain
4,781,605
4,284,041
Mansfield
b
b
Youngstown
888.611
682.071
-Beaver County _
Pa.
469.138
346,413
Franklin
636,949
1,416,860
Greensburg
342,652,329
352,753,152
Pittsburgh
3,727,540
Ky.-Lexington
3.548,740
6,823,197
6.798,656
W. Va.-Wheeling
-23.9
-4.0
-12.5
-45.0
-10.4
3,876,000
18,567,30
857.554,154
1,127.382,196
162.680,350
8.613,896
1,691,113
19,674,280
896,817
887,050
+1.1
1,402,530
1,978,857
-23.2
-26.2
-55.0
+2.9
-4.8
-0.4
3,572.148
1,634,997
3,883.675
1,760,462,117
23,784,099
35,466,207
5,347.518
2,768,486
7.688,884
2,223,483,261
30.107,633
44,454,542
-33.2
-40.9
-49.5
-20.8
-21.2
-20.2
84,874,362
86,568,236
-2.0
131,473,919
234,093,812
846,182,730
-8.4
4,028,842,541
5,434,508,796 -25.9
175,242,372
204.756,137 -14.4
297,087,970
456,783,940
--76.2
--18.2
--6.7
4,866,791
54,250,000
578,097,645
5,803,052
16,054,240
6,205,325
955,859,053
4,871,064
10,801.471
71,802,783
680,887,076
18,278,750
21,758,343
24,657,650
1,496,614,455
6,458,135
100,220
2,510,000
23,885.885
412.067 -75.7
3,340,186 -24.9
28,588,772 -16.5
502,734
3,784,966
33,808,038
1.131,599
3,479,455
37,298,631
--33.9
302,125,862
464,248,597 -25.5
1,928,139,032
518,877,125 --41.8
2,850,135,788 --32.3
Total(14 cities) _ _
775,155,130
Fifth Federal Rese rve District- Richmond
1.809,434
430,885
W. Va.-Huntington_
12.413.000
10,152,000
Va.-Norfolk
111,670,555
104,165,181
Richmond
b
2,677.453
-Raleigh
N.C.
3.372.541
2,972.805
-Charleston _
S. C.
b
4,388.940
Columbia
241,505,439
170,538,466
Md.-Baltimore
915,209
961,574
Frederick
b
b
Hagerstown
85,449,661
56.487.657
-Washington
D. C.
Total(9 cities)
345,662,203
Sixth Federal Rese rye District- Atlanta
13.917.435
13,411,457
Tenn.-KnoxvIlle
_
37.113,825
41,216,794
Nashville
108.900.000
117,100.000
Ga.-Atlanta
2,086,133
3.637,915
Augusta
1.584,764
1,787,450
Columbus
2,035,637
2,064,618
Macon
36,325,652
32,187,517
-Jacksonville
Fla.
4,564,283
3.619.957
Tampa
35,847.521
42,245,377
-Birmingham _
Ala.
3.160,933
3,698,526
Mobile
1.866,222
1,976,829
Montgomery
1,975,000
2,719,000
MIss.-Hattiesburg _ _
3,301,862
b
Jackson
1,012,662
1,018,960
Meridian
446,370
420,344
Vicksburg
103,807.137
66,965,284
La.
-New Orleans.-Total(16 cities). --
334,070,108
358,854,436
-11.9
--29.4
--4.8
-3.6
+11.1
+7.5
+21.8
+12.8
+1.4
-11.4
-20.7
+17.8
+16.7
+5.9
+37.7
--5.8
--35.5
61,084,804
215,456,651
644.700.000
19,686,026
10.186,434
10,008,514
194,262,535
22,151,192
218,726,292
19,948,869
10,813,292
16,826.000
12.071.169
6.658.518
2,517,397
404,285,918
--6.9
1,869,383,611
68,340,158
245,371,229
746,900,000
22,954,161
12,423,626
13,162,432
262,530,034
31,739,963
243,512,321
23,652,707
13,503,880
19,376,000
23,917,197
7.965,331
3,167,456
719,548,833
--54.9
--24.4
--15.1
--68.2
--26.2
--74.8
--36.1
--24.6
727,801
40,789.651
774,605
-6.0
1,759,637
2,500,000
62,079,315 -34.3
78,422,209
89,403,631
12,480,003
19,438,525 -35.8
22,979,023
20,054,622
80,493,560
114,033,470 -29.8
141,256,607
153,867,938
3,004.278
8,211,317
25,600,000
637.876
2,127,321 +41.2
9,506,349 -13.6
26,700,000 -4.1
555,752 +14.8
4,340,860
10,485,401
30,670,910
1,164,450
3,000.000
16,594,836
28,930,601
1.471,199
459,101
9,741,000
448,757 +2.8
8,236,960 +18.3
742,859
9,290,187
1,400,000
10,867,557
9,180,142
911,683
9,468,352
860,205
-3.0
+6.0
11,519,309
1,194,880
17,505,864
1,781,880
-10.6
-12.2
-13.7
-14.2
-18.0
-24.0
-26.0
-30 2
-10.2
-15.7
-20.5
-13.2
-49.5
-16.4
-20.5
-43.8
131,123
17,089,306
143,426 -8.6
25.478,214 -32.9
169,978
38,258,712
235.899
41,290,500
2,458,155,328 -24.0
74,965,828
83,523,336 -10.2
107,837,546
123,078,316
421,092
47,451,578
787,145 -46.5
74,288,596 -36.1
751,834
118,261,033
784,508
182,098,081
820,551
2,431,370 -66.3
3,929,950
5,293,403
538,635
424,308
1,547,500 --65.2
1,263,001 -66.4
2,986,201
1,925.419
3,591,043
9,513,000
469,269
3,021,956
12,611,000 -24.6
902,354 -48.0
4,367,605 -30.8
18,541,000
1,240,940
6,336.899
25,119,000
6,118,438
0,073,588
11,405,835
17,567,077 -35.1
23,998,900
33,299,153
169,755
650,362 -73.9
2,548,350
3,180,964
5,075,510
6,130,711 -17.2
5,222,429
7,356,639
2,233,782
2,183,934
Seventh Federal R eserve Distric t-Chicago
421.616
Mich.
-Adrian
b
2,296,086
Ann Arbor
2,004,561
300,276,427 -35.8
Detroit
192,852,707
Flint
4,280,121 -30.3
2,985,022
12,211.108 -68.4
3,858,677
Grand Rapids
Jackson
1,977.064 +159.0
5,121,150
Lansing
5,364.611 -57.8
2,262,004
4,589,409 -54.2
Ind.
-Ft. Wayne__ _
2,100,278
Gary
7.271,435 -17.3
6,013,960
51.727,595 -23.4
39,619,000
Indianapolis
4,335,472 -56.9
South Bend
1,870,590
12.366,778 +2.8
12,715.171
Terre Haute
Wis.-Madison
4,240,287 -56.3
1,852 246
78,837,837 -36.9
49.763,733
Milwaukee
1,890,722 -48.8
Oshkosh
967,523
.839,450
Ia.-Cedar Rapids _ _ _
a3,224,288 -74.0
20,960,894
Davenport
b
Des Moines
22,545,737 -10.9
20,091,809
b
Iowa City
b
9,406,855 +7.8
10,142,972
Sioux City
b
Waterloo
b
-Aurora
1.953,237 -64.1
111.
701,547
4,140,585 -69.1
1,280,178
Bloomington
990.490,071 -10.4
Chicago
887,572,102
Decatur
2,201,968 -8.9
2,006,927
10,478,495 -16.4
8,762,824
Peoria
Rockford
2,030,244 +4.1
2,113,469
6,570,713 -47.5
Springfield
3,451,098
521,243
12,637,672
609,292,426
16,553,447
25.368,868
19.170,869
8,437.401
12,840,522
31,466,287
228,824,715
14,646,531
74,190,428
7,261.487
261,005,276
4,728,092
a3,753,060
24,796,932
111,216,787
is
45,037,148
3,190,475
16,373,295
1,818,625,241
35.977,097
77.113,528
14,637,820
38.838,860
29,552,460
44,600,157
331,904,301
34,017.410
85,619,966
32,178.714
435,110,982
11,769,558
al9,977,434
135,574,377
136,284,449
+2.3
3,781,807
3,422,749
9,746.933
4,416,507,830
9,935,901
47,883,907
13,067.707
21,318,052
11.389,736
26,761,175
6,212,946,611
15,475,844
65,790,126
22,525,526
44,351,502
-69.9
-63.6
-28.9
-35.8
-27.2
-42.0
-51.9
258,954
1,098.979 -76.4
1,493,427
5,728,663
b
1,769,444
225,958,907
621,227
1,860,269
481,912
807.181
242,293,138 -6.7
452,901 +37.2
2,434,087 -23.6
473,311
+1.8
1,282,033 -37.0
364,054,868
922,057
3,082,040
1,298,620
1,304,497
639,479,267
1,192,641
4,810,504
3,394,057
2,129.627
Total(25 cities)_ _ _ 1,260,109,548 1,562,865,365 -19.4
6,029,879,210
9,746,958,563 -38.1
311,533,719
372,114,742 -16.3
559,131,930
911,536,735
is
700,907
1,339,764,556
423,595,685
3,096.334 -77.4
1,657.566,998 -19.2
463,604,196 -8.6
59,900,000
18,265,716
57,400,000
17,326,451
+4.4
+5.4
83,200,000
18,527,237
112,600,000
37,821,160
-37.4
-16.8
-81.7
-60.4
10,052,723
a
300.000
9,482,214
+6.0
a
:71,363 -47.5
10,851,851
940,369
16,398,372
a
1,087.385
2.446,775,389 -17.6
88,518,439
84,780,028
+4.4
113,519,457
167,906,917
Eighth Federal Re serve District -Sc. Louis
-Evansville
Ind.
New Albany
471,711
Mo.-St. Louis
271.737,196
+1.7
267,079,201
Ky.-Louisville
73,618,642 +10.2
81.092,544
Owensboro
5.348,644 -6.8
Paducah
4,986.342
-Memphis._ _
Tenn.
43,919.658
37,206,470 +18.0
146,654
481,323 -69.5
ILL-Jacksonville__
Quincy
2,375,059 -42.9
1,355,000
Total(7 cities)
403.237,394
388,581,050
+4.3
20,040,978
226,736,381
558,480
5,952,292
2,017,349,279
-83.7
-22.8
-66.5
-54.0
-67.1
+31.0
-78.3
-56.6
-29.4
-31.1
-56.9
-13.3
-77.4
-40.0
-59.8
-81.2
-81.7
-18.4
66,349,353 -32.1
a
32,001.821
272,426,267
3,049,192
15,030.581
a
a
271
Financial Chronicle
Volume 137
CL Fl A RINGS-(Concluded.)
Week Ended July 1.
6 Months Ended June 30.
Month of June.
Clearings at
1933.
1932.
Inc. or
Dec.
$.
7
$
,o
Ninth Federal Res erve District -Minneapoll siginn.-Duluth
6,292,691 +176.3
17,386,501
216,847,088 +14.0
Minneapolis
247,208,800
Rochester
1,167,900 -32.4
789,160
St. Paul
68,230,290 -5.1
64.767.367
F. D.
-Fargo
7,084.916 -5.2
6.713,868
Grand Forks
4,906,000 -28.8
3,493,000
Minot
840,831 -20.4
669,000
I. D.
-Aberdeen_ _
2,660,166 -22.2
2,069,663
Sioux Falls
3,191,232 +24.3
3,966,433
Wont.-Billings
1,559,506 -18.9
1,264,283
Great Falls
2,249,614 -21.7
1,760.345
Helena
8,298.812 +5.9
8.787,987
Lewistown
208,172 -3.8
200,169
1933.
1932.
Inc. or
Dec.
$
$
1933.
1932.
Inc. or
Dec.
1931.
5
5
%
$
%
1930.
$
53.869,440
1,066,086,850
4.112,080
333.773,027
34,585,210
14,263,000
3,081,026
11,498,046
18,960,488
6,211,995
7,808,340
43,990,006
831,762
56,218,336
1,202.002.151
6.598,517
396.484,241
45.401,179
27,494,000
4,951.475
15,656,348
22.235.105
8,964.964
13,250,545
43,750,053
1,126,291
-4.2
-11.3
-37.7
-15.8
-23.8
-48.1
-37.8
-26.6
-14.7
-30.7
-41.1
+0.5
-26.2
3,869,151
62,904,937
1,800,639 +114.9
+7.4
58,588.787
3,729,918
56.372,327
5,057,070
76,760.684
16.110,530
1,345,680
14.299,597 +12.7
1,506.693 -10.7
17,742,606
1,677,894
22,088,897
1,868,004
473,530
591,534 -19.9
751,629
946,067
275,430
308,169 -10.6
439,599
627,363
+3.7
..- _
1,969.994
2,213,603
323,537,218 +11.0
1.599,071,250
1,844,133,205 -13.3
87,018,304
79,061,410 +10.1
82,683,967
109,561,688
Tenth Federal Rea erve District -Kansas Cit y
geb.-Fromont
746.748 -67.0
246,198
____
Hastings
b
628,325
Lincoln
7,611,161 -6.0
7,155,187
Omaha
91,685,547 -2.2
89,680,858
Efan.-Kansas City8,045,223 -23.6
6,148,123
Topeka
8,083,370 -2.6
7,871,633
Wichita
17,246,247 -40.0
10,342,255
k4o.-Joplin
1,294.880 +11.
1,446,250
7
Kansas City
258,764.270
278,394,847 -7.1
St. Jo mph
10,993,861 +13.0
12,521,617
Okla. Tulsa
20.315.086 -20.4
16,179.728
7010.-CoM. Springs_
3,380,819 -31.9
2.303,3J8
Denver
81.350,406 -50.3
40,394.149
Pueblo
3,417,212 -47.5
1,792.608
1,575,191
950,000
38.163,358
437,546,543
32,894,722
37,837,077
56,913,529
7,238,045
1,303,396.055
59,828,597
92,495,295
13,0.14,434
384.962.852
15,481,428
4.919.033
4,340,655
53,600,432
595,459,612
47,887.096
49,156,362
105.325,101
8.987,878
1,678.899,904
72,773,861
117,110,722
19,143,789
491,915,763
21,196.146
-68.0
-78.1
-28.8
-26.5
-31.3
-23.0
-46.0
-19.5
-22.4
-17.8
-21.0
-31.6
-25.8
-27.0
68,345
b
1,490,654
20,272,005
191,596 -64.3
b
b
1,694,661 -12.0
21,254,425 -4.6
299,049
b
3,102.048
27,688,873
318,954
b
3,670,145
39,129,402
2,159,873
2,843,608
1,647,201 +31.1
4,315,288 -34.1
3,127.365
5.744,719
3,995.225
8.597,725
63,066,257
2,647,027
64,055.374 -1.5
2,091,374 +26.6
76,071,908
3,731,223
109,002.364
4,908,165
133,452
404,329 -67.0
668,310
1,006,656
1.245,264
533,193,532 -14.7
2,462,377,126
3,270,716,354 -24.7
93,082,282
1,344,921
677,226 -40.8
-96,331,474 -3.4 121,778.416
Eleventh Federal Reserve Distr ict-Dallasrexas--Austin
4,028,605 -21.7
3,155,849
Beaumont
3,893,757 -39.3
2,362,551
Dallas
107,068,172 -0.4
106,589,427
El Paso
12.5
10,321,470
9,027,250
Ft. Worth
21,609,139 +1.7
21,981,347
Galveston
9,063,000 -27.7
6,557,000
Houston
78,309,393 +3.7
81,207,891
Port Arthur
1,019,183 -4.1
977,541
Wichita Falls
2,282,000 -7.1
2,118,912
La.
-Shreveport
9,377,107 -1.4
9,242,843
17,195.295
14,173,734
586,549,322
51.277,281
101,082,105
40,146,000
463,275,173
5,361,135
11.868,646
49,212,974
Total(13 cities)._
Total(14 cities)_ _ __
Total(10 eities)
359,076,576
454,746,270
243,220,411
246,971,826
-1.5
Twelfth Federal R eserve Distric t
-San Franc' sco-Wash.-Bellingham_ _
1,815,000 -17.4
•I,500,000
Seattle
99,144,705 -14.3
84,948,055
Spokane
23,702,000 -20.8
18,773,000
Yakima
1,516,343 -20.6
1,203,384
Idaho-Boise
4,136,797 -40.7
2,454,438
Ore -Eugene
22.5
589,900
457.000
Portland
75,399,819 -2.6
73,442,678
Utah-Ogden
1,576,748 +17.2
1,848,591
Salt Lake City
39,196,539 -1.1
38,783,507
Aria.
-Phoenix
18.1
8,476,054
6,941,090
Calif.-Bakersfield__ _
2,891,060 +1.8
2,943,011
Berkeley
10.4
13,914,516
12,471,472
Long Beach
13,176,882 +0.4
13,235,148
Los Angeles
No longer will report clearings.
Modesto
1,665,771 -9.4
1,508,722
Pasadena
12,782,727 -12.8
11,147,622
Riverside
2.0
2,927,074
2,8137,933
Sacramento
23,953,812 -40.2
14,323,533
San Diego
No longer will report clearings.
San Francisco
408,274,910 -2.2
399,254,038
San J090
6,752,125 -15.5
5,704,222
Banta Barbara
4,650,551 -12.4
4,072,515
Santa Monica
3,911,715 -11.0
3,482,314
Stockton
4,663,400 -4.9
4,436,960
Total(22 cities)..
705,799,231
755,118,448
-6.5
1,348.121,665
25.155.444
25.622.532
696,913,598
66.545,467
146.913.304
55,744,000
515.834,292
7,363,374
15,081,000
63,961,045
-31.6
-44.7
-15.8
-22.9
-25.8
-28.0
-10.2
27.2
-21.3
-23.1
1,619,134,056 -16.7
6,309,000
454.463,640
109,404,000
6,379,057
12,588,060
2.190,000
372,758.523
9,319,690
206,347,866
37.027,938
13,860,284
68,609.922
66,807,832
10,935,540
606,684,196
- 155,224,000
11,657.608
25,097,027
4,376,326
477,420,524
11,587,869
246,768,782
61,912,898
18,212,284
91,385,015
86,053,905
-42.3
-25.1
-29.5
-45.3
-49.8
-50.0
-21.9
-19.6
-16.4
-40.2
-23.9
-24.9
-22.4
7,514.759
63,437.338
14,952,788
79,030,484
10.797,100
93.799,997
23,250,187
165,399,946
-30.4
-32.4
-35.7
-52.2
2.148,307,719
30.886,152
21,384,386
19,124,008
23.067,868
2,685.356,114
42,694,356
31,030,227
25,889,978
31,317,782
-20.0
-27.7
-31.1
-26.1
-26.3
3,773,771,312
4,916.851,661 -23.2
2,039,046
401,061
851,875
23,784,048
4,566,302
1,275,000
1,965,991
171,873,900
1,008,322 -15.5
1,482,354
1,528,534
+4.1
30,427,749
36,658,059
4,508,875 +1.3
1,748,000 -27.1
8,479,958
2,234,000
10.283,662
4,177,000
22,847,404
•
1.815,915
32,293,140
1,951,142
-6.9
3,424,110
5,118,484
32,063,743
+0.7
46,048,171
57,765,739
20,581,684
4,599,000
328,510
22,490,194 -8.5
5,789,000 -20.6
462,430 -29.0
28,672,805
8,898,000
734,840
37,635,324
11,643,000
974,623
16,455,274
16,473,569
-0.1
25,561,319
34,060,352
10,345,852
10,867,173
-4.8
13,995,54
18,311.176
+6.7
2,918.572
3,114,964
No longer w ill report clear hags.
5.336,326
7,269,951
5,564,107
3,177,636 -27.8
4,258,627
4,144,770 -36.9
2.615,353
No longer will report clear legs.
96,478,482 101.752,074 -5.2
1,550,232 -18.6
1,261,898
1,101,336 -16.8
916.240
+2.1
765,747
782,028
+5.3
927,461
976,636
9,284,537
7,758,958
142,830,076
3,389,838
1.635,575
1,400,680
1,835,800
194.919,699
3,473,459
2,097.220
1,979,449
2,273,400
-6.8
247,833,967
327,980,713
2,294,327
160,750,248
172,420,194
+2.6 8.781,065.135 11 117054685
Grand total(170 cities) 23,277,361,469 21,918,490,621
+8.2 114,970.819,159 137.679,835,277 -16.5 5,543,767,278 5,405,196,420
Outside New York... 7,
452.781,878 8,016,623,720
-7.0 38,784,505,223 51,557.573.287 -24.8 1,721,240,632 1,977,220,224 -12.9 2,789,593,636 3,787,997.836
CANADIAN CLEARINGS FOR JUNE, SINCE JANUARY 1, AND FOR WEEK ENDING JUNE 29.
Total(32 cities)._
1933.
1932.
s
%
%
+25.0
+53.3
+480
+26.2
-5.3
-49
-8.4
-4.1
+2.9
-11.5
+10.6
-10.3
+19.2
+0.8
-16.2
+8.5
-18.4
-9.8
-4.5
+13.4
-3.5
+7.7
-4.1
-8.4
-4.3
-9.2
-16.2
-10.1
-7.6
+10.8
+1.1
+16.7
$
1,900,147,915
2,227,002.792
1,078,126,345
305.055,431
95,602.965
91,195,707
48.273.695
81,293,191
116,795,618
34.857,693
31,973,960
56.449,235
85,497,402
72,905.300
6,407,730
7,463,748
27,326,159
12,562,444
17,719,853
12,395.713
9,907,426
4,255.150
12,765,904
12,982.499
19.941,685
50,653,920
5,395,487
14,682.945
11,778,268
9,941,295
8.484.060
11.581,423
1,974,464,362
1,992.827,663
856,621,136
319,517.924
125,548,851
106,636,337
60,304,545
98,961,863
124.948.032
44,946,845
36,351,843
66,806,438
98,979,698
82,718.196
8,337,801
7,979,925
35,108.424
14,253,073
20,099.256
14,026,589
11,951,928
4.451,460
14,916,348
14.734,008
22.302,660
60,624,150
7,545,347
18.969.192
14,037,841
11,425,957
10,239,826
12,472,55
-3.8
+11.8
+25.6
-4.5
-23.9
-14.5
-20.0
-17.9
-6.5
-22.4
-12.0
-15.5
+18.0
-11.9
-23.1
-6.5
-22.2
-11.9
-11.8
-11.6
-17.1
-4.4
-14.4
-11.9
-10.6
-16.4
-28.5
-22.6
-16.1
-13.0
-17.1
-7.1
1,429,625.813 1,081,348,423 +32.2
6,479,422,958
6,293,110,077
+3.5
$
422.390,386
499,150,381
247,976,030
64,796,936
20,327.832
17,714.731
9,111,338
16,635,935
24,156,318
8,235,283
6,469.268
11,304,677
19,504,697
13,203,112
1,230,107
1,458,660
5.050,969
2,074.607
3,479,585
2,824,609
1,902,629
846,754
2,455,850
2.633,292
4,361,671
9,514,602
989.948
2.922.159
2,428,968
1,959,780
1,892,827
2.621,812
$
337,852,028
325,682,864
167,540,853
51,336,697
21,460,970
18,621,981
9,945,675
17,341,119
23,472,955
7,043.305
5,847,245
12,598,359
16,365,996
13,096,757
1,467,965
1,344,743
6,187,888
2,299,311
3,643,253
2,490,185
1,971,026
785,853
2.559,795
2,429,010
4,555,528
10,482,003
1,180.811
3,249,911
2,627,592
1,788,591
1,872,488
2,246.966
•Estimated. a Not Included in totals. b No figures available.
1932.
1933.
0*-4.4.4p4Am..^..P..nzWO.0000MW1i.M.0 =0,,
.0
I
4..000,mWm-40-40C.OwWcn.40.w0.-4.wcon,,,sw.i.
1932.
Inc. or
Dec.
.000
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New 'Westminster__
Medicine Hat
Peterborough
Shot brook°
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
1933.
Inc. or
Dec.
4 .
“
olsrP.N.W0=4.0w.O.0000CWN...
4WMW -4000.
'
Week Ended June 29.
8 Months to Date.
Month of June.
Clearings at
363,435,526
Inc. or
Dee.
1931.
1930.
5
5
5
%
82,556,980 +29.8 105.008,206 170,874,3443
69,885,162 +45.4
88,953.483 104,141,679
59.110,731.
33,036,113
31,944,139 +209.5
19,164,644
15,491,177
11,347,855 +19.9
6.858,944
4,923,280 -6.4
5,342,058
8,919,718
5,188,199
4,125,365 -15.1
3,415,041
1,994,000 -10.1
2,528.359
4,760.259
6,476.226
3,344,783 +4.3
7,973,348
5,148.313
4.555,500 +33.2
2,263,882
1.688.769
1,563,671 -11.3
1,691.717
2,629,042
1,149,741 +11.0
3,685,684
2,850.741
2,260,8.8 -7.6
6,276.375
4,216,700
3,093,841 -5.9
2,617.718
4,502,699
3,002,837 +34.0
465,814
350399
299,765 -4.5
549,602
371,667
289,938 +2.2
1,922,392
1,402,342
1,231,436 -9.9
1,272,870
516,885 -21.4
368,707
1,205,674
884.029
677,670
+1.3
560,538
797,652
488,969 +25.2
918,578
420,752 +11.2
617,827
408,251
147,281 +29.1
236,435
531,839 +1.5
549,266
930.535
490,660 +13.7
805,844
871,434
835,066
+2.0
830,460
1,173.641
2,217,011 -6.9
2,458,112
4,623,332
215,172 -2.8
473.444
352,803
864,441
+8.0
813,801
1,033,571
595,579 -13.6
1,246,198
727,693
421,415 +1.6
523,768
635,01€
339,552 +0.5
685,181
423.861
547,172 +17.5
1,460,661
678,300
236,878.725 +53.4
291,794.665
426.966.221
Financial Chronicle
272
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular Of
Samuel Montagu & Co. of London, written under date Of
June 21 1933:
GOLD.
The Bank of England gold reserve against notes amounted to £187,120,895
on the 14th instant, an increase of £472,211 as compared with the previoult
Wednesday.
The Bank of England to-day announced the purchase of £975,047 in
bar gold.
Substantial amounts of gold were available in the open market; there
was a keen demand from Continental buyers and in consequence, prices
have again ruled at a premium over the parity with the French exchange.
Quotations during the week:
Equivalent Value
Per Fine
Ounce.
June 15
1228. 2d.
June 16
138. 11.01d.
122s. Id.
135. 10.84d.
June 17
122s. 2Mcl.
June 19
138. 10.89d.
122s. 2d.
June 20
138. 11.01d.
122s. Id.
June 21
13s. 10.89d.
122s. 2d.
Average
139. 10.92d.
1225. 1.75d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 12th instant to mid-day on the 19th instant:
Exports.
Imports.
Germany
£31,805
£1,901,407 Portugal
37,030
Netherlands
862,904 Netherlands
628,199
France
70,509 France
63.900
Switzerland
46.381 Switzerland
Iraq
1.300
13.942 Germany
U.S A
16,381
Costa Rica
17,678
Peru
55,387
British South Africa
1,113,617
British India
544,816
Australia
81,279
New Zealand
22,616
Canada
545,435
British Malaya
64,025
Other countries
23,544
cUsgrIll.
£762,234
£5.370.021
Gold shipments from Bombay last week amounted to about £066,000.
The s.s. "Naldera" carries £662,000 consigned to London and £52,000 to
Marseilles, the s.s. "Elysia" has £102.000 consigned to London and the
s.s. "President Polk" £60,000 consigned to Marseilles.
SILVER.
The outstanding feature of the week was the announcement made by
the Chancellor of the Exchequer on the evening of the 14th instant, of an
arrangement whereby a payment of $10,000,000 as an acknowledgment of
the war debt to the United States of America was to be made in silver.
The silver, which it was stated would be accepted by the United States
Government at 50 cents per fine ounce, had been acquired from the Government of India; from the Indian Currency Returns given below, it will be
seen that the holding of silver coin and bullion in Ind a on the 15th instant
shows, as compared with the previous return, a reduction of 620 lacs of
rupees which is equivalent to about 21,300,000 fine ounces.
In view of the fact that the silver had ben secured without recourse
to the market and that some such arrangement had been anticipated, the
effect seemed to have been discounted and consequently the market did not
show the reaction which might have been expected. Rather the contrary
happened, as, after only a slight improvement, a slightly easier tendency
was shown, American speculators realizing some of their holdings. The
likelihood of action being taken t stabilize the dollar exchange caused some
weakness in New York, where si ver declined in sympathy with a general
downward movement.
Sales on Continental account have again been in evidence during the
week and buying has still been mostly of a speculative nature. Some fresh
purchases have been made by the Indian Bazaars, but there has also been
some reselling from the same source.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 12th instant to mid-day on the 19th instant:
Exports.
Imports.
Soviet Union (Russia) ____ £130,000 Yugoslavia
£38,475
Germany
60.141 Germany
1,080
8,462 French Foss,in India
13,060
Belgium
3.211 U. S. A
148,065
China
8,000 Straits Settlements
3,500
Australia
21,652 France
1,037
4,451 Other countries
Other countries
5,447
£235,917
L'210.664
Quotations during the week:
IN NEW YORK.
IN LONDON.
(Cents per Ounce .999 Fine.)
Bar Silver Per Oz. Standard.
Cash
2 Mos.
Deity.
Dello.
June 14
June 15
19Md.
199-16d.
363
June 16
35 13-16
195-16d. June 15
19Md.
June 17
June 16
19Md.
19 1-16d.
35
June 19
June 17
193-16d.19)d.
35
June 20
June 19
193-16d.19 Md.
36
June 21
19Md.
191-16d.
35 15-16
June 20
Average
19.281d.
19.219d.
The hirest rate of exchange on New York recorded during the period
from the 5th instant to the 21st instant was $4.19)4 and the lowest $4.02 M.
INDIAN CURRENCY RETURNS.
June 15. June 7. May 31.
(In tacs of Rupees)
Notes in circulation
17567
17546
17569
10278
Silver coin and bullion in India
10898
10921
2645
2890
Gold coin and bullion in India
2645
Securities !Indian Government)
4003
4003
4399
The stocks in Shanghai on the 17th instant consisted of about 131.200,000
ounces in sycee, 270,000,000 dollars and 6.960 silver bars, as compared with
about 130.500,000 ounces in sycee. 265,000,000 dollars and 6,960 silver
bars on the 10th instant.
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Thurs.,
Tues.,
Sat.,
Frt.,
Wed.,
Mon.,
July 7.
July 5.
July 3.
July 6.
July 4.
July 1.
Sliver, per oz__ 1855d.
189-156. 1834d. 18 15-18d. 187-156. 185-156.
Gold, p.fine ox. 122a.4 Yid. 1238.1d. 1228.10d. 122s.7d. 124a.1d. 1246.3d.
Consols, 2H% 7234
71%
7134
71H
72H
71%
British 3)4%99
W. L
98H
9855
98%
9855
98H
British 4%1960-90
109%
110
110
110
11055
110%
French Rentes
(In Parls)3% fr. Holiday.
87.30
67.30
68.50
66.90
66.80
French War L'n
(in Paris) 5%
Holiday. 105.00
105.70
105.10
1920 smolt
104.70
104.20
The price of silver in New York on the same days has been:
Sliver in N. Y..
per on. (cta.)
363;
36).‘
389(
36)4
3634
3634
July 8 1933
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
July 1 July 3
1933. 1933.
Francs. Francs.
13,200
Bank of France
1,700
Banque de Paris et Pays Bads490
Banque d'Union Parisienne
368
Canadian Pacific
19,900
Canal de Suez
2,880
Cie Disk d'ElectricItie
2,430
Cie Generale d'Electricitie
55
Cie Generale Transatlantique.....
518
Citroen B
1,180
Comptoir Nationale d'Escompte
320
Coty Inc
382
Courrieres
840
Credit C,ommercial de France
Credit Fonder de France
2:iiii
Credit Lyonnais
2,880
Distribution d'Electlicitie la Par
3,140
Emu Lyonnais
790
Energle Electrique du Nord....
1,100
Energie Electrique du Littoral
French Line
iii
Gaieties Lafayette
HDOALYIGas le Bon
"iio
Kuhlmann
880
L Alt LiquIde
1,005
Lyon (P. L M.)
380
Mines de Courrieres
480
Mines des Lens
1,570
Nord *By
982
Orleans fly
1,090
Paris, France
78
Pathe Capital
1,330
Pechiney
66.90
Renter' 3%
105.00
Ronk* 5% 1920
77.10
Reines 4% 1917
83.80
1,90
9
Rentes 4 Li %'1932 A
Royal Dutch
1,420
Saint Gobain C & 0
1,598
Schneider & Cie
550
Societe Andre Citroen
79
So.-tete Fi ancalse Ford
148
Societe Generale Fonciere
3,175
Societe Lyonnalse
567
Societe Marsellaise
19,800
Suez
205
Tubize Artificial Silk pref
1,050
Union d'Electricitie
180
Union des Mines
91
Wagon-Lits
July 4
1933.
Francs.
13,540
1,725
416
371
20.410
2,915
2,400
57
568
1,185
305
396
866
5,195
2.325
2,860
3,220
810
1,138
--55
-ioi
889
1,015
394
498
1,531
947
1,112
- 82
1,370
66.80
104.85
____
83.70
__
1,i70
1,627
560
81
156
3,205
571
20,400
205
1,065
186
99
July 6 July 7
1933.
1933.
Francs. Francs.
13,800 13,400
1,750 1,780
405
iii
366
20,035
-2,780
2,400 2,alle
1ii ie
.
56
--..
550
1,210
290
270
398
875
5,160 5,15----5
2,370 2,400
2,790 2,790
3,020 3,100
"iiii
790
1,151
1,071
61
--ii
92
--155
1,220 1,230
-iio
690
700
900
880
870
1,020 1,000
-iiii
410
400
500
490
480
1,535 1,500 1,450
945
937
1.100 1,110
1,100
79
81
1,360 1,360 1;56
66.50 67.30 67.30
104.20 105.70 105.10
76.00
75.90 76.20
83.00 83.60 83.20
2,010 1,960 1,960
1,470 1,441
......
1,625 1,655
570
550
-Ho
95
95
90
156
151
_1_t_t8
.
3,180 3,055
572
575
20,400 20,100 20,2(11)
207
207
1,040
-566
980
190
210
-iiii
......
103
July 5
1933.
Francs.
13,800
1,760
423
370
20,590
2,930
2,450
56
560
1,200
300
412
910
5,240
2,390
2,800
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
July
1.
July July July July
3.
4,
5.
6.
Per Cent of Par
144 143 144 147
Reichsbank (12%)
91
Berliner Ilandela-Gesellachafl (5%)
91
91
91
51
50
Commem und Privet Bank a.
51
51
56
Deutsche Bank und Datconto-Geeellechaft56
55
54
46
Dresdner Bank
45
45
45
99
98
99
Deutsche Reichsbahn (Ger Rya) prof(7%)-99
24
23
22
Allgemelne Elektraltaets-Gesell
23
H 0)
107 107 106 104
Berliner Kraft u Licht (10%)
HOLI-107 107 108 108
Deesauer Gas (7%)
DAY 88
85
Geduerel(5%)
82
83
100
Hamburg Elektr-Werke (8)4%)
99
99
96
159 157 155 154
Siemens& Hamice(7%)
128 128 128 129
10 Farbenindthtrie(7%)
172 168 166 165
Salzdetfurth (734%)
202 202 202 206
RhelnIsche Braunkode(10%)
113 112 112 113
Deutsche Erdoel(4%)
81
62
62
Mannesmann Roehren
62
15
Repair
14
15
14
18
18
15
Norddeutacher Lloyd
16
July
7.
144
91
51
54
45
100
23
103
108
82
96
154
129
164
205
115
61
14
15
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of July 7
1933:
Bids
22
Anhalt 7. to 1946
Argentine 5%, 1945. 8100
8012
pieces
2222
Andoquia 8%, 1946
Austrian Defaulted Canoed! 170
Bank of Colombia. 7%,'47 32
Bank of Colombia,7%. 4
'
8 32
28
Bavaria 634/1 to 1945
Bavarian Palatinate Cons.
18
Cit. 7% to 1945
Bogota (Colombia)634,'47 2112
Bolovia 6%. 1940
11
Buenos Aires Scrip
16
Brandenburg Elec. Sa, 1953 49
Brazil Funding 5%,*31-'51 4912
British Hungarian Bank
142
834s. 1962
Brown Coal Ind. Corp.
53
6)is, 1953
Call (Colombia) 7%. 1947 1512
Callao (Peru) 734%, 1944 1 8
Ceara (Brazil) 8%, 1947._ 18
Columbia Script
25
Costa Rica Script
24
City Savings Bank, Budaf5512
peat 7s, 1953
Deutsche Bk 6% '32 unst'd 164
Dortmund Mite CBI 6$,'48 33
Duisberg 7% to 1945
/15
Duesseldorf 7s to 1945.-- 20
EMIL Prussian Pr. es, 1953.
4412
European Mortgage & Investment 734s, 1966.._ _ /58
French Govt. 5t4, 1937.- 117
k tench Nat. Mall SS.6s.52 110
Frankfurt 7s to 1945
23
German Atl. Cable 7s, 1945 5312
German Building & Landbank 634%, 1948
27
Haiti 6% 1953
83
Flamb-Am Line 64.to '40 86
Hanover Harz Water Wks.
6%, 1957
23
Housing & Real imp 7s,'46 34
Hungarian Cent Mut Is'37 135
Flat price.
AA.
844Asa.
27 Hungarian Discount & Exchange Bank 7s, 196..3 /32
34
. Hungarian Defaulted Coup 60
141- Hungarian Kai Bk 734s,'32 /67
2
71
HoholYt 6145, 1943
33I2 8721
Land M Bk, Warsaw 8s,'41 47
52
3312 LeiPsig Oland Pr. 632s,'46 56
59
32 Leipzig Trade Fair 7s, 1953 26
29
Luneberg Power. Light &
21
Water 7%, 1948
46
49
2312 Mannheim & Palat 7s. 1941 45
48
Munich 7s to 1945
28
31
15 Munk Bk, Hessen,7s to '45 22
27
51 Municipal Gas & Else Corp
5012
Recklinghausen, 7s, 1947 29
33
Nassau Landbank 83-45,'38 5812 6012
44 Nat Central Savings Bk of
[lunge., 735s, 1962._ /44
46
56 National Hungarian &
17
43
Mtge. 7%, 1948
45
11 Oberpfalz Klee 7%, 1946_ 25
28
---- Oldenburg-Free State 7%
to 1945
22
27
- -- Porto Alegre 7%, 1968.... /24
25
Protestant Church (Ger3812
28
many) 7s, 1946
32
Prov Bk Westphalia 61,'33 /60
70
-3
5 Prov.Bk Westphalia 6%'36 40
50
19 Rhine Westph'aElect 7%'36 45
49
25 Rlo de Janeiro 8%, 1933_ I 23
2412
4612 Rom Cath Church 655s,'46 48
50
C Church Welfare 78,'48 3612 3812
59 8aarbruenken M Bk 85,'47 74
76
121 Salvador 7%, 19;i7
/19
20
113 Santa Catharine (Brazil)
8%. 1947
27
1814 1914
1412
5512 Santander (Colons) 7e, 1948 1 13
Sao Paulo (Brazil) (Is 1947 / 1712 181a
30 Saxon Public Works5%,
'32 /45
55
68 Saxon State Mtge 6s, 1947 55
69
71 Slam & Bakke deb 611. 2930 1250
270
Stettin Pub Utll 7a, 1946._ 40
42
27 Tucuman City 78, 1951. 1 2112 2912
36 Tucuman Prov. 7s, 1950.. 35
38
37 Vesten Elsa fly 7. 1947_
16
20
Wurtenberg 7s to 1945.,... 28
31
ZotranevtialiandWascellatteratsBents
Name ef Company.
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
BRANCHES AUTHORIZED UNDER ACT OF FEB. 25 1927.
-The First National Bank of Salt Lake City, Utah.
June 26
Location of Branch: 1065 East 21st South St., in the City of
Salt Lake City. Certificate No. 843A.
-Central United National Bank of Cleveland, Ohio.
June 28
Location of branch: 13921 St. Clair Ave., Cleveland, Ohio.
Certificate No. 844A.
-The United States National Bank of Portland, Ore.
June 28
Location of branches: Corner of Third and Washington Sts.
(319 Washington St.), The Danes, Wasco County, Ore.;
Certificate No. 845A: 345 Front St., Woodburn, Marion
County, Ore., Certificate No. 846A.
-The National Bank of Commerce of Seattle, Wash.
June 29
Location of branch: Southwest corner of Tower and Maple
Sta. (327 North Tower St.), Centralia, Lewis County. Certificate No. 847A.
-Central United National Bank of Cleveland, Ohio.
June 30
Location of branch: Buckeye Road and East 118th St., in the
City of Cleveland, Ohio. Certificate No.848A.
July 1-The United States National Bank of Portland, Ore.
Location of branch: Elks Bldg., Court and Garden Sts.,
Pendleton, Umatilla County. Certificate No. 849A.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock ExcAange, 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 Kroger Grocery & Baking Co. (Ohlo), common, no par
213 Am. International Corporation (N.Y.), common, no par
4 Am. International Corporation (N. Y.), common, no Par
75 Radio Corporation of America (Del.), common, no Par
115 United Corporation (Del.), corn., no par
$ per Sh.
32l5
13%
13%
9%
12%
By R. L. Day & Co., Boston.:
per Sh.
Shares.
Stocks.
97
5 Second National Bank, Boston, par 525
42
11 Luther Manufacturing Co., par 100
10 Durant Motor Ltd.of Canada, par 10; 250 Clifton Consolidated Mines, Ltd.,
$4 lot
par $1: 5 La Rose Mines Ltd, par 1
$28 lot
27 The Thermatomic Corp., preferred, par $100
9 Bangor Hydro Electric Co.. common, par $25
First mtge. deed and promissory note, dated Boston Feb. 26 1932 for 528.500
$12,000
payable on demand bearing interest at 6% per annum monthly.
By Barnes & Lofland, Philadelphia:
$ per Sh.
Shares.
Stocks.
$3,000 lot
100 The Mount Lebanon Cemetery Co.. Par $10
$5,500 lot
70 Citizens Passenger Ry.Co., par $50
523 lot
70 Furness Corp.. preferred, par $100
$8 lot
280 Furness Corp., common, no par
240
3 First National Bank of Philadelphiapar $100
32
25 Corn Exchange National Bank & Trust Co., par $20
19%
79 Chester-Cambridge Bank & Trust Co., Chester, Pa., par 120
30%
61 Pennsylvania Co.for Insurances on Lives & Granting Annuities, Par $10.20 Girard Trust Co. par $10
5 Provident Trust Co., par $100
830
9
20 Real Estate-Land Title & Trust Co., par $10
Per Cent.
Bonds$1,000 Darby, Media & Chester Street Ry. Co., 414%, Due 1936
284
$5,000 Stanley Real Estate Co.,55i% 1st mtge., June and Dec. 1, Due 1945._ 56
By A.J. Wright & Co., Buffalo:
Shares.
Storks.
_Per 3
0
5 The Como Nines __________________________________________________S_ 205.
50 Piston Trubee & Co., Inc
10c. lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Augusta & Sabannala
Extra
Piedmont & North (guar.)
Pitts. Chin.& Bt. Louis (5.
-a.)
When
Per
Cent. Payable.
52%
25c
75c
52%
Public Utilities.
Beverly Gas & Elect.(guar.)
1.13
Brockton GM Light (quar.)
380
Calgary Powder Co., Ltd., pref.(guar.)- $114
California Oregon Pow. Co.7% p1.(qu.)
%
6% preferred (quar.)
%
6% preferred,series 1927(guar.)
I%%
Central Power Co.,7% pref.(guar.) _ _ _
87y4c
75
6% preferred (gum.)
0
Columbia Gas& Elm.Co.,corn.(guar.)- /200
5% cony. preferred (guar.)
114%
6% preferred (quar.)
1%%
5% preferred (quar.)
%
Columbus Ry. Pow.&Lt.pt. 9111i
51%
Commonwealth Telep.,6% Pref.(qu.). 1)4%
ConcordElectric (quar.)
700
6% preferred (guar.)
31%
Continental Public Service,class A (8.-4.) ,5%
Diamond State Telep. Co.(quar.)
$2
Edison Elec. Ilium. Co. of Boston (qU.)- 52%
Exeter & Hampton Elec. Co.(guar.)
52%
Fairmount Park & Hadd. Pass. RY.(1-a.) 51%
Federal St.& Pleasant Valley Pass. Ry _ _ 62140
Fitchburg Gas& Elect. Co.(quar.)
69e
Home Tel.& Tel.(Ft. Wayne) Mari-- 6210
Honolulu Gas Co.(monthly)
150
Lexington Telep., 614% pref. (quar.)
1)4%
500
Lorain Telep. Co.,6% pref.(monthly)_
6% preferred (monthly)
50c
6% preferred (monthly)
50c
%
Los Angeles Gas & Eieo.6% pt.(qua:.).
35e
Maine Gas Co.'s, corn.(guar.)
Montreal Tramways(quar.)
52
Municipal Gas Co., Texas,$7 pt.(qu.)-- 51)4
Northern New York Utilities, Inc.,
7% 1st preferred (guar.)
1St%
Ohio Public Service Co.,7% prof.(mo.)- 581-So
6% preferred (monthly)
500
5% preferred (monthly)
41 2-30
Phila.& Grays Ferry Pass. Ry.(s.
52
-a.)_ Philadelphia City Pass.Ry. Co
51%
273
Financial Chronicle
Volume 137
Books Closed
Days Inclusive.
July 5 Holders of rec. June
July 5 Holders of rec. June
July 10 Holders of rec. June
July 20 Holders of rec. July
15
15
30
10
July 6 Holders of rec. July 1
July 15 Holders of rec. July 1
Aug. 1 Holders of rec. July 15
July 15 Holders of rec. June 30
July 15 Holders of rec. June 30
July 15 Holders of rec. June 30
July 15 Holders of rec. June 30
July 15 Holders of rec. June 30
Aug. 15 Holders of rec. July 20
Aug. 15 Holders of rec. July 20
Aug. 15 Holders of rec. July 20
Aug. 15 Holders of rec. July 20
Aug. 1 Holders of rec. July 15
July 15 Holders of rec. June 30
July 15 Holders of rec. July 1
July 15 Holders of rec. July 1
July 14 Holders of rec. June 30
June 30 Holders of rec. June 30
Aug. 1 Holders of rec. July 10
July 15 Holders of rec. July 1
Aug. 5 Holders of rec. July 25
Aug. 25 Holders of rec. Aug. 20
July 15 Holders of rec. July 1
July 1 Holders of rec. July 1
July 19 Holders of rec. July 15
July 15 Holders of rec. June 30
July 1 Holders of rec. June 10
Aug. 1
Sept. 1
Aug. 15 Holders of rec. July 31
July 15 Holders of rec. July 1
July 15 Holders of rec. July 7
July 1 Holders of rec. June 15
Aug. 1 Holders of rec. July
Aug. 1 Holders of rec. July
Aug. 1 Holders of rec. July
Aug. 1 Holders of rec. July
July 7 Holders of rec. June
July 10 Holders of rec. June
10
15
15
15
30
28
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
200 Aug. 1 Holders of rec. July
Rockland Light & Power(guar.)
2% Aug. 15 Holders of rec. July
So. Calif. Edison Co., Ltd.. COM.(qu)....
So. Calif. Gas Corp.,3634 pref.(quar.)_.. Ili% Aug. 31 Holders of rec. July
50c July 15 Holders of rec. July
Springfield Gas Light(quar.)
Toledo Edison Co., 7% pref.(monthly). 581-Sc. Aug. 1 Holders of rec. July
50c Aug. 1 Holders of rec. July
6% preferred (monthly)
41 2-3c. Aug. 1 Holders of rec. July
5% peferred monthly
15
20
31
1
15
15
15
Bank and Trust Companies.
Corn Exchange Bank & Trust Co. (qu.)
750 Aug. 1 Holders of rec. July 19
Fire Insurance Companies.
American Alliance Ins.(quar.)
Great American Insurance Co.(guar.)._
Richmond Insurance Co. of New York
Rochester-American Ins.(quar.)
250
250
100
25c
July lb Holders of rec. July 7
July 15 Holders of rec. July 7
Aug. 1 Holders of rec. July 11
July 15 Holders of rec. July 7
Miscellaneous.
Sc Aug. 1 Holders of rec. July 19
Affiliated Products, Inc. (monthly)._
50e July 31 Holders of rec. July 15
Amerada Corp., capital stock (guar.).
2e July 15 Holders of rec. June 30
American Bankstoeks Corp. (quar.)---600 Aug. 1 Holders of rec. July 20
American Investment Co. of III. (guar.)
200 July 15 Holders of rec. July 5.
American Leaders(quar.)
,
8.005 July 15 Holders of me. July 5
Extra
3% Aug. 18 Holders of rec. June 311
Anglo-Amer. Corp.of So. Africa,6% pt_
fic Oct. 1 Holders of rec. Sept. 15.
Angostura-Wup'm'n,initial (qua:.)
Archer-Daniels-Midland Co., pref. (qu.) 51% 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 OUstocks,
$2 July 15 Holders of rec. July 5
Atlantic Safe Deposit(quar.)
$1% Aug. 1 Holders of rec. July 20
Atlas Powder Co., pref.(guar.)
-No pref. dlv .action taken
Bancroft (Jos.)& Sons Co.
Sc July 20 Holders of rec. June 30
Bandini Petroleum (monthly)
Beneficial Indus. Man Corp., com.(qUi 37%c July 30 Holders of rec. July 15
87%c July 30 Holders of rec. July 15
Preferred, series A (guar.)
$1% Aug. 1 Holders of rec. July 20
Bloomingdale Bros., pref. (quar.)
Boots Pure Drug Co., Ltd.
18e July 8 Holders of rec. June 15
Amer. dep. rec. ord. reg
British American Tobacco
170 July 8 Holders of rec. June 5
Amer. dep. rec. ord. reg
17c July 8 Holders of rec. June 5
Amer. dep. rec, for ord. bearer
6c July 15
Brookmire Investors (guar.)
134% Aug. 1 Holders of rec. July 20
Brown Shoe Co., pref. (quar.)
750 Sept.15 Holders of rec. Aug. 25
Buckeye Pipe Line Co. (quar.)
750 July 15 Holders of rec. July 10
Buywell Food Markets, 7% pref
Campo Corp., 614% pref. (quar.)
3134 Aug. 1 Holders of rec. July 15
150 Aug. 1 Holders of rec. July 20
Canadian Bronze Co., Ltd., corn. (qu.)
134% Aug. 1 Holders of rec. July 20
Preferred (Wan)
e5% Aug. 15 Holders of rec. Aug. 1
Central Aguirre Associates
Cincinnati Postal Tenniutl & Realty Co.
Preferred (guar.)
143% July 15 Holders of rec. July 6
Citizens Wholesale Supply, 7% Pf.(QM) 87lic July 1 Holders of rec. June 30
75o July 1 Holders of rec. June 30
6% preferred (qua:.)
City Baking, pref. (quar.)
$1% Aug. 1 Holders of rec. July 25
Cluett, Peabody & Co., Inc., corn. (qu.)
250 Aug. 1 Holders of rec. July 21
Cluett Peabody de Co., corn. (quar.)-- 250 Aug. 1 Holders of rec. July 21
Collins Co. (quar.)
50e July 15 Holders of rec. June 28
Compania Swift Internacional (s.
$1 Aug. 15 Holders of rec. July 15
-a.)
Courtaulds, Ltd.
Amer. dep. rec., 5% pref. reg
7e July 8 Holders of rec. June 8
.092c July 15
Cumulative Trust Shares
Daggatontein Mines, Ltd., ord
18.6d. Aug. 18 Holders of rec. June 30
Aug. 1 Holders of rec. June 30
Deposited Ins. Shares, class A
6
Eagle Lock Co
50e July 1 Holders of rec. June 23
250 July 1 Holders of rec. June 15
EgrY Register, class A (quar.)
Electrical & Musical Industries, Ltd. 6% pref. dIv. p assed
Holders of rec. Sept. 15
Faultless Rubber Co., corn. (quar.)
50c Oct.
July 15 Holders of rec. July 10
Fella (J. J.) (8.-a.)
$5
$1.% July 15 Holders of rm. July 10
7% Preferred (guar.)
First Finance Co. of Detroit, cl. A (qu.)_ 37%c July 11 Holders of rec. June 27
Preferred (guar.)
37.%c July 11 Holders of rec. June 27
First Finance Co. of Iowa, pref
373$0 July 11 Holders of rec. June 27
First Securities Corp. of Iowa, cl.A(qu.) 3750 July 11 Holders of rec. June 27
Preferred (quar.)
37;Se July 11 Holders of roe. June 27
First Shares Corp. (Des Moines)
Class A (qua:.)
37%0 July 11 Holders of rec. June 27
Preferred (qua:.)
373.4e July 11 Holders of rec. June 27
Foulds Milling Co., pref.(guar.)
$2 July 10 Holders of rec. June 30
Great Lakes Engineering Works
Sc Aug. 1 Holders of rec. July 25
Hall (C. M.) Lamp Co
100 July 20 Holders of rec. July 15
Handley Page, Ltd.
Amer. dep. v.1. c., 10% pref
12%c July 12 Holders of rec. June 21
Hawaiian Sugar (monthly)
200 July 15 Holders of rec. July 10
Holly Development Co. (guar.)
lc July 15 Holders of rec. June 30
Homestake Mining Co. (monthly)
75c July 25 Holders of rec. July 20.
Horn & Hardest Baking Co.of N.J$1,1 July 1 Holders of rec. June 20
Hutchins Investing Corp. (quar.)
1714c July 15 Holders of rec. July 10
Hutchinson Sugar Plantation Co
300 July 10 Holders of rec. July 5.
International Tea Stores, ord. reg.
18% Aug. 1 Holders of rec. July 8
Amer. dep. rec. ord. reg
18% Aug. 7 Holders of rec. July 7
Julian & Kokenge
50c July 15 Holders of rec. July 1
Kekaha Sugar (monthly)
100 Aug. 1 Holders of rec. July 25
Keystone Steel & Wire. 7% pref
555% Aug. 1 Holders of rec. July 15
Knott (A. J.) Tool Az Mfg., pref. (quar.) $1% July I Holders of rec. June 30
L'Air LiquIdeAmer. dep. rec., ser. 0, bearer Os
99c July 8 Holders of rec. June 30
Link-Belt Co., common
100 Sept. 1 Holders of rec. Aug. 15
Loblaw Groceterlas, cl. A & B (guar.)._
20e Sept. 1 Holders of rec. Aug. 12
Loew's Boston Theatre (quar.)
150 Aug. 1 Holders of rec. July 19
Loew's, Inc., 3634 preferred (quar.).
$134 Aug. 15 Holders of rec. July 31
Macbeth-Evans Glass Co
62%o June 30 Holders of rec. June 23
Mercantile Amer. Rlty Co.,6% p1.(qu.)
% July 15 Holders of rec. July 15
Metropolitan Storage Warehouse (guar.)
75e Aug. 1 Holders of rec. July 20
Montreal Finance. pref. (quar.)
1134 July 10 Holders of rec. June 30
Morris Plan Ins. Soc. (quar.)
Sept. 1 Holders of rec. Aug. 25
$1
Quarterly
Dec. 1 Holders of rec. Nov.24
$1
National Equity, Inc. (8.-a.)
400 July 1 Holders of rec. June 26
8% preferred (quar.)
200 July 1 Holders of rec. June 26
National Tea Co., pref. (qua:.)
13lIc Aug. 1 Holders of rec. July 14
National Shares Corp.(Del.), pt. A.(qu) 4334c July 20 Holders of rec. June 30
New Era Consolidated, Ltd., ord
41.4d Aug. 18 Holders of rec. June 30
N. Y. Merchandise Co., corn. (guar.)._
250 Aug. 1 Holders of rec. July 20
Preferred (qua:.)
$134 Aug. 1 Holders of rec. July 20
North Amer. Trust Shares, 1955
6e July 15
1956
.058e July 15
No. Boston Lighting Prop.,6% Pf.(qu.)
75° July 15 Holders of rec. July 6
Quarterly
$1
July 15 Holders of rec. July 6
Outlet Co., common (qua:.)
50c Aug. 1 Holders of rec. July 20
let preferred (qua:.)
$134 Aug. 1 Holders of rec. July 20
2nd preferred (quar.)
$131 Aug. 1 Holders of rec. July 20
Perfection Petroleum, pref. (quar.)
3734c July 11 Holders of rec. June 30
Philadelphia Insulated Wire (s.
50c Aug. 1 Holders of rec. July 15
-a.)
Raymond Concrete Pile Co. (guar.)...
750 Aug. 1 Holders of roe. July 20
Reserve Investment Corp., 7% pref
$1
July 25 Holders of rec. July 10
Reserve Resources
750 July 15 Holders of rec. July 10
Salt Creek Producers Association
20e Aug. 1 Holders of rec. July 15
Southeastern Cotton, Inc.,7% pt.(5.-a.) 314% July 1
Spring Mines, Ltd., reg
4s.6d July 18 Holders of rec. June 30
Super-Corp. of Amer. Tr. SM.,ser. AA_ .0520 July 15
Series BB
.0480 July 15
Tay Top Tailors, Ltd.. [ref
,
$134 July 3 Holders of rec. June 30
Tobacco & Allied Stocks, Inc. (initial) _
50c July 15 Holders of rec. July 6
Toronto Elevators, Ltd., 7% pref. (qu.) 134% July 15 Holders of rec. July 3
Trustee Standard Invest. Stores, ser. C. 5.4c Aug. 1
Series_ _D
5.2c Aug. 1
Universial Trust Shares
4.685° July 15 Holders of rec. June 30
West Springs, Ltd., ord. reg
Is July 18 Holders of rec. June 30
Wichita Union Stockyards (s.
-a.)
$4
July 15 Holders of rec. July 10
Wisconsin Holding, A (qua:.)
51714c Sept. 15 Holders of rec. Sept. 1
Series A (quar.)
1734c Sept. 15 Holders of rec. Sept. 1
Worcester Salt Co.,6% pref. (guar.)... 134% Aug. 15 Holders of rec. Aug. 8
July 8 1933
Financial Chronicle
274
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.
Nam, of company.
When
Per
Share. PayaOle.
Books Closed
Days Inclusive.
Railroads (Steam).
8444 Jan. 1 Holders of rec. Dec. 15
Albany &,
:usguenanila
a;
8144 Aug. I Holders of rec. June 30a
Atchison Topeka & Santa Fe. pref
Sept. 1 Holders of rec. Aug. 20
$414
Atlanta, utisriotte Air Line (s-a)
82.125 Oct. 1 Holders of ree Sept. Bra
Boston & Providence (guar.)
5144 Aug. 1 Holders of rec. June 30
Canada Southern (5-a)
July 10 Holders of rec. June 30
$1
Carolina CIInchfleld ...1t Ohio (guar.)
81.41 July 10 Holders of rec. June 30
Guaranteed certificates (guar.)
Cleveland & Pittsburgh. guar (quar.)_
87340 Sept. 1 Holders of rec. Aug. 16
50e Sept. 1 Holders id rev. Aug. 10
Special guaranteed (guar.)
87140 Dec. 1 Holders of rec. Nov. 10
Guaranteed (guar.)
50 I rev 1 Holders of rec. Nov. 10
,
Special guaranteed (guar.)
$3 Aug. 1 Holders of rec. July 1
-a.)
Conn.dr Passumpsic Rivers,6% pr.(s.
31 Jan 134 Holders of rec. Dec. 15
Delaware (5.-a.)
144% July 18 Holders of rec. July 8
East Penna.. 6% gtd. (8.-a.)
Erie & Pittsburgh 7% guaranteed (guar.) 87)4t Sept. 10 Holders ot reo. Aug 31
87)-t Deo. 10 (folders of ree. Nov 30
7% guaranteed (guar.)
80c Sept. 1 Holders of ree. Aug 31
Guaranteed betterment (guar.)
800 Dee. 1 Holders of rec. Nov 30
Guaranteed betterment (guar.)
$214 July 15 Holders of rec. July 1
Georgia RR & Banking (quar.)
51.10 July 15 Holders of rec. June 16
-a.)
Little Schuylkill Navigation (s.
244% Aug. 1.3 Holders of rec. Aug. 1
Louisville Head. & St. L.5% pf. (s-a)Aug. 15 Holders of rec. Aug. 1
$4
Common (s a)
$644 Aug. 1 Holders of rec. July 17
Mahoning Coal, corn.(quar.)
$3 Aug. 1 Hollers of rec. July 1
Massawippi Valley (s.-a.)
MIII Creek h Maio Hill Nay.& RR.(a-a) $144 July 10 Holders of reo. July 3
$2 Sept. 19 Holders of rec. Aug. 31
Norfolk & Western. common (quar•)
51 Aug. 19 Holders of rec. July 31
Adjustment preferred
Aug I Holders of rec. July 20
334
North Carolina (s.
-a.)
$2 July 15 Holders of rec. June 30
North Central (s.-a.)
Sept. t Holders of reo. Aug. 21
it
North. RR. of New Jer. 4% gtd. (guar.)
Bet. 1 Holders of rec. Nov 20
Si
4% guaranteed (qual.)
$134 Oct. 2 Holders of rec. Sept. 25
Peterborough (s -a.)
July 10 Holders of rec. July 1
$244
Philadelphia & Trenton (guar.)
75e (jet. I elders of rec. Sept 15
-a.)
Pitts Hem. it Lake Erie corn. (s.
I A % Hee. I olders of rec. Nov. 15
6% preferred (quar.)
Pittsburgh Fort Wayne & Chicago (qu.) 14 % Oct. 1 Holders of rec. Sept. 9
1Ss % (Jet. 3 Holders of rec. Sept. 9
7% preferred (guar.)
114% Jan.2'34 Holders of rev Dee. 9
Quarterly
1 A % Jan.4134 Holders of rec. Dee 9
7% preferred (guar.)
5134 Aug. 1 Holders of rec. June 30
Pittsburgh & Lake Erie
Pittsburgh Youngstown de Ashtabula
1(4% Sept. 1 Holders of rec. Aug. 21
7% preferred (quar.)
1(4% Dec. 1 Holders of rec Nov 20
7% preferred (guar.)
250 Aug. 10 (folders of rec. July 13
Reading Co., corn (guar.)
50e Sept. 14 Holders of rec. Aug. 24
lot preferred (guar.)
150e July 13 Holders of ree June 22
20 preferred (guar.)
500 llct. 12 Holders of ree. Sept. 21
• 2d preferred (guar.)
$244 July 10 Holders of rec June 20
United N. J. RR.& Canal Co.(quar.)
$244 Oct. 10 Holders of rec. Sept. 20
Quarterly
West Jersey & Seashore, corn. (a.-a.).... 3144 Jan 134 Holders of reo. Dec. 15
134% Dee. I Holders of rec. Nov. lb
6% special guaranteed (8.-a.)
Public Utilities.
Alabama Power Co., so pref.(quar.)___ $131
American Cities Pow. & Lt. A (guar.)._ 575c
$1
Amer. 1)Ist. Teleg.,corn.(guar.)
$154
Preferred (guar.)
American Gas & Elec.,6% pref. (guar.). 144%
50c
Amer. Light & Traction Co.. corn. (qu.)
1)4%
Preferred (quite.)
$234
Telep. & Teleg. Co. (quar.)..._
American
Amer. Water Works dr Elee. Co., Inc.
25e.
Common (guar.)
5134
Androacoggin Elect.. 6% pref. (guar.)._
3734t
Bangor Hydro- ElettrIc (quar.)
Bell Telephone Co of Canada (qual.)__. 1r$1 A
Bell Telep of Pa. 6(4% pref (guar.)... 154%
40c
Bridgeport Hydraulic Co. (quar.)
Dili Col. Pow . re. A. (guar I.
5134
Brooklyn Borough Gas,(guar.)
si
Brooklyn Manhattan Tran.sit, pref.(qu.)
Calif.-Oregon Power Co., 7% pf. (qu.)._ 164%
A%
6% preferred (guar.)
Canada Northern Power Corp., Ltd.
20o
Common (guar.)
164%
7% preferred (guar.)
Canadian Fairbanks Morse. pref. (gtter ) $144
50c
Canadian Light & Power Is. a.)
20c
Central Hudson Gad & Elec.. corn. (g11 )
Central Illinois P. Secy. Co.. Ltd.
50e.
6656% preferred (guar.)
%
Central Kansas Pow.. 7% pref. (guar.).
134%
7% preferred (guar.)
%
7% preferred (guar.)
IA%
6% preferred (clear.)
1 A%
6% preferred (guar.)
134%
6% preferred (gear.)
Chesapeake dr Potomac Telep. Co.
814
Preferred (guar.)
Cincinnati Newport & Covington Light
$1 14
& Traction (5,(mem)
81.125
$414 preferred (guar.)
Cleveland Elec. Illuminating Co.
$144
6% preferred (guar.)
Clinton V. ater V. orks, 7% pref (guar.) 114%
$1
Commonwealth Edison Co. (guar.)
Commonwealth Ii lillti pref C (guar.). $114
Consolidated Gas Co of N Y pref.(qu.) $ 4
$2
Consolidated Traction of N. J. (8.-a.)
Consumers Power Co.. $5 pref. (guar.). $1 A
$1 A
6% preferred (guar.)
$1 65
6.6% preferred (guar.)
$144
7% preferred (guar.)
50c
8% preferred (monthly)
500
6% preferred (monthly)
50e
6% preferred (monthly)
55e
6.6% preferred (monthly)
55c
6 6% preferred (monthly)
550
6.6% preferred (tiloirthle)
50c
Dayton Power & I.t. Co.. fi% pt. (mo.)Si
Detroit Edison Co., cap. stock (guar.)._
Diamond Slate Tel Co..6 A % Pt (Iio.). 14%
1 ts %
Duquesne Light Co 5% let pref
IA %
El l'aSo Elec. (Del.), 7% peel. A (ell.)
$134
preferred li (guar.)
$6
,
Elect lc Bond & Share Co. $6 pref.(qu ) 11(4
$134
$5 preferred (guar )
Electric Power Associates. the
100
Class A and common
$1
Elizabeth & Trenton RR. (11.-a
$1
6% preferred (s.-a.)
Empire & Bay State Teleg 4% gtd.(qu i
$t
1
4% guaranteed (guar.)
Escanans Pow h 'frac. 6% pref. (qu.)- _ 1 A%
1 A%
preferred (qual.)
6%
114%
6% preferred (guar.)
750
Greenfield Gas light Co.. 6% pref
Harrisburg Gas, pref. (guar
SI A
684e
Hartford Elee Light cont. (guar.)
Illinois Northern Utilities
1(4%
6% preferred (gm ir .1
$7 prior preferred (guar
$134
Internat. Hydro Elec. System. p1. (err I /i7 tie
International Utilities Corp.. $7 pf (uu 1
$1 A
$314 preferred (guar.)
87 tie
4314o
$14 preferred (guar.)
Aug. 1
Aug. 1
July 15
July 15
Aug. 1
Aug. 1
Aug. 1
July 15
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
ree. July
rec. July
rec. Julie
rec. June
rec. July
rec .July
rec. July
rec. June
15
5
15
15
8
14
14
20a
Aug.
Aug.
Aug.
July
July
July
.bity
July
July
.luly
July
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Hollers of
Holders of
Holders of
Holders of
Holders of
rec. July
rec. July
ree. July
rec. June
rev June
rec. June
rec. June
rec. July
rec. July
rec. June
rec. June
7
25
10
23
20
30
30
1
1
30
30
July 25 Holders of
July 15 Holders of
July 15 Holders of
July 15 Holders of
Aug. 1 Holders of
rev June
rec. June
rec. June
rec. June
rec. June
30
30
30
30
30
July 15 Holders of
July 15 Holders of
pet. 15 Holders of
1-15-34 !killers of
July 15 Holders of
Oct. 15 Holders of
1-15-34 Holders of
rec. June 20
rec. June 30
rec. Sept 30
rec. Dee 31
rec. June 30
rec. Sept 30
rec. Dec. 31
1
I
1
15
15
15
1:
15
15
15
15
July 15 Holders of rec. June 30
July 15 Holders of rec. June 30
July 15 Holders of rec. June 30
Sept. 1 Holders of
July 15 Holders of
Aug. 1 Holders of
dept. I Holders of
Aug. 1 !folders of
July 15 Hollers of
Oct. 2 Holders of
Oct. 2 !folders of
Oct. 2 Holders of
Oct. 2 liolder.s of
Aug. 1 Holders of
Sept. 1 11olders of
()et. 2 Holders of
Aug. 1 Holders of
Sept. 1 Holders of
Oct. 2 Hollers of
Aug. 1 Holders of
July 15 Holders of
July 15 Holders of
July 15 ItnIdt.rs of
July 15 Holders of
July 15 Holders of
illeders of
Aug
(folders of
Aug.
ree. Aug. 15
rea July 1
rev. July 15
reo Aug 15
reo. June 30
rec. June 20
rec. Sept 15
rec. Sept 15
rec. Sept 15
roe. Sept 15
rec. July 15
rec. Aug. 15
rec. Sept 15
rec. July 15
rec. Aug 15
rec. Sept IS
rec. July 20
reo. June 30
rev June 20
rec June 15
rec. June 30
rec. June 30
rec. Joy 8
rec. July 8
Aug.
Oct.
(let.
Sept.
Dec.
Aug.
Nov.
2 1-34
Aug.
July 15
Aug. 1
Holders of
Headers of
Holders of
Holders of
Holders of
Holders of
1101,1cm of
Holders of
Holders of
Holders of
Holders of
rec. July 15
rec. Sept 20
roe. Sept 21)
rec. Aug 21
roe. Nov. 20
rev. July 27
rec. Oct. 27
rec. Jan 27
rec. July 15
rec. June 30
rec. July 15
Aug. 1
Aug. 1
July 15
Aug. I
Aug. 1
July 15
Holders of rec July 15
Holders of rec. July 15
Holders of rec. June 27
Holders of rec. July 15,1
holders of ree. July 154
Holders of rec. July la
Name of Company.
When
Per
Share. Payable.
Public Utilities ((enriudrd).
Joplin Water Works Co., 6% pref. (qu.) 114%
11-4%
Kentucky Utflitles Co., 6% pt. (qu.)
90c
Lawrence Gas & Elect.(guar.)
50c
Lincoln Teiep. Securities, class A (qu.)..
20c
Class 13 (quar.)
154%
6% preferred (quar.)
8134
Lincoln Telep. & Teleg. (quar.)
1 A%
6% preferred (guar.)
IA%
5% special preferred (guar.)
2%
Massachusetts Lighting 8% pref.(guar.)
144%
6% Preferred (guar.)
62.4e
MOMS. Utilities Assoc., pref. (guar.).
Milwaukee Elec. Ry. & Lt..6% pt. (qu.) 144%
(iivrerua-Srio.)ux City Bridge Co.$14
MPs ferired
isr°ur R
e
$154
Mohawk-Hudson Pow.,$7, 1st pt.(qu.)_
Monongahela Valley Water Co.
134%
7% preferred (guar.)
$1.4
Montana Power, $6 pref. (guar.)
Montreal Lt., Ht. & Pow. Consol.(qui fr3Fic
80c
Montreal Telegraph (guar.)
Mountain States Tel. & Tel.(guar.)_._ $2
National l'ow. & Light Co., $6 pref.(au) $144
$1
Nevada-California Elec. Corp., pref.__
75c
New Bedford Gas & Edison Lt. (guar.).
123.4c
New Brunswick Telep. (guar.)
500
New Eng. Pow. Assioe., corn.(quar.)$14
New York Telep. Co.. pref. (quar.)
Newark Telep. Co. fohloi
pref • (OIL) 1)4%
$134
North American Edison Co.. pref. (flu.) North Indiana Pub.Service,7% pt.(go.) 87 Ac
75c
8% preferred (guar.)
684c
5.4% preferred (guar.)
Northern Ontario Power Co., Ltd.50c
Conimen (guar.)
144%
6% preferred (guar.)
Northern States Power Co. of Del.
1%
Common (quar.)
14
preterreil i(luar.)
%
R% preferred ('inar.)
50c
Pacific Gas A, Elec. Co.. corn. (quar.)
750
Pacific Lighting Corp..coin.(quar.)
$114
$6 Preferred (guar.)
$14
Pacific Tel. & Tel.. pref. (guar.)
Peninsular Telep. Co., 7% pref. (guar.) 14%
lyi%
7% preferred (quar•)
%
70( crcferred guar.)
55c
Pennsylvania Pow. Co.. 56.60 pref. W(1 )
55o
86.60 preferred (guar.)
$1
$6 preferred (guar.)
51
Peoples this Light et Coke Co.(quar.)
25c.
Philadelphia Co., corn. (guar.)
Inc.
5% preferred (s.-a.)
Philadelphia Elec. Co.. $5 pref (quar ) 5134
50c
Philadelphia Elec. Pow. Co .8% pfd (qu)
Phila.Suburban Water Co., pref.(guar.) $134
Power Corp of( it..11(1 6% pref.(qu.) 11-4%
750
seenild preferred (guar.)
Public Service of Indiana. 7% prof.(au ) 5114
$134
6% preferred (guar.)
70c
Public Serviee Corp. of N. J., corn.(qu )
$2
8% preferred (guar.)
$1
7% preferred (guar.)
$14
$5 preferred (guar 1
50c
6% preferred (monthly)
50o
6% preferred (monthly)
500
6% preferred (juontlily)
50o
Public Service of No. III., no par (guar)
500
$1110 par ((Iuar.)
$1
6% preferred (guar.)
5134
7% preferred (guar.)
Sari
e Con illated Gas & Elec. Co.
id( zr
a
134%
Preferred
Shennnito Vulley %Voter Co. 6% pt. (qu.) 114%
11.4%
6% preferred (quar.)
4
South Pitte
ater Co.,5% pref. (s.-a.)- 134 0
%
7% preferred ((luar.)
IA%
6% preferred (guar.)
Southern Calif. Edison Co., Ltd.
2%
Original preferred (guar
1
144%
5.4% series C preferred (g(har.)
(
Southern Calif. Gas.,6% pf & pt. A(qu.) 37 4c
250
Sou. Canada Pow. Co., Ltd., corn.(111.).
Sou. Co ret, red oluf r I
% pu n Hesthisoa Callf.. 6% Pf• (qu.) IA%
r
1(4%
Southern New England Telep. Co. 01U.)- 5134
$214
Stamford Gas & Electric(quar.)
Standard (las & Elec. Co. $6 Pt. (fi 11141 )%
514
$7 preferred (quar.)
$1 Si
Standard Pow. & I.t. Corp. pf. (quar.)
Suburban F:lec. Securities. 1st prof. (flu.) $134
2%
Syracuse Ltg. Co., Inc ,8% prof.(low.
(
) 14%
6% preferterre40int
(
.
11(4% ore re
114%
United Gus & Electric Co.. 5% Pf.(s.
-a.) 234%
30c
United Gas Improvement (guar.)
$134
Preferred (guar )
134%
West Penn Elec., 6% pref. (guar.)
164%
7% preferred (guar.)
$1
West Penn Power Co..8% prof.(guar.)
. $141
7 , preferred (guar.)
7
10o.
Western Public Service Co
1 49
Wichita Water Co.. 7": pref. (guar.)._
,
Wisconsin Gus et Elec.,6% pref. Hoar.). 134%
Wisconsin Telephone Co., corn. (qual.). $144
Banks end Trust Companies.
W.New Bright'n Lik .(Staten Lsi.N.Y.)-Fire Insurance
Boston
Co Is..) "i
ance C°panies.
.a
Continental I nsuranee Os a)
F.xeess Ins. Co., cob. (Initial)
Fidelity Phenix Fire Ins. iN•
(0-8)-Ingurance Co. of No. Amer. (5 -ft.)
Standard Flre Ins. Co.(N. J.) (quar.)
Boots Closed
Days Inclustee.
July 15 Holders of rec. July 1
July 15 Holders of roc. June 26
July 13 Holders of rec. June 20
July 10 Holders of rec. June 30
July 10 Holders of rec. June 30
July 10 Holders of rec. June 30
July 10 Holders of rec. June 30
Aug. 10 Holders of rec. July 31
Aug. 10 Holders of rec. July 31
Joly 15 Holders of rec. June 30
July 15 Holders of rec. June 30
July 15 Holders of reo. June 30
July 31 Holders of rec. July 20
July 15 Holders of rec. June 30
Aug. 1 Holders of rec. July 15
July 15 Holders of
Aug. 1 Holders of
July 31 Holders of
July 15 Hollers of
July 15 Holders of
Aug. I Holders of
Aug. I Holders of
July 13 Holders of
July 15 Holders of
July 10 Holders of
July
!folders of
Holders of
Sept. I Holders of
uly 14 Hollers of
July 14 Holders of
July 14 Holders of
rec. July 1
rec. July 10
rec. June 30
rec. June 30
rec. June 30
rec. July 8
rec. June 30
rec. June 30
rec. Julie 30
rec. June 30
rec June 20
rec June 30
rec. Aug. 15
rec. June 30
rec. June 30
rec. June 30
July 25 Holders of rec. June 30
July 25 Holders of rec. June 30
Aug. 1 Holders of reo. June 30
July 20 Holders of rec. June 30
July 21 Holders of rec. June 30
July IS Holders of rec. June 30
Aug. 15 Holders of rec. July 20
Juiy 15 Holders of rec. June 30
filly 1: Hollers of rec. June 30
Aug. 15 Holders of rec. Aug. 5
Nov. 13 Holders of ree Nov. 5
2-15-34 1 1 olders of rec. 2 5-34
Aug. 1 Holders of rec. July 20
Sept. I Holders of rec. Aug. 21
Sept. I Holden' of rec. Aug. 21
July 17 Holders of rec. July
July 25 Holders of rec. July 1
Sept. I Holders of rec. Aug. 10
Aug. 1 Holders or rec. July 10
Oct. 1 Holders of rev. Sept. s
Sept. 1 Holders of rec. Aug. t2a
July 15 Holders of rec. June 30
July 15 Holders of rec. June 30
July 15 Holders of rec. Julie 30
July 15 Holders of rec. June 30
Sept 30 Holders of rec. Sept. 1
Sept. 30 Holders of rec. Sept. 1
Sept 30 Holders of rec. Sept. 1
Sept. 30 Holders of rec. Sept. 1
July 31 Holders of rec. July 1
Aug 31 Holders of reo. Aug. 1
Sept. 30 Holders of rec. Sept. 1
Aug. 1 Holders of rec. July 15
Aug. 1 Holders of rec. July 15
Aug. 1 Holders of rec. July 16
Aug. 1 Holders of rec. July 15
July 15 Holders of
Sept. I Hollers of
Dec. I Holders of
Aug. 19 Holders of
July 15 Holders of
July 15 Holders of
reo. June 30
let. Aug. 20
rec. Nov. 20
rev. Aug. 10
rec. July 1
rec. July 1
July 15 Holders of
July 15 Holders uui
July 15 Holders of
Aug. 15 Holders of
July 15 Holders of
July 15 Holders or
July 15 Holders of
July 15 Holders of
.luly 25 Holders of
July 25 Holders of
Aug. 1 Holders of
Aug. 1 Holders of
Aug. IS Holders of
Aug IS Holders of
Aug 15 Holders of
July 15 Holders of
Sept. 30 Holders of
Sept. 311 Hollers of
Aug. 15 Holders of
Aug. 15 Hollers of
Aug. 1 Holders of
Aug. 1 Holders of
July 15 Holders of
Jilly IS Holders of
July 15 Holders of
July 31
ree. June 20
ree. June 20
rec. June 30
rec. July 31
rec. June 30
rec. June 20
rec. June 30
rec. June 30
rec. June 30
rec June 30
rec. July 156
rec. July 15
roc July 31
ree. July 31
reo July 31
rec. June 30
roe. Aug. 31
rec. Aug 31
rec. July 20
rec. July 20
rev. July 5
rec. Jtily 5
rec. June 15
reo. July 1
rev. June 80
$2 July 10 Holders Of ref). June 30
$4
60o
25e
600
SI
37,i4e
Oct.
July
July
July
airily
July
2 Holders of
If) I lolders of
15 1101111.re of
10 Holders
15 Hollers of
24 Holders of
reo. Sept. 20
reo. June (10
roe J11110 30
ree. June 30
rec. June 30
reo. July 17
MIscellsneOuS.
Abraham dr Straus, Inc.. pref. (guar.).- $164 Aug. I Holders of rec. July 16
75c July 15 Holders of rec. June 30
Air Reduction Corp ((tuar.)
2ci July 15 Holders of rem June 30
Ajax 011 & Gas (quar.)
Ise Aug. I 1101iierA Of fee. July 10
Alaska Juneau (Mid Mining (fluter)
Allied Chemieal Dye Corp.. own.(OIL) $114 Aug. 1 Hollers of roe. July IL
511e Sept. 311 Holders of roe. ti.pt 15
Aluminum Mfg.. Ins.,COM.((Mar.)
50c Deo. 31 Holders of rec. Deo. 15
GOtti uton (Quer.)
$114 50111. 3(1 I leld,rs of rec. Sept. 15
Preferred (guar.)
$144 Dec. 31 liold.rs of , Dee 15
re
Preferred (guar.)
31 Aug. 15 Holders of reo. July 250
American Can Co.. corn. (guar.)
Sept. 1 Holden) ol rec. Aug. 26
American Envelope Co 7% id.(quar.)_
164%
134 % Den. 1 Holders of roe. Nov 25
7% preferred ('marl.
25e July 15 Holders of ree. June 30
Amer. Equities Co.. corn. (Initial)
I0e. July 10 liollors of rec. June 30
Amerlean Factors. Ltd (monthly)
250 Oct. I Holders of rec. Sept 16
American hardware (guar.)
25e 1-1-34 Hollers of reo Deo. IS
Quarterly
25e Aug. 1 Holders of MO. July I la
American Home Products(monthly).3714e Sept. I Hollers of rec. Aug. 24
A nierican Hosiery Co liner.)
514 July 25 Holdenn of reo. July 7
Amerlean lee Co. pout. ((luar.)
20e Aug. 1 110idief If rec. July 15
Areerierin Mach. & Pdy. Co,. corn. (qU•)
25o July 15 Holders of rec. July 5
American New.,, Co., Inc., corn. (b1.-M0.)
5110 Aug IS Holders if rec. July 31
American Re insurance Co foliar.)
50c Aug. 1 Holders of reo. July 15
American Shipbuilding (ailisr•)
Name of Company.
When
Per
Cent. Payable.
Rooks Closed
Days Inclusive.
Miscellaneous (Continued).
American Stores Co. (guar.)
50c Oct. 1 Holders of me. Sept. 15
Extra
500 Dec. 1 Holders of rec. Nov. 15
Quarterly
50e Jan l'34Holders of rec. Dec. 15
Anglo-Persian Oil—
American dep. rec. ord. reg
zlo74% Aug. 7 Holders of rec. June 30
Ordinary register
riv74% July 31 Holders of rec. July 1
lot preferred reg. (s.
-a.)
,
zu 4% July 30
2d preferred reg. (s.-a.)
nz44% July 30
Austin. Nichols & Co.. Inc., prior A (qu.)
25e Aug. 1 Holders of rec. July 14
Automobile Banking Corp.(8.-a)
500 July 10 Holders of rec. June 30
8% preferred (8.-a.)
$4 July 10 Holders of rec. June :10
Baldwin Co.,6% pref. (guar.)
$14 July 15 Holders of rec. June 30
Bamberger (L.) & Co..6t% pf. (qu.).._ 14% Sept. 1 Holders of rec. Aug. 15
1 Holders of roe Sept.
Barber(W. H.), pref. (quar.)
let
1
Bayuk Cigar Inc., 7% 1st pref. (quar.)- 144% July 15 Holders of rec. June 30
Beatty Bros., let pref. (guar.)
Aug. 1 Holders of rec. July 15
514
Belding Corticelli. Ltd., coni.(quar.)___
$1 Aug. 1 Holders of rec. July 15
Bloch Bros. Tobacco (gust.)
374c Aug. 15 Holders of rec. Aug. II
Quarterly
374c Nov. 15 Holders of rec. Nov. 11
5)4 Sept. 30 Holders of rec. Sept. 25
Preferred (guar.)
Preferred (guar.)
$14 Dec. 31 Holders of rec. Dec. 25
Bon And Co., class A (guar.)
31
July 31 Holders of rec. July 15
Boring. Inc.. class A
25e Jan. 12 Bolden; of rec. Jan. 12
Boston RR. Holdings, pref. (s-a)
$2 .hily 11 Holders of rec. July 1
Brantford Cordage Co..1.td.,Ist pf.(qu.) fr50c July 15 Holden; of rec. June 20
Broadway & Newport 13dge..5% pf.(qu.) 14% Aug. 1 Holders of rec. June 30
Quarterly
524 Aug. 1 Holders of rec. June 30
gt
Burger Bros., 8% pref. (guar.)
°a. 1 Holders of rec. Sept lb
s0c Aug. 1 Holders of rec. July 14
Byers (A. M.) Co.. preferred
Catarrhs Sugar Estates. corn. (guar.)—
40c Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
35c Oct. 1 Holders of rec. Sept. 15
Calaveras Cement, 7% pref. (guar.).- - 134% July 15 Holders of rec. June 30
Canada Bud Breweries. ltd.. coin. (111.)
150 July la Holders of rec. June 30
Canada Dry Ginger Ale. Inc. (guar.).-25c Jolly 15 !folders of ree. July 1
Canadian Car & Foundry, pref.(guar.)- tr44c. July 10 Holders of rec. June 26
Canadian Converters, Ltd., corn. (guar.)
50c Aug. 15 Holders of rec. July 31
Canadian Gen. Investments, reg. (qu.)__
714e July 15 Holders of rec. June 20
Coupon (guar)
74e July 15
Canadian Indust., Ltd., 7% pref. (qu.). fri f';. July 15 Holders of rec. June 30
Class A and II (guar.)
87 14e July 31 fielders of rec. June 30
Carnation Co.. 7% pref.(guar.)
$134 Oct. 1
7% preferred (guar.)
1-1-34
Si u
Cartier. Inc.. 7'Z prof
8740 Jan 31 Holders of rev Jan 14
Centrifugal Pipe Line Corp.Ospetk.(gu.)
100. sue 15 Holders of rev Aug. 6
Capital stork (guar.)
,
ov A
Nov 15 Hoiden nt ree
lice
Clorox Chemical Co.. cl. A (guar.)
500 Oct. 1 Holders of rec. Sept. 20
Quarterly
50c Jan 134 Holders of rec. Dee. 20
Commercial Discount (Los Ang.)pf.(q11.)
20c July 10 Holders of rec. July 1
Confederation Life Assoc. (guar.)
SI Sept 30 Holders of rev. Sept 25
Quarterly
51 Dee 31 Holders of rec. Dec 25
Consolidated Car Heating (guar.)
$134 July 15 Hnlders of rec. June 30
Extra
July 15 Boulders of rec. June 30
$2
Consolidated Chemical Indus., Inc.—
Class A partic. pref. (guar )
3740 Aug. 1 Holders of rec. July 15
Consolidated dliiCorp., pref (guar.).—
Aug 15 Holders of rec. Aug. 1
52
Consol)dated Royalty 011 Co. (q liar ).-50 July 25 Holders of rec. July 15
Coon (W. B.) Co., 7% pref. (guar.)--3134 Aug. 1 Holders of rec. July 15
Corn Products Refining, coin. (guar.).75e July 20 Holders of ree. July 3
Preferred (guar.)
5114 July 15 Holders of rec. July 3
Cottrell t II 1k Sons Co.
6% preferred (guar.)
114% Oct. 1
6% preferred (guar.)
14% 1-1-'34
Courtaulds, Ltd.. A mer dep. rec, pt. reg. 234% July 8 Holders of roe. July 8
Creamery Package Mfg Co.. pref. (qu.) $114 July 10 Holders of rec. July I
Crowell Publishing. 7% pref.
- - 334% Aug. 1 Holders of rec. July 24
Crum & Forster (guar.)
be. July 15 Holders or rec. Jolly 5
Cudahy Packing, cont.(guar.)
624e July 15 liolders of rec. July 5
Cuneo Prem. lee . common (guar.)
300 Aug. 1 Holders of rec. July 20
4% preferred
% Sept. IS !folders of rec. Sept. 1
(guar.)
Curtiss Wright Export.6% pref. (guar.) 14% July IS Holders of rec. June 30
Detroit River Tunnel (s. a.)
$4 July 15 Holders of rec July 10
Devonian III) Co. (guar.)
15e July 20 Holders of rec. June 30
Dome Mines. Ltd. (guar.)
25e July 20 Holders of role June 30
Extra
25e July 20 Holders of rec. June 30
Dominion TeNtil. Co., Ltd pref. (qu.) £r$134 Juoy 15 Holders of rec. June 30
E.I duPoni ole Nellionrm it co.—
nehecturt.,,terk boar
..... gi 4 July 25 Hollers of roe. July 10
Eastei n Theatres Ltd 7% prof (e.-a.)$34 July 31 Holders of rec. June 30
Ely & Walker Dry (Ida Co.. lot pt.(qu.) $34 July 15 Holders of rec. July 3
211 preferred (II liar.)
13 July 15 Holders of rec. July 3
Eureka Pipe Lithe co
$1 Aug. I Holders of rec. July 15
Fibreboard Products. Prof. (guar.)
$1 4 Aug. t Holders of rec. July 15
Finance Co of A ater.(litilt.).7%pf.(qu.) 43540 July 15 Holders of rec. July 5
7".; preferred class A (oiler.)
8340 July 15 Holders of rec. July 5
Class A & It (guar )
be Jolly 15 Holders of rec. July 5
Firemen's Fund Ins (gnar)
75c July 15 Holders of rec. July 5
Firestone Tire & Roilloor CO., COM.(nu.)
be July 20 Holders of rec. July 5
Freeport Texioo.6%. prof hiller.)
14% Aug. I Holders of rec. July 14
General I 'Igor Co corn. (guar.)
Aug. 1 Holders of rec. July 17
51
Proderreol (guar )
$134 Sept. I Holders of rec. Aug 23
Preferred (guar )
$114 Dec. I Holders of roe. Nov. 24
General Electric Co . corn.(guar.)
100 July 25 11,
,Iders of rec. June 30)e
special polar.)
15e July 25 Holden; of rec. June 3015
General Ilee Co of (It. Hilt.. ord. reg.- zto8% July 2 Holders of rec. June 27
A flier ohm rec. for ord. reg
zres% July 2 Holders of rec. June 27
General Mills co- (weir )
75c Aug.
Holders of roe. July 154
General Mend, Corp $5 pref (guar 1,
Holder., of rue. July 10
$134 Scuf
General Stoek yards
50e Aug.
Holders of rec. July 140
p., corn. (guar.)
En preferred (guar I
$1 4 Aug. Holders of rec. July Ita
Gold Dust Corp , Cohn (guar.)
30c Aug.
Holders of rec. July 10
Gotham :Mk Hosiery Co., pref. (quar•)Holders of rec. July 12
$154 Aug.
Gottfried Insides(
el. A (quar)
Holders of roe Sept 20
75c. oco.
14% Oct.
Preferred odour.)
Holders of roe. Sept. 20
Preferred (guar I
1% % ,fu.2 '3 Holden; of rec. Dec 20
Government(Mlol Mines Areas, Ltd.. reg 60% Aug. I Holders of rev. June 30
A Merleall tle110.+1t44 received
60% Sept.
Holders of roe. June 30
Crowe 1W It I A ('n sov, pref. (s.-a.)-3% Dee 29 Holders of rec. Dee 27
Groom No 1 011 Corp (guar.)
$100 July 18 Holders of rec. July 3
Guao anon. Co of North Amer.(quar.)—
$14 July 15 Holders of rec. June 30
Hamilton wo.den .
July 15 Holders of roe. June 30
$2
Handley Page, Ltd., Amer. dep. rec.-- zw10% July 25 Holders of rec. June 27
Hamm ail Bridge Co., corn. (guar.)
July 20 Holders of rec July 10
$2
0 kg 2(1 Holders of rec. Oco. .0
Quarterly
$2
Harbison Co , 7% prof (guar•)
IN% Oct, 1 Holders of rev Sept 21
7( preferred (gust )
I 1 '34 Holders of roe Dee 21
14%
Harblson Walker Refractories. toref.(01L) $14 July 20 Holders of rec. July 10
Hardesty
7% wet (guar.)
144% Sept 1 Holders of roe Aug 16
144 % Dee
7", preferred (guar)
I !folders of roe Nov 15
Hereules Powder Co.. pref. (guar.).—
$114 Aug 15 Holders of rec. Aug. 4
Hershey 'hoeoloote Corp., corn. (guar 75e Aug IS Holders of rec. July 25
(!oll vert Mho preference (qUoir )
$1 Aug. 15 Holders of rec. July 25
Hibbard, Sommer, Bartlett & Co. (mo.)
10c July 28 Holders of rec. July 21
Monthly
100 Aug. 25 Holdere of rec. Aug 18
Monthly
10e Sept. 29 Holders of rec. Sept. 22
Hollinger Consolidated Gold Mines—
Monthly
5c July 15 Holders of rec. June 30
Honolulu Plantation Co. (monthly)_.- 25e July 10 110111ers of ree..111(O. 30
Horn & Harden (N Y.) coin. (guar.) 50e Aug. 1 Holders of rec. July II
.
Preferred (hmar.)
3154 Sept. 1 Holders of rec. Aug II
75c July 15 Holders of rec. June 304
Household Finance. corn. A & B (gear.).
$1.05 July 15 Holders of rec. June 30a
Preferred pillar
Howe SoUnd I '0 (putr.)
10c July 15 Holders of roe June 30
2e July 15 Holders of rec July
Idaho Maryland Consol. Mines
I
Menet-witted Investors (s.
25 July 15 Holders of rec. June 20
-a
lialuedriai cotton 51111s 7% prof (guar
14% Aug. 1 Holders of rec. July 20
Intermit Ill14111(,88 Mach. Corp. (qUar.) $114 July 10 Holders of rec. June 'Pa
$14 Oct. 10 Holders of rec. Sept. 22
Quarterly
Interns. Cigar Mach. Co., corn. (guar.) 374e Aug. 1 Holders of rec. July 15
011,01,0 o..I Hoor rester Co ,osorou
15c July 16 Holders of re* June 20
International Printing Ink Corp—
Preferred (guar.)
514 Aug. 1 Holders of rec. July 15
275
Financial Chronicle
Volume 137
Name of Company.
Miscellaneous (Continued).
International Nickel of Can.(guar.)._
International Shoe. pref. (guar.)
Preferred (monthly)
Preferred (monthly)
Preferred (monthly)
Preferred (monthly)
Interstate Hosiery Mills Co
I ntertype Corp 1st prof (s.-a.)
Investment Foundation, Ltd., pref.(au.)
Preferred
Jewel Tea Co.. corn (guar.)
Kidder Participation, Inc.. No. 1 (3.-a.)
Number 2 (5.-a.)
Number 3 (s -a.)
Kidder Peabody Acceptance Corp.—
Class A & 13
Kress (S. H.)& CO., cons.(guar.)
Special preferred (guar.)
Kroger t:revery & Baking. 7% pf. (qu.)_
L'Air LIquIde, Series I), bearers shares
American deposits receivable
Lamont Corless, $6 pref. (uuar.)
Landers l'rary &Clark (guar.)
Quarterly
Lane Bryant. Inc., 7% pref.(guar.).—
Langendorf United Bakeries cl. A
Lazarus(F.& R.) & Co..64% pf.(qu.)Leslie-California Salt Co., corn. (guar.).
Llucoin National Life Ins. Co.cap. stock
Capital stock
Link Belt, 614% prof. (guar.)
Loose
e 11 u,,r
is(,31sc ult Co.. corn. (guar.).
Preferred
Lord & Taylor, 2nd preferred (guar.)...
Lucky Tiger Comb. Gold Mitt. (qu.)
1.un ken helmer Co.. pref.(guar.) _.. _
MacAndrews & Forbes Co.. corn.(guar.)
Preferred (guar.)
Macy (R. H.)& Co., common (guar.)._
Magnin 11.1 & Co., 0% pref. (guar.).—
6% preferred (guar.)
May Dept. Store Co. (guar.)
McCall Corp.. coon. (guar.)
klcClatchy Newspaper, 7% pref.(guar.)
7% prefrred (guar.)
MeColl Frontenae 011 Co.. Ltd., pf. (qu)
M e( Mirick Bond & Mtge., prof.(s-a)__-Melville Shoe Corp.,coal.(guar.)
lot preferred (guar.)
26 preferred (guar.)
Metal & Thermit Corp., corn.(1 uar.). _ _
Mohawk Investing Cor. (hoar.)
Mohawk Mln Co. cap stk filouldarg)
Moore 0% mj Dry Goods Co. (guar.) _
quiirierly
Morris, Philip & Co., Ltd.(guar.)
Morris Sc.& lin) to SI Ste_ 7% pt. (qu.)
7% preferred (guar.) .
Nat. Bearing Metals Corp., 7% pf.(um.)
preferred
7
anai it
lit to. common (quar.)___
Preferred (guar.)
National Carbon Co.. 8% pref. (guar.).
National Fuel Gas Co.(guar.)
National Lead (30.. pref. B (quar.)
New England I :rain Prod.. A pref.(nu.).
New Jersey Zinc, coin. (guar.)
Now York & Hood. Ros. Mug.(guar.)_.
Per
When
Cent. Payable.
$14
50e
50c
50c
50c
50c
400
$2
38c
hl2c
75c
65e
60e
50e
Rooks Closed
.Diyi Inclusive.
Holders of
Aug.
Holders of
Aug.
Holders of
Sept.
Holders of
Oct.
Nov.
Holders of
Dec.
Holders of
Aug. 15 Holders of
oct. 1 Holders of
July 15 Holders of
July 15 Holders of
July 15 iloolders of
July 15 Holders of
luly 15 Holders of
July 15 Holders of
ree. July 3
rec. July 15
rec. Aug. 15
rec. Sept. 15
rec. Oct. 15
rec. Nov. 15
rec. Aug. I
rec. Sept. 15
rec. June 30
roe. June 30
roe. June 30
rec. June 20
rec. June 20
rec. June 20
514 July 15 Holders of rec. June 20a
25c Aug. I Holders of rec. July 20
15c Aug. 1 Holders of rec. July 20
134% Aug. 1 1101(1erS of roe. July 20
Holders of rec. July 1
19.901
19.001 July 8 ifolders of roe. June 3
1 4% July 10 Holders of rec. June 26
374e Sept. 30
374e Dec. 31
14% Aug. 1 Holders of rec. July 15
25e July 15 Holders of rec. June 30
14% Aug. 1 Holders of rec. July 20
35e Sept. 15 Holders of rec. Sept. 1
60c. Aug. 1 Holders of rec. July 26
700e. Nov. I Holders of ree. Oct. 26
14% Oct. 1 Holders of rec. Sept. 15
50c Aug. 1 Holders of roe. July 18a
51% Oct. 1 Holders of rec. Sept. 18a
82 Aug. 1 Holders of rec. July 17
3c July 20 Holders of rec. July 10
2 Holders of rec. Sept.=
$134 Oct
40c July 15 lfolders of rec. Juue 304
14% Judy 15 Holders of rec. June 305
50c Aug. 15 Holders of rec. July 21
14% Aug 15 Holders of roe. Aug. 6
14% Nov. 15 Holders of rec. Nov. 6
25e Sept. I Holders of rec. Aug. 15
50c Aug. I Boulders of rec. July 15
4334c Sept. 1 o folders of rec. Sept. 1
4354e Dec. 1 Holders of rec. Dec. 1
51(4 July 15 Holders of rec June 30
$314 July 16 Holders of rec. July 5
30c Aug. 1 Holders of rec. July 14
$154 Aug. 1 Holders of rec. July 14
74c Aug. 1 Holders of rec. July 14
Aug. 1 Holders of rec. July 20
51
25e July 15 Holder, of rec. June 301
Jtet
i
$5 oil y 20 Holders of rec. June 24
$14
$1 4 1-1-34
25e July 15 Holders of rec. July 1
1-44% Oct. 1
IM %
ug1 Holders of rec. July 15
131% Aug.
551 Aug. 1 Holders of rec. July 15
July 15 Holders I Of rec. June 160
7it0)'Na
134% Aug. 31 Holders of rec. Aug. 15
$2 Aug. 1 Holders of rec. July 20
25e July 15 Holders of rec. June 30
51 4 Aug. I Holders d rec. July 21
$14 July 15 !loafers of rec. July 1
50c Aug. 10 Holders of rec. July 20
,
2
9
ul
25c J tily 2 Holders ot rec. July 18
Holders of rec. July 18
374e
Newberry (J. J.1 Realty Co.
14% Aug. 1 Holders of rec. July 17
634% series A pref. (Oust.)
6% series B preferred (guar.)
14% Aug. 1 Holders of rec. July 17
Niagara Share Corp of Md.—
Class A $6 preferred (guar.)
$14 Oct. 1 Holders of rec. Sept. 1.5
Class A $6 preferred (guar.)
$134 Jan 2'34 Holders 01 roo. Deo. 16
Nineteen Hundred Corp.. claw A (olUar.)
500• Aug 15 Holders of rec Aug. 1
Nov 15 Holders of roe Nov. 1
Nora
( irirlaAlki10uar
3
u511e July 10 Haters of rec. June 13
5°°
1nes(
(Interim)
Northam Warren Corp., pref. (guar.).750 Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
750 Dec. 1 Holders of roe. Nov. 15
Norwich l'harinacal Co. (guar.)
$1 Oct. 1 Holders of rec. Sept. 20
Onomea Sugar (monthly)
20c July 20 Holders of rec. July 10
Otis Elevator Co., coin.(guar.)
15c July IS Holders of rec. June 30
Preferred (guar.)
$1 (4 July 15 Holders of rec. June 30
750 Aug. 15 Holders of rec. Aug. 6
Penman's, Ltd.. (guar.)
Preferred (guar I
$1.4 Atm. 1 Holders of rec. July 21
Pennsylvania Salt Mfg. Co. Oa uar.)__ —
75e July 15 Holders of rec. June 30
Phila, Insulated Wire Co.(s
50e Aug. I Holders of rec. July 15
-a)
Phoenix Finance Corp., pref. (quar.)___
50c July 10 Boulders odf rec. June 30
50e July 10 Hoolders of rec. June 30
Pholenix FM. Corp.. 8% prof. (oust.)...
piggly Wiggly, Ltd (('an.), 7% pf.(s-a) - 34% July 15 Holders of rec. Julie 30
z511.518, July 20 Holders of rec. June 30
Plymouth Cordage ((buar.)
July IS Holders I f roe. June 30
Prenoler Shares. Inc., (s. a.)
Procter & Gamble Co., common (guar.). 3
740 Aug. 15 Holders of rec. July 25
2% July 15 Holders of rec June 23
8% preferred ((luar.)
51(4 July 15 Holders of me. June 30
Prudential investors, $6 pref.(guar.).—
July 15 Heide's 01 roe July 1
51
Qualkeerrer.rn Iii
ce
atstt
i
$14 Aug. 31 Holders of rec. Aug. I
(goal',)
July 15 Holders of rec. July 1
51
Quaker t htts Co.. corn. (guar.)
3e Aug. I Holders of rec. July 15
Quarterly Income Shares. ISO
-a.)____ Is. 3d.
Rand Mines. Ltd.. ordinary (R.
Republic Stamping & Enameling Co.—
July 10 Holders of rec. July 1
Common (guar.)
h812 c Aug. 1 Holders of rec. July 15
Roos Bros.. Inc., 614% prof
2541 Sept. 15 llouloiers of rec. Sept. 5
Ruud Mfg. new common (guar.)
50c July 15 Holders of rec. July 5
St. Croix Paper (gust.)
July 15 1 folders of rec. July 6
200
San Carlos !Ogling (motothlY)
Savannah Sugar Refg. Corp., corn. (go.) $14 Aug. 1 Holders of rec. July 15
SI 4 Nov. 1 Holders of rec. Oct. 14
CO1111,1011 (guar.)
Preferred Pillar.)
134 % Aug. 1 Holders of rec. July 15
Preferred (guar.)
Ili % Nov. 1 Holders of rec. Oct. 14
Scott Paper Co., ser. A pref.(guar.).—
$1 14 Aug. 1 Holders of rec. July 17
$1 34 Aug. 1 Holders of rec. July 17
Series It preferred (outer.)
6250 Allg• I llolders of rec. July 15
Seetliall Bros.. Inc
coin. (guar.)
July 15 Holders of rec. June 30
5.9c
Selected Managements Tr. she
50c Aug. 1 Holders of rec. July 14
Sharpe ,fr Dolmas. pref. A (guar.)
0051 Aug. I Holders of rec. July 14
Preferred A
July 10 Holders of rec. June 20
Shattuck (Frank G.) Co (guar.)
5: .
56
0
Sheaffer (W. A.) Pen. pref. (uuar.)—__ 37 20. July 20 Holders of rec. June 30
20 Holders of rec. Sept. 30
Preferred (quer.)
Aug. 15 Holders of rec Aug. 15
Sioux City Stkyds.. $6 pf. (guar.)
37 40 Nov. 11 Holders of rec. Nov. 15
$s preferred (guar 1.
$14 Aug. 15 Holders of rec. July 15
Solvay Amer. Invest.. pref.(guar.)
Southern Acid & Sulphur Co., Inc..
50c. Sept. 15 Holders of rec. Sept. 10
COMMOD (guar )
Sc July 15 Holders of rev. July 1
Sold hland Royalty Co., corn. (guar.)...
75c July 15 Holders of rec. July 3
Spicer Mfg. Corp., preference (guar.)._
Staridard 1)11014)Mo 55 pref (guar.).—
$1 li July 15 i holders of roc Owe 30
3740 Aug IS Holders of rec. July 31
Stanley Works.6% pref. (guar.)
40c July 15 Holders of rec. June 30
State Street Investment Corp. (guar.)._
435ca 30e Aug. 1 Holders of rec. July 7
Steel f7o of („ilaiwriadj (guar.)
( rred
e
Aug. I Holders of rec. July 7
05:0;
x61
22 .
SUeZ l'olol
.
Sept. 15 Holders of rec. Aug. 25
•
Sun ()II Co. co. (guar.)
in
Dec. 15 Holders or MC. Nov. 25
(
Commonguar.)
104% Sept. I Holders of rec. Aug. 10
Preferred (guar.)
Preferred ((buar.)
14% 1)ec. I Holders of rec. Nov. 10
12340 July 15 Holders of rec. July 5
Superheater Co. (guar.)
1.6c Judy 15 Holders of rec. June 30
Supervised Shares, lite. (guar.)
Tammy Palmyra Bridge. 74% Pt. (qu.) 14% Aug. 1 Holders out rec. July IS
Aug
I Holders of rec. July 13
Teek Hughes Guild Mines. Ltd (guar•)-
276
Financial Chronicle
Per
When
Cent. Payable.
Name of Company.
Miscellaneous (Concluded).
Te'autograph Corp.(guar.)
Texon Oil & Land Co.(guar.)
Thatcher Mfg. Co.. pref.(guar.)
Timken Roller Bearing Co.(guar.)
Timken Tobacco Co., Ltd., pref.(att.).United Biscuit Co.of Amer., pref.(qu.)_
United Companies of N.J.(guar.)
United Fruit Co., cap. stock (quar.)
United Milk Crate Corp., CIA.(guar.)_ _
Class A (guar.)
United Secure.,Ltd., corn.(guar.)
U.S. Pipe & Foundry Co.. coin.(guar.).
Common (guar.)
Common (guar.)
let preferred (guar.)
1st preferred (guar.)
let preferred (quay.)
United States Smelting, Rely.& Mining_
Preferred (quar.)
United Verde Extension Min. Co.(qui _
Universal Leaf Tobacco Co.,corn.(au.).
Extra
Universal Trust Shares
Vulcan Dethining Co., pref.(guar.)
Preferred (guar.)
Walgreen Co.. corn.(guar.)
Western Grocers, Ltd., pref.(guar.).—
Westinghouse Air Brake Co.(guar.)
Westmoreland, Inc. (guar.). •
White (S. S.) Dental Mfg.(guar.)
Wichita Union Stockyards.8% pf.(s.
-a.)
Winstead Hosiery Co.
(guar.)
Quarterly
Wiser Oil (guar.)
Quarterly
Wrigley (Wm.)Jr. Co.(monthly)
Wyatt Metal & Boiler Works (quar.)
25c
150
90c
150
$IR
$234
500
500
500
50c
1233c.
1233e.
1233e.
30e.
30e.
300.
250
8733c
100
500
Si
%
%
250
$15'
250
30c
100
$4
$133
$133
25e
25o
25e
$134
Books Cloud
Days Inclusive.
Aug. 1 Holders of rec. July 14
July 18 Holders of rec. July 3
Aug. 15 Holders of rec. July 31
Sept. 5 Holders of rec. Aug. 18
July 15 Holders of rec. June 30
Aug. 1 Holders of rec. July 15
July 10 Holders of rec. June 20
July 15 Holders of rec. June 220
Sept. I Holders of rec. Aug. 15
Dec. 1 Holders of rec. Nov.15
July 15 Holders of rec. June 30
July 20 Holders of roe. June 30
Oct. 20 Holders of rect. Sept.30
1-20-34 Holders of roe. Dec. 30
July 20 Holders of rec. June 30
Oct. 20 Holders of rec. Sept.30
1-20-34 Holders of rec. Dee. 80
July 15 Holders of rec. July 3
July 15 Holders of rec. July 3
Aug. I Holders of rec. July 3
Aug. 1 Holders of rec. July 19
Aug. 1 Holders of rec. July 19
July 15 Holders of rec. June 30
July 20 Holders of rec. July 7a
Oct. 20 Holders of rec. Oct. 6a
Aug. 1 Holders of reo. July 15
July 15 Holders of rec. June 30
July 31 Holders of rec. June 30
Oct. 1 Holders of rec. Sept. 15
Aug. 1 Holders of rec. June 14
July 15
Aug. 1 Holders of roe. July 15
Nov. 1 Holders of roe. Oat. 15
Oct. 2 Holders of reo. Sept. 12
Jan2'34 Holders of rec. Dee. 12
Aug. 1 Holders of rec. July 20
Oct. 1
1' The New York Stook Exchange has ruled that stock will not be quoted exdividend on this date and not until further notire.
The New York Curb Exchange Association has ruled that stock will not be
Quoted ex dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
C Correction. e Payable in stock.
I Payable In common stock. p Payable I n scrip. S On account of accumulated
Payable to preferred stock.
dividends.
st Amer. Cities Power & Lt. Corp. pay 1-32 of 1 sh. 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 Commercial Investment Trust is at the rate of 1-52 of 1 ah. of
corn. stock per all, of cony. pref., opt. series ot 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 sterling.
guilder exchange on April 28.
p Blue Ridge Corp. declared a div. at the rate of I-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 es Light Corp., optional div. of 1-32 of I shares of
class B stock or at holders option, 75 cents cash.
I Payable in Canadian funds.
it Payable In United States funds.
CA unit.
to Lees deduction for expenses of depositary.
s Less tax.
y A deduction has been made for expenses.
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JULY 1 1933.
Clearing House
Members.
*Surplus and Net Demand
Undivided
Deposits,
ProfUs.
Average.
• Capital.
Time
Deposits,
Average.
$
$
$
Bank of N. Y.& Tr. Co_
9,354,200
6,000,000
83,101,000
Bank of Manhattan Co.._
20,000,000 e31,931,700
238,928,000
National City Bank
55,983,000 a835.910,000
124,000,000
Chemical Bk.& Tr. Co-46,119,500
20,000,000
256.166,000
Guaranty Trust Co
90,000,000 1176,676,800 5887,299,000
32,935,000
Manufacturers Trust Co.
20,297,500
203,068,000
Cent. Han. Bk.& Tr. Co
21,000,000
64,023,700
498,789,000
Corn Exch.13k. Tr. Co-_
15,000,000
22,493,500
179,043,000
First National Bank-10,000,000 972,579,800
333,111.000
Irving Trust Co
50,000,000
62,764.900
318.343,000
Continental Bk.& 'Tr Co
4,000,000
5,756,300
22.836.000
Chase National Bank—. 148.000,000 h58,163,800 c1,124,314,000
Fifth Avenue Bank
500,000
3,639,900
44,320,000
Bankers Trust Co
25,000,000 (62.202,700 d514,110,000
Title Guar.& Trust Co
10,000,000
20,481,100
23,470,000
Marine Midland Tr. Co_
10,000,000
5,549,000
46,356,000
Lawyers Trust Co
3,000,000
2,145,400
8,018,000
New York Trust Co
12,500,000
22,104,000
193,313,000
Com'l Nat Bk.& Tr. Co_
7,000,000
8,669,400
42,776,000
Public Nat.Bk.& Tr.Co.
8.250,000
4,439,300
39,510,000
Totals
617.185.000
S
8,914,000
32,603,000
158,429,000
26,374,000
48,425,000
94,255,000
51,724,000
20,237,000
28,454,000
54,227.000
1,462,000
87,991,000
2,819,000
52,524,000
242,000
4,016,000
1,562,000
16,391,000
2,196,000
29,206,000
755.375.600 5.1192.781 non
799 nsi non
As per official reports: National, March 31 1933 State, March 31 1933: trust
companies, March 31 1933. e As of June 8 1933. f As of May 3 1933. g As of
April 14 1933. h As of May 25 1933. t As of Apr 1 10 1933.
Includes deposits in foreign branches as follows: a $193,225.000: b $57,071,000;
c $70,288,000:(1$28,924,000.
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 June 30:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, JUNE 30 1933.
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loftus.
Disc. and
Investments.
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust COS.
Cash.
Manhattan-Grace National
Trade
5
19,422,700
2,606,868
$
107,700
95,750
$
1,583,800
510,842
Brooklyn—
Peoples National
5,368,000
87,000
327,000
Gross
Deposit..
—
$
$
1,947,000 18,410,900
355,322 2,838,842
48,000
TRUST COMPANIES—AVERAGE FIGURES.
,
Res. Dep., Dep. other
Loans,
Cash.
N. Y. and Banks and
Disc. and
Investments.
Elsewhere. Trust Cos,
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:
July 8 1933
$
$
Manhattan—
$
17,324,200 *2,942,900 1,408,400
County
Empire
56,643.000 *3,184,100 14,077,800
40,255
6,048,611
Federation
416,381
*449,661
9,238,191
Fiduciary
385,196
Fulton
17,821,400 *2,112,600
431.200
United States71,910,825 5,465,567 16,400,316
Brooklyn—
Brooklyn
Kings County__
86,880,000
22.833.231
2,638,000 20,364,000
1,479,215 7,153.009
4.871.000
Gross
Deposits.
18,778,900
2,327,200 65,671,900
479,459 5,452,046
479,022 8,890.666
358,600 16,951,900
66,274,045
101.000 95,056,000
24 ii30 039
• Includes amount with Federal Reserve as follows: County,$2,691,600: Empire,
$2,216,100: Fiduciary, $215,057; Fulton, $1,986,000.
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 5 1933, in
comparison with the previous week and the corresponding date last year:
July 5 1933. June 28 1933. July 6 1932.
$
Resources(Concluded)—
599,706,000 635,416,000 424.572,000 Due from foreign banks (see note)
13,779,000 F. R. notes of other banks
7.057,000
8,057,000
Uncollected Items
Gold held exclusively agst. F.R. notes- 607,763,000 642,473,000 438,351,000 Dank premises
All other resources
143,600,000 162,649,000 60,268,000
Gold settlement fund with F. R. Board
Total resources
Gold and gold certificates held by bank.. 106,783,000 100,138,000 209,777,000
Resources—
Gold with Federal Reserve Agent
Gold redemption fund with U.S. Treas'y_
Teta I gold reserves
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 bills discounted
BIM bought in open market
U. S. Government securities*
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities..
858,146,000
905,260,000
76,768,000
86.767,000
934,914,000
992,027,000
3,500,000
3,000,000
21.512,000
33.244,000
22,050.000
36.105,000
54,756,000
58,155,000
102,882,000
181,386,000
264.108,000
307,807,000
Total deposits
Deferred availability items
2,511,000
29,944,000 Capital paid in
Surplus
182,314,000 182,938.000 All other liabilities
268,616,000
97,444,000
300,098,000 411,998,000
Total Uabilitiee
753,301,000
1,712,000
751,028,000
2,283,000
827,154.000
813,957.000
Other securities (see note)
Total bills and securities (see note).—
708.396,000
Ltablitnes—
69,034,000 F. R. notes in actual circulation
F. R. bank notes In actual circulation-777,430,000 Deposits—Member bank—reserve ace 1
Government
Foreign bank (see no(e)
Special deposits—Member bank
61,790,000
Non-member bank
41,092,000
Other deposits
17.385,000
July 5 1933. June 28 1933. July 6 1932.
3
8
3
1,372,000
1,312,000
950,000
5,212,000
4,610,000
3,828,000
90,352,000
89,497,000 110,383,000
12,818,000
12,818,000
14,817,000
24,237.000
23,194,000
35,982,000
1.899,559,000 1,940.415.000 1,763,009,000
692,380,000 Ratio of total gold reserves & other cash*
4,413,000
to deposit and F. it. note liabilities
combined
Contingent liability on bills Purchased
829,619,000
for foreign correspondents
672,285,000
57,122,000
872,943,000
32,108,000
4,844,000
5,542,000
1,321,000
15,249,000
648,628,000
55,358,000
955,949,000
14,120,000
7,068,000
5,364.000
1,095,000
14,135,000
858,279,000
20,514,000
3,103,000
932,007,000
86,986,000
58.535,000
85,058,000
7,566,000
997,731.000
86,316,000
58.535,000
85.058,000
8,789,000
904,128,000
99,000,000
59,185,000
75,077,000
12,108.000
613,511,000
22,232,000
1,899,559,000 1,940,415,000 1,763,009,000
58.3%
60.3%
51.2%
12,249,000
11,444,000
23,495.000
•-Other cash" does not include F R. notes or a bank's own F. R. bank notes.
NOTE.—Beginning with the statement of Oct. 17 1925. two new Items were added in order to show separately the amount of balances held abroad and amounts
due to foreign correspondents. In addition, the caption "All other earnings assets," previously made up of Federal Intermediate Credit Bank debentures, was changed
to "Other securities," and the caption. "Total earnings assets" to "Total bills and securities." The latter terra was stapled as a more accurate description of thin total
of the discount acceptances and securities acquired under the provisions of Section 13 sad 14 of toe Fedei al iteserve Act, wnion It was stated are the only Items includde
'herein.
Volume 137
Financial Chronicle
277
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,July 6. and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present, the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year. The
second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged
outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department against
of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS
AT THE CLOSE OF BUSINESS JULY 5 1933.
Jul 5 1933. June 28 1933. June 21 1933. June 14 1933. June 7 1933 May 31 1933. Af.tv 24 1933. May 17 1933 July 6 1932.
RESOURCEJ.
bold with Federal Reserve agents
bold redemption fund with U.S. Treas
s
S
$
$
$
S
S
S
$
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
2,731,939,000 1,926,767,000
44,068,000
44,317,000
44,250,000
42,906,000
44,353,000
46.338,000
61,256,000
45.524,000
54,824,000
Gold held exclusively agst. F. It. notes 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 2.786.763,000 1,988,023,000
bold settlement fund with F R. Board
527,701,000 485,550,000 534,924,000
bold and gold certificates held by banks_ 209,708,000 204,946,000 197,131,000 427,674,000 436,613,000 409,834,000 359,464.000 346.260,000 250,643,000
245,741.000 252,774.000 252.072.000 260.718,000 334.485,000 339,784,000
Total gold reserves
3,549,092,000 3,543,765,000 3.533.208,000 3,532,790,000 3.521.935.000 3.519.898.000 3,499.234,000 3,467,508.000 2,578,450,000
teserves other than gold
a
a
a
a
a
a
a
a
Other cash5
255,459,000 290,507,000 237.060,000 293,254.000 290,192,000 286.770,000 308.706,000 303,983.000 257.193,000
Total gold reserves and other cash
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 3,771.491,000 2.835,645,000
4on-reserve cash
a
a
a
a
a
a
a
(..
a
ledemption fund-F. R. bank notes _ _
7,392,000
8,014,000
7,392,000
7,242,000
6,242.000
6.242,000
7,242.000
4,902,000
311Is discounted:
Secured by U. S. Govt. obligations_45,144,000
43,335,000
47,477.000
55,553.000
55.335.000 b 68.014,000
64,472,000
73,379,000 190,828,000
Other bills discounted
138,468,000 145,837,000 174.579,000 198,209.000 221,330,000 b 235,960.000 247.693.000 256,846.000 308,998,000
Total bills discounted
181,803,000 190,981,110 222,056,000 253,762,000 276,665,000 301.974,000 312,165,000 330,225,000 499,826,000
3111s bought In open market
8,188,000
23,084,000
8,827.000
10.200,000
42.662.000
19,862,000
77,353,000
11.411,000
77,543.000
J. S. Government securities Bonds
440,779,000 440,836,000 441.030,000 441,188,000 441.103.000 441,071,000 430.606.000 420.992.000 429,004,000
Treasury notes
697,514,000 705,047,000 693,482,000 683.509.000 675,532,000 656,593,000 629.583,000 594.482.000 274,746,000
Special Treasury certificates
Other certificates and bills
856,965,000 829,329,000 820,162,000 807,747,000 794.968,000 791,914,000 801,523,000 821,124,000 1,097,315,000
Total U.S. Government securities
1,995,253,00 1,975,212,000 1,954,674,000 1,932,444,000 1.911,603.0001.889.578.000 1.861,712,000 1.836,598.000 1.801,065,000
0
Other securities
2,848,000
2,297,000
2,923,000
3,624,000
5.386.000
5,993.000
5.404,000
4.823,000
5,029,000
Foreign loans on gold
Total bills and securities
bold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Rank premises
All other resources
2,202,442,000 2,177.227,000 2.188.480,000 2,200,030,000 2,204,708m0 2,216,237.000 2,221,925.000 2.249,770,000 2,384,237,000
3,729,000
3,729,000
3,835,000
3,832,000
3.593.000
2,655,000
3,810,000
3,815,000
3,662,000
16,411,000
15,416,000
21.471,000
18.848,000
17.921,000
13,082,000
19,095,000
15,143.000
19.282.000
357,321,000 340,469,000 379,017.000 407,388.000 334,699.000 316.047,000 316,172,000 309,775.000 391,960,000
54,312,000
54,366,000
54,312,000
54,312,000
54.255,000
58,113,000
54.251.000
54.255.000
54,312.000
50,193,000
51,163,000
50,951.000
52,603,000
47,146,000
46,251.000
49,300.000
48,020,000
44.949,000
Total resources
6,497,002,000 6,484.005,000 6,525,726,000 6,570,299,000 6,485,530.000 6,468,427,000 6.475,194,000 6.507.985,000 5,731,943,000
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
.639.000 3.203.102.000 3.221,429,000 3.299,995,000 2,868,163,000
F. R. bank note. In actual circulation
124,012,000 120.081,000 117,774,000 113,264,000 104.884.000
84,211,000
96,280,000
74.218.000
Deposits-Member banks
00
-reserve acet. 2,218,912,0 2,286,207,000 2,205,302,000 2.281.378.000 2.203,889.000 2,186,721,000 2,194.390,000 2,114,283.000 1,962,989,000
Government
55.029,000 129,527,000
67,965,000
46,422,000
40,336,000
37.668.000
32.173.000
31.260.000
72.328.000
Foreign banks
20,286,000
15,984,000
10,088,000
8,410,000
8,752,000
42,208.000
15.867.000
7.848,000
22,943,000
Special deposits: Member bank
76.358,000
77,198,000
78,696,000
83,449,000
81,904,000
90,942,000
87,467,000
83,637,000
18,789,000
Non-member bank_.
19,585,000
19,314,000
18,334,000
17.641,000
18,671.000
18,059,000
17.642,000
Other deposits
53,114,000
51,082,000
43,833,000
43,010.000
32,915,000
45,347.000
45.180,000
44.732.000
46.850.000
Total deposits
2,450,724,00 2,509,783,000 2,486,760,000 2,481,003,000 2
0
. . .
432 615 000 2,393.773.000 2.392,817,000 2,320,454,000 2,044,992,000
Deferred availability items
339.652,000 377,793,000 399.701,000 328.902,000 318,082,000 322,322,000 359,053,000 370,623,000
357,504,000
Capital paid In
146,796,000 146,744,000 6147,665,000 147,563,000 150,052,000 150.271,000 150.287,000 150,217,000 154,788,000
Surplus
278,599,000 278,599,000 278.599,000 278,599,000 278,599,000 278,599.000 278.599.000 278,599,000 259,421,000
All other liabilities
27,822,000 626,849,000
24,036,000
31.790,000
33,956,000
25,529,000
24,944,000
28.320,000
26.789.000
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 8,507.985,000 5.731,943,000
Ratio of gold reserve to deposits
and
F. R. note liabilities combined
63.8%
63.3%
63.7%
63.0%
62.8%
52.4%
62.3%
61.8%
62.9%
Ratio of total reserve to deposits
and
F. It. note liabilities combined
Ratio of total gold reserves & other
cash to
deposit .6 F.R. note liabilities combined
68.8%
68.5%
88.4%
68.3%
68.1%
57.7%
67.8%
67.1%
68.0%
Contingent liability on bills purchased
for foreign correspondents
36,060,000
36,140,000
36,948,000
35,031,000
35,436,000
73,775.000
36.770,000
38,886,000
35,731.000
Maturity Distribution of Bills and
5
$
5
$
$
5
S
S
s
Short-Term Securities
1-15 days bills discounted
127,542,000 136,381,000 146.300.000 167,914,000 181.962,000 192,071,000 195.699,000 212.662,000 347,952,000
16-30 days bills discounted
16,677,000
12,614,000
14,036,000
17,844,000
20,062,000
31,666,000
22.195,000
22.485,000
24,148.000
91-60 days bills discounted
14,555,000
14,870,000
35,965,000
46,819,000
56,940,000
48,089,000
28.813,000
23.570,000
41.687.000
41-90 days bills discounted
18,468,000
23,274,000
20,653,000
15,639,000
41,029,000
21,039.000
64,943,000
61,411,000
36,416,000
Over 90 days bills discounted
4,900,000
3,503,000
5,102,000
5,546.000
51,513.000
7,652,000
6,047,000
8,565.000
22.239,
000
Total bills discounted
181,803,000 190,981.000 222,056,000 253,762,000 276.665.000 301,974.000 312.165,000 330,225,000 499,826,000
1-15 days bills bought in open
1,370,000
15,769,000
4,336,000
market
4,708.000
42,528,000
33,563.000
65,036.000
12,479,000
3 960 000
. .
18-30 days bills bought In open market
1,731,000
1,552,000
894,000
1,314,000
3.504,000
6.767,000
4,533,000
3.677,000
5,239,000
31-80 days bills bought in open market
1,942,000
2,697,000
1,431,000
1,333,000
724,000
6,249,000
3.870.000
2.634,000
842,000
61-90 days bIlls bought In open market
2,507,000
3,642,000
2,166,000
2,845,000
3,222,000
21,796,000
1.552.000
5.340.000
1,302,000
Over 90 days bills bought in open
market
1,000
13,000
Total bills bought In open
8,186,000
23.084,000
8,827,000
market__
10,200,000
11,411.000
77,353,000
42,662.000
77.543,000
19,862.000
1-15 days U. S. certificates and
41,613,000
35,113,000 131,975.000 107,725.000
34,325,000
71.450.000
81,475,000
127.625,000
86.600,000
18-30 days U. S. certificates and bills__
46,025,000
43,100,000
bills__
34,325,000
40,738,000
28.988.000
97,775,000 127,875.000 109,320,000
37,500,000
31-80 days U. S. certificates and Mils__ 150,446,000 108,495,000 138.844,000
53.227,000
62,638,000
76 550 000
. .
73,238.000 216,041,000
81.288.000
81-90 days U. S. certificates and
bills___ 277,326,000 284,562.000 269.576,000 159.796.000 158 896 000 111.646.000 141,796.000 127.906.000 231,861,000
. .
Over 90 days certificates and bills
351,768,000 348.634,000 342,304,000 422,011.000
422 8 9
. 0 .000 433.855,000 427,864,000 405.455,000 458,618,000
Total U. S. certificates and bills
856,965,000 829,329,000 820,162,000 807,747,000 794.968
. 00 791,914.000 801,523.000 821,124,000 1,097,315,000
0
1-15 days municipal warrants
2,727,000
2,177,000
2,803,000
3,501,000
4,906.000
5,801,000
5,174.000
4.738,000
5.192.000
18-30 days municipal warrants
10,000
10,000
20,000
25,000
116,000
25,000
127,000
31-60 days municipal warrants
127,000
38,000
10,000
10,000
10,000
31,000
25.000
10.000
25,000
61-90 days municipal warrants
38,000
22,000
38,000
38,000
38.000
45,000
10.000
10.000
Over 90 days municipal warrants
73,000
50,000
72,000
50,000
50,000
50,000
50,000
50,000
Total municipal warrants
2.848,000
2,297,000
2.923,000
3,624,000
5.029.000
5,993,000
5.386.000
--4.823.000
5,404,000
Federal Reserte Notes
Issued to F. R. Bank by F. It. Agent___ 3,361,556,00 3,327,308.000 3,362,087,000
0
3,380,077.000 3,419,635.000 3,436,872,000 3.471,471,000 3,556.604,000 3,093,935,000
Held by Federal Reserve Bank
246.225,000 265,984,000 271,801,000 261,698,060 2
55.946,000 233,770.000 250.042.000 256.609.000 225,772,000
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 3.299,995.000 2,868,163,000
---Collateral Held by Agent as Security
for Notes Issued to Rank
By gold and gold certificates
1,518,931,00 1,523,266,000 1.528,968,000 1,478,034,000 1.463,639,000 1,466,704,000
0
Gold fund-Federal Reserve Board
1,248,435,000 1,285,935,000 1,227,935,000 1,338,435,000 1,318,435,000 1,346,935,000 1.457.279,000 1,381.104,000 944,252,000
By eligible paper
119,420,000 115,770,000 126,141,000 150,570,000 162,422,000 190,397,000 1,375,435,000 1,350,835,000 982,515,000
217,760.000 249,447.000 522,675,000
U. S. Government securities
505.700,000 441,200,000 504,200,000 467.900.000 505,900.000
480,900.000 471.900,000 013.400.000 682,000,000
Total
I a09 45A 000 3.366.180.000 3.387.244.000 3.434 939 000 3.455 aria 000 5494 oar; non 1 50)274 non
t cal 7RA non 'sill 442000
•"Other ca.sh- does not Include Federal Reserve notes or a Bank's own Federal Reserve bank notes.
a Now Included in "other cash." b Revised.
NEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 5 1933
Two Ciphers (00) omitted.
Federal Reserve Rank of
Roston. New York. Phila. Covetand. Richm6n4 Atlanta. Chicago. 31. Louis. Llinneap,
Total.
Kan.City. Daisy's. San Frau
RESOURCES.
$
$
$
s
S
S
5
8
3
8
3
8
$
Gold with Fed. Rea. Agents... _ 2,767,366,0 232,989.0 5911,706,0 187,000,0 222,770,0 128,8:15,0 98,550,0
778,072,0 122,309,0 65,779,0 102,200,0 26,803,0 202,263,0
Gold redm.fund with U.S.Treas
8,057,0 4,219,0 5,459,0 1,228,0 2,607,0
44,317,0 4,814,0
4,403,0 1,174,0 1,951,0
1,664,0 1,225,0 7,516,0
()old held excl. eget F.R.noter 2,811 683 0 237,803,0 607,763,0 191,219,0 228,229,0 130,063,0 101,157,0
782,475,0 123,483,0 67,730,0 103,954,0 28,028,0 209,779.0
Gold settleml fund with F.R.Bd 5277010 49,650,0 143,600,0 20,121,0 52,361,0 23,470,0
Gold & gold Ms. held by banks. 209:708:0 21,613.0 106,783,0 14,382,0 5,078,0 4,636,0 14,269,0 114,918,0 26,052,0 20,426,0 26,770,0 14,385,0 21,679,0
3.665,0
6,727,0 1,200,0
289,0 13,099,0 5,851,0 26,407,0
Total gold reserves.......... 5540 no9. n an9 n66.0 /458.146.0 225.722.0 285.666.0 158.169.0
119.091.0 904.120.0 150.730.0 113.420_0 143 R22 0 49_264_0 257.865.0
Financial Chronicle
278
July 8 1933
Weekly Return of the Federal Reserve Board (('oncludPd).
aesnURCES (Concluded)
Other eash•
255,459,0 16.535,0
Total gold reserve.Aot her cash 3.804.551,0 325,601.0
8.014,0 1,000.0
Reim. food -F.ft bank notes.
Bills discounted:
43.335,0 2.171,0
Sec by 12.8 Govt.obligations
138,468,0 6.668.0
Other bills discounted
181,403.0
23.084,0
Total bills discounter'
Mils bought in open market
U. 8 Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
8,837,0
522.))
ChIC46.0.
(It:refund Richmond Atlanta
.Vew York
Roston.
Total.
Two Ciphers (00) omitted.
3
76.768.0 25.675.0 21,875.0 14.037,0 13,153.0
St. Louis.
34,480,0 11,927,0
San Fran.
Dallas
inneap Kanf
8,172.0 18,356,0
4,163.0 10.268.0
938,600,0 162,662.0 92.588,0 154,091,0 56.436,0 276,221.0
250,0
200,0
50,0
100.0
100.0
2,000,0
934,814,0 251,397.0 307,541.0 172,256,0 132,244.0
150.0
350,0
314,0
3,500.0
3,478,0 2,022,0
8,065.0 11.518.0
220.0
8,067,0
1.049,0
11,398.0
948,0
1,647,0
127,0
4,787,0
1,021.0
7,694,0
114.0 4,768,0
3,144.0 13.724,0
54.756,0 34,413.0 11,543,0 13.540.))
276,0
702.0
750,0
17,385.0
8,293.0
240,0
12.447.0
929,0
2,595.0
207,0
4,914.0
140,0
8,715.0
206,0
,
3,25 4.0 18,492,0
1,414,0
305,0
21.512.0 5,899.0
33.241.0 28,514.0
66,767,0 14.286,0 16.816j) 11,843.0 17,307.0 25,4110
93.346,0 27.517,0 18.561.0 23.376.0 14,587,0 50,726.0
440,779,0 21.560,0
697,514.0 41.627,0
181.386,0 20,732.0 34,436,0 10,777,0 10,418.0
264,100,0 52.655,0 68,735,0 21,508,0 20.788.0
856,965,0 48.643,0
307,807,0 61,532.0 80,321.0 25,133.0 24,268.0
151,817,0 32.154.0 21,649,0 27.317,0 17,046.1
Total 17 8 Govt.securities. 1,995,254.0 111,830.0
2,297.0
Other seeurities
Bills discounted for, or with
(-1.other F. R. banks
753,301.0 143.919.0 183,492,0 57.418,0 55,454,0
525,0
1,712,0
311,930.0 73.957.0 57,026.0 62,576,0 48.940.0 135,415,0
10,0
50,0
2,202.442.0 121,189,1
Total 6111. and securities
286.0
3,729.0
Due from foreign banks.......
306,0
15.416.0
Fed Res notes of other banks
357,321.0 43,537.0
Uncollected Items
3,280.0
54.366,1
Bank premleee
713.
51.163,0
All other resources
827.154.0 179.607.0 195,737,0 71,234,0 63,995.0 325,356.0 76,759.0 62,090,0 71.497.0 52,503.0 155,321,0
261,0
18,0
12.0
108.0
100.0
509,0
131.0
145.0
369.0
411.0
1,371.0
458,)
942,0
1,500,0
224.0 1,554,0
2,229.0
991.0
830.0
829.0
261.0
5.212.0
43.915.0 14.423.0 11,031.0 21,1)90.0 13,604.0 13,092.0
90.352.0 28.600,0 34.000,0 31,475.0 10.634.0
1,792.0 4,244,0
7,605,0 3,285,0 1,747,0 3,559.0
,
12,818,0 3.447,0 6.92 1.0 3,238,0 2.422.0
912,0 1,465.0 1,321,0
707.0 1.548,0
1,911.0
24,238.0 3,717,0 5.752.0 4,006,0 4.873,0
59,278.0
6.497.002,0495.912.0 1,899,559.0 467,754,0 551.516,0 283.345,0 215,278.0 1,322.125,0 258.896,0 169,574,0 253.787.0 126.392,0 452,864,0
Total resources
L1ARILITIR8.
R notes In actual circulation 3,115.331.0 225.527.0
P. It bane notes In act'l cIrcurn 124,012,0 13,566.0
Deposits:
Member bank-reserve account 2.218.912.0 172.778.0
7415.0
67.1165.0
Government
15,984.0 1,221,0
Foreign bank
77.196.0 3,158,0
Special-Member bank
19.585,0
Non-member bank
51.082,0 4,475,0
Other deposits
Total deposits
Deferred avsiMbIlity Items
Capital paid In
Surplus
All other liabflitles
2,450,724,0
357,504.0
146.796,0
278.509.1
24.036.1
182.427,0
42.788,0
10.608,0
20,460.0
530,0
672,285.0 241,888,0 307,403.0 141,993,0 119,550.0
2,578,0
57,122,0 5,741,0 5,214,0
791.792.0 140.962,0 92,245.0 113,257.0 36,179.0 232,250.0
346.0 1,107,0
981,0 1.810,0 4,238,0
31.300,0
872.943,0 130.514.0 146,035,0 76.707.0 55,174.0
32,104,0 2.684,0 3,611,0 2,247.0 3,470,0
652.0
585.0
1,636,0
1,750,0
4,844.0
5,542,0 8,803.0 5,924.0 5.046,0 2,886.0
166.0 3,144,0
238.0
1.981,0
1,321.0
129.0 3.740,0 5.047,0 2,337.0
15,249.0
346,022.0 71,755.0 48,421.0 94,613,0 56.807.0 147,093.0
602.0 1,942.0
1,213.0 8.725,0
7,442,0 3.126.0
569,0
385.0
485,0
4)45.0 1.171.0
2.175.0
302.0 5,289.0
,
2 1,737.0 3.683.0 1.483,0 5,343,0
106,0
,
6 16.0
882.0
7.124,0 3,867.0
410.0
540.0 6.738,0
5.048.0 3,261,0 4,093,0
161,182.0 92.843.0 64.680,0
34.005.0 30,367,0 10.145.0
12,902.0 5,463.0 4,872.0
28,294.0 11.616.0 10,544,0
1,063.0 2,899,0
2.516.0
,
397,548,0 86.261,0 55.866,0 102.985,0 59.356.0 16 1.712.0
45,528,0 15,957,0 9.455,0 23.5011.0 15,613.0 14.728,0
13,079,0 4,011,0 2,022.0 4,249.0 3,882.0 111,567.0
8,719.0 19,701.0
39,497.0 10,186,0 7,019.11 8.263.0
833,0 1,667.0
566,0
1,173.0 1,060.0
3,374,0
932,007.0
86,986.0
58.535.0
85,058,0
7,566,0
145.867,0
28.427,0
15.806.0
29,242,0
783.0
6,497,002,0 495,912,0 1,899,559,0 467,754,0 551,516,0 283,345,0 215,278,0 1,322.125,0 258,896,0 169,574,0 '253,787,0 126,392.0 452,864,0
Total liabilities
Memoranda.
Ratio of total gold reserves and
oilier cash. to deposit & F. Ft.
note liabilities coin blued
Contingent liability no bille Due
ellaw81 for torn eorreeprinden•s
68.4
79.8
58.3
64.8
65.6
73.4
71.8
78.9
71.6
62.5
71.3
59.1
68.7
36,140,0
2.619,0
12,249.0
3.767.0
3,551.0
1,399,0
1,256.0
4,663,0
1,220.0
825.0
1,1)40,0
1,040,0
2.511,0
• litter cash" does not incl itie Federal Reserve ni te. or a Bank's own Federal
Reserve 8 Pa
notes.
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve Agent of-
Total.
Boston. New York.
$
Twu Ciphers (00. meted.
$
Federal Reserve notes:
Lssued to F.R.Bk , by F.R Agt. 3,361,556,0 240.205.0
246,225,0 14,678.0
Held by Fedi Reserve Bank
$
$
$
Chime°.
Cleveland Richmond' Atlanta.
Phila.
$
$
756,244.0 255.613.0 320.738.0 148,154.0141.840,0
83,959.0 13,725.0 13,335,0 6,162,0 22.290,0
3,115,331,0 225,527,0 672,285,0 241,888,0 307,403.0
In tutus]circulation
Collateral held by Agent as security for notes Issued to bks:
Gold and gold certificates__ 1,518.931,0 71,972.0 523.600.0 97.450.0 107.270.0
76,100,0 8)1.550.0 115.500.0
1,248,435,0 161,017,0
Gold fund-F. Ft. Board
49.405.0 14.780.0 9.469,0
119.420.0 8,812,0
Eligible paper.
109.000.0 55.000.0 90,000.0
505,700.0
0.8. Government eccurIties
I
.. . .
,
,,)ifO,iflfl,lJ 051,501,
141,993,0 119,550,0
49.330.0 21.550.0
79,505,0 77.000,0
6,9)19,0 4,189.0
15.000,0 42,000.0
,
St. Louis. Mimosa. KaisCtle. Dallas. San'vas.,
S
$
$
$
$
$
820.322,0 151,678.0 95,153.0 120,976,0 39.527.0 271,105,0
28.530.0 10.716.0 2,908,0 7,719,0 3.348,0 38.855,0
-791,792.0 140,972.0 92,245,0 113.257,0 36,179,0232.250,0
438.072,0 42,609,0 30,279.0 21.490,0 18,803.0 96,500,0
340.000,0 79.700.0 35,500,0 80.1.00.0 8,000,0 105,763,0
a.6361.0 1.644.0 2,802.0 3.704,0 3,078,0 8.899,0
40.000.0 28,000.0 27,200.0 17,000.0 10,500,0 72,000,0
.
•
.
.
.
.
.
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal RUM. Agent at
Total.
Boston. New York
Chimes.
Cleveland Richmond Atlanta
Plata
St. Galas. ifIrinsap. Kan.C14
Dallas. Sas Fran.
Two Ciphers (OM omitted.
Federal Reserve bank notes:
Issued to F R Ilk foutstdg ) 139,194,0 14,280.0
15,182.0
714.0
Held by Fedi Reserve Bank.
64,274.0
7,152,0
8,280,0
539,0
7,680,0
2.466,0
2,920.0
342,0
33.380.0
2.071,0
480.0
134,0
1,220.0
113.0
1,000.0
19,0
2,680.0
870.0
5.000,0
762.0
124,012,0 13,566,0
57,122,0
5,741,0
5,214,0
2.578.0
31,309,0
346,0
1,107.0
981,0
1.810.0
4,238,0
64,274.0
1,919.0
8,000.0 10,000.0
715.0
3.000.1
40.000,0
236.0
5,000,0
2,000,0
1,000.0
115,0
2,700.0
5,000.0
64.274.0
8,000,0 11.910,0
3.715.0
40,000.0
5.236.0
2.000,0
1,000,11
2,815,0
5,000,0
Inactual circulation
Collet pledged agst.ontst. notes'
Discounted .1 purchased bills
U.8 Government securities
2,985.0
160.974,0 20,000,0
163.9ro.0 20.900.0
Total collateral
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reszerve Board, giving the principal items of tile resources
obtained. These figures are always a week
and liabilities of the reporting member banks from which weekly returns are
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given ill the stateThe comment of the Reserve Board upon
ment of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523.
"
Discussions, immediately preceding which
the figures for the latest week appears in our department of "Current Events and
we also give the figures of New York and Chicago reporting member hanks for a week later.
exeharsit or drafts sold with endorsement" and Include
tiewiiiiikut with the statement of Jan. 9
the Well dglixee exclude - AeOeldarknen of other banks and hills id
with bans, and sows
All real estate mortgages and mortgage loans held by the hank. Previously acceptances of other hank,, nod hills sold with endersemmit were Included la loam
1
on securities
Included inortgiures In investments. Loane secured by U. S. Government °imitations are no longer shown seearatelY • 01 1) the total
at the banks
amount m•eisred by U• S. °bib:attune sod those secured by eommerelal
being elves. FOrtherinore. h..rrourtiot at the Federal Reserve Is ort any more subdivided to show the
,
The number- of reporting bank.. fortiler'y eovered 101 hording I !tip,, bin was 1,1111(4 1 to 90 cities after the ileclitrulint of tbmk hobbyl
paper, only a lump total Wing given
Publeation of the weekly returns for the reduced ntiMber of Wes was omitted In the weeks from March I to May 10, but a summery
In Much 1933
or morsto•la
The figures below are stated In round Milloni
Of them Is to be found in the Federal Reserve Bulletin
FEDERAL RESERVE DISTRICT AS AT CLOSE OF
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH
.
BIAINESS JUNE 28 is33 Go millions of dollars,
Roston. New York
mamma
$
Atlanta. ciac000. .gt. Lotto. utitnewp Aas.(.1m.
On securities
Al I other
-total
investments
U.S Government sectulties
Other securities
Reserve with F. R. Bank
Cash In vault
Net demand devoting'
Time lir poAtri
Government deposits
Due from banks
Doe .i. rev's.
IZ
Ran t.
chweiwo
$
8
$
16,665
1,184
7,842
1,014
1.117
321
318
651
3,936
518
481
Ill
178
831
248
405
2,1114
1,922
259
259
231t
245
60
111
56
122
8.213
Loatui-total
Phu&
$
3,748
4,704
Loans and Investments-total
........1.me tr.nrn V
n... ..
row.
$
8,452
Federal Reserve District-
533
3,906
496
636
150
5.254
2,959
341
192
2.594
1,312
24!)
247
425
211
1(14
46
1,697
196
10.741
4,406
633
5
1.29
2.754
Ili)
16
723
396
46
129
161
832
49
5.816
1,149
315
122
1,306
100
If)
604
276
59
94
158
76
17
578
392
32
65
146
27
10
176
129
6
68
57
art
.
.1
A
$
$
I 459
II
1
DMIal.
MN P80..
$
316
504
3)18
$
1,680
219
172
40
87
123
132
214
207
874
402
429
57
157
64
143
218
656
140
711
240
144
290
161
808
92
48
456
255
138
102
81
63
182
10%
108
53
20
5
142
129
17
57
54
266
41
1.130
475
52
272
322
41
7
268
160
12
76
87
i
26
5
176
138
4
71
72
63
13
350
162
It
129
169
31
8
212
125
23
83
74
484
323
I
98
15
586
875
56
129
150
1,542
I
I
2
Volume 137
Financial Chronicle
Sinanrial
Ore
• gob (ItijnA
Oittinmerfi"rt
279
Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Friday, July 7.
irle
ml
Rate.
Maturity.
Maturity.
int.
Rote.
lune 15 1838...
May 2 1934...
June 15 1935_
Apr. 15 1937...
Aug. 1 1936_
Sept 15 1937..
Aug. 15 1933._
Dec 15 1933 .
234%
Si',
3%
3%
34%
314%
4%
4%%,.
Asked
PUBLISHED WEEKLY
Terms of Subscription
Payable in Advance
Posiqui•12 Mos
6 Mos
United States U S Possessions and Territories
$10 00
$6 00
In Dominion of Canada
11.50
6 75
South and Central America, Spain, Mexico and Cuba
13.50
7.75
Great Britain. Continental Europe (except Spain). Asia,
Australia and Africa
15.00
8.50
The following publications are also Issued:
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The subscription price of the Bank and Quotation Record and the
Monthly Earnings Record is $6.00 per year each; for all the others is
$5 do per year each. Foreign postage extra.
NOTICE -On account of the fluctuations In the rates of exchange,
remiorance• for foreign subscriptions and advertisements must be made
In New York funds.
Terms of Advertising
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On request
CHICAGO Orrics-In charge of Fred. II. Gray, Western Representative.
208 South La Salle Street. Telephone State fail 1.
Lemnos Orrics-Edwards & Smith, 1 Drapers' Gardens. London, E. O.
Puttlished every Saturday morning by WILLIAM II. 1/ANA COMPANY.
President it
Editor. Jacob Seibert;
Butdruess Manager. William D. Riggs;
Treas.. William liana Seibert: Sec.. Herbert D. Seibert Addresses of all. Office of Co.
Wall Strcet, Friday Night, July 7 1933.
Railroad and Miscellaneous Stocks.
-The Review of the
Stock Market is given this week on page 267.
The following are sales made at the Stock Exchange this
week of shares not represented in our detaded list on the
pages which follow:
Sales
for
Week.
I
1 Railroadsl'ar. Shares. $ per share.
Canada Southern_ __100
40 44 July
Chic Ind A Lou p1._100
90 15 July
Chic St l' & Om pfd. 100
20 12 July 3
Duluth IS & Atl_ ...IOU
800 14 July 6
i 1 referred
100
900 2 July 6
Hudson & Manh pf.100 1.300 38 July 3
Interboro R T Co of A.
100 7 July 6
Int Rys of Cent Am...
66 6 July 5
l'referred
100
380 14 July
Market St Ity
100 2,710 2 July
Preferred
100
100, 315 July
211 preferred
100
410 2 July
Morris & Essex
50
10 63 July
New fill Ten & Men 100
250 15 July
Norfolk & West pfd. 100
130 77 July
Pacific Coast 1st p1 100
70 414 July
29 preferred
100
290 3 July
Phila Rap Transit ___50
400 215 July
Preferred
50
110 515 July
Texas A. l'acIfIc____100
600 384 July
Indus. & Miscell.Abrah'in A Straus pf100
10 97 July
Amer Cumin Alcohol rts 13.100 33.4 July
Am Mach & Met cifs.•
400 34 July
Amer Radiator & stand
Sanitary pref.
....1
40 10715 July
Art Metal Construct. 10
150 84 July
Austin Nichols prior A •
2 2754 July
Blumenthal A Co 01100
111 45 July
Brown shoe pref....100
100117 July
Burns Bros class B.....
3001 215 July
I referred
1
1101 8 July
City Stores class A _ .• 4.010 3)4 July
_
Certificates
8.7001 115 July
Colo t uel & 1r pref.101
3 49% July
01
Colitis G A El pref B100
5 I 69 July
Comm Cred prof 171.25
l8i 23% July
Deere A Co
• 162,400 43 July
Devoe& Ray') 1st If 100
10 9014 July
Durham lios Mill id MO
100 184 July
Fairbanks Co of etfus 100
30 5 July
Fifth Av BUS Sec . •
50 74 July
Filene's(Wm/ Sons Co
10
July2
Gen Baking Co prof •
240 1024 July
Gen Galt
I.:leC el It_ •
50 14 July
Guantanamo t$1,112 Pf 160
20 28 July
Hayes Body rts
17.100
4 July
Hazel Atlas co
25 17.100 804 July
Kens City Lt & Powidt preferred 11
40104 July
Keith Allan i glib P1100
600 20 July
Kresge Dept stores •
470 6 July
Laclede Gas pref _100
110 59 July
Martin I arry Corp.. •
101, 2% July
Me dean I einuletim 100
40, 69 July
Moto Meter it & F rut 198,100
15 July
Norwalk F A It Pre-50
60, 33 July
Outlet Co
•
14B 38 July
Pac Tel :6 Tel prof 100
40 107 July
Panhandle i• & It pf 11141
110 1445 July
Peoples Drug Stores6
cony pret...100
30 RO July
Penn Coal A Coke...50 20.400 74 July
Pierce Arrow Co p1.100
300 12 July
Prairie 011 A Gas ..26
200 1515 July
Revere Cop .8 Or pf.100
40 50 July
Shell Tramp A "Frac! 1
80 21
July
;2
Southern I hilries el A.
200 184 July
•
Spear A Co pref
10 30)5 July
United Artier Bosch •
300 10 July
United Dyewousl 111.10(1
70 50 July
Unlv Leaf You pref 101
60 120 July
Union I Ines, Rad 14100
60 15 July
Utah Copper
60, 117 July
10
Van Moabe lot pref. Iflt
20 60 July
Virginia Ir C*1 A C. Ito
10 1.5 July
5% preferred ...II 0
40 30 Judy
Walgreen Cut pret..11 0
20 115 July
Webster Eisenlohr pf1F0
60 60 July
Wheeling Steel pref . 100
700 55 July
• No par value.
Range Since Jan. 1.
Range for Week.
Lorcezt.
5
Highest.
Lowest.
per share.
44 July 1
20 July 7,
12 July 3
14 July71
215 July 6'
41% July 7,
7 July 6'
634 July 7
1715 July 7
3% July 6i
4 July 6
34 July 7
83 July 6
22 July 7
80 July 5
615 July 6
434 July 7
34 July 3
64 July 7
43 July 7
Highest.
per share Per share.
May 4415 Feb
40
May 20
6
July
Jalu 12
2
July
14 1'eIu 134 June
44 Fell 215 June
274 Apr 43 June
7
June 74 June
145 Mar 614 June
4% Apt 1715 July
15 Fel
3% July
Jal
4% June
4 Feb3)5 June
4914 Apr 63 June
9
Feb22
July
May 834 June
74
144 Feb74 June
Feb5 June
1
2 June 4
June
5 June 6% June
15
Ape 43
July
Mar 97
97 July 6 80
July
411 July 3 2 Jun
414 June
% Feb 5% June
445 July 6
5 109 July
5 934 July
7 27% July
6 50 July
7117 July
7 34 July
1 84 July
a 634 July
3 14 July
6 494 July
714 July
6 244 July
1 49 July
6 90 July
7 184 July
7 5 July
9 July
I 22 July
1105 July
6 2 July
7 28 July
July
3
1 8515 July
7 81%
7 34
7 13
6 24
7 109%
6 1
6 14
7 11-4
7
4
6 16
5 40
6 184
7 40%
6 7934
7 9
7 211
6 5
1 9
6 994
7
15
7' 5
5
15
5 774
Apr109
Feb 9%
Feb 27%
Apr 50
Mar 117
May 34
Jan 13
Jan 64
Mar 14
Apr 54
May 7414
Mar 244
June 49
Jan 90%
Feb 19
API 65-4
Mar 9
Apr 23
Mar 108
Apr 2
Fel 34
July
%
June 85%
July
July
July
July
July
June
June
July
June
June
June
June
July
July
June
June
June
June
June
July
June
July
July
5108 July
5 20 July
3 7 July
6 594 July
7 2% July
6 72 July
4 July
1
1 35 July
1 39 July
1109 July
3 15 July
3 100
5 8
6 1
7 3714
7
15
6 55
6
15
6 29
0 22
3101)4
5 54
June 110
Jan 25
Mar 745
Apr 61
Jan 3
Apr 72
June
45
May 35
Apr 42
May 110
Jan 20
Jan
May
June
Jan
may
July
June
July
Jan
Jan
June
86 July
I 944 July
3 12 July
5 154 Judy
7 50 Judy
July
21
6 19 July
6 304 Judy
12 July
50 July
7 120 Judy
7 IS Judy
I 80 July
62 July
3 15 July
3 30 Judy
5 85 July
6 60 July
1 65 July
6
5
3
5
7
3
5
6
6
3
7
7
6
Apr 86
Felt 945
Apr 19
Apr 1515
Fell 50
Ma 21
Jar 2014
Jar 30)5
Ma 12
Jat 50
Apr 12015
Ay 15
Ma 83
May 62
Feb 15
June 30 ,
Apr 8855
Jan 65
Feb 65
July
July
June
July
Judy
July
June
July
July
June
June
JUDO
June
July
May
June
Jan
June
July
3
3
5
6
7
65
5-4
4
51-4
7
11%
345
20
3
274
96
4
35
2014
24
30
75
50
15
%
14%
24%
24%
%
24%
100'n
1001st
101."
101rs,
101 .
,
Bid.
Asked.
101in
nylon
103.4
102
103%o
101:yo,
100...
101lios
101%
10Ths
103...,
ItiVos
103*
102not
101nos
U. S. T ea ury Bil s
Friday, July 7.
Rates quoted are for discount at purchase.
Bid.
United
Asked.
0 35%
035%
0 351
0.35%
0.35%
035%
July 12 1933
July 19 1933
July 26 1933
Aug 2 1933
Aug 9 1933
Aug. 16 19:33
0.10%
0.10%
0.10%
0 10%
0 10%
0 10%
States Liberty
Certificates
on
the
Bid.
Aug. 23 1933
Aug. 30 1933
Sept. 6 1933
Sept. 20 l't33
Sept. 27 1933
Oct. 4 1933
Loan
New
Asked.
0.35%
0 35%
0 35%
0 35%
035°5
0.35 7
,
0.10%
0 10%
0 10%
0 10%
0 15%
(1.20%
Bonds and
York
Stock
Treasury
Exchange.
-
Below
WILLIAM B. DANA COMPANY, Publishers,
William Street. Corner Spruce, New York.
S'NuCKS.
Week Ending July 7.
Dec 15 1933...
Mar. 15 1934___
Brut. 15 1933 __ .
Aug. 1 1934_
Feb. 1 1938._
Dec 15 11136..
Apr. 15 1936_
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 I. July 3. July 4. July 5.1July 6.I Ju4, 7.
i
First Liberty Loan
High 102",, 102 ..
,
102",,' 102nsx 102 In
,
3)% bonds of 1932-47.. Low_ 102not 102i•o,
102noo 102nn 102nn
(First 3%0
close 102u•so 102",,
,
102,1:, 102.
182 102 ',,
,
Total sales In $1,000 units__
12
48
70
168
164
Converted 4% bonds of High
____
{
____
10211n
------____
____
1932-47 (First isi____ Low_
102nn
Close
102i.o.
----Total sales in $1.000 units.----- -- Converted it.% bonds)nigh 102":1 102.o,
102Iln 102 .. 102...
7,
of 1932-47 (First 4 41311.0w 1021., 102'w
102",, 102.,, 102'w
IClose 102.12 IO2*.,
102..1 102.2, 102'n
Total sales in $1.000 units28
21
20
29
49
Second converted 4 ko % Iligh
bonds uf 1932-47 (First Low.
&coed 4 L su
•
Close
Total sales in 51,000 units__
-------Fourth Liberty Loan
I nigh 103un 103i,,10
3
102ne
103
44% bonds 011933-38._ LOW_ 102nn 102no,
102nn 102nn 102ne
(Fourth 4%,)..Close 103un 102..,
10211.2 IO2nn 102"‘si
Total sales in $1,000
249
120
56
99
13
Treasury
units__- 110'n 1 lOnso
illIgh
1101%, 110 0,, 110..,
41gs, 1947-52
Low. 110doo 1101.1
I I 0..1 110.., 10Ing
Close 1101,1 110".,
110‘.1 1113u.n 110
Total sales In $1.000 units..
5
22
79
101
65
i High 106noo 1061^.,
1011nn 106nst 106nr
40, 1944-1954
Low, 106noo 106noo
106lin 106noo 1011"r
Close 106.8 106no
106nn 1061
'n 106.'1,
Total sales in $1,000 units__
131
661 HOLI
40
210
244
Blab 10511
, 105"1 DAY
1051,st 1054, 10541
Low. 105in 105'n
85-4 , 1946-1956
,
105.., 1051:g 101.'r
Close 1053n 105no
105i.s 105.3, 105
Total sates in $1,000
108
151
98
20
62
units... 102 nos 10211
Illigh
.
102nn 1112nn 102n,
345s, 1943-1947
102.., 102n.,
1.0w
102no 102nn 102no
Close 102
102no
102n., 102no, 102no
Total sales In $1,000 units._
8
9'
4
37
61
{High 991n
99*.,,
911.,,
99.31
995n
81, 1951-1955
/
Low. 9811n 99
991o.
951
'..1 96n,
Close 99
99.11
991.,
991.,
90.1
Total sales in $1.000 units..
67
81
151
300
38
1 High 102"ss 102.'1
102ns 102noo 102nio
1149, 1940-1943
1_ow. 102noo 102n.,
1021's 102",, 102.1
Close 1020
102no 102nn 102",
:1 102n.,
Total sales In $1,000
2
10
37
3
4
units... 102 no 102",,102ii,, 102nn 102.•1
illigh
114is, 1941-43
1 ow
102.0
102121, 1021,§1 102",
. 10.1"oo
Clone 102.., 102u.so
102.11 102isn 102no
Total tales in $1,000 units._
7
26
13
I
1
1111gh 1004, 100",,
1001,11 100"11 100",
3348, 1946-1949
low
101Poo IO(Pso
1011*.s 100in 100'n
Close 100.,, 100'•oo
100*” 1 100)., 100'n
Tntrtl Imhof (nit non oso•
as
is,
7)
RI
21
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
1 lot 4 kis
Biltss 10 102 2, 14 Treasury 34s
,
100in to 1004n
6 4th 44s
102n. to 102nso
Foreign Exchange.
To day's (Friday's actual rates or sterrng exchange were 4.66 (a 4.744
for cheeks and 4.66 44.75 for cables. Commercial on banks, s grit,
4 66.60 days, 4 65 9(1 days. 4 64)4, and documents for payment 60 days,
4.65)4. Cotton for payment. 4.6634
To-day's (Friday's) actual rates for Paris bankers' francs were 5.48@
5.624 ror short. Amsterdam bankers guilders were 56.45@57.36.
Exchange for Paris on London, 85.00. week's range, 86.12 francs high
and 85.00 francs low.
The week's range for exchange rates follows:
Sterling . ActualCherks.
Cables.
High for the week
4.74 14
4.75
Low for the week
4.314
4.324
Paris Banker,' Francs
!Ugh for the week
5.624
5.63
Low for the week
5.004'
5.01
Marks
Germany Bankers
nigh for the week
34.51
34.52
Low for the week
30.20
30.28
Amsterdam Bankers' Gui dersHigh for the week
57 36
57 37
Low for the week
51.11
51 12
The Curb Exchange.
-The
given this week
on
review of the Curb Exchange is
page 268.
A complete record of Curb Exchange transactions for the
week will be found on page 297.
280
July 8 1933
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
July 1.
$ per share
6814 693
4
68 68
4718 4812
8
277 285
8
33
3414
3514 3514
*91
9112
29
30
*8
88
*573 5812
4
3712 3812
*7812 83
*212 27
a177 1814
8
*71
75
90 105
414 4212
*18 212
3
3
43
4 518
12
1214
618 614
108 113
91.3 912
194 2012
7 4 814
3
13
15
8
95 113
8
297 3112
8
30
*25
*2118 40
73
4 83,
•133 137
8
82
83%
4238 4312
18
18
17% 197
25
253
8
1714 19
25
257
8
*8
98
18
19
*1%
11
1738
16
3318 3312
421 4 44
55
*50
23% 24
77
3
183 187
8
253 26
2514 27
57
56
*2018 25
13
13%
*33, 6'4
3
4
84
*234 27
8
*27
8 412
8
8 12
1412 14%
3018 3112
512 5%
99'8
46
45
*112 1%
7
8
7
8
43
443
8
193 20
4
25
257
8
0140 147
29% 3018
4818 49
1312 14
112
11,
113, 13
8
160 16112
5
2514 25
*212 43
4
323 33%
8
*6
612
28
28
351 4 36
36
*30
244 25
563
4
55
832
388
35
35
154 1534
3 8 318
,
37
4
*15
1712
22
818
118
114
2
2
32
33
2512 2612
33
3312
*34
38
*818 9
37
37
*1112 12
12012 121
70
70
418 4%
6% 64
1218 1212
1712 177e
412 43,
83
8 918
Monday
July 3.
Tuesday
July 4.
Wednesday
July 5.
$ per share $ per share $ per share
695 743
7012 77
8
4
70
7112
72
7218
4812 497
4914 5314
323 357
2918 3212
4
8
35
3612
3133
35
3512 36
3612 38
9112 0112
9112 9112
*28
29
29
*25
85
8 9
*8
812
5818 583
*573 587
8
4
373 4058
4
3818 393
83
*80
8212
*80
2% 27
8
23, 27
01814 19
183 193
4
*71
*71
73
75
102 111
108 110
437 47
423 433,
8
4
212 212
*114 2,2
3
3
58
312 412
5
53
4
514
5
123 14
1214 127
8
612
6
614 612
1058 1214
107 1112
8
10
137
8
912 10
21
243
8
254 30%
s 87
8
8%
83
1412 153
147 1512
8
1118 1178
1112 1218
3138 35
33
34
30
31
30
31
*2118 40
*2418 40
8
83
83
4
8
*1234 141
•1212 143
4
83
87
92
913
4
403 43 4
42
8
3
437
1612 18
17
18
22
21
20
22
Stock
2738 2917
273 2812
4
21
19
1914 2012
2618 273
2514 27% Exchange
8
10
0912 10
10
1912 Closed
20
19
2014
133
*112
*112 04
Inde4
173
17
1618 173
4
4
353 39
333 36
4
pendence
46
4512 477
45
8
55
55
55
055
Day
4
24
233 243
4
2412
73, 97
197
19
4
2712 273
2614 2718
58
59'2
*2018 25
1312 15'u
614 614
3
4
78
27
8 3
412 514
8
8%
15
1514
323
8
31
6%
6
'2 103,
9
49
47
13
14
4
5
8
3
4538 52
193 21
4
4
243 26
147 151
303, 32
495 5012
8
1312 14
13
4
134
2
2
16212 168
283
4
26
*23
4 44
3
335 364
8
63
4 6%
28
283,
351 3512
.
32
32
28
28
585 62
8
35
*32
*36
377
8
16
1812
3'8 318
412
4
16
16
22
*17
1
114
178 2
327 343
8
265 277
8
3312 30 8
5
38
38
9
10
*334 33,
1178 12
126 1313
4
70
7014
414 612
614 77
8
125 1314
177 18
8
8 434
43
9
95
8
3918
838
_
*35
-1-71112 1 8 117 123
6814 6814 6814 68,1
818 93
8
1912 2138
2712 2912
2514 273
4
61 14
58
*2112 2478
14
1418
*412 612
1
1
3
3 18
51
8 53
8
7
7 14
15
1612
3114 337
8
614 612
1018 113*
49
50
112
112
%
3
4
4912 5334
21 18 2314
26
29
149 153
3012 323,
5012 52
1338 1414
131 214
2
3
167 168
271, 29%
*312 412
3512 373,
*6
634
2812 30
38
38
34
34
29
29
5812 60
*33
36
03312 377
*17
18
3% 512
41
712
17
17
*19
25
is
1%
2
2 14
35
32
26
277
8
343 3612
391 4 3914
4
5514 93
3
33
4 34
1112 12
12512 12912
7012 7118
57
8 6u
73
4 914
8
121 1 137
1712 18
43
8 5
4
9
93
Thursday
July 6.
Friday
July 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Highest.
Lowest.
Highest.
-$ per share $ per share $ per share
8018July 7
1778 June 94
Jan
793
4June 3
35 July 86
Jan
573
8July 7
93
4May 44 Sept
377
8July 7
334 June 2138 Jan
3914Ju1y 7
8 June 402 Jan
397
8July 7
912 June 353 Aug
4
911 June 14
50 June 91 Sept
30 July 1
4 July
193 Sept
4
93
8June 8
27 July
104 Mar
z.59 June 15
2314 June 58 Mar
403
sJuly 3
1118 June 50% Mar
8312June 13
3112 June 7818 Mar
3I4June 24
13 Apr
2% Aug
207
8July 7
714 May 20% Mar
75 July 6
39 July 7() Feb
122 July 6
25 June 101 Sept
48 July 7
93 July 3112 Jan
4
7 July 7
33 Aug
12 July
8 July 7
12 May
5 Aug
718July 7
114 June
5% Aug
147
8July 6
212 May
1512 Jan
712July 7
%June
412 Aug
123
8July 6
118 May
8 Aug
16 July 7
2 May
1413 Aug
343
4July 6
4 Dec 31
Jan
1018July 7
112May
1638 Jan
1912July 7
314 Dec 2713 Jan
15 July 7
2 May 2412 Jan
40 July 7
413 June 21)12 Sept
36 July 7
8 Mar 30 Sept
25 June 2
5 Mar 18 Sept
105
8June 12
1
Dee
1113 Jan
16 June 7
218 Dec 20 Aug
93 4July 7
3
32 July 9212 Sept
46 July 6
812June 45% Sept
1912July 7
112 May
9 Jan
2214July 6
2 May
113 Sept
4
2912July 5
258 May
157 Aug
e
21 July 3
2 May
1012 Aug
333
4July 7
5', May25
Jan
1112July 7
2 May 10 Sept
2212July 6
212 Dec 1512 Sept
23
4June 8
14 Oct
I38 Oct
19 June 13
3 May 3034 Jan
4412July 7
43 June 24% Sept
4
51 July 6
918 July 38 Sept
55 July 3
1518 June 45 Aug
32 July 7
4 May
1413 Jan
Interboro Rapid Tran v t c_100
214 June 143, Mal
418 Feb 27 1014June 19
8July 6
Kansas City Southern
612 Feb 27 217
214 June
100
1514 Sept
6 June 2514 Sent
Preferred
100 212 Mar 31 3212July 7
4July 5
Lehigh Valley
83, Feb 24 273
5 June 2914 Sent
50
712 may 3814 Sept
Louisville & Nashville-100 2114 Jan 3 6714July 7
451ay 23
9 Sept 461 Mat
Manhattan Ry 7% guar_ 100 12 Mar 16 243
8
6 Jan 3 1612May 24
4 June 203 Mar
Manta Hy Co mod 5% guar.100
4
8 June 9
8
Market St 1ty prior pref_-100
17 Mar 3
218 Dee
9 Jan
214July 7
Jan 23
18
18 Jan
Minneapolis & St Louls.._100
5 Aug
8
12 Dec
512July 7
12 Mar 20
Mimi St Paul & SS Made.100
434 Sept
722July 7
3 Apr 11
4
100
3 May
4
7% preferred
6 Sept
2 21 i
.
5 1,iae
11, Dey 213012 Sept
4% leased line ctfs
534 Aao 13 7t ne 7
4 j pr 0 1713 u ly 6
100
pa,
Mo-Kan-Texas Itit____No
Sept
Preferred series A
314 June 24 Sept
100 102 Jan 3 3714July 7
10 July 7
1 18 Apr 1
112 May
Missouri Pacific
100
11
Jan
1514July 7
13, Apr I
212 May 28
Cony preferred
100
Jan
712 May 307 Sept
Nashville Chatt & St Louts 100 13 Jan 5 57 July 7
312June 27
18 Mar 16
It May
Nat Rys of Men lot 4% pf_100
% Sept
100
% Jan 3
13
8June 8
211 preferred
18 Feb
78 Sept
New York Central
834June 3658 Jan
100 14 Feb 25 5412July 7
8July 7
NY Chic & St Louis Co__ -100
218 Jan 25 253
112 May
3
9 4 Sept
11
31 July 7
25 Apr
2 June 153 Jan
Preferred series A
100
8
4June 13
8214 Slay 12712 Aug
N Y & Harlem
50 100 Star 31 1583
6 Slay 313, Jan
NY N Ilk Hartford
100 11 18 Feb 27 3114July 7
Cony preferred
117 July
8
100 18 Apr 4 56 July 6
7854 Jan
N Y Ontario & Western_ _100
35 July
8
718 Jan 4 15 July 7
155o Sept
312July 7
Is Mar 15
18 Dee
NY Railways Prof
1
Feb
No par
Southernee
312July 7
12 Apr 4
14 D
100
Norfolk
33 Sept
4
57 June 135 Sept
Norfolk & Western
100 11113 Mar 2 177 July 7
100
8July 7
95 Apr 5 347
8
512 May 253 Sept
Northern Pacific
8
I Mar
512July 7
1 Jan 25
Pacific Coast
312 Sept
100
612June 2318 Jail
Pennsylvania
50 13% Jan 3 421 4July 7
% Feb 17
858July 7
78 May
Peoria & Eastern
514 Sept
10
134 June
3% Mar 3 3412July 7
Pere Marquette
IOU
18 Aug
312June 26 Aug
6 Jan 3 4412July 7
Prior preferred
100
212 June 24 Aug
412 Feb 28 3812July 7
Preferred
100
4July 7
8 Dee 2112 Aug
612 Apr 19 353
Pittsburgh & West Virginia 100
Reading
012 June 5214 Sept
50 2312 Apr 5 6212July 6
4June 12
15 July 33
let preferred
Jae
50 25 Apr 25 373
15 May
211 preferred
38 Sept
50 23% Mar 31 37 July 6
3 May
Rutland RR 77 pref
6 Jan 6 1812July 3
100
1112 Seld
0
93 July 7
7s Jan 30
St Louts-San Francisco. 100
3 May
8
85 Jar
8
1 Apr 17
9 July 7
1 May
934 Jar
1st preferred
100
514 Mar 15 1818July 7
3 May
St Louis Southwestern
137 Sept
8
100
8July 7
8 8 Dee 2012 Jar,
5
Preferred
100 12 June 7 253
14 Jan 3
3 July 7
18 Jan
Seaboard Alr Line
1 Sep,
No par
47
8July 7
14 Jan
',Mar 25
100
15 Beni
Preferred
SliJune 3758 Jar
4July 7
Southern Pacific Co
100 11 18 Feb25 383
212 Ma
100
4% Mar 2 3114 July 7
Southern ItallwaY
1812 Sep,
3 Jul
233 Sep,
4
572 Jan 3 40 July 7
Preferred
100
8June 27
312 June 25 Fe!
8 Jan' 385
mobile & Ohlo stk tr etts 100
31 Slay
Third Avenue
14 Mai
414 Feb 25 1218June 3
100
4June 8
118 Dec
43
in, Jan 10
Twin City Rapid Trans No par
412Juni
7 June 2412 Jan
Preferred
5% Apr 19 15 June 8
100
'2738 July 941 n Fe)
Union Pacific
10(1 6114 Apr 5 132 July 7
40 Slay
,
715 Au)
Preferred
IOU 56 Apr 6 75 July 7
%June
718July 7
414 All)
114 Jan 4
Wabash
100
I June
41Ju1y 7
8
97
Jan
Preferred A
118 Apr 6
100
8July 7
1 12 May
1138 sep
Western Maryland
4 Feb 27 143
100
2 May
11 14 Sep
53, Jan 12 1912July 7
241 preferred
100
12 June
8 July 7
434 Am
Western Pacifle
1 Apr 22
100
87 Au,
34 May
178 Mar 2 1412July 7
Preferred
100
Industrial & Miscellaneous
Abraham & Straus
39,
*36
No pa
3918 *3712 39% *36
8
8 1258 133 95,600 Adams.Express
1218 123
4 1214 133
No par
30
Preferred
70
70
100
*6812 73
86912 72
•131,1 aud asked prices, no sales on this day. a Optional sale. a Sold 15 days. x 1;2-dividend.
PER SHARE
Range for Previous
Year 1932.
Lowest.
$ per share $ per share Shares.
Railroads
Par
7614 7914 7614 80, 100.000 Atch Topeka & Santa Fe__100
8
72
72
73
Preferred
723
4 4,000
100
5112 553
4 5512 578 25,300 Atlantic Coast Line RR_.100
4 3512 377 200,200 Baltimore & Ohio
34% 363
8
100
3914 13,400
I referred
3618 3812 37
100
37
8 4,400 Bangor & Aroostook
393
8 3812 397
50
94
4 94
9318 933
70
Preferred
100
29
26
29
900 Boston & Maine
29
100
812
812 *8
400 Brooklyn & Queens Tr_No par
08
58
58
573 573
4
Preferred
700
No par
4 39
3812 393
40 2 40,400 BkIrn Manh Transit_ _ _No par
,
81
*80
81
880
86 Preferred series A.No par
23
4 3
23
8 218
2,800 Brunswick Ter & Ry Seallo par
181 2018
198 20% 238,900 Canadian Pacific,
25
110 Caro Clinch & Ohio stpd_ _100
73
*76 100
75
111 122
118 12112 6,900 Central RR of New Jersey_100
455 4714 4614 48 253,800 Chesapeake & Ohio
8
25
23
4 4
7
3,800 Chick East Ill Ry Co
7
100
8
614
8
5
6,200
6% preferred
100
53, 612
65
8 718 52,000 Chtcago Great Western
100
8 135 147 40,300
1312 147
8
100
Preferred
612 7
7
7 12 48,600 Chia Milw St P & Pao_No par
4
1118 1218 113 1218 131,900
Preferred
100
13
145 16 199,300 Chicago & North Western.100
15
8
32% 343
4 3014 343 10,800
4
Preferred
100
83
4 9%
912 1018 41,800 Chicago Rook 151 & Paciflo_100
1514 1814
18
1912 11,200
100
7% preferred
1212 1414 1314 15
15,600
6% preferred
100
3412 3618 39
40
1.120 Colorado & Southern
100
29
34
33
36
390
4% 1st preferred
100
*2413 40
*2418 40
4% 2(1 preferred
100
814 84
818 87g 5,700 Consol RR of Cuba pref....100
*1214 1318 1318 1318
40 Cuba RR V- pref
'
100
933, 87
90
933 49,300 Delaware dcEludson
4
'
100
4214 46
8
4218 453 168,100 Delaware Lack & Western.50
18
1912 3,900 Deny & Rio Or West pret_ _100
178 18
21
100
2214 2012 217 33,000 Erle
8
28
2812 9,600
287
8 27
First preferred
100
2012 21
*19
Second preferred
208 3,500
100
28
3114 3118 333 103,500 Great Northern pref
4
100
10
11
11
1114
1,000 Gulf Moblle de Northern_100
2012 2212 2112 2212 1,900
Preferred
100
112 112
17
8
400 Havana Electric Ry Co No par
1,
8
1614 17
165 1714 6,200 Htldson & Mantiattan-___ _100
8
3712 413
e 4112 4412 64,100 Illlools Central
100
49
*51
51
55
1,900
100
6% pref series A
55 55
__
80
Leased lines
100
2414 27 •55-2812 32
1,060
RR See ethe series A-1000
812 8%
9
918 13,500
21
8
217e 2014 217 28,009
283 30
4
29
3212 3,500
26
273
4 2518 274 110,500
61
66
6412 6714 9,500
*2018 24
*2018 24
1418 1412 14% 153 13,500
8
4
612 73
8
300
8
1
2,
8
17
8 2% 42,800
318
418
43
4 512 9,900
6
7
63
712 1,800
9
10
9
11
250
16% 17
16
1718 78,900
3312 36
3518 3714 14,200
64 87
46,700
8
87 10
1112 14
1312 1514 68,300
5414 57
503 54
4
1,250
112 112
18 218
500
7g
1
1
1,700
7
8
523 5612 5514 5812 336,500
4
22
24
238
253, 9,900
2712 294 293 31
12,900
4
152 155
150 1537
8
830
3114 333
4 313 3414 72,700
4
5312 56
6,000
5312 56
35,900
1412 1414 15
14
2
2 14
214 3
6,300
3
33
8
314
312 7,400
17312 177
3.500
16912 174
293, 3312 3212 34% 116,400
170
414 412
512 512
3612 4014 4012 4214 157,500
612 8
8 6,300
75
8 85
304 3112 33% 3412 3,100
4412 2,100
44
4(112 41
300
*35
3812 3812
38
4 1,100
3412 353
32
32
58
6212 6,700
6212 58
200
387
*33
3014 37
37
36
37
1,000
36
1814
1,300
1712 1712 *15
612 9
36,800
512 61 1
95 23,600
75
8 82
8'.t
,
17
1818
17
18
600
*18
40
25
28
253
8
2% 3 140,800
8
13
8 27
47 21,900
212 33
4
4
375
8 3612 383 212,800
34
27% 2918 2918 3114 106.700
14,400
40
38
38
36
*383, 391
3914 39
'4
40
0
912 912 1,100
912
*9
700
334 33
4
3 4 33
3
480
s
113 1112 1112 1112
22.400
1283 1313 12814 132
4
4
75
2,300
7112 7312 73
65
8 718 30.700
64
0
7
83
4 914
914 9 8 17,800
8
1318 145 61,700
14
13
1912 2,500
193
8 19
18
63
8 8
65
9,700
8
5
1412 29,100
1218 12
10
PER SHARE
Rang. Since Jan. 1
-share lots.
On basis of 100
y Ex-rlghts.
8 per share
345 Feb 25
50 Apr 3
16% Feb 25
814 Feb 27
912 Apr 5
20 Jan 5
685 Jan 4
8
6 Apr 19
312 Mar 29
353 Apr 19
4
21% Feb 25
64 Mar 2
12 Jan 11
712 Apr 3
5014 Apr 4
38 Apr 4
2418 Feb 28
12 Apr 18
12 Apr 5
13 Apr 8
212 Apr 5
1 Apr 6
112 Feb 28
114 Apr 5
2 Apr 5
2 Apr 5
318 Apr 10
8
27 Apr 11
1514 Feb 24
1212 Apr 10
10 Mar 2
1% Feb 24
212 Jan 6
37% Feb 25
1714 Feb 25
2 Feb 28
334 Apr 4
412 Apr 4
212 Apr 4
4% Apr 5
18 Mar 31
213 Mar 31
%June 3
II% Feb 27
8% Aor 5
16 Mar 31
31 Mar 3
412 Apr 18
1318 Feb 23
3 Feb 28
39 Apr 11
381sJune 30
1314 July 7
71 June 20
10 June
1% May
22 June
243, All,
912 Sep
73 Sep
tgr FOR
New York Stock Record-Continued-Page 2
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
July 1.
281
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
Monday
July 3.
Tuesday
July 4.
$ per share $ Per share $ Per share
197
8 193 203
19
4
4
1114 1118 113
11
8
83
8 83
8
83
4 914
83
878 918
4 87
8
8912 9238 923 94
4
312 3,2
4
33
8 33
2112 2238 2118 2212
614 6i4
612 612
418 438
43
8 434
934 10
103 1214
8
9
9 12 10
12
11
912 912 10
2014 21
21
21
12214 1313 131 1347
4
8
119 11912 11914 11914
203 2113 213 223
4
4
4
2114 2114 21
22
8
6 2 63
,
67
8 7
.27
293 *26
4
30
387 3938 3938 4114
8
2214 23
233 26
8
237 26
,
2518 263
8
.45
4812 *444 46
54 514
53
8 53
32
3312 36
37
327 343
8
8 3812 393
95
95
95
96
9178 9414 93
967
*125 1323 *125 1333
4
35
3812 35
36
51
56
56
593
*438 612 *6
61
17
17
*1612 18
*4714 484 483 483
4
*412 5
47
8 5
397 4012 3978 413
8
43
8 44
47
8 5
*113 12
4
12
13
17
1713 1714 181
3312 3312 36
363
2113 22
22
233
8
273 273
4
4 28
28
1314 1414 16
173
13
14
141
14
45
45
46
46
387 387
8
8
8 387 397
153 1638 153 161
8
8
5712 5713 *55
57
117 1213 1212 151
8
178 2
21
2
914 93
714 91
8
37
383
4 3814 391
57
5712 58
593
19
21
213 224
8
5
5
5
5
Stock
18
1913 1914 2014
*60
64
*60
64 Exchange
2414 25
25
25
125 133
8
8 14
1478
Closed
*3312 35
343 3712
4
28
28
2912 3118
Inde175 18
8
177 1812
8
25
2814 267 29
8
pendence
38
38
3712 387
8
54 53
4
6
6 14
Day
27
23
8 318
4 314
3014 32
3138 3314
3418 3612 3612 3712
783 79
4
*79
80
60
60
*59
62
*45 4 46
3
4534 48
*108
*10818
_
2318253, 2411 - - ;
257
*71
743
4 743 80
4
463 463
4
4 47
47
65
663
8 663 6814
4
*10713 111
111 111
1472 1514
15
153
4
12814 1293 12914 1325
4
8
8912 907
8 8812 89
*8612 89
9114 924
*11512 11612 •115I2 11612
18
18
1814 23
31
3114 33
347
8
38
3718 393
4
3112 32
32
334
*70
75
*68
75
1514 153
4 154 164
574 58
58
61,4
312 312
8
3
4 37
*9, 10
10
4
103
4
83
8 834
814 9
•52
5414 5414 5434
1718 18
1814 187
8
1412 1413 15
15
2278 233
4 2314 233
4
*7812 81
80
80
1212 •11
*11
113
8
28
2814 2814 281
*104
•104 115
81 811; 8114 82
6
63
8
638
6
4
33
3 8 33
8 33
3
69 697
8 6813 6934
514 514
5
514
8
8
8
8
312 312
312 4
143 153
4
8 1518 157
8
*50
56
56
56
*4218 49
4712 4712
28
28
27
2714
*21
233
4 22
22
24
22
*2413 30
2918 2978 3018 3158
37
387
8 36
39
7914 80
80
8112
83
4 83
4
8
838
6314 6812 67
13978
*612 63
63
4 71 i
4
1238 13
4
1214 123
147 18
8
1534 1638
41
417
8 4114 45
*86
95
•86
95
8
43
47
4 47
8 518
•19
1912 21
22
93
3 934 a93 1018
8
4314 4314 4312 4414
•75
80
*75
80
2514 2612 26
263
4
•80
85
•80
85
69
.68
59
693
4
1114 1131
11la 1178
.82
83
833 84
4
1363*
Wednesday
July 5.
Friday
July 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
3 OntInnat sale
r
PER SHARE
Range Since Jan 1.
On basis of 100
-share lots.
Lowest.
per share Shares. Indus. & Mtscell. (Con.) Par
$ per share S per share
1914 204 1912 194 1912 203
No par
8 8,800 Adams Mills
11
4 11
8 5,700 Address Multigr Corp.
104 11,
103a 113
.No par
812 918
8
84
No par
8
812 93 11,300 Advance Rumely
9
93
8
8
918 93
918 912 10,000 Afflllated Products Inc_No par
4 9212 953 10,600 Air Reduction Inc
90
9414 9214 933
No par
8
4 6,300 Air Way Elec Appliance No par
312 33
34 33
312 33
4
4
2014 2113 207 223
8
8 2112 223 73,800 Alaska Juneau Gold Mm.
3
.10
612 612 *5
63
8
63
8 •5
300 A P W Paper Co
No par
7
712
712 814 266,900 Allegheny Corp
4 612
43
No Par
1234 15
1912 217 26,700
21
8
17
Fret A with $30 wart...100
19
14
19
21
13
18
Fret A with $40 warr___100
4,000
1212 14
1614 19
1814 20
Fret A without wart.._.100
3,300
2012 21
2118 2112
21
20
410 Atlegheny Steel Co_
No par
126 13112 128 1304 13012 135
79,000 Allied Chemical & Dye-No Par
*11914 120
1193 120
119 4 120
8
3
1,500
Preferred
100
227
8 21
21
67,600 Allis-Chalmers Mfg____No par
233
3 2214 26
23
2114 2314 2112 224 22
2,400 Alpha Portland Cement No par
7
714 4,200 Amalgam Leather Co_.No Par
7
74
63
4 73
,
*26
*26
7% preferred
30
200
30
30
30
100
3914 4012 39 3 4114 3912 41
3
19,800 Amerada Corp
No par
2412 223 243 11,800 Amer Agrie Chem (Del) No par
2312 2612 24
4
4
2412 2578 25
8
253
4 253 2814 13,300 American Bank Note
10
4 45
46
443 443
4
46
Preferred._
60
4612
ao
512 57
8
8
5 8 57
5
54 54 6,200 American Beet Sugar_No Par
36
36
3512 3512
37
*36
120
100
7% Preferred
4212 16,500 Am Brake Shoe & Fdy_No 17.0
40
42
3912 4214 41
102 10218
410
Preferred
100
9512 100 *100
9212 957
8 9214 9512 9233 9614 92,000 American Can
25
4
*125 13012 *1283 1333 *1283 1333
8
8
Preferred
4
102
354 25,700 American Car & Fdy_..No par
8 34
337g 3614 3312 353
5614 58
56
Preferred
56
4,500
593
4 56
100
63 1112 1112 1312 2,900 American Chain.
4
No par
614 612
24
*2012 30
24
18
300
18
7% preferred
100
48
4912 5114 4,100 American Chicle.
No par
483
4 4912 51
8 5
*5
400 Amer Colortype Co
518
43
4 43
4 •47
10
8 4014 423 46,300 Ara Comml Alcohol Corp_ _20
403 423
4
393 43
8
4
5
53
8 2,100 it,r gr_Encaustir Tiling_No par
518 512
,
5
5
8 1214 1212 1214 123
123 123
8
4 1,600 AnS..."European Sees__No par
173 183
3
8 1718 1812 1712 19 150,700 Amer di For'n Power_ __No par
3712 1,800
3612 37
37
Preferred
363 37
4
No par
2414 2,800
23
224 23
2d preferred
2212 23
No par
30
$6 preferred_
29
3,300
2912 2812 2912 29
No par
1814 187 32,900 Amer Hawaiian 8 S
8
8 173 19
1712 187
4
1334 143
1312 1414 3,900 Ante.' Hide & Leather.No par
8 134 14
4712 4412 4614 1,300
4814 *45
Preferred
46
100
8
394 4012 3912 4012 397 4018 10,500 Amer Horne Products. No par
14
15
1414 15
30,800 American Ice
1452 16
No par
x523 56
4
6% non-cum pref
700
55
*5312 57
53
100
1324 143
8 1318 1414 1312 1453 72,500 Amer Internal Corp.
..No par
17
8 2
178
2
10,500 Am L France &FoamiteNo par
13
4 2
130
Preferred
*73
100
7323 74 •714 812
2 812
9,100 American Locomotive.
3714 3812 3612 3714 3612 38
.No Par
62
63
60
3,100
6014 60
60
Preferred
100
8
2012 223
8 207 2214 2118 217 48,900 Amer Mach & Fdry Co.No par
8
*43
4 5
5
57
8
53
4 53
4 2,300 Amer Mach & Sletals-No Par
1913 2058 194 2018 1913 204 46,000 Amer Metal Co Ltd.
.No Par
6612 664
300
6%, cony preferred
64
*6518 67
64
_ _100
1,090 Amer News Co Inc.
2714 2712 30
26
x2512 26
..No par
8
1412 154 153 1838 95,800 Amer Power & Light_No par
1414 15
$6 preferred _____ .__No par
,
3914 38 4 394 394 394 5,400
38
333
334 6.600
3 32
$5 preferred
31
3112 32
No par
19 190,800 Am Rad & Stand San'y No par
3
8 173 1812 18
1714 183
2714 2812 164,700 American Rolling Mill
28
277
8 27
26
25
417 44
8
40
2,300 American Safety Razor No par
4 40
3812 393
4
4 4,900 American Seating v t c_No par
63
8 63
613 6 2
,
64 63
23
8 212 55,900 Amer Ship & Comm. _No par
2
2,
4 21
23
4
32
790 Amer Shipbuilding Co.No par
324
3213 321
315 32
8
3618 383 81,800 Amer Smelting & Refg_No par
8
3618 381_ 3618 371
813 84
4
Preferred
1,200
803
79
803
4 80
100
3d preferred 6% cum. 100
1,200
62
..
6512 6712 73
483
8 47
8 5,800 American Snuff
4614 467
4
25
8 463 473
•10814 --Preferred
100
•108,
4
- •10814
58,100 Amer Stee I Foundries__No par
8
258 247 27
23
247
8 24
82
82
82
110
Preferred
82
82
80
100
474 3,200 American Stores
No par
47
4718 4612 4712 47
100
8 6412 6612 6518 6712 12,00 Amer Sugar Refining
6514 673
112 11218
Preferred
70
•110 111h 1114 112
100
8 1512 164 10,800 AM Sumatra Tobaceo__No par
15
1514 1518 163
13018 1344 116,100 Amer Telep & Teleg
12812 1313 1284 132
100
4
87
90
9014 7,400 American Tobacco
25
87
8812 87
943 45,400
Common claw B
4
,
25
0014 927
8 90 4 9414 91
200
4
Preferred
11512 11512 *11512 1153 11612 11612
100
23
23
23
23
2,80 Am Type Founders____No par
35
35
1,21
37
Preferred
3314 364 35
100
4
405
8 383 4114 60,00 Am Water Wks & Elec.No par
3714 393
4 38
34
35
Common vot tr etts_No par
19,400
4
8 333 35
33
347
4 733 733
4
1s1 preferred
743 743
4
20
Vs par
4
75
*68
8
8
153 1612 153 163 36,400 American Woolen__ . No par
3
16
17
59
6112 17,80
Preferred
585 6112 584 61
100
8
33,4
312 37
8
8
378 2,100 Am Writing Paper ctts_No par
3 8 37
7
1318 1314
15
41
Preferred certificates No par
11
1114 .13
812 93
8 9,20 Amer Zinc Lead & Smelt ..1
812 9
812 9
56
55
60
55
80
Preferred
*5014 55
25
1812 193
3
.50
3 183 1914 1914 2014 377,700 Anaconda Copper Mining.
1512 1512 1,40 Anaconda Wire & CableNo par
15
15
1518 15
8
,
23
No par
233
4 223 23 2 2212 2312 10,90 Anchor Cap
81
81
81
80
5
81
*80
$6.50 cony preferred.No par
4
4
500 Andea Copper Mining No par
113 117
8
8 113 113 •1212 1314
273 2814 3,60 Archer Daniels Midl'el_No par
28
4
2812 28
28
*104 115 •105 115 •105 115
100
8312 8214 8:3
7
8012 813
2,700 Armour
pref_100
4 82
534 614
6
6 3 73,400 Armour of Illinois class A__25
8
54 61 4
312 33
4
4
Class B _
312 334
312 33 42,200
25
31,300
Preferred
68 683
4 6712 7112 6914 74
100
5
5
5 14
54 2,600 Arnold Conetable Corp-No par
54 53
3
812 9
*814 9
450 Artlootn Corp
8
9
No par
4
414
4
4 14
412 414
2,300 Associated Apparel Ind No par
8 1434 1514 12,600 Associated Dry Goods.
1514 157
8 144 155
1
56
56
56
300
6% 1st preferred
*5012 56 .48
100
4812 *43
4812
100
484 •43
*43
7% 2d preferred
100
497
8
*30
30
460 Associated Oil
4 30
273 273
4
26
2312 24
23
23
23
23
600 All 0 & W I SS Lines__No pa
25
28
*23
25
12,00
24
24
Preferred
100
8
8 3018 317 66,900 Atlantic Refining
8
314 303 313
30
25
3612 8,700 Atlas tander
3514 3918 3512 3712 35
No pa
81
•80
310
8012
Preferred
803
4 79
79
No .
113
p0
77
83
8 812
3 812 3,500 Atlas Tack Corp
778 812
6612 71
69
53,800 Auburn Automobile
653 7114 67
4
No par
63
612 612
61
2,700 Austin Nichols
614 63
4
No par
133 217,200 Aviation Corp of Del (The).
4
4
8 13
1214 1318 123 133
.5
1618 173 192,800 BaFideewfieren
17
15
3
144 1618
Worka No par
41
4412 5,300
48
493
4 3712 41
Preferred
100
95
95
Bar kberger ch e k Co prat __100
riam er BrotLirs
*86
•86
95
*86
5
514
514
514
940
5
5
No par
24
25
•19
2812 *19
150 Be
6gdli
*19
cony
103
4 1014 11 149,500
93 10,
8
Corp
8 10
5
473 493
4412 48
4
44
43
8 9,300 Bayuk Cigars Inc
par
rs
89
•85
80
90
230
80
let preferred
ino
*75
2612 5,700 Beatrice Creamery
263
4 26
26
267
8 26
.50
*803 85
8
8
85 •803 85
•80
Preferred
100
67
67
69
1,200 Beech-Nut Parking Co
683 6912 *68
8
20
1212 1112 1212 48,000 Belding Ileminway Co. Vo par
4
113 1214 12
8
843 853
1,800 Belgian Nat Rys part pref....
4
8 8518 8514 883 90
•MA and asked prices nn Kilns on this day
Thursday
July 6.
p Pit-rights
• Cash sale.
Highest.
$ per share
8 Apr 7
54 Apr 15
4
13 Feb 21
71351y 26
4712 Feb 25
12 Feb 28
1118 Jan 14
1 Jan 5
7 Apr 4
8
1 Apr 5
14 Apr 17
114 Mar 30
5 Mar 30
3
70 4 Feb 27
115 Apr 21
6 Feb 27
53 Jan 10
4
Feb 21
5 Feb 23
1813 Mar 2
714 Mar 1
8 Mar 2
34 Apr 7
1 Jan 30
23 Jan 5
4
94 Mar 3
60 Mar 28
4912 Feb 25
112 Feb 27
618 Jan 23
15 Feb 28
13 Mar 31
8
312 Mar 1
34 Mar 2
2 Feb 24
13 Feb 27
1 Jan 5
8
37 Apr 1
37s Feb 27
7 4 Apr 4
,
8
43 Apr 4
614 Apr 4
per share
2078June 12
1212June 19
8July 7
93
11114May 1
055 July 7
8
4 May 23
8June S
247
712June 12
814 July 7
217
8July 7
21 July 7
20 July 7
23 June 20
135 July 7
1214 Feb 1
26 July 7
23'4 July 5
833Jtme 12
324June 12
4114July 3
2612July 5
2814 July 7
497
8June 2
67
13June 7
423
8May 16
4212July 7
10218July 7
8July 3
967
1333
4June 12
3612Juno 30
4July 3
593
13I2July
24 July 7
51I4July 7
618June 7
43 July 5
6 June 20
13 July 3
194June 12
447
8June 13
2714June 12
3538June 13
19 July 8
16 June 6
49 June 6
4212May 31
1712June 29
577
8June 29
1518July 3
312June 28
12 June 28
3918July 3
63 July 7
2238July 3
6 June 2
22 May 29
72 June 20
30 Feb 6
1638July 7
403
4June 13
8June 13
343
19 July 7
29 July 3
44 July 7
7 June 22
4I2June 20
4June 19
363
3812July 5
8414June 13
73 July 6
8July 7
483
1064June 26
27 July 7
82 July 5
8July 7
477
70 June 7
112I8July 7
4June 2
163
13438July 7
904July 1
943
4July 7
117 Jan 14
25 July 5
37 July 7
4l'4 July 7
2June 12
357
80 June 13
17 July 5
6112July 5
418June 27
1314July 7
8June 7
97
60 July 7
2014July 7
1512June 8
243
45lay 27
88 June 12
1412June 3
29 June 29
10218June 12
8312July 6
73 une 6
4J
44June 6
74 July 7
6 June 20
94June 24
514June 6
157 July 3
8
56 July 3
4712June 26
30 July 6
24 July 7
30 June 29
8July 7
317
3918July 5
8112July 3
4June 30
83
4June 13
733
8 June 24
aune 13
137
8July 7
173
45 July 3
90 June 20
714June 20
2218June 22
11 July 7
4938July 7
89 July 6
27 June 29
85 May 25
704June 27
1212July 6
90 July 7
44 Jan 5
222 Mar 2
1312 Feb 14
2912 Mar 1
3
3 4 Feb 24
25 Feb 15
414 Feb 27
14 Apr 21
114 Jan 3
54 Jan 3
174 Jan 3
834 Feb 27
1 Jan 27
34 Feb 24
54 Jan 4
17 Jan 20
4 Feb 27
97 Apr 5
8
9 Apr 1
438 Feb 27
53 Mar 2
4
20,8 Apr 6
7 Mar 20
8
18 Apr 8
1112 Mar 3
103 Feb 25
4
31 Jan 10
2012 Jan 2
3213 Jan 10
10218 Jan 9
438 Feb 28
373 Mar 28
8
30 Feb 27
2112 Jan 19
80 Jan 19
6 Jan 13
8612 Apr 18
49 Feb 23
5034 Feb 2"
4Mar 1
1023
438 Apr 10
10 Apr 6
104 Apr 7
923 Apr 4
35 Mar 24
312 Mar 2
8
223 Feb 16
33 Feb 8
3 Feb 17
4
214 Feb 28
20 Feb 21
5 Feb 28
44 Jan 6
8 Jan 20
8212 Jan 11
23 Feb 7
8
03 Mar 3
4
95 Feb 23
41 Jan 3
118 Feb 28
3 Feb 20
4
7 Feb 27
118 Jan 19
2 Mar 27
3 Apr 17
4
312 Feb 20
18 Feb 23
15 Jan 19
63 Mar 24
4
412 Mar 22
412 Apr 11
123 Feb 28
8
9 Feb 14
5
60 4 Apr 27
1
3114 Feb 28
7 Feb 2
8
512 Feb 27
312 Apr 12
912 Apr 4
8814 Feb 28
38 Jan 4
518 Apr 19
3 Mar 2
314 Jan s
27 Jan 18
7 Mar 2
45 Feb 24
45 Jan 5
312 Feb 20
624 Apr 7
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
Per share $ per share
12 June 304 Mar
812 Dec
14 Sept
114 June
44 Aug
414 May
1612 Mar
304 July 6312 Sept
312 Sept
It June
73 June
4
164 Jan
78 Dec
4 Ma
ta Slay
33 Sept
8
3 Slap
4
81 Sept
,
%June
8 Set,.
14 June
8 Sept
5 May 15 Sept
4212 June 8814 Sept
9612 Apr 120 Dec
4 June
1538 Sept
412 July
10 Jan
14 Apr
24 1- eat
4 Dec
10 Mar
12
Jan 223 Sept
4
312 June
1512 Sept
5 Slay 2212 Sept
28 June 47 Feb
14 Apr
24 Aug
1
Apr
93 Aug
4
612 June 174 Sept
40 July 90 Feb
293 June 737 Mar
8
8
9312June 129 Mar
318 June 17 Sept
15 Dec 50 Aug
14 Apr
714 Sept
7 June 26
Jan
18 June 38 Nov
2 July
814 Sept
11 May 27 Sept
34 Dec
5
Jan
23 Apr
4
153 Sept
4
2 May
15 Sept
6 May 3812 Jan
23 May
4
2114 Aug
33 June 33
4
Jan
3 May
812 Aug
1 May
67 Sept
8
478 May 27 Sept
25 June 513 Mar
8
338 Dec 2138 Mar
35 Dec 68 Mar
212 June 12 Sept
4 Jan
3 Aug
4
1 July
Ca Aug
34 July
1514 Aug
1718 Dec 49 Sept
712June 2214 Jan
1 June
34 Mar
112 June
914 Aug
612 June 32 Aug
Jan
14 July 33
3 June 1714 Sept
1514 June 58
Jan
10 July 493 Jan
4
1214 Sept
318 Jun
3 May 1812 Sept
133 June 32914 Mar
8
lgJune
33 Sent
4
18 Apr
7 Sept
8
10 June 2518 Jan
518 Slay 2714 Sept
Jan
22 June 85
15 July 55 Feb
213 June 3612 Aug
4
Jan 106 Sept
90
154 Sept
3 May
34 July 80 Feb
20 Slay 3634 Mar
13 June 304 Jan
45 May 90 Aug
23 Apr 1014 Aug
4
693 July 1373 Feb
4
8
4
4012 June 863 Mar
4
44 June 893 Mar
9514 June 11812 Oct
Jan
4 June 25
Jan
1018 July
70
11 May 3412 Mar
11 May 31 Mar
Jan
26 June 75
10 Sept
14 May
1512 Jan
394 Sept
214 Aug
4 May
2 July
8 Aug
11 Slay
64 Sept
35 Aug
10 June
193 Sept
3 June
8
15 Sept
3 Apr
514 May
1712 Mar
40 May 75 Sept
138 May
9 Sept
1512 Sept
7 Apr
85 Apr 10014 Oct
Aug
24 May 61
234 Sept
%June
2 Sept
%June
154 Aug
312 May
33 Aug
1 May
3
14 Dec
5 4 Sept
1
3 Aug
58 June
11 Sept
3 May
183 Dec 42 Sept
4
1212 Dec 35 Mar
1612 Aug
612 July
43 Dec1214 Aug
8
1513 Jan
54 Dec
838 Feb 217 Sept
8
7 Dec 2512 Feb
Mt Jan
4514 June
34 Aug
1 July
4
2 4 May 1513 Jan
83
17g Sept
II Feb
114 June
Fe Dec
12 Aug
2 May
8 May 3718 Aug
62 July 99 Feb
312 Aug
12 Apr
Jan
7 Dec 30
7 Sept
33 June
8
Feb
2 Dec 13
Jan
30 Dec 59
101: Nov 4313 Jan
Jan
62 Dec 95
2914 Slay 453 Dec
4
23 Jan
83 Sept
8
4
5738 June 625 Dec
8
New York Stock Record—Continued—Page 3
282
July 8 1933
Lir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PFILL.E.D
HIGH AND LOW SALE PRICES—PER SHARE. NOT PER CENT.
Saturday
July 1.
$ per share
19
18
291:
29
42 427
8
787
8
78
2912 2912
143 15
4
•14 8 177
,
8
5018 5212
*6612 71
3618
36
19% 20%
23
4 234
1134 1214
•1414 151s
81
81
*50
52
1634 1612
11% 11%
167 1714
8
*66
69
712 813
2812 31
45
5
434
*4
1218
9
193 2013
4
5
5
9
*7
20
•16
214 214
4
3 2 33
,
5%
512
283 30%
•64
65
2312 243
13
8
13
4
714 8
912 10
263 27%
4
2812 2859
1112
*I 1
ns 30
894 9112
7514 75 4
,
2413
24
5518 5712
412 51.
278 34.
4
,
812 101.
*2812 29%
.
8
8
90
*75
2514 27
4
512 53
25
*20
237 2413
68
68
1818 19
40 8 4014
3
9
9 14
207 21
1512 1513
28
2813
818 814
20
•16
3514 3613
17
8 2
1218 1238
25
25
*95%
__
1j8
96 47
•46
195 1912
*8112 8518
1712 177
8
8
•83 10
1412 1512
6312 65
183 19
8
2414 25
8012 8012
13
133
s
3212
*31
23
23
86
*85
4059 42
9312 9313
297
8
29
43
459
523
52
*8
1114
1714 1712
*1414 1614
1312
13
55
*52
4
4
1114 1159
5712 5812
*9355 933
37
37
8
4
1434 143
4
*993 108
13
4 2
8
8
312 359
1459 1514
218 218
6038 6059
62
6259
1412
14
30
30 4
3
-1' 3
&4
803
8
135 4
3
7
34
113
4
61
3659
58
3
24
*42
23
8
834
*50
55
2512
*5918
318
559
17
*455
Monday
July 3.
Tuesday
July 4.
Wednesday
July 5.
$ per share $ per share $ per share
183 197
4
8
8
1918 197
273 308
4
,
2914 29 8
44% 468
433 4612
8112 8112
8018 82
*2614 2914
28 8 2912
,
4
148 153
153 153
3
177 177
*14 8 177
8
,
8
8
8
5012 5314
523 537
8
*65
71
*66
71
3514 3718
3614 3712
2018 21 8
,
193 21
4
412
3
4
12
127
8
1218 1234
151 15'3
3 17%
•13
81 14 8214
841
.
84
5112 521 1
5012 523
8
15
16
1514 16,2
111 4 12
11% 12
1612 1712
163 17,
4
66
66
*66
69
97
811 918
9
2834 33
31
35
514 534
518 512
412 413
412 412
11
1212
117 1314
8
8
191 207
8
8
2014 207
512
5
5,
8 513
7
7 14
*7
8
*16
22
.1812 22
218 214
218 214
3
3% 3 4
34 4
3
512 5%
512 5'2
3012 3231
313 34
70 70
65
693
4
2513 26
243 251 3
8
134
1% 18
17
812
73
4 813
8
10
11
93 11 18
4
2413 26
25 4 273
3
4
3012 3112
283 32
4
12
12
1114 12
30
30
4
8
*263 297
913 96
4
95
9712
82
79% 81
79
243 257
4
25
255
7 58%
5234 5612
54
5
57
8
5,2 57
3% 43
8
318 4
1114 123
1018 113
4
2914 303
301
30
8
8 14
7
7u 814
90
•80
85
*80
2714 2914
2612 2759
618 7
8
5 4 73
3
Stock
.25
30
25
25
23
2414
23
2434
8814 6812
6912 Exchange
69
1718 18'8
18
181 2
4312 493
4
4012 4313 Closed
914 10
934 101 4
2013 2112
Inde2214
21
1412 1434
15144 1512
pendence
2712 28'8
273 29
4
93 10's
812 10
Day
20 20
20
*16
3718 3859
3718 383
2
214
218
2
1234 13
1214 1212
25
28
2712 2712
*9513 ..,.
.9512 _-,9912 1 0
-0
9812 10
463 46%
4612 4612
19% 20
1914 20
84 84
83
82
1814
17
1714 18,
2
1012 1012
10
10
1514 1718
1512 17
6512 7012
6612 71 12
1914 197
19% 20
*
25
2618
25
263
8
7954 80
8012 8012
135 14%
1314 1373
32'8
32
3218
.32
23
23
25
.23
.85
86
86
*85
403 4312
8
4312
42
9314 9314
*9314 9312
2818 2912
30
29
434 5
459 5
5212
52
52
61
978 97
8
*97 1114
173 1813
4
1712 183
8
1512 1513
*1412 15
18
14
1414
138 1459
55
55
.52
55
43
413
438
4
1118 12
1112 12
5712 6014
5814 60%
9112 9112
91
92%
4
418
418
4
143 1559
3
14 4 1512
*997 108
8
*9912 108
278 314
318
2
77
8
81
855
37g
334 4
37
1459 157
1512 158
218 234
218 214
*6012 8259
6212
61
6114 63
64
62
1414 1514
1412
14
30
34
o
3113 317
71
-1- 17 -iEV Ii8
61
813 x8018 82
8
136 x1331, 1331 2
2
759
7
712
3412 3314 3412
12
1212
12
6212
613
4 61
367
8 3659 37
5 8 53
1
559
2678
243
26
49 .4012 49
259 27
23
4
87
9
959
59
051
59
8
55
557
55
26
253 2614
3
5912 60
60
8
3 4 33
,
314
8
54
3
512 57
1612 1814
17
053
4 6
6
- -111 -18 s
—
4
7914 813
135 136
7
7 12
34
33
12
1214
5914 62
3612 37
51
5%
27
2814
*4712 493
4
234 3
9
912
55
*54
543
4
251
2614 27
*6812 593
4
8
359 33
s
5,2 6,
18
18
57
712
•Bid and asked Prices. no sales on this day
Thursday
July 6.
Friday
July 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Rance Since Jan. 1
On basis of 100 share lora
a11..
PER SHARE
Range to Previous
Year 1932
Highest.
Lowest.
Lowest.
Highest.
—
5 per Share $ per share Sha.•es. Indus. & lilscell. (Con.) Par $ per share $ Per share $ per share $ per share
2012 19% 20o104.100 Bendix Aviation
19
5
818 Feb 27 207
8July 7
412 May
183 Jan
9 Mar 2 313
4
28% 20:8 293 31 18 8.400 Bt & Co
No par
8July 7
558 Jun..
247 Feb
8
8 4612 49% 124.100 Bethlehem Steel Corp No par
1018 Mar 2 4914July 7
4412 477
714 June 293 Sept
7% preferred
8112 2.900
8014 8014 80
100 2514 Feb 28 82 July 3
Jan
1614 July 74
440 Bigelow-Sant Carpet Inc No par
618 Apr 5 2912Juue 30
291 4
2914 2915 29
613 Dec
1513 Aug
163
__ NO par
9.100 Blaw Knox
4June 20
313 Feb 2h
15
3% June
10 Aug
15,2 147 153
8
*1814 20
1818June 28
18
30 Bloomingdale Brothers_No par
18
8
Co.
62 Feb 28
84 June
14
Feb
47 June 2214 Jan
26,500 Bohn Aluminum & Br_ No par
912 Mar 2 5412July 6
5112 5412 5112 54
Bon Ansi class A
71
*6514 708 *65
No par 52 Feb 23 74 June 13
31 June 55 Nov
8
353 367
4
8 3618 373 38,300 Borden Co (The)
P1 18 Feb 27 3712Ju1y 3
20 July
43% Mar
33 May
8July 5
8 20
512 Feb 28 213
21 8 31.200 Borg warner Corp
,
2018 213
10
1414 Sept
31
4
412July 5
4,600 Botany Cons Milk class A...50
38 Apr 17
4
4
14 Apr
1 14 Sept
21 Feb 21
133
1214 133 80.700 itrlatro Manufacturing_ No par
131 4
4June 9
12
27, June
1134 Mat
8
100 Briggs & Stratton
•15
1734 *1513 173
714 Feb 2S 157uJune 7
4 May
No par
1013 Jan
1.200 Brooklyn Union Oas
8212 8212 8312 84
Na par 6313 Apr 5 3812.1une 12
46 June 8912 Mar
52
523
4 513 523
4 4.000 Brown Shoe Co
4July 6
No par 2812 Mar 3 523
23 July 36
Feb
13 Mar 3 1812Juue 26
16
4
16
6.500 Bruns-Balke-Collender_No par
118 July
1512 1614
412 Sept
,
1114 1212 11 8 12 12 8,400 Bucyrus-hrle Co
2 Feb 27 127sJune 20
10
112 June
7% Sept
3
165 173
7,600
155 17
8
Preferred
4
1018 Sept
5
23 Feb 23 195nJune 20
212 May
72 June 26
64
50
100 2013 Mar 31
65
7% preferred
64
65
35 June 80 Sept
34 Apr 15
97uJuly 3
8% 9% 110,300 Budd (E 0) Mfg
No par
818 9
318 Sept
I, AP,
3312 1,420
100
3 Mar 16 35 July 3
312 July
2834 3114 32
7% preferred
Jan
14
53
1 Feb 8
4July 5
8
514 534 63,400 Budd Wheel
No par
514 53
412 Jan
59 May
5 June 29
7 Mar 2
8
700 Bulova Watch
No par
412 43
118 AD
4
4,
2 47
8
312 Jan
1314July 3
212 Feb 11
4
29.400 Bullard Co
218 May
103 1112 103 12
No par
4
8 Sept
8July 3
618 Feb 11 207
614 June
131* Aug
1959 2014 1918 20% 70.700 Burroughs Add Mach_ _No par
4 2,300 Bush Term
8 June 8
1 Apr 1
3 De, 21% Mar
No par
512 53
512 512
912June 1
1 Apr 3
7 De, 65 Mar
500
100
Debenture
2
714 714
712 7,
18
40 Bush Term Bidos gu pref 100
712 Apr 26 2312 Jan 5
18
18
Jan
19
1214 July 85
27
8June 2
1 Feb 10
12 July
900 Butte & Superior Mining _10
17
8
17
218 2%
17,, Sept
35
5
%Mar 31
4 :June 2
4
10.600 Butte Copper & Zino
12 Apr
2 Sept
334 37
712June 13
114 Apr 10
13 June
559 53
4 2,300 Buttetick Co
573 Sept
No par
514
512
7 llay 2459 Sept
303 323
8
4 3118 32% 56,000 Byers Co (A MI
813 Feb 25 34 July 3
No par
75
110
100 3014 Mar 2 75 July 7
Preferred
3514 May 69 Sept
7112 71 12 75
303)2 29
Mar 2 3112July 7
3112 12.100 California
25
4
73
414 June
19 Sept
__No par
17
14 Jan 19
18 .fune
214June 5
10
1% 7.000 Callahan Zinc-Lead
118 Sept
Packing.11
13
4
9341June 2
2 Feb 7
1 12 May
812 878 44,110.- Calumet & Hecla Cons Cop_ 25
71n Sept
814 81 2
6We Campbell IV & C Fdy. _No par
10
1012 1014 11
2 Feb 28 1134.1une 12
212 June
914 Aug
_
4July 3
,
712 Feb 25 273
6 June 15 Sept
48.300 Canada Dry Ginger Ale
6
248 25 8 2412 26
31
32
8.100 Cannon Mills
1018 June 233 Sept
3013 31
4
No par 14 Feb 2 32 July 3
412 Feb 24 12 July 3
1155 1212 8.400 Capital Admints cl A
.113 12
4
21s Apr
913 Sept
No par
19 June 32 Aug
33
110
30
30
2518 Jan 18 3012.1une 27
•30
51
Preferred A
4July 7
92
100 3012 Feb 27 1003
9912 96 100% 112.000 Case (J I) Co
163 June 653 Sept
4
4
8014 1,030
80
7812 80
Preferred certificates_ .11)0 41 Feb 27 83 June 13
30 May
.
Jul.
75
513 Mar 2 293
4July 7
43 June 15
8
253 28's 274 2914 60.400 Caterpillar Tractor__ No par
Jan
4
Feb 27 587
8July 3
418
114 June 12 8 Sept
50
5534 135.500 Celane,e Corp of Am__No par
5314 56
,
% Mar 15
57
8July 3
33 Jan
8
No par
51
559 *412 4o 4.200 Celotex Corp
3 AUK
8
35
418July 5
4
h Feb 4
3 Dee
312 4
8
21.200
214 Feb
No par
Certificates
4July 5
113 Jan 5 123
101)
Ds Dee
113 1214
4
Preferred
113 12% 1,180
712 Mar
73 June 2013 Sept
293 31
4
5,300 Central Aguirre Asso. _No par
2858 31
14 Jan 3 31 June 27
93
4June 20
23 June
8
8
2 Apr 19
1,300 Century Ribbon MIlls_No par
614 Jan
755 9
*80
90
55 Dee 8.5
*80
90
Jan
100 52 Feb 27 95 June 20
Preferred
312 June 1513 Sept
8
92.200 Cerro de Pasco Copper_No par
57 Jan 4 30 July 7
273 2878 2812 30
4
73
8July :3
38 Dee
1 Jan 9
63 7
33 Feb
8
65
8 63 17.300 Certaln-Teed Products_No par
4
4 Mar 27 25 June 12
45 Dee 183 Aug
8
25
*26
30
25
200
100
7% preferred
23
23 8 23
,
11
23'8 10.700 City Ice & Fuel
Oct 2813 Feb
No Par
718 Mar 3 25 June 29
4
360
6912 6912 6912 693
Jan
1011 45 Apr 7 70 June 29
Preferred
4359 Nov 118
5
712 Mar 23 20% Jan 18
16, Aug 3018 Sept
8
1712 1712 16
1714 2.900 Checker Cab Mfg Corp
478 June ‘203 Sept
4
4714 51,8 4914 5212 42.500 Chesapeake Corp
No par 1.% Jan 3 5212July 7
107
8.1une 20
218 Mar 31
1 May
4
912 93
03 Jan
4
912 93
4 7.400 Chleago Pneumat Tool. No par
20% 21
512 Feb 28 2514June 20
212 June 1214 Sept
2178 2259 2,900
Cony preferred
No par
8May 31
618 Jan 4 223
900 Chicago Yellow Cab
6 Dee 14 Mar
1414
1414 1459 •14
No par
2612 28
27
5 June 1212 Sept
26
5 liar 2 29 June 29
8,600 Chickasha Cotton oil
10
2 Feb 28 1018July 5
112June
9 4 10
3
914 93 10,503 Childs Co
4
8 Sept
No par
20
20
6 Apr 4 20 July 5
5 Her
20 20
16 Sept
'
55
200 Chile Copper Co
5
73 Mar 3 383
4
4July 6
5 June 213 Sept
37
3718 385
384 168,000 Chrysler Corp
4
3 8July 7
,
14 July
214 23
14 Feb 28
218 Jan
27
No par
359 52,800 City Stores
314 July
13
133
5 Mar 24 1414June 22
1314 1314
84 Jan
660 Clark Equipment
No par
47iay 31
26
26
10 Jan 27 293
10 Apr 22 Mar
26
26
2,000 Cluett Peabody & Co No par
*9512 - - •9512 ___ __ _ __ _
90 June 96
100 90 Jan 4 100 June 2
Feb
Preferred
8815 Dee 120 Mar
13,700 Coca-Cola Co (The).__Nr. par 7312 Jan 3 102 July 7
99% 10112 10015 102
- 4 13 July 50 Mar
8
467 467
8
8 4612 4612 1.200
Class A
No par 44 Apr 19 4712June 1
1912 19% 193 20
7 Mar 30 22 June 2
1014 Dec 3113 Mar
27,600 Colgate-Palmolive-Peet No par
8
65 June 95 Mar
*85
8518 84
84
500
100 49 Apr 3 84 July 5
6% preferred
1712 183
3 Apr 4 1914July 7
4 183 1914 35,400 Collins & Alkman
2% May
107 liar
8
8
No par
514May 10 12 Jan 4
9
Jun
*10
1213 Oct
1012 *10
200 Colonial Beacon 011 Co_No par
1012
2 1659 173 48.600 Colorado Fuel & Iron_ _No par
27 July
8
8
154 163
147 Sept
8
312 Apr 4 17s8July 7
691
8 6512 7014 24,800 Columbian Carbon v to No par 23% Feb 27 7112July 3
1312 May
67
417 Mar
8
63 Mar 27 2218July 7
8
193 217
8
414 May
147 Auv
8
8 2114 2218 10.700 Columb Pint Corp•t c_No par
8 2512 2712 235,700 Columbia Gas & Elee_No par
9 Mar 31
414 June 21 Sept
2712JulY 7
258 273
40 Apr 797g Aug
1,400
80
100 59 Mar 2 83 June 12
Preferred serleset
8012 8012 8114
37 June 11 Mar
4 Feb 27 1518June 20
13
14
1355 14
19,500 Commercial Credit___No par
8July 7
113 July 28 Sept
4
*32
3259 3253 327
8
50 16 Feb 27 327
Class A
400
•24
25
1013June 21 Sept
23
23
119
25 1818 Mar 21 24 June 6
Preferred B
8514 85
85
85
40 June 75 Nov
160
61.3% fIrst preferred_ __100 70 Mar 24 8514July 8
8
8
a403 421
4
107 June 277 Mar
4018 4212 74,100 Comm Invest Trust__ _No par 18 Mar 3 4312Ju1Y 3
93
93
65% June 82 Nov
600
Cony preferred
93
9312
No par 84 Jan 4 9778 Jan 31
,
312 May
2818 30
2812 30 152,800 Commercial Solvents_No Par
133 Sept
4
9 Feb 25 30 8June 29
618June 12
412 5
1% Apr 1
1 8 June
,
434 47 188,400 Commonwith & Sou._ _No par
8
518 Aug
2738 Jill..- 8812 Mar
5212 5312 3,300
53
36 preferred series_ _No par 21 Apr 4 6012June 7
52
5 May
100 Conde Nast Publiens_No par
3 Apr 4 11 June 13
*9
10
*9
10
12 Sept
193
8July 7
812June
73 Jan 31
8
1214 Sept
183 183
8
4 1812 1918 34.800 Congoleum-Nairn Ine_No par
No par
612 Feb 24 18 June 7
4 May
16
16
16
14
II Sept
900 Congress Cigar
31, API' 6 193
4
144 1534 4,600 Consolidated Cigar-- —No par
143 16
3% Dee 24% Jan
4June 7
17 June 80 Mar
60
20
Prior preferred
*52
•5434 60
100 31 Apr 6 65 June S
I
154 Jan 4
53
4May 29
1 June
41, 478 2.800 Consol Film Indus
2
538 Jan
412 453
57 Mar 21
143
23 June
4
4May 29
1138 1214 1112 1218 8,300
1114 liar
Preferred
No par
31 11 June 88% liar
5844 6118 5955 62% 166,500 Conaolldated Gas Co__ _No par 40 Apr 3 6418June 13
7212 June 9918 Dee
93
93% 2.700
923 923
4
No par a80 Apr 24 99 Jan 3
Preferred
4 Dee
511 Jan 10
418
438
43
8 43
4 9,100 Consol Laundries Corp_No par
107 Jan
8
218 Apr 17
No per
e, Mo.r 3 153
4July 6
4 June
15 4 143 15 u286.400 Consol 011 Corp
3
9 Aug
15
79 Feb 101 Sept
39912 1061 *99 2 1061*
100 9512 Mar 1 10213June 15
,
8% Preferred
314JulY 5
8
23
3
212 27 401.300 Consolidated Textile_ _No par
8
13 Aug
14 Mar 1
14 Mar
.
3 June
8
118 Jan 10 10 June 12
212 Feb
814 814
818 812 6,600 Container Corp class A
20
35
4
412June 12
4,400
14 May
1 18 Jan
Class II
14 Feb 16
38 37g
No par
1712May 27
14% 1512 7,200 Continental Bak class A No par
8 Sept
147 15
8
3 Mar 1
2% May
Is Jan 5
12 Apr
13 Aug
212June 7
8
No par
218
214 23 12,500
8
Class 13
234
217 June 4734 Mar
8
61
61
(10 8 6112 2.000
,
100 36 Jan 3 6212May 29
Preferred
613 6338 6318 6412 29,800 Continental Can Ina
1755 June 41 Mar
20 3514 Feb 23 6412June 20
5
3 1 Feb 2r
1718July 7
15
17
' Apr
5
1614 171s 23,500 Cont'l Diamond Fibre
812 Bent
63 May 2514 Aug
4
33
3So 333 3612 18,800 Continental Insurance ___2.50 101251w 28 3612July 7
4 June 8
1 Mar 27
% May
____
3114 Sept
Continental Motors_ __No par
_-__
___
434Mar 3 1912July 7
359 June
18% 1912 188,100 Continental 011 of Del_No par
-173 19
8
9% Sent
2484 July
8312 31,400 Corn Products Refining___25 4538 Feb 25 8312July 7
7912 8118 79
5534 Sept
4
9912 June 140
Oct
13612 137
136 136
700
100 117% Mar IS 1453 Jan 21
Preferred
712June 13
Ilz May
63
4 7% 21,900 CotY Inc
755 Sept
71s 734
No par a2 liar 24
8June 13
1312June 3612 Oct
34
6,800 Cream of Wheat etfs.. No par 23 Feb 25 373
8 33
3312 337
214 May
4June 8
Ills 1134 3,800 Croeley Radio Corp
714 Sept
12
11
214mar 28 143
No par
377 May 237g Dec
1114 Feb 27 6314June 30
5918 6012 5712 60 8 25,000 Crown Cork & Seal__ _ _No par
17% June 3012 Nov
2413 Feb 27 38 May 16
32.70 preferred
4 3712 3778 1.800
363 373
4
No par
3 Aug
718July 7
59 June
618 718 36,600 Crown Zellerback•t c_No par
514
7
1 Apr 10
8 May '2314 Jan
14,500 Crucible Steel of America_ 10t,
9 Mar 2 29 July 7
26
2712 274 29
Dec
14
497 Jan
4912 4934
100
Preferred
100 16 Feb 27 55 June 2
*4712 493
8June 7
315 Sept
43
ty Feb 21
59 June
23
4 3
9,000 Cuba CO (The)
234 278
No par
1112May 29
3 Mar
8
37 Aug
118 JIM 10
83
4 91
8
814 914 14.400 Cuban-American SUrtar--- _10
3% May 28 Aug
100 10 Jan 9 68 June 5
55
52
50
55
Preferred
*50
20 May 351j liar
5912June 8
4.200 Cudahy Packing
56
533 543
4
54
3
5(1 20 4 Feb 21
7 June 31
3214June 12
Jan
618 Mar 3
2614 273 2618 2712 5,500 Curtis Pub Co (The)._ _No Par
3734 1)ee 86
Jan
2.600
591
Preferred
458
593
59
No par 30 Feb 23 66 June 12
78 May
314 Sept
378June 8
314 33 . 35
8
111 Feb 23
8 33 157.100 Curtiss'-wright
I
112 liar
8July 7
454 Sept
67
Clam A
2 Mar 30
61s 678 36,000
I
4 6%
53
311 May
12 Sept
414 Jan 6 1912July 7
1814 1812 1912 3,400 Cutler-Hammer Ine.__No par
18
214 Oct7 Sept
812July 7
14
778 812 4,100 Davega Stores Corp
712 8
5
153 Feb 23
a Optional Sale.
r Ex-dtvidend
e Cain -'ale.
y Es-rights.
New York Stock Record-Continued-Page 4
vw- FOR S%LES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
July 1.
Monday
July 3.
Tuesday
July 4.
Wednesday
July 5.
Thursday
July 6.
Friday
July 7.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER Sli A h E
Range Since Jan. 1
on basis of 1 10-share lots.
Lowest.
Indus. & Miscell. (Con.) Par 5 Per share
1 i2May 20
Debenham Securities
614 /•eb 24
20
Deere & Co pref
100 48 Apr 3
Detroit Edison
10 Mar I
Devoe & Reynold' A__No par
Diamond Match
No par
1712 Feb 28
Participating preferred_._ 25 2618 Feb 27
12 Feb 28
No par
Dome Minea Ltd
1012 Feb 27
Dominfon Stores Ltd. No par
1014 Feb 1 ,
Douglas Aircraft co Inc No par
63 Feb 27
4
Dresser(SR)Mfg cony A No par
218 Mar 1
Convertible class B No par
10 29 Mar 31
Drug Inc
7 Apr 10
2
Dunhtli International...No par
912 Apr 22
Duplan Silk
No par
Duquesne Light 1st pref 100 90 May 4
118 Mar 30
Eastern Rolling Mills. _No par
Eastman Kodak 1N J).No par 46 Apr 4
100 110 May 2
6% cum preferred
318 Mar 2
No par
Eaton Mfg Co
El du Pont de Nemours__20 3218 Mar 2
100 97, Apr 20
6% non-voting deb
2
3 Feb 4
8
EltIngon Schild
No par
4 Mar 29
634% cony 1st pref____100
Elec Auto-Lite (The)
5 10 Apr 4
100 7814 Mar 29
Preferred
1 Jan 3
3
Electric Boat
1 Feb 14
Elec & Mus Ind Am shares___
318 Feb 27
Electric Power & Light No par
712 Apr 4
No par
Preferred
614 Apr 5
No par
56 preferred
21 Feb 16
Elec Storage Battery
No par
IA Jan 4
Elk Horn Coal Corp_ No par
5 Apr 29
8
50
6% part preferred
26 Feb 27
Endlcott-Johnson Corp__ _.511
100 107 Feb 17
Preferred
4 Feb 23
Engineers Public Serv__No par
1512 Apr 7
85 cony preferred____No par
15 Apr 4
No par
$539 preferred
56 preferred
No par 2012 Apr 19
612 Mar 27
Equitable Office 131dg_No par
3 Apr 4
Eureka Vacuum Clean_No par
7 Mar 1
8
5
Evans Products Co
10 Jan 4
Exchange Buffet Corp_No par
7
8May 17
25
Fairbanks Co
1 Feb 23
100
Preferred
212 Mur 23
Fairbanks Morse & Co_No par
10 Feb 25
100
Preferred
bg Jan 26
Fashion Park AssocNo par
3 Feb 23
100
7% preferred
--- - ---- ---- ____
434 Apr 6
15
200 Federal Light & True
11
*11
*914 12
12
*1114 1218 11
12
12
38 Apr 20
*5612 ___ *5612
Preferred
No par
20
563 563
4
4
4
__
*5612 ____ *563 58
100 Federal Min & Smelt Co_100 15 Mar 31
85
*60
75
85
MO - 75
•60
90
88
.60
97u 104 10
3 Mar 16
4
1012
9 4 1014 1014 1112 27,100 Federal Motor Truck_No par
3
93 10%
4
At Feb 27
6,200 Federal Screw Works_No par
412 47
8
412 45
354 434
312 3 8
5
*312 35
8
15 Feb 25
8
43
4 43
4
43
4 514
5
5 12 5,600 Federal Water Serv A_ _No par
5 8 53
,
8
Stock
478 518
712 Feb 27
*25
800 Federated Dept Stores_No par
4
26
*2512 26
257
8 2512 2512 243 26
25
1014 Mar 27
10,400 Fidel l'hen Fire 1118 N Y__2.511
29
3212 35
30
31
32 Exchange
297 3114 3214 36
2318 2414 24
918 Apr 4
8
8 2314 2512 36,900 Firestone Tire & Rubber___10
8
x235 2518 235 253
2
512
100 42 Mar 3
Preferred series A
1,300
725 73%
8
70
71
70
7018 71
Closed
7012 7112 71
703
4 6,400 First National Stores No par 43 Mar 3
69
69
8
69
693
4
6812 69% 685 7014 69
1,600 Hors/Jetta Shoe class A_No par
18
712 Feb 7
*13
16
153 16
4
1712 1712 17
18
Indc17
6% preferred
*9014 94
*9014 94
IOU 80 Apr 19
*9014 94
*9014 94
94
*91
1612 16N
212 Feb 28
No pa
8
8 175 1812 3.400 Follansbee Bros
1712 177
173 187 pendence
4
8
18
17
612 Apr 19
900 Food Machinery Corp_No pa
1312 14
•10
13
123
4 13
13
1312
13
13
2112 23
412 Feb 28
No par
60,000 Foster-Wheeler
22
1714 1812 185 1912
8
1)ay
1912 2214 21
1914 13,300 Foundation Co
1712 18% 173 1834
2 Feb 27
4 18
No par
17% 1812 1714 193
2414 25
I
2518 25% 4,800 Fourth Nat Invest w w
3 2614
25
25
1358 Mar 1
24
2518 26
314
St Mar 29
314 335
No par
314 312
8
33
8 35 20,500 Fox Film class A
318 312
312
42
*40
20 Fkln Simon & Co Inc 7% pflOO 12 Jan 24
42
45
45
*40
50
45 .40
.40
16, Feb 28
8
Ill
4
8
3712 38
3812 373 395 20,600 Freeport Texas Co
38
3812
387
8 38
3714
__
•12112 ____ *125---6% cony preferred
100
100 97 Apr 19
.120 _ __ 121 121 *125
*24
24
_ _ .25
10 Fuller (G A) prior pref_No pa
24 -9 Jan 9
25
*19
•1712 18
38
013 -$6 2d ;ref
20
20
4 Jan 19
*13
*13
No pa
20
20
20 .13
*13
414 438 2,700 Gabriel Co (The) et A No par
412
412 435
1 Feb 27
4
43
8 43
414 412
4
1914
440 Gal-flowed Co (The)
17
•1514 1612 .143 1512
17
612 Jan 20
No par
4
1512 1612 15
10
22,200 Gen Amer Investors
103 11
8
11
2 8 Feb 28
5
No par
1012 1114
103 1114 1012 11
4
8018 8018 82
Preferred
400
85
42 Feb 23
No par
85
85
82
8
8358 835 .80
387 40
8
8 403 42
8
133 Feb 28
4
39.900 Gen Amer Trans Corp
5
4058 41%
4158 3912 413
39
2014 21
2218 25.500 General Asphalt
45 Mar 3
8
205 215
No par
8
2012 2112 21
8
21
20
183 183
13 Jan 3
i
39.000 General Baking
8
4 1818 193
8 1914 1934 1914 20
183 195
4
4
218 Feb 6
5
9 4 1058 26.700 General Bronze
3
91
93 1018
4
94
,
958
914 93
4
9
8% 918
114 Mar 31
9
9'z 8,000 General Cable
9
No par
84 9
914
918
9
1814
•153 173
18
4
214 Feb 27
Class A
1.000
1812 181
No pa
4
174 18
1712 18
.31
3514 32
7% cum preferred
400
33
612Mar 30
100
35% 33
32
*34
34
34
43
443
4 443 4514
No par 29 Jan 3
4118 4312 4212 433 10,700 General Cigar Inc
4
4312 45
*109 10912 *109 1093
7% preferred
100 100 Mar 15
100
4
.109 1093 *109 10934 109 109
4
2414 2478 25
107 Apr 2('
8
No par
8
26
2514 2658 2558 2614 263 2912 484.800 General Electric
113 113
4
4 113 1178
1118 Apr 20
4
4 113 12
4
Special
10
5,300
113 113
4
12
115
8
3818 387 38.200 G neral Foods
3714 38
No par 21 Feb 24
8
39
37% 387*
4 3712
3712 383
178 2
5g Apr 1
No par
218 2 4 46.800 Gen'l GU At Elec A
8
178 212
,
218 23
8
218 23
1218 1218 13
1312
3% Apr 3
141 15
14
Cony pref series A No pa
1,900
8 14
1312 137
*13
1612
7 Apr 20
*16
13
1612 *14
No par
13
$7 pref class A
80
1512
*1312 17
•16
30
5 Apr 6
No par
*16
26
25
*16
88 pref class A
*16
30
30
•16
2414 Jan 9
200 Gen 1tal Edison Elec Corp__
8 3914 3914
*355 39
8
0363 39
*3818 387
4
.3812 39
68
68
,
No par 3512 Mar 3
6812 6614 6812 6,500 General Slili
68
6918
6912 67
67
102 102
100 9212 Mar 28
1,000
101 18 102
Preferred
10114 10114 10114 10214 10214 10214
30 303
10 Feb 27
10
303 3112
30% 3212 3212 3314 546,700 General St..tors Corp
307 313
8
89
91% 92
89
3,100
91
8934 90
$5 preferred
No par 6512 Mar 3
894 9014 90
173 173
4
4
17
18
518 Jan 9
200 Gen Outdoor Adv A. A'o par
*16
18
*1512 18
•1512 18
8
212 Star 1
No par
Common
500
8
8
*712 75
8
753 75
8
758 75
•1412 15
15
314 Jan 4
150 Genera. Printing Ink_ No par
4
15
153 *1412 1512 .1412 16
15
06114 62
6114 6114
31 Mar 18
180
*6218 70
No par
*6218 70
86 preferred
65
62
72
618 6 2
2 Apr 6
,
No par
63
4 75
8 7,100 Gen Public Service
6.4 734
71s
7
7 12
41 18 4212 4212 4412
49
4
1314 Jan 3
453 4912 47
11,200 Gen Railway Signal_No pa
46
44
33
312 418 23,700 Gea Realty & Utilities
312 4
418
I
352 4
33
4 4
3 Feb 16
8
*21
24 .20
21
2214 21
*21
2412
512 Jan 19
$6 preferred
No par
700
23
*20
18
18
19
8
4
1812 193
212 Feb 27
193
4 6,500 General Refractories_ _ _No par
4 187 193
1858 193
8
30% 34
35
*38
90
3812
250 Gen Steel Castings pref No pa
*38
40
93 Feb 17
8
36
36
95 Attr 20
1431 153
8 15
165 18 223,400 Gillette Safety Itaxor_No par
1712 1814
15
1814
1512
577 577
8
61
61
63
5812 5812
62
Cony preferred
4,300
No par 475 Apr 19
62
58
7
67
s
714
67
7% 14,700 Gimble 13rothers
612 714
7
At Feb 9
No par
73*
7'2
30
30
313 33
4
32
*28
295
8
514 Mar 1
1,400
8 30
Preferred
100
*2818 295
3
16
4
163 21,400 Glidden Co (The)
4
1614 163
1618 17
16
16
33 Mar 2
4
No par
1638 17
*82% 8312 *8218 85
8212 84
84
Prior preferred
101 48 Apr 22
,
60
8212 *8'2
82
1314 143
11
8 125 14
8
1212 69.800 Gobel (Adolf)
3 Feb 16
No par
1178 1312 1218 124
2414 243
4 2414 257
263
4 2518 263 53,800 Gold Dust Corn etc. No par
8
12 Feb 27
2412 2614 25
8
*104
_ _ •104
$6 cone preferred_ _No par 100 Jan 18
*104 105 *104 105 .104 105
153 11
4
8
173
4 167 18
17
1638 -- 11i 8
3 Mar 2
95.000 Goodrich Co (B F)
No par
165 18
8
497 5114 52
4
9 Fob 28
Preferred
100
59741
5612 591 2 563 5712 5812 5918 8,600
37
373
4 375 397
4 3712 3918 3918 41% 101.200 Goodyear Tire & Rubb_No par
914 Feb 27
8
8
373 393
7912 80
80
80b8 8018
275 Mar 2
3.500
1st preferred
No par
7978 8018 7912 8014 80
1538 1618 16,600 Gotham 81Ik Hose
1514 1512 1512 17
4
75 Apr 4
8
No par
1512 1612 153 16
.67% 73
*674 75
4
100 41 Apr 3
30
73
73
73 .673 75
Preferred
73
37
37
8 418
Apr 3
1
I
4l2 493 159,200 Graham -Paige Motors
37
8 412
4
414
414
1438 15
133 14
8
27,700 Granby Cons M Sm & Pr_ _100
1378 1414
37* Mar 2
141ti 143
14
15
934 1014 13.500 Grand Union Co tr cUs_No par
93 1018 10111 1018
4
93 1014
4
35 Star 2
8
95 1012
8
3514 3614 36
353
4 35
4
Cony pref series
No par 2212 Apr 5
363
8
353
4 1,300
353 353 *35
4
024
27
28
11 1s Mar 24
No par
2812 2918 30
1,000 Granite City Steel
28
2814 28
28
35
3412 36
3514 34
4
363
8 3.800 Grant (W TI
Vo pa' 153 Feb 28
3512 3512 3512 3512
1318 1313 13% 14
15
1412 14
518 Felt 27
14% 15
31,800 (It Nor Iron Ore F'rop_No par
14
285 293
8
8 283 31
67 Jan 19
8
4
,
297 3114 29% 30% 291 3138 53,800 Great Western Sugar No pa
8
10.114 104,
*104 105
100 7212 Jan 3
180
10414 10414 10414 10412 10414 10512
Preferred
4
238 212
%Mar 3
212 234
3
No par
27
8 318 51,000 Grigsby-Grunow
25
8 3
258 2
$ per share S per share $ per share $ per share 5 per share $ per share Shares.
20
4
4
.318 4
*318 4
.3,8 4
*318 4
17% 4,500
1612 1712 17
163 1718 1714 18
4
1718 18
800
8712 8712 8712 8914
88
8914
87 87
89
89
800
237 2378
24
24
4
24
24% *22
2412 2412 243
2912 22,400
24
23
233
8 23
2314 2312 2312 2812 27
2.600
4
28% 283 30
275 2758
8
28
28
28
2814 28
4
313 3414 3212 343 103,000
8
335 3412 3358 35
8
3114 33
215 2234 2214 2312 2312 2414 7,300
8
*2114 21 12 2112 217
8
1612 175
8 1614 1712 63,000
1614 17
17
16
163
8 16
17
153 154 17
4
1712 1614 1614 1518 1612 1.000
17
1.500
912 10
10
9
1014
*9
914
1014 1014 10
4
8
8 533 563 87.800
a5814 6014
5912 61
a565 5912 5512 573
8
600
812 812
88
5
75
8 75
8
*63
8 758
814 814 *8
2312 5,400
23
4
27
2712 2712 27
2514 2612 223 25
40
3
4 99 4 993
*98 100 .98 100
4
4
993
4 993 993
.98
918 958 18.100
(512
85
8 912
914 10
83
4 9%
67
8312 853 14,000
4
84
8412 863
83
813 831
4
8114 85
4
SO
121 121 *11812 125
125 125
•122 125
122 122
4
14
1412
133 14
8
8
13 8 143
5
8 135 1414 133 1414 16.900
847 215,700
8
8 81
8
79% 807 a8I
4
8214 783 825
8318
79
1,000
11212 113 *113
.113 8 11418 11312 11614 11614 117
5
318 314
33
4 410 26,800
35 _--8
8 37
33
4 4
33
4 3%
*1614 19
2014 2078 2,400
22
193 2
4 012
18
193
4 19
25
2418 243
4 2414 2512
2518 98.100
4
2414 2538 233 25
200
8614 8612
*85
86
86
86
86
86
86
86
714
67
8 714 119,900
6
8
712
67
75
8
73
8 858
7
23
4 3
8 318 17.800
27
8 3
27
258 3
23
4 3
1312 1412 115,600
1218 127
8 1258 137
127 14
8
123 1414
4
8
27 2812 29 3012
5.800
32
33
32
31
30
32
2312 2434 2412 27 4
8
8 5.300
2712 267 277
2714 273
4 26
,
5014 5258 15,600
467 467
8
8 47
477
8
8
47
4744 477 51
214
218 212
17
8 214 5,100
2
214
212
218 212
312 312 3,100
338 358
3
312
31 2 3 4
3
31
8 31 2
565 565
60
6012 5,000
8
8 5834 5834
4
583 583
4
4 583 60
SO
•116 117 *116 117
117 1171 *115 11712
*116 117
12
1278 3,700
*11
1112 1112 1214
1.113 IV
4
1034 1219
40
3,900
38
4
38
373- 373 38
4
373 37% •37
4
37
*42
457
8
.40
4134 42
100
42
4
413 *413 43
4
*41
.43
200
473 473
4
4
48
48 .43
*45
48
.4314 48
125 133 23,100
8
8
IV
11
10 4 107
3
4
1114
8 103 107u
11
1814 36,300
17
1618 17
17
163 1712
8
1612 1712 16
5 4 6% 5,300
3
6
612 63
612 7
63
8
63
4 718
10
*10
10
10
*10
11
11
11
*10
11
*10
*112 218 *17
*13
4 2
4 2
8 23
*178 214 *13
*5
77
s
*5
712 *5
7
7
*5
77
8
77* *5
1,600
10
1014
*93 10
4
95 10
8
3
97 10
7
912 9 8
110
373 373
4
4
36
*3512 373 .3512 36
36
4
*3512 36
• Bid and a.skerl prices, no sales 011 this day. a Options! sale
r-
r Ui I. vi 1.11
283
SEE FOURTH FRGE PRECEDING.
,
,h,,
$ per s"are $
5 June 12
I83
8June 22
8914 July3
293
4Ju1y 7
2912July 7
30 July 7
35 July 3
2414July 7
18 June 8
18 June 12
103
4June 2
6312June 29
105
8May 29
283
8June 30
10218June 13
10 July 3
863
4July 3
130 Star 211
15 June 9
847
aJuly 7
117 July 7
414June 12
23 June 12
263
8June 8
88 Jan 5
814July 3
312J une 7
153
8June 13
3612.1une 12
3234J use 13
525 July 7
8
4 June 19
6 June 7
261 June 19
11712July 6
143
4Juue 12
47 June 13
4978June 12
55 June 13
8July 7
133
1814July 7
712June 24
1012June 7
258June 8
8,,June 13
11 14June 2
42 June 3
3 June 8
11 June 2
1412June 12
5678June 26
75 June 10
11 12July 7
8July 7
47
4June 12
63
2612June 30
36 July 6
4June 12
253
75 June 7
70 4July 7
3
18 July 5
97 Jan 10
19 June 7
15 June 12
23 July 7
8June 19
217
2614June 13
47
8June 6
49 June 12
4012June 2
127 June 7
31 June 13
23 June 13
4June 28
43
20 June I
12 June 20
85 July 7
42 July 7
2218Ju1y 7
2014May 29
1012July 7
1112June 9
23 June 9
46 June 11
8June 23
485
112 Jan 25
2912July 7
1218June 20
30 July 6
27
8June 6
1612June 6
1812June 20
20 June 10
3914July 7
71 June 28
104 June 6
3314 July 7
92 July 7
24 June 13
10%June 12
17 June 10
66 June 22
814June 12
4912July 6
45
8June 24
4June 26
223
193
4July 5
3914July 7
2014 Jan 11
75 Jan 9
758June 27
33 July 7
8Juite 22
173
84 July 7
143
8July 1
263
4July 6
104 June 12
1818July 3
8July 3
597
4118July 7
8014July 6
1712J une 12
73 July 3
478July 7
1555June 13
1058June 26
3638July 3
30 July 7
363
8July 7
15 July 6
3138July 7
106 Stay 31
338June 2
PER SHARE
Range lo Previous
l'ear 1932.
Lowest.
Highest.
per share $ per share
238 Dec
1 June
1514 Jan
614 June
54 July 122
Jan
7 May
16% Oct
12 Apr
1918 Sept
2012 May
2614 Dee
712 Jan
12% Dec
1114 June
1821 Sept
is Jun. I on. Sept
5 July
23 Feb
15 Dee
8
1212 Feb
Feb
23 May
57
31g Sept
. De,
5
512 June
15 Sept
8
87 May 1015 Nov
1 June
612 Sept
3514 July
873 Jan
4
Jan 125
99
Oct
3 June
97 Sept
8
22 July
593 Feb
4
804 June 10518 Aug
218 Sept
10 June
214 May
1212 Jan
811 June 32.4 Ma,
61 June 10014 Fel
217 Jan
12 June
4 Jan
%June
23 July
4
16 sept
10 4 July 64 Jan
3
8% July 5512 Jun
125 June 3314 Star
8
3 Auc
4
T8 Jun
1 Sept
% Jan
3714 Sept
16 July
98 May 115 Nov
4 June 25 Fel,
Feb
16 July 51
57 Mar
18 July
4
25 June 613 Mar
19 Jan
1012 Dec
714 Mar
2 June
212 Sept
12 May
113 Jun
4
984 Jan
13 Sept
4
1 Sept
4 Aug
1 June
6, Aug
214 Dec
8
473 Mar
4
10 Del
12Jo •
1% Sept
77 Jan
112 July
814 De, 22 Jan
64 Mar
30 Jilt,,
13 June 35 Sept
35 Feb
8
112 May
23 Aug
8
12 Slay
214 Dee
1038 Mar
3 Sept
612 June 15
273 Jan
4
6 May
1012 June
1858 Aug
45 July 68 Aug
5412 Dec
35 July
10 Feb
414 Apr
63 July 99 Nov
814 Sept
2 June
1014 Feb
33 Slay
4
15% Sept
3 May
714 Aug
1 July
8
1014 June 223 Sept
57 Aug
1 July
Oct7212 Jan
15
8
10 May 5285 Nov
26
Oct
- May 218
3 June 32 Feb
312 Sept
14 June
17 Jan
512 Dec
512 Sept
12 June
26 June 71 Sept
4
912 June 353 Mar
4June 1512 Jan
43
8
1012 June 195 Mar
12 June
5 Aug
5 Sept
14 May
11 12 Sept
112 May
4
3',June 253 Sept
3838 Mar
20 Jun
75 June 106 Dec
812 Slay2618 Jan
117 Sept
8
105 July
8
4012 Mar
195 May
8
234 Feb
3 July
8
3 June 24.14 Jan
30 Aug
514 July
40 Feb
514 July
18,8 Apr 25 Mar
4812 Sept
28 May
76 July 9612 Dec
24% Jan
7% Jun
5614 July 8714 Mar
9 Feb
4 June
Jan
4
25 Nov
8
14 Jan
212 July
2717 Julie 60 Feb
I May
718 Aug
8
618 July 285 Jan
214 Sept
14 May
163 Sept
4
5 Jsne
153 Sept
8
114 Jun
8 Slur 27 Aug
10% Jan 2414 Mar
45 June 7212 Aug
33 Aug
4
* June
Jan
63 Dec 31
8
1058 Sept
38 June
76 Sept
35 Apr
8 Aug
258 May
8, May
4
2055 Sept
70 July 101 12 Dec
123 Sept
8
214 May
3314 Sept
7 May
29 4 Aug
3
512 May
6912 Aug
193 Jun
4
714 Jan 304 Sept
50,4 Jan 70,2 Oct
45 Jan
8
1 May
1158 Sept
23 June
8
93 Mar
4
314 June
22 June 3514 Mar
17 Sept
63 June
4
1412 May 3014 Mar
1314 Jan
5 June
12 Aug
314 Apr
48. June 83 Aug
23 Sept
12 Apr
,
1
,
,
..,
New York Stock Record-Continued-Page 5
284
tar. FOR
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
July 1.
July 8 1933
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
Monday
July 3.
Tuesday
July 4.
$ per share $ per share $ per share
314
27
31 1
3
295 31 12 3234 33
8
60
60
*55
*55
2053 20 4 21
3
2114
*28
2814 *27
2814
57
3 614
85
8 712
34
4 32
307 313
8
758 74
74 778
*53
8 6% *5 4 614
3
*2612 2934 30 30
81
*79
81
81
213 2214 2112 2212
4
_ ____
____
45
.412 53
8 514
4
*21
28
29
*20
238 212 y212 238
94 94
*91
94
1214 1214 13
13
60
63
58
60
10514 10514
105 105
*5518 57
56
5734
*8312 85
83
83
83
812 812
8 918
814 914
78 8
238 240 *225 240
*1112 1212 123 123
4
4
7
512 5'2
5s 58
*4818 5018 *4818 493
8
371
8
337 3412 35
614 65
612 714
8
24
2478 2414 247
1158 1212
1112 12
6
6 12
614 612
__ ___
37
37
g
8
37
8 37
7014 717
71
73
6812 6914 70
713
8
41
4112 42
41
3
7 4 83
8 2 88
,
.253 3
3
3
8
33
4 37
4
*33* 33
233 23
4
27
8 318
8
953 105
912 912
7
312 3 8
314 314
01812 187
8 197 21
13714 13714 136 1373
8
814
814 512
35
373
8 3612 3714
4014 4112 425 4312
8
*113 _. 116 116
918 10
9
- -12
9
6
6
6
6 14
187 1978 193 2018
4
Stock
*104 108 *1023 110
4
1414 15
1313 147
8
412
412
8
412 45 Exchange
214 212
212 212
Closed
218 214
218 21 4
13
4
1312 133 144
lode113* 113
4 1218 13
068
*68
70
70
pendence
2412 25
24
245
*4712 48
484 51
Day
31
343* 3312 348
5912
59
58
58
1914 19
18%
203*
612 612
612 63
4
*2818 30
30
3112
0818 812
812 914
2914 2914 2912 2912
4018 413
4 41
424
5112 5212 523 54
*93
96
95
96%
7912 823
78
78
4
818
8
.73
4 8
1814 183
173 185
8
4
44 45*
34 4
2412 26
24
24
.6
*6
8
8
*6
6,
s
6
6
1114 1118 110
11
4
65
65
*60
65
2214 23
205 22
8
22
2014 2014 22
47
8 47
*5
514
*215 23
8
231 4 2314
15
1512 154 16
*10018 104 *10018 104
*38
4212
403 *36
8
3212 33
33
337
37
375* 3712 3814
•8
*8
10
10
*814 812
84 9 2
,
2514
2518 25
24
75
85
*70
070
518 512
54 5 8
5
8 1078 11
1012 107
7012 7255 7212 733
4
2112 2112 2134 22
304 307
8 3012 32,2
94
92
94
93
94
93 4 95
3
95
135 135 0135 137
19
1912 1914 195
8
313
3012 29
29
4
18
18
19
195
8
38
387
38
40,
2
7
23 8 24
5
235 24
8
*67
7418 *70
733
4
38 4
7
37
8 4
33
4 47
8
27
8 3
0 4 4018 4012
3 4 41
93
11834 119
119 120
23
223 23
4
231.
*75 10518 *75 10518
27
27
234 27
*1218 15
147 15
8
2212 2214 23
*22
4 18
168 177
19
*54
58
*5312 58
2712 28
2712 2712
42
4312 43
4412
6453 64
65
63
412 43
4 *43
4 553
1612 17
154 17
412 5
412 43
4
25
26
.25
25
.218 212
212 23
4
04 653 0438 6
812
*53
4 834 *5
4 153* 157
*1514 153
3
27
258 23*
91
9
88 9
Thursday
July 6.
$ per share
4
33
32
60
6114
*203 217
4
8
*28
2814
74 812
3512 373
8
77
814
5
54 5 8
40
*35
•79
81
213 223
4
8
____ ___
$ per share
27
g
3
327 3312
8
*60
61
2112 24
2814 2814
812 912
374 3812
98
8
53
4 53
4
40
*35
793 793
4
4
217 223
8
8
____ ____
$ per share Shares.
900
3
3
34
34
2,300
40
60
60
1,200
234 24
*28
20
2814
812 914 166,600
383 10,700
8
36
918 1012 12,000
800
6
68
40
*35
30
81
80
150
22
2212 11,700
____ ____
*5
512 *5
514
28
28
*21
*21
24 3
28 3
95
*93
*93
95
163 17
*1312 15
4
58
593
4 5612 57%
*10514 10512 10512 1053
4
564 587
8 57
575
8
83
83
83
83
8
8
94
9
9
93
4
83
4 04
*225 238 *221 23518
•12
1212 123 123
4
4
512 55
512 5 s
8
.4818 50, *4818 4912
8
3312 3612 3512 365
8
653 714
67
s 714
24
8
253
8
8 243 245
1214 123
8
4 115 1412
614 612
64 612
__
_
____
8
33 _5 4 - -8 38
1
37
6718 708 6712 70
683
70
4
65
69
433
4
4 42
42
423
85
8 9t4
87
4 9
3
314
3 18
314
7
33
38 3g
4 4
3
320
5
5
28
*21
11,300
24 3
3
200
95
95
16
1614
700
8,000
58
56
106 106
80
4 2,600
573 573
8
83
500
83
9
912 22,300
84 93
8 7,000
236 24012 1.100
400
13
13
9,900
53
4 6
49
49
100
3512 3712 20,500
64 73 31,200
8
8
2412 253 18,600
86,300
145 16
8
6 4 612 18,500
,
____
_ ___
41_300
353 __601 21,500
67
67
7012 7,000
44
457
8 3,700
83
8 014 18,300
900
34 312
33
4 414 3,800
Friday
July 7.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Indus. & :Miceli. (Con.) Par $ per share
Guantanamo Sugar_ ___NO par
4 Jan 23
Gulf States Steel
634 Feb 27
No par
Preferred
1614 Jan 16
100
Hackensack Water
15 Mar 18
25
7% preferred class A
25 25 Apr 8
Hahn Dept Stores
118 Feb 28
No par
Preferred
9 Apr 1
100
Hall Printing
34 Feb 27
10
Hamilton Watch Co_ __No par
212 Apr 5
Preferred
100 15 Feb 11
Hanna(M A) Co $7 pf-Vo par
4512 Jan 4
Harbison-Walk Refrac_No par
64 Feb 25
18 Apr 3
Hartman Corp class B_No par
Cla.s.s A
14 Mar 18
No par
Hat Corp of America el A1
% Mar 16
6.4% preferred
1
518 Apr 5
100
Hayes Body Corp
44 Feb 27
No par
EIelme(0 W)
25 6912 Jan 16
3 Mar 20
Hercules Motors
No par
Hercules Powder
No par
15 Feb 27
100 85 Apr 5
$7 cum preferred
Hershey Chocolate__--No par 354 Mar 29
Cone preferred
No par 6434 Apr 5
Holland Furnace
34 Jan 4
No par
Hollander & Sons (A) No par
214 Mar 2
Homestake Nth:dog
100 145 Jan 16
4,8 Apr 7
Houdallle-Hershey CIA No par
1 Mar 2
Class B
No par
45fay 16
Household Finance part pf5O 433
Houston 011 of Tex tern ctfs100
814 Mar 13
17 Feb 28
8
Voting trust etfs new_..,._25
Howe Sound v t o
512 Jan 3
25
3 Feb 28
Hudson Motor Car____No par
138Nfar 3
Mien Motor Car corn
10
14 Mar 16
Indian Motooycle_ __ __No pa
Indian
24 Ap 14
118 Apr 1
Refiningl
Industrial Rayon
No pa
1914 Feb 27
Ingersoll Rand
No par
12 Feb 27
Inland Steel
No par
2 Feb 23
Inspiration Cons Copper. .20
thsuranshares Ctts 1no_No par
114 Mar 29
4
Insuranshares Corp of Del...!13 Apr 5
5 Mar 21
8
Intercont'l Rubber_
No par
218Star 1
Interlake Iron
No par
78 Feb 17
Internet Agrioul
No par
Prior preferred
5 Jan 3
100
Int Business Maebines_No par 753 Feb 28
4
1
278 Jan 16
Internet Carriers Ltd
International Cement__No par
64 Mar 2
8
Internet Harvester____No par
135 Feb 28
Preferred
100 80 Jan 5
Int Hydro-El Sys el A __No par
212 Apr 4
114 Jan 4
Int Mercantile NIarine_No par
Int Nickel of Canada_ _No par
634 Feb 27
Preferred
100 72 Jan 11
Internet Paper 7% pref.-100
212 Jan 4
12 Apr 21
Inter Pap & Pow ol A_ _No par
14 Apr 1
Class B
No par
4 Jan 6
Class C
No par
2 Apr 5
Preferred
100
312 Feb 28
Int Printing Ink Corp_No par
Preferred
100 35 Apr 18
135 Mar 28
International Salt
No par
International Shoe_ _ No par 24% Jan 3
9 4 Feb 25
3
International Silver
100
3
3
2,700
23
4 3
4 27
8
23
1012 10
105 107
10
8
10
8 7,400
37
418
37
8 4
9,800
38 4
2112 2214 2018 2018 18
19
1,600
13512 137
13312 13612 13712 13878 4.400
818 83
4
8% 97
8
912 10% 16,600
3512 3714 3514 383
394 23,300
4 38
425 45 131,800
41
8
433
8 4118 45
*11514 _
300
11514 11514 *117 _ _
94 - 564
4 1014 11 22,800
95 103
8
53
4 6
5 8 614
7
612 5.500
6
4 1958 2018 1912 2058 317,500
194 203
.104 110 .104 110 *105 110
15
173
15
4 1712 20
15
680
5
5 12
5
618
65* 714 8,000
212 23
4
23
4 27
314 4,200
8
318
215 212
218 214
238
25 19,900
8
1434 1734 17
1314 15
1812 14,700
*11
121 *11
1212 *11
500
117
8
*68
68
70
*65
68
70
10
25
273
4 2612 2714 25313 267 19,600
8
5
52
5014 52
54
513 5312 28,400
4
32
32
32
333
4 31
3412 3,600
59
59
573 5814 59
4
61
140
7% preferred
100 2412 Mar 2
203
4 1914 203
8 19%205* 504,600 Inter Teton .8, Teleg. __No par
193*
Ws Feb 2,8
7
64 7
8
112 Mar 2
8
87 12,600 Interstate Dept Stores_No par
8
.29
3112 3112 35
34
35
320
Preferred
100 12 Apr 7
12
1012 111 1
178 Jan 24
600 Intertype Corp
914 914 *11
No par
29
2912 2912 2912 2914 293
11 Feb 27
4
1,400 Island Creek Coal
1
41
43
41
45
428 43
3,800 Jewel Tea Ino
No par 23 Feb 27
5112 533
4 5112 5812 5414 5812 62,100 Johns-Manville
1214 Mar 2
No par
9814 9814 1004 1003
_ _
4
290
100 42 Apr 5
Preferred
8212 8212 8212 83 010012- 8212
82
430 Jones & Laugh Steel pref_100 35 Feb 1
8
8
8 18
84
818 814 3,300 Kaufmann Dept Stores $12.50
238 Mar 15
1812 1912 19
195 26,400 Kayser (J) & Co
1912 18
6% Feb 27
25
414 453
6
78Nfer 2
414 43* 12,700 Kelly-Springfield Tire
4
41 1
•22
25
2212 2212 2414 2412 1,200
6 Feb 28
6% pref
No par
8
8
*612 8
.64 8
2 Feb 27
200 KelseyHayesWheel conv.cLA 1
6
*6
6
618
618 618
300
Class B
2 Mar 27
1
1114 113
4 115 1214
1112 1212 77,600 Kelvinator Corp
8
3 Feb 28
4
No par
*60
63
63
63
62 62
60 Kendall Co pt pf 8er A _No par 30 Jan 10
8 23
2358 24% 327,000 Kennecott Copper
2212 237
23
74 Feb 28
No par
2218 2218 251g 2512 253 253
8
8
600 Kimberley-Clark
57 Apr 6
8
No par
412 538
4
54 53
4 1,400 Kinney Co
1 Apr 3
53* 53
No par
*2258 2418 2418 2418 30
300
30
45 Feb 14
8
Preferred
No par
7
5 16
1512 16
15
1512 15
42,000 Kresge (S S) Co
512Mar 2
10
*10018 104 .1003 104
8
104 104
10
7% preferred
100 88 Apr 4
3912 3912 41
40
40
41
300 Krees (S H) & Co
No par 27 Jan 17
3312 347
3312 34
38,400 Kroger Groo & Bak
3418 35
1412 Feb 24
No par
3712 387
8
8 373 387 27,200 Lambert Co (The)
373 387
4
8
No par 2218 Mar 2
812 812 *714 10
812 812
3 Feb 8
300 Lane Bryant
No par
9'. 4,200 Lee Rubber & Tire
4,200
9
9
83
4 94
9
33* NIar 2
5
25
2538 247 2514 234 253
8 5,000 Lehigh Portland Cement___50
572 Jan 5
75
75
75
75
*7012 75
50
7% preferred
100 34 Feb 9
47
8 512 11,600 Lehigh Valley Coal_ _No par
1 Jan 13
518 5 2
,
514 512
4,300
10
1012 113
11
8 1012 11
212 Apr 10
Preferred
50
7312 7512 757 77
7712 7918 14,200 Lehman Corp (The)_ _No par 3712 Feb 28
22
2214 2158 22
4,600 Lehn & Fink Prod Co
217 22
5 14 Feb 27
45 Mar 1
323
4
4 3014 323 215,100 Libby Owens Ford Glass No par
32
3312 32
9512 9512 9512 2,200 Liggett & Myers Tobacco-25 49 Feb 16
93
.9212 94
93
4
947
8 933 9753 9512 97
14,800
Series B
4914 Feb 16
25
137 137
135 135 .136 137
800
Preferred
100 121 Mar 22
1834 1914 19
1934 4,200 Lily Tulip Cup Corp__No par
183 197
4
13 Apr 6
2812 30
29
283 297
8
397
8 8,200 Llma 1.ocomot Works-No par
10 Jan 17
19
18
193
4 18
*1714 18
2,000 Link Belt Co
6% Apr 17
No par
3812 4038 375 395 24,700 Liquid Carbonic,
38
397
8
1014 Feb 25
No par
23
243
2312 2412 2418 25% 45,400 Loew's Incorporated_ No par
5115 Mar 22
713
4 7112 7112
4
100
*68
713 .68
Preferred
No par 35 Apr 4
414 32,200 Loft Incorporated
4
412
4
37
8 414
1% Feb 24
No par
312 4
44
10,400 Long Bell Lumber A_ _No par
4
37
8 414
12 Feb 28
3912 397
8 3912 40
397 4012 5,000 Loose-Wiles Biscuit
8
25 1914 Feb 27
1183 1185 *117 120 .117 120
4
270
7% 1s1 preferred
100 11312NIay 9
2318 237
2314 2514 243* 2514 84,600 Lorillard (P) Co
No Par 10 s Feb 16
3
100 8712 Feb 23
*75 10518 *102 105 010212 105
7% preferred
258 234
23
4 3
2% 318 5,500 Louisiana Oil
53 Jan 5
No par
15
100
187
17
15
8
34 Feb 24
*18
180
15
Preferred
4,200 Louisville Gas & El A_No par 13% Apr 8
2238 2212 2212 2312 22% 233
8
1812 193
4
8 1812 197 15,200 Ludlum Steel
4 183 187
4 Feb 28
1
58
57
300
*5512 58
*5512 57
Cony preferred
No par 108 Mar 28
2612 27
2712 2718 283
4 2,100 MaeAndrews & Forbes
27
912 Feb 16
10
4212 4414 4414 465* 28,600 Mack Trucks Inc
4218 44
1312 Feb 27
No par
6112 6534 10,200 Macy (R 11) Co Ine_No par
63
6412 61
2414 Feb 25
61
43
518
514
514
1,500 Madison So Gard •t o_No par
434
5
15 NIar 30
8
17
175* 174 17% 1712 1818 6.900 Magma Copper
8
53 Mar 2
No par
4
5
4
9.400 NIallinson (H RI & Co_No par
43
45
412 478
8 43
% Feb 16
26
230
2634 25
26
26
25
7% Preferred
3 Feb 10
100
3
900 Manatl Sugar
2%
314 312 .2% 3
14 Jan 4
100
180
612 612
6
6
6
6
Preferred
3 Jan 6
8
100
7
7
70 Nlandel Bros
6
6
*512 814
112 Jan 3
No par
2.000 Manhattan shirt
1512 161
16 4 16% .154 17
,
512 Apr 1
25
1,700 Maracaibo 011 Explor_No par
24 3
25
212 3
8 3
1. Jan 18
,
92
8
914
912
914 93 19,900 Marine NfIdland Corp
4
514 Mar31
10
• liki and asked prires no WWI ort this day
Sales
for
the
Week.
Wednesday
July 5.
a Optional sale
t Cash sale
s cold 15 day*. 2 Ex-dividend
s Ex-rights.
Highest.
PER SHARE
Range fo Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share S per share
438Nlay 29
1 Sept
18 Mar
34 July 7
212 June 211 18 Sept
64 June 12
12 July
40 Oct
24 July 5
23 Jan
15 May
28 Apr
28% Jan 12
19 May
912July 6
414 Aug
5 July
8
3812July 6
718 July 28 Aug
1012July 7
1118 Jan
312 July
67
8July 7
2 June 12 Feb
30 June 8
20 Oct 30 Mar
81 July 3
70 Jan
33 May
227
gJune 10
18 Sept
7 May
134June 6
2 Sept
18 Dec
214June 6
4 Mar
3* June
712June 21
12 Dec
3 Aug
30 June 21
5 Aug 20 Sept
314May 31
312 Sept
LI June
95 July 7
50 June 815 Sept
8
17 July 6
43 June
4
812 Jan
63 July 1
13% Aug 2912 Sept
106 June 12
7012 June 95
Jan
587
8July 5
4312 July 83 Mar
8518June 8
57 June 83 Mar
1012June 20
314 Dec 1212 Aug
1012June 7
23 Dec 103 Mar
4
3
250 June 8 110 Feb 163 Dec
15 June 8
712 Nov
6 Dec
63
4June 9
1 May
412 Sept
5114 Jan 12
4214 June 5718 Jan
37'2 July 7
83 Stay 2814 Sept
4
73
8July 7
118 May
53 Sept
8
253
4June 7
47 Dec 1612 Jan
8
16 July 7
1134 Jan
2% May
714June 8
112 May
538 Jan
23
8June 6
%June
218 Sept
2June 21
1
Apr
23 Nov
4
74114June 28
4
74 June 40 Sept
763
4June 12
143 Apr 447 Sept
4
457
8July 7
10 June 277 Sept
91 2June 2
73 Sept
4
114 May
37
8June 8
373 Jan
1 June
412 Jan 10
314 July
818 Sept
358June 7
14 Apr
314 Aug
1114June 13
15 July
8
714 Sept
418July 5
14 Apr
312 Aug
2214 July5
334 Apr
15 Aug
1387u July7
5212 July 117 Mar
107
5July 7
114 May
54 Jan
3918July 7
35 June 1834 Jan
8
45 July 6
103 July 344 Aug
8
116 July 3
683
4Jtme 108
Jan
1114June 12
25 June
8
1.15 Mar
8
67
8June 20
%June
414 Aug
203
4July 5
311 May
1212 Sept
104 June 14
50 June 86 Mar
20 July 7
13
8June 12 Sept
41 Aug
714July 7
12 June
33
8June 6
4 May
2 Aug
23
4June 6
112 Sept
'4 Apr
1812June 7
1% Dec 1238 Sept
13 July 3
834 Mar
3 Dec
70 June 26 .r243 Jan 45 Nov
4
273
4July 5
9 4 June 2312 Feb
3
54 July 6
2014 July 443 Jan
8
37 June 9
712 July 26 Sept
65 June 13
26 May 65 Feb
2118June 7
25 May 15% Sept
8
87
8July 7
112 May 11
Jan
35 July 6
18 June 524 Jan
1114July 7
212 Dec,
7 Apr
30 June 19
1014 Apr 2012 Aug
45 July 7
1518 May 35 Feb
5812July 6
10 May 333 Sept
8
100 4July 6
3
45 July 993 Jan
4
83 July 6
30 July 84
Jan
93
3 May
8June 9
914 Mar
1912July 5
434 July 144 Sept
512June 7
3118June 2
8 May 12
4June 26
63
1212July 7
- 3 May
24
103 Feb
-;
65 July 3
17 July 38 Feb
247
8July 7
47s June 1914 Sept
2538July 7
612 Dec 1912 Jan
64June 7
5 Sept
4 Apr
30 July 7
3 June 19 Aug
16 July 3
65 July 19 Jan
8
105 June 14
88 May 110 Mar
43 June 26
18 June 37 Jan
35 July 7
10 May 18% Mar
4014June 13
25 May 565 Jan
1012June 28
2 May
7% Aug
11 June 7
13 Apr
4
84 Sept
35 Apr
27 June 20
11 Aug
75 June 7
40 Der 75
Jan
6 June 19
1 May
4% Aug
12 June 19
114 July
11 12 Aug
8July 7
793
3012 June 51% Sept
2314June 6
6 May 2414 Mar
93 Sept
3312July 5
33 May
4
9512July 6
3214 June 6512 Oct
9738July 6
3418 May 674 Sept
137 July 7 100 May 132
Oct
2112N1ay 16
14 June 21 Mar
313
4July 3
8
818 Apr
193 Aug
193
4July 5
612 June 14 Mar
413
8June 28
9 May 22 Mar
2.558July 7
1314 May 3734 Sept
733
4June 27
39 July 80 Sept
41421,0e 8
5 Sept
1% June
512June 19
27 Aug
8
14 May
4012June 12
1618 July 363 Feb
120 Jan 14
96 July 118
Oct
2514July 6
9 May
18% Sept
105 June 22
734 Jan 10818 Sept
3 8June 3
3
12 Jan
214 July
19 May 26
3 Dec
18
Jan
253
812Jun
4June 13
233* Mar
197
14 Jan
sJuly 28
11% Sent
58 July 7
612 Jan 26 Sept
94 Aug
283
42uly 7
1514 Feb
4638July 7
10 June 28% Sept
6534July 7
17 Jun
61112 Jan
412 Sept
7 June 26
218 Jan
133 Sept
1818 July 7
4
412 APr
4 Sept
514June 29
Ii Jan
42uly 6
4 Aug1018 Sept
263
18 Mar
24 Sept
4 June 6
14 Apr
314 Sept
918June 6
434 Sept
978June 10
1 1)ee
1834June 9
312 June
9 Aug
%Jun
4 June 12
112 Aug
1112 Jan 9
612 June
143* Aug
..,
New York Stock Record-Continued-Page 6
285
rlir- 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 1.
Monday
July 3.
Tuesday
July 4.
Wednesday
July 5.
Thursday
July 6.
Friday
July 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of l00-sharetots.
PER SHARE
Ranee for Precious
Year 1932.
Lowest.
Htyliest,
Dricut.
Highest.
-S per share $ per share 4 per share $ per share S per share $ per share Shares. Indus. & Mined'. (Con.) Par $ per share $ Per share $ per - per share
share $
6 Feb 27 2014June 3
par
Marlln-Rockwell
1712 1912 195 194
8
/
1
No
183 183
4
1914 1914 183 19
4 3,600
4
5 4 May
3
13 Sept
/
1
4
__ Marmon Motor Car
No par
14MaY 5
218June 6
13 Apr
312 Sept
-ir i2 -1i- Tri4 Ic
i. 414 Jan 30 1838June 3
1- ,400 Marshall Field & Co_ _ _No par
4
--ii -1-8 -iiT4 Ii3- -ii- -ni- - 83 July
1312 Jan
14 3217 333 15,400 Mathieson Alkali WorksNo par
14 Feb 27 333
3217 333
8 327 33
8
/
1
4
4
32
/ 333
4June 27
1
4
,
8 32 4 33
9 June 207 Mar
8
3117 3114 313
31
4
91 Feb 24 32 July .5
3012 313
4 3014 317
5 8,200 May Department Stores-26
4
3114 32
912 June 20
Jan
*458 5
*45
8 5
No par
I's AM 10
712Ju1y 7
6
74
,
5
6
1 July
612 712 7,200 Maytag Co
6
Aug
1012 107
8 1012 12
Preferred
315 Apr 4 1234June 12
No par
12
11
113 1212 1,800
12
4
*10
3 Apr 1012 Sept
15 Apr 5 4212
*34
3912 *34
35
Prior preferred
No par
320
42
,1une s
3912 3912 38
36
36
224 Dee 3514 Jan
/
1
30
30
*273 30
13 Mar 3 30 June 29
4
2914 2,600 McCall Corp
28
No par
2614 28
28
28
10 May 21
Jan
278 27
8
312 418 18,100 McCrory Stores clam A No par
Vs 3
312
3 Apr 15
8
3
44
278 3
/
1
4June 8
61 Dec 16 Apr
*314 317
114 Jan 13
Class B
412 4,100
4
No par
312 31 2
8 Jan 6
314 4
/
1
4
312 3
5 Dec 19
Jan
10
213 Mar 17 21 Jan 9
1012 10
10
Cony preferred
100
4 6,800
133
4 1412 183
1014 10
10
20 Dec 62 Feb
614 614
3 Apr 4
818June 12
7
914 614
7
73
8 3,000 McGraw-H111 Pub Co_No par
7
7
7
21z May
712 Jan
3017 3114 2912 3112
McIntyre Procupine Mines_5 18 Mar 16 333
30
31
314 31,800
/
1
2918 3012 30
8June 12
215 Dec
8
13 May
8312 843
4 8412 86
/
4
8712 5,100 MOKeesport Tin Plate_No par 441 Jan 4 8712July 7
8414 8614 86
85
84
28 Jun
6214 Feb
1014 1112 12
5
134 Mar 2 1312July 3
1317
4
1012 1214 103 1112 1014 1114 183,800 McKesson & Robbins
118 Jun
612 Sept
2318 25
23
25
Cony pref series A
217 19,100
8
3 8 Mar 3 25 July 1
5
2117 23
50
/ 2012 2212 20
1
4
3 May 23 Feb
/
1
4
117
114
13
8 112
112 158
218 212 71,500 McLellan Stores
14 Feb 24
112 214
No par
234June 6
as July
4 Mar
*11
15
*12
15
218 Jan 18 2114June 7
330
100
151s 17
8% cony pref set A
16
12
16
*12
7 Dec 36 Mar
211i
21
2117 2134
No par
83 Feb 27 2258July 7
8
2212 225 2252 1,400 Melville Shoe
4
*22
22
22
Vs Dec18 Jan
1114 113
4 111 113
/
4
1
2 Mar 1
/
4
1212Ju1y 7
8
4
105 1117 1012 111 1118 1212 20,900 Mengel Co (The)
1 July
5 Aug
44
457
8 45
46
43
420
/ 4412 453
1
4
41
4
46
100 22 Jan 28 4612June 29
44
7% preferred
20 May 38
Jan
19
195
8 1914 191
/
4
183 194 2,200 Mesta Machine Co
8
19
5
7 Feb 24 2014June 23
1812 1914 *18
514 May
1912 Jan
*17
/ 20
1
4
*1712 20
Metro-Goldwyn Pict pref._27 134 Mar 1 20!4June 7
*174 20
/
1
/
1
*1712 2117 *1758 20
14 June 2214 Jan
712 8
Miami Copper
8
8 14
5
4
15 Mar 3
8
9 4June 2
3
83
8 83 27,700
4
8
/ 83
1
4
7 4 812
3
112 June
614 Sept
4 14
1312 133
1417
39,700 Mid-ContInent Petrol__No par
334 Star 2 16 July 7
8 154 16
8
/
1
143
4 145 153
14
334 Apr
878 Sept
153 167
4
8 167 1712
8
3 Mar 2 173
4
1612 163 173 10,200 Midland Steel Prod_ ___No par
4
1638 1714 16
4Ju1y 7
2 June I238 Sept
67
4
65
/ 653 *60
1
4
68
300
100 28 Mar 3 70 June 9
*62
8% cum 1st pref
68
68
65
65
25 June 65 Sept
*21
22
22
24
2618
26
13 Apr 4 2618July 7
900 Minn-Honeywell Regu_No par
25
2412 25
a24
11 June 2313 Jan
3 8 37
5
8
418 438
412 4
78 Feb 3
8
/ 43,800 Minn Moline Pow Impl No par
1
4
418 43
47
8
414 43
8July 7
5 June
8
33 Aug
8
*20
21
23
23
244 26
/
1
24
24
Preferred
6 Feb 7 273
1,200
No par
*2014 24
4June 13
4 Dec
145 Aug
8
1614 17
164 1712
/
1
/
1
1812 194 20,100 Mohawk Carpet 51111s_No par
7 Jan 23 20 June 5
8
1714 20
193 20
512 June 14 Sept
56
577s 5612 58
4
/ 5812 573 5912 8,200 Monsanto Chem Wks_.No par 25 Mar 3 5912June 28
1
4
/
1
5712 584 56
133 Ma
8
304 Mar
/
1
25
/ 264 263 2838
1
4
/
1
4
85 Feb 25 287
8
284 272,600 Mont Ward & Co Inc_ _No par
/
1
2617 2814 265 2812 27
8
8JulY 7
312 Ma
1612 Sept
54
5518 5312 56
525
8 2,000 Morrel (J) & Co
No par 25 Jan 6 56 July 3
5312 5212 5318 51
*52
20 Slay 3514 Mar
114
114
11 1
13
8
11 112 40.600 Mother Lode Coalltion_No pat
/
4
ls Jan 9
13
8
218June 2
114
13
8
114
/ May
1
4
3 Aug
4
13
4
13
4
11 17
/
4
212 3 . 82,800 Moto Meter Gauge&Eq No par
14 Jan 5
3 July 26
2
/ 3
8
1
4
23
8
2
14 Apr
114 Sept
3012 3217 31
32
/
1
4
/
4
32
3014 3212 7.000 Motor Products Corp No par
71 Mar I
3212July 1
8 30
315
30
73 June 293 Sept
8
8
87
8 93
8
912 97 16,300 Motor Wheel
4
8
93
8 93
9
,2 93
103
4
No par
1 12 Mar 1
94 10
/
8June 2
1
2 June
65 Sept
8
*85
8 9
918 912
9
9
9
9 14
9 12 3,300 Mullins Mfg Co
914
113 Mar 23 1014June 8
No par
2 June 133 Jan
8
*22
2317 *23
110
23
/
1
4
2018 22
Cony preferred
22
22
24
No par
5 Mar 21 25 June 9
24
5 June 2713 Sept
*1612 1717 1714 1712
16
1612 16
400 Munsing wear Inc_
No par
5 Mar 30 183
*16
8June 27
17
17
7 Aug
1518 Sept
4
93 11
4
91 93
1012 1114 97,900 Murray Corp of
/
4
11 Feb 25 1114July 7
__ _10
/
4
103 1118 1012 11
8
21 July
/
4
91/4 Mar
*17
19
*1617 1814
1858 184
/
1
200 Myers F & E Bros
Amer__- par
No
8 Jan 25 20 May 5
1812 1812 181
*17
71s June 19 Feb
205 2112 217 24,2
8
8
/
1
2317 2514 233* 244 24
2512 119,000 Nash Motors Co
No par
11 18 Apr 12 2512July 7
8 Slay 19 Sept
/
1
4
614 6
/
1
4
6
/ 712
1
4
8
67; 73
634 712
7
73 12,400 National Acme
4
10
lls Feb 28
73
4July 7
114 May
54 Sept
73
4 73
4 *712 8
814
1,100 National Belles Hens pref__100
814
73
4 81 4
814 814
114 Jan 27
1.3
4June 6
18 May
6 Sept
5714 573
8 57
/ 5912
1
4
10 3112 Feb 25 6058June 28
4
8
8 563 5814 5714 583 16,300 National 131scult
583
57
2014 July 464 Mar
/
1
"13512 137
135 1363
700
137 137
4
7% cum pref
136 136
100 118 Mar 3 138 Jan 10 101 May 14214 Oct
*1353 137
/
1
4
4
21
213
4 207 213
8
8
/ 21's 2012 213 51,800 Nat Cash Register A ___No par
4
1
4
5 Mar 2 2214June 29
/
1
4
4 20
201 213
/
4
1614 Dec 184 Sept
/
1
233 2418 24
4
241
/
4
8
par 1012 Feb 27 25 June 29
/
4
237 241 77.200 Nat Dairy Prod
235 241
8
No
2334 25
143 June 3158 Mar
8
11 11
/
4
/
4
15
8
11
/
4
24 212 6,100 Nat Department Stores No pa
17
8 21
18 Mar 15
11 134
/
4
212June 28
218 Aug
14 June
*5 4 7
3
110
Preferred
74 717
/
1
5
/ 53
1
4
7
100
7
4
114 Feb 23 10 June 6
7
7
114 Dec 10 Aug
95
/ 9912 9818 101,
1
4
/ 10218 10612 203,300 National Distil Prod_ _No par
1
4
4
4
8
99 1075 1023 105
We Feb 15 10i14June 28
13 June 2714 Aug
Stock
52.50 preferred
4
24 Feb 8 115 June 28
2018 May 3212 Feb
"iii2 Tii -ii- -1438
14 - -2
1614 2,200 Nat Enam & Stamping_No par
16
16
15
15
15
338 July
5 Feb 2 1614July 7
81 Sept
/
4
119 119 *120 123 Exchange 120 121
900 National Lead
124 124 *120 125
100 4314 Feb 23 124 July 6
45 July 92
Jtv
*1197 125 *1197 125
8
8
Preferred A
•120 125 •12112 125 .122 125
100 101 Mar 1 11718May 29
87 July 125 Mar
*97
993 *99 100
4
100
Preferred 13
Closed
100 75 Feb 23 993
993 99 4 *1001 10814 .100 10814
/
4
4July 5
4
61 July 105
3
Jan
1718 1712 174 187
8
183 193 59,800 National Pow & Lt_ __No par
4
4
4
173 1914
177 19
.
8
8 Apr 1 203
/
1
4
8June 13
8
6's June 203 Sept
53
533
4 54
/
4
55
!ride/ 5212 5312 5334 551 24,100 National Steel Corp_ No par 15 Feb 27 5518July 7
1
4
4
523 54
/
1
4
1312 Jul
33 Sept
237 244 25
8
2518 3,700 National Supply of Del
/
1
25
25
2514
2417 2517 24
60
3 June 13 Sept
/
1
4
4 Apr 8 284June 12
/
1
48
48
48
48
840
5212 54
52
Preferred
pendence
52
50
52
100 17 Feb 23 6014June 3
1312 Ma
391 Aug
/
4
418 414
5
5/
45
1
4
8 5
5
514
5
5 18 4.100 National Surety
10
114May 3
al Jan 6
:
412 July
19 Aug
/
1
4
22 8 *2318 2214 2314
5
4 2112 22
Day
/ 17,700 National Tea Co
1
4
4
213 2314 213 223
4
No par
612 Jan 4 2314July 3
/
1
312 Slay 104 Aug
10
10
*10
11
11
11
1112
500 Neisner Bros
4 11
103 103
4
No par
112 Jan 16 1218June 26
112 Apr
512 Jan
-____ ____ ____
Nevada Consol Copper_No par
4 Feb 28 1138June 2
212 Slay 1014 Sept
8
/ 87
1
4
812 938
8
113 30,600 Newport Industries
8
112 June
4Sept
1
13 Mar 29 111
33
8
/
4July 5
--84
20
2212 2214 2338
2312 8,500 NY Air Brake
2212 213 23
/ 22
1
4
4
21
No pa
414 June 1412 Sept
618 Apr 4 2312July 7
9
94
/
1
914 97
650 New York Dock
9
/ 98
1
4
,
912
8
9
100
/
4June 23
318 Dec 10 Sept
93
5 Apr 25 111
4
9
187 193
8
4 1814 1814
19
18
Preferred
19
280
*18
1618 19
100
612 Slur 30 22 June 23
20 Apr 30 Aug
112 15
8
15
8 11
11 218 75,700 NY Investors Inc
/
4
/
4
112 2
/
4
112 11
No par
17 Apr 3
4June 12
12 June
33 Aug
4
23
17
1614 1718 HI. 1718 1658 1718 21,000 NY ShIpbldg Corp part stk- _1
1717 163 171/4
4
4June 19
15 Dec
814 Feb
8
4
13 Jan 4 183
*8114 85
85
85
8312 *79
110
85
81
7% preferred..100 31 Jan 9 90 June 19
81
81
20 June 57 Slat
*86
96
*86
95
N Y Steam S6 pref
95
*86
95
*86
95
*86
No par 80 Mar 24 101 Jan 9
Oct
70 May 100
108 108
108 10814
108 108
70
$7 1st preferred
*108 110 *108 110
No par 09314 Apr 25 110 Jan 11
90 June 1991s Mar
30
/ 31
1
4
3014 3114
/
1
8
2934 3012 295 304 3012 3138 27,900 Noranda Mines Ltd
No par 175* Jan 14 32123une 8
4
103 Slay 213 Sept
8
3214 323
4 3212 3412
/
1
4
/
1
4
347
8 333 354 3334 35 163,200 North American Co .No par
33
1514 Apr 4 3614June 13
4
133 June 4314 Sept
4412 441 4434 45 2
/
4
8
8 445 45
1,400
/
1
Preferred
,
4512 444 457
45
50 32 Feb 28 48 Jan 12
2512 July 148 Sept
71_
73
4
734 8
7
/ 8
1
4
734 81s
75
8 815 78,300 North Amer Aviation
4 Feb 27
114 Slay
8 Dec
/
1
4
812June 13
•75
*75
78
741 743
/
4
300 No Amer Edison pref__No par 48 Apr 1!
4
*7414 75
75
75
49 July 88 Sept
75 Jan 28
8
*512 81
8
/
4
8
*518 8
8
*5
8
200 North German Lloyd
5 may 18 10 June 7
25 June
8
Jan
8
33 8 335
5
8 36
36
8
250 Northwestern Telegraph...50 26 Apr 27 43 June 5
3512 3512 *335 37
36
36
15 June 33 Aug
/
1
4
*3
314
33
8 31
/ 9,500 Norwalk Tire & Rubber No par
1
4
312 3
/
1
4
314 3
8June 7
34 312
/ Feb
1
4
212 Aug
118 Feb 23
37
1512 16
16
17
163 175 133,300 Ohio 011 Co
8
8
8
8
165 175
1638 17
8July 6
6 Jan
11 Aug
No par
4 Feb 27 175
/
1
4
53
4 6
614 73
65
8
8 814
818 83 98.800 Oliver Farm Equtp
4
8
No par
6
/ 73
1
4
4July 7
13 Apt
83
4 Aug
11 Feb 27
/
4
24
24
2412 2712
2918 283 30
4
Preferred A
4,500
2714 2914 27
212May
No par
314 Feb 28 30 4June 9
1014 Aug
3
41 5
/
4
512 51
75 16,500 Omalbus Corp(The)vto No par
8
7
8
3 4 67
5
7 8July 7
55
5
8 6
112 Jan
434 Mar
11 Mar 2
/
4
13
1312 1217 131
1314 137
8 5,700 Oppenhelm Coll & Co .No par
123 1318 1214 1214
8
3 Jun
97 Jan
212 Feb 28 15 June 2
8
Orpheum Circuit Inc pref_100
June 9
30
314 Jun
7
13 Jan
8
15 Sept
... V2:3; -iiT2 -H
ii;,.
.
/
4
4
-. I iiis 2112 231 213 2312 29,800 Otis Elevator
.
9 May 2213 Jan
No par 1018 Feb 27 2412June 20
•104 110 *10412 110
104 10412 *10212 10412
Preferred
130
*10412 106
9312 Apr 5 10412July 6
104
90 May 106 Nov
7
/
1
4
1
814 812
S'o 812 27.700 Otht Steel
83
8
8
83
4
8
No par
9,!June 13
114 Mar 1
114 Slay
914 Sept
1717 1717 175 18
8
1814
18
1814 1812 1,100
18
18
Prlor preferred
100
4June 13
318 May 20 8 Sept
214 Feb 28 213
3
11914 30.600 Owens-1111nols Glans Co---25 3112 Mar 3 9I3
85
864 8712 90
/
1
903
4 8714 8912 86
87
4June 28
12 June 424 Nov
283 2914
4
Mg 30,
303
4 3018 3118 21,100 Pacific Gas AL Electric
4
293 3013 30
8
25 20 Apr 7 3114 Jan 11
187 June 37 Feb
8
3312 3312 3314 344
/
1
35
/ 3412 35118 3514 3614 33.700 Pactflo Ltg Corp
1
4
34
No par 2514 Star 31 43 8 Jan 11
3
20 4 June 4712 Aug
3
263 2712 28
4
28
4 2712 2712 1.600 Pacific Mills
283
28
29
28
100
6 Feb 21 2!) July 5
314 May
14 Aug
90
92
911 911
/
4
/
4
91
9014 9212
9014 91
350 Pacific Telep & Teleg
90
100 85 Mar 3 9212July 7
68 June 1041 Mar
4
53
8 55
8
534 6
5
5 4 6 103,200 Packard Motor Car.. No par
3
53
4 6
58 6
112 July
514 Jan
11 Mar 24
4
634J1,ne 8
12
12
13
13
1312 133
*1318 15
13
13
4
900 Pan-Amer Petr & Trans new.6
4July 7
8 June 2 133
25
25
25
253
8
284 2814 3018 30,600 Park-Tilford Inc
/
1
25
'2412 25
No par
13 Jan 20 3018July 7
2 Apr 10 Sept
24 3
/
1
23
4 27
214 21
8
24 212 6,200 Parmelee TransportaM_No pa
14 June
214 212
2 Jan
3 July 1
la Mar 21
314 314
2
/ 34
1
4
,
/
1
4
35* 3
3
3 14 2,500 Panhandle Prod & Ret_No par
3
/
1
4
3
14 Dec
114 Jan
34 Apr 18
414June 21
1. 18
114
114 11
/
4
2
8
214 41.200 Paramount Publlx ctfs. .... _ 1
138
11 2,
/
4
11
/
4
212June 6
/ Apr 5
1
4
3
34
2
/ 38
1
4
,
4 27 12,400 Park Utah C M
24 3
/
1
8
23
4 3
23
14 Jan 9
1
5 Apr
8
2 Sept
3 8June 2
7
13
8
13
8
l's
112
8
1:
18 112
8
112 17
11
/ 17 10,101 Paths Exchange
4
14 May
No par
11 Aug
/
4
2 June 6
14 Jan 4
512 53*
534
Vs
75 20,500
8
7
/
4
512 6
4 71
Preferred class A/
1
4
63
. No par
114 June
5 Feb
114 Jail 25
/
1
4
8July 7
75
17
/ 183
1
4
4 18
1834
1818 1914 35,900 Patin° Mines & Enterpr No par
1814 1914
19
18
318 July
53 Jan 16 2014June 9
8
912 Sept
/
4
43
4 41
45
8 5
43
s 45s 25.100 Peerless Motor Car
/
4
414 41
/
1
4
418 4
44 June
44 Feb 16
3
4 Apr
/
1
4
6 June 24
5012 5114 5012 5118
5212 51
523
8 7,700 Penick & Ford
501 515* 50
;
No par 22512 Feb 27 5212July 6
16 June 323 Mar
4
4418 4412 45
463
4
4 457 47
/
1
8
4614 434 433
44
22,500 Penney (J C)
13 May 3413 Mar
No par
1914 Mar 2 47 July 7
•1034 ----*10317 _ __
/
1
__ __ _ ___
*10312 _ _ *104 - _.- - •104
Preferred
60 June 91 Mar
90 Jan 4 10512June 19
100
7
/ 83
1
4
4
8
/ 1 1)
4
83 -25,200 Penn-Dixie Cement__ No par
8 9
Ski
818 - 2
818 87912June 19
4 Jan 25
4
/ Apr
1
4
2 Aug
/
1
4
297 311 *31
8
/
4
33
28
a28
3014 31
32
32
900
Preferred series A
3 Nov
8 Sept
418 Mar 2 32 July 5
100
67
673 x6717 70
4
4 69
/
1
674 693
7017 6,000 People's0 L & C (Ch1c)-100 411 Apt 18 78 Jan 9
6814 69
39 July 121
Jan
/
4
13
13
13
13
1312 1312 1312 1,000 Pet Milk
13
13
13
5 Dec 1212 Jas
No par
813 Feb 2 1514June 8
4
134 133
137 15
8
14
8
/
4
1418 141 143 15
147
8 7,820 Petroleum Corp of Am_No par
2
/
1
4May
45 Jan 3 15 July 3
8
7 Sept
/
1
4
15
135 147
153
8
4 1514 1558
8 1417 1538
1512 1612 109,600 Phelps
-Dodge Corp
37 June
8
413 Jan 4 1612July 7
25
115 Seta
3
35
35
*32
35
351s 36
36
35
35
400 Philadelphia Co 13% pref._ 60 25 Apr 11
35
36 July 7
18 June 41 Mar
•60
611 *60
/
4
6117 6117
65
4
613
4
613 •60
10(
*60
$6 preferred
48 June 76 Sept
No par 47 May 12 62 July 8
712 75
712 8
75s 814 36,700 Phila & Read C & I__ _No par
/
1
4
74 7
7,
4 7
/
1
4
2 June
7 8 Sept
212 Feb 27
7
8'* July 8
144 1414 1414 1438
/
4
/
4
8
/
4
144 141 141 141 135 143
/
1
4 3,900 Phillip Morris & Co Lid_ _ _ _10
8June 7
7 June 13 Aug
8 Feb 13 147
8
8
*9
10
*817 10
9
*812 10
9
200 Phillips Jones. Corp......No par
3 Feb 8
4June 9
312 Apr 123 Sept
93
4
144 15's 155 161
/
1
8
177 114,800 Philtips Petroleum
8
8 1612 1712 17
1618 167
No par
43 Jan 4 177 July 12
4
8
2 June
81 Sept
/
4
11
11
11
11
10
8
8 107 11
10
107
210 Phoenix Hoelery
•9
11 Mar 15 121
/
4
/
4June 7
5
2 Nov
918 Aug
*5
7
8
5
8 •5
.512 65
5
*512 7
900 Pierce-Arrow class A__No par
11 Apr 18 10 June 26
/
4
114 June
9
Jan
114
11
/
4
Ds
11 15s 13,600 Pierce 011 Corp
/
4
1,
2
13
1,
8 139
13
2
s
14 Jan 3
25
14 Jan
1 June 6
14 Sept
12
12
1212 13
1217 1212 1212 1278 1214 123
4 2,100
Preferred
37 Feb 27 13 June 21
8
100
312 Jan
9 Aug
212 21_
217 25
8
8
238 2
212 25
212 25 21,700 Pteroe Petroleum
/
1
4
8
3 Jan 23
8
No par
2 4June 21
3
15 Sept
8
'jSlay
247 2517 25
8
245* 263
2312 25
8 2518 26
2 4
/ 13,000 Pillsbury Flour Mills
1
53
4
9 Feb 24 267
/
1
4
No par
sJune 7
911 Dec 2212 Jan
*5112 5
53
/ 55
1
4
3
5577 6418 *5612 _ _
8
58
58
700 Pirelli Coot Italy Amer 'Mares 3338 Apr 4 58 July 7
21 June 311 Mar
/
4
•18l2 18
184 1814
/
1
1717 17
- -12 18
01712 18
t8'I
500 Pittsburgh Coal of Pa
4 Feb 25 1912.1une 2
100
8
3 May
115 Sept
*4217 43
43
43
4414 4414 45
44
44
4514
490
Preferred
100 17 Jan 21. 46 June 9
Jan
17 Dec 40
•111d and asked prices, no sales on this day. a Optional sate. 41 Es-dividend a, 1 .- x -rights
,
r ,
4,1,1 1.5 lays. o Es-Airland r Cane sale I/ Ex rights.
I1i4 -in 1158 10.4
,
New York Stock Record-Continued-Page 7
286
July 8 1933
NrFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SEVENTH PAGE PRECEDING
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
July 1.
Monday
July 3.
Tuesday
July 4.
Wednesday
July 5.
Thursday
July 6.
Friday
July 7.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
per share $ per share $ per share 5 per share Shares. Indus. & MIsceIL (Con.) Par
$ per share $ per share
8
932 103u 103 113
85g 958
812 85
8
113 29,200 Pittsburgh Screw & BoltNo par
4
4 11
310 Pitts Steel 7% cum pref. _100
3012 3512 35
34
3614
34
34
3512 36
36 2
,
*318 314
3
3
•3
314
33
8 33
8
.34 4
200 Pitts Term Coal Corp_ _No par
12
*10
1118 1118 12
100
12
6% preferred
120
1014 1014 1114 1114
512 512 1,300 Pittsburgh United
15
538
514
558 514
5
5
558 54
100
Preferred.
5818 60
150
8
595
8 613 62
61
6114 *59
*57
58
45
8 43
No par
400 Pittston Co (The)
8 5
514 514 *313 512 *33
4
512 5
,2
1614 1718 163 1712 1612 1753 53,900 Plymouth 011 Co
8
153 163
4
4 163 1718
5
4
1178 1212 12
10 4 113
3
4 1218 13
No par
4
123
4 123 133 11,100 Poor & Co class B
4
.512 63
8
63
8 63
4
8
63
4 63
4 1,100 Porto Rle-Am Tob cl A_No par
6u 63
*5 8 612
5
*212 3
*23
3 3
Class 13
3
3
3
3 14
318
3,
8
900
No par
2512 26
2738 3018 2818 3018 2718 2978 37,600 Postal Tel & Cable 7% prof 100
25 3 313
5
4
2112
20
20
2134 213
22
22
1,900 Prairie Pipe Line
25
*18
4 22
22
4
438 43
412
45
8 47
4
414 455
414 412 10,700 Pressed Steel Car
8
No par
1412 153
1412 1412 1412 1413 *14
1514
4 1513 16
1,500
100
Preferred
44
4318 4438 21,700 Pro.:•ter k G..mble
4358 44
4358 4438 43
43 4 4412
3
No par
102 102 *1015 1017
8
8
10138 1017 1015 1015 1017 102
8
8
8
8
250
5% pret (ser of Feb 1 '20)100
2
2
218 214
218 23
8
24 23
3 3,200 Producers & Refiner. '30rP- -50
218 214
110
*2
50
97
s
*2
93
4
9
9
812 9
Preferred
93
4 93
4
53
8
543 32,600 Pub Sec Corp of N J. __No par
4
53 5314 533 557
8
5212 5553 534 55
*83
8312
8 82
83
No par
82
82
8214 8212 813 825
4
900
$5 preferred
400
98
98
98
8
100
*9712 9812 98
977 974 967 964
8
67 preferred
10712 10712 10712 10712 1075 1075
8
8
10612 10612 *10412 10813
100
400
77: Preferred
8% preferred
•118 125 *11778 143
*11812 125 *11812 125 *11812 125
_100
4
200 Pub Ser El 3t rlaa of $5..No par
*96
967 968 973 973 .96
8
4
973 *96
4
973
4
973
4
No par
5612 553 5818 37,100 Pullm.su Inc
4
5412 56
534 5512 55
5212 54
94 1014
93 10/s 133,200 Furs 011 (The)
8
No par
83
4 93
8
83
8 87
8
83
4 94
564 5614 5912
810
55
56
*5412 57
52
5514 54
8% cony preferred
100
2133 2214 215 223
8
8 2118 227 23,200 Purity Bakeries
8
2114 2238 2134 2238
No par
94 1014
97 11 559,000 Radio Corp of Amer_ No par
8
978 1012
9 2 1018 a93 1012
,
4
34
35
3118 3212 33
33
33
3314 334 34
900
Preferred
50
2234 2418 2214 2314 223 243 36,800
4
4
213 234 223 2414
4
4
Preferred El
No par
414
413 418 15.900 Radlo-Kelth-Orph
4
44
4
4
4
4
No par
414
1812 18
18
183
4 18
1818 11.500 Ray bestos Manhattan_No par
163 173
4
8 177 183
s
4
1714 173
4 1712 173
4 3,300 Real Silk Hosiery
10
1713 1712 1712 184
8 1614 173
52
55
*51
60
*50
55
*51
55
200
Preferred
100
.50
55
23
4 27
8
212 23
4
212 2 8 1,900 Refs(Robt)& Co
5
No par
212 23
4
218 214
133 1412 1442 1512 15
8
16
1312 *1412 15
700
let preferred
100
13
912 10
912 978
912 10
1
8
52,100 RemIngton-Rand
93 10
914 913
3412 3412 34
3412 3312 3312 1,400
100
34
34
333 34
4
let preferred
3112 3312 3312 34
32
32
33
33
33
310
*31
2,1 preferred
100
434 5
43
4 5
5
45
8 43
4
47
8 5
514 20,800 Reo Motor Car
5
1914 2012 193 204 2014 2112 163,900 Republic Steel Corp_ __No par
8
8
177 1938 195 2038
8
45
4258 447
4634 4514 474 49
8 45
48
5012 25,400
6% cons preferred
100
11
11
*1012 11
1012 1012
1014 10,
700 Revere Copper & Brase_No par
4 104 11
23
*21
23
*21
23
20
*18
21
21 '
*18
100
Class A
No par
1934
1934 2112 46,800 Reynolds Metal Co__ _No par
1858 2014 19
1914 2013
19
20
1334 14
1314 1314 1312 14
133 133
4
4 134 14
1,700 Reynolds Spring
No par
8 49
4558 4678 4618 497
5012 128,100 Reynolds(R J) Tob class B_10
4518 4538 454 453
4
*60
61
60
61
61
61
60 60
Class A
10
*60
61
50
____ ____ ___ ____ ____ ____ ______ Richfield 01101 Calif....No par
__ __-- --16
16 .14
16
15
1.53
4
163
8
200 Ritter Dental Mfg
•15
163 •15
8
No par
5
85
8 914
9
97
8
918 94 6,900 Rossla Insurance Co
87
8 9
94 93
8
3514 3,200 Royal Dutch Co (N Y shares)
343 3512 3438 3434 34
4
5
3214 3214 33 8 34
Stock
247
8
233 2513 243 26
4
4
2512 273 56.000 St Joseph Lead
10
2234 2414 24
8
5518 56
555 575
8
8 55
5712 18,400 Safeway Stores
54
554 5512 5612
No par
89
897
8 897 8973 Exchange
8
90
90
9112 9112 93
93
330
6% preferred
100
100 101
8
997 10012
10012 10112 *10012 102
340
100
*99 100
7% preferred
Closed
.103 1114 104 1012 104 1012 8,100 Savage Arms Corp____No par
4
114 12
103 12
8
8
9
8
8 12
83
8
8
73
4 914 27,800 Schulte Retail Stores_ ..',"o par
8
812
Inde3012
*24
3012 .155 27
8
30
33
29
390
_100
3112 30
Preferred
393 40
4
39
*39
40
384 39
39
38
38
300 Scott Paper Co.
No par
pendence
315 334 3178 33
8
3212 3378 59,500 Seaboard 011 Coot Del_No par
3138 33
297 31
8
*312 414 *312 44 *312 414
Seagrave Corp
No par
*312 414 *312 414
4312
Day
42
44
4214 455
8 4418 4638 167,300 Sears. Roebuck & Co No par
8 41
3912 403
1
412 47
412 478
8
412 47
418
438
8
412 412 2,700 Second Nat Investors
465 464 48
8
1
*4018 463 .42
8
4658
48
200
*404 50
Preferred
238
238
214
23
8 25
8
214 213
24 25 19.500 Seneca Copper
No par
8
213
434 514
47
8 518
54
,
1
5
5
44 514 23,700 Servel Inc
5
1112 12
8
1112 12
117 123 20,500 Shattuck (P0)
8
1112 1112 115 12
8
No par
1012 107
8 103 1034 11
8
104
1112 5,800 Sharon Steel Hoop
10
10
No par
10
8
838
712 8
No par
713 8
8
84
,
18,200 Sharpe & Dohme
813 83
8
4012 4012 4014 404 41
41
*40
4012 4012 40 4
500
3
Cony preferred sec A_No par
1018 104 104 114 103 115 128,800 Shell Union 011
4
8
3
912 1018
94 9 4
No par
100
58
5912 60
583 59
4
593 61
4
2,100
Cony preferred
5512 5512 57
193 217
8
8 2114 233
4 22
24 105.000 Simmone Co
17:4 18
No par
183 1912
3
1112 1178 115 12
8
113 1218 12,300 Simms Petroleum
10
4
113 111, 1112 12
8
914 93
8
914 94
912 94 7,200 Skelly 01. Co
25
9
94'
9
93
8
42
42
*42
46
44
44
*40
42
*4112 43
100
200
I referred
27
28
*21
27
27
28
28
1,000 Sloss-Sheff Steel & Iron 100
4
4 27
253 253
35
35
34
35
34
35
34 13 36
890
100
337 34
8
7% preferred
612 73 27,200 Snider Packing Corp_No par
6
65
8
8
53
4 64
,
64
6
57
8 64
1413 15
145 1514 143 1512 249,700 Socony Vacuum Corp
8
4
14
15
25
1312 14
90
90
90
90
90
90
92
86
88
4,600 Solvay Am Invt Tr pref___100
83
35
3512 3413 36
35
3612 14,800 So Porto Rico Su r___NO Par
34
3414 3414 3512
.124 133 *124 133 *124 133
100
*12414 133 .12414 133
Preferred
2513 26
2514 26
26
2612 15,800 Southern Calif Edison
2513 26
25
26
25
*5
7
*5
7
*5
7
7
*5
7
Southern Dairies cl B_ _No par
*5
14 94 10
10
10
9 4 93
3
600 Spalding (AG)& Broa_No par
10
4 *912 10
9
045
__ 060 . __ *60
_ __
61
1s1 praerred
100
__ *51
.61
*11
14
*11
14
*12 14
*10 _14
*1014 14
Spang Chalfant&Co Inallo par
47
47
47
47
*46
48
40
45
45
*4712 50
100
Preferred
658 714
65
8 718
658 714 31,300 Sparks WithIngton_ _ __No par
73
8 73
4
74 713
8 4
*35
8 4
190 Spear & Co
358 35
8 *35
No par
312 313
*34 4
194 193
3 19
19 8 3,500 Spencer Kellogg & Sons No par
,
19
20
193 20
4
187 197
8
8
4
1
64 63 81,500 Sperry Corp (The) v t c
612 63
4
8
612 7
612 7
612 67
*13
145 •13
8
*13
15
1314 *13
•13
15
144
Spicer Mfg Co
No pur
2912 30 *2912 3012 2912 2912
110
28
Cony preferred A
*2834 3112 x28
No par
10
1012 *912 10
9
10
700 Spiegel-May-Stern Co_No par
8
8
*9, 1014 103 103
2
2638 277
8 263 284 263 2812 207,700 Standard Brands
4
28
2712 28
4
No par
27
•120 122 .120 122 .121 122
100
121 121 *120 12212
Preferred
No par
8
814
718 8
718 75
8 4,900 Stand Comm Tobacco.No par
78 8
7
73
3 812
8
183 10
8
19
26
13
19
2075 1912 2012 195 2158 50,700 Standard Gas A El Co_ No par
2314 10,800
21
22
2212 22
21
2012 207
8
No nar
8 205 22
Preferred
4612 4712 *4612 48
*47
48
500
•464 52
4713 4713
$6 cub prior pre(
No par
5612 5612 57
5814
.4311 56 2 *5514 58
56
56
500
$7 auin prior pref ___ _No ..ar
,
238 25
8
212 258
212 25
8 2,700 Stand Investing Corp_.No par
214 23
8
*214 23
8
8
700 Standard 011 Export pref __100
*994 100
9914 993
4 995 100
100 100
100 100
3858 397 65,400 Standard 011of Calif _ _.No par
3814 393
8 3834 40
8
8
357 3714 3712 393
8
8 23
2314
8
2218 2218 223 223
700 Standard 011 of Kaneas____10
*22
23
23
23
3958 4034 3918 403 135,400 Standard 011 of New Jersey_25
4
.394 40
387
8 39
38
40,8
200 Starrett Co (The) L S_ _No par
4
4
*93 10
4
10 10
e 94 593 1012 *93 1012
97
318 314
3
314
3,
4 312 10,000 Sterling SecurItles el A_No par
3
318
3
3 1s
7
73
8 4.600
612 612
612 7
Preferred
6
6
618 63
No par
4
534
38
400
*3512 38
*35
33
•36
Convertible preferred ___ _51)
38
36
364
73
4 84
818 812 24.900 Stewart-Warner Corti
73
4 8
10
75
8 8
74 73
4
No par
164 173
4
1718 1855 80,100 Stone & Webster
8 163 18
8
1618 1612 165 18
618 64 33,300 Studebaker Corp (The) No par
6
6 14
64 63
6
6,
4
4
6
63
4
100
160
29i3 2912
20
29
29
2912 30
30
30
30
Preferred
4414 4412 4478 4514 4514 48
19,000 Sun 011
4478 45
444 45
No par
130
10014 1004 3100 10014 10018 10014
•98 100 100 100
Preferred
100
2312 5,000 Superheater Co (The)_N0 par
2234 23
22
2012 22
22114 23
183 20
4
3 4 418 60,700 Superior 011
3
No par
278 27
8
24 34
3
3
234 3,8
1614 1812 52,100 Superior Steel
1418 1614
1
12
14
97
8 10 4 12
100
9
614 63
4 1.000 Sweets Cool Amer (The). __50
618 614
618 612
8
614 612
613 63
23
4
212 212 2.000 Symington Co
214
No par
.238 212
23
4 24
212 23
4
412 5
434 54
44 514
4,300
Class A
414 5
47
8 514
No Dar
•13
8
13:4 1312 1334
1,514 1512 163 10,790 Telautograph Corp_ _ No par
1314 1418 14
63
4 8,700 Tennessee Corp
8
6
4
5 8 54
5
53
4 6
53
4 57
No par
53
8 53
3
2438 247
8 25
2613
2512 263
4
25
4 263 2812 2714 283 117,000 Texas Corp (The)
3412 50.100 Texas Gulf Sulphur_ __No par
3412 33
3112 3212 324 3413
3253 3412 33
512 53
4
54 54 13.600 Texas Pacific Coal 34011
538 55
8
10
513 5 8
3
54 53
4
97 103 20,400 Texas Paciflo Land Trust_......1
8
4
8
97 103
3
958 1012 1018 104
938 97
8
• Bid and asked prIces no sales on this day
,
oodooal 8.
41e
r F- tharlond
,
o Ex -rants
c Cash sale
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Highest.
Lowest.
$ per share
17 Feb 15
2
1014 Jan 6
12 Feb 8
4 Jan 18
84 Feb 6
153 Feb 27
4
38 Apr 1
63 Feb 24
4
134 Apr 3
158 Mar 23
5 Feb 27
8
4 Feb 27
7 Mar 22
58 Jan 21
3 Jan 27
195 Feb 28
8
97 Apr 18
14 Jan 3
3 Feb 2
3314 Apr 4
68 Apr 18
80 Apr 4
9178 Apr 17
107 Apr 25
8912May 3
812 Jan 4
213 Mar 2
30 Mar 3
8
57 Feb 24
3 Feb 23
13 4 Feb 28
,
812 Feb 28
1 Mar 31
5 Feb 23
513 Feb 27
25 Jan 4
14 Jan 3
118 Jan 3
213 Feb 23
712 Feb 27
8 Feb 27
13 Feb 28
3
4 Feb 27
9 Feb 28
1 14 Jan 10
214 Mar 2
6 Feb 27
112 Feb 28
2612 Jan 3
60 Jan 5
14 Feb 21
613 Feb 25
2 Apr 8
1758 Mar 2
618 Feb 27
28 Mar 3
72 Apr 5
b014 Feb 15
214 Apr 3
3 Mar 3
8
3 8 Apr 25
,
28 Jan 24
15 Feb 13
118 Feb 25
1213 Feb 25
114 Feb 28
24 Feb 24
le Mar 28
112 Feb 4
534 Apr 8
112 Feb 23
212 Feb 27
2114 Mar 2
312 Feb 17
2812 Mar 28
438 Feb 28
2
47 Feb 28
3 Feb 20
22 Feb 26
7 Jan 3
8 4 Feb 7
,
38 Mar 31
6 Mar 23
58 Feb 25
1518 Jan 12
112 Jan 4
1712 Apr 7
114 Feb 28
4 Jan 18
2518 Mar 28
412 Feb 18
1712 Feb 9
54 Feb 28
12 Jan 10
74 Apr 10
218May 3
5 Jan 3
113 Mar 21
4
1 Feb 28
1334 Mar 2
121 Feb 18
1 Jun 3
54 Mar 31
85 Apr 3
8
17 Apr 4
20 Apr 4
12 Mar 31
9212 Mar 3
1912 Mar 3
123 Apr 4
4
22b4 Mar 3
4 Feb 16
53 Jan 11
112 Feb 10
20 Mat '2
212 Feb 24
53 Feb 27
4
112 Mar 20
9 Apr 3
35 Feb 25
89 Mar 16
712 Feb 17
34 Jan 4
2 Feb 28
1 Mar 22
4 Apr 6
Is Apr 11
818 Feb 17
13 Feb 28
8
4
1054 Feb 2'
1514 Feb 20
133 afar 3
312 Mar 31
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
!I Per share $ per share $ per share
2 Apt
113
4July 6
47 Aug
8
4
912 June 243 Sept
3 3 131Y 26
80
414June 20
212 Ang
12 July
15 June 6
5 Dec 1213 Mar
638June 3
33 Sept
4
, Dec
ii
62 July 7
14 May 44 Sept
7 June 19
3 Sept
12 Dec
1758July 7
83 Nov
8
1212 Sept
133
4July 7
65 Sept
8
112May
8 June 6
65 Sept
8
114 May
4 May 17
58 May
234 Aug
40 4June 7
3
13 July
4
1712 Sept
51 June 124 Sept
22 July 6
512June 8
4 Aug
%June
18 June 7
2 8 June 17 Sept
5
50 Apr 20
197 June 423 Jan
8
4
10412 Jan 12
81 July 10313 1)ec
27
4 May
8June 21
158 Mar
13 June 21
934 Mar
1 May
5718June 13
28 July 60 Mar
8812 Jan 31
62 June 907 Sept
8
1013 Jan 24
8
7112June 10218 Aug
11212 Jan 2
9212 May 114 Mar
125 Jan 9 100 July 13014 Mar
10312 Jan 11
83 June 10,813 Dec
5818 July 7
1012 June 28 Sept
107
8July 7
27 June
8
613 Aug
62 Jan 12
50
Jan 80 Aug
237
81May 27
44 May 157 Mar
8
1114June 13
2' May 1313 Sept
40 May 31
10 June 3278 Jan
33 May 235 Sept
253
4June 13
8
53 lune 8
4
112 June
734 Sept
183
4July 3
438 July x1234 Aug
2078June 12
218 July
813 Sept
60 May 16
7 June 30 Sept
3 June 22
18 Apr
112 Sept
1812June 22
Cl
Dec
75 Sept
8
10 July 3
1 May
712 Aug
3412June 7
4 June 29 Aug
34 July 6
5 June 3113 Aug
63
8June 7
112 Apr
37 Sept
8
2112July 7
17 June 137 Sept
8
8
5012July 7
5 June 2878 Sept
12 June 2
1 July
814 Sept
25 June 2
2 Dec 1213 Aug
2112June 27
1178 Sept
55 July
8
1512 use 27
3 Feb
127 Sept
8
5012July 7
2612 June 4014 Jan
823 Jan 2.
4
64 May
7118 June
3 June 8
14 June
13 July
8
163 lune 29
4
4 July
12
Oct
1041u/1e 8
112 May
912 Aug
3512July 5
1218 Apr 233 Sept
4
273
8July 7
45 July
8
173 Sept
4
573
4June 29
3018 July 6914 Mar
93 July 7
60 May 90 Oct
102 June 17
69 June 99 Oct
12 July 1
114 July
73 Feb
8
12 Dec
93
4May 26
4
Jan
34 June 26
5 Oct 30 Jan
40 May 29
18 May 42 Feb
337
8July 7
658 Apr 20 3 Dec
,
43
3:May 29
234 Jan
1
Apr
463
8July 7
94 June 3733 Jan
5 June 7
13 July
3 Aug
48 July 6
2114 June 3618 Aug
33
8June 2
1 Aug
13 May
8June 7
8
55
112June
53 Jan
1212June 27
5 May 1234 Mar
1112July 7
112 July
734 Sept
858June 28
14 June
7 Sept
41 July 7
1113 July 304 Jan
1158July 7
212 Apr
83 Sept
4
61 July 7
18 May 6514 Sept
24 July 7
24 June 1338 Sept
123
8June 2
314 Apr
713 Aug
97
8June 2
534 Sept
213 Feb
44 July 7
12
Jan 3313 Sept
29 June 7
33 June 193 Sept
4
4
36 June 6
6
July 2913 Sept
73
8July 7
17 Dec
8
712 Sept
1512July 7
514 May 1214 Sept
92 July 3
35 June 87 Sept
3612July 7
412 Apr 183 Sept
4
8613 May 11212 Dec
127 June 7
28 Jan 11
153
4June 323 Feb
4
73
4June 10
114 May
3 Feb
1112June 28
412 July
12 Jan
61 June 27
25 Dec 95 Jan
15 June 3
4
83 Mar
4
93 Mar
50 June 13
15 Nov 4813 Jan
8 June 12
1 May
6 Sept
512June 20
12 July
4
13 Apr
20 July 1
8 May 11 Sept
7 June 27
16 June 12
- i Dec
8 Sept
-78
912 June 18 Sept
3212June 12
113
8June 2
4 May
5 Aug
2012June 29
838 June 174 Aug
124 May 4 110 June 123 Dee
9 June 12
2 Jan
73 July
753 June 3414 Mar
2212June 13
257
8June 13
914 June 41 14 Jan
61 June 13
21 July 6212 Aug
Jan
66 June 13
28 June 75
27
8June 2
14 June
214 Aug
102 June 8 281 June 10012 Dee
40 July 6
1513 June 3173 Sept
26 4May 31
,
7 Apr 1013 Aug
403
4June 6
194 Apr 373 Sept
8
3 July
1112June 14
854 Sept
37
8June 13
4 May
214 Sept
4June 13
73
4 Sept
5 July
8
3614July 3
1312 .1une 26 Aug
913June 7
178 May
812 Sept
vs Sept
185
8July 7
45 July
3
213 May 1334 Sept
83
8June 6
384June 5
30 Nov 1044 Mar
243 Apr 397 Oct
4
48 July 7
8
10014July 5
68 July 92 Dee
7 June 1418 Sept
2312July 7
14 Jan
2 Sept
418July 7
2 14 May
1812July 7
914 Sept
153 July
Jan
4June 21
11
63
14 Mar
1 Sept
3 June 7
12May
23 Aug
4
514July 3
6 July
133 Mar
4
8July 7
163
1 May
4June 2
44 Sept
63
1814 Sept
285 July 7
8
914 June
12 July 264 Feb
3112July 5
6127Iay 29
113 Apr
4 Aug
812 Sept
212 June
1118June 12
New York Stock Record-Concluded-Page 8
287
rar 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 1.
Monday
July 3.
Tuesday
July 4.
Wednesday
July 5.
Thursday
July 6.
Friday
July 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100 share lots.
Lowest.
Highest.
$ per share Shares. Indus. & Nfiscell.(Cona.) Par $ per share $ per share $
5 Feb 15 193
4June 1
No par
163 1712 4,700 Thatcher Nifg
4
No par 2758 Feb 6 4312June 2
13.60 cony pret
*4012 43
238 Mar 31
1212.1u1.e 1
No par
2,900 The Fair
11
11.
7% preferred..100 33 Feb 28 70 July 5
20
70
70
9 July 7
1 Feb 28
No par
37,300 Thermold Co
8
9
1 10 Mar 1 2038July 6
900 Third Nat Investors
1912 20
25
6t4 Mar 18 1512June 2
2,800 Thompson (J R)
13
12
53 Jan 6 16 July 6
8
14,400 Thompson Products IncNo par
143 16
4
912June 19
%NIar 3
714 818 49,800 Thompson-Starrett Co_No par
No par 12 Jan 10 30 June 19
83.50 cum pref
24
300
24
3
3% Jan 13 10 4July 7
No par
1018 104 90.500 Tidewater A8800 011
100 2312 Apr 6 55 July 3
Preferred
53
5412 3,500
914 Apr 20 16 June 5
Tide Water 011
No par
*16
24
100 45 Feb 2 68 July 6
Preferred
100
.6612 6812
814June 20
112 Mar 22
10
7
7% 50.500 Timken Detroit Axle
3318 3512 158,300 Timken Roller Bearing_No par 13% Feb 23 3512July 7
83
8June 13
258 Mar 2
73
4 818 56,200 Transamerica Corp_ ___No par
27 Mar 21 1214June 10
2,900 Transue & Williams St'l No par
83
4July 7
24 Feb 27
4
8
83
858 83 22,900 TM-Continental Corp__No par
74 8
3
818 812
818 83
8
No par 41 Apr 8 x75 May 16
6% preferred
*70
74
100
73
*70
74
74 .70
7318 73% *70
8July 3
365 3712 3714 377
8
353 36% 3612 3714 7,600 Taco Products Corp... No par 20% Feb 25 377
4
35 4 37
3
12 Apr 4
37
8June 20
3%
318 7,200 Truax Traer Coal
3
314
No par
3
3
318 318
25
8 318
4June 12
2 Mar 3 123
10
1134 1218
18.500 Truscon Steel
12
1112 12
4 11
1118 117
8 1118 113
614June 19
8 Jan 16
4
No par
9,100 Ulen & Co
478 518
4
412 5
458 47
438 5
458 43
914 Feb 24 3912July 7
367 3712 3712 38
8
3812 3912 3.800 Under Elliott Fisher Co No par
3712 38
373 38
4
512 Jan 13 40 July 5
33
3112 33
9.500 Union Bag & Pap Corp_No par
3818 40
38
363 38
4
3712 40
8July 7
43
443
4158 43
457 65.000 Union Carbide & Carb_No par 195 Feb 24 457
4258 4413 4258 4418 44
812 Mar 2 2338July 7
2214
25
21
2012 21
8 2212 23% 36,500 Union Oil California
8
2158 2238 217 227
4June 2
No par 1012 Feb 21 223
2212
22
2214 22
7,500 Union Tank Car
21
4
2212 203 2214 2058 22
8July 7
1612 NI ar 2 397
8
35
357
8 3612 383
364 383
8 36% 3912 3758 39% 440.400 United Aircraft & Tran.No paT
50 51i2 N1 ar 1 66 June 13
6% pref series A
61
61 18 62
62
6312 1,600
4
63,2
63 6312 633 64
100 1312 Feb 24 2638June 12
2412 24% 247 2514
4
2434 253
8 243 2512 2512 2614 17,400 United Biscuit
100 92 May 2 10112June 6
•102 109 .10212 105
Preferred
4
•10212 105 .1(123 105 *1023 105
1014 Feb 25 2712July 3
No par
2618 267
8 2614 2712
4 2514 2658 16,000 United Carbon
2512 2758 25% 263
1412June 13
47 Mar 31
8
No par
13
133 272,700 United Corp
1214 13%
117 1214
4
s
4
123 1358 123 1312
8June 13
No par 247 Apr 1 407
Preferred
9,300
3912 397
381 40
3812 39
40
3912 4012 39
514
8June 21
5
67
412 412
3 Feb 17
4
590 United Dyewood Corp_ ..... 100
412 518
*43
4 5
5
558
612June 20
1 Mar 31
558 3.900 United Electric Coal__ No par
514 534
514 55
8
518
512 512
514 57
8
61
6212 6258 637
No par 2314 Jan 3 6518July 7
8
6412 6312 6518 14,400 United Fruit
6214 6414 63
2412June 13
14 liar 31
2112 2214 22
No par
23
227s 2312 64,800 United Gas Improve
23
22
2318 22
.9458 95
400
Preferred
No par 85 May 1 100 Jan 9
943 943
8
945 95 .9412 95
95
95
4 June 13
% Jan 23
100
200 United Paperboard
4 *318 312
35
8 33
8
*3
35
312 312
*3
3
%
8July 1
3i2 Nfar 3 167
3,600 United Piece Dye Wks_No par
16% 168 16
4 145s 16
1412 1658 153x 153
168
100 50 Apr 19 84 June 29
240
.79
91
*79
84
84 .79
84
658% preferred
84
84
84
714July 6
3 Feb 28
4
61
612
6
714 53,400 United Stores class A_No par
57
8 614
612 714
4
6% 63
5518June 29
Preferred class A____No par 45 Mar 21
.60
85
*57
85
85
85 .61
*61
85
.60
473 488 49
4
493 12,500 Universal Leaf Tobacco No par 2112 Apr 1 .50 July 3
4
60
4818 4914 4818 4912 47
*29
90 Universal Pictures 1st pfd.100 10 Apr 24 35 June 13
30
30
30 30
29
*29
30
30
30
314June 9
14 Apr 4
212 2%
258 234
212 2% 4.000 Universal Pipe & Rad-.No par
4
214 25
212 23
4
618 Mar 1 2218July 5
2018 2012 2012 215
20
4
8
2038 2218 205 2112 2012 213 34,300 U S Pipe & Foundry
128 Apr 10 19 May 26
No par
177 18
8
1st preferred
1712 18
8
8 177 1778 3,100
17% 177
1712 18
6 June 13
2 Feb 23
*4
No par
100 U S Distrib Corp
5%
*3
.5
5
5
5
*4
*412 5
218June 8
38 Jan 30
100
114
112
1 18
112
114
11 1
112 4,300 U S Express
112
112
112
2334 2534 243 26
7 Feb 18 2958July 7
No par
29% 8.100 U S Freight
4
8
4 257 2712 27
2534 263
318 Feb 23 1711July 7
1312 1312 133 153
4
163 17% 7,600 U S & Foreign Secur_ No par
4
8
4
Stock
15
153
4 153 16
.70
75 .69
Preferred
No par 3612 Mar 28 7912July 5
300
75
7912 7612 7914 .7612 784
75
467 4712 464 4712 Exchange
8
6,900 U S Gypsum
20 18 Feb 25 52 July 7
52
4 50
473 503
4
464 48
114 114
4
115 115
7% preferred
100 101, Jan . 11612July 6
360
116 11612 116 11612
•116 120
93
8June 8
138 Apr 3 117
97
8 10
10,
4 1,000 U S Hoff Mach Corp__No par
1014 10
1014
Closed
1018 1014 10
601 1 6214 6314 65
1312 Feb 28 6912July 7
6714 6912 95.600 US Industrial Alcohol_No par
8414 687
8 6612
16 June 8
1218 13
1314 14
23 Mar 1
8
No par
11,600 US Leather v t e
1358 1358 14
little123 1418 1318
4
8June 8
20
20% 2018 21
414 Feb 25 247
Class A v t 13
No par
8
8 8,700
4 215 223
2012 21% 2012 213
73
73
.71
Prior preferred v to
100 30 Feb 23 73 July 1
100
.71
76
76
76
*72
pendence *71
76
212 Feb 28 1412July 7
11% 1218 12
1278
1218 127
8 114 1418 12% 1412 26,100 U S Realty & Impt__ _ _No par
1418 1412 14% 16
27 Feb 27 16 July 3
s
No par
157 59,800 U S Rubber
8
Day
1412 15 8 15
,
14
153
273 2814 28
4
512 Feb 23 3114June 6
1st preferred
100
4
4 29, 3012 19.300
2 4
93
2818 2958 28% 293
US Smelting Ref & Min
x5412 5614
1312 Jan 3 5712July 7
50
4
4
4 553 57% 23,400
563
8 5412 553
54
8313 513
.525 54
8
Preferred
50 3912 Jan 4 56 June 8
600
531
x5312 53%
*5212 53% 53
*5212 53
59
597p 603 63
106 2338 Mar 2 6612July 7
4 6414 6612 258,300 U S Steel Corp
4
6012 62% 6012 643
98
9814 99 1017
Preferred
100 53 Mar 2 10412July 7
8
100 10212 100 1011 102 1041 13,300
8512 86
1.900 U S Tobacco
4
*8512 90
No par 59 Jan 9 88 June 28
87s 863 87
86
873
4 86
o
8 8June 13
7
358 67
18 Apr IS
7%
73
4 33.500 Utilities Pow & Lt A - _ _No par
8
1
75
7
63
4 7'2
712
67
8
15
23
8June 7
13
3 Jan 8
8
No par
15
8
13
4
17
8 5,400 Vadsco Sales
134
14 1%
13
17
4
4
.21
243 Mar 20
*7
___
*5_
251
Preferred
100 1518 Jan 11
__
.
*7
.5
2518
253 2711 277 2 4
4July 7
75
8N1ar 2 293
27% - - -- 63.600 Vanadium Corp of Am_No par
293
4
29
27 -2912 27% 83
15
8May 5 10 July 6
4,640 Van Raalte Co Inc
918 91
No par
10
714 8
7% 73
4
9
734 958
.30
35 .31
7% lot pref stamped____100 1478May 11 35 June 26
30
35
35 4
3214 3214 347 34% .32
3
5 4July 5
3
45
8 518 47,100 Virginia-Carolina Chem No pa
312
5
5
53
4
35
8 5
5 Feb 23
8
55*
15
17
22
338 Mar 2 24 July 7
24
16% 23
100
13,100
6% preferred
3
197 2212 19 4 22
60 60
3538 Mar 31 6212July 7
6212 6212
60 60%
7% preferred
10
700
61
•6034 4 _ 61
*82
85
83
10 Virginia El & Pow $6 pt No par 6514 Apr 17 85% Jan 25
*83
83 .82
84%
-4
823 .!;23 .82
4
59% 60
61
980 Vulcan Detinning
4
8
62% 623 637
62
100 125 Feb 25 6778June 8
61
623
60
11
3.900 Waldorf System
113
8 11
8
107 11
8
55 N1ar 29 12 July .5
11
No par
11
1114
12
11
77
8June 27
7 Apr 5
8
83
73
8%
No par
77
8 7,200 Walworth Co
754 814
718
713 78
818
•1618 177 *1618 18
17
400 Ward Baking class A No par
17
2% Mar 15 1812June 19
17
177 177
8
o 17
4
sJune 22
414 45
418
47
8
Class B
4
4 12 6,900
No par
414 41z
5 Apr 13
8
45* 458
*39
3912 .38
3,200
41
40
Preferred
100 1112 Apr 17 4114Ju1y 6
3712, 4014 3912 4114 40
6
612 7 188,500 Warner Bros Pictures
614
7 July 7
4
1 Feb 25
618 63
5
4
6% a618 63
63
.18
2212 217 217
8July 3
414 Feb 7 217
$3.85 cony pref
No par
20
2012
600
21
20 .18
20
33
8June 10
47
%Mar 21
No par
3%
312 412
33
4 414 20.400 Warner Quinland
33
4 45*
33
4 414
20
2112 1958 2138
8June 19
212 Feb 26 223
No par
194 2018 1914 2018 73,400 Warren Bros
20
19
28
8June 17
3012 2812 297
71 Feb 14 355
2912 1,800
2978 29
Convertible pref
No par
28
2812 28
153 16
163 163 13,500 Warren Fdy & Pipe......-No par
8
4
16
5 Feb 20 17%June 3
1612
1614 1634 1618 165
712July 5
65
8 73 15,300 Webster Elsenlohr
7
6% 64
i Jan 16
712
No par
63
4 73
658 714
8
*15* 23
2
15
312June 9
2
2
18 Apr 11
1
680 Wells Fargo & Co
2
2
134 2
25
257
8 2512 273
7 Mar 3 2712July 7
2614 2718 2614 2712 21,300 Wesson Oil & Snowdrift No par
2534 2758
*5612 57
57
58
Cony preferred
No par 40 Mar 3 5912July 7
573 5812 5812 5912 1,400
58
57
627 75,400 Western Union Telegraph..100 1714 Feb 25 6414June 7
8
8 59
56'4 573o 57% 6312
4
8 593 623
5912 627
3412 355 42,400 Westingh'se Air Brake_No par 114 Jan 3 355
30
3212 31% 3412
8
8July 7
32% 3412 3312 35
4838 4712 4814 515
50% 50
8
sJuly 7
5558 161,900 Westinghouse El & Mfg____ 50 195* Feb 25 557
50% 48
48
85
85
8914 8914
1st preferred
50
89% 9215
50 6012 Feb 2 8914Ju1y 3
.87% 9212 *8912 9212 .
1114 113
8 115* 12
11 18 13
7,300 Weston Eta,Instruml_No par
3i2 Feb 27 13 July 7
1118 1114
1118 12
__ *17
19
19
Class A
No par 10 Mar 31 19 July 7
100
_ *1712 20
-_
.1712
.18*67 .
69
67 4 6612 67
8-7
60 West Penn Cleo class A _No par 30 Apr 22 73 June 14
664 663
61
61 .70
72
72
70
70
70
Preferred
180
71
70
100 37 Apr 4 7754June 14
72
•71
6014 6014 6314 634
8
6314 6312 633 6358 63% 635
8
6% preferred
200
100 3312 Apr 6 6814June 13
.106 10812 108 10812
20 West Penn Power pref.-100 92 Apr 13 1103 Jan 19
8
•10414 108 .10412 108 *10414 108%
95i2
9512 9512 95
4
130
6% preferred
*9512 9912 9512 953
100 81 Apr 3 101 Jan I 1
*955 99
8
1012 1012 1014 1014
10
1014
10
4June 12
212 Apr 5 113
900 west Dairy Prod cl A__No par
912 1012 10
*314 358
3
3% 33
8
314 312
Class B v t 0
314 2,300
312 312
414June 12
No par
%Mar 31
173 18
1814 185
20
4
8,600 Westvaco Chlorine ProdNo par
5 Mar 3 20 July 7
1818 187
8 183 1912 19
*30
32
3218 35
1.800 Wheeling Steel Corp
3414 333 34
34
No par
712 Jan 4 35 July 3
3312 35
.183* 2112 2134 213
920 White Motor
24% 24% 2518 2.514
50 14 Jan 25 2514July 7
2214 24
4
295 33% 34
32
337 10,000 white Rock Min Spr et( No par
8
8
34
33
3518
353
8July 3
1155 Apr 1
3212 3412
212 23
27
4
4
4 12 24,500 White Sewing N1 achine_No par
434July 6
4
3
2% 43
12 Jan 20
234 3
*712 8
8
Cony preferred
8
1012July 6
1% Jan 14
914 1012 1018 1014 2,900
No par
93
8
8
412 47
45* 5
43
4 514 8,700 Wilcox 011 Az Gas
43
4 5
512June 2
2 Mar 2
458 47
5
*2512 28 .26
•2614 2612
26
100 Wilcox-Rich cl A conv_No par
28
2618May 31
26
15 Mar 1
28
•26
84 9
9,
8 97 18.800 Wilson & Co Inc
8
83
4 912
11 June 7
74 Jan 3
No par
958 9%
83
4 9%
1814 1812 181 4 187
1818 195* 11,800
Class A
8 1812 19
8
4 Jan 3 22 Julie 6
No par
1758 187
•59
62
6212 2.700
613 613
6112 6112 6112 61
Preferred
100 19 Mar 2 6912June 2
60
4614 467
8 47% 477
483* 495* 40.600 Woolworth (I' W)Co
8July 7
10 2518 Apr 8 497
47
4814 4718 49
34
35 8 3512 363
,
3978 31,900 Worthington P & M
3912 37
8 Star 2 3958July 7
100
4
3614 35
34
.43
49
46
400
4912
47511 49
47
Preferred A
100 14 Ntar 15 51 June 7
49
47
.45
42
42
4512 46
45
1,400
44
43
Preferred B
100 14 Feb 28 47 June 6
4434 45
4314
•15
23
.18
19
6 Apr 5 24 May 27
150 Wright Aeronautical___No par
21
19
20
8 20
20% 201
*473 49
4
51
49
3,300 Wrigley(Wm)Jr (Del).No par 3412 Feb 28 51 July 7
4912 5058 50
4914 497
4958
•19
*21
22
2218
25
2014 22
7 Jan 20 22 June 2
25
200 Yale & Towne Mfg Co
2318 .21
.18
734 93.100 Yellow Truck & Coach el B_ 10
6
612
73
218 Mar 2
61
4July 7
678
7
18
64
64
6'8
65*
.32
37
.3212 37
100 18 Mar 2 40%June 6
270
38
40
Preferred
35'8 358 3658 40
153* 1531 1512 165*
312 Mar 30 18 July 7
8,200 Young Spring & WLre__No par
4 1714 18
4
1618 1714 163 173
,
3212 333
8
30% 331
4
8
8
758 Feb 211 3358July 3
3114 3212 313 3212 313 335 40,500 Youngstown Sheet & T.No par
218 218
1,100 Zenith Radio Corp._ _ No par
2
2
218
2
12 Feb 27
238
23 KY 31
4M
218 *2
2
63
4 7
63
4 7
3% Feb 24
67
8 8
7
8 July 7
1
31,500 Zonite Products Corp
7
714
738
•Bid and po6c0,1 prices no sales 011 018 '184
a options' sale. . Aoki Pleven dm
v Et-rights
t Et warrants.
,
r Et 410 Dad
$ per share
17i2 18
*4212 43
1014 1012
.60
91
758 8
*1714 19
*113 12
4
133 1414
4
74 8
3
•21
2612
4
914 93
4
51
513
30
*15
*66
70
67
74
3
31
33
74 8
3
1078 11
S per Share
1712 1818
.4012 43
10,8
10
9112
.70
712 8
1912
19
12
13
s
137 1414
77
8 812
.21
2512
93 1014
4
52
55
*16
30
*66
70
712 754
333 35
4
77g 8%
1012 1012
$
per share $ per share
1712 183
8
.41
43
1014 11
70
70
7% 814
193
19
13
13
4
14
143
75
818
23
22
10
1012
54
5412
30
*16
6812
*66
712
7
325 35
74 3
3
1012 11
$ per share
1712 173
4
*4012 43
1112 1112
9112
*60
75
8
1912 203
8
1214 13
143 16
8
714 818
*23
25
1012
010
533 54
4
24
.16
68
68
8
634 73
,
3318 34 2
a7 8 8
,
1012 1138 11
iii4
PER SHARE
Range or Previous
Year 1932.
Lowest.
Highest.
per share $ per share
2 Apr
10 Nov
32 Dec
2218 Apr
212 Dec
814 Sept
Jan
38 July 85
%June
4 Sept
10 May
1712 Dee
712 Nov
4
163 Mar
2 4 June 10 Feb
3
3 June
8
214 Aug
12 June 1712 Sept
2 Apr
55 Sept
8
20 Feb 60 Sept
5 June 10 Aug
30 Feb 62 Sept
2 July
63 Sept
4
73 July 23
4
Jan
71 Sept
218 Jan
214 July
812 Sept
51 Sept
1%May
42 Jan 72 Sept
193
3112 Mar
8NIay
14 May
318 Jan
2 Apr
7% Aug
% May
31 Aug
73 July 243 Sept
8
512 June
115 Aug
8
1512 May 363 Mar
8
8 July 153 Sept
8
113 June 1914 Jan
4
612 May 345 Sept
8
3014 May 58 Dec
11 July
2812 Mar
75 July 103 Mar
6% June 18 Sept
312 June 14 Sept
20 June 3958 Sept
318 Sept
7 Apr
8
258 July
87g Aug
8
1014 June 325 Aug
9% June 22 Sept
70 June 99 Dec
12 Dec
8 Aug
4
33 June 118 Sept
641,June 93% Jun
3 Jan
, May
4
Jan 4814 Mar
27
11 May 31 Sept
J4413
10 4 Dec 50
3
218 Aug
12 Apr
714 June 1818 Sept
8
11% June 163 Aug
5% Dec
2 June
114 Sept
14 Jan
312 May
15 4 Sept
3
614 Sept
13 June
8
28 June 64 Sept
1012 June 27 Sept
Oct
847 June 105
8
6 Sept
84 Apr
1314 June 3614 Sept
714 Sept
114 May
314 June 16 SePt
4414 June 7018 Sept
4
2 June 113 Sept
114 June 1014 Aug
318 June 20 4 Aug
3
4
10 June 223 Aug
8
31 July 457 Aug
2114 June 521 Feb
5112June 113 Feb
55 June 66 Apr
112 Slay 103 Jan
14 Mar
11 Sept
12 June 20 Jan
514 May 233 Sept
4
7 Feb
2 Dec
..
238 Aug
12 Mar
31 Feb 1114 Aug
3
20 Apr 69 4 Nov
60 June 90 Sept
8
714 July 347 Aug
718 May 19 Jan
8 June
4
45* Aug
214 May 1014 Jan
25 Jan
8
84 May
12 May 4012 Mar
412 Sept
%June
4 June 20 Feb
214 Aug
% May
838 Sept
114 May
2 June 1712 Jan
1414 Sept
714 Slay
2 Jan
5 Stay
8
13 Sept
8
'4 July
818 July 20 Sept
4
423 July 581 Sept
1238 June 50 Feb
1818 Sept
914 Apr
8
155 June 4312 Sept
5212 June 82 Sept
914 Feb
212 Apr
Jan
1314 Apr 19
25 May 80 Sept
Jan
22 June 76
20 June 70 Jan
Oct
80 June 111
4
6612June 1013 Mar
1612 Mar
312 Nov
45* Mar
1 June
3 June 12% Mar
5 June 15 Sept
67 June 2714 Sept
s
11 July 2812 Star
2% Aug
14 A pr
2% Sept
8 Apr
4
814 Aug
23 May
4
1312 June 20% Star
4
13 Mar
's June
4% Sept
15
8May
11 June 31 Mar
22 June 455s Mar
24 Sept
5 May
Jan
1412June 41
31 Sept
12 May
37 Apr
1812 Sept
Jan
2514J1,ne 57
15 Sept
612 July
734 Sept
13a June
12 May 4018 Sept
11% Sept
3 June
2712 Sept
4 May
2
Jan
12 May
97 Mar
4 Dec
288
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
bonds.
On Jan. 1 1909 the Rzchange method of rioting bonds was changed and prices are now and interen"-except for income and defaulted
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 7.
13
t3
- .. t
4
',o.
Price
Friday
July 7.
Week',
Range or
Last Sale.
"
1:1
1
pa
All Low
Bid
High No,
U. S. Government.
First Liberty LoanJ D 1022532 Sale 10217221022532 436
314% of 1932-47
J D 102
2
____ 1021622102 H,32
Conv 4% of 1932-47
J D 1025n Sale 102532 1021232 143
/
4%
Cony 41 of 1932-47
J D 102
____ 102 June'33 ____
/
4%
2d cony 41 01 1932-47
Fourth Liberty LoanA 0 1022632 Sale 1022532 103132 832
44% of 1933-38
Sale 109022 110.n 266
1947-1952 A 0 110
Treasury 41
/
48
1944-1954 J D 1061842 Sale 10616321065533 1290
Treasury 48
1946-1956 M 9 105
Sale 10435321050232 1459
Treasury 350
1943-1947 J D 1022232 Sale 10215321022732 210
Treasury 3118
Treasury 38._ _Sept 15 1951-1955 M S 983032 sale 982 32 99632 1294
Treasury 310 June 15 1940-1943 J D 1022533 Sale 102,1321021532 127
Treasury 3348 Mar 15 1941-1943 M S 1021232 Sale 10215221021532 215
Treasury 3345 June 16 1946-1949 .1 D 100532 Sale 100122 100,232 626
Rang
Since
Joe. 1.
r.e
."Price
ta
Friday
nt
C.c. July 7.
Week's
Range or
Last Sale.
"
14
co 4
Range
Since
Jan. 1.
High
Bid
.488 Low
Mob No. Low
HUM
Dominican Rep Cust Ad 5Hs '42 M 8 55 Sale 55
5534
6
4212 553
4
9915221036532
lot ser 530 of 1926
1940 A 0 51
____ 4612
47
5
3518 47
101 102w33
2d series sink fund 510_ _1940 A 0 513 _ __ 48
50
3 03414 50
993302103
Dresden (City) external 78_1945 MN 39
45 4012
4012
2
3712 6512
101,532102
Dutch East Indies esti 68_1947 .1 J 1153 Sale 1047
4
8
116
172
93 116
40
-year external 68
1962 M 9 11812 Sale 111
11812 115
9314 11812
10013,310351,3
30-year ext 5319__Mar 1953 M 13 11312 Sale 107
11312 16
913 113 2
4
,
103022111432
30-year extl 550_-__Nov 1953 M N 011312 Sale 1113 011312
9212011312
8
8
995180705n El Salvador (Republic) 8s A.1948 J J 40
637 64 June'33 ____
8
28
64
98153210511n
J J ___ 58
Certificates of deposit
53 June'33 ___
323 55
4
974810217n Estonia (Republic of) 7s____1967 .1 J 5114 Sale 51
5112
8
4112 55
933623 99633 Finland (Republic) ext 6s___1945 M S 0693 Sale 0693
4
4
7018
6
5812 7212
98 102032
External sinking fund 75__1950 M S 783 Sale 77
4
783
4
9
5918 783
4
9610221022522
External sink fund 630_1956 M S 7014 7112 7012
7112 18
57
717
951321000232
4
External sink fund 610_1958 F A 663 Sale 663
4
69
7
54
69
FlnisIsh Mun Loan 630 AI954 A 0 6712 72 67%
67%
1
557 70
8
State & City-See note below.
External 610 series B_ __ _1954 A 0 70
____ 70
70
2
65
70
May 1957 M N --------9724 Feb'33 ____
9734 973 Frankfort(City of) a f 630_ _1953 M N 2718 Sale 26
N Y City 445
4
2712 24
2218 51
French Republic extl 7348. _1941 J D 139 Sale 126
139
155 118 139
Foreign Govt. & Municipals.
External 7801 1924.
1949 J D 139 Sale 12712 139
80 01124 139
1947 F A
36 Sale 35
36
Agric Mtge Bank s t (ts
6
1 Is 36
German Government Interns35
____ 333
4
1 18 13512
Sinking fund 65 A_ _Apr 15 1948 A 0 31
8
tonal 35-yr 531s of 1930__1965 .1 D 445 Sale 413
4
46
543
3514 6424
4
75
32
Akershus (Dept) ext 63i-__ . 1963 M N 733 Sale 73
6
75
German Republic extl 78_1949 A 0 6812 Sale 6512
72
354
4
538 888
127
8
9
Antionuia (Dept) coil 75A 1945 J J 11 Sale 11
1430 German Prov & Communal Bks
1118
1945.2 J
113 Sale
4
113
4 13
External 81 7s ser B
'5 1412
(Cons Agric Loan) 6145 A-1958 J 11) 30 Sale 2813
30
37
263 554
4
1945.2 I 1112 12
1012
115
13
External 51 78 ser C
38 14
Graz (Municipality) 88
1954 M N 4814 50
49
50
4
45
64
1945.2 J
1118 Sale 1012
1112
9
1412 Gt Brit & Ire(U K of)5 As_ _1937 F A 1107 Sale 01075 1113 968 10134 1113
External a f 78 ser D
8
8
4
4
1957 A 0 103 Sale 103
4
4
1112 12
F A --------11014
External at 781st ser
Registered
11014
1 1050* 11014
14
1114 11
External sec at 78 2d ser_1957 A 0 111 Sale 108
14
t 4% fund loan £ opt 1960_1990 M N 103 Sale 0953 0103
8
227 a72 a103
13
ser__1957 A 0 1012 Sale 1012
11
External see a 1 78 3d
58 1312 Greater Prague--See "Prague"
4
4
Antwerp (City) external 68_1958 J D 753 Sale 753
79
27
24
2614 24
71
8
3
Greek Government 81 ser 75_1964 MN
241s 18 1316
2815
654 48
Argentine Govt Pub Wks 60_1960 A 0 65 Sale 6218
41
65%
Sinking fund sec 68
1968 F A 2030 Sale 208
2118
8
145 23
4
Argentine Nation (Govt of)Haiti (Republic) s f &series A.'52 A 0 6912 707 693
8
4
71
24
68
788
*
6512 06314
66
55
41
Sink funds Os of June 1925-1959 J D 64
663 Hamburg (State) 65
4
1946 A 0 32 Sale 3030
34
23 02614 59
4
6514 118
404 6514 Heidelberg (German) eat! 734s'50. J 25
Exti at 6s of Oct 1925_ ___I959 A 0 643 Sale 63
8 23 June'33 ____
27
2
23
60
643
8 72 04018 653 Heisingfors (City) ext 6413_1966 A 0 6812 Sale 6812
External 8 t 68 aeries A----1957 M S 6530 Sale 6212
8
683
4
3
47
6912
66
49 MO% 66
External 6s series B_ _Dec 1958 J D 65 Sale 63
Hungarian Munic Loan 7348 1945.2 J 2630 27
2612
2612
4
15
5 2612
65
Exti s f 68 of May 1926-1960 MN 65 Sale 63
32
40 5 65
3
_ _ 23 June'33 ____
Unmatured coups attache& J J 25
2018 23
4
643
4 53 04018 65
External 8 f 6s (State Ry)_1960 3.1 S 643 Sale 6212
8 30
194i .1 J 267 -7 2
-14
External s t 73 (coup).
26
7
8
26 8
19
267
85
Exti as Sanitary Works__ _1961 F A 6418 Sale 6312
27
4014 6530
Unmatured coups attached. J J ---- -___ 1612 May'33
1612 1612
8
6418 12
Ext168 pub wka May 1927 1961 M N 6418 Sale 63
41
653 Hungarian Land M lust 710 '61 M N 347
4
a34 June'33 ____
24
34
5812 Sale 575
5812 59
Public Works eat! 5148_1962 F A
38
59
Sinking fund 730 ser B
1961 M N 348 ---- 3512 June'33 ____
134 3512
k
863
8
Argentine Treasury 58 . _1945 M S 8630 Sale 82
8
497 868 Hungary (Kingd of) at 730_1944 F A 3718 Sale 3718
37% 10
31% 46
78 Sale 7730
79
711 8312 Irish Free State eati a t 50-1960 M N 91
E-244
Australia 30-yr 58_ _ .July 15 1955 J J
____ 9012 June'33 ___
7618 9012
79
192
External 53 of 1927 Sept1957 M S 7818 Sale 78
7214 83 Italy (Kingdom of) extl 78_1951 J 0 8612 Sale 8612
92
364
8612 101
74 Sale 74
75
External g 410 of 1928___1956 M N
248
682s 19
Italian Cred Consortium 70 A'37 M 9 90 Sale 90
90
1
90 101
1943 J D 895 Sale 87
8
894 36
Austrian (Govt) s f 7s
854 95
89
External sec 81 laser H._ _1947 M 9 ---- 90
90
6
8730 97'
78
793 61 June'33 --- 049
4
Internal sinking fund 78_1957 J J
75 Sale 75
6475 Italian Public Utility extl 7a_1952 J
8212 103
75
9512
1945 F A 4112 sale 3712
4112 23
Bavaria(Free State) 830
3330 69
8214 146
JananeseGovt 30-yr s f630_1954 F A 8214 Sale 77
4514 83
%
1949 M S 90 Sale 90
92
Belgium 25-yr extl 630
48
8912 10222
72 Sale 06612
Exti sinking fund 510_ _ __1965 M N
7212 119
354 73 4
3
1955 J J 8712 Sale 8712
External a f 68
79214 66
87
98
Jugoslavia (State Mtge Bank)
4
973
4 82
External 30
-year 51 78_ _ 1955 J D 973 Sale 96
94% 10812
8
1957 A 0 263 Sale 23
Secured a 1 g 75
2630 29
12
268
95
1966 M N 95 Sale 09312
28
Stabilization loan 78
A a36 Sale a36
9312 10712 Leipzig (Germany) 5 1 78.-1947 F
036
2
34
64
Bergen (Norway)Lower Austria (Prov) 730-1950 J D 5714 60
5714
5714
3
4914 6014
Esti sink funds 58_ _Oct 15 1949 A 0 82 Sale 82
82
5
65
82
Lyons (City of) 15
-year Os....1934M N 134 Sale 11112 134
73 a101 134
87
83 June'33 ___
sinking fund 6s....1960 M S 78
External
63
83
Marseilles (City of) 15-yr 88_1934 M N 13112 Sale 11112 1311
26 010114 13112
3112 32
Berlin (Germany) at 049_1950 A 0 3030 Sale 3018
2612 60
Medellin (Colombia)610_ _1954 J D 13 Sale 12
13
17
730 1412
30% 22
External at 68_ _June 15 1958 1 D 3030 Sale 29
4
2418 67
____
5 June'33 ____
Mexican Irrig Asstng 434&_1943 MN
218 5
25
2158
23
1945 A 0 22
17
Bogota (City) extle f 85
15
26
Mexico (US) extl 58 of 1899 £ '45 Q .1 --------26 Apr'30 ____ _ _
_
9
930 Sale
8
1018 35
Bolivia (Republic of) exti - 8_1947 MN
4
1334
7 _-- 1014
Assenting & of 1899
1945 ---1014
5
318 -- 14
15
8
818 Sale
9
54
External secured 78 (1100_1958 J J
312 1214
5% June'33 __
Assenting 68 large--,- - _
57
2 57
8
80 Sale
1969 M 9
74
3
9
External a f 75(flat)
47
3
/ 1214
1
4
Assenting 45 of 1904_- .---- ----9
7
614
6%
2
114 8
Bordeaux (City of) 15-yr 65.1934 M N 13112 Sale 11130 13112 53 010114 13112
Assenting 48 of 1910---- ---- ---- ---- ,5 June'33 __
5
5
42
Brazil (U 9 of) external 8s 1941 I D 39 Sale 39
75
Assenting 4s of 1910 !aria --- ---- ---- ---- 714 June'33 __
1630 42
230 8
38
External s f ois of 1926-1957 A 0 351 Sale 3518
150
612 Sale
155 38
612
Assenting 48 of 1910 small____ ....._
712 37
2
/ 8
1
4
*
3 373
Externals f 631s of 1927 1957 A 0 3412 sale 3412
37
98
14 2
•*
*
4
Trees 630113 assent(large)'33 J J
*
1952 .1 D 33 Sale 313
4
78 (Central Ry)
3330 38
124 338
*
Small
•
49
50
10
45
Bremen (State of) extl 78_1935 M S 5018 52
7212 Milan (City, Italy) extl 610 1952 A 0 7512 Sale 75 2
,
8214 147
7512 90
1957 M 5 70 Sale 68
703
4 27
Brisbane (City) s f 58
6412 7312 Minas Ceram (State) Brazil
1958 F A 70 Sale 70
Sinking fund gold 55
7012 11
637 7213
1968 M 5 3012 Sale 298
External 5 t 630
3012
8
12
34
1950 J D 77 Sale 77
20
-years 1 68
7718 15
8
7018 784
'29,
Ext sec 6145 series A____1959 M 5 295 31
2
30
17
1112 34
317
8
33
Budapest (City) eat' at 68_1962 J D 3212
10
8
2418 33
Montevideo (City of) 78____1951 J D 3218 337 32 June'33 ____
1230 3230
Buenos Aires (city)630 2 B 1955 J J 54 Sale 54
543
4
3
37
25
____ 25% June'33 ____
617
8
External s f 611 series A.._1959 M N
11
2854
1960 A 0 46 --- 5418 June'33 ____
External a 1 65 ser C-2
37% 5418 New So Wales (State) extl 55 1957 F A 75 Sale 74
75
69
714 81
1960 A 0 4612 ____ 50
External s 168 ser C-3
50
1
743 Sale 7312
4
344 53
External 5 1 563
Apr 1958 A
7512 109
71
8012
3414 14
Buenos Aires (Prov) extl 65.1961 M 9 33% Sale 3318
16
1943 F A 94 Sale 92
36
Norway 20
94
-year ext &
29
8112 94
Stpd (Sep 1 '33 coup on)1961 M S 33 Sale 3114
34
46
204 35
10
1944 F A 93 Sale 93
-year external 6s
933
4 49
811 93 4
/
4
3
1961 F A
36 Sale 36
External et 610
36
2
1730 3618
1952 A 0 9112 Sale 90%
30
-year external Os
92
47 08012 923
4
Stpd (Aug 1 '33 coup on)1961 F A 341 Sale 3414
35
14
898 Sale 8812
21
19651 D
365
8
40
-year at 5345
90
61 a7412 90
21
Bulgaria (Kingdom) 8 1 7s-1967 .1 J 21 Sale 1978
10
14
2318
External a t 5s___Mar 16 1983 M 5 8812 Sale 8612. 8812 43 0724 8812
4
238
Stabll'n a t 710__Nov 15 1968 M N 233 Sale 22
3 632112 2712
at 55_1967 J D 85 Sale 85
85
Municipal Bank alai
1
74% 85
85
Municipal Bank exti at 543_1970 J D 85 Sale 85
1 a75
85
6
/
1
11 2.20
(Aides Dept ot(Colombla)7304 .1 I 1518 17 17 June'33 ____
273 26
1952 F A 25
4
26
Nuremburg (City) ext1 65
1
25
524
873 144
8
Canada (Dom'n 00 30-Yr 45-1960 A 0 8714 Sale 8612
4
79
1953 M B 653 Sale 64
88
Oriental Devel guar 6s
6622 54
35
7004
55
1952 M N 10014 Sale 9912 10014 111
90% 10112
1958 M N 64 Sale 59 4
,
Extl deb 510
64
25
3113 663
4
1936 F A
9930 Sale 984
410
998 200
9318 10014 Oslo (City) 30
90
87
-year a 1 68-1955 M N 85
90
21
80
90
1954 J J 61
75
69 June'33 ---Carlsbad (City) s 1 85
69
88
1634
164
1
512 1812 Panama (Rep) extl
Cauca Val (Dept) Cobol 7345'46 A 0 1512 17
__1953 J D 80 -_-_ 92%
9418 22
85 102%
Central Agric Bank (Germany)514s_Extls f 5s ser A_ _May 15 1963 M N 33 Sale 30
33
11
1814 46
5212 42
Farm Loan 5 f 7s__Sept 15 1950 M 5 52 Sale 50
394 75
Pernambuco (State of) exti 78'47 M 9 14 Sale 1312
14
2
63 150
4
324 67
Farm Loan a f 6s__July 15 1980.2 .1 3814 Sale 3612
3830 40
8
Peru (Rep of) external 7s__ _1959 M 5 137 Sale 1312
137
8 25
05
1412
Farm Loan at 68__Oct 15 196C A 0 39 Sale 3618
40
50
3212 6678
918 Sale
9%
Nat Loan ext.l a t 68 lat ser 1960.2 D
1118 158
312 113
Farm Loan 68 ser A Apr 15 1938 A 0 42 Sale 40
43
9% Sale
57 a38
7512
914
Nat loan enl a f 68 2d ser.1961 A 0
35 1134
11
98
4
53 21
1942 MN
133 Sale 1312
14
27
Chile (Rep)-Ext1 5 t 75
Poland (Rep of) gold 6s____1940 A 0 6012 Sale 58
6012 15
5212 6012
8
External sinking fund 6s 1980 A 0 127 Sale 1212
1318 72
6
8
17
653
Stabilization loan at 7s-1947 A 0 655 Sale 63
76
5112 653
4
8
47 1714
Eat sinking fund 65...Feb 1961 F A
127 Sale 1130
1330 76
External sink fund g 88-1950 .1 .7 6812 Sale 6330
68'z 56 069
69
1214 67
47 171 Porto Alegre (City of) 88..._1981 J D 2518 2714 2518 June'33 ____
Jan 1961 J J
131 Sale 1230
RY ref ext s 1 68
/
4
913 26
Ext sinking fund 68_ _Sept 1961 M 5 1318 Sale 1212
13% 29
5
17
EMI guar sink fund 710-1966 J J 2612 Sale 2512
263
4 13
8 263
8
4
,
1212
13
8
External sinking fund 65_ _1962 M s 121 14
5
1714 Prague (Greater City) 730.
.1952 M N 7714 Sale 7714
7714
1
7714 93
External sinking fund 1113_ _1963 M N
1314 Sale 118
14
46
5
17
Prussia (Free State) sill 630 '51 M S 3512 Sale 342
7
3712 61
28
63 j
125 Sale 1218
8
Chile Mtge Bk 6145 June 30 1957 J D
128
18
8
7
/ 172
1
4
1951 A 0 353 Sale 33
External s f 68
3612 90
2712 6112
15%
9 t 631s of 1926_ _June 301963 .8 D 1512 16
1512 11
912 20
Queensland (State) Ott's 178 1941 A 0 96 Sale 94
96
22
88
97
Apr 30 1961 A 0 1214 Sale 124
/
1
1214
Guar a 1 65
9
6t2 1612
1947 F A 84% Sale 843
25
8
843
-year external 115
4
7
78
87
1962 MN
12
13
12
1214 41
Guar a t 68
612 1638 Rhine-Maln-Danube 75 A-1950 M S 40 Sale 3712
40
21
3712 714
930 1114 91,
Chilean Cons Muni° 75
1960 M S
103
4 12
41 13
/
4
Rio Grande do Sul extl at 844.1946 A 0 2712 Sale 2814
2712 11
12
284
/
1
22
Chinese (Hukuang Ry) 5a-1951 1 D 2112 ____ 22
10
12 r25
External sinking fund 6...1968J D 28% Sale 2530
54 2812
28% 64
/
4
Christiania (Oslo) 20-yr 8 1638 '54 m s 801. ____ 861
88
2930 Sale 257
3
81
88
External 5 f 78 of 1926_ -1966 M N
29% 55
9
2930
1960 65 s 3038 sale 2618
308
8
Cologne(City)Germany610
2618 573
8
External a 178 muffle loan_1967 J D 2714 Sale 25
2714 30
814 30
184 4058 Rio de Janehro 25
/
1
Jan 1961 .1 .) 3812 Sale 36384 103
Colombia (Rep) 65
-year 3188_1946 A 0 24% Sale 22
2413 30
9
2
411
Exts 1 6s of 1928_ _Oct 1961 A 0 3814 Sale 36
384 60
1612 4114
1953 F A 2412 Sale 22
Externals ta 48
25
133
630 25
35
7
Colombia Mtge Bank 448011947 A 0 35 Sale 3312
Isla 35
Rome (City) exit 634s
1951 A 0 7914 Sale 7812
84
132
7812 927
1
35
Sinking fund 75 of 1928-1946 M N --------33
13
Nag 35
Rotterdam (City) extl 68_1984 M N 95 Sale 09118
95
29 08812 1045
Sinking fund 7a of 1927-1947 F A
35
9
348 Sale 3430
1814 036
Roumania (Monopolies) 7s-1959 F A 4014 Sale 40
4212
45
8
32
1952 J D 0673 Sale 0673
4
Copenhagen (City) Se
4
688 37
69
7312 Saarbruecken (City) Os
1963 J J 57 Sale 57
724
573
4
8
50
1953 M N
66 Sale 06518
67
25
-year g 410
71
68
677 Sao Paulo(City) at 8a_ Mar 1962 MN 2230 253 2014
8
2212
9
10% 24
1718 Sale 1718
18
Cordoba (City) extl at 78_ _ _1957 F A
5
10 4 22
3
22
External 8 t 8145 of 1927__1957 M N 2113 Sale 1918
77
714 2212
37 Sale 37
37
3
External 5 t is. _Nov 15 1937 M N
245 37
*
San Paulo (State) extl ii 1 85_1936 .11 J 2618 Sale 26
27
6
144 284
50
43
43
Cordoba (Prov) Argentina 7s 1942 J J 42
_5
2484 4312
4
External see 8 1 88
1950 1 J 233 Sale 2112
24
51
134 24
Costa Rica (Republic)External a f 75 Water L'n_1966 M S 238 Sale 1914
233
4 23 31115 233
29 June'33 --__
78 Nov 1 1932 coupon on.1951 M N 28
2312 30
.1 23 Sale 193
1968
985 23
External a 1 65
23
57
1912 17 June'33 --_19 - 78 May 1 1938 coupon on_1951 ___
14
195
Secured s f 7s
1940 A 0 6818 Sale 663
4
688
93
60% 685
Cuba (Republic) 563ot 1904_1944 M 9 97 Sale 96
97
14
78% 97
Santa Fe (Prov Arg Rep) 78_1941 M S 2112 223 21
21
2
13% 2614
87
External & of 1914 ser A._1949 F A 8612 ____ 87
5 o7914 9314 Saxon Pub Wks(Germany) 75'46 F A 513 Sale 48
4
5214 42
394 778*
External loan 430
7818
1949 F A
78% Sale 7612
6
62
7818
Gen ref guar 630
1961 M N 40 Sale 384
4114 53
32
694
Sinking fund 5148 Jan 15 1953 J J 823 Sale 081
8
823
8 15 a63l2 8230 Saxon State Mtge Inst 763_1945
D 6918 Sale 63
6918 43
52
74is
Public wks 630 June 30 1945 J D 64 Sale 563
4
64
87
32
64
____ 65
D 60
Sinking fund g 6 tio__Deo 1946
65
5
52
68
cundioamarea (Dept) Colombia
Serbs Create & Slovenes 88_ _1961 M N 21 Sale 1914
21
3
135 2412
8
External a f 610
1959 M N
1614 Sale 16
168 21
1018 1914
19 4 Sale 1830
,
External sec 75 ser B
1962 M N
20
19
1212 2130
4
91
Csechoelovakla(Rep of)88_1951 A 0 893 sale 8814
16
8612 9914 Silesia (Prov of) int! 74
D 45 Sale 4238
195/1
45
7
40
RN
sinking fund & ser B
6
8512 9812 Silesian Landowners Assn 6e.1917 F A
88
1952 A Oi 851 878 88
3114 3312 3114
313
11
304 501
/
4
1942 .1 .1
13 Sale 8512
Denmark 20
-year extl 6a
8814 144
75
925 Soissona (City of) extl 65..._19313 MN 117% ____ 117
119
19 100 120 4
3
External gold 6148
85
93
1955 F Al0843 Sale 83s
8
69
8714 Styria (Prov) external 7s__ _1946 F A 473 Sale 473
4
49
11
45
5718
External g 410_ _Apr 15 1961 A Oj 75 Sale 7114
75
158
5814 77
Unrnatured coups attached__ F A --------4218 May'33 ____
4218 4218
Deutsche Bic Am part ett 88_1932
Sweden external loan 648._1964 M N
9130 Sale 915
8
I
9312 123
88
987
Stamped extd to Sept 11935-------I 6012 Sale 60
60
85 Switserland Govt 0111 5345_1946 A 0 13112 Sale 123% 135
6012 11
240 1310212 135
r Clash sale. a Deferred delivery
t Accrued interest pitiable at exchange rate of 54.8665 • Loot under ibit of Matured Bends on page 293.
NOT E.-Sta t•and City SoeurItlas -Sales or State and City securit es occur very rarely on the New York Stock Etclsange and usually only at bond 'Merv* 5, dealings In
such securities being almost entirely a private sale over the oounter. Bid and Asked quotations, however, by active dealers In these securities will be found on a subsequent page under the general head of "Quotations for Unlisted Securities"
Low
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 7.
New York Bond Record-Continued-Page 2
July 8 1933
BONDS
N. T. STOCK EXCHANGE
Week Ended July 7.
3n4
a,
1-rice
Frtday
.
July 7.
Week's
Range or
Lou Sale.
3
Rang.
Since
Jan. 1.
Foreign Govt. & Municipals.
High No. Low
Btrt
Ask Low
High
Sydney (City) of 5548
1955 F A 7978 Sale 7718
66
35
8214
80
Taiwan Mee Pow at 5346_1971 .1 J 6212 Sale 58
334 6438
6212 23
Tokyo City fts loan of 1912_1952 M S 55 Sale 533
4
26
55
55
4
External at 51.4' guar
1961 A 0 64 Sale 62
3312 69
641
33
Tolima (Dept of) ext1 78._ 1947 M N
8
141
5
1412 Sale 1413
1612
Trondhlem (City) let 5348_1957 M N 7214 80 0723
81
7514
4 0723
Upper Austria (Prov) 7s
1945 .1 D
4514 6212
55 June'33
53
External at 6413.June 15 1957 11 13 -4212 Sale 4212
4212 r56
421
10
Uruguay (Republic) esti 83 1946 F A 4112 Sale 4012
2112 42
42
12
External, f 6s
196( M N
1512 40
3312 Sale 3218
54
36
External s (1313._ --May 1 1964 M N 34 Sale 32
164 3912
35
33
Venetian Proy Mtge Bank 78 '52 A 0 94
94 100
17
99% 973
4
98
Vienna (city of) extl a t 68_1952 M N 55 Sale 55
55
&Os
9
6112
Un matured coupons attached_ M N
503 05112
3
05112 June 33
Warsaw (City) external 713_1958 F A 42 Sale 41
35
4214
4214 59
Yokohama (City) exti (la
1961 J 0 6614 Sale 63
357 74
8
6614 55
Railroad
Ala Gt Sou lot coos A 5s_1943 J D 8614 951 83 June'33
lst cons 48 ser B
1943 J
80% 84
76 June'33
Alb & Sun lot guar 3%a._1946 A 0 8412 851 85
853
4
Nog A 0 7518
Alleg & West lot gu 48
6512 June'33
Aileg Val gen guar g 48
1942
96 1/ 96 June'33
1
Ann Arbor lot g 4s_ _July 1995 Q
35
35
40
35
Atch Top & S Fe
-Gen g 46.1995 A 0 95 Sale 94
953
4
Registered
A 0 _
90 June'33
91
Adjustment gold 48__July 1995 No
881 88 4 8514
4
88%
,
Stamped
July 1995 M N .8734 Sale. 86%
87%
Registered
M N
80 Aug'32
Cony gold 48 of 1909__--1955 J D
817
8
83
Cony 48 of 1905
4
843
84 sale 82
Cony g 48 issue of 1910„.12(31 1 113
11
80 Mar'33
82
Cony deb 410
19483
ioire sale a9812 10134
Rocky Mtn Div let 46_ _1965 J J 83 Sale 83
83
Trans
-Con Short L lot 48_1958 J
9612
9612 Sale 9512
Cal-Aria lot & ref 4248 A..1962 M
8
99
99 Sale 977
All Knoxv & Nor lot g 58_1946 J D 845 9218 10312 Feb'31
8
Atl & Charl A L 1st 448 A 1944 J J
75
92Is 75 June'33
1st 30-year fis series B....1944 J J 92 Sale 92
92
Atlantic City ist cons 48.. _1951
1
74
__- 74
All Coast Line lot cons 4s July'62 M S 67
4
903
90 Sale 90
General unified 4%a A.-1964 J D
SO
78
80
78
L & N coil gold 4,..._Oct 1952 M N
70%
7012 Sale 69
Atl & Dan 1st g 4s
19483 3 43 Sale 4112
44
2d 46
1948 J 3 38 Sale 363
4
38
All & Yad lot guar 48
1949 A 0 44 Sale 44
44
Austin & N W lot gu g fw 1941 J J
81 June'33
-____
23
_ _ __
2
234
_
_
3
56
75
60
78
65
89
2212
82%
8913
76
a7518
8312
76
87
8513
9814
35
97
9112
883
8
8812
7
T 5- 1i-
4
42
__
83
4
15
24
_ _ --
72
73
075
78
89
87%
844
80 4
3
10114
85
97
99
10
3
32
28
173
26
8
1
75
8712
65
66
61
45
1314
8
20
75
9312
75%
90%
80
717
8
44
38
44
81
Bait & Ohio let g 48._ _July 1948 A 0
74
8912
8912 22
8912 Sale 86
Registered
July 0 8
1943
3
S
-1
80
72
75 May'33
___ 86
20
-year cony 410
•
- •
Refund & gen 56 series A.1995 J
33% 75
75
55
75 Sale 6712
1st gold As
July 1948 A 0 9614 Sale 94%
78 a7918 97
97
Ref & gen 13s series C___1995
3712 83
201
83
81 Sale 733
4
P LE&W Va Sys ref 4s1941 M N
6th 87
130
87
87 Sale 82%
Bouthw Div 1st 1512
55
1950
8312 37
83 2
,
8
Tol & Cin Div lot ref 48 A 19503 11 825 Sale 784
45ty 72
6918 693 69
695
8 34
8
Ref & gen 56 series D__2000 M
4
343 74
74
83
73 Sale 6612
Cony 4%o
moo F A 66 Sale 5712
2512 67
67
813
Bangor & Aroostook lot 56...1943
88
98
96
8
96 Sale 9413
Con ref tis
1951 1
77
85
77
3
Battle Crk & Stur lot gu 88.19893 D 7612 Sale 7612 Feb'31
40-.
-- 61
Beech Creek tot gu g 4s
1936
-io- 87
87 June'33
88
80
2d guar g 58
19363
_ 100 Jan'30 _
Beech Crk ext lot g 3Hs
Wm A 0 -ao -71 71 May'33
71
71
Belvidere Del cons gu 31.413-1943
. D
3
1
Mg Bandy 1st 48 guar
- -1177 2
8593
9314 90 June'33 -Boston & Maine let 58 A C_11% f
53
7814
24
7814 24
78 Sale 68
lot M 524 &trim II
64t2 7814
8
1955 MN 7814 Sale 757
7814 16
1st g 43.48 eer JJ
1961 A 0 7313 Sale 7012
48
7312
4
7312
Boston & N Y Alr Line 1st 4s 1955 F A
_ _
5412 67
8
Bruns & West lot gu g 48_1938 P .1 657 6612 65 June'33 _ _
84% 84%
80
-- 84% Mar'33
Buff Roch & Pitt,' gen g 56_1937 M S
85 09112
91 15 a9112 a9112
7
Consol 410
1957 M N
333 66
8
156
66
Burl C R &Nor let & co1168.1934 A 0 66 Sale 61
45
63
39
83
63 Sale 6012
Canada Sou cons go 5 A
7878 9414
1962 A 0 94 Sale 92
9414 10
Canadian Nat guar 4 Hs_
I964 16 S 9413 Sale 9118
79% 9412
9412 35
30
-year gold guar 4348_1957 J
79% 9512
9512 76
945 Sale 9114
8
Guaranteed gold 4%o.
1939 J D 943 Sale 49614
79 4 947
8
3
4
918
8 100
94
% 76
58 a8418 100%
Guaranteed g 56
July 1969 J
100 Sale
Guaranteed g 5s
Oct 1969 A 0 10012 Sale 0618 10012 218
84 10012
Guaranteed g 56
19711 F A
8 32 a8433 100%
8
Guar gold 4126_June 15 1953 J D 1003 Sale 96% 1003
803 9314
4
9814 78
9814 Sale 943
4
Guar g 41.0
1956 F A 96 Sale 913
80
96
72
96
8
Guar g 410
Sept 1951 M
793 95%
4
3
953
87
Canadian North deb s f 78..1940 J D 9512 Sale 913
963 104%
4
3
23
0 4 10 % 108
23
6
103% Sale 103
25
-year of deb 834s
19463
944 107
10614 107
10.yr gold 4 Hs_Feb 15 1935
3
9914
90
9914 60
99% Sale 9812
Canadian Pao fly 4% deb clock
49
346
69
69
6812 Sale 67
Coll In 41.4,
1946 M S 7812 Sale a7512
SO
7914 35 a55
fs equip tr
1944 J J 95 Sale 9412
96
8011 96
46
Coll tr g As
Dec I 1954 J D 89% Sale 85
584 8914
8914 39
Collateral trust 424s
19611J J
534 78
68
78
78 Sale 754
Car Cent let cons g 48
1949 J J
15
19
2
19
19
___
Caro Clinch &0 lot 30-yr 56_1933 3 D 22
80 100
100
4
lot & eons g 68 ser A _Deo 18 523 D 98 Sale 98
91
68
4
93
96
9614 oo
Cart & Ad lot vu g As
58
60
75 60 Feb'33
65
Cent Branch U P let g 48_19Vi
1:1
1
56
24
58
58
9
Central of Ga lot g 58..Nov 1945 F A 57 Sale
32
55
6012 10
60 60
6212
COMO, gold 5s
1945 M
93 40
40
4
128
4
3912 Sale 243
Ref & gee 510 eerie' B 1959 A
3
51
28
23
Ref & gen 53 series C__ _1959 A 0 27 Sale 18
0
24 273
273
4 58
4
4
Chatt Illy pur money g 48_1951 3 D 273 Sale 15%
15
5
3112
3112 Sale 3112
31,
2
Mac & Nor Div lot g 56_1948 3J
35
35
15
37
49 ,35
35
Mtd Ga & All Div pur m 68'47 J J
10212 Ney'31
Mobile Div let g be
1946 3 J
24
35
35
1
35
Cent New Engl lot gu
J
55
70
5
70
4
Cent RR & Bkg of Oa coil 68.1937 M N ____ 723 68
25
5312 14
583 Sale 54
5813
8
Central ot N J gen g 56
1987 J
82 100
100
24
100 Sale 96
Registered
1987 Q
95
3
83
95 Salo 95
95
General 48
7984
1987 J
753 793
4
4
7934
1
Cent Pao let ref gu g 421_1949 F A 8014 85
85
137
6312 864
.
85 Sale 84
.
Registered
F A
4
783 Jan'33
783 783
4
,4
Through13hort L lot gu 48_1954 A 0
a84
go- 83 80 June'33
80
Guaranteed g As
196(1 F A
54
45
77
4
77
Charleston & Elav'h lit 78_1936 3 J 76 Sale 733 June'3
_
111
98
__
Chew & Ohio tat con g 58_1939 M N
108
40 010038 10714
106 Sale 10514
Registered
1989 M N
10112 104
103 June'33
General gold 4%,
1992 M 13 1025 Sale 10218
87/8 10414
103'4 64
8
Registered
M
92 May'33
9012 92
Ref & Impt 410
1993 A 0 9312 Sale 92
44
931
80
934
Ref & Imp% 4)48 ser B1995
J
93
9312
79
Craig Valley lot 56_121ay 1940 J J 92% Sale 92 June'33 124
90
98
98
Potts Creek Branch 1,1 48.1946 J J 92 100
7i5
81
23
81
8612
- 81 June'33
& A Div let con g 48_1989 J
843 97
4
96 ftitile
2d consol gold 4s
1989 3
88i
4
83
_ 87
383
4
Warm Springy lst g 58_1941 M 8 87
93
93
Chic & Alton RR ref g 36_1949 A 0 ao 166 93 May'33
501
99
5012 Sale 48
30
5012
Chic Burl & Q-211 Div 3148_1949 J
3
8738 Sale 863
80
873
3 15
91
R.egtstered
J J
84 Dec'32
_
Illinois Division 48
1949 J 1 965 Sale 96
965
8 59
8
General 48
1958 M 8 91% Sale 90%
917
68
78
934
lit & ref 4)48 ser B
1977 F A 913 Sale 913
9114
68
4
4
913
4
1
Ist & rat 53 ser A
1971 F A 98 Sale 9612
98
17
764 93
ChIcago & East III let 66_1934 A 0
32
58
C & E Ill By (new co) gen 68.1951 M N .51 --- 5714 June'33
1812 Sale 15
33 19,
191 19
4
2
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 7.
;•:.
Price
Friday
July 7.
Week's
Range or
Last Sale.
el
A
Rano'
Sines
Jan. 1.
RN
Ask Low
Nigh No Low
Htoa
Chicago & Erie lot gold 5a-1982 MN 96 Sale 96
9618
3 a3314 9618
Chicago Great West tot 45_.1959 M
48 Sale 413
4
48
534
49
20
Chic Ind & Louts) ref 65____1947 J
,
5818 June'33
28
5818
Refunding gold 5s
1947 J J
44 May'33
44
44
Refunding 45 series C
1947
3 47
____ 54
54
2
54
33
1st & gen 51 series A
1966 MN 43 Sale 41
45
24
9
45
1st dr gen 65 series B.May 1966• 1 50 Sale 50
5013
7
12
5012
Chic Ind & Sou 50
-year 43_1956
J
78 Sale 7512
78
2
8111 78
Chic L 5 & East lot 4148_ _1969 3D 100 102 102
102
9418 102
Chl M & St P gen 48 oar A..1989 J J 6912 Sale 67
71
38
62
71
Gee g 310 oar B...May 1939 J J 59
____ 57 Jutte'33
35
6012
Gen 4%, oar C
May 1939 J J 72 Sale 70
7214 37
40
7214
Gen 41.4s oar E
May 1989 33 72 Sale 69
40
7314 35
7314
Gen 4126 ear F
May 19(19 J J 74 Sale 73
74
9
38
74
Chic Milw SIP & Pee So A__1975• A
4812 Sale 475
5012 1678
It
5012
Cony ad) As
Jan I 2000 AO 2214 Sale 2012
2312 2844
314 23%
Chic & No West gong 350_1987 MN 60 Sale 60
62
15
62
34
Registered
J F
47 Aug'32
64
_
General 48
1937 Its 67 Sale 6612
69
22
30
89
Stpd 45 non-p Fed Inc tax '87 NI N 6612 69
68
68
2
38
63
Gen 4306 stud Fed Inc tax.1987 115 -- 7312 67
67
10
47
67
Gen bs sod Fed Inc tas
1987 II N
7418 Sale 73
7418
8
40
75
Sinking fund deb 58
1933 MN
Registered
MN
•
15
-year secured g 8 Hs___1933 MS 90 Sale 8412
90
37
4318 90
lst ref g 58
May 2037 3D 5412 Sale 46%
5512 83
15
5512
let & ref 410 stpd-MaY 2037
D 4714 Sale 4012
4712 221
4712
15
lot & ref 4)48 oar C May 2037
D 4612 Sale 404
4713 128
15
4712
Cony 453's series A
MN 43 Sale 3312
1949
4412 1645
44 4412
Chle 11 I dr P By gen 43----198
.
69 Sale 6212
"
69
121
50
69
Registered
_ 3 J
6413 Sept'32
Refunding gold 40
-57- Sale 30
39
595
19
39
Secured 4 Hs series A
1934 A D 35 Sale 293
92 M S
5
4
36
184 38
400
Cony g 4(4o
26 Sale 1812
263 708
4
8
283
4
Ch St L & N 0fa_June 15 1 9 9 l D 79
6
5
19 1 Al N
90
80 June'33
_
72
80
Registered
P D
6412 May'32
Gold 3%,
8512 May'32
_
Memphis Div 1st .19Ae - 3 931 JO 58
6 4s _ 1_-451 i D
65 June'33
66
46
__
65
Chic T 11 & So East lot 56._1961
D 66 Sale 61
67
36
35
67
Ivo gu 5s
.
Dec 1 1980 2 S 53 Sale 44
4
55
1434 55
256
Chic Un Sta'n 1st gu 454, A_1983 J
10012 Sale 99%
102
91 102
31
lot 53 series B
1963 J J 1043
4
95 108
6
- 10412 105
Guaranteed g 5
8
10112 Sale 10112 102
9214 103
9
1st guar 8Ss series C
113 Sale 113
114
27 10383 114
Chic & West Ind con 43_196434 1 03 7412 Sale 7312
952 1
7412 45
597 76
8
let ref 540 series AIIS 91 Sale 87
91
6612 91
6
Choc Okla & Gulf eons 59-1912
N
2
50 May'33
50
50
Cin H dr D 2d gold 4 149
1937 /
8852
88 June'33
85
884
C St L & C 1st g 4sAug 2 193(1')
92 June'33
92
95's
August 2 1936 1 F
Oct'32
97
CIRegistered lot con gu 43_1942 NI N
n Lob & Nor
83
Jan'33
82
83
Cm n Union Term lot 450_2020 J J
9912 Sale 985
8 100% 13
93 100 4
3
lot mtge 5s series B
103% Sale 1033* 10412 74
9812 105.4
18t mtge g 58 series C
2 27 1 N 104% Sale 103 4
1 5 M j
99
964 105,4
10514 68
,
Clearfield & Mah 1st gu 56..1913 3 J
72
_
72
72
Cleve CI° Chi & St L gen 4s_1993 i D 79 Sale 79 May'33
68
8012 11
8012
General As series B
T
24 1
1993 3 D 64% 99
86
Apr'33 _
85
&Os
Ref & Rapt 68 oar C
7612 90
74 June'33
49
74
Ref & impt 5s ser D
81 Sale 74
47
81
81
16
Ref & Is 3 448 ser E......1963 .1 I 77 Sale 70
1977 1
31
77
37
78
77
Calro Div 1st gold 4s
1939 3 J 893
*
89 June'33
89
85
__
Cin W & M Div 1st g 4s...1991 J
73% Sale 0723
75
8
75
60
10
St L Div lot coll tr g 4s.„1990 24 N
76
79% 7312 a7512
80
86
6
Eipr &vail Di y iet g
w w Co Dlv lstg
9 0 NI S
4
__ 19 0 Ji 87
76 Dec'32
_
7312 Sale 7312
7312 7312
7312
5
CCC&I gen cons g 88_1934 J
9612 1014
101
9612 May'33
Cies Lor & W con lot g 58..1933 k 0
94
4
983 191 983 June'33
98%
Cleveland & Mahon Val g As 1938 1 J 86 4
80% 8014
8014 June'33
Cley & Mar let gu g 4 Hs_ _1935 M N
99
97
97 June'33
Clev & P gen gu 4Hs ser B 1942 A 0 961e
98 June'33
96% 98
Series B 3148
86
Jan'33
86
86
Series A 4 Hs
Seri
1942 6 D
9 .1 J
96
98
96 Mar'33
Series C 3Hs
1948 M N
86
84 Apr'33
84
Series D 310
1950 A F
83
Oct'32
Gen 4)48 ser A
is_1977 F 0
12 1 A A
6
81
Oct'32
Cleve Sho Line lot gu 4
'Hi 14797 June'33
Cleve Union Term Ist 510_1972 A 0
80 Sale 8312 8412 21 6012 85
:89 '2i1514
8:
64
1st s f 58 series B
1973 A 0
8084 7912
54
8312
5
7912
1st 2 t guar 414s series C 1977t A 0 7514
Sale 743
4914 77%
4
18
76
Coal River fly lot gu
.1 D
95
90 June'33
3612 91
Colo & South ref & ext 4148.1935 M N 88
943 Sale 8712
4
674 943
4
943
4 44
General mtge 414s ear A 1980 M N
72 Sale 69
47
72
22
72
Col & H V lot est g 40
1948 A 0 96% Sale 94
854 963
2
4
963
4
Col & Tol lot ext 48
1955 F A
90
92
9014 June'33
Conn & Paso= alv lot 48-1943 A 0 9118
77
77
77 June'33
Consol fly non-cony deb 48 1954 J J 5%
72 -- -1 527
3 5 ;
8
5278
8
38
527
8
Non-cony deb 48
1955
J 5018
40
4912 June'33
51
Non-conv deb 40
1955 A 0 .50% _- 462 Sept'32
Non-cony deb 48
1956 J J 5018 _ _ _ _ 51 June'33
-i9F8 51
Cuba Nor fly lot 51.0
1942 J D 387 Sale 3614
8
41
10
387
8 78
Cuba RR let 50
-year 511 6-1952 3 JP 3912 Sale 36
15
41
413
4
33
lot ref 754,aortae A
1931(3 D 40 Sale 35%
15
40
40
20
let lien & ref 6s ser B
19383 D 30
34
28 June'33
11
3312
Del & Hudson 1st & ref 48_1943 M N 8514
Sale 8213
673 863
4
863 181
4
4
58..
1935 A 0 96 Sale 95
91
97
96
2
Gold Hs
9412
4
79
95
95
25
D BRA Bridge Ist gu g 4s-193 M N 9314 Sale 933
193 F A
6
j
92% Dee'32
Den & 110 Let cons g 48._ 1936
3 647 Sale 567
8
8
647 236 izia; - 2
647
8
Consol gold 410
6114
63% 661 81
27
614
5
Den & R
West gen 58 Aug 19 1I A 4612 Sale 383
55 F j
36
4
814 47
47
276
Ref & impt 58 ser B-Apr 1978 A 0
5112 Sale 44
11
511 189
5112
Des M A Ft D lot gu 48
1935
Certificates of deposit
J
278
312 June'33
9
3
1
34
3
Dee Plaines Val let gen 41.40 1947 M S
6312_ 62 June'33
45
62
Det & Mae 1st lien g 48
19553 D 39 igtile 35
33
39
39
7
Second gold 46
__ 30
25 June'33
25
25
Detroit River Tunnel 4148._19
81
1 93
D 83
N
.
89
85 June'33
86
75
Dul Misube & Nor gen 68_1941
J 10212
102
3 1014 10314
- 102
Dul & Iron Range let U....1937•0 10312
10512 10512 105
99 1057
10
8
Dul Sou Shore & Ati g 56
1937 J J 31
12
4
32'8 36
32%
East RI Mine Nor DI, 101 48'48 A 0 89 Sale 263
90
84
86 June'33
8912
East T Vs & Oa Div lot 53_1956 M N
95
85
4
95
Elgin Joliet & East tot g 54.1941 M N 95 Sale 91
96
961
9612 9612
4
783 9612
4
El Paao & W 1st 56
60
_ 81
Feb'3
72
81
Erie & Pitta g gu 3148 ser B 1966 JJ 85
940 A D
3 92
4
86 Aug'32
Series C 320
883
8Feb'3
85%
- 8-30
1
Erie RR. lot cony g 46 prior_1993
1949
.1 84 15
.11
.
8712 85
85
17
80
lst ooneol gen lien g 48_1996 I j ___- Sale 5712 June'3 -Re1151ered
1996
J
73%
67
1
: 74
78 -7tiis - - 74
Registered
19983 J _
57 June'33
41
57
Penn coil trust gold 48.....1951 F A 99- 60
99 June'33
99
9918
ISO-year cony 41 series A 1953 A 0 65 100
Sale 59
65
304 65
21
Series B
1953 A 0 65 Sale 60
65
30 8 65
3
16
Gen cony 48 series
1953 A 0 51
_ _ _ 40 Mar'33 -40
40 11
,
Ref & ImPt 58 of 1927
1967 M N 65 Sale 58
6614 518
2014 66%
Ref & impt Soot 1930
1975 A 0 6412 Sale 55 4
3
88
2012 66
561
Erie &Jersey 1st t es
1955 J J 99% Sale 9912 1003
4 12
81 1004
Genessee River 1st s 6s 1957 J
9518
9418 June'33
94,
75
8
Fla Cant & Pen Ist cons g fts 19433 J 2714
_
25
2
16
25
Florida East Coast lst 4)48_1959 J D 62 dile 25
6014
62
3412 62
24
Ist & ref 58 aeries A
MS 1812 Sale 13
19
223
3
19
Certificates of deposit__________
....
18 Sale 11
1912 103
2
1912
Fonda Johns & Oloy 11t 4 Hs 1952 NI N
612 10
6%
302
614
3
Ws
(Amended) let cons 4146-1982 2 N
.1
5% Sale
54
3
214 6
54
3
1
Fort St
D Co 1st g 4146_1941 .1 .1
87 Nov'32
r Cash wiles. a Deferred flollvei7. •Look under list of Matured
Bonds on nag* 293
289
11,
83.4
New York Bond Record—Continued—Page 3
290
kiONDS
N. Y STOCK EXCHANGE
Week Ended July 7.
t
- t
a
Pelee
Friday
July 7.
Range
Since
Jan. 1,
Week's
Range or
Last Sale.
High
Ask Low
High No. Low
Bid
88
95
11
94%
95
96 100
Ft W dr Den C let g 545_1961 J
5414 90
52
90
Frem Elk & Mo Val 1st 68_1933 AO 90 Sale 8512
•
Galv Hous dr !lend 1st 5s___1933 AO
5% 26
26
Ga & Ala sty 1st eons bs Oct 1945 J J 26 Sale 26
Ga Caro de. Nor 1st gu g 58 1929—
18
25
23 June'33
Extended at 6% to July 1 1934 J J
2312 r45
Georgia Midland let 3s_ ___1946 AO 3618 4412 r45 May'33
Jan'31
100
GOUV & Oswegatchle 1st 55__1942 3D
84
90'x
20
a91
Or R & 1 ext lst gu g 41.5.1941• 3 a91 Sale a91
96 4 105
,
4 10312 62
Grand Trunk of Can deb 78_1940 AO 10314 Sale 1023
933 1013
4
4
15
-year s 6s
1936 M S 10118 Sale 10012 10114 40
96 Nov'30
Grays Point Term 1st 55
1947 J D
4514 8814
4
Great Northern gen 75 ser A_1936 J J 8714 Sale 853
8814 228
663 82 4
4
,
4
8412 813 June'33
let dt ref 448 series A__ 1961 J J 84
66
84
25
_
84
8312 Sale 83
Stpd (without Jly 1'33 coup)
39
77 4
,
773
4 49
General 51.45 series B
1952 • J 7712 Sale 7312
7312 47
4013 7312
General 53 series C
1973'.5 7312 Sale 70
68
37
64
68
8
General 448 series D
1976 J J 68 Sale 653
34
68 8
,
8
683
8 66
General 448 series E
1977 J J 68 Sale 657
30
30
_ 30 May'33
Green Bay dr West deb ars A___ Feb
Feb
June'33
314 10
10
_
Debentures ctfe B
90 Aug'32
Greenbrier Ry 1st gu 4s____1940 MN
10 -UTy 60
60
Gulf Mob & Nor let 54e B 1950 AO 60 Sale 57
23
54
31
51
54
65
let mtge 58 series C
1950 AO 54
4212 45
45 June'33
Gulf & S I 1st ref dr ter baFeb 1952 J J
4014 4014
4014 June'33
Stamped (July 1'33 coupon on) J
5
12
4 100
100 Sale 973
Hocking Val 1st cons g 440_1999
80 June'30
Ilousatonie sty cons g 5s
1937 SI N 8418 90
89 June'33
II & T C 1st g 5s lot guar__ _1937 J J
85 100 June'33
Houston Belt & Term 1st 58_1937 J J 84
27
85
8
Bud & Manhat 1st 5s ser A..1957 P A 847 Sale 82
5414 136
Adjustment Income bs Feb 1957 AO 54 Sale 51
84
75
8513
78
72
3918
Illinois Central lot gold 4s_ _1951 ii
let gold 345
1951 J J
Extended let gold 348_1951 AO
let gold 3s sterling
1951 MS
1952 AO
Collateral trust old 4s
Refunding 45
1955 MN
1952 J J
Purchased lines 348
1953 M N
Collateral trust gold 4s
Refunding 58
_1955 MN
15
-year secured 654s g-- -1936 J J
40
-year 433s
Aug 11066 FA
Cairo Bridge gold 48
1950 J D
Litchfield Div 1st gold 38_1951 ii
Loulsv Div & Term g 345 1953 ii
1951 FA
Omaha Div 1st gold 38
St Louis Div & Term g 3a_1951 J
1951 .1 J
Gold 34s
Springfield Div let g 345-1951 J J
Western Lines 1st g 4s
1951 P A
III Cent and Chic St L & N 0—
1963 J o
Joint 1st ref 58 series A
1963 J o
let & ref 445 series C
Ind Bloom & West 1st ext 4s 1940 AO
1950.5'
Ind Ill de Iowa 1st g 45
J
Ind & Louisville 1st gu 48_ _1956
Ind Union fly gen 58 ser A 1965'.5
1985 ii
Gen Sr ref be series B
Int & Grt Nor 1st 65 ser A1952'.5
Adjustment Os ser A_July 1952 AO
1956 J J
lot 5s series B
1956 J J
1st g Os series C
lot Rys Cent Amer 1st Os B 1972 MN
1st coil trust 6% g notes.1941 MN
1947 P A
let :len & ref 64e
1938
Iowa Central 151 gold 5s
3D
Certificates of deposit
1951 MS
1st& ref g 4s
8218
80
86
7813 82
7812 793
4
72
72
James Frank & Clear 1st 45 1959 3D
Kal A & G R let gu g 5s
1938 J J
1990 AO
Kan & M ist gu g 48
K C Ft 8 dr 01 fly ref g 4s1936 AO
AO
Certificates of deposit
Kan City Sou 1st gold 38_1950 AO
Apr 1950 J J
lief & Mint be
Kansas City Term 1st 48_1960 J J
Kentucky Central gold 48_1987 J J
Kentucky & Ind Term 445_1961 J J
1981 ▪ J
Stamped
Plain
1961 J J
72
Sale
7018
57
5418
6512
7418
93
8418
50
55
70
913
4
Sale
Sale
Sale
Sale
Sale
86
80
Lake Erie & West 1st g 5S--1937 J J
1941 S i
2d gold 53
Lake Sh & Mich So g 34s1997 ID
1997 ▪ D
Registered
Lehigh & N Y 1st gu g 4s 1945 M S
Leh Val Harbor Term gu be 1954 P A
Leh Val NY 1st gu g 454e....1940.5'
Lehigh Val (Pa) cons g 48-2003 MN
MN
Registered
General cons 445
2003 MN
N
General cons 63
2003
Leh V Term fly lst gu g bs 1941 AO
Len & East 1st 50-yr be gu_1965 AO
Little Miami gen 48 series A_1913: MN
Long Dock consol g 63
1935 AO
Long Island—
General gold 4s
1938 3D
Unified gold 4s
1949 M
1934 ID
Debenture gold be
20
-year p m deb .Is
1937 MN
1949 MS
Guar ref gold 45
Louisiana & Ark 1st tie ser A_1969 J J
S
Louis dr Jeff Bdge Co gd g 45 1945
Louisville & Nashville +58_1937 M
Unified gold 48
1940 J J
J J
Registered
1st refund 54e series A__2003 AO
2003 AO
let & ref be series B
2003 AO
1st & ref 44s series C
Gold 59
1941 A0
Paducah & Mem Div 48._1946 FA
St Louis Div 2d gold 3s_ _1980 MS
Mob & Montg 1st g 448_1945 SI S
South sly joint Motion 48_1952 J J
Atl Knoxv & Cln Div 45 1955 MN
7312 Sale
74
70
645
8
81
91
66%
70
634
6318
61
61
Sale
Sale
Sale
Sale
70
75
7212 Sale
68 Sale
80
92%
75 Sale
5012 56
95
96
4712 Sale
2118 Sale
46 Sale
46 Sale
55
61
61 Sale
52 Sale
7% 15
512 Sale
8114 May'33
79 Feb'33
72 May'33
73 Mar'30
22
71
74
69
7312 35
55 June'33
42
65
6212
5
81
81
91
91 4 16
,
247
59%
67
65 May'33
62 June'33
58 Apr'33
4
62
6114
a58 May'33
63 Feb'33
58% Nov'32
3
8012
80
51
68
73
68
37
6212
80 Dee'31
1
75
75
54
54
1
95 June'33
85 May'33
3812
511 281
343
1612
25
46
106
34
33
71
46
3
60
60
3
49%
61
18
5014
53
7
3
71
6
10
18
71
72
171
103 Mar3 ---72 May'33
52
594 22
51
55% 52
6412
6512 37
7418 47
713
4
55
9158
93
84
2
84
84 Aug'3I ____
75 June'33
89 Apr'30
28
87 Sale 80
87
64 June'33 _
65
26
82
825 _ _ _ _ 81
8
76% June'33
3
74
70
68
7012
1
79 4 Sale 793
,
4
79 4
,
4
79 Sale a753
s
79
152
58
57 Sale .51%
45 June'33 ____
6118 96
60 Sale 56
4
68
Sale 6412
68
4
96
96 Sale 96
90 June'33
92 104
9112 May'32
_
83
9614 100 9514 June'33
9814 June'33
98
1
9112
Sale 9112
2
10114
Sale 10114
5
9612
97
97
Sale 9012
92 8 11
,
Sale 4818
564 137
76 June'33
82
_
03 June'33
__
90
96
Sale 95
82 Apr'33
4
8
93
92
925
87
18
88
87% Sale 87
8278 119
8012
83%
62
100 Sale 9812 100
65 June'33 __ __
13
59
58 Sale a5612
85 June'33
9
7112
7018 Sale 701s
8714
8714 25
88
90
934
9112
10114
963
4
917
8
56
76
103
96
3
8
100%
Mahon Coal RR 1st 58
1934 J J 100% Sale 1007
493 June'33 ____
4
Manila RR (South Lines) 4s 1939 MN 493 54
4
5112 Jan'33 _
1st ext 4s
51
1959 MN 45
3
83
85
Manitoba S W Coloniza'n Is 1934 3D 85
87
Man GB&NW 1st 348_1941 J J
47 Feb'33
Mex Intermit 1st 45 aestd _ _ _1977 SI S ____
214 2 Sept'32
Michigan Central Detroit & Bay
City Air Line 48
9513 98 Aug'31
1910 J J 92
Jack Lane & Sag 34a
79 May'26
14151 SI S
7
8612
1st gold 3445
nI52 MN 8612 Sale 86
Ref & !mut 4345 ser C
1979 .1
71 1003 75 June'33 ____
4
4
73
Mid of N J let ext 58
1940 AO 73 Sale 6712
1
65
0111 dr Nor let ext 4 i4s (1880)1934 ID
65
Cons ext 445 (1884)
1934 J D 56
70 Nov'32
70
15
56
5714
Mil Spar & N W lot gu 40_1947 MS 5812 60
r Cash sales. a Deferred del very
50
45
55
40
5218
604
30
60%
58
58
58
53
62
"EC
100
80
89
100
887s
59 4
,
8
ifiF
731•
5618
65
81
91 4
,
67
65
62
63 8
,
62
5912
63
8012
38% 73
37
68
73
27
85
85
1814
3
18
16
3314
37
25
75
54%
9512
90
5112
25
46
46
60
61
55
2
1
714
6
60
72
60
315
32
a48
47
83
.
..z414
7i
70
593
8
5533
6712
7418
9412
_8_ _
75
4
58
55
714
7212
48
793
4
597k
25
28
324
33
89
79
37
64
82
77
7012
793
4
79
58
45
8118
68
96
91
9012 101
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 7.
ta
July 8 1933
Price
Friday
July 7.
Bid
MIlw dc State Line 1st 349_1941 ii
Minn & St Louis 1st cons 5s_1934
1934 MN
Ctfs of deposit
1st es refunding gold 48_ —1949 M
Ref dr ext 50-yr 53 ser A 1962 Q F
Q F
Certificates of deposit
NI St P dr SS M con g 4s Int gu '38 J J
lot cons 55
1938 J J
lot cons 5s gu as to int
1938 J J
1st & ref (is series A
1946 J J
25
1949 MS
-year 54s
1978• J
1st ref 548 ser B
1st Chicago Term s f 4s 1941 • N
1919 J
Mississippi Central 1st 58
Week's
Range or
Last Sale.
Ask Low
40
Vs
83
High No. Lote
40
Jan'33
614 Sale
5 Sale
3 Sale
3 Sale
4518 Sale
33 4 37 4
,
,
49 Sale
415 43
8
3112 Sale
69 Sale
_
80
843
8
35
77
9
2
39
13
70
11
2213
313 129
4
683
8
6912 21
95% Dee'30
82 June'33
1959 3.5 2812 Sale
Mo-III RR 1st 5s ser A
Mo Kan & Tex 1st gold 4s1990 3D 88 Sale
,
Mo-K-T RR pr lien Os ser A.1962 J J 85 4 Sale
71 Sale
1982 J J
40-year 45 series B
77
_
1978 J J
Prior lien 44s ser D
Cum adjust 55 ser A_Jan 1967 AO 62 Sale
43 4 Sale
,
Mo Pac 1st & ref 58 ser A
1965 P A
1975 MS 2312 Sale
General 43
S 4112 Sale
1977
1st dr ref 5s series F
1st & ref 5s ser 0
1978 MN 42 Sale
2212 Sale
1949 MN
Cony gold 54s
1st ref g 53 series H
1980 AG 44 Sale
1981 P A 4214 Sale
lst & ref 5s ser I
Mo Pac 3d 7s ext at 4% July 1938 MN 694 Sale
90%
Mob & 111r prior lien g 5s
1945 J J 61
,1 J
57
90
Small
52
59%
1st M gold 40
1945 J J
40
J
55
Small
75
Mobile & Ohio gen gold 4s__1938 54 S 28
19 Sale
Mongomery Div lot g bs_1947 FA
Ref &'mot 448
1977 MS 2012 Sale
1938 MS 23 Sale
Sec 5% notes
SI S 73
76
Mob & Mal 1st gu gold 45
-1991 J J
90 Sale
1937
Mont C 1st gu 6,5
• J _
95
1937
1st guar gold 58
Morris & Essex 1st gu 345_2000 J O 8014 Sale
95
1955 Si N 85
Constr NI 5s ser A
79%
1955• N 78
Constr 54 4445 ser B
281?
2812 24
855
8
123
88
8534
8614 37
697
8
8
71
7712
7712 11
55
62
30
35%
152
44
1812
2412 1035
3512
834
44
36
4412 242
151 24 702
8
3512
163
44
3514
4414 724
695
8
3
694
46 June'33
40 May'33
53 Aug'32
47 June'33
28 Mar'33
19
23
19
1512
40
21
16
43
24
62 June'33
90
1
90
92
Jan'33
79%
8014 40
79 June'33
773
8
4
78
Nash Chatt & St L 48 ser A 1978 P A
N Fla es S 1st gu g 5s
1937 P A
Nat sty of Men pr lien 445 1957 J J
Assent cash war rct No. 4 on
Guar 4s Apr '14 coupon_1977 AG
Assent cash war rct No. Son
Nat RR Mon pr lien 445 Oct '28
Assent cash war rct No. 4 on
let consold 45
1951
Assent cash war rct No. 4 on
117
Naugatuck RR 1st g 4s
1954 J 3
New England RR cons 58_1945
Consol guar 45
10 J J
45
NJ Junction RR guar lot 4,-1986 FA
NO & NE 1st ref & impt 445 A '52 J J
New Orleans Term 1st 4s
1953 J J
N 0 Tex & Men n-c inc 55_1935 AO
1954 A0
1st 59 series B
1956 PA
let Os series C
1st 44s series D
1956• A
1st 54s series A
1954 A0
N & C Bilge gen guar 4 4s.._1945 J J
NYB&MB let con g 55-1935 AO
N Y Cent RR cony deb 8s 1935 MN
1998 P A
Consol 48 series A
13
Ref &impt 44s series A 2099 AO
Ref & impt 59 series C__ _2013 AO
NY Cent de Ilud Riv M 34s 1997 J J
1997 J J
Registered
MN
Debenture gold 4s
3
30-year debenture 45
Ref & inapt 44s ser A
299433
110124
Lake Shore coll gold 354s..1008 PA
P A
Registered
Mich Cent coll gold 34s-1199908 FA
8
1098 P A
93
7
N yllegtsteredr, 1st g 48
chic & st
•0
R:fa: 4sseres A I974 AG
Rflser1,c
SI S
g5
AO
3-Yr 6% gold notes
373
44s A_19558 P A
N Y Connect let gu
P A
1953
let guar 55 series B
N
N Y Erie 1st ext gold 4s1947
1946 MN
N Y Greenw L gu g 5s
N Y & Harlem gold 345_2000 MN
1973 MN
N Y Lack & W ref 44813
N Y & Long Branch gen 4s 1941 SI S
1939 AO
N Y & N E Bost Term 45
1947 MS
N Y Nil & It n-c deb 4s
•S
Non-cony debenture 348_1947
Non-cony debenture 34s-1954 AO
Non-cony debenture 0_1955.hi
C
N0tig d
Non-cony debenture 4s _ _1956 MN
3g
A
1956 J J
1948 J J
119408
Cony debenture 68
J J
Registered
AG
Collateral trust 65
1957 MN
Debenture 43
1967
1st & ref 44s ser of 1927_1 57 Jo
Harlem II & Pt Ches 1st 48 1954 MN
64
3
3
3
451g
33
4514
718
612
5
3
46
3312
50
• Look under 1101 of Ma e•rsel Bonds on
ve 293
High
40
4
11
1%
112
24
16
2813
912
a812
37
718
012.
5
3
48
34
50
30
314
70's
85
85
15
6812
59
5118
55
33212
1812
7
18
18%
3
1.113
1814
5013
46
36%
2812
87
88
73
7712
62
44
2412
44
4412
24
44
4414
7312
46
60
47
28
74
414
414
62
897
8
90
7018
677
s
80
60
r72
19
21
24
65
93 4
,
92
8014
79
78
8112
91
2
3
60
85
12
--1 T8
,
313
2
1
r43
4
412 June'33 -22 Apr'28
3 June'33 -7112 Nov'32
68 Mar'33
6834 _
79 Nov'32
66%
92 Nov'30 - 58'z 65 57 June'33 - 67
67 Sale 65
25
34% Sale 23
34% 11
35 Sale 26
3512 97
34 Sale 28
34
39
34 Sale 26
3412 38
34 Sale 2614
3512 165
91 June'33
8712 92
88% 101 June'33
87
1
5
88
68
-56
49
20
1612
16 4
,
4
163
17
80
OS
61
7012
347
s
3512
34
3113
3512
91
101
180
174
118
358
109
5
475
1
245
20
46
5713
3413
39
684
70
60
84
3413
60
8813
8214
733
4
704
82
7712
9014
80
74
75
27
85
57
60
14
12
5%
87
94
883
4
513
4
84
85
76
7434
57
a84
60
5112
5912
97
10112
89
6312
58
85
70
45
44
44
46
45
43
67
80
59
347
2
45
4
823
60
50
5712
69
65
55
9312
80
92
6112
75
410
8714 9212 81
81
91
92
96
91
18 July'28
3% Sale
3%
3%
123 July'31
4
3
4
314
314
3
412
88 Sale
8214 Sale
73 Sale
7912 Sale
8112 Sale
7712 Sale
8912 Sale
78
80
7312 Sale
3
747 Sale
_
677
7412 Sale8
___ 69
a84 Sale
5812 Sale
4912 Sale
59 Sale
94% Sale
10112 Sale
63
60
57
68
64
92
39
_
61
Sale
Sale
67
Sale
8413
8812
784
8214
67
73 4
,
72
7934
79
82
7712
7712
83%
9014
80
80
67
74
73
75
6518 Nov'32
7218
74 4
,
57 Apr'33
83
a84
513
4
60
44
5112
46%
592
9412
95
101
10112
89 Apr'33
6312 June'33
84 Mar'33
85 June'33
76 June'33
9512 July'29
60 June'33
50 May'33
56 June'33
633
4
69
63
65
55 June'33
88
9312
80 May'33
88
92
58
6112
7414
71
89
89
14
164
244
359
5
10
_
54
8
46
9112 Sale
59
983
4
6112 Sale
37
9112
7414 Sale
175
10112
89 Sale
1
100
9238
643
4 96
864 N Y 0& W ref g 4s June__ 1992 M S 64 Sale 6218
5
0
3!) 57 Sale 564
38
58
General 45
_
85 Nov'32
95
5
0103 NY Providence dr Boston 45 1942 AG 81
963
75
6
8112 96
N Y & Putnam 1st con gu 48_1993 AO 75 Sale 74
6312
77
85
N Y Susu & West let ref 58_1937 J I 02 Salo 60
30
543 4113 June'33
4
1937 FA
2d gold 44s
654 9412
P A 49 Sale 4812
2
49
634 88
General gold
MN 61%
64
Jan'33
5972 827
Terminal let gold 50
5712 Sale 62
5712 117
N Y W Ches &581 444693 J
87 100
II lst ser I 43099
'
5
6
70
107
59
43
Nord sty ext sink fund 854s 1950 AO 10812 Salo 10512 109
•
82
85
Norfolk South 151 & ref A 5s_1961 FA
4
26
26 Sale 22
40
7112 Norfolk & South 1st gold 5s_1941 MN
2
1025
8
75
8714 Nod es West RR impt&ext Os '34 P A 10214 Sale 10214
10012 108
N hkegi8R red 90119 g 48._ _1996 AO 9912 Sale 984
W igy let
9418 Jan'33
AO
9514 10114
17
101
9912 Sale 0914
9
a4938 633
4
Dly'l 1st lien & gen g 48..1994 J
194
3
9914
1941 Jo 9812 Sale 9812
50
5112 Pocah C dr C joint 4s
99 June'33
8
974 MS 997
41
85
North Cent gen & ref be A 1
70
MS
85 Aug'32
47
47
Gen & ref 448 ser A
4
3714
North Ohio let guar g 5819 5 AO 3714 Sale 37
74
_ 194
8712 98
8712 Sale 86
North Pacific prior lien 48_1997 Q
5
82
81
Q J ____ 85
Registered
6012 47
Gen lien ry & Id g 3s_Jan 2047 Q F 6012 Sale 58
_
5512 Jan'33
Q F
Registered
7512 10
7512 Sale 75
-al- -75
61-2 Ref & Impt 43.45 serlesj n_2947 J
a_
A 2047
8712 154
8712 Sale 85
J
40
73
Ref & impt fie series B___2047
1
76
50
65
Ref & impt 59 series C____2047 J 1 78 Sale 76
17
79
79 Sale 74%
Ref & impt 58 series D____2047 J J
9514 Oct'31
-3413 iili Nor sty of Calif guar g 58_,..1938 AO
9512
82
97
90
76
7
2
0
Range
Since
Jan. 1.
50% 65
43
5912
04
11;-
33
1612
64
31
6414
4112
49
64
5712
2313
983 1107
4
8
6
10112
87
9418
9313
51413
99
26
10412
10012
9418
10113
9914
99
17
73
74%
48
5512
50
60
59%
5614
3713
8712
8212
82
6512
7512
8712
81
804
New York Bond Record--Continued-Page 4
BONDS
.
.41
N. Y. STOCK EXCHANGE T1 2
.
Week Ended July 7.
:4E:
Price
Friday
July 7.
Week's
Range or
Last Sale.
High
Ask Law
553
59
8
57
__ 97 Mar'32
____ 95
86-86 May'33
--------85 May'33
9514
/
1
9514 Sale 934
/
4
1041 105 102 June'33
1053 _
8
10512 June'33
8
873
873 Sale 8512
8
Bid
57
.4
r ,1
di ...
Range
Since
Jan. 1.
13,
BONDS
'
Price
tN. Y STOCK EXCHANGE u 41
Friday
L.
Week Ended July 7.
.T.'... July 7.
No. Low
3812
9
____ ____
____
80
70
_
8418
29
____
99
100
_
75
154
291
Week's
Range or
Last Sale.
.3.
s..1.
3
14 .
1
3
Range
Since
Jan. 1.
High
Bid
Ask Low
High No Low
High
Southern fly 1st cons g 58.-1994 .1 ./ 92 Sale 91
57
95
55
56
95
Registered
3 1 -___ 85
83
83
2
5812 83
_-89
Devel & gen 45 series A _ __1956 A 0 57 Sale 5312
593 228
4
593
17
4
85
Devel & gen 6s
1956 A 0 72 Sale 68
88
72
7212
20
9612
Devel dr gen 6;is
1956 A 0 76 Sale 7212
152
78
20% 78
Mem Div 1st g 58
105
19963 1 75 Sale 7018
75
7
40
75
107
St Louis Div lot g 45
1951 1 .1 75-_-- 74
74
2
74
36
89
East Tenn reorg lien g 58_1938 M 5 80
90
SO June'33 ____
60
80
Mobile & Ohio coil tr 4s 1938 M S 58 Sale 51
58
20
35
58
Pac RR of Mo 1st ext g 4s 1938 F A 88
/
1
734 8614 Spokane Internet lot g 5s..19553 1 21 Sale 21
_ 85 June'33 ____
25
18
4
30
2d extended gold 59
1938.1 J 82 Ig 85 June'33 ____
Staten Island fly 1st 414s 1943 J D -------- 60 May'32
85
75
Paducah eiC Ills 1st 0 f g 4 1i9.1955 J J 90
___.
_ - Sunbury & Lewiston lot 48_1936 J J ---- ---- 97 Nov'31 ____
____ 87 Sept'32 ____
____ __ __
Parts-Orleans RR ext 5101988 M 8 10719 Sale 10414
- 10712 47 a9612 10712
Panties fly 1st ref 9 f 7s.._1942 M S 4518 ____ 453
46
Tenn Cent let 68 A or B
36
2
453
4
4
1947 A 0 5518 Sale 5214
5518
7
25
551s
Pa Ohio & Det 1st & ref 4 Ms A '77 A 0 891 Sale 863
8912 Term Assn of St List g 4.4s 1939 A 0 1013 ---- 10112 1013
71
8
8912 47
/
4
4
4
0
96 1013
4
Pennsylvania flit cons g 48_1943 M N 9812 _ _ 100 June'33 ____
95 100
1st cons gold 55
/
1
4
1944 F A 101
____ 100 June'33 ____
911 100 4
/
4
3
Consol gold 45
1948 M h 100 Sale 99
91 100%
Gen refund s f g 4s
35
100
1953 1 J
8414 Sale 8312
8412
68
8412 34
4s sterl Btpd dollar May 1 1948 M N
7
993 99
4
90 10012 Texarkana & Ft Slat 5149 A 1950 F A 8014 Sale 7512
9712
21
99
8014
19
59
8014
Consol sinking fund 410_1960 F A 10312 Sale 10312 10312 24
9412 105
Tex & NO con gold 69
1943.1 1 --------61 June'33 _ _
60
65
General 4 Sie series A
93
125
1965.2 D
731 93
/
4
Texas & Pac 1st gold bs
9212 Sale 91
2000 J D 981 9912 9712
/
4
9912 ii
857 100
General 55 series II
1968.1 D 977 Sale 96%
98
2d inc5s(Mar'28cpon)Dec2000 Mar -------- 95 Mar'29 __
78
8
100
98
_
_
15
-year secured 634s
1936 F A 10412 Sale 1031 1041 111
95 10412
Gen & ref 55 series B
/
4
1977 A 0
. Sale 70
713
4 20
filly
42i2 40-year secured gold Es
1964 NI N
928
73
Gen & ref 5s series C
92% .54
9212 Sale 887
8
1979 A 0 713 Sale 69
4
72
4314 72
87
Deb g 4345
8514
56
1971. A 0 85 Sale 80
Gen & ref bs series D
851 110
1980 J D 72 Sale 6912
72
43
61
72
General 4119 ser D
1081 A 0 8919 Sale 85 4
9012 Tex Pac-Nio Pac Ter 514s A 1964 M 5 6518 80
68
90'i 116
3
63 June'33 ____
50
63
Peoria & Eastern 1st cons 49_1940 A 0 64 Sale 62
64
30
Tol & Ohio Cent 1st gu 55 1935 J 1 90
21
64
904
/
1
86
95
9014 June'33 ___
Income 4s
April 1990 AP1' 103 Sale
Western Div 1st g So. ,1935 A 0 91 Sale 91
3
11 10 4
/
4
718
104 134
8
91
b
80
91
Peoria & Pekin Un 1st 515s__1974 F A
6914 8312
General gold 58
8212 ____ 8312
1935 J D 33
83'z 38
8412 8412
85
13
73
85
Pere Marquette 1st ser A 55_1956 J J
Tol St L & W 50
283 72
4
7
72
72 Sale 647s
-year g 413_1950 A 0 6612 Sale 6612
70
4
44
70
1st 4s series B
57
65
28
1956.1 -1 80
58
Tol WV & 0 gu 4129 ser B.1933 J .1 ____ ____ 10014 Feb'33 ____ :10014 100 4
____ 57
,
1st g 43.4s Berle% C
05
28
1980 M S 65 Sale 5818
1st guar 4s series C
29
65
1942 M S ____
_ 9812 Apr'31
Phila halt & Wash 1st g 45_1943 NI N
94 101
17
Toronto Ham & BIM 1st g 4s1946 .1 D 6418 - _- 80 Feb'33 ____
9912 100
9912 100
84
80 - 4
8IPGeneral bs series B
1974 F A 97 100
Union Pac 1st RR & Id gr 43 1947.1 i 993 Sale 9812 100
93 100
3
100
97
4
148
90 100%
/
1
4
General g 414s series C. _1977 1 J
88
81
____ 8514 June'33 ____
Registered
90
95 June'33 ___
93% 9912
J J ____ 96
Phillppine fly 1st 30-yr s 1 45 '37 3 1 33 Sale 2512
33
1st lien & ref 4s
19
143
33
.
June 2008 M S 905 Sale 85
931
/
4
907s 91 078
Gold 414s
1967.1 1 9212 Sale 9114
94
95
62 075
PC C & St L gu 4155 A
4
1940 A 0 10114 Sale 101
1st lien & ref 5s
6 0933 102
10114
Juno 2008 M S 10514 Sale 103
10514 46
95 1053
4
Series B 410 guar
1942 A 0 101 Sale 101
40-year gold 43
94 10112
101
1
1968 1 D 8612 Sale 8412 a8912 57 a693 08912
4
Series C 4 les guar
8
1942 M N
9934 a997 U NJ RR & Can gen 49_
a997 June'33 ___
3
993
1944 M S 9912 Sale 9814
4
9912
8
96 10012
Series 2)43 guar
/
4
1946 M N
Utah & Nor 1st ext es
b 0941 95
/
4
941 Sale a9418 a941
/
4
1933 J J ---- ---- 100 July'31 ____ ---Series E 43.4s guar gold
1049 F A 85
__ 8512 Oct'32 ____ ____ ___ Vandalla cons g 45 series A 1955 F A 85
____ 85 Apr'33 ___
85 85
_Series F 4s guar gold
__
Cons s 1 4s 'Telles II
917 Dec'32-___
1953 / 0 94 18
1957 M N 85 Sale 85
85
i 85 85
Series G 4s guar
1957 1.1 N 91
9212 Vera Cruz & P asst 4155
92 -____ 92 May'33 ____
314 434 314
1933 ./ .1
11 5
/
4
314
1
Series II cons guar 4s--1960 F A
___ Virginia Midland gen 5s1936 MN 86
____ 80 Apr'32 ____ ____
91
95
95
95
1
80
95
Series I eons guar 410_ _1983 F A 961 __ __ 96 May'33 ___
/
4
9118 - / Va & Southwest 1st ffU 59_2003 J J
4
981
78
80
88
80
1
60
80
Series J COOS guar 4145_ _1964 MN
/
4
941 9812
1st cons Is
96 June'33 ___-_
9618 ___
1958 A 0 69 Sale 6718
79
3612 69
24
General M bs series A
94
78
8
1970 1 1
Virginian Ely 1st 55 series A_1902 M N 983 Sale 973
937
.1
933 gale 933
4
4
4
99
99
84
72
Gen mtge guar b ser B 1975 A 0 9412 95
7612 9414
9414
6
1st mtge 410 series B__ _1962 MN
9312
8912
85 May'33 ____
78
90
Gen 4 SO series C
89
69
35
89
1977 J 1 89 Sale 8614
Pitts McK & Y 2d gu 6s
9938 10014 Wabash RR 1st gold be
10014
1
1934 J i 10014 Sale 10014
1939 M N 81 Sale 75
85
43
106
85
PItt9 Sh & L E 1st g bs
24 gold bs
1940 A 0 10018 ____ 10014
1 100 102
10014
1939 F A 65 Sale 57
33
66
39
66
1st consol gold 69
1943 J J _ _
100 Mar'33 ____ 100 10011
Deb 6s series B registered 1939 J 1 --------9818 May'29 -----------Pitts Va & Char 1st 4s
__
1943 MN
1st !len 543-year g term 48_1954 J 1
90 Nov'32 ____
37
3712 37 2
74
/ Apr'33 ____
1
4
,
Pitts & W Va 1st 43.is ser A_1958 J D 6312 ____ 63 June'33 ____ ____-30
63
Del & Chic Ext 1st 5s__ _1941 J 1 824 9818 6214 Feb'33 ____
/
1
63
62
/
1
4
lst Al 434s series II
1958 A 0 6658 Sale 6512
667
30
Des Moines Div 1st g 49_1939 J J 411
6
667
8
/
4
35
35
_ 35 June'33 ____
lst M 414s series C
68
30
47
Omaha Div 1st g 3149
68
1960 A 0 67% Sale 64
1941 A 0 40 id
42 June'33 ____
271 42
/
4
Pitts Y & Ash lot 4s ser A 1948 J D 85
_-__ ____
____ 8512 Oct'32 ____
Toledo & Chic Div g 49._1941 M 8 50
____ 55 May'33 ____
55
41
lot gen 5s series 13
1962 F A
__ 90 July'32 ____ _______ Wabash fly ref & gen 5148 A 1975 M S 29 Sale 20
191
29
53 29
4
Providence Secur deb 49
__
Ref&gen 59(Feh'32 coup)13 '76 F A 28 Sale 2012
1957 M N - - ::__ 7138 July'31 ____ ____
512 29
29
134
Providence Term 1st 45_ _1956 M 13 55
SO go
Ref & gen 4145 series C
___ 80 June'33 ____
76
1978 A 0 29 Sale 20
29
4
220
29
Ref & gen bs series D
1980 A 0 29 Sale 2112
188
4% 29
29
Reading Co Jersey Cen coil 49'61 A 0 85 Sale 83
85
66
6
Warren 1st ref gu g 3149
85
_2000 F A 50
50
____ 50 Feb'33 __
50
Gen & ref 4348 series A
753 9134 Washington Cent 1st gold 4s 1048 Q
4
913
4 55
1997. 1 9118 Sale 891e
1
M -------- 52 Feb'33 ___ a5134 52
Gen & ref 4149 series 13
1097 1 J
9112 Wash Term 1st gu 310_1945 F A 89
78
9112 18
91
/
4
87
/
1
4
91
90 June'33 ____
Rensselaer & Saratoga 69_1941 MN 911 Sale_ 113
Oct'30 ____
_
1st 40-year guar 45
_
1946 F A 01 9212 95
94
93 May'33 ____
Rich & Merch let g 48
38
38
1 -___--- Western Maryland 1st 49-1952 A 0 70 Sale
38
- 38
1948 51 N -..-- 18
73
63
6812
67
73
!Balm Term Hy let gu 59 1952 J J -9512 sale 9912
974 9912
/
1
9912
2
1st & ref olds series A...._.19773 J
813 Sale 80
4
84
52
84
25
Rio Grande June 1st gu 5s1939 J D 80
69
West N Y & Pa 1st g 5s,...1937 J J 102 1023 102
____ 69 June'33 ----63
9914 103
10214 12
4
Rio Grande Sou 1st gold 45.1949 J J
1
1
1
General gold 45
1943 A 0 8314 8412 8212 ' 8212
79% 854
/
1
3
Guar 45 (Jan 1922 coupon) '40.2 J
72 Apr'28 ____ ___. -__ Western Pac 1st 58 ser A,1946 M 8 537 Sale 43
114 -___-_
4
2012 553
55 4 222
3
Rio Grande West 1st gold 49_1939 J J -- .
831 21
/
4
65
831 West Shore 1st 48 guar
2361 1 . 701 71% 784
1
80
67
25
/
4
80
/
1
1st con & coil trust 45 A 1949 A 0 83 Sale 7813
61
Registered
61 Sale 58
61
2361 1 1 70
641a 74
2
30
73
73
77
2613
R 1 Ark & Louis let 41.0_1934 M S
181 364 Wheel & L E ref 410 ser A_1966 M 8 81
4
/
4
4
363 165
3412 Sale 26
65
834
8312 10
90
/
1
8312
Rut-Canada 1st gu g 45
3538 54
19/9 J 1 55
Refunding 59 series B
54 June'33 ___
59
31
1966 / 8 65
6212 80
___ 6212 Apr'33 __
Rutland let con 4348
RR lot corsol 4s
60
39
60
1
60
1949M 8 84 Sale 83
1941 J 1 5612 85
84
70
13
84
Wilk & East 1st gu g Es
1942 1 D 44 Sale 42
181 45
/
4
44
9
St J08 & Grand 191 1st 19_1917 1
90
70
WIII & SF 1st gold 68
5
8314
83
/
1
4
8318 SS
1938 1 13 8614 ____ 85 June'33 ____
85
85
St Lawr & Adr 1st g bs
1996.2 J 65
64
64
/ Winston-Salem S 13 1st 4s 1980 J 1 89 -___
1
4
64 June'33 _ __
75
763 90
90
3
4
90
2d gold 6s
63
70
3
Wis Cent 50-yr 1st gen 4s 1949 1 1 25 Sale 1812
70
1996 A 0 70
70
SO
84 27
/
1
41
27
St Louts Iron Mt & SouthernSup & Dul div & term 1st 48'36 M N 2112 Sale 13
2112
8
2112 44
fly & G Div 1st g
_1933 MN
•
•
Wor & Conn East 1st 4 As1943 1 1 45 ____ 8514 Sept'31 -----------•
St L Peor & N W 1st 49.go 58.1948 J 1
2812 6318
6318 11
58
St L-San Fran pr lien 4s A1950 J 1 6318 Sale 20%
353
8
29
29
2712 Sale
INDUSTRIALS.
Certificates of deposit ---- ,--, 27 Sale 1914
812 28
113
Abitibi Power & Paper 1st bs 1953 J D
28
•
•
•
Prior lien Es series B
19503 1 33 Sale 233
33
10
35
33
Abraham & Straus deb 5149_1943
4
Certificates of deposit __-- ---, 28% ____ 23
93 2812
4
2812 12
With warrants
A 0 95 Sale 94
95
80
95
10
Con M 410 series A
1978 M
g133 2912 Adams Express coil tr g 45__1948 M 8 701 _
4
2912 302
Sale 1818
/
1
534 7112
6912
7112
4
/
4
Certifs or ueposit etamped_ _ r_ B 26/ sale 18
2612 265
614 2612 Adriatic Elec Co esti 7s_ _1952 A 0 97
251
4
_
92 r106
7
___ 09
/ 102%
1
4
tit I. S W 1st g 4s bond etts_1989
6512 Albany Perfor Wrap Pap - 9_1948 A 0 48 Sale 4612
49
6512 41
Mil
70
6
2412 48
48
3
2s g 45 Inc bond etre Nov..1989 J .1 66 Sale 6112
33
27
51
/ 51
1
4
4712
51
Allegany Corp Coll tr 5a_1944 F A 67 Sale 57
2512 69
215
69
let terminal Jr unifying 68_1952 J
5512 83
19
5512
.1
Coll & cony 58
5512 Sale 50
1949 1 13 67 Sale 52
319 al912 60
60
Gen & ref g 58 ser A
1990 J .1 66 sale 4718
36
12
28
56
Coll A cony 53
1950 A 0 45 Sale 2914
49
49
5
549
Allis-Chalmers Mfg deb Ss 2937 M N
9012 Sale 89
91
65
67
01
tit Paul & K C Sh 1.1st 4348_1941 F A
50
21 a28
50
Alpine-Nlontan Steel 151 75A955 M 5 52
5218 June'33 ___ 05I
54
82
Ht 13 & Duluth 1st con g 48._1968 J D_50 Salo 46 June'33 ____
8012
70
75
St Paul E Or Trk 1st 4149_1947 J .1
5i3
3
45
50
ib- -_-_-- 50
Amer Beet Sug cony deb 611_1935 F A
__
7114 7234 71
2614 7214
71
St Paul Minn & Man con 49_1933 J
2
89 1003 American Chain deb s 1 8s 1933 A 0
1 101% _ __ 10012 June'33 ____
8
•
•
•
Certlficate5 of deposit_ ..,.._ ---- 101 . _ 100
3
15 100 4 101
/ 101
1
4
Amer Cyanamid deb 59_ _1942 A 0 00
91
/
4
7012 941
4
1st coneol gas
4
-1033 1 J
89 111012 Am & Foreign Pow deb 5&.,2030 M
/
4
_ -- 1001 June'33 ____
5412 Sale 52
23% 5812
653 333
8
Certificates of deposit
34 997 American Ice s f deb tes
June'33 ____
8
99
___ 997
8
1953 J 13 6912 Sale 69
72
52
7112 32
fis reduced to gold 4 1411___1933 J 1 LO1
/
1
884 10012 Amer 10 Chem cony 634s....1949 M N 8718 Sale 84
4
____ ____ 983 June'33 ____
88
64
52
/
1
4
88
Certificates of deposit__ ____ ____
___ Am Internet Corp cony 510 1949 1 .1 8612 Sale 8014
6612 863
9
866 103
8
Regtstered
J D .
984
92 - / Amer Mach & Fdy 5 f 6.1
983 JUne'33 __ - _
1
4
1939 A 0 104 Sale 103
Mont ext 1st gold 49
104
,
10 10214 105 9
1937 J I)
75
87
2
87
86
Amer Metal 534% not1934 A 0 8918 Sale 887
91
60
70
8
90
Pacific ext gut 49 (sterling).1940 1
85
5
85
70
85
.1 83
85
Am Sm & R 1st 30-yr baser A '47 A 0 9718 Sale 9612
123
78
98
St Paul Un Dep 181 & ref
98 4
,
58-1972 / 1 100 ---- 100
89 10118 Amer Sag Ref 6-year 6s
12
10118
1937 1 1 1054 Sale 10412 10512 41 102% 1053
/
1
4
Am Telep & Teleg cony 49_1936 M 8 1023 _ _ _ 10212 1027
8
7 09612 10311
8
8 A & Ar Pass lei go g 4s_1943 .1 J
55
72
54
/
1
4
72
67
30
-year coil tr Es
1946 1 0 10512 Sale 105
106% 66 100 10712
Santa Fe Pres & Plien 1st 55_1942 NI 5 72 Sale8 90 May'33 ____
82
8838 947
90
35-year St deb bs
1960 1 1 10412 Sale 10312 105
93 107 2
196
,
Say Fla et West 1st g 6s
1934 A 0 997 10012 100
95 10014
10014
8
20
-year 8 f 51es
1943 MN 108 Sale 107
9911 10912
lot geld Es
117
108
1934 A 0 9934
4
_ 993
993
2
4
993
94
4
Cony deb 4149
1939.1 1 117 Sale 1104 117
99 117
Scioto V & N II 1st gu 49_1980 M N
56
/
1
- 96 June'33 ____
9098
Debenture 59
965* 19
1965 F A 1043 Sale 10312 1044 176
4
9212 10714
Seaboard Air Line let g 48_1950 A 0
/
1
•
•
•
Am Type Found deb 6s
1940 A 0 63 Sale
6312
35
Gold 48 stamped
6312 24
•
1950 A 0
•
•
Am Wat Wks & El coil tr 68_1934 A 0 94 Sale 62
7418 965
Certifs of deposit stamped__ A 0 2314 Sale 1812
93
9414 27
2314
8
3
2314
Deb g 68 series A
1976 SIN
81
49
797 Sale 781
25
80
/
4
Adjustment be
Oct 1949 F A
5
11
80
1012 Sale
12 11
Refunding 4s
1959 A 0
•
•
•
Am Writing Paper 1st g 643 1947 1 J
1
50
8 02114 50
Certificates of deposit..____ --- _
83
2
1412 114
8
1412 Anglo-Chilean Nitrate 78._1946 M N 50 Sale 43 2
14 Sale
8 Sale
718
24 13
/
1
1st & cons Os Belles A...._1945 M 5 16 Sale
13
8
2
1712 936
/ 1712 Ark & Mem Bridge & Ter 65_1964 M 8
1
4
9%
_ 85
85
____
80
Certificates of deposit ____ ____
140
18
15 Sale
814
13 18
4
Armour & Co (111) 1st 4 149 1939 1 D 90- Sale 87 Apr'33 54
77
90
AU& Iiirm 30-yr 1st g 48_1933 M 5
90 9
,
*
•
•
Armour & Coot Del 510_1943 1 1 88 Sale 88
101
7118 89
89
Seaboard All Fla 1st gu 68 A 1935
Armstrong Cork cony deb 58_1940 J D 8712 Sale 85
65
8712
6
Certificates of deposit
8712
1
A 0
814 134
8t4 Associated 011 67 g notes..1938 M 5 103
412
8 Sale
Sale 103
9 1011/ 103%
103
Series II
1935
Atlanta Gas L lst
°59
1947 J D 9614
984 98
/
1
953 Feb'33 ___
4
/
1
4
Certifleates of deposit
F A
6
___
414
71
26
1
71 Atl Gulf & W I SS coll tr 58 1959 1 .1 58 Sale 57
/
4
35
5812
/1
So & No Ala cons gu g Ss_ 1936 F A 997 ____ 9912 June'33 ____
58 9
,
9912 9912 Atlantic Refining deb bs
1937 J 1 103 Sale 103
97 10338
103% 55
Gee cons guar 50
-year 59.1063 A 0 91
___ 90 June'33 ____
75
90
13aldwin Loco Works lot 5a_ _1940 MN 9814 Sale 9814
791 9814
9814
/
4
So Pac coil 48(Cent Pac coil) _'49 J D 6518 Sale 6214
2
6518 37
40
651 Batavian Pete guar deb 410_1942 1 1 9814 Sale
/
4
945*
9614 86
001 9814
/
4
1st 410 (Oregon Lines) A 1977 M 8 75 Salo 7012
76
53
124
76
Belding-Heminway 69
1936 J J 883 98
4
90 June-33
92
83
20-year cony 58
1934 J D 91 Sale 91
91
5
8714 91
Bell Telep of Pa Is series B 1948 J J 107 Sale 1064 10712 ____ 101 111
/
1
24
Gold 414s
1968 M 8 67 Salo 6114
8812 72
3814 6812
1st & ref Ss series C
1960 A 0 108 Sale 10712 10812 38 1004 III%
/
1
Gold 4129 with warrants 1909 M N 661 Sale a6014
6812 203
37,4 6812 Beneficial Indus Loan deb 68 1948 M TT 8512 Sale 84
/
4
75
8512 15
89
Gold 410
6612 387
364 6612 Berlin City Else Co deb 6145 1951 J D 543 Sale 50
/
1
OM M N 65 Sale 60
4
55
37
3512 7012
San Fran Term 1st 45..
1950 A 0 8518 Sale 8214
8518 38 a70 4 851
3
/
4
Deb sinking fund 6148....._1959 F A 47% Sale 42
4812 47
35, 6912
So Pee of Cal 1st con gu ECU 1937 NI N 101% ____ 10112 June'33 ____
4
971g 102
Debenture 65
1955 A 0 421 451 3912, 42
/
4
/
8 0341 8412
4
So Pao Coast 1st gu g 4s
1937 J .1
Jan'30 ____
____ 96
__ Berlin Elec El &Underg 8 Sig 1956 A 0 34 Sale 33
3414 11 028
83%
So Pac RR 1st ref 4s
1955 1 J ___- Sale a7812
80
170 ____-80
80
80
Beth Steel 1st & ref 58 guar A '42 M N 99% Sale 99
993
4 65
71
99
/
1
4
Stamped (Federal tax) _ _ _1055 J J --------9212 May'30 __ - -----30
-year pm & impt a f 59_1936 .1 1 9912 Sale 99
100
133
79 100
Og & L Cham 1st gu g 4s__ A948 J J
Ohio Converting Ely 1st 48..1943 M 5
Ohio River RR 1st g 59____1936 1 D
General gold bs
1937 A 0
Oregon ItR & Nay corn g 49_1946 J D
Ore Short Line 1st cons g 68_19 J 1
/6
Guar stpd cons Es
19463 J
Ore-Wash RR & Nay 48_-- -1961 J J
5- :
ga- -00
r Cash sales. a Deferred delivery
• Look us let list 01 Matured Sonde on pace 2)1
New York Bond Record-Continued--Page 5
292
BONDS
N. Y. 8TOCK EXCHANGE
Week Ended July 7.
Ev
t ,..
u4
..t, a;
1950 M 5
Bing & Bing deb 6315
1934 A 0
Botany Cons Mills 631e
Certificates of deposit
Bowman-Bill Hotels let 78_ _1934
Strop as to pay of 8435 pi red_ M 8
B'way & 7th Ave let cons 5&1943.7 D
J D
Certificates of deposit
Brooklyn City RR 1st 58-....1941J .1
Bklyn Edison Inc gen ba A_ _1919 .1 .1
Gen mtge 59 series E
1952 J J
Bklyn-Mani, R. T sec Os__ _1968 J .1
Bklyn Qu Co & Sub con gtd be'41 MN
1941 J .1
let S,stamped
_1950 F A
Bklyn Union El 1st g
Bklyn Un Gas 1st cons g 533.1945 M N
ba_1st lien & ref 13e series A-1947 M N
1936.1 J
Cony deb g 5 he
1950J D
Debenture gold 58
1957 MN
let lien & ref series B
Buff Gen El 4315 series B...1981 F A
1952 A 0
Bush Terminal lot 4s
1955 .1 .2
Congo! be
Bush Term Bldga Ss gu tax ex '30 A 0
1945 M N
By-Prod Coke 1st 531e A
Cal GI & E Corp unf de re 153_1937 MN
1940 J .1
Cal Pack cony deb 58
Cal Petroleum cony deb s f be '39 F A
1938 M N
Cony deb a f g 5348
Camaguey Sugar Ws of deposit
for let is
1942 Canada 55 L 1st & gen 68_1941 A 0
Cent Dist Tel 1st 30-yr bs_ _1943 J 0
Cent Hudson 0 & E bs-Jan 1957 M S
Cent III Elec & Gas let 59-1951 F A
Central Steel let get 8,----1941 MN
Certain-teed Prod 534s A__ _1948 M 8
Champ Corp cony 53 May 15 '47 M N
Ch CI L & Coke lst gu g 58_ _1937 .1 .1
Chicago Railways 1st bestpd
13 A
Sept 1 1932 20% part. PO
1943 A 0
Childs Co deb 5,8____
1947 .1 .1
Chile Copper Co deb Is
1968 A 0
Cln CI & E let M 413 A
1946 .1 .1
Clearfield Bit Coal 1st 45
1940 .1 I
Small series B
1938.7 .1
Colon Oil cony deb 6,
Colo Fuel & tr Co gen s I 58_1943 F A
Col Indus 1st & coil 58 gu. _1934 F A
Columbia G & E deb 58 May 1952 M N
Debenture 55
Apr 15 1952 A 0
Debenture as
Jan 15 1961 1 J
Columbus Ry PAL 1st 431s 1967.7 .1
1942 A 0
Secured cony g 53131
Commercial Credit 5165 A._1934 M N
Coll tr 13 f 534% notes___ _1935 J .1
Comm'l Invest Tr deb 5319.1949 F A
computing-Tab-Roo 8 I 6_l941 2 2
Conn Ry & L 1st & ref g 431s 1951 .1 .1
1951 .1 J
Stamped guar 4318
Consolidated Hydro-Elec Works
of Upper Wuertemberg 78.1956 J J
Cons Coal of Md let & ref 56_1950 J D
Coma Gee(NY)deb 5315_1945 F A
1951 .1 D
Debenture 431s
1957 J J
Debenture 58
Consumers Gas of Chic gu 5.1936.7 D
Consumers Power tat be C 1952 M N
1946 .1 D
Container Corp 1st Ets
15
-year deb fa with warr _1943 1 D
-Feb 15 1954 F A
Copenhagen Telep 56
Corn Prod Rag 1st 25-yr a f 58'34 M N
Crown Cork & Seal It 68._ _1947 J D
Crown Williamette Paper 88_1951 .1 J
Crown Zellerbach deb 58 w w 1940 M 5
1950 .1 J
Cuban Cane Prod deb 613
Cumb T & T 1st & gen be__ _1937 J J
Del Power de Light 1st 4315_1971 I .1
1969 .1 J
1st & ref 434s
1989 .1 J
let mortgage 4315
Den Gas & El L let At vete 1 531'51 M N
Stamped as to Penns tax 1951 M N
1949 A 0
Detroit Edison 58 ser A
1955.1 D
Gen & ref ba series B
1962 F A
Gen at ref M series C
Gen & ref 431s series D_ _1961 F A
1952 A 0
Gen & ref 5s aeries E
1940 M N
Dodge Bros cony deb 6a
Dold (Jacob) Pack 151 68..„1912 M N
1942 J .1
Donner Steel la ref 7e
Duke-Price Pow 1st 135 ser A_19138 M N
Duquesne Light 1st 431s A.1967 A 0
Ist.M g 431s series B___ .1957 M 8
East Cuba Sug 15-yr s f g 730'37 M S
Ed El Ill Bklyn 1st cons 4s.,1939 .1 J
Ed Elec(N Y) 1st coos g 5,3_1995 J .1
El Pow Corp (Germany) 83.1.'50 M 8
1st sinkIng fund 63131_ _ - _1953 A 0
Ernesto Breda Co let M Is,,,1954
With stock purchase warrants. F A
Federal Light & Tr 1st 58_1912 M 9
1st lien a f 5,9 stamped...
.1942 M 9
let den 6s stamped
1942 M 5
30-year deb 135 series B _ _ _1954 .1 D
Federated Metals.f 7s--- -1939 I D
Fiat deb a f g 78
1846 J 1
Fisk Rubber let at 1331
19 M 5
41
Framerican Ind Dev 20-yr73.1s'42 J J
Francisco Sug let a t 7%8.-1942 HI N
Gannett Co deb 613 ser A _ -.1943 F A
Gas& El of Berg Co cons g 609 I 13
09
_1934 M 5
Gelsenkirchen Mining
Gen Amer Investors deb 58 A1952 F A
1333_Gen Baking deb a f 5318_ -1940 A 0
1947 J J
Gen Cable let of 531s A
Gen Electric deb g 3318- - - -1942 F A
Gen Elec(Germany) 75 Jan 15 45 1 J
El f deb 8315
1940.7 D
20
-year s f deb 68
19488! N
Gen Petrol let a 1 5s
1940 F A
Gen Pub Bay deb 53.4e
1939.7 .1
Gen Steel Cast 5318 with wart'49 J .1
Gen Theatres Equip deb 6s 1940 A 0
Certificates of depadt
Good Hope Steel dr It sec 713_1945 A 0
Goodrich(B F)Co lat 830_1947 J J
Cony deb es
1945 1 D
Goodyear Tire & Rubb let 5.19578! N
Gotham SlIk Hosiery deb 85-1936 J 0
Gould Coupler lst 2 t 6s
1940 F A
Gt Cons El Pow (Japan) 78_1944 F A
1st & gen a f 631s
1950.7 J
Gulf States Steel deb 453.18._ _1942 J D
r Cash sales. a Deferred del very
Price
Friday
July 7.
Week's
Range or
Last Sale.
11_
eith
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 7.
:43
it
..,,„
July 8 1933
Price
Friday
July 7.
Week's
Range or
Last Sale.
4_
gM
ul
Range
Since
Jan. I.
High
High No. Low
Bid
AM Low
High No. Low
Bid
Ask Low
High
963
4 11
4
92 s 984
5
963 Sale 9612
8
21
____ 20 June'33 ____
21
Hackensack Water 1st 48-1952 .1 J
29
81
5
2712 57
5
2712 Hansa SS Lines 813 with warr_1939 A 0 33 Sale a3112 a33
2512 Sale 21
3
20
41 20
/
4
Harpen Mining 65 with stk purch
29
a52
39
7212
war tor nom stock of Am shs'49 .1 .1 51 Sale 50
334
5
3312 Sale 3312
18
4
3312
44 Havana Elec consol g 5s _A952 F A
--------412 May'33 ____
1
8
95
8
95 1012 95
8
34 1112
812
812
2
2
812 Sale
10
Deb 5348 series of 1926_1951 M S
28
25
25
127 2514
8
5
1
878 June'33 ____
912 Hoe(R)St Co tat 6318ser A_1934 A 0 26
9
8
24 June'33 ____
2418 29
1738 z24
70 Sale 697
85
12 754 Holland-Amer Line 68 (flat)_1947 M N
2
70
38
70
18
68
106% Sale 106
1068 35 100 4 108
3
Houston 011eink fund 6 31s._1940 M N 6712 Sale 66
77
43
274 45
10614 17 100 108
8
Hudson Coal 1st s f 58 ser A_1962 .1 D 43 Sale 42
106 Sale 1057
105
9 10138 10814
95
1949 M N 105 Sale 105
185
844 96
94 Sale 93
Hudson Co Gas 1st.59
34 10038 10412
104
60 May'33 ---55
59
57
60
Humble 011 & Refining 5s,..1937 A 0 10318 Sale 10318
--------50 Nov'32 ____ _ __ _ --__
8
1077
8 55 10058 1077
8
8312 17
75
Sale 824
8
87
8212
Illinois Bell Telephone ba _ .1956 .1 D 1075 Sale 1057
9.5 104
24
104
8
1940 A 0 1035 Sale 103
110
21 1013 112
110 Sale 10918
4
Illinois Steel deb 4348
26., 5812
30
34
4
4
114 ---- 1043 June'33 ____ 1043 11718 Bader Steel Corp mtge 631-1948 F A 34 Sale 31
947 June'33 ____
947 9712
8
--------158 Feb'33 ____ 158 158
Ind Nat Gas & 011 ref 5s
1936 M N 97 100
66
8912 52
8912
10
93 105
10214 Sale 10134 10214
1978 A 0 8912 Sale 88
Inland Steel 1st 431s
85
89
873
4 43
1961 F A 8712 Sale 87
10714 44
977
1063 Sale 10538
4
1st Ms f 43.18 ser B
8r1075g
403
69
4
47
69
8
1013
4 16
9712 105'2 Interboro Rap Tran let 50-1968 1 J 673 Sale 6212
1013 Sale 1015
4
•
*
4812 June'33 ____
51
42
46
1932 A 0
8712
10
-year 13.
29
33
2514
3314
14
2
2514
5
2712
2414 44
24 Sale 2014
Certificates of deposit ---- z,...
•
*
49
45
4712 Sale 4712
19
8412
10
-year cony 7% notes_ _1932 m i
52
71
122
71
70 Sale 6712
_
70
14
70 Sale 6712
37
Certificates of deposit
..
747
8
32
70
5
64
- N 64 Sale 6312
iiii 1111Interlake Iron 1st 5. B
2 100 1063 Int Agee Corp 1st & coil tr be
4
1058
105 10512 10538
55
59 June'33 ____
384 59
M N 53
024 9212
9212 19
9212 Sale 88
Stamped extended to 1942_ _
84
33 a50
83
1 as1
9412 lot Cement cony deb ba_ _ _1948 M N 8212 Sale 8112
92
92 Sale 92
5354 208
2414 533
4
/
1
4
96
16 a83
96 Sale 04
96
Internal Hydro El deb 68_1944 A 0 52 Sale 4812
5012 30 a2912 5212
8
Inter Mere Marine s f
_A941 A 0 493 Sale 498
623
4 62
4
39
6314
4 1314 Internal Paper 5a ser A &111_1947 J J 623 Sale 59
1212 1412 12 June'33 ____
133_4618 159
10
461
/
4
3
2312
1955 M 8 455 Sale 37
22
1034 2412
2312 25
Ref s f (is series A
53
131
1712 538
1057 107 10512 June'33 ____ 102 108
Int Telep & Teleg deb g 4 Ms 1952.1 .1 4912 Sale 474
2018 64 4
270
64
3
8 100 107
106
1939 1 J 6212 Sale 59
1053 Sale 10534
4
Cony deb 4318
54
18
198
5314 Sale 49
5514
1955 F A
50
25
63
63 Sale 6218
75
Debs 5s
75
4
8812 36
101
8612
5
701, 101
101 Sale 100
Investors Equ* deb 5e A-1947 1 D 86 Sale 853
8
8614 19
80
/
1
8612
26
574
5418 Sale 524
558 85
Deb 5s ser B with wart _ _ _1948 A 0 86 Sale 857
.
8812
8
75
108 2656
8612
1948 A 0 88 Sale 85
10512 Sale a974
6312 108
Without warrants
104
38
97 105 s
10314 Sale 10314
7
964 1044
10214 26
13_1957 J .2 10214 Sale 102
K C Pow & Lt 1st 431s ser
98 1053
*
•
*
1st M 43113
1961 F A 102 Sale 10112 10214 31
72
95
9
871
53
98
25
52 Sale 4912
53
Kansas Gas & Electric 4318_1980 1 D 8714 Sale 8718
16 Sale 16
10
17
137 4114
70
95
27
70 Sale 65
70
Karstadt (Rudolph) 1st 613_1943 M N
1
16
16
16 Sale 16
___
183
4
98
46
90 100
9714 Sale 97
Certificates of deposit
2012 50
17
50
Apr'33 __-35
45 ____ 38
Keith (B. F.)Corp. let 8s___1946 M 5 49 Sale 48
38
32
62
4
57
_- - --- ____
45 ____ ___
- Kelly-Springfield Tire 6s_ _ _1942 A 0 57 Sale 57
11
76
55
s
0
265 a32 - 7
-67
767
64 Sale 56
Kendall Co 5315 vrIth warr__1948 M 5 75 Sale 75
7012 68 June'33 ____
647 70,
8
2
34
66
36
65 Sale 60
67
Keystone Telep Co let bs_ _ A935 J .1 40
4
690
52
1912 52
51 Sale 3434
Kings County El L & P 513_1937 A 0 1043 10514 104 May'33 ___ 101 108
8714 75
1997 A 0 122 140 121 June'33 ____ 115% 135
88
8614 Sale 86
893
Purchase money 631
s
2
4
6812 7712
4
743
4
6812 89
13
87
Kings County Elev 1st g 43_1949 F A 748 753 743
86 Sale 8512
99 10512
863 119
4
1954 J .1 102 10512 102 June'33 ____
13612 874 Kings Co Lighting 1st 5s
8512 Sale 8412
39
94
84 0100
Sale 92
1954 J .1 11038 114 110 June'33 ____ 110 114,,
94
First and ref 634s
9514
8 a42
9514
9712 106
4 10254 13
102 Sale 1013
Kinney(OR)& Co 731% notes'36 J D 95 Sale 90
7612 32
3114 761
,
Kre4ge Found.. Cod ,, ,_ _,
1936 J 13 7612 Sale 74
97 10314 Kreuger & Toll class A ars of deo
2
1003 101 1003
4
4
4 1003
10
1478
1414 81
99
5
99 Sale 99
96 100
1959 M S 14 Sale 1314
for sec s f g be
75
10
973
10112 Sale 10012 10112 18
978
953 1047 Lackawanna Steel let 58 A 195() M S 97 Sale 97
8
s
7918 90
11
94
106 Sale 106
4 104 10818 Laclede G-L ref & ext ba._1934 A 0 94 Sale 917
10712
48
873
4
643
4 71
95
3
95 Sale 95
97 1014
Coll & ref 531s series C._.1953 F A 6412 Sale 61
8
6312
487 664
8
7
10
95 10112
983 101 10012 1003
4
Coll & ref 5348 series D....1960 F A 633 Sale 6338
21, 1314
31
912
10
94 Sale
Lautaro Nitrate Co Ltd 68._1951 J. .1
774 90
8912 8812 June'33 _
41
31
3012 86
3512 Sale 3512
Lehigh C er Nay a f 430 A,.1954 J J 87
78
89
81
25
25 Sale 18
818 25
Cons sink fund 43113ser C.1954 1 J 8614 894 88 June'33 ____
99% 997
13
8
- - - 997 May'33 ____
9812 10714 Lehigh valley Cool 18t 544_1934 F A
117
106
10512 Sale 105
64
5818 June'33 ____
57
45
6012
99
874 1017
157
99 Sale 98
1944 F A 99598
1st & ref sr bs
20
43
10
40
58
104
104 Sale 103
93 10512
1954 F A 40 Sale 3859
let & ref a f bs
25
1612 4212
1
41
41
41
1964 F A
11
102
1017 Sale 101%
8
97 1053
4
1st & ref a f 5s
22
41
1043 Sale 10359 10454 15
1974 F A ____ 3958 40 June'33 ____
97 107
1st & ref s I 5s
57
73
701 June'33 ____
/
4
7012 Sale 691
35
/
4
7012 18
8
75
193 2 J 7118 75
Secured 6% gold notes
s
51 Sale 51
76_1944 A 0 12312 12512 12312 12512 19 1177 1264
528 54
1654 54
Liggett & Myers Tobacco
1951 F A 110 Sale 110
11012 24 102 11012
75
75
77
4 a65
76
76
be
48
38
83
8412
1027 Sale 1027
8
8
1941 A 0 83 Sale 80
1 101 1044 Law's Inc deb s 168
102%
84
77
8418 78
7812 9014
7
993
4 11
9914 Sale 99
1952 J D
79
9978 Lombard Elec 78 ser A
40 810212 11412
111
1944 A 0 111 Sale 110
8612 10
8612 Sale 81
56
8612 Lorillard (P) Co deb 78
90 103
5
8
1951 F A 103 Sale 103
17
103
36
73
9
73
73 Sale 7212
944 10612
1017
8
22
*
•
Louisville Gas & El(Ky)58.1952 M N 10118 1017 101
10514 Sale 105
10514 21 100 107
Lower Austria Hydro El Pow
42
53
1944 F A ____ 4838 4612 June'33 __
1st sf 8315
94 10212
10112 Sale 1003
4 10112 11
2159 62
42
60
534541 J 13 544 Sale 544
894 99
9412 9614 94 June'33 ____
McCrory Stores Corp deb
2311 6512
8512 296
6
__ 10012 10114
9512 1013 McKesson & Robbins deb 530'50 M N 6312 Sale 6112
1005
8
4
*
•
9214 13
88 100
4
923
928
Menai Sugar 1st s f 731s-1942 A 0
34 Sale 34
88 r9654
35
31 35
b
94 June'33 __
92
95
Certificates of deposit_
*
*
10012 Sale 9912 101
27
854 103 4
3
Stamped Oct 1931 coupon 1942 A 0
2518 34
23 June'33 ____
3
2712
1004 Sale 10014
14
101
865 103
Certificates of
41
29
A
deposit- 45 3859 Sale 363
86
10014 Sale 99
4
393
844 1034 Manhat Ry(NY)cons.4s_1990 - 10014 22
__ . 36---_ 36
223 3812
8
4
36
75 100
963
4 41
96 Sale 954
Certificates of deposit
175 3114
8
113 2514 30
31 June'33 ____
84 103
8
10012 98
10014 Sale 993
2013 2 2d 45
9512 Sale 93
893 8954
4
4
70% 96
149
96
Manila Elec RR & Lt a f ba_ _1953 M 8 714 878 893 Mar'33 ____
753 Sale 7514
8
65
76
9
76
Mfrs Tr Co Ws of peak in
75
40
7412 71%
20
75
57
90
1
87
87
89
A I Namm & Son 1st 613.-1943 I D 72
86
254 59
79
26
97
57
43
4
79
773 Sale 7512
Marion Steam Shovel s f 8s._1947 A 0 567 Sale 55
7512 Sale 73
57
757
78
757
974 105% Market St Ry 7e ser A_AprIl 1940 Q J
/
1
10412 31
104 Sale 104
65
30
37
64
96 107
5
4
Mead Corp 1st tis with warr_1945 M N 83 Sale 63
1043 Sale 104% 1043
4
87 105
4 103
23
1957 A 0 103 Sale 1023
Merldionale Elec 1st 78 A
•
99
897
8
90
82
16
90
*
Mar Ed 1st & ref 5a set C 1953 1 .1 88
*
7112 90
16
82
95 10412
1
1968 M 8 82 Sale 81
1024
10214 Sale 10214
1st g 431s series D
777 79 June'33 ___
651 7
/ 9
4
_
8
Metrop Wat Sew & Dr 5315_1950 A 0 76
11012 113 1103 June'33 ____ 106 120
1334 30
1812 May'33 ____
11
1812
4134 Sale a3812
413
4 45
35
683 Met West Side El(Chic)4,.1938 F A
4
37 a32
871
/
4
33
88
4014 17
30
2
a3312
Mlag Mill Mach let it 70.-1956 1 13 33
40 Sale 3958
80
985
8
9
859 164
Midvale St &0 coil Ice f be 1938 51 5 9812 Sale 975
84
63
26
82
72
82
Mllw El Fty & Lt 1st be B
1981 I D 82 Sale 80
---- 7814 r8012 June'33 ____
1971 J J 82 Sale 8012
6
82
62
83
1st mtge 55
83
5
60
883
4
883
4 72
1943 J .1 883 Sale 86
7014 7458 7212
7312 Montana Power 1st be A
7238
1962 J D 6438 Sale 64
884 26
85
723
8
7012 16
7012 Sale 69
45
Deb be series A
6033
86
774 Montecatini Min & Agr10
5
753
75 4
3
7318 76
4
16 438714 984
48
1
4
90
1937 .1 .7 873 Sale 873
6912
8912
Deb g 7,3
5912-_ 694
81
7
781 91 12
/
4
914 10
99
99
975
8
Montreal Tram lat & ref 58_1941 J 1 9112 Sale 88
9414 100
594 a693
93 100 8
9
4
3
998
Gen St ref a 1 ds series A 1955 A 0 73 ____ 6912 June'33 ___
9912 Sale 994
•
8
685 685
8
8
*
Gen & ref 515,set B
1955 A 0 73 ____ 1383 Feb'33 ____
8 63
57
___ 63 June'33 __ _
94 102
29
97
Gen & ref a f 43113 ger C 1955 A 0 641
9512 Sale 9512
663 66%
4
85
68% May'33 ____
1012 5018
Gen St ref a f baser D
1965 A 0 73 245 June'33 ___
45
50
78
893
4
8914 10
1939 J .1 894 Sale 8712
Morris & Co lot a f 431a
8
____ 403 Dec'32 ____ -- -..
66
80
4
78
76 Sale 76
Mortgage-Bond Co 4s ea 2_.l986 A 0 25
01
69 24
91
1934 J D 90 Sale 8978
Murray Body 1st630
10414 105 103 June'33 ____ 103 103
943 1073
8
2
48
75
11
50
____ 494 48
Mutual Fuel Gas let gu g 58_1947 MN 10118 106 100 June'33 ____
73
85
98
85 June'33 ____
78
85
31
85 Sale 83%
Mut Un Tel gtd138 ext at 5% 1941 MN 81
85
97 10212
10212 14
4
10214 Sale 1013
38
7512 Namm(A I) te Son_See Mfrs Tr
29
75
7312 738 73
58
26
51
96 10214 Naasau Elea gu g 4a stpd.--1951 J J 58 Sale 57
5012
2
993
4
984 10214 995
6114
63
8114 May'33 ____
80
2914 6212 Nat Acme 1st a t 88
13
1942.7 D 65
37
36 Sale a35
7714 94
137
94
2812 5712 Nat Dairy Prod deb 5948_1948 F A 94 Sale 90
11
35
35 Bale 33
69
95
9412 119
1958 A 0 94 Sale 93
25
554 Nat Steel let call bs
43
34
33 Sale 3014
4 10212 107
105
34 101 105
Newark Consul Gas cone 58-1948 J 0 105 Sale 105
8
104
1033 Sale 1033
4
84
65
12
8212
84
7158 8718 Newberry (JJ) Co 531% notes'40 A 0 8312 90
8718 13
8718 Sale 87
17 100 1111
/
4
47
7912 New Eng Tel & Tells A_.,..1952 .1 D 10612 Sale 10612 107
7912 37
7818 Sale 78
•
964 10712
10312 18
8
1961 MN 1023 Sale 10238
lat g 4316 series 13
*
*
47
78
95
37
15
87
1
6
NJ Pow & Light 1st 431,3
18
1980 A 0 8612 Sale 86
412 Sale
4312 6412
40
61
37
8518 New Orl Pub Serv 1st 58 A_.1952 A 0 574 Sale 5714
2
38
38 Sale 38
4414 &us
16
60
82
91
First & ref 5s series B
904 41
1955 I D 57 Sale 57
9014 Sale 8912
45
63
9
61
N Y Dock let gold 48
1951 F A 6012 Sale 60
92 a3312 71
71
Sale 6912
70
26
47
22
47
68
913
4
Serial 5% notes
913 127
193) A 0 45 Sale 43
9114 Sale 8912
4
11212 48 1085 118
4
NY Edison let & ref 630 A 1941 A 0 112 Sale 1113
7412 87
1
85
85
8912 85
25 10114 108%
4 1063
let lien & ref ba series B___1944 A 0 10612 Sale 1053
•
*
*
5 683
26 101 10814
1061
1st lien & ref 58 series c_ _1951 A 0 101318 Sale 1057
8
37
16
65
6512 67
6359
8
8
N Y Gas El Lt H & Pawl' M 1948 J D 1095 110 109 June'33 ___ 1017 11238
31
63
17
63
573
4
60
64
101'z 42 89314 103
42
75
25
Purchase money gold 413_1949 F A 101 10112 101
76
75 Bale 73
•Look under list of Matured Bonds on page 293. z Holland-Amer. Line 69 1941 sold on May 3 at 29 "Cash."
New York Bond Record-Concluded-Page 6
-_
BONDS
N. Y. STOCK EXCHANGE
Week Elm..., .., .,
Z 1,
ta
-.....
4 ,-.,.'.
NYLE&WCoal& RR 5%8'42 M N
N Y L E & W Dock & Imp 58'43 J J
N Y Rye Corp Inc 60._ Jan 1965 Apr
Prior lien Os series A
1965 J J
N Y & Richm Gas let 60 A....1951 M N
NY State Eye let eons 444s A '62
Certificates of deposit
M N
50-yr let cons 6 44a see 0__1982
Certificates of deposit
N Y Steam 68 ser A
1947 M N
lot mortgage 58
1951 M N
let M 5s
1956 M N
N Y Telco lot & gene f 4%8_1939 51 N
N Y Trap Rock let 6s
1946 J D
Niag Lock & 0 Pow 1st 58 A_1955 A 0
Niagara Share deb 5448_ _ _ _1950 M N
Norddeutache Lloyd 20-yr s f68- M h
47
Nor Amer Cern deb 64413 A_ _1940 51 5
North Amer Co deb 5s
1961 F A
No Am Edison deb 5s ser A _1957 M 13
Deb 544s ser it.. Aug 15 1963 F A
Deb Ss series C___Nov 15 1969 NI N
Nor Ohio Trac & Light 65.1947 M 9
Nor States Pow 25-yr 58 A 1941 A 0
lot & ref 5-yr 65 ser 13..
1941 A 0
North W T 1st fd g 4448gid_1934 J J
Norweg Hydro-El Nit 5340-- 1957 51 N
Piled
.
Friday
July 7.
Week's
;
Range or
5:1
Last sale. .1:Z.
Brd
Ask Low
High
____ 95
75 May'33
____ 95 100 June'31
5
4
5 Sale
59
59 Sale 5858
101 10212 10112 10112
25
5
312
258
2%
Rang.
Since
Jan. 1.
Htgh
Ns. Low
____
75
75
____ ___ ____
146
% 53
4
25
32
60
4
9834 10514
1
212 31
2 June'33 ____
107 Sale 10612 10712 41
22
10012 Sale 10012 102
10012 Sale 10012 10112 34
10414 Sale 10314
10414 49
6112 Sale 57
6112 24
12
102 Sale 10012 102
67 Sale 638
81
67
4012 30
4012 Sale 39
30 Sale 293
5
30
4
75
827
82 Sale 8012
68
82
80 Sale a7912
825
8 15
8112 Sale 8112
76 Sale 76
84
80
10318
10112 10314 103
4
101 Sale 1003
4 10112 34
21
105
10412 Sale 10414
9312 100
93 June'33 __ _
57
80
793 Sale a7918
4
1
23
4
BONDS
.
N. Y. STOCK EXCH ANGE 211.,
..rt
Week Ended July 7.
Southern Colo Power 85 A_ A947 J .1
Stand 011 of N J deb 5s Dec 15'46 F A
Stand 011 of N Y deb 444s_ .1951 J D
Stevens Hotel lot Co series A _1945
Studebaker Corp 6% g not 1942 J D
Syracuse Ltg Co lot g 5s___1951 J D
Tenn Coal Iron & RR gen 53_1951 .1 .1
Tenn Copp & Chem deb 6813 193 M S
4
Tenn Elec Pow lot (Is
1947 J D
Texas Corp cony deb 5s
1944 A 0
Third Ave fly 1st ref 48
1960 J J
Ad)Inc 5s tax-ex N Y _Jan 1960 A 0
Third Ave RR 1st g 5s
1937 J J
Tobacco Prods (N J) 6448_2022 NI N
Toho Elec Power let 7s 1955 M S
Tokyo Elec Light Co Ltdlst, 65 dollar series
1953 J D
Trenton 0 & El lot g 68
1949 M S
Truax-Traer Coal cony 8445_1943 51 N
Trumbull Steel let of ea
1940 NI N
Twenty-third St Ey ref 58_ _1962 J J
Tyrol Ilydro-Elec Pow 7%8_1955 M N
Guar sec ti 1 78
1952 F A
293
Price
Friday
July 7.
Biti
745
8
4
1043
100
.485
Sale
Sale
Sale
3712 Sale
11018 112
102 Sale
72
80
8712 Sale
96 Sale
53 Sale
31 Sale
97
92
99 Sale
7014 Sale
Week's
;
Range
Range or
c.1:1
Since
O o
Lam Salk.
cc.;
Jan. 1.
----Hick No Low
Low
Nigh
7412
7512 10
59
81
104
105
123 100 105
9914
100
113
8814 100
*
•
3912 67
2014 4418
37%
11018
11018
5 103 11018
102
10118
6
97 10414
70 June'33
_
50
76
87% __8212
54
73 100%
96
9312
192
7714 96
50
53
57
38
53
3012
323 181
4
205 33
8
92
92
92
83
3
98
89 102
153
99
72
7014
18
41
7210
14 2
98 109
90 10412
90 104
9812 106
3878 83
94% 105
72
53
2818 60
4
603 Sale 5712
607 159
613
8
30
4
1018 30
10414 _ _ 103 June'33 ____ 1024 10
64
60
89
38 Sale 38
38
1
1512 40
64
87
803 807 80
8
4
80 7
8
6
3912 808
6134 893
s
21% _
15 May'33 __-15
15
84%
57
5 e
49 - 7 56 June'33 _--g
55
6311
88 1074
5812 June'33 _______ 57
60
6214
9015 1043
4
98 1064 Utigawa Elec Power of 7s
72
8
37% 72
1945 M 9 72 Sale 71
93
86
Union Elec Lt & Pr (51o)6314 81
Gen mtge gold 5a
1957 A 0 104 Sale 10312 10412 4
94 10412
38 100 105
103
Un E L & P (III) lot g 544s A 1954 1 J 10212 Sale 102
Ohio Public Service 744s A 1946 A 0 101 Sale 100
101
5
90 105
20 May'33 __ _,
145 20
Union Elev By (Chic) 58_
1945 A 0 17%
lat & ref 78 serlee 13
86 104
32
9814
9814 Sale 04
1947 F A
Union Oil 30-yr 6s A.
106 8
1942 F A 10618 Sale 10618
,
2
99'4 1064
Old Ben Coal let 68
35
14
39
35
347 28
33
8
,
1944 I A
let lien s 1 58 eer C__ _Feb 1935 A 0 10012 ___ 10012 10012
I
9812 100%
Ontario Power N F lst 55_ _1943 F A 100 Sale 99
17
100
9318 1013
4
9512
75
95 12 33
Deb 58 with warr_ __Apr 1945 J D 9512 Sale 93
Ontario Transmission lot 58_1945 M N
9512 98
9512
95%
1
897 1004 United Biscuit of Am deb68_1942 NI N 101 Sale 100
8
4 101,
8 21
95% 102
Oslo Gas & El Wks exti 55 1963 M
1
81
84
813 United Drug Co (Del) 58
4
67
7112
S 90 .L.- - 81
101
43
1953 M S 63 Sale 6218
Otis Steel lot NI Os ser A
912 4412 United Rye St L 1st g 4a ____1934 J J 20 Sale 16
62
42
194I M IS 4012 Sale 397
20
22%
24
14
Owens-Ill Glass s f g 58
99 103
1939 1 J --------10112 June'33 _ __ _
68
132
U 9 Rubber let & ref 5s ser A 1947 1 J 674 Sale 6414
2914 6812
Pacific Couet Co let g Is.
--------3212 June'33 __
23
35
-1946 J
8518
90
85
8518
United SS Co 15
3
75
88
-Year 68- -A937 M N
Pacific Gas & Elgen & ref 5s A '42 J D 1043 Sale 10438 105
9914 1063 Un Steel Works Corp 6448-A_1951 1 D 29 Sale 28
60
4
J
4
31
41
2612 6014
Par Pub Serv 5% notes_ _1936
60% 8812
13
4
NI 9 804 Sale 763
8014
313
8 16
Sec of 644s series C
1951 J D 2818 Sale 2818
2512 60
Pacific Tel & Tel 1st 5a
36 101 1073
106
1937 J J 1053 Sale 105
8
4
Sink fund deb 6445 ser A 1947 J .1 2712 Sale 26
3114 55
2412 Mile
Ref mtge 58 series A
1952 IS N 1053 Sale 105
4 32 10012 1083 United Steel Wks of Burbach4
1053
4
Pan-A ni SetCo(of Cal)conv 65'40 J D
*
•
1
4
Esch-Dudelange a 17e
9314 100
1951 A 0 983 ____ a9812 09812
CertifIcabe of deposit
25
3814 39
38 June'33 ____
387 Universal Pipe & find deb 60 1936 .1 D
__ 25
2512
3
26
10
32
Paramount-13'way lot 5%s__1951 .1 J
39
25
48
39
373 Sale 2718
4
4114 81
Unterelbe Power & 1.1ght 65.1953 A 0 4114 Sale 37
30
66 2
,
Certificates of deposit
35
35
32
2
35 Sale 32
7212 72
Utah Lt & Tree let & ref 58_1944 A 0 71
753
s
9
5212 7513
Paramount-Fam's-Lasky 68_1947 J D
25 Sale 131
412 268 Utah Power &Light let 513..1944 F A
267 114
8
7612 33
57% 77
7618 Sale 747
Certificates of deposit
7
1012 25
25 Sale 15
25
Utica Elec L & P
J 10318 10512 100 May'33 ____ 100 105
Paramount Publix Corp 544s 1950 F A
58 26 4 Utica Gas & Elec let e f g 58_1950 1 .1 105 Sale 105
,
2614 339
105
2
8
26 Sale 127
9912 10814
ref & ext 58 1957 J
Certificates of deposit
2518 Sale 14
712 25, Util l'ower & Light 514s
2518 41
8
1318 41
388 126
1947 J 13 3812 Sale 35
Park-Lex 1st leasehold 644s 1953
34 Sale 3112
35
99
Deb 5s with warrants
12
37
_1959 F A
Certificates of deposit
18
a3
2
1112
12
15
11
3018 ____ 258 June'33 ___ 145. 25 8
Deb 58 without warr
5
1959 F A
Parmelee Trans rli.b 88
1944 A 0 32
4
63 30
2
30
36
30
Pat & Passaic0 he El coils 5a 1949
M 9 10414 10512 104
10412
6 101 10614 Vanadium Corp of Am cony 513'41 A 0 60 Sale 69
6914 26
3434 713
4
Prithe Exch deb 7s with warr 1937
77
75
M N
76
75
8
47% 78
Vertientes Sugar let ref 75_1942
Pa Co go 334. Coil tr A reg_
_1937
5
16
9
16
168 1412
111 1718
Certificates of deposit
Guar 344s coil trust ser 13_1941 M A --------87 Nov'31_ -.-- -,....20
76
F
___
2112
7514 May'33 _
20
6
75
1012 20
18
Victor Fuel let s f 5s
1953 J J
Guar 340 trust ate C__
73
73 _ _1942 __ 73 May'33 _ __ _
J
74
8 1034 15
95 105%
4
Va Elec he Pow cony 5345.._1942 51 S 103 1043- 1023
Guar 3348 trust cue D _1944 J D
78
0 5112-- 793 June'33 ____
823o Va Iron Coal he Coke 1st g 5.1949 M S 60 Sale 50
60
4
473 60
8
3
Guar 4s ser E trust ctfa
80
1952 M N
84
82 - 8 84 June'33 ___
853
1011
27
9712 103
Va Ry he Pow let & ref 58_ _1934 J J 10114 Sale 10114
Secured gold 434e
91 Sale 8814
91
165
1
35
743 91
10
4
Walworth deb 8440 with warr '35 A 0 35 Sale 35
35
Penn-Dixie Cement 1st 68 1963 51 N
341 7434
A 1941 51 5 743 Sale 6814
12
4
743
4
__ _ 25 June'33 __,,
1614 25
Without warrants
A 0 24
Pennsylvania I'& L lot 4448 1981 A 0 9214 Sale 913g
93
79
76
lot sinking fund goer A__1945 A 0 3814 Sale 3412
9612
3812 48
813 3812
Peop Gas I,& C 1st eons 68_1943 0
A
10814 110 1093
1093
1 103 114
4
332
38
12
39
Warner Bros l'ict deb 6s____1939 M S 36 Sale 3513
Refunding gold 58
1947 51 5 100% Sale 100
90 10712 Warner Co lot 6s with warr_1944 A 0 27 Sale 26%
1007
8 20
27
31
10
27
Registered
51 5 _
_ ___ 96
Oct'32 ____ -.,,- ,,_-12% 24%
23 June'33 _--_
A 0 2618 50
Without warrants
Phila Co sec S. eerles A__ _1967
8734 40
68 -90
37
44
1312 384
Warner.Qutnlan Co deb 6s__1939 M S 37 Sale 3112
Philo Elec Co 1st he ref 434s_ 1967 J D 87 Sale 86
51 N 103 10314 103
10
10314
97 10513 Warner Sugar Refill lot 7s__1941 J 13 1057 ___ 1053 June'33 ____ 10212 108
4
8
1st & ref 4s
96% 31
1971
90 100
963 Sale 96
4
71% 54
30
7514
Warren Bros Co deb es
1941 M S 7112 Sale 68
Phila he IteadIng C he I ref 5s 1973 F A
J J 64 Sale 63
65
13
5 1005. 108
4
8
87
105
Wash Water Power s f 5s_ 1939 J J 1043 10514 105
4
('onv deb 68
1949 M S 57 Sale 513
57
4
135
3213 57
10714
7 102 1104
Westchester Ltg 58 stpd gtd_1950 J D 10714 Sale 10614
P1,111118, Petrol deb 55413._ _ _1939 J D
8712 Sale 8414
8712 101
8718 8712 West Penn power ser A 5
8_1946 M S 1053 Sale 1055. 1053
4
4 12 10013 108
Pillsbury F1'r NIIIIs 20-yr 68_1943 A 0 107
9
95 107
107
Sale 103
10618 22 100 4 109 5
1st 50 Berles F
,
1963 M S 106 Sale 106
,
Pirelli Co (Italy) cony 78_
al0018
_1952
8
4 0995 101
31
106
lot sec 52; series 0
99% 107
1956 1 D 106 Sale 10514
Pocah Con Collieries lot 8 f 68 '57 M N 10012__ al0018
60
1
89
6634
67 663
73
4
81 102
Western Electric deb Ss__ _1914 A 0 10012 Sale 100
1007
8 90
Port Arthur Car) he Dk 6s A.1953 J J
F A 694 Sale 69
6918
8
50
71
Western Union coil trust 58_1935 J
87
52
16
87
85% Sale 8512
lot m 68 series 13
1953 F A
71
71
69
74
71 May'33 __
Funding he real cot g 440_1950 M N
7618 40
3712 76,
7618 Sale 71
8
Port Gen Elec lot 444s ser C
4312 703
6612 85
1960
15
50
05
-year 644s
95
65
94 Sale 02
1936 F A
Portland Gen Elec let 58_ _ _ 1935 51 S 051 Sale 6312
7
94 101 18
25
99
66
82
-year gold 55
3812 82
1951 1 13 792 Sale 70
Porto Rican Am Tob cony 68 1942 J J 9514 984 984
52
18
1 .1
4412 Sale 4112
18
45
30
-year 58
3634 8012
8012 96
7912 Sale 77
.1961) M
Postal Teieg he Cable roll 58.1953
1618 54
303
J J 4812 Sale 453
50
8
Westphalia Un El Power 68.1953.1 J 29 Sale 2712
30% 61
2312 6712
Premed Steel Car cony g 68_1933
o
. 1
1
*_ Wheeling Steel Corp let 54.4s 1948 J
11
82
53
82 Sale 80
83,
5
Pub ScrY El he 0 1st & ref 4%8'67 J D 10218 Sale 102
10212 23
97 100
'4
lot & ref 4448 series B____1953 A 0 715 Sale 715.
8
let he ref 444s
73
4 18
415. 737
9714 105% White Sew Mach es with
10314 46
1970 F A 10212 Sale 102
405 ____ 45 June'33 ____ 027
8
45
warr '36 1 J
1st he ref 40
978
2 58
9014 1004
1971 A 0 9718 Sale 97
Without warrants
2212 4712
7
4712
4712 Sale 4712
J
Pure 011 5 f 544% notes
683 90
4
1937 F A 90 Sale 87
00 I 21
Partic of deb 68
49
2214 49
49 Sale 45
13
1940 SIN
8 1 54% notes
1940
873
4 45
634 87 4 Wickwire Spencer St'l 1st 78_1935
Purity Bakeries s 1 deb bs_ _1948 M 9 8712 Sale 82
8512
7
65
855
.1 J
8512 Sale 85
CU dep Chase Nat Bank__ __ ____
118 12
22
12
812
12
10
Radio-Keith-urpheum part Paid
75(Nov 1927 coupon) Jae 1935
ctfs for deb 118 he corn stir 1937 NI N _
-Ctf dep Chase Nat Bank_ __ _ NI N
75 1018
9 Sale
1018 25
7
Debenture gold 6f4
812 24
24
1941 J D 237 Sale 2214
8
Willyti-Overland
Sale 5014
8 17
35
525
795*
Remington Arms lot of 6s_ _1937
58 10(118 Wilson he Co lot of 63413...A933 NI 5 528 Sale 9712
9812 22
98 Sale 98
9912 26
s f 6s A_ _ _1941 A 0 983
8
84
Rem Rand deb 544s with war '47 M N
9912
68 01114 71
71
8
71 Sale 697
Youngstown Sheet he Tube 55 '78 .1 J 8018 Sale 7912
8018 133
52
50 4
Repub 1 he 9 10-30-yr 58 a f 1940 M N
3
65
June'33 ____
90
A 0 90
8618
95
1st nage of 5s ser B
807
42
1970 A 0 7912 Sale 70
Ed he gen 5145 series A.._1953 .1
5314 8112
J
70 2 23
,
30
75
Revere Cop he Brass Os scr A 1948 M S 7012 Sale 6818
493 8412
4
2
8412
8412 Sale 80
Ilheinelbe Union s f 7s
2 12 6614
20
37
1946 1 J
33 Sale 334
Rhino-Ruhr Water series 111953 1 J
109
31
2212 5712
31 Sale 27
Rhine-Waqiihalla El Pr 7s.1950 51 N
3 a42
58
77
58 Sale 53
(Negotiability Impaired by Maturity)
Direct mtge 68
20
42
1952 64 N
31
704
4112 Sale 4014
Cons 51 6s of 1928
304 7014
4134 (17
1953 F A
4014 Sale 38
Con NI ea of 1930 with warr '55 A
40
70
32
MATURED BONDS.
107
12 Is,
8
0 383 Sale 38
Price
Week's
Range
;
Richfield 01101 Calif 68
•
N. Y. STOCK EXCHANGE 1"i
1944 M N
•
Friday
Range or
g'9
Since
Certificates of deposit
1912 32
M N
4
27%
Week Ended July 7.
2614 Sale 2614
:..1:.. July 7.
Jan. 1.
Lass Sale.
az
Rime Steel let s f 78
3712 47
8
45
1955 F A
45
45
49
ElLow
Emil0&
1
gen NI 544s ser C '48 51 S 99 1041 10412 1041
9612 107
Foreign Gott. & Municipals.
514
High No. Low
Ask
High
Gen mtge 4345 serles D
1977 51 S
897 90 4 Nlexico Treas 69 assent large '331 J
8
3
_ 89% June'33 ____
334 11 14
Gen mtge 50 series F
96 10514
l0Ii 11
1962 111 S 1004 1131 101
Small
- J J
314 1012
912 113 1114
11 14 11
Roch he Pitts C he 1 p m 55_1946 M N
83
___ 05712 May'33 ____ 05712 a5712
____ ____ 1012
1012
5
Royal Dutch 45 with warr_ _1945 A 0
94
83
128
94
8
Railroad.
94 Bale 903
Rohr Chemical a f es
1948 A 0 ____ 40 a3018 a3018
62
Balt & Ohio cony 46s
1 x38
1933 M S 07 Sale 9514
67
24
97
97
Chic & No West deb 53-1933 61 N 86
58
88
87
87 June'33 ____
St Joseph Lead deb 5448..
81 109
1941 M N 10812 Sale 10712 109
141
Registered
M N ____ _ _ 80 May'33 -- 59
80
St Jos Ity 1.t lit he Pr lot - 6_1937 SIN 85 Sale 80
5
85
Galy Hous de Bend lot _ _1933 A 0 84 Sale 84
6
84
55
10
84 7
8
St I. Rocky 51t he P55 stpd _1955 J J
3018 45
4
45
42 _ _ 45
Norfolk South 1st. he ref 58_ 1961 F A
5s A.
122
1412 Sale
15
212 15
84
Ht l'aul City Cable cons 5s..1937 J_
42
61
St Louis Iron Mt he Southern
48 Apr'33 ____
_ 50
Guaranteed be
60
1937
55
.1_
50 May'33 _
Ely AG Div 1st g 413
60
1933 MN 61 Sale 57
3538 61
270
61
San Antonio Pub Fiery 151 60 1952 .1
88 June'33 ___
36E
-i 8 99
7414 92
Seaboard Alr Line 1st g 48_1950 A 0 263 Sale 22
s
263
8 26
8
115 263
Schuleo Co guar 614s
25
50
3612 __
1946 J J
36 June'33 _
Gold is stamped
1950 A 0 2412 Sale 22
2612 28
615 2612
Stamped (July 1933 coup om40 Sale 4014
2012 50
1
4014
Refunding 4s
14
1959 A 0 15 Sale
4
4
138 163
163 272
8
Guar of 644. series B
28
50
1948 --- A 0
All he Birm 30-yr lot g 4s.._1933 NI S 28 Sale 20
_ 41
40 June'33 ____
31
6
34
31
Stamped
40
....
585
8
40 June'33 __
___ 50
Sharon Steel Hoop s f 5448._1948 jr'. -55
10
10
56
56
Industrials
_7.- - 5_5_
Sheel Pipe Line e f deb 5s___1952 NI N
89
894 Abitibi Pow he Paper lot 5s 1953 J D 304 Sale 253
66
895
8912 Safe 50
4
10 4 324
3
3218 215
Shell Union 011 s f deb 5. ___1947 M N
65
835 American Chain deb s f 6s
8 27
8
833
8
1933 A 0 6414 70
835* Sale 785
75
68
38
15
75
Deb 58 with warrants_._1949 A 0 834 Sale 79
6312 833 Chic Rye 5s stpd 20% part paid__ F A
4
831 56
63 Sale 613
63
4
49
7
63
Shinyetsu El l'ow lot 6 %s__1952 J D 59
ba
28
25
Cuban Cane Prod deb as__ _1950 J .1
63
58
70
4
54 63
618 Sale
414
63 699
4
Siemens & lial5ke s f 78___ _1935 J J _2
7312 96
June'33 ___
East Cuba Sug 15-yr e f 87448'37 51 5 183 Sale 173
a754
4
2% 20
61
20
Debenture g f 6%a
51
3:1
49
8212 Fisk Rubber lots f 8.1
1951 M s :10is Sale
1941 Si 5 75 Sale 72%
7512 34
76
45
Sierra he San Fran l'ower 54_1949 F A 98 Sale 49
22
Gen Theatres Equip deb 65_1940 A 0
08
97
915* 102
43
55. Sale
1
5% 65
7
Silesia Elec Corp of 84411- -1936
2612 6912 Gould Coupler 1st s f Gs
304 14
304 337 2812
1943 F A
F A
16 Sale 1112
47 164
1612 49
Silesian-Am Corp coil tr 70_1941 F A
431 Interboro Rap Tran 68
32
5
3512 Sale 3412
365*
1932 A 0 28 Sale 26
12
105
30
30
Sinclair Cons 011 15-yr 711_ _1937 M S 102 Sale 101
102
9014
89
102
113-year 7% notes
1932 M 5 70 Sale 6718
5112 71
142
70
let lien 614s series 11
8812 102
Menet! Sugar lot of 734s...1942 A 0 24
19381 D 101 Sale 987
66
102
8
31
5
34
Sinclair Pipe Line a f 58
103
19
1942 A 0 1023 Sale 1023
Stroud Oct 1931 Coupon_1942 A 0
4
9912 103%
4
6
_ _ 25 June'33 ____
25
2
Skelly Oil deb 534o
5915 8214 Pan-Am Pet Co (Cal) cony 68'40 J D
824 28
1939 M 9 824 Sale 80
3814 Sale 3814
25% 397
3814 16
8
Solvay Am Invest 5m tier A_ _1942 M 13 98 Sale 97
9912 75
87
9912 Pressed Steel Car cony g 5s _1933 .1 J 54 Sale 53
3514 fd.)
19
54
South Bell •ret he To lot 8 f 58 '41 .1 J 1057 Sale 10514
99 107
56
106
Richfield 011 of Calif 68
8
1944 M N
28 Sale 27
4
323
21
2812 41
!Tweet Bell Tel let he ref 5a_ _1954 F A 10612 Sale 10512
10612 118 100 10712 Stevens Hotels series A
1945 J J
2514 Sale 2278
2538
10
253
8 77
a
Matured Bonds
r Cash gales
a Deferred delivery. z Option51 sale, July 6 $1,000 at 3018. • Look under list of Maturod Bonds on this page.
Financial Chronicle
294
July 8 1933
Outside Stock Exchanges
-Record of transactions
Boston Stock Exchange.
the Boston Stock Exchange, July 1 to July 7, both
at
in-
clusive, compiled from official sales lists:
Stocks-
Sates
Friday
Last 1Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Railroad
Boston & Albany
111
100 120
100 6331 6334
Boston Elevated
Boston & Maine
CI A 1st pfd sted_ _100
2534
Class A 1st preferred 100
22
Cl B lot pref. stmpd_100 29
29
Class B 1st preferred_ 100
28
Ci C 1st pref strnpd_100 294 2654
Class C 1st preferred..100
25
Class I) 1st prof stpd_100 49
35
Prior pre! stpd
4934
0 55
10
l'referred stamped
100
16
East Mess St Rya com_100
2
100
1st preferred
8
Preferred B
455
100
Maine Central
12
21
100
Preferred
NYN Eleven& Hartford100
293-4
Norwich & Worcester__100
9355
100
Old Colony RR
89
Pennsylvania RR
50 414 3254
100
Vermont & Mass
96
Miscellaneous
Am Continental Corp com554
54
25
255
255
Amer PneU Service
50
555
Preferred
lot preferred
25
50 25
100 13155 12854
Amer Tel & Tel
Amoskeag Mfg Co
8
9
16c
1 22e
Andes Petroleum
Bigelow Sanford Carpet
29
Boston l'ersonal Prop Trust 13
12
Mown Co6% cum pref_ 100
12
10
East Boston Land
75c
East Gas & Fuel Assn
Common
10
113-5
100 5955 57
6% cum pref
624
434% prior preferred 100 64
16
16
Eastern Steamship LinesPreferred
404
• 4055 '
100 1644 162
Edison Elec Ilium
Fluployers Group
955
934
2334
25
General Capital Corp
654
sy,
Gilchrist Corp
Gillette Safety Razor
1455
30
Hathaway's Bakeries pref. 30
24
Ilygrade Sylvania Lamp Co
Hygrade-Sylvania Lamp pf
80
International Hydro Elea_
955
Libby McNeil & Libby.6%
25
555
Loew's Theatres
255
254
Mass Utilities Assoc v t c__
12754
Mergenthaler Linotype 100 29
_
3
New Engl Pub Service__ __
__New Eng Tel & Tel-- 100 9455 9355
100 2755 27
Pacific Mills
14
By Light & Securs Co
155
Recce Folding Mach Co 100
955
Shawraut Assn tr et's.-- -• 10
1651
Stone & Webster
25 204 2055
Swift & Co
Torrington Co
• 3655 3654
1134
5
Union Twist Drill
2
United Founders com-___•
274
25 5455 494
U Shoe Mach Corp
Preferred
25 32
3174
1135
Waldorf System Inc
184
• 1954
Warren Bros Co
Range Since Jan. 1.
Low.
High.
Jan 120
80
5354 May 70
July
Feb
120
643-1
150
650
27
22
33
28
2974
25
49
55
16
231
8
8
12
31
334
9355
8954
424
98
67
25
32
10
230
46
240
383
10
110
5
103
60
285
810
13
15
2,660
24
G
12
10
20
8
25
1455
17
6
20c
14
55
34
15
115-4
78
73
10
89
Feb
May
Apr
May
Apr
July
Jan
Feb
Feb
Jan
Jan
Jan
Apr
May
Mar
May
Mar
Feb
Feb
27
22
33
28
2974
25
49
55
16
255
8
8
12
31
3331
9355
91
423.4
98
June
June
July
July
July
July
July
July
July
July
June
July
July
July
July
July
June
July
July
534
235
64
25
134
9
22c
30
13
13
730
625
1,735
425
18
3,626
1,260
7,320
255
25
320
10
3
25e
1
74
8634
155
Sc
6
7
14
50c
Feb
634
Mar
235
63,4
Apr
Feb 25
Apr 134
Mar
955
Apr 33c
Feb 30
Mar
13
Jan
13
Apr
134
June
July
July
June
July
June
June
June
July
June
June
1134
5955
64
17
42
165
955
25
654
1831
30
243-4
80
1035
655
555
3
30
34
95
2955
14
14
10
18
2131
39
1114
2%
55
32
1155
214
35-1
570
499 354
121 54
826
5
65 2654
276 133
5
106
505 134
25
134
955
5,006
15 153-4
185 12
20 64
24
406
14
100
5
5
534
14
275 1555
155
125
789 67
2,302
54
25
8
10
1
655
1,420
1,974
534
1,987
7
240 22
110
6
3,410
51
3,637 33
205 303-4
54
170
4.325
274
Mining
251
8%
854
8
25
Calumet & Hecla
3,258
4% 63-4
26
63-4
Copper Range
1,385
255
2
25
27
Isle Royal Copper
%
550
735 7%
21
Mohawk Mlning
60
2431 25
New River Co pref_ _ _100
6
235 23-5
5
Nipissing Mines
6,653
80c 99c
Mc
North Butte
2.50
155
20
155
155
25
Old Dominion Co
965
164 17
Pond Creek Pocohontas Co 1631
3,145
2% 4
25
33-4
QUIney Slitting
265
1% 154
Utah Apex Mining
5
134
6,687
Utah Metal & Tunnel...-1 90c
61c 95c
Bonds$1,000
Arnoskeag Mfg Co 6a_1948
62
62
2,000
39
39
Brown Co 535s
1946
1,000
Chic Jet Rys Stk Yds 4s '40 8955 894 894
3,000
973-4 98
Chic Jet fly & Un Stk Is'40 98
v ryt.,‘ Stun «s, A 4 tcs'48 33% 11 324' 35% '6,000
*No par value. x Ex-dividend.
Apr 12 June
Apr 64 June
Apr 69
Dec
July
17
Jan
July
Apr 42
Jan
Mar 183
Jan
1051 June
Mar 26
June
May
7 June
Apr 204 Jan
July
May 30
Feb 2455 July
July
Jan
80
Apr
107's June
7 June
Jan
Jan
May
8
Apr
354 June
Felt 3455 June
Jan
4
Mar
June
June 95
Mar 294 July
July
Mar 14
154 June
May
Jan
10 Slay
July
Feb
18
Feb 2355 June
Apr 40 June
Mar 1231 June
Apr
251 June
July
Jan 55
Jan 3255 June
Feb
1355 June
2254 June
Feb
154
14
35
7
755
85c
20e
4011
955
30c
31c
25e
Feb
Apr
Jan
June
Apr
Jan
Jan
Apr
Jan
Feb
Jan
Jan
94
64
23-4
134
25
3
155
174
1751
454
151
93o
June
July
July
Pet
July
June
June
JUDE
June
Jun(
Jun(
July
31
17
82
93
24
Feb
Mar
May
May
'Jan
65
45
91
9855
353-4
June
Jun(
let
Fel
J1113
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, July 1 to July 7, both inclusive, compiled from official sales lists:
VStocks-
sates
Friday
Last Week's Range far
Week.
Sale
of Prices.
Par. Price. Low. High Shares.
,
Abbott Laboratories corn_• 3855
Acme Steel Co cap stk _25 3935
Adams (J D) Mfg coin
•
•
Adams Royalty corn
Allied Products Corp d A.• 1955
American Pub Serv pref 100
455
Asbestos Mfg Co
.1
Assoc Tel & Tel 7% pf.100
com_Associates Invest Co corn.*
Assoc Tel URIm
•
Common
$6 cone pref A
•
Automatic Washer conv pf•
Bastian-Blessing Co corn.' ..1231
Bendfx Aviation com____• 20
13ergbol Brewing Co___.1 15
Slinks Mfg el A oonv pref *
Borg-Warner Cory cora_10 204
Brach & Sons(E J) cons__•
Brown Fence& Wire
•
Class A
355
Class II
•
•
Bruce Co (E L) corn
Butler Brothers
10
555
• 24%
Central Ill PS pref
Cent-III SecurConvertible preferred..'
- ... o.., .a., .. rrs.. 1 4 -1
..
.
.
-
Range Since Jan. 1.
Low.
High.
36
3755
4
4
19
8
455
7
4255
384
3931
4
4
20
10
44
7
45
450
750
50
50
800
100
2,450
10
150
2131
10
4
1
4
255
2
1
31
Jan
Feb
July
Feb
Slay
Apr
Apr
Apr
Mar
3854
3955
1174
4
2454
134
755
7
45
July
July
June
June
June
June
June
July
July
54
255
154
12
1854
1355
2
194
8
4 4,550
20
255
50
154
4,400
13
20% 17,300
25,950
17
270
4
2155 23,800
400
855
51
.55
1
3
654
12
1
555
355
Apr
May
Apr
Feb
Feb
May
Apr
Feb
Apr
135
434
154
1551
20%
1835
8
2131
10
June
Jan
July
June
July
June
June
July
June
44 Feb
Jan
1
455 Jan
14 Feb
1431 May
1055
455
1755
634
333-4
June
May
June
June
Jan
7
7
355 335
,
16
17
555 6
24
26
635
674
L.(
U
50
250
250
8,450
170
150
5110
5
Feb
te mar
8
1
June
June
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par, Price. Low. High. Shares.
Central Pub UM
•
Class A
54
Cent S W Util•
Common
Prior lien preferred_
•
•
Preferred
Chain Belt Co corn
• 1754
.5
Cherry Burrell Corp corn..
Chic City & Con Rys reM*
Peale prof ctfs of dep "
155
Chicago Corp
•
44
Common
• 32
Preferred
Chicago Mall Order com_5 164
Chl & N WRY com____100 1551
Chicago Rys100
Panic ctfs "2"
Chicago Towel cony pref.'
Chicago Yellow Cab can- •
4
Cities Service Co com.._
Club Aluminum Uten Co.'
Coleman L'p & Stove com•
Commonwealth Edison 100 684
Consumers Co
Common
5
100
6% prior pref A
Continental Steel corn_ _ _• 113-4
Cord Corp
6 125-4
Crane Co
25 1034
Common
100 52
Preferred
5
Curtis Lighting Inc com__*
Dayton Rubb Mfg Acorn.*
• 15
De Mets Inc pref w se...
84
Dexter Co (The)
__5
Eddy Paper Corp (The).•
com_Elec Household Util Corp 5 12
1054
Gardner-Denver Co com.
Godchaux Sugar 01 B- •
Goldblatt Bros Inc com__• 253-4
Great Lakes Aircraft cl A.
•
15/
Great Lakes D & D____• 1731
154
Greyhound Corp corn _ _•
3
•
Grigsby Grunow Co com.
Hall Printing common. 10
951
Harnischfeger Corp corn_ •
IIart-Carter cony pref..
•
7
Hart Scher & Marx corn100 25
Hormel & Co common_.• 20
Houdaille-Hershey cl B__•
554
•
Class A
Illinois Brick Co cap___25
Illinois Nor CBI pref__100
Mop l'neum Tool v t c_ •
Iron Fireman Mfg v t
7%
Jefferson Electric com
• 114
Kalamazoo Stove corn
• 2855
Katz Drug Co common_l
Ken Rad Tube & L com A•
Keystone St & Wire com.
14
Libby McNeill & Libby
Common
10
7
Lincoln Printing Co coin.'
355
Lindsay Light Co corn 10
4
Lindsay Nunn Pub $2 pref•
Lion Oil Ref common.._•
8
Lynch Corp com
5 3155
McGraw Elec com
44
Met
-Nay-Norris Mfg corn • 4355
8
SleWilliams Dredg com .
34
Slanhattan-Dearb'n corn.
Marshall Field common- -• 174
Sler & Mfrs Sec A coin.
2
..8
Mickelberry's Food Prod
Common
655
1
Middle West CBI new...'
74
•
$6 cony pref A
Midland United
•
Common
255
Convertible preferred-.
Midland Utilities Co
7% prior lien
100
Preferred 7% A
100
Modine sits Co com
•
Monroe Chemical corn_ _ _*
3
Mosser Leather Corp corn •
84
Muskegon Motor Spec A.
Nachman Sprined com- •
Nat! Leather corn
10
255
Nat'l Sec Invest Co corn..)
Nati Standard coin
• 2255
Nat! Union Radio corn__ _1
2
Noblitt-Sparks Ind com..• 2735
North Amer Car corn_
•
955
Northwest Bancorp corn..
•
Northwest Eng corn
I'arker l'en Co corn
Perfect Circle (1 he) Co..
26
Pines Winterfront com___5
24
Potter Co (The) cone_ •
Prima Co common
• 26
Process Corp coin
314
•
Public Service of Nor III
• 34
Common
Common
100 3254
6% preferred
100
Quaker Oats Co
• 140%
Common
Preferred
100 115%
Railroad Shares corn
154
Rath Packing Co corn. _10
Reliance Internet Corp A_•
Reliance Mfg Co
Common
10
Ryerson & Sons Inc corn.• 1951
Seaboard Uttl Shares_ _ -•
1
.
Sears. Roebuck & Co corn • 4454
Maier Co (The) el A___-*
514
Signed° Steel Strap
Preferred
30
Southern Union Gas corn.*
14
Standard Dredge
Common
•
234
Storkline Fur cony pfd..25
514
Studebaker M Ord cl A_ •
Common
•
Super Maid Corp com_ •
455
Swift International
il5 29
Swift & Co
25 2055
Thompson (J It) man _ _25 12
20 Wacker Drive Bldg
$6 preferred
•
United Gas Corp corn....!
6
United Ptrs & l'ubs
U 8 Gypsum
20
Preferred
100
Range Since Jan. 1.
Low.
High.
1
June
335 14,050
190
23%
120
18
20
1735
10
5
200
55
1%
100
1
855
5
9
455
55
1
Feb
Feb
Mar
Mar
Jan
Jan
June
2271
5
1754
8
55
234
JunoP ley
a
July
Apr
May
May
454 43,400
4
15,900
2754 32
19% 9,050
15
9
16
16,800
1
12%
144
154
Feb
Apr
June
Apr
JuneJu
July
32
5
194 July
July
16
70
.14
14
6755 6755
20
1,000
1355 154
455 455 13,300
100
14
31
8
100
8
6454 6855 3,150
4
5936
6
2
4
655
50
May
Jan
Apr
Feb
Feb
May
Mar
67%
2215
651
151
8
82
May
May
July
Jan
55 Apr
155 Apr
6
Apr
454 Jan
154
6
12
1254
Slay
July
May
June
35
2%
2135
16
174
5
1-4
135
14
700
1
35
600
40
555 6
9% 12
1,000
11% 1255 58,750
55 Feb
9
4955
235
4
1355
7
11%
1154
9%
634
2454
151
16%
1
24
7%
10
0
18
19%
555
12
755
62
16
754
954
2854
23%
354
13
1155
7,950
440
53
110
5
4
50
15
90
530
8%
15
150
1254
1,200
120
1054
450
7
26
1,850
14 2,050
1855 2,800
14 17.650
3% 34,700
974 8,900
10
100
850
7
25
180
20
300
555
1,800
12
100
100
754
62
10
16
100
8%
800
1154
1,100
600
30
500
25
50
351
1,000
16
3
15
254
1
435
2
155
3
734
%
10%
51
64
55
34
34
24
355
5
12
1
355
355
5355
631
3
34
4
1734
151
4
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
May
Mar
Mar
Feb
Feb
May
Apr
Mar
Mar
Jan
May
Feb
Feb
Mar
Jan
Apr
Apr
Feb
Mar
Feb
Mar
Feb
Mar
6
151
334
4
554
3135
44
4355
144
3
17
2
754 6,300
1%
390
350
3,55
150
4
8
1,900
3355
1,550
4,54
500
434
100
1455
150
100
335
12,900
18
200
2
14
1
155
2
14
8
155
234
7
1%
455
55
Feb
Jan
Feb
Jan
Feb
Feb
Apr
Feb
Jan
Mar
Feb
May
655
55
255
7
55
24
1,050
5,350
50
24 Feb
4 Jan
55 Feb
1
155
13.4
24
2,300
750
354
24
15
3
84
755
8
255
255
22%
2
28%
7
94
9
7
26
251
251
2854
4%
40
100
50
50
10
130
50
3,500
250
251
.250
500
300
2,300
150
50
500
50
400
8,000
950
55
955
255
5
255
3
ill
1
55
10
1
Feb
Jan
Apr
Apr
Jan
Apr
Mar
Mar
Mar
Feb
May
Mar
Apr
Feb
Jan
Ape
Jan
Feb
May
Feb
Apr
34%
32
32% 34
65
65
2,250
550
140
16
16
3755
Apr
Apr
Apr
11% July
53 Slay
July
6
5 Juno
July
15
July
15"
1355 June
1055 July
855 Juno
2755 June
2
June20
Slay
255 May
June
94 J uly
3
1055 Juno
83-5
25 jull y
Ju e
'
21
Juno
14June
64 june
4
May
8
66% Feb
June
16
855 July
1155 July
3755 Juno
27% June
4% June
16 ri
4 e
72
651
8
36
16x
6
4354
138 14054
11454 11551
14
151
26
25
454
454
3
1
654
2
1%
154
351
4
55
Mjjuuanlyye
May
Apr
July
May
,I uu y
m ne
July
June
5
June
18
255 June
% May
% Apr
3
254
15
2%
855
6
8
14
24
22
154
27
5%
851
9
7
2454
2%
2
26
354
Janiy
July
731
,
3
)y
June1,1sSlay
Juno
451
8
1555
4,55
10
3
755
10
Slay
jjuunne
Jnue
May
June
June
i,lay
June
Juno
June
Juno
July
Slay
14
8
Suny
J e
June
10
8% May
274 June
34 June
33-4
i%1a
6 'e
8 j n
Jun2
34 Slay
251
25
3
2855
48
47
85
Jan
Jan
Jan
Felt 14055 July
480 63
Jan
Apr 117
26 106
June
55 Jat
2
2,85
May
20
27
15% Jan
20
454 June
155 May
17
19%
1
3954 46%
5,4
30
30
1.75
4,50
100
Fel
6
755 Mar
31 Mar
134 Feb
555 July
8
35
70
50
1855
20
14
4655
6
June
May
May
July
May
Feb
4
34 Jan
16
19
754
.4
100
254 254
100
554 54
1,000
55
54
700
3.1
54
4
454 2,600
7,150
284 30%
184 2134 19,950
114 134 3,100
%
%
5
6
1
. 1
4634 4654
11455 11455
54
355
55
54
31
124
7
655
Mar
Jan
May
Slay
A pi
Feb
Feb
Mar
48114 JunoMNlay
May
8
June
2
J no
5"4 Ju ne
u
3254 June
June
23
1555 June
54 Juno
51 Feb
10
2
Jai
550
July
6
1
50
54 re
Mar 46% July
100 18
June
10 10155, Apr 115
Volume 137
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High Shares.
U El Rad & Tel corn
•
Utah Radio Prod corn._ _•
Util & Ind Corp
•
Convertible preferred_.•
Viking Pump Co coin....'
Vortex Cs.p Co corn
•
Wahl Co corn
•
Walgreen Co common_ _ •
Ward (Monte) & Co Cl A.'
Waukesha Motor Co com •
Wayne Pump Co
Common
•
Wleboldt Stores Inc corn..
•
Williams 011-0-Matie corn*
Wisconsin Bank Share,
Common (new)
•
Wolverine Portl Corn cap10
Yates-Amer Mach pt pi
Zenith Radio Corp corn. •
22%
251
6%
8%
19%
1%
12%
651
2%
Bond.
Chic City Rys 5s ctfs_1927
Chicago Railways
1st ridge 5s
1927
1st mtge 5s ctts of dep '27 62%
5s series A
1927
208 So La Salle St Bide
51
-Is
1958
• No par value. z Ex-dividend
18% 23% 21,600
154 2
800
1,250
231
554 6% 2,900
4%
140
8% 8%
850
400
134
18% 20% 9,350
78% 79%
340
40
44%
50
1%
134
12% 13%
3
3
6%
334
2%
2
6%
4
3%
2%
200
40
10
65
22
3,510
700
56% 56% 81,000
Range Since Jan, 1.
Low.
6%
54
%
134
3
4%
,a
11%
47%
12
Feb
Jan
Feb
Mar
Mar
Feb
Jan
Feb
Feb
Feb
Ugh.
23%
2%
3%
7
656
10%
1%
20%
80
45
July
June
June
June
June
June
June
July
June
June
14 Mar
4
Apt
May
2
2% June
14% June
4% June
3
13;
16
16
Apr
June
Jan
Mar
Jan
10
4
July
3% July
May
Mar
56% July
42
62
62
60% 62%
18
18
1.000
6,000
2,000
Mar
49
48% Mar
11
Jan
62% June
62
j
3434 3436
1,000
183.1
34% July
Feb
23
May
Toronto Stock Exchange.
--Record of transactions at
the Toronto Stock Exchange, July 1 to July 7, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Abitibi l'r& Paper cons_
6% preferred
100
Alberta Pacific Grain A
Preferred
100
Beatty Bros
Bell'Telephone
100
Blue Ribbon Corp corn_ •
Brantford Cord 1st pret_25
Brazilian T L & Pr cons. _ _*
Brit Col Packers corn_
•
Preferred
100
Brit Col Power A
Building Products A
Burt N Co com
25
Brewers & Distillers
Canada Life
100
Canada Bread corn
tat preferred
100
13 preferred
100
Canada Cement cons
•
Preferred
•
Canada Steamship pref_100
Can Vire & Cable 13
•
Can Car & Fdry
Preferred
25
Canadian Canners corn_ __•
Cony preferred
•
lot preferred
100
Can Dredging & Dock coin'
Can General Elec corn. _50
Preferred
50
Can Industrial Alcohol A__•
•
Canadian 011 corn
Preferred
100
Canadian Pacific By_ ___25
Cockshutt Plow coin
Conduits Co corn
•
Consolidated Bakeries...*
Consolidated Industries..'
Cons Mining & Smelting_ 25
Consumers Gas
100
Cosmos Imp'l Mills corn...*
Crow's Nast Pass Coal_100
Dominion Stores corn_ _ _ _•
Economic Investment_..50
Eastern Steel Prod corn_ _.•
Easy Wash's Mach com__•
Ford Co of Canada A....'
General Steel Wares com_•
Goodyear T & Rub prof100
Gypsum, Lime & Alabast _•
Hamilton Cottons pret_.30
I I hide & Dauche Paper....'
limits Limited B
Intl Milling 1st pret__ _100
international Nickel corns.
Intl Utilities A
13
•
Kelvinator of Can corn_ •
Lake of NVoods Millg coin_*
Laura Secord Candy coin.*
Loblaw Groceterlas A. •
•
Maple Leaf 1)1111g corn.. _ _*
Preferred
100
Massey-liarris cons
•
Monarch Knitting pref_100
Moore Corp corn
A
100
II
100
Nluirheads Cafeterias coin •
n•ange Crush cons
•
2d preferred
•
Page-liershey Tubes corn.'
Photo Engravers & Elec..'
Pressed Metals corn
•
Riverside Silk Mills A....'
Simpson's Ltd pret_ _ _ _100
Standard Chemical coin..*
Standard Steel Cons corn_•
Steel Co of Canada corn _ _•
Preferred
25
Tip Top Tailors cons
•
Union Natural Gas
•
Walkers Illram corn
•
Preferred
•
West'n Can Flour Mills..'
Weston Ltd, Geo
•
Preferred
100
Winnipeg Electric corn...'
Preferred
100
Bank
Commerce
100
Dominion
100
Imperial
100
Montreal
100
Nova Scotia
100
Royal
100
Toronto
100
2%
956
34
110
16%
21
36
2.00
8%
8%
4454
6
11%
19%
1156
77
20%
59
934
8
16%
21%
13%
4
12%
2
139
183
23%
14
1%
13%
6
104
7
756
21.25
12
334
4%
18
42
15%
1554
10
16%
134
67
16
24
1754
38
10
12%
30
9
6%
34%
15%
44
2
2%
10
8
8
10
32
35%
12% 1214
106 111
19
20
21
21%
16
17%
5
6
18
19
25% 27
17
21
33
36
1.85 2,15
405 405
914
7
70% 76%
30
31
73.4 10%
37
45
5
6
12% 12%
7% 11%
17% 20
8% 9
9% 11%
7554 77
21%
17
120 120
56% .5954
954 12
8%
8
12
18
90
95
19% 21%
13
14
4
4
11
13%
2
2
134% 139%
181% 183
8
8
10
10
23% 24%
15
15
8
14
134 1%
13% 14%
5
6
103% 106
734
581
13% 13%
5% 8
10
10
102 105
20.75 22.25
11% 13%
3
354
4
4%
16
18
4134 42
1454 15%
1354 1554
11
8
25
18
954 11%
40
40
15
16%
95
95
115 125
154 1%
134 1%
2
354
64% 68
14
1654
22
25
16
17%
37
38
7
10
12%
4
28
30%
32% 32%
8
9
454 654
33% 38%
14% 16%
10% 12
44
47
82
82
4
4
834
8
Range Since Jan. 1.
Low.
High.
11,505 15e Mar
236 July
1
935
Jan
10
July
334 Mar 10
235
July
Apr 3514 July
117 20
20
3% Jan
15 June
638 80
Apr 111
July
170 10
Feb 20
July
25 18 • Jan
2114 July
35.517
73-4 Mar 17% July
1
345
Apr
6
July
6
Jan 20 June
260
180 1434 Apr 27
July
700 1056 Apr 21
July
385 20
Feb 36
July
.55 Jan
68,390
2.15 July
1 400
Jan 425
Jan
8.947
134 Jan
9% July
Mar 7654 July
10 40
May
20
7
31
July
254 Feb
105; July
35,737
1,045 13
Apr 45
July
40
234 Mar
93-4 May
Apr 14 June
7
100
Apr
3
10,720
1134 July
420
954 Apr 20
July
234 Mar
1,904
9
July
3
Apr11% July
3.007
Apr 77
88 46
July
SIar 2134 July
1,535 10
35 100
Feb 123 June
64 51
Mar 5914 July
% Mar 14 nJune
15,623
5.6 Mar 1054 June
190
6% Apr 18
5,648
July
May 90
46 79
Jan
Apr 2134 July
9
35,180
3.302
334 Feb1534 June
4
July
50
4
July
3,136
Jan 1354 July
2
34 Apr
50
254 June
2,653 54
Mar 139% July
50 170
Jan 185 June
2
15
Apr
814 June
10
8 June 20
Feb
760 12% Feb 24% July
40
Feb
7
15 June
260
June 14
8
July
295
1
June
154 July
9.032
Apr 15 June
6
105
34 Mar
615 June
402 80
Apr 106
July
11,810
134 Feb754 July
10
4
Apr 1374 July
865
234 Mar
8
July
May
30
5
10
July
32 98
Jan 105
July
50.687
8.15 Mar 22.25 July
60
554 Apr 1334 July
100
I% May
VA June
% Mar
45
5
June
145
5
Mar 18
July
157 36
Jan 45
June
6 377 1054 Apr 15% July
.
1,081
1014 Mar 1554 July
3 May
70
11
July
45
Apr 25
5
July
2% Mar 1134 June
27,466
50 20
Apr 40
July
5
2,164
Mar 1614 July
4 65
Apr 95
July
30 70
Apr 125
July
15
% Feb2 June
65
55 May
234 June
55
56 Apr
July
360 40
Apr 68
July
510
8
Apr 1634 July
1,679
8
Apr 26
June
195
7
Mar 17% July
6
137
Mar 40
June
420
4
Apr 10 June
27,525
1
Jan
12% July
1,355 14% Feb 3034 July
90 25
Mar 32% July
50
1
Mar 12
June
2,760
23-4 May
634 June
24,497
4
Mar 41
June
9% Mar 17
11.
June
949
305
4
Feb
12
July
640 1634 Mar 49
June
2' 67
May 83
June
2
13-4 May
4% June
50
5
June
Apr
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Loan and Trust
Canada Permanent__ _100
IIuron & Erie Mortgage100
National Trust
100 175
Toronto General Trusts 100 150
* No par value.
175
170
185
220
180
155
160
165%
197
262
160
195
175
170
185
220
275
ISO
200
120
124
123
151
228
123%
152
Apr 175
Apr 170
Apr 185
Apr 220
Apr '275
Apr 180
Apr 200
July
July
July
July
July
July
July
155
90
171
150
155
90
175
150
Range Since Jan. I.
Low.
7 120
5 77
15 165
39 138
May
May
May
Mar
High.
165
102
212
167
June
Jan
Jan
Jan
Toronto Curb.
-Record of transactions at the Toronto
Curb, July 1 to July 7, both inclusive, compiled from
official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Beath & Son(W D)A__ _ _.
Bissell Co (T E) corn_
•
Brewing Corp common...'
Preferred
•
Can Bud Breweries corn..'
Canada Malting Co
*
Canada Vinegars common •
Canadian Winerles
*
Can Wire Bd Boxes A.....'
Cosgrave Export Brew_ _10
'Asher Steel Cons pref____•
Distillers Corp seagrams_•
Dominion Bridge
*
Dorn Motors of Canada_10
Dorn Tar & Chem corn__ •
Preferred
100
Dufferin P&Cr Stn pret 100
Eng Elec of Can A
*
B
*
Goodyr Tire & Rub com_.*
Hamilton Bridge corn_ _ _ _*
Preferred
100
Honey Dew corn
•
Preferred
*
Humberstone Shoe com__•
Imperial Tobacco ord____5
Montreal L H & P Cons...
,
National Breweries corn..'
National Steel Car Corp..*
Power Corp of Can corn...
Rogers Majestic
•
Robinson Cons Cone
•
Service Stations corn A_ _.•
Preferred
100
Shawinigan Water & Pow_"
Standard Pay & Mat com _•
Tamblyns Ltd (G) pret_100
Toronto Elevators corn...'
Waterloo Mfg A
•
Oil
British American Oil
•
Crown Dominion 011 Co..'
Imperial Oil Ltd
•
International Petroleum..'
McColl Frontenac Oil coin*
Preferred
100
North Star Oil common__5
Preferred
5
Prairie Cities Oil A
*
Supertsst Petroleum ord_ _•
• No par value.
Range Since Jan. 1.
Low.
High.
4
4
1.25
9
9
2914
22
4
631
3%
17
1934
29%
234
4%
25
15
18
10
105
9%
36
2
12
21
10
37
25
15
13
1%
956
10
453.4
17%
3
90
21
514
4
100
4
11
1.50
703
956
844
9%
1,685
31%
7,348
22%
360
454
180
120
7
4%
220
17
50
32,152
23
33
2,135
2%
850
4%
5
10
25
125
22
18
20
10
5
446
1143-4
1,875
1154
25
40
60
234
1254
215
24
22
2,040
10%
415
1,150
2656
345
590
1881
1,275
1534
150
2
12
870
11
2,100
10
4536
,
21%
877
5%
500
20
9055
6S0
233.4
634
650
3
254
15c
%
5%
1354
1334
114
334
1%
17
4
141;
1
1
10
5
5
1%
40
254
35
35c
5
1456
7
2654
1634
534
6
54
5
2%
16
9%
54
82
1254
114
Feb
5
June
June
July
4
Jan
2.00 May
Mar 1534 May
Apr 10
May
Mar 3154 June
Jan 25
May
Jan
456 July
Mar
9
May
Jan
5 June
July
17
July
Feb 26% June
Feb 33
July
Apr
3 June
434 July
Apr
Jan 25
July
Jan
2334 June
Feb
18
July
Feb
10
July
Mar 11414 July
Apr 113.4 July
June 40
July
Mar
2% July
Mar 15
Jura
Jan 23% Juni
Feb 1081 July
Apr 4134 juls
Mar 2656 July
1834 Juls
Mar
Jan
1534 juls
Mar
3 Jun
Juls
Jan
12
Apr
11
Jul]
Apr 4534 Jul;
Feb
2114 Jul:
Apr
5% Jul:
Apr 100
Jun
Feb 27
Ma:
Feb
Jun
8
1534
15
354 • 254
1514
15
20%
1954
14%
1334
79
78
2
3
3
2114
1934
16,13
16
335
354
1534 26,87
20% 15,415
1454
3,327
79
25
2%
225
3
105
100
3
2234 2,330
7%
156
7%
1034
7%
5411
14
154
34
1134
Jan
Apr
Apr
Mar
Mar
Apr
Apr
Apr
Apr
Mar
4
1.50
914
954
30
22
4
20
31
2%
25
107
10%
12%
1034
4054
26%
1714
15
2
11%
10
2081
514
90
2354
534
10
3%
1554
2034
1434
SO
2%
334
334
2256
Jul
Jun
Jul
Jul
Jul
Jun
Jul
Jun
Jut
Jul
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, July 1 to July 7, both
Inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Bell Tel Co of Pa pret_ _100 113% 113 11356
125 106% Mar 1143.4 Jan
Budd (F) G) Mfg Co
•
734 9% 7,800
16 Mar
9% July
Budd Wheel Co
•
456 554
554 July
14 Mar
3,500
Camden Fire Insurance__5 1454
13% 1454
Apr 14 June
600
9
Central Airport
•
2
254
% Apr
2% May
200
Electric Storage Battery100
46% 50%
1,136 2154 Feb 50% July
Fire Association
10 3634
275 18
3154 3614
Mar 3634 July
Insurance Cool N A _ _ _ _10 4414 43% 45%
Mar 4554 July
1,600 25
Lehigh Coal & Navigation • 123-4
11% 1334 8,700
534 Mar 1334 July.
Lehigh Valley
50
854 Feb 27% July
2,873
25% 27%
Mitten Bank Sec Corp p125
200
134
156 1%
54 Feb
2 May
Pennroad Corp v t c
•
1% Mar
354 6% 57,600
6% July
6
Pennsylvania RR
50
3214 40
20,000 1334 Jan 40
July
Penna Salt Mfg
50 43
43
43
253.4 Mar 46
5
May
Mita Dairy Prod pref._ _25
22
30
May 42
39
39
Mar
PhIia Elec of Pa 85 pret___• 10054 10054 101%
260 93
Apr 103% Jan
Pirtle Elec Power pref.. __25 31% 31% 32
1,00
Jan
2874 Apr 33
Phila Insulated Wire
•
10 1934 Feb 22 June
21
Phila Rapid Transit_ ___50
216
356
1,000
2%
114 Ma
3% June
7% preferred
50
5%
3
6
400
Feb
8 June
Phila & Read Coal & Iron_•
754 8
460
254 Feb8
July
Philadelphia Traction_ ..50 19
18
Mar 2354 June
19
200 15
Reading RR
50
57% 62
76 2516 Jan 62 JUDO
Reliance Insurance
10
500
554
614 July
614
334 Apr
Scott Paper
40
40
July
70 28
Jan 40
Shreve El Dorado Pipe L 25
1,300
Jan
5
1
5%
536 June
Tacony-Palmyra Bridge_ •
24
25
55 1814 June 3094 Jan
Tonopah-Belmont Devel_ 1
he
isa May
511 Jan
1,4 2,700
Tonopah Mining
1
54
4,100
1% Apr
14 Jan
81
Union Traction
33-4 Mar 1254 Jan
50
6%
554 7
1,100
United Gas Ins pt corn_ _ _.• 23%
21% 2354 21,800 14
Mar 2434 June
Preferred
• 9434 9454 95
29
86
May 9954 Jan
Victory Insurance Co_..10
6% July
616
336 Feb
554 614
40
Warner Co
Mar
I
June
4
1,800
Westmoreland Inc
• 10
22
Feb
5
7% 10
10
July
Westmoreland Coal
Ma
4
754 754
756 June
Bonds
Delaware Elec Pow 5155 '59
Elec & Peoples tr ctfs 4s'45
Pharr, Elec(Pa) 1st 51 4s'66
Phila Elec Pow Co 5815 '72
• No par value.
84%
21
10054
106
8434 510,000 7816 Fe
6,500 15
Ap
2181
10036 . 1,000 9916 Ja
1,000 103
107
Ma
8414
23%
101
108
June
June
Feb
Feb
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, July 1 to July 7, both inclusive, compiled from official sales lists:
Stocks-
693
119
73
192
57
257
11
295
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Appalachian Corp
•
Arundel Corp
•
Atl Coast Line (conn)__50
Baltimore Tube corn _ _100
Black & Decker corn
•
Preferred
25
35c
30
46%
7%
35c
2334
4414
5%
516
10
35c
3056
4654
5%
8
10
100
5,592
64
100
5,740
50
Range Since Jan. 1.
Low.
Sc
Jan
9% Apr
13% Apr
Jan
I
1
Feb
May
5
High.
50c
3034
46%
5%
8
11
June
July
July
July
July
May
Financial Chronicle
296
Ches de Pot Tel of Blt pf 100
Commercial Credit Corp
25
Preferred B
% 1st preferred_ _100
Consol Gas E L & Pow__*
54% pre! w I ser E_ _100
5% preferred
100
Eastern Rolling Mill*
Emerson Br Sells A w I•
Fidelity de Deposit
50
Finance Co of Amer cl A_•
Finance Service corn cl A10
Houston 011 pref
Mfrs Finance 2d pref_ _25
Maryland Casualty Co__2
Merch & Miners Transp.•
Monon W Penn PS pf _25
_25
MtVern-Woodb Mills pt100
100
Common
New Amsterdam Cas Ins10
Penna Water & Power---*
U S Fidel & Guar new 10
Western Md Dairy pref___
Bonds
Baltimore CItY1954
413 annex impt
1949
48 3rd school
Augusta Ry & El 1st 5s '40
Ches dr Pot Tel of Va1943
let Is
Georgia dc Ala con 55 (flat)
Ca Southern & Fla 1st 58'45
Maryland Elec Ry 6348 '57
Wash Bait de Annap1941
5s (flat)
United Ry & El1949
ba 4s (flat)
113% 113% 113%
23
23
85
85
654 6734
10134 101%
99
99
734 sg
234 22
2334
3934
39
394
4
4
4
3
3
7
754
7
34 314
3% 434
4
3434 34% 3414
17
1634 174
334 33% 334
44 5
5
13
15
15
5434 56
56
4% sg
534
70
7234
70
85
67
99
Range Since Jan. 1.
Low.
High.
Miller WhIsle Drug corn_ *
4%
Mohawk Rubber cons_
5
•
23 June National Acme com _ _ _ _10
7
734
85 June National Carbon pref.. _100
135
70 June National Refining corn.._25
8
834
Jan
107
53
Preferred
100
Jan National Tile cora
102
334
34
2
834 July National Tool corn
50
2334 July Nestle LeMur Cl A
1%
2
•
3934 July Ohlo Brass B
16
• 19
Jan Packer Corp enm
5
54
•
4 June Peerless Motor corn
44
3
734 Juts
, Richman Bros coin
• 52% 484
314 JulY Selberling Rubber cons_ •
53(
5%
19
5 June Selby Shoe corn
•
83(
344 July Sheriff Street Mkt cons_ •
174 July Sherwin-Williams com__25 42% 37
3334 June
AA preferred
100 92
9031
23(
5 June Van Dorn Iron Works corn*
214
434
174 Jan Vichek Tool
•
9
Jan Weinberger Drug
60
•
50
7 June Youngstown S & T pref 100
75 June
•No par value.
Apr 116% Feb
8 112
3 18%
79 70
54 43
25 97
20 9134
1%
115
788 15%
187 15
334
8
24
180
234
560
2
19
1%
1,565
70 19%
220 10
914
340
1
180
7
1,436
67 40
14
2,798
10 60
Mar
Mar
Apr
Apr
Apr
Feb
Apr
Mar
June
June
Mar
Mar
Mar
Jan
Feb
Mar
May
Apr
Mar
Mar
May
Jan
52.000 87 May 100
99
99
9934 994 1,000 994 July 993-4 July
July
1,000 100
Juts' 100
100 100
101
2034
504 5034
11
11
101
2034
5034
11
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par Price. Low. High Shares.
500 101
2,000 • 854
1.000 45
8
1,000
July
July 101
Apr 2034 July
June 50% July
Apr 1234 Jan
7%
514
73.4
135
.9
56
4
2
2
20
54
4%
523,1
531
20
831
4234
92
234
434
9
53
Range Singe Jan. 1.
Low.
434
117
1
85
2
360
25 110
420
3
81 30
210
1
150
2
34
170
755
534
2
100
120
14
1,521 224
910
I
360 10
29
6
1,955 134
28 70
34
45
1%
35
145
7
138 173-4
High.
734 July
June
Mar
7 June
Apr
7% July
July
Mar 135
July
9
Apr
July
May 56
434 June
Jan
July
2
July
Apr
3 June
July
Jan 20
Apr
7
Feb
June
534 June
Apr 52% JU1Y
Mar
7 June
Jan 20% June
84, June
Feb
Feb 424 July
July
Mar 92
Apr
334 May.
434 July
Mar
9 June
Feb
Feb 53 June
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, July 1 to July 7, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
.
.
.
to
.. . -, W .
W
WW 4
WW
ONO,
MOIPWWWWWWW. i-,
WW.-.WWWO.WWWWWW
.41-.W
WOWWCnOW-4WIPOWWWWWWWWWw00.0WWWW.OWWW.O.W
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
July 8 1933
High.
1234 14
3
Mar 16
June
24, Feb
334 Apr Aluminum Industries___• 1234
15,000
3
3
3
Amer Laundry Mach_ _20 19
1514 19
634 Mar 19
July
2
Amer /Wiling Mill com__25 28
63-4 Feb 2831 July
534 2834
834 Apr 14% June
12
1234 29,000
Carey (Philip) com__100 524 524 5234
25
Apr 524 July
41
Preferred
100 654 52
May 854 July
6534
* No par value.
88
88
80 June 88
Champ Coat Paper corn 100
July
83
79
70
100 83
May 83
July
-Record of transactions Champ Fibre pref
Pittsburgh Stock Exchange.
334
3
CM Ball Crank pref
1
Apr
•
34 May
at Pittsburgh Stock Exchange, July 1 to July 7, both Cin Gas & Elec pref.__ -100 83
824 834
7054 Apr 93 June
634 7
434 May
634
Cincinnati Street Ry_ _ __50
9
May
inclusive, compiled from official sales lists:
75
Cin & Sub Bell Tel
5734 May 75
50 744 70
July
Sales
24
Friday
243.1
City Ice &
104, Mar 25 June
Range Since Jan. 1.
Fuel. 11%
for
124
•
11
Last Week's Range
Crosley Radio, A
234 Mar 15 June
of Prices.
Week.
434 5
Sale
Dow Drug corn
*
6 June
134 Apr
Low.
High.
Par. Price. Low. High. Shares.
StocksEagle-Picher Lead
234 Feb
64 714
734
20
734 June
1834
Early & Daniel com
• 184 17
12
Jan 1734 July
20
5
July 15
25
Feb Formica Insulation
5
5
19
5
Am Fruit Growers pref..100
5
• 194
Jan 2174 June
52
• 144 1434 1534 3,710
52
50 June 55
Armstrong Cork Co
434 Feb 1534 July General Machine pref
Apr
Feb 1634 June Gibson Art corn*
4
144 1534
• 15
10
1,788
10
9
May 14 June
Blase
-Knox Co
3
3 May
934 June Gruen Watch corn
3
3
•
84 104 2,131
134 Mar
Clark(DL)Candy Co....• 1054
5 June
July
94 Mar 27
2434 27
10
1,934
10
5
Apr 15 June
Columbia Gas & Elec_
•
Preferred
100
Apr
68
7
9 June International Printing Ink•
68
100
831 8.4
35
Apr 68 June
Devonian 011
10
55
55
631 July sg, July Kahn 1st preferred____100
634 834 7,166
Duquesne Brewing
55 June 55 June
5
11
634 June
831 July
11
74 834 1,128
40
834
10
5
Class A
Mar 12
Participating A
Feb
100
4
134 May
54 June Kroger corn
5
5
• 3434 3234 3 31
Electric Products
1534 Feb 3431 July
•
11
134 Jan
54 Mar Manischewitz corn
11
234
.
Ft Pittsburgh Brewing_ _1
234 234 2,358
7
Apr 12 June
•
3
3
200
2234 224
Harbison Walker Refrac _ _• 2234
634 Feb 2234 June Moores Coney. A
3
July
3
*
July
Mar 67
62 45
June Procter & Gamble new.. __• 4414 4334 4434
6334 64
1934 Mar 444 July
Koppers Gas & Coke p1100
40
Mar 1134 June Pure 011 6% Prof
3
• 1134
40
Lone Star Gas
1034 114 9,844
20
Apr 48
100 40
Jan
*
164
234 24
16
• 100
June
McKinney Mfg
1
13 May 1831 June
235 JulY Rapid Electrotype
• 163,4
12
11
Feb 20 June Richardson corn
7
300
Mesta Machine Co
1934 20
5 1934
4
• 12
Jan
12 June
Mar United Milk Crate, A_ _ _ _• 22
10
2134 22
381
Jan
5
Pittsburgh Brewing
15
64
Apr 23 June
50
634 64
190 10
Mar 40
May U S Playing Card
50 334 334 36
Preferred
9
10 2634 244 274
Mar 2734 July
44 1,025
634
14 Jan
44 June US Print & Iith com- •
4
6
44
Pittsburgh Forging Co_ __*
1
Apr
64 July
974 10
350
July
1
Pittsburgh Oil& Gas
1
1
50
1
3
July
5
Preferred
Apr 10
June
.
119 13
Mar 3934 June U S Shoe corn*
38
38
PIttsb Plate Glass Co_ -25
51
54
134 June
5£ June
12
834 1134 21,101
234 June 124 June
1234
Pitts Screw & Bolt Corp_ ..* II%
131 Feb 1134 July Waco Aircraft
• 12
July
500
Pittsburgh Steel Fdy___100 10
735 June 10
74 10
•No Dar value.
5 1731 1634 1734
360
634 Feb 174 May
Plymouth 011 Co
,
1
234 234 2,575
24
Renner Co
134 May
23-4 June
-Record of transactions at
St. Louis Stock Exchange.
Mar
Mar 12
85
Ruud Mtg
6
1034 1134
• 11
Feb
1
234 July St. Louis Stock Exchange, July 1 to July 7, both in14 234 1,239
Shamrock Oil & Gas
•
Mar 1034 JulY
40
3
Standard Steel Spring- •
104 104
from official sales lists:
Feb 24 June clusive, compiled
United Engine de Fdy_ ___• 2134 20
2134 1,310 10
Mar
10
3
1
334 June
3
United States Glass
25
Sales
Friday
134 July
134 June
131
Victor Brewing Co
1
134 134 5,780
Last Week's Range for
Range Since Jan. 1.
3534 1,102 1234 Jan 3514 July
Westinghouse Air Brake_ _• 3434 30
of Prices.
Week.
Sale
605 1934 Feb 5034 July
Westinghouse El & Mfg_50
4734 5034
Low.
Par. Price. Low. High Shares.
StocksHigh.
1,672
9
434 Mar 10 June
9
9
Western Pub Serv v t c_ __•
5134 52
105 29
July
Brown Shoe common..
Apr 52
•
Unlisted
8
•
8
46
64 May 1254 July
Coca-Cola Bottling com_ _1
30
1,440
3234
931 Feb 3234 July Curtis Mfg common
General Motors Corp. -10
84 834
114
44 Apr
814 July
5
Rine Emerson Elec pfd
500 2634 Jan 6034
604 6034
Gulf Oil Corp
25
40
40
8 22
May 40
100
JulY
Apr 914 June Ham-Brown Shoe com___25
13 55
Lone Star Gas 6% pret_100
88
88
434 434
434
375
23-4 Feb
5 June
Apr
525
July Hussmann-Ligonler com--*
1
6
334 6
4
6
4
Pennroad Corp
•
10
1
Feb
434 June
July International Shoe corn_ 1,342 1334 Feb 40
3234 40
Pennsylvania RR
50
41334 5034
32 26
Mar 5014 July
.•
734 May 1134 JIM
742
Radio Corp of America_ •
93-4 1034
28 1024 Jan 1124 June
100 1104 1104 11034
Preferred
59
1.502 2334 Feb 644 July Key Boiler Equipt com. •
6434
United States Steel_ _100
6
6
15
234 June
6
July
1754 18
250
9
Jan
18
Laclede Steel cam
20 18
July
Bonds
41
43
119 2434 Mar 43
July
McQuay-Norris corn
•
Mar 91
July Mo Portlnd Cement com 25
$3,000 65
91
Pittsburgh Brewing 68 1949
90
1334
13
434 Feb 134 June
305
80
80
100 80
July 80
Natl Dealing Metals pf 100
July
• No Dar value.
1651 20
1,119
53,1 Mar 20
July
Natl Candy common
• 104£
334 34
50
Pedigo-Lake Shoe coin_ •
334 July
234 May
-Record of transactions at Rice-Stix Dry Goods com-• 834 834 854
Cleveland Stock Exchange.
525
3
Feb 10 June
334 334
1
210
Apr
•
114 June
Cleveland Stock Exchange, July 1 to July 7, both in- Scullin Steel pref
52 1094 Apr 11734 July
Southwestrn Bell Tel pf 100 11734 117 11734
clusive, compiled from official sales lists:
1131 1231 1,289
434 Apr 1234 July
Wagner Elise corn
15 124
Sales
Friday
* No par value.
Range Since Jan. 1.
Last Week's Range for
Week.
Sale
of Prices.
-Record of transacSan Francisco Stock Exchange.
High.
Low.
Par. Price. Low. High. Shares.
Stocks3% 4
3%
Allen Industries corn_ _ _ -•
631 6%
Alex Electrical Mfg
•
63,1
7
Isulkley Building preI_ _100
7
• 23% 2331 24
City Ice & Fuel
Clark (Fred G) corn_ _ _10
34
X
3-4
Cleve Elec 111 6% Pref-100 10634 10534 107
42
42
Cleve Railway coin_ _100
43
45
Ctfs of deposit
100 45
12
12
Cleve Union Stkyds corn..
12
12
Cleve Worsted Mills corn_• 12.
1014 12
Corr McKln Sti vol com_l 12
834 9%
Non-voting cons_ _100
054
16.4
Cliffs Corp v t c
16
•
Commercial Bkbinding__•
24 214
24
Dow Chemical coin
59
59
* 59
Edwards (Wm) pref.....100 15
15
15
Fedi Knitting Mills com_• 344 344 34%
Foote-Burt corn
6
634
•
Gent Tire & Rub corn_ _25
90
90
77
75
6% pret series A.._ - _100 77
Geometric Stamping
4
134 4
*
Goodyear T & R corn_ _ _ _• 404 38% 4031
18
Greif Bros Cooperage Cl A*
16
Hanna (M A) $7 cum pf_•
79% 793(
Harbauer corn
•
5
5
India Tire & Rubber com_•
34
4
Interlake Steamship com_• 25
2334 25
*
7
7
Jaeger Machine corn
12
12
Kelley Island L & Tr coin_•
•
64
Lamson Sessions
6
6%
McKee (Arthur G) & Co
1714 17%
•
Class B
160
50
20
238
825
130
100
152
100
296
250
102
110
50
225
40
45
55
50
110
1,265
470
200
12
20
250
918
25
175
625
25
43
234
31
14
24
634
1%
Jan
6
6%
Feb
7
July
Apr 24
Jan
34
Mar 110
Apr 43
Apr 45
May 12
15
Jan
Jan 12%
Feb 1034
Feb 164
234
Mar
Jan 59
July 24
344
Ma
9
Apr
Apr 90
Feb 77
4
June
Feb 404
Mar 18
794
AD
5
Jan
Apr
2%
Feb 25
7
Apr
Apr 1234
Feb
6%
15
May
1
4
9%
34
954
32
20
8
4
33-4
24
334
2
30
15
26
25
29
1
10%
June
June
July
June
June
Jan
Feb
July
July
June
June
May
July
June
June
Jan
June
Jan
July
July
July
July
June
July
July
Jan
June
June
May
June
2034 May
tions at San Francisco Stock Exchange, July 1 to July 7,
both inclusive, compiled from official sales lists:
Stocks-
Friday
4.141
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
2234 2,340
21
Alaska Juneau Gold Min__
22
80
80
50
Alaska Packers Assn
2,640
Anglo Calif Nat Bk of SF. 104 104 103-4
24 34 3,535
234
Assoc Ins Fund Inc •
1,600
7
d
Atlas Imp Diesel Eng A
631
15
140 145
Bank of California N A_ _ _ 145
.
531
431 54 7,714
Bond & Share Co Ltd
434 64 8,674
Byron Jackson Co
53
1734 20
2,099
Calamba Sugar nom
19
50
1734 1734
7% preferred
4 3,708
4
34
California Copper
175
934
9
Calif Cotton Mills com__
9
616
224
22
Calif Ink Co A corn
775
Calif Ore Power 7% Pref
77
77
Calif Packing Corp
2934 2234 304 11,702
5
73
73
Calif Water Service pref_
175
1934 22
Calif West Sts Life Ins cap_
22
5
194 1934
Voting trust prior lien2834 244 294 19,396
Caterpillar Tractor
21
360
20
Clorox Chemical Co
21
21
68
6834
Coast Cos 0 de E V/ 1st pf
2,650
28
24
Cons Chem Indus
28
39,486
53i 7
Crown Zellerbach v t a_ _ _ 634
38
912
32
Fret A
38
Prof Ti
239
57s4 324 3734
Range Since Jan. 1.
Low.
1134
55
834
14
,
2
101
134
1
8
11
34
%
12
74
84
63
13
15
534
13
57
11
1
73,1
7
High.
Jan 2331 June
May 80
July
May 20
Jan
Apr
34 June
7
Feb
July
Feb 15234 Jan
Feb
534 July
Mar
634 July
Mar 224 June
Mar 184 June
Jan
% June
Jan 124 June
Mar 2234 July
May 85
Jan
Mar 304 July
Apr 73
July
Apr 3134 Jan
June 31
Jan
Feb 293.4 July
May 214 June
Jan
May 79
July
Mar 28
Feb
Jul
7
Mar 394 June
Mar 38 June
•
Financial Chronicle
Volume 137
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
297
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price, Low. High. Shares.
Emporium Capwell Corp__
651
6
651
1,944
Firemans Fund Indemnity_
22
25
100
Flremans Fund Ins
574 45
1,663
5735
First Nat Corp of Portland
30
15
15
Food Mach Corp corn
1454 1255 1434 6,559
Galland Merc Laundry__
33
165
33
34
Gen Paint Corp B corn_ _ _ ______
.
155
155
200
Golden State Co Ltd
1055
9
7,125
1034
Haiku Pine Co Ltd com
235
255 251
825
Preferred
6
180
6
6
Hawaiian C & S Ltd
44
43
458
45
Home F & NI Ins Co
60
30
27
Honolulu 011 Corp Ltd _ _ _ isy, 1454 1655 3,920
Honolulu Plantation
155
4335 44
Hunt Bros A com
290
934 95e
Investors Assoc(The)
754
85
74 735
Langendort United Bak A. 1451
551
1334 1431
B
630
651
534 64
Leslie Calif Salt Co
27
930
2631 27
L A Gas& Elec Corp pref
92
85
91 ' 92
Magnavox Co Ltd
3,805
,
4
3.4
Marchant Cal Mach corn...
24
251 251
256
Market St Ry corn
2
65
2
2
Market St Ry prior pref_
631 651
100
Mere Amer Realty 6% pref
20
72
72
Natomas Co
730
38
38
3854
No Amer Inv 6% pref
25
80
25
25
534% preferred
10
24
24
24
North Amer Oil Cons
854
6,005
74 9
Occidental Ins Co
115
1835
17
1835
Oliver United Filters A
220
755 8
B
1,080
351
4
3
Paauhau Sugar
30
5
5
Pacific Gas & Elec com
3035 294 31
12,917
6% 1st preferred
244 2455 2454 5,874
53.6% preferred
2134 214 214 1,945
Pacific Lighting Corp COM- 35% 34
3,097
3534
6% Preferred
332
89
8634 89
Pac Pub Serv non vot corn_
151
2,346
1% 2
Non voting preferred
555
455 555 3.763
Pacific Tel & Tel corn
355
92
92
90
6% preferred
28
110 1104
Parafflne Cos corn
4,813
284 2534 29
Phillips l'ete
100
1734 1734
Ry Equip & Realty 1st pfd
100
5
5
Series 1
20
4
4
San Jose Lt & Pr 7% prof
55
774 80
Shell Union 011 com
94 1134 10,738
1134
Preferred
20
5851 5834
Socony Vacuum Corp
820
154 1434 1534
Southern Pacific Co
3755 3251 3851 9,407
So Pat Golden Gate A._._
1,250
8
751 855
Spring Valley Water Co__
685
8
7
Standard 011 Coot Calif.__
5,702
394 3754 40
Thomas Allec Corp A
480
44
355 455
Tide Water Assd Oil corn.. 1051
934 1055 8,329
6% preferred
352
5355 5434
54
Transamerica Corp
74 84 93,329
754
Union 011 Co of Calif
22%
2351 9,309
21
Union Sugar Co corn
43
455
451 451
United Aircraft
3854 35% 3955 4,410
West Amer Fin Co 8% pref
51
55
200
Western Pipe & Steel Co_
2,465
1434
1434 1551
Range Since Jan. 1.
Low.
High.
01
N.
IP
N,
WW -4..
.0o
0. NO
...
0
W
NNOW
R2Rg28gA288SggS8888g8888888$88888888888888888$88888888888888888
RRXX
-
—
.
8
251 Feb
651 June Pacific Tel & Tel corn..100
895% 9031
50 8835 June 90% July
July Pacific Western 011 Corp_•
1255 Apr 25
7
7
751
2,300
255 Mar
74 June
3455 Mar 574 July Republic Petrol Co Ltd_10
351 351 355 4,800 1;1 Feb 374 June
1055 Apr 15
July Richfield 011 Co corn
500
54 Feb
251 June
%
51
555 Jan 1455 July
Preferred
25
200
34 Jan
51
96
2 June
2654 Mar 35
May San J L P 7% pr pf _ _100
78
78
10 78
Apr 98
Jan
51 May
151 June Sec First Nat Bk of L A.25 40
3951 4051
3,250 35
Mar 4555 Jan
355 Apr 1051 July Shell Union Oil Corp com_• 1135 104 11%
4% Mar
1,200
351 June So Calif Edison Ltd corn 25 2654
% Mar
2551 26% 4,400 1735 Apr 21 51 Jan
17
ul y
15.1 Apr
()rig pref
3354 344
25 3455
634 June
361 30 Stay 40% Jan
2755 Jan 45 June
7% pref A
2555 25%
25 25%
500 22% Apr 2734 Feb
July
Apr 30
18
6% met Er
25 22% 22% 22%
800 19% Apr 244 Jan
851 Feb 1655 June
555% pref C
25 2054 2055 20%
500 17% Apr 2255 Jan
Mar 44
July Southern Pacific Co__ _100 3755 32
30
2,700 1155 Feb 38% July
38%
Feb 1055 May Standard Oil of Calif
2
3651 3934
3,600 20
* 39
Feb 39% July
2% Mar
854 June Transamerica Corp
734
754 84 17,900
44 Apr
•
June
435 Feb 1451 July Union Bank & Trust Co 100
115 120
30 100
Apr 2008%
355 June
634 July Union Oil of Calif
2054 23
10,900
954 Feb 23
25 2251
July
1155 Feb 27
July
• No par value.
8355 May 92 June
June
1
4 Mar
55 Feb
211 June
New York Produce Exchange Securities Market.
2 June
2 June
251 Jan
631 July Following is the record of transactions at the New York
July Produce Exchange Securities Market, July 1 to July 7,
60
Jan 72
Feb 40 Jun(
15
Mar 26
11
Jun( both inclusive, compiled from sales lists:
754 Apr 25
July
sores
Friday
354 Apr
July
9
Range Since Jan. 1.
Last Week's Range for
834 May 184 July
Week.
Sale
of Prices.
334 Jan
9% Jun(
StocksPar. Price. Low. High. Shares.
Low.
High.
55 Feb
5 Jun(
355 Apr
Slay
6
24
251 3
Aetna Brewing
1
255 June
3 June
204 Apr 31
Jar
114
6
Allied Brewing
July
6
1
8
1134 June
214 Mar 2534 Jar
Altar Cons Mines
1.25 June
1.90
1.90 2.00
1
2.00 June
1934 Mar 2334 Jar
151 June
24
•
251 23-4
Amer Republics
351 June
2555 Mar 43
Jar
Bagdad Copper
15c
Jan 550 July
50e 55c
1 556
May 9354 Jar
77
Banca Blair4w, 451
155 Mar
45,1 July
54 Mar
251 Juno
Brewers & Distillerr t c..•
151 July
151
151 255
255 July
v
Apr
2
6
Juno
Bristol Myers w 1
39
5 39
July
July
39
39
39
67
Apr 92
Jul!
Continental Shares
100 Feb
100 10e
51 May
"
9955 Apr 11054 Jul!
Croft Brewing
14 June
14
2
1
July
2
19.4
855 Feb 29
Jul!
Davison Chemical
150 May
135
*
151
2% June
134
934 May
1751 Jul,
Detroit & Can Tunnel__ •
106
Jan
20c June
10c
10c
Jai
6
334 Apr
Eagle Bird Mine
1
2.20 Feb
355
3
354
394 JIIIM
251 June
4 Jun
555
455 555
El Canada Mines Uts
454 June
555 June
May 97
75
Jao
Elizabeth Brewing
1
3
27
44 June
% 335
234 May
Feb1134 Jul:
4
251
1
Fads. Radio
251
2
Jan
2
34 May
3854 Jan 5851 Jul
1454 16
Flastaff Brewing
1
May 2055 Slay
7
1431
651 Feb
1534 Jul
Fashion Park Associates *
155 July
154
154
155 July
1134 Feb 3851 Jul
}
'dello Brewing
4 June
44 4%
1
64 June
434
44 Jan
855 Jun
Flock Brewing
355
4
3
2
July
3
5% June
24 Apr
8
Jul
Fort Pitt Brewing
May
2
2% Mar
2%
1
234 2%
Feb 40
20
Jul
Fuel Oil Motors
100 Jan 254 Feb
10 220
17c 25c
255 June
455 Jul
24 Jan 4
4
34 4
General Electronics
1
Stay
355 Feb 1055 Jul
July
1251 June 13
Hamilton Mfg A
13
13
10 13
24
Apr .5454 Jul
Hartman A
54
370 June
38c
51 June
• 500
44 Mar
851 Jun
B
250 June 35c June
250 35c
• 27c
94 Feb 2351 Jul
7
*
H Rubinstein prof
255 Mar
7 June
7
7
151 Mar
434 Jun
Hooven Auto Type
1
394 May
54 July
4
55
Feb 3955 Jul
17
Huron Holding ctfs dep._1
13c Apr
5 June
.13
ii
%
%
54 June
51 ME
Internal' Stifling w 1
1154 July
1255 July
1134 12%
1
1254
555 Feb
1534 Jul
July
351 July
4
3%
351 4
Warrants
240 28c
Internatl Rust Iron
10c Feb380 June
1 260
Los Angeles Stock Exchange.
Jul
2
254 July
24
2
-Record of transactions Jotter Brew Uts
Kildun Mining
1.00 Mar
4.50 June
351
34 3%
1
at the Los Angeles Stock Exchange, July 1 to July 7, Kingsbury
14.55 July
1551 July
1451
Breweries... _1
1455 1551
bothinclusive, compiled from official sales lists:
155 May
1% June
Lock Nut
155
154
1
194
Nfacassa Mines
Jan 740 June
190
60e 65e
1 65e
Friday
Sales
Macfadden Public pr
May 1555 Feb
11
13
13
•
Range Since Jan. 1.
Last Week's Range for
Marmon Motor
54 June
260 June
26e 500
* 37c
Sale
Week.
of Prices.
Nevada Cons Copper.. *
July
94 June 12
10% 12
StocksPar. Price. Low. High. Shares.
Low.
High.
5
*
Newton Steel
May
July
2
5
3% 5
Paramount Publix
2% June
120 Mar
1
10
24
2
Alaska Juneau
Apr 234 June Paterson Brewing
200 14
214 22
June
351 June
5
1
354
351 3%
liarnsdall Corp A
3% Mar 104 June Petroleum Conversion_ _ _1
400
5
104
10
155 Feb
380 Apr
55
51
1
Bolan Chica Oil A
14 Jan
10
555 June Pittsburgh Brew
5
4
54 8,600
84 June
651 June
•
6%
6% 6%
13'way Dept Store prof.100 42
10 324 Apr 45
Feb
42
42
June
204 May 39
Preferred
35
35
50
Byron Jackson
1
Feb
•
600
6% July Polymet NItg
634
6
34 July
651
May
2
1
34
3
3%
California Bank
25 3155 31% 314
100 3151 July
38
Jan Railways new
51 Apr
234
231
251
1
394 Jan
California Packing Co_ ___* 304 304 3055
42 13% Apr 3055 July Reno Gold
2.35 July
1.45 Slay
2.25
2.20 2.35
1
Chrysler Corp
931 Mar 38% July Rhodesian Select Tr__5 oh
•
200
38%
38
Jan
1
255 255
234 July
Citizens Natl Bank
20 3155
Mar 34
100 26
3155 3251
Jan Richfield Oil
June
1
% June
•
4
55
74
Claude Neon Ni Prods_
6
Jan
1,800
1155 May Rossville Ale
1051
955 104
Jan 1955 June
1
5.50 1551
154 164
Consolidated 011 Corp
54 Jan
600
15
1555 July
14% 1555
Preferred
354 Jan 2454 June
25 22
22
23%
Douglas Aircraft Co Inc_ _• 174
1754 June Siscoe Gold Mines
1755 2,000 11% Jan
17
1.60 Apr
1.01 Star
1.25 1.25
1
Emsco Derrick & Equip_ •
254 Apr
100
5 June Standard Brewing
5
5
351 Slay
44
455 5
0
54 May
Globe Grain &
com25 11
6
Mar 11
300
11
11
June Standard Utilities
74c
Feb
1.65 June
1.52 1.52
50c
Goodyear Text Mills pf_100
1 6054 Feb 91
8851 88%
June Sylvanite Gold
1.04 Slay
1.45 June
1.37
1.20 1.37
1
Goodyear T & Rub prof 100
Mar 72
10 22
72
72
July United Cigar
6c Feb
270 430
1 43e
51 June
Intl Re-insurance Corp_ -10
51 June
100
9
151
Jan United Drugh w I
151
July
13
1051 July
104 13
5 10%
Los Angeles Gas dr El pt100 92
65 82% Apr 98
92
92
Jan U S Hee Lt & Pow B
2.75 Slay
3.20 July'
3.20 3.20
Los Angeles Invest Co_ _ _10
1
Jan
300
34
5% June Van Camp Packing
34 34
120 Juno
120 200
• 18c
55 June
Mortgage Guarantee Co100 12%
8
Feb 23 June
412
12% 20
Preferred
250 Juno
25 300
300 300
Ti June
Pacific Finance Corp comb° 1051
4
Mar 1151 July Van Sweringen
8% 11% 5,800
120
25c 50c
• 40e
Jan 506 July
Pacific Gas dr Elec corn__ _ _
Apr 30% Jan Victor Brew
200 20
30%
2951 3055
14 155
1
155 June
2 June
6% 1st prof
25 244 24% 244
200 21% Apr 2554 Jan Wayside Cons Gold_ _50c
33c 340
28c June 40c June
.134% 1st pref
25 21%
100 20% May 22% Feb Western Television
2155 21%
June
1
51 Apr
•
4
55
51
Pacific, Lighting corn
100 25% Mar 43
35%
Jan
3551 3551
A
3%
3
755
1
Jan
2
755 Jun(
6% pref
May 9255 Feb Willys-Overland
5 77
8755 8755
250 44c
5 440
) fre Star
4 Jun(
Pacific Mutual Life Ins_ 10 •
19
1,000
Mar 294 Jan
2355 2554
Pacific l'ub serv 1st prof_ • 2554
* No par value.
275 May
100
5
5% June
5
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the Now
Curb Exchange for
the week beginning on Saturday last (July 1 1933) and ending the present Friday,(July 7, 1933). Yorkis compiled entirely
It
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 Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Week Ended July 7.
Stocks-
Indus. & Miscellaneous.
Acme Wire v t 0
25
Adams-Mills Corp.
7% preferred
..100
Aero Supply Mfg Cl B. •
Ainsworth Mfg COM
10
Air Investors corn v t o___•
Convertible preferred_ •
Warrants
Alabama Gt Southern_ __50
Preferred
Alliance Investment
•
Allied Internt'l Investing_•
Allied Mills Inc
•
Aluminum Co common....•
6% Preference
100
Aluminum Goods Mfg__ •
Aluminum Ltd
Corn mon
•
6% preferred
100
Series C warrants
Series I) warrants
14%
9
354
31
53
34
55
8
88
75%
5055
2436
144 1551
1,700
Range Since Jan. 1.
Low.
2;i Mar
80
75
75
1,500
255 3
100
9
9
600
3
351
100
1554 154
34 51 1,000
400
55
42
100
49
49
1,100
24 351
300
55
55
5% 8% 19,500
4,985
85% 93
1,300
76
74
3,000
14
14
60
54
1%
55
54
54
8
174
2%
51
3
3751
37
775
505e 50%
65
65
22
22
23
24.6
13
20
2
2
1,80
100
138
126
High.
15% July
Apr
Feb
Feb
Jan
Mar
Jan
Jan
Feb
June
June
Apr
Feb
Ma
Apr
SO
44
10%
354
17
1
55
49
3%
51
8.4
95%
77
16
June
June
June
June
June
June
July
July
July
June
July
June
June
June
Ma
Feb
Apr
Apr
5355
65
23
24%
June
July
June
July
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price, Low. High. Shares
Amer Beverage Corp.__ _6
American Book Co__ _100
Amer British & Cont'l_
•
American Capital Corp
Common el B
•
33 preferred
*
American Corp corn
•
Amer Cyanamid
Class 13 non-vot
•
Amer Dept Stores Corp..'
Amer Equities corn
1
Amer Founders Corp...
.1
1st 7% met ser B
50
1st 6% pref set I)...50
American Investors
1
Warrants
Amer Laundry Machine_ 20
American Mfg Co
100
American Meter Co
•
Amer Pneumatic Serv_
•
Amer Salamandra
50
5
Amer Thread prof
3
42
Range Since Jan. 1.
Low,
High.
351
44
1
3,000
50
400
1% Mar
Mar
34
51 Jan
555 Mar
53 Slay
June
1
1
1454
1
1
14% 14%
5re
51
50
0
100
3,200
II. Jan
451 Jan
55 June
155 June
14% July
34 June
149i
134
334
1351
154
354
155
18
1655
551
14
154
2331
12
251
5
351
14% 44,900
154
5,000
3%
100
24 11,100
18%
50
17%
125
6
5,600
2,900
1855
450
23%
25
12
25
3
300
5
100
1,800
35.4
115.1, Feb
51 Jan
254 Jan
3.4 Apr
8
Apr
9
May
Ayr
2
Ma
651 Feb
10
Feb
5
May
1
Jun
4
Ma
An
3
17%
1755
23%
1555
154
4%
2%
2055
20
6
154
184
25
12
3
7
3%
June
June
June
June
June
June
June
June
July
June
July
July
May
July
Financial Chronicle
298
•L
Friday
Sales
Last Weeks Range for
of Pikes.
Sale
Wee/c.
Stocks (Continued) Par. Price. Low. High. Shares.
Anchor Post Fence
1
Arcturus Radio Tube
Armstrong Cork Com.- •
5
Art Metal Works
Assoc Elec Industries
£1
Amer dep rcts
•
Assoc Rayon corn
Atlantic Coast Fisheries •
•
Atlas Plywood Corp
•
Atlas Corp corn
•
$3 preference A
Warrants
.°
Automatic-Vol Mach....
Axton Fisher Tob cl A_10
Bastlan-Blessing Co_ _ _100
BeBence Aircraft v t c___1
•
Beneficial Indus Loan
Benson & Hedges coal-- --*
Black & Decker corn
•
Blauners corn
•
Bliss(E NV) Co
Blue Ridge Corp
Common
6% opt cony pref
Blumenthal(Sidney)
13ohack(H C)Co
Botany Consol Mills
BourJoris Inc
Dosser Roller Bearing.-- _•
•
Bright Star Elec B
•
Brill Corp class A
Class 13
*•
Ballo ManufacturingBritish Amer Tobacco Ltd
Amer deposit rcts bearer_
British Celanese Lid
Am dep rcts rea BIM
100
Brown Co 6% pref
liulova Watch $3.50 pref.'
•
Burro Inc corn
Warrants
Burma Corporation
Am dep rcts for reg PIM-Butler Brothers new
Cable Radio Tube v 1 c__•
Can Indust Alcohol A _ _
•
Class B non-voting
Carnation Co
Carrier Corp
•
Celanese Corp of America
75* 1st partic pref___ 100
prior preferred___ 100
15
Celluloid Corp corn
•
$7 preferred
Centrifugal Pipe Corp....*
•
Cherie Corp corn
1
Chicago Corp corn
Convertible preferred.._*
100
Childs Co pref
Cities Service common___•
•
Preferred
•
Prefered B
•
Preferred BB
City Auto Stamping Co- •
•
Clark(DL)Co
1
Claude Neon Lights
•
Cleveland Tractor
"
Club Aluminum Uten
Colts' I'atent Fire Arins_25
•
Columbia Pictures
Compania Hispana Amer
Flee Amer shares
Consolidated A ircraft__ __•
Consol Automatic N1erchCommon v t c
•
Consol Retail Store
Consol Theatres v t c____•
•
Cooper-Bessemer
$3 pref class A w w._..
5
Cord Corp
1
Corroou & Reynolds
•
$6 preferred A
Courtiauds Ltd-'-Amer den rcts ord____£1
23
Crane Co corn
100
l'referred
Crocker Wheeler Elee____•
Crown Cork Internal A__•
Crown Zellerbach Corp--;
Preferred series B
Detroit Aircraft Corp---.
Distillers Corp Seagrams_*
Dixon (Jos) Crucible_100
•
Doehler Die- Casting
•
Dow Chemical
100
Preferred
10
Driver-Harris Co
7% preferred
100
Hubner Condenser corn __1
Duval Texas Sulphur__•
•
Eastern Util Invest A
Easy Wash Mach cl 13____•
Eisler Electric Corp
•
Ries Power Assoc com _ I
Class A
1
Electric Shareholding
Common
•
Emerson's Bromo-Seltzer
Class A common
•
•
Ex Ce11-0 Air & Tool
1
Fairchild Aviation new
Fairey Aviation, Amer shs_
•
Fansteel Prod Co
•
E D Corporation
Fedders Mfg class A
Ferro Enamel Corp
Flat Arner den rts
First National Stores
7% 1st preferred_ __100
Fisk Rubber Corp
100
$6 Preferred
•
Flintokote Co cl A
Ford Motor Co Ltd
Amer dep rcts ord reg-E1
Ford Motor of Can el A •
Class 13
•
Ford Motor of France
Amer dep rcts
Foremost Dairy Prods__ •
Cony preferred
•
Foundation Company
•
Foreign shares
Franklin (H Hi Mfg
•
Garlock Packing
•
General Alloys Co
•
General Aviation Corp__ _1
Gen Elec Ltd Am der rots •
•
Gen Fireproofing corn
•
Gen Rayon A stock
Gen Theatres Equipment
•
$3 cony preferred
•
235
lye
IA%
1
135
14
1535
331 3%
5.600
600
9,900
300
Range Since Jan. 1.
High.
Low.
Feb
Feb
Mar
Mar
2%
1%
17%
4%
June
June
June
May
2% Apr
July
June
May
June
June
May
June
June
June
June
July
June
May
July
June
July
35
35
4%
35
2
5
335
35
135
435
34
531
4
2,300
4
435 5
1,300
100
2% 2%
200
535 5%
1735 18% 62,600
900
4135 4235
935 9,600
1,400
2% 3
175
61
6335
100
12% 12%
335
1,600
2
1,600
12% 1335
2
100
2
400
735
635
53
12
12
800
435 534
%
1
135
5%
33
2%
1%
25%
1235
1%
z834
1%
235
6
1
Apr
Jan
Apr
Apr
Mar
Feb
Jan
Feb
July
May
Apr
June
May
Jan
Feb
4%
5%
2%
635
18%
43%
10
335
65
1235
335
14
5
7%
12
534
335 3%
36
33
12
12
25
25
1
135
435 435
935 9%
34
35
4
535
2
435
834 9%8
6,500
2,900
100
50
4,300
100
100
200
1,100
5,200
500
1%
21%
2
21
34
235
7.33
yi
35
31
6%
Mar
Mar
May
Mar
June
May
May
May
May
Jan
Feb
4% June
3735 June
July
12
Feb
26
135 June
4% June
10 'June
35 July
534 July
4% July
11% Apr
24,14 25%
4%
2%
5%
1831
41%
8%
3
63%
12%
33i
500
16
Mar
25% July
4
14%
18
335 4% 33,300
25
1435 1435
100
18
18
200
2% 2%
100
35
3)
1
3
12%
235
35
Apr
May
May
May
May
435
1435
19%
2%
%
June
July
JUDO
June
June
3%
535
35
3
3% 2,400
1,100
535 6
35
200
34
9% 1135 5,900
1,400
8
833
400
15% 16
24,000
143.4 17
1%
135
35
2%
8
531
4
Feb
Feb
Jan
Stay
July
Mar
Feb
3%
635
31
13%
8%
18
17
July
June
June
June
July
May
July
525
108
105 110
300
85
84
82
1,900
1135 11% 1535
31%
30
50
435 435 2,700
4%
500
12
1234
400
431 4%
435
50
2835 28% 28%
320
2735 30
435 5 100,900
4%
1,800
2335
23% 22
200
3
3
240
19% 20
20
100
14
14
500
9% 9%
935
135 1% 6.000
1,400
6
5
6
300
1
%
1
500
1635 19
18
600
2235 1935 23
27
51
2
20
231
6%
35
1335
6%
z2
1035
1
5
5
9%
35
135
3.5
8
8%
Apr 110
Apr 8635
Apr
16%
May 32
Jan
4%
June 123.5
434
afar
Ma
28%
Ma
30
6%
Feb
30
Ma
Apr
3%
Apr 25
May 18
9%
July
Apr
2
6
Ma
May
1
19
Jan
Feb 23
July
May
June
May
July
July
July
July
July
May
May
June
May
June
July
June
July
June
July
July
42
1
July
Ma
42
July
934 July
16
14%
9%
34
1%
10%
22
12%
3
1634
10%
52
10%
9
35
1931
GO
24%
2%
414
10%
1034
731
535
1135
42
100
9% 14,700
42
8
1,800
31
2%
200
2
1,800
3,400
7% 11
1,000
16% 22%
11% 1235 45,70
900
2
335
200
15% 1635
'is
"Is
1
1
435
434
34
6
Jan
Jan
June
Mar
Mar
Feb
Apr
Mar
35
234
235
11
22%
12%
3%
1635
June
June
June
July
July
June
July
June
8%
9%
52
934
7%
1035 20,600
400
11
52
50
11
11,900
9% 14,600
4%
4%
52
2%
235
Mar
Mar
July
Feb
JILD
9%
11
52
11
935
July
July
July
July
July
3435
35
19
42
435
57%
99
2435
62
I
2
2
4
134
9%
9%
35
50
9,600
42,900
30
200
2,100
20
500
10
400
1,300
500
700
600
1,300
4,700
15%
35
15%
31
1%
Si)
96%
335
50
III
35
34
1%
%
2%
235
May
Jan
June
June
Feb
Mar
May
Feb
June
Feb
Feb
Apr
Jan
Apr
AP
Apr
35
Ills
24%
43%
5
60
99
2635
67
135
2%
235
535
135
1235
11%
July
June
June
June
June
July
July
July
June
June
May
June
June
June
June
June
34
2%
135
35
21%
42
4%
60
99
26%
62
1%
235
2%
4%
1%
1031
1035
6%
8
1,300
23
4%
2%
4%
3
7%
9%
11
15%
2335
5%
3%
4%
3
735
10%
1234
15%
100
2,300
1,700
100
100
900
400
1,500
500
235 Ma
22
1%
2%
435
135
3%
234
1033
9
Ma
Fe
Jun
Jul
Apt
Ma
Jan
Jun
Ma
934 Julie
24% Jan
535 July
3% July
July
3% June
8
May
12% June
1335 June
1535 July
80 108% Mar 115
115 115
35 Apr
71.5
6% 7% 12,900
7
Jan 46
1,300 18
41% 40% 42%
600
135 Feb
7%
5% 6%
611
535
13
431
I%
14
3
1035
34
435 535 20,400
1235 1335 6,900
25
2335 2335
3%
35
1%
4%
31
135
700
200
300
100
335 335
100
135
I%
200
14
14
234 4% 39.500
8% 835 4,800
935 1035 2,900
300
935 10
3% 4% 3,000
35
34
3.400
July
June
June
June
2% Feb
4% Feb
935 Feb
535 June
13% July
June
26
1
Mar
May
May
4% July
135 May
3 June
2%
35
4
35
2%
6%
2%
35
Mar
Jan
Mar
Mar
Jan
Jan
Feb
May
3
34
34 Feb
4%
1%
14
4%
10
1035
10
10
June
June
July
July
June
July
July
June
% June
July 8 1933
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sate
Stocks (Continued) Par. Price. Low, High. Shares
Range Since Jan. 1.
Low.
General Tire & Rubber__25 9135 8735 92% 2,375 23
Apr
6% preferred series A 100 77
525 51
76
80
May
6% Apr
Glen Alden Coal
20% 24% 32,300
22
Globe Underwriters
*
4
Feb
500
635 635
211Si
235 Apr
7% 1,500
Godchaux Sugars cl II__ _•
5
7
35 Jan
Gold Seal Electrical
1
34 7,300
%
34
600
4% 5
2
June
Gorham Inc A corn
•
24%
Gorham Mfg corn t c • 24% 23
7,700
6
Jan
16
20
Gray Telep Pay Station • 17
1,250
835 Apr
Gt Alt & l'ac Tea
Non vot corn stock
Feb
350 128
168 17435
• 172
7% let preferred___ -1116 121
220 118
Mar
12031 121
Apr
50 11
Great Northern paper. 25 2334 23% 2335
Greenfield Tap & Die _ _500
135 Apr
335 6
•
6
135
135 10,900
134
June
Greyhound Corp com
•
1
235
35 Jan
Grocery Stores Prod vtc 25e
500
2
2
135 2,100
1
I
1%
Guardian Investors
35 June
Handley Page Ltd
1%
1%
Am dep rcts pref
100
Ss
35 Apr
I%
35 Mar
Happiness Candy Stores- •
% % 1,000
35
%
400
10
Hartman Tobacco
34
35 June
4% 6%
200
Hazeltine Corp
135 Ma
135 1%
100
•
34 Ma
Helena Rubenstein
15
15
100
10 15
Apr
Heyden ChernIcal
8
2535
550 1731 Jan
Horn & lIardart com
-• 2535 24
Huyier's of Delaware
500 20
100 3234 32% 3235
Jai
7% preferred
3435
800 20 June
pref stamped_
100 3435 28
200
8% 833
331 Ma
Hydro Elec Securities
•
6% 9
8,900
2% Mar
631
By rade Food Prod new_5
2435 25
150 13
Feb
Hygrade Sylvania
•
43
43
25 4235 Jun
Illuminating Shares cl A •
400
Imperial Tobacco of Can-5 1034
9% 10%
6% Fe
Imp Tob of Gt I3rit & Ireld
2335 231i
200 15
Feb
Amer dep rec ord shs_ £1
45% 4,400 25
43
Insurance Co of No Am 10 44
Ma
24
24
50 24 Jun
Interlake Steamship of Del*
26% 26% 1,000 15 Mar
Internal Cigar Nlach_
•
2% 2%
100
% Apr
•
Intl Hold & Invest
235 3
600
35 Feb
3
International Products_ __•
135
135 5,200
35 Jan
Interstate Equities Corp-1
13-4
SOO
9
Apr
50 2035 20 . 21
$3 cum pre ser A
Irving Air Chute new____1
1,200
631 7
4% Apr
7
1% 1% 3,900
35 Feb
Jonas & Naumburg corn
.50
120 19
Jar
Jones & Laughlin steel_100 4734 45
•
2
Apr
500
Kleinert Rubber
831 9%
25 45
Ma
Koppers G & C 6% PI 100 6334 63% 6335
2235 5,100 20
20
1 21
July
Kreuger Brewing
I%
300
Lakey Foundry & Mach...
134
135
31 Jan
235
2
900
2
July
Letcourt Realty pref _
•
1135 13% 9,500
535 Apr
Lehigh Coal & Navigation• 12%
Lerner Str Corp
10% 10%
100
4
Jan
Common
40
40
Feb
50 17
635% preferred w w__100
631 7% 1,500
1% Feb
Libby-NicNell & Libby_10
6%
100
31 July
31
Liberty Baking Co
34
•
31
1% 2
7,100
Louisiana Land & Explor-•
'is Apr
134
7% 2,200
6
35 Feb
7
•
Marion Steam Shovel
4
4
100
2
1% Apr
4
Maryland Casualty
9% 10% 38,600
•
935
6.35 June
Nlassey-Harris Ltd
135 2,40
1
1
1
si Jan
Mavis Bottling Cl A
1,10
2% 335
1
Feb
3%
McCord had & Mfg B-18% 18%
2
18 June
McKee (A G) cl B
60
3831 Feb
Mead Johnson & Co com-• 6034 59% 61
500
16
•
1735
Feb
8
Mercantile Stores
2% 235 5,400
Merritt Chapman & Scott•
2%
35 Jan
18
20
700 13
June
634% A preterred__100 20
600
35 May
34
34
35
Mesabi Iron
1%
135
1%
1,500
Co*
10
Michigan Sugar
% May
11
10
•
300
131 Apr
Midland Steel l'rod
Nlidland United Co
3% 3%
•
100
335 June
Cony pref A
7131 71%
10 59
Apr
Minn-Honey Iteg pref, 100
Mississippi River Fuel
131
500
1% Jan
Warrants
15
100 1134 June
15
Nfodlne Mfg Co
Nfoodys Investors Service
•
100 14
2535 2535
Feb
Panic preferred
Montgomery Ward &
400 46% Feb
78% 80
• SO
Class A
•
100 10 June
15
15
Moore Corp I.td
31% 3131
100 26% June
Murphy (G C) cons
•
200
34
31
35 Jan
Nat American Co
935 10% 4,900
4% Apr
• 10
National Aviation
28,800
35 Jan
431
Nati 13ellas Hess com_1
38%
800 z20
• 3835 38
Feb
Nat Bond & Share
100
1735 17%
4% Mar
National Candy corn
93
94
175 76% Feb
Natl Dairy Prod pref A.100
3% 335 4,400
1
Feb
336
Nat ILI Veneta 00M In on-1
48
48
25 24
Apr
New 534% Preferred-1 48
1% 2
1.500
35 Apr
1%
Warrants
2
2%
2,900
% Feb
235
National Leather com___•
300
331 4
•
"is Mar
3%
Nat Rubber Mach
4,600
1
1
34
% Mar
Nat Service common
200
•
235 June
Cony part pref
850 11
1335 16%
June
• 16%
Natl Steel Car Ltd
935 11
700
35 Feb
Nat Steel warrants-----------40
500 2235 Feb
42%
National Sugar Refinng-w
3% 431
400
3 June
•
Nat Tile Co corn
500
34
34
35
Nat Toll Bridge A corn..._
l June
it
300
133 2
1
Natl Union Radio
34 Jan
5
200
215 Mar
,
5
Nelson (Herman)
100
•
34 Apr
235
Nestle Le Slur cl A
100 10
1534 1535
•
Apr
Newberry (J J) Co
235 235
100
New Haven Clock
31 Mar
200
135 135
New Mexico & Ariz Land_ 1
134
35 Jar
New York Shipbuilding
12% 13
800
1 12%
1% Jar
Founders shares
7% 3,200
7
3
Au
Niagara Share of NM el 1%5
1635 2,000
15
4% Apr
Niles- Benient-Pond
• 1535
Nitrate Corp of Chile
31
11. Jar
Si 12,200
Ctts for ord B shares-34
100
131
•
135
% Ma
Noma Electric Corp
131
9% 935
2
200
Jan
Northweet Engineering..
300 34% Feb
Novadel-Agene Corp-- --• 5134 50% 51%
15% 19%
375
Jan
6
19%
Ohio Brass class B
Feb
400
734 731
3
011stocks Ltd
;
1
100
1
35 Jan
Outboard Motors cl B__--•
231 4%
1% Fel
700
•
431
Class A cony pref
434 4%
500
4%
Overseas
34 Apr
4.400
3% 4
1% Apr
Pacific East Corp
Securities*
3%
1
3,300 20
45% 47
Feb
Pan-American AirwaY8-19:
7,000 1234 Mar
2731
Parke. Davis & Co
2634 26
2.000 2033 Mar
48% 53
Parker Rust-Proof
51
I% Mar
335 6% 170,000
6
Pennroad Corp new v t e_ I
4235 42%
50 42% July
Pennsylvania Salt
50
40' 26% Feb
69
Pepperell Mtit
78%
77
100
135 Feb
435 6,100
4
Phillip Morris Inc
434
10
Phoenix Securities
•it Mar
2
235 8,500
Common
1
234
935 Feb
80
2235 233.5
$3 cony pref ser A. __10
Pitney-I3owes Postage
2
Feb
435 4% 2,400
Meter
•
435
15
28
Mar
77
75
Pittsburgh & Lake Erle_50 77
Feb
13
Pittsbw-gh Plate Glass__25 3635 3635 39% 3,60
I% 1% 2,000
34 Mar
Potrero Sugar
1%
10
8
Mar
25
25
Powdrell & Alexander.. •
300 10
2135 21%
Jai
Pratt & Lambert Co
•
335 July
200
3% 335
Process Corp corn
•
235 4,600
35 May
1%
Prophet McCallum Hos•
234
Fel
5,200
8% 10
Prudential Investors
• 10
High.
92%
80
24%
631
835
135
5
24%
2035
July
June
July
June
June
June
June
July
Feb
181%
124
23%
6
235
3
I%
May
Jan
July
July
May
June
June
131
35
1%
6%
1%
17
25%
July
June
June
July
June
June
June
3235
34%
8%
9
27
44
1035
July
July
June
July
June
June
July
2335
45%
24
27%
235
4
1%
24
834
2%
52
934
67
2335
134
834
14
July
July
June
June
July
June
June
June
May
June
May
June
10%
40
8%
11
234
835
5
10%
1%
4%
19%
69
1735
3
20
11is
135
12
July
July
June
July
May
June
June
July
June
June
June
May
July
June
July
May
June
June
June
June
May
June
June
71x Juno
334
July
234 Juno
June
16
2535 July
81
15
31%
4
1
38
103%
491447:
June
July
July
June
June
June
jjju
July
234
63 %4
Mayann
juul yee
J
x,
uulllJuly
2% j
44 Slay
16% July
4234 J u l y
14 4. june
4% June
2June
'. june
3
---
ul
194 May
52
jj Yy
235 July
131 June
14% June
Julyee
nn
1
19:
June
34 June
it!
2%
10 June
5331 June
735 July
6 '4
4
43-4
June
July
e
June
43-4 Juno
5
Ju n
ul
July
5434 j e
27 June
6%
42%
78%
435
July
July
July
July
23% .7 n y
3 4 J::I:
9% t e
i
SlaynlJuly
775:: Junojjuu
6i
2
26% June
21% July
a% July
July
10
•
Financial Chronicle
Volume 137
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Pub Util Holding cornWithout warrants
•
%
June
i't,
1
5/ 5,200
lir Feb
Warrants
3,500
in Jan
Ti, Apr
34
16
36
S3 cum preferred
•
300
114 Mar
534 54
7% June
Pyle National Co
5
July
4
4
July
4
4
100
Quaker Oats corn
July
•
135 135
Mar 135
10 64
100 115
6% preferred
Mar 115
Feb
113 115
35 109
Railroad Shares Corp_-_*
14 134 5,500
1%
34 Mar
134 June
Railway & Util Invest elA•
14
1
3 June
134
300
35 June
Rainbow Lumin ProdClas A
%
•
34
34
136 June
300
A Apr
Class B corn
•
34 July
34
4 Feb
4
4
300
Reeves (Daniel) corn
•
244
21
500 1534 Jan 2436 May
Reliance International__ •
415 June
14 Feb
4
4% 1,800
Republic Gas common_ __•
4
4
3,600
4
34 Feb
4 June
Rey barn Co
24
36 Apr
10
2.700
2% 3
3 June
Reynolds Investing
•
134
36 Mar
134 July
34
134 12.200
Richman Bros Co
• 5234 4834 524
Mar 5255 July
305 25
Roosevelt Field Inc
2
5
24 June
1% 234 2,000
4 Jan
Roasts International
14 Mar
114 June
56 3,200
4
4
•
Royal Typewriter
• 1134
534 Mar 1234 June
200
1134 1234
Ruberoid Co
100 35
33
,
300 1534 Feb 3555 July
3535
Russeks Fifth Ave
5
2% June
136 Apr
100
236 235
Safety Car Heat&L1ght 100 76
75
80
St Regis PaPer cem
10
634
534 6%
7% preferred
100 5034 48
5034
Schiff Co corn
144
1434 144
Schulte Real Estate
*
1
1
Seovill Mfg Co
25 2036 20
2034
Securities Corp general_ •
834 834
Seaboard Util Shares new 1
36
4
4
Seeman Bros
• 3434
3434 3434
Segal Lock & Hardwere •
134
1
134
Set berling Rubber
536 5%
53.4
•
Selby Shoe corn
• 20
20
2036
Selected Industries Ino-Common
1
334
334 334
$54 Prior stock
25 60
5734 60
Allotment certificates_ _ _
6336
GO% 6434
Sentry Safety Control_
•
%
34
Seton Leather Co
• 1134
1134 1234
Shaeffer Pen com
• 1015
1054 1035
Shenandoah CorpCommon
1
336 434
434
$3 cony pref
25
2134 2134
Sherwin Williams com_25 4234 3634 4314
0% preferred AA__ _ _100 9234 9134 9234
Singer Mfg
100 17535 150 1754
Amer dep rec ord reg____ ______
n335 n334
Smith (A 0) Corp
•
50
5134
Southern Corp common_•
234
234 234
Spiegel May Stern Co635% preferred
100
45
47
Stahl-Meyer corn
•
10
11
Standard Cap & Seal__ _5
27
27
Standard Investing Corp$535 cum cony pref___. 23
1934 23
Starrett Corporation new 1
234
234
2
6% pref new
434
10
4
5
Stein Cosmetics corn
•
234 24
Stein & CompanyCommon
•
835 84
Stetson (John B)
• 1936
14
20
Stroock & Co Inc
734 84
835
*
Stutz Motor Car
16
• 16
1734
Sullivan Machinery
• 114 1054 1134
Sun Investing coin
•
5
4
Swift & Co
25 20% 1934 2134
Swift International
15 294 2835 3034
775
44,400
250
100
300
250
100
500
100
3,100
1,300
1,300
1634
134
124
634
36
94
2
16
26
36
134
934
FebSO
Mar 634
Mar 56
1436
Feb
May
234
Feb 24
Apr 10
134
Apr
Jan 38
Jan
136
Apr
7
Apr 2016
July
June
June
July
May
May
June
June
June
June
June
June
18,300
550
600
300
1.400
100
4
33
2634
15
115
534
Feb
5 ar
Mar
Jan
Apr
Mar
434
61
6.5
36
1234
1034
June
June
June
June
June
July
3,100
100
4,075
40
850
12
300
1,300
124
1234
50
90
134
1134
34
100
900
100
13.4
Feb
5 June
May 234 June
Mar 4356 July
May 9234 July
Mar 17516 July
34 July
Jan
Feb 5231 June
234 May
Jan
Apr
15
24 Apr
174 Apr
800
5,300
1,500
500
6
X
Yu
34
50
725
600
1,700
150
800
34,800
10,200
434
814
216
854
4%
135
7
124
July
47
June
14
2934 June
23
334
6
234
July
June
June
June
9
May
Feb20
Apr
856
Feb 18
Mar 1134
Feb
5
2334
Feb
Feb 3234
June
July
July
June
July
June
June
June
Feb
Apr
Apr
Feb
Taggart Col p common_ •
434
400
34 Apr
554 June
4
Tastyeast Inc class A____•
114
4 Apr
14 July
34 14 33,400
Technicolor Inc corn
•
834
234 Feb 104 May
754 834 2,500
Tobacco Products Export_•
115
400
34 Jan
134 June
134
Todd Shipyards
27
27
200 104 Feb 284 June
2734
Transeont Air Trans
•
534
5,900
234 Jan
534 6
654 May
Trans Lux Plat ScreenCommon
334 June
1
1,100
1% Mar
24 3
234
Tr -Continental warrants__
334 4% 3,600
334
ii Apr 434 July
Triplex Safety Glassdep nets ord reg_fl 1236
Am
1134 1234
300
1234 July
534 Feb
Trunz l'ork Stores
•
200 10
July
15
Jan
1336 15
Tublze Chatillon Corp___1 22
Apr 2834 June
2
21
2734 8,700
C11188 A
1 38
38
814 Mar 46% June
4355 1,200
Tung-Sol Lamp Wks____•
64 7%
1,70
14 Jan
914 June
73.4
Union Tobacco Co
SO
11
*is
34
•
he May
4 June
United Aireraft&Transport
6% pref A x-warr_
50
4454 47
50 444 July 48
Jan
United Carr Fastener corn •
6
1,200
54 63.4
64 July
13.4 Feb
United Chemicals Incturn Apart pref____. 19%
$3
5,500
7
Jan 20% June
173-4 1934
United Dry 1)ocks
•
3
314 12,200
234
4 Mar
34 June
United Founders
1
24
234 2% 174,000
X Apr
2% June
United Nf°lasses CoAin dep nets ord ref _CI
314
334
34 2,800
14 Feb
23-4 July
United Profit Sharing.....'
134
14
200
114
4 Ma
2% June
United Shoe Mach com_25 .5356 493.4 5374
1,175 304 Mar 5336 July
Preferred
25
31
31
90 3034 Slar 32
June
United Stores Corp v t o...•
14
134
4 Jan
2
3une
134 8,100
United Wall Paper Fae__•
100
34 Jan
3 June
23.4 24
US Dahl' Prod B corn
•
134
1%
100
Feb234 June
1
U 8 Finishing com
•
734
734
7
1,400
A Feb
734 July
US Foil class 13
1
1035
914 104 8,500
1174 June
234 Apr
US & Internet I Seeur__-•
234
134 24 8,000
'is Jan
235 July
let pref with ware
• 55
514 55
1,900 17% Star 55
July
US Lines Inc pref
•
134
134 14
500
4 Jan
154 June
tr 8 Playing Card com__10 26
234 28
625
8
Mar 28
July
•
3
UIS Radiator Corp
3
3
200
14 May
356 June
I- s Radio & Tele com_ .._• 214
1954 2134
210 1834 June 2114 July
2
U S Rub Reclaiming corn_•
2
154
800
54 May
July
2
Universal Insurance_ __20
9
9
50
3
Jan
July
9
Utility Equities common.'
336
3
334 2,300
134 Apr
414 June
Pr ority stock
• 50
50
50
50 25
Apr 5034 June
•
234
Utility & Indus Corp
214
400
23-4
1
Feb
34 June
*
6
Cony preferred
54 6
1,200
136 Apr
734 June
Veeder-Root
•
54 7
400
5 June
July
7
74
•
734 74
1 ogt NfatrufacturIng
100
2
Feb
73.4 July
12
•
134 2,600 10
Waco Aircraft Co
May
1335 June
3
4
900
Waltt & Bond class A. •
3
July
8
June
Class B
255
236
434
000
35 Mar
434 July
• 1935 19
Walgreen common
9,000 114 Feb 20
20
June
Warrants
3
3
200
134 May
3
July
Hiram Walker Gooderham
• 3234 3134 3556 53,800
34 Feb 3754 June
A Worts I.td corn
Cumulative pre(
• 1434
13% 1534 8.600
734 Feb 1634 June
ti,
1,400
Watson (John Warren)._•
% Jan
I 4 Apr
14
44
•
134
134
700
Wayne Pump Co
136
54 Mar
214 May
-$
Western Auto Supply
•
19
200
20
Class A common
915 Jan 20 June
25 5315 Apr 6634 July
West Cortridge 6% pref 100
6634 6634
Western Maryland Railway
5434 60
90 40
May 60
7% lot preferred. _100
July
Western Tablet & Station
•
6
100
Common v t e
8
APr
7
June
7
60
Westvaco Chlor $7 pref 100
100 5634 Jan 64
July
64
•
134
134
100
34 june
136 June
West Ye Coal & Coke
Sian 13
2,700
1134 1234
4
Williams(RC)& Co
June
• 1234
500
254
234 24
2% June
4 May
1\ II-low Cafeterias new__ I
12
734 Feb 124 Jan
400
Convertible preferred •
12
334
Wolverine l'ortld Corn .10
100
334
3 June
334 July
299
Priaay
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Woolworth (F W) Ltd
Amer dep refs for ord shs
Youngstown Sheet & Tube
554% preferred
100
Public Utilities
Alabama Power $7 pref__•
Am Cities Pow &Lt
Cony class A
25
New class B
1
Amer Common'Ith Power
Class A common
•
Common class B
•
Amer & Foreign Pow warr_
Amer Gas & Elee com
•
Preferred
•
Amer L A Tr corn
25
Am Superpower Corp cora'.
let preferred
•
Preferred
•
Assoc Ga. A Dee_
New common
1
Class A
•
•
$5 preferred
Warrants
Assoc Teter) $1.50 pref._ _.
Assoc Telep Utll corn_ --•
Brazilian Tr LA P ord_.•
Buff Sling & East Pow__25
Cables A Wireless LtdAm dep eels A ord shs_f
Am dep rets B ord shs_11
Am dep rcts pref sirs D.
Cent Ilud G At E vte____•
Cent & So'werat UtilCommon
•
Cent States Eleo new corn 1
Cities Serv P & L SO pf__•
Cleve Elec Ilium com____•
Columbia Gas & ElecCony 5% Mel
100
Commonwealth FAllson_100
Common & Southern Corp_
Warrants
Community P & List pt.*
Community Wat Serv newl
Consol G E L&P Balt com •
Duke Power Co
10
East Gas & Fuel Assoc.. _•
6% preferred
100
East States Pow corn 13_.•
East CBI Assoc corn
•
Cony stock
•
Elec Bond & Share com__5
3.5 eurnul preferred......_•
$6 preferred
•
Electric Pwr & Lt 2d pf A •
Option warrants
Empire Dist El 6% pref100
Empire Gas & Fuel
7% preferred
100
Empire Power part stk •
European Electric Corp
Class A
10
Option warrants
Florida P & L $7 pref____•
Gen Gas & El SO pref B___•
Gen Pub Serv $0 pref____•
Gen Pub Util 37 pref
•
Georgia Pow $6 pref
•
Hamilton Gas com v t e_..1
Hartford Elee Light_ __25
Illinois P A I. $6 pref__ •
6% cum preferred __100
Internet Hydro Elec$3.50 cony preferred.....•
Interned Utility
Clam B
1
Warrants
Interstate Pow $7 pref._ •
Italian Superpower A____•
Warrants
Long Island LtgCommon
•
7% preferred
100
6% pref class B
100
Marconi Intermit Marine
Commun An,dep rcts_fl
Marconi Wirel T of Can..
Nfass UM Assoc v t c
•
Memphis Nat Gas new__5
Middle Wont UM com__•
$6 cony pref ser A
•
Monongahela West Penn
Public Serv 7% pref__25
Montreal Lt. Ht & Pr_
•
Mount'n Sts Pow 7% pf100
National P A L $6 pret__•
Nev Call( Elec corn. _100
New England Pow Assn
36 preferred
•
New Engl Pub Serv56 prior lien
•
34 Y Pow & Lt 7% pref.100
N Y Steam Corp coin_
•
NY Telep 64% prat __100
Niagara lied PowCommon
15
Clue A opt warrant____
Class C opt warrants_
Nor Amer Lt A Power_ _50
$6 preferred
•
Nor Am Util Sec corn ____•
Nor States Pow corn A_100
Oklahoma Nat Gas pref 100
Pacific Public Serv corn..
•
Pacifle G & E 6% tat of 25
516% 1st pref
25
Pacific Ltg $6 pref
•
Peninsular Tel Co corn.. _*
Pa Gas A Elec class A _ _ _ _*
Pa Water & Power Co...'
Philadelphia Co corn
•
Power Corp of Can com •
l'ub Serv of N III corn__ •
Common
100
Puget Sound p & 1.,_
$5 preferred
•
6 Preferred
•
Shawinigan Wat & Pow..*
Sou Calif Edison
Preferred A
25
6% prof see B
25
536% preferred C
5% °rig pref
25
Southern Nat Gas com___*
Standard Pr & Lt corn_
•
Common class 13
•
Preferred
•
Swiss Amer Elee pref
Tampa Electric Co
•
1936
1734 1934
5434
50
5434
57
57
534
3334 34
536
5,34
5,000
30
10
200
7,700
Range Since Jan. I.
Low.
1134
Jan
19% July
25
Apr
5434 July
37
Apr
6536
3654 June
634 June
'is Mar
Mar
Apr
Mar
Apr
Apr
Mar
Apr
Apr
X June
4 June
1334 June
50 June
9134 Jan
2634 June
914 June
7535 June
June
50
2435
7%
75
42
4
700
5,500
34
7,900
1234
4734 37.100
8734
400
264 7,200
734 128,600
7534
500
42
700
234
1734
694
12
234
52
15
2
7
34
174
4
1535
1934
2
235 1,700
14 24 10.700
1,220
734
634
4 2,100
4
17
125
1734
11 11,400
34
144 164 10,200
1934 1934
100
134
I
3
la
1534
34
6
1536
May
Apr
May
Apr
June
Mar
Feb
June
134
35
334
144
134
13.1
urs
55
3% 334
14
1434
1,900
8,900
600
200
is
hi
234
104
Apr
Feb
Feb
Apr
334
334
18
3536
314
356 8,300
334 434 23,600
18
18
50
1,700
3534 37
1
114
914
2034
Mar
Feb
Star
Mar
132
120 135
6734 6536 6836
11,
66
73
1134
GO%
4
44
3734
:5734
:64
25
734
20
3,750
1,600
"is 30,30
34
124 1234
25
13-4
200
131
65
6736 5,000
66
73
200
1134 1134
400
57
6034
000
34 44 2,300
300
2134 22
434 434
500
3434 384 343,500
5335 :584
1.700
5934 :6534
8,300
224 25
425
74 3,500
7
20' 20
50
184 1836
1136 1135
34
24
14
57
58
34
564
23
335
234
16
7734
736
236
54
14
234
50
100
6
"re
24
14
5734
44
58
54
564
243.4
28
1,100
400
300
1,350
210
50
225
700
25
300
50
535
36
22
13
55
456
5134
4
56%
23%
28
2234 25
9,600
500
10
2,600
100
1436 16
73
80
644 6434
6,000
180
25
134
5314
734
2434
55
15
1454
3454
25
20
2234
20%
35
9
49%
424
2934
ors
1236
55
4334
384
4
39
114
134
14
10
2234
25
434
116
6
Apr
June
May
Apr
Apr
Mar
May
Mar
Apr
Apr
Feb
Apr
Apr
Feb
Feb
Mar
734 Apr
636 Star
234
54
12
3
184
44
4334
H
434
184
26
11
34
14
534
4
34
Mar
Apr
Mar
Apr
Mar
July
Apr
Jan
Mar
Apr
June
14 June
''is June
334 July
15 June
356
44
26
37
July
June
May
July
14
13
234
7015
73
1236
60%
454
224
5
4134
594
66
29
734
20
June
June
June
June
July
June
July
June
Jan
June
June
June
June
June
July
July
25 June
1514 June
64
1
3334
144
50
414
7014
34
57
3434
2854
June
June
Jan
June
June
July
Jan
June
Jan
Jan
June
264 June
Feb
Feb
Mar
Feb
Mar
334
34
2334
3
1
10
May
APr
59
484 Apr
June
June
June
June
June
16 June
824 Feb ,
Jan 1
74
736
Jan
Apr
234
May
334
Feb614
Jan
%
Apr
334
June
June
June
May
May
June
June
Apr
July
Apr
May
July
July
July
June
June
50
200
60
750
20
1434
2134
16
34
9
5434 564
320
2634 Apr
124
136
36
.5
124
14
47
754
234
24
2154
86
10
9
55
15
13
3334
34
June
June
June
June
Feb
June
June
Jan
Apr
1636
36
164
70
14
2714
90
414
11734
334
234
1034
34
1935
134
164
224
Apr 135 June
Apr 8234 Jan
54
4
194
234
4
34
2734
DO
40
11734 116
1354
134
68
50
74
100
24 27,200
1,200
234
534 2,400
4 4,500
234
200
736
254
234
44
14
23-4
164
36
1635
16
z67
z67
12
55%
700
24 34
54
4
18
18
134
234
34
36
Jan
254 Feb
Feb
3
4
3r•
1134
4234
8534
224
6%
75
4134
34
124
4636
High.
164
36
1636
7214
15
5734 June
50 1954 Feb 2916 June
25 77
Apr 99
Jan
300 35
Feb 45
Jan
275 10914 Apr 11734 July
1334 33,300
1% 3,900
34
200
5
100
13
50
134
900
534 7,100
74
200
235
100
2434
1,400
2136
200
87%
150
50
10
9
100
55
100
15
100
125
1434
3434
250
35
300
84
714
4
2
756
36
2334
434
134
214
19%
78
7
6
39
z5
114
22
34
Mar
Apr
Feb
Apr
Star
Mar
Apr
Jan
Jun
Apr
Ma
Slav
Mar
Jan
Apr
Star
June
Apr
July
1634 Jan
2
June
34 June
June
134 June
134 June
5354 July
714 July
234 July
2534 Jan
23% Jan
Jan
94
Jan
12
June
9
Mar
60
1734 June
14% July
4334 Jan
42
Jan
24
25
20
19
1434 18
230
140
1,400
12
8
8
Apr
Mar
Feb
June
28
214 June
1616 June
2516
2254
2034
3334
34
11
9
46
3834
27
300
4,700
1,200
100
2,500
100
100
250
450
900
2234
1834
174
324
l‘•
314
24
16
1814
194
Apr
May
Mar
June
Mar
May
May
Apr
Mar
Apr
27
2454
224
3314
I
164
1554
49%
4234
12
2554
23
2036
3334
"ii
11
9
4934
4234
2934
Jan
Feb
Jan
July
June
June
June
July
July
trine
Financial Chronicle
300
Public Utilities
(concluded)
Friday
Saws
last Week's Range
for
ofPrices.
Sale
Veen.
Par. Price. Low. High. Shares
Union Gas of Canada._ •
United Corp warrants
United Gas Corp corn newl
Frei non-voting
•
Option warrants
United Lt & Pow rioin A.
Common class B
•
$6 cony 1st pre
•
US Elec Pow with wary-1
Warrants
Utah P & L 87 pref
•
Mil Pow & U corn
Class 13 v t c
7% preferred
100
6
534
4334
134
8
934
3354
1%
234
4
454
441
3641
134
64
8
32
154
11
34
254
5
21
1,800
6
3,500
5
641 184,000
7,200
45
131 20,300
84 31,800
400
931
4,100
35
134 6,800
300
I16
34
50
211 6,300
541
400
23
400
Former Standard Oil Sub sidiari es
Borne Scrymser Co
25
104 1211
200
Buckeye Pipe Line
50
100
38
38
Chesebrough Mfg
25
115 115
50
25 85
Humble On & Ref
834 85% 6,200
Imperial 011 (Can) coun--• 14% 134 14% 14,400
Registered
144
• 1434 14
900
Indiana Pipe Line
10
7
731
200
National Transit _ -12.50
200
841 954
9%
N Y Transit
4
4
100
5
Northern Pipe Line
10
300
5
531
Penn Mex Fuel corn
1
100
3% 3%
South Penn Oil
25 2144
1931 22% 5,500
Southern Pipe Line
541
10
5
300
Sou'west Pa Pipe Line...50
50
3444 3431
Standard 011 (Indiana)-25 3331 3111 33% 36,600
Standard 011 (Ky)
10 1834 164 184 16,500
25 204 17
Standard 011 (Neb)
2041 1,100
3331 41
4,100
Standard Oil(Ohio) corn 25 40
40
88
100 as
88
5% preferred
Other 011 Stocks
Amer Maracaibo Co
1
1
Arkansas Nat Gas corn•
34
•
Common class A
334
100
Preferred
British Amer Oil Corp_
"
25c
Carib Syndicate
4
•
4
Colon 011 Corp corn
Columbia Oil & Gas vte •
2
Conical Royalty Oil Co_ -10
24
Coeden 011 CO
•
Common
634
541
Ctfe of deposit
Creole Petroleum new.
731
1
Crown Cent Petrolcom__•
Darby Petroleum Com...-•
841
Derby 011 & Ref com----•
231
Cult 011 Corp of Penna-25 614
Indian Ter Ilium Oil
Non-voting class A____
•
Class B
International Petroleum.
19
Kirby Petroluem
*
154
11
Leonard Oil Develop-15
•
8
Lion 011 Ref Ding
• 11
Lone Star Gas Corp
Mexico Ohio 011 Co
•
5
Mich Gas 4i 011 Corp_
•
Middle States Petrol
•
Class A vtai
3
•
ClassB vto
Mountain & Gulf 011____1
6
Mountain Producers....10
• 1734
National Fuel Gas
New Bradford 011 Co_ _25
Nor European Oil corn.
--•94
Pacific Western 011
•
Pantepec On of Venez •
-Petroleum Corp of Amer
"a•
Stock Purchase warn__
Prod were Royalty.
%
Pure Oil Co 6% pref-100 43
ti
•
Reiter Foster Oil
Richfield Oil pref
31
25
Root Refining Co
1
New common
634
New cony prior pref.. 10
•
Ryan Consol Petrol
8
Salt Creek Prod Assn_ 10
6
Southland Royalty Co___5
134
5
Sunray Oil
Teton Oil& Land Co-" 1034
134
Venezuela Petrol
5
Woodley Pcroluem
1
Mining
Bunker Hill & SullIvan....10 4334
Vot trust ctfs
10 42
Bwana Tal'Kubwa Copper
American shares
134
1
Consol Copper mines_ .5
141
Consol Min & Smelting__25
Copper Range Co
•
Cresson Consul 0 M
1
'is
CUai Mexican Mining..50e
1
Eagle Picher Lead Co...20
Evans Wallower Lead com•
41
Falcon Lead Mines
41
1
Goldfield Consol Mines-10
're
Heela Mining Co
7
25
Hollinger Consol G M...5
9
Hun Bay Min & Stnelt _•
9
Iron Cap Copper Co_ _10
2
Kerr Lake Mines
4
Kirkland Lake G M Ltd_l
Lake Shore Mine" Ltd_ __1 3944
Mining Corp of Can
N Y Honduras Rosario-10
New Jersey
_ ..25 5741
Newmont Mining Corp.10 45
Zinc_Nipissing Mines_......
234
5
Ohio Copper Co
1
45
Pacific Tin Spec Stock. *
Pioneer Gold Mines Ltd_I 13
Pond Creek Pocahontus_ •
14
Premier Gold M
I
Roan A ntelope Copper
2531
St Anthony Gold Mines.....1
'Is
Shattuck Dann Mining...5
34
So Amer Gold & Plat......5
234
Standard Silver Lead____1
"as
Teck-Hughes Mines
1
574
Tonopah Mining of Nev_ _1
'It
United Verde Extension 50c
5
Utah Apex Mining Co5
194
Wa'ker Mining
1
Wenden Copper Mining. l
V. right-Hargreaves Ltd_.
•
631
Yukon Cold Co
44
5
Bonds
Alabama Power Co
1st & ref 5a
1946
76
1951
1st & ref 56
1956
let & ref 59
1968 71
let & ref be
1967 6534
let & ref 44a
1
1% 9,300
1,200
33-4 3%
231 354 12,500
300
354 331
x1311 14
300
2% 411 40,200
341 4
18,100
2
2% 5,200
300
231 254
Range Since Jan. 1.
Low.
154
1%
1%
13
31
2
211
834
131
Apr
Mar
Feb
Feb
Feb
Mar
Feb
Apr
June
Apr
Mar
20
9.1 Apr
2
Mar
534 Apr
6
25
71
40
634
6.34
331
53.4
3
40'
134
11
241
2441
17
8%
11
154
60
High.
6
631
654
45
15(
9%
12%
414
1%
44
42
334
ay,
27m
July
June
July
July
June
June
June
June
June
June
June
June
June
June
Jan 13 June
Jan 395' June
Apr 115 June
Mar 88 June
Mar 1441 July
Apr 144 July
Feb
June
8
Apr 10
May
43-4 3une
Feb
Apr
64 June
4 June
Feb
Fen 2214 July
Apr
May
6
Mar 3411 June
Mar 3331 July
Mar 1831 July
Apr 204 July
Mar 41
July
Apr 88
July
Mar
Feb
Mar
Feb
Feb
34 Feb
31 Feb
41 Apr
1
Jan
he
114
al
2
634
134
54
4
44
14
441
4
211
244
May
June
June
June
July
July
July
June
May
400
631
3,30
6
831 32,200
1% 9,500
400
591 6%
254 234 1,900
17,300
5834 62
31
111
431
34
24
41
24
Feb
Jan
May
Feb
Feb
Mar
Mar
741
6%
831
141
754
241
62
June
June
July
July
June
June
July
20
6%
30
6
634
173/ 1934 35,30
141 -154 2,000
11 4,000
51
1,600
6
93-4
10% 1134 12,40
4
4
200
441 54 2,10
141 Apr
14 Jan
z814 Feb
Jan
% Apr
)1
14 Apr
44 Apr
Feb
2
Feb
1
7
614
194
2
14
944
1134
5
541
June
June
July
June
June
July
June
Apr
July
331
14
44
831
17%
1%
41
754
1
1,700
200
700
4,800
2,900
300
1,700
400
200
Jan
Jan
Jan
Jan
10
Feb
34 Jan
. an
s
3
Mar
11 Mar
g
l5
5,500
3,100
660
1,400
4,200
41
1„
21
31
34
100
700
800
2,000
3,100
2,400
1,300
1,800
600
.34
334
41
3
3
0
5
234
111
53'
1841
154
4
7
4
g
34
36% 43
41
1
134
14
654 841
24 311
754 8
5% 641
131
13-4
944 103-4
141
1
2%
2
46
4211
575
225
134 1%
136 14
,
127 130
8
5
43
41
-34
711
4
4
4
654
844
8
131
741
941
954
2
384
254
18
5644
42
231
'as
10
12
1614
134
21%
31
354
131
11
54
31
431
1%
154
31
5%
3.4
404
231
19%
6041
4791
24
41
10
1344
184
14
26
'le
3%
24
51.
6
*a
531
144
154
*It
634
41
700
4,600
110
400
2,400
13,300
200
2,600
12,800
3,100
2,800
3,900
23,400
400
300
1,100
7,600
200
300
5,000
29,600
2,200
36,000
100
37,600
100
37,600
6,000
18,200
1,200
3,200
5,700
19,700
600
10,100
300
200
9,900
56,500
1,400
824
74
7551
7031
6494
84
80
7654
74
6634
84,000
14,000
8,000
31,000
20,000
54
14
3-4
134
714
44
41
241
Jan
MIL
Apr
Apr
Jan
June
leb
Feb
Feb
Jan
Apr
44 Jan
134 Mar
631
1434
15
Jan
Apr
4
14
44
614
20
June
June
Apr
June
May
1,‘ June
94 Feb
734 July
141 June
34 June
14
45
31
231
June
May
June
June
111
694
4
94
611
134
134
131
2%
June
July
June
June
June
June
May
June
May
46
July
4241 July
141 June
Jan
24 June
Apr
Jan 130
July
Feb
611 June
31 June
1% June
744 June
411 Apr
4
134 June
34 Feb
its June
lie Apr
'is May
Jan
841 June
Feb234
9% May
534 Jan
941 June
294 Jan
241 June
34 Jan
Jan
154 June
4 Feb
34 Jan
2554 Mar 4141 June
231 June
134 Apr
74 Feb 19% June
264 Mar 6041 July
114 Mar 4741 July
334 June
Jan
1
41 June
Jan
10 June
' jn
341 Ja
"
15 June
13
,r1 Mar 1611 June
Apr
14 June
73 Mar 2651 July
%
Jan
94 June
454 June
Feb
41 Mar
24 June
isal Feb
44 Apr
84 Feb
634 June
131 June
31 Mar
8 June
154 Mar
44 Jan
14 June
Jan
134 June
Jan
710 June
Jan
% June
6
1
June
III Feb
14
34
55
14
5..
37
24
34
75
684
61
5811
54
Apr 10041 Jan
Apr 97
Jan
Apr 95
Jan
Apr 8934 Jan
Apr 81 4 Jan
Bonds (tontinuad)Aluminum Co a f deb 58'52
Aluminum Ltd deb 59_1E148
Amer & Com'wealths Pow
Cony deb Os
1940
1953
511s
Am El Pow Corp deb 8s'57
Amer(IA El deb 5s...2028
Am Gam & Pow deb 68_1939
Secured deb be
1953
Am Pow & Lt deb 6s-_201.6
Am Radiat deb 44s_ _1947
Am Roll MI11 deb be_ _1948
434% notes_ _ _Nov 1933
Amer Seating cony 89_1936
Amer Thread 511s_ _1938
Appalachian El Pr 58_1956
Appalachian Power 65_1941
Deb 69
2024
Arkansas Pr & Lt 5e_ 1956
Associated Elea,4 4[1 1953
Associated Gas & El Co
Cony deb 534s
1938
Cony deb 4 418
1948
Cony deb 4148
1949
Cony deb 5e
1950
Deb 5s
1968
Registered
Cony deb 634s
1977
Assoc Rayon 5s
1950
Assoc T & T deb 53.4, A '55
Assoc Telep Util 549.1944
6% notes
1933
Baldwin Loco Wks 5348 '33
Ctfs o !deposit
Salt & Ohio Si ser F..1996
Bell Telep of Canada
1st M 58 series A _1955
let M 5s series B___1957
1st NI baser C
19811
Bethlehem Steel 6s...1998
Birmingham Elec 4 348 1968
Birmingham Gas be
1959
Boston Consol Gas 58.1947
Broad River Pwr 5e A.1954
Buffalo Gen Elec be.-.1939
Canadian Nat fly 78_1936
Canada Northern Pr 55 '53
Canadian Pao Ry 6s-1942
Carolina Pr & Lt 5s___1956
Caterpillar Tractor 58.1935
Cedar Rapids SI & P 5a '53
Cent Ariz Lt & Pwr 53.1960
Cent German Power
part ctfs 6s--------1934
Cent III Light 59
1943
Central III Pub Service-5a series E
1956
let & ref 434e ser F I967
Be series0
1968
1981
4he series H
Cent Maine Pow his D 1953.
Cent Ohio L & P Se
1950
Cent Power 55 see D._1957
Cent Pow & Li 1st 54.1956
Cent Pub Serv 5 318.._ _1949
With warrants
Without warrants
Cent States Elea 5s_..1948
Deb 514s Sept 15 1954
Without warrants ---With warrants
Cent States P & L 548'5
3
Chic Diet Elec Gen 441s'70
Deb 544
1935
Chicago Junction & Union
Stockyards Is
1940
Chic l'neu Tool 5418...'42
Chic Rya be atte
1927
Cincinnati St Ry 548_1952
6s series 11
1955
Cities Service 55
1966
Cony deb 5s
1950
Cities Service Gas 534,'42
Cities fiery Gas Pipe L '43
Cltiee Serv P & I,541s 1952
5119
1949
Cleve Cleo iii lst 59..1939
5s series A
1954
Commers und Privet
Bank 534e
1937
Commonwealth Edison
let M 5s series A___1953
1st NI Ss series 13___1954
181 4 348 series C._1956
let M 434* series D 1957
44s series E
1960
hit M 4s seriee F.- _1981
5118 series Cl
1962
Com'wealth Subtald 54s'48
Community Pr & Lt 51 1957
Connecticut Light & Power
64sseriesB
1954
4419 series C
1956
Samna;D
1962
Conn River Pow Si A 1952
Consol 0, E L & P 4143'35
Consol Gas El Lt & P (Balt,
441s series 0
19139
44s aeries FI
1970
let ret s f 48
1981
Consol Gas (Bait Cityl
5e
1939
Gen mtge 44s
1954
Consol Gas Util Co1st & coil 65 ser A...1943
Deb 6!4s with wart 1943
Coneumers Pow 440_1958
1st & ref 5e
19311
Cont'l Gea & El fas.._ _1958
Continental Oil 5%5_1937
Cosgrove Mohan Coal
6945
1945
Crane Co 58.... _ A ug 11940
Crucible Steel deb 5a.1940
Cudahy Pack deb 534,1937
Sinking fund be _ _1946
Cumber 'd Co P&L 448'56
Dallas Pow & Lt 6a A.1949
5s series C
1952
Dayton Pow & Lt 56..1941
Del Elea Power 5 Sis _1959
Denver Gas & Flee 65.1949
Derby Gas A Elec Se_ _1946
Det City Gas 68 ser A 1947
fle 1st series B
1950
Detroit & Intl Bridge
78
1952
7s ctfs of dep
1952
Aug 1 1952
6148
ra
etf4 OS den
1952
July 8 1933
Friday
Sates
Last Week's Range far
Week.
of Prices.
Sale
Price. Low. High.
96
74
95
73
9611 79,000
74
10,000
Range Since Jan. 1.
Low.
Apr
80
474 Mar
High.
Jan
June
99
80
44 June
254 231 6,000
51 Apr
254
14 June
24 341 5,000
8
Jan
46,000 2124 Apr 34
June
2834 31
31
Apr 92
Jan
8434 844 864 45,000 89
Apr 39
52,000 13
July
39
38% 36
Apr 334 June
3134 09,000 11
31 34 28
6434 7131 41,000 3231 Apr 7111 July
70
Apr 100% July
100% 9831 10041 63,000 83
Apr 75
July
7054 75 155,000 33
75
9674 589,000 45
Apr 9631 July
9534 ' 91
16,000 22
July
4831 51
Apr 51
101 1014 7,000 96% Jan 1014 July
57.000 714 Apr 971/c Jan
90
8931 88
10,000 94
1034 104
Apr 105
Feb
12.000 63
834 84
Apr 8511 Feb
7731 43,000 82
Apr 9054 Jan
75
77
3841 3544 3944 104,000 254 Apr 4734 Jan
2131
184
134
19%
1944
1841
21
48%
414
1754
25
101%
10041
714
99
100
9834
65
105
105
1834 21 34 84,000 13
1751 1841 3,000 124
164 184 16,000 1154
14,000 1334
20
17
164 1974 506,000 13
184 7,000 z14
18
33,000 16
2041 22
4741 4944 17,000 33
394 4134 124,000 15
is
1241 1741 32,000
2,000 11
25
20
9634 102 697,000 50
9154 1013-4 1074000 4834
72 223,000 32
65
Niar
Mar
Mar
Mar
Mar
May
Mar
88,000 87
79,000 8541
13,000 87
8,000 99
1,000 55%
18,000 40
7,000 9941
16,000 27%
1,000 101
9854 100
9854 100
9731 99
108 110
70
70
647-4 66
10441 105
404 4234
105 105
10234 10141 10234 11,000
7744 7754 3,000
10011 111 661,000
110
43,000
74
72
73
9811 5,000
98
98
9644 9441 96% 36,000
2,000
86
86
38
103
70
6454
7134
6554
9131
6041
331
50%
51
52
42
76%
62
62
4134
4241
604
75
414
41%
1054
10741
474
70
633-4
71
63
914
73%
6854
59
38% 10.000
6,000
103
71
6454
72
654
9331
76
69
6141
4,000
92,000
5,000
9,000
9,000
15,000
10,000
78,000
254 33-' 12,000
2% 2%
3,000
49
5041 77,000
5131
4941
40
75
834(
52
5241
42
764
8454
98
64
61
58
60
3941
4034
5941
73
40%
414
10511
1074
98
85%
62
58
62
4134
4234
61%
7511
424
424
10541
10741
474 50
103 44 103
1034 10141
9141 94
9431 93%
9341 9234
8441
86
103% 10234
784
77
47
so
104
10341
95
95
94
8634
10341
7834
5131
16,000
135,000
72,000
11,000
20,000
Feb
Mar
Apr
Apr
Apr
Feb
213
27
2631
28
27
25
35)4
52
4134
2494
534
102
101%
72
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
Jan
Jan
July
July
July
Feb
Apr
Mar
May
May
Feb
Apr
Apr
Feb
100%
100
10034
112
80
60
105
483.4
107%
Jan
Jan
Jan
June
.lan
July
Jar
Jam
Jan
Apr 10234
98
59
Mar 7741
704 Mar 111
54
Apr 763.4
Mar 9834
88
8634 Mar 9834
7741 Apr 93;4
June
July
July
Jan
Apr
37
June 644 Jan
Jan
9831 June 105
52
4844
52
48
85
5334
49
42
14
Apr 7911 Jan
Apr 733-4 Jan
Apr 78
Jan
Apr 73
Jan
Jan
May 101
Apr 76
Jan
Jan
Apr 75
Apr 67
Jan
Jan
11.4 Jan
27% Apr
5 June
434 Mar
5244 June
27
Apr 524
Apr 54
28
2334 Apr 45
5514 Apr 8411
74
Apr e94
10,000 0311
7,000 235-4
31,000 47
5,000 4154
11,000 4134
17,000 244
439,000 244
58,000 42
14,00
54
166,000 25
51,000 254
12,00
114
8,00 10241
59,000
Julie
June
May 98
Jan 6531
Mar 64
May 65
Apr 65
Mar 46
Mar 454
si
Feb
Jan 7511
Apr 4331
Apr
Mar e10734
Afar 1054
4
4611 June
684
June
June
June
Jan
Jan
Jan
July
June
June
June
May
May
June
June
June
May
Jan
Jan
9,00 z9111 Apr 1063.4 Jan
49,000 92
Apr 1051.4 Jan
29.009 :634 Apr 102% Jan
22,000 834
10141 Jan
50,000 82 '
Jan
A
kre 101
155,000 7411 Apr 9314 Jan
58,000 95
Apr 10641 Jan
38,000 57
Apr 864 Jan
105,000 3834 Apr 5741 June
1,000 10254 Mar 11034 Jan
10834 10834
19,000 oni May 105% Feb
10134 1014 102
101% 1054 13,000 974 May 10741 Feb
105
97% 985-4 84,000 89
98
Jan
May 100
10241 10231 103% 26,000 09% Mar 10431 Feb
9,000
104% 10444 10431
10254 103
11,000
103
9744 9741 99% 65,000
106
10531 105
Jan
98
Apr 106
9514 May 10711 Jan
89
May 994 July
100
3,000 10231 May 10834 Jan
10514 19,000 9714 Apr 107% Jan
444 20,000 21
42
44
12
11
29,000
4
1141
10041 994 10054 99,000 904
22,000 100
1014 1014 105
62
6474 101,000 37
62
984 100 155,000 92
100
Jan 474 June
12% June
Apr
Apr 104% Jan
Jan
Mar 106
Apr 6511 June
July
Mar 100
831
11
89
89
65
68
9834 9744
1044 104
8331
86
104% 10141
99%
105%
106
8454 84
100
7234 7236
944 9341
8134
85
June
Apr
Apr
Mar
Mar
Apr
Apr
May
Apr
Apr
Apr
May
Mar
2%
234
834
8
11
9141
6844
99
104%
86
10541
10041
106
8411
1004
73
9444
85
8,000
711
8,006 68
45,000 25
84,000 87
4,000 9914
35,000 7234
18,000 100
8,000 9841
17,000 99
14,000 60
11,000 9614
11,000 60
25,000 75
9,000 68
1,000
234
241
1,000
10,000
9
8
1,000
May
11
92
724
99
105
914
1084
10314
1064
854
1024
7434
9814
91
June
May
July
June
Feb
Jan
Feb
Jan
June
Jan
Jan
Jan
Jan
31 Mar
34 Jan
3
Mar
2
Jan
444
3
93'
8
June
June
June
July
July
Financial Chronicle
Volume 137
301
..415
Bonds (ContInued)Dixie Gulf Gas 6359 1537
With warrants
Duke Power 435s____1967
Eastern URI Assoc 58_1935
Eastern Utilities Invest
58 with warrauts-1954
Edison Elec 111 (Busto102-year As
19:14
5% notes
.1935
Elec Power & Light 59.2030
Elmira teat Lt & Rlt As '55
El Paso Elec 55 A
1950
Empire Dist El Is. .. 1952
Empire Oil & Ref 549 1942
Slarelll Elec tgErcole
6(4s with Warr... 1953
European Elec 359
19tio
55 Ithout warrants
European NI tat luv 78 C'67
Fairbanks Morse deb 58. 92
Farmers Nat Slice 79_1963
Federal Water Serv 5(4554
Finland Residential B tee
Banks 69
1961
Firestone Cot Mills 59.49
Firestone Tire & Rub 58 42
First Bohemian Glass 7s '57
msk. Rubber 5F& _1931
Fla Power Corp 549.1979
Florida Power & Lt As 1954
Gary El & Gas 58ser A 1939
Gatineau Power 1st 59 195(
Deb gold as June 15 1941
I ieb as series B__ 1941
General 134onze 68_ __ _1940
Gen Motors Accept Corp
5% serial notes._. 1934
5% serial notes
1934
5% serial notes_
1936
Gen Pub URI 6559 A.1956
2-yr cony 6 W.__ ..1933
General Rayon Gs ser A1948
Gen Refectories 5s_
1933
Certificates of deposit._ _
General Vending Os x-w '37
Gen Rat 55 ks & El 59 1943
Georgia Power ref 59..1967
Georgia l'ow & Lt 59.-19713
Gesture' deb his
1953
Without warrants
Gillette Safety Razor be '40
Glen Alden Coal 48_..l965
Glidden Co 549
1935
Gobel (Adolf) 649_1935
With warrants
Godchaux Sugar 7359_1941
Grand (F14 W)Prop 691948
Certificates of deposit.
Grand Trunk lty 6359 1930
Grand Trunk West 49.1950
Great N-.r l'ow As. _1935
Great Western Power 59'46
Guardian Investors As 1948
Guantanamo & West 65 '58
Gull Oil of
As
1931
59
1947
Gulf State- 1 ,til 59_ _1956
4358 series 13
1961
Ilacicensark -S ster 58.1938
As series A
1977
Hall Printing U%s....1947
Hamburg Electric 7s.1935
lianiburg El & Und 5%6'38
Hanna (Si A) Os
1934
Hood Rubber Is
1936
54s
1936
Houston Gulf Gas
6(s with warr
1943
181 69
1943
Roue I. /4 P 1st 4%s E 1981
181 A. ref 4(48 ser D.1978
As merles A
1953
Iludson Bay M & 858.1935
I tyd l'ow Niag Falls As '51
IlYgrade Food Products
6s series A
1949
Os series II
1949
Idaho l'ower As
1947
Illinois Central RR 4)46'34
IL Northern ittil As. _.1957
III Pow & I. 1st (19 eer A '53
let & ref 649 ger 11_1954
bit & ref be ser C. 1956
S f deb 549._May 1957
Independent iiii&Gas
Indiana Electric Comae series A.
1947
6%s series B
1953
As series C
1951
Indiana Hydro-Elec As '58
Indiana& Mich Elea19t & ref 59
1965
As
1957
Indiana Service bs_ __ALM
1st & ret be
1950
Indianapolis Gas 59 A.1952
Ind'polls P & 1.598er A '57
Intercontinents l'ow 691948
With warrants
International Power Sec
Secured 6(45 ser C..1955
79 riffles E
1957
7s series F
1952
International Salt 58._1951
International Sec 59 1947
Interstate I r & Steel 54846
Interstate Power 5s__ _1957
Debenture 69
Interstate Public Servi1952
ceSs series D
1956
455eserie9 F
1958
Invest Co of Ain 5s_._1947
Without warrants
tows-Neb 1. & P 69___1957
58 erie..11
1961
Iowa Pub Serv 59......1957
lowa Ry & I.t 5%s_ _1945
learco-Hydro-Elect 79 1952
Issotta Frenshint 7s...1942
Italian Superpower of Del
Debs 64 without war '63
Jacksonville Gas 511_1942
Jamaica Water Sup 549'55
Jersey C P & L 5913_1947
4359 serie3 C
1961
Jones Laughlin Steel 5s '39
Kansas (his & Elec 68_2022
Reuses Power & Light
Os series A
1955
59 series B
1957
Frulap
Sates
Last Week's Range for
Sale
of Prices.
Week.
Price. Lou. NIA.
$
914
101%
96
184
91% 92
954 1014
954 96
9,000
4,000
4,000
16% 19% 20,000
102% 1024 102%
102% 1024 102%
51% 454 53
764 76%
804 80%
59
5359 59
494 48% 49%
14,000
45,000
410,000
1,000
1,000
67,000
67,000
Range Since Jan. 1.
Low.
70
88
90
934
High.
Apr 92 June
June
Jan 102
Slay 9835 Jan
Feb
23
Jan
994
9535
21
67
65
37
284
Apr 10339 Jan
Apr 1034 Jan
Apr 54
June
Slay 88
Jan
Apr 8635 Jan
Apr 60
May
Apr 52% Slay
714
71
734 40,000
63
June
7651 Feb
71
3635
704
36
67
38%
3539
71
36%
694
38%
41
60
23
46
24
18
Mar
Apr
Apr
Mar
Apr
71
35%
694
39u
41
July
July
July
July
July
584
884
914
62
5735
67
99
534
73%
66%
664
66
614
89%
92
65
59
734
70%
57%
7731
7155
70
73
Jai
Mar
Apr
Jan
51.1
Apr
Mar
Mar
Apr
Mar
Mar
Apr
614
8935
11239
654
605
734
70%
72
774
71%
70
73
July
July
June
Jan
June
July
July
41
61%
88%
91%
59
72
69
57
77
70%
694
73
19,000
12,000
24,000
1,000
109,000
29,000 38
12,000 68
31,000 71
4,0110 60
9,000 37
46,000 44
47,000 48
61,000 354
74,00() 59A
20,000 39
17,000 39
13,000 7,42%
Jtli,
JulY
July
July
July
102% 102 102% 5,000 1004 Ma 1034 June
103% 103% 8,000 10o4 Mar 10359 July
104% 103% 10455 24,000 100
Ma 104% July
33
32
35% 36,000 12
Mar 38 June
42
42
44% 10,000
474 June
1735 Ma
40
40
Sla
1,000 20
60 June
4,
y5
57%
77;5
67%
46%
594
83
1044
3
554
754
624
404
934
57%
92
82
al00
64,000
5,000
57,000
104,000
43.1/00
904
2
3855
60
40
Jun 120
Slay
5%
Mar 60
Apr 90%
Apr 69
47 116,000
94% 23,000
5951 370,000
9,000
93
314
89
45
75
June 69% Jan
Apr 102
Feb
Apr 59% July
Apr 9335 June
120
4%
57%
774
6731
,
Apr 84(4
Feb z99
•
7,000
Ma
9
8
9
10%
99% 98% 994 15,000, 94
Air 100(4
68
654 68% 29,000 50
Apr 69%
99
99 100
12.0110 89
Apr 101
102% 102% 103
6,000 93 May 1064
47
46
6,000 264 Apr 50
47
35
44,000 124 Jan 36
2435 36
92
100% 100 100% 55,00
Apr MIA
100
34,000 92
994 100
Mar 100(4
75
Apr 82
7851 24,000 50
73% 73
Apr 7639
734 2,00
53
834 196,000
2,000
al00
55
77
July
Feb
May
Jan
June
May
June
Feb
Jan
Jtuie
Jan
Jan
June
July
Fen
Jan
Jan
June
101% 1004
09
70
684
73
71%
59% 55
101
10035
74
69
60
59
1014
9954
70
73
61
101
74
604
21,000
7,000
34,000
6,00
81,00
7,00
48,00
6,000
96
9039
49
624
43
92
44
314
Mar 102(4 Feb
Apr 9939 July
Mar 71
June
Apr 86% Jan
Apr 7255 Jan
Jan 101
July
Feb 74
July
Mar 60% July
42
384
544 504
93
92
034 92%
9955 994
106
104
104
42
55
93%
9355
100%
1064
104
25,000
46,000
30,00
7,000
43,0(10
48,000
1,000
2135
31%
794
784
88
77
08
Mar 42
July
June
Mar 60
Apr 9659 Job
Apr 964 Jan
Jan
Slay 104
Slur 109
June
Slay 106
Jan
644 22,000
7,000
60
12,000
99
75 300,000
954 11,000
754 84,000
32,000
70
65% 139,000
30,000
57
15,000
100
41
40
854
33
85
52
50
4534
38
84%
Apr 65 June
Apr 61
June
May 102% Jan
Apr 75
July
Slay 10035 Feb
Apr 77
Jan
Apr 72% Jar
Apr 71
Jan
Apr 60% Jab
Slur 100
June
62
59
9
6% 064
744 71
9535
75% 72
69% 6655
65% 62
57
52
100
64
81%
70%
67%
9135
98%
393-1
76
87%
774
8154
70%
674
78
82
71%
68%
7,000
2,000
6,000
14,000
57
Apr 91
Feb
Apr 91
62
Jan
48% Apr 2784 Jan
49
Jan
May 76
914
98%
37
37
76
86%
92
994
39%
40
76
874
3,00
16,000
51,000
28,000
1,00
76,00
80
94
1235
14
65
7334
Apr 99
Jan
May 105
Jan
3939 July
A in
Apr 40
July
Apr 83% Jan
Apr 9555 Jan
535
78
79
76
87
60
61
58
45)i
68%
624
80
80
78
76
78
631
3,000
135
Jan
10
June
78
78%
76
84
5734
60%
56
43
82
82%
8151
87
60
61
5834
45,4
47,000
41,000
71,000
17,000
32,000
6,00
80,000
58,00
78
784
70
744
40
21
384
204
June
July
May
Mar
Slur
Apr
Apr
Apr
91
96
80
87
60
674
61
46
Feb
Jan
Jan
July
June
June
Jan
June
68
61
70% 13,000
30,000
63
4635
45
Apr
Apr
7834
72
Jan
Jan
75
7835
80
78
80
744
78
75
80%
81
794
80
76
79
18,000
15,000
17,000
5,000
3,000
21,000
3,000
63
63
6334
604
75
71
63
Ma
Apr
May
Apr
May
Apr
Jan
75
8435
844
8354
92
8644
80%
Feb
Jan
Jan
Jan
Feb
Feb
June
5739 5734 5
8
46
49
46
1003-I loom 100%
93
98
9935
90% 903.1 91
103% 1034 103%
80
80
79
94
81
94
84
58,000 374 Apr 6235 June
At
18,000 304 Apr
Jail
May 102
5,000 98
Jan
11,000 86
Apr 101% Jan
28,000 8039 Mar 904 Jan
6,000 101
Apr 104
June
Apr 8535 Jan
3,000 69
2,000
94
8834 26,000
83
71
Apr
May
954 June
1.0 June
Bonds (Cotiffnued)-
rtday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. LOW. High.
Kentucky Utilities Co
let M As
1961 754 7539 76% 14,000
6 Sis series D
1948
9155 914 5,000
535s series F
82
19 5 75
9 4
82
6,000
68 aerie. 1
75
7635 92,000
lamberly-Clark As.
..1943
11,000
86% 89
hopper!, 11 dr I deb be 1947 76
754 76
23,000
Sink fund deb 5159_1950 8235 82
,
824 38,000
Kresge pi S. Co 5s..__1945 93
93
93
5,000
Certificates of deposit
8635 8735 2,000
Laclede Geo 5355
7435 76% 12,000
Larutan Gas 6!is- - - - 193355 94
a91
94
13,000
19
Latina! Pow Secur 63.2026 83
80% 83
51,000
Lexington Utilities 59.1952
724 72%
1,000
1.ibby MeN & Libby be 42 7335 70(4 734 35,000
Lone Star Gas As
91
91
3,000
Long Island Ltg 6s...1945 91% 90% 90% 2,000
19 2 9
0
Los Angeles Gas & ElecAs
8,000
3
1, 9 al0455 al0535 105
947
535s series E
1024 10239
1,000
,
1024 103
3.000
Al-,t4 series 1
1941,
1st & gen 5.s
984 99
27,000
1961 99
6s
3,00(1
105 105
1942
Louisiana Pow & Lt 581551 86
884 25.000
86
Louisville G & E as A.1937 100% 100% 10035 2,000
4358 series C
96
2,000
96
1961
Manitoba Power 359_1951 9235 42
4535 25,000
,
Mass Gus Co
Sink fund deb 58..1916
8335 84
20,000
914 19,000
535e
1946 904 90
McCord Rad dr Mfg
40
3,000
45
as with warrants_ 1943 45
Melbourne Electric Supply
6
964 9635
74s series A
1,000
9935 100% 3,000
100
:Memphis l'ower & Lt 55
Metropolitan Edison
3,000
7735 78
48 series E
85
8835 14,000
59 series F
1972 SS
96
1
22,000
60
56
Middle States Pet 635s 45 56
Middle Weal Utilities
1sq 43,000
12
59 Ctrs of deposit...1932 13
12yi 1331 35,000
As ate of deposit_ 1933 13
12
As ctts of deposit- _1934 13
13% 73,000
1235 134 58,000
55 ctfe of deposit...1935 13
Milwaukee Gas Lt 44s '67 10139 9955 101% 26,000
84
alinneap Gas Lt 4559_1950 84
8535 21,000
102% 102%
5,000
Minn (len Elec 5s_ __ _1934
15,000
Slinn P & L 449
7655 77
4,000
82
81
5s
62
64
5,000
Mississippi Pow 5s-1 75
11995
9 i 8771
18,000
73
NILss l'ow it Lt Is....1957 73
72
Miss River Fuel as 1944
9131 91%
1,000
With warrants
33,000
Miss River Pow let 59_1951 1034 1024 104
5,000
90
89
Missouri l'ow it Lt 535s '55 90
1,000
Missouri Public Serv 59'47
5535 5534
Monon West Penn Pub Ser
1st lien & ref 549 B 1953 69
6735 6931 25,000
5,000
Slont Dak Pow 534s...'34
49
50
Slontreal L H & P Con
151k ref As ser A___ 1970 97% 944 9734 128,000
1 951
9335 96
5a series B
87,000
Munson 58 Line 6359_1937
With warrants
134 1955 20,000
14
994 101
34,000
Narragansett Elec ba A '57 101
59 series B
23,000
99% 100
1957 100
Nat POW
12,000
Lt 69 A....7027 7934 7955 82
1 5
6
Deb be series B ..2030 66% 66
68
61,000
Nat Public Service 59 1978
204 1835 214 200,000
Certificates of deposit._ _
National Tea As
96% 97
17,000
1935 07
Nebraska Power as A.2022
90
1,000
90
tat NI 435s
1981 102% 10155 1024 98,000
Nettiner Bros Realty fie '48 494 47
494 29,000
Nevada-Calif Elec 58.1956 75
62
76% 239,000
New Amsterdam Gas As '48 9834 95
99% 20,000
N E Gas & El A81,11.1 59.1947 55% • 53
55% 66,000
Cony deb As
1948 5535 5235 554 38,000
Cony deb 59
5235 55
64,000
1950 55
New Eng Pow Assn 59_1948 64% 63
654 106,000
Debenture 5358_...1954 704 69
714 29,000
New Uri Pub Serv 4359 '35 5235 50
5255 57,000
6eser,es A
16,000
1949 35% 35% 37
N Y Cent Elec 5359._1950 65
65
65
2,000
N Y it Foreign Inv 555 '48
61
With warrants
61
5,000
NY Penns it Ohio 4359'35 9535 95
28,000
96
NY P&L Corp let 4359'67 94
94
89,000
95
N State G it E 4358_1980 7751 75% 7731 31,000
2,000
93
93
51-38
1962
Y it Westch'i 1.1g 4s2004
9osi 9034 3,000
100% 102
4,000
Debenture As
1954
Niagara Falls Pow 69_ 195 106% 10651 106% 7,000
950
9
59 aeries A
104 104% 7,00
10,000
NIUDon Elec l'ow 635e 1953 63% 63% 64
No American Lt it Pow
99
98% 98
58
21,000
92
02
3% serial notes
2,000
1933 92
9
34
88
87
18,000
5% serial notes
1936 88
474 62,000
549 series A
1966 45% 44
Nor Cont Litil 5348...1948 39
36% 39
13,000
91
91
Nor Indiana(lit E 68_1952 91
10,00
Northern Indiana P3
1st it ref laser C
73% 75
13,000
1966 74
59 series D
1969 74% 7135 744 26,000
4355 aeries E
72
70
10,000
1970 72
Nor Ohlo Pow it Lt 548'51 9735 97
9835 11,000
Nor Ohio Tr it Lt 58_ _1956
90
90
2,000
No States Pr 54% notes'40 89
88
894 14,000
Refunding 4359
81,000
1961 90% 9035 92
N'western Elec 6s
85
85
1,000
1935 85
N'western Power Os A 1960
16
1,000
16
Certificates of deposit_ _ _
134 14
6,000
N'western Pub &Iry 59 1957 66
64
67% 33,000
Ogden Gas As
97
27,000
1945 064 90
Ohlo Edison 1st 59....-19611 90
8955 9031 62,000
Ohio Power 1st 59 B 1952 101% 101
102
35,000
1st it ref 4(45 ser D 1956 9634 95% 96% 67,00
Ohlo Public Service Co
as series C
88
89
3,000
let & ref Asset D.. _ 1954
78
78
933
1,00
535s series E
81% 80
82
12,000
Okla Gas it Elea bs
19 1 854 854 8735 58,000
8
50
Gs deb series A
1940 7855 78% 78% 2,00
Okla Pow it Water 58_1948 57
51
57
17,00
oawego Falls 69
4539 4651
1941
5,000
Pacific Coast Pow As..1940 88
88
88
2,00
Pacific Gas it El Coln flatteries 13
1941 1084 10839 1094 30,000
tat it ref Is ser C__.1952 1044 1044 105
1 41
36,000
be seder. D
1955 103% 1034 104
10,000
1st it ref 44a E__ -.1957 97% 97
98
69,000
1st it ref 4358 F_ _1960 974 97
9735 20,000
Par Investing As
75
75
1948
2,000
Pac Lt it I'ow As
1942 10734 10635 10735 4,000
Pee Pow it Light 58..- _1955 654 62
6535 86,000
Pacific Western 011649'43
With warrants
754 744 76
40,000
Palmer Corp of La 69_1938
90
904 2,000
Penn Cent Lit P 4359 1977 724 71% 74
21,000
As
1979 81
81
81
2,000
Range Since Jan. 1.
Low.
55
67
52
72
70
72
77
6639
47
584
56
564
4635
84
80
10035
99
984
914
100
7335
99
89%
20
High.
Mar
7735
Apr 93
Apr 82
Apr 7755
Apr 89
Apr 794
Mar 83
Apr 96
Mar 90
Mar 76%
Jan 94%
Apr M$S
Apr 724
Mar 77
May 97
Apr 100
June
Feb
June
June
July
Jail
Slay
Jan
Jan
July
June
lan
July
June
Star
Jan
Mar
Mar
May
May
Mar
May
Mar
May
Apr
10639
1044
INA
103%
105
9439
1024
102
4634
Jan
Feb
June
714 Apr
Apr
75
9434
99
Jan
Jan
8% Apr
92
81
45
Jan
Feb
Jan
Jan
July
Jan
July
Jan
Slay
9635 July
Jan
103
68
Apr
79
Apr
274 Mar
86
Jan
9734 Feb
60
July
331 Mar
144
34 Mar
14
3% Mar 1455
455 Mar
14
Apr 10234
91
7235 Apr 90
Mar 103%
100
Apr St
57
Apr 87
66
44
Apr 7335
Apr 83
50
May
May
May
May
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Mar 91% June
79
98
Slay 1054 Jan
Apr 92% Feb
79
3735 Aor 65
Jan
48
27
Apr
Apr
76
50
84
82
Feb
Feb
974 July
July
96
Jan
June
8
944
96
50
41
Feb 16
May
Slay 103% Jar
Apr el03
Jan
Jan
Mar 85
Mar 74
Jan
114
834
80
88
17
4734
89
37
3834
3754
354
40
40
2535
624
Apr 2335 Jan
Jan 9735 June
Apr 98(4 Jan
May 10231 July
Apr 4935 May
Apr 764 July
Apr 1024 Jan
Apr 5951 June
Apr 60
Jan
Apr 59% Jan
Mar 6835 June
Mar 7235 June
Apr 65
Jan
Apr 4935 Jan
May 82
Jan
May
Apr
Apr
Apr
Apr
Apr
June
Mar
Slay
Feb
7835
96
99
9135
105
974
105
1084
106
64
Mar
July
Jau
Jan
Jan
Jan
Feb
Jan
Jan
July
8635
74
68
21q
22
781-4
Apr 99
Apr 92
Slay 91
Apr 47%
May 39
May 102%
July
Feb
Jan
July
July
Feb
5935
59
54
80
77
70
75
7735
10
11
55
85
73
904
81
AP
904 Feb
Apr 91
Feb
Apr 8534 Jan
Apr los% Jan
May 10035 Jan
Mar 92
Jan
Apr 974 Jan
June 93
Jan
Apr
18 June
Feb
June
14
Apr 75
Jan
Apr 101% Feb
Apr 915
Jan
May 10434 Jan
Apr 9955 Jan
75
64
70
7034
63
35
36
794
Apr
Ma
Apr
Apr
Ma
Mar
Apr
May
101
9834
944
8654
86
64
103
48
Ma
AP
May
Apr
Mar
Apr
May
Apr
60
88
82
6835
80
82
984
1014
9635
3539
5731 Alm
794 Apr
Apr
60
May
76
9535 Jan
8915 JaIl
Jan
90
9135 Jan
783.4 Jan
594 Jan
Feb
53
Feb
93
Jan
Jan
Jan
10135 Jan
1014 Jan
7635 Jan
108% Feb
71% Jan
11235
10654
loos
76
July
904 July
8035 Feb
Feb
90
Financial Chronicle
302
Bonds (Conitnued)1971
Penn Electrx 48
Penn Ohio Ed
68 ser A withou warr 50
Deb 535s series B-1959
Penn-Ohio P & L 534.s 1954
1956
Penn Power Is
Penn Pub Serv 68 C _1947
Penn Telep Is series 0_1960
Penn NI at & Pow 55. _1940
._1968
434s series B
Peoples Gas Lt & Coke
1981
4s series B
1957
6s series C
Peoples Lt & Pwr 5s....1979
PhDs Electric Co 58-196t
Fhlla Elec Pow 5159-1972
Phila Rap Transit 68 1962
Phila. Suburb Water 55 '55
Piedmont Hydro El Colin & ref 614s cl A 1960
Piedmont & Nor 5s_1954
1949
Pittsburgh Coal 6s
Pittsburgh Steel 6s-1948
1953
Pomerania Elec 68
1939
Poor & Co 68
Portland Gas & Coke Is '40
Potomac Edison be E.1956
1961
434s series F
Potomac Elec Power 58 '36
Power Corp(Can)455s B'59
Power Corp of NY
1942
61s series A
1947
5%s
Power Securities Corp
1949
Os Amer series
Procter & Gamble 4348 '47
Prussian Elec deb 68- _1954
Pub Serv (N H)4358 B1957
Pub Serv of N J pet ctfs
Pub Serv of Nor Illinois
1956
1st & ref 55
1966
Is series C
1978
434s series D
1st & ref 4158 ser E_1980
1st & ref 41513 ser F_1981
1937
615s series 0
1952
615s series II
Pub Serv of Oklahoma
1061
58 aeries C
1957
5s series D
Pub Serv Sub 5348 A1949
Puget Sound!'& L 5155'
49
1st & ref 513ser C__ _ 1950
1st & ref 415s ser D.1950
1988
Quebec Power 58
Republic Gas
6s ctfs of deposIt_ 1945
Rochester Cent Pow 58 '53
Rochester Ry & Lt 58_1954
Ruhr Gag Corp 635s-1953
Ruhr Housing 615s--1958
Ryerson (Jos T) & Sons
1943
5s
Safe Harbor Wat Pr 410'79
St Louts Gas A: Coke Cla '47
San Antonio Pub Serv 58'58
San Joaquin L & P
1957
5s series D
1955
Salida Falls Is A
Saxon Pub Works 6s_ _1937
Schulte Real Estate 68 1935
t3,1th warrants
Without warrants
Scripps (E U) deb 5358 '43
Seattle Lighting
1948
Serve! Inc Is
Shawinigan W & P4348'67
1968
415s series B
1970
1st 5s aeries C
1970
1st 4348 series D
1948
Sheffield Steel 535s
Sheridan Wyo Coal 68_1947
South Carolina Pwr 58 1957
Southeast P & L Os__.2029
Without warrants
Sou Calif Edison 58___1951
1952
Refunding Is
Refunding Is June 1 1954
1939
Gen & ref 58
Sou Calif Gas Co 415s_1961
Sou Calif Gas Corp As.1937
Sou Gas 635s x-w__ _ _1935
Sou Indiana G & El 5358'
57
1951
Sou Indiana Sty 4s
Southern Natural Gas 68'44
Unstamped
Stamped
S'west Assoc Telep 52_1961
Southwest G & E es A_ 1957
1957
58 series B
Sou'west Lt & Pow 58_1957
Sou'west Nat Gas 68.-1945
So'west l'ow & Lt 65._2022
S'west Pub Serv 68 A_1945
1942
Staley Mfg Co 6s
Stand Gas & Elec (3a 1935
1935
Cony 68
1951
Debenture 68
Debenture(3s _ Dec 1 1966
Stand Investing 510_1939
Is without warr__ _1937
1957
Stand Pow & Lt Os,
1943
Stand Telep 54s
Stinnes (Hugo) Corp
is without warr Oct 1 '36
7s without ware__ 1946
1939
Sun 011 deb 515s
1934
5% notes
1940
Sun Pipe Line 5s
Super Power of III 4348.68
1970
let 4358
1st 68
1961
Swift & Co 1st ma 158.1944
5% notes
1040
Syracuse Lt 5358 _ _ _ _1954
Tennessee Elec Pow 581956
Teonessee Pub Serv 58 1970
Terni 1lYdro Eire 6358 1953
Texas Cities (las 58_1948
Texas Elec Service 50_1960
Texas Gas lite Ps_
1945
Texas Power & Lt 5s-1956
1937
5.9
Debenture 65
2022
1934
Thertnold Co 68
With warrants
Tide Water Power 58_1979
1962
Toledo Edison Is
Twin City Rap Tr 510'52
1944
Men r'n deb 04
Sales
1 tidal,
,
Laii Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
7116 72
Range Since Jan. 1.
Low.
High.
5,000
514
Apr
74%
Jan
53
45
85
96
81
90
99%
9439
Apr
Apr
May
Mar
Apr
Mar
Apr
May
82
7535
1034
104
100
9734
108
101
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
7515 75
6815 68%
97% 974
100%
101
89
934 9339
104%
99% 99
76
70
98%
101
90
934
105
994
19,000
16,000
18,000
15,000
3,000
1,000
40.000
9,000
8535 8434
101% 10034
515
10915
110
106% 1064
5134
102
102
85%
101%
535
110
107
52
102
Apr 9339 Jan
18,000 66
84,000 8715 Apr 106% Jan
835 May
535 Apr
1,000
16,000 10235 Mar 11035 Jan
Feb
30,000 1014 Mar 108
2,000 43% may 604 Jan
15,000 0534 Mar 104% Jan
61
70
73
95
79
32
82
89%
85
8234
1034
59%
72
78%
95
79
3315
84
92
86%
834
103%
61
45,000 65
20,000 6035
1,000 82
3,000 6335
13,000 28
13,000 41
21,000 82
28,000 74
16,000 65
6,000 102
13,000 28
94
60
92
59
70
7815
79
3335
83
89%
85%
83
564
10434 104%
55
91% 904
110%
111
42,000
95
604 18,000
84
83%
7515
76%
76
9635
91
86
83%
77
78
78
9735
9215
18,000
4,000
6,000
7,000
49,000
111,000
34,000
7034
7115
6834
704
644,
65
59
58
85
70%
714
664
6634
63
59%
8634
4,000
9,000
15,000
44,000
35,000
29,000
8,000
2035
3715
10435
41% 3939
2734
2234
39
8034 May
52
Apr
52%
64
42
47
45%
.10
71
943( 95
9935
12%
80
48,000 90
99 100
7
834 134 48,000
21,000 565
7915 82
11%
7035
45
7015
71%
78
71
3915
11
104
69%
4335
61
70
70
75
6915
7715
39%
66
11
11%
70%
45
68
71
7139
78
71
80
41
67%
71% 73%
102% 10335
102% 10335
1024 1034
106 1064
88% 90
88
88
96% 96% 9634
103% 104
104
6115 604 63
724
103%
103
102%
106
88%
61%
62
5215
75
75
7135
35
63%
71
874
69
6831
54%
55
71
72
50
1835
6739
64
5215
76
7635
7215
38
67
714
8715
75
76%
5915
5915
71
72
54%
19
81
28
854
99
7714
304
29
1014
1014
984
7535
76
87
104
984
106
72
84
71%
56
7934
26%
84
98%
7719
38%
35
101%
101%
983.9
77
77
89
105
99
106
80
84%
73%
56
81
28
8534
99
7714
51
6519
93%
29
38
50
634
9255
28%
3734
51
65%
93%
29%
3839
67
75%
75
714
3634
66%
71
75
7615
5815
594
53%
36
33
9834
7535
104%
99
106
79
84
72
Apr
Apr
Apr
Apr
Apr
Mar
Apr
7634 Feb
7755 Jan
8034 Jan
67% Jan
Jan
66
Jan
63
86% July
Apr 24% June
Mar 48
Jan
Mar 10834 Feb
Jan
June 67
may 6039 Jan
8035 Mar
95
91% 924 11,000
35,000
10234 102 104
414 56,000
4135 38
Jan
Feb
Jan
Jan
Jan
66
Apr 100% Jan
Jan
61
Apr 98
60
Apr 90% Jan
61
Apr 91% Jan
Jan
60% Apr 93
8034 Apr 10715 Jan
7519 Apr 100
Feb
224 49,000 13
4,000 25
39
104% 5,000 100
41% 25,000 33%
3255 9,000 2335
4,000
Jan
June
June
June
Jan
July
Jan
Jan
Jan
Feb
June
994 Feb
sog July
Apr 66%
4,000 44
57
11,000 9815 May 105%
105
56% 9,000 4315 Apr 70
Apr 9519
9115 2,000 85
15,000 1034 Apr 119
Ill
86
83%
77
78
7734
97%
92%
66
63
5919
Jan 764
Apr 82
Apr 9534
Feb 81
May 5035
Apr 84
May 100
Apr 89)1
May 88%
Apr 10634
Apr 61
95
July
Apr 102
Apr
1634
May 8335
Jan
Jan
Jan
7735 May 98
9755 Mar 105
June 8734
38
Jan
Jan
Jan
8
7
5515
30
49%
49
50
67
4834
65
23
48
Mar
Apr
Apr
Apr
Jar
Apr
Apr
Mar
Mar
Apr
Feb
Apr
11
1135
72%
504
68
71
7114
78
71
82
41
6735
July
July
let)
Jan
July
July
July
June
June
June
June
July
78,000 4735
62,000 94
7,000 9434
40,000 94
29,000 101
32,000 79
1,000 72
6,000 9115
16,000 08
23,000 34
Ma
May
Apr
May
Feb
Apr
Slav
Jan
Apr
Apr
82%
10555
10515
10539
108
95
89%
9634
105%
60
Jan
Jan
Jan
Jan
Jan
Jan
Feb
July
Jan
June
39
3915
35
60
52
50%
26
32
55%
69%
35
35
28%
28%
63
61
26%
10
Apr
Apr
Mar
Apr
Apr
Slay
Mar
Apr
Apr
Nlar
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
674
65
56
82%
82
7234
43
67
7135
8755
75
76%
62
60
7235
72
59
3215
June
June
Jan
Jan
Jan
June
May
July
July
June
July
July
June
June
June
June
June
Jan'
17,000 3014
6,000 29
16,000 994
10,000 99
8,000 95%
3,000 59
6.000 60
6,000 76%
25,000 96%
30,000 87
1,000 101
45,000 63
13,000 70
23,000 69
1,000 46
34,000 66
18,000 114
37,000 70
41,000 90
4,000 66
July
July
Apr
Feb
June
Slay
Apr
Slay
Apr
Mar
Apr
May
Apr
Jan
Feb
Apr
Feb
Apr
Apr
Apr
65
5935
10215
1014
100
84
8314
0334
105
99
109%
95%
94
81%
5735
90
28
92
104
8235,
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
June
June
Feb
Jan
Jan
Feb
June
Jan
June
Jan
Jan
Jan
1,000
6,000
16,000
38,000
7,000
66,000
91,000
44,000
88,000
12,000
10,000
16,000
84,000
7,000
3,000
20,000
6,000
19,000
21,000
16,000
11,000
1,000
90,000
433,000
89,000
32,000
7,000
1,000
150,000
7,000
13,000
20,000
102.000
61,000
60,000
2615 Apr
4435 Apr
80% Apr
Apr
20
Jan
15
July
51
69
Jun
9935 Jan
3
415 Alay
39
Juno
Bonds (Concluded)
Union Amer Invest Is 1948
With warrants
Union Elee Lt & Power
415s
1957
5s series B
1967
Un Gulf Corp 5s_July 150
United Mee (N
45 1049
Un'ted Elee Se rv7s 1956
United Industrial 8%51941
1st 65
1945
United Lt.5 Pow 68_1975
1st 5358____Aprti 1 1959
Deb R 6155
1974
Un Lt & Ry 5%s
1952
68 series A
1952
68 eerie( A
1973
U 8 Rubber
3
-year 0% notes
1933
3-year Gs
1936
634% serial notes 1934
654% serial notes,.1930
615% serial noteo 1937
64% serial notes 1938
Utah Pow & Lt 68 A...2022
Vamma Water Pow 535s'57
Van Camp Packing 68_1948
Va Elec & Power 5s
1955
Va Public Serv 534s A 1946
1st ref Is see 11
1950
6s
1946
Waldorf-Astoria Corp
7s with warrants_..1954
Certificates of deposit- -Ward Baking Co 6s
1937
Wash Gas light 5s
1958
Wash Ry& El 45
1951
Wash Water Power 58_1960
West Penn Elec 5s
2030
West Penn Pwr 4s II 1961
West Texas Utll 55 A.1957
Western Newspaper Union
Cony deb 138
1944
Western United Gas & Elec
1st 5%s ser A
1956
Westvaco Chlorine 5355'37
Wisconsin Elec Pow 55 1954
Wisc-Minn Lt & Pow Is'44
Wise Pow Sr Lt Is E
1956
Is series F
1958
Yadkin River Pow 55.1941
York Rys Is
1937
July 8 1933
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
$
Price. Low. High.
80
80
80
7,000
Range Since Jan, 1.
Low.
72
Apr
High.
80
June
49,000
9714 97% 98
1,000
102% 10215 10235
102 102% 75,000
102
1014 101A 101A 25,000
46,000
71
6834 73
5134 46,000
45
51
514 28,000
5015 46
5035 52% 62.000
52
82
8,000
79
82
28,000
534 524, 55
5715 534, 58 151,000
82% 14,000
824 80
soy, 4835 52% 8,000
87%
9235
96
95
68%
35
354
274
5439
29%
31%
64
2514
Apr 99%
Apr 106
Apr 103
Mar 103
July 8339
May 68
May 68
Apr 60
Mar 82
Apr 5939
Apr 58%
Apr 8235
Apr 55
Jan
Jan
Feb
Jan
Feb
Jan
Jan
June
July
June
June
July
June
100 100
92
92
94
95%
76
76
70
684 67
69%
69% 66
624 64
64
83% 84
11
16
15
9815 10034
100
71
73%
72
66
67
67
6315 6315
46,000
2,000
42,000
1,000
12,000
8,000
4,000
6,000
29,000
19,000
28,000
19,000
3,000
68
92
504
27
25
27
45
08
1019
89
57
54
43
Apr Z1I0
June 04%
Apr 95%
Feb 80
Apr 78
Feb
78
Apr 64
Jan 84
24%
Feb
May 101
77
Slay
Apr 71%
Apr 6334
MAY
JUne
1215
834
94
8634
88
97
65%
97%
5635
5,000
3,000
5,000
25,000
14,000
11,000
19,000
1,000
75,000
5
235
90%
78
824,
87
44%
93
35%
1315 May
Mar
Feb
10 May
Jan
Apr 97
Mar 9415 Feb
Jan
Slay 91
Apr 102% Jan
June
May 71
Jan
May 101
June
Apr 62
30
14,000 z21
92
56
1135
8
92%
85
88
94
6335
9735
53
28
28
1135
8
86%
6535
824
1034
101
85% 85
75
76
75
75
854
87
ss% 88
8311
84
17,000 64
10315
1,000 101
101
1,000 97
85% 10,000 70
76
16,000 62%
76
6,000 59
87
3,000 75
90
9,000 78
Feb
35
July
June
June
June
July
July
May
Jun
Jan
Jan
July
June
Apr 89% Feb
Afar 103% Jan
Jan
Mar 103
Feb
Apr 91
May 89
Jan
May 894 Jan
Jan
May 89
Jan
Apr 92
Foreign Government
And Municipalities
Agile Mtge Bk (Colombia)
34
37
4,000 1715 Apr 37
78
1946 37
37
37
1,000 16
Mar 37
7s
1947 37
Buenos Aires (Prov)37
37
1,000 2539 Jan 39
1947 37
7165
3815 40,000 34
37
May 40
735s stamped
1947 37
37% 35
9,000 2934 Slay
38
7s stamped
1952 38
10% 10% 1,000
7
Mar 15
Cauca Valley 7s
1948 1035
Cent Bk of German State &
53
51
14,000 36% May 66
Prov Banks (38 B.- _1951 53
28
June 55
6s series A
1952 31% 29% 31% 12,00
7415 76
4,00
58
Mar 7635
Danish 5158
1955
67
66
6,00
Jan 68
58
lo53 67
57
Danzig Port & Waterways
41
39
11,00
37
May 54
25
-year 635s
1952
26% June 6235
German Cons Munk 78.'47 3439 304 34% 83,00
31% 35% 181,00
26
May 6155
1947 35
Secured (is
574 42,00
53% May 61
1939 574 55
Hanover (City) 7s
28
Slay 54%
Hanover (Prov)6158_1949 34% 3335 354 40,00
Indus Mtge Bk (Finland)
81
22,00
80
59
Mar 81
1st mtge Coils f 78_1944 81
715 7% 1,00
4
9%
Feb
Ulna 6%s
1958
1,00
819 839
3 Slay
9
Ctfs of deposit
17
17
5,00
4 Jan 20
6
Maranhao 7s
1958
17
Mar 3
3035 27% 30% 18,00
315
Mendoza 7158
1951
Mtge Ilk of Bogota 78_1947
34
20
5,00
Mar 34
Issue of October 1927_ ------ 34
1135 5,00
11
Apr
8
1534
Mtge Ilk of Chile 6E1_1931
68% 73
30,00
57% Apr 96%
Mtge Bk Denmark .58_1972 73
16% 18
14,00
JAII
7
19
Rio de Janeiro 635s
1959 18
Russian Govt
639, 815 142,000
Apr
2
835
855
615s
1919
439 734 1202000
734
1% Mar
735
1919
0158 eertificatee
8% 298.000
2
Mar
5
84
839
1921
5%.3
419 715 396,000
7%
115 Apr
73-4
1921
5358 certifIcates
97
Apr 102
Saar Basin 75
1935 100% 10035 10035 4,00
1935 103% 1033-41033-4 2,000 103% Jan 103%
Saarbruecken 7s
815 934 9,00
4
Mar 1335
834
1949
Santiago 75
855 6,00
1234
8
4% Jan
78
1961
July
July
June
June
July
June
Jan
Jan
June
May
Jan
Jan
Jan
Mar
Jan
July
June
June
June
June
June
June
June
June
July
July
July
July
Apr
May
June
June
• No par value. a Deferred del very. 0 o d Certificates of deposit. cons Consolidated. curn Cumulative. cony Convertible. s See note below. in Mortgage. n Sold under the rule. n-v Non-voting stock. r Sold for cash, vie Voting
w w With warrants.
z Ex-dividend.
trust certificates.
w 1 When issued.
s to Without warrants.
See alphabetical list below for "Deferred delivery" sales affecting the range
for the year:
American Manufacturing. pref., Feb. 7, 30 at 434.
Arkansas Natural Gas, corn., class A. March 15, 400 at 34.
Associated Gas dr Elec. 55 1968, registered, Mar. 29, $1,000 at 13
Beneficial Industrial Loan corn, April 19. 200 at 8.
Central States E‘ecrrIc Is 1948. April 7, $16,000 at 2719
Cities Service, coin., April 13, 100 at 14.
Commonwealth Edison 55, series A, 1953, April 24, $5,000 at 91.
Commonwealth Edison 4345, series C 1956, Aprll 24. $2,000 at 83.
General Bronze Corp. (is. 1940. April 10. $7.000 at 43.
Godchaux Sugar 74s, 1941, July 5, $2,000 at 100.
Indiana Electric 58, series C. 1951, Feb. 1, 87,000 at 80.
International Petroleum, Feb. 2, 200 at 814•
Jersey Central Pow & Light 515% pref., May 29, 25151 58.
Letcourt Realty Corp., pref. Aprl 4, 100 at 235
Niagara-Hudson Power class II option warrants March 21, 10.
Peoples Light & Power 58. 1979, April 18, $2,000 at A.
Prudential Investors $6 pref., June 20, 100 at 79.
San Antonio Public Service 5s. 1958, Slay 3. $1.000 at 64.
Syracuse Lighting 530, 1954, Feb. 1, 81.000 at 10934.
Union AtnerIcan Investment 5s w. w. 1948, April 12, $1.000 at 72
United States Rubber 65, 1933, May 19, 58,000 at 1003-4.
Western Newspaper Union 6s, 1944, March 16, 31.000 at 21.
affecting the rang, tor
See alphabetical list below for **Under the rule" sales
the year:
Associated Telephone $1.50 preferred, Feb. 9, 100 at 1935.
Chicago District Electric 5345, 1953, Feb. 2, $7,000 at 9534
Cleveland Electric Illuminating Is 1939, Juno 1, 51,000 at 10734.
Crown Central Petroleum corn., April 24, 67 at 1.
Narragansett Electric be. series 11, 1957. Jan. 17. 11,000 at 104.
New York dr Westchester Ltg 58 1954. Mar. 27. $5,000 at 101115.
Southwestern Public Service (is, A, 1945, Feb. 14, 31,000 al 70.
Tennessee Public Service Is, 1970, Jan. 13. 81.000 at 9555•
Financial Chronicle
Volume 137
303
Quotations for Unlisted Securities-Friday July 7
Port of New York Authority Bonds.
Bid
Public Utility Bonds.
Bid
Bayonne Bridge 4s series C
J&J 3 80
1938-53
80
90
Inland Terminal 450 ser D
Geo. Washington BridgeM&S 7.00
1936-60
4sseries B 1936-50
J&D 55.25 5.00 Holland Tunnel 4345 series E
430 ser B 1939-53 M&N 55.25 5.00
M&S 54.65
1933-60
Ask
Arthur Kill Bridges 430
series A 1933-46
M&S
Ask
90
6.00
4.50
U.S. Insular Bonds.
Philippine Government
-Bid
40 1934
97
48 1946
91
450 Oct 1959
91
450 July 1952
91
ba April 1955
1)4
58 Feb 1952
94
5558 Aug 1941
101
Hawaii 450 Oct 1956
97
Ask
100
92
92
92
100
100
103
100
Honolulu bs
US Panama 38 June 1 1981_
25 Aug 1 1936
25 Nov 1 1938
Govt of Puerto Rico
450 July 1958
bs July 1948
End
95
10212
9912
9912
92
98
Ask
98
10312
10012
10012
100
102
Federal Land Bank Bonds.
Bid
48 1957 optional 1937_1sl&N 8612
48 1958 optional 1938_IVI&N 88 2
,
450 1956 opt 1936____J&J 8712
430 1957 opt 1937____J&J 8712
450 1958 opt 1938... MAN 8712
58 1941 optional 1931.M&N 963
4
450 1533 opt 1932___J&D 101
1942 opt 1932__NI&N
1943 opt 193:3____J&J
1953 opt 1933____J&J
1955 opt 1935.___J&J
1956 opt 193()____J&J
1953 opt 1933__J&J
1954 opt 1934____J&J
Bid
93
93
89
89
89
93
93
Ask
94
94
90
90
90
94
94
Bid
Ask 1
8712 430
8712 450
88121 430
8812i 44s
8811 430
973 450
4
10178 450
Ask
New York State Bonds.
Bid
Ask
Canal & Highway
55 Jan & Mar 1933 to 1935 53.00
5s Jan & Mar 1936 to 1946 53.40
bs Jan & Mar 1946 to 1971 53.60
Highway imp 450 Sept '63
Canal Imp 430 Jan 1964.. _
Can & Imp High J & M 1985
Barge CT 4548 Jan 1945_ _
53.45
53.45
53.45
53.45
World War Bonus
450 April 1933 to 1939__
430 April 1940 to 1949_
Institution Building
48 Sept 193:3 to 1940
48 Sept 1941 to 1978
Highway Improvement
48 Mark Sept 1958 to '57
Canal Imp 4s J & J '80 to'87
Barge CT 4s Jan 1942 to '46
53.00
53.30
53.25
53.40
53.40
53.40
53.40
Ask
8212
8212
8212
82 2
,
8212
86 2
,
86 2
,
8612
86 2
,
9712
971.
,
9712
New York Bank Stocks.
Par Bid
Par Bid
Ask
Bank of Manhattan Co_ _20 3212 3412 Lafayette National
25
6
Bank of Yorktown
100 19
50 30
Nat Bronx Bank
25
liensonhunit Nati
100 25
25 17
National Exchange
34
(Anise
7
20 333 353 Nat Safety Bank & Tr__ _25
4
4
Citizens Bank of Ilitlyn_100
95
City (National)
4
25
5
20 373 393 Penn Exchange
4
Comm !Nat Bank & Tr_100 145 155 Peoples National
.
_
100
33
Public Nat Bank & Tr_ __25 -Fifth Avenue
100 1185 1235
First National of N Y_.100 1515 1565 Sterling Nat Bank & Tr...25 14
Flatbush National
40
100 35
Textlle Bank
Fort Greene
100 18
100
25 Trade Bank
Grace National Bank
12
)00
200 Washington Nat Bank._100
Kingsboro Nat Bank_
100 48
Yorkville(Nat Bank 00-100 30
58
Ask
9
35
20
10
9
80
33
17
44
23
4
40
Trust Companies.
Par
Banca Comm Italians Tr100
Bank of New York & Tr_100
isank of Sicily Trust
20
Bankers
10
Itronx County
20
Brooklyn
100
Bid Ask
142
390 41:kr
10
12
641 6614
1014 13
140 147
County
Empire
Fulton
Guaranty
Irving Trust
Kings County
Par
25
20
10(
100
I(
100
Bid
Ask
3354 35 4
3
23
25
260 290
320 325
223 237
8
8
1900 2000
Central Hanover
20 197 2138
20 14112 145l2 Manufacturers
8
Chemical Bank dr Trust_ _10 4014 4214 New York
25 9512 9812
Clinton Trust
50 45
55 Title Guarantee & Trust_20 2212 2412
Colonial Trust
100 14
17
Pont Bk & Trust
20 50
Underwriters Trust
60
10 180 18
Corn Exch Ilk & Trust_..20 6214 6414 United States
100 1605 1655
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
Diridend
Par in Dollars.
Alabama it Vicksburg (III Cent)
Albany & Susquehanna (Delaware & I(udson)_100
Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central)
50
Boston & Albany (New York Central)
100
Boston dr Providence (New haven)
100
Canada Southern (New York Central)
100
Caro Clinchfield & 01110(L & N A CL)4%
100
Common 5% eta:lined
.100
Chlo Cleve Me & St Louis prof(NY Cent)
.__100
Cleveland & Pittsburgh (Pennsylvania)
50
!lettermen stock
50
Delaware (Pennsylvania)
Georgia RR & Banking (L & N. A C L)
100
Lackawanna RR of NJ (I)el Lack & Western).100
Michigan Central (New York Central)
100
Morris & Essex (i)el Lack & Western)
50
New York Lackawanna 4 Western (1) L& W)_100
Northern Central (Pennsylvania)
50
Colony (N Y N II & Ilartford)
Old
100
Oswego & Syracuse (i)el Lack & Western)
60
pitteburgh Bess & Lake Erie (128 Steel)
Preferred
pittaburgh Fort Wayne & Chicago(Penn)
100
Preferred
100
Remo.,, Saratoga (Delaware
.
4
& 1ludeon)-100
St Louis Bridge 1st prof (Terminal RR)
100
2nd preferred
Tunnel RR St Louis (Terminal RR)
100
United New Jersey ItR & Canal (Penne)
100
Valley (Delaware Lackawanna & Western)_ 100
Vicksburg Shreveport & Pacific (III Cent)
l'referred
Warren RR of N J (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
__
value.
4 Last reported market.
• No par
6.00
11.00
6.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.60
2.00
2.00
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
5.00
5.00
5.00
3.50
3.00
2144.
85
166
75
28
120
135
45
70
76
88
62
37
32
145
61
GOO
62
80
72
90
57
26
55
115
141
105
105
53
105
200
78
58
58
42
53
Ask
Bid
5412 Newp N & Ham be '44..J&J 8412
N Y Wat Ser bs 1951_81&N 72
_ Oklahoma Gas 64 1940_ _ _ _ _
7612
5112 Old Dom Pow be_May 1551 59
52 Parr Shoals P ba 1952_ _A&O 54
2212 Peoples L& P530 1941 J&J 41
49 4 Roanoke W W bs 1950_J&J 58
3
8012 United Wat Gas & E be 1941 80
5512 Western P13 650 19130_ FAA
55
Wheeling Electric 5s 1941___ 101
Ask
90
74 2
,
80,
2
62
4:412
60
04
Public Utirty Stocks.
Ask
Par Bid
Par Bid
Ask
Arizona Power pref____ 100
_ 30 Kansas City Pub Serv pref •
141 138
Assoc Gas & El orig pret__•
Kansas Gas & El 7% p1100 74
212 5
$6.50 preferred
Kings Co Ltg 7% pret___100 90
5
7
94
$7 preferred
Metro Edison $7 pref B.__• 71
5
7
Atlantic City Elec $6 pref.' 9212 9512
8% preferred ser C
• 60 65
Bangor Hydro-El 7% pf_100 95
Mieteelppl P
4712
$8 pref..
• 45
Broad River Pow pf___ _100 2612 30 Niles River Power pret_100 • 8712 91
Cent Ark Pub Serv pref_100 48
Mo Public Sem, pref___100
614 912
Cent Maine Pow 6% p1_100 59
ei Nassau & Suffolk Ltg p1100 6012 63
iz 114 Newark Consol Gas__ _ _ 100 96 9912
Cent Pub Serv Corp pref.•
Consumers l'ow 5% pret..• 723 743 New Jersey Pow & Lt $6 Dr• 64
4
6712
4
6% preferred
100 86 4 8814 N V dr Queens E L& P pf100 9912 105
,
6.60% preferred
100 88 4 90 4 Pacific Northwest P S
•
,
3
Dallas Pow & Lt 7% pre 100 95
6% preferred
99
9
100
Derby Gas & Elec $7 pref.' 5314 57
Prior preferred
8
100
11
Essex-Hudson Gas
100 146 152 Philadelphia Co $5 pref. 50 5312 5512
koreign Lt & Pow units.... 433 47 Somerset Un kid Lt
4
100 68
72
97 South Jersey Gas& Elec_ 100 147 153
Gas & Elec of Bergen...100 92
Iludaon County Gas_
100 146 152 Tenn Elec Pow 6% pret_100 48
51
Idaho Power 8% pref
• 6712 7212 United G & E(NJ) pref 100 4612 51
7% preferred
82 Wash Ry & Elec corn...100 285
_
100 78
2
_
Inland Pow & Lt pret 100
5% preferred
100 8x12
Jamaica Water Supply p1.50 483 503 Western Power 7% pret_100 80
4
4
---
Investment Trusts.
New York City Bonds.
Bid
Bid Ask
a3s May 1935
8112
87, 90 a4.50 June 1974
2
d3348 May 1954
8112
75
7612 a4 XS Feb 15 1978
a350 Nov 1954
8112
75
7(112 a450 Jan 1977
a48 Nov 1955 dr 1956
8112
77
79 4450 Nov 15 1978
ate 51 & N 1957 to 1959_
8112
79
81 a450 March 1981
ate May 1977
8512
79
81 a950 M & N 1957
ate Oct 1980
8512
79
81 a45.0 July 1987
c43.0 Feb 15 1933 to 1940._ 56.50 6.25 a430 Dec 15 1974
8512
4450 March 1900
8512
80
82 a430 Dec 1 1979
a450 Sept 1980
8112 8212
a450 March 1062k 1964._
9612
81, 8212 088 Jan 25 1935
2
a450 April 1986
9612
8112 8212 a68 Jan 25 1936
a450 April 15 1972
9612
8112 8212 a6s Jan 25 1937
a Interchangeable. 0 Ilasis. c Registered coupon (serial). dCoupon.
Bid
Amer S P S 530 1948_1113,N
5112
Atlanta G L bs 1947 __J&D 9512
ten G & E 5 s 1933_ _ F&A
1st lien eoll tr 530'48J&D 471
1st lien coil tr 65'46_M&S 48
Fed P S 1st tls 1947_ _J&D
19
Federated Util 5 48'57 M&S 443
4
III Wat Ser 1st be 1952_J&J 77
Iowa So UM 550 1950_J&J
53
Louis Light 1st bs 1953.A &O 101 14
Ask.
175
80
31
130
50
73
79
75
85
41
35
155
84
135
84
76
95
62
ao
145
110
110
Ask
Par Bid
Admintstered Fund__ ___ 1 17.45 18.60
Amer Bankstocks Corp...
1.29 1.47
Amer Brit & Coot $6 pref.' 17
20
Amer Business Shares
1.75 1.91
Amer Composite Tr Shares.
438 5
5
Amer & Continental Corp_
Am Founders Corp 6% p150 1712 21
7% preferred
50 1712 21
11.
Amer & General Sec cl A__•
6
32 2
Class B com
42
32
33 preferred
314
2
Amer Insuranstocks Corp.'
55
8 Co
Assoc Standard 011 Shares_
4
4,4 43
BancemerIca-Itleir Corp...
14
Bankers Nat invests Corp * 10
214
2
Bancsicffla Corp
• 3.74
Basic Industry Shares
.85 1.10
British Type Invest A
1
1514 1614
Bullock
Central Nat Corp elfle8 A__
Class B
Century Trust Shares
Chain & Gen Equities
Chartered Investors com •
Preferred
Chelsea Exchange Corp
Claw B
Consolidated Equities Inc
Corporate Trust Sheres
Series AA
Accumulative series
Series AA mod
Series ACC mod
Crum dr Foster Ins Shares
Common 1.3
10
100
7% preferred
Crum & Faster Ins cora___•
8% preferred
Cumulative Trust Shares...
Deposited Bank Sha ser A
Deposited Insur Stui A
Diversified Tristee Shs B.__
2.512 2712
d12 212
18 4 1934
,
84
6
62
414
Its
2 45
2.36
2.36
2.65 2.72
2.65 2.72
1412 1612
72
1512 if
79
4 60
2.61 2 66
.
3 15 3.50
914
3.60 3.90
57
8 6ss
1.39 1.49
3.15 3.50
57.84 62.32
1.26 1.44
4 22
9.77
8.34 _
43
4 514
412 5
2.39 2.59
40
8 5
912 13
40
5Sc 66c
19 16 20.38
2.35 2.65
1414 153
4
1.43 1.58
Ask
Par Bid
Major Shares Corp
2 2 - -,
Mass Investors Trust
20 1521.86
Mohawk Investment Corp
4214 4312
Mutual Invest Trust "new" 1 27 1.39
National Shawrnut Bank__
25
27
National Trust Shares
National Wide Securities Co 4
-oi 413
Voting trust certificates
1138 117
8
N Y Bank & Trust Shares
358
378
No Amer Bond trust ctts
8138 8438
No Amer Trust Shares
202 .
Series 1955
2 80 3 10
Series 1956
2 SO 3.10
Northern Securities
50
100 40
011 Shares Inc units
Old Colony Inv Tr com___•
Old Colony Trust Assoc Sit •
Pacific Southern Invest p1..
ClassA
Class B
Petrol & Trad's Corp cl A-•
Quarterly Inc Shares
Representative Trust Shares
Royalties Management- Second Internet Sec Cl A__•
Class B common
•
6% preferred
50
Securities Corp Gen $8 pf •
Selected A., er Shares Inc_ Selected American Shares_
Selected Cumulative Shs___
Selected Income Shares....
Selected Man Trustees She.
Shawmut Association com_•
Spencer Trask Fund
•
Standard All Amer Corp...
Standard Amer Trust Shares
•
State Street Inv Corp
Super Corp of Am Tr Shit A
AA
BB
8
172
_ --
612
712
14
3
2
4
11
I.5S
10 54
18
6
2
14
1 70
11 09
14
3
4
2
5
12 2
19
23
029
1.45 17E4
305 3.11
7.64 7.84
4.10 4.63
7
73
4
912 93
4
1738 1818
Yio 3 70
70.32 75.87
335
2 36 2 66
350
2 36 2 56
6 55 7.05
6 55 7 05
1 64 1.77
I)
Dividend Shares
Supervised Shares
Equlty Trust Share(' A
37
8 43
8
Fidelity Fund Ins
Trust Fund Shares
First Commonstock Corp..
Trust Shares of A merica_ _
314 33
4
Five-year Fixed Tr Shares
Trustee Stand Investment C 2 45 2 75
Fixed Trust Shares A
2 39 2.70
•
512
Trustee Standard 011 She A
•
518 - 4
i3
Fundamental Tr Shares A _ _
Trustee Amer Bank Sim A.. 247
Shares B
•
Fundamental Investors Inc.
Series B
1.12 122
General Investors Trust •
Trusteed N Y Bank Shares. 1 50 1 70
Guardian !riven pref w war
210
20th Century orig series
Trad Corp_ •
-45
Series II
3 05 3
Huron Holding Corp
1714 183
Two-year Trust Shares
4
Incorporated investors....'
Independence Tr Shares __•
414 5 4
United Bank Trust
,
212 312
Indus & Power Security...'
United Fixed Shares ser Y
V t o units
212 3
341
United Insurance Trust....
Internet Security Corp(Am)
TJ S dr British International
2
74
23
Preferred
100 19
• 163g 16
634% preferred
6% preferred
23 US Elec Lt & Pow Shares A
100 19
Investment Co of America.'
3
332 342
1
7% preferred
1.17 1.2)3
812 11
Voting trust ctfs
100
2 Un N Y Bank Trust C
Investment Fund of N J...
418 43
8
1
514
Investment Trust of N Y.
214 23
4
57 Un Ills Tr Shs ser F
s
Investors Trustee Shares... 4.80
58
,
6
U S Shares ser II
Low Prteed Shares
63
4
Universal Trust Shares_ _ _ 3 30 3 37
Telephone and Telegraph Stocks.
Par Bid
Cuban Telephone
100
7% preferred
ii100 - ,
Empire & Bay State Tel_100 37
Franklin Teleg $2 50_100 24
Int ocean releg 8%
100 (0 3
. 8
12,
Lincoln Tel & Tel 7%
New York Mutual Tel__100 1212
Par
Ask
4
0 Northw Bell Tel pf 834%100
...._ Pac & Atl Teleg US l%..25
Porto Rico Telephone._ _100
r - Roch Telep $650 1st p1.100
. So dr Atl Teleg $1.25. ___25
7-..
5
Tri States Tel & Tel $6___•
- Wisconsin Telep 7% pref100
110
Sugar Stocks.
205
Ask
Par Bid
85
65
Fajardo Sugar
100 6612 76 !Savannah Sugar Ref
12 1,
7% preferred
85
4
llaytian Corp Amer
•
48
United Porto Mean
1
Sugar Estates Oriente pf 100
Preferred
IS
r
Ex-ri video&
livo..ends
/ •- 5 coupon.
Ask
BI61
10412 107
10
15
_
100
-941, 97
1212 18
75
_
1043A 10712
Par Bid
Ask
• 85
100 8712 6i13
1.4
212
Financial Chronicle
304
July 8 1933
Quotations for Unlisted Securities-Friday July 7-Concluded
Aeronautical Stocks.
Chain Store Stocks.
Par Bid
• 25
Boback (H C) corn
100 8512
7% preferred
Butler(James)corn
100
1
34
100
Preferred
Diamond Shoe pref
100 52
Edison Bros Stores pref.100 55
012
Fan Farmer Candy Sh pf__• 2
4
Fishman(MU)Stores _•
100 50
Preferred
Kobacker Stores pref__ _100 2012
Lord & Taylor
100 10012
lot preferred 6%
100 76
100 76
Sec preferred 8%
Par Bid
Melville Shoe pref
100 83
pia
Miller (I)& Sons pref__ _100
MockJuds&Voehringerpf 100 4412
Murphy(SC)8% pref 100 85
•
Nat Shirt Shops (Del)
%
100 17
Preferred
6624
Newberry (J J) 7% pref _ -- 76
9 N Y Merchandise tot pt_100 74
44
•
70 Piggly-Wiggly Corp
30 Reeves(Daniel) pref_ __ _100 109
-__ Rogers Peet Co corn...-100 25
100 68
Schiff Co prat
Silver (Isaac) & Bros pf_100 10
Ask
2714
9512
212
714
Ask
1
212
ir
Central Airport
214
25
82
_
De Forest PhonofIlm Corp•
Doehler Die Cast pref
Preferred $50 par
Dry-Ice Holding Corp.---•
Eiseman Magneto com.......•
100
Preferred
Gen Fireproofing $7 pf 100
•
Craton & Knight cons
100
Preferred
Herring-Hall-Mary Safe_100
100
Howe Scale
100
Preferred
•
Industrial Accept corn....
100
Preferred
Locomotive Firebox Co__•
Macfadden PublIens com_5
Bid
75
42
15
21
15
30
56
24
100
15
81
Ask
4E _
_
30
27
110
17
-72
17
Ask
Par Bid
4
Macfadden Publiens pf...
• 11311 133
100 97 10012
Merck Corp $8 pref
National Licorice cora _100 1612 2112
19
National Paper & Type.100
20
New Haven Clock prof..100 10
New Jersey Worsted 01_100 40
2412
• 18
Ohio Leather
100 11
Okonite Co $7 pref
15• 12
Publication Corp corn
100 7412
$7 1st preferred
•
Riverside Silk Mills
•
Rockwood dr Co
100
Preferred
2
- 1- 10 Rolle-Royce of America_ •
42
8
2$8 33 Rory Theatres unit
Common
%
Preferred A
2
78
100
Ruberoid Co
10014 103
•
Splltdorf Beth Elec
100
2
.112 2 251- Standard Textile Pro
100
Class A
84 90
100
Class B
12 114 Stetson (.1 D)Co pref.__ _25
•
23
Taylor Milling Corp
Taylor Wharton Ir&St corn•
15
100
Preferred
3
6
4 Tenn Products Corp met _50
15 TubizeChatillon cu pt.-100
50
60
Unexcelled Mfg. Co
33
4
Walker Dishwasher cons_ •
37
32
22 White Rock Min Spring
18
100
$7 1st preferred
3
4 2
100
$10 2d pref
5
915
100
_
4 Woodward Iron
100
- 4 27
241Worcester Salt
314 5 4 Young (J S) Co com_ __ _100
,
100
7% preferred
13
4 34
,
16
17
1012
40
50
1
% 1%
ks
18 1
34
36
1
12
_
2
1
1712 20
8
11
111
7
13
4 414
55
I%
2
2%
3
7812 84
75
14 4
4412 4812
54
81
Industrial and Railroad Bonds.
Adams Express 45 '47_J&D
American Meter 65 1946_
Amer Tobacco 4s 1951 FAA
Am Type Fdrs 651937 MAN
Debenture 68 1939_ _IVI&N
Am Wire Fab 78 '42__M&S
Bear Mountain-Hut:limn
River Bridge 7s 1953 A&O
Chicago Stock Yds 55_1961
Consol Coal 434s 1934 MAN
Consol Mach Tool 75..1942
Consol Tobacco 4s 1951.Eqult Office Bldg 551952Haytian Corp 85 1938
Hoboken Ferry 551946
International Salt 5s_ _1951
Journal of Comm 68413_1937
Kane City Pub Serv Os 1951
Loew's New Brd Prop
J&D
13s 1945
Bid
Bid Ask
6612 7112 Merchants Refrig Os 1937... 85
N 0 Gr No RR 55 '55 _ F&A 82412
7918
59
NY & Hob Ferr 58'46 J&D
51
99
4084 651; N Y Shipbdg 5s 1940_ MAN 75
45
50 Piedmont & Nor Ry 5s_1954 7112
50 5712 Pierce Butler A P 6%s 1942 8112
Prudence Co Guar Coll
4814
534s, 1961
7414 7812
Realty Assoc Sec fls'37_J&J 28
6212
1912 25 61 Broadway 5548 '50_A&O 56
e83 1112 So Indiana Ry 4s 1951.FAA 58
4
Stand Text Pr 654s '42 M&S 1812
9312
Struthers Wells Titusville
34
61
6340 1943
58
.112
1412
7912
Tol Term RR 4%13'57_MdiN
64
86 Ward Baking 1st 6s_...1937 92
84
65 Witherbee Sherman Os 1944
55
85
Certificates of deposit..
24
264
Woodward Iron So 1952_J&J 82812
70
66
Ask
Par Bid
2
10 Southern Air Transport___•
•
3 Swallow Airplane
Khmer Airplane & Mot..
-1
Industrial Stocks.
Par
Alpha Portl Cement pf_ _100
American Book $4
100
Bliss(E W)1st pref
50
2d pref B
10
Bohn Refrigerator pf _100
Bon Ansi Co B com
•
Brunsw-Balke-Col pret__100
100
Burden Iron pref
ert{Canadian Celanese corn_ _.•
Preferred
100
Carnation Co corn
•
100
Preferred $7
•
Chestnut & Smith corn....
100
Preferred
Color Pictures Inc
Columbia Baking com____•
•
lot preferred
2d preferred
•
Congoleum-Nairn 27 pf 100
Crosse & Blackwell corn__ _•
Crowell Pub Co 81 corn_•
100
$7 preferred
Par Bid
Alexander Indus 8% p1..100
Aviation Sec Corp (N E)--•
1
Ask
_
29
75
412
50
32
_
61
-2212
44
86
94
8
37
Chicago Bank Stocks.
Ask
Pi Bid
Par Bid Ask
100 147 150
ti
___ Pint National
Amer Nat Bank & Trust.100 90
235 245
212 314 Harris Trust & Savings.
Central Republic
100
100 420 440
Continental III Bk & Tr_100 9012 92 Northern Trust Co
•
12
2
United Aircraft Transport
Preferred x warr
Ask
5
2
46
49
7
8
Warner Aircraft Engine.-
Insurance Companies.
Ask
Par Bid Ask
Par Bid
Aetna Casualty & Surety.10 51) 5214 Importers & Exp of N Y.
12
15
14
Aetna Fire
10 3414 3614
8
Aetna Life
612 812
8
10 215 235 Knickerbocker
Agricultural
25 43 48
17 Lincoln Fire
2 4 33
3
American Alliance
10 15
4
21s 318
412 612 Lloyds Ins of Amer
American Colony
10
17
American Equitable
5 14
Majestic Fire
5
American Home
20
714
8
2
American of Newark- .214
8
8% 97 Maryland Casualty
37
8 57
4
25 203 23%
American Re-Insurance 10 3112 3412 Maas Bonding & Ins
American Reserve
10 1258 145g Merchants Fire Amu* comb° 2434 284
8
6
American Surety
25 2514 2714 Merch & Mfrs Fire Newark 5
10
3% 5%
Automobile_
10 195 218 Missouri States Life
34 418 National Casualty
10
234
10
25 294 3934 National Fire
2
100 419 444 National Liberty
National Union Firee
20
8
10
Carolina
10 147 1678 New Amsterdam Cas
10
City of New York
100 119 129 New Brunswick Fire
178 15 88 Noe rthjeengland Fire
_
337_ NNew E
:
w
y
Colonial States Fire
10
0
Connecticut General Life_ 10 3514 3714 New Hampshire Fire....10
Consolidated Indemnity _ __5
Continental Casualty_ ...10 1338 1538 New York Fire
12.10
200
5
Cosmopolitan
10 12%
North River
2.50
2% 33 Northwestern National_ _25
Eagle
9% 10%
Excess
5
26
Federal
10 5614 6014 Pacific Fire
10
7
634 034
8
Fidelfty & Deposit of Md..20 3 38 4 38
Pho rred Accident
Pretenix
5
Firemen's
5
Franklin Fire
5 175 1918 Providence-Washington-10
5% 73 Rochester American
25
General Alliance
Georgia Home
10
2%
10 St Paul Fire & Marine-25
5
8
Glens Falls Fire
5 2 78 3
13 Security New Haven....10
5 10
Globe & Republic
25
Globe & Rutgers Fire_ _25 5812 6812 Southern Fire
4
Great American
10 x1814 193 Springfield Fire & Marine 25
25
412 613 Stuyvesant
Great Amer Indemnity...
.5
100
Halifax Fire
10 1314 1514 Sun Life Assurance
Hamilton Fire
50 3114 5614
8
100
8
Hanover Fire
10 277 297 Travelers
17
Ilarmonla
10 15
Hartford Fire
10 448 46% U S Fidelity & Guar Co_ -_2
4
Hartford Steam Boiler.. _10 464 49% U S Fire
Home
5
88 2
4
%
2 50
Home Fire Security
10 217 23 Westchester Fire
10 1014 -Homestead Fire
538 _ -10
Hudson Insurance
Baltimore Amer
Bankers & Shippers
Boston_
57
8
463
4
5
42 4
3
1438
1518
978
3512
13%
9
4534
1 5'8
7412
778
483
4
6
48
163
8
1718
147
8
3812
i57
12
50 4
3
173
s
7912
29,
2
5514
103
8
2378
.
39 2
,
573
4
123
8
257
8
30
11112 11612
233 253
4
4
87 107
8
s
7512 8012
_
64
,
490 540 423 438
53
4 638
29, 3118
8
21% 23%
Realty, Surety and Mortgage Companies.
Par Bid
412
Bond dr Mortgage Guar._20
Empire Title dr Guar__ .100
50
Guaranty Title & Mortgage_
414
.25
Home Title Insurance..
15
International Germanle Ltd
Ask
6
30
80
6,t
20
Par Bid
Ask
Lawyers Title & Guar_100 153 173
4
4
Lawyers Mortgage
20
,
33
4 54
National Title Guaranty 100
212 412
N Y Title & Mtge
10
238 3%
New York Real Estate Securities Exchange
Bonds and Stocks.
Bid
Active Issues.
Bonds
Albany Metropolitan Corn.
1938
Colonial Hall Apts Mrs
-Crossways Apts Bldg ctM-1939
Drake. The 65
10 East 40th St Bldg Os 1940
18-20 East 41st St Bldg 138'40
80 Fifth Ave Bldg 681940..Harding Court Apts Ctrs
79 Madison Ave Bide.6s '40
Active Issues.
Ask
11
17
10
20
25
20
15
25
15
20%
Bonds (Concluded)
Mortgage Bond Co.of N. Y.
5345
New Weston Hot Ann its '40
New Weston Hot Ann Mts.
N Y Athletic Club Os 1946_
Postum Bldg. 6128 1943._
Roxy Theatre 6345 '40._
Savoy Plaza Corp 6s ctfs_
301 East 38th St. Bldg. ctfs.
Stocks
Beaux Arts Apts.. Inc., units
Bid
Ask
27
16
12
26
63
1112
1214
2312
Other Over-the-Counter Securities-Friday July 7
Short Term Securities.
Bid
2
Allis-Chal Mfg 55 May 1937 90,
Amer Metal 5%s 1934_ A&O 87
Amer Wat Wks 581934 Ada) 93
Bid
Ask
Ask
_
Mag Pet 4345 Feb 15 '34-'35 101
91
90 Union 011 68 1935._ FAA 10012
9414
Water Bonds.
Bid Ask
Ask
87 EfuntIon W lot 61'54_ _ M&S 93
-let m 5s 1954 ser B._M&S 80 13
87
78
80
5s 1962
76
7912
80 Joplin W W5s'57 ser AM&S 78
76
Kokomo W W 55 1958-1,4D 73
80
97
99 Monm Con W 1st 55'56 J&D 78
Monon Val W 5345 '50.J&J 82 85
89
87
Richm W W 1st 55'57.M&N 85
89
93
77
79 St Joseph Wat 5s 1941.A&O 91
874 8082 South Pltts Water Co
944 96
FAA
1st 59 1955
90 94
93
1st & ref 55'60 ser A_Jda 90
90 94
lot & ref 55 60 ser B_J&J 90 93
97
85 90 Terre WM WW Os'49A JasD 95
1st m 55 1956 ser B._ J&D 85
85
90
7512 7 1- 2
8
84 86 Texarkana W lot 511'58 FAA
77
80 Wichita Wat 1st 60 '49 M&S 93
FAA 811285
94
let m 55 '56 tier B
96
77
1st m 55 1960 ser C_M&N 8112 85
Bid
Alton Water 55 1956__Adr0 85
Ark Wat lot 58 A 1956.A&O 85
Ashtabula W W be '58_A&O 73
Atlantic Co Wat 55'58 M&S 78
Birm WW let 534s A'54A&O
lot m 55 195• ser II_ _J&D
1st 5s 1957 series C_F&A
Butler Water fe 1957...A&O
City of Newcastle Wat 5e'41
City W (Chat) 541 B '54 J&D
1st Se 1957 series C.M&N
Commonwealth Water
FAA
1st Egi 1956 B
1st m fe 1957 ser C FdrA
Davenport W 5e 1961 J&J
ES LA Int W 56'42. _ _J&J
1st m es 1942 tier B...J&J
F&A
lot tte 1960 ser D
Railroad Equipments.
Atlantic Coast Line 65.....
Equipment 684s
Baltimore & Ohio 135
Equipment 43.4s & 58Buff Roth di Pitts equip 68.
CanadianPacific 434s dr 611
Central HIS. of N J (ki
Chesapeake & Ohio 6s
Equipment 6%5
Equipment 5s
Chicago & North West (Is_
Equipment 6348
Chic R 1 & Pao 434s Se 68
Equipment Os
Colorado & Southern 65
-Delaware & Hudson Os
Erie 44s 5s
Equipment Os
Great Northern (is
Equipment 55
Hocking Valley 55
Equipment 6e
Illinois Central 434o & 58
Equipment 65
Equipment 70 & 6SO-
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 fits_ _ Kansas City Southern 534s.
Louisville & Nashville Os...
Equipment 034s
Minn St P & SS M 434s Sr 55
Equipment 034s dc 70....
MissouriPacific) Ohs
Equipment Os
Mobile & Ohio 5s
New York Central 43.4* & 5e
Equipment 65
Equipment 78
Norfolk & Western 434s.._
Northern Pacific 7s
Pacific Fruit Express is....
Pennsylvania RR equip Ss..
Pittsburgh & Lake Erie 6345
Reading Co 4 34s & 55
St Louis & San Fran 55
Southern Pacific Co 434s...
Equipment 78
Southern Ry 4345 & 55
Equipment 65
Toledo & Ohio Central
Union PacIfic 75
• No par value. d Last reported market.
Bid
6.00
8.50
6.50
6.50
12.00
12.00
12.00
12.00
12.00
5.50
5 50
5.50
4.50
5.00
4.50
5.25
6.50
4.75
13.00
5.75
5.75
12.00
12.00
6.50
4.80
Ask
5.50
7.00
5.50
5.50
8.60
8.50
8.50
8.50
8.55
5.00
5.00
500
3.00
4.50
3.50
4.60
5.75
4.25
8.50
6 25
6 25
8.00
8.00
5.50
3.50
e Defaulted. s Ex-dividend.
Volume 137
Financial Chronicle
305
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, quarterly 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 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, semi-annual 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 f urnish 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 cumulativerecord 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.
Issue of Chronicle
Issue of Chronicle
Name of CompanYWhen Published. Page
Name of Company
When Published. Pape
Acadia Sugar Refining Co., Ltd_ _ __July I__ 137 Carthage Mills, Inc
July 8._ 318
Acetol Products Co., Inc
July L. 138 Celluloid Corp
June 24..4465
Acme Glove Works, Ltd
July 1_ 138 Central of Georgia
July 1._ 122
Aetna Rubber Co
June 24..4462 Central RR.of New Jersey
July 1__ 122
Aeolian-Skinner Organ Co
July I__ 138 Central States Power & Light Co.. June 24..4458
Ajax 011 & Gas Co., Ltd
July I__ 138 Central States Utilities Corp
June 24__4458
Akron Canton & Youngstown
July 1_. 121 Central Vermont
July I._ 122
Alabama Great Southern RR
July 1._ 125 Chain Belt Co
June 24_.4465
Alabama Power Co
July 1._ 128 (H.) Channon Co
June 24__4465
Alabama Water Service Co
July 8__ 307 Charts Corp
July 1__ 143
Alaska Juneau Gold Mining Co
July 8-- 307 Charleston & Western Carolina
July I__ 122
Alton RR
July 8__ 306 Chesapeake & Ohio
June 24__4443
Alton & Southern
June 24...4443 Chester Water Service Co
July I... 128
Aluminum Industries, Inc
July 8__ 307 Chicago Burlington & Quincy
July I_ 122
American Car & Foundry Co
July I_ 132 Chicago & Eastern Illinois
July I_ 122
American Factors, Ltd
July I__ 139 Chicago & Erie
July 1_ 123
Amer. Furniture Mart Bldg. Corp
July I__ 139 Chicago Great Western
July I_ 122
American Gas & Electric Co
July 8._ 307 Chicago & Illinois Midland
July 1_ 122
American Investment Co. of III
July I__ 139 Chic. Indianapolis & Louisville_
_July 1. 122
American Investors, Inc
July 8._ 307 Chic. Milw. St. Paul & Pacific
July 1_ 122
American Lime & Stone Co
July 1_ 139 Chicago Nipple mfg. Co
July 1_. 143
American Manufacturing Co
July 1__ 140 Claude Neon Gen'l Advertising, Ltd_July 1. 143
American Products Co
July 1.... 128 Chicago & North Western
July 1. 122
American Ship & Commerce Corp...
.July 8_ 307 Chicago River & Indiana
July I.. 122
American Tel. & Tel. Co
July 8.... 307 Chicago Rock Island & Gulf
July 8_ 306
American Toll Bridge Co
July L._ 140 Chicago Rock Island & Pacific Ay...July 1_ 127
American Water Works & Elec. Co July L._ 128 Chic. St. P. Minn.& Omaha Ry
July I_ 122
Amparo Mining Co
July
.. 140 Chicago Yellow Cab Co.. Inc
July 8.. 308
Anglo Norwegian Holdings, Ltd... _June 24__4462 Cin. N. Orleans & Tex. Pac. Ry
July 1_ 125
Ann Arbor RR
July I__ 121 Cincinnati Union Stock Yard Co_ _July 8_ 319
Asbestos Corp., Ltd
July I__ 140 Clinchfield
July 1_ 122
Atchison Top.& Santa Fe Ry Systemluly I__ 121 Collins & Allman Corp
July I.. 129
Atchison Topeka & Santa Fe
July 1_ 126 Colorado & Southern
July 1_ 122
Atlanta & West Point
July 1.. 121 Columbus & Greenville
July I_ 122
Atlantic City
July 1_ 121 Commercial Credit Co.
July I__ 129
Atlantic Coast Line RR
July 1__ 121 Commonwealth & Southern Corp_July 1.. 129
Atlantic Gulf& W.Indies SS.Lines_ _July 1._ 128 Community Power & Light Co
July 8_ 308
Atlanta Birmingham & Coast
July 1_ 121 Conenaugh & Black Lick
June 24__4443
Austin Nichols & Co
July 1. 140 Connecticut Electric Service Co_ .July I. 129
Automatic Washer Co
July I. 141 Consolidated Gas Electric Light &
Backstay Welt Co
Power Co., of Bait
July 1. 141
July 1_ 129
Balaban & Katz Corp
June 24..4463 Consolidated Mining & Smelting Co.
Baldwin Co
of Canada, Ltd
July L. 141
June 24__4465
Baltimore & Ohio RR
July I. 121 Consolidated Retail Stores,Inc
June 24_4466
Baltimore & Ohio Chic. Term
July 1_ 121 Consumers Power Co
July 1_ 129
(Joseph) Bancroft & Sons Co
July 1_ 141 Continental Motors Corp
July 1_ 129
Bangor & Aroostook RR
July I_ 126 Coos Bay Lumber Co
July 1_ 144
Barcelona Trac. Lt. & Pr. Co., Ltd July 8-June 24__4458
307 Cuban Telephone Co
Baton Rouge Electric Co
July 8_ 307 Davega Stores Corp
June 24__4466
Bearings Co. of America
Delaware & Hudson
July I__ 122
Beatimont Sour Lake & Western...Lg 1.-. 1V Delaware Lackawanna & Western_ July I__ 122
u
1
Belt Ry. of Chicago
July 1_. 121 (The) Den.& Rio Gde Western RR...July I_ 127
liessemer & Lake Erie
July I. 121 Denver & Salt Lake
July 8. 306
Benjamin Electric mfg. Co
July I. 141 Derby Gas & Electric Corp
June 24__4459
Boston Elevated Ry
July I. 128 Detroit & Mackinac
July I. 122
Boston & Maine RR
I. 126 Detroit Terminal
July
July 1_ 122
Boston Personal Property Trust
128 Detroit Toledo & Ironton
July 1_ 122
July r
Bowman Biltmore Hotels Corp
.4445 Detroit & Toledo Shore Line
June 24.
July 1_ 123
(E. J.) Brach & Sons
July I_ 142 Dictograph Products Co
July I. 145
Brazilian Traction Lt.& Pr.Co.,Ltd_J uly 1- 133 Dictaphone Corp
July 1_ 145
Brewing Corp. of Canada. Ltd
June 24...4463 Driver Harris Co
July 1_ 145
British Columbia Power Corp., Ltd _July 8._ 307 Doehler Die Casting Co
June 24..4467
Brooklyn Eastern Dist. Term
July 1_ 122 Dow Chemical Co
July 8._ 319
Bullocks, Inc
Duquesne Light Co
June 24..4464
June 24..4445
Bunker Hill & Sullivan Mining &
Duluth Missabe & Northern
July I.. 123
Concentrating Co
July I. 128 Duluth South Shore & Atlantic Ry.July 8_ 306
Burlington & Rock Island
Duluth Winnipeg & Pacific
July I_ 12
July 1_ 123
Celtic Knitting Co., Ltd
June 24__4464 Eastern Mass. Street Ry
July 1_. 129
California Water Service Co
July 1_ 128 Eastern mfg. Co
June 24..4467
Cambria & Indiana
July 1_ 122 Eastern Steamship Lines, Inc
July 8. 308
Canada Foundries & Forging.,Ltd June 24..446
4 Eastern Utilities Associates
June 24__4445
Canada Iron Foundries, Ltd
Economic Investment Trust, Ltd_ July I__
June 24...4464
146
Canada Northern Power Corp., Ltd _July 8__ 307 80 John St. Corp
July I__ 146
Canada Wire & Cable Co., Ltd
July 8_ 317 Edmonton Street Ry
June 24..4445
Canadian Canners, Ltd
July 8. 318 Eisler Electric Corp
July 1._ 146
Canadian Celanese, Ltd
July 8. 318 Electric Ferries, Inc
July 1.. 147
Canadian Consolidated Felt Co.,LtdJuly 8._ 318 Electrical Securities Corp
July I._ 146
Canadian Cottons, Ltd
July 8- 318 Elgin Joliet & Eastern
July I_ 123
Canadian Converters Co., Ltd
June 24.4464 Electric Household Utilities Corp.
..June 24__4467
Canadian Fairbanks Morse & Co
El Paso Electric Co
July 8._ 308
Ltd
July I.. 142 Emsco Derrick & Equipment Co......July 1._ 146
Canadian Industries, Ltd
Endicott Johnson Corp
July 1- 142
July 1__ 129
Canadian National Rya
22
July 1_ 129
July 1:: 126 Engineers Public Service Co
Canadian Nat'l Lines in New Engi'd_Juull;
Erie RR
July I__ 123
Canadian Pacific Lines in Maine_ July 8__ 306 Erie System
June 24_4444
Canadian Pacific Lines in Vermont_July 8__ 306 Essex Co
July I__ 147
Canadian Pacific Ry
June 24_4446
July 1-- 137 Fall River Gas Works Co
Canadian Wineries, Ltd
July 1- 142 Fairchild Aviation Corp
June 24..4467
Cannon Mills Co
July 1-- 142 Falstaff Brewing Coro
July I__ 129
Issue of Chronicle
Name of CompanyWhen Published. Pate.
Fade Radio & Electric Corp
July I__ 147
Federal Bake Shops, Inc
July I__ 147
Ferro Enamel Corp
July 1_. 148
Fidelio Brewery, Inc
July I__ 130
Flintkote Co
July 1._ 148
Florida East Coast
July I__ 123
Florsheim Shoe Co
June 24._4446
Fonda Johnstown &Gloversville RR _J uly I__ 127
Ford Motor Co
July 8__ 319
Fort Smith & Western
July I._ 123
Fort Worth & Denver City
July 1_ 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
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__4468
General Box Corp
July I__ 148
General Parts Corp
July 1__ 149
Georgia RR
July 1... 123
Georgia & Florida
July 1__ 127
Georgia Power Co
July 1_ 130
Georgia Southern & Florida Fly__ July 1_ 125
German General Electric Co
July 8_. 320
Godchaux Sugars, Inc
July 1._ 149
Gorham mfg. Co
July 8__ 308
Grand Trunk Western
July 1._ 123
Great Lakes Aircraft Co
July I__ 149
Great Northern
July I__ 123
Greater London & Counties Tr, Ltd.June 24_.4459
Green Bay & Western
July 1__ 123
Gruen Watch Co
June 24..4470
Gulf Coast Lines
July 1.... 127
Gulf Colorado & Santa Fe
July 8_ 3(6
Gulf Mobile & Northern
July 1__ 123
Gulf & Ship Island
July 1.._ 123
Gulf States Utilities Co
July 8__ 308
Hat Corp. of America
July 1__ 130
Havana Docks Corp
June 24..4443
Haverhill Gas Light Co
June 24..4446
Hayes Wheels & Forgings, Ltd
July I__ 149
Hazeltine Corp
July 1__ 150
(R.) Hoe & Co
June 24__4470
Holeproof Hosiery Co
July 1_ 150
Honolulu Rapid Transit Co., Ltd.....July 1_ 130
Hudson Bay mng.& smug. Co.,Ltd_July 8_. 321
Hudson & Manhattan RR
June 24..4446
Hygrade Sylvania Corp
July S... 321
Hyler s 01 Del., Inc
July 1__ 150
Illinois Bell Telephone
July 8__ 309
Illinois Central System
July I__ 123
Illinois Central RR
July 1_ 123
Illinois Terminal
July 1_ 123
Illinois Water Service Co
July 8.. 308
Indiana Harbor Belt
July 1.... 124
Indianapolis Power & Light Co
June 24..4459
Industrial Acceptance Corp
July 8__ 321
Interborough Rapid Transit Co.. July 8.,_ 308
Interlake Steamship Co
July 1_. 151
International Coal & Coke,Ltd
July 8_ _ 322
International Great Northern
July I__ 123
International Hydro Electric SystemJuly I. 130
International Paper & Power Co.._July 1_ 130
International Rys. of Central Amer.July 8._ 307
International Shoe Co
July 8__ 309
Interstate Power Co
June 24__4459
Investment Bond & Share Corp..._July 8._ 323
Investors Corp
July 8._ 323
Kansas City Southern
July 1_ 123
Kansas Oklahoma & Gulf
July 1_. 123
Katz Drug Co
July 8.. 323
Kellogg Switchboard & Supply Co....June 24_4471
Kendall Co
July 8__ 324
Ken Rad Tube & Lamp Corp
July 8.. 324
Keystone Watch Case Corp
July 8_ 323
(The) Key West Electric Co
July 8._ 309
Kingsport Press, Inc
July 1.... 151
Kinner Airplane & Motor Corp., LtdJuly 8__ 324
Kirby Petroleum Co
July 1_ 151
Knapp Monarch Co
July 1_ 151
Koloa Sugar Co
July L. 151
Kroger Grocery & Baking Co
July 8_ 309
Lake Superior Ishpeming RR
July 8.... 307
La Salle Extension University
July I.. 152.
306
Financial Chronicle
Issue of Chronicle
tvame of CompanyWhen Published. Paps.
Lake Terminal
July 1.. 123
Leath & Co
July 1_ 152
Lehigh & Hudson River
July 1_ 123
Lehigh & New England
July 1_ 123
Lehigh Valley
July 1_ 123
Lehman Corp
July 8_ 325
Leland Electric Co
July 1_ 152
Lincoln Printing Co
July 1_ 152
Lincoln Stores, Inc
July 1_ 152
(C. W.) Lindsay & Co., Ltd
July L. 152
Line Material Co
July 1_ 152
Lion Oil Refining Co
July 1_ 130
Long Island
July I__ 125
Los Angeles & Salt Lake
July 1__ 126
Louisiana & Arkansas
July 1._ 123
Louisiana Arkansas & Texas
July 1_ 123
Louisville & Nashville
July I_ 124
Lynch Corp
July I__ 153
Lyons-Magnus,Inc
July I__ 153
McColl-Frontenac Oil Co., Ltd
July 8... 325
McCord Radiator & mfg. Co
June 24_4472
Madison Square Garden Corp
July 8__ 325
Maine Central RR
July I__ 127
Manhattan Shirt Co
July 8__ 309
Manning Bowman & Co
July 8_ 325
Market Street Railway
June 24._4446
Matson Navigation Co
July 8__ 326
Merchants & Miners Transportation Co
July 8__ 326
Mercury Mills, Ltd
July 8__ 326
Mexican Light & Power Co
July 1_ 130
Mexican Tel. & Tel. Co
June 24.._4459
Mexico Tramways Co
July 1_ 130
Middle West Utilities Co
June 24...4441
Midland Valley
July 1_ 124
Mining Corp. of Canada, Ltd
July 8_ 326
Minneapolis & St. Louis
July 1_ 124
Minn.St.Paul & S.S.Marie
July 1... 124
Mississippi Central
July 1_ 124
Missouri Illinois
July 1_ 124
Missouri-Kansas-Texas Lines
July 1_ 127
Missouri & North Arkansas Ry
July 8_ 307
Missouri Pacific
July 1._ 124
Monarch Knitting Co., Ltd
July 8__ 326
Monongahela
July 1.._ 124
Montana Power Co
July 1__ 136
Montour RR
June 24 _4443
Montreal Cottons, Ltd
July 8_ 326
Morse Twist Drill & Machine Co
July 8_ 327
Moto Meter Gauge 8c Equip't Corp_ _July I__ 130
Mt. Vernon-Woodberry Mills, Inc__ _July 8__ 327
July 8__ 327
Nashawena Mills
Nash. Chatt.& St. Louis
July 1_ 124
National Tile Co
July 8__ 327
Nelld Manufacturing Corp
July 8._ 327
(The) Nevada-California Elec. Co
July 1_ 130
Nevada Northern
July 1_ 124
July 1_ 154
New Britain Machine Co
July 1_ 124
Newburgh & South Shore
July 8__ 309
New England Gas & Electric Assn
July 1_ 123
New Jersey & New York
July 8__ 327
Newmarket Aug. Co
July 8__ 307
New Orleans Great Northern
July 1_ 125
N. Orleans & North Eastern RR
July 1_ 124
New Orleans Texas & Mexico
June 24..4460
Newport Electric Corp
July 1._ 124
New York Central
July 8__ 309
N. Y. Central Electric Corp
July I__ 124
New York Chicago & St. Louis
July I__ 124
New York Connecting
issue of Chronicle
Noose of CompanyWhen Published. Page.
New York Ontario & Western Ry. _July I__ 127
N.Y. New Haven & Hartford RR____July I__ 127
New York Railways Corporation__ _July 8- 309
New York Susquehanna & Western July 1._ 124
New York Telephone Co
July I__ 130
New York Water Service Corp
July 8_ 309
N. Y. Westchester & Boston Ry___ _July L._ 127
Norfolk Southern
July 1_ 124
Norfolk & Western
July 1.. 128
Northern Alabama Ry
July 1_ 125
Northern Pacific
July I__ 124
Northern States Power Co. Del
June 24_4446
Northwestern Pacific
July I__ 124
Ohio Edison Co
July 1_ 130
Ohio Water Service Co
July 8__ 309
OR Stocks, Ltd
July 8__ 309
Oklahoma City Ada-Atoka Ry
July 1_ 124
Oregon Short Line
July 1_ 126
Oregon Washington RR.& Nay. Co.July L._ 126
Oregon Wash'ton Water Service Co_July 1_ 130
(The) Orange & Rockland Elec. Co_July 8_ 309
Pacific Greyhound Corp
June 24__4474
Panhandle & Santa Fe
July 1_ 121
Pennsylvania
July 1_ 125
Pennsylvania RR. Regional System_July 1_ 127
Peoria & Pekin Union
July 1_ 125
Pere Marquette Ry
June 24__4445
Philadelphia Co
June 24__4446
(The) Philippine Ry
July 8__ 307
Pines Winterfront Co
July 1__ 156
Pittsburgh & Lake Erie
July 1__ 124
Pittsburgh & Shawmut
July 1_ 125
Pittsburgh Shawmut & Northern.. _July 1.. 125
Pittsburgh & Suburban Water Service Co
July L. 131
Pittsburgh & West Virginia
July 1._ 125
Ponce Electric Co
July 8__ 309
Porto Rico Telephone Co
June 24..4460
Public Service Corp. of N. J
June 24._4446
Public Utility Holding Corp. of
America
July 8__ 310
Puget Sound Power & Light Co_
_July 8__ 309
Railway Express Agency, Inc
July 1._ 131
Reading Company
July 1._ 125
Remington Rand,Inc
June 24._4474
Richmond Brothers Co
July 1_ 156
Richm'd Fredericksburgh &Potomacjuly I__ 125
Richmond Radiator Co., New York June 24_4475
Ritter Dental Mfg. Co.. Inc
June 24...4475
Rochester & Lake Ontario Water
Service Co
tuly 8_ 310
Roos Bros., Inc
June 24__4475
Rutland RR
July L. 125
St. Croix Paper Co
June 24__4475
St. Joseph & Grand Island
July I_ 126
St. Louis Brownsville & Mexico
July 1
124
St. Louis San Francisco
Jul7
-- 125
St. Louis San Francisco of Texas__ _July 1_ 125
Sacramento Northern Ry
July 1_ 137
San Antonio Uvalde & Gulf
July I__ 125
San Diego & Arizona Eastern
July I__ 125
San Diego Consol'd Gas & Elec. Co July I__ 131
Savannah Electric & Power Co
July 8._ 310
Scranton Spring Brook Water Service Co
July I__ 131
Seaboard Air Line
July I__ 125
Second National Investors Corp__ _July 8_ 310
Selby Shoe Co
July 1_ 157
Shawmut Bank Investment Trust.. June 24__4446
Sierra Pacific Electric Co
June 24_4446
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St. Louis
Southern
St. Louis Southwestern
Western Maryland
Previous Inc.(+) or
Year.
Dec.(-).
$
4,482,590
+132,789
3,387,000
+34,000
13,950
+5,900
154,377
+19,753
2,075,711
+812,689
313,600
+93,000
187.454
+37.833
Current
Year.
Period
Covered.
4th wk of June
4th wk of June
3rd wk of June
2nd wk of June
4th wk of June
4th wk of June
3rd wk of June
4,615.379
3,421,000
19,850
174,130
2,888,400
406,600
225,288
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.
•
Gross &onstage.
Linea of Road.
Month.
1931.
1932.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
Inc. (-I-) or
Dee.(-).
385.522,091
338.182.296
376,817,147
389,123.100
388,417,190
389,133,884
378,314.314
383,778,672
384.386.728
362.551.904
304.829,968
288.205.766
1032.
274,890,197
231,978.621
288,880,547
267,480,682
274.978.249
288,892.520
289.833.741
287.473.938
264.382,711
245.880.615
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
219,857.606
227,300,543
-90,645,842
--69.289.775
---85.983.406
--101.649.162
--114.034.479
-123.273,269
--138.851.525
-112.017,524
-79.661,146
-64.475.794
-51.606.559
-42.464.635
-46.000.776
---46.080.759
--419,022.941
---40,180.139
Net Romeo.
Mosta.
1932.
1931.
Miles.
244,243
242.312
241.996
241.876
241,995
242,179
242.228
24'2.208
242.292
242,031
241,971
241.806
1933
241.881
241,189
240,911
241,680
242.365
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
Inc.(+)or Dec.(-).
1932.
January
February
March
April
May
June
July
A uguSt
Remember
October
November
December
January
oarY
March
April
1931.
Amount.
$
46,940.885
57.375.537
67.670,702
66.263.320
47,429,240
47.008.035
46,125.932
62.640.800
83.092.939
98,336,295
63,966,101
57.854.695
1933.
45.603.287
41.460,593
43.100,029
52,585,047
$
72,023.230
66.078.525
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
$
-28,082.545
-8,702.988
-17.035.708
-22,922.356
-33,623,278
-42.680,821
-50,857.523
-32.530.008
-9,060.608
-3,578,421
-2,888,514
+4.372.095
-86.24
-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
-0.79
-26.21
-36.95
-6.54
Per Ceat.
July 8 1933
Issue of Chronicle
Name of CompanyWhen Published. Page
Soo Line System
July L. 128
South Bay Consolidated Water Co July 8__ 310
Southern Ry
July 1_ 125
Southern Bell Tel. & Tel. Co
July 1_ 131
Southern Colorado Power Co
June 24...4446
Southern Pacific
July 1._ 125
Southern Pacific SS. Lines
July I__ 125
Spencer Trask Fund. Inc
June 24__4476
Spokane International
July 8__ 307
Spokane Portland & Seattle
July 1_ 125
(A. E.) Staley mfg. Co
July 8__ 328
Standard Gas & Electric Co
July 1__ 131
Standard 011 Export Corp
July I__ 158
Stanley Works
July 8__ 329
Staten Island Rapid Transit
July 1_ 125
Sterling Coal Co., Ltd
June 24.._4476
Taggart Corp
July 8._ 330
Electric Co
Tampa
June 24...4446
Tennessee Central
July 1... 125
(The)Tennessee Electric Power Co July I__ 131
Terminal RR. Assn. of St. Louis
July 1.._ 125
Texarkana & Fort Smith
July 1_ 123
Texas Mexican
July 1__ 126
Texas & New Orleans
July 1_, 125
Texas & Pacific Ry
July 1__ 128
Third Avenue Ry. System
July 1__ 131
Thompson's Spa., Inc
July 8_ 330
Thompson Starret Co., Inc
June 24_4477
Toledo Peoria & Western
Toledo Terminal
July I__ 126
Trans Lux Daylight Picture Screen
Corp
June 24__4477
Truax Toner Coal Co
June 24__4477
Tuckett Tobacco Co., Ltd
June 24_ _4478
Union RR
July 1_ 126
Union Pacific
July 1_ 126
Union Sugar Co
July 1_ 159
United Gas Corp
June 24...4446
Milk Crate Corp
United
July 8._ 330
United Paperboard Co
June 24..4478
United Rys. & Electric Co
June 24__4461
United States Cold Storage Co
July 8__ 330
U. S. Smelt'g Ref'g & Mln'g Co
July 1._ 131
Universal Pipe & Radiator Co
July 8__ 310
Universal Products Co., Inc
July 8__ 331
Utah RR
July 1.... 126
Utilities Power & Light Corp
June 24..4452
Venezuelan Petroleum Co
July 8._ 331
Virginia Electric & Power Co
July 8._ 310
Virginian
July 1_ 126
Wabash Railway
July L._ 126
Ward Baking Corp
July 1_ 131
(S. D.) Warren Co
July 8_ 331
(John) Warren Watson Co
July 8__ 331
Washburn Wire Co
July 1_ 159
Wesson Oil & Snowdrift Co
July 8._ 310
Western Maryland Ry
July 1._ 128
Western New York Water Co
July 8__ 310
Western Pacific
July 1_ 126
(The) Western Public Service Co. _July 8._ 310
Western Ry. of Alabama
July 1_ 126
Virginian Water Service Co
West
July 8__ 310
Wheeling & Lake Erie
July 1.. 126
(William) Whiteley, Ltd
June 24_4478
Wichita Falls & Southern
July I__ 126
Wieboldt Stores, Inc
June 24._4478
Wisconsin Holding Corp
July 1_ 160
Woods Mfg. Co., Ltd
July L._ 160
Yazoo & Mississippi Valley
July 1_ 123
Zenith Radio Corp
July 1._ 160
Net Earnings Monthly to Latest Dates.
A ItonMay1932.
1931.
1933.
Gross from railway-- $1,085,373 $1,151,309 $1,687,863
Net from railway_ _ _ _
220,087
319.864
421,229
Net after rents
158.846
-35,003
167,024
From Jan. 1
Gross from railway__ _ 4.986,069
6,013,861
8,157,627
Net from railway_ _ _ _ 1,236,311
1,240.268
1.553,538
Net after rents
254,525
15,416
205,205
1930.
$2,153,970
212,535
--73,411
10,297,384
1.648.572
164,114
Atch Top & Santa Fe System
Gulf Colorado & Santa Fe1932.
May1933.
1931.
1930.
Gross from railway__ $1,061,825 $1,021,067 $1,441,611 41,770,750
Net from railway..
131,680
92,819
106.462
103,787
Net after rents
-99,929 -109,419 --132,203
_- -43,485
From Jan. 1
Gross from railway- 4,699,800
8,762.997
6,793,416
9,536,948
91,829
Net from railway.,,...
666,441
299,147
424,739
-837,008 --320.180 --730,930 Net after rents
770,644
Canadian Pacific Lines in Maine1932.
May' 1933.
1931.
1930.
$124,968
Gross from railway... $111,922
$139,517
$208,598
-36.067
Net from railway_ __ _
-2.863
--62,027
--46.780
--68,342
Net after rents
-29,511
--92,520
--81,667
From Jan. 1
839,661
955,220
Gross from railway
1.142,135
1,369,565
Net from railway....201,263
152,730
150,087
221,526
55,115
Net after rents
-6.381
-14,986
46,683
Canadian Pacific Lines in Vermont1932.
May1933.
571,332
$67.803
Gross from railway.....
-14,136
Not from railway__ __
-45.857
-35,854
Net after rents
-72.706
From Jan. 1
316,376
435,254
Gross from railway
Net from railway_ _ _ -107,222
-90,287
-220,117 -223,041
Net after rents
Chic R I & Pacific System-Chicago Rock Island & Gulf1933.
May$282,662
Gross from railway_ _ _
Not from railway....88,570
-17,708
Net after rents
From Jan. 1
Gross from railway__. 1.311.302
Net from railway_
313,054
,
-142.438
Net after rents
1931.
$131.399
--18,488
-49,395
1930.
$149,587
-44,129
-80,368
584,518
--76,397
--231,602
787,653
-31,255
204,862
-
1932.
$324,788
84,285
-12.638
1931.
$404,114
98,274
43,412
1930.
$520,055
134,401
74,074
1,732,583
579,494
218,142
2,253,327
744,857
480,013
2,693,937
760,804
465,708
1931.
$172,401
63,291
52.431
1930.
$225,272
31.956
27,668
779,068
230,149
189,697
1,196,239
360,196
326,279
1931.
$229,419
-27,847
-61.518
1930.
$366,106
51,093
7,368
1,236,596
129,845
-51,828
1,720,473
282,463
59.740
Denver & Salt Lake1932.
1933.
May$122,422
$92,099
Gross from railway......
15.252
50.994
Net from railway_ _ _ _
2,233
52,126
Net after rents
From Jan. 1
727,734
531,435
Gross from railway......
296,729
173.000
Net from railway
234,124
140,839
Net after rents
Duluth South Shore & Atlantic1932.
1933.
May$127,732
Gross from railway... $134,287
--42,678
12,308
Net from railway
--71,288
-5,152
Net after rents
From Jan. 1
685,654
635.578
Gross from railway..
-27.910 -101,898
Net from railway__ _ _
-152.254 -255,145
Net after rents
Financial Chronicle
Volume 137
Lake Superior & IshpemingMay1931.
1932.
1933.
Gross from railway-$113,936
$56,297
$23,071
25,799
Net from railway_ _ _ _
-27,612
2,093
Net after rents
9,566
7.003
-41.043
From Jan. 1
317,796
Gross from railway-- _
131,061
144,139
Not from railway.... _ _ -101,941 -136,718 -107,279
Net after rents
-150,471 -214,726 -201,270
Missouri & North Arkansas
1931.
Ma1/1932.
1933.
$108,257
Gross from railway.-$68,532
$75,598
Net from railway_ _ _ 12,668
-6,624
19,018
-164
Net after rents
-17,084
5,802
From Jan. 1
551,095
Gross from railway-- _
375,833
312,604
55.097
Net from railway- --12,713
17,822
--I3,509
Net after rents
--68,311
-34.706
New Orleans Great NorthernMay1931.
1932.
1933,
Gross from railway-- _ $156,981
$212,568
$135,147
Net from railway- - -86 569
59,261
35 960
48.971
Net after rents
-804
20 754
From Jan. 1
Gross from railway.-934,358
721,606
674,478
296,133
Net from railway_ _ _ _
215,618
254,001
Net after rents
149.656
40,890
89,037
Spokane InternationalMay1931.
1932.
1933.
Gross from railway..$69,572
$42,874
$36,229
14,331
Net from railway- ---4,935
-4,522
Net after rents
4,394
-10.759
-10,768
From Jan. 1
Gross from railway--315,557
218,843
150,544
45,446
Net from railway- - -- -51,668
-38.976
Net after rents
2.151
-77.325
-84,570
1930.
$316,538
186.739
99.270
584.477
86,122
-67.827
735,528
135,399
53,348
81,743,021 81,905.124 323.583.865 $27,679,642
Balance
929,509
980,589 11.299,982 12,086,736
Int. & other deductions_
417,355
383.542 5,009,483 4,545,177
Pref. stock dividends-
1930.
$275,927
95 955
43,282
$1,346,865 $1,364,131 $16.309,465 316.631,914
Total deductions
540,992 7,274,399 11.047,728
Balance
396,155
Portion applicable to
*14
*24
3
minority interests__
1,310,256
425,997
173.233
1930.
$77,940
16,787
6,084
375,555
56,566
5,246
1931.
$536,426
336.247
1930.
$636,942
360,513
Income applicable to
fixed charges
$200,179
$276,429
$207,799
$217,804
5 Mos. End. May 31
Gross revenues
$2.324,342 $2,536,657 $3,004,843 $3,806.283
Operating expenses
1.411,038 1,401,439 1,697,360 1.942,606
Income applicable to
fixed charges
$913,304 $1.135,218 $1,307.483 $1,863,677
rarLast complete annual report in Financial Chronicle Apr. 29 '33, p. 2959
The Philippine Railway.
Month of AprilGross oper. revenue--- _
Oper. expenses and taxes
1933.
$47,476
32.253
1932.
$44,522
32.751
1931.
$55,664
37.875
Balance
$396,155
Amer.Gas & Elec. Co.Bal. of sub. cos. earns.
applic. to Amer.Gas &
Electric Co
$396,155
Int. & pref. divs. from
428,543
subsidiary companies_
18,284
Other income
1930.
$55,961
43.024
Net revenue
$17,788
$12.937
$11,771
$15.223
DeductIonsfrom Income-Int. on funded debt
28,496
28,496
28,498
28.497
Net income
-Dr
$15,559
$10.707
$18,725
$13.274
12 Mos.End.A pr.30Gross oper. revenue.... $572.593
$842,114
$773,458
$607,082
Oper. expenses and taxes
481.170
548,585
426,801
421,776
Net revenue
$224,872
$160.944
$180,280
$150,817
Deductfrom IncomeInt, on funded debt
341.960
341.960
341,960
341,960
Net income
8181.015
$117,087
-Dr
$161.679
1191,143
Inc. approp. for inv. in
physical property..
78.293
28,214
41.855
2.524
Balance
-Dr
$145.301
$257,308
$203.535
$193.667
PrLast complete annual report in Financial Chronicle May 13 '33, p. 333
5
INDUSTR IAL AND MISCELLANEOUS CO'S.
Alabama Water Service Co.
12 Months Ended May 31Operating revenues
Operating expenses
Rent for leased property
Maintenance
Provision for uncollectible accounts
General taxes
1933.
$719,539
262,649
8,765
22,930
10.925
89,682
1932.
$823,188
294,761
9,057
33,236
5.242
97,261
Not earnings
Other income
$324,587
4,731
$383,631
4,672
Gross corporate income
Interest on funded debt
Miscellaneous interest • •
Amortization of debt discount & expense
Provision for Federal income tax
Provision for retirements & replacements
Miscellaneous deductions
$329,318
211,738
598
958
3.744
79,789
4.857
$388,303
215.189
1,726
730
4.171
41,500
2.532
Net income before pref, stock divs. & int. on
notes & 5% debentures subordinated thereto_
$27,633
$122,454
Notes:
-Interest on $372,000 5% debentures, owned by Federal Water
Service Corp., is subordinated to the payment of preferred dividends.
At May 31 1933 the cumulative preferred dividends not declared amounted to $20,370, and the subordinated interest, not accrued, amounted to
$9,300.
KN'Last complete annual report in Financial Chronicle Apr. 29 '33, p. 2972
Alaska Juneau Gold Mining Co.
Period End. June 30
- 1933
1933-6 Mos.-1932.
-Month--1932.
Gross earnings
$281,000 $1,614,000 $1,604,000
3285,500
Net profit after operating
128,500
exPs. & develop. chgs611,300
553,600
137.400
larLast complete annual report in Financial Chronicle Mar. 18,'33, p.1888
$541,006 $7,274,424 $11.047.725
445.787
92,476
5,270.148
388.377
5 Months Ended May 311933.
1932.
Sales
$759.944
$832.487
Not profit after charges and taxes
24,389 loss28,064
$0.24
Earns, per sh. on 100,000 abs. cap, stk. (no oar)
Nil
la'Last complete annual report in Financial Chronicle May 13 '33, p. 8348
5.571,574
1,134.734
Total income
Expense
$842,983 11.079,270 $12,932,950 $17,754,034
48.556
408.235
28,242
767.070
Balance
Int. & other deductions_
Pref.stock divs. to public
$814,740 11,030,713 512,524.714 816,986.963
216,519 2,592,436 2,582,082
213,519
177,811 2,133,738
2.133.738
177,811
$3391,330
$394,331 $4,726,174 $4,715,820
Total deductions
636,382 7.798,539 12.271,142
423,410
Balance
* Credit.
rirDast complete annual report in Financial Chronicle June 10'33, p. 4083
American Investors, Inc.
Profit (excluding security transactions)
Depreciation reserve Dec. 31 1932
Net realized losses 1933 to June 30 on security transactions
$111,996
22,176
$89,821
8,333.664
1,103,315
$7,230,349
Balance depreciation reserve June 30 1933
larLast complete annual report in Financial Chronicle Feb. 11 '33, p. 1018
American Ship & Commerce Corp.
Earnings for 5 Months Ended May 31 1933.
Income from interest earned
General expenses
Interest paid
346,629
8,525
124.116
$86,012
Net loss
larLast complete annual report in Financial Chronicle April 8 '33, p. 2426
American Telephone & Telegraph Co.
Operating revenues
Uncollectible oper.rev
-Month of May- -5 Mos. End. May 311933.
1932.
1932.
1933.
$7,347,249 37,344,428 $33,899,723 $39.398,673
524.002
517.760
109,001
97,739
Operating revenues___ $7.444.988 $7,453,429 $34,417,483 $39,922,675
5,918,328 6,345,831 28,880.620 32.551,933
Operating expenses
Net oper. revenues___ $1,526,660 $1,107,598 55,536,863 $7,370,742
553,910 2,438.520 2,690.551
574.729
Operating taxes
$553,688 to3,098.343 $4.680,191
Net operating income_ $951,931
VirLast complete annual report in Financial Chronicle Feb. 11 '33, p. 1007
Barcelona Traction, Light & Power Co., Ltd.
-Month of May-- -5 Mos. End. May 311932.
1933.
1932.
1933.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
Gross earns,from oper.. 8,821,349 8,774,405 48,523,538 47,823.426
Operating expenses
3,077,886 2,992.874 16,050,480 15.520,424
5,743,463 5,781,531 32,473,058 32,303,002
Net earnings
The above figures have been approximated as closely as possible but
will be subject to final adjustment in the annual accounts. They are also
subject to provision for depreciation, bond interest, amortization and other
financial charges of the operating companies.
r'Last complete annual report in Financial Chronicle July 11 '33, p. 133
Baton Rouge Electric Co.
Gross earnings
Operation
Maintenance
Taxes
-12 Mos. End. May 31-Month of May1932.
1932.
1933.
1933.
3109,499 31,417,981 $1,424,105
$100,909
712.375
702,682
51,623
57,519
57,713
62.821
5.951
4,793
137,530
151,276
12,901
12,261
$30,433
14.561
$34.925
14,306
8490.508
174.294
8526178
169,157
Balance
815.871
Reserve for retirements (accrued)
120,618
$3316.214
115.000
8357,021
115.000
Net operating revenue
Interest & amortization_
1242.021
8201.214
Balance
36.301
37.230
Dividends on preferred stock
8205.720
8163,983
Balance for common stock diva.& surplus
company has expended for maintenance a
During the last 26 years, the
total of 6.72% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total of
13.66% of these gross earnings.
WI-4st complete annual report in Financial Chronicle Mar. 4 '33, p. 1545
British Columbia Power Corp., Ltd.
Gross earnings
Operating expenses
11 Mos. End. May 31-Month of May
1932.
1932.
1933.
1933.
8992.218 81,100,195 111.792,576 $13,087,162
636.226 6,379.326 7,156,721
542,033
1463.969 85.413,250 85.930,441
Net earnings
$450,185
tar•Last complete annual report in Financial Chronicle Oct. 8 '32, p. 2489
Canada Northern Power Corp., Ltd.
Aluminum Industries, Inc.
3541,006 37.274,424 811.047,725
Earnings for 6 Months Ended June 30 1933.
Total cash income
Adminis. exp. & res. for taxes, legal exp.& transfer office exp..
International Rys. of Central America.
1932.
$467,021
259,222
Operating income_ _ _ _ 32.291.865 $2,385,255 $29,923,439 $33,791,754
817,913
90,105
807.305
71,418
Other income
Total income
32.363.284 $2,475,360 530,730,745 834.609,667
Res, for renewals & re620,262
570,235 7,146.880 6.930.024
placements (deprec.)_
the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
1933.
$513,182
295,378
(And Subsidiary Companies)
Sub. Cos. Consol.- -Month of May--12Mos.May 31
1932.
1932.
1933.
(Interco. Items Elim'd)
1933.
Operating revenue
$4,415,150 $4,566,857 855,850.543 $62,404.927
Operating expenses
2,123,285 2,181,602 25,927,103 28,613.173
1930.
$132,427
8,040
-6.465
-In
Other Monthly Steam Railroad Reports.
Month of May
Gross revenues
Operating expenses
307
American Gas & Electric Co.
Gross earnings
Operating expenses
-Month of May- -5 Mos. End. May 311932.
1933.
1932.
1933.
1297,358
8282.315 $1.487,767 11.435.216
441.263
92,672
447,334
89,724
8993.953
3204.686
Net earnings
8192,591 81,040.433
Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2066
re'
308
Financial Chronicle
Chicago Yellow Cab Co.
(And Subsidiaries)
3 Months Ended March 311933.
1932.
Net profit after depreciation, Federal taxes, &c__ _ _ 5102.974
$275,539
Earns, per sh. on 400,000 shs. cap. stock
20.25
$0.69
10 Last complete annual report in Financial Chronicle May 13 '33, p. 3351
Community Power & Light Co.
(And Controlled Companies)
-Month of April- -12 Mos.End.Apr.301933.
1932.
1933.
1932.
Consol. gross revenue__ 2275,119
$310,303 $3,808,482 $4,390,322
Oper. exps., incl. taxes_
173,793
192,770 2,246,970 2,498,179
Balance avail,for int.,
amortization. deer.,
Fed.inc. taxes,divs.
& surplus
2101,326
2117,532 21,561,512 51,892,143
"Last complete annual report in Financial Chronicle May 6 '33, p. 3167
Eastern Steamship Lines, Inc.
--Month of May- -5 Mos. End. May 311933.
1932.
1933.
1932.
$783,554
2712,301 $2.974,690 $3,217,482
700.957
699,265 3,103,553 3,360,396
82,597
13,036
128,863
142,914
30,418
3,995
7,708
35,557
71,767
387,754
310,246
68,958
Operating revenue
Operating expense
Operating income
Other income
Other expense
.514,825
Net deficit
$486,199
$48,214
$417.603
* Income.
itarLast complete annual report in Financial Chronicle June 10'33, p.4095
El Paso Electric Co. (Delaware).
Gross earnings
Operation
Maintenance
Taxes
(And Constituent Companies)
-Month of May-12 Mos. End. May 311933.
1932.
5209.195
5220497 52,625,882 53,149,405
100.869
92,042
1,101,327
1,319,405
10.989
13,154
135.763
172,691
23,627
27,351
276,080
315,229
Net operating revenue
Interest & amortization_
582,535
37,257
Balance
$45,277
Reserve for retirements (accrued)
$79,321 $1,112,710 51.342,079
37,157
440.285
446,714
July 8 1933
General Alloys Co.
Income Account Four Months Ended April 30.1933.
Grosssales
Allowances,returns, &c
Cost el'goods wild
Outside costs (net)
Operating expenses
$36,697
1,945
27.157
1,065
17.209
Loss
Extraneous income
210,677
546
Dass for period
Extraneous expense
$10,131
4,646
Net loss for period
514.776
General American Investors Co., Inc.
Earnings for 6 Months Ended June 30 1933.
x Dividends on stocks
Interest on bonds
Interest on deposits, &c
5262,671
34,277
17.027
Total income
Interest on debentures
Amortization of discount on debentures
Taxes paid and accrued
Other expenses
$313,975
165.000
3,960
33.082
55,238*
Balance
Syndicate compensation in respect of loan
Profits on commodity transactions
$56,694
14,713
186,407
Net income
5257,814
x Includes 233,780 reported by paying company as non-taxable distribution.
Notes.
-(a) Net loss realized from sale of securities during the six months,
which has been charged against a special account under surplus, amounts
to $1,475,043.
(b) Aggregate unrealized depreciation in value of securities as compared with cost: As of June 30 1933, 2676,664; as of Dec. 31 1932.
$11,050,457; decrease in this item during period, $10,373,793.
-6 Months Ended June 30 1933.
Statement ofSurplus
Capital surplus-Balance Dec. 31 1932
514,689,517
Difference between cost and stated value of pref.stock retired
35,270
Balance June 30 1933
514.654,247
Profit and loss on securities sold-Balance,net loss, Dec.31 1932
866,419
Net loss on securities sold during period
1,475,043
542.164
$672.425
230.000
5895.364
230,000
Balance
Dividends on pref. stock of constituent company_
$442,425
46,710
$665,364
46,652
Balance, net loss, June 30 1933
52,361,462
Undistributed income-Balance, Dec. 31 1932
396,309
Net income for the six months ended June 30 1933 (as above)
257.814
Balance
Divs,on pref.stock of El Paso Elec. Co.(Del.)_
$395,715
194.998
$618,712
191,793
Total
Dividends on preferred stock
Balance for common stock dive. & surplus
5200.717
$423,918
During the last 31 years, the company and its predecessor companies
have expended for maintenance a total of 6.88% of the entire gross earnings over this period, and in addition during this period have set aside for
reserves or retained as surplus a total of 10.03% of these gross earrings.
'Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1546
Fourth National Investors Corp.
6 Mos. End. June 30-Profit realized on sale of
securities
Int. on call loans, &c_
Interest on bonds
Cash dividends
1933.
1932.
1931.
$26,621
$51.380
x
346.725
1930.
250,400
324,985
367.747
5319.588
61.146
6.674
382.922
$277.021
46,922
28.699
$378,365
47.103
17.416
$414.472
73.773
22.189
8770.329
97,603
45,336
19,088
13,597
Net profit
$183,400
5313.846
$299,421
Excess of cost over mkt. val. of sec. at Dec. 31 1932
Excess of cost over mkt. val. of sec. at June 30 1933
$613.794
7.346.957
3.629,751
Total income
Management fee
Miscellaneous expenses..
Provision for New York
State taxes
18,000
Decrease in unrealized loss
$3,717.206
x Loss realized on sale of securities based on average cost amounted to
5302.388 in 1933: 52.445,426 in 1932, and $13a.551 in 1931.
arLast complete annual report in Financial Chronicle Jan. 7 '33, p. 165
Gatineau Power-Co.
Period End. Mar.31- 1933-3 Mos.-1932.
1933-12 Mos.-1932.
Oper. rev. & other inc__ $2,318.421 82.282,066 $9,268,991 59,034.408
128.829
Profit on exchange
243,061
Prof. on bonds & debs.
235,140
redeemed
53,117
Loss on exchange
Dr16,458
Dr49,709
.
Total gross rev., incl.
other income
82,268,712 $2,410,895 $9,487,673 $9,330,586
Net rev, before interest,
depreciation, &c
1,999,584 2,113.175 8,282,907 8,036.378
Int. on 1st mtge. bonds
& prior liens
885,657 3,536,632 3.545,856
881,318
Interest on debentures
279,645 1,108,181
1,126,994
274,808
0th.int., amort.of disc.,
div. on pf.stk. ofsub_
182,992
674,983
701,272
176,634
Deprec. & amortization
639,693
of storage works
147,512
158,750
587,308
Balance added to surp. 5508,074
5617,369 22,323,418 $2,074,948
Note.
-Commencing July 1 1932 the small profit arising through premium
on United States funds ceased and as shown above there has since been
a loss representing the cost of acquiring the balance of United States funds
needed for the payment of interest and sinking funds.
trjeLast complete annual report in Financial Chronicle May 6 '33, p. 3159
Gulf States Utilities Co.
Gross earnings
74
,0peration
aintenance
Taxes
1
-Month of May-12 Mos. End. May 311932.
1933.
1932.
1933.
5445.909
8428.533 55,240.656 55,916.726
206.376 2.275,064 2,618.360
192,929
14,595
19,277
175.343
216.629
427.377
424.909
35.068
32.720
Net operating revenue
Inc.from othersources-z
5203.315
90,890
8170.158 $2,362,870 82,656.826
90.885
7,659
Balance •
Interest & amortization
$112,425
279.272 $2,362.870 82,664,485
1,092.857
1.091,617
Balance
Reserve for retirements (accrued)
Balance
Dividends on preferred stock
51,270.013 $1,572,868
458,000
458.000
5812.013 51,114.868
567.182
567,091
Balance for common stock diva. & surplus
5244.830
5547,777
z Principally interest on funds for construction purposes.
tarLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1546
5654,123
243.600
Balance June 3019332410,523
Financial Chtonicle Jan. 7 '33, p. 154
fa'Last complete annual report in
Gorham Manufacturing Co.
Month of May1933.
1932.
Net profit after expenses
$20,267 loss$76,438
lOrLast complete annual report in Financial Chronicle June 17'33, p.4279
Illinois Water Service Co.
12 Months Ended May 31Operating revenues
Operating expenses
Maintenance
General taxes
1933.
2600,515
215,639
33,882
48,339
1932.
$655,959
236.657
41,051
38,044
Net earnings from operations
Other income
$302,655
1.674
$340,206
1,989
Gross corporate income
Interest on long-term debt
Miscall. int. (incl. int. charged to construction)_
Amortization of debt discount & expense
Provision for Federal income tax
Provision for retirements & replacements
Miscellaneous deductions
$304,329
160,072
821
1,120
9,451
21,250
2,207
$342,195
157,433
847
567
8,942
18,000
2,400
Net income
$109,408
5154.006
Dividends on preferred stock
53.400
53,400
Note.
-Interest on former loan from affiliated company subordinated
to the payment of preferred stock dividends.
larLast complete annual report in Financial Chronicle April 22'33, p. 2797
Interborough Rapid Transit Co.
Company operations to Aug. 25 1932.
Receivers operations Aug. 26 1932 to May 31 1933.
month of May--11 Mos. End. May 311932.
1933.
1933.
1932.
Gross operating revenue.. 55,045,505 $5,510,905 554,534,342 $61,148,697
2,987.765 3.476.533 35,741.432 39.247,401
Operating expenses
Net oper. revenue..___ $2,057,739 $2,034,371 518.792,909 $21.901.295
163,005
199,893 1,993,671
Taxes
2,178,288
Income from operation $1,894,734 $1,834,478 $16,799,238 $19,723,007
414,705
418,163 4,576,899 4,604,282
Current rent deductions_
$1.480,029 51.416,315 $12,222,338 $15,118,725
Balance
Used for purch. of assets
143,076 def252,638
of the enterprise__ _ def22.530
395,558
Bal.-City & company 21,502,559 $1.273,238 512,474,977 $14,723,167
Payable to city under
329,917
157,647
943.737 2,700,180
Contract No. 3.
$1,172.642 $1.115,591 $11,531,239 $12,022,986
Gross inc. from oper
1,132.400
1,159,381 12,576,299 12,801,098
Fixed charges
$40,241 def$43.789df$1,045.060 def$778,112
Net Inc. from oper--3,224
5.422
Non-operating income-37,252
67,574
Bal. before deduct.5%
$43,466 def$38,367df$1,007,808 def$710,537
Manh. div. rental_ _
Amount required for full
div. rental at 5% on
Manh. By. Co. modif.
guar. stock, payable
if earned
231,870 2,550,579 2,550,579
231,870
Amt. by which the full
5% Manh.div.rent.
was not earned_ __ _ $188,404
$270,237 $3,558,387 53,261,116
Note.
-The "Subway" and "System" balances as shown herein for the
current month and for the 11 months ended May 31 1933 are limited
as to the Subway to the amount the company is entitled to retain for such
periods. On the basis of the present accounting there are no past due
Subway preferentials which the company may collect from future Subway
earnings.
"Current rent deductions" and "fixed charges" as stated herein are based
upon the outstanding securities of the company and its obligations under
leases, without attempting to state the portion of such obligation which
may be assumed by the receivers. The fixed charges reflect the accrual
from Sept. 1 1932 of the interest on 5% bonds pledged as collateral to
7% notes, in lieu of interest on the note obligation.
arLast complete annual report in Financial Chronicle Aug. 27 '33, p. 1459
Financial Chronicle
Volume 137
Illinois Bell Telephone Co.
Month of May
-5 Mos. End. May 311933.
1932.
1933.
1932.
Operating revenues
$6,115,515 $6,747,822 $29,417,554 $34,500,223
Uncollectile oper. rev
370,097
340,900
61,833
55,642
...,
Operating revenues_ _ _ $6,171.157 36.809,655 529,787,651 534,841,123
Operating expenses
4,317,181 4,946,906 21,547.508 25,289,724
tie
Net operating revs_ _ _ $1,853,976 $1,862,749 $8,240,143 $9,551,399
Operating taxes
765,391
823,125 3,838,405 4,276,938
L
Net:operating income_ $1.088,585 $1,039,624 $4,401,738 $(,,274,461
rff Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1014
International Shoe Co.
6 Moe.End. May 311930.
1932.
1931.
1933.
Net sales
$27.422,525 $32,386,839 842.409,268 $51,741,105
Costs, expenses, &c_ - 23,224,963 28,164,054 36,773,961 43.756,481
Depreciation
846,939
825,820
835,258
844.754
Operating profit
$3,362,304 33,378,031 $4,788,368 37,158.804
Other income
309,940
335,843
657,784
262,594
Total income
Federal taxes
$3.624,898 $3,687,971 85,124,211 57,816.588
610.379
944.795
4810
,72
510,225
Net income
33.114,673 $3,206.251 $4,513.832 56.871,793
Preferred dividends_ _ - _
300.000
300,000
300.000
288,789
Common dividends
3,329,745 5,152,038 5.413,698 5,640,000
Deficit
$503,861 82,245.787 51,199,866 sur$931,793
Shares common stock
outstanding (no par)_ 3,350,000 3,500.000 3,760.000 3,760,000
Earnings per share
$1.12
81.75
$0.84
$0.83
PO Last compkte annual report in Financial Chronicle Jan. 7 '33, p. 153
-
(The) Key West Electric Co.
Gross earnings
Operation
n
Taxes
-Month of May- -12 Mos.End.May 311932.
1933.
1933.
1932.
8167.704
3201.015
$15.479
312.042
83.193
68.267
5,589
6.910
5.589
17.044
19.504
1.448
1,955
la,272
14,305
1.834
1,259
Net operating revenue
Interest & amortization_
$3.745
2.226
$4.779
2.261
368.086
27.182
$79,045
27,613
Balance
$1.519
Reserve for retirements (accrued)
$2.518
840.903
20.000
551.432
8,333
$20.903
x24.500
343.098
24.500
Balance
Dividends on preferred stock
Balance for common stock dive. & surplus
def$3.596
118.598
x Includes cumulative dividends unpaid or not declared of $2,625.
During the last 26 years the company has expended for maintenance
a total of 9.34% of the entire gross earnings over this period, and in addition during this period has set aside for reserves or retained as surplus
a,total of 14.45% of these gross earnings•
rirLast complete annual report in Financial Chronicle March 4'33, p.1547
Kroger Grocery & Baking Co.
24 Weeks Ended June 171933.
1932.
Sales
591.997.868 5102.991.552
Earnings after charges
2,294,798
1.365,045
Earns, per sh. on 1.811,091 shs, corn. stock_ _ $1.25
$0.74
PFLast complete annual report in Financial Chronicle Feb. 18 '33, p. 1193
Manhattan
Shirt Co.
May29-------May311933.
1932.
1931.
1930.
6 Months EndedNet profit after taxes,
depreciation. &c
$32,479 loss$105,124
$201,720
$112,048
Shares common stock
outstanding (par $25)227,563
283.577
256,952
275,519
Earnings per share
$0.14
$0.67
Nil
$0.37
KTrLast complete annual report in Financiai Chronicle Jan. 7 1933, p. 168,
and Jan. 21 1933, p. 504.
New England Gas & Electric Association.
(And Subsidiaries)
12 Months Ended March
1933.
1932.
Total operating revenues 31$13.043,755
Total operating expenses incl. depreciation & taxes 9,897.070 $14,371,573
10.547,398
Operating income
$3,146,685 $3,824.175
Other income
185.450
437.614
Gross income
$3,332.135 $4,261,789
Deductions
285,888
302.209
Interest
2,185,765 2,181,588
Balance for dividends and surplus
$860.482 $1,777.992
Dividends on 35.50 preferred stock
549.973
549,924
Balance
$310,509 $1,228.068
ra'Last complete annual report in Financial Chronicle June 24 '33, p.4460
New York Central Electric Corp.
12 Months Ended March
1933.
1932.
Total operating revenues 31$1.772.524 $1,778,604
0 erating expenses
925.872
947,447
aintenance
106,032
66,604
Provision for retirement-renewals & replacements
72,077
112,308
Taxes
100,140
124,799
Operating income
$568,403
$527,447
Other income
82.937
221,632
Gross income
$651.340
$749,078
Interest on funded debt
238.297
184,414
Interest on unfunded debt
143,878
234,829
Amortization of debt discount and expense
18.995
14,336
Interest during construction
Cr7,565
Cr17,420
Net income
$257,734
$332,920
Priest complete annual report in Financial Chronicle May 27 '33, p. 3721
New York Railways Corp.
-Month of May--5 Mos. End. May 311933.
1932.
1933. ,
1932.
Gross earnings
5420.948 52.069,728 $2,045,139
5448,226
Balance after taxes
303,861
74,389
58,504
219,611
*Net loss after charges 415.128
5293
45,774
$85.215
* These figures includes bond interest and sinking fund requirements of
certain controlled companies (for which New York Rye. Corp. states it
has no liability), which are in default and excludes interest on income
bonds which have not been declared. x Net income.
hu
FarLast complete annual report in Financial Chronicle M kr. 15'33, p. 1333
309
. New York Water Service Corp.
(And Subsidiary Rochester & Lake Ontario Water Service Corp.)
12 Months Ended May 311933.
1932.
Operating revenues
82,801.394 $2.821.432
Operation expenses
779.538
780.525
Provision for uncollectible accounts
57.995
12,445
General expense charged to construction
- Cr.
37.627
1.167
Maintenance
100.238
71.752
General taxes
251,153
265.883
Net earnings
Other income
11.642.122 31,699.967
48. 30
66.213
Gross corporate income
51.690.853 $1,766.179
Interest on mortgage debt
794.682
794.427
Interest on gold notes
107.742
105.000
Miscellaneous interest (including interest charged
to construction)
15.143
12.227
Amortization of debt discount and expense
55,272
62.743
Provision forFederal income tax
55,404
36.229
Provision for retirements and replacements
180.500
153.750
Miscellaneous deductions
12.245
10,383
Net income
$469.864
$591,420
Dividends on preferred stock (Note)
$881.297
Note.
-Cumulative preferred dividends which have not been declared
or paid for the year ended May 31 1932 amount to $197.761 and for the
year ended May 31 1933 amount to $279,192.
12 Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2607
r
Ohio Water Service Co.
(And Subsidiary Ohio Lakes Recreation Co.)
12 Months Ended May 311933.
Operating revenues
$458.887
Operating expenses
152.621
Maintenance
22.011
General taxes
73.113
1932.
$518,347
162.888
21.274
76.839
Net earnings from operation
Other income
$211.142
17.555
3257.346
22,038
Gross corporate income
Interest on long term debt
Miscellaneous interest charges
Interest on construction capitalized
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
3228.696
191.000
1.311
Cr.59
10.648
1.820
19.750
1.847
$279,384
191.315
2,539
Cr.24.692
10,639
3.123
25.750
2,471
Net income
$6E,238
$2,377
x Dividends on preferred stock
35.22
x Preferred dividends for the year ended May 311933. in the amount of
$77.278 have not been declared, nor accrued on books but are cumulative.
Preferred dividends for the year ended May 31 1932. do not Include
$441,859 which have not been declared, nor accrued on bookds. but which
are cumulative.
l"
Last complete annual report in Financial Chronicle Apr. 22 '33, p. 2798
Oil Stocks, Ltd.
Earnings for 6 Months Ended June 30 1933.
x Net profit after expenses and interest
$22,188
x Before exclusive trading losses on securities of $847.698.
rarLast complete annual report in Financial Chronicle Jan. 28 '33, p. 672
(The) Orange & Rockland Electric Co.
-Month of May- -5 MOS. End May 311933.
1932.
1933.
1932.
5732.217
$758.385
152.089
555,806
Operating revenues
Oper. exp., incl. taxes
but excl. depreciation_
Depreciation
30,380
7.563
31,485
7.386
405,033
89.517
406,909
87.557
Operating income
Other income
$14.146
2,990
116,935
3,214
$237.667
35,324
3263.919
24.590
Gross income
Interest on funded debt..
Otherinterest
Amortiz. deductions_
Other deductions
Divs. accr. on pref. stk_
Fed. Inc. taxes incl. In
operating expenses.--
$17.136
5,208
120.149
5,208
30
1.148
333
7,507
1272.991
62.500
836
13,777
4.209
95,528
3288.509
62,500
1.161
12.722
4,259
76,416
2,475
•
33.800
32,925
1.148
333
8,188
2.000
Ponce Electric Co.
Gross earnings
Operation
Maintenance
Taxes
-Month of May- -12 Mos.End.May 311933.
1932.
1933.
1932.
$26.449
$29.598
$318.948
$323.975
9,966
'
9.455
121.266
127.077
14.523
1,577
1.892
19.669
3.566
3.855
40,983
36.324
Net operating revenue
Interest charges
$11,339
75
$14,393
74
8142.174
906
1140.903
1,033
Balance
111,263
Reserve for retirements (accrued)
114.318
5141.267
40.000
$139.870
40.000
$101.267
25,964
899,870
26.230
Balance
Dividends on preferred stock
Balance for common stock dive. & surplus
$75.303
$73.639
During the last 31 years the company and its predecessor companies
have expended for maintenance a total of 7.63% of the entire gross earnings
over this period, and in addition during this period have set aside for reserves or retained as surplus a total of 10.39% of these gross earnings.
Last complete annual report in Financial Chronicle March 4'33, p.1548
Puget Sound Power & Light Co.
(And Subsidiary Companies)
-Month of May- -12 Mos.End.May 311933.
1932.
1933.
1932.
Gross earnings
3976,628 11.092.606 112,804.407 814.918.958
Operation
378.225
436.374 4,807.057 6.026.606
Maintenance
42.222
55,601
600,467
802.968
Taxes
102.371
1,198,162
83.805
1,012.728
Net operating revenue 3453.808
$516.825 $6,198.719 $7,076,655
Inc.from other sources _ x
34,899
107,393
1,021.704
1.246.635
Balance
3488.708
3624.218 $7.220.424 38,323.290
Interest & amortization..
343,926
341.280 4.110.363 4.158,110
Balance
3144.781
8282.937 33,110.060 34.165,180
Reserve for retirements (accrued)
1.224,618
1,287.124
Balance
31.885,442 32.878.055
Dividends on preferred stock
y2.133.950 2.126.683
Balance for common stock diva. & surplus- -- defS248,5071751:372
x Includes interest on funds for construction purposes, current
month
none (1932. $72,527), current 12 months, $603,095 (1932, $807.539).
y Includes cumulative dividends unpaid or not declared of
During the last 33 years the company and its predecessor81.732.475.
companies
have expended for maintenance a total of 9.90%
earnings
over this period, and in addition during this of the entire grossaside for
period have set
reserves or retained as surplus a total of 7.28%
of these gross earnings.
tarLast complete annual report in Financial Chronicle March 4'33, p. 1548
Financial Chronicle
310
Rochester & Lake Ontario Water Service Corp.
12 Months Ended May 31
Operating revenues
Operating expenses
Rental of mains and hydrants
Mainteance
General taxes
1933.
$516,532
158.884
8.816
13.407
44.332
1932.
$548,507
161,198
8,943
25,937
49,992
Net earnings
Other income
$291,093
1.090
$302,437
139
Gross corporate income
Interest on funded debt
Amortization of debt discount and expense
Interest charged to construction
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$292,183
125,000
6.767
10
12,582
25.420
240
$302,577
125,000
Cr.
389
9.069
25,420
647
$142.829
$122.183
Surplus net income
10'Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2609
Savannah Electric & Power Co.
Month of Mau- -12 Mos. End. May 311932.
1933.
1932.
1933.
$158.588 $1,802,629 $2,020,786
$143,137
671.979
635,823
54.604
50,635
116,323
117,491
9,038
8.933
214.488
189,288
17.879
16,119
Gross earnings
Operation
Maintenance
Taxes
$67,449
33,636
$77.066
33.850
$860,026 $1,017.995
414,711
407.421
$33,812
Balance
Reserves for retirements (accrued)
$43,215
$452.604
150.000
$603.283
62,500
$302.604
209.097
$540,783
208,745
Net operating revenue
Interest 3: amortization_
Balance
Dividends on debenture & preferred stock
$332.038
$93,507
Balance for common stock, dividends & surplus..
During the last 31 years the company and its predecessor companies
entire gross earnings
have expended for maintenance a total of 8.40% of the
over this period, and in addit on during this period have set aside for
reserves or retained as surplus a total of 7.68% of these gross earnings.
0.110 Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1549
Second National Investors Corp.
1931.
1932.
6
- Mos. End. June 30- 1933.
Profit realized on sale of
securities
Int. on call loans, &c__..
Interest on bonds
Cash dividends
1930.
$214,084
19.801
5.403
172.013
July 8 1933
Wesson Oil & Snowdrift Co., Inc.
(And Subsidiaries)
1931.
1932.
1933.
9 Months Ended May 31$20.616,301 523,208,054 536,291,122
Net sales
19,573.117 21.360,844 33,592.746
Cost of sales
730,884
748,610
520,792
Depreciation
Operating profit
Other income
$522,392 $1.098.600 $1,967,492
28e,200
242,441
125,465
Total income
Interest
Federal taxes
$647,857 $1,341,041 $2,253,692
23,086
269,650
91,950
168,100
Net profit
Preferred dividends
Common dividends
$532,821 51,172,941 51.984,042
1,081,130
892.346
978,606
:300,000
600,000
900,000
$659,525
$405,665 sur$2,912
Deficit
Earnings per share on 600,000 shares
Nil
$1.50
$0.32
common stock (no par)
For the quarter ended May 31 1933, not profit was $853,075 after taxes
and charges. This compares with a net profit in quarter ended May 31
1932 of 599.939 and $614,071 for the 1931 quarter.
1 -Last complete annual report in Financial Chronicle Oct. 29 '32, p. 3013
Western New York Water Co.
12 Months Ended May 31
Operating revenues
Operation
General expense charged to construction-Cr.. _ _ _
Maintenance
General taxes
1933.
$719,798
182,327
557
14,745
89,353
1932.
$761,037
198.216
13,515
14,996
91.959
Net earnings before prov. for Fed, income tax &
' retirements and replacements
Other income
:3433,930
1,045
5469.380
11,668
$434,975
204,888
58,620
3,965
9,447
38
9.702
50.250
2.904
$481.048
204,899
58,620
8.972
9.441
1,606
8.525
53,500
4,986
Gross corporate income
Interest on mortgage debt
Interest on 6% debentures
Miscellaneous interest charges
Amortization of debt discount and expense
Interest charged to construction-Cr
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneois deductions
$05,237
$133,711
Net income
51,530
51,530
Dividends on preferred stock
arLast complete annual report in Financial Chronicle April 15 '33, p. 2611
x
$9,970
$21,890
x
$18,760
107,405
138.243
162,970
Total income
Management fee
Miscellaneous expenses _
New York State tax_ _ _ _
Federal income tax
$117,375
18.989
13,629
7.372
5160.133
19,656
10,485
$181.730
31.319
13.708
10.172
$411,302
43,343
24,585
5.291
24.599
Gross earnings
Operation
Maintenance
Taxes
Net profit
Prefez recl dividends__ _
$77,385
82,617
$129.991
125.000
$126,532
125,000
$313.483
250,000
Net operating revenue
Inc. from other sourcesx
546.419
$57,631
634
$642.183
656
$930,161
5,583
$1.532
$63,483
3.089.745
1,503,462
Balance
Interest & amortization_
$46,419
31.607
$58.266
23.955
$642,839
339,601
$935,744
287,215
Balance
Note int. (Eastern Texas
Electric Co., Del.)...
$14,811
$34,311
$303,238
$648,528
19,311
103,104
228.250
$14,999
$200,133
211,666
$420,278
220.000
$y11.533
z92,786
$200,278
59.358
$4,991
def$5,232
Balance, surplus
Excess of cost over mkt. val. of sec. at Dec. 31 1932
of cost over mkt. val. of sec. at June 30 1933
Excess
$1.586.284
Decrease in unrealized lass
101.943
Excess of cost over mkt. val, of treas. stk. June 30 1933
x Loss realized on sale of securities based on average cost was $111,851
$1.301,688 in 1932. and $92,401 in 1931.
In 1933;
WLast complete annual report in Financial Chronicle Jan. 7 '33, p. 170
South Bay Consolidated Water Co., Inc.
12 Months Ended Map 31
Operating revenues
Operating expenses
General expense charged to construction
Amortization of rate case expense
Maintenance
General taxes
1933.
$513.197
156,419
Cr5,488
23.976
23.792
36,819
1932.
$535,836
175,362
Cr34,476
1,771
27,523
43.757
Net earnings
Other income
$277,677
2.269
$321.899
1,047
Gross corporate income
Interest on funded debt
Miscellaneous interest charges
Amortization of debt discount and expense
Interest charged to construction
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$279,947
158.105
38.464
12,116
Cr392
5,029
22.500
1.189
$322.946
158,114
26.271
12,018
Cr1.972
5.984
20,750
1,354
$100,428
$42.876
Net income
44,387
Dividends on preferred stock_a
declared or paid
a Cumulative preferred dividends which have not been
for the year ended May 31 1932 amount to $18.277 and for the year ended
May 31 1933 amount to $62,664.
a"Last complete annual report in Financial Chronicle April 15 '33, p.2609
Universal Pipe & Radiator Co.
(And Subsidiaries)
1930.
1931.
1932.
1933.
Quar.End. March 31Net loss after depreclat'n.
$114,021
$72,916
$253,184
$187,466
interest, &c
12ErLast complete annual report in Financial Chronicle April 29 '33, p. 2591
Virginia Electric & Power Co.
Gross earnings
Operation
Maintenance
Taxes
(And Subsidiary Companies)
Month of MI- -12 Mos. End. May 311933.
$14,7930514
$16.452.447
$1,204,439 $1,264.492
6.188.939
5,337.937
471.014
435.553
1.173,401
958.158
93.637
81,081
1,380.226
1.489.426
125,352
119,851
$567,953
y52
$574,487 $7,117.191 $7,600,380
31.610
35.794
3.003
$567,901
159,796
$577.491 $7.148,802 $7,636,175
1,884,574
1,935,190
162,179
$408,104
Balance
Reserve for retirements (accrued)
$415,312 $5,213,611 $5,751,600
1,975.000
1,800,000
Net operating revenue
Inc. from other sourcesx
Balance
Interest & amortization_
Balance
Dividends on preferred stock
$3.413.611 $3,776,600
1.171.257
1,171.453
$2.242,158 $2.605,343
Balance for common stock, divs. & surplus
x Interest on funds for construction purposes. y Charge.
During the last 23 years the company has expended for maintenance a
in addition
total of 10.57% of the entire gross earnings over this period, and surplus a
during this same period has set aside for reserves or retained as
total of 13.15% of these gross earnings.
Chronicle Mar. 4 '33, p. 1550
10 Last complete annual report in Financial
(The) Western Public Service Co.
(And Subsidiary Companies)
Month of May- -12 Mos. End. May 311933.
1932.
$148,141
$164,614 $1,939,466 $2,374,880
82,981
88.763
1,064.578
1,234,386
6,475
6.333
80.787
87.277
12,265
11,785
151,918
123.055
$14,811
Balance
Reserve for retirements (accrued)
Balance
Dividends on preferred stock
Y$104.320
$140,919
Balance for common stock, divs. & surplus
x Interest on funds for construction purposes. y Deficit. z Includes
cumulative dividends unpaid or not declared of $29,863.88.
WLast complete annual report in Financial chronicle Mar. 4 '33, p. 1550
West Virginia Water Service Co.
(And Subsidiary Bluefield Valley Water Co.)
1933.
12 Months Ended May 3181,021,129 $1,1832
5,446
revenues
Operating
371.121
417,182
Operating expenses
48,221
Maintenance
135,301
13.1:Ug
General taxes
Not earnings from operation
Other income
$466,485
3.881
$501,675
2.369
Gross corporate income
Earns, on new properties for period prior to acquis_
Interest on long-term debt
Misc. int.charges (m nri. int. charged to construct'n)
Amortization of debt discount & expense
Provision for Federal income tax
Provision for retirements & replacements
Miscellaneous deductions
$470,366
5504.044
9,040
252,878
5,993
25.797
9,278
55,100
3,456
258.000
5,946
26,293
11,384
52.100
3.419
$142,501
Net income-------------------------------- $113,223
68,985
Dividends on preferred stock
7.500
Dividends on 2d preference stock
dividends for the year ended May 31 1933, in the
Note.-Preferrod
amount of $99.000 have not been declared, nor accrued on books, but
are cumulative.
Preferred dividends on 2d preference stock for the year ended May 31
1932. do not include $20,000. which have not been declared, nor accreued
in books, but which are cumulative.
ICH-Last complete annual report in Financial Chronicle April 29'33, p. 2975
FINANCIAL REPORTS.
Public Utility Holding Corporation of America.
(Annual Report-Yea; Ended May 31 1933.)
President George E. Devon don wrote in part:
The most important development in the affairs of the corporation since
our last report has been the successful consummation of the exchange offer
made on Dec. 8 19;12 to the holders of South American Rys. 6% convertible
gold notes, due April 15 193:1. The corporation's liability incident to
this issue had been reduced from $12.000.000 to $1,680.000 at May 31.
after allowing for cash deposited. The corporation was able to effect this
reduction chiefly through the sale of certain of its foreign holdings and
without resorting to borrowing.
CONSOLIDATED INCOME YEARS ENDED MAY 31.
(Corporation, United States & Overseas Corp. and So. American Rye. Co.1
1933.
1932.
1931.
$1.125,801 $2,602,719 $2,6631,970
Interest earned
55.696
516,688
1,029,586
Dividends earned
1,628
112,079
45,603
Commissions
137,929
137,929
Discount earned
1,096
181
52,633
Other income
Total gross income
$1.184,221
$3,369,596 $3,934.721
Financial Chronicle
Volume 137
General expenses
Management fee of subsidiary
Amortization of organization expenses
Amortization of disc, on notes of sub
Interest
Depreciation of furniture & fixtures.. _
Amortization of d(set. on funded debt
State franchise taxes
Taxes paid to foreign governments _
Fed.inc. tax on tax free covenant bds.
1933.
251,495
108.402
527.511
339
10,072
1932.
394.504
26.896
34.978
1931.
249,581
118.498
6a,051
781,599
1,007
123,887
40,932
770U§a
384
123 887
40.634
1.732
2,807
Net inc before prov.for Fed. inc. tax $286.402 $2,558,950 81.965,793
Prov. for Fed. inc. tax
57,531
93,921
Net income (incl. minority stockholders'interests in net income or
loss of subsidiaries)
$286,402 $1,908.262 $2,465.029
Min.interests in net inc.or loss ofsubs.
147,263
80.270
115.821
Net income applicable to parent co_ z$433,665 y$1.827,992 x$2,349.208
x Exclusive of parent company net loss of $598,126 on sales of securities
which was charged to a special reserve created out of earnings of the previous
fiscal period. y There have been charged directly to surplus or to reserves
created from surplus, net loss of $6,359,831 from sales of securities writedowns of $49 410,963 in the value of securities to quoted market prices, and
a write-down in the value of the investment in common stock of Indiana
Consumers Gas & By-Products Co. from $2,040.750 to $I. z Net losses
from sales of securities during the year amounting to $3.609.286 and a
reduction of $807,192 in the book value of securities, not having a quoted
market were charged principally to reserves created from capital surplus
and earned surplus and in part to earned surplus.
STATEMENT OF CONSOLIDATED SURPLUS FOR THE YEAR ENDED
MAY 31 1933.
Earned Surplus-Balance, June 1 1932
$984,027
Net income for the year ended May 31 1933
433,665
Net adjustment of provision for Federal income taxes of sub-.
sidiaries (less minority interest, $18.017)
21.564
Adjustment of consolidation entry, prior year
1,500
Total _________________________________________________ $1,440,766
Deduct: Furniture and fixtures written off
7,901
Portion of net loss on sale of secs. by sub. in excess of reserves
146.243
Balance, May 31. 1933
$1.286.611
Capital surplus-Balance. June 1 1932
Credit adjustment arising through consolidation representing $8.306,579
the excess cf principal amount over cost of acquisition by
parent company during the year of a portion of the outstanding issue of South American Rys. Co notes
Excess of principal amount over cost of acquisition by parent 1,914,420
company of a portion of its outstanding notes
50.942
Decrease in minority interest of subsidiary
76.822
Total _______________________________________________$10.348,764
311
Deduct: Appropriation for special reserve
75,484
Appropriations for general reserve
10.129,530
Adjustment of consolidation entry, prior year
1.500
Reduction in connection with acquisition for retirement by
subsidiary of 2.296 shs. of its common stock held by public
54,139
Capital distribution, United States & Overseas Corp. portion
applicable to minority stockholders
22,683
Miscellaneous
1
Balance, May 31 1933
$65.428
STATEMENT OF CONSOLIDATED RESERVES FOR THE YEAR ENDED
MAY 31 1933.
Special
General
Reserve.
Reserve,
Balance, June 1 1932, created from capital surplus
and earned s'urplus
$7.474,572
Appropriations from capital surplus
75,484 310,129,530
Net excess of market value, at current quotations on
May 31 1933, over book value ofsecurities having
a quoted market
593.749
Total
$8.143 805 510,129,530
Portion of net loss on sale of securities
3,217,577
245,467
Excess of book value over amount of preference in
liquidation of 23.000 shs. of Consolidated Elec.
& Ga.s Co. preferred stock, acquired on an exchange of securities
807,192
Balance, May 31 1933
54,119.036 59,884,063
CONSOLIDATED BALANCE SHEET MAY 31.
[Corporation. United States & Overseas Corp. and So. American Rys. Co.]
Liabilities and
1932.
1933.
1933.
1932.
AssetsCapitalS
$
S
$
Cash
350,503
219,004 Cap,diatribe pay.
15,230
Cash blocked in
6% Gold notes of
Germany
So. Amer. Rys__
9,756
48,000
Bankers' accept'ces
700,646 2-yr.7% gold notes 4,632,000
Accts. receivable__
61,126 General reserve_ __ 9,884,063
20,250
Accr. inc. receiv__ 213,962
818,854 hank loan payable
1,250,000
Investments
26,337,382 31,558,725 Notes & accts.pay.
40,275
Securities sold not
Accr. MLA; taxes..
65.835
220,691
delivered
2,549
Funded debt of So.
TJnamort. dise't on
American Rys_
11,451,000
funded debt_
108,402 Unearned disct. on
Furniture Sr fist's,
investm't notes
86,207
less reserves__ __
8,148 Minority int. in
Deferred charges__
8,856
1,681
capital A:surplus
of subsidiaries__ 954,765 1,160,834
a $3 cum pref. stk_ 6,350,655 6,350,655
b Class A stock_ __ 500,000
500,000
c Common stock__ 3,133,494 3,133,494
Capital surplus_ __
65,427 8,306.579
Earned surplus_.. 1,286,611
984,027
Total
26,936,082 33,483,762
Total
26,936,082 33,483,762
a 254,026 shares (no par). b 500.000 shares (no par). c 3.133.491
shares (no par).
-V. 136, p.3908.
General, Corporate and Investment News
STEAM RAILROADS.
standing bonds, even though not so stamped, are also payable in lawfu
money of the United States and not in goid.-V. 136. p.4453.
More Freight Cars and Locomotives in Need of Repairs -Class I railroads
on June 1 had 303,758 freight cars in need of repair or 14.7% of the number
on line, according to the car service division of the American Railway
Association. This was an increase of 16,771 cars above the number in
need of repair on May 1, at which time there were 286.987 or 13.8%.
Freight cars in need of heavy repairs on Juno 1 totaled 218.262 or
10.6%.
an increase of 13,814 cars compared with the number in need of such
repairs on May 1, while freight cars in need of light repairs totaled
85,496
or 4.1%, an increase of 2,957 compared with May I.
Locomotives in need of classified repairs on June 1 totaled 11,103 or
21.9% of the number on lino. This was an increase of 360 compared with
the number in need of such repairs on May 1, at which time there were
10,743 or 21.2%.
Class I railroads on June 1 had
serviceable locomotives in storage
compared with 8,783 on May 1. 8,056
Chicago Rock Island & Pacific Ry.-Readjustment
-Charles Hayden, Chairman of the
Managers Appointed.
Board of the Rock Island, announces that in accordance
with a resolution of the board of directors directing the preparation of a plan of reorganization, the Chase National Bank;
Dillon, Read & Co., and Hayden, Stone & Co., who together represe it very large interests in the company's
various securities, have agreed to serve as Joint Readjustment
Managers. An announcement issued July 7 further states:
Augusta & Savannah RR.
-Extra Distribution.
-
An extra dividend of 25 cents per share was recently declared on the
common stock, par $100, in addition to the regular semi-annual dividend
of $2.50 per share, both payable July 5 to,holders of record June 15. Like
amounts were paid on this issue on Jan. 5 last.
-V. 136, p. 4319.
California & Oregon Coast RR.
-Asks Loan.
-
The company has filed an application with the I.
-S. C. Commission
and the Reconstruction Finance Corporation for a loan of $5,718.565
to finance construction of its proposed line from Waters Creek, Ore.,
to Crescent City, Calif. The loan would run 10 years.
Central RR. of New Jersey.-Election of President Approved.The I.
-S. C. Commission has authorized Charles E. Ewing, President
of tile Reading Co., to serve in a like capacity and as a director of the
Central RR. of Now Jersey.
-V. 136, p. 4453.
Chicago & North Western Ry.-To Pay 50% Cash and
50% in New Bonds to Holders of Freemont Bonds.-Because
of present economic conditions, company cannot expect to
provide for its $7,724,000 Freemont Elkhorn & Missouri
Valley RR.6% eonsol. mtge. bonds due Oct. 1 1933 in the
customary manner, either from earnings or by the sale of
new securities to the public. The directors have therefore
directed that an application be made for a loan from the
Reconstruction Finance Corporation to pay one-half of the
amount of such bonds outstanding on condition that the
holders thereof accept general mortgage 5% gold bon& for
the other one-half. The plan of accomplishing this arrangment was approved by the directors on June 14 1933 and was
outlined in letter to bondholders by President Fred W. Sargent. For details see V. 136, p. 4453.
President Sargent in letter dated June 30 to the holders of
Fremont Elkhorn & Missouri Valley RR.6% consol. mtge.
bonds further states:
Referring to this company's letter of Juno 15 1933, attention is called to
the fact that under the recent resolution of Congress in rogara to bonds containing the "gold clause," corporations are prohibited from making payment In gold in respect of their outstanding obligations or from including
a "gold clause" in obligations hereafter issued. Accordingly, the general
mortgage bonds to be issued in exchange for the outstanding Fremont
Elkhorn & Missouri Valley RR.6% consolidated mortgage bonds pursuant
to the offer contained in letter will be appropriately stamped in compliance with the resolution to indicate that so long as payment in gold is prohibited bylaw, principal and interest will he payable in lawful money of the
United States. The joint resolution of Congress provides that the out-
They believe it inadvisable to ask for deposits of securities at the present
time, as under the new law applicable to railroad reorganizations, any
plan of reorganization must be first submitted to and approved by the
-S. C. Commission after a public hearing; and thereafter submitted to
I.
security holders for their approval. Under the present law the procedure
is quite different from former procedure. where securities ordinarily have
been deposited with committees with full power.
Preliminary discussions concerning a plan of reorganization have already
been had with the 1,--S C. Commission and the Reconstruction Finance
Corporation and a plan is now in process of preparation. In the work of
preparing a plan the readjustment managers will comsult with and adivse
security holders and will be glad to receive any suggestions from them.
If, the present gratifying increase of revenues continues a plan should be
ready within a very few months. In the meantime, any desired information
can be obtained from the company's officials, La Salle St. Station, Chicago,
or 25 Broad St., New York.
-V. 137, p. 134.
Delaware Lackawanna & Western RR.
-Orders Locomotives.
President J. M. Davis on July 1 announced this this company has placed
an order for nine Diesel oil-electric drill engines. These engines were
purchased after a 90
-day test of their efficiency and of their economy in
drilling service.
Six engines will be built by the American Locomotive Co.at Schenectady.
N. Y., and three will be built by the Ingersoil-Rand Co. at Phillipsburg,
N. J.
The American Locomotive Co's allotment will be equipped with single
unit engines of 600 h.p. while those that the Ingersoll Rand Co. will build
will be equipped with two 325 h.p. engines.
The General Electric Co. will supply the electric equipment for the entire
order.
The new engines will be used for drilling in the passenger stations at
Hoboken, N. J., and at Scranton. Pa., as well as for light industrial switching in Jersey City.
Delivery of the engines will be made in the fall.-V. 136. p. 3716.
Great Northern Ry.-Gets Loan of $6,000,000.
-The
Board of Directors of the Reconstruction Finance Corporation has authorized a loan, previously approved and recommended by the I.
-S. C. Commission, for $6,000,000 to the
company. The authorization is to be applied toward interest requirements due July 1 1033.
Adjustments in the salaries of officers of the railroad have been made
In accordance with the law passed by the 73d Congress.
The report of the I.-S. C. Commission approving the loan
stated in part:
The Great Northern Ry., on April 21 1933, filed an application to the
Reconstruction Finance Corporation for a loan under the previsions of
Section 5 of the R. F. C. Act,
The Application.
The applicant requests a loan of 86,000,000 for a term not exceeding three
years from June 30 1933, to be used for the purpose of paying interest on
funded debt which is due July 1 1933. It is asserted that the applicant is
unable to procure the necessary funds from other sources, and that there
July 8 1933
Financial Chronicle
312
is no present indication warranting an assumption that the loan can be
repaid within a shorter term than that requested.
The applicant is a party to the "Marshalling and Distributing Plan.
1931." of the Railroad Credit Corporation and for the period January 1932,
to February 1933, inclusive, paid to it $706,244 derived from emergency
Increases in freight rates. The applicant has applied for and has been
granted by the R. C. C. a loan of $3.000,000 to be used for interest maturities, $1,000,000 of which it has already received.
Necessities of the Applicant.
The loan is required to assist the applicant in meeting interest due on
July 1 1933. as follows:
$6,142,565
Great Northern By. Co. gen. mtge. bonds, series A to E
757,945
Great Northern By. Co. 1st & ref. mtge. bonds
St. Paul, Minneapolis & Manitoba By. Co. consolidated mort1,592,362
gage and Pacific Extension mortgage bonds
280,000
Montana Central Ry. Co. first mortgage bonds
6,870
Spokane Falls & Northern Ry. Co.first mortgage bonds
44,685
By. Co. equipment trust, series D
Great Northern
$8,824,426
Total
This interest accrues either on the applicant's own bonds or on the bonds
component companies. The obligation for payment arises either diof
rectly or under a guarantee by the applicant. It includes one semi-annual
payment of interest on all the outstanding bonds of the applicant and its
constituents with the exception of $23505000 of underlying issues.
The application shows that the loan of $6,000,000 in addition to available
cash together with cash expected to become available from operations and
other sources will be needed to enable the applicant to meet its maturities
of interest and other cash requirements during the year 1933. The record
also indicates that if this loan and the loan from the R.C.C. be made the
applicant will be able to meet all its normal cash disbursements during 1933,
and enter the year 1934 with a cash balance.
Security.
As security for the proposed loan the applicant offers to pledge $12,6% bonds of a new series F. These are
000,000 of its general mortgage
a part of $45,000.000 of such bonds authorized by us. The bonds will
mature in 1953. There are no other bonds of this maturity and bearing
the same rate of interest under the mortgage. There is, however, an issue
of 5%'s which matures in 1952. the market price for which on June 9 was
70. In 1933 the high has been 73% and the low 39. The high and low for
1932 were 85 and 38%, respectively.
This mortgage, under which $205,859,000 of bonds are outstanding, is a
first lien on 231 miles of road, a second lien on 2,465 miles, including im-continental line, subject to the
portant parts of the applicant's trans
applicant's first and refunding mortgage under which $35,668,000 of bonds
are outstanding. It is also a lien upon 4,765 additional miles, subject to
underlying liens including the said first and refunding mortgage, the amount
of which outstanding and exclusive of intercompany holdings is $139,753,515. The mortgage is also secured by the pledge thereunder, among other
stocks, of $882,933,700 par value of the capital stock of the Chicago Burlington & Quincy RR., and it directly participates in the lien of the first and
refunding mortgage by the pledge of $36,332,000 of the bonds issued
thereunder. The applicant's ownership of or equity in other stock and
bonds also is pledged under the mortgage. The record shows the dividends
normally received by the applicant under the stock of the Chicago Burlington & Quincy, RR., pledged as part of the security for the general mortgage, is sufficient to meet more than three-fourths of the interest accrued
annually on all the bonds secured by it.
While acute economic conditions in the territory served by this applicant
have resulted in a severe loss of revenue in recent years, the applicant has
nevertheless been a consistent and large earner. It has consistently paid
dividends in addition to carrying the interest on its funded debt and while
there has been an increase in its funded debt as the years have passed, it
appears that if interest on bonds issued in the acquisition of the Burlington
stock be disregarded, the net income available for interest has been sufficient to meet the interest now being accrued in every year except 1932
for more than 30 years. The average operating results of the 10 years ending with 1930, and the results for 1931 and 1932, and the forecast for 1933
are as follows:
1933.
1932.
1931.
1931-30.
Railway oper. revenues$114,296,987 $74,956,804 $54,338,723 $57,327,900
Railway oper. expenses_ 79,022,777 55,285,953 45,655,672 43.337,600
Net rev,from ry. oper$35.274,210 $21,801,501 $9,893,574 $13,990,300
Railway tax accruals and
7,188,922 6,711,634 6,990,200
uncollectible ry. revs_ 9,268,023
Equipm't & joint facility
1,891,389 2,136,600
1,943,159
656.234
rents (net debit)
Net railway oper. inc-$25,349,953 $12,669.420 $1,290,551 $4,863,500
1,626,700
5,096,091
13,698,641 12,110,637
Non-oper. income
$39,048,594 $24,780,056 $6,386,642 $6,490,200
Gross income
Deducts, from gross in475,860
535,728
557,750
618,849
come except interest
Available for intere•st_338,429,745 $24,222,306 $5,850,914 $6,014,340
17,494,193 18,896,399 19,256,353 18,911,840
Total interest
is attributable to
Much of the applicant's present financial difficulty Prior to that year
loss of its customary dividend income during 1932. every year since
the
approximately $88,500.000
such income had exceeded
1921 with the exception of 1923 when it was $8,403,519. In 1932 it was
also declined.
but $3,047,899. Other items of non-operating incomethe revenues of the
The record shows that for the year 1933, to May 14,
Howapplicant on the whole have not equaled the estimate shown above. had an
ever, beginning with the first two weeks of May, the applicant has
increase in business which if continued indicates the estimate for 1933 •
should be achieved, or bettered. The applicant states that the present
decllne in its revenues is attributable in a large measure to unusual local
conditions not only resulting from the depression but from adverse weather
is
conditions in its territory during 1931 and 1932. This decline andalso
attr butable in part to the falling off of demand for steel products iron the
ore
up of iron ore at lower lake ports, resulting in the smallest return
tieing
movement on the applicant's railroad in 1932 since 1898. With a
of a part of the business which has been lost as a result of economic and
other conditions the applicant expresses confidence in its ability to meet
the interest requirement on the loan and to retire it at maturity.
Conclusions.
We conclude:
the
1. That we should approve a loan not exceeding $6,000,000 to
years from
Great Northern Railway Co. for a term not to exceed three application
for the purposes set forth in the
the date thereof, to be expended
and in this report;
as
2. That the applicant should pledge with the Finance Corporation
collateral security for the loan $12,000,000 of its gen. mtge. 6% gold
bonds, series F, of 1953;
that
3. That the applicant should agree with the Finance Corporation, of,
dispose
during the life of the loan it will not sell, pledge or otherwise issued by
of the securities now owned or authorized to be
or encumber, any
they may be
it, except as in paragraph 2 hereof provided, and exceptthe R. C. C.,
pledged to secure loans already approved to :313 made by Corporation;
consent in writing of, the Finance
without notice to and the
that
4. That the applicant should agree with the Finance Corporation
collateral
all security now pledged or which may hereafter be pledged asratably as
shall apply equally and
security for loans from that corporation
security for all such loans.
Authorized to Be Used as Collateral.
Bonds
re-S. C. Commission has authorized the company to pledge and seThe I.
pledge from time to time to and including June 30 1935, as collateral of
(9)
curity for any note or notes that may be issued under Section 20a
$45,000,000 of general
the Inter-State Commerce Act, any portion of the drawn down, that may
mortgage 6% geld bonds series F. authorized to be
-V. 137, p. 134.
pledged with the R. F. C.
not be
-Interest Being Paid.
International-Great Northern RR.
-year 6% golu bonds.
The interest due July 1 1933 on the first mortgage 30
C. due 1956, is
series A. due 1952. and 5% gold bonds, series B. and series
being paid.
now
New York Stock Exchange rules
The Committee on Securities of the
bonds shall continue
that the bonds be quoted ex-interest July 7; that the the Jan. 1 1934 and
carry
to be dealt in "flat" and to be a delivery must
-V. 136. p. 3336.
subsequent coupons.
Jefferson & Northwestern Ry.-Abandonment.-
The I.
-S. C. Commission on June 23 issued a certificate permitting the
company to abandon that part of its railroad extending from Linden Jct.
in a general northwesterly direction to Naples, 29 miles, all in Cass and
Morris Counties, Tex.
-Abandonment.
Louisville & Nashville RR.
The I.
-S. C. Commission on June 23 issued a certificate permitting the
company to abandon that part of its Red Gap branch extending from
Graces in a general northeasterly direction to Redone. approximately 5
-V.136, P.4079,
miles, all in Jefferson County, Ala.
-U.S. Files Tax Liens.'
Missouri Pacific RR.
Claims for income tax liens totaling $4,111,726 against the company
and the Missouri Pacific Corp. in Nebraska, an affiliate, were filed July 5
by the Federal Government in Federal Court at St. Louis. Agents said
the road's taxes were delinquent for 1920, 1924, 1926, 1928. 1929 and 1930.
Court Rules Road Must Show First Mortgage Returns.
On petition of the Guaranty Trust Co. of New York and Benjamin F.
Edwards, trustees under the 1st and ref. mtge., Federal Judge Faris at
St. Louis on June 23 entered an order requiring that accounts of the railroad be kept in such manner as to show all income and profits from the
property covered by the refunding mortgage dated April 2 1917. The order
became effective July 1.
Granted Tax Settlement Extension.
The Missouri Pacific Lines have been granted an extension to Sept. 1,
the period during which to make tax settlement with 50 counties of Arkansas
without payment of penalty, by Chancellor Dodge. The total of unpaid
.
v j.37 a. 134 gainst the railway amounts to $1,098,467, it is said.taxes chprges .
a
-Orders Steel.
New York Central RR.
The company on July 6 announced that it had placed with the United
States Steel Corp. its last order for structural steel for its West Side development in New York City, amounting to 15.000 tons at a cost of about $500.000. The steel will be used to completes gap in a viaduct between Clarkson
and Eighteenth Sts. The development will double the railroad's capacity
-V. 137. p. 134.
of 700 to 800 cars daily below Sixtieth St.
New York Chicago & St. Louis
Paid in Full.
-
RR.
-One
Noteholder
The "Herald Tribune" of July 1 stated:
A holder of 90 of the 6% notes of the company which matured on Oct.
1 1932 has received a payment of 100 cents on the dollar for them, it was
learned last night. Holders of $18,800,000 of the $20,000,000 note issue
accepted an offer of the company whereby they received 25 cents on the
dollar and a new note for the remaining principal.
The note holder whose claim was satisfied 100 0 is Julius Lieb, who held
$90,000 par value notes. Judgment against the Nickel Plate RR. for
the full amount of the matured notes was obtained by Mr. Lieb through
Kaplan & Kaplan, attorneys, when the company refused to pay them off
100% in cash. The railroad appealed the judgment, but last week the
claim was sustained. However, a lawyer, John Reynolds, representing
an unrevealed client, appeared, who offered Mr. Lieb a complete payment
-V.136. p. 4264.
for his notes, and the judgment was accordingly vacated.
-Group Hails Testimony-Kaufman Tells
Pennroad Corp.
Stockholders Senate Findings Will Help Delaware Court Action.
In a letter to stockholders of the corporation, F. S. Kaufman,temporary
Chairman of the stockholders' protective committee, says that the testimony adduced before the Senate Banking and Currency Committee last
week "indicates the establishment of some very important pieces of evidence" that should prove valuable to them in current litigation.
In an action in the Delaware Court of Chancery, Joseph W.Perrino and
Julia A. Perrine appear as complainants against the Pennroad Corp., the
Pennsylvania RR.and the voting trustees of the common stock voting trust
of Pennroad Corp. of May 1 1929.
"In the complaint filed by the plaintiffs in the above entitled action.
which action has been under the supervision of our protective committee,"
the letter says, "it is demanded by way of a final court decree that the
Chancellor adjudge and decree that the defendant Pennroad Corp. has been
managed and operated by the Pennsylvania RR, and by the individual
defendants in the interest of the Pennsylvania RR., but at the expense
of the defendant Pennroad Corp. and the real and equitable owners of
Pennroad Corp.
"That by reason of said management and operation on the part of the
Pennsylvania RR., losses involving millions of dollars have been sustained
by Pennroad stockholders 'as a result or the unfaithful conduct of the
affairs by the defendant railroad and by the individual defendants;and that
an accounting be taken to determine the amount of such losses and that
the defendant railroad and the individual defendants be decreed to pay
the amount of such losses to the defendant Pennroad.
"
'That the issuance and deposit by the defendant Pennroad of the
5.800,000 shares and the 3.290,000 shares of its stock to and with the
voting trustees, as particularly set forth in the foregoing bill, be decreed
to have been illegal and void; and also that the Chancellor decree that the
said voting trustees assign and deliver to the complainants the shares of
stock held by said voting trustees, representing the voting trust certificates
held by the complainants to said voting trustees, and also that the Chancellor afford and opportunity to all other holders of voting trust certificates
to obtain an assignment and deliver to them all the shares of stock represented by their respective voting trust certificates.'"
The complaint also asks the calling of a meeting of Pennroad Corp. for
election of directors, and removal of present directors and officers following
such election.
-V.136, p. 2061, 2065.
-Repays $9,500,000 of $27,500,000
Pennsylvania RR.
-Repayment of $9,500,000 of the $27,500,000
R. F. C. Loan.
loan granted the road, for the electrification of the road
between New York and Washington, was announced June 30
by the Board of Directors of the Reconstruction Finance
Corporation.
The first payment of $5,000,000 was made June 30 at the New York
Federal Reserve Bank. The remaining $4,500,000 was paid on July 5.
At the same time it was announced that the road has withdrawn its applicatiozheor the
ae n frized. undisbursed $600,000 of the $2,000,000 work loan previously
The directors of the corporation are of the opinion that this action on
the part of the Pennsylvania lilt. may be indicative of an early return of
the railroads of the country into private financing, an objective which
they believe to be an essential step of recovery for the transportation
-V. 137, p. 135.
systems of the country.
-Consolidating Various Divisions.
Reading Co.
E. W. Scheer, Vice-President in charge of operation and maintenance,
made the following announcement on June 30 regarding changes in operating divisions and personnel of the Reading Co., effective July 1:
"The Harrisburg division will be abolished and become a part of the
Reading division.
"The Frackville branch, the Mount Carbon and Port Carbon branch,
the main line from Pottsville to Port Clinton. the Wllilams Valley branch,
the Lebanon and Tremont branch from Pine Grove to Brookside, the Tremont branch, the Middle Creek branch,the Mine Hill and Schuylkill Haven
branch, the People's By. and all Colliery branches in this territory will
become a part of the Shamokin division.
"The Philadelphia and Chester Valley branch and the Perklomen branch
will become a part of the New York division.
"The Germantown and Chestnut Hill branch, the Frankford branch,
the Newtown branch from NOWWWII Junction to Frankford Junction and
the Newtown branch from Erie Ave. to Olney and the main line from
West Manayunk to north cad of Woodlane yard will become a part of the
Philadelphia division.
"C. E. Chamberlin is appointed superintendent Reading division with
office at Reading, Pa.
"A. T. Dice Jr., son of the late President of the road, is appointed superintendent New York division with office at Reading Terminal, Philadelphia.
l zere.eaSr.Haldeez
p au
t superintendent Reading division, will have
Haldeman, assistant e.
headquarters
Harrisburg,
"W. D. Kinzie, assistant superintendent Shamokin division, will have
-V. 136. P. 4455.
headquarters at St. Clair. Pa."
Financial Chronicle
Volume 137
Red River & Gulf RR.
-Abandonment of Operation.
-
The I.
-S. C. Commission on June 23 issued a certificate permitting the
road to abandon operation under trackage rights over a line of railroad
extending southeasterly from a connection with the terminus of its line
at Louisiana Jct., to Cocoirle, 6.95 miles, all in Rapides and Evangeline
l'arishes, La.
-V. 129, p. 628.
Atlantic Gas & Electric Corp.
-Collateral Sale July 28.
St. Louis-Kansas City Short Line RR.
-To Build Road.
Collateral pledged to secure the 6% series A bonds will be sold at public
auction July 28 at the steps of the New York County Court House, in
accordance with the final decree of the U.8. District Court for the Southern
District of New York, entered June 21.
The collateral consists of the following blocks of securities: $500.000
Pennsylvania Counties Gas Corp. 1st mtge. 6% 20
-year bonds, due Jan. 1
1949; 1,200 shares Citizens Gas Co. of Kane. Pa.; 2,534M shares Gage
County Electric Co. 800 shares Kane Gas Light & Heating Co., 1,231
shares Keystone United Oil & Gas Co., 285 shares McDade Gas Co.. 1.200
Mount Jewett Gas Co., 10.000 shares Pennsylvania Counties Gas Corp..
17,394 shares Warren County Gas Corp. common stock (no par) and 840
shares Warren County Gas Corp. pref. stock ($100 par).
The bondholders' protective committee announced on Feb. 16 1933 that
it had asked the trustee to move toward sale of collateral. At that time it
was stated that the committee had reneived deposits of more than 95%
of the outstanding issue.
-V. 136, p. 1198, 841.
The company, which on May 27 last was denied a Reconstruction Finance
Corporation loan because it was ineligible under the law, on June 29 filed
an application with the I.
-S. C. Commission for permission to construct
a new line between St. Louis and Kansas City, Mo.
The projected road would run almost straight across the State and would
be 236 miles long. It would be a double track electric line with no grade
crossings.
The present application is designed to place the company in position to
get a loan from the Government with which to build the road.
-V. 136.
p. 3904.
St. Louis-San Francisco Ry.--Time for Deposits Extended-Hearing on Reorganization to Be Held July 18 by
/.-S. C. Commission.
Pending a hearing by the L-S. C. Commission on the reorganization plan
the company has extended the time for deposits under the plan to Aug. 31.
By that time it is expected that corporate and commission action necessary to the carrying out of the proposal will have been taken.
A public hearing will be held July 18 by the L-S. C. Commission on the
reorganization plan.
A notice has been issued classifying the company's creditors for the
purpose of the reorganization. In accordance with Federal Court order,
these have beer put into ten classes as follows:
(I) Kansas City Ft. Scott & Memphis Ry. ref. mtge. 4% gold bonds,
due Oct. 1 1936 (excluding bonds pledged to secure other obligations).
(2) Prior lien mtge., series A, 4% gold bonds and series B, 5% gold
bonds,due July I 1951,(excluding bonds pledged to secure other obligations).
(3) Consol. mtge. 4%% gold -bonds,series A, due March 1 1978 (excludng bonds pledged to secure other obligations).
(4) Consol. mtge. 6% gold bonds, series B, due Jan. 1 1936 (excluding
bonds pledged to secure other obligations).
(51 Promissory notes to Reconstruction Finance Corporation.
(6 Promissory notes to the Railroad Credit Corporation.
(7 Promissory notes payable to banks.
(8 Claims of general creditors.
(9 6% non-cumulative preferred stock.
(10) Common stock.
All claims and evidences ofindebtedness must be filed by Sept.5.-V.136.
p. 4455.
Boston Consolidated Gas Co.
-May Output.
-
Gas Output (Cu. Ft.)1933.
1932.
Decrease.
January
. .
. „
• 0
x February
1,049,060,000
1,200,837,000
March
1,137,186,000
1,243.212,000
8.5%
April
1,008,856.000
1,093.069.000
7.7%
May
1,004,554,000
1,071,704.000
6.3
June
892. 96,000
970.455,000
8.0%
x Actual production figures for February are for full month in both 1932
and 1933 but decrease is figured on comparable number of days (28) since
February 1932 had 29 days.
-V.136. p. 4458.
Brockton Gas Light Co.
-Smaller Distribution.
A dividend of 38 cents per share has been declared on the common stock,
par $25, payable July 15 to holders of record July 1. Previously, the
company made quarterly payments of 50 cents per share on this issue.
-V. 136. p. 2419.
Central Maine Power Co.
-Earns Preferred Dividends.
-
The Central Maine Power Co. system reports for the 12 months ended
May 31,an operating income of $5,671,232, and a net income of81.398,134.
Preferred dividend requirements were $1,297.845, leaving a balance of
$100,289 for the common stock which is owned by the New England Public
Service Co.
President Walter S. Wyman states: "After having our kilowatt hour
output fall off for more than a year it is now increasing by a substantial
amount and in the last days of June we are really beginning to make use
of a substantial part of the facilities which were constructed between 1928
and 1931.
"While the company did not earn all of its pref. dividend in March.
April and May, earnings for June will make a far better showing and from
indications of general !business it would appear that our earnings would
steadily improve through balance of the year. As business improves the
company is prepared, without further expenditure except for distribution
lines, to sell power already developed, which will bring in an additional
income of at least $2,000,000 per year.
"The additional taxes placed on this company by the last session of
Congress amount to around $110,000 per year. The excise tax bill which
is to be voted on Sept. 11 at a special election in Maine will place on us an
additional tax of about $120,000 per year if approved by the people. If
it should be approved the total tax burden on the Central Maine Power Co.
will be nearly 17% of the entire gross income. Such taxes cannot be paid
without having a serious effect on the rates charged for light and power."
-V. 136, p. 3156.
Seaboard Air Line Ry.-Abandonment of Branch.
-
The I.
-S. C. Commission on June 26 issued a certificate permitting the
company and its receivers to abandon that part of the so-called StarkeWannee branch, extending from milepost 730.8 to the westerly end of the
branch at Wannee.5.01 miles, all in Gilchrist County,Fla.
-V.136.P.135.
Spokane International Ry.-July Interest Not Paid.
-
The interest due July 1 1933 on the first mortgage 50-year 5% gold bonds.
due 1955, was not paid.
-V. 122, p. 3336.
'Texas & New Orleans RR.
-Operation.
-
The I.
-S. C. Commission on June 23 issued a certificate authorizing the
company to operate, under trackage rights, over certain tracks of the
Vicksburg Shreveport & Pacific By Yazoo & Mississippi Valley RR..
lessee, in Shreveport, Caddo Parish, La.
-V.136, p. 4082.
Union Pacific RR.-Traffic and Revenues Continue
Improvement.
President Car Gray states: "Our net operating income for June will be
as good as it was in May. Our traffic and revenues during the month
showed a seasonal increase over May, but along with this increase we had
some additional expenses.
"As compared with a year ago our traffic and revenues for June showed
about the same relative improvement as they did in May.
Net operating income inlay was $1,576,584. V. 136, P. 4455.
-
Central Power Co.
-Halves Preferred Dividends.
The directors on July 1 declared a dividend of 8734 cents per share on the
7% cum. pref. stock and 75 cents per share on the 6% cum. pref. stock,
both of $100 par value, payable July 15 to holders of record June 30 1933.
These payments represent a reduction of 50% from the normal rate.
It was stated that the reduced dividend rates were necessary due to declining earnings and to the necessity of increasing the company's allowance
for depreciation.
-V. 136, p. 3340.
PUBLIC UTILITIES.
City Railway of Dayton, Ohio.
-Resumes Dividend.
-
Matters Covered in the "Chronicle" of July 1.-(a) Further increase noted
n electric output, p. 28: (b) The Consolidated Gas Co. of New York and
the manufacture of gas refrigerators, p. 52:
A dividend of 75 cents per share was recently declared on the common
stock, par $100, payable June 30 to holders of record June 20. This is the
first dividend since Dec. 31 last, on which date a quarterly payment of
50 cents per share was paid. A distribution at the latter rate was also made
on Sept. 30 1932, while from Sept. 30 1931 to and incl. June 30 1932.
quarterly payments of 75 cents per share were made.
-V. 133. P. 2103.
Alabama Water Service Co.
-Earnings.
-
For income statement for 12 months ended May 31 see "Earnings Department" on a preceding page.
-V. 136, p. 3905.
American Water Works & Electric Co., Inc.
-Output.
-
Output. of electric energy of the electric properties of this company
for the week ended July 1 1933, totaled 36,295,000 k.w.h., an increase of
39% over the output of 26,174,000 k.w.li. for the corresponding week of
1932.
Comparative table of weekly output of electric energy for the last four
years follows:
Week Ended
1931.
1930.
1932.
1933.
June 10
33,480,000 25,768.000 32,751,000 34.686.000
June 17
34,638,000 26,230.000 32,116,000 34,785,000
June 24
35,408,000 25,942,000 31,107.000 34,893,000
July 1
36.295,000 26.174,000 29,745.000 34.705,000
-V. 137, p. 135.
rizona Power Co.
-ft
oter7gr7377rbee 4-
he New York Curb Exchange haslmoved from unlisted trading
..,,...z:vileges the common stock (par $100) V. 137, P
. 135
'
-Company-Scores -ComAssociated Gas & Electric Co.
( S.gs- It -Offers Dealers' • Commission on-Deposits and
ail,.
Gan.Assees-Deben1ure Holders., Alleging that the committee for the protection of debenture holders is
; offering dealers a commission of $6 for each debenture deposited through
, them, the Associated Gas & Electric Co. has sent a letter to all debenture
holders urging them to be "wary of so-called protective committees and
others who volunteer their services to advise and protect against recommendations of the management."
The company's letter states that while the "committee in public advertisements four weeks ago asked for the deposit of debentures, nothing was
said in the advertisements regarding any assessment on depositing debenture
holders for remuneration of the committee." This assessment, the company's letter further states, "amounts to $25 per debenture or over 125i%
of the present market value of a debenture."
The company also says that the committee, for its remuneration and
expenses "reserves a lien on the d posited debentures which can been forced
by public or private sale of the deposited debentures 15 days after notice."
and that the committee also reserves the right to pledge the debentures to
raise funds for its activities."
313
tinned to be for industrial purposes under contract at the lowest schedules,
which will not readily be translated into increased earnings for fixed
charges."
Sendout of gas during last week also was higher than last year. the
aggregate of 286.116,200 cubic feet being 1.5% in excess of the same period
of 1932.-V. 137, p. 135.
Columbia Gas & Electric Corp.
-Common Dividend.
The directors on July 6 declared a quarterly dividend of 20 cents per share
on the common stock, no par value, payable Aug. 15 in cony. 5% cum.
preference stock, par $50, to holders of record July 20. A similar distribution was made on this issue on May 15 last, as against 25 cents per share on
cony. 5% preference stock paid in each of the four preceding quarters.
V. 137. P• 135
.
Connecicut Light & Power Co.
-Production Increases.
The company attained a production total of 11,585,000 kwh. during the
week ended July 1, a gain of 24.98% over the corresponding week a year
ago. This output was the maximum for any one week since February
1930.-V. 135, p. 3341.
Consolidated Gas, Electric Light & Power Co. of
Baltimore.
-Tenders.
The Bankers Trust Co., trustee, 16 Wall St., N. Y. City, will on or
before Aug. 1 receive bids for the sale to it of 1st ref. mtge. sinking fund
bonds, series 0, 4 K% due March 1 1969, series H, due July 1 1970, and
4% series due July 1 1931, at prices not exceeding 105 and int.-V. 137.
p. 135.
Continental Public Service Co.
-Stock-Dividend.
A semi-annual diNidend of 5% in class A stock has been declared on the
no par class A stock, payable July 14 to holders of record June 30. A
similar distribution was made on Jan. 16 last, as against 1734 cents per
share and 234% in stock paid on July 15 1932.-V. 136, P. 6.W.:•
Dominion Gas & Electric Co.
--Time for Deposits
Extended.
-
The time for deposits of securities under the readjustment plan has been
extended to July 15. More than 90% of the deposits necessary to make the
plan operative have been received, it is stated.
Stock Revamping Planned.
-As a result of representation made on behalf
of Canadian bondholders by bankers who were active in placing the bonds
in Canada, some changes are being made in the recapitalization plan sent
to bondholders. It was represented that the warrants arrangements were
not sufficiently attractive to induce bondholders to release $4,000,000 bonds
of electrical subsidiaries pledged behind the bonds and to agree to subsidiary financing ahead of their bonds. As a result it has been agreed to
• change the offer so that holders of each $1,000 in Dominion Gas & itted,..kadst..Electric
( he New York Curb Exchange has admitted to list 7,000.000 shares of
bonds will have the right to buy 15 shares of the new common stock at
n w class A stock(
$7.50 for three years and for $10 for the two succeeding years.
par) issuable share for share in exchange for old class A
-V. 136.
stock, no par value.
,
P. 3532, 3718.
Production Cbfftinues to Gain.
All but one of the 24 operating groups in the Associated System reported
greater demand for electricity than a year ago during the week ended
June 24, tho aggregate for all properties in that period being 51,826,362
units (kwh.), an increase of 7,443,074 wilts, or 16.8%, it is announced.
These figures exclude sales to other utilities. This is slightly under the
total of 51,891,582 units reported for the previous week.
The announcement adds: "An offsetting feature to this picture of
encouragement developed in further rate reductions in New 1iirk State
which, it is estimated, will result in $600,000 drop in gross revenues on an
annual basis to date from Aug. 1. It was stressed once more in the System's
statement for publication that the greater part of the increased load con-
•■•••..Electric Public Service Co.
-Reorganization Plan.- The plan of reorganization in respect to bonds of the company, adopted
by reorganization committee consisting of W. W. Turner, A. F. Beringer
and R. W. Rea. (and opposed by the committee headed by James Lee
Kauffman), provides as follows:
Securities Covered in Plan.
-Only the holders of the 15
-year 6% secured
gold bonds, series A, 15
-year 6% secured gold bonds, series B, and 1st lien
coll. 534% gold bonds,series C, will participate in the plan. The committee
or the new company may provide for distribution of common stock purchase
warrants in the manner provided to the holders of debentures and other
unsecured obligations of the company after the plan has been consummated.
The plan does not contemplate any distribution to the holders of the out-
314
Financial Chronicle
July 8 1933
The trustee under the trust agreement securing the bonds has given
notice that it will offer for sale July 27 1933 all the collateral securing the
bonds. The committee in furtherance of the plan expects to acquire such
collateral at the sale.
The committee consists of Robert W. Rea, Chairman; Robertson Geewold and Warren A. Tyson. Frank G. Royce. Sec., 1632 Chestnut St.,
Philadelphia. Pa., and Chadbourne, Hunt. Jaeckel & Brown, Counsel,
70 Pine St., New York, N. Y. The depositary is Provident Trust Co. of
Philadelphia. and the sub-depositary is Maryland Trust Co., Baltimore.
V. 137, P. 135.
standing preferred and common stock of the company as, in the judgment
of the reorganization committee, earnings do not justify the distribution
to the holders of such stock of any new securities under the plan.
New Cornpany.-A new corporation will be organized which will acquire
all securities of the various subsidiary companies, which are pledged under
the trust agreement of the company with Guaranty Trust Co. of New York,
as trustee, dated April 1 1926. The reorganization committee or the
new company is empowered to merge or consolidate any or all of the subsidiaries owning properties in Oklahoma or any or all the properties of said
subsidiaries and to cancel or reduce any existing indebtedness of said subsicharies now pledged under the trust indenture and to adjust intercompany
-Change in Capitalization Announced.indebtedness. It is intended that the securities to be acquired for the '.....'" Empire Corp.
carrying out of the plan may be acquired in whole or in part under the diAt the annual meeting held on March 8 last, the authorized capital stock
rection of the reorganization committee through foreclosure decrees or
of the corporation was reduced from 3,000,000 shares, without par value,
collateral sales or receivership sales or other court proceedings or in any
divided into 500,000 shares of preferred stock and 2,500,000 shares of
other manner. In case such securities to be acquired shall be sold at any
common stock to 150.000 shares divided into 50,000 shares of preferred
sale and competitive bidding shall occur, the reoganization committee will
stock, without par value, and 100,000 shares of common stock, par 81.
bid up to such amount as it believes represents the fair value of the seThe 625,850 shares of no par value common stock previously authorized
curities from the standpoint of the bondholders, within the limit of available
and issued were changed into 78,231.25 shares of common stock, par $1,
cash, and in the event anyone other than the reorganization committee is
the holder receiving for each eight shares of no par common held one share
the successful bidder, the committee may permit the bid of sucy other
of new $1 par common stock.
party to become effective in which event it will distribute the cash received
The reduction in the stated capital enabled the corporation to write down
from the proceeds of sale representing distribution on bonds participating
its investment account to an amount more nearly in line with the present
certificates of
in this plan to the holders of such bonds and to the holders of
day worth of the holdings.
-V. 129. P. 1735. 2393, 3325, 3971; V. 130. la•
deposit representing such bonds, pro rata, after first deducting and paying
1112, 3349; V. 132, p. 848; V. 133, p. 285, 1296, 1452.
therefrom the obligations, liabilities and expenses to be paid by the reorganization committee. However, if the reorganization committee is the
-Earnings.Gatineau Power Co.
successful bidder at any such sale, it will make payment of the purchase
For income statement for 3 and 12 months ended March 31 see "Earnings
price of the securities to the extent permitted by surrendering for credit
Department" on a preceding page.-V. 136, p. 3159.
thereon the distributive share payable from the proceeds of sale to the
holders of the bonds participating in the plan and will pay that portion of
Corp.
-Change in
&
the purchase price required to be paid in cash from the moneys arranged ''General GaswillElectric21 on changing the par Capitalization.
The stockholders
vote July
value of the cornfor by the committee.
-V.137, p. 136.
mon stock, class B,from no par to 25 cents per share.
Capital Structure of New Company.
upon participation
The carat structure of the new company, based
-Distribution to Bond/toldGeneral Water Works Corp.
by the ho ders of all bonds of the company, will be substantially as follows:
ers.Authorized.
To Be Issued.
Electric Corp. below -V.127. p.2228.
See General Water Works &
8303,112
$303,112
Coll. trust 6% bonds, series A
4,041,500
Coll. trust 6% income bonds, series B__. 4,041,500
General Water Works & Electric Corp.
-Distribution.
100,415 shs.
125,000 shs.
Common stock
The City Bank Farmers Trust Co., as successor trustee, is notifying
*17,000 she.
*17,000 shs.
Common stock purchase warrants
holders of General Water Works Corp.and General Water Worts& Electric
* Warrants representing not to exceed 17,000 shares,
Corp. who have not deposited their debentures under the agreement of
-The common stock purchase warCommon Stock Purchase Warrants.
readjustment that there is available for distribution on account of principal
rants, if issued, will provide for the purchase of common stock of the new
and accrued interest the following sums upon each $1,000 debenture: On
company, as at the time constituted, on payment of the purchase price of
the 3%-year 6% convertible gold debentures, series A, due Dec. 1 1934,
$10 per share during a period expiring four years subsequent to the date of
$117.20; on the 15-yehr 6% convertible gold debentures,series B,due Oct. 1
issue, which date will be determined by the orerganization committee and
1944, $118.35; on the 314-year 6% convertible gold debentures, series A,
approximately as of the time of the consummation of the plan.
will be
due Dec. 1 1931, $120.65.-V. 137. p. 136.
Disposition of Securities and Participation in the Plan.
-Earnings.
--year 6% secured gold bonds, series A, 15
,
,
Illinois Water Service Co.
-year 6g,
The holders of 15
secured gold bonds. series B. and 1st lien coll. 554% gold bonds, series ,
For income statement for 12 months ended May 31 see "Earnings De-V. 136, p. 4085.
witt be entitled to receive like aggregate principal amounts of coll, trust
oartmeut" on a preceding page.
6% income bonds, series B, of the new company and certificates evidencing
-Receivership.one share of common stock of the new company for each $100 of bonds 44% Indiana RR.
(10 shares for each $1,000 bond),and also the right to subscribe on or before
On the petition of the General Electric Co. the road, operating an exsuch date as the reorganization committee may fix, for the purchase of
tensive interurban and street car system in Indiana, was placed in receivercoil. trust 6% bonds, series A, of the new company of the denominations
ship June 28. Bowman Elder, of Indianapolis, was appointed by Superior •
available at the principal amount thereof, plus accrued interest, and to
Court Judge Russell J. Ryan as receiver. The suit was described as a
receive 20 shares of common stock of the new company for each $100
friendly one. It is alleged the company has $1,766.000 in notes outstanding
principal amount of bonds so purchased, with the right on the part of the
and has been forced to borrow extensively to meet operating expenses.
coll. trust 6% bonds, series A, in its disreorganization committee to allot
-V. 136, p. 157.
cretion, provided no allotment to any subscriber shall be less than the
equivalent of $75 in series A bonds for each $1,000 bond held unless his
-Principal and Int.Interborough Rapid Transit Co.
subscription shall be for a smaller amount.
Payment of $44 per $1,000 principal amount will be made beginning
A distribution of common stock purchase warrants to the holders of deJuly 3 1933 on the 10
-year secured convertible 7% gold notes. due 1932.
company now outstanding and the holders of any other
bentures of the
and certificates of deposit therefor upon presentation to the Bankers Trust
unsecured debt of the company now outstanding, if permitted by the
Co.. 16 Wall St., New York.
reorganization committee, will not occur until after the plan has been conThe Committee on Securities of the New York Stock Exchange rules
to the new company and
summated, and will be exercised by presentation
that the notes and certificates of deposit therefor be quoted ex $44 per
surrender of the debentures and other evidence of indebtedness in exchange
$1,000 principal amount on July 3 1933: that they shall continue to be dealt
common stock purchase warrants during a period not exceeding three
for
in "flat" and to be a delivery after July 3 1933 the notes and the Sept. 1
months from the date upon which the plan shall have been consummated,
1932 coupons must be stamped as to the payment of $41.40 and $44 per
which date shall be determined and fixed by the reorganization committee.
$1.000 principal amount. Such coupons must be securely attached and
and such distribution determined upon, each
If the plan is consummated
-V. 137. p. 136.
bear the same serial number as the notes.
such holder will be entitled to receive common stock purchase warrants of
the new company giving the right to purchase under the conditions hereGas Co.-Nen-kyrprored .
each
entucky Natural
inabove set forth one share of common stock of the new company for
The reorganization plan (14-136,-P- 29731 has been appro9 by Chan$200 of debentures and (or) unsecured debt of the company surrendered.
ce r Josiah 0. Wolcott at Wilmington.,Del.
The reorganization committee has arranged for the sale for cash at the
The Chancellor also directed that any corporation which acquires subprincipal amount thereof, plus accrued interest, of coll. trust 6% bonds,
stantially all the assets of the company through consummation of the
series A, of the new company, in a substantial amount, which cash will
reorganization plan shall issue its securities to W G. Maguire & Co..
be made available to carry out the plan prior to the delivery of such bonds,
substantially as provided in a contract between the Maguire company
and said contract of sale has been secured by a deposit of $25,000 in cash.
and the bondholders' protective committee of the gas company.
-V. 136.
As heretofore stated $303,112 principal amount of such bonds will be
P. 2973.
available for sale to such purchaser and (or) to holders of bonds of the
company who may subscribe therefor as herein permitted. In connection
Co. of Philadelphia.-ø,ff4 ....subscribers therefor,
Keystone Telephone
with the sale of such bonds to such purchaser or the
(nod from the list the 1st 5%
le enladelphia Stock Exchange has re 20 shares of common stock of the new company for each $100 in principal
3 year gold mtge. bonds due July 1 1935. V. 136. p. 3702.
amount of bonds purchased will be issued.
Consolidated Income Account Year Ended Dec.31 1932.
Louisville Gas & Electric Co. Del.).-Sub. Co. Disaolved
$2,139,861
Operating revenues
Dissolution of the Kentucky Coke Co. was ordered June 16 at meetings
1,475,233
Operating expenses, maintenance and local taxes
of the board of directors of that company and the Louisville Gas & Electric
Co. The coke company's properties were transferred to the Gas & Electric
$664,627
Net income from operations
company as a first step in the promised simplification of the corporate
Less non-operating loss
-V. 136, p. 4460.
structure of the Gas & Electric company.
128:772
8 42
Reserve for depreciation and depletion
I
T
Balance
Deductions. &c of subsidiaries
Expenses of Electric Public Service Co.less misce laneous income
$527,432
319.296
4,606
l
$203,531
Balance before Federal income taxes
Statement of Securities Outstanding with the Public as of Dec. 31 1932.
Of Subsidiaries
$3,600,000
Central Ohio Light & Power Co 1st mtge. 5s
9,921 shs.
$6 preferred stock (no par)
803,000
Colorado Central Power Co. 1st mtge. 53s
Of Electric Public Service Company
$584.000
15-year 67 secured gold bonds, series A
2,391.000
15-year 6 secured gold bonds, seriesB
1,066.500 •
-year 1st lien coll, gold bonds 53is, series 0
15
819,500
-year 67 sinking fund gold deb. bonds, due 1938
10
1,381.500
-year 6% sinking fund gold deb. bonds due 1937
10
650,000
6% notes
1,547,400
7% preferred stock ($100 par)
25,000 ste.
Common stock (no par)
Collateral Pledged with the Guaranty Trust Co., Trutsee to Secure
Statement of
Series A, B and C Bonds.
2,000 shs.
Central Ohio Light & Power Co., $6 pref. stock (no par)
22,300 Si28.
Common stock (no par)
$214.169
Colorado Central Power Co 7% notes
10.000 shs.
Common stock (no par)
44,726
Caney Electric Co. 77 notes
248 shs.
Common stock (8111C) par)
770,503
Oklahoma Utilities Co.7% notes
.
9
Common stock (no par)
74,474
Southwest Production Co. 7% notes
10.000 shs.
Common stock (no par)
998,181
Southwest Pipe Line Co.7% notes
297 sha.
Common stock (no par)
827.901
Empire Southern Service Co.6% notes
20,000 shs.
Common stock (no par)
-V.137. P. 136.
Electric Public
Operative.-
-Reorganization Plan
Utilities Co.
The plan of reorganization dated April 5 1933 (V. 138. p. 2422), relating
to 15-year 6% secured gold bonds, series of June 11927, due June 1 1942.
has been declared operative. The time within which holders of bonds may
deposit under the plan has been extended to July 25. after which date no
further deposits will be accepted.
-Loans Approved.
Lowell Electric Light Corp.
The Massachusetts Department of Public Utilities has approved the
petition of this corporation to loan $150,000 to the Malden Electric Co.
and $50,000 to the Beverley Gas & Electric Co.on promissory notes payable
within six months and bearing interest at the rate of 3%.-V.136, p.3160,
Middle West Utilities Co.-Eztension.-
Federal Judge Waiter C. Lindley has approved extension of the time
limit for filing claims against the company from June 30 to Sept. 30. The
Court also approved an agreement between Halsey, Stuart & Co. and the
receivers and approved a $55,000 settlement made by receivers with Lloyds
of Loudon under a $200,000 insurance policy covering dishonest acts of
employees.
-V. 137, p. 136, 132.
Midland Counties Electric Supply Co., Ltd.(England)
/Who New 'Stork Curb Exchange has removed from unlisted trading
privileges the Guaranty Trust Co. of New York American depositary
receipts for ordirary registered shares, par value El.
-Acquisition.
Montreal Lt., Ht. & Pow. Consolidated.
Sale of the electric distribution system of the town of Pointe Claire to
the above company has been formally completed by a cash payment of
- 0 136,to 37 1municipality. The transfer was effective as of July 1.
$10. 0 p. the .
v .0 0
2
Montreal Tramways Corp.-Dividend Rate Decreased.
A quarterly dividend of $2 per share has been declared on the common
stock, par $100, payable July 15 to holders of record July 7. In each of the
two preceding quarters a distribution of$2.25 per share was made,compared
with $2.5 per sha7quarterly from August 1922 to and incl. October 1932.
p. 2 0 .
6
-V.
0136.
-Earnings.
New England Gas & Electric Association.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136. P. 4460.
-Defers Dividend.
New Orleans Public Service Inc.
The directors have voted to defer the quarterly dividend due July 1 on
the $7 cum. pref. stock, no par value: A payment of 871i cents per share
was made on April 1, as against regular quarterly distributions of $1.75
per share previously.
-V. 136, p. 3344.
-Earnings.
New York Central Electric Corp.
see "Earnings
For income statement for 12 months ended March 31
Department" on a preceding Page. V. 136, v. 3721.
-
Volume 137
inancial Chronicle
New York Telephone Co.
-Fewer Telephones Disconneeted.Disconnection of stations by the New York Telephone Co. operating
throughout New York State and a small part of Connecticut, during June
amounted to 65,342 telephones, or 24,029 less than for the 1932 month.
At the same time, a net loss of 14,736 stations during the month is reported. compared with a net loss of 14.122 stations in the preceding month.
Net loss of stations for June 1932, was 35,964.
So slight an increase in the net number of stations lost in Juno 1933.
compared with May. Is nevertheless somewhat against the seasonable
trend. Ordinarily, from tho viewpoint of telephone development. June
Is the poorest month of the year. Exodus of thousands of families to the
country for the summer season is always reflected in a substantial loss of
stations.
During June, this year. there were 50,606 telephones installed by the
company, which is 2,801 less than the number installed in June 1932.
Month ofJan.
Feb.
June.
May. April. March.
Net losses of telephones in service
14,736 14,122 15,575 19.163 18,850 18,328
On Jan. 1 1933. the company had 2,407.604 telephones in service, a net
decline of 191,074 stations for the year, or 7.4%. The New York Telephone Co. operates about 20% of the stations comprising the Bell System
as a whole.
It is not anticipated that the net loss of stations being shown can be
translated into a gain during the summer months. Such a development,
however,is a possibility this fall. ("Wall Street Journal.")
-V.136.P• 2798.
New York Water Service Corp.
-Earnings.
North American Co.
-Electric Output Higher.
President Frank L. Dame on July 6 made the following quarterly output
report:
"There has been steady improvement in the electric output of North
American subsidiaries, particularly during May and June. when ordinarily
a seasonal decline was to be expected. Output for the second quarter of
1933 totaled approximately 1,073,000,000 kwh., an increase of 1% over the
,
second quarter of 1932. In reversal of the usual seasonal trend, the figure
for the quarter Just ended was also 1% in excess of that for the first three
months of this year, marking the first time in three years that the output
has been larger in the second quarter than in the first.
"Total output for the six months and the 12 months ended June 30 1933
was 2,134,000,000 and 4,264,000.000 kwh., repsectively, being lower in
both cases than for the corresponding per ods ended June 30 1932. The
upturn began in May of this year, with an increase of 2% over May 1932.
In Juno there was an increase of 5U % compared with June 1932. the final
week in June showing an improvement of 9% over the corresponding week
of 1932.
"The principal gain during the last two months has been in electricity
for industrial use, and the output of subsidiaries of the North American
Co. reflects the increased manufacturing activity in the Cleveland. Milwaukee and St. Louis areas."
-V. 136. p. 4266.
Northeastern Electric Supply Co., Ltd.-Bomoved-fronl_.
•
The Now York Curb Exchange has removed from unlisted trading
privileges the Guaranty Trust Co. of New York Ayrican depositary
receipts for ordinary registered shares, par value CI.
Ohio Water Service Co.
-Earnings.For Income statement for 12 months ended May 31 see "Earnings Department" on a preceding page.
-V. 136, p. 4086.
Rapid Transit in N. Y. City.
-New Bronx Subway Starts
Operation.
The Bronx Concourse line of the new city subway system was opened
at 12.50 a. m. July 1. The new line, which connects with the Eighth Ave.
subway at St. Nicholas Ave. and 145th St., passes into the Bronx by way
of a flarlem River tube and then runs to 205th St. and Bedford Park,
most of its route lying directly under the Grand Concourse. It provides
through express and local service between the Bronx terminal and Bergen
-V. 136, p. 2975.
St., Brooklyn.
The interest due July 1 1933, on the 25-year sinking fund 6% external
gold debentures. due 1953. was not paid.
-V. 135. p. 3356.
Rochester & Lake Ontario Water Service Corp.Earnings.
For income statement for 12 months ended May 31 see "Earnings De-V. 136, p. 3909.
partment" on a preceding page.
-July Int. Not Paid.
St. Louis Public Service Co.
The interest due July 1 1933, on the United Rys. Co. of St. Louis 1st
general mtge. gold 47 bonds, due 1934, was not paid.
The Committee on Securities of the New York Stock Exchange rules that
beginning July 1 1933. and until further notice the bonds shall be dealt in
"flat" and to be a delivery must carry the July 1 1933, and subsequent
coupons.
An order has been entered by Federal Judge Davis at St. Louis instructing
Henry W. Kiel, receiver, to defer for the present payment of semi-annual
interest due July 1 on United Railways Co. 4s and City & Suburban Public
Service Co. 5s. The order authorizes the receiver to pay semi-annual
interest due July 1 on the 53. % notes of the Florissant Construction Real
Estate Investment Co., amounting to $14,877. The receiver is directed
to apply to the court for instructions relative to payment of the deferred
interest as soon as he has sufficient funds on hand to meet these obligations.
-V. 136. p. 4461.
Scranton-Spring Brook Water Service Co.
-Tenders.
0T e N. n Z k rus eive.i3ks for it (00ale t.; r t 1.mige
allm
r 2Tr ect Co ' tee !. 3 s l ro dt oyc.1
t us
w
.3 a
y
Y City, wrll until
id ief
on
10
gold bonds, series A, to an amount sufficient to absorb $220,000 at prices
not exceeding 104 and interest.
-V. 137. p. 137.
South Bay Consol. Water Co., Inc.
-Earnings.
For income statement for 12 months ended May 31 see "Earnings Department" on a preceding page.
-V. 136. p. 3909.
" """"Springfield Gas Light Co.
..
-Reduces Dividend Payment.
-
The board of directors comprises William C. Langley of \V. C. Langley
& Co., Inc.: Clifton Miller of White Weld & Co.; Thomas II. Blodgett,
President of American Chicle Co.; H. Hobart Porter, President of American
Water Works & Electric Co., Inc., and James A. Hill, member of advisory
board of New York Trust Co.
The voting trustees are Messrs. Miller, Blodgett and Hill.
Mr. 11111 is President and H. A. Busch is Secretary-Treasurer. Office,
100 Broadway, N. Y. City.
-V. 137, p. 137.
Philadelphia City Passenger Ry.-Halves Dividend.
-
A dividend of 875i cents per share has been declared on the com, stock,
par $50, payable July 10 to holders of record Juno 28. Previously, the
company made quarterly payments of $3.75 per share on this Issue.
V.
p 785
"Public Utility Holding Corp. of America.
-Proposed
Changes in Capitalization-New Name, tfetft--•
A special meeting of stockholders will be held on July 19 for the purpose
of considering and voting upon proposals, declared by resolution of the board
of directors to be advisable, to amend the certificate of incorporation
so as to (a) reduce the authorized number of shares of the pref, stock and
of the "cumulative preferred stock. $3 dividend series" by changing each
two shares thereof, Issued and unissued, without par value, into one share
without par value, and in connection therewith change the designation
of the "cumulative preferred stock, $3 dividend series" to "cumulative
preferred stock, $6 dividend series," change the annual dividend rate for
such series from $3 to $6 a share, change the redemption price thereof from
$57.50 to $115 a share, and change the distributive amount per share for
such series on liquidation from $57.50 to $115 a share; (b) further reduce
the authorized number of shares of pref. stock and of the "cumulative
preferred stock, $6 dividend series" of the corporation without par
to 130.000; (c) change each five shares of the authorized common value
stock,
issued and unissued, of the par value of $1 a share,into one share of common
stock of the par value of $5 a share, and in connection therewith change
the voting powers of the common stock so as to give the holder of
full share of common stock five votes for each such share held by each
him;
(d) increase the authorized number of shares of common stock (as so
reduced) to 3,500,000 shares of the par value of $5 a share: (e) reduce
the authorized number of shares of class A stock to 1,000.000 shares of
the par value of $5 a share by changing each five shares of the
authorized
class A stock. Issued and unissued, of the par value of $1 a share, into one
share of class A stock of the par value of $5 a share and in connection
therewith change the voting powers of the class A stock so as to maintain
the
present relative voting powers of the class A and common
stockholders:
(f) change the name of the corporation to General Investment
Corp. or
to such other name as may be agreed upon at the meeting, and (g)
make
such other changes in the certificate of incorporation as may be
appropriate
or necessary in order to carry out the intent and purpose of the foregoing.
President G. E. Devendorf, July 3. states:
"The directors unanimously recommend these changes which
would
effect substantial savings to the corporation in franchise taxis
payable
to the State of Delaware under existing laws. The stockholders furthermore benefit by savings in transfer taxes, particularly under the
law of
New York where the stock is principally traded in.
•
"The practical effect of the proposed changes on the stockholders
would
be to reduce the number of shams held by each, without changing
his
relative voting and dividend rights, and participation rights in any distribution of assets of the corporation..s‘a
411
,
Wilt+
"The amendments, if approved, will automatically apply to 7 • 41.11.4
standing stock, and it will not be necessary for stockholders tothe outpresent
the certificates which they now hold to be exchanged for new certificates,
or for stamping, until such times as they may desire to effect a
transfer
of their stock.
"In the event that stockholders who will become entitled to a
fraction
of a share of stock of any class desire to reduce or complete their holdings
to full slums, the corporation will make arrangements whereby
holders may purchase or sell fractional interests for such purpose at stockbased upon approximate market quotations current at the time. prices
"The board also deems it desirable to change the name of the
corporation
to one with a broader designation which will more appropriately
indicate
the corporation's present position in the investment field, and
recommends that tile name of the corporation be changed accordingly
to General
Investment Corp.,or such other name as may be agreed upon at the
meeting.
"The annual report of the corporation is now in course of
preparation.
In the interests of economy, it is proposed to send copies of this
report
when completed only to stockholders desiring the same, upon
the corporation of a request therefor. In order further to receipt by
reduce the
Tendersfor Sale of 7% Gold Notes.
President G. E. Devendorf, in accordance with the company's announced
policy to retire its 7% gold notes.due April 15 1935, as rapidly as possible,
is inviting tenders of a sufficient amount of these notes to exhaust the sum
of approximately $100,000. Tenders should be submitted to the corporation care of the Chemical Bank & Trust Co., 165 Broadway, N. Y. City,
not later than noon on July 15 1933. Each $800 principal amount of these
notes is secured by deposit with the trustee of $1.000 principal amount of
South American Rys. Co.6% cony, gold notes. due April 15 1933.-V. 136.
p. 3908.
Rhine-Ruhr Water Service Union.
-July Int. Not Paid.
For income statement for 12 months ended May 31 see "Earnings Departmont" on a preceding page.
-V. 136, p. 3908.
Penn Southern Power Co.
-Directors, cfcc..-
315
corporation's general expenses, it is proposed to eliminate the Chicago and
New York transfer agencies and to have the corporation maintain its own
agency for the transfer of its stock. Effective on and after July 22 1933
the corporation's stock will be transferable only at the office of the corporation, 11 Commerce St., Newark, N. J., or at the National Shawmut
Bank of Boston, Boston, Mass.
A quarterly dividend of 50 cents per share has been declared on the
common stock, par $25, payable July 15 to holders of record July 1. This
compares with 62 cents per share paid on April 15 and 63 cents per share
.-V. 136, p. 2610.
on Jan. 16 last
Staten Island Edison Corp.
-0 mmission Wins
-Refusal
to Permit Company to Float Issue Is Upheld by Appellate Division.The New York Public Service Commission's refusal to permit the corporation to issue $8,500.000 first mortgage gold bonds to meet obligations
previously incurred has been upheld by the Appellate Division of the New
York Supreme Court, Third Department. The ruling was not unanimous,
and an appeal to the Court of Appeals is possible.
According to W. T. Wilkinson, examiner for the Commission, the P. S.
Commission is now armed with increased power of supervision over financial
structures of public utilities.
The bonds which the corporation wished to float were to be sold at not
less than 85% of par and accrued interest and the amount received, estimated at $7.225,000, was to be used for the payment at maturity of $7,500.000
face amount of ono
-year 3% notes.
Previously the company had issued notes of$7,500,000 face value. These
being for less than a year, no permission from the Commission was necessary.
The Commission in denying the company's application pointed out that
the action "was taken to avoid the necessity of such approval and the
period of issue was the maximum permitted by law without approval."
A Commission examiner, declaring that the notes were used to buy
Associated Electric Co. bonds, said that "the purchase by the Staten Island
company of the securities of its affiliated holding companies is questionable
in general as to the price paid in particular."
"The transaction appears inimical to the public concept of the holding
company, the financing of the subsidiary operating company, and appears
unwarranted in view of the holdings by the Associated Electric Co. and
Mohawk Valley Co. and affiliated holding and finance corporations, as
evidenced," he added.
The Commission gave two hearings on the applications.
New President.
Floyd D. Campbell has been elected President and a director to succeed
S. J. Magee. Mr. Campbell had been Vice-President and General Manager
since August 1929.-V. 136 p. 4087.
Toledo Edison Co.
-June Output Higher.
Month ofProduction of electricity (kwh.)
-1r. 136, p. 4461.
June 1933.
36.100.000
May 1933. June 1932.
34.660.000 30.400,000
Union Traction Co.
-Pays 37-Cent Dividend.
The company on July 1 paid a dividend of 37 cents per share in place of
the 75 cent dividend already declared for July 1. it was announced. This
will amount to $225.000. as against a semi annual payment of $900,000
under the original lease and $450.000 to which that lease was reduced by
agreement between the Union Traction Co. and the Philadelphia Rapid
'1 ransit Co.
The Union 'Iraction Co. also paid half on the rentals of the P. R. T.
system due underliers below Union on July 1. This will be the first partial
payment. to these underliers.
The balance of the underlier rentals and the remainder of the Union
dividend will, it is expected, be made up later.
It is expected the P. R. 'I'. will be able to pay sufficient money in August
to meet the other half of the underlier rentals and to make up the balance
of the Union dividend in September to bring that to 75 cents a share for
this payment.
It had previously been estimated that the P. R. T. would be able to pay
by July I approximately $400,000 to $450.000 or an amount sufficient to
meet about 50% on bothu nderlier rentals and on the Union dividend. It is
understood the settlement has been arranged by an informal agreement
between the Union and the P. R. T. in order to make up this difference in
amount which is small.
The P. R. T. has already declared it will attempt to meet the remainder
of the rental payments due its underliers in August and September. The
Union Traction Co. on June 30 stated that on receipt of additional money
from the P. R. T. Co. the unpaid balance on the underlier rentals would
first be met, probably in August, and that the remainder of the Union
Traction dividend would be paid only after the underliers bad been paid in
full. These underlier payments are paid by the P. R. T.through the Union
and the latter itself guarantees their payment to the underliers. (Philadelphia "Financial Journal.")
-V. 136. p. 3909.
316
Financial Chronicle
Western New York Water Co.
-Earnings.
-
-Earnings.
American Investors, Inc.
For income statement for 12 months erded May 31 see "Earnings Department" on a preceding page.
-V. 136, P. 3909.
Westphalia United Electric Power Corp.-Interest
Unpaid.
A notice to the holders of 1st mtge.6% sinking fund gold bonds, series A,
due Jan. 1 1953, on June 30 1933 stated:
In accordance with a decree dated June 9 1933. restricting the transfer of
funds from Germany to pay interest and sinking funds on outstanding
foreign indebtedness, this company has been prohibited by law from transmitting to the fiscal agents for the above issue the funds necessary to pay
the interest due thereon on July 1 1933. The above decree requires German
corporations to deposit with the Conversion Bank for Foreign Debts, for
the account of the respective creditors, the Reichsmark equivalent of
Interest and sinking fund payments maturing on such foreign indebtedness.
The company has deposited with such Conversion Bank the Reichsmark
equivalent, at rates of exchange current on the date prior to the date of
payment, of the interest due on the above-mentioned bonds on July 1 1933.
While the decree of June 9 1933 further provides that such deposit on the
part of the company discharges it from its obligations with respect to the
Interest payment due on July 1 1933, on the above-mentioned issue, the
corporation will continue its efforts to obtain permission to make the dollar
payments called for by such bonds and is hopeful that the decree will shortly
be mounted.so as to permit resumption ofsuch payments,at least in part.
V 136, p. 3346.
West Virginia Water Service Co.
-Earnings.
For income statement for 12 months ended May 31 see "Earnings Deartment" on a preceding page.
-V. 136, p. 4089.
INDUSTRIAL AND MISCELLANEOUS.
Price of Lead Advanced.-AmerIcan Smelting & Refining Co. has advanced the price of lead IQ points to 4.40 cents a pound, New York. "Wall
Street Journal" July 7, p. 2
Matters Covered in the "Chronicle" of July 1.-(a) May sales of electric
refrigerators broke all records, p.28;(b) Active call for zinc at higher prices
Lead and tin sales good-Copper firm. p.37; (c) Text of home owners' loan
act
-Creates home owners' loan corporation-Provision for organization of
federal savings and loan associations, p. 20: (d) Edward G. Budd Manufacturing Co. of Philadelphia recalls more than 3,000 men, p. 34: (e) Steel
production up another three points to 53% of capacity-Prices of finished
steel scrap increase, p. 37.
Adams Express Co.
-Net Asset Value.
The company on July 1 announced that the net asset value of its common
stock at the close of business June 30 1933. after deducting outstanding
bonds at their principal amount and outstanding preferred stock at its
par value. was $9.33 a share.
-V. 136, p.4461.
-Earnings.
-Alaska Juneau Gold Mining Co.
For income statement for month and 6 months ended June 30 see "Earnings Department" on a preceding page.
y.-. resident r re...enea v ..bradley died in California on July 6.
-V.136, p. 4089.
-Settles Dispute Over
Allied Chemical & Dye Corp.
-New York Stock Exchange and Company Reach
Report Data.
-See under "Current
Accord to Avert Delisting of Its Issues.
Events and Discussions" on a preceding page.
Orlando F. Weber, President, issue the following statemnt to stockholders:
W e recently advise-1 you that discussions with the New York Stock Exchange regarding publication of additional details of the company's financial status and operations would be continued and that a separate report
in that regard would be made to you at an early date.
The self appointed committee which has been endeavoring to elect
Its representatives to your board hes stated that its object is to prevent
your stock from being stricken from the trading list of the New York Stock
Exchange. By the agreement reached tc-day, such a contingency has been
eliminated. The proposed stockholders' meeting is therefore superfluous.
Accordingly, we request, in case you have signed a call for the meeting,
that you now promptly date and sign the inclosed form of revocation and
return it to us in the inclosed envelope.
In a supplementary statement the Corporation said, in
part:
The corporation in recent statements has shown that the so-called stockholders' committee represented the Belgian Solvay & Cie. and that its
endeavors were an attempt of foreign domination of Allied Chemical &
Dye Corp. and a vital American industry, the chemical industry. The
Allied Chemical & Dye Corp. has maintained that the so-called stockholders' committee actually attempted to wrest control of the company from
American hands and the reasons it gave for its attacks on the company
were not the real ones.
It will ir„,w be interesting to note that the matter between Allied Chemical & Dye Corp. and the New York Stock Exchange has been settled.
whether or not the to-called stockholders' committee representing the
Belgian Solvay & Cie. withdraws from the situation.
The stockholders' committee, of which C. W. Nichols is
Chairman, issued this statement:
The st-ci.hclaers' committee is informed that Mr. Weber has finally
agreed with the New York Stock Exchange on the issue of adequate corporate reports. The committee nas thus promptly achieved its initial
objective.
During tne course of recent days Mr. Weber has seen those woo formerly
supported the management of the corporation swing over to the support of
the committee on the issues which the committee has raised. In fact, by
the time Mr. Weber had agreed with the Stock'Exchange, the committee
was on the point of issuing tile call for the special meeting of stockholders,
having already in hand proxies from stockholders owning substantially
over 900,000 shares, or well in excess of the one-third required to call the
special meeting. Additional proxies are coming in at a rapid rate.
The further course of action of the committee will be determined at an
early date and the stockholders will then be advised.
Shipments Gain.-
The corporation on June 5 announced that tonnage shipped last month
was the largest in volume since October 1930, or for 33 months. Tonnage
shipped in May was the largest in volume since December 1931. an 18month
137, p. 138.
-New High Average Established.
Allied Distributors, Inc.
The in estment trust a.erage corm:tied by this corporation advanced
,
to another new high record during the week ended June 30. The average
for the common stocks of the five leading management trusts, influenced by
the leverage factor, stood at 20.94 as of Jut e 30, compared with the average
of 20.77 on June 23. The low for the current year to date was 8.22 on
March 31.
The average of the non-leverage stocks stood at 15.47 as of the close
June 30. compared with 14.88 at the close on June 23. The average of the
mutual funds closed at 11.21 compared with 10.95 on June 23.-V. 137
p. 139.
-Earnings.Aluminum Industries, Inc.
For income statement for 5 months ended May 31 see "Earnings Department" on a preceding page.
The company has completed consolidation of its plants at Cincinnati.
It has moved its St. Cloud, Minn.,steel and bronze parts plant to Cincinnati
-V. 136.
and is now realizing sizable economies by this move, it is said.
P. 3348.
-To Increase Stk.
American Commercial Alcohol Corp.
The stockholders will shortly vote on increasing the authorized common
-V. 136, P. 4270.
stock, par $20, from 375,000 shares to 500,000 shares.
American Encaustic Tiling Co., Ltd.--Propeeee
-
company's
rs
vote July
----czhe stockholders will V. 136, p.12 on approving the sale of the
California properties.
4462.
July 8 1933
For income statement for six months ended June 30 1933 see "Earnings
Department" on a preceding page.
Balance Sheet June 30 1933.
,
AssetsLiabilities
Cash
5111,275 Operating reserves
$13,183
Investments
4,047,699 Preferred stock
1,356,900
Deferred charges
3,037 Common stock
947,441
Earned surplus
755,200
Capital surplus
1,089,287
Total
-V. 136, p. 4462.
$4,162,011
Total
$4,162,011
American Locomotive Co.
-Receives Equipment Order.
See Delaware Lackawanna & Western RR. under 'Railroads" above.
V. 136, p. 3910.
American Rolling Mill Co.
-Operations.
The company now is operating at between 70% and 75% of capacity.
President Charles R. Hook stated on his departure for Europe on July 1.
There is nothing disturbing on the horizon, Mr. Hook said, adding: 'If
we keep our feet on the ground and go ahead on a sound and sensible
basis there is no reason to look for anything but a good volume of business.
"I can only repeat what I said on Jan. 1. My opinion as expressed at
that time was that a tremendous back-log of 'wants' necessary to maintain
a normal American standard of living has been built up as a result of the
underproduction of these items during the past three years, and that
when confidence returned the cycle of exchange of goods and services
among our own people would begin again, resulting in a good volume of
business for some months, providing, of course, that there was some reasonable control over imports.
"While there has undoubtedly been some speculative buying, I believe
the preponderant amount of buying of steel products represents a real
consumer demand."
-V. 136. P. 3165
.
American Writing Paper Co., Inc.
-Sales Higher.
Sales of all types of paper by this company in the first 21 days of June
were more than 100% greater than in the same period of 1932, and were
80% of the total in the corresponding period of June 1929. It is operating
at a profit for the first time in several years. it was stated.
Sales of all grades of paper in the first 21 days of June totaled 6.418.893
pounds, against 3.174.689 in the like period of June last year and 7,699,545
in the first 21 days of June 1929. The greatest increase was in industrial
papers, with 2,203,597 Pounds, against 1,232,054 in the corresponding
period of June last year and 2,078,729 in the same period of June 1929.
Special paper sales were 1.138.765 pounds. against 469.050 and 1,054,050
Pounds, respectively. Writing paper sales were 1,076,710 pounds against
598,987 and 1,439,509 pounds, respectively, and book and cover paper
1,603,637 pounds against 615,993 and 2,085,376 pounds, respectively.
Papeterie sales showed the smallest gain, totaling 396,184 pounds in 21
days of June against 258.605 in the like period of June last year and 1,401.881 in the corresponding days of June 1929.
The company has no bank loans, and holds cash more than sufficient
to pay off total current liabilities. ("Boston News Bureau").
-V. 136,
P. 4271.
American Ship & Commerce Corp.
-Assets Pledged.W. T. Smith, President, says in part:
Assets of the company on May 31 1933, consisted of its investments
In the Hamburg-American Line and the William Cramp & Sons Ship &
Engine Building Co., all of which (except Cramp notes) are pledged to
secure the notes payable of American Ship & Commerce Corp. Such notes
.
are demand notes now aggregating $4,595.133
Of such investments, the only item having a quoted market value is the
35,098 shares of the capital stock of Hamburg-American Line. This stock,
originally of 300 marks par value, has been reduced in par to 100 marks.
This stock recently has been quoted on the Berlin Stock Exchange at
about 16 marks. The Hamburg-American Line 7% notes are serial notes
maturing on May 1 of each year until 1937, the face value ofsuch notes now
held amounting to $1.288,333. The payments on account of principal and
Interest have been made when due. They were purchase money notes issued
In 1926 in part payment for steamships and those remaining outstanding are
secured by mortgages on the steamships "Resolute" and "Reliance."
The investment in Cramps consists of general mortgage bonds, r omisp
sory notes and shares of stock of the William Cramp & Sons Ship & Engine
Building Co. and shares of stock of Cramp-Morris Industrials, Inc. On our
balance sheet the general mortgage bonds are carried at cost and the promissory notes and shares of stock at the written-down nominal figure of $1.
The only asset of Cramp-Morris Industrials, Inc., Is a claim against William
Cramp Re Sons Ship & Engine Building Co. evidenced by an unsecured
promissory note.
The value of the holdings in Cramps depends almost entirely upon the
factor of value of the shipbuilding yards. These yards have not been
erated since 1927 and efforts to dispose of them have been unscefl._
nder these circumstances it is impossible to give any estimate of their
value.
The figures at which holdings in Cramps are carried on books of our
company are substantially less than the book value of these holdings as
shown in the balance sheet of William Cramp & Sons Co., and toe certified
public accountants who have audited the books and accounts state the fixed
assets of Cramps shown in the balance sheet are subject to probable further
loss on liquidation.
Recently I have been approached with suggestions looking to resumption
of shipbuilding operations by Cramps or by others after acquisition of your
company's interest in Cramps. Such suggestions have been quite Indefinite
and as yet no definite proposal has been received.
Earnings.
-For income statement for five months ended May 31 see
"Earnings Department" on a preceding page.
31.33. j3ec.31,32.
Comparative Balance Sheet.
ce ie
Ill
ma0
May31'33. Dee.31•32.
Assets$108,274 x Capital a000unt..$1,964,785 $2,058,793
Cash
$99,323 .
Sec. notes payable 4,595,134 4,853,800
Inv. in Ham.
-Am.
Line, at cost_ _ _ 4.612,173 5,073,839 Accounts payable_
20,707
2E067
Accrued interest-Notes receiv., after
97,329
223,565
I
1
reserves
Accrued int., after
20,417
reserves
7,515
Inv. in affil. corps.
at adi. val
1,958,602 1,958,603
198
Misc. inv, at cost198
Purn.tt fixts. after
193
123
reserve
Uip
Total
Total
$6,677,935 $7,161,525
$8,677,935 $7,181,525
-V.136. p. 3724.
x Represented by 591,27 (no par) shares.
-Initial Dividend.
America's Leaders, Inc.
An extra dividend of ti of 1 cent has been declared on the common stock,
in addition to the regular quarterly dividend bf 2 cents per share, both
payable July 15 to holders of record July 5.
-Resumes
Anglo-American Corp. of South Africa, Ltd.
Dividend on 6% Cumulative Preferred Stock.
-year ending June 30 1931, being
A dividend (No. 4) of 3% for the half
at the rate of6% per annum, has been declared en the 6% cum. pref. stock.
payable to holders of record June 30 1933. Dividend No. 3 of 3% was paid
on this issue in Jan. 1 1931; none since.
Dividends have also been declared payable to shareholders of record
June V,by the following companies.
Coupon
-Rate of Dividend-.
Dividend
No.
Per Cent. Per Share, x
Name of CompanyNo.
42
22
4s. 6d.
Brakpan Mines Ltd_ ___
42
1
7
ls. i
Daggafontein M n,
1
6d.
es Ltd
28
22
Springs Mines,Ltd
45. 6d.
28
5
West Springs, Ltd
-16
ls.
735
New Era Consol., Ltd_ _
-4- 4d.
1
26
x In Union of South Africa currency.
The dividends are declared in the currency of the Union of South Africa,
but in the event of there being any material difference between South
African and British currencies on the date fixed for payment of the divi-
Volume 137
Financial Chronicle
dends from the head office, Johannesburg, viz., July 28 1933, the London
office will pay on the basis of the equivalent British currency calculated
at the rate of exchange ruling on that date. Amounts payable to persons
presenting coupons will be on the same basis irrespective of the date of
presentation of coupons.
Warrants despatched from the London office to persons resident in Great
Britain or Northern Ireland will be subject to a deduction of United Kingdom income tax at rates to be arrived at after allowing for relief in respect
Dominion taxes.
The transfer books and register of members will be closed In each case
from July 1 to July 7 1933, both days inclusive.
The dividends on the shares included in share warrants will be payable
to the persons presenting the relative coupons at Barclays Bank (D. C. &
0.), Circus Place, London Wall, London, E. C. 2.. England, on or after
Aug. 18 1933.
Coupons must be deposited four clear days before being paid, and unless
accompanied by Inland Revenue Declarations they will be subject to a
deduction of United Kingdom income tax as above.
The following payments were declared six months ago, payable to holders
of record Dec. 31 1932: Brakpan Mines, Ltd., 45. or 20%; Springs Mines.
Ltd., 3s. 9d. or 18(%, and West Springs, Ltd., 9d. or 3 %.
(
From the profits for the six months ending June 30 1933. the following
amounts have been reserved to meet the estimated liability to the Government of the Union of South Africa for that period:
Excess
Governm'es
Profits
Normal
Share of
Name of CompanyTotal.
Duty.
Profits.
Tax.
Brakpan Mines,Ltd_ _
£136,000
£342,000
/82,000
£124,000
Daggafontein Mines,Ltd
163,000
95,000
37,000
31,000
Springs Mines,Ltd
101,000
456,000
97,000
258,000
West Springs, Ltd
132.000
38,000
20,000
74,000
-V.137, p. 140.
Associated Simmons Hardware Cos.
-July 1 Interest
Not Paid.
The principal and interest due July 1 1933 on the 10
-year 6 X% secured
gold notes due July 1 1933 are not being paid.
-V. 136, P. 2977_
Baldwin Locomotive Works.
-Orders Increased in June.
317
the seacoast, are driven electrically by the company's own
plant, the material for which was also flown to the field.
hydro-electric
Earnings.
-Profit from gold production from the commencement of
operation, March 21 1932, until Feb. 22 1933, was $770,000 (gold). The
average profit made was at the rate of about $53,000 (gold) Per dredge
per month of operation. Based on the actual dredging cost as demonstrated, the net profit to be won from the tested area is estimated in the
prospectus at $23,250,000 (gold) over a period extending until 10 years
from Oct. 31 1933.
Recent increased recovery per dredge due to higher efficiency and additional yardage tested provide a basis for the revision upward of the
above estimates. The directors also state that it is likely that additional
dredging ground will be developed on the company's present holdings.
thus extending the life of the operation.
In the opinion of the directors the company has sufficient working
capital for the purposes of its business.
-Substantial holders of the shares and the interests
Principal Holders.
active in the development of the company include: Placer Development,
Ltd., of British Columbia; International Mining Corp., New York; Gold
Fields American Development Co., td.(U. S. subsidiary of Consolidated
Gold Fields of South Africa, of London, Eng.), and Oroville Dredging
Co., Ltd., of London, Eng.
Listed.
-The shares are listed on the London Stock Exchange, and on
the Sydney, Australia, Stock Exchange. Application will be made to
Hat on the Montreal Curb Market.
Balance Sheet as at May 31 1932.
Liabilities
Assets
$81,164 Sundry creditors
$133,630
Cash
157,440 Native wages accrued
Bullion in transit & in hand_
6,463
6,460 Sundry accrued charges
2,694
Sundry debtors
234,281 Placer Development, Ltd.
Inventory
balance under agreement__
129,264
8,587
Prepayments & advances-.
4,523,026 Deferred assets
827,489
Fixed assets-at cost
23,470 Reserves
131,229
Deferred assets
Share capital
3,695,000
Surplus
108,659
Total
$5,034.431
Total
55.034.431
Burgemeister Brewing Co., Warsaw 111.--Pref. Stock
Eldred and RayOffered.
-Wm. R. Stewart & Co.
nolds, Chicago, are offering 80,000 shares preferred stock
(par $5), convertible and participating, at the market (about
$5 per share).
Business booked by this company and affiliated companies for June was
the largest for any month since November 1931. totaling $1,368,000.
compared with $732,000 in May and $463,000 in June 1932. Total orders
for the first six months of 1933 amounted to $4.140.000 against 53,940.000
for the corresponding period of 1932, an increase of $300,000.
June shipments amounted to $698,000 as compared with $504,000 for
May and $1,140,000 for June 1932. Shipments for the half year amounted
to $3.451,000 as compared with $6,725,000 for first half of 1932.
Convertible at any time into common stock on a share for share basis.
Preferred as to cumulative dividends at the rate of 40 cents per share
Unfilled orders on June 30 amounted to 53.384.000 as compared with
per annum,and as to assets at the rate of$5 per share and accrued dividends.
$2,627,000 on Jan. 1. At the half-year mark a year ago unfilled orders
Participates fully with the common stock, on a share for share basis, in
amounted to $4,107,000.
During June heavy purchases were made by the railroads for the purpose .further dividend distribution after the common stock has received 40 cents
of repair and maintenance work in their own shops. Beginning July 1 a
per share. Callable at any time after July 1 1936. in whole or in part, on
number of larger roads increased their maintenance programs both as to
60 days' notice at $5.50 per share and divs. Quarterly dividend dates
equipment and way and structures, and they started to place orders in
(Jan. 1, &c.) beginning April 1 1934, on which date all dividends accrued
larger volume in May and June ir anticipation of these increased activities.
from date of issue shall be payable.
With the steady increase in carloadings in recent months the amount of
Authorized.
Outstanding.
Capitalizationstored good order equipment has been steadily drawn down and railroads
80,000 shs.
80,000 s s.
are beginning to feel the need for certain types of equipment. Philadelphia
Preferred stock ($5 par)
200.000 shs.
80.000 shs.
Common stock ($1 par value)
"Financial Journal").
-V. 136, p. 4272.
Registrar, City National Bank & Trust Co. of Chicago. Transfer
Bates Mfg. Co., Lewiston, Maine.-Bal. Sheet Dec. 31 agent, Trust Co. of Chicago.
1932.Data from letter of Henry L. Balaban, President of the Company.
Assets
Liabilities
-A Delaware corporation, organized March 13
History and Business.
Cash
$425,000
$35,234 Notes payable-bank
1933. Has purchased the brewery property of the former Popel & Giller
Accts. & notes receivable__ _ _
424,000
271,209 Notes payable-attn. co
Brewing Co. Warsaw, Ill. The latter company was engaged in the
Inventories
43,451
710,878 Accounts payable
brewing business since 1861 and operated this property until about 1919,
Investments
46,744
17,682 Accrued expense
since which time it has been inactive on account of prohibition.
Plant
43,348
4,847,401 Capital surplus
Upon completion of additions and installations of new equipment conPrepaid expenses
2,241,648
41,789 Surplus
templated by this financing, the plant w 11 have an installed capacity
2,700,000
Capital stock
permitt.ng the production of 150,000 barrels annually. Present cellar
capacity is 65.000 barrels per year. Additional storage equipment will be
Total
$5,924,191
$5,924,191
Total
installed as soon as earnings permit.
-V. 134, p.3827.
-It is contemplated that three brands of beer will
Operations and Sales.
be produced, namely,"Burgemeister Select," "Burgemeister Pilsner Style,"
Beacon Manufacturing Co.
-Balance Sheet Dec. 31.and "Burgemeister Bohemian Style Lager." Based on the production
and sale of 65,000 barrels annually at an estimated net profit of $2.50 per
Assets1932.
1932.
1931.
Liabilities1931.
barrel, earnings should cover dividend requirements approximately five
Real estate, bldgs.
$38,777
Accounts payable. $59,811
& machinery _ _ _32,795,869 $2,876,463 Reserve accounts_
5,000
5,000 times.
Purpose.
-To provide funds for additional improvements and equipment,
Cash & accts. rec_ 1,007,790
500,000
874,088 Contingent res--- 500.000
to acquire containers, and to furnish working capital.
Inventories
2,279,000 2,282,700
402,321
653,541 Capital stock
Directors.
-Henry L. Balaban (Pres.); Robert E. Neely (V.-Pres.);
Insurance prepaid_
1,367,170 1,582,615
5,000
5,000 Surplus
Ralph Mitchell (Sec.); John J. Connors (Treas.), Chicago; Charles P.
Eldred, Quincy, ill.; Paul Pechstein, Keokuk, lows; George H. Reynolds.
Total
$4,210,980 $4,409,092
$4,210,980 $4,409,092
Total
Quincy, 111.; Wank . Kern. Waukesha, Wis. (directors).
P.
-V.134. D. 3464.
The above are the owners of the entire amount of issued and outstanding
common stock. Part of said stock was issued for cash at the rate of $1
Botany Consolidated Mills, Inc.
-Balance Sheet Dec. 31 per share-balance was issued .n payment for real estate and buildings,
1932.situated at Warsaw. Ill., also 4,000 shares of preferred stock was issued
at the rate of $4 per share for a part of the real estate. No salaries can be
Assets1 Liabilities
paid any of the officials of this company until such time as the brewery
Cash in banks
$12,529
$36,649 1 Accounts payable
is in actual product on. The Secretary of State of the State of Illinois
a Accts. receivable
199,987
2,641 City of Garfield-taxes pay._
has reserved the right to officially approve any salaries paid the officials
Accrued dividends reedy....
1,400
249 State of Del.-franch. tax '31
after the company is in production.
Due from subsidiary
1,999
121,160 Accrued items
Eldred & Reynolds have a sales option agreement dated June 7 1933,
b Note recelvable-Stoehr &
90
Inc. taxes withheld at source_
to purchase the preferred stock offered herein from the issuer, the BurgeSons, Inc
376.049
209,560 Due to Botany Worsted Mills
me ster Brewing t o. at $4 per share net to said issuer. Wm. R. Stuart &
Sink,fd.trustee-cash depos.
debt
7,007,000
86 Funded
Co. have a one-half interest in this contract through a separate contract
Cash on dep. in Bank of U. S.
Accrued int. on funded debt
with Eldred & Reynolds. All sales expense, fees of counsel for the bankers,
In liquidation
222,749
to date of receivership._ _ _
657
advertising and dealers' and salesmen E; commissions are to be paid by the
c Net worth of 99.758% int.
Class A pref.& partic. stock. 5,000,000
Wm. It. Stuart & Co. and Eldred & Reynolds. Only 76,000 shares of this
in Botany Worsted Mills
3,257,580
15,182,714 e Common stock
preferred stock are being publicly offered. During the sale of the 76,000
d Plant prop.at Garfield, N.J
586,967 Capital surp.-FrOM aCQUIL
shares of this preferred stock and payment therefor of the sum of $4 per
Deferred charges
of Botany Worsted Mills 12,718,924
13,372
share net to said company, certa'n stockholders have agreed to assign a
From acquLs. Of Garfield
total of 10,000 shares of their common stock and 4,000 shares of said preWorsted Mills
17,576
ferred stock to Eldred & Reynolds. Under a separate agreement, Wm. R.
Burp. arising from disc, on
Stuart & Co. are to receive 5,000 shares of said common stock from Eldred
931,347
bonds redeemed
& Reynolds.
13,603,179
Earned deficit
Pro Forma Balance Sheet June 20 1933.
Total
$16,144,055
AssetsLiabilities and Capital$16,144,055 Total
$3,250
CaSh in bank
$305,024 Notes payable
a After reserves for doubtful accounts of $3,000. b Secured by 125.000
Fixed properties
103,603 Mortgage payable (due within
shares of common stock of Botany Consolidated Mills, Inc. c After
10,350
Advances for rehabilitation &
6 months)
deducting $1,431,282 net loss for the period from April 2 1932 to Dec. 31
400,000
organization expenses
92,312 Preferred stock
1932 applicable to Detail Consolidated Mills, Inc. ownership. d After
80.000
Patents, trademarks, copyCommon stock
depreciation reserve of .,
Represented by 380,129 no par
'
2102,440. e
I Surplus
' 7.340
rights,
shares.
-V. 136, p. 137
$500,941
Total
$500,941
Total
Bulolo Gold Dredging, Ltd.
-Stock Offered.
-GreenChicago Curb Exchange has admitted to trading 80,000 shares
shields & Co., Montreal, are offering at $15.25 per share ofThepar preferred stock.
$5
Inc.and
(Canadian funds) 22,500 shares capital stock (par $5 per
share). The offering does not represent new financing on
behalf of the company.
capuauzauon.-Authorized, 1,200,000 shares; issued, 765.000 shares;
to be
certain property,
issued under contract for acquisition of
150,000
shares. Above contract also provides for a further number of shares
estimated by the directors to be not in excess of 85.000, to be issued contingent upon certain calculations in respect to profits after two years'
actual dredging. Transfer Agent, Chartered Trust & Executor Co.;
registrar, Montreal Trust Co.
Data from Prospectus Issued by the Directors.
Company.-Incorp. in 1930 to acquire certain areas in the Australian
Mandated Territory of New Guinea for the purpose of recovering gold by
dredging from large alluvial deposits ill the Bulolo River Valley. Up to
the present time an area containing over 100,000,000 cubic yards of gravel
has been extensively drilled and found to be payable dredging ground.
No. 1 dredge commenced operations in March 1932. No. 2 dredge was
put into operation in November of that year. No. 3 dredge is expected
to be in operation during September of this year, and the fourth and final
dredge is expected to be operating in 1934. The dredges, transported by
airplane, piece by piece, into the Bulolo River Valley, New Guinea, from
Bush Terminal Co.
-Interest Not Paid.
The interest due July 1 1933, on the consolidated mortgage .5% gold
bonds, due 1955, was not paid -V. 136, p. 4464.
Canada Wire & Cable Co., Ltd.
-Earnings.
Calendar Years1932.
Profits from oper. after
deprec. & overhead.._ loss$283,667
Other income
17,428
1931.
1930.
1929.
$291.171
42,977
$706,726
32,018
$943,861
26,865
$334,148
534,036
$738.744
410,049
5970.726
241,617
52,000
53,000
5.166
80.000
Surplus Dec.31
def$524,644 def$251,888
Earned per share on class
A stock
Nil
$3.09
Earned per share on class
B stock_
Nil
Nil
$275,694
5643.943
$17.67
$17.23
$2.90
$5.67
Total income
loss$266,239
Dividends
248,011
Charter & patents, written off
Res. for Dom,inc. tax
10,394
318
Financial Chronicle
Comparative Balance Sheet Dec. 31.
AssetsCash
Securities
Accts.receivable
Inventories
Emp. stock fund
x Plant. Ac
Patents
Good-will
Total
1932.
1931.
$228,210 $126,876
987,860 1,010.697
294.719
371,710
1,357,287 1,930,289
110,552
91,879
4,480,268 4,409,048
11,954
5,000
2
2
1931.
1932.
LiabilitiesPreferred stock _ _$3,000,000 $3,000,000
y Class A & 13_ ___ 3,664,898 3,664.898
683,014
733.011
Current liabilities_
597,589
Surplus
72,945
$7.470.854 $7,945,501
Total
$7,470,854 $7,945,501
x Tess depreciation. y Represented by 29,669 shares class A stock and
150,662 shares class B stock.
-V. 136, P. 1020.
Canadian Canners, Ltd.(& Subs.).
-Earnings.
Years Ended
14 Mos.End.
Feb. 28 '33. Feb. 29 '32. Feb. 28 '31. Feb. 28 '30.
$729,017
$511,656 $1,025.037 $1,909.633
214,272
262.004
I 225,2321
209,971
1
I
204,820
PeriodProfit
Interest
Foreign exchange, &c
x Net income
Divs. on pref. stocks_ _ _
Common dividends
$503,785
444.378
6,889
$810,765 $1,647,629
619,426
565.080
68,471
120,166
$96,864
553,497
58,557
Balance
$71,173 $1,014,078
$52,518 def$515,189
x Before providing for depreciation of $200,000 each in 1933 and 1932,
and $400,000 in 1930.
Comparative Consolidated Balance Sheet.
Feb. 28'33. Feb. 2932.
Assets
Cash
13,216
170,548
Inv. & triktle secs_
35,005
622,716
Accts. & bills rec
444,718
615,827
Adv.for acct.em pl.
stock particle._
156,183
221,820
Mat'l and supplies 5,784,074 7,197,862
Unexpired insur
59,097
83,314
Property account _15,879,991 15,670,001
Total
22,372,285 24,582,088
Feb. 28 '33. Feb. 29 '32.
Liabilities
Accts. pay.& accr.
423,508
545,490
liabilities
1,856,123 2,116.186
Bank loans
3,345,200 3.444,800
Funded debt
6% preference stk.. 3,884,850 4,557.150
x Capital surplus__ 6,839,562 6,839,562
5,629,510 6,537,886
Reserves
393,531
541,013
Profit and loss
22,372,285 24,582,088
Total
x Represented by 363,732 shares of convertible preference stock, and
137,784 shares of common stock, both of no par value.
-V.136, p. 3540.
- --..„.... _
--7
-I 1
Canadia n-Celanese, Ltd.
--Earnings.Calendar Years1932.
1931.
1930.
1929.
Net profit from oper___- $1,301,191 $1,260,449 $1,254.530
$527.519
Deprec., inc. tax, &c_ __
343.018
162,202
482,032
377.671
Res've for conting. & unascertained charges_ __
100.277
77.612
100.000
Preferred dividends_ _ _(7%)630.000(7%)630.000(3).4)315.000
Pref. divs. In arrears____
90.000
Balance, surplus
def$1,118
$175,165
$365,317
$496.512
Previous surplus
512,119
1,730,478
1,713,478 1,216,966
Prior year adjustments_
5,910
Add '1 income taxes-Dr_
8.165
Special res. acc't-Dr_
150,000
Profit and loss surplus $1,723,450 $1.730.478 $1,713,478
$877.436
Earns, per sh. on 90,000
shs. of $100 par pf.stk.
Nil
$8.94
$9.02
$4.06
Balance Sheet Dec. 31.
1931.
1931.
1932.
1932.
Liabilities
Assets
$
9.728,321 9,495,962 Preferred stock_
9,000,000 9,000,000
Plant, Sce
295.056
1,271,120
405,567
ACC tH receivable
.
1,321,641
Inventory
38,071
Deferred ns. ts_ _ _
Cash
Roads, &c
396,394
1,150,819
380,310
1,379,172
24,092
13,059,779 12,826,750
Total
x Common stock_
981.545
Deprecia'n res've_
826,255
Contingency res've
129,082
Special reserve_
150.000
Accounts payable_
249,446
Surplus
1,723,449
Total
981,545
561,308
100,000
150.000
303,418
1.730,478
13,059,779 12,826,750
x Represented by 250.409 shares (no par value).
-V. 136. p. 4092.
-Canadian Consolidated Felt Co., Ltd.
-Earnings.
Calendar YearsNet sales
Costs & gen. exp., &c._.
Interest on bonds, &c_ _ _
Provision for deprecia'n_
Adjust, of inventories
Expense of idle plant__ _
Preferred dividends_ __
1932.1930.
1929.
3744j39
$942.293 $1,188,515
750,227
739,807
903,396
1,114.536
11,722
11.887
15,021
22,272
33.718
33,548
7,348
6,404
25,000
50,000
$784,114
def$25.305 def$40.502
Balance, surplus
324.080
349,386
P.& L.sur. Dec. 31...Balance Sheet Dec. 31.
1932.
Assets$10,429
Cash
Corn. of Can. bds_
46,000
1
Inv. In other cos
36,330
Accts. receivable
Inventories
• 91,082
Good-will
1.925,787
14,950
Sinking fund
424,699
Property, Ac
Prepaid. Ac
585
Total
1931.
$31,957
46.000
826
32,260
80,842
1,925,787
14,645
454,416
448
$2,549,864 82,587,181
defS1.124
389,888
$1.706
391.013
Total
$2,549,864 $2,587,181
p. 4497.
Canadian Cottons, Ltd.
-Earnings.
-
-V. 134,
Years End. Mar. 311933.
1932.
1930.
1931.
Sales
$5,789,476 $6,541,000 $6.431.172 $7,819,163
Inventory of cloth (net)
Cr270,362 Dr285,077
Total
$5,789,476 $6,541,000 $6,701,534 $7,534,086
Mfg. cost, depreciation,
taxes, &c
5,714,587
6.420,389
6,592,126
7,458.511
Net profits
Other income
$74,889
137.652
Deficit
Profit & lass surplus... _
$75,574
135,570
$289,672
132,465
31.797
$268,636
137,723
25,762
$211.144
139.472
13,958
$125,410
219,690
$105.151
$57,714
219,690
219,690
(6%)162,930
$128,956
$94,280
1.891.247
2,020,200
Balance Sheet March 1.
1933.
Assets
116,460
Cash
807,313
Accts. receivable
Inventory
1,679,295
Investment bonds_ 2,702.422
985,256
Treasury bonds
3
Other co.'s stock
125,700
Prep. & def. chgs_
10,287,375
Plant, AC
Total
-V. 136.
$109.408
159,228
$90,736
219,690
Net income
Preferred div. (6% _ _ _
)
Common dividend
$120.611
169,061
$212,541
87,030
34,775
Total income
Bond interest
Bad debts, &c
1933.
Preferred stock__.
Common stock___
Accts. payable___
Int. & divs. payEmpl. benefit fund
Bonds
Deprec. reserve
10,132,261 Had debt reserve
Special replacem'ts
Surplus
16,703,823 17,607,123
p. 3350.
$114,538
2,114,480
1932.
72,700
2,301,292
1,749,099
1,863,411
1,387,120
101,239
Total
"Canal Construction Co., Memphis, Tenn.
-State
Capitalization Decreased.
At the special meeting held on May 23 1933, the stockholders voted (a)
to reduce the amount of capital represented by the 40.000 issued shares of
convertible preference stock without nominal or par value, from $800,000
to $400.000 and accordingly, the amount of capital represented by each
of said issued shares of convertible preference stock from $20 to $10; and
(b) to reduce the amount of capital represented by the 100.000 issued
shares of common stock, without nominal or par value from $500,000 to
$100.000 and accordingly, the amount of capital represented by each of
said issued shares of common stock from $5 to $1 (23.000 shares of which
is treasury stock and carried as an asset of the company).
Steps are being takon to use the capital surplus thus created to provide
reserves and adjust balance sheet values as outlined in the President's
letter which was given in the "Chronicle" of April 29 1933. See V. 136.
P. 2979.
-Smaller Dividend.
Canton Co. of Baltimore.
A semi-annual dividend of $2 per share has been declared on the capital
stock, payable June 30 to holders of record June 29. Previously, the company made regular semi-annual distributions of $4 per share.
-V. 133.
p. 4163.
-Regular Preferred Dividends.
Carnation Co.
The directors have declared the regular quarterly dividend of $1.75 per
share on the pref. stock, payable July 1 to holders of record June 20.
The directors also declared two regular quarterly dividends in advance
on the pref, stock, payable Oct. 1, next, and Jan. 1 1934.
In a letter to common stockholders the company stated that its first six
months operation this year, will show a profit as compared with a loss
in the corresponding period a year ago.
-V. 136. p. 4092.
.. -. William) Carter C.,o Needham,
(
Dec. 31.-
$324,906
2,229,019
1932.
3,661,500 3,661,500
2,715,500 2,715,500
715,425 1,013,860
79,923
89,922
239,089
2,851,140 3,906,140
3,850,000 3,500,000
100,000
100,000
600,000
600,000
1,891,247 2,020,200
16,703,823 17,607,123
Mass.'
-Balance
Sheet
1931.
LiabilitiesAssets1932.
1932,
1931.
Real est.,mach.,&c. $973,156 $1,079,945 Common stock__-$2,308,600 $2,311,600
Inventory
.
1,347,156 1,744,952 Preferred stock _ _
465,700
715,600
341,073Accounts payable_
Cash
392.403
105,485
64,054
Accts. & notes rec. 402,013
482,392 Accrued payables_
7,140
6,880
Deferred rent set
Personal sects dr
tlement
notes rec.
8,520
5,301
2,143
2,900
Adv. to salesmen_
9,553 Surplus
7,939
1,065,493 1,394,443
Adv.on cotton corn
4,500
Other assets
18,652
27,182
259,103
Patent rights
259,103
Good-will
360,000
360,000
Trade-marks
175,000
175,000
12,687
5,310
Deferred charges
Total
-V. 135.
$3,954,563 $4,496,377
Total
$3,954,563 $4,496,377
p. 1659.
-Stated Value Reduced.
Carthage Mills, Inc., Cincinnati.
At an adjourned meeting held on April 19, the stockholders approved a
value of the
no par common stock from
proposal to decrease the stated
$582,530 to $172,630, or to $10 per share. The excess created by the
reduction was added to surplus. At Dec. 31 1932 there were outstanding
17,263 shares of common stock.
Income Account for Years Ended Dec731.
1932.
1931.
Operating loss or gain before providing for depreciation and obsolescence
loss$18,506 prof $60,049
Other income and discount earned
5,943
10,166
Total
Other expense and discount allowed
Depreciation and obsolescence
Interest paid and amortized discount on 7% gold
notes, less interest earned
loss$12,563 prof$70,215
19.122
32,355
45,061
88,410
34,536
39.061
Iv
Net loss
$111,282
$89,610
Balance at debit of deficiency acct. Jan. 1 1932
158.154
Balance at debit of deficiency acct. Dec. 31 1932_
269,437
.- -.- .......--.-.
Note...L-The-amount charged for depreciation for the year 1932 has beeia
.
considerably reduced from the amount charged in 1931. This was deemed
advisable by the management in view of reduced operations.
Balance Sheet at Dec. 311932.
Liabilities
Assets$93,466 Trade acceptances
Cash, notes and accounts rec__
$81,467
Inventories, mans & products 229,089 Accts. payable & accrued items
40,142
x967,234 Gold notes due 1932 and 1933_
Plant and equipment
100,000
23,956 Serial 7% gold notes due
Deferred charges
1
1934-38
Patents, good-will, Ac
300,000
20.955 8% preferred stock
Contract account (net)
500,000
Common stock (no par value) _ y582,530
Profit and loss deficit
269,437
Total
1932.
1931.
Accounts payable_
$23,305
$38,855
Accrued Interest__
2,925
2,940
Funded debt
195,000
196,000
Reserve for contingencies
4,553
Preferred stock
500,000
500,000
Common stock
1,500,000 1,500,000
Surplus
324,080
349,386
July 8 1933
$1,334,701
Total
$1,334,701
Note.
-Cumulative preferred dividends on 5.000 shares 8% preferred
stock from Oct. 1 1928 to Dec. 31 1932 amounting to $170,000 are unpaid
and not declared.
x After deducting $317,245 for reserve for depreciation. y Represented by 17,263 shares of no par value.
-Tenders.
(The) Chicago Daily News, Inc.
Halsey, Stuart & Co., Inc., 35 Wall St., N. Y. City, and the Continental
Illinois National I3ank & Trust Co. of Chicago, 231 So. La Salle St.,
Chicago, Ill., sinking fund agents, will on or before July 18 receive bids for
the sale to It of 10-yr. 6% sinking fund gold debentures, due Jan. 11936, at
prices not exceeding 10134 and int, to and amount sufficient to exhaust
$125,000.-V. 136, p. 4093.
-.
-Earnings.--- ,
Chicago Yellow Cab Co.
For income statement for throe months ended March 31 see "Earnings
-V. 136, p. 3351.
______
Department" on a preceding page.
-
-Record Plymouth Sales Broken.
Chrysler Corp.
Plymouth retail sales in the United States and Canada for the week
ended June 24 for the eighth consecutive week broke all records totaling
6.826 cars, an increase of 45.9% over the like week of a year ago.
At the same time it was reported that Plymouth production for June will
exceed 40,000 cars, which is a new all-time record for the company. This
is an increase of 15% over last month and an increase of 62% over June 1932.
Despite continued upward sales the week's supply of new cars in the field
was the lowest since July 1931Employment at the Plymouth plant is at a new high. More than 8,000
men are on the factory payroll, an increase of more than 50% over the
1932 month.
Dodge Bros. Deliveries Gain.
Retail deliveries by Dodge dealers for the week ended June 24 totaled
4.908 passenger cars and trucks, a new record for the year, against 4,695
In the preceding week and 78% over the like week of 1932.
Of the total deliveries for the Juno 24 week, 2.334 were Dodge passenger
cars, 540 Dodge commercial cars and trucks and 2.034 Plymouths. Dodge
commercial car and truck deliveries for the week were the largest since
Nov. 1929.
Total deliveries by Dodge dealers from Jan. 1 to Juno 24 this year were
5:1% ahead of the same period last year.
-V. 137,-p. 143.
-New Director, &c.
Cockshutt Plow Co., Ltd.
Mrs. Margaret Cockshutt Schulman of Toronto, eldest daughter of
Col. Henry Cockshutt, President of the company, has been elected a director
to I'll the vacancy on the board coused by the death of A. K. Bunnell.
It was stated that recently company's cash collections and sales have
shown a substantial improvement.
-V. 136. p. 163.
-
Continental Motors Corp.-Meet/71g Postponed.
The special meeting of stockholders which was scheduled for July 6,
was postponed to Aug.9 because of lack of a quorum.
-V.137. p. 144.
-Earnings.
Cincinnati Union Stock Yard Co.
Years Ended Dec. 31Earnings
Expenses
1932
$384,651
203,148
1931.
$393,144
205,793
Net income from operation for the period
Loss on sale of capital assets
Federal income tax liability
$181.503
17.387
21,320
$187,351
prof16.862
23.062
Net gain for the year after tax
Surplus at beginning of year
Miscellaneous surplus adjustments
$142.796
94.781
2,016
$181,151
98,230
Total surplus
Dividends paid
$239,593
156,948
$279,381
184.600
$94,781
$82,645
Condensed Balance Sheet Dec. 31.
1931.
1932.
Liabilities1932.
1931.
$2,100
$391
811,043 Accounts payable_
$48,953
37
578,431 Accrued interest__
533,437
4,965 Accrued county &
4,080
14,925
12,525
city taxes
516
23.062
. 21,320
3,068
2,590 Fed.inc. tax nab_
2,000,000 2.000,000
2,291
3,236 Capital stock
94,781
82,645
_.
4,490
4,047 Surplus
100,000
35,801
20,153 Res. for coating__ 100,000
50,000
50,000
Res. for renewals_
2,004,819 2,060,479 Cap. Burp. (arising
418,547
15,200
thr. appraisal)-- 392,658
5,200
12,754
7,436
Surplus at Dec. 31
AssetsCash
Marketable securs.
Accrued int. on sec
Notes receivable_ _
Accts.receivable
Accrued revenue
Inventories
Treas,stock owned
Land, structures,
mach'y & equip_
Cap. stk. other cos
Deterred items_ _ _
Total
62.659,575 $2,703,415
-V. 134, p. 4418.
Total
$2,659,575 $2,703,415
Curtis Publishing Co.
-New Director.
Mrs. Mary Louise Cutis Bok, daughter of the late Cyrus H. K. Curtis,
has been elected a director.
No action has been taken toward filling the vacancy of Chairman of the
-V. 136, P. 4277.
board of directors arising from the death of Mr. Curtis.
Depositor Co. of Canada.
-Initial Distribution.
General Trust of Canada recently announced that a distribution of
$0.100719 per share would be made on July 1 on an Canadian International
Trustee certificates which have been modified according to a trust agreement, passed on June 26. This amount represents regular and extra cash
dividends paid for the six months' period by the corporations whose common stocks constitute the fixed portfolio, plus the interest on the reserve
fund and the premium on American dividends received. The reserve fund
for this class of certificates is maintained at $800 per "unit" of 2.500
C. I. T. S.
It is also announced that a distribution of $0.30 per share will be made on
the same date on all original certificates which have not been modified.
This amount represents, besides the items mentioned above, proceeds of
the sale of shares of Canadian Pacific Ily. and of United States Steel Corp.
Distribution coupon No. 6 is payable at the offices of General Trust of
Canada, Depositor Co. of Canada or any of the distributors of Canadian
International Trustee Shares and also at any of the branches of the Banque
Canadienne Nationale.
holders of C. I. T. S. will have the privilege to reinvest the amount of
their coupons in more shares at the then prevailing offering price less a
discount of 5%. Rights coupons No. 6 will have to be presented to take
advantage of this privilego, which may be exercised from July 31 next.V. 134. p. 332.
_
Dome Mines, Ltd.
-Value of Production.
Period End. June 30Output (value of)
-V. 136, p. 4094.
1933-6 Mos.-1932.
1933-Afonrh-1932.
$383,888 $2,318,321 $2,107,188
$400,312
Dow Chemical Co.
-Earnings.1931.
1930.
Years Ended May 311932.
1933.
Net profit after charges
& taxes
$1,463,230 $2,070,884 $2,377,200 $2,782,017
Earns. per sh.on 630.000
$3.44
$4.08
sirs. corn. stk.(no par)
$2.95
$1.98
General Balance Shee May 31.
1933.
1932.
1933.
1932.
Assets$
$
Cash
700,000
561,391
500.787 Notes payable_
746.995
Cash in closed bks.
Accounts payable_ 797,846
84,217
416,131
Notes de accts. rec. 1,545,743 1,380,842 Accrued taxes_ __ _ 362,845
Merchandise marls
Accr. int. on gold
56,700
63,940
& supplies
notes
3,486,091 4,259,882
Land contracts roc
44,559
49,636 Reserve for tire &
238,481
193.438
Invest. in MM. &
accident lnsur
other cos
1,025,013
577,497 10-yr.6% sink. td.
2,835,000 3,197,000
Real est., plant,
gold notes
equip., pats., &c15,278,456 16,365,222 Pref. capital stock 3,000,000 3,000,000
Deterred charges_ 105,924
114,060 Common cap. stk.
(630,000 stis. no
8,275,000 8,275,000
par)
6,610,566 6,010,378
Surplus
Total
22,131,394 23,247.926
-V. 135, p. 4039.
Total
22,131,394 23,247,926
(E. I.) du Pont de Nemours & Co.
-Employees to Have
Representation, in Management of Plant.
The company has taken a vote among employees at its subsidiary plant,
the Fairfield Rubber Co. at Fairfield, Conn., to determine their attitude
In regard to having representation in the management of the local plant.
It is part of the du Pont plan to expedite effectiveness of the National
Recovery Act and is a radical step on the part of the company. If it proves
successful it will be made effective elsewhere, it was stated. Employees
voted in favor of the plan.
-V. 136. p. 3727.
Equity Corp.
-Extends Exchange Invitations.
Tins corporation has extended to July 26 1933 its invitations to helders
of stocks of controlled companies to tender their stocks in exchange for its
own preferred and common stock.
The terms under which tenders may be made are as follows:
1. For each share of Interstate Equities Corp. pref. stock, 7-10 share of
Equity prof. stock and 4 shares of Equity common stock.
2. For each share of Interstate common stock, %, share of Equity common stock.
3. For each Ware of Chain & General Equities, Inc. pref. stock, 25
shares of Equity common stock; and for each share of Chain & General
common stock, 1 share of Equity common stock.
4. For each share of Allied General Corp. pref. stock. 6 shares of Equity
common stock; for each share of Allied General class A stock, 34 share of
Equity common stock; and for each share of Allied General common stock,
1-20 share of Equity common stock.
5. For each share of Yosemite Holding corp. pref. stock, 15 sheer's of
Equity common stock; for each share of Yosemite common stock, share of
Equity common stock; and for each common stock warrant of Yosemite,
1-50 share of Equity common stock.
Equity Corp°,ation Interests Buy into United Founders.
Interests associated with the Equity Corp. of which David M. Milton
Is President, have acquired all of the stock interest, formerly controlled by
C. Foster Coombs and Frank B. Erwin, in United Founders Corp.
As a result of this acquisition representatives of the Equity group of
companies will probably be elected to the board of directors of United
Founders Corp. to succeed Messrs. Coombs and Erwin. It is expected
that these representatives will be Ellery C. Huntington Jr. and Albert
Fink Milton.
It is understood that Louis It. Seagrave, President of United Founders
Corp. since its inception in 1929 and of American Founders Corp. since
1926, will retain his interest in United Founders Corp., and will continue
to occupy his present position as head of the Founders Group. While no
change in the active management of United Founders Corp. is expected to
319
Financial Chronicle
Volume 137
follow this acquisition of stock interest by the Equity Corp. and its associated companies, a close working arrangement between the managements
of the two groups of companies is contemplated.
The Founders Group represents one of the oldest groups of companies
engaged in ousiness of an investment company nature. The report of
United Founders Carp., dated Nov. 30 1932, showed consolidated net
assets of nearly $50,000,000, with marketable securities on a market basis.
The report for the six months ended May 31 1933, which is expected to
show improvement,is now in the course of preparation and will be published
shortly, it is announced.
The United Founders Corp. controls American Founders Corp., which in
turn has five subsidiary investment companies. The United Founders
Corp. and American Founders Corp., together own a controlling interest
In United States Electric Power Corp. The latter corporation and II. M.
13yilesby & Co. jointly control Standard Power & Light Corp., and through
this corporation the Standard Gas & Electric Co. The five companies
subsidiary to American Founders Corp. are: International Securities Corp.
of America, Second International Securities Corp., American and General
Securities Corp., United States and British International Co., Ltd. and
American & Continental Corp.
The Allied General Corp., in which United Founders Corp. disposed of
its interest last year and which is now a subsidiary of the Equity Corp.,
-V. 136, p. 4095, 3914. 3170, 2618.
has no interest in the purchase.
-Shipments Up.
Federal Motor Truck Co.
The company shipped approximately 250 units during June, compared
with about 170 in May and 171 in June 1932. The July schedule calls
for an output fo 300 units. During the past week output reached 75 units.
Operations are on a 5%-day week basis with some departments working
-V. 136. p. 4467.
six and seven days to meet demand.
-Portfolio Changes Announced.
Fidelity Fund, Inc.
Further changes have been made in the portfolio of Fidelity Fund for the
purpose of benefiting from recovery in fields having the most promising
outlook, according to the monthly report issued on July 6.The portfolio,
comprising 39 common stocks with average cost prices, is as follows:
Average
Average
Cost.
Cost.
Liggett & Myers B
65%
65%
Air Reduction
44%
Mack Truck
80
American Can
Montgomery Ward
233•1
29%
American Locomotive
46%
National Biscuit
29%
American Smelting
85%
National Distillers
20%
Amer. Steel Foundries
11%
Otis Elev.itor
36%
American Sugar
28%
Pacific Gas & Electric
,
26A
Atlantic Refining
26%
Pennsylvania Railroad
63%
Bankers Trust Co
38%
Pullman, Inc
23%
Bethlehem Steel
35
R.J. Reynolds B
54%
Corn Products
43%
Safeway Stores
28%
First Nationa, Boston
33%
Sears Roebuck
1505
First National, N.Y
Southern Calif. Edison_ ---27%
1634
General Electric
30%
Southern Pacific
19%
General Motors
18%
Standard Brands
299
Guaranty Trust Co
23%
Texas Corporation
Hartford Fire Insurance_ - - - 37%
26%
Union Carbide
Machine.135%
Internatl. Business
40%
United Fruit
31%
International Harvester
24%
Westinghouse Air
16%
Kennecott Copper
30%
Libbey-Owens Ford
V.
- 136, p.4096.
(M. H.) Fishman
1933--June-1932.
$234,418
$240,330
- 136, p. 4096.
V.
& Co., Inc.-Gioss Sales Gain.Increase.' 1933-6 Mos.-1932.
$1,084,507
$5,912 i $1,018,616
Decrease.
$65,891
-Reduces Stated Capitalization.
------Flintkote Co.
The stockholders on March 22 approved a proposal to reduce the capital
stock of the company by the amount of the deficit at Dec. 31 1932 of
$5.766,356. This decreases the stated capital, represented by 337.432
shares of no par class A common stock and 330.614 shares of no par class B
common stock from $15,771,329 to $10,004,974.
Effective as of Dec.31 1932 the plant and property of certain subsidiaries
of the company were written down by $2,731,353, and patents royalty
contracts, other rights and good-will acquired by purchase were reduced
by $3,681,112. which resulted in a deficit of $5,766.355. The policy of
writing down these assets was adopted to bring them into line with the
-V.137, p. 148.
estimated cost of replacement.
-Stock
Food City Brewing Co., Battle Creek, Mich.
-John L. Brown & Co., Battle Creek, Mich., are
Offered.
offering 175,000 shares common stock at par ($1).
-Authorized and to be outstanding, 350,000 shares
Capitalization.
(par $1.)
-Organized in Michigan, and has acquired the property at
Company.
200 Elm St., Battle Creek, Mich.. together with adjacent land including
a railroad siding, for the purpose of operating a brewery to manufacture
beer. The plant will have an immediate capacity of 60,000 barrels (80C.000
cases) of beer a year and with some slight alterations and additional equipment. the cost of which will not exceed $25,000. will increase the annual
capacity to in excess of 100,0C° barrels (1,300.000 cases).
-To obtain sufficient capital to make the necessary improvePurpose.
rnents to the property, and to pay in full for the installation of modern type
of machinery necessary to equip brewery.
Management -Stephen J. Rathbun, Pres.; Wm. H. Shippy, Vice-Pres.
& Treas., and Lewis J. Sarvis, Sec.
-Earnings, &c.
Ford Motor Co.
[As filed with Massachusetts Commissioner of Corporations.'
Balance Sheet Dec. 31.
1929.
1930.
.1931.
1932.
$
$
$
$
Assets157,685.318 158,387,688 152.636,931 154.320,351
Real estate
Mach.& equipment.. _ _108,668.123 124.601,735 131,884,056 138,928,264
58,344,341 64,884,691 112.482,374 118.883.082
Inventory
303,650.430 372.483,105 382.898,719 346.937,496
Cash_*
2,008.803
2,062,491
1,972,496
5,909,690
Deferred charges
634,257,902
Total
Liabilities
17,264,500
Capital stock
30,000,154
Accounts payable,&c
6,522.645
Reserves
Profit & loss surplus__ _ _580,440,603
722,329.715 781,964,571 761.077.996
17,264,500
38,824.298
10,938,670
655,302.247
17,264.500 17.264.500
45.315,919 73,056,929
6.329,143
10,495,905
708.888,247 664.427,424
Total
634.257,902 722.329.715 781,964,571 761.077.996
* Includes notes and accounts receivable, securities, patent rights, &c.
Changes in the profit and loss account over the past 10 years. as reported
to the Mass. Corporations Commissioner, are appended herewith:
$654.851.061
Feb 28192°
$240,478,736 Dec. 31 1927
582.629.563
359.777,598 Dec. 31 1928
Feb. 28 1923
664.427,424
442,041,081 Dec. 31 1929
Dec. 31 1923
708,888,247
542,476,497 Dec. 31 1930
Dec. 31 1924
655,302.247
622,366 893 Dec. 31 1931
Dec. 31 1925
580,440.603
697,637,788 Dec. 31 1932
Dec. 31 1926
Net earnings and profits per share for the past years, as indicated by
the increase in profit and loss surplus, have been as follows:
.
Profits
Profits
per Sh.
b Profits.
Year toper Sh.
b Profits.
Year toApr. 30 1921_a _$17,198,564 $100 Dec. 31 1926 ...$75.270,895 $436
Nil
334 Dec. 31 1927 _loss42.786,727
Feb. 28 1922 a__ 57,601,040
Nil
691 Dec. 31 1928 _loss72,221.498
Feb. 28 1923 ...I19,298,862
473
476 Dec. 31 1929 --- 18.797,861
Dec. 31 1923 a-- 82,263.483
257
667 Dec. 31 1930 --- 44,460.823
Dec. 31 1924 -115.105,416
Nil
666 Dec. 31 1931 _loss53,586,600
Dec. 31 1925 ...115.078.383
Nil
Dec. 31 1932 _loss74.861.644
-V.136, p. 4096.
a 10 months. b Exclusive of any ividends paid.
-Meetings to Vote on Plan Postponed.
Fox Film Corp.
Supreme Court Justice Shientag directed on June 30 that stockholders'
meetings called for July 1 and July 3 be adjourned until July 21 and 22 to
give the minority holders a full opportunity to study the proposed reorganization plan. James N. Cleary, a stockholder, had alleged that the notice
did not reveal the details of the new plan and was unfair to the minority. ..,
Financial Chronicle
320
Admitted to List.
-
The New York Curb Exchange has admitted to unlisted trading privileges
the shares of new class A common stock (no par), when as and if issued,
In exchange for shares of present class A common stock, in accordance with
plan outlined in V. 136, p. 4468.
54 Features Planned.
The corporation's production schedule for 1933-34 calls for 54 feature
films, 156 short subjects and 104 seml-weekly issues of Fox Movietone
News.
-V. 137. P. 148.
Fourth National Investors Corp.
-Earnings.
-
$3,522,218
200,000
$7.04
0.40
Increase for period-after dividends
$6.64
$3,322,218
Net assets at market
30.82
15,412,467
-June 30 1933
Balance Sheet June 30.
1933.
1932.
1933.
1932.
Assets$
Liabilities$
$
$
Securities owned.a12,353,688 18,125,515 Accrued expenses_
5,100
5,700
U. S. Govt. oblig_
3,355,835 Prov. for Fed.
2.510,862 1,030,925 excise tax
Cash
12,100
Notes receivable__ 500,000
ProvLs'n for N. Y.
Dep.In closed bank
18,500
State taxes
500
15,260
Divs. tee.
831
69,187 c101,885 Unearned Interest_
Deficit
4,336,797 bCommon stock __ 500,000
500,000
Capital surplus___26,444,757 26,444,757
Security deficit___12,393,312
Income surplus-- _ 861,022
......-15,448,997 26.950,957
Total
Total
15,448,997 26,950,957
a At market (cost $15,983,438). In 1932 securities were given at cost
with market value of $5.146.000. b Authorized. 2,000,000 $1 par shares
(no par in 1932); outstanding. 500,000 shares; 250.000 shares aro reserved
for exercise of purchase warrants (non-detachable except upon exercise prior
to Oct. 1 1934 or such earlier date as the corporation may determine),
attached to the outstanding common stock certificates, entitling the holders
to purchase common stock at $60 per share until Oct. 1 1939. and 750.000
shares are reserved for exercise of additional purchase warrants on the
same terms as the purchase warrants attached to the common stock certificates. c Includes Interest received-V. 136, P. 4278.
Fuhrmann & Schmidt Brewing Co., Shamokin, Pa.
Block Sold.-Blopstock & Co., Inc., New York, announce
the sale of 150,000 shares of common stock at $3 per share.
Stock was offered as a speculation.
Transfer agent: Guaranty Trust Co.. New York. Registrar: Continental Bank & Trust Co.. New York.
CapitalizationAuthorized. Outstanding.
Common stock(par value $1)
400,000
*400.000
* The 150,000 shares presently offered consist of 80,000 shares treasury
stock which the bankers have contracted to purchase from the Company,
and 70,000 shares which are part of 253,332 shares wh ch the bankers
contracted to purchase from individual shareholders. The bankers also
have an option to purchase an additional 46,668 shares from the holders
thereof.
Listing.
-It is the intention of the management to make application at a
later date to list these shares on the New York Curb Exchange, or the New
York Produce Exchange.
Data from Letter of P. H. Fuhrmann, President, dated July 1.
History & Business.
-Company was formed in Pennsylvania, in 1906, to
acquire in exchange for its capital stock, the plant and equipment and other
assets, relating to the brewery business previously conducted by the copartnere'dp of Fuhrmann & Schmidt. The business was founded by P. IL
Fuhrn ann and Max Schmidt. as a partnership. in 1895.
In 1912, the company also purchased the brewery situated along the
Reading Ry., Shamokin, Pa. which was erected a few years pr'or thereto,
by the Shamokin Brewing Co. The company, operated this brewery in
conjunction w th the Eagle Run plant. until 1916, when the latter plant
was seriously damaged by fire. In order to replace the capacity of the
Eagle Run brewery, the capacity of the Shamokin plant was substantially
enlarged.
Upon the enactment of the recent beer legislation, the plant was thoroughly renovated. The property is in excellent condition to operate efficiently and economically. The management expects that the brewing
of beer. approximately 4% by volume, will commence before July 15 1933.
Ford, Bacon & Davis, Inc., have appraised as of June 24 1933, the present
replacement value of the plant. at $622,000 and $456,200 deprec ated value.
Purpose.
-Part of the proceeds from the sale of the 80.000 shares of treasury stock included in the present offering, will enable the management to
further increase the capacity of the plant to approximately 200,000 barrels
of beer per annum.
Estimated Earnings.
-Ford,Bacon & Davis, Inc., have stated among other
things, the following:
On the basis of a sales volume of about 100,000 barrels per annum,
kegged beer can be produced at a cost of from $3.25 to $3.50 per barrel.
exclusive of taxes, selling and adminstrative costs.
It would seem that with present prices(and until the industry is more fully
stabil zed) profits might average from $4 to $6 per barrel.
Pro Forma Balance Sheet.
AssetsLiabilities
Cash
$150,000 Common stock
5400,000
Fixed assets
456,200 Capital surplus
290,660
Franchise, formulae, trademarks, &c., at cost
84,460
Total
$690.661
Total
$690,661
----.. 3.eneral Alloys Co.-Acidaional StOck-Lietecl.)
G
he Boston Stock Exchange has authorized the listing of 100,000 additional shares (without par value) common stoclQ
The purpose of the issue of additional stock 1 o provide working capital
for the business of the corporation. The cash accruing to the corporation
from the issue of the stock will be used for that purpose, as will the cash
and other assets conserved by the corporation through the settlement of
certain obligations by the issue of stock therefor. By vote of the board of
directors; it is provided that 50,000 shares of the stock may be issued for
not less than 75 cents per share. It is contemplated that this is a minimum
figure and that sums in the excess of this figure may be paid for the stock.
It is not planned to receive any securities or property other than money in
exchange for these shares. By vote of
-the board of directors 50,000 shares
may be issued either for cash or in settlement of obligations of the corporation outstanding from time to time, including obligation to pay salaries
and wages. The minimum consideration for this issue also is 75 cents a
share.
Option Agreement.
-Under date of May 11 1933 an option agreement was
entered into with Alfred M. Sampter & Co., 1 Wall St., New York, whereby
the latter might buy 65,000 shares of the company stock at 75 cents per
share, under, among other, these conditions:
10.000 shares within 30 days from May 15 1933.
10,000 additional shares during each 15
-day period thereafter for a total
of four such periods.
15,000 shares during the 15
-day period following the last of the periods
next above-mentioned.
This option covers 15,000 shares of the 50,000 shares of stock authorized
by the stockholders March 3 1931 and 50,000 shares of the new stock
authorized at the adjourned annual meeting March 15 1933.
The option agreement states:
"The above option shall become null and void should less than 10,000
shares be taken down within 30 days from May 15,and an additional 10,000
shares be taken down within each consecutive 15
-day period thereafter
and 15.000 shares, as above noted, during the last period.
"This option cannot be assigned in whole or in part without the specific
approval of this company in writing, and Is subject to immediate cancellation should any qualified complaint of your activitise or those of your distributors, dealers or assignees be made to this company."
Net sales for 1930. 1931 and 1932 are reported as follows:
1930.
1931.
1932.
Sheets and rods
$61.913
$4.397
$21,068
Castings
636.567
100,061
240,519
Total
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Change in Net Assets for Six Months Ended June 30 1933.
Total. Per Share.
Net assets, at market
$24.18
$12,090,249
-Dec.31 1932
Increase for period-before dividends:
Net income
183,400
0.37
Loss on sale of securities
378,388
0.76
Decrease in unrealized loss
3,717,206
7.43
Add-Dividends on common stock
July 8 1933
$698.480
$261,588
Income Account Year Ended Dec. 31.
1932.
1931.
Sales
$112,873
$272.083
Less
-Allowances, returns, &c
8,414
10.494
Foundry cost of goods, &c
103,575
225,115
Extra costs. &c.(net)
1,675
3,625
Gross operating income
Selling exps., admin., engineering &
accounting. &c
$104.458
1930.
$731,949
33.468
455.426
386
loss$792
$32.847
$242,687
75.659
150.373
235,255
loss76,452 loss117,525
1,093
2,323
7.432
7.164
Total income
loss$75.358 loss$115,201
Interest paid, Sm.,extraneous exp-..17,471
12,449
Provision for Federal & State taxes-
$14,596
6,251
4,128
Net operating profit
Interest, &c., extraneous income
Net loss after taxes
$92,830
$127,651 prof$4,216
Comparative Balance Sheet.
AssetsApr.30'33.Dec.31'32. LiabilitiesApr.30'33. Dee.31'32.
$3,316 Current liabilities.. $41,838
Cash
$3,189
$51,428
28,914 Notes payable_ ___
Accts.rec.(trade)_
20,786
44,991
44,991
3.937 Accounts payable..
Accep. rec.(trade)
3,937
22,749
22,749
1,245 Credits on custom.
Notes rec.(trade).
1,149
450 ledger
Notes rec. (others)
450
6,635
2,120 Int. accr. on notes
Accts. rec. empl's_
3,104
23.526
Inventories
21,572
payable
3,141
Funds in Federal
Provlor guar.allow
38,133
37,880
158 Prov, for class A
National Bank.
158
726 cum, pref. stock
Secs. owned (cost)
726
7,150
7,150
147,452 Prov.for city taxes
Fixed assets
144,768
889
63.276 Mtge.note payable
63,276
ChampaIgn(M.)pl.
8,500
8,500
30,799 Class A pref. stock
Deferred assets_ _ _
29,605
147.228 (par $10)
Other assets
147,220
249,490
249,490
x Common stock_
1
1
Surplus
16,422
30,958
$439,941 $453,147 Total
Total
8439,941 $453,147
x Represented by 133.343 shares of no par value.
-V.136. p.4468.
General American Investors Co., Inc.
-Earnings.
-
For income statement for six months ended June 30 1933 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
June30'33. Dee.31'32.
June30'33. Det.31'32.
$
$
Assets$
6% pref.stock_ _ 4,000,000 4,125,000
b Bees.owned at cost:
1,020,501 1,225,858 a Corn,stock
Bonds
1,300,220 1,300,220
Pref. stocks_..... 1,696,829 1,836,340 25-yr. 5% debs__ 6,600,000 6,600,000
Corn.stocks_ _ 20,853,014 19,998,243 Int. accr. on debs_ 137,500
137,500
Reserve for taxes_
Partic. in time loan
34,000
10,000
449,417 Pref. diva. payable 120,000
345,927
(sec.)
123,750
Cash
711,957 2,712,584 Capital surplus_ _14,654,247 14,689,517
Loss on see. sold__ 2,361,462
Divs, rec. dr int.
886,419
122,296 Undistributed Inc_ 410,523
119,620
accrued
396,309
151,140
147,180
Deferred charges_ _
Total
24,895,028 26,495,877
Total
24,895,028 26,495,877
a Represented by 1.300,220 no p ir shares. b The aggregate value as of
June 30 1933 of securities owned at bid prices was less than the above value
by $676.664.-V. 136. D. 154.
-New Directors.
General Refractories Co.
-
Paul Thompson, President of the Corn Exchange National Bank &
Trust Co. of Philadelphia, has been elected a director and a member of the
executive committee.
C. C. Chaney Vice-President of tho General Refractories Co., has also
been elected a director.
Orders Up.
-
Chairman B. M. D. Clapper on June 26 stated that this company, with
the smallest orders for the first quarter in several years, has shown a
decided upturn in both orders and shipments since the middle of April.
Orders booked in May were over 100% ahead of April and 200% in
excess of May 1932.
Increases in the price of refractories brick were recently announced to
become effective July 1 1933.-V. 136. p. 4279. 4097.
German General Electric Co. (Allgemeine Elektrici-Earnings.
tate Gesellschaft).
Earnings for Year Ended Sept. 30 1932.
(In German Reichsmarks.)
Residue from sales after deducting cost of raw materials & stores_79.237,813
Wages and salaries----------------------------------------67,726,178
Social charges
11,835,448
Depreciation of bldgs., machinery,equipment, &c
3,441.137
Taxes-6,668,804
Other expenses
32,855,735
Loss from operations
Income from investments
Other income
43,289.489
8.704,847
12,365,624
Net loss---------------------------------------------22,219.018
Interest charges--- ---------------------------- 8.906,369
Extraordinary write-off of assets
41,626,219
Loss- - _ - _ - _- - -------------------------------72,751,606
Absorbed against reserve funds
_- -42,093,870
Deficit------------------------------------------------30,657.736
Balance Sheet Sept. 30 1932. •
(In German Retchsmarks.)
Liabilities
Assets
26,571,341 Bank loans
Cash
78,424,934
27,847,733 Accounts payable to suppliers 4.923,051
Notes receivable
67,759,882 Prepayments of customers_ _
Accounts receivable
5,959,287
34,482,930 Employees'savings accounts_ 15,459,790
Inventories
Installation In course of erect. 9,751,850 Accrued items & miscellaneous current liabilities
117,831,812
Fixed assets
8,243,171
Due to affiliated companies-. 31,655,562
Participation in subsidiaries dr
144,783,013 7% gold debentures
affiliated companies
34,965,000
Advances to affiliated com631% gold debentures
23,011,800
panies
37,271,204 6% gold debentures
63,000,000
4,251,361 Revalorized paper mark obliSecurities & mortgages
gations
Deferred charges & prepaid
10,556,475
5,326,498 Mortgages payable
Items
2,602,286
Pension fund
Premium payable on 1:adora18,422,841
tion of dollar debentures_ . 2,121,315 Res.for deprec. of investment 4,000,000
_
Reserve for premium payable
on redempt'n of debentures 2,121,315
Sundry reserves
20,311,169
Capital stock
185,000,000
Deficit
30,657,736
Total
477,998,945
-V.136, p. 3355; V. 125, p. 1588.
Total
477,998.945
Financial Chronicle
Volume 137
.'%'•-• Glidden Co., Cleveland.
-Acquires Plants.
The compan has purchased the business, plants and inventories of the,
Van Camp Proaucts Co. and the Van Camp Oil Co. at Louisville, KV
These plants fully equipped to produce shortening and edible oil products,
will be operated by Durkee Famous Foods, Inc., a Glidden subsidiary.
The vegetable oil refinery has a capacity of 160 tank cars of cottonseed
oil a month and the shortening plant a monthly capacity of 1.500,000
pounds of shortening. The hydrogenizing plant produces 500,000 Pounds
of salad oil monthly.
Included in the purchase are 274 tank cars which Will be used by the Durkee
company to transport its bulk commodities.
The company has also purchased the plant of the U. S. Industrial Alcohol
Co. which adjoins the Glidden company plant on Le Claire Ave., Chicago,
111. The new acquisition doubles the capacity of the present plant in
Chicago.
-V. 136, P. 4279.
-DiviGoodyear Tire & Rubber Co. of Canada, Ltd.
dends Earned.
Dividends on the pref. and common stocks for the second quarter of 1933.
amounting to $1.75 per share on the pref. and 60 cents per share on the
common, have been mailed to shareholders.
In a letter accompanying the checks, President C. H. Carlisle states
that the dividends of the first half year have been earned on both pref.
and common stocks and a considerable amount has been added to surplus.
Inventory offinished goods is quite satisfactory and conservative, and plant
and equipment are carried at a very conservative amount. Purchases of
cotton and crude rubber show a profit, at present prices, of well over half a
million dollars, which is not included in the six months' earnings.
Reserves were set up during the half year at the same rate as in previous
years. The total reserve account stands at $6,639,000; current assets at
$10,452,000; investments in cash and Government bonds total $6,400.000.
and miscellaneous investments $221,500. Surplus account stands at
approximately $7.352,000.
Since the first of the fiscal year the company has redeemed 135 shares of
pref. stock under sinking fund provisions, making a total of 7,025 redeemed
to date. Prior to the current fiscal year 4,670 shares of the present issue
of common stock had been canceled. During the half year, $352,000 ofthe
bonds issued by the Cotton company were bought. This is not shown in
the investments. Out of the $2,000,000 bond issue of the Cotton plant
there are now outstanding,in the hands ofthe public, bonds to the par value
of 3999.500.-V. 136, P. 1725.
Gorham Manufacturing Co.
-Earnings.
For income statement for month of May see "Earnings Department"
on a preceding page.
-V.136. p. 4468.
Graham-Paige Motors Corp.
-Deliveries Increase.
Retail deliveries of Graham motor cars by dealers, for the week ended
June 24. totaled 281, the best weekly showing for the year to date. The
largest previous weekly total was 257 units, for the week ended June 3.
Graham retail deliveries have shown a steady improvement since the
bank holiday, and indications point to further increases during July, a
Detroit dispatch says.
-V. 136. p. 4280.
(W. T.) Grant Co. (Del.)
.-Sales Advance.
1933
-June
-1932.
Increase. I 1933-6 Mos.-1932.
$6.511.832 $5,862,645
$649,187 I $33,233,530 $32,842,810
-V.136. n. 4097.
Increase.
$390,720
Grigsby Grunow Coe
-Gain in Unfilled Orders.- The radio industry has failed to notice the usual summer slump,according
to Le Roy J. Williams, Vice-President and General Manager. The company's shipments of radios and refrigerators during June totaled about
49,000, approximately 40,000 of which were radios. July production
schedule calls for an output of about 35,000 radios and refrigerators.
Radios sales have been helped materially by the company's line of
auto radios. Unshipped orders to-day are the largest in about two years.
June shipments were double those of any month this year and were about
six times as large as for June last year. Currently the company is running
two eight-hour shifts a day and employing about 3,500 people.
-V. 136.
p. 4098.
M.) Hall Lamp Co.
-Increases Dividend.
The directors have declared a dividend of 10 cents per share on the
no par capital stock, payable July 20 to holders of record July 15. This
compares with 5 cents per share paid on July 1 and on Dec. 23 1932.V. 136. p. 4470.
Harpen Mining Corp. (Harpener Bergbau Aktien
Gesellschaft), Germany.
-July Interest Not Paid.
The interest due July 1 1933,on the gold mtge.6% bonds,series of 1929,
due 1949, was not paid.
The Committee on Securities of the New York Stock Exchange rules that
beginning July 1 1933, and until further notice, the bonds shall be dealt in
"flat" and to be a delivery must carry the July 1 1933. and subsequent
coupons.
-V. 132. p. 3157.
Heidelberg Brewing Co., Coving ton, Ky.-Stock Offered.
-James C. Wilson 8s Co., Louisville, Ky., recently
offered 400,000 shares of common stock at $1.25 per share.
The stock was offered as a Speculation.
Transfer agent and registrar, Fifth-Third Union Trust Co., Cincinnati,
0. Company has agreed to make application to list this stock on the
Cincinnati Stock Exchange.
Data from Letter of George H. Meyerratken, Dated June 1 1933.
Company.
--Organized in Kentucky. Operates under a very broad
charter permitting the manufacture, sale and dealing
all kinds of beverages of lawful alcoholic content as well as in sun
allied industries of
varied character. Company owns buildings and land, situated in Covington, Ky. It is estimated that the company's plant can be put in condition
in a very short time after the completion of this financing, and in view of
the demand, it seems reasonable to assume that the plant will, almost
immediately, be obliged to operate at capacity.
Directors are: George H. Meyerratken, Joseph A. "Sep" Ruh, Rome
R.:sperms, Anthony Mondiek, Jerome G. Wilde, Elmer Hake and W. E.
Smith.
Capitalization.
-Authorized capital consists of 400.000 shares ($1 par).
all of which is to be presently issued and outstanding.
Earnings.-Frozn data obtained from engineers' survey of the company's
plant and based on an annual production of only 50,000 barrels, annual
earnings of the plant should be approximately $241,000. after Federal taxes.
From these earnings there would be available annually for dividends in
excess of 60 cents per share. • On this basis earnings would be equivalent
to 48% of the original offering price of this stock.
Purpose.
-Proceeds are to be used for the alteration of the building and
for the purchase and installation of equipment, and to provide working
capital.
The Chicago Curb Exchange has admitted to trading 400.000 shares
of $1 par common stock, on a when-issued basis.
Hudson Bay Mining & Smelting Co., Ltd.
(& Sub1 )
s..3.
0
Earnings for Calendar Years1931.
1930.
Sales of metals
36
$497,162
$5,406,.
19 2 68 $5,401,312
Freight, refining Sc all other sales &
delivery expenses
966,814
812,252
56,462
Balance
Cost of sales
Other revenue
Interest on bonds & bank loans
Amortiz. of deb. disc. & exp
Prov. for res. for contingencies
Depreciation
Expenses in excess of all income
during construction period
Net loss
$4,439,854 $4,589,060
2,856,948
3,470.948
Cr144,764 Cr258,508
329,529
346.692
17,229
18,147
50.000
1,678,949
1,264,647
$440,700
415.386
22,397
$298,955
$30,947
prof$2,916
321
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
Liabilities
$
Assets
3
900,000
379,528 Notes payable_ _
Cash
469,190
137,500
Acer.tat.on bonds. 137,500
yMetals at refinery
or in transit _
1,418,283 1,645,055 Acer. int. on notes
13,843
payable
38,026
21,159
Accts. rec. (sund.)
251,554
215,956
210.792 Accts. payable_
282,092
Metals
24,913
26,589
542,493 Contracts payable
Materials Sc suppl 600,496
101,503
Accrued payroll
108,311
Min.claims,devel.
39,596
61,788
& land
11,082,646 11,050,183 Misc. accr. liabil_
50,000
Res. for contffig
50,000
Mine Sc metallur.
5
-year 6% cony.
Plants, pwr. pit.
5,000.000 5,000,000
gold bonds
transmls. line,
turn. & fixtures_18,255,274 19,604,111 xCapital stock_ __ _27.500,000 27,500,000
299,031
597,986
115,963 Deficit
Prepaid mine dev- 285,258
19,990
Def, cons. items
11,947
28,497
13,859
Prepaid insurance_
24,940
Prep. over. exp
18,678
Prepaid deb.under43,274
60,300
writing expenses
Total
32,502,157 33,719,878
32,502,157 33,719,878
Total
x Represented by 2,500,000 shares of no par value. y Sold under contract.
-V.134. p. 2920.
-80c. Dividend.
Hutchinson Sugar Plantation Co.
A dividend of 30 cents per share has been declared on the capital stock,
par $15, payable July 10 to holders of record July 5.
This compares with 45 cents per share paid on Jan! 5 1933 and 10 cents
per sham paid each quarter from Dec. 1924 to and incl. April 1926.1T. 135, p. 4566.
uyler's of Delaware, Inc.-74-4miited.44.44.The New York Curb Exchange has admitted to list 200,000 shares of
n8w common stock (par $1) issye, share for share in exchange for old
common stock without par value. V. 137. p. 150.
-Earnings.
Hygrade Sylvania Corp.(& Subs.).
1932.
1931.
Calendar Years31.947.683 $2.882.786
Gross profitfrom sales
2.098.750
1.295.824
Gross income
359.898
384,778
Depreciatior of fixed assets
76,774
91.482
Amortization of cost of purchased lamp licenses- _ 7,624
208.221
State and Federal taxes
$851,528 $1.414.269
Net income
$6.53
$3.66
Earns. per sh. on 192,684 no par shs.of corn.stock..
Consolidated Balance Sheet Dec. 31.
1932.
1931.
Liabilities
1931.
1932.
Assets1599,695 5762.691 Accts. pay.& amen
Cash
$446,768 $541,116
items
875,801
U.S.Govt.obligns 1,466,659
167,381 Prov. for Fed. &
0th. market.seeur 159,378
48,721
206,715
State taxes
Accts.& notes rec..
607,546 Contractual liab.,
cust'rs Sc others_ 556,405
684,380 Instalments due
Inventories
596,429
35,000
27,500
within 1 year_ _ _
Cash surrender val.
132,914 Contractual 'lab.,
of life Ins
163,404
bal.of instalm'ts
Inv.in pref.& corn.
•
due subsequent
sbs. of Tung-Sol
27,500
to 1932
203,806
Lamp Wks., Inc 114,435
Fixed assets
1,232,156 1,441,798 xConv. pref. $6.50
2,173,000 2,324,700
cum
Prepd. ins., taxes
963,420
963,420
34.469
33,072 yCommon stock
& miscell. exp
285,299
345,249
Paid-In surplus_
Purchased lamp li635,669
951,630
Earned surplus
censes, at cost
110,029
33,255
less amortlza'n_
1
1
Good-will
Total
34.956,288 35,019,419
$4,956,288 85,019,419
Total
x Represented by 23.800 shares no par value (less 2,070 shares in 1932 and
553 shares in 1931, held in treasury). y Represented by 192,684 shares no
par alue.-V. 135. p. 1667.
-New President, &c.
Imperial Oil, Ltd.
G. Harrison Smith, formerly Vice-President, has been elected President
to succeed C. 0. Stillman. 'Victor Ross, for years a Vice-President, has
been advanced to the office of Senior Vice-President. C. A. Eames, a
director, becomes Vice-President, and R. V. Le Silent% who is a new
member of the board, has also been elected a Vice-President. Other
directors re-elected are John McNeil and L. C. McCloskey.
Mr. Stillman and A. M. McQueen retired from office under the retirement plan of the company, which is controlled by the Standard Oil Co.
-V. 136, p. 4471.
(New Jersey).
-Earns.
Industrial Acceptance Corp., Ltd.(& Sub.).
Earnings for Year Ended Dec. 31 1932.
$12,512,287
Gross volume
Gross income after setting aside reserves for unearned income
899,920
and credit contingencies
476,696
Administration and general expenses
253,468
Interest on borrowed money
72.025
Insurance premiums
57,024
Interest on debentures
1.100
Provision for income tax
Balance for the year, transferred to surplus account
Previous surplus
Prior adjustments
Discount on debentures purchased
Total surplus
Additional provision for credit contingencies
Dividends on class A stock
$39.607
43.029
Dr.12,875
13,782
$83.544
40,902
18.000
324,543
Consolidated Balance Sheet Dec. 31 1932.
Liabilities
Assets$3,335,513
$502,208 Bank loans
Cash
72,629
Acceptances Sc notes receivable 5,540,557 Accounts payable
108,292 Margin withheld & holdbacks_ 642,002
Accounts receivable
Reserves for deferred income
Deferred charges and prepaid
32,194
and credit contingencies_ ___ 269,398
insurance premiums
938,500
84,651 Debentures
Real estate, mtges. Sc off. eq._
x1,000.000
Capital stock
Company's own shares held In
24,643
14,811 Surplus
trust for employees
1
Good-will
Surplus
$6,282,714
Total
86,282,714
Total
x Represented by 60.000 shares class A stock and 20,000 shares class B
stock, all of no par value.
-V. 136, p. 1896.
-Adds Stocks.
Incorporated Investors.
During the past quarter Incorporated Investors added over $3,500,000
worth of common stock to its holdings, 12 new companies appearing in the
June 30 portfolio.
In commenting on these additions the management said. "During the
past quarter the management added substantially to the recovery power
of the portfolio of Incorporated Investors. Emphasis was given to those
companies in a direct line to benefit substantially from the vigorous recovery in industrial activity, the sustained increase in commodity prices
and the improvement in consumer purchasing power."
The 12 new companies which appeared in the June 30 portfolio are as
follows:
7,500 shs. Montgomery Ward
10,000 sbn.
American Gas& Electric
15,000 she. Pullman
10,000 abs.
Canada Dry
15,000 sits. Reynolds Tobacco B
10,000 shs.
Columbia Gas & Electric
5,000 shs. Reynolds Metal
10,000 ohs.
Goodyear
10,000 shs. Standard Oil of California__ _ _10.000 sbs.
International Harvester
15,000 shs. United States Smelting
International Nickel
5,000 shs.
322
Financial Chronicle
Incorporated Investors also increased its investment in the following
companies already owned:
Commercial Solvents
10.000 to 15,000 shares
Continental Can
7,500 to 10,000 shares
United States Gypsum
10,000 to 15,000 shares
During the past quarter Incorporated Investors disposed of its entire
commitment in Allied Chemical, General Foods, and Gillette. A complete
summary of the decreases in the June 30 list of holdings as compared with
three months previous is as follows:
Air Reduction
12,500 to 10,000 shares
Allied Chemical
5,000 to
0 shares
Coca-Cola
5,000 to 3.500 shares
General Foods
15.000 to
0 shares
Gillette
20,000 to
0 shares
Union Carbide
25.000 to 20,000 shares
The complete list of holdings of Incorporated Investors on June 30 as
compared with three months previous is as follows:
No. ofShares. No. of Shares.
CompanyMar.31 1933. June 30 1933.
Net Change.
Air Reduction
10.000
12,500
-2,500
Allied Chemical& Dye
-5,000
American Can
7,500
.8156
5,0007
American Gas & Electric
+7_-,!?
7,500
American Telephone & Telegraph.... 2,500
2,500
American Tobacco Co.B
6.000
6,000
Atchison Topeka & Santa Fe
::::
5.000
.
Bankers Trust
10,000
10,000
_ --Bethlehem Steel
15.000
15.000
Canada Dry
15,000
Chesapeake & Ohio
10,000
10,000
+15.000---Chrysler Corp
20,000
20.000
Coca-Cola
5.000
-I:860
3,500
Coltunbia Gas & Electric
15,000
+15.000
Commercial Solvents
10.000
15,000
Continental Can
10,000
7.500
5_
++2,_'57
Corn Products
15.000
15,000
Delaware & Hudson
6,000
6,000
Drug,Inc
__12.000
12,000
E.I. du Pont de Nemours
15.000
15.000
---First National Stores
12.000
12.000
General Electric
20,000
20,000
General Foods
15.000
-15;666
General Motors
40.000
46"
.666
Gillette Safety Razor
20,000-.--ear
00
86
5:566
+5.0God
+5.000
8.500
(W. .) Grant
_ __ _
Guaranty Trust of New York
2,000
2.000
International Business Machines.- 6,000
6.000
International Harvester
10,000
+10Atiti
International Nickel
15.000
+15,000
Liggett & Myers B
6,000
6.000
Loew's, Inc
16.000
Monsanto Chemical
16 500
4.
4,500
"0
Ward
10.000
.0
00
National Dairy Products
10,000
10,000
National Steel
10,000
10,000
---Owens-Illinois Glass
3,000
3.000
_-Pacific Gas & Electric
14,000
14.000
Public Service of New Jersey
7,500
7.500
Pullman
10,000
-1-10Ael
x Radio Corp.of America
3,333 1-3
3.333 1-3
(R.J.) Reynolds TobaccoB+10:666
10.000
Reynolds Metal
10,000
+10.000
Sears, Roebuck
15,000
15,000
Standard Oil of California
10.000
+10:666
Union Carbide & Carbon
25,000
20,000
-5 ?00__
:
Union Pacific RR
7,500
7,500
United Aircraft & Transport
7.500
7,500
United Fruit
7.500
7.500
::::
United Gas Improvement
20.000
20,000
United States Gypsum
10,000
15,000
United States Smelting
5,000
+5.000
x Received as a result of distribution on holdings of General Electr1c Co.
5
:15116
-V. 136, p. 4471.
Ingersoll-Rand Co.
-Receives Locomotive Order.
See Delaware Lackawanna & Western RR. under "Railroads" above.
-V. 136. P. 3356.
Insull Utility Investments, Inc.
-Auction Postponed.
The auction of securities pledged with four New York banks by Insull
Utility Investments and Corporation Securities Co. of Chicago, scheduled
to be held yesterday, was adjourned until Aug. 2.-V. 136. p. 4100.
International Business Machines Corp.
-Tenders.
The Guaranty Trust Co. of New York. trustee, 140 Broadway, N. Y.
City, will until 10 a.m. on July 19 receive bids for the sale to it of 6%
-year sinking fund gold bonds,
Computing-Tabulating-Recording Co. 30
due July 1 1941, to an amount sufficient to exhaust 31.067,040 at prices
not exceeding 105 and int. to July 21.
In connection with the above call for sealed offerings of bonds. the
International Business Machines Corp. calls attention to the fact that the
funds now on deposit with the trustee in the sinking fund are sufficient to
redeem on Jan. 11934. all of the bonds of the issue now outstanding and not
heretofore called for redemption. In case offerings of sufficient bonds are
not received by the trustee to exhaust substantially the sinking fund
moneys in the hands of the trustee, which, as above stated, would be all
of the bonds now outstanding and not heretofore called for redemption, the
trustee will call for redemption on 3an. 11934, all of the bonds of the issue
not heretofore called for redemption and not purchased by it as the result
of tenders submitted in accordance with the above notice, at 105 and int.
to Jan. 11934. In such case the trustee is also authorized by International
Business Machines Corp. to offer to purchase any of the bonds to be
redeemed on Jan. 1 1934. at 105, plus accrued interest to the redemption
date, discount (on a true discount basis) at the rate of 3% per annum from
the date of presentation and surrender of such bonds at the principal office
of the trustee to Jan. 1 1934.-V. 136. p. 4471.
International Coal & Coke Co., Ltd.
-Report.
Calendar Years1932.1931.
Net inc. after deprec.,
depletion, &c
322,875
$23,656
Dividends
(2%)60,000
1930.
1929.
$22,843
$131,859
(43i)135,000
Balance, surplus
def$37.125
$22,843
$23,656
def$3,141
Balance Sheet Dec. 31.
Assets
1931.
1932.
1932.
1931.
$93,989 Accts. payable_.... $15,368
$26,176
Cash
86,372
Dom.of Can. bds_ 452,521
403,529 Accr. & unclaimed
2,794
wages
Other bonds
16,505
10,718
Accts.receivable_ _
40,700 Royalties
41,823
1,157
31
1,433 Divs. outstdg. and
1,180
Due from subs_ _ _
unclaimed
7,874
Coal on hand
6,039
3,252
2,920
Whse. stk., timber
Dom.Inc. tax-est
2,916
2,049
and lumber__ __
29,558 Deferred credit to
29,956
Agreement of sale_
Income
1,140
606
606
1,140
Unexp.insur., lease
Workmen's comp.
rentals, do
5,933
5,767
838
board
Invest. in subs_
135,370
135,135 Res. for deprec.,
Depos. on light &
1,482,129 1,429,306
depletion, &o
99
water sera. cont.
52,624
Contingencies res_
52,625
Def. chges. to oper
15,480
Rehabll. of power
Other investments
2,795
50,000
plant reserves...
50,000
Coal lands Se rights 3
,036,192 3,036,192 Capital stock
3.000,000 3,000,000
Plant, railroads Si
Profit dc loss sect_. 247,912
285,038
equipment
1,117,468 1,083.753
Development
1
1
$4,873,308 $4,840,199
Total
-V.134. p. 4166.
Total
$4,873,308 $4,840,199
July 8 1933
-Stock Oversubscribed.
International Mining Corp.
-An
issue of 63,506 shares of common stock (with stock purchase
warrants) was offered at $11 per share on July 6. The issue
has been oversubscribed.
Applications for the purchase of these shares with warrants may be made
through recognized financial institutions, bankers, brokers or other security
dealers. All such applications and those of individuals will be received
on behalf of the corporation by Lehman Brothers, 1 Wiliam St., New,York.
Of the 63,506 shares offered, 10,000 shares (with warrants to purchase
a like number of shares) have been reserved for offering in Canada through
Greenshield & Co., Montreal, Can.
Each share now being offered is accompanied by a detached warrant
entitling the holder to purchase an additional share of common stock at
$10 on or before Sept. 1 1939, the warrant rights being subject to adjustment under certain contingencies described on the warrants.
The corporation will make application to list its shares and to obtain
unlisted trading privileges for the warrants on the New York Curb Exchange
and for equivalent privileges on the Montreal Curb Exchange.
r3
Stockholders of the corporation are being given a prior opportunity to
Purchase these shares with stock purchase warrants pro rata to their respective holdings.
A prospectus signed by H. W. Chadbourne, Pres., affords
the following:
Company.-Incorp. in Delaware. Aug. 9 1929, for the primary purpose
of prospecting, exploring and examining minin properties and mineral and
oil lands throughout the world with a view to acquisition, directly or indirectly, of interests in such properties by purchase, lease, location or otherwise; and to acquire interests in other mining enterprises. However, under
its charter the corporation has wide powers and may invest its funds in such
manner as its management may deem advisable.
-Messrs. H. W. Chadbourne, Hoffmann, Easley, and
Management.
Baggaley are under contracts of employment which expire on Aug. 31 1934.
It is the desire of the principal officers including H. W. Chadbourne, who
has the largest stock interest in the corporation of any individual, to remain
In the corporation's service, and it is not the present intention of the Board
of directors to change the existing management.
Officers are: H. W. Chadbourne, Pres.; Thomas L. Chadbourne, Chairman; K. F. Hoffman, Vice-Pres.; George A. Easley, Vico-Pres. & Treas.;
Win. Blair Baggaley, Vice-Pres.; John C. Brennen, Sec. & Asst. Trees,.
and H. C. Hoffman, Asst. Sec. & Asst. Treas.
Directors are: *Wm. Blair Baggaley, Chicago, Ill.; John C. Brannon,
*H. W. Chadbourne, *Thomas L. Chadbourne, Murray H. Coggeshall,
New York, N. Y.; Donald B. Douglas, Chicago, Ill.; *George A. Easley,
New York, N. Y.; Sir Charles Gordon, G.B.E., Montreal, Can.; Harry
G. Haskell, Wilmington, Del.; *K. F. Hoffman, New York, N.Y.; Sir
Herbert S. Holt, Richard 0. Johnson, Montreal, Can.; James Y. Murdoch, K.C. Toronto, Can.; P. A. Rockefeller, S. C. Thomson, Archer E.
Wheeler, Now York, N. Y.
'
IstMisenithbeeirnsteonftlexonecouftthe bo m mittee
ive coard to el
. to membership a representative
ect
of the firm of Lehman Brothers at an early date.
The directors of the corporation receive a $20 fee for attendance at
meetings of the board of directors. The principal active officers of the corporation are compensated by common stock purchase warrants, and by
salaries fixed by the board of directors. The highest cash remineration
now paid by the corporation to any of its officers or employees is less than
325.000 per year.
-The largest stockholders as of June 28 1933,
Principal Stockholders.
was the 'Warwick Corp., Chicago, Ill., holding 51,050 shares and warrants
to purchase 76,050 shares. Two of the officers and an additional director
of International Mining Corp. are interested in the Warwick Corp. as
stockholders.
H. W. Chadbourne, President, owns directly 28,002 shares and warrants
to purchase 75,502 shares in addition to his indirect interest through his
share holdings in the Warwick Corp., of whose outstanding stock he owns
10.41%.
The officers and directors of the corporation are owners in the aggregate
of a substantial amount of stock and of warrants. The firm of Lehman
Brothers owns 12,872 shares and warrants to purchase a like number of
shares.
-Corporation's portfolio, exclusive of treasury
Asset Value and Portfolio.
stock, as of the close of business June 14 1933, consisted of the securities.
and the syndicate participation listed below. Arthur Young & Co.Accountants and auditors, have stated as follows the respective values based on
the latest available market quotations at the close of business that day
in the case of quoted securities and the securities held in the syndicate
below mentioned, and on cost in the case of the shares of Siamese Tin
Mines, Ltd., which are not quoted.
No. of
Security
Shs.
Value.
1,400 American Smelting Sc Refining Co.6% cum. prof
383.300
21,100 Brooklyn-Manhattan Transit Corp., common
820.262
90,804 Bulolo Gold Dredging, Ltd
1,303,945
1,000 Central Mining & Investment Corp., Ltd
64,650
1,170 Consolidated Mining & Smelting Co. of Can., Ltd _
134,409
Continental Oil Co
1,500
21.375
21,000 Creole Petroleum Corp
131,250
500 Durban Roodepoort Deep, Ltd
3,335
& Finance Corp., Ltd
500 General Mining
4,105
5,000 International petroleum Co., Ltd.. common
78,125
5,000 Kennecott Copper Corp
100.000
1,000 Lake View & Star. Ltd
3,850
5,000 Noranda Mines, Ltd
148,125
common
2,500 Ohio Oil Co.,
35.625
5,000 Patin° Mines & Enterprises Consolidated, Inc
86,250
11,556 l'iacer Development. Ltd
462,739
1,000 Randfontein Estates Gold Mining Co., Ltd
10,310
9,600 St. Joseph Lead Co
214,800
4,400 Texas Gulf Sulphur Co
125,950
1,800 United States Smelting, Refining & Mining Co.,cern
90,675
2,000 West Rand Consolidated Mines, Ltd
8,620
1,000 Witwatersrand Gold Mining Co., Ltd. (Knights)_ _
4,490
-Hargreaves Mines. Ltd
36,900 Wright
207,562
Total quoted securities
$4.143.754
6,000 Siamese Tin Mines,Ltd.(not quoted)
52,259
Equity of corporation in syndicate holding shares of
ase Metals Mining Corp., Ltd
339,110
The market values stated above are based on quotations on the respective stock exchanges on which securities are listed. The values of the
securities in the above table which are based on quotations on foreign stock
exchanges have been converted at the rates of$.8975(U.S. A.) per Canadian
dollar, $4.10% (U. S. A.) per pound Sterling and $3.28 (IJ. S. A.) per
Australian pound.
Valuing the corporation's holdings on the above basis and without giving
effect to the sale of the shares now being offered to the public, a net asset
value, after deducting organization expenses, as of June 14 1933. of $14.01
per share for the shares now outstanding, exclusive of treasury stock, is
indicated, according to Arthur Young & Co. Had the 63,506 shares now
being offered then have been sold, such net assets value would have been
approximately $13.24 per share for the 400,000 shares that would then
have been outstanding, exclusive of stock remaining in the treasury, after
deducting the commissions and estimated expenses payable by the corporation in connection with this offering.
Authorized.
CapitalizationOutstanding.
. 4
Cumulative pref. stock (no par value)____ 1,1510 0000 isthhtst:
Common stock (par $1)
6336,494 alms..
for 650,000 shs. for 426,994 shs.
Common stock purchase warrants_c
a Of which 650,000 shares are reserved for Issue upon exercise of warrants.
b Not including 163,506 shares held in the treasury of the corporation of
which 63.506 shares comprise this offering. c The warrants entitle the
holders to purchase on or before Sept. 1 1939. shares of common stock at
$10 per share. The warrants for 426,994 shares stated above as outstanding in the hands of the public do not include warrants for 27,000
shares held by the corporation for delivery from time to time pursuant to
the terms of certain management contracts, or warrants for 196.006 shares
(including the warrants offered herewith) held in the treasury of the corporation, of which warrants for 32,500 shares are reserved for use in connection with future compensation of officers and employees at the discretion
of the board of directors. The number of shares Issuable upon exercise
of the warrants and the purchase price per share may be increased or
decreased under certain contingencies as more fully described on the
reverse of each warrant.
Transfer agents for common stock City Bank Farmers Trust Co., New
York, and Royal Trust Co., Montreal, Can: registrars are Bankers Trust
Co., New York, and Montreal Trust Co., Montreal, Can.
The original issue of the 500,000 shams of the common stock (with warrants to purchase an equal number of shares of common stock at $20 Per
share) was subscribed privately during August nad September 1929, at $20
per share with warrant. During the same period similar stock purchase
warrants for 150.000 additional shares were issued to certain persons connected with the management of the corporation for $1,000. Of this number,
warrants to purchase 100.000 shares were returned to the corporation.
without expense to the corporation. Of these warrants to purchase 100.000
shares, pursuant to an agreement made at the time of their return to the
corporation, warrants to purchase 40,500 shares have since been delivered,
and warrants to purchase 27,000 shares are held for future delivery to certain
officers under management contracts, and warrants to purchase 32.500
shares are reserved for use in connection with future compensation of
officers and employees at the discretion of the board of directors. The
corporation has reduced the price at which all stock purchase warrants
outstanding may be exercised from $20 to $10 per share.
Purpose of Of
fcrino.-The corporation has acquired by private purchase
at a price substantially below the present offering price, 163.506 shares of
its stock accompanied by warrants to purchase an equal number of shares,
of which the 63,506 shares with warrants now being offered are a part.
None of this stock was acquired directly or indirectly from the managers
or directors of the corporation. It is now felt that there are desirable
opportunities for the investment of additional funds in mining and allied
enterprises, and the corporation wishes to place itself in a position to take
advantage of such opportunities without the necessity of liquidating present
investments.
Commissions. Expenses and Proceeds.-Corpointion has entered into a
contract whereby Lehman Brothers for their services to the corporation
will receive from the corporation a commission of 75 cents per share on
all shares sold in the United States. Corporation has made similar arrangements with Greenshields & Co. covering the shares sold in Canada. In
addition a commission of 75 cents per share is payable to recognized financial
institutions, bankers, brokers and other security dealers, including Lehman
Brothers and Greenshields & Co„ on all shares allotted on applications
received through them. The canmissions on sales to stockholders are
to be pro-rated between Lehman Brothers and Greenshields & Co.
The expenses of the corporation in connection with this offering of its
shares will, it is estimated, amount to approximately $20,000. This estimate includes $7.700 for legal expenses, $2,700 for State and Federal transfer
taxes and Canadian stamp taxes, $1,000 for the fees and expenses of accountants, $3,500 for advertising, $1,000 for engineering reports, and
$4,100 for miscellaneous expenses. These expenses are in addition to the
commissions described above. Should all the shares being offered be sold.
the net proceeds to the corporation after those commissions and expenses
will be approximately $583,307.
Statement of Income and Profit and Loss.
Year Ended Dec. 31
Jan 1 '33 to
1931.
1930.
June 14 1933.
1932.
Total income
8255,286
$354,795
$118,685
Total expenses
167,138
164.940
109,497
59,649
Net profit
loss$56.009
Deduct
Net loss realized on sale
of securities
624,792
$9.188
$88,149
$189,855
783.523
2,333.306
501.547
Net loss realized
$774,334 $2,245,157
8311,692
$680,801
Balance Sheet at June 14 1933. .
(Without giving effect to the proposed sale of 63,506 shares of the corporation's common stock, with warrants.)
AssetsLiabilities and Capital
Cash in banks & on hand
$1,198
$221,455 Accounts payable
Due from brokers & syndicate_
18,772 Accrued payroll, taxes & exDividendsreceivable5,304
6,403
penses
Accounts recelvable-misc___64,681
450 Due to brokers
Investments In sec., at cost__ 3,766,170 Common stock
500,000
Participation in syndicate, atWarrantsissued _a
1,000
cost
5,155,006
113,970 Capital surplus _ b
Inv. In 163,506 shares of In680,801
Deficit_ b
ternational Mining Corp.
common stock, at cost
897,777
Prepaid expenses
370
Office & field equipment
3,933
Organization expenses
17,085
Total
$5,046,387
$5,046,387
Total
a Including warrants to purchase 223.006 shares, of which warrants
for 163,506 shares are held in treasury (included as an asset on balance
sheet), warrants for 27.000 shares are held by the corporation for delivery
from time to time pursuant to the terms of certain management contracts
with officers and warrants for 32.500 shares, held in treasury, are reserved
for use in connection with future compensation of officers and employees
at discretion of board of directors. b Before adjustment of unrealized
appreciation of $429.844 in market value of investments as compared with
cost, subject to value of unlisted stock, and before adjustment for unrealized
market appreciation of $225.139 in equity of Syndicate as compared with
cost, which Syndicate Is restricted as to immediate liquidation.
International Petroleum Co., Ltd.
-New Directors, &c.
A. M. McQueen, Vice-President, and C. 0. Stillman, a director, are retiring from the board under the retirement plan. Their resignations were
accepted at a meeting of the board July 3.
R. V. Lesueur, who was recently elected a Vice-President of Imperial
Oil, has been elected Vice-President. C. S. Wilcox and Dr. 0. B. Hopkins
also were elected to the board.
-V. 136. P• 3739
.
International Shoe Co.
-Earnings.
-
For Income statement for 6 months ended May 31 see "Earnings Department" On a preceding page -V. 137, p• 151.
-Annual Report.
Investment Bond & Share Corp.
-
Year Ended Dec. 311932.
Income from investments
Y$135,151
General expense, taxes and exchange_
7,726
Premium on U. S. funds
Interest on loans
33.291
Interest on 59' debentures
124.325
Provision for Federal income tax_..
For. inc. taxes deducted at source__
Dividend on preferred stock
Balance, surplus
Previous balance
Prior year adjustments
Income tax adjustments
Loss on exchange
def$30.192
239,495
1931.
x$324,852
10,263
806
28.107
200,000
3,191
370
1930.
$371,558
13.531
$84,125
163,128
Dr.7.758
$41.373
131.784
Dr.10,030
5,138
200,000
5,500
1,014
105,000
Cr.50
Dr.67,609
Balance,surplus, Dec.31
$239.495
$141,743
$163.127
x Includes $5,605 proceeds of stock dividends received and sold: also
includes interest of $43.084 on company's 5% debs. purchased during
year and canceled as of Dec. 31 1931. y Includes proceeds of srock dividends received and sold of $2,424 and inter est of $2,988 on corporation's
5% debentures purchased during year and canceled as of Dec. 31 1932.
Balance Sheet Dec. 31.
Assets
Liabilities1932.
1931.
1932.
1931.
Cash
31.000
$5,724
$5,750
$41,380 Accounts payable.
Interest accrued on
Bank loan (accord) 570.000
644,000
I bonds
17.391
22.938 Accr. int. on 5%
*Bonds and stocks
debentures
9,671
10,361
at cost
5,020,299 5,321,808 Debs., ser. A 5%. 2,321,000 2,486,500
6% cum. pref. stk. 1,750,000 1,750,000
Common (140,000
shs. no par)..... 250,000
250,000
141,743
Revenue surplus
239,495
Total'
$5,043,414 $5,386,105
$5,043,414 $5,386,105
Total
x Market value $1,338,284 in 1932 and 81,663,079 in 1931.-V. 134.
p. 3989.
323
Financial Chronicle
Volume 137
Investors Corp., Providence, R. L-Earnings.
Calendar YearsTotal income from interest and dividends
Security losses
1932.
$180.634
265.914
x1931.
x$57.028
$85.280 prof.$57.028
6.906
5.748
4,807
14.336
11.901
11.094
3.000
3.000
2,101
1,236
2.249
2.056
Net loss
Federal and State taxes
Interest on notes payable
Salaries
Rent
Auditing
Miscellaneous
Net profit
Dividends: On first preferred stock
On second preferred stock
On convertible preferred stock
loss$122,751
111,931
4.500
6,000
$26.064
117,044
13,500
18.000
$122,480
Deficit after dividends
$245,182
x Includes security profits.
Condensed Balance Sheet Dec. 31.
1931.
1932.
1931.
LiabilitiesA ssets1932.
a Bonds
$775,025 $880,373 b $6 1st pref. stock$1,000,000 $1,000,000
80,000
80,000
a Preferred stocks_ 745,796
780,522 c S6 cony. pt. stk_
60,000
d $6 2d pref. stock
60,000
a Common stocks
286,017
and warrants_ _ _ 2,014,747 2,347.810 e Common stock__ 286,017
135,000
13,140 Liquidation acc'ts_ 135,000
Cash
35,227
241,692
Earned surplus_ _ 251,220
.
Int. & divs. accr'd
32,895
37.386 Capital surplus... 1,722,914 1,977,654
but not due_ _ _ _
432
221
Accrued expenses_
Treas. stk. (1,015
350,000
69,720 Notes payable_ _ _ _ 220,000
shares 1st pref.) 106,360
194
244
8,220 Unclaimed diva_ _ _
Acc'ts receivable_ _
7,297
5,707
1,000 Reserve for taxes_
1,000
Organization exp._
117
Prepaid expense...
280
Total
$3.761,324 $4,138,288
Total
$3,761,324 $4,138,283
a Cost of securities as shown above, $3.535,562 ($4.008.704 in 1931):
market value, Dec. 31, $1,817,867 ($2.436,249 in 1931). b Represented by
20,000 no par shares. c Represented by 4,000 no par abs. d Represented
by 3,000 no par shs. e Represented by 96,716 no par shs. and includes
-V. 134. p. 4333.
general reserve and paid-in surplus.
-Earnings.
Katz Drug Co.
Calendar YearsNet sales
Cost of sales
1932.
Not
Reported
1930.
1931.
87.511 513 $6 688.892
5,604.035
5.128,710
Gross profit from sales
Other operating revenue
$1,842.460
90,164
$1,907.477 81,560.181
61.231
97.913
Gross operating profit
$1,932,625
Operating & administrative expenses_ 1,440,077
$2.005,390
1.468.937
$1,624.412
1.206.215
Net profit
Miscellaneous income (net)
$492,548
8.607
$536.453
8.454
$418,197
11.379
Net income before income taxes __ _
Provision for Federal & State inc. tax_
8501.155
71,935
$544,906
70.260
$429.576
54.145
Net income
Previous earned surplus
Prof on pref. stk. purch.for sink,fund
deposit
Net inc. of wholly-owned sub, prior
period
Sundry adjust. applic. to prior period_
$429,220
316.023
$474,646
133,624
$375.431
69.397
3,059
Dr.177
1,669
Total
Reduction of treasury corn.stk. to par
value of $1 per share
Preferred dividends
Common dividends
Atty.fees it connection with reorgan'n
$757.929
$609.939
8444,828
44,750
88.114
200,931
91.650
202,266
94,46S
203.510
13.226
9.805
$133,624
Earned surplus, Dec. 31
$316.023
$424.133
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
LiabilitiesAssets-1932.
Cash
t161,848 $240,079 Accounts payable_ $180,744 $220,616
128,738 Prey, for Fed. &
Marketable securs 206,882
71,935
70,260
Accts.receivable__
State inc. taxes_
115,678
79,189
21,146
25,018
Merchandise Inv__ 993,343
915,168 Accrued expenses_
24,287
8,481
Stk.subscrip.rccDisc. notes rec____
4.000
employees
41,347 Res, for conting__
26,765
x$6.50 cum. pref.
Investment In cor1,173,900 1,212,600
porate stocks...
12,650 stock
102,483
101,133
0th. Investments_
Common stock..
67,016
105,497
Treasury stock _ _ _
46,100 Capital surplus..._ 101,792
40,754
316,023
Equip.& leaseholds 481,838
527,798 Earned surplus..._ 424,133
Cash surr. vat of
life Msgr. pot._ _
25,018
21,066
Notes rec. disc._
8,481
24,287
Goodwill-nominal
value
1
1
32,106.945 $2,057,106
Total
Total
$^,106,945 $2,057,106
x Represented by 13,650 no par shares in 1932 and 14,100 in 1931.
-V. 134, p. 3990.
Kelvinator Corp.
-Shipments Gain.
Orders received by this corporation in June passed the ail-time record
set in May when 43,357 units were shipped from the factory, it was announced by It. W. I3urritt, Vice-President in charge of sales. Orders
received during June totaled 44.525 units, which is 129% greater than
best previous June in Kelvinator history.
The final June figures showed that the company, in the quarter ended
June 30. had shipped 110.989 refrigerators. This compared with 64.052
in the corresponding 1932 quarter, a gain of 73 3%. June shipments
were more than double those of June last year, the percentage increase
being 218.2%.
Mr. Burritt announced that the company had inaugurated its greatest
mid-summer advertising and sales campaign.
-V. 137, p. 151.
Keystone Steel & Wire Co.
-Accumulated Dividends.
The directors have declared a dividend of 5 y,% on account of accumulations on the 7% cum. pref. stock, par $100, payable Aug. 1 to holders of
record July 15. The last regular quarterly payment on this issue was
made on Jan. 15 1932.
Following the above distribution, acgumulated dividends will amount to
5X %.-V. 136. p. 4281.
Keystone Watch Case Corp.-Earnings.Calendar YearsNet loss
Divs. on corn. stock _
1932.
885,715
1931.
$166,944
44,259
1930.
1929.
$101,936prof$721,048
88,518
236,048
8211,203
8190,454 sur$485,000
885.715
Condensed Balance Sheet Dec. 31.
1931. I Liabilities1932.
1932.
1931.
Assets$296,910 $323,538'Common stock_ ..$l,180,240 $1,475,300
Plant assets
504.647'Surplus
448.744
1.462,015 1,631,476
Inventories
1,684,672 1,500,000 Accounts payable.
4,381
12,211
Investments
447.883 Rester deprecia'n
Accts. & notes rec_ 212,252
32,637
32,182
25,838 Other reserves_ _ _ _ 244,457
3,496
Prepaid Insurnace_
152.576
501,840
277.657
Cash
Deficit
32,923,730 $3,393,746,
Total
-V. 136. p. 3548.
Total
$2,923,730 $3,303,746
.'"--x(G.) Kreuger Brewing Co.-Admitre=2St_
,.he New York Curb Exchange has admitted to listing 200,000 shares
of $1 par value common stock.
V. 136, P. 2984.
324
Financial Chronicle
Kendall Co.(& Subs.).
-Earnings.
Years EndedDec. 31 '32. Dec. 26 '31. Dec. 27 '30. Dec. 28 '29.
Profit before depreciation, interest & taxes_ $1,239,004 $1,527,875 $1,037,572 $1,818,829
Depreciation
671,852
766,729
732,572
762,796
Operating profit
Interest received
Disc,on deb, bds.retire_
$472,275
25.076
58.053
$765,079
22,815
$305,000 $1,146,978
55,737
21,059
Total income
Bond interest
Other interest charm-Amort. of bond discount
Loss on disposition of
fixed assets
Provision for taxes
Prov. for loss on Can.
Exchange
Prov.for poss. add,taxes
prior years
Divs, on pref. stock of
subs, in hand of public
$555,404
293.676
11,284
29,560
$787,895
314.726
11,486
30,056
$326,059 $1,202,715
337,142
328.540
108.644
72,742
38,558
45,492
17,015
55.685
2,708
72,195
Net profit for year.. _ Previous surplus
$60,518
260,330
Total, surplus
Kendall Co. dividendsPref. stock, series A.Common stock
$320,848
$484,007
218,772
223,677
245.019
39,230
204,357
96,574
Earned surplus
Shares common stock
outstanding(no par)._
Earnings per share_ _ -
$102,076
$260,330
$355,094
$898,193
397.103
Nil
397.063
Nil
392,314
Nil
386 551
S.90
21,323
28,823
5.982
67,613
63.724
75,000
87,665
87.989
87,361
$128,913 loss$258.850
898..193
355,094
$557,415
641.709
89,088
$639,343 $1,199,124
Consolidated Balance Sheet.
Dec.31'32.
Dec.31'32. Dec.2631.
Assets
Liabilities$
$
Cash
2,111,382 1,688,470 Accounts payable_ 403,647
Accts. & notes rec. 1,844,648 1,937,736 Accrued interest,
Value of life insur_
payrolls, &c____ 220,742
76,568
Inventories
62,310
2,359,198 2,400,668 Dividends payable
Deb. bonds,ser. A 443,137
55,847
409,944 Prov.for Fed.taxes
Preferred shares.. _
68,442
106,205 Prov. for poss.
Misc. investments 135,119
additional taxes 229,146
18,465
'Unexpired insur.,
Purchase money
prepd.int. & exp 165,662
75,000
mortgage,&c__
163,640
Unamort. disc. on
20-yr. 5Si% deb.
deb. bonds_
457,767
502,853
5,835,000
series A
Invest.in affil. cos.
78.042
Pref. stk. of subs.
Ld.bldgs.,mach.,
in handsetpublic 1,253,750
equipment, &c_ 6,124,514 8,297,059 Cum. & particip.
Trademarks, trade
3,762,600
pref. stock
names, pat.,&c_
180.847
180,847 y Common stock
1,723,775
Good-will
1
1 Capital surplus_ _ _ 321,435
Earned surplus...- 102,076
Dec.2631.
347,735
243,967
59,436
73,920
100,000
75,000
6,025,000
1,260,050
3,762.600
1,723,460
1,823.703
260,330
Total
14,045,328 15,755,202
Total
14,045,328 15,755,202
x After depreciation of $3,953,589 in 1932 and $5,806,187 in 1931.
y Represented by 397,103 no par shares in 1932 and 397,063 in 1931.V. 135, p. 997.
Ken-Rad Tube 8c Lamp Corp.
-Earnings.
Calendar Years1932.
1931.
1930.
1929.
Net sales
11,549.591 11,118,834 $1,097,575 $1,907.435
•Cost of goods sold
1,180,960
891.447
865.436
1,187,592
General & admin. exps....
118,994
134,697
185,120
150.999
Selling expenses
167.014
207,406
188,727
229,567
Operating profit
Other income
$82,623 def$114,716 def$141.709
32.879
47,393
25,795
$115,502 def$67.323 def$115,914
37.371
15.999
15,496
Total income
Other deductions
Income taxes
$339,278
32,339
5371.618
34.040
52,573
Net profit
Dividends paid
$78,132
def$83,322 def$131.409
5285.005
225,000
Balance, surplus
Surplus adjustments
Surplus beginning of year
$78,132
def$83,322 def$131,409
80,848
164,170
295,579
$60.Q05
Dr26,849
262,424
Surplus end of year....
Earns. per sh. on 175.000
shs. combined A &
stock (no par)
$158,980
$80.848
$164,170
$295,579
$0.45
Nil
Nil
$1.47
Assets-Cash
Inv. U.S.Gov.bds.
aTrade acc'ts and
notes receivable
Other notes and
accts. receivable
Inventories
Cash val. life ins
Accr. Int. & other
accounts
Exp. paid in adv._
b Land, bidgs, and
equipment
Licenses (cost
$222,500)
Good-will
Consolidated Balance Sheet Dec. 31.
1931.
1932.
Liabilities
$43,260
322,206 Notes payable_
76,477 Accounts payable..
127,585
Acced royalties__ _
169,521 Deposits held tin246,683
der contracts___
36,784 Other neer. exps._
192,335
207,393 c Common stock....
24,079 Surplus
29,058
1,448
101,319
81,750
20,221
875.000
158,980
84,350
5,522
875,000
80,848
536,085
2
1
1031.
$60,000
48,093
28,233
109,498
$08,322
1932.
$1,559
85,980
26,525
2
1
Total
$1,250,015 $1,182,046
$1,250,015 $1,182,046
Total
a After reserve for bad debts of $31.713 in 1932 and $18.836 in 1931.
b After reserve for depreciation of $346,477 in 1932 and $265,628 in 1931.
c Represented by 150,000 shares class A stock and 25,000 shares class B
stock,
-V. 135. D. 1669.
Kingsbury Breweries Co. (Wis.).-Stock Sold.Blyth & Co.,Inc., have sold at $11 per share, 147,500 shares
of capital stock (par $1). The offering does not involve any
financing on the part of the company. The shares are offered
as a speculation.
Listed.
-Boston Stock Exchange has authorized the listing of temporary
certificates for 300.000 shares of capital stock (par $1). with authority
to add thereto as the same may be issued, through the exercise of certain
option warrants, 64,900 additional shares, making a total of 364,900
shares authorized for listing.
In connection with the application the folio ring information is submitted under date of July 1 1933 by D.C. Dieser, President of the company:
CapitalizationAuthorized. Outstanding.
Capital stock (par $D
425,000
300,000
Company.-Incorp. in Wisconsin in 1918 under name of Mai itowoc
Breweries Co.. later changed to Manitowoc Products Co., as a consolidation
of three brewery properties in Manitowoc, Wisc. In 1927 and 1930,
respectively. company acquired all of the outstanding capital stock of
the Gutsch Products Co. and Sheboygan Brewing Co., each owning and
operating a brewery located in Sheboygan, Wis. Subsequent to passage
of the Volstead Act in 1919. company engaged chiefly in the manufacture
and sale of non-alcoholic cereal beverages. In addition, during recent
years, company has used one of its plants in Manitowoc in conducting a
creamery and ice cream business. .All the assets and liabilities relating
to the creamery and ice cream business, including the plant in which this
business has been conducted, together with all the earnings of the company
July 8 1933
from Jan. 1 1933 to June 30 1933, are to be transferred from the company for
the benefit of its stockholders of record June 30 1933.
-.73 " A
Company is now engaged in the production and sale of beer under Federal
license and orders are greatly in excess of present plant capacity. 4
Dividends.-Dividende for the past 234 years have been declared as
follows: 1931. $132,75t; 1932, $88,500; 1933. $59.000. plus a dividend
declared on June 30 to holders of record of that date equal in amount to
the net earnings of the company for May and June. to be certified by
Haskins & Sells. It is expected that a dividend of 15 cents a share,vrill
be declared upon the capital stock in the near future.
-up of
Recapitalization.
-Present capitalization is the result of a split
the authorized 4,250 shares of capital stock, as originally authorized with
a par value of $100. into 425,000 shares with a par value of $1. 4This
recapitalization was authorized by stockholders and directors of the company at meeting's held on June 30 1933 at the company's offices in Manitowoc. Wis. At the same meetings the articles of incorporation were
amended to change the name of the company from Manitowoc Products
CO. to Kingsbury Breweries Co.
At the same meetings appropriate action was taken by the stockholders
and directors to authorize the transfer to a new company of the creamery
and ice cream business for the benefit of stockholders of record on„June
30 1933.
At the same meetings the stockholders and directors authorized the
issue of 64,900 additional shares under these conditions: Each holder
of a share of $1 par value to have the right to subscribe to 22-100ths of an
additional share at $11 per share at any date on or prior to July 1 1936.
Purpose.
-The recapitalization of the company did not involve any
new financing on the part of the company.
There has been filed with the Exchange a copy of the purchase agree.
ment made between certain stockholders of the company and Blyth & Co.,
Inc., whereby Blyth & Co., Inc. agreed to purchase (for immediate resale)
from the stockholders 147.500 shares of the company's capital stock and
41,950 option warrants at a cost of $1,24.625. (Finder's commissions
to be paid by the sellers). This purchase agreement provides, among other
things, that for a period of 90 days from July 6 1933 none of the stockholders
selling any stock under thir purchase agreement shall, in the public market.
sell or dispose of the shares of stock to be retained by them, amounting
to approximately one-half of the shares outstanding: and that certain
of said stockholders who are directors and(or) officers of the company
will not, in the public market, sell or dispose of the shares of stock to be
retained by them or stockholders they represent, amounting to somewhat
less than one-third of the shares outstanding, for an additional period
of 90 days, or 180 days in all from July 6 1933.
Summary of Consolidated Income.
Month of 5 Mos. End. -Year End. Dec. 31
May 1933. Matt 31 '33.
1932.
1931.
Net sales (after revenue
$282,101
taxes)
1696.977 $1.103.159 11.534.237
Cost of goods sold (incl.
80,797
249,526
depreciation)
504.203
623.443
Shipping and selling &
67.144
administrative exps
223,022
383,137 •
476,759
Net profit from salesOther income credits...
$134,159
586
$224,428
3,924
$215,819
15.811
$434,034
12,244
Gross income
Other income charges
Ircome taxes
$134.746
5228.353
1231,631
27,026
45.696
40,388
1446.279
6.132
84,080
1107,719
Net income
1182.656
$191,242
1356,066
Pro Forma Consolidated Balance Sheet April 30 1933.
Liabilities
AssetsCash on deposit and on hand $376,109 Accounts payable-trade....
$37,276
202,787 Due to officer
Accounts receivable
15,993
126,016 Commissions payable
Inventories
13;032
21,652 Federal & State taxes pay
U. S. revenue stamps
65,155
178,050 Accrued taxes, Comma., &c
Miscellaneous assets
132,834
858,554 Res.for return of cases & bot.
Plant property
448,376
7,134 Capital stock
Deferred charges
295,000
1,958 Capital surplus
Trade-marks & copyright.....
3,000
Earned surplus
761,594
Total
$1,772,262
Total
$1,772,262
Note.
-An agreement between Blyth &
nc.. and certain stockholders of Manitowoc Products Co. provides
Co.,€hat the earnings available
for dividends for the months of May and June 1933 are to be declared as
a cash dividend to stockholders of record as of June 30 1933; the above
balance sheet does not reflect the net earnings for May and June 1933, nor
the disbursement of such earnings as a dividend.
Haskins & Sells in their certificate to Blyth & Co.. Inc., state:
"We have inspected an agreement between Blyth & Co., Inc., and
certain stockholders of Manitowoc Products Co. providing, among other
things, for (1) change in name of Maintowoc Products Co. to Kingsbury
Breweries Co.; (2) recapitalization of company by changing total present
authorized capital stock of 4.250 shares (par $100) each. Into 425,000 shares
(par $1), each share of the total authorized capital stock (whether issued,
in treasury, or unissued) to be changed into 100 shares of the yew stock:
(3) issuance pro rata to holders of the present stock of option warrants
expiring July 1 1936. giving to holders riga to subscribe to 64,900 shares
of authorized but unissued capital stock (par $1) at $11 per share (with
provision for adjustment In the event of dilution). (4) transfer to a new
corporation of certain assets, consisting in general of those assets not
related to brewery business, but including $47,621 of brewery accounts
receivable, assumption by said corporation of related liabilities, and distribution of the stock of such pew corporation pro rata to company's
stockholders of record as of June 30 1933 resulting in a charge to surplus
of $276.991: (5) release of company from a contingent liability as endorser
in amount of $25,000;(6) payment of a note payable of 150.000 by applying
thereagainst a certificate of deposit of equal amount, and (7) substitution
of certain bank deposits in accordance with agreed restrictions relating
to the amount of funds to be on deposit in any one bank.
"In the balance sheet deposits on bottles and cases remaining n the
hands of customers are shown as a reserve for return of cases and bottles,
$448,375, it appears that some part thereof :epresents profit on bottles
and cases which will not be returned, but the amount is not at present
determ.nable."
Officers.-Danlei C. Bleser, Pres.; Guido Rehr, Vice-Pros.; Louis Kunz,
Treasurer: Otto II. Senglaub. See.
Directors.
-Daniel C. Bleser, Louis Kunz, Otto H. Senglaub, Louis A.
Schmitz, Guido Rahr and Frank A. Miller. Principal office, 901 Marshall
St., Maintowoc, Wisc.
Listed.
-The New York Produce Exchange has admitted to dealing the
capital stock (par $1).
Kinner Airplane & Motor Corp., Ltd.
-Annual Report.
During the year ending Dec. 31 1932 net sales were $134,612 as compared'
with $390,260 for the previous year. The net operating loss for the period
Was $133.373 after depreciation charges of $80,076.
Dec 3
. 1.
Balance Sheet Liab uuusAssets1932.
1031.
Cash
193,199 Capital stock....x$2,018,448 11,999,338
E11
.11
1932
E1,2
I vemores
Notes &accts. rec.
y5,046 Notes & trade soi
4,902
Inventories
181,451
container, Pay-222,009
31,953
61,324
City and county
on undelivered material
prop, taxes pay..
2,255
4,941
2,609Accts. pay. Sc accr.
Advs. to employees
342
expenses
Prepaid expenses_
8,630
36,130
4,392
Fixed assets
428,589 Equip. puroh. con338,283
tn ac mers dem___
Deterred charges
,
1,619,036 1,430,517 Co rsuts payable4
959
3%12
56 8
Res. for coating__
100.000
Total
Total
$2,192,431 $2,068,042
$2,102,431 $2,068,042
x Represented by 219,043 no par shares. y Accounts payable only.
V. 136. D. 4281.
-Capitalization Decreased.
Printing Co.
The stockholders on March 11 last approved a proposal to decrease
capital represented by common stock from $446,970 to $175,000. transferring $271.970 to surplus account. This enabled the company to write
down the 15,855 shares of treausry stock,common,to $1 per share and leave
available a surplus balance of $49.678.-V. 137, p. 152.
Financial Chronicle
Volume 137
Kroger Grocery & Baking Co.
-Earnings.
-
For income statement for six months ended June 17 see "Earnings Department" on a preceding page.
Financial Condition.
June 17 '33. Dec.31'32. June 18'32.
Current assets
329,908.009 328,941,992 327.873.174
Current liabilities
6,421.343 6,021.025 6,715,459
Current ratio
4.15 to 1
4.81 to 1
4.66 to 1
Cash and U. S. Goverment securities_$10,842,693 $11.693,246 $9,343.188
Ratio of cash and U. S. Government
securities to current liabilities
1.39 to 1
1.94 to 1
1.69 to 1
Net working capital
$23,486.666 $22,920,966 $21.157,715
Inventories
16,449.062 14.589,421 16,263,398
On June 17 1933, company had no bank loans.
Company has redeemed preferred stocks and bonds of the company and
its subsidiaries in the amount of $649,400 par value during the first six
periods.
-V. 137. p. 151.
Lehman Corp.
-Earnings.
PeriodInt. earned on call loans
and bank balances__ _
Int. earn.on bds., treas'h
notes,loans and advs_
Cash dividends
Commissions
Syndicate profits
Miscellaneous income
Sept. 24 '29
Years Ended June 30
1931. to June 30'30.
1932.
1933.
8699.123 31,020,463
1.240.882
1,433,684
1
$36,265
$723.382
1.139.477
2
/064.269
872,614
1,408,254
614,858
38,901
1161,543
13,415}
Total income
$1.953,421 $2,493,048 $3,401,554 $3,619,108
Expenses__ - _ --------403,488
491.182
375,231
441,576
Loss on sale of sec. (net) 1.316,685 19,172.554
1.275,672
9,293,285
Provision for franchise &
capital stock taxes_
x120.000
49.349
42,614
87,885
Profit
$173.619def$17163696def$6432262 $1,819,948
Dividends
2,747,625
750,000
1.639,440
1.988,715
Balance, deficit
31.465,821 319.152.411 $9,179.887sur$1069948
Sim. cap.stk.out.
(no par)
1.000.000
873,400
680,600
686,900
Earnings per share
$1.82
Nil
Nil
$0.25
x Including Federal and State taxes.
Balance Sheet June 30.
1933.
1932.
1933.
1932.
Assets3
$
Liabilitiess
Cash in banks.._ _ 882,821 1,094,201 Payable for securiU.S. bds.& Treas.
147,295
ties purchased_
notes (at cost)._ 2,257,139 11,389,848 Unearned Interest
Municipal bonds __ 193,092 2.962,797
.5,573
and discount_ _ _
Secs. owned (cost):
412,140
Dividend payable_ 408,360
Bonds
5,527,795 2,639.907 Reserve for accrued
Preferred stocks 2,372,480 2,248,539
41,913
73.513
expenses
Common stocks:
x Capital stock_ 3,182,118 3,434,500
Industrials
22,749,329 17,428,634 Capital surplus-81,250,210 81,250,210
Public utilities 4,724,915 5,731,106 Profit and loss
Railroads
2,422,645 1,424,359
28,728,171 27,262.350
deficit
Oils
2,962,188 1,101,206
Banks dr finance 3,937,348 3.544,537
Mining
3,135,727 3,265,381
Invest, in real est. 2,588,636 2,618,636
Other loans dr advs. 2,095,175 2,165,885
Divs, rec, and lotaccrued
287,220
323,099
Rec.for secur.sold
38,884
91,144
Prepaid taxes_
10,653
Total
56,186,029 58,029,281
58,188,029 58.029,281
Total
x Represented by 680.600 no roar shares in 1933 (after deducting 6,300
shares held in treasury at cost of $252.383) and 686,900 in 1932.
Note.
-(1) The corporation has purchase commitments under wnich it
may make investments which will
exceed 3160,000. (2) The corporation's assets on June 30 1933 takennot market quotations or in the absence
of market quotations at fair valueat the opinion of the directors, were
in
more than the cost by approximately 31.786,000. The corporation's interests in various accounts with others, taken at market quotations, were more
than its share of the cost to such accounts by approximately $4,000,000.
The total of these two figures, less
of $315,000 for taxes thereon.
s 31,475.000.-V. 136. p. 4281. provision
Leonhard Tietz,, Inc.
-July 1 Interest Not Paid.
The interest due July 1 1933
mtge. gold bonds due
Jan. 1 1946 is not being Paid. on 20-year,, 21 %
-V• 135,P• 0 '
'
Louisville (Ky.) Provision Co.-Pref. Stock Offered.
The Bankers Bond Co., Inc., Louisville, Sy., recently
offered 100,000 shares 8% participating preference stook at
$1 per share.
Preferred as to fixed cumulative dividends from June 1 1933 at rate o
8% per annum, payable semi-annually. After payment of or provision for
such fixed preference dividends, the common stock is entitled to noncumulative dividends not exceeding 8% per annum. Any further dividends
during any year shall be paid share and share alike on each class of stock.
Participating preference stock is not callable.
Data from Letter of F. Erwin Wernke, President of the Company.
Business and Historv.
-Company, a Kentucky corporation, operates a
complete packing business that was established in 1909. The widely advertised brand of "Southern Star" is well known in this territory. Meat
products bearing this label are recognised as the best quality obtainable.
Company plant also includes additional ice making equipment with a
capacity of 50 tons of ice per day. This additional ice making equipment
has been leased to others for a net income of 813,000 for this year. This
alone is more than one and one-half times the fixed cumulative dividends
on the 100,000 shares of participating preference stock. Products are sold
by more than 3,500 stores within a 100
-mile radius of Louisville.
Earnings.-During the past six months the company earned over $25,000
on the limited capital of $50,000.
Dividends.
-On May 26 a 5% cash dividend was declared payable from
the previous six months' earnings on the stock outstanding as of that date.
While this dividend is on the basis of 10% per annum, it amounts to less
than 1-20th of earnings during that period.
Purpose.
-Stock is being sold for the purpose of increasing working
capital.
Balance Sheet as of May 13 1933.
AesetsLiabilities
Current assets
37.794
$186,238 Accounts payable
Deferred assets
1,213
5,610 Accrued payroll, dro
Real estate and equipment
9,611 Participating preference stock.- 100,000
Employees stock subscriptions
50,000
8,787 Common stock
Good-will, trade marks, dro
37,241
1 Surplus
Unearned profits
10,999
Total
$207,249
Total
$207.249
Ludlum Steel Co.
-Shipments Gain.
Month ofShipments
Orders received
--V. 137. p. 153.
".,
McGraw-Hill Publishing
Reduced.
-
June 1933. May 1933. June 1932.
$284,390
$205,352
$151,334
205.161
386,797
154,523
-Stated Capital
Co., Inc.
The stockholders on June 26 approved a proposal to decrease the stated
capital with respect to the common stock from $10,517,925 to $3,000,000,
the resulting capital surplus to be available for writing down assets of the
company or setting up reserves against assets in such amount as the directors
may from time to time in their discretion deem advisable.
-V.136. p.4282.
325
McColl-Frontenac Oil Co., Ltd.(& Subs.).
-Earnings.
Years End. Jan.311930.
1931.
1932.
1933.
Operating profit
$3,029,269 $3,370.186 $2,449.546 $2,171,394
Bond interest
111.542
522,038
586.311
592,260
Other interest, &c
132.211
80.309
2,900
Depreciation
450,000
600,000
633,314
300.000
Bond debt reserve
78.319
154,928
Tax provision
146.400
135,100
105,000
50.287
Res, for bad & doubtfull
accounts
147.052
167,833
Res, for conting., &c
155.268
384,741
Amort. of bond disc
43,563
47,180
U.S. exch. paid & acced
on bond interest
57.087
87.335
Unpaid dividend
12.350
Balance
$1,231,760 31,381.350 $1,191.984 $1.431„972
Preferred dividend
466.563
473,392
473,898
480,237
Common dividend
299,986
298,181
297.352
74,990
Balance
$610,605
$465,211
$413,666
$883,084
Res. for invest, in affil.
cos.& adjust,affecting
prior years
Dr.358.274
Loss on realiz. of inv.
adj. ofsales,tax & oth.
chgs. affect, prior yrs..
113,022
Previous surplus
2.039,143
1.373.246
1,428.537
603.187
Profit & loss balance- 82,504,354 $2.039,143 $1,428,537 81.373.249
Consolidated Balance Sheet Jan. 31.
1932.
1933.
1933.
1932.
Assets
Liabilities
776,434
Cash
601,716
524,228 Accounts payable. 831,728
Bonds& stocks not
Accrued interest,... 236,132
215,160
Income tax reserve 141,849
exceed'g market
158,725
value
311,067
299,550 Deferred contract_ 120,198
271,298
Accts.receivable
1,328,362 1,363,584 Mortgage payable 275,615
350,760
Nat'l Service Loan
9,880,000 9,780,000
Bonds
2,861,245 2,195,134
5% 1936
242,500 Reserves
Inventories
3,600,954 3,273,662 Preferred stock...7,750,800 7,806,800
Investment, dm_ _
993,258 1,040,102 x Common stock 8,890.000 8,890,000
2,504.354 2,039,143
6% bonds for sinkSurplus
ing fund
60,000
Deferred charges
903,436
944,549
Plants, &c
17,713.426 16,802,197
Prem, pd. on purchase of subsld.
cap. stk., trademarks. &c
7,685,317 7,685,316
Cost of tom,ahs. of
co. purch, under
by-law
294,381
307,765
33,491,919 32,483,454
Total
33,491,919 32,483,454
Total
x Represented by 500,000 shares (no par).
-V. 136, p. 3732.
Madison Square Garden Corp.(8c Subs.).
-Earnings.
Years End, May 311933.
1930.
1931.
1932.
Income
$2,658,887 $3.092.630 84.500.441 $4,406,191
Operating.gen.& adrain•
3,766,488 3.600.783
2,289,200
2,597.564
Int. on bonds & mtges-85.028
76.250
60.00073,208
Deprec.,amortiz.. &c__
250.655
263.757
260.524
290,315
Prov. for Fed. inc. taxes
54.978
58,380
30.608
1.000
Net profit
$411,345
$338,968
$130,725
318.372
Surplus at beginning of
period
1.047.828
959.049
979.094
1.034,490
Totalsurplus
81.052,861 31.109,820 *1,298,017 $1,459,173
Adjustments (net)
12.844
26.104
28.327
28.627
Dividends paid
487.280
292.818
47,004
Surplus, May 31
$959.049
$979,094
31.024,234 31.034,490
Corn.shs. outst.(no par)
316.560
313,960
308,560
288,700
$1.30
Earnings ler share
$1.08
80.42
$0.06
Note.
-The above figures do not include operations of Boston Madison
Square Garden Corp.. which showed a net profit of 814,786 for 1933.
827,297 for 1931, a net loss of 383.450 for 19al. and a net less of $17,014
for 1930.
Consolidated Balance Sheet May 31.
Assets Liabilities-1932.
1933.
Cash
3440,276
$66,007 Accounts payable_ sumo®
$88,525
Inventories
38,210
39,648
1,262
1,385 Accrued expenses_
Marketable secur_
37,071
19,720
550
400,982 Fed.& State tax__
Special deposits _ _
38,604
.
3,875
4,795
4,154 Deferred income__
Invest. In & adv.
50,631
Res, for coating
to attil. cos
1,200,000 1,200,000
174,772 Funded debt
174,772
y Land, bldgs. and
x Capital stock... 3,175,516 3,240,519
equipment
1,024,233 1,034,490
4,622,142 4,826,800 Surplus
Deferred charges__
76,990
124.430
Cash held In escrow
70,071
a Notes & accts.rec
49,035
129,519
N.Y.City revenue
bills
40.000
65,479,893 $5,728,050
Total
$5.479,893 $5,728,050 Total
x Represented by 288,700 no par shares in 1933 and 308,560 in 1932.
z After
allowances for losses of $12.002 in 1933 and 313,481 in 1932.
y After depreciation of $1,658,366 in 1933 and $1,405,930 in 1932.
New President.
-
Col. John Reed Kilpatrick has been elected President,succeeding William
F. Carey, rcsigned.-V. 136, P. 2807.
Mahoning Investment Co.
-Balance Sheet Dec.31.Assets1932.
1931.
1931.
1932.
LiabilitiesInvest, in stock of
Capital stock _a _ _84,128,200 $4.126 200
.
other co.'s
$4,463,600 8 . . 0 Notes payable..._ 429,600
429,600
4 483 6 0
Notes receivable
200.000
200,000 Profit & loss
133,593
144,192
Cash
36,392
25,793
Total
84,699.992 $4,689,393
-V.134, p. 2162.
Total
$4,699,992 $4.689.383
Manhattan Shirt Co.
-Earnings.
-
Foe income statement for 6 months ended May 31 see "Earnings Department" on a preceding page.
-V. 136, p. 504.
Manning, Bowman & Co.
-Earnings.
-
Calendar YearsNet loss from operations
Other income
1932.
$129.400
4,473
1931.
$265.658
5,715
Net loss (before extraordinary charges)
Extraordinary charges
Loss on assets disposed of
$124.927
315
,
$125,242
$259,943
Net loss for year
AssetsCash
Accts.& notes rec_
Inventories
Misc. invest, and
notes receivable.
Treasury stock- -Land
Bldgs. mach'y and
equipment
Prepd.didef. assets
842
$260.785
Balance Sheet Dec. 31.
1931.
Mat/dines1932.
1931.
$161,751 Notes payable__ 8180,000 6300.000
162,821 Accts. payable__
48,427
38,730
275,220 Accruals
7,091
7,604
Adv.dep,from cus6,100
12,873
tomers
10,000
53,257 Capital stock
53,257
1,280,000 1,280.000
57,446 Capital surplus_.. 186,053
57,446
199,690
Deficit
447.571
564,277
642,937
587,646
28.919
16,043
1932.
$95,875
132,489
181,664
81.137,293 $1,388,453
Total
-V.132. p. 4602.
Total
31,137.293 81,388.453
326
Financial Chronicle
Matson Navigation Co.
-Earnings.
--Years End. Dec. 31Earns, from vessel oper_l
Agency,gen.,wharf ex.ezcf
1932.
1931.
ichael Nairn & Greenwich, Ltd.
-Removed from List.
1930.
Not available
Net profit from vessel's
operations
r
$128,669
Miscellaneous earnings
1,269,259
1929.
I $2,238.827
1 1,435,724
he New York Curb Exchange has removed from unlisted trading
pr viieges the Guaranty Trust Co. of New York lmerican depositary
receipts for ordinary registered shares, par value £1.
$803,103
1.982.590
T he directors recently declared a dividend of 50 cents per share on the
class A and class B stocks par $50, payable July 1 to holders of record
June 20. Quarterly distributions of like amount were made on these
issues on April 1 and July 1 1932; none since.
-V. 135, P. 1835.
-
$265,349
1,365,896
$301.658
1,912,737
Total earnings
Depreciation
Taxes
$1,397.929 $1,631,245 52,214,395 82,785,693
23.085
109.564
Net income
Dividends paid
81.397.929 S1.631.245 82,214,395 $2,653.044
1,467,126
978,071
1,467,120
1,467,126
Balance,surplus
def$69,197 $ 164.119
$747,275 $1.674.973
Shs. of cap.stk. outst'd'g
(par $100)
244,521
244,518
244,521
244,521
Earned per share
$5.72
$10.85
$9.06
$6.66
Note.
-A stock dividend of 100%, amounting to $12,225,800, was
declared during 1927.
Comparative Balance Sheet Dec. 31.
•
1932.
1931.
1931.
1932.
AssetsI
I
$
Cash & market. sec 4,410,002 6,891,748 Miscell. accounts_ 962,713 1,115,092
Miscell. accounts_ 7,789,802 6,226,260 Reserves
3 174,495 2,807,505
Materials Sr supp_ 284.990
279,601 Cony. deb. bonds_ 4,793,950 4,900,000
Investments
15,638,418 14,321,089 Deterred credits_
375,899
02,545
it. S. Gov. sec. on
Capital stock_ _ _24,452,100 24,452,100
deposit
877,314
292,337 Fractional accts.
267
267
Floating equip
9,895,244 11,111,709 Surplus
8,601,993 9,003,438
Real property_ _ _ _ 2,792,778 2,853,938
Deferred charges
389,516
677,617
Total
42,048,062 42,654,300
42,048,062 42,654,300
Total
x Represented by 244.521 abs. of $100 par value.
-V. 135, p. 142.
Merchants & Miners Transportation Co.
-Earnings.
Calendar Years1932.
1931.
1929.
1930.
Oper. revenue (transp.)- 85,889,686 $6,304,680 57,206.062 $8,330.478
Other income
92.091
145,275
50,810
170.525
la
' Total income
$5,981,777 $6.364,490 $7.351,338 88.501.003
Maint.(incl. deprec.)
851.409
923.134
1.151.750
1,119.475
Other expenses
4,208.166 4.732.619
5,373.298
5,725,683
Rentals
212.411
211.644
204.905
196,333
Interest
213
269
336
252
Taxes (incl. Fed.tax res.)
208.828
182.102
199.127
282,710
Net income
$500,751
$314,721
$421.921 31,176.551
Dividends paid
x357,244
x614,785
488,998
x614,785
Balance,surplus
$141507 def$174,277 def$192.864
$561.766
Shs. of cap. stk. outstdg238.163
244,499
245,914
245.914
Earnings per share
$2.10
$1.72
$1.29
,$4.78
x Approximate; inserted by Editor.
Assets
it Real prom& eq..
Other investments
Cash
Accts. receivable_ _
Materials 8,su ppl_
Unmet. Int. rec_ _ _
Def. debit Items
Condensed Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Liabilities
7,624,715 7,810,445 y Capital stock,,_ 5,954,075 6,112,475
366,962
366,962 Audited vouchers
1,839,786 1,616,900
& wages unpaid. 267,560
394,225
523,402 1,109,030 Misc, accts. pay__
97,512
17,562
97,592
94.565 Unmatured int. &
1,766
1,018
rents payable_ __
20
20
113,830 Taxes accrued.,__
680,778
83,237
63,295
Passenger accts,d,c
44,817
20,875
Profit and loss__ __ 4,687,779 4,504,298
11,134,999 11,112,750
Total
Total
11,134,999 11,112,750
x Less reserve for accrued depreciation of $4,425,273 in 1932 ($4,333,387
In 1931). y 238,163 shares (no par) in 1932 (244,499 in 1931).-V. 135,
p. 1835.
Net loss for the year
Preferred dividends paid
1932.
$39,157
73,154
90,305
153,016
1931.
1930.
$123.302 - $125,583
77,633
79,256
96,240
24,317
176,594
10,000
25.000
$380,632
1,596
$508,086
1,824
$204,839
62.052
Balance deficit
$382,228
$509,910
$266,891
x After deducting all operating expenses, including bad debts, maintenance and repairs.
[Note.
-The company, effective as of Dec. 31 1931. reduced the stated
value of the common stock from $1,403,235 to 5900,000, thereby creating a
surplus of $503,235. From this was deducted the operating loss for the year
1931 of $508.086 leaving a net deficit of $4,850. This loss of $4,850 deducted
from the earned surplus of $225,104 (as shown in balance sheet) gives a net
surplus forward of 5220.253. Adding to the latter $50.000 credit transferred from contingent reserve and $36.978 surplus from purchase of bonds
(below par) for sinking fund gives a total of $307.231,from a hicb is deducted
the deficit of $382.228 for the year 1932 (as above) leaving a deficit (as per
balance sheet) of $74.996.-Ed.1
Consolidated Balance Sheet Dec. 31.
Assets1932.
Liabilities1931.
1932.
1931.
Land, bides., mach
1st mtge.sink.fund
and equipment_$2,543.099 $3,401,748
bonds
$1,335,000 $1,381,582
Cash in office
41,982
1,321 Cum. pref. redeem.
Trade accts, and
stock of subs. in
bills receiv. net.
65,576
22,800
hands of public_
340.135
26, 600
Inventories
691,906 1.059,482 Mtge. pay.of subs.
1,376
Cash surr. value of
6% cum. pref. shs_ 1,000,000 1,000,000
life insur. & preBank indebtedness
331,243
paid fire insurTrade accounts and
ance premiums_
110,103
19,170
bills payable.., 128,752
147,145
Invest. in other cos
310 Accr. wages, bond
310
Prepaid expenses._
280
31,074
Int., taxes, &c
5,586
47,657
Patents, manufacRes. for outstand1
turing rights. &c
ing conting
1
25,000
Deficit
508,086 Conting. reserve
50,000
807,523
Res. for deprec
900.000 1,403,235
x Common stock
225,104
def,4,996
Earned surplus_
Total
$3,367,629 55.421,466
Total
$3,367,629 $5,421,466
x Represented by 45,000 shares (no par).
-V. 135, p. 998.
Merrimac Hat Corp.
-Balance Sheet Dec. 31.Assets1932.
Cash
5145,212
Temporary invest_ 297,875
Accts. & notes rec_
73,279
Inventories
403,164
Cash stir. val. life
insurance
51,421
Prepaid Insurance.
5,637
Invest. in affil. cos. 562,005
Plant. mach., do.._ 579,516
1931.
5234,662
90,000
177,755
416,299
1932.
1931.
LiabtlitiesAccr. Items & taxes 324,332
540,735
50,000
Res. for cont., &c.
Preferred stock_ __ 500,000
500,000
394,250
Common stock... 394,250
1,199,527 1,131,037
Surplus
39,812
1,550
573,664
582,280
$2,118,110 $2,116,022
Total
-V. 135, p. 142.
Total
Mill Factors Corp.-Resumes Dividend.
-
Mining Corp. of Canada Ltd.
-Earnings.
[Lorrain Operating Co., Ltd., Frontier (Lorrain)Mines, Ltd.]
Calendar Years
1930.
1929.
Income from production $367.121
$802,602
19 2
3
$553,444
$522,455
Mining expenses
217,469
344,181
462,123
436,637
Profit at mines
Other income
$149.652
1,782
$458,421
16,877
$91,321
19,517
$85,818
866.373
Total income
Administration expense,
royalties, &c
Option prop. & shares in
other cos, written off,
&c
Written off plant, dm.
$151,434
$475,298
$110,838
8952,191
111,008
97.450
110,512
473,694
36.919
2,986
27,862
2,425,023
Net'profits
Previous surplus
53,507
347,000
$347,000 df$2,424,697
67,439
$478,497
51,623
Total surplus
Items written off
Dividends
$350,507
$347,000 df$2.357,258
3,665,408
$530,120
47,669
415,013
Surplus
Assets
Cash
Ore inventory..._
Call loans
Accts. receivable
Shares in other
mining cos. at or
below markt. val
Stores d, prepaid
expanses
Advance to subs,.
Optioned properties & shares In
exploration cos_
Plant, bidgs. &
equipment
$350,507
$347.000 df$6,022,666
567,439
Consolidated Balance Sheet Dec. 31,
1931.
Liabilities1932.
1931.
$70,845 Accounts payable_
$15,i72
374,294
$4,844
263,148 Workman's comp72,218
62,052
ensation board_
15,063
15,546
26,873 Adv. on ore 8, bul43,453
lion in transit &
at smelter
74,000
2,097,920 1,538,578 Balance due subs
30,140
32,766
Unclaimed divs_ _ _
27,285
26,958
2,165 y Capital stock... 2,000,000 2,000.000
3,605
86,622 Profit &loss bat__ - 350.507
96,174
347,000
147,621
419,177
10,498
11,555
Total
Total
$2,502,322 $2,481,018
$2,602,322 52,481,018
y Represented by 1,660,050 no par shares.
-V. 135, p. 3008.
"Mohawk Carpet Mills, Inc.
-Stock Decreased.
The stockholders alk.an adjourned meeting held on Julyir voted
to dethe authorized capital stock. par $20, to $I I ,000.00 from 512,OOO:
000, in order to permit the retirement of 50,000 shares held i the company's
treasury.
-V. 136, p. 4101.
-Report.
Monarch Knitting Co., Ltd.
Calendar YearsNet after charges, incl.
depreciation
Reserve for depreciation
Reserve for taxes
Preferred dividends_ - - Surplus
Previous surplus
1932.
x$47.165
35.000
$12.165
514.196
1931.
1030.
1929.
x$52.511 xdef$59.614
35,000
35,000
1.628
52,500
$121,550
515.883 def$147,114
498,313
645,427
$75,152
570,274
P.& L.surp. Dec. 31- $526,361
$514,196
x Before depreciation.-V. 135. p. 2503.
$498.313
7.023
39.375
$645,426
-June Sales.
Montgomery Ward & Co.
Mercury Mills, Ltd.(& Subs.).
-Earnings.
Calendar Yearsx Net loss on operations
Bond interest
Provision for depreciation
Cost of moving machinery. &c
Inventory adjustment
Loss sustained on investment
Prov,for adj. of outstanding cont
July 8 1933
52,118,110 52,116,022
Sales for Month and Fire Months Ended June 30.
Increase.' 1933-5 Mos.-1932.
1933-Month-1932.
Decrease.
316,165.180 314.840,109 31,325.0711$68,166.966 $71.198,165 53.031.199
-V. 136, P. 4101.
-Earnings.
Montreal Cottons, Ltd.
Calendar YearsManufacturing loss
Other income
1932.
$75,004
60.677
1931.
$246,840
128,053
1930.
1929.
$329,360 prof$116,187
198.473
83,404
Total loss
Bond interest
Prov. for bad debts
Other charges
Sinking fund reserve_ -- -
$14,327
23.985
13,844
$118,787
24.580
21,025
$130.887prof$199.591
26,625
29,151
11.117
10,918
22,994
63,972
defS63,273 def$175,310 loss$244,478
Net income
210,000
Preferred dividends....210,000
210.000
180,000
Common dividends
180.000
180,000
$170.440
210,000
180,000
$453,273
$565,310
$634.478
$219,560
30,000
30.000
30,000
30,000
Nil
Nil
Nil
Nil
Balance Sheet Dec. 31.
1931.
Liabilities1932.
Assets1932.
1931.
Preferred stock_ _.$3,000,000 $3,000,000
Land, buildings &
$6,391,705 $5,951,297 Common stock.. 3,000,000 3,000,000
machinery
31.101 Bonds
Sinking fund assets
53,453
468,662
481,801
24,704 Accts. payable_ _ _ 171,717
Cash
266,893
335,973 Bank overdraft &
Accts. receivable
334,349
loan
1,223,554 1,111,611
Inventories
960,617
346,331
344,969 Spec. conting.accts 669,190
Raw cotton
293,115
969,189
231,816 Sinking fund res__ 531,338
Supplies
221,083
518,198
Investments
886,758 1,306.621 l'ension fund
56,152
56,153
30,620 Surplus
Deferred charges__
6,624
230,451
383,724
Deposits
316,513
346,623
Deficit
Shs. of corn. outstanding
Earnings per share
,410,640 $9,368,714
V 136, p. 1212.
Total"
Total
$9,410,640 $9,368,714
Morewood Gardens, Inc., Pittsburgh, Pa.
-Reorganization Plan.
-
The protective committee for the 1st mtge. 6% sinking fund bonds of
C. Benton Cooper, secured on premises known as Morewood Gardens
has adopted a plan of reorganization. The plan, is it expected, will be put
into operation shortly, as about 90% of the bonds have already been deposited and further deposits promised. The committee does not plan to
foreclose on the old mortgage, and avoiding this step will result in considerable saving to bondholders since they are to receive all of the now securities.
The committee cens!sts of Brandon Barringer (Pennsylvania Co. for
Insurances on Lives and Granting Annuities); Paul W. Brown (Elkins,
Morris & Co.): J. M. Scribner (Singer. Deane & Scribner, Inc.); Louis IL
Bieler, Chairman (Graham, l'arsons & Co.) Joseph Logan Jr., Secretary,
1422 Walnut St., Philadelphia. Drinker, Biddle & Reath, counsel, 1429
Walnut St., Philadelphia.
A summary of the plan follows:
A new corporation has been formed, known as The Morewood Corp.,
which for a cash consideration has acquired title to the property and upon
consummation of the plan will also own all the present 1st mtge. bonds
deposited under the plan. All of the securities of this now corporation will
be issued to depositing bondholders as follows:
•
For each certificate of deposit for a $1,000 bond, there will be issued a
$500 1st lien collateral trust 6% income bond, and 10 shares of common
stock in the form of voting trust certificates.
Financial Chronicle
Volume 137
Holders of certificates of deposit for $500 bonds will receive new securities
n proportion.
The new bonds will be secured by all the present 1st mtge. bonds deposited under the plan, so that the actual security for the depositors under
the plan will not be altered. Under this plan, there will be no assessment
against the depositors and no new securities will be placed ahead of them.
Interest on the now bonds will be paid as soon as possible and at the highest
rate compatible with sound financial management. Taxes slightly in
excess of $100.000, some of which may be reduced through compromise,
are due and unpaid and will have to be liquidated over a period. Cash
now in the hands of the trustee of the present mortgage to the extent of
over $30.000 will be used, upon consummation of the plan, to pay part of
these taxes and it is planned to meet the remainder out of part of the income
from the apartment building. The savings to be effected through the
present plan of reorganization without foreclosure will be of material assistance in paying back taxes.
On the basis of present signed leases, it is estimated that net earnings for
the Year beginning this May 1 after allowing for current real estate taxes.
but before depreciation, will be about $30,000. Taxes over the past two
years have been substantially reduced.
The Pennsylvania Co. for Insurances on Lives and Granting Annuities,
Philadelphia, is depositary.
-V. 125, p. 1985; V. 127, p. 2100.
Morris Plan Co. of New York.
-Restores Salary Cuts.
-
A 5% salary increase made retroactive as of Juno 15 and affecting 40%
of the company's employees, all in the lower salary brackets, was announced
on July 5 by this company. President Arthur J. Morris stated that the
increase restores 45% of the total reductions made in salaries of this group
of employees during the past few years. The company, including its 11
offices in Greater New York, employs more than 350 people.
Mr. Morris said that all of the company's offices were reporting definite
upturns In local trade and that increases in banking loan volume for two
consecutive months bore out the accuracy of the reports.
-V. 137, p. 153.
Morse Twist Drill & Machine Co.-Bal. Sheet Dec. 31.-
Assets1932.
1932.
1931.
Glabddies1931.
Realest., mch.40.$2,184.316 $2,181,188 Capital stock
52,000.000 52,000,000
Investments
35,982
1,790
562
63,280 Accounts payable_
Inventories
1,070,090 1,192,689 Res. for deprec'n
1,051,821 1,054,060
Cash & receivables 161,596
45.567
37,814
228,039 Other reserves_ _
360,559
565,007
Profit & loss
Total
$3,451,984 $3,665,196
$3,451,984 $3,665,196
Total
-V. 135, p. 143.
Mount Vernon-Woodberry Mills, Inc.
-Report.---.
Calendar YearsGross income
Interest
Prov. for depreciation_ _
Adjust of inventories_
1932.
$170.528
24.438
350,000
Net loss
Previous surplus
Capital surplus arising
from purchase of pref.
capital stock
$203.909 $1,009,370
526,803
1,551,098
Gross surplus
Divs. pd. on pref. stk.(5)
$322,894
5379.878
32.142
391.000
966.107
51.215
1930.
1929.
$320.786 y$1,197.664
29.667
75.780
391,000
395.000
$99,881 sur$726,884
1,837.664
1,474.278
176.812
327
National Distillers Products Corp.
-Preferred Stock
Converted.
Nearly all the holders of pref. stock exercised the conversion privilege
before the change in the conversion ratio became effective on July 1. The
New York Stock Exchange therefore announced on July 5 that the pref.
would be stricken from the list on July 17.
1
On July 3 there were only 1,321 shares of pref. stock remaining, compared with more than 44,000 a week before and 153,405 originally outstanding.
The pref. stock was convertible share for share into common stock until
June 30 and thereafter at the rate of one share of common for each one and
one-quarter shares of pref. stock. The latter is callable on 30 days' notice
at $40. The common is selling abolre $100 a share.
-V. 137. p. 154.
Neild Manufacturing Corp.
-Earnings.
Calendar Years1932.
1931.
Manufacturing loss (net)
$65.000
$67.000
Shrinkage of inventories
83,000
Marked off for machinery and notes
10,000
16.000
Dividends paid
12.000
Balance Sheet Dec. 31.
Assets1932.
Liabilities1931.
1932.
1931.
Land, buildings &
Capital stock
$1,200,000 51,200,000
machinery
$1,749,906 $1,747,699 Notes & accounts
Mfg. & mdse
231,934
243,693
payable
176,639
94,823
Cash, accts. rec.
Depreciation
1,019,893 1,035,917
and security _ __ 279,679
292,666
Deficit
123,253
58,440
Total
$2,396,532 $2,330,740
-V. 135, p. 2184.
Total
$2,396,532 $2,330,740
Neisner Brothers, Inc.
-June Sales.
1933
June
1932
Decrease.I 1933-6 Mos.-1932
Decrease.
$1.311,120 $1,339,231
528,1111 56,502,277 56,829.894
5327.617
The small decrease in June 1933 was caused by the elimination of the
sales from three stores that were in operation last year. Hammond. Incl.
has boon closed. Wilmington, Del. was destroyed by fire, and will open
for operation around Aug. 1. Hamtranck, Mich. was destroyed by fire,
and will open late in the fall.
"Had these three stores been in operation throughout the month we
would have shown a slight increase in business," said President A. H.
Neisner.-V. 136, p. 4102.
Nekoosa-Edwards Paper Co.
-Pays Interest.
holders of the 1st mtge serial 5s, have been notified that while July 1
Interest would be paid, $225,000 of bonds maturing on that date would be
extended.
-V. 135, p. 309.
New England Equity Corp.
-Removed from List.
The New
ork Curb Exchange has removed from unlisted trading
privileges the common stock (no par).
-V. 136, P. 1031.
Newmarket Mfg. Co.
-Earnings.
-
$592.943 $1,914.595 $2.201,161
363,497
66.140
363,497
Year EndedDec. 31 '32. Jan. 2 '32. Dec. 27 '30. Dec. 28 '29.
Net loss after deprecia'n
taxes & all oth chgs__
x$66,364
x$159.051
8626.464
590.924
x After charges for depreciation of $95,761 in 1932 and 5130.257 Jan. 2
1932. and marking down of all inventories to cost or market, whichever 19
lower.
Comparative Balance Sheet.
AssetsDec. 31 '32. Jan. 2'32.
LiabilitiesDec. 31 '32. Jan. 2'32.
x Real estate, maCapital stock _
zg1,620,000 63,240,000
chinery, &c_ _ _ _ $1,162,237 $2,640,650 Notes payable__
300.000
y68.402
Cash
384,129 Accounts payable_ 256,586
127.554
U.S. Treas. notes_ 345,731
666,354
Surplus
837,672
Notes receivable At
trade acceprces
16,342
73,406
Acets receivable__ 515,893
457,617
Investments
129,303
Inventories
461,184
747,816
Deferred charges
15,165
30,291
Surplus Doc.31
x$526,803 x$1,551.098 $1,837.664
Shs. of prof. stk. outstg. $322,894
($100 par)
66.567
65,563
72.699
45,119
Earnings per share
Nil
Nil
Nil
$9.99
x Subject to accumulated dividends on pref. stock, when declared in
1932 $50.50 per share. 1931 $43.50 per share and in 1930 $35.50 per share.
y After provision for Income taxes.
Balance Sheet Dec. 31.
.
1932.
1931.
.
Assetss
$
Liabilities$
s
x Prop., plants &
Preferred 7% stk__ 6,556,348 6,556,348
good-will
9,316,122 9,641,960 Common stock _ _ _ 4,511,000 4,511,900
Investments
424,294
445,063 Notes payable._ _ _ 250,000
800,000
Cash
226,444
51,641
397,696 Accounts payable_
146,728
Notes & accts. rec_ 505,160
3,046
552,268 Accrued wages
Dep. on cotton
110,124
Miscall. reserves__ 110,107
Total
$2,714,258 54,333,908
contracts
Total
52,714,258 54.333.908
322,894
25,069 y Surplus
526,803
Cotton, goods in
x After deducting $648,761 as of Dec. 31 1932 ($1,918,185 as of Jan. 2
process & fin1932), reserved for depreciation. y $20,000 of this amount is trusteed.
ished goods_ _ _ _ 1,145,203 1,409,654
z Represented by 32.400 shares no par value.
-V.135, p.422.
Mans & supplies_
136,494
122,025
Prepaid expenses
.1111rew River Co.Ststickliatrte a": A ppTnre num
fri
i.49,173
61,216
41
trhe stockholders at-a.opeeini-MNIting approved the bond financing plan.
Total
Involving exchange of present 5% b::3ds for 25% of principal amount in
11,802,890 12,654,950
11,802.890 12,654,950
Total
x After depreciation of
cash and the balance in new 6% bonds. See V. 137, p. 154.
and $7,183.151 in 1931.
in
y Subject to accumulated $7,524,661 on 1932
preferred stock when declared,
dividends
Northwest Bancorporation.
-New President, &c.
of $50.50 per share.
-V. 134, p. 2354.
The directors have voted to change the operating plan of the corporation
(G. C.) Murphy Co.
to conform more closely with the aims and purposes as set forth in the
-June Sales Higher.Bankkng Act of 1933.
1933 June-1932.
Increa5e.1 1933-6 Mos.-1932.
Increase.
Under the changes authorized, E. W. Decker, President, becomes
51,808.328 51,491,097
5317,231158,764,847 $8,285,264
$479,483
Chairman of the board and Chairman of the execut•ve committee, with
-V. 136, p. 4101.
Theodore Weld, Vice-President of the Northwestern National Bank, and
W. A. Durst, President of the Minnesota Loan & Trust Co., as ViceNashawena Mills.
-Earnings.
Chairmen.
Calendar Years1932.1931.
1930.
1929.
J. C. Thomson. Vice-President and General Manager of the corporaNet loss after charges,
tion, has been elected President and General Manager.
incl depreciation ____ y$605,860 $257,623 x$278.502prof$184.722
The directorate will be reduced to 20,from about 80 previously.
-V. 136.
x Before depreciation but after inventory write-off In 1930. y After
13• 2256.
depredation charges of $67,556 in 1932 (5161,099 in1931).
Norwich Pharmacal Co.
-Earnings.
Comparative Balance Sheet Dec. 31.
AssetsM. C. Eaton, Vice-President of the company announced that sales for
1932.
1932.
1931. I Liabilities1931.
the month of June showed a 10% increase over the month of May. Net
Capital
assets
earnings, after Federal taxes, for the first five months of 1933 amounted to
$6,942,361 $7,000,961
57,284,215 $7,690,075
surplus
Cash
1233,115. equivalent to $2.33 a share on the common stock of the company.
485,756
463,523 Notes payable._ 1,003,750
805.000
Accts. receivable._
-V. 136. p. 4473.
23,955
52,647
44,906
77,930 Accounts payableInventories
836,869 1,425,665 Bank acceptances_
288,312
Novadel-Agene Corp.-RemOtrUilrom List.
Prepaid accounts_
51,671
60,214
The New Yk Curb Exchange h as removed from the list the preferred
?_
Total
k ($1 par). V. 136, p. 2625.
$8,340,612 $9,028,293
Total
$8,340,612 $9,028,293
x Represented by 75,000 no par stares -V. 136. p. 4284.
Oil Stoc s, Ltd.
-Earnings.
----... Islational Cash Register Co.-Rentoredc
For income statement for 6 months ended June 30 1933 see "Earnings
franr-bistrDepartment" on a preceding page.
The New 1 ork Curb Exchange has
from unlisted trading
The liquidating value of the stock as of Juno 30 was $9.53 a share.
pr vIleges the class B common stock (no par) V 136, p. 3918.
my.
against approximately $5.62 a share on Dec. 311932.-V. 136, p. 4102.
National Tile Co.
-Earnings.
-
Calendar YearsGross profit from oper., before providing for depreciation
Selling, general and admin. expenses_
Depredation
Other deductions
1932.
$26,977
184.232
62.975
8,265
1931.
1930.
$310.779
262.262
62.559
49.285
$396.657
321.937
59.618
Total
loss$228.496 loss$63,328
$12.102
Other income
9,713
Net loss
8228.496
563.328 prof$21,815
Earns, perch. on 120.000 shs. of common stock outstanding (no par).....Nil
Nil
$0.1
Balance Sheet Dec. 31.
AssetsLiabilities1932.
1932.
1931.
1931.
Cash
$114,754 3196,459 Accounts & wages
U. S. Gov. bonds_.
payable
$30,033
,
$27,203
'
Accts. receivable_
68,103
104,419 Accrued State and
Inventories
local taxes
372,202
14,057
422,688
22,881
Other assets
12,255
25,752 Res've for replaceCapital assets...... 680,737 1,595,054
ments
379,477
Patents
1 x Capital stock___ 1,200,000 1,200,000
1
Deferred charges_
94,794
10,201
15,124 Surplus
795,463
Total
$1,338,884 $2,425,024
Total
51,338.884 52,425,024
x Represented by 120,000 shares of no par value.
-V. 135, p. 1835.
wens-Illinois Glass Co.-ar 7
1/ n-
he New York Stock Exchange has re
from the 473.ed list the 5% sinking
fu ci gold debentures due Jan. 1 1939.
rV. 136, p.
Paramount Broadway Corp.
-July Int. Not Paid.
-
The interest due July 1 1933. on the 1st mtge. 5%% 25
-year sinking
fund gold loan certificates, due 1951, was not paid.
The Committee on Securities of the New York Stock Exchange rules that
beginning July 1 1933, and until further notice, the loan certificates and
certificates of deposit therefor shall be dealt in "flat" and to be a delivery
the loan certificates must carry the July 1 1933, and subsequent coupons.
-V.136, p. 1215. 2083.
Paramount Publix Corp.
-Plans 65 Films.
The corporation plans to produce 65 pictures during the 1933-34 season.
-V. 137. P. 155.
ProfessionalBuilding, Inc., Los Angeles.
-Time for
Deposits Fixed.
The bondholders' protective committee for the 1st (closed) mtgo• 63i%
sinking fund gold bonds consisting of Herman J. Stern, Lloyd D. Hirschfeld, John B. lieman, and T. R. Cadwalader, has fixed July 20 as the last
day upon which the bonds may be deposited with the committee.
lt is stated that over 70% of the bonds have already been deposited.
Herman 5. Stern, 210 West 7th St., Los Angeles, is Secretary.
-V. 117,
P. 677.
328
Financial Chronicle
Reynolds Spring Co.
-Develops New Cushion Spring.
The company has developed a new type of automobile cushion spring
which is now being used by one of the larger automobile manufacturers and,
if results prove as successful as hoped for, it is expected that other manufacturers will also adopt it as standard equipment, President Charles G.
Munn announced on July 5. The company furnishes all or part of the
spring requirements for most of the larger automobile companies, including
divisions of General Motors, Chrysler, and others. June sales, said Mr.
Munn,were about 33 1-3% above those for May. The company's Jackson.
Mich., plant set a production record this year for any previous second
quarter in its history.
-V. 137. p. 156.
(R. J.) Reynolds Tobacco Co.
-Sells Stock Holdings.
The company has completed the sale of the 585,000 shares of its common
B stock which it held at the end of 1932. S. Clay Williams, President, says:
"The R. J. Reynolds Co. Thursday morningdisposed of the last of its
common B stock which it had acquired through the period of the depression.
The company early this year proceeded with its plan of selling some of this
stock through the New York Stock Exchange from day to day with the
purpose of greatly increasing its list of stockholders and thereby strengthening the position of both the company and its stocks. In recent months
it has not been unusual for the transfer sheets to show new stockholders
from as many as 25 or 30 different States and from some foreign countries.
The stockholders' list has been greatly increased in number and greatly expanded as to breadth and diversification of ownership. We are naturally
gratified over an operation which, while yielding the company some profit,
has, during the period of the depression, more than trebled the number of
the company's stockholders."
The 585,000 shares were carried on the balance sheet as of Dec. 31 1932.
at $18,208,641, or about $31 a share.
-V.136, p.338.
Tinto Co., Ltd.
-Removed from List.
e New York Curb Exchange has removed from unlisted trading
privileges the Guaranty Trust Co. of New YIAmerican depositary
receipts for ordinary bearer shares, par value E5. V. 136, p. 3177.
Salt Creek Producers Association, Inc.
-Reduces Div.
The directors have declared a dividend of 20 cents per share on the capital
stock, per $10, payable Aug. 1 to holders of record July 15. This compares
with 25 cents per share paid each quarter from Nov. 2 1931 to and incl.
May 1 1933.-V. 136, p. 2441.
(K. G.) Schmidt Brewing Co., Inc. Logansport, Ind.
-Pref. Stock Offered.
-Wm.R. Stuart Si Co., Inc., Chicago,
are offering 80,000 shares preferred stock, convertible and
participating, at market (about $5 per share).
Convertible at any time, at the option of the holder, into common stock
on a share for share basis. Preferred as to cum. divs. at the rate of 40 cents
per share per ann., and as to assets at rate of $4 per share and divs. Participates fully with the common, on a share for share basis, in further
dividend distribution after the common has received 40 cents per share.
Callable after Jan. 1 1936, on any dividend date, on 60 days' notice at
$4.50 per share and div. Quarterly div. dates (Jan. 1, &c.) beginning
April 1 1934, on which date all dividends accrued from date of issue shall
be payable.
CapitalizationAuthorized.
Outstanding.
Preferred stock ($3 par)
80,000 shs.
80,000 shs.
Common stock ($1 Par)
240,000 shs.
160,000 shs.
Registrar, Northern Trust Co., Chicago. Transfer agent, Continental
Illinois National Bank & Trust Co. of Chicago.
Data from Letter of George K.Schmidt, President of the Company.
-The Kasper G. Schmidt family has been engaged
History Be Business.
in the brewing industry since 1860, when Kasper G.Schmidt(now deceased)
established a brewery in Chicago. In 1892 he purchased the brewery at
Logansport. Ind., now owned by the above company, and on the site of
which a brewery had been operated since 1862. This brewery was operated
by the K. G. Schmidt family from 1892 to 1919,and since has been inactive
on account of prohibition.
IBUpon completion of additions and installation of new equipment contemplated by this financing, the plant will have a capacity of 100,000 barrels
annually, with ample space for further expansion.
Based on 100,000 barrels annually at an estimated net profit of $2.50
per barrel, earnings should cover pref. dividend requirements more than
7, times, or in excess of $1 per share on the total pref, and common stock
3
4:
to be outstanding. At this rate of operation a net profit of only 32 cents
per barrel, or less than 3 cents per case, would meet annual pref, dividend
requirements.
-To provide funds for additional improvements and equipment,
Purpose.
to acquire containers and delivery equipment, and to furnish working
capital.
Listed.
-Stock listed on Chicago Curb Exchange.
-George K. Schmidt (Pres.), 4228 Sheridan Road,
Officers & Directors.
Chicago; Ernst R. Schmidt (V.-Pres.), Logansport, Ind., and George
Schmidt Jr. (Sec. & Treas.), 3144 Sheridan Road, Chicago.
The above are the owners of the entire amount of issued and outstanding
common stock of the corporation (in amount of 200 shares, 130.000 shares
and 29,800 shares, respectively), which stock was issued to them in payment of real estate, buildings, machinery, equipment, &c. situated at
Logansport, Ind. The above named officers and directors'have agreed
that their total combined salaries will not exceed the sum of $15,000 until
after June 1 1934.
Certain common stockholders have escrowed 60,000 shares of their
common stock with Continental Illinois National Bank & Trust Co. of
Chicago, to be held for the further protection of preferred stock until
the company earns, after all proper charges, in any one year after the first
year, a sum equivalent in dollars to the number of shares of pref. stock
outstanding, or until the company redeems or retires such pref. stock, or
until dividends paid on the pref. stock aggregate $3.75 per share, plus
10%, per annum thereon from date of issue, or until the Secretary of State
of the State of Illinois approves the release of the escrow. Said stockholders
have agreed to waive all dividends on said 60,000 shares of common stock
until the escrow is released as aforesaid.
Pro Forma Balance Sheet April 30 1933.
.
Liabilities
Assets
$54,641 Cum., cony. & participating
Cash
preferred stock
$240,000
244
Inventories
160,000
8,128 Common stock
Deferred charges
1,732
175,000 Capital surplus
Building .4 improvement fund
163,716
Capital assets
2
Good-will, patents & trademarks
Total
$4401,732
Total
8401,732
Sears, Roebuck & Co.-Protects Worker from Stock
Losses.
Participants in the company's stock plan for officers and employees
may cancel their commitment if the price of the shares on the Stock Exchange drops below $25 per share at any time after Dec. 1.
Other details of the plan appearing in the form of agreement for purchase
of the stock and not previously disclosed include the right to subscribe to
the full accrued amount of the allotment within six months after termination df employment with the company.
The purpose of the plan is stated to be "to strengthen the company by
affording officers and employees an opportunity to acquire a proprietary
Interest therein." Stockholders approved the proposed change in price
from $50 to $25 at the annual meeting this year, and the company announced last week that allotments had been made under the new plan.
Subscriptions are in the form of a signed acceptance to a contract to
purchase the number of shares allotted by the committee of directors.
Of the shares bought by the employees, 329 are to be subscribed for
within a year from the date of the agreement, June 1, and the remainder
in four equal annual instalments beginning two years from that date. If
the first four instalments are not paid when due they may be paid on or
before the date for the last block.
If employment ceases, the contract for undelivered shares is canceled
except that within six months the former employee may pay for and receive
the instalments matured before the termination of his employment and the
pro rata part of the shares allotted for the year of termination of employment, determined by the length of service during a year beginning June 1
preceding the date of terminating employment.
July 8 1933
"In the event the price of the shares of stock above allotted to you,"
the company's letter to participants states, "is at any time or times after
six monthsfrom the date hereof on the New York Stock Exchange less than
$25 per share, you shall thereupon have the right in each such case upon
written notice to us within six months after such lesser price appears upon
the New York Stock Exchange to rescind this contract as to the undelivered
portion of said shares hereinabove allotted to you."
-(New York "Sun.")
See also V. 137, p. 157.
Second 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 6 Months Ended June 30 1933.
Per Share
Total. Pref. Stock.
Net assets, at market
-Dec.31 1932
$5,032,886
$50.33
Increase for period-before dividends:
Net income
77,385
0.77
Loss on sale of securities
144,350
1.44
Decrease in unrealized loss
1,586,284
15.86
Excess of cost over market value of treas. stock
101,943
1.02
Total
Add-Dividends on preferred stock
$1,417,375
82,617
$14.17
0.82
Increase for period-after dividends
Net assets, at market
-June 30 1933
$1,334,758
$13.35
6.367.644
63.68
Balance Sheet June 30,
Assets1932.
Liabilities-1933.
1933,
1932.
Securities owned_a$5,287,775 17,656,464 Accrued expenses11,750
$2,000
U.S. Govt.()Wig_
1,426,771 Provision for N.Y.
State taxes
Cash
295,999
193,314
7,600
400
Prov. for Federal
Notes of Universal
excise tax
Credit Corp_ 100,000
5,050
Pref.stk.of Second
Prov. for Federal
Natl. Invr Corp 764,852
income tax
4,801
Dep.in closed bank
Unearned interest_
7,043
128
Divs. receivable
43,828 145 cony. p1.stock 100,000
29,188
100,000
cCommon stock__ 300,000
300,000
Capital surplus __ _10,200,000 10,200,000
Security deficit_ 4,236,8101(111184,138
Income surplus_ __
4,4541
Total
$6,382,172 $9,423,063
Total$6,382,172$9,423,063
a At market, cost,$6,791,237 (in 1932securities were given at cost, having
market value of $2,229,475). b Represented by 100,000 $1 par shares;
convertible into 2 shares of common stock on or before Jan. 1 1944; dividends cumulative and payable quarterly; liquidation and redemption value
$100 per share. c Authorized 750,000 $1 par shares (shares of no par
value in 1932); outstanding, 300.000 shares; 200,000 shares are reserved for
conversion of convertible preferred stock, and 200,000 additional shares
are reserved for exercise of purchase warrants at $25 per share until Jan. 1
1944.-V. 136, p. 4287.
Shell Transport & Trading Co., Ltd.
-Has Large Liquid
Resources.
Viscount‘
Bearsted at the annual meeting, referring to the amount of
capital the company has in hand awaiting a turn of the trade tide, stated
that the Royal Dutch-Shell group as a whole has no less than £35,000,000
in liquid resources, while affiliated companies have a further £16,000,000
available. "In addition, we have our oil stocks, amounting in all to
several million tons, entirely uncharged," Viscount Bearsted said.
"While this idle capital is at present comparatively unremunerative,it is
at any rate an earnest that,come what may, your company and its colleagues
are financially equipped to weather any storm," he stated.
-V.136, p.4262.
Siemens & Halske (A. G.)-Siemens-Schuckertwerke
(G.m.b.H.).-Interest Unpaid.
-year 7% secured sinking fund gold bonds.
A notice to the holders of 10
due Jan. 1 1935, on June 30 1933 stated:
As a result of the decree dated June 9 1933, placing restrictions on the
transfer of funds out of Germany for the purpose of making payments of
interest or sinking fund on outstanding foreign indebtedness, the companies
have been prohibited by law from transmitting to the fiscal agents for the
above bonds the funds necessary for the interest and sinking fund payments
due thereon on July 1 1933. The decree dated June 9 1933 requires German
companies to deposit with the Conversion Bank for Foreign Debts, for the
account of the respective creditors, the Reichsmark equivalent of interest
and sinking fund payments becoming due on foreign indebtedness. The
companies have therefore deposited with such Conversion Bank the Reichsmark equivalent, at rates of exchange in effect on the date prior to the date
of payment, of the interest and sinking fund payments due on the abovementioned bonds on July 1 1933. The decree of June 9 1933 further provides
that such deposit on the part of the companies discharges them of their
obligations with respect to the interest and sinking fund payments due on
July 1 1933 on the above-mentioned bonds.
The companies deeply regret any inconvenience caused to bondholders as a
result of this embargo on the transfer of funds out of Germany and are continuing their efforts to obtain permission to make the dollar payments
-V. 137, P. 157.
called for by such bonds.
.-Earnings,(A. E.) Staley Mfg. Co. & Subs
Calendar Years
Net profit from operations before depreciation_ $1,545,604
Depreciation
753,171
Fixed general charges inck bond interest
328,436
.
$8911891
1 3,
696,010
341,627
Net profit for year
Previous period adjustments
$463,997 loss$145,746
1,131
4,675
Profit for year
Dividends on preferred stock
Reserve for decline in marketable securities
$462,866 loss$141,071
350,000
175,000
16,000
Net reduction from surplus
prof.$112,866
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1932.
Liabilities
Assets$
$
Cash
1,523,612 1,252,458 Accounts payable_ 109,695
Sundry current acAccts. rec
617,778
cruals
904,676
Notes receivable
Accrued taxes,int.,
by. in co.'s own
602,982 (hc
bonds at cost._ _ 732,936
262,861
34,307 Bonds outstanding 4,850,000
Marketable securs.
47,719
Inventories
1,847,378 1,346,923 Capital stock
7,100,200
55,748 Surplus and reserve 3,875,966
Sundry assets
111,322
Fixed assets
10,956,939 11,441,537
404,172
Sundry del.charges 361,043
Total
16,198,726 16,052,804
Total
$332,071
1931.
107,538
15,368
225,599
4,800,000
7,125,200
3,779,104
16,198,726 16,052,804
Removed from List.
-
The New 'York Curb Exchange has removed from unlisted trading
-N . 134, p. 4509.
privileges the 7% preferred stock ($100 par).
-8% Liquidating Dividend.
Splitdorf Electrical Co.
Trustees in dissolution of this company report that they are in the somewhat novel, but by no means unique, position of wanting to make a part
payment in cash to all creditors of the cimpany, but are having difficulty
Locating some of them.
A liquidation dividend amounting to 8% of the total claims of creditors
against the Splltdorf company was recently declared by the liquidating
trustees. A portion of this total sum was set aside for holders of the company's outstanding five-year 7% convertible debentures and is now on
deposit with the Chase National Bank of New York. Neither the bank,
nor the trustee, have been able thus far to find a scattering number of the
bondholders who are entitled to payment, but still are unpaid. A message
to these remaining unpaid creditors issued by the dissolution trustees,
Financial Chronicle
Volume 137
states that the Chase National, as trustee. "will distribute this sum to the
holders of such debentures upon the surrender thereof for stamping," and
advises that "the debentures, appropriately stamped, will be returned to
the owners thereof with checks in the proper amounts."
The trustees in dissolution of the company are Charles Edison, C. S.
Williams Jr., Ernest J. Howe, Henry Lanahan, E. C. Reed, H. F. Miller
and J. V. Miller with H. H. Eckert, as Secretary. The Splitdorf Electrical
Co. was formerly the Splitdorf-Bethlehem Electrical Co.. with headquarters
in West Orange, N. J.
-V. 135, p. 1341.
Standard All-America Corp.
-Final Liquidating Div.
A final liquidating dividend of $4.7409 per share was recently declared
on the Standard All-American Trust Shares, series A, payable July 6.
This includes the distribution due on coupon No. 6. Payment is being
made at the Central Hanover Bank & Trust Co., New York.
-V. 136.
p. 3178.
Standard Oil Export Corp.
-Balance Sheet Dec. 31.1932.
1931,
Assets$
$
Cash
124,365
7,644
Accts.receivable
3,434
189,837
0th. curr't assets_
10,904
7,108
Anglo-American Oil
Co. Ltd
77,070,032 77,061,486
1931.
1932.
$
$
Matrilities3,044
Accounts payable_ 271,837
400,000
Loans payable__ 400,000
Preferred stock-__76,493,500 76,493,500
100
100
Common stock54,429
43,297
Surplus
Total
77,208,735 77,266,074
77,208,734 77,266,074
Total
Our usual comparative income statement for the year ended Dec. 31
was published in V. 137, p. 158.
Standard Oil Co.(New Jersey).
-Stock Offered Employees
at $34 a Share.
The company on July 6 announced that employees may purchase its
stock at $34 a share during the last half of the year under the company's
stock subscription plan. The current market price of the stock is around
$40 a share.
For the first six months of this year the offering price to employees was
$30 a share. In the last half of 1932 the subscription price was at the depression low of $23.60 and for the first half of 1932 the price was $30.50.
300 Employees Retire.
-
Under the new retirement plan which became effective on July 1, some
300 employees and executives will leave the company's employ. Those
severing active connections include several directors of the parent company
and officers of some of the subsidiary companies.
-V. 137. p. 158.
Stanley Works.
-Earnings.
Calendar Years1932.
Net earnings after Fed'i
taxes
def$241,674
Depreciation _____
691,234
Reserve for deprec. of
foreign exchange
Preferred dividends- _ _ 203,759
Common dividends
642,684
1931.
$357.504
762,039
172,831
205,061
975.000
1930.
1929.
$856.888 $2.997.508
775,744
791,320
210.000
1.300.000
210,000
x1.313,000
Balance, surplus-- -def$1,679,351df$1,757,427df$1,428,856
$683,188
x In addition paid a stock dividend on the common stock amounting to
25% or $2,600,000.
Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets
Liabilities
Cash
355.871
4,273,309 1,344,918 Accounts payable- 186,015
Notes & accts. rec_ 1,260,454 1,653,174 Def.credits to Inc19,791
23,638
Inventories
195,000
4,036,240 4,321,918 Dividends payable 130,000
Investments
1,146,640 5,958,681 5% bonds of Am.
Plant & other prop 9,752,116 10,019,920
450,000
Tube & Steel Co.
Pats., trade-marks
Taxes, conting.
and licenses.
866,092
1
miscell. reserves 715,093
451,563
Deferred charges
123,231
77,234 Minority int. in
198,362
affiliated cos_ __ 107,719
Preferred stock- 3,394,425 3,402,500
Common stock_ _ _12,133,300 13,000,000
3,905,650 5,335,946
Surplus
Total
20,591,992 23,827,408
-V. 136. p. 4287.
Total
20,591,992 23,827,408
-Stock Offered.
Sterling Brewers, Inc., Evansville, Ind.
-Haskell, Scott & Geyer, Chicago, recently offered 100,000
shares common stock (at market).
Stock is listed on the Chicago Curb Exchange. Transfer Agent, Harris
Trust & Savings Bank, Chicago, Registrar, City National Bank & Trust
Co., Chicago.
Capitalization Authorized and Outstanding.
Common stock ________________________________________500,000 shares
History.
-Company, an Indiana corporation (successor to the Evansville Brewing Association), is one of the well-known companies in its field.
its business having been originally established in 1876. Company's plant
is located in Evansville, Ind.
Contract With Drewrys of Canada.
-Recent newspaper advertisements of
Drewrys Ltd., U. S. A. stated the following: "The Drewrys Ltd. of
Canada have enfranchisea The Drewrys Ltd. U. S. A., to manufacture
under the direction of Drewrys Ltd. of Canada
:any or all Drewry products.
Drewrys Ltd., U. S. A., in turn has formed its American affiliation with
Sterling Products Co. of Evansville, Ind., for the manufacture of Drewrys
ale under the direction of Drewrys Ltd., Canada, and under the supervision of Drewrys' Canadian brew-master."
Capacity & Production.
-During the past 7 years company has been
engaged in the manufacture of malt syrup. Plant is equipped with one
425 barrel kettle, adequate pumps, refrigerating machinery, bottling equipment and storage facilities sufficient to produce beer at the rate of 250.000
barrels annually. Expenditures have been authorized which it is believed
will bring the capacity substantially above that figure. Production in
1917 totaled 211.537 barrels. Beer is now in the process of manufacture
and the first deliveries are expected about July 15.
Earnings.
-The following schedule of earnings for the years 1913-1917
has been furnished by Thomas, Bootz & Thomas, accountants, of Evansville, Ind. These figures are after depreciation but adjusted to reflect the
elimination of non-recurring charges:
Year1914.
1917.
1915.
1913.
1916.
Net earns--$316,203.76 $335.360.17 $331,119.59 $451,207.90 $443,518.19
Barrels sold
211,537
173,687
176,775
217.595
200,078
Purpose.
-Proceeds of this sale of 100,000 shares, constituting all of the
heretofore unissued stock, will reimburse the company for the cost of
increasing its manufacturing facilities as well as the cost of additional bottles,
cases and barrels.
Officers ct Directors.
-0. A. Klamer, Pres.; Charles F. Hartmetz, Treas.
and Chairman;Daniel Wertz, Vice-Pros,' Otto Hartmetz,Sec.; L. A.Parker,
R. T. Riney, S. L. Orr, William Boots, Charles La Follette, Clair H.
Scott and Russell W. Geyer.
Pro Forma Balance Sheet as of May 31 1933.
AssetsLtaMlitiesCash
$76,776 Accounts payable
$112.382
II, S. Govt. securities
70,569 Accruals
23,668
Receivables
45,161 Capital stock
500,000
Inventories
72,683 Paid-in surplus
450.200
Rea.to provide for add'i equip. 250,000
Prepaid expenses
6,697
Miscellaneous assets
108,233
Land, bides. & equipment
456,130
Total
Total
$1,086,251
$1,086,251
(Hugo)Stinnes Corp.
-July 1 Interest Not Paid.
The interest due July 1 1933 on the 10-year 7% gold notes due Oct. 1
1936 is not being paid.
-V. 136, p. 2259.
Studebaker Corp.
-Obituary.
-
President Albert R. Erskine died at South Bend. Ind., on July 1.-V.
137, P. 158
.
329
(S. W.) Straus & Co.,Inc.
-Receivers Ousted on Appeal.
Appellate Division Reverses McCook and Restores Bondholders'
Group.
Four Justices of the Appellate Division, with Presiding Justice Finch
dissenting, voted June 30 to reverse a decision of Supreme Court Justice
McCook (V. 136. p. 3265) removing the members of the independent bondholders' committee for 78 defaulted S. W. Straus & Co. properties throughout the country, on which, it is stated, $65,000,000 of bonds were sold.
The decision reinstates the committee, the members of which are Lewis
H. Pounds, George Gordon Battle, Frank J. Murphy, Simon Newman.
George W. Retz, John D. Reilly, George U. Tompers and A. L. Werner.
It ousts James W. Gerard. former Ambassador to Germany: Robert McC.
Marsh, former Supreme Court Justice, and George Frankenthaler, who
were appointed receivers for the properties.
Because of the dissenting vote, an appeal has been taken to the Court of
Ap he majority opinion was written by Justice Martin, with Justices TownTeals
ley, O'Malley and Glennon concurring. The action was brought by
Patrick Harrigan and a number of other bondholders who were represented
on the appeal by Clarence J. Shearn, while former Governor Nathan L.
Miller, Samuel Seabury and others appeared for the defendants.
Basis of the Litigation.
Justice Martin's opinion said the question before the Court turned on
whether a "dishonest trustee is competent to appoint a successor trustee."
The members of the Pounds committee contended that the fundamental
question underlying the appeal "is the right of the Court, by receivership,
injunction and discovery to seize and control property and rights of persons
not before the Court." Justice Martin said that if the purpose was to
"replace one committee with another, it should not be encouraged."
The opinion reviewed the history of S. W. Straus & Co., Inc., stating
that in 50 years it underwrote and sold about 400 bond issues aggregating
more than $500,000,000, of which $185,000,000 was paid at or before
maturity, and of the remaining $350,000,000 a considerable part was
reduced, and a number of the outstanding issues are to-day meeting all
required payments of taxes, interests and amortization.
Intervention by Pounds.
Justice Martin said that Mr. Pounds had intervened when it was determined to form an independent committee and that he had suggested all
the members except Mr. Newman, Vice-President of Brown, Wheelock &
Co., who consented to serve, while Max D. Steuer had suggested Messrs.
Retz and Werner. None had ever had any business dealings with an officer
of the Straus company nor knew any of them, with the exception of Mr.
Newman, who had met one socially, the opinion said.
Justice Martin said that if the Straus officers have resorted to the frauds
alleged in the papers "it is remarkable that the vigilant District Attorneys
selected to protect the people, both State and Federal, have so far done
nothing whatever to punish the wrongdoers." He stated that the defendants
contend that millions of dollars of property owned by thousands of persons
who were not before the court could not be taken from the defendant committee when the owners were not complainLng, since the plaintiffs were not
interested in 61 of the properties involved. His opinion concluded:
"We agree that there is not the slightest justification for the appointment of receivers herein. The integrity and ability of the committee, were
not only conceded, but their right to the office was proven beyond dispute.
To enjoin such men who are working out the destinies of the bondholders
will cause great hardship to the bondholders.
"This litigation emphasizes the necessity for legislation to protect the
unsuspecting public purchasing bonds, especially where such bonds are
represented as first mortgage bonds and for the regulation of advertisements
resorted to by high-pressure salesmen in marketing such bonds."
Finch Assails "Dummy" Groups.
Presiding Justice Finch in dissenting opinion declared that "so abhorrent
to a court of equity is unfaithfulness in a trustee that the court should
remove successor trustees nominated and appointed by, and whose sole
authority is derived from, the unfaithful trustee.'
His opinion referred to the original Straus protective committees, and
said that the "so-called reorganization agreements attempted to be perpetuated by these dummy committees have been characterized as unfair
and junjust in court decisions, one of which has been affirmed by this court.'
The dissenting opinion said that "the gross frauds practiced by Straus
& Co., in unloading worthless and misrepresented bonds upon the public"
was set forth in testimony given before the Attorney General.
"To characterize this record as showing fraud does not do justice to a
brazen fraud and hypocrisy which is well-nigh unequaled in the records of
this court." Justice Finch's opinion concluded. "The compelling reason
why a court will not permit the defendants to act as trustees is that a court
will not allow crooked trustees whose interests are adverse to have a hand in
naming the successor trustee, let alone, as in this case, being their sole
source of authority."
-V. 136. P. 3554.
-Chairman.
Stutz Motor Car Co. of America, Inc.
At the annual meeting held on June 15 the board of directors rewarded
Col. E. S. Gorrell for his successful management of the company by not
only re-electing him President but also electing him chairman of the
board of directors -V. 136, p. 4107.
-Employees' Stock Plan.
Sun Oil Co., Philadelphia.
The company has sent to employees participating in its five-year stock
purchase plan certificates for stock accruing to them under the plan, which
started in 1928 and matured on June 30 this year. A total of 9,118 shares
were distributed among 874 employees.
Any emp oyee one year in the service may purchase stock up to 107
of his earnings, payments being deducted monthly. For every $2 thus paid
by an employee the company adds S1. Cash dividends are paid to employees on their paid-up shares, while other accruals go to buy additional
shares. Thus subscribers of July 1 1928 have'received not only their cash
dividends but also 1.34 shares in addition to each share subscribed.
The plan was inaugurated in 1926 and each July 1 a new list is opened.
Thus three annual lists opened in 1926, 1927 and 1928 have been liquidated,
and 34,287 shares issued to employees. An employee may withdraw
at any time within the five years, tak'ng out the money he has invested
with a net 6% interest. A larger proport:on of those who subscribed in
1928 remained through the five-year term, than of those who subscribed
in 1926 or 1927: and indications are that the list opened July 1 this year will
carry the largest subscription since the plan started.
In its letter accompanying certificates issued this year, the trustees of
the plan say in part:
"We call to your attention that for every share purchased with your contribution you are receiving 1.34 shares additional. The company's contribution has been inspired by a purpose to encourage thrift and independence, and to build up a personnel directly interested in the company and
its prosperity. We believe the community of interest throughout the organization has been a potent factor in expanding the activities and promoting
the sound interests of the company."
Tenders.
The Chase National Bank of the City of New York is inviting tenders
for the sale to it for the sinking fund on Sept. 1 1933 of 15
-year 535%
sinking fund gold debentures in an amount sufficient to exhaust the sum
of $133,500. Tenders at a price not exceeding 101 Yi% of the principal
amount and accrued interest should be submitted to the bank, 11 Broad
St., N. Y. City, on or before noon. July 20 1933.-V. 136, P. 1735.
(G.) Tamblyn, Ltd.
-Pays Regular Dividend.
In connection with the declaration of the regular 134%, quarterly dividend on the pref. stock, it was stated that while the company aas not made
money in the last quarter, they have not lost any,so that their_business at
the present time does not warrant payment of dividends.
"However," the letter, continues, "the general expectation seems to be
that we will have better times, and, of course, better business. We feel
that in keeping with that optimism it might be the proper thing to pay the
present dividend rather than work a hardship on our shareholders, and we
hope that future business will be such as to warrant the continuance of
-V. 135, p 2186.
paying dividends."
Tip Top Tailors, Ltd.
-Resumes Dividend.
The directors recently declared a dividend of 1',I% on the 7% cum.
pref, stock, par $100, payable July 3 to holders of record June 30. The
last regular quarterly distribution of like amount was made on Jan. 1
1933, the April 1 payment having been deferred.
-V. 136, p. 4477.
330
Financial Chronicle
Taggart Corp.(& Subs.).
-Earnings.
Calendar Years1930.
1932.
1931.
Net sales
$1,234,677 $3.461.417 $5.783.238
Cost of sales,selling, adm.& gen.exps. 1.312,974
4,463.388
2.859,094
Operating income
Other income credits
def$78.298
302,549
def$380,845
Gross income
Income charges
Provision for depreciation
Extraordinary charges
Idle plant expenses
$602,322 $1,319,850
65,795
41.659
$643,981 $1,385,645
681,570
320,083
254,765
190,128
264,351
151,298
Net income
Consolidated surplus Jan. 1
Surplus credits (net)
1°841796.494 loss$120,994
512,344
178,969
8,402
Total surplus
Surplus charges
Preferred dividends
Class A dividends
Common dividends
def$617,525
7,685
51,041
$704.075
825,919
$399,752 $1,529,995
225.938
207,272
206.183
58.400
14,600
526.040
Consolidated surplus Dec. 31
$512.343
$178,969
def$676,250
Earnings per share on 526,040 shares
common stock (no par)
Nil
$0.83
Nil
Capital Surplus Account Dec. 31 1932.
-Capital surplus arising through
reduction in the stated value of common ,tock in 1932. $5,015,560; less:
Write-off of portion of investment in subsidiary companies represented by
patents, licenses, trade marks. &c.. $2,225,232: provision for unrealized
loss in other investments. $1,200,000; organization expenses written off,
$122,184; capital surplus Dec. 31 1932. $1,468,144.
Aiwa
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets$
Liabilities
$
Land, bldgs., maFunded debt of sub 3,005.500 3,063,000
ch'y,equip.,dec. 6,794,095 7,037,155 Notes payable.___
10,000
10,000
Patents, licenses,
Accounts payable_
50,871
79,891
trade marks,&c.
51,104
1 2.225,233 Dividends payable
Investments
29,232
36,988
253,809 1,824,909 Accrued accounts.
Cash
25,487
496,775
163,109 Reserves
28,233
Notes receivable...
88.533
14,213
18,500 Due to OM co's
Accts. receivable...
2,899,900 2,920,200
68,870
109.248 y $7 pref. stock
Inventories
907,211 z Class A stock._ 730,000
730,000
345,163
Advances
150 a commonstock__ 526,040 5,541,600
Due from atfit. co's
43,640
b791,893
65,769 Surplus
178,969
Sink. fund for retirement of funded debt
1,475
1.475
Def. debit Items
139,416
287,225
Total
8,157.456 12,639,984
Total
8.157,456 12,639,984
x Less reserve for depreciation of $2,323,885 in 1932 ($2.083,973 In 1931).
728.999 shares (no par) in 1932 (29,202 in 1931). z29,200 shares (no
par). a 526,040 shares (no par). b Including capital surplus.
-V. 134,
p. 4509, 4337.
Thompson's Spa, Inc.-Earnings.
Calendar YearsSales
Total Income
Operating expenses
Taxes
Depreciation
Net profit
Preferred dividends- _
Res. for cortingencies
Surplus for year
Earns. per sh. on 200.000
shs. common stock __ _
AssetsCash
U. S. Govt'sec_
Acc'ts receivable__
Inventories
:Real est.,fixtures
and equipment_
Treasury stockPrepaid expenses.
Good-will
1932.
1930.
1931.
1929.
$2,672,766 $3,256,929 $3,502.283 $3.552.178
2.698,324
3,296.536
3.529.150
3.590.682
2,209,528
2,704,707
2,912,621
2,899.725
124,081
150.504
134.357
137.881
158,574
154.268
136.592
112,560
$206,141
206.430
$287.057
209,790
100,000
3345,579
210.000
8431.516
210,000
def$289 def$22.733
$135,579
$221,516
Nil
Nil
$1.10
$0.67
Balance Sheet Dec. 31.
1932.
1931.
Liabilities-1932.
1931.
$139,101 $141,879 Accounts payable_ $60,043
859.420
51,031
Accrued salaries,
9,023
16,839
wages,Int.& Ins.
43,213
39,725
91,287
128,410 Prov. for Fed. Inc.
& Mass. exc. tax
50.841
61.757
5,873,194 5,999,412 Mtges on real eat. 1,828,500 1,948,500
10,844 Res. for conring_ 100,000
100
36.574
46,334 y Preferred stock_ 3,430,000 3,500,000
1
1 z Common stock__
49.825
50.000
Paid-in surplus... 285,279
237,549
Earned surplus.__ 352,510
346.774
$6,200,211 $6,343,725
Total
$6.200.211 $6,343.72
Total
($395,468 in 1931). y Reprerx After depreciation of $556,379 in 1932sented by 34.300 In 1932 (35,000 in 1931) shares (no par). z Represented
-V. 136, p. 2259.
by 200.000 shares (no par).
-Plan of ReorTyler Building (19 John Street Corp).
ganization Declared Operative.Birger L. Johnson, Chairman of the protective committee for the 1st
mtge. 6% sinking fund gold loan dated Oct. 1 1925, announces that the
plan of reorganization formulated by the committee has been declared
operative. 93% of the outstanding certificates having been deposited under
the plan. The property secured by the loan is to be sold at public auction
on or about July 11, and It is the intention of the committee to bid it in for
the benefit of its certificate holders, according to the announcement. The
committee cannot accept deposit of bonds after July 10 1933 and only depositors will be represented by the committee at the sale. Holders are
urged to deposit their bonds promptly with the New York Trust Co., depositary. Howard Peterson, 120 Broadway:, is Secretary of the committee.
The committee in a letter outlining the plan states:
The mortgage covers a 15 story and basement office structure, on a plot
with a frontage of approximately 77.5 feet on John St. and with a depth of
approximately 135.4 feet, the plot area being in excess of 10,000 square feet.
The building contains approximately 93,000 sequaro feet of rentable area,
of which approximately 77,000 square feet were rented on Nov. 1 1932, at
which time the rent roll was approximately $155,000. The taxes and
operating expenses for 1931 were $91,256: for 1930, $93,383, and for 1929,
$88.750, an average for these three years of $91,130.
Default occurred under the mortgage by the failure to make payment of
the interest due Oct. 11932, amounting to $39,090. and the failure to make
payment to the sinking fund for amount due from February 1932, up to
and including Dec. 1 1932, in the principal amount of $20,500. There are
no real estate taxes in default, and, accordingly, there are no liens existing
superior to that of the first mortgage certificate-holders.
As a result of the default In the payment of interest and sinking fund and
at the request of this committee, proceedings leading to a sale at foreclosure
will be commenced as soon as possible.
It is possible that at this foreclosure sale no sufficient bid will be made
by any other prospective purchaser. Unless such a bid is received, the
committee, if supported by holders of a large majority of ceritifcates, proposes to cause the property to be bid in for the sole benefit of its depositing
certificate-holders.
Digest of Reorganization Plan.
Terms of Exchange.
-The terms of exchange for each $ ,000 first mortgage
sinking fund gold loan certificate, due Oct. 11953, participating in the
6%
plan of reorganization, shall be as follows:
Each $1,000 first mortgage certificate will be exchangeable for $500
income mortgage bonds of Tyler Building Corp. and 10 shares capital
stock (v. t. c.) of Tyler Building Corp.
The voting trust certificates, to be issued under the plan, solely to
depositing certificate-holders, will represent 100% of the equity in the
property.
-A new corporation,Tyler Building,Corp. will be organized
New Company.
In New York to acquire th3 mortgaged property at the foreclosure sale.
The new corporation will have an authorized capital stock of 13,030 shares
(or less) all of which is to be distributed to depositing certificate-holders.
July 8 1933
Voting Trust.- Shares of stock of the new company will be placed in a
voting trust of 10 years' duration. Voting trustees shall be three in number
who are to be selected by the committee.
New Mortgage.
-In the event that in the consummation of the plan it
becomes necessary that additional funds, other than those which may have
accumulated from the earnings of the property at the time of the foreclosure, are necessary to cover distribution to non-depositors, expenses and
compensation of the committeA, costs of foreclosure, reorganization and
other necessary disbursements, the committee will borrow under a new first
mortgage such funds as may at that time be needed. The expenses and
compensation of the committee will not exceed 3% of the deposited certificates. It is not contemplated at this time that this mortgage will exceed
$100,000. In the event that such a new first mortgage is required, it is the
plan of this committee that It shall be paid off before any interest is paid to
the certificate-holders on the income bonds to be issued in order that their
first lien may be reestablished at the earliest possible date.
Income Bonds -New corporation will create an issue of income mortgage
bonds in aggregate principal amount not exceeding $651,000 (denom.
$250. $500 and $1,000) maturing in 20 years from date thereof, which bonds
will be subject to redemption in whole or in part at the option of new
corporation at any time at 100. interest will be non-cumulative, payable
.emi-annually up to 6% per annum. Sinking fund will be established out of
net earnings which would otherwise be available for dividends, to be applied
to the purchase or redemption of bonds. Bonds will be secured by mortgage
on the land and building, subject only to new mortgage.
Stock.
-A maximum of 13.030 shares of capital stock (par $11 each will
be authorized and issued to the voting trustees and the stock so issued will
be lodged with New York Trust Co., as agent for the voting trustees.
Income and Expenses 9 Months Ended Sept. 30 1932.
Total operating income
$116,766
Total non-operating income
4,515
Total income
Total operating and taxes
$121,281
66,916
Net operating income
Miscellaneous expenses
Interest-First mortgage
Second mortgage
Notes payable
Depreciation
Bond discount and expense
$54,366
7,539
58,658
26,862
2,882
27 057
5,649
Loss for period
874.283
Balance Sheet 'Sept. ;10.l932.
LtabiZllfesAssets
$1,725,940 First mortgage
Fixed assets
$1,303.000
2,522 Second mortgage
Prepaid Insurance
450,000
1,500 Notes payable
Prepaid electricity & deposit.
82.350
98,177 Accrued interest
Bond discount and expense22.859
781 Accrued Interest, 2d mtge.-Cash
169,881
6,123 Security deposits
Accounts receivable
266
Current liabilities
52,240
Corn. stock (100 shs. no par)_
100
269.362
7% cum. pref. stock
Deficit
515,016
Total
-V. 136, p.4289.
$1,835,043
Total
81,835,044
-Substantial Stock Interest
United Founders Corp.
-See latter corporation
Acquired by Equity Corp. Interests.
above.
--V. 136, p. 3923.
United Fuel Investments, Ltd.-New Directors.
Judge J. G. Gauld and T. P. Pinckard have been elected directors.
The former is ice-President and Advisory Counsel and the latter VicePresident and General Manager of United Gas & Fuel Co.. of Hamilton.
Out.
-V. 133. p. 4174.
-Earnings.
United Milk Crate Corp.
Earnings for Year Ended Dec. 311932.
Gross profit from operations, resulting from net sales, after deducting manufacturing cost
$198.352
Selling and general expenses
149.411
Net profit from operations
Other income and deductions (net)
$48,941
25,461
Net profit before Federal tax deduction
Provision for Federal income tax
$74,402
7.361
Net profit for year---------------------------------------- $67.041
3159,737
Balance at credit, Dec.31 1931
Total surplus---------------------------------------------$226.778
Class A dividends------------------------------------------- 59,668
Class B dividends------------------------------------------608
Balance at credit, Dec.31 1932
$166,50
Balance Sheet Dec. 31 1932.
Liabilities
Assets
$3,534 Accts. pay., creditors & others__ $3,003
Cash
Accounts and notes receivable._ 47,641 Accr. taxes, wages & commis__
3,175
Freights and allowances deductInventory, materials In process
78,696
ible from sales
and finished
754
274,031 Provision for Federal tax, curInvestments at cost
rent year
Miscellaneous accts. receivable. 11,656
7,361
b Capital stock
a Land, buildings, machinery.
240.936
99,354 Capital surplus
equipment and fixtures
101.412
1 Earned surplus
Patents
166,501
Unexpired Insurance and prepaid
8,230
expenses
Total
$523,143
Total
$523,143
a After depreciation of $103.942. b Represented by 29,834 shares class
A stock and 30,400 shares class B stock, all of no par value.
-V. 134,
P. 1976.
United States Cold Storage Co.
-Report.
1932.
1931.
Calendar Years1930.
1929.
$1,687,646 $1,974,031 $1.701.622 $1,844.763
Gross income
41.568
a Net income
289,328
271,712
296,402
x Net income after all operating expenses, income taxes, bond Interest
and reserves.
Condensed Consolidated Balance Sheet Dec.31.
1931.
Liabilities1932,
Assets1932.
1931.
Cash
$561.292 $938,722 Total working liab. $235,610 $291,590
972,356 Notes payable...._
Rec.(less res.)
807,188
582,620
Adv. to customers 404.908 1,051,286 1st mortgage bonds
& notes
Tax antIcip. wart..
3,260,500 2,848.000
15,486
106,735 Reserves
Prepaid expenses.
83,874
67,853
52,666
647,923 Minority Int. in
Investments
897,360
a Fixed assets_
2,493
42,669
5,014,924 5,486.613 subsidiary
172,537 7% pref. stock
1,807,500 1,900,000
Deferred charges-- 121,699
y Common stock._ 1,855,850 3,658.628
Capital surplus.__ 586,927
Total
Total
$7,906,733 $9,376,175
$7,906.733 $9,376,175
x Less reserve for depreciation of $1,302,534 in 1932 and $1,181,964 In
1931. y Represented by 74,234 shares (no par value) in 1932 and $75,000
in 1931.-V. 136, p. 508.
United Steel
Merger.
-
Works
Corp.,
Germany.
-Proposed
See Gelsenkirchen Mining Co. above.
-V. 137. P. 159.
Universal Pipe & Radiator Co.
-Earnings.
-Foe income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 137, p. 159.
Financial Chronicle
Volume 137
Universal Products Co., Inc.
-Earnings.
Calendar YearsGross profit from manufacturing operations
General administrative,selling & shipping expenses
Int. officers' life insurance expenses, loss on sale of
machinery, &c.,less other income
Provision for Federal income tax
Depreciation
Prey.for slow moving or obsolete items in inv
Write-down of current investments
Net profit
Dividends paid and provided for
Prov. for contingencies
Prov.for possible loss in liquidation of claim
1931.
$247.972
113,585
Cr4.750
21,297
13,957
112,347
175,000
40,019
$99,132
184,940
$85,808
759,691
$460,991
Balance surplus Dec.31
loss$302,133
54,792
2,116
35,000
$394,041
673,883
181,149
Balance deficit
Previous surplus
Proceeds oflife insurance policies
Assets
Cash
U. S. Treas. bonds
City of Detroit certificate of panic.
Accts. receivable
Inventories
Cash surrender value of life insur_ _
Other assets
x Permanent assets
Deferred assets_
1932.
$121,434
100,951
S673,883
Condensed Balance Sheet Dcc. 31.
1932.
Liabilities1931.
1932.
$45,701 $158,678 Notes payable____ $120,000
378,386
168,872 Accounts payable_
73,473
Dividends payable
9,132
125,000 Res.for conting__
2,243
78,199
34,467 YCapital stock _ _ _ _ 954,363
234,060
468,337 Surplus
460,991
29,149
90,510
750,066
14,128
Total
1931.
$250,000
52,259
45,660
954,362
673,883
83,093
109,047
806,781
21,886
Total
$1,620,201 $1,976,165
Total
51,620,201 51,976,165
x Less allowance for depreciation of $434,261 in 1932and $525,870 in 1931.
y Represented by 91,320 shares of no par value.
-V. 136, p. 2445.
Utica & Mohawk Cotton Mills, Inc.
-Balance Sheet
Dec. 31 1932.
Assets
Cash
U. S. Treasury notes
Accounts receivable
Interest accrued
Insurance prepaid
Inventory
Plants
Investments
5397,338
172,284
286,104
6,128
70,200
1,301,788
5,160,007
181.305
Total
-V. 136, p. 1219.
$7,575,157
Liabilities
Accounts payable
Reserve for taxes
Capital stock
Surplus
$58,695
38,754
6,536,500
941,208
Total
$7,575,157
Venezuelan Petroleum Co.
-Earnings.
1932.
$150,244
12,696
1931.
$306.366
4,992
1930.
i
$413,898
23,202
1929.
$461,402
104,199
Total income
Expenses, incl. deprec.,
Federal taxes, &c_ _ _ _
$162,940
$311,358
$437,101
$565.601
213,822
201,601
145,971
193,971
loss$50,882
$109,757
$291,129
100,000
$371,630
400.000
Balance, surplus
Shares capital stock out- def$50,882
standing(par $5)
2,000,000
Earnings per share
Nil
2,000,000
$0.05
$109,757
$191,129 def$28,370
2,00115 1a
0
2,000,000
$0.18
Condensed Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets$
Liabilities
$
Concessions, royalx Capital stock...10,000,000 10,000,000
ties, &c
10,386,437 10,403,578 Accounts payable_
10,311
10,683
Accts. receivable
29,734
34,771 Capital surplus... 413,974
413,974
Invent, in Con.sol.
Earned surplus... 354,080
404,963
Oil Corp. bonds_ 329,616
Cash in banks__
32,578
391,271
Total
10.778,366 10,829,620
Total
10,778,366 10,829,620
x Represented by 2,000,000 shares, $5 par value.
-V. 134, P. 4000.
Victor Brewing Co., Jeannette, Pa.
-Stock Listed on
Pittsburgh Stock Exchange.
-
The Pittsburgh Stock Exchange on May 31 approved for
shares (par $1) common stock. In the application to listlisting 753,247
the stock the
company submitted information from which we take the following:
Company.
-Company was incorp. Sept. 24 1907 in Pennsylvania with
an authorized capital of 4.000
$100). which was subsequently
increased on March 24 1921 to shares (par (par $300.000). In
8.000
1032 company amended its charter to shares the par value of the December
reduce
stock
$100 per share to $1 per share, and thereby increased the number of from
shares
of stock from 8,000 to 800,000.
In 1923 the company liquidated
business and sold all its material
assets to the Jeannette Ice Co. andits
the Jeannette Beverage Co. These
two companies in 1932 reconveyal all their properties to Victor Brewing
Co.
In exchange for 800,000 shares of capital stock and the assumption
liabilities of the above mentioned companies in the amount of of all the
$219.123.
Of the authorized capital, so exchanged. 400.000 shares were
the company as treasury stock. Of this treasury stock 250.000 donated to
placed in the hands of the First National Bank at Pittsburgh for shares were
the purpose
of liquidating the indebtedness of the
mentioned companies by exchange of stock and 150,000 shares to above to raise funds for
be sold
restoring
the plant and furnishing operating
the company to receive $1 per
share for each share sold. Of the capital,amounts of donated
above
following amounts are to be returned to the treasury of the stock, the
25.753 shares, which represents the unused portion of the 250,000company:
liquidate indebtedness, and 21,000 shares, which represent the shares to
unsold
tion of the 150,000 shares that were to be sold to raise working capital. porBusiness.
-The purpose for which
company was organized was the
brewing, manufacturing and selling ofthe
malt, brewed and fermented liquors.
Prior to the enactment of the prohibition laws,the company's chief products
were sold under the trade names "Victor Gilt Edge Boor" and "Victor
Ale,"
which products will be continued by the present management.
Dividends.
-Cash dividends have been paid on the outstanding common
capital stock of the company since organization at the following rates
per
annum: 1912, 3%; 1913, 8%; 1914, 10%; 1915. 5%: 1916. 1917 and
10% each; 1919, 5%; 1920, 10%, and 1921. 5%. The rate paid in 1918.
1921
was distributed over 8,000 shares; all other years on 4.000 shares.
Plant and Property.-Brewory located
Jeannette. Pa., is third largest
brewing unit in western Pennsylvania, at
with an annual capacity of from
125.000 to 150.000 barrels. In the opinion of the management the present
buildings and facilities are adequate, with additional equipment, to increase its capacity to 200,000 barrels.
Officers.
-p. A. Maddas, Pres.; Prank Wilbert Jr., Vice-Pros.; J. F.
Dietrich, Sec. & Treas.
Directors.
-The foregoing, and J. F. Lutz. E. L. Turner, Frank Ognibene
and Wm. E. Schmertz.
Statement of Income and Expenses, May 10-31 1933.
Gross amount of sales
$163,230
Cast of sales _
23,661
Ordinary and necessary expenses
37,382
Federal and State excise taxes
59.085
Federal income tax
5,927
Net income
$37,176
$1,368,674
Total
$1,368,674
Virginia Carolina Chemical Corp.
-To Purchase Its
Shares.
The directors on June 30 authorized the purchase of 10.000 shares of the
corporation's 71 prior preference stock at a price not to exceed 860 a share.
Stockholders will have the privilege of tendering all or any part of their
holdings. Terms of the plan and blanks will be mailed to stockholders
promptly. All tenders must be made on or before Aug. 1.-V. 135, p.4571
(S. D.) Warren Co.
-Earnings.
-
Calendar YearsGrosssales
Less-Freight, discounts and credits
771 - 1932.
1931.
$4,999,626 $7,479.068
436,433
583,061
Net sales
Cost of sales
Depreciation
Administrative and selling expenses
Other charges not of other income
Inventory adjustment
Bond interest
84.563,193 $6,896,006
4,119,009
5,361.377
413,229
442.660
575,576
888,602
33,933
44,009
315.811
307,667
319,020
Net loss
Loss of subsidiary companies
$1,202,033
231
$159,601
66
Consolidated not loss
Previous surplus. Dec. 31
Surplus credit adjustments
$1.202.264
5,506,495
31,677
$159,730
5.847,976
606
Total surplus
Dividends on common stock
Surplus debit adjustments
84,335,908 85,688,853
177,476
3,677.798
4,881
Surplus, Dec.31
Years Ended Dee. 31Royalties
Int. & miscell. income
Net income
Dividends paid
331
Balance Shed May 31 1933.
Assets
Liabilities
Cash
$66,619 Accounts payable
$119,675
Inventories
91,470 Bills (serial notes) payable....
23,737
Sundry prepayments & deposits
9,460 Cash payments to secure return
U.S. Treas. 3% bds. at cost
19,989
of packages
78,997
Fixed capital
1,181,136 Payments made direct to company for stock
3,295
Reserves for deprec., taxes,
Insurance, &c
23,588
Capital stock
753,247
Excess of appraised values over
cost values
328,959
Earnings, May 10 to 31, incl
37,176
$658,111 $5,506,495
Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets
Liabilities
Cash
5209,056 5129,462 Notes payable....500,000
450,000
Accts. & notes rec. 534,136
612,353 Accts. payable &
Mutual insur. part.
seer. Items
443,754
417,327
dividend
86,307
107,342 Employees' depos.
Inventory
1,170,530 2,107,568
& accts. payable
Adv.on wood oper. 207,566
335,796
at interest
434,456
647,967
S. D. Warren Co.
1st closed mtge.20
bonds held for
year 6% sinking
sinking fund..
71,683
135,557 fund gold bonds 4.640,000 4,820,000
Investments
1,363,627 1,395,324 x Capital stock &
Fixed assets
7,122,550 10,262,171
4,966,411 0,814,795
surplus
Prepaid Insurance_
5,795
Research work.._
253,070
Bond discount and
"
expense
211,624 1294,112
Deferred charges_
h
1,747 ; l7,328
Good will
500,000
Total
10,984,621 16,150,039
Total
10,984,621 16,150,089
x Represented by 101,415 no par shares. 41
The New York Curb Exchange has removed from unlisted trading
privileges the common stock (no par).
-V. 134, p. 4175.
(John) Warren Watson Co.-Earnings.Earnings for Year Ended Dec. 31 1932.
Loss from operations
Selling administrative and general expense
Interest,life insurance and sundry charges
Net loss for year
Balance Sheet Dec. 31 1932.
Assets
Liabilities
Cash
31,782 Accounts payable
Customers accounts receiv
21,174 Accrued salaries, wages and
Merchandise inventories _ _ _ _
97,688
interest
Cash surrender value life in
Notes payable
surance
15,519 Common stock
Miscell. notes and acct.s rec.
4,729
y Mach., equip., furniture
and fixtures
206,830
Goodwill and patents
1
Inventories
3,934
Deficit
779,341
$92,076
75,865
46.085
$214,026
$259,506
240,993
630,500
Total
51,130,999
Total
$1,130,999
The 200.000 no par common shares and 450.000 no par deferred
common shares are not given any value in the above balance sheet. y After
depreciation of $333.925.-V. 136, p. 4289.
Wellston Apartments (161 West 75th Street Corp.),
New York City.
-Reorganization Plan.
-
The Independent Bondholders Committee for certain defaulted S. W.
Straus & Co. bond issues which is headed by Lewis H.Pounds as Chairman,
on July 3 made public its first plan for acquisition, in the interest of first
mortgage bondholders, of an important New York City apartment house
property since its court victory.
The court victory was achieved June 30 when a majority opinion of the
Appellate Division was handed down which reversed an earlier decision
of Supreme Court Justice McCook who had ordered the removal of the
Independent Bondholders Committee and had appointed receivers to act
in their stead. As a result of the Appellate Division ruling, the Independent
Bondholders Committee was reinstated and now may represent the bondholders. In handing down the majority opinion, Justice Martin of the
Apellato Division said that: "We have reached the conclusion that the
order should be reversed. The bondholders committee represented by
Lewis II. Pounds, George Gordon Battle, Frank J. Murphy, Simon Newman, George W. Raz, John D. Reilly, George U. Tempers and A. L.
Werner should be permitted to continue their work of solving the problems
they have encountered by reason of the default in the payments due on the
respective bond issues. Their work should not be hampered by injunctions
or appointment of receivers.'
The new plan is in the interest of holders of first mortgage serial 6%
coupon gold bonds, dated Sept. 25 1924. of the Wellston Apartments (161
West 75th St. Corp.) of New York City. The committee states that
pursuant to authority conferred by the Wellston Apartments bondholders
deposit agreement dated as of April 4 1932, it has formulated and adopted
a plan for the acquisition of the mortgaged property at foreclosure sale
and placing a new first mortgage thereon. A copy of the plan has been
deposited with the Continental Bank & Trust Co. as depositary, and also
has been mailed to the bondholders.
Holders of certificates of deposit issued under the deposit agreement who
assent to the plan are advised that they need take no action. Until notified
to the contrary their rights will continue to be represented by their certificates of deposit. Holders of bonds who have not heretofore deposited
their bonds under the agreement may become entitled to the benefits of
the plan by depositing their bonds and all unpaid coupons on or before
July 24 1933.
In a statement to the holders of Wellston Apartments first mortgage
6% serial coupon gold bonds, the committee states in part:
332
Financial Chronicle
"The purpose of the plan is to prevent the sale of the property it a
sacrifice price in the event that a satisfactory bid is not forthcoming. The
market for real estate is greatly depressed and the committee is therefore
preparing to purchase the property, using the deposited bonds in part
payment. In addition, funds will be required for the purposes set forth
in the plan and only such amount as is absolutely necessary will be borrowed
on a first mortgage against the property. None of such funds, however,
will be used to pay any fees to the committee or its counsel as such charges
will be deferred until a later date.
"If the property is acquired pursuant to the plan the committee will
continue to operate it for the benefit of depositors until such time as the
market for real estate improves, so that the property may be sold, or until
a favorable distribution of Inanities may be made. In the meantime.
the certificates of deposit will continue to represent your pro rata interest
in the property and will entitle you to any distributions that may be made
from time to time.
"We feel that this plan offers the only sound solution under present
conditions and we therefore recommend that all depositors assent to this
proposal."
Joshua Morrison, 115 Broadway. is Secretary of the committee. and
Hornblower, Miller, Miller & Boston have been retained as counsel.—
V. 119, p. 1892.
Wesson Oil & Snowdrift Co., Inc.—Earnings.—
For income statement for 9 months ended May 31 see 'Earnings Department" on a preceding page.—V. 136, p. 2812.
Weston Biscuits Co., Ltd.—Exchange Offer.—
An offer of one share of George Weston, Ltd., common stock for two
shares of the Weston Biscuits Co., Ltd.. has been made to shareholders of
the latter company, which holds the United States rights to the manufacture of Weston's biscuits. Since the United States company has 50,000
shares of no par stock outstanding, the exchange would increase by 25,000
the common shares of George Weston, Ltd.—V. 132, p. 2793.
(George) Weston, Ltd.—Capital Increase Approved.—
At a special meeting of the stockholders held recently the proposal of
the directors to increase the pref. and common stocks was ratified.
The authorized pref. stock was 10,000 shares, par value $100, or $1,000,000. All of this had been issued, but since issued a total of $100,000 had
been redeemed. The company is now authorized to increase this stock to
$1,000.000 again.
Of the common stock 50,000 shares of no par value has been authorized
and all issued. The by-law passed calls for an increase in the amount
authorized to 100,000 shares.
Seeks to Acquire Company Holding United States Rights.—
See Weston Biscuits Co., Ltd. above.—V. 136 p. 4478.
Will & Baumer Candle Co. Inc.—Business Gains.-The company has booked a substantial volume of business calling for
deliveries after Sept. 1, placed in anticipation of rising prices, a Syracuse.
N. Y. dispatch states. Recently operating five nalf-days a week, the
company's
plant is now back on normal schedule five full days a week.—
V.136, p.3556.
(R. C.) Williams & Co., Inc.—Sales Up.—
Month of May—
1933.
1932.
$81.2,000
Gross sales
$553,000
Approximate sales for the first 24 days in June 1933 were $618,000
against $492,000 for the same period in 1932.
Net earnings for the month of May 1933, are estimated at $29,000.
Earnings for the month of June, it is expected, will be slightly less than
this.—V. 135. p. 3014.
Willys-Overland Co.—Bondholders' Committee Opposes
Stratton Committee's Reorganization Plan.—
Opposition to the reorganization of the company, under the terms proposed by the committee headed by W. B. Stratton, who is also chairman
of the preferred stockholders' committee, developed July 5 in a statement
Issued by the bondholders' protective committee of which G. Munro
Hubbard of J. G. White ez Co., Inc., is chairman.
In a letter to the holders of the company's outstanding first mortgage
% sinking fund gold bonds, due Sept. 11933, Mr. Hubbard, on behalf
of the committee, states that "the bondholders' protective committee
has carefully studied the outline of the plan proposed by Mr. Stratton
and his associates" and "does not believe that the plan is sufficiently
it the interest of the bondholders to warrant us in recommending it. For
this reason the bondholders' protective committee declined to accept
representation on the reorganization committee." In view of the proposed
terms of the Stratton plan, the Hubbard committee "strongly urges bondholders not to deposit their securities under the Stratton plan."
Hearing on the Stratton plan will be held in Federal Court at Toledo,
Ohio. on July 10. It is the intention of the Hubbard committee to oppose
the Stratton reorganization plan in behalf of bonds deposited with the
committee. Holders of undeposited bonds "who share the views" of the
Hubbard committee are urged to deposit their bonds with the City Bank
Farmers Trust Co.. N. Y.
Which
The chief reasons upon City. the Hubbard committee is opposing
the Stratton reorganization plan are:
(1) Bondholders are asked to scale their debt claims to 50% by accepting a $500 bond of a new operating company in place of each $1,000
principal amount now held. For the remaining 50% of their present
claim, bondholders are asked to accept 25% in class A stock of the new
operating company, and 25% in preferred stock of a liquidating company,
to which certain assets not needed by the operating company are to be
transferred. Under these terms, future claims of bondholders against
the new operating company are scaled to 75% of present claims.
(2) On the other hand, unsecured creditors, 50% of whose present
claims is recognized, received preferred and class A stock of the new operating company. Therefore, the effect of the plan as a whole is that bondholders are being asked to subordinate a portion of their claims against
the new operating company to a portion of the claims of unsecured creditors.
The Hubbard committee further points out that no interest, even if
earned, will be paid on the bonds until March 11935, and during 1935 and
1936 interest will be paid only if earned, which means that bondholders,
until 1937, will have no right to foreclose because of non-payment of interest.
The committee further states that if the first mortgage bonds were
undisturbed the first $130,000 of net earnings would be sufficient to pay
full interest charges on such bonds, whereas under the Stratton plan the
payment of interest and dividends by the new company in an amount
sufficient to give bondholders income equivalent to their present rate
vrill require net earnings of more than $890,000. or nearly seven times as
much as is now necessary to carry interest charges on the present bonds.
Furthermore,a dividend at the late of 14% on the class A stock is necessary
before the bondholder regains his original income from the new operating
company, and even a holder of the present common stock must receive
income before the bondholder obtains from the new operating company
his original income return.—V. 137, p. 160.
Wisconsin Holding Corp.—Resumes Dividend.—
The directors have declared a dividend of 17;4 cents per share on account
of accumulations in addition to a quarterly dividend of like amount on
the class A stock, par $10, both payable Sept. 15 to, holders of record
Sept. 1. The last quarterly distribution of 17 cents per share was made
on this issue on Jan. 2 1933, the April 1 and July 1 payments having been
passed.—V. 137. p. 160.
Wolverine Tube Co.—Pays All Accruals on Stock.—
The directors recently declared a dividend of $1.75 per share on the 7%
cum. pref. stock, par $100, payable July 1, clearing up all accumulations.
On March 1 and June 1 last distributions of 8734 cents per share were made
on this issue.
The directors also deolared a regular quarterly dividend of $1.75 per share
on the pref. stock, payable Sept. 1.—V. 136. p. 3556.
(F. W.) Woolworth Co.—June Sales.—
Period End. June 30— 1933—Month-1932. —1933-6 Mos.-1932.
Sales
619,343,914 818,921.934 $108903,914 8118248,144
—V. 136, p. 4290.
Worcester Salt Co.—Transfer Agent.—
The Chase National Bank of the City of New York has been appointed
transfer agent for the common and preferred stock.—V. 135, p. 1674.
July 8 1933
York Ice Machinery Co.—Empoyees Benefited.—
Reflecting an improving trend in its business, the corporation has
notified its salaried employees at its York, Pa., plant and at the company's
71 factory branches throughout the country, that they will receive full
salary during vacation this summer, and that the full two weeks vacation
period will be allowed. Last year the company's salaried employees were
allowed one week's vacation without salary, and in 1931 one week with
salary and one week without.—V. 136, P. 3364, 3180.
CURRENT NOTICES.
—H. Rentz & Co., members of the New York Stock Exchange and of the
principal commodity exchanges, have revised and brought up to date their
compilation of statistical data on the commodity markets, issued for the
first time in booklet form in 1931. The second edition of the booklet
contains nearly 140 pages of tables and other data, covering the production.
consumption and prices of cotton, grains, coffee, sugar, cocoa, copper,
tin, silver, rubber, hides, wool, silk and cottonseed oil. It also gives information as to domestic commissions and units and hours of trading on
the various exchanges.
—Announcement is made of the opening for business of the firm of
Simmons & Peckham, with offices in the Pacific Mutual building at Los
Angeles, Calif. The firm, with membership in the New York Stock Exchange, is composed of Edward G. Simmons of Los Angeles and Henry A.
Peckham of New York, general partners; and George C. Graves of New
York and Bernard Giannini of Los Angeles,special partners.
—Following the dissolution of the firm of Weingarten, Eisemann & Co.,
Melville D. Weingarten. Ralph E. Samuel, Benj. Van Raalte and M.
Hubert Hilder, member New York Stock Exchange, announce the formation of Weingarten & Co., with offices at 29 Broadway, New York, and
branch offices at 551 Fifth Avenue, 1372 Broadway, 702 West 181st St.,
Hollywood Hotel, New York. and West End. New Jersey.
—Jackson & Curtis, of Boston and New York, announce the opening of
a Philadelphia office (in the Philadelphia National Bank Building), for
the transaction of a general brokerage and investment business. The new
office is under the direction of Paul R. Lewis and Raymond H. Gage, both
of whom formerly were associated with the Philadelphia office of the Chase
Harris Forbes Corp.
—George D. B. Bonbright & Co., members of the New York Stock
Exchange, announce that Arthur B. Treman has been admitted to the
firm as a general partner. The firm recently acquired the Ithaca office
of Hemphill, Noyes & Co. for whom Mr. Tremon was Manager for several
years. He will continue to supervise the activities of this office as a resident
partner.
—Coincident with the acquisition of a Stock Exchange membership, the
firm of Laurence M. Marks & Co., Inc. is being dissolved and a new firm—
Laurence M. Marks & Co.—has been formed for the transaction of a general
Investment and brokerage business. In addition to its office at 49 Wall St.,
the firm will have an Albany office in the State Bank Building.
—Hardy & Co., members New York Stock Exchange, announce that
the following have become associated with them in their Bank and Insurance
Stock Department: Frank E. Richardson. John J. Kennedy Jr., William R.
Holligan, John E. Reilly. Lee J. Roth and James E. Gavin.
—Announcement is made of the formation of the investment firm of
H. R. Baker & Co. with offices in San Francisco, Oakland and Los Angeles,
Calif. H. R. Baker, President of the firm, was formerly associated in an
executive capacity with S. W. Straus & Co. in the East.
—Herbert H. Blizzard & Co., of Philadelphia, announce the installation
of direct telephone service to the office of Ernst dr Co., New York, and
that they will become their Philadelphia correspondents to specialize in
all classes of Canadian securities.
—The newly formed Stock Exchange firm of Mallory, Eisemann & Co.
with offices at 120 Broadway, announces the opening of three branch
offices as follows: 33 East 51st Street; 163 West 72nd Street; and 176
Montague Street, Brooklyn.
—Burton, Cluett & Dana, members of the New York Stock Exchange,
announce that A. Glen Acheson, formerly Assistant Vice-President of
Chase Harris Forbes Corp., is now associated with them as Manager of
their bond department.
—The New York Stock Exchange firm of W. E. Hutton & Co. announce
that W. E. Hutton, II, has been admitted to the firm as a general partner.
He will be resident partner in their Detroit office.
—David A. Noyes & Co., Chicago, announce the opening of a branch
office in the Union Station, 236 South Canal St. at Jackson Blvd., under
the management of Mr. Philip W. Brockhaus.
—W. R. Peterson, Theodore Rosenfeld and Harry J. Lipman, member
New York Curb Exchange, have formed the co-partnership of Peterson &
Co. with offices at 105 Liberty St., New York.
—The New York Stock Exchange firm of Spalding, Tucker & Co. have
removed their office to One Wall St. Arrangements have been made with
Cassatt & Co. to clear the firm's business.
—William J. Armstrong and H. John Bechler, member of the New York
Stock Exchange, have become general partners in the New York Stock
Exchange firm of Smith & Gallatin.
—Noel, Berman & Langley, members of the New York Stock Exchange,
announce that Charles 11. Mallory has been admitted to general partnership
in the firm.
—Hadley, Livingstone & Co., Inc., Chicago, announce that Arthur
McG. Flint, formerly with Rogers & Tracy, has become associated with
their firm.
—Jenks, Gvrynne & Co. announce the admission of E. H. Pooler, member of the Standard Stock & Mining Exchange of Toronto, as a general
partner.
—Benjamin Block & Co. have opened a branch office at 550 Seventh
Avenue under the management of H. deSola Mendes, resident partrer.
—Struthers & Dean, New York, announce that George Douglass DebeVOIS0 has been admitted to general partnership in their firm.
—John Farr, formerly of Farr & Co. has become associated with Abbott,
Hoppin & Co., members New York Stock Exchange.
—Bristol & Willett, 115 Broadway, New York, are distributing the
July issue of their "Over-the-Counter Review."
—J. Roy Prosser & Co., 52 William St., New York, have issued the
July issue of their "Over-the-Counter."
—Timothy F. Allen Jr. was admitted as a general partner in the firm
of Thos. L. Manson & Co. on July 1.
—Softye& Co.,Inc., have removed their offices to 39 Broadway, N.Y.C.
Financial Chronicle
Volume 137
333
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Friday Night, July 7 1933.
COFFEE futures on the 3d inst. advanced 18 to 13 points
on buying by commission houses and New Orleans induced
by the suspension by Brazil of the 10% bonus. The decline
in the dollar was also a contributory factor. Cost and
freight offers were scarce but 10 points lower; prompt
shipment basis Santos 4s, 8.35 to 8.50c. Spot coffee was
dull with Santos 4s, 83 c. and Rio 7s, 73c. On the 5th
4
inst. futures advanced 8 to 14 points on another drop in the
dollar rate. Sales were 15,000 bags of Santos and 10,000
bags of Rio. Spot trade was quiet with Santos 4s, 8%c.
and Rio 7s, 7%c. Cost and freight offers from Brazil were
small and generally inchanged; prompt shipment basis Santos
4s, 8.20 to 8.55c.; 2-3s at 9.450., 3s at 8.70c.,3-4s at 8.40 to
8.75c., 4-5s at 8.25 to 8.30c.; peaberry 4-5s at 8.25e.; Rio
7s at 6.85c. and 7-8s at 6.75c.; Victoria 7s at 6.80 to 6.85c.
and 7-8s at 6.75c. Maracaibo, Trujillo 93 to 10c.; fair to
good Cucuta 103 to 113c.; washed 113 to 123.c.; prime
%
4
to choice 103 I to 1134c.; Colombian, Ocans. 9% to 10c.;
/
/
Bucaramanga, natural 10 to 10%c.; washed 103 to 103 0.;
/
Honda, Tolima, and Giradot 10 to 103c.; Medellin 103/8 to
1058c.; Manizales 9% to 103/8c.; Armenia 103/ to 103/se.;
/
Mexican, washed 93/i to 103.e.; Liberian, Surinam 83 to
8%c.; East India, Ankola 18 to 25c.; Manheling 18 to 250.;
Genuine Java 17 to 21c.; Robusta, washed 8%c.; natural
8Mc ; Mocha 123/ to 13c.; Barrer 113 to 123c.; and
3
Abyssinian 11 to 113c. On the 6th inst. futures closed 3
points lower to 3 points higher on Santos contract and 3 to 4
points higher on Rio. Cost and freight offers were unchanged and the spot market was quiet but steady. Cost
and freight offers from Brazil were rather small; prompt shipment Santos Bourborn 3s were quoted at 8.60c.; 4s at 8.20
to 8.450.; 4-5s at 8.30; 5-6s at 8.150.; peaberry 4s at 8.45c.;
Victoria 7s at 6.80e., and 7-8s at 6.750. To-day futures
advanced 11 to 16 points. Final prices are 29 to 44 points
higher than a week ago.
Rio coffee prices closed as follows:
Spot (unofficial)
July
September
7
_ I December
5.954 nom.1 March
5.994nom.1 May
6.060
6.110 6 13@ ---
Santos coffee prices closed as follows:
Spot (unofficial)
July
September
9 004 ____ I December
8.320nom. I March
8 234 _ _ _ _ 1 May
8.200 ---8.164 8.17
8 154nom.
COCOA to-day, after advancing 10 to 12 points early,
lost about half of this and ended 5 to 7 points net higher.
July closed at 4.67c., Sept. at 4.80c., Oct. at 4.88c., Dec.
at 5.04c., Jan. at 5.11c., March at 5.29c., and May at
5.42c. Final prices are 15 to 21 points higher for the week.
SUGAR futures on the 3rd inst. advanced 3 to 5 points on
President Roosevelt's rejection of stabilization proposals and
another sharp decline in the dollar. There was a good deal of
profit taking and pre-holiday liquidation all of which, however, was readily absorbed. Commission houses, trade
interests and Wall Street were buying. Some of the trade
buying was believed to be against sales of actuals. Sales
were 22,400 tons. On the 5th inst. ended unchanged to
1 point after early firmness. Trade interehts were buying.
Commission houses sold and there was some profit taking
on the news that the London Conference may end with
nothing definite accomplished. Some 13,000 bags of Puerto
Ricos due July 24 sold at 3.480. delivered. Other sales were
.3,800 tons each of Puerto Ricos, one loading July 17 and one
due Aug. 19, at 3.50e., 4,200 tons Puerto Ricos loading
Aug. 10 to 20, at 3.50c. an! a cargo of Cubas for first half
August shipment at l.50c.c.& f. Also some 3,000 tons of
Philippines for July-Aug. shipment sold at 3.500. On the 6th
inst. futures closed 1 to 3 points higher after sales of 377 loth.
Thsre was some covering of hedges against actual sales. The
trade was buying. Raws were in better demand and steady
at 3.50c. Some 50,000 bags of Cubes for August clearance
and 10,000 bags for firht half August shipment and 7,000 bags
of Puerto_ Ricos for early August clearance sold at 1.50c.,
c. f. or 3.50c. equivalent. Refined was 4.60c. To-day
futures ended unchanged to 2 points lower. The news from
Washington was not cheerful. Final prices show a rise for
the week of 4 points.
Sugar prices closed as follows:
Spot (unofficial)
July
September
December
1.500
_ !January
1.4901.511March
1.5101.52 IMay
1.586
1.590 --1.6341.64
1 68@ ---
LARD futures on the 1st inst. closed 3 points lower to 2
points higher. There was some early weakness on the heavy
hog receipts but the tone became stronger on buying induced by higher corn prices. On the 3rd inst. futures rose
20 to 250. owing to the strength of corn. Packers were
selling on the heavy hog receipts but offerings ware readily
absorbed. Cash prime, 6.90 ta 7c.; refined to Continent,
63 0.; South American, 7c. On the 5th inst. futures ended
/
2 to 5 points higher in response to the strength of corn.
Buying was general. Heavy liquidation and hedge selling
developed late in the day, but the market held very well.
C tsh prime was 6.95 ta 7.05c.; refined to Continent, 6%
to 63c., and South American, 73/80. Hogs closed unchanged to 10c. lower with recsipts largs; for the Western
run they were 100,200 against 61,500 an the same day last
year. On the 6th inst. futures advanced 10 to 13 points on
good buying, influenced by the strength of corn. Packers
were selling, however, on the large hog receipts. Hogs
closed unchanged to 10e. higher, with the top $4.65. Cash
lard, prime, 7.05 to 7.15c.; refinad to Continent, 63/8c.;
South American, 73jc. To-day prices ended 20 to 27
points higher despite the decline in grain and a heavy hog
run. Eastern interests were buying. New highs were
recorded. Final prices show a rise for the week of 57 to 60
points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Sat.
Mon.
Wed. Thurs.
Tues.
Fri.
July
6.37
6.57
___
6.75
6.62
6.97
September
6.70
_ __
690
6.95
7.27
7.05
October
6.80
__
7.05
7.07
7.40
7.20
Season's High and When Made.
Season's Low and When Made.
July
July 7 1933 July
7.00
3.92
Feb. 21 1933
September_ _ _ _ 7.37
July 7 19i3 September_ _ _4.02
October
7.50
July 7 1933 October
4.57
PORK steady; mess, $19; family, $16.50; fat backs, $15
to $16.25. Beef, firm; mess, nominal; packet, nominal;
family, $11.75 to $12.50; extra India mess, nominal. Cut
meats, steady; pickle I hams, 4 ta 6 lbs., 63c.; 6 to 8 lbs.,
63443.; 8 to 10 lbs., 5%c.; 14 to 20 lbs., 11%c.; 22 to 24 lbs.,
103c.; pickled bellies, 6 to 10 lbs., 103.o.; 10 to 12 lbs.,
10c.; bellies, clear, dry salted, boxed, New York, 14 to 16
lbs., 8c.; 18 to 20 lbs., 83/sc. Butter, creamery, firsts to
premium marks and higher score than extras, 203/i to 263c.
Cheese, flats, 15 to 213.c. Eggs, mixed colors, checks to
special packs, 12 to 20c.
OILS.
-Linseed was advanced to 9.9c. for tanks, New
York, July-Sept. and 9.7c. for Oct.
-Dec. delivery. Some
said these prices could be shaded 2 points but others were
not so sure that a consession could be had. There was a
fair inquiry but actual business was small. Very little foreign
linseed oil has been sold here and no sizeable quantity has
come to New York. Cocoanut, Manila coast tanks 23/8 to 3c.,
tanks, New York, spot 33c. Corn, crude tanks f. o. b.
Western mills 53/i to 53 c. China wood, N. Y. drums,
%
3
carlots, delivered 74 to 83c., tanks, spot 73/2c.; Pacific
Coast tanks 7%c. Olive, denatured, spot Greek drums 75
to 80c., Spanish drums, 75 to 850.; shipment carlots, Greek
73 to 74c., Spanish 76c. Soya bean, tank cars, f. o. b.
Western mills 7.2 to 7.50., cars, N. Y. 8.1c., L. C. L. 8.50.
Edible, olive $1.40 to $1.55. Lard, prime 10c., extra strained
winter 83c. Turpentine 44 to 513/0. Rosin $5.25 to $5.65.
2
COTTONSEED oil sales to-day including switches 58
contracts. Crude S. E. 125 under July bid. Prices closed
as follows:
Spot
6.00 BMINovember
6.246.30
July
August
September
Octooer
6.0006.10 1 December
6.0506.12iJanuary
6.0846.121 February
6.1606.19 1
6.32@6.34
6.36 --6.36@6.49
PETROLEUM.
-The usual summary and tables of prices
customarily appearing here will be found on an earlier page
Financial Chronicle
334
in our department of "Business Indications," in the article
entitled "Petroleum and Its Products."
RUBBER futures on the 1st inst. advanced 16 to 20 points
in sympathy with the strength of other commodities and
securities. The outside market was firmer, with prices up
to the previous highs for 1932-33. The ending was with
July at 6.45e., Sept. at 6.75c., Dec. at 7.06 to 7.09e., Jan.
at 7.15c., Mar. at 7.33 to 7.35e. and May at 7.49c. On
the 3rd inst. the market was closed until Wednesday morning, when trading will be resumed on the New Commodity
Exchange floor on Broad Street. In London spot hides
closed on Monday at 3 15-32d. while the April-June position
sold a little higher at 3 26-32d.
-London stocks decreased
295 tons to 43,749 tcns, but the Liverpool stock was 59,560
tons, an increase of 88 tons. Malayan shipments for June
were 41,401 tons against 42.902 tons in May and 36,75 tons
in April and 36,566 ton. in June last year. On the5th
inst. futures closed 20 to 22 points higher, with sales of
6,740 bale). Liquidation and other selling by commission
houses induced by theset=back in other markets caused the
recession from the nigh of the day of 25 to 39 points. Actual;
were in better demana from factories ard July standard ribs
went to a new high of 6N for 1932-33. Latex advanced
3e.
Mc. and other grades5,1, to Mc. Aug. closed at 6.81e..
Sept. at 6.96 to 7c., Dec. at 7.27 to 7.29c., Jan. at 7.36c..
Mu.. at 7.54c. and M y at 7.69c. London was unchanged
to 1-16d. higher. Singapore was 1-32d. lower. On the
6th inst. futures ended 60 to 74 points higher in excited
trading. Sale. were 11,790 tons. Reports that negotiations on restriction were progressing favorably inspired a
good demand from dealers and commission houses. Actuals
were M to. Mc. high r with July standard ribs at around
73/ic. July closed at 7.43c., Sept. at 7.70c., Oct. at 7.79c.,
Dec. at 7.95 to 7.99c., Jan. at 8.06c., Mar. at 8.25 to 8.26c.,
May at 8.35c. To-day prices reached new high ground
for the year and ended 15 to 20 points higher on favorable
news from London regarding restriction. July ended at
7.55c., Sept. at 7.80c., Oct. 7.92c., Dec. 8.15 to 8.20c.
and Jan. 8.26c., Mar. 8.46 to 8.49e. and May 8.65e. Final
prices show a rise for the week of 122 to 129 points.
HIDES futures on the 1st inst. were in fair demand and
after an early decline rallied and ended unchanged to 6 points
higher with sales of 120,000 lbs. September ended at 12.85
to 12.87c., Dec. at 12.93 to 12.95c., March 13.20c. and June
13.500. Trading was suspended until the 5th inst; when
it will be resumed on the new exchange. The market was
closed on the 3rd inst. but trading will be resumed in futures
on the new Exchange floor at Broad Street on Wednesday
morning. New York City calfskins were firm but trading
was quiet; 9-12s 2.50c., 7-9s 1.90c., 5-7s 1.600. On the
5th inst. prices ended 30 to 38 points higher with sales of
3,400,000 lbs. The inquiry for spot hides was better but
no sales of any significance were made. The tone was firmer.
Sept. closed at 13.10e., Dec. at 13.23c. to 13.25c., March at
13.49c. to 13.55c. and June at 13.65c. to 13.80c. On the
6th inst. prices ended 8 to 11 points higher with sales of 1,040,000 lbs. Spot hides were firm with light native cows
123'c. and light native steers 13c. Sept. closed at 13.01 to
13.24c., Dec. 13.25 to 13.43c.; March 13.45 to 13.50c.,
June 13.64 to 14c.; Sept. 13.200.; Dec. 13.31 to 13.35c.,
March 13.60 to 13.65c. and June 13.75c. To-day prices
advanced 5 to 15 points ending with Sept. at 13.25c., Dec. at
13.45c., March at 13.70c. and June at 13.85e. Final prices
are 55 to 58 points higher than a week ago.
OCEAN FREIGHTS were more active.
CHA LITE RS.
-Booked, a few loads, New York-Hamourg, 7c.; grain
booked, five loads, New York-Hamburg. 6c.: grain. prompt, Quebec. Halifax, Sc.. Canadian Trips, West Indies, prompt, round, 65c.; trip down,
m tin 7oLt nrerrel North Hatteras,
ido I nEtiw en
t
july
. Sg
pro ugar, July. C
tvr
Cuts-United
vm4d. Nitrate-Chile United Kingdom,
is.
Continent I9co.
.
COAL.
-Domestic smokeless bituminous prices for July
were raised 25c. on stove. Lump remained at $1.85. The
production of bituminous is running close to that of 1931 and
anthracite is larger than two years ago. Bituminous production last week exceeded 6,450,000 tons compared with
4,000,000 a year ago. For three weeks'it stood at 18,114,000
tons, a weekly average of 6,038,000 tons compared respectively with 12,280,000 and 4,092,000 tons a year ago.
SILVER futures on the 1st inst. advanced 72 to 85 points
with sales of 2,000,000 ounces. July closed at 36.85c.; Sept.
at 37.30 to 37.40c.; Oct. at 37.55c.; Nov. at 37.800.; Dec.
at 38.05 to 38.100. and March at 38.73c. Bar silver was
quoted at 369'c. here and at 133.d. at London. The ex-
July 8 1933
change will be closed on the 3rd inst. and will not re-open
Wednesday morning when trading will be resumed on the
new trading floor at Broad Street. On the 5th inst. futures
trading was opened on the new trading floor. It was a very
erratic market with some deliveries fluctuating over a range
of 200 points. The ending was 24 to 75 points lower. July
closed at 36.200.; Aug. at 36.50e.; Sept. at 36.75 to 37.85c.;
Oct. at 37.10c.; Nov. at 37.400.; Dec. at 37.60c. to 37.65c.;
Jan. at 37.90e. and March at 38.40c. On the 6th inst. futures
advanced 54 to 75 points on sales of 4,350,000 ounces. Outside prices were off Mc. here to 363sc. and Md.in London to
/
17 7-16d. July closed at 36.95c.; Aug. at 37.17c.; Sept. at
37.38c.; Oct. at 37.66c.; Dec. at 38.20 to 38.24c. and Feb.,
at 38.72c. To-day trading slowed down a little but the
ending was 13 to 25 points higher with July 37.200.; Aug.,
37.400.; Sept., 37.600.; Oct.. 37.85c.; Dec., 38.35e.; Feb.,
38.85c. and March, 39.10e. Final prices are 100 to 110
points higher for the week.
COPPER advanced to 8.373' to 8.600. for domestic
delivery. A more representative range was 8.50 to 8.60c.
The rise in Europe was attributed to the strength here.
Foreign quotations were 8.373' to 8.62e. Leading makers
of copper wire raised quotations Mc. while various forms of
copper scrap were advanced Xe. Futures here on the 5th
inst. closed 39 to 65 points higher with sales of 25 tons, July
closing at 7.64c., Aug. at 7.72c., Sept. at 7.800., Oct. at
7.85c., Nov. at 7.900., Dec. at 7.95 to 8.050. and Jan. at
8.04c. In London on that day standard advanced us. 3d.
to £38 18s. 9d. for spot and £39 Is. 3d. for futures; sales
2,100 tons of futures; electrolytic up 10s. to £42 10s. bid and
£43 asked; at the second session prices fell 6s. 3d. on sales
of 1,700 tons of futures.
TIN advanced to 47c. or close to the year's high. English
4
refined was quoted at 459/i to 453 c. Demand was small.
Futures here on the 5th inst. closed 265 points higher, but
there was no trading. In London on that day spot standard
advanced 17s. 6d. to £225 7s. 6d.; futures up 15s. to £224
15s.; sales 50 tons of spot and 350 tons of futures; spot
Straits advanced .£2 12s. 6d. to £234 7s. 6d.; Eastern c. i. f.
London dropped 5s. to £230; at the second session spot
standard dropped 7s. 6d. and futures 10s. on sales of 10
tons of spot and 90 tons of futures.
LEAD was advanced to 4.300. New York and 4.1c. East
St. Louis. This is the first rise in prices in about two or three
weeks. Demand was good. In London on the 5th inst.
prices advanced 3s. 9d. to £13 13s. 9d. for spot and £14 for
futures; sales 50 tons of spot and 1,550 tons of futures; at the
second session prices dropped is. 3d. on sales of 750 tons of
futures.
ZINC was up to 8.60e. East St. Louis, with sales reported
at that price. Some however doubted this but there were
evidently no sellers under that figure. Trading was quiet.
In London on the 5th inst. spot advanced 7s. 6d. to £18;
futures up 6s. 3d. to £17 18s. 9d.; sales 25 tons of spot and
1,325 tons of futures; at the second session prices were unchanged with sales of 625 tons of futures.
STEEL prices are now virtually at the same level as a year
ago. Many items have been advanced recently for third
quarter delivery, but bars, shapes and plates remain unchanged. Automobile production in June was estimated at
240,000 to 250,000 cars and trucks and July output is expected to be equally as large. Fabricated structural steel
sales during the first six months of the year were 400,000 tons
as compared with 430,000 tons for the same period in 1932.
A sale of heavy melting steel was made in the Chicago district
at $9.50 per ton a rise of 50e. over the previous sale.
PIG IRON sales in the New York district last week were
approximately 4,000 tons a very good showing for a preholiday week. Ferromanganese was advanced $10 a ton to
$82 for the domestic grade. The low price for the year was
$61, but it did not prevail long. Sellers are booking for July
shipment only and will not open books for August shipment
until about the middle of the month. According to the "Iron
Age" there was a net gain of 27 active blast furnaces in June.
The total on July 1st was put at 90. Production for the
month was 1,265,007 tons or 42,166 tons daily, against 887,252 tons or 28,621 tons daily in May, an increase of 47.3%.
June's daily average was the highest since July 1931. The
composite price was $15.01. Spiegeleison was advanced $3
to $27, furnace for the common analysis of 19 to 21% alloy.
WOOL.
-A better feeling was manifested now that
London sales have opened at an advance of 10 to 15%
Volume 137
Financial Chronicle
over the closing of the last series. Boston reported higher
prices for all of the best wools. The taking of inventories
and the holidays caused a quieter tone of late. A good
volume of tops was sold by top makers at firm prices. Ohio
fine wools were firm, especially medium stock. The best
% combing, Ohio and similar wools, sold at 34c. in the grease;
Ohio Wis. sold at 32 to 33c. Territory combing wools of the
so-called average stock and slightly shorter wools sold 70 to
72c., clean basis. Pulled and scoured wools were in good
demand and strong. Mohair and mohair products were in
better demand. Consumption in May reached a new high
for the current year, according to the Census Bureau, which
placed it at 46,898,269 lbs., grease equivalent against
28,700,676 in April and 16,519,325 in May last year. This
is an increase of 18,000,000 over the April total and 30,000,000 above the figures of May last year. Consumption during
the month, in condition consumed, included 27,150 lbs. of
combed wool against 16,325,000 in April; 5,855,000 lbs. of
carded against 3,885,000 in April; 8,215,000 of carpet
against 4,862,000 in April.
In London on July 4 the Colonial auctions opened with
total offerings of 149,100 bales. The auctions are to continue through July 21. Attendance was large with both
home and foreign houses well represented. Offerings,
11,100 bales; demand good, including fair purchases by
America. Compared with May sales, Australian and Cape
greasy merinos were 20 to 25% higher; New Zealand crossbreds scoured and greasy were 15 to 20% higher. Slipe
advanced 15 to 25%. Puntas and greasy crossbreds were
10 to 15% up. Details;
Sydney, 869 bales: greasy merinos, 14% to 1630. Victoria, 273 bales:
scoured merinos, 19 to 20 Ad.; scoured crossbreds, 8% to 173d. South
Australia, 161 bales: greasy merinos, 13A to 150. West Australia,
195 bales: greasy merinos. 13 to 15d. Tasmania, 30 bales: greasy merinos,
16 to 17d. New Zealand. scoured crossbreds, 93 to 1630.; greasy 5%
to 133l. Cape, 100 bales: greasy merinos, 93. to 100. Puntas and
Patagonia, 4,405 oales: greasy crossbreds. 8 to 13%d. New Zealand
slipe ranged from 6d.to 15%,.I., the latter for halfbred lambs.
In London on July 5 at the Colonial auction offerings were
10,415 bales with a good demand from home and Continent;
prices firm. Details:
Sydney, 1.879 bales: greasy merinos, 11% to 17jid. Queensland, 1,842
bales: scoured merinos, 13% to 25%d.: greasy, 10 to 15d. Victoria, 1.628
bales: scoured merinos, 19 to 21d.; greasy. 14 to 186. South Australia.
581 bales:scoured merinos, 15 to 224d.;greasy. 13 to 15d. West Australia.
151 bales: greasy merinos, 12% to 150. New Zealand. 4.331 bales:
scoured merinos, 17 to 206.; greasy, 10% to 134d.: scoured crossbreds,
8% to 196.: greasy. 5% to 13%d. New Zealand slipe sold from 6% to
146., the latter for halfbred lambs.
In London on July 6 offerings were 10,330 bales; brisk sale
to Yorkshire and the Continent; fair purchases by America.
Prices firmer. Details:
Sydney, 1.091 bales: greasy merinos. 11 to 17d. Queensland. 806 bales:
scoured merinos, 20 to 26e.: greasy, 124 to 16%il. Victoria, 1,479 bales:
greasy merinos, 11% to 1734d. Adelaide. 178 bales: greasy merinos, 13%
to 1530. West Austriiiia, 759 bales: greasy merincs, 12% to 1530.
New Zealand, 5,944 oales; scoured merinos, 18 to 236.; scoured crossbreds,
8 to 206,: greasy, 5 to 14d. Cape, 72 bales: greasy merinos. 10 to 13d.
Victoria, merino pieces sold from 13d. to 15%d. New Zealand slipe ranged
from 6d. to 15d., latter for halfbred lambs.
WOOL TOPS futures to-day ended with Sept. 9.45c.,
Oct. 9.45e. and Dec.95c. New high prices were established.
SILK futures on the 1st inst. at their final session on the
old National Raw Silk Exchange closed 1 to 3e. higher with
sales of 780 bales. Japanese markets were lower. July
closed at $2.14 to $2.15, Aug. at $2.08 to $2.10. Sept. at
$2.08 to $2.09, Oct. at $2.08, Nov., Dec., Jan. and Feb.,
$2.08 to $2.09. The exchange was closed on the 3rd inst.
but trading will be resumed on the new trading floor on
Wednesday morning. American mill takings of raw silk
during the month of June amounted to 53,627 bales according
to the Silk Association of America. They were the largest
of any month this year and the best June total recorded.
They were 6,475 bales more than in May and 16,161 above
Jr.11ie last year. Imports during June were 47,435 bales
against 44.238 for May, an increase of 3,197. They were
16,080 above June 1932. Yet stocks of raw silk in warehouse
at the end of the month were the lowest since the end Of
My 1931. They were 6,192 under May and 19,115 below
-the total at the end of June last year. On the 5th
futures were active -and-8 fo 10c. higher; sales 3,410 bales.
-Japanese cables were higher. This was the first day of
tradinFOrthe new trading floor ofthe Commodity Exchange.
Siily closed at $2.24; Aug. at $2.17 to $2.20; Sept. at $2.16,
Oct. at $2.17 to $2.20; Nov. at $2.17 to $2.18; Dec. at
$2.18 and Jan. and Feb. at $2.18 to $2.19. On the 6th
inst. futures closed unchanged to 2c. lower. Early prices
were much weaker owing to disappointing cables, but later
recovered on the strength of securities and other commodi-
335
;
ties. July closed at $2.23 to $2.25, Aug. at $2.17 to $2.20
Sept., Oct., Nov., Jan. and Feb., $2.16 to $2.17. To-day
prices wen 3 to 5 points higher on better Japanese cables.
Trading was fair. August sold at $2.20.
COTTON
Friday Night, July 7 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
80,277 bales, against 75,954 bales last week and 60,353
bales the previous week, making the total receipts since
Aug. 1 1932 8,561,714 bales, against 9,633,902 bales for the
same period of 1932, showing a decrease since Aug. 1 1932
of 1,072,188 bales.
Receipts at-
Sat.
Man.
Thurs.
Wed.
Tues.
Total.
Fri.
Galveston
321 2,357 3,954
---- 2,644
286 9,562
Texas City
1.148 1.148
Houston
1,431 2,399 1,739
463 2,477 9.571 18.080
Corpus Christi...
84
---- 1.180
560
482 1.078 3.384
New Orleans-_2,015 4,082 8.529
732 5,200 3.257 23.815
Mobile
692
---611
401 1,090
685 3.429
Jacksonville ------------------------1,217 1.217
Savannah
1.040
---_
855
1.621 1.375
1.045 5.936
Charleston
386
717
---- 1,080
537 5.261 7.981
Lake Charles
---_
____
____
----.-- 2.617 2.617
Wilmington
225
--97
123
298
901
158
Norfolk
45
81
133
44 1.473 1.776
---Baltimore
Totals this week-
6.643 11.480 14.222
5,856 13,972 28,104 80.277
The following tab e shows the week's total receipts, the
total since Aug. 1 1932 and stocks to-night, compared with
last year:
1932-33.
Receipts to
July 7.
1931-32.
Stock.
This Since Aug This Since Aug
Week. 1 1932. Week. 1 1931.
1933.
1932.
Galveston
9.562 2.000.907' 3.5th 2.273,322 512.336 520.426
Texas City
1.148 246,089
'is° 244,8uu
18,080
13.590
Houston__
18.0/.0 2.832.684 4.064 3,173,416 1.303.331 1.151.097
Corpus Christi.-- 3.384 305.535
4z9 429.502
46,591
59 037
Beaumont
2i.3ns
31.600
18.498
New Orleans
23.815 1.927,089 18,561 2,068,324 824,420 960.072
Guffport
606
Mobile
3,479 337.422 4,408 512.756 118.333 167.773
Pensacola
137.663
28
78,110
20.602
Jacasonville
1.217
2,,,u3
--__
10.956
17.003
3,116
Savannah
5.936 169.074 1.322 336,904 112.762 229.528
Brunswick
37.001
4.3.416
Charleston
7.981 206 893
892 134,652
54.681
97,157
Lake Charles
2.617 178.012
129 135.iab
55.636
71.029
Wilmington
901
56.154
154
23,038
53,64s
12.016
Norfola
1.776
57.968
36
65,4,0
48,383
33.139
N'port News, &c_
---8,689
New York
178.045 204,064
Boston
933
18.407
15,097
Baltimore
17,372
118
381
25,231
2,413
3,488
Philadelphia
7,
5.389
Totals
80.277 8.561.714 :34,43b 4,633,907 3.366,797 .1,552,800
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.
Gal veston_ _ .. _
Houston
New Orleans_
Mobile
Savannah _ _ _ _
Brunswick _
Charleston_
Wilmington_ _
Norfola
N'port News_
All others_ _ _
9.562
1b,1i83
23.8,e
3,419
5.93.
3,501
4,064
18,561
4.468.
1,322
2,547
4,152
2,5,2
909
1,514
2,746
1.268
2,892
396
1,90s
9.492
11,993
4.53,
450
1.84o
6,470
4,331
9,237
264
728
7.931
93,
1,776
892
154
36
268
52
351
1.045
4
443
109
34
221
1,551
372
1,087
8,741
1,437
782
196
1.68,
3,379
Tot, this week
80.277
34,435
13,152
.10,899
30,3623
27,419
Since Aug. 1_ _ 8 561 7i4 .1,633,902 8,448,306 3,172,531, 0,016,126 8,292,069
The exports for the week ending this evening reach a total
of 156,665 bales, of which 42,489 were to Great Britain,
20,588 to France, 34,814 to Germany, 16,888 to Italy, nil
to Russia, 10,691 to Japan and China and 31,195 t.) other
destinations. In the corresponding week last year total
exports were 92,335 bales. For the season to date aggregate exports have been 7,884,250 bales, against 8,314,379
bales in the same period of the previous season. Below are
the exports for the week:
Week Ended
July 7 1933.
Great
GerExports from
- Britain. France, many.
Galveston
Houston
Corpus Christi
Texas City
New Orleans
Lake Charles. _
Mobile
Savannah
Charleston
Norfolk
New York
Los Angeles__ .
San Frandsco__.
Total
Total 1932
Total 1931
2.532
7,134
50
36
619
1.263 12,333
2,567
3,186
1,468
4,115
350
360
100
4.748
7.193 14,541
8,018
2,225
3,110
21,316
627
Exported to
Italy
7,267
9,526
95
Japan&
Russia. China. Other.
Total.
5.424 12,306 32.277
4,596 12,279 98.114
2a0
300
1,187 1.937
2,2.0 23,864
50 2,617
1,688 4,874
75 3,768
1,110 5.225
3,460
21,676
727
671
671
42,489 20,688 34.814 16,888
10.691 31,195 156,665
4,351 9.214
712 23,501
33,235 29.909 92.335
18.338 10,913 62,364
7,110
2.722
8,516
6,178
Financial Chronicle
336
From
Aug.1 1932 to
GetJuly 7 1933. Great
Britain. France. many.
Exportsfr
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
Exported to
Japan dX
Italy. Russ , China. I Other.
Total.
____ 623,359 330,807 1,916,736
_
- 494,948 427,089 2,456,905
80,414 42,865 295,318
____
11,084 24,430 171,410
____
4,345 13,102
15,372
15,372
350,057131.202 378,955218,069 _ _ _ 368,383 167,3771,614,043
34,154 18,783 138,707
10,654 31,818 32,424 10,874 ____
45,493 21,459 347,656
89,209 16,469 150,918 24,108 ____
24 24,542
7,600
3,910 1,336 ____
11,672
____
5,366 3,459 106,084
32,148
181
62,733 2,197 ____
15,133
10,153
_-- ._
4,980
___
17,397 6,928 242,414
133,096 2:430 74,092 8:471 _
10,699
____ .18.718 --------5,700 1,702 36,819
2,000 11,427 230,218
85,085
____ 131,706___ __ _
2,250 32,508
6,208 24:050
_
543 37,635
229
136 __-8,964
25,856 1:5€17
606
1001--506
39,597
,131
300
---- - 30,287
52
7,827
4,782
320 4,335
---75
52
223
200
____
23
11,986 --------110,476 9,480 139,169
6,849
368
47,686
39,172 5,851
100 ____
50
2,513 --__
440
435
5
__-_ ---265,791 225,717 273,770197,292
277,985363,901 571,038279,099
41,373 64,278 47,535 18,853
48,329 21.433 63,138 2,996
4,787
665
1,689 1,616
1,428,8531861,547 1.854.912788,246
___ _ 1.846,400 1100292 7,884,250
Total 1932 _ _ 1,293,573470,679 1,606,5 653,877 ___ _ 3,294,774994,9228,314,379
TWO 1021 1 two A44024 2701808102481.92229.2791.558,940764.4526.546,509
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 7 at
Galveston
New Orleans_ _
Savannah
Charleston_ _ _ _
Mobile
Norfolk
Other ports *_ _
Great
Britain. France
4,000
2,500
2,342
9,000 30,000
710 20,266
1,500
,
11.000 75- 666
3.6156
1.730
1,500
Total 1933.. 10,230
Total 1932_ _ 10,395
4.831
Total 1931_ _
•Estimated.
Other CoastGermany. Foreign. wise.
2 M2
,
6.342 20,716 127,808
2.616 12.107 37,752
2.438 3879 48,301
Total.
Leaving
Stock.
464.836
796,351
109,762
54,681
112,311
33,139
9066 1,621,126
2,000 47,500
4,751 28,069
3.000
--- 1,750 6.022
1:66o
9,501 174,591 3,192,206
1,500 64,370 3,488,430
2,677 62,126 2,855,620
SPECULATION in cotton for future delivery has been
rather active of late, at rising prices. President Roosevelt's
rejection of proposals to stabilize the dollar and active buying were the principal influential factors. There were declines at times, partly on rains in Texas and other parts
of the belt, and partly on reports to the effect that the Administration was experiencing some difficulty in signing
up farmers for acreage reduction. Most of the reports, however, indicated that farmers would co-operate. On the 1st
inst. there was an early rise of over $1 a bale, but later
came a recession, and about half of this was lost, prices
ending 11 to 15 points net higher. President Roosevelt's
determination to stick to his price-raising program in this
country and his refusal to participate in any move to stabilize currency in advance had a very bracing influence.
The sharp advances in wheat and securities, together with
continued unfavorable weather conditions, caused buying by
the trade, spot houses, Liverpool and Wall Street. There
was some reaction towards the close as a result of some
heavy liquidation and selling by the South, New Orleans
and the Far East. As regards the weather, it was still
hot and dry, especially in the Western belt, and there were
no indications of any relief. A private report said that 60%
of Texas needed rain and the rest could use it to advantage.
On the 3rd inst. prices rose $2 a bale to new high records
on President Roosevelt's rejection of stabilization proposals
and a further sharp decline in the dollar. There were reports, too, from Washington that the Reconstruction Finance
Corporation had been authorized to make loans to American
exporters to finance the sale of 60,000 to 80,000 bales of
cotton for shipment to Russia. Higher Liverpool cables than
due, and the strength of foreign exchange also contributed
to the rise. So did the rise in wheat and stocks and the
lack of moisture in Texas. Subsequently, however, a reaction set in, and part of the early advance was lost on proholiday liquidation and other selling based on reports from
Washington that it was necessary to extend the acreage
reduction canvass. Some thought this meant that farmers
were hesitating in signing up.
According to the New York Cotton Exchange Service,
world consumption of all kinds of cotton during May was
the largest in any month since January 1930. World spinners in May used approximately 2,212,000 bales of all
growths as against 2,032,000 bales during April, 1,854,000
bales in May last year, 1,900,000 bales two years ago, and
2,209,000 bales four years ago. For the 10 months' period
from August through May the world consumed 20,401,000
bales of all kinds of cotton against 19,457,000 bales during
the same period last season, 18,638,000 bales two seasons
ago, 21,391,000 bales three yeasons ago and 21,665,000 bales
;
four seasons ago. Consumption increased 89% from April
to May this year against an average decrease of 2.6% from
April to May in the five years from 1928 to 1932.
The 4th inst. was Independence Day and a holiday. On
the 5th inst. prices ended 17 to 23 points lower. The decline
July 8 1933
from the early high was more than $2 a bale, and 'was attributed mainly to an official forecast for rains in Texas, an
expectation that the Government acreage estimate on Saturday will show a substantial increase over last year, and
news from Washington which caused considerable apprehension regarding the Government's acreage cutting program. The market ran into considerable selling at the start
despite better Liverpool cables than due. The trade bought
early. So did commission houses and Wall Street. The
South and New Orleans were selling. The detailed weather
reports for 48 hours ending yesterday morning showed
showers at 12 stations in Texas and 12 stations in Oklahoma,
and according to some map experts there was a chance of
the tropical storm which was present 350 Miles east of
Brownsville, Tex., bringing better weather conditions in
the Southwest. The Government report on the acreage will
be issued at noon on Saturday without reference to the Government's program for the cutting of acreage and the general belief is that it will show an increase of 8 to 10%. A
private estimate placed the acreage at 39,805,000, or 8.9%
above that of a year ago. According to rerforts, farmers
are not so willing to lease their land to the Government at
the prices arranged, and in some cases want option cotton
on a basis of higher yields per acre than recent averages.
Many were selling to even up before the acreage report.
On the 6th inst. prices ended 22 to 26 points higher, with
the technical position better and further inflation talk.
Early prices were weaker owing to reports of rains in
Texas and there was some evening up before the Bureau
report on Saturday. But short covering and other buying
caused a rise of about $1.50 a bale. The market had the
appearance of being sold out. A further decline in the
dollar and a stronger stock market also contributed to
the advance. Rain fell at 19 stations in Texas mostly in
the northwestern and western drouth area. The precipitation was generally light, but 4 stations in Texas had 1 to
more than 3 inches. The weekly weather report said
that weather was extremely warm in the western belt with
temperatures well above normal in the East and stated
that Texas and Oklahoma were standing the drouth well,
but are badly in need of rain. A commission honse made
the condition of the crop 71.4% against 77.3 last year and
put the increase in acreage at 7.8% and the indicated crop
13,900,000 bales.
To-day cotton after opening higher in response to better
Liverpool cables and a further advance in securities declined and ended at a net loss of 12 to 24 points on general
liquidation. The South, New Orleans, the West and local
operators were sellers. In the early trading Wall Street,
Liverpool, the Continent and the Far East bought. The
weather map showed rains along the western Gulf Coast,
but elsewhere there was little or no precipitation. Final
prices are 14 to 16 points higher than a week ago. Spot
cotton ended at 10.30c. for middling a rise for the week
of 15 points.
Staple Premiums
Differences between grades established
60% of average of
for deliveries on contract July 13 1933
six markets Quoting
for deliveries on
are the average quotations of the ten
July 13 1933,
markets designated by the Secretary of
16-16
1-Inch dr
Agriculture.
Inch.
longer.
Middling Fair.
White
63 on Mid
do
Strict Good Middling.
51
do
do
Good Middling
40
do
do
Strict Middling
.26
do
Middling
do
Basis
do
Strict Low Middling
.29 off Mid
do
Low Middling
.67
do
*Strict Good Ordinary- do
.95
do
do
*Good Ordinary
1.32
do
Extra White
Good Middling
.40 on do
do do
Strict Middling
26
do
do do
Middling
Even
do
Strict Low Middling
do do
29 off do
do do
Low Middling
7
do
Spotted
.09
Good Middling
.25
.25 on do
do
.09
Strict Middling
.25
Even
do
Middling
do
.08
.21
29 off do
*Strict Low Middling-- do
66
do
do
*Low Middling
93
do
.09
Strict Good Middling- _Yellow Tinged
.21
Even
do
do do
.09
Good Middling
.21
22 off do
do do
09
Strict Middling
.21
.39
do
do do
*Middling
58
do
do do
*Strict Low Middling._
92
do
do do
*Low Middling
_ _ ._ _1 28
do
.08
Light Yellow Stained.. .34 on do
Good Middling
.20
*Strict Middling
do
do
do _ .60
do
do
*Middling
do
do _ .91
do
.08
Yellow Stained
.19
Good Middling
.54 on do
do do
*Strict Middling
92
do
do do
*Middling
1 28
do
.08
Gray
.21
Good Middling
22 off do
.08
do
Strict Middling
.21
43
do
do
*Middling
67
do
Blue Stained
*Good Middling
60 off do
Middling
do do
*Strict
.93
do
.. _.. do do ..
...1.28
do
• mst •allverable on future contracts.
.09
.09
.09
.09
.09
.08
.08
.25
.25
.25
.25
.25
.21
.19
The official quotation' for middling upland cotton in the
New York market each daY for the past week has been:
July 1 to July 7Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
10.30 10.40 Hol. 10.25 10.50 10.30
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
July 7 for each of the past 32 years have been as follows:
1933
1932
1931
1930
1929
1928
1927
1926
10.300. 1 1925
6.000. 1 1924
9.950. 1 1923
15.800. 1 1922
18.350.11921
22.800.11020
17.10c. 1919
18.55c. 1918
24.250. 1 1917
29.600.1 1916
28.050. 1 1915
22.900. 1 1914
12.200. 1 1913
41.000.1 1912
34.40c. 1911
31.80c. 1910
26.700.1 1909
13100.1 1908
9.350. 1907
13.250.11906
12.250.11905
12.450.11904
14.65c.11903
15.350.11902
12.65c.
11.20c.
13.500.
10.80c.
10.90c.
11.05c.
11.60c.
9.25c.
Volume 137
Financial Chronicle
FUTURES.
-The highest, lowest and closing prices at
New York for the p 1st week have been as follows:
Saturday,
July 1.
Monday,
July 3.
Tuesday, Wednesday, Thursday,
July 4.
July 5.
July 6.
July
Range.. 10.13-10.20 10.25-10.50
Closing _ 10.1410.25-10.28
Aug.
Range
Closing - 10.15n
10.33n
Sept.
Range _ _
Closing 10.31n
10.51n
10.04-10.42 10.03-10.34 10.15 10.48
10.08-10.3410.15
10.14n
10.37n
10.18
---- -10.33-10.33 ---10.53n
10.25-i
10.31n
10.32-10.75 10.31-10.65 10.40 10.76
10.38-10.40 10.63-10.64 10.41-10.43
10.47n
10.72n
10.49
10.50-10.92 10.48-10.82 10.57-10.94
10.57-10.58 10.81-10.82 10.58 10.60
10.55-10.93 10.56-10.88 10.64 10.98
10.6310.85-10.64
10.69n
10.93n
10.71
10.72-11.04 10.71-11.03 10.71 11.15
10.76-10.77 11.01 10.8(
10.84n
11.08n
10.81
10.87-11.16 10.85-11.15 10.91 11.28
11.15-10.91
10.92-
Nominal.
Range of future prices at New York for wees ending
.
July 7 1933 and since trading began on each option:
Option for
July 1933._
Aug. 1933__
Sept. 1933__
Oct. 1933._
Nov. 1933
Dec. 1933_
Jan. 1934_
Feb. 1934._
Mar. 1934._
Apr. 1934
May 1934._
Range for Week.
Range Since Beg nning of Option.
10.03 July
6 10.50 July
10.33 July
10.37 July
6 10.33 July
6 10.82 July
10.48 July
10.55 July
10.96 July
11.04 July
10.71 July
6 11.19 July
10.85 July
6 11.35 July
3 5.75 Dec. 8 1932 10.50
6.00 Dec. 3 1932 10.40
6 6.07 Dec. 8 1932 10.49
3 5.93 Fec. 8 1932 10.82
6.50 Feb. 21 1933 8.97
3 6.30 Feb. 6 1933 10.96
3 6.35 Feb. 6 1933 11.04
6.62 Feb. 24 1933 8.18
3 6.84 Mar. 28 1933 11.19
8.91 May 22 1933 9.80
3 9.47 May 26 1933 11.35
July 3 1933
June 28 1933
June 28 1933
July 3 1933
May 16 1933
July 3 1933
July 3 1933
Apr. 29 1933
July 3 1933
May 27 1933
July 3 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 7Stock 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
1933.
bales- 685,000
1932.
607,000
1931.
797,000
1930.
709,000
122,000
108,000
182,000
192,000
793,000
789.000
515,000
212.000
20,000
85,000
91.000
326,000
178,000
16,000
98,000
58,000
989,000 831,000
67,000
'
393,000 306,000
320,000 189,000
12,000
10.000
109,000
88,000
48,000
32.000
Total Continental stocks
923,000 676,000 947,000 627.000
Total European stocks
1.716 000 1,465,000 1.936,000 1,458,000
India cotton afloat for Europe._ _ 88.000
49,000
70,000 135.000
American cotton afloat for Europe
88,000 103.000
Egypt,Brazil,&c.,afrtfor Europe 345,000 160,000
101,000 109,000
97,000
85.000
Stock in Alexandria, Egypt
364.000 532,000 635,000 490,000
Stock in Bombay, India
881.000 841,000 865.000 1,139.000
Stock in U. S. porta
3.366,797 3,552,800 2,917,746 1,609.983
Stock in TJ. S. Interior
U.S. exports to-day towns_ -1,310456 14(19,172 854,340 619,981
26,311
16,372
29,252
_
Total visible supply
8,201,505 8,134,344 7,489,397 5,639,964
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
365,000 285.000 384,000 261,000
Manchester stock
64,000 107,000
76,000
48,000
Continental stock
855.000 628.000 771,000 505,000
American afloat for Europe
345,000 160,000
88.0(.0 103,000
U.S. port stocks
3.366.797 3,552.800 2,917,746 1,609,983
U.S. interior stocks
1,310,456 1,409,172 854.340 619,981
U. S. exports to-day
16,372
29,252
26,311
Total American
East Indian, Brazil, &c,
Liverpool
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, &a
Total American
6,335.505 6,158.344 5,117,397 3,146,964
320,000 285,000 413,000 448,000
44,000
68,000
88,000
101,000
364,000
881,000
75,000
48,000
49,000
109,000
532,000
841,000
116,000
74.000
176,000 122.000
70.000 135.000
97,000
85,000
635,000 490,000
865,000 1,139,000
1,866,000 1,939.000 2,372,000 2,493.000
6,335.505 6,158,344 5,117,397 3,146,964
Total visible supply
8.201,505 8,097,344 7.489,397 5,639.964
Middling uplands, Liverpool.,... 6.406.
4.87d.
5.05d.
7.73d.
Middling uplands, New York
6.10c.
10.30c.
9.35c. 13.10c.
Egypt,good Sakel, Liverpool._._
9.31d.
8.05d.
9.055. 13.55d.
Peruvian, rough good, LiverpoolBroach, fine, Liverpool
4.494.
5.50d.
4.30d.
5.45d.
Tinnevelly, good, Liverpool
,
4.62 1.
6.01d.
4.95c1.
6.80d.
Continental imports for past week have been 110,000 bales.
The above figures for 1933 show a decrease from last
week of 139,805 bales, a gain of 104,161 over 1932, an
increase of 712,108 bales over 1931, and a gain of 2,561,541
bales over 1930.
Movement to July 71933.
Towns.
Range __ 10.40-10.50 10.61-10.82
Closing _ 10.40-10.41 10.61-10.62
Nov.
-Range __
Closing - 10.47n
10.69n
HOLTDec.
DAY.
Range._ 10.55-10.66 10.76-10.96
Closing _ 10.55-10.56 10.77-10.80
Jan.(1934)
Range 10.62-10.72 10.85-11.04
Closing- 10.6210.85-10.86
Feb.
Range._
Closing 10.138n
10.91n
Mar.
Range.. 10.75-10.85 10.98-11.19
Closing 10.75-10.77 10.98April
Range _
Closing 10.83n
11.04n
May
Range _ 10.92-11.00 11.11-11.35
Closing 10.9211.11-11.15
June
Range _
Closing
It
Fri
Jul 7.
337
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to July 8 1932.
Receipts.
Week.
Ship- Stocks
ments. July
Season. Week.
7.
Receipts.
Week. I Season.
Ala., Blrming'm
109 42,489
722 7,914
Eufaula
500
14,686
500 6,152
Montgomery.
134 41,064 2,126 38,150
Selma
346 61,173 1,414 31,526
Ark.,Blytheville
261 190,219 2,796 19,962
Forest City.79 23,563
490 11,867
Helena
200 70,062 1,000 24,874
Hope
463 56,173
394 10,445
Jonesboro_ _ _
314 20,902
362 2,338
Little Rock
1,183 162,992 2,049 45,580
Newport.....
180 50,853
547 8,785
Pine Bluff
1,027 134,921 4,106 28,218
Walnut Ridge
59 66,594
15 3,614
Ga., Albany_ _ _
___
1,489
____ 1,831
Athens
650 29,000
975 45,080
Atlanta
455 234,295 6,335218,344
Augusta
3,688 152,984 2,938 96,233
Columbus_ _ _ 2,500 32,734 2,000 11.681
Macon
954 22,313 2.173 33,321
Rome
40 13,341
400 12,632
La., Shreveport
278 81,937
987 35,543
MIss,Clarksdale
808 137,228 2,320 19,417
Columbus_ -16.558
140
170 5,713
Greenwood
680 137.578 2,546 42,523
Jackson
260 38,484 1,085 18,417
Natchez
9,010
59
466 4,320
Vicksburg...
375 37,674
901 8,233
38 32.455
Yazoo City
495 9,844
Mo., St. LouLs. 3,557 184,101 3,557
5
N.C.,Greensb'ro
95 29,938
606 19.672
Oklahoma
15 towns*
1,097 746.946 7,947 24,518
S.C., Greenville 4,750 175,746 3,746 97,075
Tenn.,Memphis 22,6242,067,385 22,751330,588
Texas, Abilene_
945 91,0361,130
145
Austin
24,478
326
340 1,554
Brenham_ _ _ _
202 18,283
190 2,602
Dallas
325 101,908
900 11,225
Paris
147 55,035
593 3,050
Robstown_
6,526
____
1
151
San Antonio_
12,511
448
183
838
Texarkana
549 12,800
383 47,844
Waco
598 77,428
841 3,676
.. rv.cr e rAe nott 02 ad m 1 Rind KR
37.
641
20
212
49
3
140
471
8
281
4
117,
____I
____I
76
129
91
._.J
55
20
75
89
....I
54
..__
45
16
5
1,000
167,
Ship- Stocks
meats. July
Week.
8.
76,035 1,906 11,568
12,801
61 6,124
39,440
587 52,428
89,394
749 45,143
120,139
448 31,103
33,921
49 14,996
78,238
423 35,587
59,576
191 8,714
21,176
____ 1,656
192,531 1,174 45,669
48,588
116 10,931
179,937 2,053 38,761
47,135
____ 4,942
5,316
____ 3,409
39,984
150 41,120
85,825 1,418 161,510
187,569
152 95,925
58,780
____ 22,790
33,086
133 37,624
14,744
20 11,121
113,105 1,178 68,272
198,314 1,388 68,634
23,035
259 7.482
170,862
705 68,103
44,339
25 20,506
12,748
340 4,313
41,246
295 10,252
47,295
425 15,614
148,617 1,000
796
21,840
265 20,796
511 621,934
936 172,459
5,0762,067,466
.......
56,355
53 28,579
5 20,016
298 145,847
12 97,985
1, 31,144
-I 17,917
22 65,716
412 82,574
847 34,155
1,321 80,863
7,122289,175
___
257
155 2,165
62 4,676
1,129 12,318
238 4,195
9
413
___
553
445 8.149
713 6,364
0 RAO K fMR A012 0, KC, Aft(1190
,
*Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 33,228 bales and are to-night
98,716 bales less than at the same period last year. The
receipts at all the towns have been 41,609 bales more than
the same week last year.
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Contr't. Total.
Saturday___ Quiet. 15 pts. adv__ Barely steady__
Monday _-- Quiet, 10 pts. adv.. Barely steady__
Tuesday --HOLI DAY.
Wednesday_ Quiet,15 pts. dee_ _ _ Barely steady__
Thursday __ QuIet, 25 pts. adv.. Very steady._
Quiet, 20 pts. dec.,. Barely steady-Friday
Total week_
Since Aug. 1
100
____
100
200 29,200 29.400
____
200
--__
____
400
100
_ ___
600
100
500 29,700 30.200
98.111 262.200364,311
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 resultsfor
the week and since Aug. 1 in the last two years are as follows:
----1932-33---July 7
Since
Shipped
Week. Aug. 1.
via St. Louis
h
3,557
Via Mounds.&ch
Via Rock Island
h
Via Louisville
182
h
Via Virginia points
3,381
h
Via other routes, &c
4,671
h
Total gross overland
11,791
h
Deduct Shipments
Overland to N. Y., Boston. &c_ _ _ 381
h
Between interior towns
245
h
Inland, 8:c.,from South
6,128
h
Total to be deducted
6,754
h
Leaving total net overland *
5.037
h
-1931-32---Since
Week. Aug. 1.
1.000
k
50
h
h
-- 8
h
3.118
h
5,411
h
9,654
h
118
122
1,176
h
h
h
1,416
h
8,238
h
• Including movement by rail to Canada. h We withhold the totals
since Aug. 1 so as to allow proper adjustment at end of crop year. .
-----1932 33
-----1931-32----/n Sight and Spinners'
Since
Since
Takings.
Week. Aug. 1.
Week. Aug. 2.
Receipts at ports to July 7
80,277
34.435
h
Net overland to July 7
5,037
8.238
h
South'n consumption to July 7_ _ _105,000
75,000
h
Total marketed
190,314
•
117,673
h
Interior stocks in excess July 7- _ - _ *33.228
•
*21,391
h
Excess of Southern mill takings
over consumption to June 1_ _ _ _
•
---_
513.472
Came into sight during week
157,086
h
•
96,282
h
Total in sight July 7
North.spinn's' takings to July 7-- 14,003
h
▪ Decrease. h We withhold the totals since Aug. 1 so as to allow of
proper adjustment at the end of the crop year.
ESTIMATE 10,739,000 BALES AS JUNE 1 COTTON
SUPPLY.
-The apparent supply of American cotton in the
United States on June 1 was 10,739,000 bales, which was
23/i times normal. This figure compared with 11,296,000
bales on June 1 last year and 7,800,000 bales two years ago,
338
Financial Chronicle
according to the Bureau of Agricultural Economics in its
current report on world cotton prospects issued on July 1.
Of the total stocks of American cotton In the United States, 7.283.000
bales were in public storage and at compresses. 1.339 000 bales at consuming establishments, and approximately 2.117.000 bales elsewhere,
Including cotton on farms, cotton for export on shipboard but not cleared.
cotton coastwise, cotton in transit to ports, intericr towns, and mills. On
June 1 last year, stocks in public storage and at compresses in the United
States totaled 7,581,000 bales, the largest on record for that date.
Mill activity in May reached the highest levels for three years. and
exports of cotton in May, almost 600,000 bales, were the largest for the
month sinte 1927. says the bureau. Exports are usually smaller In May
than in preceding months, but this year they were larger than in either
February. March or April. Sales of cotton textiles In Europe in recent
weeks are reported to have equaled or slightly exceeded production.
Athens, Ga
Atlanta. Ga
Augusta, Ga
Macon. Ga
Thomasville. Ga
Charleston S. 0
Greenwood, S. 0
Columbia, S. 0
Conway S. C
Ashei ille. S. C
Charlotte, N.0
Newbern, N. 0
Raleigh, N. 0
Weldon, N. C
Wilmington, N. C
Memphis. Tenn
Chattanooga, Tenn
Nashville, Tenn
July 8 1933
Rain. Rainfall.
2 days 0.16 in.
dry
1 day 0.02 in.
dry
1 day 0.14 In.
2 days 1.22 In.
3 days 1.24 in.
1 day 0.46 in.
3 days 1.19 In.
1 day 0.02 in.
2 days 0.02 In.
3 days 0.15 in.
2 days 0.04 in.
dry
dry
dry
dry
dry
Thermometer
high 100 low 60 mean 80
high 92 low 58 mean 75
high 96 low 62 mean 79
high 94 low 60 mean 77
high 94 low 66 mean 80
high 97 low 61 mean 79
high 98 low 56 mean 77
high 94 low 64 mean 79
high 98 low 51 mean 75
high 90 low 46 mean 68
high 94 low 62 mean 78
high 96 low 57 mean 77
high 96 low 64 mean 80
high 100 low 55 mean 78
high 91 low 58 mean 75
high 97 low 71 mean 84
high 96 low 62 mean 79
high 98 low 62 mean 80
NEW YORK COTTON EXCHANGE ELECTS THREE
NEW MEMBERS.
-At a meeting of the Board of Managers
The following statement we have also received by teleof the New York Cotton Exchange held on July 6, Albert S.
Barnett of Dallas, Texas, Hugh E. Paine and Ernest W. graph, showing the height of rivers at the points named at
Flender of New York City, were elected to membership in 8 a. in. of the dates given:
July 7 1933.
July 8 1932.
the Exchange. Mr.Barnett is a partner in the firm of Major,
Feet.
Feet.
Cleaver & Co.,cotton merchants and exporters of cotton, also New Orleans
Above zero of gauge_
4.2
3.4
Above zero of gauge_
12.9
19.7
being members of the Dallas Cotton Exchange. Mr. Paine Memphis
Nashville
Above zero of gauge_
92
23.6
is a partner in the firm of Abbott, Hoppin & Co., engaged in Shreveport
Above zero of gauge_
5.2
19.9
Above zero of gague_
12.9
24.4
the general commission business, this firm also being mem- Vicksburg
bers of the New York Stock Exchange, New York Coffee
Dallas Cotton Exchange Weekly Crop Report.
and Sugar Exchange, Inc., and the Commodity Exchange
The Dallas Cotton Exchange each week publishes a very
Incorporated of New York. Mr. Flender is a partner in elaborate and comprehensive report covering cotton crop
the firm of C. B. Richard & Co., doing a general commission conditions in the different sections of Texas and also in
business, they being members of the New York Cotton Ex- Oklahoma and Arkansas. We reprint this week's report,
change and all of the commodity exchanges.
which is of date July 3, in full below:
QUOTATIONS FOR MIDDLING COTTON AT
TEXAS.
OTHER MARKETS.-Below are the closing quotations
WEST TEXAS.
for middling cotton at Southern and other principal cotton
Abilene (Taylor County).
-The weather is still hot and dry. Cotton Is
markets for each day of the week:
holding
however, we are beginning
Closing Quotations for Middling Cotton on
Week Ended
July 7.
Galveston
New Orleans_
Mobile
Savannah
N orfolk
Montgomery_
Augusta
Memphis
Houston
Little Rock___ _
Dallas
Fort Worth _ _ _ _
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
10.05
10.20
9.95
10.10
10.25
9.85
10.15
10.30
10.15
10.10
9.80
9.80
10.30
10.38
10.15
10.31
10.46
10.05
10.36
10.50
10.35
10.36
10.00
10.00
HOLIDAY.
10.10
10.17
9.93
10.08
10.25
9.80
10.14
10.30
10.15
10.13
9.80
9.80
10.35
10.39
10.18
10.34
10.46
10.05
10.39
10.39
10.40
10.38
10.05
10.05
10.15
0.18
9.95
10.11
10.25
9.80
10.17
10.15
10.15
10.16
9.8.5
9.85
NEW ORLEANS CONTRACT MARKET.-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
July 1.
Monday,
July 3.
Tuesday, Wednesday, Thursday,
July 4.
July 5.
July 6.
July (1933) 10.10 ---- 10.28 ---August__ September
October __ 10.37-10.38 10.60-10.62
-November-December _ 10.52-10.54 10.77-10.79
Jan.(1934) 10.59 Bid. 10.84 Bid. FIOLIDAY.
February _
._ 10.75 ---- 10.97 ---March
April
10.90 Bid. 1109b1111a
May
June
Tone
Steady.
Steady.
Spot
Steady. Barely stdv
Options _
Fr day,
y 7.
.121
10.03 BM. 10.27 Bid 104I
Bld.
10.35-10.36 10.58-10.59 10.31 10.38
10.53-10.55 10.77-10.78 10.5: -10.54
10.60 Bid. 10.83 Bid. 10.61 Bid.
10.73 Bid. 10.96 Bid. 10.71
10.88 Bid. 11.11 Bid. 1092 1093a
Steady.
Steady.
Steady.
St( ady.
Very st'dy. Su ady.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate that the weather dur'ng
the week has been mostly warm although the early part of
the week temperatures, were somewhat lower. There have
been beneficial, scattered showers east of the Mississippi,
but little or no rain occurred over the western half of the belt.
-Cotton is withstanding the drought well but needs
Texas.
rain badly, especially in late planted fields.
-It has been dry all week and the cotton
Memphis, Tenn.
crop is deteriorating for want of moisture on the uplands.
Galveston, Tex
Amarillo, Tex
Austin, Tex
Abilene. Tex
Brenham. Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Texas
Del Rio. Tex
El Paso, Tex
Henrietta. Tex
herrville, 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 Wu k, Ark
Pine Bluff. Ark
Alexandria. La
Amite. La
New tirleans, La
Shreveport, La
Meridian, Miss
Vicksburg. Miss
Mobile. Ala
Birmingham. Ala
Montgomery. Ala
Gainesville. Fla
Jacksonville. Fla
Miami. Fla
Pensacola, Fla
Tampa. Fla
Savannah, Ga
Rain. Rainfall.
2 days 1.24 in.
1 day 0 06 in.
1 day 0 18 in.
2 days 0.28 in.
0.04 in.
1 day
2 days 1.14 in.
1 day 0 04 In.
1 day 0.10 in.
dry
1 day 0.08 in.
1.74 In.
1 day
dry
dry
1 day 002 In.
1 day 0 04 in.
1 day 0.70 in.
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
1 day 0.13 In.
dry
4 days 2.21 In.
2 days 0.53 In.
2 days 0.12 In.
1 day 0.12 in.
4 days 2.86 In.
dry
2 days 0.73 In.
3 days 1 .50 in.
2 days 2.34 in.
4 days 0.61 In.
3 days 0.40 in.
4 days 1.76 in.
2 days 0.57 In.
Thermometer
high 93 low 75 meat 84
high 102 low 70 mean 86
high 100 low 74 mean 87
high 102 low 72 mean 87
high 98 low 74 mean 86
high 92 low 74 mean 83
high 92 low 74 mean 83
high 100 low 72 mean 86
high 100 low 76 mean 88
high 100 low 66 mean 83
high 108 low 72 mean 90
high 102 low 66 meal 84
,
high 104 low 70 mean 87
high 104 low 72 mean 88
high 104 low 72 mean 88
high 98 low 70 mean 84
high 102 low 74 mean 88
high 104 low 72 mean 88
high 98 low 74 mean 86
MO 98 low 74 mean 86
high 102 low 74 mean 88
high 103 low 76 mean 90
high 102 low 73 mean 88
high 102 low 70 mean 86
high 98 low 72 mean 85
high 98 low 71 mean 85
high 98 low 75 mean 87
high 95 low 66 mean 81
high 92 low 76 mean 83
high 103 low 71 mean 87
high 90 low 66 mean 78
high 94 low 72 maen 86
high 93 low 70 mean 82
high 94 low 61 mean 79
high 92 low 68 mean 80
higis 96 low 69 mean 83
high 94 low 74 mean 84
high 88 low 76 mean 82
high 86 low 70 mean 78
high 92 low 72 mean 82
high 94 low 61 mean 78
up very well;
to need rain. Some
cotton will be plowed up. Don't know what percentage. Farmers are
well up with their work.
Lubbock (Lubbock County).
-Cotton looks good In small spots where they
had showers. Other parts plant very small and sorry. Some planting
with intention of selling to the Government. Don't expect any more than
half crop.
Stamford (Jones County).
-Another week has passed and no relief from
heat and drouth. Young cotton is suffering Intensely, while the older
Cotton is making some progress. Two inches or more of rain is badly
needed. Think 90% of farmers will co-operate in acreage reduction plan.
NORTH TEXAS.
-Cotton doing nicely under condition of
Honey Grove (Fannin County).
hot, dry weather and hot wind. Average height 12 to 14 Inches. A general rain badly needed to make plant grow larger. No complaints of insects
past week. A large percentage of farmers in this section signed Government
contracts past week to plow up 30% cotton to reduce acreage.
CENTRAL TEXAS.
Ennis (Ellis County).
-Crop still looks good and Is standing hot, dry
weather extremely well, but some of the light land is beginning to show a
little deterioration, and the plant is small and heavily fruited. Unless
we get a good rain in the next week the entire crop will begin to deteriorate.
The farmers are signing up on the Government reduction plan for about
one-third of their crop, and they are having quite a little trouble, as most
farmers are claiming more lint production for last year than the county
average.
La Grange (Fayette County).
-Crop making fair progress, but need a good
rain; no complaint of insects. Much talk of plowing up and looks like
county will plow up their share.
-Crop doing very nicely in bottom land;
Navasota (Grimes County).
upland crop spotted; needs a good rain; a few reports of insects, but not
serious; damage negligible.
SOUTH TEXAS.
-Cotton past week has made wonderful
San Antonio (Bezar County).
progress throughout this section. Plant is blooming freely with little or
no damage from insects. A good rain would be beneficial If followed by
dry, clear weather, but would rather see it remain dry than for showery
weather to set In. A few bales have been ginned south of here, but It will
be about two weeks before any movement of consequence will set in. Should
the plan of the Department of Agriculture be put into effect, expect about
80% of the farmers in this territory to plow up about 30% of their crop.
-Weather favorable, crop progress good, very
San Marcos(Hays County).
small insect damage. A two-inch rain in the next week or ten days would
be beneficial. Farmers are in favor of plowing up at least 30% of cotton.
OKLAHOMA.
-Entire crop needs rain. Uplands developing
Hugo (Choctaw County).
small plants blooming in top from continued hot, dry weather. Weevils
spotted and no heavy damage. About half of the owners of good cotton
favor plowing, while 90% of poor fields favor reduction.
-Part week maximum 100 to 107; dryest
Wynnewood (Garvin County).
June since 1911; total moisture for month 17.01 inches. We need rain.
Farmers joining Secretary Wallace for destruction of crop 100%•
ARKANSAS.
Blytheville (Mississippi Courity).-Crop is making good progress, especially in localities where they have had rain. Fields are clean and blooms
are being reported frequently. Good rain would be beneficial, but cotton
not suffering as yet.
Pine Bluff (Jefferson County).
-We need a general rain, few localities had
rain this week. This county will tender its quota for destruction, though
the scheme has slowed up on account farmers estimating yield of their land
too high. Corn about burned up.
Searcy (White County) -Crop made progress during the past two weeks.
Hot dry weather with two rains made weather conditions very favorable.
Plant healthy and growing good and is squaring and blooming. No insects
reported. Farmers are 100% in favor of Government reduction plan, and
the first man to sign has plowed up ten acres ot cotton. stalk 16 Inches
high, filled with squares
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.
Volume 137
Financial Chronicle
Rece pis at Ports.
Weekl
Ended
1933.
1932.
Stocks at Interior Towns. 'Receipts/tom Plantations
1931.
1933.
1932.
1931. I 1933.
1932.
1933.
1931.
325 Cop
Twist.
Apr.
•
55,548 93.7991 40,426 1,839,230 1,812,832 1 264 8451
14_ 56,769 62,040 52.1191.806,696 L781,096;1.213:990
' 4
21-- 80,344 76,159 33.372 1,772,6951,747,767 1.175,730
28... 92.388 88.624 37.729 1.739,038 1.710.8301,136,594
20,368
2 335
46,143
58,729
59.476
30.304 1,264
Nil
42.830
49,687 37.195
8,407 6.731
20,931 6,258
Nil
2,745
Nil
21,584
May
90.027
12__ 101,074
19__ 118,298
26- 79,657
June
88.978
86.064
16_ 72,682
23__ 60.353
30._ 75,954
July
7._ 80,277
53,102
62,170
37,536
54,967
31,268 1,709.661 1.664.135 1,112,593
27.481 1,672,791 1,622,896 1,091,370
20.5181,624,351 1,588,105 1.060,746
18,911 1,566,959 1,854,72 1,037,599
60.650k
64,2041
69,856
22,275
64,258
30,591
24,783
40,793
44,758
20,902 1,521.226 1,526.1801,009,2311
18,6001,478.2081,497,915 973,071
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 35,716
43,046 2.326
38,501 3.473
10.929 14,242
27,03 25.367
Nil
Nil
Nil
Nil
Nll
34,435 13,152 1,310,456 1,409,172 854,340 47,049 13,044
Ni
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1932 are 8,389,349 bales;
in 1931-32 were 10,179,794 bales and in 1930-31 were 8,857,662
bales. (2) That, although the receipts at the outports the
past week were 80,277 bales, the actual movement from
plantations was 47,049 bales, 3tock at ioterior towns
having decreased 33,228 bales during the week. Last year
receipts from the plantations for the week were 13,044
bales and for 1931 they were nil bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1931-32.
1932-33.
Season.
Visible supply July 1
8,204,645
h
8,341,310
h
Visible supply Aug. 1
h
h
American in sight to July 7_ _ _
h
96,282
157,086
,h
Bombay receipts to July 6_
h
29,000
20.000
11,
Other India ship'ts to July 6
h
h
10,000
Alexandria receipts to July 5_
h
1,000
800
h
Other supply to July 5_ +.8_ _ _
5.000
h
11
8.000
Total supply July 7
8,345.927
h
8.527,196
12
Deduct
Visible supply July 7
8,097.344
h
8,201,505
h
-Total takings to July 7_a
248,583
h
h
325.691
Of which American
250,891
h
152,583
h
Of which other
h
74,800
96,000
h
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
h We withhold the totals since Aug. 1 so as to allow proper adjustments
at end of crop year.
b Estimated.
Week.
Season.
Week.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1932-33.
July 6.
Receipts at
-
Week.
Bombay
Exports
from-
1931-32.
1930 31.
,
Since
Week., Aug. 1.
Since
Week., Aug. 1.
20,000 2,555,000 19,000 2.023,000 38.000 3,320.000
For the Week.
Since Aug. 1.
Great Con:- Japan&
Great
Britain. nent. China. Total. Britain.
Bombay
1932-33._
1931-32__
1930-31-Other India:
____
____
-....
1931-32._
1930-31._
5,000
1,000
Total all
1932 -33
1931-32._
1930-31_
Since
Aug. 1.
3,1$ $ jg,
19,000 56 $ I $
7,0 o 1 10,0001 17000 19 o I t
4,000 71,000 75:000 123,1 o I
5,000
8,1$ $
-. 120 o t I
- -_-_-_ 10000 101 Ili
____ 9,000 150 I $ t
Conti- Japan &
China.
nent.
Total.
1,142.0001,405.000
297,
142,
859,0001,020,000
658,000 1.806,0002,887,000
397.
275,
475.
517,000
376,000
625,000
---_ 3,000 16,000 19,000 176 $ o $ 1394,t $ $ 1,142,1002,012,000
5,000 12,o i I 10,000
000 120,''' 417,''' 859,0001,308,000
1,
12,1 I 71,000 8411, 273,1 $ 1,133,111 1,806,000 3,212,000
27,
According to the foregoing, Bombay appears to show an
Increase compared with last year in the week's receipts of
1,000 bales. Exports from all India ports record a decrease
of 8,000 bales during the week, and since Aug. 1 show an
increase of 616,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of c
.otton 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 5.
Receipts (Cantars)This week
Since Aug. 1
Export (Bales)
-
1932-33.
1931-32.
1930-31.
4,000
4.936,418
5,000
6,859,215
165,000
7,287.343
This Since This
Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
To Liverpool
6,000 155,093
To Manchester, &c
120,063
To Continent and India_ 7,000 470,912
To America
37,454
5,000 206,152
127.997
4,000 149,364 5,000 123.267
9.000 572,457 20.000 560.647
____ 46.866
20,804
Total exports
13.000 783.522 18.000 974.839 25.000 832.715
Note.
-A cantar is 99 lbs. Egyptian ba ea weigh about 750 pounds.
This statement shows that the receipts for the week ended July 5 were
4,000 cantars and the foreign shipments 13,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both yarns and in cloths is steady. Demand for cloth ia
improving. We give prices to-day below and leave those
for previous weeks cf this and last year for comparison:
339
1932.
83.1 Lbs. Shirt- Cotton
Mg:, Common Micleg
to Finest.
UpPds
32s Cop
Twist.
81 Lbs. Shirt- Cotton.
Digs. Common Mtddrg
to Finest.
Uprds
d.
April
7.....
14._
21._
28....
May5.12.19._
26._
June
2....
9....
16____
23____
30---July
7
S. d.
8140 934
8340 914
8040 95
4
,
834010
83
83
83
83
08 6
08 6
086
086
8.28
5.37
5.30
5.53
8540
8340
83461
8340
934
994
934
95(
80
81
81
81
0
0
0
0
a
4
4
4
4.73
5.00
4.95
4.82
854010
93401034
93401034
9 01034
83
85
85
85
086
090
090
090
5.89
6.19
5.98
6.07
8 0 934
75 01 93(
,
(
7510 934
THO 904
80
80
80
80
0
0
0
0
3
3
3
3
4.53
4.68
4.53
4.45
93.101094
90401034
93401034
90401034
93401034
87
87
87
87
87
09 2
09 1
09 1
09 1
og 9 1
8.37
8.12
6.18
6.18
6.38
7040
7340
7340
73((3
7540
80
80
80
80
81
0
0
(4)
0
0
3
3
3
3
4
4.10
409
4.31
4.41
4.65
Iltgeallit‘ 57
la Q I
s. d.
d.
R
an
d.
s. d.
834
831
834
934
954
R1601 AU
Si
s. d.
ra la A
d.
£57
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 156,665 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
NEW ORLEANS
-To Rotterdam-June 28-Maasdam. 250--July 1-Effingham, 259
509
To Antwerp-June 28-Maasdam,62
62
To Havre-July 1-Effingham, 1,088
1.088
To Bremen-AddItional-Liberator, ii...
.July 1-Nishmaha,
5,263
5,274
To Ghent
-July 1-Effingham,374
374
To India-June 30
-Kota Radja, 100
100
To Liverpool-June 30
-Eglantine, 4.472
4,472
To Manchester-June 30
-Eglantine, 3.046
3.046
To Bremen-July 1-Veerhaven, 2,659-July 3
-Tortugas,
3.392
6.051
To Hull-July 3
-Tortugas,500
500
To Reval-July 3
-Tortugas, 175
175
To Gdynia-July 3
-Tortugas, 100
100
To Hamburg-July 3
-Tortugas, 338_ __July 1-Nishmaha,
1.008
To Oporto-July 3
-Tortugas, 250; Ogontz (add'!), 5
To Rotterdam-July 3
-Tortugas, 850
850
SAVANNAH-To Liverpool-June 30-Atlantian, 1,300
1,300
To Bremen-July 7-Sauger, 1,180
1.180
To Hamburg-July 7-Sauger, 288
288
To Lisbon-July 7-Sauger,75
75
To Manchester-June 30-Atlantlan, 925
925
TEXAS CITY
-To Havre-June 28
-City of Joliet, 36
36
-June 28
To Ghent
-City of Joliet, 935
935
To Bremen-June 30-Heddernheim, 619
619
To Gdynia-June 30-Heddernheim, 100
100
To Barcelona-July 1-Sapinero, 152
152
To Genoa-July 1-Sapinero, 95
95
CHARLESTON-To Bremen-June 30-Sauger. 3.729
3.729
To Hamburg
-June 30-Sauger,386
386
To Rotterdam-June 30-Sauger,52
52
To Antwerp-July 1-Balto, 1,058
1,058
NEW YORK
-To Liverpool
-June 27-Coelleda, 1,861---June 28
-City of Flint. 2,122_ __June 29-Blairspey, 11,666...
June 30-Brittanic. 2,367
18,016
To Bremen-July 5
-General von Steuben, 360
360
To Manchester-June 27-Coelleda, 1,301---June 28
-City
of Flint. 1,999
3.300
CORPUS CHRISTI
-To Bremen
-July 1
-West Quechee,50
50
To Gdnyia-July 1-West Quechee, 250
250
GALVESTON-To Gdnyia-June 30-Trolleholm, 297.
.June30
Heddernhelm, 450
747
To Gothenburg-June 30-Trolleholm, 771
771
To Copenhagen-June 30-Trolleholm 540
540
To Dunkirk-June 29
-City of Joliet, 163-June 30-Trolleholm, 469_ _July 3
-San Mateo, 657
1,289
To Havre-June 29 City of Joliet, 2,005---July 3
-San
Mateo, 1,454
3,459
To Ghent
-June 29
-City of Joliet, 651_ _-July 3
-San Mateo,
467
1,118
To Bremen
-June 30-Heddernhelm, 1,411___June 29Edgehill, 1,121
2.532
To Rotterdam-June 29-Edgehill, 1,355
1.355
To Venice-June 29
-Giulia, 1.206
1,206
To Trieste-June 29
-Giulia, 1,188
1.188
To Lisbon-June 29-0gontz, 150
150
To Oporto-June 29-0gontz,414
414
To Leixoes
-June 29-0gontz. 188
188
To Passages
-June 29-Ogontz, 240
240
To India-June 30-Lindenbank, 398
398
To Japan-June 30
-Vancouver Meru,2,306---July 3
-Queen
City,3,118
•
5,424
To Antwerp-July 3
-San Mateo,100
100
To Barcelona-July 1-Sapinero, 1,984___July 3-Aldecoa,
4,201
6.185
To Genoa-July 1-Sapinero,2,532
July 3-Monflore,2,341 4,873
To a aga- y 3-Aldecoa, 100
100
SAN FRANCISCO-To Japan-(7) 671
671
LOS ANGELES
-To Liverpool
-July 1-Pacific Shipper, 627
627
To Bremen-June 28-Schwaban,100
100
MOBILE
-To Bremen-June 27-Veerhaven,3,186
3,186
To Rotterdam-June 27-Veerhaven, 1,688
1.688
NORFOLK
-To Liverpool-June 27-Coelleda, 1,647
1,647
To Bremen-City of Hamburg, 350
350
To Manchester-June 27-Coelleda, 1,463
1,463
LAKE CHARLES
-To Bremen-July 4-Agira, 1,3/33___June 11
-Grandon, 1.184
2,567
To Rotterdam-June 11-Grandon,50
50
HOUSTON-To Venice-June 30
-Giulia, 2,419
2,419
To Liverpool-July 6
-West Cobalt, 5,623
5,623
To Trieste-June 30
-Giulia, 2,530
2,530
To Manchester-July 6
-West Cobalt, 1,570
1,570
To Bremen-June 30--Edgehill.6,884
6,884
To Hamburg-Juno 30-Edgehill,250
250
To Rotterdam-June 30-Edgehill, 1,145
1,145
To Genoa-July 1-Monflore, 2,057....July 3
-Tyne Bridge,
2.520
4,577
To Lisbon-July 1-0gontz, 160
160
To Oporto-July 1-0gontz, 1,111
1,111
To Leixoes
-July 1-0gontz,912
912
To Passages
-July 1-0gontz, 182
182
To Gijon-July 1-0gontz,28
28
To Havre-June 30
-San Mateo, 4,165__-July 3
-City of
Joliet. 9,105
13.270
To Bordeaux-June 30
-San Mateo, 141__ -July 3
-City of
Joliet, 150
291
To Dunkirk-June 30
-San Mateo, 343__ _July 3
-City of
Joliet,637
980
To Ghent
-San Mateo, 1,208___July 3
-June 30
-City of
Joliet, 1,489
2,697
To India-July 3-Lindenbank, 502
502
To Malaga-July 5-Aldecoa, 500
500
To Antwerp-July 1
-City of Joliet, 200
200
-Tyne Bridge, 111..-July 5-Aldecoa,
To Barcelona-July 3
4,
731
4,842
-Selma City, 4,596
To Japan-July 3
4,596
Total
156,685
Financial Chronicle
340
LIVERPOOL.
-By cable from Liverpool we have the 13l
lowing statement of the week's sales, stocks,&o.,at that port:
June 16. June 23. June 30.
Forwarded
Totalstocks
I Of which American
Total imports
Of which American
Amount afloat
Of which American
56,000
658,000
350.000
59,000
18,000
199,000
111,000
50,000
678,000
357,000
74,000
42,000
189.000
96,000
50,000
678,000
360,000
55,000
36,000
187,000
89,000
July 7.
51,000
685,000
365,000
61,000
35,000
186,000
97,000
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:
Saturday.
Monday,
Tuesday, Wednesday. Thursday,
Friday,
Market,(A fair
Moderate business
More
Quiet.
Moderate
12:15 l
Du l.
doing.
demand, demand.
demand,
P.M.
MId.UpFds
6.42d.
6.45d.
6.48d.
0.54(1.
6.37d.
6.40d.
Steady,
Steady.
Quiet,
Futures. Quiet but Steady, un- Steady,
{
teady,9 to changed to 3 to 5 pts 1 to 2 pts. 3 to 5 pts. 8 to 9 pts.
Market
advance.
decline.
decline,
opened 10 pts.adv.5 pts. adv. advance,
Steady, Quiet but Barely stdy
Steady,
Steady,
Market, { Steady,
1510 16 pts 6 pts. 4 to 5 pts 8 to 9 ins. st'dy, 10 to 15 to 16 pts
decline. 11 pts. dec. decline.
advance.
advance, advance,
P. M.
Prices of futures at Liverpool for each day are given below:
Sat.
July I
to
July?.
Mon.
Tues.
Wed.
Thurs.
Fri.
12.15 12.30 12.15 4.0012.15 4.0012.15 4.0012.15 4.0012.15 4.00
p. m.p. m.p. m.p. m.p. m.p. m p. m.p. m.p. m.p. m.p. m p. m.
New Contract. d,
July(1933)----- __
October
- __
Jan.(1934)
March
-_
May
July
October
December
--_
Jan.(1935)
March
May
d.
6.18
6.19
6.22
6.26
6.29
d.
6.20
6.20
6.24
6.28
6.31
d.
d.
6.24., __
6.25 __ __
6.28 __ 6.32.......
6.35.....
d,
6.29
6.29
6.32
6.36
6.39
d.
6.29
6.29
6.32
6.36
6.39
d.
6.16
6.16
6.20
6.23
6.26
d.
6.12
6.13
6.16
6.20
6.23
d.
6.05
6.06
6.09
6.13
6.16
d.
6.15
6.16
6.19
6.23
6.26
d.
5.89
5.90
5.93
5.97
6.00
6.35_..0.41
__ __ .... __ -- 6.35- -- 0.24- __ 6.09
6.38_..6.44
6.39 __ __ 6.45 ------------6.30.... __ 6.25...- 6.10
6.48 .._-_ __ __ 6.39 - __ 6.28 __ - 6.13
6.42_
BREADSTUFFS
Friday Night, ally 7 1933.
FLOUR advanced 20c. on patents and family grades
and 30c. on Seminola early in the week. Business, however, was small. Later on Seminole was reduced 10c. but
bakers' patents lost very little of the advance made on
Monday. Demand was small. Later bakers' patents
were up 5c. and Seminola 10c.
WHEAT was very active during the week and prices
rose sharply under the influence of bad crop reports, a
general expectation that the Government will estimate the
crop under private estimates and President Roosevelt's
rejection of stabilization proposals. On the 1st inst. prices
rose 3 to 3%c. under heavy outside and professional buying with securities, cotton and sterling stronger and a very
bullish estimate on the crop. A private estimate put the
crop of spring wheat at 190,000,000 bushels and that of
winter at 312,000,000 bushels compared with 265,000,000
buShels and 462,000,000 bushels, respectively, a year ago, or
a reduction within a month of 107,000,000 bushels. There
were scattered rains in the Canadian West, but dry weather
continued in the American Northwest. Liverpool was %d.
to / higher. Winnipeg was closed.
73d.
On the 3rd inst. wheat rose to the highest level seen since
August 1930, on a good outside demand, owing to higher
sterling exchange, firmer markets for cotton and securities,
and bullish crop estimates. There was some reaction at
one time under general liquidation, but President Roosevelt's
rejection of currency stabilization proposals stimulated fur/
1
2
/
1
2
ther buying and prices ended 3 to 4 c. higher. The estimates of five local statisticians averaged 323,000,000 bushels
of winter wheat and 196,000,000 bushels of spring wheat.
This is a decrease of approximately 108,000,000 bushels in
June, or nearly 20% as compared with a month ago. Liverpool was 2d. to 2 d. higher, owing to bullish weekly statis/
1
2
tics and small offerings. World shipments were only
7,963,000 bushels, including 3,859,000 bushels from North
America. Supplies on ocean passage decreased 5,360,000
bushels, and are 13,528,000 bushels under a year ago. The
Italian wheat crop was estimated at 18,400,000 bushels.
Good rains fell in Illinois, Iowa, Indiana and Ohio, and the
map showed scattered showers over the American Northwest
and Canadian West.
On thp 5th inst., after establishing new highs for the sea/
1
c.
son, prices receded and ended 73 to 12 lower, on fore/
casts of rain and cooler weather in the American Northwest.
Commission houses were good buyers early, owing to strong
sterling and better cables than due, but heavy profit-taking
was encountered on the advance, and prices sagged nearly 3c.
Liverpool was % to 12d. higher, on buying due to reports
/
1
that exporting countries had entered into an agreement to
reduce the acreage next year. Winnipeg, however, was 1 to
11c. lower. The Canadian visible supply increased 10,/
2
904,000 bushels for the week, and the total is 106,543,000
bushels against 80,448,000 bushels last year. There was a
good export demand for Canadian wheat. The Canadian
Government weekly crop report was bullish, stating that
grain crops entered the critical month of July in below
normal condition. The weather map showed scattered
showers in the Canadian West and American Northwest,
and the forecast was for general rains and cooler weather
on both sides of the boundary.
July 8 1933
On the 6th inst. short covering and buying by commission
houses caused an advance after early weakness, and prices
ended / to 12 higher. There was an early decline of
1
2
/
1c.
1 to 12 below the previous close, on reports of beneficial
/
1c.
rains in North Dakota and scattered showers and cooler
weather over Western Canada and in South Dakota. The
strength of corn and lack of offerings were also partly
responsible for the rise. To-day prices for all deliveries
were above $1 a bushel on general buying, reflecting the
advance in sterling, further unfavorable crop news, disappointing threshing returns from the Southwest, bullish Australian advices, and stronger cables. On the rise, however,
general liquidation and other selling developed, and prices
receded and ended 1 to 1%c. lower. A report that the
Business Conduct Committee had called for a statement on
the long position induced selling. Eastern and Northwestern interests were selling. Good rains fell in the American
Northwest and Canadian West. The general expectation
is that the Government report will put the winter wheat
crop at less than private estimates. Final prices are 6 to
614c. higher for the week.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs, Fri.
11234 116 ---- 11534 11634 11534
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
9334 98____ 9634 98
July
9634
9634 10I734 ---- 99% 100% 9934
September
99% 10334 __-_ 10234 10334 1025
December
1
10334 108
-_-_ 106% 10734 10634
May
Season's High and When Made. I Season's Low and When Made.
July 7 1933 July
July
100%
Dec. 28 1932
4334
July 7 1933 September
45§
September _-10334
Jan. 3 1933
December___105% • July 7 1933 December68
Apr 28 1933
July 7 1933 May
May
June 26 1933
11034
9431
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs, Fri.
7234 7934 795'a 7934 7934 8034
July
8134 8234 8134 8234 83
75
October
7634 8334 83% 8334 8434 8454
December
8734 88% 8734 8834 88%
81
May
INDIAN CORN showed some independent strength owing
to reports of damage to the crop by chinch bugs and the continued dry weather. On the 1st inst. prices reached new
high ground for the season on good buying by commission
houses, influenced by the strength of wheat. Other bullish
factors were reports of damage by chinch bug and a private
estimate on the crop of 2,475,000,000 bushels against 2,908,000,000 bushels last year. Good rains fell, but these got
little attention. On the 3rd inst. prices closed 1% to 2%c.
higher, on good buying influenced by the strength of wheat.
New highs were reached for the season. The average of
five private estimates on the crop was 2,488,000,000 bushels.
On the 5th inst. corn showed independent strength, and
prices rose at one time 4 to 517. under good buying on reports
of chinch bug infestation in Illinois and continued drouth
over most of the central corn belt. Shorts covered, and
Eastern interests were buying. Profit-taking caused a reac/
1
2
/
1
2
tion, but prices ended 2 to 3 c. net higher. On the 6th
inst. prices ended 2% to 2%c. higher, reaching the highest
level seen in more than three years. Buying was heavy,
being stimulated by a lack of rain in the belt and reports
of damage by chinch bugs. Commission houses were good
buyers. There was some profit-taking on the rise, but
offerings were readily absorbed. To-day prices ended 1%
to 2 c. lower. New highs for the season were established
/
1
2
early, but the market was influenced by the decline in
wheat. Vessel room for over 1,000,000 bushels was taken
late yesterday for Buffalo and Bay ports. Iowa and Nebraska received good rains, and the forecast was for further
general showers over most of the belt. Final prices show
4c.
a rise for the week of 6% to 81
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
6734 7134 ---- 7434 7634 7434
No.2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed, Thurs. Fri.
54 34 5634 _--_ 5934 61% 6034
July
59
6034 ---- 6334 66
September
6334
63
6534 ---- 67% 7034 6834
December
75% 7354
68% 7034
___ 73
May
Season's High and When
63
July
September ---6754
December- _ _-71%
May
7634
July
July
July
July
ad
7 1933 1 July
7 1933'September __
'
7 1933 December_
7 1933 1 MaY
and When Made.
25
2634_
38%
6834
Feb. 28 1,933
Feb. 28 1933
Apr. 28 1933
July 1 1933
OATS followed wheat and corn upward. On the 1st inst.
prices closed 1% to 2 c. higher on a good outside demand
/
1
2
inspired by the rise in wheat. On the 3rd inst. prices followed wheat upward and ended 1% to 1%c. higher. New
high levels for the season were reached. The average of
five private estimates on the crop was 748,000,000 bushels.
/
1
On the 5th inst. prices ended 12 to 1%c. lower, in sympathy
with wheat. Oats were under pressure all day. On the 6th
Inst. prices followed wheat and corn, and ended 1 to %c.
4
/
2c.
higher. To-day prices ended % to 11 lower, in sympathy
with wheat. Final prices show a rise for the week of
/ to 2%c.
73
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sal.
Mon.
Tues.
Wed.
Thurs.
Fri.
5434-5534 5434-5554 53%-5434
No. 2 white--5454-5554 5534-5634
rIDAILYKOLOSING PRICES UP OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed, Vows. Fri.
July
4534 474 -___ 46
4654 4654
47
4834 ---- 4754 4754 4654
September
December
4934 5034 - -- - 49
4954 4834
May
,
55
--- - 5334 5334 52
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
3234 3654 3754 3734 38
3854
October
3434 3834 3934 3854 3934 3934
Financial Chronicle
Volume 137
Season's High and When Made. I Season's Lou' and When Made.
July
48
July 3 1933,July
Mar. 3 1933
16
September _49%
16
July 3 1933 ,September
Feb. 28 1933
December_ ...._51%
July 3 1933'December_ _ _ _25
May 22 1933
May
55%
July 3 1933,May
July 3 1933
54
RYE advanced in sympathy with other grain. On the
1st inst. prices advanced sharply and ended 2 to 2 c. higher,
/
1
2
owing to a bullish crop estimate indicating that the crop
this year will be well under domestic requirements. The
heavy July deliveries had little, if any, effect. The advance
in wheat helped. Barley was / to 31
4c. higher. On the
1
2
3rd inst. prices advanced sharply with wheat at first, but
reacted later, but ended 2 c. net higher. Heavy liquidation
/
1
2
developed on the advance. Barley ended 3 to 3%c. higher.
On the 5th inst. prices, after strength, declined with wheat
and ended / to 1c. lower. Barley was 1 to 1%c. lower.
1
2
On the 6th inst. prices ended 14 to 1.c. lower, under general
/
liquidation. Barley, however, was % to / higher.
1c.
2
To-day prices ended %c. lower to %c. higher. Barley was
1 to 11 lower. The weakness of wheat had its effect.
/
2
c.
Final prices are 2 to 3%c. higher for the week.
/
1
2
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
77% 76% 76%
75% 77%
September
79/ 81% - - -- 80% 80% 80
December
85% 85
83% 85%
84%
Season's High and When Made. I Season's Low and When Made
July
79%
July 7 1933 July
Dec. 28 1932
31
September -82%
June 27 1933 September -41H
Apr. 1 1933
December--87May 5 1933
July 5 1933 December55
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sal. Mon. Tues. Wed. Thurs. Fri.
July
59% 65% 68% 65% 6434 6634
October
67% 6934
62
6834 7034 683
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
July
5534
5434
53% 56%
September
58% 59% 58%
60
57
December
62% 63% 62%
63%
60
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
4534 46
46% 45
41% 45
October
48% 48%
4734 48% 47
44
Closing quotations were as follows:
GRAIN.
Wheat, New YorkOats, New York
'
No.2 red, c.i.f., domeatic-_-.115%
No. 2 white
53-54%
Manitoba No.1.f.o.b. N.Y- 87%
51%-523(
No. 3 white
b
Ryehicag0 No .bond N.Yc,No.2,.f.o..2
3%
Corn,New York78
No.2 yellow,all rail
7434 Barley
No.3 yellow,all rail
70%
47% lbs. maltingN Y,
74
52-'76
Chicago. cash
FLOUR.
Spring pats., high protein $6.20-$6.65
$7.8548.55
City mills
Spring patents
5.95- 6.25 Rye flour patents
Clears, first spring
goods01.13bl., Nos. 1-3- 6.80- 7.20
Soft winter straights_ 4..8° 5°65 Oats
5 55 :
7 9
2.75
Hard winter straights__ 5.80- 6.15 Corn flour
1.75- 1.80
Hard winter patents
6.25- 6.50 Barley goods
Hard winter clears
5.30- 5.60
Coarse
2.50
Fancy Minneap. patents_ 7.85- 8.55
Fancy pearl,Nos.2,4&7 4.00- 4.50
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:
Recylpts at-
Flour.
meas.
Corn.
Rye.
Oats.
Barley.
bbls.1981bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs bush.5611n.
.
Chicago
236,000
401.,,, 3,128,000
17,000
500,'''
111,000
Minneapolis
2,172,000
641,011
195,000 437,000
,
Duluth
534,111
175,000, 139,000
1.33 I I
4.1
773,000
Milwaukee...
2
161,000
3,0001 177,000
565,000
80,111
Toledo
137,000
4.000
73,110
47,000
1,000
Detroit
20.000
7,0011
14,000
18,000
17 '
.'1
Indianapolis
21,000
391,'''
1940 '
'
St. Louis-.-193,000
III
188,i • •
328,000
729,111
3,000
Peoria
54,000
12,000
72,000
488,000
53,000
Kansas City..
13,000 2,422,000
494,111
10011
Omaha
227.'''
630,141
504,000
St. Joseph._ _
80,1i •
416,1'1
307,000
Wichita_
864,000
2,111
Sioux City_
18,000
12,000
65,1 1 I
2,000
Buffalo
1,588,000
103,000
328,000
139,000
Total wk.1933 518,000 10,263,0,1 8,678.''' 2,702.000 403,000
1,080.000
Same wk.1932 327,,,, 4,441,000 1,105,111
65.
706,000
229,000
Same wk.1931
244,,,, 11,480,000 4,140,0 i i
751,000
80
274,000
Since Aug.11932
18,390
.001 334.001,000 220,757,i i 1 97,175,000 17,266,00051,528,000
1931
19,300,,,, 307,858,000 121,695,000 68,815.000 7.80.000 31,589.000
14130
I0 Rif< nnnI*A ,os n.-.... ..... ...us Inn •r•se nnnon tee" nnn AT 1 I., nrsn
...
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, July 1 1933, follow:
Receipts alFlour. I Wheat, I Corn,
Rye.
Oats.
Barley.
,,
Is.196lbs. bush.60 lbs. bush.56 lbs. bush.32 ibs.bush.481bs.bush.561bs.
New York_ -. 109,000
9,000,
Philadelphia,
26,000
6,000
1,000
3,000
Baltimore
16,000
25,0001
14 i 1 I
Sorel
192,000,
New Orleans *
36,000
15,000'
75 I 1 ,
Galveston_
12,000
Montreal... _
III
36,000 1,168,000
Boston
I oI
• II
24,000
Quebec
488.000
Halifax
2,000
Total wk.1933 249,000 1,912,000
Since Jan.1'33 7,678,000 38,102,000
Week 1932...
308,000 3,511,000
Since .1.6 1,
25 a itoa nnn no nen neos
89,000
2,411,000
57'''
2,247 If i
1,i II
113,000
1,000
366,000
149 i i 1
781,111
806,000
33,000
o .eva nnn
a 7611
7 am nnn St ARS NIA
• Receipts do not include grain passing through New Orleans for foreign ports
on through hi Is of lading.
The exports from the several seaboard ports for the week
ended Saturday, July 1 1933, are shown in the annexed
statement:
341
Exports from-
Wheat.
Flour.
Corn.
Rye.
Oats.
Bushels. Bushels. Barrels. Bushels. Bushels.
334,000
1,000
7,515
1,000
114,000
6,000
2,000
2.000
192,000
1,168,000
36,000
9,000
2,000
488,000
New York
Ft. William
New Orleans
Sorel
Montreal
Halifax
Quebec
Total week 1933._ 2,296,000
Same sor.k 1052
4 7551100
7,000
47.515
12,000
1 11110
124 470
3411110
Barley.
faitheir.]
750000
558000
The destination of these exports for the week and since
July 1 1933 is as below:
Flour.
Exportsfor Week
and Since
July Ito-
Week
July 1
1933.
Since
July 1
1932.
Wheat.
Week
July 1
1933.
Since
July 1
1932.
Corn.
Week
July 1
1933.
Since
July 1
1932.
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom_ 23,415 2,232,844
956,000 57,626,000
1,046,000
Continent
7,100
889,477 1,338,000 88,028,000
3,662.000
So. Jr Cent. Amer.
_
111,000
9,456,000
13,000
West Indies
674,400
17,000
1,000
175,000
109,000
7,000
Brit. No. Ain. Col.
66,600
____
2,000
5,000
185,496
Other countries...
____
1,000
557,000
2,000
Total 1933
Total 1932
47,515 4,159,817 2.296,000 155,844,000
124,479 5,714,377 4.783,000 178,346,000
7,000 4,837,000
1,000
719,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, July 1, was as follows:
GRAIN STOCKS.
Corn,
Wheat,
Oats,
Rye,
Barley,
United Statesbush,
bush,
bush,
bush.
bush.
Boston
7,000
New York
77,000
177,000
107,000
2.000
"
83,000
23,000
76.000
afloat
20,000
Philadelphia
9,000
137,000
18,000
2,000
7,000
Baltimore
11,000
126,000
18,000
2,000
2,000
New Orleans
105,000
10,000
78,000
2,000
Galveston
404,000
Fort Worth
56,000
5,245,000
72,000
3,000
378.000
Wichita
1,891,000
4,902,000
Hutchison
3,186,000 2,223,000
St. Joseph
2,000
655,000
36,431,000 1,986,000
Kansas City
35.000
84,000
224,000
9,801,000 6,259,000 1,840,000
Omaha
14.000
118,000
601,000
948,000
Sioux City
289,000
9,000
4.000
3,132,000 3,045,000
St. Louis
261,000
2,000
39,000
263,000 2,100,000
904,000
Indianapolis
Peoria307,000
10,000
5:838,000 13,217,000 4,157,000 4,293,000 1,190,000
Chicago
150,000
750,000
On Lakes
254,000
700.000
62.000
2,308,000 2,722,000 1,391,000
Milwaukee
24,953.000 1,749,000 11,373,000 3,346,000 7,238.000
Minneapolis
17,027,000 2,878,000 4,237,000 2,007,000 1,428,000
Duluth
48,000
16,000
25,000
15,000
95,000
Detroit
736,000
439,000
4,513,000 8,050,000 1,436,000
Buffalo
86,000
195,000
515,000
" afloat
105,000
24,000
293,000
On Canal
Total July 1 1933-122,710,000 46,140,000 27,564,000 10,574,000 11,693.000
Total June 24 1933_121,622,000 44,232,000 26,932,000 10,275,000 11,786,000
Total July 2 1932-163,162,000 15,964,000 9,761,000 9,078,000 1,925.000
-Bonded grain not included above: Wheat, New York, 791,000 bushels;
Note.
N. Y. afloat. 99,000: Buffalo. 1,548,000; Buffalo afloat, 202,000; Duluth, 30.000;
Erie, 1,667,000; Canal, 699,000; total, 5,036,000 bushels, against 4,795,000 bushels
in 1932.
Rye,
Oats,
Corn,
Wheat,
Barley.
bush.
bush.
bush,
bush,
bush,
Canadian510,000
719,000
483,000
7,326,000
Montreal
2,325,000 2,783,000 2,041,000
Ft. William & Port Arthur58,947,000
768,000
444,000
1,729,000
36,234,000
Other Canadian
Total July 11933.__ _102,507,000
Total June 24 1933- 95,639,000
Total July 2 1932-- 69,089,000
Summary
122,710,000 46,140,000
American
102,507,000
Canadian
4,537,000 3,946,000 3,319,000
4,387,000 4,031,000 3,040,000
2,124,000 4,650,000 1,529,000
27,564.000 10,574,000 11,693,000
4,537,000 3,946,000 3,319,000
Total July 1 1933-.225,217,000 46,140,000 32,101,000 14,520,000 15,012,000
Total June 24 1933_217,261,000 44,232,000 31,319,000 14,306,000 14,826,000
Total July 2 1932-232,251,000 15,964,000 11,885,000 13,728,000 3,454,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Friday, June 30, and since July 2 1932 and July 1
1931, are shown in the following:
Corn.
Wheat.
Exports-
Week
June 30
1933.
Since
July 2
1932.
BOW
July 1
1931.
Week
June 30
1933.
Since
July 2
1932.
Since
July 1
1931.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels,
Bushels.
9,000 5,565,000 2,382,000
North Amer.. 3,859,000298,737,000337,287,000
19,512,000110,980,000 1,190,000 73,672,000 36,229.000
Black Sea_
Argentina_ -- 2,149,000115,206,000145,236,000 3,256,000,207.486,000394,706,000
Australia _ -- 1,715,000 153.904,000161,507,000
600,000
India
0th. countr•
24,845,000 34,446,000 l02,000 31,768,000 21,720,000
240
Total
7,963,000612,204,000 790.056,000 4,557,000,318.411,000 455.037,000
WEATHER REPORT FOR THE WEEK ENDED
July 6.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended July 6, follows:
Hign temperatures continued rather generally east of the Rocky Mountains until the latter part of the week, when there was a decided reaction
to abnormally cool weather in the more eastern States, especially in the
middle Atlantic area, with some record-low temperatures for July reported
locally. Otherwise the week continued warm, especially in the Southwest,
centering in Oklahoma. At Oklanoma City the maximum temperatures
for the 13 days from June 22 to July 5 were 100 deg. or higher on every
day, except one.
The table on page 3 shows that the week averaged warmer than normal
practically everywhere from the Rocky Mountains eastward. The highest
temperatures occurred in the southern Great Plains from Nebraska southward to Oklahoma where most stations reported weekly averages from
9 deg. to 12 deg, above normal. West of the Rocky Mountains cooler
weather prevailed, with temperatures rather gentrally subnormal.
The table shows also that substantial rains occurred in most of the
Atlantic area, much of the east Gulf section. and rather generally from
the upper Mississippi Valley eastward. Dry weather continued, however,
In the southern Ohio Valley, including southern Indiana and Illinois, and
the southern half of the trans-Mississippi area. From the lower Mississippi
Valley westward the week was practically rainless. Since the first of July,
Ohio, the northern portions of Indiana and Illinois, Michigan, Wisconsin,
Iowa, and Minnesota have had substantial rainfall, while the Dakotas
received good scattered showers.
342
Financial Chronicle
Moderate to heavy showers during the week relieved, at least temporarily.
croughty conditions over large areas of the eastern and northern portions
of the country and vegetation has responded rapidly wherever the moisture
supply was replenished. The States most benefited were those in the
northern Great Plains, and from Iowa and Minnesota eastward to New
York and Pennsylvania, including Ohio and the northern portions of
Indiana and Illinois. Other sections receiving beneficial rains include
West Virginia and the Atlantic States from New Jersey and Maryland
southward. Some localities in these sections were missed, but, in general,
comitions show a decided improvement. Heat ann drought continued in
many otner States, though a few local rains were helpful in some cases.
Those receiving but lime relief during the week include the Great Plains,
from Nebraska southwam, the southern two thirds of Missouri, Arkansas,
most of Louisiana. Tennessee, much of Kentucky, and the southern parts
of Indiana and Illinois.•
The harvest winter wheat made good progress and is now well advanced
toward toe northern limns of the belt. Threshing proceeded under mostly
favorable conditions. Since the recent rains the range shows improvement
in southern Rocky Mountain districts and grass has been revived over
much of the northern half of the country.
SMALL GRAINS.—Winter wheat harvest has advanced northward to
the northern limits of the belt, with this work nearly completed in many
parts of the Southwest; in the Ohio Valley cuffing is general and much
threshing has been done in the southern part. Winter grain crops in the
northern Great Plains continue to ripen prematurely, but in the Pacific
Northwest the weather was very favorable at a critical stage in growth.
In the Spring Wheat region local showers were helpful where the crop
was not too far gone, but condition is generally very poor on light soils in
the eastern part, wnile in North Dakota deterioration continues, with the
early planted heading short and considerable being cut for hay. In the
Pacific Northwest the crop is heading and the moderate temperatures and
occasional showers were very favorable at this time.
Oat harvest is practically completed in many parts of the Southwest,
while in the Ohio Valley the crop is short and poor, with local reports of
the worst condition in years. In Iowa oats are reported the poorest in 45
years and are prematurely ripening on short straw. In North Dakota
flax is mostly in blossom or boll stage: the crop is generally poor. Warmer
weather is needed for rice in California, while it is too dry for the late
crop in southern Arkansas.
CORN.—The corn crop was benefited by showers in the northern portion
of the belt, but there was only local relief in the lower Ohio Valley, and
from Missouri and Nebraska southward; also a number of counties in
west
-central and south-central Iowa continue dry. In Onio much corn is
satisfactory to very good, while in the northern parts of Indiana and
Illinois some improvement is shown, but the outlook is less favorable in
the southern portions of these States and in Kentucky. In northwestern
Missouri progress was good, but poor to only fair in other parts of the
State and advance was likewise poor to only fair in Nebraska and Kansas,
with a considerable percentage in the southeastern part of the latter State
permanently damaged. In Oklahoma the dry, hot weather burned much
corn beyond recovery. In Iowa the general condition of the crop is only
fair, but weekly progress was good in much of the State, though some
stands are poor.
COTTON.—The week was extremely warm in the western Cotton Belt,
and temperatures were above normal in the east, although there was a
decided reaction to cooler the latter part of the period in more eastern
districts. There were beneficial, scattered showers east of the Mississippi
River. but little or no rain occurred over the western half of the belt.
In Texas and Oklahoma cotton is withstanding the drought well, but
needs rain badly. In the former State this is especially true of late-planted
fields. In Arkansas weekly progress was fairly good on lowlands and
other sections receiving recent showers, but only fair on uplands, while
-central Louisiana. In Tennessee
growth is very slow in northern and west
rain is needed, but condition is still fairly good, while progress was irregular
in Mississippi, with the general condition of the crop rather poor. In
Alabama advance was mostly fair to good in the south and central portions, but less favorable in the north; it was rather generally favorable in
Georgia, with beneficial, local rains. Showers were helpful also in the
Carolinas, but growth varied considerably, especially in North Carolina,
where some areas are still dry.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Warm first part; cold at end of week. Moderate
to heavy local showers. Crop conditions generally improved. Cotton
good; corn uneven, but good color. Threshing wheat well along. Southeastern truck, including Potatoes, seriously injured by preceding dry
weather. Meadows and pastures poor. Tobacco fair; needs rain.
North Carolina.—Raleigh: Abnormally warm, followed by record-low
temperatures at close of week. Crops benefited where rains occurred, but
rainfall scattered and considerable areas still without sufficient moisture.
Truck, pastures, early corn, tobacco, and other crops Continued to deteriorate in dry areas. Progress of cotton poor to good, but mostly fair.
South Carolina.—Columbia: Fair rains, heavy in spots. Plowing conditions for fall forage improved. Corn, sweet potatoes, and other crops
greatly freshened where rains have occurred. Cotton condition and progress
good, with squares and bloom forming freely. Tobacco curing and small
grain threshing active. Temperatures averaged considerably above normal;
abundant sunshine; further rains needed.
Georgta.—Atlanta: Warm, though cooler at close; local showers beneficial in some localities, but still dry, especially in south. Progress and
condition of cotton good to excellent:squaring rapidly and blooming freely.
Corn very good growth and condition mostly very good, especially late
where sufficient rain. Sweet potatoes mostly fair to good;setting Continues
where moisture. Truck, peanuts, cane, and minor crops improved, except
where too dry.
Florida.—Jacksonville: Cotton progress fair; condition fairly good, but
mall and late. Corn fair to good; being harvested in south. Sweet potatoes
fair: planting continues. Truck short. Tobacco being cured. Ranges improving. Grapes and figs ripening. Citrus good; considerable new growth.
Alabama.—Montgomery.• Moderate temperatures and beneficial rains,
except in northeast, locally in central, and in extreme north. Crops in
south and central improved since rains, especially late corn; pastures and
miscellaneous crops in north need more moisture. Crops other than cotton
mostly poor to fair condition. Cotton mostly fair to very good advance
in south and central, but deteriorated or only fair progress in north; condition mostly fair to good, except late-planted generally very poor to fair
in north; blooming becoming general.
Mississippi.—Vicksburg: Generally warm days in north and central
Mostly light showers in west, with moderate to locally heavy falls in east.
Progress of early corn mostly poor throughout; progress of late poor in
west to generally fair in east. Progress of cotton irregularly rather poor
to fairly good; average condition considered rather poor. Progress of
gardens, pastures, and truck fair to good in east, but generally poor
elsewhere.
Louisiana.—New Orleans: Warm, with moderate to heavy rains in
southeast and on coast, but very dry elsewhere. Corn deteriorated in
much of north and west-central, especially early crop and growth of cotton
poor; progress of cotton elsewhere fairly good and bloom and bolls forming
in all sections; condition mostly fair. Cane and rice fair progress, but
more moisture needed. Truck, pastures, and gardens deteriorated, except
on coast and in southeast.
Tezas.—Houston: Warm throughout State, especially in northwest'
light showers widely scattered. Despite dry weather, cotton continued
generally in good condition, but moisture badly needed for late-planted.
Corn damaged by drouth, especially late-planted. Truck and ranges
generally too dry, but livestock continue mostly good.
Oktalumta.—Oklahoma City: Hot, with State average 89 deg.; hot nights;
only a few scattered showers. Cotton withstanding drouth well, but
other crops suffering; cotton making slow growth, but fields well cultivated.
Corn burning badly and much beyond recovery. Broomcorn in poor
condition; much still unplanted in northwest. Oat and wheat harvests
nearly completed. Pastures poor and drying rapidly.
Arkansas—Little Rock: 'Progress of cotton fairly good on lowlands
and in sections where light to heavy rains of last two weeks; on uplands
only fair; blooming in many sections. Progress of corn fair on lowlands
and where showers occurred, otherwise poor or deteriorated. Too warm
and dry generally for minor crops and late rice in south.
Tennessee.—Nashville: Moderate showers over small areas, but most
of section very dry. Planting and cultivating practically at standstill.
Progress of corn poor; condition poor in west to fair in east. Cotton small on
high ground, but generally well fruited; condition mostly fairly good; crop
clean, but needs rain. Tobacco further damaged; condition averages fair.
Kentucky.—Louisville: Moderate to heavy rain in northeast; corn and
tobacco benefited and progress of corn very good, with cultivation pro-
July 8 1933
ceeding. Light or no rain in south and west where corn condition and
progress poor to fair and exceedingly variable, depending on soil, cultivation,and occurrence oflocal showers;growth of tobaccoslo.v and irregular;
cultivation halted by dry weather.
THE DRY GOODS TRADE
New York, Fridaiy Night, July 7 1933.
Although there has been a slowing down in various directions, markets for dry goods have been moderately active
during the past week. Prices have ruled firm and the
aggregate volume of business, notwithstanding the holiday,
has run into appreciable figures. Reports from retail centers continue encouraging, particularly from the agricultural districts, where buying power has been enhanced by
the rapid rise in prices of farm products. In some localities,
'however, notably in the Mid-Western and Southwestern
markets, dry goods buyers are said to be resisting advances
In textiles for future delivery owing to a falling off in
sales.
A survey of the price conditions in primary markets shows
some very unusual situations. During a period of three
months many cotton goods have been advanced from 75 to
100% or more, while in rayon yarns a gain of 30% has been
scored. Silk goods have been marked up 50%, and advances
in woolens range from 40 to 50%, with further mark-ups a
possibility, as the rise in raw wool prices has been much
greater. In fact, the price gains in all raw material markets have not as yet been fully translated into the manufactured products and are far from being reflected in retail
channels. Another factor which will soon have to be reckoned with is the increased cost of production, foreshadowed
by the requirements for shorter working hours and higher
wages under the Recovery Act. The passing of these
changes into consuming channels will present a very important problem to the industry during the next few months
and, as a result, merchants are reluctant to quote very far
ahead. A development which created more or less excitement during the week was the announcement of a loan
of $4,000,000 by the Reconstruction Finance Corporation
to Russia for the purchase of cotton, and the appointment
of a special trade commissioner to look over Europe and
report on the prospects of selling textiles. This led to all
kinds of predictions, including one of a possibility of selling upwards of a billion yards of cotton goods to Soviet
Russia over a long period of months. Just what will eventually transpire along this line is very problematical.
DOMESTIC COTTON GOODS.—Activity of moderate
proportions continued in the markets for domestic cotton
goods during the week. Sales for future delivery, however,
were restricted owing to the reluctance of manufacturers
to sell very far ahead. There are too many uncertainties
In the situation at present, such as the processing taxes
and new regulations governing work hours and wages, for
them to commit themselves. Wash goods were well taken,
due to cutters entering the market for fair-sized quantities.
Although cutters are not particularly busy at the moment,
they are receiving summer dress orders along with early
fall business. Narrow print cloths sold in fair quantities;
narrow sheetings were moderately active and steady; the
market for curtain goods continued to display strength,
while many other varieties of cloths did likewise. Gray
goods, in many instances, have been practically withdrawn
from the market as sellers are unable to arrive at definite
ideas as to what prices ought to be. Various descriptions
of rayon goods have also been withdrawn in view of recent
price changes in yarns and the inability of mills to purchase
yarns at any price for desired deliveries. Further sales of
certain types of goods by Japanese agents at prices below
domestic levels have continued to cause concern and, in
view of the prospects for still higher prices in consequence
of the shorter working hours and higher wages program,
manufacturers are beginning to take action looking toward
Immediate protection against the possibilities of imports.
They are asking for higher duties on cotton goods before a
deluge of goods from foreign countries takes place. Closing quotations in print cloths were as follows: 39-inch 80's,
8Y
2c.; 381-inch 64x60's, 6%c.; 382
/
2
/
1-inch 60x48's, 5%c.;
39-inch 68x72's, 7%c.; 39-inch 72x76's, 8c.
WOOLEN GOODS.—Business in woolen goods has been
less active, due more to the reluctance or inability of manufacturers to name prices on goods for August and September
delivery than to the lack of interest on the part of buyers.
Confronted by the shorter working week and the higher
wages plan, and steadily increasing costs of raw material,
the mills point out that it is impossible for them to figure
values at the present time. Meanwhile mills are well occupied filling orders already booked which Include all types
of fabrics, but in many instances they find it difficult to
make deliveries on time owing to delayed shipments of tops
and yarns. Overcoatings and topcoatings are reported to
be sold ahead for the first time In years.
FOREIGN DRY GOODS.—Linens have been fairly active,
and the volume in some directions has exceeded that of the
corresponding period last year. There has been a particularly good request for low-priced linen suits, while household linens have by no means been neglected. Erratic fluctuations in sterling exchange again made trading in burlaps
difficult during the week. Buyers' interest was in evidence, but the actual business placed was said to be of
limited proportions. Light weights are quoted at 5.15c., and
heavies at 6.60c.
Volume 137
Financial Chronicle
State and City Department
MUNICIPAL BOND SALES IN JUNE AND FOR
THE momentum recently as a result of the continuous decline in
HALF-YEAR.
security values, and the banking disturbances which occurred
The improvement which occurred in the municipal bond in March was still in evidence to some extent during June.
market in May continued in the month of June. Conditions Our usual compilation shows that 42 municipalities, whose
made possible the sale of 19 separate flotations in amount of respective offerings amounted in the aggregate to $15,$1,000,000 or more, including issues of $26,595,000 by the 583,768, proved unsuccessful with their offerings in June.
State of New York, $10,000,000 by the State of Tennessee, In May the amount involved was $6,473,513, representing
$5,000,000 by the State of Missouri and $3,150,000 by the offerings by 49 political sub-divisions. The City of PhilaState of Massachusetts. In May only nineissuesofcomparable delphia, Pa., was responsible for the bulk of the total in
size were disposed of, the largest of which were loans of June, having failed to receive a banking bid at an offering
$5,000,000 each by Nassau County, N. Y. and the State of of $10,000,000 5% bonds. Later a block of $1,750,000 of
New Jersey. Also, whereas in the previous month 118 the bonds was purchased by the Sinking Fund Commission,
municipalities succeeded in disposing of 147 separate issues, at par, and the remainder placed on sale at the City Treathe figures for June are 136 and 184 respectively. Our records surer's office, also at par. The current failure marked the
show that an aggregate of $102,115,708 State and municipal third successive occasion that the city has been unsuccessful
bonds was marketed during June, as compared with $44,- in its effort to sell its bonds to banking interests. The two
834,533 in May. The awards in June of last year amounted previous issues, aggregating $35,000,000, were sold locally,
to $88,794,393.
after having failed of sale at competitive offerings.
During the first six months of 1933 the sales of State and
In the table which follows we furnish a list of the unsucmunicipal bonds amounted to only $224,489,299, almost cessful June offerings, showing the name of the municipality,
half of which is accounted for by the awards made in June. the amount and rate of interest named in the issue, together
The total compares with $528,469,540 in the corresponding with the reason, if any,assigned for the non-sale of the bonds:
period of 1932, $851,188,436 in 1931, $765,536,582 in 1930,
RECORD OF ISSUES THAT FAILED OF SALE DURING JUNE.
Interest Rate.
Amount.
Name,
Report,
$670,383,755 in 1929, $778,419,445 in 1928, $882,820,720 in Page.
4489 Arkansas (State of)
$50,000 No bids
5%
1927 and with $748,986,936 in the first half of 1926. In the 4124 a Atlanta, Ga
4X%
477,000 Sale canceled
4490 Bergen S. D.
x
4,000 No bids
following we show all the bond sales during June for 4490 Birmingham, No. 55, N. Dak
x
320.000 Bids rejected
Ala
4125 Cass County, Ind
70,000 No bids
6%
$1,000,000 or over:
4306 Cass County, M11112
not exc. 6%
30,000 No bids
$26.595,000 New York (State of) bonds, comprising 314.595.000 2 Xs
and
oni
312.000.000 3s, due serially from 1934 to 1983. Incl., were
awarded to a syndicate headed by the Chase National Bank of
New York, at a price of 100.143, a basis of about 2.936%.
• 10,000,000 Tennessee (State of) 6% 10-year bonds for which no bids were
obtained at a public offering on June 15. sere subscribed for
at par later by banks and investment houses throughout the
State. Proceeds of the sale are to be distributed to counties ir
the State for school purposes. In soil' icing the aid of bankers
to finance the school allotments, Governor 11111 McAllister
promised that there would be no repetition of the condition if
they assisted the State in the current instance to mend its
financial affairs.
5,000,000 Missouri (State of) 4% road bonds were awarded to the
Guaranty Company of New York and associates. at a price of
101.43, a basis of about 3.89%. Due 31.000.000 annually
from 1950 to 1954. inclusive.
3.150.000 Massachusetts (State of) bonds were sold as follows:
A
83,000,000 3X% Metropolitan Water loan issue, due from
1934 to 1963, incl., was awarded to the Guaranty Company of
New York and associates, at 100.81, a basis of about
an lest e of 8150.0003 X% Metropolitan Sewerage Loan3 18%;
bonds,
due from 1933 to 1952. Incl., was purchased by E. H. Rollins
& Sons, of Boston, at a price of 100.76, a basis of about 3.15%.
3,000,000 Boston Metropolitan District, Mass.,3)i% bonds
were
successfully bid for by Halsey. Stuart & Co. of New I ork, and
associates. The price paid was 99.31. the interest cost of the
financing to the District being about 3.74%. Due on June 1
1936.
3,000,000 Hartford, Conn., 4% bonds. due $300.000 annually from
1934
to 1943, incl., were awarded to a syndicate headed by Estebrook & Co. of New Jerk. at a price of 101.92, a basis of about
3.61%.
3.000.000 Rochester. N. 1
41
,
1% bonds, comprising four separate
issues, were purchased by a syndicate headed by the Guaranty
Company of New York, at 100.089, a basis of about
4.70%•
Due serially from 1934 to 1940, Incl. On May 2 the city was
obliged to Day 6% interest on $2.250.000 bonds sold privately
at par.
2.874,000 South Carolina (State of) bonds, due Feb. 15 1953 and
carrying a callable feature, were given In exchange to the holders
of
a like amount of highway notes which matured on Feb.
2.300.000 St. Louis, Mo. 4% poor relief bonds sere sold to 15 1933.
a group
headed by the Harris Trust & Savings Dank of Chicago. at a
price of 100.56, a basis of about 3.80%. Due serially
from
1934 to 1942, incl.; optional on or after June 11938.
2.254...000 New Haven, Conn., 4 X% bonds. due annually from 1934
to
1948, incl., were awarded to a group headed by the Chase
National Bank of New York, at a price of 100.119, a basis of
about 4.235%•
2,000,000 Jackson County. Mo. courthouse and jail bonds,
bearing
interest at 5% and dueserially from 1942 to 1953, incl. were
Purchased by the Harris 'trust & Savings Bank of Chicago,
and associates at a price of 101.147, a basis of about
4.89%•
2,000.000 Utah (State of) 4 X% bonds were sold during June
to the
State's sinking funds.
1,750,000 Philadelphia, Pa., 5% bonds were purchased at par by
Sinking Fund Commission. The bonds are part of the issue
of
$10.000.0u0 offered on June 5 at which time no bids were
obtained. The balance of the Issue has been placed on sale,
at par, as the City Treasurer's
1,500.000 Milwaukee County, Wis., 4%office.
corporate purpose bonds.
8300.000 annually from 1934 to 1938. incl., were awardeddue
on
June 12 to a syndicate headed by the City Company of New
York, at a price of 97.05, a basis of about 5.08%.
1,461,800 Albany, N. Y., 3 X % emergency relief. refunding, muticipal
equipment and local improvement bonds, consisting of five
issuee, due serially from 1e34 to 1943, Incl., were purchased by
Hallgarten & Co. and Ladenburg, Thalmann & Co.. both of
New York, Jointly, a price of 100.61, a basis of about 3.61%1
at
1.425.000 Baltimore. Md.. bonds. comprising $855.000 of 4% water and
3570.000 of 4% s ewer loans, sere purchased at par by the
city's pension fund.
1,379,687 Wichita S. D. No. 1, Kan.,4 X% bonds, due serially from 1935
to 1948, incl.. were sold to a group headed by the Commerce
Trust Co. of Kansas City, at a price of
. . a basis of
68
about 4.31%.
1.233,700 Troy, N. I., 4X% bonds, comprising four Issues, due serially
from 1934 to 1953, Incl., were sold to Lehman Bros. of New
York and associates, at a pee° of 100.42, a bats of about
1,000,000 Virginia (State of) 33(
certJfirates of indebtedness, due
July 1 1939, were awarded to the N. W. Harris Co„ Inc.on
of
New York, at a price of 101.067. a basis of about 3.05%.
The difficulty experienced by municipalities throughout
the country to find a market for their issues, which gained
4306 Cicero, Ill
4491 b Claremont, N. H
175 Conway, Pa
176 c East Orange, N. J
176 Fort Benton. Mont
4493 Girard, Ohio
4307 Haddon Township, N. J
4126 Harriman, Tenn
4308 Hillside Township, N. J
177 Jackson County, Ohio
177 Lincoln County, Neb
177 Lyon County, Minn
4303 McDonald S. D.,Pa
4494 Madison County, Ind
4495 Muskegon S. D., Mich
4310 North Bend, Ore
4497 d Paragould, Ark
4497 Passaic, N. J
4497 Port Huron, Mich
3943 e Philadelphia. Pa
355 Rhea County. Tenn
180 Saddle River Twp., N. J
180 St. Joseph County, Mich
4129 Salem City 8.D.,Ohio
180 f Scotch Plains Township, N. J
80 Seattle, Bash
4312 South Euclid, Ohio
355 Steubenville, Ohio
181 Swissvale S. D., Pa
4498 Tonawanda, N. Y
4313 Union City, N. J
4313 g Wayne County, Ind
4314 West Seneca, N. Y
4499 West Kittanning, Pa
4499 Wheeler County, Ore
4130 Yonkers, N. Y
8%
750,000
100,000
4)4%
15,000
5%
609.000
6%
not exc.6%
45.000
15,000
6%
not exc.6%
73.000
5% and 6%
10,000
not exc.6%
407,000
4Ii%
5,200
32,400
6%
x
85.000
not exc. 5X%
15,000
94,000
6%
not exc.6%
30.000
6%
34,000
100,000
6%
not exc.6%
612,000
not exc. 514%
73,000
10,000.000
5%
not excl.6%
300,000
5 and 6%
127,000
41,500
5%
6%
10,500
125,500
6%
not exc.6%
60,000
191.193
6%
not exc.6%
33.475
not exc. 5)4%
125,000
47,000
not exc.6%
143.000
6%
144,000
6%
not exc.6%
28,000
45,000
5%
7.000
6%
100.000
not exc.6%
No bids
No bids
No bids
Partially sold
No bids
No bids
No bids
No bids
No bids
No bids
No bids
No bids
No bids
No bids
No bids
No bids
Sale restrained
No bids
Bids rejected
No bids
No bids
No bids
No bids
No bids
Partially sold
No bids
No bids
No bids
Bids rejected
No bids
No bids
Sale canceled
No bids
No bids
No bids
Not sold
x Rate of Interest was optional with the bidder. a Issue was withdrawn from sale
because of refusal of legal attorneys to grant approving opinion. b The rate of
interest was increased from 414 to 5% and the bonds reoffered on June 23. For
result of latest offering see subsequent page of this section. c Syndicate purchased
as 6s, at a price of par, a block of $100.000 bonds of the total of $609,000 and
obtained 30-day option on the remainder at the same price. d An injunction was
issued permanently restraining the proposed sale of 3100.000 municipal electric
light station construction bonds. This action, which is to be appealed by the city.
was taken at the request of the Arkansas Utilities Co., holder of an Indeterminate
electric light franchise. e The City Sinking Fund later purchased at par a block of
31.750,000 bonds of the $10,000,000 issue and the remainder was placed on sale at
the Treasurer's office. f Offering resulted in the sale as 6s. at par, of $56.000 bonds
of the total of 8125,500. 5 Proposed sale was canceled owing to refusal of legal
attorneys to certify the Issue as valid due to changes made in the bond law by the
General Assembly of 1933.
Record of Municipal Loans Made by the Reconstruction Finance
Corporation—Additional $500,000,000 Fund Established.
The Reconstruction Finance Corporation, which, under
the terms of the Emergency Relief and Construction Act of
1932, was empowered to make direct poor relief loans to
States and Territories of the United States from a fund of
$300,000,000, distributed the last of the money available
during the month of May. The Corporation has been succeeded in this capacity by an agency known as the Federal
Emergency Relief Administration, in accordance with the
terms of the so-called Wagner relief bill signed by President
Roosevelt on May 12. A fund of $500,000,000 has been
appropriated to continue the Federal Government's effort to
relieve destitution. The R. F. C., however, is to continue
the practice of financing what are commonly referred to as
self-liquidating municipal projects. Its activities in this
regard during June are commented on further on in this
article.
The conditions governing the distribution of the new
$500,000,000 poor relief fund are different from those which
applied in the ease of the$300,000,000.Reeonstruction Finance
344
Financial Chronicle
Corporation appropriation. Subsection (B) of Section 4 of
the new law, which is cited as the Federal Emergency Relief
Act of 1933, sets aside a specific sum of $250,000,000 whichis
to be advanced to the various States on the basis of one-third
of the amount expended by such States for poor relief from
their own and private resources. The balance of $250,000,000
is to be disbursed to the States at the discretion of the Relief
Administrator under the provisions of Subsection (F) of
Section 4. In making announcement of the sums advanced
to various States during the month of June, the Relief Administrator specifically referred to the advances as "grants,"
as distinguished from the word "loans" used in the statements of the Reconstruction Finance Corporation.
A report issued on July 6 by Harry L. Hopkins, Federal
Emergency Relief Administrator, shows that the distribution of funds of the new appropriation began on May 22.
Grants from that date to June 30, inclusive, aggregated
$51,531,731. The amount advanced during the Mays
period was $32,600,019. while in the month of June grants
in amount of $18,931,712 were allotted. The report is
published on a subsequent page of this section. Neither
the grants made by the Relief Administrator or the bonds
to be purchased by the Reconstruction Finance Corporation
form part of our totals of either permanent or temporary
financing by States and municipalities as compiled by us
from month to month.
During June the Reconstruction Finance Corporation
agreed to purchase $5,433,300 bonds for self-liquidating
projects in accordance with Section 201 (A), Title II, of
the Emergency Relief and Construction Act of 1932.
However, although the Corporation has agreed to purchase
these issues, the procedure in most instances is to offer the
obligations at public sale and, if no outside bid is received,
the issue is then taken at par or at a small discount by the
R. F. C. Actual purchase of the bonds, it will be seen,
does not occur until some time following announcement by
the Corporation of its readiness to buy the obligations. Also,
although agreement may be made to finance the cost of an
entire project, purchases of the obligations may be made
over a period of time as work on the improvement advances.
The bonds which the Corporation agreed to purchase during
June are as follows:
Page.
4305
4305
4305
4305
4305
4490
175
175
4306
4306
4492
176
4492
4307
4493
176
174
4308
4493
178
4494
4495
4495
179
179
4311
4498
4498
181
4181
4498
4499
4500
Name.
Int. Rate.
Ambridge, Pa
5%
Angola, Ind
534%
Arkansas Polytechnic College, Ark
Mi%
Bedford, Ohio
534%
Berryville, Ark
6%
Burt-Washington D. D.. Neb
Columbia, So. Caro
53.4%
Columbia, So. Caro
6%
Crowell Ind. S. D., Texas
Dallas County-Arcadia Fresh Water
District No. 1, Texas
Eau Clair, So. Caro
Elkhart, Texas
6%
Elk Rapids, Mich
5%
Franklin County. Fla
6%
Hamburg, Ark
Heber, Calif
534%
Henderson State Teachers College, Ark. 534%
Herington, Kan
Ilonaker, Va
Milliken, Colo
554%
Mineral, Va
Monaca, Pa
5%
Newark, N. J
Owosso, Mich
Paducah, Ky
6%
Red Bay, Ala
Santaquin City, Utah
Springville, Ala
6%
Tarentum, Pa
5%
Texas State Parks Board, Texas
Toyah, Texas
Wildwood, N. J
Yoakum Ind. S. D.,Texas
6%
Amount.
$100,000
60,000
12,000
133,300
25,000
60,000
81,000
82.000
3,000
8,500
67,500
15,000
10,000
850,000
25,000
15,000
60,000
65,000
25,000
5,000
25,000
40,000
2,850,000
75,000
50,000
55,000
22,000
• 16,000
75,000
174,000
23,500
325,000
500
Date
Granted.
June 9
June 8
June 9
June 8
June 8
June 21
June 24
June 24
June 8
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
9
21
26
21
8
20
24
26
8
21
28
20
21
21
26
24
9
21
21
26
27
9
21
8
July 8 1933
outstanding has been a source of continous trouble to the
city since the early part of 1932. This has been due to the
fact that the city has been unable to fund such indebtedness
through the medium of a long-term bond flotation. Although
municipal officials have expressed the desire to sell a longterm bond issue, the bankers, in declining to underwrite
such a loan, have stated that the market would not absorb
a new flotation of city bonds. In support of that contention,
they have pointed out that all of the existing issues are being
quoted at prices considerably below par, irrespective of the
coupon rate; also that there is virtually no demand for the
obligations even at the depreciated prices.
The appearance of the Dominion of Canada and the
Province of Ontario in the bond market during June served
to increase the volume of Canadian municipal financing for
the month to an aggregate of $90,214,199. The Dominion
accounted for $60,000,000 of that total, having sold that
amount of 4% notes to a syndicate headed by the Chase
National Bank of New York. The notes, carrying a
maturity date of Oct. 1 1934, are redeemable at the Government's option, at par and accrued interest, on July 1 1934
or on the first business day of each month thereafter until
maturity, on 30 days' published notice. The financing was
arranged to permit of the redemption of a like amount of
4% notes sold in the United States in September 1932. That
issue was sold to mature on Oct. 1 1933, although callable
on July 1 1933, at par and interest, or any time thereafter.
The Dominion has announced that it will redeem the entire
loan on Aug. 1 1933. The current issue of $60,000,000 was
placed in the United States and constitutes the first foreign
loan sold here since the original flotation in September 1932.
The notes were offered at 99.75 and interest.
The Province of Ontario loan consisted of $25,000,000
bonds, comprising 815,000,000 43's, due June 1 1950, and
$10,000,000 4s, due from 1934 to 1938, incl. Both issues
were quickly subscribed for by banks, investment houses and
citizens of Ontario. The long-term loan was offered at 99;
to yield 4.58%, while the 1 to 5-year bonds were sold at
prices to yield from 4.25 to 4.40%, according to maturity.
The award on June 23 of $150,0005% bonds of the Government of Puerto Rico constituted the first United States
Possession bond financing negotiated since December 1932.
The issue, due $70,000 in 1972 and 0,000 in 1973, was
purchased by Kidder, Peabody & Co. of New York, at
100.79, a basis of about 4.95%.
Below we furnish a comparron of all the vari1930o.us forme of
n3 f
obligations sold in June during the last1. ive years:
1932.
1929.
$
:
1$ 3 08 88,794,393 120,611,521 151,639,501 150,703,034
9 7
Perm.loans(U.5.)_102,11 ,.
'Temp.loans(U.S.)249,087,800 105,017,790 26,972,000 67,541,790 50,089,000
Canada rns (perm.):
N0 e 8 870000
. 7
Placed in Canada_ 30,214,199 18,649,946 3 :509:5 93 2,454 3 5 13 91:000
N000e
, :e
1:8662 084
(N ed
Placy
.
S._ _ y60.000,000
General fund bonds
o
e
e
295 one 5.500,000
N
.000
500 0ne
N
00
None
i50,000
Bonds U.S.Posserens
441,567,707 212,462,129 194,258,114 227,135,676 216,84508
Includes temporary securities (revenue bonds and bills and corporate stock
notes) issued by New York City: 219,995,300 in June 1933, $68,000,000 in June
1932, none in June 1931, $20,300,000 in June 1930 and $23,885,000 in June 1929.
Representing issue of $60,000,000 4% Dominion of Canada refunding notes.
Total
The number of municipalities in the United States issuing
permanent bonds and the number of separate issues made
during June 1933 were 136 and 184, respectively. This
contrasts with 118 and 147 for May 1933 and 189 and 272
for June 1932.
For comparative purposes we give the following table,
showing the aggregate for June and the six months for a
In addition to the above, the Corporation purchased as
- series of years. In these figures temporary loans and bonds
5s, at a price of par, an issue of $8,064,000 water works issued by Canadian municipalities are excluded:
For the
Month of
.Month of
bonds of the Los Angeles Metropolitan Water District, Calif.
For the
Six Months.
June.
June.
Six Months.
The issue was offered for sale on June 9 and the bid of the 1933
$102,115,708 $224,489,299 1912
$49,485,807 $246,289,293
88,794,393 528,469,540 1911
27,470,820 223,262,370
Corporation was the only one received. The loan is not 1932
1931
120,611,521 851,188,436 1910
19,369.775 162,848,110
151,639,581 765,536,582 1909
*82,124,450 207,125,317
our total of R. F. C. financing during June as it 1930
included in
1929
150,703,034 670,383,755 1908
31,606,064 169,082,579
129,808,488 778,419,445 1907
is part of the $40,000,000 District bonds which the Corpora- 1928
21,390,486 115,347,889
1927
158,862,319 882,820,720 1906
21,686,622 102,338,245
tion agreed to purchase last year. As work on the project 1926
140,731,789 748,988,936 1905
19,016,754 111,723,054
139,653,772 751,838,574 1904
24,425,909 137,889,155
advances and additional funds are needed, the District offers 1925
1924
242,451,538 788,744,973 1903
16,926,619 79,576,434
1923
161,711,897 584,800,923 1902
28,417,172 87,628,395
a block of its bonds, and the sale made to the R. F. C.
1922
118,969,285 655,086,150 1901
13,468,098 81,223,060
466,415,487 1900
19,670,126 77,943,865
110,412,059
Temporary loans negotiated by States and municipalities 1921
29,348,742 63,345,376
1920
45,113,020 322,681,532 1899
during the month of June aggregated $249,087,800. The 1919
9,704,925 44,078,547
100,378,461 305,650,839 1898
1918
16,385,065 73,275,377
27,821,083 151,766,284 1897
total includes $219,995,300 of such financing indulged in 1917
12,792,308 43,176,964
28,510,832 221,579,100 1896
15,907,441
1916
47,555,691 283,464,572 1895
56,991.613
by the City of New York. The bulk of the City's contribu- 1915
16,359,377 66.426,992
408,976,230 322,982,610 1894
1,888,935 32,663,115
1914
54,403,737 357,557,177 1893
tion consisted of the renewal of $202,452,000 of revenue bills
12,249,000 49,093,291
1913
39,388,230 218,879,270 1892
and other tax anticipation indebtedness which came due in
x Includes $71,000,000 43.4s of N.Y. City. •Includes 640,000,000 4s of N.Y.C.
June and which the municipality was unable to meet because
In the following table we give a list of June loans in
of lessened tax collections and other receipts. The banks amount of $102,115,708, issued by 136 municipalities. the
In
holding the loans agreed to renew them, at 5N,% interest, the case of each loan reference is made to the page in the
until Dec. 11 1933. The huge volume of short-term loans "Chronicle" where accounts of the sale are given.
Volume 137
Financial Chronicle
345
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
4489.. _Albany,N.Y. iss.)
(3
_3 X 1934-1943 $369,800
3945_ _Utica. N. Y
4.40 1934-1953 770,930 100.24 4.37
4489_ _Albany, N.Y.(2 iss.)_ _ _3 X 1934-1943r1,092,000 100.64 3.61
100.64 3.61
3945_ _Utica, N. Y
4.40 1934-1943 r95.385 100.24 4.37
4305-Albany Co.. N.Y.(3 iss.)3 q 1934-1943 700,000 100.54 3.62
4499-Virginia (State of)
354
19391.000,000101.06 3.05
4124_..Allentown S. D.,Pa
4
1934-1948
75.000 100
4.00
apello Co., Iowa
5
1935-1939
48,000 100
5.00
4489__AJena, MIch
1934-1941 r15,000 100
5
5.00
4499_ _Washington Sub. San.
4124__Baldwirtsville, N.Y
6
1934-1945
12,000 100
6.00
Dist.. Md
5
30-50 yrs. d200,000 94.13 5.40
137_ _Ballston Spa., N.Y
1935-1942 r15,000 100
5
5.00
4499_Waterbury, Conn
54 1934-1953 500,000 100.06 5.49
4490-Baltimore, Md
855,000 100
4
4.00
4130__Watertown, N.Y.(2iss.)4.30 1934-1942 335,000 100.05 4.29
4490_ _Baltimore, Md
570,000 100
4
4.00
181 Webb, N Y
6
1934-1943
20,000 100
6.00
4124_ _Belmont Co., Ohio
1934-1938
6
50,000 100.09 5.99
4313.-West Fairview, Pa
4
1,600
4124_ _Berke Co., Pa
43( 1944-1952 950,000 101.27 4.14
181-_Westfield,'N..1
54 1934-1970 476.000 100.08 5.42
4490_ _ Bloomfield, N. J
27,000
181__Westfield N. J
534 1934-1943
35.000 100.10
5.47
4305_ _Boone Ind. 8. D., Iowa_ _5
1944-1946 r10,000 100
5765
4314_ _Wichita, kan
434 1.,34.1943 r63.583 100
4.50
4306_ _ Boston Met. Dist., Mass.34
3,000,000. 99.31 3.74
1936
4314- _Wichita S. D.No. 1, Han.4
1935-1.48 1.379.667
99.58 4.31
4490_ _ Bridgeport, Conn
1935-1948 r841,000 100.58 4.92
5
182_ _Woodbury Co.,Iowa_ _ _ _5
1934-1936 r69,000 100
5.00
4306_ _ Brighton, Vt
1935-1953
5
50,000
4499_ _Woodbury Co.. Iowa_ _ _ _5
1935-1941
73.000 100.43 4.90
4125_ _Bristol, Conn
54 1936-1957 775,000 98
4499__Wright Co.. Iowa
44 1934-1946 300,000 100.25 4.46
4490_ _Brush Colo
5j 1945-1954 dr20,C00 100
5.73
4130_ _Yonkers, N. Y.(2 iss.)__ _6
1935-1943 500.000 100
6.00
175- _Clinton Co., Iowa
1935-1937
5
56,000 100
5.00
Total bond sales for June (136 munici4491_ _ Clintonville S. D.,Wis_ _ _5
1933-1946 r33,000 100
5.00
palities covering 184separate issues)-k$102,115,708
4491--Columbus, Ohio
25,000 100.10 4.73
43 1935-1949
4125--Crawford Co., Wis
1934-1943 175.000 100
5
d Subject to call in and during the earlier years and to mature in the later
5.00
175_ _ Darby S. D., Pa
54
76,000
year. k Not including $249.087.800 temporary loans, or $24,365,012
- 351--Delphos, Ohio
18.000 100
1934-1938
Reconstruction Finance Corporation municipal loans. r Refunding bonds,
6
6.00
4491_ _ Des Moines ind. S. D.,la.4 X 1940-1945 245,500 101.02 4.61
4491--Dewey Co.,S. Dak
BONDS OF U. S. POSSESSIONS ISSUED IN JUNE.
42,000
175_ _Dolgeville, N. Y
Page,
Name.
17.682 100
54 1934-1942
Rate. Maturity. Amount. Price. Basis.
5.50
4491_ _ DuBois Co., Ind
180--Puerto Rico(Govt.of)---5
44 1934-1938
5,200 101.21 4.07
1972-1973 8150,000 100.79 4.95
4126_ _ Dubuque Co., Iowa
1934-1936
5
20,000 100
5.00
4491_ _Duluth, Minn
The following items included in our totals for previous
1935-1938 rioo,000 101.30 5.30
5
4491_ _ Duluth. Minn
1936-1939 r100,000 101.30 5.30
6
months should be eliminated from the same. We give the
4492_ _Duluth Ind. S. D., Minn.44 1935-1942 575.000 100.39 4.42
176_ _East Orange, N.
J6.00 page number of the issue of our paper in which reasons for
1934-1970 100.000 100
6
4492E1khart Co., Ind
1937-1951 r45,000 1C0.01 4.49
5
these eliminations may be found. No eliminations in June.
4492._ lkhart Co., Ind
1934-1942 r22.500 100.02 5.99
6
We have also learned of the following additional sales for
4126_ _Essex Co., N.Y.
54 1934-1943 300.000 100
5.50
4126_ _ Fairfield, Conn
100,000
previous months:
5
1492_ _ Fayette Co., Ohio
1934-1938
5,000 100.12 5.97Page.
6
Name.
Rate. Maturity. Amount. Price. Basis.
4492_ _Fort Atkinson, Wls
1934-1941
75,000 92.20 5.94
4
4305--Belmont Co., Ohio
6
176_ _Franklin Co., Mass
1934-1938 $29.360 100
6.00
50.000 100.41
34 1934-1943
3.17
174--Cambria Co., Pa
54 1938-1952 300,000 100
176 _ _ Garden City, N.Y
5.50
50,000 100.58 5.18
54 1935-1952
4494- _Jacksonville, Ill
4307_ _0irard viIle S.D.,Ohio
3
1935-1939
r5.000 100
5.00
16,000
4495_ _Newcomerstown,0.(Apr.)--- 1934-1943
176--Greene Co..Pa
8.440 100
1934-1945 30(0)..= 100
4
4310--Pomeroy, Ohio
6
4493_ Hamburg, N. J
1934-1943
30.1)00 100
6766
1934-1967
6
9
6.00
4497--Rock Co.. Wig
3
4493-Hancock County D. D.
1934-1935 200.000 100
5.00
4500- -Wyomissing. Pa
434 1938-1953
60,000 100
No. 7, Iowa
4.50
r161,586 100
4307--Hanover, N. Y
40,000 100.41 -5.40 1934-1973
5.5"7
All of the above sales (except as indicated) are for May.
4126_ _Harriman, Tenn
r5,000 100
6
6.00
1-20 yrs.
4126.
These additional issues will make the total sales (not in..Harriman Tenn
r5,000 100
5.50
176„Harrison County, Iowa- 54 1-20 Yrs.
15,000
cluding temporary or R. F. C. loans) for that month $44,353_ -Hartford, Conn
44 1935-1954 100,000 100.58 4.43
4493-Hartford, Conn
834,533.
1934-1943 3,000.000 101.92 3.61
176-Haverhill, Mass
50,000 100.09 4.47
44 1934-1938
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
4493__Hericimer, N. Y
75.000 100
1936-1943
6
6.00
JUNE.
3!3-Holliclayabur , Pa
1939-1953
40,000 100
4.50
Page.
4 3__Hornell, N.
Name.
Rate. Maturity. Amount. Price. Basis.
'
AO 1937-1943 r15.000 100
5.75
4500-Aurora. Out
6
176__Horseheads, N.Y.(2 iss.)5
30 years
439,781
1935-1944 100,000 100
5.00
4314-Brockville, Ont
4308__Huntington 8. D. No. 3.
5
10 years
70,000 100
Coo
182_ _Canada(Dominion of)... _4
N. 1r
an
1934 d60,000,000
8
00 100
1935-1945 227 10
176-Hurley Ind.S.D., S.Dak-65
4130-Dartmouth, N.8
can
5
1953
93.500 99.18 1.07
100
4500 Dorval Que
54 1-10 yrs.
4494„Irvington, N. J
75.000 95.61 6.30
100
1934-1948 150.000 101.14 6.00
4308_ _Jackson County. Mo- 6
182-_Forest Hill, Ont
5
10-20 yrs
97.107 97.84
1942-1953 2,000.000
4.89
4494_ _Johnson County.Iowa---5
4500-Grand Mere. Que
6
1934-1936
60,000 96.82 7.77
15,700
- 1938-1940
&
177--Kansas City S. 1D., Mo_ _4% 1942-1952 200,000 101.57
4314-Greenfield Park,Que
400,000
4494__La Crosse County. Wis--5
4130-Hull S. D., Que
54 1-10 yrs.
150,000 .+5
6.38
1934-1943 500,000
4494-Lehigh Ommty,Pa
182-Lanark Co., Ont
5
10 years
20.000
1938-1953 500,000 101.55 3.86
4
4500-London, Out
44 10 years
177__Lewiston, Me
524,000
1,6.35 ..-74
r200,000 99
4
.
4.60
44 1938-1957
177-Lincoln, Neb
4500-_London, Out
4
1945
380,000 96.35 4.74
4.00
4314-Markdale, Out
177-Lincoln,Neb.(2 issues)-4
54
1-20 yrs.
59.711
98.50 5.69
r2?2:gg8
4.00
177-Linn County,Iowa
182-Moncton, N. B
5
20 years
204,600 98.41
126,000
5.12
5
4308-Louisville, Ky
4314_ New Brunswick (Pros. of)5
30 years 2.474,000 98.18 5.105
1969
450.000 100.05 CM
4
4308_ -Louisville Ky
4314_ _North Bay, Ont
6
20 years
Y.5,000
96.50
300.000 100.05 4.10
--1969
44
4130-Ontario (itov. of)
-Ludden, I
177.-Lowdenowa
4
1934-1938 10000,00. 4.25 to 4.40%
20,000
4127S. D., No.Dak--5
yield.
5.000 100
1944
5.00
4130--Ontario (Pro-v. of)
177-Luzerne, N.Y
44
1950 15,000,000 99
10,000 100
4.58
1934-1943
6.00
6
4130- _Petrolia, Ont
__Marion,Ind
534 10 years
25,000 100
1934-1944 r50,000 100.56 5.38
5
5.50
4314_ _Terrebonne. Que
5
4309„Massachusetts State of)-3
1-20 yrs.
26.500 93.13
1934-1963 3,000.000 100.81 3.18
5.84
4309-Massachusetts State of)-3
1943-1952 150,000 100.76 3.15
Total of Canadian bonds sold during June $90,214,199
4127--Merchantville
14,000 100
J
1934-1939
6.00
178-Middletown, N.Y.(2 is.)6
Note.-AddlUonal May sale-$41,000 5%, Galt, Out.. 20
4.40 1934-1943
45,000 100 10 4.37
.
-year bonds.
4127- _Milwaukee Co., Wis
38,000
V. 136, v. 4500.
5
4309-Milwaukee Co.. Wis
1934-1938 1,500,000 97.05 5.08
4127-Mississippi (State of)----4
0,000
78
178-Mississippi (State of)____ 192.000
__
NEWS ITEMS
4309-Missouri (State of)
1950-1954 5,000,000 10112 3.89
4
4309--Mitchell County, Iowa.
Indiana.
-County Superior Court Holds New Sales and
4.60
.4j 1939-1944 41200,000 160
4309--Monroe County, N.
1936-1943 400,000 100.65
5.37
Income Tax Act Valid.
-The following report on a court
4127_ _Montrose W.D.,N.Y___54 1937-1973 185,000 100.01
Y.- _6
5.99
4495__Moravia Iowa
ruling upholding the constitutionality of the Sales and
400 100
1935-1938
178--Morganbounty, Ill
r80,000 101
1935-1944
4.82
5
Income Tax Act passed by the 1933 Legislature
-V. 136,
4127--Municipal University of
Wichita, Kan.(2 las.)-5
p. 2460, is taken from the Indianapolis "News" of June 27:
1935-1948 r156,250 100
5.00
178--New Haven, Conn
4.23
44 1934-1948 2,250,000 100.11
The State income-sales tax, passed by the 1933 State Legislature, was
4495-New Rochelle, N.Y
1936-1943 500,000 100
6.00
6
held constitutional Tuesday by Judge Russell J. Ryan. of Marion County
4128-Newton, Mass
75,000 102.63 3.25
34 1934-1958
Superior Court, Room 5, thus paving the way for an appeal and final
178.
-New York (State of)
2X 1934-194014595,000 100.14 2.93
ruling by the State Supreme Court.
178.-New York (State of) is.)3
1934-1958 12000,000 100.14 2.93
(2
Judge Ryan's ruling was made in sustaining a demurrer which the State
4496-Niles, Ohio
1935-1943 r37.100 100
6.00
6
had filed against a friendly suit brought by .J. Harry Miles, President of the
4496-Norfolk, Va
1936-1947 500,000 100
6.00
Indianapolis Real Estate Board and Frank L. Moore, Secretary of the
4496-Northampton Co., Pa.. 6
1939-1948 350.000 100.51
3.94
.4
Indiana Real Estate Association.
179--North Arlington, N.J_ _ _
133,755
Defendants are the Indiana Department of Treasury, and its members.
179-Northport, N.Y.(2 iss.)-5.40 1935-1966 147,000 100.25
5.38
Governor Paul V. McNutt, William Storen, State Treasurer, and Floyd E.
179-North Tonawanda, N.Y.6
1940-1951 114,000 100
6.00
Williamson, State Auditor. Administration of the tax rests with this de4310-Norwood, N.Y
10,000 100.03 4.49
44 1934-1943
partment.
4496_-Ocean Beach, N.Y
1934-1964 130.000 100.03 5.99
6
Judge Ryan is expected to rule this week, on a suit filed on behalf of
4497-Ossining, N. Y.(3 isa.)_5.40 19354953
51,000 100
5.40
Indiana manufacturers to determine whether the tax should be applicable
4497-0tego, N. Y
13,000 100
4X 1934-1947
4.75
to goods that are manufactured in Indiana and sold in other States.
4497Overton, Texas
12,500
1934-1937
6
4497-Parma, Ohio
Judge Gives View.
r98,559
6
The Judge did not give a written opinion in sustaining the State's de4310-Perth Amboy,N.J
217,000
1936
6
murrer. He said, however, that in acting on the demurrer, he did not
4129-Philadelphia, Pa
1,750.000 100
5.00
5
determine the validity of each and every provision of the Act but deter179-Pittsburgh,Pa.(3188J-44 1934-1953 900,000 105.22 3.7
mined there is validity to sufficient sections to carry out the intention of
4497-Portland, N. Y
14.000 100
5
5.00
the legislation and to constitute a workable law.
180--Portland, Ore
25,000 100
1946-1953
6
6.00
The suit had asked that an injunction be issued against
180--Portsmouth, N. H
44 1934-1938 r50,000 100.57 4.04
effect the provisions of the Act. It charged the Act violatedputting into
180-Pottawattamie Co., bi
80.000 100
the Federal
1938-1947
5.00
5
Constitution on the ground that it impairs inter-State commerce and
4311-Pulaskl. Tenn
1939-1942
6
6.04.4
obligations of contracts. The suit also alleged that the law violates the
180-Rensselaer Co., N. Y -.-4 X 1935-1943
11 066 101.40
:
State Constitution's three provisions relating to taxation, one of which
4129-Richmond, Vt
44 1934-1953 r55.000 100
provides that the general assembly shall not grant privileges to one class
4129-Rochester, N. Y.(4 iss.)4 X 1934-1940 3,000,000 100.08 4.50
4.70
not enjoyed by others. The suit also charged that the Legislature is
4497-Rye, N. Y
193.-1938 300.000 100
,
6.00
prohibited from passing special laws and that it should provide uniform and
180-Saginaw, Mich
1934-1943 300,000 100
5
5.00
equal rates of assessment on taxation to the end of obtaining just valuation
180-Saginaw, Mich
1934-1943 r50,000 100
44
4.50
on all property.
180-St. Louis Co., Mo
4 4, 1935-1937 750.000 100
4.75
The demurrer alleged that the law is valid because the taxing powers of
3944-St. Louis, Mo
1938-1942d2,300.000 100.56 3.80
4
the State are inherent and the constitutional provisions are not in the
4312-St. Louis Co.. Mo
100.13 4.49
44 1938-1952 900,000
form of grants of power, but are ruled by limitations.
4497-San Mateo Co., Calif---4
95.000 100
lt450-1.454
4.00
4497-San Mateo Co., Calif----4 X
19,000 100
1949
As Privilege Tax.
4.75
4129-Schenectady, N.'Y .(2las.)4.40 1935-1943 550.000 100.19 4.36
The demurrer termed the sales-income tax as a privilege tax in the
180--Schenectady,N.Y.(2 iss.)4
form of an excise tax and not a property tax, alleging that the amount
1935-1943 400.000 100.18 3.96
180--Scotch Plains Tvrp., N.J-6
of tax fluctuates with the quantity of business done. The demurrer
1933-1946
56.000 100
6.00
180-Selinsgrove, Pa
Insisted the law is not unconstitutional because it taxes the doing of business
35.000 100.13 4.74
4 X 1938-1958
4498-Shelby Co., Ohio- _ ----6
and not the property. Since the tax is not a property tax the constitu7,200 100
1934-1938
6.00
180-South Carolina (State of)__ _ _
tion provision of uniform rate is not applicable, the demurrer asserted.
1953 d2,874,000
358..Stamford, Conn
In the suit filed for Indiana manufacturers by the J. D. Adams Manu4.70 1935-1948 700,000 100.00 4.65
181--Stamford, Conn
facturing Co. of Indianapolis, a declaratory judgment and instruction
14435-1939 r500.000
5
355-Steubenville, Ohio
by the Court is asked on the law. The suit particularly asked for a ruling
74.600 100.42 5.95
1934-1958
6
4498-Suffolk Co., N. Y
as it applies to,taxation of income from inter-State and
1934-1943 150,000 100.17 3,97
4
4498_ _Tennessee (State of)
from sales of goods to the United States Government or foreign commerce
10,000,000
its divisions.
4498--Terre Haute S. D., Pa.
18,000 100
-434 1935-1963
4.60
Governor Pleased.
44(8-Topeka, Kan
1935-1948 587.703 100.15 3.98
"Judge Ryan's decision holding the gross income tax law constitutional
4130-Troy. N. Y.(4 Jas.)
1934-1953 1.233,700 100.40
in its major provisions is good news," Governor Paul V. McNutt
351:I.-Trumbull, Conn
said.
40.000
1935-1944
"Without the revenue from the gross income tax
the State
4498--Uniontown, Pa
1938-1943
60.000
financial situation but that of hundreds of school law, not onlybe critical
4
units would
4130--Utah (State of)
2.000,000
454
indeed.
lEtint
ig
ISO
346
Financial Chronicle
"It gives me pleasure to know that our first efforts to spread the tax
burden have been successful and that the gross income tax law as written
can be counted upon to produce badly needed revenue. At least $50.000,000 will be cut from the property tax collections this year. Under our
present form of government. economies of that amount can not be effected
The
at a time when poor relief is weighing heavily upon most townships
gross income tax law In many school units and certainly In the State Government, will be the only barrier between Insolvency and efficient administration of the necessary functions of Government."
Connecticut.—List of Legal Investments for Savings
Banks.—Complying with Section 3996, General Statutes
Revision of 1930, George J. Bassett, Bank Commissioner,
issued on May 1 1933 the list of bonds and obligations which
he finds upon investigation are legal investments for savings
banks under provisions of Section 3993. This list is revised
semi-annually on the 1st of May and the 1st of November.
The list of eligible securities was materially broadened by
legislative enactments in 1929 as to public utility bonds and
railroad equipment trust certificates (V. 129, p. 314). The
Commissioner again calls attention to the wording of the
law, which discriminates against the "Special Assessment"
or "Improvement" bonds, or other bonds or obligations which
are not direct obligations of the city issu;ng the same and
for which the faith and credit of the issuing city are not
pledged. This present list is notable for the large number
of railroad obligations which are no longer considered eligible
as investments. The last list published was for Nov. 1 1932
and appeared in the "Chronicle" of Nov. 26 1932, on pages
3718 and 3719. We print the May 1 1933 list herewith in
full, indicating by means of an asterisk (*) the securities
added since Nov. 11932, while those that have been dropped
are placed in full-face brackets.
t The following table shows the State and municipal bonds
which are considered legal investments:
First.—Bonds of the United States. or Rant St. Louis, HI. Muskegon, Mich.
those for which the faith of the United Eau "noire, Wise. Nashua. N. H.
Newark, Ohio.
States is pledged, Including the bonds of Klein, III.
New Albany, Ind.
Elkhart, Ind.
the District of Columbia.
New Redford. Maas,
3s, 1918 Elmira. N. Y.
United States bonds
Newburgh, N. Y.
2s, 1936 Elyria, Ohio.
U S Panama Canal
New raatle, Pa.
.35, 1961 Erie, Pa.
U B. Panama Canal
Newport, Ey.
Liberty honda
All teems. Evanston, Ill.
Newport. R. I.
All issues Evansville, Ind.
Treasury bonds
Newton, Mass
aecencl — Legally Issued bonds duo Everett, Mass.
North A dams.Maas
Interest-bearing obligations Of the follow Everett, Wash.
Fargo, No Dak.
Northampton, Mass
Mg States:
Fitchburg masa. Norwood, Ohio
New Hampshire
aArIzona
Oakland,
[Flint, Mich.]
New Jersey
California
V. too.
•
Oshkosh. Witt
aNew Mexico
Colorado
Fort Wayne, Ind. a Oswego, N. Y.
New York
Connecticut
Ottumwa, Iowa.
Fresno, Cat
North Dakota
Delaware
Oaleslairg Ill
Parkersburg, W.Va.
Ohio
Florida
Pasadena, Cal.
Glendale, Calif.
aOklahoma
Idaho
Gloucester, Mass Peoria. III.
Oregon
Illinois
Gloversville, N Y Pittsfield. Mass.
Pennsylvania
Indiana
Grand Raplds.Mich Port Baron Mich.
Rhode Inland
Iowa
Portland, Me.
Greet) Ray. Wis.
South Dakota
Kansas
Hamilton. Ohio
Pottaviile, Pa.
Tennessee
Kentucky
Hammond. Ind.
Providence, R I.
Texas
Maine
Harrisburg, Pa
Quincy. III
aUtah
Maryland
Quincy. mate.
Haverhill, Maas.
Massachusetts
Vermont
Racine. Wia.
Holyoke, Maas.
?Virginia
Michigan
lloraington W Va Reading, Pa.
Washington
Minnesota
Huntington Park, Richmond, Ind.
Weal Virginia
Missouri
Riverside, Calif.
Calif.
Wisconsin
Montana
lit:welt:won. Kan. Rockford. III
Wyoming
Nevada
Indianapolis. Ind. Rock Island. III.
t Refunding bonds, 45, 1982, and Ithaca, N. Y.
Rome V Y
"Century" bonds, 3s, 1991: refer to Jackson. Mich.
Sacramento, Calif.
V. 133, p. 993, and p. 3254.
Jamestown V Y. Saga.. ktlei.
a See notation under Connecticut item Janesville. Wisc.
at. Cloud,
.M.
on changes In list. Added on June 19.
Joliet, 111
St Juseim, Mu
I atm - Legaity itteueu nouns and ob- Joplin, Mo.
St Louis, Mo.
ligations of any county, town, city, Kalamazoo, Mich Salem. Mass.
borough school district, fire district. or Kansas City, Mo
San Diego, Cal.
sewer district In the State of Connecticut, Kenosha, Wis.
Sandusky. Ohio
and in the obligations of the Metropolitan Kingston. N. Y
Ban Francisco. Cal.
District of Hartford County.
San .4.se cal
Kokomo. Ind.
Fowl& —Legally authorized bonds of La Crosse. Wis,
Banta Ana, Calif.
outside of Connecticut, Lafayette. Ind.
the following eltle8
B lieneetady, N.Y
and which are the direct obligations of the Lancaster, Pa.
Scranton, Pa
eits Issuing the same. "Special Assess- Lansing. Mich,
Sheboygan, Wis.
ments" and "Improvement" bonds which Lawrence. Mass
Shenandoah, Pa.
are not the direct obligations of the city Lei,anou. Pa.
Sioux City, Iowa.
for which its faith and credit are not Lewiston, me.
and
Sioux Falls, So. D.
pledged are not allowable
Somerville. Maas.
Lexington. Ky.
South Bend, Ind.
Lincoln, Neb.
Alameda. Cal
Burlington. Iowa
oeknort N Y
Spokane. Wash.
Cambridge. Mass.
Alhambra. Calif.
[Long Reach, Cal.] Springfield. 111.
Canton. Ohio
Allentown. Pa
Springfield, Maas.
Alliattee Ohio,
Cedar Rapids, Iowa
HO,,
Central Fella. It. I
Alton, Ill.
a or Angeles. cat Springfield, Mo.
[Loulevtlle. Ky] Springfield, Ohio
%mama Pa
Charleston. W. Va
stenbenviiie Ohio.
Lowell, Mass
[Amarillo, Texas.] Chelsea, Mass.
[Stockton. Call
Chester. Pa
audereou. Ind
Lynn. Maas.
fatalism, Moss
Chicago.
Ashtabula. Ohio.
Madison, Wis.
Terre Haute. Ina•
Malden. Mass.
Auburn, N Y.
Chicago Fits.,
Manchester. N H. Toledo. Ohio
A more III
Chicopee, Mass
Manitowoc. Wis. Topeka, Kan
Bakersfield. Calif. t,incinnati, Ohio.
Waltham. Mass
Mansfield. Ohio.
[Baltimore, Md.] Clarksburg. W Va
warren,Ohlo
'langur, Me
Colorado Bugs., Col Marlon, Ind
Wa Mon Iowa.
Marion. Ohio.
Battle Creek, Mich Columbus, Ohio.
Wauwatosa, Wise,
Mason City Ia.
Bay city, Mich.
Concord, N H.
Witeeitog W Va,
Council Bluffs,lowa Massilon, Ohio.
Bayonne, N. J.
Wichita. Kan
Xi 4s3.
Covington. Ey
Beikville. III
Wlikee-Barre. Pa.
Melrose. Mass.
Bellingham, Wash. Cumberland, Md
\ nod:coma. N. Y. Williamsport, Pa.
Danville, III
Beloit, Wise
Middletown. Ohio. Worcester. Mass.
Davenport. Iowa.
Berkeley. Cal.
York, Pa.
Milwaukee. WM
Dayton, Ohio.
Berlin, N. H.
Minneapolis, Minn Youngstown, Oh lo.
Decatur, III.
Beverly Mass.
'Zanesville. Ohio.
Moline, Eh.
Binghamton, N. Y. Denver. Colo.
Muncie. Ind.
Dee Moines, Iowa
Bloomington. Ill
Dubuque. Iowa
a Removed by bulletin Issued on June
Boise City. Ida.
Duluth, Minn
19 1933.
Boston. Mass.
East Chicago, Ind
Brockton. Mass.
Burlington. Vt.
East Liverpool.0
fth.—Railroad bowls which the Bank Commissioner
toz
finds to be legal investments are shown below:
BONDS OP NEW ENGLAND ^OM PA "
‘ 74
1
Maine Central System.
Conn. & Passumpato River RR. 45. 1943
[European & No. Atn. Ry. 1st 43 19333
Bangor & Aroostook System.
Port). dt Rum!. Fails Ry. 5s, 1951.
Aroostook Northern 5s, 1947.
Consolidated Refunding 45, 1951.
Flrr t ‘tortgage 55. 1943.
Mentors, stension is 1937
Northern Maine Seaport 58, 1935
Lavisiun Ja. 194s
Van Boren Fxtensinn is 1943
St. John's River Extenedon 55, 1939.
Waabburn Extension as, 1939.
New York New Haven & Hartf.System
Holyoke & Westfield RR 1st 44. 1951
Norwich & Worcester 191 She, 1947
Old Colony RR.—
Debenture 4s 1938
First 6145. 1944
First 55. 1945
First 4145. 1950
Proviueuee & a urcester RR. 1st 4s. 1947
New London Northern RR. 151 48, 194.0 Boston & Providence RR.deb. 55 1938
July 8 1933
BONDS OF OTHER COMPANIES.
[Nashv. Chat. & St. Louis System.]
[Atchison Topeka & Santa Fe
System.]
First mortgage 45, 1978 1
f:enure! mortgage 4 19951
Isoulav. & Na.shy. Term 1st 4s, 1952 1
s,
Chic, S. Fe. & Cal. Ry 1st Is. 1937]
Memph.1.1n.Sta.Co.(guar.) 1st 5e. '59
Rocky Mtn. Division 1st 4s, 1965]
Paducah & Ill. (guar.) lot 414s, 1955.
S. F. & San Joaq. Val. it;. 1st As, 1940]
[New York Central System.]
Transcont'l Short Line bit 4s. 19563
.'First mortgage 314,, 19971
[Baltimore & Ohio System]
,Consolidation mortgage 4s. 19981
(Baltimore & Ohio RR.—]
..
Refund. & impt. series A 4448, 21113.]
First 4s and 5s, 1948]
,Refund. & impt. series It (1s, 2013
]
Convertible 434s, 1933]
;Refund. St lutpt. eeriest C &s. 2013.3
I ISeries "A" ref. dr gen. mtge. Is. 1995
'Debentures 4s. 11)34 3
Series"B" ref. & gen. mtge. 13s, 1995
'Debentures 4s, 1942.]
Se ues"C tern Iv,..mIs e. 13s,3
sorlth wes ref.: giei
'
'
n
tg 19501995
.
Carthage & Adirond. It;. let 4s, 1981.]
I
Series"D" ref. & gen. mtge. 5s, 2000
Chicago Ind. & South 1st 48. 1958]
Cleveland Short Line 1st 4 Lis, 1061]
[Cleve. Lorain & Wh Ry. cons. Is,'33] Gotiverueur .St Oswegatchle RR. let
[General 5s, 193)1]
5s, 1942.]
[Cleve. T. & V. RR let 4s, 19053
Indiana Ill. & Iowa 1st 4s, 10501
[Ohio River RR. 1st Is, 1930]
Jamestown Frank. & Clean. 1st 4s.'591
((lateral 5s. 1937]
Kalam.& White Pigeon RR. lot Is.'40
Pitts. L. Erie & W. Va. ref. 4s, 1941]
Lake Shore & M. S. gen. 314s, 11)97]
W. Va & Pitts. RR. 1st 4s, 1990]
Lake Shore collateral 3145, 1998
]
[Atlantic Coast Line System.]
Michigan Cent. collateral 314s, 1998.]
First consolidated 4s, 1952]
Mohawk & Malone Ry. lot 48, 1991]
Att. Coast Line of So. Caro 1st 4s,'48] Mohawk & Malone It; cons.3 43,2002]
N. Y. & Putnam RR. cons. 43. 19113 3
Brunswick & West. RR. 1st 4s, 1938]
Charleston & Savannah Ry. 1st 7s '38] Pine Creek Ry. tat 6s, 1932]
Florida Southern RR. 1st 4s, 1045]
Sturges Goshen & St. L. 1st 3s, 1989 3
I lateral unified 4. & 434s, 1984]
Spuyten Duyvil & Port Morris RR. 1st
Northeastern RR cons. 6s, 1933]
3As, 1959.]
Norfolk & Carolina RR. 1st Is. 1939]
[Pennsylvania System.]
[2d 58, 1046]
Consolidated mortgage 4s, 1943]
Rich & Petersh. P.R. cons. 41.05, 1941)
co.at
Consolidated mortgage 4s1948 3
mortgagemortgt
34. 1 1,45,1
Sav.Fla.&West.Ry. cons. 5s& 6s, 1934
Whim, & Weldon nn. gen. 43 & I.'35
Consolidated mortgage 4168, 1960.
,
Winn. & New Berne RR. 1st 4s. 1947
Allegheny Valley fly. gen. 4s, 1942.]
[Central RR. of New Jersey.]
Beiv, Del. RR (guar.)cons.33ia, 1943 3
[General mortgage 4s & Is, 1987]
Cambria di Clearfield Hy. gen 4s, 1955]
Chesapea.se & Ohio KR. Co.
Cambria & Clearf. It;. lot 5s, 19411
First ctinsididated Is. 1939
Cleve. & Pitts. (gnarl gen. 314a. 1948.
Refd. & !Mot. series A, 4145, 1993
Cleve. & Pitts. (guar.) gen. 31.45, 19501_
Refd.& hoot ser. B 414,. 1995
Cleve. & Pitts. (guar.) gee 3 Lis&45411.4. .
, 0
Craig Vallo 13,:toth 1st 5-1 1940
General & refunding 414s, 1077.
Ches. & Ohio Northern 1st 58, 1945
Col. & Pt. Dep. It;. Id 4s, 11)40.
,
itionn•nel & Allegheity ills is) 4s 1959 Connecting It; (guar ) 4s & 4 SO, 1951.
Richmond & Allegheny div. 2nd 45,'89
Connecting It;. (guar.) 5.,. 1951.
Warm Springs Valley Br 151 55, 1941
Del. Riv. & Bridge Co.(guar I 1st 4s,'36.
Green Brier Ry. 1st 43, 1940
1G
General mortgage 4Si: 96116i]
l mmortgagee 59 1
,18
Big Sandy Ry. 1st 45. 1944
Paint Creek Branch 1st 4s, 1945
General mortgage 13s. 1970
Coal River 10. 1st 4s. 1945
General mortgage 414s, IMO]
P. tts Creek Branch 1st 40. 1946
,
HollIdaysMirgh B. & C. fly 1st 4s,'51]
Raleigh Ar Sit Western 1st 45 1938
liar. Ports. Mt. J. & L. 1st 4s. 11)43]
Kanawha Bridge & Term., 1st, 58, 1948
Pitts. Va. & Chariest. Hy. 1st 4s, 1943.]
Virginia Air Line, 1st Is, 1952
Phila. Bait. & Wash. RR.—
General mortgage. 4 Six, 1992
1st 4s, 1943.
General mortgage as. 1080.
Chicago Burl. & Putney System.]
General series B 53, 1974.
First & ref. series A 55, 1971]
General series 0 4 Sift, 1977.
First & ref. series 11 4143, 1077]
Phila. & Balt. Central 1st 4s, MM.
General mortgage 4s, 10583
IPa. Ohio & Det. tat & ref. 4 143, 1977.
Illinois Division 3143 & 45, 19493
eine [minis. St. L. & Ch. goo 4s '38] Pitts. Y.& Ash .1st g.m.ser 1)414s,'77
Sunbury & Lewiston Ry 1st 4s, 1936
elev. Col. Cita. & Ind g. 6s. 193
4]
Springfield & Columbus Div 4s, 19403 sultb.Haz.&Wilkes B. it;. 2(1113, 1938
Suitt Bloom & Berwlek 1st 5s, 1952.
White Water Valley Div. 'Iii. 1940]
United N. J. RR. & Canal Co.—
Oelavrara a Hulaisois System
General 48, 1948.
Aairupdaek Ry tat 4 >ye, 1942
General 43, 1944.
Albany & Sus.RR.(guar.) cony lisle. '46
General 334s, 1951.
Del & Hudson Co. let & ref 43. 1948
General 434ii, 1973 and 1979.
ilelaw Leek. & Wesrero System.
wash. Term.(guar I 1st 3.iel & 45, 1945.
Morris & Essex RR.(guars ref.3 ess. 4001 [xCollateral notes 84iii 1036]
2000
s
Warren RR (guar.) ref 3 is e,
Pitts. Clue. Chic. & St L. RR.
ir L.. k . ,f4 . ui )l ett 55 1973
Y i ac d, W est (glty i st4‘46. '7 3
e
vi t
Consolidated gold A 4 i5e, 1940.
N.
Consolidated gold B 414s, 1942.
[Illinois Central System.]
Consolidated gold C 4 14s, 11142.
Collateral Trust 31.4s, 1950]
Consolidated gold D 48, 1945.
Cairo Bridge 43, 1050]
Consolidated gold E 31.4m, 1949.
N. 0.—]
Chicago St. Louis &
Consolidated gold F 43. 1953.
[(Mar. eons. 340. 1951]
Consolidated gold 0 43. 1957.
[Memphis Div (guar.) 1st es. 1951
] Consolidated gold H 43, 1900.
4s, 19511
First mtge. gold 344s &
Consolidated gold I 4 kis. 1903.
First mtge. gold extension 314s. 19
51
Consolidated gold J 41.4o, 1964.
First mtge. sterling exten. 34 & 4.1, '51
General
First mtge. Sterling Eaten. 3145. 1950 General mortgage A Ets. 11170.
mortgage B 51, 1975.
Litehfield Division 3s, 1951]
General mortgage C 414s, 1977.
1953]
Louisville Division 314s,
Vandalla RR. cons. A 41, 1955.
,
Purchased Lines 3(45, 1952]
Vandalla P.R. cons. B 43, 11)57.
Refunding mtge. 4s & 5.5, 1955]
[Reading Company.]
:it. Louis Dividon 33 & 3148. 1951]
Springfield Dividon 314.5_, 1950
General & refunding 4 tia, 11197.3
otnaha Divhlon 3s, 1951]
New York Short Line 1 14.1, 1957 3
Western Lines 48, 19513
Norristown & Main Line Connecting
lot 4s, 1052.]
[Lehigh Valley System.]
[Phila. & Frankford 1st 4143, 1952]
Annuity Perpetual Consol. 444e & 8s]
[Philadelphia & Reading]
First mtge. 4s, 194s]
Delaware River Term 53, I042 3
Pa. & N. Y. Canal RR. Co. cons. 4s,
Del. River Term. ext. 5s, 111421
444 & 55, 1939 (guar.)3
Prior lieu 5s, 19331
[Lehigh Valley fly. (guar.) 1st 4 Sill..4011
Terminal 5s, 11141 3
Co.
*Long Island Railroad
Improvement 43,
*N.Y.Bklym&Manilch.lst cons. Is, '35 Consolidated 4s, 19411
1037 3
*Long Island City & Flushing cons. 55.37 Rending Belt
RR 1st 4s, 1950.3
*Brooklyn & Montauk let 53, 1938.
Shamokin Sunbury & Lewisburg-3
•Ising island gen gold 4s, 1938.
[1st 4s, 1975.]
*N. V. Bay Extension lot 5s, 1943.
[2d 58, 1945.]
*Montauk Extentilon 1st 5s, 1945.
[Southern Pacific System.]
*Unified gold 48, 1949.
Central Pug. Ry. (gu.) 1st ref 4.... '49.3
[Louisville & Nashville System.]
Northern Ry. 1st 5s, 1038 3
First mtge. 1st Is. 1937.]
San Francisco Term 1st 43, 1950]
let & ref. series A 51.4s, 215) 1
3
Southern Pate. Bramh Ry bit his, I9:17 3
•1st & ref. series 13 5s. 2(103]
Southern Paelfie RR eons 55, 1037]
u
l 1,10.n:d istrtle
03
o tr gaite
series
s, 40 3 3
i, 2 0
Southern Pacific RR ref. 4.1. 11155]
mortgage 'Is.
So Pam Coast Fly (gti 1 let 43, MD]
Atlanta KII0SV. & (31). 1st 48, 1955.]
Thiough Short Line (gu 1 ist 4s, 1954.]
•Lexington & Eastern lot 53, 1965.]
•Mobile & Montgotn. Ry 1st 414s,'45.] Oregon Lines let 414s, 1977]
Nash. Fla. & Shut Ry. 1st 55, 1937
[Southern Railway Co.]
Paducah & Mein. Div. lot 4a, l941'
[East Tenn reorganization 5s, 1938
]
Southeast & St. L. 1)1v. 1st fis. 1971
[First consolidated 5s, 10114 3
So. & No. Ala. RR eons. 48, 19311
(New On. Term (gu I 1st 45, 1953.3
So. & No. Ala. RR. cons. 55, 11103
Union Pacific Railroad,
.. [Norfolk & Western System.]
First mortgage 43, 1047
LCOnsoildated mortgage 4s, 1090 1
Refunding mortgage 4s, 2)108.
Inapt. & eaten.. nage 6s, 1934 1
Refunding mortgage 53, 2008.
Norfolk Terminal It;. lot 4s, 1961 3
svloto Val. & N. E. RR 1st 4.1. 19891 Oregon Short Line cons lit Is, 1948,
tot Is,'66] Oregon Short Line eons 41. 1960.
Winston-Salem Term. (gu.)
Oregon Short Line lurottie 5s, 1948.
'Cincinnati Union Terminal—
Ore -Wash. flit. & NaV CO. 18t & ref.
• Series A (guar.) tat 4(45, 2020.
*Series B (guar.) 1st 58, 2020.
Northern
Utih '" 4s
I tladr Nori ) extended1st 4s, 1933.
tg
* Series C (guar.) 1st 5s, 1937.
z Tbese note. are legal under See. 32 and BEW104(8 banks may Invest not SO
exceed 2% therein.
i
[
[
1
'
E
I
[
I
[
t
!
I
1
I
Railroad bonds which are at present not legal under the
general provisions of the law but which are legal investments
under Section 27 (given below) are as follows:
act 27
Elle provision, ol Ulla net snail not render Illegal the investment in
-bearing obligations issued or
nor the investment hereafter In, an; bonds or Interest
assumed oy a railroad corporation, which were a legal investment on May 28 1915
so leas as such bonds or interest-bearing obligations continue to comply with the
Financial Chronicle
Volume 137
was In force prior to said date; but no such bond or interest-bearing obligation that
falls, subsequent to said date, to comply with said laws,shall again be a legal investmein unless such bonds or Interest-bearing obligations comply with the provisions
of this section.
[Atch. Topeka & Santa Fe System.]
Hocking Valley Railway Co.
-Ariz. Lines 1st & ref. 435s, 1962.] First Consolidated ells. 1999
[Calif.
Colum.& Hock. Val. RR.let ext. 48,1948
Boston & Albany RR.
Columbus & Toledo RR. let ext. 4s, 1955
Boston & Albany RR.—
Illinois Central System.
Debenture 345s, 1951.
Chicago St. L. & N.0. cons. 5s. 1951.
Debenture 3455, 1952.
• Memphis Division 4s, 1951.
[Debenture 4s, 1933.]
Debenture 4s, 1934.
New York Central System.
Debenture 4s, 1935.
N. Y.& Harlem RR. ref. 334e, 2000
Debenture 4455. 1937.
Beech Creek RR. let 4e, 1936
Debenture 5s, 1938.
Kalam. Allegan dc G.R. RR. 1st 5e, 1918
Debenture 5s, 1963.
Mahoeing Coal RR. 1st 5e, 1934
Pennsylvania System
& Muds. System
Buffalo Roch
Elmira & Williamspt. P.R. 1st 45, 1950
Allegheny & Western Ry. 1st 45, 1998
Erie & Pittsburgh RR. gen. 3455. 1940
Clearfield & Manoning Sty. let 55. 1943
Little Miami RR. 1st 40„ 1962
Central Ry. of New Jersey System
N. Y. Phila. & Norfolk RR. let 45, 1939
N.Y.& Long Brch. RR.gen. 45 OC 58,'41 Ohio Connecting Ry. 1st 45, 1943
Wilkes-Barre & &ran. Ry. let 4455, 1938 Pitts. Youngs. az Ash. RR. gen es. 1948
Connecticut Railway & Lighting Co. West Jersey & -ea Shore RR.—
Series A. B.C. D.E and F 3455 &48.'36
First Refunding 434a, 1951
Reading System.
Conn. Lighting & Power Co. 1st 51. 1939
Del.& Bound Brook RR.cons. 3455. 1955
net. & Tol. Shore Line RR. 1st 45, 1953 East Pennsylvania RR. 1st 48, 1958
North Pennsylvania RR. 1st 48, 1936
Duluth & Iron Range RR. 1st 55. 1237
[Elgin Joliet & Eastern Ry. 1st 58, 1941] Terminal Railroad Assn. of St. Louis
Consolidated Mortgage 58. 1944
Erie Railroad System
First Mortgage 4555. 1939
Cleve. & Mahoning Val. Ry. 1st 50. 1938 General Refunding Mortgage es, 1953
Sixth.—Equipment trust obligations as follows (savings
banks may invest not exceeding six per centum of their
deposits and surplus therein):
(Atlantic Coast Line RR Co]
National Ry. Service Corp.
[Equip. trust,ser. D.645s,ser. 1922-'3u] Prior
Lien 7e, 1920 to 1935
[Equip. trust. ser. E.434s,ser. 1929-'4i]
is. 1921 to 1936
[Baltimore & Ohio RR. Co.]
[Nashville Chatt. & St. L. Ry.]
Series of 1922,58,serially 1023-1937.]
Series of 1923.5s, serially 1924-1938.] (Equip. tr. fier. B 4455, ser. 1923-1937.]
Series A, 58. serially 1924-1938.]
[New York Central Lines.]
Series B, 445s, serially 1926-1940.
Equip. trust 68, serially 1921-1935.]
Series C. 445s, serially 1927-1941.
Equip. trust 78, serially 1921-1935.]
[Series D,415s. serially 1929-1941.
Equip. trust 5s, ser. 1923 to 1937.]
[Series E, 4459, serially 1930-1942
Equip. trust 4.459, ser. 1923 to 1937.]
[Series F, 4455, serially 1930 to 1944.]
Equip.trust 445s & 53,ser. 1925 to'39.]
[Central RR.Co.of New Jersey.]
Equip. trust 445s, ser. 1926 to 1940.
[Series .1, 55, serially 1924-1933.]
Equip. trust 444s, ser. 1927 tO 1940.
[Series K,(is. serially 1925-1934
]
Equip, trust ells, ser. 1930 to 1944.
[Series L. 445s, serially 1926-1935.]
[Equipment trust, series of 1926, 4459, Equip, trust ells. ser. 1931 to 1945.
Norfolk & Western System. serially 1927-1941.]
[Equip. tr.ger. 1923.43.4s,ser. 1924-33.]
Chesapeake & Ohio Ry. Co.
Equip. tr. ser. 1924, 4459. 5.-a. 1924-1934
Series S. 6458, serially 1921-1935
Equip, tr. ser. 1925, 4455, ser. 1928-1935
Series T. 5348, serially 1923-1937
Series U. 5s, serially 1924-1938
[Pennsylvania Railroad Co.]
Series V, 58, sedan :1925-1939
ulpmeqt trust 58. 1924-1938.]
Series W, 434s. serially 1926-1940
Equip. trust 5s, 1925-1939.]
Series of 1929, 414s, serially 1930-1944
Equip. trust 4455, 1925-1939.]
Series of 1930, 4485, serially, 1931-1945
Equip. trust 445s, 1929-1941.]
(Illinois Central Railroad Co.]
Pittsburgh & Lake Erie RR. Co.
Series F, 75, serially 1921-1935.3
Equipment trust 6455, series 1921-1935.
Series G, 61.4s, serially 1922-1936.
[Reading Company.]
Series II, 5145, serially 1923-1937.
Series I, 414s, serially 1923-1937.
[Equipment trust—]
Series J, 5s. serially 1928-1938.]
[Series K,4455, 5,-a., 1923 to 19331
Series K,414s, serially 1925-1939.3
Series L. 4458, 8.-a.. 1925 to 1935.
Series L, 454s, serially 1925-1940.
Series M,4458,s.-a., 1930 to 1945.
Series M,454s, serially 1929-1941.]
[Southern Pacific Co.]
Series N. 410, serially 1927-1940.1
1
Series E, 7s, serially 1921-1935.
Series 0, 434s, serially 1928-1942.
Series F, 5s, serially 1928-19381
[Series P, 445s. serially 1930-1944.
Series G, 5s, serially 1927-1939.
• Long Island Railroad Co.
Series H,445s. serially 1928-1940.
*Series E, 5s, serially to 1938.
Series I, 4455, serially 1931-1941.
*Series F, 5s, serially to 1939.
Series J, 4458, serially 1932-1942.
*Series 0,5s. serially to 1940.
Series K,445s, serially 1929-1943.
*Series II, 4455, serially to 1941.
Series L, 4455, serially 1930-1944.
*Series I, 4Sis, serially to
Series M,435s, 1931 to 1945.]
*Series J. 434s, serially to1942.
1945.
Union Pacific Railroad.
[Louisville & Nashville RR. Co.]
Equipment trust 78, serially 1924 to 1936
[Series D,614s, serially 1922-1936.]
Equip. trust Series B 58. serially 1927-36
[Series It, 414s, serially 1923-1937.]
Equip. true Series C 4455, serially 28-'38
(Series F 5s, serially 1924-1938.3
Equip. tr., ger. D.ells serially '29 to '38
1
I
r
1
Other securities in which banks may Invest are:
Seventh—
Bonds of Street Railways In
Savings banks may invest not Conn.
exceeding two per cesium of their
deposits and
surplus therein.
Bristol & Plain,. Train. Co. 1st 434s,1945
month— -Bonds of Water Co.. In Connecticut.
Savings banks may invest not
exceeding two per cent= of their
deposits and
surplus therein.
Branford Water Co. e34s. 1943
Bridgeport Hydraulic Cu. ser. B 445s,
'45
Series C & D,414s, 1961
Greenwich Water Co. let mtge. 434a'57
Oullford-Chester Water Co. let con
As, 1939
New Haven Water CO.
1st ells. 1945.
1st & ref. elle, 1957.
let & ref. 434a, 1970.
1st & ref. series C 445s, 1981.
1st & ref. series D 4455, 1983.
Stamford Water Co let 5e, 1952
Also under Subdivision 22 any bonds
or interest-bearing obligations of the following water ‘ompanies:
Ansonia Water Co.
Bridgeport Hydraulic Co.
Greenwich 9# ater Cu.
Naugatuck Water Co.
New Haven Water Co.
Stamford Water Co.
Torrington Water Co.
Nutt/I-Bonds of Te,
hone Co.,in Conneet.
Savings b i•P may invest not exceeding two per anKs m of their deposes and
surplus the centu
go. New E rein. o. Co. 1st 50.1948
So. New Eng, Telephone
Debenture 58. 1970
-Tenth—
Bonds of Telep. Co.. outside of Conn.
Savings banks may invest not exceeding two per centum of their deposits and
surplus therein.
Amer. Tel. & Tel.Co, coll. trust 55,1940
N V. Telephone Co. 1st 4 45 a. 1939
New England Tel. & Tel. let 5e. 1952
Series B 4345. '61
Also under Subdivision 34.
Savings banks may invest not exceeding
5% of their deposits and surplus in the
following bonds, but not more than 2%
In the bonds of any one such telephone
company.
Bell Telep. of Penna. 1st & ref. 55. 1948
"
58. 1960
Central District Telep. let 55, 1943
Illinois Bell Telep 1st ref 58. 19511
Pac.Tel. & Tel. 1st & collat. 55, 1937
"
refunding 55, 1952
Southern, Bell Telephone 1st 55, 1941
Southern Calif. Telep. 1st & ref. 58, 1947
Southwestern Bell Tel. 1st ref. 5s. 1954
Bleventh—
Bonds of Gas and Electric Lighting
Companies in Connecticut.
Savings banks may Invest not exceed
Inc two per centum or their rienosits and
surplus therein, or a total of 25% in gas
and electric bonds of all companies:
Bridgeport Gas Lt. Co. 1st 45. 1952
Central Coon.Pr.& Lt. Co. 1st 511, 1937
Connecticut Power Co.:
1st & cons. 58. 1963
1st 5e, 1956
New London Gas & Electric CO.:
1st cone.* ref. 5s, 1933
Berkshire Power Co. let As, 1934
Connecticut Light & Power Co.:
ler & refunding A 7s, 1951
1st & refunding B 5145, 1954
let & refunding C 414., 1956
1st & refunding D 5s, 1962
Danbury & Bethel Gas & Electric Light
Company 1st be, 1953
Danbury & Bethel Gas & Electric Light
Co., Series A Mtge. Bonds 65. 1948
Eastern Conn. Power Co. 1st 55, 1948
Hartford City Gas Lt. Co. 1st 45,35
New Britain Gas Light Co. (is. 1951
Rockville-WMimantio Lighting Co. let
ref. gold Si and 6e. 1971
Rockville Gas & Elect let 55, 1936
Stamford Gas & Elea. Co Consol. 50.1948
Milted Illuminating Co 15t45. 1940
Waterbury Gas Co. 1st ells. 1958
Bonds of Public Utility Companies
Twelfth—
Authorized under Subdivision 33.
Savings banks may invest not more than
25% of their deposits and surplus in the
following bonds, but not more than 5% in
the bonds of any one such corporation.
Blackstone Valley Gas & Electric Co.
1st & general Is. 1939
Brooklyn Born. Gas Co.gen.& ref.53.67
Brooklyn Edison CompanyGen. mtge. series E As. 1952.
Brooklyn Edison Co. gen. 55, 1949
Edison Elec. III. of Brooklyn let con,
is, 1939
Kings Co.El. L.& P.1st 5s, 1937
pur. 33.65.'97
Brooklyn Union Gas Co.:
First consolidated 5s, 1945
First refunding its, 1947
First refunding 5s, 1957
Buffalo General Electric Co.:
First mortgage 55, 1939
First & refunding 5s, 1939
General dr refunding 5s, 1956
GM.& ref. 451s. 1981
Central Hudson Gas & Electric Co.:
First & refunding 5s. 1941
First & refunding (incorp.) be. 1957
Central Maine Power Co.—
First mortgage 5s, 1939
First & gen. B fls, 1942
First & gen. D 55, 1955
First & gen. E 445s, 1957
First & gen. F 5349, 1961
Cleveland Electric. Illuminating Go.—
First mortgage 55, 1939
General mortgage. Series A. As. 1954
General mortgage. Series B, 58, 1981
Consol. Gas-Electric Lt. & Power Co.:
Cons. Gas of Baltimore 1st In. 5s, 1939
Cons. Gas of Baltimore gen.4358,195
4
General mortgage 445s, 1935
Detroit Edison Co.—
[First and collateral 58. 1933.]
General and refunding, 5e. 1949
General and refunding 55, 1952
General and refunding, Is. 1955
General and refunding. 55. 1962
General and refunding. 4455, 1951
Duke Power Co.—lst & ref, 4455, 1967
Duquesne Light Co.Ist mtge.445s.1967
1st mtge. 4458. 1957.
[Erie County Electric Co.—]
[Consolidated 68. 1959.]
[Gen.& refunding MS,1960.]
Fail River Elec. Lt. Co. 1st m. ba. 1945
Green Mountain Power Corp.:
Burlington Gas Light 1st 58, 1955
Green Mountain Power 1st 58, 1948
Indiana Gen'i Service Co. 1st in. 58.194s
Jersey Cent. Power & Light Co.—
First, 58, 1947
First 445s, 1961
Kansas City Power & Light Co.:
First mortgage 445s, 1957
First mortgage 445s, 1961
Kings County Lighting CO.
1st refunding 5s and 6'.6s. 1954
Loa Angeles Gas & Elec. Corp.—
First and refunding, 5s, 1939
First and general, 5s„ 1961
General mortgage, 5s, 1934
General and refunding, 68, 1942
General and refunding, 540, 1947
General and refunding, 5455, 1943
General and refunding. 545s, 1949
[Lake Superior District Power Co.—]
[First and refunding 5s, 1956.]
Narragansett Elec. Co. let ser. A & B 58,
1957.
347
*New England Power Co. 1st 58, 1951.
New Jersey Power & Light Co.—
First mortgage, 445s, 1960
New York Central Elec. Corp.
1st 5455, 1950
New York Edison Co.—
Edis.El.111.of N.Y.1st cons.68.1996
N. Y. Edison Co 1st & ref. 6455. 1941
N. V FAlson Co. 1st de ref. 68,1044
N.Y.Ed.Co. 1st & ref.ser. C 50,1961
N. Y.Gas, E. L.. It, & P. 1st 58, 1941
,
N.Y Gas. F.L.,11.& P.pur.M .45. 1949
N. Y. State Gas & Elec. Co.
1st mortgage,544s, 1962
N. Y. State Elec. & Gas Co.
1st mortgage, 440, 1980
let mortgage 4459, 1960
Pacific Gas & Electric Co.
1st & ref. 68, 1941
1st dt ref. 5455. 1952
1st & ref. 5s. 1955
1st & ref. 445s, 1957
1st & ref. 445s, 1960
Gen.& ref. 5s, 1942
Pennsylvania Electric Co.
1st 4: ref., series F, 45, 1971
let & ref., series G. 45, 1961
1st & ref. series H 5s, 1962
Penn, Pub, Serv. 1st & ref., 65, 1947
Penn, Pub. Serv.. 1st & ref., 55, 1954
Peoples Gas Light & Coke Co.(Chicago):
Chicago Gas Light & Coke 1st 5s, 1937
Consumers Gas Co. let 5s, 1936
First & refunding es, 1981
First & refunding 65. 1957
Mutual Fuel Gas Co. 1st 55, 1947
Peonies C. L. it C. 1st cons. Os, 1943
Refunding 5s, 1947
Philadelphia Electric Co.—
Phila. Elec. of Penna 1st mtge.4s,Ise
Phila. Flee of Penna. 1st mtge. Si,.
Phila. Electric 1st & ref. ells, 1967
Phila, Electric 181 & ref. 4e, 1971
Phila. Sub, Counties Gas & El. ells.'57
Potomac Electric Power Co.:
Consolidated 5.s, 1938
General & refunding 6s, 1953
Providence Gas Co. 1st m.545s, ISM
•First mortgage 49, 1983.
Public Service Electric & Gas Co.:
United Electric Co. of N.J. 1st 45,'49
P.S. Elec. & Gas 1st & ref. 434s, 1987
1st and refunding,48,1971
1st & ref. mtge. gold bonds. 445%,
series, 1970
Rockland L.& P. Co. 1st & ref. 4458,'58
San Diem Consol. Gas & Electric CO.!
1st mtge 55, 1939
1st & refunding 6s. 1939
lot & refunding 55. 1947
1st & refunding Os, 1947
1st & refunding 53-4s, 1960
Southern Pub, UHL Co., 1st & ref. 58,'43
Southern California Edison Co.—
General mtge., 5s, 1959
Refunding mortgage, 5s. 1951
Refunding mortgage, 5s. 1952
Refunding mortgage, 5s. 1954
Refunding mortgage. 414s. 1955
Southern Indiana Gan & Electric Co.
1st mortgage 544s. 1957
*Toledo Edison Co. 1st mtge. 5s, 1962.
Union Electric Lt. & Power Co.—
Gen. mtge., series A, 59, 1954
*General mortgage 4455 & 55, 1957.
Utica Gas & Electric Co.:
Equitable Gas & Electric 1st 55 1942
Refunding & extension Is. 1957
West Penn Power Co.:
1st mtge., series "A" 55. 1946
1st mtge.. series "E" 58, 1963
1st series. series "G" 58. 1956
1st mtge., series H,4s, 1981
[Wisconsin-Michigan Power Co.]
1st mtge. 5s. 1957.]
let mtge. 4455, 1961.]
E
Thirteenth.—(This section was eliminated in great partby
Chapter 290 of the Laws of 1933. See item on Connecticut,
changes in legal list made on June 19.)—Savings banks may
invest not exceeding 10% of their deposits and surplus in
the obligations of the Government of the Kingdom of Great
Britain and Ireland and the Government of the French
Republic and the Government of the Dominion of Canada
or any of its Provinces, provided such obligations have a
fixed and definite date of maturity and shall be the direct
obligations of such Government or Province and that the
full faith and credit of such Government or Province shall
be pledged for its payment, principal and interest.
Under the foregoing section the following obligations of
France and the Kingdom of Great Britain and Ireland were
formerly legal investments:
Repot tic of France.
Rent's. 3%, 1953
External Dollar Loan 6345. 1937
New French Loan 5s. 1920-1980
External gold bonds 734s, due 1941
External gold bonds 75. due 1949.
United Kingdom of Great Britain
and Ireland
War Loan elle. 1925-1945. due 1945
War Loan 45, 1929-1942, due 1942
War Loan 58. 1929-1947, due 1947
Funding Loan 48. 1960-1990
Victory bonds 4%, redeemable by accumulative sinking fund, by means of
annual drawings beginning Jan. 1 1920
United Kingdom Of Great Britain and
Ireland External Loan 5459. 1937
Colorado.—Special Legislative Session Convenes.—We
are informed by our Denver correspondent that Governor
Johnson convened the Legislature in special session on July 5.
The matters that are said to be up for consideration are:
1. Relief measures and a proposed $7,000,000 bond issue for
unemployment relief projects; 2. Repeal of the 18th Amendment, and 3. Refunding of approximately $3,500,000 5%
State highway bonds which are now optional into 4% bonds.
Illinoia.—Legislature Ratifies Child Labor Amendment to
Federal Constitution.—The State Legislature voted for ratification of the proposed child labor amendment to the
Federal Constitution late on June 30,according to Springfield
advices of July 1. A joint resolution endorsing the amendment is said to have been rushed through both houses.
This ratification brought the number of approving States
to 14. Six States had ratified the nine-year-old amendment
before 1933—Arkansas in 1924, Arizona, California and Wis-
348
Financial Chronicle
consin in 1925, Montana in 1927 and Colorado in 1931.
Illinois is the eighth State to ratify this year, the others
being Michigan, North Dakota, Ohio, Oregon, Washington,
New Hampshire and New Jersey. Twenty-two more States
will have to ratify before the amendment goes into the
Constitution.
Governor Signs Gas Tax Bill and Chicago Sanitary District
Bill.—Springfield advices of July 1 reported that Governor
Horner had signed a bill dividing the revenues from the
3% motor fuel tax, among the State, cities and counties.
Under the provisions of the Act, which will become effective
on Jan. 1 1934, the money paid to the counties and municipalities may be used for street improvement.
The Governor is said to have also given his approval to
a bill by Senator R. V. Graham, giving the Chicago Sanitary
District authority to issue $100,000,000 in bonds without a
referendum to make sewage disposal plant improvements
that were directed by the United States Supreme Court—
V. 136, p. 3753. The bonds are to be issued without
opposition, according to report.
Collection Rates on New 2% Sales Tax.—The following
report on the collection schedule for the recently enacted
2% sales tax—V. 137, p. 173—is taken from the Chicago
"Journal of Commerce" on June 29.
Collection of the 2% sales tax in Illinois will commence Saturday at a
schedule of rates decided on at a meeting of State Street merchants provided such action is not blocked by opponents of the tax.
The schedule to be charged customers by State Street stores, as resealed
by Archibald MacLiesh of Carson Pine Scott & Co., will provide for no
tax on items up to 25 cents, a tax of one cent on items of 26 to 75 cents,
a tax of two cents on items of 76 cents to $1.25, and an arithmetically
figured tax of 2% on items above that amount.
Watch Public Reaction.
Certain matters of legality are causing some discussion, but these are
expected to be threshed out by Saturday. The public reaction to paying a
one-cent tax on the purchase of a 27
-cent or similar item is to be watched
closely.
The sales of less-than-25
-cent items, on which the stores will charge
no tax, is expected to exceed by a great margin those in the 26 to 75
-cent
bracket.
Opponents Reported Active.
Opponents of the sales tax at Springfield, who were successful in invalidating the previous sales tax legislation, are reported to be actively
at work attempting to find a means to discredit and nullify the present
legislation.
The unrefunded portion of the former .11inois 3% State sales tax will
be turned over by State Street stores to the Illinois Emergency Relief
Commission in accordance with a public announcement made at the time
that the law authorizing that tax was declared invalid.
Massachusetts.—Legislature Passes $30,000,000 Bond
.—The bill providing for a $30,000,Issue Bill for Local Relief
000 bond issue and a 6% tax on intangibles, to assist financially distressed municipalities—V. 136, p. 4122, was passed
through the final stages by both branches of the Legislature
on June 29. The House passed the bill by a vote of 190 to 1
and the Senate adopted an emergency preamble to the measure by a vote of 26 to O. The bill was forwarded immediately
to Governor Ely for his consideration. We quote in part as
follows from the Boston "Herald" of June 30:
Governor Ely had before him for executive consideration last night a
new act levying a 6% tax on the dividends of Massachusetts corporations
and authorizing the State treasury to float a 830,000,000 bond issue to
provide a source for loans to financially distressed cities and towns. The
bill was enacted by both House and Senate late yesterday afternoon.
Immediately after President Fish of the Senate and Speaker Saltonstall
of the House had signed the newly enacted bill it was rushed by automobile
to the Governor's home at Westfield in charge of Thomas Ray, executive
messenger. An emergency preamble attached to it will make it effective
Immediately it is approved by the Governor.
Governor Ely studied the bill carefully before deciding to withhold
definite approval at least until to-day. He expressed a desire to make
certain that none of its terms would conflict with the Federal Industrial
Recovery Act.
The 6% tax on intangibles called for in the bill would be in force for a
period of three years starting with this year's dividends and payable next
year. Under the revenue provisions Henry F. Long, State Commissioner
of taxation and corporations, estimated that $7,800,000 will be produced
this year, a similar amount next year and probably a sum in excess of
$8,000,000 in 1935, thus giving the municipalities nearly $24,000,000 for the
three-year period.
This is the second measure of relief granted,the cities and towns this year.
The first, the Lewis-Wagner act, under which the municipalities will receive
approximately $20,000,000 this year in Federal grants,already is in operation
and the first distribution of funds under its provisions was made last,night
by the State Emergency Finance Board, which allocated $30,000 to the
Town of Clinton.
Under the provisions of the Wagner-Lewis act, the Federal Government
already has given this Commonwealth $2,000,000 for direct distribution
to the cities and towns. This represents the first instalment of Federal
funds under this grant.
The money given Clinton last night will be used to meet expenditures of
Clinton's public welfare department and thus operate directly as a means of
keeping down the town's tax rate.
Clinton's relief expenditures for the first three months of this year aggregated $52,000. Under the terms of the bill it is entitled to only one-third
of its welfar expenditures, which would amount to 317,000, but because of
the desperate conditions of the town's finances, Chairman Joseph W. Bartlett of the Emergency Finance Board insisted that a sum as great as possible
be given the community at once. Considerable discretion is granted the
Finance Board under statutes by which it functions.
The bill being considered last night by Governor Ely is two-fold. In
permitting the Commonwealth's treasury to float a $30,000,000 bond issue,
immediate provision is made for providing relief to crippled municipalities.
Against any loans that may be granted under the terms of the act. the
State will hold a lien on grants due the cities and towns under the revenue
sections of the bill.
The $24,000,000 to be raised in new revenue by the tax on intangibles
will be distributed as an outright gift to the cities and towns on thesame basis
on which the State tax is levied. Municipalities not in immediate need
ofloans under the borrowing sections will receive their allocation of funds as
velvet.
Governor Signs Bill.—The above-described bill was signed
by Governor Ely on July 1 after a prolonged study, according
July 8 1933
to the Springfield "Republican" of July 2. It is said that
the Governor affixed his signature with some apprehension
as one section of the bill presents the possibility of interference with the Federal relief grants.
Michigan.—Governor Signs 3% Sales Tax Bill.—On
June 28 Governor William A. Comstock signed the sales
tax bill recently passed by the Legislature—V. 136, p. 4488.
The 3% levy on every commodity sold at retail became
effective on July 1. The tax levy applies also to sales of
electricity and gas. It is said that the State hopes to
realize at least $31,700,000 from the new tax in the next
year.
Municipal Securities Considered Virtually Exempt
from Provisions of Federal Securities Act.—In an
opinion rendered recently to the Municipal Bond Club of
New York it was held by David M. Wood, well-known
municipal bond attorney of New York, that there is nothing
in the new Federal Securities Act which need worry any honest dealer in municipal securities. The only section which
applies to municipal obligations is Section 17 relating to
fraudulent inter-State transactions and Mr. Wood points
out that under Section 24 of the Act penalties are imposed
only upon persons who wilfully violate the law. The following is the text of the letter which contains his opinion:
Mr. Warren J. Hoysradt, President The Municipal Bond Club of New York,
20 Exchange Place, New York City.
Dear Warren:—You have requested me to advise you to what extent the
Securities Act of 1933 affects municipal securities. Under the provisions
of Section 3 of the statute, bonds issued by the United States or any territory
thereof, or by any State or any political subdivision of a State, are excepted
from the operation of the statute except as otherwise expressly provided
in the Act. The only section which is expressly made applicable to securities of this character is Section 17 relating to fraudulent Inter-State
transactions. This section reads as follows:
"Sec. 17. (a) It shall be unlawfulfor any person in the sale of any securities
by the use of any means or instruments of transportation or communication in
inter-State commerce or by the use of the malls, directly or indirectly—
(1) to employ any device, scheme or artifice to defraud, or
(2) to obtain money or property by means of any untrue statement of a
material fact or any omission to state a material fact necessary in order to make
the statements made, in the light of the circumstances under which they were
made, not misleading, or
(3) to engage in any transaction, practice or course of business which operates or would operate as afraud or deceit upon the purchaser.
(b) It shall be unlawful for any person, by the use of any means or instruments of transportation or communication in inter-State commerce or by the
use of the mails, to publish, give publicity to, or circulate any notice, circular,
advertisement, newspaper, article, letter, investment service, or communication
which, though not purporting to offer a security,for sale, describes such security
for a consideration received or to be received, directly or indirectly, from an
issuer, underwriter, or dealer, without fully disclosing the receipt, whether
past or prospective, of such consideration and the amount thereof.
(c) The exemptions provided in section 3 shall not apply to the provisions
of this section."
It should be noted, first, that this section is applicable only to transactions in which are used means or instruments of transportation or communication in inter-State commerce or the mails, and, second, that these
fraudulent inter-State transactions seem to be divided into two classes:
one, involving the sale of securities which is covered by subdivision (a)
and the other which is covered by subdivision (b) of the section relating to
transactions other than those between a buyer and seller.
The first classification of transactions between a buyer and a seller
Which are declared to be illegal, are those which make use of the mails or
instruments of inter-State transportation or communication "to employ
any device, scheme, or artifice to defraud." It hardly seems to me that
this requires any explanation. Fraudulent transactions of this kind have
always been illegal. The same is true of the class of fraudulent transactions covered by the third subdivision of sub-section (a), except that by
the use of the words "fraud or deceit" the courts may hold that the section
is not limited to those transactions which involve fraud within the technical
meaning of that term, but by the use of the word "deceit" Congress intended
a broader definition of the illegal transactions contemplated by the section.
No one can say ho v far the courts will go in this connection,and indeed it is
possible that they may hold that no change whatever was intended, but I
am inclined to believe that the courts will construe the Act as applicable to
transactions which deceive the purchaser even though not amounting to
fraud.
Subdivision (2) ofsub-section (a) applies to cases where a seller, to induce
the sale, has made untrue statements or statements which may be literally
true but which omit some material fact, the omission of which makes the
statement misleading to the purchaser. You will observe that this provision is limited to those cases where the seller makes representations to
the purchaser. In such cases the representations must be true, and they
may not be mere half-truths. Unquestionably it was the literally true but
misleading circulars, which were not uncommon in recent years, that have
been responsible for this legislation. Many advertisements have appeared
in recent years which evidence the fact that considerable time and ingenuity have been spent in wording them, so that while each statement
would be literally true, the total effect would be to convey a false impression
to the purchaser. In advertising public securities the seller should be
careful to see that the representations he makes regarding them are true.
and that they are the whole truth to the best of his knowledge.
It is only untrue statements or omissions of material facts, which are
Wilfully made, which, in my opinion, are covered by the Act. Under the
provisions of Section 24 the penalty for violation of the statute is imposed
only upon persons who wilfully violate the provisions of the Act. An
untrue statement, therefore, made in good faith, or a statement which
unwittingly omits a material fact, would not render the seller subject to a
penalty.
Subdivision (b) of Section 17, in my opinion, is intended to apply to
What might be called the "touting of securities" by newspaper articles,
radio addresses or other means of publicity, for a consideration from an issuer
underwriter or dealer, without disclosing fully the receipt of such consideration and the amount thereof. In my opinion this provision is not at all
applicable to a sale of securities. In other words, it does not require a bona
fide seller to disclose the price he paid for the securities. In my judgment
it is intended to cover the instances, which were recently brought out in
Congressional investigations, of newspaper items, magazine articles, radio
addresses, &c., being inspired by a seller of securities, for a consideration,
it
without the investing public being aware of the fact that 1 Iwas merely
paid propaganda.
My general conclusion is that there is nothing in the Securities Act which
need worry any honest dealer in municipal securities. The dealer, who
honestly advertises the securities he has for sale, has nothing to fear from
this legislation. If the bonds are honestly described by the dealer to the
best of his ability, without any attempt to so word his advertising literature
to mislead the investor, dealers of public securities will be caused no inconvenience by this legislation. It will, however, impose penalties upon those
Who attempt to phrase their advertising in such a way as to give the investor
the impression they are making representations, which are not in fact made,
or which are in any way designed to deceive him, and I don't think that
any dealer will have any difficulty in knowing when his advertising literature is or is not misleading. I think any dealer, when he makes a statement
regarding the bonds, knows whether the statement is true or at least whether
he has wilfully omitted some fact which will make that statement misleading to others.
Very truly yours,
DAVID M. WOOD.
New Jersey.—Governor Moore Approves Bill Setting Up
Financial Dictator.—On June 28 Governor Moore signed
the Kuser bill creating the office of State Fiscal Commissioner
Volume 137
Financial Chronicle
one of the foremost recommendations,of the Princeton University Survey Commission, according to a Trenton dispatch
to the "Jersey Observer" of June 29. Under the Act the
Governor is said to be given permanent authority to suspend
departmental appropriations and curtail personnel in the
interest of economy. The appointment to this post, which
will pay $10,000 a year, will be made by the Governor and
the said Financial Advisor will be subject to removal by
him. The Fiscal Commissioner will have broad authority
over all State expenses, including the power, under the
supervision of the Governor, as has been noted, to reduce
legislative appropriations, cut salaries and eliminate jobs
and offices.
South Dakota.
-Supreme Court Upholds Gross Income
Tax Law.
-Associated Press dispatches from Pierre to the
Washington "Post" of July 1 report that the State Supreme
Court, by a 3-to-2 decision, denied requests for a referendum
on the State's new gross income tax, thus making the law
effective as of July 1. It is said that a bare announcement
from the bench of Presiding Judge H. B. Rudolph that the
writ of mandamus asked to compel the referendum would
be denied, was the only information disclosed on the Court's
action.
Virginia.
-Special Legislative Session Called for Aug. 10.
On June 29 Governor Pollard called a special session of the
General Assembly for Aug. 10 to act on beer legislation, arrangements for a referendum on repeal of the 18th Amendment and public works legislation, according to an Associated
Press dispatch from Richmond to the Baltimore "Sun" of
June 30. It is said that many members of the Legislature
.
petitioned for this session. The Governor is reported to have
said he would call elections for Aug.7 to fill existing vacancies
in the Assembly.
349
ARKANSAS State of (P. 0. Little Rock).
-FEDERAL COURT
DECISION INVALIDATES PORTION OF ELLIS BOND REFUNDING
ACT.
-The following report on a Federal Court decision involving the
validity of the Ellis Road Bond Act, as applied to road d,
strict bonds, IS
taken from a Little Rock dispatch to the "Wall Street Journal" of June 30:
"In the first decision invalidating a section of the Ellis bill passed by the
most recent session of the Arkansas Legislature to refund $146,000,000
highway bonds, toll bridge bonds and road district bonds, Federal Judge
Martineau has granted the petition of the New York Trust Co. to place
White River Bridge at Devalls Bluff in receivership following default in
principal and interest payments.
"Judge Martineau, in granting the receivership, ordered toll collections
to be used to meet payment on $484,000 bond issue assumed by the State
when it purchased the bridge in 1930.
"The Legislature, in passing the Ellis bill, attempted to segregate all
highway revenue, including bridge tolls, for payment of the proposed
refunding bonds. New York Trust Co. is trustee of the bond issue sold
originally by White River Bridge Co."
FEDERAL COURT DECISION TO BE APPEALED.
-In connection with
the above report we quote as follows from the "Wall Street Journal" of
July 5:
"Federal and State constitutional prohibitions against maintenance of a
suit by an individual against a State will be the basis of an appeal by
Attorney-General Norwood from decision of Federal Judge Martineau
in granting receivership for the White River bridge at DeValls Bluff on
petition of New York Trust Co. as trustee of the $484,000 bond issue of
the White River Bridge Corp., original owner of the structure. It was
indicated appeal would be taken to U. S. Supreme Court should an adverse decision be rendered by Circuit Court of Appeals.
"When Arkansas purchased the bridge in 1930, it pledged tolls for retirement of outstanding bonds. State officials said that should Judge Martineau's decision be sustained, holders of bonds issued for construction of otner
toll bridges would have the same remedy at law to prevent the impounding
of all highway revenues as provided in the Ellis bill for refunding $146,000,000 of highway bonds.
"The proposed appeal, therefore, involves also the Legislature's right to
impound all revenue in violation of bond contracts. Should the courts hold
It has such a right, legality of the Ellis bill would be sustained and funds
would accrue in the State treasury until an agreement was reached relative
to bond payments."
ASHEVILLE, Buncombe County, N. C.
-NOTE SALE.
-A $25,000
Issue of revenue anticipation notes is reported to have been purchased on
June 29 by the Board of Fiscal Control, of Buncombe County, N. C. at
4%. Dated June 161933. Due in tour months. (This sale was authorfzed
recently
-V. 136. p. 4124.)
ATLANTA, Fulton County Ga.-BOND SALE WITHDRAWN.Under date of July 3 we are advised by B. Graham West, City Comptroller,.
that a proposed sale of $588,000 refunding bonds was withdrawn due to
legal technicalities.
In connection with this report we quote as follows from the Atlanta
"Constitution" of June 27:
"Failure of the city to obtain bids for $588,000 worth of municipal bonds
held by the bond sinking fund commission. Monday left two avenues open
to the government with the probability that both will be tested.
ADAMS COUNTY (P. 0. Council) Ida.
-The
-BONDS NOT SOLD.
City Attorney James L. Mayson was studying the possibility of offering
$50.000 issue of refunding road and bridge bonds offered on July 1-V.
the $588,000 worth of refunding bonds authorized by council and already
136, p. 4489
-was not sold as no bids were received, according to the
validated by Fulton county courts to the Federal Government as security
County Auditor. He states, however, that the payment of principal and
for a loan of that amount,and Mayor James L. Key proposed to offer the
interest due on July 1 was met. The total of bonds now outstanding is
securities to the public of Atlanta.
said to be $105,000.
"Bond attorneys have questioned the validity of any attempt to sell the
bonds, but Mr. Mayson said Monday afternoon that the Government
ADAMS COUNTY (P. 0. Quincy), III.
-BONDS AUTHORIZED.contemplated purchase of municipal bonds and he saw no reason why the
The Board of Supervisors has authorized the issuance of $50,000 poor relief
bonds, which are to be retired $10,000 annually on April 1 from 1934 to
refunded bonds could not be absorbed. He planned to take the matter up
with the mayor at once, and there is every probability that this avenue will
1938 incl. front the proceeds of a special tax to be levied by the county.
be tested first.
AFTON SCHOOL DISTRICT (P. 0. Afton), Ottawa County,
"In the event of failure of Mr. Mayson's plan, Mayor Key will ask
Okla.
-BOND ELECTION.
-It is reported that an election was held on
Atlantans to take the 588 bonds of $1,000 denomination each. He agreed
July 3 in order to vote on the issuance of $18,000 in 5% school bonds.
Monday to take over two, Alderman Ed. A. Gilliam one, and Councilman
Due serially within 20 years.
Max M. Cuba another.
AKRON, Summit CountY, Ohio.
"I am convinced that the bonds are valid and that the Federal Govern-E. C. Gal-BOND OFFERING.
leher, Director of Finance, will receive sealed bids until 12 M. (Eastern
ment would lend money to the city on them," Mr. Mayson said. "We
standard time) on July 10 for the purchase of $733,594.25 5% coupon or
certainly should attempt to have them so absorbed as a part of the Federal
registered special assessment bonds, divided as follows:
fund to aid cities."
$181,882.62 East Exchange St. impt. bonds. Dated July 1 1933. One
BARTON, Orleans County, Vt.-BOND SALE.
-The $35,000 coupon
bond for $882.62, others for $1,000. Due Oct. 1 as follows:
refunding bonds offered on July 1-V. 136, P. 4490
-were awarded as
18,882.62 in 1934; $18,000 from 1935 to 1942 incl. and
01s to E. H. Rollins & Sons of Boston at a price of 100.531, a basis of
19,000 in 1943.
about 4.69%. Dated July 1 1933 and due on July 1 as follows: $.,000
159,571.92!Vest Exchange St. impt. bonds. Dated May 1 1933. One
from 1936 to 1952, incl., and $1,000 in 1953.
bond for $571.92, others for $1,000. Due Oct. 1 as follows:
BATTLE CREEK SCHOOL DISTRICT, Calhoun County, Mich.$15,571.92 in 1934 and $16,000 from 1935 to 1943 incl.
-The Board of Education
PROPOSES REFUNDING OF $35,000 BONDS.
147,583,27 East Exchange St. impt. bonds. Dated April 1 1933. One
decided to pay the interest charges on $35,000 bonds which came due on
bond for $583.27, others for $1,000. Due Oct. 1 as follows:
July 1 1933 and to seek some means to refund the principal amount, ac$7,583.27 in 1934; $7,000 from 1935 to 1946 incl. and $8,000
cording to the "Michigan Investor" of July 1.
from 1947 to 1953 incl.
72.984.20 Englewood Ave. 'met. bonds. Dated Aug. 1 1933. One
BEDFORD (P. 0. Katonah), Westchester County, N. YRATR
bond for $984.20, others for $1,000. Due Oct. 1 as follows:
OF INTEREST.
-The issue of $27.000 certificates of indebtedness maturing
$14,984.20 in 1934; $14,000 in 1935 and 1936, and $15,000 in
in June 1934, sold recently to the Mount Kisco National Bank & Trust
1937 and 1938.
Co.
-bears interest at the rate of 5%. The bank paid a
-V. 137, p. 174
69,931.33 East Market St. impt. bonds. Dated May 1 1933. One
price of par for the certificates.
bond for $931.33, others for $1,000. Due Oct. 1 as follows:
$3,931.33 in 1934; $3,000 from 1935 to 1944 incl. and $4,000
BELLEVUE, Campbell County, Ky.-BONDS AUTHORIZED.
-At
from 1945 to 1953 incl.
a meeting held on June 22 the City Council is reported to have passed
65,397.00 Seventh Ave. impt. bonds. Dated Aug. 1 1933. One bond
an ordinance authorizing the issuance of $40,000 in funding bonds, in order
for $397, others for $1,000. Due Oct. 1 as follows: $6,397
to meet current expenses.
In 1934; $6,000 from 1935 to 1938 incl. and $7,000 from 1939
BENT COUNTY (P. 0. Las Animas), Colo.
-BOND ELECTION.
to 1943 incl.
It is reported that an election will be held on July 25 to vote on the proposed
28,325.08 Brady Ave. impt. bonds. Dated May 1 1933. One bond
issuance of $66,400 of 5% refunding bonds to take up outstanding warrants.
for $325.08,others for $1,000. Dud Oct. 1 as follows: $5,325.08
in 1934; $5,000 in 1935 and $6,000 from 1936 to 1938 incl.
BENTON COUNTY COMMON SCHOOL DISTRICT No. 34 (P. 0.
7,918.83 Baltimore Ave. impt. bonds. Dated July 1 1933. One bond
Foley) Minn.
-BOND SALE.
-A $2,000 issue of school building bonds
for $918.83, others for $1,000. Due Oct. 1 as follows:
was purchased by the State'of Minnesota, according to the Superintendent
$1,918.83 in 1934; $1,000 in 1935 and 1936 and $2,000 in 1937
of Schools. These bonds are said to have been approved at an election held
and 1938.
on June 30.
Principal and semi-ann. interest (A. & 0.) will be payable in lawful
BLOOMFIELD, Essex County, N. J.
-CORRECTION.
-In a letter
money of the United States at the Chase National Bank, New York. Bids
dated July 6 we are informed by Mayor Charles H. Demarest that a report
for the bonds to bear interest at a rate other than 5%,expressed in a mulappearing in V. 136, p. 4,490, dealing with a renewal of maturing obligations
tiple of j4 of 1%, will also be considered. A certified check for 2% of the
by the Town, contained an error in that we gave the amount of 1932 deamount bid for, payable to the order of the Director of Finance, must
linquent taxes as being $800,000, whereas the correct figure for that year&
accompany each proposal. No formal bidding blank is required. Offers
$600.000. The following is the text of Mr. Demarest's letter:
to be made subject to approval of the issues by the successful bidders'
Commercial & Financial Chronicle,
attorneys.
New York City, N. Y.
AKRON, Summit County, Ohio.
-TO PAY DEFAULTED INGentlemen:
TEREST.
-E.C. Galleher, Director of Finance, has addressed the following
In your issue of June 24 1933, No. 3548, there appeared an article under
letter to holders of April 1 1933 refunding bonds:
Town of Bloomfield to the effect that $800,000 was the amount of out•
"Funds are now available for April 1933 refunding bond (type 4)interest.
standing taxes for 1932.
NI 4
All April 1933 refunding bond coupons may now be presented at the Chase
The newspaper you copied this article from made an error of $200,000 in
National Bank, New York. We hope before very long to be able to pay
the figures. The outstanding taxes for 1932 are $600,000.
1.4
special assessment coupons due in April 1933, the only April coupons we
Since this article was published the delinquent taxes for 1931 have been
are not yet able to pay."
sold at tax sale, bringing in over $125,000 in cash.
•411
AKRON CITY SCHOOL DISTRICT, Summit County, Ohio.
We also want to advise you that all of the bonds ofthe Town of Bloomfield
-TO
PAY DEFAULTED MAY INTEREST COUPONS.
have been disposed of and no new bonds will be issued for the simple reason
-Irene M. Moses.
Clerk-Treasurer of the Board of Education, has issued the following statethat no improvements have been made. All the bonds are serial and the
ment: "Coupons due May 1933 on Akron City School, Kenmore School
financial structure of the town is in excellent shape with one exception, that
or Portage Township School bonds will be paid if presented to the Firethe taxes are slow in coming in.
stone Park Trust & Savings Bank, Akron. Bonds maturing on that date
Economies have been made recently with the result that over $150,000
cannot be paid at this time. They will have to be part of a refunding
will be saved on the present budget.
program.
''
Yours very truly,
CHARLES H. DEMAREST.
ALPINE, Brewster County, Texas.
-PAYING AGENT APPOINTED
Mayor.
-It was announced on July 6 that the Manufacturers' Trust Co. of New
BRISTOL COUNTY (P.O. New Bedford), Mass.
-LOAN OFFERING.
York is coupon paying agent for $302,500 535% funding bonds of the above
-The County Treasurer will receive sealed bids until 10 a.m. on July 11
named city.
for the purcnase at discount basis of a $200,000 temporary loan, dated
ALAMANCE COUNTY (P. 0. Graham), N. C.
-NOTE SALE.
July 13 1933 and payable on Nov. 23 1933.
A $15,000 issue of revenue anticipation notes is reported to have been purBRUSH, Morgan County, Colo.
-BONDS CALLED.
-A $20,000
chased by the National Bank of Burlington.
issue of 6% water bonds is being refunded and should be presented to the
First National Bank of Denver on July 1 1933 for payment of both principal
ARKANSAS, State of (P. 0. Little Rock).
-BOND ACT TEST EXand interest. V. 136, p. 4490. Dated July 1 1918. due on July 11933.
PECTED JULY 10.
-The legality of Governor Futrell's highway bond
Certain bonds of paving districts are being called for payment at the
refunding rirogram will be decided in a State Supreme Court test expected
office of the Town Treasurer, interest to cease on July 15.
on July 10-V. 137, p. 174. A bondholder is said to have brought suit
alleging that the proposed refunding would impair the obligation of the
BUHL, St. Louis County, Minn.
-BOND SALE.
-A $50,500 issue of
contract on the highway district bonds by removing the first mortgage lien
refunding bonds is reported to have been purchased by the State Investnow attached to them.
ment Board.
BOND PROPOSALS AND NEGOTIATIONS
350
Financial Chronicle
BURLINGTON, Alamance County, N. C.
-PROPOSED BOND REFUNDING.
-The city is said to be planning to refund a total of $670,000
In bonds.
BURLINGTON,Des Moines County,Iowa.
-BONDS DEFEATED.
At an election held on June 27 the voters rejected a proposal to issue $486,000
of bonds for the purchase of the Citizens Water no. The count was 1.472
"for" to 4,625 "against."d,
_
CALIFORNIA,State of(P.O:Sacramento):7ELECT/ON RESULTS
-The Los Angeles "Times" of June 29 gave the following summary of the
results of the voting on June 27 at the State-wide election on the repeal of
the 18th Amendment and ten propositions, two of which were reported
on in V. 137,p. 174:
"Eighteenth Amendment (8,951 precincts): For repeal, 965,265; against.
305,568.
Propositions.
Precincts
No.
Subject.
Rented.
No.
Yes.
1. Riley Taxation Plan
7
667.089
348,763
2. Unemployment Relief Bonds
847.206
302,520
8.907
3. Racing
759.750
456,912
8,907
4. Tax-Exemption for Schools
719,576
497,906
8,294
5. Earthquake Reassessments
323.954
762,259
8,924
6. Irrigation Bonds
424,604
604.130
8.924
7. Date of Effecting Legislation
696,111
245.516
8,924
8. County Government
312.911
664,139
8.924
9. Gas Tax Diversion, 1933
818.753
322,106
8,907
10. Gas Tax Diversion, 1935
295,059
835,926
8,907
"The tidal wave of liberalism In Titesdai's special State election, which
added California to the 15 States already voting to repeal the 18th Amendment and to the score which have legalized race-track gambling, also
brought about a complete revision of the State's taxation structure and left
the Legislature, which meets July 17, facing what appears to be a hopeless
struggle to balance the budget for the 1933-35 biennium.
"The Riley-Stewart plan of taxation calls for a radically different tax
set-up, and as a result a sales tax up to 2% must be adopted by the Legislature to compensate for the added burden on the State of the present
county share of school costs. This fact will deter the Legislature from
passing a sales tax to balance the State budget,some $50,000,000 in arrears.
Defeat of the two propositions to divert S17.229,076 of gasoline tax money
to the general fund makes the budget-balancing matter even more difficult.
"County boards of supervisors were jubilant over the adoption of tha
Riley-Stewart plan, defeat of the gas tax diversion and adoption of the
$21.000,000 unemployment relief bonds, as each of these will help to simplify budget problems and the officials believe the three results will be generally beneficial to the county taxpayer. Chairman Quinn of the local
board issued a statement to that effect.
Riley-Stewart Plat:.
"The Riley-Stewait plan of taxation. No. 1 oi the ballot, took an early
lead due to the substantial majority given it in Los Angeles County and
generally throughout the State. although San Francisco rolled up a heavy
vote against it. Southern counties generally approved the plan, and San
Bernardino County voted for it about ten to one. The combination of the
so-called "cow counties" and the south easily overcame the opposition of
the San Francisco Bay region.
"This plan provides that the properties of public utilities, now subject
to State taxation alone, be returned to the local assessment roll, that the
State assume the counties' share of school costs, that governmental expenditures be limited to a 5% per annum increase. It is designed to ease the
tax burden on real estate. It is expected that the Legislature when it convenes July 17 next will enact a sales tax of at least 2% to meet the added
expense of the school contribution. Adoption of the Riley-Stewart plan
will have a distinctiv3 influence on the county budget, now in preparation,
as it will relieve taxpayers of the school costs to a very large extent. The
plan was sponsored by State Controller Riley and Fred Stewart of the State
Board of Equalization, although amended many times by the Legislature."
CARROLL COUNTY (P. 0. Westminster), Md.-BOND SALE.
% coupon bonds offered at public auction on July 1The 1200.000
-were purchased by Carroll County banks at a price of
V. 137, P. 175
102.21, a basis of about 4.00%. Dated May 1 1933 and due $25,000
annually on Jan. 1 from 1935 to 1942 incl.
CERRO GORDO COUNTY (P. 0. Mason City), Iowa.
-BOND
-The $27,000 issue of funding bonds offered for sale on July 3SALE.
-was awarded to the First National Bank of Mason City
V. 137. p. 175
as 4 s, paying a premium of $5, equal to 100.018, a basis of about 4.74%.
Dated June 11933. Due on June and Dec. 1 from 1935 to 1939.
-NOTE SALE.
CHARLOTTE, Meeklenburg County, N. C.
-We are
Informed that the $64,000 issue of tax anticipation notes offered for sale
-has since been sold at private
without success on June 2I
-V. 137. p. 175
sale at 6%, divided as follows: $11,000 to the American Trust Co. of
Charlotte; $16,000 to the Commercial National Bank of Charlotte; $16,000
to the Charlotte National Bank, and $21,000 to the Union National Bank
of Charlotte.
-REPORT ON CITY'S FINCHEHALIS, Lewis County, Wash.
-The following report on the excellent financial
ANCIAL CONDITION.
condition of this city, Is taken from a recent issue of the Portland "Oregonian".
"Citizens of Chehalis are sharing with Mayor West and City Commissioners McBroom and Sonnemann their pleasure over a report of the city
financial condition, which was filed this week. The report, which was
made by Wesley Smith, State examiner, covers the period from Jan. 1
1932 to Feb. 28 1933.
"In submitting the 29
-page document. Fred Chestnut, chief examiner,
says: 'We are glad to note that the financial condition of the city is good,
which is the exception,rather than the rule, at the present time.'
"Mr. Smith's report, summarizing the unusual situation prevailing here,
says: 'The financial condition of the city is so good that it would be a work
of supererogation to make the stereotyped form of indebtedness statement
with its potential limits of credit. Suffice it that the credit of the city is
gilt-edged in every department, and for every legal purpose. The city
commission is a prudent and sagacious body.
No Warrants Outstanding.
"The accounting work and the handling of funds in the clerk's, tressuser's and waterworks departments is beyond criticism and needs no further
praise.
"'There is not a city warrant outstanding, nor any floating indebtedness. All funds are cash at all times and there is money on hand and In
sight to run on a cash basis through the current year. In these times such
facts speak for themselves.'
"Total resources of the city, as shown by Examiner Smith's report, are
$1,392,730.75, included in the following inventory of city property: City
hall, $25,000; library. $20,000; civic center site, $25,000: auditorium and
fire headquarters building. $40,000; site, E10,000; aviation field, $13,500;
aviation henget', $1•200: parks. $7,500; miscellaneous city lots, $1,000;
water system, $450,000; sewer system, $100,000; streets and alleys,
$651,530.75.
"To this $48,000,including the following items,is added: Furniture,fixtures and supplies, city offices. 34,000: police department. $1,500; fire
department. $21,500;street department,$3,200; water department,ELM:
library, $12,800.
Bills Receivable Listed.
"Bills receivable to supplement the total of $1,392,730.75 as shown above
are as follows: Unpaid taxes, $23,344.44; water revenue, $2,267.69; local
improvement district rolls and interest, $75,695.56; cash on hand, $10,479.38. Grand total resources. $1,504.917.82.
"Liabilities total $149,887.10, as follows: Cash due on water deposits.
31,194.31; local improvement district bonds, $80,692.79: 1915 general
refunding bonds, $5.000; 1923 paving bonds, $2.000: 1925 general fire
bonds, 315.000; 1915 general water bonds, $16.000: 1927 special water
bonds. $30,000. Excess of assets over liabilities, $1,355,030.72. Grand
total, 11.504.917.82."
-TEMPORARY LOAN.
CHICOPEE, Hampden County, Mass.
-The
National Shavrmut Bank of Boston has purchased an issue of*150.0005.50%
tax anticipation notes, due on July 29 1933. The amount Is sufficient to
meet municipal payrolls and debt charges throughout the present month.
CINCINNATI, Hamilton County, Ohio.
-BONDED DEBT TOTALS
$102.730,906.
-The nonded indebtedness of the city at the close of business
on June 30 amounted to $102,730,906.09, including $96,671,845.81 of
general obligation securities and $6,059,060.28 special assessment issues.
The total of indebtedness compares with $103,120.476•33 at Dec. 311932.
July 8 1933
Cash in the bond redemption fund on June 30 aggregated 31,455,674.82.
In contrast to $741,783.85 on Dec. 31. The consolidated report of the
Sinking Fund Trustees as of June 30 1933, appeared in the Cincinnati
"Enquirer" of the next day as follows:
Assets.
Total cash
$1,466,400.12
* Less cash in inter't fund
10,725.30
Cash-Redemption fund
Investments
Total sinking fund
Balance-Excess of liabilities sinking fund
$1,455,674.82
36.515,196.41
$37,970,871.23
64,760,034.86
Total
$102,730,906.09
Liabilities.
General bonds (other than water works and Cincinnati So.
Railway)
$59,994,815.33
Water works bonds
14,845,030.48
Cincinnati Southern Ry. bonds
Construction
$14.932,000.00
Terminal
6,900,000.00
21,832,000.00
Total general bonds
196,671,845.81
Assessment bonds (paid by special property assessment)
Assessment bonds
R4,782,060.28
Assessment notes
1,277,000.00
6,059,060.28
Total
$102,730,906.09
CLACKAMAS COUNTY UNION SCHOOL DISTRICT NO. 5 (P. 0.
-We are informed that at the election
-BONDS VOTED.
Milwaukie), Ore.
held on June 26-V. 136. p. 4306
-the voters approved the issuance of
$50.000 in warrant funding bonds by a small margin. Due in from 1 to 10
years and optional after two years.
CLALLAM COUNTY UNION HIGH SCHOOL DISTRICT NO. 200
(P. 0. Port Angeles), Wash.
-BOND SALE.
-The $40.000 issue of
coupon semi-ann. school bonds offered for sale on June 29-V. 136, p.
4491-was purchased by the State of Washington as 5s at par, according
to the County Treasurer. No other bids were received.
-BOND SALE.
CLAREMONT, Sullivan County, N. H.
-The issue
of $100,000 coupon refunding bonds offered at 57, interest on June 23.
after having failed of sale as 4s on June 13-V. 136. p. 4491-was sold
on the later date to Burr, Gannett & Co., of Boston, at a price of par.
Only one bid was received at the sale. Bonds are dated May 15 1933 and
will mature $5.000 annually on May 15 from 1934 to 1953 incl.
CLEVELAND, Cuyahoga County, Ohio.
-FINANCIAL STATE-In connection with the
MENT AND TAX COLLECTION REPORT.
scheduled sale on July 13 of 3458.000 6% coupor or registered bonds,
notice and description of which appeared in V. 136, D. 4491, we have
received the following official data with respect to the bonded indebtedness
of the city and the volume of tax collections:
Financial Statistics.
City Incorporated March 5 1836.
Population U. S. Census, 1910, 560,663; 1920, 796,841; 1930
900,429
Assessed valuation estimated 100% of real value.
Fiscal year, Jan. 1 to Dec. 31.
-Real
Assessed valuation of 1929 for 1930
$1.384,140,620.00
Personal
654.432,870.00
Total
22.038.573.490 00
for 1931-Real
Assessed valuation of 1930
21.383.145.000.00
Personal
649,285.540.00
Total_ ___
.
$2,032,430.540.00
Assessed valuation of 1931 for 1932
-Real & Pub.thilitles$1.435,430,290.00
Personal tangible
(estimated)
210.164,460.00
Total
$1,645,594,750.00
Assessed valuation of 1932 for 1933-Real & pub. utilities$1,247,281.380.00
Personal tangible
(estimated)
135,276,110.00
Total
$1,382,557,490.00
Debt Statement as of June 26 1933.
General bonds (tax supported)
385.576,639.07
Special assessment bonds
6.475.429 56
Water works bonds (self supporting)
26.861.e00 00
Electric light bonds (self support'Inj
5.606.000.00
Tax anticipation notes,first half 11M3
1.250,000.00
Total debt
1125.769,568.63
Less-Water works debt
$26.861.500.00
Electric light debt
5,606.000.00
Sinking fund applicable to gen. & special- 6.264.424.78
Tax articipation notes
1,250.000.00
39,981,924.78
Net debt_____________
305.787,643.85
-----------Water works-------------------------------------------$1,986,859.56
Electric light------------------------------------------ 903,737.54
32.890,597.10
Of the above sinking funds V325,000.00 is invested in city of Cleveland bonds. All funds in banks fully secured.
Income of water works and electric light are sufficient to service outstanding debt.
No notes outstanding issued in anticipation of the issuance of bonds.
Tax Illstory.
The city has reduced Its operating expense and is operating on a balanced
budget.
Taxes are levied and collected by county.
Tax payment dates are December and June 20.
Time of payment has in the past been extended.
Property is subject to sale after a four year delinquency.
Report of Tax Collections.
Total
Total
City
Year '
Tax
Corp.
Operation.
Levy ofRate.
Debt.
Rate.
6.1138
1928 for 1929
$25.30
3.4798
9.5936
6.2511
1929 for 1930
26.20
3.3741
9.6252
6.5114
1930 for 1931
27.15
3.8314
10.3428
6.7635
1931 for 1932
4.1456
27.60
10.9091
5.5822
1932 for 1933
27.60
5.5007
11.0829
-General.
Tax Collections
Collections
Including
Per
Total
Prior
Cent.
Current
Accumulated
Delinquents.
Collected.
Year LeviedLevy.
Delinquents.
1928 for 1929-319,145,249.00 $19.093.202.75
99.7
$2,662,813.72
19.255.027.74
1929for 1930-- 19,621,677.00
98.1
2,235.865.38
19,577,421.08
1930 for 1931-- 21.021,022.00
93.1
3,423.385.46
15.054,942.28
1931 for 1932.... 17,951.958.00
83.9
5.677,853.26
1932for 1933- 15,322,746.41 First halfsettlement not made by Co. Treas.
Tax Colkctions-Special Assessment,
Collections
Including
Per
Total
Prior
Cent.
Current
Accumulated
Delinquents.
Year LeviedCollected.
Levy.
Delinquents.
$4.636.054.30
1928for 1929-- 14,963,418.90
93.4
12.128.918 22
1929 for 19304,196.075.83
4,622,769.14
90.8
2,555.898.36
2.660.214.43
1930 for 1931-- 3,633,758.23
73.2
3.527.539.06
1.524,010.02
1931 for 1932-- 2.636.174 19
57.8
4.757.868.86
1932for 1933- 1,928,883.50 First halfsettlement not made by Co. Treas.
Statutory tax limit 15 mills. By vote of people, no limit.
Volume 137
Financial Chronicle
CLINTON COUNTY (P. 0. Clinton), Iowa.
-BOND DETAILS.
The $56,000 issue of coupon poor fund bonds that was purchased by the
Carleton D. Beh Co. of Des Moines as 5s, at par
-is dated
-V. 137, p. 175
June 11933. Denom. $1,000. Due from Nov. 1 1935 to 1937. Interest
payable M. & N.
351
Financial Statement June 27 1933.
Assessed valuation for year 1930
314.745.648
Bonded Debt:
Water bonds
$50,000
Bridge bonds
5.000
Highway bonds
200.500
CLINTON INDEPENDENT SCHOOL DISTRICT (P. 0. Clinton),
School bonds
168,000
Clinton County, lowa.-BOND ELECTION.
-It is reported that an
Sewer bonds
22.500
election will be held on July 25 in order to vote on the proposed issuance of
$446,000
$210.000 in school building bonds.
EAST WATERLOO INDEPENDENT SCHOOL DISTRICT (P. 0.
COLORADO. State of (P. 0. Denver).
-GRANT ANNOUNCED BY
-BOND SALE-A $24.000 issue
Waterloo), Black Hawk County,Iowa.
FEDERAL EMERGENCY RELIEF ADMINISTRATION.
-The following
of 5%, seml-ann. refunding bonds is stated to have been purchased at par
announcement was made public by the Relief Administration on June 30,
by the W. D. Hanna Co. of Burlington Due $8,000 from Dec. 1 1934 to
regarding a grant made to this State:
1936, inclusive.
"Additional grant of $273,910 was made to-day to Colorado by Harry
ELSINORE, Riverside County Calif.
'
,
-BONDS NOT SOLD.
-It is
L. Hopkins, Federal Emergency Relief Administrator, under authority
reported by the City Clerk that the $9,500 issue of municipal building bonds
granted him by subsection (b) of Section 4 of the Federal Emergency
-was advertised for sale
approved by the voters on Feb. 7-V. 136, p. 200
Relief Act of 1933.
and no bids were received. It is stated that an effort is now being made
"Mr. Hopkins announced that this grant is based upon the reported
to sell the bonds privately. Denom. $500. Interest rate is not to exceed
public relief expenditures from all sources in Colorado during the first three
6%. payable M.& S. Due $500 from March 15 1934 to 1952. inclusive.
months of the present year. Previously, the Federal Emergency Relief
Administrator has granted $416,268 to Colorado. To-day's grant comFAYETTEVILLE GRADED SCHOOL DISTRICT (P. 0. Fayettepletes Colorado's allotment for the first quarter, making a total of $690,178
-NOTE SALE.
-A $6.000 issue of
ville), Cumberland County, N. C.
for the period.
revenue anticipation notes is reported to have been purchased on June 29
To date, the allotments to all States, for which the governors have
by the Caledonian Savings & Trust Col of Fayetteville, at 6%.
submitted up-to-date data covering relief expenditures. aggregate $50,-STATE827.571.
FEDERAL EMERGENCY RELIEF ADMINISTRATION.
MENT ISSUED ON RELIEF POLICY OF THE ADMINISTRATION.
-The BancCOLUMBUS, Franklin County, Ohio.
-NOTE SALE.
The following announcement was issued by the Administration on June 28
Ohio Securities Co. of Columbus, purchased on June 26 an issue of $3,911
to make clear its policy in granting relief funds:
6% promissory notes at a price of par. Dated July 15 1933. Due on
"Harry L. Hopkins, Federal Emergency Relief Administrator, to-day
Jan. 15 1935. Prin. and int. (J. & J. 15) are payable at the fiscal agency
made clear the policy of the Administration on how far a State relief adminisof Columbus in New York City.
tration handling Federal relief funds can go in requiring cities and counties
to finance part of their unemployment relief costs.
COLUMBUS COUNTY (P. 0. Whiteville), N. C.
-NOTE SALE.
-A
"He took up the specific point in replying to an inquiry from Frank M.
815.000 issue of revenue anticipation notes if reported to have been purRar g Jr., of St. Paul, State d rector of rel ef in Minnesota.
chased on June 29 by the Waccamaw Bank & Trust Co. of Whiteville.
"Mr. Rang said: 'The Mininsota Board of Control greatly desires to
at 6%.
obtain from you a statement in writing as to what extent it may go in
requiring the local political sub-divisions to finance their own relief needs
DA1RYDALE SCHOOL DISTRICT NO. 1 (P. 0. Cedar Rapids),
to the extent of their resources. It is our desire to do everything possible
Linn County, Iowa.
-At the election held on
-BONDS DEFEATED.
to assure maximum poor levies by all political sub-divisions. Budgets are
June 27-V. 1'36, p. 4125
-the proposal to issue $15,000 in school building
being made at the present time and will be for the next tw months.'
bonds failed to receive the required 60% majority.
"Mr. Hopkins replied: 'It seems to me that you should have about the
DAYTONA BEACH, Volusia County, Fla.
-REFUNDING BONDS
same attitude in relation to local subdivisions as this office will have in
UPHELD.
-On Jane 30 the State Supreme Court issued a peremptory
making appropriations to your State. Surely the whole intent of the
writ of mandamuebrdering Mayor E.
Armstrong of this city, to sign
President's statement was to insist upon reasonable local appropriations
certain municipal refunding bonds issued by the city under authority of a
H.
for unemployment relief. If, in the judgment of your Unemployment
1931 legislative act. The Mayor is said to have refused to sign the bonds
Commission, cities and counties are not doing their fair share, it is quite
and the city brought action to force him to act, claiming it was his duty
proper for you to hold up part or all of the funds which would otherwise
to sign as a city official. The court, in upholding the city's contention, said
1)43 alloted them. There is certainly no reason whatever why cities and
the Mayor had no veto power on the matter and must do his duty.
counties, which can well afford to finance relief work should be financed
your organization. Indeed, if we feel that you are
on a 100%
DELAWARE RIVER JOINT COMMISSION (P.O. Camden), N. J.
- giving fundsbasis by
in excessive amounts to local communities, we shall have no
PLAN SALE OF $41.000.000 BONDS.
Finance Committee of the
-The
hesitancy whatever in taking this matter up with you. Your action in
Commiss on is again considering plans for the proposed sale of $41.000,000
these matters will undoubtedly control future appropriations to Minnesota.
bonds, the proceeds of which w.11 be used in payment of the balances
"
'My own experience has been that the most satisfactory way to get local
owed the States of Pennsylvania and New Jersey, and the City of Philamoney into the picture is to pay the local community a certain percentage
delphia, for their initial investments in the construction of the Delaware
of the total relief expenditures. I would urge. should the matter come to
River bridge, and to finance the construction of a high-speed transit line
an issue, that the State make a reasonable offer to the local community.'"
across the structure. This arrangement was decided on after the bridge
COMPRRATIVE PER CAPITA RELIEF EXPENDITURES ANALhad been completed and the Commission created jointly by the LegisYZED.
-The following statement was issued by the Federal Emergency
latures of New Jersey and Pennsylvania to operate the structure and to
.
Relief Administration on July 3:
institute other measures which would serve to facilitate travel between
Wide variations in per capita State and local expenditures for unemploythe two States. In September 1932 a banking group headed by the
relief during the first three months of 1933 are shown by figures made
ment
National City Co. and the Chase Harris Forbes Corp., both of New York,
public to-day by Harry L. Hopkins, Federal Emergency Relief Adminsubmitted an offer for $32,000,000 of the bonds, which was rejected.
istrator. These figures are based upon reports, which in some cases are
The group offered to make immediate purchase of a block of $15.000,000
still incomplete, received from the State by the Federal Emergency Relief
5% bonds at a price of 97 and to take a 90-day option on the remaining
Administration. They show amounts made available from city, county,
317.000,000. The bid was made, however, subject to the condition
township and other local taxes or bond issues, ranging from a monthly
that should the bankers experience difficulty in reselling the initial $15.average of 55 9-10 cents to 3-10 of 1 cent.
000,000 obligations they would not be obligated to exercise their option
Figures of expenditures from State funds have been received from 11
on the remaining $17,000.000.-V. 135. p. 2201.
States. They show monthly average expenditures of 19 1-10 cents in
DELPHOS, Allen County, Ohio.
-The 818,000 Jude
-BOND SALE.
Pennsylvania, 18 6-10 cents in Rhode Island, and smaller amounts in the
ment payment bonds offered on June 5-V. 136, p. 3571-were sold as
A .
41
9 other States.
6s. at a price of par, to the Peoples Bank of Delphos. Dated June 1 1933
The figures show the great extent to which the Federal Government has
and due as follows: $2,000 June and Dec. 1 from 1934 to 1937 incl..
been bearing the cost of unemployment relief, Relief expenditures per
and $1,000 June and Dec. 1 1938.
capita from Federal funds, which in the first quarter of this year consisted
entirely of funds made available through reliefloans under the 1932 EmerDENVER (City and County) Colo.
-Wm. F.
-BONDS CALLED.
gency Relief and Construction Act, in many cases represent the greatest
McGlove, Manager of Revenue, is reported to be calling for payment at his
part of the amount spent and vary from 93 1-10 cents to 1 4-10 cents per
office or at the Bankers Trust Co. of New York City. on July 31, various
4
capita.
storm sewer, sanitary sewer, improvement, alley paving and paving bonds.
Relief Expenditures Per Capita from Federal, Slate and LocarPublicVunds
DES MOINES COUNTY (P.O. Burlington), lowa.-BOND SALE.
•1
Monthly .Average, First Quarter, 1933.
State,
A $32,000 issue of refunding bonds is reported to have been purchased by
Local,
Total.
Federal.
State.
the White-Phillips Co. of Davenport.
.
.199
Alabama
.665
.004.550
.421
.126
Arizona
r DETROIT, Wayne County, Mich.
-BANKERS' STATEMENT ON
.008.412
.404
Arkansas
RATIFICATION OF $368,000.000 BOND AND NOTES REFUNDING
:665
.532
.607
.014
California
CONTRACT.
-Subsequent to the action of the City Council in ratifying
.006
.673
.099
.568
a contract with the recently-formed bondholders' refunding committee
- Colorado
---.522
---Connecticut
---V. 137. p. 175-empowering the latter to handle all details in connection
Delaware__-_
.009
with the scheduled refunding of the $368.000,000 city bonds and notes
____
.65;
.364
:516
Florida
publicly held, the refunding committee on June 30 issued the following
.017
---.076
.059
Georgia-z
statement:
___
.067
.536
.469
Idaho
"Following the ratification by the Detroit Common Council of a con.121
---1.052
.931
Illinois-z
tract for refunding the city's obligations, the City of Detroit, Mich.
.006
---.359
Indiana-z
.365
bondholders' refunding committee, headed by B. A. Tompkins, Vice.
: Iowa-z
.127
.213
President of Bankers Trust Co., New York, indicated to-day that the
.086.125
.6i6
.197
.328
Kansas-u
official refunding plan would be made public late next week and a call
____
.931
.408
.439
lientucky-z
for deposit of bonds would be issued at the same time.
.012
---.649
.661
Louisiana
"The plan, as evolved to date, provides that all tax-supported obligaMaine
-z
-------.994
tions of the city maturing on or before June 30 1943. the water debt ma_____:6ii
Maryland-z
.017
turing on or before June 30 1940 and the street railway debt maturing on
Massachusetts
1.186
or before June 30 1935 will be refunded into new refunding bonds. Re- 666
.
- 6H
.
:685
Michigan-z
.685
funding bonds issued to refund the city's tax-supported bonds and water
.374
.210
Minnesota-z
.584
---bonds will mature 30 years from their date of issue, and bonds issued to
.003
Mississippi
-z
.373
---.378
refund the street railway debt will mature 15 years from their date of issue.
.031
Missouri-z
.270
.301
---"Under the plan the city reserves the right to pay one-third of the inMontana
.625
.075
.700
---terest maturing on all bonds, other than water bonds and street railway
Nebraska
.118
---bonds, during the first two years, with refunding bonds bearing interest
.651
Nevada-z
7661
.615
at the rate of 3% for the first two years and 3X% thereafter. Therefore,
____
New Hampshire
------.478
upon consummation of the plan, holders of the city's tax-supported debt
New Jersey
___ _
.559
who have deposited their bonds, will receive during the two-year period,
New Mexico
.i55
.66.i
.001
.131
two-thirds of the interest due them in cash, and one-third in the new
New York-z
.416
---.559
.975
refunding bonds. After the two-year period has expired cash payments
North Carolina
__
.294
.044
.338
would be resumed at the coupon rate of the bonds now held. No reducNorth Dakota-s
.166
___.036
.202
tion in interest on the city's water bonds is contemplated.
Ohio
-z
____
.267
.398
.665
"All interest due and unpaid up to and including June 30 1933 on the
Oklahoma
-.338
city's tax-supported debt is to be paid in registered refunding bonds bearing
Oregon-z
866
:656
:666
.549
interest at the rate of 3% for the first two years, and 3X% thereafter,
Pennsylvania
.191
.505
.052
.748
and maturing Aug. 1 1962.
Rhode Island-z
.186
.203
.223
.612
"All interest due and unpaid up to and including June 30 1933 on the
South Carolina
.493
.004
---.497
city's water bonds is to be paid in registered refunding bonds bearing
SouthDakota.505
interest at the rate of 4 X% per annum, and maturing Aug. 1 1962.
Tennessee-z
- 665
:i26
.
.223
"The city is not in default on the interest on its bonds issued for street
Texas
.228
.023
.251
railway purposes, as the revenues from the street railway system are
Utah
.045
.672
.717
received daily by the street railway department and have been sufficient
Vermont
.339
to pay the interest on the street railway debt. Therefore, only street
Virginia-s
- 458
.
76ii
.472
railway bonds maturing within the next two-year period are to be refunded,
Washington-z
.650
.019
.669
and no change in the interest payments on these bonds is contemplated
West Virginia-z
.890
.062
.952
under the plan."
Wisconsin-z
.506
.168
.674
Wyoming
DE WITT, Clinton County., Iowa.
-The $9,400
_--____
-BONDS NOT SOLD.
.198
Alaska
Issue of 5% semi-annual funding bonds offered on June 19-V. 136, P. 3757
_District of Columbia_ __ _
-was not sold as no bids were received. Due on Nov. 1 as follows: $400
.i66
Hawaii
in 1941, and $1,000, 1942 to 1950, inclusive.
- 166
.
:655
7627
.211
Puerto Rico
.029
.001
.029
OFFERING.
-Fred E.
DOVER, Strafford County, N. H.
-BOND
Virgin Islands_
--__
------Quimby, City Clerk, will receive sealed bids until 11 a. m.(daylight saving
z Indicates that figures do not cover entire population Of State.
time) on July 13 for the purchase of $138,000 coupon funding bonds.
Grants So For Made by Administration for Unemployment Relief.
Dated June 15 1933. Denom. $1,000. Due Dec. 15 as follows: $8,000
-The
following is the text of an announcement released on July 6 by the Relief
from 1934 to 1945 incl. and $7,000 from 1946 to 1951 incl. Bidder to
Administration, summarizing the unemployment relief grants made during
name the rate of interest. expressed in a multiple of X of 1%. Principal
May and June:
and interest (J. & D. 15) aro payable at the First National Bank of Boston.
"Amounts of Federal money granted through June 30 to 45 States, the
Legal opinion of Ropes, Gray,Boyden & Perkins of Boston, will be furnished
District of Columbia and Hawaii for unemployment relief by Harry L.
be successful bidder.
352
Financial Chronicle
Hopkins, Federal Emergency Relief Administrator, were announced in
summary to-day.
"Mr. Hopkins started making grants on May 22, the day he took office.
The total amount granted through June 30 from the $500,000,000 appropriated under the Federal Emergency Relief Act of 1933 was $51,531.731.
"The amounts for the States, the District of Columbia, and Hawaii
follow:
State.
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wyoming
District of Columbia_
Hawaii
Totals
Grants Made
in May.
Grants Made
in June.
$242,676
158,504
490,105
1,317,861
416,268
$280,286
50,000
270,144
2,126,479
273.910
838.528
185,120
349,337
98.517
173,627
4,605,114
387,365
47,207
388,504
564,220
893.809
2.829,549
141.986
228,130
515,828
485.113
385,366
5,798
3,008,982
491,011
568.097
444,130
213,516
2,000,000
959,280
150,000
23,199
1,295,181
31,117
6,532,282
661,301
39,245
313,981
4.547,913
229,292
452,699
351,376
934,572
233,594
422.191
696.248
949,839
63,203
412,076
43,461
1,880,015
810,082
255,684
151,903
361,008
137,715
1,340,956
130,976
121,657
391,049
247.586
656,028
44,628
140,767
44,540
$32.600.019
S18.931.712
Total.
$522,962
208.504
760,249
3,444,340
690,178
838,528
534,457
98,517
173,627
7,434,663
387,365
189,193
616,634
1,080.048
1,378,922
385,366
5.798
2,000,000
3,968,262
491.011
568,097
444,130
213,516
150.000
23,199
1.295,181
94,320
6,532,282
1,073,377
43.461
1,919,260
810,082
569,665
4,547,913
381,195
813,707
137,715
351,376
2,275,528
364,570
121,657
813,240
943,834
1,605.867
44,628
140,767
44,540
1151.531.731
FLATHEAD COUNTY SCHOOL DISTRICT NO.27(P0. Kalispell),
-BOND SALE.
-The $1.000 issue ofschool building and equipment
Mont.
bonds offered for sale on June 24-V,136, P. 4126
-was purchased by the
State Board of Land Commissioners, as 64 at par. Denom. $1,000. Dated
June 1 1933. Due on June 1 1938. Interest payabe J.& D.
FLORIDA, State of (P. 0. Tallahassee).
-GRANT BY FEDERAL
EMERGENCY RELIEF ADMINISTRATION -On July 5 the following
announcement of a grant to this State was issued by the Relief Administration:
"A grant of $140,000 was made to-day to Florida by Harry L. Hopkins,
Federal Emergency Relief Administrator, under authority granted 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 Florida during the second
quarter of the present year. Previously, the Federal Emergency Relief
Administrator granted $534,457 to Florida based on first quarter expenditures, making a total of $674,457 granted to date.
"To date, the allotments to all States, for which the Governors have
submitted up-to-date data covering relief expenditures, aggregate $53,580,294."
FOND DU LAC, Fond du Lac County, Wis.-BOND SALE.
-The
,
1
$200,000 issue of43 % coupon semi-annual poor relief bonds offered for sale
-was purchased by John Nuveen & Co. of Chicago,
July 5-V.136, p. 4492
at a discount of $9,900. equal to 95.05, a basis of about 5.16%. Dated
Aug. 1 1933. Due $20,000 from Aug. 1 1935 to 1944, inclusive.
There were no other bids submitted.
FREMONT, Sandusky County, Ohio.
-BONDS NOT SOLD.
-The
$15,850 poor relief bonds offered at not to exceed 314% interest on July 5-were not sold, as no bids were obtained. City Auditor
V. 136. p. 4493
Frank J. Winters states that the requisite funds for relief purposes will be
supplied by the Ohio Poor Relief Commission. The bonds were offered to
bear date of Anal 1 1933 and mature semi-annually from 1934 to 1941 incl.
FLORENCE, Lauderdale County, Ala.
-REPORT ON BOND DEFAULTS.
-The following letter, was recently sent to us by S. B. Howard,
City Clerk. in response to our request for information relative to the
present bond default situation in this city:
William B. Dana Co.,
New York City, New York.
Gentlemen:
Your letter, dated June 5 1933, in regard to default on the bonded
indebtedness of this city, has been received.
On Nov. 1 the City of Florence went into a general default on its bond
interest with a view of getting in touch with its bondholders to endeavor
to reach some kind of settlement with them. A list of interest defaults
through June 1 1933. is set out below.
Interest.
General Bonds.
Lat.due Dec.1 1932 on $192,000 refund'g bonds, dated June 1 1929 $5,610
hit.due Dec. 1 1932 on $192,000 refund'g bonds, dated June 1 1923
5,280
Interest due Jan. 1 1933 on $97,000 refunding bonds, dated Jan. 1
1929, numbers 4 to 60. Inclusive
Numbers 61 to 100, inclusive
2.910
Int. due Jan. 1 1933 on $22.000 refund'g bonds, dated Jan. 1 1931
660
hit. due March 1 1933 on $76.000 refunding bonds, dated March 1
1933
2,280
Int. due June 1 1933 on $192,000 refund'g bonds,dated June 1 1929
5,610
Int. due June 1 1933 on $192.000 refund'g bonds. dated June 1 1923
5,280
$27.630
School Bonds.
Int. due Dec.1 1932 on $60.000 school bonds, dated Dec. 1 1920-- $1,500
Int. due Dec. 1 1932 on $50,000 school bonds, dated June 1 1916-1,250
Int. due Jan. 1 1933 on $65,000 school bonds, dated Jan. 1 1919-1.625
Int. due March 1 1933 on $60,000 school bonds, dated Sept. 1 1918
1.500
Int.due March 1 1933 on $40,000 school bonds, dated March 1 1917
1.000
hit. due April 1 1933 on $100,000 school bonds, dated Oct. 1 1919
2,500
Int. due May 1 1933 on $40,000 school bonds, dated May 1 1922....
1,000
Tht. due June 1 1933 on $60,000 school bonds, dated Dec. 1 1920-1,500
Int. due June 1 1933 on $50,000 school bonds, dated June 1 1916-1.250
$13.125
Waterworks Bonds.
Mt. due Jan. 1 1933 on $50,000 waterworks bonds, dated July 1
1924
Int. due Jan. 1 1933 on $60.600 waterworks bonds, dated Jan. 1
1919
Mt. due March 1 1933 on $115,000 waterworks bonds, dated
Sept. 1 1918
Int. due April 1 1933 on $50,000 waterworks bonds, dated April 1
1924
1.375
1.500
2.875
1,375
$7,125
July 8 1933
Public Improvement Bonds.
Int. due June 1 1932 on 841,000 series T-3 public improvement
bonds, dated Dec. 1 1927
a$1,230
Int. due Nov. 1 1932 on $263,000 series P-3 public improvement
bonds, dated May 1 1925
7,890
hit. due Dec. 1 1932 on $41,000 series T-3 public improvement
bonds, dated Dec. 1 1927
b1,230
Int. due Dec. 1 1932 on $124,000 series J-3 public improvement
bonds, dated June 1 1923
3.720
Int. due Jan. 1 1933 on $34,000 series R-3 public improvement
bonds, dated July 1 1925
1,020
Int. due Jan. 1 1933 on $4,000 series M-3 public improvement
bonds, dated Jan. 1 1924
120
Int. due Feb. 1 1933 on $72,000 series K-3 public improvement
bonds, dated Aug. 1 1923
2,160
Int. due March 1 1933 on $31,000 series 0-3 public improvement
bonds, dated Sept. 1 1924
930
Int. due April 1 1933 on $141.000 series 8-3 public improvement
bonds, dated April 1 1926
4,230
Int. due April 1 1933 on $309,000 series N-3 public improvement
bonds, dated April 1 1924
9,270
Int. due April 1 1933 on $50,000 series L-3 public improvement
bonds, dated Oct. 1 1923
1,500
Int. due May 1 1933 on $263,000 series P-3 public improvement
bonds, dated May 1 1925
7,890
Int. due June 1 1933 on $38.000 series T-3 public improvement
bonds, dated Dec. 1 1927
1.140
Int. due June 1 1933 on $124.000 series J-3 public improvement
3,720
bonds, dated June 1 1923
Less
-a Int, on three bonds retired Dec.2 1932
b Int, on three bonds retired Dec. 2 1932
(Six series T-3 P. I. bonds matured on Dec. 1 1932, three of
which were retired and the interest due June 1 1932 and
Dec. 1 1932 was paid.)
$46,050
90
90
$45,870
The total amount of interest in default, as shown in the foregoing
schedule, amounts to $93,750.
Principal.
Principal in default on bonded indebtedness of this city is shown in the
following schedule:
General refunding bonds dated Jan. 1 1921, due Jan. 1 1931-$18,000
General refunding bonds dated Jan. 1 1929. due Jan. 14933
3.000
General refunding bonds dated March 1 1929, due March 1 1933
2,000
June 1 1929, due June 1 1932--General refunding bonds dated
5,000
General refunding bonds dated June 1 1929. due June 1 1933-5,000
School bonds, dated March 11912,due March 1 1932
15,000
Series T-3, public improvement bonds, dated Dec. 1 1927, due
Dec. 1 1932 (six bonds due, three paid)
3,000
Series J-3, public improvement bonds, dated June 1 1923. due
June 1 1933
124,000
$175,000
On April 12 1933. in the District Court of the United States for the
Northern District of Alabama, Northwestern Division, Judge W. I.
Grubb rendered an interlocutory decree, appointing Robert M. Hill.
Florence. Alabama, and George B. Jones, Florence, Alabama. Receiver
and master respectively for public improvement bonds, Series J-3, dated
June 1 1923 and Series N-3, dated April 1 1924. Under this decree all
moneys held by the city and hereafter collected must be turned over to
the receiver under both Series J-3 and N-3 bonds. Also, all moneys held
by the city and hereafter collected on account of the one-half of one percentum additional tax which the said city is authorized to levy under the
provisions of Amendment VIII to the Constitution of the State of A Ithama
for the purpose of paying bonds which have been issued by said city prior
to or after the adoption of said Amendment and the interest on said bonds,
must be delivered to the receiver.
Any information you might have available in regard to 'municipal finances that would be of interest or that would be applicable to our local
situation would be appreciated.
Trusting this is the information desired, I am
Yours very truly,
S. B. HOWARD, City Clerk.
FULTON COUNTY (P.O. Atlanta), Ga.-ADDITIONAL DETAILS
-We are now informed that the $1.962.000 temporary loan negotiated
With the Trust Co. of Georgia, and the Robinson-Humphrey Co., both of
-bears Interest at 4%, and matures on Dec.
Atlanta
-V. 136, P. 4493
31 1933.
COUNTY (P. 0. Chardon), Ohio.
-BOND OFFERING.
GEAUGA
Ethel L. Thrasher, County Auditor, will receive sealed bids until 1 p. m.
on July 31 for the purchase of $19.900 6% coupon poor relief bonds. Dated
as follows: $3,500, 1934; $3,800, 1935;$4,000,
July 1 1933. Due March 1
1936; $4,200 in 1937 and $4.400 in 1938. Interest is payable in March
and September. A certified check for $995 must accompany each proposal.
-TO RETIRE DEFAULTED
GENESEE COUNTY (P.O. Flint), Mich.
BONDS.
-J. H. Galliver, County Auditor, recently issued the following
statement:
"Genessee County, Mich., on July 1 1933 will redeem at the offices of
Its paying agents the following drainage district bonds which were due
April 1 and April 15 1933: Clapsaddle, Long Lake, Callahan, Hawkshaw,
Buttnel , Stockman, Grand Blanc, Grand Blanc Extension, Pine Run and
Tryon, Hughes, Bird, Cullen and Powers and Clark Street. Also the
following road assessment district bonds which were due May 1 1933:
No. 21, 25, 27..36, 58. 63, 71, 81. 86. 87. 88. 89, 90 and 91."
-FEDERAL EMERGENCY
GEORGIA, State of (P. 0. Atlanta).
RELIEF ADMINISTRATION ISSUES STATEMENT ON STATE UN-The following announcement was
EMPLOYMENT RELIEF PROGRAM.
made public by the Relief Administration on June 30:
"Langdon W. Post, Assistant Federal Emergency Relief Administrator,
to-day expressed gratification on the progress made in developing the unemployment relief program in Georgia.
'Mr. Post 1 eturned from Atlanta to Washington by air yesterday, following conferences with Governor Talmadge and the State relief admini.tration. A comprehensive program was mapped out and will be announced
by the Governor and his relief administration. Mr. Post went to Atlanta
at the invitation of Governor Talmadge to advise in the setting up of the
Georgia administration to conform with the requirements of the Federal
Emergency Relief Act of 1933 and the policies of the Federal Emergency
Relief Administration.
"'I want especially to express my appreciation to Governor Talmadge
for the sincere co-operation which he is giving the Washington admin stration in the matter of relief,' Mr. Post said. '1 believe that under this
istered.lm the relief money in Georgia will be wisely and efficiently adminprogram
1 sincerely hope and believe that the relief rolls will be substantially
reduced over a period of the next three or four months. This will be the
first and ultimate object of the State administration. If we do not reduce
these rolls, the money appropriated by Congress will not last beyond
November or December.'
"Besides Governor Talmadge. Mr. Post conferred with the following
members of the Georgia relief administration: Ronald Ransom, Chairman;
A. Steve Nance,and Mrs. W.D.Lamar."
-AD VALOREM TAX CUT.
GEORGIA, State of (P. 0. Atlanta).
Governor Eugene Talmadge on July 5 cut Georgia's ad valorem tax from
five mills to four mills. The reduction is said to represent a saving of approximately $1,000,000 to tax payers.
GLENDO SCHOOL DISTRICT (P. 0. Glendo), Platte County,
-The voters are reported to have approved the
Wyo.-BONDS VOTED.
Issuance of $7,300 school bonds at an election held recently.
-PRICE PAID.
GREENE COUNTY (P. 0. Waynesburg), Pa.
-The
$300.000 4% coupon or registered funding bonds recently purchased by a
group headed by E. H. Rollins & Sons of Philadelphia
-V. 137, p. 176
were sold to the bankers at a price of par.
HARDWICK, Caledonia County, Vt.-BONDS REOFFERED.
-The
Issue of $35,000 414% coupon refunding bonds previously offered on April 8,
at which time no bids were obtained-V. 136, p. 2648
-is being reoffered
for sale on July 14. Sealed bids will be received until 7 p.m. (daylight
saving time) on that date by Perley A. Shattuck, Town Treasurer. Issue
Volume 137
Financial Chronicle
will be dated Jan. 1 1933. Denoms. $1,000 and $500. Due $2,500 on
Nov. 1 from 1933 to 1946,incl. Principal and interest (J. & J.) are payable
at the National Shawmut Bank of Boston. Tne bonds will be engraved
under the supervision of and authenticated as to genuineness by the aforementioned bank. Legal opinion of Storey, Thorndike, Palmer & Dodge,
of Boston, will be furnished the successful bidder.
Financial Statement July 11933.
Assessed valuation 1933, net
$1,956,789.00
Total debt (present loan included)
37,610.00
Population. 1930 Census, 2,720.
HARRISON TOWNSHIP (P. 0. Natrona), Allegheny County, Pa.
-BOND OFFERING.
-Leon E. Rusiewicz, Township Secretary, will
receive sealed bids until 7 p.m. (Eastern standard time) on July 24 for the
purchase of $20,000 434% coupon refunding bonds. Dated Aug. 1 1933.
Denom.$1,000. Due $5,000 each on Aug. 1 in 1944, 1949. 1950 and 1952.
Interest is payable in Feb. and Aug. A certified check for $500, payable
to the order of the Township, must accompany each proposal.
HARTFORD, Washington School District, Conn.
-BOND SALE.
R.L. Day & Co. of Boston, purchased on June 30 an issue of$100,000
%
funding and refunding bonds at a price of 100.58, a basis of about 4.43%.
Dated July 11933. Due $5,000 on July 1 from 1935 to 1954 incl. Prin.
and int. (J. & J.) are payable at the Hartford National Bank & Trust Co.,
Hartford. Legality approved by Gross, Hyde & Williams of Hartford.
HENRY COUNTY (P. 0. Napoleon), Ohio.
-BOND OFFERING.
Lester A. McClure, County Auditor, will receive sealed bids until 2 p. m.
(Eastern standard time) on July 24 for the purchase of $17,000 6% poor
relief bonds, to mature March 1 as follows: $3,000, 1934; $3,200, 1935:
$3.400, 1936; $3,600, 1937, and $3.800 in 1938. Prin. and int.(M. & S.)
are payable at the County Treasurer's office. Bids for the bonds to bear
interest at a rate other than 6%, expressed in a multiple of X of 1%, will
also be considered. A certified check for 5% must accompany each proposal.
HILKORY, Catawba County, N. C.
-A 515.000
-NOTE SALE.
Issue of revenue anticipation notes is reported to have been sold on June
29, at 6%, as follows: $10.000 to the First National Bank of Hickory, and
$5,000 to the Hickory Industrial Bank. Due in three months.
HILLSBOR ,0 Washington County, Ore.
-BOND RESOLUTION
CHANGED.
-We are informed that the City Council's recent action in
authorizing an application to the Reconstruction Finance Corporation for a
loan of $320,000-V. 136. P. 4493
-was rescinded, and authorization for a
loan of 5250,00. at not to exceed 4% interest, and a 5100,000 grant were
substituted. According to the plans of the Council the loan will be secured
by general obligation bonds to be liquidated from the earnings of the
system.
HOBGOOD, Halifax County, N. C.
-NOTE SALE.
-A $33.000 issue
of revenue anticipation notes is reported to have been purchased on June 29
by the Planters Bank & Trust Co. of Rocky Mount, at 6%.
HOLLIDAYSBURG, Blair County, Pa.
-The issue
-BOND SALE.
of540,000 coupon bonds offered at not to exceed 43i% interest on April 10,
at which time the bids received were rejected-V. 136, p. 2830
-was sold
during June as 436s, at a price of par, to the Hollidaysburg Trust Co.,
,
according to Robert B. Smith, Borough Secretary. Dated April 15 1933
and due serially on April 15 from 1939 to 1953 incl.
HOUSTON, Harris County, Tex.
-TEMPORARY LOAN.
-The
Houston "Post" of July 1 reports that on June 30 local banks loaned the city
$638,000 to meet bond requirements and promised to advance another
376,000 on July 1 for payroll purposes and general expenses.
HUNTINGTON COUNTY (P. 0. Huntington), Ind.
-BONDS NOT
SOLD.
-The issue of $60,0006% bonds offered on July 1-V. 136. p.4126
was not sold, as no bids were obtained. Bonds are to mature 56.000 semiannually on May and Nov. 15 from 1934 to 1938 incl.
HURLEY INDEPENDENT CONSOLIDATED SCHOOL DISTRICT
(P. 0. Hurley), Turner County, S. Dak.-MATURITY.-The $66,000
issue of coupon refunding bonds that was purchased by the State of South
Dakota. as 5s at par-V. 137, p. 176
-is due from 1936 to 1953.
ILLINOIS (State of).
-BOND SALE.
-The 51.000.000 4% coupon
waterway bonds offered on July 5-V. 136. P. 4126
-were awarded to a
syndicate composed of Lehman Bros.; Stone & Webster and Bloclget. Inc.,
and Estabrook & Co., all of New York'Kelley, Richardson St Co.of Chicago:
also R. W. Pressprich & Co. and the First of Michigan Corp. both of
New York, at a price of 100.55, a basis of about 3.90%. Dated Jan. 1
1920 and due on Jan. 1 1940
The following is a list of the bids submitted at the sale:
Bidder
Rate Bid.
Lehman Bros. and associates (Successful group)
100.55
First National Bank of New York, F. S. Moseley
Phelps, Fenn & Co., jointly
100.39
Halsey, Stuart & Co. and Bancamerica-Blair Corp., jointly
100.27
Northern Trust Co. of Illinois
99.82
Guaranty Trust Co., First National Bank of St. Paul and the
Bankers Trust Co., jointly
99.339
Blyth & Co., Inc., Roosevelt & Son, and Dewey, Bacon & Co.,
jointly ____
98.585
City Co. of New York, Brown
and
• Lee Higginson Corp., jointly Bros. Harriman & Co.
99.307
Statement of Indebtedness of the State of Illinois Outstanding-July 1 1933.
Called bonds outstanding which have ceased to draw interest, viz.:
New internal improvement stock
$4,000
New internal imp't int. stk., payable after 1878
500
One old internal improvement bond
1,000
Twelve canal bonds
12,000
$
17.500
State highway bonds
143,017,000
Soldiers compensation bonds
37,180,000
Waterway bonds_
6.000,000
Emergency relief bonds
20,000.000
Total bonded debt
$206,214,500
Tax anticipation notes held by motor fuel tax fund_ _ _
9,050.000
Tax anticipation notes held by Agricultural premium fund
210,000
$215,474,500
INDIANAPOLIS SCHOOL DISTRICT, Marion County, Ind.
LOAN OFFERING.
-A. B. Good, Business Manager of the Board of Education, will receive sealed bids until 8 p. m.on July 11 for the purchase of a
$100,000 note issue, to bear interest at not more than 6%. payable at the
maturity of the issue, which will be Nov.
1933. Principal and interest
will be payable in Indianapolis, at a bank 18 trust company named by the
or
successful bidder. Bids must be for the entire issue. The notes will be paid
out of the proceeds of the Board's taxes levied in 1932 and to be collected in
the calendar year 1933 for its "special fund."
JACKSON COUNTY (P. 0. Jackson), Ohio.
-BOND OFFERING.
R. W. Jenkins, Clerk of the Board of County Commissioners, will receive
sealed bids until 12m. on July 20 for the purchase of $18.000 4.X% poor
relief bonds. Dated July 1 1933. Due $2,000 annually on Sept. 1 from
1934 to 1942 incl. Int. is payable semi-annually. Bids for the bonds
to bear mt.. at a rate other than 4 %,expressed in a multiple of X of 1%
will also be considered. A certified check for $180, payable to the order
of the County Commissioners, must accompany each proposal.
JACKSONVILLE, Duval County, Fla.
-INTEREST PAYMENTS
MADE.
-On June 28, City Treasurer C. W. Hendley forwarded to New
York checks for $50,010, to cover coupons falling due on outstanding
Jacksonville bonds on July 1, according to the Florida "Times
-Union"
of June 29.
JAMESTOWN, Newport County, R. I.
-BONDS RE
-OFFERED.
The issue of $52,000 coupon funding lmnds previously offered on May 9,
at which time the bids submitted were rejected-V. 136. P. 3388, is again
being offered for sale. Sealed bids in this instance will be received by
William A. Clarke, Town Treasurer, until 7_p. m. on July 21. Bonds
are dated Aug. 1 1933. Denom. $1,000. Due on Aug. 1 as follows:
$6,000 in 1934 and 1935 and $5,000 from 1936 to 1943 incl. Prin. and int.
(F. & A.) are payable at the office of the Town Treasurer or at the First
National Bank of Boston. Bidder to name the rate of interest for the issue,
expressed in a multiple of X of 1% and not exceeding 53.i %. The bonds
will be engraved under the supervision of and certified as to genuineness
by the aforementioned bank. Legal opinion of Ropes, Gray. Boyden &
Perkins of Boston will be furnished the successful bidder.
353
Financial Statement (July 1 1933)•
Last assessed valuation
$5,384,691
Ferry bonds
105,000
Other ferry indebtedness
100,000
Town bonds
149,000
*Other town Indebtedness
62.425
To be presently issued
52,000
Total indebtedness
468,425
The Town of Jamestown, R. I., owns and controls the Jamestown
& Newport Ferry Co., which operates without competition the only means
of transportation across the lower Narragansett Bay. It has in opertion
four boats during the busy periods and two otherwise; present earnings are
sufficient to pay principal and interest of all ferry bonds and other indebtedness. Total net value of the ferry company is approximately
$400,000.
* Proceeds from this issue to be applied against payment of this indebtedness.
JERSEY COUNTY (P. 0. Jerseyville), III.
-BOND SALE.
-The
$40,500 5% refunding bonds offered on July 3-V. 136, P. 4494
-were
awarded to the State Bank of Jerseyville at a price of 101.49, a basis of
about 4.66%. Dated Sept. 1 1933. Due in from one to five years.
JOHNSON COUNTY (P. 0. Iowa City) Iowa.
-BOND DETAILS.
The $15,750 issue of poor warrant funding bonds that was purchased by
the First Capital National Bank of Iowa City
-V. 136, P. 4494
-was
awarded as 5s at par. Denom. $1,000, one for $750. Dated Jan. 1 1933.
Due on May and Nov. 1 from 1938 to 1940. Interest payable M.& N.
KALAMAZOO SCHOOL DISTRICT, Kalamazoo County, Mich.
BOND SALE.
-The 564,000 5% refunding bonds offered on July 1V. 137, p. 177
-were awarded to Stranahan, Harris & Co., Inc. of Toledo,
at a discount of 84.606.30, equal to 92.80, a basis of about 5.90%. Due
July 1 as follows $7,000 from 1940 to 1947 incl. and $8,000 in 1948.
KAYSVILLE, Davis County, Utah.
-LOAN APPLICATION SUBMITTED.
-The town is reported to have made application to the Reconstruction Finance Corporation for a $45,000 loan to build a sanitary sewage
system. It Is said that if the loan is granted it will be repaid with bonds
KNOXVILLE, Knox County, Tenn.
-JULY 1 BOND INTEREST
PAYMENTS MET.
-The city is stated to have paid $100,000 July 1, and
the municipal authorities are said to be renewing appeals for the prompt
payment of taxes in order that there will be no question of meeting debt
service charges of about $150.000 due on July 15.
LAGUNA BEACH, Orange County, Calif.
--PROPOSED BOND
SALE.
-At a meeting of the City Council held recently it was decided
to ask the Reconstruction Finance Corporation, under the terms of the
new Public Works Act, to purchase a bond issue of $180.000 so that the
city can install a sewer system. These bonds were voted some time ago
and were offered for sale without success on Jan. 6 1932.
LIMA, Allen County, Ohio.
-BOND OFFERING.
-C. H. Churchill,
City Auditor, will receive sealed bids until 2 p. m. on July 21 for the purchase of $35,000 6% poor relief bonds, divided as follows:
$21,000 bonds in $LOW demons.,or a multiple thereof as may be requested
by the purchaser. Dated June 15 1933. Due $3,000 annually
on Sept. 15 from 1934 to 1940 incl. Int, is payable on March and
Sept. 15. Proceeds of the sale will be used to retire a 2
-year
note issue previously issued for relief purposes.
14,000 bonds in MOO denoms., or a multiple thereof as may be requested
by the purchaser. Due $7,000 on April 15 in 1936 and 1937. Int.
is payable on April and Oct. 15. Bonds bear date of April 15 1933.
Prin. and int, on each issue will be payable at the office of the Sinking
Fund Trustees of the City. Bids for the bonds to bear int, at a rate other
than 6%, expressed in a multiple of X of 1%, will also be considered.
Proposals for the bonds must be accompanied by certified checks in amounts
of $210 and $140, payable to the order of the City Treasurer. The expense
of delivery of the bonds outside of Lima and of attorney's opinion is to be
paid for by the successful bidder. The opinions for these issues are as
follows: The $14,000 is a part of an issue of $42.000-$28,000 of which has
been sold and the transcript for same was favorably passed by the AttorneyGeneral of the State of Ohio. The issue of $21,000 will be sold on the
approving opinion of Peck, Shaffer and Williams, Attorneys, Cincinnati,
Ohio. Financial statement as of the close of business June 30 1933 will
be furnished. The city will print the bonds without cost to the purchaser.
LOGAN COUNTY (P. 0. Bellfontaine), Ohio.
-BONDS NOT
SOLD.
-The $242,300 6% Indian Lake Sanitary Sewer District bonds
-were not sold. An optional offer from
offered on July 3-V. 136, p. 4308
Stranahan, Harris & Co. of Toledo was the only proposal submitted.
Bonds are dated March 1 1933 and mature semi-annually on April 1 and
Oct. 1 from 1934 to 1943 inclusive.
LOS ANGELES, Los Angeles County,'Calif.
-BOND SALE DETAILS.
-The $1,000,000 5% water bonds that were purchased by the
-were awarded at par. Denom. $1,000.
sinking fund-V. 137, p. 177
Due $25,000 from July 1 1934 to 1973 incl. Prin. and int, payable at the
office of the City Treasurer or at the National City Bank in New York.
LOUISIANA, State of (P. 0. Baton Rouge).
-BOND PRINCIPAL
-The following report on the
AND INTEREST PAYMENTS MADE.
payment of July 1 bond maturities and interest is taken from the New
Orleans "Times-Picayune" of June 29:
"Funds aggregating 51,386,831.50 have been sent to New Orleans and
New York banks for the payment of bond interest and prircipal due on
July 1. it was announced to-day by Jess S. Cave, State Treasurer. Of
the total, $566,000 is to go for principal and the remainder for interest.
"The Treasurer said that he had deposited in the American Bank
Trust Co. 5136.125 to pay the first interest maturities on the serial gold
bonds issued last January. In the Hibernia National Bank he has deposited $529,875 to pay interset and $440,000 to pay on principal on the
New Orleans Port Commission bonds. Funds to pay several smaller
issues have been placed in the same bank. In the 'Whitney National
Bank, $91,950 for interest on Orleans Levee District bonds and $112.000
has been deposited for principal. Other smaller bond issue maturities
are also to be paid through the Whitney."
McKEES ROCKS SCHOOL DISTRICT, Allegheny County, Pa.-The issue of $100,000 not to exceed 5% interest
BONDS NOT SOLD.
coupon school bonds offered on July 3-V. 136, p. 4308
-was not sold,
as no bids were obtained. Dated July i 1933 and due $20,000 annually
on July 1 from 1939 to 1943 incl.
MAHTOMEDI, Washington County, Minn.
-BOND OFFERING.
Sealed bids will be received until 8 p. m.on July 17, by H.S. Brooks, Village
Clerk, for the purchase of a $48.000 issue of coupon water works system
bonds. Int, rate is not to exceed 5%,to be stated in multiples of X of 1%.
Dated July 20 1933. Due on July 20 as follows: MOW, 1936 to 1944:
$1,500, 1945 and 1946; $2,000, 1947 to 1954, and $2,500, 1955 to 1962, all
incl. All bids will be received subject to the Village obtaining aid from the
Federal Government to help defray the cost of said project, in which event,
such bonds if not yet issued, the total amount thereof to be issued wid be
reduced in the amount of such Federal aid, and if such bonds have already
been issued to the extent of $48.000, then the amount when and so received
from the Federal Government shall be proportionately applied in immediate
reduction of all such outstanding bonds. These bonds were favorably
voted at an election held on June 27-V. 135. p. 4494. A certified check
for 2% of the amount of bonds bid for, payable to Chas. H. Fuhrman,
Village Treasurer, is required.
MALDEN, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
city has sold an issue of $100,000 6% notes, dated June 29 1933 and due
on Dec. 20 1933, to local institutions as follows: Malden Savings Bank,
$50,000; First National Bank and Second National Bank,$20,000 each, and
$10,000 to the Malden Trust Co.
MARION COUNTY (P. 0. Marion), Ohio.
-PLANS TO ISSUE
-Complete data with respect to the necessity
$54,000 RELIEF BONDS.
of the financing has been forwarded by the County to the State Relief and
Tax COMMissi01113 in support of its application for permission to issue
$54,000 emergency relief bonds under the provisions of special relief legislation enacted at the 1932 session of the State Legislature. The law permits
bonding by subdivisions for relief purposes to the extent of 1-10th of 1%
of their tax duplicates.
MERIDEN, New Haven County, Conn.
-BOND OFFERING.
Edward J. Pickett, City Treasurer, will receive sealed bids until 10 a. in.
(standard time) on July 12 for the purchase of $300,000 series D coupon
refunding bonds, previously mentioned in V. 136. p. 4309. Dated June 1
354
Financial Chronicle
1933. Denom. $1.000. Due $60,000 on June 1 from 1934 to 1938 incl.
Principal and interest (J. & D.) are payable at the First National Bank,
of Boston. Bidder to name the rate of interest In a multiple of
of 1%.
The bonds will be engraved under the supervision of and authenticated as to
genuineness by the First National Bank of Boston. Legal opinion of
Ropes, Gray. Boyden & Perkins of Boston will be furnished the successful
bidder.
Financial Statement (July 11933).
Last grand list
362.097.285
Total bonded debt of the city (not including this issue)
2.009.000
Water bonds (not included in total debt)
282,000
Population, 38.452.
MILWAUKEE, Milwaukee County, N. C.
-JULY 1 BOND PAYMENTS MADE.
-The following report on the meeting of July 1 principal
and Interest payments by the city is taken from the "Wall Street Journal"
of July 6:
"City of Milwaukee paid interest and principal totaling $3.600.000 July 1.
Debt maturing on that date was $4.160,000 but about $650,000 had been
redeemed up to June 20, many bondholders accepting the city's offer
to pay in advance with accrued interest. Interest saving thereby was
almost $10,000, controller's office statea. Cash of $1,543.000 will be
available by July 7 to meet city payrolls, city treasurer said. His request
that the council authorize him to pay 10,000 city employees 75% of wages
in cash and 25% in baby bonds for April payrolls was laid over. He predicted that before the end of July the treasury will have sufficient cash to
meet April, May and June payrolls in full. Milwaukee finances were aided
by vote of teacher's annuity fund trustees to sell Liberty bonds held in fund
and invest proceeds in Milwaukee bonds now in the amortization fund."
MINNESOTA, State of (P. 0. St. Paul).
-CORRECTION.
-We are
advised that Lehman Bros. of New York were not associated with the
Ca e n n 1,? .°Beh 7o :Sipes
urle1 41
rura nr
.
purchase
bonds, as reported
V. 137,b. 178.
e
BOND AWARD RESTRAINED BY COURT ORDER.
-The above mentioned bond sale was not consummated because of an order issued by the
County District Court, restraining the State temporarily from turning the
said bonds over to the purchasers. The order was obtained on petition of
Senator A. J. Rockne, who contends that there is no legal authority for
the Rural Credit Department to issue refunding bonds. We quote as
follows from the St. Paul "Pioneer-Press" of June 30:
"In a modified order issued Thursday afternoon by Judge R. D. O'Brien
of Ramsey County District Court. State officials are permitted to execute
$8.000.000 in new Minnesota Rural Credit Bureau coupon bonds but are
prevented from turning them over to a purchaser.
"The order modified a previous one issued Wednesday, In an action
brought by Senator A. J. Rockne of Zumbrota, who Pt opposing the issue
and sale of the Rural Credit bonds under which the State officials were
prohibited from signing the new issue.
"As the result of the new order four State officials at Chicago may execute
the new bond Issue, under which 38,000.000 of registered Rural Credit
bonds held in the trust fund will be exchanged for the new issue, with the
Intention of placing them for sale on the open market.
"The order, requesting the State °Mt ials to show cause at 2 p.m. to-day
before Judge O'Brien why they should not be restrained from disposing
of the bonds, will hold up any present sale until after the hearing.
"Secretary of State Mike Holm, Attorney-General Harry H. Peterson,
State Auditor Stafford Ring and Haider Nygaard, Chairman of the Rural
Credit Board, are in Chicago to sign the bonds."
MISSISSIPPI, State of (P. 0. Jackson).
-HOSPITAL BOND SALES
-News dispatches from Jackson on July 6 report that the State
HELD UP.
Bond Commission has Issued a stop order on the remaining State bonds
authorized for the completion of the $5,000,000 State insane hospital, anticipating allotment of Federal emergency funds. This order includes the
$1.000.000 on which an option exercisable to Aug. 1 was given to a syndicate
-V. 137. p. 178. Holders of the option have been notified
of local banks
not to offer any remaining hospital bonds until Federal officials reach a
decision on the State's application for emergency funds.
MORROW COUNTY (P. 0. Mount Gilead), Ohio.
-BOND SALE.
The $3,816.49 6% improcement bonds for which no bids were obtained
-have been purchased at
at an offering on March 16-V. 136, p. 2650
a price of par by the State Teachers' Retirement System, at Columbus.
Dated April 1 1933 and due semi-annually on March and Sept. 1 from
1934 to 1943 Incl,
MOUNT UNION, Huntington County, Pa.
-BONDS AUTHORIZED.
-The Pennsylvania Department of internal Affairs on June 29 approved
the Borough's application for authority to issue $43,500 funding and
refunding bonds.
MOUNT VERNON, Knox County, Ohio.
-BONDS AUTHORIZED.
The City Council recently adopted an ordinance providing for the issuance
of $17.000 5% storm sewer construction bonds, to be dated Oct. 1 1933
and mature as follows: $1,000 April and Oct. 1 from 1934 to 1940 incl.
and $1.000 on Oct. 1 from 1941 to 1943 incl. Prin, and int. (A. & 0.)
will be payable at the City Treasurer's office.
-JUNE FINANCING AGGREGATES $219,NEW YORK (City of).
-Temporary financing negotiated by the city during the month
995,300.
of June aggregated $219,995,300, according to figures obtained from the
records of the Finance Department. Of the total, however,only $17.543,300
represents the borrowing of new money, the balance of $202,452,000 constituting the renewal of that amount of indebtedness which the city was
unable to meet when payment was due in June. The bankers agreed to
extend the maturity date until Dec. 11 1933, at 54% interest. The total
of $17,543,300 obtained through new financing, includes $6,493,300
received from the sale of so-called "baby bonds" in anticipation of Nov.
1933 tax payments. These latter obligations, comprising $5,912,00
bearing interest at 5%% and $581,260 at 4 y,%, wore sold to taxpayers
and will be accepted by the city in payment of taxes ordinarily due in
November of this year. The balance of $11,050,000 of strictly new financing
consisted of the sale of the following issues:
$2,000.000 5% revenue bills of 1933. Due June 19 1934.
50,000 5% revenue bills of 1933. Due June 211934.
2.000,000 5% special revenue.bonds of 1933. Due Juno 19 1934.
5.000,000 4;special city corporate stock notes. Due June 8 1934.
2,000,000 5% special city corporate stock notes. Due June 19 1934.
The $202,452,000 of indebtedness which came due in June and, was renewed
by the bankers until Dec. 11 1933 consisted of $118,952,000 revenue bills
of 1933: $25,000,000 certificates of indebtedness issued to cover home and
work relief activities, and $58.500,000 special corporate stock notes.
TAX COLLECTIONS.
-Collections of city taxes in arrears for 1932 and
prior years aggregated $60,033,736 at the close of business on July 3, as
compared with $46,531,570 delinquent taxes collected up to the same
time in 1932, according to the "Wall Street Journal" of recent date, which
further noted:
.
"Of the total delinquent taxes collected, $50,325,499 represented collections on account of 1932 arrears which aggregated $147,100,331 as of
Dec. 31 1932. Collections up to and including July 3 on account of the
1933 levy which amounted to $455.801,998, totaled $154,661,665 or moro
than 34%, compared with $199,885.767 or slightly more than 37% of the
$535,534,293 levied in 1932."
NEW HAMPSHIRE (State of).
-BOND OFFERING.
-Charles T.
Patten, State Treasurer, will receive sealed bids until 11 a. m. (Eastern
standard time) on July 13 for the purchase of $4,356,000 345% bonds,
tax exempt within the State as provided by Chapter 184 of the Laws of
1933. The bonds will be dated July 1 19:33. Denom. $1.000. Due on
July 1 as follows: $64,000. 1935; $300,000. 1936: $430,000. 1937: 3530,000,
1938: 3500,000. 1939: $300.000 in 1940 and 1941; $432,000, 1942: $400,000
In 1943 and 1944; $100,000 from 1945 to 1947 incl., and $200,000 in 1948
and 1949. Int. is payable semi-annually. Bids will be received for
the entire issue of $4,356.000 bonds. The bonds will be certified as legal
by the Attorney-General of New Hampshire and Storey, Thorndike.
Palmer & Dodge of Boston. The bonds are being issued for various purpose, in accordance with existing statutes, as follows, according to the
official notice of sale:
"Of the said bonds, $40,000 numbered 1 to 40 and maturing in 1935 shall
be issued pursuant to Chapter 149 of the Laws of 1933, and $24,000 numbered 41 to 64 and maturing in 1935 shall be issued pursuant to Chapter
174 of the Laws of 1933; $300.000 numbered 65 to 364 and maturing in
1936 shall be Issued pursuant to Sectior 9 of Chapter 150 of the Laws
of 1933: $130.000 numbered 365 to 494 and maturing in 1937 shall be
Issued pursuant to Chapter 175 of the Laws of 1933: $900.000 numbered
495 to 1,094 and 1,525 to 1,824 and maturing $300,000 thereof in each
0
Tac.:1,etteari0030y0thoe
July 8 1933
the years 1937, 1938 and 1939 shall be issued pursuant to Section 5
of Chapter 150 of the Laws of 1933: $430.000 number 1,095 to 1.524 and
maturing $230,000 thereof in 1938 and $200.000 thereof in 1939 shall be
Issued pursuant to Chapter 176 of the Laws of 1933; $600,000 numbered
1.825 to 2.424 and maturing $300.000 thereof in each of the years 1940 and
1941 shall be issued pursuant to Chapter 160 of the Laws of 1933; and
$932.000 numbered 2 425 to 2,756 and 2,857 to 3,156 and 3.357 to 3.656
and maturing $332.000 thereof in 1942 and $300,000 thereof in each of
the years 1943 and 1944 shall be issued pursuant to Chapter 163 of the Laws
of 1933; $1,000,000 numbered 2,757 and 2.856 and 3,157 to 3.356 and
3.657 to 4.356 and maturing $100,000 thereof in each of the years 1942 to
1947 and $200,000 thereof in each of the years 1948 and 1949 shall be issued
pursuant to Chapter 41 of the Laws of 1929 as amended by Chapter 151
of the Laws of 1933 for the purposes therein mentioned.
Financial Statement, May 311933.
Valuation of State
Assessors' valuation April 1 1932
3590.805.016
Savings bank deposits April 1 1932
22?.201,312
Insurance capital April 1 1932
6,505,105
Valuation of public utilities corporations assessed by State
Tax Commission
51,734.037
Total
$872.245.470
Fixed Liabilities (Bond and Note Issues),
War loan, 1918
Laconia armory bonds
State Hospital-Nurses' home
Laconia State School
Franconia Notch
State Hospital dormitory
Permanent highway
Trunk line completion
Long-term notes-Chapter 126
Emergency State Prison
Plymouth Norm Dormitory
Claremont Armory
State Hospital improvement
Disease domestic animals
Total bonds and notes
3275.000
30,000
170.000
106.000
160.000
200.000
4,900.000
425.000
1,000,000
100,000
85.000
50.000
65.000
300.000
$7,866,000
Sinking Funds.
General
Highway
Trunk line completion
$144,068.95
235.053.78
93.147.52
Total sinking funds
$472,270.25
NIAGARA FALLS, Niagara County, N. Y.
-BOND SALE.
-The
registered public welfare bonds offered on July 1$400,000 coupon or
V. 136, p. 4496-were awarded as 4 its to the Bancamerica-Blair Corp. and
Halsey, Stuart & Co.. both of New York, jointly, at a price of 100.15, a
basis of about 4.20%. Dated July 15 1933 and due on Jan. 1 as follows:
$86,000, 1935; $92.000, 1936; $40,000, 1937: 858,000, 1938; 85.000 in 1939.
and $119,000 in 1940. The bankers are making public re-offering of the
bonds at prices to yield 3% for the 1935 maturity; 1936,3.50%; 1937,3.75%.
and 4% for the maturities from 1938 to 1940 incl. They are stated to be
legal investment for savings banks and trust funds in New York State
and to constitute, in the opinion of counsel, direct and general obligations
of the entire city, payable from unlimited ad valorem taxes levied on all
the taxable property therein.
Financial Statement (As Officially Reported June 19 1933.)
Gross bonded debt (including this issue)
$13,710409
Less water bonds
1,771,530
Net bonded debt
Temporary debt
$11,938,879
445.000
Net debt--- ------------ -------------$12,383,879
&speciall----------Assessed valuation, reacestate
$147,119,282
Note.
-The above does not include $1,660,000 school district bonds.
The school district is not coterminous with the city but includes all of
the city.
NORFOLK COUNTY (P. 0. Dedham), Mass.-NO7R OFFERING.
.
Ralph D. Pettingell, County Treasurer, will receive sealed bids unti 11 a. m.
(daylight saving time) on July 11 for the purchase at discount basis of
$60.000 Tuberculosis Hospital maintenance notes, issued under authority
of Chapter III of the General Laws. Issue is dated July 11 1933 and
payable on Apr. 6 1934 at the First National Bank of Boston. Bidder to
state denoms. desired. The notes will be authenticated as to genuineness
and validity by the First National Bank of Boston under advice of Ropes.
Gray, Boyden & Perkins, of Boston.
NORTH CAROLINA, State of (P. 0. Raleigh).--ORANT BY FEDERAL EMERGENCY RELIEF ADMINISTRATION.
-The following
announcement of a grant to this State was made public by the Relief
Administration on July 1:
"Additional grant of $412.076 was made to-day to North Carolina by
Harry L. Hopkins, Federal Emergency Relief Administrator, under authority granted 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 North Carolina during the
first three months of the present year. Previously, the Federal Emergency Relief Administrator has granted $661.301 to North Carolina.
"To-day's grant completes North Carolina's allotment for the first
quarter, making a total of $1.073,377 for the period.
"To date the allotments to all States, for which the Governors have
submitted up-4o-date data covering relief expenditures, aggregate $51.531,731.
-LIST OF BIDS.
NORTHPORT, Suffolk County, N. Y.
-The
following is an official list of the bids received on June 29 for the $147,000
bonds awarded as 5.40s to Phelps. Fenn & Co., of New York, at a price
of 100.25, a basis of about 5.38%-V. 137, P. 179.
Int. Rate.
BidderPremium.
5.40
Phelps, Fenn & Co.(purchaser)
$367.50
5.40 0
Halsey, Stuart & Co
200.00
A. C. Allyn & Co
5.40%
174.78
5.40%
Sherwood & Merrifield, Inc
Par
Roosevelt & Son
5.50
48.5.10
Hoffman & Co
5.70
276.00
Rutter & Co
5.75 0
410.00
NORWALK FIRST TA(INC DISTRICT, Fairfield County, Conn.
BOND OFFERING.
-Sealed bids addressed to the District Commissioners
will be received until 1 P• m• (Eastern standard time) on July 12, at their
office. 40 Wall St. Norwalk, for the purchase of $140,000 not to exceed
% interest coupon water bonds. Dated July 11933. Denom.41,000.
'
Due July 1 as follows: $7.000 from 1935 to 1946 incl. and $8,000 from
1947 to 1953 incl. Bidder to name a single rate for all of the bonds, expressed in a multiple of
of 1%. Prin. and int. (J. & J.) are payable
at the First National Flank, of Boston. The bonds will be engraved under
the supervision of and authenticated as to genuineness by the aforementioned bank. Legal opinion of Ropes. Gray, Boyden & Perkins, of Boston,
will be furnished the successful bidder.
Financial Statement July 11933.
Last assessed valuation of district
$20,010,488.00
Total bonded debt (including this issue)
707,000.00
Water bonds(included in above)
620,000.00
Sinking funds:
Water
$7171:795272..3281
Other
89,679.59
Population, district, 10,042; city, 36,019.
Tho above bonds aro payable out of water income of tho district and are
further secured by unlimited ad valorem taxation.
NORTH PLAINFIELD (P. 0. Plainfield), Union County, N. J.
BOND SALE.
-The $150,000 coupon or registered public improvement
bonds unsuccessfully offered on May 5-V. 136, p. 3391-were disposed
of later at private sale as follows: $65,000 to the State Trust Co.; $50,000
to McClure, Jones & Co. and Newton & Noyes, both of New York; $20,000
Volume 137
Financial Chronicle
to the First National Bank and $15,000 to the Plainfield Trust Co. The
Issue was offered to bear interest at not to exceed 6% and mature serially
on June 1 as follows: $10,000 from 1935 to 1940 incl. and $15,000 from
1941 to 1946 incl.
OHIO, State of (P. 0. Columbus).
-FEDERAL EMERGENCY
RELIEF ADMINISTRATION MAKES GRANT.
-The following announcement of a grant to this State was made public by the Relief Administration on July 5:
"Additional grant of $1,295,309 was made to-day to Ohio by Harry L.
Hopkins, Federal Emergency Relief Administrator, under authority
granted 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 Ohio during the first three
months of the present year. Previously, the Federal Emergency Relief
Administrator has granted $1,919,260 to Ohio. To-day's grant completes
Ohio's allotment for the first quarter, making a total of $3,214,569 for
the period.
"To date, the allotments to all States, for which the governors have
submitted up-to-date data covering relief expenditures, aggregate $53,
580,294."
OKLAHOMA, State of (P. 0. Oklahoma City).
-REPORT ON TAX
COLLECTIONS.
-The following account of the year's tax collections in this
State is taken from the "Daily Oklahoman" of July 2:
"A total of $20,459,395.82 was collected by the State Tax Commission in
the year ending Friday, Melvin Cornish, Chairman of the Commission, announced Saturday.
"Smallest individual item was revenue of $3.20, collected for sale of
oleomargarine tax stamps. Other items and the amounts collected are:
Gasoline tax, $9,686,754.22; corporation licenses, $757,000.28; gross production, $3,794,023.05; inheritance tax, $627,387.65; current income taxes,
$620.744.67; income taxes, 1931 account, $1,135,870.74; income taxes back
to 1921, $140,101.91; motor carrier tax, $194,593.19; motor vehicle licenses,
$145.953: gross receipts tax, $45.$3 294
' ' ' :
675.99;961 57 game and fish licenses.
miscellaneous, $2,235.63 and proration fund, $14.064.72.
OLYPHANT, Lackawanna County, Pa7"BONDS•AUTHORIZED.The Borough Council on June 14 decided to issue $100,000 5% power
plant construction bonds, to be dated June 15 1933 and mature $5,000
annually on June 15 from 1934 to 1953 incl. Denom. $1,000. The issue
was approved on June 27 by the Pennsylvania Department of Internal
Affairs.
OTTAWA COUNTY (P.O. Grand Haven), Mich.
-BOND REFUNDING PROPOSALS ADOPTED.
-The Board of Supervisors fn June 29
tlgrzclcolet rolirnsnfor refunding outstanding
o ov r
e
ds
One includes
$2o9,500
ch
and 1935.
Ee refunded over a period of lOur ng , while the order involves S393.000
.
yearen
general obligation bonds, to be extended over a period of 15 years, with the
first maturity date in 1939. Bond principal and interest on the covert
road bonds were fully paid in 1932, although only the interest charges were
met so far in 1933.
PAGE COUNTY DRAINAGE DISTRICT NO. 26 (P. 0. Clarinda),
Iowa.
-BONDS OFFERED.
-It is reported that bids were received until
2 p. m. on July 6 by Katharine Millen, County Auditor, for the purchase
of a *6.692.80 issue of drainage bonds.
PASADENA, Los Angeles County, Calif.
-BOND OFFERING.
-It
is stated by Bessie Chamberlain, City Clerk, that she will receive sealed
bids until July 18,for the purchase of a $992,000 issue of San Gabriel Dam,
series D bonds. Interest rate is to be named by the bidder, not to exceed 5%•
PLAINVIEW INDEPENDENT SCHOOL DISTRICT (P. 0. Plainview), Hale County, Tex.
-BOND SALE
Board is said to be seeking to have the State purchase $100,000 in
CONTEMPLAD.-heScol
school bonds.
POWELL COUNTY SCHOOL DISTRICT NO. 1(P.O. Deer Lodge),
Mont.
-BOND OFFERING.
-It is reported
bids will be received
until 8 p. m. on July 17 by Robert Mldtlyng, that
District Clerk, for the purchase of a $40,000 issue of school bonds. Interest rate is not to exceed
6%, payable semi-annually. Dated July 1 1933. No bid for less than
par will be considered. A certified check for $2,000 must accompany the
bid.
PUERTO RICO, Government of (P. 0. San Juan).
-TEMPORARY
LOAN.
-The Insular Governmert is reported to have completed arrangements on July 5 for a loan of $1,250,000 at 5% from the National City
Bank of New York. The loan matures in one year, payable in quarterly
installments.
OUACHITA PARISH GRAVITY DRAINAGE DISTRICT No. 1
(P. 0. Monroe), La.
-BOND OFFERING.
-It ia reported that sealed bids
will be received until July 24. by S. H. Humphries, Secretary of the Board
of Commissioners, for the purchase of an $85,000 issue of drainage bonds.
(These are the bonds that were offered for sale without success on March 24
-V.136, P. 2466.)
RACINE, Racine County, Wis.-BOND SALE AGREEMENT RE
SCINDED-NEII SALE ORDERED.
-At a special meeting held on June 26
the City Council rescinded the agreement whereby it was to sell refunding
bonds to C. W. McNear & Co. of Chicago
-and a new
-V. 136. p. 1598
July issue of $58,000 was ordered sold to Seipp, Princell & Co. of Chicago.
The refunding bonds, of which $200.000 were issued last year and $208,000
authorized this year, are used to pay municipal.bond issues coming due
during the years of poor tax collections. The latest issue of $58,000 comes
due in 1944.
RALEIGH, Wake County, N. C.
-The $80,000 issue
-NOTE SALE.
of revenue anticipation notes offered for sale on June 28-V. 137, U. 180
was purchased by the Wachovia Bank & Trust Co. of Winston-Salem at
6%. Dated June 28 1933. Due on Oct. 15 1933.
RAMSEY COUNTY (P. 0. St. Paul), Minn.
-BOND OFFERING.Sealed bids will be received until 2 p.m. (standard time) on July 18, by
George J. Ries, County Auditor, for the purchase of a $600,000 issue of
coupon public welfare bonds, series A. Interest rate is not to exceed 6%,
payable somi-annually. Rate is to be stated in a multiple of 3 of 1%.
Bids must bear one rate of interest. Denom. $1,000. Dated Aug. 11933.
Due on Aug. 1 as follows: $48,000, 1934,• $49,000, 1935; $53,000, 1936:
55,000. 1937; $58,000, 1938: $61,000. 1939; $64,000. 1940,• $67,000, 1941;
71,000. 1942 and S74.000 in 1943. Prin. and int.(F. & A.) payable at the
County Treasurer's office in St. l'aul, the First National Bank of St. Paul,
or the Chase National Bank in New York City. The approving opinion of
Calvin Hunt of St. Paul, and Thomson. Wood & Hoffman of New York
City, will be furnished. A certified check for 2% of the bonds bid for is
required.
Official Financial Statement.
Actual value of taxable property 1932 estimated
$535.584.718
Assessed value of taxable property 1932
252,481,066
Assessed value of real estate
$148,157,293
Assessed value of personal property
25,188,165
Assessed value of money and credits
78,991,968
Assessed value of dec. light and power companies
143,640
Total bonded indebtedness of Ramsey County on July 3 1933:
Trunk highway reimbursement assumed by State
of Minneapolis
3157.000
Series A to F, inclusive, road and bridge bonds,
Chapter 388, B. L. Minn. 1923
3.889,000
Series G to L, inclusive, road and bridge bonds,
Chapter 116, El. L. Minn. 1929
5,051,000
Hospital bonds, Chapter 398, S. L. Minn. 1923-.
190.000
Hospital and almshouse bonds, Chapter 70. S. L.
Minn. 1927
72,000
Series A,B and C,court house and city hall bonds,
1,886,000
Chapter 397, 8. L. Mimi. 1929
$11,245,000
Average tax rate for 1932 for $1,000 taxable value, $73.03. Taxable
value of real property is 33 1-3% and 40% of actual value. Taxable value
of personal property is 10% to 40% of the actual value. Tax on money and
credits is $3 on $1,000 actual value. Population 1930 census, 286,721.
-A $41,100 issue of
RENO, Washoe County, Nev.-BOND SALE.
sower extension and fire apparatus bonds is reported to have been purchased by local investors.
RHEA COUNTY (P. 0. Dayton), Tenn.
-BONDS NOT SOLD.
The four issues of coupon funding bonds aggregating $300.000 offered
355
on June 20-V. 136. p. 4129
-were not sold. The issues are divided
as follows: *195.000 general funding; $55,000 elementary school funding;
$25.000 high school funding. and $25,000 road right-of-way bonds. Int.
rate not to exceed 6%, payable J. & J.
ST. PAUL, Ramsey County, Minn.
-BOND SALE AUTHORI7ED.On June 29 the City Council is reported to have voted to advertise for
,
sale $300.000 of welfare bonds. It is said that this sum is to be matched
by $600,000 county funds to provide a fund which the County Welfare
Board is to spend on relief and to provide work for the needy, beginning
July 1 (see item on Ramsey County).
SALT LAKE CITY SCHOOL DISTRICT (P. 0. Salt Lake City),
Utah.
-BOND OFFERING.
-Sealed bids will be received until 8 p. m•
on July 11, by George King, Clerk of the Board of Education, for the
purchase of a $325,000 issue of 4% refunding bonds. Denom. $1,000.
Dated Aug. 1 1933. Due in 20 years. Interest is payable in New York City
In semi-annual installments. The Board of Education will furnish the
bonds, legal opinion of Chapman & Cutler of Chicago, and delivery in
Salt Lake City. Cost of shipment to any other point must be borne by
purchaser. No contingent bid will be received. A certified check for 5%
of the bid, payable to the Board of Education, is required.
SAN FRANCISCO (City and County), Calif.
-BOND SALE.
-The
$980,000 issue of coupon or registered relief bonds offered for sale on July 6
-V. 137, p. 181-was awarded to a syndicate composed of the Bankers
Trust Co. of New York, R. H. Moulton & Co., Inc., nd Dean Wither &
Co., both of San Francisco, and the Security-First do. of Los Angeles, at
par, a basis of about 4.24%, on the bonds divided as follows: $403,000 as
55, maturing $82,000 from Sept. 1 1936 to 1939. and $75,000 on Sept. 1
1940. and the remaining $577.000 as 4s, maturing on Sept. 1 as follows:
$7,000 in 1940;$82,000, 1941 to 1946. and $78.000 in 1947.
-The successful bidders reBONDS OFFERED FOR INVESTMENT.
offered the above bonds for public subscription priced to yield as follows:
5% bonds yield from 3.25% to 4.10%, and the 4% bonds yield from 4.05%
to 4.25%, all according to maturity. The bonds are stated to be exempt
from personal property taxes in California and to be legal investment for
savings banks and trust funds in New York, Massachusetts, Connecticut
and other States.
Controller's Financial Statement.
The outstanding bonded debt of the City and County of San Francisco
as of June 15 1933 was:
$38,000.000
Spring Valley, 1928 (exempt from charter limit)
32,000,000
Water, 1910 (exempt from charter limit)
9,000,000
Retch Hetchy. 1925 (exempt from charter limit)
24,000.000
Retch Botchy. 1928 (exempt from charter limit)
5,477,000
Retch Hetchy. 1932 (exempt from charter limit)
1,200.000
Exposition, 1912 (exempt from charter limit)
Other bonds (not exempt)
*109.677.000
55.388.200
$165,065,200
Total
The city has no floating indebtedness nor debt created in anticipation of
taxes.
The assessment roll for the current fiscal year is:
*1,049.614,876
City and County non-operative property
383,950.344
State operative property after equalization
$1,433,565,220
Total assessment
Property assessed at approximately 50% of its value.
-OBTAINS LOAN
SCHENECTADY, Schenectady County, N. Y.
-The Schenectady County Clearing House Association has
OF $292,000.
made arrangements to make a temporary loan of $292,000 to the City for
current operating purposes.
SEAL BEACH SCHOOL DISTRICT (P. 0. Santa Ana), Orange
-BONDS VOTED.
-At an election held on June 19 the
County, Calif.
voters rejected a proposal to issue $65,000 in school building bonds, according to report.
-Sealed bids
-BOND OFFERING.
SEATTLE, King County, Wash.
will be received until noon on July 28 by 11. W. Carroll. City Comptroller
for the purchase of a 360.000 issue of arterial highway bonds. Interest
rate is not to exceed 6%. payable semi-annually. Prin, and int. payable
at the fiscal agency of the State in New York, or at the City Treasurer's
office. A certified check for 5% must accompany the bid. (These are the
bonds that were offered for sale without success on June 23-V.137. p.180.)
-H. L. Collier,
-BONDS CALLED.
SEATTLE, King County, Wash.
City Treasurer, is said to be calling for payment from June 29 to July 12.
various local improvement district bonds and coupons.
-WARRANTS
SNOHOMISH COUNTY (P. 0. Everett), Wash.
CALLED.
-The County Treasurer is reported to have called for payment
at his office, the following warrants: On June 13 school district, current
expense, Road District No. 1, Alderwood Water District, Dike Districts
1.2 and 3, Drainage Districts Noe. 1,2,6 and 7. Maintenance and indebtedness and soldiers' relief, and on June 27,school district warrants were called.
SPOKANE COUNTY SCHOOL DISTRICT NO.102(P.O.Spokane),
Wash.
-The $10,000 issue of school bonds offered for
-BOND SALE.
sale on June 30-V. 136. p. 4130
-was purchased by the State of Washington as 5s at par.
SPRINGDALE SCHOOL DISTRICT (P.O. Burley), Cassia County,
Ida.
-BONDS VOTED.
-At an election held on June 17 it is reported
that the voters approved the issuance of $8,000 in school bonds.
-BORROWS $50,000.
SPRINGFIELD, Hampden County, Mass.
George W. Rice, City Treasurer, on June 29 borrowed $50,000 on shortterm notes from a Boston brokerage institution, repayable with interest
at the rate of 2,i%•
SPRINGFIELD TOWNSHIP (P. 0. Chestnut Hill), Pa.
-BOND
SALE.
-The $55,000 coupon township bonds offered on July 5-V. 136.
p. 4312
-were awarded as 3,is to Halsey, Stuart & Co. of Phlladelphia at
par plus a premium of $239.36 equal to 100.435, a basis of about 3 69%.
D
Dated June 15 1933 and due June 15 as follows: $10.000 in 1935. $4.000
from 1936 to 1941 incl. and $3,000 from 1942 to 1948 incl.
The following is an official list of the bids received at the sale:
BidderInt, Rate.
Premium.
Halsey, Stuart & Co. (successful bidder)_ _ - 3 % $239.36
Graham, Parsons & Co
4
701.80
E. H. Rollins & Sons
4
307.45
Leach Bros., Inc
100.30 (Per $100)
W. H. Newbold's Son & Co
452.10
4
Edward Lowber Stokes & Co
385.55
4
Yarnall & Co
144.65
4
C. C. Collings & Co
4
610.50
E. W.Clark & Co
72.05
4
STAMFORD (Town of) Fairfield County, Conn.
-BOND SALE.A syndicate composed of Roosevelt & Son; Blyth & Co., Inc., and Dewey.
Bacon & Co., all of New York, also G. L. Austin & Co. of Hartford, purchased on June 29 an issue of $700,000 4.70% coupon or registered funding
bonds at a price of 100.33, a basis of about 4.65%. Dated July 1 1933.
Due $50,000 annually on July 1 from 1935 to 1448 incl. Prin. and int.
(J. & J.) are payable at the First National Bank of Boston. or at its agency
in New York. Legality approved by Ropes. Gray. Boyden .5t Perkins of
Boston. The bankers are offering the issue for general investment at
prices to yeld 3.25% for the bonds due in 1935; 1936. 3.75%; 1937, 4%;
1938, 4.25%; 4.35% for the maturities from 1939 to 1943 incl., and 4.40%
for the maturities from 1944 to 1948 incl. Legal investment for savings
banks and trust funds in the States of New York and Connecticut,according
to report.
Financial Statement.
Taxable grand list, 1932
$143,836,387
Net bonded debt (incl. present issue)
4.412.837
Population: 1930 United States census. 56.765.
Note.
-The above statement does not include the debt of any political
subdiN talons which have the power to levy taxes within the Town of Stamford.
STEUBENVILLE, Jefferson County, Ohlo.-BOND SALE.
-The
$74.600 coupon city portion water works impt. bonds offered on June 30
-V. 136, p. 4312
-were awarded as 68 to the BancOhlo Securities Co.
of Columbus. at par plus a premium of $313.52. equal to 100.42, a basis of
about 5.95%. Dated July 1 1933 and due on Oct. 1 as follows: $3,000
from 1934 to 1957 incl and $2,600 in 1958.
356
Financial Chronicle
BONDS NOT SOLD.
-The issue of $33.475 special assessment water
works bonds,duefrom 1934 to 1943 incl., which was offered on thesame day,
failed of sale as no bids were obtaited.
STURBRIDGE (P. 0. Sturbridge), Worcester County, Mass.
230,000 ISSUE RECOMMENDED.
-The Finance Committee has recommended the authorization of a further issue of $30,000 water system bonds.
An issue of $45,000 has already been approved.
SYRACUSE, Onondaga County, N. Y.-2418,194 RECEIVED IN
DELINQUENT TAXES.
-The city up to July I 1933 collected $418,194
on account of taxes delinquent since 1929. The total is $18,194 in excess of
the sum included in the'budget for 1933 as the estimated payments. In
making announcement of the potential receipts from that source, City
Treasurer Latterner had stated that the waiving of part of the penalties
on payments made prior to July 1 on account of 1929, 1930 and 1931 delinquencies would serve to increase the revenues normally received in back
taxes.
TAMPA,Hillsborough County, Fla.
-NOTE SALE AUTHORIZED.
At a meeting held on June 20 the Board of Aldermen approved the offer of
three local banks to purchase $115.000 worth of tax anticipation notes at
Bar, in order to enable the city to meet a bond interest payment. The
First National Bank, the Exchange National Bank, and the First Savings
& Trust Co. will advance the money against the new tax roll at6% interest.
The notes mature on July 15.
-Carl C. TillTOLEDO, Lucas County, Ohio.
-BOND OFFERING.
man, Director of Finance, will receive sealed bids until 11 a. m. on July 24
for the purchase of $656.088.31 4
coupon or registered deficiency bonds.
Dated July 15 1933. Denom. $1.000. The bonds, however, will be
printed In different denoms. if requested by the purchaser provided toe
amount maturing at any time is not altered. Issue will mature annually
on Oct. 1 as follows: $65.088.31 in 1934; $65.000 from 1935 to 1937 incl.,
and $66,000 from 1938 to 1943 incl. Prin. and int. (A. & 0.) will be
payable at the Chemical Bank & Trust Co., New York. Bids for the
bonds to bear int. at a rate other than 41.4%, expressed in a multiple of
.31 of 1%. will also be considered. A certified check for 2% of the bonds
bid for, payable to the order of the Commissioner of the Treasury, must
accompany each proposal.
TRUMBULL,Fairtield County, Conn.
-BOND SALE ARRANGED.
The Town completed arrangements on June 27 for the sale of $40,000 434%
bonds to Lincoln R. Young & Co. of Hartford. Due $5,000 annually on
July 1 from 1935 to 1944 incl.
-BOND OFFERING.
TRUMBULL COUNTY (P.O. Warren), Ohio.
David H. Thomas, Clerk of the Board of County Commissioners, wil receive sealed bids until 12 m. on July 24 for the purchase of $177,500 6%
poor relief bonds. Dated Aug. 1 1932. Denom. $1,000 and $500. Due
Mar. 1 as follows: $31,500, 1934; $33.500, 1935; $35,500. 1936; 237,500,
1937. and $39.500 in 1938. Interest is payable in March and Sept. Bids
for the bonds to bear interest at a rate other than 69'. expressed in a multiple of 31 of 1%, will also be considered. Bids will be received for all or
any part of the issue. A certified check for $1,775, payable to the order of
the County Commiseoners, must accompany each proposal. These bonds
were originally offered on Aug. 11 1932, at which time no bids were obtained
-V. 135. p. 1361.
UTICA, Oneida County, N. Y.
-NOTE SALP.-The city recently
disposed of $1,000,000 tax anticipation notes to bear interest at 5.789'.
as follows: $650,000 to R. W.Pressprich & Co. of New York, and $350,000
to local banks. Dated July 1 1933 and payable on Nov.1 1933 at the Chemical Bank & Trust Co., New York. Legality approved by Clay, Dillon
& Vandewater of New York.
Salomon Bros. & Hutzler of New York were associated with R. W
Pressprich & Co. in the purchase of the $650,000 notes.
VALLEY STREAM, Nassau County, N. Y.
-BONDS REOFFERED.
The issue of $98,000 coupon or registered public improvement bonds
previously offered at not to exceed 69' interest on May 3, at which time
no outs were obtained-V. 136, p. 3207
-is being readvertised for award
on July 12. Sealed bids will be received until 8.30 p. m.(daylight saving
time) on that date by F. G. Chalmers, Village Clerk. Bonds are dated
July 1 1933. Denom. $1,000. Due July 1 as follows: $8.000 in 1935:
a10,000 from 1936 to 1938 Incl., and $5.000 from 1939 to 1950 incl. Bidder
to name a single rate for all of the bonds, expressed in a multiple of Si or
1-10th of 1%. Prin. and in (J. & J.) are payable at the Valley Stream
National Bank & Trust Co., Valley Stream. A certified check for $2,000,
payable to the order of the Village, must accompany each proposal. The
approving opinion of Clay, Dillon & Vandevrater. of New York. will be
furnished the successful bidder.
WARREN SCHOOL DISTRICT, Warren County, Pa.
-BOND
SALE.
-The $75,000 school bonds offered on July 3-V. 136, P. 4499
were awarded as 4315 to Yarnell & Co. of Philadelphia at a price of 100.532,
a basis of about 4.10%. Dated July 15 1933. Due July 15 1943: optional
July 15 1937.
WASHINGTON COUNTY (P. 0. Washington), Pa.
-BOND SALE.
-Leach Bros., Inc., of Philadelphia, purchased on July 3 an issue of
$350,000 434% funding bonds at a price of 105.30. a basis of about 4.0370•
Due on July 15 as follows: $30,000 from 1943 to 1950 incl.; $40,000 in
1951 and 1952 and $30,000 in 1953. The second highest bid was an offer
of 105.283, tendered jointly by Brown Bros. Harriman & Co., the Philadelphia National Co. and Yarnell & Co. A bid of 105.09 was submitted
by Graham, Parsons & Co.
-The bonds, which are dated
BONDS OFFERED FOR INVESTMENT.
July 15 1933 and payable as to both principal and interest (Jan. and July 15)
at the County Treasurer's office, are being reoffered for general investment
at prices to yield 3.85%. They are declared by the bankers to be legal
investment for savings banks and trust funds in Pennsylvania. New York
and other States, and to be direct and general obligations of the county,
payable from unlimited ad valorem taxes levied on all taxable property
therein. Legality to be approved by Townsend, Elliott & Munson of
Philadelphia.
Financial Statement.
Assessed valuation (1933)
$173,241.139
Estimated true valuation
500,000,000
Total indebtedness, including this issue
4,557,525
Ratio of total indebtedness to assessed valuation, 2.6%. Population,
1930 Census, 204,802; 1920 Census, 188,992; 1910 Census, 143,680.
Tax collection record, Dec. 31 1932: 1929, 97.99%; 1930, 96.43%;
1931, 92.30%; 1932, 83.20%.
-BOND SALE.
-The
WAYNE COUNTY (P. 0. Wooster), Ohio.
-were awarded
$19,000 poor relief bonds offered on July 6-V. 136. p. 4499
as 55 to the Wayne County National Bank of Wooster at par plus a premium
of $57, equal to 100.30. a basis of about 4.87%. Dated May 1 1933 and
due on March 1 as follows: $3,400, 1934;$3,500, 1935;$3,800, 1936; $4,000,
1937. and $4,250 in 1938.
-NOTE SALE.
-A $2.000 issue of
WELDON, Halifax County, N. C.
revenue anticipation notes is reported to have been purchased by the
Bank of Halifax on June 29, at 6%. Due as follows: $500 on July 10 and
$1,500 on Sept. 26 1933.
-TEMPORARY LOAN.
WELLESLEY, Norfolk County, Mass.
The $100,000 revenue anticipation note issue offered on July 3-V. 137.
p. 181-was awarded to the Wellesley Trust Co. at 0.73% discount basis.
Due on Dec. 29 1933.
•
The following is a list of the bids submitted at the sale:
Discount Basis.
Bidder'0.73
Wellesley Trust Co.(purchaser)
0.77
G. M.
-P. Murphy & Co
0.79
Wellesley National Bank
1.04
Faxon.(Jade & Co
1.12
Rutter & Co
-BONDS AUTHORWEST HAVEN, New Haven County, Conn.
-At a special town meeting on June 28 a resolution was adopted
IZED.
authorizing the issuance of $50,0004bonds in order to finance unemployment relief projects. The bonds are to bear interest at not to exceed 5%
and mature $5,000 annually from 1934 to 1943 incl. Of the proceeds of
the issue, $40,000 will be used for highway construction and $10,000 for
park improvements.
-A $6,000
-NOTE SALE.
WHITEVILLE, Columbus County, N. C.
issue of revenue anticipation notes is reported to have been purchased
recently by the Waccamaw Bank & Trust Co. of Whiteville, at 6%.
July 8 1933
WILMINGTON, New Hanover County, N. C.
-NOTE SALE.
-A
$50,000 issue of revenue anticipation notes is reported to have been purchased on June 29 by the Wilmington Savings & Trust Co., and the Peoples
Savings & Trust Co., both of Wilmington, at 6%. Dated June 28 1933.
Due on Sept. 26 1933.
WORTH COUNTY (P. 0. Northwood), lowa.-BONDS AUTHORIZED.
-At a recent meeting of the Board of Supervisors a resolution is
reported to have been passed authorizing the issuance of $10,000 In refunding bonds.
-REFUNDING $13,500
YPSILANTI, Washtenaw County, Mich.
BONDS.
-The city is refunding $13,500 of maturing bonds,including $6,500
sewer, $6,000 paving and $500 each of fire and sidewalk ponds. Rate of
interest is 434%.
CANADA, its Provinces and Municipalities
-The City Treasurer reports that
GUELPH, Ont.-BOND SALE.
an issue of $47,887.77 5% coupon (registerable as to principal) highway
construction bonds was awarded on June 29 to Harrison & Co.of Toronto,
at a price of 100.80, a basis of about 4.90%. Dated Aug. 1 1933 and due
on Aug. 1 1943. Int, in payable in F. & A. Denom. $1,000.
-$3.500,000 BONDS SOLD.
MANITOBA (Province of).
-E. A. McPherson, Provincial Treasurer, announced on July 3 the sale of $3,500,000
534% coupon (registerable as to principal) bonds to a syndicate headed by
the Royal Bank of Canada. The price paid by the bankers has not been
made public. The issue is dated July 1 1933 and due on July 11958. Principal and interest (Jan. and July 1) are payable in lawful money of Canada
at the Royal Bank of Canada in Toronto, Montreal, Winnipeg, Req.
Vancouver or St. John, N. B. Denoms. $1,000, $500 and $100.
al
opinion of Long & Daly of Toronto. Proceeds of the loan will be used or
poor relief and general Provincial purposes. An annual sinking fund of
provide for redemption of the issue.
1% will be established to
-The banking syndicate made public
BONDS PUBLICLY OFFERED.
reoffering of the bonds at July 5 at a price of 93.50 and interest, to yield
over 6%. The loan is said to be a direct obligation of the Pro ,ice, payable as to both principal and interest from its Consolidated Revenue Fund.
The following is a list of the members of the underwriting group:
The Royal Bank of Canada; Bank of Montreal; The Canadian Bank of
Commerce; A. E. Ames & Co., Ltd.; The Dominion Securities Corp., Ltd.;
Wood, Gundy & Co., Ltd.: The Bank of Nova Scotia; Royal Securities
Corp. Ltd.. R. A. Daly & Co., Ltd.; Imperial Bank of Canada; Nesbitt,
ThomsonSt'Co., Ltd.; Hanson Bros., Inc.; The Bank of Toronto; Cochran,
Murray & Co., Ltd.; Midland Securities Corp., Ltd.; The Dominion Bank;
Eastern Securities Co., Ltd.; Dyment. Anderson & Co.; Mcraggart,
Hannaford, Birks & Gordon, Ltd.; Matthews & Co.; Johnston & Ward:
Collier, Norris & Henderson, Ltd.; W. C. Piffled & Co.; Harrison & Co.,
Ltd.; Flemming, Denton & Co.; Drury & Co.; Ernest Bayard, Ltee.; Griffis,
Fairclough & Norsworthy, Ltd.; Gatrdner & Co., Ltd.; Mead & Co., Ltd.:
J. L. Graham & Co.; T. M. Bell & Co., Ltd.; L. G. Beaubien & Co., Ltd.
-PLANS ADDITIONAL BOND FINANCONTARIO (Province of).
ING.
-The Province will probably come to market with another long-term
bond issue during the latter part of this year, according to report. During
the first part of June a total of $25,000,000 bonds was sold through public
subscriptions, comprising $15,000.000 434s and $10.000,000 45-V. 136.
p. 3946. The additional financing is expected to be resorted to after the
Dominion's conversion operation, scheduled for October.
-MUNICIPAL COMMISSION RULES
ONTARIO (Province of).
AGAINST PAYMENT OF TAXES WITH OBLIGATIONS OF MUNICI-The Ontario Municipal Board has ruled
PALITIES IN DEFAULT.
that for the time being it will not permit the acceptance of the obligations
of municipalities in default on account of tax payments until a final understanding is reached "as to what allowance can be made to the debenture
holders of the municipality," reports the "Monetary Times" of Toronto
of June 30. The question, it is said, was raised at a conference of Controllers of the various municipalities in default.
-ADDITIONAL MUNICIPALITIES DEQUEBEC (Province of).
-E. Morin, Secretary of the Quebec Municipal
CLARED IN DEFAULT.
Commission, announced that on July 4 a petition would be filed to have
the northwest part of the township of Begot, the Village of St. Alexis de
la Brande Bale and the municipality of St. Ambrose declared in default.
while on July 5 a petition was to be filed to have the town of Quebec West
declared in default on its obligations, according to the June 30 issue of
the "Monetary Times" of Toronto.
-The City Council on July 1 ratified
QUEBEC, Que.-BOND SALE.
-year bonds to a syndicate of banks and investthe sale of $2,221,400 5% 5
ment banking houses, including A. E. Ames & Co., the Bank of Montreal,
the Banque Oanadienne Nationale and the Royal Bank of Canada. A price
of 99 was paid for the Issue, the net interest cost of the financing to the City
being about 5.20%.
-The city is perfecting plans
-TO ISSUE BONDS.
ST. JOHN, N. B.
to offer for sale $276,019 5% local improvement bonds, to mature in from
10 to 40 years.
-The $4,886,000
TORONTO, Ont.-24,885,000 BONDS AWARDED.
4;i% coupon (registerable as to principal) bonds offered on July 5-V. 137.
p. 182
-were awarded as follows: The various city bond issues, aggregating $3,886,000, were purchased by a group composed of the 1301111111011
Securities Corp., Royal Securities Corp. and the Canadian Bank of Commerce, all of Toronto, at a price of 98.08, a basis of about 4.73%. The
$1,000,000 Toronto Harbour Commissioners bonds, guaranteed as to payment by the city were sold to a syndicate consisting of Wood, Gundy &
Co. of Toronto, the Royal Bank of Canada, of Montreal, also the Dominion
Bank of Canada and A.E. Ames & Co., both of Toronto, at a price of 95.937.
a basis of about 4.81%. The bonds making up the aggregate of $4,886,000
sold are as follows:
$1.084,000 local impt. bonds. Dated April 11933. Due in 10 years.
1.000,000 duplicate water works bonds. Dated Aug. 1 1933. Due in
30 years.
1,000,000 Toronto Harbor Commissioners bonds. Dated Sept. 1 1933
and due on Sept. 1 1953.
820,000 sewage disposal water works bonds. Dated Aug. 1 1933.
Due In 20 years.
410,000 water works bldg. bonds. Dated Aug. 1 1933. Due In 20 years.
186,000 Police and Fire Dept. shop bonds. Dated Aug. 1 t933. Due
in 20 years.
146,000 Main St. bridge bonds. Dated Aug. 1 1933. Due in 20 years.
118,000 water mains bonds. Dated Aug. 1 1933. Due in 20 years.
48,000 water mains bonds. Dated Aug. 11933. Due in 30 years.
41,000 hospital grant bonds. Dated Aug. 11933. Due in 20 years.
19,000 local impt. bonds. Dated April 1 1933. Due in 10 years.
14,000 pavement bonds. Dated Aug. 1 1933. Due in 10 years.
-The group which purchased the
BONDS PUBLICLY OFFERED.
$1.000,000 434% Harbor Commissioners bonds is re-offe big the loan for
general investment at a price of 97.50 and accrued interest yielding 4.687,i•
Payment of both principal and Interest on the obligati( as is guaranteed
unconditionally by endorsement by the City of Toronto. The $3,886,000
% city bonds have been offered for public subscri Mon as follows:
The April maturities are priced to yield 4.25% for the 1931 and 1935 bonds;
1936 and 1937, 4.30%; 1938, 4.40%; 1939, 4.50%; 1940, 4.60%; 1941,
4.65%; 1042, 4.64%, and 4.63% for the bonds due in April 1943. The
'deed
August maturities are priced to yield 4.25% for the 1934 and 1935 bonds:
1936 and 1937, 4.307' 1938, 4.40%; 1939, 4.50%; 1940, 4.60%; 1941,
N3,4.63%; 1944,4.65%; 1945,4.64%; 1946,4.6374.65%; 1942,
1947 and 1948, 4.627 1049 and 1950. 4.61%; 1951 to 1953, 4.60%; 1014
4.64%•. 0;
to 1958 incl., 4.60%; 1959 to 1961,4.58%, and 4.57% for thei bonds due In
August 1962 and 1963.
-Matthews & Co. of
WENTWORTH COUNTY, Ont.-BOND SALE.
0
Toronto were awarded on JUDO 30 an issue of $113,605 57 highway improvement bonds, due in from 1 to 10 years, at a price of 100.224, a basis
of about 4.95%. Bids for the issue were as follows:
Rate Bid.
BidderMatthews & Co. (purchaser)
100.224
R. A. Daly & Co
100.077
Wood, Gundy & Co
99.779
Gairdner & Co
99.61
A E. Ames & Co
.
99. 7
5
J. L. Graham & Co- - 99.347
McLeod, Young, Weir & --99.29
@FedFRASER